BLUE RIDGE BANKSHARES, INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
BRBS$3.990.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001193125-26-342578
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-450083
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 135 previous paragraphs and 146 current paragraphs.
75 unchanged; 52 reworded; 18 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
the timing and completion of the proposed merger with HomeTrust is dependent on the satisfaction of customary closing conditions, and various other factors that cannot be predicted with precision at this point;
Current report
the occurrence of any event, change or other circumstance that could give rise to the right of HomeTrust, the Company or both to terminate the Merger Agreement;
Current report
completion of the proposed merger with HomeTrust is subject to bank regulatory approvals and such approvals may not be obtained in a timely manner or at all or may be subject to conditions which may cause additional significant expense or delay the consummation of the proposed merger;
Current report
potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed merger with HomeTrust;
Current report
the diversion of attention and time by the management team of the Company from ongoing business operations and opportunities on merger-related matters;
Current report
the outcome of any legal proceedings related to the proposed merger with HomeTrust, which have been and may be instituted against the Company;
Current report
Pending Merger with HomeTrust Bancshares, Inc.
Current report
On August 16, 2026, the Company, HomeTrust, and Merger Sub, a wholly owned subsidiary of HomeTrust, entered into the Merger Agreement, which was jointly announced on August 17, 2026. Pursuant to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the "Merger"), with the Company continuing as the surviving corporation, and immediately following the Merger, the Company will merge with and into HomeTrust, with HomeTrust continuing as the surviving corporation, and then the Bank will merge with and into HomeTrust Bank, the wholly owned bank subsidiary of HomeTrust, with HomeTrust Bank as the surviving bank.
Current report
Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of the Company's common stock issued and outstanding will be converted into the right to receive 0.086 of a share of HomeTrust common stock, plus cash in lieu of any fractional shares.
Current report
In connection with the Merger Agreement, the Company offered holders of outstanding warrants to purchase the Company’s common stock (the “Warrants”) the opportunity to enter into warrant conversion agreements that provide for the automatic cashless exercise of the Warrants immediately prior to the effective time of the Merger, with the resulting shares of the Company’s common stock converted into the right to receive the merger consideration. As of September 30, 2026, holders of Warrants to purchase an aggregate of 11,356,000 shares of the Company's common stock, representing approximately 47% of outstanding Warrants, had executed warrant conversion agreements. Outstanding Warrants not subject to warrant conversion agreements will be assumed by HomeTrust at the effective time of the Merger in accordance with their terms.
Current report
Based on the number of shares of the Company's common stock outstanding and reserved for issuance and the number of shares underlying Warrants subject to warrant conversion agreements, HomeTrust expects to issue approximately 8,314,956 shares of HomeTrust common stock to the Company's shareholders in the Merger. Following completion of the Merger, former shareholders of the Company are expected to own approximately 35% of HomeTrust's outstanding common stock, with existing HomeTrust stockholders owning approximately 65%.
Current report
The Merger Agreement contains customary representations, warranties, covenants and closing conditions, including receipt of required regulatory approvals, approval of the Merger Agreement by the Company's shareholders and approval of the issuance of HomeTrust common stock in connection with the Merger by HomeTrust's stockholders. The Merger Agreement also provides for a termination fee of $18.0 million payable by either party under certain specified circumstances.
Current report
Subject to receipt of required approvals and satisfaction of other closing conditions, the Merger is anticipated to close in the first quarter of 2027.
Current report
Merger-related expenses, including legal and investment banking fees, are presented separately on the consolidated statements of operations for the three and nine months ended September 30, 2026.
Current report
For the nine months ended September 30, 2026, the Company reported a net loss of $4.6 million, or ($0.05) per diluted common share, compared to net income of $6.5 million, or $0.07 per diluted common share, for the same period of 2025. Net loss for the nine months ended September 30, 2026 included an after-tax provision for (recovery of) credit losses, severance expenses, and merger-related expenses of $9.3 million, $1.7 million, and $0.9 million, respectively, compared to ($2.0) million, $0.9 million, and $0, respectively, for the same period of 2025. The majority of the $9.3 million of after-tax provision for credit losses in the 2026 period was attributable to the aforementioned out-of-market loans originated prior to 2024. The 2025 period included $2.7 million of after-tax loan fee income due to the payoff of the aforementioned out-of-market loan relationship.
Current report
The decline in other noninterest income for the three months ended September 30, 2026, compared to the same period of 2025 was primarily attributable to the absence of $0.2 million in income recognized in the prior-year period from an other equity method investment made in 2022 and liquidated in the second quarter of 2026, as well as $0.3 million decline in swap transaction fees.
Current report
Income Tax Expense. For the three and nine months ended September 30, 2026, the effective income tax rates were 3.7% and 4.5%, respectively, compared to 25.3% and 22.9% for the three and nine months ended September 30, 2025, respectively. The lower effective income tax rates for the 2026 periods were primarily attributable to limitations on the tax deductibility of compensation and certain merger-related expenses.
Current report
Subsequent to June 30, 2026, a commercial borrower, outside of the Bank's primary market, with outstanding loans totaling $11.4 million reported that it had ceased operations. Based on this information, the loans were placed on nonaccrual status as of June 30, 2026, and a specific reserve of $2.9 million was established as of that date. In October 2026, additional information regarding the borrower and underlying collateral resulted in an additional provision for credit losses of $7.0 million for the three months ended September 30, 2026 and the charge-off of $9.9 million of loan principal against the total specific reserve as of September 30, 2026.
Removed paragraphs (7)
Previous report
Included in the reduction of loans held for investment in the first half of 2026 were payoffs and paydowns of $32.2 million of out-of-market loans. The decline in loans held for sale reflected the Company's complete exit from its indirect fintech lending activities in the first quarter of 2026. The allowance for credit losses ("ACL") was $22.0 million and $19.4 million as of June 30, 2026 and December 31, 2025, respectively. The increase since year-end primarily reflects the addition of specific reserves for out-of-market loans. Loans held for investment increased $19.6 million during the second quarter of 2026, primarily driven by growth in commercial and residential mortgage loans.
