Commercial Bancgroup, Inc. Announces Results for the First Quarter 2026

Published: 2026-04-27 17:01:25 ET CBK

Published on 04/27/2026 at 05:01 pm EDT

HARROGATE, TN / ACCESS Newswire / April 27, 2026 / Commercial Bancgroup, Inc. ("Commercial" or the "Company") (Nasdaq:CBK), the parent company of Commercial Bank (the "Bank"), today announced net income of $9.5 million, or $0.70 per common share, for the first quarter of 2026, compared to net income of $8.7 million, or $0.72 per common share, for the first quarter of 2025. Core (net of any one-time adjustments) net income was 10.0 million, or $0.73 per common share, for the first quarter of 2026, compared to core net income of $8.7 million, or $0.72 per common share, for the first quarter of 2025.

Prior to Commercial's initial public offering ("IPO") of it's common stock in October 2025, Commercial had three classes of common stock outstanding: common stock, Class B common stock, and Class C common stock. On September 18, 2025, Commercial's charter was amended and restated. The Company's amended and restated charter provided for, among other things:

effective upon the filing of the amended and restated charter, the reclassification and conversion of (i) each outstanding share of Class B common stock into 1.15 shares of common stock and (ii) each outstanding share of Class C common stock into 1.05 shares of common stock (collectively, the "Stock Reclassification"); and

effective immediately following the Stock Reclassification, a 250-for-1 forward stock split in respect of the outstanding shares of our common stock (the "Stock Split").

Our financial statements, including earnings per share and book value per share, reflect the stock Reclassification and Stock Split retroactively. Because the IPO occurred after September 30, 2025, the financial impacts of the IPO are reflected for the fourth quarter of 2025 in the financial statements presented in this press release.

First Quarter 2026 Performance Highlights:

Net income of $9.5 million or $0.70 per common share; Core net income of $10.0 million or $0.73 per common share (see non-GAAP reconciliation)

Return on average assets ("ROAA") of 1.66%; Core return on average assets of 1.74% share (see non-GAAP reconciliation)

Return on average equity ("ROAE") of 13.22%; Core return on average equity of 13.87% share (see non-GAAP reconciliation)

Return on average tangible common equity ("ROATCE") of 13.76%; Core return on average tangible common equity of 14.44% (see non-GAAP reconciliation)

Net interest margin of 3.88%, a decrease of 13 basis points from the fourth quarter of 2025

Core efficiency ratio of 45.45% share (see non-GAAP reconciliation)

Total loans increased $18.1 million during the quarter, or 4.0% annualized, from the fourth quarter of 2025

Book value per share increased $0.60, or 11.5% annualized, to $21.43 and tangible book value per share increased $0.62, or 12.4% annualized, to $20.60 at March 31, 2026 from the $20.83 and $19.98, respectively, at December 31, 2025 (see non-GAAP reconciliation)

Net charge-offs to average loans of 0.01% and nonperforming assets to total assets of 0.28%

Redeemed $6.2 million in principal amount of trust preferred securities

Year-Over-Year Highlights:

Net income of $9.5 million or $0.70 per share for the three months ended March 31, 2026, compared to $8.7 million or $0.72per share for the three months ended March 31, 2025.

Return on average assets of 1.66% for the three months ended March 31, 2026, compared to 1.52% for the three months ended March 31, 2025.

Return on average shareholders' equity of 13.22% for the three months ended March 31, 2026, compared to 15.81% for the three months ended March 31, 2025.

Total operating revenue of $23.1 million for the three months ended March 31, 2026, compared to $21.8 million for the three months ended March 31, 2025.

Non-interest expense of $11.1 million for the three months ended March 31, 2026, compared to $10.6 million for the three months ended March 31, 2025.

Tangible book value per share of $20.60 per share as of March 31, 2026, compared to $17.45 per share as of March 31, 2025 (see non-GAAP reconciliation).

