HARROGATE, TENNESSEE / ACCESS Newswire / January 26, 2026 / Commercial Bancgroup, Inc. ("Commercial" or the "Company") (NASDAQ:CBK), the parent company of Commercial Bank (the "Bank"), today announced net income less non-controlling interest of $9.9 million, or $0.72 per diluted common share, for the fourth quarter of 2025, compared to net income less non-controlling interest of $5.6 million, or $0.46 per diluted common share, for the fourth quarter of 2024.

On October 1, 2025, the Company priced its initial public offering (the "IPO") of 7,173,092 shares of its common stock 1,458,343 of which were sold by Commercial and 5,714,758 of which were sold by certain selling shareholders, at a public offering price of $24.00 per share.

Prior to September 18, 2025, Commercial had three classes of common stock outstanding: common stock, Class B common stock, and Class C common stock. On September 18, 2025, Commercial's charter was amended and restated. The Company's amended and restated charter provided for, among other things:

effective upon the filing of the amended and restated charter, the reclassification and conversion of (i) each outstanding share of Class B common stock into 1.15 shares of common stock and (ii) each outstanding share of Class C common stock into 1.05 shares of common stock (collectively, the "Stock Reclassification"); and
effective immediately following the Stock Reclassification, a 250-for-1 forward stock split in respect of the outstanding shares of our common stock (the "Stock Split").

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

Fourth Quarter 2025 Performance Highlights:

Net income of $9.9 million or $0.72 per diluted share
Return on average assets ("ROAA") of 1.76%
Return on average equity ("ROAE") of 15.26%; Return on average tangible common equity ("ROATCE") of 15.99%
Net interest margin of 4.01%, a decrease of 1 basis points from the third quarter of 2025
Efficiency ratio of 45.24%
Gross loans increased $106.3 million during the quarter, or 24% annualized, from the third quarter
Book value per share increased $0.78, or 16% annualized, to $20.81 and tangible book value per increased $0.91, or 19% annualized, to $19.96 at December 31, 2025 from the third quarter of 2025
Net charge-offs to average loans of 0.014% and Nonperforming assets to total assets of 0.28%
Redeemed $20.3 million of holding company debt

2025 highlights:

Net income less non-controlling interest of $36.9 million or $2.93 per share and $2.92 per diluted share for the twelve months ended December 31, 2025, compared to $31.4 million or $2.58 per share and $2.54 per diluted share for the twelve months ended December 31, 2024.
Return on average assets of 1.61% for the twelve months ended December 31, 2025, compared to 1.40% for the twelve months ended December 31, 2024.
Return on average shareholders' equity of 15.60% for the twelve months ended December 31, 2025, compared to 15.30% for the twelve months ended December 31, 2024.
Total operating revenue of $90.4 million for the twelve months ended December 31, 2025, compared to $88.5 million for the twelve months ended December 31, 2024.
Non-interest expense of $42.5 million for the twelve months ended December 31, 2025, compared to $46.1 million for the twelve months ended December 31, 2024.
Tangible book value per share of $19.96 per share as of December 31, 2025, compared to $17.11 per share as of December 31, 2024 (see non-GAAP reconciliation).
Efficiency ratio of 47.0% for the twelve months ended December 31, 2025, compared to 48.9% for the twelve months ended December 31, 2024.

Balance Sheet Trends

Total assets were $2.3 billion as of December 31, 2025, compared to $2.3 billion as of December 31, 2024. This was primarily due to a decrease in the loan portfolio during the first three quarters of the year offset by loan growth during the fourth quarter.

Total net loans were $1.9 billion as of December 31, 2025, an increase of $66.9 million, or 3.7%, from December 31, 2024. While the Bank experienced some large loan payoffs from long-term borrowers selling businesses during the year, the Bank had strong loan growth during the fourth quarter. Total net loans increased by $106.5 million or 6.1% from $1.7 billion as of September 30, 2025.

