Revenue and Customer Contributions - For the fiscal year ended September 30, 2025, Customer B accounted for 32.67% of the company's revenue, generating HK$34.93 million (US$4.49 million) and had accounts receivable of HK$5.25 million (US$0.67 million) [235] - For the fiscal year ended September 30, 2024, Customer D contributed 28.52% of the company's revenue with HK$25.01 million and had accounts receivable of HK$4.88 million [236] Purchases and Vendor Contributions - For the fiscal year ended September 30, 2025, Vendor C represented 31.85% of the company's purchases, totaling HK$27.27 million (US$3.50 million) with accounts payable of HK$12.02 million (US$1.54 million) [237] Liquidity and Financial Management - The company regularly monitors liquidity requirements and maintains sufficient cash reserves and committed lines of funding to meet short and long-term liquidity needs [238] - The company is exposed to interest rate risk primarily related to variable-rate import facilities, with no derivative instruments currently used to mitigate this risk [239] - As of September 30, 2024 and 2025, the company had no outstanding forward exchange or foreign currency option contracts to hedge against foreign currency risk [240] Accounting Policies and Estimates - The company prepares financial statements in accordance with U.S. GAAP, which involves significant accounting estimates that could differ from actual results [243] - Accounts receivable are recorded at gross billing amounts less allowances for uncollectible accounts, with credit terms ranging from 30 to 90 days [248] - Revenue is recognized at the point of delivery when control of goods is transferred to customers, in compliance with ASC Topic 606 [250] - The company adopts ASU 2016-02 "Leases (Topic 842)" for lease accounting, requiring recognition of lease assets and liabilities for leases over twelve months [263] - The Company recognizes all leases as operating leases, with no leases having a duration of twelve months or less [266] - ROU assets and liabilities are measured based on the present value of lease payments, using the implicit rate or incremental borrowing rate [265] - Contributions to retirement plans are charged to general and administrative expenses as employee services are provided [267] - The Company uses the projected unit credit method for measuring long service payments under defined benefit plans [268] - Share-based compensation expense is recognized on a straight-line basis over the requisite service period, based on fair value at grant date [269] - Significant accounting estimates include useful lives of assets, impairment of long-lived assets, and revenue recognition [280] Economic Factors and Trends - The Company has not experienced material impacts from inflation on its financial performance for the years ended September 30, 2024 and 2025 [278] - Seasonal fluctuations affect sales volume, with higher sales leading up to Christmas and during fall/winter seasons [277] - The Company is evaluating the impact of ASU No. 2025-05 on its consolidated financial statements, which is expected to enhance disclosures [275] - The Company does not anticipate any trends or uncertainties that would materially affect its financial performance [279]

Financial Performance - Revenues for the year ended December 31, 2024, were $40.0 million, a decrease of $29.9 million, or 43%, compared to $69.9 million in 2023[179]. - Gross profit was $2.9 million (7% of revenue) in 2024, compared to $9.9 million (14% of revenue) in 2023, reflecting reduced margins due to losses on certain jobs[182]. - The net loss for the year ended December 31, 2024, was $36.5 million, or a net loss per share of $2.98, compared to a net loss of $25.4 million, or $2.34 per share in 2023[185]. Cost Management - Cost of revenues decreased to $37.1 million in 2024, down $22.9 million, or 38%, from $60.0 million in 2023[181]. - Operating expenses increased by $5.2 million, or 16%, to $38.4 million in 2024, primarily due to a $5.0 million increase in impairment of goodwill and intangibles[183]. Working Capital and Cash Flow - Negative working capital increased to $26.5 million as of December 31, 2024, from negative working capital of $5.1 million in 2023, an increase of $21.4 million[186]. - Cash decreased to $0.8 million as of December 31, 2024, down $0.3 million from $1.1 million in 2023[187]. - Net cash used in operating activities was $2.8 million in 2024, compared to $10.5 million in 2023[190][191]. - Net cash provided by financing activities was $2.7 million in 2024, primarily from additions to notes payable of $8.1 million[194]. - The company entered into a $10.0 million revolving loan agreement to assist with cash management, with $4.4 million borrowed under this line of credit as of December 31, 2024[188].

