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First Quarter 2026 Highlights

Net income of $24.1 million, or basic earnings per common share of $35.91 and diluted earnings per common share of $35.34; diluted earnings per common share up 7.6% compared to the first quarter of 2025;Diluted earnings per common share of $136.49 over the trailing twelve months, up 10.68% versus $123.32 over the same trailing period a year ago and $116.37 for the same period two years ago;Tangible book value per common share increased 15.01% to $928.99 compared to $807.72 as of March 31, 2025;Achieved return on average assets of 1.68% and return on average equity of 14.69%;Net interest income of $56.9 million, up $3.8 million, or 7.08% compared to the first quarter of 2025; net interest margin (tax equivalent basis) of 4.25%, up from 4.20% in the first quarter of 2025;Total assets grew $146.6 million, or 2.6%, to $5.84 billion, and deposits grew $138.4 million, or 2.8%, to $5.12 billion as of March 31, 2026 compared to December 31, 2025;Liquidity position remains strong with $384.2 million in cash, $1.6 billion in investment securities, of which $901.9 million are available-for-sale, no borrowings and a borrowing capacity of $2.2 billion as of March 31, 2026;Continued to grow our solid capital position with a total risk-based capital ratio of 15.71%, common equity tier 1 ratio of 14.23%, tier 1 leverage ratio of 11.35% and a tangible common equity ratio of 11.05%;Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.12%; net recoveries for the quarter of $43,000 and only one non-accrual loan of $730,000 at quarter-end. LODI, Calif., April 20, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported net income of $24.1 million, or $35.34 per diluted common share, for the first quarter of 2026 compared with $23.0 million, or $32.86 per diluted common share, for the first quarter of 2025. The annualized return on average assets was 1.68% and return on average equity was 14.69% for the first quarter of 2026.

Net income over the trailing twelve months was $94.7 million compared with $88.7 million for the same trailing period a year earlier. Diluted earnings per common share over the trailing twelve months totaled $136.49, up 10.68% compared with $123.32 for the same trailing period a year ago and $116.37 for the same period two years ago. Basic earnings per common share over the trailing twelve months totaled $138.00, up 11.89% compared with $123.34 for the same trailing period a year ago and $116.37 for the same period two years ago. Tangible book value per common share increased to $928.99 at March 31, 2026, up 15.01% compared with $807.72 as of March 31, 2025.

CEO Commentary

Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the first quarter of 2026 highlighted by record quarterly net income of $24.1 million and a return on average assets of 1.68% and return on average equity of 14.69%. After eight consecutive years of record-setting annual earnings, we begin 2026 with another high-performing first quarter. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter end with $384.2 million in cash, $1.6 billion in investment securities of which $901.9 million are available-for-sale, no borrowings and access to $2.2 billion in borrowing capacity. Capital levels continued to strengthen and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Core deposits increased $88.4 million in the first quarter from December 31, 2025 as we continued our focus on growing deposits with both our longstanding established client relationships while developing new client relationships. Total loans and leases were $3.6 billion at the end of the first quarter, down $32.1 million or 0.88% from December 31, 2025 due primarily to seasonality in agricultural lending. Importantly, we continued to be selective in booking longer duration loans. The relatively flat interest rate yield curve, combined with aggressive loan pricing and credit structure by competitors, has diminished the attractiveness of longer duration loan assets. Overall credit quality remained resilient during the first quarter of 2026. We are still working closely with a few borrowers as they work through the current economic cycle, particularly in certain agricultural commodities where prices have been adversely impacted by negative conditions in the export market. Our Company remains in excellent financial condition and should be well positioned to navigate the challenges ahead as we have for the past 109 years.”

Earnings

Net interest income for the quarter ended March 31, 2026 was $56.9 million, an increase of $3.8 million when compared with $53.1 million for the first quarter of 2025. The Company’s net interest margin increased to 4.25% in the first quarter of 2026, compared to 4.20% in the first quarter of 2025. Loan yields increased 1 bps to 6.08% and deposit costs were flat at 1.18%. The primary driver for the increase in the net interest margin was related to the increase in yield on the investment securities portfolio from 3.20% in the first quarter of 2025 to 3.70% in the first quarter of 2026. In addition, the average balances of the investment security portfolio increased $375.9 million from the first quarter of 2025 to the first quarter of 2026. Non-interest income was $5.2 million for the first quarter of 2026, up slightly from $5.0 million when compared to the first quarter of 2025. Non-interest expense was $29.2 million for the quarter ending March 31, 2026, up $3.7 million from $25.5 million compared to the quarter ended March 31, 2025. The majority of the increase was $2.8 million in higher compensation expense primarily due to the one-time transition expenses for the new long term incentive plan. Overall operating expenses were impacted by ongoing inflation. As a result, the efficiency ratio for the first quarter of 2026 was 47.0%, up from 43.9% in the first quarter of 2025. Despite the one-time increase in operating expenses for the quarter, net income increased $1.1 million from $23.0 million for the first quarter of 2025 to $24.1 million for the first quarter of 2026.

Balance Sheet

Total assets at quarter-end were $5.8 billion, up from $5.7 billion as of December 31, 2025. Total cash and cash equivalents were $384.2 million, an increase of $239.4 million from December 31, 2025. Total loans and leases outstanding were $3.6 billion, a decrease of $32.1 million, or 0.88%, from December 31, 2025. As of March 31, 2026, our total investment securities portfolio was $1.6 billion, a decrease of $59.6 million from December 31, 2025. The portfolio is comprised of $901.9 million in available-for-sale securities and $708.3 million in held-to-maturity securities. Total deposits increased $138.4 million, or 2.78%, to $5.1 billion at March 31, 2026 compared to December 31, 2025. Our loan to deposit ratio was 71.04% as of March 31, 2026, down from 73.67% as of December 31, 2025 due to an increase in total deposits and a modest decrease in total loans and leases.

Credit Quality

The Company’s credit quality remained solid with only one $730,000 non-accrual loan as of March 31, 2026, and a negligible delinquency ratio of 0.01% of total loans and leases. Net recoveries were $43,000 in the first quarter of 2026 compared to net charge-offs of $160,000 in the first quarter of 2025. Net charge-offs over the trailing twelve months were $1.6 million or 0.04% of average total loans and leases. The total allowance for credit losses on loans and leases and unfunded commitments was $80.2 million as of March 31, 2026, compared to $79.7 million as of December 31, 2025. The allowance for credit losses on loans and leases increased by $0.5 million to $76.9 million, or 2.12%, as of March 31, 2026 compared with $76.4 million, or 2.08%, as of December 31, 2025. A provision for credit losses of $500,000 was recorded during the first quarter of 2026 compared to a $300,000 provision during the first quarter of 2025.

Capital

The Company’s regulatory capital ratios continued to strengthen during the first quarter of 2026. At March 31, 2026, the Company’s preliminary total risk-based capital ratio was 15.71%, the common equity tier 1 capital ratio was 14.23% and the tier 1 leverage capital ratio was 11.35%, an increase from 15.29%, 13.81% and 11.00% as of December 31, 2025, respectively. At March 31, 2026, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At March 31, 2026, the tangible common equity ratio was 11.05%, up from 10.40% as of March 31, 2025.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.

In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of "America’s Best Banks" for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" for 2023.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to their clients.

F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding the Company’s strategic focus and priorities, and the anticipated results therefrom, financial condition, liquidity position and balance sheet, competitive positioning, and credit quality. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485

                FINANCIAL HIGHLIGHTS          Three Months Ended(dollars in thousands, except share and per share data)  March 31, 2026 December 31, 2025 March 31, 2025Earnings and Profitability:       Interest income  $ 71,710  $ 71,701  $ 67,138 Interest expense   14,807   14,967   13,997 Net interest income   56,903   56,734   53,141 Provision for credit losses   500   1,100   300 Noninterest income   5,159   6,226   5,021 Noninterest expense   29,178   29,409   25,509 Income before taxes   32,384   32,451   32,353 Income tax expense   8,313   8,628   9,344 Net income  $ 24,071  $ 23,823  $ 23,009         Basic earnings per common share  $ 35.91  $ 34.79  $ 32.88 Diluted earnings per common share  $ 35.34  $ 34.29  $ 32.86 Weighted average shares outstanding - Basic   670,265   684,735   699,736 Weighted average shares outstanding - Diluted   681,179   694,662   700,215 Common shares outstanding   693,043   697,904   729,913 Return on average assets   1.68%  1.66%  1.70%Return on average equity   14.69%  14.64%  15.65%Loan yield   6.08%  6.06%  6.07%Investment securities yield   3.70%  3.69%  3.20%Cost of average total deposits   1.18%  1.18%  1.18%Net interest margin - tax equivalent   4.25%  4.18%  4.20%Effective tax rate   25.67%  26.59%  28.88%Efficiency ratio   47.01%  46.71%  43.86%Book value per common share (1)  $ 946.63  $ 924.93  $ 825.18 Tangible book value per common share (2)(b)  $ 928.99  $ 907.24  $ 807.72         Balance Sheet:       Total assets  $ 5,836,664  $ 5,690,110  $ 5,680,024 Cash and cash equivalents   384,224   144,864   607,254   of which held at Fed   318,125   84,242   515,758 Total investment securities   1,610,188   1,669,795   1,255,204    of which available-for-sale   901,915   951,154   495,433    of which held-to-maturity   708,273   718,641   759,771 Gross loans and leases   3,634,556   3,667,325   3,595,511 Allowance for credit losses - loans and leases   76,918   76,375   75,423 Total deposits   5,116,273   4,977,826   4,977,968 Subordinated debentures   10,310   10,310   10,310 Total shareholders' equity  $ 656,055  $ 645,514  $ 602,306         Loan-to-deposit ratio   71.04%  73.67%  72.23%Percentage of checking deposits to total deposits   46.93%  49.11%  45.76%        Capital ratios (Bancorp) (a)       Common equity tier 1 capital to risk-weighted assets   14.23%  13.81%  13.75%Tier 1 capital to risk-weighted assets   14.45%  14.04%  13.97%Risk-based capital to risk-weighted assets   15.71%  15.29%  15.23%Tier 1 leverage capital ratio   11.35%  11.00%  11.32%Tangible common equity ratio (3)(b)   11.05%  11.15%  10.40%        (a) Capital information is preliminary for March 31, 2026
(b) Non-GAAP measurement
        Non-GAAP measurement reconciliation:       (Dollars in thousands)  March 31, 2026 December 31, 2025 March 31, 2025        Shareholders' equity  $ 656,055  $ 645,514  $ 602,306 Less: Intangible assets   12,227   12,348   12,740 Tangible common equity  $ 643,828  $ 633,166  $ 589,566         Total assets  $ 5,836,664  $ 5,690,110  $ 5,680,024 Less: Intangible assets   12,227   12,348   12,740 Tangible assets  $ 5,824,437  $ 5,677,762  $ 5,667,284         Tangible common equity ratio (1)   11.05%  11.15%  10.40%        (1) Total common equity divided by common shares outstanding
(2) Tangible common equity divided by common shares outstanding
(3) Tangible common equity divided by tangible assets
        

LODI, Calif., May 12, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), declared a quarterly cash dividend of $5.35 per share, up 4.9% from $5.10 for the previous quarter which was paid on April 1, 2026. Over the trailing twelve months the total cash dividend declared was $20.50 compared to $18.60 for the same trailing period a year earlier. The cash dividend is payable on July 1, 2026, to shareholders of record on June 12, 2026. Based on the Company’s financial performance through March 31, 2026, net income over the trailing twelve months was $94.7 million compared with $88.7 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $136.49, up 10.7% compared with $123.32 for the same trailing period a year ago.

For the quarter ended March 31, 2026, Farmers & Merchants Bancorp reported record net income of $24.1 million, or $35.34 per diluted common share, a 7.6% increase over the prior year. For the first quarter of 2026, annualized return on average assets was 1.68% and return on average equity was 14.69%. Total assets at quarter-end were $5.8 billion. The Company’s credit quality remained solid with an allowance for credit losses on loans and leases at quarter-end of 2.12% and a negligible delinquency ratio of 0.01% of total loans and leases as of March 31, 2026. The Company’s regulatory capital ratios continued to strengthen during the first quarter of 2026. At March 31, 2026, the Company’s common equity tier 1 ratio was 14.23% and the total risk-based capital ratio was 15.71%. All F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized” at March 31, 2026. For further details on our first quarter results, please see our press release dated April 20, 2026.

Kent A. Steinwert, Chairman, President and CEO noted, “The Board is very pleased with the Company’s strong financial results during the first quarter of 2026 and as a result, on May 11, 2026, the Board unanimously approved our fourth quarterly cash dividend since the Company moved from a semi-annual dividend to a quarterly dividend. This year marks the 91st consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 61st consecutive year we have increased dividends. As a result of the consistency of our cash dividends over many decades, we remain a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings” by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17th.”

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.

In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of “America’s Best Banks” for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” for 2023.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to their clients.

F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding earnings performance and the frequency and amount of future dividend payments (if any). Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Investor Relations Contact

Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485

LODI, Calif., June 11, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) announced today that Jehna Silva was appointed to the Board of Directors effective as of June 8, 2026. Ms. Silva brings more than 15 years of commercial banking experience to the Board, including extensive knowledge of relationship banking, lending and risk mitigation. Most recently, she served as Vice President, Shareholder Relations, of the Company where she managed shareholder communications, supported governance and managed shareholder reporting. That combination of community banking depth and shareholder-facing experience positions her to contribute to the Board’s strategic oversight while strengthening governance and continued growth.

