Metropolitan Bank Holding Corp.

Previous wording

On July 17, 2025, the Company publicly announced that its Board of Directors declared a quarterly dividend of $0.15 per share on the Company’s common stock (the “Dividend”), the Company’s first cash dividend since its initial public offering in 2017. The Company expects to continue to distribute regular cash dividends subject to the discretion of the Board of Directors and in accordance with applicable securities, corporate and banking laws, rules, regulations, and guidance. The Dividend is payable on August 11, 2025 to holders of record of the Company’s common stock at the close of business on July 28, 2025.

Current wording

On October 21, 2025, the Company publicly announced that its Board of Directors declared a quarterly dividend of $0.15 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on November 14, 2025 to holders of record of the Company’s common stock at the close of business on October 30, 2025.

Previous wording

In May 2025, the Company used substantially all available capacity under a $50 million share repurchase program authorized on March 12, 2025, resulting in the purchase of 878,807 shares of common stock at an average price of $56.90 per share. On July 17, 2025, the Company’s Board of Directors approved a new share repurchase plan with authorization to purchase up to an additional $50 million of the Company’s common stock. In aggregate, the Board of Directors has authorized $100 million of share repurchases since March 2025.

Current wording

On July 17, 2025, the Company’s Board of Directors approved a share repurchase plan with authorization to purchase up to an additional $50 million of the Company’s common stock. In aggregate, the Board of Directors has authorized $100 million of share repurchases since March 2025. During the three months ended September 30, 2025, the Company repurchased 39,166 shares of the Company’s common stock at an average cost of $69.27 per share. At September 30, 2025, $47.3 million remained available under the currently authorized share repurchase plan.

Previous wording

One of the more significant judgments involved in estimating the Company’s ACL relates to the macroeconomic forecasts used to estimate credit losses and the relative weightings applied to them. To illustrate the impact of changes in these forecasts to the Company’s ACL, the Company performed a hypothetical sensitivity analysis that decreased the weight on the baseline scenario by 33% and equally allocated the difference to increase the weights on the more optimistic and adverse scenarios. All else equal, the impact of this hypothetical forecast would result in a net increase of approximately $6.2 million, or 8.4%, in the Company’s total ACL for loans and loan commitments as of June 30, 2025. This hypothetical analysis is intended to illustrate the impact of adverse changes in the macroeconomic forecasts at a point in time and is not intended to reflect the full nature and extent of potential future change in the ACL. It is difficult to estimate how potential changes in any one of the quantitative inputs or qualitative factors might affect the overall ACL and the Company’s current assessments may not reflect the potential future impact of changes to those inputs or factors.

Current wording

One of the more significant judgments involved in estimating the Company’s ACL relates to the macroeconomic forecasts used to estimate credit losses and the relative weightings applied to them. To illustrate the impact of changes in these forecasts to the Company’s ACL, the Company performed a hypothetical sensitivity analysis that decreased the weight on the baseline scenario by 33% and equally allocated the difference to increase the weights on the more optimistic and adverse scenarios. All else equal, the impact of this hypothetical forecast would result in a net increase of approximately $7.4 million, or 7.8%, in the Company’s total ACL for loans and loan commitments as of September 30, 2025. This hypothetical analysis is intended to illustrate the impact of adverse changes in the macroeconomic forecasts at a point in time and is not intended to reflect the full nature and extent of potential future change in the ACL. It is difficult to estimate how potential changes in any one of the quantitative inputs or qualitative factors might affect the overall ACL and the Company’s current assessments may not reflect the potential future impact of changes to those inputs or factors.

Previous wording

The Company had total assets of $7.9 billion at June 30, 2025, an increase of $553.1 million, or 7.6%, from December 31, 2024.

Current wording

The Company had total assets of $8.2 billion at September 30, 2025, an increase of $933.7 million, or 12.8%, from December 31, 2024.

Previous wording

Total cash and cash equivalents were $152.5 million at June 30, 2025, a decrease of $47.8 million, or 23.9%, from December 31, 2024. The decrease from December 31, 2024 primarily reflects an increase in the loan book of $578.7 million and a $250 million decrease in wholesale funding, partially offset by an increase of $808.3 million in deposits.

