Earnings Performance - Q4 2025 earnings per diluted share (EPS) was $1.39, up from $1.04 in Q4 2024; full-year 2025 EPS was $5.13, compared to $3.23 in 2024[6] - Operating income for Q4 2025 was $135,574,000, up 23% from $110,427,000 in Q4 2024[24] - Net income for the year ended December 31, 2025, was $403,299,000, a 50% increase compared to $268,314,000 in 2024[25] - Basic and diluted earnings per share for Q4 2025 were $1.39, a 34% increase from $1.04 in Q4 2024[24] Assets Under Management - Total assets under management (AUM) reached a record $902.6 billion, an increase of $73.0 billion or 9% from $829.6 billion at the end of 2024[6] - Money market AUM was a record $682.6 billion, up $52.3 billion or 8% from $630.3 billion at the end of 2024[8] - Equity assets increased to $97.9 billion, up $18.5 billion or 23% from $79.4 billion at the end of 2024[4] - Fixed-income assets were $100.1 billion, up $2.0 billion or 2% from $98.1 billion at the end of 2024[5] - Total managed assets reached $902,584 million as of December 31, 2025, an increase from $871,200 million in the previous quarter[36] - Total long-term assets increased to $219,980 million, up from $218,433 million in the prior quarter[36] - Average Managed Assets in the Equity asset class rose to $96,404 million, a 17% increase from $82,247 million in December 2024[37] - Fixed-Income assets grew to $100,855 million, reflecting an increase of 2% from $98,254 million year-over-year[37] - Money Market assets reached $654,635 million, up 8.9% from $601,169 million in the previous year[37] - Total Long-Term Assets amounted to $219,066 million, a 7.8% increase compared to $203,189 million in December 2024[37] - Separate Account assets totaled $264,425 million, slightly up from $252,847 million, indicating a growth of 4.6%[37] - The company reported a decline in Alternative / Private Markets assets to $18,971 million, down 4% from $19,754 million in December 2024[37] - The Multi-Asset category saw a slight decrease to $2,836 million from $2,934 million, a decline of 3.3% year-over-year[37] Revenue and Sales - Revenue for Q4 2025 increased by $58.2 million or 14%, primarily due to higher average money market and equity assets[9] - Total revenue for Q4 2025 reached $482,833,000, a 14% increase from $424,683,000 in Q4 2024[24] - Investment advisory fees for the year ended December 31, 2025, were $1,199,236,000, reflecting a 9% growth from $1,097,866,000 in 2024[25] - The company reported a net sales of $1,518,000,000 in Q4 2025, reversing a net redemption of $2,520,000,000 in Q4 2024[27] - Sales for the quarter amounted to $10,419 million, a rise from $9,018 million in the previous quarter[34] - The company reported a net exchange of $33 million for the quarter, compared to $17 million in the previous quarter[34] Operating Expenses - Operating expenses increased by $33.0 million or 11%, mainly due to higher distribution expenses related to increased money market fund assets[10] - Total operating expenses for the year ended December 31, 2025, were $1,286,781,000, a slight increase of 1% from $1,270,626,000 in 2024[25] Dividends - The board declared a quarterly dividend of $0.34 per share, payable on February 13, 2026[3] - The company declared dividends of $0.34 per share for Q4 2025, compared to $0.31 in Q4 2024[24] Market Trends and Outlook - Federated Hermes derived 53% of its revenue from money market assets in 2025, with 45% from long-term assets[14] - The company anticipates continued growth in managed assets driven by strategic market expansions and new product offerings[38]

Financial Performance - Net sales for the three months ended December 31, 2025, increased to $728.0 million, up 7.9% from $676.9 million in the same period of 2024[11] - Gross profit for the six months ended December 31, 2025, rose to $434.7 million, representing a 22.8% increase compared to $353.8 million in 2024[11] - Operating income for the three months ended December 31, 2025, was $155.2 million, a 30.6% increase from $118.9 million in the prior year[11] - Net income for the six months ended December 31, 2025, reached $227.8 million, up 34.7% from $168.9 million in 2024[14] - For the three months ended December 31, 2025, net income was $105.3 million, an increase