Western Midstream Partners vyplatí za třetí čtvrtletí roku 2026 čtvrtletní hotovostní distribuci ve výši 0,93 USD za jednotku, stejně jako v předchozím čtvrtletí.
, /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.93 per unit for the third quarter of 2026, or $3.72 per unit on an annualized basis, which is in-line with the prior quarter's distribution. WES's third-quarter 2026 distribution is payable on November 13, 2026, to unitholders of record at the close of business on November 2, 2026.
The Partnership plans to report its third-quarter 2026 results after market close on Wednesday, November 4, 2026. Management will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. Central (10:00 a.m. Eastern) to discuss the Partnership's quarterly results. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the call. The full text of the release announcing the results will be available on the Partnership's website at www.westernmidstream.com.
Third-Quarter 2026 Results
Thursday, November 5, 2026
9:00 a.m. Central (10:00 a.m. Eastern)
Dial-in number: 888-880-3330
International dial-in number: 646-357-8766
To participate in WES's scheduled third-quarter earnings call, please refer to the above-listed dial-in information. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westernmidstream.com. A replay of the conference call will also be available on the website following the call.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.
For more information about WES, please visit www.westernmidstream.com.
This news release contains forward-looking statements. WES and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include our ability to meet distribution expectations and financial guidance; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" section of WES's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.
Note regarding Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Sections 1.1446-4(b) and 1.1446(f)-4. Brokers and nominees should treat one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Midstream Partners, LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Furthermore, one hundred percent (100.0%) of Western Midstream Partners, LP's distributions to non-U.S. investors is in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(iii). Brokers and nominees are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors. The CUSIP number of Western Midstream Partners, LP's common units is 958669 103.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
[email protected]
866-512-3523
Finanční ředitel společnosti CRISPR Therapeutics Raju Prasad odchází za příležitostmi mimo společnost; s okamžitou platností ho nahradí dosavadní senior viceprezident financí A.J. Silver.
ZUG, Switzerland and BOSTON, Oct. 19, 2026 (GLOBE NEWSWIRE) -- CRISPR Therapeutics (Nasdaq: CRSP) today announced that its Chief Financial Officer, Raju Prasad, Ph.D., will be stepping down from the Company to pursue external opportunities, and A.J. Silver, the Company's Senior Vice President of Finance, will succeed Dr. Prasad as Chief Financial Officer. This transition will be effective today.
“Raju has been a trusted partner to me and a wonderful colleague during his time at CRISPR Therapeutics," said Samarth Kulkarni, Ph.D., Chairman and Chief Executive Officer of CRISPR Therapeutics. "His thoughtful leadership helped build a strong finance organization, strengthen our balance sheet, and deepen our relationships with the investment community. On behalf of everyone at CRISPR Therapeutics, I thank Raju for all he has done and wish him every success in his next role.”
“I am excited for A.J. to assume his new role as CFO,” added Dr. Kulkarni. “Over the past eight years, A.J. has been a key leader across our finance organization, and his deep knowledge of our business combined with his strong operational experience makes him exceptionally well suited to lead us going forward."
"Serving as CFO of CRISPR Therapeutics has been an honor," said Dr. Prasad. "I am grateful to Sam, the Board of Directors of CRISPR Therapeutics, and the Company’s talented team for all we have accomplished together. It has been inspiring to work alongside people so committed to bringing transformative medicines to patients, and I am confident in the Company's future. I have decided this is the right time for me to take the next step in my career, and I look forward to following CRISPR Therapeutics’ continued progress.”
Mr. Silver has served as the Company’s Senior Vice President of Finance since January 2025. Since joining CRISPR Therapeutics in October 2018, he has held roles of increasing responsibility spanning strategic finance, treasury, financial planning and analysis, accounting and reporting, tax, and financial operations. Before joining the Company, Mr. Silver spent more than 10 years at Ernst & Young LLP, where he became a Certified Public Accountant. He holds a Master of Science in Accounting from the University of Connecticut and a B.S. from Boston College with concentrations in finance and accounting.
About CRISPR Therapeutics
CRISPR Therapeutics is a leading biopharmaceutical company focused on developing transformative gene-based medicines for serious human diseases. Founded over a decade ago as an early pioneer in CRISPR/Cas9 gene editing, the Company has evolved from a pioneering research-stage organization into an industry leader, marking a historic milestone with the approval of CASGEVY® (exagamglogene autotemcel [exa-cel]), the world’s first CRISPR-based therapy, for eligible patients with sickle cell disease and transfusion-dependent beta thalassemia. Today, CRISPR Therapeutics is advancing a broad, diversified pipeline spanning hemoglobinopathies, cardiovascular disease, autoimmune disease, oncology, regenerative medicine and rare diseases. The Company is also expanding its gene editing toolkit through SyNTase™ editing, its novel, proprietary platform designed to enable precise, efficient, and scalable gene correction. To accelerate its impact, CRISPR Therapeutics has established strategic collaborations with leading biopharmaceutical partners, including Vertex Pharmaceuticals. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Boston, Massachusetts and San Francisco, California. To learn more, visit www.crisprtx.com.
Společnost Wintrust za prvních devět měsíců roku 2026 zvýšila čistý zisk meziročně o 17 % na rekordních 700,1 milionu USD, tedy na 9,89 USD na zředěnou akcii.
ROSEMONT, Ill., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $700.1 million, or $9.89 per diluted common share, for the first nine months of 2026 compared to net income of $600.8 million, or $8.25 per diluted common share, for the same period of 2025. This represents a year-to-date net income increase of 17% compared to the same period of 2025. Pre-tax, pre-provision income (non-GAAP) for the first nine months of the year totaled a record $1.0 billion, compared to $884.1 million for the first nine months of 2025.
The Company reported record quarterly net income of $239.1 million, or $3.37 per diluted common share, for the third quarter of 2026, compared to net income of $233.7 million, or $3.30 per diluted common share, for the second quarter of 2026. Pre-tax, pre-provision income (non-GAAP) for the third quarter of 2026 totaled $352.2 million, as compared to $341.1 million for the second quarter of 2026.
Timothy S. Crane, President and Chief Executive Officer, commented, “Our strong momentum in the first half of the year continued into the third quarter leading to consistent and record results for the first nine months of 2026. The third quarter of 2026 produced the seventh consecutive quarter of record net income for the Company.”
Additionally, Mr. Crane noted, “Net interest income came in at $621.6 million for the quarter, an increase of $24.2 million, or 16% annualized, from the second quarter of 2026. Net interest margin of 3.51% in the third quarter remained in line with our expectations, and we believe our balance sheet is well positioned to support stable performance through changing interest rate environments.”
Highlights of the third quarter of 2026:
Comparative information to the second quarter of 2026, unless otherwise noted
Total loans increased by $1.1 billion, or 8% annualized.Total deposits increased by $1.3 billion, or 8% annualized.Total assets increased by $1.3 billion, or 7% annualized.Net interest income increased to $621.6 million in the third quarter of 2026, compared to $597.4 million in the second quarter of 2026, driven by strong average earning asset growth. Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2026 which was in line with our prior guidance. Provision for credit losses totaled $25.9 million in the third quarter of 2026, compared to $23.1 million in the second quarter of 2026.Net charge-offs totaled $21.0 million, or 15 basis points of average total loans on an annualized basis, in the third quarter of 2026 up from $13.4 million, or 10 basis points of average total loans on an annualized basis, in the second quarter of 2026.Non-performing loans totaled $176.9 million and comprised 0.31% of total loans at September 30, 2026, as compared to $179.3 million and 0.32% of total loans at June 30, 2026. “We are encouraged by our strong third quarter performance and record results year-to-date. We believe we are well-positioned to build on our strong momentum and deliver further revenue growth as we close out the year. Our unique market position and strong customer relationships continue to create long-term franchise value in the markets we serve. We are proud of our latest deposit market share gains in Illinois and remain committed to expanding our market presence in Wisconsin and west Michigan. Our focus remains on delivering consistent balance sheet growth, expanding net interest income while maintaining a disciplined approach to expense management, which should generate positive operating leverage for the year”, Mr. Crane concluded.
The graphs shown on pages 3-7 illustrate certain financial highlights of the third quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.
Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/70c22597-0785-4d8f-b369-f25a29b18ff9
SUMMARY OF RESULTS:
BALANCE SHEET
Total assets increased $1.3 billion in the third quarter of 2026 compared to the second quarter of 2026, driven by a $1.1 billion increase in total loans. The robust loan growth was diversified across all major loan portfolios.
Total liabilities increased by $1.5 billion in the third quarter of 2026 compared to the second quarter of 2026, driven by a $1.3 billion increase in total deposits. Strong organic deposit growth in the third quarter of 2026 was driven by our diverse customer base and product offerings. Non-interest bearing deposit balances represented 19% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.0%.
For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.
NET INTEREST INCOME
For the third quarter of 2026, net interest income totaled $621.6 million, compared to $597.4 million in the second quarter of 2026. The increase in net interest income in the third quarter of 2026 was driven by strong average earning asset growth of $2.1 billion.
Net interest margin was 3.49% (3.51% on a fully taxable-equivalent basis, non-GAAP) during the third quarter of 2026, down one basis point compared to the second quarter of 2026. The yield on earning assets remained flat during the third quarter of 2026 while loan yields decreased by one basis point. Funding cost on interest-bearing deposits decreased one basis point compared to the second quarter of 2026. The net free funds contribution in the third quarter of 2026 decreased two basis points compared to the second quarter of 2026.
For more information regarding net interest income, see Table 4 through Table 8 in this report.
ASSET QUALITY
The allowance for credit losses totaled $486.1 million as of September 30, 2026, an increase from $481.2 million as of June 30, 2026. A provision for credit losses totaling $25.9 million was recorded for the third quarter of 2026 compared to $23.1 million recorded in the second quarter of 2026. The provision for credit losses recognized in the third quarter of 2026 reflects growth in the portfolio, stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, allowance results capture uncertainty related to credit spreads, equity market valuations, consumer & business sentiment, and the job market. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 in this report.
Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of September 30, 2026, June 30, 2026, and March 31, 2026 is shown on Table 12 of this report.
Net charge-offs totaled $21.0 million in the third quarter of 2026, an increase of $7.6 million compared to $13.4 million of net charge-offs in the second quarter of 2026. Net charge-offs as a percentage of average total loans were 15 basis points in the third quarter of 2026 on an annualized basis compared to 10 basis points on an annualized basis in the second quarter of 2026. For more information regarding net charge-offs, see Table 10 in this report.
The Company’s loan portfolio delinquency rates remain low. For more information regarding past due loans, see Table 13 in this report.
Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $193.3 million and comprised 0.25% of total assets as of September 30, 2026, as compared to $195.2 million, or 0.26% of total assets, as of June 30, 2026. Non-performing loans totaled $176.9 million and comprised 0.31% of total loans at September 30, 2026, as compared to $179.3 million and 0.32% of total loans at June 30, 2026. For more information regarding non-performing assets, see Table 14 in this report.
NON-INTEREST INCOME
Non-interest income totaled $136.3 million in the third quarter of 2026, compared to $141.3 million in the second quarter of 2026.
Wealth management revenue increased by approximately $1.1 million in the third quarter of 2026, compared to the second quarter of 2026. The increase in the third quarter of 2026 was primarily driven by increased trust and asset management fees from higher assets under management during the period. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.
Mortgage banking revenue totaled $25.5 million in the third quarter of 2026, compared to $27.4 million in the second quarter of 2026. The decrease in the third quarter of 2026 was primarily attributed to lower mortgage loan originations and related operational revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.
The Company recognized approximately $1.6 million in net losses on investment securities in the third quarter of 2026 compared to approximately $1.8 million in net gains in the second quarter of 2026. The net losses in the third quarter of 2026 were primarily the result of fair value adjustments on the Company’s equity investment securities with a readily determinable fair value.
For more information regarding non-interest income, see Table 15 in this report.
NON-INTEREST EXPENSE
Non-interest expense totaled $405.7 million in the third quarter of 2026, increasing $8.1 million, compared to $397.5 million in the second quarter of 2026. Non-interest expense, as a percent of average assets, decreased to 2.16% in the third quarter of 2026 from 2.21% in the second quarter of 2026.
Salaries and employee benefits expense decreased by approximately $3.5 million in the third quarter of 2026, compared to the second quarter of 2026. This was primarily driven by lower payroll taxes and deferred compensation expense during the third quarter of 2026.
Advertising and marketing expense in the third quarter of 2026 totaled $21.8 million, which was a $1.4 million increase as compared to the second quarter of 2026. The increase in the third quarter was primarily driven by community sponsorship events and media commitments which are historically higher in the second and third quarter of the year. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.
FDIC insurance totaled $12.1 million in the third quarter of 2026, a $5.5 million increase from the second quarter of 2026. This was primarily the result of the $5.2 million FDIC special assessment reversal recorded in the second quarter of 2026. The special assessments were in response to certain bank failures in 2023 and the reversal was based on the FDIC's final determination of losses to its Deposit Insurance Fund.
For more information regarding non-interest expense, see Table 17 in this report.
INCOME TAXES
The Company recorded income tax expense of $87.3 million in the third quarter of 2026 compared to $84.3 million in the second quarter of 2026. The effective tax rates were 26.7% in the third quarter of 2026 compared to 26.5% in the second quarter of 2026.
BUSINESS SUMMARY
Community Banking
Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the third quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.
Mortgage banking revenue was $25.5 million for the third quarter of 2026, a decrease of $1.9 million compared to the second quarter of 2026. See Table 16 for more detail. Service charges on deposit accounts totaled $22.2 million in the third quarter of 2026 as compared to $21.2 million in the second quarter of 2026. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of September 30, 2026 indicating momentum for expected continued loan growth in the fourth quarter of 2026.
Specialty Finance
Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were approximately $5.4 billion during the third quarter of 2026. Average balances increased by $781.7 million, as compared to the second quarter of 2026. The Company’s leasing divisions’ portfolio balances increased in the third quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.1 billion, $1.3 billion, and $363.2 million as of September 30, 2026, respectively, compared to $3.1 billion, $1.2 billion, and $363.7 million as of June 30, 2026, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the third quarter of 2026, which was relatively stable compared to the second quarter of 2026.
Wealth Management
Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $41.0 million in the third quarter of 2026, an increase as compared to the second quarter of 2026. At September 30, 2026, the Company’s wealth management subsidiaries had approximately $51.5 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.
ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS
Business Acquisition
On September 1, 2026, the Company completed its purchase of the guardianship services business that was previously announced (the “business”). The business has approximately $1.2 billion in assets under management. As of September 30, 2026, the Company preliminarily recorded goodwill of approximately $7.5 million. In accordance with generally accepted accounting principles (“GAAP”), the initial purchase accounting for this business acquisition is not finalized and is therefore subject to change.
WINTRUST FINANCIAL CORPORATION
Key Operating Measures
Wintrust’s key operating measures and growth rates for the third quarter of 2026, as compared to the second quarter of 2026 (sequential quarter) and third quarter of 2025 (linked quarter), are shown in the table below:
% or (1)
basis point (bp) change from
2nd Quarter
2026% or
basis point (bp) change from
3rd Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Sep 30, 2026 Jun 30, 2026 Sep 30, 2025Net income$239,054 $233,693 $216,254 2 %11 %Pre-tax income, excluding provision for credit losses (non-GAAP) (2) 352,212 341,098 317,809 3 11 Net income per common share – Diluted 3.37 3.30 2.78 2 21 Cash dividends declared per common share 0.55 0.55 0.50 — 10 Net revenue (3) 757,877 738,635 697,837 3 9 Net interest income 621,604 597,366 567,010 4 10 Net interest margin 3.49% 3.50% 3.48%(1)bps1 bpsNet interest margin – fully taxable-equivalent (non-GAAP) (2) 3.51 3.52 3.50 (1) 1 Net overhead ratio (4) 1.44 1.42 1.45 2 (1) Return on average assets 1.27 1.30 1.26 (3) 1 Return on average common equity 12.83 12.82 11.58 1 125 Return on average tangible common equity (non-GAAP) (2) 14.89 14.91 13.74 (2) 115 At end of period Total assets$75,971,620 $74,668,135 $69,629,638 7 %9 %Total loans (5) 56,804,571 55,654,947 52,063,482 8 9 Total deposits 62,435,216 61,141,275 56,711,381 8 10 Total shareholders’ equity 7,289,546 7,525,116 7,045,757 (12) 3
(1) Period-end balance sheet percentage changes are annualized.
(2) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3) Net revenue is net interest income plus non-interest income.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Excludes mortgage loans held-for-sale.
Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.
Three Months EndedNine Months Ended(Dollars in thousands, except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025Sep 30, 2026 Sep 30, 2025Selected Financial Condition Data (at end of period): Total assets $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Total loans (1) 56,804,571 55,654,947 54,071,292 53,105,101 52,063,482 Total deposits 62,435,216 61,141,275 58,914,382 57,717,191 56,711,381 Total shareholders’ equity 7,289,546 7,525,116 7,378,100 7,258,715 7,045,757 Selected Statements of Income Data: Net interest income $621,604 $597,366 $579,024 $583,874 $567,010 $1,797,994 $1,640,178 Net revenue (2) 757,877 738,635 713,166 714,264 697,837 2,209,678 2,011,728 Net income 239,054 233,693 227,388 223,024 216,254 700,135 600,820 Pre-tax income, excluding provision for credit losses (non-GAAP) (3) 352,212 341,098 330,534 329,811 317,809 1,023,844 884,149 Net income per common share – Basic 3.42 3.34 3.26 3.21 2.82 10.02 8.37 Net income per common share – Diluted 3.37 3.30 3.22 3.15 2.78 9.89 8.25 Cash dividends declared per common share 0.55 0.55 0.55 0.50 0.50 1.65 1.50 Selected Financial Ratios and Other Data: Performance Ratios: Net interest margin 3.49% 3.50% 3.54% 3.52% 3.48% 3.51% 3.51%Net interest margin – fully taxable-equivalent (non-GAAP) (3) 3.51 3.52 3.56 3.54 3.50 3.53 3.53 Non-interest income to average assets 0.73 0.79 0.78 0.74 0.76 0.76 0.75 Non-interest expense to average assets 2.16 2.21 2.21 2.19 2.21 2.19 2.28 Net overhead ratio (4) 1.44 1.42 1.44 1.45 1.45 1.43 1.53 Return on average assets 1.27 1.30 1.32 1.27 1.26 1.30 1.22 Return on average common equity 12.83 12.82 12.76 12.63 11.58 12.80 11.94 Return on average tangible common equity (non-GAAP) (3) 14.89 14.91 14.89 14.83 13.74 14.89 14.28 Average total assets $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 $72,232,797 $66,098,845 Average total shareholders’ equity 7,558,263 7,474,449 7,387,713 7,166,608 6,955,543 7,474,100 6,761,319 Average loans to average deposits ratio 91.8% 92.6% 93.1% 92.4% 92.5% 92.5% 92.6%Period-end loans to deposits ratio 91.0 91.0 91.8 92.0 91.8 Common Share Data at end of period: Market price per common share $141.82 $160.72 $138.94 $139.82 $132.44 Book value per common share 101.74 105.26 103.10 102.03 98.87 Tangible book value per common share (non-GAAP) (3) 88.18 92.13 89.90 88.66 85.39 Common shares outstanding 67,472,459 67,455,414 67,437,300 66,974,913 66,961,209 Other Data at end of period: Common equity to assets ratio 9.0% 9.5% 9.6% 9.6% 9.5% Tangible common equity ratio (non-GAAP) (3) 7.9 8.4 8.5 8.5 8.3 Tier 1 leverage ratio (5) 9.8 9.8 9.8 9.6 9.5 Risk-based capital ratios: Tier 1 capital ratio (5) 11.2 11.1 11.1 11.0 10.9 Common equity tier 1 capital ratio (5) 10.5 10.4 10.4 10.3 10.2 Total capital ratio (5) 12.5 12.4 12.6 12.4 12.4 Allowance for credit losses (6) $486,053 $481,189 $471,591 $460,465 $454,586 Allowance for loan and unfunded lending-related commitment losses to total loans 0.86% 0.86% 0.87% 0.87% 0.87% Number of: Bank subsidiaries 16 16 16 16 16 Banking offices 211 210 209 209 208
(1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5) Capital ratios for current quarter-end are estimated.
(6) The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Assets Cash and due from banks $635,592 $595,790 $543,654 $467,874 $565,406 Federal funds sold and securities purchased under resale agreements 65 65 65 64 63 Interest-bearing deposits with banks 3,557,687 3,573,915 3,051,665 3,180,553 3,422,452 Available-for-sale securities, at fair value 7,569,498 7,587,545 7,244,282 6,236,263 5,274,124 Held-to-maturity securities, at amortized cost 3,120,503 3,196,452 3,270,207 3,343,905 3,438,406 Equity securities with readily determinable fair value 64,811 65,815 63,786 63,770 63,445 Federal Home Loan Bank and Federal Reserve Bank stock 296,171 294,629 292,044 291,881 282,755 Mortgage loans held-for-sale, at fair value 307,748 407,495 383,405 340,745 333,883 Loans, net of unearned income 56,804,571 55,654,947 54,071,292 53,105,101 52,063,482 Allowance for loan losses (401,729) (402,952) (390,651) (379,283) (386,622)Net loans 56,402,842 55,251,995 53,680,641 52,725,818 51,676,860 Premises, software and equipment, net 792,205 778,958 777,603 781,611 775,425 Lease investments, net 363,243 363,664 362,766 360,646 301,000 Accrued interest receivable and other assets 1,946,561 1,666,474 1,596,617 1,617,682 1,614,674 Receivable on unsettled securities sales — — — 835,275 978,209 Goodwill 804,661 797,219 797,658 797,960 797,639 Other acquisition-related intangible assets 110,033 88,119 93,040 97,999 105,297 Total assets $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Liabilities and Shareholders’ Equity Deposits: Non-interest-bearing $11,584,695 $11,796,736 $12,112,891 $11,423,701 $10,952,146 Interest-bearing 50,850,521 49,344,539 46,801,491 46,293,490 45,759,235 Total deposits 62,435,216 61,141,275 58,914,382 57,717,191 56,711,381 Federal Home Loan Bank advances 3,450,680 3,450,680 3,451,309 3,451,309 3,151,309 Other borrowings 355,554 370,736 340,647 477,966 579,328 Subordinated notes 298,903 298,820 298,717 298,636 298,536 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Accrued interest payable and other liabilities 1,888,155 1,627,942 1,520,712 1,684,663 1,589,761 Total liabilities 68,682,074 67,143,019 64,779,333 63,883,331 62,583,881 Shareholders’ Equity: Preferred stock 425,000 425,000 425,000 425,000 425,000 Common stock 67,599 67,581 67,563 67,062 67,042 Surplus 2,574,253 2,560,427 2,546,754 2,534,024 2,521,306 Treasury stock (14,897) (14,882) (13,970) (9,156) (9,150)Retained earnings 5,101,367 4,907,788 4,719,561 4,537,539 4,356,367 Accumulated other comprehensive loss (863,776) (420,798) (366,808) (295,754) (314,808)Total shareholders’ equity 7,289,546 7,525,116 7,378,100 7,258,715 7,045,757 Total liabilities and shareholders’ equity $75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedNine Months Ended(Dollars in thousands, except per share data)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Sep 30, 2026 Sep 30, 2025Interest income Interest and fees on loans$853,299 $822,981 $797,889 $822,494 $832,140$2,474,169 $2,398,499Mortgage loans held-for-sale 5,761 6,169 4,615 5,607 4,757 16,545 13,875Interest-bearing deposits with banks 25,595 20,916 19,150 27,190 34,992 65,661 106,075Federal funds sold and securities purchased under resale agreements 1 5 64 77 75 70 530Investment securities 112,273 105,716 100,278 95,461 86,426 318,267 236,495Trading account securities — — — — — — 11Federal Home Loan Bank and Federal Reserve Bank stock 5,932 5,625 5,564 5,497 5,444 17,121 16,144Brokerage customer receivables — — — — — — 78Total interest income 1,002,861 961,412 927,560 956,326 963,834 2,891,833 2,771,707Interest expense Interest on deposits 341,017 325,033 309,187 332,178 355,846 975,237 1,009,549Interest on Federal Home Loan Bank advances 29,086 28,218 27,701 26,408 26,007 85,005 77,172Interest on other borrowings 3,430 3,121 4,026 5,956 6,887 10,577 20,636Interest on subordinated notes 3,721 3,739 3,719 3,737 3,717 11,179 11,166Interest on junior subordinated debentures 4,003 3,935 3,903 4,173 4,367 11,841 13,006Total interest expense 381,257 364,046 348,536 372,452 396,824 1,093,839 1,131,529Net interest income 621,604 597,366 579,024 583,874 567,010 1,797,994 1,640,178Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965Net interest income after provision for credit losses 595,725 574,232 549,430 556,286 545,242 1,719,387 1,572,213Non-interest income Wealth management 40,967 39,883 42,059 39,365 37,188 122,909 108,051Mortgage banking 25,532 27,438 23,396 22,625 24,451 76,366 68,150Service charges on deposit accounts 22,161 21,240 20,970 20,402 19,825 64,371 58,689(Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 193 6,818Fees from covered call options 4,585 4,793 4,669 5,992 5,619 14,047 14,689Trading gains (losses), net 48 70 10 (257) 172 128 259Operating lease income, net 18,447 18,804 19,154 16,365 15,466 56,405 45,919Other 26,154 27,196 23,915 24,393 25,134 77,265 68,975Total non-interest income 136,273 141,269 134,142 130,390 130,827 411,684 371,550Non-interest expense Salaries and employee benefits 230,552 234,089 228,447 222,557 219,668 693,088 650,735Software and equipment 39,179 39,288 35,654 36,096 35,027 114,121 106,266Operating lease equipment 11,661 11,187 10,987 11,034 10,409 33,835 31,637Occupancy, net 19,548 21,153 20,566 20,105 20,809 61,267 61,815Data processing 11,218 10,659 11,266 11,809 11,329 33,143 34,713Advertising and marketing 21,806 20,432 13,218 13,792 19,027 55,456 50,060Professional fees 10,687 9,342 7,375 8,280 7,465 27,404 25,752Amortization of other acquisition-related intangible assets 4,686 4,921 4,958 4,999 5,196 14,565 16,394FDIC insurance 12,138 6,640 10,990 10,562 11,418 29,768 33,315Other real estate owned (“OREO”) expenses, net 282 786 207 2,162 262 1,275 1,410Other 43,908 39,040 38,964 43,057 39,418 121,912 115,482Total non-interest expense 405,665 397,537 382,632 384,453 380,028 1,185,834 1,127,579Income before taxes 326,333 317,964 300,940 302,223 296,041 945,237 816,184Income tax expense 87,279 84,271 73,552 79,199 79,787 245,102 215,364Net income$239,054 $233,693 $227,388 $223,024 $216,254$700,135 $600,820Preferred stock dividends 8,367 8,367 8,367 8,367 13,295 25,101 27,277Preferred stock redemption — — — — 14,046 — 14,046Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913$675,034 $559,497Net income per common share - Basic$3.42 $3.34 $3.26 $3.21 $2.82$10.02 $8.37Net income per common share - Diluted$3.37 $3.30 $3.22 $3.15 $2.78$9.89 $8.25Cash dividends declared per common share$0.55 $0.55 $0.55 $0.50 $0.50$1.65 $1.50Weighted average common shares outstanding 67,467 67,434 67,246 66,970 66,952 67,383 66,871Dilutive potential common shares 911 852 851 1,143 1,028 876 945Average common shares and dilutive common shares 68,378 68,286 68,097 68,113 67,980 68,259 67,816
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES
% Growth From(1)(Dollars in thousands)Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31,
2025 Sep 30, 2025Jun 30, 2026(2)Sep 30, 2025Balance: Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$173,773 $265,203 $249,350 $217,136 $211,360NM(18)%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 133,975 142,292 134,055 123,609 122,523(23)9 Total mortgage loans held-for-sale$307,748 $407,495 $383,405 $340,745 $333,883(97)%(8)% Core loans: Commercial Commercial and industrial$8,051,117 $7,802,625 $7,620,239 $7,267,505 $7,135,08313%13%Asset-based lending 1,662,239 1,628,319 1,558,089 1,512,888 1,588,5228 5 Municipal 858,207 866,012 839,633 868,958 804,986(4)7 Leases 3,132,875 3,114,901 3,002,014 2,921,366 2,834,5632 11 Commercial real estate Residential construction 51,454 52,590 53,097 54,753 60,923(9)(16)Commercial construction 2,300,349 2,294,566 1,959,375 2,013,244 2,273,5451 1 Land 327,086 308,509 311,470 341,585 323,68524 1 Office 1,659,530 1,607,275 1,652,482 1,688,614 1,578,20813 5 Industrial 3,590,562 3,405,641 3,323,977 3,167,768 2,912,54722 23 Retail 1,510,533 1,475,949 1,469,658 1,436,252 1,478,8619 2 Multi-family 3,516,050 3,299,607 3,565,419 3,445,507 3,306,59726 6 Mixed use and other 2,005,047 1,826,470 1,826,808 1,793,013 1,684,84139 19 Home equity 507,831 491,782 471,264 480,525 484,20213 5 Residential real estate Residential real estate loans for investment 4,552,877 4,411,357 4,319,941 4,171,439 4,019,04613 13 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 86,626 76,334 83,036 84,706 75,08853 15 Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 56,512 55,001 62,189 61,087 49,73611 14 Total core loans$33,868,895 $32,716,938 $32,118,691 $31,309,210 $30,610,43314%11% Niche loans: Commercial Franchise$1,256,013 $1,300,935 $1,293,639 $1,298,493 $1,298,140(14)%(3)%Mortgage warehouse lines of credit 1,749,346 1,897,762 1,800,972 1,515,003 1,204,661(31)45 Community Advantage - homeowners association 517,408 516,782 526,274 532,027 537,6960 (4)Insurance entity lending 1,114,560 1,153,975 1,122,361 1,128,446 1,140,691(14)(2)Premium Finance receivables U.S. property & casualty insurance 7,805,981 7,744,361 7,127,234 7,308,054 7,502,9013 4 Canada property & casualty insurance 818,341 867,662 763,097 875,362 863,391(23)(5)Life insurance 9,538,863 9,312,521 9,196,382 9,023,642 8,758,55310 9 Consumer and other 135,164 144,011 122,642 114,864 147,016(24)(8)Total niche loans$22,935,676 $22,938,009 $21,952,601 $21,795,891 $21,453,049(0)%7% Total loans, net of unearned income$56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,4828%9%
(1) NM - Not Meaningful.
