UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|---------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|--------- ...

SUPERVISION AND REGULATION We are extensively regulated under both federal and state law. These laws restrict permissible activities and investments and require compliance with various consumer protection provisions applicable to lending, deposit, brokerage and fiduciary activities. They also impose capital adequacy requirements and conditions on a bank holding company's ("BHC") ability to repurchase stock or to receive dividends from its subsidiary banks. We are subject to comprehensive examination and sup ...

Financial Performance - Net income for the three months ended September 30, 2022 was $11.1 million, a decrease of 0.7% compared to $11.2 million for the same period in 2021[184]. - For the nine months ended September 30, 2022, net income was $32.8 million, an increase of approximately $3.0 million, or 10.1%, from $29.8 million for the same period in 2021[185]. - Noninterest income decreased by $5.5 million, or 43.6%, to $7.1 million, primarily due to a reduction in mortgage banking revenue and credit card fees[184]. - Noninterest income for the nine months ended September 30, 2022, was $23.8 million, a decrease of $16.2 million, or 40.5% from the same period in 2021, primarily due to a reduction in mortgage banking revenues[216]. Interest Income and Expenses - Net interest income increased by $4.6 million, or 14.4%, to $36.7 million for the three months ended September 30, 2022, primarily due to an increase in interest earned on portfolio loans[184]. - Net interest income for the nine months ended September 30, 2022 increased by $21.4 million compared to the prior year[185]. - Noninterest expenses for the three months ended September 30, 2022 were $28.1 million, a decrease of 1.9% from $28.6 million in the prior year[184]. - Noninterest expense for the nine months ended September 30, 2022, was $82.4 million, an increase of $808 thousand, or 1.0%, primarily due to a 14.1% increase in salaries and benefits[187]. Loan Loss Provisions - Provision for loan losses increased by 88.0% to $4.2 million for the nine months ended September 30, 2022[185]. - The provision for loan losses increased by $2.0 million, primarily related to the credit card portfolio[187]. - Provision for loan losses for Q3 2022 was $1.3 million, reflecting growth in certain segments of the credit card portfolio[206]. - The allowance for loan losses as a percentage of portfolio loans was 1.58% as of September 30, 2022, down from 1.65% at December 31, 2021[209]. Asset and Liability Management - Total assets as of September 30, 2022, were $2.049 billion, a decrease from $2.085 billion as of September 30, 2021[195]. - Average interest-earning assets decreased by $15.2 million, or 0.8%, to $2.0 billion compared to the same period in 2021, while the average yield on interest-earning assets increased by 100 basis points[196]. - Average interest-bearing liabilities decreased by $85.5 million, or 7.8%, while the average cost of interest-bearing liabilities increased by 13 basis points to 0.66%[196]. - The cumulative gap ratio to total earning assets was 50.28%, indicating a strong asset-liability management position[316]. Capital and Equity - The Bank exceeded all capital requirements and is considered well-capitalized as of September 30, 2022[181]. - Stockholders' equity increased by $16.1 million compared to December 31, 2021, primarily due to a year-to-date net income of $32.8 million for 2022, offset by a $16.5 million unrealized loss in available-for-sale securities[285]. - The average common equity to average assets ratio improved to 10.19% as of September 30, 2022, up from 8.82% at December 31, 2021[286]. - The company was classified as "well capitalized" under regulatory capital requirements as of September 30, 2022, with Tier 1 leverage ratio at 11.31% and total capital ratio at 17.41%[291][294]. Credit Quality and Risk Management - The Company maintains a disciplined lending approach to manage nonperforming assets and ensure sound asset quality[240]. - The total allowance for loan losses is based on historical loan loss rates and current economic conditions[252]. - The Company monitors delinquency levels and has established underwriting guidelines to maintain loan portfolio quality[240]. - The credit card portfolio had an allowance for loan losses of 4.06% as of September 30, 2022[253]. Deposits and Liquidity - Deposits as of September 30, 2022, totaled $1,788,428,000, with a noninterest-bearing demand account balance of $797,660,000[266]. - Approximately $960.2 million or 55.3% of the deposit portfolio was uninsured as of September 30, 2022[271]. - The company’s liquidity resources are deemed sufficient to fund loans and meet cash needs as necessary[283]. - The company expects funds to be available from core deposit base, loan repayments, and investment security cash flows[282]. Interest Rate Risk Management - The company’s exposure to interest rate risk is managed by the Asset/Liability Management Committee, which regularly reviews the sensitivity of assets and liabilities to interest rate changes[312]. - The company does not engage in leveraged derivatives or financial options to reduce interest rate risk, focusing instead on managing its balance sheet[311]. - Earnings at Risk (EAR) analysis showed a potential decrease in net interest income of 5.5% under a -300 bps interest rate shock scenario[321]. - Economic Value of Equity (EVE) analysis indicated an 8.1% decrease under a -300 bps interest rate shock scenario[323].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (301) 468-8848 Registrant's telephone number, including area code Not Applicable (Former Name or Former Address, if Changed Since Last Report) Large accelerated filer ¨ Accelerated Filer ☒ Non-accelerated filer ¨ Smaller reporting company ☒ Emerging growth company ☒ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSU ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|--- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Maryland 52-2083046 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 2275 Research Boulevard, Suite 600, Rockville, Maryland 20850 20850 (Address of principal executive offices) (Zip Code) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|---- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 001-38671 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|--- ...