of 25.7% compared to $84.1 million in the same period of 2024[49] - Basic earnings per common share for the three months ended December 31, 2025, was $2.10, up 25.0% from $1.68 in 2024[49] - Consolidated operating income for the three months ended December 31, 2025, was $155.2 million, compared to $118.9 million in the same period of 2024, marking an increase of 30.6%[105] - Segment operating income for the six months ended December 31, 2025, was $361.5 million, compared to $284.5 million in 2024, reflecting a significant increase of 27.1%[107] - Consolidated operating income rose to $308.6 million for the six months ended December 31, 2025, compared to $232.5 million in 2024, marking an increase of 32.7%[107] Assets and Liabilities - Cash and cash equivalents decreased to $231.9 million as of December 31, 2025, from $315.5 million at the end of June 2025[9] - Total assets increased to $3,504.3 million as of December 31, 2025, compared to $3,486.8 million as of June 30, 2025[9] - Total liabilities decreased to $1,518.9 million as of December 31, 2025, down from $1,599.8 million at the end of June 2025[9] - Total accrued liabilities decreased to $142.7 million as of December 31, 2025, from $216.3 million as of June 30, 2025[52] - The carrying value of long-term debt was $690.1 million as of December 31, 2025, with a fair value of $713.0 million[72] Cash Flow and Investments - Net cash provided from operating activities for the six months ended December 31, 2025, was $171.4 million, an increase from $108.1 million in 2024[16] - The company plans to continue investing in property, plant, and equipment, with purchases amounting to $88.9 million for the six months ended December 31, 2025[16] - Capital expenditures for the six months ended December 31, 2025, totaled $88.9 million, up from $56.2 million in 2024, indicating a 58.2% increase[111] Shareholder Returns - Cash dividends declared were $0.40 per share, totaling $20.1 million for the six months ended December 31, 2025[20] - The company authorized a share repurchase program of up to $400.0 million for its outstanding common stock, with $216.9 million remaining available for future purchases as of December 31, 2025[68] - During the six months ended December 31, 2025, the company repurchased 300,000 shares for an aggregate of $81.2 million[68] Revenue by Sector - Revenue from the Aerospace and Defense sector for the three months ended December 31, 2025, was $472.0 million, up from $413.4 million in 2024, reflecting a growth of approximately 14.1%[44] - Revenue from the Medical sector for the three months ended December 31, 2025, was $70.7 million, down from $86.3 million in 2024, indicating a decline of approximately 18.0%[44] - The SAO segment reported sales of $659.3 million for the three months ended December 31, 2025, an increase from $597.8 million in 2024, representing a growth of 10.3%[105] - The PEP segment reported sales of $68.7 million for the three months ended December 31, 2025, down from $79.1 million in 2024, reflecting a decline of 13.9%[105] Accounting and Compliance - The company is currently evaluating the potential impact of the adoption of ASU 2025-06 on its consolidated financial statements and related disclosures[31] - The Company expects to adopt ASU 2025-09 and ASU 2025-12, which are effective for fiscal years beginning after December 15, 2026, but the impact on financial statements is still being evaluated[32][33] - The Company adopted ASU 2023-07 in Q4 of fiscal year 2025, which requires additional disclosures about reportable segment expenses but did not materially impact consolidated financial statements[34] Environmental and Legal Matters - The company recorded environmental remediation liabilities of $17.5 million as of December 31, 2025, slightly up from $17.4 million as of June 30, 2025[65] - The company is exposed to potential future costs related to environmental remediation, which may not materially affect long-term financials but could impact specific future quarters[66] - The company has been involved in various routine claims and legal actions, but management believes these will not have a material effect on long-term financials[67] Derivative Instruments and Risk Management - The company has derivative