Ravi Shankar – Page 403

SCYNEXIS to Feature SCY-247 in a Pipeline Presentation at IDWeek

Posted on October 21, 2026 by Ravi Shankar

JERSEY CITY, N.J., Oct. 21, 2026 (GLOBE NEWSWIRE) — SCYNEXIS, Inc. (NASDAQ: SCYX) (“SCYNEXIS” or the “Company”), a clinical-stage biotechnology company dedicated to advancing innovative solutions for severe rare diseases, announces that SCY-247, its second-generation triterpenoid (fungerp) antifungal candidate, will be featured in an oral company pipeline presentation at IDWeek, being held October 21-24, 2026 at the Walter E. Washington Convention Center in Washington, D.C. SCY-247 is under development in both oral and intravenous (IV) formulations for the treatment and prevention of invasive fungal infections with the potential to provide therapeutic advantages by having activity against drug-resistant fungi.

Presentation details are as follows:

Title:	SCY-247, a novel phase 2 IV/oral triterpenoid antifungal
Session:	New Antimicrobials in the Pipeline
Date:	Friday, October 23, 2026 at 8:00 a.m. Eastern time
Location:	206
Speaker:	David Angulo, M.D., President and Chief Executive Officer

About IDWeek

IDWeek is the joint annual meeting of the Infectious Diseases Society of America, the Society for Healthcare Epidemiology of America, the HIV Medicine Association, the Pediatric Infectious Diseases Society and the Society of Infectious Diseases Pharmacists. IDWeek is a recognized forum for peer-reviewed presentations of new research on scientific advances and bench-to-bedside approaches in prevention, diagnosis, treatment and epidemiology of infectious diseases across the lifespan. For more information, visit idweek.org.

About SCY-247

SCY-247 is a second-generation triterpenoid (fungerp) antifungal candidate being developed for the treatment of invasive candidiasis and the prevention of invasive fungal diseases. As a member of a novel structural class, SCY-247 has a differentiated mechanism of action from existing antifungal classes and has demonstrated in vitro activity against a broad range of fungal pathogens, including strains resistant to currently available therapies. SCY-247 has been granted Orphan Drug, Qualified Infectious Disease Product (QIDP) and Fast Track designations by the U.S. Food and Drug Administration. Recently, Scynexis was awarded a BARDA contract (75A50126C00007) providing up to approximately $214 million, if milestones are achieved, in non-dilutive funding to advance the development of SCY-247.

Development activities for SCY-247 may be funded in whole or in part with federal funds from the U.S. Department of Health and Human Services (HHS); Administration for Strategic Preparedness and Response (ASPR); Center for the Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50126C00007.

About SCYNEXIS

SCYNEXIS, Inc. (NASDAQ: SCYX) is a clinical-stage biotechnology company dedicated to advancing innovative solutions for severe rare diseases. SCY-770 is being developed for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD) and has been granted Orphan Drug designation. SCYNEXIS’s proprietary antifungal platform “fungerps” includes BREXAFEMME® (ibrexafungerp tablets), the first approved representative of this novel class, which has been licensed to GSK, and SCY-247, currently in clinical stages of development for the treatment and prevention of invasive fungal diseases. For more information, visit www.scynexis.com.

Forward-Looking Statements

Statements contained in this press release regarding expected future events or results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding: the potential for SCY-247 to provide therapeutic advantages by having activity against drug-resistant fungi in both oral and IV formulations; the timing and amount of any BARDA funding (under contract 75A50126C00007); and other statements identified by words such as “will,” “potential,” “could,” “can,” “believe,” “intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” other words of similar meaning or the use of future dates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in regulatory and other costs in developing products, including the risk that SCYNEXIS may not reach alignment with the FDA on the planned Phase 2 study designs on the anticipated timelines or at all, and the risk that BARDA does not exercise one or more options under the BARDA contract (75A50126C00007). For the Company, this includes the future prospects of the Company’s SCY-247 and SCY-770 programs, the timing and results of the Company’s anticipated Phase 2 clinical studies, stock price volatility and uncertainties relating to the financial markets, the medical community and the global economy, and the impact of instability in general business and economic conditions, including changes in inflation and interest rates. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including without limitation, its most recent Annual Report on Form 10-K filed on March 4, 2026, including under the caption “Risk Factors,” and in other filings the Company makes with the SEC from time to time. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

CONTACT:
Investor Relations
John Fraunces
LifeSci Advisors
Tel: 917-355-2395
jfraunces@lifesciadvisors.com

Posted in UncategorizedTagged GlobeNewswire

Getty Realty Corp. Announces Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

– Completes More Than $500 Million of Year-to-Date Investment Activity –

– Increases 2026 Full Year Earnings Guidance –

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) — Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today its financial and operating results for the quarter ended September 30, 2026.

Third Quarter 2026 Highlights

Net earnings: $0.40 per share
Funds From Operations (“FFO”): $0.61 per share
Adjusted Funds From Operations (“AFFO”): $0.64 per share
Invested $297.4 million across 68 properties at a 6.9% initial cash yield, plus an additional $46.3 million at a 7.6% initial cash yield subsequent to quarter end
Committed investment pipeline of more than $75 million for the development and/or acquisition of 29 convenience and automotive retail properties, as of October 21, 2026

“Getty has delivered strong results thus far in 2026, highlighted by a 5.0% increase in year-to-date AFFO per share, and more than $500 million of year-to-date investments,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “While the recently announced $261 million Refuel transaction was a milestone transaction for the Company, I am pleased that we continue to make investments and expand tenant relationships across all our target convenience and automotive retail sectors. The durability of our portfolio and strength of our balance sheet position us well as we reassess our investment pipeline and take a disciplined approach to capital allocation in the current market environment.”

Net Earnings, FFO and AFFO

All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release.

($ in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net earnings	$	25,606	$	23,348	$	74,820	$	52,148
Net earnings per share	$	0.40	$	0.40	$	1.18	$	0.89

FFO	$	38,865	$	38,697	$	118,639	$	98,193
FFO per share	$	0.61	$	0.66	$	1.89	$	1.70

AFFO	$	41,149	$	36,102	$	118,978	$	103,866
AFFO per share	$	0.64	$	0.62	$	1.89	$	1.80

Select Financial Results

Revenues from Rental Properties

($ in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Rental income (a)	$	60,807	$	53,477	$	174,511	$	155,384
Tenant reimbursement income		1,458		1,682		3,698		4,205
Revenues from rental properties	$	62,265	$	55,159	$	178,209	$	159,589

(a)	Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments.

For the quarter ended September 30, 2026, base rental income grew 13.8% to $59.3 million, as compared to $52.1 million for the same period in 2025. For the nine months ended September 30, 2026, base rental income grew 13.2% to $171.7 million, as compared to $151.7 million for the same period in 2025.

The growth in base rental income was driven by incremental revenue from recently acquired properties and contractual rent increases for in-place leases, partially offset by property dispositions.

