Tag: GlobeNewswire

OAK RIDGE, N.C., Oct. 30, 2026 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the third quarter and nine months ended September 30, 2026 and a quarterly cash dividend of $0.16 per common share.

Third Quarter and Nine Months Ended September 30, 2026 Highlights

• Earnings per share of $0.72 for the three months ended September 30, 2026, compared to $0.69 for the same period in 2025, and $0.79 for the three months ended June 30, 2026.
• Net income of $5.6 million, or $2.03 per share, for the nine months ended September 30, 2026, compared to $5.7 million, or $2.08 per share, for the same period in 2025.
• Annualized return on average equity of 10.81% for the three months ended September 30, 2026, compared to 11.26% for the same period in 2025, and 12.10% for the three months ended June 30, 2026.
• Dividends declared per common share of $0.16 for the three months ended September 30, 2026, compared to $0.14 for the same period in 2025, and $0.16 for the three months ended June 30, 2026.
• Tangible book value per common share of $26.84 as of September 30, 2026, compared to $24.98 as of September 30, 2025, and $26.83 as of June 30, 2026.
• Net interest margin of 4.33% for the three months ended September 30, 2026, compared to 4.18% for the same period in 2025, and 4.51% for the three months ended June 30, 2026.
• Efficiency ratio of 66.2% for the three months ended September 30, 2026, compared to 59.0% for the same period in 2025, and 61.8% for the three months ended June 30, 2026.
• Loans receivable of $535.4 million as of September 30, 2026, up 1.7% from $526.6 million as of September 30, 2025, and up 2.5% from $522.1 million as of June 30, 2026.
• Nonperforming assets to total assets of 1.82% as of September 30, 2026, compared to 0.84% as of September 30, 2025, and 1.42% as of June 30, 2026.
• Nonperforming assets were $12.3 million at September 30, 2026, compared to $5.8 million at September 30, 2025, and $9.4 million at June 30, 2026. At September 30, 2026, nonperforming assets included 19 U.S. Small Business Administration (SBA) loans with an aggregate outstanding balance of $11.9 million, or 97% of nonperforming assets, comprising $8.8 million guaranteed by the SBA and a nonguaranteed balance of $3.1 million. Estimated credit losses on these loans are based on the fair value of the collateral, less estimated costs to sell, together with expected recoveries from the SBA guarantee, and have been recognized through the provision for credit losses.
• Securities available-for-sale and held-to-maturity of $91.2 million as of September 30, 2026, down 9.4% from $100.7 million as of September 30, 2025, and down 8.1% from $99.3 million as of June 30, 2026.
• Total deposits of $520.4 million as of September 30, 2026, down 4.2% from $543.2 million as of September 30, 2025, and up 2.9% from $505.7 million as of June 30, 2026.
• Total borrowings, junior subordinated notes and subordinated debentures of $69.2 million as of September 30, 2026, up 14.9% from $60.2 million as of September 30, 2025, and down 2.1% from $70.7 million as of June 30, 2026.
• Total stockholders’ equity of $74.4 million as of September 30, 2026, up 8.5% from $68.5 million as of September 30, 2025, and up 0.1% from $74.3 million as of June 30, 2026. At September 30, 2026, the Bank’s Community Bank Leverage Ratio was 11.7%, compared to 11.5% as of September 30, 2025, and 12.5% as of June 30, 2026.

Tom Wayne, Chief Executive Officer, stated, “Our third quarter net income improved modestly from the prior year’s quarter. Net income increased 5.2% to $2.0 million, or $0.72 per share, compared to $1.9 million, or $0.69 per share, in the third quarter of 2025. The increase reflected a $178,000 increase in net interest income, as our net interest margin improved to 4.33% from 4.18%, and a $765,000 lower provision for credit losses. Those improvements were partially offset by a $367,000 decline in noninterest income, largely because we recognized no gains on the sale of SBA loans this quarter compared to $380,000 a year ago, and by a $458,000 increase in noninterest expense, of which $206,000 reflected higher employer payroll taxes following the recognition of our remaining Employee Retention Credits in 2025. As a result, pre-tax, pre-provision income, which is net interest income plus noninterest income less noninterest expense, was $2.7 million compared to $3.3 million a year ago. Improving this is a priority as we focus on loan growth following the redemption of our subordinated debentures in order to benefit our results. Our net interest margin moderated from 4.51% in the prior quarter but remains solid at 4.33%.

“Year to date, net income of $5.6 million is 1.2% below the same period last year. That comparison largely reflects two factors: we recognized no gains on the sale of SBA loans, compared to $709,000 in the first nine months of 2025; and employer payroll taxes increased $589,000 because the Employee Retention Credits we recognized in 2025 did not recur. Excluding those payroll taxes, salaries and employee benefits were $314,000 lower than in the first nine months of 2025. This year we realigned our organization across the entire Bank. In lending and retail banking, we hired commercial and SBA lenders and filled branch positions, and we strengthened the teams that support them in SBA, credit, sales support, our call center and our interactive teller machine (ITM) center. We also filled key positions in accounting and finance, human resources, marketing, deposit operations, Bank Secrecy Act and anti-money laundering compliance, and loan operations. Each area of the Bank now works more closely together under our executive team. Just as important, we used this realignment to strengthen the Bank’s culture, with a renewed focus on accountability, teamwork and service to our customers. Loans have grown $19.7 million, or 3.8%, since year-end, and we believe these changes have built a stronger foundation for performance and earnings in the periods ahead.

“Nonperforming assets remain our most critical challenge, and reducing them is our highest priority. Nonperforming assets were $12.3 million, or 1.82% of total assets, at quarter-end, including 19 SBA loans totaling $11.9 million, or 97% of nonperforming assets. Of that amount, $8.8 million is guaranteed by the SBA, subject to the Bank’s compliance with SBA loan program requirements. Through our quarterly evaluation of each of these loans under the current expected credit loss (CECL) methodology, we have already recognized $1.9 million of estimated credit losses through our provision for credit losses, reflecting the fair value of the collateral, less estimated costs to sell, and expected recoveries from the SBA guarantee. During the quarter we collected $838,000 of SBA guarantee proceeds, and $4.8 million of these loans are now in the final stages of the guarantee acceptance process. We have implemented a disciplined, loan-by-loan resolution process, with clear ownership, strict adherence to deadlines and monthly tracking of every nonperforming asset through servicing, collateral liquidation and the SBA guarantee process, and we expect this process will move the remaining nonperforming assets off our balance sheet at a faster pace in the quarters ahead.

“Our strong capital position also allowed us to redeem all of our subordinated debentures in September. Replacing debt with an effective rate of 9.82% per annum with Bank funding at approximately 4.15% per annum should save approximately $340,000 in pre-tax interest expense each year, a benefit that will be fully reflected in our results beginning next quarter. Tangible book value per share increased to $26.84, from $24.98 a year ago, and the Bank’s Community Bank Leverage Ratio of 11.7% remains well above well-capitalized levels, giving us the strength to resolve our problem assets while continuing to grow the Bank as we serve our customers and communities. I want to thank our employees for their dedication, our Board of Directors for its guidance, and our stockholders for their continued support.”

Redemption of Subordinated Debentures

On September 15, 2026, the Company redeemed all $6.0 million of its outstanding subordinated debentures. The debentures were redeemed at par, and the Company incurred no prepayment penalty or other redemption costs. The debentures had an effective interest rate of 9.82% per annum in 2026. The redemption was funded through a dividend from the Bank to the Company, and management estimates the Bank’s marginal cost of funding the redemption is approximately 4.15% per annum. Based on that difference, the redemption is expected to reduce the Company’s interest expense by approximately $340,000 annually, or approximately $85,000 per quarter, on a pre-tax basis. The redemption was made possible by the Bank’s strong capital position. The Bank’s Community Bank Leverage Ratio declined to 11.7% at September 30, 2026, from 12.5% at June 30, 2026, reflecting the capital provided to fund the redemption, but remains well above the 8.0% level required to be considered well capitalized.

