Market Signal Briefing

SK Hynix beat rival Samsung Electronics in operating profit for the first time in 2025, as it retained its lead in high-bandwidth memory used in artificial intelligence chips. 

The two South Korean memory makers went head-to-head this week, with SK Hynix reporting earnings on Wednesday and Samsung on Thursday morning local time.

SK Hynix posted a record operating profit of 47.2 trillion won for the full year, surpassing Samsung's 43.6 trillion won. The comparison underscores SK Hynix's ascension in South Korea's tech space since it was acquired by SK Telecom for about $3 billion in 2012.

SK Hynix focuses almost entirely on memory chips, while Samsung operates across multiple businesses, including consumer electronics and contract chip manufacturing. Samsung's memory segment generated operating profits of about 24.9 trillion won in 2025.

SK Hynix's success is in large part thanks to its entrenched position as the global leader in high-bandwidth memory, or HBM, a specialized chip used in AI processors and servers such as those produced by Nvidia. 

"SK Hynix is clearly an outstanding 'AI Winner' in Asia," said MS Hwang, research director at Counterpoint Research, adding that its lead in quality and supply of HBMs and other chips used in AI servers has been crucial in the current phase of the AI infrastructure boom. 

SK Hynix has maintained its market lead in both areas, even as Samsung regained the top spot in memory revenue rankings in the fourth quarter of 2025, said Hwang.

However, competition is ramping up. 

While SK Hynix managed to gain an early lead in HBM and secured the lion's share of Nvidia memory contracts last year, competitors like Samsung and Micron have been making some breakthroughs.

Samsung has expanded its HBM sales and said it remains on track to begin delivering HBM4 products — the latest, sixth-generation HBM technology — this year.

"[W]e expect Samsung to show a significant turnaround with HBM4 for Nvidia's new products, moving past last year's quality issues," said Ray Wang, an analyst at SemiAnalysis focused on memory and the AI supply chain. 

Still, analysts expect SK Hynix to retain high market share in HBM4 and maintain its dominant position.

"⁠⁠The HBM4 race is really between SK Hynix and Samsung as we think [the] two companies are more competitive than Micron," said Wang. 

"We expect SK Hynix to maintain its lead in HBM4, while Samsung to make material progress and become more competitive in HBM4 than [previous generations]," he added.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of T either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of T either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I am not an investment advisor, and this article is not meant to be a recommendation of the purchase or sale of stock. Investors are advised to review all company documents and press releases to see if the company fits their own investment qualifications.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Intel stock has been surging of late, but the business is still well behind this manufacturing leader.

After years of lagging the market, Intel (INTC +11.04%) has suddenly found new life.

The stock has more than doubled over the last six months, even after its sharp pullback following disappointing guidance in its fourth-quarter earnings report.

Intel has rebounded with the help of the U.S. government, which took a 9.9% stake in the stock last August, which was followed by Nvidia investing $5 billion in the chip-maker in September.

Both moves gave Intel much-needed capital to continue investing in its foundry business and to develop new AI products. It also showed confidence in the company's turnaround prospects under new CEO Lip-Bu Tan, who has cut costs, streamlined the business, scaled back on capital expenditures, and is aiming to overhaul the culture, making it less bureaucratic and more like a start-up.

However, the recent pullback on its earnings report shows that the stock may be overbought and that expectations seem to have outrun the current reality of the business. Intel is still struggling to grow and turn a profit. Revenue fell 4% in the fourth quarter to $13.7 billion, and it reported a generally accepted accounting principles (GAAP) loss of $591 million, though it was profitable on an adjusted basis.

For the first quarter, it expects revenue of $11.7 billion-$12.7 billion, which is a sharp sequential decline, and sees adjusted earnings per share of just break-even.

For investors looking to capitalize on the AI infrastructure boom, there's a more reliable stock to buy here. In fact, it's a chief rival of Intel. I'm talking about Taiwan Semiconductor Manufacturing Corporation (TSM +1.14%), the world's leading contract manufacturer of semiconductors.

Image source: Getty Images.

A track record of excellence TSMC, as the company is often known, isn't a household name like Intel. It doesn't make branded products, and it's based in Taiwan rather than the U.S.

However, the company is one of the most valuable in the world at a market cap of $1.8 trillion, and it's a linchpin in the global economy as it's the primary chip manufacturer for tech titans like Apple, Nvidia, AMD, Broadcom, and others. It manufactures more than half of the contract chips in the world and is estimated to account for 90% of the advanced contract chips.

That gives it a strong competitive advantage, and its results back that up as it's turned in phenomenal growth and profit margins during the AI boom.

In its fourth quarter, revenue rose 25.5% to $33.7 billion, and it reported an operating margin of 54%, or $18.2 billion in operating income.

TSMC now makes 77% of its revenue from advanced chips, which it defines as those that are 7 nanometers (nm) or less. The stock also trades at an attractive valuation at a price-to-earnings ratio of 32, making it only slightly more expensive than the S&P 500. Historically, the stock has traded at a discount because it's based in Taiwan and some investors fear that China could invade the island territory.

TSMC stock has also been a longtime winner on the stock market, up more than 1,000% over the last decade.

Today's Change

(

1.14

%) $

3.86

Current Price

$

342.20

Intel vs. TSMC Intel operates in two primary segments: its products division, which refers to its chip designs, and its foundry division, which is focused on manufacturing. Historically, the company has manufactured chips solely for itself, but it restructured its business in 2021 to open its foundry to outside customers and has signed up some new customers, including Amazon.

Intel has staked the future of the foundry business on advanced processes like 18A (18 angstroms or 1.8nm), which it recently launched. 18A and the upcoming 14A, which is expected to enter production in 2028, have the potential to make Intel a real competitor to TSMC. However, a meaningful challenge from Intel is likely years away, and Intel has been losing billions of dollars a year on the foundry business as it builds out advanced processes in an attempt to establish a third-party manufacturing business.

At this point, Intel stock is more expensive than TSMC, even though its revenue is basically flat and it's losing money on a GAAP basis. TSMC, on the other hand, expects to grow revenue by a compound annual rate of around 25% through 2029, and it's currently keeping more than half of its revenue as operating income.

While Intel's turnaround may be appealing as a story, TSMC is the much safer bet here and should continue to beat the market as long as the AI boom continues.

Jeremy Bowman has positions in Advanced Micro Devices, Amazon, Broadcom, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Apple, Intel, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.

Toyota Motor's all-new RAV4 SUVs are displayed during its world premiere event in Tokyo, Japan May 21, 2025. REUTERS/Manami Yamada/File Photo Purchase Licensing Rights, opens new tab

CompaniesTOKYO, Jan 29 (Reuters) - Toyota Motor (7203.T), opens new tab sold a record 11.3 million vehicles globally in 2025, the company said on Thursday, retaining its crown as the world's top-selling automaker for a sixth consecutive year.

Global group sales rose 4.6% from a year earlier, including the parent company's Toyota and Lexus brand vehicles as well as those sold by small-car unit Daihatsu and truck maker Hino Motors (7205.T), opens new tab.

Sign up here.

Second-ranked German rival Volkswagen Group reported this month that unit sales fell 0.5% last year to just under 9 million vehicles, as it seeks to cut costs at home and contend with intense competition in China.

Toyota's growth was driven mainly by sales in the U.S. and Japan, which together accounted for more than two-fifths of the parent company's sales.

Toyota and Lexus brand vehicle sales rose 3.7% in 2025 to 10.5 million, also a record, helped by strong demand for hybrid vehicles in the U.S.

Exports from Japan to the U.S. jumped 14.2% to about 615,000 vehicles, with the RAV4 SUV among the most popular models.

In China, Toyota's sales edged up 0.2%, the first time in four years they did not decline, despite the heavy competition in the world's top car market.

Gasoline-electric hybrids accounted for 42% of Toyota's parent company sales globally, while battery-electric vehicles made up 1.9%.

Reporting by Daniel Leussink; Editing by Jamie Freed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Las Vegas Sands Corp. (LVS) Q4 2025 Earnings Call Transcript

SummaryCompaniesElliott opposes Toyota's buyout offer for TICO, claims undervaluationToyota defends offer, cites intrincis value and fairnessOutcome may set precedent for Japanese dealmakingTOKYO, Jan 29 (Reuters) - Toyota's plan to take an affiliate private looked unremarkable at first. Instead, the bid for Toyota Industries, or TICO, ignited a battle between activist investors demanding top dollar and a Japanese corporate culture that prizes stakeholder harmony over shareholder returns.

This month, Toyota sweetened its bid by 15% to around $27.8 billion but failed to quell the uprising. Elliott Investment Management said the revised ​18,800 yen-a-share offer undervalued TICO (6201.T), opens new tab by almost 40% -- and potentially much more as a standalone entity.

Sign up here.

The U.S.-based activist fund, which holds 6.7% of TICO, has attacked the bid as opaque and said it falls short of basic governance standards. ‌Since Toyota announced its initial 16,300 yen-a-share offer in June, Elliott has led the charge for a higher price.

The standoff pits Paul Singer's fund, known for extracting big paydays from Argentina and Peru, against the world's largest automaker and its chairman, Akio Toyoda. The 69-year-old grandson of Toyota's founder has a personal stake in the outcome: He's investing about $6.5 million to boost his TICO holding from 0.05% to 0.5% and tighten his grip on the maker of forklifts, engines and RAV4 SUVs.

The pushback threatens to upend Toyota's plans to revamp a key affiliate. Elliott has urged investors not to take the offer price, arguing TICO would be worth more independent -- a gambit that could force Toyota to pay significantly more or kill the deal outright.

