Author: Ravi Shankar

HONG KONG, Oct. 23, 2026 (GLOBE NEWSWIRE) — 3 E Network Technology Group Limited (Nasdaq: MASK) (the “Company” or “3 E Network”), a business-to-business (“B2B”) information technology (“IT”) business solutions provider, committed to becoming a next-generation artificial intelligence (“AI”) infrastructure solutions provider, today entered into a subscription agreement (the “Subscription Agreement”) with 3E NETWORK TECHNOLOGY PTE. LTD., a company incorporated under the laws of Singapore (the “Yang Investor”), and six individual purchasers (collectively with the Yang Investor, the “Purchasers”), for a private placement (the “Private Placement”) of an aggregate of 2,751,789 Class A ordinary shares, par value $0.005 per share, of the Company (the “Class A Ordinary Shares”), at a purchase price of approximately US$1.8170 per share, for aggregate gross cash proceeds to the Company of $5,000,000. On October 23, 2026, the Company announced a two-for-one share consolidation, with its Class A Ordinary Shares expected to begin trading on a post-consolidation basis on October 30, 2026 (the “Nasdaq Market Effective Date”). These share numbers, the par value and the per-share purchase price are stated on a post-consolidation basis.

Under the Subscription Agreement, the Yang Investor agreed to subscribe for 1,157,823 Class A Ordinary Shares for $2,103,764.12, and each of the six individual purchasers agreed to subscribe for 265,661 Class A Ordinary Shares for $482,705.98, in each case on a post-consolidation basis. Each Purchaser’s obligations are several and not joint. The issuance of the Class A Ordinary Shares under the Subscription Agreement is subject to satisfaction of the applicable conditions thereunder and will not occur before the Nasdaq Market Effective Date.

The Class A Ordinary Shares to be issued and sold under the Subscription Agreement will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and will be offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. The Company is relying on such exemption based in part on the Purchasers’ representations, including that each Purchaser is an accredited investor. The Class A Ordinary Shares may not be offered or sold absent registration or an applicable exemption from registration requirements. Neither this press release nor the related Report on Form 6-K constitutes an offer to sell or the solicitation of an offer to buy the securities described herein.

The Yang Investor is controlled by Dr. Tingjun Yang (“Dr. Yang”), the Company’s Chief Executive Officer and a director, and its subscription in the Private Placement constitutes a related-party transaction. The Audit Committee of the Board of Directors reviewed and approved the Private Placement, including the Yang Investor’s participation as a related-party transaction, and recommended approval by the Board of Directors. The Board of Directors approved the Private Placement and the transactions contemplated by the Subscription Agreement. Other than the Yang Investor, none of the Purchasers has any affiliation with or other interest relationship with the Company or its directors or officers.

The Company intends to use the proceeds from the Private Placement for general working capital, ordinary course business operations and other lawful corporate purposes determined by the Company in its reasonable discretion, in compliance with applicable laws and regulations.

About 3 E Network Technology Group Limited
3 E Network Technology Group Limited is a business-to-business (“B2B”) information technology (“IT”) business solutions provider committed to becoming a next-generation artificial intelligence (“AI”) infrastructure solutions provider. It upholds the industry consensus of “AI and energy symbiosis” and has a strong vision in the field of energy investment. The Company’s business comprises two main portfolios: the data center operation services portfolio and the software development portfolio. For more information, please visit the Company’s website at https://3emask.com/.

Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect the Company’s future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

3 E Network Technology Group Limited
Investor Relations Department
Email: ird@3emask.com
Website: https://3emask.com/

Preclinical data demonstrate tumor response with AVA6103 in the setting of Enhertu^®-resistance

Potential for prolonged responses with increased FAP+ fibroblasts recruited to the tumor during treatment with AVA6103

LONDON and PHILADELPHIA, Oct. 23, 2026 (GLOBE NEWSWIRE) — Avacta Therapeutics (AIM: AVCT, “the Company”, “Avacta”), a life sciences company developing innovative, targeted oncology drugs, today announces the presentation at the European Society for Medical Oncology (ESMO) Congress of the FOCUS-01 Phase 1 clinical trial design and substantial progress in the preclinical arena. AVA6103 is the first Next-Generation pre|CISION^® controlled-release peptide-drug conjugate platform (PDC), a fibroblast activation protein (FAP)-activated exatecan (Exd) PDC, designed to deliver payload to tumors with similar kinetics of antibody drug conjugates (ADCs) using small molecule chemistry.

AVA6103 is designed to significantly increase the therapeutic window of its highly potent payload, exatecan, a topoisomerase 1 inhibitor (TOP1i) similar to the deruxtecan payload of Enhertu^®. The Company highlights preclinical data demonstrating superior disease control by AVA6103 compared with Enhertu^® in a patient-derived xenograft (PDX) mouse model with HER2+/FAP+ gastric tumors that progressed after initial treatment with Enhertu^®, resulting from enhanced cleavage potential with recruitment of FAP+ fibroblasts during treatment with AVA6103.

Dave Liebowitz, Chief Medical Officer of Avacta, commented:

“AVA6103’s continued ability to shrink HER2+ gastric tumors after progression on Enhertu^® demonstrates the potential of pre|CISION^® PDCs to deliver sustained antitumor activity in preclinical models, well beyond the time points achievable with ADCs, showing the potential to improve outcomes for patients with aggressive cancers.

These results add to a growing body of evidence suggesting that pre|CISION^® PDCs are not vulnerable to antigen loss, a phenomenon known to limit the efficacy of ADCs such as Enhertu^® over time, which is demonstrated here in our results. We observed persistent expression of FAP in the tumor through fibroblast recruitment, which is most likely mechanism for increased payload delivery over time on treatment.”

“These findings build further on our initial Phase 1a data with AVA6103 demonstrating proof of mechanism, with a clean safety profile thus far and exceptional alignment between preclinical modeled and clinical pharmacokinetic data, with controlled exatecan release evident in patients for days after dosing. The FOCUS-01 trial continues to progress well towards tumor PK in late Q4 2026 or early Q1 2027 and the first efficacy data, which we expect in H1 2027.”

Alexander Spira MD, PhD, FACP, FASCO, Lead author at ESMO, Co-Director, Virginia Cancer Specialists (VCS) Research Institute and one of the lead investigators of the trial, commented:

“The FOCUS-01 trial is moving rapidly and we are happy to partner with Avacta on this exciting new drug. The preclinical and translational data we have seen thus far reinforce our excitement around this mechanism of action.”

Key Preclinical and Translational Findings with AVA6103

Preclinical data demonstrate that AVA6103 is shows better antitumor activity than Enhertu^® in FAP-positive / HER2-positive disease, including in advanced and resistant tumors.

• In an early stage model (animals randomized once tumors reach 100-200mm³), all AVA6103-treated animals achieved partial responses, with tumor growth inhibition more than double that of Enhertu^®
• In animals with large established tumors (randomized at 400-500mm³), AVA6103 inhibited tumor growth and achieved partial responses, while Enhertu^® demonstrated limited activity
• All AVA6103-treated animals that had previously progressed on Enhertu achieved stable disease, while all animals retreated with Enhertu^® progressed

Tumor tissue studies from this experiment demonstrate that tumors treated with AVA6103 have increased FAP expression over time via immunohistochemistry, with recruitment of FAP+ fibroblasts over the course of treatment. Transcriptomic analysis via RNA seq studies revealed that AVA6103 induced a coordinated inflammatory, wound-healing response, with an upregulation of pathways involved with damage repair, cell cycle arrest, and extracellular matrix (ECM) reorganization.

FOCUS-01: Trial in Progress

The FOCUS-01 Phase 1a trial is a first in-human, multicenter dose escalation trial of AVA6103 and is enrolling patients with select tumor types predicted to be sensitive to the payload exatecan, based on co-expression of FAP and SLFN11, a gene known to predict response to the Topoisomerase 1 inhibitor mechanism.

Preliminary safety and pharmacokinetic (PK) data from the first three dose levels of the FOCUS-01 trial, reported in September, demonstrated proof of mechanism in patients treated in the first three cohorts in the trial. AVA6103 demonstrated a favorable safety profile and was well tolerated through the first three dose levels up to a payload dose approximately 50% higher than the maximum tolerated dose (MTD) of conventional exatecan.

The pharmacokinetic data of the PDC, released peptide and released exatecan patients were remarkably consistent with predictive PK modelling based on preclinical data, greatly increasing confidence that the safety profile, tumor selectivity and antitumor efficacy observed in the preclinical studies of AVA6103 will translate into the clinic.

Enrollment is ongoing in both arms of the study, with enrollment completed at dose level 4, representing an absolute dose of payload that is more than double the maximum tolerated dose (MTD) of conventional exatecan and approaches the equivalent topoisomerase I inhibitor payload dose of the approved dose of Enhertu^® in breast cancer.

Details of the poster presentation

A phase I trial of FAP-Exd (AVA6103), a Fibroblast Activation Protein (FAP)-enabled pre|CISION^® peptide-drug conjugate delivering sustained tumor microenvironment (TME) release of exatecan in patients with FAP-positive solid tumors
Authors: Alexander I. Spira, Nehal J. Lakhani, Judy S. Wang, Muhammad R. Khawaja, Ruairidh Edwards, Karen Campbell, Curtis Rink, Christiana Nikolova, David Liebowitz
Poster number: 1134eTiP

The poster can be found on Avacta’s website here.

Enhertu^® (trastuzumab deruxtecan; T-DXd) is a protease cleavable-linker ADC, approved for both breast cancer and gastric cancer indications (an AstraZeneca/Daiichi Sankyo product). Enhertu^® is a registered trademark of Daiichi Sankyo Company, Limited and AstraZeneca.

For further information from Avacta, please contact:

Avacta Group plc Christina Coughlin, Chief Executive Officer	https://avacta.com/ via Cohesion Bureau
Strand Hanson Limited (Nominated Adviser) James Harris / Chris Raggett / James Dance	www.strandhanson.co.uk
Zeus (Broker) James Hornigold / George Duxberry (Investment Banking) Dominic King / Alex Bartram (Corporate Broking)	www.zeuscapital.co.uk
Cohesion Bureau Communications / Media / Investors Chris Maggos	avacta@cohesionbureau.com

About Avacta – https://avacta.com/

Avacta Therapeutics is a clinical-stage life sciences company expanding the reach of highly potent cancer therapies through its proprietary pre|CISION^® platform. pre|CISION^® is a payload delivery system based on a tumor-specific protease (Fibroblast Activation Protein or FAP) that is designed to concentrate highly potent payloads in the tumor microenvironment while sparing normal tissues. Avacta’s innovative pre|CISION^® peptide drug conjugates (PDC) are a novel entry to the XDC drug class, leveraging the success of antibody drug conjugates with alternative methods of delivery beyond antibodies.

Our pre|CISION^® PDCs leverage this tumor-specific release mechanism in a small molecule format to provide unique benefits over traditional antibody drug conjugates (ADC), releasing active payload in the tumor and reducing systemic exposure and toxicity which enables dosing to be optimized to deliver the best outcomes for patients. The lead clinical program is AVA6103, a Next Generation FAP-enabled controlled release pre|CISION^® version of exatecan that delivers the payload directly in the tumor with limited peripheral blood exposure and is currently in clinical development as a treatment for tumor types sensitive to exatecan including cervical cancer, HR+ breast cancer, small cell lung cancer, gastric cancer, colorectal cancer and pancreatic cancer.

