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Orrstown Financial Services
ORRF
#6700
Rank
NZ$1.22 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$62.57
Share price
-0.41%
Change (1 day)
27.64%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Orrstown Financial Services
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-08

Orrstown Financial Services - 10-Q quarterly report FY


Text size:
00008261542026Q1false--12-31P2YINCOME TAXES
The Company files income tax returns in the U.S. federal jurisdiction, the Commonwealth of Pennsylvania and the State of Maryland. Generally, the Company is no longer subject to tax examination by tax authorities for years before 2023.
The following table summarizes income tax expense from continuing operations at March 31, 2026 as required by ASU 2023-09:
Three Months Ended
3/31/2026
Current expense:
Federal$2,703 
State378 
Total current expense3,081 
Deferred expense:
Federal2,432 
State180 
Total deferred expense2,612 
Income tax expense$5,693 
The following table summarizes income tax expense for the three months ended March 31, 2025 prior to the adoption of ASU 2023-09:
Three Months Ended March 31, 2025
Current expense:
Total current expense(1,054)
Deferred expense:
Total deferred expense5,766 
Income tax expense$4,712 
The following table summarizes income tax expense from continuing operations at March 31, 2026 as required by ASU 2023-09:
Three Months Ended
3/31/2026
Current expense:
Federal$2,703 
State378 
Total current expense3,081 
Deferred expense:
Federal2,432 
State180 
Total deferred expense2,612 
Income tax expense$5,693 
The following table summarizes income tax expense for the three months ended March 31, 2025 prior to the adoption of ASU 2023-09:
Three Months Ended March 31, 2025
Current expense:
Total current expense(1,054)
Deferred expense:
Total deferred expense5,766 
Income tax expense$4,712 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-34292
ORRSTOWN FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)

Pennsylvania23-2530374
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
4750 Lindle RoadHarrisburgPennsylvania17111
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code:(717)532-6114
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, no par valueORRFNasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨  Accelerated filer ☒
Non-accelerated filer ¨  Smaller reporting company ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.).    Yes  ☐    No  x
Number of shares outstanding of the registrant’s Common Stock as of May 6, 2026: 19,647,812.


ORRSTOWN FINANCIAL SERVICES, INC.
INDEX
 
  Page
Glossary of Defined Terms
3
Item 1.
4
4
5
7
8
9
11
Item 2
54
Item 3.
74
Item 4.
75
Item 1.
76
Item 1A.
76
Item 2.
76
Item 3.
76
Item 4.
76
Item 5.
76
Item 6.
77
78

2

Glossary of Defined Terms
The following terms may be used throughout this Report, including the unaudited condensed consolidated financial statements and related notes.
TermDefinition
ACLAllowance for credit losses
AFSAvailable-for-sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankOrrstown Bank, the commercial banking subsidiary of Orrstown Financial Services, Inc.
CECLCurrent expected credit losses
CMOCollateralized mortgage obligation
Codorus Valley or CVB
Codorus Valley Bancorp, Inc.
DCFDiscounted cash flow
ERMEnterprise Risk Management
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FDMFinancial difficulty modification
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FRBBoard of Governors of the Federal Reserve System
GAAPAccounting principles generally accepted in the United States of America
GDPGross Domestic Product
GSEU.S. government-sponsored enterprise
IELIndividually evaluated loan
IRCInternal Revenue Code of 1986, as amended
LHFSLoans held for sale
MBSMortgage-backed securities
Merger
Merger with Codorus Valley Bancorp, Inc. completed on July 1, 2024
MSRMortgage servicing right
OCIOther comprehensive income (loss)
OREOOther real estate owned (foreclosed real estate)
2011 Plan2011 Orrstown Financial Services, Inc. Incentive Stock Plan
2025 PlanOrrstown Financial Services, Inc. 2025 Stock Incentive Plan
PACEProperty Assessed Clean Energy loans
PCD loansPurchased credit deteriorated loans
PCE
Personal Consumption Expenditures
ReRemicRe-securitization of Real Estate Mortgage Investment Conduits
ROURight of use (leases)
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SOFRSecured Overnight Financing Rate
Unless the context otherwise requires, the terms “Orrstown,” “we,” “us,” “our,” and “Company” refer to Orrstown Financial Services, Inc. and its subsidiaries.
3

PART I – FINANCIAL INFORMATION
 
Item 1.     Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
(Dollars in thousands, except per share amounts)March 31,
2026		December 31,
2025
Assets
Cash and due from banks$49,014 $42,083 
Interest-bearing deposits with banks112,122 107,691 
Cash and cash equivalents161,136 149,774 
Restricted investments in bank stocks23,984 26,717 
Securities available-for-sale (amortized cost of $973,220 and $972,138 at March 31, 2026 and December 31, 2025, respectively)
947,018 952,740 
Loans held for sale, at fair value3,366 6,090 
Loans4,061,319 4,020,693 
Less: Allowance for credit losses(47,463)(47,681)
Net loans4,013,856 3,973,012 
Premises and equipment, net50,532 51,029 
Cash surrender value of life insurance145,964 146,994 
Goodwill69,751 69,751 
Other intangible assets, net35,751 37,990 
Accrued interest receivable21,176 21,473 
Deferred tax assets, net32,802 33,931 
Other assets71,636 72,754 
Total assets$5,576,972 $5,542,255 
Liabilities
Deposits:
Noninterest-bearing$882,588 $870,906 
Interest-bearing3,744,836 3,657,868 
Total deposits4,627,424 4,528,774 
Securities sold under agreements to repurchase and federal funds purchased19,264 24,542 
FHLB advances and other borrowings206,694 274,701 
Subordinated notes and trust preferred debt37,274 37,122 
Other liabilities83,132 85,581 
Total liabilities4,973,788 4,950,720 
Commitments and contingencies
Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding
— — 
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,711,628 shares issued and 19,611,427 outstanding at March 31, 2026; 19,711,628 shares issued and 19,507,208 outstanding at December 31, 2025
1,026 1,026 
Additional paid - in capital422,663 424,596 
Retained earnings 202,704 186,752 
Accumulated other comprehensive loss(19,720)(15,201)
Treasury stock—100,201 and 204,420 shares, at cost at March 31, 2026 and December 31, 2025, respectively
(3,489)(5,638)
Total shareholders’ equity603,184 591,535 
Total liabilities and shareholders’ equity$5,576,972 $5,542,255 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.
4

Condensed Consolidated Statements of Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands, except per share amounts)March 31, 2026March 31, 2025
Interest income
Loans$62,995 $63,432 
Investment securities - taxable9,851 8,944 
Investment securities - tax-exempt881 875 
Short-term investments637 2,268 
Total interest income74,364 75,519 
Interest expense
Deposits21,986 24,260 
Securities sold under agreements to repurchase and federal funds purchased97 84 
FHLB advances and other borrowings2,355 1,118 
Subordinated notes and trust preferred debt921 1,296 
Total interest expense25,359 26,758 
Net interest income49,005 48,761 
Provision for (recovery of) credit losses - loans728 (554)
Recovery of credit losses - unfunded loan commitments(376)— 
Net interest income after net provision for (recovery of) credit losses48,653 49,315 
Noninterest income
Service charges on deposit accounts2,250 1,911 
Interchange income1,513 1,427 
Other service charges, commissions and fees621 484 
Swap fee income1,339 394 
Trust and investment management income3,744 3,976 
Brokerage income1,813 1,439 
Mortgage banking activities326 302 
Income from life insurance3,761 1,289 
Investment securities (losses) gains(2)13 
Other income 212 389 
Total noninterest income15,577 11,624 
continued
5

Three Months Ended
March 31,
2026		March 31,
2025
Noninterest expenses
Salaries and employee benefits21,157 20,388 
Occupancy2,081 1,989 
Furniture and equipment2,140 2,686 
Data processing1,537 924 
Automated teller and interchange fees1,139 677 
Advertising and bank promotions683 499 
FDIC insurance549 824 
Professional services1,221 1,826 
Directors' compensation414 211 
Taxes other than income1,025 942 
Intangible asset amortization2,239 2,535 
Merger-related expenses— 1,649 
Restructuring expenses— 91 
Other operating expenses2,543 2,935 
Total noninterest expenses36,728 38,176 
Income before income tax expense27,502 22,763 
Income tax expense5,693 4,712 
Net income$21,809 $18,051 
Per share information:
Basic earnings per share$1.13 $0.94 
Diluted earnings per share1.12 0.93 
Dividends paid per share0.30 0.26 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

6

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 
 Three Months Ended
(Dollars in thousands)March 31,
2026		March 31,
2025
Net income$21,809 $18,051 
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on securities available for sale arising during the period
(6,804)3,883 
Reclassification adjustment for (losses) gains on securities available for sale realized in net income
— — 
Net unrealized (losses) gains on securities available for sale(6,804)3,883 
Tax effect1,531 (883)
Total other comprehensive (loss) income, net of tax and reclassification adjustments on securities available for sale(5,273)3,000 
Unrealized gains (losses) on interest rate swaps used in cash flow hedges972 (916)
Reclassification adjustment for gains (losses) realized in net income— — 
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges972 (916)
Tax effect(218)208 
Total other comprehensive income (loss), net of tax and reclassification adjustments on interest rate swaps used in cash flow hedges754 (708)
Total other comprehensive (loss) income, net of tax and reclassification adjustments(4,519)2,292 
Total comprehensive income$17,290 $20,343 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

7

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
Three Months Ended March 31, 2026
(Dollars in thousands, except per share amounts)Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated Other Comprehensive LossTreasury
Stock		Total
Shareholders’
Equity
Balance, January 1, 2026$1,026 $424,596 $186,752 $(15,201)$(5,638)$591,535 
Net income— — 21,809 — — 21,809 
Total other comprehensive loss, net of taxes— — — (4,519)— (4,519)
Cash dividends ($0.30 per share)
— — (5,857)— — (5,857)
Share-based compensation plans:
0 net common shares acquired or issued and 104,219 net treasury shares issued, including compensation expense totaling $1,540
— (1,933)— — 2,149 216 
Balance, March 31, 2026$1,026 $422,663 $202,704 $(19,720)$(3,489)$603,184 
Three Months Ended March 31, 2025
(Dollars in thousands, except per share amounts)Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
Balance, January 1, 2025$1,027 $423,274 $126,540 $(26,316)$(7,843)$516,682 
Net income— — 18,051 — — 18,051 
Total other comprehensive income, net of taxes— — — 2,292 — 2,292 
Cash dividends ($0.26 per share)
— — (5,044)— — (5,044)
Share-based compensation plans:
1,300 net common shares acquired and 120,975 net treasury shares issued, including compensation expense totaling $1,358
(1)(1,829)— — 2,785 955 
Balance, March 31, 2025$1,026 $421,445 $139,547 $(24,024)$(5,058)$532,936 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.


8

Condensed Consolidated Statements of Cash Flows (Unaudited)
ORRSTOWN FINANCIAL SERVICES, INC.
 Three Months Ended
(Dollars in thousands)March 31, 2026March 31, 2025
Cash flows from operating activities
Net income$21,809 $18,051 
Adjustments to reconcile net income to net cash provided by operating activities:
Net discount accretion(5,457)(7,100)
Depreciation and amortization expense3,547 4,244 
Provision for (recovery of) credit losses - loans728 (554)
Recovery of credit losses - unfunded loan commitments(376)— 
Share-based compensation1,540 1,358 
Gains on sales of loans originated for sale(183)(225)
Fair value adjustments on loans held for sale89 (8)
Mortgage loans originated for sale(10,054)(11,225)
Proceeds from sales of loans originated for sale12,872 12,811 
Net gain on OREO and premises held for sale— (6)
Deferred income tax expense2,612 5,766 
Investment securities losses (gains)2 (13)
Net losses on derivatives27 180 
Income from life insurance(3,761)(1,289)
Decrease (increase) in accrued interest receivable and other assets1,042 (578)
Increase (decrease) in accrued interest payable and other liabilities737 (10,805)
Other, net363 346 
Net cash provided by operating activities25,537 10,953 
Cash flows from investing activities
Maturities, repayments and calls of AFS securities23,389 18,432 
Purchases of AFS securities(23,051)(39,613)
Net purchases of restricted investments in bank stocks2,733 539 
Net (increase) decrease in loans(38,509)61,262 
Investment in limited partnerships(926)(369)
Purchases of bank premises and equipment(422)(2,315)
Proceeds from disposal of OREO and premises held for sale— 1,931 
Death benefit proceeds from life insurance contracts4,427 — 
Net cash (used in) provided by investing activities(32,359)39,867 
continued
9

March 31, 2026March 31, 2025
Cash flows from financing activities
Net increase in deposits98,650 10,620 
Net decrease in borrowings with original maturities less than 90 days(48,269)(2,733)
Proceeds from FHLB advances with original maturities greater than 90 days95,000 — 
Payments on FHLB advances with original maturities greater than 90 days(120,000)(15,000)
Dividends paid(5,857)(5,044)
Acquisition of treasury stock(429)— 
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting(970)(467)
Proceeds from issuance of employee stock purchase plan shares75 66 
Other(16)(16)
Net cash provided by (used in) financing activities18,184 (12,574)
Net increase in cash and cash equivalents11,362 38,246 
Cash and cash equivalents at beginning of period149,774 248,874 
Cash and cash equivalents at end of period$161,136 $287,120 
Three Months Ended
March 31, 2026March 31, 2025
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$25,716 $26,643 
Income taxes— — 
Supplemental schedule of noncash activities:
OREO acquired in settlement of loans1,055 — 
Lease liabilities arising from obtaining ROU assets— 831 
The Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

10

Notes to Condensed Consolidated Financial Statements (Unaudited)
(All dollar amounts presented in the tables, except per share amounts, are in thousands)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
See the Glossary of Defined Terms at the beginning of this Report for terms used throughout the unaudited condensed consolidated financial statements and related notes of this Form 10-Q.
Nature of Operations – Orrstown Financial Services, Inc. is a financial holding company that operates Orrstown Bank, a commercial bank providing banking and financial advisory services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Harford, Howard and Washington Counties, Maryland. The Company operates in the community banking segment and engages in lending activities, including commercial, residential, commercial mortgages, construction, municipal, and various forms of consumer lending, and deposit services, including checking, savings, time, and money market deposits. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's executive and administrative offices, as well as the District of Columbia. The Company also provides fiduciary, investment advisory, insurance and brokerage services. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by such regulatory authorities.
Basis of Presentation – The accompanying unaudited condensed consolidated financial statements include the accounts of Orrstown Financial Services, Inc. and its wholly owned subsidiary, the Bank. The Company has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, SEC rules that permit reduced disclosure for interim periods and Article 10 of Regulation S-X. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements. There have been no material changes to the Company's significant accounting policies for the three months ended March 31, 2026. The December 31, 2025 consolidated balance sheet information contained in this Quarterly Report on Form 10-Q was derived from the Company's 2025 audited consolidated financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. All significant intercompany transactions and accounts have been eliminated. Certain reclassifications have been made to prior years' amounts to conform with current year classifications. These reclassifications did not have a material impact on the Company's statement of consolidated cash flows.
The Company's management has evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's unaudited condensed consolidated financial statements and notes as required by GAAP.
To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Acquisition Accounting
The Company accounts for its mergers and acquisitions using the acquisition method of accounting under the provisions of the FASB ASC Topic 805, Business Combinations ("805"). Under ASC 805, all of the assets acquired and liabilities assumed in a business combination are recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combination are expensed as incurred. The determination of fair values involves significant judgment regarding methods and assumptions, including discount rates, future expected cash flows, market conditions and other future events. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. The results of operations of the acquired entity are included in the consolidated statements of income from the acquisition date. In accordance with business combination accounting guidance, for the Merger as defined below, the Company reviewed and evaluated the fair values of the assets and liabilities acquired for the permissible period of up to twelve months following the Merger date of July 1, 2024. Any such adjustments were recorded to goodwill and are reflected in the unaudited condensed statements of financial condition. The measurement period to finalize the fair values of the acquired assets and assumed liabilities ended on June 30, 2025. No further adjustments to the fair values were recorded subsequent to twelve months following the Merger date.
11

Allowance for Credit Losses - Loans
The Company accounts for the ACL in accordance with the current expected credit losses accounting standard commonly referred to as "CECL," which requires an organization to measure all expected credit losses over the contractual term for financial assets measured at amortized cost, including loan receivables and held-to-maturity securities, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The CECL methodology also applies to off-balance sheet credit exposures not accounted for as insurance (e.g., loan commitments, standby letters of credit, financial guarantees and other similar instruments), net investments in leases recognized by a lessor in accordance with ASC Topic 842 on leases and AFS debt securities.
The ACL represents the amount that, in management's judgment, appropriately reflects credit losses inherent in the loan portfolio at the balance sheet date. Loans deemed to be uncollectible are charged against the ACL on loans, and subsequent recoveries, if any, are credited to the ACL on loans when received. Changes to the ACL are recorded through the provision for credit losses on loans in the consolidated statements of income.
The ACL is maintained at a level considered appropriate to absorb credit losses over the expected life of the loan. The ACL for expected credit losses is determined based on a quantitative assessment of two categories of loans: collectively evaluated loans and individually evaluated loans. In addition, the ACL also includes a qualitative component which adjusts the CECL model results for risk factors that are not considered within the CECL model, but are relevant in assessing the expected credit losses within the loan classes.
The ACL on loans is measured on a collective basis when similar risk characteristics exist within the Company's loan segments between commercial and consumer. For purposes of estimating the Company’s ACL, management generally evaluates collectively evaluated loans by federal call code, which represents the loan classes based upon U.S. regulatory loan classification rules, in order to group loans with similar risk characteristics. Each of these loan segments are broken down into multiple loan classes, which are characterized by loan type, collateral type, risk attributions and the manner in which management monitors the performance of the borrower. The risks associated with lending activities differ and are subject to the impact of change in interest rates, market conditions and the impact of economic conditions on the collateral securing the loans, and general economic conditions. The commercial loan segment includes commercial real estate, acquisition and development, commercial and industrial and municipal loan classes. The consumer loan segment includes residential mortgage, installment and other consumer loans.
The Company calculates credit losses over the estimated life of the applicable financial assets using the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default and loss given default factors to future cash flows, and then adjusts to the net present value to derive the required reserve. Reasonable and supportable macroeconomic conditions include unemployment and GDP. Model assumptions include the discount rate, prepayments and curtailments. The validation of credit models also includes determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates. For the consumer loan segments, the remaining life methodology is applied as a practical expedient based on the risk characteristics.
Loans collectively evaluated include loans that share similar risk characteristics. The ACL for loans collectively evaluated is measured using a lifetime expected loss rate model that considers historical loss performance and past events in addition to forecasts of future economic conditions. The Company elected to use the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default to future cash flows, using a loss driver model and loss given default factors, and then adjusts to the net present value to derive the required reserve. The probability of default estimates are derived through the application of reasonable and supportable economic forecasts to the regression models, which incorporates the Company's and peer loss-rate data, unemployment rate and GDP. The reasonable and supportable forecasts of the selected economic metrics are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The prepayment and curtailment assumptions adjust the contractual terms of the loan to arrive at the expected cash flows. The development and validation of credit models also included determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates. Management selected the national unemployment rate and GDP as the drivers of the quantitative portion of collectively evaluated reserves on loan classes reliant upon the DCF methodology. For the consumer loan segment, the quantitative reserve was calculated using the remaining life methodology where the average historical bank-specific and peer loss rates are applied to expected loan balances over an estimated remaining life of loans. The estimated remaining life is calculated using historical bank-specific loan attrition data.
12

Loans that do not share similar risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include substandard loans, loans on nonaccrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans collectively evaluated. A specific reserve analysis is applied to the individually evaluated loans, which considers collateral value, an observable market price or the present value of expected future cash flows. A specific reserve may be assigned if the measured value of the loan using one of these methods is less than the current carrying value of the loans.
A loan is considered collateral-dependent when the Company determines foreclosure is probable or the borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. Collateral could be in the form of real estate, equipment or business assets. An ACL may result for a collateral-dependent loan if the fair value of the underlying collateral, as of the reporting date, adjusted for expected costs to repair or sell, was less than the amortized cost basis of the loan. If repayment of the loan is instead dependent only on the operation, rather than the sale of the collateral, the measure of the ACL does not incorporate estimated costs to sell. For loans evaluated on the basis of projected future principal and interest cash flows, the Company discounts the expected cash flows at the effective interest rate of the loan. An ACL will result if the present value of expected cash flows is less than the amortized cost basis of the loan.
Based on management's analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the quantitatively calculated reserve on collectively evaluated loans. As the quantitative reserve calculation incorporates historical conditions, management may consider an additional or reduced reserve is warranted through qualitative risk factors based on current and expected conditions. These qualitative risk factors include significant or unexpected changes in:
•Lending policies, procedures, underwriting standards and recovery practices;
•Nature and volume of loans;
•Concentrations of credit;
•Collateral valuation trends;
•Delinquency and classified loan trends;
•Experience, ability and depth of management and lending staff;
•Quality of loan review system; and
•Economic conditions and other external factors.
A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management evaluates the adequacy of the ACL utilizing a defined methodology to determine if it properly addresses the current and expected risks in the loan portfolio, which considers the performance of borrowers and specific evaluation of individually evaluated loans including historical loss experiences, trends in delinquencies, nonperforming loans and other risk assets, and the qualitative factors. Risk factors are regularly reviewed and adjusted, as needed, by management when conditions support a change. Management believes its approach properly addresses relevant accounting and bank regulatory guidance for loans both collectively and individually evaluated. The results of the comprehensive analysis, including recommended changes, are governed by the Company's Reserve Adequacy Committee.
For loan modifications, the Company evaluates whether the borrower is experiencing financial difficulty, if the modification results in a more-than-insignificant direct change in the contractual cash flows and whether the modifications represent terms that would result in a new loan or a continuation of an existing loan. The Company refers to these loans as "financial difficulty modifications" or "FDMs."
If a modification occurs while the loan is on accrual status, it will continue to accrue interest under the modified terms. After the initial modification and recognition of an FDM, the Company will monitor the performance of the borrower. If no subsequent qualifying modifications are made to the FDM, the loan does not require disclosure in the current period's disclosures after the one-year period has elapsed.
Purchased loans that do not qualify as PCD loans are accounted for similar to originated loans, whereby an ACL is recognized with a corresponding increase to the provision for credit losses in the consolidated statements of income. For PCD loans, the nonaccrual status is determined in the same manner as for other loans. PCD loans are recorded at their fair value and include credit and interest rate marks associated with acquisition accounting adjustments plus the ACL expected at the time of acquisition resulting in a gross up of the amortized cost of the loans. Subsequent changes in the ACL from the initial ACL estimate are recorded as provision for credit losses in the consolidated statements of income. Purchase premiums or discounts
13

