Author: Ravi Shankar

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Sunday Lake Gold Corp. (TSX: SNDY; OTCQX: WLBMD), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Sunday Lake Gold Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Sunday Lake Gold Corp. begins trading today on OTCQX under the symbol “WLBMF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“We are pleased to be graduating to the OTCQX Best Market,” commented Brian Penny, CEO of Sunday Lake Gold Corp. “Trading on the OTCQX Best Market enhances our visibility and accessibility to the U.S. investment community and provides us with an opportunity to broaden our investor base, improve trading visibility and strengthen our presence in the U.S. capital markets.”

Trading in non-U.S. North American securities on OTC Markets reached $29.38 billion in the third quarter of 2026, representing an 84.22% increase over Q3 2025. OTC Markets recorded $656.81 billion in total dollar volume in the first three quarters of the year. Canada ranked among the top home markets by trading volume during the quarter, highlighting sustained U.S. investor demand for internationally listed names.

About Sunday Lake Gold Corp.
Sunday Lake Gold Corp. is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 km² that extends approximately 82 km along the Detour-Fenelon gold trend. The property is host to the Company’s flagship PEA-stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, OTC Overnight® and MOON ATS® are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

MALVERN, Pa., Oct. 22, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, will host a conference call and live webcast on Wednesday, November 4, 2026, at 8:30 a.m. ET to provide a business update and report third quarter 2026 financial results. All related materials will be made available on the Ocugen investor website prior to the start of the call.

Conference Call Details
Date: Wednesday, November 4, 2026
Time: 8:30 a.m. ET
Webcast: https://edge.media-server.com/mmc/p/w8rytgud 
Participant Event Dial-ins: +1(800)715-9871 for US callers and +1(646)307-1963 for international callers
Participant Access Code: 6835403

A replay of the call and archived webcast will be available on the Ocugen investor website.

About Ocugen, Inc.
Ocugen, Inc. is a pioneering biotechnology company developing gene therapies for blindness diseases. The Company’s breakthrough modifier gene therapy platform has the potential to address significant unmet medical needs across large patient populations through a gene-agnostic approach. Unlike traditional gene therapies and gene-editing technologies that target a single gene mutation, Ocugen’s modifier gene therapies are designed to address the underlying disease biology by restoring balance across multiple gene networks. The Company is currently advancing programs for inherited retinal diseases and other causes of blindness that affect millions worldwide, including retinitis pigmentosa, Stargardt disease, and geographic atrophy, an advanced form of dry age-related macular degeneration. Discover more at www.ocugen.com and follow Ocugen on LinkedIn and X.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contacts

Investors:
Candice Masse
astr partners
candice.masse@astrpartners.com

Media:
Chris Clark
VP Communications, Ocugen
chris.clark@ocugen.com

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) — Chicago Atlantic BDC, Inc. (the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced details for the release of its financial results for the third quarter of 2026.

The Company plans to release its financial results for the third quarter ended September 30, 2026 before the market opens on Thursday, November 12, 2026, and host a conference call and live audio webcast, both open for the general public to hear, later that day at 9:00 a.m. Eastern Time. The number to call for the conference call is 833-630-1956 (international callers: 412-317-1837). The live audio webcast will be available on the Company’s website at investors.chicagoatlanticbdc.com.

A replay of the call will be available at investors.chicagoatlanticbdc.com by the end of day on November 12, 2026.

Call Details – Chicago Atlantic BDC, Inc. Third Quarter 2026 Financial Results:

• When: Thursday, November 12, 2026
• Time: 9:00 a.m. ET
• Webcast Live Stream: https://edge.media-server.com/mmc/p/npegbra9
• Dial in: 833-630-1956, (international callers: 412-317-1837)
• Replay: investors.chicagoatlanticbdc.com

About Chicago Atlantic BDC, Inc.

The Company is a specialty finance company that has elected to be regulated as a business development company under the 1940 Act, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. The Company’s investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a primary focus on cannabis companies. The Company is managed by Chicago Atlantic BDC Advisers, LLC (the “Adviser”), an investment manager focused on the cannabis industry and other niche or underfollowed sectors. For more information, please visit chicagoatlanticbdc.com.

Contact:
Lisa Kampf
Tripp Sullivan
SCR Partners, LLC
LIEN@chicagoatlantic.com

SAN DIEGO, Oct. 22, 2026 (GLOBE NEWSWIRE) — BlossomHill Therapeutics, Inc. (Nasdaq: BLSM), a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines for the treatment of cancer, today announced a collaboration with Foundation Medicine, Inc. to develop a companion diagnostic assay (CDx) for the EGFR C797S resistance mutation. The collaboration will leverage the ongoing Phase 1/2 SOLARA clinical trial evaluating BH-30643 in the targeted treatment of epidermal growth factor receptor (EGFR)-mutant non-small cell lung cancer (NSCLC) patients to validate the assay.  

EGFR C797S is the most common EGFR mutation driving resistance to osimertinib treatment in EGFR-mutant NSCLC. BH-30643 is a macrocyclic mutant-selective OMNI-EGFR™ inhibitor that has demonstrated clinical activity against a variety of EGFR mutations, in particular the C797S mutation that drives resistance to standard therapy. Understanding and targeting resistance mechanisms to existing EGFR inhibitors is an active area of clinical investigation and drug development. To this end, the collaboration will focus on validating a reliable diagnostic assay for the detection of EGFR C797S mutation to help guide BH-30643’s ongoing development.

“Our near-term development priority for BH-30643 is to address the unmet needs of EGFR-mutant NSCLC patients with known resistance mutations following progression on prior EGFR targeted therapy,” said Geoff Oxnard, MD, Chief Medical Officer at BlossomHill. “Foundation Medicine is the most experienced developer of precision CDx assays and the ideal partner to help us characterize EGFR resistance and validate a CDx assay to support the development of our medicine.”

About BH-30643
BH-30643 is an investigational, novel, orally bioavailable, non-covalent, macrocyclic, brain active, mutant-selective, OMNI-EGFR™ inhibitor for the treatment of EGFR-mutant NSCLC. BH-30643 was designed to overcome the limitations of currently approved EGFR inhibitors, which were discovered over a decade ago without the current, modern understanding of the structure and protein dynamics of mutant EGFRs. In preclinical studies, BH-30643 demonstrated potent inhibitory activity across diverse EGFR mutation categories — classical mutations, on-target resistance mutations such as C797S with or without T790M, atypical mutations and exon 20 insertions — while maintaining marked selectivity over wild-type EGFR. BH-30643 has received Fast Track designation and is being evaluated in SOLARA, a global Phase 1/2, first-in-human clinical trial spanning more than 40 sites in 10 countries. Ongoing dose expansion cohorts are enrolling in both TKI-pretreated and TKI-naive settings, including a C797S resistance cohort. For additional information on SOLARA, including a list of study sites and how to enroll, please visit clinicaltrials.gov (NCT06706076).

About the SOLARA Trial
The Phase 1/2 SOLARA clinical trial (NCT06706076) is a global, open label, multicenter study assessing the safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary anti-tumor activity of BH-30643 in patients with epidermal growth factor receptor (EGFR) mutant non-small cell lung cancer (NSCLC). Phase 1 will determine the recommended Phase 2 dose (RP2D) of BH-30643 as a monotherapy and in combination with chemotherapy. Phase 2 is designed to evaluate the antitumor efficacy and safety in specified cohorts determined by mutation subtypes and/or treatment history at the RP2D, as well as the population pharmacokinetics.

About BlossomHill Therapeutics
BlossomHill Therapeutics, Inc. is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. Founded and led by industry veteran J. Jean Cui, Ph.D., with her proven track record in oncology drug design and development – including three FDA-approved drugs – BlossomHill Therapeutics applies cutting-edge science with a goal to address key oncogenic drivers and improve patient outcomes in difficult-to-treat cancers. The company’s lead clinical program is BH-30643, an investigational, non-covalent, macrocyclic, brain active, mutant-selective OMNI-EGFR™ inhibitor for the treatment of EGFR-mutant non-small cell lung cancer (NSCLC), which has received Fast Track designation for the C797S resistance population after 3rd generation EGFR TKI treatment. The company is also conducting clinical development of BH-30236, an investigational macrocyclic CDC-like kinase (CLK) inhibitor initially being studied in a clinical trial for the treatment of relapsed or refractory acute myeloid leukemia (R/R AML) and higher-risk myelodysplastic syndromes (HR-MDS). The company’s pipeline also includes BH-501284, a preclinical, non-covalent, selective, pan-KRAS Switch-II inhibitor for potential future development in diverse KRAS-mutant tumors.

BlossomHill Therapeutics is headquartered in San Diego, California. For more information, visit bhtherapeutics.com and follow us on LinkedIn and X.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws, including, without limitation, statements regarding: the therapeutic potential, clinical benefits, safety and potential competitive differentiation of the company’s product candidates, including BH-30643, BH-30236 and BH-501284; the anticipated benefits of regulatory designations received, or that may be received, by the company’s product candidates; the design, enrollment, timing, progress and results of the company’s clinical trials and preclinical studies; the company’s planned regulatory interactions and submissions; anticipated program milestones, including the timing of program and data updates; statements by the company’s management; and the company’s development plans and continued advancement of its pipeline, including the anticipated benefits of the company’s collaboration with Foundation Medicine, Inc. to develop a companion diagnostic assay.