This account of how a routine buyout turned into a corporate battle is based on regulatory filings and interviews with more than two dozen people, including investors and Toyota group executives. It ‌shows how the transaction has become a test case for dealmaking in Japan -- and whether the principle of "sanpo yoshi," which prizes benefits to all stakeholders and society, can withstand pressure from shareholder activists.

"Over the years, ​Toyota has tended to annoy investors because it doesn't really care about shareholders," said Stephen Codrington, CEO of research firm Codrington Japan.

Toyota rejects that view. A representative said the group sees shareholders as important and their support as critical to growth. In an interview with Reuters just before the bid was raised, Masahiro Yamamoto, the automaker's chief risk officer, said it was incorrect to portray talks with shareholders as confrontational.

A representative for Toyota Fudosan, the real-estate unit leading the buyout, this week defended the offer, saying it reflected TICO's intrinsic value and represented a premium to ‍historic market prices.

A TICO representative said it had taken steps to ensure the bid was transparent, including consulting outside directors and independent firms, and received three fairness opinions.

An Elliott spokesperson declined to comment in response to written questions from Reuters.

'HE WHO SPEAKS THE LOUDEST WINS'Founded in 1926 as Toyoda Automatic Loom Works, TICO later added an automobile division, spun off as Toyota Motor (7203.T), opens new tab in 1937. Toyota says it wants to take TICO private to remove the burden of short-term profit targets as the group pivots to connected cars and advanced software.

After the deal was announced, TICO shares settled near the offer price, signaling confidence Toyota would succeed.

But overseas investors, alarmed ⁠by what they saw as opaque financial disclosure and shoddy treatment of minority shareholders, complained to the Tokyo Stock Exchange (TSE) over the summer that the transaction went against its drive to improve governance, two people briefed on the matter said.

The TSE had never experienced such "fury" from investors, said ‍one of the people. The exchange declined to comment on the complaints, which haven't been previously reported.

In September, TICO shares began to tick higher as investors bet Toyota would bump the price. That conviction deepened when Elliott disclosed its stake in November.

Still, Toyota executives gave no sign of budging.

Following investor complaints, Kenta ‌Kon, a director ‌at Toyota Fudosan, told other executives that raising the price to appease some shareholders would create a dangerous precedent, according to two people. Kon contended that such a move would amount to "He who speaks the loudest wins," these people said, unfairly rewarding some stakeholders because they created a fuss.

In an interview, Kon, who is also the automaker's chief financial officer, told Reuters he didn't recall using that expression. The group had been "careful to ensure that we do not prioritize anyone unfairly," he said.

As TICO's shares kept rising, a buoyant market also lifted the value of its cross-shareholdings in other Toyota companies, which investors said made the offer price look less attractive.

"They've tried to buy Toyota Industries on the cheap, and now they have to face a bull market in the cross-shareholdings that Toyota Industries holds," said Hugh Sloane, co-founder of Sloane Robinson Investment Management in London, who ⁠holds shares in TICO. He doesn't plan to tender his shares, he ⁠said.

In mid-December, TICO executives wrote to Toyota Fudosan urging it ​to increase the offer, citing the rising share price, a regulatory filing showed.

Toyota Fudosan eventually settled on 18,800 yen, which TICO accepted as final, according to the filing. TICO shares closed at 19,585 yen on Wednesday.

GOVERNANCE OVERHAULAnother rationale for the TICO deal is to unwind its holdings in other Toyota companies and better align the group with TSE governance changes intended to improve shareholder value. Yet the backlash has eclipsed previous governance complaints against Toyota.

In August, the Asian Corporate Governance Association advocacy group raised concerns about the buyout in a letter to TICO and Toyota signed by some two dozen investors. They cited inadequate financial disclosure ‍and said Toyota group companies shouldn't be classified as minority shareholders, as that lowers the voting threshold Toyota would need to clinch the deal.

The Toyota Fudosan representative said the group companies were independent, listed firms that made their own decisions. TICO released more financial details this month.

Not everyone views Japan's efforts to prioritize shareholders as entirely positive. Japan risks having its manufacturing prowess eroded by U.S.-style "short-termism and financialization" where quarterly earnings take precedence over long-term investment, said Ulrike Schaede, a professor of Japanese business at University of California San Diego.

One executive at a Toyota group company said those complaining about price were chasing quick returns, at odds with the longer-term view typically taken ​by Japanese companies.

A person familiar with Elliott's thinking said the fund had approached the deal with a focus on corporate value and that had resonated with other investors.

The ‍Toyota representative said the group recognizes investors may have different investment horizons.

Inside the Toyota group, there is a "sense of concern" about Elliott, one person said, adding the automaker hadn't expected the fund to start raising its stake last month.

Elliott has been a shareholder in TICO for more than a year, two people said. It first confirmed a 3.3% holding ​in November, which it has since doubled.

In a filing that month, the activist fund flagged that it could increase its stake to 20% or more.

Reporting by Maki Shiraki, Daniel Leussink, David Dolan and Anton Bridge; Additional reporting by Miho Uranaka, Sam Nussey and Makiko Yamazaki; Editing by David Crawshaw.

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

David Dolan helps lead Reuters coverage of Japan, with a focus on business news. He joined Reuters in Tokyo in 2004 and later worked in South Africa and Turkey, where he was also deputy bureau chief.

-

38% describe their relationship status with finances as ‘it’s complicated’

DULUTH, Ga.--(BUSINESS WIRE)--Middle-income families’ outlook on the U.S. economy and their personal finances is beginning to stabilize after years of sharp swings, according to the latest Primerica U.S. Middle Income Financial Security Monitor™ (FSM™) survey The results show that lingering cost pressures and economic volatility leave households financially strained and cautious.

The latest data suggests middle-income consumer sentiment has leveled off, and families are adjusting to a prolonged period of higher prices rather than anticipating near-term relief. In fact, about half (49%) say their main financial goal for the year is simply keeping up with rising costs.

“After years of economic volatility, middle-income families appear to be settling into a new reality. They’re no longer waiting for the economy to turn and instead are learning how to navigate the higher cost of living,” said Glenn J. Williams, CEO of Primerica. “Many families want help reaching their financial goals but sell themselves short due to misconceptions that financial guidance costs too much or is only meant for those with more money. These assumptions can hold families back, even though sound advice can be especially valuable during periods of sustained economic pressure.”

Additional key findings from Primerica’s Q4 2025 U.S. Middle-Income Financial Security Monitor™ (FSM™):

Families’ economic outlook has leveled off: A majority (59%) of middle-income Americans expect the U.S. economy to be worse off in the next year, while 24% expect it to improve and 12% expect it to remain the same — data that has remained largely steady over the past six months. Financial stress remains unresolved for many: More than one-third (38%) of middle-income Americans describe their relationship status with financial stress as “it’s complicated,” underscoring the disconnect between improving economic indicators and the day-to-day realities middle-income Americans continue to face. Personal financial expectations remain mixed: About one-third (34%) of middle-income Americans expect to be worse off financially in the coming year, while a similar share (33%) believe their situation will stay about the same — views that have remained largely unchanged over the past six months. Majority delayed major purchases or expenses in 2025: More than two-thirds (69%) of households said they had to delay a major purchase or expense in the past year, with the top two categories related to buying a car (35%) or making home repairs or improvements (35%). Debt remains a top financial priority for the year ahead: Nearly half (47%) of middle-income families say paying down debt will be one of their primary financial goals this year, highlighting how elevated balances — especially credit card debt — continue to shape household budgets. Misconceptions discourage families from seeking financial guidance: Among households that do not work with a financial professional, 37% say they don’t believe they have enough money to need one, while 35% assume the cost would be too high — misconceptions that keep families from seeking help that could support their financial goals. Primerica Financial Security Monitor™ (FSM™) Topline Trends Data

Dec

2025

Sept

2025

Jun

2025

Mar

2025

Dec
2024

Sept
2024

Jun

2024

Mar

2024

Dec

2023

How would you rate the condition of your personal finances?

Share reporting “Excellent” or “Good.”

45%

46%

46%

48%

45%

44%

49%

50%

50%

Analysis: Respondents’ assessments of their personal finances has remained the same over the past year.

Overall, would you say your income is…?

Share reporting “Falling behind the cost of living”

68%

69%

65%

69%

65%

68%

66%

67%

68%

Share reporting “Stayed about even with the cost of living”

22%

24%

23%

29%

24%

26%

25%

24%

20%

Analysis: Concern about meeting the increased cost of living has increased slightly over the past year.

And in the next year, do you think the American economy will be…?

Share reporting “Worse off than it is now”

59%

63%

61%

76%

55%

25%

40%

46%

53%

Share reporting “Uncertain”

6%

6%

4%

4%

9%

34%

19%

18%

9%

Analysis: The share of respondents expecting the economy to worsen over the next year has declined since the previous survey.

Do you have an emergency fund that would cover an expense of $1,000 or more (for example, if your car broke down or you had a large medical bill)?

Reporting “Yes” responses

62%

58%

60%

64%

59%

61%

63%

62%

60%

Analysis: The percentage of Americans who have an emergency fund that would cover an expense of $1,000 or more has increased slightly over the past year.

How would you rate the economic health of your community?

Reporting “Not so good” and “Poor” responses

63%

59%

59%

66%

63%

63%

58%

60%

57%

Analysis: Respondents’ rating of the economic health of their communities has remained the same over the past year.

How would you rate your ability to save for the future?

Reporting “Not so good” and “Poor” responses

70%

73%

71%

71%

71%

73%

68%

67%

73%

Analysis: A significant majority continue to feel it is difficult to save for the future.

In the past three months, has your credit card debt…?

Reporting “Increased” responses

31%

34%

31%

31%

34%

35%

30%

34%

35%

Analysis: Credit card debt has decreased slightly over the past year.

