Financial Performance - Net loss for the first quarter of fiscal 2026 was $32.6 million, resulting in a diluted loss per share of $1.13, which included a litigation-related charge that reduced EPS by $0.23 [4] - Adjusted EBITDA for the quarter was a loss of $11.2 million, compared to a profit of $23.0 million in the same quarter last year [3] - Total revenue for the three months ended December 31, 2025, was $363.491 million, a decrease of 22.5% from $468.953 million in the same period of 2024 [21] - Gross profit for the same period was $37.204 million, down 48.3% from $72.078 million year-over-year [21] - The company reported a net loss of $32.597 million for Q1 2025, compared to a net income of $3.130 million in Q1 2024 [21] Homebuilding Metrics - Homebuilding revenue decreased by 21.9% year-over-year to $359.7 million, driven by a 22.8% decline in home closings to 700 homes, partially offset by a 1.2% increase in average selling price (ASP) to $513.9 thousand [4] - Total closings decreased to 700 units in Q1 2025 from 907 units in Q1 2024, representing a decline of 22.8% [25] - New orders, net of cancellations, fell to 763 units in Q1 2025 from 932 units in Q1 2024, a decrease of 18.1% [25] - Net new orders fell to 763, an 18.1% decrease from 932 in the prior year quarter, with a cancellation rate of 18.3%, up from 16.5% [5] - The backlog dollar value was $573.3 million, down 29.7% from $816.0 million a year ago, with backlog units decreasing by 33.1% to 1,008 homes [6] - The aggregate dollar value of homes in backlog was $573.3 million as of December 31, 2025, down 29.8% from $816.0 million in 2024 [25] Margins and Costs - The gross margin for homebuilding was 10.4%, down 480 basis points from the previous year, with a margin of 14.0% when excluding impairments and amortized interest [8] - Homebuilding gross profit margin (GAAP) for Q1 2025 was 10.4%, compared to 15.2% in Q1 2024 [27] - The company aims to improve margins through construction cost reductions and selective asset sales, while also focusing on community count and deleveraging goals for 2027 [2] Debt and Capitalization - Total debt to total capitalization ratio increased to 48.4% from 46.5% a year ago, while net debt to net capitalization ratio rose to 45.6% from 44.5% [13] - Total debt increased to $1.125 billion as of December 31, 2025, from $1.029 billion at the end of September 2025 [23] - Total debt (GAAP) increased to $1,125,055 thousand in 2025 from $1,071,290 thousand in 2024, representing a growth of approximately 5.0% [30] - Stockholders' equity (GAAP) decreased to $1,200,248 thousand in 2025 from $1,234,048 thousand in 2024, a decline of about 2.7% [30] - Total capitalization (GAAP) rose to $2,325,303 thousand in 2025, up from $2,305,338 thousand in 2024, indicating an increase of around 0.9% [30] - Net debt (Non-GAAP) increased to $1,004,298 thousand in 2025 compared to $990,911 thousand in 2024, reflecting a rise of approximately 1.3% [30] - Net capitalization (Non-GAAP) decreased to $2,204,546 thousand in 2025 from $2,224,959 thousand in 2024, a decrease of about 0.9% [30] Cash and Inventory - Cash and cash equivalents decreased to $120.757 million from $214.705 million in the previous quarter [23] - Inventory increased to $2.141 billion as of December 31, 2025, compared to $2.029 billion at the end of September 2025 [23] - Land acquisition and development spending was $180.7 million, a decrease of 14.5% from $211.3 million in the prior year [10] Stock Repurchase - The company repurchased $15.1 million of its outstanding common stock at an average price of $21.72 per share during the quarter [11]

Financial Performance - Net income for Q4 2025 was $108.4 million, or $1.59 per diluted share, up from $94.4 million, or $1.37 per diluted share in Q4 2024[3] - Full year 2025 net income reached $412.2 million, or $6.00 per diluted share, compared to $358.7 million, or $5.19 per diluted share in 2024, driven by a $87.7 million, or 10.3% increase in net interest income[4] - Net income for the three months ended December 2025 was $108,356,000, compared to $87,935,000 for the same period in 2024, representing a year-over-year increase of 23.2%[27] - Adjusted net income for the twelve months ended December 2025 was $411,625,000, up from $346,640,000 in 2024, reflecting a growth of 18.7%[27] - Net income for the twelve months ended December 2025 was $412,154,000, compared to $358,685,000 in 2024, showing an increase of 14.9%[29] - Net income available to common shareholders for Q4 2025 was $108,356,000, compared to $106,029,000 in Q3 2025, reflecting a growth of 