Financial Performance - Net earnings for the year ended December 31, 2025, totaled $18.8 million, a 44.4% increase from $13.0 million in 2024[3] - Diluted earnings per share for the fourth quarter of 2025 were $0.77, compared to $0.81 in the previous quarter and $0.54 in the same quarter of the prior year[2] - Basic net earnings per share for the year ended December 31, 2025, were $3.09, compared to $2.15 for the year ended December 31, 2024[25] - The net earnings for the year ended December 31, 2025, were $18,775,000, a significant increase from $13,003,000 in 2024, representing a 44.1% growth[25] Revenue and Income - Total revenue for the fourth quarter increased to $18.7 million, a 2.9% increase over the prior quarter[7] - Total interest income for the three months ended December 31, 2025, was $20,837,000, an increase of 9.9% compared to $18,952,000 for the same period in 2024[25] - Net interest income for the fourth quarter was $14.8 million, a 4.9% increase from the previous quarter and a 19.3% increase from the same quarter of the prior year[10] - Net interest income increased to $14,789 thousand from $14,094 thousand, reflecting a growth of 4.9%[31] - Non-interest income totaled $3,899,000 for the three months ended December 31, 2025, compared to $3,371,000 in the same period of 2024, reflecting a 15.6% increase[25] - Adjusted non-interest income decreased slightly to $3,983 thousand from $4,013 thousand, a decline of 0.7%[31] Loans and Deposits - Average loans grew by $112.3 million, or 11.5%, for the year ended December 31, 2025, primarily due to strong growth in commercial real estate and residential mortgages[7] - Total year-end deposits increased by $60.1 million, or 4.5%, with a loan to deposit ratio of 79.1%[7] - Total deposits increased to $1,388,854 thousand in December 2025, up from $1,325,500 thousand in September 2025, reflecting a growth of about 4.8%[23] - Total deposits increased to $1,356,125,000 as of December 31, 2025, from $1,314,338,000 as of December 31, 2024, marking a growth of 3.2%[27] Asset and Equity - Stockholders' equity increased to $160.6 million, with a book value of $26.44 per share as of December 31, 2025[17] - The total stockholders' equity rose to $160,631 thousand in December 2025, up from $155,727 thousand in September 2025, indicating an increase of about 3.0%[23] - Tangible book value per share increased to $20.79 from $19.96, a rise of 4.1%[31] - The total assets decreased to $1,606,642 thousand as of December 31, 2025, from $1,617,075 thousand in September 2025, representing a decline of approximately 0.9%[23] Efficiency and Performance Ratios - The efficiency ratio improved to 62.7% for the year ended December 31, 2025, compared to 69.1% for 2024[7] - The efficiency ratio improved to 62.8% for the three months ended December 31, 2025, compared to 70.0% in the same period of 2024[27] - Efficiency ratio improved to 62.8% from 61.2%, indicating better cost management[31] - Return on average assets was 1.17% for the three months ended December 31, 2025, compared to 0.83% for the same period in 2024[27] - Return on average equity was 11.88% for the three months ended December 31, 2025, up from 9.54% in the same period of 2024[27] Credit Quality - Non-performing loans totaled $10.0 million, or 0.90% of gross loans, as of December 31, 2025[19] - Total non-performing loans to gross loans outstanding remained stable at 0.90%, compared to 0.89% in the previous quarter[28] - The allowance for credit losses stood at $12,458 thousand as of December 31, 2025, compared to $12,299 thousand in September 2025, indicating a slight increase in provisions[23] - The allowance for credit losses for loans was $12,458,000 as of December 31, 2025, compared to $12,825,000 as of December 31, 2024, indicating a slight decrease in provisions[27] - Loans 30-89 days delinquent decreased to $4,274 thousand from $4,853 thousand, a reduction of 11.8%[28] - Net loan charge-offs to average loans decreased to 0.12% from 0.83%, showing improved loan performance[28] Dividends - The Board of Directors declared a cash dividend of $0.21 per share, payable on February 26, 2026[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): January 28, 2026 Expion360 Inc. (Exact name of registrant as specified in its charter) | Nevada | 001-41347 | 81-2701049 | | --- | --- | --- | | (State or other jurisdiction of | (Commission | (I.R.S. Employer | | incorporation or organization) | File Number) | Identification No.) | [ ] Pre-com ...

Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 and increased 10% compared ...

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 ...