Core Efficiency ratio of 45.5% for the three months ended March 31, 2026, compared to 48.6% for the three months ended March 31, 2025.

The Federal Reserve Bank of Atlanta raised the Bank's Community Reinvestment Act rating from Needs to Improve to Satisfactory.

Balance Sheet Trends

Total assets were $2.3 billion as of March 31, 2026, compared to $2.3 billion as of March 31, 2025.

Total net loans were $1.9 billion as of March 31, 2026, an increase of $96.8 million, or 5.4%, from March 31, 2025. While the Bank experienced various large loan payoffs from long-term borrowers selling businesses during 2025, the Bank had strong loan growth during the fourth quarter of 2025. Total net loans increased by $18.4 million or 1.0% from $1.9 billion as of December 31, 2025.

As of March 31, 2026, the Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 14.0%, a Tier 1 risk-based capital ratio of 13.0%, a common equity Tier 1 capital ratio of 13.0%, and a Tier 1 leverage ratio of 11.1%.

Total deposits were $1.9 billion as of March 31, 2026, a decrease of $10.0 million, or 0.5%, from March 31, 2025. This decrease was primarily driven by a $103.8 million reduction in brokered deposits to $41.5 million at March 31, 2026, from $145.3 million at March 31, 2025.

Noninterest bearing demand deposits decreased $16.7 million, or 4.0%, to $403.0 million as of March 31, 2026, from $419.8 million as of March 31, 2025.

Non-brokered deposits were $1.9 billion as of March 31, 2026, an increase of $93.9 million, or 5.3%, from March 31, 2025. This increase was primarily driven by normal customer business cycles.

Asset quality decreased slightly with nonperforming assets to total assets of 0.28% as of March 31, 2026 as compared to 0.24% as of March 31, 2025. The allowance for credit losses to total loans decreased slightly to 0.97% as of March 31, 2026 from 1.01% as of March 31, 2025.

Net Income Before Income Taxes

Net income before income taxes was $11.9 million for the three months ended March 31, 2026, an increase of $0.7 million, or 5.9%, from the three months ended March 31, 2025. The increase was primarily the result of an increase in net interest income after provision for credit losses of $1.0 million or 5.3% an increase in non-interest income of $0.2 million or 6.1% net of an increase of noninterest expense of $0.5 million or 4.8%.

Non-Interest Income

Non-interest income was $2.6 million for the three months ended March 31, 2026, an increase of $0.2 million, or 6.1%, as compared to the three months ended March 31, 2025. This increase was primarily due to an increase in customer service and ATM fees.

About Commercial Bancgroup, Inc.

Commercial Bancgroup, Inc. is a bank holding company headquartered in Harrogate, Tennessee. Through our wholly owned subsidiary, Commercial Bank, a Tennessee state-chartered bank, we offer a suite of traditional consumer and commercial banking products and services to businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee. More information about Commercial can be found on its website at www.cbtn.com.