About FAP-Exd (AVA6103)

AVA6103 is the second clinical candidate and is the first asset in the pipeline based on the Next Generation innovative pre|CISION^® controlled release mechanism that provides for prolonged release of payload directly in the tumor, minimizing systemic exposure. AVA6103 is being evaluated in the FOCUS-01 Phase 1 trial (FAP-Exd in Oncologic Cancers with Unmet needS). Preclinical data suggest this approach has optimized payload delivery with a high intratumoral concentration and prolonged exposure of released payload in the tumor, coupled with limited systemic exposure to the released payload. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

MILWAUKEE, Oct. 23, 2026 (GLOBE NEWSWIRE) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that Raj Seshadri will join the Fiserv Board of Directors effective November 30, 2026. The Company also announced that Henrique De Castro would not seek reelection to the Board at the Company’s annual meeting of shareholders in 2027.

Seshadri currently serves as Senior Strategic Advisor to the Chief Executive Officer of Mastercard Inc. where she advises on emerging strategic priorities. Over her more than a decade career at Mastercard, Seshadri served as Chief Commercial Payments Officer, leading one of Mastercard’s largest growth businesses encompassing commercial cards, B2B accounts payable and receivable solutions, bill payments, remittances, and disbursements. Before leading Commercial Payments, Seshadri served as President of Mastercard’s Data & Services business, overseeing a global portfolio of analytics, insights, loyalty, cybersecurity, and innovation solutions. She also served as President of U.S. Issuers, where she led relationships with many of the nation’s largest financial institutions.

Seshadri has also held numerous senior leadership positions at BlackRock, Citigroup, U.S. Trust, and McKinsey & Company. She currently serves on the Board of Directors of Raymond James Financial, Inc.

“Raj is a highly respected financial services and payments leader whose career has been defined by driving growth, innovation, and strategic transformation across banking, payments, and data analytics,” said Gordon Nixon, Chairman of the Board of Directors. “As we continue to accelerate innovation at the intersection of banking, and commerce, Raj’s insights and perspective will be a tremendous asset to Fiserv and our Board.” Nixon concluded, “We are grateful to Henrique for his service on the Board and his lasting contributions. We thank him for his thoughtful counsel over many years.”

Seshadri’s appointment is consistent with the Board’s ongoing commitment to having the right mix of skills to advance Fiserv’s strategy and further enhances the Board’s collective expertise as Fiserv unites commerce and finance, powering sustained growth and innovation at scale for financial institutions and businesses around the world.

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news. 

For more information contact:

Media Relations: Melissa Moritz Vice President, Communications Fiserv, Inc. melissa.moritz@fiserv.com

Additional Contact: Walter Pritchard SVP, Investor Relations Fiserv, Inc. walter.pritchard@fiserv.com

A 1,500 MW Combined Renewable Natural Gas and Biomass Power Plant and Water Supply Project Valued at Up to $1.66 Billion; Azure Holds a 10% Equity Stake

Fort Lauderdale, FL, Oct. 23, 2026 (GLOBE NEWSWIRE) — Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME), a diversified holding company and owner of Azure Energy (“Azure”), a strategic advisor to renewable power plant developers, and SemiCab Holdings, an AI-enabled logistics provider, today provided an operational update on a 1,500 MW combined renewable natural gas and biomass power plant project in Mississippi. Engineering for the project is nearly complete, and it is being marketed to potential tenants, including data centers and advanced manufacturing facilities, that would co-locate on site.

The $7.34 billion project will sit on a 1,664-acre site in north-central Mississippi. It combines 500 MW of net generation from a biomass pyrolysis-to-power (Azure P2P^™) plant, 1,000 MW of natural gas generation, and a 150,000-ton absorption chilled water plant. All output will be delivered behind the meter to a single co-located large-load tenant, such as a hyperscale data center or advanced manufacturing facility. The campus is expected to become operational in three phases, with the first phase delivering approximately 250 MW of power within 18 months of notice to proceed. The facility is expected to reach its full generation capacity within 54 months of notice to proceed. Local development partners have secured feedstock through a right of first refusal and a memorandum of understanding. Phase II engineering is scheduled for completion in October 2026, and the Independent Engineer report is due in December 2026.

Azure expects to earn approximately $5 million in fee income in 2027 under the current scope of engagement, with additional fee income opportunity under negotiation. Azure currently holds a 10% equity stake in the project. The project has two clearly defined paths to unlock value. First, if the project is completed as scheduled, Azure is projected to earn approximately $40 million in EBITDA annually from the project once it reaches full operation.

Alternatively, the project could be sold upon the completion of final permitting in early 2027, with an estimated value of up to $1.66 billion based on prevailing market conditions. If sold as valued, the gross proceeds due to Azure would be approximately $166 million for its equity stake, plus additional fee income for managing the transaction. The Company expects to select capital markets partners before the end of Q4 2026 to evaluate offers. Full marketing of the project is expected to begin in early Q1 2027.

“Our Mississippi project is large in scale and in the final stage of preparation for market,” said Andrew Thompson, CEO of Algorhythm Holdings. “Potential capital markets partners have responded well, and we are now deciding how best to launch a comprehensive marketing process.”

“Shovel-ready sites with power and water already solved are increasingly scarce,” added Mr. Thompson. “This site offers a 1,500 MW power solution using biomass and renewable natural gas, with engineering nearly complete and water supply addressed. We expect strong interest from data center and advanced manufacturing tenants in the coming months.”

About Algorhythm Holdings

Algorhythm Holdings, Inc. is a holding company with two primary assets: Azure Holdings and SemiCab Holdings. Azure Energy provides strategic and technical advisory services for renewable biomass power generation infrastructure. Azure launched in 2025 and has already secured equity participation valued at over $220 million in net present value through multiple power plants under development in the US. The Company has significant fee-income consulting revenues under multi-year contracts and is generating growing, positive EBITDA. For additional information, please go to: http://www.azure-energy.co.

Algorhythm Holdings, Inc. also owns and operates SemiCab, an AI-enabled logistics software provider. Since 2020, SemiCab has enabled major retailers, brands, and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML and advanced optimization models to enable fully loaded round trips. With SemiCab’s AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com.

Investor Relations Contact

Brendan Hopkins
407-645-5295
investors@algoholdings.com
www.algoholdings.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in Algorhythm’s reports to the SEC, including, without limitation, Algorhythm’s Annual Report on Form 10-K for the year ended December 31, 2025. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.

BEND, Ore., Oct. 23, 2026 (GLOBE NEWSWIRE) — BranchOut Food Inc. (Nasdaq: BOF) (“BranchOut” or the “Company”), a growth-stage consumer packaged foods company focused on developing, manufacturing, marketing and distributing clean-label, plant-based dried fruit and vegetable snacks, today announced the pricing of an underwritten public offering of 2,941,177 shares of its common stock at a public offering price of $1.70 per share (the “Offering”). Gross proceeds to the Company, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $5.0 million. All of the shares in the Offering are to be sold by the Company.

Lake Street Capital Markets, LLC is acting as the representative of the underwriters for the Offering. The Company has granted the representative a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the Offering solely to cover over-allotments.

The Offering is expected to close on or about October 26, 2026, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes, including operating expenses and capital expenditures.

The shares of common stock are being offered pursuant to a registration statement on Form S-3 (File No. 333-299400), which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 16, 2026. The Offering is being made only by means of a prospectus supplement and accompanying prospectus forming a part of the registration statement. A prospectus supplement relating to and describing the terms of the Offering will be filed with the SEC and will be available free of charge on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus may also be obtained, when available, from Lake Street Capital Markets, LLC, 121 South 8th Street, Suite 1000, Minneapolis, Minnesota 55402, by telephone at (612) 326-1305 or by email at capitalmarkets@lakestreetcm.com.

Disclaimer

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About BranchOut Food Inc.

BranchOut Food Inc. (Nasdaq: BOF) is a leading international food technology company specializing in the production of high-quality dehydrated fruit- and vegetable-based products through its proprietary GentleDry™ technology. This next-generation dehydration method is designed to preserve the nutrition, quality and taste of fresh produce. BranchOut’s technology enables the Company to serve branded, ingredient and private-label customers. For more information, visit www.branchoutfood.com or follow BranchOut Food on social media.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Offering, the expected grant and potential exercise of the over-allotment option, the Company’s expected use of proceeds and the timing, size, terms and completion of the Offering. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” “would” and similar expressions. These forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including market conditions; the Company’s ability to complete the Offering on acceptable terms or at all; volatility in the market price of the Company’s common stock; the satisfaction of customary closing conditions; and the other risks and uncertainties described under “Risk Factors” in the prospectus supplement relating to the Offering and in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release.

For more information:

ir@branchoutfood.com

SOURCE BranchOut Food Inc.

– The presenter, Dr. Roy-Chaudhury said, “These results give the nephrology community a strong reason to rethink our approach to access decisions for women and, once approved by the FDA, to consider the ATEV as a meaningful new option.”

– In a planned interim analysis, women implanted with the ATEV averaged 220 catheter-free days in the first year compared to 129 days with arteriovenous fistula, meeting the trial’s primary endpoint of superiority.

– ATEV recipients achieved functional access significantly faster than AV fistula recipients, with a median of 1.7 months compared to 5.3 months with an AV fistula.

DURHAM, N.C., Oct. 23, 2026 (GLOBE NEWSWIRE) — Humacyte, Inc. (Nasdaq: HUMA), a commercial-stage biotechnology platform company developing universally implantable, bioengineered human tissue at commercial scale, announced that positive interim results from the V012 Phase 3 clinical trial of the acellular tissue engineered vessel (ATEV) in arteriovenous (AV) access for female hemodialysis patients were presented at the American Society of Nephrology’s (ASN) Kidney Week 2026, one of the world’s premier nephrology meeting, held this year in Denver, Colorado. V012 is the first randomized clinical trial specifically designed to evaluate the ATEV against AV fistula for hemodialysis access in women with end-stage kidney disease (ESKD).

In the V012 Phase 3 trial, women implanted with the ATEV achieved functional access more than three months sooner and spent significantly more time free of dialysis catheters over the first year than women who received an AV fistula, which is the current standard of care for hemodialysis access across all patients. Women have historically had poorer outcomes with AV fistula procedures, including higher rates of maturation failure, longer times to functional access, and greater reliance on infection-prone catheters.

The late-breaking podium presentation, delivered in the Late-Breaking Research Orals: Dialysis and Transplantation session, titled “Randomized Controlled Trial of an Acellular Tissue Engineered Vessel vs. Arteriovenous Fistula for Hemodialysis Access in Female Patients with ESKD: A Phase 3 CLN-PRO-V012 Interim Analysis,” was presented on Thursday, October 22, 2026 by Prabir Roy-Chaudhury, M.D., Ph.D., FASN, 2025 President of the American Society of Nephrology and Co-Director of the University of North Carolina Kidney Center.

“Every woman in this study was judged by her surgeon to be a candidate for a fistula, but more than a third of those fistulas failed to mature within a year in this study,” said Dr. Roy-Chaudhury. “That tells us that even in the right patients, we cannot count on a fistula to work, or to work in time. In V012, women with the ATEV reached usable access months sooner and spent significantly less time on a catheter. These results give the nephrology community a strong reason to rethink our approach to access decisions for women and, once approved by the FDA, to consider the ATEV as a meaningful new option for the patients who need it most.”