Current wording

Total cash and cash equivalents were $385.9 million at September 30, 2025, an increase of $185.7 million, or 92.7%, from December 31, 2024. The increase from December 31, 2024 primarily reflects an increase of $1.1 billion in deposits, offset by an increase in the loan book of $747.6 million and a $175.0 million decrease in wholesale funding.

Previous wording

Total securities were $944.2 million at June 30, 2025, an increase of $28.5 million or 3.1%, from December 31, 2024. The increase was primarily due to the purchase of $85.1 million of AFS securities, and the $14.5 million unrealized gain on AFS securities during the first six months of 2025, partially offset by the $71.2 million paydown and maturities of AFS and HTM securities.

Current wording

Total securities were $934.4 million at September 30, 2025, an increase of $18.7 million or 2.0%, from December 31, 2024. The increase was primarily due to the purchase of $125.9 million of AFS securities, and the $20.2 million unrealized gain on AFS securities during the first nine months of 2025, partially offset by the $127.7 million paydown and maturities of AFS and HTM securities.

Previous wording

Total loans, net of deferred fees and unamortized costs, were $6.6 billion at June 30, 2025, an increase of $578.7 million, or 9.6%, from December 31, 2024. The increase in total loans from December 31, 2024 was due primarily to an increase of $252.5 million in CRE loans (including owner-occupied). At June 30, 2025, 77.1% of the CRE and C&I loan portfolio was concentrated in the New York metropolitan area, mainly New York City, and Florida.

Current wording

Total loans, net of deferred fees and unamortized costs, were $6.8 billion at September 30, 2025, an increase of $747.6 million, or 12.4%, from December 31, 2024. The increase in total loans from December 31, 2024 was due primarily to an increase of $752.7 million in CRE loans (including owner-occupied). At September 30, 2025, 77.4% of the CRE and C&I loan portfolio was concentrated in the New York metropolitan area, mainly New York City, and Florida.

Previous wording

The largest concentration in the loan portfolio is to the healthcare industry, which amounted to $2.6 billion, or 40.0% of total loans, at June 30, 2025, including $2.5 billion in loans to skilled nursing facilities.

Current wording

The largest concentration in the loan portfolio is to the healthcare industry, which amounted to $2.8 billion, or 40.9% of total loans, at September 30, 2025, including $2.7 billion in loans to skilled nursing facilities.

Previous wording

Non-performing loans increased to $39.9 million at June 30, 2025 compared to $32.6 million at December 31, 2024 primarily due to two secured CRE loans, a longstanding secured residential loan and a single unsecured C&I loan. The table below sets forth key asset quality ratios (dollars in thousands):

Current wording

Non-performing loans increased to $81.6 million at September 30, 2025 compared to $32.6 million at December 31, 2024 primarily due to a single out of market CRE multi-family loan relationship and a single secured CRE loan. The table below sets forth key asset quality ratios (dollars in thousands):

Previous wording

The ACL was $74.1 million at June 30, 2025, as compared to $63.3 million at December 31, 2024. The Company recorded a $10.8 million provision for credit losses for the six months ended June 30, 2025, which primarily reflects loan growth, provisioning for a commercial real estate loan and an unsecured C&I loan, and changes in the outlook for certain macroeonomic variables.

Current wording

The ACL was $94.2 million at September 30, 2025, as compared to $63.3 million at December 31, 2024. The Company recorded a $34.7 million provision for credit losses for the nine months ended September 30, 2025, which primarily reflects provisioning for a single out of market CRE multi-family relationship, and changes in the outlook for certain macroeconomic variables, and loan growth.

Previous wording

Total deposits were $6.8 billion at June 30, 2025, an increase of $808.3 million, or 13.5%, from December 31, 2024. The increase from December 31, 2024 was due primarily to increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 21.0% of total deposits at June 30, 2025, compared to 22.3% at December 31, 2024.