financial instruments with a fair value of $0.2 million in assets and $1.2 million in liabilities as of December 31, 2025[71] - The company has forward contracts to purchase 0.2 million pounds of certain raw materials with settlement dates through January 2027[78] - The company reported a total liability from derivative contracts of $1.2 million as of December 31, 2025[82] - The company does not anticipate nonperformance by any counterparties on its derivative instruments, supported by master netting arrangements[84] - The company has historically used commodity forward contracts, interest rate swaps, and foreign currency forwards to manage risks associated with price fluctuations[77]

Financial Performance - Primis Financial Corp. reported net income of $30 million, or $1.20 per diluted share, for Q4 2025, compared to a net loss of $23 million, or $0.94 per diluted share, in Q4 2024[2]. - Noninterest income for Q4 2025 was $50 million, significantly up from $13 million in Q4 2024, driven by a $51 million gain from a sale leaseback transaction[16]. - Net income attributable to Primis' common shareholders for Q4 2025 was $29,540 thousand, compared to a loss of $23,335 thousand in Q4 2024[45]. - Non-GAAP adjusted net income for Q4 2025 was $2,359,000, a significant improvement from a loss of $24,148,000 in Q4 2024[51]. - Pre-tax pre-provision earnings for Q4 2025 reached $38,577,000, up from $4,225,000 in Q4 2024[51]. - Income tax expense for Q4 2025 was $6,725,000, compared to a benefit of $(5,917,000) in Q4 2024[51]. Asset and Loan Growth - Total assets increased by 10% year-over-year to $4.047 billion as of December 31, 2025, up from $3.690 billion in 2024[3]. - Gross loans held for investment rose by 14% to $3.284 billion, compared to $2.887 billion in the previous year[3]. - Total loans receivable increased to $3,283,683 thousand in Q4 2025, up from $3,200,234 thousand in Q3 2025, representing a growth of 2.6%[47]. - Commercial loans rose to $970,492 thousand in Q4 2025, up from $915,158 thousand in Q3 2025, marking an increase of 6.0%[47]. - Total real estate loans reached $1,991,209 thousand in Q4 2025, a slight increase from $1,958,437 thousand in Q3 2025, representing a growth of 1.7%[47]. Deposit and Funding - Noninterest bearing deposits increased by 26% to $554 million, representing 16.3% of total deposits[3]. - Total deposits rose to $3,395,585 thousand in Q4 2025, up from $3,171,035 thousand in Q4 2024, reflecting a year-over-year increase of 7.1%[43]. - Total liabilities increased to $3,583,607 thousand in Q4 2025, up from $3,473,976 thousand in Q3 2025, representing a growth of 3.2%[48]. - The cost of interest-bearing deposits was 2.6% in Q4 2025, down from 2.8% in Q3 2025, showing a decrease of 0.2 percentage points[49]. Credit Quality and Allowance - The allowance for credit losses was 1.40% of loans held for investment at the end of Q4 2025, down from 1.86% at the end of Q4 2024[24]. - Provision for credit losses in Q4 2025 was $2,439 thousand, a significant decrease from $33,483 thousand in Q4 2024, indicating improved credit quality[45]. - Non-performing assets totaled $86,536 thousand in Q4 2025, slightly down from $86,686 thousand in Q3 2025, indicating a decrease of 0.2%[47]. - The allowance for credit losses at the end of Q4 2025 was $(45,883) thousand, compared to $(44,766) thousand at the end of Q3 2025, reflecting an increase in provisions[47]. Efficiency and Ratios - Return on average assets for Q4 2025 was 2.94%, a significant increase from 0.70% in Q3 2025 and 0.26% in Q2 2025[39]. - Efficiency ratio for Q4 2025 was 52.14%, a notable improvement from 78.81% in Q3 2025 and 73.92% in Q2 2025[39]. - Common equity to assets ratio increased to 10.45% in Q4 2025, compared to 9.66% in Q3 2025[40]. - Return on average common equity was 29.46%, a significant increase from 7.13% in the previous period[52]. Strategic Initiatives - The company is focused on growth strategies including the Panacea Financial Division and digital banking platform[35]. - Approved lines for mortgage warehouse ended 2025 at $1.2 billion across 125 customers[27]. - The company reported a gain on sale-leaseback of $50,573 thousand in Q4 2025, contributing positively to noninterest income[45].

