, /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2026.
Highlights
Third Quarter
Diluted earnings per share of $2.08 versus $1.85 in 2025 Adjusted diluted earnings per share increased 7% to $2.39 compared to $2.24 in 2025 Global beverage can volumes increased 6% Net leverage ratio of 2.5x adjusted EBITDA 2026 Outlook
Full year guidance range for adjusted diluted earnings per share is $8.35 to $8.45 with adjusted free cash flow of at least $950 million Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, "The Company performed well during the third quarter, continuing its pace for another exceptional year in 2026. Robust global beverage can volumes helped offset the majority of rising input cost pressures. Global beverage can shipments advanced by more than 6% in the quarter, driven by double-digit gains in Asia, a 6% increase in North America and 4% growth across Europe.
"The outlook for continued long-term growth of beverage can demand remains robust as customers and consumers increasingly recognize aluminum cans as the most sustainable and responsible packaging choice. Cans continue to be the preferred format for brands across both alcoholic and non-alcoholic beverage categories, including many new product introductions worldwide. Previously announced capacity expansion projects in Brazil, Greece and Spain are on plan and will support continued customer needs. During September, groundbreaking commenced on the construction of a beverage can plant in the northern Indian state of Uttar Pradesh, marking Crown's entry into one of the world's fastest growing beverage markets with commercial start-up expected in the first quarter of 2028.
"During the quarter, the Company repurchased $81 million of its common stock and has acquired nearly 6% of its outstanding shares over the past twelve months. We remain confident in the Company's long-term prospects and in our ability to generate significant free cash flow. We remain steadfast in our approach to balanced capital allocation, with investment in attractive organic growth opportunities and returns to shareholders supported by our strong balance sheet."
Net sales in the third quarter were $3,711 million compared to $3,202 million in the third quarter of 2025 reflecting higher global beverage can shipments and the pass-through of $405 million in higher material costs.
Income from operations was $442 million in the third quarter of 2026 compared to $423 million in the third quarter of 2025. Segment income in the third quarter of 2026 was $484 million compared to $490 million in the prior year third quarter, as the contribution from higher global beverage can shipments was offset by input cost inflation.
Net income attributable to Crown Holdings in the third quarter of 2026 was $225 million compared to $214 million in the third quarter of 2025. Reported diluted earnings per share were $2.08 in the third quarter of 2026 compared to $1.85 in 2025 and adjusted diluted earnings per share were $2.39 compared to $2.24 in 2025.
Nine Month Results
Net sales for the first nine months of 2026 were $10,638 million compared to $9,238 million in the first nine months of 2025, reflecting the pass-through of $1,034 million in higher material costs, higher global beverage can shipments and favorable foreign currency translation of $102.
Income from operations was $1,271 million in the first nine months of 2026 compared to $1,179 million in the first nine months of 2025. Segment income in the first nine months of 2026 was $1,390 million compared to $1,364 million in the prior year period driven by 6% higher global beverage can shipments partially offset by input cost inflation.
Net income attributable to Crown Holdings in the first nine months of 2026 was $645 million compared to $588 million in the first nine months of 2025. Reported diluted earnings per share were $5.85 compared to $5.06 in 2025. Adjusted diluted earnings per share were $6.72 compared to $6.05 in 2025.
Outlook
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, commented, "With our strong year-to-date performance and continued cash generation, Crown is on track to deliver another year of solid earnings and free cash flow. We expect full year adjusted diluted earnings per share to be in the range of $8.35 to $8.45 and adjusted free cash flow to be at least $950 million after capital spending of approximately $550 million. We expect fourth quarter adjusted diluted earnings per share to be in the range of $1.63 to $1.73. With our strong balance sheet and net leverage of 2.5 times, we remain well positioned to invest in attractive organic growth opportunities and return capital to shareholders."
Non-GAAP Measures
Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, cash flow, leverage ratio, net income, effective tax rates, diluted earnings per share or interest expense and interest income prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company's operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rates and adjusted net leverage ratio for the fourth quarter and full year of 2026 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rates and adjusted net leverage ratio, and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters.
Conference Call
The Company will hold a conference call tomorrow, October 20, 2026, at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on October 27, 2026. The telephone numbers for the replay are 203-369-0896 or toll free 866-427-6407.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including expected levels of capital expenditures, free cash flow and earnings; the Company's ability to continue to operate its plants, distribute its products, and maintain its supply chain, including any impact of the ongoing Middle East conflict; the Company's ability to complete the projects in Brazil, Greece, Spain and Northern India; the future impact of currency translation; the continuation of performance and market trends in 2026, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy and transportation prices and the Company's ability to recover raw material and other inflationary costs, including tariffs and retaliatory trade measures; future demand for food cans; the Company's ability to deliver continuous operational improvement and future demand in the Transit Packaging segment that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2025 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa, Florida.
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.
Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net sales
$ 3,711
$ 3,202
$ 10,638
$ 9,238
Cost of products sold
2,987
2,478
8,522
7,176
Depreciation and amortization
115
116
349
340
Selling and administrative expense
159
155
484
468
Restructuring and other
8
30
12
75
Income from operations (1)
442
423
1,271
1,179
Loss on debt extinguishment
3
1
Other pension and postretirement
5
5
15
9
Foreign exchange
2
8
2
19
Earnings before interest and taxes
435
410
1,251
1,150
Interest expense
97
101
299
303
Interest income
(10)
(13)
(36)
(40)
Income from operations before income taxes
348
322
988
887
Provision for income taxes
89
84
248
208
Equity earnings
2
1
3
3
Net income
261
239
743
682
Net income attributable to noncontrolling interests
36
25
98
94
Net income attributable to Crown Holdings
$ 225
$ 214
$ 645
$ 588
Earnings per share attributable to Crown Holdings
common shareholders:
Basic
$ 2.09
$ 1.86
$ 5.88
$ 5.08
Diluted
$ 2.08
$ 1.85
$ 5.85
$ 5.06
Weighted average common shares outstanding:
Basic
107,783,638
115,243,289
109,692,830
115,743,257
Diluted
108,322,780
115,701,558
110,277,803
116,220,619
Actual common shares outstanding at quarter end
108,051,952
115,347,894
108,051,952
115,347,894
(1) Reconciliation from income from operations to segment income follows.
Consolidated Supplemental Financial Data (Unaudited)
(in millions)
Reconciliation from Income from Operations to Segment Income
The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Income from operations
$ 442
$ 423
$ 1,271
$ 1,179
Intangibles amortization
34
37
107
110
Restructuring and other
8
30
12
75
Segment income
$ 484
$ 490
$ 1,390
$ 1,364
Segment Information
Net Sales
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Americas Beverage
$ 1,700
$ 1,417
$ 4,929
$ 4,142
European Beverage
772
658
2,095
1,805
Asia Pacific
321
259
955
794
Transit Packaging
520
517
1,553
1,525
Other (1)
398
351
1,106
972
Total net sales
$ 3,711
$ 3,202
$ 10,638
$ 9,238
Segment Income
Americas Beverage
$ 259
$ 255
$ 734
$ 759
European Beverage
109
109
302
273
Asia Pacific
46
44
151
141
Transit Packaging
60
70
181
202
Other (1)
51
51
150
115
Corporate and other unallocated items
(41)
(39)
(128)
(126)
Total segment income
$ 484
$ 490
$ 1,390
$ 1,364
(1)
Includes the Company's North America tinplate businesses: food can, aerosol can and closures, and beverage tooling and equipment operations in the U.S. and United Kingdom.
Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per Share
The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net income/diluted earnings per share attributable
to Crown Holdings, as reported
$225
$ 2.08
$214
$1.85
$645
$5.85
$588
$5.06
Intangibles amortization (1)
34
0.31
37
0.32
107
0.97
110
0.95
Restructuring and other (2)
8
0.07
30
0.26
12
0.11
75
0.64
Loss on debt extinguishment
3
0.03
1
0.01
Other pension and postretirement (3)
(5)
(0.04)
Income taxes (4)
(8)
(0.07)
(14)
(0.12)
(25)
(0.23)
(58)
(0.50)
Noncontrolling interests (5)
(8)
(0.07)
(1)
(0.01)
(8)
(0.07)
Adjusted net income/diluted earnings per share
$259
$ 2.39
$259
$2.24
$741
$6.72
$703
$6.05
Effective tax rate as reported
25.6 %
26.1 %
25.1 %
23.4 %
Adjusted effective tax rate
24.9 %
25.2 %
24.6 %
24.9 %
Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company's ongoing business.
(1)
In the third quarter and first nine months of 2026, the Company recorded charges of $34 million ($27 million net of tax) and $107 million ($83 million net of tax) for intangibles amortization arising from prior acquisitions. In the third quarter and first nine months of 2025, the Company recorded charges of $37 million ($28 million net of tax) and $110 million ($84 million net of tax) for intangibles amortization arising from prior acquisitions.
(2)
In the third quarter and first nine months of 2026, the Company recorded net restructuring and other charges of $8 million ($7 million net of tax) and $12 million ($12 million net of tax). In the third quarter and first nine months of 2025, the Company recorded net restructuring and other charges of $30 million ($30 million net of tax) and $75 million ($70 million net of tax) primarily related to asset impairment charges in Asia Pacific, severance costs in the Transit Packaging segment and a reserve for a legal dispute.
(3)
In the third quarter of 2025, the Company recorded a pension settlement gain of $5 million ($4 million net of tax), related to repayment of the contribution the Company made in 2021 to settle the U.K. defined pension plan.
(4)
The Company recorded income tax benefits of $8 million and $25 million in the third quarter and first nine months of 2026, primarily related to the items described above. The Company recorded income tax benefits of $14 million and $58 million in the third quarter and first nine months of 2025, primarily related to an income tax benefit of $22 million from an internal reorganization in the first quarter of 2025 and the items described above.
(5)
In the first nine months of 2026 and the third quarter and first nine months of 2025, the Company recorded noncontrolling interest related to the items described above.
Consolidated Statements of Cash Flows (Condensed & Unaudited)
(in millions)
Nine Months Ended September 30,
2026
2025
Cash flows from operating activities
Net income
$ 743
$ 682
Depreciation and amortization
349
340
Restructuring and other
12
75
Pension and postretirement expense
30
24
Pension contributions
(4)
21
Stock-based compensation
34
37
Loss on debt extinguishment
3
1
Working capital changes and other
(102)
(137)
Net cash provided by operating activities
1,065
1,043
Cash flows from investing activities
Capital expenditures
(310)
(181)
Other
9
60
Net cash used for investing activities
(301)
(121)
Cash flows from financing activities
Net change in debt
(10)
(172)
Bond issuance costs
(13)
(10)
Dividends paid to shareholders
(115)
(90)
Common stock repurchased
(598)
(314)
Dividends paid to noncontrolling interests
(51)
(84)
Other, net (1)
(101)
(10)
Net cash used for financing activities
(888)
(680)
Effect of exchange rate changes on cash and cash equivalents
7
20
Net change in cash and cash equivalents
(117)
262
Cash and cash equivalents at January 1
879
1,016
Cash, cash equivalents and restricted cash at September 30 (2)
$ 762
$ 1,278
(1)
Primarily consists of payments for assets financed in 2025.
(2)
Cash and cash equivalents include $133 million and $106 million of restricted cash at September 30, 2026 and 2025.
Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash used for operating activities to adjusted free cash flow for the three and nine months ended September 30, 2026 and 2025 follows.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net cash provided by operating activities
$ 406
$ 580
$ 1,065
$ 1,043
Interest included in investing activities (3)
12
16
25
Capital expenditures
(107)
(92)
(310)
(181)
Adjusted free cash flow
$ 299
$ 500
$ 771
$ 887
(3)
Interest benefit of cross currency swaps included in investing activities.
Consolidated Supplemental Data (Unaudited)
(in millions)
Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1)
Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
Net Sales
Segment
Income
Net Sales
Segment
Income
Americas Beverage
$ 4
$ (2)
$ 20
$ (5)
European Beverage
(2)
50
8
Asia Pacific
11
1
Transit Packaging
(6)
(1)
19
4
Corporate and Other
2
$ (4)
$ (3)
$ 102
$ 8
(1)
The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods. In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by dividing the current U.S. dollar results by current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average foreign exchange rates.
Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio
, /PRNewswire/ -- Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Celsius Holdings, Inc. (NASDAQ: CELH) securities between February 21, 2025 and June 3, 2026, inclusive (the "Class Period"). Celsius develops, processes, manufactures, markets, sells, and distributes products including energy drinks.
The complaint alleges that defendants misled investors regarding the safety of Alani Nu drinks marketed by the Company for teenagers.
Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP for information before the November 3, 2026 lead plaintiff deadline.
Listen to our podcast.
Why Was Celsius Sued?
According to the complaint, on April 1, 2025, Celsius acquired Alani Nutrition LLC, a maker of highly caffeinated drinks. Defendants represent that the Alani Nu drinks are safe and healthy. However, Plaintiff contends that a single 12-ounce Alani Nu drink contains 200 milligrams of caffeine, more than twice the 100-milligram daily limit of caffeine recommended for teenagers and children aged 12-17. Despite the risks the Alani Nu drinks present to teens, the Company markets these drinks to underage consumers despite asserting their purported commitment not to do so.
The complaint alleges that, during the class period, defendants failed to disclose to investors that:
(i) defendants' products failed to adequately disclose the cardiac risks of consuming Alani Nu products;
(ii) by marketing Alani Nu drinks to consumers under the age of 18, the Company was marketing its products to individuals who were particularly susceptible to known health risks posed by those products;
(iii) the foregoing created a non-speculative risk that Alani Nu consumers would suffer potentially fatal adverse health events;
(iv) the foregoing, once revealed, was likely to have a significant negative impact on the Company's business and reputation; and
(v) as a result, defendants' public statements were materially false and misleading at all relevant times.
Why Did CELH Stock Drop?
The truth began to emerge on April 9, 2026, when NBC News and local news outlet MyRGV (Rio Grande Valley) reported that the family of 17-year old Texas cheerleader Larissa
Rodriguez had filed a wrongful death lawsuit in Hidalgo County District Court against Glazer's Beer and Beverage, LLC and Glazer's Beer and Beverage of Texas, LLC, two distributors of Alani Nu. The family alleged that Rodriguez died from an enlarged heart caused by drinking Alani Nu energy drinks and that the drinks "had inadequate warnings about the serious cardiac risks" of drinking Alani Nu. According to NBC News, Celsius stated in response, inter alia, "our policy is not to market or sample to anyone under 18".
On this news, Celsius's stock price fell $1.52 per share, or 4.18%, to close at $34.86 on April 10, 2026.
Then, on June 4, 2026, Texas Attorney General Ken Paxton announced an investigation into Celsius over concerns that its high-caffeine energy drinks are being marketed to children and teens. Per Attorney General Paxton's announcement, the investigation will specifically examine whether Celsius and its Alani Nu subsidiary had violated the Texas Deceptive Trade Practices Act by misrepresenting the safety of their products.
On this news, Celsius's stock price fell $2.26 per share, or 7.53%, to close at $27.75 per share on June 4, 2026.
Who May Be Eligible to Participate in the Celsius Class Action?
The lawsuit seeks to represent investors who purchased or otherwise acquired Celsius Holdings securities between February 21, 2025 and June 3, 2026. Investors who suffered losses during that period may have legal rights under the federal securities laws.
What Is a Lead Plaintiff?
The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Shareholders who wish to lead the case should contact Robbins LLP before the November 3, 2026 lead plaintiff deadline.
Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.
Does It Cost Anything to Participate?
No. Robbins LLP represents investors on a contingency fee basis.
Why Robbins LLP?
A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.
"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.
To be notified if a class action against Celsius Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Contact Robbins LLP
Investors seeking additional information about the Celsius Holdings, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.
Attorney Advertising. Past results do not guarantee a similar outcome.
Net income of $277.2 million and earnings per share of $2.45, up 3.1% and 3.8%, from $268.8 million and $2.36, respectively Net revenue of $1.0 billion, increased 1.9%, or $18.5 million, from $995.7 million
Pre-provision net revenue1 of $419.1 million, up $6.7 million, or 1.6%, from $412.4 million
Effective tax rate of 18.3%, compared to 19.0%
Repurchased $92.1 million, or 1.15 million shares at an average price of $79.78 per share
Net income of $277.2 million and earnings per share of $2.45, up 6.4% and 7.5%, from $260.5 million and $2.28, respectively Net revenue of $1.0 billion, increased 8.1%, or $76.0 million, from $938.2 million
Pre-provision net revenue1 of $419.1 million, up $25.3 million, or 6.4%, from $393.8 million
Effective tax rate of 18.3%, compared to 17.0%
FINANCIAL POSITION RESULTS:
HFI loans of $61.5 billion, up $600 million, or 1.0% Total deposits of $81.8 billion, down $119 million, or 0.1%
HFI loan-to-deposit ratio of 75.3%, up from 74.4%
Total equity of $7.9 billion, down $188 million, or 2.3%
Increase in HFI loans of $4.9 billion, or 8.7% Increase in total deposits of $4.5 billion, or 5.8%
HFI loan-to-deposit ratio of 75.3%, up from 73.3%
Increase in total equity of $257 million, or 3.3%
LOANS AND ASSET QUALITY:
Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.70%
Allowance for credit losses to funded HFI loans of 0.93%, increased 4 basis points from 0.89%
Allowance for credit losses to nonaccrual loans of 118%, increased 22% from 96%
Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.37%
Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.72%
Allowance for credit losses to funded HFI loans of 0.93%, increased 8 basis points from 0.85%
Allowance for credit losses to nonaccrual loans of 118%, increased 26% from 92%
Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.22%
KEY PERFORMANCE METRICS:
Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.09% and 15.3%, respectively
Tangible common equity ratio1 of 6.9%, decreased from 7.0%
CET1 ratio of 10.9%, compared to 11.0%
Tangible book value per share1, net of tax, of $62.22, decreased 1.6% from $63.24
Efficiency ratio1 of 58.1%, increased 0.1%, from 58.0%, while the efficiency ratio, adjusted for deposit costs1 increased 1.1% to 50.0% from 48.9%
Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.13% and 15.6%, respectively
Tangible common equity ratio1 of 6.9%, decreased from 7.1%
CET1 ratio of 10.9%, compared to 11.3%
Tangible book value per share1, net of tax, of $62.22, increased 6.3% from $58.56
Efficiency ratio1 of 58.1%, increased 0.7%, from 57.4%, while the efficiency ratio, adjusted for deposit costs1 increased 2.2% to 50.0% from 47.8%
Income Statement
Net interest income totaled $807.6 million in the third quarter 2026, an increase of $10.7 million, or 1.3%, from $796.9 million in the second quarter 2026, and an increase of $57.2 million, or 7.6%, compared to $750.4 million in the third quarter 2025. The increase from the second quarter 2026 was primarily due to higher yields on interest earning assets and higher average HFI loan balances, partially offset by lower average balances in cash and other interest earning assets and an increase in average interest bearing liabilities and the related costs of these liabilities. The increase in net interest income from the third quarter 2025 was primarily driven by an increase in average interest earning asset balances of $5.5 billion and lower rates on interest bearing liabilities, partially offset by declining yields on interest earning assets.
The Company recorded a provision for credit losses of $80.0 million in the third quarter 2026, compared with $80.4 million in the second quarter 2026, and $80.0 million in the third quarter 2025. The provision for credit losses during the third quarter 2026 was primarily driven by net charge-offs totaling $45.8 million, loan growth, and proactive provisioning for macroeconomic risks associated with the higher interest rate environment. These factors increased the total allowance for credit losses to funded HFI loans ratio from 89 basis points in the prior quarter to 93 basis points.
The Company’s net interest margin increased to 3.57% in the third quarter 2026 from 3.53% in both the second quarter 2026 and the third quarter 2025. Net interest margin increased from the second quarter 2026 due to higher yields on interest earning assets, partially offset by higher costs on interest bearing liabilities. Net interest margin increased from the third quarter 2025 as an increase of $5.5 billion in average interest earning assets and lower interest bearing liability costs more than offset declining yields on interest earning assets.
Non-interest income was $206.6 million for the third quarter 2026, compared to $198.8 million for the second quarter 2026, and $187.8 million for the third quarter 2025. The increase in non-interest income of $7.8 million from the second quarter 2026 was primarily due to increases in gain on sales of investment securities of $13.8 million, partially offset by a decrease in mortgage banking revenue of $5.2 million. The increase in non-interest income of $18.8 million from the third quarter 2025 was primarily driven by increases in service charges and fees and gain on sales of investment securities, partially offset by a decrease in mortgage banking revenue.
Net revenue totaled $1.0 billion for the third quarter 2026, up $18.5 million, or 1.9%, from $995.7 million in the second quarter 2026, and $76.0 million, or 8.1%, from $938.2 million in the third quarter 2025.
Non-interest expense was $595.1 million for the third quarter 2026, compared to $583.3 million for the second quarter 2026, and $544.4 million for the third quarter 2025. The increase in non-interest expense of $11.8 million from the second quarter 2026 was primarily due to an increase in salaries and employee benefits of $21.8 million, partially offset by a decrease of $13.8 million in deposit costs driven by decreased average ECR-related deposit balances. The increase in non-interest expense of $50.7 million from the third quarter 2025 was primarily attributable to increased salaries and employee benefits of $32.6 million and increased data processing costs of $7.7 million. These increases were partially offset by decreased deposit costs of $9.7 million driven by decreased average ECR-related deposit balances.
The Company's efficiency ratio was 58.1% for the third quarter 2026, compared to 58.0% for the second quarter 2026, and 57.4% for the third quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 50.0% for the third quarter 2026, compared to 48.9% for the second quarter 2026, and 47.8% for the third quarter 2025.
Income tax expense was $61.9 million for the third quarter 2026, compared to $63.2 million for the second quarter 2026, and $53.3 million for the third quarter 2025. The decrease in income tax expense from the second quarter 2026 was primarily driven by increases in investment tax credits. The increase in income tax expense from the third quarter 2025 was primarily driven by an increase in pretax income.
Net income was $277.2 million for the third quarter 2026, an increase of $8.4 million from $268.8 million for the second quarter 2026, and an increase of $16.7 million from $260.5 million for the third quarter 2025. Earnings per share totaled $2.45 for the third quarter 2026, compared to $2.36 for the second quarter 2026, and $2.28 for the third quarter 2025.
The Company believes its pre-provision net revenue1 ("PPNR"), which it defines as net revenue less non-interest expense, is a key metric for assessing the Company’s earnings power. For the third quarter 2026, the Company’s PPNR1 was $419.1 million, up $6.7 million from $412.4 million in the second quarter 2026, and up $25.3 million from $393.8 million in the third quarter 2025.
Balance Sheet
HFI loans, net of deferred fees, totaled $61.5 billion at September 30, 2026, compared to $60.9 billion at June 30, 2026, and $56.6 billion at September 30, 2025. The $600 million increase from the prior quarter end primarily reflected increases of $396 million in commercial real estate non-owner occupied loans and $336 million in commercial and industrial loans, partially offset by a $111 million decrease in residential real estate loans. The $4.9 billion increase from September 30, 2025 was primarily attributable to increases of $4.4 billion in commercial and industrial loans, $286 million in residential real estate loans, $210 million in commercial real estate non-owner occupied loans, and $173 million in construction and land development loans, partially offset by a $121 million decrease in commercial real estate owner occupied loans. HFS loans totaled $4.0 billion at September 30, 2026, compared to $4.3 billion at June 30, 2026, and $3.5 billion at September 30, 2025. The $396 million decrease from the prior quarter end primarily reflected lower loan funding volume during the quarter and unfavorable fair value changes resulting from higher interest rates. The $449 million increase from September 30, 2025 was primarily attributable to higher period-end inventory levels resulting from the timing of loan production and sales activity, as well as increased early buyout activity.
The Company's allowance for credit losses on HFI loans comprises allowances for funded HFI loans and unfunded loan commitments. The allowance for loan losses as a percentage of funded HFI loans was 0.83% at September 30, 2026, 0.80% at June 30, 2026, and 0.78% at September 30, 2025. Including the allowance for unfunded loan commitments, the allowance for credit losses as a percentage of funded HFI loans was 0.93% at September 30, 2026, 0.89% at June 30, 2026, and 0.85% at September 30, 2025. Through credit linked note transactions, the Company effectively transfers a portion of the risk of losses on reference pools of loans to the purchasers of the notes. These transactions provide first-loss protection on reference pools of loans that totaled $7.6 billion, $7.8 billion, and $8.2 billion as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. However, as these note transactions are considered freestanding credit enhancements, the allowance for credit losses cannot be reduced for expected credit losses that these notes may mitigate. Accordingly, the allowance ratios include $11.6 million, $10.2 million, and $11.8 million related to these pools of loans as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.07% at September 30, 2026, 1.01% at June 30, 2026, and 1.00% at September 30, 2025.
Deposits totaled $81.8 billion at September 30, 2026, a decrease of $119 million from June 30, 2026, and an increase of $4.5 billion from $77.2 billion at September 30, 2025. The decline in deposits from the prior quarter primarily reflected a $2.1 billion decrease in non-interest bearing deposits, partially offset by increases of $871 million in interest bearing demand deposits, $754 million in certificates of deposit, and $324 million in savings and money market accounts. Deposit optimization efforts drove the decline in non-interest bearing deposits, partially offset by strong commercial banking growth in interest bearing deposits. From September 30, 2025, interest bearing demand deposits, certificates of deposit, and savings and money market accounts increased $3.7 billion, $1.1 billion, and $583 million, respectively, while non-interest bearing deposits decreased $876 million. Non-interest bearing deposits totaled $25.8 billion at September 30, 2026, compared to $27.8 billion at June 30, 2026, and $26.6 billion at September 30, 2025.
The Company’s ratio of HFI loans to deposits was 75.3% at September 30, 2026, compared to 74.4% at June 30, 2026, and 73.3% at September 30, 2025.
Borrowings totaled $5.6 billion at September 30, 2026, compared with $6.2 billion at June 30, 2026, and $3.9 billion at September 30, 2025. Borrowings decreased $623 million from June 30, 2026, reflecting declines of $515 million in short-term borrowings and $108 million in long-term borrowings. Borrowings increased $1.8 billion from September 30, 2025, as a $3.3 billion increase in short-term borrowings was partially offset by a $1.5 billion decrease in long-term borrowings.
Qualifying debt totaled $1.1 billion at both September 30, 2026 and June 30, 2026, compared with $681 million at September 30, 2025. The increase from September 30, 2025 primarily reflects the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025.
Total equity was $7.9 billion at September 30, 2026, compared to $8.1 billion at June 30, 2026, and $7.7 billion at September 30, 2025. The decrease from the prior quarter was primarily due to changes in AOCI related to higher interest rates, unrealized fair value losses of $338.0 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax, the repurchase of 1.15 million shares for $92.1 million, and dividends, partially offset by net income of $277.2 million. Third quarter cash dividends paid included $45.7 million, or $0.42 per share, for common stockholders; $3.2 million, or $0.27 per depositary share, for preferred stockholders; and $7.1 million on preferred stock of the Company's REIT subsidiary. The increase in equity from September 30, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases. Since inception of the share repurchase program through September 30, 2026, the Company has repurchased 2.7 million shares for $212.5 million under its $300 million authorization.
The Company's common equity tier 1 capital ratio was 10.9% at September 30, 2026, compared with 11.0% at June 30, 2026, and 11.3% at September 30, 2025. At September 30, 2026, tangible common equity, net of tax1, was 6.9% of tangible assets1, while total capital was 14.0% of risk-weighted assets. The Company’s tangible book value per share1 was $62.22 at September 30, 2026, down 1.6% from $63.24 at June 30, 2026, and up 6.3% from $58.56 at September 30, 2025. The increase in tangible book value per share from September 30, 2025 was primarily attributable to net income.
Total assets were $98.1 billion at September 30, 2026, down $629 million, or 0.6%, from $98.7 billion at June 30, 2026, and up 7.8% from $91.0 billion at September 30, 2025. The decrease in total assets from the prior quarter end reflected lower cash, HFS loans, and investment securities, partially offset by higher HFI loans. The increase in total assets from September 30, 2025 was primarily driven by growth in HFI and HFS loans and investment securities.
Asset Quality
Provision for credit losses totaled $80.0 million for the third quarter 2026, compared to $80.4 million for the second quarter 2026, and $80.0 million for the third quarter 2025. Net loan charge-offs in the third quarter 2026 totaled $45.8 million, or 0.30% of average loans on an annualized basis, compared to $55.0 million, or 0.37% in the second quarter 2026, and $31.1 million, or 0.22%, in the third quarter 2025. The allowance for credit losses to funded HFI loans was 0.93% at September 30, 2026 compared to 0.89% and 0.85% at June 30, 2026 and September 30, 2025, respectively.
Nonaccrual loans decreased $77 million during the quarter and $37 million from September 30, 2025, to $485 million. The decline in nonaccrual loans, combined with the increase in the allowance for credit losses, increased coverage of nonaccrual loans to 118%, from 96% at June 30, 2026, and 92% at September 30, 2025. Loans past due 90 days and still accruing interest totaled $58 million at September 30, 2026, compared with $55 million at June 30, 2026, and $49 million at September 30, 2025 (excluding government guaranteed loans of $214 million, $248 million, and $282 million, respectively). Loans past due 30-89 days and still accruing interest totaled $138 million at September 30, 2026, compared with $122 million at June 30, 2026, and $196 million at September 30, 2025 (excluding government guaranteed loans of $101 million, $102 million, and $149 million, respectively) a year-over-year decrease of $58 million. Criticized loans totaled $1.3 billion, an increase of $5 million during the quarter and $33 million from September 30, 2025.
Repossessed assets totaled $165 million at September 30, 2026, compared to $126 million at June 30, 2026, and $130 million at September 30, 2025. Classified assets of $1.1 billion at September 30, 2026 decreased $37 million from June 30, 2026, and $38 million from September 30, 2025.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2026 financial results at 12:00 p.m. ET on Tuesday, October 20, 2026. Participants may access the call by dialing 1-833-461-5787 and using access code 788268041 or via live audio webcast using the website link https://events.q4inc.com/attendee/788268041. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded, and the webcast replay will remain available for one year.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. Gains and losses related to the Company’s back-to-back interest rate swaps, risk participation agreements, and foreign exchange derivative contracts with customers have been reclassified to Commercial banking income and related fees in the Consolidated Income Statement. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
Use of Non-GAAP Financial Information
This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits and deposit optimization strategy, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With more than $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.
Western Alliance Bancorporation and Subsidiaries.
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of September 30,
2026
2025
Change %
(in millions)
Total assets
$
98,072
$
90,970
7.8
%
Loans held for sale
3,951
3,502
12.8
Loans HFI, net of deferred fees
61,549
56,646
8.7
Investment securities
20,239
18,841
7.4
Total deposits
81,755
77,247
5.8
Borrowings
5,613
3,862
45.3
Qualifying debt
1,053
681
54.6
Total equity
7,947
7,690
3.3
Tangible common equity, net of tax (1)
6,720
6,453
4.1
Common equity Tier 1 capital
7,389
6,736
9.7
Selected Income Statement Data:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2026
2025
Change %
2026
2025
Change %
(in millions, except per share data)
(in millions, except per share data)
Interest income
$
1,257.3
$
1,225.5
2.6
%
$
3,677.4
$
3,475.5
5.8
%
Interest expense
449.7
475.1
(5.3
)
1,306.6
1,376.9
(5.1
)
Net interest income
807.6
750.4
7.6
2,370.8
2,098.6
13.0
Provision for credit losses
80.0
80.0
—
373.6
151.1
NM
Net interest income after provision for credit losses
727.6
670.4
8.5
1,997.2
1,947.5
2.6
Non-interest income
206.6
187.8
10.0
658.0
463.5
42.0
Non-interest expense
595.1
544.4
9.3
1,752.8
1,559.5
12.4
Income before income taxes
339.1
313.8
8.1
902.4
851.5
6.0
Income tax expense
61.9
53.3
16.1
167.2
154.1
8.5
Net income
277.2
260.5
6.4
735.2
697.4
5.4
Net income attributable to noncontrolling interest
7.1
7.1
—
21.3
14.5
46.9
Net income attributable to Western Alliance
270.1
253.4
6.6
713.9
682.9
4.5
Dividends on preferred stock
3.2
3.2
—
9.6
9.6
—
Net income available to common stockholders
$
266.9
$
250.2
6.7
$
704.3
$
673.3
4.6
Diluted earnings per common share
$
2.45
$
2.28
7.5
$
6.43
$
6.14
4.7
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2026
2025
Change % (1)
2026
2025
Change % (1)
Diluted earnings per common share (2) / as adjusted (3)
$
2.45
$
2.28
7.5
%
$
6.43
/
$
7.01
$
6.14
4.7
%
Book value per common share
68.14
64.45
5.7
Tangible book value per common share, net of tax (3)
62.22
58.56
6.3
Average common shares outstanding
(in millions):
Basic
107.4
109.0
(1.5
)
107.8
108.9
(1.0
)
Diluted
107.8
109.8
(1.8
)
108.1
109.6
(1.4
)
Common shares outstanding
108.0
110.2
(2.0
)
Selected Performance Ratios:
Return on average assets / as adjusted (3, 4)
1.12
%
1.13
%
(0.9
)%
1.01
%
/
1.10
%
1.07
%
(5.6
)%
Return on average tangible common equity / as adjusted (3, 4)
15.5
15.6
(0.6
)
13.8
/
15.0
14.7
(6.1
)
Net interest margin (4)
3.57
3.53
1.1
3.55
3.51
1.1
Efficiency ratio (3)
58.1
57.4
1.2
57.3
60.2
(4.8
)
Efficiency ratio, adjusted for deposit costs (3)
50.0
47.8
4.6
48.8
51.6
(5.4
)
HFI loan to deposit ratio
75.3
73.3
2.7
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (3, 4)
0.30
%
0.22
%
36.4
0.70
%
/
0.35
%
0.21
%
NM
Nonaccrual loans to funded HFI loans
0.79
0.92
(14.1
)
Nonaccrual loans and repossessed assets to total assets
0.66
0.72
(8.3
)
Allowance for loan losses to funded HFI loans
0.83
0.78
6.4
Allowance for credit losses to funded HFI loans
0.93
0.85
9.4
Allowance for loan losses to nonaccrual HFI loans
106
84
26.2
Allowance for credit losses to nonaccrual loans
118
92
28.3
Capital Ratios: Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Tangible common equity (3)
6.9
%
7.0
%
7.1
%
Common Equity Tier 1 (5)
10.9
11.0
11.3
Tier 1 Leverage ratio (5)
8.2
8.1
8.1
Tier 1 Capital (5)
11.9
12.0
12.4
Total Capital (5)
14.0
14.1
14.2
(1)
Represents percentage change in reported metric from the prior period.
(2)
Diluted earnings per share for the three and nine months ended September 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.4 million and $9.0 million, respectively.
(3)
See Reconciliation of Non-GAAP Financial Measures.
(4)
Annualized on an actual/actual basis for periods less than 12 months.
(5)
Capital ratios for September 30, 2026 are preliminary.
NM Changes +/- 100% are not meaningful.
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
(in millions, except per share data)
Interest income:
Loans
$
981.5
$
948.3
$
2,838.7
$
2,743.6
Investment securities
238.1
231.7
703.4
601.2
Other
37.7
45.5
135.3
130.7
Total interest income
1,257.3
1,225.5
3,677.4
3,475.5
Interest expense:
Deposits
382.5
398.2
1,113.7
1,154.3
Qualifying debt
17.4
6.3
44.3
23.8
Borrowings
49.8
70.6
148.6
198.8
Total interest expense
449.7
475.1
1,306.6
1,376.9
Net interest income
807.6
750.4
2,370.8
2,098.6
Provision for credit losses
80.0
80.0
373.6
151.1
Net interest income after provision for credit losses
727.6
670.4
1,997.2
1,947.5
Non-interest income:
Commercial banking income and related fees
78.7
52.4
248.2
139.5
Net gain on mortgage loan origination and sale activities
55.7
75.5
181.8
164.4
Net loan servicing revenue
23.8
19.1
53.8
79.2
Gain on sales of investment securities
16.8
8.5
70.3
22.0
Income from bank owned life insurance
12.9
11.8
34.4
34.2
Fair value gain (loss) adjustments, net
0.5
2.9
8.4
(0.7
)
Income from equity investments
7.8
7.8
33.0
5.9
Other
10.4
9.8
28.1
19.0
Total non-interest income
206.6
187.8
658.0
463.5
Non-interest expenses:
Salaries and employee benefits
226.1
193.5
635.9
555.8
Deposit costs
165.4
175.1
507.9
459.3
Data processing
55.8
48.1
161.0
138.3
Legal, professional, and directors' fees
34.4
28.1
97.8
82.3
Insurance
25.5
24.5
78.5
99.8
Occupancy
22.4
16.8
62.7
50.9
Loan servicing expenses
17.0
15.0
51.3
51.5
Business development and marketing
10.2
5.6
28.0
17.6
Loan acquisition and origination expenses
8.5
7.3
25.2
18.3
Other
29.8
30.4
104.5
85.7
Total non-interest expense
595.1
544.4
1,752.8
1,559.5
Income before income taxes
339.1
313.8
902.4
851.5
Income tax expense
61.9
53.3
167.2
154.1
Net income
277.2
260.5
735.2
697.4
Net income attributable to noncontrolling interest
7.1
7.1
21.3
14.5
Net income attributable to Western Alliance
270.1
253.4
713.9
682.9
Dividends on preferred stock
3.2
3.2
9.6
9.6
Net income available to common stockholders
$
266.9
$
250.2
$
704.3
$
673.3
Earnings per common share:
Diluted shares
107.8
109.8
108.1
109.6
Diluted earnings per share (1)
$
2.45
$
2.28
$
6.43
$
6.14
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions, except per share data)
Interest income:
Loans
$
981.5
$
941.5
$
915.7
$
936.2
$
948.3
Investment securities
238.1
245.4
219.9
221.6
231.7
Other
37.7
45.0
52.6
59.6
45.5
Total interest income
1,257.3
1,231.9
1,188.2
1,217.4
1,225.5
Interest expense:
Deposits
382.5
370.5
360.7
383.5
398.2
Qualifying debt
17.4
13.8
13.1
9.0
6.3
Borrowings
49.8
50.7
48.1
58.7
70.6
Total interest expense
449.7
435.0
421.9
451.2
475.1
Net interest income
807.6
796.9
766.3
766.2
750.4
Provision for credit losses
80.0
80.4
213.2
73.0
80.0
Net interest income after provision for credit losses
727.6
716.5
553.1
693.2
670.4
Non-interest income:
Commercial banking income and related fees
78.7
73.1
96.4
80.7
52.4
Net gain on mortgage loan origination and sale activities
55.7
53.4
72.7
91.1
75.5
Net loan servicing revenue (loss)
23.8
31.3
(1.3
)
(1.4
)
19.1
Gain on sales of investment securities
16.8
3.0
50.5
7.4
8.5
Income from bank owned life insurance
12.9
10.8
10.7
11.8
11.8
Fair value gain (loss) adjustments, net
0.5
8.3
(0.4
)
(0.4
)
2.9
Income from equity investments
7.8
11.9
13.3
12.2
7.8
Other
10.4
7.0
10.7
13.3
9.8
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Non-interest expenses:
Salaries and employee benefits
226.1
204.3
205.5
201.7
193.5
Deposit costs
165.4
179.2
163.3
171.2
175.1
Data processing
55.8
52.1
53.1
48.9
48.1
Legal, professional, and directors' fees
34.4
32.8
30.6
33.6
28.1
Insurance
25.5
28.3
24.7
17.7
24.5
Occupancy
22.4
21.1
19.2
19.7
16.8
Loan servicing expenses
17.0
17.6
16.7
17.7
15.0
Business development and marketing
10.2
8.3
9.5
11.1
5.6
Loan acquisition and origination expenses
8.5
8.8
7.9
7.9
7.3
Other
29.8
30.8
43.9
22.7
30.4
Total non-interest expense
595.1
583.3
574.4
552.2
544.4
Income before income taxes
339.1
332.0
231.3
355.7
313.8
Income tax expense
61.9
63.2
42.1
62.5
53.3
Net income
277.2
268.8
189.2
293.2
260.5
Net income attributable to noncontrolling interest
7.1
7.1
7.1
7.1
7.1
Net income attributable to Western Alliance
270.1
261.7
182.1
286.1
253.4
Dividends on preferred stock
3.2
3.2
3.2
3.2
3.2
Net income available to common stockholders
$
266.9
$
258.5
$
178.9
$
282.9
$
250.2
Earnings per common share:
Diluted shares
107.8
108.0
108.7
109.3
109.8
Diluted earnings per share (1)
$
2.45
$
2.36
$
1.65
$
2.59
$
2.28
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Assets:
Cash and due from banks
$
5,328
$
5,936
$
8,554
$
3,596
$
5,756
Investment securities
20,239
20,622
20,392
20,438
18,841
Loans held for sale
3,951
4,347
3,936
3,498
3,502
Loans held for investment:
Commercial and industrial
30,101
29,765
28,223
27,928
25,734
Commercial real estate - non-owner occupied
10,697
10,301
10,344
10,340
10,487
Commercial real estate - owner occupied
1,561
1,578
1,711
1,683
1,682
Construction and land development
4,238
4,241
4,080
4,055
4,065
Residential real estate
14,937
15,048
14,765
14,652
14,651
Consumer
15
16
19
19
27
Loans HFI, net of deferred fees
61,549
60,949
59,142
58,677
56,646
Allowance for loan losses
(513
)
(487
)
(461
)
(461
)
(440
)
Loans HFI, net of deferred fees and allowance
61,036
60,462
58,681
58,216
56,206
Mortgage servicing rights
1,576
1,500
1,516
1,494
1,213
Premises and equipment, net
478
479
480
442
416
Operating lease right-of-use asset
114
119
125
131
134
Other assets acquired through foreclosure, net
165
126
123
137
130
Bank owned life insurance
1,084
1,075
1,067
1,057
1,045
Goodwill and other intangibles, net
642
644
646
649
651
Other assets
3,459
3,391
3,333
3,116
3,076
Total assets
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits
$
25,752
$
27,820
$
28,078
$
24,353
$
26,628
Interest bearing:
Demand
20,130
19,259
19,385
18,416
16,422
Savings and money market
25,210
24,886
25,414
24,586
24,627
Certificates of deposit
10,663
9,909
9,846
9,804
9,570
Total deposits
81,755
81,874
82,723
77,159
77,247
Borrowings
5,613
6,236
5,610
5,240
3,862
Qualifying debt
1,053
1,069
1,072
1,076
681
Operating lease liability
141
148
154
160
164
Accrued interest payable and other liabilities
1,563
1,239
1,386
1,193
1,326
Total liabilities
90,125
90,566
90,945
84,828
83,280
Equity:
Preferred stock
295
295
295
295
295
Common stock and additional paid-in capital
1,972
2,046
2,036
2,095
2,140
Retained earnings
6,173
5,952
5,740
5,607
5,371
Accumulated other comprehensive loss
(786
)
(451
)
(456
)
(344
)
(409
)
Total Western Alliance stockholders' equity
7,654
7,842
7,615
7,653
7,397
Noncontrolling interest in subsidiary
293
293
293
293
293
Total equity
7,947
8,135
7,908
7,946
7,690
Total liabilities and equity
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Allowance for loan losses
Balance, beginning of period
$
487.4
$
461.1
$
460.6
$
440.4
$
394.7
Provision for credit losses (1)
71.2
81.3
209.0
64.8
76.8
Recoveries of loans previously charged-off:
Commercial and industrial
0.7
1.6
0.6
1.7
0.7
Commercial real estate - non-owner occupied
1.3
1.0
—
—
—
Commercial real estate - owner occupied
—
—
—
0.4
—
Construction and land development
—
—
—
1.5
—
Residential real estate
—
—
—
—
—
Consumer
0.2
—
—
0.1
—
Total recoveries
2.2
2.6
0.6
3.7
0.7
Loans charged-off:
Commercial and industrial
16.2
25.4
181.4
28.9
12.4
Commercial real estate - non-owner occupied
25.7
32.0
27.7
10.7
12.9
Commercial real estate - owner occupied
—
0.1
—
—
—
Construction and land development
6.1
0.1
—
8.6
6.3
Residential real estate
—
—
—
—
—
Consumer
—
—
—
0.1
0.2
Total loans charged-off
48.0
57.6
209.1
48.3
31.8
Net loan charge-offs
45.8
55.0
208.5
44.6
31.1
Balance, end of period
$
512.8
$
487.4
$
461.1
$
460.6
$
440.4
Allowance for unfunded loan commitments
Balance, beginning of period
$
52.0
$
53.3
$
49.6
$
42.3
$
39.2
Provision for (recovery of) credit losses (1)
9.6
(1.3
)
3.7
7.3
3.1
Balance, end of period (2)
$
61.6
$
52.0
$
53.3
$
49.6
$
42.3
Components of the allowance for credit losses on loans
Allowance for loan losses
$
512.8
$
487.4
$
461.1
$
460.6
$
440.4
Allowance for unfunded loan commitments
61.6
52.0
53.3
49.6
42.3
Total allowance for credit losses on loans
$
574.4
$
539.4
$
514.4
$
510.2
$
482.7
Net charge-offs to average loans - annualized
0.30
%
0.37
%
1.45
%
0.31
%
0.22
%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)
0.83
%
0.80
%
0.78
%
0.78
%
0.78
%
Allowance for credit losses to funded HFI loans (3)
0.93
0.89
0.87
0.87
0.85
Allowance for loan losses to nonaccrual loans
106
87
94
92
84
Allowance for credit losses to nonaccrual loans
118
96
105
102
92
(1)
The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended September 30, 2026, the release of provision for credit losses for HTM investment securities totaled $0.8 million. The allowance for credit losses on HTM investment securities totaled $13.0 million as of September 30, 2026.
