Financial Performance - Net income for Q4 2025 increased 14.6% to $13.5 million, or $1.55 per diluted share, compared to $11.8 million, or $1.37 per diluted share in Q4 2024[1]. - For the full year 2025, net income rose 16.4% to $50.8 million, or $5.87 per diluted share, compared to $43.7 million, or $5.14 per diluted share in 2024[14]. - Total revenue for 2025 increased by $21.7 million, or 17.4%, to $146.6 million compared to 2024[1]. - Noninterest income for Q4 2025 was stable at $6.1 million, representing 16% of total revenue, with payment processing income at $5.1 million[6]. - Noninterest income totaled $25.1 million, consistent with 2024, while payment processing income decreased by $660 thousand to $20.2 million[17]. - Net interest income rose to $121,481,000 in 2025, compared to $99,929,000 in 2024, reflecting an increase of about 21.5%[37]. Asset and Loan Growth - Average loans grew $122.9 million, or 31.8% annualized, to $1.66 billion on a linked quarter basis, with total loans increasing $361.4 million, or 25.9%, for the full year 2025[1]. - Total assets increased by $473.2 million, or 25.0%, to $2.37 billion, driven by a $361.4 million, or 25.9%, growth in loans[23]. - Loans held for investment rose to $1,758,427 thousand, an increase of 13.63% from $1,546,980 thousand in the previous quarter[33]. - Average balance of loans held for investment grew to $1,511,997,000 in 2025, up from $1,258,914,000 in 2024, an increase of approximately 19.9%[37]. Deposit Growth - Core deposits increased by $428.7 million, or 26.3%, to $2.06 billion for the full year 2025[1]. - Total deposits reached $2.06 billion as of December 31, 2025, a $420.8 million, or 25.6%, increase from 2024[25]. - Total deposits reached $2,063,007 thousand, an increase of 9.76% from $1,879,440 thousand in the previous quarter[33]. - Average balance of savings, NOW, and money market deposits rose to $1,231,143,000 in 2025 from $945,899,000 in 2024, an increase of approximately 30.2%[37]. Efficiency and Expenses - The efficiency ratio for Q4 2025 was 48.4%, compared to 47.5% in Q4 2024, indicating continued investment in growth and client service[12]. - Noninterest expense increased by $10.4 million, or 17.1%, to $71.2 million, primarily due to higher employee compensation and benefits, which rose by $4.5 million, or 11.8%[18]. - The efficiency ratio was 48.6% for the year ended December 31, 2025, slightly improved from 48.7% in 2024[19]. - The efficiency ratio improved to 48.4% for the three months ended December 31, 2025, compared to 48.9% in the previous quarter, indicating better cost management[35]. Tax and Provision for Credit Losses - The effective tax rate for Q4 2025 was 22.8%, down from 25.0% in the prior year quarter, due to discrete tax benefits related to share-based compensation[13]. - The provision for credit losses was $2.9 million for Q4 2025, a $1.2 million increase from Q4 2024, reflecting significant loan growth[9]. - The provision for credit losses was $9.7 million for the year ended December 31, 2025, a $5.0 million increase from 2024, with an allowance to loans ratio of 1.37% compared to 1.50% in 2024[16]. - The provision for credit losses increased to $2,900 thousand for the three months ended December 31, 2025, compared to $1,750 thousand in the previous quarter, indicating a rise of 65.71%[35]. Capital and Equity - Stockholders' equity increased by $52.5 million to $289.6 million, primarily due to net increases in retained earnings[28]. - The bank remains well above regulatory "Well Capitalized" standards[29]. - Stockholders' equity increased to $261,822,000 in 2025 from $216,743,000 in 2024, representing a growth of about 20.8%[37]. Interest Margin and Rates - Net interest margin was resilient at 6.05% for Q4 2025 and 6.02% for the full year 2025, despite declines in short-term market interest rates[1]. - Average yield on total interest earning assets improved to 6.91% in 2025 from 6.88% in 2024[37]. - Net interest margin slightly decreased to 6.02% in 2025 from 6.06% in 2024[37]. Other Financial Metrics - Cash dividends paid per common share remained stable at $0.175 for both the current and previous quarters[35]. - Off-balance sheet sweep funds totaled approximately $736.6 million, with $449.0 million, or 61.0%, available to be swept on balance sheet[26]. - Total interest earning assets reached $2,018,146,000 in 2025, up from $1,648,433,000 in 2024, marking a growth of approximately 22.5%[37].