As of December 31, 2025, the Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 14.1%, a Tier 1 risk-based capital ratio of 13.1%, a common equity Tier 1 capital ratio of 13.1%, and a Tier 1 leverage ratio of 10.8%.

Total deposits were $1.8 billion as of December 31, 2025, a decrease of $122.9 million, or 6.3%, from December 31, 2024. This decrease was primarily driven by a $126.9 million reduction in brokered deposits to $48.0 million at December 31, 2025, from $174.9 million at December 31, 2024.

Noninterest bearing demand deposits increased $1.2 million, or 0.3%, to $397.8 million as of December 31, 2025, from $396.6 million as of December 31, 2024.

Non-brokered deposits were $1.8 billion as of December 31, 2025, an increase of $4.1 million, or 0.2%, from December 31, 2024. This increase was primarily driven by normal customer business cycles.

Asset quality decreased slightly with nonperforming assets to total assets of .28% as of December 31, 2025 and compared to .26% as of December 31, 2024. The allowance for credit losses to total loans decreased slightly to 0.95% as of December 31, 2025 from 1.00% as of December 31, 2014.

Net Income Before Income Taxes

Net income before income taxes was $47.7 million for the twelve months ended December 31, 2025, an increase of $7.2 million, or 17.6%, from the twelve months ended December 31, 2024. The increase was primarily the result of an increase in net interest income after provision for credit losses of $4.5 million or 6.0% and a decrease of noninterest expense of $3.6 million or 7.8%.

Non-Interest Income

Non-interest income was $9.9 million for the twelve months ended December 31, 2025, a decrease of $0.9 million, or 8.7%, from the twelve months ended December 31, 2024. This decrease was primarily due to one-time gains on the sale of bank property during 2024 of $0.4 million.

About Commercial Bancgroup, Inc.

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

Commercial Bancgroup, Inc.
Financial Tables

Financial Highlights (unaudited)													Table 1A
	As of and for the Three Months Ended										As of and for the Twelve Months Ended
(dollars in thousands except per share amounts)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Selected Operating Data:
Interest and Dividend Income	$	29,958	$	30,021	$	30,859	$	30,766	$	31,334	$	121,604	$	123,213
Interest Expense		9,148		9,799		10,800		11,426		11,566		41,173		45,629
Net Interest Income		20,810		20,222		20,059		19,340		19,768		80,431		77,584
Provision for Credit Losses		150		-		-		-		6		150		1,829
Net Interest Income After Provision for Credit Losses		20,660		20,222		20,059		19,340		19,762		80,281		75,755
Noninterest Income		2,666		2,626		2,194		2,443		3,000		9,930		10,878
Noninterest Expense		10,621		10,552		10,725		10,581		13,916		42,480		46,061
Income Before Income Taxes		12,705		12,296		11,528		11,202		8,846		47,731		40,572
Provision for Income Taxes		2,792		2,829		2,658		2,510		3,235		10,789		8,886
Net Income		9,913		9,467		8,870		8,692		5,611		36,942		31,686
Less: Net Income Attributable to Noncontrolling Interest		-		-		-		-		-		-		276
Net Income attributable to Commercial Bancgroup, Inc.		9,913		9,467		8,870		8,692		5,611		36,942		31,410
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of GAAP to non-GAAP financial measures tables 10A - 10I

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Financial Highlights (unaudited)
	As of and for the Three Months Ended										As of and for the Twelve Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Share and Per Share Data:
Basic earnings per share	$	0.72	$	0.77	$	0.72	$	0.71	$	0.46	$	2.93	$	2.58
Diluted earnings per share	$	0.72	$	0.77	$	0.73	$	0.72	$	0.46	$	2.92	$	2.54
Book value per share	$	20.81	$	20.03	$	19.22	$	18.48	$	18.18	$	20.81	$	18.18
Tangible book value per share (1)	$	19.96	$	19.05	$	18.22	$	17.45	$	17.11	$	19.96	$	17.11
Shares of common stock outstanding		13,697,987		12,239,644		12,239,644		12,239,644		12,113,114		13,697,987		12,113,114
Weighted average diluted shares outstanding		13,835,816		12,188,624		12,137,013		12,137,013		12,301,998		13,835,816		12,367,248
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of GAAP to non-GAAP financial measures tables 10A - 10I

