Author: Ravi Shankar

Genenta Science Announces Receipt of Nasdaq Minimum Bid Price Deficiency Notification

Posted on by Ravi Shankar

MILAN, Italy, Oct. 21, 2026 (GLOBE NEWSWIRE) — Genenta Science S.p.A. (Nasdaq: GNTA) (the “Company”) today announced that on October 16, 2026, it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2).

The notification was issued because the closing bid price of the Company’s American Depositary Shares (“ADSs”) was below $1.00 per ADS for 30 consecutive business days, from September 3, 2026 through October 15, 2026. The notification does not result in the immediate delisting of the Company’s ADSs, which will continue to trade on the Nasdaq Capital Market under the symbol “GNTA,” subject to the Company’s continued compliance with other applicable listing requirements.

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, until April 14, 2027, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s ADSs must be at least $1.00 per ADS for a minimum of 10 consecutive business days during the compliance period, unless Nasdaq exercises its discretion to extend this period.

If the Company does not regain compliance by April 14, 2027, it may be eligible for an additional 180-calendar-day compliance period, provided that it satisfies the applicable market value of publicly held shares requirement and all other initial listing standards for the Nasdaq Capital Market, except the minimum bid price requirement, and provides written notice of its intention to cure the deficiency, including by effecting a reverse stock split, if necessary.

As previously disclosed, the Company’s shareholders have already approved a reverse stock split within a range of 1-for-10 to 1-for-20, which the Board of Directors is authorized to implement, if deemed appropriate.

The Company intends to monitor the closing bid price of its ADSs and evaluate available options to regain compliance with Nasdaq’s minimum bid price requirement. Although the Company will use all reasonable efforts, there can be no assurance that it will regain compliance within the initial compliance period, qualify for any additional compliance period, or otherwise remain in compliance with other Nasdaq continued listing requirements.

About Genenta Science

Genenta Science (Nasdaq: GNTA) is evolving into a next-generation strategic consolidator focused on privately held specialized companies operating in Italian national security-regulated sectors, with activities spanning cybersecurity, defense, aerospace, and biotechnology/biosecurity. Genenta holds a 19% equity interest in Sòphia High Tech and has an option to increase its ownership to 51% at a pre-agreed valuation.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company’s intentions and ability to regain compliance with Nasdaq’s minimum bid price requirement and maintain its Nasdaq listing. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including fluctuations in the market price of the Company’s ADSs and the Company’s ability to satisfy Nasdaq’s continued listing requirements. Additional risks and uncertainties are described in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update these statements except as required by applicable law.

CONTACT: Investor Relations

Genenta Science S.p.A.
Tiziana Pollio, Mobile: +39 348 23 15 143
email: tiziana.pollio@genenta.com

Posted in UncategorizedTagged

BioCryst to Report Third Quarter 2026 Financial Results on November 4

Posted on by Ravi Shankar

RESEARCH TRIANGLE PARK, N.C., Oct. 21, 2026 (GLOBE NEWSWIRE) — BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that the company will report its third quarter 2026 financial results on Wednesday, November 4, 2026.

BioCryst management will host a conference call and webcast at 8:30 a.m. ET that day to discuss the financial results and provide a corporate update.

A live webcast and replay of the call will be available online in the investors section of the company website at www.biocryst.com.

About BioCryst Pharmaceuticals

BioCryst is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases, driven by its deep commitment to improving the lives of people living with these conditions. BioCryst has commercialized ORLADEYO® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor and is advancing a pipeline of potential first-in-class or best-in-class therapeutics for rare diseases. For more information, please visit www.biocryst.com or follow us on LinkedIn.

BCRXW

Contact:

Investors:
investorrelations@biocryst.com

Media:
media@biocryst.com

Posted in UncategorizedTagged

Arcutis to Report Third Quarter 2026 Financial Results and Host Conference Call on November 4, 2026

Posted on by Ravi Shankar

WESTLAKE VILLAGE, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced that it will report its third quarter 2026 financial results and provide a business update after the U.S. financial markets close on Wednesday, November 4, 2026. The Company will host a conference call and webcast at 4:30 p.m. ET that same day.

A live webcast of the call and related presentation materials will be available on the “Events” section of the Company’s website. A replay of the webcast will be available on the Arcutis investor website following the conference call.

About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a commercial-stage medical dermatology company delivering meaningful innovation to address the needs of individuals living with chronic inflammatory skin diseases. Over the past decade, Arcutis has successfully developed a robust portfolio of advanced targeted topicals approved to treat three major inflammatory skin diseases, driven by a commitment to solving the most persistent patient challenges in dermatology. Arcutis’ unique dermatology development platform, built on established scientific pathways and coupled with deep clinical dermatology and commercial expertise, enables us to efficiently develop, scale, and deliver our differentiated therapies while advancing a growing pipeline across a range of inflammatory dermatological conditions. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, Instagram, and X. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For example, statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. These statements are subject to substantial known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in our business, reimbursement and access to our products, the impact of competition and other important factors discussed in the “Risk Factors” section of our Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 25, 2026, as well as any subsequent filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available..

Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
media@arcutis.com

Investors
Brian Schoelkopf, Head of Investor Relations
ir@arcutis.com

Posted in UncategorizedTagged

National Healthcare Properties Head of Senior Housing Named to ASHA Executive Board

Posted on by Ravi Shankar

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) — National Healthcare Properties, Inc. (Nasdaq: NHP) (“NHP”) announced today that Lindsay Gordon, Executive Vice President and Head of Senior Housing, has been elected to the executive board of the American Senior Housing Association (ASHA).

ASHA is the premier national organization representing owners, operators, developers and investors in the seniors housing industry. ASHA advocates on federal policy, produces industry-defining research and provides thought leadership on issues shaping independent living, assisted living, memory care and life plan communities. ASHA is the nation’s premier organization for executives in the senior living industry.

Ms. Gordon leads a dedicated senior housing asset management team at NHP with significant experience in senior housing operations, supporting robust partnerships with leading national operators. She has over 30 years of experience in senior housing across community, regional and corporate roles with a focus on sales and operations. Her prior positions include Vice President at Discovery Senior Living, Regional Director of Operations at both Sunrise Senior Living and LCB Senior Living and Senior Executive Director at Atria Senior Living.

About National Healthcare Properties, Inc.

National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on providing needs-based senior housing to serve a growing elderly population in the United States. Additional information about NHP can be found on its website at nhpreit.com.

Investor & Media Contact
Email: ir@nhpreit.com

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” or the negatives of these terms or variations of them or similar expressions. Risks and uncertainties, the occurrence of which could adversely affect the Company’s business and cause actual results to differ materially from those expressed or implied in the forward-looking statements, include, but are not limited to, the following: changes in economic cycles generally and in the real estate and healthcare markets specifically; the success of the Company’s growth strategy, including its ability to successfully identify, complete and integrate new acquisitions; the Company’s ability to complete acquisitions or dispositions on the terms and timing the Company expects, or at all; changes to inflation and interest rates; competition in the real estate and healthcare markets; the Company’s ability to retain certain key personnel; legislative and regulatory changes in the healthcare and real estate industries; reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid; discovery of previously undetected environmentally hazardous conditions; the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in the Company’s cybersecurity systems; the availability of capital on favorable terms, or at all; the Company’s ability to remain qualified as a real estate investment trust for U.S. federal income tax purposes; and other risks and uncertainties described in the section titled Risk Factors of the Company’s most recent Annual Report on Form 10-K and all other filings with the Securities and Exchange Commission. Finally, the Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Posted in UncategorizedTagged

TrustCo’s Positive Momentum Yields 6.5% Net Income Increase; $17.3 Million for Third Quarter of 2026

Posted on by Ravi Shankar

Executive Snapshot:

Financial results:

