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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark one)

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, ~~2024~~2025

☐ 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 001-35272

MIDLAND STATES BANCORP, INC.

(Exact name of registrant as specified in its charter)


Illinois						37-1233196
(State of other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1201 Network Centre Drive						62401
Effingham, IL						(Zip Code)
(Address of principal executive offices)

(217) 342-7321

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MSBI	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A	MSBIP	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No

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 ☒☐ 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 ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☒☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

The aggregate market value of the Registrant’s voting and non-voting common equity held by non-affiliates on June 30, ~~2024~~2025 was $466,599,960 (based on the closing price on the Nasdaq Global Select Market on that date of $22.65).

As of ~~June~~February 13, ~~2025~~2026, the Registrant had 2120,~~515~~989,~~138~~589 shares of outstanding common stock, $0.01 par value.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for our Annual Meeting of Shareholders, to be filed within 120 days after December 31, 2025, are incorporated by reference into Part III of this Form 10-K to the extent indicated in such part.

Table of C ontents

MIDLAND STATES BANCORP, INC.

~~2024~~2025 ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	54
Item 1A.	Risk Factors	1816
Item 1B.	Unresolved Staff Comments	3027
Item 1C.	Cybersecurity	3028
Item 2.	Properties	3129
Item 3.	Legal Proceedings	3129
Item 4.	Mine Safety Disclosures	3129
PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3129
Item 6.	[Reserved]	3230
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3331
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	5853
Item 8.	Financial Statements and Supplementary Data	5954
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~136~~120
Item 9A.	Controls and Procedures	~~136~~120
Item 9B.	Other Information	~~137~~121
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~138~~121
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~139~~122
Item 11.	Executive Compensation	~~142~~122
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~164~~122
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~167~~122
Item 14.	Principal Accountant Fees and Services	~~168~~123
PART IV
Item 15.	Exhibits and Financial Statement Schedules	~~168~~123
Item 16.	Form 10-K Summary	~~173~~127
Signatures		~~174~~128

Table of C ontents

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

As used in this report, references to the "Company," "we," "our," "us," and similar terms refer to the consolidated entity consisting of Midland States Bancorp, Inc. and its wholly owned subsidiaries. Midland States Bancorp refers solely to the parent holding company and Midland States Bank (the "Bank") refers to our wholly owned banking subsidiary.

The acronyms and abbreviations identified below are used throughout this report, including the Notes to the Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report.

2019 Incentive Plan			The Amended and Restated Midland States Bancorp, Inc. 2019 Long-Term Incentive Plan
ACL			Allowance for credit losses on loans
ASU			Accounting Standards Update
ATM			Automated teller machine
BaaS			Banking-as-a-Service
Basel III Rule			Basel III regulatory capital reforms required by the Dodd-Frank Act
BHCA			Bank Holding Company Act of 1956, as amended
CBLR			Community Bank Leverage Ratio
CFPB			Consumer Financial Protection Bureau
CISA			Cybersecurity and Infrastructure Security Agency
CRA			Community Reinvestment Act
CRA Proposal			Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations
CRE			Commercial Real Estate
CRE Guidance			Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance
DFPR			Illinois Department of Financial and Professional Regulation
DIF			Deposit Insurance Fund
EAD			Exposure at default
Exchange Act			Securities Exchange Act of 1934
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
Federal Reserve			Board of Governors of the Federal Reserve System
FHA			Federal Housing Administration
FHLB			Federal Home Loan Bank
FinTech			Financial Technology
FOMC			Federal Open Market Committee
FRB			Federal Reserve Bank
GAAP			U.S. generally accepted accounting principles
GreenSky			GreenSky, LLC
Illinois CRA			Illinois Community Reinvestment Act
LendingPoint			LendingPoint, LLC
LGD			Loss given default
Midland Trust			Midland States Preferred Securities Trust
Nasdaq			Nasdaq Global Select Market
NII at Risk			Net Interest Income at Risk
OREO			Other real estate owned
PCAOB			Public Company Accounting Oversight Board
PCD			Purchased credit deteriorated
PD			Probability of default
Q-Factor			Qualitative factor
Regulatory Relief Act			Economic Growth, Regulatory Relief and Consumer Protection Act
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate
Treasury			U.S. Department of the Treasury
TDR			Troubled debt restructuring

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EXPLANATORY NOTE

Introduction

In connection with the preparation of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors of the Company, after discussion with management and the Company's independent registered public accounting firm, Crowe LLP, concluded that the Company's audited consolidated financial statements as of December 31, 2023 and 2022 and for each year in the three year period ended December 31, 2023, and its unaudited consolidated financial statements as of and for the interim periods ended March 31, 2024 and 2023, June 30, 2024 and 2023 and September 30, 2024 and 2023 (collectively, the "Restated Financial Periods") should no longer be relied upon because of errors identified in such financial statements, as described below.

The errors relate to the Company’s accounting for loans originated pursuant to third-party loan origination programs. These programs go back as far as 2012. As part of these programs, the third-party providers offered various credit enhancements with respect to loans originated under the programs, including contributions to reserve accounts, yield maintenance and certain other payments. Historically, the Company accounted for all borrower payments and credit enhancement payments under these programs on a single unit, or net basis, with all such payments presented as interest income representing the Company’s effective yield on the portfolios. The Company has determined that these payments should instead be accounted for on a separate unit of account, or gross basis, with loan yields and interest income recorded at the gross borrower loan rate, credit losses and associated provisions for credit losses recorded on a gross basis over the life of the loans, and with all credit enhancement payments recorded separately as a credit enhancement derivative.

As a result of the above, the Company is restating the consolidated financial statements (i) as of and for the year ended December 31, 2023 and (ii) for the year ended December 31, 2022, as presented in the audited financial statements as of and for the year ended December 31, 2024 in this Annual Report on Form 10-K. The impact of the errors prior to January 1, 2022 has been adjusted through opening equity as of January 1, 2022 in the audited consolidated financial statements presented herein.

These financial statements include audited consolidated financial statements:

•As of and for the year ended December 31, 2024;

•As of and for the year ended December 31, 2023 (restated); and

•For the year ended December 31, 2022 (restated), excluding the consolidated balance sheet.

Additionally, to reflect the impact of the restatement, this Form 10-K includes consolidated financial statements as of and for the quarters and year-to-date periods ended March 31, 2024 and 2023, June 30, 2024 and 2023 and September 30, 2024 and 2023 (unaudited, restated).

This Form 10-K includes more information than normally would be included in an Annual Report on Form 10-K in order to provide a presentation of information related to the restatement of the periods listed above. See Note 25 - Restatement of Prior Period Financial Statements, in the accompanying Consolidated Financial Statements included in Part II, Item 8 for additional information, including the impact on the specific accounts.

We have not filed, and do not intend to file, amendments to any of our previously filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q covering the Restated Financial Periods or 2021. Accordingly, with respect to such periods, investors and others should rely only on the financial information and other disclosures contained in this Form 10-K or in our future filings with the SEC, and not on the financial statements of any previously issued or filed reports, earnings releases or similar communications relating to the Restated Financial Periods and 2021.

Impact on Internal Controls over Financial Reporting

See Item 9A, Controls and Procedures, for information related to identified material weaknesses in internal control over financial reporting and the related remedial measures.

Items Restated in this Form 10-K

The following items have been restated, as appropriate, to correct the errors noted above:

•Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

•Part II, Item 8. Financial Statements and Supplementary Data

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This Annual Report on Form 10-K contains certain “forward-looking statements” within the meaning of, and are intended to be covered by the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” and “would” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe 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.

A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in Item 1A – "Risk Factors” or Item 7 – "Management’s Discussion and Analysis of Financial Condition and Results of Operations” or the following:

•business, economic and political conditions, particularly those affecting the financial services industry and our primary market areas;

•the effects of U.S. and global trade policy, including changes in applicable tariff rates and the effect such policies and rates have on economic conditions in our markets and the U.S. generally, including growth rates, inflation, interest rates and levels of volatility and economic uncertainty;

•the effects of interest rates, including on our net interest income and the value of our securities portfolio as well as monetary and fiscal policies of the U.S. government, including policies of the Treasury and the Federal Reserve;

•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance~~, including any loans acquired in acquisition transactions~~;

•our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses on loans;

•the failure of assumptions and estimates underlying the establishment of our allowances for credit losses on loans, and estimation of values of collateral and various financial assets and liabilities;

•compliance with governmental and regulatory requirements, particularly those relating to banking, consumer protection, securities and tax matters, and our ability to maintain licenses required in connection with commercial mortgage servicing operations;

•legislative and regulatory changes, including changes in banking, consumer protection, securities, trade and tax laws and regulations and their application by our regulators;

•our dependence upon third parties for certain information system, data management and processing services, and to provide key components of our business infrastructure;

•our ability to identify and address cyber-security risks, fraud and systems errors;

•our ability to effectively execute our strategic plan and manage our growth;

•the effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services, including FinTech companies and private credit funds, and demand for financial services in our market areas;

•credit risk and risks from concentrations by type of borrower, geographic area, collateral and industry within our loan portfolio and, large loans to certain borrowers including commercial real estate loans;

•effects on the U.S. economy resulting from the implementation of policies proposed by the ~~new~~ presidential administration, including tariffs, ~~mass~~ deportations and changes in banking regulation;

•risks related to potential acquisitions, including our ability to receive required regulatory approvals, exposure to potential asset and credit quality risks and unknown or contingent liabilities, the time and costs of integrating systems, procedures and personnel, the need for capital to finance such transactions, and possible failures in realizing the anticipated benefits from acquisitions;

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•the effects of the accounting treatment for loans acquired in connection with our acquisitions;

•changes in our senior management team and our ability to attract, motivate and retain qualified personnel;

•liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold for sale and our ability to raise additional capital, if necessary;

~~•changes in federal tax law or policy;~~3

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•the quality and composition of our loan and investment portfolios and the valuation of our investment portfolio;

•demand for loan products and deposit flows;

•the costs, effects and outcomes of existing or future litigation;

•changes in accounting principles, policies and guidelines; and

•the effects of severe weather, natural disasters, acts of war or terrorism, widespread disease or pandemics, and other external events.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report. In addition, our past results of operations are not necessarily indicative of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

PART I

ITEM 1 – BUSINESS

Our Company

Midland States Bancorp, Inc., an Illinois corporation formed in 1988, is a diversified financial holding company headquartered in Effingham, Illinois. Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, ~~business equipment financing,~~ merchant credit card services, trust and investment management, ~~and~~ insurance and financial planning services. As of December 31, ~~2024~~2025, the Company had total assets of $76.51 billion, and our wealth management group had assets under administration of approximately $4.1548 billion.

Our strategic plan focuses on delivering a superior customer experience through a high-tech, high-touch approach, while remaining committed to core community banking and relationship-driven growth. We continue to enhance our regional franchise approach that serves our core customers with a consistent, high-performance culture rooted in our One Midland values and with a strong foundation in Enterprise Risk Management.

Our Principal Businesses

Community Banking. Our community banking business primarily consists of commercial and retail lending and deposit taking. We deliver a comprehensive range of banking products and services to individuals, businesses, municipalities and other entities within our market areas, which include Illinois and the St. Louis metropolitan area, where we operated 53 full-service banking offices as of December 31, ~~2024~~2025.

Our lending strategy is to maintain a broadly diversified loan portfolio based on the type of customer (i.e., businesses versus individuals), type of loan product (e.g., owner occupied commercial real estate, commercial loans, agricultural loans, etc.), geographic location and industries in which our business customers are engaged (e.g., manufacturing, retail, hospitality, etc.). We principally focus our commercial lending activities on loans that we originate from borrowers located in our market areas.

We market our lending products and services to qualified lending customers primarily through branch offices and high touch personal service. We focus our business development and marketing strategy primarily on middle market businesses. Our primary products and services include the following:

Commercial Loans. Our commercial loan portfolio is comprised primarily of term loans to purchase capital equipment and lines of credit for working capital and operational purposes to small and midsized businesses. Although most loans are made on a secured basis, loans may be made on an unsecured basis where warranted by the overall financial condition of the borrower. Part of our commercial loan portfolio includes loans extended to finance agricultural equipment and production. These loans are typically short-term loans extended to farmers and other agricultural producers to purchase seed, fertilizer and equipment.

5Commercial Real Estate Loans. We offer real estate loans for owner occupied and non-owner occupied commercial property. The real estate securing our existing commercial real estate loans includes a wide variety of property types, such as owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, skilled nursing and assisted living facilities. Our commercial real estate loan

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~~These~~portfolio ~~loans~~includes ~~are~~farmland ~~typically~~loans. ~~short-term~~Farmland loans ~~extended~~are generally made to ~~farmers~~a ~~and~~borrower ~~other~~actively ~~agricultural~~involved ~~producers~~in tofarming ~~purchase~~rather ~~seed,~~than ~~fertilizer~~to ~~and~~passive ~~equipment~~investors.

Commercial Real Estate Loans. We offer real estate loans for owner occupied and non-owner occupied commercial property. The real estate securing our existing commercial real estate loans includes a wide variety of property types, such as owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties and assisted living facilities. Our commercial real estate loan portfolio includes farmland loans. Farmland loans are generally made to a borrower actively involved in farming rather than to passive investors.

Construction and Land Development Loans. Our construction portfolio includes loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments and, to a lesser extent, loans to individual clients for construction of single family homes in our market areas. These loans are typically disbursed as construction progresses and carry interest rates that may vary with SOFR.

The following table presents the balance and associated percentage of the major property types within our commercial real estate and construction and land development loan portfolios at December 31, ~~2024~~2025 and ~~2023~~2024:

	December 31,
	2024				2023
	2025				2024
(dollars in thousands)	Balance		%		Balance		%
Multi-Family	$	~~547~~430,~~016~~397	1816.94	%	$	~~516~~547,~~295~~016	18.19	%
Retail	~~460~~459,~~283~~225		1517.95		~~469~~400,~~096~~902		1613.48
Skilled Nursing	~~400~~193,~~902~~572		137.84		~~454~~460,~~589~~283		15.9
Industrial/Warehouse	~~235~~275,~~674~~922		810.25		~~217~~235,~~956~~674		78.62
Hotel/Motel	~~228~~290,~~764~~137		711.90		~~159~~228,~~707~~764		57.69
Office	~~146~~140,~~295~~076		5.13		~~153~~146,~~756~~295		5.41
All other	~~872~~839,~~572~~475		3031.29		~~888~~872,~~039~~572		3130.02
Total commercial real estate and construction and land development loans	$	2,~~891~~628,~~506~~804	100.0	%	$	2,~~859~~891,~~438~~506	100.0	%

Residential Real Estate Loans. We offer first and second mortgage loans to our individual customers primarily for the purchase of primary residences. We also offer home equity lines of credit, consisting of loans secured by first or second mortgages primarily on owner occupied primary residences.

Consumer Installment Loans. We provide consumer installment loans for the purchase of ~~cars~~automobiles, boats and other recreational vehicles, as well as for the purchase of major appliances and other home improvement projects. Our major appliance and other home improvement lending is originated principally through national and regional retailers and other vendors of these products and services. We have historically originated these loans through GreenSky and LendingPoint. ~~However,~~ ~~during~~In ~~the fourth quarter of~~ 2023, the Company ceased originating consumer loans through both GreenSky and LendingPoint. ~~Subsequently~~During the fourth quarter of 2024, we sold our LendingPoint portfolio inof $87.1 million. During the ~~fourth~~second quarter of ~~2024~~2025, ~~and~~we ~~in April 2025~~ sold participation interests in ~~consumer~~$317.5 ~~loans~~million ~~with~~of anour ~~aggregate~~GreenSky ~~principal~~consumer ~~amount~~loan ofportfolio, ~~$317.5~~while ~~million~~retaining ~~that~~the ~~were~~remaining ~~originated~~$53.6 ~~through~~million of the ~~GreenSky program~~portfolio.

~~Commercial~~Deposit ~~Equipment Leasing~~Taking. We ~~originate~~offer ~~and~~traditional ~~manage~~depository ~~custom~~products, ~~leasing~~including checking, savings, money market and ~~financing~~certificates ~~programs~~of ~~for~~deposits, ~~commercial~~to ~~customers~~individuals, onbusinesses, amunicipalities ~~nationwide~~and ~~basis~~other entities throughout our market areas. ~~The~~Deposits ~~industries~~at wethe ~~service~~Bank ~~include~~are ~~manufacturing,~~insured ~~construction,~~by ~~transportation~~the ~~and~~FDIC ~~healthcare.~~up ~~The~~to ~~financings~~statutory ~~generated~~limits. ~~are~~We ~~typically~~also ~~retained~~offer ~~and~~sweep ~~serviced~~accounts byto ~~the~~our ~~Bank,~~business and municipal customers. Sweep accounts are ~~generally~~guaranteed ~~leases~~through ~~between~~repurchase ~~$50~~agreements. Our ability to gather deposits,~~000~~ ~~and~~particularly ~~$500~~core deposits,~~000,~~ ~~but~~is ~~can~~an beimportant ~~larger~~aspect inof ~~certain~~our ~~circumstances~~business franchise.

~~Deposit~~Wealth ~~Taking~~Management. WeOur ~~offer~~wealth ~~traditional~~management ~~depository~~group ~~products,~~operates ~~including~~under ~~checking,~~the ~~savings,~~name ~~money~~Midland ~~market~~Wealth Management and ~~certificates~~provides ofa ~~deposits,~~comprehensive tosuite ~~individuals,~~of ~~businesses,~~trust ~~municipalities~~ and ~~other~~wealth ~~entities~~management ~~throughout~~products ~~our~~and ~~market~~services, ~~areas.~~including Wefinancial ~~also~~and ~~offer~~estate ~~sweep~~planning, ~~accounts~~trustee toand ~~our~~custodial ~~business~~services, ~~customers.~~investment ~~Deposits~~management, attax ~~the~~and ~~Bank~~insurance ~~are~~planning, ~~insured~~business byplanning, ~~the~~corporate ~~FDIC~~retirement upplan toconsulting ~~statutory~~and ~~limits.~~administration Weand ~~also~~retail ~~offer~~brokerage ~~sweep~~services ~~accounts that are guaranteed~~ through ~~repurchase~~a ~~agreements~~nationally torecognized ~~our~~third ~~business~~party ~~and~~broker ~~municipal customers~~dealer. ~~Our ability to gather deposits, particularly core deposits, is an important aspect of our business franchise.~~

Wealth Management. Our wealth management group operates under the name Midland Wealth Management and provides a comprehensive suite of trust and wealth management products and services, including financial and estate planning, 5

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trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third party broker dealer.

Competition

We compete in a number of areas, including commercial and retail banking, residential mortgages, ~~wealth management~~ and ~~commercial~~wealth ~~equipment leasing~~management. These industries are highly competitive, and the Bank and its subsidiaries face strong direct competition for deposits, loans ~~and leases~~, wealth management, and other financial-related services. We compete primarily with other community banks, thrifts and credit unions. In addition, we compete with large banks and other financial intermediaries, such as consumer finance companies, private credit funds, brokerage firms, mortgage banking companies, business ~~leasing and~~ finance companies, insurance companies, securities firms, mutual funds and certain government agencies as well as major retailers, all actively engaged in providing various types of loans and other financial services. Additionally, we face growing competition from so-called "online businesses" with few or no physical locations, including online banks, lenders and consumer and commercial lending platforms, and FinTech companies, as well as automated retirement and investment service providers. We believe that the range and quality of products that we offer, the knowledge of our personnel and our emphasis on building long-lasting relationships set us apart from our competitors.

The following table reflects information on the markets we currently serve, as of June 30, ~~2024~~2025, the most recent date for which such information was publicly available:

(dollars in thousands)

June 30, ~~2024~~2025

December 31, ~~2024~~2025

County

State

Deposits

Market Share

# of Banking Offices

Effingham

1933,~~060,572~~453

3735.6657

St. Charles

~~993~~847,~~953~~198

98.8751

Winnebago

~~874~~936,~~694~~159

11.7685

Kankakee

~~819~~855,~~476~~634

32.2156

La Salle

~~309~~320,~~863~~518

8.2106

Will

~~285~~282,~~690~~722

1.3323

St. Louis

~~276~~272,~~933~~529

0.6259

Lee

~~251~~210,~~061~~444

2925.6121

Boone

~~213~~217,~~454~~991

27.4225

Whiteside

~~190~~187,~~361~~124

109.0564

Bureau

~~154~~163,~~169~~071

1213.7758

Kendall

~~139~~131,~~720~~099

4.9354

Grundy

~~101~~104,~~530~~298

6.3108

Monroe

8591,~~578~~220

7.4371

Marion

7686,~~452~~191

78.0115

Champaign

4857,~~844~~325

0.7083

St. Clair

4548,~~373~~769

0.8384

Fayette

4352,~~509~~580

78.8161

Jefferson

4245,~~476~~102

1.1113

Franklin

3431,~~342~~616

0.9383

Bond

2926,~~255~~999

6.7308

Saint Louis (City)

2529,~~353~~820

0.0506

Livingston

2123,~~984~~206

1.6566

Human Capital Resources

At December 31, ~~2024~~2025, we had ~~896~~861 employees, including 3222 part-time employees. Our employees are not represented by any collective bargaining group. Management considers its employee relations to be good. We believe our ability to attract and retain skilled employees is a key to our success. Accordingly, we strive to offer competitive ~~salaries~~compensation and ~~employee~~ benefits ~~to all employees~~ and regularly monitor ~~salaries~~market inpractices across our ~~market areas~~footprint.

InWe ~~addition, we~~ are ~~committed~~focused toon ~~developing~~building ~~our~~the ~~staff~~skills ~~through~~and ~~continuing~~capabilities ~~and~~required ~~specialty~~to ~~education~~operate ~~within~~efficiently ~~banking.~~and Inadapt ~~this~~to ~~regard,~~an weevolving ~~have~~banking ~~developed~~environment. ~~and~~Through ~~provided~~Midland University, all employees ~~with~~have access to ~~our~~required ~~Midland~~regulatory ~~University~~ training ~~program.~~as ~~This~~well ~~program~~as ~~was~~skill-based ~~developed~~education toaligned ~~provide~~with ~~continuing~~our ~~education~~strategic ~~required~~priorities. orThis ~~advisable~~includes ~~regarding~~development ~~regulatory~~in ~~matters~~areas (such as ~~anti-money~~generative ~~laundering,~~artificial ~~bank secrecy~~intelligence, ~~etc.)~~robotic asprocess ~~well~~automation, asprocess ~~other~~improvement, ~~matters important to our organization~~ and ~~culture~~data-informed (edecision-making.~~g., social inclusion, diversity~~

7In addition to technical skills, we emphasize professional capabilities that support execution and change, including adaptability, growth mindset, collaboration, and change management. Leadership development is further reinforced through targeted programs such as our MASTERS program—Midland’s Advanced Study for Talent Enrichment and Resource

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~~and~~Strengthening—which ~~non~~develops high-~~discrimination,~~performing ~~etc.).~~employees ~~Additionally,~~with ~~our~~leadership ~~Midland~~potential. ~~University~~Since ~~program~~2016, ~~provides~~more ~~for~~than ~~continuing~~140 ~~education~~employees inhave ~~areas~~participated ~~specifically~~in ~~related~~the ~~to our banking and financial services business~~program.

~~Leadership~~We ~~and~~believe ~~professional~~our development at Midland is reinforced through programs designed to cultivate talent and accelerate development. Our MASTERS program—Midland’s Advanced Study for Talent Enrichment and Resource Strengthening— enhances the career growth of high-potential employees who demonstrate the qualities essential for the Company’s continued ~~success.~~investment ~~More than 110 employees have participated~~ in ~~this~~skill ~~program~~development ~~since 2016. Additionally, we support professional growth~~ and ~~community-building through affinity groups such as Midland WOMEN and the African American Affinity Group. Midland WOMEN is dedicated to advancing the~~ leadership ~~development~~capability ofstrengthens ~~women~~execution ~~at all levels of the organization, offering programs~~ and ~~initiatives~~positions ~~that engage employees across~~ the Company. ~~The African American Affinity Group provides a platform~~ for ~~personal~~long-term ~~and professional development, fostering opportunities for advancement and mentorship~~performance. ~~Executive management actively supports these groups.~~

Corporate Information

Through our website at www.midlandsb.com under “Investors - SEC Filings,” we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The contents of our website are not incorporated by reference into this report.

Supervision and Regulation

General

FDIC-insured institutions, their holding companies and their affiliates are extensively regulated under federal and state law. As a result, the Company’s growth and earnings performance may be affected not only by management decisions and general economic conditions, but also by the requirements of federal and state statutes and by the regulations and policies of various banking agencies, including the DFPR, the Federal Reserve, the FDIC and ~~the~~federal ~~CFPB~~and state consumer financial protection agencies. Furthermore, taxation laws administered by the Internal Revenue Service and state taxing authorities, accounting rules developed by the FASB, securities laws administered by the SEC and state securities authorities, and anti-money laundering ~~laws~~ and sanctions laws enforced by the Treasury have an impact on the Company’s business. The effect of these statutes, regulations, regulatory policies and accounting rules are significant to the Company’s operations and results.

Federal and state banking laws impose a comprehensive system of supervision, regulation and enforcement on the operations of FDIC-insured institutions, their holding companies and affiliates that is intended primarily for the protection of the FDIC-insured deposits and depositors of banks, rather than shareholders. These laws, and the regulations of the banking agencies issued under them, affect, among other things, the scope of the Company’s business, the kinds and amounts of investments that the Company and the Bank may make, required capital levels relative to assets, the nature and amount of collateral for loans, the establishment of branches, the ability of the Company or the Bank to merge, consolidate and acquire, dealings with the Company’s and the Bank’s insiders and affiliates and the Company’s payment of dividends. In reaction to the global financial crisis and particularly following the passage of the Dodd Frank Act, the Company experienced heightened regulatory requirements and scrutiny. Although the reforms primarily targeted large banking organizations and systemically important financial institutions, their influence filtered down in varying degrees to community banks over time and caused the Company’s compliance and risk management processes, and the costs thereof, to increase. However, in May 2018, the Regulatory Relief Act was enacted by Congress in part to provide regulatory relief for community banks and their holding companies. To that end, the law eliminated questions about the applicability of certain Dodd-Frank Act reforms to community bank systems, including relieving the Company of any requirement to engage in mandatory stress tests, maintain a risk committee or comply with the Volcker Rule’s complicated prohibitions on proprietary trading and ownership of private funds. The Company believes these reforms are favorable to its operations. It is anticipated that the Trump Administration and the current U.S. Congress likely will not increase the regulatory burden on community banking organizations and may seek to reduce and streamline certain prudential and regulatory requirements applicable to these banking organizations at a federal level based on statements made by relevant congressional leaders and the acting leaders of certain federal banking agencies. At this time, however, it is not possible to predict with any certainty the actual impact that the Trump Administration may have on the banking industry or the operations of the Company or the Bank.

~~The~~In ~~supervisory~~response ~~framework~~to ~~for~~the Uglobal financial crisis and particularly following the passage of the Dodd Frank Act, the Company experienced heightened regulatory requirements and scrutiny.S. Although the reforms primarily targeted large banking organizations ~~subjects~~and systemically important financial institutions, their influence filtered down in varying degrees to community banks over time and ~~bank~~caused ~~holding~~the ~~companies~~Company’s tocompliance ~~regular~~and ~~examination~~risk bymanagement ~~their~~processes, ~~respective~~and ~~banking~~the ~~agencies~~costs thereof, ~~which~~to ~~results~~increase. However, in ~~examination~~May ~~reports~~2018, ~~and~~the ~~ratings~~Regulatory ~~that~~Relief ~~are~~Act ~~not~~was ~~publicly~~enacted ~~available~~by ~~and~~Congress ~~that~~in ~~can~~part ~~impact~~to ~~the~~provide ~~conduct~~regulatory ~~and~~relief ~~growth~~for ofcommunity banks and their ~~business~~holding companies. ~~These~~The ~~examinations~~law ~~consider~~clarified ~~not~~the ~~only~~inapplicability ~~compliance~~of ~~with~~certain ~~applicable~~Dodd-Frank ~~laws~~Act ~~and~~reforms ~~regulations~~to community banking organizations, ~~but~~including ~~also~~relieving ~~capital~~the ~~levels,~~Company ~~asset~~of ~~quality~~any ~~and~~requirement ~~risk~~to engage in mandatory stress tests, ~~management~~maintain ~~ability~~a risk committee or comply with the Volcker Rule’s complicated prohibitions on proprietary trading and ~~performance,~~ownership ~~earnings,~~of private funds. The Company believes these reforms are favorable to its operations.

8Over the past year, the federal banking agencies have continued efforts to reduce regulatory burden on banking organizations through various supervisory, regulatory and policy initiatives. These efforts have included the rescission or revision of certain rulemakings and proposals from prior administrations, initiatives to streamline examination and application processes and efforts to increase transparency and consistency in supervisory expectations. Congress also has considered additional measures aimed at easing specific compliance obligations for community banking organizations, although no reforms comparable in scope to the Regulatory Relief Act have been enacted to date. These regulatory developments may be favorable to the operations of the Company and the Bank; however, future changes in laws, regulations or supervisory priorities, and their impacts on the Company’s or the Bank’s business, remain uncertain.

The supervisory framework applicable to U.S. banking organizations subjects banks and bank holding companies to regular examination by their respective banking agencies. These examinations result in confidential examination reports and supervisory ratings that may impact an institution's operations, capital levels, growth and strategic initiatives. Examinations consider not only compliance with applicable laws and regulations, but also capital levels, asset quality and risk, management performance, earnings, liquidity and overall risk profile, among other factors. The banking agencies generally have broad discretion to impose restrictions and limitations on the operations of a regulated entity when the agencies determine, among other things, that such operations are unsafe or unsound, violate applicable law or are otherwise inconsistent with laws and

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~~liquidity, and various other factors~~regulations. ~~The~~Changes ~~banking~~in ~~agencies~~supervisory ~~generally~~approach ~~have broad discretion to impose restrictions and limitations on the operations of a regulated entity where the agencies determine, among other things, that such operations are unsafe~~ or ~~unsound,~~emphasis ~~fail to comply with applicable law or are otherwise inconsistent with laws and regulations. The approach to supervision adopted by each banking agency~~ may ~~have~~materially ~~significant~~affect ~~impacts on~~ the operations and financial results of the Company and the Bank, asand ~~well as~~ the banking industry in general. Based on statements made by congressional leaders and the acting leaders of certain federal banking agencies, there may be changes in the supervisory processes and approach made by the federal banking agencies.

