Financial Position - United's total assets as of September 30, 2025, were $33.41 billion, an increase of $3.38 billion or 11.27% from December 31, 2024[250] - Portfolio loans increased by $2.85 billion or 13.13%, while total liabilities rose by $2.93 billion or 11.71% from year-end 2024[250] - The acquisition of Piedmont Bancorp on January 10, 2025, added approximately $2.30 billion in total assets to United[238] - Cash and cash equivalents increased by $226.48 million or 9.88% from year-end 2024, with net cash acquired in the Piedmont merger amounting to $77.47 million[253] - Total investment securities increased by $100.23 million or 3.08%, with Piedmont contributing $94.43 million upon acquisition[254] - The total available for sale securities at fair value increased by $64.26 million or 2.17%[255] - Shareholders' equity increased by $452.49 million or 9.06% from year-end 2024, primarily due to the acquisition of Piedmont[250] - The company reported a significant increase in equity securities, which rose by $13.64 million or 64.75% due to a net increase in fair value[254] - Total deposits increased by $2.92 billion or 12.19% to $26.88 billion, largely driven by the Piedmont acquisition which contributed $2.11 billion[268] - Shareholders' equity rose by $452.49 million or 9.06% to $5.45 billion, mainly due to the Piedmont acquisition[277] - Retained earnings increased by $177.23 million or 9.24% from year-end 2024, with earnings net of dividends for the first nine months of 2025 totaling $177.23 million[278] - The cash surrender value of bank-owned life insurance policies increased by $47.80 million, with $40.80 million attributed to the Piedmont acquisition[266] - Noninterest-bearing deposits increased by $452.50 million or 7.38%, driven by a $419.11 million increase in commercial noninterest-bearing deposits[269] - Interest-bearing deposits rose by $2.47 billion or 13.85%, with significant contributions from the Piedmont acquisition[268] - Total borrowings decreased by $16.08 million or 2.24% since year-end 2024, despite the addition of $20.00 million in subordinated debt from the Piedmont acquisition[274] - United's risk-based capital ratio is 15.67% as of September 30, 2025, significantly above the regulatory requirement of 10.0%[358] - United's equity to assets ratio was 16.30% at September 30, 2025, slightly down from 16.63% at December 31, 2024[360] - United's average equity to average asset ratio was 16.40% for the first nine months of 2025, compared to 16.52% for the same period in 2024[360] Income and Earnings - Net income for Q3 2025 was $130.75 million, a 37.2% increase from $95.27 million in Q3 2024, with diluted earnings per share rising to $0.92 from $0.70[280] - Net interest income for Q3 2025 increased by $49.86 million, or 21.65%, to $280.12 million compared to Q3 2024, driven by a $48.23 million rise in interest income[292] - Noninterest income for Q3 2025 rose by $11.26 million, or 35.26%, to $43.20 million, primarily due to net gains on investment securities[286] - For the first nine months of 2025, net income was $335.78 million, a 20.5% increase from $278.59 million in the same period of 2024[280] - Net interest income for the first nine months of 2025 was $817.06 million, up from $681.03 million in the same period of 2024, reflecting a year-over-year increase of 20.0%[308] - Tax-equivalent net interest income for Q3 2025 increased by $5.57 million, or 2.02%, from Q2 2025, driven by a $470.28 million increase in average earning assets[296] - Tax-equivalent net interest income for the nine months ended September 30, 2025, was $817.061 million, up from $681.027 million in the same period of 2024[299] Credit Quality - The provision for credit losses was $12.10 million for Q3 2025, up from $6.94 million in Q3 2024, largely due to $18.73 million related to the Piedmont acquisition[285] - The provision for credit losses for the first nine months of 2025 was $47.09 million, significantly higher than $18.46 million for the same period in 2024, marking an increase of 155.5%[311] - Net charge-offs for the first nine months of 2025 totaled $36.40 million, compared to $6.93 million for the same period in 2024, indicating a substantial increase of 424.5%[312] - The allowance for loan and lease losses was $300.05 million at September 30, 2025, up from $271.84 million at December 31, 2024, reflecting an increase of 10.4%[317] - Nonperforming assets totaled $123.76 million as of September 30, 2025, compared to $73.73 million at December 31, 2024, representing an increase of 67.8%[314] - The annualized net charge-offs as a percentage of average loans and leases for the first nine months of 2025 was 0.20%, compared to 0.04% for the same period in 2024[313] - The total allowance for credit losses was $332.69 million at September 30, 2025, compared to $306.76 million at December 31, 2024, an increase of 8.5%[316] Operational Performance - Noninterest expense for Q3 2025 increased by $11.40 million, or 8.42%, to $146.74 million, mainly due to additional employees and branches from the Piedmont acquisition[288] - Employee compensation increased by $5.61 million or 9.59% in Q3 2025 compared to Q3 2024, driven by additional employees from the Piedmont acquisition[337] - Cash provided by operating activities was $359.99 million for the first nine months of 2025, mainly due to net income of $335.78 million[354] - United recorded acquisition-related costs of $31.41 million for the Piedmont merger in the first nine months of 2025[282] Market and Economic Outlook - The forecast for real GDP increased from 1.40% to 1.60% for 2025, with an unemployment rate projection remaining stable at 4.50%[321] - A 100 basis point upward shock to the yield curve is estimated to increase net interest income by 2.39% over one year as of September 30, 2025, compared to 1.75% at December 31, 2024[368] Securities and Investments - As of September 30, 2025, United's available for sale mortgage-backed securities had an amortized cost of $1.83 billion and an estimated fair value of $1.69 billion[256] - The mortgage-related securities portfolio had an amortized cost of $1.8 billion, with approximately 49% in fixed rate collateralized mortgage obligations (CMOs)[375] - United's fixed rate CMOs have an average life of approximately 4.5 years and a weighted average yield of 3.10% under current projected prepayment assumptions[375] - The projected price decline of the fixed rate CMO portfolio in a 300 basis point rate increase would be 14.7%[375] - Net gains on investment securities for Q3 2025 were $10.44 million, compared to net losses of $6.72 million in Q3 2024[328] Shareholder Returns - United repurchased 2,284,282 shares of common stock at an average price of $34.53 per share during the first nine months of 2025[359] - Cash dividends declared were $52.46 million for Q3 2025, up from $50.21 million in Q3 2024, and total cash dividends for the first nine months of 2025 were $158.54 million[361]

