Ravi Shankar – Page 213

First Merchants Corporation Announces Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

MUNCIE, Ind., Oct. 21, 2026 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME) (the “Corporation” or “First Merchants”)

Third Quarter 2026 Highlights:

Net income available to common stockholders was $67.8 million, or $1.09 per diluted common share, compared with $43.5 million, or $0.70 per diluted common share, in the second quarter of 2026 and $56.3 million, or $0.98 per diluted common share in the third quarter of 2025.
Adjusted pre-tax, pre-provision income¹ of $83.7 million, compared to $84.6 million in the prior quarter and $70.5 million in the third quarter of 2025.
Net interest margin on a fully taxable equivalent basis¹ of 3.44%, up 6 basis points from the prior quarter and up 20 basis points from the third quarter of 2025.
Loan growth of $70.2 million, or 1.8% annualized, on a linked quarter basis.
Deposit growth of $175.6 million, or 4.2% annualized, on a linked quarter basis.
Robust capital position with Common Equity Tier 1 Capital Ratio of 11.22%.
Completed $100 million subordinated debt issuance in late September.
Repurchased 1,264,062 shares of common stock totaling $50.3 million year-to-date, including 287,431 shares totaling $12.0 million in the third quarter.
Nonperforming assets to total assets were 57 basis points compared to 56 basis points on a linked quarter basis.
Efficiency ratio¹ totaled 54.55% for the quarter.
Announced the planned CEO transition: President Mike Stewart will succeed Mark Hardwick as Chief Executive Officer upon Mr. Hardwick’s retirement at year-end 2026.

“First Merchants delivered strong third quarter results. Earnings per diluted share were $1.09, up 11 percent from the third quarter of last year, fully taxable equivalent net interest margin¹ rose 6 basis points to 3.44 percent, and deposit growth was solid,” said Mark Hardwick, Chief Executive Officer. “We made meaningful progress resolving the two commercial credits identified last quarter, and nonperforming assets remained stable. Our capital position remains very strong and we continue to return capital to shareholders through dividends and share repurchases.”

“As I approach my retirement at year-end, I am grateful to our 2,200 teammates for their dedication and to our clients and shareholders for the trust they have placed in us during my 29 years with First Merchants. I have great confidence in Mike Stewart and our leadership team, and I believe First Merchants is well positioned for continued success as they build on our Midwestern strength, deepen our client relationships and continue helping the communities we serve prosper.”

Third Quarter Financial Results:

The Corporation reported net income available to common stockholders of $67.8 million for the third quarter of 2026, compared with $56.3 million in the third quarter of 2025. Diluted earnings per common share were $1.09, compared with $0.98 a year earlier. Current quarter results included acquisition-related costs of $0.9 million that consisted primarily of equipment and professional fees. Excluding these non-core charges, adjusted earnings per diluted common share¹ for the third quarter of 2026 totaled $1.10 compared to $0.99 in the prior-year period.

For the nine months ended September 30, 2026, net income available to common stockholders totaled $139.0 million, or $2.24 per diluted common share, compared with $167.5 million, or $2.90 per diluted common share in the prior-year period. Adjusted net income available to common stockholders¹ was $178.0 million, or $2.87 per diluted common share, compared with $168.2 million, or $2.91 per diluted common share, a year earlier. Nine-month adjusted earnings exclude $21.7 million of acquisition-related expenses and the $29.8 million negative valuation adjustment recorded in the first quarter on $271.1 million of mortgage loans sold, resulting in total adjustments of $51.4 million before tax and $39.0 million after tax.

Total assets of the Corporation equaled $21.1 billion as of quarter-end and loans totaled $15.6 billion. Loans increased $2.0 billion during the last twelve months and $70.2 million on a linked quarter basis. Excluding loans acquired through First Savings Financial Group, Inc. (“First Savings”) and the impact of mortgage loan sale activity in the first quarter of 2026, the Corporation generated organic loan growth of $473.7 million, or 3.5% during the past twelve months.

Investment securities, totaling $3.1 billion, decreased $257.9 million, or 7.6% during the last twelve months and decreased $167.6 million on a linked quarter basis. Investment securities declined during the quarter due to principal paydowns and maturities, and a decline in the securities portfolio valuation due to increases in interest rates.

Total deposits equaled $16.9 billion as of quarter-end and increased by $2.1 billion over the past twelve months. The acquisition of First Savings contributed $1.7 billion in deposits. Total deposits increased $175.6 million, or 4.2% annualized, on a linked quarter basis. The loan-to-deposit ratio remained relatively stable at 92.2% at period end, compared to 92.7% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $215.5 million as of quarter-end, or 1.38% of loans, a decrease of $26.1 million from the prior quarter. Net charge-offs totaled $29.4 million driven by two non-performing credits for which specific reserves were established in the prior quarter. Provision for credit losses of $3.3 million was recorded during the quarter. Nonperforming assets to total assets remained relatively stable at 0.57%, compared to 0.56% in the prior quarter. Related credit costs for new nonaccrual loans were recognized in prior quarters. Reserves for unfunded commitments totaling $18.5 million remained unchanged from the previous quarter.

Net interest income, totaling $161.1 million for the quarter, increased $2.1 million, or 1.3%, compared to prior quarter and increased $27.4 million, or 20.5%, compared to the third quarter of 2025. Fully taxable equivalent net interest margin¹ was 3.44%, an increase of 6 basis points from the linked quarter and an increase of 20 basis points compared to the third quarter of 2025.

Noninterest income totaled $38.0 million for the quarter, an increase of $0.8 million, compared to the prior quarter and an increase of $5.5 million compared to the third quarter of 2025. The linked-quarter increase primarily reflects higher deposit service charges and an increase in income from CRA investments recorded through Other Income.

Noninterest expense totaled $116.3 million for the quarter, an increase of $0.9 million from the prior quarter and an increase of $19.7 million from the third quarter of 2025. Acquisition-related costs totaling $0.9 million were incurred during the quarter and $3.8 million were recorded in the prior quarter. Excluding acquisition costs, noninterest expense increased $3.9 million linked quarter, primarily driven by a $1.4 million increase in marketing expense, a $0.7 million increase in employee health insurance costs, and a $0.6 million increase in premises expense that included a $0.5 million building lease impairment charge.

The Corporation’s total risk-based capital ratio equaled 13.58%, the common equity tier 1 capital ratio equaled 11.22%, and the tangible common equity ratio totaled 8.83%. These ratios continue to reflect the Corporation’s strong capital position.

¹See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct an earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, October 22, 2026.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BIb6ca7718e42d48c3b903034aad19eef4)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/izzbnu6m) during the time of the call. A replay of the webcast will be available until October 22, 2027.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These forward-looking statements include, but are not limited to, statements relating to the expected benefits of the merger between First Merchants and First Savings, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the merger, as well as other statements of expectations regarding the merger, and other statements of First Merchants’ goals, intentions and expectations; statements regarding First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits, whether with respect to the merger or otherwise. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: the risk that the businesses of First Merchants and First Savings will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit-worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large uninsured deposits), credit and interest rate risks associated with First Merchants’ business; the impacts of epidemics, pandemics or other infectious disease outbreaks; and other risks and factors identified in each of First Merchants’ filings with the SEC. First Merchants undertakes no obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release. In addition, First Merchants’ past results of operations do not necessarily indicate their anticipated future results.

Non-GAAP Financial Measures

This news release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of the registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, First Merchants Corporation has provided reconciliations within this news release, as necessary, of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	September 30,
		2026			2025
ASSETS
Cash and due from banks	$	86,594		$	88,079
Interest-bearing deposits		262,503			168,706
Investment securities available for sale		1,251,540			1,386,903
Investment securities held to maturity, net of allowance for credit losses of $245 in 2026 and 2025		1,872,951			1,995,488
Loans held for sale		87,300			23,190
Loans		15,600,974			13,591,174
Less: Allowance for credit losses – loans		(215,526	)		(194,468	)
Net loans		15,385,448			13,396,706
Premises and equipment		145,030			121,771
Federal Home Loan Bank stock		70,794			47,264
Interest receivable		99,280			89,102
Goodwill		788,186			712,002
Other intangibles		36,320			15,298
Cash surrender value of life insurance		374,974			306,583
Other real estate owned		1,605			1,270
Tax asset, deferred and receivable		136,258			89,758
Other assets		457,939			369,509
TOTAL ASSETS	$	21,056,722		$	18,811,629
LIABILITIES
Deposits:
Noninterest-bearing	$	3,752,990		$	2,100,570
Interest-bearing		13,175,942			12,769,409
Total Deposits		16,928,932			14,869,979
Borrowings:
Federal funds purchased		—			199,370
Securities sold under repurchase agreements		99,638			122,226
Federal Home Loan Bank advances		903,941			798,626
Subordinated debentures and other borrowings		184,505			57,632
Total Borrowings		1,188,084			1,177,854
Interest payable		17,095			18,240
Other liabilities		286,230			333,154
Total Liabilities		18,420,341			16,399,227
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $0.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 62,210,134 and 57,192,497 shares		7,754			7,149
Additional paid-in capital		1,347,943			1,158,026
Retained earnings		1,483,496			1,377,966
Accumulated other comprehensive loss		(227,937	)		(155,864	)
Total Stockholders’ Equity		2,636,381			2,412,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	21,056,722		$	18,811,629

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2026		2025		2026			2025
INTEREST INCOME
Loans:
Taxable	$	230,072	$	200,406	$	670,230		$	583,307
Tax-exempt		11,379		11,173		34,791			32,510
Investment securities:
Taxable		7,331		8,288		22,233			24,926
Tax-exempt		12,279		12,460		37,334			37,493
Deposits with financial institutions		1,308		1,676		3,699			5,940
Federal Home Loan Bank stock		1,578		1,092		5,068			3,172
Total Interest Income		263,947		235,095		773,355			687,348
INTEREST EXPENSE
Deposits		91,313		90,821		261,660			255,609
Federal funds purchased		225		224		1,532			2,001
Securities sold under repurchase agreements		378		654		1,129			2,059
Federal Home Loan Bank advances		9,537		8,638		33,775			27,716
Subordinated debentures and other borrowings		1,426		1,093		3,947			3,014
Total Interest Expense		102,879		101,430		302,043			290,399
NET INTEREST INCOME		161,068		133,665		471,312			396,949
Provision for credit losses		3,300		4,300		41,200			14,100
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		157,768		129,365		430,112			382,849
NONINTEREST INCOME
Service charges on deposit accounts		9,775		8,921		28,184			25,559
Fiduciary and wealth management fees		9,786		8,842		29,192			26,317
Card payment fees		5,606		5,007		16,386			14,465
Net gains and fees on sales of loans		7,428		4,983		21,681			15,854
Derivative hedge fees		1,082		1,097		2,763			2,332
Other customer fees		584		414		2,057			1,230
Earnings on bank-owned life insurance		2,353		1,667		8,124			5,759
Net realized losses on sales of available for sale securities		—		—		—			(8	)
Net loss on mortgage loans reclassified to held for sale		—		—		(29,755	)		—
Other income		1,391		1,546		2,358			2,320
Total Noninterest Income		38,005		32,477		80,990			93,828
NONINTEREST EXPENSE
Salaries and employee benefits		66,339		57,317		201,556			166,826
Net occupancy		8,807		7,057		25,335			21,118
Equipment		8,061		6,998		24,482			20,933
Marketing		3,630		2,120		7,601			5,470
Outside data processing fees		7,883		6,943		23,118			19,979
Printing and office supplies		481		311		1,349			930
Intangible asset amortization		2,652		1,499		7,660			4,530
FDIC assessments		4,381		3,526		12,664			10,726
Other real estate owned and foreclosure expenses		1,594		121		3,746			750
Professional and other outside services		4,665		3,718		24,237			10,720
Other expenses		7,761		6,951		24,998			21,079
Total Noninterest Expense		116,254		96,561		356,746			283,061
Income Before Income Taxes		79,519		65,281		154,356			193,616
Income tax expense		11,204		8,516		13,905			24,680
NET INCOME		68,315		56,765		140,451			168,936
Preferred stock dividends		468		468		1,406			1,406
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	67,847	$	56,297	$	139,045		$	167,530
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	1.09	$	0.98	$	2.25		$	2.91
Diluted Net Income Available to Common Stockholders	$	1.09	$	0.98	$	2.24		$	2.90
Cash Dividends Paid to Common Stockholders	$	0.37	$	0.36	$	1.10		$	1.07
Tangible Common Book Value Per Share⁽¹⁾	$	28.86	$	29.08	$	28.86		$	29.08
Average Diluted Common Shares Outstanding (in thousands)		62,411		57,448		62,003			57,817

⁽¹⁾ See “Non-GAAP Financial Information” for reconciliation

FINANCIAL HIGHLIGHTS
(Dollars In Thousands)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2026			2025			2026			2025
NET CHARGE-OFFS	$	29,389		$	5,148		$	43,550		$	12,389

AVERAGE BALANCES:
Assets	$	21,065,760		$	18,637,581		$	20,911,229		$	18,497,118
Loans		15,608,069			13,376,214			15,321,286			13,162,668
Earning Assets		19,432,368			17,282,901			19,288,344			17,135,301
Deposits		16,885,365			14,907,861			16,537,651			14,654,894
Stockholders’ Equity		2,695,943			2,367,971			2,684,796			2,349,718

FINANCIAL RATIOS:
Return on Average Assets		1.30	%		1.22	%		0.90	%		1.22	%
Return on Average Stockholders’ Equity		10.07			9.51			6.91			9.51
Return on Tangible Common Stockholders’ Equity⁽¹⁾		15.09			14.21			10.43			14.27
Average Earning Assets to Average Assets		92.25			92.73			92.24			92.64
Allowance for Credit Losses – Loans as % of Loans		1.38			1.43			1.38			1.43
Net Charge-offs as % of Average Loans (Annualized)		0.75			0.15			0.38			0.13
Average Stockholders’ Equity to Average Assets		12.80			12.71			12.84			12.70
Fully Taxable Equivalent (“FTE”) Yield on Average Earning Assets		5.56			5.58			5.48			5.49
Interest Expense/Average Earning Assets		2.12			2.34			2.09			2.26
Net Interest Margin FTE⁽¹⁾		3.44			3.24			3.39			3.23
Efficiency Ratio⁽¹⁾		54.55			55.09			60.44			54.54

⁽¹⁾ See “Non-GAAP Financial Information” for reconciliation

ASSET QUALITY
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Nonaccrual Loans	$	117,415		$	118,203		$	89,592		$	71,773		$	65,740
Other Real Estate Owned and Repossessions		1,605			1,562			1,264			658			1,270
Nonperforming Assets (NPA)		119,020			119,765			90,856			72,431			67,010
Accruing Loans 90+ Days Delinquent		12,672			9,738			4,078			2,042			1,925
NPAs & 90+ Days Delinquent	$	131,692		$	129,503		$	94,934		$	74,473		$	68,935

Allowance for Credit Losses – Loans	$	215,526		$	241,615		$	212,520		$	195,597		$	194,468
Quarterly Net Charge-offs		29,389			3,905			10,256			6,021			5,148
NPAs / Assets %		0.57	%		0.56	%		0.43	%		0.38	%		0.36	%
NPAs & 90+ Days / Assets %		0.63	%		0.61	%		0.45	%		0.39	%		0.37	%
NPAs / Loans and OREO %		0.76	%		0.77	%		0.60	%		0.52	%		0.49	%
Allowance for Credit Losses – Loans as % of Loans		1.38	%		1.56	%		1.39	%		1.42	%		1.43	%
Quarterly Net Charge-offs as % of Average Loans (Annualized)		0.75	%		0.10	%		0.27	%		0.18	%		0.15	%

CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
ASSETS
Cash and due from banks	$	86,594		$	86,665		$	98,083		$	84,158		$	88,079
Interest-bearing deposits		262,503			529,432			175,354			196,300			168,706
Investment securities available for sale		1,251,540			1,384,392			1,372,417			1,407,102			1,386,903
Investment securities held to maturity, net of allowance for credit losses		1,872,951			1,907,684			1,937,485			1,971,539			1,995,488
Loans held for sale		87,300			77,880			401,839			20,079			23,190
Loans		15,600,974			15,530,737			15,261,889			13,791,707			13,591,174
Less: Allowance for credit losses – loans		(215,526	)		(241,615	)		(212,520	)		(195,597	)		(194,468	)
Net loans		15,385,448			15,289,122			15,049,369			13,596,110			13,396,706
Premises and equipment		145,030			148,164			146,013			121,058			121,771
Federal Home Loan Bank stock		70,794			70,818			70,835			47,245			47,264
Interest receivable		99,280			101,927			97,026			93,374			89,102
Goodwill		788,186			788,186			782,789			712,002			712,002
Other intangibles		36,320			38,972			41,678			13,800			15,298
Cash surrender value of life insurance		374,974			373,242			371,238			308,438			306,583
Other real estate owned		1,605			1,562			1,264			658			1,270
Tax asset, deferred and receivable		136,258			113,975			116,814			78,664			89,758
Other assets		457,939			436,744			410,317			374,574			369,509
TOTAL ASSETS	$	21,056,722		$	21,348,765		$	21,072,521		$	19,025,101		$	18,811,629
LIABILITIES
Deposits:
Noninterest-bearing	$	3,752,990		$	3,831,836		$	3,748,279		$	2,137,262		$	2,100,570
Interest-bearing		13,175,942			12,921,545			12,737,338			13,157,593			12,769,409
Total Deposits		16,928,932			16,753,381			16,485,617			15,294,855			14,869,979
Borrowings:
Federal funds purchased		—			—			170,000			40,000			199,370
Securities sold under repurchase agreements		99,638			103,340			89,458			103,755			122,226
Federal Home Loan Bank advances		903,941			1,414,059			1,299,192			798,549			798,626
Subordinated debentures and other borrowings		184,505			86,350			86,345			57,630			57,632
Total Borrowings		1,188,084			1,603,749			1,644,995			999,934			1,177,854
Interest payable		17,095			17,491			18,890			18,235			18,240
Other liabilities		286,230			276,967			250,454			245,410			333,154
Total Liabilities		18,420,341			18,651,588			18,399,956			16,558,434			16,399,227
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $0.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,754			7,776			7,813			7,119			7,149
Additional paid-in capital		1,347,943			1,358,975			1,369,879			1,150,816			1,158,026
Retained earnings		1,483,496			1,438,894			1,418,609			1,413,742			1,377,966
Accumulated other comprehensive loss		(227,937	)		(133,593	)		(148,861	)		(130,135	)		(155,864	)
Total Stockholders’ Equity		2,636,381			2,697,177			2,672,565			2,466,667			2,412,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	21,056,722		$	21,348,765		$	21,072,521		$	19,025,101		$	18,811,629