The V012 Phase 3 trial (NCT05908084) is a comparative study designed to enroll approximately 150 female hemodialysis patients, randomized 1:1 to receive either the ATEV or an AV fistula for hemodialysis access. All women enrolled were receiving hemodialysis through a catheter and were considered suitable candidates for AV fistula creation in the judgment of their treating surgeons. The primary efficacy endpoint is catheter-free days from access creation through 365 days, or until access abandonment, whichever occurs first. Results reflect a prespecified interim analysis of the first 80 patients. Because the trial met its primary endpoint, enrollment was stopped.

In the interim analysis, women implanted with the ATEV averaged 91 more catheter-free days over the first 12 months than women receiving an AV fistula (220.4 days compared to 129.3 days; p<0.001). Despite all patients being judged at the outset as suitable for fistula creation, only approximately 65% of AV fistulas achieved functional maturation by Month 12, with maturation largely plateauing by Month 9, leaving approximately one-third of women in the fistula arm without a functionally mature fistula at one year.

“Prolonged catheter dependence is one of the most serious problems a surgeon encounters in dialysis care. A bioengineered vessel that women can use sooner, and that keeps them off a catheter longer, could make a real difference,” added Mohamad A. Hussain, M.D., Ph.D., a vascular and endovascular surgeon-scientist at the Heart and Vascular Institute, Mass General Brigham, and Associate Professor of Surgery at Harvard Medical School.

“For a woman receiving maintenance hemodialysis, it’s important to have vascular access options that can be individualized to meet their needs. Less is more when it comes to getting women to usable access sooner – less catheter time is more time to enjoy non dialysis activities without having to worry about the risks of catheter-related infection, hospital visits, and uncertainty.” said Charmaine Lok, M.D., Professor of Medicine at the Faculty of Medicine, University of Toronto and Senior Scientist at the Toronto General Hospital Research Institute.

The safety profile of the ATEV was comparable to that of AV fistula. Fewer dialysis access infections were observed with the ATEV, approximately 6 per 100 patient-years, compared to 23 per 100 patient-years with AV fistula. None of the infections in the ATEV group were related to the vessel itself, and no spontaneous ruptures were reported in either group.

The results from V012, supported by the results from two previously completed Phase 3 trials in hemodialysis access, form the clinical foundation for Humacyte’s planned supplemental Biologics License Application to expand the Symvess® label to include AV access for hemodialysis, which the Company has targeted for submission to the FDA this quarter.

For uses other than the FDA approval in the extremity vascular trauma indication, the ATEV is an investigational product and has not been approved for sale by the FDA or any other regulatory agency.

About Humacyte

Humacyte, Inc. (Nasdaq: HUMA) is developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues, advanced tissue constructs, and organ systems designed to improve the lives of patients and transform the practice of medicine. The Company develops and manufactures acellular tissues to treat a wide range of diseases, injuries, and chronic conditions. Humacyte’s Biologics License Application for the acellular tissue engineered vessel (ATEV) in the vascular trauma indication was approved by the FDA in December 2024. ATEVs are also currently in late-stage clinical trials targeting other vascular applications, including arteriovenous (AV) access for hemodialysis and peripheral artery disease (PAD). Preclinical development is also underway in coronary artery bypass grafts, pediatric heart surgery, treatment of type 1 diabetes, and multiple novel cell and tissue applications. Humacyte’s 6mm ATEV for AV access in hemodialysis was the first product candidate to receive the FDA’s Regenerative Medicine Advanced Therapy (RMAT) designation and has also received FDA Fast Track designation. Humacyte’s 6mm ATEV for urgent arterial repair following extremity vascular trauma and for advanced PAD also have received RMAT designations. The ATEV received priority designation for the treatment of vascular trauma by the U.S. Secretary of Defense. For more information, visit www.Humacyte.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, our plans and ability to commercialize Symvess and, if approved by regulatory authorities, our product candidates, successfully and on our anticipated timelines; the degree of market acceptance of and the availability of third-party coverage and reimbursement for Symvess and, if approved by regulatory authorities, our product candidates; our ability to manufacture Symvess and, if approved by regulatory authorities, our product candidates in sufficient quantities to satisfy our clinical trial and commercial needs; the anticipated benefits of our ATEVs relative to existing alternatives; our plans and ability to execute product development, process development and preclinical development efforts successfully and on our anticipated timelines; our plans, anticipated timeline and ability to file applications for, and obtain marketing approvals from, the FDA and other regulatory authorities, including the European Medicines Agency, for our ATEVs and product candidates; our ability to design, initiate and successfully complete clinical trials and other studies for our product candidates and our plans and expectations regarding the results of our clinical trials, including our V012 Phase 3 clinical trial, and regarding our ongoing or planned clinical trials; the anticipated characteristics and performance of our ATEVs and the public perception thereof; the implementation of our business model and strategic plans for our business; and the timing or likelihood of regulatory filings, acceptances and approvals. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, changes in applicable laws or regulations, the possibility that Humacyte may be adversely affected by other economic, business, competitive and/or reputational factors, and other risks and uncertainties, including those described under the header “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and Form 10-Q for the quarter ended June 30, 2026, each filed by Humacyte with the SEC, and in future SEC filings. Most of these factors are outside of Humacyte’s control and are difficult to predict. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. Except as required by law, we have no current intention of updating any of the forward-looking statements in this press release. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Humacyte Investor Contact:
Joyce Allaire
LifeSci Advisors LLC
+1-617-435-6602
jallaire@lifesciadvisors.com
investors@humacyte.com

Humacyte Media Contact:
Rich Luchette
Precision Strategies
+1-202-845-3924
rich@precisionstrategies.com
media@humacyte.com

EDEN PRAIRIE, Minn., Oct. 23, 2026 (GLOBE NEWSWIRE) — Winnebago Industries, Inc. (NYSE: WGO) (the “Company”), a leading manufacturer of outdoor recreation products, today announced its intent to nominate Jay L. Johnson for election to Winnebago Industries’ Board of Directors (the “Board”) at the Company’s 2026 Annual Meeting of Shareholders (the “2026 Annual Meeting”), expected to be held in December.

“We look forward to welcoming Jay to the Board and benefiting from his perspectives as we navigate a dynamic environment and advance Winnebago Industries’ position as a trusted leader in outdoor recreation products,” said John Murabito, Independent Chairman of Winnebago Industries’ Board. “Jay’s expertise in financial management, capital allocation and capital markets will complement the skills and experience of our existing directors.”

In connection with Mr. Johnson’s nomination, Winnebago Industries has entered into a cooperation agreement with Vision One Fund, LP (“Vision One”). Under the cooperation agreement, Vision One has agreed to customary standstill, voting and other provisions. A complete copy of the cooperation agreement will be filed with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.

In addition, Winnebago Industries announced that the Board has committed to submitting proposals at the 2026 Annual Meeting seeking shareholder approval of amendments to the Company’s Articles of Incorporation and Bylaws to phase out its classified Board structure over a three-year period, beginning with the 2027 Annual Meeting of Shareholders.

The Board’s formal recommendations regarding the election of directors and the proposed amendments to the Company’s Articles of Incorporation and Bylaws will be included in the Company’s definitive proxy statement for the 2026 Annual Meeting, which will also provide the meeting date and other relevant information.

About Jay L. Johnson
Jay L. Johnson has been Executive Vice President, Chief Financial Officer and Treasurer of Lamar Advertising Company since October 2019. Prior to joining Lamar, Mr. Johnson served as Executive Vice President and Chief Financial Officer of DiamondRock Hospitality Company and as Senior Vice President and Treasurer of Host Hotels & Resorts. Prior to Host, he served in a variety of senior leadership roles at KeyBank Real Estate Capital and Bank of America. Mr. Johnson currently serves as a director at SBA Communications Corp., a leading owner and operator of wireless communications infrastructure, and is a former director at Newell Brands, Inc., a global consumer goods company. He received his Masters in Business Administration from Harvard Business School and his undergraduate degree from Morehouse College.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Advisors

Goldman Sachs & Co. LLC is serving as financial advisor to Winnebago Industries and Sidley Austin LLP is serving as legal advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated nomination and election of Jay L. Johnson to the Board, the proposed declassification of the Board and the timing and implementation of related governance changes. Forward-looking statements may be identified by terms such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “believe” or similar expressions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including the outcome of shareholder votes at the 2026 Annual Meeting and other factors described in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.

Important Additional Information and Where to Find It

The Company intends to file a proxy statement on Schedule 14A, an accompanying proxy card and other relevant documents with the SEC in connection with its 2026 Annual Meeting. SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents, when available, free of charge at the SEC’s website at www.sec.gov or through the “SEC Filings” section of the Company’s investor relations website at https://winnebago.gcs-web.com/.

Certain Information Regarding Participants in the Solicitation

The Company, its directors and certain of its executive officers (Michael Happe, President and Chief Executive Officer; Bryan Hughes, Senior Vice President – Chief Financial Officer, Investor Relations, Information Technology and Business Development; and Stacy Bogart, Senior Vice President – Chief Legal Officer, Corporate Secretary and Corporate Responsibility) are deemed “participants” (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the 2026 Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled “Director Compensation,” “Compensation Discussion and Analysis,” “Compensation Tables and Narrative Disclosure,” and “Security Ownership of Certain Beneficial Owners and Management” of the Company’s proxy statement on Schedule 14A in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on November 4, 2025 (available here) and the section entitled “Information about our Executive Officers” of the Company’s Annual Report on Form 10-K filed with the SEC on October 21, 2026 (available here) and, with respect to Emily Silver, Item 5.02 of the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2026 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found in SEC filings on statements of beneficial ownership on Forms 3, 4 and 5 filed with the SEC on October 27, 2025 and October 15, 2026 for Sara Armbruster (available here and here); October 13, 2026 and October 16, 2026 for Stacy Bogart (available here, here and here); October 15, 2026 for Christopher Braun (available here); October 15, 2026 for Kevin Bryant (available here); November 17, 2025 and October 15, 2026 for William Fisher (available here and here); October 29, 2025, August 14, 2026, October 13, 2026 and October 16, 2026 for Michael Happe (available here, here, here, here and here); October 13, 2026 and October 16, 2026 for Bryan Hughes (available here, here and here); August 31, 2026 and October 15, 2026 for Staci Kroon (available here and here); December 1, 2025, March 3, 2026 and October 15, 2026 for David Miles (available here, here and here); October 15, 2026 for John Murabito (available here); December 1, 2025, March 3, 2026, June 1, 2026, August 31, 2026 and October 15, 2026 for Michael Pack (available here, here, here, here and here); and May 1, 2026, May 5, 2026 and October 15, 2026 for Emily Silver (available here, here and here). Such filings will also be available at no charge by clicking the “SEC Filings” link in the “Financial Information” section of the “Investors” tab of the Company’s website at https://winnebago.gcs-web.com/.

Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the Company’s 2026 Annual Meeting, when they become available. These documents will be available free of charge as described above.