are subsequently amortized as an adjustment to yield over the estimated contractual lives of the loans. The acquired loans are evaluated on an individual asset level, and not maintained in pools and accounted for as units of accounts, which would permit treating each pool as a single asset.
Following a merger, the Company will evaluate and classify the acquired loans as PCD if the loans had experienced more-than-insignificant credit deterioration since origination or as non-PCD if the loans had not experienced a more-than-insignificant amount of credit deterioration since origination. PCD loans include loans on nonaccrual status, loans with historical delinquency since loan origination or having a risk rating of watch, special mention, substandard, doubtful or loss based on the Company's internal risk rating system. At acquisition, the fair value of the PCD loans is recorded to the ACL, but not as a charge to the provision for credit losses in the consolidated statements of income. The initial allowance is instead established by grossing up the amortized cost of the PCD loan. Subsequent to a merger, changes in the expected credit losses on PCD loans are recorded to the provision for credit losses. The ACL for non-PCD loans is recorded to the provision for credit losses in the same period as the acquisition.
See Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s loan classes and differing levels of associated credit risk.
Allowance for Credit Losses on AFS Securities
The Company is required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance continues to require the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any additional amount of loss would be due to non-credit factors and is recorded in AOCI, net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in AOCI, net of taxes, on the unaudited condensed consolidated statements of financial condition. Accrued interest receivable on AFS securities is excluded from the estimate of credit losses.
See Note 3, Investment Securities, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information," for a description of the Company’s investment securities and impairment evaluation.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose specified information about certain costs and expenses in the notes to the financial statements. The amendments require that at each interim and annual reporting period an entity disclose:
•(a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption;
•certain amounts that are already required to be disclosed under current GAAP in the same disclosures as other disaggregation requirements;
•qualitative descriptions of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and
•the total amount of selling expenses and, in annual reporting periods, the entity's definition of selling expenses.
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In January 2025, the FASB issued ASU No. 2025-01 clarifying the effective date for public business entities for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating ASU 2024-03 and its impact on its disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), which requires an entity to begin capitalizing costs incurred for software projects when the entity has both authorized and committed to funding the software project and it is probable that the software project will be completed and used for its intended function. To determine the probability of completion, an entity will be required to consider if there is significant uncertainty during the development activities. The effective date of the amendment is for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 and its impact on the consolidated financial statements.
In November 2025, the FASB issued ASU 2025-08, Financial Instructions – Credit Losses (Topic 326) – Purchased Loans, which expands the scope of acquired financial assets subject to the gross-up approach under Topic 326. Specifically, loans, excluding credit card receivables, acquired without credit deterioration and loans considered “seasoned” would be accounted for using the gross-up approach at acquisition, which requires the initial ACL at acquisition to be added to the amortized cost basis of the loans. The effective date of the amendment is for annual reporting periods beginning after December 15, 2026. The Company is evaluating the updated guidance to determine its impact on the consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to improve disclosure requirements and provide guidance on disclosing material reporting events and changes occurring after the annual reporting period. The effective date is for annual reporting periods after December 15, 2027, with early adoption permitted. The Company is evaluating the updated guidance to determine its impact on disclosures.
NOTE 2. MERGER
On July 1, 2024, Orrstown completed a merger of equals with Codorus Valley, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 12, 2023, by and between Orrstown and Codorus Valley. At the effective time of the Merger (the “Effective Time”), Codorus Valley was merged with and into Orrstown, with Orrstown as the surviving corporation, which was promptly followed by the merger of Codorus Valley’s wholly-owned bank subsidiary, PeoplesBank, A Codorus Valley Company, with and into Orrstown Bank, a wholly-owned subsidiary of Orrstown, with Orrstown Bank as the surviving bank.
Pursuant to the terms of the Merger Agreement, each share of Codorus Valley common stock, $2.50 par value per share (“Codorus Common Stock”), outstanding immediately prior to the Effective Time was canceled and converted into the right to receive 0.875 shares (the “Exchange Ratio”) of Orrstown common stock, no par value per share (“Orrstown Common Stock”), with an amount in cash, without interest, to be paid in lieu of fractional shares.
In addition, at the Effective Time, (i) each option to purchase Codorus Valley common stock issued under Codorus Valley’s 2007 Long-Term Incentive Plan, as amended, 2017 Long-Term Incentive Plan, as amended, and any other similar plan (collectively, the “Codorus Valley Equity Plans”), outstanding immediately prior to the Effective Time was automatically converted into an option to purchase a number of shares of Orrstown common stock equal to the product of the number of shares of Codorus Valley common stock subject to such stock option immediately prior to the Effective Time and the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (a) the exercise price per share of Codorus Valley common stock of such stock option immediately prior to the Effective Time divided by (b) the Exchange Ratio; (ii) all time-based restricted stock awards and time-based restricted stock unit awards granted under the Codorus Valley Equity Plans were vested in full; and (iii) all performance-based restricted stock awards and performance-based restricted stock unit awards granted under the Codorus Valley Equity Plans were vested in full. In addition, the 2007 Codorus Valley Bancorp, Inc. Restated Employee Stock Purchase Plan was terminated prior to the closing date of the Merger. Each outstanding share of Orrstown Common Stock remained outstanding and was unaffected by the Merger.
The total aggregate consideration delivered to holders of Codorus Valley common stock was 8,532,038 shares of Orrstown common stock. The issuance of shares of Orrstown common stock in connection with the Merger was registered under the Securities Act on a registration statement initially filed by Orrstown with the SEC on March 29, 2024 and declared effective on April 23, 2024 (the “Registration Statement”). The consideration transferred at the close of the transaction was $233.4 million based on the closing market price of Orrstown common stock of $27.36 on June 28, 2024.
The Merger accomplished the Company’s objectives of providing increased market opportunities and expanding its branch network through a contiguous footprint in Central and Eastern Pennsylvania and the Greater Baltimore, Maryland area. Further, the Merger created an expanded product suite based on the complementary nature of the products and customers of both companies and increases lending capacity, which will support growth of the existing client base and is expected to provide
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an opportunity to mitigate risks and increase potential returns.
The following tables summarize the purchase price consideration paid for Codorus Valley and the fair value of the assets acquired and liabilities assumed recognized at the acquisition date.
(dollars are in thousands, except per share data)
Number of shares of Codorus Valley common stock outstanding9,751,323 
Per common share exchange ratio0.875
Expected shares of Codorus Valley common stock to be issued8,532,408 
Fractional shares of common stock paid in cash(370)
Number of shares of Orrstown common stock - as exchanged8,532,038 
Orrstown common stock price per common share - closing stock price as of June 28, 2024$27.36 
Purchase price merger consideration for Codorus Valley$233,437 
Under the acquisition method of accounting, the total merger consideration is allocated to the acquired tangible and intangible assets and assumed liabilities of Codorus Valley based on their estimated fair value as of the closing of the Merger. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.
The Company initially recorded goodwill of $49.4 million in connection with the Merger, which is not amortized for financial reporting purposes, but is subject to annual impairment testing. As permitted under GAAP, the Company had up to twelve months following the date of the Merger to finalize the fair values of the acquired assets and assumed liabilities related to the merger of Codorus Valley. During this measurement period, the Company could record subsequent adjustments to goodwill for provisional amounts recorded at the Merger date. The Company recorded merger-related tax adjustments totaling $1.6 million, which increased goodwill associated with the Merger to $51.0 million. The measurement period to finalize the fair values of the acquired assets and assumed liabilities ended on June 30, 2025. No further adjustments to the fair values were recorded subsequent to twelve months following the Merger date.
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Codorus Valley Book ValueFair Value AdjustmentCodorus Valley Fair Value
July 1, 2024July 1, 2024
Total purchase price consideration$233,437 
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents$45,290 $(31)$45,259 
Restricted investments in bank stocks1,168 — 1,168 
Securities available for sale331,032 (4,532)326,500 
Loans, net of allowance for credit losses ("ACL")1,715,761 (72,368)1,643,393 
Premises and equipment, net17,553 6,551 24,104 
Cash surrender value of life insurance62,817 — 62,817 
Accrued interest receivable8,138 79 8,217 
Goodwill2,301 (2,301)— 
Other intangible assets, net— 50,719 50,719 
Deferred income tax asset, net16,969 3,088 20,057 
Other assets21,024 (2,781)18,243 
Total identifiable assets acquired2,222,053 (21,576)2,200,477 
Deposits1,948,467 (3,218)1,945,249 
Securities sold under agreements to repurchase7,943 — 7,943 
FHLB advances and other borrowings1,195 (803)392 
Subordinated notes and trust preferred debt41,195 (4,983)36,212 
Other liabilities25,030 3,241 28,271 
Total liabilities assumed2,023,830 (5,763)2,018,067 
Total identifiable net assets$198,223 $(15,813)$182,410 
Goodwill$51,027 
The following are descriptions of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed in the Merger. The Company used independent valuation specialists to assist with the determination of fair values for certain acquired assets and assumed liabilities.
The Company acquired core deposit intangibles of $40.1 million and customer relationship intangible assets associated with its wealth and brokerage businesses totaling $10.6 million from the Merger. Both were valued utilizing the income approach, which is based on the present value of the cash flows that can be expected to be generated in the future. The core deposit intangible and customer relationship intangible assets are amortized based on the sum-of-the-years digits method over the expected life of 10 years.
The Company increased the fair value of premises by $6.6 million with a corresponding decrease to goodwill based upon updated independent market-based appraisals for buildings, land and land improvements. The fair value adjustments are depreciated based on the estimated useful life of 40 years.
As a result of the Merger, the Company acquired operating lease assets and operating lease liabilities both with a fair value of $5.1 million based on the income approach, which considered the lease contracts current rental rates, escalation terms and expiration periods. The Company also acquired a finance lease asset and liability with fair values of $392 thousand each. At July 1, 2024, the Company recorded negative fair value adjustments of $1.1 million and $133 thousand to acquired operating lease assets and finance lease assets, respectively, which are amortized over the remaining lease terms.
An adjustment of $3.2 million was recorded to reflect the fair value of the time deposits assumed, which was determined using a discounted cash flow approach that utilized a discount rate equal to current market interest rates for instruments with similar terms and maturities. The fair value adjustment for time deposits are amortized over the remaining maturities.
Subordinated notes and trust preferred debt were valued using a discounted cash flow approach, which applied a discount rate based upon other issuances with comparable terms. Fair value adjustments of $2.4 million and $2.7 million were recorded
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for the acquired subordinated notes and trust preferred debt, respectively, which are being amortized over their remaining maturities.
The Company evaluated and classified the acquired loans between non-PCD or PCD. The PCD loans include loans which experienced more-than-insignificant credit deterioration since origination. PCD loans included loans on nonaccrual status, past due 60 days or greater at any time since loan origination or having a risk rating of watch, special mention, substandard, doubtful or loss based on the Company's internal risk rating system. For PCD loans, an ACL is recorded on day 1 and added to the fair value of the loan for its amortized cost. At day 1, a provision for credit loss is not recorded on PCD loans. The following table presents details related to the fair value of acquired PCD loans at the acquisition date:
Unpaid Principal BalancePCD ACLNon-Credit DiscountFair Value of Acquired Loans
Commercial real estate$74,319 $(1,321)$(5,531)$67,467 
Acquisition and development24,232 (2,535)(781)20,916 
Agricultural7,129 (2)(895)6,232 
Commercial and industrial26,325 (1,947)(4,059)20,319 
Residential mortgage16,720 (105)(1,936)14,679 
Installment and other loans117 (10)(11)96 
$148,842 $(5,920)$(13,213)$129,709 

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NOTE 3. INVESTMENT SECURITIES
At March 31, 2026 and December 31, 2025, all investment securities were classified as AFS. The following table summarizes amortized cost and fair value of AFS securities, the corresponding amounts of gross unrealized gains and losses recognized in AOCI and the ACL at March 31, 2026 and December 31, 2025:
Amortized CostGross Unrealized
Gains		(Gross Unrealized
Losses)		Allowance for Credit LossesFair Value
March 31, 2026
U.S. Treasury securities$15,014 $— $817 $— $14,197 
U.S. Government Agencies1,613 46 — — 1,659 
States and political subdivisions219,408 162 19,222 — 200,348 
GSE residential MBSs239,118 2,051 4,168 — 237,001 
GSE commercial MBSs5,691 84 22 — 5,753 
GSE residential CMOs348,774 2,254 4,952 — 346,076 
Non-agency CMOs65,215 76 1,258 — 64,033 
Asset-backed76,197 289 758 — 75,728 
Corporate debt1,950 33 — — 1,983 
Other240 — — — 240 
Totals$973,220 $4,995 $31,197 $— $947,018 
December 31, 2025
U.S. Treasury securities$15,016 $— $805 $— $14,211 
U.S. Government Agencies1,746 50 — — 1,796 
States and political subdivisions218,832 288 16,972 — 202,148 
GSE residential MBSs234,016 3,228 3,141 — 234,103 
GSE commercial MBSs6,081 106 16 — 6,171 
GSE residential CMOs354,954 3,425 4,376 — 354,003 
Non-agency CMOs60,693 363 1,233 — 59,823 
Asset-backed78,610 443 803 — 78,250 
Corporate debt1,947 45 — — 1,992 
Other243 — — — 243 
Totals$972,138 $7,948 $27,346 $— $952,740 

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The following table summarizes investment securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by major security type and the length of time in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
# of SecuritiesFair ValueUnrealized
Losses		# of SecuritiesFair ValueUnrealized
Losses		# of SecuritiesFair ValueUnrealized
Losses
March 31, 2026
U.S. Treasury securities— $— $— 2 $14,197 $817 2 $14,197 $817 
States and political subdivisions7 14,610 380 39 174,206 18,842 46 188,816 19,222 
GSE residential MBSs9 93,841 2,028 8 12,615 2,140 17 106,456 4,168 
GSE commercial MBS1 647 20 1 567 2 2 1,214 22 
GSE residential CMOs17 78,736 808 15 51,266 4,144 32 130,002 4,952 
Non-agency CMOs9 39,301 232 4 15,926 1,026 13 55,227 1,258 
Asset-backed3 16,012 34 11 45,909 724 14 61,921 758 
Totals46 $243,147 $3,502 80 $314,686 $27,695 126 $557,833 $31,197 
December 31, 2025
U.S. Treasury securities— $— $— 2 $14,211 $805 2 $14,211 $805 
States and political subdivisions2 10,498 199 39 176,757 16,773 41 187,255 16,972 
GSE residential MBSs7 72,981 1,044 8 13,003 2,097 15 85,984 3,141 
GSE commercial MBS2 1,222 16 — — — 2 1,222 16 
GSE residential CMOs9 39,588 335 21 87,901 4,041 30 127,489 4,376 
Non-agency CMOs5 21,230 180 4 16,158 1,053 9 37,388 1,233 
Asset-backed2 3,890 29 9 43,168 774 11 47,058 803 
Totals27 $149,409 $1,803 83 $351,198 $25,543 110 $500,607 $27,346 
On a quarterly basis, the Company conducts an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance requires the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying issuers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. Under the CECL standard, if the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any additional amount of loss would be due to non-credit factors and is recorded in AOCI, net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in AOCI, net of taxes, on the consolidated balance sheets.
The Company did not record an ACL on the AFS securities at March 31, 2026 and December 31, 2025. As of these periods, the Company considers the unrealized losses on the AFS securities to be related to fluctuations in market conditions, primarily higher interest rates from the time of the security purchase, and not reflective of deterioration in credit. In addition, the Company maintains that it has the intent and ability to hold these AFS securities until the amortized cost is recovered and it is more likely than not that any of AFS securities in an unrealized loss position would not be required to be sold.
U.S. Treasury Securities. The unrealized losses presented in the table above have been caused by an increase in interest rates from the time these securities were purchased. Management considers the full faith and credit of the U.S. government in determining whether declines in fair value are due to credit factors.
States and Political Subdivisions. The unrealized losses presented in the table above have been caused by a rise in interest rates from the time these securities were purchased. Management evaluates the financial performance of the issuers, including the investment rating, the state of the issuer of the security and other credit support in determining whether declines in fair value are due to credit factors.
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GSE Residential CMOs, GSE Residential MBS and GSE Commercial MBS. The unrealized losses presented in the table above have been caused by a widening of spreads and a rise in interest rates from the time these securities were purchased. The contractual terms of these securities do not permit the issuer to settle the securities at a price less than its par value basis.
Non-Agency CMOs. The unrealized losses presented in the table above were caused by a widening of spreads and a rise in interest rates from the time the securities were purchased. Management considers the investment rating and other credit support in its evaluation, including delinquencies and credit enhancements, in determining whether declines in fair value are due to credit factors.
Asset-backed. The unrealized losses presented in the table above were caused by a widening of spreads and a rise in the interest rates from the time the securities were purchased. Management considers the investment rating and other credit support, in its evaluation, including delinquencies and credit enhancements, in determining whether declines in fair value are due to credit factors.
The Company does not intend to sell the aforementioned investment securities with unrealized losses and it is more likely than not that the Company will not be required to sell them before recovery of their amortized cost basis, which may be maturity. In addition, the unrealized losses are not credit related. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at March 31, 2026.
The following table summarizes amortized cost and fair value of investment securities by contractual maturity at March 31, 2026. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Amortized CostFair Value
Due in one year or less$1,107 $1,106 
Due after one year through five years42,775 40,792 
Due after five years through ten years62,987 59,724 
Due after ten years131,356 116,805 
CMOs and MBSs658,798 652,863 
Asset-backed76,197 75,728 
Totals$973,220 $947,018 
The following table summarizes proceeds from sales of investment securities and gross gains and gross losses for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
20262025
Proceeds from sale of investment securities$— $— 
Gross gains— 13 
Gross losses2 — 
During the three months ended March 31, 2026, the Company recorded a loss of $2 thousand compared to a gain of $13 thousand for the three months ended March 31, 2025 from mark-to-market activity on an equity security. During the three months ended March 31, 2026 and 2025, the Company did not sell any investment securities. Investment securities with a fair value of $665.6 million and $556.5 million at March 31, 2026 and December 31, 2025, respectively, were pledged to secure public funds and for other purposes as required or permitted by law. At March 31, 2026 and December 31, 2025, no AFS investment securities holding of any one issuer, other than the U.S. government and its agencies, amounted to greater than 10% of shareholders’ equity.
NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES
The Company’s loan portfolio is grouped into segments, which are further broken down into classes to allow management to monitor the performance by the borrower and to monitor the yield on the portfolio. The risks associated with lending activities differ among the various loan classes and are subject to the impact of changes in interest rates, market conditions of collateral securing the loans, and general economic conditions. All of these factors may adversely impact both the borrower’s ability to repay its loans and the value of its associated collateral.
The Company has various types of commercial real estate loans, which have differing levels of credit risk. Owner-occupied commercial real estate loans are generally dependent upon the successful operation of the borrower’s business, with
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the cash flows generated from the business being the primary source of repayment of the loan. If the business suffers a downturn in sales or profitability, the borrower’s ability to repay the loan could be in jeopardy.
Non-owner occupied and multi-family commercial real estate loans and non-owner occupied residential loans present a different credit risk to the Company than owner-occupied commercial real estate loans, as the repayment of the loan is dependent upon the borrower’s ability to generate a sufficient level of occupancy to produce rental income that exceeds debt service requirements and operating expenses. Lower occupancy or lease rates may result in a reduction in cash flows, which hinders the ability of the borrower to meet debt service requirements and may result in lower collateral values. The Company generally recognizes that greater risk is inherent in these credit relationships compared to owner-occupied loans mentioned above.
Acquisition and development loans consist of 1-4 family residential construction and commercial and land development loans. The risk of loss on these loans is largely dependent on the Company’s ability to assess the property’s value at the completion of the project, which should exceed the property’s construction costs. During the construction phase, a number of factors could potentially negatively impact the collateral value, including cost overruns, delays in completing the project, competition, and real estate market conditions, which may change based on the supply of similar properties in the area. In the event the collateral value at the completion of the project is not sufficient to cover the outstanding loan balance, the Company must rely upon other repayment sources, if any, including the guarantors of the project or other collateral securing the loan.
Commercial and industrial loans include advances to businesses for general commercial purposes and include permanent and short-term working capital, machinery and equipment financing, and may be either in the form of lines of credit or term loans. Although commercial and industrial loans may be unsecured to our highest-rated borrowers, the majority of these loans are secured by the borrower’s accounts receivable, inventory and machinery and equipment. In a significant number of these loans, the collateral also includes the business real estate or the business owner’s personal real estate or assets. The Company attempts to mitigate this risk through its underwriting standards, including evaluating the creditworthiness of the borrower and, to the extent available, credit ratings on the business. Additionally, monitoring of the loans through annual renewals and meetings with the borrowers is typical. However, these procedures cannot eliminate the risk of loss associated with commercial and industrial lending.
Agricultural loans include advances to individuals or businesses to finance agricultural production or loans secured by farmland. Agricultural production may include the growing or storing of crops, the purchase and carrying of livestock, the purchase of farm machinery and equipment or the operations of a farm, including vehicles and consumer goods. The collateral securing these loans may include the real estate for agricultural production, the borrower's business or personal assets, inventory or equipment.
Municipal loans consist of extensions of credit to municipalities and school districts within the Company’s market area. These loans generally present a lower risk than commercial and industrial loans, as they are generally secured by the municipality’s full taxing authority, by revenue obligations, or by its ability to raise assessments on its clients for a specific utility.
The Company originates loans to its retail clients, including fixed-rate and adjustable first lien mortgage loans, with the underlying 1-4 family owner occupied residential property securing the loan. The Company’s risk exposure is minimized in these types of loans through the evaluation of the creditworthiness of the borrower, including credit scores and debt-to-income ratios, and underwriting standards, which limit the loan-to-value ratio to generally no more than 80% upon loan origination, unless the borrower obtains private mortgage insurance.
Home equity loans, including term loans and lines of credit, present a slightly higher risk to the Company than 1-4 family first liens, as these loans can be first or second liens on 1-4 family owner occupied residential property, but can have loan-to-value ratios of no greater than 85% of the value of the real estate taken as collateral. The creditworthiness of the borrower is considered, including credit scores and debt-to-income ratios.
Installment and other loans’ credit risk is mitigated through prudent underwriting standards, including evaluation of the creditworthiness of the borrower through credit scores and debt-to-income ratios and, if secured, the collateral value of the assets. These loans can be unsecured or secured by assets the value of which may depreciate quickly or may fluctuate and may present a greater risk to the Company than 1-4 family residential loans.
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The following table presents the loan portfolio by segment and class, excluding residential LHFS, at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Commercial real estate:
Owner occupied$645,026 $644,713 
Non-owner occupied1,322,251 1,260,198 
Multi-family216,658 236,703 
Non-owner occupied residential151,560 155,749 
Acquisition and development:
1-4 family residential construction46,355 41,489 
Commercial and land development198,957 198,234 
Agricultural114,409 121,417 
Commercial and industrial481,815 489,371 
Municipal27,744 25,302 
Residential mortgage:
First lien484,022 478,870 
Home equity - term5,685 5,972 
Home equity - lines of credit327,141 321,438 
Other - term(1)
22,442 22,906 
Installment and other loans17,254 18,331 
Total loans $4,061,319 $4,020,693 
(1) Other - term includes PACE loans with unearned income of $449 thousand and $505 thousand at March 31, 2026 and December 31, 2025, respectively.
In order to monitor ongoing risk associated with its loan portfolio and specific loans within the segments, management uses an internal grading system. The first several rating categories, representing the lowest risk to the Bank, are combined and given a “Pass” rating. Management generally follows regulatory definitions in assigning criticized ratings to loans, including "Special Mention," "Substandard," "Doubtful" or "Loss." The Special Mention category includes loans that have potential weaknesses that may, if not monitored or corrected, weaken the asset or inadequately protect the Bank's position at some future date. These assets pose elevated risk, but their weakness does not yet justify a more severe, or classified rating. Substandard loans are classified as they have a well-defined weakness, or weaknesses that jeopardize liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans include loans that management may determine to be either individually evaluated, referred to as "Substandard - Individually Evaluated Loan," or collectively evaluated, referred to as "Substandard Non-Individually Evaluated Loan." A Doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as Loss is deferred. Loss loans are considered uncollectible, as the borrowers are often in bankruptcy, have suspended debt repayments, or have ceased business operations. Once a loan is classified as Loss, there is little prospect of collecting the loan’s principal or interest and it is charged-off.
The Company has a loan review policy and program, which is designed to identify and monitor risk, evaluate the adequacy and adherence to internal credit policies and loan administration procedures, verify the quality of loan approval, monitoring and risk assessments, and assess the overall quality of the loan portfolio. The Management ERM Committee, comprised of executive officers, senior officers and loan department personnel, is charged with the oversight of overall credit quality and risk exposure of the Company's loan portfolio. This includes the monitoring of the lending activities of all Company personnel with respect to underwriting and processing new loans and the timely follow-up and corrective action for loans showing signs of deterioration in quality. A loan review program provides the Company with an independent review of the commercial loan portfolio on an ongoing basis. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as extended delinquencies, bankruptcy, repossession or death of the borrower occurs, which heightens awareness as to a possible credit event.
Internal loan reviews are completed annually on all commercial relationships with a committed loan balance in excess of $2.0 million, which includes confirmation of risk rating by an independent credit officer. In addition, all commercial relationships greater than $500 thousand rated special mention, substandard, doubtful or loss are reviewed quarterly and
23