Current wording

Total deposits were $7.1 billion at September 30, 2025, an increase of $1.1 billion, or 18.2%, from December 31, 2024. The increase from December 31, 2024 was due primarily to increases across most of the Company’s various deposit verticals. Non-interest-bearing demand deposits were 19.5% of total deposits at September 30, 2025, compared to 22.3% at December 31, 2024.

Previous wording

At June 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion, and the aggregate estimated amount of uninsured time deposits was $29.5 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):

Current wording

At September 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion, and the aggregate estimated amount of uninsured time deposits was $43.5 million. The following table presents the scheduled maturities of time deposits greater than $250,000 (in thousands):

Previous wording

To support the balance sheet, the Company may at times utilize FHLB advances or other funding sources. At June 30, 2025, the Company had $50.0 million of Federal funds purchased and $150.0 million of FHLBNY advances. At December 31, 2024, the Company had $210.0 million of Federal funds purchased and $240.0 million of FHLBNY advances.

Current wording

To support the balance sheet, the Company may at times utilize FHLB advances or other funding sources. At September 30, 2025, the Company had $125.0 million of Federal funds purchased and $150.0 million of FHLBNY advances. At December 31, 2024, the Company had $210.0 million of Federal funds purchased and $240.0 million of FHLBNY advances.

Previous wording

Accumulated other comprehensive loss, net of tax, was $45.5 million at June 30, 2025, a decrease of $7.7 million from December 31, 2024. The decrease from December 31, 2024 was primarily due to unrealized gains on AFS securities, as a result of changes in prevailing market interest rates.

Current wording

Accumulated other comprehensive loss, net of tax, was $41.9 million at September 30, 2025, a decrease of $11.3 million from December 31, 2024. The decrease from December 31, 2024 was primarily due to unrealized gains on AFS securities, as a result of changes in prevailing market interest rates.

Previous wording

Net income was $18.8 million for the second quarter of 2025, an increase of $2.0 million as compared to $16.8 million for the second quarter of 2024. This increase was due primarily to a $12.1 million increase in net interest income and a $3.3 million decrease in professional fees, partially offset by a $4.8 million increase in the provision for credit losses, the absence of $3.7 million of GPG revenue as a result of the exit from that business, and a $1.7 million increase in compensation and benefits related to the increase in the number of employees.

Current wording

Net income was $7.1 million for the third quarter of 2025, a decrease of $5.1 million as compared to $12.3 million for the third quarter of 2024. This decrease was due primarily to a $21.2 million increase in the provision for credit losses, the absence of $3.5 million of GPG revenue as a result of the exit from that business, and a $1.8 million increase in compensation and benefits related to the increase in the number of employees, partially offset by a $12.1 million increase in net interest income, a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $1.2 million decrease in professional fees.

Previous wording

Net income was $35.1 million for the six months ended June 30, 2025, an increase of $2.1 million as compared to $33.0 million for the six months ended June 30, 2024. This increase was due primarily to a $19.4 million increase in net interest income and a $4.3 million decrease in professional fees, partially offset by an $8.8 million increase in the provision for credit losses, the absence of $7.8 million of GPG revenue as a result of the exit from that business, and a $3.6 million increase in compensation and benefits related to the increase in the number of employees.

Current wording

Net income was $42.2 million for the nine months ended September 30, 2025, a decrease of $3.1 million as compared to $45.3 million for the nine months ended September 30, 2024. This decrease was due primarily to a $30.0 million increase in the provision for credit losses, the absence of $11.3 million of GPG revenue as a result of the exit from that business, and a $5.4 million increase in compensation and benefits related to the increase in the number of employees, partially offset by $31.4 million increase in net interest income, a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $5.6 million decrease in professional fees.

Previous wording

Net interest margin for the second quarter of 2025 was 3.83% compared to 3.44% for the second quarter of 2024. Net interest margin for the six months ended June 30, 2025 was 3.76% compared to 3.42% for the six months ended June 30, 2024. For the six months ended June 30, 2025, the 34 basis point increase in net interest margin is supported by rigorous loan and deposit pricing initiatives and an 18 basis point decrease in the total cost of funds which reflects the reduction in short-term interest rates.