Interest (Income) on Notes and Mortgages Receivable

($ in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest on notes and mortgages receivable	$	725	$	432	$	1,676	$	1,589

The change in interest earned on notes and mortgages receivable in both periods was due to a net increase in average notes and mortgages receivable outstanding as compared to the prior year.

Property Costs

($ in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Property operating expenses	$	2,171	$	2,251	$	5,810	$	6,361
Leasing and redevelopment expenses		53		155		445		470
Property costs	$	2,224	$	2,406	$	6,255	$	6,831

The improvement in property operating expenses in both periods was due to a decrease in rent expense, as well as lower reimbursable and non-reimbursable expenses. The reduction in leasing and redevelopment expenses for both periods was primarily due to a decrease in professional fees and write-offs for redevelopment projects, partially offset by an increase in demolitions costs for the nine months ended September 30, 2026.

Other Expenses

($ in thousands)	Three Months Ended September 30,					Nine Months Ended September 30,
	2026		2025			2026			2025
Environmental expenses	$	320	$	(3,356	)	$	(6,889	)	$	2,101
General and administrative expenses		8,327		6,441			24,680			20,161
Impairments		373		647			4,350			2,271

The change in environmental expenses in both periods was driven by changes in environmental estimates, including the removal of unknown reserve liabilities that had previously been accrued for certain properties. The change in environmental expenses for the nine months ended September 30, 2026 also included a decrease in environmental litigation accruals. Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of changes in reported environmental expenses for any one period, or a comparison to prior periods.

The change in general and administrative expenses in both periods was driven by non-recurring costs related to the departure of former executive officers, as well as an increase in professional fees.

Impairment charges result from (i) the accumulation of asset retirement costs at certain properties due to changes in estimated environmental liabilities, which increases the carrying values of these properties in excess of their fair values, and (ii) decreases in the carrying value of certain properties based on third-party indications of potential selling prices or reductions in estimated undiscounted cash flows expected to be received during the assumed holding period.

Portfolio Activities

Acquisitions and Development Funding

During the quarter ended September 30, 2026, the Company invested $297.4 million at a 6.9% initial cash yield, including:

The acquisition of 53 properties for $286.0 million, including 42 convenience stores, nine auto service centers, and two drive-thru quick service restaurants.
Incremental development funding of $11.3 million for the construction of new-to-industry auto service centers, drive-thru quick service restaurants, and convenience stores. As of September 30, 2026, the Company had advanced aggregate funding of $23.3 million for the development of new-to-industry properties that are either owned by the Company and under construction by its tenants, or which the Company expects to acquire via sale-leaseback transactions at the end of the respective construction periods.

Subsequent to quarter end, the Company invested $46.3 million at a 7.6% initial cash yield, and year-to-date, has invested a total of $502.3 million at a 7.2% initial cash yield.

Investment Pipeline

As of October 21, 2026, the Company had a committed investment pipeline of more than $75 million for the development and/or acquisition of 29 convenience and automotive retail properties. While the Company has fully executed agreements for each transaction, the timing and amount of each investment is dependent on its counterparties and the schedules under which they are able to complete development projects and certain business acquisitions for which the Company is providing sale leaseback financing.

Redevelopments

As of September 30, 2026, the Company had signed leases for four redevelopment projects, including two sites under construction and two sites pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning.

Dispositions

During the quarter ended September 30, 2026, the Company sold eight properties for gross proceeds of $11.6 million, and recorded a gain of $3.4 million on the dispositions. During the nine months ended September 30, 2026, the Company sold 14 properties for gross proceeds of $23.5 million, and recorded a gain of $9.8 million on the dispositions.

Balance Sheet and Capital Markets

As of September 30, 2026, the Company had $1.2 billion of total indebtedness, including (i) $1.0 billion of senior unsecured notes with a weighted average interest rate of 4.5% and a weighted average maturity of 5.5 years, and (ii) $200.0 million outstanding on the Company’s $450.0 million unsecured revolving credit facility (the “Revolver”).

Debt Capital Markets

Subsequent to quarter end, the Company amended the terms of its existing credit agreement to, among other items, provide for a new $200.0 million senior unsecured term loan (the “Term Loan”).

The Term Loan matures October 16, 2028, subject to three twelve-month extensions exercisable at the Company’s option, and bears interest at an effective rate of 5.03% based on the daily SOFR rate and Company’s BBB- credit rating at the closing of the amendment. Proceeds from the Term Loan were used to repay borrowings under the Revolver.

The amendment also removed the additional 10 basis point SOFR credit spread adjustment from the effective interest rate charged for borrowings under the Revolver, and allowed the Company to elect for borrowings under the Term Loan and the Revolver to be priced off a ratings-based grid with the receipt of one investment grade rating, which the Company elected upon the closing of the amendment.

Equity Capital Markets

During the quarter ended September 30, 2026, the Company settled approximately 5.1 million shares of common stock subject to outstanding forward sale agreements for net proceeds of approximately $164.6 million, and entered into new forward sale agreements to sell approximately 0.8 million shares of common stock for anticipated gross proceeds of $28.0 million.

As of September 30, 2026, the Company had a total of approximately 1.5 million shares of common stock subject to outstanding forward sales agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $51.8 million.

2026 Guidance

The Company is increasing its 2026 AFFO guidance to a range of $2.53 to $2.54 per diluted share from the prior range of $2.52 to $2.54 per diluted share. The Company’s outlook includes completed transaction activity as of the date of this release, but does not include prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements).

The guidance is based on current assumptions and is subject to risks and uncertainties more fully described in this press release and the Company’s periodic reports filed with the SEC.

AFFO per share is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable GAAP financial measure because doing so would require unreasonable efforts due to the nature of the adjustments, which rely on assumptions and estimates that are subject to significant change throughout the year, necessary to calculate the non-GAAP measure.

Webcast Information

Getty Realty Corp. will host a conference call and webcast on Thursday, October 22 2026, at 8:30 a.m. EST. To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company’s website at ir.gettyrealty.com.

If you cannot participate in the live event, a replay will be available on Thursday, October 22, 2026, beginning at 11:30 a.m. EST through 11:59 p.m. EST, Thursday, November 5, 2026. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13762493.

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of September 30, 2026, the Company’s portfolio included 1,269 freestanding properties located in 46 states across the United States and Washington, D.C.

Non-GAAP Financial Measures

In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance.

FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net earnings before (i) depreciation and amortization of real estate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairment charges, and (iv) the cumulative effect of accounting changes.

The Company defines AFFO as FFO excluding (i) certain revenue recognition adjustments (defined below), (ii) certain environmental adjustments (defined below), (iii) stock-based compensation, (iv) amortization of debt issuance costs and (v) other non-cash and/or unusual items that are not reflective of the Company’s core operating performance.

Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable.