Throughout her career, Ms. Silva has actively supported local communities by serving on boards as well as raising funds for United Way and other local charities. Currently, Ms. Silva serves on the board for the St. Joseph’s Foundation of San Joaquin and has previously served on the boards of Lodi Adopt-A-Child as Chair and the Leadership Stockton Alumni Association. She earned her Bachelor of Science degree in Business Administration from the University of the Pacific as well as attended Southern Methodist University’s Graduate Banking program at the Cox School of Business.

"On behalf of the Board of Directors, I want to welcome Jehna to the Board. She brings a history of professional experience, leadership, and commitment to exceptional corporate governance practices to our Board,” said Kent A. Steinwert, Chairman, President, and Chief Executive Officer of FMCB. “I look forward to working with her as we continue to serve the needs of the Company’s five key constituents, which are the shareholders, customers, employees, the communities we serve, and government, in a balanced manner.”

Ms. Silva has been appointed to serve on the CRA, Budget and Finance, and ALCO Committees of F&M Bank.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank that proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.

In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of “America’s Best Banks” for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” for 2023.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to their clients.

F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company’s ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Investor Relations Contact

Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485

-

LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (the “Company”) (NYSE: BANC) announced today that its Board of Directors approved an extension of the Company’s existing stock repurchase program, which was originally announced on March 17, 2025 and subsequently upsized from $150 million to $300 million on April 23, 2025. Since inception of the program, the Company has repurchased approximately $217 million of its common stock, $31 million of which was repurchased in 2026, leaving approximately $83 million available for future repurchases. The stock repurchase program, which was previously scheduled to expire in March 2026, has been extended through March 16, 2027. Repurchases under the program may be made from time to time in open market transactions, in block transactions on or off an exchange, in privately negotiated transactions, or by other means as determined by the Company’s management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, market conditions, and corporate and regulatory requirements.

The Company also announced Banc of California’s intent to redeem the entire outstanding $385 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”) originally issued by Pacific Western Bank, which are scheduled to reset to a floating rate equal to three-month term SOFR plus 252 bps beginning on May 1, 2026. The Notes are redeemable in whole or in part beginning on May 1, 2026 at a redemption price equal to 100% of principal amount of the Notes redeemed, plus any accrued and unpaid interest.

The proposed redemption is part of the Company’s ongoing capital management strategy and reflects its robust liquidity and strong capital position.

“Extending our stock repurchase program enables us to continue returning excess capital to stockholders through disciplined share repurchases,” said Jared Wolff, Chairman and CEO of Banc of California. “At the same time, retiring higher-cost subordinated debt improves our funding profile, reduces interest expense, and strengthens our overall capital structure. Together, these actions demonstrate our continued commitment to prudent capital management and delivering sustainable long-term returns to our stockholders.”

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the Company’s expectations regarding use of its stock repurchase program, confidence in its earnings outlook and other non-historical statements. Words or phrases such as “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “strategy,” or similar expressions are intended to identify these forward-looking statements. Such statements are based on current beliefs and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including factors described in “Part I—Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which is filed with the Securities and Exchange Commission ("SEC"), as such factors may be update from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

More News From Banc of California, Inc.

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-

LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (the “Company”) (NYSE: BANC) today announced it will release financial results for the first quarter ended March 31, 2026 after market close on Wednesday, April 22, 2026. The Company will host a conference call to discuss these financial results the following day on Thursday, April 23, 2026, at 10:00 a.m. Pacific Time (PT).

Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 5670833. A link to the live audio webcast and the slide presentation for the call will be available on the Company’s investor relations website prior to the call. An audio archive of the conference call will be available on the Company’s investor relations website within 24 hours after the end of the call.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet ™ . The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

More News From Banc of California, Inc.

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Banc of California (BANC - Free Report) closed the last trading session at $17.63, gaining 3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $23.18 indicates a 31.5% upside potential.

The average comprises 11 short-term price targets ranging from a low of $20.50 to a high of $25.00, with a standard deviation of $1.76. While the lowest estimate indicates an increase of 16.3% from the current price level, the most optimistic estimate points to a 41.8% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for BANC, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why BANC Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current year, one estimate has moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 0.1%.

Moreover, BANC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much BANC could gain, the direction of price movement it implies does appear to be a good guide.

Wall Street expects a year-over-year increase in earnings on higher revenues when Banc of California (BANC - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis banking service and lending company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of +46.2%.

Revenues are expected to be $290.8 million, up 9.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.81% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Banc of California?For Banc of California, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Banc of California will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Banc of California would post earnings of $0.38 per share when it actually produced earnings of $0.42, delivering a surprise of +10.53%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Banc of California doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerBOK Financial (BOKF - Free Report) , another stock in the Zacks Banks - Southwest industry, is expected to report earnings per share of $2.3 for the quarter ended March 2026. This estimate points to a year-over-year change of +23.7%. Revenues for the quarter are expected to be $546.8 million, up 8.9% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for BOK Financial has remained unchanged. Nevertheless, the company now has an Earnings ESP of +0.22%, reflecting a higher Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that BOK Financial will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (NYSE: BANC):

Quarter Highlights

$0.39

Earnings Per Share

$19.80
Book Value Per Share

$17.77
Tangible Book Value

Per Share(1)

3.24%
Net Interest Margin

4%
Loan Average Annualized Growth

4%
Noninterest-bearing Deposit Average Annualized Growth

Banc of California, Inc. (NYSE: BANC) (“Banc of California” or the “Company”), the parent company of wholly-owned subsidiary Banc of California (the “Bank”), today reported financial results for the first quarter ended March 31, 2026. The Company reported net earnings available to common and equivalent stockholders of $62.0 million, or $0.39 per diluted common share, for the first quarter of 2026, compared to $67.4 million, or $0.42 per diluted common share for the fourth quarter of 2025.

During the quarter, the Company extended its existing $300 million stock repurchase program through March 2027 and announced plans to redeem $385 million of subordinated debt, reflecting continued capital flexibility and commitment to creating value for our shareholders.

Jared Wolff, Chairman & CEO of Banc of California, commented, “Our first quarter results reflect disciplined execution and continued strength in our core earnings drivers. We delivered positive operating leverage and significant earnings growth year over year, supported by net interest margin expansion, disciplined expense management, and continued progress in improving the mix and earnings power of the balance sheet. Supported by our healthy capital and liquidity position, we also efficiently deployed capital through opportunistic share repurchases and announced the redemption of subordinated debt. As we look ahead, we are well positioned for continued earnings growth, supported by strong pipelines, embedded asset repricing opportunities, and our attractive market position.”

First Quarter 2026 Financial Highlights:

Total revenue of $286.9 million, up 8% year over year, with pre-tax pre-provision income(1) of $105.6 million, up 28% year over year. Net interest margin expanded 4 basis points to 3.24% compared to fourth quarter 2025, driven by an 11 basis point decline in deposit costs. Average total deposits increased by $103.4 million, and average noninterest-bearing deposits grew $81.2 million to 28.9% of average total deposits. First quarter loan production and disbursements totaled $2.1 billion, with a weighted average interest rate on production of 6.65%, supporting our balance sheet remixing and providing embedded earnings upside as higher-rate production replaces lower-yielding fixed-rate and hybrid loans. Average total loans increased $267.5 million. Total noninterest expense of $181.4 million, down 1% year over year. Maintained allowance for credit losses coverage of 1.12% of total loans held for investment. Repurchased $31.9 million of common stock and common equivalent stock at a weighted average price per share of $18.68. Growth in book value per share to $19.80 and tangible book value per share(1) to $17.77, up 9% and 10% year over year, respectively. Healthy capital ratios(2) well above the regulatory thresholds for "well capitalized" banks, including an estimated 12.54% Tier 1 capital ratio and 10.18% CET 1 capital ratio. INCOME STATEMENT HIGHLIGHTS

Three Months Ended

March 31,

December 31,

March 31,

Summary Income Statement

2026

2025

2025

(In thousands)

Total interest income

$

407,442

$

416,948

$

406,655

Total interest expense

155,825

165,586

174,291

Net interest income

251,617

251,362

232,364

Provision for credit losses

9,800

12,500

9,300

Gain on sale of loans

7

18

211

Other noninterest income

35,321

41,553

33,439

Total noninterest income

35,328

41,571

33,650

Total revenue

286,945

292,933

266,014

Total noninterest expense

181,391

180,644

183,653

Earnings before income taxes

95,754

99,789

73,061

Income tax expense

23,802

22,398

19,493

Net earnings

71,952

77,391

53,568

Preferred stock dividends

9,947

9,947

9,947

Net earnings available to common and equivalent stockholders

$

62,005

$

67,444

$

43,621

Diluted earnings per share

$

0.39

$

0.42

$

0.26

Net Interest Income and Margin

First Quarter of 2026 Compared to Fourth Quarter of 2025

Net interest income increased by $0.3 million to $251.6 million for the first quarter, up from $251.4 million in the fourth quarter. This increase was primarily driven by a $9.7 million decrease in interest expense on deposits, reflecting lower interest rates due to the full quarter impact of the federal funds rate cuts of 50 basis points in the fourth quarter and two fewer days in the quarter. Additionally, interest income from investment securities rose by $2.3 million, supported by higher average balances from security purchases and a Federal Home Loan Bank (FHLB) special dividend. These positive factors were offset partially by a $9.3 million decrease in interest income from loans, mainly due to two fewer days in the quarter and lower average yields resulting from the federal funds rate cuts. Interest income from deposits in financial institutions also declined by $2.5 million, driven by lower average balances and interest rates.

Net interest margin was 3.24% for the first quarter, up 4 basis points from 3.20% for the fourth quarter primarily driven by lower average total cost of funds, offset partially by lower average yield on interest-earning assets. The average total cost of funds decreased to 2.10% from 2.20%, as a result of an 11 basis point decrease in the average total cost of deposits to 1.78%, and an 11 basis point decrease in the average cost of borrowings to 4.63%. The average yield on interest-earning assets decreased to 5.25% from 5.31%, as a result of a 9 basis point decrease in the average yield on loans and leases to 5.74%. Declines in both funding costs and asset yield reflect the full quarter impact of rate cuts that occurred in fourth quarter.

Average total deposits increased by $103.4 million, with a $81.2 million increase in average noninterest-bearing deposits and $22.2 million increase in average interest-bearing deposits. Average noninterest-bearing deposits represented 28.9% of average total deposits in the first quarter, up from 28.7% in the fourth quarter.

Three Months Ended

Increase (Decrease)

March 31, 2026

December 31, 2025

QoQ

Summary Average Balance and Yield/Cost Data

Interest

Average

Interest

Average

Average

Average

Income/

Yield/

Average

Income/

Yield/

Average

Yield/

Balance

Expense

Cost

Balance

Expense

Cost

Balance

Cost

(Dollars in thousands)

Assets:

Loans and leases(1)

$

24,710,609

$

349,943

5.74

%

$

24,443,089

$

359,268

5.83

%

$

267,520

(0.09

)%

Investment securities

5,018,002

41,873

3.38

%

4,891,281

39,557

3.21

%

126,721

0.17

%

Deposits in financial institutions

1,742,657

15,626

3.64

%

1,834,773

18,123

3.92

%

(92,116

)

(0.28

)%

Total interest-earning assets

$

31,471,268

$

407,442

5.25

%

$

31,169,143

$

416,948

5.31

%

$

302,125

(0.06

)%

Liabilities:

Noninterest-bearing demand deposits

$

7,890,489

$

7,809,326

$

81,163

Total interest-bearing deposits

19,429,112

$

120,233

2.51

%

19,406,865

$

129,896

2.66

%

22,247

(0.15

)%

Total deposits

$

27,319,601

120,233

1.78

%

$

27,216,191

129,896

1.89

%

$

103,410

(0.11

)%

Total interest-bearing liabilities

$

22,148,512

$

155,825

2.85

%

$

22,020,144

$

165,586

2.98

%

$

128,368

(0.13

)%

Net interest income(1)

$

251,617

$

251,362

Net interest margin

3.24

%

3.20

%

0.04

%

Total funds(2)

$

30,039,001

$

155,825

2.10

%

$

29,829,470

$

165,586

2.20

%

$

209,531

(0.10

)%

Provision For Credit Losses

First Quarter of 2026 Compared to Fourth Quarter of 2025

The provision for credit losses was $9.8 million for the first quarter compared to $12.5 million for the fourth quarter.

The first quarter provision for loan losses and unfunded loan commitments was primarily driven by net charge off activity and changes in loan risk ratings including specific reserves, offset partially by lower balances in the held for investment ("HFI") portfolio and lower qualitative reserves.

The fourth quarter provision for loan losses and unfunded loan commitments was primarily driven by changes in loan risk ratings including specific reserves, and higher loan balances and unfunded commitments, offset partially by lower qualitative reserves.

Noninterest Income

First Quarter of 2026 Compared to Fourth Quarter of 2025

Noninterest income decreased by $6.2 million to $35.3 million for the first quarter from $41.6 million for the fourth quarter due mainly to a $7.9 million decrease in leased equipment income, offset partially by the increase of $1.5 million in commission and fees and $1.1 million in other income. The decrease in leased equipment income was due mainly to higher gains on early lease terminations in the fourth quarter.