  • Key metrics for the third quarter of 2026 compared to the third quarter of 2025:
    • Diluted earnings per share of $1.02 increased 18.6% compared to $0.86
    • Net interest income of $47.0 million, up 9.1% from $43.1 million
    • Net interest margin of 2.95%, up 16 basis points from 2.79%
    • Net income of $17.3 million increased 6.5% compared to $16.3 million
    • Average loans increased $238.1 million, or 4.6%
    • Average deposits increased $229.6 million, or 4.2%
  • Capital allocation and Stock Repurchase Program:
    • Increased dividend 5.3% to $0.40 per share, or $1.60 per share on an annualized basis
    • Purchased 13.2% of TrustCo outstanding common stock under the 2026 and 2025 Stock Repurchase Programs through the acquisition of over 1.5 million shares in the first nine months of 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy
    • On pace to complete the repurchase of a total of three million shares, or 15.8%, of TrustCo common stock by the end of 2026

GLENVILLE, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) —

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced financial results for the third quarter of 2026 highlighted by a continued increase in net interest income and sustained loan and deposit growth across core lending and deposit categories.   For the three months ended September 30, 2026, net interest income increased 9.1% year over year to $47.0 million. This was driven by the ongoing asset repricing across our loan portfolio at higher yields and effective execution of deposit growth and pricing strategies. For the three months ended September 30, 2026, net interest margin expanded to 2.95% from 2.79% in the prior year period. This resulted in third quarter 2026 net income of $17.3 million, or $1.02 diluted earnings per share, compared to net income of $16.3 million, or $0.86 diluted earnings per share, for the third quarter 2025; and contributed to net income of $50.6 million, or $2.91 diluted earnings per share, for the nine months ended September 30, 2026, compared to net income of $45.6 million, or $2.41 diluted earnings per share, for the nine months ended September 30, 2025.

Overview

Chairman, President, and CEO, Robert J. McCormick, said “Another quarter of solid financial performance is the product of TrustCo’s continued execution of tried and true banking principles that, quarter after quarter, continue to build positive momentum. Steady growth in both loans and deposits, coupled with favorable repricing of the Bank’s nearly $5.5 billion loan portfolio, have boosted net interest income to $47 million for the quarter, increased margin by 16 basis points, and driven return on average equity up 1.28% year over year, a 14% increase. Our management team has built a resilient balance sheet that can perform well in the current dynamic interest-rate environment, which efforts are supported by the entire organization’s focus on our relationship-based banking strategy. The ongoing repurchase of shares and regular payment of our recently-increased quarterly dividend work together to enhance shareholder value. With all of these factors coming together and trending favorably, we are optimistic about the Company’s ability to maintain positive momentum into 2027.”

Details

We have continued to see meaningful net income and net interest income improvement. The loan and investment portfolios of Trustco Bank (the “Bank”) continue to reprice upward as lower yielding assets mature and are replaced with higher rate loan originations and investment purchases, driving steady improvement in overall asset yields. We believe that this ongoing repricing reflects disciplined loan production aligned with current market conditions. Complementing this, the Bank maintains a strong liquidity position, driven by deposit growth while decreasing funding costs which underscores the Bank’s disciplined relationship banking strategy and the value customers place on stability and service.   We believe that these factors position the Bank to generate continued net income and net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $47.0 million for the third quarter of 2026, an increase of $3.9 million, or 9.1%, compared to the third quarter of 2025, driven by loan growth at higher interest rates and a decrease in interest expense. The net interest margin for the third quarter of 2026 was 2.95%, up 16 basis points from 2.79% in the third quarter of 2025. The yield on interest-earning assets increased to 4.35% in the third quarter of 2026, up 10 basis points from 4.25% in the third quarter of 2025. The cost of interest bearing liabilities decreased to 1.79% in the third quarter of 2026, down 11 basis points from 1.90% in the third quarter of 2025.

Average loans were up $238.1 million, or 4.6%, in the third quarter of 2026 over the same period in 2025. Average residential loans and Home Equity Credit Lines (HECLs), our primary lending focus, were up $177.3 million, or 4.0%, and $50.0 million, or 11.4%, respectively, in the third quarter of 2026 over the same period in 2025. Average commercial loans also increased $13.5 million, or 4.3%, in the third quarter of 2026 over the same period in 2025. Loan growth in the third quarter of 2026 remained steady, driven by continued strength in core relationship lending. Credit quality metrics were stable. Following this period of sustained growth, TrustCo remains confident in the quality of its loan portfolio amid broader market concerns. We believe that our continued focus on strong underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment.   The consistent growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $229.6 million, or 4.2%, for the third quarter of 2026 compared to the third quarter of 2025, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s ongoing emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a broadening deposit base that supports ongoing loan growth and expansion.

During the third quarter of 2026, the Bank remained focused on capital deployment and allocation, guided by a disciplined framework, with a dividend increase, and share repurchases, these serve as key tools to enhance shareholder value. This reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. During the third quarter, the Bank declared an increased quarterly cash dividend of $0.40 per share, or $1.60 per share on an annualized basis. The declared dividend represents an increase of 5.3% over the prior dividend amount which continues the Banks commitment in paying dividends for over a century.   For the three and nine months ended September 30, 2026, TrustCo repurchased 500 thousand and 1.5 million shares, or 2.9% and 8.3%, respectively, of TrustCo’s outstanding common stock under its previously announced stock repurchase program, which authorizes TrustCo to repurchase up to two million shares, or 11.1%, of TrustCo’s outstanding common stock in 2026. We continue to believe that our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of September 30, 2026, our equity to asset ratio was 9.72%, compared to 10.90% as of September 30, 2025. Book value per share as of September 30, 2026 was $38.20, up 2.4% compared to $37.30 as of a year earlier.

Asset quality remains strong and has been consistent over the past twelve months. TrustCo recorded a provision for credit losses of $850 thousand in the third quarter of 2026, an increase of $600 thousand compared to the same period in 2025.   For the three months ended September 30, 2026, the provision for credit losses was the result of a provision for credit losses on loans of $1.05 million due to loan growth and changes in forward looking economic assumptions, and a benefit for credit losses on unfunded commitments of $200 thousand due to the seasonal decrease in the loan pipeline. Accordingly, increases in the overall provision expense are being driven by loan growth and changes in economic forecasts rather than the deterioration in underlying credit performance. The ratio of allowance for credit losses on loans to total loans was 1.01% and 1.00% as of September 30, 2026 and September 30, 2025, respectively. The allowance for credit losses on loans was $55.2 million as of September 30, 2026, compared to $51.9 million as of September 30, 2025. Nonperforming loans (NPLs) were $21.1 million as of September 30, 2026, compared to $18.5 million as of September 30, 2025. NPLs were 0.39% and 0.36% of total loans as of September 30, 2026 and September 30, 2025, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 261.8% as of September 30, 2026, compared to 280.8% as of September 30, 2025. Nonperforming assets (NPAs) were $22.3 million as of September 30, 2026, compared to $19.7 million as of September 30, 2025.   Asset quality metrics remain stable and well covered by reserves, reflecting the Bank’s conservative underwriting standards.