In recent supervisory communications, rulemakings and policy statements, federal banking agencies have indicated an increased focus on core, material financial risks (rather than risk management processes), greater transparency in supervisory expectations, and efforts to reduce examination burden, particularly for community banks. For example, the Federal Reserve, the Bank’s primary federal regulator, has released guidance intended to streamline supervisory and examination processes, including the issuance of Matters Requiring Attention, and may propose, or join the FDIC’s and OCC’s interagency efforts regarding, rules to clarify standards for unsafe or unsound practices. These initiatives may enable management to focus more effectively on growth opportunities and the management of material financial risks.

The following is a summary of the material elements of the supervisory and regulatory framework applicable to the Company and the Bank. It does not describe all of the statutes, regulations and regulatory policies that apply, nor does it restate all of the requirements of those that are described. The descriptions are qualified in their entirety by reference to the particular statutory and regulatory provision.

The Role of Capital

Regulatory capital represents the net assets of a banking organization available to absorb losses. Because of the risks attendant to their business, FDIC-insured institutions, such as the Bank, as well as their holding companies (i.e., banking organizations) ~~are~~ generally are required to hold more capital than other businesses, which directly affects the Company’s earnings capabilities. ~~While~~Although capital has historically been one of the key measures of the financial health of both bank holding companies and banks, its role became fundamentally more important in the wake of the global financial crisis, as the banking agencies recognized that the amount and quality of capital held by banking organizations prior to that crisis was insufficient to absorb losses during periods of severe stress. Certain provisions of the Dodd-Frank Act and the Basel III Rule, defined and discussed below, establish capital standards for banks and bank holding companies that are meaningfully more stringent than those in place previously.

Minimum Required Capital Levels. Banking organizations have been required to hold minimum levels of capital based on guidelines established by the Federal banking agencies since 1983. The minimum capital levels for banking organizations have been expressed in terms of ratios of “capital” divided by “total assets”.” As discussed below, bank capital measures have become more sophisticated over the years and have focused more on the quality of capital and the risks of bank assets. Bank holding companies have historically had to comply with less stringent capital standards than their bank subsidiaries and have been able to raise capital with hybrid instruments such as trust preferred securities. The Dodd-Frank Act mandated the Federal Reserve to establish minimum capital levels for bank holding companies on a consolidated basis as stringent as those required for FDIC-insured institutions. A result of this change is that the proceeds of hybrid instruments, such as trust preferred securities, were excluded from capital over a phase-out period. However, if such securities were issued prior to May 19, 2010 by bank holding companies with less than $15 billion of assets, they may be retained, subject to certain restrictions. Because the Company has assets of less than $15 billion, the Company is able to maintain its trust preferred proceeds as capital but the Company has to comply with new capital mandates in other respects and will not be able to raise capital in the future through the issuance of trust preferred securities.

The Basel International Capital Accords. The risk-based capital guidelines for U.S. banking organizations since 1989 were based upon ~~the~~international ~~1988~~ capital ~~accord~~accords (known as the “Basel I” accords) adopted by the international Basel Committee on Banking Supervision, a committee of central banks and bank supervisors that acts as the primary global standard-setter for prudential regulation, as interpreted and implemented by the U.S. federal banking agencies on an interagency basis. ~~The~~These ~~accord~~accords recognized that bank assets for the purpose of the capital ratio calculations needed to be assigned risk weights (the theory being that riskier assets should require more capital) and that off-balance sheet exposures needed to be factored ininto the calculations. Basel I had a very simple formula for assigning risk weights to bank assets from 0% to 100% based on four categories. In 2008, the banking agencies collaboratively began to phase-in capital standards based on a second capital accord, referred to as “Basel II,” for large or “core” international banks (generally defined for U.S. purposes as having total assets of $250 billion or more, or consolidated foreign exposures of $10 billion or more) known as “advanced approaches” banks. The primary focus of Basel II was on the calculation of risk weights based on complex models developed by each advanced approaches bank. Because most banks were not subject to Basel II, the U.S. banking agencies worked to improve the risk sensitivity of the Basel I standards without imposing the complexities of Basel II. This “standardized approach” increased the number of risk-weight categories and recognized risks well above the original 100% maximum risk weight. It is institutionalized by the Dodd-Frank Act for all banking organizations, even for the advanced approaches banks, as a floor.

OnFollowing ~~September 12,~~the ~~2010~~global financial crisis, the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, announced an agreement on a strengthened set of capital requirements for banking organizations around the world, known as the "Basel III" accords, to address deficiencies recognized in connection with the global financial crisis.

9The Basel III Rule. In July 2013, the U.S. federal banking agencies approved the implementation of the Basel III regulatory capital reforms in pertinent part, and, at the same time, promulgated rules effecting certain changes required by the Dodd-Frank Act (the "Basel III Rule"). In contrast to capital requirements historically, which were in the form of guidelines, the Basel III Rule was released in the form of enforceable regulations by each of the federal banking agencies. The Basel III Rule is

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The Basel III Rule. In July 2013, the U.S. federal banking agencies approved the implementation of the Basel III regulatory capital reforms in pertinent part, and, at the same time, promulgated rules effecting certain changes required by the Dodd-Frank Act (the "Basel III Rule"). In contrast to capital requirements historically, which were in the form of guidelines, Basel III was released in the form of enforceable regulations by each of the federal banking agencies. The Basel III Rule is applicable to all banking organizations that are subject to minimum capital requirements, including national and state banks and savings and loan associations, as well as to bank and savings and loan holding companies, other than “small bank holding companies” ~~(generally holding companies with consolidated assets of less than $3 billion)~~ and certain qualifying banking organizations that may elect a simplified framework (which the Company has not done.). Thus, the Company and the Bank are each currently subject to, and comply with, the Basel III Rule as described below.

The Basel III Rule increased the required quantity and quality of capital and, for nearly every class of assets, it requires a more complex, detailed and calibrated assessment of risk and calculation of risk-weight amounts. The assignment of risk weights is likely to continue to be under review by the federal banking agencies as they seek to implement certain remaining elements of the Basel III accords. Previously, in 2023, the federal banking agencies proposed wide-ranging and significant changes to the Basel III Rules (the “Basel III Endgame Proposal”) to complete this implementation process; however, the proposal was not adopted, in part due to stakeholder concerns regarding potential economic impacts, data transparency, and the alignment of certain provisions with statutory tailoring requirements. Based on public statements from federal banking agency officials, it is anticipated that a revised proposal may be issued in the future. Any re-proposal of the Basel III Endgame Proposal is expected to primarily affect large, complex banking organizations.

Not only did the Basel III Rule increase most of the required minimum capital ratios in effect prior to ~~January 1,~~ 2015, but it introduced the concept of Common Equity Tier 1 Capital ("CET1"), which consists primarily of common stock, related surplus (net of Treasury stock), retained earnings, and ~~Common~~CET1 ~~Equity Tier 1~~ minority interests, subject to certain regulatory adjustments and deductions. The Basel III Rule also changed the definition of capital by establishing more stringent criteria ~~that~~for instruments ~~must meet~~ to bequalify ~~considered~~as Additional Tier 1 Capital (primarily non-cumulative perpetual preferred stock that meets certain requirements) and Tier 2 Capital (primarily other types of preferred stock and subordinated debt, subject to limitations). AIn ~~number of instruments that qualified as Tier 1 Capital under Basel I do not qualify~~addition, orthe ~~their qualifications changed. For example, noncumulative perpetual preferred stock, which qualified as simple Tier 1 Capital under~~ Basel ~~I, does not qualify as Common Equity Tier 1 Capital, but qualifies as Additional Tier 1 Capital. The Basel~~ III Rule also ~~constrained~~limited the inclusion of minority interests, mortgage-servicing assets, and deferred tax assets in capital and ~~requires~~required deductions from ~~Common Equity~~CET1 ~~Tier 1 Capital~~ in the event that such assets exceed aprescribed ~~certain percentage of a banking organization’s Common Equity Tier 1 Capital~~thresholds.

The Basel III Rule requires banking organizations to maintain minimum capital ratios to be deemed "adequately capitalized" as follows:

•A ratio of minimum ~~Common~~CET1 ~~Equity Tier 1 Capital~~ equal to 4.5% of risk-weighted assets;

•AnA ~~increase~~ratio ~~in the minimum required amount~~ of Tier 1 Capital ~~from~~equal 4% to 6% of risk-weighted assets;

•A ~~continuation~~ratio of ~~the minimum required amount of~~ Total Capital (Tier 1 plus Tier 2 Capital) atequal to 8% of risk-weighted assets; and

•A ~~minimum~~ leverage ratio of Tier 1 Capital to total quarterly average assets equal to 4% ~~in all circumstances~~.

In addition, banking organizations that want to make capital distributions (including for dividends and ~~repurchases of~~ stock repurchases) and pay discretionary bonuses to executive officers without restriction must ~~also~~ maintain 2.5% in ~~Common~~CET1 ~~Equity~~in ~~Tier~~the 1form ~~Capital~~of ~~attributable to~~ a capital conservation buffer. The purpose of the conservation buffer is to ensure that banking organizations maintain a ~~buffer~~cushion of capital that can be used to absorb losses during periods of financial and economic stress. Factoring in the capital conservation buffer increases the minimum ratios ~~depicted~~described above to 7% for ~~Common Equity Tier 1 Capital~~CET1, 8.5% for Tier 1 Capital and 10.5% for Total Capital.

InWell ~~July~~Capitalized ~~2023,~~Requirements. ~~the~~The ~~Biden~~capital ~~Administration~~ratios ~~federal~~described above represent minimum standards for banking ~~agencies~~organizations ~~had~~to ~~proposed~~be ~~wide-ranging~~considered ~~and~~“adequately ~~significant~~capitalized.” ~~changes~~Banking agencies uniformly encourage banking organizations to ~~the~~maintain ~~Basel~~capital ~~III~~at ~~Rule~~levels ~~(the~~above ~~“Basel~~these ~~III~~minimums ~~Endgame~~and ~~Proposal~~to be classified as “well capitalized.”), ~~which~~To ~~would~~that ~~have~~end, ~~among~~federal ~~other~~law ~~requirements,~~and ~~imposed~~regulations ~~structural~~provide ~~changes~~various toincentives ~~the~~for ~~calculation~~banking oforganizations ~~capital~~to ~~requirements~~maintain ~~and~~regulatory ~~risk-weighted~~capital ~~assets~~at levels in anexcess ~~effort~~of tominimum ~~finish~~regulatory ~~the~~requirements. ~~implementation~~For ofexample, ~~the~~a ~~Basel~~well ~~III~~capitalized ~~accords.~~banking ~~The~~organization ~~Basel~~may: ~~III~~(i) ~~Endgame~~qualify ~~Proposal~~for ~~would~~exemptions ~~generally~~from ~~have~~prior ~~impacted~~notice ~~the~~or ~~capital~~application requirements otherwise applicable to ~~banking~~certain ~~organizations~~activities; ~~with~~(ii) ~~$100~~receive ~~billion~~expedited orprocessing ~~more~~of inother ~~total~~required ~~assets,~~notices or applications; and (iii) accept, asroll-over aor ~~general~~renew ~~matter~~brokered deposits. In addition, ~~would~~the ~~not~~banking ~~have~~agencies ~~had~~may arequire ~~significant~~higher ~~impact~~capital onlevels if warranted by the ~~Company~~banking organization's particular operating circumstances or ~~the~~risk ~~Bank~~profiles. ~~The~~For ~~Basel~~example, ~~III~~the ~~Endgame~~Federal ~~Proposal~~Reserve’s ~~has~~capital ~~not~~guidelines ~~been,~~contemplate ~~and~~that isadditional ~~not~~capital ~~expected~~may be required to betake adequate account of, ~~adopted~~among inother athings, ~~form~~interest ~~substantially~~rate ~~similar~~risk, toor the ~~Basel~~risks ~~III~~posed ~~Endgame~~by ~~Proposal~~concentrations of credit, nontraditional activities or securities trading activities. ~~Based~~Further, onany ~~statements~~banking ~~made~~organization byexperiencing ~~the~~or ~~current~~anticipating ~~leaders~~significant ofgrowth ~~the~~would ~~federal~~be ~~banking~~expected ~~agencies,~~to asmaintain ~~well~~capital asratios, ~~the~~including ~~Secretary~~tangible ofcapital ~~the~~positions ~~Treasury~~(i.e., ~~the~~Tier ~~agencies~~1 ~~may~~Capital ~~issue~~less aall ~~new~~intangible ~~version~~assets), ofwell ~~this~~above ~~proposal~~the minimum regulatory levels.

~~Well-Capitalized~~Under ~~Requirements.~~the ~~The~~ capital ~~ratios~~regulations ~~described~~of ~~above~~the ~~are~~Federal ~~minimum~~Reserve, ~~standards~~ in order ~~for banking organizations~~ to be ~~considered “adequately capitalized.” Banking agencies uniformly encourage banking organizations to hold more capital and be “~~well~~-capitalized”~~ ~~and~~capitalized, ~~to that end, federal law and regulations provide various incentives for banking organizations to maintain regulatory capital at levels in excess of minimum regulatory requirements. For example,~~ a banking organization ~~that~~must ~~is well-capitalized may~~maintain: (i) qualify for exemptions from prior notice or application requirements otherwise applicable to certain types of activities; (ii) qualify for expedited processing of other required notices or applications; and (iii) accept, roll-over or renew brokered deposits. Higher capital levels could also be required if warranted by the particular circumstances or risk profiles of individual banking organizations. For example, the Federal Reserve’s capital guidelines

10•A CET1 ratio to risk-weighted assets of 6.5% or more;

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contemplate that additional capital may be required to take adequate account of, among other things, interest rate risk, or the risks posed by concentrations of credit, nontraditional activities or securities trading activities. Further, any banking organization experiencing or anticipating significant growth would be expected to maintain capital ratios, including tangible capital positions (i.e., Tier 1 Capital less all intangible assets), well above the minimum levels.

Under the capital regulations of the Federal Reserve, in order to be well-capitalized, a banking organization must maintain:

•A Common Equity Tier 1 Capital ratio to risk-weighted assets of 6.5% or more;

•A ratio of Tier 1 Capital to total risk-weighted assets of 8% or more;

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•A ratio of Total Capital to total risk-weighted assets of 10% or more; and

•A leverage ratio of Tier 1 Capital to total adjusted average quarterly assets of 5% or greater.

ItUnder ~~is possible under~~ the Basel III Rule, toa banking organization may be deemed well- capitalized, while ~~remaining~~not ~~out~~complying ~~of compliance~~ with the capital conservation buffer ~~discussed~~described above.

As of December 31, ~~2024~~2025: (i) the Bank was not subject to a directive from the Federal Reserve or the DFPR to increase its capital; and (ii) the Bank was well- capitalized, as defined by Federal Reserve regulations. As of December 31, ~~2024~~2025, the Company had regulatory capital in excess of the Federal Reserve’s requirements and met the Basel III Rule requirements to be well- capitalized. The Company is also in compliance with the capital conservation buffer.

Prompt Corrective Action. The concept of a banking organization being “adequately capitalized" or "well- capitalized” is part of a regulatory enforcement regime that provides the federal banking agencies with broad power to take “prompt corrective action” to resolve the problems of undercapitalized depository institutions based on the capital level of each particular institution. The extent of the banking agencies’ powers depends on whether the banking organization in question is “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” or “critically undercapitalized,” in each case as defined by regulation. Depending upon the capital category to which a banking organization is assigned, the banking agencies’ corrective powers include: (i) requiring the institution to submit a capital restoration plan; (ii) limiting the institution’s asset growth and restricting its activities; (iii) requiring the institution to issue additional capital stock (including additional voting stock) or to sell itself; (iv) restricting transactions between the institution and its affiliates; (v) restricting the interest rate that the institution may pay on deposits; (vi) ordering a new election of directors of the institution; (vii) requiring that senior executive officers or directors be dismissed; (viii) prohibiting the institution from accepting deposits from correspondent banks; (ix) requiring the institution to divest certain subsidiaries; (x) prohibiting the payment of principal or interest on subordinated debt; and (xi) ultimately, appointing a receiver for the institution.

Community Bank Capital Simplification. Community banking organizations have long raised concerns with the federal banking agencies about the regulatory burden, complexity, and costs associated with certain provisions of the Basel III Rule. In response, ~~the U.S.~~ Congress provided an “off-ramp” for institutions, like the Company, with total consolidated assets of less than $10 billion as part of the Regulatory Relief Act. Section 201 of the Regulatory Relief Act specifically instructed the federal banking agencies to establish a single CBLR of between 8% and 10%. Under the final rule, aimplementing ~~community~~this ~~banking~~section ~~organization~~of isthe ~~eligible~~Regulatory toRelief ~~elect~~Act, toa ~~comply~~community ~~with~~banking ~~its~~organization ~~capital~~is ~~requirements~~eligible the CBLR framework if it has: (i) less than $10 billion in total consolidated assets,; (ii) limited amounts of certain assets and off-balance sheet exposures,; and (iii) a CBLR greater than 9%. ~~Nevertheless~~In late 2025, the federal banking agencies proposed changes to the CBLR framework intended to encourage broader adoption, including reducing the required leverage ratio from 9% to 8%; however, the proposal has not yet been finalized. The Company has not currently determined to elect the CBLR, but it may elect the framework at any time.

Supervision and Regulation of the Company

General. The Company, as the sole shareholder of the Bank, is a bank holding company that has elected financial holding company status. As a bank holding company, the Company is registered with, and is subject to regulation supervision and enforcement by, the Federal Reserve under the BHCA. The Company is legally obligated to act as a source of financial and managerial strength to the Bank and to commit resources to support the Bank in circumstances where the Company might not otherwise do so. Under the BHCA, the Company is subject to periodic examination by the Federal Reserve. The Company is required to file with the Federal Reserve periodic reports of the Company’s operations and such additional information regarding the Company and its subsidiaries as the Federal Reserve may require.

Acquisitions, ~~Activities~~ and ~~Financial Holding Company Election~~Activities. The primary purpose of a bank holding company is to control and manage banks. The BHCA generally requires the prior approval of the Federal Reserve for any merger involving a bank holding company or any acquisition by a bank holding company of another bank or bank holding company. ~~Subject~~Pursuant to ~~certain~~the ~~conditions~~BHCA ~~(including~~and ~~deposit concentration limits established by~~ the ~~BHCA)~~Dodd-Frank Act, the Federal Reserve may ~~allow~~permit a well capitalized and well managed bank holding company to acquire banks located in any U.S. state, subject to federal deposit concentration limits, applicable nondiscriminatory state deposit-cap laws and state minimum-existence requirements for target banks (not exceeding five years).

The BHCA generally prohibits the Company from acquiring direct or indirect ownership or control of more than 5% of the outstanding class of the voting shares of any nonbanking entity and from engaging in any business other than that of banking, managing and controlling banks or furnishing services to banks and their subsidiaries. This general prohibition is subject to a number of exceptions. The principal exception allows bank holding companies to engage in, and to own shares of companies engaged in, certain businesses found by the Federal Reserve prior to November 11, 1999 to be “so closely related to banking ... as to be a proper incident thereto.” This authority permits the Company to engage in a variety of banking-related

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~~holding~~businesses, ~~company~~including tothe ~~acquire~~ownership ~~banks~~and ~~located~~operation ~~in any state~~ of ~~the~~a ~~United~~savings ~~States. In approving interstate acquisitions~~association, ~~the~~or ~~Federal~~any ~~Reserve~~entity isengaged ~~required~~in toconsumer ~~give~~finance, ~~effect~~equipment toleasing, ~~applicable state law limitations on~~ the ~~aggregate~~operation ~~amount~~ of ~~deposits~~a ~~that~~computer ~~may~~service bebureau ~~held~~(including bysoftware ~~the~~development) ~~acquiring~~and ~~bank~~mortgage ~~holding~~banking ~~company~~ and ~~its~~brokerage ~~FDIC-insured~~services. ~~institution~~The ~~affiliates~~BHCA indoes ~~the~~not ~~state~~place informal ~~which~~territorial ~~the~~restrictions ~~target~~on ~~bank~~the isdomestic ~~located~~activities ~~(provided~~of ~~that~~nonbank ~~those~~subsidiaries ~~limits do not discriminate against out-~~of~~-state~~ ~~institutions~~bank ~~or their~~ holding companies). ~~and~~In ~~state~~addition ~~laws~~to ~~that~~approval ~~require~~from ~~that~~ the ~~target~~Federal ~~bank~~Reserve ~~have~~that ~~been~~may inbe ~~existence~~required ~~for~~in acertain ~~minimum~~circumstances, ~~period~~prior ofapproval ~~time~~for ~~(not~~acquisitions ~~to exceed five years) before being acquired~~ by ~~an out-of-state bank holding company. Furthermore, in accordance with~~ the ~~Dodd-Frank~~Company ~~Act,~~may ~~bank holding companies must~~ be ~~well-capitalized~~required ~~and~~from ~~well-managed~~other inagencies, ~~order~~such toas ~~effect interstate mergers or acquisitions. For a discussion of~~ the ~~capital~~agencies ~~requirements,~~that ~~see~~regulate ~~“The~~such ~~Role~~nonbank ~~of Capital” above~~companies.

~~The~~Financial ~~BHCA~~Holding ~~generally~~Company ~~prohibits~~Election. ~~the~~Bank ~~Company~~holding ~~from~~companies ~~acquiring~~that ~~direct~~meet orcertain ~~indirect~~BHCA ~~ownership~~eligibility orrequirements ~~control~~and ofelect 5%to oroperate ~~more~~as offinancial aholding ~~class~~companies ofmay ~~the~~engage ~~voting~~in, or own shares in companies engaged in, a wider range of ~~any~~nonbanking ~~company~~activities, ~~that~~including issecurities ~~not~~and ainsurance ~~bank~~underwriting and ~~from~~sales, ~~engaging~~merchant inbanking and any ~~business~~ other ~~than~~activity that: of(i) ~~banking,~~the ~~managing~~Federal ~~and~~Reserve, ~~controlling~~in ~~banks~~consultation orwith ~~furnishing~~the ~~services~~Secretary toof ~~banks~~the ~~and~~Treasury, ~~their~~determines ~~subsidiaries.~~by ~~This~~regulation ~~general~~or ~~prohibition~~order is ~~subject~~financial toin anature ~~number~~or ofincidental ~~exceptions.~~to ~~The~~any ~~principal~~such ~~exception~~financial ~~allows~~activity; ~~bank~~or ~~holding~~(ii) ~~companies~~the toFederal ~~engage~~Reserve ~~in,~~determines ~~and~~by order to ~~own~~be ~~shares~~complementary ofto ~~companies~~any ~~engaged~~such infinancial activity, ~~certain~~as ~~businesses~~long ~~found~~as by the ~~Federal~~activity ~~Reserve~~does ~~prior~~not topose ~~November~~a ~~11,~~substantial ~~1999~~risk to bethe ~~“so~~safety ~~closely~~or ~~related~~soundness toof ~~banking~~FDIC-insured ~~...~~institutions asor tothe befinancial asystem ~~proper incident thereto~~generally.” ~~This~~In ~~authority~~2006, ~~permits~~ the Company elected to ~~engage~~operate inas a ~~variety~~financial ofholding ~~banking-related~~company. ~~businesses,~~In ~~including~~order ~~the~~to ~~ownership~~maintain ~~and~~its ~~operation~~status ofas a ~~savings~~financial ~~association~~holding company, orthe ~~any~~Company ~~entity~~and ~~engaged~~the inBank ~~consumer~~must ~~finance,~~be ~~equipment~~well ~~leasing~~capitalized, well managed and the ~~operation~~Bank ofmust maintain at least a ~~computer~~satisfactory ~~service~~CRA ~~bureau~~rating. ~~(including~~If ~~software~~the ~~development)~~Federal ~~and~~Reserve ~~mortgage~~determines ~~banking~~that ~~and~~a ~~brokerage~~financial ~~services.~~holding ~~The~~company ~~BHCA~~or ~~does~~a bank subsidiary is not ~~place~~well ~~territorial~~capitalized ~~restrictions~~or onwell managed, the ~~domestic~~company ~~activities~~has a period of ~~nonbank~~time ~~subsidiaries~~in ofwhich ~~bank~~to ~~holding~~achieve ~~companies.~~compliance Inonce ~~addition~~again, tobut ~~approval~~during ~~from~~the period of noncompliance, the Federal Reserve may place any limitations on the company that ~~may~~it bebelieves ~~required~~to inbe ~~certain~~appropriate. ~~circumstances~~Furthermore, ~~prior~~if ~~approval~~the ~~for~~Federal ~~acquisitions~~Reserve bydetermines ~~the~~that ~~Company~~a ~~may~~financial beholding ~~required~~company’s ~~from~~subsidiary ~~other~~bank ~~agencies~~has not received a satisfactory CRA rating, ~~such~~that ascompany ~~the~~will ~~DFPR~~not orbe ~~other~~able ~~agencies~~to ~~that~~commence ~~regulate~~any ~~the~~new ~~target~~financial activities or acquire a company ofthat anengages ~~acquisition~~in such activities.

~~Additionally,~~Change ~~bank holding companies that meet certain eligibility requirements prescribed by the BHCA and elect to operate as financial holding companies may engage~~ in, orControl. ~~own shares in companies engaged in, a wider range of nonbanking activities, including securities and insurance underwriting and sales, merchant banking and any other activity that the~~ Federal ~~Reserve,~~law inprohibits ~~consultation with the Secretary of the Treasury, determines by regulation or order is financial in nature or incidental to~~ any ~~such~~person ~~financial activity~~ or ~~that~~company ~~the~~from ~~Federal~~acquiring ~~Reserve~~“control” ~~determines by order to be complementary to any such financial activity and does not pose a substantial risk to the safety or soundness~~ of an FDIC-insured ~~institutions~~depository institution or ~~the financial system generally. In 2006, the Company elected to operate as a financial holding company. In order to maintain~~ its ~~status as a financial~~ holding company, ~~the~~without ~~Company~~prior ~~and~~notice ~~the~~to ~~Bank must be well-capitalized, well-managed, and~~ the ~~Bank~~appropriate ~~must~~federal ~~have~~banking ~~a least a satisfactory CRA rating~~agency. If“Control” ~~the Federal Reserve determines that a financial holding company~~ is ~~not~~conclusively ~~well-capitalized~~determined ~~or well-managed, the Company has a period of time in which~~ to ~~achieve~~exist ~~compliance,~~upon ~~but during~~ the ~~period~~acquisition of ~~noncompliance,~~25% ~~the~~or ~~Federal~~more ~~Reserve~~of ~~may place any limitations on~~ the ~~Company~~outstanding ~~that~~voting itsecurities ~~believes~~of ~~to be appropriate. Furthermore, if the Federal Reserve determines that~~ a ~~financial~~bank ~~holding~~or ~~company’s subsidiary~~ bank ~~has~~holding ~~not received a satisfactory CRA rating~~company, ~~that~~but ~~company~~may ~~will not~~ be ~~able~~presumed arise tounder ~~commence~~certain ~~any~~circumstances ~~new~~between ~~financial~~10% ~~activities~~and or24.99% ~~acquire a company that engages in such activities~~ownership.

~~Change~~Capital ~~in Control~~Requirements. ~~Federal~~Bank ~~law prohibits any person or company from acquiring “control” of an FDIC-insured depository institution or its~~ holding ~~company~~companies ~~without~~are ~~prior~~required ~~notice~~ to ~~the~~maintain ~~appropriate~~capital ~~federal~~in ~~banking~~accordance ~~agency.~~with ~~“Control”~~Federal isReserve ~~conclusively~~capital ~~presumed~~adequacy torequirements ~~exist~~under ~~upon~~ the ~~acquisition~~Basel ofIII ~~25%~~Rule. orFor ~~more~~a ofdiscussion ~~the outstanding voting securities~~ of acapital ~~bank or bank holding company~~requirements, ~~but~~see ~~may~~“The ~~arise~~Role ~~under~~of ~~certain~~Capital” ~~circumstances between 10% and 24~~above.~~99% ownership.~~

~~Capital~~Dividend ~~Requirements~~Payments. ~~Bank~~The ~~holding~~Company’s ~~companies~~ability ~~are~~to ~~required~~pay dividends to ~~maintain~~the Company’s shareholders may be affected by both general corporate law considerations and the policies and capital inrequirements ~~accordance~~of ~~with~~the Federal Reserve ~~capital~~applicable ~~adequacy~~to ~~requirements~~bank holding companies. ~~For~~As aan ~~discussion~~Illinois corporation, the Company is subject to the limitations of ~~capital~~the ~~requirements~~Illinois Business Corporations Act, ~~see~~as ~~“The~~amended, ~~Role~~which allows us to pay dividends unless, after such dividend, (i) the Company would be insolvent; or (ii) the Company’s net assets would be less than zero or less than the maximum amount payable at the time of ~~Capital”~~distribution ~~above~~to shareholders having preferential rights in liquidation if it were then to be liquidated.

~~Dividend~~As ~~Payments.~~a ~~The~~general ~~Company’s~~matter, ~~ability~~the toFederal ~~pay~~Reserve ~~dividends~~has toindicated that the ~~Company’s~~board ~~shareholders~~of ~~may~~directors beof ~~affected~~a bybank ~~both~~holding ~~general~~company ~~corporate~~should ~~law~~eliminate, ~~considerations~~defer ~~and~~or ~~the~~significantly ~~policies~~reduce ~~and~~dividends ~~capital~~to ~~requirements~~shareholders ofif: (i) the ~~Federal~~company’s ~~Reserve~~net ~~applicable~~income available to ~~bank~~shareholders ~~holding~~for ~~companies.~~the Aspast anfour ~~Illinois corporation~~quarters, ~~the~~net ~~Company~~of dividends previously paid during that period, is ~~subject~~not sufficient to fully fund the ~~limitations~~dividends; (ii) the prospective rate of ~~the~~earnings ~~Illinois~~retention ~~Business~~is ~~Corporations~~inconsistent ~~Act,~~with asthe ~~amended,~~company’s ~~which~~capital ~~allows~~needs usand tooverall ~~pay~~current ~~dividends~~and ~~unless,~~prospective ~~after~~financial ~~such~~condition; ~~dividend,~~or (iiii) the ~~Company~~company ~~would~~will not bemeet, ~~able~~or tois ~~pay~~in danger of not meeting, its ~~debts~~minimum asregulatory ~~they~~capital ~~become~~adequacy ~~due~~ratios. inThe ~~the~~Federal ~~usual~~Reserve ~~course~~also ofpossesses ~~business~~enforcement orpowers ~~(ii)~~over ~~the~~bank ~~Company’s~~holding ~~total~~companies ~~assets~~and ~~would~~their benonbank ~~less~~subsidiaries ~~than~~to ~~the~~prevent ~~sum~~or ofremedy ~~the~~actions ~~Company’s~~that ~~total~~represent ~~liabilities~~unsafe ~~plus~~or ~~any~~unsound ~~amount~~practices ~~that~~or ~~would~~violations beof ~~needed~~applicable ifstatutes itand ~~were~~regulations. toAmong bethese ~~dissolved~~powers atis the ~~time~~ability to proscribe the payment of dividends by banks and bank holding companies. In addition, under the ~~dividend~~Basel ~~payment~~III Rule, tobanking ~~satisfy~~organizations ~~the~~that ~~preferential~~want ~~rights~~to ~~upon~~pay ~~dissolution~~unrestricted ofdividends ~~shareholders~~must ~~whose~~maintain ~~rights~~2.5% ~~are~~in ~~superior~~CET1 attributable to the ~~rights~~capital ofconservation ~~the~~buffer. ~~shareholders~~See ~~receiving~~“The ~~the~~Role ~~distribution~~of Capital” above.