Noninterest Expense

First Quarter of 2026 Compared to Fourth Quarter of 2025

Noninterest expense increased by $0.7 million to $181.4 million for the first quarter from $180.6 million for the fourth quarter due mainly to a $5.2 million increase in compensation expense, offset partially by the decrease of $2.5 million in other professional services and $1.1 million in customer related expense. The increase in compensation expense was mainly driven by seasonality, reflecting higher incentive compensation and annual reset of payroll related taxes and benefits in the first quarter. The decline in other professional services was driven by lower project spend, while customer related expenses decreased due to lower earnings credit rate payments following the federal funds rate cuts in the fourth quarter.

Income Taxes

First Quarter of 2026 Compared to Fourth Quarter of 2025

Income tax expense of $23.8 million was recorded for the first quarter resulting in an effective tax rate of 24.9% compared to income tax expense of $22.4 million and an effective tax rate of 22.4% for the fourth quarter.

BALANCE SHEET HIGHLIGHTS

March 31,

December 31,

March 31,

Increase (Decrease)

Selected Balance Sheet Items

2026

2025

2025

QoQ

YoY

(In thousands)

Cash and cash equivalents

$

2,217,269

$

2,307,965

$

2,343,889

$

(90,696

)

$

(126,620

)

Securities available-for-sale

2,656,332

2,454,058

2,334,058

202,274

322,274

Securities held-to-maturity

2,313,548

2,308,636

2,311,912

4,912

1,636

Loans held for sale

259,049

182,936

25,797

76,113

233,252

Loans and leases held for investment

24,780,347

25,032,679

24,126,527

(252,332

)

653,820

Total loans and leases

25,039,396

25,215,615

24,152,324

(176,219

)

887,072

Total assets

34,724,241

34,797,442

33,779,918

(73,201

)

944,323

Noninterest-bearing deposits

$

7,797,542

$

7,822,787

$

7,593,950

$

(25,245

)

$

203,592

Total deposits

27,322,134

27,843,357

27,193,191

(521,223

)

128,943

Borrowings

2,551,250

2,063,819

1,670,782

487,431

880,468

Total liabilities

31,170,915

31,256,165

30,258,262

(85,250

)

912,653

Total stockholders' equity

3,553,326

3,541,277

3,521,656

12,049

31,670

Securities

Securities available-for-sale ("AFS") increased by $202.3 million during the first quarter to $2.7 billion at March 31, 2026. The increase was primarily driven by $343.4 million of purchases, offset partially by $119.8 million of principal paydowns, $10.8 million of maturities, $9.2 million decrease in the fair value of AFS securities, and $1.3 million of net amortization. As of March 31, 2026, AFS securities had aggregate unrealized net after-tax losses in accumulated other comprehensive income (loss) ("AOCI") of $143.3 million, up from $136.6 million at December 31, 2025, driven by higher interest rates.

The balance of securities held-to-maturity ("HTM") increased by $4.9 million in the first quarter to $2.3 billion at March 31, 2026. As of March 31, 2026, HTM securities had aggregate unrealized net after-tax losses in AOCI of $127.2 million remaining from the balance established at the time of transfer from AFS.

Loans and Leases

The following table sets forth the composition, by loan category, of our loan and lease portfolio HFI as of the dates indicated:

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

2025

2025

2025

(Dollars in thousands)

Composition of Loans and Leases

Real estate mortgage:

Commercial

$

4,093,386

$

4,314,637

$

4,292,625

$

4,369,401

$

4,489,543

Multi-family

5,955,102

6,089,417

6,124,673

6,280,791

6,216,084

Other residential

3,458,410

3,346,733

3,162,564

3,157,616

2,787,031

Total real estate mortgage

13,506,898

13,750,787

13,579,862

13,807,808

13,492,658

Real estate construction and land:

Commercial

364,575

379,387

395,150

381,449

733,684

Residential

1,527,754

1,568,240

1,759,676

1,920,642

2,127,354

Total real estate construction and land

1,892,329

1,947,627

2,154,826

2,302,091

2,861,038

Total real estate

15,399,227

15,698,414

15,734,688

16,109,899

16,353,696

Commercial:

Asset-based

3,209,338

2,951,010

2,742,519

2,462,351

2,305,325

Venture capital

2,322,261

2,222,097

1,907,601

2,002,601

1,733,074

Other commercial

3,501,388

3,804,099

3,356,537

3,288,305

3,340,400

Total commercial

9,032,987

8,977,206

8,006,657

7,753,257

7,378,799

Consumer

348,133

357,059

369,297

382,737

394,032

Total loans and leases HFI

$

24,780,347

$

25,032,679

$

24,110,642

$

24,245,893

$

24,126,527

Total unfunded loan commitments

$

5,549,325

$

5,433,357

$

4,822,917

$

4,673,596

$

4,858,960

Composition as % of Total Loans and Leases

Real estate mortgage:

Commercial

17

%

17

%

18

%

18

%

19

%

Multi-family

24

%

24

%

25

%

26

%

26

%

Other residential

14

%

14

%

13

%

13

%

11

%

Total real estate mortgage

55

%

55

%

56

%

57

%

56

%

Real estate construction and land:

Commercial

2

%

2

%

2

%

1

%

3

%

Residential

6

%

6

%

7

%

8

%

9

%

Total real estate construction and land

8

%

8

%

9

%

9

%

12

%

Total real estate

63

%

63

%

65

%

66

%

68

%

Commercial:

Asset-based

13

%

12

%

11

%

10

%

9

%

Venture capital

9

%

9

%

8

%

8

%

7

%

Other commercial

14

%

15

%

14

%

14

%

14

%

Total commercial

36

%

36

%

33

%

32

%

30

%

Consumer

1

%

1

%

2

%

2

%

2

%

Total loans and leases HFI

100

%

100

%

100

%

100

%

100

%

Total loans and leases HFI decreased by $252.3 million in the first quarter and totaled $24.8 billion at March 31, 2026. The decrease in loans and leases HFI was due primarily to decreased balances in other commercial loans, commercial real estate mortgage loans, and multi-family real estate mortgage loans, offset partially by increases in asset-based loans, other residential real mortgage loans, and venture capital loans. Loan production and disbursements totaled $2.1 billion in the first quarter with a weighted average interest rate on production of 6.65%.

Total loans and leases held for sale ("HFS") increased by $76.1 million in the first quarter and totaled $259.0 million at March 31, 2026. The increase in loans HFS was primarily driven by a $72.1 million loan transfer during the first quarter that subsequently sold at par in April 2026.

Credit Quality

March 31,

December 31,

September 30,

June 30,

March 31,

Asset Quality Information and Ratios

2026

2025

2025

2025

2025

(Dollars in thousands)

Delinquent loans and leases held for investment:

30 to 89 days delinquent

$

263,530

$

108,303

$

56,416

$

53,900

$

100,664

90+ days delinquent

81,599

92,655

104,952

95,566

99,976

Total delinquent loans and leases

$

345,129

$

200,958

$

161,368

$

149,466

$

200,640

Total delinquent loans and leases to loans and leases HFI

1.39

%

0.80

%

0.67

%

0.62

%

0.83

%

Nonperforming assets, excluding loans held for sale:

Nonaccrual loans and leases

$

185,734

$

159,168

$

174,541

$

167,516

$

213,480

90+ days delinquent loans and still accruing

—

—

—

—

—

Total nonperforming loans and leases ("NPLs")

185,734

159,168

174,541

167,516

213,480

Foreclosed assets, net

18,055

17,115

4,790

7,806

5,474

Total nonperforming assets ("NPAs")

$

203,789

$

176,283

$

179,331

$

175,322

$

218,954

Classified loans and leases HFI

$

842,834

$

800,330

$

763,582

$

656,556

$

764,723

Special mention loans and leases HFI

688,659

458,683

505,979

661,568

937,014

Criticized loans and leases HFI

$

1,531,493

$

1,259,013

$

1,269,561

$

1,318,124

$

1,701,737

Allowance for loan and lease losses

$

241,600

$

245,612

$

240,501

$

229,344

$

234,986

Allowance for loan and lease losses to NPLs

130.08

%

154.31

%

137.79

%

136.91

%

110.07

%

NPLs to loans and leases HFI

0.75

%

0.64

%

0.72

%

0.69

%

0.88

%

NPAs to total assets

0.59

%

0.51

%

0.53

%

0.51

%

0.65

%

Classified loans and leases to loans and leases HFI

3.40

%

3.20

%

3.17

%

2.71

%

3.17

%

Special mention loans and leases to loans and leases HFI

2.78

%

1.83

%

2.10

%

2.73

%

3.88

%

Asset quality metrics primarily reflect migration in a limited number of loans within a few larger relationships during the quarter. These were largely isolated situations, reflect proactive risk management actions, and the credits are supported by strong collateral and defined resolution paths.

At March 31, 2026, total delinquent loans and leases were $345.1 million, compared to $201.0 million at December 31, 2025. The 30 to 89 days delinquent category increased by $114.1 million in residential real estate construction and land loans, $32.9 million in commercial real estate construction and land loans, and $7.0 million in other residential real estate mortgage loans. In the 90 or more days delinquent category, there were decreases of $5.4 million in commercial real estate mortgage loans and $5.3 million in other residential real estate mortgage loans.

At March 31, 2026, nonperforming loans and leases were $185.7 million, compared to $159.2 million at December 31, 2025. During the first quarter, nonperforming loans and leases increased by $26.6 million due to additions of $54.6 million, offset partially by payoffs and paydowns of $20.0 million, charge-offs of $5.2 million, and transfers to accrual status of $2.8 million.

At March 31, 2026, nonperforming assets were $203.8 million, or 0.59% of total assets, compared to $176.3 million, or 0.51% of total assets, as of December 31, 2025. At March 31, 2026, nonperforming assets included $18.1 million of foreclosed assets, consisting primarily of single-family residences.

Allowance for Credit Losses – Loans

Three Months Ended

March 31,

December 31,

March 31,

Allowance for Credit Losses - Loans

2026

2025

2025

(Dollars in thousands)

Allowance for loan and lease losses ("ALLL"):

Balance at beginning of period

$

245,612

$

240,501

$

239,360

Charge-offs

(16,097

)

(5,541

)

(16,551

)

Recoveries

2,285

2,852

2,477

Net charge-offs

(13,812

)

(2,689

)

(14,074

)

Provision for loan losses

9,800

7,800

9,700

Balance at end of period

$

241,600

$

245,612

$

234,986

Reserve for unfunded loan commitments ("RUC"):

Balance at beginning of period

$

34,921

$

30,221

$

29,071

Provision for credit losses

—

4,700

500

Balance at end of period

$

34,921

$

34,921

$

29,571

Allowance for credit losses ("ACL") - Loans:

Balance at beginning of period

$

280,533

$

270,722

$

268,431

Charge-offs

(16,097

)

(5,541

)

(16,551

)

Recoveries

2,285

2,852

2,477

Net charge-offs

(13,812

)

(2,689

)

(14,074

)

Provision for credit losses

9,800

12,500

10,200

Balance at end of period

$

276,521

$

280,533

$

264,557

ALLL to loans and leases HFI

0.97

%

0.98

%

0.97

%

ACL to loans and leases HFI

1.12

%

1.12

%

1.10

%

ACL to NPLs

148.88

%

176.25

%

123.93

%

ACL to NPAs

135.69

%

159.14

%

120.83

%

Annualized net charge-offs to average loans and leases

0.23

%

0.04

%

0.24

%

The allowance for credit losses - loans, which includes the reserve for unfunded loan commitments, totaled $276.5 million, or 1.12% of total loans and leases at March 31, 2026, compared to $280.5 million, or 1.12% of total loans and leases at December 31, 2025. The $4.0 million decrease in the allowance was driven by net charge-offs of $13.8 million, offset partially by the provision of $9.8 million.

Our ability to absorb credit losses is also bolstered by (i) $105.0 million of loss coverage from the credit-linked notes, pursuant to which the bank sold the first 5% of any losses on $2.1 billion of single-family residential mortgage loans in our portfolio; and (ii) unearned credit marks of $14.3 million on approximately $1.2 billion of purchased loans without credit deterioration. When the loss coverage from the credit-linked notes and unearned credit marks is added to our allowance for credit losses, this provides additional economic coverage on top of our ACL ratio. We refer to this adjusted ACL ratio as our economic coverage ratio(1), which equaled 1.60% of total loans and leases at March 31, 2026 compared to 1.62% at December 31, 2025.

The ACL coverage of nonperforming loans and leases was 149% at March 31, 2026 compared to 176% at December 31, 2025.

Net charge-offs were 0.23% of average loans and leases (annualized) for the first quarter, compared to net charge-offs of 0.04% for the fourth quarter.