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 ...

Exhibit 99.1 PRESS RELEASE Merchants Bancorp Reports Fourth Quarter 2025 Results For Release January 28, 2026 · The Company reported another sequential quarter of higher net income and improved asset quality, reinforcing a positive trajectory for 2026. · Total assets ended the year at $19.4 billion, slightly higher than September 30, 2025, and up $643.2 million, or 3%, compared to December 31, 2024 - setting a new Company milestone. · Tangible book value per common share reached a new record-high of $37.51 ...

Financial Performance - Net income for Q4 2025 was $4.830 million, a decrease from $5.192 million in Q3 2025, while net income for the year was $19.205 million, up 37.6% from $13.955 million in 2024[2][4] - Diluted EPS for Q4 2025 was $0.62, down from $0.67 in Q3 2025, and for the year, it was $2.47, an increase of 36.5% from $1.81 in 2024[3][4] - Net income for the three months ended December 31, 2025, was $4,830,000, a 14.1% increase from $4,232,000 in the same period of 2024[24] - The company reported net income excluding the after-tax effect of merger expenses (non-GAAP) of $5,357 million for December 2025, compared to $4,232 million in December 2024, a growth of 26.5%[27] Loan and Deposit Growth - Total loan growth for 2025 was $90.5 million, or 7.4%, with Q4 growth of $31.7 million, an annualized growth rate of 9.8%[2][8] - Total deposits increased by $73.6 million, or 4.4%, for the year, but decreased by $21.6 million, or 1.2%, in Q4 2025[2][9] - Average loans rose to $1,302,826 thousand in Q4 2025, up from $1,211,880 thousand in Q4 2024, marking an increase of 7.5%[23] Asset Management - Assets under management (AUM) in the investment advisory line reached a record $1.170 billion at year-end 2025, up from $1.103 billion at Q3 2025[2] - Total revenue in the investment advisory line for 2025 was $7.565 million, up from $6.181 million in 2024, with AUM ending at $1.170 billion[14] - The book value per common share increased to $21.78 as of December 31, 2025, from $21.01 at September 30, 2025[22] Income and Expenses - Net interest income for 2025 increased by 19.2% to $62.0 million compared to $52.0 million in 2024[11] - Total non-interest expense for Q4 2025 was $13.827 million, an increase of $153 thousand from Q3 2025[15] - Non-interest income totaled $4,288,000 for the three months ended December 31, 2025, compared to $3,608,000 in the same period of 2024, reflecting an increase of 18.8%[24] Capital Ratios and Equity - The bank's regulatory capital ratios exceeded well-capitalized minimum levels, with a Tier I Risk Based ratio of 13.11% as of December 31, 2025[5] - Shareholders' equity increased to $164,514 thousand as of December 31, 2025, from $143,726 thousand in the previous year, a growth of 14.4%[25] - The Tier 1 Capital Ratio was 13.11% as of December 31, 2025, compared to 13.10% at September 30, 2025[22] Efficiency and Profitability Metrics - The efficiency ratio improved to 64.51% for the three months ended December 31, 2025, down from 66.67% in the same period of 2024, indicating better cost management[24] - Return on average assets increased to 0.92% for the three months ended December 31, 2025, compared to 0.86% in the same period of 2024[24] - Return on average common equity was 11.65% for the three months ended December 31, 2025, slightly down from 11.71% in the same period of 2024[24] Acquisitions - The company completed the acquisition of Signature Bank of Georgia on January 8, 2026[2] - First Community Corporation completed the acquisition of Signature Bank of Georgia on January 8, 2026, which reported $197.8 million in loans and $235.3 million in deposits as of December 31, 2025[16] Non-Performing Assets - Total nonperforming assets decreased to $372 thousand in Q4 2025 from $881 thousand in Q4 2024, a reduction of 57.8%[23] - Net charge-offs for the twelve months ended December 31, 2025, were $52 thousand, down from $65 thousand in the previous year, indicating a decline of 20.0%[23]

