Track market-moving stories before they get noisy

Wintrust Financial (WTFC - Free Report) came out with quarterly earnings of $3.3 per share, beating the Zacks Consensus Estimate of $3.15 per share. This compares to earnings of $2.78 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this bank holding company would post earnings of $2.96 per share when it actually produced earnings of $3.22, delivering a surprise of +8.78%.

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

Wintrust, which belongs to the Zacks Banks - Midwest industry, posted revenues of $741.38 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.57%. This compares to year-ago revenues of $670.78 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Wintrust shares have added about 17.5% since the beginning of the year versus the S&P 500's gain of 8.9%.

What's Next for Wintrust?While Wintrust has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Wintrust was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.29 on $756.33 million in revenues for the coming quarter and $13.03 on $2.97 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Midwest is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, 1st Source (SRCE - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This holding company for 1st Source Bank is expected to post quarterly earnings of $1.71 per share in its upcoming report, which represents a year-over-year change of +13.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

1st Source's revenues are expected to be $115.2 million, up 6.4% from the year-ago quarter.

After soaring more than 400% over the past year to $299, Nebius Group (NBIS +2.70%) stock has finally pulled back, falling roughly 32% from its peak (as of writing).

For many investors, that naturally raises the question: Is this an opportunity to buy one of the market's fastest-growing artificial intelligence stocks?

While the decline has made the stock more attractive than it was just a few weeks ago, investors shouldn't rush to buy simply because the share price is lower. After all, stocks don't become bargains because they fall. They become bargains when the underlying business improves faster than investor expectations.

That's the question investors should be asking about Nebius today.

Image source: Getty Images.

The business may actually be stronger today Despite the recent correction, nothing much has changed about Nebius' business.

The company recently reported revenue growth of 684% year over year to $399 million, while its AI cloud business grew an even more impressive 841%. Annual recurring revenue (ARR) reached a run rate approaching $2 billion, and management still expects ARR to reach between $7 billion and $9 billion by the end of 2026.

Those numbers suggest demand for Nebius' AI cloud platform remains exceptionally strong.

The broader industry backdrop also continues to support the company's growth. As enterprises increasingly adopt artificial intelligence (AI), demand for graphics processing units (GPUs) and AI cloud infrastructure remains robust.

The beauty of Nebius's business model is that it isn't building AI models itself. Instead, it provides the computing infrastructure needed to train and run them. In many ways, the company is selling the picks and shovels behind the AI boom.

So, regardless of which model wins eventually, Nebius will own a share of the market.

Today's Change

(

2.70

%) $

4.80

Current Price

$

182.51

So why did the stock fall? If the business continues performing well, why has the stock price declined? The answer, while not straightforward, probably lies in changing expectations.

Following its extraordinary rally, Nebius's stock was priced for near-perfect execution. Investors weren't simply expecting strong growth -- they were expecting the company to become one of the biggest winners in AI infrastructure.

When expectations become that high, even excellent businesses can see their share prices fall. To put it into perspective, the stock still trades at a price-to-sales (P/S) ratio of 58 times despite its recent correction.

In other words, likely, the market wasn't disappointed by Nebius' results. Instead, investors became more selective about how much they were willing to pay for AI infrastructure stocks after months of extraordinary gains.

Besides, there are also legitimate risks. Nebius plans to invest aggressively to expand its AI cloud infrastructure, requiring enormous capital expenditures over the coming years. In the first quarter of 2026 alone, the company's capex was $2.5 billion. While that spending could strengthen its competitive position, it also increases execution risk if AI demand eventually slows or supply catches up.

What should investors do now? For long-term investors, the recent pullback certainly makes Nebius more interesting than it was a month ago. But it doesn't automatically make the stock a bargain.

One lesson investors should not forget is that an exceptional business and an exceptional investment are not always the same thing. Even great companies can produce disappointing returns if investors pay too high a price.

Instead of focusing on the recent share price decline, investors should watch to see whether Nebius continues to sign long-term customer contracts, expand annual recurring revenue, generate attractive returns on capital, and build competitive advantages beyond simply renting GPUs.

If investors have conviction that Nebius can deliver on those fronts and are willing to tolerate volatility down the road, the recent stock correction could be a starting point to buy shares. Even then, they don't need to rush to load up.

But for the average conservative investor, Nebius's stock remains extremely risky due to its high valuation.

In the latest close session, Advanced Micro Devices (AMD - Free Report) was up +1.58% at $503.57. The stock outperformed the S&P 500, which registered a daily loss of 0.19%. Elsewhere, the Dow lost 0.59%, while the tech-heavy Nasdaq lost 0.05%.

Heading into today, shares of the chipmaker had lost 7.74% over the past month, lagging the Computer and Technology sector's loss of 4.32% and the S&P 500's gain of 0.55%.

The upcoming earnings release of Advanced Micro Devices will be of great interest to investors. The company's earnings report is expected on August 4, 2026. The company is forecasted to report an EPS of $1.6, showcasing a 233.33% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $11.32 billion, indicating a 47.24% increase compared to the same quarter of the previous year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.3 per share and revenue of $49.29 billion. These totals would mark changes of +75.06% and +42.31%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Advanced Micro Devices. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 1.05% rise in the Zacks Consensus EPS estimate. Advanced Micro Devices is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, Advanced Micro Devices currently has a Forward P/E ratio of 67.95. This signifies a premium in comparison to the average Forward P/E of 22.7 for its industry.

We can also see that AMD currently has a PEG ratio of 1.23. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Computer - Integrated Systems was holding an average PEG ratio of 0.89 at yesterday's closing price.

The Computer - Integrated Systems industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 19, placing it within the top 8% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Eli Lilly (LLY - Free Report) ended the recent trading session at $1,146.90, demonstrating a -2.73% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.19%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 0.05%.

The stock of drugmaker has risen by 7.33% in the past month, leading the Medical sector's gain of 6.06% and the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Eli Lilly in its forthcoming earnings report. The company is scheduled to release its earnings on August 5, 2026. In that report, analysts expect Eli Lilly to post earnings of $7.47 per share. This would mark year-over-year growth of 18.38%. In the meantime, our current consensus estimate forecasts the revenue to be $20.26 billion, indicating a 30.24% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $34.55 per share and revenue of $85.78 billion. These totals would mark changes of +42.71% and +31.6%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Eli Lilly. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.52% lower. At present, Eli Lilly boasts a Zacks Rank of #3 (Hold).

From a valuation perspective, Eli Lilly is currently exchanging hands at a Forward P/E ratio of 34.13. This indicates a premium in contrast to its industry's Forward P/E of 16.49.

We can additionally observe that LLY currently boasts a PEG ratio of 1.48. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Large Cap Pharmaceuticals industry held an average PEG ratio of 2.65.

The Large Cap Pharmaceuticals industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 231, positioning it in the bottom 7% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Spotify (SPOT - Free Report) closed at $492.32 in the latest trading session, marking a +2.97% move from the prior day. This move outpaced the S&P 500's daily loss of 0.19%. Elsewhere, the Dow lost 0.59%, while the tech-heavy Nasdaq lost 0.05%.

Shares of the music-streaming service operator witnessed a gain of 2.15% over the previous month, beating the performance of the Computer and Technology sector with its loss of 4.32%, and the S&P 500's gain of 0.55%.

Investors will be eagerly watching for the performance of Spotify in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 4, 2026. In that report, analysts expect Spotify to post earnings of $3.28 per share. This would mark year-over-year growth of 783.33%. Alongside, our most recent consensus estimate is anticipating revenue of $5.58 billion, indicating a 17.27% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $14.51 per share and revenue of $22.62 billion. These totals would mark changes of +22.04% and +16.41%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Spotify. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.15% lower. Spotify is holding a Zacks Rank of #4 (Sell) right now.

Looking at its valuation, Spotify is holding a Forward P/E ratio of 32.95. This denotes a premium relative to the industry average Forward P/E of 20.12.

We can additionally observe that SPOT currently boasts a PEG ratio of 1.18. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 1.09.

The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 91, finds itself in the top 37% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SPOT in the coming trading sessions, be sure to utilize Zacks.com.

By PYMNTS  |  July 20, 2026

 | 

South Korea’s decision to fine American-owned eCommerce firm Coupang is straining relations between the two countries, Reuters reported Friday (July 20).

South Korea said the fine was imposed over a data leak, but American lawmakers said the move raises questions about whether the country is treating U.S. companies fairly, according to the report.

The fine of 625 billion won (about $422 million) followed Coupang’s November 2025 data leak, per the report.

The dispute over the fine has become serious enough that South Korea’s ambassador to the U.S. returned to Seoul to discuss it with officials in President Lee Jae Myung’s administration, the report said.

The ambassador, Kang Kyung-wha, told local media, per the report: “The issue is dragging on much longer than I expected.”

A lawmaker who is a member of South Korea’s ruling Democratic Party, Park Sun-won, said in the report that the fine imposed on Coupang was for the data leak and that the fine “would be the same for any company.”

A U.S. State Department spokesperson said in the report that South Korea “should not impose disproportionate burdens on U.S. companies.”

Coupang told Reuters that the company hopes to find a constructive resolution.

It was reported in November 2025 that Coupang is considered the “Amazon of South Korea” and that the data breach exposed personal information of the company’s entire customer base. The exposed data was limited to customers’ names, email addresses, phone numbers, shipping addresses and some order histories.

In December 2025, it was reported that an investor class action lawsuit filed in California alleged that Coupang violated securities laws after the data breach by misleading investors about its data security practices and failing to disclose the breach in a timely manner.

Coupang announced in December 2025 that the perpetrator of the data breach, a former Coupang employees, retained data from only 3,000 accounts, did not transfer the data to others, and later deleted the data when news outlets began reporting the incident.

Days later, on Dec. 29, Coupang issued an apology from the company’s interim CEO and said it would begin offering vouchers worth up to 55,000 won ($38) to each of the 33.7 million customers affected by the cybersecurity incident.

In January, it was reported that two Coupang investors called on the U.S. government to investigate South Korea’s handling of the incident and said the U.S. could also impose trade remedies in response to what they said was discriminatory treatment of Coupang.

When South Korea’s Personal Information Protection Commission levied the roughly $412 million fine on Coupang in June, it was reported that the fine was the largest ever imposed for a privacy violation in South Korea.

Louisiana-Pacific (LPX - Free Report) closed at $71.32 in the latest trading session, marking a -3.6% move from the prior day. This change lagged the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.

Prior to today's trading, shares of the home construction supplier had lost 4.62% lagged the Construction sector's loss of 4.61% and the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Louisiana-Pacific in its forthcoming earnings report. The company is scheduled to release its earnings on August 5, 2026. The company is predicted to post an EPS of $0.61, indicating a 38.38% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $683 million, down 9.54% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.93 per share and a revenue of $2.57 billion, representing changes of -27.17% and -5%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Louisiana-Pacific. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.5% lower. As of now, Louisiana-Pacific holds a Zacks Rank of #4 (Sell).

Investors should also note Louisiana-Pacific's current valuation metrics, including its Forward P/E ratio of 38.33. Its industry sports an average Forward P/E of 27.07, so one might conclude that Louisiana-Pacific is trading at a premium comparatively.

It's also important to note that LPX currently trades at a PEG ratio of 2.33. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Building Products - Wood industry was having an average PEG ratio of 1.51.

The Building Products - Wood industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 61, placing it within the top 25% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

, /PRNewswire/ -- The Board of Directors of American Electric Power (Nasdaq: AEP) has declared a regular quarterly cash dividend of 95 cents per share on the company's common stock. The dividend is payable Sept. 10, 2026, to shareholders of record as of Aug. 10, 2026. 

About AEP
American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

Website Disclosure
AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at https://www.aep.com/investors/.

SOURCE American Electric Power

ROSEMONT, Ill., July 20, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $461.1 million, or $6.52 per diluted common share, for the first six months of 2026 compared to net income of $384.6 million, or $5.47 per diluted common share, for the same period of 2025. This represents a year-to-date net income increase of 20% compared to the same period of 2025. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $671.6 million, compared to $566.3 million for the first six months of 2025.

The Company reported record quarterly net income of $233.7 million, or $3.30 per diluted common share, for the second quarter of 2026, compared to net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2026 totaled a record $341.1 million, as compared to $330.5 million for the first quarter of 2026.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased to deliver record results for the first six months of the year. Second quarter 2026 represents the sixth consecutive quarter of record net income for the Company. Strong diversified loan growth funded by robust organic deposit growth highlights the underlying strength of our business model. We continue to leverage our customer relationships and unique market positioning to grow the balance sheet and create long term franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.52% and we generated record net interest income attributable to strong average earning asset growth. Building on our momentum, we believe consistent balance sheet growth, coupled with a stable net interest margin, should result in net interest income expansion in future quarters.”

Highlights of the second quarter of 2026:
Comparative information to the first quarter of 2026, unless otherwise noted

Total loans increased by $1.6 billion, or 12% annualized.Total deposits increased by $2.2 billion, or 15% annualized.Total assets increased by $2.5 billion, or 14% annualized.Net interest income increased to $597.4 million in the second quarter of 2026, compared to $579.0 million in the first quarter of 2026, driven by robust average earning asset growth. Net interest margin decreased to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026 primarily due to lower loan yields. Non-interest expense was impacted by the following: A $5.2 million reversal of an FDIC special assessment accrued in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund. Provision for credit losses totaled $23.1 million in the second quarter of 2026, compared to a provision for credit losses of $29.6 million in the first quarter of 2026.Net charge-offs totaled $13.4 million, or 10 basis points of average total loans on an annualized basis, in the second quarter of 2026 down from $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026.Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026. “Looking ahead, our pipelines remain strong and we believe we are well-positioned to generate consistent balance sheet growth while maintaining our disciplined underwriting standards. We remain committed to growing net interest income and exercising prudent expense management, which position us to deliver positive operating leverage for 2026”, Mr. Crane said.

The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/da851221-c088-4baf-a1ec-e1a8c39faf8c

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $2.5 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $1.6 billion increase in total loans. The strong loan growth was diversified across all major loan categories, including seasonally higher growth in our Premium Finance Receivables - Property and Casualty portfolio.

Total liabilities increased by $2.4 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2026 was driven by our diverse customer base and product offerings. Non-interest bearing deposit balances represented 19% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.0%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the second quarter of 2026, net interest income totaled $597.4 million, compared to $579.0 million in the first quarter of 2026. The increase in net interest income in the second quarter of 2026 was driven by robust average earning asset growth of $2.1 billion.

Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026, down four basis points compared to the first quarter of 2026. The yield on earning assets declined four basis points during the second quarter of 2026 primarily due to a seven basis point decrease in loan yields. Funding cost on interest-bearing deposits remained unchanged compared to the first quarter of 2026. The net free funds contribution in the second quarter of 2026 was flat compared to the first quarter of 2026.

For more information regarding net interest income, see Table 4 through Table 8 in this report.

ASSET QUALITY

The allowance for credit losses totaled $481.2 million as of June 30, 2026, an increase from $471.6 million as of March 31, 2026. A provision for credit losses totaling $23.1 million was recorded for the second quarter of 2026 compared to $29.6 million recorded in the first quarter of 2026. The provision for credit losses recognized in the second quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, allowance results capture uncertainty related to credit spreads, equity market valuations, consumer & business sentiment, and the job market. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of June 30, 2026, March 31, 2026, and December 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $13.4 million in the second quarter of 2026, a decrease of $5.0 million compared to $18.4 million of net charge-offs in the first quarter of 2026. Net charge-offs as a percentage of average total loans were 10 basis points in the second quarter of 2026 on an annualized basis compared to 14 basis points on an annualized basis in the first quarter of 2026. For more information regarding net charge-offs, see Table 10 in this report.

The Company’s loan portfolio delinquency rates remain low. For more information regarding past due loans, see Table 13 in this report.

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $195.2 million and comprised 0.26% of total assets as of June 30, 2026, as compared to $200.2 million, or 0.28% of total assets, as of March 31, 2026. Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $141.3 million in the second quarter of 2026, compared to $134.1 million in the first quarter of 2026.

Wealth management revenue decreased by approximately $2.2 million in the second quarter of 2026, compared to the first quarter of 2026. The decrease in the second quarter of 2026 was primarily driven by performance based revenues on certain customer relationships which positively impacted results in the first quarter of 2026. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $27.4 million in the second quarter of 2026, compared to $23.4 million in the first quarter of 2026. The increase in the second quarter of 2026 was primarily attributed to higher operational revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $1.8 million in net gains on investment securities in the second quarter of 2026 compared to approximately $31,000 in net losses in the first quarter of 2026. The net gains in the second quarter of 2026 were primarily the result of fair value adjustments on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 15 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $397.5 million in the second quarter of 2026, increasing $14.9 million, compared to $382.6 million in the first quarter of 2026. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the second quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.6 million in the second quarter of 2026, compared to the first quarter of 2026. This was primarily driven by higher commissions and incentives expense attributable to an increase in mortgage originations and a full quarter impact of the annual merit increases reflected in base salaries.

Advertising and marketing expense in the second quarter of 2026 totaled $20.4 million, which was a $7.2 million increase as compared to the first quarter of 2026. The increase in the second quarter was primarily driven by summer sports sponsorships and other community sponsorship events. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

FDIC insurance totaled $6.6 million in the second quarter of 2026, a $4.4 million decrease from the first quarter of 2026. This was primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.

For more information regarding non-interest expense, see Table 17 in this report.

INCOME TAXES

The Company recorded income tax expense of $84.3 million in the second quarter of 2026 compared to $73.6 million in the first quarter of 2026. The effective tax rates were 26.5% in the second quarter of 2026 compared to 24.4% in the first quarter of 2026. The effective tax rates were impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $140,000 in the second quarter of 2026, compared to net excess tax benefits of $6.6 million in the first quarter of 2026 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the second quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $27.4 million for the second quarter of 2026, an increase of $4.0 million compared to the first quarter of 2026. See Table 16 for more detail. Service charges on deposit accounts totaled $21.2 million in the second quarter of 2026 as compared to $21.0 million in the first quarter of 2026. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2026 indicating momentum for expected continued loan growth in the third quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were approximately $5.8 billion during the second quarter of 2026. Average balances increased by $361.6 million, as compared to the first quarter of 2026. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.1 billion, $1.2 billion, and $363.7 million as of June 30, 2026, respectively, compared to $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2026, which was relatively stable compared to the first quarter of 2026.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $39.9 million in the second quarter of 2026, a decrease as compared to the first quarter of 2026. At June 30, 2026, the Company’s wealth management subsidiaries had approximately $49.7 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the second quarter of 2026, as compared to the first quarter of 2026 (sequential quarter) and second quarter of 2025 (linked quarter), are shown in the table below:

      % or(1)
basis point 
(bp) change
from
1st Quarter
2026% or
basis point 
(bp) change
from
2nd Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Jun 30, 2026 Mar 31, 2026 Jun 30, 2025Net income$233,693  $227,388  $195,527 3 %20 %Pre-tax income, excluding provision for credit losses (non-GAAP)(2) 341,098   330,534   289,322 3  18  Net income per common share – Diluted 3.30   3.22   2.78 2  19  Cash dividends declared per common share 0.55   0.55   0.50 —  10  Net revenue(3) 738,635   713,166   670,783 4  10  Net interest income 597,366   579,024   546,694 3  9  Net interest margin 3.50%  3.54%  3.52%(4)bps(2)bpsNet interest margin – fully taxable-equivalent (non-GAAP)(2) 3.52   3.56   3.54 (4) (2) Net overhead ratio(4) 1.42   1.44   1.57 (2) (15) Return on average assets 1.30   1.32   1.19 (2) 11  Return on average common equity 12.82   12.76   12.07 6  75  Return on average tangible common equity (non-GAAP)(2) 14.91   14.89   14.44 2  47  At end of period         Total assets$74,668,135  $72,157,433  $68,983,318 14 %8 %Total loans(5) 55,654,947   54,071,292   51,041,679 12  9  Total deposits 61,141,275   58,914,382   55,816,811 15  10  Total shareholders’ equity 7,525,116   7,378,100   7,225,696 8  4   (1) Period-end balance sheet percentage changes are annualized.
(2) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3) Net revenue is net interest income plus non-interest income.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Excludes mortgage loans held-for-sale.