Deposits and Client Investment Funds

The following table sets forth the composition of our deposits at the dates indicated:

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

2025

2025

2025

(Dollars in thousands)

Composition of Deposits

Noninterest-bearing checking

$

7,797,542

$

7,822,787

$

7,603,748

$

7,441,116

$

7,593,950

Interest-bearing:

Checking

8,178,485

8,509,587

7,930,951

7,974,452

7,747,051

Money market

4,643,349

4,917,857

4,974,177

5,375,080

5,367,788

Savings

1,991,010

1,905,863

1,949,369

1,932,906

1,999,062

Time deposits:

Non-brokered

2,149,564

2,254,293

2,468,017

2,492,890

2,490,639

Brokered

2,562,184

2,432,970

2,258,503

2,311,989

1,994,701

Total time deposits

4,711,748

4,687,263

4,726,520

4,804,879

4,485,340

Total interest-bearing

19,524,592

20,020,570

19,581,017

20,087,317

19,599,241

Total deposits

$

27,322,134

$

27,843,357

$

27,184,765

$

27,528,433

$

27,193,191

Composition as % of

Total Deposits

Noninterest-bearing checking

29

%

28

%

28

%

27

%

28

%

Interest-bearing:

Checking

30

%

30

%

29

%

29

%

29

%

Money market

17

%

18

%

19

%

20

%

20

%

Savings

7

%

7

%

7

%

7

%

7

%

Time deposits:

Non-brokered

8

%

8

%

9

%

9

%

9

%

Brokered

9

%

9

%

8

%

8

%

7

%

Total time deposits

17

%

17

%

17

%

17

%

16

%

Total interest-bearing

71

%

72

%

72

%

73

%

72

%

Total deposits

100

%

100

%

100

%

100

%

100

%

Total deposits decreased by $521.2 million to $27.3 billion at March 31, 2026 from $27.8 billion at December 31, 2025, driven by a decrease in interest-bearing deposits of $496.0 million and a decrease in noninterest-bearing deposits of $25.2 million. Interest-bearing deposits decreased due mainly to lower balances in checking accounts of $331.1 million and lower money market accounts of $274.5 million, offset partially by higher savings accounts of $85.1 million and higher brokered and non-brokered time deposits of $24.5 million.

At March 31, 2026, noninterest-bearing checking deposits totaled $7.8 billion, or 29% of total deposits, compared to $7.8 billion, or 28% of total deposits, at December 31, 2025.

At March 31, 2026, uninsured and uncollateralized deposits totaled $7.8 billion, or 28% of total deposits, compared to $7.7 billion, or 28% of total deposits, at December 31, 2025.

In addition to deposit products, we also offer alternative, non-depository corporate treasury solutions for select clients to invest excess liquidity. These off-balance sheet client funds totaled $1.2 billion as of March 31, 2026 and December 31, 2025.

Borrowings

Borrowings increased by $487.4 million to $2.6 billion at March 31, 2026 from $2.1 billion at December 31, 2025, mainly due to higher overnight and short-term borrowings.

Equity

During the first quarter, total stockholders’ equity increased by $12.0 million to $3.6 billion and tangible common equity(1) increased by $18.2 million to $2.7 billion at March 31, 2026. The increase in total stockholders’ equity for the first quarter resulted primarily from net earnings of $72.0 million, offset partially by the repurchase of common stock of $31.9 million and common and preferred stock dividends of $29.1 million.

At March 31, 2026, book value per common share increased to $19.80 compared to $19.56 at December 31, 2025, and tangible book value per common share(1) increased to $17.77 compared to $17.51 at December 31, 2025.

For the three-month period ended March 31, 2026, the Company repurchased 1,709,935 shares of common and common equivalent stock at a weighted average price per share of $18.68, or $31.9 million in the aggregate. As of March 31, 2026, $82.6 million remained available under the current stock repurchase authorization, which expires in March 2027.

CAPITAL AND LIQUIDITY

The following table sets forth our regulatory capital ratios as of the dates indicated:

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

2025

2025

2025

Capital Ratios(1)

Banc of California, Inc.

Total risk-based capital ratio

16.55

%

16.31

%

16.69

%

16.37

%

16.93

%

Tier 1 risk-based capital ratio

12.54

%

12.34

%

12.56

%

12.34

%

12.86

%

Common equity tier 1 capital ratio

10.18

%

10.01

%

10.14

%

9.95

%

10.45

%

Tier 1 leverage ratio

9.97

%

9.99

%

9.77

%

9.74

%

10.19

%

Banc of California

Total risk-based capital ratio

15.97

%

15.61

%

15.94

%

15.65

%

16.22

%

Tier 1 risk-based capital ratio

13.50

%

13.15

%

13.42

%

13.21

%

13.74

%

Common equity tier 1 capital ratio

13.50

%

13.15

%

13.42

%

13.21

%

13.74

%

Tier 1 leverage ratio

10.73

%

10.65

%

10.44

%

10.42

%

10.88

%

At March 31, 2026, cash and cash equivalents totaled $2.2 billion, down $90.7 million from December 31, 2025.

Our immediately available cash and cash equivalents (excluding restricted cash) were $2.0 billion. Combined with total available borrowing capacity of $9.7 billion and unpledged AFS securities of $2.5 billion, total available liquidity was $14.2 billion at the end of the first quarter.

Conference Call

The Company will host a conference call to discuss its first quarter 2026 financial results at 10:00 a.m. Pacific Time (PT) on Thursday, April 23, 2026. Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 5670833. A live audio webcast will also be available, and the webcast link will be posted on the Company’s Investor Relations website at www.bancofcal.com/investor. The slide presentation for the call will also be available on the Company's Investor Relations website prior to the call. A replay of the call will be made available approximately one hour after the call has ended on the Company’s Investor Relations website at www.bancofcal.com/investor or by dialing (855) 669-9658 and referencing event code 7930561.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios and other non-historical statements. Words or phrases such as “believe,” “will,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” “strategy,” or similar expressions are intended to identify these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by the Company with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, except as required by law.

Factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to: (i) changes in general economic conditions, either nationally or in our market areas, including the impact of tariffs, supply chain disruptions, and the risk of recession or an economic downturn; (ii) changes in the interest rate environment, including the recent and potential future changes in the FRB benchmark rate, which could adversely affect our revenue and expenses, the value of assets and obligations, the realization of deferred tax assets, the availability and cost of capital and liquidity, and the impacts of continuing or renewed inflation; (iii) the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of our underwriting practices and the risk of fraud, any of which may lead to increased loan delinquencies, losses, and non-performing assets, and may result in our allowance for credit losses not being adequate; (iv) fluctuations in the demand for loans, and fluctuations in commercial and residential real estate values in our market area; (v) the quality and composition of our securities portfolio; (vi) our ability to develop and maintain a strong core deposit base, including among our venture banking clients, or other low cost funding sources necessary to fund our activities particularly in a rising or high interest rate environment; (vii) the rapid withdrawal of a significant amount of demand deposits over a short period of time; (viii) the costs and effects of litigation; (ix) risks related to the Company’s acquisitions, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; and our inability to achieve expected revenues, cost savings, synergies, and other benefits; (x) results of examinations by regulatory authorities of the Company and the possibility that any such regulatory authority may, among other things, limit our business activities, restrict our ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase our allowance for credit losses, result in write-downs of asset values, restrict our ability or that of our bank subsidiary to pay dividends, or impose fines, penalties or sanctions; (xi) legislative or regulatory changes that adversely affect our business, including changes in tax laws and policies, accounting policies and practices, privacy laws, and regulatory capital or other rules; (xii) the risk that our enterprise risk management framework may not be effective in mitigating risk and reducing the potential for losses; (xiii) errors in estimates of the fair values of certain of our assets and liabilities, as well as the value of collateral supporting our loans, which may result in significant changes in valuation or recoveries; (xiv) failures or security breaches with respect to the network, applications, vendors and computer systems on which we depend, including due to cybersecurity threats; (xv) our ability to attract and retain key members of our senior management team; (xvi) the effects of climate change, severe weather events, natural disasters such as earthquakes and wildfires, pandemics, epidemics and other public health crises, military activity (including the ongoing Iran war) or acts of terrorism, and other external events on our business; (xvii) the impact of bank failures or other adverse developments at other banks on general depositor and investor sentiment regarding the stability and liquidity of banks; (xviii) the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; (xix) our existing indebtedness, together with any future incurrence of additional indebtedness, could adversely affect our ability to raise additional capital and to meet our debt obligations; (xx) changes in market conditions or strategic balance sheet actions, which may result in realized losses on investment securities or other assets; and (xxi) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and from time to time in other documents that we file with or furnish to the SEC.

Non-GAAP Financial Measures

Included in this press release are certain non-GAAP financial measures, such as tangible common equity, tangible book value per common share, return on average tangible common equity, pre-tax pre-provision income, efficiency ratio, and economic coverage ratio, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the “Non-GAAP Measures” section of this release for additional detail including reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

BANC OF CALIFORNIA, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

2025

2025

2025

ASSETS:

(Dollars in thousands)

Cash and due from banks

$

214,120

$

181,103

$

205,364

$

222,210

$

215,591

Interest-earning deposits in financial institutions

2,003,149

2,126,862

2,192,901

2,131,342

2,128,298

Total cash and cash equivalents

2,217,269

2,307,965

2,398,265

2,353,552

2,343,889

Securities available-for-sale

2,656,332

2,454,058

2,426,734

2,246,174

2,334,058

Securities held-to-maturity

2,313,548

2,308,636

2,303,657

2,316,725

2,311,912

FRB and FHLB stock

170,342

160,442

159,337

162,243

155,330

Total investment securities

5,140,222

4,923,136

4,889,728

4,725,142

4,801,300

Loans held for sale

259,049

182,936

211,454

465,571

25,797

Loans and leases held for investment

24,780,347

25,032,679

24,110,642

24,245,893

24,126,527

Allowance for loan and lease losses

(241,600

)

(245,612

)

(240,501

)

(229,344

)

(234,986

)

Total loans and leases held for investment, net

24,538,747

24,787,067

23,870,141

24,016,549

23,891,541

Equipment leased to others under operating leases

223,558

238,232

280,872

288,692

295,032

Premises and equipment, net

146,316

146,698

132,766

138,032

140,347

Bank owned life insurance

352,707

350,083

348,051

346,142

342,810

Goodwill

214,521

214,521

214,521

214,521

214,521

Intangible assets, net

99,091

105,287

111,923

118,930

125,937

Deferred tax asset, net

653,481

656,755

672,159

691,535

702,323

Other assets

879,280

884,762

883,085

891,787

896,421

Total assets

$

34,724,241

$

34,797,442

$

34,012,965

$

34,250,453

$

33,779,918

LIABILITIES:

Noninterest-bearing deposits

$

7,797,542

$

7,822,787

$

7,603,748

$

7,441,116

$

7,593,950

Interest-bearing deposits

19,524,592

20,020,570

19,581,017

20,087,317

19,599,241

Total deposits

27,322,134

27,843,357

27,184,765

27,528,433

27,193,191

Borrowings

2,551,250

2,063,819

2,005,022

1,917,180

1,670,782

Subordinated debt

954,072

952,740

950,888

949,213

944,908

Accrued interest payable and other liabilities

343,459

396,249

405,551

428,784

449,381

Total liabilities

31,170,915

31,256,165

30,546,226

30,823,610

30,258,262

STOCKHOLDERS' EQUITY:

Preferred stock

498,516

498,516

498,516

498,516

498,516

Common stock

1,538

1,500

1,509

1,474

1,561

Class B non-voting common stock

5

5

5

5

5

Non-voting common stock equivalents

—

50

41

98

98

Additional paid-in-capital

3,501,213

3,552,483

3,563,145

3,609,109

3,732,376

Retained deficit

(180,011

)

(242,016

)

(309,460

)

(369,142

)

(387,580

)

Accumulated other comprehensive loss, net

(267,935

)

(269,261

)

(287,017

)

(313,217

)

(323,320

)

Total stockholders’ equity

3,553,326

3,541,277

3,466,739

3,426,843

3,521,656

Total liabilities and stockholders’ equity

$

34,724,241

$

34,797,442

$

34,012,965

$

34,250,453

$

33,779,918

Common shares outstanding (1)

154,262,045

155,533,403

155,522,693

157,647,137

166,403,086

BANC OF CALIFORNIA, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

  Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

(In thousands, except per share amounts)

Interest income:

Loans and leases

$

349,943

$

359,268

$

346,103

Investment securities

41,873

39,557

37,862

Deposits in financial institutions

15,626

18,123

22,690

Total interest income

407,442

416,948

406,655

Interest expense:

Deposits

120,233

129,896

140,530

Borrowings

20,177

19,858

18,421

Subordinated debt

15,415

15,832

15,340

Total interest expense

155,825

165,586

174,291

Net interest income

251,617

251,362

232,364

Provision for credit losses

9,800

12,500

9,300

Net interest income after provision for credit losses

241,817

238,862

223,064

Noninterest income:

Service charges on deposit accounts

4,978

5,038

4,543

Commissions and fees

10,980

9,524

9,958

Leased equipment income

8,530

16,381

10,784

Gain on sale of loans and leases

7

18

211

Dividends and gains on equity investments

2,002

3,492

2,323

Warrant income (loss)

938

361

(295

)

LOCOM HFS adjustment

3

—

—

Other income

7,890

6,757

6,126

Total noninterest income

35,328

41,571

33,650

Noninterest expense:

Compensation

91,100

85,862

86,417

Occupancy

14,892

14,726

15,010

Information technology and data processing

14,339

13,751

15,099

Other professional services

4,236

6,774

4,513

Insurance and assessments

6,764

7,070

7,283

Intangible asset amortization

6,348

6,788

7,160

Leased equipment depreciation

5,304

6,202

6,741

Customer related expense

23,737

24,870

27,751

Loan expense

4,292

4,445

2,930

Other expense

10,379

10,156

10,749

Total noninterest expense

181,391

180,644

183,653

Earnings before income taxes

95,754

99,789

73,061

Income tax expense

23,802

22,398

19,493

Net earnings

71,952

77,391

53,568

Preferred stock dividends

9,947

9,947

9,947

Net earnings available to common and equivalent stockholders

$

62,005

$

67,444

$

43,621

Earnings per common share:

Basic

$

0.40

$

0.43

$

0.26

Diluted

$

0.39

$

0.42

$

0.26

Weighted average number of common shares outstanding: (1)

Basic

154,821

155,449

168,495

Diluted

160,832

160,094

169,434

BANC OF CALIFORNIA, INC.