The Company believes that FFO and AFFO are helpful to analysts and investors in measuring the Company’s performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the core operating performance of the Company’s portfolio. Specifically, FFO excludes items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate assets, and impairment charges. With respect to AFFO, the Company further excludes the impact of (i) deferred rental revenue (straight-line rent), the net amortization of above-market and below-market leases, adjustments recorded for the recognition of rental income from direct financing leases, and the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”), (ii) environmental accretion expenses, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, and changes in environmental remediation estimates (collectively, “Environmental Adjustments”), (iii) stock-based compensation expense, (iv) amortization of debt issuance costs and (v) other items, which may include allowances for credit losses on notes and mortgages receivable and direct financing leases, losses on extinguishment of debt, retirement and severance costs, and other items that do not impact the Company’s recurring cash flow and which are not indicative of its core operating performance.

The Company pays particular attention to AFFO which it believes provides the most useful depiction of the core operating performance of its portfolio. By providing AFFO, the Company believes it is presenting information that assists analysts and investors in their assessment of the Company’s core operating performance, as well as the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies. For a tabular reconciliation of FFO and AFFO to GAAP net earnings, see the table captioned “Reconciliation of Net Earnings to Funds From Operations and Adjusted Funds From Operations” included herein.

Forward-Looking Statements

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the private securities litigation reform act of 1995. When the words “believes,” “expects,” “plans,” “projects,” “estimates,” “anticipates,” “predicts,” “outlook” and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on management’s current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Examples of forward-looking statements include, but are not limited to, those regarding the company’s 2026 AFFO per share guidance, those made by Mr. Constant, statements regarding the recapture and transfer of certain net lease retail properties, statements regarding the ability to obtain appropriate permits and approvals, and statements regarding AFFO as a measure best representing core operating performance and its utility in comparing the sustainability of the company’s core operating performance with the sustainability of the core operating performance of other REITs.

Information concerning factors that could cause the company’s actual results to differ materially from these forward-looking statements can be found elsewhere from this press release, including, without limitation, those statements in the company’s periodic reports filed with the securities and exchange commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.

GETTY REALTY CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts)

	September 30,			December 31,
	2026			2025
ASSETS:
Real Estate:
Land	$	1,252,726		$	1,050,611
Buildings and improvements		1,289,457			1,141,467
Lease intangible assets		267,243			209,184
Investment in direct financing leases, net		34,788			38,853
Construction in progress		144			73
Real estate held for use		2,844,358			2,440,188
Less accumulated depreciation and amortization		(441,455	)		(405,908	)
Real estate held for use, net		2,402,903			2,034,280
Real estate held for sale, net		1,057			1,896
Real estate, net		2,403,960			2,036,176
Notes and mortgages receivable		34,270			19,466
Cash and cash equivalents		8,834			8,361
Restricted cash		3,786			4,419
Deferred rent receivable		77,558			70,325
Accounts receivable		3,155			2,366
Right-of-use assets – operating		10,819			10,190
Right-of-use assets – finance		25			60
Prepaid expenses and other assets		29,741			22,005
Total assets	$	2,572,148		$	2,173,368
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Credit Facility	$	200,000		$	250,000
Senior Unsecured Notes, net		997,047			748,351
Environmental remediation obligations		8,226			15,928
Dividends payable		33,341			29,828
Lease liability – operating		11,766			11,300
Lease liability – finance		72			174
Accounts payable and accrued liabilities		43,834			45,658
Total liabilities		1,294,286			1,101,239
Commitments and contingencies		—			—
Stockholders’ equity:
Preferred stock, $0.01 par value; 20,000,000 authorized; unissued		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized; 67,123,296 and 59,815,921 shares issued and outstanding, respectively		671			598
Accumulated other comprehensive income (loss)		—			—
Additional paid-in capital		1,454,686			1,229,340
Dividends paid in excess of earnings		(177,495	)		(157,809	)
Total stockholders’ equity		1,277,862			1,072,129
Total liabilities and stockholders’ equity	$	2,572,148		$	2,173,368

GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues:
Revenues from rental properties	$	62,265		$	55,159		$	178,209		$	159,589
Interest on notes and mortgages receivable		725			432			1,676			1,589
Total revenues		62,990			55,591			179,885			161,178
Operating expenses:
Property costs		2,224			2,406			6,255			6,831
Impairments		373			647			4,350			2,271
Environmental		320			(3,356	)		(6,889	)		2,101
General and administrative		8,327			6,441			24,680			20,161
Depreciation and amortization		18,319			15,040			51,352			45,998
Total operating expenses		29,563			21,178			79,748			77,362
Gain on dispositions of real estate		5,433			338			11,883			2,224
Operating income		38,860			34,751			112,020			86,040
Other income, net		189			47			524			194
Interest expense		(13,443	)		(11,450	)		(37,724	)		(34,086	)
Net earnings	$	25,606		$	23,348		$	74,820		$	52,148

Basic net earnings per common share:	$	0.40		$	0.40		$	1.18		$	0.89
Diluted net earnings per common share:	$	0.40		$	0.40		$	1.18		$	0.89

Weighted average common shares outstanding:
Basic		62,412			56,693			60,962			55,767
Diluted		62,569			56,757			61,129			55,906

GETTY REALTY CORP. RECONCILIATION OF NET EARNINGS TO FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (Unaudited) (in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net earnings	$	25,606		$	23,348		$	74,820		$	52,148
Depreciation and amortization of real estate assets		18,319			15,040			51,352			45,998
Gains on dispositions of real estate		(5,433	)		(338	)		(11,883	)		(2,224	)
Impairments		373			647			4,350			2,271
Funds from operations (FFO)		38,865			38,697			118,639			98,193
Revenue recognition adjustments
Deferred rental revenue (straight-line rent)		(3,068	)		(2,557	)		(7,413	)		(6,906	)
Amortization of above and below market leases, net		(59	)		(85	)		(178	)		(253	)
Amortization of investments in direct financing leases		1,407			1,190			4,066			3,436
Amortization of lease incentives		261			236			1,053			644
Total revenue recognition adjustments		(1,459	)		(1,216	)		(2,472	)		(3,079	)
Environmental Adjustments
Accretion expense		67			74			223			238
Changes in environmental estimates		(30	)		(4,155	)		(7,757	)		(4,382	)
Environmental litigation accruals		—			550			(25	)		5,616
Insurance reimbursements		(80	)		—			(86	)		(43	)
Total environmental adjustments		(43	)		(3,531	)		(7,645	)		1,429
Other Adjustments
Stock-based compensation expense		1,529			1,789			4,256			5,192
Amortization of debt issuance costs		407			363			1,206			2,131
Retirement and severance costs		1,850			—			4,994			—
Total other adjustments		3,786			2,152			10,456			7,323
Adjusted Funds from operations (AFFO)	$	41,149		$	36,102		$	118,978		$	103,866

Basic per share amounts:
Net earnings	$	0.40		$	0.40		$	1.18		$	0.89
FFO (a)		0.61			0.66			1.89			1.71
AFFO (a)		0.64			0.62			1.90			1.81
Diluted per share amounts:
Net earnings	$	0.40		$	0.40		$	1.18		$	0.89
FFO (a)		0.61			0.66			1.89			1.70
AFFO (a)		0.64			0.62			1.89			1.80
Weighted average common shares outstanding:
Basic		62,412			56,693			60,962			55,767
Diluted		62,569			56,757			61,129			55,906

(a)	Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
FFO	$	1,061	$	1,121	$	3,373	$	2,891
AFFO		1,124		1,046		3,383		3,058


Contacts:	Brian Dickman	Investor Relations
	Chief Financial Officer	(646) 349-0598
	(646) 349-6000	ir@gettyrealty.com

Posted in UncategorizedTagged GlobeNewswire

Horizon Bancorp, Inc. Reports Strong Third Quarter 2026 Results, Highlighted by Continued Peer Leading Profitability Metrics and Positive Balance Sheet Momentum

Posted on October 21, 2026 by Ravi Shankar

MICHIGAN CITY, Ind., Oct. 21, 2026 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended September 30, 2026.