Commercial Bancgroup, Inc.Financial Tables

Table 1A

For the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

29,463

29,958

30,021

30,859

30,766

121,604

123,213

8,985

9,148

9,799

10,800

11,426

41,173

45,629

20,478

20,810

20,222

20,059

19,340

80,431

77,584

122

463

1,829

20,356

20,347

20,222

20,059

19,340

79,968

75,755

2,591

2,667

2,626

2,194

2,443

9,930

10,878

11,087

10,623

10,552

10,725

10,581

42,480

46,061

11,860

12,391

12,296

11,528

11,202

47,418

40,572

2,326

2,224

2,829

2,658

2,510

10,221

8,886

9,534

10,167

9,467

8,870

8,692

37,197

31,686

276

9,534

10,167

9,467

8,870

8,692

37,197

31,410

470

231

10,004

10,167

9,467

8,870

8,692

37,428

31,410

(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10

For the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

0.70

0.74

0.77

0.72

2.95

2.58

0.69

0.74

0.77

0.72

2.95

2.54

21.43

20.83

20.03

19.22

18.48

20.83

18.18

20.60

19.98

19.05

18.22

17.45

19.98

17.11

13,697,987

12,239,644

13,697,987

12,113,114

13,746,198

13,704,030

12,240,568

12,239,644

12,137,013

12,611,170

12,367,248

(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10

As of and for the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

2,328,789

2,291,455

2,214,408

2,262,511

2,266,878

2,291,455

2,301,211

42,175

43,137

29,556

30,113

48,830

43,137

47,938

96,387

97,728

131,915

157,452

140,019

97,728

128,217

1,892,174

1,873,533

1,767,193

1,791,516

1,795,178

1,873,533

1,806,997

18,329

18,096

17,942

17,989

18,109

18,096

18,205

12,392

12,767

13,149

13,546

13,938

12,767

14,339

1,892,217

1,815,734

1,780,634

1,851,248

1,902,206

1,815,734

1,938,597

1,733,718

1,665,470

1,631,921

1,628,816

1,659,301

1,665,470

1,669,380

118,248

166,838

162,760

148,509

109,090

166,838

109,165

293,518

285,344

245,153

235,268

226,179

285,344

220,256

(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10

Table 1B

As of and for the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

11,982

12,854

12,296

11,528

11,202

47,880

42,401

1.66

1.76

1.69

1.57

1.52

1.61

1.40

13.22

15.46

15.81

15.57

15.81

15.60

15.30

13.76

16.40

16.65

16.43

16.75

16.55

16.49

3.27

3.34

3.32

3.11

2.98

3.20

3.05

3.88

4.01

4.02

3.84

3.63

3.87

3.75

1.82

1.88

2.07

2.18

2.25

2.10

2.31

45.45

45.24

46.19

48.20

48.57

47.01

48.92

0.45

0.47

0.48

0.39

0.43

0.44

0.49

1.93

1.87

1.94

1.91

1.85

1.90

2.08

1.36

1.39

1.36

1.31

1.30

1.34

1.32

0.13

0.12

0.11

0.10

0.11

0.09

(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10

As of and for the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

0.01

0.00

0.01

0.03

0.01

0.97

1.02

1.00

1.01

0.97

1.01

313

290

333

307

375

313

375

0.31

0.33

0.31

0.33

0.27

0.31

0.27

0.28

0.27

0.30

0.24

0.28

0.24

As of and for the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

99.03

102.19

99.25

96.77

94.37

102.19

93.21

21.22

21.91

22.39

22.53

22.05

21.91

20.46

12.60

12.45

11.07

10.40

9.98

12.45

9.57

12.18

12.01

10.59

9.92

9.48

12.01

9.07

12.32

12.19

11.03

10.22

9.63

12.19

9.51

14.73

14.99

12.83

12.26

11.62

14.99

11.11

15.68

15.96

14.12

13.55

12.90

15.96

12.37

287

289

284

287

279

(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10

Table 2

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

151,610

118,989

122,945

108,501

113,190

16,784

25,329

31,841

42,782

37,303

138,562

140,865

161,471

187,565

188,849

1,892,174

1,873,533

1,767,193

1,791,516

1,795,178

(18,329

)

(18,096

)

(17,942

)

(17,989

)

(18,109

)

1,873,845

1,855,437

1,749,251

1,773,527

1,777,069

49,445

49,765

50,268

50,337

50,038

575

253

533

861

565

46,469

46,648

46,482

46,480

46,191

12,392

12,767

13,149

13,546

13,938

1,056

1,003

1,427

1,029

38,049

40,399

37,041

37,883

38,706

2,328,789

2,291,455

2,214,408

2,262,511

2,266,878

973,678

913,986

928,958

926,886

960,915

415,132

414,716

382,002

382,788

390,491

503,408

487,032

469,674

541,574

550,800

1,892,217

1,815,734

1,780,634

1,851,248

1,902,206

45,068

88,251

62,663

46,300

5,900

73,181

78,587

100,097

102,209

103,190

2,644

2,962

3,410

4,545

5,157

22,161

20,576

22,451

22,941

24,246

2,035,271

2,006,110

1,969,255

2,027,243

2,040,699

137

122

38,536

38,377

8,406

255,670

247,505

237,366

227,900

219,000

(825

)