As a general matter, the Federal Reserve has indicated that the board of directors of a bank holding company should eliminate, defer or significantly reduce dividends to shareholders if: (i) the company’s net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) the prospective rate of earnings retention is inconsistent with the company’s capital needs and overall current and prospective financial condition; or (iii) the company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The Federal Reserve also possesses enforcement powers over bank holding companies and their non-bank subsidiaries to

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prevent or remedy actions that represent unsafe or unsound practices or violations of applicable statutes and regulations. Among these powers is the ability to proscribe the payment of dividends by banks and bank holding companies. In addition, under the Basel III Rule, banking organizations that want to pay unrestricted dividends have to maintain 2.5% in Common Equity Tier 1 Capital attributable to the capital conservation buffer. See “The Role of Capital” above.

Incentive Compensation. There have been a number of developments in recent years focused on incentive compensation plans sponsored by bank holding companies and banks, reflecting recognition by the federal banking agencies and U.S. Congress that flawed incentive compensation practices in the financial industry were one of many factors contributing to the global financial crisis. The result is interagency guidance on sound incentive compensation practices for banking organizations.

The interagency guidance recognized three core principles. Effective incentive plans should: (i) provide employees incentives that appropriately balance risk and reward; (ii) be compatible with effective controls and risk-management; and (iii) be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors. Much of the guidance is directed at large banking organizations and, because of the size and complexity of their operations, the federal banking agencies expect those organizations to maintain systematic and formalized policies, procedures, and systems for ensuring that the incentive compensation arrangements for all executive and non-executive employees covered by this guidance are identified and reviewed, and appropriately balance risks and rewards. Under the guidance, smaller banking organizations like the Company that use incentive compensation arrangements are expected to implement less extensive, formalized, and detailed policies, procedures, and systems than those of larger banks.

In May 2024, certain of the federal banking and other financial services agencies released a proposed rule regarding certain incentive-based compensation arrangements at certain financial institutions with at least $1 billion in assets, as required under Section 956 of the Dodd-Frank Act. This proposal was largely based on an earlier 2016 proposal. The Federal Reserve and the SEC, however, did not join this proposal and it was not published in the Federal Register, signaling potential interagency misalignment. In March 2025, the FDIC withdrew its support for this proposed rule, making it unlikely that any rule in a substantially similar form will be finalized.

Monetary Policy. The monetary policy of the Federal Reserve has a significant effect on the operating results of bank holding companies and their subsidiaries. Among the tools available to the Federal Reserve to affect the money supply are open market transactions in U.S. government securities, changes in the discount rate on bank borrowings and changes in reserve requirements against bank deposits. These means are used in varying combinations to influence overall growth and distribution of bank loans, investments and deposits, and their use may affect interest rates charged on loans or paid on deposits, which may impact the business and operations of the Company and the Bank.

Federal Securities Regulation. The Company’s common stock is registered with the SEC under the Securities Act of 1933, as amended, and the Exchange Act. Consequently, the Company is subject to the information, proxy solicitation, insider trading and other restrictions and requirements of the SEC under the Exchange Act.

Corporate Governance. The Dodd-Frank Act addressed many investor protection, corporate governance and executive compensation matters that will affect most U.S. publicly traded companies. The Dodd Frank Act increased shareholder influence over boards of directors by requiring companies to give shareholders a nonbinding vote on executive compensation and so-called “golden parachute” payments, and authorizing the SEC to promulgate rules that would allow shareholders to nominate and solicit voters for their own candidates using a company’s proxy materials. The Dodd-Frank Act also directed the Federal Reserve, together with the other federal banking and financial services agencies, to promulgate rules prohibiting excessive compensation paid to executives of bank holding companies, regardless of whether such companies are publicly traded.11

Supervision and Regulation of the Bank

General. The Bank is an Illinois-chartered bank. The deposit accounts of the Bank are insured by the FDIC’s DIF to the maximum extent provided under federal law and FDIC regulations, currently $250,000 per insured depositor category. As an Illinois-chartered FDIC-insured bank, the Bank is subject to the examination, supervision, reporting and enforcement requirements of the DFPR, the chartering authority for Illinois banks, and, as a bank that is a member of the Federal Reserve System, the Federal Reserve.

Deposit Insurance. As an FDIC-insured institution, the Bank is required to pay deposit insurance premium assessments to the FDIC. The FDIC has adopted a risk-based assessment system whereby FDIC-insured institutions pay insurance premiums at rates based on their risk classification. For institutions like the Bank that are not considered large and

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~~highly~~Corporate ~~complex~~Governance/Incentive ~~banking~~Compensation. ~~organizations~~The Dodd-Frank Act addressed many investor protection, ~~assessments~~corporate ~~are~~governance ~~now~~and ~~based~~executive compensation matters that will affect most U.S. publicly traded companies. It increased shareholder influence over boards of directors by requiring companies to give shareholders a nonbinding vote on ~~examination~~executive ~~ratings~~compensation and ~~financial~~so-called ~~ratios~~“golden parachute” payments, and authorized the SEC to promulgate rules that would allow shareholders to nominate and solicit voters for their own candidates using a company’s proxy materials. The ~~total~~Dodd-Frank ~~base~~Act ~~assessment~~also ~~rates~~directed the Federal Reserve, ~~effective~~together aswith the other federal banking and financial services agencies, to promulgate rules prohibiting excessive compensation paid to executives of ~~January~~bank 1holding companies, ~~2023~~regardless of whether such companies are publicly traded. Although several agencies have made repeated efforts to implement rules under this provision of the Dodd-Frank Act - including a proposal issued most recently in May 2024, ~~currently~~which ~~range~~was ~~from~~subsequently 2withdrawn - no final rule has been adopted at this time.5 ~~basis~~Nevertheless, ~~points~~the federal banking agencies have issued interagency guidance on sound incentive compensation practices for banking organizations, reflecting the agencies' recognition that incentive compensation practices in the financial industry were among the factors contributing to 32the ~~basis~~global ~~points~~financial crisis. The interagency guidance recognizes three core principles for effective incentive compensation plans; (i) appropriately balancing risk and reward; (ii) compatibility with effective controls and risk management; and (iii) support by strong corporate governance, including active and effective oversight by the organization's board of directors. Although much of the guidance is directed at large banking organizations that are expected to maintain systematic and formalized policies and procedures, smaller banking organizations, like the Company, are expected to implement less extensive and less formalized systems pursuant to the guidance.

Supervision and Regulation of the Bank

General. The Bank is an Illinois-chartered bank that is a member of the Federal Reserve System (a "member bank"). The deposit accounts of the Bank are insured by the FDIC’s DIF to the maximum extent provided under federal law and FDIC regulations, currently $250,000 per insured depositor, per ownership category. Ongoing policy discussions at the federal level have focused on potential changes to deposit insurance coverage, including possible adjustments to coverage limits, although no changes have been enacted. As an Illinois-chartered FDIC-insured bank, the Bank is subject to the examination, supervision, reporting and enforcement requirements of the DFPR, its chartering authority, and, the Federal Reserve, as the primary federal regulator of state member banks, and the FDIC, as administrator of the DIF.

Deposit Insurance Assessments. As an FDIC-insured institution, the Bank is required to pay deposit insurance premium assessments to the FDIC. The FDIC has adopted a risk-based assessment system whereby FDIC-insured institutions pay insurance premiums at rates based on their risk classification. For institutions like the Bank that are not considered large and highly complex banking organizations, assessments are now based on examination ratings and financial ratios. The total base assessment rates, effective as of January 1, 2023, currently range from 2.5 basis points (for the lowest risk institutions) to 32 basis points or beyond (for higher risk institutions).

At least semi-annually, the FDIC updates its loss and income projections for the DIF and, if needed, increases or decreases the assessment rates, following notice and comment on proposed rulemaking.

For this purpose, the reserve ratio is the DIF balance divided by estimated insured deposits. In response to the global financial crisis, the Dodd-Frank Act increased the minimum reserve ratio from 1.15% to 1.35% of the estimated amount of total insured deposits. In its ~~October~~May ~~2024~~2025 ~~semiannual update~~report, the FDIC stated that the reserve ratio likely will reach the statutory minimum by the September 30, 2028 deadline; and no adjustments to the base assessment rates isare currently projected.

In addition, because the ~~total~~ cost of the failures of Silicon Valley Bank and Signature Bank attributable to the systemic risk exception to the DIF was approximately $2416.17 billion, the FDIC adopted a special assessment for banking organizations with assets of $5 billion or more. The FDIC has been collecting the special assessment over eight quarters, at ana ~~annual~~quarterly rate of 133.436 basis points ~~beginning~~for ~~with~~ the ~~first~~initial ~~quarterly~~seven ~~assessment~~quarters ~~period~~ of ~~2024,~~the ~~and~~collection anperiod ~~invoice~~(ending ~~payment~~on ~~date~~December ~~of June 28~~30, ~~2024.~~2025) ~~The~~and ~~FDIC~~at ~~will~~a ~~continue~~quarterly torate ~~collect~~of ~~special~~2.97 ~~assessments~~basis points for anthe ~~anticipated~~eighth ~~total~~and offinal ~~eight~~collection period. The quarterly special assessment ~~periods.~~rate ~~The~~is ~~base~~applied ~~for~~to the special assessment isbase equal to an FDIC-insured ~~depository~~ -institution’'s estimated uninsured deposits for the December 31, 2022 reporting period, adjusted to exclude the first $5 billion in estimated uninsured deposits. Although the Bank was technically subject to the FDIC special assessment as part of a banking organization with assets of $5 billion or more, the Bank does not have to pay this assessment.

Supervisory Assessments. All Illinois-chartered banks are required to pay supervisory assessments to the DFPR to fund the operations of that agency. The amount of the assessment is calculated on the basis of the Bank’s total assets. During the year ended December 31, ~~2024~~2025, the Bank paid supervisory assessments to the DFPR totaling approximately $0.5 million.

Capital Requirements. Banks are generally required to maintain capital levels in excess of other businesses. For a discussion of regulatory capital requirements applicable to the Bank, see “The Role of Capital” above.

Liquidity Requirements. Liquidity is a measure of the ability and ease with which bank assets may be converted to cash to meet financial obligations, such as deposits or other funding sources. Banks are required to implement liquidity risk management frameworks that ensure they maintain sufficient liquidity, including a cushion of unencumbered, high quality liquid assets, to withstand a range of stress events. The level and speed of deposit outflows contributing to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank in the first half of 2023 was unprecedented and contributed to acute liquidity and funding strain. These events have further underscored the importance of liquidity risk management and contingency funding planning by insured depository institutions like the Bank, as highlighted in a 2023 addendum to existing interagency guidance on funding and liquidity risk management.12

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Liquidity Requirements. Liquidity is a measure of the ability and ease with which bank assets may be converted to cash to meet financial obligations, such as deposits or other funding sources. Banks are required to implement liquidity risk management frameworks that ensure they maintain sufficient liquidity, including a cushion of unencumbered, high quality liquid assets, to withstand a range of stress events. The level and speed of deposit outflows contributing to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank in 2023 was unprecedented and contributed to acute liquidity and funding strain, underscoring the importance of liquidity risk management and contingency funding planning by insured depository institutions like the Bank, as highlighted in a 2023 addendum to existing interagency guidance on funding and liquidity risk management.

The primary roles of liquidity risk management are to: (i) prospectively assess the need for funds to meet financial obligations; and (ii) ensure the availability of cash or collateral to fulfill those needs at the appropriate time by coordinating the various sources of funds available to the institution under normal and stressed conditions. Because the global financial crisis was in part a liquidity crisis, the Basel III Rule includes a liquidity framework that requires the largest FDIC-insured institutions to measure their liquidity against specific liquidity tests. One test, referred to as the liquidity coverage ratio, or LCR, is designed to ensure that the banking organization has an adequate stock of unencumbered high-quality liquid assets that can be converted easily and immediately in private markets into cash to meet liquidity needs for a 30-calendar day liquidity stress scenario. The other test, known as the net stable funding ratio, or NSFR, is designed to promote more medium- and long-term funding of the assets and activities of FDIC-insured institutions over a one-year horizon. These tests provide an incentive for banks and bank holding companies to increase their holdings in Treasury securities and other sovereign debt as a component of assets, increase the use of long-term debt as a funding source and rely on stable funding like core deposits (in lieu of brokered deposits).

InAlthough ~~addition~~these torules liquidity guidelines already in place, the federal banking agencies implemented the Basel III LCR in September 2014, which requires large financial firms to hold levels of liquid assets sufficient to protect against constraints on their funding during times of financial turmoil, and intests ~~2016 proposed implementation of the NSFR. While these rules~~ do not, apply to the Bank, it continues to review its liquidity risk management policies in light of ~~developments.~~regulatory ~~For~~requirements ~~instance, in July 2024, the FDIC released a request for information on deposits, soliciting information on whether~~ and toindustry what extent certain types of deposits may behave differently from each other (particularly during periods of economic or financial stress), the results of which may impact liquidity monitoring and risk management requirements going forwarddevelopments.

Dividend Payments. The primary source of funds for the Company is dividends from the Bank. Under Illinois banking law, Illinois-chartered banks generally may pay dividends only out of undivided profits. The DFPR may restrict the declaration or payment of a dividend by an Illinois-chartered bank, such as the Bank. The Federal Reserve Act also imposes limitations on the amount of dividends paid by state member banks, such as the Bank. Without prior approval from the Federal Reserve, a state member bank may not pay dividends in any calendar year that, in total, exceed the sum of the bank’s year-to-date net income, plus the bank’s retained income for the two preceding calendar years.

14Moreover, the payment of dividends by any FDIC-insured institution is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and an FDIC-insured institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. As described above, the Bank exceeded its capital requirements under applicable guidelines as of December 31, 2025. Notwithstanding the availability of funds for dividends, however, the Federal Reserve, the FDIC, and the DFPR may prohibit the payment of dividends by the Bank if any of them determine such payment would constitute an unsafe or unsound practice. In addition, under the Basel III Rule, banking organizations that want to pay unrestricted dividends have to maintain 2.5% in CET1 attributable to the capital conservation buffer. See “The Role of Capital” above.

State Bank Investments, Activities and Acquisitions. The Bank is permitted to make investments and engage in activities directly or through subsidiaries as authorized by Illinois law. However, under federal law and FDIC regulations, FDIC-insured state banks are prohibited, subject to certain exceptions, from making or retaining equity investments that are not permissible for a national bank. Federal law and FDIC regulations also prohibit FDIC-insured state banks and their subsidiaries from engaging as principal in any activity that is not permitted for a national bank unless such banks meet, and continue to meet, minimum regulatory capital requirements and the FDIC determines that the activity would not pose a significant risk to the DIF. These restrictions have not had, and are not currently expected to have, a material impact on the operations of the Bank.

The Bank may be required to obtain approval from the DFPR and the Federal Reserve (or in some cases, the FDIC) before engaging in certain acquisitions or mergers under applicable state and federal law. With respect to interstate merger and acquisitions, federal law permits state banks to merge with out-of-state banks subject to: (i) regulatory approval; (ii) federal and state deposit concentration limits; and (iii) state law requirements that the merging bank has been in existence for a minimum period of time (not to exceed five years), prior to the merger. In 2025, the FDIC and the OCC rescinded certain prior administrative actions regarding the review and approval of mergers and acquisitions, with the intent of streamlining and expediting the regulatory review of certain merger and acquisition applications. Although the Federal Reserve has not released any updated policy statement or rules regarding its review process under the Bank Merger Act in recent years, leading Federal Reserve officials have expressed a desire for increased consistency, transparency and efficiency, where appropriate, in the review of merger and acquisition applications.

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orBranching ~~payment~~Authority. ~~of a dividend by an~~ Illinois~~-chartered~~ ~~bank~~banks, such as the Bank., ~~The~~have ~~Federal~~the ~~Reserve~~authority ~~Act~~under ~~also~~Illinois ~~imposes~~law ~~limitations~~to onestablish branches anywhere in the ~~amount~~State of ~~dividends~~Illinois, ~~paid~~subject byto ~~state~~receipt ~~member~~of ~~banks,~~all ~~such~~required asregulatory ~~the Bank~~approvals. ~~Without~~The ~~Federal~~Dodd-Frank ~~Reserve~~Act ~~approval,~~further apermits ~~state~~well ~~member~~capitalized ~~bank~~and ~~may~~well ~~not~~managed ~~pay~~banks ~~dividends~~to inestablish ~~any~~new ~~calendar~~interstate ~~year~~branches ~~that,~~or in the ~~aggregate,~~acquisition ~~exceed~~of ~~that~~individual branches of a bank’s ~~calendar~~in ~~year-to-date~~another ~~net~~state ~~income~~(rather ~~plus~~than the ~~bank’s~~acquisition ~~retained~~of ~~income~~an ~~for~~out-of-state ~~the~~bank ~~two~~in ~~preceding~~its ~~calendar~~entirety) ~~years~~without impediments.

~~The~~Affiliates ~~payment~~and ofInsider ~~dividends~~Transactions. byThe ~~any~~Bank ~~FDIC-insured institution~~ is ~~affected~~subject byto ~~the~~certain ~~requirement~~restrictions toimposed ~~maintain~~by ~~adequate~~federal ~~capital~~law ~~pursuant~~on to“covered ~~applicable~~transactions” ~~capital~~between ~~adequacy~~the ~~guidelines~~Bank and ~~regulations,~~its ~~and~~“affiliates.” anThe ~~FDIC-insured~~Company ~~institution generally~~ is ~~prohibited~~an ~~from~~affiliate ~~paying~~of ~~any~~the ~~dividends~~Bank ~~if,~~for ~~following~~purposes ~~payment~~of ~~thereof,~~these ~~the institution would be undercapitalized~~restrictions. Covered Astransactions ~~described~~subject ~~above,~~to ~~the~~these ~~Bank~~restrictions ~~exceeded~~include ~~its~~extensions ~~capital~~of ~~requirements~~credit ~~under~~to ~~applicable~~the ~~guidelines as of December 31~~Company, ~~2024.~~investments ~~Notwithstanding~~in the ~~availability~~stock ofor ~~funds~~other ~~for~~securities ~~dividends,~~of ~~however,~~ the ~~Federal~~Company ~~Reserve,~~and the ~~FDIC,~~acceptance ~~and~~of the ~~DFPR~~stock ~~may~~or ~~prohibit~~other ~~the~~securities ~~payment~~ of ~~dividends by~~ the ~~Bank~~Company ~~any~~as ofcollateral ~~them~~for ~~determine~~loans ~~such~~made ~~payment~~by ~~would~~the ~~constitute~~Bank. anThe ~~unsafe~~Dodd-Frank orAct ~~unsound~~enhanced ~~practice.~~these Inrequirements ~~addition,~~by ~~under~~expanding the ~~Basel~~definition ~~III~~of ~~Rule,~~“covered ~~institutions~~transactions” ~~that~~and ~~want~~extending tothe ~~pay~~period ~~unrestricted~~of ~~dividends~~time ~~have~~for towhich ~~maintain~~collateral ~~2.5%~~requirements infor ~~Common~~such ~~Equity~~transactions ~~Tier~~must 1be ~~Capital attributable to the capital conservation buffer~~maintained. ~~See “The Role of Capital” above.~~

~~State~~Certain ~~Bank~~limitations ~~Investments, Activities~~ and ~~Acquisitions.~~reporting ~~The~~requirements ~~Bank~~also isapply ~~permitted~~ to ~~make~~extensions ~~investments~~of ~~and~~credit ~~engage~~by inthe ~~activities~~Bank ~~directly~~to orits ~~through~~directors ~~subsidiaries~~and ~~as authorized by Illinois law. However~~officers, ~~under~~to ~~federal~~directors ~~law~~ and ~~FDIC~~officers ~~regulations,~~of ~~FDIC-insured~~the ~~state~~Company ~~banks~~and ~~are~~its ~~prohibited~~subsidiaries, ~~subject~~ to ~~certain~~principal ~~exceptions,~~shareholders ~~from~~of ~~making~~the orCompany ~~retaining~~and ~~equity~~to ~~investments~~“related interests” of asuch ~~type~~directors, orofficers inand anprincipal ~~amount,~~shareholders. ~~that~~In ~~are~~addition, ~~not~~federal ~~permissible for a national bank. Federal~~ law and ~~FDIC~~ regulations ~~also~~may ~~prohibit~~govern ~~FDIC-insured~~the ~~state~~terms ~~banks~~upon ~~and~~which ~~their subsidiaries, subject to certain exceptions, from engaging as principal in~~ any ~~activity~~person ~~that~~who is ~~not permitted for~~ a ~~national~~director ~~bank~~or ~~unless~~officer ~~the~~of ~~bank meets, and continues to meet, its minimum regulatory capital requirements and~~ the ~~FDIC~~Company ~~determines~~or ~~that~~ the ~~activity~~Bank, ~~would~~or ~~not pose~~ a ~~significant~~principal ~~risk~~shareholder toof the ~~DIF. These restrictions have not had~~Company, ~~and~~may ~~are~~obtain ~~not~~credit ~~currently~~from ~~expected~~banks towith ~~have,~~which ~~a material impact on~~ the ~~operations~~Bank ofmaintains ~~the~~a ~~Bank~~correspondent relationship.

The Bank may be required to seek approval from the DFPR and the Federal Reserve (or in some cases, the FDIC) before engaging in certain acquisitions or mergers under applicable state and federal law. In 2024, each of the OCC and the FDIC separately released updated policy statements—and in the case of the OCC, a final rule—regarding how each banking agency reviews applications submitted pursuant to the Bank Merger Act based on statutory factors. In March 2025, the FDIC issued a notice of proposed rulemaking to repeal its 2024 policy statement and reinstate its prior policy statement on bank mergers, while it considers wider changes to its bank merger review practices. Although the Federal Reserve, the Bank’s primary federal regulator, did not release any updated policy statement or rules regarding its review process under the Bank Merger Act in recent years, management of the Company has considered the impact that the OCC’s and FDIC’s rules and guidance may have on the review of any relevant transactions that the Bank undertakes.

Insider Transactions. The Bank is subject to certain restrictions imposed by federal law on “covered transactions” between the Bank and its “affiliates.” The Company is an affiliate of the Bank for purposes of these restrictions, and covered transactions subject to the restrictions include extensions of credit to the Company, investments in the stock or other securities of the Company and the acceptance of the stock or other securities of the Company as collateral for loans made by the Bank. The Dodd-Frank Act enhanced the requirements for certain transactions with affiliates, including an expansion of the definition of “covered transactions” and an increase in the amount of time for which collateral requirements regarding covered transactions must be maintained.

Certain limitations and reporting requirements are also placed on extensions of credit by the Bank to its directors and officers, to directors and officers of the Company and its subsidiaries, to principal shareholders of the Company and to “related interests” of such directors, officers and principal shareholders. In addition, federal law and regulations may affect the terms upon which any person who is a director or officer of the Company or the Bank, or a principal shareholder of the Company, may obtain credit from banks with which the Bank maintains a correspondent relationship.

Safety and Soundness Standards/Risk Management. The federal banking agencies have adopted operational and managerial standards to promote the safety and soundness of FDIC-insured institutions. The standards apply to internal controls, information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, fees and benefits, asset quality and earnings.

InThese ~~general, the~~ safety and soundness standards generally prescribe the goals to be achieved in each area, and each institution is responsible for establishing its own procedures to achieve those goals. Although regulatory standards do not have the force of law, if an FDIC-insured institution operates in an unsafe and unsound manner, ~~the~~its ~~FDIC-insured institution’s~~ primary federal ~~regulator~~agency may require the ~~institution~~submission toof ~~submit~~ a plan ~~for~~to ~~achieving~~achieve and ~~maintaining~~maintain compliance. ~~If an~~Failure ~~FDIC-insured institution fails~~ to submit an acceptable compliance plan, or ~~fails in any material respect~~ to implement aan ~~compliance~~approved plan ~~that~~in ~~has~~any ~~been~~material ~~accepted~~respect bymay ~~its~~result ~~primary~~in ~~federal~~a ~~regulator,~~formal ~~the banking~~ agency ~~is required to issue an~~ order directing the institution to cure the deficiency. Until ~~the~~such deficiency ~~cited in the agency’s order~~ is ~~cured~~resolved, the agency may restrict the ~~FDIC-insured~~ institution’s rate of growth, require additional capital, limit deposit rates or take other corrective action as deemed appropriate. Noncompliance with safety and soundness principles also may constitute grounds for other enforcement action by the federal banking agencies, including cease and desist orders and civil money penalty assessments.

15The federal banking agencies have emphasized the importance of sound risk management processes and strong internal controls when evaluating the activities of FDIC-insured institutions. In 2025, however, the agencies signaled a shift toward focusing on the identification and management of material financial risks, rather than primarily on adherence to prescriptive operational processes. Although effective risk management, internal controls and board and management oversight remain important, supervisory attention may increasingly center on whether specific practices pose material harm to the institution's financial condition or create a risk of loss to the DIF. Despite this potential shift in focus, the banking agencies continue to evaluate a broad spectrum of risks, including, but not limited to, credit, market, liquidity, operational and legal risks - emphasizing their potential impact on safety and soundness. Notably, the federal banking agencies have indicated that they intend to remove reputation risks from consideration, citing concerns about its use in restricting banking services to certain industries or groups. The key risk themes identified by the Bank for 2025 are discussed under Risk Factors below. The Bank is expected to have active board and senior management oversight; adequate policies, procedures, and limits; adequate risk measurement, monitoring, and management information systems; and comprehensive internal controls. The federal banking agencies also have released specific risk management guidance on certain topics, including third-party relationships, in response to the proliferation of relationships between banking organizations and financial technology companies (although the guidance applies more broadly).

Privacy and Cybersecurity. The Bank is subject to numerous U.S. federal and state laws and regulations aimed at protecting non-public personal and confidential information of their customers. These laws require the Bank to periodically disclose its privacy policies and practices regarding the sharing of non-public customer information, and, in certain circumstances, permit consumers to opt out of the sharing of information with unaffiliated third parties. They also limit the Bank’s ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers. In addition, the Bank is required to implement a comprehensive information security program that includes administrative, technical and physical safeguards to ensure the security and confidentiality of customer records and information. These security and privacy policies and procedures, for the protection of personal and confidential information, are in effect across all businesses and geographic locations. The Bank and the Company also are subject to federal and state laws and regulations requiring notifications and disclosures regarding certain cybersecurity incidents. In addition, the

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~~the~~Bank ~~FDIC-insured~~must ~~institution~~consider toand ~~increase~~address ~~its~~cybersecurity ~~capital,~~risks ~~restrict~~as ~~the~~part ~~rates~~of ~~the~~its ~~institution~~risk ~~pays~~management onprocesses, ~~deposits~~including orimplementing ~~require~~and ~~the~~maintaining ~~institution~~appropriate tosafeguards, ~~take~~monitoring ~~any~~and ~~action~~testing ~~the~~systems ~~agency~~and ~~deems~~overseeing ~~appropriate under~~ the ~~circumstances.~~cybersecurity ~~Noncompliance~~practices ~~with~~of ~~safety~~its ~~and~~service ~~soundness~~providers. ~~may~~Regulatory ~~also~~guidance ~~constitute~~emphasizes ~~grounds~~that ~~for~~cybersecurity ~~other~~should ~~enforcement~~be ~~action~~integrated byinto ~~the~~overall ~~federal~~enterprise ~~banking~~risk ~~agencies,~~management ~~including cease~~ and ~~desist~~business ~~orders~~continuity ~~and civil money penalty assessments~~planning.

During the past decade, the banking agencies have increasingly emphasized the importance of sound risk management processes and strong internal controls when evaluating the activities of the FDIC-insured institutions they supervise. Properly managing risks has been identified as critical to the conduct of safe and sound banking activities and has become even more important as new technologies, product innovation, and the size and speed of financial transactions have changed the nature of banking markets. The banking agencies have identified a spectrum of risks facing a banking organization including, but not limited to, credit, market, liquidity, operational, legal, and reputational risk. The key risk themes identified for 2024 are: (i) elevated operational risk as banks adapt to an evolving technology environment and persistent cybersecurity risks, (ii) the need for banks to prepare for a cyclical change in credit risk while credit performance is strong, (iii) elevated interest rate risk due to lower rates continuing to compress net interest margins, and (iv) strategic risks from non-depository financial institutions, use of innovative and evolving technology, and progressive data analysis capabilities. The Bank is expected to have active board and senior management oversight; adequate policies, procedures, and limits; adequate risk measurement, monitoring, and management information systems; and comprehensive internal controls. The federal banking agencies also have released specific risk management guidance on certain topics, including third-party relationships, in response to the proliferation of relationships between banking organizations and financial technology companies (although the guidance applies more broadly).

Privacy and Cybersecurity. The Bank is subject to many U..S. federal and state laws and regulations governing requirements for maintaining policies and procedures to protect non-public personal and confidential information of their customers. These laws require the Bank to periodically disclose its privacy policies and practices relating to sharing such information and permit consumers to opt out of their ability to share information with unaffiliated third parties under certain circumstances. They also impact the Bank’s ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers. In addition, the Bank is required to implement a comprehensive information security program that includes administrative, technical, and physical safeguards to ensure the security and confidentiality of customer records and information. These security and privacy policies and procedures, for the protection of personal and confidential information, are in effect across all businesses and geographic locations. The Bank and the Company also are subject to a number of federal and state laws and regulations requiring notifications and disclosures regarding certain cybersecurity incidents. The Bank must also consider and address cybersecurity considerations as part of its risk management processes.

Branching Authority. Illinois banks, such as the Bank, have the authority under Illinois law to establish branches anywhere in the State of Illinois, subject to receipt of all required regulatory approvals. The establishment of new interstate branches has historically been permitted only in those states the laws of which expressly authorize such expansion. The Dodd-Frank Act permits well-capitalized and well-managed banks to establish new interstate branches or the acquisition of individual branches of a bank in another state (rather than the acquisition of an out-of-state bank in its entirety) without impediments. Federal law permits state and national banks to merge with banks in other states subject to: (i) regulatory approval; (ii) federal and state deposit concentration limits; and (iii) state law limitations requiring the merging bank to have been in existence for a minimum period of time (not to exceed five years) prior to the merger.