A conference call to discuss third quarter 2026 results will be held at 9:00 a.m. Eastern Time on October 22, 2026. Those wishing to participate in the call may dial toll-free for North America 1-833-461-5787, Meeting ID 638 789 515. The call will also be audio webcast at https://events.q4inc.com/attendee/638789515. The webcast replay will be available for one year at the same link.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.5 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 133 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of September 30, 2026.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” “can” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding net income, net interest income and shareholder value for future quarters; expectations regarding our future momentum; the anticipated impact of our focus on underwriting within our loan portfolio and conservative lending standards; the expected impact of the continued repricing of our loan and investment portfolios, as well as our liquidity position, on our future net interest and net interest income; our balance sheet’s performance in future interest-rate environments; future overall asset yields; the amount of shares that we expect to repurchase in 2026; and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations, as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause TrustCo’s actual results to differ materially from the views, beliefs and projections expressed in such statements. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or to meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the rising popularity of alternative financial products, including fintech platforms, cryptocurrencies, money market funds, and digital wallets; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, including as a result of the conflict between the United States (U.S.) and Iran, as well as volatility in financial markets; the chance of a downgrade in the credit rating of the U.S. government or a default by the U.S. government; the soundness of other financial institutions; U.S. government shutdowns; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; our compliance with laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; the impact of the actions of activist shareholders; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the first and second quarters of 2026, our upcoming quarterly report on Form 10-Q for the third quarter of 2026, and future reports to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

TRUSTCO BANK CORP NY
GLENVILLE, NY
 
FINANCIAL HIGHLIGHTS
 
(dollars in thousands, except per share data)
(Unaudited)
    Three months ended
    9/30/2026   6/30/2026   9/30/2025
Summary of operations            
Net interest income   $ 47,039     $ 45,590     $ 43,119  
Provision for credit losses     850       650       250  
Net gains on equity securities     56       844       –  
Noninterest income, excluding net gains on equity securities     4,762       5,068       4,689  
Noninterest expense     28,019       28,333       26,242  
Net income     17,318       16,965       16,258  
             
Per share            
Net income per share:            
– Basic   $ 1.03     $ 0.98     $ 0.87  
– Diluted     1.02       0.98       0.86  
Cash dividends     0.40       0.38       0.38  
Book value at period end     38.20       38.53       37.30  
Market price at period end     54.29       54.91       36.30  
             
At period end            
Full time equivalent employees     740       742       738  
Full service banking offices     133       132       136  
             
Performance ratios            
Return on average assets     1.05 %     1.04 %     1.02 %
Return on average equity     10.57       10.22       9.29  
Efficiency ratio (GAAP)     54.03       55.01       54.89  
Adjusted Efficiency ratio (1)     54.11       55.71       54.87  
Net interest spread     2.56       2.48       2.35  
Net interest margin     2.95       2.87       2.79  
Dividend payout ratio     38.58       38.36       43.68  
             
Capital ratios at period end            
Consolidated equity to assets (GAAP)     9.72 %     10.05 %     10.90 %
Consolidated tangible equity to tangible assets (1)     9.71 %     10.05 %     10.89 %
             
Asset quality analysis at period end            
Nonperforming loans to total loans     0.39 %     0.40 %     0.36 %
Nonperforming assets to total assets     0.34       0.35       0.31  
Allowance for credit losses on loans to total loans     1.01       1.01       1.00  
Coverage ratio (2)     2.6 x     2.5 x     2.8 x
             
(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.

FINANCIAL HIGHLIGHTS, Continued
 
(dollars in thousands, except per share data)
(Unaudited)
    Nine months ended
    09/30/26   09/30/25
Summary of operations        
Net interest income   $ 137,337     $ 125,238  
Provision for credit losses     2,450       1,200  
Net gains on equity securities     900       –  
Noninterest income, excluding net gains on equity securities     14,671       14,515  
Noninterest expense     83,334       78,794  
Net income     50,568       45,572  
         
Per share        
Net income per share:        
– Basic   $ 2.92     $ 2.41  
– Diluted     2.91       2.41  
Cash dividends     1.16       1.10  
Book value at period end     38.20       37.30  
Market price at period end     54.29       36.30  
         
Performance ratios        
Return on average assets     1.04 %     0.97 %
Return on average equity     10.15       8.84  
Efficiency ratio (GAAP)     54.50       56.38  
Adjusted Efficiency ratio (1)     54.72       55.98  
Net interest spread     2.49       2.28  
Net interest margin     2.89       2.71  
Dividend payout ratio     39.41       45.55  

(dollars in thousands, except per share data)
(Unaudited)
    Three months ended
    9/30/2026   6/30/2026   3/31/2026   12/31/2025   9/30/2025
Interest and dividend income:                    
Interest and fees on loans   $ 60,875     $ 58,757     $ 57,565     $ 56,886     $ 55,953  
Interest and dividends on securities available for sale:                    
U. S. government sponsored enterprises     86       111       149       350       599  
State and political subdivisions     –       –       –       –       1  
Mortgage-backed securities and collateralized mortgage obligations – residential     1,509       1,486       1,469       1,490       1,583  
Corporate bonds     820       776       694       536       265  
Small Business Administration – guaranteed participation securities     56       59       63       68       72  
Other securities     8       7       8       8       7  
Total interest and dividends on securities available for sale     2,479       2,439       2,383       2,452       2,527  
                     
Interest on held to maturity securities:                    
Mortgage-backed securities and collateralized mortgage obligations – residential     43       44       47       50       52  
Total interest on held to maturity securities     43       44       47       50       52  
                     
Federal Home Loan Bank stock     112       123       126       126       125  
                     
Interest on federal funds sold and other short-term investments     6,098       6,344       6,105       6,580       7,376  
Total interest income     69,607       67,707       66,226       66,094       66,033  
                     
Interest expense:                    
Interest on deposits:                    
Interest-bearing checking     642       551       533       501       483  
Savings     730       703       675       715       741  
Money market deposit accounts     1,597       1,631       1,552       1,810       2,065  
Time deposits     19,245       18,863       18,357       18,993       19,427  
Interest on short-term borrowings     354       369       401       340       198  
Total interest expense     22,568       22,117       21,518       22,359       22,914  
                     
Net interest income     47,039       45,590       44,708       43,735       43,119  
                     
Less: Provision for credit losses     850       650       950       400       250  
Net interest income after provision for credit losses     46,189       44,940       43,758       43,335       42,869  
                     
Noninterest income:                    
Trustco Financial Services income     2,059       1,980       2,135       1,950       1,967  
Fees for services to customers     2,409       2,487       2,340       2,192       2,429  
Net gains on equity securities     56       844       –       –       –  
Other     294       601       366       288       293  
Total noninterest income     4,818       5,912       4,841       4,430       4,689  
                     
Noninterest expenses:                    
Salaries and employee benefits     12,776       13,047       12,219       12,242       12,727  
Net occupancy expense     4,526       4,381       4,542       4,592       4,470  
Equipment expense     2,306       2,082       2,022       2,219       1,938  
Professional services     1,744       1,968       1,526       1,083       1,571  
Outsourced services     2,800       2,704       2,700       2,100       2,492  
Advertising expense     468       586       394       629       290  
FDIC and other insurance     1,104       1,101       1,153       1,135       1,052  
Other real estate (income) expense, net     (12 )     112       50       161       8  
Other     2,307       2,352       2,376       2,549       1,694  
Total noninterest expenses     28,019       28,333       26,982       26,710       26,242  
                     
Income before taxes     22,988       22,519       21,617       21,055       21,316  
Income taxes     5,670       5,554       5,332       5,490       5,058  
                     
Net income   $ 17,318     $ 16,965     $ 16,285     $ 15,565     $ 16,258  
                     
Net income per common share:                    
– Basic   $ 1.03     $ 0.98     $ 0.91     $ 0.85     $ 0.87  
                     
– Diluted     1.02       0.98       0.91       0.85       0.86  
                     
Weighted average basic shares (in thousands)     16,842       17,304       17,813       18,275       18,755  
Weighted average diluted shares (in thousands)     16,939       17,386       17,876       18,327       18,805  

CONSOLIDATED STATEMENTS OF INCOME, Continued
 
(dollars in thousands, except per share data)
(Unaudited)
    Nine months ended
    09/30/26   09/30/25
Interest and dividend income:        
Interest and fees on loans   $ 177,197     $ 163,960  
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises     346       1,809  
State and political subdivisions     –       1  
Mortgage-backed securities and collateralized mortgage obligations – residential     4,464       4,679  
Corporate bonds     2,290       735  
Small Business Administration – guaranteed participation securities     178       228  
Other securities     23       22  
Total interest and dividends on securities available for sale     7,301       7,474  
         
Interest on held to maturity securities:        
Mortgage-backed securities-residential     134       163  
Total interest on held to maturity securities     134       163  
         
Federal Home Loan Bank stock     361       405  
         
Interest on federal funds sold and other short-term investments     18,547       21,320  
Total interest income     203,540       193,322  
         