(2)
The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)
Ratio includes an allowance for credit losses of $11.6 million as of September 30, 2026 related to a pool of loans covered under three separate credit linked note transactions.
Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans
$
485
$
562
$
492
$
500
$
522
Nonaccrual loans to funded HFI loans
0.79
%
0.92
%
0.83
%
0.85
%
0.92
%
Repossessed assets
$
165
$
126
$
123
$
137
$
130
Nonaccrual loans and repossessed assets to total assets
0.66
%
0.70
%
0.62
%
0.69
%
0.72
%
Loans Past Due
Loans past due 90 days, still accruing (1)
$
58
$
55
$
56
$
66
$
49
Loans past due 90 days, still accruing to funded HFI loans (1)
0.09
%
0.09
%
0.09
%
0.11
%
0.09
%
Loans past due 30 to 89 days, still accruing (2)
$
138
$
122
$
157
$
108
$
196
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)
0.22
%
0.20
%
0.27
%
0.18
%
0.35
%
Other credit quality metrics
Special mention loans
$
397
$
316
$
403
$
325
$
292
Special mention loans to funded HFI loans
0.65
%
0.52
%
0.68
%
0.55
%
0.52
%
Classified accruing loans
$
441
$
440
$
455
$
450
$
476
Classified accruing loans to funded HFI loans
0.72
%
0.72
%
0.77
%
0.77
%
0.84
%
Classified assets
$
1,091
$
1,128
$
1,070
$
1,088
$
1,129
Classified assets to total assets
1.11
%
1.14
%
1.08
%
1.17
%
1.24
%
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
September 30, 2026
June 30, 2026
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,858
$
90.3
6.12
%
$
5,653
$
84.9
6.02
%
Loans HFI:
Commercial and industrial
29,591
451.2
6.09
28,364
426.4
6.07
CRE - non-owner occupied
10,417
172.6
6.57
10,296
169.6
6.61
CRE - owner occupied
1,557
24.2
6.18
1,574
23.8
6.07
Construction and land development
4,212
82.1
7.79
4,191
80.8
7.78
Residential real estate
15,002
160.8
4.25
14,879
155.7
4.20
Consumer
15
0.3
7.14
17
0.3
6.57
Total HFI loans (1), (2), (3), (4)
60,794
891.2
5.84
59,321
856.6
5.82
Investment securities:
Taxable
18,675
213.8
4.54
19,474
220.2
4.54
Tax-exempt
2,349
24.3
5.21
2,312
25.2
5.50
Total investment securities (1)
21,024
238.1
4.62
21,786
245.4
4.64
Cash and other
3,200
37.7
4.68
4,901
45.0
3.68
Total interest earning assets
90,876
1,257.3
5.53
91,661
1,231.9
5.43
Non-interest earning assets
Cash and due from banks
426
544
Allowance for loan losses
(509
)
(482
)
Bank owned life insurance
1,078
1,069
Other assets
5,933
5,692
Total assets
$
97,804
$
98,484
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts
$
19,766
$
110.9
2.22
%
$
19,316
$
102.5
2.13
%
Savings and money market
25,052
177.3
2.81
24,995
174.4
2.80
Certificates of deposit
10,088
94.3
3.71
9,873
93.6
3.80
Total interest-bearing deposits
54,906
382.5
2.76
54,184
370.5
2.74
Short-term borrowings
2,678
28.3
4.19
3,329
33.9
4.08
Long-term debt
1,601
21.5
5.33
1,158
16.8
5.83
Qualifying debt
1,067
17.4
6.48
1,071
13.8
5.17
Total interest-bearing liabilities
60,252
449.7
2.96
59,742
435.0
2.92
Interest cost of funding earning assets
1.96
1.90
Non-interest-bearing liabilities
Non-interest-bearing deposits
27,919
29,351
Other liabilities
1,554
1,379
Equity
8,079
8,012
Total liabilities and equity
$
97,804
$
98,484
Net interest income and margin (5)
$
807.6
3.57
%
$
796.9
3.53
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $10.1 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $25.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $56.7 million and $52.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
September 30, 2026
September 30, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,858
$
90.3
6.12
%
$
5,009
$
77.1
6.11
%
Loans HFI:
Commercial and industrial
29,591
451.2
6.09
25,216
410.9
6.51
CRE - non-owner occupied
10,417
172.6
6.57
10,473
190.8
7.23
CRE - owner occupied
1,557
24.2
6.18
1,688
25.2
6.05
Construction and land development
4,212
82.1
7.79
4,233
88.8
8.32
Residential real estate
15,002
160.8
4.25
14,557
155.1
4.23
Consumer
15
0.3
7.14
24
0.4
7.43
Total loans HFI (1), (2), (3), (4)
60,794
891.2
5.84
56,191
871.2
6.18
Investment securities:
Taxable
18,675
213.8
4.54
17,794
208.2
4.64
Tax-exempt
2,349
24.3
5.21
2,193
23.5
5.32
Total investment securities (1)
21,024
238.1
4.62
19,987
231.7
4.72
Cash and other
3,200
37.7
4.68
4,147
45.5
4.35
Total interest earning assets
90,876
1,257.3
5.53
85,334
1,225.5
5.74
Non-interest earning assets
Cash and due from banks
426
397
Allowance for loan losses
(509
)
(414
)
Bank owned life insurance
1,078
1,038
Other assets
5,933
4,957
Total assets
$
97,804
$
91,312
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
19,766
$
110.9
2.22
%
$
16,071
$
101.4
2.50
%
Savings and money market accounts
25,052
177.3
2.81
23,373
189.4
3.21
Certificates of deposit
10,088
94.3
3.71
10,124
107.4
4.21
Total interest bearing deposits
54,906
382.5
2.76
49,568
398.2
3.19
Short-term borrowings
2,678
28.3
4.19
2,577
30.2
4.66
Long-term debt
1,601
21.5
5.33
2,905
40.4
5.52
Qualifying debt
1,067
17.4
6.48
678
6.3
3.63
Total interest bearing liabilities
60,252
449.7
2.96
55,728
475.1
3.38
Interest cost of funding earning assets
1.96
2.21
Non-interest bearing liabilities
Non-interest bearing deposits
27,919
26,438
Other liabilities
1,554
1,539
Equity
8,079
7,607
Total liabilities and equity
$
97,804
$
91,312
Net interest income and margin (5)
$
807.6
3.57
%
$
750.4
3.53
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $9.7 million for the three months ended September 30, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $28.1 million for the three months ended September 30, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $56.7 million and $64.9 million for the three months ended September 30, 2026 and 2025, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Nine Months Ended
September 30, 2026
September 30, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,661
$
255.4
6.03
%
$
4,725
$
217.7
6.16
%
Loans HFI:
Commercial and industrial
28,512
1,290.9
6.10
24,056
1,168.9
6.55
CRE - non-owner occupied
10,343
512.0
6.62
10,247
547.8
7.15
CRE - owner occupied
1,608
72.9
6.08
1,785
80.7
6.15
Construction and land development
4,130
239.3
7.78
4,309
269.2
8.36
Residential real estate
14,832
467.3
4.21
14,435
457.5
4.24
Consumer
17
0.9
7.07
34
1.8
6.99
Total loans HFI (1), (2), (3), (4)
59,442
2,583.3
5.84
54,866
2,525.9
6.18
Investment securities:
Taxable
18,618
629.4
4.52
15,322
529.2
4.62
Tax-exempt
2,314
74.0
5.40
2,221
72.0
5.44
Total investment securities (1)
20,932
703.4
4.62
17,543
601.2
4.72
Cash and other
4,469
135.3
4.05
3,909
130.7
4.47
Total interest earning assets
90,504
3,677.4
5.48
81,043
3,475.5
5.78
Non-interest earning assets
Cash and due from banks
504
358
Allowance for loan losses
(485
)
(405
)
Bank owned life insurance
1,069
1,026
Other assets
5,713
4,862
Total assets
$
97,305
$
86,884
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
19,346
$
312.9
2.16
%
$
15,883
$
298.5
2.51
%
Savings and money market accounts
24,887
520.5
2.80
22,113
524.7
3.17
Certificates of deposit
9,897
280.3
3.79
10,076
331.1
4.39
Total interest bearing deposits
54,130
1,113.7
2.75
48,072
1,154.3
3.21
Short-term borrowings
2,984
91.6
4.10
2,452
86.7
4.72
Long-term debt
1,371
57.0
5.56
2,686
112.1
5.58
Qualifying debt
1,072
44.3
5.52
800
23.8
3.97
Total interest bearing liabilities
59,557
1,306.6
2.93
54,010
1,376.9
3.41
Interest cost of funding earning assets
1.93
2.27
Non-interest bearing liabilities
Non-interest bearing deposits
28,209
24,051
Other liabilities
1,469
1,534
Equity
8,070
7,289
Total liabilities and equity
$
97,305
$
86,884
Net interest income and margin (5)
$
2,370.8
3.55
%
$
2,098.6
3.51
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $30.7 million and $30.1 million for the nine months ended September 30, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $73.3 million and $77.4 million for the nine months ended September 30, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $157.9 million and $184.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Income Statement Classification of Earnings Credit and Referral Costs
Unaudited
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Income statement line item
(in millions)
Interest income (1)
$
56.7
$
52.5
$
48.7
$
56.6
$
64.9
Commercial banking income and related fees (1)
8.6
8.4
8.3
7.2
5.4
Deposit costs (2)
158.4
173.3
157.3
165.0
169.1
Total earnings credit and referral costs
$
223.7
$
234.2
$
214.3
$
228.8
$
239.4
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Net interest income
$
807.6
$
796.9
$
766.3
$
766.2
$
750.4
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Net revenue
$
1,014.2
$
995.7
$
1,018.9
$
980.9
$
938.2
Total non-interest expense
595.1
583.3
574.4
552.2
544.4
Pre-provision net revenue (1)
$
419.1
$
412.4
$
444.5
$
428.7
$
393.8
Less:
Provision for credit losses
80.0
80.4
213.2
73.0
80.0
Income tax expense
61.9
63.2
42.1
62.5
53.3
Net income
$
277.2
$
268.8
$
189.2
$
293.2
$
260.5
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Total non-interest expense
$
595.1
$
583.3
$
574.4
$
552.2
$
544.4
Less: Deposit costs
165.4
179.2
163.3
171.2
175.1
Total non-interest expense, excluding deposit costs
429.7
404.1
411.1
381.0
369.3
Divided by:
Total net interest income
807.6
796.9
766.3
766.2
750.4
Plus:
Tax equivalent interest adjustment
10.4
10.1
10.1
9.9
9.7
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Less: Deposit costs
165.4
179.2
163.3
171.2
175.1
$
859.2
$
826.6
$
865.7
$
819.6
$
772.8
Efficiency ratio (2)
58.1
%
58.0
%
55.8
%
55.7
%
57.4
%
Efficiency ratio, adjusted for deposit costs (2)
50.0
%
48.9
%
47.5
%
46.5
%
47.8
%
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Tangible Common Equity:
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions, except per share data)
Total equity
$
7,947
$
8,135
$
7,908
$
7,946
$
7,690
Less:
Goodwill and intangible assets, net
642
644
646
649
651
Preferred stock
295
295
295
295
295
Noncontrolling interest in subsidiary
293
293
293
293
293
Total tangible common equity
6,717
6,903
6,674
6,709
6,451
Plus: deferred tax - attributed to intangible assets
3
3
3
2
2
Total tangible common equity, net of tax
$
6,720
$
6,906
$
6,677
$
6,711
$
6,453
Total assets
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Less: goodwill and intangible assets, net
642
644
646
649
651
Tangible assets
97,430
98,057
98,207
92,125
90,319
Plus: deferred tax - attributed to intangible assets
3
3
3
2
2
Total tangible assets, net of tax
$
97,433
$
98,060
$
98,210
$
92,127
$
90,321
Tangible common equity ratio (3)
6.9
%
7.0
%
6.8
%
7.3
%
7.1
%
Common shares outstanding
108.0
109.2
109.2
109.5
110.2
Tangible book value per share, net of tax (3)
$
62.22
$
63.24
$
61.14
$
61.29
$
58.56
Return on Average Tangible Common Equity:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Net income available to common shareholders
$
266.9
$
258.5
$
178.9
$
282.9
$
250.2
Divided by:
Average equity
8,079
8,012
8,121
7,864
7,607
Less:
Average goodwill and intangible assets
643
646
648
650
652
Average preferred stock
295
295
295
295
295
Average noncontrolling interest in subsidiary
293
293
293
293
293
Average tangible common equity
$
6,848
$
6,778
$
6,885
$
6,626
$
6,367
Return on average tangible common equity (1)
15.5
%
15.3
%
10.5
%
16.9
%
15.6
%
Net Revenue and Pre-Provision Net Revenue, As Adjusted
Nine Months Ended
September 30, 2026
(in millions)
Net revenue
$
3,028.8
Adjusted for:
Gain on sales of investment securities
(50.5
)
Net revenue, as adjusted
$
2,978.3
Total non-interest expense
1,752.8
Pre-provision net revenue, as adjusted (1)
$
1,225.5
Less:
Provision for credit losses
373.6
Income tax expense
167.2
Gain on sales of investment securities
(50.5
)
Net income
$
735.2
Earnings per Share, As Adjusted:
Nine Months Ended
September 30, 2026
(in millions, except per share data)
Net income
$
735.2
Adjusted for:
Gain on sales of investment securities
(50.5
)
Provision for credit losses on LAM
126.4
Tax effect of adjustments
(13.8
)
Net income, as adjusted
797.3
Net income attributable to noncontrolling interest
21.3
Dividends on preferred stock
9.6
Net income available to common stockholders, as adjusted
$
766.4
Diluted shares
108.1
Diluted earnings per share, as adjusted (1)
$
7.01
Return on Average Assets, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net income, as adjusted
$
797.3
Divided by:
Average assets
$
97,305
Return on average assets, as adjusted (1)
1.10
%
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Return on Average Tangible Common Equity, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net income available to common stockholders, as adjusted
$
766.4
Divided by: Average equity
8,070
Less:
Average goodwill and intangible assets
646
Average preferred stock
295
Average noncontrolling interest in subsidiary
293
Average tangible common equity
$
6,836
Return on average tangible common equity (1)
13.8
%
Return on average tangible common equity, as adjusted (1)
15.0
%
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net charge-offs
$
309.3
Adjusted for fraud related charge-offs:
LAM
(126.4
)
Cantor
(26.1
)
Net charge-offs, as adjusted
$
156.8
Divided by: Average HFI loans
59,442
Net charge-offs to average loans - annualized, as adjusted
0.35
%
Non-GAAP Financial Measures Footnotes
(1)
We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)
We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)
We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.
, /PRNewswire/ -- The board of directors of Ally Financial Inc. (NYSE: ALLY) declared a quarterly cash dividend of $0.35 per share of the company's common stock, representing a 17% increase compared to the company's prior quarterly cash dividend. The dividend will be payable on November 16, 2026, to shareholders of record on November 2, 2026. Ally's board of directors has also declared quarterly dividend payments for the company's Series C and Series D preferred stock securities, payable on November 15, 2026.
A quarterly dividend payment was declared on Ally's 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, of approximately $11.8 million, or $11.75 per share, and is payable to shareholders of record as of October 31, 2026. Additionally, a dividend payment was declared on Ally's 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, of approximately $17.8 million, or $17.75 per share, and is payable to shareholders of record as of October 31, 2026.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) includes the nation's largest all-digital bank and an industry leading auto finance business, driven by a mission to "Do It Right" for its customers and communities. Ally is a U.S. financial holding company with $200 billion in assets and 9.6 million customers (June 30, 2026). Ally Bank, Member FDIC, offers online banking products, including high-yield savings and no hidden fee checking, and was the first major U.S. bank to eliminate overdraft fees. Ally also provides investing solutions through Ally Invest, including online brokerage, automated investing, IRAs and personal financial advice. As a leader in auto finance, Ally provides consumer and dealer financing, insurance, and vehicle remarketing services. Ally's seasoned corporate finance business provides capital to equity sponsors and middle-market companies. Visit ally.com.
Contacts:
Daniel Ignacio
Ally Investor Relations
704-444-5107
[email protected]
Peter Gilchrist
Ally Communications (Media)
704-644-6299
[email protected]
Western Midstream Partners vyplatí za třetí čtvrtletí roku 2026 čtvrtletní hotovostní distribuci ve výši 0,93 USD za jednotku, stejně jako v předchozím čtvrtletí.
, /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.93 per unit for the third quarter of 2026, or $3.72 per unit on an annualized basis, which is in-line with the prior quarter's distribution. WES's third-quarter 2026 distribution is payable on November 13, 2026, to unitholders of record at the close of business on November 2, 2026.
The Partnership plans to report its third-quarter 2026 results after market close on Wednesday, November 4, 2026. Management will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern) to discuss the Partnership's quarterly results. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the call. The full text of the release announcing the results will be available on the Partnership's website at www.westernmidstream.com.
Third-Quarter 2026 Results
Thursday, November 5, 2026
9:00 a.m. Central (10:00 a.m. Eastern)
Dial-in number: 888-880-3330
International dial-in number: 646-357-8766
To participate in WES's scheduled third-quarter earnings call, please refer to the above-listed dial-in information. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call will also be available on the website following the call.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.
For more information about WES, please visit www.westernmidstream.com.
This news release contains forward-looking statements. WES and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include our ability to meet distribution expectations and financial guidance; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.
Note regarding Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Sections 1.1446-4(b) and 1.1446(f)-4. Brokers and nominees should treat one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Midstream Partners, LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Furthermore, one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors is in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(iii). Brokers and nominees are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors. The CUSIP number of Western Midstream Partners, LP's common units is 958669 103.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
[email protected]
866-512-3523
Finanční ředitel společnosti CRISPR Therapeutics Raju Prasad odchází za příležitostmi mimo společnost; s okamžitou platností ho nahradí dosavadní senior viceprezident financí A.J. Silver.
ZUG, Switzerland and BOSTON, Oct. 19, 2026 (GLOBE NEWSWIRE) -- CRISPR Therapeutics (Nasdaq: CRSP) today announced that its Chief Financial Officer, Raju Prasad, Ph.D., will be stepping down from the Company to pursue external opportunities, and A.J. Silver, the Company's Senior Vice President of Finance, will succeed Dr. Prasad as Chief Financial Officer. This transition will be effective today.
“Raju has been a trusted partner to me and a wonderful colleague during his time at CRISPR Therapeutics," said Samarth Kulkarni, Ph.D., Chairman and Chief Executive Officer of CRISPR Therapeutics. "His thoughtful leadership helped build a strong finance organization, strengthen our balance sheet, and deepen our relationships with the investment community. On behalf of everyone at CRISPR Therapeutics, I thank Raju for all he has done and wish him every success in his next role.”
“I am excited for A.J. to assume his new role as CFO,” added Dr. Kulkarni. “Over the past eight years, A.J. has been a key leader across our finance organization, and his deep knowledge of our business combined with his strong operational experience makes him exceptionally well suited to lead us going forward."
"Serving as CFO of CRISPR Therapeutics has been an honor," said Dr. Prasad. "I am grateful to Sam, the Board of Directors of CRISPR Therapeutics, and the Company’s talented team for all we have accomplished together. It has been inspiring to work alongside people so committed to bringing transformative medicines to patients, and I am confident in the Company's future. I have decided this is the right time for me to take the next step in my career, and I look forward to following CRISPR Therapeutics’ continued progress.”
Mr. Silver has served as the Company’s Senior Vice President of Finance since January 2025. Since joining CRISPR Therapeutics in October 2018, he has held roles of increasing responsibility spanning strategic finance, treasury, financial planning and analysis, accounting and reporting, tax, and financial operations. Before joining the Company, Mr. Silver spent more than 10 years at Ernst & Young LLP, where he became a Certified Public Accountant. He holds a Master of Science in Accounting from the University of Connecticut and a B.S. from Boston College with concentrations in finance and accounting.
About CRISPR Therapeutics
CRISPR Therapeutics is a leading biopharmaceutical company focused on developing transformative gene-based medicines for serious human diseases. Founded over a decade ago as an early pioneer in CRISPR/Cas9 gene editing, the Company has evolved from a pioneering research-stage organization into an industry leader, marking a historic milestone with the approval of CASGEVY® (exagamglogene autotemcel [exa-cel]), the world’s first CRISPR-based therapy, for eligible patients with sickle cell disease and transfusion-dependent beta thalassemia. Today, CRISPR Therapeutics is advancing a broad, diversified pipeline spanning hemoglobinopathies, cardiovascular disease, autoimmune disease, oncology, regenerative medicine and rare diseases. The Company is also expanding its gene editing toolkit through SyNTase™ editing, its novel, proprietary platform designed to enable precise, efficient, and scalable gene correction. To accelerate its impact, CRISPR Therapeutics has established strategic collaborations with leading biopharmaceutical partners, including Vertex Pharmaceuticals. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Boston, Massachusetts and San Francisco, California. To learn more, visit www.crisprtx.com.
Společnost Wintrust za prvních devět měsíců roku 2026 zvýšila čistý zisk meziročně o 17 % na rekordních 700,1 milionu USD, tedy na 9,89 USD na zředěnou akcii.
ROSEMONT, Ill., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $700.1 million, or $9.89 per diluted common share, for the first nine months of 2026 compared to net income of $600.8 million, or $8.25 per diluted common share, for the same period of 2025. This represents a year-to-date net income increase of 17% compared to the same period of 2025. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $1.0 billion, compared to $884.1 million for the first nine months of 2025.
The Company reported record quarterly net income of $239.1 million, or $3.37 per diluted common share, for the third quarter of 2026, compared to net income of $233.7 million, or $3.30 per diluted common share, for the second quarter of 2026. Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2026 totaled $352.2 million, as compared to $341.1 million for the second quarter of 2026.
Timothy S. Crane, President and Chief Executive Officer, commented, “Our strong momentum in the first half of the year continued into the third quarter leading to consistent and record results for the first nine months of 2026. The third quarter of 2026 produced the seventh consecutive quarter of record net income for the Company.”
Additionally, Mr. Crane noted, “Net interest income came in at $621.6 million for the quarter, an increase of $24.2 million, or 16% annualized, from the second quarter of 2026. Net interest margin of 3.51% in the third quarter remained in line with our expectations, and we believe our balance sheet is well positioned to support stable performance through changing interest rate environments.”
Highlights of the third quarter of 2026:
Comparative information to the second quarter of 2026, unless otherwise noted
Total loans increased by $1.1 billion, or 8% annualized.Total deposits increased by $1.3 billion, or 8% annualized.Total assets increased by $1.3 billion, or 7% annualized.Net interest income increased to $621.6 million in the third quarter of 2026, compared to $597.4 million in the second quarter of 2026, driven by strong average earning asset growth. Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2026 which was in line with our prior guidance. Provision for credit losses totaled $25.9 million in the third quarter of 2026, compared to $23.1 million in the second quarter of 2026.Net charge-offs totaled $21.0 million, or 15 basis points of average total loans on an annualized basis, in the third quarter of 2026 up from $13.4 million, or 10 basis points of average total loans on an annualized basis, in the second quarter of 2026.Non-performing loans totaled $176.9 million and comprised 0.31% of total loans at September 30, 2026, as compared to $179.3 million and 0.32% of total loans at June 30, 2026. “We are encouraged by our strong third quarter performance and record results year-to-date. We believe we are well-positioned to build on our strong momentum and deliver further revenue growth as we close out the year. Our unique market position and strong customer relationships continue to create long-term franchise value in the markets we serve. We are proud of our latest deposit market share gains in Illinois and remain committed to expanding our market presence in Wisconsin and west Michigan. Our focus remains on delivering consistent balance sheet growth, expanding net interest income while maintaining a disciplined approach to expense management, which should generate positive operating leverage for the year”, Mr. Crane concluded.
The graphs shown on pages 3-7 illustrate certain financial highlights of the third 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/70c22597-0785-4d8f-b369-f25a29b18ff9
SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $1.3 billion in the third quarter of 2026 compared to the second quarter of 2026, driven by a $1.1 billion increase in total loans. The robust loan growth was diversified across all major loan portfolios.
Total liabilities increased by $1.5 billion in the third quarter of 2026 compared to the second quarter of 2026, driven by a $1.3 billion increase in total deposits. Strong organic deposit growth in the third 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 third quarter of 2026, net interest income totaled $621.6 million, compared to $597.4 million in the second quarter of 2026. The increase in net interest income in the third quarter of 2026 was driven by strong average earning asset growth of $2.1 billion.
Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2026, down one basis point compared to the second quarter of 2026. The yield on earning assets remained flat during the third quarter of 2026 while loan yields decreased by one basis point. Funding cost on interest-bearing deposits decreased one basis point compared to the second quarter of 2026. The net free funds contribution in the third quarter of 2026 decreased two basis points compared to the second 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 $486.1 million as of September 30, 2026, an increase from $481.2 million as of June 30, 2026. A provision for credit losses totaling $25.9 million was recorded for the third quarter of 2026 compared to $23.1 million recorded in the second quarter of 2026. The provision for credit losses recognized in the third quarter of 2026 reflects growth in the portfolio, 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 September 30, 2026, June 30, 2026, and March 31, 2026 is shown on Table 12 of this report.
Net charge-offs totaled $21.0 million in the third quarter of 2026, an increase of $7.6 million compared to $13.4 million of net charge-offs in the second quarter of 2026. Net charge-offs as a percentage of average total loans were 15 basis points in the third quarter of 2026 on an annualized basis compared to 10 basis points on an annualized basis in the second 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 $193.3 million and comprised 0.25% of total assets as of September 30, 2026, as compared to $195.2 million, or 0.26% of total assets, as of June 30, 2026. Non-performing loans totaled $176.9 million and comprised 0.31% of total loans at September 30, 2026, as compared to $179.3 million and 0.32% of total loans at June 30, 2026. For more information regarding non-performing assets, see Table 14 in this report.
NON-INTEREST INCOME
Non-interest income totaled $136.3 million in the third quarter of 2026, compared to $141.3 million in the second quarter of 2026.
Wealth management revenue increased by approximately $1.1 million in the third quarter of 2026, compared to the second quarter of 2026. The increase in the third quarter of 2026 was primarily driven by increased trust and asset management fees from higher assets under management during the period. 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 $25.5 million in the third quarter of 2026, compared to $27.4 million in the second quarter of 2026. The decrease in the third quarter of 2026 was primarily attributed to lower mortgage loan originations and related operational revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.
The Company recognized approximately $1.6 million in net losses on investment securities in the third quarter of 2026 compared to approximately $1.8 million in net gains in the second quarter of 2026. The net losses in the third 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 $405.7 million in the third quarter of 2026, increasing $8.1 million, compared to $397.5 million in the second quarter of 2026. Non-interest expense, as a percent of average assets, decreased to 2.16% in the third quarter of 2026 from 2.21% in the second quarter of 2026.
Salaries and employee benefits expense decreased by approximately $3.5 million in the third quarter of 2026, compared to the second quarter of 2026. This was primarily driven by lower payroll taxes and deferred compensation expense during the third quarter of 2026.
Advertising and marketing expense in the third quarter of 2026 totaled $21.8 million, which was a $1.4 million increase as compared to the second quarter of 2026. The increase in the third quarter was primarily driven by community sponsorship events and media commitments which are historically higher in the second and third quarter of the year. 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 $12.1 million in the third quarter of 2026, a $5.5 million increase from the second quarter of 2026. This was primarily the result of the $5.2 million FDIC special assessment reversal recorded in the second quarter of 2026. The special assessments were in response to certain bank failures in 2023 and the reversal was 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 $87.3 million in the third quarter of 2026 compared to $84.3 million in the second quarter of 2026. The effective tax rates were 26.7% in the third quarter of 2026 compared to 26.5% in the second quarter of 2026.
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 third quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $25.5 million for the third quarter of 2026, a decrease of $1.9 million compared to the second quarter of 2026. See Table 16 for more detail. Service charges on deposit accounts totaled $22.2 million in the third quarter of 2026 as compared to $21.2 million in the second quarter of 2026. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2026 indicating momentum for expected continued loan growth in the fourth 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 $5.4 billion during the third quarter of 2026. Average balances increased by $781.7 million, as compared to the second quarter of 2026. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.1 billion, $1.3 billion, and $363.2 million as of September 30, 2026, respectively, compared to $3.1 billion, $1.2 billion, and $363.7 million as of June 30, 2026, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the third quarter of 2026, which was relatively stable compared to the second 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 $41.0 million in the third quarter of 2026, an increase as compared to the second quarter of 2026. At September 30, 2026, the Company’s wealth management subsidiaries had approximately $51.5 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.
ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Business Acquisition
On September 1, 2026, the Company completed its purchase of the guardianship services business that was previously announced (the “business”). The business has approximately $1.2 billion in assets under management. As of September 30, 2026, the Company preliminarily recorded goodwill of approximately $7.5 million. In accordance with generally accepted accounting principles (“GAAP”), the initial purchase accounting for this business acquisition is not finalized and is therefore subject to change.
WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust’s key operating measures and growth rates for the third quarter of 2026, as compared to the second quarter of 2026 (sequential quarter) and third quarter of 2025 (linked quarter), are shown in the table below:
% or (1)
basis point (bp) change from
2nd Quarter
2026% or
basis point (bp) change from
3rd Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Sep 30, 2026 Jun 30, 2026 Sep 30, 2025Net income$239,054 $233,693 $216,254 2 %11 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2) 352,212 341,098 317,809 3 11 Net income per common share – Diluted 3.37 3.30 2.78 2 21 Cash dividends declared per common share 0.55 0.55 0.50 — 10 Net revenue (3) 757,877 738,635 697,837 3 9 Net interest income 621,604 597,366 567,010 4 10 Net interest margin 3.49% 3.50% 3.48%(1)bps1 bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2) 3.51 3.52 3.50 (1) 1 Net overhead ratio (4) 1.44 1.42 1.45 2 (1) Return on average assets 1.27 1.30 1.26 (3) 1 Return on average common equity 12.83 12.82 11.58 1 125 Return on average tangible common equity (non-GAAP) (2) 14.89 14.91 13.74 (2) 115 At end of period Total assets$75,971,620 $74,668,135 $69,629,638 7 %9 %Total loans (5) 56,804,571 55,654,947 52,063,482 8 9 Total deposits 62,435,216 61,141,275 56,711,381 8 10 Total shareholders’ equity 7,289,546 7,525,116 7,045,757 (12) 3
(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.
Three Months EndedNine Months Ended(Dollars in thousands, except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025Sep 30, 2026 Sep 30, 2025Selected Financial Condition Data (at end of period): Total assets $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Total loans (1) 56,804,571 55,654,947 54,071,292 53,105,101 52,063,482 Total deposits 62,435,216 61,141,275 58,914,382 57,717,191 56,711,381 Total shareholders’ equity 7,289,546 7,525,116 7,378,100 7,258,715 7,045,757 Selected Statements of Income Data: Net interest income $621,604 $597,366 $579,024 $583,874 $567,010 $1,797,994 $1,640,178 Net revenue (2) 757,877 738,635 713,166 714,264 697,837 2,209,678 2,011,728 Net income 239,054 233,693 227,388 223,024 216,254 700,135 600,820 Pre-tax income, excluding provision for credit losses (non-GAAP) (3) 352,212 341,098 330,534 329,811 317,809 1,023,844 884,149 Net income per common share – Basic 3.42 3.34 3.26 3.21 2.82 10.02 8.37 Net income per common share – Diluted 3.37 3.30 3.22 3.15 2.78 9.89 8.25 Cash dividends declared per common share 0.55 0.55 0.55 0.50 0.50 1.65 1.50 Selected Financial Ratios and Other Data: Performance Ratios: Net interest margin 3.49% 3.50% 3.54% 3.52% 3.48% 3.51% 3.51%Net interest margin – fully taxable-equivalent (non-GAAP) (3) 3.51 3.52 3.56 3.54 3.50 3.53 3.53 Non-interest income to average assets 0.73 0.79 0.78 0.74 0.76 0.76 0.75 Non-interest expense to average assets 2.16 2.21 2.21 2.19 2.21 2.19 2.28 Net overhead ratio (4) 1.44 1.42 1.44 1.45 1.45 1.43 1.53 Return on average assets 1.27 1.30 1.32 1.27 1.26 1.30 1.22 Return on average common equity 12.83 12.82 12.76 12.63 11.58 12.80 11.94 Return on average tangible common equity (non-GAAP) (3) 14.89 14.91 14.89 14.83 13.74 14.89 14.28 Average total assets $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 $72,232,797 $66,098,845 Average total shareholders’ equity 7,558,263 7,474,449 7,387,713 7,166,608 6,955,543 7,474,100 6,761,319 Average loans to average deposits ratio 91.8% 92.6% 93.1% 92.4% 92.5% 92.5% 92.6%Period-end loans to deposits ratio 91.0 91.0 91.8 92.0 91.8 Common Share Data at end of period: Market price per common share $141.82 $160.72 $138.94 $139.82 $132.44 Book value per common share 101.74 105.26 103.10 102.03 98.87 Tangible book value per common share (non-GAAP) (3) 88.18 92.13 89.90 88.66 85.39 Common shares outstanding 67,472,459 67,455,414 67,437,300 66,974,913 66,961,209 Other Data at end of period: Common equity to assets ratio 9.0% 9.5% 9.6% 9.6% 9.5% Tangible common equity ratio (non-GAAP) (3) 7.9 8.4 8.5 8.5 8.3 Tier 1 leverage ratio (5) 9.8 9.8 9.8 9.6 9.5 Risk-based capital ratios: Tier 1 capital ratio (5) 11.2 11.1 11.1 11.0 10.9 Common equity tier 1 capital ratio (5) 10.5 10.4 10.4 10.3 10.2 Total capital ratio (5) 12.5 12.4 12.6 12.4 12.4 Allowance for credit losses (6) $486,053 $481,189 $471,591 $460,465 $454,586 Allowance for loan and unfunded lending-related commitment losses to total loans 0.86% 0.86% 0.87% 0.87% 0.87% Number of: Bank subsidiaries 16 16 16 16 16 Banking offices 211 210 209 209 208
(1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) See Table 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) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Assets Cash and due from banks $635,592 $595,790 $543,654 $467,874 $565,406 Federal funds sold and securities purchased under resale agreements 65 65 65 64 63 Interest-bearing deposits with banks 3,557,687 3,573,915 3,051,665 3,180,553 3,422,452 Available-for-sale securities, at fair value 7,569,498 7,587,545 7,244,282 6,236,263 5,274,124 Held-to-maturity securities, at amortized cost 3,120,503 3,196,452 3,270,207 3,343,905 3,438,406 Equity securities with readily determinable fair value 64,811 65,815 63,786 63,770 63,445 Federal Home Loan Bank and Federal Reserve Bank stock 296,171 294,629 292,044 291,881 282,755 Mortgage loans held-for-sale, at fair value 307,748 407,495 383,405 340,745 333,883 Loans, net of unearned income 56,804,571 55,654,947 54,071,292 53,105,101 52,063,482 Allowance for loan losses (401,729) (402,952) (390,651) (379,283) (386,622)Net loans 56,402,842 55,251,995 53,680,641 52,725,818 51,676,860 Premises, software and equipment, net 792,205 778,958 777,603 781,611 775,425 Lease investments, net 363,243 363,664 362,766 360,646 301,000 Accrued interest receivable and other assets 1,946,561 1,666,474 1,596,617 1,617,682 1,614,674 Receivable on unsettled securities sales — — — 835,275 978,209 Goodwill 804,661 797,219 797,658 797,960 797,639 Other acquisition-related intangible assets 110,033 88,119 93,040 97,999 105,297 Total assets $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Liabilities and Shareholders’ Equity Deposits: Non-interest-bearing $11,584,695 $11,796,736 $12,112,891 $11,423,701 $10,952,146 Interest-bearing 50,850,521 49,344,539 46,801,491 46,293,490 45,759,235 Total deposits 62,435,216 61,141,275 58,914,382 57,717,191 56,711,381 Federal Home Loan Bank advances 3,450,680 3,450,680 3,451,309 3,451,309 3,151,309 Other borrowings 355,554 370,736 340,647 477,966 579,328 Subordinated notes 298,903 298,820 298,717 298,636 298,536 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Accrued interest payable and other liabilities 1,888,155 1,627,942 1,520,712 1,684,663 1,589,761 Total liabilities 68,682,074 67,143,019 64,779,333 63,883,331 62,583,881 Shareholders’ Equity: Preferred stock 425,000 425,000 425,000 425,000 425,000 Common stock 67,599 67,581 67,563 67,062 67,042 Surplus 2,574,253 2,560,427 2,546,754 2,534,024 2,521,306 Treasury stock (14,897) (14,882) (13,970) (9,156) (9,150)Retained earnings 5,101,367 4,907,788 4,719,561 4,537,539 4,356,367 Accumulated other comprehensive loss (863,776) (420,798) (366,808) (295,754) (314,808)Total shareholders’ equity 7,289,546 7,525,116 7,378,100 7,258,715 7,045,757 Total liabilities and shareholders’ equity $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedNine Months Ended(Dollars in thousands, except per share data)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Sep 30, 2026 Sep 30, 2025Interest income Interest and fees on loans$853,299 $822,981 $797,889 $822,494 $832,140$2,474,169 $2,398,499Mortgage loans held-for-sale 5,761 6,169 4,615 5,607 4,757 16,545 13,875Interest-bearing deposits with banks 25,595 20,916 19,150 27,190 34,992 65,661 106,075Federal funds sold and securities purchased under resale agreements 1 5 64 77 75 70 530Investment securities 112,273 105,716 100,278 95,461 86,426 318,267 236,495Trading account securities — — — — — — 11Federal Home Loan Bank and Federal Reserve Bank stock 5,932 5,625 5,564 5,497 5,444 17,121 16,144Brokerage customer receivables — — — — — — 78Total interest income 1,002,861 961,412 927,560 956,326 963,834 2,891,833 2,771,707Interest expense Interest on deposits 341,017 325,033 309,187 332,178 355,846 975,237 1,009,549Interest on Federal Home Loan Bank advances 29,086 28,218 27,701 26,408 26,007 85,005 77,172Interest on other borrowings 3,430 3,121 4,026 5,956 6,887 10,577 20,636Interest on subordinated notes 3,721 3,739 3,719 3,737 3,717 11,179 11,166Interest on junior subordinated debentures 4,003 3,935 3,903 4,173 4,367 11,841 13,006Total interest expense 381,257 364,046 348,536 372,452 396,824 1,093,839 1,131,529Net interest income 621,604 597,366 579,024 583,874 567,010 1,797,994 1,640,178Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965Net interest income after provision for credit losses 595,725 574,232 549,430 556,286 545,242 1,719,387 1,572,213Non-interest income Wealth management 40,967 39,883 42,059 39,365 37,188 122,909 108,051Mortgage banking 25,532 27,438 23,396 22,625 24,451 76,366 68,150Service charges on deposit accounts 22,161 21,240 20,970 20,402 19,825 64,371 58,689(Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 193 6,818Fees from covered call options 4,585 4,793 4,669 5,992 5,619 14,047 14,689Trading gains (losses), net 48 70 10 (257) 172 128 259Operating lease income, net 18,447 18,804 19,154 16,365 15,466 56,405 45,919Other 26,154 27,196 23,915 24,393 25,134 77,265 68,975Total non-interest income 136,273 141,269 134,142 130,390 130,827 411,684 371,550Non-interest expense Salaries and employee benefits 230,552 234,089 228,447 222,557 219,668 693,088 650,735Software and equipment 39,179 39,288 35,654 36,096 35,027 114,121 106,266Operating lease equipment 11,661 11,187 10,987 11,034 10,409 33,835 31,637Occupancy, net 19,548 21,153 20,566 20,105 20,809 61,267 61,815Data processing 11,218 10,659 11,266 11,809 11,329 33,143 34,713Advertising and marketing 21,806 20,432 13,218 13,792 19,027 55,456 50,060Professional fees 10,687 9,342 7,375 8,280 7,465 27,404 25,752Amortization of other acquisition-related intangible assets 4,686 4,921 4,958 4,999 5,196 14,565 16,394FDIC insurance 12,138 6,640 10,990 10,562 11,418 29,768 33,315Other real estate owned (“OREO”) expenses, net 282 786 207 2,162 262 1,275 1,410Other 43,908 39,040 38,964 43,057 39,418 121,912 115,482Total non-interest expense 405,665 397,537 382,632 384,453 380,028 1,185,834 1,127,579Income before taxes 326,333 317,964 300,940 302,223 296,041 945,237 816,184Income tax expense 87,279 84,271 73,552 79,199 79,787 245,102 215,364Net income$239,054 $233,693 $227,388 $223,024 $216,254$700,135 $600,820Preferred stock dividends 8,367 8,367 8,367 8,367 13,295 25,101 27,277Preferred stock redemption — — — — 14,046 — 14,046Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913$675,034 $559,497Net income per common share - Basic$3.42 $3.34 $3.26 $3.21 $2.82$10.02 $8.37Net income per common share - Diluted$3.37 $3.30 $3.22 $3.15 $2.78$9.89 $8.25Cash dividends declared per common share$0.55 $0.55 $0.55 $0.50 $0.50$1.65 $1.50Weighted average common shares outstanding 67,467 67,434 67,246 66,970 66,952 67,383 66,871Dilutive potential common shares 911 852 851 1,143 1,028 876 945Average common shares and dilutive common shares 68,378 68,286 68,097 68,113 67,980 68,259 67,816
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
% Growth From(1)(Dollars in thousands)Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31,
2025 Sep 30, 2025Jun 30, 2026(2)Sep 30, 2025Balance: Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$173,773 $265,203 $249,350 $217,136 $211,360NM(18)%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 133,975 142,292 134,055 123,609 122,523(23)9 Total mortgage loans held-for-sale$307,748 $407,495 $383,405 $340,745 $333,883(97)%(8)% Core loans: Commercial Commercial and industrial$8,051,117 $7,802,625 $7,620,239 $7,267,505 $7,135,08313%13%Asset-based lending 1,662,239 1,628,319 1,558,089 1,512,888 1,588,5228 5 Municipal 858,207 866,012 839,633 868,958 804,986(4)7 Leases 3,132,875 3,114,901 3,002,014 2,921,366 2,834,5632 11 Commercial real estate Residential construction 51,454 52,590 53,097 54,753 60,923(9)(16)Commercial construction 2,300,349 2,294,566 1,959,375 2,013,244 2,273,5451 1 Land 327,086 308,509 311,470 341,585 323,68524 1 Office 1,659,530 1,607,275 1,652,482 1,688,614 1,578,20813 5 Industrial 3,590,562 3,405,641 3,323,977 3,167,768 2,912,54722 23 Retail 1,510,533 1,475,949 1,469,658 1,436,252 1,478,8619 2 Multi-family 3,516,050 3,299,607 3,565,419 3,445,507 3,306,59726 6 Mixed use and other 2,005,047 1,826,470 1,826,808 1,793,013 1,684,84139 19 Home equity 507,831 491,782 471,264 480,525 484,20213 5 Residential real estate Residential real estate loans for investment 4,552,877 4,411,357 4,319,941 4,171,439 4,019,04613 13 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 86,626 76,334 83,036 84,706 75,08853 15 Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 56,512 55,001 62,189 61,087 49,73611 14 Total core loans$33,868,895 $32,716,938 $32,118,691 $31,309,210 $30,610,43314%11% Niche loans: Commercial Franchise$1,256,013 $1,300,935 $1,293,639 $1,298,493 $1,298,140(14)%(3)%Mortgage warehouse lines of credit 1,749,346 1,897,762 1,800,972 1,515,003 1,204,661(31)45 Community Advantage - homeowners association 517,408 516,782 526,274 532,027 537,6960 (4)Insurance entity lending 1,114,560 1,153,975 1,122,361 1,128,446 1,140,691(14)(2)Premium Finance receivables U.S. property & casualty insurance 7,805,981 7,744,361 7,127,234 7,308,054 7,502,9013 4 Canada property & casualty insurance 818,341 867,662 763,097 875,362 863,391(23)(5)Life insurance 9,538,863 9,312,521 9,196,382 9,023,642 8,758,55310 9 Consumer and other 135,164 144,011 122,642 114,864 147,016(24)(8)Total niche loans$22,935,676 $22,938,009 $21,952,601 $21,795,891 $21,453,049(0)%7% Total loans, net of unearned income$56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,4828%9%
(1) NM - Not Meaningful.