Financial Performance - Net income for Q2 fiscal 2026 was $9.4 million, or $0.15 per diluted share, compared to $9.5 million, or $0.15 per diluted share, in the previous quarter[1]. - Net income for the quarter was $9,449 thousand, a decrease of $57 thousand, or 0.6%, compared to the previous quarter[21]. - Net income for Q4 2025 was $9,449,000, slightly lower than $9,506,000 in Q3 2025[36]. - Basic earnings per share (EPS) remained stable at $0.15 for both Q4 and Q3 2025[36]. - Adjusted net income for Q4 2025 was $9,449,000, an increase from $6,566,000 in Q4 2024[45]. - Earnings per share (diluted) remained stable at $0.15 in Q4 2025, consistent with Q4 2024[45]. Revenue and Income Sources - Pre-tax, pre-provision net revenue increased by 3.9% to $12.3 million, indicating ongoing strengthening of core earnings[6]. - Non-interest income decreased by $276,000, or 4.7%, to $5.6 million, primarily due to the absence of a non-recurring gain from the previous period[10]. - Non-interest income decreased by $276 thousand, or 4.7%, totaling $5,571 thousand, with fees and service charges increasing by 45.2%[21]. - Total non-interest income was $5,571,000 in Q4 2025, compared to $4,873,000 in Q4 2024[47]. Asset and Liability Management - Total assets decreased by $27,132 thousand, or 0.4%, from September 30, 2025, to December 31, 2025, totaling $7,620,878 thousand[18]. - Total assets decreased to $7,549,411,000 from $7,619,319,000 in the previous quarter[38]. - Total liabilities decreased by $31,324 thousand, or 0.5%, totaling $6,863,482 thousand[18]. - Total liabilities were $6,794,493,000, down from $6,874,176,000 in Q3 2025[38]. Deposits and Funding - Total deposits increased by $79.7 million, or 1.4%, providing additional funding capacity[6]. - Total deposits increased to $5,711,550 thousand from $5,631,882 thousand, an increase of $79,668 thousand[28]. - Total funding decreased to $6,806,550 thousand from $6,838,379 thousand, a decline of 0.46%[33]. - Uninsured deposits reported increased to $2,158,440 thousand from $2,040,021 thousand, showing a rise of 5.79%[33]. Credit Quality and Loss Provisions - Non-performing assets decreased by 20.6% to $51.3 million, or 0.67% of total assets, demonstrating solid credit quality[6]. - The Company recorded a provision for credit losses of $567,000, compared to a reversal of credit losses of $82,000 in the previous quarter[16]. - The provision for credit losses showed a reversal of $567 thousand, compared to a provision of $(82) thousand in the previous quarter, indicating a significant change of 791.5%[21]. - Nonperforming loans as a percentage of total loans improved to 0.89% from 1.12% in the previous quarter, indicating better asset quality[31]. - Average net charge-off rate (annualized) was 0.05%, consistent with the previous quarter's rate of 0.07%[31]. Equity and Book Value - Book value per share increased by $0.07, or 0.6%, to $11.70, while tangible book value per share increased by $0.07, or 0.7%, to $9.93[16]. - Total stockholders' equity increased to $757,396 thousand from $753,204 thousand, an increase of $4,192 thousand[28]. - Book value per share increased to $11.70 from $11.63, reflecting a growth of $0.07[28]. Efficiency and Margins - Net interest margin expanded by four basis points to 2.14%, driven by lower costs on interest-bearing liabilities[10]. - Efficiency ratio improved to 71.64% from 72.71%, a change of -1.07%[25]. - Return on average equity (annualized) decreased to 5.01% from 5.10%, a change of -0.09%[25]. - Return on average assets (annualized) was 0.50% in Q4 2025, unchanged from Q3 2025[45]. Interest Income and Yield - Net interest income increased by $265 thousand, or 0.7%, from the previous quarter, reaching $37,969 thousand[21]. - Total interest income for Q4 2025 was $80,652,000, a slight decrease from $82,508,000 in Q3 2025[36]. - Net interest income after provision for credit losses was $37,402,000, compared to $37,786,000 in the previous quarter[36]. - Average yield on interest-earning assets decreased to 4.55% from 4.61%, a change of -0.06%[25]. - Average yield on interest-earning assets for loans receivable was 4.67% in Q4 2025, up from 4.54% in Q4 2024[40]. - Total interest-earning assets yield decreased to 4.55% in Q4 2025 from 4.54% in Q4 2024[40].