Distribution Information - Mesabi Trust declared a distribution of $0.26 per Unit of Beneficial Interest, payable on February 20, 2026[4] - The distribution amount represents a significant decrease from the previous year's distribution of $5.95 per Unit[4]

| Net Income | Net income was $177.3 million, or $2.89 per diluted share, compared to $140.9 million, or $2.22 per diluted share. | | --- | --- | | | Excluding the gain recognized on the sale of a merchant banking investment and the FDIC special assessment | | | 2 benefit, net income would have been $152.1 million, or $2.48 per diluted share, in the fourth quarter of 2025. | | Net Interest Income & | Net interest income totaled $345.3 million, an increase of $7.6 million. Net interest margin expanded 7 basi ...

Loan Originations - Multi-Family loan originations for Q4 2025 reached $131,805, while total originations for the year-to-date (YTD) were $131,805[2] - Commercial & Industrial loan originations for Q4 2025 were $502,134, with YTD originations totaling $1,667,064[2] - The weighted average rate on originations decreased to 5.99% in Q4 2025 from 6.87% in Q3 2025[2] Loan Portfolio - Net Loans as of December 31, 2025, amounted to $20,277,164, a slight increase from $20,088,618 as of September 30, 2025[4] - Single-Family Residential loans accounted for 38.5% of the total loan portfolio as of June 30, 2025, decreasing to 37.2% by December 31, 2025[4] - Total loans receivable reached $21,367,832 as of June 30, 2025, with a slight decline to $21,037,080 by December 31, 2025[4] Loan Performance - Non-performing assets increased to $203,396 as of December 25, 2025, up from $143,022 as of September 25, 2025[6] - Non-accrual loans as a percentage of total net loans rose to 0.96% as of December 25, 2025, compared to 0.64% as of September 25, 2025[6] - The delinquency rate for total loans was 0.83% as of December 31, 2025, with $214,390 in delinquent loans[17] Financial Metrics - Efficiency ratio improved to 55.25% for the quarter ending December 25, 2025, down from 58.92% for the previous quarter[8] - Tangible common shareholders' book value per share increased to $29.91 as of December 25, 2025, from $29.38 as of September 25, 2025[8] - Total net charge-offs for the quarter ending December 25, 2025, were $3,681, representing a charge-off rate of 0.07%[6] Deposits - Total deposits as of December 31, 2025, amounted to $21,416,970,000, with a slight decrease from $21,437,636,000 as of September 30, 2025[10] - Non-interest checking deposits increased to $2,692,680,000, representing 12.6% of total deposits, up from 12.0% in September 2025[10] - Time deposits decreased to $8,550,996,000, accounting for 39.8% of total deposits, down from 42.6% in September 2025[10] Interest Income and Rates - The net interest income (NII) change after a 100 bps shock is projected to decrease by 0.2% as of December 31, 2025[13] - Net interest income for the quarter ended December 31, 2025, was $171,110, reflecting a net interest margin of 2.70%[15] - The average interest rate on mortgage-backed securities increased to 4.23% by December 31, 2025[15] Company Operations - The company repurchased 1,950,013 shares at an average price of $29.75 during the year[8] - The number of employees remained stable at approximately 1,980 as of December 25, 2025[8] - The company plans to continue expanding its market presence and developing new products in the upcoming quarters[15] Asset Management - The company reported a total asset balance of $25,689,689,000, with loans comprising 48% of total assets[14] - Total assets as of December 31, 2025, were $26,852,389, with a slight increase from $26,540,782 in the previous quarter[15] - The company maintained a cash balance of $734,915,000, representing 100% of its cash assets[14]

Financial Results and Projections - Ondas Inc. announced preliminary financial results for 2025 and revenue targets for 2026 during a virtual Investor Day on January 16, 2026[5]. - The financial information provided is unaudited and preliminary, lacking comprehensive details necessary for understanding the company's financial condition as of December 31, 2025[6]. Regulatory and Reporting Information - The company issued a press release as part of its current report, which is not considered "filed" under the Securities Exchange Act of 1934[7]. - Forward-looking statements made in the report are subject to risks and uncertainties that could cause actual results to differ materially from those predicted[8]. - The company has no obligation to publicly update or revise any forward-looking statements unless required by law[8].