Interest expense:        
Interest on deposits:        
Interest-bearing checking     1,726       1,577  
Savings     2,108       2,208  
Money market deposit accounts     4,780       6,140  
Time deposits     56,465       57,605  
Interest on short-term borrowings     1,124       554  
Total interest expense     66,203       68,084  
         
Net interest income     137,337       125,238  
         
Less: Provision for credit losses     2,450       1,200  
Net interest income after provision for credit losses     134,887       124,038  
         
Noninterest income:        
Trustco Financial Services income     6,174       5,905  
Fees for services to customers     7,236       7,340  
Net gains on equity securities     900       –  
Other     1,261       1,270  
Total noninterest income     15,571       14,515  
         
Noninterest expenses:        
Salaries and employee benefits     38,042       36,497  
Net occupancy expense     13,449       13,542  
Equipment expense     6,410       5,800  
Professional services     5,238       5,183  
Outsourced services     8,204       7,652  
Advertising expense     1,448       955  
FDIC and other insurance     3,358       3,376  
Other real estate expense, net     150       558  
Other     7,035       5,231  
Total noninterest expenses     83,334       78,794  
         
Income before taxes     67,124       59,759  
Income taxes     16,556       14,187  
         
Net income   $ 50,568     $ 45,572  
         
Net income per common share:        
– Basic   $ 2.92     $ 2.41  
         
– Diluted     2.91       2.41  
         
Weighted average basic shares (in thousands)     17,317       18,912  
Weighted average diluted shares (in thousands)     17,398       18,947  

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
(dollars in thousands)
(Unaudited)
    9/30/2026   6/30/2026   3/31/2026   12/31/2025   9/30/2025
ASSETS:                    
                     
Cash and due from banks   $ 42,914     $ 44,503     $ 43,165     $ 50,569     $ 42,026  
Federal funds sold and other short term investments     554,402       652,136       724,943       679,858       653,530  
Total cash and cash equivalents     597,316       696,639       768,108       730,427       695,556  
                   
Securities available for sale:                  
U. S. government sponsored enterprises     9,873       14,956       14,887       31,772       51,557  
States and political subdivisions     9       9       9       9       18  
Mortgage-backed securities and collateralized mortgage obligations – residential     196,688       203,601       205,209       206,290       215,466  
Small Business Administration – guaranteed participation securities     9,306       10,153       10,796       11,710       12,330  
Corporate bonds     77,434       73,804       69,137       59,932       39,800  
Other securities     713       718       708       705       701  
Total securities available for sale     294,023       303,241       300,746       310,418       319,872  
                     
Held to maturity securities:                    
Mortgage-backed securities and collateralized mortgage obligations-residential     3,640       3,842       4,097       4,339       4,593  
Total held to maturity securities     3,640       3,842       4,097       4,339       4,593  
                     
Federal Reserve Bank and Federal Home Loan Bank stock     6,756       6,756       6,601       6,601       6,601  
                   
Loans:                  
Commercial     332,406       322,439       316,763       313,443       311,491  
Residential mortgage loans     4,614,353       4,560,717       4,497,911       4,463,260       4,420,813  
Home equity line of credit     498,088       484,197       464,887       464,201       447,235  
Installment loans     9,439       9,882       10,617       11,556       12,231  
Loans, net of deferred net costs     5,454,286       5,377,235       5,290,178       5,252,460       5,191,770  
                   
Less: Allowance for credit losses on loans     55,162       54,082       52,994       52,205       51,891  
Net loans     5,399,124       5,323,153       5,237,184       5,200,255       5,139,879  
                     
Bank premises and equipment, net     42,266       42,273       41,071       40,707       39,718  
Operating lease right-of-use assets     32,715       33,872       33,305       33,638       35,291  
Other assets     118,220       115,137       116,767       114,315       107,514  
                   
Total assets   $ 6,494,060     $ 6,524,913     $ 6,507,879     $ 6,440,700     $ 6,349,024  
                   
LIABILITIES:                  
Deposits:                  
Demand   $ 817,555     $ 824,717     $ 811,637     $ 814,908     $ 795,508  
Interest-bearing checking     1,077,289       1,089,746       1,078,520       1,077,141       1,025,582  
Savings accounts     1,060,493       1,076,934       1,070,319       1,069,564       1,063,763  
Money market deposit accounts     429,555       438,799       442,760       457,389       455,488  
Time deposits     2,299,326       2,251,370       2,249,117       2,138,415       2,140,932  
Total deposits     5,684,218       5,681,566       5,652,353       5,557,417       5,481,273  
                   
Short-term borrowings     98,108       108,382       112,930       120,054       97,749  
Operating lease liabilities     35,075       36,361       35,920       36,391       38,180  
Accrued expenses and other liabilities     45,334       42,595       35,756       40,249       39,809  
                   
Total liabilities     5,862,735       5,868,904       5,836,959       5,754,111       5,657,011  
                   
SHAREHOLDERS’ EQUITY:                  
Capital stock     20,119       20,119       20,119       20,119       20,103  
Surplus     261,758       261,283       260,808       260,333       259,980  
Undivided profits     510,684       499,997       489,540       479,996       471,314  
Accumulated other comprehensive income, net of tax     76       6,967       8,241       10,024       2,955  
Treasury stock at cost     (161,312 )     (132,357 )     (107,788 )     (83,883 )     (62,339 )
                   
Total shareholders’ equity     631,325       656,009       670,920       686,589       692,013  
                     
Total liabilities and shareholders’ equity   $ 6,494,060     $ 6,524,913     $ 6,507,879     $ 6,440,700     $ 6,349,024  
                     
Outstanding shares (in thousands)     16,528       17,028       17,507       18,029       18,554  

NONPERFORMING ASSETS
                     
(dollars in thousands)
(Unaudited)
    9/30/2026   6/30/2026   3/31/2026   12/31/2025   9/30/2025
Nonperforming Assets                    
                     
New York and other states*                    
Loans in nonaccrual status:                    
Commercial   $ 2,008     $ 1,964     $ 1,968     $ 1,990     $ 292  
Real estate mortgage – 1 to 4 family     14,053       15,343       15,212       14,584       14,568  
Installment     19       37       43       29       30  
Total nonperforming loans     16,080       17,344       17,223       16,603       14,890  
Other real estate owned     1,183       1,234       1,364       1,394       1,234  
Total nonperforming assets   $ 17,263     $ 18,578     $ 18,587     $ 17,997     $ 16,124  
                     
Florida                    
Loans in nonaccrual status:                    
Commercial   $ –     $ –     $ –     $ –     $ –  
Real estate mortgage – 1 to 4 family     4,968       4,392       4,222       4,047       3,574  
Installment     19       16       20       22       13  
Total nonperforming loans     4,987       4,408       4,242       4,069       3,587  
Other real estate owned     –       –       –       –       –  
Total nonperforming assets   $ 4,987     $ 4,408     $ 4,242     $ 4,069     $ 3,587  
                     
Total                    
Loans in nonaccrual status:                    
Commercial   $ 2,008     $ 1,964     $ 1,968     $ 1,990     $ 292  
Real estate mortgage – 1 to 4 family     19,021       19,735       19,434       18,631       18,142  
Installment     38       53       63       51       43  
Total nonperforming loans     21,067       21,752       21,465       20,672       18,477  
Other real estate owned     1,183       1,234       1,364       1,394       1,234  
Total nonperforming assets   $ 22,250     $ 22,986     $ 22,829     $ 22,066     $ 19,711  
                     
                     
Quarterly Net (Recoveries) Chargeoffs                    
                     
New York and other states*                    
Commercial   $ –     $ –     $ 19     $ –     $ –  
Real estate mortgage – 1 to 4 family     (44 )     (72 )     (43 )     (33 )     (194 )
Installment     (1 )     (21 )     11       (13 )     (2 )
Total net chargeoffs (recoveries)   $ (45 )   $ (93 )   $ (13 )   $ (46 )   $ (196 )
                     