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
INTEREST INCOME
Loans:
Taxable	$	230,072		$	226,531		$	213,627		$	203,120		$	200,406
Tax-exempt		11,379			11,823			11,589			10,905			11,173
Investment securities:
Taxable		7,331			7,355			7,547			7,736			8,288
Tax-exempt		12,279			12,458			12,597			12,459			12,460
Deposits with financial institutions		1,308			1,147			1,244			2,187			1,676
Federal Home Loan Bank stock		1,578			1,525			1,965			1,037			1,092
Total Interest Income		263,947			260,839			248,569			237,444			235,095
INTEREST EXPENSE
Deposits		91,313			86,254			84,093			88,670			90,821
Federal funds purchased		225			717			590			218			224
Securities sold under repurchase agreements		378			419			332			405			654
Federal Home Loan Bank advances		9,537			13,190			11,048			8,047			8,638
Subordinated debentures and other borrowings		1,426			1,318			1,203			1,040			1,093
Total Interest Expense		102,879			101,898			97,266			98,380			101,430
NET INTEREST INCOME		161,068			158,941			151,303			139,064			133,665
Provision for credit losses		3,300			33,000			4,900			7,150			4,300
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		157,768			125,941			146,403			131,914			129,365
NONINTEREST INCOME
Service charges on deposit accounts		9,775			9,372			9,037			8,704			8,921
Fiduciary and wealth management fees		9,786			9,638			9,768			9,175			8,842
Card payment fees		5,606			5,505			5,275			5,325			5,007
Net gains and fees on sales of loans		7,428			7,742			6,511			5,421			4,983
Derivative hedge fees		1,082			1,117			564			1,053			1,097
Other customer fees		584			880			593			315			414
Earnings on bank-owned life insurance		2,353			2,325			3,446			1,854			1,667
Net loss on mortgage loans reclassified to held for sale		—			—			(29,755	)		—			—
Other income		1,391			577			390			1,259			1,546
Total Noninterest Income		38,005			37,156			5,829			33,106			32,477
NONINTEREST EXPENSE
Salaries and employee benefits		66,339			65,774			69,443			58,254			57,317
Net occupancy		8,807			8,227			8,301			7,283			7,057
Equipment		8,061			8,603			7,818			7,681			6,998
Marketing		3,630			2,370			1,601			2,324			2,120
Outside data processing fees		7,883			8,045			7,190			7,509			6,943
Printing and office supplies		481			491			377			450			311
Intangible asset amortization		2,652			2,706			2,302			1,498			1,499
FDIC assessments		4,381			4,390			3,893			2,684			3,526
Other real estate owned and foreclosure expenses		1,594			1,052			1,100			775			121
Professional and other outside services		4,665			4,979			14,593			3,774			3,718
Other expenses		7,761			8,710			8,527			7,290			6,951
Total Noninterest Expense		116,254			115,347			125,145			99,522			96,561
Income Before Income Taxes		79,519			47,750			27,087			65,498			65,281
Income tax expense (benefit)		11,204			3,770			(1,069	)		8,433			8,516
NET INCOME		68,315			43,980			28,156			57,065			56,765
Preferred stock dividends		468			469			469			469			468
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	67,847		$	43,511		$	27,687		$	56,596		$	56,297
PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	1.09		$	0.70		$	0.46		$	0.99		$	0.98
Diluted Net Income Available to Common Stockholders	$	1.09		$	0.70		$	0.45		$	0.99		$	0.98
Cash Dividends Paid to Common Stockholders	$	0.37		$	0.37		$	0.36		$	0.36		$	0.36
Tangible Common Book Value Per Share⁽¹⁾	$	28.86		$	29.80		$	29.34		$	30.18		$	29.08
Average Diluted Common Shares Outstanding (in thousands)		62,411			62,574			61,008			57,442			57,448
FINANCIAL RATIOS:
Return on Average Assets		1.30	%		0.83	%		0.55	%		1.20	%		1.22	%
Return on Average Stockholders’ Equity		10.07			6.44			4.17			9.23			9.51
Return on Tangible Common Stockholders’ Equity⁽¹⁾		15.09			9.80			6.39			13.57			14.21
Average Earning Assets to Average Assets		92.25			92.14			92.33			92.69			92.73
Allowance for Credit Losses – Loans as % of Loans		1.38			1.56			1.39			1.42			1.43
Net Charge-offs as % of Average Loans (Annualized)		0.75			0.10			0.27			0.18			0.15
Average Stockholders’ Equity to Average Assets		12.80			12.71			13.01			12.88			12.71
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets		5.56			5.46			5.41			5.52			5.58
Interest Expense/Average Earning Assets		2.12			2.08			2.06			2.23			2.34
Net Interest Margin FTE⁽¹⁾		3.44			3.38			3.35			3.29			3.24
Efficiency Ratio⁽¹⁾		54.55			55.11			74.45			54.52			55.09

⁽¹⁾ See “Non-GAAP Financial Information” for reconciliation

LOANS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Commercial and industrial loans	$	4,578,572		$	4,720,441		$	4,611,596		$	4,478,282		$	4,604,895
Agricultural land, production and other loans to farmers		339,723			323,348			310,788			283,125			275,817
Real estate loans:
Construction		959,483			874,419			899,895			804,775			789,021
Commercial real estate, non-owner occupied		3,208,902			3,271,620			3,192,337			2,338,666			2,304,889
Commercial real estate, owner occupied		1,440,264			1,368,627			1,334,959			1,237,100			1,232,117
Residential		2,419,376			2,361,480			2,273,860			2,420,310			2,412,783
Home equity		1,139,040			1,118,662			1,104,739			710,980			687,021
Individuals’ loans for household and other personal expenditures		157,939			149,878			153,283			155,436			138,703
Public finance and other commercial loans		1,357,675			1,342,262			1,380,432			1,363,033			1,145,928
Loans		15,600,974			15,530,737			15,261,889			13,791,707			13,591,174
Allowance for credit losses – loans		(215,526	)		(241,615	)		(212,520	)		(195,597	)		(194,468	)
NET LOANS	$	15,385,448		$	15,289,122		$	15,049,369		$	13,596,110		$	13,396,706

DEPOSITS
(Dollars In Thousands)	September 30,		June 30,		March 31,		December 31,		September 30,
		2026		2026		2026		2025		2025
Interest-Bearing Deposits:
Checking deposits	$	4,768,669	$	4,738,680	$	4,261,269	$	5,633,210	$	5,545,127
Money market deposits		4,780,359		4,632,564		4,761,930		4,219,226		3,908,199
Savings deposits		1,380,813		1,410,997		1,442,596		1,262,560		1,256,508
Certificates and other time deposits		2,246,101		2,139,304		2,271,543		2,042,597		2,059,575
Total Interest-Bearing Deposits⁽¹⁾		13,175,942		12,921,545		12,737,338		13,157,593		12,769,409
Noninterest-bearing deposits		3,752,990		3,831,836		3,748,279		2,137,262		2,100,570
TOTAL DEPOSITS	$	16,928,932	$	16,753,381	$	16,485,617	$	15,294,855	$	14,869,979

⁽¹⁾ Total Interest-Bearing Deposits contain brokered deposits of $1.4 billion, which includes brokered CDs of $409.8 million at September 30, 2026.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
	Three Months Ended
	September 30, 2026						September 30, 2025
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	234,715	$	1,308	2.23	%	$	229,271	$	1,676	2.92	%
Federal Home Loan Bank stock		70,805		1,578	8.91			47,278		1,092	9.24
Investment Securities:⁽¹⁾
Taxable		1,434,474		7,331	2.04			1,567,594		8,288	2.11
Tax-exempt⁽²⁾		2,005,985		15,543	3.10			2,036,379		15,772	3.10
Total Investment Securities		3,440,459		22,874	2.66			3,603,973		24,060	2.67
Loans held for sale		78,320		1,600	8.17			26,165		401	6.13
Loans:⁽³⁾
Commercial		10,915,052		177,309	6.50			9,165,241		158,469	6.92
Real estate mortgage		2,215,960		27,989	5.05			2,217,524		25,676	4.63
HELOC and installment		1,317,354		23,174	7.04			851,239		15,860	7.45
Tax-exempt⁽²⁾		1,159,703		14,375	4.96			1,142,210		14,070	4.93
Total Loans, including loans held for sale		15,686,389		244,447	6.23			13,402,379		214,476	6.40
Total Earning Assets		19,432,368		270,207	5.56	%		17,282,901		241,304	5.58	%
Total Non-Earning Assets		1,633,392						1,354,680
TOTAL ASSETS	$	21,065,760					$	18,637,581
LIABILITIES
Interest-Bearing Deposits:
Checking deposits	$	4,774,656	$	35,524	2.98	%	$	5,600,373	$	37,463	2.68	%
Money market deposits		4,702,730		33,686	2.87			3,843,537		31,709	3.30
Savings deposits		1,396,706		2,311	0.66			1,269,539		2,605	0.82
Certificates and other time deposits		2,249,894		19,792	3.52			2,036,704		19,044	3.74
Total Interest-Bearing Deposits		13,123,986		91,313	2.78			12,750,153		90,821	2.85
Borrowings		1,191,522		11,566	3.88			1,072,145		10,609	3.96
Total Interest-Bearing Liabilities		14,315,508		102,879	2.87			13,822,298		101,430	2.94
Noninterest-bearing deposits		3,761,379						2,157,708
Other liabilities		292,930						289,604
Total Liabilities		18,369,817						16,269,610
STOCKHOLDERS’ EQUITY		2,695,943						2,367,971
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	21,065,760					$	18,637,581
Net Interest Income (FTE)			$	167,328					$	139,874
Net Interest Spread (FTE)⁽⁴⁾					2.69	%					2.64	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.56	%					5.58	%
Interest Expense / Average Earning Assets					2.12	%					2.34	%
Net Interest Margin (FTE)⁽⁵⁾					3.44	%					3.24	%

⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $6.3 million and $6.2 million for the three months ended September 30, 2026 and 2025, respectively. See “Non-GAAP Financial Information” for reconciliation.
⁽³⁾Nonaccrual loans have been included in the average balances.
⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. See “Non-GAAP Financial Information” for reconciliation.
⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. See “Non-GAAP Financial Information” for reconciliation.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
	Nine Months Ended
	September 30, 2026						September 30, 2025
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	225,198	$	3,699	2.19	%	$	258,396	$	5,940	3.07	%
Federal Home Loan Bank stock		68,147		5,068	9.92			45,964		3,172	9.20
Investment Securities:⁽¹⁾
Taxable		1,467,054		22,233	2.02			1,602,343		24,926	2.07
Tax-exempt⁽²⁾		2,030,587		47,258	3.10			2,041,755		47,459	3.10
Total Investment Securities		3,497,641		69,491	2.65			3,644,098		72,385	2.65
Loans held for sale		176,072		7,568	5.73			24,175		1,109	6.12
Loans:⁽³⁾
Commercial		10,655,628		514,636	6.44			8,982,171		460,349	6.83
Real estate mortgage		2,239,083		82,763	4.93			2,203,263		75,184	4.55
HELOC and installment		1,241,618		65,263	7.01			838,420		46,665	7.42
Tax-exempt⁽²⁾		1,184,957		43,912	4.94			1,138,814		41,079	4.81
Total Loans, including loans held for sale		15,497,358		714,142	6.14			13,186,843		624,386	6.31
Total Earning Assets		19,288,344		792,400	5.48	%		17,135,301		705,883	5.49	%
Total Non-Earning Assets		1,622,885						1,361,817
TOTAL ASSETS	$	20,911,229					$	18,497,118
LIABILITIES
Interest-Bearing Deposits:
Checking deposits	$	4,904,249	$	96,544	2.62	%	$	5,556,274	$	107,372	2.58	%
Money market deposits		4,667,252		99,003	2.83			3,633,314		86,375	3.17
Savings deposits		1,397,781		6,823	0.65			1,283,856		7,563	0.79
Certificates and other time deposits		2,245,010		59,290	3.52			1,996,406		54,299	3.63
Total Interest-Bearing Deposits		13,214,292		261,660	2.64			12,469,850		255,609	2.73
Borrowings		1,412,602		40,383	3.81			1,194,498		34,790	3.88
Total Interest-Bearing Liabilities		14,626,894		302,043	2.76			13,664,348		290,399	2.83
Noninterest-bearing deposits		3,323,359						2,185,044
Other liabilities		276,180						298,008
Total Liabilities		18,226,433						16,147,400
STOCKHOLDERS’ EQUITY		2,684,796						2,349,718
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	20,911,229					$	18,497,118
Net Interest Income (FTE)			$	490,357					$	415,484
Net Interest Spread (FTE)⁽⁴⁾					2.72	%					2.66	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.48	%					5.49	%
Interest Expense / Average Earning Assets					2.09	%					2.26	%
Net Interest Margin (FTE)⁽⁵⁾					3.39	%					3.23	%

⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2026 and 2025. These totals equal $19.0 million and $18.5 million for the nine months ended September 30, 2026 and 2025, respectively. See “Non-GAAP Financial Information” for reconciliation.
⁽³⁾Nonaccrual loans have been included in the average balances.
⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. See “Non-GAAP Financial Information” for reconciliation.
⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. See “Non-GAAP Financial Information” for reconciliation.

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE (NON-GAAP)
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026			2025
Net Income Available to Common Stockholders (GAAP)	$	67,847		$	43,511		$	27,687		$	56,596		$	56,297		$	139,045		$	167,530
Adjustments:
Net realized losses on sales of available for sale securities		—			—			—			—			—			—			8
Net loss on mortgage loans reclassified to held for sale		—			—			29,755			—			—			29,755			—
Acquisition-related expenses		862			3,830			16,968			524			276			21,660			276
Non-core expenses⁽¹⁾⁽²⁾		—			—			—			(743	)		633			—			633
Tax on adjustments		(208	)		(925	)		(11,279	)		53			(220	)		(12,412	)		(222	)
Adjusted Net Income Available to Common Stockholders (non-GAAP)	$	68,501		$	46,416		$	63,131		$	56,430		$	56,986		$	178,048		$	168,225

Average Diluted Common Shares Outstanding (in thousands)		62,411			62,574			61,008			57,442			57,448			62,003			57,817

Diluted Earnings Per Common Share (GAAP)	$	1.09		$	0.70		$	0.45		$	0.99		$	0.98		$	2.24		$	2.90
Adjustments:
Net realized losses on sales of available for sale securities		—			—			—			—			—			—			—
Net loss on mortgage loans reclassified to held for sale		—			—			0.49			—			—			0.48			—
Acquisition-related expenses		0.01			0.06			0.28			—			—			0.35			—
Non-core expenses⁽¹⁾⁽²⁾		—			—			—			(0.01	)		0.01			—			0.01
Tax on adjustments		—			(0.02	)		(0.19	)		—			—			(0.20	)		—
Adjusted Diluted Earnings Per Common Share (non-GAAP)	$	1.10		$	0.74		$	1.03		$	0.98		$	0.99		$	2.87		$	2.91

⁽¹⁾Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
⁽²⁾ Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs

PRE-TAX, PRE-PROVISION (“PTPP”) EARNINGS, AS ADJUSTED (NON-GAAP)
(Dollars In Thousands)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026			2025
Net Interest Income (GAAP)	$	161,068		$	158,941		$	151,303		$	139,064		$	133,665		$	471,312		$	396,949
Noninterest Income (GAAP)		38,005			37,156			5,829			33,106			32,477			80,990			93,828
Total Revenue		199,073			196,097			157,132			172,170			166,142			552,302			490,777
Noninterest Expense (GAAP)		116,254			115,347			125,145			99,522			96,561			356,746			283,061
Pre-Tax, Pre-Provision Earnings (non-GAAP)		82,819			80,750			31,987			72,648			69,581			195,556			207,716
Provision for Credit Losses (GAAP)		3,300			33,000			4,900			7,150			4,300			41,200			14,100
Income Tax Expense (Benefit) (GAAP)		11,204			3,770			(1,069	)		8,433			8,516			13,905			24,680
Net Income (GAAP)	$	68,315		$	43,980		$	28,156		$	57,065		$	56,765		$	140,451		$	168,936

Pre-Tax, Pre-Provision Earnings (non-GAAP)		82,819			80,750			31,987			72,648			69,581			195,556			207,716
Net realized losses on sales of available for sale securities		—			—			—			—			—			—			8
Net loss on mortgage loans reclassified to held for sale		—			—			29,755			—			—			29,755			—
Acquisition-related expenses		862			3,830			16,968			524			276			21,660			276
Non-core expenses⁽¹⁾⁽²⁾(non-GAAP)		—			—			—			(743	)		633			—			633
Adjusted Pre-Tax, Pre-Provision (“Adjusted PTPP”) Earnings (non-GAAP)	$	83,681		$	84,580		$	78,710		$	72,429		$	70,490		$	246,971		$	208,633

Average Assets (GAAP)	$	21,065,760		$	21,253,171		$	20,407,523		$	19,039,989		$	18,637,581		$	20,911,229		$	18,497,118
Average Equity (GAAP)	$	2,695,943		$	2,702,249		$	2,655,756		$	2,452,005		$	2,367,971		$	2,684,796		$	2,349,718

Adjusted PTPP / Average Assets (Adjusted PTPP ROA)		1.59	%		1.59	%		1.54	%		1.52	%		1.51	%		1.57	%		1.50	%
Adjusted PTPP / Average Equity (Adjusted PTPP ROE)		12.42	%		12.52	%		11.86	%		11.82	%		11.91	%		12.27	%		11.84	%

NET INTEREST SPREAD AND MARGIN (FTE ADJUSTED) (NON-GAAP)
(Dollars in Thousands)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026			2025
Interest income (GAAP)	$	263,947		$	260,839		$	248,569		$	237,444		$	235,095		$	773,355		$	687,348
FTE adjustment		6,260			6,391			6,394			6,185			6,209			19,045			18,535
Interest Income (FTE) (non-GAAP)		270,207			267,230			254,963			243,629			241,304			792,400			705,883
Interest Expense (GAAP)		102,879			101,898			97,266			98,380			101,430			302,043			290,399
Net Interest Income (FTE) (non-GAAP)	$	167,328		$	165,332		$	157,697		$	145,249		$	139,874		$	490,357		$	415,484

Average Earning Assets (GAAP)	$	19,432,368		$	19,583,204		$	18,842,984		$	17,648,233		$	17,282,901		$	19,288,344		$	17,135,301
Average Interest-Bearing Liabilities (GAAP)	$	14,315,508		$	14,553,001		$	15,019,911		$	14,109,091		$	13,822,298		$	14,626,894		$	13,664,348

Net Interest Spread (GAAP)		2.56	%		2.53	%		2.69	%		2.59	%		2.50	%		2.59	%		2.51	%
FTE adjustment		0.13	%		0.13	%		0.13	%		0.14	%		0.14	%		0.13	%		0.15	%
Net Interest Spread (FTE) (non-GAAP)		2.69	%		2.66	%		2.82	%		2.73	%		2.64	%		2.72	%		2.66	%

Net Interest Margin (GAAP)		3.32	%		3.25	%		3.21	%		3.15	%		3.09	%		3.26	%		3.09	%
FTE adjustment		0.12	%		0.13	%		0.14	%		0.14	%		0.15	%		0.13	%		0.14	%
Net Interest Margin (FTE) (non-GAAP)		3.44	%		3.38	%		3.35	%		3.29	%		3.24	%		3.39	%		3.23	%

EFFICIENCY RATIO (NON-GAAP)
(Dollars In Thousands)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026			2025
Noninterest Expense (GAAP)	$	116,254		$	115,347		$	125,145		$	99,522		$	96,561		$	356,746		$	283,061
Less: Intangible asset amortization		(2,652	)		(2,706	)		(2,302	)		(1,498	)		(1,499	)		(7,660	)		(4,530	)
Less: OREO and foreclosure expenses		(1,594	)		(1,052	)		(1,100	)		(775	)		(121	)		(3,746	)		(750	)
Adjusted Noninterest Expense (non-GAAP)	$	112,008		$	111,589		$	121,743		$	97,249		$	94,941		$	345,340		$	277,781

Net Interest Income (GAAP)	$	161,068		$	158,941		$	151,303		$	139,064		$	133,665		$	471,312		$	396,949
Plus: Fully taxable equivalent adjustment		6,260			6,391			6,394			6,185			6,209			19,045			18,535
Net Interest Income on a Fully Taxable Equivalent Basis (non-GAAP)	$	167,328		$	165,332		$	157,697		$	145,249		$	139,874		$	490,357		$	415,484

Noninterest Income (GAAP)	$	38,005		$	37,156		$	5,829		$	33,106		$	32,477		$	80,990		$	93,828
Less: Investment securities (gains) losses		—			—			—			—			—			—			8
Adjusted Noninterest Income (non-GAAP)	$	38,005		$	37,156		$	5,829		$	33,106		$	32,477		$	80,990		$	93,836
Adjusted Revenue (non-GAAP)	$	205,333		$	202,488		$	163,526		$	178,355		$	172,351		$	571,347		$	509,320
Efficiency Ratio (non-GAAP)		54.55	%		55.11	%		74.45	%		54.52	%		55.09	%		60.44	%		54.54	%