(675

)

(741

)

(1,160

)

(1,349

)

293,518

285,344

245,153

235,268

226,179

2,328,789

2,291,454

2,214,408

2,262,511

2,266,878

Table 3

For the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

27,675

27,866

28,074

28,432

27,930

112,301

113,391

838

739

929

1,070

975

3,714

2,679

114

102

116

110

442

368

147

157

156

148

160

621

700

689

1,082

760

1,093

1,591

4,526

6,075

29,463

29,958

30,021

30,859

30,766

121,604

123,213

8,315

8,441

8,654

9,717

10,294

37,107

40,352

148

205

623

689

1,090

1,039

1,101

3,919

5,072

8,985

9,148

9,799

10,800

11,426

41,174

45,629

20,478

20,810

20,222

20,059

19,340

80,430

77,584

122

463

1,829

20,356

20,347

20,222

20,059

19,340

79,967

75,755

781

779

735

674

655

2,844

3,041

(28

)

759

107

110

161

153

854

877

846

891

799

3,413

3,281

312

342

306

336

308

1,292

1,199

537

577

609

290

706

2,182

2,445

2,591

2,667

2,626

2,194

2,443

9,930

10,878

5,716

5,753

5,729

5,657

5,626

22,764

24,873

843

877

738

774

875

3,264

3,786

1,101

1,068

1,103

1,151

1,207

4,530

4,235

242

234

267

245

226

972

1,129

209

229

136

286

195

846

1,017

933

1,001

955

803

948

3,706

4,109

1,440

1,461

1,624

1,809

1,504

6,398

6,912

603

11,087

10,623

10,552

10,725

10,581

42,480

46,061

11,860

12,391

12,296

11,528

11,202

47,417

40,572

2,326

2,224

2,829

2,658

2,510

10,221

8,886

9,534

10,167

9,467

8,870

8,692

37,196

31,686

276

9,534

10,167

9,467

8,870

8,692

37,196

31,410

QTD Average Balances and Yields/Rates (unaudited)

Table 4

Three Months Ended

March 31, 2026

December 31, 2025

Average Balance

Interest

Yield/ Rate

Average Balance

Interest

Yield/ Rate

1,883,103

27,675

5.9

1,807,127

27,866

6.2

140,223

1,099

3.1

152,782

1,011

2.6

85,953

689

3.2

116,517

1,081

3.7

2,109,279

29,463

5.6

2,076,426

29,958

5.8

(18,283

)

(17,954

)

205,119

190,810

2,296,115

2,249,282

575,981

2,809

1.95

518,495

2,647

2.0

412,533

1,425

1.38

427,419

1,585

1.5

479,804

4,081

3.40

475,972

4,209

3.5

60,522

467

3.09

60,781

444

2.9

20,355

203

3.99

24,953

263

4.2

1,549,195

8,985

2.32

1,507,620

9,148

2.4

430,842

434,578

27,593

47,299

458,435

481,877

288,485

259,785

2,296,115

2,249,282

20,478

20,810

3.27

3.32

3.88

4.02

2.32

2.37

1.82

2.43

YTD Average Balances and Yields/Rates (unaudited)

Table 5

Three Months Ended

March 31, 2026

March 31, 2025

Average Balance

Interest

Yield/ Rate

Average Balance

Interest

Yield/ Rate

1,883,103

27,675

5.9

1,794,477

27,930

6.2

140,223

1,099

3.1

186,604

1,245

2.7

85,953

689

3.2

150,891

1,591

4.2

2,109,279

29,463

5.6

2,131,972

30,766

5.8

(18,283

)