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

  Three Months EndedSix Months Ended(Dollars in thousands, except per share data) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Selected Financial Condition Data (at end of period):   Total assets $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318    Total loans(1)  55,654,947   54,071,292   53,105,101   52,063,482   51,041,679    Total deposits  61,141,275   58,914,382   57,717,191   56,711,381   55,816,811    Total shareholders’ equity  7,525,116   7,378,100   7,258,715   7,045,757   7,225,696    Selected Statements of Income Data:             Net interest income $597,366  $579,024  $583,874  $567,010  $546,694 $1,176,390  $1,073,168 Net revenue(2)  738,635   713,166   714,264   697,837   670,783  1,451,801   1,313,891 Net income  233,693   227,388   223,024   216,254   195,527  461,081   384,566 Pre-tax income, excluding provision for credit losses (non-GAAP)(3)  341,098   330,534   329,811   317,809   289,322  671,632   566,340 Net income per common share – Basic  3.34   3.26   3.21   2.82   2.82  6.60   5.55 Net income per common share – Diluted  3.30   3.22   3.15   2.78   2.78  6.52   5.47 Cash dividends declared per common share  0.55   0.55   0.50   0.50   0.50  1.10   1.00 Selected Financial Ratios and Other Data:             Performance Ratios:             Net interest margin  3.50%  3.54%  3.52%  3.48%  3.52% 3.52%  3.53%Net interest margin – fully taxable-equivalent (non-GAAP)(3)  3.52   3.56   3.54   3.50   3.54  3.54   3.55 Non-interest income to average assets  0.79   0.78   0.74   0.76   0.76  0.78   0.75 Non-interest expense to average assets  2.21   2.21   2.19   2.21   2.32  2.21   2.32 Net overhead ratio(4)  1.42   1.44   1.45   1.45   1.57  1.43   1.57 Return on average assets  1.30   1.32   1.27   1.26   1.19  1.31   1.19 Return on average common equity  12.82   12.76   12.63   11.58   12.07  12.79   12.14 Return on average tangible common equity (non-GAAP)(3)  14.91   14.89   14.83   13.74   14.44  14.90   14.57 Average total assets $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345 $71,131,148  $64,978,481 Average total shareholders’ equity  7,474,449   7,387,713   7,166,608   6,955,543   6,862,040  7,431,321   6,662,598 Average loans to average deposits ratio  92.6%  93.1%  92.4%  92.5%  93.0% 92.8%  92.7%Period-end loans to deposits ratio  91.0   91.8   92.0   91.8   91.4    Common Share Data at end of period:             Market price per common share $160.72  $138.94  $139.82  $132.44  $123.98    Book value per common share  105.26   103.10   102.03   98.87   95.43    Tangible book value per common share (non-GAAP)(3)  92.13   89.90   88.66   85.39   81.86    Common shares outstanding  67,455,414   67,437,300   66,974,913   66,961,209   66,937,732    Other Data at end of period:             Common equity to assets ratio  9.5%  9.6%  9.6%  9.5%  9.3%   Tangible common equity ratio (non-GAAP)(3)  8.4   8.5   8.5   8.3   8.0    Tier 1 leverage ratio(5)  9.8   9.8   9.6   9.5   10.2    Risk-based capital ratios:             Tier 1 capital ratio(5)  11.1   11.1   11.0   10.9   11.5    Common equity tier 1 capital ratio(5)  10.4   10.4   10.3   10.2   10.0    Total capital ratio(5)  12.4   12.6   12.4   12.4   13.0    Allowance for credit losses(6) $481,189  $471,591  $460,465  $454,586  $457,461    Allowance for loan and unfunded lending-related commitment losses to total loans  0.86%  0.87%  0.87%  0.87%  0.90%   Number of:             Bank subsidiaries  16   16   16   16   16    Banking offices  210   209   209   208   208     (1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) SeeTable 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Capital ratios for current quarter-end are estimated.
(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

  (Unaudited) (Unaudited)   (Unaudited) (Unaudited)  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Assets          Cash and due from banks $595,790  $543,654  $467,874  $565,406  $695,501 Federal funds sold and securities purchased under resale agreements  65   65   64   63   63 Interest-bearing deposits with banks  3,573,915   3,051,665   3,180,553   3,422,452   4,569,618 Available-for-sale securities, at fair value  7,587,545   7,244,282   6,236,263   5,274,124   4,885,715 Held-to-maturity securities, at amortized cost  3,196,452   3,270,207   3,343,905   3,438,406   3,502,186 Equity securities with readily determinable fair value  65,815   63,786   63,770   63,445   273,722 Federal Home Loan Bank and Federal Reserve Bank stock  294,629   292,044   291,881   282,755   282,087 Mortgage loans held-for-sale, at fair value  407,495   383,405   340,745   333,883   299,606 Loans, net of unearned income  55,654,947   54,071,292   53,105,101   52,063,482   51,041,679 Allowance for loan losses  (402,952)  (390,651)  (379,283)  (386,622)  (391,654)Net loans  55,251,995   53,680,641   52,725,818   51,676,860   50,650,025 Premises, software and equipment, net  778,958   777,603   781,611   775,425   776,324 Lease investments, net  363,664   362,766   360,646   301,000   289,768 Accrued interest receivable and other assets  1,666,474   1,596,617   1,617,682   1,614,674   1,610,025 Receivable on unsettled securities sales  —   —   835,275   978,209   240,039 Goodwill  797,219   797,658   797,960   797,639   798,144 Other acquisition-related intangible assets  88,119   93,040   97,999   105,297   110,495 Total assets $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $11,796,736  $12,112,891  $11,423,701  $10,952,146  $10,877,166 Interest-bearing  49,344,539   46,801,491   46,293,490   45,759,235   44,939,645 Total deposits  61,141,275   58,914,382   57,717,191   56,711,381   55,816,811 Federal Home Loan Bank advances  3,450,680   3,451,309   3,451,309   3,151,309   3,151,309 Other borrowings  370,736   340,647   477,966   579,328   625,392 Subordinated notes  298,820   298,717   298,636   298,536   298,458 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Payable on unsettled securities purchases  —   —   —   —   39,105 Accrued interest payable and other liabilities  1,627,942   1,520,712   1,684,663   1,589,761   1,572,981 Total liabilities  67,143,019   64,779,333   63,883,331   62,583,881   61,757,622 Shareholders’ Equity:          Preferred stock  425,000   425,000   425,000   425,000   837,500 Common stock  67,581   67,563   67,062   67,042   67,025 Surplus  2,560,427   2,546,754   2,534,024   2,521,306   2,495,637 Treasury stock  (14,882)  (13,970)  (9,156)  (9,150)  (9,156)Retained earnings  4,907,788   4,719,561   4,537,539   4,356,367   4,200,923 Accumulated other comprehensive loss  (420,798)  (366,808)  (295,754)  (314,808)  (366,233)Total shareholders’ equity  7,525,116   7,378,100   7,258,715   7,045,757   7,225,696 Total liabilities and shareholders’ equity $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318                       WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months EndedSix Months Ended(Dollars in thousands, except per share data)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Interest income            Interest and fees on loans$822,981 $797,889  $822,494  $832,140 $797,997$1,620,870 $1,566,359Mortgage loans held-for-sale 6,169  4,615   5,607   4,757  4,872 10,784  9,118Interest-bearing deposits with banks 20,916  19,150   27,190   34,992  34,317 40,066  71,083Federal funds sold and securities purchased under resale agreements 5  64   77   75  276 69  455Investment securities 105,716  100,278   95,461   86,426  78,053 205,994  150,069Trading account securities —  —   —   —  — —  11Federal Home Loan Bank and Federal Reserve Bank stock 5,625  5,564   5,497   5,444  5,393 11,189  10,700Brokerage customer receivables —  —   —   —  — —  78Total interest income 961,412  927,560   956,326   963,834  920,908 1,888,972  1,807,873Interest expense            Interest on deposits 325,033  309,187   332,178   355,846  333,470 634,220  653,703Interest on Federal Home Loan Bank advances 28,218  27,701   26,408   26,007  25,724 55,919  51,165Interest on other borrowings 3,121  4,026   5,956   6,887  6,957 7,147  13,749Interest on subordinated notes 3,739  3,719   3,737   3,717  3,735 7,458  7,449Interest on junior subordinated debentures 3,935  3,903   4,173   4,367  4,328 7,838  8,639Total interest expense 364,046  348,536   372,452   396,824  374,214 712,582  734,705Net interest income 597,366  579,024   583,874   567,010  546,694 1,176,390  1,073,168Provision for credit losses 23,134  29,594   27,588   21,768  22,234 52,728  46,197Net interest income after provision for credit losses 574,232  549,430   556,286   545,242  524,460 1,123,662  1,026,971Non-interest income            Wealth management 39,883  42,059   39,365   37,188  36,821 81,942  70,863Mortgage banking 27,438  23,396   22,625   24,451  23,170 50,834  43,699Service charges on deposit accounts 21,240  20,970   20,402   19,825  19,502 42,210  38,864Gains (losses) on investment securities, net 1,845  (31)  1,505   2,972  650 1,814  3,846Fees from covered call options 4,793  4,669   5,992   5,619  5,624 9,462  9,070Trading gains (losses), net 70  10   (257)  172  151 80  87Operating lease income, net 18,804  19,154   16,365   15,466  15,166 37,958  30,453Other 27,196  23,915   24,393   25,134  23,005 51,111  43,841Total non-interest income 141,269  134,142   130,390   130,827  124,089 275,411  240,723Non-interest expense            Salaries and employee benefits 234,089  228,447   222,557   219,668  219,541 462,536  431,067Software and equipment 39,288  35,654   36,096   35,027  36,522 74,942  71,239Operating lease equipment 11,187  10,987   11,034   10,409  10,757 22,174  21,228Occupancy, net 21,153  20,566   20,105   20,809  20,228 41,719  41,006Data processing 10,659  11,266   11,809   11,329  12,110 21,925  23,384Advertising and marketing 20,432  13,218   13,792   19,027  18,761 33,650  31,033Professional fees 9,342  7,375   8,280   7,465  9,243 16,717  18,287Amortization of other acquisition-related intangible assets 4,921  4,958   4,999   5,196  5,580 9,879  11,198FDIC insurance 6,640  10,990   10,562   11,418  10,971 17,630  21,897Other real estate owned (“OREO”) expenses, net 786  207   2,162   262  505 993  1,148Other 39,040  38,964   43,057   39,418  37,243 78,004  76,064Total non-interest expense 397,537  382,632   384,453   380,028  381,461 780,169  747,551Income before taxes 317,964  300,940   302,223   296,041  267,088 618,904  520,143Income tax expense 84,271  73,552   79,199   79,787  71,561 157,823  135,577Net income$233,693 $227,388  $223,024  $216,254 $195,527$461,081 $384,566Preferred stock dividends 8,367  8,367   8,367   13,295  6,991 16,734  13,982Preferred stock redemption —  —   —   14,046  — —  —Net income applicable to common shares$225,326 $219,021  $214,657  $188,913 $188,536$444,347 $370,584Net income per common share - Basic$3.34 $3.26  $3.21  $2.82 $2.82$6.60 $5.55Net income per common share - Diluted$3.30 $3.22  $3.15  $2.78 $2.78$6.52 $5.47Cash dividends declared per common share$0.55 $0.55  $0.50  $0.50 $0.50$1.10 $1.00Weighted average common shares outstanding 67,434  67,246   66,970   66,952  66,931 67,341  66,829Dilutive potential common shares 852  851   1,143   1,028  888 852  903Average common shares and dilutive common shares 68,286  68,097   68,113   67,980  67,819 68,193  67,732                       TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

          % Growth From(1)(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Mar 31,
2026(2)Jun 30,
2025Balance:           Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$265,203 $249,350 $217,136 $211,360 $192,63326%38%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 142,292  134,055  123,609  122,523  106,97325 33 Total mortgage loans held-for-sale$407,495 $383,405 $340,745 $333,883 $299,60625%36%            Core loans:           Commercial           Commercial and industrial$7,802,625 $7,620,239 $7,267,505 $7,135,083 $7,028,24710%11%Asset-based lending 1,628,319  1,558,089  1,512,888  1,588,522  1,663,69318 (2)Municipal 866,012  839,633  868,958  804,986  771,78513 12 Leases 3,114,901  3,002,014  2,921,366  2,834,563  2,757,33115 13 Commercial real estate           Residential construction 52,590  53,097  54,753  60,923  59,027(4)(11)Commercial construction 2,294,566  1,959,375  2,013,244  2,273,545  2,165,26369 6 Land 308,509  311,470  341,585  323,685  304,827(4)1 Office 1,607,275  1,652,482  1,688,614  1,578,208  1,601,208(11)— Industrial 3,405,641  3,323,977  3,167,768  2,912,547  2,824,88910 21 Retail 1,475,949  1,469,658  1,436,252  1,478,861  1,452,3512 2 Multi-family 3,299,607  3,565,419  3,445,507  3,306,597  3,200,578(30)3 Mixed use and other 1,826,470  1,826,808  1,793,013  1,684,841  1,683,867(0)8 Home equity 491,782  471,264  480,525  484,202  466,81517 5 Residential real estate           Residential real estate loans for investment 4,411,357  4,319,941  4,171,439  4,019,046  3,814,7158 16 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 76,334  83,036  84,706  75,088  80,800(32)(6)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 55,001  62,189  61,087  49,736  53,267(46)3 Total core loans$32,716,938 $32,118,691 $31,309,210 $30,610,433 $29,928,6637%9%            Niche loans:           Commercial           Franchise$1,300,935 $1,293,639 $1,298,493 $1,298,140 $1,286,2652%1%Mortgage warehouse lines of credit 1,897,762  1,800,972  1,515,003  1,204,661  1,232,53022 54 Community Advantage - homeowners association 516,782  526,274  532,027  537,696  526,595(7)(2)Insurance agency lending 1,153,975  1,122,361  1,128,446  1,140,691  1,120,98511 3 Premium Finance receivables           U.S. property & casualty insurance 7,744,361  7,127,234  7,308,054  7,502,901  7,378,34035 5 Canada property & casualty insurance 867,662  763,097  875,362  863,391  944,83655 (8)Life insurance 9,312,521  9,196,382  9,023,642  8,758,553  8,506,9605 9 Consumer and other 144,011  122,642  114,864  147,016  116,50570 24 Total niche loans$22,938,009 $21,952,601 $21,795,891 $21,453,049 $21,113,01618%9%            Total loans, net of unearned income$55,654,947 $54,071,292 $53,105,101 $52,063,482 $51,041,67912%9% (1) NM - Not Meaningful.
(2) Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

          % Growth From(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Mar 31,
2026(1) Jun 30,
2025Balance:            Non-interest-bearing$11,796,736  $12,112,891  $11,423,701  $10,952,146  $10,877,166 (10)% 8%NOW and interest-bearing demand deposits 6,742,269   5,987,258   6,233,753   6,710,919   6,795,725 51  (1)Wealth management deposits(2) 1,349,949   1,670,620   1,907,647   1,600,735   1,595,764 (77) (15)Money market 23,083,225   21,714,267   21,368,924   20,270,382   19,556,041 25  18 Savings 6,597,516   6,942,565   6,905,216   6,758,743   6,659,419 (20) (1)Time certificates of deposit 11,571,580   10,486,781   9,877,950   10,418,456   10,332,696 41  12 Total deposits$61,141,275  $58,914,382  $57,717,191  $56,711,381  $55,816,811 15% 10%Mix:            Non-interest-bearing 19%  20%  20%  19%  19%   NOW and interest-bearing demand deposits 11   10   11   12   12    Wealth management deposits(2) 2   3   3   3   3    Money market 38   37   37   36   35    Savings 11   12   12   12   12    Time certificates of deposit 19   18   17   18   19    Total deposits 100%  100%  100%  100%  100%    (1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of June 30, 2026

(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit1-3 months $5,548,778 3.57%4-6 months  3,389,412 3.49 7-9 months  1,458,932 3.43 10-12 months  604,775 3.38 13-18 months  413,060 3.50 19-24 months  72,439 2.84 24+ months  84,184 2.61 Total $11,571,580 3.51%        TABLE 4: QUARTERLY AVERAGE BALANCES

  Average Balance for three months ended,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) $2,412,081  $2,247,083  $2,842,829  $3,276,683  $3,308,199 Investment securities(2)  10,832,538   10,616,617   10,084,138   9,377,930   8,801,560 FHLB and FRB stock(3)  292,325   291,972   284,643   282,338   282,001 Liquidity management assets(4) $13,536,944  $13,155,672  $13,211,610  $12,936,951  $12,391,760 Mortgage loans held-for-sale  402,175   317,047   357,672   295,365   310,534 Loans, net of unearned income(4) (5)  54,491,469   52,845,685   52,193,637   51,403,566   49,517,635 Total earning assets(4) $68,430,588  $66,318,404  $65,762,919  $64,635,882  $62,219,929 Allowance for loan and investment security losses  (405,743)  (391,810)  (404,075)  (410,681)  (398,685)Cash and due from banks  519,586   534,189   517,616   495,292   478,707 Other assets  3,617,292   3,628,340   3,615,808   3,582,543   3,540,394 Total assets $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345            NOW and interest-bearing demand deposits $6,453,420  $6,081,218  $6,133,333  $6,687,292  $6,423,050 Wealth management deposits  1,485,347   1,858,560   1,925,808   1,604,142   1,552,989 Money market accounts  22,000,942   21,156,125   20,475,659   19,431,021   18,184,754 Savings accounts  6,707,916   6,921,251   6,814,263   6,723,325   6,578,698 Time deposits  10,938,312   9,782,112   10,045,136   10,319,719   9,841,702 Interest-bearing deposits $47,585,937  $45,799,266  $45,394,199  $44,765,499  $42,581,193 FHLB advances(3)  3,450,773   3,451,312   3,203,483   3,151,310   3,151,310 Other borrowings  358,511   442,200   547,507   614,892   593,657 Subordinated notes  298,757   298,661   298,576   298,481   298,398 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $51,947,544  $50,245,005  $49,697,331  $49,083,748  $46,878,124 Non-interest-bearing deposits  11,273,344   10,963,887   11,080,254   10,791,709   10,643,798 Other liabilities  1,466,386   1,492,518   1,548,075   1,472,036   1,456,383 Equity  7,474,449   7,387,713   7,166,608   6,955,543   6,862,040 Total liabilities and shareholders’ equity $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345            Net free funds/contribution(6) $16,483,044  $16,073,399  $16,065,588  $15,552,134  $15,341,805  (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5) Loans, net of unearned income, include non-accrual loans.
(6) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 5: QUARTERLY NET INTEREST INCOME

  Net Interest Income for three months ended,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $20,921  $19,214  $27,267  $35,067  $34,593 Investment securities  106,346   100,864   96,122   87,101   78,733 FHLB and FRB stock(1)  5,625   5,564   5,497   5,444   5,393 Liquidity management assets(2) $132,892  $125,642  $128,886  $127,612  $118,719 Mortgage loans held-for-sale  6,169   4,615   5,607   4,757   4,872 Loans, net of unearned income(2)  825,092   799,915   824,628   834,294   800,197 Total interest income $964,153  $930,172  $959,121  $966,663  $923,788            Interest expense:          NOW and interest-bearing demand deposits $32,318  $29,666  $31,681  $40,448  $37,517 Wealth management deposits  6,823   8,941   10,011   8,415   8,182 Money market accounts  165,035   155,299   163,585   169,831   155,890 Savings accounts  25,729   30,672   34,371   38,844   37,637 Time deposits  95,128   84,609   92,530   98,308   94,244 Interest-bearing deposits $325,033  $309,187  $332,178  $355,846  $333,470 FHLB advances(1)  28,218   27,701   26,408   26,007   25,724 Other borrowings  3,121   4,026   5,956   6,887   6,957 Subordinated notes  3,739   3,719   3,737   3,717   3,735 Junior subordinated debentures  3,935   3,903   4,173   4,367   4,328 Total interest expense $364,046  $348,536  $372,452  $396,824  $374,214            Less: Fully taxable-equivalent adjustment  (2,741)  (2,612)  (2,795)  (2,829)  (2,880)Net interest income (GAAP)(3)  597,366   579,024   583,874   567,010   546,694 Fully taxable-equivalent adjustment  2,741   2,612   2,795   2,829   2,880 Net interest income, fully taxable-equivalent (non-GAAP)(3) $600,107  $581,636  $586,669  $569,839  $549,574  (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(3) SeeTable 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

  Net Interest Margin for three months ended,  Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.48% 3.47% 3.81% 4.25% 4.19%Investment securities 3.94  3.85  3.78  3.68  3.59 FHLB and FRB stock(1) 7.72  7.73  7.66  7.65  7.67 Liquidity management assets 3.94% 3.87% 3.87% 3.91% 3.84%Mortgage loans held-for-sale 6.15  5.90  6.22  6.39  6.29 Loans, net of unearned income 6.07  6.14  6.27  6.44  6.48 Total earning assets 5.65% 5.69% 5.79% 5.93% 5.96%           Rate paid on:          NOW and interest-bearing demand deposits 2.01% 1.98% 2.05% 2.40% 2.34%Wealth management deposits 1.84  1.95  2.06  2.08  2.11 Money market accounts 3.01  2.98  3.17  3.47  3.44 Savings accounts 1.54  1.80  2.00  2.29  2.29 Time deposits 3.49  3.51  3.65  3.78  3.84 Interest-bearing deposits 2.74% 2.74% 2.90% 3.15% 3.14%FHLB advances 3.28  3.26  3.27  3.27  3.27 Other borrowings 3.49  3.69  4.32  4.44  4.70 Subordinated notes 5.02  5.05  4.97  4.94  5.02 Junior subordinated debentures 6.22  6.24  6.53  6.83  6.85 Total interest-bearing liabilities 2.81% 2.81% 2.97% 3.21% 3.20%           Interest rate spread(2) (3) 2.84% 2.88% 2.82% 2.72% 2.76%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution(4) 0.68  0.68  0.72  0.78  0.78 Net interest margin (GAAP)(3) 3.50% 3.54% 3.52% 3.48% 3.52%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP)(3) 3.52% 3.56% 3.54% 3.50% 3.54% (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(3) SeeTable 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN

 Average Balance
for six months ended,Interest
for six months ended,Yield/Rate
for six months ended,(Dollars in thousands)Jun 30,
2026 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1)$2,330,038  $3,413,538 $40,135  $71,538 3.47% 4.23%Investment securities(2) 10,725,174   8,606,730  207,210   151,439 3.90  3.55 FHLB and FRB stock(3) 292,149   281,853  11,189   10,700 7.72  7.66 Liquidity management assets(4) (5)$13,347,361  $12,302,121 $258,534  $233,677 3.91% 3.83%Other earning assets(4) (5) (6) —   6,533  —   92 —  2.84 Mortgage loans held-for-sale 359,846   298,688  10,784   9,118 6.04  6.16 Loans, net of unearned income(4) (5) (7) 53,673,123   48,680,160  1,625,007   1,570,765 6.11  6.51 Total earning assets(5)$67,380,330  $61,287,502 $1,894,325  $1,813,652 5.67% 5.97%Allowance for loan and investment security losses (398,815)  (387,092)      Cash and due from banks 526,847   477,571       Other assets 3,622,786   3,600,500       Total assets$71,131,148  $64,978,481                 NOW and interest-bearing demand deposits$6,268,347  $6,235,661 $61,985  $71,117 1.99% 2.30%Wealth management deposits 1,670,923   1,563,675  15,764   16,788 1.90  2.17 Money market accounts 21,580,867   17,884,615  320,334   302,264 2.99  3.41 Savings accounts 6,813,994   6,529,345  56,401   73,560 1.67  2.27 Time deposits 10,363,406   9,625,117  179,736   189,974 3.50  3.98 Interest-bearing deposits$46,697,537  $41,838,413 $634,220  $653,703 2.74% 3.15%FHLB advances(3) 3,451,041   3,151,310  55,919   51,165 3.27  3.27 Other borrowings 400,124   587,930  7,147   13,749 3.60  4.72 Subordinated notes 298,709   298,353  7,458   7,449 5.04  5.04 Junior subordinated debentures 253,566   253,566  7,838   8,639 6.23  6.87 Total interest-bearing liabilities$51,100,977  $46,129,572 $712,582  $734,705 2.81% 3.21%Non-interest-bearing deposits 11,119,470   10,687,733       Other liabilities 1,479,380   1,498,578       Equity 7,431,321   6,662,598       Total liabilities and shareholders’ equity$71,131,148  $64,978,481       Interest rate spread(5) (8)      2.86% 2.76%Less: Fully taxable-equivalent adjustment    (5,353)  (5,779)(0.02) (0.02)Net free funds/contribution(9)$16,279,353  $15,157,930    0.68  0.79 Net interest income/margin (GAAP)(5)   $1,176,390  $1,073,168 3.52% 3.53%Fully taxable-equivalent adjustment    5,353   5,779 0.02  0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP)(5)   $1,181,743  $1,078,947 3.54% 3.55% (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(5) SeeTable 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(6) Other earning assets include brokerage customer receivables and trading account securities.
(7) Loans, net of unearned income, include non-accrual loans.
(8) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(9) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