The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “upcoming,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially, including, without limitation: the company’s limited operating history, history of significant losses and the early stage of development of its product candidates; the risk that preclinical data may not be predictive of results in clinical trials; the risk that preliminary and interim clinical data are subject to further analysis and may not be predictive of, may be inconsistent with, or may be more favorable than, data generated as clinical trials continue or data from future clinical trials; uncertainties inherent in the initiation, timing, design and enrollment of clinical trials, and the availability and timing of data from ongoing and future trials; the company’s ability to successfully demonstrate the safety and efficacy of its product candidates, including for any companion diagnostic, and to obtain and maintain regulatory approvals; the timing and outcome of planned interactions with, and submissions to, the FDA and other regulatory authorities, including whether an accelerated approval pathway will be available to the company; the risk that regulatory designations, including Fast Track and orphan drug designation, may not result in a faster development, review or approval process, may not increase the likelihood of regulatory approval, and may be withdrawn; competition from third parties that are developing products for similar indications; the prior success of the company’s management team not being indicative of future success; the company’s reliance on third parties, including contract research organizations, contract manufacturing organizations and collaborators; the company’s ability to obtain, maintain and protect its intellectual property; and the company’s need for additional financing and its estimates regarding operating expenses and capital requirements.

These and other risks are described in greater detail under the heading “Risk Factors” in the company’s filings with the Securities and Exchange Commission (the “SEC”), including the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as well as in the company’s subsequent filings with the SEC. Any forward-looking statements represent the company’s views only as of the date of this press release, and the company expressly disclaims any obligation to update any forward-looking statements, except as required by law.

Company Contacts:
Investors:
Michael Moore, BlossomHill Therapeutics
michael.moore@bhtherapeutics.com

Media:
Ashlea Kosikowski, 1AB
ashlea@1abmedia.com

SAN FRANCISCO, Oct. 22, 2026 (GLOBE NEWSWIRE) — Serve Robotics Inc. (“Serve”) (Nasdaq: SERV), a leading autonomous robotics company, today announced that it will report its 2026 third quarter financial results Thursday, November 5, 2026 after market close.

Conference Call and Webcast Information
Company management will host a conference call at 2 p.m. PT/5 p.m. ET on November 5, 2026 to review the 2026 third quarter financial results. A live audio webcast will be available at investors.serverobotics.com and a replay will be available at the same location.

About Serve Robotics
Serve Robotics (Nasdaq: SERV) designs and operates autonomous robots that navigate complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of approximately 3 million and supporting delivery for more than 4,000 restaurants. In 2026, Serve acquired Diligent Robotics, expanding its operations beyond sidewalk delivery into indoor service robots used in hospitals. Serve designs both the hardware and software behind its robots, enabling them to work safely in public and private environments at scale.

For more information, visit www.serverobotics.com or follow the company on X, Instagram, and LinkedIn @serverobotics.

Contacts
Media
press@serverobotics.com

Investor Relations
investor.relations@serverobotics.com

OPERATING PERFORMANCE ACCELERATES
PPNR RATIO SURPASSES 2% AND OPERATING RETURN ON TANGIBLE COMMON EQUITY TOPS 15%
KEY METRICS STRENGTHENED BY BALANCE SHEET RESTRUCTURING 
TOTAL LOANS AND AVERAGE CLIENT DEPOSITS BOTH ACHIEVE 11% SEQUENTIAL ANNUALIZED GROWTH
NET INTEREST MARGIN EXPANDS TO 3.44%
COMMON AND PREFERRED DIVIDENDS DECLARED

ENGLEWOOD CLIFFS, N.J., Oct. 22, 2026 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $29.9 million for the third quarter of 2026 compared with $40.2 million for the second quarter of 2026 and $39.5 million for the third quarter of 2025.  Diluted earnings per share was $0.59 for the third quarter of 2026 compared with $0.80 for the second quarter of 2026 and $0.78 for the third quarter of 2025.  Return on average assets was 0.86%, 1.17% and 1.16% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.  Return on average tangible common equity was 10.1%, 13.8% and 14.7% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively. Third quarter results include a $23.0 million pretax charge related to the balance sheet restructuring and repositioning, discussed below.

Operating net income available to common stockholders (which excludes the $23.0 million pretax restructuring charge, among other non-operating items – see supplemental tables discussed below) was $47.9 million for the third quarter of 2026, $42.2 million for the second quarter of 2026 and $35.5 million for the third quarter of 2025.  Operating diluted earnings per share was $0.95 for the third quarter of 2026, $0.84 for the second quarter of 2026 and $0.70 for the third quarter of 2025.  Operating return on average assets was 1.35%, 1.23% and 1.05% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.  Operating return on average tangible common equity was 15.2%, 13.8% and 12.6% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively. Pre-provision net operating revenue (“Operating PPNR”) as a percentage of average assets was 2.01%, 1.94% and 1.61% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings and other non-GAAP measures.

The decrease in net income available to common stockholders and diluted earnings per share for the third quarter of 2026, compared to the second quarter of 2026, was primarily due to the $23.0 million pretax restructuring charge related to the above-mentioned balance sheet repositioning. This charge was partially offset by a $3.7 million increase in net interest income, a $3.3 million reduction in the provision for credit losses and a $5.2 million decrease in income tax expense.  Compared to the third quarter of 2025, the decrease in net income available to common stockholders and diluted earnings per share was primarily due to a $33.9 million decrease in noninterest income. The decrease in noninterest income was mainly attributable to the aforementioned $23.0 million pretax charge in the third quarter of 2026, as well as $10.1 million of non-recurring income recognized in the third quarter of 2025, consisting of a $6.6 million employee retention tax credit (“ERTC”) and a $3.5 million defined benefit pension plan curtailment gain. The decrease was partially offset by a $15.3 million increase in net interest income, a $5.3 million decrease in income tax expense, a $3.3 million decrease in noninterest expenses and a $0.5 million reduction in the provision for credit losses.

Balance Sheet Restructuring and Repositioning

The transaction.  During the third quarter of 2026, the Company completed a strategic review of its balance sheet. As a result, during the fourth quarter, the Company entered into an agreement to sell a pool of up to approximately $750 million in unpaid principal balance of non-relationship multifamily loans, subject to adjustment as provided for under the transaction agreements, to a single third-party purchaser. Loans secured by NYC rent-stabilized properties represent approximately 61% of the pool. The pool consists of loans originated by ConnectOne Bank (30%) and the First National Bank of Long Island (“FLIC”) (70%), which was acquired by the Company in June 2025. The transaction is expected to close in late October, and the final balance of loans sold will be determined at the closing.

Third quarter impact.  The loan pool was transferred to held-for-sale, at the lower of cost or fair value of $678.9 million as of September 30, 2026, resulting in a $23.0 million pretax loss on loans held-for-sale, recorded in noninterest income. This charge reflects the gross discount on the sale price, substantially offset by the interest-rate and credit purchase accounting marks previously recorded on the FLIC-originated loans, as part of the merger with FLIC’s parent company. The recognized loss on the pool is attributed to increases in market interest rates since the loans were originated. The charge is excluded from operating earnings.

Fourth quarter impact and timing.  The transaction is scheduled to close in late October, 2026. Transaction costs related to the restructuring of approximately $7 to $8 million will be recognized upon closing and payment in the fourth quarter of 2026.

Use of proceeds and benefits.  The majority of net proceeds from the sale are expected to be reinvested in government-guaranteed securities at yields similar to those of the loans sold, with the remaining balance used to pay down wholesale funding. The restructuring reduces the Company’s concentrations in commercial real estate (“CRE”) and NYC rent-stabilized properties while strengthening the Bank’s liquidity position. The Bank’s regulatory CRE concentration ratio declines to approximately 397% proforma for the loan sale from 439% at June 30, 2026, and exposure to NYC rent-stabilized assets is projected to decline to approximately 2% of total loans, from 6% as of June 30, 2026. The balance sheet repositioning also reduced the Bank’s loan-to-deposit ratio to 97.1% at September 30, 2026, and will expand its liquid assets.

“Our core performance was strong and reflects the successful execution of our relationship-driven banking strategy. Operating PPNR exceeded 2% of average assets and operating return on tangible common equity topped 15%,” commented Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “Loans and average client deposits each grew at an annualized rate of about 11%, and our net interest margin widened to 3.44% despite higher short-term rates and a competitive funding environment. Disciplined expense management kept costs well controlled, and credit quality metrics improved.”

“Furthermore, we executed a definitive agreement to sell a pool of up to approximately $750 million of multifamily loans, executing on the balance sheet repositioning we have been contemplating. By selectively divesting non-relationship loans, this transaction reduces our CRE and rent-stabilized concentrations, strengthens key financial metrics and enhances our financial flexibility, while largely preserving our earnings power.” 

Mr. Sorrentino concluded, “As we approach year-end, we remain focused on operational excellence, disciplined growth and deepening client relationships. With a stronger balance sheet and solid momentum in our core business, we believe ConnectOne is well positioned to create long-term value for our shareholders.”

Dividend Declarations

The Board of Directors declared cash dividends on the Company’s common and outstanding preferred stock.  A cash dividend on common stock of $0.195 per share will be paid on December 1, 2026, to common stockholders of record on November 13, 2026.  A dividend of $0.556620 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on December 1, 2026, to holders of record on November 13, 2026.

Operating Results

Fully taxable equivalent net interest income for the third quarter of 2026 was $118.5 million, an increase of $3.7 million, or 3.2%, from the second quarter of 2026, largely due to a 2 basis-point widening of the net interest margin to 3.44% from 3.42% and a 1.7% increase in average interest-earning assets.  The margin benefited from a 5 basis-point increase in the yield on interest-earning assets, primarily due to loan repricing, partially offset by a 3 basis-point increase in the average cost of deposits, including noninterest-bearing deposits. 

Fully taxable equivalent net interest income for the third quarter of 2026 increased $15.3 million, or 14.8%, from the third quarter of 2025, due to a 33 basis-point widening of the net interest margin to 3.44% from 3.11%, and a 3.9% increase in average interest-earning assets.  The margin benefited from a 15 basis-point increase in the yield on interest-earning assets and a 17 basis-point decrease in the average cost of deposits, including noninterest-bearing deposits.