Adjusted Noninterest Expense (non-GAAP)	$	112,008		$	111,589		$	121,743		$	97,249		$	94,941		$	345,340		$	277,781
Less: Acquisition-related expenses		(862	)		(3,830	)		(16,968	)		(524	)		(276	)		(21,660	)		(276	)
Less: Non-core expenses⁽¹⁾⁽²⁾		—			—			—			743			(633	)		—			(633	)
Adjusted Noninterest Expense Excluding Non-core Expenses (non-GAAP)	$	111,146		$	107,759		$	104,775		$	97,468		$	94,032		$	323,680		$	276,872

Adjusted Revenue (non-GAAP)	$	205,333		$	202,488		$	163,526		$	178,355		$	172,351		$	571,347		$	509,320
Add: Net loss on mortgage loans reclassified to held for sale		—			—			29,755			—			—			29,755			—
Adjusted Revenue Excluding Net loss on mortgage loans reclassified to held for sale (non-GAAP)	$	205,333		$	202,488		$	193,281		$	178,355		$	172,351		$	601,102		$	509,320
Adjusted Efficiency Ratio (non-GAAP)		54.13	%		53.22	%		54.21	%		54.65	%		54.56	%		53.85	%		54.36	%

⁽¹⁾ Non-core expenses in the Three Months Ended December 31, 2025 included a $0.7 million reduction in the FDIC special assessment
⁽²⁾ Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs

TANGIBLE COMMON EQUITY (NON-GAAP)
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Total Stockholders’ Equity (GAAP)	$	2,636,381		$	2,697,177		$	2,672,565		$	2,466,667		$	2,412,402
Less: Preferred stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Intangible assets		(824,506	)		(827,158	)		(824,467	)		(725,802	)		(727,300	)
Tangible Common Equity (non-GAAP)	$	1,786,750		$	1,844,894		$	1,822,973		$	1,715,740		$	1,659,977

Total Assets (GAAP)	$	21,056,722		$	21,348,765		$	21,072,521		$	19,025,101		$	18,811,629
Less: Intangible assets		(824,506	)		(827,158	)		(824,467	)		(725,802	)		(727,300	)
Tangible Assets (non-GAAP)	$	20,232,216		$	20,521,607		$	20,248,054		$	18,299,299		$	18,084,329

Tangible Common Equity Ratio (non-GAAP)		8.83	%		8.99	%		9.00	%		9.38	%		9.18	%

TANGIBLE COMMON EQUITY PER COMMON SHARE (NON-GAAP)
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Total Stockholders’ Equity (GAAP)	$	2,636,381		$	2,697,177		$	2,672,565		$	2,466,667		$	2,412,402
Less: Preferred stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Intangible assets		(824,506	)		(827,158	)		(824,467	)		(725,802	)		(727,300	)
Plus: Tax benefit		8,470			9,084			11,069			2,966			3,290
Tangible Common Equity, Net of Tax (non-GAAP)	$	1,795,220		$	1,853,978		$	1,834,042		$	1,718,706		$	1,663,267

Common Shares Outstanding		62,210,134			62,205,528			62,508,055			56,951,939			57,192,497

Tangible Common Equity per Share, Net of Tax (non-GAAP)	$	28.86		$	29.80		$	29.34		$	30.18		$	29.08

RETURN ON TANGIBLE COMMON EQUITY (NON-GAAP)
(Dollars In Thousands)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026			2025
Total Average Stockholders’ Equity (GAAP)	$	2,695,943		$	2,702,249		$	2,655,756		$	2,452,005		$	2,367,971		$	2,684,796		$	2,349,718
Less: Average preferred stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average intangible assets, net of tax		(817,139	)		(813,608	)		(784,490	)		(723,466	)		(724,619	)		(805,198	)		(725,775	)
Average Tangible Common Equity, Net of Tax (non-GAAP)	$	1,853,679		$	1,863,516		$	1,846,141		$	1,703,414		$	1,618,227		$	1,854,473		$	1,598,818

Net Income Available to Common Stockholders (GAAP)	$	67,847		$	43,511		$	27,687		$	56,596		$	56,297		$	139,045		$	167,530
Plus: Intangible asset amortization, net of tax		2,095			2,137			1,819			1,183			1,185			6,051			3,579
Tangible Net Income (non-GAAP)	$	69,942		$	45,648		$	29,506		$	57,779		$	57,482		$	145,096		$	171,109

Return on Tangible Common Equity (non-GAAP)		15.09	%		9.80	%		6.39	%		13.57	%		14.21	%		10.43	%		14.27	%

For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

Posted in UncategorizedTagged GlobeNewswire

PureCycle to Report Third Quarter 2026 Financial Results on November 4, 2026

Posted on October 21, 2026 by Ravi Shankar

ORLANDO, Fla., Oct. 21, 2026 (GLOBE NEWSWIRE) — PureCycle Technologies, Inc. (Nasdaq: PCT), a U.S.-based company revolutionizing plastic recycling, will release its financial results for the third quarter ended September 30, 2026, after market close on Wednesday, November 4, 2026. Management will host a conference call and webcast the same day to discuss the results and recent business developments.

Third Quarter 2026 Conference Call Details

Date: November 4, 2026
Time: 5:00 p.m. EST
Participant Link: PureCycle Technologies Third Quarter 2026 Corporate Update

For participants interested in a listen-only webcast, please access the conference call using the above link. For a calendar reminder, please click HERE.

The conference call will have a live Q&A session. For analyst participants who would like to ask management a question after prepared remarks, please click HERE. You will receive a number and a unique access pin.

Following prepared remarks, management will try to answer investor questions submitted in advance. To submit a question, please send an e-mail to investorquestion@purecycle.com.

The corporate update will be available for replay by clicking HERE or through the Company’s website at www.purecycle.com. A replay of the conference call will be available after 8:00 p.m. Eastern Time until February 4, 2027.

PureCycle Contact
Christian Bruey
cbruey@purecycle.com

Investor Relations Contact
Eric DeNatale
edenatale@purecycle.com

About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented dissolution recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as #5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from #5 plastic waste resulting in our PureFive^® resin that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com

Forward-Looking Statements
This press release contains forward-looking statements, including statements about the continued execution of PureCycle’s business plan, the expected results of tests and trials, the expected timing of commercial sales, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of PureCycle’s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in each of PureCycle’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and PureCycle’s Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCTs’ ability to obtain funding for our operations, future capital requirements and future growth, and to continue as a going concern; PCT’s ability to meet, continue to meet, and comply on an ongoing basis with, the numerous regulatory requirements applicable to our PureFive^® resin (as defined below) both generally and in food-grade applications and, more broadly, the operations of our facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT’s strategies and future financial performance, including future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives, which could be impacted by significant changes to tariffs on foreign imports; the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner, or at all; PCT’s ability to meet, and to continue to meet, the requirements imposed upon us and our subsidiaries by the funding for our operations, including the funding for the Ironton Facility and the Planned Facilities (as defined below); PCT’s ability to minimize or eliminate the many hazards and operational risks at our manufacturing facilities that can result in potential injury to individuals, disrupt our business, including interruptions or disruptions in operations at our facilities, and subject us to liability and increased costs; PCT’s ability to complete the necessary funding with respect to, and complete the construction of, the new polypropylene recycling facility in Thailand (the “Thailand Facility”), our first commercial-scale European plant located in Antwerp, Belgium (the “Belgium Facility”), and the purification facility to be built in Augusta, Georgia (the “Augusta Facility” and, together with the Thailand Facility and the Belgium Facility, the “Planned Facilities”) in a timely and cost-effective manner; PCT’s ability to procure, sort and process polypropylene plastic waste at our planned plastic waste prep facilities; PCT’s ability to maintain exclusivity under The Procter & Gamble Company license; the implementation, market acceptance and success of PCT’s business model and growth strategy, which includes our ability to bring a total of one billion pounds of installed polypropylene recycling capability online by 2030, and our ability to meet related construction, regulatory, and financing requirements; the ability to negotiate multi-year offtake agreements at appropriate margins to fund ongoing operations; the possibility that PCT may be adversely affected or potentially impacted by economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts (such as tariffs); changes in the prices and availability of materials (such as steel and other materials needed for the construction of future Feed PreP and purification facilities), including those changes caused by inflation, tariffs and supply chain conditions, such as increased transportation costs, and our ability to obtain such materials in a timely and cost-effective manner; the ability to source feedstock with a high polypropylene content at a reasonable cost; the development of direct competitors in the recycled polypropylene segment that could impact the demand for PCT’s products; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party; geopolitical risk and changes in applicable laws or regulations; changes in the prices and availability of labor (including labor shortages), turnover in employees, and increases in employee-related costs; any business disruptions due to political or economic instability, pandemics, or armed hostilities (including the ongoing conflict between Russia and Ukraine and instability in the Middle East); and operational risks associated with the ability to operate the Ironton Facility and the Planned Facilities, as and when operative, at nameplate capacity.

PCT undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.

Posted in UncategorizedTagged GlobeNewswire

YYForce Unveils “Workforce OS” Robotics Architecture Powered by NVIDIA Physical AI

Posted on October 21, 2026 by Ravi Shankar

Integration of NVIDIA Jetson Edge Computing and RTX Accelerators Establishes High-Performance Foundation for Commercial Human-and-Robot Workforces

Workforce OS Leverages NVIDIA Project GR00T, Isaac Sim, Isaac ROS, and TensorRT to Accelerate Sim-to-Real Deployments Across Enterprise Hospitality with Unitree Humanoid Robotics

SINGAPORE, Oct. 21, 2026 (GLOBE NEWSWIRE) — YYFORCE Inc. (NASDAQ: YFOR) (“YYForce” or the “Company”), a technology-enabled provider of workforce solutions and integrated facility management services, today announced its strategic plans to develop and scale its modular robotics operating architecture, Workforce OS. Designed to integrate human workforces with embodied artificial intelligence, the software stack leverages NVIDIA compute and robotics technologies to power commercial autonomous deployments, including integrations with Unitree humanoid robots and specialized service automation platforms.

Rather than building isolated software for single-purpose hardware, YYForce is architecting Workforce OS as a standardized, hardware-agnostic platform spanning computer vision, high-precision SLAM navigation, multi-axis manipulation, natural language interaction, and multi-agent fleet orchestration.

High-Performance Physical AI Architecture Powered by NVIDIA
To establish a resilient foundation for real-time edge autonomy and scalable model training, Workforce OS integrates full-stack NVIDIA robotics and AI platforms:

Edge and Acceleration Hardware: Real-time onboard perception, sensor fusion, and low-latency motor control will be driven by NVIDIA Jetson edge AI modules deployed on robotic bodies, backed by high-performance NVIDIA RTX GPUs for accelerated inference and local edge processing.

Embodied AI & Humanoid Foundations: YYForce is adopting the NVIDIA Project GR00T foundation model framework alongside NVIDIA Isaac Sim—powered by Omniverse—to execute rapid simulation-to-real (Sim-to-Real) training, synthetic data generation, and digital-twin task validation before physical rollout.

Operational Acceleration: By utilizing NVIDIA Isaac ROS for hardware-accelerated VSLAM and navigation, as well as NVIDIA TensorRT for deep learning inference optimization, the platform is designed to maximizes computational efficiency across both stationary manipulators and Unitree bipedal humanoid platforms.

Pragmatic Execution: Phased Roadmaps from Structured Operations to Full Humanoid Integration
To minimize the prolonged research cycles typical of unstructured automation tasks (such as autonomous wet-facility cleaning), YYForce is executing a phased commercialization roadmap that is designed to validate real-world stability across controlled enterprise hospitality environments:

Phase 1 (Months 0–2): Foundation & Intelligent Concierge — Establishing real-time navigation, guest-facing conversational workflows, and front-desk integration using Jetson edge modules and Isaac ROS.
Phase 2 (Months 2–4): Mobile Manipulation & Beverage Service — Deploying stationary and wheeled robotic arms equipped with fine-motor grasping, dynamic load balancing, and handover mechanics for banquet and food & beverage environments.
Phase 3 (Months 4–6): Banquet & Hospitality Event MVP — Orchestrating multi-robot collaborative operations—combining mobile bases, arm manipulation, and pilot-stage Unitree humanoid robots for live hotel banquet and event operations.
Long-Term Target: Autonomous IFM & Humanoid Field Operations — Transitioning mature Vision-Language-Action (VLA) models, learned humanoid locomotion, and system orchestration layers into complex, unstructured physical tasks, including automated facility maintenance and industrial cleaning.

Expanding Core Engineering Strength
“Our strategic objective is to own the software intelligence layer that makes diverse commercial robots truly useful in live business environments,” said Mike Fu, Chief Executive Officer of YYForce. “By combining NVIDIA’s industry-defining physical AI computing stack with versatile hardware like Unitree humanoid platforms, we aim to bridge the gap between simulation and real-world execution. Our existing footprint across hotels and enterprise facilities can provide a valuable real-world testbed and data-flywheel engine, turning bleeding-edge robotics into practical human workforce augmentation.”

To spearhead this technical roadmap, the Company is deploying a specialized core engineering task force comprising domain leads across Autonomous Navigation, Perception & Multimodal Interaction, Motion & Manipulation Control, Embodied VLA Models, and Distributed Systems Architecture. We expect that this focused engineering structure will prioritize continuous fleet orchestration, dynamic labor allocation, and deep interoperability with YYForce’s operational network.

About YYFORCE
YYForce Inc. (Nasdaq: YFOR) is an AI-enabled workforce management and integrated facility management provider headquartered in Singapore and operating across Asia and beyond. Through its workforce technology and IFM businesses, YYForce provides workforce deployment, management and facility services solutions across multiple service industries.

The Company’s workforce platform, YY Circle, supports workforce deployment and management across sectors including hospitality, food and beverage, retail and other service industries. Within its IFM operations, YYForce combines frontline facility services with technology solutions designed to improve workforce productivity and operational efficiency.

YYForce’s long-term strategy is centered on building an integrated future workforce ecosystem in which human workers, intelligent software, automation and robotics increasingly work together to deliver services more efficiently.

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. The Company bases these forward-looking statements on its expectations and projections about future events, which the Company derives from the information currently available to it. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Statements regarding the planned development, features, timelines and commercialization of the Workforce OS platform and related robotics applications are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors. These factors include, but are not limited to, the Company’s goals and strategies; the Company’s ability to successfully develop, test and commercialize Workforce OS and related robotics offerings on the anticipated timeline or at all, including risks associated with transferring simulation-based training to real-world environments; the Company’s dependence on third-party hardware, software and technology providers, including NVIDIA and Unitree, and the availability and terms of such technologies; the Company’s ability to recruit and retain qualified engineering personnel; the Company’s ability to obtain sufficient capital to fund its robotics initiatives; safety, liability, privacy and regulatory risks associated with deploying robotics in customer-facing environments; competition from other robotics and automation providers; the Company’s future business development, financial condition and results of operations, including the introduction of new products and services, expected changes in the Company’s revenues, costs and expenditures, anticipated customer growth, and demand for and market acceptance of the Company’s products and services; and industry, market and regulatory conditions, including competition, government policies and regulations affecting the Company’s industry, and other factors that may affect the Company’s financial condition, liquidity and results of operations. For a more detailed discussion of risk factors, please refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent annual report on Form 20-F, as amended. Readers should also consider the risks described in the Company’s filings with the U.S. Securities and Exchange Commission. YYForce undertakes no obligation to update these statements except as required by applicable law.

Investor Contact
Jason Zhi Yong Phua, Chief Financial Officer
YYForce Inc.
enquiries@yyforce.ai

Investor Relations Contact
Piacente Financial Communications
yfor@thepiacentegroup.com

Posted in UncategorizedTagged GlobeNewswire

Beacon Financial Corporation Announces Third Quarter Results

Posted on October 21, 2026 by Ravi Shankar

Net Income of $61.2 million, EPS of $0.73

Operating Earnings of $64.7 million, Operating EPS of $0.77

Quarterly Dividend of $0.3225

Board Increases Stock Buyback Authorization to $125 million

BOSTON, Oct. 21, 2026 (GLOBE NEWSWIRE) — Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $61.2 million, or $0.73 per basic and diluted share, for the third quarter of 2026, compared to $64.4 million, or $0.77 per basic and diluted share, for the second quarter of 2026, and a net loss of $(4.2) million, or $(0.05) per basic share, for the third quarter of 2025. The Company reported operating earnings after tax (non-GAAP) of $64.7 million, or $0.77 per basic and diluted share, for the third quarter of 2026, compared to operating earnings after tax (non-GAAP) of $64.4 million, or $0.77 per basic and diluted share, for the second quarter of 2026, and $34.0 million, or $0.39 per basic and diluted share, for the third quarter of 2025.

“Our quarterly results reflect improvement in net interest income and net interest margin. My early conversations and feedback from our clients and frontline bankers indicate positive momentum to come. At the same time, continued macroeconomic uncertainty and the higher-rate environment contributed to greater caution amongst borrowers and weighed on our overall loan growth,” said Sean Gray, the Company’s Chief Executive Officer.

“Since stepping into the CEO role shortly before the end of the quarter, I have focused on continuing the Company’s regular practice of engaging with shareholders, employees and clients, while aligning our senior leaders around the highest-impact opportunities to improve our financial and operating performance. Our immediate priorities are clear: greater expense discipline, stronger core funding, disciplined loan growth, continued credit vigilance, more diversified fee income and returning capital to shareholders. We’re committed to identifying decisive management-controlled actions that accelerate near-term performance and strengthen long-term franchise value.”

“The board has decided to increase the stock repurchase authorization to $125 million to reflect its confidence in our franchise, our capital position and the significant value we see in our shares. Going forward, investors should expect a more structured approach to capital allocation, one that supports organic growth, maintains balance sheet strength, and delivers attractive returns to shareholders.”

Presentation of Results – The Merger

The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”), completed on September 1, 2025, was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for the periods ended September 30, 2025 reflect one month of combined Company activity and eight months of legacy Brookline standalone results. As a result, the Company’s financial results for the third quarter of 2026 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets decreased $375.4 million during the quarter to $21.9 billion at September 30, 2026. Total assets decreased $991.9 million from September 30, 2025, primarily driven by a decrease in cash and cash equivalents relating to a decline in payroll deposits due to the timing of payroll activity relative to quarter-end.

Total cash and cash equivalents at September 30, 2026 decreased $444.8 million to $771.4 million from June 30, 2026, and decreased $449.3 million from September 30, 2025.

Total loans and leases decreased $169.8 million to $17.7 billion at September 30, 2026 from June 30, 2026, and decreased $653.0 million from September 30, 2025, primarily due to a decline in commercial real estate, consumer and equipment financing loans, partially offset by an increase in commercial loans. Total investor commercial real estate as a percentage of total risk based capital declined to 295 percent as of September 30, 2026, achieving the goal we outlined in our initial merger announcement.

Total investment securities at September 30, 2026 increased $195.2 million to $2.0 billion from June 30, 2026, primarily driven by a $335.5 million purchase during the quarter and increased $217.1 million from September 30, 2025.

Total deposits as of September 30, 2026 decreased $303.3 million from June 30, 2026, primarily driven by a decrease of $326.7 million in payroll deposits and a decrease of $120.0 million in customer deposits, partially offset by an increase of $143.4 million in brokered deposits. Total deposits decreased $721.5 million from September 30, 2025, consisting of a $531.2 million decrease in brokered deposits, a $159.0 million decrease in payroll deposits, and a small decline of $31.3 million in customer deposits. Average balance total deposits increased 1 percent linked quarter.

Total borrowed funds at September 30, 2026 decreased $113.1 million from June 30, 2026, and decreased $305.0 million from September 30, 2025.