Sales and Revenue - For the three and nine months ended September 30, 2025, the company sold $4.5 billion and $13.5 billion of refined petroleum products, gasoline blendstocks, renewable fuels, and crude oil, respectively [170]. - Total sales for the three months ended September 30, 2025, reached $4,694,416,000, an increase of 6.2% from $4,422,238,000 in the same period of 2024 [212]. - Total sales increased to $4.7 billion for the three months ended September 30, 2025, up $272.2 million, or 6%, from $4.4 billion in 2024, driven by a volume increase of 218 million gallons [220]. - Wholesale gasoline and gasoline blendstocks sales increased to $2.1 billion for the three months ended September 30, 2025, up $297.7 million, or 17%, from $1.8 billion in 2024 [224]. - Sales from distillates and other oils increased to $1.0 billion for the three months ended September 30, 2025, up $95.9 million, or 10%, from $0.9 billion in 2024 [228]. Financial Performance - Net income for the three months ended September 30, 2025, was $29,025,000, a decrease of 36.7% compared to $45,922,000 for the same period in 2024 [210]. - EBITDA for the three months ended September 30, 2025, was $97,130,000, down 18.4% from $119,059,000 in the prior year [210]. - Distributable cash flow for the three months ended September 30, 2025, was $52.98 million, a decrease of $18.15 million, or 25.5%, compared to $71.13 million in 2024 [220]. - Gross profit for the three months ended September 30, 2025, was $271.4 million, down $14.6 million, or 5%, from $286.0 million in 2024 [222]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $288,216,000, slightly down from $291,282,000 in the same period of 2024 [213]. Operational Metrics - The total volume of product sold was 1.9 billion gallons for the three months ended September 30, 2025, an increase of 218 million gallons from 1.7 billion gallons in 2024 [220]. - Wholesale segment volume increased to 1,399,596 gallons for the three months ended September 30, 2025, compared to 1,185,784 gallons in 2024, representing a growth of 18% [210]. - The company operates a portfolio of 1,540 gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast [180]. - The company has a significant presence in the New England states and New York, distributing gasoline, distillates, and renewable fuels to wholesalers and retailers [169]. Expenses and Costs - SG&A expenses rose to $76.3 million for the three months ended September 30, 2025, an increase of $5.8 million, or 8%, compared to $70.5 million in 2024 [237]. - Operating expenses decreased by $4.6 million, or 3%, to $132.5 million for the three months ended September 30, 2025, from $137.1 million in 2024 [239]. - Selling, general and administrative expenses (SG&A) include marketing costs, employee salaries, and professional fees, impacting overall financial performance [205]. - Maintenance capital expenditures were $34.1 million for the nine months ended September 30, 2025, compared to $31.9 million in 2024 [257]. - Expansion capital expenditures were $21.2 million for the nine months ended September 30, 2025, down from $24.6 million in 2024 [260]. Debt and Financing - The company issued $450 million aggregate principal amount of 7.125% senior notes due 2033 to fund the purchase of a portion of its 7.00% senior notes due 2027 [172]. - The company redeemed all $400.0 million of the 2027 Notes, recording a loss from early extinguishment of debt of $3.0 million for the nine months ended September 30, 2025 [290]. - The company had $240.6 million outstanding on the working capital revolving credit facility and $124.8 million on the revolving credit facility as of September 30, 2025 [281]. - The average interest rates for the credit agreement were 6.6% for the nine months ended September 30, 2025, down from 7.6% in 2024 [280]. - The company was in compliance with financial covenants requiring maintenance of minimum working capital amounts and leverage ratios as of September 30, 2025 [285]. Market and Economic Risks - The company is exposed to risks from changes in commodity prices, which could adversely affect its financial condition and cash available for distribution to unitholders [167]. - The company faces risks from price volatility in refined petroleum products, which can impact financial condition and cash available for distribution [186]. - Higher prices and inflation may reduce demand for gasoline and convenience store products, impacting sales and financial condition [190]. - Tariffs and import/export controls could significantly affect operations and costs, leading to increased expenses [190]. - Technological advances and alternative fuels may reduce demand for heating oil and residual oil, impacting sales [191]. Regulatory and Environmental Factors - Environmental regulations and litigation could significantly impact operations and increase costs, affecting financial condition and results [194]. - The company faces potential adverse effects on sales due to changes in government mandates and tax credits affecting the availability and pricing of ethanol and renewable fuels [192]. - The company relies on marine, pipeline, rail, and truck transportation services for its operations, and disruptions in these services could adversely affect its results [164]. - Disruptions in transportation services, such as hurricanes or labor disputes, could adversely affect logistics and financial performance [188]. Cash Flow and Working Capital - Net cash provided by operating activities was $183.8 million for the nine months ended September 30, 2025, compared to a net cash used of $35.6 million in 2024 [263]. - Working capital decreased by $7.0 million to $200.2 million at September 30, 2025, from $207.2 million at December 31, 2024 [250]. - Net cash provided by operating activities increased by $219.3 million, from ($35.6 million) in 2024 to $183.7 million in 2025 [265]. - Net cash used in investing activities was $64.8 million in 2025, compared to $230.4 million in 2024, which included $215.0 million for the acquisition of terminals from Gulf Oil [267][268]. - Net cash used in financing activities was $109.2 million in 2025, including $400.0 million in repayments for the redemption of the 2027 Notes [270]. Derivative Instruments and Risk Management - The company utilizes various derivative instruments to manage exposure to commodity risk, including exchange-traded futures contracts and over-the-counter transactions [305]. - The fair value of exchange-traded derivative contracts was $17.245 million, with a potential loss of $19.933 million from a 10% price decrease [308]. - The total fair value of all commodity risk derivative instruments was $11.922 million, with a potential loss of $37.275 million from a 10% price decrease [308]. - The company hedges its exposure to price fluctuations in refined petroleum products, renewable fuels, crude oil, and gasoline blendstocks [305]. - The company does not acquire futures contracts for speculative purposes, aiming to minimize market risk [305].