Dividends and Shareholder Returns - For the fiscal year ended September 30, 2023, the company did not declare any dividends to shareholders[40]. - The company intends to retain all available funds and future earnings for business operations and expansion, with no dividends anticipated in the foreseeable future[39]. - The company has not paid dividends or made distributions to U.S. investors as of the date of the annual report[40]. - The company does not expect to pay dividends in the foreseeable future, which may affect shareholder returns[59]. - The company does not expect to pay dividends in the foreseeable future, relying instead on price appreciation for returns on investment[195]. - The company did not declare any dividends for the fiscal years ended September 30, 2023, 2024, and 2025[178]. Financial Performance and Projections - Revenues for the fiscal year ended September 30, 2023, were HK$163.69 million, with a projected increase to HK$182.16 million in 2024 and HK$192.39 million in 2025, representing a growth of 11.5% from 2023 to 2024 and 5.5% from 2024 to 2025[48]. - Gross profit decreased from HK$48.04 million in 2023 to HK$30.74 million in 2025, indicating a decline of 36.8% over the two-year period[48]. - Net income for 2023 was HK$9.80 million, which is expected to turn into a net loss of HK$18.48 million by 2025, reflecting a significant downturn in profitability[48]. - The company reported a net cash used in operating activities of HK$13.54 million in 2023, with a recovery to HK$14.10 million in 2024, followed by a further decline to HK$15.46 million in 2025[49]. - For the fiscal years ended September 30, 2023, 2024, and 2025, the company recorded revenues of HK$163.7 million, HK$182.2 million, and HK$192.4 million (US$24.7 million) respectively[176]. - The net income for the fiscal years ended September 30, 2023, 2024, and 2025 was HK$9.8 million, HK$10.7 million, and a net loss of HK$18.5 million (US$2.4 million) respectively[176]. Cash Management and Liquidity - The company has implemented an internal cash management policy to ensure financial control and liquidity management[42]. - Cash and cash equivalents increased from HK$16.40 million in 2023 to HK$52.34 million in 2024, before decreasing to HK$35.24 million in 2025, showing volatility in liquidity[49]. - Total assets rose from HK$114.44 million in 2023 to HK$157.08 million in 2024, but are projected to decline to HK$125.95 million in 2025, indicating potential challenges in asset management[48]. - Total liabilities increased slightly from HK$58.02 million in 2023 to HK$59.36 million in 2024, but are expected to decrease to HK$39.80 million in 2025, suggesting improved debt management[48]. - As of September 30, 2023, 2024, and 2025, the company had cash and restricted cash of HK$16.4 million, HK$52.3 million, and HK$35.2 million (US$4.5 million) held in financial institutions[168]. - The total unprotected cash and restricted cash held in banks amounted to HK$14.3 million, HK$50.0 million, and HK$30.4 million (US$3.9 million) as of September 30, 2023, 2024, and 2025 respectively[168]. Regulatory Environment and Compliance - The company is subject to the Holding Foreign Companies Accountable Act, which may impact trading of its Class A ordinary shares if audit reports are not inspected by the PCAOB for two consecutive years[44]. - The company’s auditor, Marcum Asia CPAs LLP, is not subject to the PCAOB's previous restrictions and is expected to continue regular inspections[45]. - The company is subject to new regulatory requirements from the PRC government regarding overseas listings, which may affect its operations and share value[93]. - The company is subject to data protection laws in Hong Kong, including the Personal Data (Privacy) Ordinance, which mandates lawful collection and processing of personal data[74]. - The recent amendments to the Personal Data (Privacy) Ordinance criminalize doxing and expand the enforcement powers of the Privacy Commissioner for Personal Data[76]. - The company is required to include a report on its internal