SELECTED FINANCIAL DATA

(UNAUDITED)

  Three Months Ended

March 31,

December 31,

March 31,

Profitability and Other Ratios

2026

2025

2025

Return on average assets (1)

0.86

%

0.91

%

0.65

%

Return on average equity (1)

8.22

%

8.79

%

6.16

%

Return on average tangible common equity (1)(2)

9.91

%

10.75

%

7.56

%

Dividend payout ratio (3)

30.00

%

23.26

%

38.46

%

Average yield on loans and leases (1)

5.74

%

5.83

%

5.90

%

Average yield on interest-earning assets (1)

5.25

%

5.31

%

5.39

%

Average cost of interest-bearing deposits (1)

2.51

%

2.66

%

2.97

%

Average total cost of deposits (1)

1.78

%

1.89

%

2.12

%

Average cost of interest-bearing liabilities (1)

2.85

%

2.98

%

3.28

%

Average total cost of funds (1)

2.10

%

2.20

%

2.42

%

Net interest spread

2.40

%

2.33

%

2.11

%

Net interest margin (1)

3.24

%

3.20

%

3.08

%

Noninterest income to total revenue (4)

12.31

%

14.19

%

12.65

%

Noninterest expense to average total assets (1)

2.16

%

2.12

%

2.24

%

Noninterest expense to total revenue (4)

63.21

%

61.67

%

69.04

%

Efficiency ratio (2)(5)

61.00

%

59.35

%

66.35

%

Loans to deposits ratio

91.65

%

90.56

%

88.82

%

Average loans and leases to average deposits

90.45

%

89.81

%

88.36

%

Average investment securities to average total assets

14.76

%

14.49

%

14.21

%

Average stockholders' equity to average total assets

10.44

%

10.35

%

10.58

%

____________________ (1)

Annualized.

(2)

Non-GAAP measure.

(3)

Ratio calculated by dividing dividends declared per common and equivalent share by basic earnings per common and equivalent share.

(4)

Total revenue equals the sum of net interest income and noninterest income.

(5)

Ratio calculated by dividing noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs) by total revenue.

BANC OF CALIFORNIA, INC.

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE COST PAID

(UNAUDITED)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

Interest

Average

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Cost

Balance

Expense

Cost

Balance

Expense

Cost

(Dollars in thousands)

Assets:

Loans and leases (1)

$

24,710,609

$

349,943

5.74

%

$

24,443,089

$

359,268

5.83

%

$

23,788,647

$

346,103

5.90

%

Investment securities

5,018,002

41,873

3.38

%

4,891,281

39,557

3.21

%

4,734,037

37,862

3.24

%

Deposits in financial institutions

1,742,657

15,626

3.64

%

1,834,773

18,123

3.92

%

2,088,139

22,690

4.41

%

Total interest-earning assets

31,471,268

407,442

5.25

%

31,169,143

416,948

5.31

%

30,610,823

406,655

5.39

%

Other assets

2,531,433

2,583,357

2,697,562

Total assets

$

34,002,701

$

33,752,500

$

33,308,385

Liabilities and Stockholders' Equity:

Interest checking

$

8,175,172

46,882

2.33

%

$

7,944,858

49,319

2.46

%

$

7,343,451

47,879

2.64

%

Money market

4,785,691

22,826

1.93

%

4,948,960

25,810

2.07

%

5,415,716

33,003

2.47

%

Savings

1,957,831

9,772

2.02

%

1,942,678

10,863

2.22

%

1,948,649

12,857

2.68

%

Time

4,510,418

40,753

3.66

%

4,570,369

43,904

3.81

%

4,498,268

46,791

4.22

%

Total interest-bearing deposits

19,429,112

120,233

2.51

%

19,406,865

129,896

2.66

%

19,206,084

140,530

2.97

%

Borrowings

1,765,661

20,177

4.63

%

1,661,808

19,858

4.74

%

1,397,720

18,421

5.34

%

Subordinated debt

953,739

15,415

6.55

%

951,471

15,832

6.60

%

942,817

15,340

6.60

%

Total interest-bearing liabilities

22,148,512

155,825

2.85

%

22,020,144

165,586

2.98

%

21,546,621

174,291

3.28

%

Noninterest-bearing demand deposits

7,890,489

7,809,326

7,714,830

Other liabilities

415,000

428,873

522,753

Total liabilities

30,454,001

30,258,343

29,784,204

Stockholders' equity

3,548,700

3,494,157

3,524,181

Total liabilities and stockholders' equity

$

34,002,701

$

33,752,500

$

33,308,385

Net interest income (1)

$

251,617

$

251,362

$

232,364

Net interest spread

2.40

%

2.33

%

2.11

%

Net interest margin

3.24

%

3.20

%

3.08

%

Total deposits (2)

$

27,319,601

$

120,233

1.78

%

$

27,216,191

$

129,896

1.89

%

$

26,920,914

$

140,530

2.12

%

Total funds (3)

$

30,039,001

$

155,825

2.10

%

$

29,829,470

$

165,586

2.20

%

$

29,261,451

$

174,291

2.42

%

____________________ (1)

Includes net loan discount accretion of $12.2 million, $12.7 million, and $16.0 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025.

(2)

Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

(3)

Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by average total funds.

BANC OF CALIFORNIA, INC.
NON-GAAP MEASURES

We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”) in this press release, including: tangible common equity, tangible book value per common share, return on average tangible common equity, pre-tax pre-provision income, efficiency ratio, and economic coverage ratio. These non-GAAP measures are used by management in its analysis of the Company's performance.

Tangible common equity is calculated by subtracting preferred stock, as applicable, from total common equity. Return on average tangible common equity is calculated by dividing net earnings available to common stockholders, after adjustment for amortization of intangible assets and any goodwill impairment, by average tangible common equity. Banking regulators also exclude goodwill and other intangible assets from stockholders' equity when assessing the capital adequacy of a financial institution.

Pre-tax pre-provision income is calculated by subtracting noninterest expense from total revenue, which is the sum of net interest income and noninterest income.

Efficiency ratio is calculated by dividing noninterest expense (less intangible asset amortization and acquisition, integration and reorganization costs) by total revenue (the sum of net interest income and noninterest income).

Economic coverage ratio is calculated by dividing the allowance for credit losses adjusted for the impact of the credit-linked notes and unearned credit mark from purchase accounting by loans and leases HFI.

Management believes the presentation of these financial measures adjusting the impact of these items provides useful supplemental information that is essential to a proper understanding of the financial results and operating performance of the Company. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following tables provide reconciliations of the non-GAAP measures to financial measures defined by GAAP.

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

Tangible Common Equity

March 31,

December 31,

September 30,

June 30,

March 31,

and Tangible Book Value Per Share

2026

2025

2025

2025

2025

(Dollars in thousands, except per share amounts)

Stockholders' equity

$

3,553,326

$

3,541,277

$

3,466,739

$

3,426,843

$

3,521,656

Less: Preferred stock

498,516

498,516

498,516

498,516

498,516

Total common equity

3,054,810

3,042,761

2,968,223

2,928,327

3,023,140

Less: Goodwill and intangible assets

313,612

319,808

326,444

333,451

340,458

Tangible common equity

$

2,741,198

$

2,722,953

$

2,641,779

$

2,594,876

$

2,682,682

Book value per common share (1)

$

19.80

$

19.56

$

19.09

$

18.58

$

18.17

Tangible book value per common share (2)

$

17.77

$

17.51

$

16.99

$

16.46

$

16.12

Common shares outstanding (3)

154,262,045

155,533,403

155,522,693

157,647,137

166,403,086

____________________ (1)

Total common equity divided by common shares outstanding.

(2)

Tangible common equity divided by common shares outstanding.

(3)

Common shares outstanding include non-voting common stock equivalents that are participating securities. There were no non‑voting common stock equivalents outstanding as of March 31, 2026.

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

  Three Months Ended

Return on Average Tangible

March 31,

December 31,

March 31,

Common Equity ("ROATCE")

2026

2025

2025

(Dollars in thousands)

Net earnings

$

71,952

$

77,391

$

53,568

Earnings before income taxes

$

73,061

Add: Intangible asset amortization

7,160

Adjusted earnings before income taxes for ROATCE

80,221

Adjusted income tax expense (1)

20,296

Adjustments:

Intangible asset amortization

6,348

6,788

Tax impact of adjustment above (1)

(1,596

)

(1,823

)

Adjustment to net earnings

4,752

4,965

Adjusted net earnings for ROATCE

76,704

82,356

59,925

Less: Preferred stock dividends

9,947

9,947

9,947

Adjusted net earnings available to common and equivalent stockholders for ROATCE

$

66,757

$

72,409

$

49,978

Average stockholders' equity

$

3,548,700

$

3,494,157

$

3,524,181

Less: Average goodwill and intangible assets

317,215

323,295

344,610

Less: Average preferred stock

498,516

498,516

498,516

Average tangible common equity

$

2,732,969

$

2,672,346

$

2,681,055

Return on average equity (2)

8.22

%

8.79

%

6.16

%

ROATCE (3)

9.91

%

10.75

%

7.56

%

____________________ (1)

Effective tax rates of 25.14%, 26.86%, and 25.30% used for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

(2)

Annualized net earnings divided by average stockholders' equity.

(3)

Annualized adjusted net earnings available to common and equivalent stockholders for ROATCE divided by average tangible common equity.

Three Months Ended

March 31,

December 31,

March 31,

Pre-Tax Pre-Provision Income

2026

2025

2025

(Dollars in thousands)

Net interest income (GAAP)

$

251,617

$

251,362

$

232,364

Add: Noninterest income (GAAP)

35,328

41,571

33,650

Total revenues (GAAP)

286,945

292,933

266,014

Less: Noninterest expense (GAAP)

181,391

180,644

183,653

Pre-tax pre-provision income (Non-GAAP)

$

105,554

$

112,289

$

82,361

BANC OF CALIFORNIA, INC.

NON-GAAP MEASURES

(UNAUDITED)

  Three Months Ended

March 31,

December 31,

March 31,

Efficiency Ratio

2026

2025

2025

(Dollars in thousands)

Noninterest expense

$

181,391

$

180,644

$

183,653

Less: Intangible asset amortization

(6,348

)

(6,788

)

(7,160

)

Noninterest expense used for efficiency ratio

$

175,043

$

173,856

$

176,493

Net interest income

$

251,617

$

251,362

$

232,364

Noninterest income

35,328

41,571

33,650

Total revenue used for efficiency ratio

$

286,945

$

292,933

$

266,014

  Noninterest expense to total revenue

63.21

%

61.67

%

69.04

%

Efficiency ratio (1)

61.00

%

59.35

%

66.35

%

March 31,

December 31,

Economic Coverage Ratio

2026

2025

(Dollars in thousands)

Allowance for credit losses ("ACL")

$

276,521

$

280,533

Add: Unearned credit mark from purchase accounting (1)

14,315

15,865

Add: Credit-linked notes (2)

104,988

108,413

Adjusted allowance for credit losses

$

395,824

$

404,811

Loans and leases HFI

$

24,780,347

$

25,032,679

ACL to loans and leases HFI (3)

1.12

%

1.12

%

Economic coverage ratio (4)

1.60

%

1.62

%

____________________ (1)

Unearned credit mark from purchase accounting estimated by using the same pro rata split between the credit and yield marks associated with non-PCD loans (purchased loans without credit deterioration at the time of purchase).

(2)

Credit-linked notes loss coverage equal to 5% of the unpaid principal balance of the pledged loans.

(3)

Allowance for credit losses divided by loans and leases HFI.

(4)

Adjusted allowance for credit losses divided by loans and leases HFI.

More News From Banc of California, Inc.

For the quarter ended March 2026, Banc of California (BANC - Free Report) reported revenue of $286.95 million, up 7.9% over the same period last year. EPS came in at $0.39, compared to $0.26 in the year-ago quarter.

The reported revenue represents a surprise of -1.28% over the Zacks Consensus Estimate of $290.66 million. With the consensus EPS estimate being $0.38, the EPS surprise was +2.63%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Banc of California performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Interest Margin: 3.2% compared to the 3.2% average estimate based on four analysts.Efficiency Ratio: 61% versus 62.7% estimated by four analysts on average.Total Nonperforming assets: $203.79 million versus the three-analyst average estimate of $172.75 million.Total Nonperforming loans: $185.73 million compared to the $157.58 million average estimate based on three analysts.Average Balance - Total interest-earning assets: $31.47 billion versus the three-analyst average estimate of $32.06 billion.Annualized net loan charge-offs (recoveries) to average total loans held-for-investment: 0.2% versus the three-analyst average estimate of 0.2%.Net Interest Income: $251.62 million compared to the $255.51 million average estimate based on four analysts.Total NonInterest Income: $35.33 million compared to the $35.25 million average estimate based on four analysts.Leased equipment income: $8.53 million versus $10.38 million estimated by two analysts on average.Service charges on deposit accounts: $4.98 million versus $5.05 million estimated by two analysts on average.Other commissions and fees: $10.98 million versus the two-analyst average estimate of $9.62 million.View all Key Company Metrics for Banc of California here>>>

Shares of Banc of California have returned +6.9% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Banc of California (BANC - Free Report) is headquartered in Los Angeles, and is in the Finance sector. The stock has seen a price change of -2.8% since the start of the year. The banking service and lending company is paying out a dividend of $0.12 per share at the moment, with a dividend yield of 2.56% compared to the Banks - Southwest industry's yield of 1.68% and the S&P 500's yield of 1.39%.