About Primerica’s Middle-Income Financial Security Monitor™ (FSM™)

Since September 2020, the Primerica Financial Security Monitor™ survey has polled middle-income households quarterly to gain a clear picture of their financial situation, and it coincides with the release of the monthly HBI™ metric four times annually. Polling was conducted online from Dec. 1-4, 2025. Using Dynamic Online Sampling, Change Research polled 858 adults nationwide with incomes between $30,000 and $130,000. Post-stratification weights were made on gender, age, race, education and Census region to reflect the population of these adults based on the five-year averages in the 2021 American Community Survey, published by the U.S. Census. The margin of error is 3.6%. For more information visit Primerica.com/public/financial-security-monitor.html.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”. For more information, visit www.primerica.com.

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Tesla takes another leap toward becoming a physical AI company: Here are the 6 biggest takeaways from its Q4 earnings call. By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Tesla CEO Elon Musk announced the Model S and Model X will be discontinued as part of the company's push toward full autonomous driving and humanoid robots. STR/NurPhoto via Getty Images 2026-01-29T05:02:01.281Z

Tesla's fourth-quarter earnings call heavily focused on the EV maker's pivot to physical AI. CEO Elon Musk announced a major investment in xAI and plans to discontinue the Model S and X. Tesla's revenue was largely buoyed by its energy business and other services. Tesla is making another leap to shed its EV maker title and transform into a full-fledged physical AI outfit.

The theme of Wednesday's fourth-quarter earnings call heavily centered on how Tesla is investing in its future as an AI and robotics company — a narrative CEO Elon Musk has pushed for some time now.

The bets included: a major investment in Musk's xAI, updates on the Optimus humanoid robot, and a renewed push for in-house chipmaking. Musk projected that Tesla's future will require a $20 billion investment, which dwarfs the company's $8.5 billion in capex reported for the 2025 fiscal year.

Meanwhile, Tesla's automotive segment took a back seat: Musk said he's killing the Model S and Model X to free up room for humanoid robot production. And while Tesla's energy and "services" revenue jumped 25% and 18%, respectively, auto revenue fell 11% year-over-year — a clear indication that the quarter's growth came from everywhere but its core EV business.

"We've updated the Tesla mission to amazing abundance, and this is an attempt to send a message of optimism about the future," Musk said during the call.

The company's stock rose 1.7% after the market closed on Wednesday evening.

Here are 6 biggest takeaways from the earnings call.

Tesla invests $2 billion into xAITesla made good on its pledge to investors and announced a $2 billion investment into xAI, the startup behind Grok. It's part of a larger $20 billion Series E funding round from January.

The expectation of the investment is a deeper collaboration between the two companies. xAI, which has been expanding its data center footprint, could provide the compute and other technical capabilities to further advance Tesla's autonomous vehicle and robotics agenda.

Vaibhav Taneja, Tesla's chief financial officer, said during the call that the agreement with xAI is in the spirit of finding "efficient ways for others to help us."

Musk kills the Model S and Model XIn a surprise move, Musk announced that production of the Model S and Model X would be discontinued by the next quarter, closing a chapter on the company's premium SUV and sedan.

That leaves the EV maker with four cars: the Cybertruck, the more popular Model 3 and Model Y, and the yet-to-be-released Cybercab.

The CEO said during the call that the move will provide more production space in Tesla's Fremont factory for Optimus robots.

The "long-term goal" is to produce a million units a year with the freed-up space, Musk said.

The CEO added that killing the Model S and Model X is part of Tesla's "overall shift to an autonomous future," which includes the company's ride-hailing service, Tesla Robotaxi, and autonomy in personally owned vehicles through Full Self-Driving, an advanced driver assistance system.

Tesla expects to start production of the Cybercab, a two-seater coupe, in April for eventual integration into its Robotaxi fleet.

Robotaxi gets more expansion targetsTesla revealed where it aims to expand the Robotaxi ride-hailing service in the first half of 2026 — Dallas, Houston, Phoenix, Miami, Orlando, Tampa, and Las Vegas — but has yet to announce when it will remove the safety monitors inside the cars for public riders across Austin and San Francisco Bay Area, where the service now operates.

Musk said that FSD — the technology that Tesla says will make personally owned vehicles fully autonomous — is already "100% unsupervised" and operating without humans inside. The difference, he said, is that Tesla is being "very cautious" with rolling out unsupervised service to the public, though Tesla began offering a limited number of unsupervised rides in Austin this month.

"There's like some pretty nutty intersections, where there are a lot of humans who make mistakes and have accidents in various cities," Musk said. "So we want to make sure that FSD can handle those unusual intersections."

Musk wants to go deeper into chipsThere wasn't much of a progress report on Tesla's AI5 chip, but the CEO said he's spending part of his weekends working on it.

"If I'm spending my Saturdays on something, it's going to be something pretty important," Musk said, adding that chip procurement is "existential" for Tesla's future, going so far as to bring up the Tesla "Terafab" — his aspirational idea of building an in-house chip manufacturing plant.

Musk said he wants to build a factory that integrates "logic, memory, and packaging" because Tesla will be "fundamentally limited by supply chain" if it doesn't.

Optimus is still in 'R&D phase'Musk said he expects to unveil an Optimus 3 robot in a "few months," but don't expect it to be working the assembly lines just yet.

The CEO said Optimus isn't contributing to Tesla's manufacturing work in any "material way" and that the humanoid robot is only in the factory for training purposes.

The fundamentals were still crucial for Q4Musk talked a lot about Tesla's future, but the company's fourth-quarter performance still hinged on its tangible businesses, such as its energy segment, which includes the Megapack, a utility-scale battery system, and the Powerwall, the home battery system.

"On the energy front, we achieved yet another record in terms of gross profits for the quarter and ended the year with nearly $12.8 billion in revenue," Taneja, the Tesla CFO, said.

Tesla also announced this month that it will pivot FSD to a subscription-based only model starting in February. Customers previously had the option to buy FSD upfront for $8,000.

The move is a clear signal that Tesla sees FSD as a key future revenue generator.

Automakers are increasingly betting that software subscription services will be a critical source of recurring revenue with higher margins. General Motors revealed that its vehicle software generated $2 billion in the past nine months.

Tesla did not respond to a request for comment.

Tesla

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The world's top cryptocurrency could finally warm up this year.

2025 was a disappointing year for Bitcoin (BTC 1.12%) bulls. The world's top cryptocurrency saw wild swings, but it ultimately fell more than 5% for the whole year. That drop can be attributed to Treasury yields, which remained high even as the Fed cut its benchmark rate, to messy macro headwinds, and to a rotation toward more conservative investments.

Bitcoin is off to a better start in 2026. It's only risen about 1% year-to-date as of this writing, but a few catalysts might stabilize its price and drive it higher throughout the rest of the year.

Image source: Getty Images.

What are Bitcoin's catalysts for 2026? It might initially seem like Bitcoin's most significant catalysts are in the rearview mirror. In 2024, the Securities and Exchange Commission (SEC) approved its first spot price exchange-traded funds (ETFs), and the halving (which halves mining rewards every 4 years) occurred. The Fed also halted its rate hikes, which had driven investors away from Bitcoin and other speculative cryptocurrencies, and reduced those rates six times throughout 2024 and 2025.

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With a lot of those catalysts already priced in, Bitcoin no longer seemed like a compelling investment for growth-oriented investors. However, Bitcoin's stabilization could drive its evolution into a safe haven play like gold and silver this year.

Bitcoin is often called "digital gold" because it is mined with powerful custom chips using the energy-intensive proof-of-work (PoW) mechanism. Nearly 20 million of its 21 million tokens have already been mined, and its scheduled four-year halvings make it increasingly difficult to mine the token profitably.

That scarcity makes it more similar to a hard asset than other smaller cryptocurrencies, and it could become a valuable hedge against inflation or the devaluation of fiat currencies. So if the Fed continues to cut interest rates and weaken the U.S. dollar, more institutional investors could increase their exposure to Bitcoin through its spot price ETFs.

Those larger investors could accumulate far more Bitcoin than smaller retail investors, thereby reducing the token's overall volatility and making it a more stable investment. As that happens, more countries could build their own Bitcoin Treasuries or adopt it as legal tender.

Bitcoin's price has already surged about 23,360% over the past decade, but its annual gains have slowed in recent years as it's become more widely recognized as a stable "blue chip" cryptocurrency. Investors shouldn't expect it to skyrocket over the next 12 months, but it should gradually rise as the macro conditions improve, and its spot price ETFs stabilize.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

This Wednesday, the price of the World token WLD skyrocketed more than 27%, driven by a Forbes report linking the project to OpenAI’s broader efforts to combat bots. Sources close to the matter claim that Sam Altman seeks to develop a “biometric social network” to verify real human identity amidst the rise of AI-generated accounts, considering the use of the “World Orb” device for this purpose.

This rally outperformed most major cryptocurrencies, fueled by interest in “Proof of Personhood” technology in an environment increasingly saturated with deepfakes. While there is currently no confirmed formal collaboration between OpenAI and World Network, the market reacted with optimism to the potential integration of decentralized identity systems into mass-market platforms.

The market will closely monitor the project’s regulatory evolution, as it has already faced suspensions in Kenya and inquiries in the United Kingdom. The key to the sustainability of this rally will depend on how the company manages personal data privacy while attempting to consolidate its vision of a secure and global digital identity.

Source: https://www.forbes.com/sites/annatong/2026/01/28/openai-wants-to-create-biometric-social-network-to-kill-xs-bot-problem/

Disclaimer: Crypto Economy Flash News is prepared from official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant events in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.

The key to a successful retirement is building a portfolio that provides sustained purchasing power.

Some investors think that owning high-growth assets is the key to an early retirement. The flaw with this logic is that growth stocks and alternative assets such as cryptocurrency often have pronounced volatility when compared to more mature or mainstream opportunities.

