Revenue Growth - Total net revenue increased by $10.8 million, or 15.6%, during the third quarter of fiscal 2026 compared to the same period in fiscal 2025, reaching $80.39 million[107] - Total net revenue increased by $35.0 million, or 17.4%, during the first nine months of fiscal 2026 compared to the same period in fiscal 2025[123] - Subscription and maintenance revenue rose by $7.6 million, or 17.2%, driven by continued growth in subscription-based service revenue, totaling $52.01 million[107] - Subscription and maintenance revenue rose by $27.7 million, or 22.4%, driven by growth in subscription-based services, including a 32.6% increase in total subscription revenue[124] Profitability - Gross profit increased by $6.4 million, or 14.6%, totaling $50.24 million, while gross profit margin slightly decreased from 63.0% to 62.5%[109] - Gross profit increased by $19.6 million, or 15.4%, while the gross profit margin decreased from 63.0% to 62.0%[125] - Operating income rose by $4.3 million, or 58.3%, reaching $11.73 million, with an operating income percentage of 14.6%[107] - Operating income increased by $13.1 million, or 75.9%, with an operating income percentage of 12.9% compared to 8.6% in the prior year[123] Expenses - Product development expenses increased by $4.0 million, or 26.4%, due to hiring and increased compensation rates, totaling $18.93 million[110] - Product development expenses rose by $8.3 million, or 18.2%, due to increased hiring and compensation rates[126] - Sales and marketing expenses increased by $5.9 million, or 23.6%, attributed to higher compensation rates and increased marketing activities[127] Tax and Interest - The effective tax rate improved to 23.2% from 50.5%, with the income tax provision decreasing by $927, or 23.7%, totaling $2.99 million[118] - The effective tax rate for the nine months ended December 31, 2025, was 20.8%, significantly higher than 4.7% in the prior year[133] - Interest income increased by $69, or 16.6%, totaling $485, while interest expense decreased by $627, or 95.4%, totaling $(30)[115] - Interest income decreased by $2.0 million, or 61.2%, to $1.3 million for the nine months ended December 31, 2025[131] Cash Flow and Liquidity - As of December 31, 2025, cash and cash equivalents totaled $81.5 million, with 92% located in the United States[142] - Net cash provided by operating activities for the nine months ended December 31, 2025, was $34.2 million, an increase from $28.0 million in 2024[143] - Cash-based earnings were reported at $55.9 million, with net income of $26.5 million and $29.4 million in non-cash adjustments[143] - Cash flow used in investing activities amounted to $(1.4) million, primarily for property and equipment purchases[144] - Financing activities included $24.0 million in debt repayments during the nine months ended December 31, 2025[144] - The company believes that cash flow from operating activities and access to capital markets will meet its liquidity requirements[142] Acquisitions and Investments - The company acquired Book4Time for $145.8 million, partially funded by a credit agreement[99] - The company aims to improve shareholder value by investing in product enhancements and expanding customer reach both vertically and geographically[103] - The company completed no business combinations during the nine months ended December 31, 2025, after acquiring Book4Time for $145.8 million in the previous year[140] Accounting and Risk - There have been no material changes in significant accounting policies since March 31, 2025[147] - There have been no material changes in market risk exposures since March 31, 2025[149] - The company has not entered into any off-balance sheet arrangements that could affect its financial condition[146] - Forward-looking statements indicate management's expectations and are subject to risks and uncertainties that could cause actual results to differ[148]

Financial Performance - Total revenues for Q4 2025 reached $1.6 billion, an increase of 35.7% year-over-year, while organic revenue decreased by 2.8%[2] - Net income attributable to the Company for Q4 2025 was $264 million, a 25.7% increase compared to the same quarter last year[2] - Diluted net income per share for Q4 2025 was $0.59, a decrease of 19.2%, while adjusted diluted net income per share increased to $0.93, an 8.1% rise[2] - For the full year 2025, total revenues were $5.9 billion, up 22.8% from 2024, with organic revenue growth of 2.8%[2] - Income before income taxes for Q4 2025 was $321 million, a 16.7% increase, with a margin of 20.0% compared to 23.2% in Q4 2024[2] - EBITDAC - Adjusted for Q4 2025 was $529 million, a 35.6% increase, with an adjusted margin of 32.9%[2] Assets and Liabilities - Total assets increased to $29,991 million in 2025, up from $17,612 million in 2024, representing a growth of 70.0%[15] - Total current liabilities increased to $8,294 million in 2025 from $6,314 million in 2024, a rise of 31.4%[15] - Goodwill increased significantly to $15,087 million in 2025, compared to $7,970 million in 2024, indicating a growth of 89.5%[15] - The total equity of the company rose to $12,573 million in 2025, up from $6,437 million in 2024, reflecting a growth of 95.5%[15] Cash Flow - Net cash provided by operating activities rose to $1,450 million in 2025, up from $1,174 million in 2024, marking a growth of 23.5%[18] - Cash, cash equivalents, and restricted cash at the end of 2025 totaled $3,815 million, an increase from $2,502 million at the end of 2024, representing a growth of 52.5%[18] Acquisitions and Investments - The Company completed the acquisition of Accession in 2025, contributing to strong revenue growth and margin expansion[2] - Payments for businesses acquired in 2025 amounted to $7,854 million, a substantial increase from $890 million in 2024[18] - The company issued common stock, generating proceeds of $4,315 million in 2025, compared to no proceeds in 2024[18] Employee Compensation - Employee compensation and benefits for Q4 2025 totaled $819 million, an increase from $582 million in Q4 2024[12] - Interest expenses for Q4 2025 were $100 million, compared to $46 million in Q4 2024[12] - The Company reported a total of 339 million diluted shares outstanding for Q4 2025, compared to 284 million in Q4 2024[12] Strategic Focus - The company anticipates continued growth and expansion, focusing on strategic acquisitions and innovative solutions in the insurance brokerage sector[21] - The company emphasizes the importance of Organic Revenue and Organic Revenue growth as key indicators for assessing performance on a consolidated basis and across segments[24] Definitions and Metrics - Organic Revenue is defined as core commissions and fees, excluding contributions from newly acquired operations, divested businesses, and foreign currency translation[25] - EBITDAC is defined as income before interest, income taxes, depreciation, amortization, and changes in estimated acquisition earn-out payables[30] - EBITDAC Margin is calculated as EBITDAC divided by total revenues, providing insight into operating margins[30] - Diluted Net Income Per Share - Adjusted excludes the after-tax impact of various non-recurring items, enhancing comparability of results[30] - The company uses Organic Revenue growth, Diluted Net Income Per Share - Adjusted, and EBITDAC Margin - Adjusted as key performance metrics for incentive compensation plans[24] - The impact of foreign currency translation is calculated by applying current-year exchange rates to prior year functional currencies, affecting revenue comparisons[30] - Acquisition/Integration Costs include expenses related to regulatory filings, professional services, and integration processes, which are not part of ongoing operations[30] - The company provides non-GAAP financial measures to offer additional insights into operating performance that may not be apparent under GAAP[24] - Comparability of non-GAAP measures may be limited as industry peers may use different terminology and adjustments[29]

Financial Performance - Nucor reported consolidated net earnings of $378 million, or $1.64 per diluted share, for Q4 2025, down from $607 million, or $2.63 per diluted share, in Q3 2025[2]. - Adjusted net earnings for Q4 2025 were $400 million, or $1.73 per diluted share, after excluding impairment charges of $21 million related to facility closures[2][3]. - Net earnings attributable to Nucor stockholders for the year ended December 31, 2025, were $1,744 million, down from $2,027 million in 2024, reflecting a decrease of 14%[34]. - Net earnings attributable to Nucor stockholders for Q4 2025 were $378 million, or $1.64 per diluted share, down from $1.74 billion, or $7.52 per diluted share in Q4 2024[44]. - Adjusted net earnings attributable to Nucor stockholders for the full year 2025 were $1,789 million, or $7.71 per diluted share, compared to $2,130 million, or $8.90 per diluted share in 2024[44]. Sales and Revenue - Net sales for Q4 2025 totaled $7.69 billion, reflecting a decrease compared to previous quarters[6]. - Net sales for Q4 2025 were $7,687 million, a decrease of 10% from $8,521 million in Q3 2025, but an increase of 9% compared to $7,076 million in Q4 2024[37]. - The average sales price per ton for external customers in Q4 2025 was $1,242, a 1% decrease from $1,258 in Q3 2025, but a 6% increase from $1,168 in Q4 2024[37]. Segment Performance - The steel mills segment earnings decreased to $516 million in Q4 2025 from $793 million in Q3 2025, primarily due to lower volumes and margin compression[5][8]. - Steel mills segment total shipments in Q4 2025 were 5,906 thousand tons, an 8% decrease from 6,428 thousand tons in Q3 2025, but a 5% increase from 5,650 thousand tons in Q4 2024[37]. - Total shipments from steel mills decreased by 8% to 5,906 thousand tons in Q4 2025 compared to 6,428 thousand tons in Q3 2025, but increased by 9% from 5,650 thousand tons in Q4 2024[39]. - Steel mill shipments of sheet products decreased by 7% to 2,804 thousand tons in Q4 2025 compared to 3,030 thousand tons in Q3 2025, while shipments increased by 3% from 2,714 thousand tons in Q4 2024[39]. - The company reported a 12% increase in bar shipments for the full year 2025, totaling 8,635 thousand tons compared to 7,730 thousand tons in 2024[39]. - The company experienced a 30% increase in plate shipments for the full year 2025, totaling 2,329 thousand tons compared to 1,797 thousand tons in 2024[39]. Cash and Assets - Nucor had $2.70 billion in cash and cash equivalents at the end of Q4 2025, with a $2.25 billion