(2) Annualized.
TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES
% Growth From(Dollars in thousands)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Jun 30,
2026 (1) Sep 30, 2025Balance: Non-interest-bearing$11,584,695 $11,796,736 $12,112,891 $11,423,701 $10,952,146 (7)% 6%NOW and interest-bearing demand deposits 7,253,456 6,742,269 5,987,258 6,233,753 6,710,919 30 8 Wealth management deposits (2) 1,690,496 1,349,949 1,670,620 1,907,647 1,600,735 100 6 Money market 24,174,275 23,083,225 21,714,267 21,368,924 20,270,382 19 19 Savings 6,487,247 6,597,516 6,942,565 6,905,216 6,758,743 (7) (4)Time certificates of deposit 11,245,047 11,571,580 10,486,781 9,877,950 10,418,456 (11) 8 Total deposits$62,435,216 $61,141,275 $58,914,382 $57,717,191 $56,711,381 8% 10%Mix: Non-interest-bearing 19% 19% 20% 20% 19% NOW and interest-bearing demand deposits 11 11 10 11 12 Wealth management deposits (2) 3 2 3 3 3 Money market 39 38 37 37 36 Savings 10 11 12 12 12 Time certificates of deposit 18 19 18 17 18 Total deposits 100% 100% 100% 100% 100%
(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.
TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of September 30, 2026
(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit 1-3 months $3,527,388 3.47%4-6 months 2,538,063 3.35 7-9 months 1,526,406 3.33 10-12 months 2,547,872 3.81 13-18 months 956,359 3.59 19-24 months 79,951 2.90 24+ months 69,008 2.51 Total $11,245,047 3.50%
TABLE 4: QUARTERLY AVERAGE BALANCES
Average Balance for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1) $2,853,369 $2,412,081 $2,247,083 $2,842,829 $3,276,683 Investment securities (2) 11,073,179 10,832,538 10,616,617 10,084,138 9,377,930 FHLB and FRB stock (3) 294,088 292,325 291,972 284,643 282,338 Liquidity management assets (4) $14,220,636 $13,536,944 $13,155,672 $13,211,610 $12,936,951 Mortgage loans held-for-sale 362,329 402,175 317,047 357,672 295,365 Loans, net of unearned income (4) (5) 55,982,688 54,491,469 52,845,685 52,193,637 51,403,566 Total earning assets (4) $70,565,653 $68,430,588 $66,318,404 $65,762,919 $64,635,882 Allowance for loan and investment security losses (413,132) (405,743) (391,810) (404,075) (410,681)Cash and due from banks 539,220 519,586 534,189 517,616 495,292 Other assets 3,708,430 3,617,292 3,628,340 3,615,808 3,582,543 Total assets $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 NOW and interest-bearing demand deposits $7,283,497 $6,453,420 $6,081,218 $6,133,333 $6,687,292 Wealth management deposits 1,566,292 1,485,347 1,858,560 1,925,808 1,604,142 Money market accounts 22,860,299 22,000,942 21,156,125 20,475,659 19,431,021 Savings accounts 6,570,130 6,707,916 6,921,251 6,814,263 6,723,325 Time deposits 11,256,456 10,938,312 9,782,112 10,045,136 10,319,719 Interest-bearing deposits $49,536,674 $47,585,937 $45,799,266 $45,394,199 $44,765,499 FHLB advances (3) 3,450,683 3,450,773 3,451,312 3,203,483 3,151,310 Other borrowings 393,031 358,511 442,200 547,507 614,892 Subordinated notes 298,844 298,757 298,661 298,576 298,481 Junior subordinated debentures 253,566 253,566 253,566 253,566 253,566 Total interest-bearing liabilities $53,932,798 $51,947,544 $50,245,005 $49,697,331 $49,083,748 Non-interest-bearing deposits 11,417,869 11,273,344 10,963,887 11,080,254 10,791,709 Other liabilities 1,491,241 1,466,386 1,492,518 1,548,075 1,472,036 Equity 7,558,263 7,474,449 7,387,713 7,166,608 6,955,543 Total liabilities and shareholders’ equity $74,400,171 $72,161,723 $70,089,123 $69,492,268 $68,303,036 Net free funds/contribution (6) $16,632,855 $16,483,044 $16,073,399 $16,065,588 $15,552,134
(1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5) Loans, net of unearned income, include non-accrual loans.
(6) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 5: QUARTERLY NET INTEREST INCOME
Net Interest Income for three months ended, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025 Interest income: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $25,595 $20,921 $19,214 $27,267 $35,067 Investment securities 112,884 106,346 100,864 96,122 87,101 FHLB and FRB stock (1) 5,932 5,625 5,564 5,497 5,444 Liquidity management assets (2) $144,411 $132,892 $125,642 $128,886 $127,612 Mortgage loans held-for-sale 5,761 6,169 4,615 5,607 4,757 Loans, net of unearned income (2) 855,450 825,092 799,915 824,628 834,294 Total interest income $1,005,622 $964,153 $930,172 $959,121 $966,663 Interest expense: NOW and interest-bearing demand deposits $37,394 $32,318 $29,666 $31,681 $40,448 Wealth management deposits 6,895 6,823 8,941 10,011 8,415 Money market accounts 174,404 165,035 155,299 163,585 169,831 Savings accounts 23,197 25,729 30,672 34,371 38,844 Time deposits 99,127 95,128 84,609 92,530 98,308 Interest-bearing deposits $341,017 $325,033 $309,187 $332,178 $355,846 FHLB advances (1) 29,086 28,218 27,701 26,408 26,007 Other borrowings 3,430 3,121 4,026 5,956 6,887 Subordinated notes 3,721 3,739 3,719 3,737 3,717 Junior subordinated debentures 4,003 3,935 3,903 4,173 4,367 Total interest expense $381,257 $364,046 $348,536 $372,452 $396,824 Less: Fully taxable-equivalent adjustment (2,761) (2,741) (2,612) (2,795) (2,829)Net interest income (GAAP) (3) 621,604 597,366 579,024 583,874 567,010 Fully taxable-equivalent adjustment 2,761 2,741 2,612 2,795 2,829 Net interest income, fully taxable-equivalent (non-GAAP) (3) $624,365 $600,107 $581,636 $586,669 $569,839
(1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
TABLE 6: QUARTERLY NET INTEREST MARGIN
Net Interest Margin for three months ended, Sep 30, 2026 Jun 30, 2026 Mar 31,
2026 Dec 31, 2025 Sep 30,
2025Yield earned on: Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.56% 3.48% 3.47% 3.81% 4.25%Investment securities 4.04 3.94 3.85 3.78 3.68 FHLB and FRB stock (1) 8.00 7.72 7.73 7.66 7.65 Liquidity management assets 4.03% 3.94% 3.87% 3.87% 3.91%Mortgage loans held-for-sale 6.31 6.15 5.90 6.22 6.39 Loans, net of unearned income 6.06 6.07 6.14 6.27 6.44 Total earning assets 5.65% 5.65% 5.69% 5.79% 5.93% Rate paid on: NOW and interest-bearing demand deposits 2.04% 2.01% 1.98% 2.05% 2.40%Wealth management deposits 1.75 1.84 1.95 2.06 2.08 Money market accounts 3.03 3.01 2.98 3.17 3.47 Savings accounts 1.40 1.54 1.80 2.00 2.29 Time deposits 3.49 3.49 3.51 3.65 3.78 Interest-bearing deposits 2.73% 2.74% 2.74% 2.90% 3.15%FHLB advances 3.34 3.28 3.26 3.27 3.27 Other borrowings 3.46 3.49 3.69 4.32 4.44 Subordinated notes 4.94 5.02 5.05 4.97 4.94 Junior subordinated debentures 6.26 6.22 6.24 6.53 6.83 Total interest-bearing liabilities 2.80% 2.81% 2.81% 2.97% 3.21% Interest rate spread (2) (3) 2.85% 2.84% 2.88% 2.82% 2.72%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution (4) 0.66 0.68 0.68 0.72 0.78 Net interest margin (GAAP) (3) 3.49% 3.50% 3.54% 3.52% 3.48%Fully taxable-equivalent adjustment 0.02 0.02 0.02 0.02 0.02 Net interest margin, fully taxable-equivalent (non-GAAP) (3) 3.51% 3.52% 3.56% 3.54% 3.50%
(1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(3) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 7: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN
Average Balance
for nine months ended,Interest
for nine months ended,Yield/Rate
for nine months ended,(Dollars in thousands)Sep 30, 2026 Sep 30,
2025Sep 30, 2026 Sep 30, 2025Sep 30, 2026 Sep 30, 2025Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)$2,506,398 $3,367,419 $65,730 $106,605 3.51% 4.23%Investment securities (2) 10,842,451 8,866,621 320,094 238,540 3.95 3.60 FHLB and FRB stock (3) 292,803 282,016 17,121 16,144 7.82 7.65 Liquidity management assets (4) (5)$13,641,652 $12,516,056 $402,945 $361,289 3.95% 3.86%Other earning assets (4) (5) (6) — 4,332 — 92 — 2.84 Mortgage loans held-for-sale 360,683 297,568 16,545 13,875 6.13 6.23 Loans, net of unearned income (4) (5) (7) 54,451,438 49,597,938 2,480,457 2,405,059 6.09 6.48 Total earning assets (5)$68,453,773 $62,415,894 $2,899,947 $2,780,315 5.66% 5.96%Allowance for loan and investment security losses (403,640) (395,041) Cash and due from banks 531,017 483,543 Other assets 3,651,647 3,594,449 Total assets$72,232,797 $66,098,845 NOW and interest-bearing demand deposits$6,610,449 $6,387,859 $99,378 $111,565 2.01% 2.34%Wealth management deposits 1,635,663 1,577,312 22,659 25,203 1.85 2.14 Money market accounts 22,012,031 18,405,748 494,738 472,095 3.01 3.43 Savings accounts 6,731,813 6,594,716 79,598 112,404 1.58 2.28 Time deposits 10,664,360 9,859,196 278,864 288,282 3.50 3.91 Interest-bearing deposits$47,654,316 $42,824,831 $975,237 $1,009,549 2.74% 3.15%FHLB advances (3) 3,450,920 3,151,310 85,005 77,172 3.29 3.27 Other borrowings 397,733 597,016 10,577 20,636 3.56 4.62 Subordinated notes 298,755 298,396 11,179 11,166 5.00 5.00 Junior subordinated debentures 253,566 253,566 11,841 13,006 6.24 6.86 Total interest-bearing liabilities$52,055,290 $47,125,119 $1,093,839 $1,131,529 2.81% 3.21%Non-interest-bearing deposits 11,220,029 10,722,772 Other liabilities 1,483,378 1,489,635 Equity 7,474,100 6,761,319 Total liabilities and shareholders’ equity$72,232,797 $66,098,845 Interest rate spread (5) (8) 2.85% 2.75%Less: Fully taxable-equivalent adjustment (8,114) (8,608)(0.02) (0.02)Net free funds/contribution (9)$16,398,483 $15,290,775 0.68 0.78 Net interest income/margin (GAAP) (5) $1,797,994 $1,640,178 3.51% 3.51%Fully taxable-equivalent adjustment 8,114 8,608 0.02 0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP) (5) $1,806,108 $1,648,786 3.53% 3.53%
(1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(2) Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
(3) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
(5) See Table 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(6) Other earning assets include brokerage customer receivables and trading account securities.
(7) Loans, net of unearned income, include non-accrual loans.
(8) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(9) Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
TABLE 8: INTEREST RATE SENSITIVITY
As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.
The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:
Static Shock Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsSep 30, 2026 (2.9)% (1.6)% 0.3% 0.1%Jun 30, 2026 (2.4) (1.1) (0.1) (0.1)Mar 31, 2026 (0.8) (0.1) (1.0) (1.9)Dec 31, 2025 (1.6) (0.5) (0.5) (0.8)Sep 30, 2025 (2.3) (0.8) 0.0 (0.4) Ramp Scenario+200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsSep 30, 2026(2.2)% (1.3)% 0.5% 1.2%Jun 30, 2026(0.2) (0.1) (0.2) (0.4)Mar 31, 2026(0.1) 0.0 (0.1) (0.3)Dec 31, 2025(0.0) 0.1 (0.1) (0.2)Sep 30, 2025(0.2) (0.1) 0.1 (0.1)
As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.
TABLE 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES
Loans repricing or contractual maturity periodAs of September 30, 2026One year or
less From one to
five years From five to fifteen years After fifteen years Total(In thousands) Commercial Fixed rate$668,421 $4,220,622 $2,267,646 $23,498 $7,180,187Variable rate 11,157,780 3,798 — — 11,161,578Total commercial$11,826,201 $4,224,420 $2,267,646 $23,498 $18,341,765Commercial real estate Fixed rate$946,605 $2,696,894 $343,419 $68,813 $4,055,731Variable rate 10,898,800 6,017 63 — 10,904,880Total commercial real estate$11,845,405 $2,702,911 $343,482 $68,813 $14,960,611Home equity Fixed rate$8,731 $1,266 $23 $4 $10,024Variable rate 497,807 — — — 497,807Total home equity$506,538 $1,266 $23 $4 $507,831Residential real estate Fixed rate$17,516 $6,349 $61,821 $1,047,240 $1,132,926Variable rate 153,365 870,687 2,539,037 — 3,563,089Total residential real estate$170,881 $877,036 $2,600,858 $1,047,240 $4,696,015Premium finance receivables - property & casualty Fixed rate$8,466,546 $157,776 $— $— $8,624,322Variable rate — — — — —Total premium finance receivables - property & casualty$8,466,546 $157,776 $— $— $8,624,322Premium finance receivables - life insurance Fixed rate$13,006 $35,884 $— $— $48,890Variable rate 9,489,973 — — — 9,489,973Total premium finance receivables - life insurance$9,502,979 $35,884 $— $— $9,538,863Consumer and other Fixed rate$32,133 $7,772 $968 $836 $41,709Variable rate 93,455 — — — 93,455Total consumer and other$125,588 $7,772 $968 $836 $135,164 Total per category Fixed rate$10,152,958 $7,126,563 $2,673,877 $1,140,391 $21,093,789Variable rate 32,291,180 880,502 2,539,100 — 35,710,782Total loans, net of unearned income$42,444,138 $8,007,065 $5,212,977 $1,140,391 $56,804,571Less: Existing cash flow hedging derivatives (1) (6,650,000) Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$35,794,138 Variable Rate Loan Pricing by Index: SOFR tenors (2) $23,556,09212- month CMT (3) 8,442,458Prime 2,980,955Fed Funds 502,961Other U.S. Treasury tenors 125,663Other 102,653Total variable rate $35,710,782
(1) Excludes cash flow hedges with future effective starting dates and those that have matured as of September 30, 2026. The $6.65 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.70 billion were impacting the cash flows of loans indexed to one-month SOFR as of September 30, 2026.
(2) SOFR - Secured Overnight Financing Rate.
(3) CMT - Constant Maturity Treasury Rate.
Graph available at the following link: http://ml.globenewswire.com/Resource/Download/96398016-9f3a-40ae-b1ba-211e33ef84c1
TABLE 10: ALLOWANCE FOR CREDIT LOSSES
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 2026 2025 Allowance for credit losses at beginning of period $481,189 $471,591 $460,465 $454,586 $457,461 $460,465 $437,060 Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965 Other adjustments (18) (90) (50) 71 (88) (158) 96 Charge-offs: Commercial 19,075 10,837 8,428 12,894 21,597 38,340 37,467 Commercial real estate 414 707 7,260 5,625 144 8,381 6,309 Home equity — — — — 27 — 138 Residential real estate 107 163 350 — 26 620 26 Premium finance receivables - property & casualty 7,361 5,403 7,431 8,354 6,860 20,195 20,320 Premium finance receivables - life insurance — — — — 18 — 30 Consumer and other 217 172 180 203 174 569 500 Total charge-offs 27,174 17,282 23,649 27,076 28,846 68,105 64,790 Recoveries: Commercial 1,577 1,710 1,419 956 1,449 4,706 4,124 Commercial real estate 2,103 5 6 4 241 2,114 263 Home equity 12 16 303 28 104 331 350 Residential real estate 24 1 1 1 1 26 139 Premium finance receivables - property & casualty 2,435 2,076 3,437 4,275 2,459 7,948 9,281 Premium finance receivables - life insurance — — — — — — — Consumer and other 26 28 65 32 37 119 98 Total recoveries 6,177 3,836 5,231 5,296 4,291 15,244 14,255 Net charge-offs (20,997) (13,446) (18,418) (21,780) (24,555) (52,861) (50,535)Allowance for credit losses at period end $486,053 $481,189 $471,591 $460,465 $454,586 $486,053 $454,586 Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average: Commercial 0.39% 0.20% 0.17% 0.29% 0.49% 0.26% 0.28%Commercial real estate (0.05) 0.02 0.21 0.16 (0.00) 0.06 0.06 Home equity (0.01) (0.01) (0.26) (0.02) (0.06) (0.09) (0.06)Residential real estate 0.01 0.01 0.03 (0.00) 0.00 0.02 (0.00)Premium finance receivables - property & casualty 0.22 0.16 0.20 0.20 0.20 0.20 0.19 Premium finance receivables - life insurance — — — — 0.00 — 0.00 Consumer and other 0.41 0.42 0.35 0.47 0.40 0.39 0.43 Total loans, net of unearned income 0.15% 0.10% 0.14% 0.17% 0.19% 0.13% 0.14% Loans at period end $56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,482 Allowance for loan losses as a percentage of loans at period end 0.71% 0.72% 0.72% 0.71% 0.74% Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end 0.86 0.86 0.87 0.87 0.87
TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(In thousands) 2026 2026 2026 2025 2025 2026 2025 Provision for loan losses - Other $19,792 $25,837 $29,836 $14,369 $19,610 $75,465 $73,043 Provision for unfunded lending-related commitments losses - Other 6,094 (2,666) (239) 13,354 2,160 3,189 (5,017)Provision for held-to-maturity securities losses (7) (37) (3) (135) (2) (47) (61)Provision for credit losses $25,879 $23,134 $29,594 $27,588 $21,768 $78,607 $67,965 Allowance for loan losses $401,729 $402,952 $390,651 $379,283 $386,622 Allowance for unfunded lending-related commitments losses 84,111 78,017 80,683 80,922 67,569 Allowance for loan losses and unfunded lending-related commitments losses 485,840 480,969 471,334 460,205 454,191 Allowance for held-to-maturity securities losses 213 220 257 260 395 Allowance for credit losses $486,053 $481,189 $471,591 $460,465 $454,586
TABLE 12: ALLOWANCE BY LOAN PORTFOLIO
The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of September 30, 2026, June 30, 2026 and March 31, 2026.
As of Sep 30, 2026As of Jun 30, 2026As of Mar 31, 2026(Dollars in thousands)Recorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceCommercial$18,341,765 $240,134 1.31%$18,281,311 $234,809 1.28%$17,763,221 $210,959 1.19%Commercial real estate: Construction and development 2,678,889 66,450 2.48 2,655,665 67,343 2.54 2,323,942 74,092 3.19 Non-construction 12,281,722 142,623 1.16 11,614,942 142,605 1.23 11,838,344 150,778 1.27 Total commercial real estate$14,960,611 $209,073 1.40%$14,270,607 $209,948 1.47%$14,162,286 $224,870 1.59%Total commercial and commercial real estate$33,302,376 $449,207 1.35%$32,551,918 $444,757 1.37%$31,925,507 $435,829 1.37%Home equity 507,831 9,837 1.94 491,782 10,004 2.03 471,264 10,213 2.17 Residential real estate 4,696,015 13,619 0.29 4,542,692 13,257 0.29 4,465,166 13,081 0.29 Premium finance receivables - property & casualty 8,624,322 11,499 0.13 8,612,023 11,142 0.13 7,890,331 10,591 0.13 Premium finance receivables - life insurance 9,538,863 830 0.01 9,312,521 810 0.01 9,196,382 800 0.01 Consumer and other 135,164 848 0.63 144,011 999 0.69 122,642 820 0.67 Total loans, net of unearned income$56,804,571 $485,840 0.86%$55,654,947 $480,969 0.86%$54,071,292 $471,334 0.87% Total core loans (1)$33,868,895 $413,833 1.22%$32,716,938 $406,752 1.24%$32,118,691 $408,892 1.27%Total niche loans (1) 22,935,676 72,007 0.31 22,938,009 74,217 0.32 21,952,601 62,442 0.28
(1) See Table 1 for additional detail on core and niche loans.
TABLE 13: LOAN PORTFOLIO AGING
(In thousands) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025Loan Balances: Commercial Non-accrual $85,670 $90,642 $87,750 $78,059 $66,57790+ days and still accruing — — — — —60-89 days past due 21,825 14,851 9,996 22,952 12,19030-59 days past due 39,132 38,292 90,389 90,205 36,136Current 18,195,138 18,137,526 17,575,086 16,853,470 16,429,439Total commercial $18,341,765 $18,281,311 $17,763,221 $17,044,686 $16,544,342Commercial real estate Non-accrual $13,013 $17,220 $16,757 $25,147 $28,20290+ days and still accruing — — — — —60-89 days past due 17,827 14,879 17,133 19,529 14,11930-59 days past due 74,545 60,451 54,143 65,601 83,055Current 14,855,226 14,178,057 14,074,253 13,830,459 13,493,831Total commercial real estate $14,960,611 $14,270,607 $14,162,286 $13,940,736 $13,619,207Home equity Non-accrual $1,149 $1,177 $1,142 $1,221 $1,29590+ days and still accruing — — — — —60-89 days past due 1,085 690 463 1,112 24630-59 days past due 1,427 878 2,012 2,818 2,294Current 504,170 489,037 467,647 475,374 480,367Total home equity $507,831 $491,782 $471,264 $480,525 $484,202Residential real estate Early buy-out loans guaranteed by U.S. government agencies (1) $143,138 $131,335 $145,225 $145,793 $124,824Non-accrual 26,218 25,910 27,360 32,862 28,94290+ days and still accruing — — — — —60-89 days past due 5,390 3,310 129 7,562 8,82930-59 days past due 114 — 30,854 24,908 95Current 4,521,155 4,382,137 4,261,598 4,106,107 3,981,180Total residential real estate $4,696,015 $4,542,692 $4,465,166 $4,317,232 $4,143,870Premium finance receivables - property & casualty Non-accrual $23,341 $28,061 $33,891 $29,354 $24,51290+ days and still accruing 17,093 16,003 15,823 19,115 13,00660-89 days past due 19,238 18,198 16,188 29,294 23,52730-59 days past due 33,757 25,864 47,936 57,685 38,133Current 8,530,893 8,523,897 7,776,493 8,047,968 8,267,114Total Premium finance receivables - property & casualty $8,624,322 $8,612,023 $7,890,331 $8,183,416 $8,366,292Premium finance receivables - life insurance Non-accrual $— $— $— $— $—90+ days and still accruing 10,380 — — — —60-89 days past due 536 2,908 22,690 13,887 34,01630-59 days past due 3,515 8,606 58,760 22,806 34,506Current 9,524,432 9,301,007 9,114,932 8,986,949 8,690,031Total Premium finance receivables - life insurance $9,538,863 $9,312,521 $9,196,382 $9,023,642 $8,758,553Consumer and other Non-accrual $27 $113 $16 $8 $3890+ days and still accruing 13 145 10 42 6060-89 days past due 42 195 130 466 4930-59 days past due 251 1,253 230 643 159Current 134,831 142,305 122,256 113,705 146,710Total consumer and other $135,164 $144,011 $122,642 $114,864 $147,016Total loans, net of unearned income Early buy-out loans guaranteed by U.S. government agencies (1) $143,138 $131,335 $145,225 $145,793 $124,824Non-accrual 149,418 163,123 166,916 166,651 149,56690+ days and still accruing 27,486 16,148 15,833 19,157 13,06660-89 days past due 65,943 55,031 66,729 94,802 92,97630-59 days past due 152,741 135,344 284,324 264,666 194,378Current 56,265,845 55,153,966 53,392,265 52,414,032 51,488,672Total loans, net of unearned income $56,804,571 $55,654,947 $54,071,292 $53,105,101 $52,063,482
(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
TABLE 14: NON-PERFORMING ASSETS (1)
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 Loans past due greater than 90 days and still accruing: Commercial$— $— $— $— $— Commercial real estate — — — — — Home equity — — — — — Residential real estate — — — — — Premium finance receivables - property & casualty 17,093 16,003 15,823 19,115 13,006 Premium finance receivables - life insurance 10,380 — — — — Consumer and other 13 145 10 42 60 Total loans past due greater than 90 days and still accruing 27,486 16,148 15,833 19,157 13,066 Non-accrual loans: Commercial 85,670 90,642 87,750 78,059 66,577 Commercial real estate 13,013 17,220 16,757 25,147 28,202 Home equity 1,149 1,177 1,142 1,221 1,295 Residential real estate 26,218 25,910 27,360 32,862 28,942 Premium finance receivables - property & casualty 23,341 28,061 33,891 29,354 24,512 Premium finance receivables - life insurance — — — — — Consumer and other 27 113 16 8 38 Total non-accrual loans 149,418 163,123 166,916 166,651 149,566 Total non-performing loans: Commercial 85,670 90,642 87,750 78,059 66,577 Commercial real estate 13,013 17,220 16,757 25,147 28,202 Home equity 1,149 1,177 1,142 1,221 1,295 Residential real estate 26,218 25,910 27,360 32,862 28,942 Premium finance receivables - property & casualty 40,434 44,064 49,714 48,469 37,518 Premium finance receivables - life insurance 10,380 — — — — Consumer and other 40 258 26 50 98 Total non-performing loans$176,904 $179,271 $182,749 $185,808 $162,632 Other real estate owned 16,404 15,940 17,439 20,839 24,832 Total non-performing assets$193,308 $195,211 $200,188 $206,647 $187,464 Total non-performing loans by category as a percent of its own respective category’s period-end balance: Commercial 0.47% 0.50% 0.49% 0.46% 0.40%Commercial real estate 0.09 0.12 0.12 0.18 0.21 Home equity 0.23 0.24 0.24 0.25 0.27 Residential real estate 0.56 0.57 0.61 0.76 0.70 Premium finance receivables - property & casualty 0.47 0.51 0.63 0.59 0.45 Premium finance receivables - life insurance 0.11 — — — — Consumer and other 0.03 0.18 0.02 0.04 0.07 Total loans, net of unearned income 0.31% 0.32% 0.34% 0.35% 0.31%Total non-performing assets as a percentage of total assets 0.25% 0.26% 0.28% 0.29% 0.27%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 325.15% 294.85% 282.38% 276.15% 303.67%
(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.
Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(In thousands) 2026 2026 2026 2025 2025 2026 2025 Balance at beginning of period$179,271 $182,749 $185,808 $162,632 $188,838 $185,808 $170,823 Additions from becoming non-performing in the respective period 29,694 31,070 24,969 46,198 34,805 85,733 111,177 Return to performing status (11,423) (1,671) (3,663) (2,937) (3,399) (16,757) (11,502)Payments received (7,568) (19,503) (13,780) (13,734) (28,052) (40,851) (49,619)Transfer to OREO or other assets (1,582) — (868) (286) (348) (2,450) (2,595)Charge-offs, net (18,106) (7,860) (10,930) (16,998) (21,526) (36,896) (41,860)Net change for premium finance receivables 6,618 (5,514) 1,213 10,933 (7,686) 2,317 (13,792)Balance at end of period$176,904 $179,271 $182,749 $185,808 $162,632 $176,904 $162,632
Other Real Estate Owned
Three Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(In thousands) 2026 2026 2026 2025 2025Balance at beginning of period$15,940 $17,439 $20,839 $24,832 $23,615Disposals/resolved (127) (1,499) (4,760) (2,141) —Transfers in at fair value, less costs to sell 591 — 1,360 — 1,217Fair value adjustments — — — (1,852) —Balance at end of period$16,404 $15,940 $17,439 $20,839 $24,832 Period End(In thousands)Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Balance by Property Type: 2026 2026 2026 2025 2025Residential real estate$— $— $— $— $—Commercial real estate 16,404 15,940 17,439 20,839 24,832Total$16,404 $15,940 $17,439 $20,839 $24,832
TABLE 15: NON-INTEREST INCOME
Three Months EndedQ3 2026 compared to
Q2 2026Q3 2026 compared to
Q3 2025 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025 $ Change % Change$ Change % ChangeBrokerage$5,144 $4,985 $5,301 $5,384 $4,426 $159 3%$718 16%Trust and asset management 35,823 34,898 36,758 33,981 32,762 925 3 3,061 9 Total wealth management 40,967 39,883 42,059 39,365 37,188 1,084 3 3,779 10 Mortgage banking 25,532 27,438 23,396 22,625 24,451 (1,906) (7) 1,081 4 Service charges on deposit accounts 22,161 21,240 20,970 20,402 19,825 921 4 2,336 12 (Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 (3,466) NM (4,593) NMFees from covered call options 4,585 4,793 4,669 5,992 5,619 (208) (4) (1,034) (18)Trading gains (losses), net 48 70 10 (257) 172 (22) (31) (124) (72)Operating lease income, net 18,447 18,804 19,154 16,365 15,466 (357) (2) 2,981 19 Other: Interest rate swap fees 3,757 3,117 4,041 4,664 3,909 640 21 (152) (4)BOLI 846 3,216 948 1,915 1,591 (2,370) (74) (745) (47)Administrative services 1,437 1,341 1,243 1,352 1,240 96 7 197 16 Foreign currency remeasurement (losses) gains (433) 253 (368) 322 (416) (686) NM (17) 4 Changes in fair value on EBOs and loans held-for-investment (356) (373) (287) (1,702) 1,452 17 5 (1,808) NMEarly pay-offs of capital leases 928 1,054 1,198 581 519 (126) (12) 409 79 Miscellaneous 19,975 18,588 17,140 17,261 16,839 1,387 7 3,136 19 Total Other 26,154 27,196 23,915 24,393 25,134 (1,042) (4) 1,020 4 Total Non-Interest Income$136,273 $141,269 $134,142 $130,390 $130,827 $(4,996) (4)%$5,446 4% Nine Months Ended2026 compared to 2025 Sep 30, Sep 30,(Dollars in thousands) 2026 2025$ Change % ChangeBrokerage$15,430 $13,395$2,035 15%Trust and asset management 107,479 94,656 12,823 14 Total wealth management 122,909 108,051 14,858 14 Mortgage banking 76,366 68,150 8,216 12 Service charges on deposit accounts 64,371 58,689 5,682 10 Gains on investment securities, net 193 6,818 (6,625) (97)Fees from covered call options 14,047 14,689 (642) (4)Trading gains, net 128 259 (131) (51)Operating lease income, net 56,405 45,919 10,486 23 Other: Interest rate swap fees 10,915 9,188 1,727 19 BOLI 5,010 4,644 366 8 Administrative services 4,021 3,948 73 2 Foreign currency remeasurement (losses) gains (548) 59 (607) NMChanges in fair value on EBOs and loans held-for-investment (1,016) 2,007 (3,023) NMEarly pay-offs of capital leases 3,180 1,687 1,493 89 Miscellaneous 55,703 47,442 8,261 17 Total Other 77,265 68,975 8,290 12 Total Non-Interest Income$411,684 $371,550$40,134 11%
NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.
TABLE 16: MORTGAGE BANKING
Three Months Ended(Dollars in thousands)Sep 30,
2026 Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025Originations: Retail originations$487,106 $660,325 $441,749 $589,139 $505,793 Veterans First originations 131,447 174,644 152,244 208,054 137,600 Total originations for sale (A)$618,553 $834,969 $593,993 $797,193 $643,393 Originations for investment 289,296 315,487 371,540 364,988 351,012 Total originations$907,849 $1,150,456 $965,533 $1,162,181 $994,405 As a percentage of originations for sale: Retail originations 79% 79% 74% 74% 79%Veterans First originations 21 21 26 26 21 Purchases 80% 74% 52% 52% 77%Refinances 20 26 48 48 23 Production Margin: Production revenue (B) (1)$10,902 $13,150 $13,028 $10,878 $15,388 Total originations for sale (A)$618,553 $834,969 $593,993 $797,193 $643,393 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 93,178 171,656 218,156 122,804 307,932 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 171,656 218,156 122,804 307,932 163,664 Total mortgage production volume (C)$540,075 $788,469 $689,345 $612,065 $787,661 Production margin (B / C) 2.02% 1.67% 1.89% 1.78% 1.95%Mortgage Servicing: Loans serviced for others (D)$12,790,822 $12,669,679 $12,534,513 $12,608,694 $12,524,131 Mortgage Servicing Rights (“MSR”), at fair value (E) 238,485 201,903 195,276 195,023 190,938 Percentage of MSRs to loans serviced for others (E / D) 1.86% 1.59% 1.56% 1.55% 1.52%Servicing income$10,678 $10,724 $10,353 $10,185 $10,112 MSR Fair Value Asset Activity MSR - FV at Beginning of Period$201,903 $195,276 $195,023 $190,938 $193,061 MSR - Current period capitalization 7,083 8,745 6,434 9,150 5,829 MSR - Collection of expected cash flows - paydowns (1,839) (1,684) (1,620) (1,550) (1,554)MSR - Collection of expected cash flows - payoffs and repurchases (3,548) (4,815) (5,021) (6,250) (4,050)MSR - Changes in fair value model assumptions 34,886 4,381 460 2,735 (2,348)MSR Fair Value at end of period$238,485 $201,903 $195,276 $195,023 $190,938 Summary of Mortgage Banking Revenue: Operational: Production revenue (1)$10,902 $13,150 $13,028 $10,878 $15,388 MSR - Current period capitalization 7,083 8,745 6,434 9,150 5,829 MSR - Collection of expected cash flows - paydowns (1,839) (1,684) (1,620) (1,550) (1,554)MSR - Collection of expected cash flows - payoffs and repurchases (3,548) (4,815) (5,021) (6,250) (4,050)Servicing Income 10,678 10,724 10,353 10,185 10,112 Other Revenue (282) 72 (45) (17) (345)Total operational mortgage banking revenue$22,994 $26,192 $23,129 $22,396 $25,380 Fair Value: MSR - changes in fair value model assumptions$34,886 $4,381 $460 $2,735 $(2,348)(Loss) gain on derivative contract held as an economic hedge, net (27,671) (3,396) (900) (2,425) 265 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale (4,677) 261 707 (81) 1,154 Total fair value mortgage banking revenue$2,538 $1,246 $267 $229 $(929)Total mortgage banking revenue$25,532 $27,438 $23,396 $22,625 $24,451
(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
Nine Months Ended(Dollars in thousands)Sep 30,
2026 Sep 30,
2025Originations: Retail originations$1,589,180 $1,378,020 Veterans First originations 458,335 407,372 Total originations for sale (A)$2,047,515 $1,785,392 Originations for investment 976,323 991,115 Total originations$3,023,838 $2,776,507 As a percentage of originations for sale: Retail originations 78% 77%Veterans First originations 22 23 Purchases 69% 76%Refinances 31 24 Production Margin: Production revenue (B) (1)$37,080 $38,709 Total originations for sale (A)$2,047,515 $1,785,392 Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2) 93,178 307,932 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2) 122,804 103,946 Total mortgage production volume (C)$2,017,889 $1,989,378 Production margin (B / C) 1.84% 1.95%Mortgage Servicing: Loans serviced for others (D)$12,790,822 $12,524,131 MSRs, at fair value (E) 238,485 190,938 Percentage of MSRs to loans serviced for others (E / D) 1.86% 1.52%Servicing income$31,755 $31,243 MSR Fair Value Asset Activity MSR - FV at Beginning of Period$195,023 $203,788 MSR - Current period capitalization 22,262 16,834 MSR - Collection of expected cash flows - paydowns (5,143) (4,660)MSR - Collection of expected cash flows - payoffs and repurchases (13,384) (11,196)MSR - Changes in fair value model assumptions 39,727 (13,828)MSR Fair Value at end of period$238,485 $190,938 Summary of Mortgage Banking Revenue: Operational: Production revenue (1)$37,080 $38,709 MSR - Current period capitalization 22,262 16,834 MSR - Collection of expected cash flows - paydowns (5,143) (4,660)MSR - Collection of expected cash flows - payoffs and repurchases (13,384) (11,196)Servicing Income 31,755 31,243 Other Revenue (255) (596)Total operational mortgage banking revenue$72,315 $70,334 Fair Value: MSR - changes in fair value model assumptions$39,727 $(13,828)(Loss) gain on derivative contract held as an economic hedge, net (31,967) 7,697 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale (3,709) 3,947 Total fair value mortgage banking revenue$4,051 $(2,184)Total mortgage banking revenue$76,366 $68,150
(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.
TABLE 17: NON-INTEREST EXPENSE
Three Months EndedQ3 2026 compared to
Q2 2026Q3 2026 compared to
Q3 2025 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,(Dollars in thousands) 2026 2026 2026 2025 2025$ Change % Change$ Change % ChangeSalaries and employee benefits: Salaries$128,618 $129,875 $129,086 $124,856 $124,623$(1,257) (1)%$3,995 3%Commissions and incentive compensation 61,911 62,463 57,407 57,117 56,244 (552) (1) 5,667 10 Benefits 40,023 41,751 41,954 40,584 38,801 (1,728) (4) 1,222 3 Total salaries and employee benefits 230,552 234,089 228,447 222,557 219,668 (3,537) (2) 10,884 5 Software and equipment 39,179 39,288 35,654 36,096 35,027 (109) 0 4,152 12 Operating lease equipment 11,661 11,187 10,987 11,034 10,409 474 4 1,252 12 Occupancy, net 19,548 21,153 20,566 20,105 20,809 (1,605) (8) (1,261) (6)Data processing 11,218 10,659 11,266 11,809 11,329 559 5 (111) (1)Advertising and marketing 21,806 20,432 13,218 13,792 19,027 1,374 7 2,779 15 Professional fees 10,687 9,342 7,375 8,280 7,465 1,345 14 3,222 43 Amortization of other acquisition-related intangible assets 4,686 4,921 4,958 4,999 5,196 (235) (5) (510) (10)FDIC insurance 12,138 11,796 10,990 11,061 11,418 342 3 720 6 FDIC insurance - special assessment — (5,156) — (499) — 5,156 100 — — OREO expense, net 282 786 207 2,162 262 (504) (64) 20 8 Other: Lending expenses, net of deferred origination costs 6,196 6,165 6,510 6,367 6,169 31 1 27 0 Travel and entertainment 6,874 6,938 5,426 7,965 6,029 (64) (1) 845 14 Miscellaneous 30,838 25,937 27,028 28,725 27,220 4,901 19 3,618 13 Total other 43,908 39,040 38,964 43,057 39,418 4,868 12 4,490 11 Total Non-Interest Expense$405,665 $397,537 $382,632 $384,453 $380,028$8,128 2%$25,637 7% Nine Months Ended2026 compared to 2025 Sep 30, Sep 30,(Dollars in thousands) 2026 2025$ Change % ChangeSalaries and employee benefits: Salaries$387,579 $371,714$15,865 4%Commissions and incentive compensation 181,781 164,651 17,130 10 Benefits 123,728 114,370 9,358 8 Total salaries and employee benefits 693,088 650,735 42,353 7 Software and equipment 114,121 106,266 7,855 7 Operating lease equipment 33,835 31,637 2,198 7 Occupancy, net 61,267 61,815 (548) (1)Data processing 33,143 34,713 (1,570) (5)Advertising and marketing 55,456 50,060 5,396 11 Professional fees 27,404 25,752 1,652 6 Amortization of other acquisition-related intangible assets 14,565 16,394 (1,829) (11)FDIC insurance 34,924 33,315 1,609 5 FDIC insurance - special assessment (5,156) — (5,156) (100)OREO expense, net 1,275 1,410 (135) (10)Other: Lending expenses, net of deferred origination costs 18,871 16,904 1,967 12 Travel and entertainment 19,238 17,325 1,913 11 Miscellaneous 83,803 81,253 2,550 3 Total other 121,912 115,482 6,430 6 Total Non-Interest Expense$1,185,834 $1,127,579$58,255 5%
NM - Not meaningful.
The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.
Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.
Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands) 2026 2026 2026 2025 2025 2026 2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: (A) Interest Income (GAAP)$1,002,861 $961,412 $927,560 $956,326 $963,834 $2,891,833 $2,771,707 Taxable-equivalent adjustment: - Loans 2,151 2,111 2,026 2,134 2,154 6,288 6,560 - Liquidity Management Assets 610 630 586 661 675 1,826 2,045 - Other Earning Assets — — — — — — 3 (B) Interest Income (non-GAAP)$1,005,622 $964,153 $930,172 $959,121 $966,663 $2,899,947 $2,780,315 (C) Interest Expense (GAAP) 381,257 364,046 348,536 372,452 396,824 1,093,839 1,131,529 (D) Net Interest Income (GAAP) (A minus C) 621,604 597,366 579,024 583,874 567,010 1,797,994 1,640,178 (E) Net Interest Income (non-GAAP) (B minus C) 624,365 600,107 581,636 586,669 569,839 1,806,108 1,648,786 Net interest margin (GAAP) 3.49% 3.50% 3.54% 3.52% 3.48% 3.51% 3.51%Net interest margin, fully taxable-equivalent (non-GAAP) 3.51 3.52 3.56 3.54 3.50 3.53 3.53 (F) Non-interest income$136,273 $141,269 $134,142 $130,390 $130,827 $411,684 $371,550 (G) (Losses) gains on investment securities, net (1,621) 1,845 (31) 1,505 2,972 193 6,818 (H) Non-interest expense 405,665 397,537 382,632 384,453 380,028 1,185,834 1,127,579 Efficiency ratio (H/(D+F-G)) 53.41% 53.96% 53.65% 53.94% 54.69% 53.67% 56.24%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.22 53.76 53.45 53.73 54.47 53.47 56.00 Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands) 2026 2026 2026 2025 2025 2026 2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio: Total shareholders’ equity (GAAP)$7,289,546 $7,525,116 $7,378,100 $7,258,715 $7,045,757 Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (425,000) (425,000) (425,000) Less: Acquisition-related intangible assets (GAAP) (914,694) (885,338) (890,698) (895,959) (902,936) (I) Total tangible common shareholders’ equity (non-GAAP)$5,949,852 $6,214,778 $6,062,402 $5,937,756 $5,717,821 (J) Total assets (GAAP)$75,971,620 $74,668,135 $72,157,433 $71,142,046 $69,629,638 Less: Acquisition-related intangible assets (GAAP) (914,694) (885,338) (890,698) (895,959) (902,936) (K) Total tangible assets (non-GAAP)$75,056,926 $73,782,797 $71,266,735 $70,246,087 $68,726,702 Common equity to assets ratio (GAAP) (L/J) 9.0% 9.5% 9.6% 9.6% 9.5% Tangible common equity ratio (non-GAAP) (I/K) 7.9 8.4 8.5 8.5 8.3 Reconciliation of Non-GAAP Tangible Book Value per Common Share: Total shareholders’ equity$7,289,546 $7,525,116 $7,378,100 $7,258,715 $7,045,757 Less: Non-convertible preferred stock (GAAP) (425,000) (425,000) (425,000) (425,000) (425,000) (L) Total common equity$6,864,546 $7,100,116 $6,953,100 $6,833,715 $6,620,757 (M) Actual common shares outstanding 67,472 67,455 67,437 66,975 66,961 Book value per common share (L/M)$101.74 $105.26 $103.10 $102.03 $98.87 Tangible book value per common share (non-GAAP) (I/M) 88.18 92.13 89.90 88.66 85.39 Reconciliation of Non-GAAP Return on Average Tangible Common Equity: (N) Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913 $675,034 $559,497 Add: Acquisition-related intangible asset amortization 4,686 4,921 4,958 4,999 5,196 14,565 16,394 Less: Tax effect of acquisition-related intangible asset amortization (1,251) (1,304) (1,210) (1,310) (1,403) (3,772) (4,328)After-tax Acquisition-related intangible asset amortization$3,435 $3,617 $3,748 $3,689 $3,793 $10,793 $12,066 (O) Tangible net income applicable to common shares (non-GAAP)$234,122 $228,943 $222,769 $218,346 $192,706 $685,827 $571,563 Total average shareholders’ equity$7,558,263 $7,474,449 $7,387,713 $7,166,608 $6,955,543 $7,474,100 $6,761,319 Less: Average preferred stock (425,000) (425,000) (425,000) (425,000) (483,288) (425,000) (498,626)(P) Total average common shareholders’ equity$7,133,263 $7,049,449 $6,962,713 $6,741,608 $6,472,255 $7,049,100 $6,262,693 Less: Average acquisition-related intangible assets (895,137) (889,059) (894,211) (901,022) (906,032) (892,805) (910,972)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,238,126 $6,160,390 $6,068,502 $5,840,586 $5,566,223 $6,156,295 $5,351,721 Return on average common equity, annualized (N/P) 12.83% 12.82% 12.76% 12.63% 11.58% 12.80% 11.94%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.89 14.91 14.89 14.83 13.74 14.89 14.28 Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: Income before taxes$326,333 $317,964 $300,940 $302,223 $296,041 $945,237 $816,184 Add: Provision for credit losses 25,879 23,134 29,594 27,588 21,768 78,607 67,965 Pre-tax income, excluding provision for credit losses (non-GAAP)$352,212 $341,098 $330,534 $329,811 $317,809 $1,023,844 $884,149 Three Months EndedNine Months Ended Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,Sep 30, Sep 30,(Dollars and shares in thousands, except per share data) 2026 2026 2026 2025 2025 2026 2025Reconciliation of Non-GAAP Net Income per Common Share: Net income$239,054 $233,693 $227,388 $223,024 $216,254$700,135 $600,820Preferred stock dividends 8,367 8,367 8,367 8,367 13,295 25,101 27,277Preferred stock redemption — — — — 14,046 — 14,046(R) Net income applicable to common shares$230,687 $225,326 $219,021 $214,657 $188,913$675,034 $559,497(S) Weighted average common shares outstanding 67,467 67,434 67,246 66,970 66,952 67,383 66,871Dilutive potential common shares 911 852 851 1,143 1,028 876 945(T) Average common shares and dilutive common shares 68,378 68,286 68,097 68,113 67,980 68,259 67,816Net income per common share - Basic (R/S)$3.42 $3.34 $3.26 $3.21 $2.82$10.02 $8.37Net income per common share - Diluted (R/T)$3.37 $3.30 $3.22 $3.15 $2.78$9.89 $8.25Preferred stock series F excess one-time extended first dividend$— $— $— $— $4,927$— $4,927Preferred stock redemption — — — — 14,046 — 14,046(U) Total non-recurring preferred stock offering impact (non-GAAP)$— $— $— $— $18,973$— $18,973Net income per common share - Basic (non-GAAP) (R+U)/S$3.42 $3.34 $3.26 $3.21 $3.11$10.02 $8.65Net income per common share - Diluted (non-GAAP) (R+U)/T$3.37 $3.30 $3.22 $3.15 $3.06$9.89 $8.53
WINTRUST SUBSIDIARIES
Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.
Additionally, the Company operates various non-bank businesses:
FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve property and casualty and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves property and casualty insurance loan customers throughout Canada.Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States.Wintrust Investments, LLC provides a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.Wintrust Asset Finance offers direct leasing opportunities.CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031. FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2025 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors and uncertainties, including the following:
economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies or armed hostilities;the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;the financial success and economic viability of the borrowers of our commercial loans;commercial real estate market conditions in the Chicago metropolitan area, southern Wisconsin and west Michigan;the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;unexpected difficulties and losses related to FDIC-assisted acquisitions;harm to the Company’s reputation;any negative perception of the Company’s financial strength;ability of the Company to raise additional capital on acceptable terms when needed;disruption in capital markets, which may lower fair values for the Company’s investment portfolio;ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;failure or breaches of our security systems or infrastructure, or those of third parties;security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;increased costs as a result of protecting our customers from the impact of stolen debit card information;accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;ability of the Company to attract and retain senior management experienced in the banking and financial services industries;environmental liability risk associated with lending activities;the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of tax legislation;changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;the ability of the Company to receive dividends from its subsidiaries;a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;a lowering of our credit rating;changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;the impact of heightened capital requirements;increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;delinquencies or fraud with respect to the Company’s premium finance business;credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;the Company’s ability to comply with covenants under its credit facility;fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change. Therefore, there can be no assurances that future actual results will correspond to any forward-looking statement. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.
CONFERENCE CALL, WEBCAST AND REPLAY
The Company will hold a conference call on Tuesday, October 20, 2026 at 10:00 a.m. (CDT) regarding third quarter and year-to-date 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated September 30, 2026 available at the Investor Relations, News and Events, News link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, News and Events, Events and Presentations link. The text of the third quarter and year-to-date 2026 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, News and Events, News link on its website.
FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com
Společnost Haemonetics získala v USA schválení FDA pro systém PerQseal Elite určený k uzávěru velkých arteriálních přístupů při strukturálních srdečních a endovaskulárních zákrocích.
, /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE), a global medical technology company focused on delivering innovative solutions designed to improve patient outcomes, today announced U.S. Food and Drug Administration (FDA) approval of the PerQseal® Elite vascular closure system for large-bore arterial procedures. The approval expands Haemonetics' portfolio of clinically-differentiated large-bore closure devices for structural heart and endovascular procedures in the U.S., following the company's acquisition of Vivasure Medical Limited in January 2026.
The PerQseal Elite system provides sutureless, large-bore vascular closure following structural heart and endovascular procedures performed with 14 – 22F sheaths. Its fully bioabsorbable patch seals arteriotomies up to 26F from within the vessel, enabling near-instantaneous hemostasis and leaving nothing permanent behind. Physicians can confirm hemostasis while maintaining guidewire access, with the flexibility to reposition or recover the system until implant release. Results from the prospective, single-arm, multicenter ELITE arterial study demonstrated 0% major complications per VARC-3 and a mean time to hemostasis of less than one minute.1 In 2025, PerQseal Elite received CE Mark approval in Europe for both arterial and venous indications.
"FDA approval represents an important milestone in our strategy to bolster our presence and growth in advanced vascular closure, with new and meaningful innovation to meet evolving procedural needs," said Jan Hartmann, M.D., Senior Vice President and Chief Medical Officer at Haemonetics. "PerQseal Elite has the potential to further simplify minimally invasive procedures such as TAVR, while supporting patient comfort and experience. We are pleased to offer physicians and their patients in the U.S. this novel, patch-based approach to large-bore vascular closure."
Professor Nicolas van Mieghem, MD, co-investigator of the ELITE study clinical trials and interventional cardiologist at ZOL Hospital in Genk, Belgium, said, "I have found PerQseal Elite to be easy to adopt and intuitive to use, with rapid hemostasis being a particularly notable feature. In both the ELITE study and our early clinical experience, it has integrated well into procedural workflows for large-bore arterial interventions."
Clinical data related to PerQseal Elite will be presented and discussed by Haemonetics at the Transcatheter Cardiovascular Therapeutics® (TCT) Conference at the end of October.
VARC-3 major device-related vascular access site complications through 30 days. See PerQseal® Elite Instructions for Use.
About Haemonetics
Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our Apheresis business features proprietary technologies designed to enhance safety, yield, donor satisfaction and operational efficiency for plasma and blood collectors around the world. Our MedSurg business offers Blood Management Technologies designed to help inform treatment decisions and optimize the management of blood products, and Interventional Technologies, including advanced vascular closure systems and sensor-guided technologies, designed to drive procedural effectiveness and elevate the patient experience. To learn more about Haemonetics, visit www.haemonetics.com.
Cautionary Statement Regarding Forward-Looking Information
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements in this press release may include, without limitation, statements regarding plans and objectives of management for the operation of Haemonetics, including statements regarding potential benefits associated with the PerQseal Elite vascular closure system and Haemonetics' plans or objectives related to the commercialization of such product. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon Haemonetics' current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, product quality; market acceptance; the effect of economic and political conditions; and the impact of competitive products and pricing. These and other factors are identified and described in more detail in Haemonetics' periodic reports and other filings with the U.S. Securities and Exchange Commission. Haemonetics does not undertake to update these forward-looking statements.