Federal Home Loan Bank System. The Bank is a member of a FHLB, which serves as a central credit facility for its members. The FHLB is funded primarily from proceeds from the sale of obligations of the FHLB system. It makes loans to member banks in the form of FHLB advances. All advances from the FHLB are required to be fully collateralized as determined by the FHLB.

Community Reinvestment Act Requirements. The CRA ~~requires~~imposes on the Bank ~~to have~~ a continuing and affirmative obligation, inconsistent awith safe and sound ~~manner~~operations, to help meet the credit needs of the entire community, including low- and moderate-income neighborhoods. The Federal Reserve regularly assess the Bank’s record of meeting ~~the~~these credit needs ofthrough ~~its~~periodic ~~communities~~CRA examinations. The Bank's CRA ratings derived from these examinations can have significant impacts on the activities in which the Bank and the Company may engage. For example, a low CRA rating may impact the review of applications for acquisitions by the Bank or the Company's financial holding company status.

OnIn October ~~24,~~ 2023, the federal banking agencies issued a final rule intended to strengthen and modernize the CRA regulations (the “CRA Rule”). ~~Elements~~The ofCRA ~~this~~Rule ~~rule~~was ~~were~~subsequently ~~supposed~~challenged toin ~~become~~court, ~~effective~~which onprevented ~~April~~it 1,from ~~2024~~taking ~~(while~~effect. ~~other~~In ~~elements~~2025, ~~had~~the ~~much~~federal ~~later~~banking ~~effective~~agencies ~~dates).~~issued ~~However,~~a ~~the~~proposed ~~effective~~rule ~~date~~to ofrescind the CRA Rule ~~was~~and ~~paused~~reinstate ~~because of an order issued as part of ongoing litigation claiming that~~ the ~~federal~~prior ~~banking~~CRA ~~agencies~~regulatory ~~exceeded~~framework ~~their~~adopted ~~statutory authority~~ in ~~promulgating the CRA Rule~~1995.

16In 2022, the Bank, as an Illinois-chartered bank, became subject to the state-level CRA standards, following passage of the Illinois CRA. As a result, in addition to federal CRA examinations, the DFPR also assesses the Bank’s record of meeting the credit needs of its communities. Similar to the potential impact under the federal CRA regime, the Bank's CRA performance may affect applications for additional acquisitions or activities.

Anti-Money Laundering/Sanctions. The Bank Secrecy Act (BSA) is a U.S. federal statutory framework, as amended and supplemented by additional laws and implemented through regulations, which is designed to combat money laundering, the financing of terrorism and other illicit financial activity. The BSA and related anti-money laundering/countering the financing of terrorism ("AML/CFT") are intended to prevent terrorists and criminals from accessing the U.S. financial system and haves significant implications for FDIC-insured institutions, brokers, dealers and other businesses involved in the transmission of funds. Together, this regulatory framework provides a foundation to promote financial transparency and deter and detect efforts to misuse the U.S. financial system to launder criminal proceeds, finance terrorist acts or facilitate other illicit conduct. The BSA and related laws and regulations require financial institutions to establish and maintain policies and procedures for addressing: (i) customer identification and customer due diligence; (ii) the prevention and detection of money laundering and terrorist financing; (iii) the identification and reporting of suspicious activities and certain currency transactions; (iv) compliance with laws relating to currency crimes; and (v) cooperation with law enforcement authorities. The Bank also must comply with stringent economic and trade sanctions regimes administered and enforced by the Office of Foreign Assets Control. Although core AML/CFT statutory requirements and regulatory expectations remain unchanged, federal banking agencies and the Financial Crimes Enforcement Network (FinCEN) appear to be pursuing efforts to modernize and streamline AML/CFT compliance through a more risk-based approach. These efforts include revised examination expectations, increased focus on program effectiveness, and initiatives intended to reduce unnecessary compliance burden where institutions can demonstrate strong risk governance and effective controls.

Concentrations in CRE. Concentration risk exists when FDIC-insured institutions allocate a disproportionate amount of assets to a single industry or economic segment. Concentration in CRE lending is one area of regulatory focus that has, in recent years, been subject to additional scrutiny by federal banking agencies as well as the SEC (for publicly-traded banking organizations) in recent years. Interagency CRE Guidance provides supervisory criteria, including the following numerical indicators, to assist bank examiners in identifying banks with potentially significant CRE loan concentrations that may warrant greater supervisory scrutiny. These indicators include:

(i) total CRE loans exceeding 300% of capital and increasing 50% or more in the preceding three years; or

(ii) construction and land development loans exceeding 100% of capital. The CRE Guidance does not establish binding limits on CRE lending activities, but rather is intended to inform supervisory assessments of whether an institution's risk profile, earnings capacity and capital levels are commensurate with its CRE exposure. In recent years, the federal banking agencies have issued statements to reinforce prudent risk-management practices related to CRE lending, in response to observed growth in many CRE markets, increased competitive pressures, rising CRE concentrations, and an easing of CRE underwriting

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~~Despite~~standards. ~~the~~In ~~lawsuit~~other statements, ~~management~~the offederal ~~the~~banking ~~Bank~~agencies isalso ~~continuing~~have reminded FDIC-insured institutions to ~~assess~~maintain ~~the~~underwriting ~~impact~~discipline ofand ~~the~~monitor ~~CRA~~and ~~Rule~~manage onthe ~~its~~risks ~~CRA~~arising from CRE lending, ~~and~~including ~~investment~~by ~~activities~~holding incapital ~~its~~commensurate ~~respective~~with ~~markets~~those risks. As of December 31, 2025, the Bank did not exceed these guidelines.

~~The~~Consumer ~~CRA~~Financial ~~Rule~~Services. isThe ~~designed~~historical tostructure ~~update~~of ~~how~~federal ~~CRA~~consumer ~~activities~~protection ~~qualify~~regulation ~~for~~applicable ~~consideration,~~to ~~where~~all ~~CRA~~providers ~~activities~~of ~~are~~consumer ~~considered,~~financial products and ~~how~~services ~~CRA~~changed ~~activities~~significantly ~~are~~on ~~evaluated.~~July ~~More~~21, ~~specifically~~2011, ~~the~~when ~~federal banking agencies described~~ the ~~goals~~CFPB ofcommenced ~~the~~operations ~~CRA~~to ~~Rule~~supervise asand ~~follows:~~enforce ~~(i)~~consumer toprotection ~~expand~~laws. ~~access~~The toCFPB ~~credit,~~has ~~investment,~~broad ~~and~~rulemaking ~~basic~~authority ~~banking~~for ~~services~~a inwide ~~low~~range ~~and~~of ~~moderate~~consumer ~~income~~protection ~~communities;~~laws ~~(ii)~~that toapply ~~adapt~~ to ~~changes~~all inproviders ~~the~~of ~~banking~~consumer ~~industry,~~products ~~including mobile~~ and ~~internet banking by modernizing assessment areas while maintaining a focus on branch based areas; (iii) to provide greater clarity~~services, ~~consistency,~~including ~~and transparency in~~ the ~~application~~Bank, ofas ~~the~~well ~~regulations~~as ~~through~~ the ~~use~~authority ofto ~~standardized~~prohibit ~~metrics~~“unfair, asdeceptive ~~part~~or ofabusive” ~~CRA~~acts ~~evaluation~~ and ~~clarifying~~practices. ~~eligible~~The ~~CRA~~CFPB ~~activities~~has ~~focused~~examination ~~on low~~ and ~~moderate~~enforcement ~~income~~authority ~~communities~~over ~~and~~providers ~~underserved~~with ~~rural~~more ~~communities;~~than ~~(iv)~~$10 tobillion ~~tailor~~in ~~CRA~~assets. ~~rules~~FDIC-insured ~~and~~institutions ~~data~~with ~~collection~~$10 tobillion ~~bank~~or ~~size~~less ~~and~~in ~~business~~assets, ~~model;~~like ~~and~~the ~~(v)~~Bank, continue to ~~maintain~~be aexamined ~~unified~~by ~~approach~~their ~~among~~applicable ~~the~~primary ~~regulators~~federal banking agencies.

In ~~2022,~~response ~~the~~to ~~Bank, like all Illinois~~mortgage-~~chartered~~related ~~banks,~~abuses ~~became~~that ~~subject~~contributed to the ~~state~~global ~~level~~financial ~~CRA standards~~crisis, ~~following passage of~~ the ~~Illinois~~Dodd-Frank ~~CRA.~~Act ~~This~~significantly ~~means~~expanded ~~that~~underwriting, indisclosure, ~~addition~~and toanti-predatory ~~the~~lending ~~federal~~requirements ~~CRA~~for ~~review,~~residential ~~the~~mortgage ~~Bank~~loans, ~~will~~including ~~be reviewed~~ by ~~the~~imposing ~~DFPR~~ ability-to-repay ~~assess~~standards ~~the~~and ~~Bank’s~~establishing ~~record~~a presumption of ~~meeting~~compliance ~~the~~for ~~credit~~certain ~~needs~~“qualified ~~of its communities~~mortgages.” The ~~Like~~CFPB ~~the~~has ~~potential~~continued ~~impact~~to ~~under~~refine ~~the~~these ~~federal~~requirements ~~CRA,~~through ~~applications for~~ additional ~~acquisitions~~rulemaking oraddressing ~~activities~~qualified ~~would~~mortgages beand ~~affected~~ability-to-repay ~~by the evaluation of the Bank’s effectiveness in meeting its Illinois CRA requirements~~standards.

~~Anti-Money~~Over ~~Laundering/Sanctions.~~the ~~The~~last ~~Bank~~several ~~Secrecy~~years, ~~Act~~the ~~(BSA)~~CFPB ishas ~~the~~taken ~~common~~an ~~name~~aggressive ~~for~~approach ato ~~series~~the ofregulation ~~laws~~ (and ~~regulations~~supervision, ~~enacted~~where inapplicable) ~~the~~of ~~United~~providers ~~States~~of toconsumer ~~combat~~financial ~~money~~products ~~laundering~~ and ~~the financing of terrorism~~services. ~~They~~However, ~~are~~more ~~designed~~recently, tochanges ~~deny~~in ~~terrorists~~leadership and ~~criminals~~policy ~~the~~direction ~~ability~~have toled ~~obtain access~~ to: ~~the~~(i) ~~U.S.~~shifts ~~financial~~in ~~system~~regulatory ~~and haves significant implications for FDIC-insured institutions~~priorities, ~~brokers,~~including ~~dealers~~the ~~and~~rescission ~~other~~or ~~businesses~~reconsideration ~~involved~~of incertain ~~the~~CFPB ~~transfer~~guidance ofand ~~money.~~rules; ~~The~~(ii) ~~so-called~~a ~~Anti-Money~~reduction ~~Laundering/~~in ~~Countering~~CFPB ~~the~~enforcement ~~Financing~~activity; ofand ~~Terrorism~~ (~~AML/CFT~~iii) ~~regime~~constraints ~~under~~on the ~~BSA~~CFPB’s ~~provides~~budget ~~a foundation to promote financial transparency~~ and ~~deter~~resources, ~~and~~although ~~detect~~the ~~those~~CFPB ~~who~~continues ~~seek~~ to ~~misuse~~retain ~~the~~broad ~~U.S.~~statutory ~~financial~~authority ~~system~~ to ~~launder criminal proceeds~~administer, ~~financed~~supervise ~~terrorist~~and ~~acts~~enforce orfederal ~~move~~consumer ~~funds~~financial ~~for~~protection ~~other~~laws. ~~illicit~~In ~~purposes~~addition, ~~The~~state ~~laws~~banking ~~require~~and other financial services ~~companies~~regulatory toagencies ~~have~~retain ~~policies~~authority ~~and procedures with respect~~ to ~~measures~~administer ~~designed to address: (i) customer identification programs; (ii) money laundering; (iii) terrorist financing; (iv) identifying~~ and ~~reporting~~enforce ~~suspicious~~state ~~activities~~consumer ~~and~~financial ~~currency~~protection ~~transactions;~~laws ~~(v) currency crimes;~~ and ~~(vi)~~could ~~cooperation~~increase ~~between~~supervisory ~~FDIC-insured~~or ~~institutions and law~~ enforcement ~~authorities.~~activity ~~The~~in ~~Bank~~response ~~must~~to ~~also~~changes ~~comply~~in ~~with~~federal ~~stringent~~regulatory ~~economic and trade sanctions regimes administered and enforced by the Office of Foreign Assets Control~~priorities.

~~Concentrations~~The inCFPB’s ~~CRE.~~rules ~~Concentration~~have ~~risk~~not ~~exists~~had ~~when~~a ~~FDIC-insured~~significant ~~institutions~~impact ~~deploy~~on ~~too~~the ~~many~~Bank’s ~~assets~~operations, toexcept ~~any~~for ~~one~~higher ~~industry~~compliance ~~or segment~~costs. AThe ~~concentration~~Bank inmust ~~commercial~~also ~~real~~comply ~~estate~~with iscertain ~~one~~state ~~example~~consumer ofprotection ~~regulatory~~laws ~~concern,~~and ~~which~~requirements ~~has been subject to additional scrutiny by federal banking agencies as well as the SEC (for publicly-traded banking organizations)~~ in ~~recent years. Interagency CRE Guidance provides supervisory criteria, including~~ the ~~following~~states ~~numerical indicators, to assist bank examiners~~ in ~~identifying~~which ~~banks~~it ~~with potentially significant CRE loan concentrations that may warrant greater supervisory scrutiny:~~ operates.

(i) commercial real estate loans exceeding 300% of capital and increasing 50% or more in the preceding three years; or

(ii) construction and land development loans exceeding 100% of capital. The CRE Guidance does not limit banks’ levels of CRE lending activities, but rather guides institutions in developing risk management practices and levels of capital that are commensurate with the level and nature of their CRE concentrations. On December 18, 2015, and again in recent years, the federal banking agencies issued statements to reinforce prudent risk-management practices related to CRE lending, having observed substantial growth in many CRE asset and lending markets, increased competitive pressures, rising CRE concentrations in banks, and an easing of CRE underwriting standards. The federal banking agencies also have reminded FDIC-insured institutions to maintain underwriting discipline and exercise prudent risk-management practices to identify, measure, monitor, and manage the risks arising from CRE lending. In addition, FDIC-insured institutions must maintain capital commensurate with the level and nature of their CRE concentration risk. As of December 31, 2024, the Bank did not exceed these guidelines.

Consumer Financial Services. The historical structure of federal consumer protection regulation applicable to all providers of consumer financial products and services changed significantly on July 21, 2011, when the CFPB commenced operations to supervise and enforce consumer protection laws. The CFPB has broad rule making authority for a wide range of consumer protection laws that apply to all providers of consumer products and services, including the Bank, as well as the authority to prohibit “unfair, deceptive or abusive” acts and practices. The CFPB has examination and enforcement authority over providers with more than $10 billion in assets. FDIC-insured institutions with $10 billion or less in assets, like the Bank, continue to be examined by their applicable primary federal banking regulators.

Because abuses in connection with residential mortgages were a significant factor contributing to the global financial crisis, many rules issued by the CFPB, as required by the Dodd-Frank Act, addressed mortgage and mortgage-related products,

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their underwriting, origination, servicing and sales. The Dodd-Frank Act significantly expanded underwriting requirements applicable to loans secured by 1-4 family residential real property and augmented federal law combating predatory lending practices. In addition to numerous disclosure requirements, the Dodd-Frank Act imposed new standards for mortgage loan originations on all lenders, including banks and savings associations, in an effort to strongly encourage lenders to verify a borrower’s ability to repay, while also establishing a presumption of compliance for certain “qualified mortgages.”

The current acting leader of the CFPB has indicated that the CFPB will adopt a deregulatory approach, and the CFPB has recently announced that it plans to roll back certain rulemakings adopted over the last several years. The U.S. Congress is also pursuing Congressional Review Act resolutions or otherwise taking steps to overturn certain recent CFPB rulemaking. While some of the CPFB’s recent rulemakings did not impact the Bank directly, the CFPB’s retreat from the aggressive approach to regulation (and supervision, where applicable) that it has previously adopted may benefit the operations of the Bank.

Regulation of Affiliates

The Company operates one affiliate that is regulated by functional financial regulatory agencies. Midland Wealth Advisors, LLC is a registered investment advisor. The SEC has supervisory, examination and enforcement authority over its operations. The SEC’s focus is primarily for the protection of investors under the federal securities laws. As a subsidiary of the Company, Midland Wealth Advisors, LLC is also subject to the supervision of the Federal Reserve on a consolidated basis.

ITEM 1A – RISK FACTORS

The material risks that management believes affect the Company are described below. You should carefully consider the risks, together with all of the information included herein. The risks described below are not the only risks the Company faces. Additional risks not presently known or that the Company believes are immaterial also may have a material adverse effect on the Company’s results of operations and financial condition.

Macroeconomic and Credit Risks

A decline in general business and economic conditions and any regulatory responses to such conditions could have a material adverse effect on our business, financial position, results of operations and growth prospects.

Our business and operations are sensitive to business and economic conditions in the United States generally and the state of Illinois and the St. Louis metropolitan area in particular. If the national, regional and local economies experience worsening economic conditions, ~~including as a result of recent changes in U.S. trade policy and U.S. and global tariff rates,~~ our growth and profitability could be harmed. Weak economic conditions are characterized by, among other indicators, elevated levels of unemployment, fluctuations in debt and equity capital markets, increased delinquencies on mortgage, commercial and consumer loans, residential and commercial real estate price declines, and lower home sales and commercial activity. All of these factors are generally detrimental to our business. Our business is significantly affected by monetary and other regulatory policies of the U.S. federal government, its agencies and government-sponsored entities. Changes in any of these policies are influenced by macroeconomic conditions and other factors that are beyond our control, are difficult to predict and could have a material adverse effect on our business, financial position, results of operations and growth prospects.

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If we do not effectively manage our credit risk, we may experience increased levels of nonperforming loans, charge-offs and delinquencies, which could require increases in our provision for credit losses on loans.

There are risks inherent in making any loan, including risks inherent in dealing with individual borrowers, risks of nonpayment, risks resulting from uncertainties as to the future value of collateral and cash flows available to service debt, and risks resulting from changes in economic and market conditions. We cannot guarantee that our credit underwriting and monitoring procedures will reduce these credit risks, and they cannot be expected to completely eliminate our credit risks. If the overall economic climate in the United States generally, or our market areas specifically, declines, our borrowers may experience difficulties in repaying their loans, and the level of nonperforming loans, charge-offs and delinquencies could rise and require further increases in the provision for credit losses on loans, which would cause our net income, return on equity and capital to decrease. We maintain our allowance for credit losses on loans at a level that management considers adequate to absorb expected credit losses on loans based on an analysis of our portfolio and market environment.

As of December 31, ~~2024~~2025, our allowance for credit losses on loans as a percentage of total loans was 21.1559% and as a percentage of total nonperforming loans was 73105.6971%. Although management believed, as of such date, that the allowance for credit losses on loans was adequate to absorb losses on any existing loans that may become uncollectible, we may be required to take additional provisions for credit losses on loans in the future to further supplement the allowance for credit losses on loans, either due to management’s decision to do so or because our banking regulators require us to do so. Our bank regulatory agencies will ~~periodica~~periodically review our allowance for credit losses on loans and the value attributed to nonaccrual loans or to real estate acquired through foreclosure and may require us to adjust our determination of the value for these items. These adjustments may adversely affect our business, financial condition and results of operations.

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lly review our allowance for credit losses on loans and the value attributed to nonaccrual loans or to real estate acquired through foreclosure and may require us to adjust our determination of the value for these items. These adjustments may adversely affect our business, financial condition and results of operations.

A significant portion of our loan portfolio is secured by real estate, the value and liquidity of which can be negatively affected by economic conditions and environmental issues.

At December 31, ~~2024~~2025, approximately 6368.34% of our loan portfolio was comprised of loans with real estate as a primary or secondary component of collateral. As a result, adverse developments affecting real estate values in our market areas could increase the credit risk associated with our real estate loan portfolio. The market value of real estate can fluctuate significantly in a short period of time as a result of interest rate levels and by market conditions in the area in which the real estate is located. Adverse changes affecting real estate values and the liquidity of real estate in one or more of our markets could increase the credit risk associated with our loan portfolio, significantly impair the value of property pledged as collateral on loans and affect our ability to sell the collateral upon foreclosure without a loss or additional losses, which could result in losses that would adversely affect profitability. Such declines and losses could have a material adverse impact on our business, results of operations and growth prospects.

In addition, if hazardous or toxic substances are found on properties pledged as collateral, the value of the real estate could be impaired. If we foreclose on and take title to such properties, we may be liable for remediation costs, as well as for personal injury and property damage. Environmental laws may require us to incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property.

We may not be able to continue growing our business, particularly if we cannot increase loans through organic loan growth.

While we intend to continue to grow our business through organic loan growth, certain of our market areas are comprised of mature, rural communities with limited population growth, which presents a challenging market for loan origination. Our growth will also depend upon our ability to attract deposits and to identify favorable loan and investment opportunities and on whether we can continue to fund growth while maintaining cost controls and asset quality, as well on other factors beyond our control, such as national, regional and local economic conditions and interest rate trends.

Many of our loans are to commercial borrowers, which have a higher degree of risk than other types of loans.

Commercial loans represented 8287.35% of our total loan portfolio at December 31, ~~2024~~2025. Commercial loans are often larger and involve greater risks than other types of lending. Because payments on such loans often depend on the successful operation or development of the property or business involved, repayment of such loans is often more sensitive than other types of loans to adverse conditions in the real estate market or the general business climate and economy. Accordingly, a downturn in the real estate market and a challenging business and economic environment may increase our risk related to commercial loans, particularly commercial real estate loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower's ability to make repayment from their employment and other income and which are secured by real property, the value of which tends to be more easily ascertainable, commercial loans typically are made on the basis of the borrower's ability to make repayment from the cash flow of the commercial venture. Our operating commercial loans are primarily made based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. Most often, this collateral consists of accounts receivable, inventory and equipment. Inventory and equipment may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. If the cash flow from business operations is reduced, the borrower’s ability to repay the loan may be impaired. Due to the larger average size of each commercial loan as compared with other loans such as residential loans, as well as collateral that is generally less readily-marketable, losses incurred on even a small number of commercial loans could have a material adverse impact on our financial condition and results of operations.

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to appraise and may fluctuate in value based on the success of the business. If the cash flow from business operations is reduced, the borrower’s ability to repay the loan may be impaired. Due to the larger average size of each commercial loan as compared with other loans such as residential loans, as well as collateral that is generally less readily-marketable, losses incurred on even a small number of commercial loans could have a material adverse impact on our financial condition and results of operations.

The small to midsized businesses that we lend to may have fewer resources to weather adverse business developments, which may impair a borrower’s ability to repay a loan, and such impairment could adversely affect our results of operations and financial condition.

We target our business development and marketing strategy primarily to serve the banking and financial services needs of small to midsized businesses. These businesses generally have fewer financial resources in terms of capital or borrowing capacity than larger entities, frequently have smaller market shares than their competition, may be more vulnerable to economic downturns, often need substantial additional capital to expand or compete and may experience substantial volatility in operating results, any of which may impair a borrower’s ability to repay a loan. In addition, the success of a small or midsized business often depends on the management talents and efforts of one or two people or a small group of people, and the death, disability or resignation of one or more of these people could have a material adverse impact on the business and its ability to repay its loan. If general economic conditions negatively impact the markets in which we operate and small to midsized businesses are adversely affected or our borrowers are otherwise affected by adverse business developments, our business, financial condition and results of operations may be adversely affected.

In addition, we have provided an aggregate of $~~230~~162.23 million of financing to the two third-party buyers that purchased participation interests in consumer loans that were originated through GreenSky's consumer loan origination platform. The ability of each of these buyers to repay the obligations to us will depend significantly on the performance of the consumer loans.

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Real estate construction loans are based upon estimates of costs and values associated with the complete project. These estimates may be inaccurate, and we may be exposed to significant losses on loans for these projects.

Real estate construction loans comprised approximately 56.86% of our total loan portfolio as of December 31, ~~2024~~2025, and such lending involves additional risks because funds are advanced upon the security of the project, which is of uncertain value prior to its completion, and costs may exceed realizable values in declining real estate markets. Because of the uncertainties inherent in estimating construction costs and the realizable market value of the completed project and the effects of governmental regulation of real property, it is relatively difficult to evaluate accurately the total funds required to complete a project and the related loan-to-value ratio. As a result, construction loans often involve the disbursement of substantial funds with repayment dependent, in part, on the success of the ultimate project and the ability of the borrower to sell or lease the property, rather than the ability of the borrower or guarantor to repay principal and interest. If our appraisal of the value of the completed project proves to be overstated or market values or rental rates decline, we may have inadequate security for the repayment of the loan upon completion of construction of the project. If we are forced to foreclose on a project prior to or at completion due to a default, we may not be able to recover all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs. In addition, we may be required to fund additional amounts to complete the project and may have to hold the property for an unspecified period of time while we attempt to dispose of it.

Real estate market volatility and future changes in our disposition strategies could result in net proceeds that differ significantly from our other real estate owned fair value appraisals.

As of December 31, ~~2024~~2025, we had $40.96 million of other real estate owned. Our other real estate owned portfolio consists of properties that we obtained through foreclosure or through an in-substance foreclosure in satisfaction of loans. Properties in our other real estate owned portfolio are recorded at the lower of the recorded investment in the loans for which the properties previously served as collateral or the “fair value,” which represents the estimated sales price of the properties on the date acquired less estimated selling costs.

In response to market conditions and other economic factors, we may utilize alternative sale strategies other than orderly disposition, such as immediate liquidation sales. In this event, as a result of the significant judgments required in estimating fair value and the variables involved in different methods of disposition, the net proceeds realized from such sales transactions could differ significantly from appraisals, comparable sales and other estimates used to determine the fair value of our other real estate owned properties, potentially resulting in additional losses.

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Nonperforming assets take significant time to resolve and adversely affect our results of operations and financial condition, and could result in further losses in the future.

Our nonperforming assets adversely affect our net income in various ways. We do not record interest income on nonaccrual loans or other real estate owned, thereby adversely affecting our net income and returns on assets and equity, increasing our loan administration costs and adversely affecting our efficiency ratio. When we take collateral in foreclosure and similar proceedings, we are required to mark the collateral to its then-fair market value, which may result in a loss. These nonperforming loans and other real estate owned also increase our risk profile and the level of capital our regulators believe is appropriate for us to maintain in light of such risks. The resolution of nonperforming assets requires significant time commitments from management and can be detrimental to the performance of their other responsibilities. If we experience increases in nonperforming loans and nonperforming assets, our net interest income may be negatively impacted and our loan administration costs could increase, each of which could have an adverse effect on our net income and related ratios, such as return on assets and equity.

Operational, Strategic and Reputational Risks

The occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

As a bank, we are susceptible to fraudulent activity, information security breaches and cybersecurity-related incidents that may be committed against us or our clients, which may result in financial losses or increased costs to us or our clients, disclosure or misuse of our information or our client information, misappropriation of assets, privacy breaches against our clients, litigation or damage to our reputation. Such fraudulent activity may take many forms, including check fraud, electronic fraud, wire fraud, phishing, social engineering and other dishonest acts. Information security breaches and cybersecurity-related incidents may include fraudulent or unauthorized access to systems used by us or our clients, denial or degradation of service attacks and malware or other cyber-attacks. See Item 1C - "Cybersecurity" appearing elsewhere in this Annual Report on Form 10-K for additional information.

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In recent periods, there continues to be a rise in electronic fraudulent activity, security breaches and cyber-attacks within the financial services industry, especially in the commercial banking sector due to cyber criminals targeting commercial bank accounts. Moreover, in recent periods, several large corporations, including financial institutions and retail companies, have suffered major data breaches, in some cases exposing not only confidential and proprietary corporate information, but also sensitive financial and other personal information of their customers and employees and subjecting them to potential fraudulent activity. Some of our clients may have been affected by these breaches, which could increase their risks of identity theft and other fraudulent activity that could involve their accounts with us.

Information pertaining to us and our clients is maintained, and transactions are executed, on networks and systems maintained by us and certain third party partners, such as our online banking, mobile banking or accounting systems. The secure maintenance and transmission of confidential information, as well as execution of transactions over these systems, are essential to protect us and our clients against fraud and security breaches and to maintain the confidence of our clients. Breaches of information security also may occur through intentional or unintentional acts by those having access to our systems or the confidential information of our clients, including employees. In addition, increases in criminal activity levels and sophistication, advances in computer capabilities, new discoveries, vulnerabilities in third party technologies (including browsers and operating systems) or other developments could result in a compromise or breach of the technology, processes and controls that we use to prevent fraudulent transactions and to protect data about us, our clients and underlying transactions, as well as the technology used by our clients to access our systems. Our third party partners’ inability to anticipate, or failure to adequately mitigate, breaches of security could result in a number of negative events, including losses to us or our clients, loss of business or clients, damage to our reputation, the incurrence of additional expenses, disruption to our business, additional regulatory scrutiny or penalties or our exposure to civil litigation and possible financial liability, any of which could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

We depend on information technology and telecommunications systems of third parties, and any systems failures, interruptions or data breaches involving these systems could adversely affect our operations and financial condition.

Our business is highly dependent on the successful and uninterrupted functioning of our information technology and telecommunications systems, third party servicers, accounting systems, mobile and online banking platforms and financial intermediaries. We outsource to third parties many of our major systems, such as data processing and mobile and online banking. The failure of these systems, or the termination of a third party software license or service agreement on which any of these systems is based, could interrupt our operations. Because our information technology and telecommunications systems interface with and depend on third party systems, we could experience service denials if demand for such services exceeds capacity or such third party systems fail or experience interruptions. A system failure or service denial could result in a deterioration of our ability to process loans, gather deposits or provide customer service, compromise our ability to operate effectively, result in potential noncompliance with applicable laws or regulations, damage our reputation, result in a loss of customer business or subject us to regulatory action and possible financial liability, any of which could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, failures of third parties to comply with applicable laws and regulations, or fraud or misconduct on the part of employees of any of these third parties, could disrupt our operations or adversely affect our reputation.

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customer business or subject us to regulatory action and possible financial liability, any of which could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, failures of third parties to comply with applicable laws and regulations, or fraud or misconduct on the part of employees of any of these third parties, could disrupt our operations or adversely affect our reputation.