Looking at dividend growth, the company's current annualized dividend of $0.48 is up 20% from last year. Over the last 5 years, Banc of California has increased its dividend 1 times on a year-over-year basis for an average annual increase of 16.61%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Banc of California's current payout ratio is 32%, meaning it paid out 32% of its trailing 12-month EPS as dividend.

BANC is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $1.74 per share, which represents a year-over-year growth rate of 28.89%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, BANC is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

-

LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (the “Company”) (NYSE: BANC) announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per share on its outstanding common stock. The dividend will be payable July 1, 2026, to stockholders of record as of June 15, 2026.

The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F. The dividend will be payable June 1, 2026, to stockholders of record as of May 21, 2026. The Series F depositary shares are traded on the New York Stock Exchange under the “Banc/PF” symbol.

The Company maintains a Dividend Reinvestment Plan (DRIP) which allows common stockholders to automatically acquire common shares at a 3% discount from the applicable market price. All registered common stockholders with holdings maintained at the Company’s transfer agent, Computershare, are eligible to participate in the DRIP program. For more information on the Company’s DRIP program, please contact Investor Relations at [email protected] or (855) 361-2262.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

More News From Banc of California, Inc.

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Banc of California Series F Preferred shares offer an attractive 8.6% total return if called in September 2027. BANC's strong liquidity, solid net interest income, and manageable credit risk support continued preferred dividend payments. Redeeming BANC.PR.F in 2027 would boost common EPS by over $0.05, making the call highly likely given expensive reset terms.

Shares of Terns Pharmaceuticals, Inc. (NASDAQ: TERN - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $52.98 and last traded at $52.86, with a volume of 81314600 shares trading hands. The stock had previously closed at $50.00. Trending Headlines about Terns Pharmaceuticals Here are

Key Takeaways Merck is looking to acquire Terns for $53 per share, valuing the deal at almost $6.7B equity.Terns TERN-701, a leukemia drug candidate, showed strong early clinical response rates in studies.Merck is ramping up merger and acquisition deals in recent times to offset Keytruda's 2028 patent loss. Merck (MRK - Free Report) announced that it has entered into a definitive agreement to acquire California-based cancer biotech, Terns Pharmaceuticals , for $53.00 per share in cash or an estimated equity value of $6.7 billion.

The offer values the deal at about $5.7 billion after adjusting for cash.

Following the announcement of the acquisition, shares of Merck were up 2.6%. Terns' stock gained 5.7% yesterday.

Year to date, shares of Merck have risen 13.4% against the industry’s decrease of 4.9%.

Image Source: Zacks Investment Research

Shares of Terns have rallied 30.8% so far this year against the industry’s decrease of 0.6%.

Image Source: Zacks Investment Research

TERN Acquisition Can Boost Merck’s Cancer PipelineThe impending acquisition will add Terns’ lead candidate, TERN-701, an investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor, to Merck’s hematology/cancer pipeline. The candidate is currently being evaluated in a phase I/II study for treating certain patients with chronic myeloid leukemia (CML).

Per the company, TERN-701 has shown promising results so far, with encouraging major and deep molecular response rates by week 24 in clinical studies. Based on this early data, management believes that, if successfully developed, TERN-701 could offer a differentiated treatment option for certain patients with CML.

TERN-701 has received an Orphan Drug designation from the FDA for treating CML.

The acquisition is expected to be closed in the second quarter of 2026, subject to customary closing conditions. It is likely to further strengthen and diversify MRK’s oncology pipeline.

The deal is expected to lead to a charge of around $5.8 billion, or roughly $2.35 per share, which will be reflected in Merck’s second-quarter and full-year 2026 GAAP and non-GAAP results.

MRK Eyes M&A Deal to Offset Keytruda’s Upcoming LOEMerck has been on an acquisition spree in recent times, as it faces looming patent expiration of its blockbuster drug, PD-L1 inhibitor Keytruda, in 2028. Keytruda accounts for more than 50% of the company’s pharmaceutical sales.

Merck acquired Cidara Therapeutics for $9.2 billion in January 2026. The acquisition added CDTX’s lead pipeline candidate, CD388, a first-in-class long-acting, strain-agnostic antiviral agent, currently being evaluated in late-stage studies for the prevention of seasonal influenza in individuals at higher risk of complications.

Last year, Merck acquired Verona Pharma for around $10 billion, which added the latter’s lead drug Ohtuvayre, a novel, first-in-class maintenance treatment for chronic obstructive pulmonary disease, with multibillion-dollar commercial potential. Ohtuvayre's commercial launch is off to a solid start, backed by strong growth in new patient starts and total patients treated.

Merck believes new products like Ohtuvayre could drive long-term growth and help offset the revenue gap expected from Keytruda’s upcoming loss of exclusivity in 2028. Merck acquired cancer biotech, Harpoon Therapeutics, in 2024.

MRK & TERN’s Zacks RankMerck currently carries a Zacks Rank #3 (Hold), while Terns has a Zacks Rank #2 (Buy).

Key PickA top-ranked stock in the biotech sector is Amarin (AMRN - Free Report) , carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.32 to $6.36, while the same for 2027 have narrowed from $5.97 to $4.64. AMRN shares have risen 5.2% in the year-to-date period.

Amarin’s earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, with the average surprise being 51.29%.

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Pre-Market Stock Futures: Futures are trading higher this morning after reports are circulating that President Trump wants to end the war soon. This comes after Monday’s session, which saw three of the four major indices close lower, while oil traded above $100 for the first time since the summer of 2022. Conflicting headlines flew around; some were very positive, and some were more negative. When it was all said and done on Monday, only the venerable Dow Jones Industrial finished the day positive, closing up 0.11% at 45,216. The small-cap Russell 2000 took the biggest hit to start the holiday-shortened trading week, closing down 1.46% at 2,414, while the Nasdaq finished the day at 20,794, down by 0.73%, and the S&P 500 was last seen at 6,343, down 0.39%. Investors need to be careful, as all major indices are in or approaching correction territory and could be poised for a sharp decline if the war escalates.

Treasury Bonds: After choppy trading last week, buyers returned in full force on Monday, as yields were lower across the entire curve amid a safe-haven trade back on in a big way. The combination of inflation returning as an issue, the potential for no rate cuts, and the possibility of a rate increase, combined with geopolitical worries, sent prices higher and yields lower. The 30-year-long bond finished the session at 4.91%, while the benchmark 10-year note closed Monday at 4.35%.

Oil and Gas: West Texas Intermediate, as we noted, closed over the $100 level for the first time in almost four years, finishing the session Monday at $105, up 5.40%, while Brent Crude closed at $114.60, which was higher by 1.81%. The escalation of hostilities, with the Houthis joining Iran’s side, and concerns across the entire energy complex that distribution, along with exploration and production, will be in serious jeopardy in the Middle East, are issues investors are facing. Natural gas took a beating Monday, closing down 4.86% at $2,87.  

Gold: The precious metal markets, which had been in lockstep with every other asset class that traded down over the last month, are holding steady at current support levels. Current pricing reflects ongoing upward momentum, supported by market attempts to find a footing amid geopolitical tensions and navigate between high inflation fears and potential diplomatic developments. Gold closed trading on Monday at $4,510, up 0.38%, while Silver was last seen at $70.22, up 0.50%.

Crypto: Crypto markets traded higher on Monday, briefly staging a relief rally after a bruising stretch that had left sentiment washed out and many crypto-linked equities down roughly 60% from recent highs. Bitcoin steadied in the upper-$66,000 to upper-$67,000 range throughout much of the Monday session, while Ethereum climbed as traders returned to beaten-down names and short-covering fueled the rebound. The move was helped by some easing geopolitical anxiety, albeit conflicting, and a modest improvement in broader risk appetite, which gave digital assets room to bounce after several sessions of macro-driven selling. At 8 AM EDT, Bitcoin was trading at $66,660, while Ethereum was trading at $2,042.

24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. 

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Tuesday, March 31, 2026.  

Upgrades: Amphenol Corp. (NYSE: APH | APH Price Prediction) was assumed with a Buy rating from Hold at Jefferies, which trimmed the target price for the stock to $145 from $150. Emerson Electric Company (NYSE: EMR) was assumed with a Buy rating from Hold at Jefferies, which raised the target price for the stock to $175 from $160. Highwoods Properties Inc. (NYSE: HIW) was raised to Equal Weight from Underweight at Morgan Stanley, which nudged the target price down to $23 from $24. Shake Shack Inc. (NYSE: SHAK) was upgraded to Neutral from Underperform at Bank of America, which raised the price target to $101 from $88. Western Digital Corp. (NASDAQ: WDC) was upgraded to Outperform from Market Perform at Bernstein, which doubled the price target for the tech giant to $340 from $170. Downgrades: Colgate-Palmolive Company (NYSE: CL) was downgraded to Hold from Buy at TD Cowen, which lowered the target price for the consumer staples giant to $85 from $96. Lincoln Electric Holdings Inc. (NASDAQ: LECO) was downgraded to Hold from Buy at Jefferies, which cut the target price to $280 from $350. Rockwell Automation Inc.  (NYSE: ROK) was downgraded to Hold from Buy at Jefferies, which slashed the target price for the shares to $380 from $490. Terns Pharmaceuticals Inc. (NASDAQ: TERN) was cut to Hold from Buy at Truist, with a $523 target price objective. Vertiv Holdings Co. (NYSE: VRT) was downgraded to Hold from Buy at Jefferies, which lowered the target price to $260 from $280. Initiations: Arista Networks Inc. (NYSE: ANET) was started with a Buy rating at Truist, which has set a $161 target price for the stock. Block Inc. (NYSE: XYZ) was started with a Buy rating at Loop Capital with a $62 target price. Digital Realty Trust Inc. (NYSE: DLR) was initiated with a Buy rating at Truist, which bumped the target price for the stock to $207 from $202. MiniMed Group Inc. (NASDAQ: MMED) was started with an Overweight rating at Morgan Stanley with a $19 target price. In comparison, Mizuho began covering the stock with an Outperform rating with a $21 target price. Citigroup initiated coverage with a Buy rating and a $23 target price, while Wells Fargo has an Overweight rating with a $26 target price.   The company was a recent IPO NiSource Inc. (NYSE: NI) was initiated with an Overweight rating at KeyBanc, which has a $52 target price objective.

Posted by Defense World Staff on Apr 6th, 2026

Capricorn Fund Managers Ltd bought a new stake in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN – Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 151,436 shares of the company’s stock, valued at approximately $6,118,000. Terns Pharmaceuticals makes up approximately 1.5% of Capricorn Fund Managers Ltd’s holdings, making the stock its 27th largest holding. Capricorn Fund Managers Ltd owned approximately 0.17% of Terns Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FNY Investment Advisers LLC purchased a new stake in shares of Terns Pharmaceuticals during the fourth quarter worth about $80,000. Tema Etfs LLC purchased a new position in shares of Terns Pharmaceuticals in the 4th quarter valued at approximately $414,000. SG Americas Securities LLC acquired a new stake in Terns Pharmaceuticals in the 4th quarter worth approximately $1,772,000. GAMMA Investing LLC boosted its stake in Terns Pharmaceuticals by 762.4% in the 4th quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $35,000 after purchasing an additional 770 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Terns Pharmaceuticals by 90.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 682,708 shares of the company’s stock worth $5,127,000 after purchasing an additional 324,502 shares during the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity In other Terns Pharmaceuticals news, insider Emil Kuriakose sold 942 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $52.75, for a total transaction of $49,690.50. Following the transaction, the insider owned 105,673 shares in the company, valued at approximately $5,574,250.75. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amy L. Burroughs sold 14,583 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $46.71, for a total value of $681,171.93. Following the transaction, the chief executive officer owned 288,976 shares in the company, valued at $13,498,068.96. This represents a 4.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 98,857 shares of company stock worth $3,850,896. Corporate insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets A number of research firms have issued reports on TERN. Jefferies Financial Group reaffirmed a “buy” rating and issued a $70.00 price target on shares of Terns Pharmaceuticals in a report on Wednesday, December 10th. HC Wainwright reissued a “neutral” rating and set a $53.00 price objective (down from $60.00) on shares of Terns Pharmaceuticals in a report on Wednesday, March 25th. TD Cowen downgraded Terns Pharmaceuticals from a “buy” rating to a “hold” rating and set a $53.00 target price on the stock. in a research report on Thursday, March 26th. BMO Capital Markets lowered Terns Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Finally, Wall Street Zen cut Terns Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.30.

View Our Latest Stock Analysis on Terns Pharmaceuticals

Terns Pharmaceuticals Price Performance Shares of NASDAQ TERN opened at $52.72 on Monday. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -51.18 and a beta of -0.37. Terns Pharmaceuticals, Inc. has a 12 month low of $1.87 and a 12 month high of $53.19. The firm’s 50 day simple moving average is $42.96 and its 200-day simple moving average is $30.97.

Terns Pharmaceuticals (NASDAQ:TERN – Get Free Report) last posted its earnings results on Thursday, April 2nd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.06. Analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current fiscal year.

Terns Pharmaceuticals Company Profile (Free Report)

Terns Pharmaceuticals, Inc is a clinical‐stage biopharmaceutical company focused on developing oral small‐molecule therapies for the treatment of chronic liver diseases and other serious conditions. The company’s research and development efforts center on novel mechanisms of action designed to address the underlying causes of progressive liver disorders, including inflammation, fibrosis and metabolic dysregulation. By advancing targeted compounds that can be administered orally, Terns aims to offer patients more convenient and effective treatment options compared to injectable or biologic therapies.