Financial Performance - Covenant Logistics Group reported a loss of $0.73 per diluted share for Q4 2025, with adjusted income of $0.31 per diluted share excluding impairment charges [3]. - Total revenue for Q4 2025 was $295.4 million, a 6.5% increase from $277.3 million in Q4 2024 [7]. - Freight revenue, excluding fuel surcharge, was $270.6 million, up from $251.1 million in the same quarter last year [7]. - The operating loss for Q4 2025 was $24.2 million, compared to an operating income of $8.6 million in Q4 2024 [7]. - The company reported a net loss of $18,257,000 in Q4 2025, compared to a net income of $6,720,000 in Q4 2024 [31]. - Total revenue for the three months ended December 31, 2025, was $188,943,000, an increase from $190,418,000 in the same period of 2024 [40]. - The adjusted net income for the year ended December 31, 2025, was $41,252,000, down from $54,977,000 in 2024, reflecting a decrease of approximately 25% [37]. - The diluted loss per share (EPS) for Q4 2025 was $(4), compared to an EPS of $0.24 in Q4 2024 [37]. Revenue Segments - Managed Freight segment revenue increased by 28.8% year-over-year to $80.2 million, driven by the integration of newly acquired assets [14]. - The Dedicated segment saw a 12.6% increase in freight revenue to $102.3 million, supported by a 6.3% increase in average total tractors [10]. - For the quarter, Warehousing's freight revenue increased by $1.1 million to $25.5 million, while segment operating income declined by $1.4 million to $1.4 million compared to Q4 2024 [17]. - Total revenue for the combined segments reached $776.474 million, with a breakdown of $373.294 million for GAAP and $403.180 million for non-GAAP [42]. Operating Efficiency - The average freight revenue per tractor per week in the truckload segment decreased by 7.8% to $5,327 due to lower utilization and revenue per total mile [9]. - Operating expenses on a non-GAAP adjusted basis increased by approximately 6% year-over-year, reflecting inflationary pressures and changes in business mix [11]. - The segment operating income for the combined truckload and freight segments was $10,705,000 for Q4 2025, compared to $19,121,000 in Q4 2024, indicating a decline of approximately 44% [40]. - The adjusted segment operating ratio improved to 94.4% in Q4 2025 from 95.2% in Q4 2024, showing enhanced operational efficiency [40]. - The company aims to improve operational efficiency, targeting a reduction in the operating ratio to below 94% in the next fiscal year [42]. Debt and Capital Expenditures - Total indebtedness increased by $76.7 million to approximately $296.3 million as of December 31, 2025, with net indebtedness to total capitalization rising to 42.3% from 33.4% year-over-year [18]. - The increase in net indebtedness was primarily due to $46.3 million in acquisition-related payments and $36.2 million in stock repurchases [19]. - The company anticipates net capital equipment expenditures of $40 million to $50 million in 2026, a significant reduction compared to 2025 [22]. - The leverage ratio increased to 2.89 in 2025 from 1.65 in 2024, indicating higher indebtedness relative to earnings [33]. Strategic Initiatives - The company acquired a truckload brokerage business with approximately $130 million in revenue, enhancing its logistics platform and customer base [6]. - The company plans to exit unprofitable business relationships and focus on high-value freight to improve free cash flow and balance sheet leverage in 2026 [5]. - The company aims to operate more efficiently and refine capital allocation while looking for new opportunities in 2026 [24]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year [42]. Impairments and Adjustments - The fourth quarter included approximately $19.4 million in non-cash impairment charges related to goodwill and tractors pulled from service [22]. - Total adjustments for the fourth quarter amounted to $35.1 million, including $10.7 million for impairment of goodwill and $11.6 million for large claims settlement [23]. - The company incurred total adjustments before taxes amounting to $35,061,000 for Q4 2025, compared to $9,130,000 in Q4 2024 [37]. - The amortization of intangibles for the year ended December 31, 2025, was $10,770,000, up from $9,488,000 in 2024, indicating increased intangible asset amortization [37]. Operational Metrics - The average age of tractors increased to 24 months, with expectations for it to range from 24 to 26 months going forward [21]. - Average miles per tractor per period decreased to 28,795 in Q4 2025, down 6.9% from 26,812 in Q4 2024 [32]. - Average freight revenue per loaded mile decreased to $2.91 in Q4 2025, down 8.2% from $3.15 in Q4 2024 [32]. - Employee separation costs amounted to $1.302 million, indicating restructuring efforts within the company [42]. - The company incurred transaction costs of $149, which may relate to strategic acquisitions or partnerships [42]. - The abandonment of long-lived software resulted in a cost of $1.884 million, reflecting ongoing adjustments in technology investments [42].