It may be difficult for us to replace some of our third party vendors, particularly vendors providing our core banking and information services, in a timely manner if they are unwilling or unable to provide us with these services in the future for any reason, and even if we are able to replace them, it may be at higher cost or result in the loss of customers. Any such events could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

Our operations rely heavily on the secure processing, storage and transmission of information and the monitoring of a large number of transactions on a minute-by-minute basis, and even a short interruption in service could have significant consequences. We also interact with and rely on retailers, for whom we process transactions, as well as financial counterparties and regulators. Each of these third parties may be targets of the same types of fraudulent activity, computer break-ins and other cyber security breaches described above, and the cyber security measures that they maintain to mitigate the risk of such activity may be different than our own and may be inadequate.

As a result of financial entities and technology systems becoming more interdependent and complex, a cyber incident, information breach or loss, or technology failure that compromises the systems or data of one or more financial entities could have a material impact on counterparties or other market participants, including ourselves. As a result of the foregoing, our ability to conduct business may be adversely affected by any significant disruptions to us or to third parties with whom we interact.

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We are subject to certain operational risks, including, but not limited to, customer or employee fraud and data processing system failures and errors.

Employee errors and employee and customer misconduct could subject us to financial losses or regulatory sanctions and seriously harm our reputation. Misconduct by our employees could include hiding unauthorized activities from us, improper or unauthorized activities on behalf of our customers or improper use of confidential information. It is not always possible to prevent employee errors and misconduct, and the precautions we take to prevent and detect this activity may not be effective in all cases. Employee errors could also subject us to financial claims for negligence.

We maintain a system of internal controls and insurance coverage to mitigate against operational risks, including data processing system failures and errors and customer or employee fraud. However, it is possible that these protections may not be sufficient to eliminate the significant and growing risks in this area, including risks relating to the use of artificial intelligence in fraud schemes. If our internal controls fail to prevent or detect an occurrence, or if any resulting loss is not insured or exceeds applicable insurance limits, it could have a material adverse effect on our business, financial condition and results of operations.

Any acquisitions we may engage in could expose us to financial, execution and operational risks that could have a material adverse effect on our business, financial position, results of operations and growth prospects.

Any acquisition transactions we engage in could require us to use a substantial amount of cash, or other liquid assets and/or incur debt. There are risks associated with acquisitions, including the following:

•We may incur time and expense associated with evaluating potential acquisitions and negotiating potential transactions, resulting in management’s attention being diverted from the operation of our existing business.

•We could be exposed to potential asset and credit quality risks and unknown or contingent liabilities of the banks or businesses we acquire. If these issues or liabilities were to exceed our estimates, our earnings, capital and financial condition may be materially and adversely affected.

•The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity. This integration process is complicated and time consuming and can also be disruptive to the customers and employees of the acquired business and our business. If the integration process is not conducted successfully, we may not realize the anticipated economic benefits of acquisitions within the expected time frame, or ever, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful.

•To finance an acquisition, we may borrow funds or pursue other forms of financing, such as issuing voting and/or non-voting common stock or preferred stock, which may have high dividend rights or may be highly dilutive to holders of our common stock, thereby increasing our leverage and diminishing our liquidity.

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•We may be unsuccessful in realizing the anticipated benefits from acquisitions. For example, we may not be successful in realizing anticipated cost savings. We also may not be successful in preventing disruptions in service to existing customer relationships of the acquired institution, which could lead to a loss in revenues.

In addition to the foregoing, we may face additional risks in acquisitions to the extent we acquire new lines of business or new products, or enter new geographic areas, in which we have little or no current experience, especially if we lose key employees of the acquired operations. If we choose to engage in an acquisition transaction, we cannot assure you that we will be successful in overcoming these risks or any other problems encountered in connection with acquisitions. Our inability to overcome risks associated with acquisitions could have an adverse effect on our ability to grow our business and profitability.

We may not be able to continue growing our business, particularly if we cannot increase loans through organic loan growth.

We are highly dependent on our management team, and the loss of our senior executive officers or other key employees could harm our ability to implement our strategic plan, impair our relationships with customers and adversely affect our business, results of operations and growth prospects.

Our success is dependent, to a large degree, upon the continued service and skills of our ~~existing~~current executive management team, particularly Mr. Jeffrey G. Ludwig, our President and Chief Executive Officer, and Mr. Eric T. Lemke, our Chief Financial Officer.

22Our business and growth strategies are built primarily upon our ability to retain employees with experience and business relationships within their respective market areas. The loss of any of our key personnel could have an adverse impact on our business and growth because of their skills, years of industry experience, knowledge of our market areas and the difficulty of finding qualified replacement personnel, particularly in light of the fact that we are not headquartered in a major metropolitan area. In addition, although we have non-competition agreements with each of our executive officers and with several others of our senior personnel, we do not have any such agreements with other employees who are important to our business, and in any event the enforceability of non-competition agreements varies across the states in which we do business. While our mortgage originators, loan officers and wealth management professionals are generally subject to non-solicitation provisions as part of their employment, our ability to enforce such agreements may not fully mitigate the injury to our business from the breach of such agreements, as such employees could leave us and immediately begin soliciting our customers. The departure of any of our personnel who are not subject to enforceable non-competition agreements could have a material adverse impact on our business, results of operations and growth prospects.

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Our business and growth strategies are built primarily upon our ability to retain employees with experience and business relationships within their respective market areas. The loss of Mr. Ludwig, Mr. Lemke or any of our other key personnel could have an adverse impact on our business and growth because of their skills, years of industry experience, knowledge of our market areas and the difficulty of finding qualified replacement personnel, particularly in light of the fact that we are not headquartered in a major metropolitan area. In addition, although we have non-competition agreements with each of our executive officers and with several others of our senior personnel, we do not have any such agreements with other employees who are important to our business, and in any event the enforceability of non-competition agreements varies across the states in which we do business. While our mortgage originators, loan officers and wealth management professionals are generally subject to non-solicitation provisions as part of their employment, our ability to enforce such agreements may not fully mitigate the injury to our business from the breach of such agreements, as such employees could leave us and immediately begin soliciting our customers. The departure of any of our personnel who are not subject to enforceable non-competition agreements could have a material adverse impact on our business, results of operations and growth prospects.

We may be liable to purchasers of mortgage loans and mortgage servicing rights, including as a result of any breach of representations and warranties we make to the purchasers.

When we sell or securitize mortgage loans in the ordinary course of business, we are required to make certain representations and warranties to the purchaser about the mortgage loans and the manner in which they were originated. Under these agreements, we may be required to repurchase mortgage loans if we have breached any of these representations or warranties, in which case we may record a loss. In addition, if repurchase and indemnity demands increase on loans that we sell from our portfolios, our liquidity, results of operations and financial condition could be adversely affected. In addition, we have sold ~~residential~~ mortgage servicing rights to third parties pursuant to customary purchase agreements, under which we could be required to indemnify the purchasers for losses resulting from pre-closing servicing errors or breaches of our representations and warranties, which could affect our results of operations.

Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our business and the value of our stock.

We are a community bank, and our reputation is one of the most valuable components of our business. Similarly, each of our subsidiaries operate in niche markets where reputation is critically important. As such, we strive to conduct our business in a manner that enhances our reputation. This is done, in part, by recruiting, hiring and retaining employees who share our core values of being an integral part of the communities we serve, delivering superior service to our customers and caring about our customers and associates. If our reputation is negatively affected, by the actions of our employees or otherwise, our business and, therefore, our operating results and the value of our stock may be materially adversely affected.

We have a continuing need for technological change, and we may not have the resources to effectively implement new technology or we may experience operational challenges when implementing new technology.

The financial services industry is undergoing rapid technological changes with frequent introductions of new technology-driven products and services, such as those using artificial intelligence. In addition to better serving customers, the effective use of technology increases efficiency and enables financial institutions to reduce costs. Our future success will depend in part upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands for convenience as well as to create additional efficiencies in our operations as we continue to grow and expand our market area. We may experience operational challenges as we implement these new technology enhancements, or seek to implement them across all of our offices and business units, which could result in us not fully realizing the anticipated benefits from such new technology or require us to incur significant costs to remedy any such challenges in a timely manner.

Many of our larger competitors have substantially greater resources to invest in technological improvements. As a result, they may be able to offer additional or superior products to those that we will be able to offer, which would put us at a competitive disadvantage. Accordingly, a risk exists that we will not be able to effectively implement new technology-driven products and services or be successful in marketing such products and services to our customers.21

We depend on the accuracy and completeness of information provided by customers and counterparties.

In deciding whether to extend credit or enter into other transactions with customers and counterparties, we may rely on information furnished to us by or on behalf of customers and counterparties, including financial statements and other financial information. We also may rely on representations of customers and counterparties as to the accuracy and completeness of that information. In deciding whether to extend credit, we may rely upon our customers’ representations that their financial statements conform to GAAP and present fairly, in all material respects, the financial condition, results of operations and cash flows of the customer. We also may rely on customer representations and certifications, or other audit or accountants’ reports,

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~~with~~grow ~~respect~~and toexpand ~~the~~our ~~business~~market ~~and~~area. ~~financial~~We ~~condition~~may ofexperience ~~our~~operational ~~clients.~~challenges ~~Our~~as ~~financial~~we ~~condition,~~implement ~~results~~these ofnew ~~operations~~technology enhancements, ~~financial~~or ~~reporting~~seek to implement them across all of our offices and ~~reputation~~business units, which could beresult ~~negatively~~in ~~affected~~us ifnot wefully ~~rely~~realizing onthe ~~materially~~anticipated ~~misleading,~~benefits ~~false,~~from ~~inaccurate~~such new technology or ~~fraudulent~~require ~~information~~us to incur significant costs to remedy any such challenges in a timely manner.

We face strong competition from financial services companies and other companies that offer banking, mortgage, leasing, and wealth management services, which could harm our business.

Our operations consist of offering banking and mortgage services, and we also offer trust, and wealth management, and ~~leasing~~other services to generate noninterest income. Many of our competitors offer the same, or a wider variety of, banking and related financial services within our market areas. These competitors include national banks, regional banks and other community banks. We also face competition from many other types of financial institutions, including savings and loan institutions, finance companies, private credit funds, brokerage firms, insurance companies, credit unions, mortgage banks and other financial intermediaries. In addition, a number of out-of-state financial intermediaries have opened production offices or otherwise solicit deposits in our market areas. Additionally, we face growing competition from so-called “online businesses” with few or no physical locations, including online banks, lenders and consumer and commercial lending platforms, and FinTech companies, as well as automated retirement and investment service providers. Increased competition in our markets may result in reduced loans, deposits, and commissions and brokers’ fees, as well as reduced net interest margin and profitability. Ultimately, we may not be able to compete successfully against current and future competitors. If we are unable to attract and retain banking, mortgage, ~~leasing~~ and wealth management customers, we may be unable to continue to grow our business and our financial condition and results of operations may be adversely affected.

Consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations.

Technology and other changes are allowing consumers and businesses to complete financial transactions that historically have involved banks through alternative methods. For example, the wide acceptance of internet-based commerce has resulted in a number of alternative payment processing systems and lending platforms in which banks play only minor roles. Customers can now maintain funds in prepaid debit cards or digital currencies, and pay bills and transfer funds directly without the direct assistance of banks. The diminishing role of banks as financial intermediaries has resulted and could continue to result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. The loss of these revenue streams and the potential loss of lower cost deposits as a source of funds could have a material adverse effect on our business, financial condition and results of operations.

The development of our BaaS platform may expose us to liability for compliance violations by BaaS partners or fall short of its targeted impact on our financial performance.

~~During~~Beginning in 2022, we invested in the development of a BaaS platform that will enable us to enter into partnerships with financial technology companies through which we will provide banking services to the customers of these companies. We believe that these partnerships will contribute to loan production, deposit gathering, and fee income generation in future years. We intend to be very selective in our approach to developing BaaS partnerships to ensure that any partners that are added meet our high standards for risk management. However, we are subject to compliance and regulatory risk if partners do not follow our servicing policies, lending laws, and regulations. Our bank regulators may hold us responsible for the activities of our BaaS partners with respect to the marketing or administration of their programs, which may result in increased compliance costs for us or potentially compliance violations as a result of BaaS partner activities. In addition, we may not find enough suitable partnerships for the BaaS platform to have a meaningful impact on our overall financial performance.

Legal, Accounting and Compliance Risks

WeIf ~~have~~we ~~identified~~fail ~~material~~to ~~weaknesses~~design, inimplement ~~our~~and maintain effective internal control over financial reporting, ~~which~~or ~~material~~fail ~~weaknesses~~to ~~could~~remediate ~~adversely~~any ~~affect~~future ~~our~~material ~~ability~~weakness toin ~~report~~ our ~~results~~internal ofcontrol ~~operations~~over ~~and~~ financial ~~condition~~reporting, ~~accurately~~we ~~and~~may inbe aunable ~~timely~~to ~~manner~~report our financial results accurately.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with GAAP. ~~Our~~As ~~management~~disclosed ~~is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses identified through such evaluation~~ in those internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our ~~annual~~Annual orReport ~~interim~~on ~~consolidated~~Form ~~financial~~10-K ~~statements~~for ~~will~~the ~~not be prevented or detected on a timely basis.~~

As described elsewhere in this Annual Report on Form 10-K, our management identified material weaknesses in our internal control over the risk assessment process for identifying whether third-party loan origination and servicing contracts 22

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year ended December 31, 2024, management previously identified certain material weaknesses in our internal control over the risk assessment process for identifying whether third-party loan origination and servicing contracts present unique accounting considerations that should be further evaluated and the financial reporting related to our accounting and financial reporting of third -party lending and servicing arrangements. ~~See Item 9A — Controls and Procedures.~~ As a result of these material weaknesses, our independent registered public accounting firm concluded that our internal control over financial reporting was not effective as of December 31, 2024 and December 31, 2023. In addition, we restated our consolidated financial statements as of and for the ~~years~~year ended December 31, 2023 ~~and 2022~~, and ~~the~~for interim quarterly periods in 2024 and 2023 Any failure to maintain adequate internal control over financial reporting could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis. We can give no assurance that our plans to remediate these material weaknesses will be successful or prevent any future material weaknesses, or that further restatements of financial results will not arise in the ~~future~~year ~~due~~ended toDecember ~~a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. In addition~~31, ~~our controls and procedures may not be adequate to prevent or identify irregularities or errors~~2022, ~~which~~as ~~could~~well ~~affect~~as the ~~fair~~interim ~~presentation~~quarterly ofperiods ~~our~~in ~~consolidated~~2024 ~~financial~~and ~~statements~~2023.

In response to the identified material weaknesses, we, under the oversight of the Audit Committee, implemented a remediation plan that included a more formal risk assessment process, enhanced internal control training, the evaluation and enhancement of control implementation policies and procedures and other remediation efforts. As a result, we have concluded the material weaknesses previously identified have been resolved at December 31, 2025. However, we cannot provide assurance that we will not identify additional material weaknesses in the future. Any failure to implement and maintain adequate internal control over financial reporting could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis, and could result in further restatements of financial results.

We may incur impairment charges to the goodwill that we recorded in connection with prior business acquisitions, which would negatively impact our business, financial condition and results of operations.

Goodwill represents the amount by which the cost of an acquisition exceeded the fair value of net assets we acquired in connection with the purchase. We review goodwill for impairment at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of the asset might be impaired. We determine impairment by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment charge is recognized in an amount equal to that excess. Any such adjustments are reflected in our results of operations in the periods in which they become known.

For example, during the first quarter of 2025, Management determined that a triggering event had occurred at ~~its~~our Banking reporting unit as a result of further deteriorated credit quality coupled with the trends in the Company's stock price. The Company performed a quantitative impairment test on its Banking reporting unit as of March 31, 2025, and engaged a third-party service provider to assist Management with the determination of the fair value. The resulting calculation indicated that the carrying amount exceeded the fair value of the Company's Banking reporting unit. As a result of the assessment, the Company recognized ~~expects to recognize~~ goodwill impairment expense ~~between~~of $~~135.0 million and $~~154.0 million in the first quarter of 2025. This non-cash impairment expense did not impact our regulatory capital ratios, tangible common equity ratio nor our liquidity position, and will not result in future cash expenditures. There can be no assurance that our future evaluations of our remaining existing goodwill or goodwill we may acquire in the future will not result in additional findings of impairment and related charges, which could adversely affect our business, financial condition and results of operations.

Our risk management framework may not be effective in mitigating risks and/or losses to us.

Our risk management framework is comprised of various processes, systems and strategies, and is designed to manage the types of risk to which we are subject, including, among others, credit, market, liquidity, interest rate and compliance. Our framework also includes financial or other modeling methodologies that involve management assumptions and judgment. Our risk management framework may not be effective under all circumstances or may not adequately mitigate risk or loss to us. If our framework is not effective, we could suffer unexpected losses and our business, financial condition, results of operations or growth prospects could be materially and adversely affected. We may also be subject to potentially adverse regulatory consequences.

We are and may become involved from time to time in suits, legal proceedings, information-gathering requests, investigations and proceedings by governmental and self-regulatory agencies that may lead to adverse consequences.

Many aspects of our business and operations involve the risk of legal liability, and in some cases we or our subsidiaries have been named or threatened to be named as defendants in various lawsuits arising from our business activities. For example, some of the services we provide, such as wealth management services, require us to act as fiduciaries for our customers and others. From time to time, third parties make claims and take legal action against us pertaining to the performance of our fiduciary responsibilities. In addition, companies in our industry are frequently the subject of governmental and self-regulatory agency information-gathering requests, reviews, investigations and proceedings. We believe we face an elevated risk of the foregoing proceedings in connection with the matters leading us to restate our prior years' financial statements and in connection with LendingPoint's 2023 system conversion and any potential effects on certain loans, as discussed in this Annual Report on Form 10-K.

The results of such proceedings could lead to significant civil or criminal penalties, including monetary penalties, damages, adverse judgments, settlements, fines, injunctions, restrictions on the way in which we conduct our business, or 23

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~~reputational~~The ~~harm.~~results Weof ~~are~~such ~~not~~proceedings ~~able~~could lead to ~~estimate~~significant ~~the~~civil ~~likelihood~~or ofcriminal ~~such~~penalties, ~~developments~~including ormonetary ~~the~~penalties, ~~likely~~damages, ~~magnitude~~adverse orjudgments, ~~significance~~settlements, offines, ~~any~~injunctions, ~~liability~~restrictions oron ~~other~~the ~~outcomes~~way ofin ~~any~~which ~~such~~we ~~proceedings~~conduct our business, or reputational harm.

Although we establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated, we do not have accruals for all legal proceedings where we face a risk of loss. In addition, due to the inherent subjectivity of the assessments and unpredictability of the outcome of legal proceedings, amounts accrued may not represent the ultimate loss to us from the legal proceedings in question. Accordingly, our ultimate losses may be higher, and possibly significantly so, than the amounts accrued for legal loss contingencies, which could adversely affect our financial condition and results of operations.

Legislative and regulatory actions taken now or in the future may increase our costs and impact our business, governance structure, financial condition or results of operations.

Compliance with applicable bank regulations by us and our third party vendors has resulted, and may continue to result, in additional operating and compliance costs and restrictions that could have a material adverse effect on our business, financial condition, results of operations and growth prospects. In addition, new proposals for legislation may continue to be introduced in the U.S. Congress that could further substantially change regulation of the bank and non-bank financial services industries and impose restrictions on the operations and general ability of firms within the industry to conduct business consistent with historical practices. Federal and state regulatory agencies also frequently adopt changes to their regulations or change the manner in which existing regulations are applied. Legislation and regulations may be impacted by the political ideologies of the executive branches of the U.S. government as well as the heads of regulatory and administrative agencies, which may change as a result of elections. Certain aspects of current or proposed regulatory or legislative changes to laws applicable to the financial industry, if enacted or adopted, may impact the profitability of our business activities, require more oversight or change certain of our business practices, including the ability to offer new products, obtain financing, attract deposits, make loans and achieve satisfactory interest spreads and could expose us to additional costs, including increased compliance costs. These changes also may require us to invest significant management attention and resources to make any necessary changes to operations to comply and could have an adverse effect on our business, financial condition and results of operations.

We are subject to stringent capital requirements, and failure to comply with these requirements may impact dividend payments and limit our activities.

As a result of the implementation of the Basel III Rule, we are required to meet minimum capital requirements. The failure to meet applicable regulatory capital requirements of the Basel III Rule could result in one or more of our regulators placing limitations or conditions on our activities, including our growth initiatives, or restricting the commencement of new activities, and could affect customer and investor confidence, our costs of funds and FDIC insurance costs, our ability to pay dividends on our common stock, our ability to make acquisitions, and our business, results of operations and financial conditions, generally. In addition, banking institutions that do not maintain a capital conservation buffer, comprised of Common Equity Tier 1 Capital, of 2.5% above the regulatory minimum capital requirements face constraints on the payment of dividends, stock repurchases and discretionary bonus payments to executive officers based on the amount of the shortfall, unless prior regulatory approval is obtained. Accordingly, if the Bank or the Company fails to maintain the applicable minimum capital ratios and the capital conservation buffer, distributions by the Bank to the Company, or dividends or stock repurchases by the Company, may be prohibited or limited.

Federal and state regulators periodically examine our business, and we may be required to remediate adverse examination findings.

The Federal Reserve, the FDIC and the DFPR periodically examine our business, including our compliance with laws and regulations. If, as a result of an examination, a banking agency were to determine that our financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of any of our operations had become unsatisfactory, or that we were in violation of any law or regulation, they may take a number of different remedial actions as they deem appropriate. These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in our capital, to restrict our growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate our deposit insurance and place us into receivership or conservatorship. Any regulatory action against us could have an adverse effect on our business, financial condition and results of operations.

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We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.

The Bank Secrecy Act, the USA PATRIOT Act and other laws and regulations require financial institutions, among other duties, to institute and maintain an effective anti-money laundering program and to file reports such as suspicious activity reports and currency transaction reports. We are required to comply with these and other anti-money laundering requirements. The federal banking agencies and Financial Crimes Enforcement Network are authorized to impose significant civil money penalties for violations of those requirements and have engaged in coordinated enforcement efforts against banks and other financial services providers with the U.S. Department of Justice, Drug Enforcement Administration and Internal Revenue Service. We are also subject to increased scrutiny of compliance with the rules enforced by the Office of Foreign Assets Control. If our policies, procedures and systems are deemed deficient, including those of our third party vendors, we could be subject to liability, including fines and regulatory actions, which may include restrictions on our ability to pay dividends and the necessity to obtain regulatory approvals to proceed with certain aspects of our business plan, including our acquisition plans.

Failure to maintain and implement adequate programs to combat money laundering and terrorist financing could also have serious reputational consequences for us. Any of these results could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.

The CRA, the Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations prohibit discriminatory lending practices by financial institutions. The U.S. Department of Justice, federal banking agencies, and other federal agencies are responsible for enforcing these laws and regulations. A challenge to an institution’s compliance with fair lending laws and regulations could result in a wide variety of sanctions, including damages and civil money penalties, injunctive relief, restrictions on mergers and acquisitions activity, restrictions on expansion, and restrictions on entering new business lines. Private parties may also challenge an institution’s performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

The Federal Reserve may require us to commit capital resources to support the Bank.

As a matter of policy, the Federal Reserve expects a bank holding company to act as a source of financial and managerial strength to a subsidiary bank and to commit resources to support such subsidiary bank. The Dodd-Frank Act codified the Federal Reserve’s policy on serving as a source of financial strength. Under the “source of strength” doctrine, the Federal Reserve may require a bank holding company to make capital injections into a troubled subsidiary bank and may charge the bank holding company with engaging in unsafe and unsound practices for failure to commit resources to a subsidiary bank. A capital injection may be required at times when the holding company may not have the resources to provide it and therefore may be required to borrow the funds or raise capital. Any loans by a holding company to its subsidiary banks are subordinate in right of payment to deposits and to certain other indebtedness of such subsidiary bank. In the event of a bank holding company’s bankruptcy, the bankruptcy trustee will assume any commitment by the holding company to a federal bank regulatory agency to maintain the capital of a subsidiary bank. Moreover, bankruptcy law provides that claims based on any such commitment will be entitled to a priority of payment over the claims of the institution’s general unsecured creditors, including the holders of its note obligations. Thus, any borrowing that must be done by the Company to make a required capital injection becomes more difficult and expensive and could have an adverse effect on our business, financial condition and results of operations.

The financial services industry, as well as the broader economy, may be subject to new legislation, regulation, and government policy.

~~At this time, it is difficult to predict the legislative and regulatory changes that will result from having a new President of the United States.~~ The ~~new~~federal ~~administration~~government ~~and Congress~~ may cause broad economic changes ~~due to changes in governing ideology and governing style, included~~ as a result of implementation of ~~proposed~~ policies regarding tariffs, ~~mass~~ deportations and tax regulations. New appointments to the Board of Governors of the Federal Reserve could affect monetary policy and interest rates, and changes in fiscal policy could affect broader patterns of trade and economic growth. Future legislation, regulation, and government policy could affect the banking industry as a whole, including our business and results of operations, in ways that are difficult to predict. In addition, our results of operations also could be adversely affected by changes in the way in which existing statutes and regulations are interpreted or applied by courts and government agencies.

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Market and Interest Rate Risks

Monetary policies and regulations of the Federal Reserve could adversely affect our business, financial condition and results of operations.

In addition to being affected by general economic conditions, our earnings, capital ratios and growth are affected by the policies of the Federal Reserve. The Federal Reserve reduced the federal funds rate several times insince late 2024 based upon improving economic conditions. These recent reductions have resulted in decreases in asset yields and funding costs. Future rate reductions of the Federal Reserve could continue to have positive effects on our business, by increasing loan demand, decreasing our costs of deposits and other sources of funding, improving the value of our securities portfolio, and increasing the earnings of our wealth management business. Lower interest rates can also positively affect our customers’ businesses and financial condition, and the value of collateral securing loans in our portfolio.

Fluctuations in interest rates may reduce net interest income and otherwise negatively impact our financial condition and results of operations.

Shifts in short-term interest rates may reduce net interest income, which is the principal component of our earnings. Net interest income is the difference between the amounts received by us on our interest-earning assets and the interest paid by us on our interest-bearing liabilities. When interest rates rise, the rate of interest we pay on our liabilities, such as deposits, generally rises more quickly than the rate of interest that we receive on our interest-bearing assets, such as loans, which may cause our profits to decrease. The impact on earnings is more adverse when the slope of the yield curve flattens, that is, when short-term interest rates increase more than long-term interest rates or when long-term interest rates decrease more than short-term interest rates.

Interest rate increases often result in larger payment requirements for our borrowers, which increases the potential for default. At the same time, the marketability of the underlying property may be adversely affected by any reduced demand resulting from higher interest rates. In a declining interest rate environment, there may be an increase in prepayments on loans as borrowers refinance their mortgages and other indebtedness at lower rates.

Changes in interest rates also can affect the value of loans, securities and other assets. An increase in interest rates that adversely affects the ability of borrowers to pay the principal or interest on loans, or that adversely affects the value of collateral securing those loans, may lead to an increase in nonperforming assets and a reduction of income recognized, which could have a material adverse effect on our results of operations and cash flows. Further, when we place a loan on nonaccrual status, we reverse any accrued but unpaid interest receivable, which decreases interest income. Subsequently, we continue to have a cost to fund the loan, which is reflected as interest expense, without any interest income to offset the associated funding expense. Thus, an increase in the amount of nonperforming assets would have an adverse impact on net interest income.

If short-term interest rates remain at low levels for a prolonged period, and assuming longer term interest rates fall, we could experience net interest margin compression as our interest earning assets would continue to reprice downward while our interest-bearing liability rates could fail to decline in tandem. This would have a material adverse effect on our net interest income and our results of operations.

We could recognize losses on securities held in our securities portfolio, particularly if interest rates continue to increase or economic and market conditions deteriorate.

Factors beyond our control can significantly influence the fair value of securities in our portfolio and can cause potential adverse changes to the fair value of these securities. For example, fixed-rate securities acquired by us are generally subject to decreases in market value when interest rates rise. Additional factors include, but are not limited to, rating agency downgrades of the securities or our own analysis of the value of the security, defaults by the issuer or individual mortgagors with respect to the underlying securities, and continued instability in the credit markets. WeAny ~~may~~of bethe ~~required~~foregoing tofactors ~~record~~could ~~additional~~cause ~~credit~~an ~~reserve~~impairment ~~charges~~in iffuture ~~our~~periods ~~investment~~and ~~securities~~result ~~suffer~~in arealized ~~decline~~losses. inThe ~~fair~~process ~~value~~for ~~that~~determining ~~has~~potential ~~resulted~~impairment ~~from~~requires ~~credit~~difficult, ~~losses~~subjective orjudgments ~~other~~about ~~factors.~~the Iffuture wefinancial ~~determine~~performance ~~that~~of athe ~~significant~~issuer ~~reserve~~and isany ~~needed,~~collateral weunderlying ~~would~~the besecurity ~~required~~in order to ~~charge~~assess ~~against earnings~~ the ~~credit-related~~probability ~~portion,~~of ~~which~~receiving ~~could~~all ~~have~~contractual aprincipal ~~material~~and ~~adverse~~interest ~~effect~~payments on ~~our~~the ~~results~~security. Because of ~~operations~~changing ineconomic ~~the~~and ~~periods~~market inconditions ~~which~~affecting ~~the~~interest ~~write-offs~~rates, ~~occur.~~the Infinancial ~~addition,~~condition weof ~~may~~issuers ~~determine~~of tothe ~~sell~~ securities inand ~~our~~the ~~available-for-sale~~performance ~~investment~~of ~~securities~~the ~~portfolio~~underlying collateral, ~~and~~we ~~any~~may ~~such~~recognize ~~sale~~realized ~~could~~and/or ~~cause~~unrealized uslosses toin ~~realize~~future ~~currently~~periods, ~~unrealized~~which ~~losses~~could ~~that~~have ~~resulted~~an ~~from~~adverse ~~the~~effect ~~increases~~on inour ~~the~~financial ~~prevailing~~condition ~~interest~~and ~~rates~~results of operations.

Our mortgage banking revenue has been and could continue to be adversely impacted by an elevated interest rate environment.

Mortgage production, especially refinancing activity, is adversely affected by high or rising interest rate environments. Though the Federal Reserve reduced the federal funds rate several times insince late 2024, should interest rates remain elevated, it ~~could adversely affect our mortgage production levels. Because we sell a substantial portion of the mortgage loans we originate, the~~

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could adversely affect our mortgage production levels. Because we sell a substantial portion of the mortgage loans we originate, the revenue and profitability of our mortgage banking business also depends in large part on our ability to aggregate a high volume of loans and sell them in the secondary market at a gain. Thus, in addition to our dependence on the interest rate environment, we are dependent upon (i) the existence of an active secondary market and (ii) our ability to profitably sell loans or securities into that market. To the extent we are not able to achieve a high level of mortgage production, our revenue and profitability will depend upon our ability to reduce our costs commensurate with the reduction of revenue from our mortgage operations.