Investor Contacts:
Olga Guyette, Vice President-Investor Relations & Treasury
SAN DIEGO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of sellers of Dun & Bradstreet Holdings, Inc. (NYSE: DNB) common stock between May 13, 2025 and August 26, 2025, inclusive (the “Class Period”), including holders who exchanged shares of Dun & Bradstreet common stock in the Merger with Clearlake Capital Group, L.P., and holders of Dun & Bradstreet common stock as of the May 9, 2025 record date for the special meeting of stockholders and whose shares were voted on, or entitled to vote on, the merger with Clearlake. Dun & Bradstreet is a global provider of business decision data and analytics.
The complaint alleges that Dun & Bradstreet's sale was engineered by the Company's Executive Chairman William P. Foley to relieve an acute liquidity crisis at Cannae Holdings, Inc., D&B’s largest stockholder, which Foley also chaired—and to defeat an activist proxy contest that threatened Foley’s control of Cannae.
Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP before the November 10, 2026, lead plaintiff deadline.
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Why Was Dun & Bradstreet Sued?
According to the complaint, on or about March 23, 2025, Dun & Bradstreet agreed to be acquired by affiliates of Clearlake for $9.15 per share in cash. According to the complaint, to obtain the stockholder approval required to consummate the merger, Dun & Bradstreet issued a definitive proxy statement on Schedule 14A on May 13, 2025 (the “Proxy”). Dun & Bradstreet stockholders allegedly voted to approve the merger on June 12, 2025, and the merger closed on August 26, 2025.
Plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose material facts in Dun & Bradstreet's March 23, 2025, merger announcement and in the Proxy.
Specifically, defendants failed to disclose: (i) the actual impetus for the sale: the liquidity crisis and activist threat confronting Cannae, and Foley's determination to convert Dun & Bradstreet, Cannae's largest holding, into cash quickly to address these issues; (ii) that several alternatives to a whole-company sale were worth materially more than $9.15 per share; (iii) the false board approval of the March Projections; and (iv) the advisor conflicts in the sales process.
Who May Be Eligible to Participate in the Dun & Bradstreet Class Action?
The lawsuit seeks to represent investors who sold Dun & Bradstreet Holdings, Inc. common stock between May 13, 2025 and August 26, 2025. Investors who suffered losses during that period may have legal rights under the federal securities laws.
What Is a Lead Plaintiff?
The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to lead the class action should contact Robbins LLP for information prior to the November 10, 2026, lead plaintiff deadline.
Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.
Does It Cost Anything to Participate?
No. Robbins LLP represents investors on a contingency fee basis.
Contact Robbins LLP
Investors seeking additional information about the Dun & Bradstreet Holdings, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.
Why Robbins LLP?
A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.
"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.
To be notified if a class action against Dun & Bradstreet Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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Adam Ciongoli neprodlouží smlouvu a k 1. prosinci odejde z funkce šéfa právního a politického oddělení Fox Corporation. Nicholas Trutanich se k 1. prosinci stane generálním právním zástupcem.
, /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) ("FOX" or the "Company") today announced that Adam Ciongoli, Chief Legal and Policy Officer, will not be renewing his contract and will step down from that role effective December 1. Concurrent with this change, Ciongoli will transition to serve as a special advisor to FOX through June 2028.
Nicholas Trutanich, currently Executive Vice President, Principal Deputy General Counsel, will become General Counsel of the Company effective December 1, reporting to Executive Chair and Chief Executive Officer Lachlan Murdoch.
"I'd like to thank Adam for his many immense contributions over the last three years," said Lachlan Murdoch. "I deeply appreciate his service to FOX and am grateful that he will continue to serve FOX as a special advisor. Nick Trutanich has been a critical member of the FOX team since joining the Company five years ago and will bring deep legal, litigation and compliance experience to this expanded role. We look forward to Nick's leadership."
"It has been a privilege and an honor to be a part of the FOX family, and I have especially valued my relationships with Lachlan and our talented colleagues," said Ciongoli. "I look forward to continuing to work with Lachlan and FOX as a special advisor to help this great company in its continued successes."
"I will be honored to serve as General Counsel and grateful for the opportunity to lead such a talented legal team," said Trutanich. "It is an exciting time of growth and innovation at FOX, and I look forward to working with colleagues across the Company to advance our goals."
Nick Trutanich joined Fox Corporation as Chief Ethics & Compliance Officer in 2021, most recently serving as Executive Vice President, Principal Deputy General Counsel, leading the Company's Litigation and Ethics & Compliance functions. Prior to joining FOX, Trutanich served as the U.S. Attorney for the District of Nevada from 2019 to 2021 and previously held senior roles at the Nevada Attorney General's Office and served as a federal prosecutor within the U.S. Department of Justice. Earlier in his career, Trutanich was a litigator in private practice and a federal law clerk.
As part of the transition, the Company also announced that Kristopher Jones, Executive Vice President and Head of Government Relations, will report directly to John Nallen, the President and Chief Operating Officer of Fox Corporation effective December 1.
About Fox Corporation
Fox Corporation produces and distributes compelling news, sports and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of FOX's footprint allow the Company to deliver content that engages and informs audiences, develop deeper consumer relationships and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.foxcorporation.com.
Newmark spustil v Severní Americe specializovanou divizi pro průmyslové venkovní skladovací plochy; nájemné za IOS se mezi lety 2020 a 2025 zvýšilo o 123 %.
Specialized advisors will serve owners and occupiers of industrial outdoor storage (IOS) assets, a property type whose rents have risen 123% since 2020, more than double the growth of bulk warehouse.
, /PRNewswire/ -- Newmark announces the launch of its dedicated Industrial Outdoor Storage (IOS) specialty practice, a group of advisors designed to provide advisory, leasing, capital markets and occupier solutions for one of commercial real estate's fastest-evolving property sectors. The practice brings together specialists from across North America to advise owners and occupiers of truck terminals, fleet parking facilities, storage yards, industrial service facilities and related outdoor logistics assets. The group's services include integrated landlord and tenant representation services while working closely with Newmark's Industrial & Logistics Capital Markets business on investment sales, debt and financing, M&A advisory and sale-leaseback transactions.
"Industrial outdoor storage has evolved from a fragmented real estate niche into a critical component of modern supply chains and industrial operations," said Jack Fraker, President, Global Head of Industrial & Logistics, Capital Markets. "As IOS has become increasingly important to both occupiers and investors, demand for well-located assets has continued to accelerate, driving rent growth that has significantly outpaced traditional bulk warehouse space over the past decade."
Newmark's IOS specialists have advised on a diverse range of assignments spanning leasing and capital markets across major logistics markets nationwide, such as the sale-leaseback transaction of a 15-property, 1.53 million-square-foot national IOS portfolio. The practice group includes broker-advisors based throughout the U.S. and Canada, led by Executive Managing Directors Adam Petrillo and Jerry Hopkins, Senior Managing Director Reid Halverson and Managing Directors Steve Korfiatis, Mike Viehmann and Cam Warren.
"Whether supporting transportation fleets, construction and infrastructure companies, equipment operators or logistics providers, industrial outdoor storage facilities play an essential role in keeping goods and services moving," said Viehmann. Halverson added: "Newmark's dedicated IOS business delivers deeper market knowledge, stronger collaboration and broader access to opportunities nationwide. By connecting professionals across key markets, we can provide clients with insights informed by leasing, ownership and investment activity throughout the sector."
According to Newmark's Lots to Gain research report, industrial outdoor storage has emerged as one of the strongest-performing segments within industrial real estate. Between 2020 and 2025, IOS rents increased 123%, more than double the growth recorded by bulk warehouse properties over the same period. Midyear 2026 vacancy measures reveal IOS to be the tightest niche sector in the industrial market at 5.8%, far below the overall industrial market at 7.4%. Although the sector encompasses an estimated 1.4 million acres across the United States, the supply of well-located sites remains constrained by zoning and entitlement challenges, fueling investor demand and accelerating IOS' evolution into an increasingly institutionalized asset class. Growing institutional participation and increased investor interest further underscore IOS's evolution from a niche property type into a recognized industrial asset class.
"IOS has become a meaningful part of our capital markets business, and this practice allows us to integrate that work with agency leasing, tenant representation, owner-occupier solutions and corporate M&A advisory nationwide, giving owners, investors and occupiers targeting the sector a comprehensive offering," said Stephen Bailey, Vice Chairman and Co-Head of Texas Capital Markets.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
BIRMINGHAM, Ala., Oct. 19, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS) today announced earnings and operating results for the quarter ended September 30, 2026.
Third Quarter 2026 Highlights and Financial Summary:
Diluted earnings per share of $0.80 for the quarter, up 33% from the third quarter of 2025, and up 23% from adjusted diluted earnings per share in the third quarter of 2025*.Loans grew by $1.43 billion, or 11%, year-over-year.Net interest margin of 3.63%, unchanged from the second quarter of 2026; excluding a loan recovery in the previous quarter, NIM was 5 basis points higher, and up 54 basis points compared to the third quarter of 2025.Noninterest-bearing deposits increased 12% year-over-year.Completed our two-for-one stock split during the quarter**.Subsequent to quarter-end, the Company announced its inaugural stock repurchase program, authorizing the repurchase of up to two million shares of common stock through December 31, 2027.Book value per share of $18.63, up 14% year-over-year.Efficiency ratio of 30.20%, improved from 35.22% in the third quarter of 2025.Year-to-date return on average common stockholders’ equity increased from 15.01% in 2025 to 17.62% in 2026, and year-to-date adjusted return on average common stockholders’ equity* increased from 15.85% to 17.61%.Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.49% in the third quarter of 2025 to 11.98% in the third quarter of 2026. Tom Broughton, Chairman, President, and CEO, said, “We see solid economic trends, and loan activity is improving with continued growth in our loan pipeline.”
David Sparacio, CFO, said, “We continue to grow our top line revenue through asset and margin growth, while maintaining a best-in-class efficiency ratio, resulting in top quartile returns.”
FINANCIAL SUMMARY (UNAUDITED)
(in Thousands except per share data)
Period Ended September 30, 2026 Period Ended June 30, 2026 % Change From Period Ended June 30, 2026 to Period Ended September 30, 2026 Period Ended September 30, 2025 % Change From Period Ended September 30, 2025 to Period Ended September 30, 2026 QUARTERLY OPERATING RESULTS Net Income $87,308 $85,793 1.8 % $65,571 33.2 % Net Income Available to Common Stockholders $87,308 $85,762 1.8 % $65,571 33.2 % Diluted Earnings Per Share $0.80 $0.78 2.6 % $0.60 33.3 % Return on Average Assets 1.89% 1.91% 1.47% Return on Average Common Stockholders' Equity 17.26% 17.71% 14.88% Average Diluted Shares Outstanding 109,390 109,406 109,336 Adjusted Net Income, net of tax* $87,197 $85,793 1.6 % $71,422 22.1 % Adjusted Net Income Available to Common Stockholders, net of tax* $87,197 $85,762 1.7 % $71,422 22.1 % Adjusted Diluted Earnings Per Share, net of tax* $0.80 $0.78 2.6 % $0.65 23.1 % Adjusted Return on Average Assets, net of tax* 1.89% 1.91% 1.60% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.24% 17.71% 16.21% YEAR-TO-DATE OPERATING RESULTS Net Income $256,072 $190,219 34.6 % Net Income Available to Common Stockholders $256,041 $190,188 34.6 % Diluted Earnings Per Share $2.34 $1.74 34.5 % Return on Average Assets 1.90% 1.44% Return on Average Common Stockholders' Equity 17.62% 15.01% Average Diluted Shares Outstanding 109,395 109 Adjusted Net Income, net of tax* $255,961 $200,779 27.5 % Adjusted Net Income Available to Common Stockholders, net of tax* $255,930 $200,748 27.5 % Adjusted Diluted Earnings Per Share, net of tax* $2.34 $1.84 27.3 % Adjusted Return on Average Assets, net of tax* 1.90% 1.52% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.61% 15.85% BALANCE SHEET Total Assets $18,319,690 $18,345,498 (0.1)% $17,584,199 4.2 % Loans 14,737,303 14,478,489 1.8 % 13,311,967 10.7 % Noninterest-bearing Demand Deposits 2,910,281 2,995,402 (2.8)% 2,598,895 12.0 % Total Deposits 14,087,378 14,548,730 (3.2)% 14,106,922 (0.1)% Stockholders' Equity 2,037,346 1,978,418 3.0 % 1,781,647 14.4 % * This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, tangible common equity to total tangible assets, adjusted net interest income, adjusted noninterest income, and adjusted noninterest expense. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
**All share and per-share amounts presented reflect the Company’s two-for-one stock split during the quarter, including retrospective adjustments to prior-period amounts.
Note: Amounts presented in this report may not sum to the totals due to rounding.
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $87.3 million for the quarter ended September 30, 2026, compared to $65.6 million for the third quarter of 2025. Basic and diluted earnings per common share were both $0.80 in the third quarter of 2026, compared to $0.78 in the second quarter of 2026 and $0.60 in the third quarter of 2025. The prior-year quarter adjusted diluted earnings per share were $0.65.
Annualized return on average assets was1.89% and annualized return on average common stockholders’ equity was 17.26% for the third quarter of 2026, compared to 1.47% and 14.88%, respectively, for the third quarter of 2025.
Net interest income was $159.8 million for the third quarter of 2026, compared to $155.6 million for the second quarter of 2026 and $133.4 million for the third quarter of 2025. The net interest margin in the third quarter of 2026 was 3.63% compared to 3.63% in the second quarter of 2026 and 3.09% in the third quarter of 2025. Loan yields were 6.24% during the third quarter of 2026 compared to 6.23% during the second quarter of 2026 and 6.34% during the third quarter of 2025. During the second quarter of 2026, we recovered $1.9 million in interest income from a large credit relationship that was previously on nonaccrual status. This recovery accounted for five basis points of the increase in loan yields from the first quarter of 2026. Investment yields were 3.85% during the third quarter of 2026 compared to 3.82% during the second quarter of 2026 and 3.60% during the third quarter of 2025. Average interest-bearing deposit rates were 2.80% during the third quarter of 2026, compared to 2.80% during the second quarter of 2026 and 3.41% during the third quarter of 2025. Average federal funds purchased rates were 3.78% during the third quarter of 2026, compared to 3.74% during the second quarter of 2026 and 4.46% during the third quarter of 2025.
Average loans for the third quarter of 2026 were $14.54 billion, an increase of $320.5 million, or 8.9% annualized, from average loans of $14.22 billion for the second quarter of 2026, and an increase of $1.34 billion, or 10.1%, from average loans of $13.21 billion for the third quarter of 2025. Ending total loans for the third quarter of 2026 were $14.74 billion, an increase of $258.8 million, or 7.1% annualized, from $14.48 billion for the second quarter of 2026, and an increase of $1.43 billion, or 10.7%, from $13.31 billion for the third quarter of 2025.
Average total deposits for the third quarter of 2026 were $14.33 billion, an increase of $10.6 million, or 0.3% annualized, from average total deposits of $14.32 billion for the second quarter of 2026, and an increase of $195.2 million, or 1.4%, from average total deposits of $14.13 billion for the third quarter of 2025. Ending total deposits for the third quarter of 2026 were $14.09 billion, a decrease of $461.4 million, or 12.6% annualized, from $14.55 billion for the second quarter of 2026, and a decrease of $19.5 million, or 0.1%, from $14.11 billion for the third quarter of 2025.
Nonperforming assets to total assets were 0.96% for the third quarter of 2026, compared to 0.96% for the second quarter of 2026 and 0.96% for the third quarter of 2025. Annualized net charge-offs to average loans were 0.21% for the third quarter of 2026, compared to 0.11% for the second quarter of 2026 and 0.27% for the third quarter of 2025. The allowance for credit losses to total loans at September 30, 2026, June 30, 2026, and September 30, 2025, was 1.28%, 1.26%, and 1.28%, respectively. We recorded a $14.9 million provision for loan losses in the third quarter of 2026 compared to $11.7 million in the second quarter of 2026, and $9.3 million in the third quarter of 2025.
Noninterest income was $13.1 million for the third quarter of 2026 compared to $2.8 million in the third quarter of 2025, an increase of $10.3 million. Adjusted for $148,000 of securities gains in the third of 2026 and $7.8 million of securities losses in the third quarter of 2025, this represented a $2.3 million, or 21.8% increase. Service charges on deposit accounts increased $132,000, or 4.0%, to $3.4 million for the third quarter of 2026 from $3.3 million in the third quarter of 2025, and increased $110,000, or 3.3% on a linked quarter basis. Mortgage banking revenue remained relatively flat at $1.9 million, on a year-over-year basis. Credit card income remained relatively flat at $2.4 million, on a year-over-year basis. Bank-owned life insurance (“BOLI”) income increased $1.9 million, or 80.6%, to $4.3 million for the third quarter of 2026 from $2.4 million in the third quarter of 2025, and increased $210,000, or 5.1%, on a linked quarter basis. Other operating income increased $174,000, or 26.6%, to $829,000 for the third quarter of 2026 from $655,000 in the third quarter of 2025, and increased $121,000, or 17.1%, on a linked quarter basis.
Noninterest expense increased $4.2 million, or 8.8%, to $52.2 million for the third quarter of 2026 from $48.0 million in the third quarter of 2025, and increased $2.3 million, or 4.5%, on a linked quarter basis. Salary and benefit expense increased $1.4 million, or 5.5%, to $26.9 million for the third quarter of 2026 from $25.5 million in the third quarter of 2025, and increased $653,000, or 2.5%, on a linked quarter basis. The year-over-year increase was primarily due to the full impact of our Houston market expansion. The number of full-time equivalent employees (excluding temporary employees) increased by 25, or 3.8%, to 675 at September 30, 2026 compared to 650 at September 30, 2025, and increased by twelve from the end of the second quarter of 2026. Equipment and occupancy expense decreased $234,000, or 6.5%, to $3.4 million for the third quarter of 2026 from $3.6 million in the third quarter of 2025, and decreased $582,000, or 14.7%, on a linked quarter basis. Third party processing and other services expense decreased $14,000, or 0.2%, to $8.1 million for the third quarter of 2026 from $8.1 million in the third quarter of 2025, and increased $119,000, or 1.5%, on a linked quarter basis. Professional services expense increased $94,000, or 5.1%, to $2.0 million for the third quarter of 2026 from $1.9 million in the third quarter of 2025, and decreased $276,000, or 12.4%, on a linked quarter basis. Other operating expenses increased $2.9 million, or 46.9%, to $8.9 million for the third quarter of 2026 from $6.1 million in the third quarter of 2025, and increased $2.2 million, or 33.2%, on a linked quarter basis. The efficiency ratio was 30.20% during the third quarter of 2026 compared to 35.22% during the third quarter of 2025 and 29.65% during the second quarter of 2026.
Our effective tax rate was 17.21% for the third quarter of 2026 compared to 16.81% for the third quarter of 2025, and 19.94% on a linked quarter basis. During the third quarter of 2026, we purchased Investment Tax Credits, which reduced our tax expense. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the third quarters of 2026 and 2025 of $37,000 and $81,000, respectively.
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. (the “Company”) is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank (the “Bank”), the Company provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.
ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.
Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. The Company cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs, trade wars and other conflicts on general economic conditions; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the Federal Deposit Insurance Corporation ("FDIC"); changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and nonbank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, "Forward-Looking Statements" and "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. The Company assumes no obligation to update or revise any forward-looking statements that are made from time to time.
More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.
Contact: ServisFirst Bank
Davis Mange (205) 949-3420 [email protected]
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(in Thousands except per share data)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 CONSOLIDATED STATEMENT OF INCOME Interest income $257,353 $249,880 $241,480 $251,388 $251,308 Interest expense 97,539 94,243 93,332 104,867 117,860 Net interest income 159,814 155,637 148,148 146,521 133,448 Provision for credit losses 15,245 11,412 10,637 7,922 9,463 Net interest income after provision for credit losses 144,569 144,225 137,511 138,599 123,985 Noninterest income 13,112 12,892 10,840 15,691 2,833 Noninterest expense 52,229 49,961 47,384 46,683 47,996 Income before income tax 105,452 107,156 100,967 107,607 78,822 Provision for income tax 18,144 21,363 17,996 21,223 13,251 Net income 87,308 85,793 82,971 86,384 65,571 Preferred stock dividends - 31 - 31 - Net income available to common stockholders $87,308 $85,762 $82,971 $86,353 $65,571 Earnings per share - basic $0.80 $0.78 $0.76 $0.79 $0.60 Earnings per share - diluted $0.80 $0.78 $0.76 $0.79 $0.60 Average diluted shares outstanding 109,390 109,406 109,390 109,352 109,336 CONSOLIDATED BALANCE SHEET DATA Total assets $18,319,690 $18,345,498 $18,171,287 $17,727,190 $17,584,199 Loans 14,737,303 14,478,489 13,945,913 13,696,912 13,311,967 Debt securities 1,563,099 1,630,531 1,684,421 1,728,901 1,849,739 Noninterest-bearing demand deposits 2,910,281 2,995,402 2,836,622 2,684,272 2,598,895 Total deposits 14,087,378 14,548,730 14,486,364 14,219,034 14,106,922 Borrowings 34,750 34,750 34,750 34,750 64,750 Stockholders' equity 2,037,346 1,978,418 1,912,537 1,850,347 1,781,647 Shares outstanding 109,343 109,342 109,326 109,250 109,243 Book value per share $18.63 $18.09 $17.49 $16.94 $16.31 Tangible book value per share (1) $18.51 $17.97 $17.37 $16.81 $16.18 SELECTED FINANCIAL RATIOS (Annualized) Net interest margin 3.63% 3.63% 3.53% 3.38% 3.09% Return on average assets 1.89% 1.91% 1.89% 1.91% 1.47% Return on average common stockholders' equity 17.26% 17.71% 17.91% 18.93% 14.88% Efficiency ratio 30.20% 29.65% 29.80% 28.78% 35.22% Noninterest expense to average earning assets 1.18% 1.16% 1.13% 1.08% 1.11% CAPITAL RATIOS (2) Common equity tier 1 capital to risk-weighted assets 11.98% 11.83% 11.86% 11.65% 11.49% Tier 1 capital to risk-weighted assets 11.98% 11.83% 11.87% 11.66% 11.50% Total capital to risk-weighted assets 13.26% 13.09% 13.13% 12.93% 12.91% Tier 1 capital to average assets 11.11% 10.93% 10.71% 10.26% 10.01% Tangible common equity to total tangible assets (1) 11.05% 10.72% 10.46% 10.37% 10.06% (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” (2) Regulatory capital ratios for most recent period are preliminary.
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015. We recognized an $8.6 million loss on sale of available-for-sale debt securities in noninterest income during the second quarter of 2025 due to restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. We recognized a $7.8 million loss on sale of available-for-sale debt securities in non-interest income during the third quarter of 2025 due to continued restructuring of the portfolio. These adjustments to our results are to reflect items unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, run rate. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest income, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio excludes the impact of this, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, adjusted net interest income, adjusted noninterest income, and adjusted noninterest expense.
We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except per share data.