Noninterest income was $(14.5) million in the third quarter of 2026, $7.9 million in the second quarter of 2026 and $19.4 million in the third quarter of 2025.  Noninterest income for the third quarter of 2026 included the $23.0 million pretax restructuring charge. Excluding this item, noninterest income increased $0.6 million compared to the second quarter of 2026, primarily due to a $1.1 million increase in BOLI income, driven by death benefits recorded in the third quarter of 2026, partially offset by a $0.4 million decrease in net gains on sale of loans held-for-sale, primarily SBA loans.  During the third quarter of 2025, the Company recognized $10.1 million in non-recurring gains, consisting of a $6.6 million one-time benefit related to the ERTC and a $3.5 million defined benefit pension plan curtailment gain. Excluding these items, noninterest income decreased $0.8 million, compared to the third quarter of 2025, primarily due to a $1.9 million decrease in net gains on equity securities and a $0.5 million decrease  in deposit, loan and other income, partially offset by a $1.2 million increase in BOLI income, driven by the aforementioned death benefits and a $0.3 million increase in net gains on sale of loans held-for-sale, primarily SBA loans.

Noninterest expenses were $55.4 million for the third quarter of 2026, $55.4 million for the second quarter of 2026 and $58.7 million for the third quarter of 2025. Noninterest expenses were unchanged compared to the second quarter of 2026, as a $1.4 million increase in salaries and employee benefits was offset by a $0.5 million decrease in occupancy and equipment expenses, a $0.4 million decrease in other expenses, a $0.2 million decrease in marketing and advertising expenses, a $0.2 million decrease in FDIC insurance expense and a $0.1 million decrease in information technology and communication expenses. The $3.3 million decrease compared to the third quarter of 2025 was primarily due to a $2.9 million decrease in merger, restructuring and exit expenses, a $0.9 million decrease in FDIC insurance expense, a $0.4 million decrease in amortization of core deposit intangibles, a $0.1 million decrease in occupancy and equipment expenses and a $0.1 million decrease in other expenses, partially offset by a $0.5 million increase in salaries and employee benefits, a $0.4 million increase in professional and consulting expenses and a $0.2 million increase in marketing and advertising expenses.

Income tax expense was $11.0 million for the third quarter of 2026, $16.2 million for the second quarter of 2026 and $16.3 million for the third quarter of 2025.  The effective tax rates were 26.0%, 28.0% and 28.4% for the third quarter of 2026, second quarter of 2026 and third quarter of 2025, respectively.  The decrease in income tax expense and the effective tax rate for the third quarter of 2026 was primarily due to lower taxable income resulting from the loss on loans held-for-sale related to the balance sheet restructuring.  The projected effective tax rate for the fourth quarter of 2026 is 27.5%.

Asset Quality

The provision for credit losses was $5.0 million for the third quarter of 2026, $8.3 million for the second quarter of 2026 and $5.5 million for the third quarter of 2025.  The provision for credit losses for the third quarter of 2026, reflected core loan growth, charge-offs, and specific reserves, partially offset by the transfer of loans to loans held-for-sale at fair value. The provision in the second quarter of 2026 was elevated primarily due to charge-offs on certain NYC rent-stabilized multifamily loans during the second quarter of 2026.

Nonperforming assets, which include nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $64.3 million as of September 30, 2026, $79.7 million as of June 30, 2026 and $39.7 million as of September 30, 2025.  Nonperforming assets as a percentage of total assets was 0.44% as of September 30, 2026, compared to 0.55% as of June 30, 2026 and 0.28% as of September 30, 2025.  The ratio of nonaccrual loans to loans receivable was 0.56%, as of September 30, 2026, compared to 0.67% as of June 30, 2026 and 0.35% as of September 30, 2025. The sequential decrease in nonaccrual loans was primarily driven by work-out loan sales, charge-offs and principal payments. Excluding PCD loan charge-offs ($22.2 million in the third quarter of 2026, $4.5 million in the second quarter of 2026 and none in the third quarter of 2025), the annualized net loan charge-off ratio was 0.07% for the third quarter of 2026, 0.71% for the second quarter of 2026 and 0.18% for the third quarter of 2025. The elevated charge-off ratio, excluding PCD charge-offs, for the second quarter of 2026 included charge-offs related to a previously disclosed group of NYC rent-stabilized loans.

The allowance for credit losses (“ACL”) represented 1.06%, 1.18% and 1.38% of loans receivable as of September 30, 2026, June 30, 2026 and September 30, 2025, respectively.  The ACL decreased $19.5 million to $120.6 million as of September 30, 2026, compared to $140.1 million as of June 30, 2026, primarily reflecting the charge-off of $22.2 million of allowance on PCD loans in connection with the pending loan sale, partially offset by provision expense in excess of non-PCD net charge-offs. The charge-offs associated with the pending loan sale related to PCD loans for which an allowance for credit losses had previously been established in connection with the FLIC acquisition and required no additional provision for credit losses in the current quarter. The ACL as a percentage of nonaccrual loans was 187.5% as of September 30, 2026, 175.9% as of June 30, 2026 and 394.5% as of September 30, 2025.  Criticized and classified loans as a percentage of loans receivable were 2.02% as of September 30, 2026, compared to 1.89% as of June 30, 2026 and 2.57% as of September 30, 2025.  The increase from June 30, 2026 was primarily due to the decrease in loans receivable resulting from the transfer of loans to held-for-sale; criticized and classified loan balances remained relatively stable during the quarter. Loans past due 30-89 days were 0.05% of loans receivable as of September 30, 2026, 0.03% as of June 30, 2026 and 0.08% as of September 30, 2025.

Selected Balance Sheet Items

The Company’s total assets were $14.8 billion as of September 30, 2026, compared to $14.0 billion as of December 31, 2025.  Loans receivable were $11.4 billion as of September 30, 2026 and $11.5 billion as of December 31, 2025.  Loans receivable as of September 30, 2026 excluded $0.8 billion of loans transferred to held-for-sale. Total deposits were $11.8 billion as of September 30, 2026 and $11.2 billion as of December 31, 2025. 

The Company’s total stockholders’ equity increased to $1.599 billion as of September 30, 2026 from $1.573 billion as of December 31, 2025.  Retained earnings increased $77.7 million, partially offset by an increase in the accumulated other comprehensive loss of $51.0 million.  As of September 30, 2026, the Company’s tangible common equity ratio and tangible book value per share were 8.38% and $24.19, respectively, compared to 8.62% and $23.52, respectively, as of December 31, 2025.  Total goodwill and other intangible assets were $271.6 million as of September 30, 2026 and $280.2 million as of December 31, 2025. Proforma for the loan sale, the tangible common equity ratio was 8.83% as of September 30, 2026.

Share Repurchase Program

During the third quarter of 2026, the Company repurchased 50,000 shares of common stock at an average price of $32.37 per share.  For the nine months ended September 30, 2026, the Company repurchased 140,000 shares of common stock at an average price of $28.26 per share, leaving 501,118 shares authorized for repurchase under the current Board approved repurchase program.  The Company intends to repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws.  The share repurchase program does not obligate the Company to acquire any particular amount of common stock and the plan may be modified or suspended at any time at the Company’s discretion.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures.  ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends.  These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited.  They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP.  These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.  Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Third Quarter 2026 Results Conference Call

Management will host a conference call and audio webcast at 10:00 a.m. ET on Thursday, October 22, 2026, to review the Company’s financial performance and operating results. Chairman and Chief Executive Officer Frank Sorrentino III and Senior Executive Vice President and Chief Financial Officer William S. Burns will host the call.

The conference call dial-in number is 1 (585) 542-9983, meeting ID: 828 757 770. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website at https://www.ConnectOneBank.com or at http://ir.connectonebank.com. An archive of the webcast will be available following the completion of the call at the same locations.

About ConnectOne Bancorp, Inc.

ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses.  BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks.  ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company.  These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions.  The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of health emergencies and natural disasters on the Company, its employees and operations, and its customers.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Investor Contact:
William S. Burns
Senior Executive Vice President & CFO
201.816.4474; bill.burns@cnob.com

Media Contact:
Shannan Weeks 
MikeWorldWide
732.299.7890; sweeks@mww.com

CONNECTONE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION (in thousands)
	September 30,				December 31,				September 30,
	2026				2025				2025
	(unaudited)								(unaudited)
ASSETS
Cash and due from banks	$	50,643			$	92,406			$	96,990
Interest-bearing deposits with banks		262,705				288,489				445,744
Cash and cash equivalents		313,348				380,895				542,734
Investment securities		1,323,789				1,250,938				1,252,202
Equity securities		21,947				19,287				20,133
Loans held-for-sale		678,880				391				—
Loans receivable		11,432,533				11,453,280				11,303,636
Less: Allowance for credit losses – loans		120,620				154,305				156,499
Net loans receivable		11,311,913				11,298,975				11,147,137
Investment in restricted stock, at cost		62,661				54,722				51,516
Bank premises and equipment, net		48,351				55,285				55,888
Accrued interest receivable		66,657				60,761				60,630
Bank owned life insurance		378,361				370,713				367,767
Right of use operating lease assets		30,228				29,603				29,283
Goodwill		220,235				220,235				215,611
Core deposit intangibles		51,387				59,923				63,119
Other assets		270,948				200,972				217,565
Total assets	$	14,778,705			$	14,002,700			$	14,023,585
LIABILITIES
Deposits:
Noninterest-bearing	$	2,479,625			$	2,420,397			$	2,513,102
Interest-bearing		9,298,717				8,820,218				8,856,193
Total deposits		11,778,342				11,240,615				11,369,295
Borrowings		1,072,398				903,489				833,443
Subordinated debentures, net		202,423				201,864				201,677
Operating lease liabilities		32,807				32,446				33,185
Other liabilities		94,135				50,946				47,641
Total liabilities		13,180,105				12,429,360				12,485,241
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock		110,927				110,927				110,927
Common stock		857,765				857,765				857,765
Additional paid-in capital		41,329				38,763				37,934
Retained earnings		751,575				673,897				644,944
Treasury stock		(80,138	)			(76,116	)			(76,116	)
Accumulated other comprehensive loss		(82,858	)			(31,896	)			(37,110	)
Total stockholders’ equity		1,598,600				1,573,340				1,538,344
Total liabilities and stockholders’ equity	$	14,778,705			$	14,002,700			$	14,023,585