undrawn revolving credit facility[9]. - Total current assets decreased to $11,765 million in 2025 from $12,475 million in 2024, primarily due to a reduction in cash and cash equivalents[31]. - Nucor's total assets increased to $35,104 million in 2025 from $33,940 million in 2024, reflecting growth in property, plant, and equipment[31]. Liabilities and Expenses - Total liabilities increased to $12,980 million in 2025 from $12,523 million in 2024, driven by an increase in long-term debt and finance lease obligations[31]. - Cash provided by operating activities for the year was $3,234 million, down from $3,979 million in 2024, indicating a decrease of 19%[34]. - Capital expenditures for 2025 were $3,422 million, an increase from $3,173 million in 2024, reflecting ongoing investments in growth[34]. - Nucor's depreciation expense for Q4 2025 was $316 million, up from $304 million in Q3 2025 and $285 million in Q4 2024[42]. - Interest expense for the full year 2025 was $59 million, compared to a net income of $30 million in 2024, indicating a significant change in financial costs[42]. Future Outlook - Looking ahead to Q1 2026, Nucor expects earnings to increase across all segments, driven by higher volumes and prices in the steel mills segment[13]. - The company continues to focus on executing growth projects and maintaining strong returns for shareholders amid robust demand in key markets[5]. Shareholder Returns - The company repurchased approximately 0.7 million shares at an average price of $145.23 per share during Q4 2025, totaling about 5.4 million shares for the full year[10]. - Nucor declared a cash dividend of $0.56 per share, marking its 211th consecutive quarterly cash dividend, with a history of increasing dividends for 53 consecutive years[11]. - For the full year 2025, Nucor returned approximately $1.2 billion to stockholders through share repurchases and dividends[12].

Financial Performance - Record net income for Q4 2025 was $35.7 million, or $0.95 per share, reflecting a 1% increase from Q3 2025[3] - Annual net income for 2025 was $112.6 million, or $3.06 per share, representing an 8% year-over-year increase[3] - Adjusted net income for Q4 2025 was $35.9 million, or $0.96 per share, a 4.4% increase from Q3 2025[4] - Net income for the year ended December 31, 2025, totaled $112,635,000, or $3.06 per share, an increase of approximately 8% from $83,811,000, or $2.83 per share, for the year ended December 31, 2024[25] - Net income for the quarter ended December 31, 2025 was $35,683,000, or $0.95 per share, a 22% increase on a per share basis compared to the fourth quarter of 2024[51] - Reported net income for Q4 2025 was $35,683, compared to $35,074 in Q3 2025 and $23,211 in Q4 2024, reflecting a year-over-year increase of 54%[94] - Adjusted net income for Q4 2025 was $35,895, up from $34,444 in Q3 2025 and $23,419 in Q4 2024, indicating a 53% increase year-over-year[94] Asset and Loan Growth - Total assets as of December 31, 2025, were $8.389 billion, an increase of $2.093 billion compared to December 31, 2024, largely due to the Heartland acquisition[11] - Total loans increased by $96.8 million, or 7% on an annualized basis, during Q4 2025[12] - The Heartland acquisition added approximately $1.94 billion in total assets and $1.73 billion in total deposits[10] - Average total loans increased to $5,828,461,000 for the three months ended December 31, 2025, from $4,094,333,000 in the same period of 2024, a 42% increase[86] Income and Revenue - Net interest income for the year ended December 31, 2025, totaled $294,132,000, an increase of $103,541,000, or 54%, compared to $190,591,000 for the year ended December 31, 2024[30] - Non-interest income increased by $4,652,000, or 7%, during the year ended December 31, 2025, compared to the same period in 2024, largely due to the Heartland acquisition[35] - Total non-interest income for the year ended December 31, 2025, was $67,312,000, up from $62,660,000 in 2024, indicating an 8% growth[84] - Total adjusted revenue for the year ended 2025 was $366,189, up from $250,776 in 2024, reflecting a 46% increase[96] Expenses and Efficiency - Non-interest expense totaled $201,949,000 for the year ended December 31, 2025, an increase of $55,572,000, or 38%, compared to the same period in 2024[43] - Adjusted non-interest expense for the year ended December 31, 2025 was $194,953,000, an increase from $139,777,000 in 2024, representing a 39.5% increase[45] - The efficiency ratio improved to 48.55% for the three months ended December 31, 2025, compared to 53.38% in the same period of 2024, showing enhanced operational efficiency[86] Credit Quality - Non-performing assets totaled $29.5 million at December 31, 2025, representing 0.35% of total assets[18] - The allowance for credit losses was $77.7 million, representing 1.32% of period-end loans[15] - The provision for credit losses for the year ended December 31, 2025, was $19,425,000, significantly higher than $2,775,000 in 2024, reflecting increased risk management measures[84] - Non-performing loans to period end loans ratio was 0.50% as of December 31, 2025, compared to 0.27% in 2024, indicating a slight deterioration in asset quality[86] Dividends and Shareholder Value - The company declared a 7% increase in its quarterly cash dividend, marking the 14th consecutive year of dividend increases[8] - The tangible book value per share increased to $20.08 as of December 31, 2025, up from $18.89 in Q3 2025 and $17.93 in Q4 2024[82] - Basic earnings per share for the year ended December 31, 2025, was $3.06, an increase from $2.83 in 2024, representing an 8% growth[84] - Earnings per share (EPS) as reported for Q4 2025 was $0.95, compared to $0.94 in Q3 2025 and $0.78 in Q4 2024, representing a 22% increase year-over-year[94] - Adjusted EPS for Q4 2025 was $0.96, up from $0.92 in Q3 2025 and $0.79 in Q4 2024, marking a 22% increase year-over-year[94]