(2) Annualized.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
% Growth From(Dollars in thousands)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Jun 30,
2026 (1) Sep 30, 2025Balance: Non-interest-bearing$11,584,695 $11,796,736 $12,112,891 $11,423,701 $10,952,146 (7)% 6%NOW and interest-bearing demand deposits 7,253,456 6,742,269 5,987,258 6,233,753 6,710,919 30 8 Wealth management deposits (2) 1,690,496 1,349,949 1,670,620 1,907,647 1,600,735 100 6 Money market 24,174,275 23,083,225 21,714,267 21,368,924 20,270,382 19 19 Savings 6,487,247 6,597,516 6,942,565 6,905,216 6,758,743 (7) (4)Time certificates of deposit 11,245,047 11,571,580 10,486,781 9,877,950 10,418,456 (11) 8 Total deposits$62,435,216 $61,141,275 $58,914,382 $57,717,191 $56,711,381 8% 10%Mix: Non-interest-bearing 19% 19% 20% 20% 19% NOW and interest-bearing demand deposits 11 11 10 11 12 Wealth management deposits (2) 3 2 3 3 3 Money market 39 38 37 37 36 Savings 10 11 12 12 12 Time certificates of deposit 18 19 18 17 18 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 September 30, 2026
(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit 1-3 months $3,527,388 3.47%4-6 months 2,538,063 3.35 7-9 months 1,526,406 3.33 10-12 months 2,547,872 3.81 13-18 months 956,359 3.59 19-24 months 79,951 2.90 24+ months 69,008 2.51 Total $11,245,047 3.50%
TABLE 4: QUARTERLY AVERAGE BALANCES
Average Balance for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $2,853,369 $2,412,081 $2,247,083 $2,842,829 $3,276,683 Investment securities (2) 11,073,179 10,832,538 10,616,617 10,084,138 9,377,930 FHLB and FRB stock (3) 294,088 292,325 291,972 284,643 282,338 Liquidity management assets (4) $14,220,636 $13,536,944 $13,155,672 $13,211,610 $12,936,951 Mortgage loans held-for-sale 362,329 402,175 317,047 357,672 295,365 Loans, net of unearned income (4) (5) 55,982,688 54,491,469 52,845,685 52,193,637 51,403,566 Total earning assets (4) $70,565,653 $68,430,588 $66,318,404 $65,762,919 $64,635,882 Allowance for loan and investment security losses (413,132) (405,743) (391,810) (404,075) (410,681)Cash and due from banks 539,220 519,586 534,189 517,616 495,292 Other assets 3,708,430 3,617,292 3,628,340 3,615,808 3,582,543 Total assets $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 NOW and interest-bearing demand deposits $7,283,497 $6,453,420 $6,081,218 $6,133,333 $6,687,292 Wealth management deposits 1,566,292 1,485,347 1,858,560 1,925,808 1,604,142 Money market accounts 22,860,299 22,000,942 21,156,125 20,475,659 19,431,021 Savings accounts 6,570,130 6,707,916 6,921,251 6,814,263 6,723,325 Time deposits 11,256,456 10,938,312 9,782,112 10,045,136 10,319,719 Interest-bearing deposits $49,536,674 $47,585,937 $45,799,266 $45,394,199 $44,765,499 FHLB advances (3) 3,450,683 3,450,773 3,451,312 3,203,483 3,151,310 Other borrowings 393,031 358,511 442,200 547,507 614,892 Subordinated notes 298,844 298,757 298,661 298,576 298,481 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Total interest-bearing liabilities $53,932,798 $51,947,544 $50,245,005 $49,697,331 $49,083,748 Non-interest-bearing deposits 11,417,869 11,273,344 10,963,887 11,080,254 10,791,709 Other liabilities 1,491,241 1,466,386 1,492,518 1,548,075 1,472,036 Equity 7,558,263 7,474,449 7,387,713 7,166,608 6,955,543 Total liabilities and shareholders’ equity $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 Net free funds/contribution (6) $16,632,855 $16,483,044 $16,073,399 $16,065,588 $15,552,134
(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, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Interest income: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $25,595 $20,921 $19,214 $27,267 $35,067 Investment securities 112,884 106,346 100,864 96,122 87,101 FHLB and FRB stock (1) 5,932 5,625 5,564 5,497 5,444 Liquidity management assets (2) $144,411 $132,892 $125,642 $128,886 $127,612 Mortgage loans held-for-sale 5,761 6,169 4,615 5,607 4,757 Loans, net of unearned income (2) 855,450 825,092 799,915 824,628 834,294 Total interest income $1,005,622 $964,153 $930,172 $959,121 $966,663 Interest expense: NOW and interest-bearing demand deposits $37,394 $32,318 $29,666 $31,681 $40,448 Wealth management deposits 6,895 6,823 8,941 10,011 8,415 Money market accounts 174,404 165,035 155,299 163,585 169,831 Savings accounts 23,197 25,729 30,672 34,371 38,844 Time deposits 99,127 95,128 84,609 92,530 98,308 Interest-bearing deposits $341,017 $325,033 $309,187 $332,178 $355,846 FHLB advances (1) 29,086 28,218 27,701 26,408 26,007 Other borrowings 3,430 3,121 4,026 5,956 6,887 Subordinated notes 3,721 3,739 3,719 3,737 3,717 Junior subordinated debentures 4,003 3,935 3,903 4,173 4,367 Total interest expense $381,257 $364,046 $348,536 $372,452 $396,824 Less: Fully taxable-equivalent adjustment (2,761) (2,741) (2,612) (2,795) (2,829)Net interest income (GAAP) (3) 621,604 597,366 579,024 583,874 567,010 Fully taxable-equivalent adjustment 2,761 2,741 2,612 2,795 2,829 Net interest income, fully taxable-equivalent (non-GAAP) (3) $624,365 $600,107 $581,636 $586,669 $569,839
(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) See Table 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, Sep 30, 2026 Jun 30, 2026 Mar 31,
2026 Dec 31, 2025 Sep 30,
2025Yield earned on: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.56% 3.48% 3.47% 3.81% 4.25%Investment securities 4.04 3.94 3.85 3.78 3.68 FHLB and FRB stock (1) 8.00 7.72 7.73 7.66 7.65 Liquidity management assets 4.03% 3.94% 3.87% 3.87% 3.91%Mortgage loans held-for-sale 6.31 6.15 5.90 6.22 6.39 Loans, net of unearned income 6.06 6.07 6.14 6.27 6.44 Total earning assets 5.65% 5.65% 5.69% 5.79% 5.93% Rate paid on: NOW and interest-bearing demand deposits 2.04% 2.01% 1.98% 2.05% 2.40%Wealth management deposits 1.75 1.84 1.95 2.06 2.08 Money market accounts 3.03 3.01 2.98 3.17 3.47 Savings accounts 1.40 1.54 1.80 2.00 2.29 Time deposits 3.49 3.49 3.51 3.65 3.78 Interest-bearing deposits 2.73% 2.74% 2.74% 2.90% 3.15%FHLB advances 3.34 3.28 3.26 3.27 3.27 Other borrowings 3.46 3.49 3.69 4.32 4.44 Subordinated notes 4.94 5.02 5.05 4.97 4.94 Junior subordinated debentures 6.26 6.22 6.24 6.53 6.83 Total interest-bearing liabilities 2.80% 2.81% 2.81% 2.97% 3.21% Interest rate spread (2) (3) 2.85% 2.84% 2.88% 2.82% 2.72%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (4) 0.66 0.68 0.68 0.72 0.78 Net interest margin (GAAP) (3) 3.49% 3.50% 3.54% 3.52% 3.48%Fully taxable-equivalent adjustment 0.02 0.02 0.02 0.02 0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (3) 3.51% 3.52% 3.56% 3.54% 3.50%
(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) See Table 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 nine months ended,Interest
for nine months ended,Yield/Rate
for nine months ended,(Dollars in thousands)Sep 30, 2026 Sep 30,
2025Sep 30, 2026 Sep 30, 2025Sep 30, 2026 Sep 30, 2025Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$2,506,398 $3,367,419 $65,730 $106,605 3.51% 4.23%Investment securities (2) 10,842,451 8,866,621 320,094 238,540 3.95 3.60 FHLB and FRB stock (3) 292,803 282,016 17,121 16,144 7.82 7.65 Liquidity management assets (4) (5)$13,641,652 $12,516,056 $402,945 $361,289 3.95% 3.86%Other earning assets (4) (5) (6) — 4,332 — 92 — 2.84 Mortgage loans held-for-sale 360,683 297,568 16,545 13,875 6.13 6.23 Loans, net of unearned income (4) (5) (7) 54,451,438 49,597,938 2,480,457 2,405,059 6.09 6.48 Total earning assets (5)$68,453,773 $62,415,894 $2,899,947 $2,780,315 5.66% 5.96%Allowance for loan and investment security losses (403,640) (395,041) Cash and due from banks 531,017 483,543 Other assets 3,651,647 3,594,449 Total assets$72,232,797 $66,098,845 NOW and interest-bearing demand deposits$6,610,449 $6,387,859 $99,378 $111,565 2.01% 2.34%Wealth management deposits 1,635,663 1,577,312 22,659 25,203 1.85 2.14 Money market accounts 22,012,031 18,405,748 494,738 472,095 3.01 3.43 Savings accounts 6,731,813 6,594,716 79,598 112,404 1.58 2.28 Time deposits 10,664,360 9,859,196 278,864 288,282 3.50 3.91 Interest-bearing deposits$47,654,316 $42,824,831 $975,237 $1,009,549 2.74% 3.15%FHLB advances (3) 3,450,920 3,151,310 85,005 77,172 3.29 3.27 Other borrowings 397,733 597,016 10,577 20,636 3.56 4.62 Subordinated notes 298,755 298,396 11,179 11,166 5.00 5.00 Junior subordinated debentures 253,566 253,566 11,841 13,006 6.24 6.86 Total interest-bearing liabilities$52,055,290 $47,125,119 $1,093,839 $1,131,529 2.81% 3.21%Non-interest-bearing deposits 11,220,029 10,722,772 Other liabilities 1,483,378 1,489,635 Equity 7,474,100 6,761,319 Total liabilities and shareholders’ equity$72,232,797 $66,098,845 Interest rate spread (5) (8) 2.85% 2.75%Less: Fully taxable-equivalent adjustment (8,114) (8,608)(0.02) (0.02)Net free funds/contribution (9)$16,398,483 $15,290,775 0.68 0.78 Net interest income/margin (GAAP) (5) $1,797,994 $1,640,178 3.51% 3.51%Fully taxable-equivalent adjustment 8,114 8,608 0.02 0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP) (5) $1,806,108 $1,648,786 3.53% 3.53%
(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) See Table 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 PointsSep 30, 2026 (2.9)% (1.6)% 0.3% 0.1%Jun 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) Ramp Scenario+200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsSep 30, 2026(2.2)% (1.3)% 0.5% 1.2%Jun 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)
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 September 30, 2026One year or
less From one to
five years From five to fifteen years After fifteen years Total(In thousands) Commercial Fixed rate$668,421 $4,220,622 $2,267,646 $23,498 $7,180,187Variable rate 11,157,780 3,798 — — 11,161,578Total commercial$11,826,201 $4,224,420 $2,267,646 $23,498 $18,341,765Commercial real estate Fixed rate$946,605 $2,696,894 $343,419 $68,813 $4,055,731Variable rate 10,898,800 6,017 63 — 10,904,880Total commercial real estate$11,845,405 $2,702,911 $343,482 $68,813 $14,960,611Home equity Fixed rate$8,731 $1,266 $23 $4 $10,024Variable rate 497,807 — — — 497,807Total home equity$506,538 $1,266 $23 $4 $507,831Residential real estate Fixed rate$17,516 $6,349 $61,821 $1,047,240 $1,132,926Variable rate 153,365 870,687 2,539,037 — 3,563,089Total residential real estate$170,881 $877,036 $2,600,858 $1,047,240 $4,696,015Premium finance receivables - property & casualty Fixed rate$8,466,546 $157,776 $— $— $8,624,322Variable rate — — — — —Total premium finance receivables - property & casualty$8,466,546 $157,776 $— $— $8,624,322Premium finance receivables - life insurance Fixed rate$13,006 $35,884 $— $— $48,890Variable rate 9,489,973 — — — 9,489,973Total premium finance receivables - life insurance$9,502,979 $35,884 $— $— $9,538,863Consumer and other Fixed rate$32,133 $7,772 $968 $836 $41,709Variable rate 93,455 — — — 93,455Total consumer and other$125,588 $7,772 $968 $836 $135,164 Total per category Fixed rate$10,152,958 $7,126,563 $2,673,877 $1,140,391 $21,093,789Variable rate 32,291,180 880,502 2,539,100 — 35,710,782Total loans, net of unearned income$42,444,138 $8,007,065 $5,212,977 $1,140,391 $56,804,571Less: Existing cash flow hedging derivatives (1) (6,650,000) Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$35,794,138 Variable Rate Loan Pricing by Index: SOFR tenors (2) $23,556,09212- month CMT (3) 8,442,458Prime 2,980,955Fed Funds 502,961Other U.S. Treasury tenors 125,663Other 102,653Total variable rate $35,710,782
(1) Excludes cash flow hedges with future effective starting dates and those that have matured as of September 30, 2026. The $6.65 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.70 billion were impacting the cash flows of loans indexed to one-month SOFR as of September 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/96398016-9f3a-40ae-b1ba-211e33ef84c1
TABLE 10: ALLOWANCE FOR CREDIT LOSSES
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 2026 2025 Allowance for credit losses at beginning of period $481,189 $471,591 $460,465 $454,586 $457,461 $460,465 $437,060 Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965 Other adjustments (18) (90) (50) 71 (88) (158) 96 Charge-offs: Commercial 19,075 10,837 8,428 12,894 21,597 38,340 37,467 Commercial real estate 414 707 7,260 5,625 144 8,381 6,309 Home equity — — — — 27 — 138 Residential real estate 107 163 350 — 26 620 26 Premium finance receivables - property & casualty 7,361 5,403 7,431 8,354 6,860 20,195 20,320 Premium finance receivables - life insurance — — — — 18 — 30 Consumer and other 217 172 180 203 174 569 500 Total charge-offs 27,174 17,282 23,649 27,076 28,846 68,105 64,790 Recoveries: Commercial 1,577 1,710 1,419 956 1,449 4,706 4,124 Commercial real estate 2,103 5 6 4 241 2,114 263 Home equity 12 16 303 28 104 331 350 Residential real estate 24 1 1 1 1 26 139 Premium finance receivables - property & casualty 2,435 2,076 3,437 4,275 2,459 7,948 9,281 Premium finance receivables - life insurance — — — — — — — Consumer and other 26 28 65 32 37 119 98 Total recoveries 6,177 3,836 5,231 5,296 4,291 15,244 14,255 Net charge-offs (20,997) (13,446) (18,418) (21,780) (24,555) (52,861) (50,535)Allowance for credit losses at period end $486,053 $481,189 $471,591 $460,465 $454,586 $486,053 $454,586 Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: Commercial 0.39% 0.20% 0.17% 0.29% 0.49% 0.26% 0.28%Commercial real estate (0.05) 0.02 0.21 0.16 (0.00) 0.06 0.06 Home equity (0.01) (0.01) (0.26) (0.02) (0.06) (0.09) (0.06)Residential real estate 0.01 0.01 0.03 (0.00) 0.00 0.02 (0.00)Premium finance receivables - property & casualty 0.22 0.16 0.20 0.20 0.20 0.20 0.19 Premium finance receivables - life insurance — — — — 0.00 — 0.00 Consumer and other 0.41 0.42 0.35 0.47 0.40 0.39 0.43 Total loans, net of unearned income 0.15% 0.10% 0.14% 0.17% 0.19% 0.13% 0.14% Loans at period end $56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,482 Allowance for loan losses as a percentage of loans at period end 0.71% 0.72% 0.72% 0.71% 0.74% Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end 0.86 0.86 0.87 0.87 0.87
TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(In thousands) 2026 2026 2026 2025 2025 2026 2025 Provision for loan losses - Other $19,792 $25,837 $29,836 $14,369 $19,610 $75,465 $73,043 Provision for unfunded lending-related commitments losses - Other 6,094 (2,666) (239) 13,354 2,160 3,189 (5,017)Provision for held-to-maturity securities losses (7) (37) (3) (135) (2) (47) (61)Provision for credit losses $25,879 $23,134 $29,594 $27,588 $21,768 $78,607 $67,965 Allowance for loan losses $401,729 $402,952 $390,651 $379,283 $386,622 Allowance for unfunded lending-related commitments losses 84,111 78,017 80,683 80,922 67,569 Allowance for loan losses and unfunded lending-related commitments losses 485,840 480,969 471,334 460,205 454,191 Allowance for held-to-maturity securities losses 213 220 257 260 395 Allowance for credit losses $486,053 $481,189 $471,591 $460,465 $454,586
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 September 30, 2026, June 30, 2026 and March 31, 2026.
As of Sep 30, 2026As of Jun 30, 2026As of Mar 31, 2026(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$18,341,765 $240,134 1.31%$18,281,311 $234,809 1.28%$17,763,221 $210,959 1.19%Commercial real estate: Construction and development 2,678,889 66,450 2.48 2,655,665 67,343 2.54 2,323,942 74,092 3.19 Non-construction 12,281,722 142,623 1.16 11,614,942 142,605 1.23 11,838,344 150,778 1.27 Total commercial real estate$14,960,611 $209,073 1.40%$14,270,607 $209,948 1.47%$14,162,286 $224,870 1.59%Total commercial and commercial real estate$33,302,376 $449,207 1.35%$32,551,918 $444,757 1.37%$31,925,507 $435,829 1.37%Home equity 507,831 9,837 1.94 491,782 10,004 2.03 471,264 10,213 2.17 Residential real estate 4,696,015 13,619 0.29 4,542,692 13,257 0.29 4,465,166 13,081 0.29 Premium finance receivables - property & casualty 8,624,322 11,499 0.13 8,612,023 11,142 0.13 7,890,331 10,591 0.13 Premium finance receivables - life insurance 9,538,863 830 0.01 9,312,521 810 0.01 9,196,382 800 0.01 Consumer and other 135,164 848 0.63 144,011 999 0.69 122,642 820 0.67 Total loans, net of unearned income$56,804,571 $485,840 0.86%$55,654,947 $480,969 0.86%$54,071,292 $471,334 0.87% Total core loans (1)$33,868,895 $413,833 1.22%$32,716,938 $406,752 1.24%$32,118,691 $408,892 1.27%Total niche loans (1) 22,935,676 72,007 0.31 22,938,009 74,217 0.32 21,952,601 62,442 0.28
(1) See Table 1 for additional detail on core and niche loans.
TABLE 13: LOAN PORTFOLIO AGING
(In thousands) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025Loan Balances: Commercial Non-accrual $85,670 $90,642 $87,750 $78,059 $66,57790+ days and still accruing — — — — —60-89 days past due 21,825 14,851 9,996 22,952 12,19030-59 days past due 39,132 38,292 90,389 90,205 36,136Current 18,195,138 18,137,526 17,575,086 16,853,470 16,429,439Total commercial $18,341,765 $18,281,311 $17,763,221 $17,044,686 $16,544,342Commercial real estate Non-accrual $13,013 $17,220 $16,757 $25,147 $28,20290+ days and still accruing — — — — —60-89 days past due 17,827 14,879 17,133 19,529 14,11930-59 days past due 74,545 60,451 54,143 65,601 83,055Current 14,855,226 14,178,057 14,074,253 13,830,459 13,493,831Total commercial real estate $14,960,611 $14,270,607 $14,162,286 $13,940,736 $13,619,207Home equity Non-accrual $1,149 $1,177 $1,142 $1,221 $1,29590+ days and still accruing — — — — —60-89 days past due 1,085 690 463 1,112 24630-59 days past due 1,427 878 2,012 2,818 2,294Current 504,170 489,037 467,647 475,374 480,367Total home equity $507,831 $491,782 $471,264 $480,525 $484,202Residential real estate Early buy-out loans guaranteed by U.S. government agencies (1) $143,138 $131,335 $145,225 $145,793 $124,824Non-accrual 26,218 25,910 27,360 32,862 28,94290+ days and still accruing — — — — —60-89 days past due 5,390 3,310 129 7,562 8,82930-59 days past due 114 — 30,854 24,908 95Current 4,521,155 4,382,137 4,261,598 4,106,107 3,981,180Total residential real estate $4,696,015 $4,542,692 $4,465,166 $4,317,232 $4,143,870Premium finance receivables - property & casualty Non-accrual $23,341 $28,061 $33,891 $29,354 $24,51290+ days and still accruing 17,093 16,003 15,823 19,115 13,00660-89 days past due 19,238 18,198 16,188 29,294 23,52730-59 days past due 33,757 25,864 47,936 57,685 38,133Current 8,530,893 8,523,897 7,776,493 8,047,968 8,267,114Total Premium finance receivables - property & casualty $8,624,322 $8,612,023 $7,890,331 $8,183,416 $8,366,292Premium finance receivables - life insurance Non-accrual $— $— $— $— $—90+ days and still accruing 10,380 — — — —60-89 days past due 536 2,908 22,690 13,887 34,01630-59 days past due 3,515 8,606 58,760 22,806 34,506Current 9,524,432 9,301,007 9,114,932 8,986,949 8,690,031Total Premium finance receivables - life insurance $9,538,863 $9,312,521 $9,196,382 $9,023,642 $8,758,553Consumer and other Non-accrual $27 $113 $16 $8 $3890+ days and still accruing 13 145 10 42 6060-89 days past due 42 195 130 466 4930-59 days past due 251 1,253 230 643 159Current 134,831 142,305 122,256 113,705 146,710Total consumer and other $135,164 $144,011 $122,642 $114,864 $147,016Total loans, net of unearned income Early buy-out loans guaranteed by U.S. government agencies (1) $143,138 $131,335 $145,225 $145,793 $124,824Non-accrual 149,418 163,123 166,916 166,651 149,56690+ days and still accruing 27,486 16,148 15,833 19,157 13,06660-89 days past due 65,943 55,031 66,729 94,802 92,97630-59 days past due 152,741 135,344 284,324 264,666 194,378Current 56,265,845 55,153,966 53,392,265 52,414,032 51,488,672Total loans, net of unearned income $56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,482
(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
TABLE 14: NON-PERFORMING ASSETS (1)
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 Loans past due greater than 90 days and still accruing: Commercial$— $— $— $— $— Commercial real estate — — — — — Home equity — — — — — Residential real estate — — — — — Premium finance receivables - property & casualty 17,093 16,003 15,823 19,115 13,006 Premium finance receivables - life insurance 10,380 — — — — Consumer and other 13 145 10 42 60 Total loans past due greater than 90 days and still accruing 27,486 16,148 15,833 19,157 13,066 Non-accrual loans: Commercial 85,670 90,642 87,750 78,059 66,577 Commercial real estate 13,013 17,220 16,757 25,147 28,202 Home equity 1,149 1,177 1,142 1,221 1,295 Residential real estate 26,218 25,910 27,360 32,862 28,942 Premium finance receivables - property & casualty 23,341 28,061 33,891 29,354 24,512 Premium finance receivables - life insurance — — — — — Consumer and other 27 113 16 8 38 Total non-accrual loans 149,418 163,123 166,916 166,651 149,566 Total non-performing loans: Commercial 85,670 90,642 87,750 78,059 66,577 Commercial real estate 13,013 17,220 16,757 25,147 28,202 Home equity 1,149 1,177 1,142 1,221 1,295 Residential real estate 26,218 25,910 27,360 32,862 28,942 Premium finance receivables - property & casualty 40,434 44,064 49,714 48,469 37,518 Premium finance receivables - life insurance 10,380 — — — — Consumer and other 40 258 26 50 98 Total non-performing loans$176,904 $179,271 $182,749 $185,808 $162,632 Other real estate owned 16,404 15,940 17,439 20,839 24,832 Total non-performing assets$193,308 $195,211 $200,188 $206,647 $187,464 Total non-performing loans by category as a percent of its own respective category’s period-end balance: Commercial 0.47% 0.50% 0.49% 0.46% 0.40%Commercial real estate 0.09 0.12 0.12 0.18 0.21 Home equity 0.23 0.24 0.24 0.25 0.27 Residential real estate 0.56 0.57 0.61 0.76 0.70 Premium finance receivables - property & casualty 0.47 0.51 0.63 0.59 0.45 Premium finance receivables - life insurance 0.11 — — — — Consumer and other 0.03 0.18 0.02 0.04 0.07 Total loans, net of unearned income 0.31% 0.32% 0.34% 0.35% 0.31%Total non-performing assets as a percentage of total assets 0.25% 0.26% 0.28% 0.29% 0.27%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 325.15% 294.85% 282.38% 276.15% 303.67%
(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 EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(In thousands) 2026 2026 2026 2025 2025 2026 2025 Balance at beginning of period$179,271 $182,749 $185,808 $162,632 $188,838 $185,808 $170,823 Additions from becoming non-performing in the respective period 29,694 31,070 24,969 46,198 34,805 85,733 111,177 Return to performing status (11,423) (1,671) (3,663) (2,937) (3,399) (16,757) (11,502)Payments received (7,568) (19,503) (13,780) (13,734) (28,052) (40,851) (49,619)Transfer to OREO or other assets (1,582) — (868) (286) (348) (2,450) (2,595)Charge-offs, net (18,106) (7,860) (10,930) (16,998) (21,526) (36,896) (41,860)Net change for premium finance receivables 6,618 (5,514) 1,213 10,933 (7,686) 2,317 (13,792)Balance at end of period$176,904 $179,271 $182,749 $185,808 $162,632 $176,904 $162,632
Other Real Estate Owned
Three Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025Balance at beginning of period$15,940 $17,439 $20,839 $24,832 $23,615Disposals/resolved (127) (1,499) (4,760) (2,141) —Transfers in at fair value, less costs to sell 591 — 1,360 — 1,217Fair value adjustments — — — (1,852) —Balance at end of period$16,404 $15,940 $17,439 $20,839 $24,832 Period End(In thousands)Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Balance by Property Type: 2026 2026 2026 2025 2025Residential real estate$— $— $— $— $—Commercial real estate 16,404 15,940 17,439 20,839 24,832Total$16,404 $15,940 $17,439 $20,839 $24,832
TABLE 15: NON-INTEREST INCOME
Three Months EndedQ3 2026 compared to
Q2 2026Q3 2026 compared to
Q3 2025 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 $ Change % Change$ Change % ChangeBrokerage$5,144 $4,985 $5,301 $5,384 $4,426 $159 3%$718 16%Trust and asset management 35,823 34,898 36,758 33,981 32,762 925 3 3,061 9 Total wealth management 40,967 39,883 42,059 39,365 37,188 1,084 3 3,779 10 Mortgage banking 25,532 27,438 23,396 22,625 24,451 (1,906) (7) 1,081 4 Service charges on deposit accounts 22,161 21,240 20,970 20,402 19,825 921 4 2,336 12 (Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 (3,466) NM (4,593) NMFees from covered call options 4,585 4,793 4,669 5,992 5,619 (208) (4) (1,034) (18)Trading gains (losses), net 48 70 10 (257) 172 (22) (31) (124) (72)Operating lease income, net 18,447 18,804 19,154 16,365 15,466 (357) (2) 2,981 19 Other: Interest rate swap fees 3,757 3,117 4,041 4,664 3,909 640 21 (152) (4)BOLI 846 3,216 948 1,915 1,591 (2,370) (74) (745) (47)Administrative services 1,437 1,341 1,243 1,352 1,240 96 7 197 16 Foreign currency remeasurement (losses) gains (433) 253 (368) 322 (416) (686) NM (17) 4 Changes in fair value on EBOs and loans held-for-investment (356) (373) (287) (1,702) 1,452 17 5 (1,808) NMEarly pay-offs of capital leases 928 1,054 1,198 581 519 (126) (12) 409 79 Miscellaneous 19,975 18,588 17,140 17,261 16,839 1,387 7 3,136 19 Total Other 26,154 27,196 23,915 24,393 25,134 (1,042) (4) 1,020 4 Total Non-Interest Income$136,273 $141,269 $134,142 $130,390 $130,827 $(4,996) (4)%$5,446 4% Nine Months Ended2026 compared to 2025 Sep 30, Sep 30,(Dollars in thousands) 2026 2025$ Change % ChangeBrokerage$15,430 $13,395$2,035 15%Trust and asset management 107,479 94,656 12,823 14 Total wealth management 122,909 108,051 14,858 14 Mortgage banking 76,366 68,150 8,216 12 Service charges on deposit accounts 64,371 58,689 5,682 10 Gains on investment securities, net 193 6,818 (6,625) (97)Fees from covered call options 14,047 14,689 (642) (4)Trading gains, net 128 259 (131) (51)Operating lease income, net 56,405 45,919 10,486 23 Other: Interest rate swap fees 10,915 9,188 1,727 19 BOLI 5,010 4,644 366 8 Administrative services 4,021 3,948 73 2 Foreign currency remeasurement (losses) gains (548) 59 (607) NMChanges in fair value on EBOs and loans held-for-investment (1,016) 2,007 (3,023) NMEarly pay-offs of capital leases 3,180 1,687 1,493 89 Miscellaneous 55,703 47,442 8,261 17 Total Other 77,265 68,975 8,290 12 Total Non-Interest Income$411,684 $371,550$40,134 11%
NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.
TABLE 16: MORTGAGE BANKING
Three Months Ended(Dollars in thousands)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Originations: Retail originations$487,106 $660,325 $441,749 $589,139 $505,793 Veterans First originations 131,447 174,644 152,244 208,054 137,600 Total originations for sale (A)$618,553 $834,969 $593,993 $797,193 $643,393 Originations for investment 289,296 315,487 371,540 364,988 351,012 Total originations$907,849 $1,150,456 $965,533 $1,162,181 $994,405 As a percentage of originations for sale: Retail originations 79% 79% 74% 74% 79%Veterans First originations 21 21 26 26 21 Purchases 80% 74% 52% 52% 77%Refinances 20 26 48 48 23 Production Margin: Production revenue (B) (1)$10,902 $13,150 $13,028 $10,878 $15,388 Total originations for sale (A)$618,553 $834,969 $593,993 $797,193 $643,393 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 93,178 171,656 218,156 122,804 307,932 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 171,656 218,156 122,804 307,932 163,664 Total mortgage production volume (C)$540,075 $788,469 $689,345 $612,065 $787,661 Production margin (B / C) 2.02% 1.67% 1.89% 1.78% 1.95%Mortgage Servicing: Loans serviced for others (D)$12,790,822 $12,669,679 $12,534,513 $12,608,694 $12,524,131 Mortgage Servicing Rights (“MSR”), at fair value (E) 238,485 201,903 195,276 195,023 190,938 Percentage of MSRs to loans serviced for others (E / D) 1.86% 1.59% 1.56% 1.55% 1.52%Servicing income$10,678 $10,724 $10,353 $10,185 $10,112 MSR Fair Value Asset Activity MSR - FV at Beginning of Period$201,903 $195,276 $195,023 $190,938 $193,061 MSR - Current period capitalization 7,083 8,745 6,434 9,150 5,829 MSR - Collection of expected cash flows - paydowns (1,839) (1,684) (1,620) (1,550) (1,554)MSR - Collection of expected cash flows - payoffs and repurchases (3,548) (4,815) (5,021) (6,250) (4,050)MSR - Changes in fair value model assumptions 34,886 4,381 460 2,735 (2,348)MSR Fair Value at end of period$238,485 $201,903 $195,276 $195,023 $190,938 Summary of Mortgage Banking Revenue: Operational: Production revenue (1)$10,902 $13,150 $13,028 $10,878 $15,388 MSR - Current period capitalization 7,083 8,745 6,434 9,150 5,829 MSR - Collection of expected cash flows - paydowns (1,839) (1,684) (1,620) (1,550) (1,554)MSR - Collection of expected cash flows - payoffs and repurchases (3,548) (4,815) (5,021) (6,250) (4,050)Servicing Income 10,678 10,724 10,353 10,185 10,112 Other Revenue (282) 72 (45) (17) (345)Total operational mortgage banking revenue$22,994 $26,192 $23,129 $22,396 $25,380 Fair Value: MSR - changes in fair value model assumptions$34,886 $4,381 $460 $2,735 $(2,348)(Loss) gain on derivative contract held as an economic hedge, net (27,671) (3,396) (900) (2,425) 265 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale (4,677) 261 707 (81) 1,154 Total fair value mortgage banking revenue$2,538 $1,246 $267 $229 $(929)Total mortgage banking revenue$25,532 $27,438 $23,396 $22,625 $24,451
(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.
Nine Months Ended(Dollars in thousands)Sep 30,
2026 Sep 30,
2025Originations: Retail originations$1,589,180 $1,378,020 Veterans First originations 458,335 407,372 Total originations for sale (A)$2,047,515 $1,785,392 Originations for investment 976,323 991,115 Total originations$3,023,838 $2,776,507 As a percentage of originations for sale: Retail originations 78% 77%Veterans First originations 22 23 Purchases 69% 76%Refinances 31 24 Production Margin: Production revenue (B) (1)$37,080 $38,709 Total originations for sale (A)$2,047,515 $1,785,392 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 93,178 307,932 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 122,804 103,946 Total mortgage production volume (C)$2,017,889 $1,989,378 Production margin (B / C) 1.84% 1.95%Mortgage Servicing: Loans serviced for others (D)$12,790,822 $12,524,131 MSRs, at fair value (E) 238,485 190,938 Percentage of MSRs to loans serviced for others (E / D) 1.86% 1.52%Servicing income$31,755 $31,243 MSR Fair Value Asset Activity MSR - FV at Beginning of Period$195,023 $203,788 MSR - Current period capitalization 22,262 16,834 MSR - Collection of expected cash flows - paydowns (5,143) (4,660)MSR - Collection of expected cash flows - payoffs and repurchases (13,384) (11,196)MSR - Changes in fair value model assumptions 39,727 (13,828)MSR Fair Value at end of period$238,485 $190,938 Summary of Mortgage Banking Revenue: Operational: Production revenue (1)$37,080 $38,709 MSR - Current period capitalization 22,262 16,834 MSR - Collection of expected cash flows - paydowns (5,143) (4,660)MSR - Collection of expected cash flows - payoffs and repurchases (13,384) (11,196)Servicing Income 31,755 31,243 Other Revenue (255) (596)Total operational mortgage banking revenue$72,315 $70,334 Fair Value: MSR - changes in fair value model assumptions$39,727 $(13,828)(Loss) gain on derivative contract held as an economic hedge, net (31,967) 7,697 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale (3,709) 3,947 Total fair value mortgage banking revenue$4,051 $(2,184)Total mortgage banking revenue$76,366 $68,150
(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
TABLE 17: NON-INTEREST EXPENSE
Three Months EndedQ3 2026 compared to
Q2 2026Q3 2026 compared to
Q3 2025 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025$ Change % Change$ Change % ChangeSalaries and employee benefits: Salaries$128,618 $129,875 $129,086 $124,856 $124,623$(1,257) (1)%$3,995 3%Commissions and incentive compensation 61,911 62,463 57,407 57,117 56,244 (552) (1) 5,667 10 Benefits 40,023 41,751 41,954 40,584 38,801 (1,728) (4) 1,222 3 Total salaries and employee benefits 230,552 234,089 228,447 222,557 219,668 (3,537) (2) 10,884 5 Software and equipment 39,179 39,288 35,654 36,096 35,027 (109) 0 4,152 12 Operating lease equipment 11,661 11,187 10,987 11,034 10,409 474 4 1,252 12 Occupancy, net 19,548 21,153 20,566 20,105 20,809 (1,605) (8) (1,261) (6)Data processing 11,218 10,659 11,266 11,809 11,329 559 5 (111) (1)Advertising and marketing 21,806 20,432 13,218 13,792 19,027 1,374 7 2,779 15 Professional fees 10,687 9,342 7,375 8,280 7,465 1,345 14 3,222 43 Amortization of other acquisition-related intangible assets 4,686 4,921 4,958 4,999 5,196 (235) (5) (510) (10)FDIC insurance 12,138 11,796 10,990 11,061 11,418 342 3 720 6 FDIC insurance - special assessment — (5,156) — (499) — 5,156 100 — — OREO expense, net 282 786 207 2,162 262 (504) (64) 20 8 Other: Lending expenses, net of deferred origination costs 6,196 6,165 6,510 6,367 6,169 31 1 27 0 Travel and entertainment 6,874 6,938 5,426 7,965 6,029 (64) (1) 845 14 Miscellaneous 30,838 25,937 27,028 28,725 27,220 4,901 19 3,618 13 Total other 43,908 39,040 38,964 43,057 39,418 4,868 12 4,490 11 Total Non-Interest Expense$405,665 $397,537 $382,632 $384,453 $380,028$8,128 2%$25,637 7% Nine Months Ended2026 compared to 2025 Sep 30, Sep 30,(Dollars in thousands) 2026 2025$ Change % ChangeSalaries and employee benefits: Salaries$387,579 $371,714$15,865 4%Commissions and incentive compensation 181,781 164,651 17,130 10 Benefits 123,728 114,370 9,358 8 Total salaries and employee benefits 693,088 650,735 42,353 7 Software and equipment 114,121 106,266 7,855 7 Operating lease equipment 33,835 31,637 2,198 7 Occupancy, net 61,267 61,815 (548) (1)Data processing 33,143 34,713 (1,570) (5)Advertising and marketing 55,456 50,060 5,396 11 Professional fees 27,404 25,752 1,652 6 Amortization of other acquisition-related intangible assets 14,565 16,394 (1,829) (11)FDIC insurance 34,924 33,315 1,609 5 FDIC insurance - special assessment (5,156) — (5,156) (100)OREO expense, net 1,275 1,410 (135) (10)Other: Lending expenses, net of deferred origination costs 18,871 16,904 1,967 12 Travel and entertainment 19,238 17,325 1,913 11 Miscellaneous 83,803 81,253 2,550 3 Total other 121,912 115,482 6,430 6 Total Non-Interest Expense$1,185,834 $1,127,579$58,255 5%
NM - Not meaningful.