2.2%[44] - Net income for the Banking Division in Q4 2025 reached $83,224,000, an increase of 10.9% compared to $75,065,000 in Q3 2025[52] - Net income for the company in 2025 was $412,154,000, an increase of 15% from $358,685,000 in 2024[52] Earnings and Shareholder Value - Basic earnings per share for the three months ended December 2025 was $1.59, compared to $1.28 for the same period in 2024, an increase of 24.2%[27] - Diluted earnings per common share for Q4 2025 was $1.59, up from $1.37 in Q4 2024, reflecting a growth of 16.1%[29] - The book value per share at the end of December 2025 was $59.92, compared to $54.32 at the end of December 2024, representing an increase of 10.5%[27] - Tangible book value per share at the end of December 2025 was $44.18, up from $38.59 in December 2024, marking a growth of 14.5%[46] Asset and Deposit Growth - Total assets increased to $27.52 billion at December 31, 2025, up from $26.26 billion at December 31, 2024[16] - Total deposits increased by $653.5 million, or 3.0%, to $22.38 billion at December 31, 2025[17] - Total deposits increased to $22,375,995,000 in December 2025 from $21,722,448,000 in December 2024, representing a rise of 3.0%[31] - Total earning assets increased to $25,399,767 thousand in December 2025, up from $24,956,298 thousand in September 2025, representing a growth of 1.77%[37] - Total deposits rose to $22,397,329 thousand in December 2025, compared to $21,898,464 thousand in September 2025, indicating an increase of 2.28%[37] Income and Expense Analysis - Total interest income for Q4 2025 was $358,063,000, an increase from $346,363,000 in Q4 2024, representing a growth of 3.9% year-over-year[29] - Noninterest income decreased by $14.4 million, or 18.9%, in Q4 2025, totaling $61.8 million compared to $76.3 million in Q3 2025[11] - Noninterest income for Q4 2025 totaled $61,827,000, a decrease from $68,959,000 in Q4 2024, indicating a decline of 10.3% year-over-year[29] - Total noninterest expense for the twelve months ended December 2025 was $603,950,000, a slight decrease from $607,794,000 in 2024[29] - Total noninterest expense for the Banking Division in Q4 2025 was $103,420,000, a decrease of 9.2% from $113,973,000 in Q3 2025[52] Efficiency and Profitability Metrics - Return on average assets (ROA) for Q4 2025 was 1.57%, with a full year ROA of 1.54%[6] - The return on average assets for the three months ended December 2025 was 1.57%, up from 1.36% in the same period of 2024, indicating improved operational efficiency[27] - The efficiency ratio for the three months ended December 2025 was 46.59%, a decrease from 52.83% in the same period of 2024, showing enhanced cost management[27] - Adjusted efficiency ratio for December 2025 improved to 46.59%, compared to 52.26% in December 2024, indicating enhanced operational efficiency[46] - The efficiency ratio for the twelve months ended December 2025 was 50.00%, down from 53.20% in December 2024, indicating improved cost management[46] Loan and Credit Quality - The allowance for loan losses remained stable at 1.62% of loans, with a net charge-off ratio of 26 basis points for Q4 2025[19] - The provision for credit losses was $16,601 thousand in December 2025, compared to $11,176 thousand in September 2025, marking an increase of 48.5%[33] - Non-performing assets totaled $120,472 thousand in December 2025, up from $109,428 thousand in September 2025, indicating a rise of 9.5%[33] - The net charge-offs as a percentage of average loans (annualized) increased to 0.26% in December 2025 from 0.14% in September 2025[33] - The total allowance for credit losses remained stable at $401,558 thousand in December 2025, consistent with the previous quarter[33] Market and Trading Activity - The average daily trading volume for the three months ended December 2025 was 448,341 shares, compared to 432,964 shares in the same period of 2024, indicating increased market activity[27] - The market data showed a high intraday price of $78.99 in December 2025, compared to $74.56 in December 2024, indicating a positive market perception[27]