Let's explore how much money someone needs in order to retire. From there, we'll break down the composition of an ideal retirement portfolio and assess Bitcoin's (BTC 1.09%) role within this broader structure.

Image source: Getty Images.

How much money do you need to retire? Retirement is not a one-size-fits-all concept. The amount of money a person needs in order to live comfortably in retirement depends on their lifestyle.

Financial planners often suggest the 4% rule when reviewing retirement strategies. This simply means that retirees can withdraw 4% of their portfolio's value per year for spending needs.

On average, people between the ages of 35-44 have about $140,000 saved for retirement. While this is a respectable sum, clearly it is not enough to be able to withdrawal 4% per year for another 50 years or so.

One of the most important aspects of asset allocation is building a diversified portfolio. Having exposure to different industry sectors and spreading your positions across growth stocks, value stocks, dividend stocks, and blue chips is a prudent way to generate sustainable gains that can get you to and through retirement.

Can Bitcoin help you retire early? If you want to retire by the age of 35, you'll need some big gainers in your portfolio and holdings that provide you with buying power for decades. Broadly speaking, saving 25 times your annual spending needs is a good starting point to figure out what your portfolio value should be at retirement.

A $4 million portfolio would support annual spending of $120,000, assuming a 3% withdrawal rate, which is less than the 4% I mentioned earlier. I think a 10% allocation in speculative vehicles with asymmetric upside is an appropriate balance between long-term growth and portfolio durability.

At Bitcoin's current price of roughly $86,500, you'd need to own between four and five Bitcoins to fit the retirement criteria outlined above, but keep in mind its value could go down, or up, in the years ahead. 

Adam Spatacco has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

Asia Market Open: Bitcoin Range-Bound Near $88K As Asia Tech Loses Momentum, Gold Pushes Higher

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Bitcoin held near $88,000 early Thursday as Asian markets eased out of a hot streak in tech and investors shifted focus to earnings, central bank signals, and a fresh run higher in gold.

Shanghai rose 0.21% and DJ Shanghai gained 0.22%, and the SZSE Component slipped 0.10% and China A50 fell 0.20%. Hong Kong stood out as the Hang Seng jumped 1.22%.

Market snapshot Bitcoin: $88,527, down 0.7% Ether: $2,990, down 0.6% XRP: $1.89, down 0.1% Total crypto market cap: $3.08 trillion, down 0.6% Markets Torn Between Tech Hopes And Macro UncertaintyLukman Otunuga, senior market analyst at FXTM, said that markets are being pulled in two directions.

“On one hand, optimism around global equities and major tech earnings is supporting risk appetite. On the other, persistent trade uncertainty, sharp currency moves, and doubts around US fiscal and monetary policy are keeping investors on edge,” he said.

“With the dollar still vulnerable and big tech earnings accounting for a significant share of the S&P 500, the coming days could set the tone for risk sentiment well beyond this week.”

Gold and silver pushed to fresh all-time highs as investors stayed committed to physical assets, and oil hit a four-month top after President Donald Trump warned Iran of possible attacks if it did not make a deal on nuclear weapons.

Powell Signals Steady Policy As Markets Reprice Easing PathIn the US, the Federal Reserve kept rates on hold, and Chair Jerome Powell talked of a “clearly improving” economic outlook and broad support on the committee for a pause. Powell also sidestepped questions on whether he would remain as a governor after stepping down as chair in May as Trump presses for deeper cuts.

Traders then repriced the path ahead, with the chance of another easing by April pared back to 26% and June seen as the next likely window at 61%.

Earnings kept driving the equity story. Samsung Electronics reported a surge in operating profit as AI spending lifted chip prices, and markets also watched the split reaction to Microsoft and Meta, with investors turning next to Apple results.

Currency markets stayed unsettled as the dollar remained under pressure, even after US Treasury Secretary Scott Bessent reiterated the administration’s preference for a strong dollar, and European officials monitored the euro’s rise as the European Central Bank flagged that a steep move could influence rate decisions.

For crypto, the mood stayed cautious. Thin spot ETF activity and softer derivatives positioning kept bitcoin trading in a tight range, with traders looking for a clearer catalyst from risk markets, earnings, and the next signals from policymakers.

Tesla Inc. (NASDAQ:TSLA) retained its Bitcoin (CRYPTO: BTC)through the fourth quarter, but reported paper losses on the holdings on Wednesday Tesla Reports Unrealized Loss On Bitcoin Tesla held $1.008 billion in digital assets as of Dec. 31, down 23% from the previous quarter, according to the company's earnings report posted after the market close. The Elon Musk-led mobility giant reported paper losses of $307 million on its cryptocurrency holdings, reversing two consecutive quarters of paper profits.

Flare Networks says it has turned a chunk of XRP from an idle holding into something that can earn returns. The moves are recent and the numbers are concrete enough to grab attention, yet they raise as many questions as they answer.

Flare Bridging And Activity According to Flare, roughly 91.69 million XRP have been bridged onto its network. About 75% of that stock is said to be actively put to work onchain.

Reports say the Flare vault system shows 90.55 million XRP in its core vault after inflows and outflows were counted, and the FXRP wrapper is reported to hold 91.67 million tokens with a 100% reserve ratio.

The new Flare XRP Yield Vault crossed $10.54 million in TVL inside 30 days. That last figure is quick growth for a product aimed at XRP holders who until now had few options for earning yield.

How @FlareNetworks is becoming the center of XRP DeFi:

91M+ XRP bridged.
75%+ deployed onchain.

And now: the Flare XRP Yield Vault powered by @upshift_fi ’s modular vault infrastructure, bringing automated strategy execution, risk frameworks, and scalable yield to XRP for the… pic.twitter.com/VwnnCJVldC

— Flare ☀️ (@FlareNetworks) January 27, 2026

High Deployment Rate The high deployment rate suggests people are not simply parking assets to chase an easy bonus. Activity has been recorded across a set of strategies and the wrapped FXRP is being moved into other protocols.

That activity has been supported by a vault system built by Upshift, which automates yield processes and applies predefined risk controls. Reports indicate that returns are generated through a mix of onchain strategies, though details on how those yields may change over time have not been fully outlined.

XRP market cap currently at $117 billion. Chart: TradingView Based on past market patterns, yield levels across crypto platforms have tended to decline once incentive programs are reduced. At the same time, the use of bridges and smart contracts introduces added technical complexity, which has previously led to disruptions and losses across the sector.

Where The Yield Comes From Reports note that other firms have adopted similar models. Axelar and Hex Trust are among those that issued wrapped XRP tools that earn returns when deployed. That means multiple places are trying to make XRP productive.

At the same time, Ripple — the company closely tied to XRP — has been active on the business side: a $500 million funding round was reported in November, and regulatory steps in the UK were announced in January, including an Electronic Money Institution license and cryptoasset registration.

GTreasury, acquired by Ripple for $1 billion in October, launched a product called Ripple Treasury this month. These moves add weight to the wider story but do not change the mechanics of how onchain yield is created or kept.

Featured image from Yahoo Finance, chart from TradingView

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The long-awaited altcoin season may fail to meet expectations, according to comments shared by well-known market analyst Ted Pillows. In a recent post on X, Pillows pushed back against the popular belief that gains from Bitcoin and traditional safe-haven assets will naturally rotate into alts. This outlook is based on the analyst’s reconciliation with the fact that the structure of today’s crypto market is very different from past cycles.

Why Bitcoin Gains Have Not Flowed Into Altcoins Many crypto market participants have been waiting for many months for a capital rotation from Bitcoin into altcoins, a trend that played out in previous market cycles, most especially in 2021. However, this has yet to play out as expected, as the crypto industry’s dynamics have matured from speculative inflows from investors since then. 

Particularly, Pillows pointed to the current 2024/2025 market cycle as a clear example of misplaced expectations among altcoin holders. According to his assessment, the rotation into alts never materialized because the dominant buyers of Bitcoin were institutions, not retail traders. 

Institutional participants, he noted, tend to accumulate Bitcoin as a long-term asset and do not actively rotate capital into altcoins the way retail investors did in previous cycles. This market behavior from the new cohort of investors has contributed to a strong Bitcoin dominance even during periods of corrections. According to CoinMarketCap’s dominance index, Bitcoin’s dominance is currently at 58.9%.

The analyst extended this logic to current expectations around gold and silver. Right now, gold and silver are trading near record highs, with social media interest in these precious metals also at remarkable highs. Gold is currently trading above $5,270 per ounce and is steadily pushing to new highs. Silver is also pushing to new highs, currently trading around $113 per ounce.

Some market participants believe that strength in these precious metals could eventually translate into Bitcoin inflows and then into altcoins. However, according to Pillows, this won’t happen again, which might leave altcoin holders disappointed. He pointed to the fact that the primary buyers of gold and silver today are central banks, not retail investors. 

What Needs To Change Before An Alt Rally Despite the skeptical outlook, Pillows did not claim that altcoins are permanently sidelined. Instead, he outlined conditions he believes are necessary for a widespread altcoin rally to take shape. One is meaningful regulatory clarity, particularly through the approval of the Clarity Act, which could improve institutional confidence across the digital asset space. The Clarity Act, however, is currently facing delays in Congress.

The other condition for an altcoin rally is a return to aggressive liquidity expansion similar to the quantitative easing environment witnessed during the 2020/2021 cycle. Without those conditions in place, only a small subset of altcoins will manage to perform well, while many others will gradually lose relevance and slowly dump to zero.

Overall market cap excluding BTC at $1.21 trillion on the 1D chart | Source: TOTAL2 on Tradingview.com Featured image from iStock, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Key takeaways:

HYPE surged 60% to $34.90, fueled by institutional investor accumulation from Hyperliquid Strategies and reduced selling after staking unlocks.