Financial Highlights (unaudited)
	As of and for the Three Months Ended										As of and for the Twelve Months Ended
(dollars in thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Selected Balance Sheet Data:
Total assets	$	2,291,112	$	2,214,408	$	2,262,511	$	2,266,878	$	2,301,211	$	2,291,112	$	2,301,211
Securities available-for-sale at fair value		43,137		29,556		30,113		48,830		47,938		43,137		47,938
Securities held-to-maturity, at carrying value, net of allowance for credit losses		97,728		131,915		157,452		140,019		128,217		97,728		128,217
Gross loans less deferred fees and discounts		1,873,533		1,767,193		1,791,516		1,795,178		1,806,997		1,873,533		1,806,997
Allowance for credit losses		17,830		17,942		17,989		18,109		18,205		17,830		18,205
Goodwill and other intangible assets		12,767		13,149		13,546		13,938		14,339		12,767		14,339
Total deposits		1,815,734		1,780,634		1,851,248		1,902,207		1,938,597		1,815,734		1,938,597
Core deposits (1)		1,665,470		1,631,921		1,628,816		1,659,301		1,669,380		1,665,470		1,669,380
Other borrowings		166,838		162,760		148,509		109,090		109,165		166,838		109,165
Total Shareholders' equity		285,090		245,153		235,268		226,180		220,256		285,090		220,256
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of GAAP to non-GAAP financial measures tables 10

Financial Highlights (unaudited)													Table 1B
	As of and for the Three Months Ended										As of and for the Twelve Months Ended
(dollars in thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Performance Ratios
Pre-tax Pre-provision net revenue (PPNR) (1)	$	12,855	$	12,296	$	11,528	$	11,202	$	8,851	$	47,881	$	42,401
Return on average assets (ROAA)		1.76		1.69		1.57		1.52		0.99		1.61		1.40
Return on average equity (ROAE)		15.26		15.81		15.57		15.81		10.38		15.60		15.30
Return on average tangible common equity (ROATCE) (1)		15.99		16.65		16.43		16.75		11.03		16.44		16.49
Net interest rate spread		3.34		3.32		3.11		2.98		3.10		3.20		3.05
Net interest margin		4.01		4.02		3.84		3.63		3.77		3.87		3.75
Cost of Funds		1.88		2.07		2.18		2.25		2.31		2.10		2.31
Efficiency ratio		45.24		46.19		48.20		48.57		61.12		47.01		48.92
Noninterest income to average assets		0.47		0.48		0.39		0.43		0.53		0.44		0.49
Noninterest expense to average assets		1.89		1.94		1.91		1.85		2.47		1.90		2.08
Average interest-earning assets to average interest-bearing liabilities		1.38		1.36		1.31		1.30		1.31		1.34		1.32
Average equity to average total assets		0.12		0.11		0.10		0.10		0.09		0.11		0.09

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

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Financial Highlights (unaudited)
	As of and for the Three Months Ended															As of and for the Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Asset Quality Data:
Net charge-offs to average loans		0.01	%		0.00	%		0.01	%		0.01	%		0.00	%		0.03	%		0.01	%
Total allowance for credit losses to total loans		0.95			1.02			1.00			1.01			1.01			0.95			1.01
Total allowance for credit losses to nonperforming loans		286	%		333	%		307	%		375	%		360	%		286	%		360	%
Nonperforming loans to gross loans		0.33	%		0.31	%		0.33	%		0.27	%		0.28	%		0.33	%		0.28	%
Nonperforming assets to total assets		0.28	%		0.27	%		0.30	%		0.24	%		0.26	%		0.28	%		0.26	%