The ratio of stockholders’ equity to total assets was 11.52 percent at September 30, 2026, compared to 11.41 percent at June 30, 2026, and 10.76 percent at September 30, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.35 percent at September 30, 2026, compared to 9.25 percent at June 30, 2026, and 8.56 percent at September 30, 2025. Tangible book value per common share (non-GAAP) decreased $0.17 from $23.98 at June 30, 2026 to $23.81 at September 30, 2026, and increased $1.06 from $22.75 at September 30, 2025.

NET INTEREST INCOME

Net interest income increased $3.9 million to $197.2 million during the third quarter of 2026 from $193.2 million for the quarter ended June 30, 2026. The net interest margin increased 4 basis points to 3.85 percent for the three months ended September 30, 2026 from 3.81 percent for the three months ended June 30, 2026.

NON-INTEREST INCOME

Total non-interest income for the quarter ended September 30, 2026 remained consistent with the quarter ended June 30, 2026.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $8.9 million for the quarter ended September 30, 2026, compared to $5.0 million for the quarter ended June 30, 2026. The increase in the provision quarter over quarter was driven by the deterioration of three larger CRE loans that required specific reserves, offset by a decline in criticized and classified loans from $813 million to $763 million during the quarter.

Total net charge-offs for the third quarter of 2026 were $13.5 million compared to $14.3 million in the second quarter of 2026. The $13.5 million in net charge-offs were primarily driven by the restructuring of a large ABL transaction as well as smaller dollar charge-offs in the commercial portfolios. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 30 basis points for the third quarter of 2026 from 32 basis points for the second quarter of 2026.

The allowance for loan and lease losses represented 1.32 percent of total loans and leases at September 30, 2026, compared to 1.34 percent at June 30, 2026, and 1.39 percent at September 30, 2025.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.91 percent at September 30, 2026, an increase of 0.05 percent from 0.86 percent at June 30, 2026. Total nonaccrual loans and leases increased $7.9 million to $160.6 million at September 30, 2026, from $152.7 million at June 30, 2026. The ratio of nonperforming assets to total assets was 0.75 percent at September 30, 2026, an increase from 0.70 percent at June 30, 2026. Total nonperforming assets increased $7.9 million to $163.1 million at September 30, 2026 from $155.2 million at June 30, 2026. The increase in nonperforming assets was largely driven by two of the three larger CRE deals referenced above.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended September 30, 2026 increased $5.4 million to $132.7 million from $127.3 million for the quarter ended June 30, 2026, of which $5.1 million was related to restructuring expenses in the third quarter of 2026 compared to none in the second quarter of 2026. The remaining $0.3 million increase was primarily driven by elevated commercial loan servicing fees of $1.0 million, increases in marketing expense of $0.6 million and occupancy expense of $0.6 million, partially offset by a decrease of $1.0 million in technology expense and a decrease of $0.8 million in compensation and employee benefits expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 25.0 percent and 26.7 percent for the three and nine months ended September 30, 2026 compared to 26.0 percent for the three months ended June 30, 2026 and 49.8 percent and 20.9 percent for the three and nine months ended September 30, 2025.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 1.11 percent during the third quarter of 2026 from 1.17 percent for the second quarter of 2026.

The annualized return on average stockholders’ equity decreased to 9.55 percent during the third quarter of 2026 from 10.15 percent for the second quarter of 2026. The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 12.02 percent for the third quarter of 2026 from 12.84 percent for the second quarter of 2026.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.3225 per share for the quarter ended September 30, 2026. The dividend will be paid on November 20, 2026 to stockholders of record on November 6, 2026.

STOCK REPURCHASE

The Company’s Board of Directors approved an increase to its existing stock repurchase program bringing the total authorization up to $125 million. The stock repurchase program, which is subject to regulatory approval, authorizes the Company to repurchase up to $125 million of shares over 12 months following the authorization by regulatory authorities.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, October 22, 2026 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website at www.beaconfinancialcorporation.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/438851030. To listen to the call without access to the slides, interested parties may dial (833) 461-5787 (United States) or (585) 542-9983 (internationally) and ask for the Beacon Financial Corporation conference call (Conference ID: 438 851 030). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing (833) 309-1852 (United States & Canada) or (929) 828-5978 (internationally) and entering the passcode: 438 851 030.

ABOUT BEACON FINANCIAL CORPORATION

Beacon Financial Corporation (NYSE: BBT) is the holding company for Beacon Bank & Trust, commonly known as Beacon Bank, a full-service regional bank serving the Northeast. Headquartered in Boston, the Company has $21.9 billion in assets and more than 145 branches throughout New England and New York. Beacon Bank offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. The Company also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division, and private wealth services through Beacon Bank and Clarendon Private.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in other documents it files with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:
Contact:	Carl M. Carlson
	Beacon Financial Corporation
	Chief Financial and Strategy Officer
	(617) 425-5331
	carl.carlson@beaconbank.com
MEDIA CONTACT:
Contact:	Gary Levante
	Beacon Financial Corporation
	Chief Marketing Officer
	(413) 447-1737
	gary.levante@beaconbank.com

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	197,153	$	193,207	$	190,774	$	199,741	$	128,850
Provision for credit losses on loans and unfunded commitments	8,875		5,007		7,899		8,141		20,268
Provision (recovery) of credit losses on investments	53		(85)		47		(35)		32
Non-interest income	25,999		25,988		23,947		25,918		12,345
Non-interest expense	132,694		127,256		140,822		142,366		129,296
Income (loss) before provision for income taxes	81,530		87,017		65,953		75,187		(8,401)
Net income (loss)	61,182		64,426		46,217		53,366		(4,221)

Performance Ratios:
Net interest margin (1)	3.85 %		3.81 %		3.78 %		3.82 %		3.62 %
Interest-rate spread (1)	3.23 %		3.13 %		3.02 %		3.15 %		2.94 %
Return on average assets (annualized)	1.11 %		1.17 %		0.84 %		0.94 %		(0.11)%
Return on average tangible assets (annualized) (non-GAAP)	1.14 %		1.20 %		0.86 %		0.97 %		(0.11)%
Return on average stockholders’ equity (annualized)	9.55 %		10.15 %		7.32 %		8.70 %		(1.01)%
Return on average tangible stockholders’ equity (annualized) (non-GAAP)	12.02 %		12.84 %		9.30 %		11.19 %		(1.27)%
Efficiency ratio (2)	59.46 %		58.06 %		65.58 %		63.09 %		91.57 %
Core efficiency ratio (3)	53.54 %		54.26 %		55.64 %		52.81 %		56.55 %

Per Common Share Data:
Net income (loss) — Basic	$	0.73	$	0.77	$	0.55	$	0.64	$	(0.05)
Net income (loss) — Diluted	0.73		0.77		0.55		0.64		(0.05)
Cash dividends declared	0.3225		0.3225		0.3225		0.3225		0.3225
Book value per share (end of period)	30.04		30.30		29.88		29.78		29.33
Tangible book value per share (end of period) (non-GAAP)	23.81		23.98		23.48		23.32		22.75
Stock price (end of period)	27.99		30.45		30.00		26.37		23.71

Balance Sheet:
Total assets	$	21,875,584	$	22,250,964	$	22,227,616	$	23,220,372	$	22,867,458
Total loans and leases	17,652,416		17,822,218		17,924,156		18,029,552		18,305,379
Total deposits	18,182,560		18,485,864		18,292,280		19,514,657		18,904,063
Total stockholders’ equity	2,519,589		2,539,796		2,504,781		2,496,061		2,461,015

Asset Quality:
Nonperforming assets	$	163,059	$	155,155	$	151,239	$	116,747	$	101,990
Nonperforming assets as a percentage of total assets	0.75 %		0.70 %		0.68 %		0.50 %		0.45 %
Allowance for loan and lease losses	$	233,188	$	238,189	$	244,377	$	252,839	$	253,735
Allowance for loan and lease losses as a percentage of total loans and leases	1.32 %		1.34 %		1.36 %		1.40 %		1.39 %
Net loan and lease charge-offs (4)	13,470		$	14,280	$	13,551	$	9,019	$	15,857
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)	0.30 %		0.32 %		0.30 %		0.20 %		0.51 %

Capital Ratios:
Stockholders’ equity to total assets	11.52 %		11.41 %		11.27 %		10.75 %		10.76 %
Tangible stockholders’ equity to tangible assets (non-GAAP)	9.35 %		9.25 %		9.07 %		8.62 %		8.56 %

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.
(3) Core efficiency ratio excludes amortization of identified intangible assets.
(4) The balance at September 30, 2025 excludes a $15.8 million Merger Day 1 charge-offs write up.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	273,493		$	240,680		$	185,692		$	201,557		$	182,251
Short-term investments		497,860			975,423			927,256			1,840,188			1,038,369
Total cash and cash equivalents		771,353			1,216,103			1,112,948			2,041,745			1,220,620
Investment securities available-for-sale		1,956,529			1,761,297			1,718,710			1,688,768			1,739,423
Total investment securities		1,956,529			1,761,297			1,718,710			1,688,768			1,739,423
Allowance for investment security losses		(109	)		(56	)		(141	)		(94	)		(129	)
Net investment securities		1,956,420			1,761,241			1,718,569			1,688,674			1,739,294
Loans and leases held-for-sale		—			—			—			—			83,330
Loans and leases:
Commercial real estate loans		9,710,208			9,884,139			9,957,408			10,012,094			10,247,090
Commercial loans and leases		4,050,789			3,981,803			4,011,974			3,947,363			3,950,693
Consumer loans		3,891,419			3,956,276			3,954,774			4,070,095			4,107,596
Total loans and leases		17,652,416			17,822,218			17,924,156			18,029,552			18,305,379
Allowance for loan and lease losses		(233,188	)		(238,189	)		(244,377	)		(252,839	)		(253,735	)
Net loans and leases		17,419,228			17,584,029			17,679,779			17,776,713			18,051,644
Restricted equity securities		79,570			90,660			97,441			87,438			99,431
Premises and equipment, net of accumulated depreciation		167,504			161,175			161,141			162,474			158,375
Right-of-use asset operating leases		80,249			82,909			84,851			82,817			84,238
Deferred tax asset		156,371			138,466			142,827			149,487			178,456
Goodwill		357,358			357,358			355,269			351,613			353,471
Identified intangible assets, net of accumulated amortization		164,780			172,906			181,234			189,562			198,339
Other real estate owned and repossessed assets		2,505			2,505			2,623			2,591			3,360
Cash surrender value of bank-owned life insurance policies		337,791			335,523			336,980			334,442			332,840
Other assets		382,455			348,089			353,954			352,816			364,060
Total assets	$	21,875,584		$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand checking accounts	$	3,886,512		$	3,910,604		$	3,861,000		$	4,032,529		$	3,905,559
Interest-bearing deposits:
NOW accounts		1,570,468			1,569,862			1,520,600			1,445,894			1,470,808
Savings accounts		3,045,425			3,035,355			3,088,857			2,954,029			2,904,888
Money market accounts		4,351,324			4,461,990			4,393,607			4,636,548			4,545,231
Payroll deposit accounts		885,465			1,212,178			1,213,861			1,878,758			1,044,462
Certificate of deposit accounts		4,068,649			4,064,518			4,085,511			4,156,540			4,127,226
Brokered deposit accounts		374,717			231,357			128,844			410,359			905,889
Total interest-bearing deposits		14,296,048			14,575,260			14,431,280			15,482,128			14,998,504
Total deposits		18,182,560			18,485,864			18,292,280			19,514,657			18,904,063
Borrowed funds:
Advances from the FHLB		358,236			633,292			822,091			555,788			841,044
Subordinated debentures and notes		301,470			202,278			198,989			198,572			198,283
Other borrowed funds		115,767			53,022			51,423			34,000			41,189
Total borrowed funds		775,473			888,592			1,072,503			788,360			1,080,516
Operating lease liabilities		87,961			90,936			92,820			90,713			92,211
Reserve for unfunded credits		13,876			13,470			16,555			13,746			13,727
Accrued expenses and other liabilities		296,125			232,306			248,677			316,835			315,926
Total liabilities		19,355,995			19,711,168			19,722,835			20,724,311			20,406,443
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, and 89,576,403 shares issued, respectively		896			896			896			896			896
Additional paid-in capital		2,167,725			2,164,080			2,172,982			2,171,885			2,171,912
Retained earnings		576,280			542,304			504,976			485,862			459,598
Accumulated other comprehensive income		(91,478	)		(34,929	)		(31,411	)		(20,002	)		(28,905	)
Treasury stock, at cost;
5,254,101, 5,211,670, 5,548,772, 5,545,511, and 5.449,039, shares, respectively		(133,834	)		(132,555	)		(142,662	)		(142,580	)		(142,486	)
Total stockholders’ equity		2,519,589			2,539,796			2,504,781			2,496,061			2,461,015
Total liabilities and stockholders’ equity	$	21,875,584		$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Three Months Ended
	September 30, 2026		June 30, 2026			March 31, 2026		December 31, 2025			September 30, 2025
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	270,278	$	265,596		$	266,935	$	285,795		$	194,517
Debt securities		19,748		18,370			16,510		16,335			10,984
Restricted equity securities		1,107		1,506			843		1,160			1,466
Short-term investments		7,780		8,162			8,096		9,293			5,438
Total interest and dividend income		298,913		293,634			292,384		312,583			212,405
Interest expense:
Deposits		91,559		88,959			93,056		102,439			71,901
Borrowed funds		10,201		11,468			8,554		10,403			11,654
Total interest expense		101,760		100,427			101,610		112,842			83,555
Net interest income		197,153		193,207			190,774		199,741			128,850
Provision for credit losses on loans		8,875		5,007			7,899		8,141			20,268
Provision (recovery) of credit losses on investments		53		(85	)		47		(35	)		32
Net interest income after provision for credit losses		188,225		188,285			182,828		191,635			108,550
Non-interest income:
Deposit fees		8,594		8,510			8,347		9,843			5,005
Loan fees		2,606		2,619			2,366		2,189			1,004
Loan level derivative income (loss)		1,094		1,391			775		721			635
Gain on sales of loans and leases held-for-sale		3,669		3,869			2,689		4,154			1,175
Wealth management fees		4,739		4,860			4,464		4,370			2,466
Other		5,297		4,739			5,306		4,641			2,060
Total non-interest income		25,999		25,988			23,947		25,918			12,345
Non-interest expense:
Compensation and employee benefits		69,439		70,280			69,650		70,204			49,999
Occupancy		12,380		11,791			13,097		11,877			6,921
Equipment and data processing		16,999		18,300			20,127		19,754			11,110
Professional services		2,659		2,769			2,462		2,778			2,114
FDIC insurance		2,841		3,332			4,320		1,924			1,971
Advertising and marketing		1,722		1,152			1,679		2,157			1,583
Amortization of identified intangible assets		8,126		8,328			8,328		8,777			3,587
Other		13,427		11,304			8,134		10,471			6,148
Total non-interest operating expense		127,593		127,256			127,797		127,942			83,433
Merger and restructuring expense		5,101		—			13,025		14,424			45,863
Total non-interest expense		132,694		127,256			140,822		142,366			129,296
Income (loss) before provision for income taxes		81,530		87,017			65,953		75,187			(8,401	)
Provision (benefit) for income taxes		20,348		22,591			19,736		21,821			(4,180	)
Net Income (loss)	$	61,182	$	64,426		$	46,217	$	53,366		$	(4,221	)
Earnings per common share:
Basic	$	0.73	$	0.77		$	0.55	$	0.64		$	(0.05	)
Diluted	$	0.73	$	0.77		$	0.55	$	0.64		$	(0.05	)
Weighted average common shares outstanding during the period:
Basic		83,837,909		83,816,086			83,816,086		83,851,381			87,508,517
Diluted		83,997,567		83,939,430			83,903,440		83,878,047			87,832,552
Dividends paid per common share	$	0.3225	$	0.3225		$	0.3225	$	0.3225		$	0.3225

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Nine Months Ended September 30,
		2026		2025
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	802,809	$	481,759
Debt securities		54,628		24,440
Restricted equity securities		3,456		3,731
Short-term investments		24,038		10,275
Total interest and dividend income		884,931		520,205
Interest expense:
Deposits		273,574		178,061
Borrowed funds		30,223		38,779
Total interest expense		303,797		216,840
Net interest income		581,134		303,365
Provision for credit losses on loans		21,781		33,239
Provision (recovery) of credit losses on investments		15		47
Net interest income after provision for credit losses		559,338		270,079
Non-interest income:
Deposit fees		25,451		9,838
Loan fees		7,591		1,869
Loan level derivative income (loss)		3,260		701
Gain on sales of loans and leases held-for-sale		10,227		1,463
Wealth management fees		14,063		5,378
Other		15,342		4,726
Total non-interest income		75,934		23,975
Non-interest expense:
Compensation and employee benefits		209,369		120,999
Occupancy		37,268		17,991
Equipment and data processing		55,426		24,963
Professional services		7,890		5,311
FDIC insurance		10,493		5,888
Advertising and marketing		4,553		3,822
Amortization of identified intangible assets		24,782		6,448
Other		32,865		14,684
Total non-interest operating expense		382,646		200,106
Merger and restructuring expense		18,126		47,273
Total non-interest expense		400,772		247,379
Income before provision for income taxes		234,500		46,675
Provision for income taxes		62,675		9,770
Net income	$	171,825	$	36,905
Earnings per common share:
Basic	$	2.05	$	0.42
Diluted	$	2.05	$	0.41
Weighted average common shares outstanding during the period:
Basic		83,823,440		88,566,368
Diluted		83,946,890		88,998,517
Dividends paid per common share	$	0.9675	$	0.5925

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
	At and for the Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	77,443		$	67,645		$	65,127		$	41,246		$	30,213
Multi-family mortgage		8,673			9,484			12,995			4,065			2,994
Construction		—			—			—			—			535
Total commercial real estate loans		86,116			77,129			78,122			45,311			33,742

Commercial		20,396			20,873			22,626			16,716			14,035
Equipment financing		44,862			45,493			38,633			42,718			41,793
Total commercial loans and leases		65,258			66,366			61,259			59,434			55,828

Residential mortgage		5,876			5,991			5,807			6,465			6,597
Home equity		2,954			3,041			3,222			2,739			2,220
Other consumer		350			123			206			207			243
Total consumer loans		9,180			9,155			9,235			9,411			9,060

Total nonaccrual loans and leases		160,554			152,650			148,616			114,156			98,630

Other real estate owned		70			70			—			—			824
Other repossessed assets		2,435			2,435			2,623			2,591			2,536
Total nonperforming assets	$	163,059		$	155,155		$	151,239		$	116,747		$	101,990

Loans and leases past due greater than 90 days and still accruing	$	27,849		$	7,785		$	5,834		$	37,823		$	23,570

Nonperforming loans and leases as a percentage of total loans and leases		0.91	%		0.86	%		0.83	%		0.63	%		0.54	%
Nonperforming assets as a percentage of total assets		0.75	%		0.70	%		0.68	%		0.50	%		0.45	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	238,189		$	244,377		$	252,839		$	253,735		$	126,725
Merger Day 1 allowance on non-PCD loans *		—			—			—			—			67,229
Merger Day 1 allowance on PCD loans		—			—			—			—			64,511
Charge-offs		(14,714	)		(15,353	)		(15,880	)		(10,917	)		(16,661	)
Recoveries		1,244			1,073			2,329			1,898			804
Net charge-offs**		(13,470	)		(14,280	)		(13,551	)		(9,019	)		(15,857	)
Provision for loan and lease losses excluding unfunded commitments ***		8,469			8,092			5,089			8,123			11,127
Allowance for loan and lease losses at end of period	$	233,188		$	238,189		$	244,377		$	252,839		$	253,735

Allowance for loan and lease losses as a percentage of total loans and leases		1.32	%		1.34	%		1.36	%		1.40	%		1.39	%

