Financial Performance - Fourth quarter 2025 net income was $7.7 million, or $1.61 per share, compared to $7.8 million, or $1.62 per share in Q3 2025, and $5.9 million, or $1.24 per share in Q4 2024[1]. - Annual net income for 2025 was $15.1 million, or $3.14 per share, including a $17.5 million loss on the sale of securities, down from $23.7 million, or $4.96 per share in 2024[1]. - Net income for the quarter was $7,741 million, an increase of 30.9% compared to $5,914 million in the previous year[74]. - The total net income for the year reached $27,878 million, compared to $23,671 million in the previous year, representing an increase of 17.5%[102]. Interest Income and Expenses - Net interest income for 2025 totaled $87.2 million, an increase of $13.1 million, or 17.7%, driven by a decrease of $8.3 million in interest expense on deposits[6]. - Interest income for the quarter was $34,219 million, compared to $33,884 million in the previous quarter[74]. - Interest income on interest-earning deposits decreased by $35.2 million due to a reduction in average balances and a 36 basis point decrease in average yield[25]. - Total interest expense decreased to $10,375 million from $11,196 million in the previous quarter[74]. Loans and Credit Quality - Total loans grew by $198.1 million, or 9.6% in 2025, with commercial loans increasing by $217.4 million, or 14.3%[10]. - Provision for credit losses for 2025 was $4.4 million, compared to a credit of $46 thousand in 2024, reflecting an increase of $4.5 million[14]. - Non-performing loans decreased to $7.9 million, or 0.35% of total loans, as of December 31, 2025, down from $9.0 million, or 0.43% a year earlier[45]. - The allowance for credit losses on loans increased to $24.2 million as of December 31, 2025, compared to $21.4 million a year earlier[47]. Non-Interest Income and Expenses - Non-interest income for 2025 was $7.9 million, a decrease of $15.3 million, or 65.9%, primarily due to a $17.5 million loss on sales of available for sale securities[15]. - Non-interest income for Q4 2025 totaled $6.7 million, a 9.8% increase from $6.1 million in the prior quarter, primarily due to increases in other non-interest income and wealth management fees[28]. - Non-interest expense for 2025 was $70.7 million, an increase of $3.4 million, or 5.1%, driven by higher salaries and wages[17]. - Non-interest expense increased to $18.4 million in Q4 2025, up 4.5% from $17.6 million in the prior quarter, driven by higher charitable donations and employee benefits[29]. Assets and Liabilities - Total assets decreased by $65.9 million, or 2.4%, to $2.710 billion as of December 31, 2025, compared to $2.776 billion as of December 31, 2024[49]. - Total liabilities decreased by $105.3 million, or 4.1%, to $2.456 billion as of December 31, 2025, compared to $2.561 billion as of December 31, 2024[53]. - Total deposits decreased by $126.2 million, or 5.3%, largely due to a decrease in brokered deposits of $92.2 million[54]. - Total shareholders' equity increased by $39.4 million, or 18.3%, to $254.7 million as of December 31, 2025[58]. Ratios and Returns - Return on average assets was 1.14%, a decrease from 1.15% in the prior period[75]. - Return on average equity decreased to 12.17% from 12.89%[75]. - Efficiency ratio (unadjusted) improved to 60.25% from 61.32%[75]. - The total equity to total assets ratio improved to 9.40% as of December 31, 2025, from 7.76% as of December 31, 2024[59]. Shareholder Information - Dividends declared during Q4 2025 were $0.34 per share[10]. - Basic and diluted earnings per share were $1.61, compared to $1.24 in the same quarter last year[74]. - Book value per share increased to $52.97 from $50.98[75]. - Cash dividends declared per share increased to $0.34 from $0.31 in the same quarter last year[74].