Contacts

Investors: Joan Ondala
ir@winnebagoind.com

Media: Dan Sullivan
media@winnebagoind.com

or

Joseph Sala / Mahmoud Siddig / Thomas Crosson
212-355-4449
Joele Frank, Wilkinson Brimmer Katcher

Proven distribution leader to sharpen execution, drive improved performance and create long-term shareholder value

ANTIOCH, Tenn., Oct. 23, 2026 (GLOBE NEWSWIRE) — LKQ Corporation (Nasdaq: LKQ) today announced that its Board of Directors has appointed Salvatore A. “Sal” Abbate as President and Chief Executive Officer, effective December 15, 2026. He succeeds Justin Jude, who is departing the Company effective today. Until Mr. Abbate assumes the role of President and Chief Executive Officer, the Company has established an interim Office of the Chief Executive Officer to provide ongoing leadership continuity, consisting of John Mendel, Chairman of the Board, and Sue Gove, Chair of LKQ’s Audit Committee. The Office of the Chief Executive Officer will work closely with LKQ’s leadership teams and management in overseeing the Company’s operations during the interim period.

Mr. Abbate brings more than three decades of experience leading large, complex distribution and industrial businesses. As CEO of Veritiv Corporation, he led a significant transformation of the company, with its share price increasing more than 13-fold during his tenure, culminating in its $2.6 billion sale to Clayton, Dubilier & Rice in 2023. Before becoming CEO, he served as Veritiv’s Chief Operating Officer and Chief Commercial Officer. Earlier in his career, Mr. Abbate held senior leadership roles at Andersen Windows & Doors, Solutia, Inc., now part of Eastman Chemical Company, and Armstrong World Industries, with responsibilities spanning sales, marketing, distribution, logistics, manufacturing, strategy and process improvement.

Mr. Abbate’s experience aligns closely with LKQ’s strategic and operational priorities. He has led high-volume, multi-site distribution businesses where pricing, procurement and supply chain discipline are critical to performance, and has led portfolio transformation focused on margin improvement and cash generation. He also brings public-company and international experience. He currently serves on the board of ArcBest (Nasdaq: ARCB). He holds a bachelor’s degree in industrial engineering from the Georgia Institute of Technology and an MBA from Northwestern University’s Kellogg School of Management.

“After a thorough search, the Board concluded that Sal is the right leader for LKQ at this moment,” said John Mendel, Chairman of the Board. “He is a disciplined operator and people-centered leader, who has transformed a complex distribution business, improved margins and created significant value for shareholders. Sal brings the operating rigor, commercial instincts and sense of urgency we need to sharpen execution across our businesses and unlock the full potential of LKQ. On behalf of the Board, I also want to thank Justin for his years of service and contributions to LKQ.”

“LKQ is an exceptional company, with unmatched scale, leading market positions and a deep bench of talented people,” said Mr. Abbate. “There is meaningful opportunity to improve performance, and I intend to move quickly. That starts with listening to our customers and teams, fostering a culture where our people can succeed and thrive, driving disciplined execution across every region and holding ourselves accountable for results. I’m honored to lead LKQ and look forward to working with the Board and the team to build a stronger, more profitable company.”

About LKQ Corporation

LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Investor Contact
Joseph P. Boutross
LKQ Corporation
Vice President, Investor Relations
(312) 621-2793
jpboutross@lkqcorp.com

Media Contact
Whit Clay
Longacre Square Partners
lkq@longacresquare.com

Forward-Looking Statements

Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified in our filings with the SEC. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward- looking statements include the factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available at the Investor Relations section on our website (www.lkqcorp.com) and on the SEC’s website (www.sec.gov).

ZEELAND, Mich., Oct. 23, 2026 (GLOBE NEWSWIRE) — Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, and consumer electronics, today reported financial results for the three and nine months ended September 30, 2026.

Third Quarter 2026 Highlights

• Net sales of $647.7 million
• North American automotive revenue growth outpaced regional light vehicle production by approximately 800 basis points
• Gross margin of 33.4%
• Income from operations (GAAP) $115.1 million; adjusted income from operations (non-GAAP) $118.8 million
• Net income attributable to Gentex (GAAP) $90.6 million; adjusted net income attributable to Gentex (non‑GAAP) $97.8 million
• Earnings per diluted share attributable to Gentex (GAAP) $0.43; adjusted earnings per diluted share (non‑GAAP) $0.47
• Share repurchases: 5.7 million shares repurchased during the quarter for a total of $132.6 million
• Awarded first printed circuit board assembly (“PCBA”) contract with production expected to begin in 2029

Financial Summary
For the third quarter of 2026, the Company reported net sales of $647.7 million, compared to net sales of $655.2 million in the third quarter of 2025. Automotive unit performance during the quarter was consistent with expectations; however, revenue for the quarter was approximately $35 million below the Company’s forecast at the beginning of the quarter due to certain customer issues and delayed launches in the quarter. North American automotive revenue for the third quarter of 2026 increased approximately 3% compared to the third quarter of 2025 despite a 5% decline in regional light vehicle production. In Europe, automotive revenue performance produced a 13% year-over-year growth rate, apart from the Volkswagen program loss, which more than offset the growth in the rest of the region. Globally, automotive revenue performance achieved a 2% year over year growth apart from the previously announced headwinds in China and with VW. This performance occurred despite global light vehicle production declining by more than 2% year over year during the third quarter of 2026. Automotive revenue was driven from content growth across the Company’s primary automotive markets. In addition, revenue from the Company’s other product categories grew meaningfully, led by a 27% year-over-year increase in Premium Audio revenue to $54.7 million, while Other Products, including Aerospace, Biometrics, Fire Protection, and Automotive Aftermarket, revenue collectively increased by 5% year over year.

“Our third quarter results demonstrate the resilience of our business and the continued benefits of our strategy to grow through technology, product mix, and diversification,” said Steve Downing, President and CEO. “Despite continued challenges in China and Europe, we delivered third quarter net sales that were relatively flat compared to the third quarter of 2025 even though revenue was approximately $35 million below our beginning-of-quarter forecast. Our results benefited from strong performance in North America through continued adoption of our advanced feature content, and from growth across our non-automotive product lines. In Europe, the continued rollout of DMS and ICMS products helped offset lower vehicle production and mirror unit shipments, which demonstrates the necessity and value of increasing content per vehicle. China remained a known headwind during the quarter, with previously discussed industry conditions continuing to pressure both unit shipments and revenue. Outside of automotive, our diversification strategy is gaining momentum, with non-automotive revenue increasing approximately 17% year over year and representing 15% of total Company revenue during the third quarter. In comparison, in the third quarter of 2025, non-automotive revenue was approximately 12% of total revenue.”

For the third quarter of 2026, the Company’s gross margin was 33.4%, compared to a gross margin of 34.4% for the third quarter of 2025. The year-over-year change was primarily driven by higher precious metal costs and the impact of lower-than-anticipated sales, which resulted in unfavorable product mix and reduced operating leverage during the quarter. “While gross margin was below our expectations for the quarter, the underlying drivers were relatively concentrated. The higher precious metal costs which increased bill of material costs has been an ongoing headwind over the last few quarters as these commodity prices have increased significantly. And despite the impressive performance from the operations teams, the sales shortfall versus our beginning of quarter forecast reduced operating leverage for the quarter. We remain focused and confident in the Company’s ability to engineer solutions to help offset the inflationary cost environment that exists in a number of different commodity areas,” remarked Downing.

Consolidated operating expenses during the third quarter of 2026 were $101.3 million, compared to operating expenses of $102.8 million in the third quarter of 2025. On a non-GAAP basis, adjusted operating expenses were $97.5 million in the third quarter of 2026, compared to $101.8 million in the third quarter of 2025, when adjusted for certain impairment and severance expenses during each of the quarters. “The decrease in operating expenses on a GAAP and an adjusted basis reflects the Company’s continued focus on managing operating expenses as sales growth has moderated during 2026. Despite the decrease in operating expenses, our teams continue to execute on a significant number of launches and core R&D initiatives that are imperative for us to achieve our strategic growth initiatives,” said Gentex COO and CTO Neil Boehm. “As demonstrated during our Shareholder and Investor Day in August, the Company is making meaningful progress on the development and launch of our dimmable visor product, which is scheduled to launch late next year. The team also continues to move our large area device R&D project closer to a qualified product, with a volume manufacturing footprint that can scale to support the significant volume we are expecting from customers once the product is fully validated,” concluded Boehm. 

Income from operations for the third quarter of 2026 was $115.1 million, compared to income from operations of $122.3 million for the third quarter of 2025. On a non-GAAP basis, adjusted income from operations was $118.8 million in the third quarter of 2026, compared to $123.4 million in the third quarter of 2025.

Total other loss was $7.8 million during the third quarter of 2026, compared to other loss of $1.8 million in the third quarter of 2025. On a non-GAAP basis, adjusted other loss was $3.1 million in the third quarter of 2026, compared to other income of $0.4 million in the third quarter of 2025. The year-over-year change primarily reflects certain credit loss reserves and investment-related charges, partially offset by higher investment income and gains on asset and investment sales.

During the third quarter of 2026, the Company had an effective tax rate of 15.5%, compared to an effective tax rate of 16.3% during the third quarter of 2025. 

Net income attributable to Gentex for the third quarter of 2026 was $90.6 million, compared to $101.0 million in the third quarter of 2025. On a non-GAAP basis, adjusted net income attributable to Gentex was $97.8 million in the third quarter of 2026, compared to $103.7 million in the third quarter of 2025.

Earnings per diluted share attributable to Gentex for the third quarter of 2026 were $0.43, compared to earnings per diluted share of $0.46 for the third quarter of 2025. On a non-GAAP basis, adjusted earnings per diluted share were $0.47 for the third quarter of 2026, and for the third quarter of 2025.

Segment Revenue

Automotive
Automotive net sales were $552.5 million in the third quarter of 2026, compared to $573.7 million in the third quarter of 2025. Automotive revenue performance during the quarter reflected expected unit trends and strong content growth across the Company’s primary markets. Reported results included discrete headwinds in China and from the VW program loss. Excluding these items, automotive revenue increased approximately 2% quarter over quarter, led by significant North American market outgrowth and a 13% growth in Europe (excluding the VW program loss), supported by favorable product mix and increased electronic content per vehicle. 

Premium Audio
Net sales from the Premium Audio category were $54.7 million in the third quarter of 2026, compared to $43.0 million in the third quarter of 2025, an increase of approximately 27%.

Other Products
Net sales from the Other Products category were $40.5 million in the third quarter of 2026, which was a 5% increase compared to the third quarter of 2025. Growth was driven primarily by Aerospace and Fire Protection revenues, which increased 135% and 36%, respectively, but were partially offset by lower aftermarket and accessory sales.

Share Repurchases
During the third quarter of 2026, the Company repurchased 5.7 million shares of its common stock at an average price of $23.44 per share, for a total of $132.6 million. Year-to-date, the Company has repurchased 11.6 million shares for a total of $270.2 million, at an average price of $23.28 per share. As of September 30, 2026, the Company had approximately 24.3 million shares remaining available for repurchase under its previously announced share repurchase plan. The Company intends to continue to repurchase additional shares of its common stock in support of the previously disclosed capital allocation strategy, but share repurchases will vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.