Financial Performance - Net income for Q4 2025 was $2.9 million, or $0.08 per diluted share, down from $7.8 million, or $0.21 per diluted share in Q3 2025[1]. - Full year 2025 net income increased by 26.8% to $33.5 million, or $0.90 per diluted share, compared to $26.2 million, or $0.71 per diluted share in 2024[5]. - Adjusted pre-tax, pre-provision net income for Q4 2025 was $11.7 million, up from $11.0 million in Q3 2025[1]. - Net income for the three months ended December 31, 2025, was $2,942,000, a decrease from $7,584,000 for the same period in 2024[36]. - Adjusted net income for the three months ended December 31, 2025, was $3,839,000, with an adjusted return on average assets of 0.50%[62]. - Net Income (GAAP) for the twelve months ended December 31, 2025, was $33,511,000, compared to $26,209,000 for the previous year, representing a year-over-year increase of 27.7%[65]. - Adjusted Net Income (Non-GAAP) for the three months ended December 31, 2025, was $7,628,000, a slight decrease from $7,839,000 in the previous quarter[65]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to $3,069.99 million, an increase from $2,878.78 million on December 31, 2024, representing a growth of approximately 6.63% year-over-year[34]. - Total liabilities increased to $2,762,817,000 from $2,563,566,000 year-over-year[46]. - Total assets as of December 31, 2025, were $3,071,482,000, an increase from $2,842,450,000 at the end of 2024[46]. Deposits and Loans - Total deposits as of December 31, 2025 were $2.55 billion, reflecting a 10.9% annual increase from $2.45 billion at the end of 2024[5]. - Total loans increased to $2.56 billion as of December 31, 2025, representing a 13.1% annualized growth from $2.35 billion at the end of 2024[5]. - Total deposits reached $2,554.75 million as of December 31, 2025, up from $2,360.58 million on December 31, 2024, indicating an increase of approximately 8.23%[34]. - Total loans receivable increased to $2,556,729, up from $2,347,556, representing a year-to-date change of $209,173 and an annualized growth rate of 13.08%[52]. Credit Losses and Allowances - The provision for credit losses in Q4 2025 was $6.6 million, with $5.0 million related to a specific reserve for a single commercial credit[17]. - The allowance for credit losses for loans was $31.7 million, or 1.24% of total loans held for investment, up from 1.03% at the end of Q3 2025[20]. - The allowance for credit losses on loans was $31.67 million as of December 31, 2025, compared to $26.44 million a year prior, showing a rise of about 19.8%[34]. Shareholders' Equity - Shareholders' equity totaled $306.43 million as of December 31, 2025, an increase from $280.22 million on December 31, 2024, representing a growth of approximately 9.34%[34]. - Total shareholders' equity as of December 31, 2025, was $306,432,000, up from $305,457,000 in the previous quarter[66]. Strategic Initiatives - The Company announced a strategic merger with Burke & Herbert valued at approximately $354.2 million, expected to create a combined organization with $11.0 billion in assets[6]. - The proposed merger with Burke & Herbert is subject to various risks, including regulatory approvals and potential impacts on market prices, which could affect the anticipated benefits of the transaction[26]. - The company anticipates that revenues following the proposed transaction may be lower than expected due to integration challenges and economic conditions[26]. Cost Management - Management emphasizes the importance of controlling costs and expenses amid increased competition and changing consumer demand for financial services[26]. - Total non-interest expense was $19,539,000 for the three months ended December 31, 2025, compared to $18,302,000 for the same period in 2024, indicating a rise of 6.8%[38]. - Adjusted non-interest expense (Non-GAAP) for the three months ended December 31, 2025, was $18,389,000, compared to $18,171,000 in the previous quarter[69]. Earnings Per Share - Basic earnings per share for the three months ended December 31, 2025, was $0.08, down from $0.20 for the same period in 2024[38]. - GAAP-based earnings per share (EPS) for the three months ended December 31, 2025, was $0.08, while adjusted EPS (non-GAAP) was $0.10[64]. Efficiency and Margins - The efficiency ratio for the three months ended December 31, 2025, was 65.03%, compared to 65.04% for the same period in 2024[38]. - The net interest margin for the quarter was 3.74%, slightly down from 3.85% in the previous year[46]. - The GAAP-based efficiency ratio for the three months ended December 31, 2025, was 65.03%, an increase from 62.25% in the previous quarter[68].

