Commercial Bancgroup, Inc. Announces Results for the Second Quarter 2026
HARROGATE, TN / ACCESS Newswire / July 27, 2026 / Commercial Bancgroup, Inc. ("Commercial" or the "Company") (NASDAQ:CBK), the parent company of Commercial Bank (the "Bank"), today announced net income of $10.2 million, or $0.75 per common share, for the second quarter of 2026, compared to net income of $8.9 million, or $0.73 per common share, for the second quarter of 2025. Core (net of any one-time adjustments) net income was $10.2 million, or $0.75 per common share, for the second quarter of 2026, compared to core net income of $9.1 million, or $0.75 per common share, for the second quarter of 2025.
Prior to Commercial's initial public offering ("IPO") of its common stock in October 2025, Commercial had three classes of common stock outstanding: common stock, Class B common stock, and Class C common stock. On September 18, 2025, Commercial's charter was amended and restated. The Company's amended and restated charter provided for, among other things:
effective upon the filing of the amended and restated charter, the reclassification and conversion of (i) each outstanding share of Class B common stock into 1.15 shares of common stock and (ii) each outstanding share of Class C common stock into 1.05 shares of common stock (collectively, the "Stock Reclassification"); and
effective immediately following the Stock Reclassification, a 250-for-1 forward stock split in respect of the outstanding shares of our common stock (the "Stock Split").
Our financial statements, including earnings per share and book value per share, reflect the stock Reclassification and Stock Split retroactively. Because the IPO occurred after September 30, 2025, the financial impacts of the IPO are reflected for the fourth quarter of 2025 in the financial statements presented in this press release.
Second Quarter 2026 Performance Highlights:
Net income of $10.2 million or $0.75 per common share; Core net income of $10.2 million or $0.75 per common share (see non-GAAP reconciliation)
Return on average assets ("ROAA") of 1.78%; Core ROAA of 1.78% (see non-GAAP reconciliation)
Return on average equity ("ROAE") of 13.73%; Core ROAE of 13.73% (see non-GAAP reconciliation)
Return on average tangible common equity ("ROATCE") of 14.26%; Core ROATCE of 14.26% (see non-GAAP reconciliation)
Net interest margin of 4.06%, an increase of 18 basis points from the first quarter of 2026
Core efficiency ratio of 44.99% (see non-GAAP reconciliation)
Loans outstanding net of deferred fees and discounts increased $48.4 million during the quarter, or 2.6% from the first quarter of 2026
Book value per share increased $0.66, or 3.1%, to $22.09 and tangible book value per share increased $0.68, or 3.3%, to $21.28 at June 30, 2026 from $21.43 and $20.60, respectively, at March 31, 2026 (see non-GAAP reconciliation)
Net charge-offs to average loans of 0.00% and nonperforming assets to total assets of 0.31%
Year-To-Date Highlights:
Net income of $19.8 million or $1.44 per common share for the six months ended June 30, 2026, compared to $17.6 million or $1.44 per common share for the six months ended June 30, 2025
ROAA of 1.72% for the six months ended June 30, 2026, compared to 1.55% for the six months ended June 30, 2025
ROAE of 13.48% for the six months ended June 30, 2026, compared to 15.71% for the six months ended June 30, 2025
Total operating revenue of $47.2 million for the six months ended June 30, 2026, compared to $44.1 million for the six months ended June 30, 2025
Non-interest expense of $22.0 million for the six months ended June 30, 2026, compared to $21.3 million for the six months ended June 30, 2025
Book value per share of $22.09 as of June 30, 2026, compared to $19.22 as of June 30, 2025
Tangible book value per share of $21.28 as of June 30, 2026, compared to $18.22 as of June 30, 2025 (see non-GAAP reconciliation)
Core efficiency ratio of 45.2% for the six months ended June 30, 2026, compared to 47.7% for the six months ended June 30, 2025 (see non-GAAP reconciliation)
Balance Sheet Trends
Total assets were $2.4 billion as of June 30, 2026, compared to $2.3 billion as of June 30, 2025.
