Market Signal Briefing

Diageo PLC (LSE:DGE) could revive performance if it leans harder into mainstream spirits and steps back from premiumisation, that's according to analysts at RBC, who have repeated an 'Outperform' rating and £20.00 price target.

RBC said the most plausible route to recovery is a bigger push into mainstream price points and a less passive stance on category growth. It argued Diageo should behave more like an industry leader in driving the spirits category forward.

The broker addressed the cost of that pivot. RBC estimates high-end brands earn an earnings margin (EBIT) margin close to 10 percentage points above the rest of the portfolio. It expects a greater mix of mainstream participation to create a c.200bps headwind. RBC has reflected this in its forecasts, with EBIT margin down 210bps in 2027E.

RBC also pointed to Diageo’s $625 million cost-saving target, around 3% of sales, describing it as reasonable. And, the Canadian bank said that, when combined with the margin reduction, Diageo could deploy around 500bps to restore competitiveness.

On dividends, RBC said there is no need for a cut, though it could happen if management accelerates de-gearing. On timing, RBC added: “We wouldn't wait too long.”

Charter Communications (CHTR - Free Report) came out with quarterly earnings of $10.34 per share, missing the Zacks Consensus Estimate of $10.4 per share. This compares to earnings of $10.1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -0.58%. A quarter ago, it was expected that this cable provider would post earnings of $9.32 per share when it actually produced earnings of $8.34, delivering a surprise of -10.52%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Charter, which belongs to the Zacks Cable Television industry, posted revenues of $13.6 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.01%. This compares to year-ago revenues of $13.93 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

Charter shares have lost about 8.3% since the beginning of the year versus the S&P 500's gain of 1.8%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Charter was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $10.17 on $13.68 billion in revenues for the coming quarter and $42.94 on $55.21 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Cable Television is currently in the bottom 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Cable One (CABO - Free Report) , has yet to report results for the quarter ended December 2025.

This telecommunications company is expected to post quarterly earnings of $7.60 per share in its upcoming report, which represents a year-over-year change of +396.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Cable One's revenues are expected to be $369.25 million, down 4.6% from the year-ago quarter.

Key Takeaways CRWD posted a record net new ARR quarter for Falcon Next-Gen SIEM in Q3 FY26.Charlotte AI automates SIEM triage and response, cutting workflows from days to minutes for SIEM users. CrowdStrike won large SIEM replacement deals and gained FedRAMP High approval for Charlotte AI. CrowdStrike (CRWD - Free Report) is using Charlotte AI to strengthen its Falcon Next-Generation (Next-Gen) Security Information and Event Management (SIEM). In the third quarter of fiscal 2026, Falcon Next-Gen SIEM delivered a record net new annual recurring revenues (ARR), showing rising customer demand.

CrowdStrike believes Charlotte AI can help make its Next-Gen SIEM more useful for customers. In the third quarter, CrowdStrike described Charlotte AI as an agentic security analyst that can help automate tasks like triage, investigation and response. Management said work that would take four days to complete can now be done in minutes using Charlotte AI. Faster workflows matter in SIEM because security teams deal with large volumes of alerts and data every day.

During the third quarter, CrowdStrike shared customer examples where Next-Gen SIEM and Charlotte AI were adopted together. A major European bank replaced its legacy SIEM and streaming pipeline with Falcon Next-Gen SIEM, Onum, and Charlotte AI in a large eight-figure deal. The customer was able to move off Splunk, showing CrowdStrike is winning SIEM replacement deals. Another example was a global healthcare customer that signed an eight-figure Falcon Flex contract, with Charlotte AI playing a central role in its security operations transformation and replacing a legacy SIEM as part of the broader platform shift.

Charlotte AI achieved FedRAMP high authorization during the third quarter. This means U.S. government agencies can use Charlotte AI through the Falcon platform in GovCloud. Government and regulated customers are large security buyers, so this can support SIEM and SOC deals.

Overall, for now, strong Next-Gen SIEM momentum and Charlotte AI’s role in automation suggest CrowdStrike has a solid product combination that could support growth in the coming quarters. The Zacks Consensus Estimate for both fiscal 2026 and 2027 revenues indicates a year-over-year increase of around 21%.

How Competitors Fare Against CrowdStrikeCompetitors like Palo Alto Networks (PANW - Free Report) and SentinelOne (S - Free Report) are gaining ground through platform expansion and AI innovation.

In the first quarter of fiscal 2026, Palo Alto Networks saw robust growth in its Next-Gen Security ARR, which increased 29% year over year. The growth was driven by increased customer adoption of PANW’s advanced cybersecurity offerings, including its AI-driven XSIAM platform, SASE and software firewalls.

Though comparatively a small competitor, SentinelOne posted third-quarter fiscal 2026 year-over-year growth of 23% in ARR. The growth was fueled by the rising adoption of SentinelOne’s AI-first Singularity platform and Purple AI.

CRWD’s Price Performance, Valuation and EstimatesShares of CrowdStrike have lost 2.3% in the past six months compared with the Zacks Security industry’s decline of 4%.

CRWD 6-Month Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, CrowdStrike trades at a forward price-to-sales ratio of 20.32, way higher than the industry’s average of 12.45.

CRWD Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CrowdStrike’s fiscal 2026 earnings implies a year-over-year decline of 5.6%, while the same for fiscal 2027 earnings indicates year-over-year growth of 28.8%. The estimates for fiscal 2026 and 2027 have been revised upward by 4 cents and 3 cents, respectively, over the past 60 days.

Image Source: Zacks Investment Research

CrowdStrike currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Friday, 30 January 2026 09:15 AM

Topic: 

Earnings LAKEWOOD, NJ / ACCESS Newswire / January 30, 2026 / First Commerce Bancorp, Inc. (the "Company"), (OTCID:CMRB), the holding company for First Commerce Bank (the "Bank"), today reported net income of $3.2 million and $8.3 million for the three months and the year ending December 31, 2025, respectively, as compared to $1.1 million and $4.5 million for the three months and the year ending December 31, 2024, respectively. Basic earnings per common share for the three months and the year ending December 31, 2025, were $0.16 and $0.41, respectively, compared to $0.06 and $0.21 for the three months and the year ending December 31, 2024, respectively.

President & CEO Donald Mindiak commented, "Successful execution of Bank's balance sheet growth initiative engaged during and through 2025 resulted in a year-over-year positive impact on a number of profitability metrics. This initiative coupled with the Federal Reserve's action of reducing short-term interest rates several times throughout the second half of 2025 allowed for more competitive interest-bearing liability costs, further enhancing operational results. Reductions in non-accrual loan balances in addition to systematic increases in the allowance provision, continues to provide a conservative buffer for a potential downturn in asset quality."

He continued, "The successful conclusion of the recent Subordinated Note Offering speaks to the confidence investors have in our ability to perform and the utilization of a portion of that capital raise in the just announced Tender Offer reflects the efforts that the Board and Management continue to exercise in an effort to enhance shareholder value. Building on our prior results and engaging in the aforementioned initiatives, management will continue in its efforts to explore and execute business strategies that focus on continued enhanced franchise and shareholder value."

Financial Highlights

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Total interest and dividend income increased by $5.6 million or 28.7% for the fourth quarter of 2025 compared to the fourth quarter of 2024 and increased $13.0 million or 16.5% for the year ended 2025 as compared to the same period in 2024 as a result of the growth in average interest-earning assets year over year.

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Total interest expense increased by $961,000 or 8.2% for the fourth quarter of 2025 compared to the fourth quarter of 2024 and increased $4.1 million or 9.0% for the year ended 2025 as compared to the same period in 2024 as a result of the growth in borrowings (primarily Federal Home Loan Bank advances), utilized to fund growth in interest earning assets.

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Total loans increased by $179.7 million or 14.5% to $1.42 billion at December 31, 2025, compared to $1.24 billion at December 31, 2024.

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Total deposits increased by $120.8 million or 10.3% to $1.30 billion at December 31, 2025, compared to $1.17 billion at December 31, 2024.

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Quarter-to-date (annualized) return on average total assets increased by seventeen basis points to 0.73% at December 31, 2025, compared to 0.31% at December 31, 2024.

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Quarter-to-date (annualized) return on average shareholders' equity increased by 459 basis points to 7.24% at December 31, 2025, compared to 2.65% at December 31, 2024.

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Book value per common share increased by $0.40 to $8.79 at December 31, 2025, compared to $8.39 at December 31, 2024.

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Net interest margin increased forty-two basis points on a linked quarter basis to 3.03% as of December 31, 2025, from 2.61% as of September 30, 2025, and increased eighty-three basis points from 2.20% at December 31, 2024.

Balance Sheet Review

Total assets increased by $243.2 million or 15.7% to $1.79 billion at December 31, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total cash and cash equivalents, total investment securities and total loans receivable during the year ending December 31, 2025.

Total cash and cash equivalents increased by $3.9 million or 3.0% to $136.4 million at December 31, 2025, from $132.5 million at December 31, 2024. This increase was primarily due to increases in total deposits and wholesale borrowings.

Total investment securities increased by $52.1 million or 46.5% to $164.3 million at December 31, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $91.4 million in purchases of investment securities, partially offset by $17.8 million in redemptions and maturities and $21.6 million of amortization of mortgage-backed securities.

Total loans receivable, net of allowance for credit losses increased by $178.4 million or 14.6% to $1.40 billion at December 31, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans and multifamily mortgages loans increased $182.6 million and $43.1 million, respectively, partially offset by decreases in construction loans, residential loans and home equity loans of $34.4 million, $9.2 million and $2.8 million, respectively. The allowance for credit losses increased by $1.3 million or 8.6% to $16.0 million or 1.13% of total loans at December 31, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024.

Total deposits increased $120.8 million or 10.3% to $1.30 billion at December 31, 2025, from $1.17 billion at December 31, 2024. Time deposits increased $65.0 million, savings deposits increased $36.7 million, non-interest bearing demand deposits increased $22.5 million, and money market accounts increased $1.3 million, partially offset by a decrease of $16.9 million in brokered deposits and $648,000 in NOW account deposits.

As an augmentation to deposit growth, borrowings which are primarily Federal Home Loan Bank advances increased $77.5 million or 44.3% to $252.5 million at December 31, 2025, from $175.0 million at December 31, 2024, which assisted in the facilitation of the loan growth discussed previously.

During the fourth quarter of 2025, the Company completed a subordinated note offering totaling $38.9 million, net of issuance cost. The net proceeds from the issuance of subordinated note will be used for general corporate purposes.

Stockholders' equity increased by $3.1 million or 1.8% to $175.4 million at December 31, 2025, from $172.3 million at December 31, 2024. The increase in stockholders' equity was primarily due to increases of $8.3 million in retained earnings and $1.6 million in additional paid-in-capital, offset by a decrease of $6.6 million in repurchases of common stock. During the year ending December 31, 2025, the Company repurchased 1,051,000 shares for approximately $6.6 million, or a weighted average price of approximately $6.23 per share.

Three Months of Operations

Net interest income increased by $4.7 million or 58.9% to $12.7 million for the three months ending December 31, 2025, from $8.0 million for the three months ending December 31, 2024. The increase in net interest income was primarily due to an increase in total interest and dividend income of $5.6 million as a result of an increase in the balance of average interest earning assets, as well as an increase in the yield on average earning assets and a decrease in the cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $961,000 as a result of an increase in average interest-bearing liabilities.

Total interest and dividend income increased by $5.6 million or 28.7% to $25.3 million for the three months ending December 31, 2025, from $19.7 million for the three months ending December 31, 2024. Interest income on loans, including fees, increased $4.6 million or 26.6% to $22.1 million for the three months ending December 31, 2025, as compared to $17.5 million for the three months ending December 31, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $152.9 million or 12.3% to $1.40 billion for the three months ending December 31, 2025, as compared to $1.25 billion for the three months ending December 31, 2024. Average yield on loans receivable was 6.27% for the three months ending December 31, 2025, increasing seventy basis points over the comparative time period in 2024. Interest income on investment securities increased by $1.4 million or 155.4% to $2.3 million for the three months ending December 31, 2025, as compared to $905,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment security portfolio increased by $83.2 million or 95.6% to $170.2 million for the three months ending December 31, 2025, as compared to $87.0 million for the same period in the prior year. The average yield on investment securities increased by 127 basis points to 5.43% for the three months ending December 31, 2025, as compared to 4.16% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $415,000 or 38.1% to $674,000 for the three months ending December 31, 2025, as compared to $1.1 million for the same period in the prior year. This decrease resulted primarily from a decline in average yield of seventy-eight basis points to 3.66% for the three months ending December 31, 2025, as compared to 4.44% for the same period in the prior year. The average balance of interest-bearing deposits with banks decreased by $24.6 million or 25.2% to $73.0 million for the three months ending December 31, 2025, as compared to $97.6 million for the same period in the prior year.