Revenue Performance - Total revenue for the fiscal quarter ended December 26, 2025, was $346.7 million, a decrease of 2% from $357.0 million for the same period in 2024[161]. - Licensing revenue accounted for 92% of total revenue at $319.8 million, while products and services contributed 8% at $26.9 million[161]. - Dolby generated 92% of its revenue in Q1 fiscal 2026 through licensing technology, brand, and patents, primarily to device manufacturers[201]. - Licensing revenue for Q1 2026 was $319,771, a decrease of 3% from $330,479 in Q1 2025, representing 92% of total revenue[242]. - Products and Services revenue increased by 2% to $26,935 from $26,520, accounting for 8% of total revenue[246]. Licensing and Patents - Dolby holds approximately 29,000 issued patents related to licensed technologies, which significantly contribute to licensing revenue[163]. - The company generated over 90% of its revenue from licensing agreements with around 1,000 electronic device manufacturers[163]. - Dolby's patent licensing primarily comes from standard essential patents associated with AAC, AVC, and HEVC codecs, which are critical for media technologies[182]. - Dolby's patent licensing revenue is primarily driven by royalty shares within patent pools, licensee penetration, and device shipments[208]. - Revenue from patent licensing is also influenced by the success of patent pools and the negotiation of licenses with companies using the relevant standards[213]. Technology and Innovation - Dolby Atmos and Dolby Vision are key branded technologies driving revenue growth, enabling immersive audio and video experiences[167]. - The company is exploring the use of artificial intelligence in the development of next-generation audio and video codecs[180]. - Dolby's branded technology licensing includes rights to software, patent rights, and know-how, with revenue driven by device shipments and consumer spending[205]. - Dolby Atmos and Dolby Vision have seen increased adoption, with major streaming services enhancing content using these technologies[207]. Market Dynamics - The company aims to expand the reach of its technologies to new content, media, devices, and audiences[159]. - Dolby's licensing customers typically enter into per unit royalty arrangements, which can lead to revenue variability[172]. - The company collaborates with content creators and device manufacturers to create a virtuous cycle of product development and demand for its solutions[158]. - The company faces challenges from macroeconomic conditions, including inflation and tariffs, which may impact revenue from licensing and product sales[202]. - The automotive industry's cyclical nature and long development cycles may affect revenue growth from automotive-related technologies[227]. Financial Performance - Gross profit for Products and Services decreased by 35% to $4,489, with a gross margin of 17%, down from 26%[246]. - Research and Development (R&D) expenses increased by $2,439 million, or 4%, from $66,638 million in Q1 2025 to $69,077 million in Q1 2026, representing 20% of total revenue[249]. - Sales and Marketing (S&M) expenses decreased by $2,847 million, or 3%, from $94,399 million in Q1 2025 to $91,552 million in Q1 2026, maintaining 26% of total revenue[252]. - General and Administrative (G&A) expenses slightly increased by $151 million, remaining stable at 20% of total revenue, from $70,092 million in Q1 2025 to $70,243 million in Q1 2026[254]. - Restructuring charges rose significantly by $5,250 million, or 101%, from $5,216 million in Q1 2025 to $10,466 million in Q1 2026, accounting for 3% of total revenue[257]. Cash Flow and Investments - Cash and cash equivalents decreased from $701,893 million as of September 26, 2025, to $643,845 million as of December 26, 2025[269]. - Net cash provided by operating activities decreased by $52.0 million, from $106,779 million in Q1 2025 to $54,799 million in Q1 2026, primarily due to higher accounts receivable[276]. - Net cash used in financing activities increased by $64.3 million, from $57,571 million in Q1 2025 to $121,834 million in Q1 2026, mainly due to higher common stock repurchases[278]. - The company has returned approximately $3.1 billion to stockholders through stock repurchases since the program's initiation in fiscal 2010[273]. - As of December 26, 2025, the company had cash and cash equivalents of $643.8 million and short-term and long-term investments of $85.8 million[282]. Foreign Currency Exposure - The company maintains exposure to foreign currency exchange risk due to operations in countries like Australia, China, Germany, Ireland, Poland, and the U.K.[283]. - The majority of revenue from international markets is denominated in U.S. dollars, while operating expenses are primarily in local currencies, leading to potential increases in expenses when the U.S. dollar weakens[283]. - The company uses forward currency contracts as cash flow hedges with maturities of thirteen months or less to mitigate currency volatility impacts on operating expenses[284]. - A sensitivity analysis indicated that a 10% increase in the U.S. dollar value would decrease the fair value of financial instruments by $3.7 million, while a 10% decrease would increase it by the same amount[289].