Bearish liquidations exceeding $20 million and ARK Invest's bullish report fueled speculation despite flat perpetual volumes.

Hyperliquid (HYPE) surged to $34.90 on Wednesday, climbing from $21.80 just two days prior. The 60% rally triggered over $20 million in liquidations on bearish leveraged positions, fueling speculation of further gains toward $40. The move followed reports of a publicly listed company focused on digital asset reserves adding HYPE to its balance sheet, alongside diminished sell pressure following a large staking unlock.

X user lukecannon727 raised suspicions regarding whether the company Hyperliquid Strategies (PURR US) has been diverting flows away from market maker Flowdesk. This came after users flagged a 3.6 million HYPE accumulation initiated on December 12, 2025. The associated addresses staked the HYPE tokens a few hours after receiving them via Anchorage custody solutions.

Source: X/lukecannon727The analysis cites another 460,000 HYPE transferred from OKX and Bybit on Tuesday and subsequently staked via Anchorage, which is consistent with Hyperliquid Strategies' operational methods. PURR, the Nasdaq-listed digital assets treasury company, originated from a merger with Rorschach, a SPAC sponsored by venture capital firms Paradigm and Atlas Merchant Capital.

Did Hyperliquid flip Binance?Some market participants attributed HYPE’s price gains to an increase in Hyperliquid’s onchain activity, although synthetic perpetual volumes and fees showed no significant changes. Similarly, open interest on Hyperliquid totaled $8.5 billion on Tuesday, flat from one week prior. There is little evidence of a major shift in Hyperliquid usage apart from increased activity in silver contracts.

Hyperliquid daily fees and perpetual volumes, USD. Source: DefiLlamaHyperliquid’s official X account reported an all-time high in open interest on Monday, driven by a surge in synthetic commodities volumes. The information was reposted by Hyperliquid CEO Jeff Yan, who noted that Hyperliquid’s Bitcoin futures liquidity had surpassed Binance. The analysis included a snapshot comparing the BTC perpetual futures orderbooks from Binance and Hyperliquid.

Source: X/chameleon_jeffYan’s analysis suggested that Hyperliquid has become the epicenter for “crypto price discovery,” although this assumption omits that Binance’s aggregate BTC futures open interest stands at $12.3 billion. The centralized exchange also offers monthly contracts and contracts settled in both BTC and Tether (USDT). In reality, Binance BTC open interest remains five times larger than Hyperliquid’s.

Previous HYPE sell pressure has been attributed to Continue Capital, especially after the fund manager reportedly sold 297,000 HYPE two weeks ago, according to X user murda0x. The latest large staking unlock from Continue Capital occurred on Jan. 21, totaling 1.47 million HYPE. Another 1.5 million HYPE were recently unlocked by wallets attributed to a "Tornado Cash cluster."

An ARK Invest research report released on Jan. 22 likely played an important role in capturing investor interest. The report depicted Hyperliquid as one of “the most revenue efficient companies in the world,” using decentralized finance (DeFi) derivatives to compete directly with traditional exchanges. Analysts noted that blockchain networks are evolving into monetary assets as a function of their utility.

HYPE’s failure to sustain levels above $34 on Wednesday is not necessarily a death sentence, but odds are the recent gains resulted from one-off events, such as inflows from a digital assets reserve company and reduced sell pressure. While Hyperliquid long-term fundamentals remain solid, there is no definitive evidence that $40 is the next logical step for the HYPE token.

This 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.

Donald Trump Jr., co-founder of World Liberty Financial, cheered the dollar-pegged World Liberty Financial USD (USD1) stablecoin hitting a $5 billion market capitalization on Wednesday. Trump Family Cheers USD1's Success Trump Jr. posted a CoinMarketCap screenshot on X to highlight the milestone.

Ethereum [ETH] is preparing for an important upgrade with ERC-8004, a new standard aimed at helping AI agents interact and verify each other directly on-chain.

The idea is big, but will it bring developers, activity, and eventually capital back to Ethereum’s mainnet?

What you need to know ERC-8004 is set to be out soon—it is a new smart contract standard designed to help AI agents discover and trust each other on-chain.

According to Marco De Rossi, head of AI at MetaMask, development on the standard has now been frozen, with mainnet deployment expected midweek, likely around Thursday at 9 AM ET.

Source: Telegram

That timeline lines up with Ethereum’s official X account, which confirmed the protocol is going live “soon.” The post also said,

“This unlocks a global market where AI services can interoperate without gatekeepers.”

ERC-8004 does not require any changes to Ethereum’s core network. Instead, it gives developers a standardized way to register and validate AI agents within smart contracts.

While existing frameworks like MCP and Agent2Agent already handle communication and task coordination, they stop short of addressing discovery and reliability.

This is the gap that the upcoming upgrade is intended to bridge.

Price action looks shaky, but positioning is firm Ethereum’s price action over the past few days has been held back, but optimistic. At press time, ETH traded near $3,025, up marginally on the day after rebounding from a dip toward the $2,900 zone earlier in the week.

Source: TradingView

That bounce came with a noticeable pickup in volume, so buyers stepped in on weakness. Pace is mixed. RSI was not in overbought territory and lacked strong bullish pressure.

Source: Coinalyze

Aggregated Open Interest climbed to roughly $17.05 billion, recovering from recent lows. It looks like traders are rebuilding positions, but without aggressive leverage.

Final Thoughts ERC-8004 will make the mainnet the settlement layer for an emerging AI agent economy. At press time, ETH price was steady near $3,025 with $17B+ in Open Interest.

Wednesday, 28 January 2026 09:30 PM

Topic: 

Earnings SANTA BARBARA, CA / ACCESS Newswire / January 28, 2026 / American Riviera Bancorp ("Company") (OTCQX:ARBV), holding company of American Riviera Bank ("Bank"), announced today unaudited net income of $12.4 million ($2.18 per share) for the year ended December 31, 2025, compared to $8.7 million ($1.50 per share) earned in the same reporting period in the previous year. Unaudited net income was $4.5 million ($0.80 per share) for the three months ended December 31, 2025, compared to $2.9 million ($0.51 per share) in the previous quarter, and $2.0 million ($0.35 per share) earned in the same reporting period in the previous year.

Total deposits were $1.20 billion at December 31, 2025, an increase of $86.7 million or 7.8% from December 31, 2024. At December 31, 2025, all deposits were "core deposits" from our clients, with no wholesale-funded certificates of deposit. Total loans were $1.08 billion at December 31, 2025, an increase of $91.8 million or 9.3% from December 31, 2024. Total loans grew $39.9 million or 3.8% in the fourth quarter of 2025.

Jeff DeVine, President and CEO of the Company and the Bank stated, "In 2025, we achieved over $90 million of net loan growth and similar growth in deposits through onboarding new clients and expanding existing relationships. Earnings improved substantially, and our shareholders were rewarded with a 17.4% increase in tangible book value per share and a new high for ARBV share price. We have reinvested for growth and look forward to opportunities from our new lending center in Ventura County."

Fourth Quarter 2025 Highlights

Unaudited net income and earnings per share have increased sequentially over the past four quarters and have improved 125.4% and 128.6%, respectively, from the fourth quarter of 2024. Net income in the fourth quarter of 2025 included a $535,000 tax credit gain related to the purchase of a qualified energy Federal tax credit at a discount.

Return on average assets was 1.27%, return on average equity was 14.48% and efficiency ratio was 64.05% for the fourth quarter of 2025, with sequential improvement in all of these ratios over the past four quarters. Return on average assets, adjusted to exclude the $535,000 tax credit gain, was 1.13% for the fourth quarter of 2025.

Total shareholders' equity was $127.7 million at December 31, 2025, and increased $16.3 million or 14.6% from the same reporting period in the previous year.

Tangible book value per share was $21.49 at December 31, 2025, and increased $3.18 or 17.4% from the same reporting period in the previous year.

The Company's tangible common equity ratio improved to 9.01% at December 31, 2025, compared to 8.35% at December 31, 2024. Strong earnings and improvements in the market value of the securities portfolio were partially offset by cumulative share repurchases totaling $2.6 million and the impact of 6.9% asset growth over the prior year.

Non-interest-bearing demand deposits were $451.7 million or 37.6% of total deposits at December 31, 2025, and have increased $20.7 million or 4.8% since December 31, 2024.

Total demand deposits were $620.1 million or 51.7% of total deposits at December 31, 2025, and have increased $72.1 million or 13.2% since December 31, 2024.

As a result of the Bank's core funding and relationship-based deposits, the cost of deposits and total cost of funds declined to 1.29% and 1.41%, respectively, for the fourth quarter of 2025. Total cost of funds has improved by 22 basis points from the 1.63% reported for the same quarter in the prior year.

Net interest margin ("NIM") increased to 3.81% for the fourth quarter of 2025, compared to 3.66% in the prior quarter, and has improved 49 basis points from the 3.32% reported for the same quarter in the prior year. NIM improved as a result of steady loan yield improvement and declining total cost of funds.

On-balance sheet liquidity continues to be substantial with $191.2 million of cash, due from banks, and available-for-sale ("AFS") securities at market value as of December 31, 2025.

At December 31, 2025, the Bank's commercial real estate ("CRE") portfolio is diverse, with weighted average loan-to-values of 29% to 54% and weighted average debt coverage ratios between 1.73x and 4.40x depending on the individual CRE category and as of the most recent CRE stress test in July 2025.