Current wording

Net interest margin for the third quarter of 2025 was 3.88% compared to 3.62% for the third quarter of 2024. For the third quarter of 2025 the 26 basis point increase in net interest margin was driven by rigorous loan and deposit pricing initiatives and a 34 basis point decrease in the total cost of funds which reflects the reduction in short-term interest rates. Net interest margin for the nine months ended September 30, 2025 was 3.80% compared to 3.49% for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the 31 basis point increase in net interest margin was driven by rigorous loan and deposit pricing initiatives and a 24 basis point decrease in the total cost of funds which reflects the reduction in short-term interest rates.

Previous wording

Interest income increased $11.3 million to $127.0 million for the second quarter of 2025 as compared to $115.8 million for the second quarter of 2024, primarily due to the increase in the average balance of loans. The average balance of loans increased $732.4 million for the second quarter of 2025 as compared to the second quarter of 2024.

Current wording

Interest income increased $11.5 million to $132.0 million for the third quarter of 2025 as compared to $120.5 million for the third quarter of 2024, primarily due to the increase in the average balance of loans. The average balance of loans increased $801.4 million for the third quarter of 2025 as compared to the third quarter of 2024.

Previous wording

Interest income increased $17.7 million to $245.8 million for the six months ended June 30, 2025 as compared to $228.1 million for the six months ended June 30, 2024, primarily due to the increase in the average balance of loans. The average balance of loans increased $619.7 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Current wording

Interest income increased $29.3 million to $377.8 million for the nine months ended September 30, 2025 as compared to $348.6 million for the nine months ended September 30, 2024, primarily due to the increase in the average balance of

Previous wording

Interest expense decreased $826,000 to $53.4 million for the second quarter of 2025 as compared to $54.2 million for the second quarter of 2024 due primarily to the 24 basis point decrease in total cost of funds that reflects the reduction in short- term interest rates, partially offset by the $902.9 million increase in the average balance of interest-bearing deposits for the second quarter of 2025 as compared to the second quarter of 2024.

Current wording

Interest expense decreased $532,000 to $54.7 million for the third quarter of 2025 as compared to $55.2 million for the third quarter of 2024 due primarily to the 34 basis point decrease in total cost of funds that reflects the reduction in short- term interest rates, partially offset by the $1.1 billion increase in the average balance of interest-bearing deposits for the third quarter of 2025 as compared to the third quarter of 2024.

Previous wording

Interest expense decreased $1.6 million to $105.2 million for the six months ended June 30, 2025 as compared to $106.8 million for the six months ended June 30, 2024, due primarily to the 18 basis point decrease in the total cost of funds, partially offset by the $822.6 million increase in the average balance of interest-bearing deposits for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Current wording

Interest expense decreased $2.2 million to $159.9 million for the nine months ended September 30, 2025 as compared to $162.1 million for the nine months ended September 30, 2024, due primarily to the 24 basis point decrease in the total cost of funds, partially offset by the $920.9 million increase in the average balance of interest-bearing deposits for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Previous wording

The provision for credit losses for the three months ended June 30, 2025 was $6.4 million, which reflects loan growth and provisioning for a CRE loan. The provision for credit losses for the six months ended June 30, 2025 was $10.9 million, which reflects loan growth and provisioning for a CRE loan and an unsecured C&I loan.

Current wording

The provision for credit losses for the three months ended September 30, 2025 was $23.9 million, which reflects provisioning for a single out of market CRE multi-family loan relationship, changes in the outlook for certain macroeconomic variables, and loan growth. The provision for credit losses for the nine months ended September 30, 2025 was $34.7 million, which reflects provisioning for a single out of market CRE multi-family relationship, and changes in the outlook for certain macroeconomic variables, and loan growth.

Previous wording

Non-interest income decreased $3.5 million to $2.6 million for the second quarter of 2025, as compared to the second quarter of 2024 driven primarily by the absence of GPG revenue due to the exit from that business. Non-interest income decreased $6.9 million to $6.2 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024 driven primarily by the absence of GPG revenue due to the exit from that business.