CONNECTONE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except for per share data)
	Three Months Ended								Nine Months Ended
	09/30/26				09/30/25				09/30/26				09/30/25
Interest income
Interest and fees on loans	$	182,428			$	165,937			$	526,976			$	413,604
Interest and dividends on investment securities:
Taxable		12,580				12,033				34,361				24,457
Tax-exempt		1,858				2,014				5,743				4,530
Dividends		843				1,081				2,725				2,758
Interest on federal funds sold and other short-term investments		2,432				6,644				7,640				13,179
Total interest income		200,141				187,709				577,445				458,528
Interest expense
Deposits		72,102				75,209				207,355				189,440
Borrowings		10,741				10,483				30,349				22,432
Total interest expense		82,843				85,692				237,704				211,872
Net interest income		117,298				102,017				339,741				246,656
Provision for credit losses		5,000				5,500				18,500				44,700
Net interest income after provision for credit losses		112,298				96,517				321,241				201,956
Noninterest income
Deposit, loan and other income		3,347				3,836				9,954				8,412
Defined benefit pension plan curtailment gain		—				3,501				—				3,501
Employee retention tax credit		—				6,608				—				6,608
Income on bank owned life insurance		4,136				2,931				10,104				6,602
Gains on sale of loans held-for-sale		1,203				859				3,220				1,372
(Loss) on sale of loans held-for-sale-CRE restructuring		(23,025	)			—				(23,025	)			—
(Losses) gains on equity securities		(159	)			1,674				(28	)			2,550
Total noninterest income		(14,498	)			19,409				225				29,045
Noninterest expenses
Salaries and employee benefits		32,922				32,401				97,227				80,212
Occupancy and equipment		4,968				5,122				15,832				11,280
FDIC insurance		1,500				2,400				5,200				6,200
Professional and consulting		3,278				2,929				9,513				7,893
Marketing and advertising		951				771				3,038				2,206
Information technology and communications		5,277				5,243				15,914				14,639
Restructuring and exit charges		—				994				—				994
Merger expenses and restructuring charges		—				1,898				2,233				33,963
Bank owned life insurance restructuring charge		—				—				—				327
Amortization of core deposit intangibles		2,846				3,196				8,536				4,726
Other expenses		3,627				3,719				11,161				9,187
Total noninterest expenses		55,369				58,673				168,654				171,627
Income before income tax expense		42,431				57,253				152,812				59,374
Income tax expense		11,032				16,277				41,923				18,449
Net income		31,399				40,976				110,889				40,925
Preferred dividends		1,509				1,509				4,527				4,527
Net income available to common stockholders	$	29,890			$	39,467			$	106,362			$	36,398
Earnings per common share:
Basic	$	0.59			$	0.79			$	2.12			$	0.83
Diluted		0.59				0.78				2.10				0.83

ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies. 

CONNECTONE BANCORP, INC. SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES
	As of
	Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sept. 30,
	2026				2026				2026				2025				2025
Selected Financial Data	(dollars in thousands)
Total assets	$	14,778,705			$	14,411,864			$	14,209,561			$	14,002,700			$	14,023,585
Loans receivable:
Commercial	$	1,650,434			$	1,598,678			$	1,638,836			$	1,558,436			$	1,613,421
Commercial real estate		4,930,142				4,871,086				4,750,508				4,625,143				4,310,159
Multifamily		3,057,962				3,679,302				3,574,336				3,437,080				3,420,465
Commercial construction		585,707				528,103				571,073				623,902				728,615
Residential		1,207,092				1,192,033				1,202,539				1,210,980				1,233,305
Consumer		4,306				3,313				1,801				2,017				2,166
Gross loans		11,435,643				11,872,515				11,739,093				11,457,558				11,308,131
Net deferred loan fees		(3,110	)			(3,481	)			(3,497	)			(4,278	)			(4,495	)
Loans receivable		11,432,533				11,869,034				11,735,596				11,453,280				11,303,636
Loans held-for-sale		678,880				—				10,222				391				—
Total loans	$	12,111,413			$	11,869,034			$	11,745,818			$	11,453,671			$	11,303,636
Investment and equity securities	$	1,345,736			$	1,199,051			$	1,215,806			$	1,270,225			$	1,272,335
Goodwill and other intangible assets		271,622				274,468				277,313				280,158				278,730
Deposits:
Noninterest-bearing demand	$	2,479,625			$	2,512,964			$	2,393,938			$	2,420,397			$	2,513,102
Time deposits		3,119,593				2,927,930				3,010,971				2,796,877				2,977,952
Other interest-bearing deposits		6,179,124				6,299,469				6,108,144				6,023,341				5,878,241
Total deposits	$	11,778,342			$	11,740,363			$	11,513,053			$	11,240,615			$	11,369,295
Borrowings	$	1,072,398			$	715,416			$	827,477			$	903,489			$	833,443
Subordinated debentures (net of debt issuance costs)		202,423				202,236				202,050				201,864				201,677
Total stockholders’ equity		1,598,600				1,626,525				1,591,547				1,573,340				1,538,344
Quarterly Average Balances
Total assets	$	14,534,596			$	14,254,280			$	13,999,581			$	13,963,138			$	14,050,585
Loans receivable:
Commercial	$	1,623,410			$	1,652,412			$	1,579,368			$	1,597,123			$	1,583,673
Commercial real estate (including multifamily)		8,600,502				8,433,558				8,137,515				7,822,943				7,630,195
Commercial construction		544,828				524,023				613,661				646,414				704,170
Residential		1,199,565				1,198,244				1,204,082				1,221,171				1,241,375
Consumer		10,242				10,855				6,851				5,473				6,747
Gross loans		11,978,547				11,819,092				11,541,477				11,293,124				11,166,160
Net deferred loan fees		(3,287	)			(3,331	)			(4,042	)			(4,708	)			(4,418	)
Loans receivable		11,975,260				11,815,761				11,537,435				11,288,416				11,161,742
Loans held-for-sale		7,623				107				335				230				318
Total loans	$	11,982,883			$	11,815,868			$	11,537,770			$	11,288,646			$	11,162,060
Investment and equity securities	$	1,307,476			$	1,208,532			$	1,256,147			$	1,269,275			$	1,274,000
Goodwill and other intangible assets		273,499				276,313				279,158				279,165				280,814
Deposits:
Noninterest-bearing demand	$	2,510,843			$	2,424,773			$	2,384,883			$	2,473,596			$	2,486,993
Time deposits		2,920,335				2,992,440				2,901,327				2,946,459				3,019,848
Other interest-bearing deposits		6,252,427				6,122,264				5,996,487				5,907,547				5,889,230
Total deposits	$	11,683,605			$	11,539,477			$	11,282,697			$	11,327,602			$	11,396,071
Borrowings	$	874,544			$	812,384			$	833,551			$	781,388			$	783,994
Subordinated debentures (net of debt issuance costs)		202,300				202,114				201,928				201,741				263,511
Total stockholders’ equity		1,636,171				1,612,528				1,594,699				1,558,366				1,513,892

	Three Months Ended
	Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sept. 30,
	2026				2026				2026				2025				2025
	(dollars in thousands, except for per share data)
Net interest income	$	117,298			$	113,639			$	108,804			$	106,595			$	102,017
Provision for credit losses		5,000				8,300				5,200				2,300				5,500
Net interest income after provision for credit losses		112,298				105,339				103,604				104,295				96,517
Noninterest income
Deposit, loan and other income		3,347				3,324				3,283				3,289				3,836
Defined benefit pension plan curtailment gain		—				—				—				—				3,501
Employee retention tax credit		—				—				—				—				6,608
Income on bank owned life insurance		4,136				3,017				2,951				2,946				2,931
Gains on sale of loans held-for-sale		1,203				1,590				427				631				859
(Loss) on sale of loans held-for-sale-CRE restructuring		(23,025	)			—				—				—				—
(Losses) gains on equity securities		(159	)			(4	)			135				(846	)			1,674
Total noninterest income		(14,498	)			7,927				6,796				6,020				19,409
Noninterest expenses
Salaries and employee benefits		32,922				31,537				32,768				31,211				32,401
Occupancy and equipment		4,968				5,519				5,345				5,265				5,122
FDIC insurance		1,500				1,700				2,000				2,400				2,400
Professional and consulting		3,278				3,127				3,108				2,908				2,929
Marketing and advertising		951				1,161				926				974				771
Information technology and communications		5,277				5,394				5,243				5,366				5,243
Restructuring and exit charges		—				—				—				—				994
Merger expenses and restructuring charges		—				108				2,125				498				1,898
Branch closing expenses		—				—				—				1,275				—
Amortization of core deposit intangible		2,846				2,845				2,845				3,196				3,196
Other expenses		3,627				4,025				3,509				3,853				3,719
Total noninterest expenses		55,369				55,416				57,869				56,946				58,673
Income before income tax expense		42,431				57,850				52,531				53,369				57,253
Income tax expense		11,032				16,182				14,709				13,851				16,277
Net income		31,399				41,668				37,822				39,518				40,976
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income available to common stockholders	$	29,890			$	40,159			$	36,313			$	38,009			$	39,467
Weighted average diluted common shares outstanding		50,455,230				50,404,698				50,382,297				50,414,115				50,462,030
Diluted EPS	$	0.59			$	0.80			$	0.72			$	0.75			$	0.78
Reconciliation of GAAP Net Income to Operating Net Income:
Net income	$	31,399			$	41,668			$	37,822			$	39,518			$	40,976
Restructuring and exit charges		—				—				—				—				994
Merger expenses and restructuring charges		—				108				2,125				498				1,898
Branch closing expenses		—				—				—				1,275				—
Amortization of core deposit intangibles		2,846				2,845				2,845				3,196				3,196
Loss on sale of loans held-for-sale-CRE restructuring		23,025				—				—				—				—
Losses (gains) on equity securities		159				4				(135	)			846				(1,674	)
Defined benefit pension plan curtailment gain		—				—				—				—				(3,501	)
Employee retention tax credit		—				—				—				—				(6,608	)
Tax impact of adjustments		(8,069	)			(917	)			(1,499	)			(1,802	)			1,737
Operating net income	$	49,360			$	43,708			$	41,158			$	43,531			$	37,018
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	47,851			$	42,199			$	39,649			$	42,022			$	35,509
Operating diluted EPS (non-GAAP) (1)	$	0.95			$	0.84			$	0.79			$	0.83			$	0.70
Return on Assets Measures
Average assets	$	14,534,596			$	14,254,280			$	13,999,581			$	13,963,138			$	14,050,585
Return on avg. assets		0.86	%			1.17	%			1.10	%			1.12	%			1.16	%
Operating return on avg. assets (non-GAAP) (2)		1.35				1.23				1.19				1.24				1.05
Pre-provision net operating revenue (“PPNR”) return on avg. assets (non-GAAP) (3)		2.01				1.94				1.81				1.75				1.61