Financial Performance - Consolidated net income for Q4 2025 was $4.3 million, a decrease of 22.4% from $5.6 million in Q3 2025 and a decrease of 29.9% from $6.2 million in Q4 2024[5]. - Net income for 4Q25 was $4,334,000, a decrease of 22.3% from $5,584,000 in 3Q25[34]. - Earnings per share (diluted) for 4Q25 was $0.81, down from $1.04 in 3Q25, reflecting a decline of 22.1%[34]. - GAAP net income for the three months ended December 31, 2025, was $4,334,000, a decrease from $5,584,000 in the previous quarter[49]. - Non-GAAP net income for the same period was $4,334,000, compared to $5,584,000 in the prior quarter, reflecting a consistent performance[49]. Income and Revenue - Non-interest income increased to $5.4 million in Q4 2025, up 3.8% from $5.2 million in Q3 2025, but down 36.5% from $8.5 million in Q4 2024[11]. - Wealth management fee income rose 25.8% to $2.3 million in Q4 2025 compared to Q3 2025, and increased by 66.7% compared to Q4 2024[3][11]. - Net interest income for Q4 2025 was $16.4 million, reflecting a decrease of 4.8% from $17.2 million in Q3 2025 but an increase of 21.3% from $13.5 million in Q4 2024[8]. - Total interest and dividend income for the three months ended June 30, 2025, was $24,755 million, an increase from $23,502 million in the previous quarter[45]. - Net interest income after provision for credit losses was $15,693 million for the three months ended June 30, 2025, compared to $12,103 million in the same period last year, reflecting a year-over-year increase of 29.5%[45]. Asset and Liability Management - Total consolidated assets decreased by $43.8 million or 2.27% to $1.89 billion as of December 31, 2025, compared to $1.93 billion at September 30, 2025[20]. - Total deposits decreased to $1.61 billion as of December 31, 2025, down from $1.66 billion at September 30, 2025, primarily due to $74.4 million of funds leaving the bank during the fourth quarter[22]. - Total liabilities decreased to $1,699,787 million from $1,746,892 million in the previous quarter, a decline of 2.69%[43]. - Total consolidated equity increased by $69.9 million to $188.9 million at December 31, 2025, compared to December 31, 2024[27]. Credit Quality - Nonperforming assets rose to $14.6 million, or 0.77% of total assets, in Q4 2025, up from $14.3 million, or 0.74%, in Q3 2025[13]. - The ratio of allowance for credit losses to total loans increased to 1.04% as of December 31, 2025, up from 1.01% at September 30, 2025, reflecting increased loss rates[19]. - The Company recorded $747 thousand in provision for credit losses on loans for the quarter ended December 31, 2025, compared to $1.1 million for the quarter ended September 30, 2025[19]. - The Company realized $237 thousand in net charge-offs for the quarter ended December 31, 2025, a significant decrease from $2.3 million in the previous quarter[18]. Operational Efficiency - The efficiency ratio increased to 70.39% in 4Q25 from 64.06% in 3Q25, indicating higher operational costs relative to income[34]. - Noninterest expenses increased by 8.3% to $15.5 million in Q4 2025 from $14.3 million in Q3 2025, and were up 14.6% from $13.6 million in Q4 2024[12]. - Total noninterest expenses were $15,539 million for the three months ended June 30, 2025, compared to $14,344 million in the previous quarter, representing an increase of 8.3%[45]. Market Response - The closing stock price rose to $39.80 in 4Q25 from $37.83 in 3Q25, reflecting a positive market response[39]. - The Company announced a quarterly common stock cash dividend of $0.31 per share, payable on February 13, 2026[26].

Financial Performance - For the fourth quarter of 2025, Home Bancorp reported net income of $11.4 million, or $1.46 per diluted share, a decrease of 8% from the previous quarter's net income of $12.4 million, or $1.59 per diluted share [2]. - Reported net income for Q4 2025 was $11.4 million, compared to $12.4 million in Q3 2025 [31]. - Net income for the full year 2025 was $46,062,000, a significant increase from $36,427,000 in 2024, representing a growth of 26.5% [39]. - Earnings per share (EPS) for Q4 2025 was $1.48, down from $1.60 in Q3 2025 but up from $1.22 in Q4 2024, showing a year-over-year increase of 21.3% [39]. Loan and Deposit Growth - Total loans reached $2.7 billion at December 31, 2025, reflecting an increase of $38.1 million, or 1%, from the previous quarter, with an annualized growth rate of 6% [4]. - Core deposits increased by $24.5 million, or 1%, during the fourth quarter, totaling $2.2 billion, which represents a 5% annualized increase [4]. - Total deposits were $3.0 billion at December 31, 2025, down $2.7 million, or less than 1%, from the previous quarter [15]. - Total deposits increased to $2,977,273,000 as of December 31, 2025, compared to $2,918,938,000 at the end of Q3 2025 and $2,789,712,000 at the end of 2024 [39]. Asset Quality - Nonperforming assets rose to $36.1 million, or 1.03% of total assets, an increase of 17% from $30.9 million, or 0.88% of total assets, in the previous quarter [8]. - The allowance for loan losses at the end of the period was $33,142 thousand, reflecting a net charge-off of $165 thousand for the three months ended December 31, 2025 [48]. - Nonaccrual loans totaled $34,111 thousand as of December 31, 2025, up from $13,582 thousand