Dividend Announcement

A quarterly cash dividend of $0.16 per share of common stock is payable on December 1, 2026 to stockholders of record as of the close of business on November 13, 2026. “We are pleased to pay another quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

Financial Review

Net Interest Income

For the three months ended September 30, 2026 and 2025, net interest income was $7.0 million and $6.8 million, respectively, an increase of $178,000, or 2.6%. The net interest margin was 4.33% and 4.18%, respectively. Total interest and dividend income decreased $351,000, primarily due to a $203,000 decrease in interest and fees on loans and a $165,000 decrease in interest on investment securities. Total interest expense decreased $529,000, primarily due to a $603,000 decrease in interest expense on deposits and a $50,000 decrease in interest on junior subordinated notes and subordinated debentures, partially offset by a $118,000 increase in interest on Federal Home Loan Bank advances. The yield on average earning assets decreased to 6.12% from 6.28%, and the cost of funds decreased to 1.97% from 2.27%. Average loans decreased $6.8 million to $526.4 million and the average loan yield decreased to 6.43% from 6.50%. Average investment securities decreased $2.6 million to $96.7 million, with an average yield that decreased to 4.69% from 5.23%. Average interest-bearing deposits decreased $39.6 million to $374.7 million and their cost decreased to 2.18% from 2.55%, while average noninterest-bearing deposits increased $9.7 million to $139.0 million and average borrowings increased $16.1 million to $72.2 million. On a linked-quarter basis, net interest income decreased $103,000, or 1.4%, from $7.1 million for the three months ended June 30, 2026, and the net interest margin contracted 18 basis points from 4.51%.

For the nine months ended September 30, 2026 and 2025, net interest income was $20.3 million and $19.9 million, respectively, an increase of $418,000, or 2.1%. The annualized net interest margin was 4.27% and 4.10%, respectively. Total interest and dividend income decreased $1.3 million, primarily due to a $880,000 decrease in interest and fees on loans and a $380,000 decrease in interest on investment securities. Total interest expense decreased $1.7 million, primarily due to a $1.5 million decrease in interest expense on deposits, a $103,000 decrease in interest on junior subordinated notes and subordinated debentures and a $78,000 decrease in interest on Federal Home Loan Bank advances. The yield on average earning assets decreased to 6.09% from 6.24%, and the cost of funds decreased to 1.99% from 2.31%. Average loans decreased $9.5 million to $519.8 million and the average loan yield decreased to 6.39% from 6.50%. Average investment securities decreased $2.4 million to $97.5 million, with an average yield that decreased to 4.71% from 5.10%. Average interest-bearing deposits decreased $28.8 million to $387.3 million and their cost decreased to 2.26% from 2.59%, while average noninterest-bearing deposits increased $10.0 million to $136.3 million and average borrowings decreased $61,000 to $57.6 million.

Provision for Credit Losses and Asset Quality

For the three months ended September 30, 2026 and 2025, the Company recorded provisions for credit losses of $112,000 and $877,000, respectively, a decrease of $765,000, or 87.2%. On a linked-quarter basis, the provision decreased $129,000 from $241,000 for the three months ended June 30, 2026. For the nine months ended September 30, 2026 and 2025, the Company recorded provisions for credit losses of $1.1 million and $1.6 million, respectively. Year to date, net loan charge-offs were $293,000 and the allowance for credit losses increased $749,000 from December 31, 2025 to $6.8 million. For the three months ended September 30, 2026, net loan charge-offs were $5,000. The allowance for credit losses as a percentage of total loans was 1.27% and 1.19% on September 30, 2026 and 2025, respectively, and 1.28% on June 30, 2026.

Nonperforming assets represented 1.82% of total assets on September 30, 2026, compared to 0.84% on September 30, 2025, and 1.42% on June 30, 2026. Nonperforming assets were $12.3 million at September 30, 2026, compared to $5.8 million at September 30, 2025, and $9.4 million at June 30, 2026. At September 30, 2026, nonperforming assets consisted of 28 loans, including 19 SBA loans with an aggregate outstanding balance of $11.9 million, or 97% of nonperforming assets, comprising $8.8 million guaranteed by the SBA and a nonguaranteed balance of $3.1 million. Of the nonperforming SBA loans, guarantee purchase requests have been submitted to the SBA for loans totaling $941,000; $3.8 million are in guarantor disposition, the final stage before the guarantee purchase request is submitted; $3.6 million are in collateral liquidation; and $3.5 million are being actively serviced, in workout or at the demand stage. During the quarter, $3.9 million of loans were placed on nonaccrual status and nonperforming assets were reduced by $1.1 million, including $838,000 of SBA guarantee proceeds. Estimated losses of $1.9 million on nonperforming loans, measured through the Bank’s quarterly individual evaluation of each nonperforming loan under the CECL methodology based on the fair value of the collateral, less estimated costs to sell, and expected recoveries from the SBA guarantee, have been recognized through the provision for credit losses, either charged off or reserved in the allowance for credit losses.

Noninterest Income

Noninterest income totaled $895,000 and $1.3 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $367,000, or 29.1%, primarily due to a $380,000 decrease in gains on sale of SBA loans, partially offset by a $62,000 increase in insurance commissions. Noninterest income represented 11.3% of total revenue compared to 15.5% for the same quarter in 2025. On a linked-quarter basis, noninterest income increased $73,000 from $822,000 for the three months ended June 30, 2026, primarily due to a $70,000 increase in insurance commissions and a $21,000 increase in service charges on deposit accounts. Insurance commissions included approximately $50,000 accrued in the third quarter to transition the Bank’s insurance department to the accrual basis of accounting.

Noninterest income totaled $2.7 million and $3.3 million for the nine months ended September 30, 2026 and 2025, respectively, a decrease of $544,000, or 16.6%, primarily due to a $709,000 decrease in gains on sale of SBA loans, partially offset by a $181,000 increase in gains on sale of securities. Noninterest income represented 11.8% of total revenue compared to 14.1% for the same period in 2025.

Noninterest Expense

Noninterest expense totaled $5.2 million and $4.8 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $458,000, or 9.6%, primarily due to a $238,000 increase in salaries expense and a $129,000 increase in other expense, partially offset by a $127,000 decrease in equipment expense. Combined, salaries and employee benefits, the largest component of noninterest expense, totaled $3.1 million, an increase of $343,000, or 12.5%, from the same quarter in 2025. Employer payroll taxes increased $206,000, as the Company recognized its remaining Employee Retention Credits as a reduction of payroll tax expense in 2025, with no credits remaining in 2026. Excluding employer payroll taxes, salaries and employee benefits increased $137,000, reflecting higher base salaries of $166,000, group health insurance of $58,000 and lending and other sales commissions of $49,000, partially offset by lower net deferred loan origination costs of $146,000 and incentive compensation of $116,000. The efficiency ratio was 66.2% compared to 59.0% for the same quarter in 2025. On a linked-quarter basis, noninterest expense increased $327,000 from $4.9 million for the three months ended June 30, 2026, primarily due to a $158,000 increase in employee benefits expense, a $60,000 increase in salaries expense and a $51,000 increase in other expense. Combined, salaries and employee benefits increased $218,000, or 7.6%, from the prior quarter. The increase primarily reflected higher base salaries of $156,000, lending and other sales commissions of $105,000 and employee stock ownership plan (ESOP) expense of $86,000, partially offset by lower incentive compensation of $152,000 and stock-based compensation of $68,000. The increase in ESOP expense reflected a true-up to fund the 2025 contribution, completed before the October 15, 2026 deadline, and a higher accrual rate. ESOP expense and incentive compensation are both accrued under a performance-based methodology that measures the Bank’s results against three industry peer groups.