“Horizon’s high-quality community banking model continues to demonstrate consistency and durability in an ever-changing macroeconomic environment. Our results through the first nine months of 2026 reflect that strength, with annualized return on average assets remaining above 1.60%, return on tangible common equity of 20%, and the net interest margin sustained in the mid-4.30% range. Despite a meaningful shift in the interest rate outlook since the beginning of the year, our expectations for the business have changed very little, underscoring the resiliency and predictability embedded in our business model,” said President and CEO, Thomas Prame. “During the first nine months of 2026, loans held-for-investment and total deposits increased by $129 million and $206 million, respectively, consistent with our outlook for mid-single-digit organic growth. This performance was further enhanced by continued positive momentum across our fee income businesses and a disciplined approach to expense management. We believe this consistent, low-volatility financial performance will continue to compound capital at peer-leading levels, which remains the cornerstone of our long-term value proposition for shareholders”.

Net income for the three months ended September 30, 2026 was $28.7 million, or $0.56 per diluted share, compared to net income of $24.9 million, or $0.49, for the second quarter of 2026 and net loss of $222.0 million, or $(4.69) per diluted share, for the third quarter of 2025.

Net income for the nine months ended September 30, 2026 was $79.7 million, or $1.55 per diluted share, compared to net loss of $177.4 million, or $(3.94), for the nine months ended September 30, 2025.

Third Quarter 2026 Highlights

Durability of top-tier performance metrics continues to reflect the strength of Horizon’s highly productive community banking model. During the third quarter, the Company generated an annualized return on average assets of 1.73% and a return on average tangible common equity of 20.03%.

Net interest income of $65.2 million increased 11.6% compared with $58.4 million in the year ago period. The net interest margin, on a fully taxable equivalent (“FTE”) basis¹, was 4.37%, consistent with the 4.37% reported for the three months ended June 30, 2026, and significantly higher than the 3.52% reported in the comparable year ago period.

Total deposits continue to trend favorably, growing by $81.2 million during the quarter, or 6.0% on an annualized basis. These results were further enhanced by the 9.7% annualized growth in non-time deposits. Total deposit costs, inclusive of non-interest bearing balances, remains low, at 1.57%.

Total loans held for investment (“HFI”) increased 3.7% compared to the linked quarter annualized, with balanced growth between commercial, mortgage and consumer portfolios. Loan pipelines continue to be consistent, reflective of Horizon’s attractive markets and relationship based community banking model.

Credit quality remained strong, with annualized net charge offs of 0.10% of average loans during the third quarter. Non-performing assets remain well within expected and historical ranges, with non-performing assets to total assets of 0.68%.

	Financial Highlights
	(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Income statement:
Net interest income	$	65,159		$	63,490		$	62,240		$	63,476		$	58,386
Provision (benefit) for credit losses		1,300			916			391			1,630			(3,572	)
Non-interest income (loss)		11,930			12,014			11,243			11,463			(295,334	)
Non-interest expense		41,512			43,844			40,747			40,615			52,952
Income tax expense (benefit)		5,610			5,836			6,177			5,773			(64,338	)
Net Income (Loss)	$	28,667		$	24,908		$	26,168		$	26,921		$	(221,990	)

Per share data:
Basic earnings (loss) per share	$	0.56		$	0.49		$	0.51		$	0.53		$	(4.69	)
Diluted earnings (loss) per share		0.56			0.49			0.51			0.53			(4.69	)
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		13.68			14.21			13.69			13.50			12.96
Market value – high		20.80			20.29			18.68			18.47			16.88
Market value – low		18.83			16.76			15.57			15.04			15.01
Weighted average shares outstanding – Basic		51,107,844			51,082,827			50,987,426			50,975,693			47,311,642
Weighted average shares outstanding – Diluted		51,358,616			51,304,962			51,243,002			51,277,134			47,311,642
Common shares outstanding (end of period)		51,110,798			51,093,048			51,056,888			50,978,030			50,970,530

Key ratios:
Return on average assets		1.73	%		1.54	%		1.62	%		1.63	%	(12.07)%
Return on average stockholders’ equity		15.61			13.97			14.99			15.71			(120.37	)
Total equity to total assets		10.61			11.05			10.65			10.69			9.84
Total loans to deposit ratio		91.39			91.93			90.15			92.62			87.41
Allowance for credit losses to HFI loans		1.04			1.05			1.05			1.05			1.04
Annualized net charge-offs of average total loans ⁽¹⁾		0.10			0.05			0.05			0.08			0.07
Efficiency ratio		53.85			58.07			55.45			54.20			(22.35	)

Key metrics (Non-GAAP) ⁽²⁾
Net FTE interest margin		4.37	%		4.37	%		4.29	%		4.29	%		3.52	%
Return on average tangible common equity		20.03			18.05			19.02			20.66			(155.03	)
Tangible common equity to tangible assets		8.38			8.81			8.39			8.38			7.60
Tangible book value per common share	$	10.54		$	11.06		$	10.52		$	10.32		$	9.76


⁽¹⁾Average total loans includes loans held for investment and held for sale.
⁽²⁾Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $65.2 million in the third quarter of 2026, compared to $63.5 million in the second quarter of 2026, driven by the continued strength of the Company’s net FTE interest margin², which remained consistent at 4.37% when compared to the second quarter of 2026. The resiliency in the margin is reflective of continued disciplined loan and deposit pricing and a favorable cashflow redeployment profile during the quarter.

Provision for Credit Losses

During the third quarter of 2026, the Company recorded a provision for credit losses of $1.3 million. This compares to a recorded provision for credit losses of $0.9 million during the second quarter of 2026, and a benefit for credit losses of $3.6 million during the third quarter of 2025. The increase in the provision for credit losses during the third quarter of 2026 when compared with the second quarter of 2026 was primarily due to changes in the economic forecast, net loan growth and an increase in specific reserves on commercial loans.