corresponding risk ratings are reaffirmed by the Company's Problem Loan Committee, with subsequent reporting to the Management ERM Committee and the Board ERM Committee.
The following table presents the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of March 31, 2026 and December 31, 2025. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan and payment activity. Residential mortgage, installment and other consumer loans are presented below based on payment performance: performing or nonperforming. Nonperforming includes substandard - individually evaluated loans.
Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026
20262025202420232022PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Commercial Real Estate:
Owner-occupied:
Risk rating
Pass$14,653 $98,653 $45,482 $83,037 $100,981 $236,424 $10,807 $3,622 $593,659 
Special mention— — 11,694 5,179 — 15,532 1,342 — 33,747 
Substandard - Non-IEL— — 719 1,485 4,364 6,195 1,337 70 14,170 
Substandard - IEL— — — 643 800 2,007 — — 3,450 
Total owner-occupied loans$14,653 $98,653 $57,895 $90,344 $106,145 $260,158 $13,486 $3,692 $645,026 
Current period gross charge offs - owner-occupied$— $— $— $— $— $— $— $— $— 
Non-owner occupied:
Risk rating
Pass$98,893 $164,480 $89,017 $126,145 $186,293 $622,613 $9,773 $997 $1,298,211 
Special mention— — — 10,042 3,006 9,709 — — 22,757 
Substandard - Non-IEL— — — — 880 — — — 880 
Substandard - IEL— — — 135 139 129 — — 403 
Total non-owner occupied loans$98,893 $164,480 $89,017 $136,322 $190,318 $632,451 $9,773 $997 $1,322,251 
Current period gross charge offs - non-owner occupied$— $— $— $— $— $— $— $— $— 
Multi-family:
Risk rating
Pass$3,023 $14,139 $9,223 $6,767 $76,915 $95,866 $1,001 $47 $206,981 
Special mention— — — — 8,800 747 — — 9,547 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — — — 130 — — — 130 
Total multi-family loans$3,023 $14,139 $9,223 $6,767 $85,845 $96,613 $1,001 $47 $216,658 
Current period gross charge offs - multi-family$— $— $— $— $— $— $— $— $— 
Non-owner occupied residential:
Risk rating
Pass$2,535 $10,717 $8,844 $17,013 $25,575 $79,809 $92 $244 $144,829 
Special mention— — — — 39 1,945 — 38 2,022 
Substandard - Non-IEL— — — 127 558 3,525 — 98 4,308 
Substandard - IEL— — — — 193 208 — — 401 
Total non-owner occupied residential loans$2,535 $10,717 $8,844 $17,140 $26,365 $85,487 $92 $380 $151,560 
Current period gross charge offs - non-owner occupied residential$— $— $— $— $37 $— $— $— $37 
continued
24

Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026
20262025202420232022PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Acquisition and development:
1-4 family residential construction:
Risk rating
Pass$4,082 $33,460 $2,737 $4,747 $411 $918 $— $— $46,355 
Special mention— — — — — — — — — 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — — — — — — — — 
Total 1-4 family residential construction loans$4,082 $33,460 $2,737 $4,747 $411 $918 $— $— $46,355 
Current period gross charge offs - 1-4 family residential construction$— $— $— $— $— $— $— $— $— 
Commercial and land development:
Risk rating
Pass$2,676 $31,550 $55,734 $23,169 $56,015 $7,791 $9,675 $— $186,610 
Special mention— — — — — — — — — 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — 89 4,431 7,443 384 — — 12,347 
Total commercial and land development loans$2,676 $31,550 $55,823 $27,600 $63,458 $8,175 $9,675 $— $198,957 
Current period gross charge offs - commercial and land development$— $— $— $— $85 $— $— $— $85 
Agricultural
Risk rating
Pass$5,699 $12,161 $8,485 $11,827 $19,178 $38,861 $14,947 $1,423 $112,581 
Special mention— — — — — 1,273 98 — 1,371 
Substandard - Non-IEL— — 67 20 18 196 148 — 449 
Substandard - IEL— — — — 8 — — — 8 
Total agricultural loans$5,699 $12,161 $8,552 $11,847 $19,204 $40,330 $15,193 $1,423 $114,409 
Current period gross charge offs - agricultural$— $— $— $— $— $— $— $— $— 
Commercial and Industrial:
Risk rating
Pass$14,110 $65,462 $78,382 $28,464 $36,308 $60,971 $143,123 $4,059 $430,879 
Special mention— 8,047 7,204 8,553 253 1,077 14,344 154 39,632 
Substandard - Non-IEL— — 10 1,006 90 61 5,179 1,203 7,549 
Substandard - IEL— — 282 201 203 1,199 33 1,837 3,755 
Total commercial and industrial loans$14,110 $73,509 $85,878 $38,224 $36,854 $63,308 $162,679 $7,253 $481,815 
Current period gross charge offs - commercial and industrial$— $— $— $— $— $677 $122 $— $799 
Municipal:
Risk rating
Pass$3,008 $1 $52 $— $8,811 $14,496 $— $— $26,368 
Special mention— — — — — 1,376 — — 1,376 
Total municipal loans$3,008 $1 $52 $— $8,811 $15,872 $— $— $27,744 
Current period gross charge offs - municipal$— $— $— $— $— $— $— $— $— 
continued
25

Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026
20262025202420232022PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Residential mortgage:
First lien:
Payment performance
Performing$15,705 $72,561 $53,828 $87,146 $90,739 $157,683 $— $— $477,662 
Nonperforming— — 625 1,034 471 4,230 — — 6,360 
Total first lien loans$15,705 $72,561 $54,453 $88,180 $91,210 $161,913 $— $— $484,022 
Current period gross charge offs - first lien$— $— $— $— $— $— $— $— $— 
Home equity - term:
Payment performance
Performing$204 $692 $326 $584 $872 $2,871 $— $— $5,549 
Nonperforming— 78 — — — 58 — — 136 
Total home equity - term loans$204 $770 $326 $584 $872 $2,929 $— $— $5,685 
Current period gross charge offs - home equity - term$— $— $— $— $— $— $— $— $— 
Home equity - lines of credit:
Payment performance
Performing$— $— $— $— $— $— $233,882 $90,067 $323,949 
Nonperforming— — — — — — 1,419 1,773 3,192 
Total residential real estate - home equity - lines of credit loans$— $— $— $— $— $— $235,301 $91,840 $327,141 
Current period gross charge offs - home equity - lines of credit$— $— $— $— $— $— $— $— $— 
Other - term:
Payment performance
Performing$— $— $22,442 $— $— $— $— $— $22,442 
Nonperforming— — — — — — — — — 
Total other - term loans$— $— $22,442 $— $— $— $— $— $22,442 
Current period gross charge offs - other - term$— $— $— $— $— $— $— $— $— 
Installment and other loans:
Payment performance
Performing$582 $490 $932 $1,169 $902 $390 $12,782 $6 $17,253 
Nonperforming— — — 1 — — — — 1 
Total Installment and other loans$582 $490 $932 $1,170 $902 $390 $12,782 $6 $17,254 
Current period gross charge offs - installment and other$— $91 $2 $— $— $— $4 $— $97 

26


Term Loans Amortized Cost Basis by Origination Year
As of December 31, 202520252024202320222021PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Commercial Real Estate:
Owner-occupied:
Risk rating
Pass$96,640 $46,784 $88,930 $103,934 $90,037 $152,232 $13,102 $3,642 $595,301 
Special mention— 10,810 1,713 — 6,721 8,927 93 — 28,264 
Substandard - Non-IEL— 723 1,499 4,411 3,837 3,822 1,658 70 16,020 
Substandard - IEL— — 643 821 974 2,690 — — 5,128 
Total owner-occupied loans$96,640 $58,317 $92,785 $109,166 $101,569 $167,671 $14,853 $3,712 $644,713 
Current period gross charge offs - owner-occupied$— $— $— $337 $— $3 $— $— $340 
Non-owner occupied:
Risk rating
Pass$174,958 $92,343 $126,924 $188,935 $305,539 $338,309 $9,044 $— $1,236,052 
Special mention— — 10,053 3,002 — 9,763 — — 22,818 
Substandard - Non-IEL— — — 883 — — — — 883 
Substandard - IEL— — 139 143 163 — — — 445 
Total non-owner occupied loans$174,958 $92,343 $137,116 $192,963 $305,702 $348,072 $9,044 $— $1,260,198 
Current period gross charge offs - non-owner occupied$— $— $— $— $— $— $— $— $— 
Multi-family:
Risk rating
Pass$15,347 $9,283 $6,800 $77,290 $45,263 $71,549 $860 $672 $227,064 
Special mention— — — 8,751 755 — — — 9,506 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — — 133 — — — — 133 
Total multi-family loans$15,347 $9,283 $6,800 $86,174 $46,018 $71,549 $860 $672 $236,703 
Current period gross charge offs - multi-family$— $— $— $— $— $— $— $— $— 
Non-owner occupied residential:
Risk rating
Pass$9,829 $9,460 $17,833 $26,227 $24,378 $59,928 $479 $146 $148,280 
Special mention— 487 — 39 763 1,243 — 38 2,570 
Substandard - Non-IEL— — 128 561 2,445 1,210 — 100 4,444 
Substandard - IEL— — — 236 121 98 — — 455 
Total non-owner occupied residential loans$9,829 $9,947 $17,961 $27,063 $27,707 $62,479 $479 $284 $155,749 
Current period gross charge offs - non-owner occupied residential$— $— $— $— $— $— $— $— $— 
continued
27

Term Loans Amortized Cost Basis by Origination Year
As of December 31, 202520252024202320222021PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Acquisition and development:
1-4 family residential construction:
Risk rating
Pass$32,602 $5,145 $2,408 $411 $923 $— $— $— $41,489 
Special mention— — — — — — — — — 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — — — — — — — — 
Total 1-4 family residential construction loans$32,602 $5,145 $2,408 $411 $923 $— $— $— $41,489 
Current period gross charge offs - 1-4 family residential construction$— $— $— $— $— $— $— $— $— 
Commercial and land development:
Risk rating
Pass$29,243 $53,272 $27,951 $57,777 $5,319 $3,213 $9,049 $— $185,824 
Special mention— — 4,166 — — — — — 4,166 
Substandard - Non-IEL— — — — — — — — — 
Substandard - IEL— — 275 7,639 330 — — — 8,244 
Total commercial and land development loans$29,243 $53,272 $32,392 $65,416 $5,649 $3,213 $9,049 $— $198,234 
Current period gross charge offs - commercial and land development$— $— $— $— $— $— $— $— $— 
Agricultural
Risk rating
Pass$12,698 $8,621 $12,006 $19,421 $17,013 $25,466 $15,533 $723 $111,481 
Special mention— 1,491 1,670 1,240 1,120 3,878 98 — 9,497 
Substandard - Non-IEL— 74 — 9 199 — 148 — 430 
Substandard - IEL— — — 9 — — — — 9 
Total agricultural loans$12,698 $10,186 $13,676 $20,679 $18,332 $29,344 $15,779 $723 $121,417 
Current period gross charge offs - agricultural$— $— $— $— $25 $6 $— $— $31 
Commercial and Industrial:
Risk rating
Pass$76,830 $80,815 $36,440 $45,357 $40,702 $20,836 $137,914 $8,209 $447,103 
Special mention87 6,999 8,285 263 792 344 12,466 834 30,070 
Substandard - Non-IEL— 12 1,152 99 906 18 5,975 176 8,338 
Substandard - IEL— 321 227 233 179 912 — 1,988 3,860 
Total commercial and industrial loans$76,917 $88,147 $46,104 $45,952 $42,579 $22,110 $156,355 $11,207 $489,371 
Current period gross charge offs - commercial and industrial$— $— $406 $175 $56 $100 $499 $— $1,236 
Municipal:
Risk rating
Pass$— $55 $— $9,012 $2,841 $11,991 $— $— $23,899 
Special mention— — — — — 1,403 — — 1,403 
Total municipal loans$— $55 $— $9,012 $2,841 $13,394 $— $— $25,302 
Current period gross charge offs - municipal$— $— $— $— $— $— $— $— $— 
continued
28

Term Loans Amortized Cost Basis by Origination Year
As of December 31, 202520252024202320222021PriorRevolving Loans Amortized BasisRevolving Loans Converted to TermTotal
Residential mortgage:
First lien:
Payment performance
Performing$74,268 $54,459 $89,440 $92,611 $46,907 $114,926 $— $— $472,611 
Nonperforming— 626 1,060 176 134 4,263 — — 6,259 
Total first lien loans$74,268 $55,085 $90,500 $92,787 $47,041 $119,189 $— $— $478,870 
Current period gross charge offs - first lien$— $51 $— $— $27 $10 $— $— $88 
Home equity - term:
Payment performance
Performing$1,015 $319 $576 $894 $172 $2,814 $— $— $5,790 
Nonperforming87 — — — — 95 — — 182 
Total home equity - term loans$1,102 $319 $576 $894 $172 $2,909 $— $— $5,972 
Current period gross charge offs - home equity - term$— $— $— $36 $— $— $— $— $36 
Home equity - lines of credit:
Payment performance
Performing$— $— $— $— $— $— $223,787 $94,178 $317,965 
Nonperforming— — — — — — 25 3,448 3,473 
Total residential real estate - home equity - lines of credit loans$— $— $— $— $— $— $223,812 $97,626 $321,438 
Current period gross charge offs - home equity - lines of credit$— $— $— $— $— $23 $— $— $23 
Other - term:
Payment performance
Performing$— $22,906 $— $— $— $— $— $— $22,906 
Nonperforming— — — — — — — — — 
Total other - term loans$— $22,906 $— $— $— $— $— $— $22,906 
Current period gross charge offs - other - term$— $— $— $— $— $— $— $— $— 
Installment and other loans:
Payment performance
Performing$1,186 $1,052 $1,425 $1,153 $345 $213 $12,930 $25 $18,329 
Nonperforming— — 2 — — — — — 2 
Total Installment and other loans$1,186 $1,052 $1,427 $1,153 $345 $213 $12,930 $25 $18,331 
Current period gross charge offs - installment and other$453 $234 $6 $8 $4 $15 $74 $— $794 
29

For commercial real estate, acquisition and development, commercial and industrial and municipal segments, a loan is evaluated individually when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining expected credit losses, and whether the loan will be individually evaluated, include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not individually evaluated. Generally, loans that are more than 90 past due will be individually evaluated for a specific reserve. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed to determine if the loan should be placed on nonaccrual status. Similarly, residential mortgage loans are individually evaluated if payment of the contractual principal balance is in doubt or if principal or interest have been in default for a period of 90 or more, unless the loan is both well secured and is in process of collection. Nonaccrual loans are, by definition, deemed to be individually evaluated under CECL. A specific reserve allocation for individually evaluated loans is measured on a loan-by-loan basis by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. For loans that are experiencing financial difficulty for extended periods of time, periodic updates on fair values are obtained, which may include updated appraisals. Updated fair values are incorporated into the analysis in the next reporting period.
Loan charge-offs, which may include partial charge-offs, are taken on an individually evaluated loan that is collateral dependent if the carrying balance of the loan exceeds the appraised value of the collateral, the loan has been placed on nonaccrual status or identified as uncollectible, and it is deemed to be a confirmed loss. Typically, loans with a charge-off or partial charge-off will continue to be individually evaluated. An individually evaluated loan with a partial charge-off may continue to have a specific reserve on it after the partial charge-off, if factors warrant.
At March 31, 2026 and December 31, 2025, the Company’s individually evaluated loans were measured based on the estimated fair value of the collateral securing the loan or the present value of future cash flows. For real estate loans, collateral consists of commercial or residential real estate, but in the case of commercial and industrial loans, it could also consist of accounts receivable, inventory, equipment or other business assets. Commercial and industrial loans may also have real estate collateral.
Updated appraisals are generally required every 18 months for classified commercial loans, secured by commercial real estate, in excess of $250 thousand. The “as is" value provided in the appraisal is often used as the fair value of the collateral in determining impairment, unless circumstances, such as subsequent improvements, approvals, or other circumstances, dictate that another value than that provided by the appraiser is more appropriate.
Commercial loans secured by real estate that are evaluated individually are measured at fair value using certified real estate appraisals that had been completed within the last 18 months. Appraised values are discounted for estimated costs to sell the property and other selling considerations to arrive at the property’s fair value. In those situations, in which it is determined an updated appraisal is not required for loans individually evaluated for credit expected losses, fair values are based on either an existing appraisal or a DCF analysis as determined by management. The approaches are discussed below:
•Existing appraisal – if the existing appraisal provides a strong loan-to-value ratio (generally 70% or lower) and, after consideration of market conditions and knowledge of the property and area, it is determined by the Credit Administration staff that there has not been a significant deterioration in the collateral value, the existing certified appraised value may be used. Discounts to the appraised value, as deemed appropriate for selling costs, are factored into the fair value.
•Discounted cash flows – in limited cases, DCF may be used on projects in which the collateral is liquidated to reduce the borrowings outstanding, and is used to validate collateral values derived from other approaches.
Collateral on loans evaluated individually is not limited to real estate, and may consist of accounts receivable, inventory, equipment or other business assets. Estimated fair values are determined based on borrowers’ financial statements, inventory ledgers, accounts receivable aging or appraisals from individuals with knowledge in the business. Stated balances are generally discounted for the age of the financial information or the quality of the assets. In determining fair value, liquidation discounts are applied to this collateral based on existing loan evaluation policies.
The Company distinguishes substandard loans for both loans individually and collectively evaluated, as it places less emphasis on a loan’s classification, and increased reliance on whether the loan was performing in accordance with the contractual terms. A substandard classification does not automatically meet the definition of an individually evaluated loan.
30

Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual extensions of credit classified as substandard. As a result, the Company’s methodology includes an evaluation of certain accruing commercial real estate, acquisition and development, commercial and industrial and municipal loans rated substandard to be collectively evaluated for credit expected losses. Although the Company believes these loans meet the definition of substandard, they are generally performing and management has concluded that it is likely the Company will be able to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement.
The following table presents the amortized cost basis of nonaccrual loans, according to loan class, with and without reserves on individually evaluated loans as of March 31, 2026 and December 31, 2025. The Company did not recognize interest income on nonaccrual loans during the three months ended March 31, 2026 and 2025.
March 31, 2026December 31, 2025
Nonaccrual loans with a related ACLNonaccrual loans with no related ACLTotal nonaccrual loansLoans Past Due 90+ AccruingNonaccrual loans with a related ACLNonaccrual loans with no related ACLTotal nonaccrual loansLoans Past Due 90+ Accruing
Commercial real estate:
Owner-occupied$227 $3,223 $3,450 $— $227 $4,901 $5,128 $68 
Non-owner occupied— 403 403 — — 445 445 — 
Multi-family— 130 130 — 133 — 133 — 
Non-owner occupied residential— 401 401 — — 455 455 — 
Acquisition and development:
Commercial and land development2,921 9,426 12,347 — 3,005 5,239 8,244 — 
Agricultural— 8 8 — — 9 9 — 
Commercial and industrial1,081 2,674 3,755 — 1,197 2,663 3,860 — 
Residential mortgage:
First lien— 6,202 6,202 95 — 6,100 6,100 431 
Home equity – term— 136 136 — — 182 182 — 
Home equity – lines of credit— 3,192 3,192 — — 3,473 3,473 190 
Other - term— — — 345 — — — 346 
Installment and other loans1 — 1 3 2 — 2 5 
Total$4,230 $25,795 $30,025 $443 $4,564 $23,467 $28,031 $1,040 
A loan is considered to be collateral-dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral. At March 31, 2026 and December 31, 2025, substantially all individually evaluated loans were collateral-dependent and consisted primarily of commercial real estate, acquisition and development and residential mortgage loans, which were secured by commercial or residential real estate.
31

The following table presents the amortized cost basis of collateral-dependent individually evaluated loans by class as of March 31, 2026 and December 31, 2025:
Type of Collateral
March 31, 2026Business AssetsCommercial Real EstateEquipmentLandResidential Real EstateOtherTotal
Commercial real estate:
Owner occupied$— $3,450 $— $— $— $— $3,450 
Non-owner occupied— 403 — — — — 403 
Multi-family— 130 — — — — 130 
Non-owner occupied residential— 401 — — — — 401 
Acquisition and development:
Commercial and land development— 11,858 — 489 — — 12,347 
Agricultural— — 8 — — — 8 
Commercial and industrial2,945 — 817 — — — 3,762 
Residential mortgage:
First lien— — — — 6,021 — 6,021 
Home equity - term— — — — 136 — 136 
Home equity - lines of credit— — — — 3,192 — 3,192 
Installment and other loans— — 1 — — — 1 
Total$2,945 $16,242 $826 $489 $9,349 $— $29,851 
December 31, 2025
Commercial real estate:
Owner occupied$— $5,128 $— $— $— $— $5,128 
Non-owner occupied— 445 — — — — 445 
Multi-family— 133 — — — — 133 
Non-owner occupied residential— 455 — — — — 455 
Acquisition and development:
Commercial and land development— 7,897 — 347 — — 8,244 
Agricultural— — 9 — — — 9 
Commercial and industrial2,921 — 945 — — — 3,866 
Residential mortgage:
First lien— — — — 5,914 — 5,914 
Home equity - term— — — — 182 — 182 
Home equity - lines of credit— — — — 3,473 — 3,473 
Installment and other loans— — 2 — — — 2 
Total$2,921 $14,058 $956 $347 $9,569 $— $27,851 
The Company may modify loans to borrowers experiencing financial difficulty by providing principal forgiveness, term extension, interest rate reduction or an other-than-insignificant payment delay. When principal forgiveness is provided, the amount of forgiveness is charged off against the ACL. The Company may also provide multiple types of modifications on an individual loan.
During the three months ended March 31, 2026, the Company did not extend any modifications to borrowers experiencing financial difficulty that had a more-than-insignificant direct change in the contractual cash flows of the loan. During the three months ended March 31, 2025, the Company extended modifications to three borrowers experiencing financial difficulty that had a more-than-insignificant direct change in the contractual cash flows of the loan. For loans previously modified to borrowers experiencing financial difficulty, there are FDMs totaling $5.0 million that are on nonaccrual status and no FDMs that are 90 days or more past due and accruing at March 31, 2026. At March 31, 2026, the Company did not commit to lend additional amounts to borrowers, who was experiencing financial difficulty, with a loan previously modified that was an FDM.
32