Total interest expense increased by $961,000 or 8.2% to $12.7 million for the three months ending December 31, 2025, from $11.7 million for the three months ending December 31, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $201.8 million or 17.7%, to $1.34 billion for the three months ending December 31, 2025, from $1.14 billion for the three months ending December 31, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased by thirty-four basis points to 3.74% for the three months ending December 31, 2025, as compared to 4.08% for the three months ending December 31, 2024. The increase in average balance of interest-bearing liabilities included a $131.3 million increase in average interest-bearing deposit liabilities and a $69.6 million increase in average wholesale borrowings for the three months ending December 31, 2025. The increase in interest-bearing liabilities was primarily used to facilitate asset growth and maintain an increased level of liquidity consistent with regulatory guidance.

During the fourth quarter of 2025, the Company recorded a $348,000 provision for credit losses as compared to a $55,000 reversal of provision for credit losses for the same period in the prior year. The increase in provision for credit losses for the fourth quarter of 2025 was primarily due to the increase in gross loans and management's evaluation of both quantitative and qualitative factors which impact the CECL model calculations. The Company recorded a $292,000 provision for credit losses on loans, a $166,000 provision for credit losses for unfunded commitments and a $110,000 reversal of provision for credit losses on corporate securities held-to-maturity. Management believes that the allowance for credit losses on loans and investment securities at December 31, 2025, and 2024 were appropriate.

Net interest margin increased by eighty-three basis points to 3.03% for the three months ending December 31, 2025, compared to 2.20% for the three months ending December 31, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $214.6 million or 14.9% to $1.66 billion for the three months ending December 31, 2025, compared to $1.44 billion for the three months ending December 31, 2024, and an increase in average yield of interest-earning assets to 6.07% for the three months ending December 31, 2025 from 5.43% for the three months ending December 31, 2024, coupled with a decrease in the average cost of interest-bearing liabilities to 3.74% for the three months ending December 31, 2025 from 4.08% for the three months ending December 31, 2024, partially offset by an increase in the total interest-bearing liabilities of $201.8 million or 17.7% to $1.34 billion for the three months ending December 31, 2025, from $1.14 billion for the three months ending December 31, 2024.

Non-interest income increased by $320,000 or 77.7% to $732,000 for the three months ending December 31, 2025, from $412,000 for the three months ending December 31, 2024. The increase in total non-interest income was primarily due to increases in service charges and fees of $85,000 and other income of $226,000 for the three months ending December 31, 2025 . Other income for the three months ending December 31, 2024 was impacted by a $237,000 loss on sale of investment securities recorded in that period.

Non-interest expense increased by $1.7 million or 24.4% to $8.9 million for the three months ending December 31, 2025, compared to $7.1 million for the three months ending December 31, 2024. Salaries and employee benefits increased by $737,000 or 16.9% to $5.1 million for the three months ending December 31, 2025, as compared to $4.4 million for the three months ending December 31, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $270,000 or 27.2% to $1.3 million for the three months ending December 31, 2025, as compared to $994,000 for the three months ending December 31, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices and the increase in facilities maintenance contracts. Advertising and marketing expense increased $255,000 or 359.2% to $184,000 for the three months ending December 31, 2025, as compared to a benefit of $71,000 for the same period in the prior year, primarily due to an increase in advertising campaigns promoting the products and services. Professional fees increased $307,000 or 106.2% to $596,000 for the three months ending December 31, 2025, as compared to $289,000 for the three months ending December 31, 2024, primarily due to increases in legal fees, director fees and other professional services, partially offset by a decrease in audit and compliance fees. Data processing costs decreased by $133,000 or 25.6% to $386,000 for the three months ending December 31, 2025 from $519,000 for the three months ending December 31, 2024, as a result of Company incurring additional cost related to new products and services in the fourth quarter of 2024 that did not occur in the fourth quarter of 2025. FDIC insurance assessment increased $128,000 or 69.6% to $312,000, for the three months ending December 31, 2025, from $184,000 for the three months ending December 31, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $170,000 or 20.1% to $1.0 million for the three months ending December 31, 2025, from $844,000 for the three months ending December 31, 2024, primarily due to increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on the organic growth initiative.

The income tax provision increased by $843,000 or 504.8% to $1.0 million for the three months ending December 31, 2025, from $167,000 for the three months ending December 31, 2024. The increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year of $2.9 million or 218.2% to $4.2 million for the three months ending December 31, 2025, from $1.3 million for the three months ending December 31, 2024. The effective tax rate for the quarter ended December 31, 2025, was 24.1% compared to 12.7% for the quarter ending December 31, 2024. The effective tax rate for the quarter ended December 31, 2024, was impacted by a reduction in New York state tax apportionment.

Full Year of Operations

Net interest income increased by $8.8 million or 26.9% to $41.8 million for the year ending December 31, 2025, from $32.9 million for the year ending December 31, 2024. The increase in net interest income was the result of an increase in total interest and dividend income of $13.0 million resulting from increases in the average balance and average yield on interest-earning assets, as well as a decrease in the average cost of interest-bearing liabilities, partially offset by an increase in total interest expense of $4.1 million as a result of an increase in average balance of interest-bearing liabilities.

Total interest and dividend income increased by $13.0 million or 16.5% to $91.6 million for the year ending December 31, 2025, from $78.7 million for the year ending December 31, 2024. Interest income on loans, including fees, increased $7.2 million or 10.1% to $78.6 million for the year ending December 31, 2025, as compared to $71.4 million for the year ending December 31, 2024. The increase in interest income on loans, including fees, resulted primarily from an increase in the average balance of loans receivable of $78.8 million or 6.3% to $1.33 billion for the year ending December 31, 2025, as compared to $1.25 billion for the year ending December 31, 2024. Average yield on loans receivable was 5.91% for the year ending December 31, 2025, an increase of twenty-one basis points year over year. Interest income on investment securities increased by $5.9 million or 195.6% to $8.9 million for the year ending December 31, 2025, as compared to $3.0 million for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of the investment securities portfolio increased by $90.9 million or 115.2% to $169.8 million for the year ending December 31, 2025, as compared to $78.9 million for the same period in the prior year. The average yield on investment securities increased by 142 basis points to 5.23% for the year ending December 31, 2025, as compared to 3.81% for the same period in the prior year. Interest income on interest-bearing deposits with other banks decreased by $215,000 or 6.1% to $3.3 million for the year ending December 31, 2025, as compared to $3.5 million for the same period in the prior year. This decrease resulted from a decrease in average yield on interest-bearing deposits with banks of seventy-four basis points to 4.04% as compared to 4.78% for the same period in the prior year. Dividend income on FHLB stock increased by $86,000 or 11.5% to $832,000 for the year ending December 31, 2025, as compared to $746,000 for the same period in the prior year, primarily as a result of an increase in average balance of restricted stock of $2.5 million or 28.4% to $11.2 million for the year ending December 31, 2025, as compared to $8.7 million for the same period in the prior year.

Total interest expense increased by $4.1 million or 9.0% to $49.9 million for the year ending December 31, 2025, from $45.8 million for the year ending December 31, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $168.3 million or 15.1%, to $1.28 billion for the year ending December 31, 2025, from $1.12 billion for the year ending December 31, 2024. Despite the increase in average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased by twenty-two basis points to 3.88% for the year ending December 31, 2025, as compared to 4.10% for the year ending December 31, 2024. The increase in average balance of interest-bearing liabilities included a $114.7 million increase in average interest-bearing deposit liabilities, a $53.3 million increase in average wholesale borrowings and a $216,000 increase in average subordinated note for the year ending December 31, 2025. The increase in interest-bearing liabilities was primarily used to facilitate balance sheet growth and to maintain an increased level of liquidity consistent with regulatory guidance and support the loan growth.

During the year ending December 31, 2025, the Company recorded a $1.6 million provision for credit losses as compared to a $308,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors as well as the loan growth for the year ending December 31, 2025, the Company recorded a provision for credit losses of $1.4 million on loans, a $323,000 provision for credit losses for unfunded commitments and a $80,000 reversal of provision for credit losses on corporate securities held-to-maturity. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at December 31, 2025, and 2024 were appropriate.

Net interest margin increased by twenty-nine basis points to 2.62% for the year ending December 31, 2025, compared to 2.33% for the year ending December 31, 2024. The increase in the net interest margin was primarily due to an increase in the average balance of total interest-earning assets of $180.4 million or 12.8% to $1.59 billion for the year ending December 31, 2025, compared to $1.41 billion for the year ending December 31, 2024, and an increase in average yield of interest-earning assets to 5.75% for the year ending December 31, 2025 from 5.57% for the year ending December 31, 2024. coupled with a decrease in the average cost of interest-bearing liabilities to 3.88% for the year ending December 31, 2025, from 4.10% for the year ending December 31, 2024, partially offset by an increase in the total interest-bearing liabilities of $168.3 million or 15.1% to $1.28 billion for the year ending December 31, 2025, from $1.12 billion for the year ending December 31, 2024.

Non-interest income increased by $1.5 million or 71.8% to $3.6 million for the year ending December 31, 2025, from $2.1 million for the year ending December 31, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $886,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have increased $108,000 when compared to the same period in the prior year. Service charges and fees increased by $574,000 or 60.2% to $1.5 million for the year ending December 31, 2025, from $953,000 for the same period in the prior year, primarily due to an increase in loan fees of $389,000 and an increase in deposit accounts fees of $185,000.

Non-interest expense increased by $3.9 million or 13.4% to $33.0 million for the year ending December 31, 2025, as compared to $29.1 million for the year ending December 31, 2024. Salaries and employee benefits increased by $1.5 million or 8.3% to $19.4 million for the year ending December 31, 2025, as compared to $17.9 million for the year ending December 31, 2024. The increase in salaries and employee benefits resulted primarily due to a slight increase in headcount necessary to assist in the growth of the Bank, employee incentives, and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $1.0 million or 27.6% to $4.7 million for the year ending December 31, 2025, as compared to $3.7 million for the year ending December 31, 2024, primarily due to the Company leasing additional office space to relocate its corporate offices, other occupancy related expenses and facilities maintenance contracts. Advertising and marketing expense increased by $210,000 or 97.7% to $425,000 for the year ending December 31, 2025, as compared to $215,000 for the year ending December 31, 2024, as a result of Company engaging in several advertising campaigns to promote the products and services and expanding on business development efforts. Professional fees increased $389,000 or 22.7% to $2.1 million for the year ending December 31, 2025, as compared to $1.7 million for the year ending December 31, 2024, primarily due to increases in legal fees, director fees and consulting fees, partially offset by a decrease in audit and other professional fees. FDIC insurance assessment increased $368,000 or 51.5% to $1.1 million for the year ending December 31, 2025, from $715,000 for the year ending December 31, 2024, as a result of an increase in the assessment rate as well as the growth in total assets. Other operating expenses increased by $467,000 or 13.7% to $3.9 million for the year ending December 31, 2025, from $3.4 million for the year ending December 31, 2024, primarily due to increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, communications, dues and subscriptions, digital banking expenses, sponsorships, training and education, postage, meals and entertainment, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses, while executing on our organic growth initiative.

The income tax provision increased by $1.4 million or 131.2% to $2.5 million for the year ending December 31, 2025, from $1.1 million for the year ending December 31, 2024. This increase in the income tax provision resulted primarily from an increase in pre-tax income of $5.1 million or 91.9% to $10.7 million for the year ending December 31, 2025, from $5.6 million for the year ending December 31, 2024. The effective tax rate for the year ending December 31, 2025, was 23.1% compared to 19.2% for the year ending December 31, 2024. The effective tax rate for the year ending December 31, 2024, was impacted by a reduction in New York state tax apportionment.

Asset Quality

The allowance for credit losses increased by $1.3 million or 8.6% to $16.0 million or 1.13% of total loans at December 31, 2025, as compared to $14.8 million or 1.19% of total loans at December 31, 2024. During the year 2025, the Company added a $1.4 million provision to the allowance for credit losses and had net charge-offs of $88,000. Based on the results of the CECL model and management's evaluation of both quantitative and qualitative factors during the year ending December 31, 2025, changes in the allowance for credit losses were adjusted accordingly.

The Bank had non-accrual loans totaling $10.5 million or 0.74% of total loans at December 31, 2025, as compared to $16.6 million or 1.34% of total loans at December 31, 2024. Non-accrual loans decreased by $6.1 million from December 31, 2024, primarily as a result of one construction loan in the amount of approximately $6.9 million for which the Company obtained the title and was reclassed to other real estate owned during the third quarter of 2025. The allowance for credit losses was 152.4% of non-accrual loans at December 31, 2025, compared to 88.7%, at December 31, 2024.

About First Commerce Bancorp, Inc.

First Commerce Bancorp, Inc., is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company's wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com .

Forward-Looking Statements

This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend 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 are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank ' s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank ' s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)

December 31, 2025 vs.