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Financial Highlights (unaudited)
	As of and for the Three Months Ended															As of and for the Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Balance Sheet and Capital Ratios (Commercial Bancgroup, Inc.)
Loan-to-deposit ratio		103.18	%		99.25	%		96.77	%		94.37	%		93.21	%		103.18	%		93.21	%
Noninterest bearing deposits to total deposits		21.91	%		22.39	%		22.53	%		22.05	%		20.46	%		21.91	%		20.46	%
Total shareholders' equity to total assets		12.44	%		11.07	%		10.40	%		9.98	%		9.57	%		12.44	%		9.57	%
Tangible common equity to tangible assets (1)		12.00	%		10.59	%		9.92	%		9.48	%		9.07	%		12.00	%		9.07	%
Tier 1 leverage ratio		12.19	%		11.03	%		10.22	%		9.63	%		9.51	%		12.19	%		9.51	%
Common equity tier 1 ratio		14.99	%		12.83	%		12.26	%		11.62	%		11.11	%		14.99	%		11.11	%
Total risk-based capital ratio		15.96	%		14.12	%		13.55	%		12.90	%		12.37	%		15.96	%		12.37	%
Other

Number of branches		34			34			34			34			34			34			34
Number of full-time equivalent employees		287			287			289			284			279			287			279

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

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Quarter End Balance Sheets (unaudited)													Table 2

(dollars in thousands)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025				December 31, 2024
Assets
Cash and due from banks	$	118,989		$	122,945		$	108,501		$	113,190			$	134,455
Federal funds sold		25,329			31,841			42,782			37,303				43,743
Investment securities		140,865			161,471			187,565			188,849				176,155
Gross loans less deferred fees and discounts		1,873,533			1,767,193			1,791,516			1,795,178				1,806,997
Allowance for credit losses		(17,830	)		(17,942	)		(17,989	)		(18,109	)			(18,205	)
Loans, net of allowance for credit losses		1,855,703			1,749,251			1,773,527			1,777,069				1,788,792
Premises and equipment, net		49,765			50,268			50,337			50,038				50,288
Foreclosed assets held for sale, net		253			533			861			565				832
Bank owned life insurance		46,648			46,482			46,480			46,191				45,883
Goodwill and other intangible assets		12,767			13,149			13,546			13,938				14,339
Deferred tax asset		1,427			1,427			1,029			1,029				1,079
Other		39,366			37,041			37,883			38,706				45,645
Total Assets	$	2,291,112		$	2,214,408		$	2,262,511		$	2,266,878			$	2,301,211

Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand		913,986			928,958			926,886			960,915				976,481
Savings, NOW and money market		414,716			382,002			382,788			390,491				385,615
Time		487,032			469,674			541,574			550,800				576,501
Total deposits		1,815,734			1,780,634			1,851,248			1,902,206				1,938,597
Short-term borrowings		88,251			62,663			46,300			5,900				3,392
Long-term debt		78,587			100,097			102,209			103,190				105,773
Interest Payable		2,962			3,410			4,545			5,157				4,225
Other Liabilities		20,488			22,451			22,941			24,246				28,968
Total Liabilities	$	2,006,022		$	1,969,255		$	2,027,243		$	2,040,699			$	2,080,955

Shareholders' Equity
Common stock		137			122			122			122				121
Additional paid-in capital		38,377			8,406			8,406			8,406				9,388
Retained earnings		247,251			237,366			227,900			219,000				212,312
Accumulated other comprehensive loss		(675	)		(741	)		(1,160	)		(1,349	)			(1,565	)
Total Shareholders' equity		285,090			245,153			235,268			226,179				220,256
Total liabilities and shareholders' equity	$	2,291,112		$	2,214,408		$	2,262,511		$	2,266,878			$	2,301,211