control over financial reporting in its annual report for the fiscal year ended September 30, 2024, as mandated by the Sarbanes-Oxley Act[224]. Operational Risks and Challenges - The company has significant reliance on recurring customers, and any loss of business from these customers could adversely affect financial performance[56]. - The company is subject to various risks related to conducting operations in Hong Kong, including political and economic instability, which could impact profitability[57]. - The company relies entirely on the earnings and cash flow from its Hong Kong subsidiaries, which may face restrictions on paying dividends or transferring funds due to potential PRC government interventions[78]. - The company may face significant liabilities due to work safety risks and occurrences of accidents during its operations[143]. - The company may experience labor shortages or increases in labor costs, which could harm business operations and growth[121]. - The company may incur significant costs and harm its reputation due to claims arising from personal injuries or property damage during service provision[144]. Corporate Governance and Structure - The company’s corporate structure does not include a Variable Interest Entity (VIE) and does not intend to establish one[37]. - The company’s directors and officers collectively own 98.9% of the total voting power of the outstanding ordinary shares, which may significantly influence corporate decisions[192]. - The dual-class share structure allows Class B shares to have 50 votes per share compared to 1 vote per Class A share, concentrating control in the hands of a few[198]. - The company is incorporated under Cayman Islands law, which may limit shareholders' ability to protect their interests[209]. - Shareholders have no general rights under Cayman Islands law to inspect corporate records or requisition general meetings[211]. - The company's status as a "controlled company" under Nasdaq rules may exempt it from certain corporate governance requirements, potentially affecting shareholder protections[190]. Market and Competitive Landscape - The company faces significant competition in the security-related engineering services industry, which may lead to downward pricing pressures and reduced profit margins[182]. - The trading price of the company's Class A ordinary shares may be volatile, influenced by regulatory developments, operational results, and market conditions[186]. - Companies with public floats comparable to this company have experienced extreme volatility, which may affect the assessment of the Class A ordinary shares' value[201]. - If analysts downgrade the Class A ordinary shares or cease coverage, the market price and trading volume could decline[202]. Customer and Revenue Dependence - The company relies on contracts from recurring customers, and any decrease or loss of business from these customers may adversely affect its financial condition[99]. - For the fiscal years ended September 30, 2023, 2024, and 2025, the company had 351, 352, and 346 recurring customers, representing approximately 79.8%, 81.5%, and 80.7% of the total number of customers, respectively[99]. - Approximately 81.1%, 61.8%, and 84.2% of revenues from security-related engineering services were contributed by recurring customers for the fiscal years ended September 30, 2023, 2024, and 2025[99]. Internal Control and Reporting - The company identified material weaknesses in its internal control over financial reporting, including a lack of accounting staff knowledgeable in U.S. GAAP and SEC requirements[221]. - The company may incur increased costs to comply with existing and new regulations, which could adversely affect its business operations and financial condition[91]. - The company must maintain a minimum shareholders' equity of US$2,500,000 and a minimum of 300 public holders to comply with Nasdaq listing requirements[228]. - If the company fails to meet Nasdaq's continued listing requirements, it risks delisting, which could adversely affect trading and investor confidence[229].