December 31, 2024

(dollars in thousands, except percentages and share data)

December 31,
2025

December 31,
2024

Amount

%

Assets

Cash and cash equivalents:

Cash on hand

$

2,573

$

1,790

$

783

43.7

%

Interest-bearing deposits in other banks

133,845

130,690

3,155

2.4

%

Total cash and cash equivalents

136,418

132,480

3,938

3.0

%

Investment securities:

Available-for-sale, at fair value

38,684

300

38,384

N/A

%

Held-to-maturity ("HTM"), at amortized cost

125,780

112,107

13,673

12.2

%

Less: Allowance for credit losses - HTM securities

(119

)

(198

)

79

-39.9

%

Held-to-maturity, net of allowance for credit losses

125,661

111,909

13,752

12.3

%

Total investment securities

164,345

112,209

52,136

46.5

%

Restricted stock

12,879

9,348

3,531

37.8

%

Loans receivable

1,418,701

1,239,031

179,670

14.5

%

Less: Allowance for credit losses

(16,019

)

(14,756

)

(1,263

)

8.6

%

Net loans receivable

1,402,682

1,224,275

178,407

14.6

%

Premises and equipment, net

10,966

17,059

(6,093

)

-35.7

%

Right-of-use asset

17,119

16,085

1,034

6.4

%

Accrued interest receivable

7,594

5,829

1,765

30.3

%

Bank owned life insurance

27,697

26,711

986

3.7

%

Other real estate owned

6,937

-

6,937

N/A

Deferred tax asset, net

3,496

3,076

420

13.7

%

Other assets

4,188

4,053

135

3.3

%

Total assets

$

1,794,321

$

1,551,125

$

243,196

15.7

%

Liabilities and Stockholders' Equity

Liabilities

Deposits:

Non-interest bearing

$

171,010

$

157,684

$

13,326

8.5

%

Interest-bearing

1,124,686

1,017,254

107,432

10.6

%

Total deposits

1,295,696

1,174,938

120,758

10.3

%

Borrowings

252,500

175,000

77,500

44.3

%

Subordinated notes

38,953

-

38,953

N/A

Accrued interest payable

1,965

1,913

52

2.7

%

Lease liability

18,612

16,773

1,839

11.0

%

Other liabilities

11,204

10,232

972

9.5

%

Total liabilities

1,618,930

1,378,856

240,074

17.4

%

Commitments and contingencies

-

-

-

-

Stockholders' equity

Preferred stock; authorized 5,000,000 shares; none issued

-

-

-

N/A

Common stock, par value of $0; 30,000,000 authorized

-

-

-

N/A

Additional paid-in capital

91,201

89,557

1,644

1.8

%

Retained earnings

113,221

104,965

8,256

7.9

%

Treasury stock

(28,852

)

(22,253

)

(6,599

)

29.7

%

Accumulated other comprehensive loss

(179

)

-

(179

)

N/A

Total stockholders' equity

175,391

172,269

3,122

1.8

%

Total liabilities and stockholders' equity

$

1,794,321

$

1,551,125

$

243,196

15.7

%

Shares issued

24,462,830

23,995,390

Shares outstanding

19,952,579

20,536,214

Treasury shares

4,510,251

3,459,176

First Commerce Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)

Three Months Ended

Variance

(dollars in thousands, except percentages and share data)

December 31, 2025

December 31, 2024

Amount

%

Interest and Dividend Income

Loans, including fees

$

22,115

$

17,470

$

4,645

26.6

%

Investment securities:

Available-for-sale

448

43

405

941.9

%

Held-to-maturity

1,863

862

1,001

116.1

%

Interest-bearing deposits with other banks

674

1,089

(415

)

-38.1

%

Restricted stock dividends

221

208

13

6.3

%

Total interest and dividend income

25,321

19,672

5,649

28.7

%

Interest expense:

Deposits

9,861

9,520

341

3.6

%

Borrowings

2,789

2,186

603

27.6

%

Subordinated notes

17

-

17

N/A

Total interest expense

12,667

11,706

961

8.2

%

Net interest income

12,654

7,966

4,688

58.9

%

Provision for credit losses

292

(132

)

424

-321.2

%

Provision for (reversal of) unfunded commitments for credit losses

166

(14

)

180

-1285.7

%

Provision for (reversal of) credit losses - HTM securities

(110

)

91

(201

)

-220.9

%

Total provision for (reversal of) credit losses

348

(55

)

403

-732.7

%

Net interest income after provision for (reversal of) credit losses

12,306

8,021

4,285

53.4

%

Non-interest Income:

Service charges and fees

365

280

85

30.4

%

Bank owned life insurance income

252

243

9

3.7

%

Other income (loss)

115

(111

)

226

-203.6

%

Total non-interest income

732

412

320

77.7

%

Non-Interest Expenses:

Salaries and employee benefits

5,095

4,358

737

16.9

%

Occupancy and equipment expense

1,264

994

270

27.2

%

Advertising and marketing

184

(71

)

255

-359.2

%

Professional fees

596

289

307

106.2

%

Data processing expense

386

519

(133

)

-25.6

%

FDIC insurance assessment

312

184

128

69.6

%

Other operating expenses

1,014

844

170

20.1

%

Total non-interest expenses

8,851

7,117

1,734

24.4

%

Income before income taxes

4,187

1,316

2,871

218.2

%

Income tax provision

1,010

167

843

504.8

%

Net income

$

3,177

$

1,149

$

2,028

176.5

%

Earnings per common share - Basic

$

0.16

$

0.06

$

0.10

166.7

%

Earnings per common share - Diluted

0.16

0.06

0.10

166.7

%

Weighted average shares outstanding - Basic

19,994

20,552

(558

)

-2.7

%

Weighted average shares outstanding - Diluted

20,011

20,612

(601

)

-2.9

%

First Commerce Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)

Year Ended

Variance

(dollars in thousands, except percentages and share data)

December 31, 2025

December 31, 2024

Amount

%

Interest and Dividend Income

Loans, including fees

$

78,615

$

71,395

$

7,220

10.1

%

Investment securities:

Available-for-sale

1,459

234

1,225

523.5

%

Held-to-maturity

7,419

2,769

4,650

167.9

%

Interest-bearing deposits with other banks

3,307

3,522

(215

)

-6.1

%

Restricted stock dividends

832

746

86

11.5

%

Total interest and dividend income

91,632

78,666

12,966

16.5

%

Interest expense:

Deposits

39,947

37,831

2,116

5.6

%

Borrowings

9,906

7,921

1,985

25.1

%

Subordinated notes

17

-

17

N/A

Total interest expense

49,870

45,752

4,118

9.0

%

Net interest income

41,762

32,914

8,848

26.9

%

Provision for credit losses

1,352

292

1,060

363.0

%

Provision for (reversal of) unfunded commitments for credit losses

323

(157

)

480

305.7

%

Provision for (reversal of) credit losses - HTM securities

(80

)

173

(253

)

-146.2

%

Total provision for credit losses

1,595

308

1,287

417.9

%

Net interest income after provision for credit losses

40,167

32,606

7,561

23.2

%

Non-interest Income:

Service charges and fees

1,527

953

574

60.2

%

Bank owned life insurance income

986

954

32

3.4

%

Other income

1,058

172

886

515.1

%

Total non-interest income

3,571

2,079

1,492

71.8

%

Non-Interest Expenses:

Salaries and employee benefits

19,388

17,899

1,489

8.3

%

Occupancy and equipment expense

4,742

3,717

1,025

27.6

%

Advertising and marketing

425

215

210

97.7

%

Professional fees

2,099

1,710

389

22.7

%

Data processing expense

1,394

1,434

(40

)

-2.8

%

FDIC insurance assessment

1,083

715

368

51.5

%

Other operating expenses

3,866

3,399

467

13.7

%

Total non-interest expenses

32,997

29,089

3,908

13.4

%

Income before income taxes

10,741

5,596

5,145

91.9

%

Income tax provision

2,485

1,075

1,410

131.2

%

Net income

$

8,256

$

4,521

$

3,735

82.6

%

Earnings per common share - Basic

$

0.41

$

0.21

$

0.20

95.2

%

Earnings per common share - Diluted

0.41

0.21

0.20

95.2

%

Weighted average shares outstanding - Basic

20,138

21,672

(1,534

)

-7.1

%

Weighted average shares outstanding - Diluted

20,155

21,733

(1,578

)

-7.3

%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

Three months ended
December 31, 2025

Three months ended
December 31, 2024

Average

Average

Average

Average

(dollars in thousands)

Balance

Interest

Yield/Cost

Balance

Interest

Yield/Cost

Assets:

Interest-earning assets:

Interest-bearing deposits in other banks

$

73,007

$

674

3.66

%

$

97,605

$

1,089

4.44

%

Investment securities:

Available-for-sale

30,622

448

5.85

%

5,961

43

2.92

%

Held-to-maturity

139,565

1,863

5.34

%

81,057

862

4.25

%

Total investment securities

170,187

2,311

5.43

%

87,018

905

4.16

%

Restricted stock

12,714

221

6.95

%

9,537

208

8.70

%

Loans receivable:

Consumer loans

1,038

11

4.20

%

706

3

1.69

%

Home equity loans

1,733

32

7.32

%

2,746

56

8.07

%

Construction loans

45,483

964

8.29

%

111,762

2,331

8.16

%

Commercial loans

45,425

1,058

9.11

%

41,211

784

7.44

%

Commercial mortgage loans

1,279,909

19,618

6.00

%

1,055,180

13,705

5.08

%

Residential mortgage loans

8,630

85

3.91

%

13,511

163

4.80

%

SBA loans

18,208

347

7.46

%

22,453

428

7.46

%

Total loans receivable

1,400,426

22,115

6.27

%

1,247,569

17,470

5.57

%

Total interest-earning assets

1,656,334

25,321

6.07

%

1,441,729

19,672

5.43

%

Non-interest-earning assets:

Allowance for credit losses

(15,780

)

(14,876

)

Cash on hand

2,264

1,968

Other assets

75,601

61,749

Total non-interest-earning assets

62,085

48,841

Total assets

$

1,718,419

$

1,490,570

Liabilities and stockholders' equity:

Interest-bearing liabilities:

Interest-bearing checking accounts

$

84,567

$

498

2.34

%

$

77,725

$

394

2.02

%

NOW accounts

5,853

39

2.64

%

8,854

72

3.22

%

Money market accounts

265,116

1,962

2.94

%

258,604

2,338

3.60

%

Savings accounts

74,132

490

2.62

%

32,792

127

1.54

%

Certificates of deposit

527,612

5,409

4.07

%

432,703

4,751

4.37

%

Brokered CDs

136,419

1,463

4.25

%

151,693

1,838

4.82

%

Borrowings

248,832

2,789

4.45

%

179,196

2,186

4.85

%

Subordinated notes

858

17

7.75

%

-

-

N/A

Total interest-bearing liabilities

1,343,389

$

12,667

3.74

%

1,141,567

$

11,706

4.08

%

Non-interest-bearing liabilities:

Demand deposits

167,517

153,261

Other liabilities

33,366

23,260

Total non-interest bearing liabilities

200,883

176,521

Stockholders' equity

174,147

172,482

Total liabilities and stockholders' equity

$

1,718,419

$

1,490,570

Net interest spread

2.33

%

1.35

%

Net interest margin

$

12,654

3.03

%

$

7,966

2.20

%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)

Year ended
December 31, 2025

Year ended
December 31, 2024

Average

Average

Average

Average

(dollars in thousands)

Balance

Interest

Yield/Cost

Balance

Interest

Yield/Cost

Assets:

Interest-earning assets:

Interest-bearing deposits

$

81,915

$

3,307

4.04

%

$

73,747

$

3,522

4.78

%

Investment securities:

Available -for-sale

23,966

1,459

6.09

%

7,853

234

2.98

%

Held-to-maturity

145,801

7,419

5.09

%

71,038

2,769

3.90

%

Total investment securities

169,767

8,878

5.23

%

78,891

3,003

3.81

%

Restricted stock

11,164

832

7.45

%

8,693

746

8.58

%

Loans:

Consumer loans

1,013

33

3.26

%

521

10

1.83

%

Home equity loans

1,999

181

9.06

%

2,919

236

8.08

%

Construction loans

91,718

7,387

7.94

%

112,286

9,736

8.53

%

Commercial loans

44,448

3,739

8.30

%

38,328

3,021

7.75

%

Commercial mortgage loans

1,161,572

65,376

5.55

%

1,058,435

55,832

5.19

%

Residential mortgage loans

9,825

423

4.31

%

14,277

687

4.81

%

SBA loans

20,471

1,476

7.11

%

25,434

1,873

7.24

%

Total loans

1,331,046

78,615

5.91

%

1,252,200

71,395

5.70

%

Total interest-earning assets

1,593,892

91,632

5.75

%

1,413,531

78,666

5.57

%

Non-interest-earning assets:

Allowance for credit losses

(15,157

)

(14,681

)

Cash and due from bank

2,112

1,961

Other assets

69,977

60,651

Total non-interest-earning assets

56,932

47,931

Total assets

$

1,650,824

$

1,461,462

Liabilities and stockholders' equity:

Interest-bearing liabilities:

Interest-bearing checking accounts

$

81,936

$

1,860

2.27

%

$

59,677

$

851

1.43

%

NOW accounts

6,643

190

2.86

%

33,758

1,413

4.19

%

Money market accounts

260,355

8,334

3.20

%

232,299

8,298

3.57

%

Savings accounts

57,627

1,433

2.49

%

28,464

214

0.75

%

Certificates of deposit

507,469

21,003

4.14

%

477,493

21,065

4.41

%

Brokered CDs

154,964

7,127

4.60

%

122,563

5,990

4.89

%

Borrowings

214,647

9,906

4.62

%

161,337

7,921

4.91

%

Subordinated notes

216

17

7.75

%

Total interest-bearing liabilities

1,283,857

$

49,870

3.88

%

1,115,591

$

45,752

4.10

%

Non-interest-bearing liabilities:

Demand deposits

162,429

145,654

Other liabilities

31,845

23,207

Total non-interest bearing liabilities

194,274

168,861

Stockholders' equity

172,693

177,010

Total liabilities and stockholders' equity

$

1,650,824

$

1,461,462

Net interest spread

1.87

%

1.47

%

Net interest margin

$

41,762

2.62

%

$

32,914

2.33

%

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)

As of and for the quarters ended

(In thousands, except per share data)

12/31/2025

9/30/2025

6/30/2025

3/31/2025

12/31/2024

Summary earnings:

Interest income

$

25,321

$

24,113

$

21,739

$

20,458

$

19,672

Interest expense

12,667

13,266

12,099

11,837

11,706

Net interest income

12,654

10,847

9,640

8,621

7,966

Provision for (reversal of) credit losses

348

452

712

83

(55

)

Net interest income after provision for credit losses

12,306

10,395

8,928

8,538

8,021

Non-interest income

732

859

586

1,394

412

Non-interest expense

8,851

8,485

7,806

7,855

7,117

Income before income tax expense

4,187

2,770

1,708

2,077

1,316

Income tax expense

1,010

687

385

403

167

Net income

$

3,177

$

2,082

$

1,323

$

1,674

$

1,149

Per share data:

Earnings per share - basic

$

0.16

$

0.10

$

0.07

$

0.08

$

0.06

Earnings per share - diluted

0.16

0.10

0.07

0.08

0.06

Book value at period end

8.79

8.63

8.51

8.47

8.39

Shares outstanding at period end

19,953

20,010

20,096

20,130

20,536

Basic weighted average shares outstanding

19,994

20,077

20,095

20,392

20,552

Fully diluted weighted average shares outstanding

20,011

20,079

20,095

20,435

20,612

Balance sheet data (at period end):

Total assets

$

1,794,321

$

1,709,669

$

1,689,642

$

1,581,983

$

1,551,125

Investment securities, available-for-sale

38,684

26,605

26,605

26,789

300

Investment securities, held-to-maturity

125,661

145,572

153,324

151,009

111,909

Total loans

1,418,701

1,395,847

1,376,116

1,256,247

1,239,031

Allowance for credit losses

(16,019

)

(15,866

)

(15,220

)

(14,834

)

(14,756

)

Total deposits

1,295,696

1,282,904

1,247,358

1,202,079

1,174,938

Stockholders' equity

175,391

172,610

171,000

170,422

172,269

Selected performance ratios:

Return on average total assets

0.73

%

0.48

%

0.33

%

0.44

%

0.31

%

Return on average stockholders' equity

7.24

%

4.79

%

3.10

%

3.93

%

2.65

%

Average yield on earning assets

6.07

%

5.79

%

5.58

%

5.52

%

5.43

%

Average cost of funding liabilities

3.74

%

3.95

%

3.87

%

3.99

%

4.08

%

Net interest margin

3.03

%

2.61

%

2.47

%

2.33

%

2.20

%

Efficiency ratio

66.12

%

72.48

%

76.33

%

78.43

%

84.95

%

Non-interest income to average assets

0.17

%

0.20

%

0.15

%

0.36

%

0.11

%

Non-interest expenses to average assets

2.04

%

1.97

%

1.94

%

2.04

%

1.90

%

Asset quality ratios:

Non-performing loans to total loans

0.74

%

0.89

%

1.30

%

3.02

%

1.34

%

Non-performing assets to total assets

0.97

%

1.13

%

1.06

%

2.40

%

1.07

%

Allowance for credit losses to non-performing loans

152.35

%

128.38

%

84.97

%

39.12

%

88.71

%

Allowance for credit losses to total loans

1.13

%

1.14

%

1.11

%

1.18

%

1.19

%

Net recoveries (charge-offs) to average loans

-0.02

%

0.01

%

0.02

%

0.02

%

-0.01

%

Liquidity and capital ratios:

Net loans to deposits

108.26

%

107.57

%

109.10

%

103.27

%

104.20

%

Average loans to average deposits

111.04

%

108.43

%

107.13

%

105.49

%

111.83

%

Total stockholders' equity to total assets

9.77

%

10.10

%

10.12

%

10.77

%

11.11

%

Total capital to risk-weighted assets

14.93

%

12.32

%

12.53

%

13.29

%

14.45

%

Tier 1 capital to risk-weighted assets

11.32

%

11.24

%

11.44

%

12.16

%

13.26

%

Common equity tier 1 capital ratio to risk-weighted assets

11.32

%

11.24

%

11.44

%

12.16

%

13.26

%

Tier 1 leverage ratio

10.22

%

10.12

%

10.59

%

10.74

%

11.56

%

Press Contact: Donald Mindiak
President and Chief Executive Officer
First Commerce Bancorp, Inc.
Lakewood, NJ 08701
(732) 364-0032
[email protected]
http://firstcommercebk.com

SOURCE: First Commerce Bancorp, Inc.

FLEX LNG Ltd. maintains premium P/S and P/B valuations due to its high dividend yield and long-term charter backlog. 2025 guidance signals negative growth: revenue down 4.6%, adjusted EBITDA down 8.4%, and TCE/day below 2024 levels. FLNG's dividend yield is 11.44%, but recent coverage slipped below 1x as operating cash flow lagged dividend payments.

Combination Update: Court Sanction of Scheme of Arrangement and Publication of Prospectus

, /PRNewswire/ -- Dauch (NYSE: AXL) and Dowlais are pleased to announce that the Court has issued the Court Order sanctioning the Scheme. As a result, the Scheme will become effective on delivery of the Court Order to the Registrar of Companies, which is expected to occur after the Scheme Record Time, being 6:00 p.m. on February 2, 2026.

Prospectus

Dauch has today published a prospectus (the "Prospectus") approved by the Financial Conduct Authority ("FCA"), in connection with the admission of shares of common stock in the capital of Dauch to the equity shares (international commercial companies secondary listing) category of the Official List of the FCA and to trading on the main market of the London Stock Exchange ("Admission"), as part of the recommended cash and share combination between Dauch and Dowlais Group plc (the "Combination").

There has been no material change to the expected timetable of principal events for the Combination, as a result, the Scheme is expected to become effective on February 3, 2026.

About Dauch Corporation
As a leading global Tier 1 Automotive Supplier, Dauch designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid and internal combustion vehicles. Headquartered in Detroit, MI, with nearly 75 facilities in 15 countries, Dauch is bringing the future faster for a safer and more sustainable tomorrow.

Contacts:

Christopher M. Son, Vice President, Marketing & Communications
+1 (313) 758-4814
[email protected]

David H. Lim, Head of Investor Relations
+1 (313) 758-2006
[email protected]

Forward-looking statements

In this announcement, Dauch makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related to the ability of Dauch and Dowlais Group plc ("Dowlais") to consummate Dauch's business combination with Dowlais (the "Business Combination") in a timely manner or at all, the closing the Business Combination and the regulatory approval process.  Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect Dauch's or the combined company's future financial position and operating results.  The terms such as "will," "may," "could," "would," "plan," "believe," "expect," "anticipate," "intend," "project," "target," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements.  Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved.  These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.  These risks and uncertainties related to Dauch include factors detailed in the reports Dauch files with the United States Securities and Exchange Commission (the "SEC"), including those described under "Risk Factors" in its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.  These forward-looking statements speak only as of the date of this communication.  Dauch expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE Dauch Corporation

Key Takeaways WDC posted Q2 FY26 EPS of $2.13 on $3.02B revenue, beating estimates on strong data center demand.WDC saw cloud revenue jump 28% YoY as hyperscale customers adopted higher-capacity nearline drives.WDC shipped 215 exabytes and 3.5M ePMR drives, lifting margins to 46.1% and cash flow to $653M. Western Digital Corporation (WDC - Free Report) reported second-quarter fiscal 2026 non-GAAP earnings of $2.13 per share, surpassing the Zacks Consensus Estimate of $1.95. The bottom line expanded 78% year over year and 20% sequentially, exceeding the high end of management’s guidance of $1.88 (+/- 15 cents).

For the fiscal second quarter, Western Digital generated $3.02 billion in revenue, up 7% sequentially and 25% year over year, driven primarily by strong data center demand and increased adoption of high-capacity hard disk drives (HDDs). The consensus estimate was pinned at $2.95 billion. The metric also crushed management’s expectations at $2.9 billion (+/- $100 million), reflecting its ability to scale reliable, high-capacity storage solutions to meet the needs of the AI-driven data economy.

As AI and cloud adoption accelerate, demand for higher-density storage continues to rise. Western Digital is meeting this demand through close collaboration with hyperscale customers, delivering reliable, high-capacity drives at scale with strong performance and total cost of ownership. The company is advancing areal density gains, accelerating its HAMR and ePMR roadmaps, and driving adoption of higher-capacity and UltraSMR drives.

During the quarter, it shipped more than 3.5 million latest-generation ePMR drives, supporting up to 26TB CMR and 32TB UltraSMR capacities, underscoring strong customer adoption. WDC shipped a total of 215 exabytes to customers, marking a 22% year-over-year increase.

Western Digital’s board declared a cash dividend of 1.25 cents per share, payable on March 18, 2026, to shareholders on record as of March 5, 2026. The dividend highlights the company’s commitment to consistent capital returns.

In the past year, shares have gained 323.2% compared with the Zacks Computer-Storage Devices industry’s rise of 139.9%.

Image Source: Zacks Investment Research

Quarter in DetailRevenues from the Cloud end market (89% of total revenues) climbed 28% year over year to $2.7 billion, driven by strong demand for higher-capacity nearline products.

Revenues from the Client end market (6%) were up 26% year over year to $176 million.

Revenues from the Consumer end market (5%) fell 3% year over year to $168 million.

MarginsWDC reported a non-GAAP gross margin of 46.1%, up 770 basis points (bps) year over year and 220 bps sequentially, above its guidance (44-45%). The improvement was supported by a steady transition to higher-capacity drives and rigorous cost management across production facilities and the supply chain.

Non-GAAP operating expenses increased 11% year over year to $372 million, but declined 120 bps sequentially within expectations ($365-$375 million) on the back of solid operating leverage.

Non-GAAP operating income totaled $1.02 billion, up 72% year over year, with margins expanding more than 930 bps to 33.8%.

Balance Sheet & Cash FlowAs of Jan. 2, 2026, cash and cash equivalents were $2 billion at par as of Oct. 3, 2025.

Long-term debt (including the current portion) was $4.7 billion as of Jan. 2, 2026, the same as the end of the prior quarter.

Western Digital generated $745 million in cash from operations compared with $403 million in the prior-year quarter. Free cash flow amounted to $653 million in the quarter under review, up 95%. This robustness allowed management to return more than 100% of its free cash flow to shareholders through a combination of share repurchases and dividends, underscoring the strength in the company’s cash-generation profile.

During the quarter, WDC repurchased approximately 3.8 million shares for $615 million and paid $48 million in dividends. Since launching the capital return program in fourth-quarter fiscal 2025, the company has returned a total of $1.4 billion to shareholders through buybacks and dividends.

Solid Outlook for Fiscal Q3 2026Western Digital expects continued momentum in the fiscal third quarter, supported by sustained data center demand and further adoption of high-capacity drives. At the midpoint of guidance, the company expects non-GAAP revenues of $3.2 billion (+/- $100 million), up 40% year over year.

Management projects non-GAAP earnings of $2.30 (+/- 15 cents).

WDC expects non-GAAP gross margin in the range of 47-48%. Non-GAAP operating expenses are expected to be between $380 million and $390 million.

Interest and other expenses are anticipated to be approximately $50 million.