The following table presents the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2025, by loan class and by type of modification. The percentage of the amortized cost of loans that were modified to borrowers experiencing difficulty as compared to the amortized cost of loan class is also presented below.
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionsTotal Class of Financing Receivable
March 31, 2025
Commercial real estate:
Owner-occupied$— $— $8 $— $— $— — %
Acquisition and development:
Commercial and land development— — 5,016 — — — 2.21 %
Total:$— $— $5,024 $— $— $— 
The Company monitors the performance of the modified loans to borrowers experiencing financial difficulty to determine the effectiveness of its modification efforts. At March 31, 2026, modified loans to borrowers experiencing financial difficulty that had a payment default in the twelve months following the modification totaled $4.6 million, which included commercial and land development loans with modified term extensions with an amortized cost of $4.5 million and an owner-occupied commercial real estate loan with a combination of a modified term extension and interest rate reduction with an amortized cost of $82 thousand. At March 31, 2025, modified loans to borrowers experiencing financial difficulty that had a payment default in the twelve months following the modification included a commercial and industrial loan with an extension modification with an amortized cost of $44 thousand.
The following table presents the performance of the loans modified during the three months ended March 31, 2025, which includes loans that remain on nonaccrual status:
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueTotalNon-Accrual
March 31, 2025
Commercial real estate:
Owner-occupied$— $— $— $— $— $8 
Acquisition and development:
Commercial and land development4,747 — — — 4,747 269 
Total:4,747 — — — 4,747 277 
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three months ended March 31, 2025:
Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (in years)
Three Months Ended
March 31, 2025
Commercial real estate:
Owner-occupied$— — %0.3
Acquisition and development:
Commercial and land development$— — %0.5

33

Management further monitors the performance and credit quality of the loan portfolio by analyzing the length of time a portfolio is past due by aggregating loans based on its delinquencies. The following table presents the classes of the loan portfolio summarized by aging categories at March 31, 2026 and December 31, 2025:
30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Past Due		Loans Not Past DueTotal
Loans
March 31, 2026
Commercial real estate:
Owner occupied$2,740 $308 $870 $3,918 $641,108 $645,026 
Non-owner occupied135 117 — 252 1,321,999 1,322,251 
Multi-family— 66 130 196 216,462 216,658 
Non-owner occupied residential1,193 147 78 1,418 150,142 151,560 
Acquisition and development:
1-4 family residential construction— — — — 46,355 46,355 
Commercial and land development4,166 — 3,393 7,559 191,398 198,957 
Agricultural178 22 — 200 114,209 114,409 
Commercial and industrial452 140 1,055 1,647 480,168 481,815 
Municipal— — — — 27,744 27,744 
Residential mortgage:
First lien9,981 1,693 2,417 14,091 469,931 484,022 
Home equity - term69 — 8 77 5,608 5,685 
Home equity - lines of credit1,026 850 850 2,726 324,415 327,141 
Other - term— — 345 345 22,097 22,442 
Installment and other loans746 12 3 761 16,493 17,254 
$20,686 $3,355 $9,149 $33,190 $4,028,129 $4,061,319 
December 31, 2025
Commercial real estate:
Owner occupied$1,066 $148 $1,770 $2,984 $641,729 $644,713 
Non-owner occupied462 792 — 1,254 1,258,944 1,260,198 
Multi-family100 — 133 233 236,470 236,703 
Non-owner occupied residential98 24 115 237 155,512 155,749 
Acquisition and development:
1-4 family residential construction— — — — 41,489 41,489 
Commercial and land development— 151 7,969 8,120 190,114 198,234 
Agricultural807 — — 807 120,610 121,417 
Commercial and industrial1,614 155 1,139 2,908 486,463 489,371 
Municipal— — — — 25,302 25,302 
Residential mortgage:
First lien9,264 3,158 4,085 16,507 462,363 478,870 
Home equity - term53 55 128 236 5,736 5,972 
Home equity - lines of credit2,101 491 2,715 5,307 316,131 321,438 
Other - term— — 346 346 22,560 22,906 
Installment and other loans28 13 5 46 18,285 18,331 
$15,593 $4,987 $18,405 $38,985 $3,981,708 $4,020,693 

34

The Company’s ACL is calculated quarterly, with any adjustment recorded to the provision for credit losses in the consolidated statements of income. Management calculates the quantitative portion of collectively evaluated loans for all loan categories, with the exception of the consumer loan segment, using DCF methodology. For purposes of calculating the quantitative portion of collectively evaluated reserves on the consumer loan segment, the remaining life methodology is utilized. For purposes of estimating the Company’s ACL, management generally evaluates collectively evaluated loans by federal call code, which represents the loan classes based upon U.S. regulatory loan classification rules, in order to group loans with similar risk characteristics.
Loans that do not share similar risk characteristics are evaluated on an individual loan basis, and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include loans on nonaccrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans that are collectively evaluated on a loan pool basis. A specific reserve analysis may be applied to the individually evaluated loans, which considers collateral value, an observable market price or the present value of expected future cash flows. A specific reserve is assigned if the measured value of the loan using one of these methods is less than the current carrying value of the loan.
Based on management's analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the quantitatively calculated reserve calculated on collectively evaluated loans. As the quantitative reserve calculation incorporates historical conditions, management may consider an additional or reduced reserve is warranted through qualitative risk factors based on current and expected conditions, which may be assigned at different levels of significance: minor, moderate or major. All factors noted above were within the Bank's CECL framework at March 31, 2026. These qualitative risk factors considered by management include significant or unexpected changes in:
Nature and Volume of Loans – including loan growth in the current and subsequent quarters based on the Company’s targeted growth and strategic plan, coupled with the types of loans booked based on risk management and credit culture; the number of exceptions to loan policy; and supervisory loan to value exceptions.
Concentrations of Credit and Changes within Credit Concentrations – including the composition of the Company’s overall portfolio makeup and management's evaluation related to concentration risk management and the inherent risk associated with the concentrations identified.
Lending Policies and Procedures, Underwriting Standards and Recovery Practices – including changes to credit policies and procedures, underwriting standards and perceived impact on anticipated losses, trends in the number of exceptions to loan policy, supervisory loan to value exceptions; and administration of loan recovery practices.
Delinquency and Classified Loan Trends – including delinquency percentages and internal loan ratings noted in the portfolio relative to economic conditions, severity of the delinquencies and the ratings and whether the ratios are trending upwards or downwards.
Collateral Valuation Trends – including underlying market conditions and impact on the collateral values securing the loans.
Experience, Ability and Depth of Management/Lending staff – including the level of experience of senior and middle management and the lending staff, turnover of the staff, and instances of repeat criticisms.
Quality of Loan Review System – including the level of experience of the loan review staff, in-house versus outsourced provider of review, turnover of the staff and instances of repeat criticisms from independent testing, which includes the evaluation of internal loan ratings of the portfolio.
Economic Conditions – including trends in the international, national, regional and local conditions that monitor the interest rate environment, inflationary pressures, the consumer price index, the housing price index, housing statistics, and bankruptcy rates.
Other External Factors - including regulatory and legal environment risks and competition.
35

The following table presents the activity in the ACL for the three months ended March 31, 2026 and 2025:
CommercialConsumer
Commercial
Real Estate		Acquisition
and
Development		AgriculturalCommercial
and
Industrial		MunicipalTotalResidential
Mortgage		Installment
and Other		TotalTotal
Three Months Ended
March 31, 2026
Balance, beginning of period$25,552 $6,179 $127 $7,114 $328 $39,300 $7,708 $673 $8,381 $47,681 
Provision for credit losses487 (157)85 (94)(4)317 500 (89)411 728 
Charge-offs(37)(85)— (799)— (921)— (97)(97)(1,018)
Recoveries16 — — 26 — 42 8 22 30 72 
Balance, end of period$26,018 $5,937 $212 $6,247 $324 $38,738 $8,216 $509 $8,725 $47,463 
March 31, 2025
Balance, beginning of period$29,551 $6,601 $110 $6,190 $320 $42,772 $5,240 $677 $5,917 $48,689 
Provision for credit losses(3,587)(452)78 1,236 107 (2,618)1,998 66 2,064 (554)
Charge-offs(75)— (25)(517)— (617)— (276)(276)(893)
Recoveries4 1 — 453 — 458 74 30 104 562 
Balance, end of period$25,893 $6,150 $163 $7,362 $427 $39,995 $7,312 $497 $7,809 $47,804 
NOTE 5. LEASES
A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has primarily entered into operating leases for branches and office space. Most of the Company's leases contain renewal options, which the Company is reasonably certain to exercise. Including renewal options, the Company's leases range from two to 27 years. Operating and finance lease right-of-use assets are included in other assets, operating lease liabilities are included in other liabilities and the finance lease liability is included in other borrowings on the Company's unaudited condensed consolidated balance sheets.
The Company uses its incremental borrowing rate to determine the present value of the lease payments, as the rate implicit in the Company's leases is not readily determinable. Lease agreements that contain non-lease components are generally accounted for as a single lease component, while variable costs, such as common area maintenance expenses and property taxes, are expensed as incurred.
The following table summarizes the Company's operating leases at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Operating lease ROU assets$13,105 $13,854 
Operating lease ROU liabilities13,920 14,722 
Weighted-average remaining lease term (in years)15.415.2
Weighted-average discount rate4.6 %4.5 %
The following table summarizes the Company's finance lease at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Financing lease assets
$283 $299 
Weighted-average remaining lease term (in years)3.94.2
Weighted-average discount rate5.0 %5.0 %
The following table presents information related to the Company's operating and finance leases for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026March 31, 2025
Cash paid for operating lease liabilities$421 $393 
Cash paid for finance lease liabilities20 19 
Operating lease expense1,159 856 
36

The following table presents expected future maturities of the Company's operating lease liabilities as of March 31, 2026:
2026$1,272 
20271,730 
20281,296 
20291,213 
20301,167 
Thereafter14,025 
20,703 
Less: imputed interest6,783 
Total operating lease liabilities$13,920 
NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS
At both March 31, 2026 and December 31, 2025, goodwill was $69.8 million. As permitted under GAAP, the Company had up to twelve months following the date of the Merger to finalize the fair values of the acquired assets and assumed liabilities related to the Merger with Codorus Valley. During this measurement period, the Company recorded subsequent adjustments totaling $1.6 million to goodwill for provisional amounts related to income taxes recorded at the Merger date, which increased total goodwill from the Merger to $51.0 million. The measurement period to finalize the fair values of the acquired assets and assumed liabilities ended on June 30, 2025. No further adjustments to the fair values were recorded subsequent to twelve months following the Merger date.
March 31, 2026December 31, 2025
Balance, beginning of year$69,751 $68,106 
Adjustments to acquired goodwill— 1,645 
Balance, end of period$69,751 $69,751 
Goodwill is not amortized, but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit. The Company conducted its last annual goodwill impairment test as of November 30, 2025 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. No changes occurred that would impact the results of that analysis through March 31, 2026. No impairment charges were recorded in the three months ended March 31, 2026 and 2025.
The following table presents changes in and components of other intangible assets for the three months ended March 31, 2026 and 2025. No impairment charges were recorded on other intangible assets during the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
20262025
Beginning of period$37,990 $47,765 
Amortization expense(2,239)(2,535)
Balance, end of period$35,751 $45,230 
37

The following table presents the components of other identifiable intangible assets at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Gross AmountAccumulated
Amortization		Gross AmountAccumulated
Amortization
Amortized intangible assets:
Core deposit intangible$48,530 $20,503 $48,530 $18,706 
Customer relationship intangibles11,231 3,507 11,231 3,065 
Total$59,761 $24,010 $59,761 $21,771 
The following table presents future estimated aggregate amortization expense for other identifiable intangible assets at March 31, 2026:
2026$6,346 
20277,404 
20286,226 
20295,126 
20304,111 
Thereafter6,538 
Total other identifiable intangible assets$35,751 
NOTE 7. SHARE-BASED COMPENSATION PLANS
The Company maintains two share-based compensation plans: the 2011 Stock Incentive Plan (the "2011 Plan") and the 2025 Stock Incentive Plan (the "2025 Plan"). The purpose of the share-based compensation plans is to provide officers, employees, and members of the Board of Directors of the Company with additional incentive to further the success of the Company, and awards may consist of grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. All employees and members of the Board of Directors of the Company and its subsidiaries are eligible to participate in the Company's share-based compensation plans. The Company's share-based compensation plans allow for the Compensation Committee of the Board of Directors to determine the type of incentive to be awarded, its term, manner of exercise, vesting and restrictions on shares. Generally, awards are nonqualified under the IRC, unless the awards are deemed to be incentive awards to employees at the Compensation Committee’s discretion.
At March 31, 2026, 440,000 shares of the Company's common stock were reserved for issuance under the 2025 Plan, of which 212,053 shares were available to be issued.
The following table presents a summary of nonvested restricted shares activity for the three months ended March 31, 2026:
SharesWeighted Average Grant Date Fair Value
Nonvested shares, beginning of year253,755 $30.47 
Granted161,975 36.66 
Forfeited— — 
Vested(70,438)27.31 
Nonvested shares, at period end345,292 $34.02 
38

The following table presents restricted share compensation expense, with tax benefit information, and fair value of shares vested, for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
20262025
Restricted share award expense$1,533 $1,354 
Restricted share award tax benefit322 284 
Fair value of shares vested2,653 1,475 
The unrecognized compensation expense related to the share awards totaled $7.9 million at March 31, 2026 and $4.0 million at December 31, 2025. The unrecognized compensation expense at March 31, 2026 is expected to be recognized over a weighted-average period of 2.2 years.
The following table presents the summary of stock option activity as of March 31, 2026. The weighted average of remaining contractual term of shares exercisable is 1.6 years.
SharesWeighted Average
Exercise Price
Outstanding at January 1, 2026
13,202 $25.29 
Exercised— 0.00 
Outstanding at end of period13,202 25.29 
Fully vested and expected to vest13,202 25.29 
Exercisable, at March 31, 2026
13,202 $25.29 
The following table presents information about stock options exercised for the three months ended March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Total intrinsic value of options exercised$— $42 
Cash received from options exercised— 252 
Tax benefit realized from stock options exercised— 9 
The Company maintains an employee stock purchase plan to provide employees of the Company with an opportunity to purchase Company common stock. Eligible employees may purchase shares in an amount that does not exceed the lesser of the IRS limit of $25,000 or 10% of their annual salary at the lower of 95% of the fair market value of the shares on the semi-annual offering date, or related purchase date. The purchases occur in March and September of each year. The Company reserved 350,000 shares of its common stock to be issued under the employee stock purchase plan, of which 120,702 shares were available to be issued at March 31, 2026.
The following table presents information for the employee stock purchase plan for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
20262025
Shares purchased2,278 2,080 
Weighted average price of shares purchased$32.97 $31.83 
Compensation expense recognized$7 $3 
The Company issues new shares or treasury shares, depending on market conditions, in its share-based compensation plans.
39

NOTE 8. DEPOSITS
The following table summarizes deposits by type at March 31, 2026 and December 31, 2025. Brokered money market deposit balances were $45.1 million and $45.2 million at March 31, 2026 and December 31, 2025, respectively. Brokered time deposits totaled $50.6 million at both March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
Noninterest-bearing demand deposits$882,588 $870,906 
Interest-bearing demand deposits1,242,165 1,169,004 
Money market and savings1,591,872 1,586,874 
Time ($250,000 or less)760,348 754,181 
Time (over $250,000)150,451 147,809 
Total$4,627,424 $4,528,774 
NOTE 9. DERIVATIVE FINANCIAL INSTRUMENTS
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and also through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used as risk management tools by the Company to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investment securities and borrowings and are not used for trading or speculative purposes.
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy.
Interest rate swaps designated as cash flow hedges involve the hedge of the exposure to variability in expected future cash flows through the receipt of fixed or variable amounts from a counterparty in exchange for the Company making variable-rate or fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company, however, discontinues cash flow hedge accounting if it is probable the forecasted hedged transactions will not occur in the initially identified time period due to circumstances, such as the forecasted transaction being no longer probable or the hedge ceases to be highly effective. Upon discontinuance, the associated gains and losses deferred in AOCI are reclassified immediately into earnings and subsequent changes in the fair value of the cash flow hedge are recognized in earnings.
At both March 31, 2026 and December 31, 2025, the Company had two interest rate swaps designated as a cash flow hedge with a notional value of $160.0 million for the purpose of hedging variable cash flows associated with the Company's borrowings and brokered money market deposits. During the three months ended March 31, 2026 and 2025, the Company did not enter into new interest rate swaps designated as cash flow hedges.
Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The gain or loss on the fair value hedge, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as the fair value changes. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability.
During the three months ended March 31, 2025, the Company terminated its three pay-fixed interest rate swaps with a total notional value of $100.0 million, which were on closed portfolio loans with the Bank's commercial clients. The interest rate swaps were designated as fair value hedges and allowed the Company to offer long-term fixed rate loans to commercial clients while mitigating the interest rate risk of a long-term asset by converting fixed rate interest payments to floating rate interest payments indexed to a synthetic U.S. SOFR rate. During the three months ended March 31, 2026, the Company did not enter into new interest rate swaps designated as fair value hedges.
40

The Company enters into interest rate swap agreements that allow its commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to an interest rate swap agreement, which serves to effectively swap the customer’s variable-rate loan into a fixed-rate loan. In addition, the Company may enter into interest rate caps that allow its commercial loan customers to gain protection against significant interest rate increases and provide an upper limit, or cap, on the variable interest rate. The Company then enters into a corresponding swap or cap agreement with a third party in order to economically hedge its exposure through the customer agreement. The interest rate swaps and interest rate caps with both the customers and third parties are not designated as hedges and are marked through earnings. At March 31, 2026, the Company had 107 customer and 107 corresponding third-party broker interest rate derivatives not designated as a hedging instrument with an aggregate notional amount of $1.2 billion. At December 31, 2025, the Company had 96 customer and 96 third-party broker interest rate derivatives not designated as a hedging instrument with an aggregate notional value of $1.1 billion. During the three months ended March 31, 2026, the Company entered into 16 new interest rate swaps with commercial loan customers, and recorded swap fee income of $1.3 million. There were three swap terminations and two matured swap agreements during the three months ended March 31, 2026. The Company entered into nine new interest rate swaps and recorded $394 thousand in swap fee income during the three months ended March 31, 2025. Swap fee income is included in other noninterest income in the unaudited condensed consolidated statements of income.
At March 31, 2026 and December 31, 2025, the Company had cash collateral of $10.7 million and $8.0 million with third parties for certain of these derivatives, respectively. At March 31, 2026 and December 31, 2025, the Company held cash collateral of $1.9 million and zero from a counterparty for these derivatives, respectively.
The Company also may enter into risk participation agreements with a financial institution counterparty for an interest rate derivative contract related to a loan in which the Company may be a participant or the agent bank. The risk participation agreement provides credit protection to the agent bank should the borrower fail to perform on its interest rate derivative contracts with the agent bank. The Company manages its credit risk on the risk participation agreement by monitoring the creditworthiness of the borrower, which is based on the same credit review process as though the Company had entered into the derivative instruments directly with the borrower. The notional amount of such risk participation agreement reflects the Company’s pro-rata share of the derivative instrument, consistent with its share of the related loan participation. At March 31, 2026, the Company had five risk participation agreements with sold protection with a notional value of $26.1 million compared to six risk participation agreements with sold protection with a notional value of $44.6 million at December 31, 2025. The Company had six risk participations with purchased protection with a notional value of $31.6 million at March 31, 2026 compared to six risk participations with purchased protection with a notional value of $31.7 million at December 31, 2025. The Company did not enter into any risk participation agreements during the three months ended March 31, 2026 and 2025. The Company did not terminate any risk participations during the three months ended March 31, 2026. One risk participation with sold protection matured during the three months ended March 31, 2026. one risk participation with sold protection was terminated during the three months ended March 31, 2025.
As a part of its normal residential mortgage operations, the Company will enter into an interest rate lock commitment with a potential borrower. The Company may enter into a corresponding commitment with an investor to sell that loan at a specific price shortly after origination. Adjustments are recorded through earnings to account for the net change in fair value of these transactions for the held for sale loan pipeline. The fair value of held for sale loans can vary based on the interest rate locked with the customer and the current market interest rate at the balance sheet date.
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The following table summarizes the fair value of the Company's derivative instruments at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Notional AmountBalance Sheet LocationFair ValueNotional AmountBalance Sheet LocationFair Value
Derivatives designated as hedging instruments:
Cash flow hedge designation:
Interest rate swaps - FHLB advances$75,000 Other assets$114 $75,000 Other liabilities$(348)
Interest rate swaps - FHLB advances and brokered money market deposits85,000 Other assets643 85,000 Other assets132 
Total derivatives designated as hedging instruments$757 $(216)
Derivatives not designated as hedging instruments:
Interest rate swaps$585,979 Other assets$12,243 $539,225 Other assets$14,463 
Interest rate swaps585,979 Other liabilities(12,575)539,225 Other liabilities(14,720)
Purchased options – rate cap5,681 Other assets1 5,709 Other assets— 
Written options – rate cap5,681 Other liabilities(1)5,709 Other liabilities— 
Risk participations - sold credit protection26,097 Other liabilities(76)44,638 Other liabilities(70)
Risk participations - purchased credit protection31,620 Other assets50 31,702 Other assets43 
Interest rate lock commitments with customers3,101 Other assets63 1,811 Other assets38 
Forward sale commitments3,554 Other assets10 5,948 Other liabilities(11)
Total derivatives not designated as hedging instruments$(285)$(257)
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of March 31, 2026 and 2025. During the three months ended March 31, 2025, the Company terminated its three pay-fixed interest rate swaps with a total notional value of $100.0 million.
Carrying Amounts of Hedged AssetsCumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets
March 31,March 31,
2026202520262025
Commercial loansn/a$— n/a$— 
The following tables summarize the effect of the Company's derivative financial instruments on OCI and net income for the three months ended March 31, 2026 and 2025:
Amount of Gain (Loss) Recognized in OCI on Derivative
Three Months Ended March 31,
20262025
Derivatives in cash flow hedging relationships:
Interest rate products$972 $(916)