Future Estimates
The Company’s light vehicle production assumptions are based on the mid-October 2026 Mobility Global outlook. Global light vehicle production is forecast to decline approximately 4% in the fourth quarter of 2026 and approximately 2% for full-year 2026, compared with the respective prior-year periods. Global light vehicle production is expected to increase approximately 1% in 2027, compared to 2026; however, production in the Company’s primary automotive markets of North America, Europe, and Japan/Korea is forecasted to decline approximately 1%, with growth concentrated in China and other markets. Forecasted production volumes for the fourth quarter of 2026 and calendar years 2026 and 2027 are presented below.

Light Vehicle Production (Mobility Global mid-Oct light vehicle production forecast)
(in Millions)
Region	Q4 2026	Q4 2025	% Change				Calendar Year 2027	Calendar Year 2026	Calendar Year 2025		2027 vs 2026 % Change			2026 vs 2025 % Change
North America	3.50	3.58	(2	)	%		15.10	14.99	15.27		1		%	(2	)	%
Europe	4.28	4.34	(1	)	%		16.90	17.16	17.05		(2	)	%	1		%
Japan and Korea	3.18	3.10	3		%		11.87	12.26	12.07		(3	)	%	2		%
China	8.98	9.79	(8	)	%		31.52	31.01	33.10		2		%	(6	)	%
Total Light Vehicle Production	19.94	20.81	(4	)	%		75.39	75.42	77.49		—		%	(3	)	%

Based on actual results for the first nine months of 2026, the updated Mobility Global light vehicle production forecast, and the Company’s expectations for its Automotive, Premium Audio, and Other Products categories, the Company is updating certain elements of its full-year 2026 guidance as set forth below. The updated guidance reflects the anticipated impact of all known tariffs effective as of October 23, 2026.

2026 Annual Guidance (as of October 23, 2026)

• Consolidated Revenue: Approximately $2.65 billion (previously $2.65 – $2.75 billion)
• Gross Margin: 34.0% – 34.5% (previously 34.5% – 35.5%). The updated guidance includes an estimated $10 million to $15 million of incremental cost increases that are expected in the fourth quarter of 2026, with related recoveries not anticipated to be reimbursed until the first half of 2027.
• Operating Expenses (excluding severance and impairments): $395 – $410 million (previously $405 – $415 million)
• Tax Rate: 16% – 16.5% (previously 16% – 17%)
• Capital Expenditures: $100 – $115 million (previously $115 – $125 million)
• Depreciation & Amortization: $100 – $105 million (previously $100 – $110 million)

2027 Revenue Guidance
Based on the mid-October 2026 Mobility Global light vehicle production forecast and the Company’s current expectations for Automotive, Premium Audio, and Other Products revenue, the Company is maintaining its 2027 revenue outlook of $2.80 billion to $2.90 billion. This outlook assumes light vehicle production in the Company’s primary markets declines approximately 1% in 2027.

Closing Remarks
“As we look ahead, we are increasingly confident in the growth opportunities in front of us,” said Downing. “We are beginning to see the impact of our broader product and growth strategy reflected in our forward-looking guidance. Despite a light vehicle production environment in our primary markets that is currently expected to decline approximately 1% in 2027, we are maintaining our 2027 revenue outlook of $2.80 billion to $2.90 billion, which is a significant acceleration in outgrowth versus the underlying market. We believe the growing divergence between our revenue expectations and the underlying light vehicle production environment reflects the increasing contribution from new technology, higher content per vehicle, and our diversifying customer base. The progress we demonstrated at our Shareholder and Investor Day in August provides further evidence of how far several of these programs have advanced towards commercialization, including our interior visor program and the large area device product portfolio. Launches of our fourth-generation FDM are now in full swing, and our engineering teams continue to improve product design and cost while delivering some of the most advanced technology and features we have ever offered our customers. We are also pleased to announce that during the third quarter we secured our first PCBA business award, with production currently expected to begin in 2029. This award represents another important opportunity to leverage Gentex’s advanced manufacturing capabilities in new products and markets, and we are actively pursuing additional PCBA opportunities with anticipated production timelines beginning in or around the same period. While we remain optimistic regarding our future growth opportunities, we are actively managing the challenges developing across the supply chain. Significant demand for memory and other electronic components is creating supply constraints and cost pressure across much of the electronics industry. Additionally, precious metals pricing is increasingly volatile with many of the metals used in our core products experiencing significant cost increases over the last year. And while these cost headwinds are expected to continue into the fourth quarter, our teams are actively engaged with our customers to establish the need for appropriate reimbursement. Additionally, our engineering teams are committed to pursuing design changes and other cost-reduction opportunities to mitigate these pressures. We believe the combination of higher content, new product launches, diversification, and expansion into new markets is changing the growth profile of the Company. We are also convinced that achieving our growth objectives while we focus our internal efforts to offset the many cost pressures facing the industry can combine with our aggressive approach to share repurchases to create meaningful long-term shareholder value,” concluded Downing.

Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “confident,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” “likely”, “may,” “opinion,” “optimistic,” “outlook,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “work to,” and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers, including the ability to be reimbursed for increasing costs; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); delays in program launches; changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates and uncertainties in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation, including securities litigation relating to the conduct of our business; our ability to successfully develop and commercialize new products and new markets (such as PCBA); and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.

The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s most recent Form 10-K and subsequent Form 10-Q filed with the SEC, which risks and uncertainties include tariffs and supply chain constraints that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by Mobility Global Light Vehicle Production Forecast of October 15, 2026 (http://www.gentex.com/forecast-disclaimer).

Third Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, October 23, 2026. Participants who wish to ask questions may register for the call at https://register-conf.media-server.com/register/BIf16d76cd30ef4ccb9104c3f057fb46e5. It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming https://edge.media-server.com/mmc/p/xisihger. A webcast replay will be available approximately 24 hours after the conclusion of the call at https://ir.gentex.com/events-and-presentations/upcoming-past-events.

About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, and consumer electronics. Visit the Company’s web site at http://www.gentex.com.

Contact Information:
Gentex Investor & Media Contact
Josh O’Berski
616.931.3505

GENTEX CORPORATION
AUTOMOTIVE SALES BY REGION
(Thousands)
		Three Months Ended September 30,									Nine Months Ended September 30,
Region		Q3 2026			Q3 2025			% Change				YTD 2026			YTD 2025			% Change
North America		$	263,279		$	255,942		3		%		$	781,212		$	709,760		10		%
Europe+			126,624			126,798		—		%			419,508			423,080		(1	)	%
Japan/Korea			129,005			140,126		(8	)	%			380,147			429,393		(11	)	%
China			22,072			39,107		(44	)	%			82,686			115,143		(28	)	%
Rest of World			11,541			11,686		(1	)	%			29,976			38,277		(22	)	%
Total		$	552,521		$	573,659		(4	)	%		$	1,693,529		$	1,715,653		(1	)	%

+VW’s European business represented an approximately $16.6 million quarter over quarter revenue headwind and a $37.5 million year to date revenue headwind during the third quarter.

GENTEX CORPORATION
LIGHT VEHICLE PRODUCTION BY REGION
(Thousands)
	Three Months Ended September 30,							Nine Months Ended September 30,
Region	Q3 2026		Q3 2025		% Change				YTD 2026		YTD 2025		% Change
North America*	3,785		3,970		(5	)	%		11,484		11,696		(2	)	%
Europe*	3,905		3,872		1		%		12,879		12,710		1		%
Japan/Korea*	2,893		2,923		(1	)	%		9,074		8,993		1		%
China	7,875		8,366		(6	)	%		22,022		23,304		(6	)	%
Rest of World	4,274		3,966		8		%		12,325		11,577		6		%
Total	22,732		23,097		(2	)	%		67,784		68,280		(1	)	%
*Primary Markets	10,583		10,765		(2	)	%		33,437		33,399		—		%

GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
		(Unaudited)								(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Net Sales			647,709,651				655,236,055				1,974,452,482				1,889,867,355
Cost of Goods Sold			431,378,974				430,069,318				1,288,497,162				1,247,676,128
Gross Profit			216,330,677				225,166,737				685,955,320				642,191,227
Engineering, Research & Development			51,568,685				52,634,707				152,480,305				150,030,348
Selling, General & Administrative			45,925,812				49,686,902				145,755,108				128,135,262
Impairment Charges			3,000,000				—				5,800,000				—
Severance Expense			776,979				518,190				1,862,392				10,191,438
Operating Expenses			101,271,476				102,839,799				305,897,805				288,357,048
Income from Operations			115,059,201				122,326,938				380,057,515				353,834,179
Other Income/(Loss)			(7,842,477	)			(1,756,230	)			(17,964,539	)			(4,165,750	)
Income (Loss) Before Income Taxes			107,216,724				120,570,708				362,092,976				349,668,429
Income Tax Provision			16,651,840				19,684,004				58,923,261				58,257,230
Net Income (Loss)			90,564,884				100,886,704				303,169,715				291,411,199
Less: Net Income (Loss) attributable to non-controlling interest			—				(81,206	)			(539,730	)			(470,340	)
Net Income (Loss) Attributable to Gentex Corporation		$	90,564,884			$	100,967,910			$	303,709,445			$	291,881,539
Earnings Per Share Attributable to Gentex Corporation(1)
Basic		$	0.43			$	0.46			$	1.44			$	1.31
Diluted		$	0.43			$	0.46			$	1.44			$	1.31
Cash Dividends Declared per Share		$	0.12			$	0.12			$	0.36			$	0.36
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
		September 30, 2026			December 31, 2025
		(Unaudited)			(Note)
ASSETS
Cash and Cash Equivalents		$	136,444,273		$	145,645,715
Short-Term Investments			9,225,472			5,386,566
Accounts Receivable, net			404,572,897			368,517,569
Inventories, net			550,087,498			516,253,617
Other Current Assets			80,554,516			92,631,001
Total Current Assets			1,180,884,656			1,128,434,468
Plant and Equipment – Net			775,713,271			790,935,378
Goodwill			360,854,260			357,211,919
Long-Term Investments			233,639,174			272,975,939
Intangible Assets, net			180,793,694			189,341,387
Deferred Tax Asset			118,557,294			108,338,592
Patents and Other Assets, net			90,043,020			81,355,151
Total Other Assets			983,887,442			1,009,222,988
Total Assets		$	2,940,485,369		$	2,928,592,834
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities		$	404,425,501		$	387,542,969
Other Non-current Liabilities			50,945,536			49,209,006
Deferred Income Taxes			1,209,205			908,922
Redeemable Non-controlling Interest			—			3,102,213
Shareholders’ Investment			2,483,905,127			2,487,829,724
Total Liabilities & Shareholders’ Investment		$	2,940,485,369		$	2,928,592,834

Note: The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

GENTEX CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

In this press release, the Company has provided information regarding certain non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measure in the following schedules. Use of the term “adjusted” or “excluding” in connection with a financial measure identifies and reflects a non-GAAP financial measure.

Beginning in the first quarter of 2026, the Company revised its non-GAAP presentation to include Adjusted Other (Loss) Income. As a result, prior-period non-GAAP measures presented herein have been revised to conform to the current presentation. Management believes the revised presentation enhances period-over-period comparability and provides investors with a more consistent view of the Company’s performance. These revisions affect only the presentation of non-GAAP financial measures and do not affect the Company’s previously reported GAAP results.

Non-GAAP Financial Measures: The Company has presented Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income as supplemental measures of the Company’s performance. Current quarter Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income exclude impairment charges, acquisition related costs, and severance costs, in each case as set forth in the table below.