Financial Performance - Net revenue for the second quarter of fiscal 2026 was $369.3 million, an increase of $98.5 million or 36.4% year-over-year[207] - GAAP net loss was $48.1 million, a decrease of $57.2 million or 628.6% year-over-year[207] - Non-GAAP net income reached $51.5 million, up $22.1 million or 75.2% year-over-year[207] - Non-GAAP diluted EPS was $0.22, an increase of $0.09 or 69.2% year-over-year[207] - Total net revenue increased by $98.5 million, or 36.4%, for the three months ended December 27, 2025, compared to the same period a year ago[218] - Total net revenue increased by $159.4 million, or 31.3%, for the six months ended December 27, 2025, compared to the same period a year ago[219] - Product revenues increased by $91.6 million, or 40.6%, for the three months ended December 27, 2025, driven by volume increases in NSE and OSP[220] - Product revenues increased by $151.5 million, or 35.8%, for the six months ended December 27, 2025, driven by volume increases in NSE and OSP[221] - Service revenues increased by $6.9 million, or 15.3%, for the three months ended December 27, 2025, driven by a volume increase in NSE[222] - Service revenues increased by $7.9 million, or 9.2%, for the six months ended December 27, 2025, driven by a volume increase in NSE[223] Acquisitions and Contributions - The acquisition of Spirent Communications contributed net revenues of $43.0 million, while Inertial Labs added $21.1 million[202] - The acquisitions of Spirent's HSE and CE business and Inertial Labs contributed $43.0 million and $21.1 million, respectively, during the three months ended December 27, 2025[218] Margins and Expenses - GAAP operating margin was 3.1%, down 510 basis points year-over-year, while non-GAAP operating margin improved to 19.3%, up 440 basis points[207] - Gross margin decreased by 2.4 percentage points to 57.0% for the three months ended December 27, 2025, primarily due to increased amortization of intangibles[230] - Research and Development (R&D) expense increased by $13.8 million, or 26.5%, during the three months ended December 27, 2025, driven by costs from recent acquisitions[233] - Selling, General and Administrative (SG&A) expense rose by $42.8 million, or 50.8%, during the three months ended December 27, 2025, largely due to acquisition-related costs[236] - Amortization of acquired technologies increased by $9.2 million, or 278.8%, during the three months ended December 27, 2025, due to intangibles from recent acquisitions[229] Future Outlook - The company expects continued growth in the NSE segment driven by end market demand and acquisitions[204] - The company plans to invest in secular trends to drive growth and expand its total addressable market (TAM)[206] - The company expects to face industry and market risks, including uncertainty around customer procurement decisions and the adoption of 5G technology[224] - Pricing pressures and competition from Asia-based competitors may affect revenues and profitability[225] Cash Flow and Financing - Cash provided by operating activities was $73.5 million, with a net loss of $69.5 million adjusted for non-cash charges totaling $162.9 million[274] - Cash used in investing activities totaled $412.6 million, primarily for the acquisition of Spirent's HSE and CE business[275] - Cash provided by financing activities was $680.6 million, mainly from a $600 million Term Loan B issuance[276] Pension and Liabilities - The pension plans in the U.K. and India are fully funded, while the German plans are unfunded, resulting in an under-funding of $50.9 million as of December 27, 2025[282] - The fair value of pension plan assets increased approximately 1.2% since June 28, 2025[282] - A 50-basis point change in the discount rate would result in a corresponding increase or decrease in the post-retirement benefit obligation (PBO) of approximately $4.0 million[288] - The company is responsible for a non-pension post-retirement benefit obligation of $0.3 million from a past acquisition[283] - The fair value of contingent purchase consideration liabilities is remeasured at each reporting period, with significant judgment involved in the estimates[287] Market and Geographic Information - The company operates in three geographic regions: Americas, Asia-Pacific, and EMEA, with net revenue assigned to the region where products are initially shipped[226] - Net revenue from customers outside the Americas represented 53.7% of total net revenue during the three months ended December 27, 2025, compared to 57.1% in the same period of the previous year[227] Risk Management - The company's market risk related to foreign exchange and interest rates has not changed materially since the last annual report[289] - The accounting estimates used in the financial statements are based on historical experience and reasonable assumptions, but actual results may differ materially[286] - Recent accounting pronouncements may affect the consolidated financial statements, as detailed in the relevant note[285]

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-37709 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the ...