For the third quarter of 2026, net charge-offs were $1.2 million, or an annualized 0.10% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the second quarter of 2026, and net charge-offs of $0.8 million, or an annualized 0.07% of average loans outstanding, in the third quarter of 2025.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.04% at September 30, 2026, down from 1.05% June 30, 2026, and consistent with 1.04% at September 30, 2025.

Non-Interest Income

For the Quarter Ended	September 30,			June 30,		March 31,		December 31,		September 30,
(Dollars in Thousands)		2026		2026		2026		2025			2025
Non-interest Income (Loss)
Service charges on deposit accounts	$	3,518		$	3,376	$	3,524	$	3,341	$	3,474
Wire transfer fees		65			67		63		66		71
Interchange fees		3,537			3,595		3,373		3,445		3,510
Fiduciary activities		1,465			1,501		1,556		1,560		1,363
Gain (loss) on sale of investment securities		(8	)		—		—		1		(299,132	)
Gain on sale of mortgage loans		2,125			1,576		1,090		1,296		1,208
Mortgage servicing income net of impairment		246			350		337		352		351
Increase in cash value of bank owned life insurance		385			345		333		360		379
Other income (loss)		597			1,204		967		1,042		(6,558	)
Total non-interest income (loss)	$	11,930		$	12,014	$	11,243	$	11,463	$	(295,334	)

Total non-interest income was $11.9 million in the third quarter of 2026, compared to non-interest income of $12.0 million in the second quarter of 2026. The third quarter performance reflects an increase in the gain on sale of mortgage loans due to increased volumes and wider margins on loan sales, offset by a decrease in other income and lower net mortgage servicing revenue owed to increased amortization of mortgage servicing rights. All other components of non-interest income remained relatively stable quarter over quarter.

Non-Interest Expense

For the Quarter Ended	September 30,		June 30,			March 31,		December 31,		September 30,
(Dollars in Thousands)	2026			2026		2026		2025		2025
Non-interest Expense
Salaries and employee benefits	$	24,233	$	24,194		$	23,187	$	21,895	$	22,698
Net occupancy expenses		3,701		3,698			4,197		3,718		3,321
Data processing		3,377		3,631			3,353		3,128		2,933
Professional fees		631		(64	)		929		1,083		808
Outside services and consultants		2,619		2,537			2,764		3,035		3,844
Loan expense		1,505		1,417			1,219		1,183		1,237
FDIC insurance expense		680		1,003			1,023		1,251		1,345
Core deposit intangible amortization		620		675			675		706		706
Prepayment penalties		—		—			—		—		12,680
Other losses		308		115			192		732		131
Other expense		3,838		6,638			3,208		3,884		3,249
Total non-interest expense	$	41,512	$	43,844		$	40,747	$	40,615	$	52,952

Total non-interest expense was $41.5 million in the third quarter of 2026, compared to $43.8 million in the second quarter of 2026. The decrease was driven by the previously announced second quarter legal charge for $3.1 million in other expense, which did not recur. Apart from this item, the decrease was driven by a reduction in FDIC insurance expense of $0.3 million and a decline in data processing expenses of $0.3 million. These variances were partially offset by a more normalized run rate in professional fees of $0.7 million. All other components of non-interest expense remained relatively stable quarter over quarter.

Income Taxes

Horizon recorded a net tax expense of $5.6 million for the third quarter of 2026, resulting in an effective tax rate of 16.4%, compared to 19.0% for the second quarter of 2026. Income tax expense was favorably impacted by a discrete benefit of $0.9 million in the third quarter of 2026.

Balance Sheet Highlights

Total assets increased by $17.0 million, or 0.3%, to $6.6 billion as of September 30, 2026 when compared to the prior period. Asset growth during the period was primarily driven by an increase in gross loans HFI of $46.9 million, an increase other assets of $22.1 million and an increase in non-interest earning cash of $11.8 million. The increase was partially offset by a decrease in investment securities of $40.2 million and a decrease in interest earning deposits of $24.6 million.

Total deposits increased by $81.1 million, or 1.5%, to $5.5 billion as of September 30, 2026 compared with June 30, 2026. The increase was driven by a $84.0 million increase in interest bearing deposits, a $12.2 million increase in savings and money market deposits and a $8.8 million increase in non-interest-bearing demand deposits. The increase was partially offset by a decrease of $23.9 million in time deposits. The overall increase in deposits reflects continued success in core deposit gathering efforts.

Overall, balance sheet growth during the quarter reflected a combination of steady loan and deposit growth, and proactive liquidity management. Management continues to focus on maintaining a strong funding position while supporting measured, relationship-driven loan growth aligned with creating long-term shareholder value.

Capital

The following table presents the Consolidated Regulatory Capital Ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended September 30, 2026:

For the Quarter Ended	September 30,		June 30,		March 31,		December 31,
	2026*		2026		2026		2025
Consolidated Capital Ratios
Total capital (to risk-weighted assets)	15.48	%	15.02	%	14.76	%	14.36	%
Tier 1 capital (to risk-weighted assets)	12.62		12.17		11.90		11.51
Common equity tier 1 capital (to risk-weighted assets)	11.53		11.09		10.81		10.42
Tier 1 capital (to average assets)	10.37		10.17		9.84		9.55
*Preliminary estimate – may be subject to change

As of September 30, 2026, the ratio of total stockholders’ equity to total assets is 10.61%. Book value per common share was $13.68, decreasing $0.53 during the third quarter of 2026, primarily due to an increase in unrealized losses recorded in accumulated other comprehensive income.

Tangible common equity³ totaled $538.9 million at September 30, 2026, and the ratio of tangible common equity to tangible assets¹ was 8.38% at September 30, 2026, down from 8.81% at June 30, 2026. Tangible book value¹ which excludes intangible assets from total equity, per common share was $10.54 at September 30, 2026.

Credit Quality

As of September 30, 2026, total non-accrual loans increased by $1.4 million from June 30, 2026, and represent 0.67% of total loans held for investment. Total non-performing assets increased by $0.9 million, to $44.6 million, compared with $43.7 million at June 30, 2026. Non-performing assets are 0.68% of total assets at quarter end, up slightly from 0.66% at June 30, 2026.

For the quarter ended September 30, 2026, net charge-offs were $1.2 million, or 0.10% annualized of average loans. Charge‑off levels during the quarter remained low, and consistent with management’s expectations, reflecting a continued focus on disciplined underwriting and proactive portfolio monitoring. Overall, credit metrics remain stable, and management continues to closely monitor portfolio performance in the current economic environment.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its third quarter financial results and operating performance.