____________________________

(1)	Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
(2)	Operating net income divided by average assets.
(3)	Net income before income tax expense, provision for credit losses, merger expenses and restructuring charges, branch closing expenses, BOLI restructuring charges, restructuring and exit charges, CRE restructuring, employee retention tax credit, defined benefit pension plan curtailment gain, amortization of core deposit intangibles and net gains on equity securities divided by average assets.

	Three Months Ended
	Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sept. 30,
	2026				2026				2026				2025				2025
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,636,171			$	1,612,528			$	1,594,699			$	1,558,366			$	1,513,892
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,525,244			$	1,501,601			$	1,483,772			$	1,447,439			$	1,402,965
Less: average intangible assets		(273,499	)			(276,313	)			(279,158	)			(279,165	)			(280,814	)
Average tangible common equity	$	1,251,745			$	1,225,288			$	1,204,614			$	1,168,274			$	1,122,151
Return on avg. common equity (GAAP)		7.77	%			10.73	%			9.93	%			10.42	%			11.16	%
Operating return on avg. common equity (non-GAAP) (4)		12.45				11.27				10.84				11.52				10.04
Return on avg. tangible common equity (non-GAAP) (5)		10.10				13.79				12.89				13.66				14.74
Operating return on avg. tangible common equity (non-GAAP) (6)		15.17				13.81				13.35				14.27				12.55
Efficiency Measures
Total noninterest expenses	$	55,369			$	55,416			$	57,869			$	56,946			$	58,673
Restructuring and exit charges		—				—				—				—				(994	)
Merger expenses and restructuring charges		—				(108	)			(2,125	)			(498	)			(1,898	)
Branch closing expenses		—				—				—				(1,275	)			—
Amortization of core deposit intangibles		(2,846	)			(2,845	)			(2,845	)			(3,196	)			(3,196	)
Operating noninterest expense	$	52,523			$	52,463			$	52,899			$	51,977			$	52,585
Net interest income (tax equivalent basis)	$	118,541			$	114,841			$	109,976			$	107,761			$	103,155
Noninterest income		(14,498	)			7,927				6,796				6,020				19,409
Defined benefit pension plan curtailment gain		—				—				—				—				(3,501	)
Employee retention tax credit		—				—				—				—				(6,608	)
Loss on sale of loans held-for-sale-CRE restructuring		23,025				—				—				—				—
Losses (gains) on equity securities		159				4				(135	)			846				(1,674	)
Operating revenue	$	127,227			$	122,772			$	116,637			$	114,627			$	110,781
Operating efficiency ratio (non-GAAP) (7)		41.3	%			42.7	%			45.4	%			45.3	%			47.5	%
Net Interest Margin
Average interest-earning assets	$	13,685,961			$	13,451,804			$	13,160,794			$	13,093,053			$	13,172,443
Net interest income (tax equivalent basis)	$	118,541			$	114,841			$	109,976			$	107,761			$	103,155
Net interest margin (non-GAAP)		3.44	%			3.42	%			3.39	%			3.27	%			3.11	%

____________________________

(4)	Operating net income available to common stockholders divided by average common equity.
(5)	Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
(6)	Operating net income available to common stockholders, divided by average tangible common equity.
(7)	Operating noninterest expense divided by operating revenue.

	As of
	Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,				Sept. 30,
	2026				2026				2026				2025				2025
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,598,600			$	1,626,525			$	1,591,547			$	1,573,340			$	1,538,344
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,487,673			$	1,515,598			$	1,480,620			$	1,462,413			$	1,427,417
Less: intangible assets		(271,622	)			(274,468	)			(277,313	)			(280,158	)			(278,730	)
Tangible common equity	$	1,216,051			$	1,241,130			$	1,203,307			$	1,182,255			$	1,148,687
Total assets	$	14,778,705			$	14,411,864			$	14,209,561			$	14,002,700			$	14,023,585
Less: intangible assets		(271,622	)			(274,468	)			(277,313	)			(280,158	)			(278,730	)
Tangible assets	$	14,507,083			$	14,137,396			$	13,932,248			$	13,722,542			$	13,744,855
Common shares outstanding		50,268,879				50,319,832				50,288,494				50,271,854				50,273,089
Common equity ratio (GAAP)		10.07	%			10.52	%			10.42	%			10.44	%			10.18	%
Tangible common equity ratio (non-GAAP) (8)		8.38				8.78				8.64				8.62				8.36
Regulatory capital ratios (Bancorp):
Leverage ratio		9.80	%			9.85	%			9.79	%			9.61	%			9.35	%
Common equity Tier 1 risk-based ratio		10.10				10.28				10.23				10.24				10.17
Risk-based Tier 1 capital ratio		11.01				11.22				11.19				11.22				11.17
Risk-based total capital ratio		13.44				13.71				13.81				13.88				13.88
Regulatory capital ratios (Bank):
Leverage ratio		10.78	%			10.81	%			10.81	%			10.59	%			10.35	%
Common equity Tier 1 risk-based ratio		12.11				12.31				12.35				12.36				12.37
Risk-based Tier 1 capital ratio		12.11				12.31				12.35				12.36				12.37
Risk-based total capital ratio		12.99				13.20				13.33				13.33				13.38
Book value per share (GAAP)	$	29.59			$	30.12			$	29.44			$	29.09			$	28.39
Tangible book value per share (non-GAAP) (9)		24.19				24.66				23.93				23.52				22.85
Net Loan Charge-offs (Recoveries) (10):
Charge-offs	$	3,179			$	17,022			$	2,758			$	5,613			$	5,174
Recoveries		(941	)			(531	)			(467	)			(836	)			(38	)
Net loan charge-offs	$	2,238			$	16,491			$	2,291			$	4,777			$	5,136
Net loan charge-offs as a % of average loans receivable (annualized)		0.07	%			0.56	%			0.08	%			0.17	%			0.18	%
Asset Quality
Nonaccrual loans	$	64,330			$	79,664			$	41,579			$	45,915			$	39,671
Other real estate owned		—				—				—				—				—
Nonperforming assets	$	64,330			$	79,664			$	41,579			$	45,915			$	39,671
Allowance for credit losses – loans (excluding nonaccretable credit marks)	$	108,818			$	106,120			$	115,609			$	112,282			$	113,163
Add: nonaccretable credit marks		11,802				34,029				37,447				42,023				43,336
Allowance for credit losses – loans (“ACL”)	$	120,620			$	140,149			$	153,056			$	154,305			$	156,499
Loans receivable	$	11,432,533			$	11,869,034			$	11,735,596			$	11,453,280			$	11,303,636
Nonaccrual loans as a % of loans receivable		0.56	%			0.67	%			0.35	%			0.40	%			0.35	%
Nonperforming assets as a % of total assets		0.44				0.55				0.29				0.33				0.28
ACL as a % of loans receivable		1.06				1.18				1.30				1.35				1.38
ACL as a % of nonaccrual loans		187.5				175.9				368.1				336.1				394.5

____________________________

(8)	Tangible common equity divided by tangible assets.
(9)	Tangible common equity divided by common shares outstanding at period-end.
(10)	Includes only non-PCD loans.