Previous report
For the six months ended June 30, 2026, the Company reported a net loss of $0.5 million, or ($0.01) per diluted common share, compared to net income of $0.9 million, or $0.01 per diluted common share, for the same period of 2025. Net loss for the six months ended June 30, 2026 included after-tax severance expenses of $1.7 million, while net income for the six months ended June 30, 2025 included after-tax severance costs of $0.8 million.
Previous report
Income Tax Expense. For the three and six months ended June 30, 2026, the effective income tax rates were 20.5% and 10.9%, respectively, compared to 27.0% and 2.8% for the three and six months ended June 30, 2025, respectively. The effective income tax rate for the first half of 2026 was primarily a result of the Company's marginal pre-tax loss in the period, while the effective income tax rate for the second quarter of 2025 was primarily driven by the potential elimination of deductibility of compensation costs in future taxable periods. The effective income tax rate for the six months ended June 30, 2025 included the effect of a $0.3 million favorable adjustment related to a change in the state tax rate applied to the accumulated unrealized loss on the available for sale securities portfolio.
Previous report
The changes in nonperforming loans, the ACL, and the related ratios above at June 30, 2026 from December 31, 2025 were primarily attributable to loans from a single out-of-market relationship originated prior to 2024 totaling $11.4 million. The loans, classified as commercial and industrial, remained current through May 2026 but became delinquent when the borrower failed to make its June 2026 payment. Consequently, the loans were placed on nonaccrual at June 30, 2026. Subsequent to June 30, 2026, the borrower reported that its business had ceased operations. In light of this development and management's estimate of expected credit losses, the Company established a reserve of approximately $2.9 million, as of June 30, 2026. The Company believes the credit issues affecting this borrower are unique and not systematic to the Company's overall portfolio.
Previous report
2026 and December 31, 2025, and the average balances for the six months ended June 30, 2026 and year ended December 31, 2025. The weighted average rate was 3.84% and 3.87% for the same periods, respectively.
Previous report
On June 1, 2025, the Company completed the $15.0 million redemption of the 2030 Note. The interest rate on the 2030 Note was 6.0% up to the redemption date. Interest expense on the 2030 Note was $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively, prior to the redemption date.
Previous report
On July 15, 2025, the Company completed a $10.0 million partial redemption of the 2029 Notes. As of June 30, 2026, the interest rate on the 2029 Notes, which resets quarterly, was 8.01%. As of June 30, 2026, the net carrying amount of the 2029 Notes was $14.7 million, inclusive of a $0.2 million purchase accounting adjustment. For the three months ended June 30, 2026 and 2025, the effective interest rate on the 2029 Notes was 7.43% and 7.48%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium). For the six months ended June 30, 2026 and 2025, the effective interest rate on the 2029 Notes was 7.68% and 7.44%, respectively, inclusive of the amortization of the purchase accounting adjustment (premium).
Reworded paragraphs (52)
Previous wording
The following presents management’s discussion and analysis of the Company’s consolidated financial condition and the results of the Company's operations. This discussion should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in this Form 10-Q and the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the“2025 Form 10-K”). Results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations for the balance of 2026, or for any other period. As used in this report, the terms “the Company,” “we,” “us,” and “our” refer to Blue Ridge Bankshares, Inc. and its consolidated subsidiaries. The term “Bank” refers to Blue Ridge Bank, National Association.
Current wording
The following presents management’s discussion and analysis of the Company’s consolidated financial condition and the results of the Company's operations. This discussion should be read in conjunction with the unaudited consolidated financial statements and the notes thereto included in this Form 10-Q and the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the“2025 Form 10-K”). Results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results of operations for the balance of 2026, or for any other period. As used in this report, the terms “the Company,” “we,” “us,” and “our” refer to Blue Ridge Bankshares, Inc. and its consolidated subsidiaries. The term “Bank” refers to Blue Ridge Bank, National Association.
Previous wording
The Company makes certain forward-looking statements in this Form 10-Q that are subject to risks and uncertainties. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of management’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words of similar meaning. The Company cautions that the forward-looking statements are based largely on management’s expectations and are subject to a number of known and unknown risks and uncertainties that may change based on factors which are, in many instances, beyond its control. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.
Current wording
The Company makes certain forward-looking statements in this Form 10-Q that are subject to risks and uncertainties. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of management’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words of similar meaning. These forward-looking statements also include statements regarding the Company’s pending merger with HomeTrust Bancshares, Inc. (“HomeTrust”) pursuant to the Agreement and Plan of Merger dated August 16, 2026 (the “Merger Agreement”) by and among the Company, HomeTrust and Kinloch Merger Sub, Inc. (“Merger Sub”). The Company cautions that the forward-looking statements are based largely on management’s expectations and are subject to a number of known and unknown risks and uncertainties that may change based on factors which are, in many instances, beyond its control. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.
Previous wording
the usage of advances and changes in technological and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers;
Current wording
the usage of advances and changes in technology and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers;
Previous wording
On March 30, 2026, the Company announced that the holders of outstanding warrants to purchase the Company's common stock (the "Warrants") representing a majority of shares of common stock underlying such Warrants approved an amendment and restatement of the Warrants (the "Warrant Amendment"). Pursuant to the Warrant Amendment, in connection with certain cash distributions to holders of the Company's common stock while the Warrants are outstanding, the per share exercise price of each Warrant is reduced by the per share dividend amount in lieu of cash distributions to Warrant holders, including the special cash dividends of $0.25 per share paid in November 2025 and $0.60 per share paid in April 2026. As a result, the previously accrued $6.1 million (for dividends to be paid upon exercise of the Warrants) was reversed in the first quarter of 2026, and, upon execution of the amended and restated Warrants, the strike price of the Warrants reduces to $1.65 per common share.
Current wording
"Warrant Amendment"). Pursuant to the Warrant Amendment, in connection with certain cash distributions to holders of the Company's common stock while the Warrants are outstanding, the per share exercise price of each Warrant is reduced by the per share dividend amount in lieu of cash distributions to Warrant holders, including the special cash dividends of $0.25 per share paid in November 2025 and $0.60 per share paid in April 2026. As a result, the previously accrued $6.1 million (for dividends to be paid upon exercise of the Warrants) was reversed in the first quarter of 2026, and, upon execution of the amended and restated Warrants, the strike price of the Warrants reduces to $1.65 per common share.