Financial Performance - The Company reported net income of $2.7 million, or $0.16 per diluted share, for Q3 2025, compared to $716,000, or $0.04 per diluted share, for Q3 2024, reflecting a significant increase in profitability[155]. - For the nine months ended September 30, 2025, net income was $7.7 million, or $0.45 per diluted share, compared to $2.4 million, or $0.14 per diluted share, for the same period in 2024[168]. - Net interest and dividend income increased by $777,000, or 6.3%, to $13.2 million for Q3 2025 compared to Q3 2024[156]. - Net interest and dividend income for the nine months ended September 30, 2025, was $39.6 million, an increase of $2.8 million, or 7.4%, compared to $36.8 million for the same period in 2024[169]. - Noninterest income was $1.6 million for Q3 2025, a decrease of $150,000, or 8.8%, from Q3 2024[165]. - Noninterest income increased by $582,000, or 12.7%, to $5.2 million for the nine months ended September 30, 2025[178]. Asset and Loan Management - Total assets decreased by $101.5 million, or 6.4%, to $1.49 billion at September 30, 2025, compared to $1.59 billion at December 31, 2024[136]. - Net loans decreased by $54.5 million, or 4.2%, to $1.25 billion at September 30, 2025, driven by a strategy to reduce enterprise value loan exposure by $77.8 million, or 25.1%[137]. - The commercial real estate portfolio grew by $38.0 million, or 6.8%, since December 31, 2024[137]. - At September 30, 2025, commercial real estate loans represented 46.98% of total loans, up from 42.16% at December 31, 2024[138]. - Total deposits decreased by $76.6 million, or 5.8%, to $1.23 billion at September 30, 2025, from $1.31 billion at December 31, 2024[151]. - Non-accrual loans increased by $13.5 million, or 64.7%, to $34.4 million, representing 2.71% of total loans outstanding at September 30, 2025, compared to 1.57% at December 31, 2024[146]. - Total non-performing assets rose to $34.4 million at September 30, 2025, up from $20.9 million at December 31, 2024[145]. - The percentage of non-performing loans to total loans increased to 2.71% at September 30, 2025, from 1.57% at December 31, 2024[145]. Credit Losses and Allowances - The allowance for credit losses for loans was $20.414 million at September 30, 2025, compared to $21.087 million at December 31, 2024[138]. - The allowance for credit losses for loans decreased to $20.4 million at September 30, 2025, from $21.9 million at the end of 2024, reflecting a $116.2 million, or 33.4%, decrease in the enterprise value portfolio[149]. - The allowance for credit losses for loans as a percentage of non-performing loans was 59.34% at September 30, 2025, down from 100.96% at December 31, 2024[145]. - The Company recognized a credit loss benefit of $418,000 for Q3 2025, compared to a provision of $1.7 million for Q3 2024, indicating improved credit quality[164]. - The Company recognized a credit loss benefit of $808,000 for the nine months ended September 30, 2025, compared to a provision of $2.6 million for the same period in 2024[177]. Mergers and Acquisitions - The proposed merger with NB Bancorp is expected to close on or about November 15, 2025, following the receipt of all required regulatory approvals[133]. - Shareholders can elect to receive either 0.691 shares of the Buyer's common stock or $13.00 in cash for each share of the Company's common stock in the merger[132]. Regulatory and Tax Considerations - The Company is currently evaluating the income tax implications of the recently signed legislation, which is not expected to have a material impact on financial statements[135]. - The effective tax rate increased to 28.4% for Q3 2025, compared to 15.6% for Q3 2024, primarily due to nondeductible merger-related expenses[166][167]. - The effective tax rate increased to 27.8% for the nine months ended September 30, 2025, compared to 19.3% for the same period in 2024[181]. - As of September 30, 2025, the company exceeded all applicable regulatory capital requirements and was considered "well capitalized" under regulatory guidelines[193]. Liquidity and Funding - Total borrowings decreased by $37.1 million, or 83.3%, to $7.5 million at September 30, 2025, indicating improved liquidity management[152]. - The company maintained access to multiple sources of liquidity, but elevated funding costs could adversely affect the net interest margin[192]. - The company had a borrowing capacity of $150.8 million with the Federal Home Loan Bank of Boston, and an available line of credit of $301.1 million with the Federal Reserve Bank of Boston[188]. - Loan commitments outstanding were $1.4 million as of September 30, 2025, down from $15.0 million at December 31, 2024[189]. Interest Income and Expenses - Total interest and dividend income decreased by $1.1 million, or 5.0%, to $21.3 million for Q3 2025, driven by a $1.7 million, or 7.8%, decrease in interest and fees on loans[162]. - Total interest expense decreased by $1.9 million, or 18.9%, to $8.1 million for Q3 2025, primarily due to a 55 basis point reduction in the cost of interest-bearing deposits[163]. - Interest expense decreased by $5.9 million, or 20.0%, to $23.6 million for the nine months ended September 30, 2025, driven by a 59 basis point decrease in the average cost of interest-bearing deposits[176]. - The interest rate spread improved to 2.63% and the net interest margin increased to 3.67% for Q3 2025, compared to 2.19% and 3.38% for Q3 2024, respectively[156]. Economic Indicators - Estimated net interest income for the next 12 months is projected to be $56,208,000 under current market rates[183]. - Economic Value of Equity (EVE) is estimated at $295,346,000 under current market rates[184]. - The yield on interest-earning assets was 5.90% for the nine months ended September 30, 2025, down 12 basis points from the previous year[175]. - The average balance of loans decreased by $40.5 million, or 3.0%, from September 30, 2024[175]. Legal Matters - A contingency of $350,000 related to a legal matter was reversed during the quarter ended September 30, 2025, following the conclusion of an SEC investigation with no enforcement action recommended[197].