Noninterest expense totaled $14.8 million and $14.2 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $592,000, or 4.2%, primarily due to a $253,000 increase in salaries expense, a $212,000 increase in other expense and a $207,000 increase in professional and advertising expense. Combined, salaries and employee benefits totaled $8.5 million for the nine months ended September 30, 2026, an increase of $275,000, or 3.3%, from the same period in 2025. Employer payroll taxes increased $589,000 for the same reason. Excluding employer payroll taxes, salaries and employee benefits decreased $314,000, reflecting lower incentive compensation of $352,000 and net deferred loan origination costs of $184,000, partially offset by higher base salaries of $196,000 and group health insurance of $83,000. The efficiency ratio was 64.3% compared to 61.4% for the same period in 2025.

Income Taxes

Income tax expense was $578,000 and $558,000 for the three months ended September 30, 2026 and 2025, respectively, representing effective tax rates of 22.6% and 22.9%. For the nine months ended September 30, 2026 and 2025, income tax expense was $1.6 million and $1.7 million, respectively, representing effective tax rates of 21.7% and 22.7%.

Balance Sheet

Total assets were $673.5 million at September 30, 2026, up $13.2 million or 2.0% from December 31, 2025, and down $8.0 million or 1.2% from September 30, 2025. Loans receivable was $535.4 million at September 30, 2026, up $19.7 million or 3.8% from December 31, 2025, and up $8.8 million or 1.7% from September 30, 2025. Securities available-for-sale and held-to-maturity were $91.2 million at September 30, 2026, down $6.2 million or 6.4% from December 31, 2025, and down $9.5 million or 9.4% from September 30, 2025.

Total deposits were $520.4 million at September 30, 2026, down $14.6 million or 2.7% from December 31, 2025, and down $22.8 million or 4.2% from September 30, 2025. At September 30, 2026, deposits consisted of noninterest-bearing deposits of $141.9 million, interest-bearing checking, savings and money market accounts of $254.5 million, retail time deposits of $100.0 million and brokered time deposits of $24.0 million. Compared to September 30, 2025, noninterest-bearing deposits increased $10.0 million, or 7.6%; interest-bearing checking, savings and money market accounts increased $16.3 million, or 6.9%, including an increase of $32.6 million in reciprocal (ICS) money market deposits; retail time deposits decreased $39.8 million, or 28.5%, including a $24.0 million decrease in certificates of deposit obtained through a listing service; and brokered time deposits decreased $9.3 million, or 27.9%. Compared to June 30, 2026, noninterest-bearing deposits increased $6.9 million, or 5.1%; interest-bearing checking, savings and money market accounts increased $6.2 million, or 2.5%, including an increase of $3.3 million in reciprocal money market deposits; retail time deposits decreased $4.7 million, or 4.5%, including a $10.6 million decrease in listing service certificates of deposit; and brokered time deposits increased $6.2 million, or 35.1%. Noninterest-bearing deposits represented 27.3% and 24.3% of total deposits, and the loan-to-deposit ratio was 102.9% and 96.9%, at September 30, 2026 and 2025, respectively. Total borrowings, junior subordinated notes and subordinated debentures were $69.2 million at September 30, 2026, up $24.0 million or 53.0% from December 31, 2025, and up $9.0 million or 14.9% from September 30, 2025. Federal Home Loan Bank advances were $61.0 million and $46.0 million at September 30, 2026 and 2025, respectively, and the Company had no subordinated debentures outstanding at September 30, 2026, compared to $6.0 million at September 30, 2025.

Total stockholders’ equity was $74.4 million at September 30, 2026, up $3.1 million from December 31, 2025, reflecting year-to-date net income of $5.6 million, dividends declared and other retained earnings activity of $1.3 million, a $1.7 million decline in accumulated other comprehensive income (loss), and a $455,000 increase in common stock from the amortization of restricted stock awards granted in current and prior years, which vest ratably over five years. Equity to total assets was 11.0% and 10.1% at September 30, 2026 and 2025, respectively.

Basis of Presentation

The Company’s investment in a Small Business Investment Company (SBIC) fund, previously included in loans receivable, is presented in other assets for all periods. Certain other amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income, net income available to common shareholders, or stockholders’ equity. Quarterly amounts are presented as year-to-date amounts less prior year-to-date amounts so that quarterly results sum to year-to-date results; individual amounts may differ by $1 thousand from amounts previously reported due to rounding.

About Oak Ridge Financial Services, Inc. and Bank of Oak Ridge

We pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.

Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner

Banking for Business & Personal | Mobile & Online Banking | Debit, Credit + Rewards | Checking, Savings & Money Market | Loans + SBA | Mortgage | Insurance | Wealth Management

Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations

Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.

OAK RIDGE FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
	September 30,			June 30,			December 31,			September 30,
		2026			2026			2025			2025
ASSETS	(unaudited)			(unaudited)			(audited)			(unaudited)
Cash and due from banks	$	8,896		$	8,915		$	8,840		$	8,283
Interest-bearing deposits with banks		8,806			4,130			13,556			20,148
Total cash and cash equivalents		17,702			13,045			22,396			28,431
Securities available-for-sale		75,981			84,003			81,412			83,918
Securities held-to-maturity, net of allowance for credit losses		15,259			15,265			16,030			16,788
Restricted stock, at cost		4,495			4,322			3,059			3,768
Loans receivable		535,353			522,058			515,681			526,588
Allowance for credit losses		(6,779	)		(6,682	)		(6,030	)		(6,277	)
Net loans receivable		528,574			515,376			509,651			520,311
Property and equipment, net		8,690			8,779			8,900			8,970
Accrued interest receivable		3,372			3,302			3,217			3,417
Bank owned life insurance		6,419			6,398			6,356			6,334
Right-of-use assets – operating leases		2,071			2,159			2,328			2,412
Other assets		10,917			7,988			6,936			7,104
Total assets	$	673,480		$	660,637		$	660,285		$	681,453
LIABILITIES
Noninterest-bearing deposits	$	141,883		$	135,002		$	128,408		$	131,877
Interest-bearing deposits		378,492			370,745			406,521			411,297
Total deposits		520,375			505,747			534,929			543,174
Federal funds purchased		–			–			–			–
Federal Home Loan Bank advances		61,000			56,500			31,000			46,000
Junior subordinated notes – trust preferred securities		8,248			8,248			8,248			8,248
Subordinated debentures, net of discount		–			6,000			6,000			6,000
Lease liabilities – operating leases		2,071			2,159			2,328			2,412
Accrued interest payable		577			585			521			772
Other liabilities		6,848			7,085			5,968			6,321
Total liabilities		599,119			586,324			588,994			612,927
STOCKHOLDERS’ EQUITY
Common stock		27,729			27,591			27,274			27,153
Retained earnings		48,199			46,660			43,851			41,912
Net unrealized gain (loss) on debt securities, net of tax		(3,341	)		(443	)		313			(212	)
Net unrealized gain (loss) on hedging derivative instruments, net of tax		1,774			505			(147	)		(327	)
Total accumulated other comprehensive income (loss)		(1,567	)		62			166			(539	)
Total stockholders’ equity		74,361			74,313			71,291			68,526
Total liabilities and stockholders’ equity	$	673,480		$	660,637		$	660,285		$	681,453
Common shares outstanding		2,770,250			2,770,250			2,741,350			2,742,820
Common shares authorized		50,000,000			50,000,000			50,000,000			50,000,000