		(Unaudited)
		Three Months Ended September 30,
		Consolidated 2026			Consolidated 2025
Operating Expenses – GAAP		$	101,271,476		$	102,839,799
Less:
Impairment Charge – Intangible Assets			3,000,000			—
Acquisition Related Costs			—			568,040
Severance Costs			776,979			518,190
Adjusted Operating Expenses – (Non-GAAP)		$	97,494,497		$	101,753,569
Income from Operations – GAAP		$	115,059,201		$	122,326,938
Less:
Impairment Charge – Intangible Assets			3,000,000			—
Acquisition Related Costs			—			568,040
Severance Costs			776,979			518,190
Adjusted Income from Operations – (Non-GAAP)		$	118,836,180		$	123,413,168
Other (Loss) Income – GAAP		$	(7,842,477	)	$	(1,756,230	)
Less:
Impairment Charge – Technology Investment			(4,744,703	)		(2,194,148	)
Adjusted Other (Loss) Income – (Non-GAAP)		$	(3,097,774	)	$	437,918

Adjusted Net Income and Adjusted Earnings per Share: Adjusted Net Income and Adjusted Earnings per Share are presented as supplemental measures of the Company’s performance. Adjusted Net Income is defined as Net Income adjusted for impairment charges, acquisition related costs, and severance costs during the third quarter of 2026 and third quarter of 2025. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding.

		(Unaudited)
		Three Months Ended September 30,
		2026 Consolidated		2025 Consolidated
Net Income Attributable to Gentex Corporation – GAAP		$	90,564,884	$	100,967,910
Impairment Charges – Intangible Assets, net of tax			2,534,070		—
Acquisition Related Costs, net of tax			—		475,304
Severance Costs, net of tax			656,306		433,592
Impairment Charges – Technology Investment, net of tax			4,007,803		1,835,938
Net Income (Loss) Attributable to Gentex Corporation – (Non-GAAP)		$	97,763,063	$	103,712,744
Adjusted Earnings Per Share:
Basic		$	0.47	$	0.47
Diluted		$	0.47	$	0.47

The Company believes that the presentation of these non-GAAP financial measures provides insight into the Company’s core performance and trends with respect to the same. Management of the Company similarly uses such non-GAAP financial measures in assessing the business internally.

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

LOS ANGELES, Oct. 23, 2026 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2026. Preferred Bank (“the Bank”) reported net income of $32.9 million or $2.73 per diluted share for the third quarter of 2026. This represents a decrease in net income of $3.0 million from the same quarter last year and a decrease of $592,000 from the previous quarter. The decrease compared to the prior year was due to a decrease in net interest income of $4.6 million partially offset by a $1.3 million increase in noninterest income and a small increase in noninterest expense of $661,000. The difference compared to the prior quarter was again due to net interest income which decreased by $3.3 million partially offset by an increase in noninterest income of $1.5 million and a decrease in noninterest expense of $1.6 million. During the quarter, the Bank placed a $56.7 million loan on nonaccrual status and four others totaling $13.5 million and the resulting reversal of interest income was $2.1 million which was the primary driver behind the decrease in net interest income.

Highlights for the Quarter:

• Return on average assets was 1.69%
• Return on average equity was 16.18%
• Total deposits increased by $77.7 million, or 1.2%, linked quarter
• The efficiency ratio for the quarter was 30.9%

Li Yu, Chairman and CEO, commented, “Net income for the third quarter ended September 30, 2026, was $32.9 million or $2.73 per diluted share. Both are lower than the second quarter due primarily to the interest recoveries last quarter and interest reversals this quarter.

“Deposits increased by $77.7 million or 1.2% for the quarter. It is highly likely that the competition for deposits and market conditions will continue into 2027.

“Loans (excluding loans held for sale) decreased $41.0 million after we placed a $56.7 million loan into held for sale status. Presently, we are seeing a stronger pipeline that hopefully will result in solid loan growth in the fourth quarter.

“The net interest margin for the third quarter was 3.49% compared to 3.73% in the second quarter. The variance is largely caused by a $2.1 million interest income reversal in the third quarter and $2.9 million of interest income recoveries in the second quarter. The recent fed rate increase should bring beneficial results to our net interest margin as our balance sheet is asset sensitive.

“Resolution of non-accrual loans is progressing although slower than we had hoped for. Several loans that were scheduled to be resolved in the quarter are now delayed to the fourth quarter or the first quarter 2027 because these assets are subject to bankruptcy courts’ decisions.

This quarter we have outperformed our own expectations in non-interest income and non-interest expense. Our cost control remains effective under this inflationary environment.

We believe the country’s economy will remain strong in 2027, and inflationary pressure will gradually subside. We are optimistic that Preferred Bank will continue to grow.”

Results of Operations

Net Interest Income Compared to Prior Quarter. Net interest income before provision for credit losses was $66.7 million for the third quarter of 2026. This represents a $3.3 million decrease from the previous quarter. The decrease in net interest income from the prior quarter was due primarily to an interest recovery of $2.9 million recorded in the second quarter of 2026. Secondarily, the Bank reversed $2.1 million in the third quarter as a result of placing loans on nonaccrual status. Finally, interest expense also increased this quarter over the prior quarter driven by an increase in the interest rate on the Bank’s subordinated debt. On June 16, 2026, the Bank’s subordinated debt went from fixed rate to a floating rate of the 3 month SOFR rate plus 278 basis points resulting in an increase in the coupon rate from 3.375% to 6.44% for the third quarter of 2026. The Bank’s net interest margin (“NIM”) contracted in the quarter to 3.49% due to the interest reversals previously mentioned and to a lesser extent, the increase in the sub debt coupon. This compares to a NIM of 3.73% in the prior quarter which was aided by interest recoveries and to a NIM of 3.92% for the same quarter last year.

Net Interest Income Compared to Prior Year Quarter. Net interest income before provision for credit losses was $66.7 million for the third quarter of 2026. This represents a $4.6 million decrease from the $71.3 million recorded in the same quarter last year. The decrease compared to the same quarter last year was due mainly to the $2.1 million in interest reversals previously mentioned as well as lower interest on overnight funds due to lower balances partially offset by a decrease in interest expense.

Noninterest Income. For the third quarter of 2026, noninterest income was $5.0 million compared with $3.7 million for the same quarter last year and compared to $3.5 million for the second quarter of 2026. The increase from the same quarter last year was mainly due to a gain on the call of one of the Bank’s investment securities of $431,000 as well as an increase in letters of credit fee income of $748,000. The increase over the prior quarter was due to a loss on the sale of a loan of $874,000 which occurred last quarter as well as an increase in letters of credit income and the gain on the call of an investment security this quarter.

Noninterest Expense. Total noninterest expense was $22.2 million for the third quarter of 2026 compared to $21.5 million for the same period last year and compared to $23.7 million recorded in the prior quarter. The primary reason for the increase from the prior year was mainly due to an increase in FDIC assessments of $560,000 and an increase in other professional services of $289,000 due mainly to legal fees on problem loans. This was partially offset by a decrease in OREO expense of $388,000. The decrease from the prior quarter was due primarily to a decrease in personnel expense of $1.1 million, $366,000 in other professional expense and a $109,000 in OREO expense. The Bank’s efficiency ratio came in at 30.9% for the quarter, which compares to 32.3% last quarter and to 28.7% in the same quarter last year.

Income Taxes. The Bank recorded a provision for income taxes of $14.6 million for the third quarter of 2026. This represents an effective tax rate (“ETR”) of 30.7% which is up from the 29.5% ETR for the same quarter last year and down slightly from 30.9% ETR recorded in the second quarter of 2026. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at September 30, 2026 were $6.25 billion, essentially flat from the $6.25 billion reported as of June 30, 2026. And an increase of $200.6 million from the total of $6.05 billion as of December 31, 2025. Total deposits were $6.55 billion as of September 30, 2026, an increase of $77.7 million from the $6.47 billion as of June 30, 2026 and an increase of $204.4 million from December 31, 2025. Total assets were $7.82 billion, an increase of $214.9 million over the total of $7.60 billion as of December 31, 2025.

Asset Quality

Non-accrual loans and loans 90 days or more past due and still accruing totaled $109.4 million excluding loans held for sale compared to $98.9 million at June 30, 2026 as compared to $51.3 million as of December 31, 2025. During the quarter, the Bank placed a $56.7 million mixed use property onto nonaccrual status due to late payments. This loan is currently under contract to be sold at par with closing anticipated in late October 2026. The Bank is continuously reviewing all nonaccrual loans to ensure timely resolution. At present, there is no significant loss content identified and the average LTV for this commercial real estate cohort stands at 60.8%. Total net charge-offs (recoveries) on loans for the quarter were $(8,000) compared to $(41,000) in the second quarter of 2026 and compared to net charge-offs of $1.6 million in the third quarter of 2025.

Allowance for Credit Losses

The provision for credit losses for the third quarter of 2026 was 2.1 million compared to the $1.2 million recorded in the second quarter of 2026 and compared to $2.5 million in the same quarter last year.   The Bank’s allowance coverage ratio was 1.26% of total loans held for investment compared to 1.22% last quarter and compared to 1.30% as of December 31, 2025.

Capitalization

As of September 30, 2026, the Bank’s tangible common equity ratio was 10.13%, the leverage ratio was 10.78%, the common equity tier 1 capital ratio was 11.26% and the total capital ratio stood at 13.93%. As of December 31, 2025, the Bank’s tangible common equity ratio was 10.38%, the Bank’s leverage ratio was 10.54%, the common equity tier 1 ratio was 11.26% and the total capital ratio was 14.47%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2026 financial results will be held this afternoon, October 23, 2026 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Risk Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 855-669-9658 (domestic) or 412-317-0088 (international) through November 6, 2026; the passcode is 9134266.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through thirteen full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana, Cupertino and San Francisco (2)), two branches in New York (Manhattan and Flushing, Queens) and a branch office in the Houston, Texas suburb of Sugar Land. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2025 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

Financial Tables to Follow

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)
					For the Quarter Ended
					September 30,				June 30,				September 30,
						2026				2026				2025
Interest income:
	Loans, including fees				$	106,517			$	108,358			$	110,645
	Investment securities					13,966				13,883				15,977
	Fed funds sold					199				205				228
		Total interest income				120,682				122,446				126,850
Interest expense:
	Interest-bearing demand					16,003				15,624				17,562
	Savings					79				75				67
	Time certificates					33,441				33,497				34,792
	FHLB borrowings					1,877				1,743				1,794
	Subordinated debt					2,571				1,517				1,325
		Total interest expense				53,971				52,456				55,540
		Net interest income				66,711				69,990				71,310
Provision for credit losses						2,000				1,200				2,500
		Net interest income after provision for credit losses				64,711				68,790				68,810
Noninterest income:
	Fees & service charges on deposit accounts					556				570				625
	Letters of credit fee income					3,169				2,890				2,421
	BOLI income					108				107				105
	Net gain on called and sale of investment securities					431				35				–
	Net gain (loss) on sale of loans					112				(874	)			56
	Other income					616				755				458
		Total noninterest income				4,992				3,483				3,665
Noninterest expense:
	Salary and employee benefits					14,205				15,281				14,240
	Net occupancy expense					2,360				2,395				2,297
	Business development and promotion expense					240				322				238
	Professional services					1,783				2,149				1,494
	Office supplies and equipment expense					385				340				361
	OREO valuation allowance and related expense					75				184				463
	Other					3,111				3,044				2,405
		Total noninterest expense				22,159				23,715				21,498
		Income before provision for income taxes				47,544				48,558				50,977
Income tax expense						14,596				15,018				15,038
		Net income			$	32,948			$	33,540			$	35,939
Income per share available to common shareholders
		Basic			$	2.78			$	2.83			$	2.90
		Diluted			$	2.73			$	2.78			$	2.84
Weighted-average common shares outstanding
		Basic				11,853,279				11,843,821				12,384,924
		Diluted				12,078,448				12,049,162				12,634,174
Cash dividends per common share					$	0.80			$	0.80			$	0.75