Financial Performance - Net income for Q3 2025 was $12.27 million, a decrease of $768 thousand, or 5.89%, compared to Q3 2024[109] - Net interest income for the three months ended September 30, 2025, was $31,410 thousand, compared to $31,703 thousand for the same period in 2024, reflecting a decrease of 0.92%[114] - For the nine months ended September 30, 2025, net interest income was $92,593 thousand, down from $95,476 thousand in the same period of 2024[116] - Net interest income decreased by $2.88 million, or 3.03%, for the nine months ending September 30, 2025, compared to the same period in 2024[123] - Noninterest income increased by approximately $437 thousand, or 4.18%, driven by a 23.46% increase in service charges on deposits[109] - Noninterest income increased by $437 thousand, or 4.18%, in the third quarter of 2025, driven by a $300 thousand, or 28.01%, increase in wealth management fees[130] Assets and Liabilities - Consolidated assets totaled $3.19 billion as of September 30, 2025[109] - The total assets as of September 30, 2025, were $3,202,993 thousand, slightly down from $3,228,976 thousand in 2024[116] - Total liabilities decreased by $55.94 million, or 2.05%, primarily driven by a decrease in deposits of $60.65 million, or 2.25%[139] - Total deposits decreased by $60.65 million, or 2.25%, as of September 30, 2025, with the largest decreases in time deposits by $34.08 million, or 14.17%[158] - Total stockholders' equity decreased by $15.67 million, or 2.98%, to $510.73 million as of September 30, 2025, primarily due to a special cash dividend of $2.07 per share totaling approximately $37.93 million[163] Credit Quality - Total non-performing assets as of September 30, 2025, were $16.90 million, down from $20.54 million as of December 31, 2024[109] - The allowance for credit losses to total loans was 1.36% on September 30, 2025, compared to 1.44% on December 31, 2024[109] - The allowance for credit losses to nonperforming loans ratio was 189.90% as of September 30, 2025, indicating strong coverage for potential losses[147] - Delinquent loans totaled $27.19 million as of September 30, 2025, a decrease of $10.36 million, or 27.59%, compared to December 31, 2024[148] - The provision for credit losses decreased by $2.48 million, or 98.57%, in the nine months ending September 30, 2025, compared to the same period in 2024[129] Mergers and Acquisitions - The Company entered into a merger agreement with Hometown Bancshares, Inc., with each share of Hometown common stock converting into 11.706 shares of the Company's common stock[102][103] - The Company incurred approximately $787 thousand in transaction-related costs during the nine months ended September 30, 2025, related to the merger[105] - The Company entered into a merger agreement with Hometown Bancshares, Inc., valued at approximately $41.5 million, expected to be minimally dilutive to tangible book value per share and provide high-single digit accretion to earnings per share[164] Interest Income and Margin - Net interest margin for Q3 2025 was 4.43%, an increase of 2 basis points from Q3 2024, while net interest income after provision for loan losses increased by $1.06 million, or 3.52%[109] - Total earning assets averaged $2,813,359 thousand in Q3 2025, with a net interest margin of 4.43%, compared to $2,859,901 thousand and a margin of 4.41% in Q3 2024[114] - The net interest rate spread for Q3 2025 was 4.06%, compared to 3.97% in Q3 2024, indicating an improvement in the company's interest income generation[114] - The yield on earning assets fell by 10 basis points, or 1.94%, driven by an 18.38% decline in the average yield earned on interest-bearing deposits with banks[121] - As of September 30, 2025, net interest income on a GAAP basis was $31,297 thousand, a decrease of 0.94% from $31,594 thousand in the same period of 2024[138] Expenses - Noninterest expense increased by $2.10 million, or 8.69%, in the third quarter of 2025, primarily due to a $1.22 million, or 9.31%, increase in salaries and employee benefits[133] - Average interest-bearing liabilities decreased by $21.71 million, or 1.21%, primarily due to a decrease in time deposits of $31.42 million, or 12.82%[122] Capital and Ratios - As of September 30, 2025, the Common Equity Tier 1 ratio was 16.47%, down from 16.75% as of December 31, 2024, primarily due to a decrease in capital levels[165] - The Company’s unencumbered cash totaled $427.71 million as of September 30, 2025, with additional unused borrowing capacity from the FHLB of $313.58 million[162] - The sensitivity of net interest income to a 200 basis point increase in interest rates is projected to be $4,027 thousand, representing a 3.1% change[170] Other Information - Commitments to extend credit as of September 30, 2025, totaled $252.32 million, slightly up from $252.23 million as of December 31, 2024[167] - The information regarding market risk and interest rate sensitivity is referenced in Item 2 of the Quarterly Report on Form 10-Q[173]

EXHIBIT 99 PRESS RELEASE Chairman, President and CEO Senior Vice President, CFO and Treasurer ceo@unitedbancorp.com cfo@unitedbancorp.com United Bancorp, Inc. 201 South 4th at Hickory Street, Martins Ferry, OH 43935 Contacts: Scott A. Everson Randall M. Greenwood (740) 633-0445, ext. 6154 (740) 633-0445, ext. 6181 FOR IMMEDIATE RELEASE: 11:00 a.m. November 6, 2025 Greenwood further noted, "Looking at the interest expense side of the net interest margin, our Company's total interest expense did respectively ...