OAK RIDGE FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
	Three Months Ended							Nine Months Ended
	September 30,		June 30,			September 30,		September 30,		September 30,
		2026		2026			2025		2026		2025
Interest and dividend income:
Loans and fees on loans	$	8,539	$	8,555		$	8,742	$	24,864	$	25,744
Interest on deposits in banks		166		91			163		474		528
Restricted stock dividends		70		54			56		170		168
Interest on investment securities		1,143		1,144			1,308		3,434		3,814
Total interest and dividend income		9,918		9,844			10,269		28,942		30,254
Interest expense:
Deposits		2,063		2,027			2,666		6,535		8,064
Federal funds purchased		23		8			17		33		53
Federal Home Loan Bank advances		580		426			462		1,290		1,368
Junior subordinated notes and subordinated debentures		242		270			292		773		876
Total interest expense		2,908		2,731			3,437		8,631		10,361
Net interest income		7,010		7,113			6,832		20,311		19,893
Provision for credit losses		112		241			877		1,053		1,583
Net interest income after provision for credit losses		6,898		6,872			5,955		19,258		18,310
Noninterest income:
Service charges on deposit accounts		225		204			249		634		705
Gain (loss) on sale of securities		–		(1	)		–		223		42
Insurance commissions		230		160			168		548		507
Gain on sale of Small Business Administration loans		–		–			380		–		709
Debit and credit card interchange income		273		293			294		827		862
Income from Small Business Investment Company		14		24			12		54		27
Income earned on bank owned life insurance		22		20			22		63		66
Other service charges and fees		131		122			137		377		352
Total noninterest income		895		822			1,262		2,726		3,270
Noninterest expenses:
Salaries		2,624		2,564			2,386		7,416		7,163
Employee benefits		470		312			365		1,089		1,067
Occupancy		253		262			257		880		829
Equipment		213		192			340		588		713
Data and item processing		555		511			496		1,660		1,546
Professional and advertising		276		274			201		847		640
Stationary and supplies		26		28			30		81		90
Telecommunications		67		70			83		214		263
FDIC assessment		85		80			82		238		322
Other expense		664		613			535		1,799		1,587
Total noninterest expenses		5,233		4,906			4,775		14,812		14,220
Income before income taxes		2,560		2,788			2,442		7,172		7,360
Income tax expense		578		612			558		1,554		1,671
Net income and income available to common shareholders	$	1,982	$	2,176		$	1,884	$	5,618	$	5,689
Basic income per common share	$	0.72	$	0.79		$	0.69	$	2.03	$	2.08
Diluted income per common share	$	0.72	$	0.79		$	0.69	$	2.03	$	2.08
Basic weighted average shares outstanding		2,770,250		2,770,736			2,747,774		2,761,754		2,741,329
Diluted weighted average shares outstanding		2,770,250		2,770,736			2,747,774		2,761,754		2,741,329

OAK RIDGE FINANCIAL SERVICES, INC.
Selected Financial Data
	As Of Or For The Three Months Ended,															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,		September 30,
		2026			2026			2026			2025			2025		2026		2025
Return on average common stockholders’ equity (1)		10.81	%		12.10	%		8.24	%		13.39	%		11.26	%	10.40	%	11.81	%
Tangible book value per share	$	26.84		$	26.83		$	25.99		$	26.01		$	24.98
Return on average assets (1)		1.18	%		1.32	%		0.90	%		1.37	%		1.11	%	1.13	%	1.13	%
Net interest margin (1)		4.33	%		4.51	%		3.98	%		4.10	%		4.18	%	4.27	%	4.10	%
Efficiency ratio		66.2	%		61.8	%		64.9	%		63.8	%		59.0	%	64.3	%	61.4	%
Nonperforming assets to total assets		1.82	%		1.42	%		1.42	%		1.07	%		0.84	%
Allowance for credit losses to total loans		1.27	%		1.28	%		1.25	%		1.17	%		1.19	%
Bank’s Community Bank Leverage Ratio		11.7	%		12.5	%		12.2	%		11.9	%		11.5	%

(1) Annualized

Contact: Skylar Mearing, Marketing Director
Phone: 336.662.4840

SPRINGFIELD, Mo., Oct. 30, 2026 (GLOBE NEWSWIRE) — Paul Mueller Company (OTC: MUEL) today announced earnings for the Third quarter ended September 30, 2026.

PAUL MUELLER COMPANY
NINE-MONTH REPORT
Unaudited
(In thousands)
CONSOLIDATED STATEMENTS OF INCOME
			Three Months Ended						Nine Months Ended								Twelve Months Ended
			September 30						September 30								September 30
				2026			2025			2026				2025				2026				2025
Net Sales			$	92,460		$	61,375		$	252,650			$	192,859			$	346,792			$	263,333
Cost of Sales				64,266			45,348			181,199				131,146				243,254				175,811
Gross Profit			$	28,194		$	16,027		$	71,451			$	61,713			$	103,538			$	87,522
Selling, General and Administrative Expense				13,293			10,298			39,466				35,163				54,566				47,398
Operating Income			$	14,901		$	5,729		$	31,985			$	26,550			$	48,972			$	40,124
Interest Income 1				305			596			1,206				1,223				1,706				1,178
Other Income (Expense) 1				65			43			35				137				435				630
Income before Provision for Income Taxes			$	15,271		$	6,368		$	33,226			$	27,910			$	51,113			$	41,932
Provision for Income Taxes				3,612			1,487			7,849				6,472				12,497				9,353
Net Income			$	11,659		$	4,881		$	25,377			$	21,438			$	38,616			$	32,579
Earnings per Common Share –– Basic and Diluted			$	12.98		$	5.25		$	28.25			$	23.00			$	42.98			$	34.90
1. Has been reclassified to move Interest Income out of Other Income (Expense) and net it with Interest Expense on the Interest Income line for all periods being presented.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		Nine Months Ended
		September 30
			2026				2025
Net Income		$	25,377			$	21,438
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustment			(1,010	)			3,166
Comprehensive Income		$	24,367			$	24,605

CONSOLIDATED BALANCE SHEETS
		September 30				December 31
			2026				2025
Cash and Cash Equivalents		$	19,200			$	29,883
Marketable Securities			2,785				19,913
Accounts Receivable, net			58,758				41,719
Inventories (FIFO)			49,654				52,715
LIFO Reserve			(21,745	)			(21,051	)
Inventories (LIFO)			27,909				31,664
Current Net Investments in Sales-Type Leases			72				62
Other Current Assets			16,045				5,758
Current Assets		$	124,769			$	128,999
Net Property, Plant, and Equipment			93,823				79,083
Right of Use Assets			2,172				2,276
Other Assets			1,481				1,625
Long-Term Net Investments in Sales-Type Leases			2,970				2,338
Total Assets		$	225,215			$	214,321
Accounts Payable		$	14,949			$	17,750
Current Maturities and Short-Term Debt			452				468
Current Lease Liabilities			388				403
Advance Billings			21,552				36,362
Other Current Liabilities			58,790				52,594
Current Liabilities		$	96,131			$	107,577
Long-Term Debt			4,746				5,265
Other Long-Term Liabilities			1,527				1,618
Lease Liabilities			703				904
Total Liabilities		$	103,107			$	115,364
Shareholders’ Investment			122,108				98,957
Total Liabilities and Shareholders’ Investment		$	225,215			$	214,321

SELECTED FINANCIAL DATA
	September 30			December 31
	2026			2025
Book Value per Common Share	$	135.97		$	110.09
Total Shares Outstanding		898,059			898,883
Backlog	$	245,594		$	243,606

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
		Common Stock			Paid-in Surplus			Retained Earnings				Treasury Stock				Accumulated Other Comprehensive Income (Loss)				Total
Balance, December 31, 2025		$	1,508		$	9,708		$	129,674			$	(39,511	)		$	(2,422	)		$	98,957
Add (Deduct):
Net Income									25,377												25,377
Other Comprehensive Income, Net of Tax																	(1,010	)			(1,010	)
Dividends									(853	)											(853	)
Treasury Stock Acquisition													(363	)							(363	)
Other																					–
Balance, September 30, 2026		$	1,508		$	9,708		$	154,198			$	(39,874	)		$	(3,432	)		$	122,108