Exhibit 99.1 PCB Bancorp Reports Earnings for Q4 2025 and Full Year 2025 Los Angeles, California - January 29, 2026 - PCB Bancorp (the "Company") (NASDAQ: PCB), the holding company of PCB Bank (the "Bank"), today reported net income available to common shareholders of $9.1 million, or $0.64 per diluted common share, for the fourth quarter of 2025, compared with $11.3 million, or $0.78 per diluted common share, for the previous quarter and $6.7 million, or $0.46 per diluted common share, for the year-ago qua ...

"With a good start to the fiscal year, we are optimistic about our position in the market and confident in our growth opportunities," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We continue to have strong momentum with Dolby Atmos and Dolby Vision, while also expanding our addressable market with our imaging patent program for content streamers and Dolby OptiView." First Quarter Fiscal 2026 Financial Highlights A complete listing of Dolby's non-GAAP measures are described and reconciled to th ...

Financial Performance - Consolidated net income for Q4 2025 was $58.7 million, exceeding the high end of revised guidance, with full-year net income reaching a record $183.5 million[3]. - Consolidated revenues for Q4 2025 were $75.9 million, primarily from management services at the Great Park segment and land sales at the Valencia segment[8]. - The net income for the three months ended December 31, 2025, was $142,651,000, reflecting a decrease of 37% compared to the previous period[28]. - For the twelve months ended December 31, 2025, total revenues reached $935,679,000, with land sales contributing $868,109,000[30]. - The net income for the twelve months ended December 31, 2025, was $566,724,000, indicating a significant increase compared to the previous year[30]. - Net income attributable to the company for the twelve months ended December 31, 2025, was $70,966 thousand, compared to $68,297 thousand in 2024, reflecting a growth of 2.4%[22]. Revenue Sources - The Great Park Venture sold 187 homesites for an aggregate purchase price of $181.5 million during Q4 2025, contributing to significant revenue generation[10]. - For the full year 2025, the Great Park Venture sold 920 homesites for a total of $781.7 million, with distributions to holders of Percentage Interests amounting to $672.0 million[15]. - Management services revenue from related parties increased to $32,968 thousand for the three months ended December 31, 2025, compared to $21,369 thousand in 2024, marking a growth of 54.5%[22]. - Management services revenue for the three months was $32,968,000, primarily from related party transactions[28]. Liquidity and Capital Structure - Total liquidity as of December 31, 2025, was $643.0 million, consisting of cash and cash equivalents of $425.5 million and borrowing availability of $217.5 million[4]. - The company reported a total liquidity of $643,046 thousand as of December 31, 2025, including cash and cash equivalents of $425,546 thousand[26]. - The debt to total capitalization ratio was 16.3% as of December 31, 2025, indicating a strong balance sheet and reduced leverage levels[6]. - The net debt to total capitalization ratio was 1.0%, suggesting minimal reliance on debt financing[27]. - The company issued $450.0 million in new 8.000% Senior Notes due October 2030 in September 2025, enhancing its capital structure[6]. Assets and Inventories - The company’s inventories increased to $2,443,279 thousand as of December 31, 2025, up from $2,298,080 thousand in 2024, indicating a rise of 6.3%[24]. - The total assets of the company reached $3,249,003 thousand as of December 31, 2025, compared to $3,076,417 thousand in 2024, reflecting an increase of 5.6%[24]. - The company’s retained earnings grew to $228,043 thousand as of December 31, 2025, up from $157,077 thousand in 2024, representing a significant increase of 45.2%[24]. Segment Performance - Segment profit from operations for the Great Park segment was $148,805 thousand for the three months ended December 31, 2025, and $625,933 