Revenue Performance - Net revenue for the third fiscal quarter was $581.0 million, an increase of $59 million or 11.3% compared to $522.0 million in the same quarter of the previous year[8]. - Net revenue for the three months ended December 27, 2025, was $580,994,000, an increase of 11.2% compared to $522,040,000 for the same period in 2024[21]. Profitability - Gross profit as a percentage of net revenue for factory-built housing was 21.7%, down from 23.6% in the same period last year[8]. - Financial services gross profit as a percentage of net revenue was 65.2%, up from 55.5% in the same period last year[8]. - Gross profit for the three months ended December 27, 2025, was $135,921,000, representing a gross margin of 23.4%, compared to $129,950,000 and a gross margin of 24.9% for the same period in 2024[21]. - Income before income taxes was $58 million, a decrease of $11 million or 16.9% compared to $69 million in the same period last year[8]. - Net income for the three months ended December 27, 2025, was $44,067,000, a decrease of 22% from $56,462,000 in the same period in 2024[21]. - Net income per diluted share attributable to common stockholders was $5.58, down 19.1% from $6.90 in the prior year quarter[8]. - Basic net income per share for the three months ended December 27, 2025, was $5.65, down from $6.97 for the same period in 2024[21]. Sales and Backlogs - Home sales volume increased by 3.2%, while capacity utilization decreased to approximately 70% from 75% in the same quarter of the prior year[8]. - Backlogs totaled $160 million at the end of the quarter, representing 4-6 weeks of production[8]. - American Homestar contributed $42 million to net revenue with 343 homes sold, alongside $6.9 million in incremental SG&A expenses[8]. Financial Position - Total assets increased to $1,472,195,000 as of December 27, 2025, compared to $1,406,645,000 as of March 29, 2025[19]. - Total liabilities rose to $382,976,000 as of December 27, 2025, up from $342,063,000 as of March 29, 2025[19]. - Cash and cash equivalents decreased to $224,616,000 as of December 27, 2025, from $356,225,000 as of March 29, 2025[19]. - Capital expenditures for the nine months ended December 27, 2025, were $27,360,000, compared to $15,253,000 for the same period in 2024[23]. Stock and Shareholder Returns - Stock repurchases amounted to approximately $44 million in the quarter, with about $98 million remaining for future repurchases[8]. - The company reported a total of 7,801,698 basic weighted average shares outstanding for the three months ended December 27, 2025[21]. Financial Services - The financial services segment showed strong results, reflecting improved profitability in the insurance operation[9]. - The company’s finance subsidiary, CountryPlace Mortgage, continues to offer conforming and non-conforming mortgages, contributing to its overall financial performance[16].