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 EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands) 2026 2026 2026 2025 2025 2026 2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income (GAAP)$1,002,861 $961,412 $927,560 $956,326 $963,834 $2,891,833 $2,771,707 Taxable-equivalent adjustment: - Loans 2,151 2,111 2,026 2,134 2,154 6,288 6,560 - Liquidity Management Assets 610 630 586 661 675 1,826 2,045 - Other Earning Assets — — — — — — 3 (B) Interest Income (non-GAAP)$1,005,622 $964,153 $930,172 $959,121 $966,663 $2,899,947 $2,780,315 (C) Interest Expense (GAAP) 381,257 364,046 348,536 372,452 396,824 1,093,839 1,131,529 (D) Net Interest Income (GAAP) (A minus C) 621,604 597,366 579,024 583,874 567,010 1,797,994 1,640,178 (E) Net Interest Income (non-GAAP) (B minus C) 624,365 600,107 581,636 586,669 569,839 1,806,108 1,648,786 Net interest margin (GAAP) 3.49% 3.50% 3.54% 3.52% 3.48% 3.51% 3.51%Net interest margin, fully taxable-equivalent (non-GAAP) 3.51 3.52 3.56 3.54 3.50 3.53 3.53 (F) Non-interest income$136,273 $141,269 $134,142 $130,390 $130,827 $411,684 $371,550 (G) (Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 193 6,818 (H) Non-interest expense 405,665 397,537 382,632 384,453 380,028 1,185,834 1,127,579 Efficiency ratio (H/(D+F-G)) 53.41% 53.96% 53.65% 53.94% 54.69% 53.67% 56.24%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.22 53.76 53.45 53.73 54.47 53.47 56.00 Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands) 2026 2026 2026 2025 2025 2026 2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio: Total shareholders’ equity (GAAP)$7,289,546 $7,525,116 $7,378,100 $7,258,715 $7,045,757 Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (425,000) (425,000) (425,000) Less: Acquisition-related intangible assets (GAAP) (914,694) (885,338) (890,698) (895,959) (902,936) (I) Total tangible common shareholders’ equity (non-GAAP)$5,949,852 $6,214,778 $6,062,402 $5,937,756 $5,717,821 (J) Total assets (GAAP)$75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Less: Acquisition-related intangible assets (GAAP) (914,694) (885,338) (890,698) (895,959) (902,936) (K) Total tangible assets (non-GAAP)$75,056,926 $73,782,797 $71,266,735 $70,246,087 $68,726,702 Common equity to assets ratio (GAAP) (L/J) 9.0% 9.5% 9.6% 9.6% 9.5% Tangible common equity ratio (non-GAAP) (I/K) 7.9 8.4 8.5 8.5 8.3 Reconciliation of Non-GAAP Tangible Book Value per Common Share: Total shareholders’ equity$7,289,546 $7,525,116 $7,378,100 $7,258,715 $7,045,757 Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (425,000) (425,000) (425,000) (L) Total common equity$6,864,546 $7,100,116 $6,953,100 $6,833,715 $6,620,757 (M) Actual common shares outstanding 67,472 67,455 67,437 66,975 66,961 Book value per common share (L/M)$101.74 $105.26 $103.10 $102.03 $98.87 Tangible book value per common share (non-GAAP) (I/M) 88.18 92.13 89.90 88.66 85.39 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913 $675,034 $559,497 Add: Acquisition-related intangible asset amortization 4,686 4,921 4,958 4,999 5,196 14,565 16,394 Less: Tax effect of acquisition-related intangible asset amortization (1,251) (1,304) (1,210) (1,310) (1,403) (3,772) (4,328)After-tax Acquisition-related intangible asset amortization$3,435 $3,617 $3,748 $3,689 $3,793 $10,793 $12,066 (O) Tangible net income applicable to common shares (non-GAAP)$234,122 $228,943 $222,769 $218,346 $192,706 $685,827 $571,563 Total average shareholders’ equity$7,558,263 $7,474,449 $7,387,713 $7,166,608 $6,955,543 $7,474,100 $6,761,319 Less: Average preferred stock (425,000) (425,000) (425,000) (425,000) (483,288) (425,000) (498,626)(P) Total average common shareholders’ equity$7,133,263 $7,049,449 $6,962,713 $6,741,608 $6,472,255 $7,049,100 $6,262,693 Less: Average acquisition-related intangible assets (895,137) (889,059) (894,211) (901,022) (906,032) (892,805) (910,972)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,238,126 $6,160,390 $6,068,502 $5,840,586 $5,566,223 $6,156,295 $5,351,721 Return on average common equity, annualized (N/P) 12.83% 12.82% 12.76% 12.63% 11.58% 12.80% 11.94%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.89 14.91 14.89 14.83 13.74 14.89 14.28 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before taxes$326,333 $317,964 $300,940 $302,223 $296,041 $945,237 $816,184 Add: Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965 Pre-tax income, excluding provision for credit losses (non-GAAP)$352,212 $341,098 $330,534 $329,811 $317,809 $1,023,844 $884,149 Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands, except per share data) 2026 2026 2026 2025 2025 2026 2025Reconciliation of Non-GAAP Net Income per Common Share: Net income$239,054 $233,693 $227,388 $223,024 $216,254$700,135 $600,820Preferred stock dividends 8,367 8,367 8,367 8,367 13,295 25,101 27,277Preferred stock redemption — — — — 14,046 — 14,046(R) Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913$675,034 $559,497(S) Weighted average common shares outstanding 67,467 67,434 67,246 66,970 66,952 67,383 66,871Dilutive potential common shares 911 852 851 1,143 1,028 876 945(T) Average common shares and dilutive common shares 68,378 68,286 68,097 68,113 67,980 68,259 67,816Net income per common share - Basic (R/S)$3.42 $3.34 $3.26 $3.21 $2.82$10.02 $8.37Net income per common share - Diluted (R/T)$3.37 $3.30 $3.22 $3.15 $2.78$9.89 $8.25Preferred stock series F excess one-time extended first dividend$— $— $— $— $4,927$— $4,927Preferred stock redemption — — — — 14,046 — 14,046(U) Total non-recurring preferred stock offering impact (non-GAAP)$— $— $— $— $18,973$— $18,973Net income per common share - Basic (non-GAAP) (R+U)/S$3.42 $3.34 $3.26 $3.21 $3.11$10.02 $8.65Net income per common share - Diluted (non-GAAP) (R+U)/T$3.37 $3.30 $3.22 $3.15 $3.06$9.89 $8.53
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 or armed hostilities;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, October 20, 2026 at 10:00 a.m. (CDT) regarding third 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 September 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 third 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
Společnost Haemonetics získala v USA schválení FDA pro systém PerQseal Elite určený k uzávěru velkých arteriálních přístupů při strukturálních srdečních a endovaskulárních zákrocích.
, /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE), a global medical technology company focused on delivering innovative solutions designed to improve patient outcomes, today announced U.S. Food and Drug Administration (FDA) approval of the PerQseal® Elite vascular closure system for large-bore arterial procedures. The approval expands Haemonetics' portfolio of clinically-differentiated large-bore closure devices for structural heart and endovascular procedures in the U.S., following the company's acquisition of Vivasure Medical Limited in January 2026.
The PerQseal Elite system provides sutureless, large-bore vascular closure following structural heart and endovascular procedures performed with 14 – 22F sheaths. Its fully bioabsorbable patch seals arteriotomies up to 26F from within the vessel, enabling near-instantaneous hemostasis and leaving nothing permanent behind. Physicians can confirm hemostasis while maintaining guidewire access, with the flexibility to reposition or recover the system until implant release. Results from the prospective, single-arm, multicenter ELITE arterial study demonstrated 0% major complications per VARC-3 and a mean time to hemostasis of less than one minute.1 In 2025, PerQseal Elite received CE Mark approval in Europe for both arterial and venous indications.
"FDA approval represents an important milestone in our strategy to bolster our presence and growth in advanced vascular closure, with new and meaningful innovation to meet evolving procedural needs," said Jan Hartmann, M.D., Senior Vice President and Chief Medical Officer at Haemonetics. "PerQseal Elite has the potential to further simplify minimally invasive procedures such as TAVR, while supporting patient comfort and experience. We are pleased to offer physicians and their patients in the U.S. this novel, patch-based approach to large-bore vascular closure."
Professor Nicolas van Mieghem, MD, co-investigator of the ELITE study clinical trials and interventional cardiologist at ZOL Hospital in Genk, Belgium, said, "I have found PerQseal Elite to be easy to adopt and intuitive to use, with rapid hemostasis being a particularly notable feature. In both the ELITE study and our early clinical experience, it has integrated well into procedural workflows for large-bore arterial interventions."
Clinical data related to PerQseal Elite will be presented and discussed by Haemonetics at the Transcatheter Cardiovascular Therapeutics® (TCT) Conference at the end of October.
VARC-3 major device-related vascular access site complications through 30 days. See PerQseal® Elite Instructions for Use.
About Haemonetics
Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our Apheresis business features proprietary technologies designed to enhance safety, yield, donor satisfaction and operational efficiency for plasma and blood collectors around the world. Our MedSurg business offers Blood Management Technologies designed to help inform treatment decisions and optimize the management of blood products, and Interventional Technologies, including advanced vascular closure systems and sensor-guided technologies, designed to drive procedural effectiveness and elevate the patient experience. To learn more about Haemonetics, visit www.haemonetics.com.
Cautionary Statement Regarding Forward-Looking Information
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements in this press release may include, without limitation, statements regarding plans and objectives of management for the operation of Haemonetics, including statements regarding potential benefits associated with the PerQseal Elite vascular closure system and Haemonetics' plans or objectives related to the commercialization of such product. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon Haemonetics' current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, product quality; market acceptance; the effect of economic and political conditions; and the impact of competitive products and pricing. These and other factors are identified and described in more detail in Haemonetics' periodic reports and other filings with the U.S. Securities and Exchange Commission. Haemonetics does not undertake to update these forward-looking statements.
Investor Contacts:
Olga Guyette, Vice President-Investor Relations & Treasury
SAN DIEGO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of sellers of Dun & Bradstreet Holdings, Inc. (NYSE: DNB) common stock between May 13, 2025 and August 26, 2025, inclusive (the “Class Period”), including holders who exchanged shares of Dun & Bradstreet common stock in the Merger with Clearlake Capital Group, L.P., and holders of Dun & Bradstreet common stock as of the May 9, 2025 record date for the special meeting of stockholders and whose shares were voted on, or entitled to vote on, the merger with Clearlake. Dun & Bradstreet is a global provider of business decision data and analytics.
The complaint alleges that Dun & Bradstreet's sale was engineered by the Company's Executive Chairman William P. Foley to relieve an acute liquidity crisis at Cannae Holdings, Inc., D&B’s largest stockholder, which Foley also chaired—and to defeat an activist proxy contest that threatened Foley’s control of Cannae.
Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP before the November 10, 2026, lead plaintiff deadline.
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Why Was Dun & Bradstreet Sued?
According to the complaint, on or about March 23, 2025, Dun & Bradstreet agreed to be acquired by affiliates of Clearlake for $9.15 per share in cash. According to the complaint, to obtain the stockholder approval required to consummate the merger, Dun & Bradstreet issued a definitive proxy statement on Schedule 14A on May 13, 2025 (the “Proxy”). Dun & Bradstreet stockholders allegedly voted to approve the merger on June 12, 2025, and the merger closed on August 26, 2025.
Plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose material facts in Dun & Bradstreet's March 23, 2025, merger announcement and in the Proxy.
Specifically, defendants failed to disclose: (i) the actual impetus for the sale: the liquidity crisis and activist threat confronting Cannae, and Foley's determination to convert Dun & Bradstreet, Cannae's largest holding, into cash quickly to address these issues; (ii) that several alternatives to a whole-company sale were worth materially more than $9.15 per share; (iii) the false board approval of the March Projections; and (iv) the advisor conflicts in the sales process.
Who May Be Eligible to Participate in the Dun & Bradstreet Class Action?
The lawsuit seeks to represent investors who sold Dun & Bradstreet Holdings, Inc. common stock between May 13, 2025 and August 26, 2025. Investors who suffered losses during that period may have legal rights under the federal securities laws.
What Is a Lead Plaintiff?
The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to lead the class action should contact Robbins LLP for information prior to the November 10, 2026, lead plaintiff deadline.
Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.
Does It Cost Anything to Participate?
No. Robbins LLP represents investors on a contingency fee basis.
Contact Robbins LLP
Investors seeking additional information about the Dun & Bradstreet Holdings, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.
Why Robbins LLP?
A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.
"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.
To be notified if a class action against Dun & Bradstreet Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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Adam Ciongoli neprodlouží smlouvu a k 1. prosinci odejde z funkce šéfa právního a politického oddělení Fox Corporation. Nicholas Trutanich se k 1. prosinci stane generálním právním zástupcem.
, /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) ("FOX" or the "Company") today announced that Adam Ciongoli, Chief Legal and Policy Officer, will not be renewing his contract and will step down from that role effective December 1. Concurrent with this change, Ciongoli will transition to serve as a special advisor to FOX through June 2028.
Nicholas Trutanich, currently Executive Vice President, Principal Deputy General Counsel, will become General Counsel of the Company effective December 1, reporting to Executive Chair and Chief Executive Officer Lachlan Murdoch.
"I'd like to thank Adam for his many immense contributions over the last three years," said Lachlan Murdoch. "I deeply appreciate his service to FOX and am grateful that he will continue to serve FOX as a special advisor. Nick Trutanich has been a critical member of the FOX team since joining the Company five years ago and will bring deep legal, litigation and compliance experience to this expanded role. We look forward to Nick's leadership."
"It has been a privilege and an honor to be a part of the FOX family, and I have especially valued my relationships with Lachlan and our talented colleagues," said Ciongoli. "I look forward to continuing to work with Lachlan and FOX as a special advisor to help this great company in its continued successes."
"I will be honored to serve as General Counsel and grateful for the opportunity to lead such a talented legal team," said Trutanich. "It is an exciting time of growth and innovation at FOX, and I look forward to working with colleagues across the Company to advance our goals."
Nick Trutanich joined Fox Corporation as Chief Ethics & Compliance Officer in 2021, most recently serving as Executive Vice President, Principal Deputy General Counsel, leading the Company's Litigation and Ethics & Compliance functions. Prior to joining FOX, Trutanich served as the U.S. Attorney for the District of Nevada from 2019 to 2021 and previously held senior roles at the Nevada Attorney General's Office and served as a federal prosecutor within the U.S. Department of Justice. Earlier in his career, Trutanich was a litigator in private practice and a federal law clerk.
As part of the transition, the Company also announced that Kristopher Jones, Executive Vice President and Head of Government Relations, will report directly to John Nallen, the President and Chief Operating Officer of Fox Corporation effective December 1.
About Fox Corporation
Fox Corporation produces and distributes compelling news, sports and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of FOX's footprint allow the Company to deliver content that engages and informs audiences, develop deeper consumer relationships and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.foxcorporation.com.
Newmark spustil v Severní Americe specializovanou divizi pro průmyslové venkovní skladovací plochy; nájemné za IOS se mezi lety 2020 a 2025 zvýšilo o 123 %.
Specialized advisors will serve owners and occupiers of industrial outdoor storage (IOS) assets, a property type whose rents have risen 123% since 2020, more than double the growth of bulk warehouse.
, /PRNewswire/ -- Newmark announces the launch of its dedicated Industrial Outdoor Storage (IOS) specialty practice, a group of advisors designed to provide advisory, leasing, capital markets and occupier solutions for one of commercial real estate's fastest-evolving property sectors. The practice brings together specialists from across North America to advise owners and occupiers of truck terminals, fleet parking facilities, storage yards, industrial service facilities and related outdoor logistics assets. The group's services include integrated landlord and tenant representation services while working closely with Newmark's Industrial & Logistics Capital Markets business on investment sales, debt and financing, M&A advisory and sale-leaseback transactions.
"Industrial outdoor storage has evolved from a fragmented real estate niche into a critical component of modern supply chains and industrial operations," said Jack Fraker, President, Global Head of Industrial & Logistics, Capital Markets. "As IOS has become increasingly important to both occupiers and investors, demand for well-located assets has continued to accelerate, driving rent growth that has significantly outpaced traditional bulk warehouse space over the past decade."
Newmark's IOS specialists have advised on a diverse range of assignments spanning leasing and capital markets across major logistics markets nationwide, such as the sale-leaseback transaction of a 15-property, 1.53 million-square-foot national IOS portfolio. The practice group includes broker-advisors based throughout the U.S. and Canada, led by Executive Managing Directors Adam Petrillo and Jerry Hopkins, Senior Managing Director Reid Halverson and Managing Directors Steve Korfiatis, Mike Viehmann and Cam Warren.
"Whether supporting transportation fleets, construction and infrastructure companies, equipment operators or logistics providers, industrial outdoor storage facilities play an essential role in keeping goods and services moving," said Viehmann. Halverson added: "Newmark's dedicated IOS business delivers deeper market knowledge, stronger collaboration and broader access to opportunities nationwide. By connecting professionals across key markets, we can provide clients with insights informed by leasing, ownership and investment activity throughout the sector."
According to Newmark's Lots to Gain research report, industrial outdoor storage has emerged as one of the strongest-performing segments within industrial real estate. Between 2020 and 2025, IOS rents increased 123%, more than double the growth recorded by bulk warehouse properties over the same period. Midyear 2026 vacancy measures reveal IOS to be the tightest niche sector in the industrial market at 5.8%, far below the overall industrial market at 7.4%. Although the sector encompasses an estimated 1.4 million acres across the United States, the supply of well-located sites remains constrained by zoning and entitlement challenges, fueling investor demand and accelerating IOS' evolution into an increasingly institutionalized asset class. Growing institutional participation and increased investor interest further underscore IOS's evolution from a niche property type into a recognized industrial asset class.
"IOS has become a meaningful part of our capital markets business, and this practice allows us to integrate that work with agency leasing, tenant representation, owner-occupier solutions and corporate M&A advisory nationwide, giving owners, investors and occupiers targeting the sector a comprehensive offering," said Stephen Bailey, Vice Chairman and Co-Head of Texas Capital Markets.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
BIRMINGHAM, Ala., Oct. 19, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS) today announced earnings and operating results for the quarter ended September 30, 2026.
Third Quarter 2026 Highlights and Financial Summary:
Diluted earnings per share of $0.80 for the quarter, up 33% from the third quarter of 2025, and up 23% from adjusted diluted earnings per share in the third quarter of 2025*.Loans grew by $1.43 billion, or 11%, year-over-year.Net interest margin of 3.63%, unchanged from the second quarter of 2026; excluding a loan recovery in the previous quarter, NIM was 5 basis points higher, and up 54 basis points compared to the third quarter of 2025.Noninterest-bearing deposits increased 12% year-over-year.Completed our two-for-one stock split during the quarter**.Subsequent to quarter-end, the Company announced its inaugural stock repurchase program, authorizing the repurchase of up to two million shares of common stock through December 31, 2027.Book value per share of $18.63, up 14% year-over-year.Efficiency ratio of 30.20%, improved from 35.22% in the third quarter of 2025.Year-to-date return on average common stockholders’ equity increased from 15.01% in 2025 to 17.62% in 2026, and year-to-date adjusted return on average common stockholders’ equity* increased from 15.85% to 17.61%.Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.49% in the third quarter of 2025 to 11.98% in the third quarter of 2026. Tom Broughton, Chairman, President, and CEO, said, “We see solid economic trends, and loan activity is improving with continued growth in our loan pipeline.”
David Sparacio, CFO, said, “We continue to grow our top line revenue through asset and margin growth, while maintaining a best-in-class efficiency ratio, resulting in top quartile returns.”
FINANCIAL SUMMARY (UNAUDITED)
(in Thousands except per share data)
Period Ended September 30, 2026 Period Ended June 30, 2026 % Change From Period Ended June 30, 2026 to Period Ended September 30, 2026 Period Ended September 30, 2025 % Change From Period Ended September 30, 2025 to Period Ended September 30, 2026 QUARTERLY OPERATING RESULTS Net Income $87,308 $85,793 1.8 % $65,571 33.2 % Net Income Available to Common Stockholders $87,308 $85,762 1.8 % $65,571 33.2 % Diluted Earnings Per Share $0.80 $0.78 2.6 % $0.60 33.3 % Return on Average Assets 1.89% 1.91% 1.47% Return on Average Common Stockholders' Equity 17.26% 17.71% 14.88% Average Diluted Shares Outstanding 109,390 109,406 109,336 Adjusted Net Income, net of tax* $87,197 $85,793 1.6 % $71,422 22.1 % Adjusted Net Income Available to Common Stockholders, net of tax* $87,197 $85,762 1.7 % $71,422 22.1 % Adjusted Diluted Earnings Per Share, net of tax* $0.80 $0.78 2.6 % $0.65 23.1 % Adjusted Return on Average Assets, net of tax* 1.89% 1.91% 1.60% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.24% 17.71% 16.21% YEAR-TO-DATE OPERATING RESULTS Net Income $256,072 $190,219 34.6 % Net Income Available to Common Stockholders $256,041 $190,188 34.6 % Diluted Earnings Per Share $2.34 $1.74 34.5 % Return on Average Assets 1.90% 1.44% Return on Average Common Stockholders' Equity 17.62% 15.01% Average Diluted Shares Outstanding 109,395 109 Adjusted Net Income, net of tax* $255,961 $200,779 27.5 % Adjusted Net Income Available to Common Stockholders, net of tax* $255,930 $200,748 27.5 % Adjusted Diluted Earnings Per Share, net of tax* $2.34 $1.84 27.3 % Adjusted Return on Average Assets, net of tax* 1.90% 1.52% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.61% 15.85% BALANCE SHEET Total Assets $18,319,690 $18,345,498 (0.1)% $17,584,199 4.2 % Loans 14,737,303 14,478,489 1.8 % 13,311,967 10.7 % Noninterest-bearing Demand Deposits 2,910,281 2,995,402 (2.8)% 2,598,895 12.0 % Total Deposits 14,087,378 14,548,730 (3.2)% 14,106,922 (0.1)% Stockholders' Equity 2,037,346 1,978,418 3.0 % 1,781,647 14.4 % * 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 noninterest income, and adjusted noninterest expense. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
**All share and per-share amounts presented reflect the Company’s two-for-one stock split during the quarter, including retrospective adjustments to prior-period amounts.
Note: Amounts presented in this report may not sum to the totals due to rounding.
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $87.3 million for the quarter ended September 30, 2026, compared to $65.6 million for the third quarter of 2025. Basic and diluted earnings per common share were both $0.80 in the third quarter of 2026, compared to $0.78 in the second quarter of 2026 and $0.60 in the third quarter of 2025. The prior-year quarter adjusted diluted earnings per share were $0.65.
Annualized return on average assets was1.89% and annualized return on average common stockholders’ equity was 17.26% for the third quarter of 2026, compared to 1.47% and 14.88%, respectively, for the third quarter of 2025.
Net interest income was $159.8 million for the third quarter of 2026, compared to $155.6 million for the second quarter of 2026 and $133.4 million for the third quarter of 2025. The net interest margin in the third quarter of 2026 was 3.63% compared to 3.63% in the second quarter of 2026 and 3.09% in the third quarter of 2025. Loan yields were 6.24% during the third quarter of 2026 compared to 6.23% during the second quarter of 2026 and 6.34% during the third 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 3.85% during the third quarter of 2026 compared to 3.82% during the second quarter of 2026 and 3.60% during the third quarter of 2025. Average interest-bearing deposit rates were 2.80% during the third quarter of 2026, compared to 2.80% during the second quarter of 2026 and 3.41% during the third quarter of 2025. Average federal funds purchased rates were 3.78% during the third quarter of 2026, compared to 3.74% during the second quarter of 2026 and 4.46% during the third quarter of 2025.
Average loans for the third quarter of 2026 were $14.54 billion, an increase of $320.5 million, or 8.9% annualized, from average loans of $14.22 billion for the second quarter of 2026, and an increase of $1.34 billion, or 10.1%, from average loans of $13.21 billion for the third quarter of 2025. Ending total loans for the third quarter of 2026 were $14.74 billion, an increase of $258.8 million, or 7.1% annualized, from $14.48 billion for the second quarter of 2026, and an increase of $1.43 billion, or 10.7%, from $13.31 billion for the third quarter of 2025.
Average total deposits for the third quarter of 2026 were $14.33 billion, an increase of $10.6 million, or 0.3% annualized, from average total deposits of $14.32 billion for the second quarter of 2026, and an increase of $195.2 million, or 1.4%, from average total deposits of $14.13 billion for the third quarter of 2025. Ending total deposits for the third quarter of 2026 were $14.09 billion, a decrease of $461.4 million, or 12.6% annualized, from $14.55 billion for the second quarter of 2026, and a decrease of $19.5 million, or 0.1%, from $14.11 billion for the third quarter of 2025.
Nonperforming assets to total assets were 0.96% for the third quarter of 2026, compared to 0.96% for the second quarter of 2026 and 0.96% for the third quarter of 2025. Annualized net charge-offs to average loans were 0.21% for the third quarter of 2026, compared to 0.11% for the second quarter of 2026 and 0.27% for the third quarter of 2025. The allowance for credit losses to total loans at September 30, 2026, June 30, 2026, and September 30, 2025, was 1.28%, 1.26%, and 1.28%, respectively. We recorded a $14.9 million provision for loan losses in the third quarter of 2026 compared to $11.7 million in the second quarter of 2026, and $9.3 million in the third quarter of 2025.
Noninterest income was $13.1 million for the third quarter of 2026 compared to $2.8 million in the third quarter of 2025, an increase of $10.3 million. Adjusted for $148,000 of securities gains in the third of 2026 and $7.8 million of securities losses in the third quarter of 2025, this represented a $2.3 million, or 21.8% increase. Service charges on deposit accounts increased $132,000, or 4.0%, to $3.4 million for the third quarter of 2026 from $3.3 million in the third quarter of 2025, and increased $110,000, or 3.3% on a linked quarter basis. Mortgage banking revenue remained relatively flat at $1.9 million, on a year-over-year basis. Credit card income remained relatively flat at $2.4 million, on a year-over-year basis. Bank-owned life insurance (“BOLI”) income increased $1.9 million, or 80.6%, to $4.3 million for the third quarter of 2026 from $2.4 million in the third quarter of 2025, and increased $210,000, or 5.1%, on a linked quarter basis. Other operating income increased $174,000, or 26.6%, to $829,000 for the third quarter of 2026 from $655,000 in the third quarter of 2025, and increased $121,000, or 17.1%, on a linked quarter basis.
Noninterest expense increased $4.2 million, or 8.8%, to $52.2 million for the third quarter of 2026 from $48.0 million in the third quarter of 2025, and increased $2.3 million, or 4.5%, on a linked quarter basis. Salary and benefit expense increased $1.4 million, or 5.5%, to $26.9 million for the third quarter of 2026 from $25.5 million in the third quarter of 2025, and increased $653,000, or 2.5%, 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 25, or 3.8%, to 675 at September 30, 2026 compared to 650 at September 30, 2025, and increased by twelve from the end of the second quarter of 2026. Equipment and occupancy expense decreased $234,000, or 6.5%, to $3.4 million for the third quarter of 2026 from $3.6 million in the third quarter of 2025, and decreased $582,000, or 14.7%, on a linked quarter basis. Third party processing and other services expense decreased $14,000, or 0.2%, to $8.1 million for the third quarter of 2026 from $8.1 million in the third quarter of 2025, and increased $119,000, or 1.5%, on a linked quarter basis. Professional services expense increased $94,000, or 5.1%, to $2.0 million for the third quarter of 2026 from $1.9 million in the third quarter of 2025, and decreased $276,000, or 12.4%, on a linked quarter basis. Other operating expenses increased $2.9 million, or 46.9%, to $8.9 million for the third quarter of 2026 from $6.1 million in the third quarter of 2025, and increased $2.2 million, or 33.2%, on a linked quarter basis. The efficiency ratio was 30.20% during the third quarter of 2026 compared to 35.22% during the third quarter of 2025 and 29.65% during the second quarter of 2026.
Our effective tax rate was 17.21% for the third quarter of 2026 compared to 16.81% for the third quarter of 2025, and 19.94% on a linked quarter basis. During the third 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 third quarters of 2026 and 2025 of $37,000 and $81,000, 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.
Contact: ServisFirst Bank
Davis Mange (205) 949-3420 [email protected]
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(in Thousands except per share data)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 CONSOLIDATED STATEMENT OF INCOME Interest income $257,353 $249,880 $241,480 $251,388 $251,308 Interest expense 97,539 94,243 93,332 104,867 117,860 Net interest income 159,814 155,637 148,148 146,521 133,448 Provision for credit losses 15,245 11,412 10,637 7,922 9,463 Net interest income after provision for credit losses 144,569 144,225 137,511 138,599 123,985 Noninterest income 13,112 12,892 10,840 15,691 2,833 Noninterest expense 52,229 49,961 47,384 46,683 47,996 Income before income tax 105,452 107,156 100,967 107,607 78,822 Provision for income tax 18,144 21,363 17,996 21,223 13,251 Net income 87,308 85,793 82,971 86,384 65,571 Preferred stock dividends - 31 - 31 - Net income available to common stockholders $87,308 $85,762 $82,971 $86,353 $65,571 Earnings per share - basic $0.80 $0.78 $0.76 $0.79 $0.60 Earnings per share - diluted $0.80 $0.78 $0.76 $0.79 $0.60 Average diluted shares outstanding 109,390 109,406 109,390 109,352 109,336 CONSOLIDATED BALANCE SHEET DATA Total assets $18,319,690 $18,345,498 $18,171,287 $17,727,190 $17,584,199 Loans 14,737,303 14,478,489 13,945,913 13,696,912 13,311,967 Debt securities 1,563,099 1,630,531 1,684,421 1,728,901 1,849,739 Noninterest-bearing demand deposits 2,910,281 2,995,402 2,836,622 2,684,272 2,598,895 Total deposits 14,087,378 14,548,730 14,486,364 14,219,034 14,106,922 Borrowings 34,750 34,750 34,750 34,750 64,750 Stockholders' equity 2,037,346 1,978,418 1,912,537 1,850,347 1,781,647 Shares outstanding 109,343 109,342 109,326 109,250 109,243 Book value per share $18.63 $18.09 $17.49 $16.94 $16.31 Tangible book value per share (1) $18.51 $17.97 $17.37 $16.81 $16.18 SELECTED FINANCIAL RATIOS (Annualized) Net interest margin 3.63% 3.63% 3.53% 3.38% 3.09% Return on average assets 1.89% 1.91% 1.89% 1.91% 1.47% Return on average common stockholders' equity 17.26% 17.71% 17.91% 18.93% 14.88% Efficiency ratio 30.20% 29.65% 29.80% 28.78% 35.22% Noninterest expense to average earning assets 1.18% 1.16% 1.13% 1.08% 1.11% CAPITAL RATIOS (2) Common equity tier 1 capital to risk-weighted assets 11.98% 11.83% 11.86% 11.65% 11.49% Tier 1 capital to risk-weighted assets 11.98% 11.83% 11.87% 11.66% 11.50% Total capital to risk-weighted assets 13.26% 13.09% 13.13% 12.93% 12.91% Tier 1 capital to average assets 11.11% 10.93% 10.71% 10.26% 10.01% Tangible common equity to total tangible assets (1) 11.05% 10.72% 10.46% 10.37% 10.06% (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. We recognized an $8.6 million loss on sale of available-for-sale debt securities in noninterest income during the second quarter of 2025 due to restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. We recognized a $7.8 million loss on sale of available-for-sale debt securities in non-interest income during the third quarter of 2025 due to continued restructuring of the portfolio. These adjustments to our results are to reflect items unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, run rate. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest income, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio excludes the impact of this, net of tax, and are all considered non-GAAP financial measures. 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 noninterest income, and adjusted noninterest 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 per share data.
At September 30,
2026 At June 30,
2026 At March 31,
2026 At December 31, 2025 At September 30,
2025 Book value per share - GAAP$18.63 $18.09 $17.49 $16.94 $16.31 Total common stockholders' equity - GAAP 2,037,346 1,978,418 1,912,537 1,850,347 1,781,647 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Tangible common stockholders' equity - non-GAAP$2,023,731 $1,964,803 $1,898,922 $1,836,732 $1,768,032 Tangible book value per share - non-GAAP$18.51 $17.97 $17.37 $16.81 $16.18 Stockholders' equity to total assets - GAAP 11.12 % 10.78 % 10.53 % 10.44 % 10.13 % Total assets - GAAP$18,319,690 $18,345,498 $18,171,287 $17,727,190 $17,584,199 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Total tangible assets - non-GAAP$18,306,075 $18,331,883 $18,157,672 $17,713,575 $17,570,584 Tangible common equity to total tangible assets - non-GAAP 11.05 % 10.72 % 10.46 % 10.37 % 10.06 % Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Net income - GAAP $87,308 $65,571 $256,072 $190,219 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income - non-GAAP $87,197 $71,422 $255,961 $200,779 Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Diluted earnings per share - GAAP $0.80 $0.60 $2.34 $1.74 Adjustments: Legal matter accrual reversal - - - (0.02) (Gain) loss on marketable securities - 0.07 - 0.15 Tax on adjustments - (0.02) - (0.03) Adjusted diluted earnings per share - non-GAAP $0.80 $0.65 $2.34 $1.84 Net interest income, on a fully taxable-equivalent basis $159,885 $133,502 $464,344 $388,897 Adjustments: Legal matter accrual reversal - - - (2,276) Tax on adjustments - - - 571 Adjusted net interest income, on a fully taxable-equivalent basis $159,885 $133,502 $464,344 $387,192 Return on average assets - GAAP 1.89 % 1.47 % 1.90 % 1.44 % Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Average assets - GAAP $18,320,832 $17,709,359 $18,035,725 $17,681,999 Adjusted return on average assets - non-GAAP 1.89 % 1.60 % 1.90 % 1.52 % Return on average common stockholders' equity - GAAP 17.26 % 14.88 % 17.62 % 15.01 % Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Average common stockholders' equity - GAAP $2,007,112 $1,747,825 $1,943,224 $1,693,601 Adjusted return on average common stockholders' equity non-GAAP 17.24 % 16.21 % 17.61 % 15.85 % Efficiency ratio 30.20 % 35.22 % 29.89 % 34.56 % Net interest income - GAAP $159,814 $133,448 $463,599 $388,688 Adjustments: Legal matter accrual reversal - - - (2,276) Adjusted net interest income - non-GAAP $159,814 $133,448 $463,599 $386,412 Total noninterest income - GAAP 13,112 2,833 36,844 11,531 Adjustments: (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Adjusted noninterest income - non-GAAP $12,964 $10,645 $36,696 $27,906 Adjusted net interest income and noninterest income - non-GAAP 172,778 144,093 500,295 414,318 Noninterest expense - GAAP $52,229 $47,996 $149,574 $138,307 Adjustments: Adjusted noninterest expense - non-GAAP $52,229 $47,996 $149,574 $138,307 Adjusted efficiency ratio - non-GAAP 30.23 % 33.31 % 29.90 % 33.38 % CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in Thousands except per share data)
September 30, 2026 September 30, 2025 % Change ASSETS Cash and due from banks $122,417 $144,089 (15)% Interest-bearing balances due from depository institutions 738,547 1,191,447 (38)% Federal funds sold and securities purchased with agreement to resell 324,051 437,769 (26)% Cash and cash equivalents 1,185,015 1,773,305 (33)% Available for sale debt securities, at fair value 968,503 1,178,144 (18)% Held to maturity debt securities (fair value of $533,106 and $622,825, respectively) 594,596 671,595 (11)% Restricted equity securities 12,475 12,203 2 % Mortgage loans held for sale 15,273 9,433 62 % Loans 14,737,303 13,311,967 11 % Less allowance for credit losses (189,010) (170,235) 11 % Loans, net 14,548,293 13,141,732 11 % Premises and equipment, net 67,390 60,704 11 % Goodwill 13,615 13,615 - % Other assets 914,530 723,468 26 % Total assets $18,319,690 $17,584,199 4 % LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $2,910,281 $2,598,895 12 % Interest-bearing 11,177,097 11,508,027 (3)% Total deposits 14,087,378 14,106,922 - % Federal funds purchased 1,965,000 1,488,150 32 % Other borrowings 34,750 64,750 (46)% Other liabilities 195,216 142,730 37 % Total liabilities 16,282,344 15,802,552 3 % Stockholders' equity: Preferred stock, par value $0.001 per share; 1,000 authorized and undesignated at September 30, 2026 and September 30, 2025 - - - % Common stock, par value $0.001 per share; 200,000 shares authorized; 109,343 shares issued and outstanding at September 30, 2026, and 109,243 shares issued and outstanding at September 30, 2025 109 109 - % Additional paid-in capital 240,134 237,181 1 % Retained earnings 1,807,673 1,548,098 17 % Accumulated other comprehensive loss (11,070) (4,241) 161 % Total stockholders' equity attributable to ServisFirst Bancshares, Inc. 2,036,846 1,781,147 14 % Noncontrolling interest 500 500 - % Total stockholders' equity 2,037,346 1,781,647 14 % Total liabilities and stockholders' equity $18,319,690 $17,584,199 4 % CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Interest income: Interest and fees on loans $228,652 $210,987 $659,449 $614,444 Debt securities 16,088 17,343 48,014 49,939 Federal funds sold and securities purchased with agreement to resell 3,392 4,724 13,099 6,336 Other interest and dividends 9,221 18,254 28,151 68,320 Total interest income 257,353 251,308 748,713 739,039 Interest expense: Deposits 80,414 98,735 238,139 286,968 Borrowed funds 17,125 19,125 46,975 63,383 Total interest expense 97,539 117,860 285,114 350,351 Net interest income 159,814 133,448 463,599 388,688 Provision for credit losses 15,245 9,463 37,294 27,389 Net interest income after provision for credit losses 144,569 123,985 426,305 361,299 Noninterest income: Service charges on deposit accounts 3,448 3,316 10,082 8,545 Mortgage banking 1,935 1,864 6,048 3,800 Credit card income 2,409 2,405 7,103 6,492 Securities gains (losses) 148 (7,812) 148 (16,375) Bank-owned life insurance income 4,343 2,405 11,298 6,668 Other operating income 829 655 2,165 2,401 Total noninterest income 13,112 2,833 36,844 11,531 Noninterest expenses: Salaries and employee benefits 26,927 25,522 80,054 70,977 Equipment and occupancy expense 3,381 3,615 11,292 10,860 Third party processing and other services 8,081 8,095 23,568 23,838 Professional services 1,951 1,857 6,121 5,694 FDIC and other regulatory assessments 2,478 2,742 7,977 8,349 Other real estate owned expense 476 82 571 142 Other operating expenses 8,935 6,083 19,991 18,447 Total noninterest expenses 52,229 47,996 149,574 138,307 Income before income taxes 105,452 78,822 313,575 234,523 Provision for income taxes 18,144 13,251 57,503 44,304 Net income 87,308 65,571 256,072 190,219 Dividends on preferred stock - - 31 31 Net income available to common stockholders $87,308 $65,571 $256,041 $190,188 Basic earnings per common share $0.80 $0.60 $2.34 $1.74 Diluted earnings per common share $0.80 $0.60 $2.34 $1.74 LOANS BY TYPE (UNAUDITED)
(In thousands)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025Commercial, financial and agricultural $3,386,275 $3,252,437 $3,189,704 $3,146,736 $2,945,784Real estate - construction 1,566,203 1,564,504 1,531,042 1,457,628 1,532,285Real estate - mortgage: Owner-occupied commercial 2,853,062 2,781,375 2,718,512 2,739,823 2,680,0551-4 family mortgage 1,717,781 1,685,723 1,695,140 1,671,713 1,625,296Non-owner occupied commercial 5,141,148 5,123,635 4,739,642 4,603,389 4,448,710Subtotal: Real estate - mortgage 9,711,991 9,590,733 9,153,294 9,014,925 8,754,061Consumer 72,834 70,815 71,873 77,623 79,837Total loans $14,737,303 $14,478,489 $13,945,913 $13,696,912 $13,311,967 SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025Allowance for credit losses: Beginning balance$181,853 $173,905 $171,683 $170,235 $169,959 Loans charged off: Commercial, financial and agricultural 1,862 4,074 8,291 7,695 7,947 Real estate - construction 6,959 711 - - - Real estate - mortgage 207 5 91 64 1,294 Consumer 137 79 171 465 109 Total charge offs 9,165 4,869 8,553 8,224 9,350 Recoveries: Commercial, financial and agricultural 1,398 667 178 1,532 237 Real estate - construction - - - - 30 Real estate - mortgage 3 396 - - - Consumer 23 59 35 10 21 Total recoveries 1,423 1,122 213 1,542 288 Net charge-offs 7,741 3,747 8,340 6,682 9,062 Provision for loan losses 14,899 11,695 10,562 8,130 9,338 Ending balance$189,010 $181,853 $173,905 $171,683 $170,235 Allowance for credit losses to total loans 1.28% 1.26% 1.25% 1.25% 1.28% Allowance for credit losses to total average loans 1.30% 1.28% 1.26% 1.27% 1.29%Net charge-offs to total average loans 0.21% 0.11% 0.25% 0.20% 0.27% Provision for credit losses to total average loans 0.41% 0.33% 0.31% 0.24% 0.28%Nonperforming assets: Nonaccrual loans$160,084 $169,711 $176,613 $168,351 $166,662 Loans 90+ days past due and accruing 1,514 1,242 1,274 478 965 Other real estate owned and repossessed assets 14,865 4,834 3,072 2,583 611 Total$176,463 $175,787 $180,959 $171,412 $168,238 Nonperforming loans to total loans 1.10% 1.18% 1.28% 1.23% 1.26%Nonperforming assets to total assets 0.96% 0.96% 1.00% 0.97% 0.96%Nonperforming assets to earning assets 1.01% 0.99% 1.05% 1.01% 1.00%Allowance for credit losses to nonaccrual loans 118.07% 107.15% 98.47% 101.98% 102.14% CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 Interest income: Interest and fees on loans $228,652 $220,731 $210,066 $214,252 $210,987 Debt securities 16,088 15,827 16,099 17,204 17,343 Federal funds sold and securities purchased with agreement to resell 3,392 4,146 5,561 5,671 4,724 Other interest and dividends 9,221 9,176 9,754 14,261 18,254 Total interest income 257,353 249,880 241,480 251,388 251,308 Interest expense: Deposits 80,414 79,440 78,285 86,920 98,735 Borrowed funds 17,125 14,803 15,047 17,947 19,125 Total interest expense 97,539 94,243 93,332 104,867 117,860 Net interest income 159,814 155,637 148,148 146,521 133,448 Provision for credit losses 15,245 11,412 10,637 7,922 9,463 Net interest income after provision for credit losses 144,569 144,225 137,511 138,599 123,985 Noninterest income: Service charges on deposit accounts 3,448 3,338 3,296 3,339 3,316 Mortgage banking 1,935 2,221 1,892 1,664 1,864 Credit card income 2,409 2,492 2,202 1,835 2,405 Securities gains (losses) 148 - - - (7,812) Bank-owned life insurance income 4,343 4,133 2,822 8,149 2,405 Other operating income 829 708 628 704 655 Total noninterest income 13,112 12,892 10,840 15,691 2,833 Noninterest expenses: Salaries and employee benefits 26,927 26,274 26,853 23,838 25,522 Equipment and occupancy expense 3,381 3,963 3,948 3,737 3,615 Third party processing and other services 8,081 7,962 7,525 7,779 8,095 Professional services 1,951 2,227 1,943 1,481 1,857 FDIC and other regulatory assessments 2,478 2,753 2,745 2,641 2,742 Other real estate owned expense 476 75 20 13 82 Other operating expenses 8,935 6,707 4,350 7,194 6,083 Total noninterest expenses 52,229 49,961 47,384 46,683 47,996 Income before income taxes 105,452 107,156 100,967 107,607 78,822 Provision for income taxes 18,144 21,363 17,996 21,223 13,251 Net income 87,308 85,793 82,971 86,384 65,571 Dividends on preferred stock - 31 - 31 - Net income available to common stockholders $87,308 $85,762 $82,971 $86,353 $65,571 Basic earnings per common share $0.80 $0.78 $0.76 $0.79 $0.60 Diluted earnings per common share $0.80 $0.78 $0.76 $0.79 $0.60 AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) ON A FULLY TAXABLE-EQUIVALENT BASIS (Dollars in thousands) 3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Assets: Interest-earning assets: Loans, net of unearned income (1) Taxable $14,523,000 6.23% $14,198,439 6.18% $13,751,447 6.18% $13,474,271 6.30% $13,175,297 6.34% Tax-exempt (2) 21,997 7.41 26,082 37.03 32,976 5.82 30,670 5.52 30,478 5.47 Total loans, net of unearned income 14,544,997 6.24 14,224,521 6.23 13,784,423 6.18 13,504,941 6.29 13,205,775 6.34 Mortgage loans held for sale 11,909 4.83 13,327 5.30 10,680 4.40 9,887 4.49 11,351 4.82 Debt securities: Taxable 1,669,210 3.85 1,657,378 3.82 1,702,499 3.78 1,826,632 3.77 1,926,101 3.60 Tax-exempt (2) 444 5.41 444 5.41 444 5.41 444 5.41 444 5.41 Total securities (3) 1,669,654 3.85 1,657,822 3.82 1,702,943 3.78 1,827,076 3.77 1,926,545 3.60 Federal funds sold and securities purchased with agreement to resell 298,700 4.50 372,645 4.46 501,377 4.50 469,148 4.79 365,733 5.12 Restricted equity securities 12,465 5.98 12,456 6.41 12,228 6.17 12,193 6.61 12,167 6.36 Interest-bearing balances with banks 950,426 3.76 964,808 3.73 1,041,026 3.73 1,393,155 4.00 1,608,118 4.45 Total interest-earning assets $17,488,151 5.84% $17,245,579 5.82% $17,052,677 5.75% $17,216,400 5.79% $17,129,689 5.82% Noninterest-earning assets: Cash and due from banks 84,825 96,648 103,847 102,066 103,470 Net premises and equipment 65,791 63,303 61,253 61,009 60,614 Allowance for credit losses, accrued interest and other assets 682,065 606,506 552,337 556,704 415,586 Total assets $18,320,832 $18,012,036 $17,770,114 $17,936,179 $17,709,359 Interest-bearing liabilities: Interest-bearing deposits: Checking $2,226,470 1.72% $2,050,758 1.69% $2,101,953 1.60% $2,126,615 1.77% $2,069,440 2.16% Savings 110,246 1.43 112,077 1.41 110,843 1.42 106,551 1.52 103,668 1.66 Money market 7,835,165 3.05 7,956,884 3.03 7,812,168 3.01 7,816,487 3.23 7,965,115 3.67 Time deposits 1,235,134 3.28 1,274,496 3.26 1,373,023 3.42 1,392,749 3.80 1,344,257 3.97 Total interest-bearing deposits 11,407,015 2.80 11,394,215 2.80 11,397,987 2.79 11,442,402 3.01 11,482,480 3.41 Federal funds purchased 1,760,091 3.78 1,549,520 3.74 1,593,215 3.74 1,712,399 4.01 1,640,377 4.46 Other borrowings 34,750 3.96 34,750 4.02 34,750 4.05 59,207 4.21 64,761 4.21 Total interest-bearing liabilities $13,201,856 2.93% $12,978,485 2.91% $13,025,952 2.91% $13,214,008 3.15% $13,187,618 3.55% Noninterest-bearing liabilities: Noninterest-bearing checking 2,921,746 2,923,956 2,728,354 2,768,495 2,651,043 Other liabilities 190,118 167,024 137,231 143,680 122,873 Stockholders' equity 2,010,433 1,944,735 1,879,072 1,813,097 1,762,980 Accumulated other comprehensive loss (3,321) (2,164) (495) (3,101) (15,155) Total liabilities and stockholders' equity $18,320,832 $18,012,036 $17,770,114 $17,936,179 $17,709,359 Net interest spread 2.91% 2.91% 2.84% 2.64% 2.27% Net interest margin 3.63% 3.63% 3.53% 3.38% 3.09% (1) Average loans include nonaccrual loans in all periods. Loan fees of $5,169, $4,763, $5,186, $5,464, and $6,103 are included in interest income in the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third 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 $(6,260), $(4,830), $(2,713), $(6,311), and $(22,574) for the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third quarter of 2025, respectively, are excluded from the yield calculation.