Florida                    
Commercial   $ –     $ –     $ (40 )   $ –     $ –  
Real estate mortgage – 1 to 4 family     –       –       –       –       –  
Installment     15       5       14       32       20  
Total net (recoveries) chargeoffs   $ 15     $ 5     $ (26 )   $ 32     $ 20  
                     
Total                    
Commercial   $ –     $ –     $ (21 )   $ –     $ –  
Real estate mortgage – 1 to 4 family     (44 )     (72 )     (43 )     (33 )     (194 )
Installment     14       (16 )     25       19       18  
Total net (recoveries) chargeoffs   $ (30 )   $ (88 )   $ (39 )   $ (14 )   $ (176 )
                     
                     
Asset Quality Ratios                    
                     
Total nonperforming loans (1)   $ 21,067     $ 21,752     $ 21,465     $ 20,672     $ 18,477  
Total nonperforming assets (1)     22,250       22,986       22,829       22,066       19,711  
Total net (recoveries) chargeoffs (2)     (30 )     (88 )     (39 )     (14 )     (176 )
                     
Allowance for credit losses on loans (1)     55,162       54,082       52,994       52,205       51,891  
                     
Nonperforming loans to total loans     0.39 %     0.40 %     0.41 %     0.39 %     0.36 %
Nonperforming assets to total assets     0.34 %     0.35 %     0.35 %     0.34 %     0.31 %
Allowance for credit losses on loans to total loans     1.01 %     1.01 %     1.00 %     0.99 %     1.00 %
Coverage ratio (1)     261.8 %     248.6 %     246.9 %     252.5 %     280.8 %
Annualized net (recoveries) chargeoffs to average loans (2)     0.00 %     -0.01 %     0.00 %     0.00 %     -0.01 %
Allowance for credit losses on loans to annualized net chargeoffs (2)     N/A       N/A       N/A       N/A       N/A  
 
* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL
 
(dollars in thousands)                                
(Unaudited)   Three months ended   Three months ended
    September 30, 2026   September 30, 2025
    Average   Interest   Average   Average   Interest   Average
    Balance         Rate   Balance         Rate
Assets                                
                                 
Securities available for sale:                                
U. S. government sponsored enterprises   $ 10,977     $ 86     3.13 %   $ 69,294     $ 599     3.46 %
Mortgage backed securities and collateralized mortgage obligations – residential     217,254       1,509     2.75       237,092       1,583     2.65  
State and political subdivisions     9       –     6.77       18       1     6.77  
Corporate bonds     75,681       820     4.33       26,512       265     4.00  
Small Business Administration – guaranteed participation securities     10,440       56     2.14       13,385       72     2.15  
Other     717       8     4.46       700       7     4.00  
                                 
Total securities available for sale     315,078       2,479     3.15       347,001       2,527     2.91  
                                 
Federal funds sold and other short-term Investments     649,823       6,098     3.72       662,737       7,376     4.42  
                                 
Held to maturity securities:                                
Mortgage backed securities and collateralized mortgage obligations – residential     3,740       43     4.53       4,709       52     4.40  
                                 
Total held to maturity securities     3,740       43     4.53       4,709       52     4.40  
                                 
Federal Home Loan Bank stock     6,756       112     6.63       6,601       125     7.57  
                                 
Commercial loans     327,267       4,654     5.69       313,800       4,426     5.64  
Residential mortgage loans     4,586,955       48,286     4.21       4,409,645       44,089     4.00  
Home equity lines of credit     490,310       7,739     6.26       440,288       7,215     6.50  
Installment loans     9,182       196     8.46       11,842       223     7.48  
                                 
Loans, net of unearned income     5,413,714       60,875     4.49       5,175,575       55,953     4.32  
                                 
Total interest earning assets     6,389,111     $ 69,607     4.35       6,196,623     $ 66,033     4.25  
                                 
Allowance for credit losses on loans     (54,467 )                 (51,706 )            
Cash & non-interest earning assets     219,106                   208,701              
                                 
                                 
Total assets   $ 6,553,750                 $ 6,353,618              
                                 
                                 
Liabilities and shareholders’ equity                                
                                 
Deposits:                                
Interest bearing checking accounts   $ 1,092,564     $ 642     0.23 %   $ 1,035,366     $ 483     0.18 %
Money market accounts     442,480       1,597     1.43       464,334       2,065     1.76  
Savings     1,076,926       730     0.27       1,077,441       741     0.27  
Time deposits     2,288,063       19,245     3.34       2,125,920       19,427     3.63  
                                 
Total interest bearing deposits     4,900,033       22,214     1.80       4,703,061       22,716     1.92  
Short-term borrowings     102,386       354     1.37       87,348       198     0.90  
                                 
Total interest bearing liabilities     5,002,419     $ 22,568     1.79       4,790,409     $ 22,914     1.90  
                                 
Demand deposits     825,203                   792,621              
Other liabilities     75,989                   76,502              
Shareholders’ equity     650,139                   694,086              
                                 
Total liabilities and shareholders’ equity   $ 6,553,750                 $ 6,353,618              
                                 
Net interest income       $ 47,039               $ 43,119        
                                 
Net interest spread             2.56 %             2.35 %
                                 
                                 
Net interest margin (net interest income to total interest earning assets)             2.95 %             2.79 %
                                 
                                 
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                                 
(dollars in thousands)                                
(Unaudited)   Nine months ended   Nine Months Ended
    September 30, 2026   September 30, 2025
    Average   Interest   Average   Average   Interest   Average
    Balance         Rate   Balance         Rate
Assets                                
                                 
Securities available for sale:                                
U. S. government sponsored enterprises   $ 17,681       346     2.61 %   $ 72,461       1,809     3.33 %
Mortgage backed securities and collateralized mortgage obligations – residential     219,451       4,464     2.71       240,401       4,679     2.59  
State and political subdivisions     9       –     6.77       18       1     6.77  
Corporate bonds     70,395       2,290     4.34       30,696       735     3.19  
Small Business Administration – guaranteed participation securities     11,098       178     2.14       14,151       228     2.15  
Other     712       23     6.46       698       22     4.20  
                                 
Total securities available for sale     319,346       7,301     4.57       358,425       7,474     2.78  
                                 
Federal funds sold and other short-term Investments     668,926       18,547     3.71       641,793       21,320     4.44  
                                 
Held to maturity securities:                                
Mortgage backed securities and collateralized mortgage obligations – residential     3,972       134     4.50       4,969       163     4.37  
                                 
Total held to maturity securities     3,972       134     4.50       4,969       163     4.37  
                                 
Federal Home Loan Bank stock     6,704       361     10.77       6,567       405     8.22  
                                 
Commercial loans     320,738       13,565     5.64       306,091       12,851     5.60  
Residential mortgage loans     4,532,068       140,718     4.14       4,394,245       129,940     3.94  
Home equity lines of credit     476,358       22,297     6.26       427,830       20,480     6.40  
Installment loans     9,923       617     8.32       12,440       689     7.40  
                                 
Loans, net of unearned income     5,339,087       177,197     4.43       5,140,606       163,960     4.25  
                                 
Total interest earning assets     6,338,035       203,540     4.28       6,152,360       193,322     4.19  
                                 
Allowance for credit losses on loans     (53,483 )                 (50,991 )            
Cash & non-interest earning assets     220,871                   204,651              
                                 
                                 
Total assets   $ 6,505,423                 $ 6,306,020              
                                 
                                 
Liabilities and shareholders’ equity                                
                                 
Deposits:                                
Interest bearing checking accounts $   1,079,452       1,726     0.21 % $   1,037,598       1,577     0.20 %
Money market accounts     445,015       4,780     1.44       468,059       6,140     1.75  
Savings     1,072,414       2,108     0.26       1,084,712       2,208     0.27  
Time deposits     2,244,343       56,465     3.36       2,088,844       57,605     3.69  
                                 
Total interest bearing deposits     4,841,224       65,079     1.80       4,679,213       67,530     1.93  
Short-term borrowings     109,206       1,124     1.38       83,885       554     0.88  
                                 
Total interest bearing liabilities     4,950,430       66,203     1.79       4,763,098       68,084     1.91  
                                 
Demand deposits     814,465                   777,573              
Other liabilities     74,106                   76,372              
Shareholders’ equity     666,422                   688,977              
                                 
Total liabilities and shareholders’ equity $   6,505,423               $   6,306,020              
                                 
Net interest income         137,337                 125,238        
                                 
Net interest spread             2.49 %             2.28 %
                                 
                                 
Net interest margin (net interest income to total interest earning assets)             2.89 %             2.71 %


Non-GAAP Financial Measures Reconciliation

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest income. We calculate the efficiency ratio by dividing total non-interest expense as determined under GAAP by the sum of net interest income and total non-interest income as determined under GAAP. We calculate the adjusted efficiency ratio by dividing total non-interest expenses as determined under GAAP, excluding other real estate expense, net, by the sum of net interest income and total non-interest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and adjusted efficiency ratio to the most directly comparable GAAP measures is set forth below.  