Financial Performance - Net income for Q4 2025 was $12.2 million, a 26% increase from $9.6 million in Q3 2025, with diluted EPS rising to $0.69 from $0.54[3] - Total revenue for the three months ended December 31, 2025, reached $78,201 thousand, up from $61,836 thousand in the prior year, representing a growth of 26.4%[44] - For the twelve months ended December 31, 2025, total revenue was $282,995 thousand, a 24% increase from $228,128 thousand in 2024[47] - Net income for the three months ended December 31, 2025, was $12,159 thousand, compared to $9,240 thousand in the same quarter of 2024, indicating a year-over-year increase of 31.3%[44] - The Company reported a 35% increase in net interest income for the year ended December 31, 2025, totaling $200.9 million compared to $149.0 million in 2024[12] Asset and Deposit Growth - Total deposits grew by $460 million, or 8%, to $6.6 billion at December 31, 2025, with noninterest-bearing deposits increasing by $316 million, or 28%[4] - Total assets increased to $7,526,409 thousand as of December 31, 2025, up from $7,439,642 thousand in the previous quarter, representing a growth of 1.17%[51] - The total assets of the company increased to $7,207,533 thousand as of December 31, 2025, compared to $6,556,386 thousand a year earlier, reflecting a growth of 9.9%[74] - Assets under management (AUM) in the Wealth Management Division grew by $1.2 billion to $13.1 billion at December 31, 2025, with new business inflows totaling $291 million in Q4 2025[9] Loan Performance - Total loans increased by $738 million, or 13%, to $6.3 billion, with commercial and industrial lending accounting for 55% of new business originations[7] - Total loans reached $6,258,623 thousand, an increase of 3.84% from $6,027,265 thousand in the prior quarter[51] - The total commercial loans for the twelve months ended December 31, 2025, were $1,821,138,000, significantly higher than $1,041,172,000 in 2024[62] - Nonperforming assets decreased to $68.2 million, or 0.91% of total assets, at December 31, 2025, down from $84.1 million, or 1.13% of total assets, at September 30, 2025[30] Interest Income and Margin - Net interest income rose by $6.0 million, or 12%, to $56.5 million for Q4 2025, driven by improved cost on average interest-bearing liabilities and a net interest margin (NIM) increase to 3.08%[5] - Net interest income for the three months ended December 31, 2025, was $56,771 thousand, up from $50,809 thousand in the prior quarter, representing an increase of 11.5%[70] - The net interest margin improved to 3.08% for the three months ended December 31, 2025, compared to 2.81% in the previous quarter, indicating enhanced profitability[70] - The net interest margin (tax-equivalent basis) improved to 3.08% for the three months ended December 31, 2025, compared to 2.46% in the same quarter of 2024, reflecting a 25.4% increase[44] Credit Loss Provisions - Provision for credit losses increased to $23.5 million for the year ended December 31, 2025, a 214% increase from $7.5 million in 2024[12] - The provision for credit losses increased to $7.7 million in Q4 2025, compared to $4.8 million in Q3 2025 and $1.7 million in Q4 2024, primarily due to specific reserves related to two multifamily loans and one C&I loan[31] - The allowance for credit losses was $71.0 million, or 1.14% of total loans, as of December 31, 2025, compared to $68.6 million at September 30, 2025[32] Efficiency and Cost Management - Total operating expenses for Q4 2025 were $53.5 million, up from $52.3 million in Q3 2025 and $47.9 million in Q4 2024, driven by expansion efforts in New York City and Long Island[27] - The efficiency ratio improved to 68.93%, down from 73.73% in the prior quarter, indicating better cost management[81] - The GAAP efficiency ratio improved to 68.46% for the three months ended December 31, 2025, down from 77.40% in the same quarter of 2024, showing a positive trend in operational efficiency[44] Shareholder Returns - The Company declared a cash dividend of $0.05 per share on December 18, 2025, payable on February 26, 2026[36] - Tangible book value per share increased by 10% to $34.99 at December 31, 2025, compared to $31.89 at the end of 2024[9] - Book value per share rose to $37.49, compared to $36.62 in the previous quarter, indicating an increase of 2.37%[57]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-12822 ____________________ ...