Amount of Loss Reclassified from AOCI into IncomeLocation of Loss Recognized from AOCI into Income
Three Months Ended March 31,
20262025
Derivatives in cash flow hedging relationships:
Interest rate products$— $— Interest income

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Amount of (Loss) Gain Recognized in IncomeLocation of Gain Recognized in Income
Three Months Ended March 31,
20262025
Derivatives designated as hedging instruments
Fair value hedge designation:
Interest rate swaps - commercial loans (1)
$— $(1)Interest income on loans
Derivatives not designated as hedging instruments:
Interest rate products$(75)$(252)Other operating expenses
Risk participation agreements1 3 Other operating expenses
Interest rate lock commitments with customers25 93 Mortgage banking activities
Forward sale commitments22 (25)Mortgage banking activities
Total derivatives not designated as hedging instruments$(27)$(181)
(1) Amount includes the net of the change in the fair value of the interest rate swaps hedging commercial loans and the change in the carrying value included in the hedged commercial loans.
The following table is a summary of components for interest rate swaps designated as hedging instruments at March 31, 2026 and December 31, 2025:
Weighted Average Pay RateWeighted Average Receive RateWeighted Average Maturity in Years
March 31, 2026
Cash flow hedge designation:
Interest rate swaps - FHLB advances and brokered deposits3.35 %3.67 %2.3
December 31, 2025
Cash flow hedge designation:
Interest rate swaps - FHLB advances and brokered deposits3.35 %3.93 %2.5
NOTE 10. SUBORDINATED NOTES
At both March 31, 2026 and December 31, 2025, subordinated notes payable totaled $31.0 million, which qualified for Tier 2 capital subject to the regulatory capital phase out limitations.
The Company assumed Codorus Valley's unsecured subordinated notes that were issued in December 2020, which may be redeemed, in whole or in part, in a principal amount with integral multiples of $10.0 million, on or after December 9, 2025 and prior to the maturity date at 100% of the principal amount, plus accrued and unpaid interest. The subordinated notes mature on December 9, 2030. The subordinated notes are also redeemable in whole or in part from time to time, upon the occurrence of specific events defined within the note purchase agreements. The subordinated notes had a fixed rate of interest equal to 4.50% until December 30, 2025. After that term, the variable rate of interest is equal to the three-month CME term SOFR rate plus 4.04%. At March 31, 2026 and December 31, 2025, the interest rates on the subordinated notes were 7.72% and 8.06%, respectively. These subordinated notes were marked to fair value at $28.6 million, with a discount of $2.4 million being amortized and netted against interest expense over the stated maturity. At March 31, 2026 and December 31, 2025, the unearned discount totaled $1.7 million and $1.8 million, respectively.
The Company also assumed junior subordinated trust preferred debt of $10.3 million with a fair value of $7.6 million, with a discount of $2.7 million being amortized and netted against interest expense over the stated maturity. In June 2006, Codorus Valley formed CVB Statutory Trust No. II, a wholly-owned special purpose entity whose sole purpose was to facilitate a pooled trust preferred debt issuance of $7.2 million with a stated maturity of July 7, 2036 and a variable rate of three-month CME term SOFR rate, plus a spread adjustment of 0.26161% and a margin of 1.54% through maturity. In November 2004, Codorus Valley formed CVB Statutory Trust No. I to facilitate a pooled trust preferred debt issuance of $3.1 million with a stated maturity of December 15, 2034 and a variable rate of three-month CME term SOFR rate, plus a spread adjustment of 0.26161% and a margin of 2.02% through maturity. The Company owns all of the common stock of these nonbank entities, and the debentures are the sole assets of the trusts. The accounts of both trusts are not consolidated for financial reporting purposes
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in accordance with FASB ASC 810, Consolidation. For regulatory capital purposes, the trust preferred securities qualified as Tier 1 capital, but are subject to capital limitations under the risk-based capital guidelines.
The remaining maturities of subordinated notes and trust preferred debt as of March 31, 2026 and 2025, are as follows:
March 31, 2026December 31, 2025
Subordinated debt maturing:
203031,000 31,000 
Trust preferred junior subordinated debt maturing:
2034$3,093 $3,093 
20367,217 7,217 

NOTE 11. SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Under the Basel Committee on Banking Supervision's capital guidelines for U.S. Banks, an entity must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The Company and the Bank have elected not to include net unrealized gains or losses included in AOCI in computing regulatory capital.
The Company and the Bank met all capital adequacy requirements to which they are subject at March 31, 2026 and December 31, 2025. Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2026, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank's classification.
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The following table presents capital amounts and ratios at March 31, 2026 and December 31, 2025:
 ActualFor Capital Adequacy Purposes
(includes applicable capital conservation buffer)		To Be Well
Capitalized Under
Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
March 31, 2026
Total risk-based capital:
Orrstown Financial Services, Inc.$601,948 13.5 %$467,464 10.5 %n/an/a
Orrstown Bank603,598 13.6 %467,416 10.5 %$445,158 10.0 %
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.532,294 12.0 %378,423 8.5 %n/an/a
Orrstown Bank557,371 12.5 %378,384 8.5 %356,127 8.0 %
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.524,305 11.8 %311,643 7.0 %n/an/a
Orrstown Bank557,371 12.5 %311,611 7.0 %289,353 6.5 %
Tier 1 leverage capital:
Orrstown Financial Services, Inc.532,294 9.7 %218,617 4.0 %n/an/a
Orrstown Bank557,371 10.2 %218,791 4.0 %273,489 5.0 %
December 31, 2025
Total risk-based capital:
Orrstown Financial Services, Inc.$587,354 13.3 %$463,702 10.5 %n/an/a
Orrstown Bank588,026 13.3 %463,671 10.5 %$441,592 10.0 %
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.514,572 11.7 %375,378 8.5 %n/an/a
Orrstown Bank538,598 12.2 %375,353 8.5 %353,273 8.0 %
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.506,643 11.5 %309,135 7.0 %n/an/a
Orrstown Bank538,598 12.2 %309,114 7.0 %287,035 6.5 %
Tier 1 leverage capital:
Orrstown Financial Services, Inc.514,572 9.5 %217,008 4.0 %n/an/a
Orrstown Bank538,598 9.9 %217,148 4.0 %271,435 5.0 %
The Company maintains a stockholder dividend reinvestment and stock purchase plan. Under the plan, shareholders may purchase additional shares of the Company’s common stock at the prevailing market prices with reinvested dividends and voluntary cash payments. The Company reserved 1,045,000 shares of its common stock to be issued under the dividend reinvestment and stock purchase plan. At March 31, 2026, approximately 665,000 shares were available to be issued under the plan.
On June 20, 2025, the Board of Directors of the Company authorized a share repurchase program pursuant to which the Company could repurchase up to 500,000 shares of its outstanding common stock in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act, as amended. When and if appropriate, repurchases may be made in the open market or privately negotiated transactions, depending on market conditions, regulatory requirements and other corporate considerations, as determined by management. Share repurchases may not occur and may be discontinued at any time. For the three months ended March 31, 2026, the Company repurchased 12,600 shares of its common stock. Common stock available for future repurchase totals 479,070 shares, or 2.4% of the Company's outstanding common stock at March 31, 2026.
On April 21, 2026, the Board of Directors declared a cash dividend of $0.30 per common share, which will be paid on May 12, 2026 to shareholders of record at May 5, 2026.
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NOTE 12. EARNINGS PER SHARE
The following table presents earnings per share for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(shares presented in the table are in thousands)20262025
Net income$21,809 $18,051 
Weighted average shares outstanding - basic19,274 19,157 
Dilutive effect of share-based compensation136 171 
Weighted average shares outstanding - diluted19,410 19,328 
Per share information:
Basic earnings per share$1.13 $0.94 
Diluted earnings per share1.12 0.93 
For the three months ended March 31, 2026 and 2025, the total average shares of the outstanding antidilutive restricted stock grants were 111,000 and 2,070 shares, respectively. For the three months ended March 31, 2026, the total average shares of the exercisable antidilutive stock options outstanding were zero. For the three months ended March 31, 2025, there were no antidilutive exercisable stock options. Antidilutive shares are excluded from the computation of earnings per share as the grant price exceeded the average market price. The dilutive effect of share-based compensation in each period above relates to restricted stock awards and vested and unexercised stock options.
NOTE 13. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the unaudited condensed consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit and financial guarantees written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The following table presents these contractual, or notional, amounts at March 31, 2026 and December 31, 2025:
Contractual or Notional Amount
March 31, 2026December 31, 2025
Commitments to fund:
Home equity lines of credit$549,915 $539,336 
1-4 family residential construction loans84,676 93,905 
Commercial real estate, construction and land development loans217,279 256,806 
Commercial, industrial and other loans577,118 597,023 
Letters of credit36,495 37,241 
Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the client. Collateral varies but may include accounts receivable, inventory, equipment, residential real estate, and income-producing commercial properties.
Standby letters of credit and financial guarantees written are conditional commitments issued by the Company to guarantee the performance of a client to a third party. Those guarantees are primarily issued to support clients' borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to clients. The Company holds collateral supporting those commitments when deemed necessary by management. The liability at March 31, 2026 and December 31, 2025 for guarantees under standby letters of credit issued was not considered to be material.
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The Company maintains a reserve on its off-balance sheet credit exposures, which totaled $2.0 million at March 31, 2026 and $2.4 million at December 31, 2025, respectively, and is recorded in other liabilities on the unaudited condensed consolidated balance sheets. The Company recorded a recovery of credit losses on off-balance sheet exposure of $376 thousand and zero for the three months ended March 31, 2026 and 2025, respectively. The reserve is based on management's estimate of expected losses in its off-balance sheet credit exposures. The reserve specific to unfunded loan commitments is determined by applying utilization assumptions based on historical experience and applying the expected loss rates by loan class. The change in the reserve for off-balance sheet credit exposures is recorded as a provision or reduction to expense through the provision for credit losses in the unaudited condensed consolidated statements of income.
NOTE 14. FAIR VALUE
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.
The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are:
Level 1 – quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access at the measurement date.
Level 2 – significant other observable inputs other than Level 1 prices such as prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3 – at least one significant unobservable input that reflects a company's own assumptions about the assumptions that market participants would use in pricing an asset or liability.
In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The Company used the following methods and significant assumptions to estimate fair value for instruments measured on a recurring basis:
Where quoted prices are available in an active market, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, investment securities are classified within Level 2 and fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or DCF. Level 2 investment securities include U.S. agency securities, MBS, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. The Company’s investment securities are classified as AFS.
The fair values of interest rate swaps, interest rate caps and risk participation derivatives are determined using models that incorporate readily observable market data into a market standard methodology. This methodology nets the discounted future cash receipts and the discounted expected cash payments. The discounted variable cash receipts and payments are based on expectations of future interest rates derived from observable market interest rate curves. In addition, fair value is adjusted for the effect of nonperformance risk by incorporating credit valuation adjustments for the Company and its counterparties. These assets and liabilities are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements.
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The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:
Level 1Level 2Level 3Total Fair
Value
Measurements
March 31, 2026
Financial Assets
Investment securities:
U.S. Treasury securities$14,197 $— $— $14,197 
U.S. Government Agencies— 1,659 — 1,659 
States and political subdivisions— 194,728 5,620 200,348 
GSE residential MBSs— 237,001 — 237,001 
GSE commercial MBSs— 5,753 — 5,753 
GSE residential CMOs— 346,076 — 346,076 
Non-agency CMOs— 56,790 7,243 64,033 
Asset-backed— 71,481 4,247 75,728 
Corporate debt
— 1,983 — 1,983 
Other240 — — 240 
Loans held for sale— 3,366 — 3,366 
Derivatives— 13,051 63 13,114 
Totals$14,437 $931,888 $17,173 $963,498 
Financial Liabilities
Derivatives$— $12,652 $— $12,652 
December 31, 2025
Financial Assets
Investment securities:
U.S. Treasury securities$14,211 $— $— $14,211 
U.S. Government Agencies— 1,796 — 1,796 
States and political subdivisions— 196,482 5,666 202,148 
GSE residential MBSs— 234,103 — 234,103 
GSE commercial MBSs— 6,171 — 6,171 
GSE residential CMOs— 354,003 — 354,003 
Non-agency CMOs— 50,161 9,662 59,823 
Asset-backed— 78,250 — 78,250 
Corporate debt
— 1,992 — 1,992 
Other243 — — 243 
Loans held for sale— 6,090 — 6,090 
Derivatives— 14,638 38 14,676 
Totals$14,454 $943,686 $15,366 $973,506 
Financial Liabilities
Derivatives$— $15,138 $— $15,138 
The Company had one municipal bond, two CMOs and two asset-backed securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at March 31, 2026 and one municipal bond and two CMOs at December 31, 2025. The Level 3 valuation is based on a non-executable broker quote, which is considered a significant unobservable input. Such quotes are updated as available and may remain constant for a period of time for certain broker-quoted securities that do not move with the market or that are not interest rate sensitive as a result of their structure or overall attributes.

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The Company’s residential mortgage LHFS are recorded at fair value utilizing Level 2 measurements. This fair value measurement is determined based upon third party quotes obtained on similar loans. For LHFS, for which the fair value option has been elected, the aggregate fair value was greater than the aggregate principal balance by $39 thousand and $129 thousand as of March 31, 2026 and December 31, 2025, respectively.
The determination of the fair value of interest rate lock commitments on residential mortgages is based on agreed upon pricing with the respective investor on each loan and includes a pull through percentage. The pull through percentage represents an estimate of loans in the pipeline to be delivered to an investor versus the total loans committed for delivery. Significant changes in this input could result in a significantly higher or lower fair value measurement. As the pull through percentage is a significant unobservable input, this is deemed a Level 3 valuation input. The average pull through percentage, which is based upon historical experience, was 92% as of March 31, 2026. An increase or decrease of 5% in the pull through assumption would result in a positive or negative change of $3 thousand in the fair value of interest rate lock commitments at March 31, 2026.
The following provides details of the Level 3 fair value measurement activity for the periods ended March 31, 2026 and 2025:
Investment securities:
Three Months Ended March 31,
20262025
Balance, beginning of period$15,328 $16,920 
Unrealized losses included in OCI(182)(539)
Purchases4,860 — 
Net discount accretion52 13 
Principal payments and other(1,707)(129)
Transfers into level 37,182 — 
Transfers out of level 3(8,423)— 
Balance, end of period$17,110 $16,265 

Interest rate lock commitments on residential mortgages:
Three Months Ended March 31,
20262025
Balance, beginning of period$38 $20 
Total gains included in earnings25 93 
Balance, end of period$63 $113 
Certain financial assets are measured at fair value on a nonrecurring basis. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write-downs of individual assets. The Company used the following methods and significant assumptions to estimate fair value for these financial assets.
There were four transfers into Level 3 and two transfers out of Level 3 during the three months ended March 31, 2026 and no transfers into or out of Level 3 during the three months ended March 31, 2025.
Individually Evaluated Loans
Loans individually evaluated for credit expected losses include nonaccrual loans and other loans that do not share similar risk characteristics to loans in the CECL loan pools, which have been classified as Level 3. Individually evaluated loans with an allocation to the ACL are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses on the consolidated statements of income.
The measurement of loss associated with loans evaluated individually for all loan classes was based on either the observable market price of the loan, the fair value of the collateral, or DCF. For collateral-dependent loans, fair value was measured based on the value of the collateral securing the loan, less estimated costs to sell. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The value of the real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral is a house or building in
49

the process of construction, or if management adjusts the appraisal value, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal, if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3).
Changes in the fair value of individually evaluated loans still held and considered in the determination of the provision for credit losses was an increase of $235 thousand for the three months ended March 31, 2026 compared to a decline of $595 thousand for the three months ended March 31, 2025.
Foreclosed Real Estate
OREO property acquired through foreclosure is initially recorded at the fair value of the property at the transfer date less estimated selling cost. Subsequently, OREO is carried at the lower of its carrying value or the fair value less estimated selling cost. Fair value is usually determined based upon an independent third-party appraisal of the property or occasionally upon a recent sales offer. During the three months ended March 31, 2026, the Company transferred two loans into OREO with a total fair value of $1.1 million, which there have been no subsequent write-downs. The Company did not sell OREO during the three months ended March 31, 2026 or 2025. At December 31, 2025, the OREO balance was zero.
Mortgage Servicing Rights
MSRs are evaluated for impairment by comparing the carrying value to the fair value, which is determined through a DCF valuation that utilizes inputs that focus on loan-level characteristics, prepayment speeds, servicing costs, the discount rate and delinquency rates. To the extent the amortized cost of the MSRs exceeds their estimated fair values, a valuation allowance is established for such impairment. Fair value adjustments on the MSRs only occurs if there is an impairment charge. At March 31, 2026, the fair value of the MSR was $5.4 million, which exceeded the carrying value of $3.2 million. At December 31, 2025, the fair value of the MSR was $5.5 million, which exceeded the carrying value of $3.3 million. At March 31, 2026 and December 31, 2025, the MSR impairment reserve was nominal and $41 thousand, respectively. For the three months ended March 31, 2026, there was an impairment valuation allowance reversal of $41 thousand in mortgage banking activities on the unaudited consolidated statements of income. For the three months ended March 31, 2025, there was no impairment valuation allowance adjustment in mortgage banking activities on the unaudited consolidated statements of income.
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The following table summarizes assets measured at fair value on a nonrecurring basis at March 31, 2026 and December 31, 2025:
Level 1Level 2Level 3Total
Fair Value
Measurements
March 31, 2026
Individually Evaluated Loans
Commercial real estate:
Owner occupied$— $— $807 $807 
Non-owner occupied residential— — 106 106 
Acquisition and development:
Commercial and land development— — 748 748 
Commercial and industrial— — 2,547 2,547 
Residential mortgage:
First lien— — 812 812 
Home equity - lines of credit— — 6 6 
Total individually evaluated loans$— $— $5,026 $5,026 
December 31, 2025
Individually Evaluated Loans
Commercial real estate:
Owner occupied$— $— $1,664 $1,664 
Non-owner occupied residential— — 31 31 
Acquisition and development:
Commercial and land development— — 832 832 
Commercial and industrial— — 2,494 2,494 
Residential mortgage:
First lien— — 834 834 
Home equity - lines of credit— — 9 9 
Total individually evaluated loans
$— $— $5,864 $5,864 
Mortgage servicing rights$— $— $536 $536 
The following table presents additional qualitative information about assets measured on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
Fair Value
Estimate		Valuation
Techniques
Unobservable Input (1)
Range
March 31, 2026
Individually evaluated loans$5,026 Appraisal of collateralManagement adjustments on appraisals for property type and recent activity
10.00% - 84.00% discount
 - Management adjustments for liquidation expenses
8.76% - 42.45% discount
December 31, 2025
Individually evaluated loans
$5,864 Appraisal of collateralManagement adjustments on appraisals for property type and recent activity
10.00% - 84.00% discount
 - Management adjustments for liquidation expenses
8.28% - 65.04% discount
Mortgage servicing rights$536 Income approach - DCFWeighted average CPR6.86%
- Weighted average discount rate9.02%

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Fair values of financial instruments
GAAP requires disclosure of the fair value of financial assets and liabilities, including those that are not measured and reported at fair value on a recurring or nonrecurring basis. The following table presents carrying amounts and estimated fair values of the financial assets and liabilities at March 31, 2026 and December 31, 2025:
Carrying
Amount		Fair ValueLevel 1Level 2Level 3
March 31, 2026
Financial Assets
Cash and due from banks$49,014 $49,014 $49,014 $— $— 
Interest-bearing deposits with banks112,122 112,122 112,122 — — 
Restricted investments in bank stock23,984 n/an/an/an/a
Investment securities947,018 947,018 14,437 915,471 17,110 
Loans held for sale3,366 3,366 — 3,366 — 
Loans, net of allowance for credit losses4,013,856 3,940,737 — — 3,940,737 
Derivatives13,114 13,114 — 13,051 63 
Accrued interest receivable21,176 21,176 — 4,558 16,618 
Financial Liabilities
Deposits4,627,424 4,626,352 — 4,626,352 — 
Securities sold under agreements to repurchase and federal funds purchased19,264 19,264 — 19,264 — 
FHLB advances and other borrowings206,694 206,663 — 206,663 — 
Subordinated notes and trust preferred debt37,274 38,894 — 38,894 — 
Derivatives12,652 12,652 — 12,652 — 
Accrued interest payable3,140 3,140 — 3,140 — 
Off-balance sheet instruments— — — — — 
December 31, 2025
Financial Assets
Cash and due from banks$42,083 $42,083 $42,083 $— $— 
Interest-bearing deposits with banks107,691 107,691 107,691 — — 
Restricted investments in bank stock26,717 n/an/an/an/a
Investment securities952,740 952,740 14,454 922,958 15,328 
Loans held for sale6,090 6,090 — 6,090 — 
Loans, net of allowance for loan losses3,973,012 3,934,248 — — 3,934,248 
Derivatives14,676 14,676 — 14,638 38 
Accrued interest receivable21,473 21,473 — 5,026 16,447 
Financial Liabilities
Deposits4,528,774 4,527,619 — 4,527,619 — 
Securities sold under agreements to repurchase24,542 24,542 — 24,542 — 
FHLB advances and other borrowings274,701 274,765 — 274,765 — 
Subordinated notes and trust preferred debt37,122 38,861 — 38,861 — 
Derivatives15,138 15,138 — 15,138 — 
Accrued interest payable3,497 3,497 — 3,497 — 
Off-balance sheet instruments— — — — — 
In accordance with the Company's adoption of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, the methods utilized to measure the fair value of financial instruments at March 31, 2026 and December 31, 2025 represent an approximation of exit price; however, an actual exit price may differ.
NOTE 15. SEGMENT REPORTING
Operating segments are components of a business, which are evaluated regularly by the Company's Chief Financial Officer, who is the designated CODM and is responsible for deciding how to allocate resources and assess performance. The segment is distinguished by the level of the information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products and services and customers are similar. While the Company monitors the available information about products and services, operations are managed and financial performance is evaluated on a company-wide basis. Management has determined that the Company has one reportable segment consisting of community banking and is engaged in lending activities and deposit services in addition to
52