CONSOLIDATED STATEMENT OF CASH FLOWS
	Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
Operating Activities:
Net Income	$	25,377			$	21,438
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation & Amortization		7,167				5,323
ROU Asset Amortization		36				–
Unrealized Gain on Trading Securities		(113	)			–
Interest Income		723				–
Deferred Tax Expense		–				288
Gain on Sales of Equipment		–				(42	)
Loss on Disposal of Equipment		649				647
Change in Assets and Liabilities
(Inc) in Accts and Notes Receivable		(17,269	)			(7,843	)
(Inc) in Cost in Excess of Estimated Earnings and Billings		–				(870	)
(Inc) Dec in Inventories		4,116				(5,976	)
(Inc) in Prepayments		(10,291	)			(4,752	)
(Inc) in Net Investment in Sales-Type Leases		(725	)			(754	)
Dec in Other Assets		635				2,313
(Dec) Inc in Accounts Payable		(2,649	)			(126	)
(Dec) Inc in Accrued Income Tax		(333	)			(443	)
Inc (Dec) in Other Accrued Expenses		(2,174	)			1,295
Inc (Dec) in Advance Billings		(14,762	)			12,611
Inc in Billings in Excess of Costs and Estimated Earnings		8,806				3,190
Principal payments of Lease Liability for Operating		(266	)			(251	)
Inc(Dec) in Long Term Deferred Tax Liabilities		(86	)			24
Inc (Dec) in Other Long-Term Liabilities		39				(1,739	)
Net Cash (Required) for Operating Activities	$	(1,120	)		$	24,334
Investing Activities
Purchases of Marketable Securities		(16,919	)			(26,822	)
Proceeds from Sales of Marketable Securities		33,436				22,923
Proceeds from Sales of Equipment		51				42
Additions to Property, Plant, and Equipment		(23,986	)			(21,106	)
Net Cash (Required) for Investing Activities	$	(7,418	)		$	(24,963	)
Financing Activities
Principal payments of Lease Liability for Financing		(57	)			(70	)
(Repayment) of Short-Term Borrowings, Net		(234	)			(5,186	)
Proceeds of Short-Term Borrowings, Net		234				2,136
(Repayment) of Long-Term Debt		(733	)			(2,187	)
Dividends Paid		(853	)			(774	)
Treasury Stock Acquisitions		(363	)			(1,779	)
Net Cash (Required) for Financing Activities	$	(2,006	)		$	(7,860	)
Effect of Exchange Rate Changes		(139	)			1,132
Net Decrease in Cash and Cash Equivalents	$	(10,683	)		$	(7,357	)
Cash and Cash Equivalents at Beginning of Year		29,883				21,169
Cash and Cash Equivalents at End of Quarter	$	19,200			$	13,812

PAUL MUELLER COMPANY SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS (In thousands)

A. The table below depicts the net revenue on a consolidating basis for the three months ended September 30.

Three Months Ended September 30
Revenue		2026			2025			Variance
Domestic	$	77,896		$	48,950			$	28,946
Mueller BV	$	14,654		$	12,442			$	2,212
Eliminations	$	(90	)	$	(17	)		$	(73	)
Net Revenue	$	92,460		$	61,375			$	31,085

The table below depicts the net revenue on a consolidating basis for the nine months ended September 30.

Nine Months Ended September 30
Revenue		2026			2025			Variance
Domestic	$	206,282		$	157,955			$	48,327
Mueller BV	$	46,479		$	35,021			$	11,458
Eliminations	$	(111	)	$	(117	)		$	6
Net Revenue	$	252,650		$	192,859			$	59,791

The table below depicts the net revenue on a consolidating basis for the twelve months ended September 30.

Twelve Months Ended September 30
Revenue		2026			2025			Variance
Domestic	$	284,198		$	215,870			$	68,328
Mueller BV	$	62,716		$	47,903			$	14,813
Eliminations	$	(122	)	$	(440	)		$	318
Net Revenue	$	346,792		$	263,333			$	83,459

The table below depicts the net income on a consolidating basis for the three months ended September 30.

Three Months Ended September 30
Net Income		2026		2025			Variance
Domestic	$	10,637	$	4,682			$	5,955
Mueller BV	$	1,020	$	208			$	812
Eliminations	$	2	$	(9	)		$	11
Net Income	$	11,659	$	4,881			$	6,778

      
The table below depicts the net income on a consolidating basis for the nine months ended September 30.

Nine Months Ended September 30
Net Income		2026		2025			Variance
Domestic	$	21,945	$	21,032			$	913
Mueller BV	$	3,430	$	408			$	3,022
Eliminations	$	2	$	(2	)		$	4
Net Income	$	25,377	$	21,438			$	3,939

The table below depicts the net income on a consolidating basis for the twelve months ended September 30.

Twelve Months Ended September 30
Net Income		2026			2025			Variance
Domestic	$	34,009		$	31,927			$	2,082
Mueller BV	$	4,610		$	680			$	3,930
Eliminations	$	(3	)	$	(28	)		$	25
Net Income (Loss)	$	38,616		$	32,579			$	6,037

B. The backlog as of September 30, 2026 remains strong at $245.6 million compared to $250.4 million at September 30, 2025, with the majority being in Industrial Equipment. The U.S. backlog is $231.4 million at September 30, 2026 compared to $238.4 million at September 30, 2025. In the Netherlands, the backlog has increased to $14.2 million at September 30, 2026 from $12.1 million at September 30, 2025.

C. Revenue is up from the previous year by $31.1 million on a three-month basis and up $83.5 million for the trailing twelve months. Revenues in the U.S. are up $28.9 million for the three months and $68.3 million for the twelve months, with the increases primarily from the Industrial Equipment segment. In the Netherlands, revenues are up $2.2 million on a three-month basis and $14.8 million on a twelve-month basis.

Net Income is more than double the previous year for the same three-month period, increasing to $11.7 million driven by revenue increases. For the three-month period net income is up $6.8 million and is up $6.0 million for the trailing twelve months. Net Income in the U.S. is up $6.0 million for the three months and $2.1 million for the twelve months. In the Netherlands, Net Income is up $0.8 million on a three-month basis and $3.9 million on a twelve-month basis.

As a percentage of revenue, Domestic net income rose to 13.7% compared to 9.6% for the same three-month period in 2025. Domestic profitability improves as we continue the transition into the new module fabrication building. The move added critical capacity to achieve our 30.6% domestic revenue growth year-to-date. We continue to see strong profitability in our other domestic markets as well. Our Dutch subsidiary’s revenue and net income increased 17.8% and 390.4% for the quarter, respectively. Demand in European dairy farm markets remains strong, resulting in an increased backlog despite double-digit revenue growth.

We manage our business in the U.S. looking at earnings before tax (EBT) and excluding the effects of LIFO. This non-GAAP adjusted EBT (as shown in the table below) is up $8.4 million for the three months, $0.6 million for the nine months and $4.2 million for the trailing twelve months.

	Ended September 30
	Three Months					Nine Months				Twelve Months
(In Thousands)		2026		2025			2026		2025		2026		2025
Domestic Net Income	$	10,637	$	4,682		$	21,945	$	21,032	$	34,009	$	31,927
Income Tax Expense	$	3,266	$	1,411		$	6,673	$	6,331	$	10,968	$	9,092
Domestic EBT – GAAP	$	13,903	$	6,093		$	28,618	$	27,363	$	44,977	$	41,019
LIFO Adjustment	$	158	$	(438	)	$	694	$	1,314	$	285	$	(2	)
Domestic EBT – Non-GAAP	$	14,061	$	5,655		$	29,312	$	28,677	$	45,262	$	41,017

D. The consolidated financials are affected by the euro to dollar exchange rate when consolidating Mueller B.V., the Dutch subsidiary. The month-end euro to dollar exchange rate was 1.17 for September 2025, 1.17 for December 2025, and 1.13 for September 2026.

This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described in the Company’s Annual Report under “Safe Harbor for Forward-Looking Statements”, which is available at paulmueller.com. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

The accounting policies related to this report and additional management discussion and analysis are provided in the 2025 annual report, available at
www.paulmueller.com.