WDC’s Zacks RankCurrently, Western Digital sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here

Recent Performance of Other CompaniesSeagate Technology Holdings plc (STX - Free Report) reported second-quarter fiscal 2026 non-GAAP earnings of $3.11 per share, beating the Zacks Consensus Estimate of $2.83 and exceeding the high end of management’s guidance of $2.75 per share (+/- 20 cents). The company reported earnings per share (EPS) of $2.03 in the prior-year quarter. Non-GAAP revenues of $2.83 billion exceeded the Zacks Consensus Estimate by 2.7%. Revenues also surpassed the guidance midpoint, increasing 22% year over year.

SAP SE (SAP - Free Report) reported fourth-quarter 2025 non-IFRS EPS of €1.62, which increased 16% from the year-ago quarter. SAP’s fourth quarter was defined by strong cloud bookings and profitability. It reported total revenues on a non-IFRS basis of €9.68 billion, which increased 3% year over year (up 9% at constant currency or cc). At the center of this performance is SAP Business AI, which has rapidly evolved from a feature set into a meaningful growth driver across the ERP suite. Two-thirds of cloud order entry included SAP Business AI, signaling AI’s growing importance in deal conversion and expansion.

Badger Meter, Inc. (BMI - Free Report) reported EPS of $1.14 for fourth-quarter 2025, which missed the Zacks Consensus Estimate by 0.9%. However, the bottom line compared favorably with the year-ago quarter’s EPS of $1.04. Quarterly net sales were $220.7 million, up 7.6% from $205.2 million in the year-ago quarter, driven by higher utility water sales. The Zacks Consensus Estimate was pegged at $230.8 million.

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Some investors said that Starbucks Corp. (NASDAQ: SBUX) earnings were a sign of a turnaround. Yet, the stock fell 1.35% to $93.88 per share the day after those results were announced. The share price was down again before the market opened today. A 4% increase in comparable store sales is not like the good old days. Revenue in the most recent quarter rose 6% to $9.9 billion, and per-share earnings fell 19% to $0.56.

The stock is down 14% in the past year, while the S&P 500 is 14% higher. In the past five years, it is down 3%, compared with the S&P 500’s 87% gain.

Investors remember when Starbucks was a growth company stock. That was as recently as 2021, when the stock price was $120. It is $94 today and going nowhere.

“Our Q1 results demonstrate our ‘Back to Starbucks’ strategy is working and we believe we’re ahead of schedule,” according to CEO Brian Niccol. Compared to quarters when comparable sales were falling, he is right. It will require more proof to show that growth is accelerating and sustainable.

The Niccol plan seemed to do some things right. Middle management is slimmer. People in the stores wear clothing that looks similar. Starbucks does not tell investors how quickly customers receive food and drinks now, compared to a year ago. Anecdotally, service has improved. Stores are becoming more customer-friendly, and that work will continue.

What the market has told Starbucks management is that 4% is not impressive.

Dutch Bros Stock Price Prediction and Forecast 2026–2030

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January 30, 2026 09:17 ET  | Source: Middlefield Banc Corp.

Recommendation Highlights Strategic Benefits and Value Creation of Merger

The Board of Directors Urges Shareholders to Vote by February 9, 2026, at 11:59 p.m., ET

MIDDLEFIELD, Ohio, Jan. 30, 2026 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today announced that Institutional Shareholder Services, Inc. (“ISS”), an independent proxy advisory firm, has recommended shareholders vote “FOR” all proposals at the Special Meeting of Shareholders to be held virtually on February 10, 2026, including the Company’s proposed merger of Middlefield Banc Corp. (“Middlefield”), the holding company for The Middlefield Banking Company (“Middlefield Bank”), into Farmers National Banc Corp. (“Farmers”) (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield (“Farmers National Bank”).

ISS is widely recognized as a leading independent voting and corporate governance advisory firm. ISS analyses and recommendations are relied on by many major institutional investment firms, mutual funds and fiduciaries throughout North America.

Shareholders are Encouraged to Vote Ahead of the Proxy Deadline

Middlefield reminds those shareholders that have not yet voted to vote without delay FOR the merger and the other proposals to be considered at the Special Meeting of Shareholders.

Additional information about the merger and voting instructions can be found in the joint proxy statement/prospectus of Middlefield and Farmers that was distributed to Middlefield’s shareholders.

FOR ASSISTANCE WITH VOTING YOUR SHARES, PLEASE CONTACT ALLIANCE ADVISORS AT 1-855-206-1454.

About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.98 billion at September 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at www.middlefieldbank.bank

Additional Information About the Proposed Merger and Where to Find It
In connection with the proposed merger, Farmers and Middlefield have filed relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a Registration Statement on Form S-4 that contains a definitive joint proxy statement/prospectus of Farmers and Middlefield (the “joint proxy statement/prospectus”). The Registration Statement was declared effective on December 15, 2025 and Farmers has filed or may file other documents regarding the proposed merger with the SEC. The joint proxy statement/prospectus was mailed to Farmers’ and Middlefield’s shareholders seeking certain approvals related to the proposed merger. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale is unlawful before registration or qualification of the securities under the securities laws of the jurisdiction. No offer of securities shall be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended. This document is not a substitute for the joint proxy statement/prospectus or for any other document that Farmers or Middlefield has filed or may file with the SEC in connection with the proposed merger. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN AND THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FARMERS, MIDDLEFIELD, THE PROPOSED MERGER AND RELATED MATTERS THAT SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE PROPOSED MERGER.

The joint proxy statement/prospectus has been mailed to Farmers’ and Middlefield’s shareholders. The joint proxy statement/prospectus and other documents filed by Farmers or Middlefield with the SEC are free of charge from the SEC’s website at www.sec.gov or through Farmers’ website at www.farmersbankgroup.com or Middlefield’s website at www.middlefieldbank.bank. Before making any voting or investment decision, investors and shareholders of Farmers and Middlefield are urged to read carefully the entire registration statement and definitive joint proxy statement/prospectus, including any amendments thereto, because they contain important information about the proposed transaction.

Participants in the Solicitation
The respective directors and executive officers of Farmers and Middlefield and other persons may be deemed to be participants in the solicitation of proxies from Farmers and Middlefield shareholders with respect to the proposed merger. Information regarding the directors of Farmers is available in its proxy statement filed with the SEC on March 18, 2025 in connection with its 2025 Annual Meeting of Shareholders and information regarding the executive officers of Farmers is available in its Form 10-K filed with the SEC on March 6, 2025. Information regarding the directors of Middlefield is available in its proxy statement filed with the SEC on April 4, 2025 in connection with its 2025 Annual Meeting of Shareholders and information regarding the executive officers of Middlefield is available in its Form 10-K filed with the SEC on March 13, 2025 and in certain of its Current Reports on Form 8-K, which are filed with the SEC. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus that is included in the Registration Statement and other relevant materials filed with the SEC.

Forward-Looking Statements
This communication contains forward-looking statements based upon Farmers’ and Middlefield’s current expectations. This communication contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ and Middlefield’s control. Forward-looking statements are identified by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “plan,” “expect,” “goal,” “seek,” “future,” “likely” or the negative or plural of these words and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.”

Forward-looking statements are not a guarantee of future performance and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Farmers’ and Middlefield’s control. Numerous uncertainties, risks, and changes could cause or contribute to each of Farmers’ and Middlefield’s actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, the possibility that the closing of the proposed transaction is delayed or does not occur at all because required regulatory approvals, shareholder approval or other conditions to the transaction are not obtained or satisfied on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; Farmers’ failure to integrate Middlefield and Middlefield Bank in accordance with expectations; deviations from performance expectations related to Middlefield and The Middlefield Banking Company, the banking subsidiary of Middlefield (“Middlefield Bank”); diversion of management’s attention on the proposed transaction; significant changes in economic conditions in markets where Farmers and Middlefield conducts business, which could materially impact credit quality trends; significant changes in U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and effects of U.S. and foreign country tariff policies; general business conditions in the banking industry; the regulatory environment; general fluctuations in interest rates; demand for loans in the market areas where Farmers and Middlefield conducts business; rapidly changing technology and evolving banking industry standards; competitive factors, including increased competition with regional and national financial institutions; and new service and product offerings by competitors and price pressures; and other factors disclosed periodically in both Farmers’ and Middlefield’s filings with the SEC including each of Farmers’ and Middlefield’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and the Registration Statement on Form S-4 related to the proposed merger filed with the SEC. Such reports are available on the SEC’s website at www.sec.gov, on Farmers’ website at www.farmersbankgroup.com under the “Investor Relations” section, and on Middlefield’s website at www.middlefieldbank.bank.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, readers should not rely on any forward-looking statement as a prediction of future events. Any forward-looking statement speaks only as of the date on which it is made, and each of Farmers and Middlefield expressly disclaims any obligation to update its forward-looking statements whether as a result of new information, future events or otherwise. All forward-looking statements, expressed or implied, included in or made in connection with this joint proxy statement/ prospectus are expressly qualified in their entirety by this cautionary statement.

  Company Contact:Investor and Media Contact:Ron Zimmerly
President and Chief Executive Officer Middlefield Banc Corp.
(419) 673-1217
[email protected] M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
[email protected]  

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Ardent To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Ardent between July 18, 2024 and November 12, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

, /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ardent Health, Inc. ("Ardent" or the "Company") (NYSE: ARDT) and reminds investors of the March 9, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

James (Josh) Wilson, Faruqi & Faruqi Senior Partner (PRNewsfoto/Faruqi & Faruqi, LLP) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose information regarding Ardent Health's accounts receivable. During the Class Period, Defendants publicly reported the Company's accounts receivable on a quarterly basis. In addition, Defendants represented that the Company maintained professional malpractice liability insurance in amounts "sufficient to cover claims arising out of its operations."

On November 12, 2025, Ardent announced its financial results for the third quarter of 2025. The Company revealed a $43 million reduction in its revenue due to accounting changes, and a $54 million increase in professional liability reserves.

On this news, Ardent's stock price fell $4.75 per share, or 33.81%, to close at $9.30 per share on November 13, 2025.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Ardent's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Ardent Health class action, go to www.faruqilaw.com/ARDT or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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We could very well be entering an unprecedented era of U.S. domestic business spending and investment in the years to come.

Here’s how. Recently, the Alger team took a close look at the U.S. Private Nonresidential Fixed Investment (PNFI) numbers. PNFI represents business spending on productive assets such as structures (e.g., factories, data centers), intellectual property (e.g., software and R&D), and equipment (e.g., GPUs, servers).

The above chart shows how announced PNFI has skyrocketed last year, reaching $8.8 trillion as of September 2025. This represents a staggering leap from PNFI numbers from years prior, and raises optimism for future domestic spending down the line.

Ramped up PNFI spending shouldn’t necessarily come as a surprise, either. A number of different factors are driving companies of all kinds to consider amplifying PNFI spending.

For instance, ongoing tariff tensions are leading many companies to rethink how their supply chains are calibrated, encouraging domestic spending and production. Domestic production could further be amplified by favorable federal policies, along with ongoing rate cuts from the Federal Reserve.

Furthermore, the ongoing surge of artificial intelligence (AI) adoption and innovation is continuing to create more demand for infrastructure. AI PNFI spending can help supplement power needs, fabricate necessary parts, and fund research & development.

This can provide advisors and investors with an interesting route to capitalize on the opportunities from rising PNFI spending. Gaining targeted exposure to companies enabling AI adoption can give portfolios a new way to benefit from strengthened AI infrastructure, intellectual property development, and manufacturing.

ALAI Offers a Distinct Approach to AI Investing Alger believes that, true to its name, the Alger AI Enablers & Adopters ETF (ALAI) can help advisors and investors gain access to these kinds of companies within the ETF wrapper. ALAI looks for compelling stocks in the field of AI adoption, development, and utilization through bottom-up, fundamental research.

ALAI invests in Enablers, which are companies developing the components for and investing in AI infrastructure, and Adopters, which are companies that are successfully integrating AI technologies into their businesses to enhance their products or services or improve productivity.

Alger’s approach to AI investing and exposure has attracted significant investor interest. FactSet data finds that ALAI saw over $245 million in net flows in 2025.

For more news, information, and strategy, visit the Artificial Intelligence Content Hub.

Disclosure Information Click here for more information on the Alger AI Enablers & Adopters ETF.

The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of January 2026. These views are subject to change at any time and may not represent the views of all portfolio management teams. These views should not be interpreted as a guarantee of the future performance of the markets, any security or any funds managed by FAM. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. Holdings and sector allocations are subject to change. Past performance is not indicative of future performance.