F.N.B. Corporation ve třetím čtvrtletí 2026 zvýšila čistý zisk na 152,9 milionu USD, neboli 0,43 USD na zředěnou akcii, z 149,5 milionu USD před rokem.
Record Net Interest Income Driven by Net Interest Margin (non-GAAP) Expansion and Loan and Deposit Annualized Growth of 8.5% and 8.9%, Respectively
, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the third quarter of 2026 with net income of $152.9 million, or $0.43 per diluted common share. Comparatively, third quarter 2025 net income totaled $149.5 million, or $0.41 per diluted common share, and second quarter 2026 net income totaled $148.7 million, or $0.42 per diluted common share.
On an operating basis, there were no significant items impacting earnings for the third and second quarters of 2026. By comparison, third quarter of 2025 net income on an operating basis (non-GAAP) was $147.7 million, excluding $(2.3) million (pre-tax) of significant items impacting earnings.
"F.N.B. Corporation delivered another strong quarter with $0.43 earnings per diluted common share, bringing year-to-date earnings to $1.23 per diluted common share, a 13% increase over the same period in 2025. For the third quarter of 2026, we generated record net interest income, expanded net interest margin and increased tangible book value per common share (non-GAAP) 7% year over year, while continuing to return capital through share repurchase activity and an attractive dividend," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vince Delie. "FNB continues to leverage technology investments to gain market share throughout our diverse geographic footprint with 8.5% annualized loan growth and 8.9% annualized deposit growth, both of which align with our long-term organic growth trajectory. Our consistent underwriting standards contributed to solid credit quality results for the quarter. By strategically investing in innovative technology to grow primary relationships and low-cost deposits, while also maintaining a focus on expanding high-value fee-based businesses to diversify revenue streams, we are building a stronger, more resilient franchise. The investments in these initiatives contributed to a strong third quarter performance and create sustainable value for the future."
Third Quarter 2026 Highlights
(All comparisons refer to the third quarter of 2025, except as noted)
Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, with growth of $1.2 billion in average consumer loans and $115.4 million in average commercial loans and leases.
On a linked-quarter basis, period-end total loans and leases increased $768.0 million, or 8.5% annualized, with growth in consumer loans and commercial loans and leases of $435.3 million and $332.7 million, respectively.
Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, reflecting growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million.
On a linked-quarter basis, period-end total deposits increased $870.6 million, or 8.9% annualized, driven by growth in money market deposits of $710.9 million, interest-bearing demand deposits of $239.0 million and non-interest-bearing demand deposits of $77.5 million more than offsetting the decline in time deposits of $121.4 million.
The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026, and 90.9% at September 30, 2025.
Net interest income totaled $376.5 million, a linked-quarter increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting a slight increase in the cost of funds. Net interest margin (FTE) (non-GAAP) equaled 3.29%, an increase of 4 basis points from the second quarter 2026 level with stable interest-bearing deposit costs and higher yields on earning assets. The Federal Open Market Committee (FOMC) increased the target federal funds rate by 25 basis points in September 2026.
Pre-provision net revenue (non-GAAP) totaled $212.2 million, with the 1.3% increase from the prior quarter driven by record net interest income.
Provision for credit losses was $19.6 million, a decrease of $1.7 million from the prior quarter, with net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 2 basis points from the prior quarter to 0.33%, and total delinquency increased 4 basis points from the prior quarter to 0.75%. The allowance for credit losses (ACL) to total loans and leases ratio remained stable at 1.25%. Overall asset quality metrics remain at satisfactory levels.
The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.3% (estimated), compared to 11.1% at September 30, 2025, and 11.4% at June 30, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.7%, compared to 8.7% at September 30, 2025, and 8.9% at June 30, 2026.
Tangible book value per common share (non-GAAP) of $12.28 increased $0.80, or 7.0%, compared to September 30, 2025, and $0.04, or 0.3%, compared to June 30, 2026. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of available-for-sale (AFS) securities, compared to a reduction of $0.22 as of September 30, 2025, and $0.29 as of June 30, 2026.
During the third quarter of 2026, the Company repurchased $51 million, or 2.7 million shares, of common stock at a weighted average share price of $18.69. Year-to-date, the Company repurchased $133 million, or 7.4 million shares, of common stock at a weighted average share price of $17.90, representing 2.1% of shares outstanding at the beginning of the year.
Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."
Quarterly Results Summary
3Q26
2Q26
3Q25
Reported results
Net income available to common shareholders (millions)
$ 152.9
$ 148.7
$ 149.5
Earnings per diluted common share
0.43
0.42
0.41
Book value per common share
19.42
19.34
18.52
Pre-provision net revenue (non-GAAP) (millions)
212.2
209.4
213.9
Operating results (non-GAAP)
Operating net income available to common shareholders (millions)
$ 152.9
$ 148.7
$ 147.7
Operating earnings per diluted common share
0.43
0.42
0.41
Operating pre-provision net revenue (millions)
212.2
209.4
211.6
Average diluted common shares outstanding (thousands)
Tangible common equity to tangible assets (non-GAAP)
8.69
8.93
8.69
Tangible book value per common share (non-GAAP)
$ 12.28
$ 12.24
$ 11.48
(a) Favorable (unfavorable) impact on earnings.
(b) Estimated for 3Q26.
Third Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the third quarter of 2025, except as noted.)
Net interest income totaled $376.5 million, an increase of $17.3 million, or 4.8%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 4 basis points to 3.29%. The yield on earning assets (non-GAAP) decreased 18 basis points to 5.18%, driven by a 23 basis point decline in yields on loans to 5.56%. Total cost of funds decreased 22 basis points to 2.01%, with a 47 basis point decrease in total borrowing costs to 4.17%, and a 29 basis point decrease in interest-bearing deposit costs to 2.37%.
Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, including growth of $1.2 billion in consumer loans and $115.4 million in commercial loans and leases. Average commercial and industrial loans increased $856.0 million, or 11.3%, more than offsetting the decline in average commercial real estate loans of $735.7 million, or 5.8%. Solid commercial and industrial loan growth benefited from strong equipment finance production and growth in the Charlotte, Pittsburgh and other Pennsylvania markets. Average consumer loans included an $877.8 million, or 10.0%, increase in residential mortgage loans largely due to the long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $187.8 million, or 12.9%, and indirect auto loans increased $135.3 million, or 17.4%, both reflecting solid organic growth in the respective portfolios.
Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, with growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both September 30, 2026, and September 30, 2025. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 90.9% at September 30, 2025.
Non-interest income totaled $92.6 million, a decrease of $5.6 million, or 5.7%. Service charges increased $1.3 million, or 5.7%, primarily from increased treasury management fee revenue and higher consumer transaction volumes. Wealth management revenues increased $0.8 million, or 3.7%, as trust services income and securities commissions and fees increased 4.3% and 2.9%, respectively, through continued strong contributions across the geographic footprint. Mortgage banking operations income decreased $3.6 million, or 39.4%, driven by tighter gain-on-sale margins and net fair value adjustments given the volatility of interest rates during the quarter. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses while decreasing $1.5 million, or 18.4%, primarily due to the record debt capital markets and international banking income in the year-ago quarter. Other non-interest income decreased $5.5 million, or 59.5%, primarily due to a $5.4 million recovery in the year-ago quarter on an asset that was previously written off as part of a 2017 acquisition.
Non-interest expense totaled $256.9 million, increasing $13.4 million, or 5.5%. When adjusting for ($2.3) million1 of significant items in the third quarter of 2025, operating non-interest expense (non-GAAP) increased $11.1 million, or 4.5%. Net occupancy and equipment increased $6.2 million, or 13.9%, primarily due to technology-related investments and higher occupancy costs. Outside services increased $4.0 million, or 15.3%, driven by higher third-party legal and consulting costs.
The ratio of non-performing loans and OREO to total loans and OREO decreased 4 basis points to 0.33%, and total delinquency increased 10 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.
The provision for credit losses was $19.6 million, compared to $24.0 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $19.7 million, or 0.22% annualized of total average loans. The ACL was $455.5 million, an increase of $18.2 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
The effective tax rate was 20.6%, compared to 21.3% in the third quarter of 2025.
The CET1 regulatory capital ratio was 11.3% (estimated) at September 30, 2026, and 11.1% at September 30, 2025. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.80, or 7.0%, from $11.48 at September 30, 2025. AOCI reduced tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to a reduction of $0.22 at September 30, 2025.
1
Third quarter 2025 non-interest expense significant items impacting earnings included a ($2.3) million (pre-tax) reduction in the estimated Federal Deposit Insurance Company (FDIC) special assessment related to the 2023 bank failures.
Third Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2026, except as noted.)
Net interest income totaled $376.5 million, an increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting the slightly higher cost of funds. Net interest margin (FTE) (non-GAAP) was 3.29%, an increase of 4 basis points. The total yield on earning assets (non-GAAP) increased 5 basis points to 5.18%, and the total cost of funds increased 2 basis points to 2.01%. The cost of interest-bearing deposits was stable with only a 1 basis point increase to 2.37%. The FOMC increased the target federal funds rate by 25 basis points in September 2026.
Average loans and leases totaled $36.1 billion, an increase of $613.4 million, or 6.9% annualized, as average consumer loans increased $550.7 million and average commercial loans and leases increased $62.7 million. For consumer lending, average residential mortgages increased $403.9 million driven by seasonal growth in mortgage originations. Average indirect auto loans increased $88.6 million and average consumer lines of credit increased $52.0 million, both reflecting solid organic growth. Average commercial loans and leases growth reflected an increase of $237.4 million in average commercial and industrial loans, partially offset by a decline of $175.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Cleveland and Pennsylvania markets.
Average deposits totaled $38.8 billion, an increase of $146.1 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average money market deposits of $133.2 million, average non-interest-bearing demand deposits of $97.0 million, and average interest-bearing demand deposits of $57.0 million, partially offset by a decline in average time deposits of $151.6 million caused by shifts in customer preferences from higher interest rate expectations. Period-end total deposits increased $870.6 million, or 8.9% annualized. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both September 30, 2026, and June 30, 2026. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026.
Non-interest income totaled $92.6 million, a decrease of $4.4 million, or 4.5%, from the prior quarter. Service charges increased $0.8 million, or 3.2%, and interchange and card transaction fees increased $0.2 million, or 1.4%, both driven by strong treasury management activity and seasonally higher consumer transactions. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses, while decreasing $1.6 million, or 19.9%, primarily due to strong debt capital markets income in the prior quarter. Other non-interest income decreased $3.3 million, or 46.8%, primarily due to higher residual gains on equipment leases in the prior quarter.
Non-interest expense totaled $256.9 million, an increase of $3.7 million, or 1.5%, compared to the prior quarter. Salaries and employee benefits expense declined $2.8 million, or 2.0%, primarily due to lower variable compensation in the current quarter. Outside services increased $1.8 million, or 6.3%, primarily due to higher third-party legal costs. Net occupancy and equipment increased $1.3 million, or 2.7%, primarily due to technology-related investments. The increase in linked-quarter other non-interest expense of $2.6 million, or 11.2%, reflected higher costs largely related to fraud losses. The efficiency ratio (non-GAAP) totaled 53.7%, stable to the prior quarter.
The ratio of non-performing loans and OREO to total loans and OREO increased 2 basis points to 0.33%, and delinquency increased 4 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.
The provision for credit losses was $19.6 million, compared to $21.4 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized. The ACL was $455.5 million, an increase of $8.1 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
The effective tax rate was 20.6%, compared to 20.9%.
The CET1 regulatory capital ratio was 11.3% (estimated), stable to 11.4% at June 30, 2026. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.04 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to $0.29 at June 30, 2026.
Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."
Management believes certain items (e.g., FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.
Cautionary Statement Regarding Forward-Looking Information
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "enables," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:
the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio;
the volatility of the mortgage banking business and real estate values, which can be influenced by economic conditions or trends, interest rates, and local market trends;
changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties;
the impact of changes in interest rates on the value of our investment securities portfolios;
the impact that shifts in local and regional commercial real estate market conditions, interest rate fluctuations, geographic commercial office space availability and tenant demand and independent appraisal revisions and other factors beyond our control may have on our branch and headquarters properties and other real estate we own;
changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings;
the risk associated with uninsured deposit account balances;
regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders;
our ability to recruit and retain qualified banking professionals;
the financial soundness of other financial institutions and the impact of volatility in the banking sector on us;
changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties;
our ability to continue to invest in technological improvements and artificial intelligence solutions as they become appropriate or necessary;
any interruption in or breach in security of our information systems, or other cybersecurity risks;
risks associated with reliance on third-party vendors and related to our use of artificial intelligence in connection with business and operations;
our capability to effectively deploy multi-layered defense strategies to mitigate risks associated with evolving artificial intelligence sourced fraud schemes;
risks associated with the use of models, estimations and assumptions in our business;
the effects of adverse weather events and public health emergencies;
the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations;
the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations;
our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm;
changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations;
the effects of climate change and related legislative and regulatory initiatives; and
any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above.
FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update, or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the third quarter of 2026 after the market close on Monday, October 19, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Tuesday, October 20, 2026, at 8:30 AM ET.
A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.
To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10212076/104ea4927f4. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.
Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $52 billion and more than 355 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
% Variance
3Q26
3Q26
For the Nine Months Ended
September 30,
%
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Interest Income
Loans and leases, including fees
$ 509,020
$ 493,541
$ 511,045
3.1
(0.4)
$ 1,488,474
$ 1,492,386
(0.3)
Securities:
Taxable
66,947
63,808
59,718
4.9
12.1
191,895
171,736
11.7
Tax-exempt
6,646
6,685
6,923
(0.6)
(4.0)
20,234
20,781
(2.6)
Other
13,367
13,979
18,286
(4.4)
(26.9)
42,671
53,147
(19.7)
Total Interest Income
595,980
578,013
595,972
3.1
—
1,743,274
1,738,050
0.3
Interest Expense
Deposits
172,122
169,114
187,567
1.8
(8.2)
509,917
554,585
(8.1)
Short-term borrowings
24,999
19,522
17,764
28.1
40.7
62,455
51,999
20.1
Long-term borrowings
22,337
23,654
31,369
(5.6)
(28.8)
69,379
101,153
(31.4)
Total Interest Expense
219,458
212,290
236,700
3.4
(7.3)
641,751
707,737
(9.3)
Net Interest Income
376,522
365,723
359,272
3.0
4.8
1,101,523
1,030,313
6.9
Provision for credit losses
19,640
21,361
23,991
(8.1)
(18.1)
59,463
67,081
(11.4)
Net Interest Income After
Provision for Credit Losses
356,882
344,362
335,281
3.6
6.4
1,042,060
963,232
8.2
Non-Interest Income
Service charges
24,515
23,749
23,191
3.2
5.7
71,034
68,476
3.7
Interchange and card transaction fees
13,494
13,303
13,424
1.4
0.5
39,284
39,048
0.6
Trust services
12,151
12,574
11,647
(3.4)
4.3
37,556
35,638
5.4
Insurance commissions and fees
5,388
5,410
4,495
(0.4)
19.9
17,022
15,396
10.6
Securities commissions and fees
9,129
9,503
8,868
(3.9)
2.9
27,614
26,570
3.9
Capital markets income
6,423
8,014
7,875
(19.9)
(18.4)
21,238
20,095
5.7
Mortgage banking operations
5,569
5,319
9,183
4.7
(39.4)
17,233
22,482
(23.3)
Dividends on non-marketable equity
securities
7,489
6,733
6,110
11.2
22.6
20,467
17,838
14.7
Bank owned life insurance
4,668
5,331
4,208
(12.4)
10.9
14,109
13,396
5.3
Net securities gains (losses)
58
27
—
114.8
—
87
58
50.0
Other
3,715
6,988
9,169
(46.8)
(59.5)
14,891
17,954
(17.1)
Total Non-Interest Income
92,599
96,951
98,170
(4.5)
(5.7)
280,535
276,951
1.3
Non-Interest Expense
Salaries and employee benefits
132,848
135,603
131,575
(2.0)
1.0
404,158
396,552
1.9
Net occupancy
20,700
20,755
19,161
(0.3)
8.0
64,092
58,218
10.1
Equipment
30,338
28,962
25,662
4.8
18.2
87,391
79,535
9.9
Outside services
30,024
28,246
26,033
6.3
15.3
84,731
77,691
9.1
Marketing
4,332
3,954
5,517
9.6
(21.5)
11,887
15,107
(21.3)
FDIC insurance
8,677
8,278
6,351
4.8
36.6
24,405
23,756
2.7
Bank shares tax
4,443
4,442
3,959
—
12.2
13,462
12,055
11.7
Other
25,581
23,009
25,277
11.2
1.2
77,931
73,657
5.8
Total Non-Interest Expense
256,943
253,249
243,535
1.5
5.5
768,057
736,571
4.3
Income Before Income Taxes
192,538
188,064
189,916
2.4
1.4
554,538
503,612
10.1
Income tax expense (benefit)
39,676
39,343
40,407
0.8
(1.8)
115,909
106,918
8.4
Net Income
$ 152,862
$ 148,721
$ 149,509
2.8
2.2
$ 438,629
$ 396,694
10.6
Earnings per Common Share
Basic
$ 0.43
$ 0.42
$ 0.41
2.4
4.9
$ 1.23
$ 1.10
11.8
Diluted
0.43
0.42
0.41
2.4
4.9
1.23
1.09
12.8
Cash Dividends per Common Share
0.13
0.13
0.12
—
8.3
0.38
0.36
5.6
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
3Q26
2Q26
3Q25
2Q26
3Q25
Assets
Cash and due from banks
$ 416
$ 426
$ 474
(2.3)
(12.2)
Interest-bearing deposits with banks
2,110
1,949
1,939
8.3
8.8
Cash and Cash Equivalents
2,526
2,375
2,413
6.4
4.7
Securities available for sale
3,747
3,758
3,620
(0.3)
3.5
Securities held to maturity
4,404
4,251
4,049
3.6
8.8
Loans held for sale
237
290
278
(18.3)
(14.7)
Loans and leases, net of unearned income
36,537
35,769
34,957
2.1
4.5
Allowance for credit losses on loans and leases
(456)
(447)
(437)
2.0
4.3
Net Loans and Leases
36,081
35,322
34,520
2.1
4.5
Premises and equipment, net
585
564
557
3.7
5.0
Goodwill
2,480
2,480
2,480
—
—
Core deposit and other intangible assets, net
27
30
40
(10.0)
(32.5)
Bank owned life insurance
676
674
668
0.3
1.2
Other assets
1,290
1,255
1,264
2.8
2.1
Total Assets
$ 52,053
$ 50,999
$ 49,889
2.1
4.3
Liabilities
Deposits:
Non-interest-bearing
$ 10,134
$ 10,056
$ 9,969
0.8
1.7
Interest-bearing
29,416
28,623
28,472
2.8
3.3
Total Deposits
39,550
38,679
38,441
2.3
2.9
Short-term borrowings
3,001
2,681
1,905
11.9
57.5
Long-term borrowings
1,803
2,002
2,099
(9.9)
(14.1)
Other liabilities
886
798
808
11.0
9.7
Total Liabilities
45,240
44,160
43,253
2.4
4.6
Shareholders' Equity
Common stock
4
4
4
—
—
Additional paid-in capital
4,694
4,691
4,693
0.1
—
Retained earnings
2,646
2,539
2,218
4.2
19.3
Accumulated other comprehensive loss
(187)
(103)
(77)
81.6
142.9
Treasury stock
(344)
(292)
(202)
17.8
70.3
Total Shareholders' Equity
6,813
6,839
6,636
(0.4)
2.7
Total Liabilities and Shareholders' Equity
$ 52,053
$ 50,999
$ 49,889
2.1
4.3
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
3Q26
2Q26
3Q25
Interest
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with
banks
$ 1,546,215
$ 13,367
3.43 %
$ 1,611,087
$ 13,979
3.48 %
$ 1,738,570
$ 18,286
4.17 %
Taxable investment securities (1)
7,094,947
66,751
3.76
7,011,619
63,611
3.63
6,611,222
59,506
3.60
Tax-exempt investment
securities (1) (2)
951,728
8,405
3.53
958,948
8,460
3.53
1,003,661
8,742
3.48
Loans held for sale
281,326
5,172
7.35
327,705
5,974
7.29
312,034
5,480
7.02
Loans and leases (2) (3)
36,114,741
505,434
5.56
35,501,370
489,113
5.52
34,814,280
507,107
5.79
Total Interest Earning
Assets (2)
45,988,957
599,129
5.18
45,410,729
581,137
5.13
44,479,767
599,121
5.36
Cash and due from banks
385,202
377,777
415,030
Allowance for credit losses
(459,294)
(452,987)
(440,868)
Premises and equipment
575,001
567,661
560,685
Other assets
4,488,218
4,490,908
4,504,231
Total Assets
$ 50,978,084
$ 50,394,088
$ 49,518,845
Liabilities
Deposits:
Interest-bearing demand
$ 6,674,309
19,270
1.15
$ 6,617,287
18,393
1.11
$ 6,033,758
15,893
1.05
Money market
11,824,440
86,798
2.91
11,691,192
84,878
2.91
11,380,618
95,708
3.34
Savings
3,106,539
6,924
0.88
3,096,095
6,421
0.83
3,075,982
7,557
0.97
Certificates and other time
7,160,868
59,129
3.28
7,312,462
59,422
3.26
7,495,691
68,409
3.62
Total interest-bearing deposits
28,766,156
172,121
2.37
28,717,036
169,114
2.36
27,986,049
187,567
2.66
Short-term borrowings
2,644,489
24,999
3.75
2,106,129
19,522
3.71
1,682,747
17,764
4.16
Long-term borrowings
1,851,978
22,338
4.79
2,001,579
23,654
4.74
2,511,652
31,369
4.96
Total Interest-Bearing
Liabilities
33,262,623
219,458
2.62
32,824,744
212,290
2.59
32,180,448
236,700
2.92
Non-interest-bearing demand
deposits
10,039,263
9,942,298
9,905,230
Total Deposits and
Borrowings
43,301,886
2.01
42,767,042
1.99
42,085,678
2.23
Other liabilities
814,313
806,700
856,542
Total Liabilities
44,116,199
43,573,742
42,942,220
Shareholders' Equity
6,861,885
6,820,346
6,576,625
Total Liabilities and
Shareholders' Equity
$ 50,978,084
$ 50,394,088
$ 49,518,845
Net Interest Earning Assets
$ 12,726,334
$ 12,585,985
$ 12,299,319
Net Interest Income (FTE) (2)
379,671
368,847
362,421
Tax Equivalent Adjustment
(3,149)
(3,124)
(3,149)
Net Interest Income
$ 376,522
$ 365,723
$ 359,272
Net Interest Spread
2.56 %
2.54 %
2.44 %
Net Interest Margin (2)
3.29 %
3.25 %
3.25 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
Nine Months Ended September 30,
2026
2025
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with banks
$ 1,634,508
$ 42,671
3.49 %
$ 1,734,300
$ 53,147
4.10 %
Taxable investment securities (1)
6,995,234
191,298
3.65
6,546,054
171,096
3.48
Tax-exempt investment securities (1) (2)
967,382
25,600
3.53
1,006,126
26,243
3.48
Loans held for sale
348,135
18,718
7.17
247,438
13,519
7.29
Loans and leases (2) (3)
35,509,872
1,474,405
5.55
34,458,648
1,483,204
5.75
Total Interest Earning Assets (2)
45,455,131
1,752,692
5.15
43,992,566
1,747,209
5.31
Cash and due from banks
378,783
401,509
Allowance for credit losses
(453,116)
(435,677)
Premises and equipment
570,226
551,738
Other assets
4,494,763
4,529,221
Total Assets
$ 50,445,787
$ 49,039,357
Liabilities
Deposits:
Interest-bearing demand
$ 6,611,504
55,837
1.13
$ 6,135,852
51,093
1.11
Money market
11,739,220
256,706
2.92
11,001,664
278,008
3.38
Savings
3,101,693
20,132
0.87
3,083,456
22,497
0.98
Certificates and other time
7,222,049
177,241
3.28
7,321,336
202,987
3.71
Total interest-bearing deposits
28,674,466
509,916
2.38
27,542,308
554,585
2.69
Short-term borrowings
2,245,532
62,455
3.71
1,645,644
51,999
4.21
Long-term borrowings
1,945,677
69,380
4.77
2,692,580
101,153
5.02
Total Interest-Bearing Liabilities
32,865,675
641,751
2.61
31,880,532
707,737
2.97
Non-interest-bearing demand deposits
9,937,391
9,789,501
Total Deposits and Borrowings
42,803,066
2.00
41,670,033
2.27
Other liabilities
812,575
892,612
Total Liabilities
43,615,641
42,562,645
Shareholders' Equity
6,830,146
6,476,712
Total Liabilities and Shareholders' Equity
$ 50,445,787
$ 49,039,357
Net Interest Earning Assets
$ 12,589,456
$ 12,112,034
Net Interest Income (FTE) (2)
1,110,941
1,039,472
Tax Equivalent Adjustment
(9,418)
(9,159)
Net Interest Income
$ 1,101,523
$ 1,030,313
Net Interest Spread
2.54 %
2.34 %
Net Interest Margin (2)
3.26 %
3.16 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Performance Ratios
Return on average equity
8.84 %
8.75 %
9.02 %
8.59 %
8.19 %
Return on average tangible
common equity (1)
14.15
14.07
14.94
13.81
13.74
Return on average assets
1.19
1.18
1.20
1.16
1.08
Return on average tangible assets (1)
1.27
1.27
1.29
1.24
1.17
Net interest margin (FTE) (2)
3.29
3.25
3.25
3.26
3.16
Yield on earning assets (FTE) (2)
5.18
5.13
5.36
5.15
5.31
Cost of interest-bearing deposits
2.37
2.36
2.66
2.38
2.69
Cost of interest-bearing liabilities
2.62
2.59
2.92
2.61
2.97
Cost of funds
2.01
1.99
2.23
2.00
2.27
Efficiency ratio (1)
53.71
53.68
52.38
54.47
55.13
Effective tax rate
20.61
20.92
21.28
20.90
21.23
Capital Ratios
Equity / assets
13.09
13.41
13.30
Common equity tier 1 (3)
11.3
11.4
11.1
Leverage
9.26
9.24
8.92
Tangible common equity / tangible assets (1)
8.69
8.93
8.69
Common Stock Data
Average diluted common shares outstanding
354,965,353
357,413,941
361,669,618
357,521,422
362,329,469
Period end common shares outstanding
350,838,483
353,560,084
358,381,940
Book value per common share
$ 19.42
$ 19.34
$ 18.52
Tangible book value per common share (1)
12.28
12.24
11.48
Dividend payout ratio (common)
30.14 %
31.23 %
29.05 %
31.00 %
33.02 %
(1)
See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.
(2)
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.
(3)
September 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
3Q26
2Q26
3Q25
2Q26
3Q25
Balances at period end
Loans and Leases:
Commercial real estate (1)
$ 11,945
$ 12,035
$ 12,568
(0.7)
(5.0)
Commercial and industrial
8,601
8,194
7,590
5.0
13.3
Commercial leases
799
802
829
(0.4)
(3.6)
Other
159
140
153
13.6
3.9
Commercial loans and leases
21,504
21,171
21,140
1.6
1.7
Direct installment
2,654
2,654
2,678
—
(0.9)
Residential mortgages
9,738
9,471
8,888
2.8
9.6
Indirect installment
964
852
767
13.1
25.7
Consumer LOC
1,677
1,621
1,484
3.5
13.0
Consumer loans
15,033
14,598
13,817
3.0
8.8
Total loans and leases
$ 36,537
$ 35,769
$ 34,957
2.1
4.5
Note: Loans held for sale were $237, $290 and $278 at 3Q26, 2Q26, and 3Q25, respectively.
(1) Commercial real estate is made up of 67% non-owner occupied and 33% owner-occupied at September 30, 2026.
% Variance
Average balances
3Q26
3Q26
For the Nine Months
Ended
September 30,
%
Loans and Leases:
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Commercial real estate
$ 11,924
$ 12,099
$ 12,659
(1.4)
(5.8)
$ 12,067
$ 12,714
(5.1)
Commercial and industrial
8,429
8,192
7,573
2.9
11.3
8,168
7,581
7.7
Commercial leases
788
797
789
(1.1)
(0.2)
791
777
1.7
Other
149
140
153
6.8
(2.4)
145
153
(5.8)
Commercial loans and leases
21,290
21,227
21,174
0.3
0.5
21,170
21,225
(0.3)
Direct installment
2,655
2,649
2,671
0.2
(0.6)
2,657
2,667
(0.4)
Residential mortgages
9,614
9,210
8,736
4.4
10.0
9,251
8,381
10.4
Indirect installment
912
823
777
10.8
17.4
842
772
9.0
Consumer LOC
1,644
1,592
1,456
3.3
12.9
1,591
1,413
12.6
Consumer loans
14,825
14,274
13,640
3.9
8.7
14,340
13,234
8.4
Total loans and leases
$ 36,115
$ 35,501
$ 34,814
1.7
3.7
$ 35,510
$ 34,459
3.1
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
Asset Quality Data
3Q26
2Q26
3Q25
2Q26
3Q25
Non-Performing Assets
Non-performing loans
$ 119
$ 110
$ 125
8.2
(4.8)
Other real estate owned (OREO)
2
2
3
—
(33.3)
Non-performing assets
$ 121
$ 112
$ 128
8.0
(5.5)
Non-performing loans / total loans and leases
0.33 %
0.31 %
0.36 %
Non-performing assets plus 90+ days past due / total loans and leases
plus OREO
0.47
0.46
0.40
Non-performing loans plus OREO / total loans and leases plus OREO
0.33
0.31
0.37
Delinquency
Loans 30-89 days past due
$ 105
$ 92
$ 89
14.1
18.0
Loans 90+ days past due
52
51
13
2.0
300.0
Non-accrual loans
119
110
125
8.2
(4.8)
Past due and non-accrual loans
$ 276
$ 253
$ 227
9.1
21.6
Past due and non-accrual loans / total loans and leases
0.75 %
0.71 %
0.65 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
% Variance
(Unaudited)
3Q26
3Q26
For the Nine Months
Ended
September 30,
%
Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Allowance for Credit Losses on Loans and Leases
Balance at beginning of period
$ 447.3
$ 443.0
$ 432.1
1.0
3.5
$ 439.5
$ 422.8
4.0
Provision for credit losses
19.2
21.3
24.9
(10.0)
(23.0)
59.8
68.5
(12.6)
Net loan (charge-offs) / recoveries
(11.0)
(17.0)
(19.7)
(35.2)
(44.0)
(43.9)
(54.0)
(18.8)
Allowance for credit losses on loans and leases
$ 455.5
$ 447.3
$ 437.3
1.8
4.2
$ 455.5
$ 437.3
4.2
Allowance for Unfunded Loan Commitments
Allowance for unfunded loan commitments balance at beginning of period
$ 19.1
$ 19.2
$ 21.0
(0.4)
(8.9)
$ 20.1
$ 21.4
(5.9)
Provision (reduction in allowance) for unfunded loan commitments / other
adjustments
0.4
(0.1)
(0.9)
546.3
142.6
(0.6)
(1.3)
49.7
Allowance for unfunded loan commitments
$ 19.5
$ 19.1
$ 20.1
1.9
(3.1)
$ 19.5
$ 20.1
(3.1)
Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments
$ 475.0
$ 466.4
$ 457.4
1.8
3.8
$ 475.0
$ 457.4
3.8
Allowance for credit losses on loans and leases / total loans and leases
1.25 %
1.25 %
1.25 %
Allowance for credit losses on loans and leases / total non-performing loans
382.1
404.3
349.9
Net loan charge-offs (annualized) / total average loans and leases
0.12
0.19
0.22
0.17 %
0.21 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP
We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.