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Statement of Operations (unaudited)														Table 3
	As of and for the Three Months Ended											As of and for the Twelve Months Ended
(dollars in thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025			December 31, 2024		December 31, 2025			December 31, 2024
Interest and Dividend Income
Loans, including fees	$	27,866	$	28,074	$	28,432	$	27,930		$	28,422	$	112,301		$	113,391
Debt securities-taxable		739		929		1,070		975			764		3,714			2,679
Debt securities-tax-exempt		114		102		116		110			91		442			368
Dividends on restricted stock		157		156		148		160			184		621			700
Interest-bearing deposits		1,082		760		1,093		1,591			1,872		4,526			6,075
Total interest and dividend income		29,958		30,021		30,859		30,766			31,333		121,604			123,213

Interest expense
Deposits		8,441		8,654		9,717		10,294			10,377		37,107			40,352
Short-term borrowings		18		55		44		31			40		148			205
Long-term debt		689		1,090		1,039		1,101			1,149		3,919			5,072

Total interest expense		9,148		9,799		10,800		11,426			11,566		41,174			45,629
Net interest income		20,810		20,222		20,059		19,340			19,767		80,430			77,584

Provision for credit losses		150		-		-		-			5		150			1,829
Net interest income after provision for credit losses		20,660		20,222		20,059		19,340			19,762		80,280			75,755

Noninterest Income
Customer service fees		779		735		674		655			882		2,844			3,041
Net gains on sales of premises and equipment		13		20		2		(28	)		347		38			759
Net gains on sales of foreclosed assets		48		110		1		3			2		161			153
ATM fees		877		846		891		799			849		3,413			3,281
Increase in BOLI		342		306		336		308			323		1,292			1,199
Other		607		609		290		706			597		2,182			2,445

Total noninterest income		2,666		2,626		2,194		2,443			3,000		9,930			10,878

Noninterest Expense
Salaries and employee benefits		5,753		5,729		5,657		5,626			8,021		22,764			24,873
Occupancy		734		738		774		875			1,135		3,264			3,786
Data processing		1,068		1,103		1,151		1,207			842		4,530			4,235
Deposit insurance premiums		234		267		245		226			254		972			1,129
Professional fees		229		136		286		195			37		846			1,017
Depreciation and amortization		1,001		955		803		948			992		3,706			4,109
Other		1,602		1,624		1,809		1,504			2,635		6,397			6,912

Total noninterest expense		10,621		10,552		10,725		10,581			13,916		42,479			46,061

Income before income taxes		12,705		12,296		11,528		11,202			8,846		47,731			40,572
Provision for income taxes		2,792		2,829		2,658		2,510			3,235		10,789			8,886
Net Income		9,913		9,467		8,870		8,692			5,611		36,942			31,686
Less: Net Income Attributable to Noncontrolling Interest		-		-		-		-			-		-			276
Net Income attributable to Commercial Bancgroup, Inc.	$	9,913	$	9,467	$	8,870	$	8,692		$	5,611	$	36,942		$	31,410

QTD Average Balances and Yields/Rates (unaudited)														Table 4
	Three Months Ended
(dollars in thousands)	December 31, 2025								September 30, 2025
	Average Balance			Interest		Yield/ Rate			Average Balance			Interest			Yield/ Rate
Interest Earning Assets
Gross loans, net of unearned income	$	1,807,127		$	27,866		6.2	%	$	1,767,379		$	28,074			6.4	%
Investment securities		152,782			1,011		2.6	%		169,679			1,187			2.8	%
Other interest-earning assets		116,517			1,081		3.7	%		76,746			760			4.0	%
Total interest-earning assets		2,076,426			29,958		5.8	%		2,013,804			30,021			6.0	%

Noninterest-earning assets:
Allowance for credit losses		(17,954	)							(17,971	)
Noninterest-earning assets		190,810								175,036

Total Assets		2,249,282								2,170,869

Interest-bearing liabilities:
Interest-bearing DDAs		518,495			2,647		2.0	%		509,726			2,806			2.2	%
NOW, savings and MMDA deposits		427,419			1,585		1.5	%		380,421			1,396			1.5	%
Time Deposits		475,972			4,209		3.5	%		486,555			4,452			3.7	%
Federal Home Loan bank advances		60,781			444		2.9	%		61,827			455			2.9	%
Other borrowings		24,953			263		4.2	%		45,934			690			6.0	%
Total interest-bearing liabilities		1,507,620			9,148		2.4	%		1,484,463			9,799			2.6	%