(18,109

)

205,119

176,014

2,296,115

2,289,877

575,981

2,809

2.0

581,411

3,326

2.3

412,533

1,425

1.4

383,685

1,435

1.5

479,804

4,081

3.4

564,710

5,533

3.9

60,522

467

3.1

64,361

442

2.7

20,355

203

4.0

43,951

690

6.3

1,549,195

8,985

2.3

1,638,118

11,426

2.8

430,842

395,414

27,593

36,110

458,435

431,524

288,485

219,940

2,296,115

2,289,582

20,478

19,340

3.27

2.98

3.88

3.63

2.32

2.79

1.82

2.25

Table 6

As of Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Amount

% of Total

Amount

% of Total

Amount

% of Total

Amount

% of Total

Amount

% of Total

1,114,516

58.7

1,113,440

59.2

1,002,192

56.5

1,016,229

1,029,444

195,189

10.3

176,688

9.4

201,399

189,187

180,066

383,346

377,943

376,769

376,442

372,338

14,511

14,824

14,831

15,290

16,406

171,029

174,248

154,732

178,832

182,186

12,260

15,417

16,009

14,636

14,908

7,237

7,450

7,642

7,772

7,505

1,898,088

100

1,880,010

100

1,773,574

100

1,798,388

100

1,802,853

100

5,914

6,477

6,381

6,872

7,675

18,329

18,096

17,942

17,989

18,109

1,873,845

1,855,437

1,749,251

1,773,527

1,777,069

Nonperforming Assets (unaudited)

Table 7

As of the Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

5,861

6,245

5,390

5,846

4,808

5,861

6,245

5,390

5,852

4,828

575

253

533

861

565

6,436

6,498

5,923

6,713

5,393

18,329

18,096

17,942

17,989

18,109

1,892,174

1,873,533

1,767,193

1,791,516

1,795,178

0.31

0.33

0.31

0.33

0.27

0.34

0.35

0.34

0.37

0.30

313

290

333

307

375

0.97

1.02

1.00

1.01

0.25

0.27

0.24

0.26

0.21

Allowance for credit losses (unaudited)

Table 8

As of and for the Three Months Ended

As of and for the Twelve Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

1,883,103

1,807,127

1,767,379

1,795,846

1,794,477

1,791,550

1,738,433

1,892,174

1,873,533

1,767,193

1,791,516

1,795,178

1,873,533

1,806,997

18,096

17,942

17,989

18,109

18,205

16,635

(284

)

(18

)

(301

)

(49

)

(121

)

(121

)

(52

)

(48

)

(314

)

(362

)

(177

)

(15

)

(13

)

(186

)

(34

)

(17

)

(251

)

(151

)

(15

)

(345

)

(186

)

(173

)

(331

)

(1,035

)

(429

)

114

108

151

202

201

126

139

235

510

170

111

(262

)

(47

)

(120

)

(96

)

(525

)

(259

)

122

416

1,829

18,329

18,096

17,942

17,989

18,109

18,096

18,205

0.97

1.02

1.00

1.01

0.97

1.01

0.01

-0.01

0.00

-0.01

-0.03

-0.01

Loan Risk Ratings (unaudited)