Loans outstanding net of deferred fees and discounts were $1.9 billion as of June 30, 2026, an increase of $149.0 million, or 8.3%, from June 30, 2025.
As of June 30, 2026, the Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 14.0%, a Tier 1 risk-based capital ratio of 13.0%, a common equity Tier 1 capital ratio of 13.0%, and a Tier 1 leverage ratio of 11.6%.
Total deposits were $1.9 billion as of June 30, 2026, an increase of $21.9 million, or 1.2%, from June 30, 2025.
Noninterest bearing demand deposits increased $12.7 million, or 3.0%, to $428.4 million as of June 30, 2026, from $415.7 million as of June 30, 2025.
Non-brokered deposits were $1.8 billion as of June 30, 2026, an increase of $91.8 million, or 5.3%, from June 30, 2025. This increase was primarily driven by normal customer business cycles and deposit growth.
Asset quality declined slightly with nonperforming assets to total assets of 0.31% as of June 30, 2026 as compared to 0.30% as of June 30, 2025. The allowance for credit losses to total loans decreased to 0.96% as of June 30, 2026 from 1.00% as of June 30, 2025.
Net Income Before Income Taxes
Net income before income taxes was $12.9 million for the three months ended June 30, 2026, an increase of $1.3 million, or 11.6%, from the three months ended June 30, 2025. The increase was primarily the result of an increase in net interest income after provision for credit losses of $1.1 million or 5.3% and an increase in non-interest income of $0.4 million or 19.2%. These increases were offset by an increase of noninterest expense of $0.1 million or 1.4%.
Non-Interest Income
Non-interest income was $2.7 million for the three months ended June 30, 2026, an increase of $0.4 million, or 19.2%, as compared to the three months ended June 30, 2025. This increase was primarily due to an increase in customer service and ATM fees.
About Commercial Bancgroup, Inc.
Commercial Bancgroup, Inc. is a bank holding company headquartered in Harrogate, Tennessee. Through our wholly owned subsidiary, Commercial Bank, a Tennessee state-chartered bank, we offer a suite of traditional consumer and commercial banking products and services to businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee. More information about Commercial can be found on its website at www.cbtn.com.
Commercial Bancgroup, Inc.
Financial Tables
Table 1A
For the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
30,154
$
29,463
$
29,958
$
30,021
$
30,859
$
59,617
$
61,625
8,639
8,985
9,148
9,799
10,800
17,624
22,226
21,515
20,478
20,810
20,222
20,059
41,993
39,399
399
122
463
-
-
521
-
21,116
20,356
20,347
20,222
20,059
41,472
39,399
2,650
2,591
2,667
2,626
2,224
5,241
4,667
10,872
11,087
10,623
10,552
10,725
21,959
21,306
12,894
11,860
12,391
12,296
11,558
24,754
22,760
2,678
2,326
2,224
2,829
2,658
5,004
5,168
10,216
9,534
10,167
9,467
8,900
19,750
17,592
-
-
-
-
-
-
-
10,216
9,534
10,167
9,467
8,900
19,750
17,592
-
470
-
-
226
470
231
10,216
10,004
10,167
9,467
9,126
20,220
17,823
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10
Financial Highlights (Unaudited)