Financial Performance - Net income for Q4 2025 was $15.9 million, or $0.48 per diluted share, up from $14.3 million in Q3 2025 and $13.3 million in Q4 2024[3]. - Full-year net income for 2025 increased to $59.5 million from $43.9 million in 2024, driven by higher net interest income and lower cost of deposits[6]. - Net income for Q4 2025 reached $15,887,000, an increase of 10.7% from Q3 2025's $14,348,000[58]. - Year-to-date net income for 2025 was $59,506,000, compared to $43,889,000 in 2024, reflecting a growth of 35.5%[58]. - Adjusted net income for Q4 2025, excluding amortization of intangible assets, was $17,416,000, up from $15,889,000 in Q3 2025[58]. Asset and Equity Growth - Total assets reached $6.26 billion at December 31, 2025, a 0.5% increase from $6.23 billion at the end of 2024, primarily due to loan portfolio growth[7]. - Total stockholders' equity increased by $48.8 million, or 9.0%, compared to December 31, 2024, with a total equity to total assets ratio of 9.42%[18]. - Total stockholders' equity increased to $589,873 thousand in Q4 2025 from $541,066 thousand in Q4 2024, representing a growth of 9.0% year-over-year[61]. - Book value per common share increased to $17.65 in Q4 2025, compared to $16.23 in Q4 2024, marking an increase of 8.7%[61]. Interest Income and Margin - Net interest income for Q4 2025 was $50.4 million, up from $48.7 million in Q3 2025 and $44.0 million in Q4 2024, marking a year-over-year increase of 14.5%[19]. - The Company's net interest margin (NIM) increased to 3.43% in Q4 2025 from 3.03% in Q4 2024, reflecting improved core interest income[20]. - For the full year 2025, net interest income was $192.4 million, a 12.8% increase from $170.6 million in 2024[25]. - The Company's NIM for the full year 2025 was 3.36%, up from 3.10% in 2024, driven by increased interest-earning asset balances[26]. Noninterest Income and Expenses - Total noninterest income for Q4 2025 was $8.7 million, an increase of $1.0 million from Q3 2025 but a decrease of $186 thousand from Q4 2024[22]. - Total noninterest expense for Q4 2025 was $35.5 million, an increase of $1.1 million from Q3 2025 and an increase of $1.6 million from Q4 2024[23]. - Noninterest income for Q4 2025 was $8,667 thousand, reflecting a 12.5% increase from Q3 2025 but a slight decrease of 2.1% from Q4 2024[37]. Credit Quality and Losses - Nonperforming assets were 0.69% of total assets as of December 31, 2025, up from 0.45% at September 30, 2025[14]. - The allowance for credit losses (ACL) was $58.8 million at December 31, 2025, with ACL as a percentage of loans decreasing to 1.20%[6]. - Net charge-offs for the year ended December 31, 2025, were $6.6 million, compared to $4.1 million in 2024, reflecting a year-over-year increase of 60.98%[27]. - The provision for credit losses was $2.8 million in Q4 2025, down from $3.0 million in Q3 2025 but up from $780 thousand in Q4 2024, indicating a year-over-year increase of 258.97%[21]. Efficiency and Ratios - The efficiency ratio improved to 60.06% in Q4 2025 from 61.00% in Q3 2025, indicating better operating leverage[6]. - The efficiency ratio for Q4 2025 improved to 60.06% from 64.21% in Q4 2024, indicating enhanced operational efficiency[24]. - Return on Average Assets (ROAA) for Q4 2025 was 1.02%, compared to 0.95% in Q3 2025 and 0.86% in Q4 2024[6]. - Return on average tangible common equity (non-GAAP) for Q4 2025 was 14.10%, compared to 13.27% in Q3 2025[58]. Loan and Deposit Trends - Total deposits increased by $5.7 million to $5.53 billion at December 31, 2025, with core deposits rising by 3.8%[15]. - Loans outstanding reached $4,909,619 in Q4 2025, a 0.5% increase from Q3 2025 and a 2.4% increase year-over-year[39]. - Total loans amounted to $4,900,302 thousand in Q4 2025, an increase from $4,771,988 thousand in Q4 2024, reflecting a growth of 2.7%[68].