thousand for the twelve months ended December 31, 2025[32]. - Net income attributed to the Great Park segment from the management company was $20,617 thousand for the three months and $41,454 thousand for the twelve months ended December 31, 2025[32]. - The net income of the Great Park Venture was $128,188 thousand for the three months and $584,479 thousand for the twelve months ended December 31, 2025[32]. - The Company's share of net income from the Great Park Venture was $48,071 thousand for the three months and $219,180 thousand for the twelve months ended December 31, 2025[32]. - Equity in earnings from unconsolidated entities for Q4 2025 was $44.9 million, with the Great Park Venture generating net income of $128.2 million during the same period[9]. - Equity in earnings from the Great Park Venture amounted to $44,195 thousand for the three months and $201,289 thousand for the twelve months ended December 31, 2025[32]. Future Outlook - The company expects consolidated annual net income for 2026 to be approximately $100 million, reflecting ongoing market monitoring and strategic land sales optimization[3]. - The company plans to focus on expanding its management services and exploring new market opportunities following the sale of the Gateway Commercial Venture's assets[29]. - The Company's commercial segment is no longer operating following the sale of Gateway Commercial Venture's assets in December 2024[32].

Financial Performance - Revenue for Q2FY26 was $3.02 billion, representing a 25% increase year over year[5] - GAAP gross margin improved to 45.7%, up 800 basis points from 37.7% in Q2FY25[6] - Operating income reached $908 million, a 62% increase compared to $560 million in Q2FY25[6] - Diluted net income per common share for Q2FY26 was $4.73, a 272% increase from $1.27 in Q2FY25[6] - Net income for the three months ended January 2, 2026, was $1,842 million, a significant increase from $594 million in the same period last year, representing a growth of 210%[26] - GAAP gross profit for the three months ended January 2, 2026, was $1,380 million, compared to $1,227 million for the previous quarter, reflecting a 12.5% increase[28] - Non-GAAP gross profit for the same period was $1,391 million, up from $1,237 million, indicating a growth of 12.4%[28] - The company reported a GAAP operating income of $908 million for the three months ended January 2, 2026, compared to $792 million in the previous quarter, marking a 14.6% increase[28] - Non-GAAP diluted net income from continuing operations attributable to common shareholders was $807 million for the three months ended January 2, 2026, compared to $655 million in the previous quarter, reflecting a growth of 23.2%[30] Cash Flow and Dividends - Free cash flow for the quarter was $653 million, with over 100% returned to shareholders through share repurchases and dividends[4] - Free cash flow for the six months ended January 2, 2026, was $1,252 million, significantly higher than $321 million in the same period last year[30] - The company declared a cash dividend of $0.125 per share, payable on March 18, 2026[9] - Cash and cash equivalents at the end of the period were $1,975 million, down from $2,291 million at the end of the previous quarter[26] Future Guidance - For Q3FY26, revenue is expected to be approximately $3.2 billion, reflecting a 40% year-over-year growth at the mid-point[7] - Non-GAAP gross margin guidance for Q3FY26 is projected at 47.5%[7] Operational Insights - The company continues to focus on high-capacity drives to meet growing data center demand in the AI-driven data economy[4] - The company’s GAAP operating margin for the three months ended January 2, 2026, was 30.1%, compared to 28.1% in the previous quarter[28] - The company’s net cash provided by operating activities for the three months ended January 2, 2026, was $745 million, compared to $672 million in the previous quarter, an increase of 10.8%[30] - The company reported a net cash used in financing activities of $703 million for the three months ended January 2, 2026, compared