a year earlier [48]. - The allowance for loan losses to nonperforming loans ratio decreased to 96.97% from 111.20% in the previous quarter [50]. Interest Income and Margin - Total interest income for Q4 2025 was $48,720,000, a slight decrease from $49,222,000 in Q3 2025, but an increase from $47,804,000 in Q4 2024 [37]. - Net interest income for Q4 2025 reached $34,048,000, compared to $34,106,000 in Q3 2025 and $31,586,000 in Q4 2024, reflecting a year-over-year increase of 7.8% [39]. - The net interest margin (NIM) decreased to 4.06% for the fourth quarter, down 4 basis points from 4.10% in the third quarter, primarily due to lower loan yields [4][19]. - The net interest margin (TE) for the twelve months ended December 31, 2025, was 4.03%, compared to 3.71% for the same period in 2024 [45]. Noninterest Income and Expense - Noninterest income for Q4 2025 totaled $4.0 million, up $260,000, or 7%, from Q3 2025, driven by increases in other income, gains on sale of loans, and service fees [23]. - Noninterest expense for Q4 2025 totaled $23.0 million, up $515,000, or 2%, compared to Q3 2025, primarily due to increases in other noninterest expense and compensation and benefits [24]. Shareholder Returns - The Company declared a quarterly cash dividend of $0.31 per share, unchanged from the previous quarter, payable on February 20, 2026 [26]. - The Company repurchased 750 shares of common stock at an average price of $59.97 during Q4 2025, with an additional 390,222 shares remaining eligible for purchase [27]. Equity and Valuation - Shareholders' equity at December 31, 2025, totaled $435.1 million, up $12.1 million, or 3%, compared to $423.0 million at September 30, 2025 [25]. - The book value per share increased to $55.56 at December 31, 2025, compared to $54.05 at September 30, 2025 [31]. - The common equity ratio at the end of Q4 2025 was 12.46%, up from 12.11% in Q3 2025 and 11.50% in Q4 2024 [39].

Financial Performance - Net income for Q4 2025 was $9.9 million, or $0.72 per diluted share, up from $5.6 million, or $0.46 per diluted share in Q4 2024, representing a 77.7% increase [2]. - For the three months ended December 31, 2025, net income was $9,913,000, an increase of 4.7% from $9,467,000 for the same period in 2024 [25]. - Core net income for the quarter was $9,913 thousand, compared to $9,467 thousand in the previous quarter, marking a 4.7% increase [38]. - Pre-tax income for Q4 2025 was $12,705,000, an increase of 3.3% from $12,296,000 in Q3 2025 [35]. - Total operating revenue for the twelve months ended December 31, 2025, was $90.4 million, compared to $88.5 million for the previous year [12]. Asset and Loan Growth - Gross loans increased by $106.3 million during Q4 2025, or 24% annualized, compared to the previous quarter [6]. - Total net loans reached $1.9 billion as of December 31, 2025, an increase of $66.9 million, or 3.7%, from December 31, 2024 [9]. - Total loans outstanding as of December 31, 2025, reached $1,873,533,000, an increase from $1,767,193,000 as of September 30, 2025 [28]. - The average balance of gross loans, net of unearned income, was $1,807,127,000 with an interest income of $27,866,000, resulting in a yield of 6.2% for the three months ended December 31, 2025 [26]. - Total gross loans increased to $1,880,011 thousand as of December 31, 2025, up from $1,773,574 thousand as of September 30, 2025, representing a growth of 6.0% [30]. Deposits and Liabilities - Total deposits were $1.8 billion as of December 31, 2025, a decrease of $122.9 million, or 6.3%, from December 31, 2024 [11]. - Total deposits reached $1,815,734,000 as of December 31, 2025, up from $1,938,597,000 as of December 31, 2024, indicating a decrease of about 6.3% [21]. - Total liabilities increased to $2,006,022 thousand, up from $1,969,255 thousand in the previous quarter, reflecting a growth of 1.9% [23]. - Core deposits, excluding time deposits over $250,000, totaled $1,665,470 thousand, an increase from $1,631,921 thousand in the prior quarter, reflecting a growth of 2.1% [37]. Efficiency and Ratios - Efficiency ratio improved to 45.24% in Q4 2025, down from 48.9% for the twelve months ended December 31, 2024 [6][12]. - The efficiency ratio was reported at 45.24% for the three months ended December 31, 2025, an improvement from 47.01% for the same period in 2024 [21]. - The return on average assets (ROAA) improved to 1.76% for the three months ended December 31, 2025, compared to 1.40% for the same period in 2024 [21]. - Core return on average assets improved to 1.76% from 1.74% in the previous quarter, showing a slight increase [38]. - The company reported a net interest spread of 3.20% for the twelve months ended December 31, 2025, compared to 3.05% for the previous year [27]. Credit Quality - Nonperforming loans to gross loans ratio was 0.33% as of December 31, 2025, consistent with the same ratio from December 31, 2024 [22]. - The total allowance for credit losses to total loans ratio was 0.95% as of December 31, 2025, down from 1.01% as of December 31, 2024 [22]. - Nonaccrual loans increased to $6,245,000 as of December 31, 2025, compared to $5,390,000 as of September 30, 2025, reflecting a rise in nonperforming loans [28]. - The company reported a net charge-off of $262,000 for the three months ended December 