TABLE 8: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario +200 Basis
Points +100 Basis
Points -100 Basis
Points -200 Basis
PointsJun 30, 2026 (2.4)% (1.1)% (0.1)% (0.1)%Mar 31, 2026 (0.8) (0.1) (1.0) (1.9)Dec 31, 2025 (1.6) (0.5) (0.5) (0.8)Sep 30, 2025 (2.3) (0.8) 0.0  (0.4)Jun 30, 2025 (1.5) (0.4) (0.2) (1.2) Ramp Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsJun 30, 2026 (0.2)% (0.1)% (0.2)% (0.4)%Mar 31, 2026 (0.1) 0.0  (0.1) (0.3)Dec 31, 2025 (0.0) 0.1  (0.1) (0.2)Sep 30, 2025 (0.2) (0.1) 0.1  (0.1)Jun 30, 2025 0.0  0.0  (0.1) (0.4)              As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

 Loans repricing or contractual maturity periodAs of June 30, 2026One year or
less
 From one to
five years
 From five to
fifteen years
 After fifteen
years
 Total
(In thousands)    Commercial         Fixed rate$615,590  $4,170,452 $2,191,702 $53,448 $7,031,192Variable rate 11,248,473   1,646  —  —  11,250,119Total commercial$11,864,063  $4,172,098 $2,191,702 $53,448 $18,281,311Commercial real estate         Fixed rate$930,512  $2,655,051 $341,069 $70,710 $3,997,342Variable rate 10,262,509   10,692  64  —  10,273,265Total commercial real estate$11,193,021  $2,665,743 $341,133 $70,710 $14,270,607Home equity         Fixed rate$8,900  $982 $29 $6 $9,917Variable rate 481,865   —  —  —  481,865Total home equity$490,765  $982 $29 $6 $491,782Residential real estate         Fixed rate$18,332  $7,134 $63,647 $1,042,536 $1,131,649Variable rate 133,698   822,226  2,455,119  —  3,411,043Total residential real estate$152,030  $829,360 $2,518,766 $1,042,536 $4,542,692Premium finance receivables - property & casualty         Fixed rate$8,456,306  $155,717 $— $— $8,612,023Variable rate —   —  —  —  —Total premium finance receivables - property & casualty$8,456,306  $155,717 $— $— $8,612,023Premium finance receivables - life insurance         Fixed rate$22,418  $82,894 $— $— $105,312Variable rate 9,207,209   —  —  —  9,207,209Total premium finance receivables - life insurance$9,229,627  $82,894 $— $— $9,312,521Consumer and other         Fixed rate$47,737  $7,565 $1,185 $838 $57,325Variable rate 86,686   —  —  —  86,686Total consumer and other$134,423  $7,565 $1,185 $838 $144,011          Total per category         Fixed rate$10,099,795  $7,079,795 $2,597,632 $1,167,538 $20,944,760Variable rate 31,420,440   834,564  2,455,183  —  34,710,187Total loans, net of unearned income$41,520,235  $7,914,359 $5,052,815 $1,167,538 $55,654,947Less: Existing cash flow hedging derivatives(1) (6,900,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$34,620,235                   Variable Rate Loan Pricing by Index:         SOFR tenors(2)        $22,627,41212- month CMT(3)         8,176,185Prime         3,125,303Fed Funds         546,049Other U.S. Treasury tenors         130,340Other         104,898Total variable rate        $34,710,187 (1) Excludes cash flow hedges with future effective starting dates and those that have matured as of June 30, 2026. The $6.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of June 30, 2026.
(2) SOFR - Secured Overnight Financing Rate.
(3) CMT - Constant Maturity Treasury Rate.

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/3c540cd1-ff96-4980-bba0-73e86ea12545

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $20.0 billion tied to one-month SOFR and $8.2 billion tied to twelve-month CMT. The above chart shows:

  Basis Point (bp) Change in  1-month
SOFR 12- month
CMT Prime Second Quarter 2026 (1)bps30 bps— bpsFirst Quarter 2026 (3) 20  —  Fourth Quarter 2025 (44) (20) (50) Third Quarter 2025 (19) (28) (25) Second Quarter 2025 —  (7) —              TABLE 10: ALLOWANCE FOR CREDIT LOSSES

  Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars in thousands)  2026   2026   2025   2025   2025  2026   2025 Allowance for credit losses at beginning of period $471,591  $460,465  $454,586  $457,461  $448,387 $460,465  $437,060 Provision for credit losses  23,134   29,594   27,588   21,768   22,234  52,728   46,197 Other adjustments  (90)  (50)  71   (88)  180  (140)  184 Charge-offs:             Commercial  10,837   8,428   12,894   21,597   6,148  19,265   15,870 Commercial real estate  707   7,260   5,625   144   5,711  7,967   6,165 Home equity  —   —   —   27   111  —   111 Residential real estate  163   350   —   26   —  513   — Premium finance receivables - property & casualty  5,403   7,431   8,354   6,860   6,346  12,834   13,460 Premium finance receivables - life insurance  —   —   —   18   —  —   12 Consumer and other  172   180   203   174   179  352   326 Total charge-offs  17,282   23,649   27,076   28,846   18,495  40,931   35,944 Recoveries:             Commercial  1,710   1,419   956   1,449   1,746  3,129   2,675 Commercial real estate  5   6   4   241   10  11   22 Home equity  16   303   28   104   30  319   246 Residential real estate  1   1   1   1   2  2   138 Premium finance receivables - property & casualty  2,076   3,437   4,275   2,459   3,335  5,513   6,822 Premium finance receivables - life insurance  —   —   —   —   —  —   — Consumer and other  28   65   32   37   32  93   61 Total recoveries  3,836   5,231   5,296   4,291   5,155  9,067   9,964 Net charge-offs  (13,446)  (18,418)  (21,780)  (24,555)  (13,340) (31,864)  (25,980)Allowance for credit losses at period end $481,189  $471,591  $460,465  $454,586  $457,461 $481,189  $457,461               Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:   Commercial  0.20%  0.17%  0.29%  0.49%  0.11% 0.19%  0.17%Commercial real estate  0.02   0.21   0.16   (0.00)  0.17  0.11   0.10 Home equity  (0.01)  (0.26)  (0.02)  (0.06)  0.07  (0.13)  (0.06)Residential real estate  0.01   0.03   (0.00)  0.00   (0.00) 0.02   (0.01)Premium finance receivables - property & casualty  0.16   0.20   0.20   0.20   0.16  0.18   0.18 Premium finance receivables - life insurance  —   —   —   0.00   —  —   0.00 Consumer and other  0.42   0.35   0.47   0.40   0.44  0.38   0.44 Total loans, net of unearned income  0.10%  0.14%  0.17%  0.19%  0.11% 0.12%  0.11%              Loans at period end $55,654,947  $54,071,292  $53,105,101  $52,063,482  $51,041,679    Allowance for loan losses as a percentage of loans at period end  0.72%  0.72%  0.71%  0.74%  0.77%   Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.86   0.87   0.87   0.87   0.90                             PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

  Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025  2026   2025 Provision for loan losses - Other $25,837  $29,836  $14,369  $19,610  $26,607 $55,673  $53,433 Provision for unfunded lending-related commitments losses - Other  (2,666)  (239)  13,354   2,160   (4,325) (2,905)  (7,177)Provision for held-to-maturity securities losses  (37)  (3)  (135)  (2)  (48) (40)  (59)Provision for credit losses $23,134  $29,594  $27,588  $21,768  $22,234 $52,728  $46,197               Allowance for loan losses $402,952  $390,651  $379,283  $386,622  $391,654    Allowance for unfunded lending-related commitments losses  78,017   80,683   80,922   67,569   65,409    Allowance for loan losses and unfunded lending-related commitments losses  480,969   471,334   460,205   454,191   457,063    Allowance for held-to-maturity securities losses  220   257   260   395   398    Allowance for credit losses $481,189  $471,591  $460,465  $454,586  $457,461                             PCD - Purchase Credit Deteriorated

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2026, March 31, 2026 and December 31, 2025.

 As of Jun 30, 2026As of Mar 31, 2026As of Dec 31, 2025(Dollars in thousands)Recorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceCommercial$18,281,311 $234,809 1.28%$17,763,221 $210,959 1.19%$17,044,686 $178,545 1.05%Commercial real estate:               Construction and development 2,655,665  67,343 2.54  2,323,942  74,092 3.19  2,409,582  93,106 3.86 Non-construction 11,614,942  142,605 1.23  11,838,344  150,778 1.27  11,531,154  153,827 1.33 Total commercial real estate$14,270,607 $209,948 1.47%$14,162,286 $224,870 1.59%$13,940,736 $246,933 1.77%Total commercial and commercial real estate$32,551,918 $444,757 1.37%$31,925,507 $435,829 1.37%$30,985,422 $425,478 1.37%Home equity 491,782  10,004 2.03  471,264  10,213 2.17  480,525  10,402 2.16 Residential real estate 4,542,692  13,257 0.29  4,465,166  13,081 0.29  4,317,232  12,519 0.29 Premium finance receivables - property & casualty 8,612,023  11,142 0.13  7,890,331  10,591 0.13  8,183,416  10,226 0.12 Premium finance receivables - life insurance 9,312,521  810 0.01  9,196,382  800 0.01  9,023,642  785 0.01 Consumer and other 144,011  999 0.69  122,642  820 0.67  114,864  795 0.69 Total loans, net of unearned income$55,654,947 $480,969 0.86%$54,071,292 $471,334 0.87%$53,105,101 $460,205 0.87%                Total core loans(1)$32,716,938 $406,752 1.24%$32,118,691 $408,892 1.27%$31,309,210 $412,714 1.32%Total niche loans(1) 22,938,009  74,217 0.32  21,952,601  62,442 0.28  21,795,891  47,491 0.22  (1) SeeTable 1for additional detail on core and niche loans.

TABLE 13: LOAN PORTFOLIO AGING

(In thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025Loan Balances:          Commercial          Nonaccrual $90,642 $87,750 $78,059 $66,577 $80,87790+ days and still accruing  —  —  —  —  —60-89 days past due  14,851  9,996  22,952  12,190  34,85530-59 days past due  38,292  90,389  90,205  36,136  45,103Current  18,137,526  17,575,086  16,853,470  16,429,439  16,226,596Total commercial $18,281,311 $17,763,221 $17,044,686 $16,544,342 $16,387,431Commercial real estate          Nonaccrual $17,220 $16,757 $25,147 $28,202 $32,82890+ days and still accruing  —  —  —  —  —60-89 days past due  14,879  17,133  19,529  14,119  11,25730-59 days past due  60,451  54,143  65,601  83,055  51,173Current  14,178,057  14,074,253  13,830,459  13,493,831  13,196,752Total commercial real estate $14,270,607 $14,162,286 $13,940,736 $13,619,207 $13,292,010Home equity          Nonaccrual $1,177 $1,142 $1,221 $1,295 $1,78090+ days and still accruing  —  —  —  —  —60-89 days past due  690  463  1,112  246  13830-59 days past due  878  2,012  2,818  2,294  2,971Current  489,037  467,647  475,374  480,367  461,926Total home equity $491,782 $471,264 $480,525 $484,202 $466,815Residential real estate          Early buy-out loans guaranteed by U.S. government agencies(1) $131,335 $145,225 $145,793 $124,824 $134,067Nonaccrual  25,910  27,360  32,862  28,942  28,04790+ days and still accruing  —  —  —  —  —60-89 days past due  3,310  129  7,562  8,829  8,95430-59 days past due  —  30,854  24,908  95  38Current  4,382,137  4,261,598  4,106,107  3,981,180  3,777,676Total residential real estate $4,542,692 $4,465,166 $4,317,232 $4,143,870 $3,948,782Premium finance receivables - property & casualty          Nonaccrual $28,061 $33,891 $29,354 $24,512 $30,40490+ days and still accruing  16,003  15,823  19,115  13,006  14,35060-89 days past due  18,198  16,188  29,294  23,527  25,64130-59 days past due  25,864  47,936  57,685  38,133  29,460Current  8,523,897  7,776,493  8,047,968  8,267,114  8,223,321Total Premium finance receivables - property & casualty $8,612,023 $7,890,331 $8,183,416 $8,366,292 $8,323,176Premium finance receivables - life insurance          Nonaccrual $— $— $— $— $—90+ days and still accruing  —  —  —  —  32760-89 days past due  2,908  22,690  13,887  34,016  11,20230-59 days past due  8,606  58,760  22,806  34,506  34,403Current  9,301,007  9,114,932  8,986,949  8,690,031  8,461,028Total Premium finance receivables - life insurance $9,312,521 $9,196,382 $9,023,642 $8,758,553 $8,506,960Consumer and other          Nonaccrual $113 $16 $8 $38 $4190+ days and still accruing  145  10  42  60  18460-89 days past due  195  130  466  49  6130-59 days past due  1,253  230  643  159  175Current  142,305  122,256  113,705  146,710  116,044Total consumer and other $144,011 $122,642 $114,864 $147,016 $116,505Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies(1) $131,335 $145,225 $145,793 $124,824 $134,067Nonaccrual  163,123  166,916  166,651  149,566  173,97790+ days and still accruing  16,148  15,833  19,157  13,066  14,86160-89 days past due  55,031  66,729  94,802  92,976  92,10830-59 days past due  135,344  284,324  264,666  194,378  163,323Current  55,153,966  53,392,265  52,414,032  51,488,672  50,463,343Total loans, net of unearned income $55,654,947 $54,071,292 $53,105,101 $52,063,482 $51,041,679 (1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

TABLE 14: NON-PERFORMING ASSETS (1)

 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026   2025   2025   2025 Loans past due greater than 90 days and still accruing:         Commercial$—  $—  $—  $—  $— Commercial real estate —   —   —   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 16,003   15,823   19,115   13,006   14,350 Premium finance receivables - life insurance —   —   —   —   327 Consumer and other 145   10   42   60   184 Total loans past due greater than 90 days and still accruing 16,148   15,833   19,157   13,066   14,861 Non-accrual loans:         Commercial 90,642   87,750   78,059   66,577   80,877 Commercial real estate 17,220   16,757   25,147   28,202   32,828 Home equity 1,177   1,142   1,221   1,295   1,780 Residential real estate 25,910   27,360   32,862   28,942   28,047 Premium finance receivables - property & casualty 28,061   33,891   29,354   24,512   30,404 Premium finance receivables - life insurance —   —   —   —   — Consumer and other 113   16   8   38   41 Total non-accrual loans 163,123   166,916   166,651   149,566   173,977 Total non-performing loans:         Commercial 90,642   87,750   78,059   66,577   80,877 Commercial real estate 17,220   16,757   25,147   28,202   32,828 Home equity 1,177   1,142   1,221   1,295   1,780 Residential real estate 25,910   27,360   32,862   28,942   28,047 Premium finance receivables - property & casualty 44,064   49,714   48,469   37,518   44,754 Premium finance receivables - life insurance —   —   —   —   327 Consumer and other 258   26   50   98   225 Total non-performing loans$179,271  $182,749  $185,808  $162,632  $188,838 Other real estate owned 15,940   17,439   20,839   24,832   23,615 Total non-performing assets$195,211  $200,188  $206,647  $187,464  $212,453 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.50%  0.49%  0.46%  0.40%  0.49%Commercial real estate 0.12   0.12   0.18   0.21   0.25 Home equity 0.24   0.24   0.25   0.27   0.38 Residential real estate 0.57   0.61   0.76   0.70   0.71 Premium finance receivables - property & casualty 0.51   0.63   0.59   0.45   0.54 Premium finance receivables - life insurance —   —   —   —   0.00 Consumer and other 0.18   0.02   0.04   0.07   0.19 Total loans, net of unearned income 0.32%  0.34%  0.35%  0.31%  0.37%Total non-performing assets as a percentage of total assets 0.26%  0.28%  0.29%  0.27%  0.31%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 294.85%  282.38%  276.15%  303.67%  262.71%           (1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies 

 Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands) 2026   2026   2025   2025   2025  2026   2025 Balance at beginning of period$182,749  $185,808  $162,632  $188,838  $172,390 $185,808  $170,823 Additions from becoming non-performing in the respective period 31,070   24,969   46,198   34,805   48,651  56,039   76,372 Return to performing status (1,671)  (3,663)  (2,937)  (3,399)  (6,896) (5,334)  (8,103)Payments received (19,503)  (13,780)  (13,734)  (28,052)  (5,602) (33,283)  (21,567)Transfer to OREO or other assets —   (868)  (286)  (348)  (2,247) (868)  (2,247)Charge-offs, net (7,860)  (10,930)  (16,998)  (21,526)  (11,734) (18,790)  (20,334)Net change for premium finance receivables (5,514)  1,213   10,933   (7,686)  (5,724) (4,301)  (6,106)Balance at end of period$179,271  $182,749  $185,808  $162,632  $188,838 $179,271  $188,838                             Other Real Estate Owned

 Three Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2026   2026   2025  2025
  2025 Balance at beginning of period$17,439  $20,839  $24,832  $23,615 $22,625 Disposals/resolved (1,499)  (4,760)  (2,141)  —  — Transfers in at fair value, less costs to sell —   1,360   —   1,217  1,315 Fair value adjustments —   —   (1,852)  —  (325)Balance at end of period$15,940  $17,439  $20,839  $24,832 $23,615            Period End(In thousands)Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Balance by Property Type: 2026   2026   2025   2025  2025 Residential real estate$—  $—  $—  $— $— Commercial real estate 15,940   17,439   20,839   24,832  23,615 Total$15,940  $17,439  $20,839  $24,832 $23,615                     TABLE 15: NON-INTEREST INCOME

 Three Months EndedQ2 2026 compared to
Q1 2026
Q2 2026 compared to
Q2 2025 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026   2025   2025   2025$ Change % Change$ Change % ChangeBrokerage$4,985  $5,301  $5,384  $4,426  $4,212$(316) (6)%$773  18%Trust and asset management 34,898   36,758   33,981   32,762   32,609 (1,860) (5) 2,289  7 Total wealth management 39,883   42,059   39,365   37,188   36,821 (2,176) (5) 3,062  8 Mortgage banking 27,438   23,396   22,625   24,451   23,170 4,042  17  4,268  18 Service charges on deposit accounts 21,240   20,970   20,402   19,825   19,502 270  1  1,738  9 Gains (losses) on investment securities, net 1,845   (31)  1,505   2,972   650 1,876  NM 1,195  NMFees from covered call options 4,793   4,669   5,992   5,619   5,624 124  3  (831) (15)Trading gains (losses), net 70   10   (257)  172   151 60  NM (81) (54)Operating lease income, net 18,804   19,154   16,365   15,466   15,166 (350) (2) 3,638  24 Other:               Interest rate swap fees 3,117   4,041   4,664   3,909   3,010 (924) (23) 107  4 BOLI 3,216   948   1,915   1,591   2,257 2,268  NM 959  42 Administrative services 1,341   1,243   1,352   1,240   1,315 98  8  26  2 Foreign currency remeasurement gains (losses) 253   (368)  322   (416)  658 621  NM (405) (62)Changes in fair value on EBOs and loans held-for-investment (373)  (287)  (1,702)  1,452   172 (86) (30) (545) NMEarly pay-offs of capital leases 1,054   1,198   581   519   400 (144) (12) 654  NMMiscellaneous 18,588   17,140   17,261   16,839   15,193 1,448  8  3,395  22 Total Other 27,196   23,915   24,393   25,134   23,005 3,281  14  4,191  18 Total Non-Interest Income$141,269  $134,142  $130,390  $130,827  $124,089$7,127  5%$17,180  14%  Six Months Ended2026 compared to 2025
 Jun 30, Jun 30,(Dollars in thousands) 2026   2025$ Change % ChangeBrokerage$10,286  $8,969$1,317  15%Trust and asset management 71,656   61,894 9,762  16 Total wealth management 81,942   70,863 11,079  16 Mortgage banking 50,834   43,699 7,135  16 Service charges on deposit accounts 42,210   38,864 3,346  9 Gains on investment securities, net 1,814   3,846 (2,032) (53)Fees from covered call options 9,462   9,070 392  4 Trading gains, net 80   87 (7) (8)Operating lease income, net 37,958   30,453 7,505  25 Other:      Interest rate swap fees 7,158   5,279 1,879  36 BOLI 4,164   3,053 1,111  36 Administrative services 2,584   2,708 (124) (5)Foreign currency remeasurement (losses) gains (115)  475 (590) NMChanges in fair value on EBOs and loans held-for-investment (660)  555 (1,215) NMEarly pay-offs of capital leases 2,252   1,168 1,084  93 Miscellaneous 35,728   30,603 5,125  17 Total Other 51,111   43,841 7,270  17 Total Non-Interest Income$275,411  $240,723$34,688  14%              NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.