For the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
0.75
$
0.70
$
0.74
$
0.77
$
0.73
$
1.44
$
1.44
$
0.74
$
0.70
$
0.74
$
0.77
$
0.73
$
1.44
$
1.44
$
0.75
$
0.73
$
0.74
$
0.77
$
0.75
$
1.48
$
1.46
$
22.09
$
21.43
$
20.83
$
20.03
$
19.22
$
22.09
$
19.22
$
21.28
$
20.60
$
19.98
$
19.05
$
18.22
$
21.28
$
18.22
13,701,270
13,697,987
13,697,987
12,239,644
12,239,644
13,701,270
12,239,644
13,700,296
13,697,987
13,697,987
12,239,644
12,239,644
13,699,148
12,188,624
13,722,727
13,712,162
13,704,030
12,240,568
12,239,644
13,721,579
12,188,624
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10
Financial Highlights (Unaudited)
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
2,376,584
$
2,328,789
$
2,291,455
$
2,214,408
$
2,262,511
$
2,376,584
$
2,262,511
38,553
42,175
43,137
29,556
30,113
38,553
30,113
94,343
96,387
97,728
131,915
157,452
94,343
157,452
1,940,536
1,892,174
1,873,533
1,767,193
1,791,516
1,940,536
1,791,516
18,722
18,329
18,096
17,942
17,989
18,722
17,989
12,012
12,392
12,767
13,149
13,546
12,012
13,546
1,873,172
1,892,217
1,815,734
1,780,634
1,851,248
1,873,172
1,851,248
1,709,887
1,744,967
1,663,931
1,630,897
1,628,181
1,709,887
1,628,181
175,817
118,248
166,838
162,760
148,509
175,817
148,509
302,618
293,518
285,344
245,153
235,268
302,618
235,268
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10
Table 1B
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
13,293
$
11,982
$
12,854
$
12,296
$
11,558
$
25,275
$
22,760
1.78
1.66
1.81
1.74
1.57
1.72
1.55
13.73
13.22
15.46
15.81
15.57
13.48
15.71
1.78
1.74
1.81
1.74
1.62
1.76
1.57
14.26
13.76
16.40
16.65
16.43
14.02
16.94
3.44
3.27
3.34
3.32
3.11
3.35
3.07
4.06
3.88
4.01
4.02
3.84
3.97
3.73
1.75
1.82
1.88
2.07
2.18
1.78
2.21
Efficiency ratio
44.99
48.06
45.25
46.18
48.13
46.49
48.35
44.99
45.45
45.25
46.18
46.78
45.21
47.65
0.46
0.45
0.47
0.48
0.39
0.46
0.41
1.89
1.93
1.87
1.94
1.91
1.91
1.88
1.38
1.36
1.38
1.36
1.31
1.37
1.31
0.13
0.13
0.12
0.11
0.10
0.13
0.10
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
0.00
%
0.01
%
0.01
%
0.00
%
0.01
%
-0.01
%
0.01
%
0.96
%
0.97
%
0.97
%
1.02
%
1.00
%
0.96
%
1.00
%
281
%
313
%
290
%
333
%
307
%
281
%
307
%
0.34
%
0.31
%
0.33
%
0.31
%
0.33
%
0.34
%
0.33
%
0.31
%
0.28
%
0.28
%
0.27
%
0.30
%
0.31
%
0.30
%
Financial Highlights (Unaudited)
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
102.60
%
99.03
%
102.19
%
98.24
%
95.80
%
102.60
%
95.80
%
22.87
%
21.22
%
21.91
%
22.39
%
22.53
%
22.87
%
22.53
%
12.73
%
12.60
%
12.45
%
11.07
%
10.40
%
12.73
%
10.40
%
12.33
%
12.18
%
12.01
%
10.59
%
9.92
%
12.33
%
9.92
%
12.70
%
12.32
%
12.19
%
11.03
%
10.22
%
12.70
%
10.22
%
14.55
%
14.73
%
14.99
%
12.83
%
12.26
%
14.55
%
12.26
%
15.48
%
15.68
%
15.96
%
14.12
%
13.55
%
15.48
%
13.55
%
34
34
34
34
34
34
34
293
287
287
287
289
293
289
(1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures" and reconciliation of non-GAAP financial measures at table 10
Table 2
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
$
161,327
$
151,610
$
118,989
$
122,945
$
108,501
8,787
16,784
25,329
31,841
42,782
132,896
138,562
140,865
161,471