Press Contact: Dan Winters | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9000
dwinters@paulmueller.com | https://paulmueller.com

AIKEN, South Carolina, Oct. 30, 2026 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCID: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and nine months ended September 30, 2026.

Third Quarter Financial Highlights

Net income available to common shareholders was $3.6 million, or $1.16 per common share, for the third quarter of 2026, an increase of $413,000, or 13.0% compared to the third quarter of 2025. The increase in net income was driven by higher net interest income (up $592,000, or 4.9%) and non-interest income (up $157,000, or 6.0%), which offset increased non-interest expense (up $115,000, or 1.1%) and provision for credit losses (no provision in 2026 compared to a $200,000 reversal in the third quarter of 2025).

		Quarter Ended
(Dollars in Thousands, except for Earnings per Share)		9/30/2026				9/30/2025
Total interest income		$	19,149			$	20,131
Total interest expense			6,478				8,052
Net interest income			12,671				12,079
Provision for credit losses			–				(200	)
Net interest income after provision for credit losses			12,671				12,279
Non-interest income			2,791				2,634
Non-interest expense			10,466				10,351
Income before income taxes			4,996				4,562
Provision for income taxes			994				973
Net income			4,002				3,589
Preferred stock dividends			415				415
Net income available to common shareholders		$	3,587			$	3,174
Earnings per common share (basic)		$	1.16			$	1.01

Year-to-Date (Nine Months) Comparative Financial Highlights

Net income available to common shareholders was $10.4 million, or $3.35 per common share, for the first nine months of 2026, an increase of $2.2 million, or 27.5% compared to the first nine months of 2025. The increase in net income was driven by higher net interest income (up $2.8 million, or 8.2%) and non-interest income (up $1.3 million, or 16.3%), which more than offset the increase in provision for credit losses (up $665,000) and higher non-interest expense (up $1.0 million, or 3.3%). 

	For the Nine Months Ended
(Dollars in Thousands, except for Earnings per Share)	9/30/2026				9/30/2025
Total interest income	$	56,896			$	58,813
Total interest expense		19,435				24,194
Net interest income		37,461				34,619
Provision for credit losses		465				(200	)
Net interest income after provision for credit losses		36,996				34,819
Non-interest income		8,924				7,673
Non-interest expense		31,568				30,553
Income before income taxes		14,352				11,939
Provision for income taxes		2,731				2,555
Net income		11,621				9,384
Preferred stock dividends		1,245				1,245
Net income available to common shareholders	$	10,376			$	8,139
Earnings per common share (basic)	$	3.35			$	2.57

Credit Quality

The Company recorded a $350,000 provision for credit losses on loans and a $115,000 provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $465,000 for the first nine months of 2026 compared to a $317,000 reversal of provision for credit losses on loans and a $117,000 provision for credit losses on unfunded commitments, resulting in a $200,000 net reversal in the provision for credit losses for the first nine months of 2025. The following table shows the non-performing assets and allowance for credit losses balances at the periods indicated.

At Period End (dollars in thousands):	9/30/2026			12/31/2025			9/30/2025
Non-performing assets	$	5,339		$	5,842		$	5,669
Non-performing assets to total assets		0.33	%		0.36	%		0.35	%
Allowance for credit losses	$	13,597		$	13,529		$	13,603
Allowance for credit losses to gross loans		1.96	%		1.97	%		1.97	%

Balance Sheet Highlights and Capital Ratios

Dollars in thousands (except per share amounts)	9/30/2026			12/31/2025			9/30/2025
Total assets	$	1,624,945		$	1,618,084		$	1,612,017
Cash and cash equivalents		110,342			75,335			51,805
Total loans receivable, net		681,588			676,182			678,114
Investment securities		739,026			776,285			789,261
Deposits		1,385,140			1,371,777			1,365,470
Borrowings		26,683			35,262			39,044
Total shareholders’ equity		200,031			200,455			194,791
Common shareholders’ equity		117,082			117,506			111,842
Common equity book value per share	$	37.94		$	37.74		$	35.80
Total risk based capital to risk weighted assets (1)		21.56	%		20.56	%		19.93	%
CET1 capital to risk weighted assets (1)		20.31	%		19.30	%		18.67	%
Tier 1 leverage capital ratio (1)		11.04	%		10.18	%		10.14	%
(1) – Ratio is calculated using Bank only information and not consolidated information

The Company announced that its Board of Directors has authorized the repurchase of up to 124,035 shares of the Company’s outstanding common stock under its current repurchase program at such prices as may be determined by the Company’s management.

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

CONTACT: For additional information contact Nathan Crowe, Chief Financial Officer, at (803) 641-3000.

LOS ANGELES, Oct. 30, 2026 (GLOBE NEWSWIRE) — Taitron Components Incorporated (OTCID:TAIT) today announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per common share. The dividend is payable on November 25, 2026 to shareholders of record as of the close of business on November 13, 2026. Under its current dividend policy, the Company will target a cash dividend to our shareholders in the amount of $0.16 per share per annum, payable in equal $0.04 per share quarterly installments.

Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company’s shareholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

About Taitron Components

Taitron, based in Valencia, California, is the “Discrete Components Superstore”. The Company distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to electronic distributors, contract electronics manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate them into their products. In addition, Taitron provides value-added engineering and turn-key services for our existing OEM and CEM customers and provides them with original design and manufacturing services for their multi-year turnkey projects.

CONTACTS:

Taitron Components Incorporated

Stewart Wang – T: 661-257-6060

VANCOUVER, British Columbia, Oct. 30, 2026 (GLOBE NEWSWIRE) — Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX: ASGOF) (“Asante” or the “Company”) announces that its senior lenders under its Senior Facilities Agreement and Mezzanine Facility Agreement, its stream purchaser and its hedge counterparty have provided additional waivers in relation to the Company’s financing arrangements.

As previously disclosed, Asante was required to secure aggregate new funding of at least US$100 million (the “Funding”) by October 31, 2026 (refer to news releases dated August 24, 2026 and September 30, 2026). The lenders, stream purchaser and hedge counterparty have agreed to extend the waiver arrangements for completion of the Funding to November 30, 2026. The Company is evaluating a number of funding alternatives with its financing partners to secure and optimize the Funding by November 30, 2026.

As previously disclosed, the Company continues to work with its lenders, stream purchaser and other financing partners as it advances its longer term financing solution.

Asante will continue to update the market as appropriate.

CONTACT INFORMATION

Camilla Golding – Investor Relations Manager
investor@asantegold.com
+1 604 661 9400 or +233 303 972 147

ABOUT ASANTE GOLD CORPORATION

Asante Gold Corporation is a growing mid-tier gold producer, developer and explorer with a high-quality portfolio of assets located on two of West Africa’s most prolific and prospective gold belts in Ghana. The Company operates the Bibiani and Chirano Gold Mines on the Sefwi-Bibiani Gold Belt in Ghana’s Western North Region, where it holds an extensive and underexplored land position spanning more than 80 kilometres of strike. Asante is also advancing its Kubi Gold Project on the Ashanti Gold Belt, extending the Company’s footprint across Ghana’s most productive gold corridor. Committed to responsible mining and the creation of lasting value for its shareholders, people and host communities, Asante is listed on the TSX Venture Exchange, the Ghana Stock Exchange, and the OTCQX Market in the United States. Additional information is available on the Company’s website at www.asantegold.com.

Figure 1: Asante Portfolio, Ghana

About The Bibiani Gold Mine

Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with historical gold production of more than 5 million ounces. The mine is fully permitted with mining and processing infrastructure on-site, including a refurbished process plant and associated mining infrastructure. Asante commenced mining at Bibiani in late February 2022, with commercial production announced on November 10, 2022.