CONNECTONE BANCORP, INC. NET INTEREST MARGIN ANALYSIS (dollars in thousands)
	For the Three Months Ended
	September 30, 2026												June 30, 2026												September 30, 2025
Interest-earning assets:	Average Balance				Interest				Rate(7)				Average Balance				Interest				Rate(7)				Average Balance				Interest				Rate(7)
Investment securities (1) (2)	$	1,387,589			$	14,931				4.27	%		$	1,275,125			$	13,397				4.21	%		$	1,355,775			$	14,581				4.27	%
Loans receivable and loans held-for-sale (2) (3) (4)		11,982,883				183,178				6.06				11,815,868				176,944				6.01				11,162,060				166,541				5.92
Federal funds sold and interest-			​				​				​				​				​				​				​				​				​
bearing deposits with banks		262,118				2,432				3.68				309,872				2,821				3.65				605,344				6,644				4.35
Restricted investment in bank stock		53,371				843				6.27				50,939				947				7.46				49,264				1,081				8.71
Total interest-earning assets		13,685,961				201,384				5.84				13,451,804				194,109				5.79				13,172,443				188,847				5.69
Allowance for loan losses		(142,006	)				​				​			(155,399	)				​				​			(159,157	)				​				​
Noninterest-earning assets		990,641					​				​			957,875					​				​			1,037,299					​				​
Total assets	$	14,534,596					​				​		$	14,254,280					​				​		$	14,050,585					​				​
			​				​				​				​				​				​				​				​				​
Interest-bearing liabilities:			​				​				​				​				​				​				​				​				​
Money market deposits		3,065,588				22,998				2.98				3,052,487				22,148				2.91				3,041,528				24,578				3.21
Savings deposits		942,742				6,234				2.62				978,961				6,339				2.60				949,775				7,198				3.01
Time deposits		2,920,335				27,603				3.75				2,992,440				27,776				3.72				3,019,848				30,072				3.95
Other interest-bearing deposits		2,244,097				15,267				2.70				2,090,816				13,308				2.55				1,897,927				13,361				2.79
Total interest-bearing deposits		9,172,762				72,102				3.12				9,114,704				69,571				3.06				8,909,078				75,209				3.35
			​				​				​				​				​				​				​				​				​
Borrowings		874,544				6,393				2.90				812,384				5,402				2.67				783,994				4,550				2.30
Subordinated debentures		202,300				4,337				8.51				202,114				4,283				8.50				263,511				5,917				8.91
Finance lease		769				11				5.68				845				12				5.70				1,068				16				5.94
Total interest-bearing liabilities		10,250,375				82,843				3.21				10,130,047				79,268				3.14				9,957,651				85,692				3.41
			​				​				​				​				​				​				​				​				​
Noninterest-bearing demand deposits		2,510,843					​				​			2,424,773					​				​			2,486,993					​				​
Other liabilities		137,207					​				​			86,932					​				​			92,049					​				​
Total noninterest-bearing liabilities		2,648,050					​				​			2,511,705					​				​			2,579,042					​				​
Stockholders’ equity		1,636,171					​				​			1,612,528					​				​			1,513,892					​				​
Total liabilities and stockholders’ equity	$	14,534,596					​				​		$	14,254,280					​				​		$	14,050,585					​				​
			​				​				​				​				​				​				​				​				​
Net interest income (tax equivalent basis)			​			118,541					​				​			114,841					​				​			103,155					​
Net interest spread (5)			​				​			2.63	%				​				​			2.65	%				​				​			2.28	%
			​				​				​				​				​				​				​				​				​
Net interest margin (6)			​				​			3.44	%				​				​			3.42	%				​				​			3.11	%
			​				​				​				​				​				​				​				​				​
Tax equivalent adjustment			​			(1,243	)				​				​			(1,202	)				​				​			(1,138	)				​
Net interest income			​		$	117,298					​				​		$	113,639					​				​		$	102,017					​

____________________________

(1)	Average balances are calculated on amortized cost.
(2)	Interest income is presented on a tax equivalent basis using 21% federal tax rate.
(3)	Includes loan fee income.
(4)	Loans include nonaccrual loans.
(5)	Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities and is presented on a tax equivalent basis.
(6)	Represents net interest income on a tax equivalent basis divided by average total interest-earning assets.
(7)	Rates are annualized.

This press release was published by a CLEAR® Verified individual.

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) — American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2026 financial results, reflecting execution of its commercial strategy and the benefits of long-term investments in its customers, team members, network, fleet and technology.

Third-quarter financial highlights:

• Total revenue of $16.3 billion, up 19.3% year over year, above the high end of the previously announced guidance range.
• Delivered the best unit cost performance among the network carriers, with CASM-ex¹ up 3.0%.
• Fuel expense for the quarter increased $1.9 billion, or 67.5%, year over year.
• GAAP net loss of $269 million, or ($0.41) per diluted share.
• Adjusted net loss of $182 million², or ($0.28) per diluted share. Adjusted net loss was only $71 million below third quarter 2025 despite the $1.9 billion increase in fuel expense.

“American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way,” said American’s CEO Robert Isom. “The investments we are making across the four pillars of our commercial strategy are working, and we expect another quarter of record revenue growth to close out the year. While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term. I’m grateful to the American Airlines team for making this progress possible.”

The company’s third-quarter results were driven by strong revenue performance across all geographies and cabins:

• Premium revenue increased 22.9%, and Main Cabin revenue increased 19.5% year over year.
• Total unit revenue increased 14.5% year over year, reflecting continued strength in demand for travel.
• Domestic passenger unit revenue increased 13.6% year over year in the third quarter.
• International passenger unit revenue increased 16.4%, with the Latin America entity up 21.1%, the Atlantic entity up 14.5% and the Pacific entity up 11.3% compared to the third quarter of 2025.
• AAdvantage^® enrollments increased 27.4% year over year.
• Demand for business travel remained strong, with managed corporate revenue increasing 27.6% year over year, marking the sixth consecutive quarter of double-digit growth.

This revenue performance was a result of the company’s continued focus on its four commercial pillars: elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.

1) Elevate the customer experience

American’s investments in high-speed connectivity, lounges, seatback entertainment, airport facilities and fleet modernization are creating the foundation for a best-in-class customer experience.

In May, American announced plans to equip more than 500 aircraft with high-speed Starlink Wi-Fi, representing the largest in-flight connectivity upgrade in the airline’s history. Building on that commitment, the company announced on Oct. 8 that it plans to expand Starlink installation across its entire mainline fleet, bringing the technology to more than 1,000 aircraft. Once installation is complete, American will offer one of the largest fleets of Starlink-connected aircraft in the world.

The company also continues to grow its Admirals Club^® and premium lounge network with more lounges opening or being renovated than at any point in company history. Additionally, American announced the expansion of seatback entertainment to the narrowbody fleet, including screens on new deliveries beginning in 2028. With these foundational investments underway, American remains focused on further improving customer satisfaction through enhanced operational reliability, better disruption management and a more consistent travel experience.

2) Grow the global network

American continues to strengthen its global network, offering customers more destinations, better connectivity and greater schedule utility. At Dallas Fort Worth International Airport (DFW), this year’s rebank produced record passenger volumes, fewer misconnections and mishandled bags, and unit revenue that outpaced the rest of the system. In Chicago, Miami, Philadelphia and Phoenix, American is building stronger schedules for local customers.

3) Drive premium revenue

American continues to see momentum in premium demand, demonstrating the benefits of recent investments across its premium products and customer experience. Premium passenger unit revenue increased 18.5% year over year during the third quarter, compared with an increase of 14.4% in Main Cabin.

American plans to continue expanding premium seating through the delivery of new aircraft and the retrofit of existing aircraft. Premium products generate roughly half of the company’s ticket revenue on approximately 30% of seats today. Through the recently announced narrowbody retrofit program, American expects premium seats on narrowbody aircraft to increase to 40% in the coming years.

The company also continues to take actions to improve revenue quality and provide customers with a broader range of choices. These initiatives contributed to a 6-point increase in the upsell rate from Basic Economy to Main Cabin during the quarter.

4) Lead in loyalty

The AAdvantage^® program remains one of American’s strongest competitive advantages, driving customer engagement, premium demand and long-term value creation. The program continues to benefit from strong member activity, increased engagement and enhancements to American’s co-branded credit card program.

Enrollments in the AAdvantage^® program increased 27.4% year over year in the third quarter. American’s co-branded credit card partnership with Citi saw year-over-year third-quarter card spend growth of nearly 10%.

Efficiency and cost performance

American continues to benefit from long-term investments in technology, procurement and other initiatives designed to build a more efficient and resilient airline. The company is reengineering how work gets done across the business, improving productivity and simplifying processes while continuing to invest in the customer and team member experience.

By the end of 2026, the company expects to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through its multiyear reengineering efforts. American continues to identify opportunities to use technology, automation and artificial intelligence to simplify the business and equip team members with better tools to improve decision-making.

“We remain focused ​on the ​factors ​that drive the most value,” said American’s ​Chief Financial Officer Devon ​May. “Our long-term ​focus ​on ​efficiency supported ​industry-leading unit ​cost results in the quarter, with CASM-ex ​increasing 3.0% ​year over ​year. For the full year, we expect to lead the network carriers in the spread between year-over-year unit revenue and CASM-ex growth.”

Overall financial results were pressured by a significant increase in fuel costs. American paid an average of $3.85 per gallon in the third quarter, which increased fuel expense by $1.9 billion year over year.

Balance sheet and liquidity

American ended the third quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien capacity. The company remains committed to reducing debt, lowering interest expense and achieving its target of 3.0x net debt³ to EBITDAR, in line with BB credit metrics.

Outlook and financial guidance

In​ the fourth ​quarter, ​the ​company ​expects continued ​revenue ​strength, with ​year-over-year ​revenue ​growth ​between ​19.5% and 22.5%. ​Based ​on the forward fuel curve ​as ​of Oct. 19, American anticipates an ​average fuel price ​of ​approximately $4.70 ​per gallon, nearly double the price paid in ​the fourth ​quarter of ​2025. At ​that price, ​fuel ​expense is ​expected to increase approximately $2.8 billion ​versus ​the fourth ​quarter of ​2025.

Given elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels.

4Q 2026E (vs. 4Q 2025)
Available seat miles	+5.5% – +6.5%
Total revenue	+19.5% – +22.5%
CASM excluding net special items, fuel and profit sharing1	+2.5% – +3.5%
Adjusted loss per diluted share4	($1.10) – ($0.50)
FY 2026E
Adjusted loss per diluted share4	($1.60) – ($1.00)

Conference call and webcast

American will host a conference call at 7:30 a.m. CT today. A live webcast and replay will be available at American’s investor relations website.

Notes

See the accompanying notes in the financial tables section of this news release for further explanation, including reconciliations of certain GAAP to non-GAAP financial information.

1. Cost per available seat mile excluding net special items, fuel and profit sharing, or CASM-ex, is a non-GAAP measure. The company is unable to reconcile certain forward-looking information to GAAP because the nature or amount of net special items cannot be determined at this time.
2. Adjusted net loss is a non-GAAP financial measure and excludes $87 million of net special items after the effect of taxes that the company recognized in the third quarter.
3. Net debt includes debt, finance and operating lease liabilities and pension obligations less unrestricted cash and short-term investments.
4. Adjusted loss per diluted share guidance excludes the impact of net special items and represents an absolute number, not a year-over-year comparison. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.