Financial Performance - Park National Corporation's net income for Q4 2025 was $42.6 million, a 10.4% increase from $38.6 million in Q4 2024[2] - For the full year 2025, net income reached $180.1 million, an 18.9% increase from $151.4 million in 2024[2] - Earnings per diluted common share for 2025 was $11.11, compared to $9.32 for 2024[2] - Net income rose by 18.9% to $180,073,000 in 2025, up from $151,420,000 in 2024[14] - Adjusted net income for the twelve months ended December 31, 2025, was $182,494 thousand, up 24.0% from $147,116 thousand in 2024[33] - Net income for the three months ended December 31, 2025, was $42.639 million, compared to $38.630 million for the same period in 2024, reflecting a year-over-year increase of 10.4%[43] Asset and Loan Growth - Park's total assets amounted to $9.8 billion as of December 31, 2025[4] - The total loans increased by 3.0% during 2025, while total deposits rose by 1.2%[3] - Total loans reached $8,051,242,000 in 2025, up from $7,817,128,000 in 2024, representing a growth of 3.0%[28] - Net loans increased to $7,958,269 in 2025 from $7,729,162 in 2024, representing a growth of 2.96%[19] - Total deposits rose to $8,243,713 in 2025, up from $8,143,526 in 2024, indicating an increase of 1.23%[19] Dividends and Shareholder Equity - The quarterly cash dividend declared is $1.10 per common share, payable on March 10, 2026[1] - Total shareholders' equity increased by 1.6% to $1,352,793,000 compared to $1,331,821,000 in the previous quarter[12] - Total shareholders' equity reached $1,352,793 in 2025, compared to $1,243,848 in 2024, representing an increase of 8.75%[19] - Average shareholders' equity increased to $1,341,399 thousand for the three months ended December 31, 2025, from $1,247,680 thousand in the same period of 2024[36] Efficiency and Income Metrics - The efficiency ratio for Q4 2025 was 60.54%, reflecting an increase of 8.4% compared to Q4 2024[10] - The efficiency ratio improved to 57.94% in 2025 from 61.44% in 2024, indicating better cost management[14] - The annualized return on average assets for the three months ended December 31, 2025, was 1.68%, a decrease from 1.83% in the previous quarter[33] - The efficiency ratio for the three months ended December 31, 2025, was 60.54%, compared to 55.85% in the previous quarter, indicating a decline in operational efficiency[33] Credit Quality and Losses - Provision for credit losses decreased by 21.0% to $11,488,000 in 2025 from $14,543,000 in 2024[14] - Net loan charge-offs for the year decreased by 37.2% to $6,481,000 from $10,322,000 in 2024[14] - The provision for credit losses in Q4 2025 was $3,849, compared to $3,935 in Q4 2024, showing a decrease of 2.18%[24] - Net charge-offs for 2025 were $6,481,000, a decrease from $10,322,000 in 2024, indicating a reduction of 37.5%[28] - The allowance for credit losses as a percentage of period end loans was 1.15% in 2025, compared to 1.13% in 2024, indicating a slight increase[28] Nonperforming Loans and Assets - Total nonperforming loans decreased to $69,253,000 in 2025 from $69,932,000 in 2024, a decline of 1.0%[28] - The percentage of nonperforming assets to period end total assets was 0.71% in 2025, slightly down from 0.72% in 2024[28] - Nonaccrual loans at the end of 2025 were $66,515,000, down from $68,178,000 in 2024, showing a decline of 2.4%[31] - New nonaccrual loans in 2025 totaled $87,482,000, an increase from $65,535,000 in 2024, marking a rise of 33.4%[31] - Resolved nonaccrual loans in 2025 were $89,145,000, significantly higher than $57,616,000 in 2024, reflecting an increase of 54.7%[31] Market and Merger Information - The expected closing of the merger with First Citizens Bancshares, Inc. is set for February 1, 2026[3] - The market capitalization at the end of Q4 2025 was $2.45 billion, down 6.3% from the previous quarter[10]

CEO Summary of Key Points Events That Impacted Earnings During the quarter, we had several events that resulted in positive earnings impact for the quarter and reduced ongoing operating expenses. 1 January 26, 2026 Fellow Shareholders, For the fourth quarter, we recorded net income to common stockholders of $18.4 million, or $0.77 per diluted share. There were some unique items this quarter, which I summarize below as well as covering our core operating metrics. As we enter 2026, our focus is on the operati ...