Financial Performance - ACNB reported net income of $10.8 million, or $1.04 diluted earnings per share, for the three months ended December 31, 2025, compared to net income of $6.6 million, or $0.77 diluted earnings per share, for the same period in 2024, representing a 63.6% increase in net income [2]. - Core net income was $14.0 million for the three months ended December 31, 2025, compared to $7.3 million for the same period in 2024, indicating a 92.0% increase [2]. - The Corporation reported net income of $37.1 million, or $3.60 diluted earnings per share, for the twelve months ended December 31, 2025, an increase of $5.2 million compared to the twelve months ended December 31, 2024 [2]. - Core net income for the twelve months ended December 31, 2025, was $52.4 million, up from $33.4 million for the same period in 2024, reflecting a 56.9% increase [2]. - The company reported a revenue of $2.5 billion for Q3 2023, representing a 15% year-over-year growth [3]. - The company provided a forward guidance of $2.7 billion in revenue for Q4 2023, indicating a projected growth of 8% [3]. - The company reported a net income for the period of $37.1 million, influenced by common stock equity issued in the acquisition and a $19.5 million change in unrealized gains in available-for-sale investment securities [12]. - The company reported a net income of $I million for the quarter, reflecting a J% increase from the previous year [26]. Investment and Acquisitions - ACNB completed a repositioning of its investment securities portfolio by selling $74.6 million in book value of available-for-sale investment securities, resulting in an after-tax loss of $2.8 million [2]. - The financial results for 2025 were impacted by the acquisition of Traditions Bancorp, Inc., completed on February 1, 2025 [2]. - The increase in core net income for the twelve months ended December 31, 2025, was driven by improved operational efficiencies and strategic growth initiatives [2]. - ACNB's investment strategy continues to focus on enhancing shareholder value through prudent management of its investment portfolio and strategic acquisitions [2]. - The company is exploring potential acquisitions to enhance its market position, with a focus on tech startups [3]. - The company is exploring potential acquisitions to enhance its market position and diversify its product offerings [26]. Operational Efficiency - The fully taxable equivalent (FTE) net interest margin was 4.23% for the twelve months ended December 31, 2025, compared to 3.79% for the twelve months ended December 31, 2024 [2]. - The gross margin improved to 45%, up from 42% in the previous quarter, reflecting better cost management [3]. - The efficiency ratio improved to 53.39% from 51.96% in the previous quarter, indicating better cost management [16]. - The increase in core net income for the twelve months ended December 31, 2025, was driven by improved operational efficiencies and strategic growth initiatives [2]. Loans and Deposits - Total loans outstanding were $2.33 billion at December 31, 2025, a decrease of $6.1 million from September 30, 2025, and an increase of $647.6 million from December 31, 2024 [10]. - Total deposits amounted to $2.45 billion at December 31, 2025, a decrease of $15.7 million from September 30, 2025, and an increase of $657.7 million from December 31, 2024 [10]. - Total average loans increased by $687.1 million for the three months ended December 31, 2025, compared to the same period in 2024 [6]. - Total average interest-bearing deposits increased by $555.2 million for the three months ended December 31, 2025, compared to the same period in 2024 [6]. - Non-performing loans as a percentage of total loans increased from 0.40% at December 31, 2024, to 0.46% at December 31, 2025 [10]. Non-Interest Income and Expenses - Noninterest income for the three months ended December 31, 2025 was $4.3 million, a decrease of $4.1 million from the previous quarter and a decrease of $1.5 million from the same quarter last year [1]. - Non-interest expense for the three months ended