Participants may access the live conference call on October 22, 2026 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 1-833-974-2379 from the United States and Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through November 22, 2026. The replay may be accessed by dialing 1-855-669-9658 from the United States and Canada, or 1–412–317-0088 from other international locations, and entering the access code 1977515.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.6 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, changes within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, inflation levels, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, and the effects of foreign and military policies of the U.S. government; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	October 21, 2026

	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	September 30,			June 30,			March 31,		December 31,		September 30,
		2026			2026		2026		2025			2025
Interest Income
Loans receivable	$	79,580		$	77,740		$	75,104	$	77,238	$	79,561
Investment securities – taxable		7,426			7,248			7,494		7,688		6,631
Investment securities – tax-exempt		2,570			2,583			2,544		2,498		4,581
Other		1,493			937			1,509		1,864		2,063
Total interest income		91,069			88,508			86,651		89,288		92,836
Interest Expense
Deposits		21,365			20,479			19,944		21,228		25,726
Borrowed funds		1,655			1,655			1,654		1,749		5,924
Subordinated notes		1,898			1,904			1,830		1,811		1,731
Junior subordinated debentures issued to capital trusts		992			980			983		1,024		1,069
Total interest expense		25,910			25,018			24,411		25,812		34,450
Net Interest Income		65,159			63,490			62,240		63,476		58,386
Provision (benefit) for credit losses		1,300			916			391		1,630		(3,572	)
Net Interest Income after Provision for Credit Losses		63,859			62,574			61,849		61,846		61,958
Non-interest Income (loss)
Service charges on deposit accounts		3,518			3,376			3,524		3,341		3,474
Wire transfer fees		65			67			63		66		71
Interchange fees		3,537			3,595			3,373		3,445		3,510
Fiduciary activities		1,465			1,501			1,556		1,560		1,363
Gain (loss) on sale of investment securities		(8	)		—			—		1		(299,132	)
Gain on sale of mortgage loans		2,125			1,576			1,090		1,296		1,208
Mortgage servicing income net of impairment		246			350			337		352		351
Increase in cash value of bank owned life insurance		385			345			333		360		379
Other income (loss)		597			1,204			967		1,042		(6,558	)
Total non-interest income (loss)		11,930			12,014			11,243		11,463		(295,334	)
Non-interest Expense
Salaries and employee benefits		24,233			24,194			23,187		21,895		22,698
Net occupancy expenses		3,701			3,698			4,197		3,718		3,321
Data processing		3,377			3,631			3,353		3,128		2,933
Professional fees		631			(64	)		929		1,083		808
Outside services and consultants		2,619			2,537			2,764		3,035		3,844
Loan expense		1,505			1,417			1,219		1,183		1,237
FDIC insurance expense		680			1,003			1,023		1,251		1,345
Core deposit intangible amortization		620			675			675		706		706
Prepayment penalties		—			—			—		—		12,680
Other losses		308			115			192		732		131
Other expense		3,838			6,638			3,208		3,884		3,249
Total non-interest expense		41,512			43,844			40,747		40,615		52,952
Income (Loss) Before Income Taxes		34,277			30,744			32,345		32,694		(286,328	)
Income tax expense (benefit)		5,610			5,836			6,177		5,773		(64,338	)
Net Income (Loss)	$	28,667		$	24,908		$	26,168	$	26,921	$	(221,990	)
Basic Earnings (Loss) Per Share	$	0.56		$	0.49		$	0.51	$	0.53	$	(4.69	)
Diluted Earnings (Loss) Per Share		0.56			0.49			0.51		0.53		(4.69	)

	Condensed Consolidated Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended for the Period
	September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Assets
Interest earning assets
Federal funds sold	$	5,113		$	—		$	—		$	—		$	—
Interest earning deposits		120,965			145,571			190,717			72,646			381,860
Federal Home Loan Bank stock		7,418			7,418			45,713			45,713			45,713
Investment securities, held for trading		3,979			3,885			3,983			3,883			598
Investment securities, available for sale		857,429			897,764			882,168			875,414			883,242
Loans held for sale		3,523			5,147			9,821			9,778			1,921
Gross loans held for investment (HFI)		5,005,979			4,959,120			4,878,549			4,876,542			4,823,669
Total Interest earning assets		6,004,406			6,018,905			6,010,951			5,883,976			6,137,003
Non-interest earning assets
Allowance for credit losses		(52,310	)		(51,921	)		(51,297	)		(51,299	)		(50,178	)
Cash		84,222			72,378			68,354			66,813			76,395
Cash value of life insurance		37,799			37,410			37,065			36,732			37,762
Other assets		237,135			215,032			217,649			215,460			226,247
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		5,209			5,829			6,505			7,180			7,886
Premises and equipment, net		92,129			90,939			90,763			92,805			93,413
Interest receivable		27,344			30,377			29,015			29,733			28,758
Total non-interest earning assets		586,739			555,255			553,265			552,635			575,494
Total assets	$	6,591,145		$	6,574,160		$	6,564,216		$	6,436,611		$	6,712,497
Liabilities
Savings and money market deposits	$	3,291,751		$	3,195,553		$	3,119,034		$	3,094,231		$	3,198,332
Time deposits		1,080,445			1,104,316			1,163,807			1,102,478			1,199,681
Borrowings		150,589			153,707			159,825			160,118			160,206
Repurchase agreements		23,986			69,278			66,004			88,468			86,966
Subordinated notes		98,366			98,318			98,262			98,215			154,011
Junior subordinated debentures issued to capital trusts		57,838			57,789			57,740			57,688			57,636
Total interest earning liabilities		4,702,975			4,678,961			4,664,672			4,601,198			4,856,832
Non-interest bearing deposits		1,109,178			1,100,355			1,139,466			1,078,708			1,122,888
Interest payable		6,487			10,862			8,537			12,892			12,395
Other liabilities		73,202			57,793			52,514			55,562			59,611
Total liabilities		5,891,842			5,847,971			5,865,189			5,748,360			6,051,726
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		461,298			460,610			459,799			459,243			458,734
Retained earnings		310,017			289,594			272,941			255,004			236,312
Accumulated other comprehensive (loss)		(72,012	)		(24,015	)		(33,713	)		(25,996	)		(34,275	)
Total stockholders’ equity		699,303			726,189			699,027			688,251			660,771
Total liabilities and stockholders’ equity	$	6,591,145		$	6,574,160		$	6,564,216		$	6,436,611		$	6,712,497

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		% Change
	2026		2026		2026		2025		2025		Q3’26 vs Q2’26		Q3’26 vs Q3’25
Loans:
Commercial real estate	$	2,435,166	$	2,445,173	$	2,443,582	$	2,421,863	$	2,366,956	—	%	3	%
Commercial & Industrial		1,107,176		1,085,008		1,023,068		1,010,545		989,609	2	%	12	%
Total commercial		3,542,342		3,530,181		3,466,650		3,432,408		3,356,565	—	%	6	%
Residential Real estate		772,223		755,707		750,108		772,427		783,850	2	%	(1)%
Consumer		691,414		673,232		661,791		671,707		683,254	3	%	1	%
Total loans held for investment		5,005,979		4,959,120		4,878,549		4,876,542		4,823,669	1	%	4	%
Loans held for sale		3,523		5,147		9,821		9,778		1,921	(32)%		83	%
Total loans	$	5,009,502	$	4,964,267	$	4,888,370	$	4,886,320	$	4,825,590	1	%	4	%