% Variance
3Q26
3Q26
For the Nine
Months Ended
September 30,
%
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Operating net income available to common
shareholders
(dollars in thousands)
Net income available to common
shareholders
$ 152,862
$ 148,721
$ 149,509
$ 438,629
$ 396,694
FDIC special assessment
—
—
(2,272)
—
(2,272)
Tax expense (benefit) of FDIC special
assessment
—
—
477
—
477
Operating net income available to common
shareholders (non-GAAP)
$ 152,862
$ 148,721
$ 147,714
2.8
3.5
$ 438,629
$ 394,899
11.1
Operating earnings per diluted common
share
Earnings per diluted common share
$ 0.43
$ 0.42
$ 0.41
$ 1.23
$ 1.09
FDIC special assessment
—
—
(0.01)
—
(0.01)
Tax expense (benefit) of FDIC special
assessment
—
—
—
—
—
Operating earnings per diluted common
share (non-GAAP)
$ 0.43
$ 0.42
$ 0.41
2.4
4.9
$ 1.23
$ 1.09
12.8
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Return on average tangible common equity
(dollars in thousands)
Net income available to common shareholders
(annualized)
$ 606,465
$ 596,518
$ 593,162
$ 586,445
$ 530,379
Amortization of intangibles, net of tax
(annualized)
9,552
9,761
12,507
10,012
12,578
Tangible net income available to common
shareholders (annualized) (non-GAAP)
$ 616,017
$ 606,279
$ 605,669
$ 596,457
$ 542,957
Average total shareholders' equity
$ 6,861,885
$ 6,820,346
$ 6,576,625
$ 6,830,146
$ 6,476,712
Less: Average intangible assets (1)
(2,508,078)
(2,511,122)
(2,522,022)
(2,511,147)
(2,524,978)
Average tangible common equity (non-GAAP)
$ 4,353,807
$ 4,309,224
$ 4,054,603
$ 4,318,999
$ 3,951,734
Return on average tangible common equity
(non-GAAP)
14.15 %
14.07 %
14.94 %
13.81 %
13.74 %
Return on average tangible assets
(dollars in thousands)
Net income (annualized)
$ 606,465
$ 596,518
$ 593,162
$ 586,445
$ 530,379
Amortization of intangibles, net of tax
(annualized)
9,552
9,761
12,507
10,012
12,578
Tangible net income (annualized) (non-GAAP)
$ 616,017
$ 606,279
$ 605,669
$ 596,457
$ 542,957
Average total assets
$ 50,978,084
$ 50,394,088
$ 49,518,845
$ 50,445,787
$ 49,039,357
Less: Average intangible assets (1)
(2,508,078)
(2,511,122)
(2,522,022)
(2,511,147)
(2,524,978)
Average tangible assets (non-GAAP)
$ 48,470,006
$ 47,882,966
$ 46,996,823
$ 47,934,640
$ 46,514,379
Return on average tangible assets (non-GAAP)
1.27 %
1.27 %
1.29 %
1.24 %
1.17 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
3Q26
2Q26
3Q25
Tangible book value per common share
(dollars in thousands, except per share data)
Total shareholders' equity
$ 6,813,263
$ 6,838,456
$ 6,635,620
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible common equity (non-GAAP)
$ 4,306,661
$ 4,328,805
$ 4,115,607
Common shares outstanding
350,838,483
353,560,084
358,381,940
Tangible book value per common share (non-GAAP)
$ 12.28
$ 12.24
$ 11.48
Tangible common equity to tangible assets
(dollars in thousands)
Total shareholders' equity
$ 6,813,263
$ 6,838,456
$ 6,635,620
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible common equity (non-GAAP)
$ 4,306,661
$ 4,328,805
$ 4,115,607
Total assets
$ 52,053,325
$ 50,998,603
$ 49,888,522
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible assets (non-GAAP)
$ 49,546,723
$ 48,488,952
$ 47,368,509
Tangible common equity to tangible assets (non-GAAP)
8.69 %
8.93 %
8.69 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months
Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Pre-provision net revenue
(in thousands)
Net interest income
$ 376,522
$ 365,723
$ 359,272
$ 1,101,523
$ 1,030,313
Non-interest income
92,599
96,951
98,170
280,535
276,951
Less: Non-interest expense
(256,943)
(253,249)
(243,535)
(768,057)
(736,571)
Pre-provision net revenue (reported) (non-GAAP)
$ 212,178
$ 209,425
$ 213,907
$ 614,001
$ 570,693
Pre-provision net revenue (reported) (annualized)
(non-GAAP)
$ 841,792
$ 840,000
$ 848,651
$ 820,918
$ 763,015
Adjustments:
Add (Less): FDIC special assessment (non-
interest expense)
—
—
(2,272)
—
(2,272)
Operating pre-provision net revenue (non-GAAP)
$ 212,178
$ 209,425
$ 211,635
$ 614,001
$ 568,421
Operating pre-provision net revenue (annualized)
(non-GAAP)
$ 841,792
$ 840,000
$ 839,637
$ 820,918
$ 759,977
Efficiency ratio (FTE)
(dollars in thousands)
Total non-interest expense
$ 256,943
$ 253,249
$ 243,535
$ 768,057
$ 736,571
Less: Amortization of intangibles
(3,048)
(3,081)
(3,991)
(9,479)
(11,909)
Less: OREO expense
(251)
(147)
(578)
(634)
(1,209)
Add (Less): FDIC special assessment
—
—
2,272
—
2,272
Adjusted non-interest expense
$ 253,644
$ 250,021
$ 241,238
$ 757,944
$ 725,725
Net interest income
$ 376,522
$ 365,723
$ 359,272
$ 1,101,523
$ 1,030,313
Taxable equivalent adjustment
3,149
3,124
3,149
9,418
9,159
Non-interest income
92,599
96,951
98,170
280,535
276,951
Less: Net securities losses (gains)
(58)
(27)
—
(87)
(58)
Adjusted net interest income (FTE) + non-interest
income
Construction Partners koupila floridskou společnost S.E. Cline Construction, která má zhruba 60 zaměstnanců. Akvizice posílí působení její divize C.W. Roberts podél koridoru dálnice Interstate 95.
Transaction Expands Company's Operations Along Florida's Growing Interstate 95 Corridor
, /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets across the Sunbelt, today announced that it has acquired S.E. Cline Construction, Inc. ("Cline Construction"), a commercial site development and underground utility construction company headquartered in Palm Coast, Florida. Cline Construction provides site development and underground utility construction services for a variety of public and private projects throughout northeast and central Florida. The acquired operations, including approximately 60 employees and a rail-served, permitted hot-mix asphalt plant site in nearby Bunnell, Florida, will become part of CPI's Florida platform company, C.W. Roberts Contracting, Incorporated ("CWR").
Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to welcome Scott Sowers and the Cline Construction team to the CPI family of companies. This transaction builds upon our acquisition of P&S Paving, Inc. in Daytona Beach last year and further strengthens CWR's presence along Florida's Interstate 95 corridor, a rapidly growing portion of the state. Cline Construction's site development and underground utility construction capabilities strongly complement CWR's existing asphalt paving and construction operations in the greater Daytona Beach market, enhancing our ability to serve public and private infrastructure customers throughout the region. In addition, the rail-served, permitted asphalt plant site in Bunnell provides an attractive opportunity for future vertical integration and organic growth as we continue to expand our operations along Florida's east coast."
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating in local markets throughout the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, CPI focuses on the construction, repair and maintenance of surface infrastructure. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The company also performs private sector projects that include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.
Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek," "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. The forward-looking statements contained in this press release include, without limitation, statements relating to the benefits of a business acquisition and the expected results of the acquired business. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the SEC. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Contact:
Rick Black
Investor Relations
[email protected]
(713) 529-6600
Kahn Swick & Foti prověřuje, zda plánovaný prodej společnosti Varonis Systems společnosti Proofpoint za 49,75 USD za akcii dostatečně zohledňuje hodnotu pro akcionáře.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Varonis Systems, Inc. (NasdaqGS: VRNS) to Proofpoint, Inc. Under the terms of the proposed transaction, shareholders of Varonis will receive $49.75 in cash for each share of Varonis that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at (833) 538-3612, or visit https://www.ksfcounsel.com/cases/nasdaqgs-vrns/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Sei Network nově podporuje tokenizované fondy BlackRock, Apollo, Brevan Howard, Hamilton Lane, Laser Digital a Ondo Finance pro institucionální a akreditované investory.
Sei Network (SEI) now supports tokenized funds from major asset managers including BlackRock, Apollo, Brevan Howard, Hamilton Lane and Nomura's Laser Digital, alongside Ondo Finance.
@SeiNetwork now supports tokenized institutional funds from a broad group of global asset managers, adding to the growing real-world asset (RWA) activity on the layer-1 blockchain. The offerings include products linked to @BlackRock, Apollo, Brevan Howard, Hamilton Lane, Nomura's @LaserDigital_, and @Ondo Finance.
The multi-issuer integration gives accredited investors and institutional desks onchain access to a range of fund strategies, including private credit and hedge fund exposure, on Sei's parallel execution layer.
How the funds reached SeiMuch of the rollout came in October 2025. According to crypto.news, tokenization platform KAIO launched BlackRock's ICS US Dollar Liquidity Fund and Brevan Howard's Master Fund on Sei, while Securitize also brought an Apollo fund to the network. The same report said investors can access shares of the BlackRock and Brevan Howard funds by holding a KAIO token on Sei.
Yahoo Finance reported that KAIO, backed by Brevan Howard and Nomura's crypto-focused Laser Digital, had issued more than $200 million in tokenized assets across feeder funds from Brevan Howard, Hamilton Lane, Laser Digital and BlackRock. The tokens are available to institutional and accredited investors and allow onchain subscription, redemption and reporting. The same report said Securitize's Apollo Diversified Credit Fund (ACRED) was a $112 million tokenized feeder fund of Apollo's private credit vehicle.
Hamilton Lane's Senior Credit Opportunities Fund (SCOPE) followed. Sei's own weekly roundup said it went live on the network via KAIO, after earlier launches from BlackRock, Brevan Howard and Apollo.
Why parallel execution mattersSei is a layer-1 chain built for trading and financial applications. According to CoinMarketCap, it uses optimistic parallelization, processing transactions across multiple cores at once rather than sequentially as Ethereum does, and targets block times of roughly 400 milliseconds. That design is central to Sei's pitch as a settlement layer for tokenized assets.
Tokenized funds still operate within existing legal, tax and compliance frameworks, even when the infrastructure is onchain. For institutions, the appeal is faster settlement and programmable access to products that were previously available only through traditional channels. $SEI is the network's native token.
Sourcescrypto.news: BlackRock and Brevan Howard tokenized funds launch on Sei
Yahoo Finance: Brevan Howard-backed tokenization firm expands funds to Sei
Sei Blog: The Roundup, Week of October 13th, 2025
Ondo za sedm dní zvýšilo tržní kapitalizaci tokenizovaných amerických státních pokladničních poukázek o 41,6 mil. USD, zatímco Superstate o 34,2 mil. USD.
Ondo Finance and Superstate pulled ahead of the pack in the tokenized US Treasury bill market this past week. According to Token Terminal data, Ondo added $41.6 million in market cap over seven days, while Superstate added $34.2 million.
Together, that is roughly $75.8 million of fresh capital flowing into two issuers in a single week.
Who grew, and by how much
The weekly gains cover the period ending around October 19, 2026. Ondo led the way, with Superstate a fairly close second.
A tokenized T-bill product takes short-term US government debt and represents it as a token on a blockchain. Holders get exposure to Treasury yields and can move that exposure around on-chain instead of waiting on traditional settlement rails.
Ondo’s weekly jump came on the heels of a bigger milestone. On October 13, 2026, the platform crossed $3 billion in total tokenized US Treasury assets.
Its flagship product, USDY, accounted for over $2.3 billion of that total, at approximately $2.328 billion. OUSG, Ondo’s other Treasury offering, held approximately $319 million.
That haul made Ondo the leading platform by assets, according to RWA.xyz.
USDY’s roughly $2.328 billion edged past BlackRock’s BUIDL, which sat at about $2.2 billion in the same October 13 snapshot.
The top spot for a single product, however, belonged to someone else. Circle’s USYC held roughly $2.38 billion under management, keeping it narrowly ahead of both USDY and BUIDL.
So the leaderboard depends on how you count. Measured by platform, Ondo leads. Measured by individual fund, Circle holds the crown.
A market measured in billions
The total tokenized US Treasury market was valued at between $14.9 billion and $15.5 billion in mid-October 2026. Against that backdrop, Ondo’s $3 billion represents roughly a fifth of the entire sector.
The broader category is bigger still. Total tokenized funds reached $35.1 billion by early October 2026, with T-bill funds standing out as a leading category within that universe.
Superstate’s USTB product is now marketed under the Invesco Short Duration US Government Securities Fund branding, putting a traditional asset management name on an on-chain Treasury vehicle. USTB has posted strong daily leadership in some recent periods, with on-chain assets under management in the hundreds of millions.
Why the growth matters, and where it stalls
There is a catch. Use of these tokenized assets inside decentralized finance remains low, estimated at only 0.4% to 2%.
The vast majority of tokenized Treasuries are being bought and held, not deployed. They are sitting in wallets collecting yield rather than serving as collateral in lending markets or liquidity pools.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Integra LifeSciences dokončila emisi zajištěných dluhopisů v objemu 450 mil. USD s úrokovou sazbou 9,5 % se splatností v roce 2033 a změnila a obnovila stávající úvěrový rámec o celkové výši přibližně 1,65 mld. USD.
PRINCETON, N.J., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART) today announced that it has closed a private offering of $450.0 million aggregate principal amount of 9.500% senior secured notes due 2033 (the “Notes”). In addition, Integra announced today that it has amended and restated its existing credit facility, with an overall size of approximately $1.65 billion consisting of (i) a $600 million senior secured revolving credit facility with a five year maturity, (ii) a $600 million senior secured term loan A facility with a five year maturity and (iii) a $450 million senior secured term loan B facility with a seven year maturity (collectively, the “Credit Facility”). The Notes will be general senior secured obligations of the Company and will be guaranteed by the Company’s wholly-owned domestic subsidiaries that are guarantors under the Credit Facility.
Integra used the net proceeds, together with borrowings under the Credit Facility, to refinance its existing credit facility and pay fees and expenses in connection with the foregoing.
The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to certain non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.
This press release is being issued pursuant to Rule 135c of the Securities Act and is neither an offer to sell, nor a solicitation of an offer to buy, any of the securities mentioned above and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the securities mentioned above will be made only by means of a private offering memorandum.
About Integra
Integra LifeSciences (Nasdaq: IART) is a global medical technology leader dedicated to restoring lives. We are advancing transformational care through impactful innovation in neurosurgery and tissue reconstruction, specialized fields that demand exceptional expertise and precision. Our portfolio of highly differentiated, gold-standard technologies is trusted by healthcare professionals to deliver transformative care.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect Integra’s judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like “will,” “believe,” “may,” “could,” “would,” “might,” “possible,” “should,” “expect,” “intend,” “plan,” “anticipate,” or “continue,” the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this press release include, but are not limited to, the expectations, plans and prospects for Integra, including the anticipated use of proceeds of the offering of the Notes and borrowings under the Credit Facility, which should be the many risks and uncertainties that affect Integra’s business and market, including market and other general economic conditions, and other risks identified under the heading “Risk Factors” included in item 1A of Integra’s Annual Report on Form 10-K for the year ended December 31, 2025, and information contained in subsequent filings with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. These forward-looking statements are made only as of the date hereof, and Integra undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Společnost Hims & Hers Health čelí hromadné žalobě investorů po stížnosti FTC kvůli údajnému sdílení zdravotních údajů a klamavým praktikám při předplatném. Akcie HIMS 29. července 2026 klesly o 14,7 %.
SAN FRANCISCO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Hims & Hers Health, Inc. (NYSE: HIMS) and certain company executives now face a securities class action lawsuit stemming from the FTC’s sweeping federal complaint against the company in which the Commission accuses Hims of serious business misconduct.
Hagens Berman, which is actively investigating the alleged claims, encourages HIMS investors who suffered substantial losses to submit your losses now.
“[w]e have developed and maintain policies and procedures with respect to health information and personal information that we use or disclose in connection…”
Class Period: Aug. 4, 2025 – July 29, 2026
Lead Plaintiff Deadline: Nov. 2, 2026
Visit Hims Investigation Page: www.hbsslaw.com/hims
Direct Contact Email: [email protected]
Firm Telephone: 844-916-0895
Video: https://youtu.be/DZQWREfFVIM
Hims & Hers Health ($HIMS) Securities Class Action
The lawsuit is focused on the propriety of Hims’ repeated assurances that “[w]e have developed and maintain policies and procedures with respect to health information and personal information that we use or disclose in connection with our operations, including the adoption of administrative, physical, and technical safeguards to protect such information.”
The complaint alleges that Hims: (1) shared consumers’ health information with third-party advertising platforms; (2) charges consumers for prescriptions almost immediately after they submit intake forms, despite telling them that they will be able to consult with a medical provider to find a treatment that is “right for them[;]” and (3) as a result, would be subject to heightened regulatory scrutiny and likely to incur fees and penalties.
What Drove the $HIMS July 29, 2026 Stock Crash? The FTC and State Lawsuit Breakdown
The securities class action cites the July 29, 2026 federal complaint filed against Hims by the FTC—alongside co-plaintiffs the State of Utah and the County of Los Angeles (representing California).
After an extensive investigation by the Commission, it contends that Hims engaged in:
Deceptive Health Data Sharing: Despite extensive marketing campaigns emphasizing strict privacy, discreet telehealth consultations, and data protection, the complaint alleges that Hims surreptitiously shared sensitive user medical conditions and personal health data with third-party advertising giants, including Meta Platforms (Facebook) and Snap, via embedded tracking pixels and customer list matching.Subscription Billing & Cancellation Barriers (ROSCA Violations): The lawsuit accuses Hims of violating the Restore Online Shoppers’ Confidence Act (ROSCA) by enrolling consumers in recurring subscription models without informed consent. According to regulators, consumers were billed for prescriptions almost immediately upon completing an intake form—long before receiving any consultation with a medical provider—while facing dark patterns and hidden cancellation options designed to prevent subscription termination. The market swiftly reacted, sending the price of Hims shares down $4.32 (-14.7%) and erasing over $970 million from the company’s market capitalization in a single day.
“We’re focused on whether Hims may have intentionally misled investors about its business practices, including the adequacy of its internal controls, and financial ramifications of the alleged misconduct,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in HIMS and have substantial losses, or have knowledge that will assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding HIMS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
Contact: Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, 844-916-0895, [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1357de7-ea5f-404d-9f24-e963424789b7
Hims & Hers Health, Inc. (HIMS) Securities Class Action
Hagens Berman Highlights Lawsuit Targeting Hims & Hers Health, Inc. (HIMS) Over Alleged Misleading S...
Regions Financial Corp (NYSE:RF) reported upbeat earnings for the third quarter on Monday.
The company posted quarterly earnings of 73 cents per share which beat the analyst consensus estimate of 66 cents per share. The company reported quarterly sales of $1.988 billion which beat the analyst consensus estimate of $1.986 billion.
John Turner, Chairman, President and CEO of Regions Financial Corp said, “At Regions Bank, we’re seeing the benefits of the investments we’re making in talent, technology and strategic growth. By remaining disciplined in our approach to risk management and staying committed to soundness, profitability, and growth, we are delivering strong results built on solid fundamentals and a competitive strategy. Strong credit quality, continued momentum in fee-based businesses, and economically vibrant markets throughout our footprint all contributed to our third quarter results. As we continue to modernize the franchise and expand our capabilities, Regions Bank is well positioned to meet the evolving needs of our customers and drive more sustainable growth over time.”
Regions Finl shares fell 0.8% to trade at $27.24 on Monday.
These analysts made changes to their price targets on Regions Financial following earnings announcement.
Stephens & Co. analyst Russell Gunther maintained the stock with an Equal-Weight rating and lowered the price target from $32 to $30. RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and lowered the price target from $34 to $32. Considering buying RF stock? Here’s what analysts think:
Photo via Shutterstock
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HYPE has slipped below its short-term moving averages after pulling back from its September high. A bearish crossover between the two averages is forming but has not been confirmed. Hyperliquid’s CEO wants US rules to target market operators instead of the blockchain itself. A regulated route for American traders through Kraken’s parent company still awaits approval. HYPE price is hovering near $79.30 on Monday, down about 8.5% over the past week and roughly 19% below the $98.16 peak it reached in September, after sellers pushed the price under both its 20-day and 50-day exponential moving averages. The pullback lands in the same week Hyperliquid Labs CEO and co-founder Jeff Yan used an interview on Bloomberg’s Odd Lots podcast to explain how the platform could legally serve American traders, which matters for HYPE because the token’s buybacks are funded by trading fees on the network.
Two averages close to crossing The 20-day EMA sits at $83.60 and the 50-day EMA at $82.85, a gap of less than $1 that keeps shrinking as the faster line turns lower. If the 20-day average drops beneath the 50-day, traders would read it as a bearish crossover, meaning the average price of roughly the last month has fallen below the average of the last two and a half months, and that the October selling has started to outweigh the uptrend HYPE built from early August. That signal is still pending, although the price has already spent several sessions below both lines, so the $82.85 to $83.60 band now works as a ceiling buyers would need to break through before the short-term trend can be called healthy again.
Hyperliquid (HYPE) daily chart. Source: Alexander Stefanov / TradingView. HYPE also lost the 0.382 Fibonacci retracement at $80.21. These levels measure how much of the August to September rally, which took the token from $51.15 to $98.16, has been given back, and the 0.382 line marks the point where about 38% of that gain has been erased. A return above $80.21 would be the first sign of repair, while the 0.5 retracement at $74.66, where half of the rally would be gone, is the next support buyers have to defend.
Level Role $87.07 (0.236 Fib) Upper resistance $83.60 / $82.85 (EMAs) Trend ceiling $80.21 (0.382 Fib) First resistance $74.66 (0.5 Fib) First support $69.11 (0.618 Fib) Deeper support Key HYPE levels on the daily chart.
The Relative Strength Index reads 39.67, below the neutral 50 mark and under its own signal average of 43.77, which shows sellers have held the upper hand for most of the past two weeks. The reading is still above 30, the zone where a token is usually considered sold heavily enough to attract bargain hunters, so the chart still leaves room for more weakness before the token reaches levels that have historically drawn buyers back in. Volume during the October decline has also stayed well below the levels seen during the August breakout, a sign that the selling so far lacks the force of the rally that preceded it.
Yan’s case for regulating deployers Yan said Americans who reach Hyperliquid through a VPN are breaking its terms of service, and argued that compliant US access depends on regulators understanding onchain technology well enough to judge whether it meets the CFTC’s core principles. His proposal treats the Hyperliquid blockchain like an internet protocol and places compliance duties on the firms that deploy and run markets on top of it, since those firms control listings, margin rules and who can trade. As an example of what the technology offers supervisors, he noted that anyone can verify that total user balances equal the USDC held at a given address, a live proof of funds that customers of a traditional exchange cannot check for themselves.
How the US route is being built The pieces Yan described already exist on paper. HIP-3 lets outside builders launch their own perpetual futures markets on Hyperliquid, and on September 16 Payward, the parent company of Kraken, said it intends to deploy onchain perpetual futures for US clients starting with HIP-3* markets, a permissioned version of HIP-3 where the market operator decides who is allowed to trade. Under that plan, Bitnomial, a CFTC-regulated exchange that Payward acquired this year, would create and administer the markets and clear the contracts, while NinjaTrader Clearing would hold client accounts. American users would trade newly created contracts listed under Bitnomial’s rules, without any access to Hyperliquid’s existing order books, and the whole structure remains subject to regulatory approval.
Hyperliquid’s path toward US markets
Feb 2026 – Hyperliquid Policy Center opens in Washington
May 29 – CFTC approves Kalshi’s bitcoin perpetual as a futures contract
Jun 18 – CME sues the CFTC, arguing perpetuals are swaps
Aug 19 – Trump says the CFTC chair is working to bring Hyperliquid onshore
Sep 16 – Payward unveils US perpetuals plan via Bitnomial
Oct 15 – Yan sets out deployer-level regulation
Political backing arrived in August, when President Donald Trump said at a White House meeting that CFTC Chair Mike Selig was working to bring Hyperliquid into the United States in a fully compliant and legal fashion. The legal ground is less settled. CME Group sued the CFTC in June over its approval of perpetual futures, arguing they should be regulated as swaps under the Dodd-Frank Act, and the Hyperliquid Policy Center hired former US Solicitor General Elizabeth Prelogar to file a brief asking the court to throw the case out.
Why US access matters for HYPE The link between regulation and the HYPE price runs through fees. Most of the trading fees Hyperliquid collects go toward buying HYPE on the open market, and builders who launch HIP-3 markets have to stake HYPE, so regulated American volume would feed both mechanisms. Ki Young Ju, founder and CEO of on-chain analytics firm CryptoQuant, shared a ranking that put HYPE first among major crypto assets by analyst sentiment, about 2.3 standard deviations more bullish than the average reading, with fee-driven buybacks named as the main reason. That optimism has not stopped the token from sliding this month, and the US channel would initially cover only a subset of new contracts on Bitnomial, which limits how quickly any approval could show up in fee revenue.
The most bullish crypto asset by analyst sentiment is $HYPE. pic.twitter.com/VtqsqWSsiD
— Ki Young Ju (@ki_young_ju) October 18, 2026
Bitnomial approval and the CME case On the chart, a daily close above $80.21 followed by a move through the EMA band would neutralize the crossover threat, while a break under $74.66 would open the way toward $69.11. On the regulatory side, the CFTC still has to clear Bitnomial’s listing, and a ruling in CME’s favor could push perpetual contracts into the heavier swaps regime, raising compliance costs for every venue planning to offer them. Hyperliquid keeps expanding offshore in the meantime: EQX Labs said on October 14 it plans to launch 11 tokenized US stock and ETF markets on the platform, including SPY, QQQ and NVIDIA, and US persons are explicitly barred from buying them.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Kinetiq 9. listopadu spustí mainnet Elysium, první síť druhé vrstvy v ekosystému Hyperliquid, která se vypořádává na HyperEVM a používá $HYPE k úhradě poplatků za plyn.
Kinetiq (@Kinetiq_xyz) will launch the Elysium mainnet on November 9, a Layer 2 network for @HyperliquidX that settles to HyperEVM and uses $HYPE for gas.
Kinetiq (@Kinetiq_xyz) has set November 9 as the mainnet launch date for Elysium, a Layer 2 network built for the @HyperliquidX ecosystem. TechFlow reported on October 19 that, according to official announcements, Elysium is the first L2 network in the Hyperliquid ecosystem.
What Elysium is designed to doElysium is a general-purpose, high-performance L2 built specifically for Hyperliquid. ChainCatcher reports that it settles to HyperEVM, is co-located with HyperCore, and uses $HYPE as its native gas token. It runs Conduit's G2 sequencer on an architecture that meets SOC 2 Type 2 standards, according to the same report.
Kinetiq first unveiled the project on August 24. Crypto.news reported that the network is meant to increase transaction capacity within the Hyperliquid ecosystem, with 50% of sequencer fees allocated to buybacks and burns of Kinetiq's $KNTQ token.
The team has pointed to limits in the existing HyperEVM environment as the motivation. CoinTurk reported that Kinetiq cited HyperEVM's dual-block architecture, restricted throughput and high fees during congestion, including basic swaps costing as much as $20. Elysium is intended to be more deeply integrated with HyperCore, the liquidity engine behind Hyperliquid, and to offer faster block times.
Technically, Chainstack's overview describes Elysium as an Arbitrum Orbit chain that executes on its own fast chain and settles to HyperEVM, with high-frequency trading and market making as the stated target workload. The testnet has been live since September 22, 2026.
Why it matters for HyperliquidKinetiq is best known as the protocol behind kHYPE. OAK Research describes it as a non-custodial liquid staking protocol on Hyperliquid, where users deposit $HYPE and receive kHYPE in return. Elysium extends the company beyond staking into trading infrastructure.
Analysts have framed the launch as a test of execution. MEXC News noted that Elysium must show it adds meaningful functionality rather than fragmenting liquidity, and that performance, liquidity and developer adoption can only be measured after launch.
Kinetiq's documentation still describes Elysium as pre-launch, with specifications and parameters subject to change before mainnet, according to Chainstack.
SourcesTechFlow: Elysium to launch mainnet on November 9
ChainCatcher: First Hyperliquid L2 Elysium mainnet launch
Chainstack: What is Elysium?
Trader otevřel na platformě Hyperliquid dlouhou pozici na bitcoin v hodnotě 97,87 milionu USD s pákou 40×. Marže ve výši 2,85 milionu USD by čelila likvidaci při poklesu ceny na 79 828 USD.
A trader engaged nearly 98 million dollars on a rise in bitcoin with a 40x leverage on Hyperliquid. At the time of the report published on October 18, a decrease of only 1.6% threatened to trigger the liquidation of this particularly risky position.
In brief
A trader bets nearly 98 million dollars on the rise of Bitcoin with a 40x leverage on Hyperliquid.
This position rests on only 2.85 million dollars of margin.
A 1.6% drop in bitcoin could trigger its liquidation, estimated at 79,828 dollars.
The high leverage exposes the trader to quick losses despite small market fluctuations.
The account already shows nearly 9.8 million dollars in cumulative losses over seven days.
A $98 million position supported by $2.85 million
The observed account controlled 1205.31 BTC through a perpetual contract. Its long position showed a notional value of 97.87 million dollars, with an average entry price of 81,913.80 dollars. The trader was therefore betting on a rise of bitcoin above this threshold.
The use of a 40x leverage explains the gap between the size of the bet and the capital actually mobilized. Here are the main data recorded on the account :
An exposure of 97.87 million dollars ;
About 2.85 million dollars deposited as margin ;
An effective leverage of 34.33 ;
An estimated liquidation price at 79,828 dollars ;
An unrealized loss of 866,467 dollars ;
Nearly 86,952 dollars already paid in financing fees.
The figure of 98 million therefore does not correspond to the personal amount the trader risks losing. It designates the total value of his exposure after applying leverage. The direct loss mainly rests on the margin employed, even if previous account operations can weigh on the overall balance.
At the time of observation, bitcoin was trading around 81,117 dollars on Bitstamp. Only 1,289 dollars separated its price from the liquidation level, about a 1.59% gap. However, the market has moved since this snapshot, and the position might have been reduced, reinforced, or closed.
40x leverage leaves almost no margin for error
A perpetual contract allows speculation on the price of an asset without an expiration date. With a long position, the trader gains if the BTC rises and loses if it declines. Leverage multiplies these variations relative to the capital engaged.
At 40 times the stake, a few points of adverse variation are enough to absorb most of the margin. The unrealized loss of 866,467 dollars already represented a negative return of 30.4% on the funds engaged. The account had no additional available margin at the time of the report.
The position used isolated margin mode. In this system, the collateral allocated to the bet remains separate from the rest of the portfolio. Liquidation therefore mainly threatens the amount reserved for this operation, rather than all assets potentially held on the account.
However, Hyperliquid does not rely solely on the last price shown by a spot platform. Its mechanism takes into account a reference price, margin level, and protocol-specific rules. The 79,828 dollar threshold was thus an estimate liable to change if the trader added collateral or reduced exposure.
The account had already lost $9.8 million in one week
Statistics published by Hyperbot show that the difficulties extended beyond this single position. Over seven days, the account showed a cumulative loss close to 9.78 million dollars and a maximum drawdown of 78.77% from its previous peak.
Its history counted 3,763 operations, but only 16.67% of them ended with a gain. The portfolio remained 100% exposed to the rise of bitcoin, without a short position to cushion a new fall. These figures describe an aggressive strategy but do not identify its real owner.
A forced closure of such a position could briefly increase selling pressure. The system would have to sell part or all of the exposure to cover losses. Its effect on the market would depend on the order book depth, liquidation speed, and available buyers.
This bet mostly illustrates the risk of extreme leverage. An exposure close to 100 million dollars can rest on less than 3 million margin, but a usual variation of the bitcoin price can then quickly erase the engaged capital. The 79,828 dollar level remains the main threshold to watch as long as the position remains open and unchanged.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Hyperliquid Policy Center vyzvalo americkou Komisi pro cenné papíry a burzy (SEC) k pěti úpravám navrhovaných pravidel pro kryptoaktiva, včetně jasnějších pravidel pro airdropy, obchodování na sekundárním trhu a zpětné odkupy tokenů.
The Hyperliquid Policy Center has urged the U.S. Securities and Exchange Commission to revise its proposed Regulation Crypto Assets framework, submitting five recommendations covering token airdrops, secondary trading, developer protections, buybacks and state securities requirements.
Summary
Hyperliquid Policy Center says it has submitted five recommendations concerning the SEC’s proposed Regulation Crypto Assets framework.
The proposals seek clearer legal treatment for airdrops, secondary token trading, buybacks and developing blockchain networks.
SEC exemptions would permit qualifying token offerings of up to $5 million or $75 million under different conditions.
The group wants regulators to distinguish automated token repurchases from buybacks directed by centralized project operators.
The SEC’s public consultation closes October 20, while the proposed regulations remain subject to review and revision.
According to the policy organization’s October 19 announcement, it filed a comment letter supporting the SEC’s proposed rules while requesting changes intended to address how decentralized cryptocurrency networks operate. The group argues that the current draft leaves important questions unresolved for developers and token holders, particularly while networks are still being built.
The submission comes one day before the SEC’s October 20 deadline for public comments on Regulation Crypto Assets. The agency proposed the framework in August 2026 to establish specific registration exemptions for certain investment contracts involving cryptocurrencies.
Under the draft, qualifying projects could raise up to $5 million over four years through a startup exemption or up to $75 million within a 12-month period through a separate fundraising exemption. Neither provision is currently an approved exemption under Regulation Crypto Assets, and the final rules may differ from the published proposal.
Hyperliquid Policy Center seeks clearer rules for token airdrops
One of the group’s central recommendations concerns how free token distributions should be treated under U.S. securities laws.
The Hyperliquid Policy Center wants the SEC to write its existing airdrop interpretation directly into the final regulation. The group argues that receiving tokens without providing payment or another form of consideration generally does not satisfy the investment-of-money requirement associated with an investment contract.
BIG UPDATE: Hyperliquid Policy Center (@HyperliquidPC) has officially submitted a comment letter to the SEC, supporting Regulation Crypto Assets and proposing five key refinements.
The proposed regulatory framework includes:
– Up to $5M in token offerings over four years under… https://t.co/a9lq0Jcca9
— HypedLaunches (@HypedLaunches) October 19, 2026
In March, the SEC and Commodity Futures Trading Commission issued a joint interpretation addressing the application of federal securities laws to several cryptocurrency activities. The joint crypto classification guidance covered airdrops, staking and other blockchain activities while examining the circumstances under which tokens may be connected to investment contracts.
The policy center’s proposed change would provide specific regulatory language for qualifying token distributions. It wants the rule to focus on whether recipients provided tangible and definable consideration in exchange for the assets.
The group identifies wallet connections, sanctions screening and other routine delivery procedures as activities that should not automatically turn a free distribution into a securities transaction. Such requirements may be necessary before a user can receive tokens, even when the recipient has not paid the issuing project.
Its recommendation distinguishes administrative steps from activities performed as compensation for tokens. A project requiring participants to provide services after announcing a distribution could raise different legal questions under the existing interpretation.
The organization argues that formalizing this distinction would give developers and recipients clearer expectations when distributing tokens to network participants.
SEC proposal leaves secondary crypto trading questions unresolved
Secondary market trading forms another significant part of the Hyperliquid Policy Center’s submission.
The organization wants the SEC to explain whether tokens originally distributed through the proposed registration exemptions can subsequently be traded through decentralized protocols and other intermediaries.
The August proposal addresses certain cryptocurrency offerings and contains provisions concerning resale and state registration requirements. However, it does not establish a complete regulatory regime for every person or protocol facilitating transactions after tokens reach investors.
Earlier, crypto.news examined the proposed exemptions, including the separate fundraising limits and proposed safe harbor. The SEC’s announcement emphasized capital raising and disclosures, leaving the legal treatment of certain secondary-market activities to other regulatory requirements.
The policy center argues that the usefulness of the offering exemptions depends partly on whether recipients have a functioning market in which to transfer or sell their tokens.
Its comment refers to the SEC’s own economic analysis, which discusses how limited secondary-market liquidity could reduce the expected benefits of the proposed framework. The organization wants the agency to address this issue when adopting the final regulation.
The recommendation specifically includes blockchain protocols and people who facilitate trading without being registered as traditional securities intermediaries. The group has not argued that every platform should receive unconditional relief from applicable securities laws.
Existing requirements for securities exchanges, brokers and dealers remain relevant when an activity falls within their statutory definitions. The proposed offering exemptions would not automatically exempt all trading services from those obligations.
Hyperliquid group challenges the proposed developer safe harbor
The SEC’s draft includes a conditional safe harbor intended to address when a cryptocurrency is no longer tied to an investment contract.
Under the proposed framework, an issuer generally must complete or permanently cease the essential managerial efforts it previously represented or promised to investors. Meeting the specified conditions could allow the related token to be treated as no longer subject to that investment contract for federal securities law purposes.
The Hyperliquid Policy Center argues that the certification requirement could create difficulties for projects that have maintained that their tokens were never sold through investment contracts.
Its submission says developers might view the required certification as an implicit admission that a securities relationship previously existed. The group wants projects to be able to certify that their tokens were never tied to an investment contract without making a contrary declaration.
A second objection concerns timing. The organization believes the safe harbor should provide protection while essential managerial work is still underway, because projects face regulatory uncertainty during development.
The current proposal is more limited, with the safe harbor linked to the completion or permanent cessation of the promised managerial activities. Extending protections to unfinished projects would require the SEC to change the conditions described in its August release.
In a previous analysis of the regulatory framework, the proposed safe harbor was identified as distinct from the two fundraising exemptions. The safe harbor concerns the legal relationship between a token and an investment contract, while the exemptions address qualifying offers and sales.
The group has not received approval for its proposed changes. The SEC must consider the public consultation and any subsequent revisions before determining the contents of a final regulation.
Automated token buybacks draw a separate SEC recommendation
Token repurchases are another area where the Hyperliquid Policy Center wants more precise legal language.
The group is asking the SEC to distinguish buybacks that occur automatically under published blockchain rules from purchases made at the discretion of a centralized company or project operator.
Some cryptocurrency protocols use predetermined mechanisms to allocate trading fees or other network revenue toward purchasing tokens. In other arrangements, a company or foundation decides when to buy tokens, how much to spend and whether to change the program.
The policy organization argues that those arrangements should not automatically receive identical treatment when regulators assess whether a central party is directing the economic activities associated with a cryptocurrency.
It wants the SEC to incorporate its staff’s token buyback guidance into the final regulation or the accompanying explanation. The submission requests consistent use of the term “central party” and cautions against treating validators and other independent participants as one controlling group solely because they share economic incentives.
The distinction is relevant to Hyperliquid’s ecosystem, where token buybacks and transaction-driven mechanisms have attracted attention from market participants. However, the group’s request does not establish that any particular Hyperliquid token or program has received a regulatory exemption.
The policy center’s interpretation remains an interested-party recommendation. Whether a particular buyback is associated with an investment contract depends on the facts of the arrangement and the applicable law.
Federal protections could expire under the SEC’s draft
The group’s fifth recommendation addresses how long federal protections against certain state securities registration requirements should remain available.
Regulation Crypto Assets proposes federal preemption for qualifying securities offerings and some subsequent transactions. The provision would limit specified state registration requirements while preserving other applicable legal obligations.
The Hyperliquid Policy Center argues that those protections should remain effective after a project satisfies the proposed safe harbor. It is concerned that losing federal preemption at that stage could expose developers or token holders to a new set of state-level registration questions.
The comparison with congressional legislation has identified differences between the SEC’s proposed regulatory exemptions and the treatment of decentralized networks under the CLARITY Act. The SEC proposal concerns particular securities law requirements, while legislation could establish a more extensive statutory framework.
Federal preemption under the draft would not eliminate every state law affecting cryptocurrency businesses. State antifraud provisions and requirements governing activities beyond the covered securities offerings may continue to apply.
In its August proposal, the SEC established file number S7-2026-27 and set October 20 as the deadline for written comments. The rulemaking remains open for public input, and the agency has not adopted the Hyperliquid Policy Center’s five requested changes.
Perpetuální kontrakt TSLA na platformě Hyperliquid po představení Roadsteru během několika hodin vzrostl o 4,9 % na zhruba 378 USD, zatímco hodinový objem vyskočil o 1 580 % na 47 milionů USD.
After Tesla (NASDAQ: TSLA) and Elon Musk presented a next-generation Roadster prototype incorporating SpaceX (NASDAQ: SPCX) derived thruster technology at a demonstration on October 15 at SpaceX’s McGregor, Texas facility, trading activity in instruments tracking Tesla’s share price accelerated sharply on always-open crypto platforms.
The event, which included the vehicle performing aerial maneuvers and flips using cold-gas thrusters and suction systems, occurred after regular US equity markets had closed, with Tesla shares finishing the session at $362.44.
On Hyperliquid, the TSLA perpetual futures contract (listed via Trade.xyz) rose roughly 4.9 percent to around $378 in the hours after the reveal.
Hourly trading volume on the contract increased approximately 1,580 percent, climbing from $2.8 million to $47 million within a single hour.
With the daily candle only about nine hours old at the time of the peak activity, the session ranked as the product’s second-busiest day since listing roughly a year earlier.
Data aggregated by RootData showed Binance leading overall 24-hour volume in Tesla-related derivatives at approximately $279 million, ahead of Hyperliquid’s roughly $159 million.
Hyperliquid nonetheless held the largest open interest, near $99 million.
Tesla’s actual shares indicated roughly 4.5 percent higher in premarket trading the following morning.
SpaceX has used thrusters to position spacecraft for decades.
Making them work in a vehicle instead of a vacuum took all-new hardware & controls.
Every usable void in the car is packed with Carbon Fiber Overwrapped Pressure Vessels (COPVs)
More compressed gas on board = more… pic.twitter.com/IyFDx26yEf
— Tesla (@Tesla) October 16, 2026
The Hyperliquid instrument is a perpetual futures contract that tracks the price of Tesla stock.
It settles in USDC, permits leverage of up to 20 times, and operates continuously without a traditional brokerage account.
This structure allowed market participants to take positions on Tesla’s valuation immediately after the prototype demonstration while the Nasdaq remained closed.
Tesla is scheduled to report third-quarter earnings on October 21.
The episode highlights how round-the-clock crypto derivatives platforms can serve as an initial reaction venue for corporate news that emerges outside conventional equity market hours.
It is important to note that products of this type are frequently mislabeled in headlines and commentary as “tokenized stocks.”
In reality, not all instruments described as tokenized stocks constitute digital securities.
Conflating the two categories reflects a basic lack of understanding of how these financial instruments function.
A genuine digital security representing equity would ordinarily carry ownership rights, potential dividend claims, and the regulatory framework applicable to securities.
Many products marketed as tokenized stocks in crypto markets, including the Hyperliquid TSLA contract, are instead synthetic derivatives or price-tracking perpetuals.
They deliver economic exposure to price moves without conveying ownership in the underlying company, without voting rights, and without the legal character of a security in most jurisdictions.
Treating them interchangeably overlooks material distinctions in counterparty risk, settlement, regulatory status, and holder rights.
These are price-tracking derivatives, not tokenized equity securities.
Many industry professionals and commentators continue to treat every blockchain-based product that references a stock ticker as a form of tokenized equity, often without examining the actual contractual terms, settlement mechanics, or regulatory status.
This habit stems in large part from a failure to read the fine print that defines the instrument.
In the case of the Hyperliquid TSLA contract and similar products listed through platforms such as Trade.xyz, the documentation and market specifications make clear that the offering is a cash-settled perpetual futures contract whose value is derived from an external price feed.
It does not represent a claim on Tesla shares, does not confer shareholder rights, and does not involve the transfer or custody of any underlying securities.
Professionals who overlook these distinctions frequently default to the language of “tokenized stocks” because it is familiar and marketable, even when the product’s structure is that of a leveraged synthetic derivative.
The result is a persistent category error in which price-tracking contracts are discussed as if they were digital representations of equity ownership.
This confusion also reflects a broader shortfall in basic financial literacy among some participants in crypto markets.