The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due and still accruing, and $8.1 million or 0.75% of total loans on non-accrual status, which are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

Fourth Quarter 2025 Earnings
For the fourth quarter of 2025, unaudited net income was $4.5 million, compared to $2.9 million reported in the third quarter of 2025, and $2.0 million reported in the fourth quarter of 2024. In the fourth quarter of 2025 the bank purchased a qualified energy Federal tax credit at a discount, which was applied to 2025 Federal tax liability and carried back for 3 prior tax years, resulting in the recognition of a $535,000 tax credit gain. Unaudited net income pre-tax, pre-provision (non-GAAP) was $5.1 million in the fourth quarter of 2025, a $0.6 million or 13.7% increase from the $4.5 million reported in the third quarter of 2025, and a $1.8 million or 54.6% increase from the $3.3 million reported in the fourth quarter of 2024.

The Bank continues to grow interest and fees on loans sequentially over the last five quarters from $13.4 million in the fourth quarter of 2024 to $15.4 million in the fourth quarter of 2025, representing a $2.0 million or 15.0% increase.

Total interest expense has decreased from $4.8 million in the fourth quarter of 2024 to $4.5 million in the fourth quarter of 2025, a $0.3 million or 5.8% decrease, even though deposits have grown $86.7 million or 7.8% since the fourth quarter of 2024. Total interest expense has declined due to the favorable shift in funding mix, reduced borrowings, and deposit rate reductions which followed the Federal Reserve's actions to lower its target rate by a total of 75 basis points in the last four months of 2025.

Net interest income pre-provision increased $1.1 million or 8.7% in the fourth quarter of 2025 compared to the third quarter of 2025 and increased $2.7 million or 25.2% compared to the fourth quarter of 2024.

Non-Interest Income and Expense
Total non-interest income was $0.9 million for the fourth quarter of 2025, the same as the prior quarter, and $0.1 million more than the fourth quarter of last year. Variances between the quarters can be attributed to SBA loan sale premiums, mortgage broker fees, loan interest rate swap fees, loan prepayment fees and gains or losses on sale of securities.

Total non-interest expense was $9.1 million for the fourth quarter of 2025, an increase from the $8.6 million reported for the prior quarter and the $8.1 million reported for the same quarter last year. Variances between the quarters can be attributed to changes in staffing, bonus accrual adjustments, operating losses and recoveries, and the timing of expenses related to advertising and events. The Company has generated significant operating leverage with total non-interest expense up only $1.7 million or 5.1% in fiscal 2025 while net interest income increased $6.7 million, or 16.2% in fiscal 2025.

Loans and Asset Quality
Total loans were $1.08 billion at December 31, 2025, an increase of $39.9 million or 3.8% from the prior quarter-end, and an increase of $91.8 million or 9.3% from December 31, 2024.

The Bank's Allowance for Credit Losses ("ACL") was $12.7 million at December 31, 2025, with a resulting coverage ratio of 1.17%, compared to $11.6 million or 1.17% at December 31, 2024. As of December 31, 2025, non-accrual loans totaled $8.1 million, a $1.7 million decrease from the previous quarter-end, and a $2.0 million increase from the $6.1 million reported at December 31, 2024. All loans on non-accrual are well supported by collateral, borrower assets, SBA guarantees, or specific reserves.

Deposits & Borrowings
Total deposits were $1.20 billion at December 31, 2025, a $60.7 million or 4.8% decrease from the prior quarter-end, and an increase of $86.7 million or 7.8% from December 31, 2024. Deposit growth year-over-year was represented by core deposits, with no wholesale brokered funds at December 31, 2025.

Non-interest-bearing demand deposits totaled $451.7 million at December 31, 2025, a decrease of $30.6 million or 6.3% from the prior quarter-end, and an increase of $20.7 million or 4.8% from December 31, 2024. Non-interest-bearing demand deposits represent 37.6% of total deposits at December 31, 2025, compared to 38.3% at the prior quarter-end, and 38.7% at December 31, 2024.

Interest-bearing demand deposits totaled $168.4 million at December 31, 2025, a decrease of $12.5 million or 6.9% from the prior quarter-end, and an increase of $51.4 million or 43.9% from December 31, 2024. Total demand deposits, including interest-bearing demand, represent 51.7% of total deposits at December 31, 2025, compared to 52.6% at the prior quarter-end, and 49.2% at December 31, 2024.

Other interest-bearing deposits totaled $579.9 million at December 31, 2025, a decrease of $17.6 million or 2.9% from the prior quarter-end, and an increase of $14.6 million or 2.6% from December 31, 2024.

The weighted average cost of deposits for the fourth quarter of 2025 decreased to 1.29% from 1.45% for the third quarter of 2025 and decreased 29 basis points from the 1.58% reported for the same quarter of last year. The decrease in the cost of deposits was due to significant growth in demand deposits throughout the year, and the Federal Reserve's three 25 basis point rate cuts in the last four months of 2025.

The Company's total borrowings remained at $26.5 million at December 31, 2025, same as prior quarter, and a decrease from $41.5 million at December 31, 2024. At December 31, 2025, the Company had $10.0 million drawn on a correspondent bank line of credit at a rate of 3.85%, and $16.5 million of subordinated notes outstanding at a rate of 3.75%. The weighted average cost on all borrowings for the fourth quarter of 2025 was 3.84%, resulting in $0.3 million of interest expense on borrowings, the same as the previous quarter and for the same quarter last year.

As a result of the favorable shift to core funding and the impact of deposit pricing changes, total cost of funds was 1.41% for the fourth quarter of 2025, 7 basis points better than the 1.48% reported for the previous quarter, and 22 basis points better than the 1.63% reported for the same quarter of last year. The Company's net interest margin improved to 3.81% for the fourth quarter of 2025, compared to 3.66% in the prior quarter, and improved a significant 49 basis points from the 3.32% reported for the same quarter of last year as a result of steady loan yield improvement and decline in total cost of funds.

The Bank's liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of 12.1% at December 31, 2025, compared to 18.6% at September 30, 2025. As of December 31, 2025, the Bank had available and unused, secured borrowing capacity with the Federal Home Loan Bank of San Francisco of $263.6 million, and had available and unused, secured borrowing capacity with the Federal Reserve of $44.6 million. In addition, the Bank had $142.7 million of unused fed funds lines of credit with correspondent banks at December 31, 2025. Available contingent funding sources of $450.9 million remain robust.

Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be $398.4 million, or 33.2% of total deposit balances as of December 31, 2025. The actual level of uninsured deposits is lower than the percentage stated above, as our knowledgeable bankers have helped clients obtain more than $250,000 of FDIC insurance with vesting structures such as joint accounts, payable upon death accounts, and revocable trust accounts with multiple beneficiaries. In addition, the Bank can offer up to $285 million of FDIC pass-through insurance to clients via the IntraFi network Insured Cash Sweep ("ICS") or Certificate of Deposit Account Registry Service ("CDARS") products.

Shareholders' Equity
Total shareholders' equity was $127.7 million at December 31, 2025, a $5.6 million or 4.6% increase since September 30, 2025, and an increase of $16.3 million or 14.6% over the same period of the prior year. The tax adjusted unrealized loss on securities, which is a component of equity (accumulated other comprehensive income or "AOCI"), improved $0.8 million or 5.4% from $14.7 million at September 30, 2025, to $13.9 million at December 31, 2025, and improved $5.7 million or 29.2% from December 31, 2024. The Bank fully expects to receive all principal when the investments mature.

As of December 31, 2025, the Company had repurchased 130,616 shares of common stock at a weighted average cost of $19.80, leaving $2.4 million available for repurchase under the share repurchase program.

Company Profile

American Riviera Bancorp (OTCQX:ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, Santa Maria, San Luis Obispo, Atascadero, and Paso Robles. In December 2025, the Bank opened a lending center in the City of Ventura. The Bank provides commercial business, commercial real estate, residential mortgage, construction, and Small Business Administration lending services as well as convenient online and mobile technology. The Bank maintains a "5 Star - Superior" rating from Bauer Financial and for fourteen consecutive years, has been recognized for strong financial performance by the Findley Reports. The Bank was rated "Outstanding" by the Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act. The Company was named to the "OTCQX Best 50" list for equal weighted share trading volume and total return in 2024. The Bank was recognized by S&P Global as a Top 100 Small US Community Bank Deposit Franchise as of June 30, 2025. #BankonBetter #OTCQX

American Riviera Bank
www.americanriviera.bank
805-965-5942
Michelle Martinich

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

December 31,

December 31,

One Year

One Year

2025

2024

$ Change

% Change

Assets

Cash & Due From Banks

$

21,395

$

20,948

$

447

2

%

Available-for-sale securities

169,793

178,082

(8,289

)

-5

%

Held-to-maturity securities, net

41,430

41,393

37

0

%

Loans

1,081,696

989,941

91,755

9

%

Allowance For Credit Losses

(12,689

)

(11,572

)

(1,117

)

10

%

Net Loans

1,069,007

978,369

90,638

9

%

Premise & Equipment

7,255

8,221

(966

)

-12

%

Operating Lease Right-of-Use Asset

5,584

4,841

743

15

%

Bank Owned Life Insurance

14,051

12,131

1,920

16

%

Stock in Other Banks

6,786

6,786

-

-

Goodwill and Other Intangibles

4,871

4,911

(40

)

-1

%

Other Assets

27,117

23,629

3,488

15

%

Total Assets

$

1,367,289

$

1,279,312

$

87,977

7

%

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

451,721

$

431,031

$

20,690

5

%

Interest-bearing Demand Deposits

168,399

116,996

51,403

44

%

Other Interest-bearing Deposits

579,902

565,312

14,590

3

%

Total Deposits

1,200,022

1,113,338

86,683

8

%

Borrowed Funds

26,500

41,500

(15,000

)

-36

%

Allowance for credit losses on off-balance sheet exposures

974

1,052

(78

)

-7

%

Other Liabilities

12,123

12,039

84

1

%

Total Liabilities

1,239,619

1,167,929

71,689

6

%

Common Stock

68,767

68,134

633

1

%

Retained Earnings

72,826

62,919

9,907

16

%

Other Capital

(13,923

)