NON-GAAP FINANCIAL MEASURES RECONCILIATION
                         
(dollars in thousands)                        
(Unaudited)                        
        9/30/2026   6/30/2026   9/30/2025        
Tangible Equity to Tangible Assets                        
                         
Equity (GAAP)       $ 631,325     $ 656,009     $ 692,013          
Less: Intangible assets         553       553       553          
Tangible equity (Non-GAAP)       $ 630,772     $ 655,456     $ 691,460          
                         
Total Assets (GAAP)       $ 6,494,060     $ 6,524,913     $ 6,349,024          
Less: Intangible assets         553       553       553          
Tangible assets (Non-GAAP)       $ 6,493,507     $ 6,524,360     $ 6,348,471          
                         
Consolidated Equity to Assets (GAAP)         9.72 %     10.05 %     10.90 %        
Consolidated Tangible Equity to Tangible Assets (Non-GAAP)         9.71 %     10.05 %     10.89 %        
                         
        Three months ended   Nine months ended
Efficiency and Adjusted Efficiency Ratios       9/30/2026   6/30/2026   9/30/2025   9/30/2026   9/30/2025
                         
Net interest income (GAAP)   A   $ 47,039     $ 45,590     $ 43,119     $ 137,337     $ 125,238  
Non-interest income (GAAP)   B     4,818       5,912       4,689       15,571       14,515  
Less: Net gains on equity securities   C     56       844       –       900       –  
Revenue used for efficiency ratio (Non-GAAP)   D   $ 51,801     $ 50,658     $ 47,808     $ 152,008     $ 139,753  
                         
Total noninterest expense (GAAP)   E   $ 28,019     $ 28,333     $ 26,242     $ 83,334     $ 78,794  
Less: Other real estate expense, net   F     (12 )     112       8       150       558  
Expense used for efficiency ratio (Non-GAAP)   G   $ 28,031     $ 28,221     $ 26,234     $ 83,184     $ 78,236  
                         
Efficiency Ratio (GAAP)   E/(A+B)     54.03 %     55.01 %     54.89 %     54.50 %     56.38 %
Adjusted Efficiency Ratio (Non-GAAP)   G/D     54.11 %     55.71 %     54.87 %     54.72 %     55.98 %

Subsidiary: Trustco Bank
   
Contact: Robert Leonard
  Executive Vice President
  (518) 381-3693
   
  Lauren A. McCormick
  Vice President, Treasurer, and
  Assistant Corporate Secretary
  (518) 381-3673

Posted in UncategorizedTagged

Cytokinetics to Announce Third Quarter Results on November 4, 2026

Posted on by Ravi Shankar

SOUTH SAN FRANCISCO, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) — Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that it is scheduled to report third quarter results on November 4, 2026 at 4:00 PM Eastern Time. Following the announcement, Cytokinetics’ senior management will host a conference call at 4:30 PM Eastern Time to discuss financial results and provide business updates.

The conference call will be simultaneously webcast and can be accessed from the Investors & Media section of Cytokinetics’ website at www.cytokinetics.com or directly at the following link: Cytokinetics Q3 2026 Earnings Conference Call. An archived replay of the webcast will be available via Cytokinetics’ website for six months.

About Cytokinetics

Cytokinetics is a specialty cardiovascular biopharmaceutical company, building on its over 25 years of pioneering scientific innovations in muscle biology, and advancing a pipeline of potential new medicines for patients suffering from diseases of cardiac muscle dysfunction. Cytokinetics’ MYQORZO® (aficamten) is a cardiac myosin inhibitor approved in the U.S., China, European Union, United Kingdom and Canada for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). Following positive topline results in ACACIA-HCM, a Phase 3 clinical trial of aficamten in patients with non-obstructive HCM (nHCM), the company plans to submit a Supplemental New Drug Application in Q4 2026. Cytokinetics is also developing omecamtiv mecarbil, an investigational cardiac myosin activator for the potential treatment of patients with heart failure with severely reduced ejection fraction and ulacamten, an investigational cardiac myosin inhibitor for the potential treatment of heart failure with preserved ejection fraction, while continuing pre-clinical research and development in muscle biology.

For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on X, LinkedIn, Facebook and YouTube.

Disclaimer

Omecamtiv mecarbil and ulacamten are investigational medicines. They have not been approved nor determined to be safe or efficacious for any disease state or any indication by FDA or any other regulatory agency.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Cytokinetics’ and its partners’ research and development activities of Cytokinetics’ product candidates. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to the risks related to Cytokinetics’ business outlines in Cytokinetics’ filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and Cytokinetics’ actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

CYTOKINETICS® and the CYTOKINETICS C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries.

MYQORZO® is a registered trademark of Cytokinetics in the U.S., the European Union, the United Kingdom and Canada.

Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757

Posted in UncategorizedTagged

Almadex Expands Claim Block at New Hope, Provides Exploration Update

Posted on by Ravi Shankar

New Hope Property

New Hope Property Exploration Results
New Hope Property Exploration Results

VANCOUVER, British Columbia, Oct. 21, 2026 (GLOBE NEWSWIRE) — Almadex Minerals Ltd. (“Almadex” or the “Company”) (TSX-V: “DEX”) is pleased to announce that it has expanded its claim block by staking at its wholly owned New Hope copper-gold porphyry exploration project in Arizona, USA. The new expanded New Hope claim block covers a broad area of high chargeability to the east of where the Company’s two-hole exploratory drill campaign was carried out (see Almadex news releases of April 1 and June 30th 2026). The Company is currently planning how a potential phase II drilling program might be conducted. The Company also reports that drilling operations have finished with one hole completed to 980 metres depth at the Company’s King copper-gold porphyry lithocap target in Colorado, USA. Samples have been submitted for assay and further information will be provided when all results have been received and compiled. A review of the New Hope project exploration results previously reported are provided below.

Highlights and Review of 2026 New Hope Results

  • Additional staking has been carried out to cover the large New Hope porphyry alteration zone defined by surface mapping and geophysics;
  • Magnetics and mapping suggest that the 2026 New Hope drilling previously reported is on the western edge of a 2.5 km x 0.75 km area of mapped phyllic and remnant lithocap porphyry alteration;
  • IP geophysics has extended the IP geophysical anomaly 1.95 km to the east of the line where both holes were drilled;
  • The Company’s completed and previously reported drill holes confirmed a large porphyry alteration system including the presence of a tourmaline bearing breccia pipe. Short zones of mineralisation with trace chalcopyrite were intersected in the second hole, including 6.00 metres @ 0.15% copper and 156 ppm molybdenum;
  • The Company is currently designing a potential phase II drilling program.

J Duane Poliquin, Chairman of Almadex commented, “The results from our past drilling, combined with the expanded geophysical target, highlight the scale of the porphyry system at New Hope. We are pleased to have expanded the claim position and are now evaluating options for a potential second phase of drilling.”