Previous wording
Total assets were $2.33 billion as of June 30, 2026, a decrease of $105.3 million from $2.43 billion as of December 31, 2025. Approximately half of this decrease was attributable to a decrease in cash and due from banks ($54.3 million), while the remainder was due to decreases in securities available for sale ($15.9 million), loans held for sale ($14.8 million) and loans held for investment ($12.3 million). Cash and due from banks declined due to the special cash dividend paid of $53.2 million and the reduction of brokered time deposits of approximately $52.9 million. The decline in available for sale securities was due to bonds called or matured ($9.6 million) and portfolio amortization ($16.4 million), partially offset by bond purchases ($11.1 million).
Current wording
Total assets were $2.34 billion as of September 30, 2026, a decrease of $89.5 million from $2.43 billion as of December 31, 2025. Most of this decrease was attributable to a decrease in cash and due from banks ($56.0 million), securities available for sale ($34.3 million), and loans held for sale ($14.8 million). Partially offsetting these decreases was an increase in loans held for investment ($20.9 million). The decline in cash and due from banks was primarily attributable to the special cash dividend totaling $53.2 million paid in the second quarter of 2026. The decline in available for sale securities was due to bonds called or matured ($16.7 million), portfolio amortization ($22.9 million), and unrealized losses ($5.9 million), partially offset by bond purchases ($11.1 million).
Previous wording
During the second quarter of 2026, the Company partnered with a third-party residential mortgage originator, whereby the Company purchases adjustable-rate mortgage loans originated generally within its market area. Purchases under this program totaled $17.3 million during the second quarter of 2026, inclusive of purchase premiums. This program provides a primary mortgage product to the Company's consumer customers.
Current wording
The decline in loans held for sale reflected the Company's complete exit from its indirect fintech lending activities in the first quarter of 2026. During the second quarter of 2026, the Company partnered with a third-party residential mortgage originator, whereby the Company purchases adjustable-rate mortgage loans originated generally within its market area. The increase in loans held for investment was primarily driven by growth in residential mortgages arising from this agreement. Purchases under this program totaled $71.9 million during the third and second quarters of 2026, inclusive of purchase premiums. This program provides a primary mortgage product to the Company's consumer customers. The allowance for credit losses ("ACL") was $19.7 million and $19.4 million as of September 30, 2026 and December 31, 2025, respectively.
Previous wording
Total deposits were $1.86 billion as of June 30, 2026, a net decrease of $48.8 million from December 31, 2025. The decline in the first half of 2026 was primarily due to a $52.9 million decrease in brokered time deposits. Excluding the decline in brokered deposits, deposits increased $4.1 million in the first half of 2026.
Current wording
Total deposits were $1.81 billion as of September 30, 2026, a decrease of $97.0 million from December 31, 2025. The decline was primarily due to an $81.9 million decrease in brokered time deposits. Excluding the decline in brokered deposits, deposits decreased $15.1 million in the nine months ended September 30, 2026. Borrowings from the Federal Home Loan Bank of Atlanta ("FHLB") increased $86.0 million to $236.0 million as of September 30, 2026.
Previous wording
Total stockholders’ equity decreased by $48.3 million to $275.4 million as of June 30, 2026, from $323.7 million at December 31, 2025, primarily due to the special cash dividend ($54.1 million) announced March 30, 2026, partially offset by a $6.1 million reversal of accrued dividends due to the aforementioned Warrant Amendment.
Current wording
Total stockholders’ equity decreased by $56.1 million to $267.6 million as of September 30, 2026, from $323.7 million at December 31, 2025, primarily due to the special cash dividend ($54.1 million) announced March 30, 2026.
Previous wording
Comparison of Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025
Current wording
Comparison of Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
For the three months ended June 30, 2026, the Company reported a net loss of $1.3 million, or ($0.01) per diluted common share, compared to net income of $1.3 million, or $0.01 per diluted common share, for the same period of 2025. Net loss for the three months ended June 30, 2026 included an after-tax $3.2 million provision for credit losses, compared to an after-tax benefit for recovery of credit losses of $0.5 million for the same period of 2025. Loans from a single out-of-market relationship originated prior to 2024 were placed on nonaccrual at June 30, 2026, and a reserve was established for the loans in the amount of $2.9 million ($2.3 million after tax). Net loss for the three months ended June 30, 2026 also included $0.3 million of after-tax expenses related to severance, compared to $0.2 million for the same period of 2025. Severance expenses include amounts associated with previously-announced executive officer transitions. The 2025 period also included an after-tax benefit of $1.0 million from the recovery of non-credit related amounts reserved for in the prior year, as the Company concluded outstanding exit activities with a former fintech banking-as-a-service (“BaaS”) partner.
Current wording
For the three months ended September 30, 2026, the Company reported a net loss of $4.2 million, or ($0.05) per diluted common share, compared to net income of $5.6 million, or $0.06 per diluted common share, for the same period of 2025. Net loss for the three months ended September 30, 2026 included an after-tax provision for credit losses of $6.6 million, compared to an after-tax benefit for recovery of credit losses of $1.4 million for the same period of 2025. Provision for credit losses for the three months ended September 30, 2026 was primarily due to loans associated with a single out-of-market relationship originated prior to 2024. Net loss for the three months ended September 30, 2026 also included after-tax merger-related expenses of $0.9 million. The 2025 period included $2.3 million of after-tax loan fee income due to the payoff of the Company's largest previously criticized out-of-market loan.
Previous wording
Net Interest Income. Net interest income is the excess of interest earned on loans, investments, and other interest-earning assets less the interest paid on deposits and borrowings and is the Company’s primary revenue source. Net interest income is thereby affected by overall balance sheet size, changes in interest rates, and changes in the mix of investments, loans, deposits, and borrowings. Net interest income for the three and six months ended June 30, 2026 was $16.5 million and $33.4 million, respectively, a decline of $3.3 million and $5.4 million from the same respective periods in 2025, primarily due to declines in average loan balances.