At September 30,
2026 At June 30,
2026 At March 31,
2026 At December 31, 2025 At September 30,
2025 Book value per share - GAAP$18.63 $18.09 $17.49 $16.94 $16.31 Total common stockholders' equity - GAAP 2,037,346 1,978,418 1,912,537 1,850,347 1,781,647 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Tangible common stockholders' equity - non-GAAP$2,023,731 $1,964,803 $1,898,922 $1,836,732 $1,768,032 Tangible book value per share - non-GAAP$18.51 $17.97 $17.37 $16.81 $16.18 Stockholders' equity to total assets - GAAP 11.12 % 10.78 % 10.53 % 10.44 % 10.13 % Total assets - GAAP$18,319,690 $18,345,498 $18,171,287 $17,727,190 $17,584,199 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Total tangible assets - non-GAAP$18,306,075 $18,331,883 $18,157,672 $17,713,575 $17,570,584 Tangible common equity to total tangible assets - non-GAAP 11.05 % 10.72 % 10.46 % 10.37 % 10.06 % Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Net income - GAAP $87,308 $65,571 $256,072 $190,219 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income - non-GAAP $87,197 $71,422 $255,961 $200,779 Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Diluted earnings per share - GAAP $0.80 $0.60 $2.34 $1.74 Adjustments: Legal matter accrual reversal - - - (0.02) (Gain) loss on marketable securities - 0.07 - 0.15 Tax on adjustments - (0.02) - (0.03) Adjusted diluted earnings per share - non-GAAP $0.80 $0.65 $2.34 $1.84 Net interest income, on a fully taxable-equivalent basis $159,885 $133,502 $464,344 $388,897 Adjustments: Legal matter accrual reversal - - - (2,276) Tax on adjustments - - - 571 Adjusted net interest income, on a fully taxable-equivalent basis $159,885 $133,502 $464,344 $387,192 Return on average assets - GAAP 1.89 % 1.47 % 1.90 % 1.44 % Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Average assets - GAAP $18,320,832 $17,709,359 $18,035,725 $17,681,999 Adjusted return on average assets - non-GAAP 1.89 % 1.60 % 1.90 % 1.52 % Return on average common stockholders' equity - GAAP 17.26 % 14.88 % 17.62 % 15.01 % Net income available to common stockholders - GAAP $87,308 $65,571 $256,041 $190,188 Adjustments: Legal matter accrual reversal - - - (2,276) (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Tax on adjustments 37 (1,961) 37 (3,539) Adjusted net income available to common stockholders - non-GAAP $87,197 $71,422 $255,930 $200,748 Average common stockholders' equity - GAAP $2,007,112 $1,747,825 $1,943,224 $1,693,601 Adjusted return on average common stockholders' equity non-GAAP 17.24 % 16.21 % 17.61 % 15.85 % Efficiency ratio 30.20 % 35.22 % 29.89 % 34.56 % Net interest income - GAAP $159,814 $133,448 $463,599 $388,688 Adjustments: Legal matter accrual reversal - - - (2,276) Adjusted net interest income - non-GAAP $159,814 $133,448 $463,599 $386,412 Total noninterest income - GAAP 13,112 2,833 36,844 11,531 Adjustments: (Gain) loss on marketable securities (148) 7,812 (148) 16,375 Adjusted noninterest income - non-GAAP $12,964 $10,645 $36,696 $27,906 Adjusted net interest income and noninterest income - non-GAAP 172,778 144,093 500,295 414,318 Noninterest expense - GAAP $52,229 $47,996 $149,574 $138,307 Adjustments: Adjusted noninterest expense - non-GAAP $52,229 $47,996 $149,574 $138,307 Adjusted efficiency ratio - non-GAAP 30.23 % 33.31 % 29.90 % 33.38 % CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in Thousands except per share data)
September 30, 2026 September 30, 2025 % Change ASSETS Cash and due from banks $122,417 $144,089 (15)% Interest-bearing balances due from depository institutions 738,547 1,191,447 (38)% Federal funds sold and securities purchased with agreement to resell 324,051 437,769 (26)% Cash and cash equivalents 1,185,015 1,773,305 (33)% Available for sale debt securities, at fair value 968,503 1,178,144 (18)% Held to maturity debt securities (fair value of $533,106 and $622,825, respectively) 594,596 671,595 (11)% Restricted equity securities 12,475 12,203 2 % Mortgage loans held for sale 15,273 9,433 62 % Loans 14,737,303 13,311,967 11 % Less allowance for credit losses (189,010) (170,235) 11 % Loans, net 14,548,293 13,141,732 11 % Premises and equipment, net 67,390 60,704 11 % Goodwill 13,615 13,615 - % Other assets 914,530 723,468 26 % Total assets $18,319,690 $17,584,199 4 % LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $2,910,281 $2,598,895 12 % Interest-bearing 11,177,097 11,508,027 (3)% Total deposits 14,087,378 14,106,922 - % Federal funds purchased 1,965,000 1,488,150 32 % Other borrowings 34,750 64,750 (46)% Other liabilities 195,216 142,730 37 % Total liabilities 16,282,344 15,802,552 3 % Stockholders' equity: Preferred stock, par value $0.001 per share; 1,000 authorized and undesignated at September 30, 2026 and September 30, 2025 - - - % Common stock, par value $0.001 per share; 200,000 shares authorized; 109,343 shares issued and outstanding at September 30, 2026, and 109,243 shares issued and outstanding at September 30, 2025 109 109 - % Additional paid-in capital 240,134 237,181 1 % Retained earnings 1,807,673 1,548,098 17 % Accumulated other comprehensive loss (11,070) (4,241) 161 % Total stockholders' equity attributable to ServisFirst Bancshares, Inc. 2,036,846 1,781,147 14 % Noncontrolling interest 500 500 - % Total stockholders' equity 2,037,346 1,781,647 14 % Total liabilities and stockholders' equity $18,319,690 $17,584,199 4 % CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Interest income: Interest and fees on loans $228,652 $210,987 $659,449 $614,444 Debt securities 16,088 17,343 48,014 49,939 Federal funds sold and securities purchased with agreement to resell 3,392 4,724 13,099 6,336 Other interest and dividends 9,221 18,254 28,151 68,320 Total interest income 257,353 251,308 748,713 739,039 Interest expense: Deposits 80,414 98,735 238,139 286,968 Borrowed funds 17,125 19,125 46,975 63,383 Total interest expense 97,539 117,860 285,114 350,351 Net interest income 159,814 133,448 463,599 388,688 Provision for credit losses 15,245 9,463 37,294 27,389 Net interest income after provision for credit losses 144,569 123,985 426,305 361,299 Noninterest income: Service charges on deposit accounts 3,448 3,316 10,082 8,545 Mortgage banking 1,935 1,864 6,048 3,800 Credit card income 2,409 2,405 7,103 6,492 Securities gains (losses) 148 (7,812) 148 (16,375) Bank-owned life insurance income 4,343 2,405 11,298 6,668 Other operating income 829 655 2,165 2,401 Total noninterest income 13,112 2,833 36,844 11,531 Noninterest expenses: Salaries and employee benefits 26,927 25,522 80,054 70,977 Equipment and occupancy expense 3,381 3,615 11,292 10,860 Third party processing and other services 8,081 8,095 23,568 23,838 Professional services 1,951 1,857 6,121 5,694 FDIC and other regulatory assessments 2,478 2,742 7,977 8,349 Other real estate owned expense 476 82 571 142 Other operating expenses 8,935 6,083 19,991 18,447 Total noninterest expenses 52,229 47,996 149,574 138,307 Income before income taxes 105,452 78,822 313,575 234,523 Provision for income taxes 18,144 13,251 57,503 44,304 Net income 87,308 65,571 256,072 190,219 Dividends on preferred stock - - 31 31 Net income available to common stockholders $87,308 $65,571 $256,041 $190,188 Basic earnings per common share $0.80 $0.60 $2.34 $1.74 Diluted earnings per common share $0.80 $0.60 $2.34 $1.74 LOANS BY TYPE (UNAUDITED)
(In thousands)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025Commercial, financial and agricultural $3,386,275 $3,252,437 $3,189,704 $3,146,736 $2,945,784Real estate - construction 1,566,203 1,564,504 1,531,042 1,457,628 1,532,285Real estate - mortgage: Owner-occupied commercial 2,853,062 2,781,375 2,718,512 2,739,823 2,680,0551-4 family mortgage 1,717,781 1,685,723 1,695,140 1,671,713 1,625,296Non-owner occupied commercial 5,141,148 5,123,635 4,739,642 4,603,389 4,448,710Subtotal: Real estate - mortgage 9,711,991 9,590,733 9,153,294 9,014,925 8,754,061Consumer 72,834 70,815 71,873 77,623 79,837Total loans $14,737,303 $14,478,489 $13,945,913 $13,696,912 $13,311,967 SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025Allowance for credit losses: Beginning balance$181,853 $173,905 $171,683 $170,235 $169,959 Loans charged off: Commercial, financial and agricultural 1,862 4,074 8,291 7,695 7,947 Real estate - construction 6,959 711 - - - Real estate - mortgage 207 5 91 64 1,294 Consumer 137 79 171 465 109 Total charge offs 9,165 4,869 8,553 8,224 9,350 Recoveries: Commercial, financial and agricultural 1,398 667 178 1,532 237 Real estate - construction - - - - 30 Real estate - mortgage 3 396 - - - Consumer 23 59 35 10 21 Total recoveries 1,423 1,122 213 1,542 288 Net charge-offs 7,741 3,747 8,340 6,682 9,062 Provision for loan losses 14,899 11,695 10,562 8,130 9,338 Ending balance$189,010 $181,853 $173,905 $171,683 $170,235 Allowance for credit losses to total loans 1.28% 1.26% 1.25% 1.25% 1.28% Allowance for credit losses to total average loans 1.30% 1.28% 1.26% 1.27% 1.29%Net charge-offs to total average loans 0.21% 0.11% 0.25% 0.20% 0.27% Provision for credit losses to total average loans 0.41% 0.33% 0.31% 0.24% 0.28%Nonperforming assets: Nonaccrual loans$160,084 $169,711 $176,613 $168,351 $166,662 Loans 90+ days past due and accruing 1,514 1,242 1,274 478 965 Other real estate owned and repossessed assets 14,865 4,834 3,072 2,583 611 Total$176,463 $175,787 $180,959 $171,412 $168,238 Nonperforming loans to total loans 1.10% 1.18% 1.28% 1.23% 1.26%Nonperforming assets to total assets 0.96% 0.96% 1.00% 0.97% 0.96%Nonperforming assets to earning assets 1.01% 0.99% 1.05% 1.01% 1.00%Allowance for credit losses to nonaccrual loans 118.07% 107.15% 98.47% 101.98% 102.14% CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 Interest income: Interest and fees on loans $228,652 $220,731 $210,066 $214,252 $210,987 Debt securities 16,088 15,827 16,099 17,204 17,343 Federal funds sold and securities purchased with agreement to resell 3,392 4,146 5,561 5,671 4,724 Other interest and dividends 9,221 9,176 9,754 14,261 18,254 Total interest income 257,353 249,880 241,480 251,388 251,308 Interest expense: Deposits 80,414 79,440 78,285 86,920 98,735 Borrowed funds 17,125 14,803 15,047 17,947 19,125 Total interest expense 97,539 94,243 93,332 104,867 117,860 Net interest income 159,814 155,637 148,148 146,521 133,448 Provision for credit losses 15,245 11,412 10,637 7,922 9,463 Net interest income after provision for credit losses 144,569 144,225 137,511 138,599 123,985 Noninterest income: Service charges on deposit accounts 3,448 3,338 3,296 3,339 3,316 Mortgage banking 1,935 2,221 1,892 1,664 1,864 Credit card income 2,409 2,492 2,202 1,835 2,405 Securities gains (losses) 148 - - - (7,812) Bank-owned life insurance income 4,343 4,133 2,822 8,149 2,405 Other operating income 829 708 628 704 655 Total noninterest income 13,112 12,892 10,840 15,691 2,833 Noninterest expenses: Salaries and employee benefits 26,927 26,274 26,853 23,838 25,522 Equipment and occupancy expense 3,381 3,963 3,948 3,737 3,615 Third party processing and other services 8,081 7,962 7,525 7,779 8,095 Professional services 1,951 2,227 1,943 1,481 1,857 FDIC and other regulatory assessments 2,478 2,753 2,745 2,641 2,742 Other real estate owned expense 476 75 20 13 82 Other operating expenses 8,935 6,707 4,350 7,194 6,083 Total noninterest expenses 52,229 49,961 47,384 46,683 47,996 Income before income taxes 105,452 107,156 100,967 107,607 78,822 Provision for income taxes 18,144 21,363 17,996 21,223 13,251 Net income 87,308 85,793 82,971 86,384 65,571 Dividends on preferred stock - 31 - 31 - Net income available to common stockholders $87,308 $85,762 $82,971 $86,353 $65,571 Basic earnings per common share $0.80 $0.78 $0.76 $0.79 $0.60 Diluted earnings per common share $0.80 $0.78 $0.76 $0.79 $0.60 AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) ON A FULLY TAXABLE-EQUIVALENT BASIS (Dollars in thousands) 3rd Quarter 2026 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Assets: Interest-earning assets: Loans, net of unearned income (1) Taxable $14,523,000 6.23% $14,198,439 6.18% $13,751,447 6.18% $13,474,271 6.30% $13,175,297 6.34% Tax-exempt (2) 21,997 7.41 26,082 37.03 32,976 5.82 30,670 5.52 30,478 5.47 Total loans, net of unearned income 14,544,997 6.24 14,224,521 6.23 13,784,423 6.18 13,504,941 6.29 13,205,775 6.34 Mortgage loans held for sale 11,909 4.83 13,327 5.30 10,680 4.40 9,887 4.49 11,351 4.82 Debt securities: Taxable 1,669,210 3.85 1,657,378 3.82 1,702,499 3.78 1,826,632 3.77 1,926,101 3.60 Tax-exempt (2) 444 5.41 444 5.41 444 5.41 444 5.41 444 5.41 Total securities (3) 1,669,654 3.85 1,657,822 3.82 1,702,943 3.78 1,827,076 3.77 1,926,545 3.60 Federal funds sold and securities purchased with agreement to resell 298,700 4.50 372,645 4.46 501,377 4.50 469,148 4.79 365,733 5.12 Restricted equity securities 12,465 5.98 12,456 6.41 12,228 6.17 12,193 6.61 12,167 6.36 Interest-bearing balances with banks 950,426 3.76 964,808 3.73 1,041,026 3.73 1,393,155 4.00 1,608,118 4.45 Total interest-earning assets $17,488,151 5.84% $17,245,579 5.82% $17,052,677 5.75% $17,216,400 5.79% $17,129,689 5.82% Noninterest-earning assets: Cash and due from banks 84,825 96,648 103,847 102,066 103,470 Net premises and equipment 65,791 63,303 61,253 61,009 60,614 Allowance for credit losses, accrued interest and other assets 682,065 606,506 552,337 556,704 415,586 Total assets $18,320,832 $18,012,036 $17,770,114 $17,936,179 $17,709,359 Interest-bearing liabilities: Interest-bearing deposits: Checking $2,226,470 1.72% $2,050,758 1.69% $2,101,953 1.60% $2,126,615 1.77% $2,069,440 2.16% Savings 110,246 1.43 112,077 1.41 110,843 1.42 106,551 1.52 103,668 1.66 Money market 7,835,165 3.05 7,956,884 3.03 7,812,168 3.01 7,816,487 3.23 7,965,115 3.67 Time deposits 1,235,134 3.28 1,274,496 3.26 1,373,023 3.42 1,392,749 3.80 1,344,257 3.97 Total interest-bearing deposits 11,407,015 2.80 11,394,215 2.80 11,397,987 2.79 11,442,402 3.01 11,482,480 3.41 Federal funds purchased 1,760,091 3.78 1,549,520 3.74 1,593,215 3.74 1,712,399 4.01 1,640,377 4.46 Other borrowings 34,750 3.96 34,750 4.02 34,750 4.05 59,207 4.21 64,761 4.21 Total interest-bearing liabilities $13,201,856 2.93% $12,978,485 2.91% $13,025,952 2.91% $13,214,008 3.15% $13,187,618 3.55% Noninterest-bearing liabilities: Noninterest-bearing checking 2,921,746 2,923,956 2,728,354 2,768,495 2,651,043 Other liabilities 190,118 167,024 137,231 143,680 122,873 Stockholders' equity 2,010,433 1,944,735 1,879,072 1,813,097 1,762,980 Accumulated other comprehensive loss (3,321) (2,164) (495) (3,101) (15,155) Total liabilities and stockholders' equity $18,320,832 $18,012,036 $17,770,114 $17,936,179 $17,709,359 Net interest spread 2.91% 2.91% 2.84% 2.64% 2.27% Net interest margin 3.63% 3.63% 3.53% 3.38% 3.09% (1) Average loans include nonaccrual loans in all periods. Loan fees of $5,169, $4,763, $5,186, $5,464, and $6,103 are included in interest income in the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third quarter of 2025, respectively. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. (3) Unrealized losses on debt securities of $(6,260), $(4,830), $(2,713), $(6,311), and $(22,574) for the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third quarter of 2025, respectively, are excluded from the yield calculation.
F.N.B. Corporation ve třetím čtvrtletí 2026 zvýšila čistý zisk na 152,9 milionu USD, neboli 0,43 USD na zředěnou akcii, z 149,5 milionu USD před rokem.
Record Net Interest Income Driven by Net Interest Margin (non-GAAP) Expansion and Loan and Deposit Annualized Growth of 8.5% and 8.9%, Respectively
, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the third quarter of 2026 with net income of $152.9 million, or $0.43 per diluted common share. Comparatively, third quarter 2025 net income totaled $149.5 million, or $0.41 per diluted common share, and second quarter 2026 net income totaled $148.7 million, or $0.42 per diluted common share.
On an operating basis, there were no significant items impacting earnings for the third and second quarters of 2026. By comparison, third quarter of 2025 net income on an operating basis (non-GAAP) was $147.7 million, excluding $(2.3) million (pre-tax) of significant items impacting earnings.
"F.N.B. Corporation delivered another strong quarter with $0.43 earnings per diluted common share, bringing year-to-date earnings to $1.23 per diluted common share, a 13% increase over the same period in 2025. For the third quarter of 2026, we generated record net interest income, expanded net interest margin and increased tangible book value per common share (non-GAAP) 7% year over year, while continuing to return capital through share repurchase activity and an attractive dividend," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vince Delie. "FNB continues to leverage technology investments to gain market share throughout our diverse geographic footprint with 8.5% annualized loan growth and 8.9% annualized deposit growth, both of which align with our long-term organic growth trajectory. Our consistent underwriting standards contributed to solid credit quality results for the quarter. By strategically investing in innovative technology to grow primary relationships and low-cost deposits, while also maintaining a focus on expanding high-value fee-based businesses to diversify revenue streams, we are building a stronger, more resilient franchise. The investments in these initiatives contributed to a strong third quarter performance and create sustainable value for the future."
Third Quarter 2026 Highlights
(All comparisons refer to the third quarter of 2025, except as noted)
Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, with growth of $1.2 billion in average consumer loans and $115.4 million in average commercial loans and leases.
On a linked-quarter basis, period-end total loans and leases increased $768.0 million, or 8.5% annualized, with growth in consumer loans and commercial loans and leases of $435.3 million and $332.7 million, respectively.
Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, reflecting growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million.
On a linked-quarter basis, period-end total deposits increased $870.6 million, or 8.9% annualized, driven by growth in money market deposits of $710.9 million, interest-bearing demand deposits of $239.0 million and non-interest-bearing demand deposits of $77.5 million more than offsetting the decline in time deposits of $121.4 million.
The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026, and 90.9% at September 30, 2025.
Net interest income totaled $376.5 million, a linked-quarter increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting a slight increase in the cost of funds. Net interest margin (FTE) (non-GAAP) equaled 3.29%, an increase of 4 basis points from the second quarter 2026 level with stable interest-bearing deposit costs and higher yields on earning assets. The Federal Open Market Committee (FOMC) increased the target federal funds rate by 25 basis points in September 2026.
Pre-provision net revenue (non-GAAP) totaled $212.2 million, with the 1.3% increase from the prior quarter driven by record net interest income.
Provision for credit losses was $19.6 million, a decrease of $1.7 million from the prior quarter, with net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 2 basis points from the prior quarter to 0.33%, and total delinquency increased 4 basis points from the prior quarter to 0.75%. The allowance for credit losses (ACL) to total loans and leases ratio remained stable at 1.25%. Overall asset quality metrics remain at satisfactory levels.
The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.3% (estimated), compared to 11.1% at September 30, 2025, and 11.4% at June 30, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.7%, compared to 8.7% at September 30, 2025, and 8.9% at June 30, 2026.
Tangible book value per common share (non-GAAP) of $12.28 increased $0.80, or 7.0%, compared to September 30, 2025, and $0.04, or 0.3%, compared to June 30, 2026. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of available-for-sale (AFS) securities, compared to a reduction of $0.22 as of September 30, 2025, and $0.29 as of June 30, 2026.
During the third quarter of 2026, the Company repurchased $51 million, or 2.7 million shares, of common stock at a weighted average share price of $18.69. Year-to-date, the Company repurchased $133 million, or 7.4 million shares, of common stock at a weighted average share price of $17.90, representing 2.1% of shares outstanding at the beginning of the year.
Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."
Quarterly Results Summary
3Q26
2Q26
3Q25
Reported results
Net income available to common shareholders (millions)
$ 152.9
$ 148.7
$ 149.5
Earnings per diluted common share
0.43
0.42
0.41
Book value per common share
19.42
19.34
18.52
Pre-provision net revenue (non-GAAP) (millions)
212.2
209.4
213.9
Operating results (non-GAAP)
Operating net income available to common shareholders (millions)
$ 152.9
$ 148.7
$ 147.7
Operating earnings per diluted common share
0.43
0.42
0.41
Operating pre-provision net revenue (millions)
212.2
209.4
211.6
Average diluted common shares outstanding (thousands)
Tangible common equity to tangible assets (non-GAAP)
8.69
8.93
8.69
Tangible book value per common share (non-GAAP)
$ 12.28
$ 12.24
$ 11.48
(a) Favorable (unfavorable) impact on earnings.
(b) Estimated for 3Q26.
Third Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the third quarter of 2025, except as noted.)
Net interest income totaled $376.5 million, an increase of $17.3 million, or 4.8%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 4 basis points to 3.29%. The yield on earning assets (non-GAAP) decreased 18 basis points to 5.18%, driven by a 23 basis point decline in yields on loans to 5.56%. Total cost of funds decreased 22 basis points to 2.01%, with a 47 basis point decrease in total borrowing costs to 4.17%, and a 29 basis point decrease in interest-bearing deposit costs to 2.37%.
Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, including growth of $1.2 billion in consumer loans and $115.4 million in commercial loans and leases. Average commercial and industrial loans increased $856.0 million, or 11.3%, more than offsetting the decline in average commercial real estate loans of $735.7 million, or 5.8%. Solid commercial and industrial loan growth benefited from strong equipment finance production and growth in the Charlotte, Pittsburgh and other Pennsylvania markets. Average consumer loans included an $877.8 million, or 10.0%, increase in residential mortgage loans largely due to the long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $187.8 million, or 12.9%, and indirect auto loans increased $135.3 million, or 17.4%, both reflecting solid organic growth in the respective portfolios.
Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, with growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both September 30, 2026, and September 30, 2025. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 90.9% at September 30, 2025.
Non-interest income totaled $92.6 million, a decrease of $5.6 million, or 5.7%. Service charges increased $1.3 million, or 5.7%, primarily from increased treasury management fee revenue and higher consumer transaction volumes. Wealth management revenues increased $0.8 million, or 3.7%, as trust services income and securities commissions and fees increased 4.3% and 2.9%, respectively, through continued strong contributions across the geographic footprint. Mortgage banking operations income decreased $3.6 million, or 39.4%, driven by tighter gain-on-sale margins and net fair value adjustments given the volatility of interest rates during the quarter. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses while decreasing $1.5 million, or 18.4%, primarily due to the record debt capital markets and international banking income in the year-ago quarter. Other non-interest income decreased $5.5 million, or 59.5%, primarily due to a $5.4 million recovery in the year-ago quarter on an asset that was previously written off as part of a 2017 acquisition.
Non-interest expense totaled $256.9 million, increasing $13.4 million, or 5.5%. When adjusting for ($2.3) million1 of significant items in the third quarter of 2025, operating non-interest expense (non-GAAP) increased $11.1 million, or 4.5%. Net occupancy and equipment increased $6.2 million, or 13.9%, primarily due to technology-related investments and higher occupancy costs. Outside services increased $4.0 million, or 15.3%, driven by higher third-party legal and consulting costs.
The ratio of non-performing loans and OREO to total loans and OREO decreased 4 basis points to 0.33%, and total delinquency increased 10 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.
The provision for credit losses was $19.6 million, compared to $24.0 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $19.7 million, or 0.22% annualized of total average loans. The ACL was $455.5 million, an increase of $18.2 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
The effective tax rate was 20.6%, compared to 21.3% in the third quarter of 2025.
The CET1 regulatory capital ratio was 11.3% (estimated) at September 30, 2026, and 11.1% at September 30, 2025. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.80, or 7.0%, from $11.48 at September 30, 2025. AOCI reduced tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to a reduction of $0.22 at September 30, 2025.
1
Third quarter 2025 non-interest expense significant items impacting earnings included a ($2.3) million (pre-tax) reduction in the estimated Federal Deposit Insurance Company (FDIC) special assessment related to the 2023 bank failures.
Third Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2026, except as noted.)
Net interest income totaled $376.5 million, an increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting the slightly higher cost of funds. Net interest margin (FTE) (non-GAAP) was 3.29%, an increase of 4 basis points. The total yield on earning assets (non-GAAP) increased 5 basis points to 5.18%, and the total cost of funds increased 2 basis points to 2.01%. The cost of interest-bearing deposits was stable with only a 1 basis point increase to 2.37%. The FOMC increased the target federal funds rate by 25 basis points in September 2026.
Average loans and leases totaled $36.1 billion, an increase of $613.4 million, or 6.9% annualized, as average consumer loans increased $550.7 million and average commercial loans and leases increased $62.7 million. For consumer lending, average residential mortgages increased $403.9 million driven by seasonal growth in mortgage originations. Average indirect auto loans increased $88.6 million and average consumer lines of credit increased $52.0 million, both reflecting solid organic growth. Average commercial loans and leases growth reflected an increase of $237.4 million in average commercial and industrial loans, partially offset by a decline of $175.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Cleveland and Pennsylvania markets.
Average deposits totaled $38.8 billion, an increase of $146.1 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average money market deposits of $133.2 million, average non-interest-bearing demand deposits of $97.0 million, and average interest-bearing demand deposits of $57.0 million, partially offset by a decline in average time deposits of $151.6 million caused by shifts in customer preferences from higher interest rate expectations. Period-end total deposits increased $870.6 million, or 8.9% annualized. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both September 30, 2026, and June 30, 2026. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026.
Non-interest income totaled $92.6 million, a decrease of $4.4 million, or 4.5%, from the prior quarter. Service charges increased $0.8 million, or 3.2%, and interchange and card transaction fees increased $0.2 million, or 1.4%, both driven by strong treasury management activity and seasonally higher consumer transactions. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses, while decreasing $1.6 million, or 19.9%, primarily due to strong debt capital markets income in the prior quarter. Other non-interest income decreased $3.3 million, or 46.8%, primarily due to higher residual gains on equipment leases in the prior quarter.
Non-interest expense totaled $256.9 million, an increase of $3.7 million, or 1.5%, compared to the prior quarter. Salaries and employee benefits expense declined $2.8 million, or 2.0%, primarily due to lower variable compensation in the current quarter. Outside services increased $1.8 million, or 6.3%, primarily due to higher third-party legal costs. Net occupancy and equipment increased $1.3 million, or 2.7%, primarily due to technology-related investments. The increase in linked-quarter other non-interest expense of $2.6 million, or 11.2%, reflected higher costs largely related to fraud losses. The efficiency ratio (non-GAAP) totaled 53.7%, stable to the prior quarter.
The ratio of non-performing loans and OREO to total loans and OREO increased 2 basis points to 0.33%, and delinquency increased 4 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.
The provision for credit losses was $19.6 million, compared to $21.4 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized. The ACL was $455.5 million, an increase of $8.1 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
The effective tax rate was 20.6%, compared to 20.9%.
The CET1 regulatory capital ratio was 11.3% (estimated), stable to 11.4% at June 30, 2026. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.04 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to $0.29 at June 30, 2026.
Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."
Management believes certain items (e.g., FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.
Cautionary Statement Regarding Forward-Looking Information
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "enables," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:
the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio;
the volatility of the mortgage banking business and real estate values, which can be influenced by economic conditions or trends, interest rates, and local market trends;
changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties;
the impact of changes in interest rates on the value of our investment securities portfolios;
the impact that shifts in local and regional commercial real estate market conditions, interest rate fluctuations, geographic commercial office space availability and tenant demand and independent appraisal revisions and other factors beyond our control may have on our branch and headquarters properties and other real estate we own;
changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings;
the risk associated with uninsured deposit account balances;
regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders;
our ability to recruit and retain qualified banking professionals;
the financial soundness of other financial institutions and the impact of volatility in the banking sector on us;
changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties;
our ability to continue to invest in technological improvements and artificial intelligence solutions as they become appropriate or necessary;
any interruption in or breach in security of our information systems, or other cybersecurity risks;
risks associated with reliance on third-party vendors and related to our use of artificial intelligence in connection with business and operations;
our capability to effectively deploy multi-layered defense strategies to mitigate risks associated with evolving artificial intelligence sourced fraud schemes;
risks associated with the use of models, estimations and assumptions in our business;
the effects of adverse weather events and public health emergencies;
the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations;
the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations;
our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm;
changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations;
the effects of climate change and related legislative and regulatory initiatives; and
any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above.
FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update, or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the third quarter of 2026 after the market close on Monday, October 19, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Tuesday, October 20, 2026, at 8:30 AM ET.
A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.
To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10212076/104ea4927f4. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.
Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $52 billion and more than 355 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
% Variance
3Q26
3Q26
For the Nine Months Ended
September 30,
%
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Interest Income
Loans and leases, including fees
$ 509,020
$ 493,541
$ 511,045
3.1
(0.4)
$ 1,488,474
$ 1,492,386
(0.3)
Securities:
Taxable
66,947
63,808
59,718
4.9
12.1
191,895
171,736
11.7
Tax-exempt
6,646
6,685
6,923
(0.6)
(4.0)
20,234
20,781
(2.6)
Other
13,367
13,979
18,286
(4.4)
(26.9)
42,671
53,147
(19.7)
Total Interest Income
595,980
578,013
595,972
3.1
—
1,743,274
1,738,050
0.3
Interest Expense
Deposits
172,122
169,114
187,567
1.8
(8.2)
509,917
554,585
(8.1)
Short-term borrowings
24,999
19,522
17,764
28.1
40.7
62,455
51,999
20.1
Long-term borrowings
22,337
23,654
31,369
(5.6)
(28.8)
69,379
101,153
(31.4)
Total Interest Expense
219,458
212,290
236,700
3.4
(7.3)
641,751
707,737
(9.3)
Net Interest Income
376,522
365,723
359,272
3.0
4.8
1,101,523
1,030,313
6.9
Provision for credit losses
19,640
21,361
23,991
(8.1)
(18.1)
59,463
67,081
(11.4)
Net Interest Income After
Provision for Credit Losses
356,882
344,362
335,281
3.6
6.4
1,042,060
963,232
8.2
Non-Interest Income
Service charges
24,515
23,749
23,191
3.2
5.7
71,034
68,476
3.7
Interchange and card transaction fees
13,494
13,303
13,424
1.4
0.5
39,284
39,048
0.6
Trust services
12,151
12,574
11,647
(3.4)
4.3
37,556
35,638
5.4
Insurance commissions and fees
5,388
5,410
4,495
(0.4)
19.9
17,022
15,396
10.6
Securities commissions and fees
9,129
9,503
8,868
(3.9)
2.9
27,614
26,570
3.9
Capital markets income
6,423
8,014
7,875
(19.9)
(18.4)
21,238
20,095
5.7
Mortgage banking operations
5,569
5,319
9,183
4.7
(39.4)
17,233
22,482
(23.3)
Dividends on non-marketable equity
securities
7,489
6,733
6,110
11.2
22.6
20,467
17,838
14.7
Bank owned life insurance
4,668
5,331
4,208
(12.4)
10.9
14,109
13,396
5.3
Net securities gains (losses)
58
27
—
114.8
—
87
58
50.0
Other
3,715
6,988
9,169
(46.8)
(59.5)
14,891
17,954
(17.1)
Total Non-Interest Income
92,599
96,951
98,170
(4.5)
(5.7)
280,535
276,951
1.3
Non-Interest Expense
Salaries and employee benefits
132,848
135,603
131,575
(2.0)
1.0
404,158
396,552
1.9
Net occupancy
20,700
20,755
19,161
(0.3)
8.0
64,092
58,218
10.1
Equipment
30,338
28,962
25,662
4.8
18.2
87,391
79,535
9.9
Outside services
30,024
28,246
26,033
6.3
15.3
84,731
77,691
9.1
Marketing
4,332
3,954
5,517
9.6
(21.5)
11,887
15,107
(21.3)
FDIC insurance
8,677
8,278
6,351
4.8
36.6
24,405
23,756
2.7
Bank shares tax
4,443
4,442
3,959
—
12.2
13,462
12,055
11.7
Other
25,581
23,009
25,277
11.2
1.2
77,931
73,657
5.8
Total Non-Interest Expense
256,943
253,249
243,535
1.5
5.5
768,057
736,571
4.3
Income Before Income Taxes
192,538
188,064
189,916
2.4
1.4
554,538
503,612
10.1
Income tax expense (benefit)
39,676
39,343
40,407
0.8
(1.8)
115,909
106,918
8.4
Net Income
$ 152,862
$ 148,721
$ 149,509
2.8
2.2
$ 438,629
$ 396,694
10.6
Earnings per Common Share
Basic
$ 0.43
$ 0.42
$ 0.41
2.4
4.9
$ 1.23
$ 1.10
11.8
Diluted
0.43
0.42
0.41
2.4
4.9
1.23
1.09
12.8
Cash Dividends per Common Share
0.13
0.13
0.12
—
8.3
0.38
0.36
5.6
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
3Q26
2Q26
3Q25
2Q26
3Q25
Assets
Cash and due from banks
$ 416
$ 426
$ 474
(2.3)
(12.2)
Interest-bearing deposits with banks
2,110
1,949
1,939
8.3
8.8
Cash and Cash Equivalents
2,526
2,375
2,413
6.4
4.7
Securities available for sale
3,747
3,758
3,620
(0.3)
3.5
Securities held to maturity
4,404
4,251
4,049
3.6
8.8
Loans held for sale
237
290
278
(18.3)
(14.7)
Loans and leases, net of unearned income
36,537
35,769
34,957
2.1
4.5
Allowance for credit losses on loans and leases
(456)
(447)
(437)
2.0
4.3
Net Loans and Leases
36,081
35,322
34,520
2.1
4.5
Premises and equipment, net
585
564
557
3.7
5.0
Goodwill
2,480
2,480
2,480
—
—
Core deposit and other intangible assets, net
27
30
40
(10.0)
(32.5)
Bank owned life insurance
676
674
668
0.3
1.2
Other assets
1,290
1,255
1,264
2.8
2.1
Total Assets
$ 52,053
$ 50,999
$ 49,889
2.1
4.3
Liabilities
Deposits:
Non-interest-bearing
$ 10,134
$ 10,056
$ 9,969
0.8
1.7
Interest-bearing
29,416
28,623
28,472
2.8
3.3
Total Deposits
39,550
38,679
38,441
2.3
2.9
Short-term borrowings
3,001
2,681
1,905
11.9
57.5
Long-term borrowings
1,803
2,002
2,099
(9.9)
(14.1)
Other liabilities
886
798
808
11.0
9.7
Total Liabilities
45,240
44,160
43,253
2.4
4.6
Shareholders' Equity
Common stock
4
4
4
—
—
Additional paid-in capital
4,694
4,691
4,693
0.1
—
Retained earnings
2,646
2,539
2,218
4.2
19.3
Accumulated other comprehensive loss
(187)
(103)
(77)
81.6
142.9
Treasury stock
(344)
(292)
(202)
17.8
70.3
Total Shareholders' Equity
6,813
6,839
6,636
(0.4)
2.7
Total Liabilities and Shareholders' Equity
$ 52,053
$ 50,999
$ 49,889
2.1
4.3
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
3Q26
2Q26
3Q25
Interest
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with
banks
$ 1,546,215
$ 13,367
3.43 %
$ 1,611,087
$ 13,979
3.48 %
$ 1,738,570
$ 18,286
4.17 %
Taxable investment securities (1)
7,094,947
66,751
3.76
7,011,619
63,611
3.63
6,611,222
59,506
3.60
Tax-exempt investment
securities (1) (2)
951,728
8,405
3.53
958,948
8,460
3.53
1,003,661
8,742
3.48
Loans held for sale
281,326
5,172
7.35
327,705
5,974
7.29
312,034
5,480
7.02
Loans and leases (2) (3)
36,114,741
505,434
5.56
35,501,370
489,113
5.52
34,814,280
507,107
5.79
Total Interest Earning
Assets (2)
45,988,957
599,129
5.18
45,410,729
581,137
5.13
44,479,767
599,121
5.36
Cash and due from banks
385,202
377,777
415,030
Allowance for credit losses
(459,294)
(452,987)
(440,868)
Premises and equipment
575,001
567,661
560,685
Other assets
4,488,218
4,490,908
4,504,231
Total Assets
$ 50,978,084
$ 50,394,088
$ 49,518,845
Liabilities
Deposits:
Interest-bearing demand
$ 6,674,309
19,270
1.15
$ 6,617,287
18,393
1.11
$ 6,033,758
15,893
1.05
Money market
11,824,440
86,798
2.91
11,691,192
84,878
2.91
11,380,618
95,708
3.34
Savings
3,106,539
6,924
0.88
3,096,095
6,421
0.83
3,075,982
7,557
0.97
Certificates and other time
7,160,868
59,129
3.28
7,312,462
59,422
3.26
7,495,691
68,409
3.62
Total interest-bearing deposits
28,766,156
172,121
2.37
28,717,036
169,114
2.36
27,986,049
187,567
2.66
Short-term borrowings
2,644,489
24,999
3.75
2,106,129
19,522
3.71
1,682,747
17,764
4.16
Long-term borrowings
1,851,978
22,338
4.79
2,001,579
23,654
4.74
2,511,652
31,369
4.96
Total Interest-Bearing
Liabilities
33,262,623
219,458
2.62
32,824,744
212,290
2.59
32,180,448
236,700
2.92
Non-interest-bearing demand
deposits
10,039,263
9,942,298
9,905,230
Total Deposits and
Borrowings
43,301,886
2.01
42,767,042
1.99
42,085,678
2.23
Other liabilities
814,313
806,700
856,542
Total Liabilities
44,116,199
43,573,742
42,942,220
Shareholders' Equity
6,861,885
6,820,346
6,576,625
Total Liabilities and
Shareholders' Equity
$ 50,978,084
$ 50,394,088
$ 49,518,845
Net Interest Earning Assets
$ 12,726,334
$ 12,585,985
$ 12,299,319
Net Interest Income (FTE) (2)
379,671
368,847
362,421
Tax Equivalent Adjustment
(3,149)
(3,124)
(3,149)
Net Interest Income
$ 376,522
$ 365,723
$ 359,272
Net Interest Spread
2.56 %
2.54 %
2.44 %
Net Interest Margin (2)
3.29 %
3.25 %
3.25 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
Nine Months Ended September 30,
2026
2025
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with banks
$ 1,634,508
$ 42,671
3.49 %
$ 1,734,300
$ 53,147
4.10 %
Taxable investment securities (1)
6,995,234
191,298
3.65
6,546,054
171,096
3.48
Tax-exempt investment securities (1) (2)
967,382
25,600
3.53
1,006,126
26,243
3.48
Loans held for sale
348,135
18,718
7.17
247,438
13,519
7.29
Loans and leases (2) (3)
35,509,872
1,474,405
5.55
34,458,648
1,483,204
5.75
Total Interest Earning Assets (2)
45,455,131
1,752,692
5.15
43,992,566
1,747,209
5.31
Cash and due from banks
378,783
401,509
Allowance for credit losses
(453,116)
(435,677)
Premises and equipment
570,226
551,738
Other assets
4,494,763
4,529,221
Total Assets
$ 50,445,787
$ 49,039,357
Liabilities
Deposits:
Interest-bearing demand
$ 6,611,504
55,837
1.13
$ 6,135,852
51,093
1.11
Money market
11,739,220
256,706
2.92
11,001,664
278,008
3.38
Savings
3,101,693
20,132
0.87
3,083,456
22,497
0.98
Certificates and other time
7,222,049
177,241
3.28
7,321,336
202,987
3.71
Total interest-bearing deposits
28,674,466
509,916
2.38
27,542,308
554,585
2.69
Short-term borrowings
2,245,532
62,455
3.71
1,645,644
51,999
4.21
Long-term borrowings
1,945,677
69,380
4.77
2,692,580
101,153
5.02
Total Interest-Bearing Liabilities
32,865,675
641,751
2.61
31,880,532
707,737
2.97
Non-interest-bearing demand deposits
9,937,391
9,789,501
Total Deposits and Borrowings
42,803,066
2.00
41,670,033
2.27
Other liabilities
812,575
892,612
Total Liabilities
43,615,641
42,562,645
Shareholders' Equity
6,830,146
6,476,712
Total Liabilities and Shareholders' Equity
$ 50,445,787
$ 49,039,357
Net Interest Earning Assets
$ 12,589,456
$ 12,112,034
Net Interest Income (FTE) (2)
1,110,941
1,039,472
Tax Equivalent Adjustment
(9,418)
(9,159)
Net Interest Income
$ 1,101,523
$ 1,030,313
Net Interest Spread
2.54 %
2.34 %
Net Interest Margin (2)
3.26 %
3.16 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Performance Ratios
Return on average equity
8.84 %
8.75 %
9.02 %
8.59 %
8.19 %
Return on average tangible
common equity (1)
14.15
14.07
14.94
13.81
13.74
Return on average assets
1.19
1.18
1.20
1.16
1.08
Return on average tangible assets (1)
1.27
1.27
1.29
1.24
1.17
Net interest margin (FTE) (2)
3.29
3.25
3.25
3.26
3.16
Yield on earning assets (FTE) (2)
5.18
5.13
5.36
5.15
5.31
Cost of interest-bearing deposits
2.37
2.36
2.66
2.38
2.69
Cost of interest-bearing liabilities
2.62
2.59
2.92
2.61
2.97
Cost of funds
2.01
1.99
2.23
2.00
2.27
Efficiency ratio (1)
53.71
53.68
52.38
54.47
55.13
Effective tax rate
20.61
20.92
21.28
20.90
21.23
Capital Ratios
Equity / assets
13.09
13.41
13.30
Common equity tier 1 (3)
11.3
11.4
11.1
Leverage
9.26
9.24
8.92
Tangible common equity / tangible assets (1)
8.69
8.93
8.69
Common Stock Data
Average diluted common shares outstanding
354,965,353
357,413,941
361,669,618
357,521,422
362,329,469
Period end common shares outstanding
350,838,483
353,560,084
358,381,940
Book value per common share
$ 19.42
$ 19.34
$ 18.52
Tangible book value per common share (1)
12.28
12.24
11.48
Dividend payout ratio (common)
30.14 %
31.23 %
29.05 %
31.00 %
33.02 %
(1)
See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.
(2)
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.
(3)
September 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
3Q26
2Q26
3Q25
2Q26
3Q25
Balances at period end
Loans and Leases:
Commercial real estate (1)
$ 11,945
$ 12,035
$ 12,568
(0.7)
(5.0)
Commercial and industrial
8,601
8,194
7,590
5.0
13.3
Commercial leases
799
802
829
(0.4)
(3.6)
Other
159
140
153
13.6
3.9
Commercial loans and leases
21,504
21,171
21,140
1.6
1.7
Direct installment
2,654
2,654
2,678
—
(0.9)
Residential mortgages
9,738
9,471
8,888
2.8
9.6
Indirect installment
964
852
767
13.1
25.7
Consumer LOC
1,677
1,621
1,484
3.5
13.0
Consumer loans
15,033
14,598
13,817
3.0
8.8
Total loans and leases
$ 36,537
$ 35,769
$ 34,957
2.1
4.5
Note: Loans held for sale were $237, $290 and $278 at 3Q26, 2Q26, and 3Q25, respectively.
(1) Commercial real estate is made up of 67% non-owner occupied and 33% owner-occupied at September 30, 2026.
% Variance
Average balances
3Q26
3Q26
For the Nine Months
Ended
September 30,
%
Loans and Leases:
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Commercial real estate
$ 11,924
$ 12,099
$ 12,659
(1.4)
(5.8)
$ 12,067
$ 12,714
(5.1)
Commercial and industrial
8,429
8,192
7,573
2.9
11.3
8,168
7,581
7.7
Commercial leases
788
797
789
(1.1)
(0.2)
791
777
1.7
Other
149
140
153
6.8
(2.4)
145
153
(5.8)
Commercial loans and leases
21,290
21,227
21,174
0.3
0.5
21,170
21,225
(0.3)
Direct installment
2,655
2,649
2,671
0.2
(0.6)
2,657
2,667
(0.4)
Residential mortgages
9,614
9,210
8,736
4.4
10.0
9,251
8,381
10.4
Indirect installment
912
823
777
10.8
17.4
842
772
9.0
Consumer LOC
1,644
1,592
1,456
3.3
12.9
1,591
1,413
12.6
Consumer loans
14,825
14,274
13,640
3.9
8.7
14,340
13,234
8.4
Total loans and leases
$ 36,115
$ 35,501
$ 34,814
1.7
3.7
$ 35,510
$ 34,459
3.1
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
3Q26
3Q26
Asset Quality Data
3Q26
2Q26
3Q25
2Q26
3Q25
Non-Performing Assets
Non-performing loans
$ 119
$ 110
$ 125
8.2
(4.8)
Other real estate owned (OREO)
2
2
3
—
(33.3)
Non-performing assets
$ 121
$ 112
$ 128
8.0
(5.5)
Non-performing loans / total loans and leases
0.33 %
0.31 %
0.36 %
Non-performing assets plus 90+ days past due / total loans and leases
plus OREO
0.47
0.46
0.40
Non-performing loans plus OREO / total loans and leases plus OREO
0.33
0.31
0.37
Delinquency
Loans 30-89 days past due
$ 105
$ 92
$ 89
14.1
18.0
Loans 90+ days past due
52
51
13
2.0
300.0
Non-accrual loans
119
110
125
8.2
(4.8)
Past due and non-accrual loans
$ 276
$ 253
$ 227
9.1
21.6
Past due and non-accrual loans / total loans and leases
0.75 %
0.71 %
0.65 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
% Variance
(Unaudited)
3Q26
3Q26
For the Nine Months
Ended
September 30,
%
Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Allowance for Credit Losses on Loans and Leases
Balance at beginning of period
$ 447.3
$ 443.0
$ 432.1
1.0
3.5
$ 439.5
$ 422.8
4.0
Provision for credit losses
19.2
21.3
24.9
(10.0)
(23.0)
59.8
68.5
(12.6)
Net loan (charge-offs) / recoveries
(11.0)
(17.0)
(19.7)
(35.2)
(44.0)
(43.9)
(54.0)
(18.8)
Allowance for credit losses on loans and leases
$ 455.5
$ 447.3
$ 437.3
1.8
4.2
$ 455.5
$ 437.3
4.2
Allowance for Unfunded Loan Commitments
Allowance for unfunded loan commitments balance at beginning of period
$ 19.1
$ 19.2
$ 21.0
(0.4)
(8.9)
$ 20.1
$ 21.4
(5.9)
Provision (reduction in allowance) for unfunded loan commitments / other
adjustments
0.4
(0.1)
(0.9)
546.3
142.6
(0.6)
(1.3)
49.7
Allowance for unfunded loan commitments
$ 19.5
$ 19.1
$ 20.1
1.9
(3.1)
$ 19.5
$ 20.1
(3.1)
Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments
$ 475.0
$ 466.4
$ 457.4
1.8
3.8
$ 475.0
$ 457.4
3.8
Allowance for credit losses on loans and leases / total loans and leases
1.25 %
1.25 %
1.25 %
Allowance for credit losses on loans and leases / total non-performing loans
382.1
404.3
349.9
Net loan charge-offs (annualized) / total average loans and leases
0.12
0.19
0.22
0.17 %
0.21 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP
We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.
% Variance
3Q26
3Q26
For the Nine
Months Ended
September 30,
%
3Q26
2Q26
3Q25
2Q26
3Q25
2026
2025
Var.
Operating net income available to common
shareholders
(dollars in thousands)
Net income available to common
shareholders
$ 152,862
$ 148,721
$ 149,509
$ 438,629
$ 396,694
FDIC special assessment
—
—
(2,272)
—
(2,272)
Tax expense (benefit) of FDIC special
assessment
—
—
477
—
477
Operating net income available to common
shareholders (non-GAAP)
$ 152,862
$ 148,721
$ 147,714
2.8
3.5
$ 438,629
$ 394,899
11.1
Operating earnings per diluted common
share
Earnings per diluted common share
$ 0.43
$ 0.42
$ 0.41
$ 1.23
$ 1.09
FDIC special assessment
—
—
(0.01)
—
(0.01)
Tax expense (benefit) of FDIC special
assessment
—
—
—
—
—
Operating earnings per diluted common
share (non-GAAP)
$ 0.43
$ 0.42
$ 0.41
2.4
4.9
$ 1.23
$ 1.09
12.8
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Return on average tangible common equity
(dollars in thousands)
Net income available to common shareholders
(annualized)
$ 606,465
$ 596,518
$ 593,162
$ 586,445
$ 530,379
Amortization of intangibles, net of tax
(annualized)
9,552
9,761
12,507
10,012
12,578
Tangible net income available to common
shareholders (annualized) (non-GAAP)
$ 616,017
$ 606,279
$ 605,669
$ 596,457
$ 542,957
Average total shareholders' equity
$ 6,861,885
$ 6,820,346
$ 6,576,625
$ 6,830,146
$ 6,476,712
Less: Average intangible assets (1)
(2,508,078)
(2,511,122)
(2,522,022)
(2,511,147)
(2,524,978)
Average tangible common equity (non-GAAP)
$ 4,353,807
$ 4,309,224
$ 4,054,603
$ 4,318,999
$ 3,951,734
Return on average tangible common equity
(non-GAAP)
14.15 %
14.07 %
14.94 %
13.81 %
13.74 %
Return on average tangible assets
(dollars in thousands)
Net income (annualized)
$ 606,465
$ 596,518
$ 593,162
$ 586,445
$ 530,379
Amortization of intangibles, net of tax
(annualized)
9,552
9,761
12,507
10,012
12,578
Tangible net income (annualized) (non-GAAP)
$ 616,017
$ 606,279
$ 605,669
$ 596,457
$ 542,957
Average total assets
$ 50,978,084
$ 50,394,088
$ 49,518,845
$ 50,445,787
$ 49,039,357
Less: Average intangible assets (1)
(2,508,078)
(2,511,122)
(2,522,022)
(2,511,147)
(2,524,978)
Average tangible assets (non-GAAP)
$ 48,470,006
$ 47,882,966
$ 46,996,823
$ 47,934,640
$ 46,514,379
Return on average tangible assets (non-GAAP)
1.27 %
1.27 %
1.29 %
1.24 %
1.17 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
3Q26
2Q26
3Q25
Tangible book value per common share
(dollars in thousands, except per share data)
Total shareholders' equity
$ 6,813,263
$ 6,838,456
$ 6,635,620
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible common equity (non-GAAP)
$ 4,306,661
$ 4,328,805
$ 4,115,607
Common shares outstanding
350,838,483
353,560,084
358,381,940
Tangible book value per common share (non-GAAP)
$ 12.28
$ 12.24
$ 11.48
Tangible common equity to tangible assets
(dollars in thousands)
Total shareholders' equity
$ 6,813,263
$ 6,838,456
$ 6,635,620
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible common equity (non-GAAP)
$ 4,306,661
$ 4,328,805
$ 4,115,607
Total assets
$ 52,053,325
$ 50,998,603
$ 49,888,522
Less: Intangible assets (1)
(2,506,602)
(2,509,651)
(2,520,013)
Tangible assets (non-GAAP)
$ 49,546,723
$ 48,488,952
$ 47,368,509
Tangible common equity to tangible assets (non-GAAP)
8.69 %
8.93 %
8.69 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Nine Months
Ended
September 30,
3Q26
2Q26
3Q25
2026
2025
Pre-provision net revenue
(in thousands)
Net interest income
$ 376,522
$ 365,723
$ 359,272
$ 1,101,523
$ 1,030,313
Non-interest income
92,599
96,951
98,170
280,535
276,951
Less: Non-interest expense
(256,943)
(253,249)
(243,535)
(768,057)
(736,571)
Pre-provision net revenue (reported) (non-GAAP)
$ 212,178
$ 209,425
$ 213,907
$ 614,001
$ 570,693
Pre-provision net revenue (reported) (annualized)
(non-GAAP)
$ 841,792
$ 840,000
$ 848,651
$ 820,918
$ 763,015
Adjustments:
Add (Less): FDIC special assessment (non-
interest expense)
—
—
(2,272)
—
(2,272)
Operating pre-provision net revenue (non-GAAP)
$ 212,178
$ 209,425
$ 211,635
$ 614,001
$ 568,421
Operating pre-provision net revenue (annualized)
(non-GAAP)
$ 841,792
$ 840,000
$ 839,637
$ 820,918
$ 759,977
Efficiency ratio (FTE)
(dollars in thousands)
Total non-interest expense
$ 256,943
$ 253,249
$ 243,535
$ 768,057
$ 736,571
Less: Amortization of intangibles
(3,048)
(3,081)
(3,991)
(9,479)
(11,909)
Less: OREO expense
(251)
(147)
(578)
(634)
(1,209)
Add (Less): FDIC special assessment
—
—
2,272
—
2,272
Adjusted non-interest expense
$ 253,644
$ 250,021
$ 241,238
$ 757,944
$ 725,725
Net interest income
$ 376,522
$ 365,723
$ 359,272
$ 1,101,523
$ 1,030,313
Taxable equivalent adjustment
3,149
3,124
3,149
9,418
9,159
Non-interest income
92,599
96,951
98,170
280,535
276,951
Less: Net securities losses (gains)
(58)
(27)
—
(87)
(58)
Adjusted net interest income (FTE) + non-interest
income
Construction Partners koupila floridskou společnost S.E. Cline Construction, která má zhruba 60 zaměstnanců. Akvizice posílí působení její divize C.W. Roberts podél koridoru dálnice Interstate 95.
Transaction Expands Company's Operations Along Florida's Growing Interstate 95 Corridor
, /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets across the Sunbelt, today announced that it has acquired S.E. Cline Construction, Inc. ("Cline Construction"), a commercial site development and underground utility construction company headquartered in Palm Coast, Florida. Cline Construction provides site development and underground utility construction services for a variety of public and private projects throughout northeast and central Florida. The acquired operations, including approximately 60 employees and a rail-served, permitted hot-mix asphalt plant site in nearby Bunnell, Florida, will become part of CPI's Florida platform company, C.W. Roberts Contracting, Incorporated ("CWR").
Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to welcome Scott Sowers and the Cline Construction team to the CPI family of companies. This transaction builds upon our acquisition of P&S Paving, Inc. in Daytona Beach last year and further strengthens CWR's presence along Florida's Interstate 95 corridor, a rapidly growing portion of the state. Cline Construction's site development and underground utility construction capabilities strongly complement CWR's existing asphalt paving and construction operations in the greater Daytona Beach market, enhancing our ability to serve public and private infrastructure customers throughout the region. In addition, the rail-served, permitted asphalt plant site in Bunnell provides an attractive opportunity for future vertical integration and organic growth as we continue to expand our operations along Florida's east coast."
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating in local markets throughout the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, CPI focuses on the construction, repair and maintenance of surface infrastructure. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The company also performs private sector projects that include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.
Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek," "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. The forward-looking statements contained in this press release include, without limitation, statements relating to the benefits of a business acquisition and the expected results of the acquired business. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the SEC. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Contact:
Rick Black
Investor Relations
[email protected]
(713) 529-6600
Kahn Swick & Foti prověřuje, zda plánovaný prodej společnosti Varonis Systems společnosti Proofpoint za 49,75 USD za akcii dostatečně zohledňuje hodnotu pro akcionáře.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Varonis Systems, Inc. (NasdaqGS: VRNS) to Proofpoint, Inc. Under the terms of the proposed transaction, shareholders of Varonis will receive $49.75 in cash for each share of Varonis that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at (833) 538-3612, or visit https://www.ksfcounsel.com/cases/nasdaqgs-vrns/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Integra LifeSciences dokončila emisi zajištěných dluhopisů v objemu 450 mil. USD s úrokovou sazbou 9,5 % se splatností v roce 2033 a změnila a obnovila stávající úvěrový rámec o celkové výši přibližně 1,65 mld. USD.
PRINCETON, N.J., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART) today announced that it has closed a private offering of $450.0 million aggregate principal amount of 9.500% senior secured notes due 2033 (the “Notes”). In addition, Integra announced today that it has amended and restated its existing credit facility, with an overall size of approximately $1.65 billion consisting of (i) a $600 million senior secured revolving credit facility with a five year maturity, (ii) a $600 million senior secured term loan A facility with a five year maturity and (iii) a $450 million senior secured term loan B facility with a seven year maturity (collectively, the “Credit Facility”). The Notes will be general senior secured obligations of the Company and will be guaranteed by the Company’s wholly-owned domestic subsidiaries that are guarantors under the Credit Facility.
Integra used the net proceeds, together with borrowings under the Credit Facility, to refinance its existing credit facility and pay fees and expenses in connection with the foregoing.
The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to certain non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.
This press release is being issued pursuant to Rule 135c of the Securities Act and is neither an offer to sell, nor a solicitation of an offer to buy, any of the securities mentioned above and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the securities mentioned above will be made only by means of a private offering memorandum.
About Integra
Integra LifeSciences (Nasdaq: IART) is a global medical technology leader dedicated to restoring lives. We are advancing transformational care through impactful innovation in neurosurgery and tissue reconstruction, specialized fields that demand exceptional expertise and precision. Our portfolio of highly differentiated, gold-standard technologies is trusted by healthcare professionals to deliver transformative care.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect Integra’s judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like “will,” “believe,” “may,” “could,” “would,” “might,” “possible,” “should,” “expect,” “intend,” “plan,” “anticipate,” or “continue,” the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this press release include, but are not limited to, the expectations, plans and prospects for Integra, including the anticipated use of proceeds of the offering of the Notes and borrowings under the Credit Facility, which should be the many risks and uncertainties that affect Integra’s business and market, including market and other general economic conditions, and other risks identified under the heading “Risk Factors” included in item 1A of Integra’s Annual Report on Form 10-K for the year ended December 31, 2025, and information contained in subsequent filings with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. These forward-looking statements are made only as of the date hereof, and Integra undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Společnost Hims & Hers Health čelí hromadné žalobě investorů po stížnosti FTC kvůli údajnému sdílení zdravotních údajů a klamavým praktikám při předplatném. Akcie HIMS 29. července 2026 klesly o 14,7 %.
SAN FRANCISCO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Hims & Hers Health, Inc. (NYSE: HIMS) and certain company executives now face a securities class action lawsuit stemming from the FTC’s sweeping federal complaint against the company in which the Commission accuses Hims of serious business misconduct.