(19,670

)

5,747

29

%

Total Shareholders' Equity

127,670

111,383

16,287

15

%

Total Liabilities & Shareholders' Equity

$

1,367,289

$

1,279,312

$

87,977

7

%

American Riviera Bancorp and Subsidiaries
Balance Sheets (unaudited)
(dollars in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Assets

Cash & Due From Banks

$

21,395

$

128,753

$

28,111

$

30,525

$

20,948

Available-for-sale securities

169,793

164,459

162,089

175,787

178,082

Held-to-maturity securities

41,430

41,411

41,392

41,410

41,393

Loans

1,081,696

1,041,839

1,020,261

994,788

989,941

Allowance for Credit Losses

(12,689

)

(12,689

)

(12,496

)

(11,859

)

(11,572

)

Net Loans

1,069,007

1,029,150

1,007,765

982,928

978,369

Premise & Equipment

7,255

7,494

7,773

7,943

8,221

Operating Lease Right-of-Use Asset

5,584

5,885

6,184

4,528

4,841

Bank Owned Life Insurance

14,051

12,489

12,370

12,254

12,131

Stock in Other Banks

6,786

6,786

6,786

6,786

6,786

Goodwill and Other Intangibles

4,871

4,883

4,889

4,898

4,911

Other Assets

27,117

21,142

23,086

21,725

23,629

Total Assets

$

1,367,289

$

1,422,452

$

1,300,445

$

1,288,784

$

1,279,312

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

451,721

$

482,343

$

447,534

$

445,533

$

431,031

Interest-bearing Demand Deposits

168,399

180,930

134,538

116,425

116,995

Other Interest-bearing Deposits

579,902

597,454

549,404

572,936

565,312

Total Deposits

1,200,022

1,260,727

1,131,476

1,134,894

1,113,338

Borrowed Funds

26,500

26,500

38,500

26,500

41,500

Allowance for credit losses on off-balance sheet exposures

974

1,215

993

1,126

1,052

Other Liabilities

12,123

11,956

11,865

11,158

12,039

Total Liabilities

1,239,619

1,300,398

1,182,834

1,173,678

1,167,929

Common Stock

68,767

68,493

67,914

67,914

68,041

Retained Earnings

72,826

68,276

67,645

65,334

63,012

Other Capital

(13,923

)

(14,715

)

(17,948

)

(18,142

)

(19,670

)

Total Shareholders' Equity

127,670

122,054

117,611

115,106

111,383

Total Liabilities & Shareholders' Equity

$

1,367,289

$

1,422,452

$

1,300,445

$

1,288,784

$

1,279,312

American Riviera Bancorp and Subsidiaries
Average Balance Sheets (unaudited)
(dollars in thousands)

4Q 2025

3Q 2025

2Q 2025

1Q 2025

4Q 2024

Average

Average

Average

Average

Average

Assets

Cash & Due From Banks

$

109,112

$

70,822

$

21,159

$

28,207

$

49,181

Available-for-sale securities

166,373

162,709

166,833

176,964

183,256

Held-to-maturity securities

41,416

41,397

41,414

41,400

41,383

Loans

1,055,371

1,031,749

1,007,429

988,262

980,848

Allowance for Credit Losses

(12,689

)

(12,626

)

(12,010

)

(11,575

)

(11,692

)

Net Loans

1,042,682

1,019,123

995,419

976,687

969,156

Premise & Equipment

7,392

7,666

7,910

8,118

8,384

Operating Lease Right-of-Use Asset

5,762

6,057

4,636

4,676

4,945

Bank Owned Life Insurance

13,762

12,448

12,330

12,183

12,072

Stock in Other Banks

6,786

6,786

6,786

6,786

6,786

Goodwill and Other Intangibles

4,877

4,887

4,894

4,904

4,925

Other Assets

21,352

21,981

20,943

21,893

22,926

Total Assets

$

1,419,514

$

1,353,876

$

1,282,324

$

1,281,818

$

1,303,014

Liabilities & Shareholders' Equity

Non-interest-bearing Demand Deposits

$

476,473

$

465,622

$

433,652

$

435,938

$

452,802

Interest-bearing Demand Deposits

156,271

150,042

120,062

113,411

113,218

Other Interest-bearing Deposits

621,162

579,637

554,088

568,440

584,053

Total Deposits

1,253,906

1,195,301

1,107,802

1,117,789

1,150,073

Borrowed Funds

26,589

26,674

47,231

37,389

27,772

Allowance for credit losses on off-balance sheet exposures

1,212

1,085

1,092

1,053

654

Other Liabilities

13,149

12,052

10,208

12,364

13,125

Total Liabilities

1,294,856

1,235,112

1,166,333

1,168,595

1,191,624

Common Stock

68,695

68,413

68,092

68,076

68,057

Retained Earnings

70,292

67,886

66,288

64,320

61,775

Other Capital

(14,329

)

(17,535

)

(18,389

)

(19,173

)

(18,442

)

Total Shareholders' Equity

124,658

118,764

115,991

113,223

111,390

Total Liabilities & Shareholders' Equity

$

1,419,514

$

1,353,876

$

1,282,324

$

1,281,818

$

1,303,014

American Riviera Bancorp and Subsidiaries
Statement of Income (unaudited)
(dollars in thousands, except per share data)

Quarter Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2025

2024

Change

2025

2024

Change

Interest Income

Interest and Fees on Loans

$

15,437

$

13,426

15

%

$

58,092

$

52,536

11

%

Interest on Securities

1,378

1,518

-9

%

5,646

6,401

-12

%

Interest on Due From Banks

962

445

116

%

1,827

1,194

53

%

Total Interest Income

17,777

15,389

16

%

65,565

60,131

9

%

Interest Expense

Interest Expense on Deposits

4,282

4,555

-6

%

16,284

15,120

8

%

Interest Expense on Borrowings

254

258

-2

%

1,371

3,791

-64

%

Total Interest Expense

4,536

4,813

-6

%

17,655

18,911

-7

%

Net Interest Income

13,241

10,576

25

%

47,910

41,220

16

%

Provision for Credit Losses

-

(121

)

-100

%

1,115

(77

)

-1548

%

Provision for Off-Balance Sheet Credit Exposures

(240

)

403

-160

%

(78

)

470

-117

%

Net Interest Income After Provision

13,481

10,294

31

%

46,873

40,827

15

%

Non-Interest Income

Service Charges, Commissions and Fees

609

530

15

%

2,427

2,387

2

%

Other Non-Interest Income

284

299

-5

%

1,087

1,736

-37

%

Total Non-Interest Income

893

829

8

%

3,514

4,123

-15

%

Non-Interest Expense

Salaries and Employee Benefits

5,744

4,705

22

%

21,859

19,997

9

%

Occupancy and Equipment

917

981

-7

%

3,705

3,726

-1

%

Other Non-Interest Expense

2,393

2,432

-2

%

8,741

8,927

-2

%

Total Non-Interest Expense

9,053

8,118

12

%

34,305

32,650

5

%

Net Income Before Provision for Taxes

5,321

3,005

77

%

16,082

12,300

31

%

Provision for Taxes

772

986

-22

%

3,637

3,559

2

%

Net Income

$

4,549

$

2,019

125

%

$

12,445

$

8,741

42

%

Shares Outstanding

5,713,022

5,815,818

-2

%

5,713,022

5,815,818

-2

%

Earnings Per Share - Basic

$

0.80

$

0.35

129

%

$

2.18

$

1.50

45

%

Return on Average Assets

1.27

%

0.62

%

105

%

0.93

%

0.68

%

37

%

Return on Average Equity

14.48

%

7.27

%

99

%

10.54

%

8.25

%

28

%

Net Interest Margin

3.81

%

3.32

%

15

%

3.69

%

3.30

%

12

%

American Riviera Bancorp and Subsidiaries
Five Quarter Statements of Income (unaudited)
(dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Interest Income

Interest and Fees on Loans

$

15,437

$

14,789

$

14,168

$

13,698

$

13,426

Interest on Securities

1,378

1,340

1,439

1,489

1,518

Interest on Due From Banks

962

621

82

162

445

Total Interest Income

17,777

16,750

15,689

15,349

15,389

Interest Expense

Interest Expense on Deposits

4,282

4,315

3,822

3,865

4,555

Interest Expense on Borrowings

254

257

487

373

258

Total Interest Expense

4,536

4,572

4,309

4,238

4,813

Net Interest Income

13,241

12,178

11,380

11,111

10,576

Provision for Credit Losses

-

194

634

287

(121

)

Provision for Off-Balance Sheet Credit Exposures

(240

)

221

(133

)

74

403

Net Interest Income After Provision

13,481

11,763

10,879

10,750

10,294

Non-Interest Income

Service Charges, Commissions and Fees

609

631

639

548

530

Other Non-Interest Income

284

289

247

267

299

Total Non-Interest Income

893

920

886

815

828

Non-Interest Expense

Salaries and Employee Benefits

5,744

5,467

5,250

5,398

4,705

Occupancy and Equipment

917

922

929

937

981

Other Non-Interest Expense

2,393

2,240

2,072

2,037

2,432

Total Non-Interest Expense

9,054

8,629

8,251

8,372

8,118

Net Income Before Provision for Taxes

5,320

4,054

3,514

3,193

3,004

Provision for Taxes

772

1,125

870

870

986

Net Income

$

4,548

$

2,929

$

2,644

$

2,323

$

2,018

Shares Outstanding

5,713,022

5,708,960

5,810,042

5,833,247

5,815,818

Earnings Per Share - Basic

$

0.80

$

0.51

$

0.46

$

0.40

$

0.35

Net Income pre-tax, pre-provision (Non-GAAP)