About The Chirano Gold Mine

Chirano is an operating open pit and underground mine located in the Western Region of Ghana. The mine was first explored and developed in 1996 and began production in October 2005. Chirano comprises multiple open pit and underground operations and has produced over 3 million ounces of gold. Asante acquired the Chirano operation in August 2022.

Cautionary Statement of Forward-Looking Statements

Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. The reader is referred to the risk factors identified in the Company’s management’s discussions and analysis and the most recent annual information form and the Company’s public disclosure record which is available on SEDAR+ (www.sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

LEI Number: 529900F9PV1G9S5YD446. Neither CIRO nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ded4548-b248-4277-b728-bfe1d15dfdf3

MALVERN, Pa., Oct. 30, 2026 (GLOBE NEWSWIRE) — Annovis Bio, Inc. (NYSE: ANVS) (“Annovis” or the “Company”), a Phase 3 clinical-stage biotechnology company developing the investigational oral therapy, buntanetap, for neurodegenerative diseases such as Alzheimer’s disease (AD) and Parkinson’s disease (PD), today announced that on October 29, 2026, it received notice (the “Notice”) from the New York Stock Exchange (NYSE) that it is no longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual due to the fact that the Company’s average market capitalization over a consecutive 30 trading-day period was less than $50 million while its stockholders’ equity was less than $50 million.

The Notice does not affect the Company’s business operations or its reporting obligations with the Securities and Exchange Commission, and it does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.

As set forth in the Notice, as of October 28, 2026, the 30 trading-day average market capitalization of the Company was approximately $48.4 million and the Company’s last reported stockholders’ deficit as of June 30, 2026 was approximately $(4.3) million.

The Company has notified the NYSE that it will submit a plan within 45 days of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into conformity with Section 802.01B within 9 months of receipt of the Notice. The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B within 9 months. If the Company’s plan is not submitted on a timely basis or is not accepted, the NYSE will initiate delisting proceedings. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with the plan and other continued listing standards. The NYSE will review the Company on a semi-annual basis to confirm compliance with the plan. If the Company fails to comply with the plan or does not meet continued listing standards at the end of the 9-month cure period, it will be subject to the prompt initiation of NYSE suspension and delisting procedures. The NYSE may take accelerated delisting action in the event the Company’s common stock trades at levels viewed to be abnormally low. The NYSE generally views trading below a price of $0.10 to be abnormally low.

The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be “ANVS”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. However, the common stock trading symbol will have an added designation of “.BC” to indicate that the status of the common stock is below criteria with the NYSE continued listing standards. The “.BC” indicator will be removed at such time as the Company regains compliance.

Cautionary Note Regarding Forward-Looking Statements

This press release contains, and oral statements made from time to time by our representatives may contain, “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company’s ability to develop a plan to regain compliance with the continued listing criteria of the NYSE; the NYSE’s acceptance of such plan; the Company’s ability to execute such plan and to continue to comply with applicable listing standards within the available cure period; risks arising from the potential suspension of trading of the Company’s common stock on the NYSE; regional, national or global political, economic, business, competitive, market and regulatory conditions, and other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Any forward-looking statement made in this report speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

About Annovis Bio

Headquartered in Malvern, Pennsylvania, Annovis Bio, Inc. (NYSE: ANVS) is a Phase 3 clinical-stage biotechnology company developing treatments for neurodegenerative diseases such as Alzheimer’s disease (AD) and Parkinson’s disease (PD). The Company’s lead drug candidate, buntanetap (formerly posiphen), is an investigational once-daily oral therapy that inhibits the translation of multiple neurotoxic proteins, including APP and amyloid beta, tau, alpha-synuclein, and TDP-43, through a specific RNA-targeting mechanism of action. By addressing the underlying causes of neurodegeneration, Annovis aims to halt disease progression and improve cognitive and motor functions in patients. For more information, visit www.annovisbio.com and follow us on LinkedIn, YouTube, and X.

Contact Information:
Annovis Bio Inc.
101 Lindenwood Drive
Suite 225
Malvern, PA 19355
www.annovisbio.com

Investor Contact:
Alexander Morin, Ph.D.
Director, Strategic Communications
Annovis Bio
ir@annovisbio.com

VANCOUVER, British Columbia, Oct. 30, 2026 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce that it has filed the technical report supporting the Casa Berardi updated Life-of-Mine Plan, previously announced by the Company on September 15, 2026 (the “News Release”).

The technical report titled “Updated Life-of-Mine Plan, Casa Berardi Mine, Northwestern Quebec, Canada, NI 43-101 Technical Report, Preliminary Economic Assessment” (the “Technical Report”) was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has an effective date of June 30, 2026. The Technical Report is available under the Company’s profile on SEDAR+ and on the Company’s website.

There are no material differences between the Technical Report and the results disclosed in the News Release.

ABOUT OREZONE GOLD CORPORATION 

Orezone Gold is an emerging intermediate gold producer with operations in Canada and West Africa. Its Casa Berardi and Bomboré gold mines host significant mineral endowments, growth opportunities, and exploration upside. The recently acquired Casa Berardi mine in Quebec has produced over 3.2 million oz of gold to-date while the Bomboré mine was constructed and brought into production by Orezone in late 2022.

Orezone is led by an experienced management team committed to safe, sustainable, and responsible mining practices, with a focus on delivering long-term value for all stakeholders.

CONTACT INFORMATION

Patrick Downey
President and Chief Executive Officer

Amanda Mallough
Vice President, Investor Relations
Tel: 1 778 945 8977 
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945–8977 or visit the Company’s website at www.orezone.com. 

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

Qualified Persons

The Technical Report was prepared for the Company by Rob Henderson, P.Eng., Vice President, Technical Services of Orezone and Alexandre Nickerson, P.Eng., Geology Superintendent of Orezone Quebec Inc., each of whom is a “Qualified Person” as defined under NI 43-101. Mr. Henderson and Mr. Nickerson have reviewed and approved the scientific and technical information contained in this news release. Neither Mr. Henderson nor Mr. Nickerson is independent of the Company within the meaning of NI 43-101.

Cautionary Note Regarding Forward-Looking Information and Preliminary Economic Assessment

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes statements regarding the Company’s plans for the Casa Berardi Mine, anticipated production and economic performance outlined in the Technical Report, and the Company’s future plans and objectives. These statements reflect management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.

The preliminary economic assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability.

Although the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable, there can be no assurance that such statements will prove to be accurate. Readers are cautioned not to place undue reliance on such statements. Statements regarding forward-looking information are made as of the date of this news release, and the Company disclaims any obligation to update or revise them to reflect new events or circumstances, except as required by applicable law.

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

HONG KONG, Oct. 30, 2026 (GLOBE NEWSWIRE) — 3 E Network Technology Group Limited (Nasdaq: MASK) (the “Company” or “3e Network”), a business-to-business (“B2B”) information technology (“IT”) business solutions provider, received a written determination letter (the “Staff Determination”) from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) on October 27, 2026, notifying the Company that the Staff has determined to delist the Company’s Class A ordinary shares from The Nasdaq Capital Market unless the Company timely requests a hearing before an independent Hearings Panel (the “Panel”).

The Staff Determination was issued pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv) on the following grounds: (i) the closing bid price of the Company’s Class A ordinary shares was below $1.00 per share for the 30 consecutive business days from September 15, 2026 through October 26, 2026, and therefore the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of at least $1.00 per share for continued listing (the “Minimum Bid Price Requirement”); and (ii) the Company is not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) because it effected a one-for-twenty-five (1-for-25) reverse share split on March 16, 2026, within the prior one-year period.

The Company intends to timely request a hearing before the Panel to appeal the Staff Determination by November 3, 2026. As stated in the Staff Determination, a timely hearing request will stay the suspension of trading in the Company’s securities and the filing of Form 25-NSE pending the Panel’s decision. During that period, the Company’s Class A ordinary shares will continue to trade on The Nasdaq Capital Market under the symbol “MASK.”

