The purpose of this discussion and analysis is to focus on significant changes in the financial condition of Red River Bancshares, Inc. on a consolidated basis from December 31, 2025 through June 30, 2026, and on our results of operations for the quarters ended June 30, 2026 and March 31, 2026, and for the six months ended June 30, 2026 and June 30, 2025. This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025, and information presented elsewhere in this Report, particularly the unaudited consolidated financial statements and related notes appearing in Item 1. The following discussion contains forward-looking statements that reflect our current views with respect to, among other things, future events and our financial performance. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. See “Cautionary Note Regarding Forward-Looking Statements” and “Part II - Item 1A. Risk Factors” in this Report. Also, see risk factors and other cautionary statements described in “Part I - Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025. CORPORATE SUMMARY Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and two combined LDPOs, one each in Lafayette, Louisiana, and Shreveport, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria MSA; Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes the Slidell-Mandeville-Covington MSA; Acadiana, which includes the Lafayette MSA; and New Orleans, which includes the New Orleans-Metairie MSA. Our priority is to drive shareholder value through the establishment of a market-leading commercial banking franchise based in Louisiana. We provide our services through relationship-oriented bankers who are committed to their customers and the communities where we offer our products and services. Our strategy is to expand market share in existing markets and engage in opportunistic new market de novo expansion, supplemented by strategic acquisitions of financial institutions with customer-oriented, compatible philosophies located in desirable geographic areas. SECOND QUARTER 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS The second quarter of 2026 financial results included an improved net interest margin and net interest income, as well as slightly lower assets and net income. We completed our Northwest market expansion and banking center relocation project. Also, one of our founding directors retired, and we welcomed two new directors to our board. •Net income for the second quarter of 2026 was $11.8 million, or $1.78 diluted EPS, a decrease of $208,000, or 1.7%, compared to $12.0 million, or $1.81 diluted EPS, for the first quarter of 2026. Net income for the second quarter was impacted by an expected $1.0 million increase in operating expenses, partially offset by a $563,000 increase in net interest income. Net income for the first quarter of 2026 benefited from approximately $590,000 of periodic items that reduced operating expenses. •For the second quarter of 2026, the return on assets was 1.43%, and the return on equity was 12.41%. •Net interest income increased $563,000, or 2.0%, and net interest margin FTE increased 10 bps to 3.61% for the second quarter of 2026, compared to 3.51% for the prior quarter. •As of June 30, 2026, assets were $3.31 billion, a decrease of $35.3 million, or 1.1%, from $3.35 billion as of March 31, 2026, as a result of a $40.9 million decrease in deposits. •Deposits totaled $2.91 billion as of June 30, 2026, a decrease of $40.9 million, or 1.4%, from $2.95 billion as of March 31, 2026. This decrease was primarily due to the seasonal outflow of funds from customer income tax payments, along with fluctuations in lawyer trust accounts due to the timing of legal settlements. •As of June 30, 2026, loans HFI were $2.26 billion, a slight increase from $2.25 billion as of March 31, 2026. In the second quarter of 2026, new loan originations and construction commitment fundings exceeded payments and payoffs. •In the second quarter of 2026, NPA’s decreased $1.6 million, or 38.3%, to $2.6 million, or 0.08% of assets, as of June 30, 2026. This improvement was due to the successful resolution of problem loans, which resulted in the receipt of $180,000 of related interest income and collection expense reimbursements. •We paid a quarterly cash dividend of $0.25 per common share in the second quarter of 2026. 27 Table of Contents •The 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. There was no stock repurchase activity in the first half of 2026. As of June 30, 2026, the 2026 stock repurchase program had $10.0 million of available capacity. •We continued to implement our organic expansion plan with the following projects: ◦In the Northwest market, we completed our relocation projects. In May 2026, we relocated our Northwest market leadership and lenders to our newly constructed Shreveport Commercial and Private Banking LDPO, which is adjacent to our East Kings banking center. We also relocated the Market Street banking center, serving our retail customers, to the nearby American Tower building, which has a more efficient cost structure. ◦In the New Orleans market, we recently completed remodeling a portion of the ground floor of the Energy Centre Building on Poydras Street. On July 20, 2026, we relocated the Baronne Street retail banking center and the New Orleans market leadership and lenders to this updated, convenient, and visible location. ◦In the Acadiana market, construction is in process on our second full-service banking center in this market, located on Camellia Boulevard in Lafayette, Louisiana. We expect this location to open early in 2027. •In May 2026, there were changes to the boards of directors of the Company and the Bank. Founding board member Kirk D. Cooper retired, and A. Peyton Bush, IV and R. Chance DeWitt, M.D. were appointed as new directors of both the Company and the Bank. •In June 2026, RRBI was added to the State Street SPDR S&P Regional Banking ETF (ticker: “KRE”) as part of its quarterly fund rebalance. The following tables contain selected financial information regarding our financial position and performance as of and for the periods indicated: As of Change from December 31, 2025 to June 30, 2026 (in thousands) June 30, 2026 December 31, 2025 $ Change % Change Selected Period End Balance Sheet Data: Total assets $ 3,311,325 $ 3,350,910 (39,585) (1.2 %) Interest-bearing deposits in other banks $ 162,069 $ 187,707 (25,638) (13.7 %) Securities available-for-sale, at fair value $ 617,016 $ 647,310 (30,294) (4.7 %) Securities held-to-maturity, at amortized cost $ 118,356 $ 122,619 (4,263) (3.5 %) Loans held for investment $ 2,263,980 $ 2,248,669 15,311 0.7 % Total deposits $ 2,905,067 $ 2,963,412 (58,345) (2.0 %) Total stockholders’ equity $ 384,551 $ 365,150 19,401 5.3 % 28 Table of Contents As of and for the Three Months Ended As of and for the Six Months Ended (dollars in thousands, except per share data) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Income $ 11,763 $ 11,971 $ 10,196 $ 23,734 $ 20,548 Per Common Share Data: Earnings per share, basic $ 1.79 $ 1.82 $ 1.51 $ 3.61 $ 3.04 Earnings per share, diluted $ 1.78 $ 1.81 $ 1.51 $ 3.59 $ 3.03 Book value per share $ 58.40 $ 56.76 $ 50.23 $ 58.40 $ 50.23 Tangible book value per share(1,2) $ 58.17 $ 56.53 $ 50.00 $ 58.17 $ 50.00 Realized book value per share(1,3) $ 65.19 $ 63.70 $ 58.92 $ 65.19 $ 58.92 Cash dividends per share $ 0.25 $ 0.25 $ 0.12 $ 0.50 $ 0.24 Shares outstanding 6,584,696 6,577,186 6,676,609 6,584,696 6,676,609 Weighted average shares outstanding, basic 6,584,696 6,576,994 6,740,312 6,580,866 6,758,720 Weighted average shares outstanding, diluted 6,615,135 6,609,208 6,764,886 6,611,437 6,783,575 Summary Performance Ratios: Return on average assets 1.43 % 1.44 % 1.30 % 1.44 % 1.31 % Return on average equity 12.41 % 12.95 % 12.27 % 12.68 % 12.55 % Net interest margin 3.56 % 3.47 % 3.31 % 3.51 % 3.24 % Net interest margin FTE(4) 3.61 % 3.51 % 3.36 % 3.56 % 3.29 % Efficiency ratio(5) 54.25 % 52.37 % 56.87 % 53.32 % 56.20 % Loans HFI to deposits ratio 77.93 % 76.53 % 76.09 % 77.93 % 76.09 % Noninterest-bearing deposits to deposits ratio 31.34 % 31.11 % 31.95 % 31.34 % 31.95 % Noninterest income to average assets 0.58 % 0.55 % 0.60 % 0.56 % 0.64 % Operating expense to average assets 2.22 % 2.08 % 2.21 % 2.15 % 2.16 % Summary Credit Quality Ratios: NPAs to assets 0.08 % 0.13 % 0.04 % 0.08 % 0.04 % Nonperforming loans to loans HFI 0.11 % 0.18 % 0.05 % 0.11 % 0.05 % ACL to loans HFI 1.09 % 1.07 % 1.04 % 1.09 % 1.04 % Net charge-offs to average loans 0.00 % 0.00 % 0.00 % 0.00 % 0.02 % Capital Ratios: Stockholders’ equity to assets 11.61 % 11.16 % 10.59 % 11.61 % 10.59 % Tangible common equity to tangible assets(1,6) 11.57 % 11.11 % 10.54 % 11.57 % 10.54 % Total risk-based capital to risk-weighted assets 18.76 % 18.51 % 18.33 % 18.76 % 18.33 % Tier I risk-based capital to risk-weighted assets 17.71 % 17.47 % 17.32 % 17.71 % 17.32 % Common equity Tier I capital to risk-weighted assets 17.71 % 17.47 % 17.32 % 17.71 % 17.32 % Tier I risk-based capital to average assets 12.77 % 12.26 % 12.18 % 12.77 % 12.18 % (1)Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in “- Non-GAAP Financial Measures” in this Report. This measure has not been audited. (2)We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period. (3)We calculate realized book value per share as total stockholders’ equity, less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period. (4)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans. (5)Efficiency ratio represents operating expenses divided by the sum of net interest income and noninterest income. (6)We calculate tangible common equity as total stockholders’ equity, less intangible assets, net of accumulated amortization, and we calculate tangible assets as total assets, less intangible assets, net of accumulated amortization. 