Hagens Berman, which is actively investigating the alleged claims, encourages HIMS investors who suffered substantial losses to submit your losses now.
“[w]e have developed and maintain policies and procedures with respect to health information and personal information that we use or disclose in connection…”
Class Period: Aug. 4, 2025 – July 29, 2026
Lead Plaintiff Deadline: Nov. 2, 2026
Visit Hims Investigation Page: www.hbsslaw.com/hims
Direct Contact Email: [email protected]
Firm Telephone: 844-916-0895
Video: https://youtu.be/DZQWREfFVIM
Hims & Hers Health ($HIMS) Securities Class Action
The lawsuit is focused on the propriety of Hims’ repeated assurances that “[w]e have developed and maintain policies and procedures with respect to health information and personal information that we use or disclose in connection with our operations, including the adoption of administrative, physical, and technical safeguards to protect such information.”
The complaint alleges that Hims: (1) shared consumers’ health information with third-party advertising platforms; (2) charges consumers for prescriptions almost immediately after they submit intake forms, despite telling them that they will be able to consult with a medical provider to find a treatment that is “right for them[;]” and (3) as a result, would be subject to heightened regulatory scrutiny and likely to incur fees and penalties.
What Drove the $HIMS July 29, 2026 Stock Crash? The FTC and State Lawsuit Breakdown
The securities class action cites the July 29, 2026 federal complaint filed against Hims by the FTC—alongside co-plaintiffs the State of Utah and the County of Los Angeles (representing California).
After an extensive investigation by the Commission, it contends that Hims engaged in:
Deceptive Health Data Sharing: Despite extensive marketing campaigns emphasizing strict privacy, discreet telehealth consultations, and data protection, the complaint alleges that Hims surreptitiously shared sensitive user medical conditions and personal health data with third-party advertising giants, including Meta Platforms (Facebook) and Snap, via embedded tracking pixels and customer list matching.Subscription Billing & Cancellation Barriers (ROSCA Violations): The lawsuit accuses Hims of violating the Restore Online Shoppers’ Confidence Act (ROSCA) by enrolling consumers in recurring subscription models without informed consent. According to regulators, consumers were billed for prescriptions almost immediately upon completing an intake form—long before receiving any consultation with a medical provider—while facing dark patterns and hidden cancellation options designed to prevent subscription termination. The market swiftly reacted, sending the price of Hims shares down $4.32 (-14.7%) and erasing over $970 million from the company’s market capitalization in a single day.
“We’re focused on whether Hims may have intentionally misled investors about its business practices, including the adequacy of its internal controls, and financial ramifications of the alleged misconduct,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in HIMS and have substantial losses, or have knowledge that will assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding HIMS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
Contact: Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, 844-916-0895, [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1357de7-ea5f-404d-9f24-e963424789b7
Hims & Hers Health, Inc. (HIMS) Securities Class Action
Hagens Berman Highlights Lawsuit Targeting Hims & Hers Health, Inc. (HIMS) Over Alleged Misleading S...
Regions Financial Corp (NYSE:RF) reported upbeat earnings for the third quarter on Monday.
The company posted quarterly earnings of 73 cents per share which beat the analyst consensus estimate of 66 cents per share. The company reported quarterly sales of $1.988 billion which beat the analyst consensus estimate of $1.986 billion.
John Turner, Chairman, President and CEO of Regions Financial Corp said, “At Regions Bank, we’re seeing the benefits of the investments we’re making in talent, technology and strategic growth. By remaining disciplined in our approach to risk management and staying committed to soundness, profitability, and growth, we are delivering strong results built on solid fundamentals and a competitive strategy. Strong credit quality, continued momentum in fee-based businesses, and economically vibrant markets throughout our footprint all contributed to our third quarter results. As we continue to modernize the franchise and expand our capabilities, Regions Bank is well positioned to meet the evolving needs of our customers and drive more sustainable growth over time.”
Regions Finl shares fell 0.8% to trade at $27.24 on Monday.
These analysts made changes to their price targets on Regions Financial following earnings announcement.
Stephens & Co. analyst Russell Gunther maintained the stock with an Equal-Weight rating and lowered the price target from $32 to $30. RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and lowered the price target from $34 to $32. Considering buying RF stock? Here’s what analysts think:
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Prezident společnosti Applied Digital Jason Gechen Zhang koupil 300 000 akcií APLD za průměrnou cenu 18,86 USD za akcii, celkem přibližně za 5,66 milionu USD.
What happened Applied Digital Corp. (NASDAQ: APLD) President Jason Gechen Zhang bought 300,000 shares on 2026-10-16 at a weighted average $18.86 each.
The Form 4 says the purchase was about $5.66 million and was reported on 2026-10-19.
Key numbers Metric Latest Change Source Shares bought 300,000 shares SEC Form 4 Weighted average purchase price $18.86 per share SEC Form 4 Approximate transaction value about $5.66 million SEC Form 4 Shares held after purchase 2,839,227 shares SEC Form 4 Purchase as prior holding 11.8% Calculated from SEC Form 4 Read more: Applied Digital (APLD) stock analysis and investment case Why it matters OptimistFi's case is that Applied Digital is a leveraged AI-infrastructure execution story. The business works if scarce, purpose-built HPC data-center capacity fills fast enough to offset construction risk, fixed costs and financing dilution. Zhang's purchase supports that view because the president added stock instead of cutting exposure.
OptimistFi's calculation puts the buy at 11.8% of the holding before the trade. The filing also shows a weighted average price of $18.86 a share, with separate trades from $18.40 to $19.16. That range shows the purchase was made in more than one execution.
After the purchase, Zhang reported 2,839,227 shares held directly. The filing identifies him as President. That larger stake matters because the Form 4 ties the trade to an existing insider position.
The reported ownership includes 500,000 RSUs granted on February 6, 2026 and the remainder of 750,000 RSUs granted on August 8, 2025. The February grant vests 100,000 RSUs on February 6, 2027, then 50,000 RSUs every six months after that cliff date. So part of the stake still depends on future service.
The August 8, 2025 grant has 125,000 RSUs set to vest on March 12, 2027, September 12, 2027 and March 12, 2028. The caution is that this filing shows one insider transaction and future vesting, not customer demand or revenue progress. It does not answer the operating questions.
Stock perps: every US stock that trades as a perpetual future, by leverage, live
What's next The next dated milestone is February 6, 2027, when 100,000 RSUs from the February 6, 2026 grant are set to vest if Zhang stays in that role. If that vesting happens, reported ownership rises again.
After that, 125,000 RSUs are scheduled for March 12, 2027, September 12, 2027 and March 12, 2028 from the August 8, 2025 grant. Those dates give investors a clearer timeline for changes in reported ownership.
More from OptimistFi APLD stock: the Applied Digital thesis, its status and the next test to watch Stock research on every company OptimistFi covers From OptimistFi Perps Perp funding rates live: what longs and shorts pay on every venue Stock perps vs tokenized stocks: how US shares trade around the clock Weekend market prices: US stock indexes, gold and oil now Perps news: leveraged stocks, gold, FX and crypto on-chain Prop firms that fund crypto and stock perps traders: rules, prices and payouts Top perps movers today: stocks, commodities, FX and indices Sources SEC Form 4 — Applied Digital Corp. Form 4 reporting Jason Gechen Zhang's 300,000-share purchase on 2026-10-16 and 2,839,227 shares held afterward. Read the full OptimistFi thesis on Applied Digital Corp.: https://optimistfi.com/stocks/APLD
See what would break the Applied Digital Corp. thesis and track it live on the OptimistFi Thesis-Break Engine.
Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.
The full Applied Digital Corp. investment case, its status and the next test to watch live on the Applied Digital Corp. thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
Výnos dluhopisů CoreWeave se splatností v roce 2031 minulý týden překročil 16 %, což signalizuje finanční potíže; společnost má dluhy a jiné závazky ve výši přes 51 miliard USD.
CoreWeave Inc. (NASDAQ:CRWV) has become a warning signal for the debt-financed side of the AI boom, according to one credit expert.
"CoreWeave is absolutely the canary in the coal mine" for a market segment coming under more stress, said Max Frumes, 9fin global head of distressed and leveraged finance at corporate credit data and analytics firm, Reuters reported.
Frumes expects other AI-linked debt to follow CoreWeave into distressed territory.
"This is going to be a turning point in the pricing and availability and structure of credit that’s supporting the AI boom," he said. "It’s going to get more expensive. There will be a lot more scrutiny and probably some pushback from investors."
CRWV stock is moving. See the real-time price action here. Bonds Flash DistressHis comments come after a brutal stretch for the AI cloud provider. The yield on CoreWeave’s 2031 bonds jumped above 16% last week, beyond the level generally associated with distress, Reuters reported.
The company has piled up more than $51 billion in debt and obligations to fund its AI infrastructure expansion.
Insurance against a default got pricier, too. The cost of protecting CoreWeave’s debt climbed above 1,000 basis points to record highs, according to Reuters.
The stock took a beating. Shares dropped more than 11% on Friday, bringing weekly losses close to 25%, per Benzinga Pro data.
A hot inflation reading contributed to the sell-off because CoreWeave’s model amounts to a heavily indebted bet on future data center demand.
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Retail Traders Buy the DipRetail investors saw opportunity in the wreckage. Customers of Robinhood Markets Inc. (NASDAQ:HOOD) logged their biggest week of net CoreWeave purchases on record as the stock shed about a quarter of its value, according to Robinhood data.
CoreWeave also ranked as the third-most purchased single security on the platform Friday, behind only Tesla Inc. (NASDAQ:TSLA) and Space Exploration Technologies Inc (NASDAQ:SPCX).
Notably, CEO Elon Musk, who leads both companies, stoked credit fears last week when he replied "yikes" on social media to a post about the surging yields on CoreWeave’s 2031 bonds.
Neoclouds Feel the HeatCoreWeave sits at the front of a group of newer providers known as neoclouds, which rent out scarce and expensive processors from NVIDIA Corp. (NASDAQ:NVDA) and frequently borrow to pay for the chips.
Rivals such as Nebius Group N.V. (NASDAQ:NBIS), Applied Digital Corp. (NASDAQ:APLD) and IREN Ltd. (NASDAQ:IREN) also tumbled during the rout.
CoreWeave pushed back in an internal memo: CEO Mike Intrator told employees the company’s backlog more than covers its debt obligations and argued markets can sometimes "misunderstand and act irrationally."
Co-founder Brannin McBee has said the company is pursuing an investment-grade rating.
Some market watchers see the sell-off as a CoreWeave-specific problem. Tommaso Leodari, chief investment officer at Dubai-based hedge fund Index & Cie, told Reuters the company should not be treated as the poster child for AI.
Frumes sees a wider reckoning. If he is right, the cheap and plentiful credit behind the AI build-out is about to get scarcer. Borrowers will pay more, and lenders will ask tougher questions.
CRWV Stock Price Activity: CoreWeave stock was down 1.22% at $60.64 at the time of publication on Monday, according to Benzinga Pro market data.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Potíže zadlužené společnosti CoreWeave, která je klíčovým zákazníkem a investicí společnosti Nvidia, mohou zpochybnit dlouhodobý růst společnosti Nvidia. Akcie CoreWeave minulý týden klesly o více než 20 %.
CoreWeave (CRWV -0.44%)'s stock crashed last week amid concerns of rising interest rates and its high debt load. CoreWeave has a close relationship with tech giant Nvidia (NVDA +1.38%) and is a big customer of theirs. Not only that, but Nvidia has also invested billions into CoreWeave, and thus, it has a lot at stake in how the neocloud company does.
Both stocks have been struggling of late, although Nvidia's decline has been much more modest in comparison; it has declined by around 2% over the past month, while CoreWeave's stock is down well over 20%.
However, things could get worse for Nvidia as concerns related to CoreWeave may cause investors to question how sustainable Nvidia's long-term growth really is, particularly if companies have to scale back investments in artificial intelligence (AI) due to rising interest rates.
Image source: Getty Images.
Nvidia's stock looks cheap, but that's based on future expectationsIt may be odd to think that the most highly valued stock on the U.S. markets, Nvidia, is a cheap buy. It has a market cap of around $5.2 trillion, but many growth investors still believe it's a cheap stock to own due to its earnings expectations. Nvidia is trading at a forward price-to-earnings multiple of 25, which is based on how profitable analysts expect the business to be over the coming year.
And when looking at the price-to-earnings-growth multiple, or PEG, then it looks like a downright steal at approximately 0.48. The cutoff for a cheap stock based on PEG, which factors in a company's expected growth over the next five years, is 1.0 -- Nvidia is well below that.
The problem is if anything shakes the confidence in Nvidia's future growth. CoreWeave's problems could be symbolic of that. It's a key customer that also rents out compute power to other businesses. If it runs into problems because of its high debt load and interest costs, investors may become even more concerned about the growth prospects of smaller, riskier businesses that don't have the close relationship with Nvidia that CoreWeave benefits from.
NVDA Nvidia$217.09+$2.96 (+1.38%)
NASDAQ · As of 4:00 PM ET 10/19/26
Investors should tread carefully with NvidiaNvidia has a terrific business, and it's benefited from considerable investments in AI in recent years. But at the same time, more tech companies are making their own chips and looking to other chipmakers in an effort to cut costs and be less dependent on Nvidia. And rising interest rates may lead to some companies pulling back on capital expenditures.
When investors are basing their investment decisions on expected future growth, that can be a risky proposition, because if that rosy outlook doesn't pan out, the stock could be due for a steep correction. While Nvidia may be a good long-term investment, investors should brace for possible adversity in the near term.
Jefferies upozornila na slábnoucí poptávku po iPhonu 18 Pro v Číně; Apple podle dodavatelů snížil objednávky některých komponentů, včetně 2nm čipů, o 10 až 15 %.
is seeing weaker demand for its iPhone 18 Pro and Pro Max, pointing mainly to signals from China, including shorter lead times and discounting, along with reported order cuts. Apple shares were down 0.48% in premarket.
Analyst Edison Lee said in a note on Monday that lead times for the two models in China have dropped to zero, compared with six and 25 days for last year's versions. Lead times in Japan are also much shorter than a year ago. The U.S. is the exception, where Pro Max lead times have risen. Chinese platform PDD began discounting the Pro and Pro Max by 6% and 9% on October 16. Resale prices for all Pro variants have traded at discounts since September 29, while last year's models traded at premiums of 1% to 6%.
Industry checks suggest Apple has cut orders for some components, including 2nm chips, by 10% to 15%. Some suppliers put the net assembly order cut so far at only 2 million units. Lee said further cuts are possible if demand stays weak.
Lee said the early strength in China, with iPhone volumes up more than 40% in the first two weeks of shipments, came largely from discounted sales of leftover iPhone 17 Pro inventory. Growth slowed to about 8% in early October. Lead times for the foldable Duo, by contrast, stretched past 90 days after its October 16 pre-order launch. Jefferies estimates that implies a maximum of 6 million to 7 million shipments in 2026, in line with expectations.
Apple plans to launch Apple Intelligence in mainland China in December with iOS 27.3, Bloomberg reported last week, though without the new Siri.
AMD ve 2. čtvrtletí zvýšila tržby z datových center meziročně o 107 % na 6,7 mld. USD, což díky poptávce po čipech pro umělou inteligenci představovalo 58 % celkových tržeb.
Advanced Micro Devices (AMD +2.51%) stock has been a standout performer on the market in 2026, with shares of the company rising by an impressive 147% as of this writing, well above the 57% gains clocked by the PHLX Semiconductor Sector index this year.
The impressive rally in AMD stock has been driven by the healthy demand for the company's server central processing units (CPUs) and graphics cards, which are deployed in artificial intelligence (AI) data centers. Moreover, the company has been doing well in the personal computer (PC) market, even though the industry has been under severe pressure due to high component costs.
But are AMD's catalysts and opportunities strong enough to send the stock soaring over the long run? We will closely examine AMD's growth drivers and see if it is worth investing $5,000 in this semiconductor stock through 2032.
Image source: AMD.
AMD has diversified catalysts that could fuel its growth over the next six years AMD currently gets the majority of its revenue from the data center segment. In Q2, the data center segment produced 58% of AMD's top line. The segment's revenue increased by 107% year over year to $6.7 billion, which isn't surprising as the company is seeing strong demand for its AI chips.
AMD Advanced Micro Devices$542.01+$13.26 (+2.51%)
NASDAQ · As of 3:44 PM ET 10/19/26
So, the data center business will play a central role in dictating where AMD stock could be in 2032. The good news for AMD investors is that it expects AI chip demand to remain solid through the end of the decade. Management noted on AMD's recent earnings call that the total addressable market (TAM) for AI data center accelerators is poised to grow at a 45% compound annual growth rate (CAGR) through 2030, generating $1.4 trillion in revenue by the end of the decade.
AMD is well-positioned to capitalize on this lucrative opportunity. That's because the company sells server CPUs, graphics processing units (GPUs), and server rack systems, all of which are in solid demand to handle AI workloads in data centers. Importantly, AMD has been building a solid client base in AI chips.
AMD's server CPUs are being used by major hyperscalers, including Amazon, Microsoft, Oracle, Google, and others. Additionally, the company's rack-scale server systems, which integrate its GPUs, server CPUs, and networking chips into a single platform, will start shipping in the current quarter. AMD expects "very strong customer demand" for Helios in 2027, and the company's focus on improving the efficiency of its rack-scale systems every year should help it attract more customers.
It is worth noting that AMD is already going to deploy Helios for Microsoft, Meta Platforms, OpenAI, and Anthropic, among others. So, the company is well-positioned to capitalize on the trillion-plus-dollar opportunity in AI compute over the next six years.
Importantly, AMD's growth drivers don't end here. The company will supply semi-custom processors for the next generation of gaming consoles from Sony and Microsoft. The consoles are expected to go on sale from next year, and history suggests that the arrival of a new generation of gaming consoles has been a massive catalyst for AMD.
At the same time, AMD's improving share in the PC market will be another robust long-term tailwind for the stock. Though PC sales have been dropping substantially this year amid the high cost of components, especially memory, the long-term outlook remains bright. Market intelligence provider IndexBox estimates that the PC market could clock annual growth of 2.1% through 2035, driven by the rise of hybrid work, content, and gaming.
Notably, AMD is outperforming the PC market, driven by share gains. The company's client CPU revenue increased by 23% year over year in the second quarter to $3.1 billion, a very solid performance considering that global PC shipments fell 4% during the quarter, according to IDC.
Mercury Research estimates that AMD's client CPU share was 30.3% in the second quarter, up from 23.9% in the same period last year. The company has been growing at Intel's expense in this market, and it could continue to gain share due to its rapidly expanding customer base.
AMD has been scoring commercial customers in the PC market across healthcare, automotive, technology, and financial services. Additionally, major PC OEMs (original equipment manufacturers) have been launching several products powered by AMD's Ryzen CPUs. Given that AMD still has a lot of room to gain share in client PCs, I won't be surprised to see this business prove a reliable growth driver for the company over the long run.
Here's why you can consider investing $5,000 in this chip designer Investors with a diversified portfolio who are looking to buy a top growth stock for the long run have several reasons to consider AMD. We have already gone through the company's catalysts in the section above, and that explains why the company's earnings per share (EPS) growth is poised to take off impressively between 2026 and 2028 (compared to 2025's EPS of $4.17).
Data by YCharts
Even better, analysts have turned bullish about AMD's long-term EPS growth potential as well.
Data by YCharts
However, if AMD clocks a comparatively conservative annual earnings growth rate of 30% from 2029 to 2032, its EPS could reach $65.18 at the end of the forecast period. So, AMD's earnings could increase by 15x over the next seven years (using 2025's EPS as the base), translating into a 48% CAGR. So, AMD looks like an ideal growth candidate for anyone looking to further diversify their portfolio.
Assuming you have $5,000 in investable cash and buy AMD stock with it, your investment could be worth almost $12,700 in 2032. I have assumed AMD trades at 21 times earnings in 2032 (in line with the Nasdaq-100 index's forward earnings multiple) and clocks $65.18 in EPS, which points to a stock price of $1,369.
However, bigger gains are possible due to the strong earnings growth CAGR AMD can deliver during this period, which will encourage the market to reward it with a premium valuation.
Historik Liaquat Ahamed varuje, že hodnota amerického akciového trhu dosahuje 250 % HDP a růst reálných sazeb o 150 bazických bodů během 12 měsíců může ukončit boom kolem AI.
A Pulitzer Prize-winning historian of financial crashes sees a familiar pattern forming in today's AI boom, and he says the same mechanism that buried railroads in 1873 and dot-coms in 2000 is already flashing in Treasury data right now.
The AI boom has pushed American stocks to valuations few living investors have seen. Meanwhile, one of Wall Street’s most respected financial historians argues that the money pouring in is itself the warning sign. Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance, reportedly says “a trillion dollars has come into the US equity market from foreigners” over the past 12 months and that “the US equity market is 250% of GDP,” a figure that includes private equity. But the size of that number concerns him less than what tends to follow it. In his account, booms die when the rush of capital drives interest rates higher, and “the major ones all end badly.”
A Rate Signal Already Flashing in Treasury Data Ahamed traces the pattern throughout historic market cycles: the 1870s, 1880s, 1920s, 1999-2000, and 2008. In each case, a boom drew in capital until demand for money raised its price, and higher borrowing costs then sank projects that only worked with cheap financing. He says “real interest rates have gone up by 150 basis points in the last 12 months” and calls the move “a global phenomenon” as governments borrow heavily.
Treasury data supports his reading. The 10-year Treasury yield reached 5.19% on October 14, 2026, up 1.16 points year over year. That same day, the 10-year TIPS real yield stood at 2.84%, compared with 1.73% a year ago. Yields have eased a little since then, with the 10-year at 5.09% and the real yield at 2.74% on October 16. Long-term money is still expensive, with the 30-year real yield at 3.16%.
Railroads of 1873 Mirror Today’s Data Center Buildout For his historical comparison, Ahamed points to the railroad mania of the 1800s. In the US, 5% of GDP went into railroad construction, which he puts at “one and a half trillion dollars” in today’s terms, roughly what is now being spent on AI infrastructure. About 80% of that construction was financed with bonds, and “by 1872, only one in five railroads was paying a dividend,” he noted. Then a geopolitical shock shut capital markets in 1873, and the boom collapsed.
The modern version is larger and moving faster. On NVIDIA’s (NASDAQ:NVDA | NVDA Price Prediction) August earnings call, CFO Colette Kress said capital spending by the top five hyperscalers “is expected to reach nearly 800 billion in 2026 and 1.3 trillion in 2027.” She cautioned that the leading AI labs “are growing faster than what their balance sheets and credit profiles can support.” NVIDIA has invested “nearly 50 billion in the Frontier AI Labs,” and Kress addressed the criticism directly: “We know some will call this circular financing. We see it differently.” Ahamed describes that kind of arrangement as “a hidden form of borrowing” that is “great on the way up and it’s terrible on the way down.”
NVIDIA’s $5.17 Trillion Sits at the Center of the Risk No single company better represents the 250% figure than Nvidia, boasting a market cap of $5.2 trillion. Fiscal second-quarter revenue rose to $96.22 billion, up 105.8% year over year, and Data Center revenue reached $89.02 billion. The most telling figure is in the quarterly filing: supply obligations climbed to $279.00 billion, mostly for memory used in Vera Rubin production. Commitments that large assume demand stays strong even if borrowing costs keep rising.
Valuation focuses the rate argument. At about 43 times earnings and 53 times free cash flow, NVIDIA’s valuation works out to an earnings yield of 2.32%. A 10-year Treasury pays 5.09% with no business risk at all. That gap is the pressure Ahamed describes: as safe yields rise, investors need more conviction to own stocks priced well above their current earnings.
The stock has started to wobble. Shares fell 4.84% over the past week to $218.19, though they remain up 17.27% year to date. Ahamed admits that timing is “the giant challenge,” and he notes that earlier infrastructure booms lasted “two to four years.” Skeptics can be early for a long time before they are proven right, and that is why we wrote a free handbook on riding a mania while planning the exit.
Calm Volatility Can Change Quickly For now, fear is silent. The VIX, which measures expected volatility in the benchmark S&P 500, stands at 17.65, inside its normal range. That gauge was at 31.05 on March 27, 2026, a reminder of how fast sentiment can flip.
Jim Cramer has been preparing viewers for that kind of shift. On his July 20 broadcast, the CNBC commentator asked whether a “sudden AI stock sell off” was “just a blip or something you should seriously worry about.” He has told investors that only cash and diversification protect portfolios as AI data-center stocks sell off.
Ahamed’s warning gives investors something specific to track. I’m watching the 10-year yield and the TIPS real yield more closely than any AI headline, because history suggests rates are what end booms. His own advice is direct: “Don’t get caught up in the heat of the moment. Think for yourself.” Readers who have followed our earlier coverage of the Buffett Indicator will recognize the setup.
Contact [email protected] for any questions or corrections.
Nvidia (NVDA +1.93%) is the market's most valuable company by market cap. It's the only one entering this week with a market cap north of $5 trillion. Instinctively, you might think that the priciest name among U.S.-listed companies would also be one of the most expensive names on Wall Street.
Looking back, it's not entirely cheap. Nvidia trades for 27 times adjusted earnings on a trailing basis. It's not an outrageous price tag. It's also not bargain bin fodder. However, when you start to zoom out -- for a clear view of both the recent past and the next few years of projected growth -- the value in Nvidia stock starts to shine through.
Image source: Getty Images.
A chip off the old block
There's no point in burying the lede. Nvidia is currently trading for a modest 8 times what analysts see it earning in fiscal 2030. The key word there is "currently" since a profit target is a movable feast. It may be academically correct to say that you can buy Nvidia today at a 2030 P/E multiple of 8, but the chances of that actually being the case once we get there are slim. It could be considerably higher. It could be considerably lower.
Projections will change, but let's lay out today's table. Here is what analysts see Nvidia generating in normalized earnings through the next few years, and the respective P/E ratio based on where the stock is now.
Fiscal YearEPSP/E2027$9.31232028$15.91132029$21.34102030$25.9882031$28.797
Data source: S&P Global. Nvidia's fiscal year 2027 will end on Jan. 31, 2027.
It's like a football kick in swirling winds. The longer you have to travel to get through the goalposts, the more variance there will be when the football gets there. So, yes, Nvidia is trading at 8 times what analysts expect it to earn on an adjusted basis in fiscal 2030. Don't bet on it landing there.
NVDA Nvidia$218.27+$4.14 (+1.93%)
NASDAQ · As of 3:39 PM ET 10/19/26
Aiming at a moving target
Nvidia has been a spectacular investment. As the undisputed leader in artificial intelligence infrastructure, it's been feasting on the boom lately. Just check out the accelerating revenue growth that Nvidia has posted in the last few quarters.
Making a great trend even better, the bottom line is growing even faster. It won't always be that way. Nvidia's own guidance suggests revenue will decelerate slightly in the current quarter, which ends next week. Bulls can rightfully counter that Nvidia has a long track record of exceeding its conservative guidance, but a slowdown is as natural as it is inevitable.
The wonderful thing about momentum is that analysts' profit targets for future years have been rising with every blowout quarter. Wall Street pros weren't expecting Nvidia to earn $25.98 per share in fiscal 2030 a year ago, just as they weren't expecting a per-share profit of $9.31 this year.
Fiscally yours
I want to close on one final point. Fiscal 2030 may seem like it's four years away. It's not. In fact, in a little more than three months, Nvidia will dip its toe into fiscal 2028. Fiscal 2030 starts just two years, three months, and less than two weeks from now.
So Nvidia is already cheaper than you probably think. It's trading for just 13 times next year's earnings. Why do you think Nvidia's board recently authorized a record $150 billion in share repurchases? It's not the only one that thinks the stock is pretty cheap these days.