Financial Performance - For Q4 2025, Catalyst Bancorp reported net income of $456,000, or $0.13 per diluted share, compared to $489,000, or $0.13 per diluted share in Q3 2025[1]. - Net income for the year ended December 31, 2025, was $2,052,000, a significant recovery from a net loss of $3,089,000 in the previous year[39]. - The return on average assets for Q4 2025 was 0.65%, down from 0.91% in Q4 2024, indicating a decline in profitability relative to assets[39]. Loan and Asset Management - Total loans increased to $170.2 million at December 31, 2025, up $5.4 million, or 3%, from $164.8 million at September 30, 2025[3]. - The commercial and industrial loans segment saw significant growth, increasing by $5.5 million, or 22%, primarily driven by the oilfield services sector[4]. - Total loans as of December 31, 2025, were $167,335,000, a slight increase from $167,187,000 in the previous year[39]. - Non-performing assets rose to $2.7 million, representing 0.95% of total assets, up from $1.9 million, or 0.67%, at the end of Q3 2025[7]. - The allowance for credit losses on loans was $2.4 million, or 1.39% of total loans, compared to 1.45% in the previous quarter[8]. Deposits and Funding - Total deposits decreased by $1.1 million, or 1%, to $185.3 million at December 31, 2025, with a loan-to-deposit ratio of 92%[10]. - Total deposits amounted to $185,274 thousand, with non-interest-bearing deposits at $29,991 thousand and interest-bearing deposits at $155,283 thousand[35]. - Total deposits increased to $181,537,000 as of December 31, 2025, compared to $170,991,000 in the previous year, reflecting a growth of 6.67%[39]. Interest Income and Margin - The net interest margin for Q4 2025 was 3.91%, up three basis points from the prior quarter, with net interest income rising by $57,000, or 2%[18][19]. - Total interest income for Q4 2025 was $3,548,000, an increase from $3,511,000 in Q4 2024, representing a year-over-year growth of 1.05%[39]. - Net interest income after provision for credit losses for Q4 2025 was $2,411,000, compared to $2,472,000 in Q4 2024, reflecting a decrease of 2.47%[39]. - Total interest-earning assets increased to $255,254 thousand with a net interest income of $2,507 thousand, resulting in a net interest margin of 3.91% for the fourth quarter of 2025[1][2]. Non-Interest Income and Expenses - Non-interest income for the fourth quarter of 2025 totaled $362,000, up $47,000 or 15% compared to the third quarter of 2025[3]. - Bank-owned life insurance income increased by $11,000 or 9% for the fourth quarter of 2025 compared to the prior quarter[4]. - Non-interest expense for the fourth quarter of 2025 was $2.2 million, reflecting a $20,000 or 1% increase from the previous quarter[5]. - Salaries and employee benefits expense rose to $1.3 million, an increase of $22,000 or 2% due to new hires and annual raises[6]. - Total non-interest expense for Q4 2025 was $2,222,000, slightly higher than $2,038,000 in Q4 2024, marking an increase of 9.05%[39]. Credit Loss Provisions - The provision for credit losses was $96,000 in Q4 2025, driven by increased construction loan commitments and overall loan growth[8]. - The provision for credit losses for Q4 2025 was $96,000, compared to a reversal of $36,000 in Q3 2025, indicating a shift towards increased provisions[41]. - The allowance for credit losses was $2,367 thousand, slightly improved from $2,397 thousand in the previous quarter[35]. Shareholder Equity - The company reported a total shareholders' equity of $81,725 thousand as of December 31, 2025, compared to $81,585 thousand at September 30, 2025[35]. Efficiency and Cost Management - The efficiency ratio for Q4 2025 was 77.40%, an improvement from 79.67% in Q3 2025, suggesting better cost management[39].

Rhinebeck Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2025 NEWS PROVIDED BY Rhinebeck Bancorp, Inc. Poughkeepsie, New York, January 29, 2026 /ACCESSWIRE/ Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the fourth quarter of 2025 of $2.3 million, compared to net income of $2.7 million for the third quarter of 2025 and a net loss of $2.7 million for the fourth quarter of 2024. Diluted earnings per ...