NET CHARGE-OFFS:
Commercial real estate loans	$	3,431		$	7,416		$	6,997		$	6,598		$	819
Commercial loans and leases		10,088			6,897			6,611			2,799			15,116
Consumer loans		(49	)		(33	)		(57	)		(378	)		(78	)
Total net charge-offs**	$	13,470		$	14,280		$	13,551		$	9,019		$	15,857

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.30	%		0.32	%		0.30	%		0.20	%		0.51	%

*As a result of the adoption of ASU 2025-08, this amount, related to seasoned non-PCD loans, is recorded as part of purchase accounting adjustments, not through the provision.
** Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025.
***Provision for loan and lease losses does not include provision (credit) of $0.4 million, $(3.1 million), $2.8 million, $(0.0 million), and $9.1 million of which $8.4 million was related to Merger Day 1 for credit losses on unfunded commitments during the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Three Months Ended
	September 30, 2026						June 30, 2026						September 30, 2025
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,866,739	$	20,403	4.37	%	$	1,750,455	$	19,013	4.35	%	$	1,165,022	$	11,273	3.87	%
Restricted equity securities (2)		83,794		1,110	5.30	%		95,840		1,507	6.29	%		73,853		1,467	7.95	%
Short-term investments		820,295		7,780	3.79	%		860,874		8,162	3.79	%		448,044		5,438	4.85	%
Total investments		2,770,828		29,293	4.23	%		2,707,169		28,682	4.24	%		1,686,919		18,178	4.31	%
Loans and Leases:
Commercial real estate loans (3)		9,786,763		144,375	5.77	%		9,865,901		142,453	5.71	%		7,013,916		105,287	5.87	%
Commercial loans (3)		2,996,699		48,836	6.38	%		2,952,686		46,038	6.17	%		1,818,012		30,115	6.48	%
Equipment financing (3)		1,015,449		20,138	7.93	%		1,052,189		21,675	8.24	%		1,209,797		24,692	8.16	%
Consumer loans (3)		3,916,588		57,959	5.91	%		3,935,888		56,399	5.73	%		2,505,760		35,103	5.59	%
Total loans and leases		17,715,499		271,308	6.13	%		17,806,664		266,565	5.99	%		12,547,485		195,197	6.22	%
Total interest-earning assets		20,486,327		300,601	5.87	%		20,513,833		295,247	5.76	%		14,234,404		213,375	6.00	%
Non-interest-earning assets		1,558,531						1,526,851						975,676
Total assets	$	22,044,858					$	22,040,684					$	15,210,080

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	1,588,380		3,536	0.88	%	$	1,535,148		3,622	0.95	%	$	917,794		1,786	0.77	%
Savings accounts		3,044,938		14,342	1.87	%		3,057,585		14,045	1.84	%		2,201,808		12,867	2.32	%
Money market accounts		4,470,968		27,316	2.42	%		4,396,223		26,245	2.39	%		3,324,253		23,131	2.76	%
Certificates of deposit		4,075,397		35,397	3.45	%		4,051,332		34,862	3.45	%		2,607,493		24,956	3.80	%
Payroll deposit accounts (4)		1,000,373		7,725	3.06	%		1,127,661		8,570	3.05	%		NA		NA	NA
Brokered deposit accounts		317,741		3,243	4.05	%		174,146		1,615	3.72	%		823,059		9,161	4.42	%
Total interest-bearing deposits		14,497,797		91,559	2.51	%		14,342,095		88,959	2.49	%		9,874,407		71,901	2.89	%
Borrowings
Advances from the FHLB		461,293		4,451	3.78	%		742,763		7,169	3.82	%		792,455		8,709	4.30	%
Subordinated debentures and notes		258,936		5,042	7.79	%		199,243		3,693	7.41	%		121,526		2,394	7.88	%
Other borrowed funds		76,963		708	3.65	%		54,565		606	4.46	%		42,303		551	5.16	%
Total borrowings		797,192		10,201	5.01	%		996,571		11,468	4.55	%		956,284		11,654	4.77	%
Total interest-bearing liabilities		15,294,989		101,760	2.64	%		15,338,666		100,427	2.63	%		10,830,691		83,555	3.06	%
Non-interest-bearing liabilities:
Demand checking accounts		3,829,078						3,813,559						2,414,119
Other non-interest-bearing liabilities		358,987						348,856						287,062
Total liabilities		19,483,054						19,501,081						13,531,872
Stockholders’ equity		2,561,804						2,539,603						1,678,208
Total liabilities and equity	$	22,044,858					$	22,040,684					$	15,210,080
Net interest income (tax-equivalent basis) /Interest-rate spread (5)				198,841	3.23	%				194,820	3.13	%				129,820	2.94	%
Less adjustment of tax-exempt income				1,688						1,613						970
Net interest income			$	197,153					$	193,207					$	128,850
Net interest margin (6)					3.85	%					3.81	%					3.62	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Payroll deposit accounts, if any, in periods prior to June 30, 2026, are included in the average money market account balance.
(5) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(6) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Nine Months Ended
	September 30, 2026						September 30, 2025
	Average Balance		Interest (1)		Average Yield/Cost		Average Balance		Interest (1)		Average Yield/Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,767,860	$	56,569	4.27	%	$	977,060	$	24,839	3.39	%
Restricted equity securities (2)		87,970		3,462	5.25	%		69,802		3,733	7.13	%
Short-term investments		835,739		24,038	3.84	%		304,870		10,275	4.49	%
Total investments		2,691,569		84,069	4.16	%		1,351,732		38,847	3.83	%
Loans and Leases:
Commercial real estate loans (3)		9,874,879		429,887	5.74	%		6,071,163		259,666	5.64	%
Commercial loans (3)		2,942,577		139,520	6.25	%		1,449,490		70,600	6.42	%
Equipment financing (3)		1,061,285		65,358	8.21	%		1,243,492		75,696	8.12	%
Consumer loans (3)		3,952,764		171,022	5.77	%		1,873,834		77,401	5.51	%
Total loans and leases		17,831,505		805,787	6.03	%		10,637,979		483,363	6.06	%
Total interest-earning assets		20,523,074		889,856	5.78	%		11,989,711		522,210	5.81	%
Non-interest-earning assets		1,550,392						742,502
Total assets	$	22,073,466					$	12,732,213

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	1,539,776		10,688	0.93	%	$	729,035		3,825	0.70	%
Savings accounts		3,045,217		41,999	1.84	%		1,910,457		33,732	2.36	%
Money market accounts		5,567,366		105,821	2.54	%		2,571,233		50,708	2.64	%
Certificates of deposit		4,087,458		107,129	3.50	%		2,127,184		62,986	3.96	%
Brokered deposit accounts		266,394		7,937	3.98	%		779,717		26,810	4.60	%
Total interest-bearing deposits		14,506,211		273,574	2.52	%		8,117,626		178,061	2.93	%
Borrowings
Advances from the FHLB		560,108		16,298	3.84	%		900,666		30,978	4.54	%
Subordinated debentures and notes		219,199		12,323	7.50	%		96,887		5,813	8.00	%
Other borrowed funds		53,017		1,602	4.04	%		53,177		1,988	5.00	%
Total borrowings		832,324		30,223	4.79	%		1,050,730		38,779	4.87	%
Total interest-bearing liabilities		15,338,535		303,797	2.65	%		9,168,356		216,840	3.16	%
Non-interest-bearing liabilities:
Demand checking accounts		3,836,271						1,919,100
Other non-interest-bearing liabilities		356,724						254,646
Total liabilities		19,531,530						11,342,102
Stockholders’ equity		2,541,936						1,390,111
Total liabilities and equity	$	22,073,466					$	12,732,213
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				586,059	3.13	%				305,370	2.65	%
Less adjustment of tax-exempt income				4,925						2,005
Net interest income			$	581,134					$	303,365
Net interest margin (5)					3.82	%					3.41	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
				At and for the Three Months Ended September 30,						At and for the Nine Months Ended September 30,
					2026			2025			2026			2025
Reconciliation Table – Non-GAAP Financial Information

Reported Pretax Income				$	81,530		$	(8,401	)	$	234,500		$	46,675
Less:
Gain/(Loss) – Other*					542			—			645			—
Add:
Merger Day 1 CECL provision					—			8,415			—			8,415
Merger and restructuring expense					5,101			45,863			18,126			47,273
Operating Pretax income				$	86,089		$	45,877		$	251,981		$	102,363
Effective tax rate					24.9	%		25.9	%		25.5	%		25.9	%
Provision for income taxes					21,436			11,864			64,255			26,471
Operating earnings after tax				$	64,653		$	34,013		$	187,726		$	75,892

Operating earnings per common share:
Basic				$	0.77		$	0.39		$	2.24		$	0.86
Diluted				$	0.77		$	0.39		$	2.24		$	0.85

Weighted average common shares outstanding during the period:
Basic					83,837,909			87,508,517			83,823,440			88,566,368
Diluted					83,997,567			87,832,552			83,946,890			88,998,517

Return on average assets **					1.11	%		(0.11	)%		1.04	%		0.39	%
Less:
Gain/(Loss) – Other (after-tax) **					0.01	%		—	%		—	%		—	%
Add:
Merger Day 1 CECL provision (after-tax) **					—	%		0.16	%		—	%		0.07	%
Merger and restructuring expense (after-tax) **					0.07	%		0.89	%		0.08	%		0.37	%
Operating return on average assets **					1.17	%		0.94	%		1.12	%		0.83	%

Return on average tangible assets **					1.14	%		(0.11	)%		1.06	%		0.40	%
Less:
Gain/(Loss) – Other (after-tax) **					0.01	%		—	%		—	%		—	%
Add:
Merger Day 1 CECL provision (after-tax) **					—	%		0.17	%		—	%		0.07	%
Merger and restructuring expense (after-tax) **					0.07	%		0.92	%		0.08	%		0.38	%
Operating return on average tangible assets **					1.20	%		0.98	%		1.14	%		0.85	%


Return on average stockholders’ equity **					9.55	%		(1.01	)%		9.01	%		3.54	%
Less:
Gain/(Loss) – Other (after-tax) **					0.06	%		—	%		0.03	%		—	%
Add:
Merger Day 1 CECL provision (after-tax) **					—	%		1.49	%		—	%		0.60	%
Merger and restructuring expense (after-tax) **					0.60	%		8.10	%		0.71	%		3.36	%
Operating return on average stockholders’ equity **					10.09	%		8.58	%		9.69	%		7.50	%


Return on average tangible stockholders’ equity **					12.02	%		(1.27	)%		11.40	%		4.47	%
Less:
Gain/(Loss) – Other (after-tax) **					0.08	%		—	%		0.03	%		—	%
Add:
Merger Day 1 CECL provision (after-tax) **					—	%		1.88	%		—	%		0.76	%
Merger and restructuring expense (after-tax) **					0.75	%		10.26	%		0.90	%		4.25	%
Operating return on average tangible stockholders’ equity **					12.69	%		10.87	%		12.27	%		9.48	%

* Driven by the sale of three buildings.
** Ratios at and for the three months and nine months ended are annualized.

	At and for the Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30 2025
	(Dollars in Thousands)

Net income (loss), as reported	$	61,182		$	64,426		$	46,217		$	53,366		$	(4,221	)

Average total assets	$	22,044,858		$	22,040,684		$	22,135,857		$	22,644,481		$	15,210,080
Less: Average goodwill and average identified intangible assets, net		526,015			532,255			536,900			546,276			353,189
Average tangible assets	$	21,518,843		$	21,508,429		$	21,598,957		$	22,098,205		$	14,856,891

Return on average tangible assets (annualized)		1.14	%		1.20	%		0.86	%		0.97	%		(0.11	)%

Average total stockholders’ equity	$	2,561,804		$	2,539,603		$	2,523,986		$	2,453,480		$	1,678,208
Less: Average goodwill and average identified intangible assets, net		526,015			532,255			536,900			546,276			353,189
Average tangible stockholders’ equity	$	2,035,789		$	2,007,348		$	1,987,086		$	1,907,204		$	1,325,019

Return on average tangible stockholders’ equity (annualized)		12.02	%		12.84	%		9.30	%		11.19	%		(1.27	)%

Total stockholders’ equity	$	2,519,589		$	2,539,796		$	2,504,781			2,496,061			2,461,015
Less:
Goodwill		357,358			357,358			355,269			351,613			353,471
Identified intangible assets, net		164,780			172,906			181,234			189,562			198,339
Tangible stockholders’ equity	$	1,997,451		$	2,009,532		$	1,968,278		$	1,954,886		$	1,909,205

Total assets	$	21,875,584		$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458
Less:
Goodwill		357,358			357,358			355,269			351,613			353,471
Identified intangible assets, net		164,780			172,906			181,234			189,562			198,339
Tangible assets	$	21,353,446		$	21,720,700		$	21,691,113		$	22,679,197		$	22,315,648

Tangible stockholders’ equity to tangible assets		9.35	%		9.25	%		9.07	%		8.62	%		8.56	%

Tangible stockholders’ equity	$	1,997,451		$	2,009,532		$	1,968,278		$	1,954,886		$	1,909,205

Number of common shares issued		89,576,403			89,576,403			89,576,403			89,576,403			89,576,403
Less:
Treasury shares		5,254,101			5,211,670			5,548,772			5,545,511			5,449,039
Unvested restricted shares		439,292			548,647			211,545			214,806			218,503
Number of common shares outstanding		83,883,010			83,816,086			83,816,086			83,816,086			83,908,861

Tangible book value per common share	$	23.81		$	23.98		$	23.48		$	23.32		$	22.75

Non-interest expense	$	132,694		$	127,256		$	140,822		$	142,366		$	129,296
Less:
Merger and restructuring expense		5,101			—			13,025			14,424			45,863
Total non-interest operating expense	$	127,593		$	127,256		$	127,797		$	127,942		$	83,433
Less:
Amortization of identified intangible assets		8,126			8,328			8,328			8,777			3,587
Non-interest expense for operating efficiency ratio	$	119,467		$	118,928		$	119,469		$	119,165		$	79,846

Efficiency ratio		59.46	%		58.06	%		65.58	%		63.09	%		91.57	%
Core efficiency ratio		53.54	%		54.26	%		55.64	%		52.81	%		56.55	%

A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/8505cb1c-8ada-4b5b-9b7a-c3e755affc8a

Posted in UncategorizedTagged GlobeNewswire

EverQuote Announces New Share Repurchase Authorization

Posted on October 21, 2026 by Ravi Shankar

CAMBRIDGE, Mass., Oct. 21, 2026 (GLOBE NEWSWIRE) — EverQuote, Inc. (“EverQuote” or the “Company”) Nasdaq: EVER), a leading provider of growth solutions for property and casualty insurance providers today announced that its Board of Directors has approved a share repurchase program that authorizes the Company to purchase up to $50.0 million of the Company’s Class A common stock from time to time.

“We have continued to demonstrate our success in delivering strong free cash flow and have confidence in our ongoing growth trajectory,” said Joseph Sanborn, Chief Financial Officer and Chief Administrative Officer of EverQuote. “Our cash generation gives us the ability to fuel growth, invest in our AI innovation and to extend our leadership position, while simultaneously returning capital to shareholders.”

The timing and total amount of share purchases, if any, will depend upon various factors, including market conditions, and may be made through open market purchases, in privately negotiated transactions or by other means, including pursuant to Rule 10b5-1 plans. The program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of its Class A common stock.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about the approved share repurchase program, including the amount, timing and manner of any repurchases. Actual results may differ materially due to risks and uncertainties, including market conditions, the Company’s stock price, the Company’s liquidity and capital needs, restrictions under the Company’s credit facility, and the factors described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this report. The Company undertakes no obligation to update them, except as required by law.

About EverQuote
EverQuote (Nasdaq: EVER) is a leading AI-powered growth solutions partner for regulated property and casualty insurance entities, enabling the largest insurance carriers and thousands of agents to maximize customer acquisition across digital channels. Fueled by our proprietary data assets and our AI traffic engine, EverQuote is transforming the way providers attract and engage consumers to grow market share. To learn more visit investors.everquote.com.

EverQuote Investor Relations Contact:
Sara Buda
EverQuote
sara.buda@everquote.com

Posted in UncategorizedTagged GlobeNewswire

BBSI Sets Third Quarter 2026 Conference Call for Wednesday, November 4, 2026, at 5:00 p.m. ET

Posted on October 21, 2026 by Ravi Shankar

VANCOUVER, Wash., Oct. 21, 2026 (GLOBE NEWSWIRE) — Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI), a leading provider of business management solutions and one of the largest professional employer organizations (PEO) in the U.S., will conduct a conference call on Wednesday, November 4, 2026, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2026. The company will report its financial results in a press release prior to the conference call.

BBSI’s CEO Gary Kramer and CFO Anthony Harris will host the conference call, followed by a question and answer period.

Date: Wednesday, November 4, 2026
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-800-717-1738
International dial-in number: 1-646-307-1865
Conference ID: 1199707

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the Investors section of the BBSI website at ir.bbsi.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through December 4, 2026.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 1199707

About BBSI

BBSI (NASDAQ: BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. The Company’s integrated platform is built upon expertise in payroll processing, employee benefits, workers’ compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI’s partnerships help businesses of all sizes improve the efficiency of their operations. The Company works with more than 8,200 PEO clients in all 50 states. For more information, please visit www.bbsi.com.

Investor Relations:

Gateway Group, Inc.
Cody Slach
Tel 1-949-574-3860
BBSI@gatewayir.com

Posted in UncategorizedTagged GlobeNewswire

Seer to Report Third Quarter 2026 Financial Results on November 10, 2026

Posted on October 21, 2026 by Ravi Shankar

REDWOOD CITY, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) — Seer, Inc. (Nasdaq: SEER), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that it will report financial results for the third quarter 2026 on Tuesday, November 10, 2026. Company management will be webcasting a conference call beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.

Live audio of the webcast will be available on the Investor section of Seer’s website at investor.seer.bio. An archived replay will be available on the company’s website following the event.

About Seer
Seer, Inc. (Nasdaq: SEER) sets the standard in deep, unbiased proteomics, delivering insights with scale, speed, precision, and reproducibility previously unattainable by other proteomic methods. Seer’s Proteograph Product Suite integrates proprietary engineered nanoparticles, automation instrumentation, optimized consumables, and advanced analytical software. Seer’s products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio.

Media Contact:
Patrick Schmidt
pr@seer.bio

Investor Contact:
Marissa Bych
investor@seer.bio

Posted in UncategorizedTagged GlobeNewswire

Reliance, Inc. Reports Third Quarter 2026 Financial Results

Posted on October 21, 2026 by Ravi Shankar

Record net sales of $5.21 billion, up 13% sequentially, with record tons sold up 4.3%
EPS of $7.84; non-GAAP EPS of $8.02, up 120% year-over-year, significantly exceeding expectations
Pretax income of $531.9 million, up 115% year-over-year
Increased share repurchase program to $2.5 billion

PHOENIX, Oct. 21, 2026 (GLOBE NEWSWIRE) — Reliance, Inc. (NYSE: RS) (“Reliance,” the “Company,” “we,” “our,” or “us”) today reported its financial results for the third quarter ended September 30, 2026.


