The Company purchases the guaranteed portions of SBA loans from third-party originators. The guaranteed portions of SBA loans purchased by the Company are aggregated into pools with similar characteristics to create a security representing an interest in those pools through the SBA’s fiscal transfer agent (“FTA”). The individual guaranteed portions of the SBA loans may also be sold prior to pooling into a security. The guaranteed portion of the SBA loans are pooled and securities representing interests in that pool are issued, the Company sells the pooled securities into the secondary market.

At September 30, 2026 and 2025, the Company held approximately $247.5 million and $278.3 million, respectively, of the guaranteed portion of SBA loans for sale. The following table details additional SBA activity for the periods presented.


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
SBA loan purchases - guaranteed portion	$	386,993	$	216,952	$	1,046,666	$	903,538
SBA security pools created - guaranteed portion		417,760		139,710		936,683		646,846
SBA security pools sold into the secondary market		446,520		159,641		959,882		640,839
SBA individual loans sold		5,607		32,272		44,216		91,101

The Company also separately originates SBA loans and sells the guaranteed portions of these loans into the secondary market. The following table details the guaranteed portion of SBA loans for the periods presented.


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
SBA loan originations - guaranteed portion sold	$	10,531	$	8,591	$	25,023	$	51,217
Gains recognized on sales		996		758		2,325		4,510