Financial Performance - Net income for the three months ended September 30, 2025, was $11.9 million, a decrease of $821,000, or 6.5%, compared to $12.7 million for the same period in 2024 [156]. - Net income for the nine months ended September 30, 2025, was $33.6 million, a decrease of $3.2 million, or 8.8%, compared to $36.9 million for the same period in 2024 [180]. - Non-interest income decreased by $335,000, or 24.8%, to $1.0 million for the three months ended September 30, 2025, from $1.3 million for the same period in 2024 [165]. - Non-interest income for the nine months ended September 30, 2025, increased by $473,000, or 18.0%, to $3.1 million compared to $2.6 million for the same period in 2024 [191]. Income and Expenses - Net interest income decreased by $347,000, or 1.3%, to $25.9 million for the three months ended September 30, 2025, from $26.3 million for the same period in 2024 [157]. - Interest expense decreased by $1.6 million, or 10.5%, to $13.3 million for the three months ended September 30, 2025, from $14.9 million for the same period in 2024 [159]. - Non-interest expense increased by $390,000, or 3.9%, to $10.4 million for the three months ended September 30, 2025, from $10.0 million for the same period in 2024 [168]. - Non-interest expense rose by $2.3 million, or 8.0%, to $31.5 million for the nine months ended September 30, 2025, from $29.1 million in 2024 [194]. Assets and Liabilities - Total assets increased by $46.7 million, or 2.3%, to $2.1 billion at September 30, 2025, from $2.0 billion at December 31, 2024 [137]. - Loans, net of the allowance for credit losses, increased by $61.2 million, or 3.4%, to $1.9 billion at September 30, 2025, from $1.8 billion at December 31, 2024 [141]. - Total deposits decreased by $155.0 million, or 9.3%, to $1.5 billion at September 30, 2025, from $1.7 billion at December 31, 2024 [149]. - Stockholders' equity increased by $25.7 million, or 8.1%, to $344.0 million at September 30, 2025, from $318.3 million at December 31, 2024 [155]. Credit Quality - The allowance for credit losses related to loans decreased to $4.7 million as of September 30, 2025, from $4.8 million as of December 31, 2024 [143]. - Charge-offs increased to $678,000 during the nine months ended September 30, 2025, compared to $115,000 during the same period in 2024 [189]. - The net charge-offs for the nine months ended September 30, 2025, totaled $144,000, a decrease from $1,347,000 for the same period in 2024 [221]. - Non-performing assets decreased significantly to $545,000 at September 30, 2025, from $5.1 million at December 31, 2024, reflecting improved asset quality [215]. Liquidity - The company's liquidity ratios averaged 5.4% for Cash Liquidity, 7.7% for On Balance Sheet Liquidity, and 61.2% for On Balance Sheet Liquidity & Borrowing Capacity for the nine months ended September 30, 2025 [224]. - As of September 30, 2025, the Company's liquidity ratios were 71.1% for Cash and Borrowing Capacity/Total Non-Contractual Deposits and 95.5% for Cash, Borrowing Capacity and Sourced Deposits Capacity/Total Non-Contractual Deposits, indicating sufficient liquidity resources [232]. - The Company had an available borrowing limit of $740.2 million from the Federal Reserve Bank of New York as of September 30, 2025, down from $834.7 million at December 31, 2024 [238]. Interest Rate Risk - Net interest income is projected to increase by approximately 8.29% to 16.52% in a rising interest rate environment over a one-year time horizon, while it would decrease by approximately 9.05% to 18.24% in a declining interest rate environment [255]. - The Company has established an interest rate floor of zero percent for measuring interest rate risk, indicating a proactive approach to managing interest rate exposure [256]. Other Financial Metrics - The effective income tax rate was 28.5% for the three months ended September 30, 2025, compared to 27.8% for the same period in 2024 [179]. - The effective income tax rate for the nine months ended September 30, 2025, was 28.0%, slightly down from 28.1% in 2024 [205]. - The average interest-earning assets to interest-bearing liabilities ratio improved to 141.28% for the three months ended September 30, 2025 [208]. - The total loans outstanding increased to $1,873,598,000 as of September 30, 2025, compared to $1,812,598,000 at December 31, 2024 [219].