Financial Performance - Net income for Q4 was $18.4 million, or $0.77 per diluted share, with a focus on durable progress in network growth, revenue, and margin expansion[1]. - The recurring annualized exit earnings run rate for Q4 is estimated at approximately $1.00 per share, providing a baseline for core operating performance in 2026[4]. - Net income available to common stockholders significantly improved to $18,412 thousand compared to $907 thousand in the prior quarter[65]. - Net income for the three months ended December 31, 2025, was $19,214 thousand, compared to $16,090 thousand for the same period in 2024, reflecting a year-over-year increase of 19.8%[67]. - Basic earnings per common share increased to $0.77 from $0.04 in the previous quarter, demonstrating significant earnings growth[65]. - Net income available to common stockholders for the quarter ended December 31, 2025, was $18,412 thousand, a significant increase from $3,036 thousand in the same quarter of the previous year[79]. Revenue Growth - Total transportation revenue growth was 4.1% for the quarter, with expectations for Payments revenue growth in Q1 to exceed 5% and EBITDA margin to exceed 30%[4]. - Payments revenue grew 0.7% quarter-over-quarter to an annualized run rate of $74.5 million, with fee revenue increasing by 10%[14]. - Revenue growth in the core audit and payments business is projected to exceed 20% over the next year, driven by new relationships and deepening existing customer engagements[18]. - Total revenue for the quarter was $2.3 million, with an average contract value (ACV) of $39 thousand and a gross margin of 88%[38]. - Total revenue in LoadPay for Q4 2025 was $0.3 million, up 58.3% from the previous quarter, with an annualized run rate revenue of $1.5 million[20]. - Total revenue from the Factoring segment was $39,653,000, compared to $41,934,000 in the previous quarter[73]. - Total revenue for the Payments segment was $18,628,000, a slight increase from $18,503,000 in the prior quarter[74]. Operational Efficiency - The company added significant customers, including BlueGrace and J.B. Hunt, contributing to revenue ramp and margin expansion, serving 67 of the top 100 freight brokers[4]. - AI and machine learning are being leveraged to enhance operational efficiency and customer offerings, contributing to the $30 million in recognized expense savings[13]. - The average time to approve an invoice through AI tools is approximately 12 seconds, with purchase decisions occurring within 23 seconds[34]. - The company aims for approximately 20% transportation revenue growth while maintaining a $96.5 million expense base exiting Q4 2026[8]. - Reported expenses for Q4 were $98.1 million, with a goal to reduce ongoing annual operating expenses by over $30 million by the end of Q1 2026[5]. Asset Management - Total assets increased to $6,380,588 thousand from $6,357,149 thousand in the previous quarter, reflecting a growth of 0.37%[65]. - Loans held for investment rose to $4,991,307 thousand, up from $4,986,922 thousand, indicating a slight increase of 0.05%[65]. - Total assets increased to $6,380,588 thousand as of December 31, 2025, up from $5,948,975 thousand a year earlier, representing a growth of 7.3%[66]. - Total deposits decreased to $4,950,216 thousand as of December 31, 2025, from $5,186,098 thousand in September 2025, a decline of 4.5%[66]. Credit Quality - Non-performing loans to total loans decreased by 0.21% to 1.15% due to improvements in equipment finance[56]. - The allowance for credit losses was $36,511 thousand as of December 31, 2025, compared to $40,714 thousand a year earlier, indicating a reduction of 10.8%[66]. - The company reported a credit loss benefit of $(1,764) thousand for the three months ended December 31, 2025, compared to an expense of $4,453 thousand in the same period of 2024, indicating an improvement in credit quality[67]. Market Engagement - The breadth and depth of the network engagement increased, with annualized figures of $71 billion and $117 billion, respectively[1]. - Triumph Financial defines Network engagement as the amount of freight processed through its payments, audit, full AP automation, and rate intelligence products, indicating broker volume density in the market[1]. Future Outlook - The company anticipates significant growth in the Intelligence segment during 2026 as new products are rolled out[39]. - Forward-looking statements in the shareholder letter reflect the company's beliefs and expectations but are not guarantees of future performance[62]. - The company will hold a conference call on January 27, 2026, at 9:30 a.m. central time to review financial results[59].