Revenue Growth - Total revenue for 2025 reached $13,944 million, an increase of 7.3% compared to 2024[4] - Total fee revenue for 2025 was $10,980 million, up 8.1% from $10,156 million in 2024[6] - Total revenue for the company was $3,667 million in Q4 2025, reflecting a 7.5% increase year-over-year and a 3.4% increase from Q3 2025[33] - Year-to-date total revenue for 2025 was $13,944 million, representing a 7.3% growth compared to the previous year[43] - Total revenue for 2025 is projected to be $13,944 million, an increase of 7.3% compared to 2024's revenue of $13,000 million[51] Net Income - Net income for 2025 was $2,945 million, reflecting a 9.6% increase from $2,687 million in 2024[6] - Net income available to common shareholders for Q4 2025 was $688 million, a decrease of 5.5% compared to Q4 2024, and a decrease of 14.2% compared to Q3 2025[8] - Year-to-date net income for 2025 was $2,945 million, showing a 9.6% increase from 2024[45] - Net income for Q4 2025 was $747 million, a decrease of 4.6% compared to Q4 2024[45] Earnings Per Share - The diluted earnings per common share for 2025 was $9.40, an increase from $8.21 in 2024[4] - Basic earnings per share for Q4 2025 were $2.46, down 1.6% from Q4 2024 and down 13.1% from Q3 2025[8] - Diluted earnings per share (GAAP) for Q4 2025 was $2.42, a decrease of 1.6% compared to Q4 2024, and year-to-date earnings per share increased by 14.5% to $9.40[47] - Diluted earnings per share excluding notable items for Q4 2025 was $2.97, reflecting a 14.2% increase from Q4 2024, and year-to-date earnings per share excluding notable items rose by 18.8% to $10.30[47] Assets and Management - Assets under custody and/or administration grew to $53.80 trillion in 2025, up from $46.56 trillion in 2024[4] - Assets under management increased to $5.67 trillion in 2025, compared to $4.72 trillion in 2024[4] - Total assets increased to $342,448 million in Q4 2025, reflecting a 4.7% increase from Q4 2024[8] - Total assets under custody rose to $38.352 billion in Q4 2025, representing a 13.5% increase from Q4 2024[28] - Total Assets Under Management (AUM) reached $5,665 billion in Q4 2025, reflecting a 20.1% increase year-over-year and a 4.0% increase quarter-over-quarter[30] Expenses - Total expenses for 2025 were $10,154 million, an increase of 6.5% from $9,530 million in 2024[6] - Total expenses increased to $2,741 million in Q4 2025, a 12.3% rise year-over-year and a 12.6% increase quarter-over-quarter[33] - Total expenses for Q4 2025 amounted to $2,535 million, up 6.42% from Q4 2024[45] - Total expenses for the year are projected to be around $9,530 million, a 5.9% increase compared to the previous year[53] Capital and Equity - The common equity tier 1 ratio improved to 11.7% in Q4 2025, up 0.8 percentage points from Q4 2024[8] - Common equity tier 1 capital reached $14,791 million in Q3 2025, up from $14,362 million in Q2 2025[36] - Total capital increased to $20,608 million in Q3 2025, up from $19,799 million in Q2 2025[36] - Shareholders' equity rose by 9.9% to $24,433 million, reflecting improved profitability and retained earnings[11] Interest Income - Net interest income for 2025 was $2,960 million, a slight increase of 1.3% from $2,923 million in 2024[6] - Net interest income rose to $800 million in Q4 2025, a 7.7% increase compared to Q4 2024 and a 12.5% increase from Q3 2025[33] - Net interest margin for 4Q25 was 1.10%, compared to 1.07% in 4Q24, reflecting a positive trend in interest income[12] Guidance and Projections - The company provided a guidance for 2026, expecting continued growth in fee revenue and net interest income[5] - The effective tax rate for 2025 is expected to be 21.1%, a slight increase of 0.3 percentage points from 2024[49] - Income before income tax expense, excluding notable items, is forecasted to reach $4,075 million in 2025, reflecting a 13.7% increase from $3,583 million in 2024[51] - The repositioning charges for 2025 are expected to total $326 million, indicating a significant restructuring effort[51] Notable Items - The company reported notable items impacting income, including a $130 million charge related to repositioning[45] - The company experienced a notable item impact of $(15) million from foreign exchange trading services in Q4 2024[43] - Client rescoping had a revenue impact of $24 million in Q1 2025[43]