Risk Disclosures: Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel as they face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing their consumer base. These companies may be substantially exposed to the market and business risks of other industries or sectors, and may be adversely affected by negative developments impacting those companies, industries or sectors, as well as by loss or impairment of intellectual property rights or misappropriation of their technology. Companies that utilize AI could face reputational harm, competitive harm, and legal liability, and/or an adverse effect on business operations as content, analyses, or recommendations that AI applications produce may be deficient, inaccurate, biased, misleading or incomplete, may lead to errors, and may be used in negligent or criminal ways. AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the future growth.  AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments.  Investing in companies of  small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. ADRs and GDRs may be subject to  international trade, currency, political, regulatory and diplomatic risks. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

ETF shares are based on market price rather than net asset value (“NAV”), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchasing or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

Alger pays compensation to VettaFi to sell various strategies to prospective investors.

FactSet is an independent source. Fred Alger Management, LLC, makes no representation that FactSet is complete, reliable, or accurate.

Before investing, carefully consider a Fund’s investment objective, risks, charges, and expenses. For a prospectus and summary prospectus containing this and other information or for a Fund’s most recent month-end performance data, visit  www.alger.com, call (800) 992-3863 (for a mutual fund) or (800) 223-3810 (for an ETF), or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing. Distributor: Fred Alger & Company, LLC. All underlying series of The Alger ETF Trust listed on NYSE Arca, Inc. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

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The GMO U.S. Quality ETF (NASDAQ:QLTY) has attracted $3 billion since launching in November 2023 by focusing on companies with exceptional returns on capital. That strategy delivered 20.5% returns over the past year by concentrating on profitable technology leaders like Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META), outpacing the S&P 500 (NYSEARCA:SPY) by roughly 500 basis points. Yet Reddit investors increasingly debate whether valuations have stretched too far entering 2026.

The Macro Factor: Tech Multiple Compression Risk Quality strategies thrive when investors prioritize profitability over speculation, but QLTY’s 37% allocation to Information Technology creates direct exposure to valuation risk. Top holdings average forward price-to-earnings ratios near 25x, reasonable for companies growing revenue at double-digit rates. The problem is quality premiums evaporate quickly when interest rate expectations shift or growth disappoints.

Watch the Federal Reserve’s quarterly Summary of Economic Projections, published after each FOMC meeting. If the median dot plot shifts toward fewer rate cuts or higher terminal rates, technology multiples typically compress first. Quality stocks with 30% profit margins can still fall 15% if investors reprice future cash flows at higher discount rates. QLTY’s 48% top-ten concentration amplifies this sensitivity.

During the 2022 rate hiking cycle, quality-focused funds underperformed value strategies by 20 percentage points as investors rotated toward cheaper, cash-generative businesses. QLTY didn’t exist then, but its semiconductor equipment exposure through Lam Research (NASDAQ:LRCX) and chip holdings would have faced similar pressure.

The Micro Factor: Earnings Quality Within Holdings Meta illustrates the complexity of quality investing. Despite maintaining a 30.9% profit margin and 32.6% return on equity, the company’s earnings collapsed 82.6% year-over-year as Reality Labs investments mounted. This creates a dilemma for QLTY’s 4.75% position: are these temporary losses or structural problems? Reddit users debated this tension in a January thread, with retail investors seeing opportunity in the dislocation, but fund investors own that uncertainty.

Monitor GMO’s quarterly fact sheet and holdings file, published on their website within 15 days of quarter-end. Watch for changes in Meta’s weight or new healthcare additions. Johnson & Johnson (NYSE:JNJ) provides some defensive balance with its 4.4% weight and 0.33 beta, offering stability when technology volatility strikes. But that modest hedge matters little when Microsoft, Lam Research, and Meta dominate the portfolio—QLTY’s fate depends on whether these tech giants can sustain their margin expansion through 2026.

The next 12 months will test whether QLTY’s quality screen can protect capital if rate volatility resurfaces or if concentrated tech exposure becomes a liability rather than an edge.

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Company Retains Ludlow Consulting to Elevate Institutional-Grade Messaging, Media Relations and AI-Enabled Investor Engagement

SUNNY ISLES BEACH, FLORIDA / ACCESS Newswire / January 30, 2026 / Elektros Inc. (OTC PINK:ELEK), a hard-rock lithium mining developer with operations in Sierra Leone, today announced it has retained Ludlow Consulting as its strategic communications advisor to enhance corporate messaging, media visibility, and shareholder engagement.

The engagement is designed to support the Company's next phase of growth through the development of an integrated public relations, media relations, and investor relations framework aligned with public company best practices and compliance standards.

Under this advisory mandate, Elektros will be guided in modernizing shareholder communications through AI-enhanced investor relations solutions. This includes strategic support for retrieval-augmented generation (RAG) knowledgebase integration for virtual investor-facing communications, institutional-grade investor materials, and targeted digital outreach to mining-sector stakeholders.

Ludlow Consulting will also advise on establishing a corporate advisory board comprised of mining, critical minerals, and institutional resources expertise to support Elektros' long-term corporate positioning and execution strategy.

Although we are a small lithium mining company today, we aspire to build toward the scale, discipline, and market leadership demonstrated by larger public lithium-related peers - including the following ticker symbols: SGML, IONR, QS, LAC, CRML, ALTM, PLL, LTHM, LITM, LICY.

"In today's market, strong communications and disciplined stakeholder engagement are essential to building credibility and long-term shareholder value," said Thomas Bustamante, Founder of Ludlow Consulting. "Our mission is to help Elektros create consistent, professional messaging and a modern investor relations foundation that can scale alongside the Company's operational progress."

"We feel incredibly fortunate to be developing our lithium opportunity in Sierra Leone at a moment when demand for critical minerals is accelerating worldwide," said Shlomo Bleier, CEO of Elektros. "We have an exceptional team with boots on the ground, and we're proud of the coordination, discipline, and commitment it takes to build a special company around a resource that is becoming increasingly vital to the clean energy transition. We believe Elektros is positioned on the forefront of hard-rock lithium development, and we're grateful - and we thank God - to have the people, partners, and momentum to move forward into the next phase, including initial stockpiling efforts. This is only the beginning. We look forward to providing updates as milestones are achieved, and we are proud to have Ludlow Consulting on our team as we advance in the clean energy sector."

For more information, visit www.elektros.energy/investors.

About Elektros, Inc.

Elektros Inc. (OTC PINK:ELEK) business plan is to develop an artisanal mining operation based in Sierra Leone, Africa. This operation focuses on hard-rock lithium exploration, development, and the eventual exportation of mined material to lithium refineries in the United States. www.elektros.energy

Why Lithium Matters Now

Lithium is a critical ingredient in modern rechargeable batteries, powering electric vehicles and enabling grid-scale energy storage. As EV adoption expands and energy security becomes a central priority worldwide, access to reliable lithium supply is increasingly viewed as strategic.

Selected Industry Commentary on Lithium's Importance

Reuters: "Lithium [is a] key element for electric vehicle ramp up."

Bloomberg: "Lithium ... [is] a key ingredient in the batteries that power electric vehicles."

Elon Musk (Tesla CEO): "Price of lithium has gone to insane levels!"

Financial Times: "Lithium price squeeze adds to cost of the energy transition."

Benzinga (via market commentary on critical minerals): "Lithium - a critical battery metal."

Billionaire Mining Investor (TechMet / FT Film): "The energy transition and the surging demand it is bringing for metals, like lithium, presents a once-in-a-century investment opportunity."

Wall Street Journal: "Lithium is the new gasoline for the electric-vehicle era."

Elektros believes Sierra Leone and the broader African region have an important role to play in responsibly developing critical mineral supply chains, including lithium resources needed to support EV manufacturing and energy storage worldwide.

Cautionary Language Concerning Forward-Looking Statements

This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties.

Contact:

Elektros, Inc.
IR and Media Inquiries
Email: [email protected]

Ludlow Consulting
Email: [email protected]

SOURCE: Elektros, Inc.

Binance Coin (BNB) price extended its decline on Friday as the broader crypto market slid into a risk-off phase. BNB price fell more than 6% intraday, extending losses after failing to reclaim the psychologically important $900 level. The move comes amid a wider selloff across Bitcoin and major altcoins, where rising liquidations and tightening macro conditions are accelerating downside momentum. As price slipped below key support zones, derivatives data shows the decline was not driven by spot selling alone. Instead, the move unfolded as a liquidation-led breakdown, exposing structural weakness built up during the prior consolidation.

BNB Price Breaks Down After $900 RejectionBNB price chart shows clear signs of breakdown. The rejection at $900 marked a failure at a key supply zone that has capped upside attempts multiple times. Once BNB price lost the $880 support, selling pressure intensified, breaking the short-term higher-low structure and confirming a shift toward lower-highs and lower lows. The current selloff has pushed BNB below the $850 mark, with $880 now acting as resistance rather than support. 

If downside pressure persists, the $800-$830 emerges as the next major demand zone, aligned with prior liquidity absorption. A deeper move could expose the $800 psychological level, especially if broader market weakness continues. On the upside, any rebound toward $860-880 is likely to face selling interest unless BNB can reclaim $900 with strong volume, a scenario that currently appears unlikely given the derivatives backdrop.

Liquidations and Funding Rates Confirm Deleveraging PhaseThe sharp downside move in BNB was fueled by aggressive liquidation activity across derivatives markets. Liquidation heatmap data reveals dense long-position clusters stacked between $880 and $850, where leverage had accumulated over recent sessions. 

Once BNB was rejected at $900, price quickly moved into this liquidity pocket, triggering a cascade of forced closures. During the selloff, BNB-related liquidations exceeded $100 million, with long positions accounting for the bulk of the wipeout. This confirms that bullish positioning had become overcrowded near resistance, leaving the market vulnerable to a rapid flush once support gave way.

Funding rates across major perpetual contracts flipped decisively negative, sliding into the -0.01% to -0.02% range, signalling traders paying a premium to stay short. At the same time, open interest dropped by roughly 8–10%, showing that leverage was being forcibly removed rather than rotated into new positions. Together, negative funding, falling open interest, and clustered liquidations point to a structural leverage reset, not a one-off panic move.

Final ThoughtsBNB’s price rejection at $900 has shifted the short-term trend firmly bearish, with liquidation-driven selling exposing fragile market structure. Until leverage resets and price stabilizes above key resistance, downside risks remain dominant. For now, traders are watching whether demand can re-emerge near support, or if further deleveraging extends the decline.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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It's reasonable to say that this coin isn't behaving like a safe harbor asset right now.

Bitcoin (BTC 5.91%) is having one of those periods that make even its evangelists a bit tense. It's down by 17% over the last 12 months as I write this, and 22% over the last three months. It seems to sink no matter what the headlines are saying about politics, the economy, or international relations. Sentiment about the coin hasn't been this bad in years.

But none of that will stop me from buying even more of it. Here's why.

Image source: Getty Images.

The supply story isn't affected by headlines The short-term mechanism of Bitcoin getting beaten down is quite simple. For the last 12 months, there's been a new problem every week or so.

In that period, the market has been perpetually repricing the coin relative to the latest geopolitical conflicts, tariff risks, and other economic phenomena in real time. There has been absolutely no shortage of these chaotic happenings, and there will probably not be any reprieve for a few years. And when these threats escalate, investors tend to trim risk assets like Bitcoin.

Today's Change

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But if you're buying an asset to hold it for years, the headlines in any given week are really not all that important. After all, the whole point of Bitcoin is that it isn't a fiat currency that a government can just print more of. And, as its supply gets even harder to produce every four years thanks to its halvings, today's coins are very likely to be cheaper than those in the future, when miners will need to be compensated for the additional effort needed.

This is to say that no matter how mediocre its performance has been in these turbulent times, its core investment thesis still holds as strong as ever. I expect the coin's price to be significantly higher within a few years.

One risk overhang worth appreciating Nonetheless, there is one risk that I view as being potentially deadly for Bitcoin, and it's something I am paying very close attention to.

At some point in the future, likely more than five years from now, a quantum computer might be powerful enough to crack Bitcoin's encryption and steal coins. That'd be a massive problem for every holder if it happens.

But, it's already theoretically possible to mitigate this threat. Bitcoin has to choose and deploy its own mitigation path, which will take some time, but  its developer community is already in the process of evaluating what the best course of action is.

In the long run, I expect Bitcoin to navigate this obstacle, and that's why I still have the confidence to keep buying it now.

Bitcoin can behave badly this week without there being a long-term problem. I still buy it because the long-term upside comes from inherent properties, specifically its supply policy, while the scariest downside has a plausible path to mitigation that's already starting to move forward.

SIX Swiss Exchange said in its 2025 crypto products report that non-bitcoin underlyings captured the majority of trading turnover, leaving Bitcoin at 32.34% of activity.

The exchange’s turnover-by-underlying split shows Solana at 24.64%, Ripple at 14.99%, and Ethereum at 12.51%, with “Others” at 7.93% and index products at 7.59%. On that mix, altcoins and non-BTC exposures collectively accounted for 67.66% of turnover, signalling that flow is diversifying beyond a single benchmark.