Merger and Acquisition - MetroCity Bancshares, Inc. is set to merge with First IC Corporation, with the transaction involving $111,965,213 in cash and 3,384,588 shares of common stock[124] - The merger is expected to be completed in the fourth quarter of 2025, pending customary closing conditions[125] - The company has received all required regulatory approvals for the merger with First IC Corporation[125] - The pro forma company post-merger is projected to have approximately $4.8 billion in total assets, $3.6 billion in total deposits, and $4.2 billion in total loans[124] Financial Performance - As of September 30, 2025, MetroCity Bankshares, Inc. had total assets of $3.63 billion, total loans of $3.20 billion, total deposits of $2.69 billion, and total shareholders' equity of $445.9 million[134] - For the three months ended September 30, 2025, interest income was $54,003 thousand, while interest expense was $22,211 thousand, resulting in net interest income of $31,792 thousand[138] - The net income for the three months ended September 30, 2025, was $17,270 thousand, compared to $16,826 thousand for the previous quarter[138] - Basic income per share for the three months ended September 30, 2025, was $0.68, an increase from $0.66 in the previous quarter[138] - For the nine months ended September 30, 2025, net income was $50.4 million, reflecting a 4.4% increase from $48.3 million in 2024[144] Interest Income and Expense - Interest income for the three months ended September 30, 2025, totaled $54.0 million, a slight increase of 0.3% from $53.8 million in 2024[146] - Interest expense decreased by 5.7% to $22.2 million for the three months ended September 30, 2025, compared to $23.5 million in 2024[150] - The net interest margin for the three months ended September 30, 2025, increased by 10 basis points to 3.68% from 3.58% for the same period in 2024[153] Credit Losses and Allowance - The provision for credit losses for the same period was $(543) thousand, indicating a reversal in expected credit losses[138] - The allowance for credit losses (ACL) as a percentage of gross loans was 0.60% for the periods ended September 30, 2025, December 31, 2024, and September 30, 2024[1] - The allowance for credit losses was $17.9 million at September 30, 2025, a decrease of $804,000 from $18.7 million at December 31, 2024[203] Deposits and Borrowings - Total deposits decreased by $43.7 million to $2.69 billion at September 30, 2025, compared to $2.74 billion at December 31, 2024[213] - Uninsured deposits increased to $712.7 million (26.1% of total deposits) as of September 30, 2025, compared to 24.1% at December 31, 2024[214] - The company had $1.29 billion of available borrowing capacity at various financial institutions as of September 30, 2025[214] Noninterest Income and Expense - Noninterest income for the three months ended September 30, 2025, was $6,178 thousand, while noninterest expense was $14,674 thousand[138] - Noninterest income for the three months ended September 30, 2025 was $6,178,000, a decrease of $437,000 or 6.6% compared to $6,615,000 for the same period in 2024[1] - Noninterest expense increased by $1.0 million, or 7.4%, to $14.5 million for the three months ended September 30, 2025, and increased by $3.5 million, or 9.0%, to $42.6 million for the nine months ended September 30, 2025, compared to the same periods in 2024[183][184] Risk Management - The company emphasizes the importance of managing credit risk and maintaining an adequate allowance for credit losses[130] - The company faces risks from prolonged elevated interest rates and inflation impacting financial projections and credit quality[115] - Interest rate risk is identified as the primary market risk, with management actively monitoring and managing the balance sheet to ensure stable net interest income[238] Economic Conditions - The company acknowledges potential impacts from economic conditions, including employment levels and consumer spending, on its financial performance[115] - The bank's net interest income sensitivity projections indicate a potential increase of 0.20% and a decrease of 0.20% under a +200 and -200 basis points scenario for the 12-month projection as of September 30, 2025[247] Branch Operations and Strategy - The bank operates 20 full-service branch locations across multiple states, focusing on Asian-American communities[135] - The bank's strategy includes delivering personalized service to small and medium-sized businesses and individuals, particularly first-generation immigrants[135]

Company Overview - As of September 30, 2025, DiamondRock Hospitality Company owned a portfolio of 36 premium hotels and resorts with a total of 9,595 guest rooms located in 26 different markets in the United States[81]. Revenue Performance - Room revenue accounted for approximately 65% of total revenues for the nine months ended September 30, 2025[90]. - Total revenues for the three months ended September 30, 2025, were $285.4 million, a slight increase of 0.1% compared to $285.1 million in the same period of 2024[100]. - Total revenues for the nine months ended September 30, 2025, were $846.0 million, a decrease of $4.9 million or 0.6% from $850.8 million in 2024[110]. - Rooms revenue decreased by $3.4 million, primarily due to a $5.9 million decrease from the 2025 Disposition, partially offset by a $2.9 million increase from the 2024 Acquisition[101]. - Food and beverage revenues increased by $1.6 million for the three months ended September 30, 2025, primarily due to higher banquet and catering revenues[104]. - Food and beverage revenues increased by $0.8 million, while other revenues rose by $3.3 million, primarily due to new resort fees and increased spa and parking revenue[114]. Financial Metrics - The company employs key performance indicators such as Occupancy percentage, Average Daily Rate (ADR), and Rooms Revenue per Available Room (RevPAR) to evaluate financial performance[89]. - The company’s financial performance is also measured using metrics such as EBITDA, Adjusted EBITDA, Funds From Operations (FFO), and Adjusted FFO[92]. - RevPAR is calculated as the product of ADR and occupancy percentage, serving as a critical statistic for monitoring hotel performance[90]. - EBITDA for the three months ended September 30, 2025, was $68.558 million, while Adjusted EBITDA was $79.084 million[154]. - Hotel Adjusted EBITDA for the nine months ended September 30, 2025, was $240.192 million, reflecting a slight decrease from $243.161 million in the same period of 2024[154]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $225.651 million, compared to $228.229 million in the same period of 2024[154]. - FFO for the nine months ended September 30, 2025, is calculated by excluding gains or losses from sales of properties and impairment losses, plus real estate-related depreciation and amortization[150]. Operating Performance - Occupancy rate for the three months ended September 30, 2025, was 76.2%, unchanged from the same period in 2024[103]. - Occupancy rate for the nine months ended September 30, 2025, was 73.2%, a decrease of 0.5% compared to 73.7% in 2024[113]. - Average Daily Rate (ADR) increased by 1.2% to $284.93 in 2025 from $281.47 in 2024[113]. - Revenue per Available Room (RevPAR) rose by 0.6% to $208.54 in 2025, compared to $207.36 in 2024[113]. - The weighted average RevPAR for the properties was $208.54, reflecting a 0.6% increase from the previous year[100]. Expenses and Debt - Total hotel operating expenses decreased by $0.9 million to $203.6 million for the three months ended September 30, 2025[105]. - The company reported a 2.9% decrease in rooms operating expenses for the three months ended September 30, 2025, totaling $46.5 million[105]. - Interest expense increased by $0.1 million to $17.1 million for the three months ended September 30, 2025, primarily due to an increase in unsecured term loans[108]. - Interest expense decreased by $2.3 million to $47.1 million in 2025, primarily due to mortgage debt repayments[119]. - As of September 30, 2025, the company had $1.1 billion of outstanding debt with a weighted average interest rate of 5.31%[125]. - The outstanding debt as of September 30, 2025, was $1.1 billion, all of which had a variable interest rate, with sensitivity to changes in one-month Secured Overnight Financing Rate (SOFR)[164]. Capital Management - The company aims to deliver long-term stockholder returns that exceed those generated by peers through dividends and capital appreciation[84]. - The company is focused on aggressive asset management and disciplined capital allocation in high-quality lodging properties[84]. - The company regularly assesses the availability and affordability of capital to maximize stockholder value and minimize enterprise risk[86]. - The company repurchased 4,597,942 shares of common stock at an average price of $7.71 per share for a total of $35.5 million during the nine months ended September 30, 2025[130]. - The company had $145.3 million of unrestricted cash and $50.1 million of restricted cash as of September 30, 2025[135]. - As of September 30, 2025, the company has set aside $50.0 million for capital projects in property improvement reserves[142]. - The company invested approximately $60.9 million on capital improvements at its hotels during the nine months ended September 30, 2025, and expects to spend between $85.0 to $90.0 million on capital improvements in 2025[143]. Risks and Challenges - The company faces risks including elevated inflation, interest rates, and increased competition in the lodging industry[82]. - The company continues to monitor macroeconomic factors that may impact leisure and international travel to the United States[93]. - Inflation has moderated but remains above the Federal Reserve's long-term target, impacting the company's ability to adjust room rates and affecting expenses[161]. - Management believes that actual results could differ materially from estimates due to uncertainties in accounting policies, particularly regarding impairment of long-lived assets[159]. - The company expects some seasonality in its business, with higher revenues varying by property location and customer base[163]. Renovations and Improvements - The company completed significant renovations at multiple hotels, including the Hilton Garden Inn New York and Kimpton Hotel Palomar Phoenix, enhancing guest experiences[149]. - The company’s capital expenditures include costs for replacing and repairing furniture, fixtures, and equipment at its hotels, calculated as a percentage of hotel revenues[142]. Impairment and Losses - The company reported impairment losses of $1.076 million for the three months ended September 30, 2024, and $1.596 million in 2025, with the same figures for the nine months[157]. - The company reported a loss on debt extinguishment of $5.850 million for the three months ended September 30, 2024, with no such loss reported in 2025[157]. Interest Rate Management - The company executed an interest rate swap for a notional amount of $75 million in August 2025, effective January 2, 2026, and an additional swap for $50 million in October 2025, effective January 4, 2027[164].

Financial Performance - For the three months ended September 30, 2025, Blink incurred a net loss of $86, while the net loss for the nine months was $52,752 [165]. - The company has not yet achieved profitability, with total comprehensive income of $6,707 for the three months ended September 30, 2025, attributed to non-cash foreign currency translation adjustments [165]. - Total revenue for the nine months ended September 30, 2025 decreased by $19,566, or 20%, to $76,451 compared to $96,017 during the same period in 2024 [210]. - Net loss for the nine months ended September 30, 2025 decreased by $71,869, or 58%, to $52,752 compared to $124,621 for the same period in 2024 [229]. - Total comprehensive income for the three months ended September 30, 2025 was $6,707, compared to a total comprehensive loss of ($84,790) for the same period in 2024 [209]. Revenue and Sales - Total revenues for the three months ended September 30, 2025, increased by $1,843, or 7%, to $27,030 compared to $25,187 for the same period in 2024, primarily driven by increased network fees and charging service revenues [187]. - Charging service revenue from company-owned charging stations rose by $2,504, or 48%, to $7,758 for the three months ended September 30, 2025, due to an increased number of chargers on the Blink Networks [189]. - Revenue from product sales decreased by $28,614, or 44%, to $35,924 for the nine months ended September 30, 2025, attributed to decreased sales of commercial and residential chargers [211]. - Charging service revenue from Company-owned charging stations increased by $7,012, or 46%, to $22,229 for the nine months ended September 30, 2025 [212]. Expenses and Costs - Cost of revenues for the three months ended September 30, 2025, was $17,364, an increase of $1,296, or 8%, compared to $16,068 for the same period in 2024 [192]. - Cost of product sales decreased by $1,135, or 12%, to $7,987 for the three months ended September 30, 2025, due to a mix in business between DC fast chargers and L-2 chargers [193]. - Warranty and repairs and maintenance costs surged by $490, or 167%, to $784 during the three months ended September 30, 2025, due to outsourcing of warranty repairs [200]. - Warranty and repairs and maintenance costs increased by $1,035, or 55%, to $2,915 during the nine months ended September 30, 2025, due to efforts to reduce backlog in warranty cases [221]. - Compensation expense decreased by $3,631, or 24%, to $11,528 for the three months ended September 30, 2025, compared to $15,159 for the same period in 2024 [202]. - General and administrative expenses decreased by $2,517, or 32%, to $5,455 for the three months ended September 30, 2025, primarily due to a credit loss reserve reversal of $2,990 [203]. Cash and Liquidity - The company reported cash and cash equivalents of $23,110, working capital of $36,752, and an accumulated deficit of $788,607 as of September 30, 2025 [165]. - As of September 30, 2025, the company had cash and cash equivalents of $23,110, a decrease of $32,294 from $41,774 as of December 31, 2024, due to ongoing operating losses and limited cash inflows [182]. - The company expects that its current cash resources will be insufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern [183]. - Management is actively evaluating strategic alternatives, including cost-reduction initiatives and potential restructuring or fundraising opportunities, but there is no assurance these efforts will resolve current financial challenges [184]. - Management is evaluating strategic alternatives, including cost-reduction initiatives and potential restructuring, but there is no assurance these efforts will improve liquidity [238]. Business Operations and Strategy - Blink acquired 100% of Zemetric, Inc. on July 7, 2025, enhancing its charging infrastructure capabilities for fleet and high-utilization destinations [168]. - The company is subject to various federal, state, and international regulations that could impact its business operations and financial condition [180]. - Blink's growth is highly dependent on the adoption of electric vehicles (EVs), with market acceptance being a critical factor for future success [179]. - The Blink Networks, a cloud-based platform, manages EV chargers for remote monitoring, management, and payment processing [176]. Foreign Currency Risks - The company has foreign currency risks related to revenue and operating expenses in currencies other than the U.S. dollar, primarily the euro [246]. - A hypothetical 1% decrease in foreign currencies against the U.S. dollar would not result in a material loss on foreign-denominated balances as of September 30, 2025 [246].