December 31, 2025, increased by $5.1 million compared to the previous period [8]. - Salaries and employee benefits expense increased by $9.9 million during the twelve months ended December 31, 2025, compared to the same period in 2024, primarily due to additional employees attributable to the acquisition [1]. - Merger-related expenses totaled $10.7 million for the twelve months ended December 31, 2025, compared to $2.0 million for the same period in 2024 [1]. Shareholder Value - The quarterly cash dividend increased by $0.06 per share or 19% from the fourth quarter of 2024 to the fourth quarter of 2025 [4]. - The Corporation has increased the amount of cash dividends paid out per share each year since 2017, going from $0.20 to $0.38 [4]. - The Corporation recognized a 21% increase in its common stock share price during the calendar year [4]. - Tangible book value per share was $32.22 at December 31, 2025, compared to $30.87 at September 30, 2025, and $29.51 at December 31, 2024 [12]. Risk Factors and Forward-Looking Statements - Risks include impacts from inflation, banking instability, regulatory changes, and economic conditions affecting loan customers' repayment ability [14]. - Forward-looking statements include projections regarding future earnings, expenses, and growth prospects, which are subject to various risks and uncertainties [14]. - Investors are advised to review risk factors in documents filed with the SEC, including Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q [14].

Financial Performance - LSI reported net sales of $147.0 million for the second quarter of fiscal 2026, consistent with the prior year period [3]. - The company achieved a net income of $6.3 million, or $0.20 per diluted share, with adjusted net income of $8.4 million, or $0.26 per adjusted diluted share [4]. - Adjusted EBITDA for the second quarter was $13.4 million, representing 9.1% of net sales, an increase from the prior-year period [4]. - Operating income as reported for the second quarter was $8,865, reflecting a 5% increase from $8,459 in the prior year [34]. - Adjusted EBITDA for the six months ended December 31, 2025, was $29,033, representing a 9% increase from $26,726 in 2024 [36]. - Net income as reported for the three months ended December 31, 2025, was $6,348, a 12% increase from $5,647 in 2024 [34]. - Earnings per share (diluted) as reported for the second quarter was $0.20, an 8% increase from $0.18 in the prior year [34]. Cash Flow and Debt Management - Free cash flow generated in the second quarter was $23.3 million, contributing to a reduction in total debt by $22.7 million [5]. - Free cash flow for the three months ended December 31, 2025, was $23,300, a significant increase of 164% compared to $8,825 in the same period of 2024 [36]. - The ratio of net debt to trailing twelve-month adjusted EBITDA improved to 0.4x as of December 31, 2025 [5]. - The net debt to adjusted EBITDA ratio improved to 0.4 as of December 31, 2025, down from 0.6 in 2024 [36]. Segment Performance - The Lighting segment experienced a 15% increase in sales, while the Display Solutions segment saw a 10% decrease compared to the prior year [27]. - Orders in the Lighting segment were 10% above the prior year, resulting in a book-to-bill ratio above 1.0x [16]. - Organic sales in the Lighting Segment for Q2 2026 were $66,673, a 15% increase from $58,210 in Q2 2025 [37]. - The company anticipates continued year-over-year revenue growth in both the Lighting and Display Solutions segments entering the second half of fiscal 2026 [16]. Dividend and Balance Sheet - The company declared a quarterly cash dividend of $0.05 per share, payable on February 10, 2026 [31]. - LSI's balance sheet showed current assets of $187.3 million and long-term debt of $27.9 million as of December 31, 2025 [29]. - Total net sales for the six months ended December 31, 2025, were $304,251, a 6% increase from $285,829 in the same period of 2024 [34]. - Total organic net sales for the six months ended December 31, 2025, were $289,004, a 1% increase from $285,829 in 2024 [37].