On the product level, the report lists the 21Shares Solana Staking ETP with 870,081,277 in market turnover and 28,669 trades, while the 21Shares XRP ETP logged 440,387,273 and 20,266 trades. SIX also shows USD as the leading trading currency at 78% of turnover. Watch whether this allocation holds through 2026, and whether issuer concentration, led by 21Shares AG in turnover-by-issuer, remains intact.

Source: SIX Swiss Exchange Ltd, Crypto Products Traded on the SIX Swiss Exchange, Yearly Report 2025.

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

This is a familiar story for those who have been in crypto for a while. Bitcoin crashes, rebounds, and a few altcoins follow after. Yet, that small- or medium-cap crypto with promising fundamentals never followed through.

The question investors won't say aloud: Why did my token never catch the recovery bid?

The answer has less to do with the coin's fundamentals and more to do with how crypto's microstructure has fundamentally reshaped itself.

The “investable altcoin market” has contracted into a top-heavy pyramid in which new liquidity doesn't rotate down the capitalization curve. Instead, it concentrates in majors and occasionally in ETF-credible large caps, while the long tail gets brief, thin narrative pops that fade within weeks.

The math is brutal. Top 10 altcoins now command roughly 82% of the altcoin market cap excluding Bitcoin, per Coin Metrics analyst Tanay Ved. That's up from a range of 69-73% maintained across 2020-2024, and well above the 64% low reached during the 2021 bull run.

This isn't a temporary flight to quality during a bear market, but a structural reordering. The breadth that defined “alt season” has evaporated. Even when alts rise, most beta accrues to the top 10, not the tail.

The investable universe itself has shrunk. Coin Metrics tracks that altcoins with market caps above $1 billion fell from roughly 105 at the 2021 peak to just 58.

The headline statistic that “thousands of tokens exist” is misleading, as the liquid, scalable set has contracted by nearly half. The concentration math is: if the top 10 already own 82% of the market cap, the entire “everything else” bucket represents just 18%.

In a recovery where capital allocation rules don't change, most marginal dollars land in the top bucket. The long tail competes for leftovers while absorbing ongoing emissions and unlocks.

Top 10 altcoins now control 82.5% of total altcoin market cap, up from 69-73% during 2020-2024.The pipes don't connectRecoveries no longer function as a “rising tide lifts all boats” effect because liquidity enters crypto through channels that don't naturally spill into microcaps.

Wintermute's 2025 OTC report argues that how capital entered crypto mattered as much as how much came in. ETFs and digital asset treasury vehicles concentrate flows into Bitcoin, Ethereum, and a narrow set of large caps, with limited organic rotation into the broader token universe.

Spot Bitcoin ETF assets under management hover around $122 billion at the current $85,000 price level. The funnel at the top of the stack is massive, but it doesn't connect to microcaps.

The narrative half-life has shortened dramatically.

Wintermute found that the average altcoin rally lasted approximately 19 days in 2025, down from 61 days in 2024. This reflects reduced follow-through and insufficient liquidity to sustain the themes beyond the initial burst.

Small caps don't just need a pump, but also need time and depth to build sustained bids. Yet, the window keeps shrinking.

The market's “liquidity surface” is thinner than it looks. CCData's December 2025 exchange review reports that combined spot and derivatives volumes fell 26.4% to $5.79 trillion, the lowest level since October 2024.

Execution metrics focused on 1% market depth indicate that when depth declines, the same trade size moves the price more violently and makes follow-through more difficult. Small caps can go up in these conditions, but they just can't stay up.

Macro makes quality-only rallies more probableCrypto remains trapped in its risk-on cage. During recent stress, the S&P 500 fell roughly 1.5%, gold shed 1%, while Bitcoin dropped 5%.

This movement reinforces that crypto continues to behave as leveraged beta for risk assets.

VanEck noted that Bitcoin's 30-day correlation with the S&P 500 fell to approximately 0.18, one of the lowest readings of the past year, while Bitcoin's correlation with gold rose.

This unstable relationship makes institutional allocators wary of anything below the majors when risk appetite fragments.

Equities sit at or near all-time highs, with the S&P 500 sitting at 6,927.40 after crossing 7,000 on AI optimism and expectations of Federal Reserve cuts.

Meanwhile, the crypto market cap slid below $3 trillion, down by 5.1%. The valuation disparity amplifies caution.

Stablecoin “dry powder” isn't expanding as it did before, reaching an all-time high above $310 billion in mid-January, before contracting to $308 billion. If stablecoin supply isn't growing, the market fights over a relatively fixed pool of deployable liquidity, and it crowds into liquid names.

Small tokens face an additional headwind that majors absorb more easily: supply unlocks and dilution.

99Bitcoins flagged roughly $1.69 billion in token unlocks over a single week in early January 2026, highlighting near-term sell pressure.

Market maker Keyrock's analysis found that token unlocks frequently create downward price pressure, with effects beginning weeks before the unlock.

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That small-cap coin isn't only just waiting for buyers, but it is also manufacturing new supply.

Additionally, small-cap tokens reached a four-year low, indicating that the alt season thesis is dead. The same fate applies to the possibility of a recovery when Bitcoin rebounds.

The data has only tightened since.

Altcoins with market caps above $1 billion fell from 105 in 2021 to 58 today, a 45% contraction.Three scenarios for what would have to changeThe path forward splits into three distinct scenarios, each with observable tells.

An institution-led recovery, which is the most probable path if ETFs remain the primary on-ramp, will involve Bitcoin and Ethereum outperforming, with large caps leading while small caps lag and breadth remaining narrow.

The top-10 alt share will remain above 80%, centralized exchange volumes will remain muted, and rally durations will remain compressed to weeks rather than months. This scenario preserves the current structure.

A retail-led breadth return requires a new inflow source and a longer narrative half-life. The signals: stablecoin supply growing materially rather than staying flat, more tokens re-entering the “>$1 billion investable” set and reversing Coin Metrics' documented shrinkage, and narrative cycles lengthening back toward 2024-style durations.

This scenario requires ammunition: an expanding stablecoin supply that creates a pool that can rotate down the cap curve.

A liquidity shock or a risk-off continuation represents the worst-case scenario. Majors absorb what liquidity remains, the tail bleeds via unlocks and emissions, and random pumps get even shorter.

This scenario will include cross-asset signals such as gold bid versus Bitcoin weakness, large unlock weeks landing into thin depth, and further compression of rally windows. This scenario accelerates concentration.

Wintermute itself points to 2026 catalysts for broader participation: ETF and digital-asset treasury mandates expanding beyond major asset managers, Bitcoin and Ethereum wealth effects creating rotation appetite, and retail mindshare returning.

These are the conditions, not guarantees, under which small caps might catch a sustained bid.

MetricWhy it matters for small capsSmall-cap-friendly thresholdCurrent / recent readTop-10 alt share (ex-BTC)Measures breadth vs “apex-only” market; high share implies liquidity stays in majorsNeeds to fall below ~80% (or at least trend down)~82% (Coin Metrics / Tanay Ved, SotN Issue 347)# of alts > $1BProxy for the liquid, scalable “investable universe” that can attract sustained flowsNeeds to rise (trend up) vs continued contraction~58 today vs ~105 peak (2021) (Coin Metrics / Tanay Ved, SotN Issue 347)Average alt rally durationNarrative half-life; short rallies don’t allow rotation down the cap curveNeeds to re-lengthen toward 2024 regime~19 days (2025) vs ~61 days (2024) (Wintermute Digital Asset OTC Markets 2025 Report)CEX combined spot + derivatives volumeBroad risk appetite/turnover; weak volumes = thinner follow-through, harder for small caps to sustainNeeds sustained expansion (break out of “low activity” regime)$5.79T (Dec 2025), -26.4% MoM; lowest since Oct 2024 (CCData Exchange Review Dec 2025)Stablecoin supply growth“Deployable ammo” for risk-on rotation; flat supply = a fixed pool fighting for the most liquid namesNeeds clear 30d expansion (not flat)~$308B total; negligible net change over 7d/30d (DeFiLlama stablecoins)Token unlock intensitySupply headwind; small caps absorb unlock selling far worse than majorsNeeds lighter unlock calendar (and/or demand growth that absorbs unlocks)~$1.69B unlocks in a single week (early Jan 2026) (Yahoo Finance) + price impacts can start ~30 days before unlock (Keyrock unlock study)What decides the outcomeTokens outside the top 10 now require a different recovery than Bitcoin.

They need expanding stablecoin ammunition, a longer narrative half-life, and enough depth to absorb new supply. Without those conditions, the rebound stays concentrated in majors.

The market has revealed its preference structure: when capital is scarce, it seeks liquidity and credibility. The top 10 provide both. The long tail provides neither.

The 82% concentration figure isn't just a statistic, but a new default. Reversing it requires either a substantial expansion of deployable capital or a fundamental shift in how institutional and retail capital flows into crypto.

Until one of those conditions materializes, small-cap holders face a market structure that works against them by design. The “alt season” thesis didn't just die, it was buried under a collapsing liquidity pyramid where only the apex thrives.

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Tron founder Justin Sun says the ecosystem will increase its Bitcoin holdings after Binance’s call for sector-wide BTC treasuries, signaling a shift toward Bitcoin as a reserve asset.

Summary

Justin Sun announced that the Tron ecosystem plans to increase its Bitcoin holdings, without disclosing size or timing.​ The move aligns Tron with other crypto firms using Bitcoin as a strategic treasury reserve rather than a rival asset.​ Tron’s large stablecoin and DeFi footprint means its BTC allocation could influence how infrastructure projects manage balance sheets.​ Justin Sun, founder of the Tron blockchain network, announced plans for the Tron ecosystem to increase its Bitcoin holdings, according to a statement posted on social media.

Sun stated the decision was made in response to a call from cryptocurrency exchange Binance to the sector, though specific investment amounts and timelines were not disclosed.

Justin Sun states Tron will increase Bitcoin holdings The announcement adds Tron to a growing list of blockchain projects and companies incorporating Bitcoin into their treasury management strategies. The move represents a shift among some blockchain networks toward viewing Bitcoin (BTC) as a strategic reserve asset rather than a competing cryptocurrency.

The Tron network processes a significant portion of global stablecoin transfers and hosts various decentralized finance applications. The network’s stablecoin usage has positioned it as a major player in the cryptocurrency infrastructure space.

Bitcoin’s fixed supply cap of 21 million coins and increasing adoption by institutional investors have made it an attractive reserve asset for corporate treasuries, according to market observers.

Sun has previously advocated for interoperability between different blockchain networks and has described Bitcoin as a foundational element of the cryptocurrency ecosystem.

Market analysts noted that while Tron’s Bitcoin purchases may have limited immediate price impact, the move could signal growing confidence in Bitcoin among institutional and semi-institutional entities in the cryptocurrency sector.

The strategy follows similar approaches by other entities in the digital asset space that have adopted Bitcoin as a treasury reserve asset. Binance has promoted this approach within the cryptocurrency industry.

Circle Internet Group says it will devote 2026 to strengthening its underlying infrastructure to enable more businesses and institutions to adopt stablecoins.

Nikhil Chandhok, the firm’s chief product and technology officer, noted in a blog post that the company is trying to bring Arc, its institutional-focused layer-1 blockchain, out of testnet and into the real world. He noted the company will also focus heavily on upgrading stablecoin infrastructure so that companies can adopt stablecoin-based payments and settlements without building their own systems from scratch.

The company also said it will deepen the utility of USDC, EURC, USYC, and partner tokens while extending their presence to new chains.

Arc will serve as Circle’s coordination layer Circle’s decision follows strong growth in stablecoins, now worth more than $300 billion, along with clearer U.S. regulatory frameworks. Stablecoins became a major focus of the crypto industry in 2025, driven by new U.S. rules and growing interest from banks and institutions.

The plan, Circle says, is to scale applications, including its payments network, so organizations can handle stablecoin payments without managing the technology themselves. Chandhok even noted that Circle will invest in making USDC more seamless across different blockchains, while improving the user and developer experience.

He further stated, “In addition, we will continue to expand our partner and developer ecosystem to build utility and extend global scale and reach to bring the benefits of stablecoin and internet-scale finance to more markets and use cases.”

In the first 90 days of operation, the Arc testnet generated almost 1.5 million wallets that processed more than 150 million transactions, typically settling the transactions in about half a second.

Circle hopes to have Circle Payments Network and StableFX run on Arc Services like Circle Payments Network and StableFX will in the future operate on Arc, drawing on its institutional-grade architecture to more easily coordinate payments and capital flows, Circle said. Circle also seeks to have Arc lower onchain finance’s barriers to entry by handling behind-the-scenes complexity for regulated organizations.

The platform also comes with developer and interoperability tools to help teams build leading product solutions. For instance, the company’s CCTP has also supported cross-chain USDC, with the stablecoin running across 30 networks by December 2025 and CCTP connecting 19 of them, processing $126 billion in total. Speaking on CCTP, the company even stated in its release that it’s “Going forward, our priority is to make it an even more systemic interoperability layer for USDC so that businesses and users have access to USDC liquidity that moves safely and predictably across blockchains where it’s needed.” 

