What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 344 added, 140 removed, 947 unchanged (34% of the section changed)

8 unchanged sentences

Mortgage loans held for sale

Loans receivable, net of allowance for credit losses of $ 64,784 – March 2026;

Loans receivable, net of allowance for credit losses of $ 63,965 – June 2026;

$ 64,771 – December 2025

12 unchanged sentences

Advances from borrowers for taxes and insurance

Accrued expenses and other liabilities

Accounts payable and accrued expenses

Liability for unfunded commitments

2 unchanged sentences

Capital stock

Serial preferred stock, $ .01 par value;

Preferred stock, $ .01 par value;

authorized 1,000,000 shares;

issued and outstanding March 2026 and December 2025 - - 0 - shares

issued and outstanding June 2026 and December 2025 - - 0 - shares

Common stock, $ .01 par value;

authorized 20,000,000 shares;

issued and outstanding March 2026 – 10,873,847 shares;

issued and outstanding June 2026 – 10,884,444 shares;

December 2025 – 11,062,252 shares

20 unchanged sentences

PROVISION FOR CREDIT LOSSES ON LOANS

CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS

PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS

NON-INTEREST INCOME

3 unchanged sentences

Late charges and fees on loans

Loss on derivative interest rate products

Gain (Loss) on derivative interest rate products

TOTAL NON-INTEREST INCOME

4 unchanged sentences

Legal, audit and other professional fees

Expense (income) on other real estate and repossessions

Expense (income) on other real estate and repossessions, net

Intangible asset amortization

8 unchanged sentences

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

SIX MONTHS ENDED

INTEREST INCOME

Investment securities and other

TOTAL INTEREST INCOME

INTEREST EXPENSE

Securities sold under reverse repurchase agreements

Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities

Subordinated debentures issued to capital trust

Subordinated notes

TOTAL INTEREST EXPENSE

NET INTEREST INCOME

PROVISION FOR CREDIT LOSSES ON LOANS

PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS

NON-INTEREST INCOME

Overdraft and insufficient funds fees

Point-Of-Sale and ATM fee income and service charges

Net gains on loan sales

Late charges and fees on loans

Gain (Loss) on derivative interest rate products

TOTAL NON-INTEREST INCOME

NON-INTEREST EXPENSE

Salaries and employee benefits

Net occupancy and equipment expense

Office supplies and printing

Legal, audit and other professional fees

Expense (income) on other real estate and repossessions, net

Intangible asset amortization

Other operating expenses

TOTAL NON-INTEREST EXPENSE

INCOME BEFORE INCOME TAXES

PROVISION FOR INCOME TAXES

Basic Earnings Per Common Share

Diluted Earnings Per Common Share

Dividends Declared Per Common Share

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

6 unchanged sentences

Comprehensive Income

SIX MONTHS ENDED

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $( 877 ) and $ 3,067 , for 2026 and 2025, respectively

Unrealized loss on securities transferred to held-to-maturity, net of credit of $( 24 ) and $( 32 ) for 2026 and 2025, respectively

Amortization of realized loss on termination of cash flow hedge, net of credit of $- 0 - and $( 920 ), for 2026 and 2025, respectively

Change in value of active cash flow hedges, net of taxes (credit) of $( 903 ) and $ 2,236 for 2026 and 2025, respectively

Comprehensive Income

See Notes to Consolidated Financial Statements

2 unchanged sentences

(In Thousands, Except Per Share Data)

THREE MONTHS ENDED MARCH 31, 2026

THREE MONTHS ENDED JUNE 30, 2026

Comprehensive

1 unchanged sentence

Income (Loss)

Balance, January 1, 2026

Balance, March 31, 2026

Stock issued under Stock Option Plan

5 unchanged sentences

Reclassification of treasury stock per Maryland law

Balance, June 30, 2026

THREE MONTHS ENDED JUNE 30, 2025

Comprehensive

Paid-in Capital

Income (Loss)

Balance, March 31, 2025

THREE MONTHS ENDED MARCH 31, 2025

Stock issued under Stock Option Plan

Common cash dividends declared, $ 0.40 per share

Change in fair value of cash flow hedges

Change in fair value of held-to-maturity securities

Change in fair value of available-for-sale securities

Repurchase of the Company’s common stock

Reclassification of treasury stock per Maryland law

Balance, June 30, 2025

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)

SIX MONTHS ENDED JUNE 30, 2026

Comprehensive

9 unchanged sentences

Reclassification of treasury stock per Maryland law

Balance, March 31, 2025

Balance, June 30, 2026

SIX MONTHS ENDED JUNE 30, 2025

Comprehensive

Paid-in Capital

Income (Loss)

Balance, January 1, 2025

Stock issued under Stock Option Plan

Common cash dividends declared, $ 0.80 per share

Change in fair value of cash flow hedges

Change in fair value of held-to-maturity securities

Change in fair value of available-for-sale securities

Repurchase of the Company’s common stock

Reclassification of treasury stock per Maryland law

Balance, June 30, 2025

See Notes to Consolidated Financial Statements

2 unchanged sentences

(In Thousands)

THREE MONTHS ENDED

SIX MONTHS ENDED

CASH FLOWS FROM OPERATING ACTIVITIES

6 unchanged sentences

Net gain on loan sales

Net (gain) loss on sale of premises and equipment

Net loss on sale/write-down of other real estate owned and repossessions

Net gain on sale of premises and equipment

Impairment on premises and equipment

Net (gain) loss on sale/write-down of other real estate owned and repossessions

Accretion of deferred income, premiums, discounts and other

Loss on derivative interest rate products

Loss (gain) on derivative interest rate products

Deferred income taxes

6 unchanged sentences

Net change in loans

Purchase of loans

Purchase of premises and equipment

1 unchanged sentence

Proceeds from sale of other real estate owned and repossessions

Capitalized costs on real estate owned

Proceeds from maturities and calls of available-for-sale securities

3 unchanged sentences

Redemption (purchase) of Federal Home Loan Bank stock and change in other interest-earning assets