Revenue Outlook - ACM Research updated its 2025 revenue outlook and provided an initial outlook for 2026 revenue[4] - The press release regarding the revenue outlook was issued on January 22, 2026[4] Company Information - The company is listed on The Nasdaq Stock Market under the trading symbol ACMR[2] - ACM Research is classified as an emerging growth company[2] Financial Management - Mark McKechnie serves as the Chief Financial Officer and Treasurer of ACM Research[10] Financial Reporting - The financial statements and exhibits related to the report are included in the filing[6]

Financial Performance - Fourth quarter 2025 net income was $18.6 million, or $0.89 per diluted share, compared to $18.5 million, or $0.87 per diluted share in the prior-year period[1]. - Net income for the twelve months ended December 31, 2025, was $68.54 million, up from $66.79 million in 2024, indicating a growth of about 2.6%[31]. - Basic net income per common share increased to $3.30 in 2025 from $3.20 in 2024, a rise of 3.1%[31]. - Net income for Q4 2025 was $18,572,000, up 6.1% from $17,502,000 in Q3 2025[33]. Revenue and Income Sources - Net interest income for the fourth quarter increased by $3.5 million (8.2%) year-over-year to $46.4 million, with a net interest margin of 3.62%, up from 3.45% in the prior year[4]. - Non-interest income for the fourth quarter was $12.0 million, down from $19.1 million in the prior year, primarily due to variances in mortgage banking revenues[6]. - Non-interest income totaled $45.64 million for the twelve months ended December 31, 2025, down from $56.36 million in 2024, a decrease of approximately 19.1%[31]. - Net interest income after provision for credit losses was $173.88 million for the twelve months ended December 31, 2025, compared to $161.78 million in 2024, reflecting a year-over-year increase of approximately 7.5%[31]. Asset and Loan Growth - Total assets increased to $5.51 billion at December 31, 2025, up $167.6 million from the previous year, with loans totaling $4.28 billion[14]. - Total loans grew by $78.0 million (7.4% annualized) from September 30, 2025, while total deposits increased by $57.1 million (4.8% annualized) over the same period[3]. - Net loans increased to $4.21 billion in 2025, up from $3.98 billion in 2024, representing a growth of approximately 5.8%[28]. - Loans increased to $4,249,389,000 in Q4 2025, up from $4,201,557,000 in Q3 2025, showing growth in lending activities[33]. Credit Quality and Loss Provisions - The provision for credit losses was $6.1 million for the full year 2025, compared to $4.5 million in 2024, reflecting growth in commercial loans[9]. - The allowance for credit losses was $63.45 million as of December 31, 2025, compared to $59.38 million in 2024, reflecting a 6.5% increase[28]. - Provision for credit losses decreased to $1,923,000 in Q4 2025 from $1,991,000 in Q3 2025, indicating improved credit quality[33]. - The ratio of non-performing loans to total portfolio loans was 0.54% at December 31, 2025, compared to 0.15% a year earlier[12]. Shareholder Returns and Equity - The company’s dividend payout ratio was 32% for the year, with a dividend payment of $0.26 per share on November 14, 2025[3]. - The tangible common equity ratio improved to 8.65% in Q4 2025 from 8.44% in Q3 2025, indicating stronger capital position[35]. - Tangible common equity rose to $473.7 million, or $23.05 per share, compared to $424.9 million, or $20.33 per share at December 31, 2024[17]. - Cash dividend per share remained stable at $0.26 for both Q4 2025 and Q3 2025, reflecting consistent shareholder returns[33]. Expense Management - Total non-interest expense increased to $138.23 million in 2025, compared to $135.10 million in 2024, representing a rise of about 2.4%[31]. - The company reported a provision for credit losses of $6.14 million for the twelve months ended December 31, 2025, compared to $4.47 million in 2024, indicating an increase of approximately 37.4%[31].