187,565
1,940,536
1,892,174
1,873,533
1,767,193
1,791,516
(18,722
)
(18,329
)
(18,096
)
(17,942
)
(17,989
)
1,921,813
1,873,845
1,855,437
1,749,251
1,773,527
50,145
49,445
49,765
50,268
50,337
755
575
253
533
861
46,619
46,469
46,648
46,482
46,480
12,012
12,392
12,767
13,149
13,546
1,076
1,056
1,003
1,427
1,029
41,153
38,049
40,399
37,041
37,883
$
2,376,584
$
2,328,789
$
2,291,455
$
2,214,408
$
2,262,511
942,633
973,678
913,986
928,958
926,886
413,904
415,132
414,716
382,002
382,788
516,635
503,408
487,032
469,674
541,574
1,873,172
1,892,217
1,815,734
1,780,634
1,851,248
102,570
45,068
88,251
62,663
46,300
73,247
73,181
78,587
100,097
102,209
2,575
2,644
2,962
3,410
4,545
22,402
22,161
20,576
22,451
22,941
2,073,966
2,035,271
2,006,110
1,969,255
2,027,243
137
137
137
122
122
38,683
38,536
38,377
8,406
8,406
264,515
255,670
247,505
237,366
227,900
(717
)
(825
)
(675
)
(741
)
(1,160
)
302,618
293,518
285,344
245,153
235,268
$
2,376,584
$
2,328,789
$
2,291,454
$
2,214,408
$
2,262,511
Table 3
For the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
28,396
$
27,675
$
27,866
$
28,074
$
28,432
$
56,071
$
56,362
832
838
739
929
1,070
1,670
2,045
109
114
114
102
116
223
226
151
147
157
156
148
298
308
666
689
1,082
760
1,093
1,355
2,684
30,154
29,463
29,958
30,021
30,859
59,617
61,625
8,032
8,315
8,441
8,654
9,717
16,347
20,011
40
47
18
55
44
87
75
567
623
689
1,090
1,039
1,190
2,140
8,639
8,985
9,148
9,799
10,800
17,624
22,226
21,515
20,478
20,810
20,222
20,059
41,993
39,399
399
122
463
-
-
521
-
21,116
20,356
20,347
20,222
20,059
41,472
39,399
774
781
779
735
674
1,555
1,329
30
-
44
20
32
30
4
-
107
48
110
-
107
3
977
854
877
846
892
1,831
1,691
315
312
342
306
336
627
644
554
537
577
609
290
1,091
996
2,650
2,591
2,667
2,626
2,224
5,241
4,667
$
5,683
$
5,716
$
5,753
$
5,729
$
5,657
$
11,399
$
11,283
856
843
877
738
916
1,699
1,791
1,099
1,101
1,068
1,103
1,151
2,200
2,358
202
242
234
267
245
444
471
440
209
229
136
286
649
481
942
933
1,001
955
803
1,875
1,751
1,650
1,440
1,461
1,624
1,667
3,090
3,171
-
603
-
-
-
603
-
10,872
11,087
10,623
10,552
10,725
21,959
21,306
12,894
11,860
12,391
12,296
11,558
24,754
22,760
2,678
2,326
2,224
2,829
2,658
5,004
5,168
10,216
9,534
10,167
9,467
8,900
19,750
17,592
-
-
-
-
-
-
-
$
10,216
$
9,534
$
10,167
$
9,467
$
8,900
$
19,750
$
17,592
QTD Average Balances and Yields/Rates (unaudited)
Table 4
Three Months Ended
June 30, 2026
March 31, 2026
December 31, 2025
Average Balance
Interest
Yield/ Rate
Average Balance
Interest
Yield/ Rate
Average Balance
Interest
Yield/ Rate
$
1,902,119
$
28,396
6.0
%
$
1,883,103
$
27,675
5.9
%
$
1,807,127
$
27,866
6.2
%
138,726
1,092
3.1
%
140,223
1,099
3.1
%
152,782
1,010
2.6
%
77,015
666
3.5
%
85,953
689
3.2
%
116,517
1,082
3.7
%
2,117,860
30,154
5.7
%
2,109,279
29,463
5.6
%
2,076,426
29,958
5.8
%
(18,497
)
(18,283
)
(17,954
)
202,388
205,119
190,810
2,301,751
2,296,115
2,249,282
540,531
2,501
1.9
%
575,981
2,809
2.0
%
518,495
2,647
2.0
%
417,468
1,415
1.4
%
412,533
1,425
1.4
%
427,419
1,585
1.5
%
494,379
4,116
3.3
%
479,804
4,081
3.4
%
475,972
4,209
3.5
%
60,270
452
3.0
%