Net cash provided by (used in) investing activities

Net cash provided by investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

4 unchanged sentences

Repayment of borrowing under Federal Reserve Bank Term Funding Program

Redemption of subordinated notes

Advances from borrowers for taxes and insurance

2 unchanged sentences

Stock options exercised

Net cash provided by (used in) financing activities

Net cash used in financing activities

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

9 unchanged sentences

Those adjustments consist only of normal recurring adjustments.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full year.

Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year.

The consolidated statement of financial condition of the Company as of December 31, 2025, has been derived from the audited consolidated statement of financial condition of the Company as of that date.

55 unchanged sentences

EARNINGS PER SHARE

Three Months Ended March 31,

Three Months Ended June 30,

(In Thousands, Except Per Share Data)

5 unchanged sentences

Per common share amount

Options outstanding at March 31, 2026 and 2025, to purchase 581,322 and 854,813 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three-month periods then ended because the exercise prices of such options were greater than the average market price of the common stock for the three months ended March 31, 2026 and 2025, respectively.

Six Months Ended June 30,

(In Thousands, Except Per Share Data)

Average common shares outstanding

Per common share amount

Average common shares outstanding

Net effect of dilutive stock options – based on the treasury stock method using average market price

Diluted common shares

Per common share amount

Options outstanding at June 30, 2026 and 2025, to purchase 2,000 and 835,549 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three- and six-month periods then ended because the exercise prices of such options were greater than the average market price of the common stock for the three- and six-months ended June 30, 2026 and 2025, respectively.

INVESTMENT SECURITIES

10 unchanged sentences

The amortized cost and fair values of securities were as follows at the dates indicated:

March 31, 2026

June 30, 2026

(In Thousands)

4 unchanged sentences

Small Business Administration securities

March 31, 2026

June 30, 2026

(In Thousands)

16 unchanged sentences

States and political subdivisions

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2026, by contractual maturity, are shown below.

The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2026, by contractual maturity, are shown below.

Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

12 unchanged sentences

Available-for-sale investments in debt securities are reported in the financial statements at their fair value.

The total fair value of these investments at March 31, 2026 and December 31, 2025, was approximately $ 513.8 million and $ 523.8 million, respectively.

Total fair value of these investments for which the amortized cost exceeded the fair value at March 31, 2026 and December 31, 2025, was $ 428.1 million and $ 409.0 million, respectively, which was approximately 83.3 % and 78.1 % of the Company’s total available-for-sale investment portfolio at those dates.

The total fair value of these investments at June 30, 2026 and December 31, 2025, was approximately $ 503.8 million and $ 523.8 million, respectively.

Total fair value of these investments for which the amortized cost exceeded the fair value at June 30, 2026 and December 31, 2025, was $ 429.8 million and $ 409.0 million, respectively, which was approximately 85.3 % and 78.1 % of the Company’s total available-for-sale investment portfolio at those dates.

A high percentage of the unrealized losses were related to the Company’s mortgage-backed securities, collateralized mortgage obligations and Small Business Administration (SBA) securities, which are issued and guaranteed by U.S.

1 unchanged sentence

The Company’s state and political subdivision securities are investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities.

Held-to-maturity investments in debt securities are reported in the financial statements at their amortized carrying value at March 31, 2026 and December 31, 2025, which was $ 177.6 million and $ 179.2 million, respectively.

Total fair value of these investments at March 31, 2026 and December 31, 2025 was approximately $ 160.5 million and $ 162.6 million, respectively.

The amortized carrying value exceeded the fair value of all held-to-maturity securities at both March 31, 2026 and December 31, 2025.

Held-to-maturity investments in debt securities are reported in the financial statements at their amortized carrying value at June 30, 2026 and December 31, 2025, which was $ 175.3 million and $ 179.2 million, respectively.

Total fair value of these investments at June 30, 2026 and December 31, 2025 was approximately $ 157.9 million and $ 162.6 million, respectively.

The amortized carrying value exceeded the fair value of all held-to-maturity securities at both June 30, 2026 and December 31, 2025.

Held-to-maturity investment securities are evaluated for potential losses under ASU 2016-13.

The Company continually assesses its liquidity sources, both on-balance sheet and off-balance sheet, and believes that at March 31, 2026, it had ample liquidity sources to fund its ongoing operations without selling investment securities in this portfolio.

The Company continually assesses its liquidity sources, both on-balance sheet and off-balance sheet, and believes that at June 30, 2026, it had ample liquidity sources to fund its ongoing operations without selling investment securities in this portfolio.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings of issuers, management believes the declines in fair value for the Company’s available-for-sale debt securities are not credit related.

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:

March 31, 2026

June 30, 2026

Less than 12 Months

25 unchanged sentences

States and political subdivisions securities

There were no sales of available-for-sale securities during the three months ended March 31, 2026 or March 31, 2025.

There were no sales of available-for-sale securities during the three or six months ended June 30, 2026 or June 30, 2025.

Allowance for Credit Losses.

The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments .

All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company as of March 31, 2026 were issued by U.S.

All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company as of June 30, 2026 were issued by U.S.

government-sponsored entities and agencies.