Traditional equity ownership, whether in certificated or digital form, is defined by legal rights—including residual claims on assets, potential dividends, voting power, and protections under securities law—rather than by the mere ability to bet on a price.
Perpetual futures and other synthetic instruments, by contrast, are contractual agreements between counterparties (or against a protocol’s risk engine) that expire only when closed, settle in a stablecoin such as USDC, and carry funding rates, liquidation risk, and no ownership interest.
When industry voices blur these categories, they obscure material differences in counterparty exposure, regulatory treatment, and the nature of the claim being traded.
Accurate differentiation requires only the willingness to consult the product specifications and to apply elementary distinctions between ownership of a security and a derivative that tracks its price—distinctions that have long been standard in conventional finance.
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HYPE se stal největší pozicí hedgeového fondu Multicoin Capital, jehož velikost firma nezveřejnila. Multicoin zároveň potvrdil, že se nadále zaměřuje na kryptoměny.
Hyperliquid’s HYPE has become Multicoin Capital’s largest hedge-fund position as the investment firm has reaffirmed its focus on crypto over standalone artificial intelligence investments.
Summary
HYPE ranks as Multicoin’s largest hedge-fund holding, with its position size undisclosed. Multicoin’s June research already identified HYPE among its largest liquid-fund investments. September wallet reports tracked Multicoin-linked transfers to Coinbase Prime without confirming completed sales. Paradigm’s expanded investment mandate retains crypto alongside artificial intelligence and robotics. Bloomberg reported that Spencer Applebaum, Multicoin’s general partner and co-head of venture investments, identified HYPE as the fund’s largest holding without disclosing its size.
Multicoin’s largest HYPE position follows months of ownership Applebaum told Bloomberg that Multicoin bought its HYPE exposure on public markets and generally holds publicly traded assets for several years. He declined to disclose the position’s size.
During the interview, Applebaum said Multicoin would keep investing in digital assets, citing the firm’s expertise in crypto. He questioned attempts to force connections between blockchain and artificial intelligence.
Multicoin’s own June 25 investment post establishes an earlier ownership disclosure. The firm said it had initiated a large position early in 2026 and continued accumulating, calling HYPE “one of the largest positions in our liquid fund.”
Written by Applebaum, Shayon Sengupta and Tushar Jain, the post described Hyperliquid as a blockchain and decentralized exchange designed for high-speed trading. Its investment argument centered on expanding the platform beyond cryptocurrency derivatives into other financial markets.
As crypto.news previously reported, Multicoin’s June valuation model projected a $319 HYPE price by 2028 under its base case. The coverage identified accumulation beginning in February and a three-day no-trade policy following publication of the research.
The June coverage tied that forecast to Hyperliquid’s earlier operating results, citing Multicoin’s estimate of $873 million in revenue on $2.9 trillion in trading volume during 2025. It recorded user growth from approximately 301,000 to 923,000 over that year, with open interest reaching $6 billion. Those were historical figures used in the investment case.
In June, Multicoin described HYPE as one of its largest liquid-fund positions. Applebaum identified it as the largest in the Bloomberg interview without disclosing its portfolio weight or how the allocation changed.
Multicoin’s $319 forecast rests on earnings and supply assumptions In its full June research report, Multicoin modeled approximately $8 billion in annual earnings by 2028 and applied a 20-times multiple. Its calculation produced a $160 billion valuation, which it divided by an adjusted supply of 502 million tokens to derive a price above $319.
The report presented a $109 bear case and a $689 bull case using different assumptions about derivatives-market growth and decentralized exchanges’ market share. All three figures were investment scenarios published in June, not realized returns or newly issued October forecasts.
Among the risks, Multicoin identified decentralization and governance, regulation, competition, interoperability between HyperCore and HyperEVM, token dilution, and bad debt. In its bad-debt discussion, the firm warned that illiquid markets and gaps through liquidation levels could leave the protocol with losses.
The shorter investment post linked its expansion thesis to HIP-3 markets covering assets such as commodities and equity indexes. It described prediction markets, options and portfolio margining as further growth opportunities, while acknowledging that the investment faced regulatory and technical risks.
Multicoin-linked transfers do not establish HYPE sales September reporting documented Multicoin-linked transfers to Coinbase alongside the firm’s public investment thesis. Lookonchain attributed a Sept. 24 deposit of 130,331 HYPE, valued at $12.15 million, to the investment manager.
The analytics firm put cumulative deposits into Coinbase Prime since July 28 at 4.23 million HYPE, worth approximately $285 million at the recorded transfer prices. Coinbase Prime provides institutional custody and execution services, so the deposits did not establish whether Multicoin sold the tokens afterward.
The available transfer reporting does not provide a complete hedge-fund balance sheet or a reconciliation of purchases, withdrawals and remaining holdings. A claim that Multicoin has continuously expanded its position would therefore go beyond the disclosed evidence.
Separate institutional buying appeared in a Sept. 25 report on Hyperliquid Strategies’ purchases. Lookonchain linked a wallet to the Nasdaq-listed treasury company and said it bought 494,200 HYPE worth $45.8 million over 16 hours.
The same wallet had accumulated 5.51 million HYPE worth roughly $476 million over the preceding month, according to that reporting. Those purchases concerned a public treasury company, not a disclosed reallocation by Multicoin’s venture-fund peers.
The company had reported approximately 29.3 million HYPE worth $1.9 billion as of June 30 after raising $647 million in equity capital, according to the September coverage.
Paradigm’s AI expansion retains a crypto mandate Paradigm raised its fourth fund with $1.2 billion in commitments, according to July 9 coverage of its announcement. Co-founder Matt Huang and managing partner Alana Palmedo announced the vehicle on July 8.
The firm said the fund would invest across crypto, AI, robotics and other technology fields while continuing to back companies developing markets and financial systems. Its announcement named Hyperliquid, Kalshi and Tempo among examples connected to that strategy.
The same coverage recorded Framework Ventures’ $400 million fourth fund in June for crypto, AI, robotics and energy startups. Haun Ventures raised $1 billion in May for crypto infrastructure, tokenization and AI agents.
Peněženka 13Coop, která byla zahrnuta do žaloby Noah Doe, po více než 13 letech převedla 411,45 BTC v hodnotě 33,4 milionu USD na novou neoznačenou adresu.
In brief An address first funded in September 2013 moved 411.45 BTC, worth about $33.4 million, to a new wallet on Sunday, its first outgoing transfer ever. The coins cost about $54,000 when Bitcoin traded near $130, and the transfer went to an unlabeled address, not an exchange. Galaxy tagged the address as one of 39,069 named in a New York lawsuit by “Noah Doe” seeking ownership of dormant wallets as abandoned property. Another long-sleeping Bitcoin whale has stirred, and this one is named in a lawsuit claiming its coins were abandoned.
An address beginning with "13Coop" that had never sent a single coin since it was first funded on Sept. 11, 2013, moved 411.45 BTC, worth roughly $33.4 million, on Sunday, according to Galaxy Research. Arkham data shows the coins landed in a single new address, where they remain.
Myriad: How high will Bitcoin go? Click to make your prediction.When the wallet was funded, Bitcoin traded around $130, according to Arkham, meaning the stash cost about $54,000. Galaxy put the holder’s average cost basis near $127 and the paper gain at more than 64,000%. It’s unclear whether the owner plans to sell, since the transfer went to an unlabeled address, not an exchange.
Galaxy tagged the sending address as “Noah Doe #970,” marking it as one of 39,069 dormant addresses named in a New York lawsuit filed this year by a pseudonymous plaintiff called Noah Doe and two Wyoming companies.
🏚️ 💤 Address awakened — dormant 13+ years — 411.45 BTC sent
This address had never sent coins (first funded 2013-09-11, 13.1y ago); it just spent 411.45 BTC ($33.44M) in block 972,036
Address: 13Coop8xFbYj9JR9WyF5EqzGa9GiZmxs7C
Coins moved: 411.45 BTC in 2 UTXOs — all held…
— Galaxy Research (@glxyresearch) October 18, 2026
The plaintiffs argue that the wallets, which hold about 3.8 million BTC, qualify as abandoned property under the state’s lost-and-found law, even though they hold none of the private keys.
Galaxy also flagged the address as one of those “dusted” in a 2025 campaign that sent tiny amounts of Bitcoin carrying embedded messages to dormant wallets, which Galaxy has described as groundwork for the abandonment claim. Arkham’s data shows a string of those dust deposits, some labeled as phishing.
Each move chips away at the lawsuit’s premise. Spending coins requires the private keys, which suggests at least some of the targeted wallets are anything but abandoned. Galaxy head of research Alex Thorn has said the pace of dormant “Noah Doe” coins moving onchain has been accelerating month over month.
The wallet joins a growing list of old coins on the move. Bitcoin’s oldest coins have been waking up at an unusual clip in 2026, according to Galaxy Research data.
Just a little over a week ago, a Satoshi-era wallet mined in 2010 moved for the first time in 16 years. In late September, about $161 million in decade-old Bitcoin was transferred over the course of roughly two weeks. And just last week, a whale moved a whopping $377 million after holding through every major market crash since 2020.
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Bitcoin se obchoduje kolem 82 700 USD; podle partnera společnosti ARP Digital Yusufa Fakhra jeho další oživení podporují nižší páka a slábnoucí prodejní tlak.
Bitcoin’s recent decline has not undermined its broader recovery prospects, as reduced leverage and easing selling pressure suggest the market remains structurally healthy, according to Yusuf Fakhro, partner at ARP Digital.
Bitcoin is trading near $82,700 after recovering from a recent drop below $80,500, outperforming Ethereum and the broader altcoin market despite ongoing macroeconomic uncertainty.
The leading crypto asset fell from approximately $86,000 before stabilizing in the low $80,000 range, as weakness in technology stocks and elevated Treasury yields weighed on investor appetite for risk assets.
Fakhro attributed the decline primarily to broader macroeconomic pressures rather than crypto specific factors in commentary shared with Crypto Briefing, noting that Bitcoin’s correlation with the Nasdaq has climbed to its highest level since June.
Despite the downturn, Bitcoin outperformed Ethereum and the wider altcoin market, finding support near the average acquisition price of spot Bitcoin exchange traded fund investors.
Lower leverage supports Bitcoin’s recovery
Fakhro said derivatives market conditions suggest Bitcoin has absorbed recent selling without experiencing a major liquidation cascade.
Funding rates have fallen to their lowest levels since June, while open interest has declined to five month lows, indicating traders had already reduced leveraged exposure before the latest decline.
The analyst argued that reduced leverage leaves the market in a healthier position, lowering the risk of forced selling during another period of volatility.
He also pointed to changes in Bitcoin’s ownership structure, suggesting that substantial amounts of older supply have moved into the hands of investors who accumulated near current prices and remained invested through the recent market downturn.
With fewer persistent sellers, Fakhro believes a recovery in demand could support further gains once broader market sentiment improves.
He maintained his bullish outlook after previously identifying accumulation opportunities when Bitcoin was trading in the mid $60,000 range.
Inflation and rising oil prices complicate Fed outlook
Bitcoin’s next major test could come from the Federal Reserve’s October 27 and 28 policy meeting, as persistent inflation and elevated energy prices complicate the outlook for interest rates.
US consumer prices increased 3.7% annually in September, accelerating from 3.4% in August and exceeding economists’ expectations of 3.6%. Core inflation, which excludes food and energy, reached 2.6%, reflecting continued price pressures across the economy.
Meanwhile, oil prices have remained elevated amid disruptions to shipping through the Strait of Hormuz and escalating tensions in the Middle East.
Brent crude surged to approximately $110 per barrel last week before retreating toward $108 on Monday, as traders assessed potential additional Russian oil supplies following changes to US sanctions.
Higher energy costs have reinforced inflation concerns, raising questions about whether the Fed will need to maintain restrictive monetary policy for longer.
According to CME FedWatch probabilities reported Monday, traders assigned approximately an 85% chance that the central bank would keep interest rates unchanged at 3.75% to 4.00% this month, with roughly 15% odds of a quarter point increase.
Despite expectations for an October pause, markets continue to price in the possibility of additional tightening before year end, with December rate hike probabilities approaching 92%.
Elevated borrowing costs and persistent inflation could continue weighing on risk assets, including Bitcoin, particularly if energy prices resume their upward trajectory.
For Fakhro, however, the recent decline has not undermined Bitcoin’s broader recovery prospects.
The analyst considers weakness toward the low $80,000 range a potential accumulation opportunity, supported by reduced leverage, diminishing selling pressure and stronger demand than the rest of the crypto market.
He cautioned that a decisive break below that support area would warrant a more defensive outlook, while the upcoming Fed decision could determine whether Bitcoin extends its recovery or faces another period of macroeconomic volatility.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Strategy continues its financial strategy by combining bitcoin purchases and preferred stock buybacks. Between October 12 and 18, Michael Saylor’s company acquired 267 BTC for 22.1 million dollars. At the same time, it dedicated 193.1 million dollars to repurchasing STRC securities. This operation comes as Strategy maintains a significant bitcoin reserve, and its leader anticipates a market return to a bullish phase.
In brief
Strategy acquires 267 bitcoins for 22.1 million dollars, bringing its reserves to 848,517 BTC.
Michael Saylor’s company repurchases 1.94 million preferred STRC shares for 193.1 million dollars.
Strategy increases its authorization to repurchase digital credit securities from 2 to 3 billion dollars.
Michael Saylor anticipates a return of the bull market, despite macroeconomic obstacles weighing on bitcoin.
Strategy buys 267 bitcoins and strengthens its reserves
Michael Saylor’s company Strategy purchased 267 bitcoins between October 12 and 18, at an average price of 82,900 dollars per unit. The company thus invested an additional 22.1 million dollars in the leading cryptocurrency. According to a document submitted Monday to the Securities and Exchange Commission (SEC), its reserves now total 848,517 BTC. This new move confirms the continuation of its acquisitions despite larger expenditures dedicated to preferred stocks.
To finance this purchase, Strategy primarily used the 22 million dollars obtained from the sale of 140,872 MSTR common shares. This operation allowed it to fund its acquisition without mobilizing a significant portion of its existing cash reserves. Meanwhile, the company reserved its available funds for repurchasing STRC securities. This allocation shows that the company pursues two distinct financial objectives.
However, the amounts involved illustrate a notable gap between the two operations. Strategy dedicated 193.1 million dollars to the repurchase of 1.94 million preferred STRC shares. This amount is nearly nine times the investment in new bitcoins. The company also raised its authorization to repurchase digital credit securities from 2 to 3 billion dollars.
STRC buybacks exceed bitcoin purchases
Since the start of the fourth quarter, Strategy has spent 459.2 million dollars repurchasing STRC shares. Over the same period, it invested 72.3 million dollars, acquiring 851 bitcoins. Buybacks therefore represent more than six times the spending on cryptocurrency. This difference confirms the growing role of preferred stock transactions in the company’s recent financial decisions.
STRC is a variable-rate preferred stock designed to pay regular dividends. Strategy aims to repurchase shares trading below their par value of 100 dollars to support their price. This policy partly explains the emphasis on these transactions. It also allows the company to influence the value of its shares while maintaining its bitcoin reserves.
To cover its financial commitments, Strategy states it holds 4.83 billion dollars designated for preferred stock dividends and debt interest. It also has 447.3 million dollars in separate cash reserves. These reserves provide a margin to honor its payments. However, the evolving spending between cryptocurrency purchases and stock buybacks will remain an important element to monitor.
Saylor anticipates a return of a bull market
Despite these larger buybacks, Michael Saylor remains optimistic about bitcoin’s outlook. During a discussion held Saturday during ParaFi’s investor day, he stated, “We are entering a bull market again.” He notably mentioned the price returning above its 200-day simple moving average. This indicator is often used to observe long-term price trends.
Saylor also cited several factors that could restrain the market. According to him, restrictive trade, foreign, and monetary policies are obstacles for BTC. Conversely, growing adoption by banks and the tokenization of traditional financial assets could support its development. These elements fuel his expectations, without guaranteeing a sustained price increase.
In the markets, MSTR stock was up more than 2.5% in premarket Monday, according to Yahoo Finance data, after losing about 9.6% Friday, closing at 138.83 dollars. STRC shares gained nearly 0.8%, at 98.45 dollars, after a 1.8% decline in the previous session.
In the short term, Strategy is therefore expected to continue its trades between bitcoin accumulation and preferred stock management. The pace of STRC buybacks, the evolution of its reserves, and market conditions will determine the continuation of this policy. The sustained return of bitcoin above its technical benchmarks could also influence the company’s upcoming decisions.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
DISCLAIMER
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Bitwise očekává, že Bitcoin může do konce roku 2026 překonat 100 000 USD díky institucionální poptávce a ETF fondům, zatímco LO odhaduje cenu na 85 000 až 95 000 USD.
Can bitcoin reach 100000 dollars before the end of 2026? Bitwise considers this scenario still possible thanks to institutional demand, while LO forecasts a price between 85000 and 95000 dollars in the face of the return of inflation and rate hike risks.
In brief Bitwise believes that bitcoin could exceed 100000 dollars before the end of 2026. Institutional purchases and ETFs support the upside prospects for Bitcoin. LO forecasts a price between 85000 and 95000 dollars by the end of December. US inflation and the risk of new Fed rate hikes are slowing the market. Sustained crossing of 90000 dollars could accelerate the rebound towards 100000 dollars. Arguments supporting bitcoin at 100000 dollars Ryan Rasmussen, head of research at Bitwise, maintains a positive view despite the pullback of bitcoin around 82000 dollars. He believes that several underlying factors can support the market in the last weeks of 2026.
The analyst summarizes his scenario in a cautious statement :
We believe bitcoin will end the year higher, potentially above 100000 dollars.
This projection is based on several drivers :
Purchases made by institutional investors via ETF ; Accumulation of bitcoins by some companies ; Search for rare assets in the face of inflation ; Increase in public debt ; Progressive improvement of the US regulatory framework. Cryptocurrency investment products have recorded about 11.1 billion dollars in inflows since mid-July, according to James Butterfill, head of research at CoinShares. US spot bitcoin ETFs would have received nearly 6 billion dollars in the third quarter, including about 3.5 billion dollars in August.
This demand can reduce the amount of bitcoin available on the market. However, it does not guarantee an immediate rise. Butterfill points out that purchases have slowed and a real rebound will require regular institutional inflows.
A move from 82000 to 100000 dollars would represent an increase of close to 22%. Such a move remains possible in a volatile market, but it requires a significant improvement in the financial climate before December 31.
US inflation weakens the bullish scenario LO takes a more reserved view. Adam Morgan McCarthy, head of research at the company, rather expects bitcoin to evolve between 85000 and 95000 dollars until the end of the year.
This caution is mainly explained by the latest US data. The consumer price index rose by 0.6% in September compared to August and by 3.7% year on year. Core inflation, which excludes food and energy prices, increased by 0.3% over one month and by 2.6% year on year.
The rise in gasoline played a major role. This component jumped 9.1% in September and accounted for more than half of the monthly increase in prices. These figures reinforced fears of a new tightening of US monetary policy.
The Federal Reserve had already raised its key rate by 25 basis points in September, to a range of 3.75% to 4%. A new hike would make risk-free investments more remunerative and reduce the liquidity available for volatile assets like bitcoin.
According to McCarthy, a return of BTC towards 100000 dollars would require a drop in oil prices, a slowdown in inflation, and a change in expectations regarding the Fed. The market would notably have to abandon the hypothesis of a rate hike in December in favor of a pause.
The 90000 dollar threshold could revive the market Derivatives offer a third scenario. Luca Invernizzi, trader at Laser Digital, a Nomura subsidiary, believes that the recent retreat removed some of the most fragile leveraged positions. This purge could make the market more stable if buyers return.
The 90000 dollar level now constitutes an important technical zone. Sustained crossing could force traders betting on a decline to buy back bitcoin to close their positions. These forced purchases could accelerate the rebound towards 100000 dollars.
Conversely, the absence of new flows into ETFs and persistent inflation would limit this potential. Investors will therefore watch the next Fed decisions, energy prices, and institutional inflows.
The forecasts of Bitwise and LO are not certainties. They describe two trajectories that depend primarily on the macroeconomic context. Before aiming for 100000 dollars, bitcoin must first retake 90000 dollars and maintain this level despite rate pressure.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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Strive has expanded its Bitcoin reserves, securing 4,045 BTC worth about $335 million last week as the leading cryptocurrency traded just below $81,000. The latest move brings Strive’s total Bitcoin purchases over the last two months to 15,462 BTC, valued at $1.27 billion.
Broader accumulation continues despite price uncertaintyBlockchain analytics firm Lookonchain reported that Strive acquired 4,045 BTC at an average price of $82,803 during the most recent week. Over the previous two months, Strive bought 15,462 BTC at a cumulative average of $82,417 per coin.
The company’s ongoing accumulation comes as the Bitcoin market faces significant uncertainty. Market watchers have noted that while corporate purchases like this can signal institutional confidence in using Bitcoin as a treasury asset, they do not necessarily lead to immediate price gains. Factors such as liquidity shifts, broader investor sentiment, and activity in both spot and derivatives markets also continue to influence Bitcoin’s short-term trajectory.
Strive, an investment management firm, has become increasingly active in the digital asset sector, drawing attention for its sizable and steady Bitcoin acquisitions.
Mini dictionary: Lookonchain, a blockchain analytics and monitoring platform, tracks and analyzes flows of digital assets across major chains, providing real-time insights and transparency for institutional and retail investors.
Traders are closely watching whether Bitcoin can maintain support at $80,400 or recover above $82,500 to signal renewed strength.
Technical structure and price levels in focusAt present, Bitcoin is trading near $81,000. Technical analysis by Bitcoin Meraklisi, a widely followed cryptocurrency analyst, highlights a critical support level at $80,400 and resistance at $82,500. If Bitcoin’s price drops below the $80,400 threshold, the next downside target becomes $78,500. Conversely, a move above $82,500 could create space for upward momentum, with $84,400 regarded as the level where the current bearish price pattern would no longer hold.
The 2618 pattern, based on Fibonacci retracement and extension levels, remains valid according to the analyst, with $80,400 already tested as an initial support. Traders are waiting for confirmation of a breakout or breakdown to determine Bitcoin’s near-term direction.
LevelSignificance$80,400Key support$82,500Immediate resistance$84,400Bearish pattern invalidation$78,500Next downside targetDespite Strive’s aggressive buying, there is no clear indication that these corporate purchases provide a floor for Bitcoin’s price. Analysts caution that the current costs and strategies of large-scale buyers like Strive are only one factor in a complex market structure.
“The costs associated with institutional accumulation may not translate directly into price stability or new support levels, as market direction is influenced by several intertwined factors.”
Short-term outlook and market dynamicsStrive’s acquisitions illustrate the interest among institutions to build Bitcoin positions, even while prices remain volatile and technical signals appear mixed. Whether this trend continues among other investment managers is yet to be determined, as comprehensive data on industry-wide institutional inflows remains limited.
Traders are focused on watching daily closing prices, key technical levels, and any shifts in volumes or on-chain flows, which could provide further clues to market sentiment and trend durability.
The next decisive movement in Bitcoin’s price will likely provide stronger signals about whether current support holds or a new leg down is forthcoming. Both bulls and bears are closely tracking the $80,400 and $82,500 marks for actionable signs.
As institutional accumulation continues and technical volatility persists, Bitcoin’s market direction remains highly dynamic heading into the new week.
Akcionáři Super League schválili investici Metaplanet v hodnotě 2 100 BTC a 2,5 milionu USD. Po dokončení se společnost přejmenuje na Superplanet a bude se na Nasdaqu obchodovat pod tickerem SUPA.
Super League stockholders have approved all proposals tied to Metaplanet‘s 2,100 BTC investment, clearing the way for the Nasdaq-listed company to be renamed Superplanet and become the Japanese firm’s U.S. Bitcoin treasury vehicle.
The proposals passed at Super League Enterprise, Inc.’s 2026 annual meeting of stockholders, held Friday and were disclosed Monday morning. The transaction itself was first announced in August.
Under the definitive agreement, Metaplanet, Inc. will contribute 2,100 Bitcoin and $2.5 million in cash through its wholly owned U.S. subsidiary, Metaplanet Holdings, Inc.
JUST IN: 🇯🇵 Japan's Metaplanet to buy Super League for 2,100 BTC and $2.5 million 👀
This will give the 2nd-largest corporate BTC holder a U.S. listed Bitcoin treasury platform! 🚀 pic.twitter.com/0gucAALjAX
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2026
In exchange, Metaplanet receives 44,859,400 shares of common stock at $3.00 per share, along with preferred stock and warrants.
At closing, Super League will be renamed “Superplanet, Inc.” and trade on Nasdaq under the ticker symbol “SUPA.” Its advertising and media activation business will continue as a distinct operating segment, and Matt Edelman will remain chief executive officer.
Among the measures stockholders approved were the issuance of common stock and warrants to Metaplanet and the corporate name change. The proposals also included an increase in authorized preferred shares from 10 million to 100 million, according to a summary of the meeting posted on X.
“Super League stockholders have voted to approve the proposed Metaplanet transaction, an important step in our transformation from a Bitcoin treasury company into a global Bitcoin-native financial platform,” Metaplanet CEO Simon Gerovich wrote on X.
“Upon close, Superplanet will be our U.S.-listed Bitcoin treasury platform, providing direct access to U.S. capital markets and greater flexibility to opportunistically raise capital.”
Edelman framed the vote similarly in the company’s announcement: “Their approval brings us one step closer to redefining what this company can become.”
Closing is anticipated in the fourth quarter of 2026, subject to customary closing conditions, including required filings with the Nasdaq Capital Market. The shareholder approvals represent a required step but not the final one.
Super League said the arrangement is intended to establish conditions governing Metaplanet’s ability to dispose of its equity holdings following the transaction. The company did not provide details of exceptions to those restrictions in its announcement.
Metaplanet held 43,000 BTC as of August 18, describing itself as the third-largest corporate Bitcoin treasury among publicly traded companies. The combined structure is intended to give the group two listed Bitcoin treasury platforms — one on the Tokyo Stock Exchange, one on Nasdaq — each with its own investor base and reporting currency.
Super League connects brands with what it describes as a 3.3 billion-person global gaming population through advertising and branded content programs across gaming and digital media platforms. Metaplanet is a Tokyo-listed company building Bitcoin-based financial products and infrastructure.
Shares of Super League moved higher on the news.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Michael Passalacqua, Senior Advisor and Head of the Innovation Task Force at the Commodity Futures Trading Commission (CFTC), recently outlined the agency’s efforts to establish a unified federal oversight framework for crypto exchanges. Passalacqua delivered these remarks in a video interview circulated by the crypto analyst X Finance Bull, offering insight into what potential regulatory shifts could mean for XRP holders.
Federal oversight and the CLARITY ActPassalacqua stated that the CFTC aims to introduce a single national regulatory framework, enabling crypto asset exchanges to opt into federal supervision under the agency’s oversight. The public comment period for this proposal runs until December 14, and input from stakeholders remains open.
He referenced bipartisan support for granting the CFTC regulatory authority over the crypto asset sector, pointing to the CLARITY Act as a significant milestone in these developments. The CLARITY Act seeks to clarify how digital assets are regulated at the federal level, designating clear jurisdiction for agencies such as the CFTC.
Passalacqua emphasized that “the goal of this is to provide a federal option for crypto asset exchanges to opt into a national uniform framework under the CFTC’s oversight.” He noted that bipartisan support exists for the CFTC to regulate the crypto asset industry.
Mini dictionary: CLARITY Act, proposed US legislation aiming to clarify the regulatory status of digital assets and establish a clear framework for oversight by federal agencies, notably the CFTC.
XRP’s commodity classification and regulatory contextXRP was officially classified as a digital commodity by both the US Securities and Exchange Commission (SEC) and the CFTC on March 17. This designation places XRP within the regulatory perimeter the CFTC intends to oversee under the proposed federal framework.
In October, the CFTC introduced Regulation CTX and Regulation CAM, which address areas such as exchange registration, market surveillance, customer asset protection, margin requirements, and custody. These regulations are designed to strengthen oversight surrounding digital commodities like XRP.
Institutional adoption and growing infrastructureX Finance Bull highlighted that substantial institutional infrastructure for XRP is already in place. Major entities, including Bitwise, Grayscale, Franklin Templeton, 21Shares, CME Group, Ripple Prime, and EDX Markets, maintain exposure to XRP or offer related services. This infrastructure serves as a foundation for broader institutional participation.
Between December 2025 and June 2026, Bitwise’s XRP ETF holdings increased significantly from around 131.22 million XRP to 286.84 million XRP, reflecting elevated institutional demand. CME Group currently supports both standard XRP futures and Micro XRP futures, alongside options contracts. Ripple Prime facilitates institutional access to XRP and RLUSD trading, derivatives, financing, and liquidity services.
Mini dictionary: CME Group, a global markets company offering trading in various asset classes including cryptocurrency futures and options.
InstitutionXRP ServicesRecent ActivityBitwiseXRP ETFHoldings rose to 286.84 million XRP (June 2026)CME GroupXRP futures, micro futures, optionsOffers XRP derivativesRipple PrimeSpot, derivatives, liquidity for institutionsSupports XRP and RLUSD tradingGrayscale, Franklin Templeton, 21Shares, EDX MarketsXRP exposure & servicesActive in XRP ecosystemProjected demand and institutional momentumLooking ahead, X Finance Bull projected a surge in potential institutional demand for XRP as regulatory clarity advances. If 100 institutions allocate $25 million each to XRP, acquisition demand would total $2.5 billion. Doubling both the number of institutions and allocation size to 200 and $50 million each would increase demand to $10 billion.
He described current US regulatory steps as building the necessary “rails” to streamline XRP’s institutional trading, hedging, financing, and custody. The ongoing CFTC public comment period will conclude December 14, with impending regulatory changes expected to further shape XRP’s institutional landscape.
Šéf společnosti Ripple Brad Garlinghouse uvedl, že XRP získalo právní jasnost díky verdiktu z roku 2023, podle něhož XRP samo o sobě není cenným papírem.
Ripple CEO Brad Garlinghouse has admitted that the collapse of the CLARITY Act hurt. He also says XRP no longer needs Congress to settle the question that hung over it for years.
Speaking during celebrations for Evernorth’s Nasdaq listing, Garlinghouse said the bill’s failure “definitely stung.” He added that he had personally put a lot of energy into getting the crypto market structure bill through Congress.
“We Have Clarity”
Garlinghouse said XRP holders are in a stronger position than the failed vote suggests. He pointed to the outcome of Ripple’s long court battle with the SEC, saying the federal judge wrote in her opinion that “XRP is not a security.”
“So, we have clarity,” he said.
That ruling came from Judge Analisa Torres in July 2023. She found that XRP is not a security by itself and that Ripple’s sales of XRP on public exchanges were not securities offerings. She also ruled, however, that Ripple’s direct sales of XRP to institutional investors did count as unregistered securities sales.
Regulators Are Filling The Gap
The CLARITY Act failed a Senate cloture vote 49 to 50 on September 15. Garlinghouse said the SEC and CFTC have stepped into rulemaking to cover what the bill was meant to do. He said there are also lessons to learn from what went wrong in Congress.
Can A Future Regulator Undo It?
Garlinghouse acknowledged that a future SEC or CFTC chair could take a harsher stance on crypto. He said that is possible, but argued that years of progress cannot simply be rolled back.
When the interviewer described it as being unable to “put the genie back in the bottle,” Garlinghouse agreed.
Why It Matters For XRP
Without a law from Congress, crypto’s rules now come mostly from regulators and courts. Rules made by agencies can be changed by future leadership more easily than an act of Congress. For XRP specifically, Garlinghouse is relying on the 2023 court ruling as the foundation for its legal status.
Story Ends Here
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Ripple [XRP] is trading around the $1.30 level, with the altcoin only up by a percent in the past 24 hours. The sentiment is down around 6% even though the number of mentions and engagements was substantial, at around 100.83K.
Despite the slowness in the price of XRP, what happened overnight proved there could be something beneath.
Transaction volume explodes as South Korean traders dominate
As per sentiment data, XRP Ledger transaction volume exploded from around $832 million to $49.66 billion. Over the past week, volume was ranging below the $1 billion mark. This was more than a 50x increase in just a few hours.
This surge in the total dollar value of coins transferred on-chain coincided with a rebound from $1.25. The massive change in volume could mark the bottom for XRP even though it was yet to be confirmed.
Source: Ali Charts/X
Of this volume, most of the exchange transactions came from South Korean traders. Even with the general market looking ugly, XRP/KRW was the top spot pair by volume, beating Bitcoin [BTC].
As per CoinMarketCap, the pair accounted for 10.18% of the total, which is equivalent to $55 million, while BTC was at 7.82% with $42 million. This showed Asian traders were buying XRP over BTC as the price jumped from $1.25 to $1.30.
Will XRP call Options push prices up?
Further analysis of the Options data indicated that buyers were dominating activity. As per data from Deribit, calls were double the number of puts, that is, at 31,327 against 16,628.
The notional Open Interest (OI) was $62.30 million for a Put/Call Ratio of 0.53. The largest notional value of XRP was worth $4.22 million, placing the $2 target area into focus.
Source: Deribit
While Options positioning leans bullish, buyers are beginning to appear in the most important areas. These bulls are defending the $1.25 support zone once again despite selling pressure from whales.
It bounced off the $1.25 demand area but faces rejection at $1.30. The altcoin needs to stay above this level with the Money Flow Index (MFI) in support. The MFI rallied from oversold territory to 49.
Additionally, the Bull Bear Power (BBP) also flipped green, though the momentum was still fresh. Now, the altcoin has had the longest streak of green 4-hour sessions since the 12th of October.
Source: XRP/USDT on TradingView
Therefore, XRP appeared to be headed toward $1.40, and the building momentum suggests a move toward $1.50. Otherwise, the altcoin may fall back to $1 if the support zone is lost.
Final Summary
XRP Ledger transaction volume exploded from $832 million to $49.66 billion over the night.
XRP call Options are double puts, which set up the altcoin to reclaim $1.40 or higher if $1.25 can hold.
Společnost BitMine Immersion Technologies během týdne nakoupila 12 535 ETH a navýšila své rezervy na 6 041 481 ETH, což představuje 4,9 % celkové nabídky Etherea.
Tom Lee sees crypto’s recent weakness as part of a broader selloff in AI stocks and Asian markets, as investors pull back from risk.
BitMine Immersion Technologies (BMNR) said on Monday its crypto, cash, and equity holdings were worth $15.1 billion on October 18, down from $16.2 billion a week earlier.
Most of that total is Ethereum (ETH). BitMine marked its Ether at $2,365 per token, using Coinbase prices, against $2,544 in the prior update. That is its lowest weekly mark since the update for August 16, according to its SEC filings.
The company bought 12,535 ETH over the week, taking its treasury to 6,041,481 tokens. That equals 4.9% of the 122.1 million ETH in supply, short of BitMine’s 5% goal. The buy nearly matched the 12,532 ETH BitMine added in the week to October 11.
Cash and marketable securities fell to $582 million, the fourth weekly drop in a row from $714 million on September 20. BitMine’s release gives no reason for the cash decline.
Lee Cites AI Stock Selloff Chairman Tom Lee warned in a post on X on October 13 that a slump in South Korean equities could hit crypto. He said in Monday’s release that investors’ appetite for risk has shrunk over the past few weeks. He tied that to concerns over AI funding and AI model safety. Lee also cited the escalating US-Iran war, anxiety ahead of the US midterm elections and rising bond yields worldwide.
Lee said those worries set off a selloff in AI stocks, including chip and memory makers. That selloff then spread to South Korea and Taiwan, whose stock markets those companies dominate, he said.
“Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” Lee stated.
He noted that past price drops that came while fundamentals held up have offered attractive risk and reward. He said he expects the same this time, citing crypto’s exposure to modernizing financial rails and to agentic AI.
You may also like: OpenAI Says Research Model Raided Developer Wallet on Ethereum Testnet Starknet Considers Becoming an L1 to Reach Quantum Resistance by 2027 BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done Legal Note Drops The Finished-Buying Line Lee said in an October 7 video message that BitMine needed about 100,000 more ETH. BitMine’s next weekly release then added a line to its note on forward-looking statements, and that line cited a management statement that BitMine is largely finished buying ETH.
Monday’s note drops that statement. Its wording on buying matches the updates through the week to October 4, which cited continued weekly ETH acquisitions, without any explanation.
The same note lists Lee’s staking projections. He put annual staking revenue at $309 million on the 5,067,309 ETH BitMine has staked. That staked count has not moved in any weekly update since August 9. Fully staked, he said, the treasury would earn $369 million at a 2.58% seven-day yield.
Ethereum’s [ETH] network activity seems to be returning, with active addresses spiking sharply over the last 24 hours.
At the same time, the percentage of the total supply in profit rose to 63%, affirming the network’s current bullish sentiment, as most holders are choosing to hold rather than to short.
What is more intriguing is that both developments come at a key confluencing zone between an ascending trendline and 200-EMA support at $2.33K. The network’s price action is already positively reacting to the demand zone, as the token is now trading at $2,429.
Could the positive sentiment initiate an ETH recovery and push it above the current consolidation range?
Network activity signals a renewed engagement
According to the most recent network activity data, Ethereum’s number of active addresses spiked by 89K to 389K over the past 24 hours. The substantial increase suggests that on-chain participation is picking up.
For investors, if the rise persists, it could indicate stronger demand for network transactions and applications. However, active addresses do not necessarily represent unique users or direct buying of ETH.
It is also worth noting that these datasets can also rise during periods of increased transfers, trading, or speculative activity.
Source: Santiment
More ETH supply returns to profits
The percentage of ETH supply in profit has climbed to 63%, suggesting that a larger share of circulating tokens is trading above its acquisition price.
According to the recent profitability data, on-chain volume in profits hit $1.70 million on the 18th of October, a significant figure to keep the bullish momentum going. This improvement may support sentiment by reducing the proportion of holders facing unrealized losses.
Source: Santiment
Going hand in hand with the surging network activity and profitability, Ethereum’s Funding Rate has also hit a new weekly high at 0.007. This suggests that investors are anticipating further bullish gains.
This could be attributed to Buterin’s push for AI security, which has seen more big institutions flocking to the network.
Source: CryptoQuant
Can ETH Defend the $2,330 Support?
The zone of confluence at the $2,330 zone will be key to the token price action in the short run. With the token now reclaiming the 200-day support, bulls are more likely to extend their dominance.
If buyers defend this support, ETH could attempt to recover from its current consolidation range and probably target $2.8K. A decisive breakout above that boundary would strengthen the recovery case.
However, a sustained move below $2,330 would weaken the setup and expose ETH to further downside. All in all, as it stands, the rising network activity and improved holder profitability offer encouraging signals.
Source: TradingView
Final Summary
Ethereum active addresses sharply spike, signaling renewed network participation as ETH tests a key technical support zone.
The significant surge in the transaction in profit and network funding rates points to further gains.
Stablecoins now total $300.3 billion, spread across 47 blockchains. Ethereum holds 54.1% of that supply, and Tron holds 31.4%, according to figures shared on X.
Those two chains together account for more than 85% of all stablecoin supply. The remaining 45 networks share what is left.
The numbers, and the fine print
The total is a milestone. Stablecoins are crypto tokens built to track a fiat currency, usually the US dollar, and they now form a market worth roughly $300 billion. Research findings put total supply at an estimated $300.3 billion to $302 billion as of early to mid-October 2026.
Ethereum’s exact share depends on who is counting. Across data sources, its slice of supply ranged from 47.7% to 54.2% during the same period.
Stablecoin Beat, measuring as of October 19, 2026, put Ethereum at around 48.4% and Tron at 31.5%. Other readings place Tron at approximately 31.2% to 31.5% as of mid-October.
The quarterly trend is where the story gets sharper. During Q3 2026, Tron added about $5 billion in stablecoin supply. Over the same stretch, Ethereum shed around $4.9 billion.
Supply versus usage
Tron processed approximately 73% of stablecoin transfer volume in Q3 2026, according to the research findings. That figure is well ahead of Ethereum’s share of flows.
The issuer side is even more concentrated than the chain side. Tether’s USDT and Circle’s USDC together make up around 85% of total stablecoin supply as of October 2026.
Further down the table, the fragmentation is real but thin. Chains such as Solana and BNB Chain each capture only low-single-digit percentages of total supply.
What this means
For Ethereum, a roughly $4.9 billion decline in a single quarter is not a crisis for a network holding well over a hundred billion dollars in stablecoins. Still, losing supply while a rival gains a near-identical amount is the kind of trend that compounds if it continues for several quarters.
The data-source spread also matters for anyone citing Ethereum’s dominance. With readings from 47.7% to 54.2%, the safest framing is that Ethereum holds roughly half, and the exact figure depends on methodology.
For Tron, commanding about 73% of transfer volume while holding about 31% of supply means its stablecoins are working much harder per dollar.
Concentration at the issuer level is the other risk to track. With USDT and USDC holding around 85% of supply, any regulatory, operational, or reserve issue at either company would hit the whole market, regardless of which chain the tokens live on.
The metrics to watch next are straightforward. Watch whether Tron’s Q3 supply gains continue into the next quarter, whether Ethereum’s share stabilizes near the top of its reported range or drifts toward the bottom, and whether any third chain breaks out of the low single digits.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Velcí držitelé Dogecoinu mezi 12. a 16. říjnem nakoupili přibližně 600 milionů DOGE, čímž zvýšili své zůstatky z 55,60 miliardy na 56,21 miliardy DOGE.
Dogecoin is aiming to stabilize near $0.08 after a muted trading session, as the digital asset faces mixed signals from whale accumulation and persistent selling in the spot market. DOGE was trading at $0.07845, down 2.45% over the last 24 hours. The conflicting trends have left the market in a state of uncertainty while bulls try to hold the key support levels.
Technical Breakout Falters at ResistanceDOGE has succeeded in breaking above a long-standing descending trendline that had suppressed the price since its 2024 peak. Nevertheless, this technical breakout has yielded limited follow-through, with the token still held within a broad accumulation range between $0.07 and $0.10. Efforts to move definitively past this upper threshold have yet to materialize.