Financial Performance - Net income for Q4 2025 was $206.3 million, a significant increase from $105.1 million in Q4 2024[2] - Net income excluding investment gains (losses) for Q4 2025 was $184.7 million, down 18.6% from $227.0 million in Q4 2024[2] - Total net income attributable to shareholders for the year was $935.4 million, compared to $852.7 million in the previous year, reflecting a growth of 9.7%[10] - Total revenues for 2025 were $9.136 billion, up from $8.231 billion in 2024, marking a 10.1% increase[8] Premiums and Fees - Consolidated net premiums and fees earned reached $2.1 billion, reflecting a 9.8% increase compared to the previous year[5] - Specialty Insurance net premiums earned increased by 8.3% for the quarter and 10.9% for the full year, driven by premium rate increases and high renewal retention ratios[13] - Title Insurance net premiums and fees earned increased by 12.4% for the quarter and 9.1% for the full year, driven by lower interest rates and strong commercial business production[19] - Commercial premiums represented 29% of net premiums earned compared to 23% in the fourth quarter of the previous year[19] Investment Income - Net investment income increased by 7.9% to $183.8 million in Q4 2025 from $170.3 million in Q4 2024[8] - Net investment income for Specialty Insurance increased by 10.2% to $157.0 million in Q4 2025, driven by higher investment yields[14] - Net investment income increased primarily due to higher investment yields earned[20] Ratios and Performance Metrics - The consolidated combined ratio for Q4 2025 was 96.0%, compared to 92.7% in Q4 2024[5] - The combined ratio for Specialty Insurance was 97.3% for Q4 2025, up from 91.8% in Q4 2024, indicating increased expenses and loss ratios[13] - The loss ratio for the current year in Specialty Insurance was 69.8%, compared to 66.5% in the previous year, reflecting higher loss trends[15] - The expense ratio for Specialty Insurance was elevated at 29.7% for Q4 2025, attributed to start-up costs of new operating companies and investments in technology[17] - The loss ratio for the current year was 3.1%, with a total combined ratio of 94.0% for the fourth quarter, reflecting effective expense management[21][19] Shareholder Returns - Total capital returned to shareholders amounted to $742 million[5] - Cash dividends declared on common stock increased by 23.2% to $2.790 per share compared to $2.265 in the previous year[8] - Total capital returned to shareholders during the quarter was $742 million, including $686 million in dividends and $56 million in share repurchases[29] Assets and Capital - Total assets increased to $29.9 billion as of December 31, 2025, up from $27.8 billion in 2024[25] - The investment portfolio allocation was approximately 85% in fixed income securities and short-term investments, and 15% in equity securities[26] Operational Insights - Operating return on beginning of year equity was 14.1%[5] - Operating expenses for Corporate & Other increased by 51.1% in the fourth quarter, reflecting higher personnel costs[23] Market and Economic Factors - Old Republic's Specialty Insurance segment results are influenced by market competition, economic conditions, and claim frequency patterns[34] - The Title Insurance segment is affected by national and regional housing demand, mortgage loan availability, and employment trends[34] - Life and accident insurance earnings are impacted by employment levels, consumer spending, and changes in mortality and health trends[34] - Risks affecting the insurance business include competition, economic factors, and external events such as natural disasters[35] Forward-Looking Statements - The company does not commit to updating forward-looking statements, which may not be relied upon[36] - Historical performance indicators may not predict future results due to various influencing factors[33]

EXHIBIT 99.1 NOVAGOLD Files 2025 Year-End Report Landmark Transaction Positions Donlin Gold as the Next Generational Project Primed for Development VANCOUVER, British Columbia, Jan. 22, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) today filed its 2025 fiscal year-end report and provided an update on its Tier One gold development project, Donlin Gold, which is owned 60% by NOVAGOLD and 40% by DGH. Details of the financial results for the year ended N ...

PHOENIX, AZ, January 22, 2026 – Freeport (NYSE: FCX) reported fourth-quarter 2025 net income attributable to common stock of $406 million, $0.28 per share, and adjusted net income attributable to common stock of $688 million, $0.47 per share after excluding after-tax net charges totaling $282 million, $0.19 per share, primarily for idle facility costs, direct recovery expenses and fixed asset impairments associated with the September 2025 mud rush incident at PTFI and charges at legacy oil and gas propertie ...