to a minimal usage of $1 million in the previous quarter[26] Non-GAAP Measures and Adjustments - Non-GAAP gross margin guidance excludes stock-based compensation expense, totaling approximately $10 million[43] - Non-GAAP operating expenses guidance excludes stock-based compensation and other expenses, totaling approximately $40 million to $50 million[43] - Non-GAAP diluted net income per common share guidance excludes items totaling $50 million to $60 million[43] - Non-GAAP diluted weighted average shares include the benefit of 2 million shares from capped call transactions related to convertible senior notes due 2028[43] - Income tax adjustments reflect differences between GAAP and non-GAAP tax rates due to excluded items and non-recurring items[38] - Free cash flow is defined as cash flows from operating activities less capital expenditures, considered useful for strategic opportunities[40] - Business realignment charges may occur to align operations with market demand or achieve cost synergies, deemed not indicative of underlying performance[35] - The company recognizes expenses related to litigation matters that do not reflect operating results and are not indicative of business performance[34] - Adjustments to non-GAAP guidance may include unanticipated changes in GAAP effective tax rates and other non-recurring items[42] - Non-GAAP measures are provided to enhance understanding of underlying business performance and are not reconciled to GAAP due to unpredictability[41]

Financial Performance - Operating income for Q2 FY26 reached $155.2 million, a 31% increase year-over-year from $118.9 million in Q2 FY25[11]. - Net sales for Q2 FY26 were $728.0 million, up 7.5% from $676.9 million in Q2 FY25, with net sales excluding surcharge revenue at $589.1 million, a 7.5% increase year-over-year[23]. - Adjusted operating margin for Q2 FY26 was 26.3%, up from 21.7% in Q2 FY25, marking the sixteenth consecutive quarter of margin expansion[23]. - Q2 profits increased by 31% year-over-year, with adjusted operating margins now at 33.1%[45]. - FY26 operating income expected to be 30% to 33% higher than record FY25, indicating continued earnings growth[45]. - Adjusted earnings per diluted share excluding special items for Q2-26 was $2.33, compared to $1.66 in Q2-25[52]. Cash Flow and Capital Allocation - The company generated $132.2 million in cash from operating activities and expects to generate at least $280 million of adjusted free cash flow in fiscal year 2026[34]. - The company repurchased $32.1 million of stock in the current quarter, totaling $183.1 million against a $400.0 million authorization[34]. - Adjusted free cash flow expected to be at least $280 million in fiscal year 2026[42]. - Adjusted free cash flow for Q2-26 was $85.9 million, compared to $51.9 million in the same period last year[53]. - Strong balance sheet and cash flow generation enable balanced capital allocation, including dividends and share repurchase programs[45]. Market and Segment Performance - Aerospace and Defense segment saw a 23% sequential increase in bookings, driven by ramping production rates and elevated MRO activity[15]. - Net sales in the Aerospace and Defense segment increased by 60.1% year-over-year, contributing significantly to overall revenue growth[24]. - The company completed negotiations for three additional aerospace long-term agreements (LTAs) with significant pricing increases, indicating strong pricing power in the current market[39]. - Aerospace industry targeting build rate increase of ~50% over 2025 rate and ~35% over pre-COVID high[42]. - Anticipated strengthening in volume, productivity, and favorable pricing actions due to supply-demand imbalance[45]. Future Outlook - Q3 FY26 operating income is expected to be in the range of $195 million to $200 million, reflecting strong demand and productivity efforts[27]. - Management expects FY27 not to be the peak of earnings growth, with market dynamics strengthening[45]. - The effective tax rate for Q2 FY26 was 19.0%, compared to 20.0% in Q2 FY25[23].