13 unchanged sentences

It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credit, financial guarantees, and other similar instruments.

Classes of loans at March 31, 2026 and December 31, 2025 were as follows:

Classes of loans at June 30, 2026 and December 31, 2025 were as follows:

(In Thousands)

15 unchanged sentences

Classes of loans by aging were as follows as of the dates indicated.

March 31, 2026

June 30, 2026

> 90 Days Past

49 unchanged sentences

Total nonaccruing loans

During the three months ended March 31, 2026, the Company recorded $ 120,000 in interest income related to recoveries on nonaccrual loans.

No interest income was recorded on nonaccrual loans for the three months ended March 31, 2025.

Nonaccrual loans for which there is no related allowance for credit losses as of March 31, 2026 and December 31, 2025, had an amortized cost of $ 3.3 million and $ 2.0 million, respectively.

These loans were individually assessed and did not require an allowance due to being adequately collateralized under the collateral-dependent valuation method at those dates.

During the three and six months ended June 30, 2026, the Company recorded $- 0 - and $ 116,000 , respectively, in interest income related to recoveries on nonaccrual loans compared to $ 115,000 for the three and six months ended June 30, 2025.

Nonaccrual loans as of June 30, 2026 and December 31, 2025, had an amortized cost of $ 1.0 million and $ 2.0 million, respectively.

Of these nonacrrual loans, $ 888,000 were individually assessed and did not require an allowance due to being adequately collateralized under the collateral-dependent valuation method at those dates.

A collateral-dependent loan is a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.

Collateral-dependent loans are identified primarily by a classified risk rating with a loan balance equal to or greater than $ 100,000 , including, but not limited to, any loan in the process of foreclosure or repossession.

The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026 and 2025.

During the three months ended March 31, 2026 and 2025, the Company did no t record a provision expense on its portfolio of outstanding loans.

The following table presents the activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2026 and 2025.

During the three and six months ended June 30, 2026 and 2025, the Company did no t record a provision expense on its portfolio of outstanding loans.

One- to Four-

2 unchanged sentences

Allowance for credit losses

Balance, January 1, 2025

Balance, March 31, 2025

Provision (credit) charged to expense

Losses charged off

Balance, June 30, 2025

Allowance for credit losses

Balance, March 31, 2026

Provision (credit) charged to expense

Losses charged off

Balance, June 30, 2026

One- to Four-

Residential and

(In Thousands)

Allowance for credit losses

2 unchanged sentences

Losses charged off

Balance, June 30, 2025

Allowance for credit losses

Balance, January 1, 2026

Provision (credit) charged to expense

Losses charged off

Balance, June 30, 2026

The following table presents the activity in the allowance for unfunded commitments by portfolio segment for the three and six months ended June 30, 2026 and 2025.

The provision for losses on unfunded commitments for the three months ended June 30, 2026 was $ 8,000 , compared to a credit (negative expense) of $ 110,000 for the three months ended June 30, 2025.

The provision for losses on unfunded commitments for the six months ended June 30, 2026 was a credit (negative expense) of $ 923,000 , compared to a credit (negative expense) of $ 458,000 for the six months ended June 30, 2025.

One- to Four-

Residential and

(In Thousands)

Allowance for unfunded commitments

Balance, March 31, 2025

The following table presents the activity in the allowance for unfunded commitments by portfolio segment for the three months ended March 31, 2026 and 2025.

The provision for losses on unfunded commitments for the three months ended March 31, 2026 was a credit (negative expense) of $ 931,000 , compared to a credit (negative expense) of $ 348,000 for the three months ended March 31, 2025.

Provision (credit) charged to expense

Balance, June 30, 2025

Allowance for unfunded commitments

Balance, March 31, 2026

Provision (credit) charged to expense

Balance, June 30, 2026

One- to Four-

4 unchanged sentences

Provision (credit) charged to expense

Balance, March 31, 2025

Balance, June 30, 2025

Allowance for unfunded commitments

1 unchanged sentence

Provision (credit) charged to expense

Balance, March 31, 2026

Balance, June 30, 2026

The portfolio segments used in the preceding tables correspond to the loan classes used in all other tables in Note 6 as follows:

6 unchanged sentences

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:

March 31, 2026

June 30, 2026

December 31, 2025

20 unchanged sentences

The following table shows, as of the date indicated, the composition of modifications made to loans to borrowers experiencing financial difficulty, by the loan class and type of concession granted.

There were no such modifications at March 31, 2026.

During the three months ended March 31, 2026, principal forgiveness of $ 8,000 was completed on consumer loans.

During the three months ended March 31, 2025, principal forgiveness of $ 7,000 was completed on consumer loans.

There were no such modifications at June 30, 2026.

During the three and six months ended June 30, 2026, principal forgiveness of $ 7,000 and $ 15,000 , respectively,was completed on consumer loans.

During the three and six months ended June 30, 2025, principal forgiveness of $- 0 - and $ 7,000 , respectively was completed on consumer loans.

Amortized Cost Basis at December 31, 2025

9 unchanged sentences

The following table depicts the performance of loans (under modified terms) at December 31, 2025.

There were no such loans at March 31, 2026.

There were no such loans at June 30, 2026.

December 31, 2025

29 unchanged sentences

In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by the credit review department, which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

The following tables present a summary of loans by category and risk rating separated by origination year and loan class as of March 31, 2026 and December 31, 2025.

The following tables present a summary of loans by category and risk rating separated by origination year and loan class as of June 30, 2026 and December 31, 2025.