Current wording
Net Interest Income. Net interest income is the excess of interest earned on loans, investments, and other interest-earning assets less the interest paid on deposits and borrowings and is the Company’s primary revenue source. Net interest income is thereby affected by overall balance sheet size, changes in interest rates, and changes in the mix of investments, loans, deposits, and borrowings. Net interest income for the three and nine months ended September 30, 2026 was $17.4 million and $50.9 million, respectively, a decline of $4.5 million and $9.9 million from the same respective periods in 2025, primarily due to declines in average loan balances.
Previous wording
Average balances of interest-earning assets decreased $244.9 million to $2.28 billion for the three months ended June 30, 2026, compared to $2.53 billion for the same period of 2025. This decrease reflected lower average balances of loans held for investment and loans held for sale, reflective of the Company's efforts to selectively reduce its portfolio of out-of-market loans and its exit from its indirect fintech lending partnerships. The yield on average loans held for investment was 5.54% and 5.80% for the second quarters of 2026 and 2025, respectively. The decline in yield on loans held for investment was primarily due to a decline in higher yielding out-of-market loans and lower accretion of discounts on acquired loans. Accretion of discounts on acquired loans had a three and seven basis point positive effect on yield on loans held for investment for the respective periods. The exit of fintech lending operations, represented by loans held for sale, also had a unfavorable effect on yields on interest-earning assets.
Current wording
Average balances of interest-earning assets decreased $177.6 million to $2.26 billion for the three months ended September 30, 2026 from $2.44 billion for the same period of 2025. This decrease reflected lower average balances of loans held for investment and interest-earning deposits in other banks, which decreased $55.8 million and $81.9 million, respectively, partially reflective of the reduction of out-of-market loans and lower balances of cash on deposit at the Federal Reserve Bank. The yield on average loans held for investment was 5.64% and 6.40% for the third quarters of 2026 and 2025, respectively. During the third quarter of 2025, fee income of $3.0 million was realized from the payoff of the aforementioned out-of-market loan, which positively affected the yield on loans held for investment by 62 basis points. Accretion of discounts on acquired loans had a seven and nine basis point positive effect on loans held for investment yields for the third quarters of 2026 and 2025, respectively. The exit of fintech lending operations in early 2026, represented by loans held for sale, contributed to the decline in yields on interest-earning assets for the 2026 period.
Previous wording
Average balances of interest-bearing liabilities decreased $170.4 million to $1.65 billion for the three months ended June 30, 2026, compared to $1.82 billion for the same period of 2025. The decrease was primarily due to a $118.7 million reduction of average balances of brokered deposits, reported in time deposits, and a $19.9 million reduction in average borrowings due to the Company's redemption of a portion of its subordinated notes in the late second and early third quarters of 2025.
Current wording
Average balances of interest-bearing liabilities decreased $91.3 million to $1.65 billion for the three months ended September 30, 2026 from $1.74 billion for the same period of 2025. The decrease was primarily due to a $121.6 million reduction of average balances of brokered deposits, reported in time deposits, and a $13.3 million reduction in subordinated notes and other borrowings due to the Company's redemption of its subordinated notes in the late second and early third quarters of 2025 and early third quarter of 2026, partially offset by a $43.4 million increase in average balances of FHLB borrowings.
Previous wording
Cost of deposits was 2.25% for the three months ended June 30, 2026, compared to 2.47% for the same period of 2025, while cost of funds was 2.41% and 2.63%, for the respective periods. Lower cost of deposits and funds in the second quarter of 2026 relative to the year-ago period were primarily due to the reduction in average balances of higher cost brokered deposits paid off upon maturity and the partial redemption of the Company's subordinated notes. Cost of deposits, excluding brokered deposits, was 1.97% for the second quarter of 2026 compared to 2.05% for the second quarter of 2025.
Current wording
Cost of deposits was 2.22% for the three months ended September 30, 2026, compared to 2.51% for the same period of 2025, while cost of funds was 2.35% and 2.65%, for the respective periods. Lower cost of deposits and funds in the third quarter of 2026 relative to the year-ago period were primarily due to the reduction in average balances of higher cost brokered deposits paid off upon maturity and the redemption of the Company's subordinated notes. The recognition of an unamortized purchase accounting adjustment in the third quarter of 2026 upon the redemption of the Company's subordinated notes maturing October 15, 2029 (the "2029 Notes") decreased cost of funds by four basis points. Cost of deposits, excluding brokered deposits, was 1.98% for the third quarter of 2026 compared to 2.13% for the third quarter of 2025.
Previous wording
Net interest income (on a taxable equivalent basis) for the three months ended June 30, 2026 was $16.6 million compared to $19.9 million for the same period in 2025. Interest income declined $5.9 million to $28.9 million for the three months ended June 30, 2026, primarily due to the decline in average balances of loans held for investment, loans held for sale, and interest-earning deposits in other banks, which collectively declined $244.1 million from the three months ended June 30, 2025. Interest expense declined $2.6 million to $12.3 million for the three months ended June 30, 2026, largely driven by lower average balances of brokered deposits, which declined $118.7 million from the same period of 2025. Net interest margin was 2.91% and 3.15% for the second quarters of 2026 and 2025, respectively.
Current wording
Net interest income (on a taxable equivalent basis) for the three months ended September 30, 2026 was $17.4 million, compared to $21.9 million for the same period in 2025. Interest income declined $6.8 million to $29.4 million for the three months ended September 30, 2026 from the same period of 2025, primarily due to a combined $153.7 million decline in average balances of loans held for investment, loans held for sale, and interest-earning deposits in other banks. Additionally, interest income for the 2025 period included $3.0 million of fee income upon the payoff of the aforementioned out-of-market loan. Interest expense declined $2.3 million to $12.0 million for the three months ended September 30, 2026, largely driven by lower average balances of brokered deposits, which declined $121.6 million from the same period of 2025. Net interest margin was 3.08% and 3.60% for the third quarters of 2026 and 2025, respectively. For the third quarter of 2025, the aforementioned loan fee income of $3.0 million had a 49 basis point positive effect on net interest margin.