Financial Performance - PNC reported a net income of $2,033 million for Q4 2025, an increase from $1,822 million in Q3 2025, representing a 12% quarter-over-quarter growth[7] - Total revenue for Q4 2025 was $6,071 million, up from $5,915 million in Q3 2025, marking a 2.6% increase[7] - Basic earnings per common share increased to $4.88 in Q4 2025, compared to $4.36 in Q3 2025, representing a 11.9% increase[7] - The company reported a net income excluding noncontrolling interests of $2,020 million in Q4 2025, an increase from $1,808 million in Q3 2025, reflecting an 11.7% growth[31] - Total revenue for the year ended December 31, 2025, was $14,863 million, compared to $14,547 million in 2024, reflecting a year-over-year increase of 2.2%[33] Revenue Breakdown - Net interest income for Q4 2025 was $3,731 million, compared to $3,648 million in Q3 2025, reflecting a 2.3% increase[7] - Noninterest income reached $2,340 million in Q4 2025, an increase from $2,267 million in Q3 2025, which is a 3.2% rise[7] - Noninterest income for Q4 2025 was $770 million, up from $706 million in Q4 2024, marking a growth of 9.1% year-over-year[33] - Total revenue for Corporate & Institutional Banking was $3,066 million in Q4 2025, compared to $2,909 million in Q3 2025, representing a 5.4% increase[31] Asset and Liability Management - PNC's total assets reached $550 billion as of December 31, 2025, reflecting growth in its balance sheet size[4] - Total assets increased to $573.572 billion as of December 31, 2025, up from $568.767 billion in the previous quarter, representing a growth of 1.4%[9] - Total liabilities increased to $512.936 billion from $509.729 billion, reflecting a growth of 0.4%[9] - Total assets as of December 31, 2025, amounted to $575.846 billion, an increase from $571.533 billion on September 30, 2025[11] Loan and Deposit Growth - Net loans reached $327.071 billion, an increase from $322.138 billion in the prior quarter, reflecting a growth of 1.5%[9] - Total deposits rose to $440.866 billion, compared to $432.749 billion in the previous quarter, marking an increase of 1.0%[9] - Total deposits reached $244,066 million in Q4 2025, compared to $239,514 million in Q4 2024, showing an increase of 1.9% year-over-year[33] Credit Quality and Loss Provisions - The provision for credit losses was $139 million in Q4 2025, down from $167 million in Q3 2025, indicating improved credit quality[7] - The allowance for loan and lease losses decreased slightly to $4.410 billion from $4.478 billion, indicating improved asset quality[9] - The total provision for credit losses for the year ended December 31, 2025, was $779 million, slightly down from $789 million in 2024[18] - Total gross charge-offs for the year ended December 31, 2025, amounted to $1,176 million, while total recoveries were $432 million, resulting in net charge-offs of $744 million[16] Nonperforming Assets - Total nonperforming assets increased to $2,361 million as of December 31, 2025, up from $2,299 million in the previous quarter[20] - Nonperforming loans to total loans ratio rose to 0.67% from 0.65% in the prior quarter[20] - Total nonperforming loans reached $2,218 million, up from $2,137 million in the previous quarter[20] - Total accruing loans past due 90 days or more increased to $380 million in December 2025 from $347 million in September 2025, representing a 9.5% increase[26] Efficiency and Cost Management - The efficiency ratio improved to 59% in Q4 2025, consistent with Q3 2025, indicating stable operational efficiency[7] - The efficiency ratio improved to 53% in Q4 2025 from 57% in Q4 2024, indicating better cost management[34] - Total noninterest expense for Q4 2025 was $1,107 million, an increase from $976 million in Q3 2025, representing a 13.4% rise[39] Employee and Operational Metrics - Total full-time employees increased to 53,859 in December 2025 from 53,523 in September 2025, reflecting a growth of 0.6%[29] - Loan origination volume for Q4 2025 was $1.6 billion, compared to $1.0 billion in Q1 2025, showing a significant increase of 60%[34] Investment and Equity - Total shareholders' equity increased to $60.585 billion, up from $58.990 billion in the previous quarter, a growth of 2.7%[9] - Client assets under administration totaled $472 billion as of December 31, 2025, an increase from $440 billion at the end of 2024, reflecting a growth of 7.3%[44]