Term Loans by Origination Year

March 31, 2026

June 30, 2026

(In Thousands)

101 unchanged sentences

Periodically, the Company has invested in limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states (“Affordable Housing Partnerships”).

At March 31, 2026, the Company had 21 such investments, with a net carrying value of $ 92.8 million.

At December 31, 2025, the Company had 21 such investments, with a net carrying value of $ 96.9 million.

At June 30, 2026, the Company had 21 such investments, with a total net carrying value of $ 89.6 million.

At December 31, 2025, the Company had 21 such investments, with a total net carrying value of $ 96.9 million.

Due to the Company’s inability to exercise significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the proportional amortization method.

1 unchanged sentence

If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest.

The remaining federal affordable housing tax credits to be utilized through 2036 were $ 98.7 million as of March 31, 2026, assuming no tax credit recapture events occur and all projects currently under construction are completed as planned.

The remaining federal affordable housing tax credits available to be utilized through 2036 were $ 95.1 million as of June 30, 2026, assuming no tax credit recapture events occur and all projects currently under construction are completed as planned.

Amortization of the investments in partnerships is expected to be approximately $ 85.1 million, assuming all projects currently under construction are completed and funded as planned.

The Company’s usage of federal affordable housing tax credits approximated $ 3.6 million and $ 3.2 million during the three months ended March 31, 2026 and 2025, respectively.

Investment amortization was $ 3.3 million for the three months ended March 31, 2026, compared to $ 2.9 million for the three months ended March 31, 2025.

The Company’s usage of federal affordable housing tax credits approximated $ 3.6 million and $ 3.2 million during the three months ended June 30, 2026 and 2025, respectively.

Investment amortization was $ 3.2 million for the three months ended June 30, 2026, compared to $ 2.7 million for the three months ended June 30, 2025.

The Company’s usage of federal affordable housing tax credits approximated $ 7.2 million and $ 6.4 million during the six months ended June 30, 2026 and 2025, respectively.

Investment amortization was $ 6.5 million for the six months ended June 30, 2026, compared to $ 5.6 million for the six months ended June 30, 2025.

Investments in Community Development Entities

From time to time, the Company has invested in limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities.

At March 31, 2026, the Company had one such investment, with a net carrying value of $ 74,000 .

At June 30, 2026, the Company had one such investment, with a net carrying value of $ 50,000 .

At December 31, 2025, the Company had one such investment, with a net carrying value of $ 99,000 .

5 unchanged sentences

The investments in the community development entities cannot be redeemed before the end of the seven-year period.

The Company’s usage of federal new market tax credits approximated $ 30,000 during both the three months ended March 31, 2026 and the three months ended March 31, 2025.

Investment amortization amounted to $ 25,000 for both the three months ended March 31, 2026 and the three months ended March 31, 2025.

The Company’s usage of federal new market tax credits approximated $ 30,000 during both the three months ended June 30, 2026 and the three months ended June 30, 2025.

Investment amortization amounted to $ 25,000 for both the three months ended June 30, 2026 and the three months ended June 30, 2025.

The Company’s usage of federal new market tax credits approximated $ 60,000 during both the six months ended June 30, 2026 and the six months ended June 30, 2025.

Investment amortization amounted to $ 50,000 for both the six months ended June 30, 2026 and the six months ended June 30, 2025.

Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits

From time to time, the Company has invested in limited partnerships that were formed to provide certain federal rehabilitation/historic tax credits.

At March 31, 2026 and December 31, 2025, the Company had no such investments, with the most recent investment fully amortizing during 2024.

From time to time, the Company has invested in limited partnerships that were formed to provide federal rehabilitation/historic tax credits.

At June 30, 2026 and December 31, 2025, the Company had no such investments, with the most recent investment fully amortizing during 2024.

Under current tax law, such partnerships provide federal rehabilitation/historic tax credits over a five-year credit allowance period.

The Company’s usage of certain federal rehabilitation/historic tax credits approximated $ 75,000 during both the three months ended March 31, 2026 and 2025.

Investment amortization amounted to $- 0 - for the three months ended March 31, 2026 and 2025.

The Company’s usage of federal rehabilitation/historic tax credits approximated $ 75,000 and $- 0 - during the three months ended June 30, 2026 and 2025, respectively.

Investment amortization amounted to $- 0 - for the three months ended June 30, 2026 and 2025.

The Company’s usage of certain federal rehabilitation/historic tax credits approximated $ 150,000 and $- 0 - during the six months ended June 30, 2026 and 2025, respectively.

Investment amortization amounted to $- 0 - for the six months ended June 30, 2026 and 2025.

Investments in Limited Partnerships for State Tax Credits

On occasion, the Company has invested in limited partnerships that were formed to provide certain state tax credits.

On occasion, the Company has invested in limited partnerships that were formed to provide state tax credits.

The Company has primarily syndicated these tax credits and the impact to the Consolidated Statements of Income has not been material.

14 unchanged sentences

Other real estate owned and repossessions

At March 31, 2026 and December 31, 2025, there was no other real estate owned not acquired through foreclosure.

At March 31, 2026, residential mortgage loans totaling $ 77,000 were in the process of foreclosure.

At June 30, 2026 and December 31, 2025, there was no other real estate owned not acquired through foreclosure.

At June 30, 2026, residential mortgage loans totaling $ 557,000 were in the process of foreclosure.

At December 31, 2025, no residential mortgage loans were in the process of foreclosure.