Previous wording
The following table presents the average balance sheets for the six months ended June 30, 2026 and 2025. Also shown are the amounts of interest earned on interest-earning assets, with related tax-equivalent yields, and interest expense on interest-bearing liabilities, with related rates, as well as a volume and rate analysis of changes in net interest income for the periods stated.
Current wording
The following table presents the average balance sheets for the nine months ended September 30, 2026 and 2025. Also shown are the amounts of interest earned on interest-earning assets, with related tax-equivalent yields, and interest expense on interest-bearing liabilities, with related rates, as well as a volume and rate analysis of changes in net interest income for the periods stated.
Previous wording
Average interest-earning assets were $2.31 billion for the six months ended June 30, 2026, compared to $2.57 billion for the same period of 2025, a $265.4 million decrease. This decrease was primarily due to declines in average balances of loans held for investment and loans held for sale, which decreased $217.5 million and $24.5 million, respectively, reflective of the Company's efforts to selectively reduce its portfolio of out-of-market loans and its exit from its indirect fintech lending partnerships. Total interest income (on a taxable equivalent basis) decreased $11.8 million for the six months ended June 30, 2026 from the same period of 2025, primarily due to loan portfolio reductions, while the yield on interest-earning assets declined 40 basis points. The yield on average loans held for investment was 5.52% and 5.75% for the first halves of 2026 and 2025, respectively. The decline in yield on loans held for investment was primarily due to a decline in higher yielding out-of-market loans and lower accretion of discounts on acquired loans. Accretion of discounts on acquired loans had a three and seven basis point positive effect on yield on loans held for investment for the same respective periods.
Current wording
Average interest-earning assets were $2.29 billion for the nine months ended September 30, 2026, compared to $2.53 billion for the same period of 2025, a $235.8 million decrease. This decrease was primarily due to declines in average balances of loans held for investment and loans held for sale, which decreased $163.0 million and $21.6 million, respectively, partially reflective of the reduction of out-of-market loans held for investment and the exit of fintech lending operations. Total interest income (on a taxable equivalent basis) decreased $18.7 million for the nine months ended September 30, 2026 from the same period of 2025, primarily due to loan portfolio reductions, while the yield on interest-earning assets declined 51 basis points. The yield on average loans held for investment was 5.56% and 5.96% for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2025, interest income on loans held for investment included $3.5 million of fee income from the payoff of the aforementioned out-of-market loan, which had a 23 basis point positive effect on the yield on loans held for investment. Accretion of discounts on acquired loans had a five and eight basis point positive effect on yield on loans held for investment for the nine months ended September 30, 2026 and September 30, 2025, respectively. The exit of fintech lending also contributed to the decline in yields for the comparative periods.
Previous wording
Average interest-bearing liabilities were $1.66 billion for the six months ended June 30, 2026 compared to $1.86 billion for the same period of 2025, a $198.2 million decrease. Interest expense decreased by $6.5 million to $24.8 million for the six months ended June 30, 2026, compared to the same period of 2025.
Current wording
Average interest-bearing liabilities were $1.66 billion for the nine months ended September 30, 2026, compared to $1.82 billion for the same period of 2025, a $162.1 million decrease. Interest expense decreased by $8.8 million to $36.7 million for the nine months ended September 30, 2026, compared to the same period of 2025, driven primarily by the decline in higher-cost brokered deposits over the same respective periods.
Previous wording
Cost of deposits was 2.26% for the six months ended June 30, 2026, compared to 2.54% for the same period of 2025, while cost of funds decreased to 2.41% for the first half of 2026 from 2.71% for the first half of 2025. Lower cost of deposits and funds in the 2026 period was primarily the result of the payoff of higher cost brokered time deposits at maturity. Cost of deposits, excluding brokered deposits, was 1.97% for the first half of 2026 compared to 2.12% for the same period of 2025.
Current wording
Cost of deposits was 2.25% for the nine months ended September 30, 2026, compared to 2.53% for the same period of 2025, while cost of funds decreased to 2.39% for the nine months ended September 30, 2026 from 2.69% for same period of 2025. Lower cost of deposits and funds in the 2026 period was primarily the result of the payoff of higher cost brokered time deposits at maturity. Cost of deposits, excluding brokered deposits, was 1.97% for the nine months ended September 30, 2026 compared to 2.12% for the same period of 2025.
Previous wording
Net interest income (on a taxable equivalent basis) was $33.5 million for the six months ended June 30, 2026, compared to $38.9 million for the same period in 2025. Net interest margin was 2.90% and 3.02% for the first halves of 2026 and 2025, respectively.
Current wording
Net interest income (on a taxable equivalent basis) was $50.9 million for the nine months ended September 30, 2026, compared to $60.8 million for the same period in 2025. Net interest margin was 2.96% and 3.21% for the nine months ended September 30, 2026 and 2025, respectively. Loan fee income from the aforementioned paid off loan had a positive 18 basis point effect on net interest margin for the nine months ended September 30, 2025.
Previous wording
Provision for (Recovery of) Credit Losses. A provision for credit losses on loans of $3.5 million was reported for the three months ended June 30, 2026, whereas a recovery of credit losses on loans of $0.7 million was reported for the three months ended June 30, 2025. The provision for credit losses on loans for the second quarter of 2026 was primarily due to additions to specific loan reserves, net loan charge-offs, and loan portfolio growth of $19.6 million for the quarter. The provision for credit losses on loans for the 2026 period included a $2.9 million reserve established for loans associated with a single out-of-market relationship originated prior to 2024. The recovery of credit losses on loans for the second quarter of 2025 was primarily due to loan portfolio reductions.
Current wording
Provision for (Recovery of) Credit Losses. A provision for credit losses on loans of $8.0 million was reported for the three months ended September 30, 2026, while a recovery of credit losses on loans of $1.8 million was reported for the three months ended September 30, 2025. The provision for credit losses on loans for the third quarter of 2026 was primarily driven by reserve needs for the previously-mentioned out-of-market loans originated prior to 2024. The recovery of credit losses on loans for the third quarter of 2025 was primarily attributable to loan portfolio reductions and recoveries of loans charged-off in prior periods.
Previous wording
A provision for credit losses on loans of $2.9 million and a recovery of credit losses on loans of $0.7 million were reported for the six months ended June 30, 2026 and 2025, respectively.