The company’s pipeline features several candidates in various stages of preclinical and clinical evaluation.

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RAHWAY, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, is commencing today, through a subsidiary, a cash tender offer to purchase all outstanding shares of common stock of Terns Pharmaceuticals, Inc. (“Terns”) (Nasdaq: TERN). On March 25, 2026, Merck announced that it had entered into a definitive agreement to acquire Terns.

Upon the successful closing of the tender offer, stockholders of Terns will receive $53.00 net in cash for each share of Terns common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable tax withholding. Following the purchase of shares in the tender offer, Terns will become a wholly owned subsidiary of Merck.

Merck has filed today with the U.S. Securities and Exchange Commission (the “SEC”) a tender offer statement on Schedule TO, which provides the terms of the tender offer. Additionally, Terns has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the Terns board of directors that their stockholders accept the tender offer and tender their shares.

The tender offer will expire one minute following 11:59 p.m., Eastern Time, on May 4, 2026, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is subject to certain conditions, including the tender of shares representing more than 50% of the total number of Terns’ outstanding shares, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary conditions. The transaction is expected to close in the second quarter of 2026.

About Merck
At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Important Information About the Tender Offer
This release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of Terns or any other securities, nor is it a substitute for the tender offer materials described herein. A tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, has been filed by Merck, Merck Sharp & Dohme LLC and Thailand Merger Sub, Inc. with the SEC, and a solicitation/recommendation statement on Schedule 14D-9 has been filed by Terns with the SEC.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.

Investors and security holders may obtain a free copy of the Offer to Purchase, the related Letter of Transmittal, other tender offer documents and the Solicitation/Recommendation Statement (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Information Agent for the tender offer, which will be named in the tender offer statement. In addition, Merck and Terns file annual, quarterly and current reports and other information with the SEC, which are available to the public from commercial document-retrieval services and at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by Merck may be obtained at no charge on Merck’s internet website at www.merck.com or by contacting Merck at 126 East Lincoln Avenue P.O. Box 2000, Rahway, NJ 07065 USA, or by phone at (908) 740-4000. Copies of the documents filed with the SEC by Terns may be obtained at no charge from Terns’ internet website at www.ternspharma.com or by contacting Terns at 1065 East Hillsdale Blvd., Suite 100, Foster City, CA 94404 or (650)-525-5535 Ext.101.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA
This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expects,” “intends,” “believes,” “may,” “plan” or “will.” Forward-looking statements in this release include, but are not limited to, statements related to the ability of the company and Terns to complete the transactions contemplated by the transaction agreement, including the parties’ ability to satisfy the conditions to the consummation of the transaction contemplated thereby, statements about the expected timetable for completing the transaction, the company’s and Terns’ beliefs and expectations and statements about the benefits sought to be achieved in the company’s proposed acquisition of Terns, the potential effects of the acquisition on both the company and Terns, and the possibility of any termination of the transaction agreement.

Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as unanticipated delays in or negative results from Terns’ clinical studies and other risks related to clinical development, delays in or unanticipated action by regulatory authorities, risks related to government contracts, having to use cash in ways other than as expected and other risks, uncertainties associated with Terns’ business in general; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the proposed transaction contained in the transaction agreement may not be satisfied or waived (including, but not limited to, the failure to obtain a sufficient number of tendered shares from Terns’ stockholders); the effects of disruption from the transactions contemplated by the transaction agreement and the impact of the announcement and pendency of the transactions on Terns’ business; the risk that stockholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s other filings with the SEC available at the SEC’s Internet site (www.sec.gov).

More News From Merck & Co., Inc.

Terns Pharmaceuticals (TERN +0.00%) had a more memorable March than a great many other companies on U.S. stock exchanges. That's largely because it agreed to be bought out by a much larger peer, and the deal's premium helped crank Terns' share price more than 25% higher over the month.

Billions for a buyout That earth-shaking event occurred on March 25. In a joint press release, Terns and global pharmaceutical giant Merck announced a definitive agreement under which Merck (via a subsidiary) will acquire the smaller company for $53 per share in cash. The pair said this represents a 42% premium over Terns' 90-day volume-weighted average price.

All told, wrote the companies, the deal is worth around $6.7 billion.

Image source: Getty Images.

The jewel in this crown is Tern's lead drug candidate, TERN-701. This medication is intended to treat certain patients with chronic myeloid Leukemia (CML) and has shown efficacy in clinical trials. Currently, it's being evaluated in a phase 1/2 trial and has received the Food and Drug Administration's (FDA) Orphan Drug Designation as a potential CML treatment.

Terns and Merck quoted the latter's CEO, Robert Davis, as saying that the acquisition "further diversifies and strengthens our position in oncology as we continue to look for opportunities to broaden our portfolio into other therapeutic areas."

The boards of directors of the two companies have approved the agreement. It's subject to a majority of Terns' shareholders tendering their stock, though given the well-in-the-double-digits premium, this is very likely. It's also subject to approval by the relevant regulatory bodies.

Terns and Merck expect the deal to close in the current quarter.

Some Terns followers felt Merck is getting quite a bargain. Just after the transaction was announced, Truist Securities analyst Kripa Devarakonda published a quick-reaction update on the biotech. She wrote that the agreement was a "steal" for the buyer, as she feels that if and when it comes to market, TERN-701 can be a powerful revenue driver.

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Time to let go I feel this acquisition is beneficial for both the buyer and seller. Merck, which will soon begin losing patent protection from its star drug Keytruda, gets a robust asset that bolsters its oncology efforts. At the same time, Terns' shareholders receive a very healthy premium -- despite what some commenters might think -- for unloading their stock.

With that anticipated closing date looming sooner rather than later, the story of Terns as an independent company is, at least for now, over. Investors who haven't done so yet should tender their shares, as there's almost no reason to hold on to them.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck and Truist Financial. The Motley Fool has a disclosure policy.

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NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Terns Pharmaceuticals, Inc. (NasdaqGS: TERN) to Merck (NYSE: MRK). Under the terms of the proposed transaction, shareholders of Terns will receive $53.00 in cash for each share of Terns that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-tern/ to learn more.

Please note that the transaction is structured as a tender offer, such that time may be of the essence.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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RAHWAY, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), in connection with Merck's pending acquisition of Terns Pharmaceuticals, Inc. (“Terns”) (Nasdaq: TERN) expired at 11:59 p.m., Eastern Time, on April 23, 2026. As previously announced on April 7, 2026, Merck commenced, through a subsidiary, a cash tender offer to purchase.

Merck  MRK is set to report its first-quarter 2026 earnings on April 30, before market open. The Zacks Consensus Estimate for first-quarter top line is pegged at $15.90 billion, while the same for the bottom line stands at a loss of $1.51 per share.

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Addition of TERN-701, a novel investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor, further diversifies Merck’s oncology pipeline

RAHWAY, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced the successful completion of the acquisition of Terns Pharmaceuticals, Inc. (“Terns”) (Nasdaq: TERN).

“The Terns acquisition reflects Merck’s continued focus on science‑driven, value‑enhancing business development aimed at bringing meaningful innovation to patients,” said Robert M. Davis, chairman and chief executive officer, Merck. “We believe TERN‑701 has the potential to become a differentiated treatment option for certain patients with chronic myeloid leukemia, and we look forward to working with the Terns team to advance its clinical development.”

TERN-701 was recently granted Breakthrough Therapy Designation (BTD) by the U.S. Food and Drug Administration (FDA) for the treatment of adults with Philadelphia chromosome-positive chronic myeloid leukemia (CML) in the chronic phase without the T315I mutation previously treated with two or more tyrosine kinase inhibitors (TKIs). The BTD designation for TERN-701 is based on data from the ongoing Phase 1/2 CARDINAL trial (NCT06163430).

Transaction details

Merck completed the cash tender offer, through a subsidiary, for all the outstanding shares of common stock of Terns at a purchase price of $53.00 per share, without interest and subject to any applicable tax withholding. As of the tender offer expiration at one minute after 11:59 p.m., Eastern Time, on May 4, 2026, 100,091,794 shares of Terns common stock were validly tendered and not validly withdrawn, representing approximately 86.36% of the total number of Terns’ issued and outstanding shares of common stock as of such date and time. All such shares have been accepted for payment in accordance with the terms of the tender offer, and Merck, on behalf of its subsidiary, will promptly pay for such shares.

Following the completion of the tender offer, Merck completed the acquisition of Terns through a merger of Merck’s wholly-owned subsidiary with and into Terns, with Terns being the surviving corporation, in which all shares of Terns common stock issued and outstanding at the effective time of the merger were converted into the right to receive cash equal to the $53.00 offer price per share, without interest and subject to any applicable tax withholding. At the completion of the merger, Terns became a wholly-owned subsidiary of Merck and Terns’ common stock will no longer be listed or traded on the Nasdaq Global Select Market.

The transaction is expected to be accounted for as an asset acquisition, resulting in a charge to research and development expense of approximately $5.8 billion, or approximately $2.35 per share, included in both second quarter and full year 2026 GAAP and non-GAAP results. Additionally, GAAP and non-GAAP EPS are expected to be negatively impacted by approximately $0.12 per share in 2026, representing costs associated with advancing TERN-701 and costs of financing.

About TERN-701

TERN-701 is a novel investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor (TKI) designed to bind to the ABL myristoyl pocket, with a potentially best-in-disease profile that could improve upon existing treatments for certain patients with chronic myeloid leukemia (CML).

About chronic myeloid leukemia

Chronic myeloid leukemia (CML) is a slow growing type of blood cancer that leads to an overproduction of white blood cells that accumulate in the blood and bone marrow, disrupting the production of healthy blood cells. CML is commonly associated with the Philadelphia chromosome, a translocation between chromosomes 9 and 22 that results in constitutive activation of the BCR::ABL1 fusion protein, which fuels cancer growth.

About Merck in hematology

Merck is advancing a pipeline of hematology candidates targeting a diverse range of targets across leukemias, lymphomas and myeloproliferative neoplasms. Candidates in Phase 3 development include: bomedemstat (MK-3543), an investigational, orally available lysine-specific demethylase 1 (LSD1) inhibitor; nemtabrutinib (MK-1026), an investigational, non-covalent Bruton’s tyrosine kinase (BTK) inhibitor; and zilovertamab vedotin (MK-2140), an investigational antibody-drug conjugate (ADC) that targets receptor tyrosine kinase-like orphan receptor 1 (ROR1). Additionally, MK-1045, an investigational CD19xCD3 T-cell engager, is currently being evaluated in a Phase 1b/2 trial.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expects,” “intends,” “believes,” “may,” “plan” or “will.” There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and the company’s other filings with the SEC available at the SEC’s Internet site (www.sec.gov).

More News From Merck & Co., Inc.

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Ticker Change Reflects the Company's Continued Evolution Across Payments, Tokenization and AI-Driven Infrastructure

LAS VEGAS, NV / ACCESS Newswire / April 29, 2026 / AI Financial Corporation (NASDAQ:AIFC)(FRA:5AR1) ("AiFi" or the "Company"), formerly ALT5 Sigma Corporation (NASDAQ:ALTS), a fintech company providing blockchain-powered payment, trading, and settlement infrastructure for digital assets, today announced that its common stock will begin trading under its new corporate name and Nasdaq ticker symbol, AIFC, effective at the open of market trading today, Wednesday, April 29, 2026.

The Company's common stock ceased trading under the ticker symbol ALTS following after-market trading on Tuesday, April 28, 2026, and now trades under the new ticker symbol AIFC. The Company will continue to trade on The Nasdaq Stock Market without interruption, and the CUSIP number associated with its common stock will remain unchanged. The Company's Frankfurt ticker symbol, 5AR1, will remain unchanged. No action is required by existing stockholders.

The name change reflects the Company's continued evolution toward a broader financial platform that will be designed to support increasingly programmable and automated financial activity.

Tony Isaac, President and Chief Executive Officer, stated, "Today marks an important milestone as we begin trading as AI Financial Corporation under our new Nasdaq ticker symbol, AIFC. Our focus has been on building a strong operating foundation across payment processing, trading, and settlement. AiFi represents the next step in that evolution, positioning the Company to evaluate opportunities at the intersection of payments, tokenization, and AI."

About AI Financial Corporation (AiFi)

AI Financial Corporation (NASDAQ:AIFC) is a fintech company providing global payments, trading, and settlement infrastructure for digital assets, including solutions that support crypto-to-fiat and fiat-to-crypto transactions. Built on infrastructure that has processed more than $8 billion in cumulative transaction volume since inception, AiFi serves institutional and enterprise clients across the evolving digital financial ecosystem. The Company is focused on expanding its platform capabilities to support emerging forms of financial activity, including tokenization, software-driven financial systems, and AI-enabled applications and autonomous transaction infrastructure.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may include statements regarding the Company's strategic direction, the expected benefits of the corporate name and ticker symbol change, and potential future initiatives.

In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "potential," "continue," or the negative of these terms or other comparable terminology. These statements are based on management's current expectations, assumptions, and beliefs, and are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those described in the forward-looking statements.