29 Table of Contents RESULTS OF OPERATIONS Net income for the second quarter of 2026 was $11.8 million, or $1.78 diluted EPS, a decrease of $208,000, or 1.7%, compared to $12.0 million, or $1.81 diluted EPS, for the first quarter of 2026. The decrease in net income was due to a $1.0 million increase in operating expenses, partially offset by a $563,000 increase in net interest income, a $205,000 increase in noninterest income, and a $60,000 decrease in income tax expense. The return on assets for the second quarter of 2026 was 1.43%, compared to 1.44% for the first quarter of 2026. The return on equity was 12.41% for the second quarter of 2026, compared to 12.95% for the first quarter of 2026. Our efficiency ratio for the second quarter of 2026 was 54.25%, compared to 52.37% for the first quarter of 2026. Net income for the six months ended June 30, 2026, was $23.7 million, or $3.59 diluted EPS, an increase of $3.2 million, or 15.5%, compared to $20.5 million, or $3.03 diluted EPS, for the six months ended June 30, 2025. The increase in net income was due to a $6.9 million increase in net interest income, partially offset by a $1.6 million increase in operating expenses, a $856,000 increase in income tax expense, a $719,000 decrease in noninterest income, and a $600,000 increase in the provision for credit losses. The return on assets for the six months ended June 30, 2026, was 1.44%, compared to 1.31% for the six months ended June 30, 2025. The return on equity was 12.68% for the six months ended June 30, 2026, compared to 12.55% for the six months ended June 30, 2025. Our efficiency ratio for the six months ended June 30, 2026, was 53.32%, compared to 56.20% for the six months ended June 30, 2025. Net Interest Income and Net Interest Margin Our operating results depend primarily on our net interest income. Fluctuations in market interest rates impact the yield on interest-earning assets and the rate paid on interest-bearing liabilities. Changes in the amount and type of interest-earning assets and interest-bearing liabilities impact our net interest income. To evaluate net interest income, we measure and monitor: (1) yields on loans and other interest-earning assets; (2) the cost of deposits and other funding sources; (3) net interest spread; and (4) net interest margin. Since noninterest-bearing sources of funds, such as noninterest-bearing deposits and stockholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing funding sources. In the first half of 2025, the target range for the federal funds rate was consistent at 4.25%-4.50%. In the second half of 2025, the FOMC decreased the federal funds rate by 25 bps in the third quarter and an additional 50 bps in the fourth quarter, reducing the target federal funds range to 3.50%-3.75%. The target range for the federal funds rate was unchanged in the first half of 2026. The average effective federal funds rate was 3.63% for the second quarter of 2026, compared to 3.64% for the first quarter of 2026. The average effective federal funds rate was 3.64% for the first six months of 2026, compared to 4.33% for the first six months of 2025. Net interest income and net interest margin FTE increased in the second quarter of 2026, compared to the prior quarter. Also, net interest income and net interest margin FTE increased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Second Quarter of 2026 vs. First Quarter of 2026 Net interest income for the second quarter of 2026 was $29.0 million, which was $563,000, or 2.0%, higher than the first quarter of 2026, due to a $385,000 decrease in interest expense and a $178,000 increase in interest and dividend income. The decrease in interest expense was primarily due to lower average interest-bearing deposit balances. The increase in interest and dividend income was driven by a $689,000 increase in loan income due to higher yields, and included $98,000 of additional interest income resulting from the successful resolution of nonaccrual loans in the second quarter. The increase in interest and dividend income was partially offset by a $443,000 decrease in income on short-term liquid assets and a $66,000 decrease in securities income, resulting from lower average balances in these assets. The net interest margin FTE was 3.61% for the second quarter of 2026, which was 10 bps higher than the prior quarter. The net interest margin FTE was impacted by a higher yield on loans and lower deposit costs. The average rate on new and renewed loans was 6.38% for the second quarter of 2026 and 6.71% for the prior quarter. The cost of deposits decreased 4 bps to 1.43%, compared to 1.47% for the previous quarter, driven by lower time deposit rates. As of June 30, 2026, the target federal funds range was 3.50%-3.75%. Due to uncertainty regarding the forecasted interest rate environment, we are modeling a consistent federal funds range for the second half of 2026. During the remainder of 2026, we project $157.4 million of fixed rate loans at 5.91% to mature, which we expect to redeploy into loans with slightly higher rates. We have $489.1 million of floating rate loans at 6.14%, which we expect to remain at a consistent rate. Based on the current rate forecast, we expect the total loan yield to be slightly higher in the third quarter of 2026. During the remainder of 2026, we also expect to receive $56.8 million in securities cash flows at 3.69%, for which we are currently evaluating reinvestment options as we consider balance sheet management strategies. We project $449.6 million in time deposits at 3.44% to mature, which may reprice at slightly lower rates considering maturity volumes and renewal pricing. As of June 30, 2026, floating rate loans were 21.6% of loans HFI, and floating rate transaction deposits were 9.7% of interest-bearing transaction deposits. Depending on balance sheet activity and interest rate competition, we expect net interest income and net interest margin FTE to increase slightly in the second half of 2026. 30 Table of Contents The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the three months ended June 30, 2026 and March 31, 2026: For the Three Months Ended June 30, 2026 March 31, 2026 (dollars in thousands) Average Balance Outstanding Interest Income/ Expense Average Yield/ Rate Average Balance Outstanding Interest Income/ Expense Average Yield/ Rate Assets Interest-earning assets: Loans(1,2) $ 2,262,588 $ 32,234 5.64 % $ 2,255,394 $ 31,545 5.60 % Securities - taxable 620,153 4,808 3.10 % 629,550 4,872 3.10 % Securities - tax-exempt 181,703 970 2.14 % 182,996 972 2.12 % Interest-bearing deposits in other banks 141,318 1,294 3.63 % 191,843 1,737 3.62 % Nonmarketable equity securities 2,427 17 2.81 % 2,409 19 3.10 % Total interest-earning assets 3,208,189 $ 39,323 4.86 % 3,262,192 $ 39,145 4.80 % Allowance for credit losses (24,334) (23,647) Noninterest-earning assets 120,368 127,068 Total assets $ 3,304,223 $ 3,365,613 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing transaction deposits $ 1,349,934 $ 5,192 1.54 % $ 1,440,118 $ 5,558 1.57 % Time deposits 607,580 5,164 3.41 % 607,964 5,183 3.46 % Total interest-bearing deposits 1,957,514 10,356 2.12 % 2,048,082 10,741 2.13 % Other borrowings — — — % — — — % Total interest-bearing liabilities 1,957,514 $ 10,356 2.12 % 2,048,082 $ 10,741 2.13 % Noninterest-bearing liabilities: Noninterest-bearing deposits 945,138 917,623 Accrued interest and other liabilities 21,481 24,986 Total noninterest-bearing liabilities 966,619 942,609 Stockholders’ equity 380,090 374,922 Total liabilities and stockholders’ equity $ 3,304,223 $ 3,365,613 Net interest income $ 28,967 $ 28,404 Net interest spread 2.74 % 2.67 % Net interest margin 3.56 % 3.47 % Net interest margin FTE(3) 3.61 % 3.51 % Cost of deposits 1.43 % 1.47 % Cost of funds 1.29 % 1.34 % (1)Includes average outstanding balances of loans HFS of $4.7 million and $2.7 million for the three months ended June 30, 2026 and March 31, 2026, respectively. (2)Nonaccrual loans are included as loans carrying a zero yield. (3)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans. Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 Net interest income for the six months ended June 30, 2026 was $57.4 million, which was $6.9 million, or 13.8%, higher than $50.4 million for the six months ended June 30, 2025. Net interest income increased due to a $5.9 million increase in interest and dividend income, combined with a $1.0 million decrease in interest expense. The increase in interest and dividend income for the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, was due to higher interest income on loans and securities, partially offset by a decrease in interest income on short-term liquid assets. Loan income increased $6.0 million due to higher average loan balances, combined with higher rates on new and renewed loans compared to the existing portfolio yield. Securities income increased $1.6 million primarily due to purchasing higher yielding securities, combined with higher average securities balances. Interest income on short-term liquid assets decreased $1.7 million due to lower average balances on these assets, combined with the FOMC lowering the federal funds rate in the second half of 2025. Net interest margin FTE increased 27 bps to 3.56% for the six months ended June 30, 2026, from 3.29% for the six months ended June 30, 2025, primarily due to higher yields on securities and loans, combined with lower deposit costs. These positive variances were partially offset by a 76 bp decrease to the yield on short-term liquid assets, due to the FOMC lowering the federal funds rate in the second half of 2025. 31 Table of Contents The yield on securities increased 23 bps mainly due to purchasing $113.6 million of securities in the second half of 2025 and an additional $36.6 million of securities in the first half of 2026, at favorable rates. The yield on loans increased 16 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The cost of deposits decreased 14 bps to 1.45% for the six months ended June 30, 2026, from 1.59% for the six months ended June 30, 2025, due to a 22 bp decrease in the rate on interest-bearing deposits. Within total interest-bearing deposits, the rate on time deposits and interest-bearing transaction deposits decreased 30 and 16 bps, respectively. These decreases occurred as we adjusted rates on selected transaction and time deposits during the second half of 2025 in response to the federal funds rate decreases by the FOMC. The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the six months ended June 30, 2026 and 2025: For the Six Months Ended June 30, 2026 June 30, 2025 (dollars in thousands) Average Balance Outstanding Interest Income/ Expense Average Yield/ Rate Average Balance Outstanding Interest Income/ Expense Average Yield/ Rate Assets Interest-earning assets: Loans(1,2) $ 2,259,011 $ 63,779 5.62 % $ 2,106,756 $ 57,771 5.46 % Securities - taxable 624,825 9,680 3.10 % 566,448 8,040 2.84 % Securities - tax-exempt 182,346 1,942 2.13 % 188,480 1,963 2.08 % Interest-bearing deposits in other banks 166,441 3,031 3.62 % 214,858 4,724 4.38 % Nonmarketable equity securities 2,418 36 2.95 % 2,340 40 3.41 % Total interest-earning assets 3,235,041 $ 78,468 4.83 % 3,078,882 $ 72,538 4.69 % Allowance for credit losses (23,992) (21,892) Noninterest-earning assets 123,700 106,126 Total assets $ 3,334,749 $ 3,163,116 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing transaction deposits $ 1,394,777 $ 10,750 1.55 % $ 1,311,898 $ 11,113 1.71 % Time deposits 607,771 10,347 3.43 % 594,914 10,996 3.73 % Total interest-bearing deposits 2,002,548 21,097 2.12 % 1,906,812 22,109 2.34 % Other borrowings — — — % — — — % Total interest-bearing liabilities 2,002,548 $ 21,097 2.12 % 1,906,812 $ 22,109 2.34 % Noninterest-bearing liabilities: Noninterest-bearing deposits 931,456 902,224 Accrued interest and other liabilities 23,225 24,014 Total noninterest-bearing liabilities 954,681 926,238 Stockholders’ equity 377,520 330,066 Total liabilities and stockholders’ equity $ 3,334,749 $ 3,163,116 Net interest income $ 57,371 $ 50,429 Net interest spread 2.71 % 2.35 % Net interest margin 3.51 % 3.24 % Net interest margin FTE(3) 3.56 % 3.29 % Cost of deposits 1.45 % 1.59 % Cost of funds 1.32 % 1.45 % (1)Includes average outstanding balances of loans HFS of $3.7 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively. (2)Nonaccrual loans are included as loans carrying a zero yield. (3)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans. 32 Table of Contents Rate/Volume Analysis 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 presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods presented. For the Three Months Ended For the Six Months Ended June 30, 2026 vs.March 31, 2026 June 30, 2026 vs.June 30, 2025 Increase (Decrease) Due to Change in Total Increase (Decrease)(1) Increase (Decrease) Due to Change in Total Increase (Decrease)(1) (in thousands) Volume Rate Volume Rate Interest-earning assets: Loans $ 101 $ 588 $ 689 $ 4,177 $ 1,831 $ 6,008 Securities - taxable (73) 9 (64) 829 811 1,640 Securities - tax-exempt (7) 5 (2) (64) 43 (21) Interest-bearing deposits in other banks (458) 15 (443) (1,065) (628) (1,693) Nonmarketable equity securities — (2) (2) 1 (5) (4) Total interest-earning assets $ (437) $ 615 $ 178 $ 3,878 $ 2,052 $ 5,930 Interest-bearing liabilities: Interest-bearing transaction deposits $ (348) $ (18) $ (366) $ 702 $ (1,065) $ (363) Time deposits (3) (16) (19) 238 (887) (649) Total interest-bearing deposits (351) (34) (385) 940 (1,952) (1,012) Other borrowings — — — — — — Total interest-bearing liabilities $ (351) $ (34) $ (385) $ 940 $ (1,952) $ (1,012) Increase (decrease) in net interest income $ (86) $ 649 $ 563 $ 2,938 $ 4,004 $ 6,942 (1)The change in interest attributable to rate has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the earlier period to the change in average balances outstanding between periods. Changes attributable to both rate and volume that cannot be segregated have been allocated to rate. Provision for Credit Losses The provision for credit losses is the amount necessary to maintain the ACL and the reserve for unfunded commitments at a level considered appropriate by management. Factors impacting the provision include loan portfolio growth, changes in the quality and composition of the loan portfolio, the level of nonperforming loans, delinquency and charge-off trends, the level of unfunded commitments, and current economic conditions. The table below presents, for the periods indicated, the provision for credit losses: For the Three Months Ended (dollars in thousands) June 30, 2026 March 31, 2026 Increase (Decrease) Provision for credit losses $ 750 $ 750 $ — — % The provision for credit losses for the second quarter of 2026 was $750,000 for loans, which was consistent with the prior quarter. The provision in the first and second quarters of 2026 was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations. The table below presents, for the periods indicated, the provision for credit losses: For the Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 Increase (Decrease) Provision for credit losses $ 1,500 $ 900 $ 600 66.7 % The provision for credit losses for the six months ended June 30, 2026 was $1.5 million for loans, an increase of $600,000, or 66.7%, from $900,000 for the six months ended June 30, 2025. The increase for the first six months of 2026 33 Table of Contents was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. The provision for the first six months of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade. Noninterest Income Our primary sources of noninterest income are fees related to the sale of mortgage loans, service charges on deposit accounts, debit card fees, brokerage income from advisory services, and other loan and deposit fees. Second Quarter of 2026 vs. First Quarter of 2026 Noninterest income increased $205,000 to $4.7 million for the second quarter of 2026, compared to $4.5 million for the first quarter of 2026. The increase in noninterest income was mainly due to higher mortgage loan income and net debit card income, partially offset by lower SBIC income. The table below presents, for the periods indicated, the major categories of noninterest income: For the Three Months Ended (dollars in thousands) June 30, 2026 March 31, 2026 Increase (Decrease) Noninterest income: Service charges on deposit accounts $ 1,388 $ 1,395 $ (7) (0.5 %) Debit card income, net 1,067 916 151 16.5 % Mortgage loan income 928 605 323 53.4 % Brokerage income 874 939 (65) (6.9 %) Loan and deposit income 521 498 23 4.6 % Bank-owned life insurance income 236 221 15 6.8 % Gain (Loss) on equity securities (13) (19) 6 31.6 % Gain (Loss) on sale and call of securities (22) — (22) (100.0 %) SBIC income (loss) (291) (105) (186) (177.1 %) Other income (loss) 50 83 (33) (39.8 %) Total noninterest income $ 4,738 $ 4,533 $ 205 4.5 % Mortgage loan income increased $323,000 to $928,000 for the second quarter of 2026, compared to the prior quarter due to increased purchase activity. Debit card income, net, increased $151,000 to $1.1 million for the second quarter of 2026, compared to the prior quarter. This increase was mainly due to higher debit card activity and receipt of a $63,000 periodic refund from our debit card provider in the second quarter of 2026. The SBIC partnerships reported a loss of $291,000 in the second quarter of 2026, compared to a loss of $105,000 in the previous quarter. These losses were mainly due to fund value adjustments as an SBIC fund continues its wind-down phase. We expect SBIC income or loss to fluctuate in future quarters. Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 Noninterest income decreased $719,000 to $9.3 million for the six months ended June 30, 2026, compared to $10.0 million for the six months ended June 30, 2025. The decrease in noninterest income was mainly due to lower SBIC income and brokerage income, partially offset by higher mortgage loan income. 34 Table of Contents The table below presents, for the periods indicated, the major categories of noninterest income: For the Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 Increase (Decrease) Noninterest income: Service charges on deposit accounts $ 2,783 $ 2,719 $ 64 2.4 % Debit card income, net 1,983 2,074 (91) (4.4 %) Mortgage loan income 1,533 1,097 436 39.7 % Brokerage income 1,812 2,314 (502) (21.7 %) Loan and deposit income 1,019 877 142 16.2 % Bank-owned life insurance income 457 437 20 4.6 % Gain (Loss) on equity securities (31) 53 (84) (158.5 %) Gain (Loss) on sale and call of securities (22) — (22) (100.0 %) SBIC income (loss) (395) 327 (722) (220.8 %) Other income (loss) 132 92 40 43.5 % Total noninterest income $ 9,271 $ 9,990 $ (719) (7.2 %) SBIC partnerships reported a loss of $395,000 for the six months ended June 30, 2026, compared to $327,000 of income for the same period prior year. This variance was mainly due to fund value adjustments as an SBIC fund entered its wind-down phase in mid-2025. Brokerage income decreased $502,000 to $1.8 million for the six months ended June 30, 2026, compared to the same period prior year, mainly due to decreased investing activity by clients. Also, the first six months of 2025 included $215,000 in incentive income related to a prior year investment group broker-dealer partner conversion. Assets under management were $1.41 billion and $1.19 billion as of June 30, 2026 and 2025, respectively. Mortgage loan income increased $436,000 to $1.5 million for six months ended June 30, 2026, compared to the same period prior year, mainly due to increased purchase activity. Operating Expenses Operating expenses are composed of all employee expenses and costs associated with operating our facilities, obtaining and retaining customer relationships, and providing services. Second Quarter of 2026 vs. First Quarter of 2026 Operating expenses increased $1.0 million to $18.3 million for the second quarter of 2026, compared to $17.3 million for the first quarter of 2026. The increase in operating expenses was mainly due to higher data processing expense, personnel expenses, loan and deposit expenses, and occupancy and equipment expenses. 35 Table of Contents The following table presents, for the periods indicated, the major categories of operating expenses: For the Three Months Ended (dollars in thousands) June 30, 2026 March 31, 2026 Increase (Decrease) Operating expenses: Personnel expenses $ 10,711 $ 10,517 $ 194 1.8 % Non-staff expenses: Occupancy and equipment expenses 1,935 1,884 51 2.7 % Technology expenses 955 863 92 10.7 % Advertising 324 328 (4) (1.2 %) Other business development expenses 641 550 91 16.5 % Data processing expense 758 377 381 101.1 % Other taxes 553 560 (7) (1.3 %) Loan and deposit expenses 242 103 139 135.0 % Legal and professional expenses 604 529 75 14.2 % Regulatory assessment expenses 409 417 (8) (1.9 %) Other operating expenses 1,154 1,122 32 2.9 % Total operating expenses $ 18,286 $ 17,250 $ 1,036 6.0 % Data processing expense increased $381,000 to $758,000 for the second quarter of 2026, compared to the prior quarter. The first quarter of 2026 benefited from the receipt of a $389,000 periodic refund from our data processing center. Personnel expenses increased $194,000 to $10.7 million for the second quarter of 2026, compared to the prior quarter. This increase was primarily due to annual raises effective April 2026 and an increase in headcount. As of June 30, 2026 and March 31, 2026, we had 381 and 375 total employees, respectively. Loan and deposit expenses increased $139,000 to $242,000 for the second quarter of 2026, compared to the prior quarter. The second quarter of 2026 benefited from reimbursement of $82,000 of collection expenses due to the successful resolution of nonaccrual loans. The first quarter of 2026 benefited from receipt of a $201,000 negotiated, variable rebate from a vendor. Occupancy and equipment expenses increased $51,000 to $1.9 million for the second quarter of 2026, compared to the prior quarter. This increase was primarily due to $78,000 of nonrecurring expenses related to our newly constructed Shreveport Commercial and Private Banking LDPO, as well as the relocation of a banking center, both in the Northwest market. Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 Operating expenses increased $1.6 million to $35.5 million for the six months ended June 30, 2026, compared to $34.0 million for the six months ended June 30, 2025. The increase in operating expenses was mainly due to higher personnel expenses, occupancy and equipment expenses, other business development expenses, technology expenses, and data processing expense, partially offset by lower loan and deposit expenses and other taxes. 36 Table of Contents The following table presents, for the periods indicated, the major categories of operating expenses: For the Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 Increase (Decrease) Operating expenses: Personnel expenses $ 21,228 $ 20,239 $ 989 4.9 % Non-staff expenses: Occupancy and equipment expenses 3,819 3,548 271 7.6 % Technology expenses 1,818 1,655 163 9.8 % Advertising 652 619 33 5.3 % Other business development expenses 1,190 1,013 177 17.5 % Data processing expense 1,135 1,009 126 12.5 % Other taxes 1,113 1,221 (108) (8.8 %) Loan and deposit expenses 345 460 (115) (25.0 %) Legal and professional expenses 1,133 1,244 (111) (8.9 %) Regulatory assessment expenses 825 779 46 5.9 % Other operating expenses 2,278 2,168 110 5.1 % Total operating expenses $ 35,536 $ 33,955 $ 1,581 4.7 % Personnel expenses increased $989,000 to $21.2 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was primarily due to an increase in headcount and higher personnel-related accruals and revenue-based commissions. As of June 30, 2026 and 2025, we had 381 and 374 total employees, respectively. Occupancy and equipment expenses increased $271,000 to $3.8 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was primarily due to higher occupancy expenses and $78,000 of nonrecurring expenses related to our newly constructed Shreveport Commercial and Private Banking LDPO, as well as the relocation of a banking center, both in the Northwest market. Other business development expenses increased $177,000 to $1.2 million for the six months ended June 30, 2026, compared to the same period prior year. This variance was primarily due to an increase in SBIC expenses, including the addition of a third SBIC partnership in September 2025. Technology expenses increased $163,000 to $1.8 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was mainly due to continued computer hardware and software technology enhancements and upgrades, partially offset by lower technology communication expenses resulting from a new vendor relationship. Data processing expense increased $126,000 to $1.1 million for the six months ended June 30, 2026, compared to the same period prior year. The first six months of 2026 included a full period of expenses related to online banking, mobile banking, and bill payment system upgrades completed in 2025. The first quarter of 2026 included the receipt of a $389,000 periodic refund from our data processing center, compared to a $447,000 similar refund in the same period prior year. Loan and deposit expenses decreased $115,000 to $345,000 for the six months ended June 30, 2026, compared to the same period prior year. The first six months of 2026 benefited from reimbursement of $82,000 of collection expenses due to the successful resolution of nonaccrual loans. Also, in the first quarter of 2026, we received a $201,000 negotiated, variable rebate from a vendor, compared to a $173,000 similar rebate in the same period prior year. Other taxes decreased $108,000 to $1.1 million for the six months ended June 30, 2026, compared to the same period prior year. In 2025, Louisiana corporate income tax rates were lowered. In order for financial institutions to be included in this benefit, the State of Louisiana bank stock tax calculation was adjusted effective 2026, which resulted in other taxes being lower in the first six months of 2026. Income Tax Expense The amount of income tax expense is influenced by the amounts of our pre-tax income, tax-exempt income, and other nondeductible expenses. Deferred tax assets and liabilities are reflected at currently enacted income tax rates in effect for the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Our accrued tax rate is based on an annualized projection and changes considering our most recent financial results and balances. Our effective income tax rates have differed from the U.S. statutory rate due to the effect of tax-exempt income 37 Table of Contents from loans, securities, and life insurance policies, as well as income tax effects associated with stock-based compensation and permanent and temporary tax differences. The table below presents, for the periods indicated, income tax expense: For the Three Months Ended (dollars in thousands) June 30, 2026 March 31, 2026 Increase (Decrease) Income tax expense $ 2,906 $ 2,966 $ (60) (2.0 %) For the quarters ended June 30, 2026 and March 31, 2026, income tax expense totaled $2.9 million and $3.0 million, respectively. The decrease in income tax expense was due to the decrease in pre-tax income. Our effective income tax rates for the quarters ended June 30, 2026 and March 31, 2026, were 19.8% and 19.9%, respectively. The table below presents, for the periods indicated, income tax expense: For the Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 Increase (Decrease) Income tax expense $ 5,872 $ 5,016 $ 856 17.1 % For the six months ended June 30, 2026 and 2025, income tax expense totaled $5.9 million and $5.0 million, respectively. The increase in income tax expense was primarily due to the increase in pre-tax income. Our effective income tax rates for the six months ended June 30, 2026 and 2025, were 19.8% and 19.6%, respectively. FINANCIAL CONDITION As of June 30, 2026, assets were $3.31 billion, which was $39.6 million, or 1.2%, lower than $3.35 billion as of December 31, 2025. Cash and cash equivalents decreased $18.0 million, or 8.4%, to $195.4 million and were 5.9% of assets as of June 30, 2026. Total securities decreased $34.6 million, or 4.5%, to $738.4 million and were 22.3% of assets as of June 30, 2026. Loans HFI increased $15.3 million, or 0.7%, to $2.26 billion as of June 30, 2026. Total deposits decreased $58.3 million, or 2.0%, to $2.91 billion as of June 30, 2026, from $2.96 billion as of December 31, 2025. As of June 30, 2026, and December 31, 2025, we had no borrowings. Stockholders’ equity increased $19.4 million during the first six months of 2026 to $384.6 million as of June 30, 2026. As of June 30, 2026, the loans HFI to deposits ratio was 77.93%, compared to 75.88% as of December 31, 2025, and the noninterest-bearing deposits to total deposits ratio was 31.34%, compared to 30.84% as of December 31, 2025. Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks were the third-largest component of earning assets as of June 30, 2026. Excess liquidity that is not being deployed into loans or securities is placed in these accounts. As of June 30, 2026, interest-bearing deposits in other banks were $162.1 million and 4.9% of assets, a decrease of $25.6 million, or 13.7%, compared to $187.7 million and 5.6% of assets as of December 31, 2025. This decrease was primarily due to the reduction in customer deposit balances and the funding of loans, partially offset by the net cash flow from securities during the first half of 2026. Securities Our securities portfolio is the second-largest component of earning assets and provides a significant source of revenue. Securities are classified as AFS, HTM, and equity securities. As of June 30, 2026, our total securities portfolio was 22.3% of assets. It is designed primarily to provide and maintain liquidity, generate a favorable return on investments without incurring unnecessary interest rate and credit risk, and complement our lending activities. We may invest in various types of liquid assets that are permissible under governing regulations and approved by our investment policy, which include U.S. Treasury obligations, U.S. government agency obligations, certificates of deposit of insured domestic banks, mortgage-backed and mortgage-related securities, corporate notes having an investment rating of “A” or better, municipal bonds, and certain equity securities. Securities AFS and Securities HTM Securities AFS and securities HTM are debt securities. Total debt securities on the consolidated balance sheets were $735.4 million as of June 30, 2026, a decrease of $34.6 million, or 4.5%, from $769.9 million as of December 31, 2025. Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of June 30, 2026, the estimated fair value of securities AFS was $617.0 million. The carrying values of our securities AFS are adjusted for unrealized gain or loss, and any unrealized gain or loss is reported on an after-tax basis as a component of AOCI in stockholders’ equity. The net unrealized loss on securities AFS increased $2.3 million for the six months ended June 30, 38 Table of Contents 2026, resulting in a net unrealized loss of $45.5 million as of June 30, 2026, compared to a net unrealized loss of $43.2 million as of December 31, 2025. Securities HTM, which we have the intent and ability to hold until maturity, are carried at amortized cost. As of June 30, 2026, the amortized cost of securities HTM was $118.4 million. Securities HTM had an unrealized loss of $19.2 million as of June 30, 2026, compared to an unrealized loss of $18.2 million as of December 31, 2025. Investment activity for the six months ended June 30, 2026, included $66.9 million in maturities, principal repayments, and calls, and $2.0 million in sales, partially offset by $36.6 million of securities purchased. There were no purchases or sales of securities HTM for the same period. The securities portfolio tax-equivalent yield was 3.01% for the six months ended June 30, 2026, compared to 2.79% for the six months ended June 30, 2025. The increase in yield was primarily due to reinvesting lower yielding securities cash flows received between June 30, 2025 and June 30, 2026, as well as other liquid funds, into higher yielding securities. The contractual maturity of mortgage-backed securities and collateralized mortgage obligations is not a reliable indicator of their expected lives because borrowers have the right to prepay their obligations at any time. Mortgage-backed securities and collateralized mortgage obligations are typically issued with stated principal amounts and are backed by pools of mortgage loans and other loans with varying maturities. The term of the underlying mortgages and loans may vary significantly due to the ability of a borrower to prepay. Monthly pay downs on mortgage-backed securities may cause the average lives of the securities to be much different than the stated contractual maturity. During a period of rising interest rates, fixed rate mortgage-backed securities are not likely to experience heavy prepayments of principal, and consequently, the average lives of these securities are typically lengthened. If interest rates begin to fall, prepayments may increase, thereby shortening the estimated average lives of these securities. As of June 30, 2026, the average life of our securities portfolio was 6.2 years with an estimated effective duration of 4.3 years. As of December 31, 2025, the average life of our securities portfolio was 6.1 years with an estimated effective duration of 4.2 years. 