Noninterest bearing liabilities:
Noninterest bearing deposits		434,578								413,376
Other liabilities		47,299								33,557
Total noninterest bearing liabilities		481,877								446,933
Shareholders' equity		259,785								239,473
Total liabilities and shareholders' equity		2,249,282								2,170,869
Net interest income					20,810								20,222
Net interest spread							3.3	%								3.3	%
Net interest margin							4.0	%								4.0	%

Cost interest bearing deposits							2.37	%								2.51	%
Cost of funds							2.43	%								2.64	%

YTD Average Balances and Yields/Rates (unaudited)														Table 5
	Twelve Months Ended
	December 31, 2025								December 31, 2024
(dollars in thousands)	Average Balance			Interest		Yield/ Rate			Average Balance			Interest			Yield/ Rate

Interest Earning Assets
Gross loans, net of unearned income		1,791,550			112,301		6.27	%		1,738,433			113,391			6.52	%
Investment securities		173,927			4,777		2.75	%		204,554			3,747			1.83	%
Other interest-earning assets		112,578			4,526		4.02	%		123,380			6,075			4.92	%
Total interest-earning assets		2,078,055			121,604		5.85	%		2,066,367			123,213			5.96	%

Noninterest-earning assets:
Allowance for credit losses		(18,102	)							(17,568	)
Noninterest-earning assets		179,515								168,624

Total Assets		2,239,468								2,217,423

Interest-bearing liabilities:
Interest-bearing DDAs		533,325			11,730		2.20	%		497,662			11,757			2.36	%
NOW, savings and MMDA deposits		396,126			5,902		1.49	%		403,563			6,665			1.65	%
Time Deposits		519,390			19,475		3.75	%		546,599			21,931			4.01	%
Short-term borrowings
Federal Home Loan bank advances		62,419			1,778		2.85	%		72,540			1,983			2.73	%
Other borrowings		40,109			2,288		5.71	%		47,746			3,293			6.90	%
Total interest-bearing liabilities		1,551,369			41,173		2.65	%		1,568,110			45,629			2.91	%

Noninterest bearing liabilities:
Noninterest bearing deposits		412,956								409,405
Other liabilities		38,373								33,286
Total noninterest bearing liabilities		451,329								442,691
Shareholders' equity		236,770								206,622
Total liabilities and shareholders' equity		2,239,468								2,217,423
Net interest income					80,431								77,584
Net interest spread							3.20	%								3.05	%
Net interest margin							3.87	%								3.75	%

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Loan Data (unaudited)																					Table 6
	As of Quarter Ended
	December 31, 2025					September 30, 2025					June 30, 2025					March 31, 2025					December 31, 2024
(dollars in thousands)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Real Estate Loans
Commercial		1,113,440		57	%		1,002,192		57	%		1,016,229		57	%		1,029,444		57	%		1,006,207		55	%
Construction and land development		176,688		11	%		201,399		11	%		189,187		11	%		180,066		10	%		199,800		11	%
Residential		377,943		21	%		376,769		21	%		376,442		21	%		372,338		21	%		369,308		20	%
Other		14,824		1	%		14,831		1	%		15,290		1	%		16,406		1	%		16,816		1	%
Commercial		174,248		9	%		154,732		9	%		178,832		10	%		182,186		10	%		201,593		11	%
Consumer		15,417		1	%		16,009		1	%		14,636		1	%		14,908		1	%		15,214		1	%
Other		7,450		0	%		7,642		0	%		7,772		0	%		7,505		0	%		6,744		0	%
Total loans		1,880,010		100	%		1,773,574		100	%		1,798,388		100	%		1,802,853		100	%		1,815,682		100	%
Deferred loan fees and discounts		6,477					6,381					6,872					7,675					8,685
Allowance for credit losses		17,830					17,942					17,989					18,109					18,205
Loans, net		1,855,703					1,749,251					1,773,527					1,777,069					1,788,792