About the New Hope Project

The New Hope project in SW Arizona covers a large (2.5 by 0.75 km) area of mapped phyllic and remnant lithocap porphyry alteration. Drone-based magnetics suggest that the drilling to date is on the western edge of the alteration zone and a broad magnetics low associated with this alteration zone (see map attached). The recent IP lines surveyed to the east of the initial line supports this interpretation as the chargeability remains strong and open in this direction. Two diamond drill holes were completed in 2026, both drilled from the same pad (see Almadex news releases of April 1 and June 30th 2026). The first hole intersected andesite porphyry affected by moderate to strong phyllic alteration and zones of quartz veining to 384 meters when, after a zone of faulting and brecciation, propylitic to potassic alteration was encountered. Within the phyllic alteration, pyrite contents were up to an estimated 7% although no significant copper mineralisation was encountered. The second hole was collared from the same pad as the first hole and intersected an andesite intruded by late diorite dykes to 483 metres at which point a large breccia body was encountered. The andesite is affected by phyllic, argillic and propylitic alteration with pyrite contents up to 5%, and the diorite by potassic to propylitic alteration. The breccia body is comprised of clasts from a range of largely intrusive lithologies affected by silicification, phyllic and propylitic alteration. The matrix is often silicified with pyrite and abundant tourmaline. Veins of tourmaline and pyrite also crosscut the breccia. Two zones of copper mineralisation with traces of chalcopyrite were intersected:

498.00 to 504.00 m (6.00 m) @ 0.15 % Cu and 156 ppm Mo (fault zone with traces of chalcopyrite, sphalerite and galena)

Including 500.00 to 502.00 m (2.00 m) @ 0.34% Cu and 326 ppm Mo

        778.00 to 780.00 m (2.00 m) @ 0.14% Cu and 5 ppm Mo (tourmaline bearing breccia)

The two holes confirm the presence of a large porphyry alteration system. Tourmaline bearing breccias are common in porphyry environments and are often a late overprinting feature. The breccia fragments and associated alteration suggest that the drilling to date may be on the periphery of the core to a porphyry system which has not yet been intersected. The presence of copper is encouraging, as is the expansion of the IP anomaly to the east where previous mapping has traced phyllic alteration.

Qualified Persons

Morgan J Poliquin, PhD, PEng, the President and CEO of Almadex and a Qualified Person (“QP”) as defined by National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical contents of this news release. Daniel Santamaria, P.Geo. and a Qualified Person as defined by NI 43-101, is the QP for the New Hope drilling project and has reviewed and approved the contents of this news release. The drilling program and core sampling reported were conducted under his supervision.

Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex’s quality assurance and control program. True widths are not possible to calculate at this time for the drill intercepts described, as they occur in zones of complex veining and brecciation. The analyses reported were carried out at ALS Chemex Laboratories of Tucson and North Vancouver using industry standard analytical techniques. For copper and molybdenum, samples are analysed by Inductively Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”), with four acid digestion. Samples that return values greater than 10,000 g/t copper using this technique are then re-analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. The IP geophysical survey described was carried out using the Company’s in-house equipment, a 5 kW GDD transmitter and Iris Elrec-6 receivers using a 100 m dipole in a pole-dipole array on 8 levels. Pseudo sections were prepared and the data was inverted using RES2DINV software.

About Almadex

Almadex Minerals Ltd. is a mineral exploration company focused on base and precious metals in the western United States. The Company owns several portable diamond drill rigs, enabling it to conduct cost effective first pass exploration drilling in house.

On behalf of the Board of Directors,

“Morgan J. Poliquin”        

Morgan J. Poliquin, PhD, Peng

President and CEO

Almadex Minerals Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, among other things, exploration and drilling plans and timing of the New Hope and King exploration drilling programs. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, permitting, continued availability of capital and financing, equipment availability and general economic, market or business conditions. The foregoing list of assumptions is not exhaustive. There can be no assurances that forward-looking statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws. This news release also does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19970da0-0d63-4692-9ca9-b3fc9551464c

CONTACT: Contact Information:
Almadex Minerals Ltd.
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/

Posted in UncategorizedTagged

HP Brings Ferrari’s Creative Vision to Life for the Special Austin GP Livery

Posted on by Ravi Shankar

HP technology and expertise helped transform Ferrari’s design celebrating the ideas, people and engineering behind the car into a race-ready reality

News highlights:

  • The special Austin livery marks the latest expression of HP’s partnership with Ferrari, advancing HP innovation in new ways to realize a complex design and generating knowledge for applications beyond motorsport.
  • HP technology underpins the journey from digital design to physical execution, spanning printing, materials, application and digital workflows.
  • The livery takes two distinct forms enabled by HP: a race-ready livery for Austin and a display car with hidden graphics revealed under ultraviolet light.

AUSTIN, Texas, Oct. 21, 2026 (GLOBE NEWSWIRE) — Today, HP Inc. (NYSE: HPQ) revealed how HP technology and expertise helped bring to life Scuderia Ferrari HP’s ambitious design for its special United States Grand Prix livery.

HP’s printing and material capabilities enabled the production of two expressions of Ferrari’s creative concept: a race livery for the cars competing in Austin and a dedicated display car featuring hidden graphics that fluoresce blue under ultraviolet light. Through the collaboration, HP advanced its technologies in new ways, generating insights for future customer challenges across industries.

Conceived and designed by Ferrari, the livery was realized through a close technical collaboration with HP and celebrates the pioneering work behind the design of the car. Inspired by the idea that every Ferrari begins as a line on paper, the livery reveals sketches, technical drawings and engineering details normally concealed beneath the bodywork, paying tribute to the people and processes behind performance.

HP print technology and race-proven vehicle wrapping expertise helped translate Ferrari’s intricate graphics onto the Formula 1 car, enabling the design to flow seamlessly across its complex bodywork while withstanding the heat, handling and maintenance procedures scheduled throughout the race weekend.

“Our partnership with Scuderia Ferrari HP pushes us to explore new possibilities for our technology,” said Anneliese Olson, President, Imaging, Printing, and Solutions, HP Inc. “HP printing and color science engineers worked alongside Ferrari’s designers and engineers from the outset, bringing together expertise from across HP to turn ambitious concepts into a race-ready reality and generate insights we can apply to future customer challenges.”

“The livery celebrates the journey from idea to reality. Every Ferrari starts with creativity, sketches and engineering expertise long before the car reaches the track. Thanks to our collaboration with HP, we were able to bring that process to life visually and tell a story that reveals the craftsmanship and innovation behind the performance,” said Silvia Cavallaro, Head of Color and Trim at Ferrari.

A Shared Ambition for Innovation

Developing the livery brought Ferrari teams in Maranello and HP engineers in Barcelona together through multiple rounds of testing and refinement. Guided by Ferrari’s creative vision, the teams continually adapted materials and application techniques to achieve the final result.

For the race cars competing in Austin at the weekend, HP Latex technology and large format vehicle wrapping expertise reproduced Ferrari’s blueprint graphics across the finished car.

To take the visual expression further, the teams also created a version of the livery for a dedicated display car. Hidden graphics were engineered to fluoresce blue under ultraviolet light, reinforcing the concept of revealing the work that normally remains unseen. Producing the effect required HP engineers to adapt an existing invisible blue ink for the HP Indigo 200K Digital Press and refine its application across the car’s complex curves.

HP Z Workstations supported the digital design and engineering workflows used to prepare the livery, enabling Ferrari to transfer the creative onto the car’s bodywork geometry before physical production.

New Possibilities Beyond the Racetrack

The development work has generated knowledge with potential opportunities beyond motorsport, including in packaging and commercial print.

Adapting invisible blue ink to the HP Indigo 200K platform provides a foundation for exploring further applications, including brand protection features in labels and flexible packaging. Testing new combinations of primers, inks and wrapping materials could also support future customer development projects.

For large format printing, the project showed how HP Latex technology and vehicle wrapping expertise can bring intricate designs to complex surfaces, withstanding demanding conditions including exposure to high temperatures, speeds and the operational demands of a Formula 1 race weekend. These capabilities also support specialist graphics environments requiring exceptional performance and precision.