TABLE 16: MORTGAGE BANKING

 Three Months Ended(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Originations:         Retail originations$660,325  $441,749  $589,139  $505,793  $523,759 Veterans First originations 174,644   152,244   208,054   137,600   157,787 Total originations for sale (A)$834,969  $593,993  $797,193  $643,393  $681,546 Originations for investment 315,487   371,540   364,988   351,012   422,926 Total originations$1,150,456  $965,533  $1,162,181  $994,405  $1,104,472 As a percentage of originations for sale:         Retail originations 79%  74%  74%  79%  77%Veterans First originations 21   26   26   21   23 Purchases 74%  52%  52%  77%  74%Refinances 26   48   48   23   26 Production Margin:         Production revenue (B)(1)$13,150  $13,028  $10,878  $15,388  $13,380 Total originations for sale (A)$834,969  $593,993  $797,193  $643,393  $681,546 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 171,656   218,156   122,804   307,932   163,664 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 218,156   122,804   307,932   163,664   197,297 Total mortgage production volume (C)$788,469  $689,345  $612,065  $787,661  $647,913 Production margin (B / C) 1.67%  1.89%  1.78%  1.95%  2.07%Mortgage Servicing:         Loans serviced for others (D)$12,669,679  $12,534,513  $12,608,694  $12,524,131  $12,470,924 Mortgage Servicing Rights (“MSR”), at fair value (E) 201,903   195,276   195,023   190,938   193,061 Percentage of MSRs to loans serviced for others (E / D) 1.59%  1.56%  1.55%  1.52%  1.55%Servicing income$10,724  $10,353  $10,185  $10,112  $10,520 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$195,276  $195,023  $190,938  $193,061  $196,307 MSR - current period capitalization 8,745   6,434   9,150   5,829   6,336 MSR - collection of expected cash flows - paydowns (1,684)  (1,620)  (1,550)  (1,554)  (1,516)MSR - collection of expected cash flows - payoffs and repurchases (4,815)  (5,021)  (6,250)  (4,050)  (4,100)MSR - changes in fair value model assumptions 4,381   460   2,735   (2,348)  (3,966)MSR Fair Value at end of period$201,903  $195,276  $195,023  $190,938  $193,061 Summary of Mortgage Banking Revenue:         Operational:         Production revenue(1)$13,150  $13,028  $10,878  $15,388  $13,380 MSR - Current period capitalization 8,745   6,434   9,150   5,829   6,336 MSR - Collection of expected cash flows - paydowns (1,684)  (1,620)  (1,550)  (1,554)  (1,516)MSR - Collection of expected cash flows - payoffs and repurchases (4,815)  (5,021)  (6,250)  (4,050)  (4,100)Servicing Income 10,724   10,353   10,185   10,112   10,520 Other Revenue 72   (45)  (17)  (345)  (79)Total operational mortgage banking revenue$26,192  $23,129  $22,396  $25,380  $24,541 Fair Value:         MSR - changes in fair value model assumptions$4,381  $460  $2,735  $(2,348) $(3,966)(Loss) gain on derivative contract held as an economic hedge, net (3,396)  (900)  (2,425)  265   2,535 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 261   707   (81)  1,154   60 Total fair value mortgage banking revenue$1,246  $267  $229  $(929) $(1,371)Total mortgage banking revenue$27,438  $23,396  $22,625  $24,451  $23,170  (1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

 Six Months Ended(Dollars in thousands)Jun 30,
2026 Jun 30,
2025Originations:   Retail originations$1,102,074  $872,227 Veterans First originations 326,888   269,772 Total originations for sale (A)$1,428,962  $1,141,999 Originations for investment 687,027   640,103 Total originations$2,115,989  $1,782,102 As a percentage of originations for sale:   Retail originations 77%  76%Veterans First originations 23   24 Purchases 65%  75%Refinances 35   25 Production Margin:   Production revenue (B)(1)$26,178  $23,321 Total originations for sale (A)$1,428,962  $1,141,999 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 171,656   163,664 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 122,804   103,946 Total mortgage production volume (C)$1,477,814  $1,201,717 Production margin (B / C) 1.77%  1.94%Mortgage Servicing:   Loans serviced for others (D)$12,669,679  $12,470,924 MSRs, at fair value (E) 201,903   193,061 Percentage of MSRs to loans serviced for others (E / D) 1.59%  1.55%Servicing income$21,077  $21,131 MSR Fair Value Asset Activity   MSR - FV at Beginning of Period$195,023  $203,788 MSR - current period capitalization 15,179   11,005 MSR - collection of expected cash flows - paydowns (3,304)  (3,106)MSR - collection of expected cash flows - payoffs and repurchases (9,836)  (7,146)MSR - changes in fair value model assumptions 4,841   (11,480)MSR Fair Value at end of period$201,903  $193,061 Summary of Mortgage Banking Revenue:   Operational:   Production revenue(1)$26,178  $23,321 MSR - Current period capitalization 15,179   11,005 MSR - Collection of expected cash flows - paydowns (3,304)  (3,106)MSR - Collection of expected cash flows - payoffs and repurchases (9,836)  (7,146)Servicing Income 21,077   21,131 Other Revenue 27   (251)Total operational mortgage banking revenue$49,321  $44,954 Fair Value:   MSR - changes in fair value model assumptions$4,841  $(11,480)(Loss) gain on derivative contract held as an economic hedge, net (4,296)  7,432 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 968   2,793 Total fair value mortgage banking revenue$1,513  $(1,255)Total mortgage banking revenue$50,834  $43,699  (1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.

TABLE 17: NON-INTEREST EXPENSE

 Three Months EndedQ2 2026 compared to
Q1 2026
Q2 2026 compared to
Q2 2025 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026  2025   2025  2025$ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$129,875  $129,086 $124,856  $124,623 $123,174$789  1%$6,701  5%Commissions and incentive compensation 62,463   57,407  57,117   56,244  55,871 5,056  9  6,592  12 Benefits 41,751   41,954  40,584   38,801  40,496 (203) —  1,255  3 Total salaries and employee benefits 234,089   228,447  222,557   219,668  219,541 5,642  2  14,548  7 Software and equipment 39,288   35,654  36,096   35,027  36,522 3,634  10  2,766  8 Operating lease equipment 11,187   10,987  11,034   10,409  10,757 200  2  430  4 Occupancy, net 21,153   20,566  20,105   20,809  20,228 587  3  925  5 Data processing 10,659   11,266  11,809   11,329  12,110 (607) (5) (1,451) (12)Advertising and marketing 20,432   13,218  13,792   19,027  18,761 7,214  55  1,671  9 Professional fees 9,342   7,375  8,280   7,465  9,243 1,967  27  99  1 Amortization of other acquisition-related intangible assets 4,921   4,958  4,999   5,196  5,580 (37) (1) (659) (12)FDIC insurance 11,796   10,990  11,061   11,418  10,971 806  7  825  8 FDIC insurance - special assessment (5,156)  —  (499)  —  — (5,156) (100) (5,156) (100)OREO expense, net 786   207  2,162   262  505 579  NM 281  56 Other:               Lending expenses, net of deferred origination costs 6,165   6,510  6,367   6,169  4,869 (345) (5) 1,296  27 Travel and entertainment 6,938   5,426  7,965   6,029  6,026 1,512  28  912  15 Miscellaneous 25,937   27,028  28,725   27,220  26,348 (1,091) (4) (411) (2)Total other 39,040   38,964  43,057   39,418  37,243 76  —  1,797  5 Total Non-Interest Expense$397,537  $382,632 $384,453  $380,028 $381,461$14,905  4%$16,076  4%                               Six Months Ended2026 compared to 2025
 Jun 30, Jun 30,(Dollars in thousands) 2026   2025$ Change % ChangeSalaries and employee benefits:      Salaries$258,961  $247,091$11,870  5%Commissions and incentive compensation 119,870   108,407 11,463  11 Benefits 83,705   75,569 8,136  11 Total salaries and employee benefits 462,536   431,067 31,469  7 Software and equipment 74,942   71,239 3,703  5 Operating lease equipment 22,174   21,228 946  4 Occupancy, net 41,719   41,006 713  2 Data processing 21,925   23,384 (1,459) (6)Advertising and marketing 33,650   31,033 2,617  8 Professional fees 16,717   18,287 (1,570) (9)Amortization of other acquisition-related intangible assets 9,879   11,198 (1,319) (12)FDIC insurance 22,786   21,897 889  4 FDIC insurance - special assessment (5,156)  — (5,156) (100)OREO expense, net 993   1,148 (155) (14)Other:      Lending expenses, net of deferred origination costs 12,675   10,735 1,940  18 Travel and entertainment 12,364   11,296 1,068  9 Miscellaneous 52,965   54,033 (1,068) (2)Total other 78,004   76,064 1,940  3 Total Non-Interest Expense$780,169  $747,551$32,618  4% NM - Not meaningful.

TABLE 18: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

 Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2026   2026   2025   2025   2025  2026   2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:   (A) Interest Income (GAAP)$961,412  $927,560  $956,326  $963,834  $920,908 $1,888,972  $1,807,873 Taxable-equivalent adjustment:            - Loans 2,111   2,026   2,134   2,154   2,200  4,137   4,406 - Liquidity Management Assets 630   586   661   675   680  1,216   1,370 - Other Earning Assets —   —   —   —   —  —   3 (B) Interest Income (non-GAAP)$964,153  $930,172  $959,121  $966,663  $923,788 $1,894,325  $1,813,652 (C) Interest Expense (GAAP) 364,046   348,536   372,452   396,824   374,214  712,582   734,705 (D) Net Interest Income (GAAP) (A minus C) 597,366   579,024   583,874   567,010   546,694  1,176,390   1,073,168 (E) Net Interest Income (non-GAAP) (B minus C) 600,107   581,636   586,669   569,839   549,574  1,181,743   1,078,947 Net interest margin (GAAP) 3.50%  3.54%  3.52%  3.48%  3.52% 3.52%  3.53%Net interest margin, fully taxable-equivalent (non-GAAP) 3.52   3.56   3.54   3.50   3.54  3.54   3.55 (F) Non-interest income$141,269  $134,142  $130,390  $130,827  $124,089 $275,411  $240,723 (G) Gains (losses) on investment securities, net 1,845   (31)  1,505   2,972   650  1,814   3,846 (H) Non-interest expense 397,537   382,632   384,453   380,028   381,461  780,169   747,551 Efficiency ratio (H/(D+F-G)) 53.96%  53.65%  53.94%  54.69%  56.92% 53.81%  57.06%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.76   53.45   53.73   54.47   56.68  53.61   56.81  Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2026   2026   2025   2025   2025  2026   2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio:   Total shareholders’ equity (GAAP)$7,525,116  $7,378,100  $7,258,715  $7,045,757  $7,225,696    Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (425,000)  (837,500)   Less: Acquisition-related intangible assets (GAAP) (885,338)  (890,698)  (895,959)  (902,936)  (908,639)   (I) Total tangible common shareholders’ equity (non-GAAP)$6,214,778  $6,062,402  $5,937,756  $5,717,821  $5,479,557    (J) Total assets (GAAP)$74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318    Less: Acquisition-related intangible assets (GAAP) (885,338)  (890,698)  (895,959)  (902,936)  (908,639)   (K) Total tangible assets (non-GAAP)$73,782,797  $71,266,735  $70,246,087  $68,726,702  $68,074,679    Common equity to assets ratio (GAAP) (L/J) 9.5%  9.6%  9.6%  9.5%  9.3%   Tangible common equity ratio (non-GAAP) (I/K) 8.4   8.5   8.5   8.3   8.0     Reconciliation of Non-GAAP Tangible Book Value per Common Share:   Total shareholders’ equity$7,525,116  $7,378,100  $7,258,715  $7,045,757  $7,225,696    Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (425,000)  (837,500)   (L) Total common equity$7,100,116  $6,953,100  $6,833,715  $6,620,757  $6,388,196    (M) Actual common shares outstanding 67,455   67,437   66,975   66,961   66,938    Book value per common share (L/M)$105.26  $103.10  $102.03  $98.87  $95.43    Tangible book value per common share (non-GAAP) (I/M) 92.13   89.90   88.66   85.39   81.86                 Reconciliation of Non-GAAP Return on Average Tangible Common Equity:   (N) Net income applicable to common shares$225,326  $219,021  $214,657  $188,913  $188,536 $444,347  $370,584 Add: Acquisition-related intangible asset amortization 4,921   4,958   4,999   5,196   5,580  9,879   11,198 Less: Tax effect of acquisition-related intangible asset amortization (1,304)  (1,210)  (1,310)  (1,403)  (1,495) (2,519)  (2,923)After-tax Acquisition-related intangible asset amortization$3,617  $3,748  $3,689  $3,793  $4,085 $7,360  $8,275 (O) Tangible net income applicable to common shares (non-GAAP)$228,943  $222,769  $218,346  $192,706  $192,621 $451,707  $378,859 Total average shareholders’ equity$7,474,449  $7,387,713  $7,166,608  $6,955,543  $6,862,040 $7,431,321  $6,662,598 Less: Average preferred stock (425,000)  (425,000)  (425,000)  (483,288)  (599,313) (425,000)  (506,423)(P) Total average common shareholders’ equity$7,049,449  $6,962,713  $6,741,608  $6,472,255  $6,262,727 $7,006,321  $6,156,175 Less: Average acquisition-related intangible assets (889,059)  (894,211)  (901,022)  (906,032)  (910,924) (891,620)  (913,483)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,160,390  $6,068,502  $5,840,586  $5,566,223  $5,351,803 $6,114,701  $5,242,692 Return on average common equity, annualized (N/P) 12.82%  12.76%  12.63%  11.58%  12.07% 12.79%  12.14%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.91   14.89   14.83   13.74   14.44  14.90   14.57              Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:     Income before taxes$317,964  $300,940  $302,223  $296,041  $267,088 $618,904  $520,143 Add: Provision for credit losses 23,134   29,594   27,588   21,768   22,234  52,728   46,197 Pre-tax income, excluding provision for credit losses (non-GAAP)$341,098  $330,534  $329,811  $317,809  $289,322 $671,632  $566,340   Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands, except per share data)2026
 2026
 2025
 2025
 2025
2026
 2025
Reconciliation of Non-GAAP Net Income per Common Share:     Net income$233,693 $227,388 $223,024 $216,254 $195,527$461,081 $384,566Preferred stock dividends 8,367  8,367  8,367  13,295  6,991 16,734  13,982Preferred stock redemption —  —  —  14,046  — —  —(R) Net income applicable to common shares$225,326 $219,021 $214,657 $188,913 $188,536$444,347 $370,584(S) Weighted average common shares outstanding 67,434  67,246  66,970  66,952  66,931 67,341  66,829Dilutive potential common shares 852  851  1,143  1,028  888 852  903(T) Average common shares and dilutive common shares 68,286  68,097  68,113  67,980  67,819 68,193  67,732Net income per common share - Basic (R/S)$3.34 $3.26 $3.21 $2.82 $2.82$6.60 $5.55Net income per common share - Diluted (R/T)$3.30 $3.22 $3.15 $2.78 $2.78$6.52 $5.47Preferred stock series F excess one-time extended first dividend$— $— $— $4,927 $—$— $—Preferred stock redemption —  —  —  14,046  — —  —(U) Total non-recurring preferred stock offering impact (non-GAAP)$— $— $— $18,973 $—$— $—Net income per common share - Basic (non-GAAP) (R+U)/S$3.34 $3.26 $3.21 $3.11 $2.82$6.60 $5.55Net income per common share - Diluted (non-GAAP) (R+U)/T$3.30 $3.22 $3.15 $3.06 $2.78$6.52 $5.47                     WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve property and casualty and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves property and casualty insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.Wintrust Asset Finance offers direct leasing opportunities.CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.
FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2025 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors and uncertainties, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;the financial success and economic viability of the borrowers of our commercial loans;commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;unexpected difficulties and losses related to FDIC-assisted acquisitions;harm to the Company’s reputation;any negative perception of the Company’s financial strength;ability of the Company to raise additional capital on acceptable terms when needed;disruption in capital markets, which may lower fair values for the Company’s investment portfolio;ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;failure or breaches of our security systems or infrastructure, or those of third parties;security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;increased costs as a result of protecting our customers from the impact of stolen debit card information;accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;ability of the Company to attract and retain senior management experienced in the banking and financial services industries;environmental liability risk associated with lending activities;the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of tax legislation;changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;the ability of the Company to receive dividends from its subsidiaries;a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;a lowering of our credit rating;changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;the impact of heightened capital requirements;increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;delinquencies or fraud with respect to the Company’s premium finance business;credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;the Company’s ability to comply with covenants under its credit facility;fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.
Therefore, there can be no assurances that future actual results will correspond to any forward-looking statement. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, July 21, 2026 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated June 30, 2026 available at the Investor Relations, News and Events, News link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, News and Events, Events and Presentations link. The text of the second quarter and year-to-date 2026 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, News and Events, News link on its website.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com

BIRMINGHAM, Ala., July 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2026.

Second Quarter 2026 Highlights:

Diluted earnings per share of $1.57 for the quarter, up 40% from the second quarter of 2025, and up 30% from adjusted diluted earnings per share in the second quarter of 2025*.Loans grew $533 million, or 15% annualized, during the quarter.Net interest margin of 3.63%, up 10 basis points from the first quarter of 2026 and up 53 basis points from the second quarter of 2025.Book value per share of $36.19, up 14.8% year-over-year.Efficiency ratio under 30%, down from 33% in the second quarter of 2025.Adjusted return on average common stockholders’ equity* increased from 15.68% to 17.71% year-over-year.Cost of interest-bearing deposits of 2.80%, down 53 basis points from the second quarter of 2025.Deposits grew $686 million, or 5%, from the second quarter of 2025.Liquidity remains strong with $1.46 billion in cash and cash equivalents, equaling 8% of our total assets, and no FHLB advances or brokered deposits. Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.38% in the second quarter of 2025 to 11.83% in the second quarter of 2026. Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the strong loan growth in the quarter and the positive momentum in virtually all our markets for growth with our loan pipeline at record levels.”

David Sparacio, CFO, said, “Net Income growth of 30% year-over-year, while maintaining an efficiency ratio below 30%, along with continued improvement in our net interest margin resulted in superior performance, as we have historically delivered.”

* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, tangible common equity to total tangible assets, adjusted net interest income, adjusted non-interest income, and adjusted non-interest expense. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”

                   FINANCIAL SUMMARY (UNAUDITED)                  (in Thousands except share and per share amounts) Period Ending June 30, 2026 Period Ending March 31, 2026 % Change From Period Ending March 31, 2026 to Period Ending June 30, 2026 Period Ending June 30, 2025 % Change From Period Ending June 30, 2025 to Period Ending June 30, 2026QUARTERLY OPERATING RESULTS                  Net Income $85,793  $82,971  3.4% $61,424  39.7%Net Income Available to Common Stockholders $85,762  $82,971  3.4% $61,393  39.7%Diluted Earnings Per Share $1.57  $1.52  3.3% $1.12  40.2%Return on Average Assets  1.91%  1.89%     1.40%   Return on Average Common Stockholders' Equity  17.71%  17.91%     14.56%   Average Diluted Shares Outstanding  54,702,886   54,695,017      54,664,480                       Adjusted Net Income, net of tax* $85,793  $82,971  3.4% $66,133  29.7%Adjusted Net Income Available to Common                  Stockholders, net of tax* $85,762  $82,971  3.4% $66,102  29.7%Adjusted Diluted Earnings Per Share, net of tax* $1.57  $1.52  3.3% $1.21  29.8%Adjusted Return on Average Assets, net of tax*  1.91%  1.89%     1.50%   Adjusted Return on Average Common                  Stockholders' Equity, net of tax*  17.71%  17.91%     15.68%                      YEAR-TO-DATE OPERATING RESULTS                  Net Income $168,764         $124,648  35.4%Net Income Available to Common Stockholders $168,733         $124,617  35.4%Diluted Earnings Per Share $3.09         $2.28  35.1%Return on Average Assets  1.90%         1.42%   Return on Average Common Stockholders' Equity  17.81%         15.08%   Average Diluted Shares Outstanding  54,698,973          54,660,577                       Adjusted Net Income, net of tax* $168,764         $129,357  30.5%Adjusted Net Income Available to Common                  Stockholders, net of tax* $168,733         $129,326  30.5%Adjusted Diluted Earnings Per Share, net of tax* $3.09         $2.36  30.6%Adjusted Return on Average Assets, net of tax*  1.90%         1.48%   Adjusted Return on Average Common                  Stockholders' Equity, net of tax*  17.81%         15.65%                      BALANCE SHEET                  Total Assets $18,345,498  $18,171,287  1.0% $17,378,628  5.6%Loans  14,478,489   13,945,913  3.8%  13,232,560  9.4%Non-interest-bearing Demand Deposits  2,995,402   2,836,622  5.6%  2,632,058  13.8%Total Deposits  14,548,730   14,486,364  0.4%  13,862,319  5.0%Stockholders' Equity  1,978,418   1,912,537  3.4%  1,721,783  14.9%                    DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $85.8 million for the quarter ended June 30, 2026, compared to $61.4 million for the second quarter of 2025. Basic and diluted earnings per common share were both $1.57 in the second quarter of 2026, compared to $1.52 in the first quarter of 2026 and $1.12 in the second quarter of 2025. The prior-year quarter adjusted diluted earnings per share was $1.21.

Annualized return on average assets was 1.91% and annualized return on average common stockholders’ equity was 17.71% for the second quarter of 2026, compared to 1.40% and 14.56%, respectively, for the second quarter of 2025.

Net interest income was $155.6 million for the second quarter of 2026, compared to $148.1 million for the first quarter of 2026 and $131.7 million for the second quarter of 2025. The net interest margin in the second quarter of 2026 was 3.63% compared to 3.53% in the first quarter of 2026 and 3.10% in the second quarter of 2025. Loan yields were 6.23% during the second quarter of 2026 compared to 6.18% during the first quarter of 2026 and 6.37% during the second quarter of 2025. During the second quarter of 2026, we recovered $1.9 million in interest income from a large credit relationship that was previously on nonaccrual status. This recovery accounted for five basis points of the increase in loan yields from the first quarter of 2026. Investment yields were 3.81% during the second quarter of 2026 compared to 3.78% during the first quarter of 2026 and 3.37% during the second quarter of 2025. Average interest-bearing deposit rates were 2.80% during the second quarter of 2026, compared to 2.79% during the first quarter of 2026 and 3.33% during the second quarter of 2025. Average federal funds purchased rates were 3.74% during the second quarter of 2026, compared to 3.74% during the first quarter of 2026 and 4.49% during the second quarter of 2025.