(in millions, except tons sold in thousands, per ton and per share amounts)
						Seq.	Nine Months Ended September 30,				YoY			YoY
	Q3 2026		Q2 2026			Chg	2026		2025		Chg	Q3 2025		Chg
Income Statement Summary:
Net sales	$	5,213.2	$	4,630.0		12.6%	$	13,869.2	$	10,795.7	28.5%	$	3,651.2	42.8%
Gross profit¹	$	1,453.9	$	1,300.5		11.8%	$	3,926.3	$	3,152.8	24.5%	$	1,031.6	40.9%
Gross profit margin¹		27.9%		28.1%		(0.2) pts		28.3%		29.2%	(0.9) pts		28.3%	(0.4) pts
Non-GAAP gross profit margin^1,2		28.0%		28.1%		(0.1) pts		28.4%		29.3%	(0.9) pts		28.3%	(0.3) pts
LIFO expense (% of sales)		3.6%		2.4%		1.2 pts		2.4%		0.7%	1.7 pts		0.6%	3.0 pts
Non-GAAP gross profit margin – FIFO^1,2		31.6%		30.5%		1.1 pts		30.8%		30.0%	0.8 pts		29.0%	2.6 pts
Pretax income	$	531.9	$	429.8		23.8%	$	1,311.2	$	814.4	61.0%	$	247.7	114.7%
Non-GAAP pretax expense (income) adjustments²	$	12.3	$	(1.1	)		$	15.5	$	7.1		$	3.7
Non-GAAP pretax income²	$	544.2	$	428.7		26.9%	$	1,326.7	$	821.5	61.5%	$	251.4	116.5%
LIFO expense	$	187.5	$	112.5			$	337.5	$	75.0		$	25.0
Non-GAAP pretax income – FIFO²	$	731.7	$	541.2		35.2%	$	1,664.2	$	896.5	85.6%	$	276.4	164.7%
Pretax income margin		10.2%		9.3%		0.9 pts		9.5%		7.5%	2.0 pts		6.8%	3.4 pts
Non-GAAP pretax income margin²		10.4%		9.3%		1.1 pts		9.6%		7.6%	2.0 pts		6.9%	3.5 pts
Non-GAAP pretax income margin – FIFO²		14.0%		11.7%		2.3 pts		12.0%		8.3%	3.7 pts		7.6%	6.4 pts
Net income – Reliance	$	402.9	$	322.9		24.8%	$	990.7	$	622.9	59.0%	$	189.5	112.6%
Diluted EPS	$	7.84	$	6.29		24.6%	$	19.21	$	11.74	63.6%	$	3.59	118.4%
Non-GAAP diluted EPS²	$	8.02	$	6.27		27.9%	$	19.43	$	11.84	64.1%	$	3.64	120.3%
LIFO expense per diluted share²	$	2.74	$	1.64			$	4.91	$	1.06		$	0.35
Non-GAAP diluted EPS – FIFO²	$	10.76	$	7.91		36.0%	$	24.34	$	12.90	88.7%	$	3.99	169.7%

Balance Sheet and Cash Flow Data:
Cash provided by operations	$	212.0	$	162.2		30.7%	$	525.6	$	555.3	(5.3)%	$	261.8	(19.0)%
Free cash flow²	$	133.0	$	68.8		93.3%	$	289.0	$	299.6	(3.5)%	$	180.6	(26.4)%
Net debt / total capital²		15.3%		16.2%				15.3%		13.3%			13.3%
Net debt / EBITDA²		0.8x		0.9x				0.8x		0.9x			0.9x
Total debt / EBITDA²		0.9x		1.1x				0.9x		1.1x			1.1x

Capital Allocation Data:
Acquisitions, net	$	–	$	–			$	–	$	2.8		$	–
Capital expenditures	$	79.0	$	93.4			$	236.6	$	255.7		$	81.2
Dividends	$	63.8	$	63.8			$	194.2	$	191.2		$	62.9
Share repurchases	$	44.7	$	–			$	278.9	$	394.0		$	60.9

Key Business Metrics:
Tons sold		1,867.2		1,790.1		4.3%		5,330.0		4,859.4	9.7%		1,615.5	15.6%
Average selling price per ton sold	$	2,815	$	2,602		8.2%	$	2,618	$	2,229	17.5%	$	2,271	24.0%

Please refer to the footnotes at the end of this press release for additional information.

Management Commentary
“Reliance delivered an exceptional third quarter with record quarterly net sales and our third-highest quarterly earnings per share. We capitalized on a favorable market environment, characterized by continued healthy demand and tight supply, leading to increased price levels for most carbon steel products. Our long-term strategy of supporting both our valued customers and key domestic mill partners positioned us particularly well to benefit from these dynamics,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Our scale, product diversification, expansive value-added processing capabilities, and ability to source the inventory our customers need, led by the strong execution of our teams in the field, drove our exceptional results. The U.S. Department of Homeland Security border wall contract we were awarded earlier this year continued to ramp and delivered another meaningful contribution to third quarter earnings. Our smart, profitable growth strategy once again produced record quarterly tons shipped, contributing to non-GAAP diluted earnings per share of $8.02, up 120% year-over-year.”

Mrs. Lewis continued, “Our strong balance sheet and ample liquidity continue to provide us the flexibility to concurrently invest in our businesses, pursue strategic growth opportunities, and return capital to our stockholders. Looking ahead, we believe Reliance remains exceptionally well positioned as customer optimism remains high and strengthens across infrastructure, semiconductor, general manufacturing, and aerospace. Together, our proven business model, outstanding team, and current market dynamics give us confidence in our ability to gain market share and invest through cycles to continue driving profitable growth and strong stockholder returns.”

Third Quarter 2026 Financial Highlights
Earnings per share were $7.84 and non‑GAAP earnings per diluted share were $8.02, significantly exceeding management’s guidance of $6.40 to $6.60 and up 120% year-over-year. Results also include $2.74 per share of LIFO expense compared to management’s expectation of $1.10, representing an incremental $1.64 per share negative impact, primarily due to higher-than-anticipated carbon steel product costs. In addition, third quarter earnings include a $0.74 per share contribution from the U.S. border wall project, exceeding management’s expectation of approximately $0.60 per share.

Quarterly tons sold increased 4.3% sequentially, including a 3.7% contribution from the U.S. border wall project. Excluding the border wall project, tons sold increased 0.6% sequentially, exceeding management’s expectation of a 2% to 4% decline. Reliance’s third quarter year-over-year growth in tons sold of 15.6% includes a 9.4% contribution from the border wall project and exceeds the industry-wide increase of 10.1% reported by the Metals Service Center Institute (“MSCI”).

Average selling price per ton sold increased 8.2% sequentially, which includes a 1.7% product mix-related reduction attributable to the U.S. border wall project, exceeding management’s expectation of flat to up 2.0% due to stronger-than-anticipated carbon steel pricing.

Gross profit of $1.45 billion represented the second-highest quarterly result in the Company’s history, as gross profit dollars per ton continued to increase in the third quarter across carbon and stainless steel products and remained historically strong for aluminum products. Gross profit margin of 27.9% decreased 20 basis points sequentially due to increased LIFO expense associated with carbon steel costs rising significantly more than anticipated and product mix impact associated with the U.S. border wall project. Non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased 110 basis points sequentially to 31.6% despite a 60 basis point year-over-year reduction attributable to the U.S. border wall project. The project’s below-average operating costs per ton contributed 40 basis points of year-over-year pretax income margin expansion during the third quarter, despite its dilutive impact on gross profit margin.

Higher shipments and improved gross profit per ton, supported by pricing discipline and continued market share gains, together with the contribution from the U.S. border wall project, drove a 116% year-over-year increase in non-GAAP pretax income to $544.2 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the third quarter of 2025. Strong demand from data centers, energy infrastructure and public infrastructure projects continued to offset softness in various non-residential construction sectors. The Company expects non-residential construction demand levels to remain solid in the fourth quarter of 2026, subject to normal seasonality and potential headwinds from supply availability.

Demand across the broader manufacturing end market Reliance serves improved compared to the third quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the fourth quarter of 2026 subject to the customary seasonal slowdown.

Demand in aerospace improved compared to the third quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the fourth quarter of 2026, with gradual build-rate increases and growing backlogs supporting continued improvement. Demand in the defense and space-related portions of Reliance’s aerospace business is expected to remain robust in the fourth quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the third quarter of 2025. The Company expects demand for automotive toll processing to remain at healthy levels in the fourth quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the third quarter of 2025, supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the fourth quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of September 30, 2026, Reliance had $246.0 million of cash and cash equivalents and total debt of $1.6 billion, including $495 million outstanding under its $1.5 billion revolving credit facility. Cash flow from operations was $212.0 million in the third quarter of 2026, despite a significant investment in working capital driven by robust shipment volumes and higher metals prices.

The Company returned approximately $109 million to its stockholders in the third quarter of 2026 paying dividends of $64 million and repurchasing $45 million of its shares at an average price of approximately $395 per share. Reliance’s 2026 share repurchases have reduced outstanding common shares by 3% year-over-year. On October 20, 2026, Reliance’s Board of Directors approved an amendment to Reliance’s existing share repurchase plan, increasing the repurchase authorization to $2.5 billion without a set expiration date. Since 2021, Reliance has repurchased $3.4 billion of its common stock at an average price of approximately $236 per share, reducing issued and outstanding common shares by 23%.

On October 20, 2026, the Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on December 4, 2026 to stockholders of record as of November 20, 2026.

Fourth Quarter 2026 Business Outlook
Reliance anticipates fourth quarter 2026 demand to remain at healthy levels across its key products and end markets, despite ongoing domestic and international trade policy uncertainty and the continued conflicts in Iran and Ukraine, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026. Including an estimated 9.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 13.5% to 15.5% compared to the fourth quarter of 2025.

Reliance expects its average selling price per ton sold for the fourth quarter of 2026 will be up 1.0% to 3.0% compared to the third quarter of 2026.

Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year‑over‑year. This outlook includes approximately $0.70 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
Reliance will host a conference call and simultaneous webcast to discuss its third quarter 2026 financial results and business outlook on Thursday, October 22, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13762971. A live listen-only webcast of the conference call will be available in the Investors section of the Company’s website at investor.reliance.com.

For those unable to participate during the live webcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on November 5, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13762971. A replay of the webcast will remain available at investor.reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry-leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management’s estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:
(213) 576-2428
investor@reliance.com

or Addo Investor Relations
(310) 829-5400

(Tables to follow)


Q3 2026 Major Commodity Metrics
	Tons Sold (tons in thousands; % chg)											Avg. Selling Price per Ton Sold (% chg)
	Q3 2026		Q2 2026		Seq. Chg			Q3 2025		YoY Chg		Seq. Chg		YoY Chg
Carbon steel		1,570.4		1,480.2		6.1%			1,326.1		18.4%		12.1%		29.5%
Aluminum		85.5		86.0		(0.6%	)		80.4		6.3%		3.5%		30.4%
Stainless steel		81.6		81.3		0.4%			75.9		7.5%		6.5%		20.6%
Alloy		30.2		36.6		(17.5%	)		29.7		1.7%		21.6%		15.0%
Copper & brass		5.8		5.8		—			5.6		3.6%		4.4%		20.2%

	Sales ($ in millions; % chg)
	Q3 2026		Q2 2026		Seq. Chg			Q3 2025		YoY Chg
Carbon steel	$	3,119.3	$	2,621.4		19.0%		$	2,032.5		53.5%
Aluminum	$	861.7	$	837.9		2.8%		$	621.5		38.6%
Stainless steel	$	634.9	$	595.2		6.7%		$	489.9		29.6%
Alloy	$	186.8	$	186.2		0.3%		$	159.6		17.0%
Copper & brass	$	129.1	$	123.7		4.4%		$	102.6		25.8%

Year-to-Date (9 Months) Major Commodity Metrics
	Tons Sold (tons in thousands; % chg)							Avg. Selling Price per Ton Sold (% chg)
	2026		2025		YoY Chg			YoY Chg
Carbon steel		4,434.5		3,996.9		10.9%			20.0%
Aluminum		256.6		248.3		3.3%			28.6%
Stainless steel		241.1		227.4		6.0%			12.6%
Alloy		99.8		92.3		8.1%			5.5%
Copper & brass		16.5		16.1		2.5%			22.0%

	Sales ($ in millions; % chg)
	2026		2025		YoY Chg
Carbon steel	$	7,958.8	$	5,980.9		33.1%
Aluminum	$	2,454.2	$	1,847.0		32.9%
Stainless steel	$	1,769.1	$	1,482.3		19.3%
Alloy	$	553.6	$	485.5		14.0%
Copper & brass	$	354.7	$	283.2		25.2%

	Sales by Product
								Nine Months Ended
								September 30,
	Q3 2026		Q2 2026		Q3 2025			2026		2025
Carbon steel structurals		13%		12%		12%			12%		12%
Carbon steel tubing		13%		12%		9%			12%		9%
Carbon steel plate		12%		11%		12%			12%		12%
Hot-rolled steel sheet & coil		9%		9%		9%			9%		9%
Galvanized steel sheet & coil		5%		5%		5%			5%		5%
Carbon steel bar		4%		4%		5%			4%		5%
Cold-rolled steel sheet & coil		2%		2%		2%			2%		2%
Carbon steel		58%		55%		54%			56%		54%

Heat-treated aluminum plate		5%		5%		5%			5%		5%
Common alloy aluminum sheet & coil		5%		5%		5%			5%		5%
Aluminum bar & tube		4%		5%		5%			5%		5%
Common alloy aluminum plate		1%		1%		1%			1%		1%
Heat-treated aluminum sheet & coil		1%		1%		1%			1%		1%
Aluminum		16%		17%		17%			17%		17%

Stainless steel bar & tube		6%		6%		6%			6%		6%
Stainless steel sheet & coil		4%		4%		5%			4%		5%
Stainless steel plate		2%		2%		2%			2%		2%
Stainless steel		12%		12%		13%			12%		13%

Alloy		3%		4%		4%			4%		4%

Copper & brass		2%		3%		3%			2%		3%

Miscellaneous*		5%		5%		5%			5%		5%
Toll processing & logistics		4%		4%		4%			4%		4%
Other		9%		9%		9%			9%		9%

Total		100%		100%		100%			100%		100%

* Includes titanium, fabricated parts, PVC pipe and scrap.


RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except shares in thousands and per share amounts)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2026		2025			2026			2025
Net sales	$	5,213.2	$	3,651.2		$	13,869.2		$	10,795.7

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		3,759.3		2,619.6			9,942.9			7,642.9
Warehouse, delivery, selling, general and administrative (“SG&A”)		829.7		701.3			2,353.9			2,097.5
Depreciation and amortization		70.1		70.5			208.8			208.9
Impairment		2.0		–			2.0			–
		4,661.1		3,391.4			12,507.6			9,949.3

Operating income		552.1		259.8			1,361.6			846.4

Other (income) expense:
Interest expense		18.4		14.4			52.0			40.2
Other expense (income), net		1.8		(2.3	)		(1.6	)		(8.2	)
Income before income taxes		531.9		247.7			1,311.2			814.4
Income tax provision		128.5		57.7			318.6			189.7
Net income		403.4		190.0			992.6			624.7
Less: net income – noncontrolling interests		0.5		0.5			1.9			1.8
Net income – Reliance	$	402.9	$	189.5		$	990.7		$	622.9

Earnings per share:
Basic	$	7.90	$	3.61		$	19.34		$	11.82
Diluted	$	7.84	$	3.59		$	19.21		$	11.74

Weighted average shares outstanding:
Basic		51,019		52,482			51,232			52,720
Diluted		51,388		52,817			51,577			53,044

Cash dividends declared per common share	$	1.25	$	1.20		$	3.75		$	3.60


RELIANCE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except shares in thousands and par value)

	September 30,			December 31,
	2026			2025*
Assets
Current assets:
Cash and cash equivalents	$	246.0		$	216.6
Accounts receivable, less allowance for credit losses of $23.4 and $22.1		2,477.2			1,539.9
Inventories		2,482.5			2,187.8
Prepaid expenses and other current assets		169.7			165.6
Income taxes receivable		4.8			31.2
Total current assets		5,380.2			4,141.1
Property, plant and equipment, net		2,671.1			2,633.3
Operating lease right-of-use assets		321.3			315.2
Goodwill		2,173.8			2,169.9
Intangible assets, net		935.7			960.1
Cash surrender value of life insurance policies, net		30.2			48.0
Other long-term assets		102.8			105.7
Total assets	$	11,615.1		$	10,373.3

Liabilities and Equity
Current liabilities:
Accounts payable	$	649.4		$	375.2
Accrued expenses		190.0			150.0
Accrued compensation and retirement benefits		257.2			198.1
Accrued insurance costs		62.5			56.4
Current maturities of long-term debt		–			0.7
Current maturities of operating lease liabilities		67.9			67.7
Income taxes payable		80.1			–
Total current liabilities		1,307.1			848.1
Long-term debt		1,639.3			1,420.2
Operating lease liabilities		259.0			250.9
Long-term retirement benefits		27.1			24.9
Other long-term liabilities		75.1			74.1
Deferred income taxes		574.1			575.6
Total liabilities		3,881.7			3,193.8
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding		–			–
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized
Issued and outstanding shares—50,942 and 51,735		0.1			0.1
Retained earnings		7,813.1			7,257.6
Accumulated other comprehensive loss		(89.5	)		(87.6	)
Total Reliance stockholders’ equity		7,723.7			7,170.1
Noncontrolling interests		9.7			9.4
Total equity		7,733.4			7,179.5
Total liabilities and equity	$	11,615.1		$	10,373.3

* Derived from audited financial statements.


RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
	Nine Months Ended
	September 30,
	2026			2025
Operating activities:
Net income	$	992.6		$	624.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		208.8			208.9
Impairment		2.0			–
Stock-based compensation		55.6			43.2
Other		8.6			(9.1	)
Changes in operating assets and liabilities:
Accounts receivable		(938.6	)		(331.0	)
Inventories		(293.3	)		(275.4	)
Prepaid expenses and other assets		80.6			154.4
Accounts payable and other liabilities		409.3			139.6
Net cash provided by operating activities		525.6			555.3

Investing activities:
Acquisitions		–			(2.8	)
Purchases of property, plant and equipment		(236.6	)		(255.7	)
Proceeds from sales of property, plant and equipment		16.2			13.8
Other		4.5			12.0
Net cash used in investing activities		(215.9	)		(232.7	)

Financing activities:
Proceeds from long-term debt borrowings		2,248.0			2,062.0
Principal payments on long-term debt		(2,030.7	)		(1,824.0	)
Cash dividends and dividend equivalents		(194.2	)		(191.2	)
Share repurchases		(278.9	)		(394.0	)
Taxes paid on net-settled restricted stock units		(15.3	)		(11.8	)
Excise tax on repurchase of common shares		(5.4	)		(10.0	)
Other		(4.2	)		(18.2	)
Net cash used in financing activities		(280.7	)		(387.2	)
Effect of exchange rate changes on cash and cash equivalents		0.4			7.7
Increase (decrease) in cash and cash equivalents		29.4			(56.9	)
Cash and cash equivalents, beginning balance		216.6			318.1
Cash and cash equivalents, ending balance	$	246.0		$	261.2

Supplemental cash flow information:
Interest paid	$	49.2		$	37.8
Income taxes paid, net	$	213.6		$	115.7


RELIANCE, INC.
NON-GAAP RECONCILIATION
(in millions, except per share amounts)
	Net Income									Diluted EPS
Three Months Ended	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2026			2026			2025			2026			2026			2025
Net income – Reliance	$	402.9		$	322.9		$	189.5		$	7.84		$	6.29		$	3.59
Impairment and restructuring charges		2.4			1.1			1.2			0.05			0.02			0.02
Settlement charges		9.9			1.5			2.2			0.19			0.03			0.04
Debt financing expenses		–			–			0.3			–			–			0.01
Gains on non-core asset sales		–			(3.7	)		–			–			(0.07	)		–
Income tax (benefit) expense on adjustments		(3.1	)		0.3			(0.9	)		(0.06	)		–			(0.02	)
Non-GAAP net income – Reliance		412.1			322.1			192.3			8.02			6.27			3.64
LIFO expense, net of tax		140.6			84.4			18.8			2.74			1.64			0.35
Non-GAAP net income – FIFO	$	552.7		$	406.5		$	211.1		$	10.76		$	7.91		$	3.99

				Net Income						Diluted EPS
Nine Months Ended				September 30,			September 30,			September 30,			September 30,
Nine Months Ended				2026			2025			2026			2025
Net income – Reliance				$	990.7		$	622.9		$	19.21		$	11.74
Impairment and restructuring charges					7.3			13.7			0.14			0.26
Settlement charges					11.9			2.2			0.23			0.04
Debt financing expenses					–			0.3			–			–
Gains on non-core asset sales					(3.7	)		(9.1	)		(0.07	)		(0.17	)
Income tax benefit on adjustments					(3.9	)		(1.7	)		(0.08	)		(0.03	)
Non-GAAP net income – Reliance					1,002.3			628.3			19.43			11.84
LIFO expense, net of tax					253.1			56.3			4.91			1.06
Non-GAAP net income – FIFO				$	1,255.4		$	684.6		$	24.34		$	12.90

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Pretax income	$	531.9		$	429.8		$	247.7		$	1,311.2		$	814.4
Impairment and restructuring charges		2.4			1.1			1.2			7.3			13.7
Settlement charges		9.9			1.5			2.2			11.9			2.2
Debt financing expenses		–			–			0.3			–			0.3
Gains on non-core asset sales		–			(3.7	)		–			(3.7	)		(9.1	)
Total non-GAAP pretax expense (income) adjustments		12.3			(1.1	)		3.7			15.5			7.1
Non-GAAP pretax income		544.2			428.7			251.4			1,326.7			821.5
LIFO expense		187.5			112.5			25.0			337.5			75.0
Non-GAAP pretax income – FIFO	$	731.7		$	541.2		$	276.4		$	1,664.2		$	896.5

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Gross profit – LIFO	$	1,453.9		$	1,300.5		$	1,031.6		$	3,926.3		$	3,152.8
Settlement charge		4.4			–			–			4.4			–
Restructuring charges		–			0.4			0.8			1.4			8.9
Non-GAAP gross profit		1,458.3			1,300.9			1,032.4			3,932.1			3,161.7
LIFO expense		187.5			112.5			25.0			337.5			75.0
Non-GAAP gross profit – FIFO	$	1,645.8		$	1,413.4		$	1,057.4		$	4,269.6		$	3,236.7

Gross profit margin – LIFO		27.9%			28.1%			28.3%			28.3%			29.2%
Settlement charges (% of sales)		0.1%			–			–			0.1%			–
Restructuring charges (% of sales)		–			–			–			–			0.1%
Non-GAAP gross profit margin		28.0%			28.1%			28.3%			28.4%			29.3%
LIFO expense (% of sales)		3.6%			2.4%			0.6%			2.4%			0.7%
Non-GAAP gross profit margin – FIFO		31.6%			30.5%			29.0%			30.8%			30.0%

Certain percentages may not calculate due to rounding.