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)
					For the Nine Months Ended
					September 30,				September 30,					Change
						2026				2025				%
Interest income:
	Loans, including fees				$	318,257			$	318,020				0.1	%
	Investment securities					41,150				43,113				-4.6	%
	Fed funds sold					596				689				-13.5	%
		Total interest income				360,003				361,822				-0.5	%
Interest expense:
	Interest-bearing demand					46,747				50,323				-7.1	%
	Savings					208				207				0.3	%
	Time certificates					100,311				103,611				-3.2	%
	FHLB borrowings					5,310				2,864				85.4	%
	Subordinated debt					5,413				3,975				36.2	%
		Total interest expense				157,989				160,980				-1.9	%
		Net interest income				202,014				200,842				0.6	%
Provision for credit losses						4,700				4,800				-2.1	%
		Net interest income after provision for credit losses				197,314				196,042				0.6	%
Noninterest income:
	Fees & service charges on deposit accounts					1,642				1,976				-16.9	%
	Letters of credit fee income					8,796				6,998				25.7	%
	BOLI income					320				312				2.5	%
	Net gain on called and sale of investment securities					525				–				100.0	%
	Net (loss) gain on sale of loans					(738	)			503				-246.5	%
	Other income					2,240				1,636				36.9	%
		Total noninterest income				12,785				11,425				11.9	%
Noninterest expense:
	Salary and employee benefits					44,946				43,326				3.7	%
	Net occupancy expense					7,181				6,862				4.6	%
	Business development and promotion expense					765				940				-18.6	%
	Professional services					5,579				4,652				19.9	%
	Office supplies and equipment expense					1,083				1,166				-7.1	%
	OREO valuation allowance and related expense					622				3,473				-82.1	%
	Other					9,237				6,893				34.0	%
		Total noninterest expense				69,413				67,312				3.1	%
		Income before provision for income taxes				140,686				140,155				0.4	%
Income tax expense						43,054				41,345				4.1	%
		Net income			$	97,632			$	98,810				-1.2	%
Income per share available to common shareholders
		Basic			$	8.18			$	7.77				5.4	%
		Diluted			$	8.03			$	7.63				5.3	%
Weighted-average common shares outstanding
		Basic				11,933,229				12,723,788				-6.2	%
		Diluted				12,153,212				12,949,445				-6.1	%
Dividends per share					$	2.40			$	2.25				6.7	%

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)
				September 30,				December 31,
					2026				2025
				(Unaudited)				(Audited)
Assets
Cash and due from banks				$	681,029			$	807,098
Fed funds sold					20,000				20,000
	Cash and cash equivalents				701,029				827,098
Securities held-to-maturity, at amortized cost					17,834				18,749
Securities available-for-sale, at fair value					672,082				566,186
Loans held for sale, at lower of cost or fair value					56,557				–
Loans					6,198,293				6,054,264
	Less allowance for credit losses				(78,284	)			(78,992	)
	Less amortized deferred loan fees, net				(7,611	)			(9,030	)
	Loans, net				6,112,398				5,966,242
Other real estate owned and repossessed assets					11,534				3,510
Bank furniture and fixtures, net					10,888				8,064
Bank-owned life insurance					10,924				10,712
Accrued interest receivable					38,349				34,233
Investment in affordable housing partnerships					79,047				69,978
Federal Home Loan Bank stock, at cost					15,000				15,000
Deferred tax assets					55,015				41,976
Income tax receivable					3,513				3,884
Operating lease right-of-use assets					27,679				30,531
Other assets					4,172				5,002
	Total assets			$	7,816,021			$	7,601,165
Liabilities and shareholders’ Equity
Deposits:
	Noninterest bearing demand deposits			$	745,763			$	699,160
	Interest bearing deposits:				2,321,924				2,205,914
		Savings			29,840				30,376
		Time certificates of $250,000 or more			1,830,163				1,754,273
		Other time certificates			1,622,184				1,655,723
		Total deposits			6,549,874				6,345,446
Advances from Federal Home Loan Bank					200,000				200,000
Subordinated debt issuance, net					148,884				148,706
Commitments to fund investment in affordable housing partnerships					32,040				23,327
Operating lease liabilities					32,184				35,107
Accrued interest payable					16,779				16,513
Other liabilities					43,827				42,589
	Total liabilities				7,023,588				6,811,688
Shareholders’ equity					792,433				789,477
	Total liabilities and shareholders’ equity			$	7,816,021			$	7,601,165
Book value per common share				$	66.85			$	64.83
Number of common shares outstanding					11,853,571				12,177,588

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)
				For the Quarter Ended
				September 30,				June 30,				March 31,				December 31,				September 30,
					2026				2026				2026				2025				2025
Unaudited historical quarterly operations data:
	Interest income			$	120,682			$	122,446			$	116,875			$	124,633			$	126,850
	Interest expense				53,971				52,456				51,562				54,658				55,540
		Interest income before provision for credit losses			66,711				69,990				65,313				69,975				71,310
	Provision for credit losses				2,000				1,200				1,500				4,300				2,500
	Noninterest income				4,992				3,483				4,310				8,094				3,665
	Noninterest expense				22,159				23,715				23,539				24,377				21,498
	Income tax expense				14,596				15,018				13,440				14,570				15,038
		Net income		$	32,948			$	33,540			$	31,144			$	34,822			$	35,939
	Earnings per share
		Basic		$	2.78			$	2.83			$	2.57			$	2.85			$	2.90
		Diluted		$	2.73			$	2.78			$	2.53			$	2.79			$	2.84
Ratios for the period:
	Return on average assets				1.69	%			1.75	%			1.67	%			1.82	%			1.93	%
	Return on average equity				16.18	%			17.05	%			15.89	%			17.59	%			18.64	%
	Net interest margin (fully-taxable equivalent)				3.49	%			3.73	%			3.57	%			3.74	%			3.92	%
	Noninterest expense to average assets				1.14	%			1.24	%			1.26	%			1.27	%			1.16	%
	Efficiency ratio				30.90	%			32.28	%			33.81	%			31.22	%			28.67	%
	Net charge-offs (recoveries) to average loans (annualized)				-0.00	%			-0.00	%			0.37	%			0.00	%			0.11	%
Ratios as of period end:
	Tangible common equity ratio				10.13	%			10.26	%			10.05	%			10.38	%			10.38	%
	Tier 1 leverage capital ratio				10.78	%			10.55	%			10.37	%			10.54	%			10.66	%
	Common equity tier 1 risk-based capital ratio				11.26	%			11.06	%			10.87	%			11.26	%			11.34	%
	Tier 1 risk-based capital ratio				11.26	%			11.06	%			10.87	%			11.26	%			11.34	%
	Total risk-based capital ratio				13.93	%			13.74	%			13.98	%			14.47	%			14.56	%
	Allowances for credit losses to loans at end of period				1.26	%			1.22	%			1.24	%			1.30	%			1.27	%
	Allowance for credit losses to non-performing loans				0.75	x			0.84	x			0.8	x			1.54	x			4.24	x
Average balances:
	Total securities			$	610,837			$	558,696			$	580,248			$	586,950			$	583,302
	Total loans held for investment				6,191,538				6,021,420				6,037,241				5,947,814				5,753,801
	Total loans held for investment and held for sale				6,200,211				6,038,330				6,051,465				5,947,986				5,754,073
	Total earning assets				7,587,420				7,532,781				7,437,232				7,439,767				7,234,568
	Total assets				7,733,141				7,668,719				7,563,705				7,585,940				7,382,265
	Total time certificate of deposits				3,468,041				3,500,857				3,451,924				3,402,304				3,330,241
	Total interest bearing deposits				5,714,126				5,712,097				5,644,722				5,651,369				5,501,767
	Total deposits				6,456,558				6,420,198				6,311,446				6,336,242				6,169,728
	Total interest bearing liabilities				6,062,973				6,060,886				5,993,452				6,000,042				5,850,376
	Total equity				807,742				789,114				794,931				785,581				764,766

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)
				For the Nine Months Ended
				September 30				September 30
					2026				2025
	Interest income			$	360,003			$	361,822
	Interest expense				157,989				160,980
		Interest income before provision for credit losses			202,014				200,842
	Provision for credit losses				4,700				4,800
	Noninterest income				12,785				11,425
	Noninterest expense				69,413				67,312
	Income tax expense				43,054				41,345
		Net income		$	97,632			$	98,810
	Earnings per share
		Basic		$	8.18			$	7.77
		Diluted		$	8.03			$	7.63
Ratios for the period:
	Return on average assets				1.71	%			1.85	%
	Return on average equity				16.37	%			17.27	%
	Net interest margin (fully-taxable equivalent)				3.60	%			3.84	%
	Noninterest expense to average assets				1.21	%			1.26	%
	Efficiency ratio				32.32	%			31.71	%
	Net charge-off to average loans				0.12	%			0.04	%
Average balances:
	Total securities			$	583,373			$	497,301
	Total loans held for investment				6,083,964				5,644,668
	Total loans held for investment and held for sale				6,097,213				5,648,323
	Total earning assets				7,519,694				7,001,424
	Total assets				7,655,809				7,137,935
	Total time certificate of deposits				3,473,667				3,272,717
	Total interest bearing deposits				5,690,570				5,364,715
	Total deposits				6,396,600				6,021,497
	Total interest bearing liabilities				6,039,359				5,620,958
	Total equity				797,309				764,826

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)
				As of
				September 30,				June 30,				March 31,				December 31,				September 30,
					2026				2026				2026				2025				2025
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	701,029			$	789,820			$	825,161			$	827,098			$	815,459
	Securities held-to-maturity, at amortized cost				17,834				18,154				18,458				18,749				19,034
	Securities available-for-sale, at fair value				672,082				525,956				553,184				566,186				569,115
	Loans:
		Real estate – mortgage:
			Real estate—residential	$	745,775			$	737,321			$	738,508			$	783,136			$	793,217
			Real estate—commercial		3,127,696				3,169,037				3,105,331				3,028,762				2,890,990
			Total Real estate – mortgage		3,873,471				3,906,358				3,843,839				3,811,898				3,684,207
		Real estate – construction:
			R/E construction — residential		282,750				284,219				265,748				282,808				285,623
			R/E construction — commercial		356,582				364,807				343,598				387,759				323,897
			Total real estate construction loans		639,332				649,026				609,346				670,567				609,520
		Commercial and industrial			1,676,780				1,675,300				1,584,984				1,563,504				1,570,423
		SBA			8,598				8,444				8,087				8,053				7,630
		Consumer and others			112				153				288				242				231
			Gross loans		6,198,293				6,239,281				6,046,544				6,054,264				5,872,011
	Allowance for credit losses on loans				(78,284	)			(76,276	)			(75,036	)			(78,992	)			(74,692	)
	Net deferred loan fees				(7,611	)			(8,288	)			(7,923	)			(9,030	)			(9,956	)
		Net loans, excluding loans held for sale		$	6,112,398			$	6,154,717			$	5,963,585			$	5,966,242			$	5,787,363
	Loans held for sale			$	56,557			$	8,348			$	76,324			$	–			$	–
		Net loans		$	6,168,955			$	6,163,065			$	6,039,909			$	5,966,242			$	5,787,363
	Other real estate owned and repossessed assets			$	11,534			$	3,010			$	3,010			$	3,510			$	52,609
	Investment in affordable housing partnerships				79,047				77,729				66,394				69,978				73,874
	Federal Home Loan Bank stock, at cost				15,000				15,000				15,000				15,000				15,000
	Other assets				150,540				137,887				133,521				134,402				135,340
		Total assets		$	7,816,021			$	7,730,621			$	7,654,637			$	7,601,165			$	7,467,794
Liabilities:
	Deposits:
		Demand		$	745,763			$	754,670			$	716,777			$	699,160			$	654,302
		Interest bearing demand			2,321,924				2,209,390				2,200,374				2,205,914				2,205,865
		Savings			29,840				31,617				26,822				30,376				31,087
		Time certificates of $250,000 or more			1,830,163				1,822,765				1,795,883				1,754,273				1,699,757
		Other time certificates			1,622,184				1,653,766				1,680,291				1,655,723				1,638,662
		Total deposits		$	6,549,874			$	6,472,208			$	6,420,147			$	6,345,446			$	6,229,673
	Advance from Federal Home Loan Bank				200,000				200,000				200,000				200,000				200,000
	Subordinated debt issuance, net				148,884				148,825				148,766				148,706				148,647
	Commitments to fund investment in affordable housing partnerships				32,040				29,949				18,873				23,327				24,874
	Other liabilities				92,790				86,112				96,652				94,209				88,958
		Total liabilities		$	7,023,588			$	6,937,094			$	6,884,438			$	6,811,688			$	6,692,152
Equity:
	Common stock, no par value			$	210,882			$	210,882			$	210,882			$	210,882			$	210,882
	Additional paid-in capital				113,018				110,913				108,853				105,105				103,235
	Treasury stock				(334,626	)			(334,591	)			(334,490	)			(293,406	)			(277,351	)
	Retained earnings				849,830				826,365				802,308				780,637				755,587
	Accumulated other comprehensive income				(46,671	)			(20,042	)			(17,354	)			(13,741	)			(16,711	)
		Total shareholders’ equity		$	792,433			$	793,527			$	770,199			$	789,477			$	775,642
		Total liabilities and shareholders’ equity		$	7,816,021			$	7,730,621			$	7,654,637			$	7,601,165			$	7,467,794

PREFERRED BANK
Quarter-to-Date Average Balances, Yield and Rates
(Unaudited)
			Three months ended September 30,											Three months ended June 30,											Three months ended September 30,
				2026											2026											2025
							Interest				Average							Interest				Average							Interest				Average
			Average				Income or				Yield/			Average				Income or				Yield/			Average				Income or				Yield/
			Balance				Expense				Rate			Balance				Expense				Rate			Balance				Expense				Rate
Assets			(Dollars in thousands)
Interest earning assets:
	Loans(1,2)		$	6,200,211			$	106,517			6.82	%		$	6,038,330			$	108,358			7.20	%		$	5,754,073			$	110,645			7.63	%
	Investment securities(3)			610,837				6,499			4.22	%			558,696				5,611			4.03	%			583,302				6,257			4.26	%
	Federal funds sold			20,648				199			3.82	%			21,538				205			3.82	%			20,000				228			4.52	%
	Other earning assets			755,724				7,561			3.97	%			914,217				8,364			3.67	%			877,193				9,811			4.44	%
		Total interest earning assets		7,587,420				120,776			6.32	%			7,532,781				122,538			6.52	%			7,234,568				126,941			6.96	%
	Deferred loan fees, net			(8,072	)										(8,139	)										(10,686	)
	Allowance for credit losses on loans			(76,309	)										(75,675	)										(72,784	)
Noninterest earning assets:
	Cash and due from banks			11,412											11,141											10,071
	Bank furniture and fixtures			10,803											9,694											7,945
	Right of use assets			28,288											29,211											19,153
	Other assets			179,599											169,706											193,998
		Total assets	$	7,733,141										$	7,668,719										$	7,382,265
Liabilities and shareholders’ equity
Interest bearing liabilities:
	Deposits:
		Interest bearing demand and savings	$	2,246,085			$	16,082			2.84	%		$	2,211,240			$	15,699			2.85	%		$	2,171,526			$	17,629			3.22	%
		TCD $250K or more		1,817,686				17,296			3.78	%			1,812,356				17,065			3.78	%			1,686,710				17,406			4.09	%
		Other time certificates		1,650,355				16,145			3.88	%			1,688,501				16,432			3.90	%			1,643,531				17,386			4.20	%
		Total interest bearing deposits		5,714,126				49,523			3.44	%			5,712,097				49,196			3.45	%			5,501,767				52,421			3.78	%
Advance from Federal Home Loan Bank				200,000				1,877			3.72	%			200,000				1,743			3.50	%			200,000				1,794			3.56	%
Subordinated debt, net				148,847				2,571			6.85	%			148,789				1,517			4.09	%			148,609				1,325			3.54	%
		Total interest bearing liabilities		6,062,973				53,971			3.53	%			6,060,886				52,456			3.47	%			5,850,376				55,540			3.77	%
Noninterest bearing liabilities:
	Demand deposits			742,432											708,101											667,961
	Lease liability			32,888											33,946											22,908
	Other liabilities			87,106											76,672											76,254
		Total liabilities		6,925,399											6,879,605											6,617,499
Shareholders’ equity				807,742											789,114											764,766
		Total liabilities and shareholders’ equity	$	7,733,141										$	7,668,719										$	7,382,265
Net interest income							$	66,805										$	70,082										$	71,401
Net interest spread											2.78	%										3.05	%										3.19	%
Net interest margin											3.49	%										3.73	%										3.92	%
Cost of Deposits:
	Noninterest bearing demand deposits		$	742,432										$	708,101										$	667,961
	Interest bearing deposits			5,714,126				49,523			3.44	%			5,712,097				49,196			3.45	%			5,501,767				52,421			3.78	%
		Total Deposits	$	6,456,558			$	49,523			3.04	%		$	6,420,198			$	49,196			3.07	%		$	6,169,728			$	52,421			3.37	%
(1)	Includes non-accrual loans and loans held for sale
(2)	Net loan fee income of $0.8 million, $1.2 million and $1.7 million for the quarter ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, are included in the yield computations
(3)	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Year-to-Date Average Balances, Yield, and Rates
(Unaudited)
			Nine Months ended September 30,
			2026										2025
							Interest			Average							Interest			Average
			Average				Income or			Yield/			Average				Income or			Yield/
			Balance				Expense			Rate			Balance				Expense			Rate
Assets			(Dollars in thousands)
Interest earning assets:
	Loans(1,2)		$	6,097,213			$	318,257		6.98	%		$	5,648,323			$	318,020		7.53	%
	Investment securities(3)			583,373				17,822		4.08	%			497,301				15,546		4.18	%
	Federal funds sold			20,898				596		3.81	%			20,244				689		4.55	%
	Other earning assets			818,210				23,606		3.86	%			835,556				27,857		4.46	%
		Total interest earning assets		7,519,694				360,281		6.41	%			7,001,424				362,112		6.91	%
	Deferred loan fees, net			(8,181	)									(9,965	)
	Allowance for credit losses on loans			(76,980	)									(72,225	)
Noninterest earning assets:
	Cash and due from banks			10,872										11,178
	Bank furniture and fixtures			9,677										8,198
	Right of use assets			29,224										18,105
	Other assets			171,503										181,220
		Total assets	$	7,655,809									$	7,137,935
Liabilities and shareholders’ equity
Interest bearing liabilities:
	Deposits:
		Interest bearing demand/ savings	$	2,216,903			$	46,955		2.83	%		$	2,091,998			$	50,530		3.23	%
		TCD $250K or more		1,801,206				51,247		3.80	%			1,605,201				50,138		4.18	%
		Other time certificates		1,672,461				49,064		3.92	%			1,667,516				53,473		4.29	%
		Total interest bearing deposits		5,690,570				147,266		3.46	%			5,364,715				154,141		3.84	%
Short-term borrowings				1				0		2.77	%			–				–		0.00	%
Advance from Federal Home Loan Bank				200,000				5,310		3.55	%			107,692				2,864		3.56	%
Subordinated debt, net				148,788				5,413		4.86	%			148,551				3,975		3.58	%
		Total interest bearing liabilities		6,039,359				157,989		3.50	%			5,620,958				160,980		3.83	%
Noninterest bearing liabilities:
	Demand deposits			706,030										656,782
	Lease liability			33,899										21,857
	Other liabilities			79,212										73,512
		Total liabilities		6,858,500										6,373,109
Shareholders’ equity				797,309										764,826
		Total liabilities and shareholders’ equity	$	7,655,809									$	7,137,935
Net interest income							$	202,292									$	201,132
Net interest spread										2.91	%									3.09	%
Net interest margin										3.60	%									3.84	%
Cost of Deposits:
	Noninterest bearing demand deposits		$	706,030									$	656,782
	Interest bearing deposits			5,690,570				147,266		3.46	%			5,364,715				154,141		3.84	%
		Total Deposits	$	6,396,600			$	147,266		3.08	%		$	6,021,497			$	154,141		3.42	%
(1)	Includes non-accrual loans and loans held for sale
(2)	Net loan fee income of $3.2 million and $3.6 million for the nine months ended September 30, 2026 and 2025, respectively, are included in the yield computations
(3)	Yields on securities have been adjusted to a tax-equivalent basis

Preferred Bank
Loan and Credit Quality Information
Allowance For Credit Losses History
					Nine Months Ended				Year Ended
					September 30, 2026				December 31, 2025
					(Dollars in 000’s)
Allowance for credit losses
Balance at beginning of period					$	78,992			$	71,477
	Charge-Offs
		Commercial & Industrial				2,555				8
		Mini-perm real estate				3,833				1,749
		Total charge-offs				6,388				1,757
	Recoveries
		Commercial & Industrial				112				172
		Mini-perm real estate				868				–
		Total recoveries				980				172
	Net charge-offs					5,408				1,585
	Provision for dredit losses					4,700				9,100
Balance at dnd of period					$	78,284			$	78,992
Average loans held for investment					$	6,083,964			$	5,721,077
Loans held for investment at end of period					$	6,198,293			$	6,054,264
Net charge-offs to average loans						0.12	%			0.03	%
Allowances for credit losses to loans at end of period						1.26	%			1.30	%

AT THE COMPANY:	AT FINANCIAL PROFILES:
Edward J. Czajka	Jeffrey Haas
Executive Vice President	General Information
Chief Financial Officer	(310) 622-8240
(213) 891-1188	PFBC@finprofiles.com