31, 2025 [29]. - Provision for loan and lease losses was $150,000 in Q4 2025, compared to $5,000 in Q4 2024, indicating a significant increase in expected losses [35]. Equity and Book Value - Book value per share increased to $20.81, a rise of $0.78, or 16% annualized, from the previous quarter [6]. - Tangible common equity reached $273,415,000 in Q4 2025, up from $233,194,000 in Q3 2025, reflecting a growth of 17.3% [36]. - Average tangible equity increased to $248,017,000 in Q4 2025, compared to $227,493,000 in Q3 2025, indicating a growth of 9.1% [36]. - Tangible book value per share reported at $19.96 in Q4 2025, up from $19.05 in Q3 2025, reflecting a 4.8% increase [36]. Strategic Focus and Risks - The company anticipates potential risks related to interest rates and inflation affecting earnings and financial condition [41]. - The concentration of the loan portfolio in real estate loans poses risks due to changes in property values and sales volumes [41]. - Future growth strategies may include acquisitions and expansion activities, with associated risks in identifying and integrating new operations [41]. - The company is focused on maintaining important deposit customer relationships to avoid liquidity risks [41]. - The company faces competition from various financial service providers, including those not subject to the same regulations [41].

Financial Performance - Total revenues decreased by 58.81% from $13,207,000 in Q3 2023 to $5,440,000 in Q3 2024[316]. - Total revenues for the nine months ended September 30, 2024, were US$18.0 million, a decrease of US$23.6 million, or 56.74%, compared to the same period in 2023[341]. - The Distribution Business contributed 84.43% of total revenue for the nine months ended September 30, 2024, with a significant revenue decrease of US$22.4 million, or 59.51%[342]. - Distribution Business revenue fell by 60.42%, from $11,876,000 in 2023 to $4,701,000 in 2024, contributing 86.42% of total revenue[318]. - Life insurance revenue dropped by 64.82%, from $11,147,000 in 2023 to $3,921,000 in 2024[319]. - For the nine months ended September 30, 2024, the company reported a net loss of approximately US$28.8 million, with total revenue declining to approximately US$18.1 million from US$41.7 million in the same period of 2023[384][385]. Operating Expenses - Total operating expenses decreased by 36.36% from $24,550,000 in Q3 2023 to $15,623,000 in Q3 2024[316]. - Total operating expenses decreased by US$34.2 million, or 43.82%, for the nine months ended September 30, 2024, compared to the same period in 2023[340]. - Commission expense decreased by 78.31%, from $8,916,000 in 2023 to $1,934,000 in 2024[323]. - Personnel and benefit expenses decreased by 45.44%, from $6,446,000 in 2023 to $3,517,000 in 2024[328]. - Sales and marketing expense decreased by US$2.5 million, or 80.61%, from US$3.1 million in 2023 to US$0.6 million in 2024[347]. - Legal and professional fees decreased by US$7.0 million, or 56.35%, for the nine months ended September 30, 2024, primarily due to a reduction in consulting fees[352]. - Total other general and administrative expenses increased by US$1.2 million, or 53.48%, for the nine months ended September 30, 2024, mainly due to increased depreciation on right-of-use assets and interest expense on lease liabilities[355]. Cash Flow and Capital - As of September 30, 2024, the cash balance was US$5.1 million, with a working capital deficit of US$40.5 million, an increase of US$18.3 million or 82.21% from December 31, 2023[375]. - Net cash used in operating activities was US$20.7 million for the nine months ended September 30, 2024, compared to US$33.4 million for the same period in 2023[376]. - Net cash used in operating activities for the nine months ended September 30, 2024, was primarily due to the net loss and various decreases in liabilities, totaling US$28.8 million[377]. - Net cash provided by investing activities for the nine months ended September 30, 2024, was US$2.6 million, primarily from proceeds of US$2.2 million from the sale of long-term investments[379]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was US$18.3 million, mainly due to advances from the holding company of US$15.6 million and proceeds from convertible promissory notes of US$23.4 million[381]. - The company intends to raise additional capital through various debt and equity offerings, but there is no assurance that these funds will be available on acceptable terms[387]. Strategic Initiatives - The Company plans to transform JFA into the best medical care institution in Asia by 2025, focusing on technology and data analytics to improve patient care[314]. - The Company aims to expand its distribution footprint in Mainland China and expects sales volumes to return to pre-pandemic levels with the reopening of the border[299]. - The Company is committed to leveraging its strategic assets in life insurance, wealth management, and healthcare to capitalize on emerging opportunities[297]. - The company is committed to purchasing 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of approximately US$1.88 million, with multiple extensions on the closing date[388]. Compliance and Regulatory - The company has received an exception period from Nasdaq to comply with listing requirements, with