   Other: Third-quarter revenue growth of 19.3% is the highest in company history excluding the years following the pandemic.

About American Airlines Group (NASDAQ: AAL)

American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 140,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.

The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever Forward^SM spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

Use of websites and social media to disclose information

American routinely uses the investor relations section of its website as well as its social media pages, including on Facebook and X, and its newsroom at news.aa.com, to disclose important information about American Airlines Group Inc. and its subsidiaries and to comply with its disclosure obligations under Regulation Fair Disclosure. The information contained on, or that may be accessed through, the company’s website, social media channels or newsroom is not incorporated by reference into, and is not a part of, this document, and all website addresses in this document are intended to be inactive textual references only.

Cautionary statement regarding forward-looking statements and information

Certain of the statements contained in this document should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions could adversely affect our business; we will need to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions; if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; the airline industry is intensely competitive and dynamic; union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services; any damage to our reputation or brand image could adversely affect our business or financial results; risks of losses and adverse publicity from any public incidents involving our company, people or brand; changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition; we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity; our business is subject to extensive government regulation; we can be adversely affected by any prolonged partial or full U.S. Government shutdown; we operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control; we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; a shortage of pilots or other personnel could materially adversely affect our business; we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future; interruptions or disruptions in service at one of our key facilities; increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; risks related to ownership of AAG common stock; and other risks set forth herein as well as in the company’s latest annual report on Form 10-K for the year ended December 31, 2025 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Financial tables

American Airlines Group Inc.
Condensed Consolidated Statements of Operations
(In millions, except share and per share amounts)
(Unaudited)
		3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
			2026				2025			(Decrease)				2026				2025			(Decrease)
Operating revenues:
Passenger		$	14,900			$	12,471			19.5			$	42,609			$	36,985			15.2
Cargo			274				212			29.1				761				612			24.3
Other			1,161				1,008			15.2				3,612				3,037			18.9
Total operating revenues			16,335				13,691			19.3				46,982				40,634			15.6
Operating expenses:
Aircraft fuel and related taxes			4,635				2,767			67.5				12,444				8,017			55.2
Salaries, wages and benefits			4,713				4,461			5.7				14,027				13,065			7.4
Regional expenses:
Regional operating expenses			1,356				1,286			5.5				4,012				3,809			5.3
Regional depreciation and amortization			93				84			10.5				276				244			13.0
Maintenance, materials and repairs			1,092				1,028			6.2				3,100				2,876			7.8
Other rent and landing fees			996				906			9.9				2,862				2,627			9.0
Aircraft rent			309				310			(0.5	)			926				910			1.7
Selling expenses			553				483			14.7				1,664				1,467			13.4
Depreciation and amortization			493				474			3.9				1,446				1,418			2.0
Special items, net			9				7			22.5				29				125			(76.6	)
Other			1,971				1,734			13.7				5,675				5,061			12.1
Total operating expenses			16,220				13,540			19.8				46,461				39,619			17.3
Operating income			115				151			(23.4	)			521				1,015			(48.7	)
Nonoperating income (expense):
Interest income			87				90			(3.8	)			217				285			(24.0	)
Interest expense, net			(435	)			(432	)		0.7				(1,242	)			(1,294	)		(4.0	)
Other income (expense), net			(101	)			49			nm	(1)			(198	)			42			nm
Total nonoperating expense, net			(449	)			(293	)		53.8				(1,223	)			(967	)		26.5
Income (loss) before income taxes			(334	)			(142	)		nm				(702	)			48			nm
Income tax provision (benefit)			(65	)			(28	)		nm				(122	)			36			nm
Net income (loss)		$	(269	)		$	(114	)		nm			$	(580	)		$	12			nm
Earnings (loss) per common share:
Basic		$	(0.41	)		$	(0.17	)					$	(0.88	)		$	0.02
Diluted		$	(0.41	)		$	(0.17	)					$	(0.88	)		$	0.02
Weighted average shares outstanding (in thousands):
Basic			662,706				660,358							662,026				659,788
Diluted			662,706				660,358							662,026				660,784
Note: Percent change may not recalculate due to rounding.
(1) Not meaningful or greater than 100% change.

American Airlines Group Inc.
Consolidated Operating Statistics (1)
(Unaudited)
		3 Months Ended September 30,				Increase				9 Months Ended September 30,				Increase
		2026		2025		(Decrease)				2026		2025		(Decrease)
Revenue passenger miles (millions)		67,265		66,580		1.0		%		193,934		188,698		2.8		%
Available seat miles (ASM) (millions)		80,680		77,400		4.2		%		234,533		224,939		4.3		%
Passenger load factor (percent)		83.4		86.0		(2.6	)	pts		82.7		83.9		(1.2	)	pts
Yield (cents)		22.15		18.73		18.3		%		21.97		19.60		12.1		%
Passenger revenue per ASM (cents)		18.47		16.11		14.6		%		18.17		16.44		10.5		%
Total revenue per ASM (cents)		20.25		17.69		14.5		%		20.03		18.06		10.9		%
Cargo ton miles (millions)		625		545		14.7		%		1,790		1,550		15.5		%
Cargo yield per ton mile (cents)		43.86		38.94		12.6		%		42.52		39.52		7.6		%
Fuel consumption (gallons in millions)		1,204		1,169		3.0		%		3,473		3,375		2.9		%
Average aircraft fuel price including related taxes (dollars per gallon)		3.85		2.37		62.7		%		3.58		2.38		50.8		%
Operating cost per ASM (cents)		20.10		17.49		14.9		%		19.81		17.61		12.5		%
Operating cost per ASM excluding net special items (cents)		20.08		17.48		14.9		%		19.79		17.56		12.7		%
Operating cost per ASM excluding net special items and fuel (cents)		14.34		13.91		3.1		%		14.49		13.99		3.5		%
Operating cost per ASM excluding net special items, fuel and profit sharing (cents)		14.34		13.92		3.0		%		14.49		13.98		3.6		%
Passenger enplanements (thousands)		58,143		58,474		(0.6	)	%		169,014		168,220		0.5		%
Departures (thousands):
Mainline		304		298		2.3		%		896		881		1.7		%
Regional		281		267		5.3		%		820		787		4.2		%
Total		585		565		3.7		%		1,716		1,668		2.9		%
Average stage length (miles):
Mainline		1,220		1,201		1.6		%		1,212		1,188		2.0		%
Regional		471		464		1.4		%		473		465		1.9		%
Total		861		853		0.9		%		859		846		1.5		%
Aircraft at end of period:
Mainline		1,037		998		3.9		%		1,037		998		3.9		%
Regional (2)		587		557		5.4		%		587		557		5.4		%
Total		1,624		1,555		4.4		%		1,624		1,555		4.4		%
Full-time equivalent employees at end of period:
Mainline		107,700		104,900		2.7		%		107,700		104,900		2.7		%
Regional (3)		33,400		32,000		4.4		%		33,400		32,000		4.4		%
Total		141,100		136,900		3.1		%		141,100		136,900		3.1		%
Note: Amounts may not recalculate due to rounding.
(1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.
(2) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are two Bombardier CRJ900 regional aircraft that are held in temporary storage as of September 30, 2026.
(3) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.

American Airlines Group Inc.
Consolidated Revenue Statistics by Region
(Unaudited)
		3 Months Ended September 30,				Increase				9 Months Ended September 30,				Increase
		2026		2025		(Decrease)				2026		2025		(Decrease)
Domestic (1)
Revenue passenger miles (millions)		44,579		43,741		1.9		%		129,068		125,206		3.1		%
Available seat miles (ASM) (millions)		54,096		51,106		5.9		%		157,579		149,762		5.2		%
Passenger load factor (percent)		82.4		85.6		(3.2	)	pts		81.9		83.6		(1.7	)	pts
Passenger revenue (dollars in millions)		10,489		8,723		20.2		%		30,205		26,010		16.1		%
Yield (cents)		23.53		19.94		18.0		%		23.40		20.77		12.7		%
Passenger revenue per ASM (cents)		19.39		17.07		13.6		%		19.17		17.37		10.4		%
Latin America (2)
Revenue passenger miles (millions)		7,706		7,726		(0.3	)	%		26,612		26,106		1.9		%
Available seat miles (millions)		8,807		8,832		(0.3	)	%		31,379		30,560		2.7		%
Passenger load factor (percent)		87.5		87.5		–		pts		84.8		85.4		(0.6	)	pts
Passenger revenue (dollars in millions)		1,618		1,340		20.7		%		5,307		4,795		10.7		%
Yield (cents)		20.99		17.34		21.1		%		19.94		18.37		8.6		%
Passenger revenue per ASM (cents)		18.37		15.17		21.1		%		16.91		15.69		7.8		%
Atlantic
Revenue passenger miles (millions)		12,746		12,951		(1.6	)	%		30,802		30,317		1.6		%
Available seat miles (millions)		15,023		14,878		1.0		%		36,708		36,255		1.2		%
Passenger load factor (percent)		84.8		87.0		(2.2	)	pts		83.9		83.6		0.3		pts
Passenger revenue (dollars in millions)		2,438		2,109		15.6		%		5,893		5,160		14.2		%
Yield (cents)		19.13		16.28		17.5		%		19.13		17.02		12.4		%
Passenger revenue per ASM (cents)		16.23		14.17		14.5		%		16.05		14.23		12.8		%
Pacific
Revenue passenger miles (millions)		2,234		2,162		3.3		%		7,452		7,069		5.4		%
Available seat miles (millions)		2,754		2,584		6.6		%		8,867		8,362		6.0		%
Passenger load factor (percent)		81.1		83.7		(2.6	)	pts		84.0		84.5		(0.5	)	pts
Passenger revenue (dollars in millions)		355		299		18.5		%		1,204		1,020		18.0		%
Yield (cents)		15.88		13.84		14.8		%		16.15		14.43		11.9		%
Passenger revenue per ASM (cents)		12.88		11.58		11.3		%		13.57		12.20		11.3		%
Total International
Revenue passenger miles (millions)		22,686		22,839		(0.7	)	%		64,866		63,492		2.2		%
Available seat miles (millions)		26,584		26,294		1.1		%		76,954		75,177		2.4		%
Passenger load factor (percent)		85.3		86.9		(1.6	)	pts		84.3		84.5		(0.2	)	pts
Passenger revenue (dollars in millions)		4,411		3,748		17.7		%		12,404		10,975		13.0		%
Yield (cents)		19.44		16.41		18.5		%		19.12		17.29		10.6		%
Passenger revenue per ASM (cents)		16.59		14.25		16.4		%		16.12		14.60		10.4		%
Note: Amounts may not recalculate due to rounding.
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.
(2) Latin America results include the Caribbean.