	September 30,			June 30,			September 30,
	2026			2026			2025
Total debt	$	1,645.0		$	1,670.0		$	1,389.1
Less: unamortized discounts and costs		(5.7	)		(6.1	)		(7.3	)
Carrying amount of debt		1,639.3			1,663.9			1,381.8
Less: cash and cash equivalents		(246.0	)		(235.4	)		(261.2	)
Net debt		1,393.3			1,428.5			1,120.6
Total Reliance stockholders’ equity		7,723.7			7,401.5			7,305.3
Total capital	$	9,117.0		$	8,830.0		$	8,425.9

Net debt / total capital		15.3%			16.2%			13.3%

Twelve Months Ended	September 30,			June 30,			September 30,
Twelve Months Ended	2026			2026			2025
Net income	$	1,109.5		$	896.1		$	730.7
Depreciation and amortization		278.1			278.5			279.5
Impairment		11.9			9.9			11.7
Interest expense		67.5			63.5			50.2
Income taxes		356.5			285.7			217.2
EBITDA	$	1,823.5		$	1,533.7		$	1,289.3

Net debt / EBITDA		0.8x			0.9x			0.9x
Total debt / EBITDA		0.9x			1.1x			1.1x

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Cash provided by operations	$	212.0		$	162.2		$	261.8		$	525.6		$	555.3
Less: capital expenditures		(79.0	)		(93.4	)		(81.2	)		(236.6	)		(255.7	)
Free cash flow	$	133.0		$	68.8		$	180.6		$	289.0		$	299.6

Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges, including the resolution of certain customs duty matters, non-recurring debt financing expenses related to a term loan agreement, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.

Reliance uses first‑in, first‑out (“FIFO”) gross profit, FIFO gross profit margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders.

Footnotes

¹ Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance’s orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance’s earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.

² See accompanying Non-GAAP Reconciliation.

Posted in UncategorizedTagged GlobeNewswire

Revolution Medicines to Report Financial Results for Third Quarter 2026 After Market Close on November 4, 2026

Posted on October 21, 2026 by Ravi Shankar

REDWOOD CITY, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) — Revolution Medicines, Inc. (Nasdaq: RVMD), a global, commercial-stage oncology company dedicated to discovering, developing and delivering innovative medicines for patients with RAS-addicted cancers, today announced that it will report financial results for the third quarter of 2026 on Wednesday, November 4, 2026, after market close. At 4:30 p.m. ET that day (1:30 p.m. PT), members of Revolution Medicines’ senior management team will host a webcast to discuss the financial results for the quarter and provide an update on corporate progress.

To listen to the live webcast, or access the archived webcast, please visit: https://ir.revmed.com/events-and-presentations. Following the live webcast, a replay will be available on the company’s website for at least 14 days.

About Revolution Medicines, Inc.
Revolution Medicines is a global, commercial-stage oncology company dedicated to discovering, developing and delivering innovative medicines for patients with RAS-addicted cancers. Leveraging its differentiated RAS(ON) tri-complex inhibitor platform, the company is advancing a broad, integrated portfolio of oral RAS(ON) inhibitors designed to directly target the active, cancer-driving state of RAS. Founded on rigorous scientific inquiry and a willingness to challenge long-held assumptions, Revolution Medicines is committed to changing the trajectory of disease for patients with RAS-addicted cancers worldwide. For more information, visit www.revmed.com and follow Revolution Medicines on LinkedIn, X (Twitter) and Instagram.

Revolution Medicines Media & Investor Contact:
media@revmed.com
investors@revmed.com

Posted in UncategorizedTagged GlobeNewswire

Texas Capital Bancshares, Inc. Announces Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

Third quarter 2026 net income available to common stockholders of $99.4 million

Record-level net interest income of $275.0 million

Record-level fee income⁽⁵⁾, up 14% year-over-year

Capital ratios continue to be strong, achieving 12.2% CET1 and 14.8% Total Capital

DALLAS, Oct. 21, 2026 (GLOBE NEWSWIRE) — “Third quarter results exemplify a steadily improving, and increasingly diversified earnings profile, supported by a business model intentionally built to be resilient to market and rate cycles,” said Rob C. Holmes, Chairman, President & CEO. “We continue to effectively serve and grow our client base, leveraging our unique capabilities to support sustained momentum across the platform, despite the challenging economic backdrop.”

	3rd Quarter			2nd Quarter			3rd Quarter
(dollars in thousands except per share data)	2026			2026			2025
Summary Income Statement
Net interest income	$	274,983		$	260,377		$	271,771
Non-interest income		81,643			75,118			68,583
Total revenue		356,626			335,495			340,354
Non-interest expense		203,924			205,493			190,575
Pre-provision net revenue⁽¹⁾	$	152,702		$	130,002		$	149,779

Provision for credit losses	$	17,000		$	18,000		$	12,000

Net income available to common stockholders	$	99,392		$	80,636		$	100,897

Non-interest expense, adjusted⁽²⁾	$	199,581		$	202,772		$	190,575
Pre-provision net revenue, adjusted⁽¹⁾⁽²⁾		157,045			132,723			149,779
Net income available to common stockholders, adjusted⁽²⁾		102,700			82,698			100,897

Key Metrics
Diluted earnings per common share	$	2.28		$	1.83		$	2.18
Diluted earnings per common share, adjusted⁽²⁾	$	2.35		$	1.88		$	2.18
Return on average assets		1.25	%		1.03	%		1.30	%
Return on average assets, adjusted⁽²⁾		1.29	%		1.06	%		1.30	%
Return on average common equity		11.57	%		9.56	%		12.04	%
Return on average common equity, adjusted⁽²⁾		11.95	%		9.80	%		12.04	%
Efficiency ratio⁽³⁾		57.2	%		61.3	%		56.0	%
Efficiency ratio, adjusted⁽²⁾⁽³⁾		56.0	%		60.4	%		56.0	%
Net interest margin		3.44	%		3.28	%		3.47	%
Book value per share	$	75.13		$	77.01		$	73.05
Tangible book value per share⁽⁴⁾	$	75.09		$	76.98		$	73.02
Common Equity Tier 1 ratio		12.2	%		12.1	%		12.1	%

Balance Sheet
Total assets	$	32,345,107		$	33,913,361		$	32,536,980
Loans held for investment		18,641,301			18,563,845			18,134,059
Loans held for investment, mortgage finance		5,441,689			6,383,381			6,057,804
Total deposits		27,715,655			28,911,388			27,505,398
Stockholders’ equity		3,487,590			3,647,707			3,637,098

(1)	Net interest income plus non-interest income, less non-interest expense.
(2)	These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(3)	Non-interest expense divided by the sum of net interest income and non-interest income.
(4)	Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
(5)	Includes service charges on deposit accounts, wealth management and trust fee income, investment banking and advisory fees and trading income.

THIRD QUARTER 2026 COMPARED TO SECOND QUARTER 2026

For the third quarter of 2026, Texas Capital Bancshares, Inc. (the “Company”) reported net income available to common stockholders of $99.4 million, or $2.28 per diluted share, compared to $80.6 million, or $1.83 per diluted share, for the second quarter of 2026.

Provision for credit losses for the third quarter of 2026 was $17.0 million, compared to $18.0 million for the second quarter of 2026. The $17.0 million provision for credit losses recorded in the third quarter of 2026 resulted primarily from an increase in criticized loans and $14.5 million in net charge-offs.

Net interest income increased to $275.0 million for the third quarter of 2026, compared to $260.4 million for the second quarter of 2026, primarily due to an increase in average earning asset yields and decreases in short-term and long-term borrowings, partially offset by an increase in funding costs. Net interest margin for the third quarter of 2026 was 3.44%, an increase of 16 basis points from the second quarter of 2026. Loans held for investment (“LHI”), excluding mortgage finance, yields increased 14 basis points from the second quarter of 2026 and LHI, mortgage finance, yields increased 10 basis points from the second quarter of 2026. Total cost of deposits was 2.45% for the third quarter of 2026, a 5 basis point increase from the second quarter of 2026.

Non-interest income for the third quarter of 2026 increased $6.5 million compared to the second quarter of 2026 primarily due to increases in investment banking and advisory fees and other non-interest income.

Non-interest expense for the third quarter of 2026 decreased $1.6 million compared to the second quarter of 2026, primarily due to decreases in salaries and benefits, legal and professional and other non-interest expense, partially offset by an increase in communications and technology expense primarily resulting from restructuring expenses recognized in the third quarter of 2026.

THIRD QUARTER 2026 COMPARED TO THIRD QUARTER 2025

Net income available to common stockholders was $99.4 million, or $2.28 per diluted share, for the third quarter of 2026, compared to $100.9 million, or $2.18 per diluted share, for the third quarter of 2025.

The third quarter of 2026 included a $17.0 million provision for credit losses, reflecting a linked-quarter increase in criticized loans and $14.5 million in net charge-offs, compared to a $12.0 million provision for credit losses for the third quarter of 2025.

Net interest income increased to $275.0 million for the third quarter of 2026, compared to $271.8 million for the third quarter of 2025, primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by a decrease in earning asset yields and an increase in average interest bearing deposits. Net interest margin decreased 3 basis points to 3.44% for the third quarter of 2026, as compared to the third quarter of 2025. LHI, excluding mortgage finance, yields decreased 19 basis points compared to the third quarter of 2025 and LHI, mortgage finance yields decreased 16 basis points from the third quarter of 2025. Total cost of deposits decreased 17 basis points to 2.45%, as compared to the third quarter of 2025.

Non-interest income for the third quarter of 2026 increased $13.1 million compared to the third quarter of 2025 primarily due to increases in service charges on deposit accounts, investment banking and advisory fees, trading income and other non-interest income.

Non-interest expense for the third quarter of 2026 increased $13.3 million compared to the third quarter of 2025, primarily due to increases in salaries and benefits, occupancy and communications and technology expense, primarily as a result of the restructuring expenses discussed above, as well as an increase in other non-interest expense.

CREDIT QUALITY

Net charge-offs of $14.5 million were recorded during the third quarter of 2026, compared to net charge-offs of $16.1 million and $13.7 million during the second quarter of 2026 and the third quarter of 2025, respectively. Criticized loans totaled $782.4 million at September 30, 2026, compared to $696.3 million at June 30, 2026 and $529.7 million at September 30, 2025. Non-accrual LHI totaled $122.3 million at September 30, 2026, compared to $124.0 million at June 30, 2026 and $96.1 million at September 30, 2025. The ratio of non-accrual LHI to total LHI for the third quarter of 2026 was 0.51%, compared to 0.50% for the second quarter of 2026 and 0.40% for the third quarter of 2025. The ratio of total allowance for credit losses to total LHI was 1.39% at September 30, 2026, compared to 1.34% and 1.37% at June 30, 2026 and September 30, 2025, respectively.

REGULATORY RATIOS AND CAPITAL

All regulatory ratios continue to be in excess of “well capitalized” requirements as of September 30, 2026. CET1, tier 1 capital, total capital and leverage ratios were 12.2%, 13.7%, 14.8% and 11.7%, respectively, at September 30, 2026, compared to 12.1%, 13.5%, 14.7% and 11.6%, respectively, at June 30, 2026 and 12.1%, 13.6%, 16.1% and 11.9%, respectively, at September 30, 2025. At September 30, 2026, the Company’s ratio of tangible common equity to total tangible assets was 9.9%, compared to 9.9% at June 30, 2026 and 10.3% at September 30, 2025.

During the third quarter of 2026, the Company repurchased 1,051,660 shares of its common stock for an aggregate purchase price, including excise tax expense, of $103.0 million, at a weighted average price of $96.99 per share.

Effective October 20, 2026, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock through October 31, 2027. Remaining repurchase authorization under the December 12, 2025 share repurchase program was terminated upon authorization of this new program.

PREFERRED AND COMMON DIVIDENDS

The Company’s board of directors declared a cash dividend of $14.375 per share of the 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), equivalent to $0.359375 per depositary share, each representing a 1/40th interest in a share of the Series B Preferred Stock. The depositary shares are traded on the Texas Stock Exchange LLC (“TXSE”) under the symbol “TCBI PRB.” The dividend is payable on December 15, 2026, to holders of record at the close of business on December 1, 2026.

The Company’s board of directors declared a cash dividend of $0.20 per common share. The common shares are traded on the TXSE under the symbol “TCBI.” The dividend is payable on December 15, 2026, to holders of record at the close of business on December 1, 2026.

About Texas Capital Bancshares, Inc.

Texas Capital Bancshares, Inc. (TXSE®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including trade policies, geopolitical conflicts, inflation, including increased energy costs, unemployment rates and interest rates; TCBI’s ability to innovate, to anticipate the needs of our current and future customers and to manage increased or expanded competition from banks and other financial service providers in TCBI’s markets; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business, products and services; risks related to potential strategic acquisitions, including the risk that TCBI may not be able to consummate acquisitions on favorable terms, if at all, and the risk that TCBI may not realize the anticipated benefits from acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third-party vendors, cyber or data privacy incidents or other failures, outages, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes, strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; TCBI’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; the failure to identify, attract and retain key personnel and other employees and to engage in adequate succession planning; the transfer of the listing of TCBI’s securities to TXSE, a newly operational exchange, and its effect on the trading market, liquidity and price of TCBI’s securities; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the Securities and Exchange Commission. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

TEXAS CAPITAL BANCSHARES, INC.
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(dollars in thousands except per share data)
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter
	2026			2026			2026			2025			2025
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$	457,160		$	439,930		$	419,094		$	444,314		$	460,615
Interest expense		182,177			179,553			164,375			176,877			188,844
Net interest income		274,983			260,377			254,719			267,437			271,771
Provision for credit losses		17,000			18,000			16,000			11,000			12,000
Net interest income after provision for credit losses		257,983			242,377			238,719			256,437			259,771
Non-interest income		81,643			75,118			69,266			60,046			68,583
Non-interest expense		203,924			205,493			213,568			184,198			190,575
Income before income taxes		135,702			112,002			94,417			132,285			137,779
Income tax expense		31,997			27,054			20,629			31,626			32,569
Net income		103,705			84,948			73,788			100,659			105,210
Preferred stock dividends		4,313			4,312			4,313			4,312			4,313
Net income available to common stockholders	$	99,392		$	80,636		$	69,475		$	96,347		$	100,897
Diluted earnings per common share	$	2.28		$	1.83		$	1.56		$	2.12		$	2.18
Diluted common shares		43,614,271			44,062,419			44,601,129			45,509,370			46,233,167
CONSOLIDATED BALANCE SHEET DATA
Total assets	$	32,345,107		$	33,913,361		$	33,486,484		$	31,540,274		$	32,536,980
Loans held for investment		18,641,301			18,563,845			18,217,976			17,976,183			18,134,059
Loans held for investment, mortgage finance		5,441,689			6,383,381			6,961,686			6,064,019			6,057,804
Loans held for sale		28,676			—			21,333			4,361			—
Interest bearing cash and cash equivalents		2,479,073			3,488,756			2,702,183			1,897,803			2,852,387
Debt and equity securities		4,810,743			4,564,584			4,673,355			4,723,099			4,601,654
Non-interest bearing deposits		7,006,314			7,573,788			7,634,618			6,959,097			7,689,598
Total deposits		27,715,655			28,911,388			28,516,688			26,448,767			27,505,398
Short-term borrowings		—			350,000			—			330,000			275,000
Long-term debt		487,270			500,859			878,293			620,575			620,416
Stockholders’ equity		3,487,590			3,647,707			3,606,207			3,631,382			3,637,098

End of period shares outstanding		42,429,657			43,470,167			43,671,305			44,253,688			45,679,863
Book value per share	$	75.13		$	77.01		$	75.71		$	75.28		$	73.05
Tangible book value per share⁽¹⁾	$	75.09		$	76.98		$	75.67		$	75.25		$	73.02
SELECTED FINANCIAL RATIOS
Net interest margin		3.44	%		3.28	%		3.43	%		3.38	%		3.47	%
Return on average assets		1.25	%		1.03	%		0.95	%		1.22	%		1.30	%
Return on average assets, adjusted⁽⁴⁾		1.29	%		1.06	%		0.97	%		1.20	%		1.30	%
Return on average common equity		11.57	%		9.56	%		8.35	%		11.18	%		12.04	%
Return on average common equity, adjusted⁽⁴⁾		11.95	%		9.80	%		8.48	%		10.98	%		12.04	%
Efficiency ratio⁽²⁾		57.2	%		61.3	%		65.9	%		56.2	%		56.0	%
Efficiency ratio, adjusted⁽²⁾⁽⁴⁾		56.0	%		60.4	%		65.5	%		56.9	%		56.0	%
Non-interest income to average earning assets		1.02	%		0.95	%		0.93	%		0.76	%		0.88	%
Non-interest expense to average earning assets		2.55	%		2.59	%		2.87	%		2.33	%		2.44	%
Non-interest expense to average earning assets, adjusted⁽⁴⁾		2.49	%		2.55	%		2.85	%		2.35	%		2.44	%
Common equity to total assets		9.9	%		9.9	%		9.9	%		10.6	%		10.3	%
Tangible common equity to total tangible assets⁽³⁾		9.9	%		9.9	%		9.9	%		10.6	%		10.3	%
Common Equity Tier 1 ratio		12.2	%		12.1	%		12.0	%		12.1	%		12.1	%
Tier 1 capital ratio		13.7	%		13.5	%		13.4	%		13.6	%		13.6	%
Total capital ratio		14.8	%		14.7	%		15.9	%		16.1	%		16.1	%
Leverage ratio		11.7	%		11.6	%		12.1	%		11.7	%		11.9	%