Financial Performance - Net income on a GAAP basis was $38.5 billion, reflecting a 60% increase year-over-year, while non-GAAP net income was $30.9 billion, up 23% [3] - Diluted earnings per share on a GAAP basis was $5.16, a 60% increase, and $4.14 on a non-GAAP basis, up 24% [3] - Total revenue for Q2 2025 reached $81.273 billion, a 16.8% increase from $69.632 billion in Q2 2024 [25] - Net income for Q2 2025 was $38.458 billion, up 59.7% from $24.108 billion in Q2 2024 [27] - Earnings per share (EPS) for Q2 2025 increased to $5.18, compared to $3.24 in Q2 2024, representing a 60.2% growth [25] - Operating income for the first half of 2025 was $76.236 billion, a 22.6% increase from $62.205 billion in the same period of 2024 [25] Revenue Growth - Microsoft Cloud revenue reached $51.5 billion, a 26% increase year-over-year (24% in constant currency) [3] - Revenue in the Intelligent Cloud segment was $32.9 billion, a 29% increase (28% in constant currency) [5] - Azure and other cloud services revenue increased by 39% (38% in constant currency) [5] - Microsoft 365 Commercial cloud revenue grew by 17% (14% in constant currency) and Consumer cloud revenue increased by 29% (27% in constant currency) [4] - The Productivity and Business Processes segment generated $34.116 billion in revenue for Q2 2025, a 15.7% increase from $29.437 billion in Q2 2024 [33] - The Intelligent Cloud segment reported revenue of $32.907 billion for Q2 2025, up 28.9% from $25.544 billion in Q2 2024 [33] - The More Personal Computing segment's revenue for Q2 2025 was $14.250 billion, a slight decrease from $14.651 billion in Q2 2024 [33] Shareholder Returns - Microsoft returned $12.7 billion to shareholders through dividends and share repurchases, a 32% increase compared to the previous year [5] Investments and Future Outlook - Investments in OpenAI impacted net income by $7.6 billion and diluted earnings per share by $1.02 in the second quarter of fiscal year 2026 [10] - The company anticipates continued growth driven by cloud and AI services, with a focus on innovation and product enhancements [6] Assets and Cash Position - Cash and cash equivalents at the end of Q2 2025 were $24.296 billion, down from $30.242 billion at the end of Q1 2025 [31] - Total assets increased to $665.302 billion as of December 31, 2025, compared to $619.003 billion as of June 30, 2025 [29] Performance Obligations - Commercial remaining performance obligation surged 110% to $625 billion [3] Research and Development - Research and development expenses for Q2 2025 were $8.504 billion, up from $7.917 billion in Q2 2024, indicating a 7.4% increase [25]

Revenue Performance - Fourth quarter 2025 revenue was $59.89 billion, a 24% increase year-over-year, while full year revenue reached $200.97 billion, up 22% from 2024 [2]. - Total revenue for 2025 reached $200.966 billion, a 22% increase from $164.501 billion in 2024 [34]. - Advertising revenue for Q4 2025 was $58.137 billion, up 24% from $46.783 billion in Q4 2024 [34]. - Family of Apps segment revenue for Q4 2025 was $58.938 billion, a 24% increase from $47.302 billion in Q4 2024 [32]. Costs and Expenses - Total costs and expenses for Q4 2025 were $35.15 billion, a 40% increase year-over-year, and for the full year, they amounted to $117.69 billion, a 24% increase [5]. - Full year 2026 total expenses are projected to be in the range of $162 billion to $169 billion [7]. Net Income - Net income for Q4 2025 was $22.77 billion, a 9% increase from $20.84 billion in Q4 2024, while full year net income was $60.46 billion, down 3% from $62.36 billion in 2024 [2]. - Net income for Q4 2025 was $22.768 billion, compared to $20.838 billion in Q4 2024, reflecting a 9.3% increase [29]. Cash Flow and Capital Expenditures - Free cash flow for 2025 was $43.585 billion, down from $52.103 billion in 2024 [34]. - Capital expenditures for 2026 are anticipated to be between $115 billion and $135 billion, driven by investments in Meta Superintelligence Labs [8]. Assets and Liabilities - Total assets increased to $366.021 billion in 2025, up from $276.054 billion in 2024, representing a 32.6% growth [27]. - Total liabilities increased to $148.778 billion in 2025, up from $93.417 billion in 2024, marking a 59.5% rise [27]. - Long-term debt stood at $58.74 billion as of December 31, 2025 [5]. User Engagement - Family daily active people (DAP) averaged 3.58 billion in December 2025, representing a 7% year-over-year increase [5]. - Ad impressions across the Family of Apps increased by 18% in Q4 2025 and 12% for the full year [5]. - The average price per ad rose by 6% in Q4 2025 and 9% for the full year [5]. Future Projections - The company expects Q1 2026 total revenue to be between $53.5 billion and $56.5 billion, with a 4% foreign currency tailwind [6].