60,522
467
3.1
%
60,781
444
2.9
%
18,050
155
3.4
%
20,355
203
4.0
%
24,953
263
4.2
%
1,530,698
8,639
2.3
%
1,549,195
8,985
2.3
%
1,507,620
9,148
2.4
%
444,701
430,842
434,578
28,723
27,593
47,299
473,424
458,435
481,877
297,631
288,485
259,785
2,301,753
2,296,115
2,249,282
21,515
20,478
20,810
3.44
%
3.27
%
3.40
%
4.06
%
3.88
%
4.01
%
1.69
%
1.75
%
1.82
%
1.75
%
1.82
%
1.88
%
YTD Average Balances and Yields/Rates (unaudited)
Table 5
Six Months Ended
June 30, 2026
June 30, 2025
Average Balance
Interest
Yield/ Rate
Average Balance
Interest
Yield/ Rate
1,892,611
56,071
5.9
%
1,795,846
56,362
6.3
%
139,475
2,191
3.1
%
186,623
2,579
2.8
%
81,484
1,355
3.3
%
128,525
2,684
4.2
%
2,113,570
59,617
5.6
%
2,110,994
61,625
5.8
%
(18,390
)
(18,242
)
203,754
176,107
2,298,934
2,268,859
558,256
5,310
1.9
%
552,539
6,277
2.3
%
415,001
2,840
1.4
%
388,331
2,922
1.5
%
487,092
8,197
3.4
%
557,517
10,813
3.9
%
60,396
919
3.0
%
63,534
74
0.2
%
19,203
358
3.7
%
44,774
2,140
9.6
%
1,539,948
17,624
2.3
%
1,606,695
22,226
2.8
%
437,772
401,935
28,158
36,319
465,930
438,254
293,058
223,912
2,298,936
2,268,861
41,993
39,399
3.35
%
3.07
%
3.97
%
3.73
%
1.72
%
2.11
%
1.78
%
2.21
%
Loan Data (unaudited)
Table 6
As of Quarter Ended
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
Amount
% of Total
Amount
% of Total
Amount
% of Total
Amount
% of Total
Amount
% of Total
$
1,140,480
59
%
$
1,114,516
59
%
$
1,113,440
59
%
$
1,002,192
57
%
$
1,016,229
57
%
201,781
10
%
195,189
10
%
176,688
9
%
201,399
11
%
189,187
11
%
387,142
20
%
383,346
20
%
377,943
20
%
376,769
21
%
376,442
21
%
18,336
1
%
14,511
1
%
14,824
1
%
14,831
1
%
15,290
1
%
179,935
9
%
171,029
9
%
174,248
9
%
154,732
9
%
178,832
10
%
19,535
1
%
19,497
1
%
22,867
1
%
23,651
1
%
22,408
1
%
1,947,209
100
%
1,898,088
100
%
1,880,010
100
%
1,773,574
100
%
1,798,388
100
%
6,673
5,914
6,477
6,381
6,872
18,722
18,329
18,096
17,942
17,989
1,921,813
1,873,845
1,855,437
1,749,251
1,773,527
Nonperforming Assets (Unaudited)
Table 7
As of the Quarter Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
$
6,661
$
5,861
$
6,245
$
5,390
$
5,846
-
-
-
-
6
6,661
5,861
6,245
5,390
5,852
755
575
253
533
861
$
7,416
$
6,436
$
6,498
$
5,923
$
6,713
$
18,722
$
18,329
$
18,096
$
17,942
$
17,989
$
1,940,536
$
1,892,174
$
1,873,533
$
1,767,193
$
1,791,516
0.34
%
0.31
%
0.33
%
0.31
%
0.33
%
0.38
%
0.34
%
0.35
%
0.34
%
0.37
%
281
%
313
%
290
%
333
%
307
%
0.96
%
0.97
%
0.97
%
1.02
%
1.00
%
0.28
%
0.25
%
0.27
%
0.24
%
0.26
%
0.31
%
0.28
%
0.28
%
0.27
%
0.30
%
Allowance for credit losses (unaudited)
Table 8
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
1,902,136
$
1,883,103
$
1,807,127
$
1,767,379
$
1,794,477
$
1,892,611
$
1,795,846
1,940,536
1,892,174
1,873,533
1,767,193
1,791,516
1,940,536
1,791,516
18,329
18,096
17,942
17,989
18,109
18,096
18,205
-
-
(284
)
-
(18
)
-
(18
)
-
-
-
-
-
-
-
-
-
-
-
(121
)
-
(121
)
-
-
(48
)
-
-
-
(314
)
(18
)
(15
)
(13
)
(186
)
(34
)
(33
)
(51
)
(18
)
(15
)
(345
)
(186
)
(173
)
(33
)
(504
)
-
114
-
108
33
114
43
-
-
-
-
-
-
-
202
1
-
20
26
2
1
18
1
1
7
1
3
2
3
5
11
56
4
15
16
22
7
126
83
139
53
133