Financial Performance - Net sales for Q4 2025 increased by 8% to $593.2 million compared to $548.7 million in Q4 2024, while full-year net sales rose by 6% to $2,236.6 million from $2,113.3 million[2]. - Operating earnings for Q4 2025 were $158.6 million, a 22% increase from $130.0 million in Q4 2024, and full-year operating earnings increased by 10% to $624.8 million from $570.1 million[2]. - Net earnings for Q4 2025 rose by 22% to $132.5 million, compared to $108.7 million in Q4 2024, with full-year net earnings increasing by 7% to $521.8 million from $486.1 million[2]. - Adjusted net earnings for the twelve months ended December 27, 2025, were $498.8 million, up from $477.1 million in 2024, indicating a growth of 4.0%[26]. - The diluted earnings per share for the twelve months ended December 27, 2025, were $3.08, compared to $2.82 in 2024, marking an increase of 9.2%[26]. - Operating earnings for the twelve months ended December 26, 2025, were $624.797 million, up from $570.098 million in 2024, reflecting a 9.6% year-over-year growth[28]. - Net earnings for the year ended December 26, 2025, were $521.839 million, compared to $486.084 million in 2024, representing a 7.4% increase[31]. Sales Growth - The Contractor segment achieved an 8% increase in net sales for Q4 2025, while the Industrial segment saw an 11% increase, contributing to overall growth[10]. - Acquired operations contributed $21 million to Q4 sales growth and $113 million for the full year, with currency translation effects adding $11 million for Q4 and $13 million for the year[5]. - Total net sales for the three months ended December 26, 2025, reached $593.156 million, a 8.1% increase from $548.672 million for the same period in 2024[28]. Profitability Metrics - The gross profit margin rate increased by approximately 1 percentage point for Q4 2025, driven by price realization that offset higher product costs, while it decreased by 1 percentage point for the full year[6]. - Gross profit for the twelve months ended December 27, 2025, was $1,173.2 million, compared to $1,122.5 million in 2024, showing an increase of 4.5%[26]. - Operating expenses decreased by 1% for both Q4 and the full year, with litigation and business reorganization costs from the previous year not repeating[7]. Taxation - The effective income tax rate was 19% for both Q4 and the full year, with an adjusted effective income tax rate of 21% for Q4 and 20% for the year, remaining flat compared to the previous year[9]. - The effective income tax rate as reported for the twelve months ended December 27, 2025, was 18.6%, slightly up from 17.5% in 2024[26]. Future Outlook - For 2026, the company is guiding low single-digit organic sales growth on a constant-currency basis and mid-single-digit sales growth including acquisitions[16]. - The company remains optimistic about its acquisition pipeline and plans to focus on product innovation and strategic acquisitions in its 100th year[15]. Cash Flow and Investments - Cash and cash equivalents at the end of the year decreased to $624.083 million from $675.336 million, a decline of 7.6%[31]. - Cash flows from operating activities for the year were $683.591 million, an increase from $621.700 million in 2024, reflecting a 9.9% growth[31]. - The company invested $135.262 million in acquisitions during the year, compared to $241.767 million in 2024, indicating a strategic shift in investment focus[31]. - Common stock repurchased amounted to $423.108 million, significantly higher than $31.350 million in the previous year, reflecting a strong commitment to returning value to shareholders[31]. Assets and Liabilities - The company reported a significant increase in goodwill, rising to $585.304 million from $487.468 million, indicating growth through acquisitions[30]. - Total assets increased to $3,274.270 million in 2025 from $3,139.212 million in 2024, marking a growth of 4.3%[30]. - The company’s total current liabilities rose to $467.261 million in 2025, up from $405.808 million in 2024, an increase of 15.1%[30]. Investor Engagement - The company plans to hold a conference call on January 27, 2026, to discuss fourth quarter results, indicating ongoing engagement with investors[22]. Risk Factors - The company emphasizes the importance of various risk factors that could impact future results, including demand fluctuations and inflationary pressures[20].

W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830 (203) 629-3000 NEWS RELEASE FOR IMMEDIATE RELEASE CONTACT: Karen A. Horvath Vice President - External Financial Communications (203) 629-3000 W. R. Berkley Corporation Reports Fourth Quarter and Full Year 2025 Results Fourth Quarter Return on Equity of 21.4%; Quarterly Pre-Tax Underwriting Income Grew 14.9% to a Record; Record Annual Pre-Tax Underwriting Income of $1.2 Billion and Net Investment Income of $1.4 Billion Greenwich, CT, J ...