Table 9

As of the Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

1,105,529

1,104,532

999,788

1,012,190

1,023,884

8,897

8,814

1,776

2,515

4,182

628

1,524

1,378

1,114,516

1,113,440

1,002,192

1,016,229

1,029,444

194,983

176,014

201,363

189,149

180,066

171

596

195,189

176,688

201,399

189,187

180,066

377,179

371,583

371,226

371,353

367,216

545

833

838

849

854

5,622

5,527

4,705

4,240

4,268

383,346

377,943

376,769

376,442

372,338

14,511

14,824

14,831

15,290

16,406

14,511

14,824

14,831

15,290

16,406

170,093

173,324

153,819

177,969

181,255

701

793

733

747

808

235

131

180

116

123

171,029

174,248

154,732

178,832

182,186

12,162

15,317

15,974

14,594

14,866

12,260

15,417

16,009

14,636

14,908

7,237

7,451

7,642

7,773

7,506

7,237

7,451

7,642

7,773

7,506

1,881,694

1,863,045

1,764,643

1,788,318

1,791,199

10,358

10,539

3,352

4,117

5,851

6,036

6,427

5,579

5,954

5,804

1,898,088

1,880,011

1,773,574

1,798,389

1,802,854

Non-GAAP Financial Measures

This press release contains certain financial measure(s) that are not financial measure(s) recognized under generally accepted accounting principles in the U.S. ("GAAP") and, therefore, are considered non-GAAP financial measure(s) and should be read along with the accompanying reconciliation of non-GAAP financial measure(s) to GAAP financial measure(s). We use non-GAAP financial measures, certain of which are included in this press release, both to explain our operating results to shareholders and the investment community and to evaluate, analyze, and manage our business. We believe that these non-GAAP financial measures provide a better understanding of ongoing operations, enhance the comparability of results across periods, and enable investors to better understand our performance. Our management believes that the "core" metrics described below and used in this press release assist users of the Company's financial statements with their financial analysis period-over-period as they exclude certain non-recurring items. However, non-GAAP financial measures should not be considered in isolation and should be considered supplemental in nature and not as a substitute for or superior to the most directly comparable or other financial measures calculated in accordance with GAAP. Additionally, the manner in which the non-GAAP financial measure(s) contained in this press release are calculated may differ from the manner in which measures with similar names are calculated by other companies. You should understand how other companies calculate their financial measures similar to, or with names similar to, the non-GAAP financial measure(s) contained in this press release when comparing such financial measures.

The non-GAAP financial measures in this press release include the following:

Core deposits. We calculate core deposits by excluding jumbo time deposits (deposits greater than or equal to $250,000) from total deposits.

Core net income. We define core net income as net income plus non-recurring expenses, net of the related tax effect of non-recurring expenses.

Core diluted earnings per share. We define core diluted earnings per share as core net income divided by diluted weighted average shares outstanding.

Core ROAA. We define core ROAA as core net income divided by average assets, with average assets based upon the average daily balance of total assets in each period.

Core return on average tangible common equity. We define core return on average tangible common equity as core net income divided by total average shareholders' equity less average intangible assets (goodwill and core deposit intangibles).

Core efficiency ratio. We define core efficiency ratio as operating revenue (net interest income, plus total noninterest income, divided by noninterest expenses (less non-recurring expenses). This ratio is an indicator used by our management to assess operating efficiencies and is intended to demonstrate how efficiently our management is controlling expenses relative to generating revenues on our core activities.

Efficiency Ratio. We define efficiency ratio as operating expenses divided by fee income plus tax equivalent net interest income. This metric indicates how effectively the Company manages its expenses relative to its income, providing insights into cost management and profitability.

Pre-tax, pre-provision ROAA. We define pre-tax, pre-provision ROAA as pre-tax, pre-provision net income divided by average assets calculated based upon the average daily balance of total assets in each year.

Tangible assets. We define tangible assets as total assets less goodwill and other intangible assets.

Tangible book value per share. We define tangible book value per share as our tangible common equity, which is shareholders' equity reduced by goodwill and other intangible assets, divided by diluted weighted average shares outstanding.