Current wording
A provision for credit losses on loans of $10.9 million and a recovery of credit losses on loans of $2.5 million were reported for the nine months ended September 30, 2026 and 2025, respectively. The provision for the nine months ended September 30, 2026 included $9.9 million attributable to the same out-of-market loans.
Previous wording
A provision for credit losses on unfunded commitments was $0.6 million for the three and six months ended June 30, 2026. The second quarter of 2026 provision was due to an increase in committed but unfunded lines of credit to commercial construction borrowers. There was no provision for credit losses on unfunded commitments in the same respective periods of 2025.
Current wording
A provision for credit losses on unfunded commitments was $0.5 million and $1.0 million for the three and nine months ended September 30, 2026, respectively. The provisions were due to an increase in committed but unfunded lines of credit to commercial construction borrowers. There was no provision for credit losses on unfunded commitments in the same respective periods of 2025.
Previous wording
The declines in residential mortgage banking income for the 2026 periods compared to the 2025 periods were attributable to the sale of the Company's mortgage division in the first quarter of 2025. The declines in other noninterest income for the comparative periods were primarily the result of the $0.6 million loss recognized in the second quarter of 2026 upon the liquidation of an equity method investment made in 2022, the Company's exit from fintech indirect lending in the first quarter of 2026, and the receipt of proceeds heldback from the 2024 sale of mortgage servicing rights.
Current wording
The decline in other noninterest income for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily attributable to a $0.8 million decline in residential mortgage banking income following the sale of the Company's mortgage division in the first quarter of 2025. Additionally, income from an equity method investment made in 2022 declined $1.2 million, which included a $0.6 million loss recognized upon its liquidation in the second quarter of 2026.
Previous wording
As the Company transitioned to a more traditional community banking model and remediated the requirements under the consent order with the Bank's primary regulator, which was terminated in the fourth quarter of 2025, the number of employees decreased from 442 as of December 31, 2024, to 302 as of December 31, 2025, and to 269 as of June 30, 2026, or by 39% and 11%, respectively. As a result, the Company reported lower expenses for salaries and employee benefits and technology and communication costs. Included in salaries and employee benefits expense for the three and six months ended June 30, 2026 were severance costs of $0.4 million and $2.1 million, respectively, compared to $0.3 million and $1.0 million for the same respective periods of 2025. Higher advertising and marketing expenses for the 2026 periods compared to the 2025 periods were the result of marketing campaigns designed to drive growth, which launched in the second half of 2025. The decline in Federal Deposit Insurance Corporation ("FDIC") insurance premiums primarily reflected lower assessment rates for the 2026 periods relative to the 2025 periods. The declines in other noninterest expense during the 2026 periods relative to the 2025 periods were primarily due to lower third-party loan servicing costs and losses on the repurchase of loans previously sold.
Current wording
As the Company transitioned to a more traditional community banking model and remediated the requirements under the consent order with the Bank's primary regulator, which was terminated in the fourth quarter of 2025, the number of employees decreased from 311 as of September 30, 2025 to 255 as of September 30, 2026, or by 18%. As a result, the Company reported lower expenses for salaries and employee benefits and technology and communication costs. Included in salaries and employee benefits expense for the three and nine months ended September 30, 2026 were severance costs of $0 and $2.1 million, respectively, compared to $0.1 million and $1.1 million for the same respective periods of 2025. The decline in Federal Deposit Insurance Corporation ("FDIC") insurance premiums primarily reflected lower assessment rates for the 2026 periods relative to the 2025 periods. The decline in other noninterest expense for the nine-months ended September 30, 2026 relative to the same period of 2025 was primarily due to lower third-party loan servicing costs and losses on the repurchase of loans previously sold. These declines were partially offset by higher advertising and marketing expenses for the 2026 periods, which were the result of marketing campaigns designed to drive growth and which were launched in the second half of 2025. Additionally, $1.2 million of merger-related expenses were reported for the three and nine months ended September 30, 2026.
Previous wording
Loan Portfolio. The Company makes loans to commercial entities and to individuals. Loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan and the creditworthiness of the borrower. Credit risk tends to be geographically concentrated in that a majority of the loans are to borrowers located in the markets served by the Company. All loans are underwritten within specific lending policy guidelines that are established to maximize the Company’s profitability within an acceptable level of business risk.
Current wording
Loan Portfolio. The Company makes loans to commercial entities and individuals. Loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan and the creditworthiness of the borrower. Credit risk tends to be geographically concentrated in that a majority of the loans are to borrowers located in the markets served by the Company. All loans are underwritten within specific lending policy guidelines that are established to maximize the Company’s profitability within an acceptable level of business risk.
Previous wording
The Company has pledged certain qualifying loans as collateral for borrowing facilities. Commercial and residential mortgages totaling $637.0 million and $695.1 million were pledged with the Federal Home Loan Bank of Atlanta ("FHLB") as of June 30, 2026 and December 31, 2025, respectively. Construction and commercial and industrial loans totaling $45.3 million and $72.8 million as of June 30, 2026 and December 31, 2025, respectively, were pledged with the Federal Reserve Bank of Richmond (“FRB”) Discount Window.
Current wording
The Company has pledged certain qualifying loans as collateral for borrowing facilities. Commercial and residential mortgages totaling $658.2 million and $695.1 million were pledged with the FHLB as of September 30, 2026 and December 31, 2025, respectively. Construction and commercial and industrial loans totaling $56.1 million and $109.3 million as of September 30, 2026 and December 31, 2025, respectively, were pledged with the Federal Reserve Bank of Richmond (“FRB”) Discount Window.
Previous wording
While the Federal Reserve has reduced the target Fed Funds rate by 175 basis points from a recent peak, the current lending environment for commercial real estate (“CRE”) loans has heightened risk due to a higher interest rate environment than had existed when the Company's loans may have been originated. Potential negative impacts may include higher debt service burdens for floating rate loans and fixed rate loans originated in a lower rate environment that reprice or mature, requiring renewal or refinancing. As these loans mature, they may be repriced at higher interest rates leading to increased debt service costs that can strain borrowers' ability to meet payment obligations. In some cases, the higher cost of refinancing may lead to loan defaults, particularly if property cash flows have not increased relatively.