Average loans for the second quarter of 2026 were $14.22 billion, an increase of $440.1 million, or 12.8% annualized, from average loans of $13.78 billion for the first quarter of 2026, and an increase of $1.21 billion, or 9.3%, from average loans of $13.01 billion for the second quarter of 2025. Ending total loans for the second quarter of 2026 were $14.48 billion, an increase of $532.6 million, or 15.3% annualized, from $13.95 billion for the first quarter of 2026, and an increase of $1.25 billion, or 9.4%, from $13.23 billion for the second quarter of 2025.

Average total deposits for the second quarter of 2026 were $14.32 billion, an increase of $191.8 million, or 5.4% annualized, from average total deposits of $14.13 billion for the first quarter of 2026, and an increase of $423.0 million, or 3.0%, from average total deposits of $13.90 billion for the second quarter of 2025. Ending total deposits for the second quarter of 2026 were $14.55 billion, an increase of $62.4 million, or 1.7% annualized, from $14.49 billion for the first quarter of 2026, and an increase of $686.4 million, or 5.0%, from $13.86 billion for the second quarter of 2025.

Nonperforming assets to total assets were 0.96% for the second quarter of 2026, compared to 1.00% for the first quarter of 2026 and 0.42% for the second quarter of 2025. The year-over-year increase was attributable to a large real-estate secured relationship. Annualized net charge-offs to average loans were 0.11% for the second quarter of 2026, compared to 0.25% for the first quarter of 2026 and 0.20% for the second quarter of 2025. The allowance for credit losses to total loans at June 30, 2026, March 31, 2026, and June 30, 2025, was 1.26%, 1.25%, and 1.28%, respectively. We recorded an $11.7 million provision for loan losses in the second quarter of 2026 compared to $10.6 million in the first quarter of 2026, and $11.4 million in the second quarter of 2025.

Non-interest income was $12.9 million for the second quarter of 2026 compared to $0.4 million in the second quarter of 2025, an increase of $12.5 million. Adjusted for $8.6 million of securities losses in the second quarter of 2025, this represented a $3.9 million, or 43.5% increase. Service charges on deposit accounts increased $667,000, or 25.0%, to $3.3 million for the second quarter of 2026 from $2.7 million in the second quarter of 2025, and were relatively flat on a linked quarter basis. We increased our service charge rates on many of our treasury management products in July of 2025. Mortgage banking revenue increased $898,000, or 67.9%, to $2.2 million for the second quarter of 2026 from $1.3 million in the second quarter of 2025, and increased $329,000, or 17.4%, on a linked quarter basis. The increase on a year-over-year basis was primarily due to an increase in loans sold into the secondary market. We also increased our per-loan administrative fee in the first quarter of 2026. Credit card income increased $373,000, or 17.6%, to $2.5 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $290,000, or 13.2%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income increased $2.0 million, or 94.4%, to $4.1 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $1.3 million, or 46.5%, on a linked quarter basis. The increases were primarily due to our purchases of $150.0 million of new contracts in the third quarter of 2025 and $25.0 million of new contracts in the second quarter of 2026. Additionally, we had a $1.0 million adjustment related to a correction of BOLI income in the fourth quarter of 2025. Other operating income decreased $37,000, or 5.0%, to $708,000 for the second quarter of 2026 from $745,000 in the second quarter of 2025, and increased $80,000, or 12.7%, on a linked quarter basis.

Non-interest expense increased $5.8 million, or 13.0%, to $50.0 million for the second quarter of 2026 from $44.2 million in the second quarter of 2025, and increased $2.6 million, or 5.4%, on a linked quarter basis. Salary and benefit expense increased $3.7 million, or 16.4%, to $26.3 million for the second quarter of 2026 from $22.6 million in the second quarter of 2025, and decreased $579,000, or 2.2%, on a linked quarter basis. The year-over-year increase was primarily due to the full impact of our Houston market expansion. The number of full-time equivalent employees (excluding temporary employees) increased by 22, or 3.4%, to 663 at June 30, 2026 compared to 641 at June 30, 2025, and increased by three from the end of the first quarter of 2026. Equipment and occupancy expense increased $440,000, or 12.5%, to $4.0 million for the second quarter of 2026 from $3.5 million in the second quarter of 2025, and increased $15,000, or 0.4%, on a linked quarter basis. Third party processing and other services expense decreased $43,000, or 0.5%, to $8.0 million for the second quarter of 2026 from $8.0 million in the second quarter of 2025, and increased $437,000, or 5.8%, on a linked quarter basis. Professional services expense increased $323,000, or 17.0%, to $2.2 million for the second quarter of 2026 from $1.9 million in the second quarter of 2025, and increased $284,000, or 14.6%, on a linked quarter basis. Other operating expenses increased $1.3 million, or 23.8%, to $6.7 million for the second quarter of 2026 from $5.4 million in the second quarter of 2025, and increased $2.4 million, or 54.2%, on a linked quarter basis. The efficiency ratio was 29.65% during the second quarter of 2026 compared to 33.46% during the second quarter of 2025 and 29.80% during the first quarter of 2026.

Our effective tax rate was 19.94% for the second quarter of 2026 compared to 19.82% for the second quarter of 2025, and 17.82% on a linked quarter basis. During the first quarter of 2026, we purchased Investment Tax Credits, which reduced our tax expense. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the second quarters of 2026 and 2025 of $36,000 and $234,000, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. (the “Company”) is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank (the “Bank”), the Company provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. The Company cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs, trade wars and other conflicts on general economic conditions; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the Federal Deposit Insurance Corporation ("FDIC"); changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and nonbank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, "Forward-Looking Statements" and "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. The Company assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

 SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)                      2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025CONSOLIDATED STATEMENT OF INCOME                    Interest income $249,880  $241,480  $251,388  $251,308  $246,635 Interest expense  94,243   93,332   104,867   117,860   114,948 Net interest income  155,637   148,148   146,521   133,448   131,687 Provision for credit losses  11,412   10,637   7,922   9,463   11,296 Net interest income after provision for credit losses  144,225   137,511   138,599   123,985   120,391 Non-interest income  12,892   10,840   15,691   2,833   421 Non-interest expense  49,961   47,384   46,683   47,996   44,204 Income before income tax  107,156   100,967   107,607   78,822   76,608 Provision for income tax  21,363   17,996   21,223   13,251   15,184 Net income  85,793   82,971   86,384   65,571   61,424 Preferred stock dividends  31   -   31   -   31 Net income available to common stockholders $85,762  $82,971  $86,353  $65,571  $61,393 Earnings per share - basic $1.57  $1.52  $1.58  $1.20  $1.12 Earnings per share - diluted $1.57  $1.52  $1.58  $1.20  $1.12 Average diluted shares outstanding  54,702,886   54,695,017   54,675,802   54,667,955   54,664,480                      CONSOLIDATED BALANCE SHEET DATA                    Total assets $18,345,498  $18,171,287  $17,727,190  $17,584,199  $17,378,628 Loans  14,478,489   13,945,913   13,696,912   13,311,967   13,232,560 Debt securities  1,630,531   1,684,421   1,728,901   1,849,739   1,914,503 Non-interest-bearing demand deposits  2,995,402   2,836,622   2,684,272   2,598,895   2,632,058 Total deposits  14,548,730   14,486,364   14,219,034   14,106,922   13,862,319 Borrowings  34,750   34,750   34,750   64,750   64,747 Stockholders' equity  1,978,418   1,912,537   1,850,347   1,781,647   1,721,783                      Shares outstanding  54,671,023   54,663,123   54,624,955   54,621,441   54,618,545 Book value per share $36.19  $34.99  $33.87  $32.62  $31.52 Tangible book value per share (1) $35.94  $34.74  $33.62  $32.37  $31.27                      SELECTED FINANCIAL RATIOS (Annualized)                    Net interest margin  3.63%  3.53%  3.38%  3.09%  3.10%Return on average assets  1.91%  1.89%  1.91%  1.47%  1.40%Return on average common stockholders' equity  17.71%  17.91%  18.93%  14.88%  14.56%Efficiency ratio  29.65%  29.80%  28.78%  35.22%  33.46%Non-interest expense to average earning assets  1.16%  1.13%  1.08%  1.11%  1.04%                     CAPITAL RATIOS (2)                    Common equity tier 1 capital to risk-weighted assets  11.83%  11.86%  11.65%  11.49%  11.38%Tier 1 capital to risk-weighted assets  11.83%  11.87%  11.66%  11.50%  11.38%Total capital to risk-weighted assets  13.09%  13.13%  12.93%  12.91%  12.81%Tier 1 capital to average assets  10.93%  10.71%  10.26%  10.01%  9.78%Tangible common equity to total tangible assets (1)  10.72%  10.46%  10.37%  10.06%  9.84%                     (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”(2) Regulatory capital ratios for most recent period are preliminary.  GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015. This press release also contains the non-GAAP financial measures of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, adjusted net interest income, adjusted non-interest income, and adjusted non-interest expense.

We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

                     At June 30,
2026 At March 31,
2026 At December 31,
2025  At September 30,
2025   At June 30,
2025 Book value per share - GAAP$36.19   $34.99   $33.87   $32.62   $31.52  Total common stockholders' equity - GAAP 1,978,418    1,912,537    1,850,347    1,781,647    1,721,783  Adjustment for Goodwill (13,615)   (13,615)   (13,615)   (13,615)   (13,615) Tangible common stockholders' equity - non-GAAP$1,964,803   $1,898,922   $1,836,732   $1,768,032   $1,708,168  Tangible book value per share - non-GAAP$35.94   $34.74   $33.62   $32.37   $31.27                      Stockholders' equity to total assets - GAAP 10.78 %  10.53 %  10.44 %  10.13 %  9.91 %Total assets - GAAP$18,345,498   $18,171,287   $17,727,190   $17,584,199   $17,378,628  Adjustment for Goodwill (13,615)   (13,615)   (13,615)   (13,615)   (13,615) Total tangible assets - non-GAAP$18,331,883   $18,157,672   $17,713,575   $17,570,584   $17,365,013  Tangible common equity to total tangible assets - non-GAAP 10.72 %  10.46 %  10.37 %  10.06 %  9.84 %                                 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025  Six Months Ended June 30, 2026 Six Months Ended June 30, 2025                  Net income - GAAP $85,793  $61,424    $168,764  $124,648  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Loss on marketable securities  -   8,563     -   8,563  Tax on adjustments  -   (1,578)    -   (1,578) Adjusted net income - non-GAAP $85,793  $66,133    $168,764  $129,357                    Net income available to common stockholders - GAAP $85,762  $61,393    $168,733  $124,617  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Loss on marketable securities  -   8,563     -   8,563  Tax on adjustments  -   (1,578)    -   (1,578) Adjusted net income available to common stockholders - non-GAAP $85,762  $66,102    $168,733  $129,326                    Diluted earnings per share - GAAP $1.57  $1.12    $3.09  $2.28  Adjustments:                 Legal matter accrual reversal  -   (0.04)    -   (0.05) Loss on marketable securities  -   0.16     -   0.16  Tax on adjustments  -   (0.03)    -   (0.03) Adjusted diluted earnings per share - non-GAAP $1.57  $1.21    $3.09  $2.36                    Net interest income, on a fully taxable-equivalent basis $155,637  $131,777    $303,785  $255,394  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Tax on adjustments  -   571     -   571  Adjusted net interest income, on a fully taxable-equivalent basis $155,637  $130,072    $303,785  $253,689                    Return on average assets - GAAP  1.91%  1.40 %   1.90%  1.42 %Net income available to common stockholders - GAAP $85,762  $61,393    $168,733  $124,617  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Loss on marketable securities  -   8,563     -   8,563  Tax on adjustments  -   (1,578)    -   (1,578) Adjusted net income available to common stockholders - non-GAAP $85,762  $66,102    $168,733  $129,326  Average assets - GAAP $18,013,805  $17,626,503    $17,746,068  $17,668,094  Adjusted return on average assets - non-GAAP  1.91%  1.50 %   1.90%  1.48 %                  Return on average common stockholders' equity - GAAP  17.71%  14.56 %   17.81%  15.08 %Net income available to common stockholders - GAAP $85,762  $61,393    $168,733  $124,617  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Loss on marketable securities  -   8,563     -   8,563  Tax on adjustments  -   (1,578)    -   (1,578) Adjusted net income available to common stockholders - non-GAAP $85,762  $66,102    $168,733  $129,326  Average common stockholders' equity - GAAP $1,942,571  $1,690,855    $1,910,751  $1,666,039  Adjusted return on average common stockholders' equity non-GAAP  17.71%  15.68 %   17.81%  15.65 %                  Efficiency ratio  29.65%  33.46 %   29.72%  34.22 %Net interest income - GAAP $155,637  $131,687    $303,785  $255,240  Adjustments:                 Legal matter accrual reversal  -   (2,276)    -   (2,276) Adjusted net interest income - non-GAAP $155,637  $129,411    $303,785  $252,964  Total non-interest income - GAAP  12,892   421     23,732   8,698  Adjustments:                 Loss on marketable securities  -   8,563     -   8,563  Adjusted non-interest income - non-GAAP $12,892  $8,984    $23,732  $17,261  Adjusted net interest income and non-interest income - non-GAAP  168,529   138,395     327,517   270,225  Non-interest expense - GAAP $49,961  $44,204    $97,345  $90,311  Adjustments:                 Adjusted non-interest expense - non-GAAP $49,961  $44,204    $97,345  $90,311  Adjusted efficiency ratio - non-GAAP  29.65%  31.94 %   29.72%  33.42 %                      CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
  June 30, 2026 June 30, 2025 % ChangeASSETS         Cash and due from banks $115,442  $140,659  (18)%Interest-bearing balances due from depository institutions  1,089,592   1,236,485  (12)%Federal funds sold and securities purchased with agreement to resell  251,439   333,760  (25)%Cash and cash equivalents  1,456,473   1,710,904  (15)%Available for sale debt securities, at fair value  995,051   1,227,851  (19)%Held to maturity debt securities (fair value of $590,280 and $639,455, respectively)  635,480   686,652  (7)%Restricted equity securities  12,475   12,156  3 %Mortgage loans held for sale  14,886   22,131  (33)%Loans  14,478,489   13,232,560  9 %Less allowance for credit losses  (181,853)  (169,959) 7 %Loans, net  14,296,636   13,062,601  9 %Premises and equipment, net  63,648   59,993  6 %Goodwill  13,615   13,615  - %Other assets  857,234   582,725  47 %Total assets $18,345,498  $17,378,628  6 %LIABILITIES AND STOCKHOLDERS' EQUITY         Liabilities:         Deposits:         Non-interest-bearing demand $2,995,402  $2,632,058  14 %Interest-bearing  11,553,328   11,230,261  3 %Total deposits  14,548,730   13,862,319  5 %Federal funds purchased  1,579,388   1,599,135  (1)%Other borrowings  34,750   64,747  (46)%Other liabilities  204,212   130,644  56 %Total liabilities  16,367,080   15,656,845  5 %Stockholders' equity:         Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at         June 30, 2026 and June 30, 2025  -   -  - %Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,671,023 shares         issued and outstanding at June 30, 2026, and 54,618,545         shares issued and outstanding at June 30, 2025  55   54  2 %Additional paid-in capital  239,317   236,716  1 %Retained earnings  1,741,070   1,500,767  16 %Accumulated other comprehensive loss  (2,524)  (16,254) (84)%Total stockholders' equity attributable to ServisFirst Bancshares, Inc.  1,977,918   1,721,283  15 %Noncontrolling interest  500   500  - %Total stockholders' equity  1,978,418   1,721,783  15 %Total liabilities and stockholders' equity $18,345,498  $17,378,628  6 %               CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
  Three Months Ended June 30, Six Months Ended June 30,  2026
 2025  2026
 2025 Interest income:              Interest and fees on loans $220,731  $206,521  $430,797  $403,457 Investment securities  15,827   16,567   31,926   32,596 Federal funds sold and securities purchased with agreement to resell  4,146   1,592   9,707   1,612 Other interest and dividends  9,176   21,955   18,930   50,066 Total interest income  249,880   246,635   491,360   487,731 Interest expense:              Deposits  79,440   93,488   157,725   188,233 Borrowed funds  14,803   21,460   29,850   44,258 Total interest expense  94,243   114,948   187,575   232,491 Net interest income  155,637   131,687   303,785   255,240 Provision for credit losses  11,412   11,296   22,049   17,926 Net interest income after provision for credit losses  144,225   120,391   281,736   237,314 Non-interest income:              Service charges on deposit accounts  3,338   2,671   6,634   5,229 Mortgage banking  2,221   1,323   4,113   1,936 Credit card income  2,492   2,119   4,694   4,087 Securities losses  -   (8,563)  -   (8,563)Bank-owned life insurance income  4,133   2,126   6,955   4,263 Other operating income  708   745   1,336   1,746 Total non-interest income  12,892   421   23,732   8,698 Non-interest expenses:              Salaries and employee benefits  26,274   22,576   53,127   45,455 Equipment and occupancy expense  3,963   3,523   7,911   7,245 Third party processing and other services  7,962   8,005   15,487   15,743 Professional services  2,227   1,904   4,170   3,837 FDIC and other regulatory assessments  2,753   2,753   4,260   5,607 Other real estate owned expense  75   27   95   60 Other operating expenses  6,707   5,416   12,295   12,364 Total non-interest expenses  49,961   44,204   97,345   90,311 Income before income taxes  107,156   76,608   208,123   155,701 Provision for income taxes  21,363   15,184   39,359   31,053 Net income  85,793   61,424   168,764   124,648 Dividends on preferred stock  31   31   31   31 Net income available to common stockholders $85,762  $61,393  $168,733  $124,617 Basic earnings per common share $1.57  $1.12  $3.09  $2.28 Diluted earnings per common share $1.57  $1.12  $3.09  $2.28                    LOANS BY TYPE (UNAUDITED)
(In thousands)
                  2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Commercial, financial and agricultural $3,252,437 $3,189,704 $3,146,736 $2,945,784 $2,966,191Real estate - construction  1,564,504  1,531,042  1,457,628  1,532,285  1,735,405Real estate - mortgage:               Owner-occupied commercial  2,781,375  2,718,512  2,739,823  2,680,055  2,557,7111-4 family mortgage  1,685,723  1,695,140  1,671,713  1,625,296  1,561,461Non-owner occupied commercial  5,123,635  4,739,642  4,603,389  4,448,710  4,338,697Subtotal: Real estate - mortgage  9,590,733  9,153,294  9,014,925  8,754,061  8,457,869Consumer  70,815  71,873  77,623  79,837  73,095Total loans $14,478,489 $13,945,913 $13,696,912 $13,311,967 $13,232,560                  SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)                  2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Allowance for credit losses:                   Beginning balance$173,905  $171,683  $170,235  $169,959  $165,034 Loans charged off:                   Commercial, financial and agricultural 4,074   8,291   7,695   7,947   6,849 Real estate - construction 711   -   -   -   - Real estate - mortgage 5   91   64   1,294   580 Consumer 79   171   465   109   73 Total charge offs 4,869   8,553   8,224   9,350   7,502 Recoveries:                   Commercial, financial and agricultural 667   178   1,532   237   959 Real estate - construction -   -   -   30   - Real estate - mortgage 396   -   -   -   1 Consumer 59   35   10   21   58 Total recoveries 1,122   213   1,542   288   1,018 Net charge-offs 3,747   8,340   6,682   9,062   6,484 Provision for loan losses 11,695   10,562   8,130   9,338   11,409 Ending balance$181,853  $173,905  $171,683  $170,235  $169,959                     Allowance for credit losses to total loans 1.26%  1.25%  1.25%  1.28%  1.28%                    Allowance for credit losses to total average loans 1.28%  1.26%  1.27%  1.29%  1.31%Net charge-offs to total average loans 0.11%  0.25%  0.20%  0.27%  0.20%                    Provision for credit losses to total average loans 0.33%  0.31%  0.24%  0.28%  0.35%Nonperforming assets:                   Nonaccrual loans$169,711  $176,613  $168,351  $166,662  $68,619 Loans 90+ days past due and accruing 1,242   1,274   478   965   3,549 Other real estate owned and                   repossessed assets 4,834   3,072   2,583   611   311 Total$175,787  $180,959  $171,412  $168,238  $72,479                     Nonperforming loans to total loans 1.18%  1.28%  1.23%  1.26%  0.55%Nonperforming assets to total assets 0.96%  1.00%  0.97%  0.96%  0.42%Nonperforming assets to earning assets 0.99%  1.05%  1.01%  1.00%  0.43%Allowance for credit losses to nonaccrual loans 107.15%  98.47%  101.98%  102.14%  247.69%                      CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)           2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Interest income:               Interest and fees on loans $220,731 $210,066 $214,252 $210,987  $206,521 Investment securities  15,827  16,099  17,204  17,343   16,567 Federal funds sold and securities purchased with agreement to resell  4,146  5,561  5,671  4,724   1,592 Other interest and dividends  9,176  9,754  14,261  18,254   21,955 Total interest income  249,880  241,480  251,388  251,308   246,635 Interest expense:               Deposits  79,440  78,285  86,920  98,735   93,488 Borrowed funds  14,803  15,047  17,947  19,125   21,460 Total interest expense  94,243  93,332  104,867  117,860   114,948 Net interest income  155,637  148,148  146,521  133,448   131,687 Provision for credit losses  11,412  10,637  7,922  9,463   11,296 Net interest income after provision for credit losses  144,225  137,511  138,599  123,985   120,391 Non-interest income:               Service charges on deposit accounts  3,338  3,296  3,339  3,316   2,671 Mortgage banking  2,221  1,892  1,664  1,864   1,323 Credit card income  2,492  2,202  1,835  2,405   2,119 Securities losses  -  -  -  (7,812)  (8,563)Bank-owned life insurance income  4,133  2,822  8,149  2,405   2,126 Other operating income  708  628  704  655   745 Total non-interest income  12,892  10,840  15,691  2,833   421 Non-interest expenses:               Salaries and employee benefits  26,274  26,853  23,838  25,522   22,576 Equipment and occupancy expense  3,963  3,948  3,737  3,615   3,523 Third party processing and other services  7,962  7,525  7,779  8,095   8,005 Professional services  2,227  1,943  1,481  1,857   1,904 FDIC and other regulatory assessments  2,753  2,745  2,641  2,742   2,753 Other real estate owned expense  75  20  13  82   27 Other operating expenses  6,707  4,350  7,194  6,083   5,416 Total non-interest expenses  49,961  47,384  46,683  47,996   44,204 Income before income taxes  107,156  100,967  107,607  78,822   76,608 Provision for income taxes  21,363  17,996  21,223  13,251   15,184 Net income  85,793  82,971  86,384  65,571   61,424 Dividends on preferred stock  31  -  31  -   31 Net income available to common stockholders $85,762 $82,971 $86,353 $65,571  $61,393 Basic earnings per common share $1.57 $1.52 $1.58 $1.20  $1.12 Diluted earnings per common share $1.57 $1.52 $1.58 $1.20  $1.12                     AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)ON A FULLY TAXABLE-EQUIVALENT BASIS(Dollars in thousands)                                 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025  Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / RateAssets:                              Interest-earning assets:                              Loans, net of unearned income (1)                              Taxable $14,198,439  6.18% $13,751,447  6.18% $13,474,271  6.30% $13,175,297  6.34% $12,979,759  6.37%Tax-exempt (2)  26,082  37.03   32,976  5.82   30,670  5.52   30,478  5.47   30,346  5.51 Total loans, net of unearned                              income  14,224,521  6.23   13,784,423  6.18   13,504,941  6.29   13,205,775  6.34   13,010,105  6.37 Mortgage loans held for sale  13,327  5.30   10,680  4.40   9,887  4.49   11,351  4.82   11,739  5.23 Debt securities:                              Taxable  1,659,147  3.81   1,702,499  3.78   1,826,632  3.77   1,926,101  3.60   1,965,089  3.37 Tax-exempt (2)  444  5.41   444  5.41   444  5.41   444  5.41   492  4.88 Total securities (3)  1,659,591  3.81   1,702,943  3.78   1,827,076  3.77   1,926,545  3.60   1,965,581  3.37 Federal funds sold and securities                              purchased with agreement to resell  372,645  4.46   501,377  4.50   469,148  4.79   365,733  5.12   124,303  5.14 Restricted equity securities  12,456  6.41   12,228  6.17   12,193  6.61   12,167  6.36   12,146  6.64 Interest-bearing balances with banks  964,808  3.73   1,041,026  3.73   1,393,155  4.00   1,608,118  4.45   1,952,479  4.47 Total interest-earning assets $17,247,348  5.82% $17,052,677  5.75% $17,216,400  5.79% $17,129,689  5.82% $17,076,353  5.80%Non-interest-earning assets:                              Cash and due from banks  96,648      103,847      102,066      103,470      109,506    Net premises and equipment  63,303      61,253      61,009      60,614      59,944    Allowance for credit losses, accrued                              interest and other assets  606,506      552,337      556,704      415,586      380,700    Total assets $18,013,805     $17,770,114     $17,936,179     $17,709,359     $17,626,503                                   Interest-bearing liabilities:                              Interest-bearing deposits:                              Checking $2,050,758  1.69% $2,101,953  1.60% $2,126,615  1.77% $2,069,440  2.16% $2,222,000  1.78%Savings  112,077  1.41   110,843  1.42   106,551  1.52   103,668  1.66   101,506  1.63 Money market  7,956,884  3.03   7,812,168  3.01   7,816,487  3.23   7,965,115  3.67   7,616,747  3.67 Time deposits  1,274,496  3.26   1,373,023  3.42   1,392,749  3.80   1,344,257  3.97   1,321,404  4.09 Total interest-bearing deposits  11,394,215  2.80   11,397,987  2.79   11,442,402  3.01   11,482,480  3.41   11,261,657  3.33 Federal funds purchased  1,549,520  3.74   1,593,215  3.74   1,712,399  4.01   1,640,377  4.46   1,855,860  4.49 Other borrowings  34,750  4.02   34,750  4.05   59,207  4.21   64,761  4.21   64,750  4.26 Total interest-bearing liabilities $12,978,485  2.91% $13,025,952  2.91% $13,214,008  3.15% $13,187,618  3.55% $13,182,267  3.50%Non-interest-bearing liabilities:                              Non-interest-bearing                              checking  2,923,956      2,728,354      2,768,495      2,651,043      2,633,552    Other liabilities  168,793      137,231      143,680      122,873      119,829    Stockholders' equity  1,944,735      1,879,072      1,813,097      1,762,980      1,716,232    Accumulated other comprehensive                              loss  (2,164)     (495)     (3,101)     (15,155)     (25,377)   Total liabilities and                              stockholders' equity $18,013,805     $17,770,114     $17,936,179     $17,709,359     $17,626,503    Net interest spread    2.91%    2.84%    2.64%    2.27%    2.30%Net interest margin    3.63%    3.53%    3.38%    3.09%    3.10%                               (1) Average loans include nonaccrual loans in all periods. Loan fees of $4,763, $5,186, $5,464, $6,103, and $4,430 are included in interest income in the second quarter of 2026, first quarter of 2026, fourth quarter of 2025, third quarter of 2025, and second quarter of 2025, respectively.(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.(3) Unrealized losses on debt securities of $(4,830), $(2,713), $(6,311), $(22,574), and $(36,381) for the second quarter of 2026, first quarter of 2026, fourth quarter of 2025, third quarter of 2025, and second quarter of 2025, respectively, are excluded from the yield calculation. 

CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced that it has closed its previously announced acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure, in a cash and stock transaction valued at approximately $1.65 billion, subject to customary purchase price adjustments and a potential cash earnout payment based on Superior’s post-closing performance (the “Transaction”). The cash portion of the purchase price was funded with cash on hand, drawings under MasTec’s existing credit facility and drawings under two previously disclosed delayed draw term loan facilities entered into in connection with the Transaction.

Jose Mas, MasTec's Chief Executive Officer, commented, “We are pleased to officially welcome Bryan Stewart and the approximately 3,000 Superior team members to the MasTec family. We believe that the addition of Superior and its experienced leadership team, coupled with MasTec's existing operations, positions MasTec to serve the compelling and ongoing buildout of data center, power and mission-critical infrastructure, both outside and inside the fence.”

Mr. Mas continued, “This acquisition further advances MasTec’s strategy of building a scaled infrastructure capacity platform that is positioned to serve accelerating demand for data center, power and other mission-critical infrastructure through a transaction that demonstrates our commitment to disciplined capital allocation.”

About MasTec

MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec or Superior; expectations regarding the projected impact and benefits of Superior on MasTec's operating or financial results; expectations regarding MasTec's or Superior’s business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the potential strategic benefits and synergies expected from the acquisition of Superior; MasTec's ability to successfully integrate the operations of Superior; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs that affect us or our customers' industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our services; changes to governmental programs and spending policies, changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, such as a result of the One Big Beautiful Bill Act, or changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances; tariff and trade actions, including retaliatory trade actions, by the United States (U.S.) and/or other countries on U.S. exports or bans by foreign countries on certain of their exports; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of regulatory initiatives, including risks related to and the costs of compliance with existing and potential future sustainability requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

More News From MasTec, Inc.

CoreWeave (NASDAQ:CRWV) heads into its 2Q26 earnings report in early August with investors watching execution more than demand.

Demand for GPU capacity is still strong and customer commitments keep growing, but the real story now is whether the company can build out and activate power fast enough to keep up, according to analysts at Bank of America.

Data center execution is the number to watch. CoreWeave currently has about 1GW of active power and is targeting 1.7GW by year end, which means a big chunk of new capacity needs to come online over the next couple of quarters.

Bank of America analysts expect more of that buildout to land in the second half of the year rather than the first, and that's driving some steep revenue growth forecasts: 108% year over year in 2Q26, climbing to 150% in 3Q26 and 186% in 4Q26.

Capital spending is climbing too. The FY26 capex estimate has been raised to $34 billion, up from $29 billion, reflecting how fast the market is moving and the cost of key hardware components.

Operating margin is expected to come in around 2.4% in 2Q26, just below the Street's 2.8% estimate, but the outlook calls for steady improvement each quarter after that.

By the end of 4Q26, Bank of America expects operating margin could reach 14.6%, a big jump from just 1% in 1Q26.

Analysts believe competition, particularly from SpaceX and Meta, has weighed on the stock lately. But the view from Bank of America is that the compute market is not structurally competitive. Demand for AI compute is still outpacing supply by a wide margin, so the bigger constraint for customers is simply getting access to capacity, not choosing between providers.

Bank of America reiterated its Buy rating and $140 price objective on the stock.

Today's Change

(

-3.76

%) $

-1.01

Current Price

$

25.86

Warner Bros. Discovery (WBD 3.76%), a global film, TV, cable, and streaming entertainment conglomerate, closed at $25.86, down 3.76%. Shares fell after a California federal judge paused Paramount Skydance’s (PSKY 2.06%) $110 billion acquisition. Investors are watching what antitrust developments come next. Trading volume reached 44.2M shares, coming in about 115% above its three-month average of 20.6M shares. Warner Bros. Discovery IPO'd in 2005 and has grown 224% since going public.

How the markets moved todayS&P 500 (^GSPC 0.19%) closed at 7,445, down 0.17%, while the Nasdaq Composite (^IXIC 0.05%) finished at 25,508, down 0.05%. Among global media and entertainment sector rivals, Netflix closed at $67.60, down 1.96%, and Walt Disney ended at $96.44, down 1.26%, as merger headlines kept Warner Bros. Discovery and its peers in focus.

What this means for investorsThe Warner Bros. Discovery and Paramount Skydance deal continued to run into new hurdles today, this time as a federal judge placed a 14-day pause on the acquisition via a temporary restraining order. The TV and streaming juggernauts had previously hoped to close the deal by July 22nd, but will now have an August 3rd hearing to see if the pause should be extended.

California Attorney General Rob Bonta stated, "This is a critical first win in our case to ensure this megamerger never sees the light of day." Today’s news comes one week after the Writers’ Guild of America also filed a lawsuit to stop the merger, as they deem that it would “threaten the economic and creative health of the American entertainment industry."

WBD stock currently trades 20% below PSKY’s original $31-per-share cash offer, as the market remains uncertain of the deal’s completion. Meanwhile, Paramount is on the hook to pay a quarterly $0.25-per-share “ticking fee” if the deal is not closed by September 30th.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Warner Bros. Discovery. The Motley Fool has a disclosure policy.

Alphabet (GOOGL - Free Report) ) will officially kick off the Q2 earnings season for the Magnificent Seven when it reports its quarterly results after Wednesday's closing bell on July 22. 

As the first mega-cap technology company to report, Alphabet could set the tone not only for the tech sector, but also for the broader market heading into reports from Microsoft (MSFT - Free Report) ), Meta Platforms (META - Free Report) ), Amazon (AMZN - Free Report) ), Apple (AAPL - Free Report) ), and Nvidia (NVDA - Free Report) ) over the coming weeks.

With AI remaining Wall Street's dominant investment theme, investors will be looking beyond another likely quarter of double-digit revenue growth to determine whether Alphabet's massive infrastructure investments will generate attractive returns.

Image Source: Zacks Investment Research

Alphabet’s Q2 Expectations Remain HighWall Street expects Alphabet to post another impressive quarter, with consensus estimates calling for earnings of approximately $2.90 per share on revenue of $101.22 billion when including Traffic Acquisition Costs (TAC), which are the payments Google makes to partners for directing traffic to its search and advertising services.

The top-and bottom-line figures would represent roughly 24% year-over-year growth, respectively.

Several key business segments and underlying metrics will likely determine whether Alphabet can exceed expectations:

Google Search advertisingYouTube advertising revenueGoogle Cloud growthOperating marginsAI-related capital expenditures (CapEx)Cloud continues to be one of Alphabet's fastest-growing businesses, with demand for AI infrastructure and enterprise cloud services expected to remain robust. Based on Zacks estimates, Google Cloud revenue is expected to soar 67% to $22.79 billion from $13.62 billion a year ago.

Meanwhile, investors will be watching to see whether Gemini AI strengthens Search and improves monetization across Alphabet's product ecosystem. 

The Zacks ESPThe most intriguing reason for optimism is that the Zacks ESP (Expected Surprise Prediction) indicates Alphabet could once again surpass earnings expectations.

To that point, the Most Accurate and recent estimate among Wall Street analysts has Q2 EPS slated at $2.93 and nearly 2% above the underlying Zacks Consensus of $2.87 as shown below (Current Qtr).

Image Source: Zacks Investment Research

Alphabet has exceeded earnings expectations for 13 consecutive quarters with a very impressive average EPS surprise of 34.43% in its last four quarterly reports.

Image Source: Zacks Investment Research

Frozen v2 MomentumProviding a near-term catalyst, Alphabet shares are moving higher in Monday's trading session after reports that Google is developing a next-generation AI server chip, informally dubbed "Frozen v2," that would run its Gemini models more efficiently by embedding portions of the model's architecture directly into the silicon.

Key Features of Frozen v2

Model hardwiring: Unlike general-purpose AI chips that load models into memory, Frozen v2 would “freeze” certain aspects of Gemini’s neural-network design into the hardware, reducing the need for repeated data movement and calculations.Efficiency gains: Reports suggest Frozen v2 could serve 6-10 times more AI tokens per unit of power than Google’s latest custom Tensor Processing Units (TPUs).Specialized design: Frozen v2 will be a new line of homegrown chips, separate from TPUs, not intended to replace them.Deployment target: As early as 2028, although design details and how much model data will be hardwired are still being finalized. Why It Matters

Addressing AI capacity crunch: Alphabet is facing severe internal compute shortages, which have reportedly led to Google Cloud turning away some external customers.Cost and speed: By reducing overhead, Frozen v2 could lower energy costs and latency, making real-time AI services like voice assistants more feasible. Strategic self-reliance: This move deepens Google’s control over AI infrastructure, reducing reliance on competitors like Nvidia.Basically, Frozen v2 is a bold step toward model-specific AI hardware, aiming to make Gemini-based AI services faster, cheaper, and more scalable — but it comes with trade-offs in flexibility and model compatibility.

AI Spending Remains the Biggest QuestionPerhaps the most important aspect of Alphabet's report won't be the quarterly numbers themselves but management's outlook for AI spending.

Alphabet has dramatically increased its CapEx over the past year as it races alongside Microsoft, Amazon, and Meta to expand AI infrastructure. Investors generally remain comfortable with elevated spending as long as revenue and earnings continue growing at a healthy pace, but any indication that returns on those investments are slowing could pressure the stock.

Conversely, stronger-than-expected Cloud growth or encouraging commentary surrounding Gemini adoption could reinforce the bullish AI narrative that has driven tech stocks throughout 2026.

During Q1, Alphabet’s CapEx spiked 107% YoY to $35.7 billion, with the majority directed toward AI technical infrastructure.

Alphabet's current guidance is for approximately $175 billion-$185 billion in CapEx during FY26. The spending is primarily earmarked for expanding data centers, AI infrastructure, servers, networking equipment, and custom TPUs to support growing demand for Google Cloud and Gemini AI.

Aforementioned, investors will be looking for any updates to that outlook, as well as commentary on whether those investments are generating stronger Google Cloud growth and improving AI monetization.

Image Source: Zacks Investment Research

Alphabet’s Valuation Still Looks ReasonableDespite Alphabet's strong rally over the last year, its valuation remains relatively attractive compared to many other mega-cap tech stocks.

Alphabet stock currently trades at 24X forward earnings, which is near the benchmark S&P 500’s average while offering one of the strongest combinations of earnings growth, free cash flow generation, and balance-sheet strength among the Mag 7.

That reasonable valuation gives Alphabet less room for multiple contraction should earnings merely meet expectations or slightly miss them, while stronger guidance could justify additional upside if analysts continue raising profit estimates.

Image Source: Zacks Investment Research

Bottom LineBecause Alphabet reports before every other Mag 7 company this earnings season outside of Tesla ((TSLA - Free Report) ), its conference call may prove just as influential as its financial results.

Strong Q2 results and positive commentary would likely strengthen confidence ahead of reports from Microsoft, Meta, Amazon, and Nvidia, while disappointing guidance could weigh on sentiment across the entire technology sector.

Expectations are running high for Alphabet's Q2 results, but so is the company's earnings momentum. Optimistically, Alphabet stock currently sports a Zacks Rank #1 (Strong Buy) thanks to favorable earnings estimate revisions and a positive Earnings ESP, suggesting the company may be well positioned to deliver another quarterly beat.

Key Takeaways Intel’s latest quarterly results are set to be released Thursday afternoon, with options traders anticipating its stock could swing up to 12% in either direction by the end of the week.Analysts expect Intel to report growing revenue and profits, as the chipmaker’s sales have been boosted by AI demand in recent quarters. Get personalized, AI-powered answers built on 27+ years of trusted expertise.

Intel is slated to report earnings after the closing bell Thursday, with traders anticipating a sizable move from the chipmaker’s stock following the results.1

Based on recent options pricing, traders expect Intel (INTC) shares could swing up to 12% in either direction by the end of the week. A move of that size from Monday’s close could see the shares rebound close to $109, where they were earlier this month, or drag them below $86.

Intel shares have soared more than 160% since the start of the year amid speculation about new deals after a flurry of high-profile agreements and better-than-expected results, though they’ve slipped over 30% from last month’s highs after a broader pullback in the AI trade in recent weeks.

Why This Matters to Investors Intel stock has been volatile lately, along with other semiconductor stocks, amid some worries about the sustainability of the tech industry’s spending on AI.

UBS analysts recently lifted their price target for Intel to $121 from $83, telling clients they see strong demand for Intel’s data center hardware potentially supporting higher prices. The analysts said they expect investors to be watching for updates from Intel on its manufacturing capabilities, as well as potential new customers for Intel’s foundry business.2

Intel is projected to report second-quarter revenue of $14.44 billion, up about 12% year-over-year, according to estimates compiled by Visible Alpha. Adjusted earnings per share are seen coming in at 22 cents, up from an adjusted loss of 10 cents per share a year ago, when newly appointed CEO Lip Bu-Tan was in the midst of launching a turnaround plan for the chipmaker.

Amid lingering uncertainty around Intel’s turnaround, a number of Wall Street analysts have hesitated to recommend buying the stock. Of the eight analysts tracked by Visible Alpha, four have called it a “buy,” while four have maintained neutral ratings. Their mean price target of $128 would suggest upside of more than 30% from Monday’s close, bringing the stock back near last month’s record.

, /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2026. 

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

$0.52 comprehensive income per common share, comprised of: $0.52 net income per common share $(0.01) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI $0.40 net spread and dollar roll income per common share1 Excludes less than $(0.01) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates $8.58 tangible net book value per common share as of June 30, 2026 Increased $0.20 per common share, or 2.4%, from $8.38 per common share as of March 31, 2026 $0.36 dividends declared per common share for the second quarter  6.7% economic return on tangible common equity for the quarter Comprised of $0.36 dividends per common share and $0.20 increase in tangible net book value per common share OTHER SECOND QUARTER HIGHLIGHTS

$97.2 billion investment portfolio as of June 30, 2026, comprised of: $86.8 billion Agency mortgage-backed securities ("Agency MBS") $9.7 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities") $0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments 7.4x tangible net book value "at risk" leverage as of June 30, 2026 7.4x average tangible net book value "at risk" leverage for the quarter Unencumbered cash and Agency MBS totaled $7.5 billion as of June 30, 2026  Excludes unencumbered CRT and non-Agency securities Represents 62% of the Company's tangible equity as of June 30, 2026 8.6% average projected portfolio life CPR as of June 30, 2026 13.0% actual portfolio CPR for the quarter  2.00% annualized net interest spread for the quarter2  Issued 16.2 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $167 million ___________

Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information. Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread. MANAGEMENT REMARKS
"The investment environment in the second quarter continued to be challenging, as escalating rhetoric and hostilities between the United States and Iran largely dictated financial market performance," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "Elevated energy prices and supply chain disruptions were the dominant macroeconomic concerns, particularly in April and May when maritime traffic through the Strait of Hormuz was severely constrained. These concerns caused Treasury yields to increase, the yield curve to flatten, and the market's monetary policy expectations to pivot from rate cuts to rate hikes.

"Despite the volatile macroeconomic backdrop, AGNC delivered a strong economic return of 6.7% for the second quarter. Elevated mortgage rates caused a reduction in projected Agency MBS supply, while demand remained strong, creating a positive technical backdrop that supported Agency MBS performance and drove spreads to benchmark rates tighter. Although mortgage spreads have declined from recent peak levels, they remain elevated by historical standards. Agency MBS also offer compelling value relative to other fixed income alternatives, particularly corporate bonds, which are at or near historically tight spreads to U.S. Treasuries despite record issuance and rising credit concerns. Together, these favorable dynamics should be supportive of Agency MBS performance over the near to intermediate term and position AGNC to continue to deliver strong risk-adjusted returns for our stockholders."

"AGNC's 6.7% economic return on tangible common equity in the second quarter was comprised of $0.36 of dividends per common share and a $0.20 increase in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "Additionally, AGNC generated a 12.3% unannualized total stock return in the second quarter, with dividends reinvested, despite the significant volatility experienced by financial markets. AGNC's net spread and dollar roll income per common share was $0.40 for the second quarter, a modest decrease of $0.02 per common share from the prior quarter. Finally, AGNC concluded the second quarter with tangible 'at risk' leverage of 7.4x and a substantial liquidity position of $7.5 billion of unencumbered cash and Agency MBS, representing 62% of our tangible equity at quarter end."

TANGIBLE NET BOOK VALUE PER COMMON SHARE
As of June 30, 2026, the Company's tangible net book value per common share was $8.58 per share, an increase of 2.4% for the quarter compared to $8.38 per share as of March 31, 2026. The Company's tangible net book value per common share excludes $526 million, or $0.45 and $0.46 per share, of goodwill as of June 30 and March 31, 2026, respectively.