deadlines set for December 2025 and February 2026[288]. - Nasdaq granted the company an additional 180 days to regain compliance, which was achieved on May 3, 2024, confirming compliance with Rule 5550(a)(2)[389]. - The company has no off-balance sheet arrangements or guarantees beyond normal business operations[390]. Investments and Business Segments - The Company holds a 4% equity stake in HCMPS, which operates a network of over 800 doctors and provides healthcare schemes for more than 500 corporate clients[310][311]. - The Fintech Business includes investments in Tandem Money Limited ($17.75 million), CurrencyFair Limited ($5.89 million), and Goxip Inc. ($0.31 million) as of September 30, 2024[307]. - The Platform Business offers over 1,800 financial products, including 1,183 insurance products from 80 providers and 1,141 asset management products from 53 fund houses[304]. Losses and Financial Health - Net loss improved by 27.10%, from $12,921,000 in Q3 2023 to $9,419,000 in Q3 2024[316]. - Net loss decreased by US$3.5 million, or 27.10%, for the three months ended September 30, 2024, mainly due to a decrease in operating expenses[339]. - Net foreign exchange gain increased by US$2.0 million, or 227.89%, for the three months ended September 30, 2024, compared to a net foreign exchange loss in the same period of 2023[336]. - Net foreign exchange gain increased by US$0.8 million, or 1,914.63%, for the nine months ended September 30, 2024, due to a strong Sterling exchange rate[358]. - The company has an accumulated deficit of approximately US$94.4 million as of September 30, 2024[384].

Financial Performance - Total revenues decreased by 58.81% from $13,207,000 in Q3 2023 to $5,440,000 in Q3 2024[316]. - Total revenues for the nine months ended September 30, 2024, were US$18.0 million, a decrease of US$23.6 million, or 56.74%, compared to the same period in 2023[341]. - The Distribution Business contributed 84.43% of total revenue for the nine months ended September 30, 2024, with a significant revenue decrease of US$22.4 million, or 59.51%[342]. - Net loss for Q3 2024 was $9,419,000, a decrease of 27.10% compared to a net loss of $12,921,000 in Q3 2023[316]. - For the nine months ended September 30, 2024, the company reported a net loss of approximately US$28.8 million, with total revenue declining to approximately US$18.1 million from US$41.7 million in the same period of 2023[384][385]. Revenue Breakdown - Distribution Business revenue fell by 60.42%, from $11,876,000 in 2023 to $4,701,000 in 2024, contributing 86.42% of total revenue[318]. - Life insurance revenue decreased by 64.82%, from $11,147,000 in 2023 to $3,921,000 in 2024[319]. - The Company generated $15.21 million in commission from the Distribution Business for the nine months ended September 30, 2024[298]. Operating Expenses - Total operating expenses decreased by 36.36% from $24,550,000 in Q3 2023 to $15,623,000 in Q3 2024[316]. - Commission expense dropped by 78.31%, from $8,916,000 in 2023 to $1,934,000 in 2024[323]. - Personnel and benefit expenses decreased by 45.44%, from $6,446,000 in 2023 to $3,517,000 in 2024[328]. - Sales and marketing expense decreased by US$2.5 million, or 80.61%, from US$3.1 million in 2023 to US$0.6 million in 2024[347]. - Legal and professional fees decreased by US$7.0 million, or 56.35%, for the nine months ended September 30, 2024, primarily due to a reduction in consulting fees[352]. Cash Flow and Capital - As of September 30, 2024, the cash balance was US$5.1 million, with a working capital deficit of US$40.5 million, an increase of US$18.3 million or 82.21% from December 31, 2023[365][375]. - Net cash used in operating activities was US$20.7 million for the nine months ended September 30, 2024, compared to US$33.4 million for the same period in 2023[376]. - Net cash provided by investing activities for the nine months ended September 30, 2024, was US$2.6 million, primarily from the sale of long-term investments[379]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was US$18.3 million, mainly due to advances from the holding company and proceeds from convertible promissory notes[381]. - The company intends to raise additional capital through various debt and equity offerings to support its operations and growth strategy[387]. Strategic Initiatives - The Company aims to transform JFA into the best medical care institution in Asia by 2025, focusing on technology and data analytics to enhance customer care[314]. - The Company plans to expand its distribution footprint in Mainland China and expects sales volumes to return to pre-pandemic levels with the reopening of the Mainland border[299]. - The Company is committed to leveraging its strategic assets in life insurance, wealth management, and healthcare to capitalize on emerging opportunities[297]. - The company is committed to purchasing 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of approximately US$1.88 million, with multiple extensions on the closing date[388]. Compliance and Governance - Nasdaq granted the company an additional 180 days to regain compliance, which was achieved on May 3, 2024, confirming compliance with Rule 5550(a)(2)[389]. - The company has no off-balance sheet transactions or guarantees beyond normal business operations[390].