providing fiduciary, investment advisory, insurance and brokerage services. Management continues to evaluate the Company's business units for separate reporting if facts and circumstances change.
The community banking segment includes revenues from interest income primarily from loans and investment securities and non-interest income, which includes revenue from trust and investment management and retail brokerage services. The performance of the segment is evaluated using net income that is also reported on the consolidated statements of income. The measure of segment assets is reported on the consolidated balance sheets. Significant expenses, other than interest expense and the provision for credit losses, of the Company include salaries and employee benefits, occupancy, furniture and equipment, data processing and professional service fees. The CODM evaluates the financial performance of the segment using net income to monitor budget versus actual results. Other relevant company-wide financial performance and credit quality metrics used by the CODM to evaluate the segment performance and benchmark to the Company's peers include return on average assets, return on average shareholders' equity, basic and diluted earnings per common share, net interest margin and the efficiency ratio, among others.
NOTE 16. CONTINGENCIES
The nature of the Company’s business generates a certain amount of litigation involving matters arising out of the ordinary course of business. In the opinion of management, there are no legal proceedings that might have a material effect on the results of operations, liquidity, or the financial position of the Company at this time.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis is intended to assist readers in understanding the consolidated financial condition and results of operations of Orrstown and should be read in conjunction with the preceding unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q, as well as with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the SEC on March 12, 2026. Throughout this discussion, the yield on earning assets is stated on a fully taxable-equivalent basis and balances represent average daily balances unless otherwise stated. All dollar amounts presented in the tables, except per share amounts, are in thousands.
Overview
The Company, headquartered in Harrisburg, Pennsylvania, is a one-bank holding company that has elected status as a financial holding company. The consolidated financial information presented herein reflects the Company and its wholly-owned subsidiary, the Bank. At March 31, 2026, the Company had total assets of $5.6 billion, total liabilities of $5.0 billion and total shareholders’ equity of $603.2 million as reported in the unaudited consolidated balance sheets.
For the three months ended March 31, 2026 and 2025, the Company had net income of $21.8 million and $18.1 million, respectively. Diluted earnings per share were $1.12 and $0.93 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the Company incurred merger-related expenses of zero and $1.6 million, respectively. The merger-related expenses are included in non-interest expenses in the unaudited consolidated statements of income.
Cautionary Note About Forward-Looking Statements
Certain statements appearing herein, which are not historical in nature, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, we may make other written and oral communications, from time to time, that contain such statements. Such forward-looking statements reflect the current views of the Company's management with respect to, among other things, future events and the Company's financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. Forward-looking statements are statements that include projections, predictions, expectations, estimates or beliefs about events or results or otherwise are not statements of historical facts, many of which, by their nature, are inherently uncertain and beyond the Company's control, and include, but are not limited to, statements related to new business development, new loan opportunities, growth in the balance sheet and fee-based revenue lines of business, merger and acquisition activity, cost savings initiatives, reducing risk assets, and mitigating losses in the future. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives, and continued reductions in risk assets or mitigate losses in the future. Factors which could cause the actual results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, the following: interest rate changes or volatility; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in, and evolving interpretations of, existing and future laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; the impact of tariffs; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings made with the SEC. The statements are valid only as of the date hereof and we disclaim any obligation to update this information.
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Economic Climate, Inflation and Interest Rates
Preliminary real GDP increased at a rate of 2.0% on an annualized basis for the first quarter of 2026, which was an increase from 1.4% during the fourth quarter of 2025 and an increase from contraction of 0.3% during the first quarter of 2025. The increase during the first quarter of 2026 was primarily due to the rise in investment, which includes business spending and inventories, in addition to consumer spending and government spending, following the government shutdown at the end of 2025. Key contributors to investment presently are intellectual property and information processing equipment. An offsetting factor influencing the GDP rate was the increase in imports, which includes parts for information processing.
The personal consumption expenditures ("PCE") price index increased by 4.5% in the first quarter of 2026 compared to an increase of 2.9% for the fourth quarter of 2025 and 2.3% during the first quarter of 2025. Excluding food and energy prices, the PCE price index increased by 4.3% in the first quarter of 2026, 2.7% in the fourth quarter of 2025 and 2.3% in the first quarter of 2025. The increase in the PCE price index reflects rising service sector costs and inflationary pressures. Rising costs include energy prices, which have been impacted by the geopolitical conflict in the Middle East, and pass-through costs on goods impacted by tariffs.
The national unemployment rate was 4.3% in March 2026 compared to 4.4% in December 2025. During the first quarter of 2026, there were job gains reported in healthcare, construction, transportation and warehousing. Within the Company's geographic footprint, the unemployment rate in Pennsylvania was 4.3% in March 2026 compared to 3.7% in December 2025. The unemployment rate in Maryland increased from 4.2% in December 2025 to 4.3% in March 2026. The unemployment rates in Pennsylvania and Maryland both remain aligned with the national level. These state-wide unemployment rates are consistent with those experienced by the counties in which the Company operates branches and other corporate offices.
Following a 25 basis point increase in July 2023, the Federal Funds rate remained unchanged until September 2024, when the FOMC cut the Federal Funds rate by 50 basis points. The FOMC subsequently implemented additional rate cuts of 25 basis points in December 2024, September 2025, October 2025 and December 2025. These changes were based on the FOMC's assessment of inflation, the unemployment rate and jobs report.
At March 31, 2026, the 10-year Treasury bond yield was 4.30%, an increase from 4.14% at December 31, 2025. Contributing factors for the increase include geopolitical conflict, which has caused energy prices to rise and created concerns with inflationary pressure. Despite the recent FOMC rate cuts, the current geopolitical conflict could result in a pause or increase in the Federal Funds rate.
The majority of the assets and liabilities of a financial institution are monetary in nature and, therefore, differ greatly from most commercial and industrial companies that have significant investments in fixed assets or inventories. However, inflation does have an impact on the Company, particularly with respect to the growth of total assets and noninterest expenses, which tend to rise during periods of general inflation. Risks also exist due to supply and demand imbalances, the interest rate environment, geopolitical tensions, uncertainty related to the impact of tariffs, the scope and timing of changes to fiscal, regulatory and trade policies.
Critical Accounting Estimates
The Company’s accounting and reporting policies are in accordance with GAAP and follow accounting and reporting guidelines prescribed by bank regulatory authorities and general practices within the financial services industry in which it operates. Our financial position and results of operations are affected by management's application of accounting policies, including estimates, and assumptions and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the balance sheet date and through the date the financial statements are filed with the SEC. Different assumptions in the application of these policies could result in material changes in the consolidated financial position and/or consolidated results of operations and related disclosures. The more critical accounting estimates include accounting for business combinations, accounting for credit losses and accounting for income taxes.
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Business Combinations
The Company accounts for its mergers and acquisitions using the acquisition method of accounting under the provisions of FASB ASC Topic 805 ("ASC 805"), Business Combinations. Under ASC 805, the assets acquired, including identified intangible assets such as core deposit intangibles and customer relationship intangibles, and liabilities assumed in a business combination are recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combination are expensed as incurred. The excess of the merger consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.
The valuations are based upon management’s assumptions of future growth rates, future attrition, discount rates and other relevant factors, which involves a significant level of estimation and uncertainty. In addition, management engaged independent third-party specialists to assist in the development of the fair values of the acquired assets and assumed liabilities. The preliminary estimates of fair values may be adjusted for a period of time subsequent to the acquisition date if new information is obtained about facts and circumstances that existed as of the merger date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments would be recorded to goodwill during the current reporting period. Examples of the impacted acquired loans and assumed liabilities includes loans, deposits, identifiable intangible assets, borrowings and certain other assets and liabilities.
For acquired loans at the merger date, management evaluated and classified loans based upon whether the loans had experienced a more-than-insignificant amount of credit deteriorating since origination. To determine the fair value of the loans, significant estimates and assumptions were applied, including projected cash flows, discount rates, repayment speeds, credit loss severity rates, default rates and realizable collateral values. At acquisition, the allowance on PCD loans is booked directly to the ACL using the Company’s existing ACL methodology, but there is no initial impact to net income. Subsequent to acquisition, future changes in estimates of expected credit losses on PCD loans are recognized as provision expense (or reversal of provision expense). The ACL for non-PCD loans is recognized as a provision for credit losses in the same reporting period as the business acquisition, using the Company’s existing ACL methodology.
These critical accounting estimates are discussed in detail in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025. Significant accounting policies and any changes in accounting principles and effects of new accounting pronouncements are discussed in Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements under Part II, Item 8, "Financial Statements and Supplementary Data," in our Annual Report on Form 10-K for the year ended December 31, 2025.
Accounting for Credit Losses - Loans
The ACL represents the amount that, in management’s judgment, appropriately reflects credit losses inherent in the loan portfolio at the balance sheet date. A provision for credit losses is recorded to adjust the level of the ACL as determined by management. The CECL methodology requires an organization to measure all expected credit losses over the contractual term for financial assets measured at amortized cost based on historical credit loss experience, current conditions, and reasonable and supportable forecasts.
Determining the ACL inherently involves a high degree of subjectivity and requires the Company to make significant estimates of current credit risks and trends, all of which may undergo material changes, including expected probabilities of default, expected loss given default, the timing of expected future cash flows including the impact from unexpected changes in prepayment speeds, estimated losses based on historical credit loss experience and forecasted economic conditions. To the extent actual results differ from management's estimates, additional provisions for credit losses may be required that could adversely impact results of operations and regulatory capital in future periods.
The ACL is maintained at a level considered appropriate to absorb credit losses over the expected life of the loan. The ACL for expected credit losses is determined based on a quantitative assessment of two categories of loans: collectively evaluated loans and individually evaluated loans. In addition, the ACL also includes a qualitative component, which adjusts the CECL model results for risk factors that are not considered within the CECL model, but are relevant in assessing the expected credit losses within the loan classes.
The ACL on loans is measured on a collective basis when similar risk characteristics exist within the Company's loan segments between commercial and consumer. Each of these loan segments are broken down into multiple loan classes, which are characterized by loan type, collateral type, risk attributions and the manner in which management monitors the performance of the borrower. The risks associated with lending activities differ and are subject to the impact of changes in interest rates, market conditions, the collateral securing the loans, and general economic conditions.
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The ACL for loans collectively evaluated is measured using a lifetime expected loss rate model that considers historical loss performance and past events in addition to forecasts of future economic conditions. Based on management's analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the quantitatively calculated reserve on collectively evaluated loans. As the quantitative reserve calculation incorporates historical conditions, management may consider if an additional or reduced reserve is warranted and make adjustments through qualitative risk factors based on current and expected conditions. Management uses the best available information to complete these evaluations; however, future adjustments to the ACL may be necessary if conditions significantly differ from the assumptions used in making the evaluations.
The ACL for loans collectively evaluated is measured using a lifetime expected loss rate model under the vendor's neutral scenario that considers historical loss performance and past events in addition to forecasts of future economic conditions. The Company elected to use the DCF methodology for the quantitative analysis for the majority of its loan segments, which applies the probability of default to future cash flows, using a loss driver model and loss given default factors, and then adjusts to the net present value to derive the required reserve. The probability of default estimates are derived through the application of reasonable and supportable economic forecasts to the regression models, which incorporates the Company's and peer loss-rate data, unemployment rate and GDP and can be obtained from the Federal Reserve Economic Database. The reasonable and supportable forecasts of the selected economic metrics are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The prepayment and curtailment assumptions adjust the contractual terms of the loan to arrive at the expected cash flows. The model incorporates an annualized prepayment rate and a twelve-month rate for curtailment based on a "statistical tendency to repay." Changes in the prepayment and curtailment speeds that vary from the current model inputs could result in inaccurate expected credit losses. The development and validation of credit models also included determining the length of the reasonable and supportable forecast and regression period and utilizing national peer group historical loss rates, which a four-quarter forecast period followed by a four-quarter straight-line reversion period were applied.
Management incorporates the national unemployment rate and GDP as the drivers of the quantitative portion of collectively evaluated reserves on loan classes reliant upon the DCF methodology, primarily as a result of high correlation coefficients identified in regression modeling, which represents a significant judgment in determining the ACL; however, changes in the macroeconomic forecast could significantly impact the calculated ACL. For the consumer loan segment, the quantitative reserve was calculated using the remaining life methodology where the average historical bank-specific and peer loss rates are applied to expected loan balances over an estimated remaining life of loans. The estimated remaining life is calculated using historical bank-specific loan attrition data.
See Note 1, Summary of Significant Accounting Policies, and Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information."
Accounting for Income Taxes
The Company is subject to federal and state income taxes in the jurisdictions in which it operates. Due to the complexity of the tax laws, management may make judgments in computing income tax expense, which are subject to varying interpretations by management and the taxing authorities, and could result in changes upon final determination. Income tax expense is based upon income before taxes, adjusted for the effect of certain tax-exempt income, non-deductible expenses and credits. Temporary differences may occur as a result of certain income and expense items being reported in different periods for financial reporting and tax purposes. Deferred taxes are calculated, using the applicable enacted marginal tax rate, based on the differences between the tax basis and carrying value of the asset or liability on the financial statement. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of income. Under FASB ASC 740, Income Taxes, the Company must apply a more likely than not probability threshold on its tax positions before a financial statement benefit is recognized. A valuation allowance would be recognized if any deferred tax assets were determined to be more likely than not unrecoverable.
Readers of the Company's consolidated financial statements should be aware that the estimates and assumptions used may need to be updated in future financial presentations for changes in circumstances, business or economic conditions, in order to fairly represent the condition of the Company at that time.
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RESULTS OF OPERATIONS
Three months ended March 31, 2026 compared with three months ended March 31, 2025
Summary
Net income totaled $21.8 million for the three months ended March 31, 2026 compared to $18.1 million for the same period in 2025. Diluted earnings per share for the three months ended March 31, 2026 totaled $1.12 compared to $0.93 for the three months ended March 31, 2025. For the three months ended March 31, 2026 and 2025, the Company incurred merger-related expenses of zero and $1.6 million, respectively, which were included in non-interest expenses of the unaudited condensed consolidated statements of income. For the three months ended March 31, 2025, excluding these non-recurring expenses, net income and diluted earnings per common share totaled $19.3 million and $1.00, respectively. See “Supplemental Reporting of Non-GAAP Measures” for additional information.
Net interest income totaled $49.0 million for the three months ended March 31, 2026 compared to $48.8 million for the three months ended March 31, 2025.
The net provision for credit losses on loans and unfunded loan commitments included expense of $352 thousand and a recovery of $554 thousand for the three months ended March 31, 2026 and 2025, respectively.
Noninterest income totaled $15.6 million and $11.6 million for the three months ended March 31, 2026 and 2025, respectively.
Noninterest expenses totaled $36.7 million and $38.2 million for the three months ended March 31, 2026 and 2025, respectively.
Income tax expense totaled $5.7 million and $4.7 million for the three months ended March 31, 2026 and 2025, respectively. The Company's effective tax rate was 20.7% for both the three months ended March 31, 2026 and 2025.
Net Interest Income
Net interest income increased by $244 thousand from $48.8 million for the three months ended March 31, 2025 to $49.0 million for the three months ended March 31, 2026. Interest income on loans decreased by $437 thousand from $63.4 million for the three months ended March 31, 2025 to $63.0 million for the three months ended March 31, 2026. Interest income on investment securities increased by $913 thousand from $9.8 million for the three months ended March 31, 2025 to $10.7 million for the three months ended March 31, 2026. Total interest expense decreased by $1.4 million from $26.8 million for the three months ended March 31, 2025 to $25.4 million for the three months ended March 31, 2026. Interest expense on deposits decreased by $2.3 million from $24.3 million for the three months ended March 31, 2025 to $22.0 million for the three months ended March 31, 2026. Interest expense on borrowings increased by $875 thousand from $2.5 million in the three months ended March 31, 2025 to $3.4 million for the three months ended March 31, 2026.
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The following table presents net interest income, net interest spread and net interest margin for the three months ended March 31, 2026 and 2025 on a taxable-equivalent basis:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Average
Balance		Taxable-
Equivalent
Interest		Taxable-
Equivalent
Rate		Average
Balance		Taxable-
Equivalent
Interest		Taxable-
Equivalent
Rate
Assets
Federal funds sold & interest-bearing bank balances
$70,086 $637 3.69 %$203,347 $2,268 4.52 %
Investment securities (1)(2)
984,060 11,079 4.51 865,126 10,052 4.65 
Loans (1)(3)(4)(5)
4,070,889 63,214 6.29 3,909,694 63,641 6.59 
Total interest-earning assets5,125,035 74,930 5.91 4,978,167 75,961 6.17 
Other assets423,779 447,530 
Total$5,548,814 $5,425,697 
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits$2,534,291 13,796 2.21 $2,473,543 14,156 2.32 
Savings deposits259,585 143 0.22 273,313 165 0.25 
Time deposits906,875 8,047 3.60 970,588 9,939 4.15 
Total interest-bearing deposits3,700,751 21,986 2.41 3,717,444 24,260 2.65 
Securities sold under agreements to repurchase and federal funds purchased23,674 97 1.66 26,163 84 1.30 
FHLB advances and other borrowings248,357 2,355 3.85 112,859 1,118 4.02 
Subordinated notes and trust preferred debt
37,175 921 10.05 68,739 1,296 7.65 
Total interest-bearing liabilities4,009,957 25,359 2.56 3,925,205 26,758 2.76 
Noninterest-bearing demand deposits850,415 887,726 
Other liabilities89,112 89,077 
Total liabilities4,949,484 4,902,008 
Shareholders’ equity599,330 523,689 
Total$5,548,814 $5,425,697 
Taxable-equivalent net interest income / net interest spread
49,571 3.35 %49,203 3.41 %
Taxable-equivalent net interest margin3.90 %4.00 %
Taxable-equivalent adjustment(566)(442)
Net interest income$49,005 $48,761 
NOTES TO ANALYSIS OF NET INTEREST INCOME:
(1)Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
(2)
Average balance of investment securities is computed at fair value.
(3)
Average balances include nonaccrual loans.
(4)
Interest income on loans includes prepayment and late fees, where applicable.
(5)
Interest income on loans includes accretion on purchase accounting marks of $4.2 million and $6.6 million for the three months ended March 31, 2026 and 2025, respectively.

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The following table presents the impact of rate and volume on the change in taxable-equivalent net interest income for the three months ended March 31, 2025 compared to the three months ended March 31, 2026:
Three Months Ended March 31, 2026 Versus 2025 Increase (Decrease) Due to Change In
Average VolumeAverage RateTotal
Interest Income
Federal funds sold and interest-bearing bank balances$(1,486)$(145)$(1,631)
Taxable securities1,419 (512)907 
Tax-exempt securities14 106 120 
Loans2,620 (3,047)(427)
Total interest income2,567 (3,598)(1,031)
Interest Expense
Interest-bearing demand deposits348 (708)(360)
Savings deposits(9)(13)(22)
Time deposits(652)(1,240)(1,892)
Total interest-bearing deposits(313)(1,961)(2,274)
Securities purchases under agreements to repurchase and federal funds purchased(8)21 13 
FHLB advances and other borrowings1,342 (105)1,237 
Subordinated notes and trust preferred debt
(595)220 (375)
Total interest expense426 (1,825)(1,399)
Taxable-Equivalent Net Interest Income$2,141 $(1,773)$368 
Net interest income on a taxable-equivalent basis increased by $368 thousand to $49.6 million for the three months ended March 31, 2026 from $49.2 million for the three months ended March 31, 2025. The Company's net interest spread decreased by six basis points from 3.41% for the three months ended March 31, 2025 to 3.35% for the three months ended March 31, 2026.
Taxable-equivalent net interest margin decreased by 10 basis points to 3.90% for the three months ended March 31, 2026 from 4.00% for the three months ended March 31, 2025. The taxable-equivalent yield on interest-earning assets decreased by 26 basis points from 6.17% for the three months ended March 31, 2025 to 5.91% for the three months ended March 31, 2026 due primarily to the impact of the decline in the Fed Funds rate and the decrease in the accretion income recognized on fair value marks to acquired loans and securities. The net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings was $4.7 million during the three months ended March 31, 2026 compared to $6.9 million in net accretion during the three months ended March 31, 2025. The net interest margin benefited from the decrease of 20 basis points in the cost of interest-bearing liabilities from 2.76% to 2.56%, reflecting the impact of deposit rate reductions over that time period and the runoff of higher rate time deposits and money market balances.
Average loans increased by $161.2 million to $4.1 billion for the three months ended March 31, 2026 from $3.9 billion for the three months ended March 31, 2025. Average investment securities increased by $119.0 million to $984.1 million for the three months ended March 31, 2026 from $865.1 million for the three months ended March 31, 2025. Average interest-bearing liabilities increased by $84.8 million to $4.0 billion for the three months ended March 31, 2026 from $3.9 billion for the three months ended March 31, 2025.
The average yield on loans decreased by 30 basis points to 6.29% for the three months ended March 31, 2026 compared to 6.59% for the three months ended March 31, 2025. Taxable-equivalent interest income earned on loans decreased by $427 thousand primarily due to the impact of a decline in the Fed Funds rate and the decrease in the accretion income recognized on fair value marks to acquired loans, partially offset by an increase in the average loan balances.
The average balance of commercial loans increased by $96.1 million from $3.1 billion for the three months ended March 31, 2025 to $3.2 billion for the three months ended March 31, 2026. Average residential mortgage loans increased by $46.2 million from $461.8 million during the three months ended March 31, 2025 to $508.0 million during the three months ended March 31, 2026. Average home equity loans increased by $23.6 million from $288.7 million for the three months ended March 31, 2025 to $312.3 million for the three months ended March 31, 2026. Average installment and other consumer loans
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decreased by $4.7 million from $45.9 million for the three months ended March 31, 2025 to $41.2 million for the three months ended March 31, 2026.
Accretion of purchase accounting adjustments on loans included in interest income was $4.2 million and $6.6 million for the three months ended March 31, 2026 and 2025, respectively, which included accelerated accretion totaling $1.0 million and $1.4 million during the three months ended March 31, 2026 and 2025, respectively. Prepayment income on loans increased from $300 thousand for the three months ended March 31, 2025 to $579 thousand for the three months ended March 31, 2026.
Interest income on investment securities on a tax-equivalent basis increased by $1.0 million to $11.1 million for the three months ended March 31, 2026 from $10.1 million for the three months ended March 31, 2025, with the taxable equivalent yield decreasing from 4.65% for the three months ended March 31, 2025 to 4.51% for the three months ended March 31, 2026. The 14 basis point decrease reflects the impact from the decline in the market interest rates and the decrease in the accretion recognized on fair value marks to acquired securities. Accretion on acquired investment securities was $678 thousand for the three months ended March 31, 2026 compared to $839 thousand for the three months ended March 31, 2025. The average balance of investment securities increased by $119.0 million to $984.1 million for the three months ended March 31, 2026 from $865.1 million for the three months ended March 31, 2025 due primarily to investment security purchases. During the three months ended March 31, 2026 and 2025, the Company did not sell any investment securities.
Interest income on federal funds sold and interest-bearing bank balances on a tax-equivalent basis decreased by $1.6 million to $637 thousand for the three months ended March 31, 2026 from $2.3 million for the three months ended March 31, 2025. The average balance of federal funds sold and interest-bearing bank balances decreased by $133.2 million from $203.3 million for the three months ended March 31, 2025 to $70.1 million for the three months ended March 31, 2026, which was derived from the increase in average loans and decrease in average deposits. The FOMC has cut the Federal Funds rate by 75 basis points since September 2025.
Interest expense on interest-bearing liabilities decreased by $1.4 million from $26.8 million for the three months ended March 31, 2025 to $25.4 million for the three months ended March 31, 2026. The cost of interest-bearing liabilities decreased by 20 basis points from 2.76% for the three months ended March 31, 2025 to 2.56% for the three months ended March 31, 2026 reflecting the impact of deposit rate reductions and the runoff of higher rate time deposits and money market balances. The average balance of interest-bearing deposits decreased by $16.7 million and totaled $3.7 billion for the three months ended March 31, 2026 from three months ended March 31, 2025. Average time deposits decreased by $63.7 million to $906.9 million for the three months ended March 31, 2026 from $970.6 million for the three months ended March 31, 2025. Average savings deposits decreased by $13.7 million to $259.6 million for the three months ended March 31, 2026 from $273.3 million for the three months ended March 31, 2025. Average interest-bearing demand deposits increased by $60.7 million and totaled $2.5 billion for both the three months ended March 31, 2026 and 2025. Amortization of fair value marks on acquired time deposits was $38 thousand for the three months ended March 31, 2026 compared to $452 thousand for the three months ended March 31, 2025.
Interest expense on borrowings increased by $875 thousand to $3.4 million for the three months ended March 31, 2026 from $2.5 million for the three months ended March 31, 2025. The cost of borrowings increased by 46 basis points to 4.42% for the three months ended March 31, 2026 from 4.88% for the three months ended March 31, 2025. Average borrowings increased by $101.4 million from $207.8 million for the three months ended March 31, 2025 to $309.2 million for the three months ended March 31, 2026. Average borrowings included average FHLB advances and other borrowings of $248.4 million for the three months ended March 31, 2026, an increase of $135.5 million, from an average of $112.9 million for the three months ended March 31, 2025. The cost of the Company's subordinated notes, excluding the fair value mark, was 8.16% for the three months ended March 31, 2026 compared to 6.16% for the three months ended March 31, 2025, which was due to the interest rate converting to a variable rate on December 30, 2025. For the three months ended March 31, 2026 and 2025, the cost of the variable-rate trust preferred debt, excluding the fair value mark, was 5.72% and 6.37%, respectively. Amortization of fair value marks on acquired borrowings was $152 thousand for both the three months ended March 31, 2026 and 2025. Funding costs were elevated in the first half of the quarter in 2026 due to seasonal deposit declines, which increased borrowing balances temporarily. Significant deposit inflow in the back half of the quarter in 2026 enabled the Bank to significantly reduce its borrowing levels, but the average balance was still higher than the prior quarter.
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Provision for Credit Losses
The ACL as a percentage of the total loan portfolio was 1.17% at March 31, 2026 compared to 1.23% at March 31, 2025. The Company recorded a provision for credit losses on loans of $728 thousand for the three months ended March 31, 2026 compared to a recovery of $554 thousand for the same period in 2025. The recovery of credit losses on unfunded loan commitments was $376 thousand and zero during the three months ended March 31, 2026 and 2025, respectively.
For the three months ended March 31, 2026, the provision for credit losses was impacted by loan growth of $40.6 million, refinement to the Bank's peer group and loss driver factors, in addition to a reduction in prepayment speed assumptions, within the quantitative model due to current economic conditions partially offset by an improvement in the gross domestic product forecast and changes in certain qualitative factors. The qualitative factor for Delinquency and Classified Loan Trends was reduced from a moderate to a minor level for the commercial and industrial and commercial real estate owner-occupied loan classes. The change was based on reduced levels of delinquencies and migration to classified risk ratings over consecutive periods. The qualitative factor for the Quality of Loan Review System was reduced from a minor level to no risk level for the commercial loan classes. The change was supported by strong ratings in the Bank's risk assessment, credit administration and credit risk supervision processes, as reported in the third-party loan reviews for multiple consecutive periods. The qualitative factor for Concentrations of Credit and Changes within Credit Concentrations was removed for the commercial real estate non-owner occupied loan class, which was based on the continuous decline in the commercial real estate concentration as a percentage of total risk-based capital.
For the three months ended March 31, 2025, the provision for credit losses was primarily impacted by the decrease in loans, partially offset by increases in certain qualitative factors. A qualitative factor was added for Other External Factors at a minor level for all loan classes due to the uncertainty created within the global and domestic markets from changes in U.S. economic policy, including the recently implemented tariffs;, the Economic Conditions qualitative factor at a minor level and the Delinquency and Classified Loan Trends qualitative factor at a moderate level were added for the residential senior liens loan class; and the Delinquency and Classified Loan Trends qualitative factor at a moderate level was added for the home equity loan class. An adjustment to the Economic Conditions qualitative factor was based on current market interest rates and prepayment speeds, and the adjustment to Delinquency and Classified Loan Trends was based on delinquencies and downgrades within the aforementioned loan classes.
Net charge-offs for the three months ended March 31, 2026 totaled $946 thousand compared to net charge-offs of $331 thousand for the three months ended March 31, 2025. Nonaccrual loans were 0.74% of gross loans at March 31, 2026 compared with 0.59% of gross loans at March 31, 2025.
Additional information is included in the "Credit Risk Management" section herein.
Noninterest Income
The following table compares noninterest income for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,$ Change% Change
202620252026-20252026-2025
Service charges on deposit accounts$2,250 $1,911 $339 17.7 %
Interchange income1,513 1,427 86 6.0 %
Other service charges, commissions and fees621 484 137 28.3 %
Swap fee income1,339 394 945 239.8 %
Trust and investment management income3,744 3,976 (232)(5.8)%
Brokerage income1,813 1,439 374 26.0 %
Mortgage banking activities326 302 24 7.9 %
Income from life insurance3,761 1,289 2,472 191.8 %
Other income212 389 (177)(45.5)%
Investment securities (losses) gains(2)13 (15)(115.4)%
Total noninterest income$15,577 $11,624 $3,953 34.0 %