INVESTMENT PORTFOLIO
As of June 30, 2026, the Company's investment portfolio totaled $97.2 billion, comprised of:

$96.5 billion of Agency MBS and TBA securities, including: $92.1 billion of fixed-rate securities, comprised of: $82.1 billion 30-year MBS, $9.5 billion 30-year TBA securities, net, and $0.5 billion 15 and 20-year MBS and TBA securities; and $4.5 billion of collateralized mortgage obligations ("CMOs"), adjustable-rate and other Agency securities; and $0.7 billion of CRT and non-Agency securities and other mortgage credit investments. As of June 30, 2026, 30-year fixed-rate Agency MBS and TBA securities represented 94% of the Company's investment portfolio, unchanged from March 31, 2026.

As of June 30, 2026, the Company's fixed-rate Agency MBS and TBA securities' weighted average coupon was 5.04%, compared to 4.95% as of March 31, 2026, comprised of the following weighted average coupons:

5.05% for 30-year fixed-rate securities; 4.82% for 15-year fixed-rate securities; and 3.74% for 20-year fixed-rate securities. The Company accounts for TBA securities and other forward settling securities as derivative instruments and recognizes TBA dollar roll income in other gain (loss), net on the Company's financial statements. As of June 30, 2026, such positions had a fair value of $9.7 billion and a GAAP net carrying value of $52 million reported in derivative assets/(liabilities) on the Company's balance sheet, compared to $9.5 billion and $(194) million, respectively, as of March 31, 2026.

CONSTANT PREPAYMENT RATES
The Company's weighted average projected CPR for the remaining life of its Agency securities held as of June 30, 2026 decreased to 8.6% from 10.3% as of March 31, 2026. The Company's weighted average actual CPR for the second quarter was 13.0%, compared to 13.2% for the prior quarter.

The weighted average cost basis of the Company's investment portfolio was 100.7% of par value as of June 30, 2026. The Company's investment portfolio generated net premium amortization cost of $(47) million, or $(0.04) per common share, for the second quarter, which includes a "catch-up" premium amortization cost of $(5) million, or less than $(0.01) per common share, due to changes in the Company's CPR projections for certain securities acquired prior to the second quarter. This compares to net premium amortization cost for the prior quarter of $(52) million, or $(0.05) per common share, including a "catch-up" premium amortization benefit of $5 million, or less than $0.01 per common share. 

ASSET YIELDS, COST OF FUNDS AND NET INTEREST RATE SPREAD
The Company's average asset yield on its investment portfolio, excluding the TBA position, was 4.87% for the second quarter, compared to 4.95% for the prior quarter. Excluding "catch-up" premium amortization, the Company's average asset yield was 4.89% for the second quarter, compared to 4.93% for the prior quarter. Including the TBA position and excluding "catch-up" premium amortization, the Company's average asset yield for the second quarter was 4.89%, compared to 4.98% for the prior quarter.

For the second quarter, the weighted average interest rate on the Company's repurchase agreements was 3.74%, compared to 3.79% for the prior quarter. For the second quarter, the Company's TBA position had an implied financing cost of 3.46%, compared to 3.45% for the prior quarter. Inclusive of interest rate swaps, the Company's combined weighted average cost of funds for the second quarter was 2.89%, compared to 2.92% for the prior quarter.

The Company's annualized net interest spread, including the TBA position and interest rate swaps and excluding "catch-up" premium amortization, for the second quarter was 2.00%, compared to 2.06% for the prior quarter.

NET SPREAD AND DOLLAR ROLL INCOME
The Company recognized net spread and dollar roll income (a non-GAAP financial measure) for the second quarter of $0.40 per common share, compared to $0.42 per common share for the prior quarter. Net spread and dollar roll income excludes less than $(0.01) and less than $0.01 per common share of estimated "catch-up" premium amortization (cost) / benefit for the second quarter and prior quarter, respectively.

The Company's cost of funds, net interest rate spread and net spread and dollar income excludes the impact of the Company's U.S. Treasury hedges, option-based hedges, and other supplemental interest rate hedges. For additional information regarding the Company's U.S. Treasury hedges, please refer to the schedule of Key Statistics included in this release.

A reconciliation of the Company's total comprehensive income (loss) to net spread and dollar roll income and additional information regarding the Company's use of non-GAAP measures are included later in this release. 

LEVERAGE
As of June 30, 2026, $79.5 billion of repurchase agreements and $9.7 billion of net TBA dollar roll positions (at cost) were used to fund the Company's investment portfolio. The remainder, or approximately $10.3 billion, of the Company's repurchase agreements was used to fund short-term purchases of U.S. Treasury securities ("U.S. Treasury Repo") and is not included in the Company's leverage measurements. Inclusive of its net TBA position and net payable/(receivable) for unsettled investment securities, the Company's tangible net book value "at risk" leverage ratio was 7.4x as of June 30, 2026, unchanged from the prior quarter. The Company's average "at risk" leverage ratio for the second quarter was 7.4x tangible net book value, also unchanged from the prior quarter.

As of June 30, 2026, the Company's repurchase agreements used to fund its investment portfolio ("Investment Securities Repo") had a weighted average interest rate of 3.75%, compared to 3.77% as of March 31, 2026, and a weighted average remaining maturity of 13 days, compared to 20 days as of March 31, 2026. As of June 30, 2026, $42.4 billion, or 53%, of the Company's Investment Securities Repo was funded through the Company's captive broker-dealer subsidiary, Bethesda Securities, LLC. 

HEDGING ACTIVITIES
As of June 30, 2026, interest rate swaps, U.S. Treasury positions, option-based hedges (swaptions), and other interest rate hedges equaled 73% of the Company's outstanding balance of Investment Securities Repo, net TBA position, and other debt (collectively, "funding liabilities"), compared to 75% as of March 31, 2026. Excluding option-based hedges, the Company's hedge portfolio covered 82% of its funding liabilities as of June 30, 2026, compared to 83% as of March 31, 2026.

As of June 30, 2026, the Company's pay fixed interest rate swap position totaled $73.8 billion in notional amount, with an average fixed pay rate of 2.76%, an average floating receive rate of 3.68% and an average maturity of 4.0 years, compared to $76.5 billion, 2.67%, 3.68% and 4.1 years, respectively, as of March 31, 2026.

As of June 30, 2026, the Company had a net short U.S. Treasury position of $2.1 billion, receiver swaptions of $7.8 billion outstanding and a two-year swap equivalent long SOFR futures position of $2.6 billion outstanding, compared to a $5.4 billion net long U.S. Treasury position and net receiver swaptions of $7.0 billion as of March 31, 2026.

OTHER GAIN (LOSS), NET
For the second quarter, the Company recorded a net gain of $379 million in other gain (loss), net, or $0.33 per common share, compared to a net loss of $(433) million, or $(0.39) per common share, for the prior quarter. Other gain (loss), net for the second quarter was comprised of:

$(16) million of net realized losses on sales of investment securities; $(90) million of net unrealized losses on investment securities measured at fair value through net income; $179 million of interest rate swap periodic income; $461 million of net gains on interest rate swaps; $(15) million of net losses on interest rate swaptions; $(4) million of net losses on SOFR futures; $(102) million of net losses on U.S. Treasury positions; $44 million of TBA dollar roll income; $(80) million of net mark-to-market losses on TBA securities; and $3 million of other interest income (expense), net; and $(1) million of other miscellaneous losses. OTHER COMPREHENSIVE LOSS
During the second quarter, the Company recorded other comprehensive income (loss) of $(7) million, or $(0.01) per common share, consisting of net unrealized losses on its Agency securities recognized through OCI, compared to $(8) million, or $(0.01) per common share, in the prior quarter.

COMMON STOCK DIVIDENDS
During the second quarter, the Company declared dividends of $0.12 per share to common stockholders of record as of April 30, May 29, and June 30, 2026, totaling $0.36 per share for the quarter. Since its May 2008 initial public offering through the second quarter of 2026, the Company has declared a total of $16.3 billion in common stock dividends, or $50.80 per common share.

FINANCIAL STATEMENTS, OPERATING PERFORMANCE AND PORTFOLIO STATISTICS
The following measures of operating performance include net spread and dollar roll income; economic interest income; economic interest expense; and the related per common share measures and financial metrics derived from such information, which are non-GAAP financial measures. Please refer to "Use of Non-GAAP Financial Information" later in this release for further discussion of non-GAAP measures.

AGNC INVESTMENT CORP.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Assets:

Agency securities, at fair value (including pledged securities of $80,761, $77,364, $74,149, $68,821
and $67,375, respectively)

$                    86,784

$                    84,447

$                    81,003

$                    76,198

$                    73,232

Agency securities transferred to consolidated variable interest entities, at fair value (pledged
securities)

—

—

85

88

91

Credit risk transfer securities, at fair value (including pledged securities of $525, $545, $558, $554 and
$558, respectively)

573

593

606

609

613

Non-Agency securities, at fair value, and other mortgage credit investments (including pledged
securities of $8, $8, $13, $15 and $30, respectively)

94

93

95

97

109

U.S. Treasury securities, at fair value (including pledged securities of $11,295, $12,313, $13,056, 
$5,431 and $3,554, respectively)

12,325

12,582

13,477

5,927

3,565

Cash and cash equivalents

457

493

450

450

656

Restricted cash

1,329

1,864

1,292

1,461

1,216

Derivative assets, at fair value

260

178

169

145

155

Receivable for investment securities sold (including pledged securities of $201, $0, $149, $1,340 and
$0, respectively)

401

—

152

1,502

—

Receivable under reverse repurchase agreements

18,433

17,644

16,615

21,399

21,362

Goodwill

526

526

526

526

526

Other assets (including pledged securities of $0, $0, $0, $74 and $0, respectively)

578

477

607

567

496

Total assets

$                  121,760

$                  118,897

$                  115,077

$                  108,969

$                  102,021

Liabilities:

Repurchase agreements

$                    89,808

$                    87,616

$                    85,286

$                    74,152

$                    69,153

Debt of consolidated variable interest entities, at fair value

—

—

56

58

60

Payable for investment securities purchased

312

933

193

1,225

392

Derivative liabilities, at fair value

137

440

6

87

106

Dividends payable

184

182

182

170

164

Obligation to return securities borrowed under reverse repurchase agreements, at fair value

18,150

17,032

16,452

20,802

21,305

Accounts payable and other liabilities

626

513

509

1,031

494

Total liabilities

109,217

106,716

102,684

97,525

91,674

Stockholders' equity:

Preferred Stock - aggregate liquidation preference of $2,033, $2,033, $2,033, $2,033 and $1,688,
respectively

1,968

1,968

1,968

1,968

1,634

Common stock - $0.01 par value; 1,164.2, 1,147.8, 1,107.6, 1,072.7 and 1,041.7 shares issued and
outstanding, respectively

12

11

11

11

10

Additional paid-in capital

19,830

19,656

19,261

18,892

18,575

Retained deficit

(8,929)

(9,123)

(8,524)

(9,038)

(9,422)

Accumulated other comprehensive loss

(338)

(331)

(323)

(389)

(450)

Total stockholders' equity

12,543

12,181

12,393

11,444

10,347

Total liabilities and stockholders' equity

$                  121,760

$                  118,897

$                  115,077

$                  108,969

$                  102,021

Tangible net book value per common share 1

$                        8.58

$                        8.38

$                        8.88

$                        8.28

$                        7.81

AGNC INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

Three Months Ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Interest income:

Interest income

$                      1,014

$                      1,050

$                         944

$                         903

$                         830

Interest expense

709

731

738

755

668

Net interest income

305

319

206

148

162

Other gain (loss), net:

Realized (loss) gain on sale of investment securities, net

(16)

74

(26)

(81)

(177)

Unrealized (loss) gain on investment securities measured at fair value through net income, net

(90)

(889)

475

805

270

Gain (loss) on derivative instruments and other investments, net

485

382

340

(36)

(367)

Total other gain (loss), net

379

(433)

789

688

(274)

Expenses:

Compensation and benefits

19

23

30

20

18

Other operating expense

11

11

11

10

10

Total operating expense

30

34

41

30

28

Net income (loss)

654

(148)

954

806

(140)

Dividend on preferred stock

44

44

46

42

38

Net income (loss) available (attributable) to common stockholders

$                         610

$                       (192)

$                         908

$                         764

$                       (178)

Net income (loss)

$                         654

$                       (148)

$                         954

$                         806

$                       (140)

Unrealized (loss) gain on investment securities measured at fair value through other comprehensive
income (loss), net

(7)

(8)

66

61

48

Comprehensive income (loss)

647

(156)

1,020

867

(92)

Dividend on preferred stock

44

44

46

42

38

Comprehensive income (loss) available (attributable) to common stockholders

$                         603

$                       (200)

$                         974

$                         825

$                       (130)

Weighted average number of common shares outstanding - basic

1,157.6

1,122.6

1,089.3

1,053.0

1,017.3

Weighted average number of common shares outstanding - diluted

1,162.0

1,122.6

1094.6

1056.6

1017.3

Net income (loss) per common share - basic

$                        0.53

$                      (0.17)

$                        0.83

$                        0.73

$                      (0.17)

Net income (loss) per common share - diluted

$                        0.52

$                      (0.17)

$                        0.83

$                        0.72

$                      (0.17)

Comprehensive income (loss) per common share - basic

$                        0.52

$                      (0.18)

$                        0.89

$                        0.78

$                      (0.13)

Comprehensive income (loss) per common share - diluted

$                        0.52

$                      (0.18)

$                        0.89

$                        0.78

$                      (0.13)

Dividends declared per common share

$                        0.36

$                        0.36

$                        0.36

$                        0.36

$                        0.36

AGNC INVESTMENT CORP.

RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (NON-GAAP MEASURE) 2

(in millions, except per share data)

(unaudited)

Three Months Ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Comprehensive income (loss) available (attributable) to common stockholders

$                         603

$                       (200)

$                         974

$                         825

$                       (130)

Adjustments to exclude realized and unrealized (gains) losses reported through net income:

Realized (gain) loss on sale of investment securities, net

16

(74)

26

81

177

Unrealized (gain) loss on investment securities measured at fair value through net income, net

90

889

(475)

(805)

(270)

(Gain) loss on derivative instruments and other securities, net

(485)

(382)

(340)

36

367

Adjustment to exclude unrealized (gain) loss reported through other comprehensive income:

Unrealized (gain) loss on available-for-sale securities measure at fair value through other
comprehensive income, net

7

8

(66)

(61)

(48)

Other adjustments:

Estimated "catch up" premium amortization cost (benefit) due to change in CPR forecast 3

5

(5)

7

14

(11)

TBA dollar roll income 4,5

44

51

27

23

24

Interest rate swap periodic income, net 4,6

179

182

217

245

282

Other interest income (expense), net 4,7

3

6

9

7

(3)

Net spread and dollar roll income available to common stockholders

$                         462

$                         475

$                         379

$                         365

$                         388

Weighted average number of common shares outstanding - basic

1,157.6

1,122.6

1,089.3

1,053.0

1,017.3

Weighted average number of common shares outstanding - diluted

1,162.0

1,127.3

1,094.6

1,056.6

1,019.6

Net spread and dollar roll income per common share - basic

$                        0.40

$                        0.42

$                        0.35

$                        0.35

$                        0.38

Net spread and dollar roll income per common share - diluted

$                        0.40

$                        0.42

$                        0.35

$                        0.35

$                        0.38

AGNC INVESTMENT CORP.

NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE 2

(in millions, except per share data)

(unaudited)

Three Months Ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Adjusted net interest and dollar roll income:

Economic interest income:

Investment securities - GAAP interest income 8

$                      1,014

$                      1,050

$                         944

$                         903

$                         830

Estimated "catch-up" premium amortization cost (benefit) due to change in CPR forecast 3

5

(5)

7

14

(11)

TBA dollar roll income - implied interest income 4,9

155

140

169

135

154

Economic interest income

1,174

1,185

1,120

1,052

973

Economic interest expense:

Repurchase agreements and other debt - GAAP interest expense

(709)

(731)

(738)

(755)

(668)

TBA dollar roll income - implied interest expense 4,10

(111)

(89)

(142)

(112)

(130)

Interest rate swap periodic income, net 4,6

179

182

217

245

282

Economic interest expense

(641)

(638)

(663)

(622)

(516)

Other interest and dividend income 3

—

—

—

—

—

Adjusted net interest and dollar roll income

$                         533

$                         547

$                         457

$                         430

$                         457

Net interest spread:

Average asset yield:

Investment securities - average asset yield

4.87 %

4.95 %

4.87 %

4.83 %

4.89 %

Estimated "catch-up" premium amortization cost (benefit) due to change in CPR forecast

0.02 %

(0.02) %

0.03 %

0.08 %

(0.06) %

Investment securities average asset yield, excluding "catch-up" premium amortization

4.89 %

4.93 %

4.90 %

4.91 %

4.83 %

TBA securities - average implied asset yield 9

4.87 %

5.42 %

4.91 %

5.31 %

5.14 %

Average asset yield 11

4.89 %

4.98 %

4.91 %

4.95 %

4.87 %

Average total cost of funds:

Repurchase agreements and other debt - average funding cost

3.74 %

3.79 %

4.13 %

4.43 %

4.44 %

TBA securities - average implied funding cost 10

3.46 %

3.45 %

4.03 %

4.31 %

4.29 %

Average cost of funds, before interest rate swap periodic income, net 11

3.70 %

3.75 %

4.11 %

4.42 %

4.42 %

Interest rate swap periodic income, net 12

(0.81) %

(0.83) %

(1.01) %

(1.25) %

(1.56) %

Average total cost of funds 13

2.89 %

2.92 %

3.10 %

3.17 %

2.86 %

Average net interest spread

2.00 %

2.06 %

1.81 %

1.78 %

2.01 %

AGNC INVESTMENT CORP.

KEY STATISTICS*

(in millions, except per share data)

(unaudited)

Three Months Ended

Key Balance Sheet Statistics:

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Investment securities: 8

Fixed-rate Agency MBS, at fair value - as of period end

$                    82,334

$                    80,466

$                    77,483

$                    73,283

$                    71,104

Other Agency MBS, at fair value - as of period end

$                      4,450

$                      3,981

$                      3,605

$                      3,003

$                      2,219

Credit risk transfer securities, at fair value - as of period end

$                         573

$                         593

$                         606

$                         609

$                         613

Non-Agency MBS, at fair value - as of period end 14

$                           24

$                           24

$                           25

$                           28

$                           43

Total investment securities, at fair value - as of period end

$                    87,381

$                    85,064

$                    81,719

$                    76,923

$                    73,979

Total investment securities, at cost - as of period end

$                    88,471

$                    86,058

$                    81,817

$                    77,563

$                    75,484

Total investment securities, at par - as of period end

$                    87,896

$                    84,847

$                    80,830

$                    76,625

$                    74,572

Average investment securities, at cost

$                    83,366

$                    84,814

$                    77,562

$                    74,783

$                    67,887

Average investment securities, at par

$                    82,557

$                    83,659

$                    76,647

$                    73,836

$                    66,876

TBA securities: 15

Net TBA portfolio - as of period end, at fair value

$                      9,728

$                      9,548

$                    12,988

$                    13,841

$                      8,263

Net TBA portfolio - as of period end, at cost

$                      9,676

$                      9,742

$                    12,917

$                    13,805

$                      8,162

Net TBA portfolio - as of period end, carrying value

$                           52

$                       (194)

$                           71

$                           36

$                         101

Average net TBA portfolio, at cost

$                    12,729

$                    10,343

$                    13,764

$                    10,163

$                    11,996

Average repurchase agreements and other debt 16

$                    75,070

$                    77,120

$                    69,943

$                    66,654

$                    59,469

Average stockholders' equity 17

$                    12,447

$                    12,405

$                    11,828

$                    10,732

$                    10,118

Tangible net book value per common share 1

$                        8.58

$                        8.38

$                        8.88

$                        8.28

$                        7.81

Tangible net book value "at risk" leverage - average 18

7.4 :1

7.4 :1

7.4 :1

7.5 :1

7.5 :1

Tangible net book value "at risk" leverage - as of period end 19

7.4 :1

7.4 :1

7.2 :1

7.6 :1

7.6 :1

Key Performance Statistics:

Investment securities: 8

Average coupon

5.14 %

5.27 %

5.19 %

5.20 %

5.14 %

Average asset yield

4.87 %

4.95 %

4.87 %

4.83 %

4.89 %

Average asset yield, excluding "catch-up" premium amortization

4.89 %

4.93 %

4.90 %

4.91 %

4.83 %

Average coupon - as of period end

5.05 %

5.25 %

5.19 %

5.17 %

5.14 %

Average asset yield - as of period end

4.91 %

4.93 %

4.93 %

4.94 %

4.92 %

Average actual CPR for securities held during the period

13.0 %

13.2 %

9.7 %

8.3 %

8.7 %

Average forecasted CPR - as of period end

8.6 %

10.3 %

9.6 %

8.6 %

7.8 %

Total premium amortization benefit (cost)

$                         (47)

$                         (52)

$                         (51)

$                         (57)

$                         (30)

TBA securities:

Average coupon - as of period end 20

4.89 %

4.11 %

4.98 %

5.11 %

5.22 %

Average implied asset yield 9

4.87 %

5.42 %

4.91 %

5.31 %

5.14 %

Combined investment and TBA securities - average asset yield, excluding "catch-up" premium
amortization 11

4.89 %

4.98 %

4.91 %

4.95 %

4.87 %

Cost of funds: 13

Repurchase agreements - average funding cost

3.74 %

3.79 %

4.13 %

4.43 %

4.44 %

TBA securities - average implied funding cost 10

3.46 %

3.45 %

4.03 %

4.31 %

4.29 %

Interest rate swaps - average periodic income 12

(0.81) %

(0.83) %

(1.01) %

(1.25) %

(1.56) %

Average total cost of funds, inclusive of TBAs and interest rate swap periodic income, net 11

2.89 %

2.92 %

3.10 %

3.17 %

2.86 %

Repurchase agreements - average funding cost as of period end

3.75 %

3.77 %

3.98 %

4.38 %

4.49 %

Interest rate swaps - average net pay/(receive) rate as of period end 21

(0.92) %

(1.01) %

(1.29) %

(1.76) %

(2.34) %

Net interest spread:

Combined investment and TBA securities average net interest spread, excluding "catch-up" premium
amortization

2.00 %

2.06 %

1.81 %

1.78 %

2.01 %

Expenses % of average stockholders' equity - annualized

0.96 %

1.10 %

1.39 %

1.12 %

1.11 %

Economic return (loss) on tangible common equity - unannualized 22

6.7 %

(1.6) %

11.6 %

10.6 %

(1.0) %

Key Interest Rate Hedge Statistics

Interest rate swaps:

Average interest rate swaps, notional amount (excluding forward starting swaps), net

$                    75,216

$                    71,607

$                    59,863

$                    45,656

$                    45,849

Average pay-fixed rate

2.71 %

2.65 %

2.56 %

2.25 %

1.94 %

Average receive-floating rate

3.65 %

3.67 %

3.98 %

4.35 %

4.38 %

U.S. Treasury securities:

Average short U.S. Treasury securities, at cost

$                    16,939

$                    16,772

$                    18,414

$                    21,466

$                    19,754

Average short U.S. Treasury securities yield

4.23 %

4.25 %

4.18 %

4.21 %

4.16 %

Average long U.S. Treasury securities, at cost

$                    12,370

$                    12,033

$                    12,964

$                      4,749

$                      2,044

Average long U.S. Treasury securities yield

3.70 %

3.71 %

3.74 %

4.01 %

4.45 %

U.S. Treasury futures:

Average short U.S. Treasury futures, at cost

$                      4,006

$                      3,210

$                      1,901

$                      1,834

$                      1,208

Average short U.S. Treasury futures implied yield 23

4.73 %

4.64 %

4.71 %

4.60 %

4.53 %

Average long U.S. Treasury futures, at cost

$                      9,917

$                    11,147

$                         708

$                           —

$                           —

Average long U.S. Treasury futures implied yield 23

3.89 %

3.71 %

3.92 %

— %

— %

Average reverse repurchase agreement rate

3.63 %

3.68 %

4.00 %

4.34 %

4.33 %

*Except as noted below, average numbers for each period are weighted based on days on the Company's books and records. All percentages are annualized, unless otherwise noted.
Numbers in financial tables may not total due to rounding.