2 unchanged sentences

(In Thousands)

Net loss on sales of other real estate owned and repossessions

Net loss (gain) on sales of other real estate owned and repossessions

Valuation write-downs

Operating expenses (income), net of rental income

Six Months Ended

(In Thousands)

Net loss (gain) on sales of other real estate owned and repossessions

Valuation write-downs

Operating expenses (income), net of rental income

PREMISES AND EQUIPMENT

7 unchanged sentences

The amount of the right of use asset and corresponding lease liability will fluctuate based on the Company’s lease terminations, new leases and lease modifications and renewals.

As of March 31, 2026, the lease right of use asset value was $ 3.9 million and the corresponding lease liability was $ 4.0 million.

As of June 30, 2026, the lease right of use asset value was $ 4.8 million and the corresponding lease liability was $ 4.9 million.

As of December 31, 2025, the lease right of use asset value was $ 4.2 million and the corresponding lease liability was $ 4.2 million.

At March 31, 2026, expected lease terms ranged from 0.7 years to 9.1 years with a weighted-average lease term of 4.8 years.

The weighted-average discount rate at March 31, 2026 was 4.18 %.

For the three months ended March 31, 2026 and 2025, total lease expense was $ 429,000 and $ 419,000 , respectively.

At June 30, 2026, expected lease terms ranged from 1.1 years to 8.8 years with a weighted-average lease term of 5.9 years.

The weighted-average discount rate at June 30, 2026 was 4.25 %.

For the three months ended June 30, 2026 and 2025, total lease expense was $ 527,000 and $ 402,000 , respectively.

For the six months ended June 30, 2026 and 2025, total lease expense was $ 957,000 and $ 821,000 , respectively.

The Company’s short-term leases related to offsite ATMs have both fixed and variable lease payment components, based on the number of transactions at the various ATMs.

The variable portion of these lease payments is not material and the lease expense related to ATMs for the three months ended March 31, 2026 and 2025 was $ 91,000 and $ 76,000 , respectively.

The variable portion of these lease payments is not material and the lease expense related to ATMs for the three months ended June 30, 2026 and 2025 was $ 81,000 and $ 79,000 , respectively.

The lease expense related to ATMs for the six months ended June 30, 2026 and 2025 was $ 171,000 and $ 156,000 , respectively.

The Company does not sublease any of its leased facilities;

1 unchanged sentence

In terms of being the lessor in these circumstances, all of these lease agreements are classified as operating leases.

In the three months ended March 31, 2026 and 2025, income recognized from these lease agreements was $ 381,000 and $ 321,000 , respectively, and was included in occupancy and equipment expense.

March 31, 2026

In the three months ended June 30, 2026 and 2025, income recognized from these lease agreements was $ 371,000 and $ 358,000 , respectively, and was included in occupancy and equipment expense.

In the six months ended June 30, 2026 and 2025, income recognized from these lease agreements was $ 752,000 and $ 678,000 , respectively, and was included in occupancy and equipment expense.

June 30, 2026

December 31, 2025

4 unchanged sentences

For the Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

(In Thousands)

4 unchanged sentences

Operating cash flows from operating leases

Right of use assets obtained in exchange for lease obligations:

Right of use assets obtained in exchange for lease obligations and adjustments for lease expected lives:

Operating leases

At March 31, 2026, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):

For the Six Months Ended

June 30, 2026

June 30, 2025

(In Thousands)

Statement of Income

Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset)

Supplemental Cash Flow Information

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

Right of use assets obtained in exchange for lease obligations and adjustments for lease expected lives:

Operating leases

At June 30, 2026, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):

Future lease payments expected

18 unchanged sentences

The Bank utilizes brokered deposits as an additional funding source.

The aggregate amount of brokered deposits was approximately $ 652.0 million and $ 663.4 million at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 and December 31, 2025, brokered deposits included $ 300.0 million and $ 450.0 million, respectively, of purchased funds through the IntraFi Financial network.

The aggregate amount of brokered deposits was approximately $ 575.6 million and $ 663.4 million at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026 and December 31, 2025, brokered deposits included $ 300.0 million and $ 450.0 million, respectively, of purchased funds through the IntraFi Financial network.

These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread.

At March 31, 2026, approximately 39 % of the Company’s total deposits were uninsured, including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities.

Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 17 % of the Company’s total deposits were uninsured at March 31, 2026.

At June 30, 2026, approximately 39 % of the Company’s total deposits were uninsured, including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities.

Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 16 % of the Company’s total deposits were uninsured at June 30, 2026.

ADVANCES FROM FEDERAL HOME LOAN BANK

At March 31, 2026 and December 31, 2025, there were no outstanding term advances from the Federal Home Loan Bank of Des Moines.

At March 31, 2026 and December 31, 2025, the Company did have outstanding overnight borrowings from the Federal Home Loan Bank of Des Moines, which are included in Note 12 below.

At June 30, 2026 and December 31, 2025, there were no outstanding term advances from the Federal Home Loan Bank of Des Moines.

At June 30, 2026 and December 31, 2025, the Company did have outstanding overnight borrowings from the Federal Home Loan Bank of Des Moines, which are included in Note 12 below.

The Bank has pledged FHLB stock, investment securities and first mortgage loans free of other pledges, liens and encumbrances as collateral for outstanding advances or borrowings.

At March 31, 2026, investment securities with carrying values of approximately $ 284.8 million and loans with carrying values of approximately $ 2.17 billion were pledged as collateral for FHLB borrowings, which equates to an advance equivalent of $ 1.71 billion.

At December 31, 2025 investment securities with carrying values of approximately $ 287.7 million and loans with carrying values of approximately $ 2.06 billion were pledged as collateral for outstanding advances or borrowings, which equates to an advance equivalent of $ 1.71 billion.