Current wording
While the Federal Reserve has reduced the target Fed Funds rate by 150 basis points from the peak in 2024, the current interest rate environment has heightened lending risk due to a higher rate environment than had existed when loans may have been originated, particularly for commercial real estate ("CRE") loans. Potential negative impacts may include higher debt service burdens for floating rate loans and fixed rate loans originated in a lower rate environment that reprice or mature, requiring renewal or refinancing. As these loans mature, they may be repriced at higher interest rates leading to increased debt service costs that can strain borrowers' ability to meet payment obligations. In some cases, the higher cost of refinancing may lead to loan defaults, particularly if property cash flows have not increased relatively.
Previous wording
The Bank’s credit administration department led by the Chief Risk Officer and Chief Credit Officer performs periodic analyses of emerging trends by geography and property type where the Bank has larger concentrations by CRE property type. These analyses include all real estate property types and geographic markets represented in the loan portfolio and are provided to the Bank's board of directors to assess whether the CRE lending strategy and risk appetite continue to be appropriate, considering changes in local market conditions and the Bank’s exposure to collateral type concentrations. Also, concentration limits by real estate collateral type are approved and monitored by the Bank's board of directors. As of June 30, 2026, the Bank was in compliance with board approved limits.
Current wording
The Bank’s credit administration department led by the Chief Credit Officer performs periodic analyses of emerging trends by geography and property type where the Bank has larger concentrations by CRE property type. These analyses include all real estate property types and geographic markets represented in the loan portfolio and are provided to the Bank's board of directors to assess whether the CRE lending strategy and risk appetite continue to be appropriate, considering changes in local market conditions and the Bank’s exposure to collateral type concentrations. Also, concentration limits by real estate collateral type are approved and monitored by the Bank's board of directors. As of September 30, 2026, the Bank was in compliance with board approved limits.
Previous wording
The following table presents the remaining maturities, based on contractual maturity, by loan type and by rate type (variable or fixed), as of June 30, 2026. Loans shown in the one year or less column are term loans that have a stated maturity date within twelve months. Variable rate loans reprice at various intervals (monthly or quarterly) and the rate is tied to a published index such as the Fed Prime rate, U.S. Treasury bond indices, or the Secured Overnight Funding Rate.
Current wording
The following table presents the remaining maturities, based on contractual maturity, by loan type and by rate type (variable or fixed), as of September 30, 2026. Loans shown in the one year or less column are term loans that have a stated maturity date within twelve months. Variable rate loans reprice at various intervals (monthly or quarterly) and the rate is tied to a published index such as the Fed Prime rate, U.S. Treasury bond indices, or the Secured Overnight Financing Rate.
Previous wording
Of the $2.7 million and $3.1 million of loan charge-offs recognized during the three months ended June 30, 2026 and 2025, respectively, $1.8 million and $2.4 million for the same respective periods were attributable to business and consumer credit cards originated through a partnership with a third-party company. Under this arrangement, the third-party provides the Bank limited credit loss protection. Accordingly, the Bank records charge-offs based on the credit card portfolio activity and recognizes recoveries upon receipt of payments under the credit loss protection agreement, which fully offset these charge-offs during the same respective periods.
Current wording
Of the $11.6 million and $3.3 million of loan charge-offs recorded during the three months ended September 30, 2026 and 2025, respectively, $1.1 million and $1.9 million for the same respective periods were attributable to business and consumer credit cards originated through a partnership with a third-party company. Similarly, of the $16.6 million and $9.2 million of loan charge-offs recorded during the nine months ended September 30, 2026 and 2025, respectively, $4.5 million and $6.2 million for the same respective periods were attributable to this third-party arrangement. Under the arrangement, the third party provides the Bank limited credit loss protection. The Bank records charge-offs based on the credit card portfolio activity and recognizes recoveries upon receipt of payments under the credit loss protection agreement. These payments fully offset these charge-offs in each period. Since the inception of this partnership in early 2023, the Bank has not incurred any net credit losses under this program.
Previous wording
Investment Securities. The investment portfolio is used as a source of interest income, credit risk diversification, and liquidity, as well as to manage interest rate sensitivity and provide collateral for borrowings. Securities in the investment portfolio classified as securities available for sale ("AFS") may be sold in response to changes in market interest rates, securities’ prepayment risk, liquidity needs, and other similar factors, and are carried at estimated fair value. The fair value of the Company’s investment securities AFS portfolio was $317.0 million as of June 30, 2026, a decrease of $15.9 million from $332.9 million at December 31, 2025. The decline in AFS securities was due to bonds called or matured ($9.6 million), portfolio amortization ($16.4 million), and fair value adjustments ($1.0 million), partially offset by bond purchases ($11.1 million). As a result of elevated market interest rates, the Company’s portfolio of AFS securities had net unrealized losses of approximately $41.3 million and $40.3 million as of June 30, 2026 and December 31, 2025, respectively, of which approximately 85% and 84%, respectively, were related to securities backed by U.S. government agencies.
Current wording
Investment Securities. The investment portfolio is used as a source of interest income, credit risk diversification, and liquidity, as well as to manage interest rate sensitivity and provide collateral for borrowings. Securities in the investment portfolio classified as securities available for sale ("AFS") may be sold in response to changes in market interest rates, securities’ prepayment risk, liquidity needs, and other similar factors, and are carried at estimated fair value. The fair value of the Company’s investment securities AFS portfolio was $298.6 million as of September 30, 2026, a decrease of $34.3 million from $332.9 million at December 31, 2025. The decline in AFS securities was due to bonds called or matured ($16.7 million), portfolio amortization ($22.9 million), and fair value adjustments ($5.8 million), partially offset by bond purchases ($11.1 million). As a result of elevated market interest rates, the Company’s portfolio of AFS securities had net unrealized losses of approximately $46.1 million and $40.3 million as of September 30, 2026 and December 31, 2025, respectively, of which 84% as of both dates were related to securities backed by U.S. government agencies.