Loan Performance - Total loans outstanding increased to $24,776 million in Q2 FY26, up from $23,142 million in Q1 FY26, representing a growth of 7.05%[4] - Non-accrual loans totaled $152 million, representing 0.61% of total loans outstanding as of December 31, 2025, a decrease from 0.74% in September 2025[12] - The single-family mortgage segment reported non-accrual loans of $56 million, or 1.17% of loans outstanding, down from 1.50% in the previous quarter[12] - The commercial real estate segment showed non-accrual loans of $22 million, or 0.26% of loans outstanding, reflecting improved credit quality[12] - The multifamily and commercial mortgage segment had non-accrual loans of $6 million, or 0.24% of loans outstanding, indicating stable performance[12] - The allowance for credit losses increased to $327,043 thousand, up from $307,431 thousand, indicating a rise of 6.0%[15] - The provision for credit losses was $1.2 million, indicating a cautious approach to potential loan defaults[6] - The allowance for credit losses to total loans held for investment was 1.33% in Q1 2025, consistent with 1.34% in Q4 2024[17] Financial Performance - The net interest income for Verdant Commercial Capital was $11.2 million for the three months ended December 31, 2025, with total non-interest income of $18.9 million[6] - Net income for Q1 2025 was $128,397 thousand, up from $112,352 thousand in Q4 2024, indicating a growth of 14.0%[17] - Net income for the quarter ended December 31, 2025, was $128.4 million, an increase from $112.4 million in the previous quarter[19] - Adjusted earnings for the same period were $130.2 million, compared to $120.4 million in the prior quarter, reflecting a growth of approximately 6.8%[19] - Net interest income after provision for credit losses was $306,709 thousand for Q1 2025, up from $273,795 thousand in Q4 2024, reflecting a growth of 12.0%[17] - Non-interest income increased to $53,378 thousand in Q1 2025, compared to $32,340 thousand in Q4 2024, marking a significant rise of 65.0%[17] Asset and Equity Growth - Total assets increased to $28,201,406 thousand as of December 31, 2025, up from $27,431,817 thousand in the previous quarter, representing a growth of 2.8%[15] - Total stockholders' equity increased to $2,930,092 thousand, up from $2,793,121 thousand, marking a growth of 4.9%[15] - Common stockholders' equity rose to $2.93 billion, up from $2.79 billion in the prior quarter, reflecting a growth of 5.0%[19] - Tangible common stockholders' equity (Non-GAAP) reached $2,708,542 thousand, compared to $2,561,131 thousand in the prior quarter, reflecting a significant increase[20] - Book value per common share improved to $51.70, a 4.8% increase from $49.31 in the previous quarter[15] - Tangible book value per common share (Non-GAAP) rose to $47.79, a 5.8% increase from $45.21 in the previous quarter[15] Operational Efficiency - The efficiency ratio for Q1 2025 was 47.93%, slightly improved from 48.32% in Q4 2024[17] - The return on average assets improved to 1.83% in Q1 2025, compared to 1.77% in Q4 2024[17] - The net interest margin for the banking business segment was 5.02% in Q1 2025, up from 4.80% in Q4 2024[17] Strategic Focus - The company continues to enhance its team and expand geographically, focusing on cross-selling banking and securities services[8] - The company plans to continue focusing on core business operations while managing potential losses effectively[19] - The company emphasized the importance of non-GAAP financial measures in providing a clearer picture of its operating performance[19] Other Financial Metrics - Interest and dividend income for Q1 2025 reached $513,845 thousand, an increase from $465,736 thousand in Q4 2024, representing a growth of 6.0%[17] - Loan originations for sale increased to $61,009 thousand in Q1 2025, compared to $47,122 thousand in Q4 2024, a growth of 29.9%[17] - Non-performing assets to total assets decreased to 0.56% in Q1 2025 from 0.64% in Q4 2024, indicating improved asset quality[17] - The company incurred acquisition-related costs of $2.4 million during the quarter, which impacted net income[19] - The company reported a provision for credit losses of $7.8 million in the quarter, which was not present in the previous quarter[19] - Income taxes for the quarter were reported at $(649) thousand, a decrease from $(2,681) thousand in the previous quarter, suggesting improved tax efficiency[20] - Goodwill and intangible assets decreased to $196,119 thousand from $205,747 thousand in the previous quarter, indicating potential asset optimization[20] - The company reported other costs of $(1,879) thousand, which remained consistent with previous quarters, suggesting stable operational expenses[20]