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:
– Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure)  – Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) – Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure) – Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure) – Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure) – Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure)
Management uses these non-GAAP financial measures to evaluate the Company’s current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand the Company’s core operating performance.
Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate the Company’s current operating performance and to allow for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, the Company excludes profit sharing to allow investors to better understand and analyze its operating cost performance and to provide a more meaningful comparison of its core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.
	Reconciliation of Operating Income Excluding Net Special Items		3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
				2026				2025			(Decrease)				2026				2025			(Decrease)
			(in millions)											(in millions)
	Operating income as reported		$	115			$	151						$	521			$	1,015
	Operating net special items:
	Mainline operating special items, net (1)			9				7							29				125
	Regional operating special items, net			8				–							8				–
	Operating income excluding net special items		$	132			$	158			(16.2	%)		$	558			$	1,140			(51.0	%)
	Calculation of Operating Margin
	Operating income as reported		$	115			$	151						$	521			$	1,015
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Operating margin			0.7	%			1.1	%						1.1	%			2.5	%
	Calculation of Operating Margin Excluding Net Special Items
	Operating income excluding net special items		$	132			$	158						$	558			$	1,140
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Operating margin excluding net special items			0.8	%			1.2	%						1.2	%			2.8	%
	Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items
	Pre-tax income (loss) as reported		$	(334	)		$	(142	)					$	(702	)		$	48
	Pre-tax net special items:
	Mainline operating special items, net (1)			9				7							29				125
	Regional operating special items, net			8				–							8				–
	Nonoperating special items, net (2)			95				(4	)						259				28
	Total pre-tax net special items			112				3							296				153
	Pre-tax income (loss) excluding net special items		$	(222	)		$	(139	)		60.1	%		$	(406	)		$	201			nm
	Calculation of Pre-Tax Margin
	Pre-tax income (loss) as reported		$	(334	)		$	(142	)					$	(702	)		$	48
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Pre-tax margin			(2.0	%)			(1.0	%)						(1.5	%)			0.1	%
	Calculation of Pre-Tax Margin Excluding Net Special Items
	Pre-tax income (loss) excluding net special items		$	(222	)		$	(139	)					$	(406	)		$	201
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Pre-tax margin excluding net special items			(1.4	%)			(1.0	%)						(0.9	%)			0.5	%
			3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
	Reconciliation of Net Income (Loss) Excluding Net Special Items			2026				2025			(Decrease)				2026				2025			(Decrease)
			(in millions, except share and per share amounts)											(in millions, except share and per share amounts)
	Net income (loss) as reported		$	(269	)		$	(114	)					$	(580	)		$	12
	Net special items:
	Total pre-tax net special items (1), (2)			112				3							296				153
	Net tax effect of net special items			(25	)			–							(66	)			(34	)
	Net income (loss) excluding net special items		$	(182	)		$	(111	)		63.7	%		$	(350	)		$	131			nm
	Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items
	Net income (loss) excluding net special items		$	(182	)		$	(111	)					$	(350	)		$	131
	Shares used for computation (in thousands):
	Basic			662,706				660,358							662,026				659,788
	Diluted			662,706				660,358							662,026				660,784
	Earnings (loss) per share excluding net special items:
	Basic		$	(0.28	)		$	(0.17	)					$	(0.53	)		$	0.20
	Diluted		$	(0.28	)		$	(0.17	)					$	(0.53	)		$	0.20
	Reconciliation of Total Operating Costs per ASM Excluding Net Special Items, Fuel and Profit Sharing
	Total operating expenses as reported		$	16,220			$	13,540						$	46,461			$	39,619
	Operating net special items:
	Mainline operating special items, net (1)			(9	)			(7	)						(29	)			(125	)
	Regional operating special items, net			(8	)			–							(8	)			–
	Total operating expenses excluding net special items			16,203				13,533							46,424				39,494
	Aircraft fuel and related taxes			(4,635	)			(2,767	)						(12,444	)			(8,017	)
	Total operating expenses excluding net special items and fuel			11,568				10,766							33,980				31,477
	Profit sharing			–				8							–				(33	)
	Total operating expenses excluding net special items, fuel and profit sharing		$	11,568			$	10,774						$	33,980			$	31,444
			(in cents)											(in cents)
	Total operating expenses per ASM as reported			20.10				17.49							19.81				17.61
	Operating net special items per ASM:
	Mainline operating special items, net (1)			(0.01	)			(0.01	)						(0.01	)			(0.06	)
	Regional operating special items, net			(0.01	)			–							–				–
	Total operating expenses per ASM excluding net special items			20.08				17.48							19.79				17.56
	Aircraft fuel and related taxes per ASM			(5.74	)			(3.58	)						(5.31	)			(3.56	)
	Total operating expenses per ASM excluding net special items and fuel			14.34				13.91							14.49				13.99
	Profit sharing per ASM			–				0.01							–				(0.01	)
	Total operating expenses per ASM excluding net special items, fuel and profit sharing			14.34				13.92							14.49				13.98
	Note: Amounts may not recalculate due to rounding.
	FOOTNOTES:
(1)	The 2025 nine month period mainline operating special items, net principally included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with the Company’s mainline maintenance and fleet service team members and adjustments to litigation reserves.
(2)	Principally included mark-to-market net unrealized gains and losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. Additionally, the 2026 third quarter and nine month period included an impairment charge related to the Company’s equity investment in Republic Airways Holdings Inc.

American Airlines Group Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
				9 Months Ended September 30,
					2026				2025
	Net cash provided by operating activities			$	4,541			$	3,373
	Cash flows from investing activities:
	Capital expenditures and aircraft purchase deposits				(2,728	)			(2,149	)
	Proceeds from sale-leaseback transactions and sale of property and equipment				77				243
	Purchases of short-term investments				(5,026	)			(4,801	)
	Sales of short-term investments				2,751				4,944
	Decrease (increase) in restricted short-term investments				180				(20	)
	Other investing activities				(79	)			279
	Net cash used in investing activities				(4,825	)			(1,504	)
	Cash flows from financing activities:
	Proceeds from issuance of long-term debt				5,933				2,169
	Payments on long-term debt and finance leases				(5,347	)			(4,087	)
	Other financing activities				(130	)			85
	Net cash provided by (used in) financing activities				456				(1,833	)
	Net increase in cash and restricted cash				172				36
	Cash and restricted cash at beginning of period				1,056				902
	Cash and restricted cash at end of period (1)			$	1,228			$	938
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
(1)	The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
	Cash			$	1,124			$	835
	Restricted cash included in restricted cash and short-term investments				104				103
	Total cash and restricted cash			$	1,228			$	938

American Airlines Group Inc.
Condensed Consolidated Balance Sheets
(In millions, except shares)
	September 30, 2026				December 31, 2025
	(unaudited)
Assets
Current assets
Cash	$	1,124			$	954
Short-term investments		7,163				4,882
Restricted cash and short-term investments		555				735
Accounts receivable, net		1,928				2,075
Aircraft fuel, spare parts and supplies, net		3,171				2,792
Prepaid expenses and other		800				767
Total current assets		14,741				12,205
Operating property and equipment
Flight equipment		48,715				46,597
Ground property and equipment		10,808				10,479
Equipment purchase deposits		633				656
Total property and equipment, at cost		60,156				57,732
Less accumulated depreciation and amortization		(26,530	)			(25,192	)
Total property and equipment, net		33,626				32,540
Operating lease right-of-use assets		6,744				7,091
Other assets
Goodwill		4,091				4,091
Intangibles, net		2,067				2,066
Deferred tax asset		2,477				2,368
Other assets		1,272				1,413
Total other assets		9,907				9,938
Total assets	$	65,018			$	61,774
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Current maturities of long-term debt and finance leases	$	3,692			$	3,753
Accounts payable		3,334				2,840
Accrued salaries and wages		2,175				2,128
Air traffic liability		9,414				7,158
Loyalty program liability		4,446				3,725
Operating lease liabilities		1,032				1,058
Fuel financing		933				914
Other accrued liabilities		2,997				2,916
Total current liabilities		28,023				24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities		25,943				25,254
Pension and postretirement benefits		1,099				1,568
Loyalty program liability		7,068				6,839
Operating lease liabilities		5,607				5,905
Other liabilities		1,502				1,443
Total noncurrent liabilities		41,219				41,009
Stockholders’ equity (deficit)
Common stock, 662,618,434 shares outstanding at September 30, 2026		7				7
Additional paid-in capital		7,424				7,387
Accumulated other comprehensive loss		(4,343	)			(4,389	)
Retained deficit		(7,312	)			(6,732	)
Total stockholders’ deficit		(4,224	)			(3,727	)
Total liabilities and stockholders’ equity (deficit)	$	65,018			$	61,774

Total Debt and Net Debt
The Company’s total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company’s debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is defined as total debt, net of unrestricted cash and short-term investments.
Total Debt and Net Debt (at end of period)		September 30, 2026
		(in millions)
Debt and finance leases		$	29,635
Operating lease liabilities			6,639
Pension obligations			92
Total debt			36,366
Less: cash and short-term investments			8,287
Net debt		$	28,079

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