Tangible net book value per common share excludes preferred stock liquidation preference and goodwill. Table includes non-GAAP financial measures and/or amounts derived from non-GAAP measures. Refer to "Use of Non-GAAP Financial Information" for additional discussion of non-GAAP financial measures. "Catch-up" premium amortization cost/benefit is reported in interest income on the accompanying consolidated statements of operations. Amount reported in gain (loss) on derivatives instruments and other securities, net in the accompanying consolidated statements of operations. Dollar roll income represents the price differential, or "price drop," between the TBA price for current month settlement versus the TBA price for forward month settlement. Amount includes dollar roll income (loss) on long and short TBA securities. Amount excludes TBA mark-to-market adjustments. Represents periodic interest rate swap settlements. Amount excludes interest rate swap termination fees, mark-to-market adjustments and price alignment interest income (expense) on margin deposits. Other interest income (expense), net includes interest income on cash and cash equivalents, price alignment interest income (expense) on margin deposits, and other miscellaneous interest income (expense). Investment securities include Agency MBS, CRT and non-Agency securities. Amounts exclude TBA and forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations. The average implied asset yield and associated gross income for TBA dollar roll transactions is extrapolated by adding the average TBA implied funding cost (Note 10) to the net dollar roll yield. The net dollar roll yield is calculated by dividing dollar roll income (Note 5) by the average net TBA balance (cost basis) outstanding for the period. The implied funding cost/benefit of TBA dollar roll transactions is determined using the "price drop" (Note 5) and market-based assumptions regarding the "cheapest-to-deliver" collateral that can be delivered to satisfy the TBA contract, such as the anticipated collateral's weighted average coupon, weighted average maturity and projected 1-month CPR. The average implied funding cost/benefit for TBA transactions represents the Company's long TBA position only, weighted based on the Company's daily average long TBA position outstanding for the period. Amount calculated on a weighted average basis based on average balances outstanding during the period and their respective asset yield/funding cost. Represents interest rate swap periodic cost/income measured as a percent of total mortgage funding (Investment Securities Repo, other debt and net TBA securities (at cost)). Cost of funds excludes U.S. Treasury, option-based, and other supplemental hedges used to hedge a portion of the Company's interest rate risk and U.S. Treasury Repo. Non-Agency MBS, at fair value, excludes $70 million, $69 million, $70 million, $69 million and $66 million of other mortgage credit investments held as of June 30 and March 31, 2026 and December 31, September 30 and June 30, 2025, respectively. Includes TBA dollar roll position and, if applicable, forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations. Amount is net of short TBA securities. Average repurchase agreements and other debt excludes U.S. Treasury Repo. Average stockholders' equity calculated as the average month-ended stockholders' equity during the quarter. Average tangible net book value "at risk" leverage during the period was calculated by dividing the sum of the daily weighted average Investment Securities Repo, other debt, and TBA and forward settling securities (at cost) outstanding for the period by the sum of average stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo. Tangible net book value "at risk" leverage as of period end was calculated by dividing the sum of the amount outstanding under Investment Securities Repo, other debt, net TBA position and forward settling securities (at cost), and net receivable / payable for unsettled investment securities outstanding by the sum of total stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo. Average TBA coupon is for the long TBA position only. Includes forward starting swaps not yet in effect as of reported period-end. Economic return (loss) on tangible common equity represents the sum of the change in tangible net book value per common share and dividends declared on common stock during the period over the beginning tangible net book value per common share. The implied yields for Treasury futures are calculated based on the "cheapest-to-deliver" security that can be delivered to satisfy the futures contract identified at the time the futures contract was initiated using data sourced from a third-party model. STOCKHOLDER CALL
AGNC invites stockholders, prospective stockholders and analysts to attend the AGNC stockholder call on July 21, 2026 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). Please advise the operator you are dialing in for the AGNC Investment Corp. stockholder call.

A slide presentation will accompany the call and will be available in the Investors section of the Company's website at www.AGNC.com. Select the Q2 2026 Stockholder Presentation link to download the presentation in advance of the stockholder call.

An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on July 21, 2026. In addition, there will be a phone recording available one hour after the call on July 21, 2026 through August 4, 2026. Those who are interested in hearing the recording of the presentation, can access it by dialing (855) 669-9658 (U.S. domestic) or (412) 317-0088 (international), passcode 8844707.

For further information, please contact Investor Relations at (301) 968-9300 or [email protected].

ABOUT AGNC INVESTMENT CORP.
Founded in 2008, AGNC Investment Corp. (Nasdaq: AGNC) is a leading investor in Agency residential mortgage-backed securities (Agency MBS), which benefit from a guarantee against credit losses by Fannie Mae, Freddie Mac, or Ginnie Mae. We invest on a leveraged basis, financing our Agency MBS assets primarily through repurchase agreements, and utilize dynamic risk management strategies intended to protect the value of our portfolio from interest rate and other market risks.

AGNC has a track record of providing favorable long-term returns for our stockholders through substantial monthly dividend income, with over $16 billion of common stock dividends paid since inception. Our business is a significant source of private capital for the U.S. residential housing market, and our team has extensive experience managing mortgage assets across market cycles.

We use our website (www.AGNC.com) and AGNC's LinkedIn and X accounts to distribute information about the Company. Investors should monitor these channels in addition to our press releases, filings with the U.S. Securities and Exchange Commission ("SEC"), public conference calls and webcasts, as information posted through them may be deemed material. Our website, alerts and social media channels are not incorporated by reference into, and are not a part of, this document or any report filed with the SEC. To learn more about The Premier Agency Residential Mortgage REIT, please visit www.AGNC.com, follow us on LinkedIn and X, and sign up for Investor Alerts.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements or from our historic performance due to a variety of important factors, including, without limitation, changes in monetary policy and other factors that affect interest rates, MBS spreads to benchmark interest rates, the forward yield curve, or prepayment rates; the availability and terms of financing; changes in the market value of the Company's assets; general economic or geopolitical conditions; liquidity and other conditions in Agency MBS and other financial markets; and legislative and regulatory changes that could adversely affect the business of the Company. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with GAAP, the Company's results of operations discussed in this release include certain non-GAAP financial information, including "net spread and dollar roll income"; "economic interest income" and "economic interest expense"; and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread."

Net spread and dollar roll income available to common stockholders is measured as comprehensive income (loss) available (attributable) to common stockholders (GAAP measure) adjusted to: (i) exclude gains/losses on investment securities recognized through net income or other comprehensive income and gains/losses on derivative instruments and other securities (GAAP measures), (ii) exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and (iii) include interest rate swap periodic income/ cost, TBA dollar roll income and other miscellaneous interest income/expense. As defined, net spread and dollar roll income available to common stockholders represents net interest income/ expense (GAAP measure) adjusted to exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and to include TBA dollar roll income, interest rate swap periodic income/cost and other miscellaneous interest income/expense, less total operating expense (GAAP measure) and dividends on preferred stock (GAAP measure).

By providing users of the Company's financial information with such measures in addition to the related GAAP measures, the Company believes users have greater transparency into the information used by the Company's management in its financial and operational decision-making. The Company also believes that it is important for users of its financial information to consider information related to the Company's current financial performance without the effects of certain transactions that are not necessarily indicative of its current investment portfolio performance and operations.

Specifically, the Company believes the inclusion of TBA dollar roll income in its non-GAAP measures is meaningful as TBAs are economically equivalent to holding and financing generic Agency MBS using short-term repurchase agreements but are recognized under GAAP in gain/ loss on derivative instruments in the Company's statement of operations. Similarly, the Company believes that the inclusion of periodic interest rate swap settlements in such measures, which are recognized under GAAP in gain/loss on derivative instruments, is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company's borrowing costs and inclusion of periodic interest rate swap settlements is more indicative of the Company's total cost of funds than interest expense alone. Finally, the Company believes the exclusion of "catch-up" adjustments to premium amortization cost is meaningful as it excludes the cumulative effect from prior reporting periods due to current changes in future prepayment expectations and, therefore, exclusion of such "catch-up" cost or benefit is more indicative of the current earnings potential of the Company's investment portfolio.

However, because such measures are incomplete measures of the Company's financial performance and involve differences from results computed in accordance with GAAP, they should be considered as supplementary to, and not as a substitute for, results computed in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of such non-GAAP measures may not be comparable to other similarly-titled measures of other companies.

A reconciliation of GAAP comprehensive income (loss) to non-GAAP "net spread and dollar roll income" is included in this release.

CONTACT:
Investors - (301) 968-9300
Media - (301) 968-9303

SOURCE AGNC Investment Corp.

, /PRNewswire/ -- Cardinal Health (NYSE: CAH) announced today it has entered into two definitive agreements that accelerate its at-Home Solutions' growth strategy.

Cardinal Health will acquire the Diabetes Health business of AdaptHealth Corp. (NASDAQ: AHCO), and, in its entirety, Strive Medical, a multi-specialty supply provider with a focus on urology. Combined, the transactions total approximately $360 million in cash, subject to working capital adjustments.

"These strategic transactions build on the synergies created by our recent investments in home care," said Jason Hollar, Chief Executive Officer, Cardinal Health. "As a natural extension of our at-Home Solutions growth strategy, they expand our enterprise-wide depth and breadth across important therapeutic categories like diabetes management and urology, further strengthening our leadership in a highly dynamic industry."

Both agreements enhance the framework established by Cardinal Health's most recent acquisition of Advanced Diabetes Supply (ADS). The company recently highlighted the progress of its at-Home Solutions business one year after its acquisition of ADS, including integration achievements that were realized ahead of plan. Since closing the original ADS transaction, the team successfully migrated all ADS volume onto the at-Home Solutions efficient and technology-enabled distribution network, onboarded nearly 500,000 new customers, and launched ContinuCare Pathway, a unique pharmacy-to-supplier digital referral pathway program.

"Our significant operational achievements in FY26 position us to continue building the country's leading platform to deliver simplified, innovative and high-quality care in the home, both organically and through acquisition," said Rob Schlissberg, President of Cardinal Health at-Home Solutions.

Layering these transactions on top of previous investments in the at-Home Solutions business also expands the company's ability to deliver high-quality service at scale. 

AdaptHealth's Diabetes Health business, which serves more than 225,000 people annually, operates primarily as a centralized, mail-order, direct-to-patient model that delivers supplies like continuous glucose monitors to support the ongoing management of diabetes.

Strive Medical serves more than 20,000 people annually as one of the nation's leading independent home medical supply providers specializing in urology, wound care, ostomy, and incontinence supplies, expanding Cardinal Health's enterprise-wide capabilities in this critical therapeutic area.  

These transactions are subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, and are expected to be accretive to non-GAAP earnings per share in the first 12 months following close.  

Advisors
J.P. Morgan Securities LLC served as financial advisor to Cardinal Health on both acquisitions. Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper served as legal advisors to Cardinal Health on the acquisition of AdaptHealth's diabetes business. BakerHostetler LLP and DLA Piper LLP served as legal advisors to Cardinal Health on the acquisition of Strive Medical.

About Cardinal Health  

Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. Our company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day. Learn more about Cardinal Health at cardinalhealth.com and in our Newsroom.

About AdaptHealth

AdaptHealth Corp. is a national leader in providing patient-centered, healthcare-at-home solutions, including home medical equipment (HME), medical supplies, and related services. Through its network of full-service medical equipment providers, AdaptHealth delivers tailored products and services designed to help patients manage chronic conditions and live independently in their homes. It serves beneficiaries of Medicare, Medicaid, and commercial insurance plans and reaches millions of patients annually.

About Strive Medical LLC

Strive Medical, an NMS Capital portfolio company, is a leading national durable medical equipment (DME) provider specializing in urology, incontinence, and wound care supplies delivered directly to patients. As an Accreditation Commission for Health Care (ACHC) accredited organization, Strive Medical manages the full insurance billing process – including Medicare, Medicaid, and over 5,000 private insurance plans – making access to essential supplies seamless for patients and referring providers alike. For more information, visit strivemedical.com

Contacts

Media: Cari Wildasinn, [email protected] and (614) 757-8287

Investors: David Frost, [email protected] and (614) 553-4460

Cautions Concerning Forward-Looking Statements

This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook, and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include risks associated with the planned acquisitions addressed in this release, including the risk that we may not receive required regulatory approval or otherwise fail to complete one or both of the acquisitions and the risk that we may fail to realize the anticipated strategic and financial benefits of the acquisitions. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of July 20, 2026. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any expectation, initiative or plan in this news release can or will be achieved or completed.

SOURCE Cardinal Health

, /PRNewswire/ -- Ross Stores, Inc. (Nasdaq: ROST) announced the grand opening of 47 new stores nationwide during June and July, including 35 Ross Dress for Less® ("Ross") and 12 dd's DISCOUNTS® locations across 15 states and territories. With these new openings, the Company is on track to open approximately 110 stores this year.

"Each new opening allows us to deliver compelling value to even more customers while creating new jobs and making a positive impact in the local communities," said Richard Lietz, Executive Vice President, Property Development. "Building on the strong new store performance in 2025 and the Spring openings this year, we are excited to grow Ross Dress for Less' store base in Puerto Rico, New York, and Michigan while also continuing to deepen our presence in key Sunbelt states. For dd's, we are also pleased to expand within our existing markets in California, Florida, North Carolina, and Texas."

In connection with these openings, Ross Stores continued its longstanding tradition of community engagement by making donations to local Boys & Girls Clubs or First Book literacy partners, supporting youth development and access to educational resources in the neighborhoods it serves.

"Looking ahead, we see attractive opportunities as off‑price continues to grow, and we are well positioned to capitalize on them," said Mr. Leitz.

For more information on these new openings, please visit Ross Dress for Less Grand Openings and dd's DISCOUNTS Grand Openings.

About Ross Stores, Inc.
Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2025 revenues of $22.8 billion. Currently, the Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home fashion chain in the United States with 1,952 locations in 44 states, the District of Columbia, Guam, and Puerto Rico. Ross offers first-quality, in-season, brand name and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 376 dd's DISCOUNTS® stores in 23 states that feature a more moderately-priced assortment of first-quality, in-season apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.

Contact:

Connie Kao

Senior Vice President, Investor & Media Relations

(925) 965-4668

[email protected]

SOURCE Ross Stores, Inc.

, /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders of $452 million, or $3.05 per diluted common share, for the second quarter of 2026. This compares with net earnings of $243 million, or $1.63 per diluted common share, in the second quarter of 2025, and $232 million, or $1.56 per diluted common share, in the first quarter of 2026.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "We're very pleased with the quarterly results, as earnings per share, excluding net equity investment gains, increased 10% to $1.74, compared to $1.58 in the same period a year ago. Net equity investment gains of $215 million on Visa Class B-1 shares and $37 million on SBIC investments added $1.12 and $0.19 per share, respectively, compared to net equity investment gains of $9 million, or $0.05 per share a year ago."

Mr. Simmons continued, "We're particularly pleased with the organic growth in customer-related noninterest income, which increased 11% over last year's period, with particularly strong growth from capital markets activities, and solid growth in a variety of other categories. While loan growth compared to last year's quarter was modest at 3%, annualized linked-quarter growth was strong at 8%. Deposits grew 4% from last year and were seasonally lower compared to the first quarter."

Mr. Simmons concluded, "We're also encouraged by strong growth in tangible book value per share, which increased 22% to $44.74 from $36.81, while our Common Equity Tier 1 capital ratio further strengthened to 11.8% from 11.0% a year ago. At the same time, we're proud of our ongoing solid credit results, with annualized net charge-offs of 0.06%."

For the complete second quarter 2026 earnings release, including detailed financial schedules, please visit www.zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website in advance of its discussion of second quarter financial results, scheduled for 5:30 p.m. ET on July 20, 2026. Media representatives, analysts, investors, and the general public are invited to participate by calling (877) 709-8150 (domestic and international) and entering the meeting number 13761560, or by joining the on-demand webcast. A link to the webcast will be available on the Company's website at www.zionsbancorporation.com. Following the event, the webcast will be archived and accessible for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. The Bank operates principally through seven separately managed, geographically defined bank divisions, each operating under its own local brand and management, and serving customers primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.

Zions is a consistent recipient of national and state-level customer survey awards recognizing excellence in small- and middle-market banking. It is also a leader in public finance advisory services and Small Business Administration lending. Zions is included in both the S&P MidCap 400 and NASDAQ Financial 100 indices. Additional investor information, along with links to local banking brands, is available at www.zionsbancorporation.com.

Forward-Looking Information

The earnings release contains "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively "Zions Bancorporation, N.A.," "the Bank," "we," "our," "us"); and Statements preceded or followed by, or that include, terminology such as "may," "might," "can," "continue," "could," "should," "would," "believe," "anticipate," "estimate," "forecast," "expect," "intend," "target," "commit," "design," "plan," "project," "will," or similar words and expressions, including their negative forms. Forward-looking statements are not guarantees and should not be relied upon as representing management's views as of any subsequent date. Actual results and outcomes may differ materially from those expressed or implied. Factors that could cause such differences include, but are not limited to:

The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits; Changes in general industry, political, and economic conditions, including increases in the national debt, elevated or persistent inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest rates or reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity; Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services; The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies; Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements; Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers; Judicial, regulatory, and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry; Changes in our credit ratings; The growing presence of credit unions, financial technology companies ("fintechs"), and other emerging competitors within the financial services industry, including in the markets in which we operate; Our ability to innovate and address competitive pressures and other factors that may affect aspects of our business, such as pricing, the relevance of and demand for our products and services, and our ability to recruit and retain talent; The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence ("AI"), quantum computing, and related innovations affecting both us and the banking industry; Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives; Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry; The occurrence of fraud, theft, or other forms of misconduct perpetrated by external parties, including customers and business partners, or by our own employees; Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services; The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our operations, our customers' business, and the communities we serve, including the increasing difficulty and expense of obtaining property, auto, business, and other insurance products; Diverging and evolving policy, legal, regulatory, and political developments—combined with differing stakeholder perspectives related to governance, environmental, and social matters—may subject us to potentially conflicting requirements and expectations; Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders' equity; The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; Adverse news and other expressions of negative public opinion—whether directed at us, other financial institutions, the banking industry, or the broader market—that may adversely affect our reputation and the industry more broadly; and Other assumptions, risks, or uncertainties described in this earnings release, and in our filings with the SEC. We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued. Except as required by law, we expressly disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

SOURCE Zions Bancorporation

NOVI, Mich., July 20, 2026 (GLOBE NEWSWIRE) -- Gentherm, a global market leader of innovative thermal management and pneumatic comfort technologies, announced today it received FDA 510(k) clearance for its patented ThermAffyx™ Patient Safety System. This Class II medical device combines active patient warming, securement and pressure reduction in a single platform designed for the more than 3 million robotic-assisted surgical procedures performed annually worldwide. Product trials at healthcare facilities are scheduled to begin in August, with revenue generation expected to commence in Q3 2026.

Historically, surgical teams have pieced together separate solutions to address warming and securement issues. ThermAffyx simplifies that process by combining two critical patient safety functions into a single system that fits naturally into existing surgical workflows.

Traditional underbody securement pads help prevent patient movement but do not provide active warming. This is especially problematic in robotic procedures and surgeries that require the patient to be tilted in Trendelenburg position. Studies have found that only 17% to 21% of a patient's body surface area may be available for forced-air warming during these procedures, and more than one-quarter of robotic surgery patients are hypothermic in recovery, despite warming interventions.

The ThermAffyx Patient Safety System was developed to address this gap by integrating active underbody warming directly into an anti-slip securement pad. The radiolucent heating element is powered by Gentherm's proprietary Carbotex® carbon-fiber heating technology. This is more than a new warming device. It's a purpose-built patient safety platform designed around the realities of modern robotic surgery. 

The FDA clearance follows Gentherm's 510(k) submission announced earlier this year and represents a significant expansion of the company's patient temperature management portfolio.

About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2025, the company recorded annual sales of approximately $1.5 billion and secured $2.2 billion in automotive new business awards. For more information, go to www.gentherm.com. 

Investor Contact 
Gregory Blanchette
[email protected]
248.308.1702

Media Contacts
Haley Baur
[email protected]
248.289.9711