The following table provides a reconciliation of the above non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

Non-GAAP Reconciliations (unaudited)

As of and for the Three Months Ended

As of and for the TwelveMonths Ended

March 31,2026

December 31,2025

September 30,2025

June 30,2025

March 31,2025

December 31,2025

December 31,2024

11,860

12,391

12,296

11,528

11,202

47,417

40,572

122

463

1,829

11,982

12,854

12,296

11,528

11,202

47,880

42,401

293,518

285,344

245,153

235,268

226,179

285,344

220,256

8,511

8,514

2,875

3,164

3,448

3,744

4,035

3,164

4,331

282,132

273,669

233,194

223,013

213,633

273,669

207,411

2,296,115

2,249,282

2,170,869

2,248,134

2,289,582

2,239,468

2,217,423

11,982

12,854

12,296

11,528

11,202

47,880

42,401

2.09

2.29

2.27

2.05

1.96

2.14

1.91

288,485

259,784

239,473

227,883

219,940

236,770

206,622

11,386

11,767

11,980

11,997

12,310

12,014

13,497

2,701

277,099

248,017

227,493

215,886

207,630

224,757

190,424

9,534

10,167

9,467

8,870

8,692

37,196

31,410

13.76

16.40

16.65

16.43

16.75

16.55

16.49

282,132

273,669

233,194

223,013

213,633

273,669

207,411

13,697,987

12,239,644

13,697,987

12,113,114

20.60

19.98

19.05

18.22

17.45

19.98

17.12

As of and for the Three MonthsEnded

As of and for the TwelveMonths Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2025

December 31, 2024

282,132

273,669

233,194

223,013

213,633

273,669

207,411

2,328,789

2,291,455

2,214,408

2,262,511

2,266,878

2,291,455

2,301,211

12,392

12,767

13,149

13,546

13,938

12,767

14,339

2,316,397

2,278,688

2,201,258

2,248,965

2,252,940

2,278,688

2,286,872

12.18

12.01

10.59

9.92

9.48

12.01

9.07

1,892,217

1,815,734

1,780,634

1,851,248

1,902,206

1,815,734

1,938,597

116,966

102,294

100,743

97,209

97,537

102,294

94,567

41,533

47,970

125,223

145,375

47,970

174,918

1,733,718

1,665,470

1,631,921

1,628,816

1,659,294

1,665,470

1,669,112

9,534

10,167

9,467

8,870

8,692

37,196

31,410

603

302

309

2,788

(133

)

(76

)

(78

)

(697

)

10,004

10,167

9,467

9,096

8,697

37,427

33,501

10,004

10,167

9,467

9,096

8,697

37,427

33,501

13,746,198

13,704,030

12,240,568

12,239,644

12,137,013

12,580,314

12,187,788

0.73

0.74

0.77

0.74

0.72

2.98

2.75

10,004

10,167

9,467

9,096

8,697

37,427

33,501

2,296,115

2,249,282

2,170,869

2,248,134

2,289,582

2,239,468

2,217,423

1.74

1.81

1.74

1.62

1.52

1.67

1.51

277,099

248,017

227,493

215,886

207,630

224,757

190,424

10,004

10,167

9,467

9,096

8,697

37,427

33,501

14.44

16.40

16.65

16.85

16.75

16.65

17.59

20,478

20,810

20,222

20,059

19,340

80,431

77,584

2,591

2,667

2,626

2,194

2,443

9,930

10,878

23,069

23,477

22,848

22,253

21,783

90,361

88,462

11,087

10,623

10,552

10,725

10,581

42,481

46,061

603

302

309

2,788

10,484

10,623

10,552

10,423

10,574

42,172

43,273

45.45

45.25

46.18

46.84

48.54

46.67

48.92

Contacts

Philip J. MethenySr. Executive Vice President, Chief Financial OfficerCommercial Bancgroup, [email protected]

Roger MobleyExecutive Vice President, Chief Financial OfficerCommercial [email protected]