Financial Performance - United Bankshares, Inc. reported record earnings for 2025 of $464.6 million, or $3.27 per diluted share, representing a 24.5% increase from 2024 earnings of $373.0 million, or $2.75 per diluted share [2][17]. - Net interest income for 2025 increased by $191.1 million, or 21%, to a record $1.1 billion, driven by a rise in average earning assets and lower average rates paid on deposits [18]. - Noninterest income for 2025 was $135.2 million, an increase of $11.5 million, or 9%, primarily due to net gains on investment securities and increased fees from brokerage services [20]. - Net income for the year ended December 31, 2025, was $464,603,000, an increase from $372,996,000 in 2024, which is a 24.5% rise [40]. - Net interest income rose to $1,105,314 thousand for the year ended December 2025, compared to $914,430 thousand for the previous year, reflecting an increase of 20.83% [54]. Credit Losses and Asset Quality - The provision for credit losses for 2025 was $53.9 million, which included $18.7 million related to purchased non-credit deteriorated loans from the Piedmont acquisition [19]. - The provision for credit losses for the year ended December 31, 2025, was $53,866,000, significantly higher than $25,153,000 in 2024, indicating increased risk management measures [40]. - As of December 31, 2025, non-performing loans (NPLs) were $101.5 million, or 0.41% of loans & leases, net of unearned income, down from $116.9 million, or 0.48% at September 30, 2025 [24]. - Non-performing loans as a percentage of total loans and leases stood at 0.41% in December 2025, compared to 0.34% in December 2024, showing a slight deterioration in asset quality [57]. Expenses and Efficiency - Noninterest expense for 2025 was $600.1 million, including $12.7 million in merger-related expenses, reflecting an increase of $55.1 million, or 10%, from 2024 [22]. - Noninterest expense related to the reserve for unfunded loan commitments increased by $10.0 million in 2025, largely due to merger-related expenses from the Piedmont acquisition [22]. - The efficiency ratio improved to 47.65% in December 2025, down from 51.23% in December 2024, indicating better cost management [57]. Capital and Shareholder Returns - United's estimated risk-based capital ratio was 15.7% at December 31, 2025, well above the regulatory requirement of 10.0% for a well-capitalized institution [28]. - The Common Equity Tier 1 capital ratio was estimated at 13.4% at December 31, 2025, exceeding the regulatory minimum of 6.5% [28]. - Cash dividends per share increased to $0.38 in Q4 2025, up from $0.37 in Q4 2024, indicating a commitment to returning value to shareholders [40]. - Common dividends declared per share increased to $0.38 in December 2025 from $0.37 in September 2025, reflecting a growth of 2.70% [49]. - The company reported a dividend payout ratio of 41.50% for December 2025, compared to 40.12% in September 2025, indicating a slight increase in the proportion of earnings distributed as dividends [49]. Asset Growth and Composition - Average earning assets increased by $3.0 billion, or 11%, from 2024, driven by a $2.5 billion increase in average net loans and loans held for sale [18]. - Total assets reached $33,660,281,000 at the end of Q4 2025, compared to $30,023,545,000 at the end of Q4 2024, a growth of 12.1% [45]. - Total assets increased to $33,587,391 thousand in December 2025, up from $33,069,770 thousand in September 2025, representing a growth of 1.57% [47]. - Total deposits increased to $27,060,939,000 in Q4 2025, up from $23,961,859,000 in Q4 2024, marking a 13.1% growth [45]. - The total deposits rose to $27,077,100 thousand in December 2025, compared to $26,635,159 thousand in September 2025, indicating a growth of 1.66% [47]. Mergers and Acquisitions - The acquisition of Piedmont Bancorp, Inc. on January 10, 2025, significantly impacted the financial results, contributing to increased average balances and income [3]. - The company recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont PCD loans of $17.5 million during the first quarter of 2025 [25].