Liquidity and Funding Risks

Liquidity risks could affect operations and jeopardize our business, financial condition, and results of operations.

Liquidity is essential to our business. An inability to raise funds through deposits, borrowings, the sale of loans and/or investment securities and from other sources could have a substantial negative effect on our liquidity. Our most important source of funds consists of our customer deposits, including escrow deposits held in connection with our commercial mortgage servicing business. Such deposit balances can decrease when customers perceive alternative investments, such as the stock market, as providing a better risk/return tradeoff, or, in connection with our commercial mortgage servicing business, third parties for whom we provide servicing choose to terminate that relationship with us. If customers move money out of bank deposits and into other investments, we could lose a relatively low cost source of funds, which would require us to seek wholesale funding alternatives in order to continue to grow, thereby increasing our funding costs and reducing our net interest income and net income.

Our access to funding sources in amounts adequate to finance or capitalize our activities or on terms that are acceptable to us could be impaired by factors that affect us directly or the financial services industry or economy in general, such as disruptions in the financial markets or negative views and expectations about the prospects for the financial services industry.

Any decline in available funding could adversely impact our ability to continue to implement our strategic plan, including originate loans, invest in securities, meet our expenses, pay dividends to our shareholders or to fulfill obligations such as repaying our borrowings or meeting deposit withdrawal demands, any of which could have a material adverse impact on our liquidity, business, financial condition and results of operations.

We may need to raise additional capital in the future, and if we fail to maintain sufficient capital, whether due to losses, an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, as well as our ability to maintain regulatory compliance, would be adversely affected.

We face significant capital and other regulatory requirements as a financial institution. The Company, on a consolidated basis, and the Bank, on a stand-alone basis, must meet certain regulatory capital requirements and maintain sufficient liquidity. Importantly, regulatory capital requirements could increase from current levels, which could require us to raise additional capital or contract our operations. Our ability to raise additional capital depends on conditions in the capital markets, economic conditions and a number of other factors, including investor perceptions regarding the banking industry, market conditions and governmental activities, and on our financial condition and performance. ~~In addition~~Accordingly, ~~as a result of the delayed filing of our Annual Report on Form 10-K for the year ended December 31, 2024,~~ we will not be eligible to register the offer and sale of our securities using a registration statement on Form S-3 until we have timely filed all periodic reports required under the Exchange Act for at least 12 calendar months, which could negatively affect our ability to raise any additional capital in a timely and efficient manner. We cannot assure you that we will be able to raise additional capital if needed or on terms acceptable to us. If we fail to maintain capital to meet regulatory requirements, our financial condition, liquidity and results of operations would be materially and adversely affected.

We may be adversely affected by the soundness of other financial institutions.

Our ability to engage in routine funding transactions and the perceived strength of our Bank could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services companies are interrelated as a result of trading, clearing, counterparty, and other relationships. We have exposure to different industries and counterparties, and through transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, and other institutional clients. As a result, defaults by, or even rumors or questions about, one or more financial services companies, or the financial services industry generally, have led to market-wide liquidity problems and deposit volatility, and could lead to losses or defaults by us or by other institutions. These issues could have a material adverse effect on our business, financial condition, results of operations and growth prospects. Additionally, if our competitors were extending credit on terms we found to pose excessive risks, or at interest rates which we believed did not warrant the credit exposure, we may not be able to maintain our business volume and could experience deteriorating financial performance.

Table of Contents

ITEM 1B – UNRESOLVED STAFF COMMENTS

Table of C ontents

None.

ITEM 1C – CYBERSECURITY

We rely extensively on various information systems and other electronic resources to operate our business. In addition, nearly all of our customers, service providers and other business partners on whom we depend, including the providers of our online banking, mobile banking and accounting systems, use these systems and their own electronic information systems. Any of these systems can be compromised, including through intentional acts or carelessness by employees, customers and other individuals who are authorized to use them, and by criminals, who often use sophisticated and constantly evolving set of software, tools and strategies to do so. We expect the strength of these threats to continue to increase as criminals incorporate artificial intelligence tools into their strategies. The nature of our business, as a financial services provider, and our relative size, make us and our business partners high-value targets for these bad actors to pursue, and any intrusion into our systems could result in material financial losses and operational problems. See “Operational, Strategic and Reputational Risks.”

Accordingly, we have developed an ~~informational~~information security program and devoted resources for assessing, identifying and managing risks associated with cybersecurity threats, including:

•established a dedicated internal cybersecurity team that is responsible for conducting regular assessments of our information systems, existing controls, vulnerabilities and potential improvements;

•implemented continuous monitoring tools and a third-party Security Operations Center that can detect and respond to cybersecurity threats in real-time;

•perform ongoing due diligence with respect to our third-party service providers, including their cybersecurity practices, and requiring contractual commitments from our service providers to take certain measures to mitigate their cybersecurity risk;

•retain third-party cybersecurity consultants who conduct periodic penetration testing, vulnerability assessments and other procedures to identify potential weaknesses in our systems and processes;

•conduct frequent cybersecurity training and testing for our workforce;

•provide our board of directors with regular updates regarding threat levels, including analyses that demonstrate the overall cybersecurity posture and health of the organization;

•engage in periodic assessments of our cyber resilience with the Cybersecurity and Infrastructure Security Agency (CISA);

•conduct scheduled reviews of our Incident Response Plan to assess the responsiveness during a cybersecurity event or Ransomware attack; and

•maintain third party vendor management program, which includes requirements for how our partners transmit, store and use Bank information.

This information security program is a key part of our overall risk management system, which is administered by our Chief Risk Officer and Chief Information Security Officer. The program includes administrative, technical and physical safeguards to help ensure the security, integrity and confidentiality of customer records and information, and prohibit unauthorized access to our critical operating systems. These security and privacy policies and procedures are in effect across all of our businesses and geographic locations.

From time-to-time, we have identified cybersecurity threats and cybersecurity incidents, including with respect to our commercial customers and vendors, that require us to make changes to our processes and implement additional safeguards. While none of these identified threats or incidents have materially affected us, it is possible that future threats and incidents could have a material adverse effect on our business strategy, results of operations and financial condition, even if the threat or incident is promptly identified and countermeasures are implemented. Such events could lead to direct financial loss or require the expenditure of significant amounts to obtain the release of critical data and/or restore our operating systems or those of our customers and/or vendors if the incident was the result of a security breach for which we are held legally responsible.

Our management team is responsible for the day-to-day management of risks we face, including our Chief Information Security Officer. Our Chief Information Security Officer has over 20 years of information technology and information security experience, and before joining our Company has held the positions of Chief Technology Officer and Director of IT and Information Security Officer at his prior places of employment.

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In addition, our board of directors, as a whole and through its Risk Policy & Compliance Committee (the “Risk Committee”), is responsible for the oversight of risk management. In that role, our board of directors and Risk Committee, with support from the Company’s cybersecurity advisors, are responsible for ensuring that the risk management processes designed and implemented by management are adequate and functioning as designed. To carry out those duties, both our board of directors and the Risk Committee receive quarterly reports from our management team, including from our Chief Risk Officer and our Chief Information Security Officer regarding cybersecurity risks, and the Company’s efforts to prevent, detect, mitigate and remediate any cybersecurity incidents.

ITEM 2 – PROPERTIES

Our corporate headquarters office building is located at 1201 Network Centre Drive, Effingham, Illinois 62401. We own our corporate headquarters office building, which was built in 2011 and also houses our primary operations center. We have additional operations centers located in St. Louis, Missouri and Rockford, Illinois, supporting our banking and wealth management businesses. At December 31, ~~2024~~2025, the Bank operated a total of 53 full-service banking centers, including 42 located in Illinois and 11 located in the St. Louis metropolitan area. Of these facilities, 43 are owned, and 10 are leased from unaffiliated third parties.

We believe that the leases to which we are subject are generally on terms consistent with prevailing market terms. None of the leases are with our directors, officers, beneficial owners of more than 5% of our voting securities or any affiliates of the foregoing. We believe that our facilities are in good condition and are adequate to meet our operating needs for the foreseeable future.

ITEM 3 – LEGAL PROCEEDINGS

There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries is a party or of which any of our property is the subject. However, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, we, like all banking organizations, are subject to various legal proceedings from time to time, including those referenced in "Note 21 - Commitments, Contingencies and Credit Risk" to our consolidated financial statements.

ITEM 4 – MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5 – MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Shareholders

As of ~~June~~February 13, ~~2025~~2026, the Company had ~~1,051~~987 common stock shareholders of record, and the closing price of the Company’s common stock, traded on the Nasdaq under the ticker symbol MSBI, was $1622.6297 per share.

Stock Performance Graph

The following graph compares the Company's five year cumulative shareholder returns with the Nasdaq Composite Index and the S&P U.S. Small Cap Banks Index. The graph assumes an investment of $100.00 in the Company's common stock and each index on December 31, ~~2019~~2020 and reinvestment of all quarterly dividends. Measurement points are the last trading day of the second quarter and fourth quarter of each subsequent year through December 31, ~~2024~~2025. There is no assurance that the Company's common stock performance will continue in the future with the same or similar results as shown in the graph.

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MSBI Total Return (January 2026) - v1.jpg

Issuer Purchases of Equity Securities

The following table sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the fourth quarter of ~~2024~~2025.

Period	TotalNumberof SharesPurchased (1)	AveragePricePaid PerShare		Total Numberof SharesPurchased asPart of PubliclyAnnounced Plansor Programs	ApproximateDollar Value ofShares That MayYet be PurchasedUnder the Plansor Programs (2)
October 1 - 31, 2024	6,497	$	25.19	—	$	19,537,960
October 1 - 31, 2025	—	$	—	—	$	—
November 1 - 30, 2024	22,207	27.51		—	19,537,960
November 1 - 30, 2025	22,079	16.90		—	25,000,000
December 1 - 31, 2024	—	—		—	—
December 1 - 31, 2025	457,222	20.96		457,222	15,414,849
Total	28479,~~704~~301	$	2620.9978	—457,222	$	—15,414,849

(1)Represents shares of the Company’s common stock repurchased under the ~~employee~~ stock ~~purchase~~repurchase program and shares withheld to satisfy tax withholding obligations upon the vesting of awards of restricted stock.

(2)As previously disclosed, the board of directors of the Company approved a new stock repurchase program on ~~December~~November 53, ~~2023~~2025, pursuant to which the Company ~~was~~is authorized to repurchase up to $25.0 million of its common stock through ~~December~~November 312, ~~2024~~2026. ~~The~~Repurchases ~~stock repurchase program became effective on January 1, 2024. Stock repurchases~~ under ~~this~~the program ~~were~~may ~~authorized to~~ be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The timing of purchases and the number of shares repurchased under the ~~programs~~program ~~were~~are dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market ~~condition~~conditions. ~~This~~The ~~stock~~ repurchase program ~~expired~~may onbe ~~December~~suspended 31or discontinued at any time, ~~2024.~~and any Rule 10b5-1 trading arrangement entered into by the Company may be terminated or amended, in each case without notice.

Unregistered Sales of Equity Securities

None.

ITEM 6 – [RESERVED]

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ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto, included in Item 8 - "Financial Statements and Supplementary Data", and other financial data appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under “Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995,” Item 1A – "Risk Factors” and elsewhere in this report, may cause actual results to differ materially from those projected in the forward-looking statements. We assume no obligation to update any of these forward-looking statements. Readers of our Annual Report on Form 10-K should therefore consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on forward-looking statements.

Overview

Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. Its wholly- owned banking subsidiary, Midland States Bank, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, ~~business equipment financing,~~ merchant credit card services, ~~and~~ trust and investment management services and insurance and financial planning services. As of December 31, ~~2024~~2025, we had assets of $76.51 billion, deposits of $65.2042 billion and shareholders’ equity of $~~710~~565.85 million.

Our principal lines of business include community banking and wealth management. Our community banking business primarily consists of commercial and retail lending and deposit taking. Our wealth management group provides a comprehensive suite of trust and wealth management products and services, and had $4.1548 billion of assets under administration as of December 31, ~~2024~~2025.

Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and leases and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; residential mortgage loan originations and sales; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees, provisions for credit losses, income tax expense, and other noninterest expenses.

~~Actions~~Factors ~~Taken~~Affecting ~~to Address Credit Deterioration in Fourth Quarter 2024~~Comparability

~~During~~Each ~~the~~factor ~~fourth~~listed ~~quarter~~below ofaffects ~~2024,~~ the ~~Company~~comparability ~~took~~of ~~several~~our ~~actions~~results toof ~~address~~operations ~~its~~and ~~credit~~financial ~~quality~~condition ~~issues.~~in ~~Our~~2025 ~~deteriorating~~and ~~credit~~2024, ~~quality~~and ~~issues~~may ~~were~~affect ~~primarily~~the ~~within~~comparability ~~three sectors~~ of ~~our~~financial ~~business:~~information ~~non-core~~we ~~consumer~~report ~~loans,~~in ~~Specialty~~future ~~Finance~~fiscal ~~Group and Midland Equipment Financing~~periods.

~~The~~Sale ~~Company decided to accelerate the reduction~~ of ~~our~~ non-core consumer loan ~~portfolio through sales~~portfolios. ~~These~~During ~~loans~~the ~~were~~fourth ~~originated~~quarter ~~through~~of ~~our FinTech partners, LendingPoint and GreenSky. In December~~ 2024, we sold our LendingPoint portfolio of $87.1 million ~~LendingPoint portfolio~~, recognizing net charge-offs of $17.3 million on the sale. WeAs of December 31, 2024, we also had committed to a plan to sell our GreenSky consumer loan portfolio and recognized net charge-offs of $35.0 million when these loans were transferred to held for sale. On April 9, 2025, we sold participation interests in $317.5 million of our GreenSky consumer loan portfolio, ~~with~~while ~~the~~retaining ~~intent to retain~~ the remaining ~~portion~~$53.6 million of the portfolio.

~~The~~Sale ~~Specialty~~of ~~Finance~~equipment ~~Group~~finance ~~provides~~portfolio. ~~bridge~~As ~~loan~~a ~~financing~~continuation ~~for~~of ~~commercial~~steps ~~real~~taken ~~estate~~to ~~projects,~~address ~~primarily~~credit ~~multi-family~~quality ~~and~~issues, ~~healthcare.~~including ~~These~~the ~~projects~~sales ~~can~~of ~~include~~non-core ~~construction~~loan ~~and~~portfolios, ~~seek~~we ~~short~~sold ~~term~~substantially ~~financing~~all ~~in anticipation~~ of ~~obtaining~~our ~~permanent~~equipment ~~secondary~~finance ~~market~~portfolio ~~financing.~~during ~~The~~the ~~loans~~fourth ~~are~~quarter ~~typically outside~~ of ~~the~~2025 ~~Company’s~~resulting ~~primary~~in ~~market areas. We completed~~ a ~~strategic~~loss ~~review~~on sale of ~~this~~$21.4 ~~portfolio~~million. ~~including~~As ~~obtaining~~previously ~~updated~~disclosed, ~~appraisals~~we onceased ~~loans~~originating ~~that~~new ~~had~~equipment ~~shown~~finance ~~elevated~~loans ~~credit~~and ~~risk~~leases ineffective ~~the~~as ~~third~~of ~~and~~September ~~fourth~~30, ~~quarters~~2025. As a result of ~~this~~that ~~review~~decision, ~~five~~we ~~loans with balances of $57.8 million were moved from substandard to nonperforming with~~ recognized ~~charge-offs of~~ $61.60 million. ~~In addition, updated appraisals were obtained for five non-performing loans with a total balance~~ of ~~$55.8~~severance ~~million~~expense ~~which~~in ~~resulted~~the inthird ~~charge-offs~~quarter of ~~$18~~2025.8 ~~million recognized in the fourth~~

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Goodwill impairment. During the first quarter of ~~2024~~2025, we determined that a triggering event had occurred at our Banking reporting unit as a result of further deteriorated credit quality coupled with trends in our stock price. InWe ~~addition,~~performed wea ~~recognized~~quantitative impairment ~~expense~~test on anour ~~OREO~~Banking ~~property~~reporting ~~related~~unit toas of March 31, 2025, and engaged a ~~former~~third-party ~~assisted~~service ~~living~~provider ~~loan~~to assist Management with the determination of $3the fair value.6 ~~million~~The inresulting calculation indicated that the ~~fourth~~carrying ~~quarter~~amount exceeded the fair value of ~~2024~~our Banking reporting unit. As a result of the assessment, we recognized $154.0 million of goodwill impairment expense. The impairment expense did not impact our regulatory capital ratios, tangible common equity ratio or our liquidity position.

~~The~~ ~~strategic~~Redemption ~~review~~of ~~also~~Subordinated ~~included~~Notes. ~~all~~On ~~criticized~~September ~~loans~~30, ~~construction~~2025, ~~loans~~we ~~and~~redeemed ~~loans~~all ~~that~~of ~~failed~~ our ~~stress~~outstanding ~~test~~Fixed-to-Floating inRate ~~all~~Subordinated ~~portfolios.~~Notes Indue ~~addition~~September 30, ~~the~~2029, ~~Company~~with ~~tightened~~an ~~credit~~interest ~~standards~~rate ~~going~~of ~~forward~~7.91%, ~~and~~which ~~will~~had ~~not~~an ~~originate~~aggregate ~~new~~principal ~~construction~~amount ~~loans~~of in$50.8 million. ~~the~~The ~~Specialty~~aggregate ~~Finance~~redemption ~~Group.~~price Wewas ~~believe~~100% ~~that~~of ~~our~~the ~~strategic~~aggregate ~~actions~~principal ~~around~~amount ~~credit~~of ~~administration~~the ~~will~~subordinated ~~better~~notes, ~~position~~plus ~~the~~accrued ~~Company~~and ~~going~~unpaid ~~forward~~interest.

~~The~~In ~~equipment finance portfolio includes loans and leases originated to customers throughout the United States. During~~ 2024, we ~~experienced~~redeemed ~~elevated charge-offs primarily within the trucking industry. Charge-offs in this portfolio were~~ $1516.30 million ~~in the fourth quarter~~ of ~~2024~~outstanding assubordinated ~~we evaluated equipment values for nonaccrual assets~~notes. ~~Nonaccrual~~The ~~loans~~weighted ~~and~~average ~~leases~~redemption inprice ~~the~~was ~~finance portfolio decreased to $11~~98.35% ~~million~~of ~~from $13.7 million at December 31, 2023. Additionally, based on further deterioration in~~ the ~~industry,~~aggregate weprincipal ~~evaluated~~amount ~~salvage values~~ of the ~~leases~~subordinated ~~and loans related to this industry~~notes, ~~along~~plus ~~with~~accrued ~~the carrying values of repossessed~~ and ~~off-lease~~unpaid ~~equipment,~~interest. ~~and~~We ~~recognized~~recorded ~~impairment~~net ~~expense~~gains oftotaling $70.92 million on these redemptions.

Additional Factors Affecting Comparability

Each factor listed below affects the comparability of our results of operations and financial condition in 2024 and 2023, and may affect the comparability of financial information we report in future fiscal periods.

Balance Sheet Repositioning. In 2023, the Company took advantage of certain market conditions to reposition out of lower yielding securities into other structures, which resulted in improved overall margin, liquidity and capital allocations. These transactions resulted in losses of $9.4 million.

In addition, in the third quarter of 2023, the Company surrendered certain low-yielding life insurance policies and purchased additional policies. The Company recognized a $4.5 million tax charge related to the surrender of the policies.

Redemption of Subordinated Notes. In 2024, the Company redeemed $16.0 million of outstanding subordinated notes. The weighted average redemption price was 98.5% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The Company recorded net gains totaling $0.2 million on these redemptions.

In 2023, the Company redeemed $6.6 million of outstanding subordinated notes. The weighted average redemption price was 89.2% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The Company recorded gains totaling $0.7 million on these redemptions.

Results of Operations

~~Restatement of Prior Period Results~~Overview. The ~~Company~~following ~~has~~table ~~restated~~sets ~~its~~forth ~~financial~~condensed ~~statements~~income asstatement information of ~~and for~~ the ~~year~~Company ~~ended December 31, 2023 and~~ for the ~~year~~years ended ~~December 31~~2025, ~~2022~~2024, ~~as presented in these audited financial statements as of~~ and for the period ended December 31, 2024. The errors relate to the Company’s accounting for loans originated pursuant to third-party loan origination and servicing programs, which go back as far as 2012. See Note 25 - Restatement of Prior Period Financial Statements, for additional details.2023:


	Years Ended December 31,
(dollars in thousands, except per share data)		2025			2024			2023
Income Statement Data:
Interest income		$	387,867		$	426,128		$	417,100
Interest expense		151,063			189,782			168,279
Net interest income		236,804			236,346			248,821
Provision for credit losses		59,849			120,332			82,560
Noninterest income		88,180			138,741			114,784
Noninterest expense		380,003			207,855			193,083
Income (loss) before income taxes		(114,868)			46,900			87,962
Income tax expense		9,413			8,856			26,807
Net income (loss)		(124,281)			38,044			61,155
Preferred dividends		8,913			8,913			8,913
Net income (loss) available to common shareholders		$	(133,194)		$	29,131		$	52,242
Per Share Data:
Basic earnings (loss) per common share		$	(6.12)		$	1.32		$	2.33
Diluted earnings (loss) per common share		$	(6.12)		$	1.32		$	2.33
Performance Metrics:
Return on average assets		(1.76)		%	0.49		%	0.77		%
Return on average shareholders' equity		(20.33)		%	4.79		%	7.94		%

During the year ended December 31, 2025, we generated a net loss of $124.3 million, or diluted loss per common share of $6.12, compared to net income of $38.0 million, or diluted earnings per common share of $1.32, in the year ended December 31, 2024. The results in 2025 included a $21.4 million loss on the sale of substantially all of our equipment finance portfolio during the fourth quarter of 2025. Earnings for the year ended December 31, 2025 compared to the year ended December 31, 2024 included a $0.5 million increase in net interest income, a $60.5 million decrease in provision for credit losses, a $50.6 million decrease in noninterest income, a $172.1 million increase in noninterest expense (primarily as a result of $154.0 million of goodwill impairment in the first quarter of 2025) and a $0.6 million increase in income tax expense.

Table of C ontents

demand deposits and shareholders’ equity, also support interest-earning assets. Net interest margin is calculated as net interest income divided by average interest-earning assets. Net interest margin is presented on a tax-equivalent basis, which means that tax-free interest income has been adjusted to a pretax-equivalent income, assuming a federal income tax rate of 21% for 2025 and 2024.

At its December 2025 meeting, the Federal Open Market Committee (FOMC) cut its benchmark interest rate by 0.25 percentage points, marking the third such reduction in 2025. Following the rate cut, the borrowing rate was in a range between 3.50%-3.75%.

The FOMC concluded its January 2026 meeting by maintaining the federal funds target range at 3.50%-3.75%. FOMC upgraded its assessment of the economy, noting that activity is expanding at a solid pace, aided by resilient consumer spending and growing business investment. The assessment further reflected the committee's view that, while job gains remain low, the labor market has improved, showing signs of stabilization, though inflation remains elevated. This suggests the Federal Reserve is shifting toward a more patient stance after three consecutive rate cuts in late 2025.

The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditure (PCE) price index, has moderated, aided by cooling services inflation. Partially offsetting that progress, goods inflation has risen, in part due to tariffs. Overall, inflation remains above the 2% target, and the pace of disinflation has slowed.

In 2024, the Federal Reserve cut its benchmark interest rate three times by a total of 1.00 percentage point, marking the first reductions in four years. These rate cuts lowered the federal funds rate into a range of 4.25% to 4.50%.

In 2025, net interest income, on a tax-equivalent basis, totaled $237.7 million with a tax-equivalent net interest margin of 3.64% compared to net interest income, on a tax-equivalent basis, of $237.2 million and a tax-equivalent net interest margin of 3.35% in 2024.

Table of C ontents

Average Balance Sheet, Interest and Yield/Rate Analysis. The following table presents average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the years ended December 31, 2025, 2024 and 2023. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments.


	Years Ended December 31,
		2025						2024						2023
(tax-equivalent basis, dollars in thousands)		Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield / Rate
Interest-earning assets:
Federal funds sold and cash investments		$	73,958	$	3,085	4.17	%	$	76,675	$	3,958	5.16	%	$	77,046	$	3,922	5.09	%
Investment securities:
Taxable investment securities		1,310,395		63,248		4.83		1,060,514		49,769		4.69		798,579		28,653		3.59
Investment securities exempt from federal income tax (1)		58,883		2,219		3.77		55,672		1,913		3.44		55,997		1,708		3.05
Total securities		1,369,278		65,467		4.78		1,116,186		51,682		4.63		854,576		30,361		3.55
Loans:
Loans (2)		4,902,581		310,169		6.33		5,794,141		365,892		6.31		6,238,970		378,333		6.06
Loans exempt from federal income tax (1)		46,316		2,090		4.51		46,075		1,944		4.22		53,290		2,233		4.19
Total loans		4,948,897		312,259		6.31		5,840,216		367,836		6.30		6,292,260		380,566		6.05
Loans held for sale		96,797		5,232		5.41		7,185		392		5.45		4,034		260		6.45
Nonmarketable equity securities		37,262		2,729		7.32		39,108		3,070		7.85		43,318		2,819		6.51
Total earning assets		6,526,192		388,772		5.96	%	7,079,370		426,938		6.03	%	7,271,234		417,928		5.75	%
Noninterest-earning assets		541,093						665,308						635,490
Total assets		$	7,067,285					$	7,744,678					$	7,906,724
Interest-bearing liabilities:
Checking and money market deposits		$	3,322,844	$	91,070	2.74	%	$	3,580,458	$	118,682	3.31	%	$	3,738,818	$	109,831	2.94	%
Savings deposits		504,157		1,286		0.26		533,104		1,744		0.33		612,243		1,632		0.27
Time deposits		806,892		26,451		3.28		846,512		30,681		3.62		814,727		21,840		2.68
Brokered deposits		131,167		5,464		4.17		207,713		9,569		4.61		75,935		3,644		4.80
Total interest-bearing deposits		4,765,060		124,271		2.61		5,167,787		160,676		3.11		5,241,723		136,947		2.61
Short-term borrowings		74,743		2,807		3.76		45,251		1,960		4.33		23,406		68		0.29
FHLB advances and other borrowings		352,567		14,621		4.15		381,525		16,495		4.32		460,781		20,709		4.49
Subordinated debt		64,828		4,554		7.02		89,028		5,271		5.92		95,986		5,266		5.49
Trust preferred debentures		51,525		4,810		9.34		50,938		5,380		10.56		50,298		5,289		10.52
Total interest-bearing liabilities		5,308,723		151,063		2.85	%	5,734,529		189,782		3.31	%	5,872,194		168,279		2.87	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		1,040,227						1,106,388						1,173,873
Other noninterest-bearing liabilities		107,066						109,777						90,562
Total noninterest-bearing liabilities		1,147,293						1,216,165						1,264,435
Shareholders’ equity		611,269						793,984						770,095
Total liabilities and shareholders’ equity		$	7,067,285					$	7,744,678					$	7,906,724
Net interest income / net interest margin (3)				$	237,709	3.64	%			$	237,156	3.35	%			$	249,649	3.43	%

(1)Interest income and average rates for tax-exempt loans and securities are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.9 million, $0.8 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3)Net interest margin during the periods presented represents: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.

Interest Rates and Operating Interest Differential. Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying

Table of C ontents

~~Overview.~~the ~~The~~change ~~following~~in ~~table~~volume ~~sets~~by ~~forth~~the ~~condensed~~previous ~~income~~period’s ~~statement~~average ~~information~~rate. Similarly, the effect of rate changes is calculated by multiplying the ~~Company~~change ~~for~~in average rate by the ~~years~~previous ~~ended~~period’s ~~2024,~~volume. ~~2023,~~Changes which are not due solely to volume or rate have been allocated proportionally to the change due to volume and ~~2022:~~the change due to rate.

	Years Ended December 31,
	Year Ended December 31, 2025 compared with Year Ended December 31, 2024									Year Ended December 31, 2024 compared with Year Ended December 31, 2023
(dollars in thousands, except per share data)		2024				2023(Restated)				2022(Restated)
		Change due to:								InterestVariance			Change due to:						InterestVariance
Income Statement Data:
(tax-equivalent basis, dollars in thousands)					Volume				Rate						Volume			Rate
Interest income		$	426,128			$	417,100			$	312,715
Earning assets:
Interest expense		189,782				168,279				56,020
Federal funds sold and cash investments						$	(127)			$	(746)		$	(873)		$	(19)		$	55	$	36
Net interest income		236,346				248,821				256,695
Investment securities:
Provision for credit losses		120,332				82,560				76,764
Taxable investment securities						11,893				1,586			13,479			10,845			10,271		21,116
Noninterest income		138,741				114,784				149,867
Investment securities exempt from federal income tax						116				190			306			(11)			216		205
Noninterest expense		207,855				193,083				198,412
Total securities						12,009				1,776			13,785			10,834			10,487		21,321
Income before income taxes		46,900				87,962				131,386
Loans:
Income tax expense		8,856				26,807				31,149
Loans						(56,353)				630			(55,723)			(26,458)			14,017		(12,441)
Net income		38,044				61,155				100,237
Loans exempt from federal income tax						11				135			146			(303)			14		(289)
Preferred dividends		8,913				8,913				3,169
Total loans						(56,342)				765			(55,577)			(26,761)			14,031		(12,730)
Net income available to common shareholders		$	29,131			$	52,242			$	97,068
Loans held for sale						4,867				(27)			4,840			141			(9)		132
Per Share Data:
Nonmarketable equity securities						(140)				(201)			(341)			(302)			553		251
Basic earnings per common share		$	1.32			$	2.33			$	4.29
Total earning assets						(39,733)				1,567			(38,166)			(16,107)			25,117		9,010
Diluted earnings per common share		$	1.32			$	2.33			$	4.28
Interest-bearing liabilities:
Performance Metrics:
Checking and money market deposits						(7,800)				(19,812)			(27,612)			(5,041)			13,892		8,851
Return on average assets		0.49		%		0.77		%		1.33		%
Savings deposits						(84)				(374)			(458)			(235)			347		112
Return on average shareholders' equity		4.79		%		7.94		%		14.57		%
Time deposits						(1,367)				(2,863)			(4,230)			1,002			7,839		8,841
Brokered deposits						(3,358)				(747)			(4,105)			6,198			(273)		5,925
Total interest-bearing deposits						(12,609)				(23,796)			(36,405)			1,924			21,805		23,729
Short-term borrowings						1,192				(345)			847			505			1,387		1,892
FHLB advances and other borrowings						(1,226)				(648)			(1,874)			(3,494)			(720)		(4,214)
Subordinated debt						(1,566)				849			(717)			(397)			402		5
Trust preferred debentures						58				(628)			(570)			68			23		91
Total interest-bearing liabilities						(14,151)				(24,568)			(38,719)			(1,394)			22,897		21,503
Net interest income						$	(25,582)			$	26,135		$	553		$	(14,713)		$	2,220	$	(12,493)

During the year ended December 31, 2024, we generated net income of $38.0 million, or diluted earnings per common share of $1.32, compared to net income of $61.2 million, or diluted earnings per common share of $2.33, in the year ended December 31, 2023. Earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023, decreased primarily due to a $12.5 million decrease in net interest income, a $37.8 million increase in provision for credit losses and a $14.8 million increase in noninterest expense. These results were partially offset by a $24.0 million increase in noninterest income and an $18.0 million decrease in income tax expense.