288
(11
)
111
(262
)
(47
)
(120
)
100
(216
)
404
122
416
-
-
526
-
$
18,722
$
18,329
$
18,096
$
17,942
$
17,989
$
18,722
$
17,989
0.96
%
0.97
%
0.97
%
1.02
%
1.00
%
0.96
%
1.00
%
0.00
%
0.01
%
-0.01
%
0.00
%
-0.01
%
0.01
%
-0.01
%
Loan Risk Ratings (Unaudited)
Table 9
As of the Quarter Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
$
1,131,324
$
1,105,529
$
1,104,532
$
999,788
$
1,012,190
8,835
8,897
8,814
1,776
2,515
321
90
94
628
1,524
$
1,140,480
$
1,114,516
$
1,113,440
$
1,002,192
$
1,016,229
$
201,389
$
194,983
$
176,014
$
201,363
$
189,149
359
171
78
-
-
32
35
596
36
38
$
201,781
$
195,189
$
176,688
$
201,399
$
189,187
$
380,157
$
377,179
$
371,583
$
371,226
$
371,353
631
545
833
838
849
6,354
5,622
5,527
4,705
4,240
$
387,142
$
383,346
$
377,943
$
376,769
$
376,442
$
18,336
$
14,511
$
14,824
$
14,831
$
15,290
-
-
-
-
-
-
-
-
-
-
$
18,336
$
14,511
$
14,824
$
14,831
$
15,290
$
179,002
$
170,093
$
173,324
$
153,819
$
177,969
685
701
793
733
747
248
235
131
180
116
$
179,934
$
171,029
$
174,248
$
154,732
$
178,832
$
19,423
$
19,399
$
22,768
$
23,616
$
22,367
34
44
21
5
6
78
54
79
30
36
$
19,535
$
19,497
$
22,868
$
23,651
$
22,409
$
1,929,632
$
1,881,694
$
1,863,045
$
1,764,643
$
1,788,318
10,543
10,358
10,539
3,352
4,117
7,034
6,036
6,427
5,579
5,954
$
1,947,209
$
1,898,088
$
1,880,011
$
1,773,574
$
1,798,389
Non-GAAP Financial Measures
This press release contains certain financial measure(s) that are not financial measure(s) recognized under generally accepted accounting principles in the U.S. ("GAAP") and, therefore, are considered non-GAAP financial measure(s) and should be read along with the accompanying reconciliation of non-GAAP financial measure(s) to GAAP financial measure(s). We use non-GAAP financial measures, certain of which are included in this press release, both to explain our operating results to shareholders and the investment community and to evaluate, analyze, and manage our business. We believe that these non-GAAP financial measures provide a better understanding of ongoing operations, enhance the comparability of results across periods, and enable investors to better understand our performance. Our management believes that the "core" metrics described below and used in this press release assist users of the Company's financial statements with their financial analysis period-over-period as they exclude certain non-recurring items. However, non-GAAP financial measures should not be considered in isolation and should be considered supplemental in nature and not as a substitute for or superior to the most directly comparable or other financial measures calculated in accordance with GAAP. Additionally, the manner in which the non-GAAP financial measure(s) contained in this press release are calculated may differ from the manner in which measures with similar names are calculated by other companies. You should understand how other companies calculate their financial measures similar to, or with names similar to, the non-GAAP financial measure(s) contained in this press release when comparing such financial measures.