The Bank had $ 1.24 billion remaining available on its line of credit under a borrowing arrangement with the FHLB of Des Moines at March 31, 2026.

At June 30, 2026, investment securities with carrying values of approximately $ 281.2 million and loans with carrying values of approximately $ 2.11 billion were pledged as collateral for FHLB borrowings, which equated to an advance equivalent of $ 1.68 billion.

The Bank had $ 1.23 billion remaining available on its line of credit under a borrowing arrangement with the FHLB of Des Moines at June 30, 2026.

SHORT-TERM BORROWINGS

3 unchanged sentences

Overnight borrowings from the Federal Home Loan Bank

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements).

The Bank regularly enters into sales of securities under agreements to repurchase (reverse repurchase agreements).

Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition.

8 unchanged sentences

On June 10, 2020, the Company completed the public offering and sale of $ 75.0 million of its subordinated notes.

The notes were due June 15, 2030, and had a fixed interest rate of 5.50 % until June 15, 2025, at which time the rate was to begin floating at a rate expected to be equal to three-month term Secured Overnight Financing Rate ( SOFR ) plus 5.325 %.

The notes were due June 15, 2030, and had a fixed interest rate of 5.50 % until June 15, 2025, at which time the rate was to begin floating at a rate equal to three-month term Secured Overnight Financing Rate ( SOFR ) plus 5.325 %.

The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $ 73.5 million.

1 unchanged sentence

On June 15, 2025, in accordance with the terms of the notes, the Company redeemed all $ 75.0 million aggregate principal amount of the subordinated notes at a redemption price equal to 100 % of their principal amount, plus accrued and unpaid interest.

Amortization of the debt issuance costs during the three months ended March 31, 2025, totaled $ 74,000 .

Amortization of the debt issuance costs during the three and six months ended June 30, 2025, totaled $ 50,000 and $ 124,000 , respectively.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions that became effective in 2025 and others that will be implemented through 2027.

The OBBBA includes significant provisions, such as the permanent extension of a number of expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for some business provisions.

The legislation has multiple effective dates, with some provisions that became effective in 2025 and others that will be implemented through 2027.

Provisions effective in 2025 did not have a significant impact on the Company’s operations or financial statements.

1 unchanged sentence

All income for the Company is from continuing operations and is from a single country, the United States of America.

During the three months ended March 31, 2026 and 2025, the components of income tax expense were as follows:

During the three and six months ended June 30, 2026 and 2025, the components of income tax expense were as follows:

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

(In Thousands)

3 unchanged sentences

Income tax expense

Six Months Ended

June 30, 2026

June 30, 2025

(In Thousands)

Current federal income tax expense

Current state income tax expense

Deferred income tax expense

Income tax expense

Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows for the periods indicated:

1 unchanged sentence

Three Months Ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

(Dollars In Thousands)

4 unchanged sentences

State income/franchise taxes, net of federal benefit

Six Months Ended

June 30, 2026

June 30, 2025

(Dollars In Thousands)

Tax at statutory rate

Nontaxable interest and dividends

federal tax credits, net (primarily low-income housing)

State income/franchise taxes, net of federal benefit

The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS).

As a result, federal tax years through December 31, 2021 are now closed.

In addition, there were no pending audits by any state jurisdiction at March 31, 2026.

During the three months ended March 31, 2026, the Company paid no U.S.

In addition, there were no pending audits by any state jurisdiction at June 30, 2026.

During the three months ended June 30, 2026, the Company paid $ 1.2 million in U.S.

federal income taxes and paid taxes to various state jurisdictions totaling $ 855,000 .

There were no payments to any individual state jurisdiction exceeding five percent of taxable income.

In addition, the Company received a refund of $ 642,000 from one state jurisdiction and federal income tax refunds totaling $ 977,000 .

During the three months ended March 31, 2025, the Company paid no U.S.

During the three months ended June 30, 2025, the Company paid $ 3.0 million in U.S.

federal income taxes and paid taxes to various state jurisdictions totaling $ 614,000 .

There were no payments to any individual state jurisdiction exceeding five percent of taxable income.

In addition, the Company received a refund of $ 19,000 from one state jurisdiction and federal income tax refunds totaling $ 49,000 .

Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the three months ended March 31, 2026 and 2025, respectively, included:

for 2026, Georgia $ 34,000 and Nebraska $ 7,000 ;

for 2025, Georgia $ 27,000 and Nebraska $ 8,000 .

During the three months ended March 31, 2026 and 2025, the state and local jurisdictions that contributed a majority (totaling greater than 50%) of the effect of the state and local income tax expense included Minnesota, Colorado, and Illinois.

In addition, during the three months ended June 30, 2025, the Company received federal income tax refunds totaling $ 16,000 .

During the six months ended June 30, 2026, the Company paid $ 1.2 million in U.S.

federal income taxes and paid taxes to various state jurisdictions totaling $ 896,000 .

There were no payments to any individual state jurisdiction exceeding five percent of taxable income.

In addition, during the six months ended June 30, 2026, the Company received a refund of $ 642,000 from one state jurisdiction and federal income tax refunds totaling $ 977,000 .

During the six months ended June 30, 2025, the Company paid $ 3.0 million in U.S.

federal income taxes and paid taxes to various state jurisdictions totaling $ 649,000 .

There were no payments to any individual state jurisdiction exceeding five percent of taxable income.

In addition, during the six months ended June 30, 2025, the Company received a refund of $ 19,000 from one state jurisdiction and federal income tax refunds totaling $ 65,000 .

Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the three months ended June 30, 2026 and 2025, respectively, included:

for the 2026 period, Minnesota $ 215,000 , Texas $ 165,000 , Illinois $ 160,000 , Kansas $ 160,000 and Colorado $ 155,000 ;

for the 2025 period, Illinois $ 250,000 , Colorado $ 210,000 , Texas $ 110,000 and Arizona $ 30,000 .

Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the six months ended June 30, 2026 and 2025, respectively, included:

for the 2026 period, Minnesota $ 215,000 , Texas $ 165,000 , Illinois $ 160,000 , Kansas $ 160,000 , Colorado $ 155,000 , and Georgia $ 34,000 ;

for the 2025 period, Illinois $ 250,000 , Colorado $ 210,000 , Texas $ 110,000 , Arizona $ 30,000 and Georgia $ 27,000 .

During the three and six months ended June 30, 2026 and 2025, the state and local jurisdictions that contributed a majority (totaling greater than 50%) of the effect of the state and local income tax expense included Minnesota, Colorado, and Illinois.

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

14 unchanged sentences

Recurring Measurements

The following table presents the fair value measurements of assets recognized in the accompanying statements of financial condition measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell at March 31, 2026 and December 31, 2025:

Fair value measurements using

2 unchanged sentences

(In Thousands)

March 31, 2026

June 30, 2026

Available-for-sale securities

13 unchanged sentences

Interest rate derivative liability

The following is a description of inputs and valuation methodologies used for assets recorded at fair value on a recurring basis and recognized in the accompanying statements of financial condition at March 31, 2026 and December 31, 2025 as well as the general classification of such assets pursuant to the valuation hierarchy.

There were no significant changes in the valuation techniques during the three-month period ended March 31, 2026.

The following is a description of inputs and valuation methodologies used for assets recorded at fair value on a recurring basis and recognized in the accompanying statements of financial condition at June 30, 2026 and December 31, 2025 as well as the general classification of such assets pursuant to the valuation hierarchy.

There were no significant changes in the valuation techniques during the six-month period ended June 30, 2026.

Available-for-Sale Securities.

5 unchanged sentences

Additional inputs include indicative values derived from the independent pricing service’s proprietary computerized models.

There were no recurring Level 3 securities at March 31, 2026 or December 31, 2025.

There were no recurring Level 3 securities at June 30, 2026 or December 31, 2025.

Interest Rate Derivatives.

1 unchanged sentence

Nonrecurring Measurements

The following tables present the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the measurements fell at March 31, 2026 and December 31, 2025:

Fair Value Measurements Using

2 unchanged sentences

(In Thousands)

March 31, 2026

June 30, 2026

Collateral-dependent loans

11 unchanged sentences

The Company typically does not have commercial loans held for sale.

At March 31, 2026 and December 31, 2025, the aggregate fair value of mortgage loans held for sale was not materially different than their cost.

At June 30, 2026 and December 31, 2025, the aggregate fair value of mortgage loans held for sale was not materially different than their cost.

Accordingly, no mortgage loans held for sale were marked down and reported at fair value.

2 unchanged sentences

If a loan’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off of the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for credit losses specific to the loan.

Loans for which such charge-offs or reserves were recorded during the three months ended March 31, 2026 and the year ended December 31, 2025, are shown in the table above (net of reserves).

Loans for which such charge-offs or reserves were recorded during the six months ended June 30, 2026 and the year ended December 31, 2025, are shown in the table above (net of reserves).

Foreclosed Assets Held for Sale.

2 unchanged sentences

Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy.

There were no foreclosed assets held for sale at March 31, 2026 which had valuation write-downs subsequent to the initial recording of the assets.

There were no foreclosed assets held for sale at June 30, 2026 which had valuation write-downs subsequent to the initial recording of the assets.

Fair Value of Financial Instruments

4 unchanged sentences

Fair values for held-to-maturity securities are estimated based on quoted market prices of similar securities.

For these securities, the Company obtains fair value measurements from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, SOFR yield curve, credit spreads and prices from

market makers and live trading systems.

These securities include U.S.

21 unchanged sentences

Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

March 31, 2026

June 30, 2026

December 31, 2025

30 unchanged sentences

As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

At March 31, 2026, the Company had seven interest rate swaps totaling $ 125.5 million in notional amount with commercial customers, and seven interest rate swaps with the same aggregate notional amount with third parties related to its program.

In addition, at March 31, 2026, the Company had one participation loan purchased totaling $ 1.8 million, in which the lead institution has an interest rate swap with its customer and the economics of the counterparty swap are passed along to the Company through the loan participation.

At June 30, 2026, the Company had eight interest rate swaps totaling $ 125.0 million in notional amount with commercial customers, and eight interest rate swaps with the same aggregate notional amount with third parties related to its program.

In addition, at June 30, 2026, the Company had two participation loans purchased totaling $ 5.2 million, in which the lead institution has two interest rate swaps with its customer and the economics of the counterparty swap are passed along to the Company through the loan participations.

At December 31, 2025, the Company had six interest rate swaps totaling $ 114.4 million in notional amount with commercial customers, and six interest rate swaps with the same notional amount with third parties related to its program.

In addition, at December 31, 2025, the Company had one participation loan purchased totaling $ 199,000 , in which the lead institution has an interest rate swap with its customer and the economics of the counterparty swap are passed along to the Company through the loan participation.

During the three months ended March 31, 2026 and 2025, the Company recognized net losses of $ 2,000 and $ 24,000 , respectively, in non-interest income related to changes in the fair value of these swaps.