Net Interest Income and Margin. Our primary source of revenue is net interest income, which is the difference between interest income from interest-earning assets (primarily loans and securities) and interest expense of funding sources (primarily interest-bearing deposits and borrowings). Net interest income is influenced by many factors, primarily the volume and mix of interest-earning assets, funding sources and interest rate fluctuations. Noninterest-bearing sources of funds, such as demand deposits and shareholders’ equity, also support earning assets. Net interest margin is calculated as net interest income divided by average interest-earning assets. Net interest margin is presented on a tax-equivalent basis, which means that tax-free interest income has been adjusted to a pretax-equivalent income, assuming a federal income tax rate of 21% for 2024 and 2023.

The latest rate cut, announced December 18, 2024, was accompanied by Federal Open Market Committee member forecasts, which reflected expectations of fewer and slower additional interest rate cuts through the end of 2025, 2026 and 2027 than the FOMC forecasted in September 2024. On January 29, 2025, the FOMC left unchanged its overnight borrowing rate in a range between 4.25% and 4.50%. The Federal Open Market Committee (FOMC) concluded its May 2025 meeting with the Federal Reserve maintaining its target range for the federal funds rate at 4.25%-4.50%, as expected. This was the third consecutive meeting that the Federal Reserve held interest rates steady, based in part on concerns over the potential impact of tariffs. The FOMC updated its statement to reflect its view that risks to both of its mandates, the potential for higher unemployment and higher inflation, have risen. A healthy labor market, with unemployment low at 4.20%, gives the Federal Reserve some flexibility to assess the potential impact of tariffs on inflation and the economy. Inflation has been approaching the Federal Reserve's 2.0% target, but tariffs are expected to result in at least a one-time rise in prices. The central bank’s preferred gauge, personal consumption expenditure, showed headline inflation at 2.3%.

Table of C ontents

InInterest ~~2024~~Income. For the year ended December 31, ~~net~~2025, interest income, on a tax-equivalent basis, decreased $1238.52 million to $~~237~~388.28 million ~~with~~as acompared ~~tax-equivalent~~to ~~net~~the ~~interest~~same ~~margin~~period ofin ~~3.35%~~2024, ~~compared~~primarily due to ~~net interest income, on~~ a ~~tax-equivalent~~decline ~~basis,~~in ofearning ~~$249~~assets.6 ~~million~~The ~~and~~yield aon ~~tax-equivalent~~earning ~~net~~assets ~~interest~~decreased ~~margin~~seven ofbasis 3points to 5.4396% infrom ~~2023~~6. 03%.

Average earning assets decreased to $6.53 billion in 2025 from $7.08 billion in 2024. Average loans decreased $891.3 million. This decrease was partially offset by increases in investment securities and loans held for sale of $253.1 million and $89.6 million, respectively.

Average loans decreased $891.3 million in 2025 compared to 2024. Average consumer loans decreased $633.4 million due to the sale of non-core consumer loan portfolios in 2025. During the fourth quarter of 2025, the Company sold substantially all of its equipment finance portfolio. As a result, equipment finance loan and lease average balances decreased $249.7 million to $650.0 million by the end of 2025. Proceeds from the sale of the loan portfolios were used to purchase investment securities and reduce higher-cost funding for the Company.

Average loans held for sale in 2025 primarily reflected the GreenSky consumer loans, which were transferred to held for sale in December 2024. The Company completed the sale of this portfolio in April 2025.

Interest Expense. Interest expense decreased $38.7 million to $151.1 million in 2025 compared to 2024. The cost of interest-bearing liabilities decreased to 2.85% compared to 3.31% for the prior year primarily due to decreases in interest rates on deposits. Interest expense on deposits was $124.3 million in 2025 compared to $160.7 million in 2024, as a result of the rate cuts enacted by the Federal Reserve Bank beginning in late 2024.

Average balances of interest-bearing deposit accounts decreased $402.7 million, or 7.79%, to $4.77 billion for 2025 compared to the same period one year earlier. Servicing deposits decreased $433.7 million to $665.3 million due to the loss of a customer in July 2025. In addition, brokered deposits decreased $76.5 million.

Interest expense on FHLB advances and other borrowings decreased $1.9 million for the year ended December 31, 2025 from the prior year, due to decreases in both average balances and interest rates. The average balances decreased $29.0 million in 2025 compared to 2024, while the average borrowing rates decreased to 4.15% in 2025 compared to 4.32% in 2024.

Interest expense on subordinated debt decreased $0.7 million for the year ended December 31, 2025, from the prior year, due to a decrease in average balances. The average balance decreased $24.2 million in 2025 compared to 2024, due the redemption of $50.8 million of debt at September 30, 2025 and $16.0 million in 2024.

Provision for Credit Losses. The Company's provision for credit losses on loans totaled $60.5 million and $119.3 million in 2025 and 2024, respectively. The Company charged off $29.8 million of the allowance for credit losses related to its equipment finance portfolio in connection with the loan and lease sale during the fourth quarter of 2025. The provision for credit losses in 2025 was driven by the replenishment of reserve balances following higher charge offs and a modest reserve build related to loan growth in the community banking portfolio during the fourth quarter of 2025. The Company recognized charge-offs in its specialty finance and equipment financing units of $25.3 million and $28.8 million, respectively in 2024. These charge-offs, recognized to reduce future credit risk, resulted in the increase in provision expense in 2024. In addition, the Company recognized $0.7 million recapture of credit losses related to unfunded commitments in 2025 compared to provision expense of $1.1 million in 2024.

The provision for credit losses on loans recognized during the year ended December 31, 2025 was made at a level deemed necessary by Management to absorb estimated losses in the loan portfolio. A detailed evaluation of the adequacy of the allowance for credit losses is completed quarterly by Management, the results of which are used to determine provision for credit losses. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions and reasonable and supportable forecasts along with other qualitative and quantitative factors.

Table of C ontents

~~Average~~Noninterest ~~Balance Sheet, Interest and Yield/Rate Analysis~~Income. The following table ~~presents~~sets ~~average~~forth ~~balance sheet information, interest income, interest expense and~~ the ~~corresponding~~major ~~average~~components ~~yields~~of ~~earned~~our ~~and~~noninterest ~~rates~~income ~~paid~~ for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and 2022. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments.2023:

	Years Ended December 31,
	For the years ended December 31,												2025 Compared to 2024								2024 Compared to 2023
			2024												2023(Restated)												2022(Restated)
(dollars in thousands)	2025				2024				2023				Increase (decrease)								Increase (decrease)
(tax-equivalent basis, dollars in thousands)			AverageBalance				Interest& Fees				Yield/Rate				AverageBalance				Interest& Fees				Yield/Rate				AverageBalance		Interest& Fees		Yield /Rate
Noninterest income:
Interest-earning assets:
Wealth management revenue	$	31,019			$	28,697			$	25,572			$	2,322			8.1	%			$	3,125			12.2	%
Federal funds sold and cash investments			$	76,675			$	3,958			5.16	%			$	77,046			$	3,922			5.09	%			$	256,221	$	3,907	1.52	%
Service charges on deposit accounts	13,827				13,154				11,990				673				5.1				1,164				9.7
Investment securities:
Interchange revenue	13,496				13,955				14,302				(459)				(3.3)				(347)				(2.4)
Taxable investment securities			1,060,514				49,769				4.69				798,579				28,653				3.59				694,269		15,801		2.28
Residential mortgage banking revenue	2,857				2,418				1,903				439				18.2				515				27.1
Investment securities exempt from federal income tax (1)			55,672				1,913				3.44				55,997				1,708				3.05				104,949		3,476		3.31
Income on company-owned life insurance	8,564				7,683				4,439				881				11.5				3,244				73.1
Total securities			1,116,186				51,682				4.63				854,576				30,361				3.55				799,218		19,277		2.41
Gain (loss) on sales of investment securities, net	14				(230)				(9,372)				244				(106.1)				9,142				(97.5)
Loans:
Credit enhancement income	9,904				60,998				48,194				(51,094)				(83.8)				12,804				26.6
Loans (2)			5,794,141				365,892				6.31				6,238,970				378,333				6.06				5,743,525		285,577		4.97
Other income	8,499				12,066				17,756				(3,567)				(29.6)				(5,690)				(32.0)
Loans exempt from federal income tax (1)			46,075				1,944				4.22				53,290				2,233				4.19				67,878		2,635		3.88
Total noninterest income	$	88,180			$	138,741			$	114,784			$	(50,561)			(36.4)	%			$	23,957			20.9	%
Total loans			5,840,216				367,836				6.30				6,292,260				380,566				6.05				5,811,403		288,212		4.77
Loans held for sale			7,185				392				5.45				4,034				260				6.45				12,669		404		3.19
Nonmarketable equity securities			39,108				3,070				7.85				43,318				2,819				6.51				38,543		2,198		5.70
Total earning assets			7,079,370				426,938				6.03	%			7,271,234				417,928				5.75	%			6,918,054		313,998		4.54	%
Noninterest-earning assets			665,308												635,490												618,593
Total assets			$	7,744,678											$	7,906,724											$	7,536,647
Interest-bearing liabilities:
Checking and money market deposits			$	3,580,458			$	118,682			3.31	%			$	3,738,818			$	109,831			2.94	%			$	3,456,890	$	31,156	0.90	%
Savings deposits			533,104				1,744				0.33				612,243				1,632				0.27				703,341		540		0.08
Time deposits			846,512				30,681				3.62				814,727				21,840				2.68				625,307		4,161		0.67
Brokered deposits			207,713				9,569				4.61				75,935				3,644				4.80				16,592		204		1.23
Total interest-bearing deposits			5,167,787				160,676				3.11				5,241,723				136,947				2.61				4,802,130		36,061		0.75
Short-term borrowings			45,251				1,960				4.33				23,406				68				0.29				58,688		104		0.18
FHLB advances and other borrowings			381,525				16,495				4.32				460,781				20,709				4.49				355,282		9,335		2.63
Subordinated debt			89,028				5,271				5.92				95,986				5,266				5.49				131,203		7,495		5.71
Trust preferred debentures			50,938				5,380				10.56				50,298				5,289				10.52				49,678		3,025		6.09
Total interest-bearing liabilities			5,734,529				189,782				3.31	%			5,872,194				168,279				2.87	%			5,396,981		56,020		1.04	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits			1,106,388												1,173,873												1,386,251
Other noninterest-bearing liabilities			109,777												90,562												65,539
Total noninterest-bearing liabilities			1,216,165												1,264,435												1,451,790
Shareholders’ equity			793,984												770,095												687,876
Total liabilities and shareholders’ equity			$	7,744,678											$	7,906,724											$	7,536,647
Net interest income / net interest margin (3)							$	237,156			3.35	%							$	249,649			3.43	%					$	257,978	3.73	%

~~(1)Interest~~Wealth ~~income~~management ~~and~~revenue. ~~average~~Wealth ~~rates~~management ~~for~~revenue ~~tax-exempt~~increased ~~loans~~$2.3 ~~and~~million, ~~securities~~or ~~are~~8.09%, ~~presented~~in on2025 aas ~~tax-equivalent~~compared ~~basis~~to 2024, ~~assuming~~driven aby ~~statutory~~the ~~federal~~growth ~~income~~in ~~tax~~assets ~~rate~~under ~~of 21%~~management. ~~Tax-equivalent~~Assets ~~adjustments~~under ~~totaled~~administration $0increased 7.885% ~~million,~~to $04.848 ~~million~~billion ~~and~~at ~~$1.3~~December 31, ~~million~~2025 ~~for~~from ~~the~~$4.15 ~~years~~billion ~~ended~~at December 31, 2024~~, 2023 and 2022, respectively~~.

~~(2)Average~~Credit enhancement income. Prior to 2025, the Company was party to three third-party loan ~~balances~~origination ~~include~~programs. ~~nonaccrual~~As part of these programs, the third-party providers offered various credit enhancements with respect to loans originated under the programs, including contributions to reserve accounts, yield maintenance and certain other payments. ~~Interest~~In ~~income~~2025, onthe ~~loans~~Company ~~includes~~operated ~~amortization~~only one such program due to the previous sales of ~~deferred~~the ~~loan~~LendingPoint ~~fees~~and GreenSky portfolios. Effective December 31, ~~net~~2025, ofthe ~~deferred~~Company ~~loan~~modified ~~costs~~its third-party lending and servicing arrangements with its sole partner. The new agreements provide a credit enhancement by the partner which protects the Company by indemnifying or reimbursing incurred losses. We estimate and record a provision for expected losses and a corresponding credit enhancement asset on the balance sheet through credit enhancement income.

~~(3)Net~~Credit ~~interest~~enhancement ~~margin~~income ~~during~~declined $51.1 million for the ~~periods~~year ~~presented~~ended ~~represents:~~December ~~(i)~~ 31, 2025 compared to the ~~difference~~same ~~between~~period ~~interest~~of ~~income~~2024 onas ~~interest-earning~~a ~~assets~~result of loan payoffs and a cessation in loans originated through the ~~interest~~LendingPoint ~~expense~~and onGreenSky ~~interest-bearing~~programs. ~~liabilities,~~The ~~divided~~Company byrecognized ~~(ii) average~~$6.6 ~~interest-earning~~million ~~assets~~of ~~for~~additional credit enhancement income during the ~~period~~fourth quarter of 2025, resulting from the contractual changes with its sole partner referenced above.

Other noninterest income. Other income decreased $3.6 million for the year ended December 31, 2025, as compared to the same period in 2024. The Company recognized incremental servicing revenues related to the GreenSky portfolio of $0.3 million in the 2025 compared to $3.7 million in 2024.

Table of C ontents

~~Interest~~Noninterest ~~Rates and Operating Interest Differential~~Expense. Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table ~~shows~~sets ~~the~~forth ~~effect that these factors had on~~ the ~~interest~~major ~~earned~~components ~~on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect~~ of ~~changes~~noninterest inexpense ~~volume~~for ~~is determined by multiplying~~ the ~~change~~years inended ~~volume~~December 31, ~~by the previous period’s average rate. Similarly~~2025, ~~the~~2024 effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes which are not due solely to volume or rate have been allocated proportionally to the change due to volume and ~~the change due to rate.~~2023:

	Year Ended December 31, 2024 compared with Year Ended December 31, 2023						Year Ended December 31, 2023 compared with Year Ended December 31, 2022
		Years Ended December 31,							2025 Compared to 2024						2024 Compared to 2023
		Change due to:					InterestVariance		Change due to:						InterestVariance
(dollars in thousands)			2025			2024					2023			Increase (decrease)						Increase (decrease)
(tax-equivalent basis, dollars in thousands)			Volume			Rate					Volume			Rate
Noninterest expense:
Earning assets:
Salaries and employee benefits				$	104,400		$	93,639				$	93,438		$	10,761	11.5		%		$	201	0.2	%
Federal funds sold and cash investments				$	(19)		$	55	$	36		$	(5,924)		$	5,939	$	15
Occupancy and equipment				17,223			16,785					15,986			438		2.6				799		5.0
Investment securities:
Data processing				27,974			28,160					26,286			(186)		(0.7)				1,874		7.1
Taxable investment securities				10,845			10,271		21,116			3,059			9,793		12,852
FDIC insurance				8,136			5,278					4,779			2,858		54.1				499		10.4
Investment securities exempt from federal income tax				(11)			216		205			(1,556)			(212)		(1,768)
Professional services				9,871			7,822					7,049			2,049		26.2				773		11.0
Total securities				10,834			10,487		21,321			1,503			9,581		11,084
Marketing				5,861			3,926					3,158			1,935		49.3				768		24.3
Loans:
Communications				1,376			1,364					1,741			12		0.9				(377)		(21.7)
Loans				(26,458)			14,017		(12,441)			26,357			66,399		92,756
Loan expense				6,992			5,954					4,206			1,038		17.4				1,748		41.6
Loans exempt from federal income tax				(303)			14		(289)			(589)			187		(402)
Loan servicing fees				4,578			12,864					19,181			(8,286)		(64.4)				(6,317)		(32.9)
Total loans				(26,761)			14,031		(12,730)			25,768			66,586		92,354
Impairment on goodwill				153,977			—					—			153,977		100.0				—		—
Loans held for sale				141			(9)		132			(415)			271		(144)
Amortization of intangible assets				3,224			4,008					4,758			(784)		(19.6)				(750)		(15.8)
Nonmarketable equity securities				(302)			553		251			291			330		621
Other real estate owned				281			5,569					333			(5,288)		(95.0)				5,236		1,572.4
Total earning assets				(16,107)			25,117		9,010			21,223			82,707		103,930
Loss on sale of loans				23,051			—					—			23,051		100.0				—		—
Interest-bearing liabilities:
Impairment on leased assets and surrendered assets				684			7,858					—			(7,174)		100.0				7,858		N/A
Checking and money market deposits				(5,041)			13,892		8,851			5,412			73,263		78,675
Other expense				12,375			14,628					12,168			(2,253)		(15.4)				2,460		20.2
Savings deposits				(235)			347		112			(156)			1,248		1,092
Total noninterest expense				$	380,003		$	207,855				$	193,083		$	172,148	82.8		%		$	14,772	7.7	%
Time deposits				1,002			7,839		8,841			3,169			14,510		17,679
Brokered time deposits				6,198			(273)		5,925			1,790			1,650		3,440
Total interest-bearing deposits				1,924			21,805		23,729			10,215			90,671		100,886
Short-term borrowings				505			1,387		1,892			(83)			47		(36)
FHLB advances and other borrowings				(3,494)			(720)		(4,214)			3,756			7,618		11,374
Subordinated debt				(397)			402		5			(1,972)			(257)		(2,229)
Trust preferred debentures				68			23		91			51			2,213		2,264
Total interest-bearing liabilities				(1,394)			22,897		21,503			11,967			100,292		112,259
Net interest income				$	(14,713)		$	2,220	$	(12,493)		$	9,256		$	(17,585)	$	(8,329)

38 Salaries and employee benefits. Salaries and employee benefits expense increased $10.8 million in 2025 as compared to 2024, primarily due to increases of $3.2 million in severance expense, and $4.8 million in variable compensation expense, including commissions and annual bonuses. The Company employed 861 employees at December 31, 2025 compared to 896 employees at December 31, 2024.

~~Table~~FDIC insurance expense. The Company recognized $1.7 million in additional FDIC assessments in 2025 related to prior years’ amended call reports due to the restatements of ~~Contents~~prior years’ financial statements.

~~Interest~~Professional ~~Income~~services expense. ~~For~~The increase in professional services expense for the year ended December 31, ~~2024~~2025, ~~interest~~as ~~income,~~compared onto ~~a tax-equivalent basis~~2024, ~~increased~~was ~~$9.0~~primarily ~~million~~the toresult ~~$426.9~~of ~~million~~increased asaudit ~~compared~~and toconsulting ~~the~~fees ~~prior~~related ~~year.~~to ~~The~~restatements ~~yield~~of onprior ~~earning~~years' ~~assets~~financial ~~increased~~statements 28and ~~basis~~the ~~points~~evaluation toof ~~6.03%~~the ~~from~~accounting ~~5.75%,~~and ~~primarily~~reporting ~~due~~of to the ~~impact~~Company's ofthird-party ~~increasing~~lending ~~market~~and ~~interest~~servicing ~~rates~~programs.

~~Average~~Marketing ~~earning~~expense. ~~assets~~The ~~decreased~~increase toin ~~$7.08~~marketing ~~billion~~expense infor ~~2024~~the ~~from~~year ~~$7.27~~ended ~~billion~~December in31, ~~2023.~~2025, ~~Average~~as ~~loans~~compared ~~decreased~~to ~~$452.0 million~~2024, ~~which~~ was ~~partially~~primarily ~~offset~~the byresult anof ~~increase~~increased inbrand ~~investment~~marketing ~~securities~~and ofprogram ~~$261.6~~expenses ~~million.~~related to deposit account acquisition.

~~Average~~Loan ~~loans~~servicing ~~decreased $452~~fees.0 ~~million~~Loan inservicing ~~2024~~fees ~~compared~~expense torepresents ~~2023~~servicing ~~primarily~~fees ~~due~~paid to ~~continued~~third ~~reductions~~parties inassociated with our ~~equipment~~third ~~financing~~party ~~and~~lending ~~consumer loan portfolios~~programs. ~~Average~~The ~~equipment~~decline ~~finance loan and lease balances decreased $192.7 million to $899.7 million~~ in ~~2024~~servicing asfees ~~the~~was ~~Company~~a ~~continued~~result ~~to reduce its concentration~~ of ~~this product within the overall~~ loan ~~portfolio. Average consumer loans decreased $327.3 million primarily due to loan~~ payoffs and a cessation in loans originated through the GreenSky and LendingPoint. programs.

~~Interest~~Impairment ~~Expense~~on goodwill. As ~~Interest~~mentioned ~~expense~~previously, ~~increased~~the ~~$21.5~~Company ~~million~~recognized to $~~189~~154.80 million ~~in 2024 compared to 2023. The cost~~ of ~~interest-bearing~~goodwill ~~liabilities~~impairment ~~increased~~expense toduring ~~3.31% compared to 2.87% for~~ the ~~prior~~first ~~year~~quarter ~~due~~of to2025 ~~the increase~~ in ~~deposit~~its ~~and~~Banking ~~short-term~~reporting ~~borrowing costs as a result of the rate increases previously enacted by the Federal Reserve~~unit.

Other ~~Interest~~real ~~expense~~estate ~~on deposits increased $23~~owned.7 ~~million~~The toCompany ~~$160.7~~recorded ~~million~~impairment inexpense ~~2024 compared to 2023, primarily due to increases in interest rates on deposits. Average balances~~ of ~~interest-bearing deposit accounts decreased~~ $734.9 million, orin ~~1.4%, to $5.17 billion for~~ 2024 ~~compared~~related to ~~the~~a ~~same~~single ~~period~~assisted ~~one~~living ~~year earlier~~facility. ~~Decreases~~This inasset ~~interest~~was ~~checking~~sold ~~and savings account balances of $158.4 million and $79.1 million, respectively, were partially offset by increases~~ in ~~time and brokered time deposits of $31~~2025.~~8 million and $131.8 million, respectively.~~

~~Interest~~Loss ~~expense~~ on ~~FHLB~~sale ~~advances~~of ~~and~~loan ~~other~~portfolios. ~~borrowings~~The ~~decreased~~Company recognized losses of $423.21 million ~~for~~on the ~~year~~sale ~~ended~~of ~~December~~loan 31portfolios, ~~2024,~~including ~~from the prior year, due to decreases in both average balances and interest rates. The average balances decreased~~ $7921.34 million inrelated ~~2024 compared~~ to ~~2023, while~~ the ~~average~~sale ~~borrowing~~of ~~rates~~substantially ~~decreased~~all toof ~~4.32%~~its inequipment ~~2024~~finance ~~compared to 4~~portfolio.~~49% in 2023.~~

Provision for Credit Losses. The Company's provision for credit losses was $120.3 million and $82.6 million in 2024 and 2023, respectively. In 2024, the provisions for credit losses on loans and on unfunded commitments were $119.3 million and $1.1 million, respectively. As previously disclosed, the Company recognized charge-offs in its specialty finance and equipment financing units of $25.3 million and $28.8 million, respectively in 2024. These charge-offs, recognized to reduce future credit risk, resulted in the increase in provision expense in 2024.

The provision for credit losses on loans recognized during the year ended December 31, 2024 was made at a level deemed necessary by management to absorb estimated losses in the loan portfolio. A detailed evaluation of the adequacy of the allowance for credit losses is completed quarterly by management, the results of which are used to determine provision for credit losses. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions and reasonable and supportable forecasts along with other qualitative and quantitative factors.

Table of Contents

Noninterest Income. The following table sets forth the major components of our noninterest income for the years ended December 31, 2024, 2023 and 2022:

	For the years ended December 31,						2024 Compared to 2023				2023 Compared to 2022
(dollars in thousands)	2024		2023(Restated)		2022(Restated)		Increase (decrease)				Increase (decrease)
Noninterest income:
Wealth management revenue	$	28,697	$	25,572	$	25,708	$	3,125	12.2	%	$	(136)	(0.5)	%
Service charges on deposit accounts	13,154		11,990		10,237		1,164		9.7		1,753		17.1
Interchange revenue	13,955		14,302		13,879		(347)		(2.4)		423		3.0
Residential mortgage banking revenue	2,418		1,903		1,509		515		27.1		394		26.1
Income on company-owned life insurance	7,683		4,439		3,584		3,244		73.1		855		23.9
Loss on sales of investment securities, net	(230)		(9,372)		(230)		9,142		(97.5)		(9,142)		3,974.8
Gain on termination of hedged interest rate swaps	—		—		17,531		—		—		(17,531)		(100.0)
Impairment on commercial mortgage servicing rights	—		—		(1,263)		—		—		1,263		(100.0)
Credit enhancement income	60,998		48,194		69,976		12,804		26.6		(21,782)		(31.1)
Other income	12,066		17,756		8,936		(5,690)		(32.0)		8,820		98.7
Total noninterest income	$	138,741	$	114,784	$	149,867	$	23,957	20.9	%	$	(35,083)	(23.4)	%

Wealth management revenue. Wealth management revenue increased $3.1 million, or 12.2% for 2024, as compared to 2023. Assets under administration increased to $4.15 billion at December 31, 2024 from $3.73 billion at December 31, 2023, primarily due to improved sales activity and an increase in market performance.

Income on company-owned life insurance. Income on company-owned life insurance increased $3.2 million, or 73.1%, for 2024, as compared to 2023. As previously discussed, the Company surrendered certain low-yielding life insurance policies and purchased additional policies in the third quarter of 2023, resulting in the increase in revenue.

Credit enhancement income. The Company recognized $61.0 million of credit enhancement income in 2024 compared to $48.2 million in 2023. The increase in income was primarily related to an increase in LendingPoint program charge-offs which were reimbursed by the program servicer as part of the credit enhancement provided to the Company by the servicing agreement.

Other noninterest income. Other income decreased $5.7 million for 2024, as compared to 2023. Several one-time transactions were recognized in other noninterest income in 2023, including incremental servicing revenues of $2.2 million and $1.6 million related to our commercial FHA servicing portfolio and the GreenSky portfolio, respectively. In addition, the Company recognized a $1.1 million one-time gain from the sale of Visa B stock, a gain of $0.7 million on the redemption of subordinated debt and a gain of $0.8 million on the sale of OREO.

Table of Contents

Noninterest Expense. The following table sets forth the major components of noninterest expense for the years ended December 31, 2024, 2023 and 2022:

	Years Ended December 31,							2024 Compared to 2023					2023 Compared to 2022
(dollars in thousands)		2024			2023(Restated)				2022(Restated)			Increase (decrease)					Increase (decrease)
Noninterest expense:
Salaries and employee benefits			$	93,639		$	93,438			$	90,305		$	201	0.2	%		$	3,133	3.5	%
Occupancy and equipment			16,785			15,986				14,842			799		5.0			1,144		7.7
Data processing			28,160			26,286				24,350			1,874		7.1			1,936		8.0
FDIC insurance			5,278			4,779				3,336			499		10.4			1,443		43.3
Professional services			7,822			7,049				6,907			773		11.0			142		2.1
Marketing			3,926			3,158				3,318			768		24.3			(160)		(4.8)
Communications			1,364			1,741				2,382			(377)		(21.7)			(641)		(26.9)
Loan expense			5,954			4,206				4,586			1,748		41.6			(380)		(8.3)
Loan servicing fees			12,864			19,181				22,750			(6,317)		(32.9)			(3,569)		(15.7)
Amortization of intangible assets			4,008			4,758				5,410			(750)		(15.8)			(652)		(12.1)
Other real estate owned			5,569			333				5,188			5,236		1,572.4			(4,855)		(93.6)
Loss on mortgage servicing rights held for sale			—			—				3,250			—		—			(3,250)		(100.0)
Impairment on leased assets and surrendered assets			7,858			—				—			7,858		N/A			—		—
Other expense			14,628			12,168				11,788			2,460		20.2			380		3.2
Total noninterest expense			$	207,855		$	193,083			$	198,412		$	14,772	7.7	%		$	(5,329)	(2.7)	%

Data processing fees. The $1.9 million increase in data processing fees for the year ended December 31, 2024, was primarily the result of our continuing investments in technology to better serve our growing customer base and increased transaction volumes.

Loan expense. Loan collection expenses were $3.7 million in 2024 compared to $2.1 million in 2023 due to the increased volume of nonperforming loans and assets.

Loan servicing fees. Loan servicing fees expense represents servicing fees paid to third parties associated with our third party lending programs. Servicing fees in 2024 and 2023 were $12.9 million and $19.2 million, respectively, as these loan programs continued to pay down.

Other real estate owned. The Company recorded impairment expense of $4.9 million in 2024, related to a single assisted living facility.

Impairment on leased assets and surrendered assets. Impairment on leased assets and surrendered assets totaled $7.9 million in 2024, primarily related to assets associated with the trucking industry.

Other expense. The Company recognized $3.1 million in expenses related to various legal actions in 2024.

Income Tax Expense. The Company recognized income tax expense of $8.9 million in 2024 compared to $26.8 million in 2023. Effective tax rates for 2024 and 2023 were 18.9% and 30.5%, respectively. Income tax expense for 2023 included tax charges of $4.5 million associated with the surrender of certain company-owned life insurance policies, as previously discussed.38

Financial Condition

Assets. Total assets were $7.51 billion at December 31, 2024, as compared to $7.79 billion at December 31, 2023.

Table of C ontents

Income Tax Expense. The Company recognized income tax expense of $9.4 million in 2025 compared to $8.9 million in 2024. Effective tax rates for 2025 and 2024 were 24.1% and 18.9%, respectively. The effective tax rate calculation for the year ended December 31, 2025, excludes the goodwill impairment charge of $154.0 million, as this item is not deductible for tax purposes.

Financial Condition

Assets. Total assets were $6.51 billion at December 31, 2025, as compared to $7.51 billion at December 31, 2024.