Previous wording
As of June 30, 2026 and December 31, 2025, the majority of the investment securities portfolio consisted of securities rated investment grade by a leading rating agency. Investment grade securities are judged to have a low risk of default, to be of the best quality, and to carry the smallest degree of investment risk. At June 30, 2026 and December 31, 2025, securities with a fair value of $163.8 million and $174.3 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB.
Current wording
As of September 30, 2026 and December 31, 2025, the majority of the investment securities portfolio consisted of securities rated investment grade by a leading rating agency. Investment grade securities are judged to have a low risk of default, to be of the best quality, and to carry the smallest degree of investment risk. At September 30, 2026 and December 31, 2025, securities with a fair value of $150.0 million and $174.3 million, respectively, were pledged to secure the Bank’s borrowing facility with the FHLB.
Previous wording
Restricted equity investments consisted of stock in the FHLB (carrying basis $8.9 million and $9.1 million at June 30, 2026 and December 31, 2025, respectively), FRB stock (carrying value of $7.4 million and $9.4 million as of June 30, 2026 and December 31, 2025, respectively), and stock in the Company’s correspondent bank (carrying value of $0.5 million at both June 30, 2026 and December 31, 2025). Restricted equity investments are carried at cost.
Current wording
Restricted equity investments consisted of stock in the FHLB (carrying basis $13.0 million and $9.1 million at September 30, 2026 and December 31, 2025, respectively), FRB stock (carrying value of $7.4 million and $9.4 million as of September 30, 2026 and December 31, 2025, respectively), and stock in the Company’s correspondent bank (carrying value of $0.5 million at both September 30, 2026 and December 31, 2025). Restricted equity investments are carried at cost.
Previous wording
The Company also holds other investments, primarily in early-stage focused investment funds, which totaled $18.0 million and $20.8 million as of June 30, 2026 and December 31, 2025, respectively, and are reported in other investments on the consolidated balance sheets. During the second quarter of 2026, the Company recognized a $0.6 million loss upon the liquidation of an investment made in 2022. The loss reflects the difference between the investment’s carrying value and the distribution received upon the final liquidation of the investment subsequent to June 30, 2026. As of June 30, 2026 and December 31, 2025, the carrying value of this investment was $3.2 million and $6.3 million, respectively. Over the period it was held, the investment generated cumulative pre-tax income of approximately $1.9 million.
Current wording
The Company also holds other investments, primarily in early-stage investment funds, which totaled $14.9 million and $20.8 million as of September 30, 2026 and December 31, 2025, respectively, and are reported in other investments on the consolidated balance sheets. During the second quarter of 2026, the Company recognized a $0.6 million loss upon the liquidation of an investment made in 2022. The loss reflects the difference between the investment’s carrying value and the distribution received upon the final liquidation during the third quarter of 2026. As of September 30, 2026 and December 31, 2025, the carrying value of this investment was $0 and $6.3 million, respectively.
Previous wording
Brokered deposit balances are sourced through intermediaries and are an unsecured source of funding for the Bank. Brokered deposits were added throughout 2023 and early 2024 to enhance liquidity and in anticipation of the exit of the Company's fintech BaaS deposit operations. The Bank has a liquidity management program, with oversight of the Bank’s asset and liability committee (the “ALCO”), that sets forth guidelines and monitors for the desired maximum level of brokered deposits, which is 20.0% of total deposits. In recent quarters, the Company has reduced its level of brokered deposits by sourcing non-brokered deposits and with cash flows from the loan portfolio.
Current wording
Brokered deposit balances are sourced through intermediaries and are an unsecured source of funding for the Bank. Brokered deposits were added throughout 2023 and early 2024 to enhance liquidity and in anticipation of the exit of the Company's fintech BaaS deposit operations. The Bank has a liquidity management program, with oversight of the Bank’s asset and liability committee (the “ALCO”) that sets forth guidelines and monitors for the desired maximum level of brokered deposits, which is 20.0% of total deposits. In recent quarters, the Company has reduced its level of brokered deposits by sourcing non-brokered deposits, with cash flows from the loan portfolio, and with borrowings from the FHLB.
Previous wording
Total deposits decreased $48.8 million from $1.91 billion as of December 31, 2025 to $1.86 billion as of June 30, 2026, as:
Current wording
Total deposits decreased $97.0 million from $1.91 billion as of December 31, 2025 to $1.81 billion as of September 30, 2026, as:
Previous wording
Brokered deposits decreased $52.9 million from $238.7 million, or 12.5% of total deposits, as of December 31, 2025 to $185.8 million, or 10.0% of total deposits, as of June 30, 2026; and
Current wording
Brokered deposits decreased $81.9 million from $238.7 million, or 12.5% of total deposits, as of December 31, 2025 to $156.9 million, or 8.6% of total deposits, as of September 30, 2026; and
Previous wording
Deposits, excluding brokered deposits, increased $4.1 million from $1.67 billion as of December 31, 2025 to $1.68 billion as of June 30, 2026.
Current wording
Deposits, excluding brokered deposits, decreased $15.1 million from $1.67 billion as of December 31, 2025 to $1.66 billion as of September 30, 2026.
Previous wording
Estimated uninsured deposits totaled approximately $430.3 million as of June 30, 2026, or 23.1% of total deposits, compared to $397.0 million, or 20.8% of total deposits, as of December 31, 2025. Uninsured deposit amounts are based on estimates as of the reported dates.
Current wording
Estimated uninsured deposits totaled approximately $409.1 million as of September 30, 2026, or 22.5% of total deposits, compared to $397.0 million, or 20.8% of total deposits, as of December 31, 2025. Uninsured deposit amounts are based on estimates as of the reported dates.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On March 30, 2026, the Company announced that the holders of outstanding Warrants representing a majority of shares of common stock underlying such Warrants approved an amendment and restatement of the Warrants (the
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Of the $4.9 million and $5.9 million of loan charge-offs recognized during the six months ended June 30, 2026 and 2025, respectively, $3.3 million and $4.3 million for the same respective periods were attributable to this third-party arrangement. The Bank received payments under the credit loss protection agreement that fully offset these charge-offs during the respective periods. Since the inception of this partnership in early 2023, the Bank has not incurred any net credit losses under this program.