Current wording

Non-interest income decreased $3.8 million to $2.5 million for the third quarter of 2025, as compared to $6.3 million for the third quarter of 2024 driven primarily by the absence of GPG revenue due to the exit from that business. Non-interest income decreased $10.6 million to $8.8 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 driven primarily by the absence of GPG revenue due to the exit from that business.

Previous wording

Non-interest expense increased $852,000 to $43.1 million for the second quarter of 2025, compared to the second quarter of 2024 due primarily to a $1.7 million increase in compensation and benefits related to the increase in the number of employees, a $1.7 million increase in deposit program related fees, and a $610,000 increase in technology costs, partially offset by decreases of $3.3 million in professional fees.

Current wording

Non-interest expense decreased $5.5 million to $45.8 million for the third quarter of 2025, compared to the third quarter of 2024 due primarily to a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a $1.2 million decrease in professional fees, partially offset by a $2.3 million increase in technology costs, a $1.8 million increase in compensation and benefits related to the increase in the number of employees, and a $1.2 million increase in deposit program related fees.

Previous wording

Non-interest expense increased $1.6 million to $85.8 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due primarily to an increase of $3.6 million in compensation and benefits due to the increase in the number of employees and a $2.6 million increase in deposit program related fees, partially offset by decreases of $4.3 million in professional fees.

Current wording

Non-interest expense decreased $3.8 million to $131.6 million for the nine months ended September 30, 2025, as compared to $135.4 for the nine months ended September 30, 2024, due primarily to a $10.0 million decrease in the regulatory reserve recorded in the prior year period and a decrease of $5.6 million in professional fees, partially offset by an increase of $5.4 million in compensation and benefits related to the increase in the number of employees and a $4.1 million increase in deposit program related fees.

Previous wording

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, which involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. Exposure to credit loss is represented by the contractual amount of the instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

Current wording

elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. Exposure to credit loss is represented by the contractual amount of the instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

Previous wording

At June 30, 2025, the Company had $715.8 million in unused loan commitments and $27.9 million in standby and commercial letters of credit. At December 31, 2024, the Company had $695.4 million in unused commitments and $31.9 million in standby and commercial letters of credit.

Current wording

At September 30, 2025, the Company had $694.3 million in unused loan commitments and $27.1 million in standby and commercial letters of credit. At December 31, 2024, the Company had $695.4 million in unused commitments and $31.9 million in standby and commercial letters of credit.

Previous wording

The Company’s most liquid assets are cash and cash equivalents. The levels of these assets are dependent on the Company’s operating, financing, lending and investing activities during any given period. At June 30, 2025 and December 31, 2024, cash and cash equivalents totaled $152.5 million and $200.3 million, respectively. Securities, which provide an additional source of liquidity, totaled $944.2 million at June 30, 2025 and $915.8 million at December 31, 2024. At June 30, 2025, there were $779.8 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $106.6 million were encumbered. At December 31, 2024, there were $750.3 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $65.5 million were encumbered.

Current wording

The Company’s most liquid assets are cash and cash equivalents. The levels of these assets are dependent on the Company’s operating, financing, lending and investing activities during any given period. At September 30, 2025 and December 31, 2024, cash and cash equivalents totaled $385.9 million and $200.3 million, respectively. Securities, which provide an additional source of liquidity, totaled $934.4 million at September 30, 2025 and $915.8 million at December 31, 2024. At September 30, 2025, there were $798.7 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $104.5 million were encumbered. At December 31, 2024, there were $750.3 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $65.5 million were encumbered.

Previous wording

The Company’s primary investing activities are the origination and to a lesser extent, purchase of loans and securities. For the three and six months ended June 30, 2025, the Company’s loan production was $492.0 million and $901.8 million as compared to $290.8 million and $560.4 million, respectively, for the three and six months ended June 30, 2024.

Current wording

The Company’s primary investing activities are the origination and to a lesser extent, purchase of loans and securities. For the three and nine months ended September 30, 2025, the Company’s loan production was $514.2 million and $1.4 billion as compared to $460.6 million and $1.0 billion, respectively, for the three and nine months ended September 30, 2024.