Loans. The loan portfolio is the largest category of our assets. The principal segments of our loan portfolio are discussed below:

Commercial loans. We provide a mix of variable and fixed rate commercial loans. The loans are typically made to small- and medium-sized manufacturing, wholesale, retail and service businesses for working capital needs, business expansions and farm operations. Commercial loans generally include lines of credit and loans with maturities of five years or less. The loans are generally made with business operations as the primary source of repayment, but may also include collateralization by inventory, accounts receivable and equipment, and generally include personal guarantees. The commercial loan category also includes loans originated by the equipment financing business that are secured by the underlying equipment, of which we sold substantially all of our equipment finance portfolio during the fourth quarter of 2025.

Commercial real estate loans. Our commercial real estate loans consist of both real estate occupied by the borrower for ongoing operations and non-owner occupied real estate properties. The real estate securing our existing commercial real estate loans includes a wide variety of property types, such as owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, skilled nursing and assisted living facilities. Our commercial real estate loan portfolio also includes farmland loans. Farmland loans are generally made to a borrower actively involved in farming rather than to passive investors.

Construction and land development loans. Our construction and land development loans are comprised of residential construction, commercial construction and land acquisition and development loans. Interest reserves are generally established on real estate construction loans.

	December 31, 2024				December 31, 2023
	December 31, 2025				December 31, 2024
(dollars in thousands)	Balance		Percent		Balance		Percent
Multi-Family	$	~~547~~430,~~016~~397	1816.94	%	$	~~516~~547,~~295~~016	18.19	%
Skilled Nursing	~~400~~193,~~902~~572		137.84		~~469~~400,~~096~~902		1613.48
Retail	~~460~~459,~~283~~225		1517.95		~~454~~460,~~589~~283		15.9
Industrial/Warehouse	~~235~~275,~~674~~922		810.25		~~217~~235,~~956~~674		78.62
Hotel/Motel	~~228~~290,~~764~~137		711.90		~~159~~228,~~707~~764		57.69
Office	~~146~~140,~~295~~076		5.13		~~153~~146,~~756~~295		5.41
All other	~~872~~839,~~572~~475		3031.29		~~888~~872,~~039~~572		3130.02
Total commercial real estate and construction and land development loans	$	2,~~891~~628,~~506~~804	100.0	%	$	2,~~859~~891,~~438~~506	100.0	%

Loans secured by office space totaled $~~146~~140.31 million and $~~153~~146.83 million at December 31, ~~2024~~2025 and December 31, ~~2023~~2024, respectively, are primarily located in suburban locations in Illinois and Missouri.

Residential real estate loans. Our residential real estate loans are loans secured by residential properties that generally do not qualify for secondary market sale.

Consumer loans. Our consumer loans include direct personal loans, indirect automobile loans, lines of credit and installment loans originated through home improvement specialty retailers and contractors. Personal loans are generally secured by automobiles, boats and other types of personal property and are made on an installment basis.

Lease financing. Our equipment leasing business provides financing leases to varying types of businesses nationwide for purchases of business equipment and software. The financing is secured by a first priority interest in the financed asset and generally requires monthly payments.39

Table of C ontents

Lease financing. Our equipment leasing business provides financing leases to varying types of businesses nationwide for purchases of business equipment and software. The ~~following~~financing ~~table~~is ~~presents~~secured by a first priority interest in the ~~balance~~financed asset and ~~associated~~generally ~~percentage~~requires ofmonthly ~~each~~payments. ~~major~~The ~~category~~Company insold substantially all of our ~~loan~~equipment finance portfolio atduring ~~December 31,~~the ~~2024~~fourth ~~and~~quarter ~~December 31,~~of ~~2023:~~2025.

	December 31, 2024				December 31, 2023(Restated)
(dollars in thousands)	Balance		Percent		Balance		Percent
Loans:
Commercial	$	1,359,820	26.3	%	$	1,505,454	24.7	%
Commercial real estate	2,591,664		50.1		2,406,845		39.4
Construction and land development	299,842		5.8		452,593		7.4
Residential real estate	380,557		7.4		380,583		6.2
Consumer	144,301		2.8		884,767		14.5
Lease financing	391,390		7.6		473,350		7.8
Total loans, gross	5,167,574		100.0	%	6,103,592		100.0	%
Allowance for credit losses on loans	(111,204)				(159,319)
Total loans, net	$	5,056,370			$	5,944,273

The following table presents the balance and associated percentage of each major category in our loan portfolio at December 31, 2025 and December 31, 2024:

The following tables present our outstanding loans by business sector at December 31, 2024 and 2023:


	December 31, 2025				December 31, 2024
(dollars in thousands)	Book Value		%		Book Value		%
Loans:
Commercial	$	1,178,521	27.1	%	$	1,359,820	26.3	%
Commercial real estate	2,342,664		53.8		2,591,664		50.1
Construction and land development	286,140		6.6		299,842		5.8
Residential real estate	349,623		8.0		380,557		7.4
Consumer	144,075		3.3		144,301		2.8
Lease financing	50,981		1.2		$	391,390	7.6
Total loans, gross	4,352,004		100.0	%	5,167,574		100.0	%
Allowance for credit losses on loans	(69,219)				(111,204)
Total loans, net	$	4,282,785			$	5,056,370

	2024
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core consumer and other		Total
Commercial	$	578,191	$	281,415	$	416,969	$	83,245	$	1,359,820
Commercial real estate	1,950,498		641,166		—		—		2,591,664
Construction and land development	184,185		115,657		—		—		299,842
Residential real estate	380,557		—		—		—		380,557
Consumer	109,120		—		—		35,181		144,301
Lease financing	—		—		391,390		—		391,390
Total	$	3,202,551	$	1,038,238	$	808,359	$	118,426	$	5,167,574
	2023 (restated)
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core consumer and other		Total
Commercial	$	567,637	$	283,032	$	531,143	$	123,642	$	1,505,454
Commercial real estate	1,755,408		651,437		—		—		2,406,845
Construction and land development	273,865		178,728		—		—		452,593
Residential real estate	380,583		—		—		—		380,583
Consumer	110,737		—		—		774,030		884,767
Lease financing	—		—		473,350		—		473,350
Total	$	3,088,230	$	1,113,197	$	1,004,493	$	897,672	$	6,103,592

Total loans decreased $815.6 million, or 15.8%, to $4.35 billion at December 31, 2025, as compared to December 31, 2024. In 2025, the Company sold participation interests of $317.5 million related to our GreenSky consumer loan portfolio, and we also completed the sale of substantially all of our equipment finance portfolio, which included $316.1 million of commercial loans and $239.7 million of leases.

~~Total loans decreased $936.0 million, or 15.3%, to $5.17 billion at December 31, 2024, as compared to December 31, 2023.~~ The ~~decrease is primarily due to the~~ Company’'s ~~strategic reduction in its non-core consumer~~ loan ~~portfolios, and the continuation of the Company’s plan to decrease its equipment financing~~ portfolio. ~~Consumer~~is ~~loans~~assigned ~~decreased $740.5 million~~ to ~~$144.3 million at December 31, 2024, primarily due to~~ the ~~loan~~following ~~portfolio~~internal ~~sale,~~business transfer to held for sale and loan paydowns. Equipment finance loan and lease balances decreased $196.1 million to $808.4 million at December 31, 2024, as the Company continued to reduce its concentration of this product within the overall loan portfolio. Equipment financing and consumer loans comprised 15.6% and 2.8%, respectively, of the loan portfolio at December 31, 2024, compared to 16.5% and 14.5%, respectively, at sectors:

43•Community bank represents predominately in-market loans originated through our banking center network.

•Specialty finance provides bridge loan financing for commercial real estate projects, primarily multi-family and healthcare. These projects can include construction and short term financing in anticipation of obtaining permanent secondary market financing. The loans are typically outside of the Company’s primary market areas.

•Equipment finance portfolio includes loans and leases originated to varying types of businesses throughout the United States for purchases of business equipment and software. The Company sold substantially all of our equipment finance portfolio during the fourth quarter of 2025.

•Non-core and other includes our third-party origination and servicing programs, and capital market credits, including loans to finance the sale of the GreenSky portfolio.

Table of C ontents

~~December 31, 2023.~~ The following ~~table~~tables ~~shows~~present ~~the contractual maturities of~~ our ~~loan~~outstanding ~~portfolio~~loans ~~and~~by ~~the~~business ~~distribution~~sector ~~between~~at ~~fixed~~December 31, 2025 and ~~adjustable interest rate loans at~~ December 31, 2024:

	December 31, 2024
	December 31, 2025
	Within One Year				One Year to Five Years				Five Years to 15 Years				After 15 Years
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core and other		Total
(dollars in thousands)	Fixed Rate		AdjustableRate		Fixed Rate		AdjustableRate		Fixed Rate		AdjustableRate		Fixed Rate		AdjustableRate		Total
Commercial	$	688,277	$	248,112	$	8,781	$	233,351	$	1,178,521
Commercial	$	91,232	$	471,409	$	494,254	$	60,753	$	101,217	$	97,021	$	—	$	43,934	$	1,359,820
Commercial real estate	1,979,383		358,457		—		4,824		2,342,664
Commercial real estate	436,249		376,593		1,003,259		277,785		270,741		204,516		5,728		16,793		2,591,664
Construction and land development	226,295		59,832		—		13		286,140
Construction and land development	65,653		112,823		65,968		33,291		2,196		18,709		91		1,111		299,842
Residential real estate	344,523		1,782		—		3,318		349,623
Total commercial loans	593,134		960,825		1,563,481		371,829		374,154		320,246		5,819		61,838		4,251,326
Consumer	89,749		—		—		54,326		144,075
Residential real estate	3,729		5,733		8,055		18,962		22,054		37,283		182,863		101,878		380,557
Lease financing	—		—		50,981		—		50,981
Consumer	5,112		585		101,389		1		34,551		2,663		—		—		144,301
Total	$	3,328,227	$	668,183	$	59,762	$	295,832	$	4,352,004
Lease financing	25,015		—		295,964		—		70,411		—		—		—		391,390
	December 31, 2024
Total loans	$	626,990	$	967,143	$	1,968,889	$	390,792	$	501,170	$	360,192	$	188,682	$	163,716	$	5,167,574
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core and other		Total
Commercial	$	587,785	$	269,620	$	416,969	$	85,446	$	1,359,820
Commercial real estate	1,950,498		641,166		—		—		2,591,664
Construction and land development	184,185		115,657		—		—		299,842
Residential real estate	374,062		—		—		6,495		380,557
Consumer	81,380		—		—		62,921		144,301
Lease financing	—		—		391,390		—		391,390
Total	$	3,177,910	$	1,026,443	$	808,359	$	154,862	$	5,167,574

Total loans decreased $815.6 million, or 15.8%, to $4.35 billion at December 31, 2025, as compared to December 31, 2024. Community bank portfolio increased $150.3 million, or 4.7%, in 2025. This growth partially offset the strategic declines in the Specialty finance and Equipment finance sectors of $358.3 million and $748.6 million, respectively, as of December 31, 2025. The increase in our Non-core and other business sector is primarily due to the financing we provided related to the sale of the GreenSky portfolio.

The following table shows the contractual maturities of our loan portfolio and the distribution between fixed and adjustable interest rate loans at December 31, 2025:


	December 31, 2025
	Within One Year				One Year to Five Years				Five Years to 15 Years				After 15 Years
(dollars in thousands)	Fixed Rate		Adjustable Rate		Fixed Rate		Adjustable Rate		Fixed Rate		Adjustable Rate		Fixed Rate		Adjustable Rate		Total
Commercial	$	9,964	$	411,503	$	202,735	$	198,294	$	221,882	$	93,563	$	—	$	40,580	$	1,178,521
Commercial real estate	275,266		134,705		974,716		326,725		305,895		303,566		5,649		16,142		2,342,664
Construction and land development	27,122		90,139		17,013		89,956		2,068		59,797		—		45		286,140
Total commercial loans	312,352		636,347		1,194,464		614,975		529,845		456,926		5,649		56,767		3,807,325
Residential real estate	4,452		3,713		6,966		18,325		18,223		38,696		172,679		86,569		349,623
Consumer	3,047		690		86,282		60		47,298		6,573		125		—		144,075
Lease financing	4,458		—		44,378		—		2,145		—		—		—		50,981
Total loans	$	324,309	$	640,750	$	1,332,090	$	633,360	$	597,511	$	502,195	$	178,453	$	143,336	$	4,352,004

Loan Quality

We use what we believe is a comprehensive methodology to monitor credit quality and prudently manage credit concentration within our loan portfolio. Our underwriting policies and practices govern the risk profile, credit and geographic concentration for our loan portfolio. We also have what we believe to be a comprehensive methodology to monitor these credit quality standards, including a risk classification system that identifies potential problem loans based on risk characteristics by loan type as well as the early identification of deterioration at the individual loan level.

	December 31, 2024				December 31, 2023(Restated)
(dollars in thousands)	Allowance		Percent(1)		Allowance		Percent(1)
Commercial	$	42,776	3.15	%	$	29,672	1.97	%
Commercial real estate	36,837		1.42		20,229		0.84
Construction and land development	3,550		1.18		4,163		0.92
Total commercial loans	83,163		1.96		54,064		1.24
Residential real estate	8,002		2.10		5,553		1.46
Consumer	5,400		3.74		86,762		9.81
Lease financing	14,639		3.74		12,940		2.73
Total allowance for credit losses on loans	$	111,204	2.15	%	$	159,319	2.61	%

Table of C ontents

Analysis of the Allowance for Credit Losses on Loans. The allowance for credit losses on loans was $69.2 million, or 1.59% of total loans, at December 31, 2025, compared to $111.2 million, or 2.15% of total loans, at December 31, 2024. The following table allocates the allowance for credit losses on loans by loan category:




	December 31, 2025				December 31, 2024
(dollars in thousands)	Allowance		Percent (1)		Allowance		Percent (1)
Commercial	$	23,676	2.01	%	$	42,776	3.15	%
Commercial real estate	28,284		1.21		36,837		1.42
Construction and land development	2,619		0.92		3,550		1.18
Total commercial loans	54,579		1.43		83,163		1.96
Residential real estate	6,652		1.90		8,002		2.10
Consumer	4,804		3.33		5,400		3.74
Lease financing	3,184		6.25		14,639		3.74
Total allowance for credit losses on loans	$	69,219	1.59	%	$	111,204	2.15	%

(1)Represents the percentage of the allowance to total loans in the respective category.

We measure expected credit losses over the life of each loan utilizing a combination of models which measure probability of default and loss given default, among other things. The measurement of expected credit losses is impacted by loan and borrower attributes and certain macroeconomic variables. Models are adjusted to reflect the impact of certain current macroeconomic variables as well as their expected changes over a reasonable and supportable forecast period.

In estimating expected credit losses as of December 31, ~~2024~~2025, we utilized certain forecasted macroeconomic variables from Oxford Economics in our models. The forecasted projections included, among other things, (i) U.S. gross domestic product ranging from 21.57% to 2.63% over the next four quarters; (ii) the 10-year treasury rate ~~ranging~~averaging ~~from~~ 4.2% ~~to 4.3%~~ over the next four quarters; and (iii) Illinois unemployment rate averaging 54.59% through the fourth quarter of ~~2025~~2026.

We qualitatively adjust the model results based on this scenario for various risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factor adjustments are based upon management judgment and current assessment as to the impact of risks related to changes in lending policies and procedures; economic and business conditions; loan portfolio attributes and credit concentrations; and external factors, among other things, that are not already fully captured within the modeling inputs, assumptions and other processes. Management assesses the potential impact of such items within a range of severely negative impact to positive impact and adjusts the modeled expected credit loss by an aggregate adjustment percentage based upon the assessment. The qualitative factor adjustment at December 31, 2025, was approximately 57 basis points of total loans, decreasing slightly from 67 basis points at December 31, 2024.

The allowance allocated to commercial loans totaled $23.7 million, or 2.01% of total commercial loans, at December 31, 2025, compared to $42.8 million, or 3.15%, at December 31, 2024. Outstanding loan balances decreased $181.3 million, or 13.3%, during 2025, primarily as a result of the sale of substantially all of our equipment finance portfolio. Charge-offs related to the non-core loan program of $11.1 million during the first quarter of 2025 coupled with charge-offs related to the sale of the equipment finance portfolio of $14.2 million during the fourth quarter of 2025 resulted in a significant decrease in the allowance allocated to commercial loans. Excluding these charge-offs, modeled expected credit losses increased $8.5 million. Qualitative factor adjustments decreased $2.3 million. There were no specific allocations for commercial loans that were evaluated for expected credit losses on an individual basis at December 31, 2025 or December 31, 2024.

The allowance allocated to commercial real estate loans totaled $28.3 million, or 1.21% of total commercial real estate loans, at December 31, 2025, decreasing $8.5 million, from $36.8 million, or 1.42% of total commercial real estate loans, at December 31, 2024. Outstanding loan balances decreased $249.0 million, or 9.6%, during 2025. Specific allocations for loans that were individually evaluated decreased $9.1 million as three relationships totaling $10.9 million were charged-off in the second quarter of 2025. Modeled expected credit losses increased $0.8 million and qualitative factor adjustments decreased $0.3 million. The commercial real estate portfolio does not include significant exposure to urban office properties.

The allowance allocated to construction and land development loans totaled $2.6 million, or 0.92% of total construction and land development loans, at December 31, 2025, decreasing $1.0 million from $3.6 million, or 1.18% of total constructions loans, at December 31, 2024. Modeled expected credit losses decreased $0.3 million and qualitative factor adjustments related to construction loans decreased $0.6 million. There were no specific allocations for construction loans that were evaluated for expected credit losses on an individual basis at December 31, 2025 or December 31, 2024.

Table of C ontents

The allowance allocated to residential real estate loans totaled $6.7 million, or 1.90% of total residential real estate loans, at December 31, 2025, decreasing $1.3 million, from $8.0 million, or 2.10% of total residential real estate loans, at December 31, 2024. Modeled expected credit losses and qualitative factor adjustments decreased $1.2 million and $0.1 million, respectively. There were no specific allocations for residential real estate loans that were evaluated for expected credit losses on an individual basis at December 31, 2025, or December 31, 2024.

The allowance allocated to consumer loans totaled $4.8 million, or 3.33% of total consumer loans, at December 31, 2025, compared to $5.4 million, or 3.74%, at December 31, 2024. Modeled expected credit losses increased $1.4 million while qualitative factor adjustments decreased $2.0 million.

The allowance allocated to the lease portfolio totaled $3.2 million, or 6.25% of total commercial leases, at December 31, 2025, decreasing $11.4 million, from $14.6 million, or 3.74% of total commercial leases at December 31, 2024. Outstanding lease balances decreased $340.4 million, or 87.0%, during 2025 due to the sale of substantially all of our equipment finance portfolio.

The following table provides an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs for the years ended 2025, 2024, and 2023:


	Years Ended December 31,
(dollars in thousands)		2025			2024			2023
Balance, beginning of period		$	111,204		$	159,319		$	128,889
Charge-offs:
Commercial		42,123			30,453			13,703
Commercial real estate		30,706			9,998			5,000
Construction and land development		3,343			17,991			1,601
Residential real estate		287			817			271
Consumer		3,131			98,051			33,149
Lease financing		31,334			14,323			5,026
Total charge-offs		110,924			171,633			58,750
Recoveries:
Commercial		2,642			947			1,785
Commercial real estate		1,172			2,240			4,006
Construction and land development		2,197			3			33
Residential real estate		331			238			138
Consumer		582			274			288
Lease financing		1,466			554			370
Total recoveries		8,390			4,256			6,620
Net charge-offs		102,534			167,377			52,130
Provision for credit losses on loans		60,549			119,262			82,560


Balance, end of period		$	69,219		$	111,204		$	159,319
Gross loans, end of period		$	4,352,004		$	5,167,574		$	6,103,592
Average total loans		$	4,948,897		$	5,840,216		$	6,292,260
Net charge-offs to average loans		2.07		%	2.87		%	0.83		%
Allowance for credit losses to total loans		1.59		%	2.15		%	2.61		%

Individual loans considered to be uncollectible are charged-off against the allowance. Factors used in determining the amount and timing of charge-offs on loans include consideration of the loan type, length of delinquency, sufficiency of collateral value, lien priority and the overall financial condition of the borrower. Collateral value is determined using updated appraisals and/or other market comparable information. Charge-offs are generally taken on loans when the collectability of a loan balance is unlikely. Recoveries on loans previously charged-off are added to the allowance.

Table of C ontents

The following tables present charge-offs by business sector for the years ended 2025 and 2024:


	2025
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core and other		Total charge-offs
Commercial	$	1,048	$	152	$	21,284	$	19,639	$	42,123
Commercial real estate	15,098		15,608		—		—		30,706
Construction and land development	36		3,307		—		—		3,343
Residential real estate	287		—		—		—		287
Consumer	900		—		—		2,231		3,131
Lease financing	—		—		31,334		—		31,334
Total	$	17,369	$	19,067	$	52,618	$	21,870	$	110,924


	2024
(dollars in thousands)	Community bank		Specialty finance		Equipment finance		Non-core and other		Total charge-offs
Commercial	$	8,210	$	121	$	14,457	$	7,665	$	30,453
Commercial real estate	2,846		7,152		—		—		9,998
Construction and land development	—		17,991		—		—		17,991
Residential real estate	817		—		—		—		817
Consumer	927		—		—		97,124		98,051
Lease financing	—		—		14,323		—		14,323
Total	$	12,800	$	25,264	$	28,780	$	104,789	$	171,633

Charge-offs in 2025 were $110.9 million compared to $171.6 million in 2024. Charge-offs in the equipment finance sector increased $23.8 million to $52.6 million in 2025 compared to 2024. The Company recognized charge-offs of $29.8 million as a result of the sale of substantially all of the portfolio in 2025. Consumer loan charge-offs totaled $3.1 million in 2025 compared to $98.1 million in 2024. In 2024, the Company recognized charge-offs of $17.3 million in connection with the sale of our LendingPoint portfolio and $35.0 million in connection with the planned sale and transfer of the GreenSky portfolio to held for sale. As of December 31, 2025, we had one active non-core loan program.

Nonperforming Loans. The following table presents the change in our nonperforming loans for the year ended December 31, 2025:


(dollars in thousands)	Year Ended December 31, 2025
Balance, beginning of period	$	150,907
New nonperforming loans	39,788
Return to performing status	(813)
Payments received	(40,815)
Transfer to OREO and other repossessed assets	(12)
Transfer to loans held for sale	(29,400)
Charge-offs	(54,172)
Balance, end of period	$	65,483

Beginning in 2024 and continuing throughout 2025, the Company prioritized improving its credit quality by tightening its loan underwriting standards and pursuing opportunities to resolve nonperforming loans, which included the sale of specific loans or portfolios.

The Company ceased originations of new construction loans in the Specialty Finance Group in the fourth quarter of 2024. In the third quarter of 2025, the Company ceased originations in the equipment finance portfolio, selling substantially all of the portfolio during the fourth quarter of 2025.

Table of C ontents

~~Factor~~ ~~adjustments~~Loan ~~are~~portfolios ~~based~~originated ~~upon~~through ~~management~~our ~~judgment~~FinTech ~~and~~partners, ~~current~~LendingPoint ~~assessment as to the impact of risks related to changes in lending policies~~ and ~~procedures; economic and business conditions; loan portfolio attributes and credit concentrations; and external factors~~GreenSky, ~~among~~were ~~other~~sold ~~things,~~in ~~that are not already fully captured within~~ the ~~modeling~~fourth ~~inputs,~~quarter ~~assumptions and other processes. Management assesses the potential impact~~ of ~~such~~2024 ~~items within a range of severely negative impact to positive impact~~ and ~~adjusts~~in the ~~modeled~~second ~~expected~~quarter ~~credit loss by an aggregate adjustment percentage based upon the assessment. The qualitative factor adjustment at December 31, 2024, was approximately 67 basis points~~ of ~~total loans~~2025, ~~increasing from 41 basis points at December 31, 2023~~respectively. The Q-Factor adjustment at December 31, 2024 was based primarily on declining credit quality indicators and increased collateral valuation risks within the commercial real estate secured loan segments.

~~The~~These ~~allowance~~actions ~~allocated~~resulted toin ~~commercial~~nonperforming loans ~~totaled~~decreasing to $4265.85 million, or 31.1550% of total ~~commercial~~ loans, at December 31, ~~2024~~2025, compared to $29150.79 million, or 12.9792%, at December 31, 2023. Modeled expected credit losses increased $13.6 million primarily related to one third-party loan program. Qualitative factor adjustments related to commercial loans increased $1.2 million due to increases in the credit quality factor as a result of ~~the~~total ~~deteriorating credit quality metrics. Specific allocations for commercial~~ loans ~~that~~at ~~were individually evaluated for expected credit losses on an individual basis decreased $1.8 million from~~ December 31, ~~2023, as these loans were charged-off in~~ 2024.

The ~~allowance~~following ~~allocated~~table tosets ~~commercial~~forth ~~real~~our ~~estate~~nonperforming ~~loans~~assets ~~totaled~~by ~~$36.8~~asset ~~million,~~category oras ~~1.42%~~ of ~~total~~the ~~commercial~~dates ~~real~~presented. ~~estate~~Nonperforming loans, atinclude ~~December 31,~~nonaccrual ~~2024,~~loans ~~increasing~~and ~~$16.6 million, from $20.2 million, or 0.84% of total commercial real estate~~ loans, atpast ~~December 31, 2023. Modeled expected credit losses increased $0.6 million. Qualitative factor adjustments increased $5.5 million~~ due to90 days ~~increases~~or inmore ~~the credit quality~~ and ~~collateral~~still ~~adequacy~~accruing ~~factors~~interest. ~~Specific~~The ~~allocations~~balance ~~for~~of nonperforming loans ~~that~~reflect ~~were~~the ~~individually~~net ~~evaluated~~investment ~~increased $10.5 million related to two relationships~~ in ~~our~~these ~~Specialty Finance Group~~assets. ~~The commercial real estate portfolio does not include significant exposure to urban office properties.~~

The allowance allocated to construction and land development loans totaled $3.6 million, or 1.18% of total construction and land development loans, at December 31, 2024, decreasing $0.6 million, from $4.2 million, or 0.92% of total constructions loans, at December 31, 2023. Modeled expected credit losses decreased $1.2 million and qualitative factor adjustments related to construction loans increased $0.6 million. There were no specific allocations for construction loans that were evaluated for expected credit losses on an individual basis at December 31, 2024.




(dollars in thousands)	December 31, 2025			December 31, 2024			December 31, 2023
Nonperforming loans:
Commercial	$	14,925		$	23,960		$	9,282
Commercial real estate	45,333			106,919			33,891
Construction and land development	155			8,438			39
Residential real estate	3,861			3,438			3,869
Consumer	47			20			137
Lease financing	1,162			8,132			9,133
Total nonperforming loans	65,483			150,907			56,351
Other real estate owned and other repossessed assets	606			6,502			11,350
Nonperforming assets	$	66,089		$	157,409		$	67,701
Nonperforming loans to total loans	1.50		%	2.92		%	0.92		%
Nonperforming assets to total assets	1.01		%	2.10		%	0.87		%
Allowance for credit losses to nonperforming loans	105.71		%	73.69		%	282.73		%

~~The~~ ~~allowance~~We ~~allocated~~did tonot ~~residential~~recognize ~~real~~interest ~~estate~~income ~~loans~~on ~~totaled~~nonaccrual ~~$8.0~~loans ~~million,~~during orthe ~~2.10%~~years ofended ~~total~~December ~~residential~~31, ~~real~~2025 ~~estate~~or ~~loans,~~2024 atwhile ~~December~~the ~~31,~~loans ~~2024,~~were ~~increasing~~in $2nonaccrual status.4 ~~million,~~Additional ~~from~~interest ~~$5.6~~income ~~million,~~that orwould ~~1.46%~~have ofbeen ~~total~~recorded ~~residential~~on ~~real~~nonaccrual ~~estate~~ loans, athad ~~December~~they ~~31,~~been ~~2023.~~current ~~Modeled~~in ~~expected~~accordance ~~credit~~with ~~losses~~their ~~and~~original ~~qualitative~~terms ~~factor~~was ~~adjustments increased~~ $211.03 million and $09.46 million, ~~respectively.~~for ~~Recent charge-off activity resulted in~~ the ~~increase~~years inended ~~modeled expected losses. There were no specific allocations for residential real estate loans that were evaluated for expected credit losses on an individual basis at~~ December 31, 2025 and 2024, respectively.

The allowance allocated to consumer loans totaled $5.4 million, or 3.74% of total consumer loans, at December 31, 2024, compared to $86.8 million, or 9.81%, at December 31, 2023. Consumer loans at December 31, 2024, totaled $144.3 million, a decrease of $740.5 million from December 31, 2023, as a result of the sale of the LendingPoint portfolio and the transfer of a significant portion of the GreenSky portfolio to held for sale. The related allowances for credit losses for both portfolios were eliminated at December 31, 2024, due to the these actions. Specific allocations for consumer loans that were evaluated for expected credit losses on an individual basis decreased $0.1 million.

The allowance allocated to the lease portfolio totaled $14.6 million, or 3.74% of total commercial leases, at December 31, 2024, increasing $1.7 million, from $12.9 million, or 2.73% of total commercial leases at December 31, 2023. Modeled expected credit losses increased $1.4 million as recent charge-off activity led to an increase in loss given default factors in the model. Qualitative factor adjustments and specific allocation reserves increased $0.1 million and $0.2 million, respectively.

Table of C ontents

~~The~~ ~~following~~Investment ~~table~~Securities. ~~provides~~Our aninvestment ~~analysis~~strategy ofaims ~~the~~to ~~allowance~~maximize ~~for~~earnings ~~credit~~while ~~losses~~maintaining onliquidity ~~loans,~~in ~~provision~~securities ~~for~~with minimal credit ~~losses~~risk. The types and maturities of securities purchased are primarily based on ~~loans~~our current and ~~net~~projected ~~charge-offs~~liquidity ~~for~~and interest rate sensitivity positions. In the ~~years~~periods ~~ended~~presented, ~~2024~~all investment securities of the Company are classified as available for sale and, ~~2023~~therefore, ~~and~~the ~~2022:~~book value of investment securities is equal to the fair market value.

	Years Ended December 31,
(dollars in thousands)		2024		2023(Restated)		2022(Restated)
Balance, beginning of period		$	159,319	$	128,889	$	89,444
Charge-offs:
Commercial		30,453		13,703		8,441
Commercial real estate		9,998		5,000		4,106
Construction and land development		17,991		1,601		6
Residential real estate		817		271		344
Consumer		98,051		33,149		24,091
Lease financing		14,323		5,026		1,297
Total charge-offs		171,633		58,750		38,285
Recoveries:
Commercial		947		1,785		401
Commercial real estate		2,240		4,006		7
Construction and land development		3

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