Financial Performance - WSFS reported 4Q 2025 EPS of $1.34, with a full-year EPS of $5.09, reflecting a 15% increase from 2024[2][4] - Core EPS for 4Q 2025 was $1.43, representing a 29% year-over-year growth[6][9] - Total net revenue for 2025 was $1,066.0 million, up from $1,046.4 million in 2024[4] - GAAP net income attributable to WSFS for Q4 2025 was $72,678,000, an increase from $64,202,000 in Q4 2024, reflecting a 13.5% year-over-year growth[54] - Adjusted net income (non-GAAP) for Q4 2025 was $77,678,000, compared to $65,776,000 in Q4 2024, marking a 18.0% increase[54] - Net income (GAAP) for the three months ended December 31, 2025, was $72.694 million, compared to $76.467 million for the previous quarter and $64.155 million for the same period last year[56] Revenue and Income Sources - Net interest income for 4Q 2025 was $187.4 million, a 2% increase from 3Q 2025 and a 5% increase from 4Q 2024[4][17] - Noninterest income for the three months ended December 31, 2025, was $84.521 million, slightly down from $83.307 million in the same period of 2024[46] - Core fee revenue increased to $90.1 million, up $2.1 million or 2% from 3Q 2025, driven by 9% growth across Wealth and Trust services[25] - Cash Connect reported net revenue of $20.7 million for Q4 2025, a decrease of $1.3 million from Q3 2025[41] - Adjusted Cash Connect net revenue for the three months ended December 31, 2025, was $20.735 million, down from $22.043 million in the previous quarter and $24.641 million a year ago[56] Asset and Deposit Growth - Total client deposits increased by $416.3 million, or 2% from 3Q 2025, with noninterest demand deposits growing by 6%[13][15] - Total assets increased to $21,314,076 thousand as of December 31, 2025, up from $20,840,415 thousand at September 30, 2025, representing a growth of 2.27%[48] - Total client deposits reached $17,642,488 thousand, up from $17,226,218 thousand, marking a growth of 2.42%[48] - Assets Under Management/Administration (AUM/AUA) grew to $97.4 billion, representing a 4% quarter-over-quarter and 9% year-over-year increase[39] Loan and Credit Metrics - Commercial and industrial (C&I) loans grew by 4% quarter-over-quarter, contributing to overall loan growth of 2%[10][9] - The loan-to-deposit ratio was 74% at December 31, 2025, indicating capacity for further loan growth[15] - Net loans and leases rose to $13,143,600 thousand, compared to $12,840,383 thousand in the previous quarter, reflecting an increase of 2.36%[48] - Provision for credit losses for the three months ended December 31, 2025, was $12.669 million, significantly higher than $8.036 million in the same period of 2024[46] Efficiency and Cost Management - Core noninterest expense decreased to $160.9 million, down $1.2 million or 1% from 3Q 2025, primarily due to lower Cash Connect external funding costs[27] - The efficiency ratio improved to 59.46% for the three months ended December 31, 2025, compared to 64.57% in the same period of 2024[47] - Core efficiency ratio (non-GAAP) improved to 57.9% in Q4 2025 from 59.5% in Q3 2025, indicating enhanced operational efficiency[53] Capital and Shareholder Returns - Tangible book value per share increased by 21% to $33.11, with core ROA of 1.39% reflecting a 13bps increase from 2024[6][8] - The Common Equity Tier 1 capital ratio was 13.92%, substantially above regulatory benchmarks, indicating strong capital management[31] - During 4Q 2025, the company repurchased 2,029,468 shares for $109.3 million, with total capital returned to stockholders reaching $324.7 million for the year[34] - Total stockholders' equity decreased by $14.7 million, or 1%, primarily due to capital returns of $118.5 million, offset by quarterly earnings of $72.7 million[32] Tax and Regulatory Compliance - The effective tax rate increased to 25.2% in 4Q 2025, compared to 24.2% in 3Q 2025, primarily due to higher nondeductible expenses[29] - The allowance for credit losses stood at $182,500 thousand, slightly down from $185,504 thousand, a decrease of 1.08%[48] Market and Operational Metrics - The market price of common stock closed at $55.24, reflecting a high of $58.86 and a low of $49.92 during the quarter[50] - The number of WSFS owned and branded ATMs decreased to 488 from 567 year-over-year[50] - The number of serviced non-bank ATMs and smart safes was 35,958 in Q4 2025, down from 36,511 in Q3 2025[41] - The number of associates (FTEs) remained stable at 2,335, slightly up from 2,309 a year ago[50] Future Outlook - The management will conduct a conference call on January 27, 2026, to review Q4 2025 results[43]

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 Table of Contents December 31, 2025 | COMPANY HIGHLIGHTS | Page | | Page | | --- | --- | --- | --- | | Alexandria's Mission and Cluster Model | iii | | CONFERENCE CALL | | | | | INFORMATION: | | EARNINGS PRESS RELEASE | | | Tuesday, January 27, 2026 | | Fourth Quarter and Year Ended December 31, 2025 Financial and | | | 2:00 p.m. Eastern Time | | Operating Results | 1 | Consolidated Statements of Operations | 8 11:00 a.m. Pacific Time | | Gui ...