39 Table of Contents The following tables summarize the amortized cost and estimated fair value of our securities by type as of the dates indicated. As of June 30, 2026, other than securities issued by U.S. government agencies or government-sponsored enterprises, our securities portfolio did not contain securities of any one issuer with an aggregate book value in excess of 10.0% of our stockholders’ equity. June 30, 2026 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities AFS: Mortgage-backed securities $ 411,393 $ 764 $ (20,350) $ 391,807 Municipal bonds 191,081 1 (24,785) 166,297 U.S. agency securities 60,038 19 (1,145) 58,912 Total Securities AFS $ 662,512 $ 784 $ (46,280) $ 617,016 Securities HTM: Mortgage-backed securities $ 117,408 $ — $ (19,126) $ 98,282 U.S. agency securities 948 — (73) 875 Total Securities HTM $ 118,356 $ — $ (19,199) $ 99,157 December 31, 2025 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities AFS: Mortgage-backed securities $ 426,732 $ 1,846 $ (18,549) $ 410,029 Municipal bonds 196,607 4 (25,311) 171,300 U.S. agency securities 67,146 29 (1,194) 65,981 Total Securities AFS $ 690,485 $ 1,879 $ (45,054) $ 647,310 Securities HTM: Mortgage-backed securities $ 121,677 $ — $ (18,189) $ 103,488 U.S. agency securities 942 — (59) 883 Total Securities HTM $ 122,619 $ — $ (18,248) $ 104,371 The following table shows the fair value of securities AFS that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable. Contractual Maturity as of June 30, 2026 Within One Year After One Year but Within Five Years After Five Years but Within Ten Years After Ten Years Total (dollars in thousands) Amount Yield(1) Amount Yield(1) Amount Yield(1) Amount Yield(1) Amount Yield(1) Securities AFS: Mortgage-backed securities $ 435 4.39 % $ 8,210 3.05 % $ 46,355 2.09 % $ 336,807 3.69 % $ 391,807 3.48 % Municipal bonds 1,968 1.93 % 10,294 2.41 % 51,937 2.19 % 102,098 2.14 % 166,297 2.16 % U.S. agency securities 3,642 3.93 % 2,090 1.43 % 35,112 3.91 % 18,068 3.81 % 58,912 3.79 % Total Securities AFS $ 6,045 3.31 % $ 20,594 2.56 % $ 133,404 2.58 % $ 456,973 3.31 % $ 617,016 3.13 % (1)Tax equivalent projected book yield as of June 30, 2026. 40 Table of Contents The following table shows the amortized cost of securities HTM that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable. Contractual Maturity as of June 30, 2026 Within One Year After One Year but Within Five Years After Five Years but Within Ten Years After Ten Years Total (dollars in thousands) Amount Yield(1) Amount Yield(1) Amount Yield(1) Amount Yield(1) Amount Yield(1) Securities HTM: Mortgage-backed securities $ — — % $ — — % $ — — % $ 117,408 2.47 % $ 117,408 2.47 % U.S. agency securities — — % 948 2.61 % — — % — — % 948 2.61 % Total Securities HTM $ — — % $ 948 2.61 % $ — — % $ 117,408 2.47 % $ 118,356 2.47 % (1)Tax equivalent projected book yield as of June 30, 2026. Equity Securities Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of June 30, 2026, equity securities had a fair value of $3.0 million with a recognized loss of $31,000 for the six months ended June 30, 2026. As of December 31, 2025, equity securities had a fair value of $3.0 million with a recognized gain of $94,000 for the year ended December 31, 2025. Loan Portfolio Our loan portfolio is our largest category of earning assets, and interest income earned on our loan portfolio is our primary source of income. We maintain a diversified loan portfolio with a focus on CRE, one-to-four family residential, and commercial and industrial loans. As of June 30, 2026, loans HFI were $2.26 billion, an increase of $15.3 million, or 0.7%, compared to $2.25 billion as of December 31, 2025. During the six months ended June 30, 2026, new loan originations and construction commitment fundings exceeded payments and payoffs. As of June 30, 2026, we had $93.5 million of unfunded construction loan commitments, which we expect to fund over time. Loans by Category Loans HFI by category, loans HFI, and loans HFS are summarized below as of the dates indicated: June 30, 2026 December 31, 2025 Change from December 31, 2025 to June 30, 2026 (dollars in thousands) Amount Percent Amount Percent Amount Percent Real estate: Commercial real estate $ 914,002 40.4 % $ 920,294 40.9 % $ (6,292) (0.7 %) One-to-four family residential 637,566 28.2 % 628,762 28.0 % 8,804 1.4 % Construction and development 234,190 10.3 % 221,214 9.8 % 12,976 5.9 % Commercial and industrial 399,933 17.7 % 392,824 17.5 % 7,109 1.8 % Tax-exempt 51,539 2.3 % 57,541 2.6 % (6,002) (10.4 %) Consumer 26,750 1.1 % 28,034 1.2 % (1,284) (4.6 %) Total loans HFI $ 2,263,980 100.0 % $ 2,248,669 100.0 % $ 15,311 0.7 % Total loans HFS $ 2,512 $ 3,148 $ (636) (20.2 %) Average loan HFI size, excluding credit cards $ 280 $ 274 $ 6 2.2 % CRE loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $52.3 million, or 2.3% of loans HFI, as of June 30, 2026, and $54.3 million, or 2.4% of loans HFI, as of December 31, 2025. The properties are primarily centered in low-rise suburban areas. As of June 30, 2026 and December 31, 2025, the average CRE loan size was $988,000 and $1.0 million, respectively. Industry Concentrations Health care loans are our largest loan industry concentration and are made up of a diversified portfolio of health care providers. As of June 30, 2026, health care loans were $208.0 million, or 9.2% of loans HFI, compared to $194.3 million, or 8.6% of loans HFI, as of December 31, 2025. The average health care loan size was $435,000 as of June 30, 2026 and 41 Table of Contents $414,000 as of December 31, 2025. Within the health care sector, loans to nursing and residential care facilities were 4.6% of loans HFI as of June 30, 2026 and December 31, 2025. Loans to physician and dental practices were 3.9% of loans HFI as of June 30, 2026, and 3.5% as of December 31, 2025. Energy loans were 1.7% of loans HFI as of June 30, 2026, and 1.2% as of December 31, 2025. Geographic Markets As of June 30, 2026, the Bank operated in seven geographic markets throughout the state of Louisiana. The following table summarizes loans HFI by market of origin: June 30, 2026 (dollars in thousands) Amount Percent Central $ 611,240 27.0 % Capital 596,332 26.3 % Northwest 333,677 14.7 % New Orleans 229,988 10.2 % Southwest 189,029 8.3 % Northshore 157,380 7.0 % Acadiana 146,334 6.5 % Total loans HFI $ 2,263,980 100.0 % Nonperforming Assets NPAs consist of nonperforming loans and property acquired through foreclosures or repossession. Nonperforming loans include loans that are contractually past due 90 days or more and loans that are on nonaccrual status. Loans are considered past due when principal and interest payments have not been received as of the date such payments are due. Asset quality is managed through disciplined underwriting policies, continual monitoring of loan performance, and focused management of NPAs. There can be no assurance, however, that the loan portfolio will not become subject to losses due to declines in economic conditions, deterioration in the financial condition of our borrowers, or a decline in the value of collateral. NPAs totaled $2.6 million as of June 30, 2026, a decrease of $904,000, or 25.6%, from December 31, 2025, primarily due to the successful resolution of nonaccrual loans, partially offset by the addition of new nonaccrual loans. The ratio of NPAs to assets was 0.08% and 0.11% as of June 30, 2026 and December 31, 2025, respectively. Nonperforming loan and asset information is summarized below: (dollars in thousands) June 30, 2026 December 31, 2025 Nonperforming loans: Nonaccrual loans $ 2,396 $ 3,281 Accruing loans 90 or more days past due 31 219 Total nonperforming loans 2,427 3,500 Foreclosed assets: Real estate 205 36 Total foreclosed assets 205 36 Total NPAs $ 2,632 $ 3,536 Nonaccrual loans to loans HFI 0.11 % 0.15 % Nonperforming loans to loans HFI 0.11 % 0.16 % NPAs to assets 0.08 % 0.11 % 42 Table of Contents Nonaccrual loans are summarized below by category: (in thousands) June 30, 2026 December 31, 2025 Real estate: Commercial real estate $ 147 $ — One-to-four family residential 2,114 2,017 Construction and development 67 1,189 Commercial and industrial 68 19 Tax-exempt — — Consumer — 56 Total nonaccrual loans $ 2,396 $ 3,281 Potential Problem Loans From a credit risk standpoint, we classify loans in one of five categories: pass, special mention, substandard, doubtful, or loss. Loan classifications reflect a judgment about the risk of default and loss associated with the loans. Classifications are reviewed periodically and adjusted to reflect the degree of risk and loss believed to be inherent in each loan. The methodology is structured so that reserve allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss). Loans classified as pass are of satisfactory quality and do not require a more severe classification. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If these weaknesses are not corrected, repayment possibilities for the loan may deteriorate. However, the loss potential does not warrant substandard classification. Loans classified as substandard have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible. Loans classified as doubtful have well-defined weaknesses that make full collection improbable. Loans classified as loss are considered uncollectible and charged-off to the ACL. The following table summarizes loans HFI by risk rating: June 30, 2026 December 31, 2025 (dollars in thousands) Amount Percent Amount Percent Pass $ 2,232,218 98.6 % $ 2,232,362 99.3 % Special Mention 22,015 1.0 % 4,689 0.2 % Substandard 9,747 0.4 % 11,618 0.5 % Total loans HFI $ 2,263,980 100.0 % $ 2,248,669 100.0 % There were no loans as of June 30, 2026 or December 31, 2025, classified as doubtful or loss. Allowance for Credit Losses In determining the ACL for loans HFI, we estimate losses on a collective pool basis when similar risk characteristics and risk profiles exist. Loans that do not share similar risk characteristics are evaluated individually and excluded from the collective evaluation. The ACL is determined using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. As of June 30, 2026, the ACL was $24.8 million, or 1.09% of loans HFI. As of December 31, 2025, the ACL totaled $23.4 million, or 1.04% of loans HFI. The $1.4 million increase in the ACL for the six months ended June 30, 2026, was due to $1.5 million from the provision for credit losses on loans, partially offset by $128,000 of net charge-offs. The provision for credit losses on loans for the six months ended June 30, 2026, was $1.5 million, an increase of $600,000, or 66.7%, from $900,000 for the six months ended June 30, 2025. The increase for the first six months of 2026 was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. The provision for the first six months of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade. We will continue to evaluate future provision needs in relation to current 43 Table of Contents economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations. The following table displays activity in the ACL for June 30, 2026, and June 30, 2025: As of and For the Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 Loans HFI $ 2,263,980 $ 2,138,580 Nonaccrual loans $ 2,396 $ 1,098 Average loans $ 2,259,011 $ 2,106,756 Allowance at beginning of period $ 23,399 $ 21,731 Provision for credit losses 1,500 900 Charge-offs: Real estate: Commercial real estate — (19) One-to-four family residential (56) (22) Construction and development — (250) Commercial and industrial (40) (46) Consumer (178) (161) Total charge-offs (274) (498) Recoveries: Real estate: One-to-four family residential — 12 Commercial and industrial 94 11 Consumer 52 66 Total recoveries 146 89 Net (charge-offs)/recoveries (128) (409) Allowance at end of period $ 24,771 $ 22,222 ACL to loans HFI 1.09 % 1.04 % ACL to nonaccrual loans 1,033.85 % 2,023.86 % Net charge-offs to average loans 0.01 % 0.02 % We believe that we have established our ACL in accordance with GAAP and that the ACL was adequate to provide for known and inherent losses in the portfolio at all times shown above. Future provisions for credit losses on loans are subject to ongoing evaluations of the factors and loan portfolio risks, including economic pressures related to inflation, unemployment, tariffs and trade, and natural disasters affecting the state of Louisiana. A decline in market area economic conditions, deterioration of asset quality, or growth in portfolio size could cause the allowance to become inadequate, and material additional provisions for credit losses could be required. Deposits Deposits are the primary funding source for loans and investments. We offer a variety of deposit products designed to attract and retain consumer, commercial, and public entity customers. These products consist of noninterest and interest-bearing checking accounts, savings accounts, money market accounts, and time deposit accounts. Deposits are gathered from individuals, partnerships, corporations, and public entities located primarily in our market areas. We do not have any internet-sourced or brokered deposits. Total deposits decreased $58.3 million, or 2.0%, to $2.91 billion as of June 30, 2026, from $2.96 billion as of December 31, 2025. This decrease was primarily a result of the seasonal outflow of funds from public entity customers and customer income tax payments. Noninterest-bearing deposits decreased by $3.4 million, or 0.4%, to $910.5 million as of June 30, 2026. Noninterest-bearing deposits as a percentage of total deposits were 31.34% as of June 30, 2026, compared to 30.84% as of December 31, 2025. Interest-bearing deposits decreased by $54.9 million, or 2.7%, to $1.99 billion as of June 30, 2026. 44 Table of Contents The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of June 30, 2026 and December 31, 2025, the average deposit account size was approximately $29,000. The following table presents our deposits by account type as of the dates indicated: June 30, 2026 December 31, 2025 Change from December 31, 2025 to June 30, 2026 (dollars in thousands) Balance % of Total Balance % of Total $ Change % Change Noninterest-bearing demand deposits $ 910,457 31.3 % $ 913,868 30.8 % $ (3,411) (0.4 %) Interest-bearing deposits: Interest-bearing demand deposits 183,384 6.3 % 198,724 6.7 % (15,340) (7.7 %) NOW accounts 439,093 15.1 % 490,376 16.5 % (51,283) (10.5 %) Money market accounts 590,414 20.3 % 580,949 19.6 % 9,465 1.6 % Savings accounts 173,277 6.0 % 168,889 5.7 % 4,388 2.6 % Time deposits less than or equal to $250,000 402,423 13.9 % 407,539 13.8 % (5,116) (1.3 %) Time deposits greater than $250,000 206,019 7.1 % 203,067 6.9 % 2,952 1.5 % Total interest-bearing deposits 1,994,610 68.7 % 2,049,544 69.2 % (54,934) (2.7 %) Total deposits $ 2,905,067 100.0 % $ 2,963,412 100.0 % $ (58,345) (2.0 %) The following table presents deposits by customer type as of the dates indicated: June 30, 2026 December 31, 2025 Change from December 31, 2025 to June 30, 2026 (dollars in thousands) Balance % of Total Balance % of Total $ Change % Change Consumer $ 1,401,507 48.2 % $ 1,397,775 47.2 % $ 3,732 0.3 % Commercial 1,269,426 43.7 % 1,270,069 42.8 % (643) (0.1 %) Public 234,134 8.1 % 295,568 10.0 % (61,434) (20.8 %) Total deposits $ 2,905,067 100.0 % $ 2,963,412 100.0 % $ (58,345) (2.0 %) We manage our interest expense on deposits through a deposit pricing strategy that is based on competitive pricing, economic conditions, and current or anticipated funding needs. We adjust deposit rates in part based upon our anticipated funding needs and liquidity position. We also consider the potential interest rate risk caused by extended maturities of time deposits when adjusting deposit rates. Our average deposit balance was $2.90 billion for the three months ended June 30, 2026, a decrease of $63.1 million, or 2.1%, from $2.97 billion for the three months ended March 31, 2026. The average cost of interest-bearing deposits and total deposits for the second quarter of 2026 was 2.12% and 1.43%, respectively, compared to 2.13% and 1.47%, respectively, for the prior quarter. The decrease in the average cost of interest-bearing deposits and total deposits in the second quarter of 2026, as compared to the prior quarter, was primarily due to lower time deposit rates. Also, as of June 30, 2026, 9.7% of interest-bearing transaction deposits had floating rates, which adjust with market rates. 45 Table of Contents The following table presents our average deposits by account type and the average rate paid for the periods indicated: For the Three Months Ended June 30, 2026 March 31, 2026 (dollars in thousands) Average Balance Average Rate Average Balance Average Rate Noninterest-bearing demand deposits $ 945,138 0.00 % $ 917,623 0.00 % Interest-bearing deposits: Interest-bearing demand deposits 153,968 2.60 % 207,149 2.60 % NOW accounts 445,004 1.22 % 478,501 1.19 % Money market accounts 576,733 1.93 % 583,990 1.92 % Savings accounts 174,229 0.15 % 170,478 0.15 % Time deposits 607,580 3.41 % 607,964 3.46 % Total interest-bearing deposits 1,957,514 2.12 % 2,048,082 2.13 % Total average deposits $ 2,902,652 1.43 % $ 2,965,705 1.47 % As of June 30, 2026, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $916.0 million, or 31.5% of total deposits, compared to $955.9 million, or 32.3% of total deposits, as of December 31, 2025. These amounts were estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of June 30, 2026, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $738.3 million, or 25.4% of total deposits, compared to $722.0 million, or 24.4% of total deposits, as of December 31, 2025. As of June 30, 2026, our cash and cash equivalents of $195.4 million, combined with our available borrowing capacity of $1.74 billion, equaled 210.8% of our estimated uninsured deposits and 261.6% of our estimated uninsured deposits, excluding collateralized public entity deposits. The following table presents the amount of time deposits by account that are in excess of the FDIC insurance limit (currently $250,000) by time remaining until maturity for the period indicated: (in thousands) June 30, 2026 Three months or less $ 55,810 Over three months through six months 28,759 Over six months through 12 months 14,652 Over 12 months 3,798 Total $ 103,019 Borrowings Although deposits are our primary source of funds, we may, from time to time, utilize borrowings as a cost-effective source of funds when such borrowings can be invested at a positive interest rate spread for additional capacity to fund loan demand or to meet our liquidity needs. We established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. Our FHLB line of credit is secured by a blanket lien on selected Red River Bank loans that meet FHLB collateral requirements. Our Federal Reserve Bank’s Discount Window line of credit is collateralized by pledged securities and eligible Red River Bank loans that are not pledged to the FHLB. As of June 30, 2026 and December 31, 2025, we had no outstanding borrowings under these agreements. Stockholders’ Equity Total stockholders’ equity as of June 30, 2026, was $384.6 million, compared to $365.2 million as of December 31, 2025. The $19.4 million, or 5.3%, increase in stockholders’ equity was attributable to $23.7 million of net income for the six months ended June 30, 2026, and $304,000 of stock compensation, partially offset by $3.3 million in cash dividends and a $1.3 million, net of tax, market adjustment to AOCI related to securities. In 2022, we reclassified $166.3 million, net of $17.9 million of unrealized loss, from securities AFS to securities HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of June 30, 2026, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $11.1 million, of which $8.7 million, net of tax, was included