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Nonperforming Assets (unaudited)													Table 7
	As of the Quarter Ended
(dollars in thousands)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025				December 31, 2024

Nonaccrual loans	$	6,245		$	5,390		$	5,846		$	4,808			$	5,059
Past due loans 90 days and still accruing		-			-			6			20				2
Total nonperforming loans		6,245			5,390			5,852			4,828				5,061
Other real estate owned		253			533			861			565				832
Total nonperforming assets	$	6,498		$	5,923		$	6,713		$	5,393			$	5,893

Allowance for credit losses	$	17,830		$	17,942		$	17,989		$	18,109			$	18,205
Total loans outstanding at end of period	$	1,873,533		$	1,767,193		$	1,791,516		$	1,795,178			$	1,806,997

Nonperforming loans to total loans		0.33	%		0.31	%		0.33	%		0.27	%			0.28	%
Nonperforming assets to total loans and OREO		0.35	%		0.34	%		0.37	%		0.30	%			0.33	%
Allowance for credit losses to nonperforming loans		286	%		333	%		307	%		375	%			360	%
Allowance for credit losses to total loans		0.95	%		1.02	%		1.00	%		1.01	%			1.01	%
Nonaccrual loans to total assets		0.27	%		0.24	%		0.26	%		0.21	%			0.22	%
Nonperforming assets to total assets		0.28	%		0.27	%		0.30	%		0.24	%			0.26	%

Allowance for credit losses (unaudited)																			Table 8
	As of and for the Three Months Ended															As of and for the Twelve Months Ended
(dollars in thousands)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025				December 31, 2024

Average loans outstanding	$	1,807,127		$	1,767,379		$	1,795,846		$	1,794,477		$	1,769,580		$	1,791,550			$	1,738,433
Total loans outstanding at end of period		1,873,533			1,767,193			1,791,516			1,795,178			1,806,997			1,873,533				1,806,997
Balance, beginning of period		17,942			17,989			18,109			18,205			18,291			18,205				16,635
Charge-offs:
Commercial real estate		(284	)		-			(18	)		-			-			(301	)			(49	)
Construction and land development		-			-						-			-
Residential real estate		-			-			(121	)		-			(105	)		(121	)			(52	)
Commercial		(48	)		-			-			(314	)		(5	)		(362	)			(177	)
Consumer and other		(13	)		(186	)		(34	)		(17	)		-			(251	)			(151	)
Total charge-offs		(345	)		(186	)		(173	)		(331	)		(110	)		(1,035	)			(429	)

Recoveries:
Commercial real estate		-			108			33			10			19			151				75
Construction and land development		-			-			-			202			-			202
Residential real estate		20			26			2			16			-			64				9
Commercial		7			1			3			-			-			11				54
Consumer and other		56			4			15			7			5			83				32
Total recoveries		83			139			53			235			24			511				170

Net (charge-offs) recoveries		(262	)		(47	)		(120	)		(96	)		(86	)		(524	)			(259	)
Provision for credit losses		150			-			-			-			-			150				1,829
Balance at end of period	$	17,830		$	17,942		$	17,989		$	18,109		$	18,205		$	17,831			$	18,205
Ratio of allowance to end of period loans		0.95	%		1.02	%		1.00	%		1.01	%		1.01	%		0.95	%			1.01	%
Ratio of net (charge-offs) recoveries to average loans		-0.01	%		0.00	%		-0.01	%		-0.01	%		0.00	%		-0.03	%			-0.01	%

Commercial Bancgroup, Inc.
Financial Tables
(Unaudited)

Loan Risk Ratings (unaudited)

Table 9

As of the Quarter Ended

(dollars in thousands)

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

Real Estate Loans

Commercial

Pass

1,104,532

999,788

Commercial Bancgroup, Inc. Announces Results for the Fourth Quarter 2025