Deposits:
Interest bearing deposits	$	1,748,378	$	1,664,367	$	1,611,795	$	1,639,857	$	1,715,471	5	%	2	%
Savings and money market deposits		1,543,373		1,531,186		1,507,239		1,454,374		1,482,861	1	%	4	%
Time deposits		1,080,445		1,104,316		1,163,807		1,102,478		1,199,681	(2)%		(10)%
Total Interest bearing deposits		4,372,196		4,299,869		4,282,841		4,196,709		4,398,013	2	%	(1)%
Non-interest bearing deposits
Non-interest bearing deposits		1,109,178		1,100,355		1,139,466		1,078,708		1,122,888	1	%	(1)%
Total deposits	$	5,481,374	$	5,400,224	$	5,422,307	$	5,275,417	$	5,520,901	2	%	(1)%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	September 30, 2026							June 30, 2026							September 30, 2025
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾		Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾		Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)	$	158,544		$	1,493	3.74	%	$	101,650		$	936	3.69	%	$	185,665		$	2,062	4.41	%
Federal Home Loan Bank stock		7,418			188	10.05	%		15,834			259	6.56	%		45,549			862	7.51	%
Investment securities – taxable (1)		583,994			7,238	4.92	%		584,471			6,990	4.80	%		792,829			5,769	2.89	%
Investment securities – non-taxable (1)		314,702			3,253	4.10	%		314,064			3,270	4.18	%		763,488			5,799	3.01	%
Total investment securities		898,696			10,491	4.63	%		898,535			10,260	4.58	%		1,556,317			11,568	2.95	%
Loans receivable (2) (3)		4,949,830			79,959	6.41	%		4,916,799			78,140	6.37	%		4,979,211			79,941	6.37	%
Total interest earning assets		6,014,488			92,131	6.08	%		5,932,818			89,595	6.06	%		6,766,742			94,433	5.54	%
Non-interest earning assets
Cash and due from banks		71,519							71,692							83,616
Allowance for credit losses		(51,675	)						(51,106	)						(54,072	)
Other assets		539,582							535,339							501,590
Total average assets	$	6,573,914						$	6,488,743						$	7,297,876

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing demand deposits	$	1,679,248		$	5,392	1.27	%	$	1,627,013		$	5,011	1.24	%	$	1,708,446		$	6,687	1.55	%
Saving and money market deposits		1,517,894			6,717	1.76	%		1,484,771			5,981	1.62	%		1,636,428			8,204	1.99	%
Time deposits		1,086,343			9,256	3.38	%		1,116,139			9,488	3.41	%		1,198,279			10,835	3.59	%
Total Deposits		4,283,485			21,365	1.98	%		4,227,923			20,480	1.94	%		4,543,153			25,726	2.25	%
Borrowings		150,083			1,464	3.87	%		150,118			1,435	3.83	%		601,889			5,535	3.65	%
Repurchase agreements		59,040			191	1.28	%		67,494			219	1.30	%		88,721			389	1.74	%
Subordinated notes		98,335			1,898	7.66	%		98,279			1,904	7.77	%		91,032			1,731	7.54	%
Junior subordinated debentures issued to capital trusts		57,807			992	6.81	%		57,758			980	6.81	%		57,602			1,069	7.36	%
Total interest bearing liabilities		4,648,750			25,910	2.21	%		4,601,572			25,018	2.18	%		5,382,397			34,450	2.54	%
Non-interest bearing liabilities
Demand deposits		1,131,714							1,117,113							1,120,719
Accrued interest payable and other liabilities		64,887							55,032							63,104
Stockholders’ equity		728,563							715,026							731,657
Total average liabilities and stockholders’ equity	$	6,573,914						$	6,488,743						$	7,297,876
Net FTE interest income (non-GAAP) (5)				$	66,221						$	64,577						$	59,983
Less FTE adjustments (4)					1,062							1,087							1,597
Net Interest Income				$	65,159						$	63,490						$	58,386
Net FTE interest margin (Non-GAAP) (4)(5)						4.37	%						4.37	%						3.52	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			% Change
		2026			2026			2026			2025			2025		Q3’26 vs Q2’26		Q3’26 vs Q3’25
Non-accrual loans
Commercial	$	19,557		$	17,843		$	15,761		$	14,549		$	12,303		10	%	59	%
Residential Real estate		8,737			8,454			10,607			10,087			9,256		3	%	(6)%
Consumer		5,377			6,004			8,416			7,821			7,799		(10)%		(31)%
Total non-accrual loans		33,671			32,301			34,784			32,457			29,358		4	%	15	%
90 days and greater delinquent – accruing interest		2,256			2,632			2,211			2,489			1,608		(14)%		40	%
Total non-performing loans	$	35,927		$	34,933		$	36,995		$	34,946		$	30,966		3	%	16	%

Other real estate owned
Commercial	$	846		$	463		$	594		$	539		$	272		83	%	211	%
Residential Real estate		957			570			631			672			769		68	%	24	%
Consumer		2,647			3,633			1,875			480			480		(27)%		451	%
Total other real estate owned		4,450			4,666			3,100			1,691			1,521		(5)%		193	%


Other non-performing assets ⁽¹⁾	$	4,262		$	4,094		$	3,935		$	3,991		$	3,228		4	%	32	%

Total non-performing assets	$	44,639		$	43,693		$	44,030		$	40,628		$	35,715		2	%	25	%

Loan data:
Accruing 30 to 89 days past due loans	$	21,108		$	21,296		$	19,379		$	24,580		$	24,784		(1)%		(15)%
Substandard loans		60,271			64,564			63,419			59,365			63,236		(7)%		(5)%
Net charge-offs (recoveries)
Commercial	$	733		$	295		$	339		$	436		$	294		148	%	149	%
Residential Real estate		3			46			1			(25	)		19		(93)%		(84)%
Consumer		457			264			285			559			518		73	%	(12)%
Total net charge-offs	$	1,193		$	605		$	625		$	970		$	831		97	%	44	%

Allowance for credit losses
Commercial	$	35,431		$	36,122		$	34,997		$	35,473		$	34,390		(2)%		3	%
Residential Real estate		2,844			2,958			3,183			3,183			3,082		(4)%		(8)%
Consumer		14,035			12,841			13,117			12,643			12,706		9	%	10	%
Total allowance for credit losses	$	52,310		$	51,921		$	51,297		$	51,299		$	50,178		1	%	4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.67	%		0.65	%		0.71	%		0.67	%		0.61	%
Non-performing assets to total assets		0.68	%		0.66	%		0.67	%		0.63	%		0.53	%
Annualized net charge-offs of average total loans		0.10	%		0.05	%		0.05	%		0.08	%		0.07	%
Allowance for credit losses to HFI loans		1.04	%		1.05	%		1.05	%		1.05	%		1.04	%

⁽¹⁾ Other non-performing assets consist of a single available for sale debt security placed on non-accrual status.

		Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
		(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
			2026			2026			2026			2025			2025
Interest income (GAAP)	(A)	$	91,069		$	88,508		$	86,651		$	89,288		$	92,836
Taxable-equivalent adjustment:
Investment securities – tax exempt (1)			683			686			676			665			1,218
Loan receivable (2)			379			402			381			390			379
Interest income (non-GAAP)	(B)		92,131			89,596			87,708			90,343			94,433
Interest expense (GAAP)	(C)		25,910			25,018			24,411			25,812			34,450
Net interest income (GAAP)	(D) =(A) – (C)	$	65,159		$	63,490		$	62,240		$	63,476		$	58,386
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	66,221		$	64,578		$	63,297		$	64,531		$	59,983
Average interest earning assets	(F)		6,014,488			5,932,818			5,984,972			5,967,328			6,766,742
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		4.37	%		4.37	%		4.29	%		4.29	%		3.52	%

⁽¹⁾The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

		Non–GAAP Reconciliation of Return on Average Tangible Common Equity
		(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
			2026			2026			2026			2025			2025

Net income (loss) (GAAP)	(A)	$	28,667		$	24,908		$	26,168		$	26,921		$	(221,990	)

Average stockholders’ equity	(B)	$	728,563		$	715,026		$	707,916		$	679,821		$	731,657
Average intangible assets	(C)		160,809			161,471			162,148			162,838			163,552
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	567,754		$	553,555		$	545,768		$	516,983		$	568,105
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		20.03	%		18.05	%		19.02	%		20.66	%	(155.03)%
*Annualized

		Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
		(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,
			2026			2026			2026			2025			2025
Total stockholders’ equity (GAAP)	(A)	$	699,303		$	726,189		$	699,027		$	688,251		$	660,771
Intangible assets (end of period)	(B)		160,421			161,041			161,716			162,391			163,097
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	538,882		$	565,148		$	537,311		$	525,860		$	497,674

Total assets (GAAP)	(D)	$	6,591,145		$	6,574,160		$	6,564,216		$	6,436,612		$	6,712,497
Intangible assets (end of period)	(B)		160,421			161,041			161,716			162,391			163,097
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	6,430,724		$	6,413,119		$	6,402,500		$	6,274,221		$	6,549,400

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.38	%		8.81	%		8.39	%		8.38	%		7.60	%

		Non–GAAP Reconciliation of Tangible Book Value Per Share
		(Dollars in Thousands, Unaudited)
		Three Months Ended
		September 30,		June 30,		March 31,		December 31,		September 30,
		2026		2026		2026		2025		2025
Total stockholders’ equity (GAAP)	(A)	$	699,303	$	726,189	$	699,027	$	688,251	$	660,771
Intangible assets (end of period)	(B)		160,421		161,041		161,716		162,391		163,097
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	538,882	$	565,148	$	537,311	$	525,860	$	497,674
Common shares outstanding	(D)		51,110,798		51,093,048		51,056,888		50,978,030		50,970,530

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	10.54	$	11.06	$	10.52	$	10.32	$	9.76

^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
^² Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
^³ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Posted in UncategorizedTagged GlobeNewswire

First Merchants Corporation Announces Third Quarter 2026 Results

Posted on October 21, 2026 by Ravi Shankar

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

Third Quarter 2026 Highlights:

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

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

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

Third Quarter Financial Results:

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

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

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

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

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

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

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

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

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

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

¹See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

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

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

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

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

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

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

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

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Posted in UncategorizedTagged GlobeNewswire

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

Posted on October 21, 2026 by Ravi Shankar

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

Third Quarter 2026 Conference Call Details

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

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

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

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

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

PureCycle Contact
Christian Bruey
cbruey@purecycle.com

Investor Relations Contact
Eric DeNatale
edenatale@purecycle.com

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

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

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

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

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

Posted in UncategorizedTagged GlobeNewswire

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

Posted on October 21, 2026 by Ravi Shankar

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company bases these forward-looking statements on its expectations and projections about future events, which the Company derives from the information currently available to it. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Statements regarding the planned development, features, timelines and commercialization of the Workforce OS platform and related robotics applications are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors. These factors include, but are not limited to, the Company’s goals and strategies; the Company’s ability to successfully develop, test and commercialize Workforce OS and related robotics offerings on the anticipated timeline or at all, including risks associated with transferring simulation-based training to real-world environments; the Company’s dependence on third-party hardware, software and technology providers, including NVIDIA and Unitree, and the availability and terms of such technologies; the Company’s ability to recruit and retain qualified engineering personnel; the Company’s ability to obtain sufficient capital to fund its robotics initiatives; safety, liability, privacy and regulatory risks associated with deploying robotics in customer-facing environments; competition from other robotics and automation providers; the Company’s future business development, financial condition and results of operations, including the introduction of new products and services, expected changes in the Company’s revenues, costs and expenditures, anticipated customer growth, and demand for and market acceptance of the Company’s products and services; and industry, market and regulatory conditions, including competition, government policies and regulations affecting the Company’s industry, and other factors that may affect the Company’s financial condition, liquidity and results of operations. For a more detailed discussion of risk factors, please refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent annual report on Form 20-F, as amended. Readers should also consider the risks described in the Company’s filings with the U.S. Securities and Exchange Commission. YYForce undertakes no obligation to update these statements except as required by applicable law.

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

Investor Relations Contact
Piacente Financial Communications
yfor@thepiacentegroup.com

Posted in UncategorizedTagged GlobeNewswire

Beacon Financial Corporation Announces Third Quarter Results

Posted on October 21, 2026 by Ravi Shankar

Net Income of $61.2 million, EPS of $0.73

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

Quarterly Dividend of $0.3225

Board Increases Stock Buyback Authorization to $125 million

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

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

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

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

Presentation of Results – The Merger

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

BALANCE SHEET

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

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

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

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

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

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

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

NET INTEREST INCOME

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

NON-INTEREST INCOME

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

PROVISION FOR CREDIT LOSSES

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

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

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

ASSET QUALITY

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

NON-INTEREST EXPENSE

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

PROVISION FOR INCOME TAXES

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

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

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

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

DIVIDEND DECLARED

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

STOCK REPURCHASE

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

CONFERENCE CALL

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

ABOUT BEACON FINANCIAL CORPORATION

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

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in other documents it files with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

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

NON-GAAP FINANCIAL MEASURES

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

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

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

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

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

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

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

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

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

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

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Posted in UncategorizedTagged GlobeNewswire

EverQuote Announces New Share Repurchase Authorization

Posted on October 21, 2026 by Ravi Shankar

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

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

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

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

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

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

Posted in UncategorizedTagged GlobeNewswire

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

Posted on October 21, 2026 by Ravi Shankar

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

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

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

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

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

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

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

About BBSI

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

Investor Relations:

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

Posted in UncategorizedTagged GlobeNewswire

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

Posted on October 21, 2026 by Ravi Shankar

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

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

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

Media Contact:
Patrick Schmidt
pr@seer.bio

Investor Contact:
Marissa Bych
investor@seer.bio

Posted in UncategorizedTagged GlobeNewswire