The scenario suggests that buyers have managed to defend the lower end of the channel but have not established enough strength to propel DOGE above resistance. A convincing move above $0.10 would be the next significant confirmation for sustained upward momentum.
Should DOGE secure a close above the accumulation zone, the path toward $0.11985 could open up. Only a firm breakout beyond this level would cement a larger recovery toward $0.30603. Until then, price action remains indecisive, and the bulls’ ability to shield the base at $0.07-$0.08 remains crucial.
Dogecoin’s current breakout has not yet sparked strong momentum, with price staying within the accumulation band despite buyers absorbing pressure near support.
Large Holders Increase ExposureData from Santiment, highlighted by analyst Ali Charts, indicates that Dogecoin whales—wallets holding substantial amounts—purchased approximately 600 million DOGE between October 12 and October 16. Their balances climbed from about 55.60 billion to 56.21 billion DOGE during this period, while the token traded near the $0.08 mark.
This accumulation suggests growing confidence among larger holders at current price levels. Instead of reacting to surges, whales have added to their positions during weakness, potentially lending additional support to the consolidation zone. If buying persists at these levels, the prospects for a new push toward $0.09-$0.10 could strengthen.
However, spot market flows present a contrasting narrative. Data shared by analyst CW8900 revealed net outflows of $58.73 million in a 24-hour span. Weekly outflows reached $92.24 million, and the 30-day cumulative figure stood at $208.56 million, indicating that broader selling pressure continues to weigh on price.
PeriodWhale AccumulationSpot Net OutflowsOct 12–16+600 million DOGE$58.73 million (24h)1 week—$92.24 million30 days—$208.56 millionThe split between rising whale demand and ongoing spot outflows highlights the uncertain state of play for DOGE. While major holders appear to be accumulating, continued net outflows could undermine price stability if not reversed.
Downside Risks and Liquidity OutlookIf Dogecoin fails to maintain the current $0.078-$0.08 support zone, a notable downside risk emerges. Analysis of the liquidation heatmap by CAGThe3rd shows a concentration of liquidity at the lower $0.066-$0.068 region, which may become a target if sellers continue to exert pressure.
Market dynamics often push price toward areas with dense liquidity, especially when nearby support weakens. If outflows persist and DOGE loses the accumulation zone, a decline toward $0.066 would become increasingly likely.
Above current prices, liquidity is also identified in the $0.093-$0.10 band. The risk of a downward move will decrease if DOGE can reclaim $0.084-$0.09 and rebuild positive momentum in the short term.
Short to Medium-Term Recovery SignalsDespite heavy selling, recent signals from the momentum indicator RSI provide a glimmer of optimism for bulls. Analyst Sweep’s research points to a bullish divergence: although price has been forming lower lows, RSI has begun to register higher lows. Such divergence is often interpreted as a precursor to improving momentum, particularly when paired with support from large buyers.
A decisive rebound through $0.084-$0.086 would be the first confirmation that bullish sentiment is returning. If DOGE manages to move above $0.09-$0.093, confidence in a broader recovery would increase, with $0.10 as the major short-term resistance now in focus.
If these bullish signals fail to translate into higher prices and support at $0.078 is lost, the downside risk towards $0.066 becomes more pronounced. For the time being, the tug-of-war between accumulating whales and ongoing spot outflows will likely dictate the direction of the next major move for DOGE.
Mini dictionary: Santiment is an on-chain analytics platform used to track cryptocurrency project data, including holder distribution, trading volumes, and market sentiment trends.
Key Levels to Watch for Q4 2026Dogecoin’s price action in the fourth quarter will depend heavily on its ability to defend support at $0.078-$0.08. If this base holds, targets at $0.10-$0.11985 remain in view for any attempted recovery. Stronger gains could open the $0.25 level, while a sustained shift in momentum might eventually make $0.40 a feasible long-term objective. For now, price remains slightly above critical support, as bulls and bears prepare for the next move.
If DOGE holds the $0.078-$0.08 support, resistance at $0.10 and $0.11985 could be challenged in the coming weeks. A decisive move above these levels would signal the start of a deeper recovery.
Dogecoin testuje klíčovou úroveň podpory na 0,081 USD, kde se soustředí UTXO držitelů v hodnotě zhruba 36 miliard USD. Průlom pod tuto úroveň by mohl zvýšit prodejní tlak.
A major concentration of Dogecoin worth approximately $36 billion is drawing attention as the digital asset approaches a critical support level near $0.081. Market participants are closely monitoring this price zone to assess whether it will anchor a recovery or signal further decline.
Holder concentration at riskThe current cluster of unspent transaction outputs (UTXOs) indicates that a significant number of DOGE holders acquired their coins around the prevailing market price. These clusters are notable because they represent a large group of investors who now sit at or near breakeven, modest profits, or early-stage losses.
Dogecoin previously failed to confirm a bullish trend continuation earlier in October, shifting market sentiment. The token is now testing support instead of building new momentum, and the missed opportunity for upward movement appears increasingly impactful as price hovers near support.
If the $0.081 level holds, it could provide enough support to absorb selling and potentially set a foundation for a rebound. However, a confirmed break below this region would likely test holders’ resolve and may intensify downward pressure.
Pivotal support level for DOGEThis $0.081 threshold has become a practical dividing line for the meme coin, separating the possibility of stabilization from the risk of a steeper correction. Retail and institutional traders alike are watching to see whether buyers step in with enough conviction to stabilize prices at this zone.
A sustained move above $0.081 would not automatically reinvigorate a bullish trend, but could decrease the likelihood of an immediate selloff. If demand fades and sellers overwhelm support, the next move for Dogecoin may be downward, with confidence among investors potentially eroding further.
The true test for Dogecoin now lies in whether the substantial cluster of holders around $0.081 can prevent a deeper slide or if selling pressure intensifies if the level fails.
Market sentiment and meme coin dynamicsInvestor sentiment and positioning play an outsized role in the price movement of meme coins such as Dogecoin. The inability to continue a bullish run earlier in the month may have signaled insufficient demand, leaving the market vulnerable as it approaches a key decision point.
Traders focused on meme coins will now pay close attention to the interplay between heavy holder concentration and overall market sentiment. The response at $0.081 could set the stage for Dogecoin’s next significant price movement.
Mini dictionary: UTXO (Unspent Transaction Output) is a blockchain term that refers to outputs of transactions that have not yet been spent in future transactions. UTXOs are a foundational part of how cryptocurrencies like Bitcoin and Dogecoin track ownership and settle transactions.
As market dynamics remain sensitive to both fundamentals and sentiment, the coming days may provide clarity on whether Dogecoin’s massive holder segment will support prices or trigger a new round of selling if confidence wavers.
Project Catalyst společnosti Cardano vybral 12 ze 117 projektů pro pilotní fond v hodnotě 2 milionů ADA. Pouze 40 % grantů bude vyplaceno po zaškolení; zbytek závisí na adopci a aktivitě sítě.
Cardano’s Project Catalyst has selected 12 projects from 117 applications for its 2026 pilot funding program, which has a grant pool of 2 million ADA and ties most payments to actual network usage.
Summary
Cardano’s Project Catalyst has selected 12 projects from 117 applications, with funding focused on stablecoin payments, lending, tokenized assets, and identity solutions.
The pilot will release 40% of approved grants after onboarding, while the remaining payments will depend on adoption targets and sustained network activity.
A total of 52 community curators helped narrow the applications to 31 finalists, with 35 panelists contributing 466 accepted reviews.
Selected teams have up to three months to launch their integrations on Cardano mainnet, while three top performing projects may qualify for additional funding.
According to a September 24 announcement, the selections were the program’s first since October 2025 and followed a review process involving community curators and technical and business experts.
Project Catalyst’s latest pilot selected 12 projects from 117 applications, with almost 2M ADA in funding.
Linda (@Cryptofly777) breaks down what they’re building, from stablecoin payments and DeFi to tokenized assets and digital identities, plus the new funding model that ties…
— Cardano (@Cardano) October 19, 2026
The selected projects cover stablecoin payments, decentralized finance, tokenized assets, healthcare, and supply chain tracking. Each team must demonstrate measurable adoption of its proposed integration to qualify for the full grant.
Project Catalyst has funded more than 2,000 proposals since its launch. The latest pilot follows the Cardano Foundation’s takeover of the program earlier this year and introduces a funding model that rewards projects based on their use after deployment.
Cardano Catalyst grants will depend on network activity
Under the new funding structure, selected teams will receive 40% of their approved grant after completing onboarding. Another 40% is tied to adoption targets, while the remaining 20% depends on sustained activity after the initial adoption period.
The final payment will be assessed around two months after the adoption window closes. Three projects with the strongest performance can qualify for bonuses of up to 50% of their grants.
According to the program’s original funding announcement, the Cardano Foundation established the pilot with 2 million ADA to support applications using recently introduced ecosystem tools.
The August application round offered grants ranging from 50,000 ADA to 200,000 ADA per project. Eligible proposals needed to integrate stablecoins, Pyth price feeds, programmable tokens, or blockchain identity systems into existing products.
Unlike previous funding rounds, the pilot does not rely on a public vote by ADA holders. Community experts and a specialist decision panel instead assess applications before selecting recipients.
The program measures adoption through qualifying Cardano network fees generated by external users. Results will be published on a public dashboard under its Proof of Adoption standard.
Selected teams have up to three months to launch their integrations on Cardano mainnet and demonstrate the products at Demo Day.
Funding remains conditional on completing onboarding, meaning selection does not guarantee an immediate payment of the entire approved grant.
Stablecoin payments and lending among selected Cardano projects
Several of the approved projects focus on making Cardano stablecoins usable for payments and financial services.
SyncAI’s anyqr proposal would let Cardano wallet holders pay merchants through local QR codes in 10 countries using USDCx. Participating businesses would receive payments in their local currencies.
PagFinance was selected for a separate payment integration involving Brazilian reais. Its proposed service would convert ADA or USDCx into reais through Brazil’s PIX payment network, with settlement tools for businesses.
Cexplorer’s Pay project focuses on merchant checkout services. Businesses would be able to generate invoices and payment links using USDM and USDCx, with payments linked to orders once transactions are confirmed.
VIA Labs received approval for AnyToAny, which would combine cross-chain bridging and token swaps into simpler transactions between Cardano and other networks. Its proposed routes include converting USDC held on exchanges into Cardano-based tokens.
In decentralized finance, House of Titans plans to develop ATLAS, a perpetual trading platform using USDM and USDCx as collateral alongside Pyth oracle price feeds.
Liqwid Labs will work on integrating signed Pyth prices directly into lending transactions. The project focuses on the price information used when users borrow funds or face liquidation.
Cardano’s Pyth oracle integration was previously covered by crypto.news in December 2025, when the network announced its partnership with the market data provider.
Dano Finance was selected to develop a lending feature that allows borrowers to change collateral through a single transaction without first repaying outstanding debt. Its proposal includes opening liquidation participation to independent parties.
L4VA Technologies will develop AI-assisted vault strategies for tokenized real-world assets. Its proposed system uses Pyth prices and USDCx within limits established through governance.
Tokenized assets and identity projects receive funding
Beyond financial applications, four selected proposals cover asset ownership, healthcare credentials, and supply chain records.
Anvil’s Wayup project will introduce programmable transfer rules for tokenized real-world assets. The system would enforce issuer requirements, including buyer eligibility, when secondary market transactions settle.
GreenSun Tech’s OriLife project focuses on agricultural produce. It proposes tokens representing produce ownership, with programmable rules governing transfers between growers and buyers.
Aline Health was selected for a medical travel identity project based on CIP-0170. The system would allow organizations to verify patient credentials without placing medical records directly on the blockchain.
Nucast’s nuhuman proposal focuses on digital identities for industrial robots and shrimp shipments. The project would use signed production records to track processing activity and export batches across a shrimp export operation valued at $60 million in the proposal.
According to Project Catalyst, six of the selected proposals include open source commitments. Three teams have pledged to return a portion of future platform or protocol fee revenue to the Cardano treasury.
The program did not identify the individual revenue-sharing commitments in its September 24 announcement.
Cardano Foundation changes Project Catalyst selection process
The Cardano Foundation took over stewardship of Project Catalyst in 2026 after the program had operated under Input Output Group.
The transition involved changes to previously allocated funding. In its July 2026 update, the Foundation said 19,498,234 ADA earmarked for Fund 15 had been returned to the Cardano treasury, excluding 501,766 ADA reserved for reviewers and moderators.
Another 21 million ADA allocated to Fund 16 and retrospective public goods funding was returned after the associated smart contract was canceled.
The Foundation’s June announcement said the new pilot would use undistributed ADA from previous funding rounds, including funds made available when recipients withdrew or failed to meet project milestones. The pilot therefore did not require a new treasury withdrawal.
The funding program opened for applications in August and closed submissions on August 20.
During the latest selection process, 52 active community curators helped narrow the original 117 applications to 31 proposals for final assessment.
A total of 116 people applied to participate in the decision panel, with 35 ultimately serving as active reviewers. Of those, 28 represented the community and seven came from the Cardano Foundation.
Each shortlisted proposal was assessed by between 11 and 19 panelists, who submitted 466 accepted reviews across the process.
Business considerations accounted for 70 points of the evaluation, while technical assessment carried 30 points. Reviewers examined potential users, the reasons they would adopt an integration, and the applicant’s plans to reach them.
Every proposal that reached the final decision stage was scheduled to receive a private scorecard and written feedback covering its strengths, outstanding questions, and recommended next steps.
The Catalyst team will meet selected applicants to agree on project priorities before onboarding and grant payments begin.
Counterfeit wine is a quietly enormous problem. Cardano is pitching a fix that fits in the palm of your hand.
The Cardano Foundation’s on-chain verification system lets consumers confirm where a bottle of wine came from by scanning a QR code. As of mid-2026, more than 30 wineries in Georgia have adopted it, and over 100,000 bottles can now be traced on the blockchain.
That matters because fake wine is not a niche nuisance. Counterfeiting costs European producers an estimated €2.8 billion a year, and the people paying for it are winemakers and buyers alike.
How the verification actually works Think of it like a passport for a bottle. Each bottle gets a digital fingerprint, plus metadata describing its origin, and that record lives on the Cardano blockchain.
A buyer scans the QR code on the label. Within seconds, the system checks whether the bottle’s details match what was recorded on-chain.
Digital signatures do the heavy lifting behind the scenes. Put simply, each record carries a cryptographic seal that shows who issued it and whether anyone has tampered with it since.
The system does not replace paper. It works alongside traditional paper certificates, giving producers and buyers two separate ways to confirm a bottle is legitimate.
Suppliers can use the same verification tools as consumers. That means distributors and retailers further down the chain can check authenticity before a bottle ever reaches a shelf.
From a Georgian valley to an open-source toolkit The program’s home base is Georgia’s Bolnisi region. The Cardano Foundation built it in cooperation with the country’s National Wine Agency and other local partners.
The Georgian Wine Traceability Program officially launched in 2022, formalized through a Memorandum of Understanding between the parties involved.
In August 2026, an open-source reference implementation called OriginateNavio was released for wine provenance tracking.
In October 2026, the Cardano Foundation showcased the initiative and its potential impact on the wine and spirits market.
What this means for Cardano and the industry The Georgian program stands out because it has numbers attached. More than 30 wineries and over 100,000 traceable bottles is not global scale, but it is real usage in a real market.
Partnering with a national body like the National Wine Agency gives the system institutional weight that a purely private effort would lack.
OriginateNavio could be a key variable in wider adoption. By releasing the reference implementation as open source, the Cardano Foundation lowers the barrier for other producers.
A QR code only helps if buyers actually scan it, and changing shopper habits is a slower process than shipping software.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Tether CEO Paolo Ardoino has challenged Senator Richard Blumenthal’s Iran sanctions report, saying the company has frozen flagged addresses an average of four weeks before official designations since 2023.
Summary
Four weeks was Tether’s average lead over official designations since 2023, according to Ardoino. 99% of reported addresses were frozen before Chainalysis labeled them, the chief executive claimed. 84% of 846 Iran-linked wallets used USDT exclusively or nearly exclusively, Senate investigators reported. Blumenthal has requested federal investigations into Tether’s sanctions and anti-money-laundering practices. Paolo Ardoino said in an Oct. 19 post that the comparison covered designations by the U.S. Treasury’s Office of Foreign Assets Control and Israel’s National Bureau for Counter Terror Financing.
Tether cites earlier freezes in its sanctions defense In his Oct. 19 post, Ardoino accused Blumenthal’s analysis of overlooking the timing of Tether’s actions. His four-week figure referred to an average across freezes since 2023, while the separate 99% claim concerned whether Tether acted before Chainalysis applied labels.
Senator Blumenthal's "analysis" of Tether's sanctions report misses that, since 2023, Tether froze on average 4 weeks prior to OFAC & NBCTF official sanction designation and for 99% of the times Tether froze the reported addresses before Chainalysis labelled them.
Tether…
— Paolo Ardoino 🤖 (@paoloardoino) October 19, 2026 Ardoino wrote that “for 99% of the times Tether froze the reported addresses before Chainalysis labelled them.”
He attributed a 94% decline in Iran-linked stablecoin volumes to Tether’s actions and credited the company’s law enforcement partnerships for its response to new threats. The post presented the decline as a result of the issuer’s enforcement work.
The supplied statement does not identify the addresses used to calculate either timing figure, the number of observations, or the period measured for the volume decline. Ardoino’s figures remain company assertions, without an independently examined dataset establishing the averages or the claimed reduction.
The screenshot shows the post was edited on Oct. 19. Its wording challenges the senator’s interpretation of the sanctions record, while presenting the freeze dates, analytics labels, and transaction-volume change as separate measures of Tether’s performance. Ardoino did not claim in the post that the Senate’s entire wallet sample had been frozen.
His response follows the Senate sanctions inquiry, which crypto.news previously reported on Sep. 29. Democratic investigators examined wallets associated with Iran and regional organizations that had been sanctioned or targeted for seizure.
Senate investigators allege delays in blocking wallets Blumenthal’s office reported on Sep. 28 that 84% of the 846 wallets transacted exclusively, or nearly exclusively, in USDT. The release attributed the analysis to Democratic staff of the Senate Permanent Subcommittee on Investigations.
The senator alleged that USDT helped Iranian networks move money across borders and support activities involving the country’s central bank. His office accused Tether of failing to consistently freeze illicit wallets before 2024 and of continuing to miss addresses that should have prompted action.
In its preliminary report, the Democratic staff described a specific set of 39 addresses identified by the Israeli bureau in June 2023 as associated with a Hezbollah money launderer.
According to the report, Tether froze five of those addresses earlier but waited until March 2024 to block the remaining 34. Investigators said more than $34.6 million in USDT left the designated wallets after the seizure notice was published.
The staff included a qualification about its chronology. Footnote 56 says Israeli orders sometimes became public weeks or months after their signature dates, and investigators noted apparent publication dates where available. The report’s allegations concern individual cases as well as the company’s overall compliance practices.
Earlier USDT freezes provide a documented timeline Tether’s Sep. 28 company statement cited nearly $550 million in Iran-linked USDT freezes during 2026. The issuer said it worked from information supplied by U.S. authorities when it helped freeze more than $344 million across two addresses in April.
According to that statement, OFAC added the two addresses to the Central Bank of Iran’s sanctions entry the following day. The company cited a July action involving more than $130 million across four further wallets.
Coverage of the July wallet freezes, published July 15, recorded Treasury Secretary Scott Bessent’s announcement that OFAC had sanctioned wallets connected to Iran’s central bank. On-chain investigator Specter identified four TRON addresses holding roughly $131 million in USDT.
In its account of the Iran-linked asset freezes, published Sep. 28, the outlet noted that Tether’s announcement did not itemize every freeze included in the approximately $550 million total.
US authorities face an investigation request and a separate asset case Blumenthal referred the Senate findings to Treasury Secretary Scott Bessent and Attorney General Todd Blanche. His letters requested investigations into potential sanctions and banking-law violations, with enforcement action if officials found breaches.
The senator named the Bank Secrecy Act and the International Emergency Economic Powers Act among the laws he wanted Treasury to consider. The release sets out a request for investigation, without announcing a finding of liability by either department.
Separate reporting on the Iran oil proceeds case, published Sep. 15, described a federal civil forfeiture complaint targeting $61.2 million in USDT held across ten TRON addresses.
According to the cited court records, Tether froze those addresses in June and July 2025. A Sep. 14, 2026 warrant authorized government custody, while the forfeiture complaint sought a court judgment awarding ownership of the assets to the United States. Prosecutors’ allegations about the funds’ connection to Iranian oil sales remained subject to the civil proceeding.
Prezident společnosti Applied Digital Jason Gechen Zhang koupil 300 000 akcií APLD za průměrnou cenu 18,86 USD za akcii, celkem přibližně za 5,66 milionu USD.
What happened Applied Digital Corp. (NASDAQ: APLD) President Jason Gechen Zhang bought 300,000 shares on 2026-10-16 at a weighted average $18.86 each.
The Form 4 says the purchase was about $5.66 million and was reported on 2026-10-19.
Key numbers Metric Latest Change Source Shares bought 300,000 shares SEC Form 4 Weighted average purchase price $18.86 per share SEC Form 4 Approximate transaction value about $5.66 million SEC Form 4 Shares held after purchase 2,839,227 shares SEC Form 4 Purchase as prior holding 11.8% Calculated from SEC Form 4 Read more: Applied Digital (APLD) stock analysis and investment case Why it matters OptimistFi's case is that Applied Digital is a leveraged AI-infrastructure execution story. The business works if scarce, purpose-built HPC data-center capacity fills fast enough to offset construction risk, fixed costs and financing dilution. Zhang's purchase supports that view because the president added stock instead of cutting exposure.
OptimistFi's calculation puts the buy at 11.8% of the holding before the trade. The filing also shows a weighted average price of $18.86 a share, with separate trades from $18.40 to $19.16. That range shows the purchase was made in more than one execution.
After the purchase, Zhang reported 2,839,227 shares held directly. The filing identifies him as President. That larger stake matters because the Form 4 ties the trade to an existing insider position.
The reported ownership includes 500,000 RSUs granted on February 6, 2026 and the remainder of 750,000 RSUs granted on August 8, 2025. The February grant vests 100,000 RSUs on February 6, 2027, then 50,000 RSUs every six months after that cliff date. So part of the stake still depends on future service.
The August 8, 2025 grant has 125,000 RSUs set to vest on March 12, 2027, September 12, 2027 and March 12, 2028. The caution is that this filing shows one insider transaction and future vesting, not customer demand or revenue progress. It does not answer the operating questions.
Stock perps: every US stock that trades as a perpetual future, by leverage, live
What's next The next dated milestone is February 6, 2027, when 100,000 RSUs from the February 6, 2026 grant are set to vest if Zhang stays in that role. If that vesting happens, reported ownership rises again.
After that, 125,000 RSUs are scheduled for March 12, 2027, September 12, 2027 and March 12, 2028 from the August 8, 2025 grant. Those dates give investors a clearer timeline for changes in reported ownership.
More from OptimistFi APLD stock: the Applied Digital thesis, its status and the next test to watch Stock research on every company OptimistFi covers From OptimistFi Perps Perp funding rates live: what longs and shorts pay on every venue Stock perps vs tokenized stocks: how US shares trade around the clock Weekend market prices: US stock indexes, gold and oil now Perps news: leveraged stocks, gold, FX and crypto on-chain Prop firms that fund crypto and stock perps traders: rules, prices and payouts Top perps movers today: stocks, commodities, FX and indices Sources SEC Form 4 — Applied Digital Corp. Form 4 reporting Jason Gechen Zhang's 300,000-share purchase on 2026-10-16 and 2,839,227 shares held afterward. Read the full OptimistFi thesis on Applied Digital Corp.: https://optimistfi.com/stocks/APLD
See what would break the Applied Digital Corp. thesis and track it live on the OptimistFi Thesis-Break Engine.
Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.
The full Applied Digital Corp. investment case, its status and the next test to watch live on the Applied Digital Corp. thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
Výnos dluhopisů CoreWeave se splatností v roce 2031 minulý týden překročil 16 %, což signalizuje finanční potíže; společnost má dluhy a jiné závazky ve výši přes 51 miliard USD.
CoreWeave Inc. (NASDAQ:CRWV) has become a warning signal for the debt-financed side of the AI boom, according to one credit expert.
"CoreWeave is absolutely the canary in the coal mine" for a market segment coming under more stress, said Max Frumes, 9fin global head of distressed and leveraged finance at corporate credit data and analytics firm, Reuters reported.
Frumes expects other AI-linked debt to follow CoreWeave into distressed territory.
"This is going to be a turning point in the pricing and availability and structure of credit that’s supporting the AI boom," he said. "It’s going to get more expensive. There will be a lot more scrutiny and probably some pushback from investors."
CRWV stock is moving. See the real-time price action here. Bonds Flash DistressHis comments come after a brutal stretch for the AI cloud provider. The yield on CoreWeave’s 2031 bonds jumped above 16% last week, beyond the level generally associated with distress, Reuters reported.
The company has piled up more than $51 billion in debt and obligations to fund its AI infrastructure expansion.
Insurance against a default got pricier, too. The cost of protecting CoreWeave’s debt climbed above 1,000 basis points to record highs, according to Reuters.
The stock took a beating. Shares dropped more than 11% on Friday, bringing weekly losses close to 25%, per Benzinga Pro data.
A hot inflation reading contributed to the sell-off because CoreWeave’s model amounts to a heavily indebted bet on future data center demand.
Read Next
Retail Traders Buy the DipRetail investors saw opportunity in the wreckage. Customers of Robinhood Markets Inc. (NASDAQ:HOOD) logged their biggest week of net CoreWeave purchases on record as the stock shed about a quarter of its value, according to Robinhood data.
CoreWeave also ranked as the third-most purchased single security on the platform Friday, behind only Tesla Inc. (NASDAQ:TSLA) and Space Exploration Technologies Inc (NASDAQ:SPCX).
Notably, CEO Elon Musk, who leads both companies, stoked credit fears last week when he replied "yikes" on social media to a post about the surging yields on CoreWeave’s 2031 bonds.
Neoclouds Feel the HeatCoreWeave sits at the front of a group of newer providers known as neoclouds, which rent out scarce and expensive processors from NVIDIA Corp. (NASDAQ:NVDA) and frequently borrow to pay for the chips.
Rivals such as Nebius Group N.V. (NASDAQ:NBIS), Applied Digital Corp. (NASDAQ:APLD) and IREN Ltd. (NASDAQ:IREN) also tumbled during the rout.
CoreWeave pushed back in an internal memo: CEO Mike Intrator told employees the company’s backlog more than covers its debt obligations and argued markets can sometimes "misunderstand and act irrationally."
Co-founder Brannin McBee has said the company is pursuing an investment-grade rating.
Some market watchers see the sell-off as a CoreWeave-specific problem. Tommaso Leodari, chief investment officer at Dubai-based hedge fund Index & Cie, told Reuters the company should not be treated as the poster child for AI.
Frumes sees a wider reckoning. If he is right, the cheap and plentiful credit behind the AI build-out is about to get scarcer. Borrowers will pay more, and lenders will ask tougher questions.
CRWV Stock Price Activity: CoreWeave stock was down 1.22% at $60.64 at the time of publication on Monday, according to Benzinga Pro market data.
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Photo: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Potíže zadlužené společnosti CoreWeave, která je klíčovým zákazníkem a investicí společnosti Nvidia, mohou zpochybnit dlouhodobý růst společnosti Nvidia. Akcie CoreWeave minulý týden klesly o více než 20 %.
CoreWeave (CRWV -0.44%)'s stock crashed last week amid concerns of rising interest rates and its high debt load. CoreWeave has a close relationship with tech giant Nvidia (NVDA +1.38%) and is a big customer of theirs. Not only that, but Nvidia has also invested billions into CoreWeave, and thus, it has a lot at stake in how the neocloud company does.
Both stocks have been struggling of late, although Nvidia's decline has been much more modest in comparison; it has declined by around 2% over the past month, while CoreWeave's stock is down well over 20%.
However, things could get worse for Nvidia as concerns related to CoreWeave may cause investors to question how sustainable Nvidia's long-term growth really is, particularly if companies have to scale back investments in artificial intelligence (AI) due to rising interest rates.
Image source: Getty Images.
Nvidia's stock looks cheap, but that's based on future expectationsIt may be odd to think that the most highly valued stock on the U.S. markets, Nvidia, is a cheap buy. It has a market cap of around $5.2 trillion, but many growth investors still believe it's a cheap stock to own due to its earnings expectations. Nvidia is trading at a forward price-to-earnings multiple of 25, which is based on how profitable analysts expect the business to be over the coming year.
And when looking at the price-to-earnings-growth multiple, or PEG, then it looks like a downright steal at approximately 0.48. The cutoff for a cheap stock based on PEG, which factors in a company's expected growth over the next five years, is 1.0 -- Nvidia is well below that.
The problem is if anything shakes the confidence in Nvidia's future growth. CoreWeave's problems could be symbolic of that. It's a key customer that also rents out compute power to other businesses. If it runs into problems because of its high debt load and interest costs, investors may become even more concerned about the growth prospects of smaller, riskier businesses that don't have the close relationship with Nvidia that CoreWeave benefits from.
NVDA Nvidia$217.09+$2.96 (+1.38%)
NASDAQ · As of 4:00 PM ET 10/19/26
Investors should tread carefully with NvidiaNvidia has a terrific business, and it's benefited from considerable investments in AI in recent years. But at the same time, more tech companies are making their own chips and looking to other chipmakers in an effort to cut costs and be less dependent on Nvidia. And rising interest rates may lead to some companies pulling back on capital expenditures.
When investors are basing their investment decisions on expected future growth, that can be a risky proposition, because if that rosy outlook doesn't pan out, the stock could be due for a steep correction. While Nvidia may be a good long-term investment, investors should brace for possible adversity in the near term.
Společnost Tron Inc. byla zvolena 27. superreprezentantem s 0,76 miliardy delegovaných TRX a bude se podílet na tvorbě bloků, validaci transakcí i správě sítě TRON.
Winter Park, Florida, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Tron Inc. (Nasdaq: TRON), the largest publicly traded holder of TRON (TRX) tokens, today announced its successful election as one of the 27 Super Representative (SR) nodes on the TRON network, ranking #27 as of October 18, 2026 with 0.76 Billion in delegated TRX tokens.
As an SR, Tron Inc. will expand its digital asset strategy from TRX treasury accumulation into active participation in blockchain infrastructure. Tron Inc. will participate (via its wholly owned subsidiary) in block production, transaction validation, network security, and on-chain governance, further deepening its integration with the TRON ecosystem and capitalizing on its success as the leading settlement protocol for on-chain stablecoin and agentic AI payment solutions.
“This milestone marks an important step in our strategy to generate recurring on-chain revenue and contribute directly to the TRON network’s continued growth and resilience,” said Rich Miller, Chief Executive Officer of Tron Inc. The Company remains committed to responsible node operation and delivering value for TRX holders and the broader community.
About TRON DAO Founded in 2017, TRON blockchain is one of the world’s most popular layer-1 networks and the dominant settlement protocol for on-chain stablecoin payment. As of July 31, 2026, TRON blockchain hosts about $90 billion in TRC-20 USDT stablecoin, accounting for nearly half of the total global supply. With over 396 million user wallets internationally and cumulative transaction counts approaching 15 billion as of July 31, 2026, TRON blockchain ecosystem is the de facto global standard for on-chain USDT settlement.
According to a recent industry report by Allium, an on-chain research institution, about 90% of stablecoin payment volume settles on TRON. Annual USDT transfer volume grew at a rapid pace of over 40% per annum for three consecutive years to nearly $8 trillion in 2025. About Tron Inc. Tron Inc. is a publicly traded company pioneering blockchain-integrated treasury strategies.
As the public company with the largest TRON (TRX) tokens holdings, Tron Inc. is committed to transparency, and the adoption of decentralized finance for long-term value creation. In addition, through its wholly owned subsidiary, the Company designs, develops, and manufactures custom merchandise which includes toys and souvenirs for the world’s largest theme parks and other entertainment venues.
Many of the Company’s products are based on award winning multi-billion-dollar entertainment franchises that are featured in popular movies and books. The products are distributed worldwide at Walt Disney Parks and Resorts, Universal Parks and Destinations, United Parks and Resorts SeaWorld, Six Flags and other attractions.
Caution Regarding Forward-Looking Statements Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue”, “seek”, “commit” or other similar expressions.
These statements include, but are not limited to, statements regarding the Company’s continued expansion into blockchain-powered treasury holdings and long-term vision to build shareholder value through innovation and strategic leadership. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov.
Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.
For additional details, follow on X: https://x.com/TRON_INC Investor Relations Contact: Tron Inc. t.network (407) 230-8100 Source: Tron Inc.
Tržní kapitalizace stablecoinu USD1 společnosti World Liberty Financial za dva týdny klesla o 401 milionů USD (9,1 %) na 4,02 miliardy USD kvůli rozsáhlým odkupům na sítích Ethereum a BNB Chain.
World Liberty Financial’s USD1 stablecoin has shed over $400 million in market capitalization over the past two weeks, driven by large redemptions on Ethereum and BNB Chain.
On Monday, CoinGecko data showed USD1’s market capitalization at about $4.02 billion, down from $4.43 billion on Oct. 6. That’s a decline of approximately $401 million, or 9.1%. World Liberty Financial’s proof-of-reserves dashboard separately showed approximately $4.01 billion in reserves.
The decline extends a period of concentrated redemptions on Ethereum and BNB Chain, according to blockchain research firm Onchain Benchmark. The research platform found that nearly $200 million in BNB Chain redemptions originated from a single unidentified address, although they could not establish who controlled the funds or why they were redeemed.
Despite the redemptions, USD1 maintained its dollar peg throughout the period examined by Onchain Benchmark, trading between $0.998 and $1.000. Onchain Benchmark found no evidence of a sustained depegging event, indicating that the decline in circulating supply was not accompanied by a significant loss of the token’s dollar value.
USD1’s 30-day market cap chart. USD1 supply decline outpaces major stablecoins on Ethereum According to Onchain Benchmark, Ethereum accounted for $184.60 million in net USD1 redemptions across 63 token burns between Oct. 6 and Oct. 15. BNB Chain recorded $200.43 million across 12 burns.
On Ethereum, more than 99% of tokens sent for redemption passed through a wallet labeled BitGo, USD1’s current issuer and custodian, while the BNB Chain transfers from the unidentified address were made in batches of $30 million to $50 million.
The reductions were not offset by new issuance on Solana, where USD1 supply remained unchanged at about $1.42 billion during the nine days reviewed by Onchain Benchmark.
“The next tests come with the change of issuer. When World Liberty’s trust company opens, it will take on a token whose size depends on the decisions of a few large holders, under a charter whose legal footing is being argued in court,” Onchain Benchmark said. “Whether fresh mints on Solana, or anywhere else, rebuild the total, or October marks the size USD1 carries into its new issuer, is the question the next weeks of supply data will answer.”
Transfers between Ethereum and BNB Chain totaled less than $1 million, according to the report, suggesting the missing supply wasn’t simply shifted between those networks.
USD1’s supply contraction on Ethereum was steeper than that of several other US dollar-denominated stablecoins between Oct. 6 and Oct. 15. USD1 supply on the network fell 11.45%, compared with declines of 4.93% for USDe, 2.18% for USDC and 0.76% for circulating USDT.
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XRP Ledger za šest měsíců zaznamenal čistý příliv 1,9 miliardy USD do tokenizovaných aktiv reálného světa, bez započtení stablecoinů, což je druhá nejvyšší hodnota mezi sledovanými sítěmi.
The XRP Ledger (XRPL) has recorded $1.9 billion in net real-world asset (RWA) inflows over the past six months, ranking second among tracked blockchain networks.
XRP Ranks Second in RWA Netflows Data from RWA.xyz, a leading provider of RWA analytics data, shows that BNB Chain leads with $2.2 billion in net inflows, followed by XRPL. Solana ranks third with $1.6 billion, while Stellar comes fourth with $1.5 billion.
Meanwhile, Avalanche recorded $637 million in positive net flows, while Base, Monad, and Robinhood attracted $210 million, $200 million, and $199 million, respectively. These figures exclude stablecoin flows and show changes in other tokenized real-world assets.
XRP Ledger has recorded nearly $2 billion in RWA netflows in 6 months The rankings change when stablecoins are included. Notably, TRON takes the top spot with $7.8 billion in six-month net flows, followed by HyperEVM with $5.0 billion and Solana with $2.6 billion. XRPL ranks fourth with $2.5 billion in net inflows under this broader measure.
The increased figure confirms the role of Ripple’s RLUSD stablecoin in the network’s growing tokenized asset market. BNB Chain and Stellar each recorded $1.7 billion in stablecoin-inclusive net inflows, while Robinhood followed with $1.2 billion.
Ethereum Leads All Networks in RWA Outflows Ethereum recorded $2.7 billion in net RWA outflows over the same six-month period, the largest decline among blockchain networks in the dataset that excludes stablecoin flows.
XRPL RWA netflows including stablecoins Plume was the only other network with negative net flows under this measure, recording $223 million in outflows. While most of the tracked networks attracted more capital than they lost, Ethereum and Plume moved in the opposite direction.
Including stablecoins widened Ethereum’s losses. Its net outflows reached $22.3 billion over six months, exceeding the figures recorded by other networks in the analysis. Arbitrum also posted negative net flows, with $3.0 billion in outflows, while Polygon recorded $619 million.
This confirms that substantial net capital left Ethereum’s combined tokenized asset and stablecoin ecosystem during the period. However, the data alone does not show that investors have permanently abandoned Ethereum or confirm that all the capital moved to other blockchains.
XRPL Sees Rapid RWA Growth in 2026 The XRP Ledger reached several important milestones in 2026 as its tokenized asset market expanded. The network started the year with $518 million in distributed RWA value. By the end of the first quarter, the figure had climbed to $2.25 billion, marking a 124% increase from the previous quarter.
Growth continued in May, when XRPL’s tokenized real-world assets surpassed $3.53 billion, setting a new all-time high. The combined value of its RWAs and stablecoins also exceeded $5.37 billion.
XRPL reached $400 million in tokenized value in just 14.9 months, while Ethereum took 36 months to reach the same level. While this shows the faster pace at which XRPL reached its early milestone, it does not guarantee that the network will maintain the same growth rate.
Several asset types have contributed to XRPL’s expansion. Justoken’s JMWH energy tokens account for $2.23 billion of the network’s total tokenized value, making them its largest single contributor.
Tokenized commodities and asset-backed credit have also expanded the range of assets available on the ledger. This has helped broaden XRPL’s RWA market, but the large share held by JMWH means that one asset accounts for a substantial part of the reported total.
Ripple’s RLUSD stablecoin has also grown considerably, rising from $235 million to more than $1 billion during 2026. In February 2026, Ripple announced a partnership with Aviva Investors to bring traditional fund structures onto the XRP Ledger.
BNB Chain při 37. čtvrtletním spalování trvale odstranil 1 646 196 BNB v hodnotě 1,197 miliardy USD. Cílem je snížit celkovou nabídku na 100 milionů BNB.
The crypto exchange giant Binance orchestrates a major strategic offensive on two fronts. While the BNB Chain has just completed the massive burning of over 1.64 million BNB tokens, representing nearly 1.2 billion dollars, the platform simultaneously unveils its trading AI (Binance AI Pro), designed to democratize the creation and automation of investment strategies through artificial intelligence.
In brief 37th quarterly BNB burn by Binance. BNB Chain has permanently removed from circulation 1,646,196 BNB, with an estimated value of $1.197 billion. Richard Teng announces the deployment of Binance AI Pro, a trading AI allowing creation and testing of strategies in natural language. The new BNB burn continues the goal of bringing total supply down to 100 million BNB, reinforcing the token’s scarcity in the crypto ecosystem. Binance’s AI-assisted paper trading tool allows crypto users to validate their algorithms without risking real capital. Binance: Nearly $1.2 Billion of BNB Removed from the Crypto Market In accordance with its quarterly Auto-Burn mechanism, the BNB Chain ecosystem has burned 1.64 million BNB tokens. Confirmed by Changpeng Zhao (CZ) and the Binance teams, this BNB burn operation amounts to exactly $1,197,000,000.
The protocol automatically adjusts the amount of tokens destroyed based on the BNB price and the number of blocks produced during the quarter. This ongoing reduction in the monetary supply aims to gradually limit the number of tokens in circulation until reaching the target threshold of 100 million BNB, thereby increasing the deflationary pressure on this major crypto market asset.
Indicator / Metric37th Quarterly BNB Burn (Q37)Impact on the BNB EcosystemNumber of BNB burned1,646,196 BNB
Direct destruction of circulating supplyTotal value destroyed~$1.197 billion USD
Massive deflationary effect on crypto supplyRemaining supply in circulation131,512,085 BNB
Progress towards the 100 million token targetBNB burn mechanismBSC Auto-Burn + Gas Burn
Algorithmic and transparent reductionBinance data. Richard Teng Unveils Binance AI Pro, the Trading AI at the Service of Crypto Investors Alongside this financial operation, Binance’s CEO Richard Teng officially announced the arrival of the new trading AI called Binance AI Pro. Sharing his enthusiasm for this technological advancement dedicated to AI trading, Richard Teng said:
Excited to bring Binance AI Pro to our users. Build a strategy with your own words, see how it works, and test it with paper trading before deciding to go live. No coding or separate registration required.
This AI-based solution allows crypto investors to develop complex strategies simply by formulating requests in natural language (prompts). Binance’s tool instantly translates these instructions into executable algorithms, plans the scenario, and offers a simulation environment (paper trading) to validate the effectiveness of the AI trading strategy before any real capital commitment.
A Synergy Between Monetary Scarcity and Innovation By combining the programmed reduction of supply through BNB burn with new high-value use cases like trading AI, Binance meets the expectations of both institutional investors and retail traders. The integration of simplified AI trading tools could furthermore stimulate overall activity in the crypto market in a very reactive context.
By burning nearly $1.2 billion of BNB and opening access to its Binance AI Pro tool, the ecosystem demonstrates its ability to combine monetary discipline and technological innovation around AI. Do you think the arrival of an integrated trading AI will sustainably transform the way individuals invest in crypto?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