The non-GAAP financial measures in this press release include the following:
Core deposits. We calculate core deposits by excluding jumbo time deposits (deposits greater than or equal to $250,000) from total deposits.
Core net income. We define core net income as net income plus non-recurring expenses, net of the related tax effect of non-recurring expenses.
Core net income per share. We define core net income per share as core net income divided by weighted average common shares outstanding.
Core ROAA. We define core ROAA as core net income divided by average assets, with average assets based upon the average daily balance of total assets in each period.
Core return on average tangible common equity. We define core return on average tangible common equity as core net income divided by total average shareholders' equity less average intangible assets (goodwill and core deposit intangibles).
Pre-tax pre-provision net income. We define pre-tax pre-provision net income as pre-tax net income plus provision for loan and lease losses.
Core efficiency ratio. We define core efficiency ratio as noninterest expenses (less non-recurring expenses), divided by operating revenue (net interest plus total noninterest income). This ratio is an indicator used by our management to assess operating efficiencies and is intended to demonstrate how efficiently our management is controlling expenses relative to generating revenues on our core activities.
Pre-tax, pre-provision ROAA. We define pre-tax, pre-provision ROAA as pre-tax, pre-provision net income divided by average assets calculated based upon the average daily balance of total assets in each year.
Tangible assets. We define tangible assets as total assets less goodwill and other intangible assets.
Return on average tangible common equity ROATCE. We define return on average tangible common equity ROATC as net income divided by average common equity calculated based as total average shareholders' equity less average intangible assets net of tax benefit.
Tangible book value per share. We define tangible book value per share as our tangible common equity, which is shareholders' equity reduced by goodwill and other intangible assets, divided by diluted weighted average shares outstanding.
Tangible common equity to tangible assets. We define tangible common equity to tangible assets as tangible common equity divided by tangible assets calculated based as total assets net of intangible assets.
The following table provides a reconciliation of the above non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.