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Noninterest income increased by $4.0 million from $11.6 million for the three months ended March 31, 2025 to $15.6 million for the three months ended March 31, 2026. The following were significant components of the change in this line item:
•Service charges on deposits and other service charges, commissions and fees increased by $339 thousand and $137 thousand, respectively, due to an increase in cash management services and other deposit fees.
•Swap fee income increased by $945 thousand due to higher swap volume.
•Wealth management income, which includes trust and investment management income and brokerage income, increased by $142 thousand due to improvement in market performance and increase in managed assets.
•The increase of $2.5 million in income from life insurance was due primarily to $2.4 million of death benefits from life insurance contracts for the three months ended March 31, 2026.
•Other line items within noninterest income showed fluctuations attributable to normal business operations.
Noninterest Expenses
The following table compares noninterest expenses for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,$ Change% Change
202620252026-20252026-2025
Salaries and employee benefits$21,157 $20,388 $769 3.8 %
Occupancy 2,081 1,989 92 4.6 %
Furniture and equipment2,140 2,686 (546)(20.3)%
Data processing1,537 924 613 66.3 %
Automated teller machine and interchange fees1,139 677 462 68.2 %
Advertising and bank promotions683 499 184 36.9 %
FDIC insurance549 824 (275)(33.4)%
Professional services1,221 1,826 (605)(33.1)%
Directors' compensation414 211 203 96.2 %
Taxes other than income1,025 942 83 8.8 %
Intangible asset amortization2,239 2,535 (296)(11.7)%
Merger-related expenses— 1,649 (1,649)(100.0)%
Restructuring expenses— 91 (91)(100.0)%
Other operating expenses2,543 2,935 (392)(13.4)%
Total noninterest expenses$36,728 $38,176 $(1,448)(3.8)%
Noninterest expense decreased by $1.5 million from $38.2 million for the three months ended March 31, 2025 to $36.7 million for the three months ended March 31, 2026. The following were additional significant components of the change in this line item:
•Salaries and employee benefits expense increased by $769 thousand due to staff additions that filled vacancies, in addition to increases in merit-based compensation.
•Furniture and equipment expense decreased by $546 thousand due primarily to post-merger efficiencies over the past year.
•Data processing expense increased by $613 thousand due to investments in technology as the Company focuses on the evolving needs of its clients.
•ATM and interchange fee expense increased by $462 thousand due to an increase in debit card activity and costs incurred for enhanced ATM services.
•Professional services expense decreased by $605 thousand due to the reduced reliance on consultants and other third-party service providers since the prior year.
•During the first quarter of 2025, the Company incurred merger-related expenses of $1.6 million, which included software conversion costs and professional fees, including external audit, associated with the conversion.
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•Other operating expenses decreased by $392 thousand primarily due to sales tax credits from the Commonwealth of Pennsylvania and a decrease in credit valuation adjustments on non-hedging derivatives of $175 thousand.
•Other line items within noninterest expense showed fluctuations attributable to normal business operations.
Income Tax Expense
Income tax expense totaled $5.7 million, an effective tax rate of 20.7%, for the three months ended March 31, 2026 compared with $4.7 million and an effective tax rate of 20.7% for the three months ended March 31, 2025. The Company’s effective tax rate is less than the 21% federal statutory rate primarily due to tax-exempt income, including interest earned on tax-exempt loans and securities and non-taxable income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank's tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") and other nondeductible items.
FINANCIAL CONDITION
Management devotes substantial time to overseeing the investment in and costs to fund loans and investment securities through deposits and borrowings, as well as the formulation and adherence to policies directed toward enhancing profitability and managing the risks associated with these investments.
Investment Securities
The Company utilizes investment securities to manage interest rate risk and liquidity, enhance income through interest and dividend income and collateralize certain deposits and borrowings.
The Company has established investment policies and an asset management policy to assist in administering its investment portfolio. Decisions to purchase or sell these securities are based on economic conditions and management’s strategy to respond to changes in interest rates, liquidity, pledges to secure deposits and repurchase agreements and other factors while trying to maximize return on the investments. The Company may segregate its investment security portfolio into three categories: “securities held-to-maturity,” “trading securities” and “securities available-for-sale.” At March 31, 2026 and December 31, 2025, management classified the entire investment securities portfolio as AFS, which is accounted for at current market value with non-credit related losses and gains reported in OCI, net of income taxes.
The Company's investment securities portfolio includes debt investments that are subject to varying degrees of credit and market risks, which arise from general market conditions, and factors impacting specific industries, as well as news that may impact specific issues. Management monitors its debt securities, using various indicators in determining whether unrealized losses on debt securities are credit-related and require an ACL. These indicators include the amount of time the security has been in an unrealized loss position, the cause and extent of the unrealized loss and the credit quality of the issuer and underlying assets. In addition, management assesses whether it is likely the Company will have to sell the investment security prior to recovery, or it expects to be able to hold the investment security until the price recovers. The Company determined that the declines in market value were due to increases in interest rates and market movements, and not due to credit factors. The Company does not intend to sell these securities with unrealized losses and it is more likely than not that the Company will not be required to sell them before recovery of their amortized cost basis, which may be maturity. Therefore, the Company has concluded that the unrealized losses on the AFS securities did not require an ACL at March 31, 2026 and December 31, 2025.
At March 31, 2026, AFS securities totaled $947.0 million, a decrease of $5.7 million from $952.7 million at December 31, 2025. During the three months ended March 31, 2026, paydowns totaled $23.4 million. Net unrealized losses increased by $6.8 million to $26.2 million at March 31, 2026 compared to net unrealized losses of $19.4 million at December 31, 2025 due to higher market interest rates and widening of spreads at the end of the first quarter of 2026. During the three months ended March 31, 2026, the Bank purchased $23.1 million of investment securities, consisting of $15.1 million of agency mortgage backed securities and collateralized mortgage obligations, $6.9 million of non-agency collateralized mortgage obligations and $1.1 million of securities issued by state and political subdivisions. The remaining change in investment securities is due to net accretion recorded on the investment securities during the first quarter of 2026. The overall duration of the Company's investment securities portfolio was 4.7 years at March 31, 2026 compared to 4.6 years at December 31, 2025. The Company has sufficient access to liquidity such that management does not believe it would be necessary to sell any of its investment securities at a loss to offset any unexpected deposit outflows. Management believes the structure of the Company's investment security portfolio is appropriately aligned with the rest of the balance sheet to protect against volatile interest rate environments, to provide a source of liquidity and to generate steady earnings.
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The following table summarizes the credit ratings and collateral associated with the Company's investment security portfolio, excluding equity securities, at March 31, 2026:
SectorPortfolio MixAmortized Book ValueFair ValueCredit EnhancementAAAAAABBBBBNRCollateral / Guarantee Type
Unsecured ABS— %$2,455 $2,383 29 %—%—%—%—%—%100%Unsecured Consumer Debt
Student Loan ABS— 2,809 2,803 31 —————100Seasoned Student Loans
Federal Family Education Loan ABS7 70,295 69,987 12 —4733713—
Federal Family Education Loan (1)
PACE Loan ABS— 1,634 1,494 7 100—————PACE Loans
Non-Agency CMBS3 27,043 27,051 29 —————100
Non-Agency RMBS4 35,718 34,599 16 937————
Reverse Mortgages (2)
Municipal - General Obligation10 99,842 92,721 16786———
Municipal - Revenue13 119,566 107,627 —8212——6
SBA ReRemic— 1,460 1,444 —100————
SBA Guarantee (3)
Small Business Administration— 2,821 2,884 —100————
SBA Guarantee (3)
Agency MBS25 242,363 240,315 —100————
Residential Mortgages (3)
Agency CMO36 350,010 347,290 —100————
U.S. Treasury securities2 15,014 14,197 —100————
U.S. Government Guarantee (3)
Corporate debt
— 1,950 1,983 ——5149——
100 %$972,980 $946,778 5%84%5%1%1%4%
(1) Minimum of 97% guaranteed by U.S. government
(2) Non-agency reverse mortgages with current structural credit enhancements
(3) Guaranteed by U.S. government or U.S. government agencies
Note : Ratings in table are the lowest of the six rating agencies (Standard & Poor's, Moody's, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor's rates U.S. government obligations at AA+.
Loan Portfolio
The Company offers a variety of products to meet the credit needs of its borrowers, principally commercial real estate loans, commercial and industrial loans, retail loans secured by residential properties, and, to a lesser extent, installment loans. No loans are extended to non-domestic borrowers or governments.
The risks associated with lending activities differ among loan segments and classes and are subject to the impact of changes in interest rates, market conditions of collateral securing the loans and general economic conditions. Any of these factors may adversely impact a borrower’s ability to repay loans, and also impact the associated collateral. A further discussion on the Company's loan segments and classes, the related risks, ACL and FDM are included in Note 1, Summary of Significant Accounting Policies, and Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information."
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The following table presents the loan portfolio, excluding residential LHFS, by segment and class at March 31, 2026 and December 31, 2025:
March 31,
2026		December 31,
2025
Commercial real estate:
Owner occupied$645,026 $644,713 
Non-owner occupied1,322,251 1,260,198 
Multi-family216,658 236,703 
Non-owner occupied residential151,560 155,749 
Acquisition and development:
1-4 family residential construction46,355 41,489 
Commercial and land development198,957 198,234 
Agricultural114,409 121,417 
Commercial and industrial
481,815 489,371 
Municipal27,744 25,302 
Residential mortgage:
First lien484,022 478,870 
Home equity - term5,685 5,972 
Home equity - lines of credit327,141 321,438 
Other - term(1)
22,442 22,906 
Installment and other loans17,254 18,331 
$4,061,319 $4,020,693 
(1) Other - term includes PACE loans with unearned income of $449 thousand and $505 thousand at March 31, 2026 and December 31, 2025, respectively.
Total loans increased by $40.6 million from December 31, 2025 to March 31, 2026. Commercial loans increased by $31.6 million and residential mortgages increased by $10.1 million from December 31, 2025 to March 31, 2026, partially offset by a decrease in installment and other loans of $1.1 million.
Asset Quality
Risk Elements
The Company’s loan portfolio is subject to varying degrees of credit risk. Credit risk is managed through the Company's underwriting standards, on-going credit reviews and monitoring of asset quality measures. Additionally, loan portfolio diversification, which limits exposure to a single industry or borrower, and collateral requirements also mitigate the Company's risk of credit loss.
The loan portfolio consists principally of loans to borrowers in south central Pennsylvania and the greater Baltimore, Maryland region. As the majority of loans are concentrated in these geographic regions, a substantial portion of the borrowers' ability to honor their obligations may be affected by the level of economic activity in these market areas.
Nonperforming assets include nonaccrual loans and foreclosed real estate. In addition, loan modifications to borrowers experiencing financial difficulty and loans past due 90 days or more and still accruing are also deemed to be risk assets. For all loan classes, the accrual of interest income on loans, including individually evaluated loans, ceases when principal or interest is past due 90 days or more and collateral is inadequate to cover principal and interest or immediately if, in the opinion of management, full collection is unlikely. Interest will continue to accrue on loans past due 90 days or more if the collateral is adequate to cover principal and interest, and the loan is in the process of collection. Interest accrued, but not collected, as of the date of placement on nonaccrual status, is generally reversed and charged against interest income, unless fully collateralized. Subsequent payments received are either applied to the outstanding principal balance or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal. Loans are returned to accrual status, for all loan classes, when all the principal and interest amounts contractually due are brought current, the loans have performed in accordance with the contractual terms of the note for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is reasonably assured. Past due status is based on contract terms of the loan.
The Company is required to evaluate, based on the accounting for loan modifications, whether the borrower is experiencing financial difficulty and if the modification results in a more-than-insignificant direct change in the contractual
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cash flows and represents a new loan or a continuation of an existing loan, which the Company refers to these loans as "financial difficulty modifications" or "FDMs."
The following table presents the Company’s risk elements and relevant asset quality ratios at March 31, 2026 and December 31, 2025:
March 31,
2026		December 31,
2025
Nonaccrual loans$30,025 $28,031 
OREO1,055 — 
Total nonperforming assets31,080 28,031 
FDMs still accruing949 1,253 
Loans past due 90 days or more and still accruing
443 1,040 
Total nonperforming and other risk assets ("total risk assets")$32,472 $30,324 
Loans 30-89 days past due and still accruing$15,790 $19,069 
Asset quality ratios:
Total nonperforming loans to total loans0.74 %0.70 %
Total nonperforming assets to total assets0.56 %0.51 %
Total nonperforming assets to total loans and OREO0.77 %0.70 %
Total risk assets to total loans and OREO0.80 %0.75 %
Total risk assets to total assets0.58 %0.55 %
ACL to total loans1.17 %1.19 %
ACL to nonperforming loans158.08 %170.10 %
ACL to nonperforming loans and FDMs still accruing153.23 %162.82 %
Net charge-offs to total average loans (1)
0.09 %0.03 %
(1) Annualized
Nonperforming assets include nonaccrual loans and foreclosed real estate. Risk assets, which include nonperforming assets, FDMs still accruing and loans past due 90 days or more and still accruing, totaled $32.5 million at March 31, 2026, an increase of $2.2 million from $30.3 million at December 31, 2025. Nonaccrual loans increased by $2.0 million from December 31, 2025 to March 31, 2026 due primarily to additions to nonaccrual status of $5.9 million, which included $4.2 million for one commercial and land development loan and $835 thousand for one commercial and industrial loan. This increase was partially offset by repayments totaling $2.3 million, net charge offs of $930 thousand and an upgrade returning one commercial loan of $720 thousand to accruing status. For the three months ended March 31, 2026, OREO increased by $1.1 million, which included a commercial real estate property of $847 thousand and a residential mortgage loan of $208 thousand. At March 31, 2026, the Company had $5.9 million in loan modifications meeting the FDM criteria compared to $6.3 million at December 31, 2025. There were $5.0 million in FDM loans in nonaccrual status at both March 31, 2026 and December 31, 2025. There were no new loan modifications during the three months ended March 31, 2026. During the three months ended March 31, 2026, the change in FDM loans was due to repayments.
To monitor ongoing risk associated with its loan portfolio and specific loans within the segments, management uses an internal grading system. The first several rating categories, representing the lowest risk to the Bank, are combined and given a “Pass” rating. Management generally follows regulatory definitions in assigning criticized ratings to loans, including "Special Mention," "Substandard," "Doubtful" or "Loss."
Special Mention loans increased by $2.3 million from $108.3 million at December 31, 2025 to $110.6 million at March 31, 2026 due to net downgrades of $12.3 million, consisting primarily of commercial loans, partially offset by repayments totaling $10.0 million. Classified loans totaled $57.6 million at March 31, 2026, or 1.4% of total loans outstanding, reflecting a decrease from $58.4 million, or 1.5% of total loans outstanding, at December 31, 2025.
Non-IEL substandard loans are performing loans, which have characteristics that cause management concern over the ability of the borrower to perform under present loan repayment terms and which may result in the reporting of these loans as nonperforming, or individually evaluated, loans in the future. Generally, management feels that substandard loans that are currently performing and not considered individually evaluated result in some doubt as to the borrower’s ability to continue to perform under the terms of the loan and represent potential problem loans. Non-IEL substandard loans totaled $27.4 million at
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March 31, 2026, a decrease of $2.8 million from $30.2 million at December 31, 2025 due primarily to net upgrades of $2.2 million and repayments of $617 thousand. The Substandard-IEL category increased by $2.0 million from $28.2 million at December 31, 2025 to $30.2 million at March 31, 2026, primarily due to net downgrades of $5.2 million, partially offset by repayments of $2.3 million and charge-offs totaling $930 thousand.
The following table presents the amortized cost basis of nonaccrual loans, according to loan class, with and without reserves on individually evaluated loans at March 31, 2026 and December 31, 2025. At March 31, 2026, there was a specific reserve of $1 thousand on a nonaccrual loan, excluding the ACL recorded on acquired PCD loans, compared to $2 thousand at December 31, 2025.
March 31, 2026December 31, 2025
Nonaccrual loans with a related ACLNonaccrual loans with no related ACLTotal nonaccrual loansLoans Past Due 90+ AccruingNonaccrual loans with a related ACLNonaccrual loans with no related ACLTotal nonaccrual loansLoans Past Due 90+ Accruing
Commercial real estate:
Owner-occupied$227 $3,223 $3,450 $— $227 $4,901 $5,128 $68 
Non-owner occupied— 403 403 — — 445 445 — 
Multi-family— 130 130 — 133 — 133 — 
Non-owner occupied residential— 401 401 — — 455 455 — 
Acquisition and development:
Commercial and land development2,921 9,426 12,347 — 3,005 5,239 8,244 — 
Agricultural— 8 8 — — 9 9 — 
Commercial and industrial1,081 2,674 3,755 — 1,197 2,663 3,860 — 
Residential mortgage:
First lien— 6,202 6,202 95 — 6,100 6,100 431 
Home equity – term— 136 136 — — 182 182 — 
Home equity – lines of credit— 3,192 3,192 — — 3,473 3,473 190 
Other - term— — — 345 — — — 346 
Installment and other loans1 — 1 3 2 — 2 5 
Total$4,230 $25,795 $30,025 $443 $4,564 $23,467 $28,031 $1,040 
The following table presents our exposure to relationships that are individually evaluated and the partial charge-offs taken to date and specific reserves established on those relationships at March 31, 2026 and December 31, 2025:
# of
Relationships		Individually Evaluated LoansPartial
Charge-offs
to Date		Specific
Reserves
March 31, 2026
Relationships greater than $1,000,0004 $13,435 $555 $2,173 
Relationships greater than $500,000 but less than $1,000,0008 5,869 205 704 
Relationships greater than $250,000 but less than $500,00010 3,291 — — 
Relationships less than $250,000132 7,587 1,116 142 
154 $30,182 $1,876 $3,019 
December 31, 2025
Relationships greater than $1,000,0004 $10,573 $471 $2,173 
Relationships greater than $500,000 but less than $1,000,0009 6,601 518 832 
Relationships greater than $250,000 but less than $500,00010 3,371 — — 
Relationships less than $250,000124 7,645 539 127 
147 $28,190 $1,528 $3,132 
The Company takes partial charge-offs on collateral-dependent loans when carrying value exceeds estimated fair value, as determined by the most recent appraisal adjusted for current (within the quarter) conditions, less costs to dispose. Specific reserves remain in place if updated appraisals are pending and represent management’s estimate of potential loss.
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Internal loan reviews are completed annually on all commercial relationships, secured by commercial real estate, with a committed loan balance in excess of $2.0 million, which includes confirmation of risk rating by an independent credit officer. In addition, all commercial relationships greater than $500 thousand rated Substandard, Doubtful or Loss are reviewed and corresponding risk ratings are reaffirmed by the Bank's Problem Loan Committee, with subsequent reporting to the Management ERM Committee and the Board ERM Committee.
In its individually evaluated loan analysis, the Company determines the extent of any full or partial charge-offs that may be required, or any reserves that may be needed. The determination of the Company’s charge-offs or specific reserves include an evaluation of the outstanding loan balance and the related collateral securing the credit. Through a combination of collateral securing the loans and partial charge-offs taken to date, the Company believes that it has adequately provided for the potential losses that it may incur on these relationships at March 31, 2026. However, over time, additional information may result in increased reserve allocations or, alternatively, it may be deemed that the reserve allocations exceed those that are needed.
Credit Risk Management
Allowance for Credit Losses on Loans
The Company maintains the ACL at a level deemed adequate by management for expected credit losses. The Company’s ACL is calculated quarterly, with any adjustment recorded to the provision for credit losses in the unaudited condensed consolidated statements of income. A comprehensive analysis of the ACL is performed by the Company on a quarterly basis. Management evaluates the adequacy of the ACL utilizing a defined methodology to determine if it properly addresses the current and expected risks in the loan portfolio, which considers the performance of borrowers and specific evaluation of individually evaluated loans, including historical loss experiences, trends in delinquencies, nonperforming loans and other risk assets, and the qualitative factors. Risk factors are regularly reviewed and adjusted, as needed, by management when conditions support a change. Management believes its approach properly addresses relevant accounting and bank regulatory guidance for loans both collectively and individually evaluated. The results of the comprehensive analysis, including recommended changes, are governed by the Company's Reserve Adequacy Committee and subsequently presented to the Board and Management ERM Committees.
The ACL is evaluated based on a review of the collectability of loans in light of historical experience; the nature and volume of the loan portfolio; adverse situations that may affect a borrower’s ability to repay; estimated value of any underlying collateral; and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. A description of the methodology for establishing the allowance and provision for credit losses and related procedures in establishing the appropriate level of reserve is included in Note 4, Loans and Allowance for Credit Losses, to the unaudited condensed consolidated financial statements under Part I, Item 1, "Financial Information."
The following table presents the activity in the ACL for the three months ended March 31, 2026 and 2025:
CommercialConsumer
Commercial
Real Estate		Acquisition
and
Development		AgriculturalCommercial
and
Industrial		MunicipalTotalResidential
Mortgage		Installment
and Other		TotalTotal
Three Months Ended
March 31, 2026
Balance, beginning of period$25,552 $6,179 $127 $7,114 $328 $39,300 $7,708 $673 $8,381 $47,681 
Provision for credit losses487 (157)85 (94)(4)317 500 (89)411 728 
Charge-offs(37)(85)— (799)— (921)— (97)(97)(1,018)
Recoveries16 — — 26 — 42 8 22 30 72 
Balance, end of period$26,018 $5,937 $212 $6,247 $324 $38,738 $8,216 $509 $8,725 $47,463 
March 31, 2025
Balance, beginning of period$29,551 $6,601 $110 $6,190 $320 $42,772 $5,240 $677 $5,917 $48,689 
Provision for credit losses(3,587)(452)78 1,236 107 (2,618)1,998 66 2,064 (554)
Charge-offs(75)— (25)(517)— (617)— (276)(276)(893)
Recoveries4 1 — 453 — 458 74 30 104 562 
Balance, end of period$25,893 $6,150 $163 $7,362 $427 $39,995 $7,312 $497 $7,809 $47,804 
The ACL totaled $47.5 million at March 31, 2026, a decrease of $341 thousand from $47.8 million at March 31, 2025. The ACL as a percentage of the total loan portfolio was 1.17% at March 31, 2026 compared to 1.23% at March 31, 2025.
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The Company takes partial charge-offs on collateral-dependent loans when carrying value exceeds estimated fair value, as determined by the most recent appraisal adjusted for current (within the quarter) conditions, less costs to dispose. Specific reserves remain in place if updated appraisals are pending, and represent management’s estimate of potential loss. In addition to the specific reserve allocations on individually evaluated loans noted previously, 18 loans, with aggregate outstanding principal balances of $6.6 million, had cumulative partial charge-offs to the ACL totaling $1.9 million as of March 31, 2026. As updated appraisals are received on collateral-dependent loans, partial charge-offs are taken to the extent the loans’ principal balance exceeds their fair value.
Management believes the allocation of the ACL among the various loan classes adequately reflects the life expected credit losses in each loan class and is based on the methodology outlined in Note 1, Summary of Significant Accounting Policies, and Note 4, Loans and Allowance for Credit Losses, to the Consolidated Financial Statements under Part I, Item 1, "Financial Information." Management re-evaluates and makes enhancements to its reserve methodology to better reflect the risks inherent in the different segments of the portfolio, particularly in light of increased charge-offs, with noticeable differences between the different loan classes. Management believes these enhancements to the ACL methodology improve the accuracy of quantifying the expected credit losses inherent in the portfolio. Management charges actual loan losses to the reserve and bases the provision for credit losses on its overall analysis.
Management believes the Company’s ACL is adequate based on currently available information. Future adjustments to the ACL and enhancements to the methodology may be necessary due to changes in economic conditions, regulatory guidance, or management’s assumptions as to future delinquencies or loss rates.
Deposits
Total deposits increased by $98.7 million and totaled $4.6 billion at March 31, 2026 compared to $4.5 billion at December 31, 2025. Interest-bearing demand deposits, non-interest demand deposits, time deposits and money market deposits increased by $73.2 million, $11.7 million, $8.8 million and $7.6 million, respectively, from December 31, 2025 to March 31, 2026. Savings deposits decreased by $2.6 million from December 31, 2025 to March 31, 2026. Efforts to drive deposit generation were successful in the first quarter of 2026.
Borrowings
In addition to deposits, the Company uses borrowing sources to meet liquidity needs and for temporary funding. Sources of short-term borrowings include the FHLB of Pittsburgh, federal funds purchased and the FRB discount window. Short-term borrowings also may include securities sold under agreements to repurchase with deposit clients, in which a client sweeps a portion of a deposit balance into a repurchase agreement, which is a secured borrowing with a pool of securities pledged against the balance.
The Company also utilizes long-term debt, consisting principally of FHLB fixed and amortizing advances, to fund its balance sheet with original maturities greater than one year. Prior to entering into long-term borrowings, the Company evaluates its funding needs, interest rate movements, the cost of options and the availability of attractive structures.
FHLB advances decreased by $68.0 million to $206.4 million at March 31, 2026 compared to $274.4 million at December 31, 2025. The decrease was due to net repayments during the first quarter of 2026 as the Bank utilized available liquidity from deposits to fund the Company's operations. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis.
The Company has unsecured subordinated notes of $31.0 million. The subordinated notes had a fixed rate of interest equal to 4.50% until December 30, 2025. After that term, the variable rate of interest is equal to the three-month CME term SOFR rate plus 4.04%. At March 31, 2026 and December 31, 2025, the interest rates on the subordinate notes were 7.72% and 8.06%, respectively.
The Company also has junior subordinated trust preferred debt of $10.3 million. In June 2006, Codorus Valley formed CVB Statutory Trust No. II, a wholly-owned special purpose entity whose sole purpose was to facilitate a pooled trust preferred debt issuance of $7.2 million with a stated maturity of July 7, 2036 and a variable rate of three-month CME term SOFR rate, plus a spread adjustment of 0.26161% and a margin of 1.54% through maturity. In November 2004, Codorus Valley formed CVB Statutory Trust No. I to facilitate a pooled trust preferred debt issuance of $3.1 million with a stated maturity of December 15, 2034 and a variable rate of three-month CME term SOFR rate, plus a spread adjustment of 0.26161% and a margin of 2.02% through maturity. For the three months ended March 31, 2026 and 2025, the cost of the variable-rate trust preferred debt, excluding the fair value mark, was 5.72% and 6.37%, respectively.
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Shareholders' Equity, Capital Adequacy and Regulatory Matters
Capital management in a regulated financial services industry must properly balance return on equity to its shareholders while maintaining sufficient levels of capital and related risk-based regulatory capital ratios to satisfy statutory regulatory requirements. The Company’s capital management strategies have been developed to provide attractive rates of returns to its shareholders, while remaining “well-capitalized” under applicable banking regulations.
Shareholders’ equity totaled $603.2 million at March 31, 2026, an increase of $11.7 million from $591.5 million at December 31, 2025. The increase was primarily attributable to net income of $21.8 million, partially offset by dividends paid of $5.9 million and other comprehensive loss of $4.5 million for the three months ended March 31, 2026. Other comprehensive loss included an after-tax increase of $5.3 million from net unrealized losses on investment securities, partially offset by $754 thousand in net unrealized gains from interest rate swaps designated as cash flow hedges. For the three months ended March 31, 2026, total comprehensive income totaled $17.3 million, a decrease of $3.0 million from total comprehensive income of $20.3 million for the same period in 2025. The decrease was due primarily to an increase in after-tax net unrealized losses on investment securities of $8.3 million, partially offset by an increase in net income of $3.8 million and an increase in after-tax net unrealized gains on interest rate swaps designated as cash flow hedges of $1.5 million between the comparative periods. The increase in net unrealized losses on investment securities was primarily caused by an increase in market rates and widening of spreads at the end of the first quarter of 2026.
At March 31, 2026, book value per common share was $30.76 compared to $30.32 at December 31, 2025. Tangible book value per share increased from $25.21 at December 31, 2025 to $25.76 at March 31, 2026, primarily as a result of the increase in shareholders' equity from net income. See “Supplemental Reporting of Non-GAAP Measures.”
The Company routinely evaluates its capital levels in light of its risk profile to assess its capital needs. The Company and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. At March 31, 2026 and December 31, 2025, the Bank was considered well-capitalized under applicable banking regulations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Prompt corrective action provisions are not applicable to bank holding companies, including financial holding companies.
Note 11, Shareholders' Equity and Regulatory Capital, to the Notes to Unaudited Condensed Consolidated Financial Statements under Part I, Item 1, "Financial Information," includes a table presenting capital amounts and ratios for the Company and the Bank at March 31, 2026 and December 31, 2025.
In addition to the minimum capital ratio requirement and minimum capital ratio to be well-capitalized presented in the referenced table in Note 11, the Bank must maintain a capital conservation buffer as more fully described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, Item 1 - Business, under the topic Basel III Capital Rules. At March 31, 2026, the Company's and the Bank's capital conservation buffers, based on the most restrictive Total Capital to risk weighted assets capital ratio, were both 5.5%, which are above the regulatory requirement of 2.50%.
Liquidity
The primary function of asset/liability management is to ensure adequate liquidity and manage the Company’s sensitivity to changing interest rates. Liquidity management involves the ability to meet the cash flow requirements of clients who may be either depositors wanting to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. The Company's primary sources of funds consist of deposit inflows, loan repayments, borrowings from the FHLB of Pittsburgh and maturities and prepayments of investment securities. While maturities and scheduled amortization of loans and investment securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.
The Company regularly adjusts its investments in liquid assets based upon its assessment of expected loan demand, expected deposit flows, yields available on interest-earning deposits and investment securities and the objectives of its asset/liability management policy. The Company's most liquid assets are cash and cash equivalents.
At March 31, 2026, cash and cash equivalents totaled $161.1 million compared to $149.8 million at December 31, 2025. The increase of $11.4 million primarily reflects the increase in deposits of $98.7 million and net income of $21.8 million, partially offset by the decrease in FHLB advances and other borrowings and repurchase agreements of $73.3 million and the increase in loans of $38.5 million for the three months ended March 31, 2026.
71