During the three months ended June 30, 2026 and 2025, the Company recognized net gains of $ 5,000 and net losses of $ 28,000 , respectively, in non-interest income related to changes in the fair value of these swaps.

During the six months ended June 30, 2026 and 2025, the Company recognized net gains of $ 3,000 and net losses of $ 52,000 , respectively, in non-interest income related to changes in the fair value of these swaps.

Cash Flow Hedges

11 unchanged sentences

This had the effect of adjusting AOCI and increasing net interest income and retained earnings over the period.

The Company recorded $ 2.0 million of interest income related to this terminated swap in the three-month period ended March 31, 2025.

The Company recorded $ 2.0 million and $ 4.0 million of interest income related to this terminated swap in the three - and six - month periods ended June 30, 2025.

After October 6, 2025, the accretion of interest income related to the terminated swap concluded.

6 unchanged sentences

If the floating rate of interest exceeds the fixed rate of interest, the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans.

At March 31, 2026, the USD-Prime rate was 6.75 % and the one-month USDSOFR OIS rate was 3.65221 %.

The Company recorded a reduction of loan interest income related to these swap transactions of $ 1.0 million and $ 1.7 million in the three months ended March 31, 2026 and 2025, respectively.

At June 30, 2026, the USD-Prime rate was 6.75 % and the one-month USDSOFR OIS rate was 3.63179 %.

The Company recorded a reduction of loan interest income related to these swap transactions of $ 1.0 million and $ 1.8 million in the three months ended June 30, 2026 and 2025, respectively.

The Company recorded a reduction of loan interest income related to these swap transactions of $ 2.1 million and $ 3.5 million in the six months ended June 30, 2026 and 2025, respectively.

The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings.

Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.

During the three months ended March 31, 2026 and 2025, the Company recognized no non-interest income related to changes in the fair value of these derivatives.

During the three and six months ended June 30, 2026 and 2025, the Company recognized no non-interest income related to changes in the fair value of these derivatives.

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification in the Consolidated Statements of Financial Condition, at the dates indicated:

18 unchanged sentences

Recognized in AOCI

Three Months Ended March 31,

Three Months Ended June 30,

Cash Flow Hedges

2 unchanged sentences

Active interest rate swaps, net of income taxes

Amount of Gain (Loss)

Recognized in AOCI

Six Months Ended June 30,

Cash Flow Hedges

(In Thousands)

Terminated interest rate swap, net of income taxes

Active interest rate swaps, net of income taxes

The following table presents, for the periods indicated, the effect of cash flow hedge accounting on the statements of income:

Three Months Ended March 31,

Three Months Ended June 30,

Cash Flow Hedges

4 unchanged sentences

Active interest rate swaps

Six Months Ended June 30,

Cash Flow Hedges

(In Thousands)

Total Interest Income

Total Interest Expense

Terminated interest rate swap

Active interest rate swaps

Agreements with Derivative Counterparties

3 unchanged sentences

Similarly, the Company could be required to settle its obligations under certain of its agreements if certain regulatory events occur, such as the issuance of a formal directive, or if the Company’s credit rating is downgraded below a specified level.

At March 31, 2026, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $ 15,000 .

At June 30, 2026, the termination value of derivative agreements with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, was $ 20,000 .

The Company has minimum collateral posting thresholds with its derivative dealer counterparties.

At March 31, 2026, the Company had given cash collateral to one derivative counterparty of $ 3.2 million to cover its net fair value position.

At June 30, 2026, the Company had given cash collateral to one derivative counterparty of $ 4.0 million to cover its net fair value position.

This counterparty position included collateral from the counterparty of $ 5.8 million for commercial lending swaps and collateral from the Company of $ 9.6 million for interest rate swaps related to variable rate loans.

At December 31, 2025, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $ 17,000 .

At December 31, 2025, the termination value of derivative agreements with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, was $ 17,000 .

At December 31, 2025, the Company had given cash collateral to one derivative counterparty of $ 1.6 million to cover its net fair value position.

This counterparty position included collateral from the counterparty of $ 4.5 million for commercial lending swaps and collateral from the Company of $ 6.0 million for interest rate swaps related to variable rate loans.

If the Company had breached any of these provisions at March 31, 2026 or December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value.

If the Company had breached any of these provisions at June 30, 2026 or December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value.

Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

5 unchanged sentences

Our chief executive officer is our chief operating decision maker.

Our chief executive officer reviews actual net income versus budgeted net income, as well as comparison to other comparable financial reporting periods, to assess performance on a monthly basis and to make decisions about allocating capital and personnel.

Financial results by operating segment (all attributed to the banking segment), including significant expense categories provided to the chief operating decision maker, are detailed below for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

Our chief executive officer reviews actual net income versus budgeted net income, as well as comparisons to other financial reporting periods, to assess performance on a monthly basis and to make decisions about allocating capital and personnel.

Three Months Ended June 30,

(In Thousands)

2 unchanged sentences

Net interest income

Credit loss income (expense)

Net interest income after credit loss expense

Non-interest Income

Overdraft and insufficient funds fees

Point-of-sale and ATM fee income and service charges

Net gain on loan sales

Late charges and fees on loans

Fees from debit card contracts

Non-interest Expense

Salaries and incentives

Employee benefits

Net occupancy expense

Technology, furniture and equipment expense

Office supplies and printing

Legal, audit and other professional fees

Expense (income) on other real estate and repossessions

Intangible asset amortization

Travel meals and entertainment

Other operating expenses

Income Before Income Taxes

Provision for Income Taxes

Six Months Ended June 30,

(In Thousands)

Interest income

Interest expense

Net interest income

Credit loss expense

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements