Financial Performance - The net loss for Q3 2025 was $562.8 million, or $(4.00) diluted earnings per share, compared to a net income of $54.8 million, or $0.43 diluted earnings per share for Q2 2025 [219]. - Adjusted earnings for Q3 2025 were $64.9 million, or $0.46 adjusted diluted earnings per share, compared to $56.1 million, or $0.44 adjusted diluted earnings per share for Q2 2025 [219]. - Total net income available to common stockholders for the three months ended September 30, 2025, was $(562,792) thousand, compared to $54,773 thousand for the previous quarter [354]. - Adjusted earnings (non-GAAP) for the three months ended September 30, 2025, were $64,930 thousand, an increase from $56,071 thousand in the previous quarter [354]. - The diluted earnings per share for the three months ended September 30, 2025, was $(4.00), compared to $0.43 in the previous quarter [354]. - Noninterest income for Q3 2025 was $(756,187) thousand, while adjusted noninterest income (non-GAAP) was $45,875 thousand [357]. - The company reported a realized after-tax loss of $625.6 million from the sale of approximately $3.2 billion in AFS securities during the third quarter of 2025 [278]. - Loss on sale of securities for Q3 2025 amounted to $801,492 thousand, significantly impacting net income [354]. Balance Sheet and Capital Management - The company raised $326.9 million in equity capital to reposition its balance sheet and address negative arbitrage between long-term bond yields and short-term funding costs [217]. - Stockholders' equity was $3.35 billion as of September 30, 2025, with a book value per share of $23.18 and tangible book value per share of $13.45 [223]. - Total assets decreased to $26.07 billion as of September 30, 2025, from $27.26 billion a year earlier, representing a decline of approximately 4.4% [254]. - The common equity to asset ratio improved to 13.85% at September 30, 2025, compared to 13.13% at year-end 2024, reflecting stronger capital management [325]. - The company raised $327.4 million from a public offering of 18,653,000 shares at $18.50 per share, which helped offset a realized after-tax loss of $625.6 million from selling AFS securities [329]. - The total Tier 1 capital was $2,291,191 thousand, down from $2,535,527 as of December 31, 2024 [337]. - The company's common equity Tier 1 ratio (CET1) was 11.54% as of September 30, 2025, compared to 12.38% at the end of 2024 [337]. - Total risk-based capital as of September 30, 2025, was $2,990,877, slightly down from $2,992,133 at the end of 2024 [337]. - Risk-weighted assets decreased to $19,861,879 as of September 30, 2025, from $20,473,960 as of December 31, 2024 [337]. - The company did not repurchase any shares during the three and nine month periods ended September 30, 2025 and 2024, with future repurchase decisions dependent on market conditions and capital needs [332]. Deposits and Loans - Total deposits as of September 30, 2025, were $19.84 billion, down from $21.89 billion as of December 31, 2024 [221]. - The loan to deposit ratio increased to 87% as of September 30, 2025, compared to 78% as of December 31, 2024 [221]. - As of September 30, 2025, total loans amounted to $17.19 billion, an increase of $182.9 million from December 31, 2024 [284]. - The loan portfolio averaged $16.98 billion during the first nine months of 2025, compared to $17.07 billion in the same period of 2024 [284]. - Real estate loans represented 77.8% of total loans at September 30, 2025, totaling $13.37 billion, a decrease of $23.2 million from December 31, 2024 [288]. - Commercial loans increased to $2.75 billion, or 16.0% of total loans, reflecting a growth of $55.2 million, or 2.0%, from December 31, 2024 [289]. - Nonperforming loans as of September 30, 2025, were $153.9 million, up from $110.8 million as of December 31, 2024 [222]. - The allowance for credit losses was 1.50% of total loans as of September 30, 2025, with a coverage ratio of 168% of nonperforming loans [299]. - The commercial loan pipeline was $1.61 billion at September 30, 2025, with $489.9 million approved and ready to close [291]. Interest Income and Expenses - Net interest income for Q3 2025 was $190.5 million, an increase of $12.2 million, or 6.9%, compared to Q2 2025 [240]. - Net interest margin on a fully taxable equivalent basis was 3.50% for the three months ended September 30, 2025, compared to 3.06% for the three months ended June 30, 2025, representing a 44 basis point increase [247]. - A $108.2 million decrease in interest expense was mainly due to a reduction in deposit account rates and lower volumes of higher-rate wholesale borrowings [246]. - Interest expense for the nine months ended September 30, 2025, totaled $108.2 million, compared to $73.6 million for the same period in 2024, reflecting an increase of 47.0% [256]. - The average rate paid on interest-bearing transaction and savings deposits was 2.45% as of September 30, 2025, down from 2.81% at December 31, 2024 [320]. Noninterest Income and Expenses - Noninterest income for the three months ended September 30, 2025, showed a loss of $756.2 million, a decrease of approximately $798.5 million compared to the previous quarter [261]. - Adjusted noninterest income for the three months ended September 30, 2025, increased by $3.5 million, or 8.3%, from the prior sequential quarter [261]. - Noninterest expense for the three months ended September 30, 2025 was $142.0 million, an increase of $3.4 million or 2.5% compared to the previous quarter [269]. - Salaries and employee benefits expense increased by $2.4 million or 3.2% for the three months ended September 30, 2025 compared to the previous quarter [271]. - Noninterest expense for the nine months ended September 30, 2025 increased by approximately $8.8 million or 2.1% compared to the same period in 2024 [270]. Credit Losses and Provisions - Provision for credit losses for the nine months ended September 30, 2025, was $50.7 million, up from $33.5 million for the same period in 2024, reflecting an increase of 51.4% [259]. - The provision for credit losses for the first nine months of 2025 was $53.9 million, compared to $33.5 million for the same period in 2024, reflecting a significant increase in credit risk [308]. - The allowance for credit losses increased by approximately $23.0 million from December 31, 2024, to September 30, 2025, while total loans increased by $182.9 million during the same period [310].

Revenue Performance - For the nine months ended September 30, 2025, total revenue decreased by 21.5% to $600.7 million compared to $765.4 million for the same period in 2024[104]. - Product revenue for the nine months ended September 30, 2025, was $567.4 million, a decrease of 22.9% from $735.6 million in the prior year, representing 94.5% of total revenue[109]. - Services revenue increased by 11.6% to $33.3 million for the nine months ended September 30, 2025, compared to $29.8 million for the same period in 2024, accounting for 5.5% of total revenue[110]. - The company's ten largest customers accounted for 53.7% of total revenue for the nine months ended September 30, 2025[94]. Profitability Metrics - Gross profit for the three months ended September 30, 2025, was $88.8 million, a decrease of $21.2 million or 19.2% compared to $110.0 million for the same period in 2024[114]. - The gross margin for the nine months ended September 30, 2025, was 41.5%, compared to 42.8% for the same period in 2024, indicating a decline in overall profitability[114]. - Product gross margin was 44.3% for the three months ended September 30, 2025, slightly down from 44.7% in the same period of 2024 due to a less favorable mix of system shipments[115]. - Services gross margin improved to (2.7)% for the three months ended September 30, 2025, compared to (4.9)% in the same period of 2024, attributed to changes in service contract mix[116]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $63.8 million, an increase of $0.7 million or 1.2% compared to $63.1 million in 2024[120]. - Research and development expenses increased to 13.1% of total revenue for the nine months ended September 30, 2025, compared to 10.2% in the prior year[103]. - Research and development expenses decreased by $1.8 million or 6.6% to $24.6 million for the three months ended September 30, 2025, primarily due to lower personnel expenses[123]. - Sales and marketing expenses decreased by $1.0 million or 5.8% to $15.8 million for the three months ended September 30, 2025, driven by lower personnel expenses[126]. - General and administrative expenses increased by $3.5 million or 17.4% to $23.3 million for the three months ended September 30, 2025, mainly due to increased merger-related professional fees[129]. Cash Flow and Investments - Cash generated from operating activities for the nine months ended September 30, 2025 was $124.9 million, compared to $128.0 million for the same period in 2024[138]. - Investing activities for the nine months ended September 30, 2025 resulted in cash generated of $37.2 million, with $506.6 million from maturities and sales of short-term investments[139]. - Financing activities for the nine months ended September 30, 2025 resulted in cash usage of $99.9 million, primarily due to $95.9 million used for stock repurchases[140]. - As of September 30, 2025, the company had $187.5 million in unrestricted cash and cash equivalents, $262.1 million in short-term investments, and $143.2 million in long-term investments[136]. - The company believes its existing cash and cash equivalents will be sufficient to meet anticipated cash requirements for both short- and long-term[142]. Other Financial Information - Deferred revenue at September 30, 2025, was $128.9 million, down from $138.2 million at December 31, 2024[107]. - The geopolitical environment surrounding trade and tariffs did not have a meaningful impact on financial results for the nine months ended September 30, 2025[97]. - The company entered into a Merger Agreement with Veeco Instruments Inc. on September 30, 2025, with the merger subject to regulatory and stockholder approvals[99]. - Other income for the three months ended September 30, 2025, was $5.1 million, a decrease of $3.3 million or 39.3% compared to $8.5 million in 2024, primarily due to lower net foreign exchange gains[132]. - Income tax provision for Q3 2025 was $4.2 million, a decrease of $2.6 million (38.7%) from $6.8 million in Q3 2024, primarily due to a decrease in pre-tax book income[135]. - The effective tax rate (ETR) for Q3 2025 was 13.8%, up from 12.3% in Q3 2024, influenced by the One Big Beautiful Bill Act[135]. - Significant commitments and contingencies as of September 30, 2025 remain consistent with previous disclosures[143]. - No material changes to market risk disclosures have occurred since the last report[144].

Revenue Performance - Total revenues decreased by $15.7 million to $330.0 million for the three months ended September 30, 2025, compared to $345.7 million for the same period in 2024[129]. - Total revenues decreased by $18.2 million to $1,021.3 million for the nine months ended September 30, 2025, compared to $1,039.5 million for the same period in 2024[143]. - Room revenue decreased by $16.2 million to $267.4 million for the three months ended September 30, 2025, primarily due to a $14.3 million decrease from comparable properties[130]. - Room revenue decreased by $22.8 million to $831.1 million for the nine months ended September 30, 2025, primarily due to a $19.0 million decrease from comparable properties[144]. Occupancy and Rates - Occupancy rate for comparable properties was 73.0% for the three months ended September 30, 2025, down from 75.4% in 2024[131]. - Occupancy rate for comparable properties was 72.6% for the nine months ended September 30, 2025, down from 73.9% in 2024[145]. - Average Daily Rate (ADR) decreased to $189.45 for the three months ended September 30, 2025, from $193.43 in 2024[131]. - Revenue per Available Room (RevPAR) decreased to $138.29 for the three months ended September 30, 2025, compared to $145.77 in 2024[131]. Expenses and Losses - Operating expenses increased by $3.3 million to $308.9 million for the three months ended September 30, 2025, from $305.6 million in 2024[128]. - Property operating expenses increased by $4.6 million to $666.5 million for the nine months ended September 30, 2025, from $661.9 million for the same period in 2024[148]. - Depreciation and amortization expense increased by $5.1 million to $139.1 million for the nine months ended September 30, 2025, primarily related to recently renovated hotels[150]. - General and administrative expense decreased by $6.3 million to $35.6 million for the nine months ended September 30, 2025, due to a decrease in non-cash compensation expense[152]. - Interest income decreased by $3.1 million to $10.1 million for the nine months ended September 30, 2025, attributed to lower interest rates and reduced cash holdings[154]. - Interest expense increased by $0.6 million to $83.7 million for the nine months ended September 30, 2025, compared to $83.2 million for the same period in 2024[155]. - Net loss attributable to common shareholders was $10.0 million for the three months ended September 30, 2025, compared to net income of $14.3 million in 2024[128]. - For the three months ended September 30, 2025, the net loss was $3.798 million compared to a net income of $20.643 million for the same period in 2024[161]. - The company recorded a net income of $28.0 million for the nine months ended September 30, 2025, a decrease of $34.7 million from $62.7 million in 2024[142]. - Funds From Operations (FFO) for the three months ended September 30, 2025, was $37.245 million, a decrease of 32% from $54.689 million in 2024[161]. - Adjusted FFO for the nine months ended September 30, 2025, was $160.684 million, down 16% from $191.634 million in 2024[161]. - EBITDA for the three months ended September 30, 2025, was $68.728 million, a decrease of 24% from $90.602 million in 2024[166]. Cash Flow and Investments - As of September 30, 2025, the company had $404.1 million in cash and cash equivalents, down from $433.3 million at December 31, 2024[168]. - Net cash flow provided by operating activities for the nine months ended September 30, 2025, was $180.9 million, a decrease from $214.4 million in 2024[170]. - The net cash flow used in investing activities for the nine months ended September 30, 2025, was $88.1 million, primarily due to $111.7 million in capital improvements[171]. - The net cash flow used in financing activities for the nine months ended September 30, 2025, totaled $122.1 million, mainly due to $100.0 million in repayment of the Revolver[173]. - Approximately $29.2 million was held in FF&E reserve accounts for future capital expenditures as of September 30, 2025[177]. Debt and Interest Rate Management - As of September 30, 2025, the company had approximately $1.2 billion of total variable rate debt outstanding, representing 54.1% of total indebtedness, with a weighted-average interest rate of 5.30% per annum[178]. - The total debt obligations as of September 30, 2025, amounted to $2.231 billion, with fixed rate debt totaling $1.025 billion and variable rate debt totaling $1.206 billion[180]. - The weighted-average interest rates for fixed rate debt are 3.90% and for variable rate debt are 5.30%[180]. - If market interest rates on variable rate debt increase by 1.00%, interest expense would decrease future earnings and cash flows by approximately $7.3 million annually[178]. - The estimated fair value of the company's fixed rate debt as of September 30, 2025, was $991.9 million, with a potential decrease of approximately $21.8 million if interest rates rise by 1.00%[182]. - The company has entered into derivative financial instruments such as interest rate swaps to mitigate interest rate risk, effectively locking the interest rate on a portion of its variable rate debt[179]. - 67.2% of the company's total indebtedness was fixed or effectively fixed after considering interest rate swaps[178]. - The company aims to limit the impact of interest rate fluctuations on earnings and cash flows while lowering overall borrowing costs[179]. - The company does not engage in derivative or interest rate transactions for speculative purposes[179]. - The principal repayments for variable rate debt include $406 million due in 2026, $500 million in 2027, and $300 million in 2028[180]. Asset Sales and Share Repurchase - The company sold one hotel property for a sales price of $24.3 million in 2025[117]. - The company sold one hotel property for $24.3 million during the nine months ended September 30, 2025, recording a net gain of $0.8 million[156]. - A new share repurchase program was approved to acquire up to $250.0 million of common and preferred shares from May 9, 2025, to May 8, 2026[117]. - The company refinanced a term loan to increase it to $300.0 million and extended the maturity to April 2028[117].

Sales Performance - Total sales for Q3 2025 increased by $70 million, or 9%, to $869 million compared to Q3 2024, with segment increases of $19 million in Aerospace & Industrial, $10 million in Defense Electronics, and $41 million in Naval & Power [100]. - For the nine months ended September 30, 2025, total sales rose by $255 million, or 11%, to $2,551 million, driven by increases of $33 million in Aerospace & Industrial, $68 million in Defense Electronics, and $154 million in Naval & Power [101]. - Sales for the three months ended September 30, 2025, increased by $19 million, or 8%, to $248 million compared to the prior year period [115]. - Sales in the Defense Electronics segment for the three months ended September 30, 2025, increased by $10 million, or 4%, to $253 million [124]. - Sales in the Naval & Power segment for the three months ended September 30, 2025, increased by $41 million, or 12%, to $368 million [133]. - Sales in the commercial aerospace market increased by $12 million in the third quarter, primarily due to higher demand for actuation equipment and sensors [115]. - Sales for the nine months ended September 30, 2025, increased by $191 million, or 12%, to $1,789 million, driven by higher sales across all markets [144]. - The aerospace defense market saw increased sales due to higher demand for embedded computing equipment and actuation equipment, contributing to overall growth [144]. - Sales in the commercial aerospace market benefited from higher OEM demand for sensors and surface treatment services, along with increased sales of flight data recorder technology [144]. Operating Income - Operating income for Q3 2025 increased by $21 million, or 15%, to $166 million, with an operating margin of 19.1%, up 100 basis points from the prior year [103]. - Operating income for the nine months ended September 30, 2025 rose by $78 million, or 21%, to $452 million, with an operating margin of 17.7%, an increase of 140 basis points compared to the same period in 2024 [104]. - Operating income for the third quarter rose by $8 million, or 21%, to $45 million, with an operating margin of 18.3%, an increase of 190 basis points [119]. - Operating income in the Defense Electronics segment for the third quarter increased by $10 million, or 16%, to $74 million, with an operating margin of 29.2% [128]. - Operating income during the nine months ended September 30, 2025, increased by $14 million, or 14%, to $114 million, with an operating margin of 16.0% [120]. New Orders - New orders in Q3 2025 increased by $67 million, primarily due to naval defense orders and an increase in commercial nuclear product orders in the Naval & Power segment [111]. - New orders for the nine months ended September 30, 2025 increased by $187 million, driven by naval defense orders and an increase in orders for sensors and surface treatment services in the Aerospace & Industrial segment [112]. - New orders in the Naval & Power segment for the third quarter increased by $88 million, primarily due to the timing of naval defense orders [138]. - New orders in the third quarter increased by $29 million, primarily driven by higher demand for sensors and actuation products [121]. Financial Expenses and Income - Interest expense decreased by $1 million, or 8%, to $10 million in Q3 2025, and by $2 million, or 6%, to $31 million for the nine months ended September 30, 2025, due to lower borrowings [106]. - Other income, net, decreased by $5 million, or 47%, to $5 million in Q3 2025, and by $6 million, or 21%, to $22 million for the nine months ended September 30, 2025, primarily due to lower interest income [107]. - The effective tax rate for Q3 2025 was 22.5%, slightly down from 22.6% in the prior year, while the nine-month effective tax rate decreased to 21.6% from 22.2% [108]. - Comprehensive income for Q3 2025 was $107 million, down from $141 million in the prior year, while for the nine months it increased to $405 million from $297 million [109]. Cash Flow and Investments - Operating cash inflow for the nine months ended September 30, 2025, was $290,658 thousand, an increase of $48 million from the prior year, primarily due to higher cash earnings [148]. - Net cash used for investing activities decreased by $17 million from the prior year, primarily due to the acquisition of WSC in the previous period [150]. - The corporation repurchased approximately 684,000 shares of common stock for $325 million during the nine months ended September 30, 2025, compared to 455,000 shares for $138 million in the prior year [154]. - Dividend payments increased to $17 million for the nine months ended September 30, 2025, up from $16 million in the prior year, with a quarterly dividend increase to $0.24 per share starting in Q2 2025 [156]. Debt and Compliance - As of September 30, 2025, the corporation had approximately $10 million of outstanding borrowings under the Credit Agreement and $714 million of unused credit available [153]. - The corporation's average debt outstanding was $982 million for the three months ended September 30, 2025, down from $1.0 billion in the prior year [152]. - The corporation was in compliance with all debt agreements and had the ability to borrow an additional $2.7 billion without violating its debt to capitalization covenant [157][158].

Financial Performance - Net interest income increased to $14,569 thousand for the three months ended September 30, 2025, compared to $14,020 thousand for the same period in 2024, reflecting a growth of about 3.9%[13] - The net income for the three months ended September 30, 2025, was $802 thousand, a recovery from a net loss of $1,980 thousand in the same period of 2024[13] - Basic earnings per share improved to $0.09 for the three months ended September 30, 2025, compared to a loss of $0.23 per share in the same period of 2024[13] - Comprehensive income for the three months ended September 30, 2025, was $4,571 thousand, compared to $3,193 thousand for the same period in 2024, reflecting an increase of approximately 43.1%[15] - The company recorded a net loss of $4.6 million for the nine months ended September 30, 2025, compared to a net loss of $3.8 million for the same period in 2024[193] - Net interest income increased by $426,000 to $42.6 million for the nine months ended September 30, 2025, from $42.2 million for the same period in 2024[194] - Total interest income decreased by $3.3 million, or 3.9%, to $80.9 million for the nine months ended September 30, 2025, primarily due to lower yields on interest-earning assets[198] Asset and Liability Management - Total assets decreased to $2,111,373 thousand as of September 30, 2025, down from $2,232,006 thousand at December 31, 2024, representing a decline of approximately 5.4%[11] - Total liabilities decreased to $1,956,845 thousand as of September 30, 2025, down from $2,078,124 thousand at December 31, 2024, a reduction of approximately 5.8%[11] - Shareholders' equity increased slightly to $154,528 thousand as of September 30, 2025, compared to $153,882 thousand at December 31, 2024[11] - Cash and cash equivalents at the end of the period were $79,289 thousand, a decrease from $82,722 thousand in the previous year[23] - Total deposits as of September 30, 2025, amounted to $1,653.3 million, a decrease of 2.1% from $1,688.0 million on December 31, 2024[73] Credit Quality and Losses - The provision for credit losses showed a recapture of $673 thousand for the three months ended September 30, 2025, compared to a provision of $3,134 thousand in the same period of 2024, indicating a significant improvement in credit quality[13] - The allowance for credit losses on loans was $16,203,000 as of September 30, 2025, compared to $20,449,000 as of December 31, 2024[46] - Nonperforming loans decreased by $17.1 million, or 56.2%, to $13.4 million at September 30, 2025, compared to $30.5 million at December 31, 2024[172] - The company reported a total of $2,125 thousand in gross charge-offs for the year, with $8,172 thousand in the prior year[54] - The provision for credit losses on loans was $6.9 million for the nine months ended September 30, 2025, compared to $13.0 million for the same period in 2024[202] Noninterest Income and Expenses - Noninterest income totaled $2,002 thousand for the three months ended September 30, 2025, compared to $1,779 thousand for the same period in 2024, marking an increase of approximately 12.5%[13] - Total noninterest expense rose to $17,390 thousand for the three months ended September 30, 2025, compared to $15,848 thousand in the same period of 2024, an increase of about 9.7%[13] - Noninterest income decreased by $3.4 million, or 29.7%, to $8.0 million for the nine months ended September 30, 2025, from $11.3 million for the same period in 2024[202] - Noninterest expense increased by $4.4 million, or 9.6%, to $50.2 million for the nine months ended September 30, 2025, compared to $45.8 million for the same period in 2024[204] Investment and Securities - The total securities available for sale amounted to $282,608 thousand as of September 30, 2025, with gross unrealized losses of $(28,604) thousand[37] - The total investment securities as of September 30, 2025, had an amortized cost of $310,545,000 and an estimated fair value of $282,608,000[42] - The company reported a balance of $1,607,825,000 in net loans receivable as of September 30, 2025, with an estimated fair value of $1,493,529,000[119] - The company’s total financial assets available for sale were valued at $282,608,000 as of September 30, 2025[119] Regulatory and Compliance - The effective tax rate for the nine months ended September 30, 2025, was 28.0%, compared to 25.5% for the same period in 2024[87] - The FDIC proposed a rule to adjust regulatory thresholds, increasing the total asset size threshold from $1 billion to $5 billion for certain requirements[158] - The Company received a "satisfactory" rating in its most recent performance evaluation under the CRA framework prior to the October 2023 final rule[155] Strategic Initiatives - First Fed Bank has increased its origination of commercial real estate and multi-family real estate loans to diversify its portfolio and increase interest income[149] - The Company is focused on developing user-friendly digital applications to attract new customers and enhance service delivery[146]

Financial Performance - For Q3 2025, the company reported a net income of $1,670,000, a $3,506,000 increase from a net loss of $1,836,000 in Q3 2024, driven by higher farming revenues of $1,093,000 and lower farming expenses of $890,000 [120]. - For the nine months ended September 30, 2025, the company had a net loss of $1,506,000, an improvement of $287,000 compared to a net loss of $1,793,000 in the same period in 2024, primarily due to a $595,000 gross margin recognition from a land sale [121]. - Net income for the three months ended September 30, 2025, was $1,671,000, compared to a net loss of $(1,836,000) in the same period of 2024 [205]. - Adjusted EBITDA for the nine months ended September 30, 2025, increased to $13,863,000, up from $12,915,000 in 2024, reflecting a year-over-year growth of 7.3% [205]. Revenue Streams - The farming segment's revenues increased by $1,169,000 from almond sales and $1,147,000 from wine grape sales during the nine months ended September 30, 2025 [121]. - Farming segment revenues totaled $6,498,000 for the first nine months of 2025, an increase of $2,249,000, or 53%, from $4,249,000 during the same period in 2024, driven by higher almond and wine grape sales [149]. - The mineral resources segment generates revenues from oil and gas royalty leases, rock and aggregate mining leases, and water sales, contributing to the company's diverse revenue streams [118]. - Mineral resources segment revenues were $7,277,000 for the first nine months of 2025, a decrease of $410,000, or 5%, from $7,687,000 for the same period in 2024, primarily due to lower oil and gas production levels and cement sales [143]. Development Projects - The company is actively working on the Centennial project, which encompasses 12,323 acres and is expected to include approximately 19,333 homes and 10.1 million square feet of commercial development upon completion [117]. - The company’s master planned communities include up to 35,278 housing units and over 35 million square feet of commercial space, with two communities already entitled and successfully defended in litigation [108]. - The TRCC development has generated over $110 million in cumulative cash flow since 2000 and includes over 8 million square feet of industrial, commercial, and retail space under development [115]. - The company is preparing supplemental environmental documentation for the Centennial project to address legal challenges and enhance regional housing and economic development [110]. Expenses and Costs - Corporate general and administrative costs were $2,868,000 for the three months ended September 30, 2025, a decrease of $77,000 from $2,945,000 for the same period in 2024 [157]. - Resort/residential real estate development segment expenses decreased by $1,308,000, or 56%, to $1,008,000 for the nine months ended September 30, 2025, from $2,316,000 in the prior year [139]. - The total mineral resources expenses were $4,996,000 for the first nine months of 2025, a decrease of $47,000, or 1%, compared to $5,043,000 during the same period in 2024 [144]. - The total ranch operations expenses were $3,784,000 for the first nine months of 2025, an increase of $73,000, or 2%, from $3,711,000 for the same period in 2024 [156]. Joint Ventures and Partnerships - The company is involved in multiple joint ventures, including a partnership with TravelCenters of America for travel and truck stop facilities within TRCC [117]. - Equity in earnings fell by $1,343,000, or 18%, to $6,268,000 for the nine months ended September 30, 2025, from $7,611,000 in 2024, largely due to a decrease in earnings from the TA/Petro joint venture [163]. - Earnings of unconsolidated joint ventures for the three months ended September 30, 2025, were $4,465,000, down from $5,729,000 in 2024, representing a decline of 22.1% [208]. Liquidity and Capitalization - Cash, cash equivalents, and marketable securities totaled approximately $21,044,000 as of September 30, 2025, a decrease of $32,664,000 from $53,708,000 as of December 31, 2024 [170]. - The company had a strong liquidity position with $21,044,000 in cash and securities and $68,058,000 available on the revolving line of credit as of September 30, 2025 [195]. - As of September 30, 2025, total capitalization at book value was $580,532,000, with a debt-to-total-capitalization ratio of approximately 15.8% [184]. - The company entered into a Revolving Credit Facility providing a revolving credit line of $160,000,000 and a letter of credit sub-facility of $15,000,000 [185]. Future Outlook and Strategies - The company plans to continue focusing its marketing strategy on the strategic advantages of TRCC, including access to markets of over 40 million people for next-day delivery service [129]. - The company expects to explore funding opportunities for future development projects through joint ventures, debt financing, or issuance of additional common stock [141]. - The company expects its water assets to become increasingly important due to anticipated regulatory changes related to groundwater management in California [144]. - The company may need to secure additional funding through equity issuance or other financing methods as it moves into the development stage of its projects [182].

Financial Position - As of September 30, 2025, the company had consolidated assets of $27.3 billion, deposits of $22.6 billion, net loans held for investment of $15.6 billion, and total stockholders' equity of $3.4 billion[137]. - Total assets decreased to $27,292.4 million as of September 30, 2025, compared to $29,946.9 million as of September 30, 2024[166]. - Total liabilities decreased by $1,949.2 million, or 7.5%, to $23,884.2 million as of September 30, 2025, from $25,833.4 million as of December 31, 2024[221]. - Stockholders' equity increased by $144.7 million, or 4.4%, to $3,448.7 million as of September 30, 2025, from $3,304.0 million as of December 31, 2024[227]. - Total cash and cash equivalents increased to $1,449.2 million as of September 30, 2025, compared to $896.6 million as of December 31, 2024[233]. Interest Income and Margin - The company's quarterly yield on interest-earning assets decreased to 4.73% as of September 30, 2025, down from 4.76% as of June 30, 2025, and from 4.83% as of September 30, 2024[153]. - The net interest margin increased to 3.34% during the three months ended September 30, 2025, from 3.30% during the three months ended June 30, 2025, and from 3.01% for the three months ended September 30, 2024[154]. - Net interest income, the largest source of operating income, was $206.8 million for the three months ended September 30, 2025, compared to $205.5 million for the same period in 2024, reflecting a $1.3 million increase[166]. - The net interest margin ratio increased by 33 basis points to 3.34% for the three months ended September 30, 2025, compared to 3.01% for the same period in 2024[168]. - The cost of funds decreased to 1.45% during the three months ended September 30, 2025, from 1.50% during the three months ended June 30, 2025, and from 1.86% during the three months ended September 30, 2024[154]. Credit Quality - Criticized assets improved in the third quarter of 2025 compared to the second quarter, indicating a positive trend in credit quality[156]. - The provision for credit losses decreased by $19.8 million during the three months ended September 30, 2025, contributing to the increase in net income[162]. - Non-performing loans as a percentage of loans held for investment increased to 1.15% as of September 30, 2025, from 0.78% as of December 31, 2024[208]. - The allowance for credit losses was $205.8 million, or 1.30% of loans held for investment, as of September 30, 2025, up from $204.1 million, or 1.14%, as of December 31, 2024[217]. - The company expects future provisions for credit losses to be subject to ongoing evaluations of risks in the loan portfolio, particularly if economic conditions decline[219]. Operational Efficiency - On October 10, 2025, the company completed the sale of twelve branches, including approximately $645 million in deposits and loans with outstanding balances of $305 million[143]. - The company plans to close four additional branches in Nebraska in the first quarter of 2026 to enhance operational efficiency[149]. - The company discontinued accepting applications for indirect loans in Q1 2025, leading to a continued amortization of $66.8 million in the indirect portfolio during Q3 2025[203]. Income and Expenses - Net income increased by $15.9 million to $71.4 million, or $0.69 per diluted share, for the three months ended September 30, 2025, compared to $55.5 million, or $0.54 per diluted share, for the same period in 2024[162]. - Total noninterest income decreased by $2.7 million, or 5.8%, to $43.7 million for the three months ended September 30, 2025, compared to $46.4 million for the same period in 2024[182]. - Total noninterest expense decreased by $1.5 million, or 0.9%, to $157.9 million for the three months ended September 30, 2025, compared to $159.4 million for the same period in 2024[186]. - Salaries and wages expense decreased by $4.7 million, or 6.6%, to $66.2 million for the three months ended September 30, 2025, compared to $70.9 million for the same period in 2024[187]. Market Conditions - The company expects continued volatility in economic markets, which may include recessionary signs due to uncertain U.S. policies[155]. - The company continues to monitor external factors that may impact financial performance, including economic conditions and credit quality[158]. Liquidity and Capital Management - The Company had an available borrowing capacity of $5,057.3 million with the FHLB as of September 30, 2025[234]. - Total available liquidity increased to $9.3 billion as of September 30, 2025, compared to $7.1 billion as of December 31, 2024[239]. - The company adopted a new stock repurchase program to repurchase up to $150.0 million worth of its common stock by March 31, 2027[228]. - During the three and nine months ended September 30, 2025, the company repurchased 842,903 shares of common stock at a total cost of $27.5 million[229].

Financial Performance - Net interest income for the three months ended September 30, 2025, was $8,371 thousand, a decrease of 19.9% compared to $10,459 thousand for the same period in 2024[14] - Total revenues for the nine months ended September 30, 2025, were $59,912 thousand, down 3.5% from $62,057 thousand for the same period in 2024[14] - Net income for the three months ended September 30, 2025, was $18,047 thousand, an increase of 124.5% compared to $8,054 thousand for the same period in 2024[15] - Net income allocable to common shares for the three months ended September 30, 2025, was $9,782 thousand, compared to $2,824 thousand for the same period in 2024, reflecting a significant increase[14] - The company reported a net income per common share (basic) of $1.38 for the three months ended September 30, 2025, compared to $0.37 for the same period in 2024[14] - Net income for the nine months ended September 30, 2025, was $21,641 million, an increase of 11.7% compared to $19,375 million in 2024[23] Assets and Liabilities - Total assets decreased to $1,688,647 thousand as of September 30, 2025, down from $1,881,467 thousand at December 31, 2024, representing a decline of