in AOCI. 46 Table of Contents On December 18, 2025, our board of directors approved the renewal and increase of the 2025 stock repurchase program that expired on December 31, 2025. The renewed and increased 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions. For the three and six months ended June 30, 2026, we did not repurchase any shares of our common stock under the stock repurchase program. As of June 30, 2026, we had $10.0 million available for repurchasing our common stock under the 2026 stock repurchase program. Effective January 1, 2023, stock repurchases are subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1.0% of the fair market value of the shares repurchased, subject to certain limitations. Regulatory Capital Requirements Capital management consists of maintaining equity and other instruments that qualify as regulatory capital to support current and future operations. Banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, bank holding companies and FDIC-insured depository institutions are required to maintain minimum capital relative to the amount and types of assets they hold. As we deploy our capital and continue to grow our operations, our capital levels may decrease depending on our level of earnings. However, we expect to monitor and control our growth in order to remain in compliance with all regulatory capital standards applicable to us. For additional information on regulatory capital guidelines and limits for the Bank and the Company, see “Item 1. Financial Statements - Notes to the Unaudited Consolidated Financial Statements - Note 8. Regulatory Capital Requirements.” LIQUIDITY AND ASSET-LIABILITY MANAGEMENT Liquidity As of June 30, 2026, we had sufficient liquid assets available and $1.74 billion accessible from other liquidity sources. Liquidity involves our ability to raise funds to support asset growth and potential acquisitions, reduce assets to meet deposit withdrawals and other payment obligations, maintain reserve requirements, and otherwise operate on an ongoing basis and manage unexpected events. For the six months ended June 30, 2026, and the year ended December 31, 2025, liquidity needs were primarily met by core deposits, security and loan maturities, and cash flows from amortizing security and loan portfolios. While maturities and scheduled amortization of loans are predictable sources of funds, deposit outflows, mortgage prepayments, and prepayments on amortizing securities are greatly influenced by market interest rates, economic conditions, and the competitive environment in which we operate; therefore, these cash flows are monitored regularly. Liquidity levels are dependent on our operating, financing, lending, and investing activities during any given period. Access to purchased funds from correspondent banks and overnight advances from the FHLB and the Federal Reserve Bank of Atlanta are also available. Purchased funds from correspondent banks and overnight advances can be utilized to meet funding obligations. Our primary source of funds is deposits, and our primary use of funds is the funding of loans. We invest excess deposits in interest-earning deposit accounts at other banks or at the Federal Reserve, federal funds sold, securities, or other short-term liquid investments until the deposits are needed to fund loan growth or other obligations. Our average deposits increased $94.3 million, or 3.3%, for the first six months of 2026, compared to the average deposits for the twelve months ended December 31, 2025. The increase in average total deposits was primarily a result of higher balances in customer deposit accounts, partially offset by the seasonal outflow of funds from public entity customers and customer income tax payments. Our average total loans increased $113.9 million, or 5.3%, for the first six months of 2026, compared to average total loans for the twelve months ended December 31, 2025. The increase in average total loans was primarily due to the increase in real estate and commercial and industrial activity. As of June 30, 2026, liquid assets were $195.4 million, compared to $213.4 million as of December 31, 2025. The decrease of $18.0 million, or 8.4%, was primarily due to the reduction in customer deposit balances and the funding of loans, partially offset by the net cash flow from securities during the first half of 2026. The liquid assets to assets ratio was 5.90% as of June 30, 2026, compared to 6.37% as of December 31, 2025. Our securities portfolio is an alternative source for meeting liquidity needs and was our second-largest component of assets as of June 30, 2026. The securities portfolio generates cash flow through principal repayments, calls, and maturities, and certain securities can be sold or used as collateral in borrowings that allow for their conversion to cash. Securities AFS can generally be sold, while securities HTM have significant restrictions related to sales. As of June 30, 2026, we project receipt of approximately $56.8 million of principal repayments and maturities through December 31, 2026. As of June 30, 2026, approximately $501.1 million, or 69.8%, of the fair value of the securities portfolio was available to be sold or to be used as collateral in borrowings as a liquidity source. 47 Table of Contents We also utilize the FHLB as needed as a viable funding source. FHLB advances may be used to meet the Bank’s liquidity needs, particularly if the prevailing interest rate on an FHLB advance compares favorably to the rates that would be required to attract the necessary deposits. We currently are classified as having “blanket lien collateral status,” which means that advances can be executed at any time without further collateral requirements. As of June 30, 2026 and December 31, 2025, our net borrowing capacity from the FHLB was $1.01 billion and $906.6 million, respectively. There were no outstanding borrowings from the FHLB as of June 30, 2026 and December 31, 2025. Another borrowing source is the Federal Reserve Bank’s Discount Window. The Bank has pledged securities to have borrowing access to the Federal Reserve Bank’s Discount Window. In addition, the Bank has been approved for the BIC program, which provides borrowing capacity through the pledging of eligible Red River Bank loans that are not pledged to the FHLB. As of June 30, 2026, we had a total borrowing capacity of $128.7 million, including $89.6 million through the BIC program, compared to a total borrowing capacity of $125.5 million, including $85.1 million through the BIC program as of December 31, 2025. There were no outstanding borrowings from the Federal Reserve Bank’s Discount Window as of June 30, 2026 and December 31, 2025. Other sources available for meeting liquidity needs include federal funds lines, repurchase agreements, and other lines of credit. We maintain four federal funds lines of credit with commercial banks that provided for the availability to borrow up to an aggregate of $100.0 million in federal funds as of June 30, 2026, and December 31, 2025. The rates for the federal funds lines are determined by the applicable commercial bank at the time of borrowing. We had no outstanding balances from these sources as of June 30, 2026 and December 31, 2025. Commitments to Extend Credit In the normal course of business, we enter into certain financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of our customers. These commitments involve elements of credit risk, interest rate risk, and liquidity risk. Some instruments may not be reflected in the accompanying consolidated financial statements until they are funded, although they expose us to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments include revolving and nonrevolving credit lines and are primarily issued for commercial purposes. Commitments to extend credit generally have fixed expiration dates or other termination clauses. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. As of June 30, 2026, we had $592.9 million in unfunded loan commitments and $14.6 million in commitments associated with outstanding standby letters of credit. As of December 31, 2025, we had $545.7 million in unfunded loan commitments and $14.5 million in commitments associated with outstanding standby letters of credit. As commitments associated with letters of credit and commitments to extend credit may expire unused, the total outstanding commitments may not necessarily reflect the actual future cash funding requirements. Investment Commitments We are party to various investment commitments in the normal course of business. Our exposure is represented by the contractual amount of these commitments. In 2014, we committed to an investment into an SBIC limited partnership. In 2025, this fund began its wind-down phase. As of June 30, 2026, there was a $226,000 outstanding commitment to this partnership. In 2020, we committed to a second investment into an SBIC limited partnership. As of June 30, 2026, there was a $1.9 million outstanding commitment to this partnership. In 2021, we committed to an investment into JAM FINTOP, a bank technology limited partnership. As of June 30, 2026, there was a $277,000 outstanding commitment to this partnership. On September 26, 2025, we committed to a third investment into an SBIC limited partnership. As of June 30, 2026, there was a $2.4 million outstanding commitment to this partnership. Construction Commitments The Company has three committed construction agreements, including the recently completed lending headquarters building in the Northwest market, the construction of a new banking center in the Acadiana market, and the renovation of a new banking center in the New Orleans market. There was approximately $2.5 million remaining on these commitments as of June 30, 2026. Interest Rate Sensitivity and Market Risk As a financial institution, our primary component of market risk is interest rate volatility. Our asset-liability management policies provide management with guidelines for effective funds management, and we have established a measurement 48 Table of Contents system for monitoring our net interest rate sensitivity position. We have historically managed our rate sensitivity position within our established policy guidelines. Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities and the market value of all interest-earning assets and interest-bearing liabilities, other than those that have a short term to maturity. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market values. The objective is to measure the effect on net interest income and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income. We manage exposure to interest rates by structuring the balance sheet appropriately during the ordinary course of business. We have the ability to enter into interest rate swaps to mitigate interest rate risk in limited circumstances, but it is not our policy to enter into such transactions on a regular basis. We do not enter into instruments such as financial options, financial futures contracts, or forward delivery contracts for the purpose of reducing interest rate risk. We are not subject to foreign exchange risk, and our commodity price risk is immaterial, as the percentage of our agricultural loans to loans HFI was only 0.54% as of June 30, 2026. Our exposure to interest rate risk is managed by the Bank’s Asset-Liability Management Committee. The committee formulates strategies based on appropriate levels of interest rate risk and monitors the results of those strategies. In determining the appropriate level of interest rate risk, the committee considers the impact on both earnings and capital given the current outlook on interest rates, regional economies, liquidity, business strategies, and other related factors. The committee meets quarterly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and economic values of assets and liabilities, unrealized gains and losses, purchase and sale activities, commitments to originate loans, and the maturities of investments and borrowings. Additionally, the committee reviews liquidity, cash flow flexibility, maturities of deposits, and consumer and commercial deposit activity. We employ methodologies to manage interest rate risk, which include an analysis of relationships between interest-earning assets and interest-bearing liabilities, as well as an interest rate simulation model and shock analysis. In conjunction with our interest rate risk management process, on a quarterly basis, we run various simulations within a static balance sheet model. This model tests the impact on net interest income and fair value of equity from changes in market interest rates under various scenarios. We use parallel rate shock scenarios that assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario. We also deploy a ramped rate scenario over a 12-month and 24-month horizon based upon parallel yield curve shifts. Our nonparallel rate shock model simulation involves analysis of interest income and expense under various changes in the shape of the yield curve. Contractual maturities and repricing opportunities of loans are incorporated into the model, as are prepayment assumptions and maturity date and call options within the securities portfolio. The average life of non-maturity deposit accounts are based on assumptions developed from non-maturity deposit decay studies, which calculate average lives using historic closure rates. Bank policy regarding interest rate risk simulations performed by our risk model currently specifies that for instantaneous parallel shifts of the yield curve, estimated net interest income at risk for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 15.0% for a 200 bp shift, and 20.0% for a 300 bp shift. In accordance with Bank policy regarding economic value at risk simulations performed by our risk model for instantaneous parallel shifts of the yield curve, estimated fair value of equity for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 20.0% for a 200 bp shift, and 30.0% for a 300 bp shift. The following table shows the impact of an instantaneous and parallel change in rates, at the levels indicated, and summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated. June 30, 2026 December 31, 2025 % Change in Net Interest Income % Change in Fair Value of Equity % Change in Net Interest Income % Change in Fair Value of Equity Change in Interest Rates (Bps) +300 6.4 % 1.6 % 5.3 % 1.0 % +200 4.5 % 1.9 % 3.7 % 1.5 % +100 2.3 % 1.5 % 2.0 % 1.4 % Base — % — % — % — % -100 (3.1 %) (2.4 %) (2.3 %) (2.1 %) -200 (5.7 %) (6.3 %) (5.1 %) (7.5 %) -300 (8.7 %) (12.6 %) (8.1 %) (16.0 %) 49 Table of Contents The results above, as of June 30, 2026 and December 31, 2025, demonstrate that our balance sheet is asset sensitive, which means our assets have the opportunity to reprice at a faster pace than our liabilities, over the 12-month horizon. Our repricing opportunity is captured in a gap analysis, which is the process by which we measure the repricing gap between interest-rate sensitive assets versus interest rate-sensitive liabilities. As of June 30, 2026, the reported percentage of changes in net interest income and fair value of equity remained within the policy thresholds. These values are reported at each quarterly Asset-Liability Management Committee meeting. The net interest income at risk and the fair value of equity will continue to be monitored, and appropriate mitigating action will be taken if needed. The impact of our floating rate loans and floating rate transaction deposits are also reflected in the results shown in the above table. As of June 30, 2026, floating rate loans were 21.6% of loans HFI, and floating rate transaction deposits were 9.7% of interest-bearing transaction deposits. The assumptions incorporated into the model are inherently uncertain, and as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude, and frequency of interest rate changes, as well as changes in market conditions and the application and timing of various management strategies and the slope of the yield curve. NON-GAAP FINANCIAL MEASURES Our accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed in this Report as supplemental non-GAAP performance measures. In accordance with the SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S. Management and the board of directors review tangible common equity, realized common equity, tangible assets, tangible book value per share, realized book value per share, and tangible common equity to tangible assets as part of managing operating performance. However, these non-GAAP financial measures that we discuss in this Report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed in this Report may differ from that of other companies’ reporting measures with similar names. It is important to understand how other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed in this Report when comparing such non-GAAP financial measures. Tangible Book Value Per Share. Tangible book value per share is a non-GAAP measure commonly used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period. Intangible assets have the effect of increasing book value while not increasing tangible book value. The most directly comparable GAAP financial measure for tangible book value per share is book value per share. As a result of previous acquisitions, we have a small amount of intangible assets. As of June 30, 2026, intangible assets were $1.5 million, which is less than 1.0% of total assets. Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets. We calculate tangible common equity as total stockholders’ equity less intangible assets, and we calculate tangible assets as total assets less intangible assets. The most directly comparable GAAP financial measure for tangible common equity to tangible assets is common stockholders’ equity to assets. Realized Book Value Per Share. Realized book value per share is a non-GAAP measure that we use to evaluate our operating performance. We believe that this measure is important because it allows us to monitor changes from period to period in book value per share exclusive of changes in AOCI. Our AOCI is impacted primarily by the unrealized gains and losses on securities AFS. These unrealized gains or losses on securities AFS are driven by market factors and may also be temporary and vary greatly from period to period. Due to the possibly temporary and greatly variable nature of these changes, we find it useful to monitor realized book value per share. We calculate realized book value per share as total stockholders’ equity less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period. AOCI has the effect of increasing or decreasing book value while not increasing or decreasing realized 50 Table of Contents book value. The most directly comparable GAAP financial measure for realized book value per share is book value per share. The following table reconciles, as of the dates set forth below, stockholders’ equity to tangible common equity, stockholders’ equity to realized common equity, and assets to tangible assets, and presents related resulting ratios. (dollars in thousands, except per share data) June 30, 2026 March 31, 2026 June 30, 2025 Tangible common equity Total stockholders’ equity $ 384,551 $ 373,326 $ 335,350 Adjustments: Intangible assets (1,546) (1,546) (1,546) Tangible common equity (non-GAAP) $ 383,005 $ 371,780 $ 333,804 Realized common equity Total stockholders’ equity $ 384,551 $ 373,326 $ 335,350 Adjustments: Accumulated other comprehensive (income) loss 44,688 45,652 58,026 Realized common equity (non-GAAP) $ 429,239 $ 418,978 $ 393,376 Common shares outstanding 6,584,696 6,577,186 6,676,609 Book value per share $ 58.40 $ 56.76 $ 50.23 Tangible book value per share (non-GAAP) $ 58.17 $ 56.53 $ 50.00 Realized book value per share (non-GAAP) $ 65.19 $ 63.70 $ 58.92 Tangible assets Total assets $ 3,311,325 $ 3,346,600 $ 3,168,092 Adjustments: Intangible assets (1,546) (1,546) (1,546) Tangible assets (non-GAAP) $ 3,309,779 $ 3,345,054 $ 3,166,546 Stockholders’ equity to assets 11.61 % 11.16 % 10.59 % Tangible common equity to tangible assets (non-GAAP) 11.57 % 11.11 % 10.54 % CRITICAL ACCOUNTING ESTIMATES Our consolidated financial statements are prepared in accordance with GAAP and with general practices within the financial services industry. Application of these principles requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under current circumstances. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates. There were no other material changes or developments during the reporting period with respect to methodologies that we use when developing critical accounting estimates as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For details on the significant accounting principles and practices we follow, see “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies” in this Report and “Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2025. RECENT ACCOUNTING PRONOUNCEMENTS See “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies - Recent Accounting Pronouncements” in this Report.