The Company is actively evaluating measures to regain compliance with the Minimum Bid Price Requirement, including potential capital markets transactions, financing activities and further share consolidations. The Company will provide further disclosure regarding its hearing and compliance plan as appropriate.

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 excellent 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 occurring 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 its 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/

Company and C2 Live Intend to Continue Dialogue; Creatd to Focus on National Exchange Uplisting and Balance Sheet Strength

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) — Creatd, Inc. (OTCQB: CRTD) today announced that its letter of intent to acquire the remaining equity of C2 Capital Group, Inc., operator of C2 Live, expired without consummation of the transaction.

The proposed transaction followed Creatd’s previously announced 10% investment in C2 Live. Creatd continues to hold its investment in C2 Live, and the parties expect to continue their dialogue; however, there can be no assurance that any transaction between the parties will be agreed or completed. The expiration of the letter of intent does not change Creatd’s broader strategic priorities.

Creatd intends to continue to focus on pursuing an uplisting to a national securities exchange, strengthening its balance sheet and stockholders’ equity, evaluating potential acquisitions of complementary, cash-flow-positive businesses, and exploring strategic alternatives for certain existing assets. There can be no assurance that the Company will satisfy applicable listing standards or that any acquisition, sale or other transaction will be pursued or completed.

About Creatd, Inc.

Creatd, Inc. (OTCQB: CRTD) is a company focused on technology-enabled businesses, digital media properties, and intellectual property assets. Through its operating subsidiaries and strategic investments, the Company develops and supports opportunities for creators, entrepreneurs, and emerging growth initiatives.

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 continued discussions with C2 Live, a potential uplisting to a national securities exchange, potential acquisitions or dispositions of assets, including Vocal, and the Company’s business strategy. Forward-looking statements are based on current expectations, estimates, and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the Company’s ability to meet initial listing requirements, obtain financing, identify and complete transactions on acceptable terms, and the other risks described under “Risk Factors” in the Company’s Registration Statement on Form S-1, as amended, and the related prospectus filed with the Securities and Exchange Commission, and in the Company’s subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Creatd undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.

Contact:

ir@creatd.com

DALLAS, Oct. 30, 2026 (GLOBE NEWSWIRE) — United States Lime & Minerals, Inc. (NASDAQ: USLM) today reported third quarter 2026 results: The Company’s revenues in the third quarter 2026 were $106.2 million, compared to $102.0 million in the third quarter 2025, an increase of $4.2 million, or 4.1%. For the first nine months 2026, the Company’s revenues were $293.1 million, compared to $284.8 million in the first nine months 2025, an increase of $8.4 million, or 2.9%. The increase in revenues in the third quarter 2026, compared to the third quarter 2025, resulted primarily from modest increases in both average sales prices and sales volumes. Increased sales volumes were principally due to increased demand from the Company’s steel customers, partially offset by reduced demand from the Company’s construction customers. The increase in revenues in the first nine months 2026, compared to the first nine months 2025, resulted primarily from modest increases in both average sales prices and sales volumes. Increased sales volumes were principally due to increased demand from the Company’s steel customers, partially offset by reduced demand from the Company’s roof shingle customers.

The Company’s gross profit was $50.8 million in the third quarter 2026, compared to $52.2 million in the third quarter 2025, a decrease of $1.4 million, or 2.7%. The Company’s gross profit was $139.2 million in the first nine months 2026, compared to $140.2 million in the first nine months 2025, a decrease of $1.0 million, or 0.7%. The decreases in gross profit in the third quarter and first nine months 2026, compared to the comparable 2025 periods, resulted primarily from higher transportation and fuel costs, driven principally by higher diesel costs, and production inefficiencies experienced during the integration of our new Texas kiln into our existing plant operations.

Selling, general and administrative (“SG&A”) expenses were $6.1 million in the third quarter 2026, compared to $5.9 million in the third quarter 2025, an increase of $0.1 million, or 2.3%. SG&A expenses were $18.1 million in the first nine months 2026, compared to $18.4 million in the first nine months 2025, a decrease of $0.3 million, or 1.5%.

Other (income) expense, net was $3.8 million and $10.4 million income in the third quarter and first nine months 2026, compared to $3.4 million and $9.6 million income in the third quarter and first nine months 2025, increases of $0.4 million and $0.8 million, respectively. The increases in other (income) expense, net for the third quarter and first nine months 2026, compared to the comparable 2025 periods, were primarily due to interest earned on higher average balances of cash and cash equivalents.

The Company reported net income of $38.0 million ($1.32 per share diluted) and $103.1 million ($3.58 per share diluted) in the third quarter and first nine months 2026, compared to $38.8 million ($1.35 per share diluted) and $103.7 million ($3.61 per share diluted) in the third quarter and first nine months 2025, decreases of $0.7 million, or 1.9%, and $0.6 million, or 0.6%, respectively.

“We saw modest increases in both volumes and sales prices for our lime and limestone products in the third quarter 2026, while our expenses reflected the impact of the sharp rise in diesel prices,” said Timothy W. Byrne, President and Chief Executive Officer. “Although we remain optimistic regarding overall construction demand in the future, certain large construction projects have recently experienced delays for various reasons, including securing permits, and we are monitoring indications that Texas’ residential construction is beginning to slow down. The new kiln at our Texas facility began intermittently producing quicklime in the third quarter, and we expect to have final commissioning completed in the fourth quarter. To that end, our costs in Texas have been impacted by production inefficiencies as we continue to integrate the new kiln into our existing plant operations,” Mr. Byrne added.

Dividend

The Company announced today that the Board of Directors has declared a regular quarterly cash dividend of $0.06 per share on the Company’s common stock. This dividend is payable on December 11, 2026 to stockholders of record at the close of business on November 20, 2026.

United States Lime & Minerals, Inc., a NASDAQ-listed public company with headquarters in Dallas, Texas, is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. The Company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through its wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation. In addition, the Company, through its wholly owned subsidiary, U.S. Lime Company-O & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.

Any statements contained in this News Release, including, but not limited to, statements relating to demand, costs, production, and the new Texas kiln, that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to publicly update or revise any forward-looking statements, and investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation those risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

Contact: Timothy W. Byrne
(972) 991-8400

(Tables Follow)

United States Lime & Minerals, Inc. CONDENSED CONSOLIDATED FINANCIAL DATA (In thousands, except per share amounts) (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
INCOME STATEMENTS
Revenues	$	106,188			$	102,016			$	293,147			$	284,787
Cost of revenues		55,420				49,827				153,905				144,564
Gross profit	$	50,768			$	52,189			$	139,242			$	140,223
Selling, general and administrative expenses		6,066				5,927				18,102				18,378
Operating profit	$	44,702			$	46,262			$	121,140			$	121,845
Other (income) expense, net		(3,800	)			(3,416	)			(10,403	)			(9,605	)
Income tax expense		10,460				10,896				28,409				27,724
Net income	$	38,042			$	38,782			$	103,134			$	103,726
Income per share of common stock:
Basic	$	1.33			$	1.35			$	3.60			$	3.62
Diluted	$	1.32			$	1.35			$	3.58			$	3.61
Weighted-average shares outstanding:
Basic		28,689				28,639				28,682				28,633
Diluted		28,778				28,738				28,775				28,730
Cash dividends per share of common stock	$	0.06			$	0.06			$	0.18			$	0.18
									September 30,				December 31,
									2026				2025
BALANCE SHEETS
Assets:
Current assets									$	543,338			$	455,316
Property, plant and equipment, net										250,574				221,421
Other non-current assets										4,517				4,307
Total assets									$	798,429			$	681,044
Liabilities and Stockholders’ Equity:
Current liabilities									$	24,376			$	23,632
Deferred tax liabilities, net										36,494				22,999
Other long-term liabilities										3,726				3,653
Stockholders’ equity										733,833				630,760
Total liabilities and stockholders’ equity									$	798,429			$	681,044