These risks and uncertainties include, but are not limited to: the availability of capital to support future development; the Company's ability to develop, acquire, or integrate new technologies; the Company's ability to execute on its strategy under its new corporate identity and ticker symbol; changes in market conditions; regulatory developments affecting the Company's business; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

Forward-looking statements relating to potential future platform capabilities, including those associated with tokenized assets and on-chain financial infrastructure, are subject to ongoing evaluation. The Company does not currently offer certain of these capabilities within its commercial platform, and there can be no assurance that such capabilities will be successfully developed or implemented.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations
Gateway Group, Inc.
Phone: +1 (949) 574-3860
Email: [email protected]

SOURCE: AI Financial Corporation

May 13, 2026 07:15 ET  | Source: Altimmune, Inc

Abstract presenting 48-week IMPACT Phase 2b efficacy and safety data selected for inclusion in “Best of EASL 2026” by EASL

Oral presentation will highlight further the 48-week IMPACT efficacy and safety data

Late-breaker abstract featuring new digital pathology analysis of liver fibrosis regression from IMPACT 24-week data

GAITHERSBURG, Md., May 13, 2026 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a late clinical-stage biopharmaceutical company developing pemvidutide to address serious liver diseases, today announced that analyses of data from its IMPACT Phase 2b clinical trial in metabolic dysfunction-associated steatohepatitis (MASH) will be presented at the European Association for the Study of the Liver (EASL) Congress 2026, taking place May 27-30 in Barcelona, Spain.

Data will be featured in both an oral presentation and several poster sessions, including a late-breaking poster presentation. The company also announced that its abstract on 48-week results has been selected by EASL as Best of EASL 2026 in their summary deck for its noteworthy contribution to the scientific program of the EASL congress.

The oral presentation will showcase 48-week efficacy and safety results from the IMPACT Phase 2 trial, while additional poster presentations will focus on new 24-week findings, including digital pathology analysis of fibrosis regression, a response analysis to multiple non-invasive tests (NITs) of liver inflammation and fibrosis and data on cardiovascular measures.

Oral Presentation

Abstract Title: Week 48 Top-Line Results from the Phase 2b, Multicenter, Randomized, Placebo-Controlled IMPACT Trial of Pemvidutide in Metabolic Dysfunction-Associated Steatohepatitis
Session: MASLD: Clinical and Therapeutic Aspects I (OS-016)
Date/Time: Thursday, May 28, 17:00 CEST
Presenter: Dr. Mazen Noureddin, Professor of Medicine, Houston Methodist Hospital; Chief Scientific Officer and Co-Chairman, Summit Clinical Research

Poster Presentations

Late-Breaking Poster
Abstract Title: Pemvidutide Treatment Led to Fibrosis Regression After 24 Weeks in Patients with MASH: Quantitative Digital Pathology Analysis from the Phase 2b IMPACT Trial
Session: Late Breaker Posters (LBP-036)
Date/Time: Wednesday, May 27, 08:30 CEST
Presenter: Dr. Shaheen Tomah, Director, Clinical Development, Altimmune

Poster Presentation
Abstract Title: Concurrent Responses in Multiple Non-Invasive Tests for Hepatic Inflammation and Fibrosis Following Pemvidutide Treatment: 24-Week Responder Analyses from the Phase 2b IMPACT Trial
Session: MASLD: Therapy (TOP-176)
Date/Time: Friday, May 29, 08:30-17:00 CEST
Presenter: Dr. Scot Roberts, Chief Scientific Officer, Altimmune

Poster Presentation
Abstract Title: Effect of Pemvidutide on Cardiovascular Risk Factors in Patients with MASH: 48-Week Results from the Phase 2b IMPACT Trial
Session: MASLD: Therapy (FRI-201)
Date/Time: Friday, May 29, 08:30-17:00 CEST
Presenter: Dr. Shaheen Tomah, Director, Clinical Development, Altimmune

A copy of the oral presentation and posters will be available in the Events section of the Altimmune website.

About the IMPACT Phase 2b Study
The randomized, placebo-controlled, double-blind IMPACT Phase 2b trial (NCT05989711) enrolled 212 participants with biopsy-confirmed metabolic dysfunction-associated steatohepatitis (MASH) and fibrosis stages F2 or F3, with and without diabetes. Study participants were randomized 1:2:2 to receive weekly subcutaneous pemvidutide doses at either 1.2 mg, 1.8 mg or placebo for 48 weeks. The primary efficacy endpoints, measured at 24 weeks, were MASH resolution without worsening of fibrosis, or fibrosis improvement without worsening of MASH. Secondary endpoints included non-invasive tests of fibrosis and weight loss measured at 24 and 48 weeks.

About Pemvidutide
Pemvidutide is a novel, investigational peptide with balanced 1:1 glucagon/GLP-1 dual receptor agonist activity, in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). The activation of glucagon receptors results in direct effects on the liver, including reductions in liver fat, inflammation and fibrosis, while GLP-1 receptors mediate metabolic effects such as appetite suppression and weight loss.

The FDA granted Fast Track designations to pemvidutide for the treatment of MASH and AUD, as well as Breakthrough Therapy Designation for MASH. In December 2025, the Company announced 48-week data from the IMPACT Phase 2b trial in MASH. The Phase 2 RECLAIM trial in AUD and RESTORE trial in ALD were initiated in May 2025 and July 2025, respectively, and are currently ongoing.

About Altimmune 
Altimmune is a late clinical-stage biopharmaceutical company developing therapies for patients with serious liver diseases. The Company’s lead candidate, pemvidutide, is a unique dual-action therapy targeting both glucagon and GLP-1 receptors in a balanced 1:1 ratio in development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD) and alcohol-associated liver disease (ALD). For more information, please visit www.altimmune.com.

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Forward-Looking Statements

Any statements made in this press release related to the development or commercialization of pemvidutide, an investigational product candidate, and other business, regulatory and financial matters including without limitation, clinical trial study design, status, correspondence, results and data, including related to the completed IMPACT trial, or the ongoing RECLAIM and RESTORE trials, the timing of key milestones for the Company’s clinical programs, future plans or expectations for pemvidutide for the treatment of MASH, AUD and ALD, the potential benefits of Fast Track and Breakthrough Therapy Designations, including potential regulatory timeline and approval benefits, the Company’s financial position, and the prospects for receiving regulatory approval or commercializing or selling any product or drug candidates, financial results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates; the Company's ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company's business, financial conditions and results of operations are contained in the Company's filings with the U.S. Securities and Exchange Commission, including under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K, quarterly report on Form 10-Q and the Company’s other filings with the SEC, which are available at www.sec.gov.

Investor Contact:
Luis Sanay, CFA
Vice President, Investor Relations
[email protected]

Media Contact:
Real Chemistry 
[email protected]

MarketBeat Week in Review – 11/4 - 11/8Altimmune NASDAQ: ALT said it has strengthened its balance sheet and is preparing to begin a global Phase 3 trial of pemvidutide in metabolic dysfunction-associated steatohepatitis, or MASH, in the second half of 2026, as the company reported first-quarter financial results and provided updates across its liver disease pipeline.

President and Chief Executive Officer Jerome Durso said the company has made progress since the start of the year in building its team, advancing pemvidutide and securing additional capital. In April, Altimmune completed an oversubscribed public offering that generated $225 million in gross proceeds. Together with existing funds, the company had approximately $535 million in cash as of April 30, which Durso said is expected to fund operations through the Phase 3 MASH 52-week data readout expected in 2029.

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How Altimmune Could Grab a Big Chunk of the GLP-1 Market“We’re entering a new phase for the company with the right team in place and a very strong balance sheet,” Durso said. “We’re now focused on execution and believe we’re well-positioned to successfully execute our strategy.”

Phase 3 MASH Trial Set to Begin in Second Half Altimmune’s lead program is pemvidutide, a balanced 1-to-1 glucagon and GLP-1 dual agonist being developed for MASH and other liver conditions. Durso said the company has finalized the protocol for its global Phase 3 MASH trial, called PERFORMA, and submitted it to the U.S. Food and Drug Administration as part of the standard process. He also said Altimmune completed the scientific advice process in Europe and that the final protocol is aligned with feedback from the European Medicines Agency.

This Small Cap Wealth Management Stock Could Provide Big ReturnsChief Medical Officer Dr. Christophe Arbet-Engels said startup activities for PERFORMA are progressing as planned, including work with a contract research organization, global vendors, laboratories and clinical supply chains. He said the company expects to begin screening and enrolling patients in the second half of the year.

Arbet-Engels said the company has alignment with both the FDA and EMA on the Phase 3 trial design. He described PERFORMA as an event-driven study, with a 52-week biopsy-based interim analysis intended to support accelerated approval. The company expects the 52-week data readout in 2029.

The Phase 3 program will evaluate 1.8 mg and 2.4 mg doses of pemvidutide. Arbet-Engels said the 1.8 mg dose is the company’s “anchor dose” based on Phase 2 data, while the 2.4 mg dose is being included because it showed additional weight loss in a prior obesity study and may offer added liver efficacy. He said the study is powered conservatively using the effect size observed with the 1.8 mg dose.

Company Highlights Tolerability and Weight Loss Profile Durso and other executives emphasized what they described as pemvidutide’s potentially differentiated profile in MASH, including tolerability, efficacy and “quality weight loss.” Durso said recent market research conducted by the company indicated that prescribing decisions in MASH may be influenced by a favorable tolerability profile that does not sacrifice efficacy, along with quality weight loss.

Chief Commercial Officer Linda M. Richardson said pemvidutide’s potential target product profile includes early metabolic benefits, improvements in inflammation and fibrosis, weight loss that may help preserve lean muscle mass, and a simple titration schedule. She said that in the Phase 2 IMPACT trial, both the 1.2 mg and 1.8 mg doses were efficacious and well-tolerated, with fewer adverse event-related discontinuations in the pemvidutide arms than in the placebo group.

Richardson contrasted pemvidutide’s planned titration approach with some GLP-1-based therapies, which she said have been associated with gastrointestinal side effects and discontinuations in clinical trials and real-world use. She said the Phase 3 design starts at an active 1.2 mg dose and escalates to either 1.8 mg or 2.4 mg after one or two four-week titration steps.

Richardson also said the company plans to evaluate lean muscle mass preservation in the Phase 3 MASH program, noting that MASH patients are often diagnosed in an age range where muscle loss becomes more clinically relevant.

Additional Pemvidutide Data Expected in 2026 Arbet-Engels said the 48-week results from the Phase 2 IMPACT trial will be presented orally by Dr. Mazen Noureddin at the EASL conference in Barcelona later this month. He said the abstract was selected as a “best of EASL” abstract. Altimmune also plans to present three posters at the conference covering cardiovascular risk factors, weight loss, noninvasive tests and qFibrosis.

During the question-and-answer session, Arbet-Engels said the EASL presentations will include additional qFibrosis evidence related to early anti-fibrotic effects at 24 weeks, as well as analyses related to weight loss, lipids and cardiovascular risk. He said qFibrosis is distinct from the AIM-MASH AI Assist tool that Altimmune plans to incorporate into the Phase 3 biopsy read process.

Arbet-Engels said Altimmune expects top-line data next quarter from the Phase 2 RECLAIM trial of pemvidutide in alcohol use disorder, or AUD. The study is evaluating the 2.4 mg dose in 100 subjects with moderate to severe AUD over 24 weeks. The primary endpoint is change from baseline in heavy drinking days, defined as five or more drinks for men and four or more drinks for women in a 24-hour period.

Key secondary endpoints include zero heavy drinking days, a two-level reduction in the World Health Organization risk drinking level, changes in alcohol consumption, and changes in body weight and BMI. The company is also measuring phosphatidylethanol, or PEth, as an exploratory blood-based biomarker of alcohol consumption.

Durso said that after the AUD data readout, Altimmune will assess the full data set and hold regulatory discussions before deciding whether to advance the indication. If the company sees value in moving forward, he said Altimmune would prefer to explore non-dilutive funding options for the program.

Altimmune is also studying pemvidutide in alcohol-associated liver disease, or ALD. The company now expects to complete enrollment in the RESTORE trial in the third quarter of 2026.

First-Quarter Financial Results Chief Financial Officer Greg Weaver said Altimmune reported $332 million in cash as of March 31 and $535 million on a pro forma basis as of April 30, after the public offering. He said this cash position is expected to provide operating runway through the Phase 3 MASH 52-week data readout.

Research and development expense: $16.2 million in the first quarter of 2026, compared with $15.8 million in the prior-year period. General and administrative expense: $8.1 million, compared with $6.0 million in the first quarter of 2025. Net loss: $22.6 million, or $0.18 per share, compared with a net loss of $19.6 million, or $0.26 per share, in the year-earlier quarter. Weaver said the increase in research and development spending was driven primarily by ongoing AUD and ALD trials, as well as startup costs for the Phase 3 MASH trial, partially offset by lower expenses tied to completion of the Phase 2 IMPACT trial. He said the increase in general and administrative expense was primarily due to severance costs and professional fees.

In closing remarks, Durso said Altimmune has made “significant progress” as it evolves into a late-stage company and remains focused on advancing pemvidutide and creating long-term shareholder value.

About Altimmune NASDAQ: ALTAltimmune, Inc is a clinical-stage biopharmaceutical company headquartered in Gaithersburg, Maryland, dedicated to the development of vaccines and immunotherapeutics. The company leverages proprietary technology platforms to create intranasal vaccine candidates and novel therapies targeting liver diseases and metabolic disorders. Altimmune's approach emphasizes the stimulation of both systemic and mucosal immune responses to address unmet medical needs in infectious and chronic conditions.

Among its lead programs, NasoVAX is an investigational intranasal influenza vaccine designed to provide broad, long-lasting protection through a single, non-invasive dose.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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