Financial Position - As of September 30, 2025, the company reported cash and cash equivalents totaling $3,106,527.3 thousand and debt of $950,769.1 thousand[152]. - As of September 30, 2025, the company had $3,106,527.3 in cash and cash equivalents, with $950,769.1 in debt excluding lease liabilities[205]. - As of September 30, 2025, the company held trading securities valued at $584,865.1, a significant increase from $0.0 at December 31, 2024[230]. - The company reported a maximum exposure to loss from unconsolidated VIEs limited to $0 as of September 30, 2025, and December 31, 2024[227]. - The company has not provided any guarantees related to Yorkville America, and no creditors of Yorkville America have recourse to the general credit of the company[225]. - The company does not hold any investments classified as available-for-sale as of September 30, 2025[231]. - The company has determined that it has a variable interest in four VIEs for which it is not the primary beneficiary[226]. - As of September 30, 2025, the company had $309,000.0 of cash restricted covering unexpired put options[233]. Revenue and Expenses - Revenue for the three months ended September 30, 2025 decreased by $38.0 thousand, or 4%, to $972.9 thousand compared to $1,010.9 thousand for the same period in 2024, primarily due to advertising economics and early-stage advertising initiatives[180]. - Revenue for the nine months ended September 30, 2025 increased by $59.1 thousand, or 2%, to $2,677.4 thousand compared to $2,618.3 thousand for the same period in 2024, driven by paid subscriptions to the Truth+ streaming service[192]. - Cost of revenue increased by $323.5 thousand, or 262%, to $446.8 thousand for the three months ended September 30, 2025, driven by content license and data center lease costs for the Truth+ platform[181]. - Cost of revenue for the nine months ended September 30, 2025 rose by $873.5 thousand, or 345%, to $1,126.4 thousand, mainly due to content license and data center lease costs[193]. - The change in fair value of digital assets resulted in an expense of $16,204.6 thousand for the nine months ended September 30, 2025, compared to $0.0 for the same period in 2024[197]. - Depreciation and amortization expense increased by $4,745.3, or 615%, to $5,516.8 for the nine months ended September 30, 2025, compared to $771.5 for the same period in 2024[198]. Operating Activities - Net cash provided by operating activities was $2,638.8 for the nine months ended September 30, 2025, an improvement of $55,278.8 from the $52,640.0 used in the same period in 2024[217]. - Net cash used in investing activities was $1,973,108.2 for the nine months ended September 30, 2025, compared to $312,773.7 in the prior year, mainly due to digital asset purchases[218]. - Net cash provided by financing activities was $2,302,144.8 for the nine months ended September 30, 2025, compared to $734,976.7 in 2024, driven by proceeds from convertible notes and PIPE financing[219]. Interest Income and Expense - Interest income surged by $8,731.4 thousand, or 188%, to $13,384.4 thousand for the three months ended September 30, 2025, due to higher cash and investment balances[187]. - Interest income rose by $31,401.6, or 461%, to $38,216.1 for the nine months ended September 30, 2025, due to higher cash and investment balances[199]. - Interest expense skyrocketed by $11,227.7 thousand, or 4,551%, to $11,474.4 thousand for the three months ended September 30, 2025, primarily from accreted interest on loans related to acquisitions[188]. - Interest expense increased by $12,859.8, or 442%, to $15,766.3 for the nine months ended September 30, 2025, attributed to accreted interest on loans from the WCT acquisition and convertible notes[200]. Strategic Initiatives - The company launched the Truth Social platform in the first quarter of 2022, with significant updates including direct messaging and a "Groups" feature introduced in 2022 and 2023 respectively[154][155]. - In September 2025, a major update to the Truth Social app introduced premium features for subscribers, enhancing user experience with editing and scheduling capabilities[156]. - The Truth+ streaming service was launched in phases, with full availability on various platforms by October 2024, and global streaming announced on July 7, 2025[163]. - The company announced a financial technology strategy on January 29, 2025, including the launch of separately managed accounts and a series of ETFs focused on cryptocurrencies[166]. - A private placement offering closed on May 30, 2025, raising approximately $2.44 billion through the sale of common stock and convertible senior secured notes[169]. - The company entered into a purchase agreement on August 25, 2025, transferring shares for 684,427,004 Cronos, the native cryptocurrency of the Cronos blockchain[170]. - A business combination was announced on August 26, 2025, to establish a digital asset treasury company focused on acquiring Cronos, with expected funding of $1 billion in Cronos and additional cash resources[172][173]. - The digital asset treasury strategy aims to enhance capital efficiency by focusing on yield-generating assets and establishing a validator node for the Cronos ecosystem[174]. - The company has implemented a bitcoin and digital asset treasury strategy to protect against financial discrimination and ensure financial freedom[167]. - TMTG is focusing on mergers and acquisitions to diversify into new sectors and aims to evolve into a larger holding company for various products and services[177]. Stock and Securities - The company authorized a share repurchase program of up to $400,000.0, having repurchased 355,208 shares at an average price of $18.02 per share[215]. - The Standby Equity Purchase Agreement allows the company to sell up to $2,500,000.0 of common stock, with no shares sold under this agreement during the nine months ended September 30, 2025[208]. - The company has consolidated Yorkville America in its financial statements, reflecting its balance sheets, results of operations, and cash flows due to its primary beneficiary status[224]. - The company’s digital assets, including bitcoin, are recorded at cost and subsequently remeasured at fair value, with changes recognized in the consolidated statements of operations[235]. - Bitcoin has traded between $66,000 and $126,000 in the past 12 months, indicating high volatility that could materially affect the company's earnings[238]. - The company’s trading securities primarily consist of equity exchange-traded funds that invest in digital assets[230].