Unencumbered debt securities totaled $281.2 million at March 31, 2026 compared to $396.2 million at December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had $86.6 million and $88.8 million, respectively, of investment securities pledged at the FRB Discount Window, with no associated borrowings outstanding. The Company's maximum borrowing capacity from the FHLB of Pittsburgh increased by $14.5 million and was $2.0 billion at both March 31, 2026 and December 31, 2025, of which $207.0 million and $275.0 million in FHLB advances and letters of credit were outstanding at these same periods, respectively. The decrease in FHLB advances was due to repayments during the first quarter of 2026 based on liquidity available from deposits to fund the Company's operations.
The Company’s ability to borrow from the FHLB is dependent on having sufficient qualifying collateral, which consists of loans primarily secured by real estate. In addition, the Company had $10.0 million in available unsecured lines of credit with other banks at both March 31, 2026 and December 31, 2025. The Bank regularly tests its various sources of funding to ensure accessibility.
Supplemental Reporting of Non-GAAP Measures
Management believes providing certain “non-GAAP” information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.
As a result of prior acquisitions, the Company had intangible assets consisting of goodwill and core deposit and other intangible assets totaling $105.5 million and $107.7 million at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, the Company incurred merger-related expenses of zero and $1.6 million, respectively.
Tangible book value per common share and the impact of the merger-related expenses on net income and associated ratios, as used by the Company in this supplemental reporting presentation, are determined by methods other than in accordance with GAAP. While the Company's management believes this information is a useful supplement to the GAAP-based measures reported in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.
The increase in tangible book value per share (non-GAAP) from December 31, 2025 to March 31, 2026 is primarily due to net income of $21.8 million, partially offset by dividends paid of $5.9 million and other comprehensive loss, net of taxes, of $4.5 million. Other comprehensive loss increased due to net unrealized losses on AFS securities partially offset by net unrealized gains on interest rate swaps designated as cash flow hedges.
The following table presents the computation of each non-GAAP based measure shown together with its most directly comparable GAAP-based measure.
March 31, 2026December 31, 2025
Tangible Book Value per Common Share
Shareholders' equity (most directly comparable GAAP-based measure)$603,184 $591,535 
Less: Goodwill69,751 69,751 
Other intangible assets35,751 37,990 
Related tax effect(7,508)(7,978)
Tangible common equity (non-GAAP)$505,190 $491,772 
Common shares outstanding19,611 19,507 
Book value per share (most directly comparable GAAP based measure)$30.76 $30.32 
Intangible assets per share5.00 5.12 
Tangible book value per share (non-GAAP)$25.76 $25.21 

72

Adjusted Net Income and Adjusted Diluted Earnings Per Share
Three Months Ended
March 31
2026		March 31
2025
Net income (most directly comparable GAAP-based measure)$21,809 $18,051 
Plus: Merger-related expenses— 1,649 
Less: Related tax effect— (368)
Adjusted net income (non-GAAP)$21,809 $19,332 
Weighted average shares - diluted (most directly comparable GAAP-based measure)19,410 19,328
Diluted earnings per share (most directly comparable GAAP-based measure)$1.12 $0.93 
Weighted average shares - diluted (non-GAAP)19,410 19,328
Diluted earnings per share, adjusted (non-GAAP)n/a$1.00 

73

Item 3. Quantitative and Qualitative Disclosures about Market Risk
Market risk comprises exposure to interest rate risk, foreign currency exchange rate risk, commodity price risk and other relevant market rate or price risks. In the banking industry, a major risk exposure is changing interest rates. The primary objective of monitoring our interest rate sensitivity, or risk, is to provide management the tools necessary to manage the balance sheet to minimize adverse changes in net interest income as a result of changes in the direction and level of interest rates. FRB monetary control efforts, the effects of deregulation, economic uncertainty and legislative changes have been significant factors affecting the task of managing interest rate sensitivity positions in recent years.
Interest Rate Risk
Interest rate risk represents the potential impact of changes in market interest rates on the Bank’s net interest income over the short term and on the economic value of its balance sheet over the longer term. This risk arises primarily from differences in the timing and magnitude of repricing between interest‑earning assets and interest‑bearing liabilities, as well as from customer behaviors such as loan prepayments and deposit repricing sensitivity.
We attempt to manage the level of repricing and maturity mismatch through our asset/liability management process so that fluctuations in net interest income are maintained within policy limits across a range of market conditions, while satisfying liquidity and capital requirements. Management recognizes that assuming a measured level of interest rate risk is inherent to banking and necessary to support sustainable profitability. Accordingly, the Bank seeks to balance earnings stability with acceptable exposure to changes in market interest rates, rather than eliminate interest rate risk entirely. Thus, the goal of interest rate risk management is to evaluate the amount of reward for taking risk and adjusting both the size and composition of the balance sheet relative to the level of reward available for taking risk.
Management endeavors to control the exposure to changes in interest rates by understanding, reviewing and making decisions based on its risk position. The Bank manages its interest rate risk through a combination of balance sheet structure and selective use of funding and hedging instruments, including the composition and duration of the investment securities portfolio, the maturity structure of FHLB advances, interest rate swaps and brokered deposits. Additionally, pricing, promotion and product development activities are directed in an effort to emphasize the loan and deposit term or repricing characteristics that best meet current interest rate risk objectives.
We use simulation analysis to assess earnings at risk and net present value analysis to assess value at risk. These methods allow management to regularly monitor both the direction and magnitude of our interest rate risk exposure. These analyses require numerous assumptions including, but not limited to, changes in balance sheet mix, prepayment rates on loans and securities, cash flows and repricing of all financial instruments, changes in volumes and pricing, future shapes of the yield curve, relationship of market interest rates to each other (basis risk), credit spread and deposit sensitivity. Assumptions are based on management’s best estimates, but may not accurately reflect actual results under certain changes in interest rate due to the timing, magnitude and frequency of rate changes and changes in market conditions and management strategies, among other factors. However, the analyses are useful in quantifying risk and providing a relative gauge of our interest rate risk position over time.
Our Asset/Liability Committee operates under management policies, approved by the Board of Directors, which define guidelines and limits on the level of risk. The committee meets regularly and reviews our interest rate risk position and monitors various liquidity ratios to ensure a satisfactory liquidity position. By utilizing our analytical tools and methodologies, we can determine changes that may need to be made to the asset and liability mixes to mitigate the change in net interest income under various interest rate scenarios. Management continually evaluates the condition of the economy, the pattern of market interest rates and other economic data to inform the committee on the selection of investment securities. Regulatory authorities also monitor our interest rate risk position along with other liquidity ratios.
Net Interest Income Sensitivity
Simulation analysis evaluates the effect of upward and downward changes in market interest rates on future net interest income. The analysis involves changing the interest rates used in determining net interest income over the next twelve months. The resulting percentage change in net interest income in various rate scenarios is an indication of our short-term interest rate risk. The analysis assumes recent pricing trends in new loan and deposit volumes will continue while balances remain constant. Additional assumptions are applied to modify pricing under the various rate scenarios.
The simulation analysis results are presented in the table below. At March 31, 2026, the Bank is asset sensitive, meaning that, over the modeled twelve‑month horizon, changes in market interest rates are expected to affect interest‑earning assets more rapidly than interest‑bearing liabilities. As a result, increases in market interest rates are projected to have a favorable impact on net interest income, while decreases in rates are projected to reduce net interest income. Funding costs in the
74

down‑rate scenarios are modeled to decline more slowly than in prior rate‑reduction cycles, reflecting competitive deposit pricing dynamics. If funding costs were to reprice downward more rapidly than assumed, the negative impact on net interest income in declining rate scenarios would be mitigated. Should those costs come down faster than modeled, improved performance in the rates down scenarios would be expected.
Economic Value
Net present value analysis provides information on the risk inherent in the balance sheet that might not be considered in the simulation analysis due to the short time horizon used in that analysis. The net present value of the balance sheet incorporates the discounted present value of expected asset cash flows minus the discounted present value of expected liability cash flows. The analysis involves changing the interest rates used in determining the expected cash flows and in discounting the cash flows. The resulting percentage change in net present value in various rate scenarios is an indication of the longer-term repricing risk and options embedded in the balance sheet.
The results at March 31, 2026 and December 31, 2025 reflect the impact of the FOMC's interest rate changes in effect at the end of each period. Funding cost, the level of interest rates, infrastructure cost and repricing speed will continue to be factors in the results of the model. The behavior of the business and retail clients also varies across the rate scenarios, which is reflected in the results for both periods. To improve comparability across periods, the Bank strives to follow best practices related to the assumption setting and maintains the size and mix of the period end balance sheet; thus, the results do not reflect actions management may take through the normal course of business that would impact results.
Net Interest IncomeEconomic Value
% Change in Net Interest Income% Change in Market Value
Change in Market Interest Rates (basis points)March 31, 2026December 31, 2025Change in Market Interest Rates (basis points)March 31, 2026December 31, 2025
(200)(7.7)%(7.0)%(200)(13.9)%(13.6)%
(100)(3.0)%(2.5)%(100)(4.9)%(4.7)%
100 2.5 %2.6 %100 2.3 %2.1 %
200 4.7 %4.8 %200 2.9 %2.8 %
Item 4. Controls and Procedures
Based on the evaluation required by Exchange Act Rules 13a-15(b) and 15d-15(b), the Company's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of its disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), at March 31, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at March 31, 2026. 
There were no significant changes made to the Company’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or that are reasonably likely to affect, our internal control over financial reporting during the three months ended March 31, 2026.
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PART II – OTHER INFORMATION
Item 1 – Legal Proceedings
Information regarding legal proceedings is included in Note 16, Contingencies, to the unaudited Condensed Consolidated Financial Statements under Part I, Item 1, "Financial Statements" and incorporated herein by reference.
Item 1A – Risk Factors
There have been no material changes from the risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
(a)(b)(c)(d)
PeriodTotal number of shares (or units) purchasedAverage price paid per share (or unit)Total number of shares (or units) purchased as part of publicly announced plans or programsMaximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
January 1, 2026 to January 31, 2026— $— — 491,670 
February 1, 2026 to February 28, 2026— — — 491,670 
March 1, 2026 to March 31, 202612,600 34.04 12,600 479,070 
Total12,600 $34.04 12,600 
On June 20, 2025, the Board of Directors of the Company authorized a share repurchase program pursuant to which the Company could repurchase up to 500,000 shares of its outstanding common stock in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act, as amended. When and if appropriate, repurchases may be made in the open market or privately negotiated transactions, depending on market conditions, regulatory requirements and other corporate considerations, as determined by management. Share repurchases may not occur and may be discontinued at any time. For the three months ended March 31, 2026, the Company repurchased 12,600 shares of its common stock. Common stock available for future repurchase totals 479,070 shares, or 2.4% of the Company's outstanding common stock at March 31, 2026.
Item 3 – Defaults Upon Senior Securities
Not applicable.
Item 4 – Mine Safety Disclosures
Not applicable.
Item 5 – Other Information
During the three months ended March 31, 2026, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as such term is defined in Item 408(c) of Regulation S-K.
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Table of Contents
Item 6 – Exhibits
3.1 
3.2 
4.1 
31.1 
31.2 
32.1 
32.2 
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
All other exhibits for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.


77

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
/s/ Thomas R. Quinn, Jr.
Thomas R. Quinn, Jr.
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Neelesh Kalani
Neelesh Kalani
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: May 8, 2026


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