Read more about the collaboration here.
To learn more about HP’s partnership with Ferrari, visit hp.com/scuderiaferrari

About HP

HP Inc. (NYSE: HPQ) is a global technology leader redefining the Future of Work. Operating in more than 180 countries, HP delivers innovative and AI-powered devices, software, services and subscriptions that drive business growth and professional fulfillment. For more information, please visit HP.com.

Media Contacts
HP Media Relations: MediaRelations@hp.com
HP.com/go/newsroom

Posted in UncategorizedTagged

Mustang Completes IP Geophysical Surveys and Announces Q4 Drilling Plans for the Confusion Hills Project, Nevada, USA

Posted on by Ravi Shankar

VANCOUVER, British Columbia, Oct. 21, 2026 (GLOBE NEWSWIRE) — Mustang Minerals Limited (“Mustang” or the “Company”) (TSX-V: MMX; OTCQB: MMXLF) is pleased to announce that IP geophysical work at both its Confusion Hills and Pilot Projects in Nevada are now complete. The results help better define the drill targets at both projects. Further work is planned for Pilot prior to drilling; however, the Company has sufficient information to plan a single-hole exploratory diamond drilling program at the Confusion Hills Project. Preparatory work for this drill program has commenced. The Company will provide an update when drilling operations begin.

J Duane Poliquin, Chairman of Mustang commented, “We are excited to be back at work on our Nevada portfolio and look forward to starting our drilling program at Confusion Hills.”

The Company’s USA exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high sulphidation gold-silver-copper style mineralisation. The Red Ring and Confusion Hills Projects have preserved high sulphidation style alteration on surface with potential for associated gold mineralization, while the Pilot Project is being explored for copper-gold mineralisation beneath pyrophyllite-sericite alteration mapped at surface. Additional information on each property is provided below.

Pilot Porphyry Copper-Gold Prospect, Nevada
The Pilot Project covers an area of hydrothermal alteration developed in folded sedimentary rocks that have been intruded by tonalite porphyry bodies exposed in drainages. In 2024, Almadex conducted extensive alteration and geologic mapping along with rock and soil sampling, IP geophysics and a drone-based magnetics survey. The alteration is dominated by pyrophyllite with white mica. A soil sampling program defined a broad zone of anomalous copper-molybdenum and gold coincident with high chargeability from an IP survey and a distinct magnetic high. A drill permit for the Pilot Project has been approved.

Confusion Hills Porphyry-Epithermal Gold-Copper Prospect, Nevada
The Confusion Hills high sulphidation prospect covers a large alteration zone developed in volcanic rocks. On April 15, 2025 Almadex announced that to date 107 grab rock samples had been taken from outcrop, subcrop and float (grab samples are selected samples and may not represent true underlying mineralisation). These preliminary results were very encouraging as 6 of these samples returned over 0.1 g/t gold with 3 returning more than 0.5 g/t gold (up to 7.1 g/t gold in a grab sample of subcrop and averaging 1.6 g/t gold for all 6). These significant results are all associated with altered breccia in the central part of the project where mapping in 2024 and 2025 defined a high sulphidation/porphyry lithocap over an area of 1.6 km x 0.5 km. The lithocap displays complex alteration with central zones of vuggy quartz with alunite and massive pyrophyllite zones. Soil sampling carried out in 2024 returned anomalous Au, Mo and Cu with an association of Au within the central zone of alteration and a Mo anomaly on one edge. An IP geophysical survey on the Property identified a high chargeability feature (interpreted to represent sulphide development) directly beneath the area of quartz alunite alteration and high gold in grab samples at surface. A drone-based magnetic survey was also conducted to aid with interpretation. A drill permit has been approved for the Confusion Hills prospect.

Red Ring Porphyry-Epithermal Gold-Copper Prospect, Nevada
The Red Ring prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to carbonate rocks. Alteration mapping in 2024 identified a large alteration zone interpreted to be a porphyry lithocap extending 2.8 km NW-SE by at least 1 km NE-SW. Mapping also defined a very strong surface pyrophyllite footprint of 1 km (NW-SE) by 0.5 km (NE-SW). Preliminary rock sampling returned high values of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high sulphidation environment above or near a porphyry system.

Qualified Persons and Technical Details
Morgan J Poliquin, PhD, PEng, the President and CEO of Mustang and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical contents of this news release. Independent 43-101 Technical Reports describing the work conducted on each property to date and authored by Brian Brewer, MSc, CPG, a qualified person as defined by 43-101, have been filed on SEDAR.

The samples reported in this news release were taken from outcrop, subcrop and float. Grab samples are selected samples and may not represent true underlying mineralisation. The analyses reported were carried out at ALS Chemex Laboratories of Reno and North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re analysed by fire assay but with a gravimetric finish.

The IP lines were surveyed using Almadex’s highly experienced team and equipment (GDD transmitter and Iris Elrec-6 receivers using a 100 m dipole in a pole-dipole array on 8 levels). Pseudo sections were prepared, and the data was inverted using RES2DINV software. The magnetics surveys were conducted by a third-party contractor using a Geometrics MagArrow Cesium Magnetometer flown under an ArcSky X55 quadcopter. The MagArrow sensor takes 1000 readings per second and is flown at a maximum speed of 8m/second. The sensor is suspended on a 3m lanyard to remove it from the electromagnetic noise of the UAV. Data is down sampled after collection to 10Hz. The MagArrow readings are diurnally corrected via a geometrics G-862RBS Magnetometer, cycling at 10Hz. Geophysical surveys are not definitive, and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.

About Mustang

Mustang is an exploration company focussed on copper and gold targets in Nevada, USA.

On behalf of the Board of Directors,

“Morgan J. Poliquin”
Morgan Poliquin, Ph.D., P.Eng.
President and CEO, Mustang Minerals Limited

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, among other things: whether Mustang will exercise the option in respect of any of the projects and any further work to advance exploration targets at the Pilot, Red Ring and Confusion Hills Projects. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.

CONTACT: Contact Information:

Mustang Minerals Limited
Tel. 604.689.7644
Email: info@mustang-minerals.com
http://www.mustang-minerals.com/

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Hexagon Purus ASA: CEO transition

Posted on by Ravi Shankar

(Oslo, 21 October 2026) Hexagon Purus today announces that Morten Holum has decided to step down as Chief Executive Officer to take up a new opportunity outside the Company. The Board of Directors has appointed Salman Alam as interim CEO, effective 1 November 2026. Salman Alam will also continue as Chief Financial Officer. Following the transition, Morten Holum will take on a role as adviser to the CEO and will be available over the coming months to support a smooth handover and continuity.

“On behalf of the Board, I would like to thank Morten for his leadership, dedication and commitment to Hexagon Purus. We are grateful for his contribution to our people and our business and wish him every success in his next chapter,” says Jon Erik Engeset, Chair of the Board of Directors.

Salman Alam has been with Hexagon Purus since 2020 and combines strong commercial and financial expertise with a thorough understanding of the company’s operations. He will lead the Company in close cooperation with the executive management team.

“Salman knows our business, our people and our priorities well. His appointment provides continuity and clear leadership as we maintain our focus on customers and operational execution while progressing the Company’s financial restructuring. The Board has full confidence in his ability to lead Hexagon Purus through this next phase, supported by the management team and colleagues across the organisation,” says Engeset.

“Our strength lies in the expertise and commitment of our people and the relationships we have built with our customers and partners. My priority is to support our teams, stay close to our customers and deliver on our commitments. Day-to-day operations will continue as usual.  Alongside this, I will work with the Board, management team and our stakeholders to strengthen the Company’s financial position,” says Salman Alam.

This information is considered inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Mathias Meidell, Senior Director, Finance at Hexagon Purus ASA, on 21 October 2026 at 21:00 CEST.

For more information:
Jon Erik Engeset, Chair of the Board of Directors, Hexagon Purus ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagonpurus.com

About Hexagon Purus ASA 
Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus’ products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime and rail.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

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