The firm also recently launched Circle Gateway for chain-agnostic USDC balances, enabling instant cross-chain liquidity for apps without increasing complexity. Currently, it’s infusing Gateway with Arc, CCTP, and x402, preparing the base for USDC-powered micropayments, machine-to-machine transactions, and agentic payment flows across multiple chains.

The firm wrote, “Together with Arc, these interoperability and developer tools will make the idea of an Economic OS more than just a concept, but rather a robust framework that combines a network, interoperability primitives, and tightly integrated tools for developers to build with.”

DeFiLlama data indicates that USDC still holds the No. 2 spot among dollar-backed stablecoins, with a market cap above $70 billion. Meanwhile, USDT remains the largest stablecoin, accounting for more than $186 billion of the $306 billion total market cap.

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TL;DR

Vitalik Buterin committed roughly $45M, or 16,384 ETH, to open-source privacy and security work amid the Ethereum Foundation’s mild austerity shift. It positions resilience as recurring infrastructure spend, giving teams runway for audits, maintenance, and long-term engineering, and reinforces user protection as the baseline for growth. Funded in ETH onchain, the pledge is legible and verifiable, setting a 2026 benchmark focused on measurable security and privacy execution. Vitalik Buterin has committed roughly $45M in ETH, totaling 16,384 ETH, to support open-source privacy and security work. This allocation positions privacy and security as core infrastructure spend rather than optional experimentation. The commitment arrives as the Ethereum Foundation is described as shifting toward mild austerity, putting more scrutiny on budgets and priorities. By moving capital directly into open-source efforts, Buterin is signaling that hardening the stack and improving user privacy remain non-negotiable, even when spending tightens and narratives rotate. It also frames user protection as the baseline for growth.

Open-source funding meets Ethereum’s austerity moment The pledge is framed as support for open-source projects focused on security and privacy, areas that underpin every application built on top. The operational takeaway is that ecosystem resilience needs recurring financing, not sporadic one-off grants. Security work is often invisible until failure, while privacy tooling can lag because it is complex and hard to monetize. A material commitment changes the planning horizon for teams doing this work, creating runway for audits, maintenance, and long-term engineering that strengthens the broader ecosystem. In that lens, funding becomes insurance against future systemic surprises.

Denominating the commitment in ETH also matters because it keeps the funding aligned with the environment the projects are intended to protect. The strategic signal is that funding is being deployed onchain in a way that is legible, auditable, and ecosystem-native. An ETH-based pool can be managed over time without relying on external rails, and it highlights an open-source ethos where contributions are visible and verifiable. That transparency can help stakeholders track intent, stewardship, and follow-through, which is critical when security and privacy are treated as public goods. It keeps incentives aligned with network health.

For markets and builders, the immediate question is how sustained this posture becomes and what it normalizes for other large holders. The forward-looking implication is that 2026 narratives may reward measurable security and privacy execution over short-term token optics. As more value moves through onchain systems, expectations around safety controls and user privacy rise alongside adoption. If mild austerity continues, the ecosystem may prioritize fewer, higher-impact initiatives, with this $45M commitment serving as a benchmark for what “mission-critical” looks like, at scale, sustainably.

While the entire cryptocurrency market suffered a bloodbath in the 24 hours between the morning of January 29 and January 30, none of the major digital assets experienced a larger relative drop than XRP.

Specifically, the popular token is down 7% in the 24 hours – a move that led to a total weekly downturn of 8.41% – and is, at press time on Friday, changing hands at $1.75.

XRP price one-week chart. Source: Finbold In terms of market capitalization, XRP is down as much as $7 billion as the cryptocurrency’s valuation collapsed from $114 billion to $107 billion by the morning of January 30.

XRP market capitalization one-week chart. Source: TradingView Why XRP is crashing today The overall bloodbath appears driven by a series of external factors that exacerbated the wider digital assets downtrend that arguably started in October 2025 – shortly after Bitcoin (BTC) recorded its latest all-time high (ATH) near $125,000. 

XRP itself has been on a downward trajectory even longer, since, despite the substantial volatility, it hit its latest high above $3.50 as far back as July and has shed about $103 billion from its market capitalization by January 30, 2026.

The factors contributing to the most recent crash are varied. President Donald Trump advanced his fight against Fed Chair Jerome Powell on Friday morning by naming Kevin Warsh, while simultaneously facing the possibility that there would be another government shutdown already on January 31.

Looking beyond the American shores, the situation is not substantially more stable. For weeks, the U.S. has been conducting a military buildup in the Middle East, leading some observers to estimate a new attack on Iran is imminent.

Indeed, multiple recent reports indicate President Trump has been presented with several options for striking the country, though he has, allegedly, not reached a decision yet.

Did investors lose faith in the U.S. economy? At least part of the sell-off among risk assets can also be linked with a wider lack of confidence among investors. This possibility was highlighted by Microsoft’s (NASDAQ: MSFT) own 10% stock market crash on January 29 in the wake of a somewhat mixed earnings report.

The notion that investors are jittery is also backed by the fact that, along with risk-sensitive digital assets that lost a total of $200 billion in valuation in a day, gold – traditionally a ‘safe haven’ asset – also wiped nearly $3 trillion in just 24 hours.

Featured image via Shutterstock

President Trump on Friday announced Kevin Warsh as his nominee to succeed Jerome Powell as Chair of the Federal Reserve, yet Bitcoin (CRYPTO: BTC) plunged below $83,000 on the news. Warsh Nomination Shifts Macro Interpretation Technical analyst Kyledoops said a Warsh-led Fed would fundamentally change how markets interpret policy signals, given his reputation as an inflation hawk and strong-dollar advocate.

Journalist

Posted: January 30, 2026

Investors can’t seem to catch a break. What started as a bullish rally at the beginning of 2026 has turned into a volatility trap. Bulls are taking heavy losses as this pullback hits the deepest point of the year so far.

In technical terms, the market is going through a major deleveraging phase. Analysts point out that this flush could represent another wave of liquidations, with Bitcoin’s [BTC] $6,000 drop shaking out weak hands.

That said, sentiment now plays a major role. As the chart below shows, the Fear and Greed Index has slipped 10 points deeper into fear, making the next few days for Bitcoin’s price more psychological than fundamental.

Source: CoinMarketCap

As a result, despite Bitcoin price pulling back nearly 13% in just two weeks, calling $80k a potential bottom is probably too early, especially as ongoing macro events continue to test investor patience and market nerves.

Adding to this, the government shutdown was recently avoided. While that removes a major source of uncertainty, it also takes away a key catalyst that pushed Bitcoin price to $126k last cycle as macro data went dark.

Overall, from a psychological standpoint, Bitcoin is just beginning its test. In this setup, is its pullback simply a reset, or the beginning of a structural shift, with “fear” pushing investors to move capital elsewhere?

Bitcoin price faces turbulence! A psychological rally shows investors are prioritizing risk management.

Simply put, Bitcoin price led the sell-off, driving roughly 65% of the $300 billion market wipeout and pushing fear across the crypto market. As a result, investors are now rethinking positions and adjusting exposure.

In this context, El Salvador’s $50 million gold purchase isn’t random. Instead, it’s a hedge for its BTC holdings, a move clearly resonating with U.S. investors, as BTC’s CPI shows little sign of sparking spot demand.

Source: Coinglass

Therefore, the odds of another market rotation can’t be ruled out. 

Volatility is keeping investors on edge, sentiment has shifted back to risk-off, the avoided shutdown removed a key catalyst, and over $1.5 billion in liquidations highlight just how much risk outweighs reward right now.

By comparison, gold is still up 18% despite the wipeout, clearly showing where the better ROI lies. Hence, Bitcoin price remains too fragile to call $80k a bottom, making its 13% drop the start of a deeper structural shift.

Final Thoughts Bitcoin price down 13% amid high volatility, showing a deleveraging phase, with sentiment driving investor behavior. El Salvador’s gold purchase and gold’s 18% gain in 2026 highlight a stronger ROI, signaling a possible continuation of capital rotation.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network. She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations. At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

21Shares introduced the JitoSOL ETP (JSOL) on Euronext. JSOL ETP provides Solana exposure and staking yields through traditional banks without direct wallets. 21Shares, an asset manager, has listed a new exchange-traded product on Euronext that gives European investors regulated access to Solana’s liquid-staking token JitoSOL, combining price exposure to SOL with built-in staking rewards, which marks a major step in bridging decentralized finance with traditional capital markets.

The press announcement states that 21Shares launched Jito Staked SOL ETP (JSOL) yesterday, which can be accessed through banks or standard brokers, as it removes the requirement for direct wallet, validator, or staking infrastructure management.

21Shares expands its Solana offerings via JSOL ETP The Jito Network’s JitoSOL was developed to facilitate earning on Solana. As per the press release, it was the first to implement a two-way yield model. While keeping a complete interest in Solana’s price, investors who swap SOL for JitoSOL instantly receive two types of returns, such as regular staking incentives and an extra portion of transaction fee revenue.

“21Shares was the first issuer in the world to introduce staking on its Solana ETP (ASOL) in 2021. To this date, ASOL remains the largest Solana ETP globally. By launching the world’s first JitoSOL ETP, 21shares is once again innovating in the space, offering investors solutions to participate fully in the Solana ecosystem’s growth,” said Alistair Byas-Perry, VP, Head of EU Investments and Capital Markets at 21Shares, added in a press statement. 

Also, it adds that 21Shares continues to be among the leading providers of transparent and easily accessible exposure to the digital asset market by listing more than 55 ETPs on European exchanges and managing about $8 billion in assets worldwide.

Solana Gains Momentum  The 21Shares  JSOL ETP listing comes at the period where Solana remains in focus, emerging as a key Blockchain Network. The Wyoming government-backed U.S. dollar token FRNT, which launched earlier this month,  is available for trading on the Solana Blockchain, and Franklin Templeton submits filings in November 2025 to launch a Solana ETF. 

Further, the statement adds that Solana is the preferred environment for institutional payments and tokenization. With that, Visa, PayPal, and JPMorgan have used the network for US-dollar payments and tokenised fund issuance. 

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Ether (ETH) could see another sharp drop after losing the support level at $2,800, with technical charts and onchain data suggesting the downtrend will continue.

Key takeaways:

Ether’s descending and symmetrical triangle setups converge at $2,100.

Ether is at levels that have previously preceded deeper price corrections, based on onchain data.

Ether’s chart technicals converge at $2,100The ETH/USD pair has dropped by over 10% in the last three days, dipping below the key support at $2,800.

Ether has not traded below this level since Dec. 3, 2025, and losing it suggests lower ETH price levels could be in the cards.

ETH is trading around $2,700 at the time of writing, a "do or die level for bulls,” said Metacryptox, adding:

“A failure to hold here confirms the bearish dominance, potentially opening the doors to the $2,500 mid-range.”The $2,800 level coincides with the horizontal line of a descending triangle, which was breached on Thursday. 

The next major support is $2,500, which coincides with the 200-week simple moving average (SMA), as shown in the chart below.

Below that, the price could drop toward the measured target of the triangle at $2,150, or a 20% decline from the current level.

ETH/USD daily chart. Source: Cointelegraph/TradingViewA bearish divergence from the relative strength index, which has dropped to 34 from 68 in early January, shows weakening price momentum.

Meanwhile, Veteran trader Peter Brandt said the “burden of proof” was on the bulls after the ETH/USD pair broke below the lower trendline of a symmetrical triangle.

Brandt’s chart points to more downside risk, particularly after the price dropped below the $2,800 mark. 

ETH/USD daily chart. Source: Peter BrandtThe measured target of the pattern, calculated by adding the width of the triangle to the breakout point, is $2,100, representing a 22% decline from the current price.

As Cointelegraph reported, the area between $3,000 and $2,800 was a key support zone for Ether, and losing it has put ETH at risk of further losses. 

Ethereum mirrors past pre-bear market setupsOnchain data also reveals similarities between the current ETH market setup and previous bear cycles.

Ether’s net unrealized profit/loss (NUPL) indicator has transitioned from “anxiety (yellow)” to the “fear zone (orange),” a position that is typically associated with the start of bear markets.

The NUPL measures the difference between the relative unrealized profit and the relative unrealized loss of ETH holders.

In previous market cycles, the transition to fear has accompanied extended price drawdowns, as shown in the chart below.

ETH: Net Unrealized Profit/Loss. Source: GlassnodeMeanwhile, chart technicals show that the 111-day moving average (MA) is currently trading below the 200-day MA. Similar crossovers triggered the start of deeper ETH price drawdowns during the 2018 and 2022 bear markets, as shown in the chart below.

Ether’s 111-day MA vs. 200-day MA. Source: GlassnodeThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.