(1)	Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
(2)	Non-interest expense divided by the sum of net interest income and non-interest income.
(3)	Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
(4)	These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Assets
Cash and due from banks	$	195,086		$	209,512		$	254,428		$	201,315		$	212,438
Interest bearing cash and cash equivalents		2,479,073			3,488,756			2,702,183			1,897,803			2,852,387
Available-for-sale debt securities		4,095,855			3,826,284			3,913,855			3,951,455			3,801,261
Held-to-maturity debt securities		672,881			692,332			709,594			725,722			743,120
Equity securities		42,007			43,429			42,024			41,998			55,054
Trading debt securities		—			2,539			7,882			3,924			2,219
Debt and equity securities		4,810,743			4,564,584			4,673,355			4,723,099			4,601,654
Loans held for sale		28,676			—			21,333			4,361			—
Loans held for investment, mortgage finance		5,441,689			6,383,381			6,961,686			6,064,019			6,057,804
Loans held for investment		18,641,301			18,563,845			18,217,976			17,976,183			18,134,059
Less: Allowance for credit losses on loans		270,333			268,268			270,441			270,557			274,026
Loans held for investment, net		23,812,657			24,678,958			24,909,221			23,769,645			23,917,837
Premises and equipment, net		89,012			91,852			85,698			88,003			88,348
Accrued interest receivable and other assets		928,364			878,203			838,770			854,552			862,820
Goodwill and intangibles, net		1,496			1,496			1,496			1,496			1,496
Total assets	$	32,345,107		$	33,913,361		$	33,486,484		$	31,540,274		$	32,536,980

Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	7,006,314		$	7,573,788		$	7,634,618		$	6,959,097		$	7,689,598
Interest bearing deposits		20,709,341			21,337,600			20,882,070			19,489,670			19,815,800
Total deposits		27,715,655			28,911,388			28,516,688			26,448,767			27,505,398
Accrued interest payable		8,556			19,291			9,420			6,716			9,360
Other liabilities		646,036			484,116			475,876			502,834			489,708
Short-term borrowings		—			350,000			—			330,000			275,000
Long-term debt		487,270			500,859			878,293			620,575			620,416
Total liabilities		28,857,517			30,265,654			29,880,277			27,908,892			28,899,882

Stockholders’ equity:
Preferred stock, $.01 par value, $1,000 liquidation value:
Authorized shares – 10,000,000
Issued shares⁽¹⁾		300,000			300,000			300,000			300,000			300,000
Common stock, $.01 par value:
Authorized shares – 100,000,000
Issued shares⁽²⁾		520			520			520			518			518
Additional paid-in capital		1,086,246			1,082,419			1,077,139			1,074,496			1,069,582
Retained earnings		3,040,853			2,950,049			2,878,120			2,808,645			2,712,298
Treasury stock⁽³⁾		(689,410	)		(586,401	)		(562,833	)		(487,692	)		(361,076	)
Accumulated other comprehensive loss, net of taxes		(250,619	)		(98,880	)		(86,739	)		(64,585	)		(84,224	)
Total stockholders’ equity		3,487,590			3,647,707			3,606,207			3,631,382			3,637,098
Total liabilities and stockholders’ equity	$	32,345,107		$	33,913,361		$	33,486,484		$	31,540,274		$	32,536,980

⁽¹⁾ Preferred stock – issued shares		300,000			300,000			300,000			300,000			300,000
⁽²⁾ Common stock – issued shares		52,023,856			52,012,706			51,974,496			51,786,456			51,767,419
⁽³⁾ Treasury stock – shares at cost		9,594,199			8,542,539			8,303,191			7,532,768			6,087,556

TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands except per share data)

	3rd Quarter 2026		2nd Quarter 2026		1st Quarter 2026		4th Quarter 2025		3rd Quarter 2025		3rd Quarter YTD 2026		3rd Quarter YTD 2025
Interest income
Interest and fees on loans	$	379,297	$	368,416	$	348,020	$	367,481	$	379,017	$	1,095,733	$	1,077,525
Debt and equity securities		50,927		46,307		49,590		47,012		49,396		146,824		141,952
Interest bearing cash and cash equivalents		26,936		25,207		21,484		29,821		32,202		73,627		107,994
Total interest income		457,160		439,930		419,094		444,314		460,615		1,316,184		1,327,471
Interest expense
Deposits		174,517		167,027		153,904		167,259		180,779		495,448		530,513
Short-term borrowings		84		3,552		2,360		2,153		534		5,996		12,224
Long-term debt		7,576		8,974		8,111		7,465		7,531		24,661		23,534
Total interest expense		182,177		179,553		164,375		176,877		188,844		526,105		566,271
Net interest income		274,983		260,377		254,719		267,437		271,771		790,079		761,200
Provision for credit losses		17,000		18,000		16,000		11,000		12,000		51,000		44,000
Net interest income after provision for credit losses		257,983		242,377		238,719		256,437		259,771		739,079		717,200
Non-interest income
Service charges on deposit accounts		9,418		8,853		9,223		8,411		8,111		27,494		24,133
Wealth management and trust fee income		4,562		5,136		4,388		4,216		3,989		14,086		11,683
Brokered loan fees		2,075		2,103		2,006		2,467		2,419		6,184		6,766
Investment banking and advisory fees		35,294		31,522		32,016		30,015		33,985		98,832		74,572
Trading income		11,417		11,313		10,251		6,020		7,238		32,981		21,073
Available-for-sale debt securities gains/(losses), net		—		—		—		—		—		—		(1,886	)
Other		18,877		16,191		11,382		8,917		12,841		46,450		30,755
Total non-interest income		81,643		75,118		69,266		60,046		68,583		226,027		167,096
Non-interest expense
Salaries and benefits		121,625		123,339		139,347		108,851		119,856		384,311		371,651
Occupancy expense		13,230		12,359		12,405		12,803		11,828		37,994		34,816
Marketing		4,266		4,786		4,972		5,404		3,412		14,024		12,045
Legal and professional		12,000		14,700		11,980		11,580		12,474		38,680		38,532
Communications and technology		32,029		28,494		27,172		26,303		24,594		87,695		72,550
Federal Deposit Insurance Corporation insurance assessment		5,234		4,586		4,877		2,276		5,198		14,697		15,635
Other		15,540		17,229		12,815		16,981		13,213		45,584		38,642
Total non-interest expense		203,924		205,493		213,568		184,198		190,575		622,985		583,871
Income before income taxes		135,702		112,002		94,417		132,285		137,779		342,121		300,425
Income tax expense		31,997		27,054		20,629		31,626		32,569		79,680		70,840
Net income		103,705		84,948		73,788		100,659		105,210		262,441		229,585
Preferred stock dividends		4,313		4,312		4,313		4,312		4,313		12,938		12,938
Net income available to common stockholders	$	99,392	$	80,636	$	69,475	$	96,347	$	100,897	$	249,503	$	216,647

Basic earnings per common share	$	2.30	$	1.85	$	1.58	$	2.14	$	2.21	$	5.72	$	4.72
Diluted earnings per common share	$	2.28	$	1.83	$	1.56	$	2.12	$	2.18	$	5.66	$	4.67

TEXAS CAPITAL BANCSHARES, INC.
SUMMARY OF CREDIT LOSS EXPERIENCE
(dollars in thousands)
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter
	2026			2026			2026			2025			2025
Allowance for credit losses on loans:
Beginning balance	$	268,268		$	270,441		$	270,557		$	274,026		$	277,648
Loans charged-off:
Commercial		14,851			9,998			17,489			14,417			13,794
Commercial real estate		—			7,098			—			524			—
Total charge-offs		14,851			17,096			17,489			14,941			13,794
Recoveries:
Commercial		313			822			131			4,202			50
Commercial real estate		—			184			—			—			—
Consumer		—			7			—			12			4
Total recoveries		313			1,013			131			4,214			54
Net charge-offs		14,538			16,083			17,358			10,727			13,740
Provision for credit losses on loans		16,603			13,910			17,242			7,258			10,118
Ending balance	$	270,333		$	268,268		$	270,441		$	270,557		$	274,026

Allowance for off-balance sheet credit losses:
Beginning balance	$	65,103		$	61,013		$	62,255		$	58,513		$	56,631
Provision for off-balance sheet credit losses		397			4,090			(1,242	)		3,742			1,882
Ending balance	$	65,500		$	65,103		$	61,013		$	62,255		$	58,513

Total allowance for credit losses	$	335,833		$	333,371		$	331,454		$	332,812		$	332,539
Total provision for credit losses	$	17,000		$	18,000		$	16,000		$	11,000		$	12,000

Allowance for credit losses on loans to total loans held for investment		1.12	%		1.08	%		1.07	%		1.13	%		1.13	%
Allowance for credit losses on loans to average total loans held for investment		1.10	%		1.08	%		1.16	%		1.12	%		1.15	%
Net charge-offs to average total loans held for investment⁽¹⁾		0.24	%		0.26	%		0.30	%		0.18	%		0.23	%
Net charge-offs to average total loans held for investment for last 12 months⁽¹⁾		0.24	%		0.24	%		0.23	%		0.20	%		0.21	%
Total provision for credit losses to average total loans held for investment⁽¹⁾		0.27	%		0.29	%		0.28	%		0.18	%		0.20	%
Total allowance for credit losses to total loans held for investment		1.39	%		1.34	%		1.32	%		1.38	%		1.37	%

(1)	Interim period ratios are annualized.

TEXAS CAPITAL BANCSHARES, INC.
NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS
(dollars in thousands)
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter
	2026			2026			2026			2025			2025
NON-PERFORMING ASSETS
Non-accrual loans held for investment	$	122,337		$	123,981		$	144,947		$	116,880		$	96,084
Non-accrual loans held for sale⁽¹⁾		—			—			21,333			4,361			—
Other real estate owned		—			—			—			—			—
Total non-performing assets	$	122,337		$	123,981		$	166,280		$	121,241		$	96,084

Non-accrual loans held for investment to total loans held for investment		0.51	%		0.50	%		0.58	%		0.49	%		0.40	%
Total non-performing assets to total assets		0.38	%		0.37	%		0.50	%		0.38	%		0.30	%
Allowance for credit losses on loans to non-accrual loans held for investment	2.2x			2.2x			1.9x			2.3x			2.9x
Total allowance for credit losses to non-accrual loans held for investment	2.7x			2.7x			2.3x			2.8x			3.5x

LOANS PAST DUE
Loans held for investment past due 90 days and still accruing	$	53,207		$	451		$	18,030		$	19,353		$	126
Loans held for investment past due 90 days to total loans held for investment		0.22	%		—	%		0.07	%		0.08	%		—	%
Loans held for sale past due 90 days and still accruing	$	—		$	—		$	—		$	—		$	—

CRITICIZED LOANS
Criticized loans	$	782,408		$	696,326		$	650,615		$	634,919		$	529,732
Criticized loans to total loans held for investment		3.25	%		2.79	%		2.58	%		2.64	%		2.19	%
Special mention loans	$	526,290		$	479,341		$	366,422		$	346,643		$	249,592
Special mention loans to total loans held for investment		2.19	%		1.92	%		1.46	%		1.44	%		1.03	%

(1)	First quarter 2026 and fourth quarter 2025 includes non-accrual loans previously reported in loans held for investment that were transferred at fair value to held for sale as of March 31, 2026 and December 31, 2025, respectively.

TEXAS CAPITAL BANCSHARES, INC.
TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)⁽¹⁾
(dollars in thousands)
	3rd Quarter 2026						2nd Quarter 2026						3rd Quarter 2025						YTD September 30, 2026						YTD September 30, 2025
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Debt and equity securities⁽²⁾	$	4,582,191	$	50,936	4.31	%	$	4,544,249	$	46,317	4.03	%	$	4,635,066	$	49,401	4.14	%	$	4,587,108	$	146,851	4.22	%	$	4,557,996	$	141,965	4.05	%
Interest bearing cash and cash equivalents		2,905,372		26,936	3.68	%		2,777,654		25,207	3.64	%		2,920,102		32,202	4.38	%		2,702,628		73,627	3.64	%		3,274,086		107,994	4.41	%
Loans held for sale⁽³⁾		11,434		213	7.39	%		3,080		4	0.54	%		—		—	—	%		5,901		217	4.92	%		110		2	2.97	%
Loans held for investment, mortgage finance		5,769,930		60,493	4.16	%		6,309,596		63,862	4.06	%		5,472,467		59,604	4.32	%		5,774,820		175,928	4.07	%		4,929,539		156,838	4.25	%
Loans held for investment⁽³⁾		18,759,118		319,511	6.76	%		18,490,750		305,403	6.62	%		18,253,451		319,921	6.95	%		18,476,249		922,266	6.67	%		17,935,710		922,154	6.87	%
Less: Allowance for credit losses on loans		267,448		—	—	%		271,925		—	—			277,385		—	—	%		269,261		—	—			276,076		—	—
Loans held for investment, net		24,261,600		380,004	6.21	%		24,528,421		369,265	6.04	%		23,448,533		379,525	6.42	%		23,981,808		1,098,194	6.12	%		22,589,173		1,078,992	6.39	%
Total earning assets		31,760,597		458,089	5.70	%		31,853,404		440,793	5.54	%		31,003,701		461,128	5.88	%		31,277,445		1,318,889	5.63	%		30,421,365		1,328,953	5.82	%
Cash and other assets		1,171,805						1,190,251						1,159,008						1,178,643						1,144,443
Total assets	$	32,932,402					$	33,043,655					$	32,162,709					$	32,456,088					$	31,565,808

Liabilities and Stockholders’ Equity
Transaction deposits	$	3,830,036	$	27,428	2.84	%	$	2,762,965	$	16,865	2.45	%	$	2,251,217	$	13,987	2.46	%	$	3,070,779	$	59,273	2.58	%	$	2,209,490	$	41,626	2.52	%
Savings deposits		14,159,289		123,103	3.45	%		13,902,996		118,592	3.42	%		14,650,152		143,327	3.88	%		14,070,148		360,390	3.42	%		13,916,232		411,176	3.95	%
Time deposits		2,396,968		23,986	3.97	%		3,172,354		31,570	3.99	%		2,158,228		23,465	4.31	%		2,531,404		75,785	4.00	%		2,282,419		77,711	4.55	%
Total interest bearing deposits		20,386,293		174,517	3.40	%		19,838,315		167,027	3.38	%		19,059,597		180,779	3.76	%		19,672,331		495,448	3.37	%		18,408,141		530,513	3.85	%
Short-term borrowings		8,804		84	3.75	%		378,022		3,552	3.77	%		44,022		534	4.82	%		214,026		5,996	3.75	%		364,641		12,224	4.48	%
Long-term debt		497,635		7,576	6.04	%		642,689		8,974	5.60	%		620,348		7,531	4.82	%		604,715		24,661	5.45	%		643,274		23,534	4.89	%
Total interest bearing liabilities		20,892,732		182,177	3.46	%		20,859,026		179,553	3.45	%		19,723,967		188,844	3.80	%		20,491,072		526,105	3.43	%		19,416,056		566,271	3.90	%
Non-interest bearing deposits		7,875,652						8,058,149						8,351,524						7,809,264						8,141,135
Other liabilities		454,891						442,543						463,034						466,648						496,644
Stockholders’ equity		3,709,127						3,683,937						3,624,184						3,689,104						3,511,973
Total liabilities and stockholders’ equity	$	32,932,402					$	33,043,655					$	32,162,709					$	32,456,088					$	31,565,808
Net interest income			$	275,912					$	261,240					$	272,284					$	792,784					$	762,682
Net interest margin					3.44	%					3.28	%					3.47	%					3.38	%					3.34	%

(1)	Taxable equivalent rates used where applicable.
(2)	Yields are calculated using available-for-sale debt securities at amortized cost.
(3)	Average balances include non-accrual loans.

GAAP TO NON-GAAP RECONCILIATIONS

The following items are non-GAAP financial measures: adjusted non-interest expense, adjusted income tax expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about the Company to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands except per share data)	3rd Quarter 2026			2nd Quarter 2026			1st Quarter 2026			4th Quarter 2025			3rd Quarter 2025
Net interest income	$	274,983		$	260,377		$	254,719		$	267,437		$	271,771
Non-interest income		81,643			75,118			69,266			60,046			68,583
Total revenue		356,626			335,495			323,985			327,483			340,354

Non-interest expense		203,924			205,493			213,568			184,198			190,575
FDIC special assessment		—			—			—			2,242			—
Restructuring expenses		(4,343	)		(564	)		(1,401	)		—			—
Debt extinguishment expense		—			(2,157	)		—			—			—
Non-interest expense, adjusted		199,581			202,772			212,167			186,440			190,575

Provision for credit losses		17,000			18,000			16,000			11,000			12,000

Income tax expense		31,997			27,054			20,629			31,626			32,569
Tax effect of adjustments		1,035			659			339			(526	)		—
Income tax expense, adjusted		33,032			27,713			20,968			31,100			32,569

Net income⁽¹⁾	$	103,705		$	84,948		$	73,788		$	100,659		$	105,210
Net income, adjusted⁽¹⁾	$	107,013		$	87,010		$	74,850		$	98,943		$	105,210

Preferred stock dividends		4,313			4,312			4,313			4,312			4,313

Net income available to common stockholders⁽²⁾	$	99,392		$	80,636		$	69,475		$	96,347		$	100,897
Net income available to common stockholders, adjusted⁽²⁾	$	102,700		$	82,698		$	70,537		$	94,631		$	100,897

PPNR⁽³⁾	$	152,702		$	130,002		$	110,417		$	143,285		$	149,779
PPNR, adjusted⁽³⁾	$	157,045		$	132,723		$	111,818		$	141,043		$	149,779

Weighted average common shares outstanding, diluted		43,614,271			44,062,419			44,601,129			45,509,370			46,233,167
Diluted earnings per common share	$	2.28		$	1.83		$	1.56		$	2.12		$	2.18
Diluted earnings per common share, adjusted	$	2.35		$	1.88		$	1.58		$	2.08		$	2.18

Average total assets	$	32,932,402		$	33,043,655		$	31,375,093		$	32,606,318		$	32,162,709
Return on average assets		1.25	%		1.03	%		0.95	%		1.22	%		1.30	%
Return on average assets, adjusted		1.29	%		1.06	%		0.97	%		1.20	%		1.30	%

Average common equity	$	3,409,127		$	3,383,937		$	3,373,860		$	3,419,967		$	3,324,184
Return on average common equity		11.57	%		9.56	%		8.35	%		11.18	%		12.04	%
Return on average common equity, adjusted		11.95	%		9.80	%		8.48	%		10.98	%		12.04	%

Efficiency ratio⁽⁴⁾		57.2	%		61.3	%		65.9	%		56.2	%		56.0	%
Efficiency ratio, adjusted⁽⁴⁾		56.0	%		60.4	%		65.5	%		56.9	%		56.0	%

Average earning assets	$	31,760,597		$	31,853,404		$	30,201,198		$	31,413,694		$	31,003,701
Non-interest income to average earning assets		1.02	%		0.95	%		0.93	%		0.76	%		0.88	%
Non-interest income to average earning assets, adjusted		1.02	%		0.95	%		0.93	%		0.76	%		0.88	%
Non-interest expense to average earning assets		2.55	%		2.59	%		2.87	%		2.33	%		2.44	%
Non-interest expense to average earning assets, adjusted		2.49	%		2.55	%		2.85	%		2.35	%		2.44	%

(1)	Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense. On an adjusted basis, net interest income plus non-interest income less non-interest expense, adjusted, provision for credit losses and income tax expense, adjusted.
(2)	Net income, less preferred stock dividends. On an adjusted basis, net income, adjusted, less preferred stock dividends.
(3)	Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, less non-interest expense, adjusted.
(4)	Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income.

CONTACT: INVESTOR CONTACT
Jocelyn Kukulka, 469.399.8544
jocelyn.kukulka@texascapital.com

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