Non-GAAP Reconciliations (unaudited)
As of and for the Three Months Ended
As of and for the Six
Months Ended
June 30,
2026
March 31,
2026
December 31, 2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
12,894
$
11,860
$
12,391
$
12,296
$
11,558
$
24,754
$
22,760
399
122
463
-
-
521
-
$
13,293
$
11,982
$
12,854
$
12,296
$
11,558
$
25,275
$
22,760
$
302,618
$
293,518
$
285,344
$
245,153
$
235,268
302,618
235,268
-
8,511
8,511
8,511
8,511
8,511
8,511
8,511
2,594
2,875
3,164
3,448
3,744
2,594
3,744
$
291,513
$
282,132
$
273,669
$
233,194
$
223,013
$
291,513
$
223,013
$
297,631
$
288,485
$
259,784
$
239,473
$
227,883
$
293,058
$
223,912
11,105
11,386
11,767
11,980
11,997
$
11,245
13,497
-
-
-
-
-
-
2,701
286,526
277,099
248,017
227,493
215,886
281,813
207,714
10,216
9,534
10,167
9,467
8,900
19,750
17,592
14.26
%
13.76
%
16.40
%
16.65
%
16.49
%
14.02
%
16.94
%
$
291,513
$
282,132
$
273,669
$
233,194
$
223,013
$
291,513
$
223,013
13,700,296
13,697,987
13,697,987
12,239,644
12,239,644
13,699,148
12,188,624
$
21.28
$
20.60
$
19.98
$
19.05
$
18.22
$
21.28
$
18.22
As of and for the Three Months Ended
As of and for the Six Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30, 2025
June 30,
2025
June 30,
2026
June 30,
2025
$
291,513
$
282,132
$
273,669
$
233,194
$
223,013
$
291,513
$
223,013
2,376,584
2,328,789
2,291,455
2,214,408
2,262,511
2,376,584
2,262,511
12,012
12,392
12,767
13,149
13,546
12,012
13,546
2,364,572
2,316,397
2,278,688
2,201,258
2,248,965
2,364,572
2,248,965
12.33
%
12.18
%
12.01
%
10.59
%
9.92
%
12.33
%
9.92
%
$
1,873,172
$
1,892,217
$
1,815,734
$
1,780,634
$
1,851,248
$
1,873,172
1,851,248
107,910
105,717
103,833
101,767
97,844
107,910
97,844
55,375
41,533
47,970
47,970
125,223
55,375
125,223
$
1,709,887
$
1,744,967
$
1,663,931
$
1,630,897
$
1,628,181
$
1,709,887
$
1,628,181
$
10,216
$
9,534
$
10,167
$
9,467
$
8,900
$
19,750
$
17,592
-
603
-
-
302
603
309
-
(133
)
-
-
(76
)
(133
)
(78
)
$
10,216
$
10,004
$
10,167
$
9,467
$
9,126
$
20,220
17,823
$
10,216
$
10,004
$
10,167
$
9,467
$
9,126
$
20,220
$
17,823
13,700,296
13,697,987
13,697,987
12,239,644
12,239,644
13,699,148
12,188,624
$
0.75
$
0.73
$
0.74
$
0.77
$
0.75
$
1.48
$
1.46
$
10,216
$
10,004
$
10,167
$
9,467
$
9,126
$
20,220
$
17,823
2,301,752
2,296,115
2,249,282
2,170,869
2,248,134
2,298,934
2,268,859
1.78
%
1.74
%
1.81
%
1.74
%
1.62
%
1.76
%
1.57
%
$
286,526
$
277,099
$
248,017
$
227,493
$
215,886
$
281,813
$
207,714
10,216
10,004
10,167
9,467
9,126
20,220
17,823
14.26
%
14.44
%
16.40
%
16.65
%
16.91
%
14.35
%
17.16
%
$
21,515
$
20,478
$
20,810
$
20,222
$
20,059
$
41,993
$
39,399
2,650
2,591
2,667
2,626
2,224
5,241
4,667
$
24,165
$
23,069
$
23,477
$
22,848
$
22,283
$
47,234
44,066
10,872
11,087
10,623
10,552
10,725
21,959
21,306
-
603
-
-
302
603
309
10,872
10,484
10,623
10,552
10,423
21,356
20,997
44.99
%
45.45
%
45.25
%
46.18
%
46.78
%
45.21
%
47.65
%
Efficiency ratio
44.99
%
48.06
%
45.25
%
46.18
%
48.13
%
46.49
%
48.35
%
Contacts:
Philip J. Metheny
Sr. Executive Vice President, Chief Financial Officer
Commercial Bancgroup, Inc.
[email protected]
423-869-5151
Roger Mobley
Executive Vice President, Chief Financial Officer
Commercial Bank
[email protected]
704-648-0185
SOURCE: Commercial Bancgroup, Inc.