January 26, 2026 FOR IMMEDIATE RELEASE For more information, contact: Nicole M. Weaver, First Vice President and Director of Corporate Administration 765-521-7619 http://www.firstmerchants.com SOURCE: First Merchants Corporation, Muncie, Indiana FIRST MERCHANTS CORPORATION ANNOUNCES FOURTH QUARTER 2025 EARNINGS PER SHARE First Merchants Corporation (NASDAQ - FRME) (the "Corporation") Achieved record full‑year results, including net income available to common stockholders of $224.1 million and diluted EPS of ...

Financial Performance - First Merchants Corporation reported a record net income of $224.1 million and diluted EPS of $3.88 for the full year 2025[1]. - In Q4 2025, net income available to common stockholders was $56.6 million, down from $63.9 million in Q4 2024, with diluted EPS at $0.99 compared to $1.10 in the same period[2]. - The return on average assets for Q4 2025 was 1.20%, down from 1.39% in Q4 2024[23]. - Net income available to common stockholders for Q4 2025 was $56,596,000, compared to $63,880,000 in Q4 2024, representing a decline of about 11.3%[22]. - Adjusted Net Income Available to Common Stockholders for the twelve months ended December 31, 2025 was $224,655 thousand, up from $203,315 thousand in 2024, representing an increase of 10.5%[31]. Loan and Deposit Growth - Total loans increased by $197.4 million, or 5.8% annualized, on a linked quarter basis, and by $938.8 million, or 7.3%, over the last twelve months[3]. - Total deposits rose by $424.9 million, or 11.4% annualized, on a linked quarter basis, and by $773.2 million, or 5.3%, year-over-year[6]. - Total loans reached $13,717,822 thousand in Q4 2025 from $12,757,676 thousand in Q4 2024, reflecting a growth of approximately 7.5%[23]. - Total deposits increased to $15,294,855 thousand from $14,521,626 thousand, indicating an increase of about 5.3%[21]. Asset and Liability Management - Total assets of the Corporation reached $19.0 billion as of quarter-end, with total loans at $13.8 billion[4]. - Total assets increased to $19,025,101 thousand from $18,311,969 thousand, representing a growth of approximately 3.9%[21]. - Total liabilities grew to $16,558,434 thousand, up from $16,006,986 thousand, which is an increase of approximately 3.4%[21]. - Stockholders' equity increased to $2,466,667 thousand from $2,412,402 thousand, indicating a growth of 2.2%[25]. Income and Expense Analysis - Net interest income for Q4 2025 was $139.1 million, an increase of $5.4 million, or 4.0%, from the previous quarter[8]. - Noninterest income totaled $33.1 million for the quarter, a decrease of $9.6 million from Q4 2024, primarily due to a prior year gain from branch sales[9]. - Noninterest Expense (GAAP) for the three months ended December 31, 2025, was $99,522 thousand, an increase from $96,561 thousand in the previous quarter[34]. - The provision for credit losses was $7.150 million in Q4 2025, up from $4.200 million in Q4 2024, indicating a significant increase in credit loss provisions[26]. Credit Quality and Performance - Nonperforming assets to total assets were 0.38% for Q4 2025, compared to 0.36% in the prior quarter, indicating stable credit performance[7]. - Nonaccrual loans increased to $71,773 thousand from $65,740 thousand in the previous quarter, representing an increase of 3.9%[24]. - Net charge-offs for Q4 2025 were $6,021,000, significantly higher than $771,000 in Q4 2024, marking a substantial increase[23]. - The allowance for credit losses on loans was $195,597 thousand, slightly up from $192,757 thousand, indicating a marginal increase of about 1.0%[21]. Efficiency and Profitability Metrics - The efficiency ratio for Q4 2025 was 54.52%, compared to 48.48% in Q4 2024, indicating a decline in operational efficiency[23]. - The net interest margin (FTE) for the twelve months ended December 31, 2025, was 3.25%, compared to 3.19% for the same period in 2024, indicating an improvement of 1.88%[30]. - Return on Tangible Common Equity for Q4 2025 was 13.57%, down from 16.75% in Q4 2024, reflecting a decrease of 3.18 percentage points year-over-year[33]. - The Efficiency Ratio (Non-GAAP) improved to 54.52% for the three months ended December 31, 2025, compared to 55.09% in the prior quarter[34]. Acquisition and Future Outlook - The acquisition of First Savings Financial Group, Inc. is expected to close on February 1, 2026, adding approximately $2.4 billion in assets[3]. - The company incurred acquisition-related expenses of $524 thousand in Q4 2025, compared to $800 thousand for the full year 2024[31].