Previous wording

Financing activities consisted primarily of activity in deposit accounts and borrowings. The Company gathers deposits from businesses and individuals through client referrals and other relationships and through its retail presence. The Company has established deposit concentration thresholds to avoid the possibility of dependence on any single depositor base for funds. Total deposits were $6.8 billion at June 30, 2025, an increase of $808.3 million, or 13.5%, from December 31, 2024.

Current wording

Financing activities consisted primarily of activity in deposit accounts and borrowings. The Company gathers deposits from businesses and individuals through client referrals and other relationships and through its retail presence. The Company has established deposit concentration thresholds to avoid the possibility of dependence on any single depositor base for funds. Total deposits were $7.1 billion at September 30, 2025, an increase of $1.1 billion, or 18.2%, from December 31, 2024.

Previous wording

At June 30, 2025, interest-bearing deposits were comprised of $5.2 billion of money market accounts and $123.4 million of time deposits. Time deposits due within one year of June 30, 2025 totaled $120.2 million, or 1.8%, of total deposits. At June 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion. At December 31, 2024, interest-bearing deposits were comprised of $4.5 billion of money market accounts and $125.4 million of time deposits. Time deposits due within one year of December 31, 2024 totaled $118.1 million or 2.0% of total deposits. Non-interest-bearing deposits were 21.0% of total deposits at June 30, 2025, as compared to 22.3% at December 31, 2024. At December 31, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion.

Current wording

At September 30, 2025, interest-bearing deposits were comprised of $5.5 billion of money market accounts and $150.5 million of time deposits. Time deposits due within one year of September 30, 2025 totaled $146.7 million, or 2.1%, of total deposits. At September 30, 2025, the aggregate estimated amount of FDIC uninsured deposits was $1.8 billion. At December 31, 2024, interest-bearing deposits were comprised of $4.5 billion of money market accounts and $125.4 million of time deposits. Time deposits due within one year of December 31, 2024 totaled $118.1 million or 2.0% of total deposits. Non-interest-bearing deposits were 19.5% of total deposits at September 30, 2025, as compared to 22.3% at December 31, 2024. At December 31, 2024, the aggregate estimated amount of FDIC uninsured deposits was $1.6 billion.

Previous wording

The Company has no material commitments or demands that are likely to affect its liquidity other than as set forth below. In the event loan demand were to increase faster than expected, or any other unforeseen demand or commitment were to occur, the Company could access its borrowing capacity with the FHLB or obtain additional funds through alternative funding sources, including the brokered deposit market. At June 30, 2025, the Company had $50.0 million of Federal funds purchased and $150.0 million of FHLBNY advances. At December 31, 2024, the Company had $210.0 million of Federal funds purchased and $240.0 million of FHLBNY advances. At June 30, 2025 and December 31, 2024, the Company had cash on deposit with the FRBNY and available secured wholesale funding borrowing capacity of $2.9 billion.

Current wording

The Company has no material commitments or demands that are likely to affect its liquidity other than as set forth below. In the event loan demand were to increase faster than expected, or any other unforeseen demand or commitment were to occur, the Company could access its borrowing capacity with the FHLB or obtain additional funds through alternative funding sources, including the brokered deposit market. At September 30, 2025, the Company had $125.0 million of

Previous wording

At June 30, 2025 and December 31, 2024, total non-owner-occupied CRE loans were 371.9% and 346.1% of risk-based capital, respectively. The increased CRE concentration ratio is primarily the result of the Bank funding the share repurchase program and the anticipated quarterly dividends at the holding company. See “—Recent Events” above for more information on the Company’s quarterly dividend and share repurchase program.

Current wording

At September 30, 2025 and December 31, 2024, total non-owner-occupied CRE loans were 373.5% and 346.1% of risk-based capital, respectively. The increased CRE concentration ratio was affected by the Bank funding the share repurchase program and the anticipated quarterly dividends at the holding company. See “—Recent Events” above for more information on the Company’s quarterly dividend and share repurchase program.