$

5,080

$

4,469

$

4,015

$

3,554

$

3,286

American Riviera Bancorp and Subsidiaries
Selected Financial Highlights (unaudited)
(dollars in thousands, except per share data)

At or for the Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2025

2025

2025

2024

Income and performance ratios:

Net Income

$

4,549

$

2,929

$

2,644

$

2,323

$

2,018

Earnings per share - basic

0.80

0.51

0.46

0.40

0.35

Return on average assets

1.27

%

0.85

%

0.83

%

0.74

%

0.62

%

Return on average equity

14.48

%

9.75

%

9.14

%

8.39

%

7.27

%

Loan yield

5.80

%

5.69

%

5.64

%

5.62

%

5.45

%

Cost of funds

1.41

%

1.48

%

1.50

%

1.49

%

1.63

%

Cost of deposits

1.29

%

1.45

%

1.39

%

1.39

%

1.58

%

Net interest margin

3.81

%

3.66

%

3.65

%

3.61

%

3.32

%

Efficiency ratio (b)

64.05

%

65.89

%

67.26

%

70.20

%

71.18

%

Balance Sheet ratios:

Loan-to-deposit ratio

90.14

%

82.64

%

90.17

%

87.65

%

88.92

%

Non-interest-bearing deposits / total deposits

37.64

%

38.26

%

39.55

%

39.26

%

38.72

%

Demand deposits / total deposits

51.68

%

52.61

%

51.44

%

49.52

%

49.22

%

Asset quality:

Allowance for credit losses

$

12,689

$

12,689

$

12,496

$

11,859

$

11,572

Nonperforming assets

8,116

9,803

8,442

4,799

6,098

Allowance for credit losses / total loans and leases

1.17

%

1.22

%

1.22

%

1.19

%

1.17

%

Net charge-offs / average loans and leases (annualized)

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

Texas ratio (a)

7.37

%

9.38

%

8.42

%

4.87

%

5.47

%

Capital ratios for American Riviera Bank(c):

Tier 1 risk-based capital

12.54

%

12.56

%

13.39

%

13.34

%

13.21

%

Total risk-based capital

13.68

%

13.77

%

14.59

%

14.51

%

14.36

%

Tier 1 leverage ratio

10.55

%

10.69

%

11.78

%

11.55

%

11.17

%

Capital ratios for American Riviera Bancorp(c):

Tier 1 risk-based capital

11.48

%

11.49

%

11.61

%

11.61

%

11.49

%

Total risk-based capital

13.93

%

14.03

%

14.19

%

14.17

%

14.05

%

Tier 1 leverage ratio

9.66

%

9.78

%

10.16

%

9.89

%

9.72

%

Tangible common equity ratio

9.01

%

8.27

%

8.70

%

8.58

%

8.35

%

Equity and share related:

Common equity

$

127,670

$

122,054

$

117,611

$

115,106

$

111,383

Book value per share

22.35

21.38

20.24

19.73

19.15

Tangible book value per share

21.49

20.52

19.40

18.89

18.31

Tangible book value per share, excluding AOCI (d)

23.93

23.10

22.49

22.00

21.69

Stock closing price per share

23.90

21.99

19.27

19.16

20.00

Number of shares issued and outstanding

5,713.02

5,708.96

5,810.04

5,833.25

5,815.82

Notes:

(a) Sum of Nonperforming Assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses less Preferred Stock and Intangible Assets.

(b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage.

(c) Current period capital ratios are preliminary.

(d) Accumulated Other Comprehensive Income (AOCI) is comprised of the tax adjusted unrealized loss on securities and is presented as Other Capital on the Balance Sheet.

SOURCE: American Riviera Bancorp

Chairman Chung Kisun attends high-level roundtable at Prime Minister Modi's invitation Cooperation spans commercial and naval shipbuilding and port crane projects; joint shipyard development to be pursued "India is a key pillar of our overseas production diversification strategy, poised to become HD Hyundai's new growth engine" , /PRNewswire/ -- HD Hyundai Chairman Chung Kisun met with India's Prime Minister Narendra Modi to discuss expanding bilateral cooperation in shipbuilding.

HD Hyundai said Chairman Chung Kisun and HD Korea Shipbuilding & Offshore Engineering CEO Kim Hyungkwan attended the high-level roundtable on Wednesday, January 28, hosted by Prime Minister Modi at the Prime Minister's official residence in New Delhi.

The high-level roundtable was held as part of India Energy Week 2026, bringing together about 30 participants, including Prime Minister Modi, ministers from relevant Indian government bodies, heads of state-owned enterprises, and chief executives of global companies, to discuss avenues for cooperation.

During the meeting, Chairman Chung expressed appreciation for the Prime Minister's strong commitment to fostering the shipbuilding industry and asked for continued interest and support for HD Hyundai's ongoing collaborative initiatives with India.

"HD Hyundai continues to maintain close collaborative relationships with India across a wide range of areas," Chairman Chung said. "India is a key pillar of our strategy to diversify overseas production bases, and I am confident it will serve as a new engine of growth for HD Hyundai."

To take part in the Indian government's Maritime Amrit Kaal Vision 2047 initiative, HD Hyundai signed a memorandum of understanding in July last year with Cochin Shipyard, India's largest state-owned shipbuilder, agreeing to cooperate across multiple areas, including design and procurement support, productivity improvements, and workforce capability development.

More recently, HD Hyundai expanded its collaboration with Cochin Shipyard to include naval vessels. It has also accelerated its entry into the Indian market by signing an exclusive MOU with the government of Tamil Nadu to jointly build a shipyard and advance crane business cooperation with state-owned BEML.

India has also shown strong interest in strengthening cooperation with HD Hyundai. In November last year and again in January this year, Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, and T. R. B. Rajaa, Tamil Nadu's Minister for Industries, respectively, visited South Korea to tour HD Hyundai's Global R&D Center and HD Hyundai Heavy Industries' Ulsan shipyard and discuss ways to deepen cooperation with the group.

SOURCE HD Hyundai

Raymond James Financial, Inc. (RJF) Q1 2026 Earnings Call January 28, 2026 5:00 PM EST

Company Participants

Kristina Waugh - Senior Vice President of Investor Relations and FP&A
Paul Shoukry - CEO & Director
Jonathan Oorlog - Senior VP, CFO & Controller
Paul Reilly - Executive Chair

Conference Call Participants

Y. Cho - JPMorgan Chase & Co, Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Craig Siegenthaler - BofA Securities, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
William Katz - TD Cowen, Research Division
Steven Chubak - Wolfe Research, LLC
James Mitchell - Seaport Research Partners
Michael Cyprys - Morgan Stanley, Research Division
Devin Ryan - Citizens JMP Securities, LLC, Research Division
Daniel Fannon - Jefferies LLC, Research Division

Presentation

Kristina Waugh
Senior Vice President of Investor Relations and FP&A

Good evening, and welcome to Raymond James Financial's Fiscal First Quarter 2026 Earnings Call. This call is being recorded and will be available for replay for 30 days on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us. With me on the call today are Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. The presentation being reviewed today is available on our Investor Relations website. [Operator Instructions].

Calling your attention to Slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions and our level of success in integrating acquired businesses, anticipated results of litigation and regulatory developments and general economic conditions.

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts and future or conditional verbs such as may, will, could, should and would as well as any other statements that necessarily depend on future events are intended

ServiceNow, Inc. (NOW) Q4 2025 Earnings Call January 28, 2026 5:00 PM EST

Company Participants

Darren Yip - Head of Investor Relations
William McDermott - Chairman & CEO
Gina Mastantuono - President & CFO
Amit Zavery - President, Chief Product Officer & COO

Conference Call Participants

Aleksandr Zukin - Wolfe Research, LLC
Sanjit Singh - Morgan Stanley, Research Division
Gabriela Borges - Goldman Sachs Group, Inc., Research Division
Samad Samana - Jefferies LLC, Research Division
Peter Weed - Bernstein Institutional Services LLC, Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Brian Schwartz - Oppenheimer & Co. Inc., Research Division

Presentation

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Q4 and Full Year 2025 ServiceNow Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Darren Yip, Senior Vice President of Investor Relations and Market Insights. You may begin.

Darren Yip
Head of Investor Relations

Good afternoon, and thank you for joining ServiceNow's Fourth Quarter 2025 Earnings Conference Call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zavery, President, Chief Product Officer and Chief Operating Officer. During today's call, we will review our fourth quarter 2025 results and discuss our guidance for the first quarter and full year 2026.

Before we get started, we want to emphasize that the information discussed on this call, including our guidance is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events.

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 10-K for

Tesla, Inc. (TSLA) Q4 2025 Earnings Call January 28, 2026 5:30 PM EST

Company Participants

Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Travis Axelrod - Head of Investor Relations
Vaibhav Taneja - Chief Financial Officer
Lars Moravy - Vice President of Vehicle Engineering
Ashok Elluswamy - Executive Officer

Conference Call Participants

Emmanuel Rosner - Wolfe Research, LLC
Andrew Percoco - Morgan Stanley, Research Division
Dan Levy - Barclays Bank PLC, Research Division
George Gianarikas - Canaccord Genuity Corp., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division

Presentation

Operator

Good afternoon, everyone, and welcome to Tesla's Fourth Quarter 2025 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk; Vaibhav Taneja and a number of other executives.

Our Q4 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. [Operator Instructions]

Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director

Thanks, Travis. So we've updated the Tesla mission to amazing abundance, and this is intended to send a message of optimism about the future. I think we're most likely headed to an exciting, amazing era of abundance. And I think with the advent or with the continued growth of AI and robotics, I think we actually are headed to a future of universal high income, not universal basic income, but universal high income. I mean there's going to be a lot of change along the way, but that is what