approximately 10.3%[9] - Total liabilities decreased to $1,254,146 thousand as of September 30, 2025, down from $1,431,805 thousand at December 31, 2024, indicating a reduction of approximately 12.4%[9] - The allowance for credit losses decreased to $26,390 thousand as of September 30, 2025, from $32,847 thousand at December 31, 2024, a reduction of about 19.7%[9] - The company’s cash and cash equivalents decreased to $40,925 thousand as of September 30, 2025, from $56,713 thousand at December 31, 2024, a decline of approximately 28.0%[9] Investments and Financing - The company sold its interest in the FSU Student Venture for $106.8 million, resulting in a gain on the sale of investment in real estate[51] - The Company has a maximum exposure to loss of $28.719 million from its unconsolidated entities as of September 30, 2025[67] - The Company reported a total outstanding borrowing of $1,193,801,000 as of September 30, 2025, with a weighted average borrowing rate of 6.17% and a remaining maturity of 3.8 years[122] - The CRE term reinvestment financing facility has an outstanding principal of $795,215,000, with a collateral value of $1,084,626,000 and a weighted average interest rate of 5.90%[122] - The Company has secured borrowings totaling $1,441,290,000 as of September 30, 2025, which are guaranteed by the Company or its subsidiaries[128] Stock and Dividends - The Company repurchased $12.3 million of its common stock during the nine months ended September 30, 2025, representing 644,843 shares, compared to $5.3 million and 424,243 shares in the same period of 2024[162] - The Company anticipates distributing substantially all of its taxable income to stockholders to avoid corporate federal income taxes on retained income[175] - The Series C Preferred Stock will pay cumulative distributions at a floating rate equal to three-month Term SOFR plus a spread of 5.927% per annum effective July 30, 2024[158] Credit Risk and Loan Portfolio - The aging analysis revealed that as of September 30, 2025, total loans greater than 90 days past due amounted to $106.8 million, with whole loans accounting for $102.1 million of this total[94] - At September 30, 2025, the company had four CRE whole loans in payment default, with a total amortized cost of $102.1 million[96] - The credit risk profile of whole loans showed that Rating 1 loans amounted to $28.1 million, while Rating 2 loans totaled $444.8 million, indicating a significant concentration in lower-rated loans[88] Real Estate and Properties - The Company held investments in seven real estate properties as of September 30, 2025, with three included in investments in real estate and four in properties held for sale[102] - Total net investments in real estate and properties held for sale amounted to $155.4 million as of September 30, 2025, compared to $188.8 million at December 31, 2024[105] - The Company has properties held for sale valued at $108.7 million as of September 30, 2025, down from $201.1 million at December 31, 2024[105] Management and Fees - The Manager earned base management fees of $1.6 million for the three months ended September 30, 2025, and $4.8 million for the nine months ended September 30, 2025, compared to $1.6 million and $4.9 million for the same periods in 2024[181] - The Company reimbursed the Manager $1.1 million and $3.4 million for the three and nine months ended September 30, 2025, respectively, compared to $1.1 million and $3.7 million for the same periods in 2024[185]

Exhibit 99.1 Kentucky First Federal Bancorp Hazard, Kentucky, Frankfort, Kentucky, Danville, Kentucky and Lancaster, Kentucky For Immediate Release November 6, 2025 Contact: Don D. Jennings, President, or Tyler Eades, Vice President (502) 223-1638 216 West Main Street P.O. Box 535 Frankfort, KY 40602 Kentucky First Federal Bancorp Releases Earnings Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the "Company") for First Federal Savings and Loan Association of Hazard and First Federal Sav ...

Financial Performance - DXP reported third quarter 2025 sales of $513.7 million, an 8.6% increase compared to $472.9 million in Q3 2024[6] - Adjusted EBITDA for the third quarter was $56.5 million, up from $52.4 million in the same quarter last year, representing an Adjusted EBITDA margin of 11.0%[6] - Net income for the third quarter increased 2.5% to $21.6 million, compared to $21.1 million in Q3 2024[6] - Diluted earnings per share for the third quarter was $1.31, based on 16.5 million diluted shares, compared to $1.27 in Q3 2024[6] - Operating income for Q3 2025 was $75.0 million, up 7.3% from $69.9 million in Q3 2024[19] - Adjusted net income for Q3 2025 was $22.2 million, slightly down from $23.7 million in Q3 2024[28] - EBITDA for Q3 2025 was $54.3 million, compared to $48.2 million in Q3 2024, marking a 12.5% increase[23] - The company reported an EBITDA margin of 10.6% for Q3 2025, compared to 10.2% in Q3 2024[23] Cash Flow and Liquidity - Cash flow from operating activities rose 23.1% to $34.9 million, compared to $28.3 million in Q3 2024[6] - Free Cash Flow increased 15.4% to $28.1 million for the third quarter, compared to $24.4 million in Q3 2024[6] - Free cash flow for Q3 2025 was $28.1 million, an increase from $24.4 million in Q3 2024[27] Revenue Breakdown - Revenue from Service Centers was $350.2 million, a 10.5% year-over-year increase, with a 14.7% operating income margin[6] - Revenue from Innovative Pumping Solutions was $100.6 million, an 11.9% year-over-year increase, with an 18.3% operating income margin[6] - Organic sales for Q3 2025 totaled $495.3 million, a 11.5% increase from $444.4 million in Q3 2024[26] Balance Sheet - Total debt outstanding as of September 30, 2025, was $644.0 million, with a secured leverage ratio of 2.31:1.0[4] - Total assets as of September 30, 2025, were $1.444 billion, up from $1.349 billion at the end of 2024[17] - Total liabilities increased to $956.1 million from $926.7 million at the end of 2024[17] Acquisitions - DXP completed three acquisitions through Q3 2025 and two additional acquisitions in Q4 2025[5]