Commercial Bancgroup, Inc.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. The statements in this press release that are not purely historical facts are forward-looking statements. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other variations or comparable terminology and expressions. You should not place undue reliance on these forward-looking statements as actual future results may differ materially from those expressed or implied by any forward-looking statement. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in any forward-looking statements, including but not limited to: (1) business and economic conditions nationally, regionally and in our target markets, particularly in Kentucky, North Carolina and Tennessee and the particular geographic areas in which we operate; (2) the level of, or changes in the level of, interest rates and inflation, including the effects thereof on our earnings and financial condition and the market value of our investment securities and loan portfolios; (3) the concentration of our loan portfolio in real estate loans and changes in the prices, values and sales volumes of commercial and residential real estate; (4) the concentration of our business within our geographic areas of operation in Kentucky, North Carolina and Tennessee and neighboring markets; (5) credit and lending risks associated with our commercial real estate, commercial, and construction and land development loan portfolios; (6) risks associated with our focus on lending to small and medium-sized businesses; (7) our ability to maintain important deposit customer relationships, maintain our reputation or otherwise avoid liquidity risks; (8) changes in demand for our products and services; (9) the failure of assumptions and estimates underlying the establishment of allowances for possible credit losses and other asset impairments, losses, valuations of assets and liabilities and other estimates; (10) the sufficiency of our capital, including sources of such capital and the extent to which capital may be used or required; (11) our inability to maintain a "satisfactory" rating under the Community Reinvestment Act; (12) the risk that our cost of funding could increase in the event we are unable to continue to attract stable, low-cost deposits and reduce our cost of deposits; (13) our inability to raise necessary capital to fund our growth strategy and operations or to meet increased required minimum regulatory capital levels; (14) our ability to execute and prudently manage our growth and execute our business strategy, including expansionary activities; (15) the composition of and changes in our management team and our ability to attract, incentivize and retain key personnel; (16) the effects of competition from a wide variety of local, regional, national and other providers of financial, investment, trust and other wealth management services and insurance services, including the disruptive effects of financial technology and other competitors who are not subject to the same regulations as the Company and the Bank; (17) the deterioration of our asset quality or the value of collateral securing loans; (18) changes in accounting standards; (19) the effectiveness of our risk management framework, including internal controls; (20) severe weather, natural disasters, pandemics, epidemics, acts of war, terrorism, or other external events, such as the transition risk associated with climate change, and other matters beyond our control; (21) changes in technology or products that may be more difficult, more costly, or less effective than anticipated; (22) the risks of acquisitions and other expansionary activities, including without limitation our ability to identify and consummate transactions with potential future acquisition candidates, the time and costs associated with pursuing such transactions, our ability to successfully integrate operations as part of such transactions and our ability, and possible failures, to achieve expected gains, revenue growth, expense savings and/or other synergies from such transactions; (23) our ability to maintain our historical rate of growth; (24) failure to keep pace with technological change or difficulties when implementing new technologies; (25) systems failures or interruptions involving our risk management framework, our information technology and telecommunications systems or third-party service providers; (26) our ability to identify and address unauthorized data access, cyber-crime and other threats to data security and customer privacy; (27) our compliance with governmental and regulatory requirements, including the Bank Holding Company Act of 1956, as amended, and other laws relating to banking, consumer protection, securities and tax matters, and our ability to maintain licenses required in connection with mortgage origination, sale and servicing operations; (28) compliance with the Bank Secrecy Act of 1970, Office of Foreign Assets Control rules and anti-money laundering laws and regulations; (29) governmental monetary and fiscal policies; (30) changes in laws, rules, or regulations, or interpretations thereof, or policies relating to financial institutions or accounting, tax, trade, monetary or fiscal matters; (31) our ability to receive dividends from the Bank and satisfy our obligations as they become due; (32) the institution and outcome of litigation and other legal proceedings against us or to which we become subject; (33) the limited experience of our management team in managing and operating a public company; (34) the incremental costs of operating as a public company; (35) our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002; and (36) other risks and factors described under the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual report on Form 10-K for the fiscal year ended December 31, 2025, or in any of the Company's subsequent filings with the U.S. Securities and Exchange Commission. Commercial undertakes no obligation to update these forward-looking statements, as a result of changes in assumptions, new information, or otherwise, after the date of this press release, except as required by law.

SOURCE: Commercial Bancgroup, Inc.