Financial Performance - M&T Bank reported a quarterly net income of $759 million, or $4.67 per diluted share, and a full-year net income of $2.85 billion, or $17.00 per diluted share[2]. - M&T's net income for Q4 2025 was $759 million, an increase of 12% from $681 million in Q4 2024[44]. - Net income available to common shareholders rose to $718 million, up 11% from $644 million year-over-year[44]. - Basic earnings per share increased by 21% to $4.71, compared to $3.88 in the same quarter last year[44]. - For the full year 2025, diluted net operating earnings per common share were $17.20, up from $14.88 in 2024, reflecting a strong performance[12]. - Diluted net operating earnings per common share for Q4 2025 were $4.72, up from $3.92 in Q4 2024, reflecting a 20.4% increase[55]. - Net income for Q4 2025 was $759 million, an increase from $681 million in Q4 2024, representing a year-over-year growth of 11.5%[55]. Income and Revenue - Net interest income for Q4 2025 was $1.79 billion, a 1% increase from Q3 2025 and a 3% increase from Q4 2024, driven by loan and deposit growth[13]. - Noninterest income for Q4 2025 was $696 million, reflecting higher mortgage banking revenues, offset by a $28 million earnout payment related to the sale of the CIT business[9]. - Noninterest income for the fourth quarter of 2025 was $696 million, a decrease of 7% from $752 million in the third quarter of 2025[23]. - Total other income rose by 6% to $696 million in Q4 2025 from $657 million in Q3 2025[49]. - Other income for the year ended December 31, 2025, was $2.742 billion, compared to $2.427 billion in 2024, marking a growth of 13%[54]. - Mortgage banking revenues increased by 32% to $155 million in Q4 2025 compared to $117 million in Q4 2024[48]. Operational Efficiency - The efficiency ratio improved to 55.1% in Q4 2025 from 53.6% in Q3 2025, indicating better operational efficiency[10]. - The efficiency ratio improved to 55.1% from 56.8% year-over-year[44]. - The efficiency ratio improved to 55.1% in Q4 2025, compared to 56.8% in Q4 2024, indicating better cost management[54]. Loan and Asset Quality - The allowance for loan losses as a percentage of total loans decreased to 1.53% at December 31, 2025, down 5 basis points from the previous quarter[9]. - Nonaccrual loans decreased to $1.252 billion at December 31, 2025, down 17% from $1.512 billion at September 30, 2025[20]. - Total nonperforming assets fell to $1.287 billion, a 17% decrease from $1.549 billion in the previous quarter[20]. - Nonaccrual loans decreased by 26% to $1,252 million from $1,690 million in the previous year[44]. - Total nonperforming assets fell by 25% to $1,287 million compared to $1,725 million in 2024[44]. - Provision for credit losses decreased by 11% to $125 million in Q4 2025 from $140 million in Q3 2025[48]. Capital and Dividends - The Common Equity Tier 1 (CET1) capital ratio is estimated to be 10.84% at December 31, 2025[4]. - CET1 capital ratio was estimated at 10.84% as of December 31, 2025, down from 10.99% in the previous quarter[32]. - Total capital ratio was 14.43% at December 31, 2025, compared to 14.35% in the third quarter of 2025[32]. - Cash dividends declared on common and preferred stock totaled $230 million and $39 million, respectively, for the quarter ended December 31, 2025[33]. - M&T Bank increased its quarterly dividend by 11% in 2025 and repurchased 9% of its outstanding shares[9]. Asset Growth - Total assets increased by 3% to $213,510 million in 2025 from $208,105 million in 2024[50]. - Total loans increased to $137.600 billion in Q4 2025, up 1% from $136.527 billion in Q4 2024[52]. - Total deposits grew by 4% to $166,909 million in 2025 from $161,095 million in 2024[50]. - Interest-bearing deposits increased by 5% to $120,400 million in 2025 from $115,075 million in 2024[50]. - Average loans in Q4 2025 totaled $137.6 billion, with notable growth in commercial and industrial, residential real estate, and consumer loans[15]. - Preferred shareholders' equity increased by 18% to $2,834 million in 2025 from $2,394 million in 2024[50]. Stock Performance - The period-end common stock price increased by 7% to $201.48 from $188.01 in the previous year[44]. - The period-end common stock price increased to $201.48 in Q4 2025 from $197.62 in Q3 2025[49]. - The company repurchased 2.7 million shares at an average cost of $183.30 per share, totaling $507 million, compared to 2.1 million shares at $193.46 and 1.0 million shares at $206.70 in previous quarters[34].