This can all change, of course. Tailwinds can become headwinds. Growth can slow sharply instead of modestly. Nvidia's chunky net margins can contract. Every investor should have a long-term mindset paired with short-term vigilance. It's paid off so far, with Nvidia stock being a nine-bagger over the past five years. Don't be surprised if this winner keeps winning.
NVIDIA na superpočítači JUPITER provedla rekordní simulaci kvantového procesoru se 104 qubity, odolného vůči chybám, a ověřila metodu vyžadující o 90 % méně fyzických qubitů.
NVIDIA researchers are using JUPITER — the largest supercomputer in Europe, built at Jülich Supercomputing Centre — for a record-breaking fault-tolerant quantum computing simulation.The 104-qubit simulation is the largest comprehensive simulation of a fault-tolerant quantum computing system to date, with no prior simulations modeling quantum processors in such full detail.The simulation validates a quantum computing approach that uses 90% fewer physical qubits than previous methods, accelerating progress toward useful applications in drug discovery, financial modeling and materials science.JUPITER simulations are providing the quantum industry with actionable insight into the impact of noise on fault-tolerant quantum computing, enabling researchers to refine designs before building hardware — shortening the path to viable quantum computers by years. BERLIN, Oct. 19, 2026 (GLOBE NEWSWIRE) -- NVIDIA today announced a record-breaking quantum computing simulation on JUPITER, Europe’s first exascale supercomputer, allowing researchers to fully explore and validate magic state cultivation — a leading approach to fault-tolerant quantum computing that requires 90% fewer qubits than previous methods.
Running on a system of NVIDIA GH200 GPUs at Jülich Supercomputing Centre, the 104-qubit simulation is the largest comprehensive simulation of a fault-tolerant quantum processor to date, modeling how a realistic quantum processor performs fault-tolerant computation at record scale.
That level of fidelity gives researchers the data and tools needed to predict the performance of future designs before they are built — reducing reliance on hardware trial and error, and accelerating the path to useful quantum applications in fields like drug discovery, financial modeling and materials science.
“Useful quantum computing will require fantastically complex, fault-tolerant systems — and understanding how they behave at scale is essential to building them,” said Jensen Huang, founder and CEO of NVIDIA. “Our results from Jülich show how quantum processors and GPU supercomputers can work together to tackle research that would otherwise be out of reach — accelerating the discovery of transformative quantum applications.”
“Europe’s investment in JUPITER gives researchers the ability to investigate questions that were previously beyond reach,” said Kristel Michielsen, director of the Jülich Supercomputing Centre at the Forschungszentrum Jülich facility. “Working with NVIDIA, we’re bringing that capability to quantum computing — helping scientists make better-informed decisions about the designs most likely to deliver useful applications.”
Reducing the Resources Needed for Useful Quantum Computing
Because qubits operate at the limits of physics, the interactions needed to control them introduce unavoidable, error-inducing noise. Computing in the presence of such noise — known as fault-tolerant quantum computing — requires the use of magic states, a specific arrangement of qubits that is continually consumed during a fault-tolerant quantum computation.
Fault-tolerant quantum computers rely crucially on repeatedly producing magic states — meaning that any optimization in how they are made drastically reduces the difficulty of building a useful quantum computer.
By simulating this process under realistic noise, NVIDIA researchers validated a state-of-the art magic-state cultivation approach, giving researchers the tools needed to develop and test future improvements.
Earlier, groundbreaking research from Jülich simulated 50 qubits under ideal, noiseless conditions. This work simulates magic-state cultivation under realistic hardware noise, helping researchers understand the impact of errors.
From Research Development to Exascale Simulation
Simulating magic-state cultivation helps researchers evaluate and improve designs before building quantum hardware. But the memory required can grow exponentially with the number of qubits, putting large-scale simulations beyond the reach of conventional computing systems.
An NVIDIA GB200 NVL72 system at the NVIDIA Accelerated Quantum Research Center (NVAQC) served as the development platform for the JUPITER project, enabling researchers to scale tests from four GPUs to hundreds before moving to 8,192 GPUs on JUPITER.
Researchers used the center to accelerate the development and testing of their simulation methods, compare results with JUPITER and explore how accuracy scaled with additional computing resources. This work helped reduce a weekslong simulation effort to days while preparing the team to use JUPITER’s exascale computing capacity effectively.
The project demonstrates how simulation will grow increasingly important and complex as quantum computing systems grow in size. It also shows the utility of accelerated computing clusters, like at NVAQC, in allowing researchers to develop and validate simulation methods before tapping into world-class supercomputers for their most demanding calculations.
The simulations ran using NVIDIA cuQuantum software to achieve highly optimized performance and scale, along with the NVIDIA CUDA-Q™ platform’s fault-tolerant logical layer to express the magic-state circuit.
Read the GitHub blog on the JUPITER simulation.
Watch the GTC Berlin keynote from Huang and explore sessions.
About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.
For further information, contact:
Aaron Groff
Corporate Communications
NVIDIA Corporation [email protected]
Certain statements in this press release including, but not limited to, statements as to: expectations with respect to growth, performance, availability, and benefits of NVIDIA’s products, services and technologies, and related trends and drivers; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, and related trends and drivers; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of reports filed with the SEC are posted on NVIDIA’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
Clark Wealth Partners boosted its stake in shares of Visa Inc. (NYSE:V – Free Report) by 483.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,856 shares of the credit-card processor’s stock after buying an additional 1,538 shares during the period. Clark Wealth Partners’ holdings in Visa were worth $667,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Generali Investments Management Co LLC increased its position in shares of Visa by 30.2% during the third quarter. Generali Investments Management Co LLC now owns 7,193 shares of the credit-card processor’s stock valued at $2,585,000 after acquiring an additional 1,667 shares in the last quarter. Onyx Bridge Wealth Group LLC lifted its position in Visa by 5.5% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 7,867 shares of the credit-card processor’s stock valued at $2,827,000 after acquiring an additional 408 shares in the last quarter. Banque Pictet & Cie SA lifted its position in Visa by 3.9% in the 3rd quarter. Banque Pictet & Cie SA now owns 352,527 shares of the credit-card processor’s stock valued at $126,674,000 after acquiring an additional 13,197 shares in the last quarter. Cardinal Capital Management Inc. boosted its stake in Visa by 1.7% during the 3rd quarter. Cardinal Capital Management Inc. now owns 120,294 shares of the credit-card processor’s stock valued at $43,225,000 after purchasing an additional 1,989 shares during the last quarter. Finally, James T. Borello RIA purchased a new stake in Visa during the 3rd quarter valued at $271,000. Hedge funds and other institutional investors own 82.15% of the company’s stock.
Visa News Roundup Here are the key news stories impacting Visa this week:
Positive Sentiment: Stablecoin payments move into commercial use: Visa Direct has begun rolling out stablecoin-enabled prefunding for businesses conducting cross-border payments. Inyo Global is the first enabler to launch the capability for eligible clients and partners, potentially improving payment speed, liquidity management and Visa’s relevance in digital money movement. Visa Direct Accelerates Cross-Border Money Movement With Stablecoin Prefunding Positive Sentiment: Investor rotation supports valuation: Visa and Mastercard are among large-cap stocks reaching records as investors rotate away from chip and artificial-intelligence shares. This shift has increased demand for defensive, cash-generative companies ahead of earnings season. Coca-Cola, Visa and Mastercard Hit Records as Investors Rotate Out of Chip Stocks Positive Sentiment: Technical and analyst support: Visa recently broke out into a reported buy zone, while an analyst upgrade has added to bullish sentiment. The stock’s momentum is notable given its premium valuation and position near its annual high. Visa Shares Up on Analyst Upgrade Positive Sentiment: Payments ecosystem expansion: Barclaycard Payments is integrating Visa Unified Checkout in the United Kingdom, allowing merchants to accept cards, Click to Pay and digital wallets. Transferra also launched Visa cards for business and private clients, supporting additional card issuance and transaction volume. Barclaycard Payments Integrates Visa Unified Checkout in UK Neutral Sentiment: Consumer spending remains resilient: Analysts continue to view Visa as a beneficiary of stock-market-supported consumer spending and resilient earnings, but the outlook is tempered by rising credit-card delinquencies that could eventually pressure payment volumes or consumer credit conditions. 3 Stocks to Watch as Wall Street Wealth Fuels Consumer Spending Wall Street Analysts Forecast Growth Several research analysts have recently weighed in on V shares. Royal Bank Of Canada restated an “outperform” rating and issued a $466.00 price target (up from $412.00) on shares of Visa in a research note on Monday, August 31st. Truist Financial set a $406.00 price objective on Visa and gave the stock a “buy” rating in a report on Wednesday, August 5th. Barclays began coverage on Visa in a report on Tuesday, July 7th. They issued an “overweight” rating and a $420.00 price objective for the company. Argus boosted their target price on Visa from $396.00 to $420.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Daiwa Securities Group upped their target price on shares of Visa from $375.00 to $422.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating and thirty-four have issued a Buy rating to the stock. Based on data from MarketBeat, Visa presently has a consensus rating of “Buy” and an average price target of $426.12. View Our Latest Stock Analysis on Visa
Insider Buying and Selling at Visa In other news, General Counsel Julie B. Rottenberg sold 2,028 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $381.35, for a total transaction of $773,377.80. Following the completion of the sale, the general counsel owned 18,404 shares of the company’s stock, valued at $7,018,365.40. This represents a 9.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tullier Mahon sold 57,272 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $364.97, for a total transaction of $20,902,561.84. Following the completion of the transaction, the insider owned 49,662 shares in the company, valued at $18,125,140.14. This trade represents a 53.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 78,792 shares of company stock valued at $28,863,319. 0.12% of the stock is owned by company insiders.
Visa Price Performance Shares of V opened at $403.05 on Monday. The firm has a market cap of $719.21 billion, a PE ratio of 34.27, a P/E/G ratio of 1.89 and a beta of 0.77. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.60. The firm has a fifty day simple moving average of $372.73 and a two-hundred day simple moving average of $346.62. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $404.74.
Visa (NYSE:V – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.23 by $0.09. The firm had revenue of $11.63 billion for the quarter, compared to the consensus estimate of $11.40 billion. Visa had a return on equity of 67.68% and a net margin of 50.78%. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period last year, the business posted $2.98 EPS. On average, equities analysts anticipate that Visa Inc. will post 13.22 EPS for the current year.
Visa Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th were issued a $0.67 dividend. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. Visa’s dividend payout ratio is currently 22.79%.
Visa Profile (Free Report)
Visa Inc (NYSE: V) is a global payments technology company that facilitates electronic payments between consumers, businesses, financial institutions and governments. Through its VisaNet network, the company authorizes, clears and settles transactions made with Visa-branded credit, debit and prepaid cards, while generally not issuing cards, extending credit or setting cardholder account terms.
Visa provides payment products and services for consumer, commercial and government payments, as well as digital commerce and money movement.
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Bank of America ve třetím čtvrtletí vykázala zisk ve výši 6,9 mld. USD; upravený EPS 1,08 USD zaostal za očekáváním 1,10 USD. Akcie ve středu klesly o 4,8 % na 51,39 USD.
BAC’s post-earnings drop below its April 2025 trend line fits an Elliott Wave ending diagonal and may be the start of a bigger correction.
Bank of America has had a rough few days. After a hefty regulatory penalty and a third-quarter report that fell short of expectations, the stock fell to its lowest level since May. More importantly from my point of view, it broke below the trend line connected from the April 2025 lows.
When a support line that old gives way, I pay attention. From an Elliott Wave perspective, the picture fits a pattern I respect a lot: an ending diagonal.
Looking at the subdivisions of the whole move from the 2024 lows, I can see the shape of a wedge, and the strong drop below it makes me think that pattern may now be completed. If so, an important top could be in place.
Bank of America (BAC) daily chart: the break below the April 2025 trend line, the possible ending diagonal from the 2024 lows, the $53–$57 resistance area on a rebound and $46 as the next major support.
The earnings backdrop
According to the bank’s own results release, Bank of America earned $6.9 billion, or $0.91 per share, in the third quarter, down from $8.3 billion, or $1.04, a year earlier. That includes a $1.2 billion regulatory settlement charge, worth 17 cents per share. Excluding it, adjusted earnings were $1.08 per share, which, according to Reuters, missed the $1.10 analysts expected. Revenue rose 3% to $30.0 billion and net interest income grew 8%, but investment banking fees fell 11% to $1.8 billion and sales and trading revenue slipped 5% to $5.1 billion, as fixed income trading dropped 17% while equities rose 11%.
The penalty, according to Reuters, relates to the bank’s failure to report more than $5 billion in suspicious activity to the US government. The stock fell about 4.8% on Wednesday to close at $51.39, after trading at its lowest since May during the session. The capital position remains solid, with a CET1 ratio of 10.9% and book value of $39.26 per share. By my own calculation, at around $52 the stock trades at roughly 1.3 times book value and 1.8 times tangible book value, and the latest quarterly dividend of 32 cents works out to a yield of about 2.5%.
What is an ending diagonal?
An ending diagonal is a wedge-shaped pattern that usually shows up in the final wave of a trend. Its waves overlap, and each of the five waves tends to unfold in three smaller waves (3-3-3-3-3), which is why the advance often looks tired and choppy rather than powerful. It tells me momentum is fading. When the wedge breaks, the market often reverses sharply, because the move that built the pattern has run out of steam.That is why the trend line break matters here. It is the first sign that buyers have lost control. What I want to see next is a rebound that fails in the $53–$57 area, where the broken trend line and former support should now act as resistance.
Elliott wave ending diagonal: waves 1-2-3-4-5 move within two converging trend lines and complete wave (5).
What I am watching
The stock closed around $51.40 last week, so it sits just under the $53–$57 resistance area and roughly 10% above the next major support at $46. I think we are still only in the first leg of a higher-degree correction, so after some rallies, even back toward the broken trend line, I expect more weakness as long as BAC trades below the $65.45 high.
Of course, nothing is certain. Rallies can be sharp, especially after a big drop, and a move above $65.45 would invalidate this bearish count. Until then, I am treating bounces as opportunities to watch rather than a reason to turn bullish.
Highlights:
Bank of America broke below the trend line connected from the April 2025 lows, a dangerous signal.
The subdivisions from the 2024 lows suggest an ending diagonal that may now be completed.
A rebound toward the broken trend line and the $53–$57 area could still happen.
$46 is the next major support.
The bearish view remains valid while BAC trades below $65.45.
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Twitter: @GregaHorvatFX
The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
Ministerstvo financí USA uložilo Bank of America pokutu ve výši více než 1,21 miliardy USD za porušení předpisů proti praní peněz a sankčních předpisů.
Philadelphia, Pennsylvania--(Newsfile Corp. - October 19, 2026) - Grabar Law Office is investigating claims on behalf of shareholders of Bank of America Corporation (NYSE: BAC) concerning possible breaches of fiduciary duties by certain current and former officers and directors.
What is This Investigation About? The investigations arises from the Company's alleged longstanding failures to maintain adequate anti-money laundering ("AML") controls, comply with the Bank Secrecy Act ("BSA"), and adhere to federal economic sanctions requirements.
If you have continuously held Bank of America Corporation (NYSE: BAC) common stock since before January 1, 2018, you can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you whatsoever. Visit https://grabarlaw.com/the-latest/bac-shareholder-investigation/, contact Joshua H. Grabar at [email protected], or call 267-507-6085, to discuss your rights and the possibility of participating in this shareholder derivative investigation.
What is Alleged? On October 13, 2026, the U.S. Department of the Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America for violations of federal anti-money laundering and sanctions laws. The enforcement actions included:
A $1.2 billion civil penalty assessed by the Financial Crimes Enforcement Network ("FinCEN") for violations of the Bank Secrecy Act;A $750 million civil penalty imposed by the Office of the Comptroller of the Currency ("OCC"), credited toward the FinCEN penalty; andAn approximately $11.66 million settlement with the Office of Foreign Assets Control ("OFAC") involving 475 apparent violations of U.S. sanctions programs.According to Treasury, these enforcement actions included the third-largest penalty in Treasury history and the largest civil monetary penalty ever imposed by the OCC.
Significantly, Bank of America admitted material facts and violations as set forth in the FinCEN Consent Order, including that it willfully violated the Bank Secrecy Act by failing to implement and maintain an adequate AML program, conduct required due diligence concerning foreign correspondent accounts, and file required suspicious activity reports.
FinCEN's investigation identified misconduct extending from at least January 1, 2018 through July 1, 2025. According to the Consent Order, deficiencies in Bank of America's transaction-monitoring system resulted in the missed or delayed detection and reporting of more than $5 billion in suspicious activity, including approximately $1 billion implicating national security and other priority illicit-finance risks.
Treasury further reported that Bank of America had been aware for years of serious deficiencies in its transaction-monitoring systems but failed to take adequate corrective action. These deficiencies allegedly persisted despite repeated internal warnings, regulatory scrutiny, and a December 2024 OCC cease-and-desist order requiring improvements to the Bank's compliance program.
The separate OFAC enforcement action identified 475 apparent sanctions violations occurring between September 2021 and April 2025, involving payments processed through blocked financial institutions, deficient sanctions screening, delayed watchlist updates, and other compliance failures.
Grabar Law Office is investigating whether Bank of America's directors and officers failed to exercise appropriate oversight of the Company's regulatory compliance, internal controls, and risk-management systems, potentially exposing the Company to substantial financial penalties, remediation expenses, and reputational harm.
If you have continuously held Bank of America Corporation (NYSE: BAC) common stock since before January 1, 2018, you are encouraged to visit https://grabarlaw.com/the-latest/bac-shareholder-investigation/, contact Joshua H. Grabar at [email protected], or call 267-507-6085, to discuss your rights and the possibility of participating in this shareholder derivative investigation. You can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you whatsoever.
$BAC #BAC
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Bank of America vidí pro Walmart dlouhodobý potenciál mnohamiliardových příjmů z reklamy díky propojené televizi, online tržišti a nákupům s využitím AI.
Walmart Inc. (NYSE:WMT) could unlock billions of dollars in advertising revenue as it expands its digital advertising business, strengthens its connected TV presence and integrates artificial intelligence into shopping, according to Bank of America.
Bank of America analyst Christopher Nardone maintained a Buy rating on Walmart with a $126 price forecast on Monday.
Advertising Business Gains MomentumFollowing a meeting with Walmart Connect executive Ryan Mayward, Nardone highlighted the retailer’s growing ability to attract advertising dollars from competing platforms.
Walmart’s access to roughly 150 million weekly shoppers gives advertisers valuable consumer insights and helps the company measure advertising effectiveness.
Meanwhile, Walmart continues to add tens of thousands of third-party marketplace sellers, creating another source of advertising revenue.
Bank of America estimates that marketplace sellers typically spend 10% to 12% of gross merchandise value on advertising, compared with 4% to 6% for traditional Walmart suppliers.
Connected TV Opens Multibillion-Dollar OpportunityThe analyst also highlighted Walmart’s acquisitions of Vizio in December 2024 and Vibe.co in August 2026.
These deals expand Walmart’s reach beyond brands selling products through its stores and marketplace.
Vibe’s self-service platform allows small and midsize businesses to launch and measure streaming TV campaigns using Walmart’s consumer data.
Nardone believes these advertisers could represent a multibillion-dollar opportunity over the longer term.
Walmart’s investment in Vizio’s WatchFree+ streaming service also provides additional advertising inventory.
AI Shopping and Sam’s Club Offer More GrowthBank of America sees Walmart as a potential beneficiary of AI-powered shopping because of its integrations with multiple AI platforms.
The retailer operates its own AI shopping assistant, Sparky, and has partnered with external platforms, including Meta Platforms, Inc.’s (NASDAQ:META) Muse.
However, the analyst cautioned that it remains too early to determine how AI shopping agents will reshape advertising.
Meanwhile, Walmart is moving Sam’s Club’s U.S. advertising operations onto Walmart’s technology platform. The integration could encourage brands to increase advertising spending across Walmart, Sam’s Club and international markets.
Valuation and RisksBank of America’s $126 price forecast reflects 40 times its fiscal 2028 adjusted earnings estimate, above Walmart’s average forward earnings multiple of 36 over the past two years.
The premium reflects expectations for continued market share gains, stronger store traffic and operating income growth approaching twice the pace of sales growth.
However, the firm identified slowing food inflation, tougher competition and weaker global retail conditions as potential risks to its outlook.
Walmart Price ActionWMT Price Action: Walmart shares were down 0.05% at $118.74 at the time of publication on Monday, according to Benzinga Pro data.
Johnson & Johnson v dubnu zvýšil dividendu o 3,1 % na 1,34 USD na akcii za čtvrtletí; dividendu zvyšuje již 64 let v řadě, její výplata však není smluvně garantována jako výnos z vkladového certifikátu.
A CD and a dividend stock can both pay you income in retirement, but they make very different promises, and breaking one of them could cost you far more than a lower yield.
The FDIC’s national average yield on a 12-month certificate of deposit was 1.73% APY as of September 1, 2026, the most recent monthly reading. This edition also compares Johnson & Johnson (NYSE:JNJ | JNJ Price Prediction), which has raised its dividend for 64 consecutive years. At its October 16, 2026 close of $255.56, the stock yielded about 2.1% on its forward annual dividend of $5.36 per share. Each of those yields stands for a different kind of promise, and a retiree should understand both before choosing.
How a CD Locks In Your Rate, and What Happens When It Matures With a CD, you agree to leave a bank deposit alone for a set term, usually anywhere from a few months to five years. In return, the bank pays a stated rate for that whole term. The rate is set when you open the CD and holds until maturity, even if the Federal Reserve moves in the meantime. That 1.73% reading is a national average for 12-month CDs under $100,000, so it serves as a floor for comparison and says little about the best rates available. Rates at individual banks, especially online banks, can run well above the national average.
Rates on new CDs follow Fed policy, rising during hiking cycles and falling as the Fed cuts. The upper bound of the federal funds target range was 4.00% as of October 18, 2026, down 0.25% from a year earlier. Should the Fed keep easing, the next CD you buy will probably pay less than the one you hold today.
A CD has three risks that savers tend to miss:
Early withdrawal penalties. If you pull money out before maturity, the bank charges a penalty, usually a fraction of the interest earned. On a short CD, that penalty can reach into the principal. Price risk on brokered CDs. CDs bought through a brokerage can be sold before maturity, but only at the going market price. If rates have climbed since you bought, that price can be below what you paid. Reinvestment risk. When the CD matures, the bank usually gives you a short grace period to withdraw the money, move it, or let it roll into a new CD. Whatever you choose, the new rate is whatever the market pays on that day. A retiree whose CD matures after a string of rate cuts has to accept less income or take on more risk. FDIC insurance covers deposits up to $250,000 per depositor, per insured bank, for each account ownership category. Any amount above that limit at one bank, in the same ownership category, is uninsured. The coverage pays out if the bank fails. That protection does nothing to offset inflation eating into a fixed payment or a lower rate at renewal.
Dividend Safety Comes First in the J&J Versus CD Matchup A dividend yield matters only as long as the company keeps paying it, so start with safety. J&J generated more than $6 billion in free cash flow in the third quarter of 2026 and kept its full-year free cash flow guidance at approximately $21 billion. It ended the quarter with about $17 billion of cash and marketable securities against about $45 billion of debt, which leaves net debt of about $28 billion. On the October 13, 2026 earnings call, CFO Joe Wolk named “increasing our annual dividend” as one of the company’s capital allocation priorities.
The quarter also showed real strain. Sales rose 6% to $25.4 billion and adjusted EPS came in at $2.59. Reported EPS, however, was just $0.09 after roughly $7 billion in combined charges, including a proposed $5.5 billion ovarian talc litigation resolution and costs tied to the Firefly Bio deal. STELARA sales fell 55.2% as biosimilar competition took hold. Management expects Firefly Bio and SAIL Biomedicines together to cut 2027 adjusted EPS by $1.36 per share. The dividend is not in immediate danger, but income investors should follow the litigation and cash flow closely from here.
Against a CD, a dividend has one clear drawback and one clear advantage.
A dividend can be cut. J&J’s board decides the payout every quarter, and no contract ties it to the amount. On October 13, 2026, the board declared a quarterly dividend of $1.34, payable December 8, 2026, to shareholders of record on November 24, 2026. A CD’s rate, by contrast, is a contractual obligation of the bank for the full term.
A dividend can grow. J&J’s quarterly payment was $0.80 in 2016 and $1.19 in 2023. In April 2026, the company raised it 3.1%, from $1.30 to $1.34. A CD’s rate stays flat for the term, and at renewal it resets to the market rate, whether higher or lower.
Principal is the other half of the trade. A CD’s principal holds steady within FDIC limits if you keep it to maturity. J&J’s share price moves every trading day. The stock fell 4.38% in the month ended October 16, 2026, and rose 36.01% over the year ended on that date. A dividend yield describes the income from a share at a given price, and it says nothing about total return. When the stock price drops, the yield rises even though the shareholder has lost value.
Tax Treatment Can Settle the Question CD interest counts as ordinary income. The IRS generally taxes it in the year you receive it, as long as you can withdraw it without a substantial penalty. That applies even when a CD of one year or less pays all its interest at maturity (IRS Publication 550). Your regular federal bracket applies, which for tax year 2026 runs from 10% to 37%, and most states also tax it as income. If you break a CD early, you report the full interest credited and then deduct the penalty separately (IRS Publication 550).
Qualified dividends are taxed at the lower long-term capital gains rates of 0%, 15%, or 20%, depending on taxable income (IRS Topic 409). J&J is a domestic corporation, so its dividends can qualify. To get that treatment, you must hold the shares for more than 60 days within a 121-day window around the ex-dividend date (26 U.S.C. § 1(h)(11)(B)(iii)). Dividends that miss the holding period face ordinary income tax rates, just like CD interest. Most states tax dividends as regular income.
For retirees, Social Security and account type also shape the math. Interest from a CD can push more of a retiree’s Social Security benefits into the taxable range, and dividend income adds to the same calculation. For IRA or 401(k) accounts, the rules in Publication 550 do not apply, so the qualified-dividend advantage only helps in a taxable brokerage account.
Who Each Income Stream Suits A CD suits a retiree who needs a known amount of cash on a known date, can leave the money untouched until maturity, and can keep balances within FDIC limits at each bank. J&J fits a retiree with a longer time horizon and a taxable account who wants income backed by six decades of increases and can live with stock price swings. The appeal of a payer like J&J is building a ladder of checks you never have to sell shares to collect, the exact structure we laid out in a free guide here: Never Touch the Principal. J&J shareholders should watch the talc settlement, the Orthopedics separation, and free cash flow, which together will show whether the 65th straight increase arrives on schedule.
Contact [email protected] for any questions or corrections.
Weybosset Research & Management LLC acquired a new stake in shares of ExxonMobil Corporation (NYSE:XOM – Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,282 shares of the oil and gas company’s stock, valued at approximately $860,000. ExxonMobil comprises 0.2% of Weybosset Research & Management LLC’s holdings, making the stock its 26th biggest holding.
Several other institutional investors also recently bought and sold shares of the company. Avant Capital LLC lifted its holdings in ExxonMobil by 0.6% in the 2nd quarter. Avant Capital LLC now owns 11,182 shares of the oil and gas company’s stock valued at $1,529,000 after purchasing an additional 65 shares in the last quarter. Impact Partnership Wealth LLC boosted its stake in shares of ExxonMobil by 0.6% during the 1st quarter. Impact Partnership Wealth LLC now owns 12,017 shares of the oil and gas company’s stock worth $2,039,000 after purchasing an additional 67 shares during the last quarter. Cardinal Strategic Wealth Guidance boosted its stake in shares of ExxonMobil by 1.9% during the 1st quarter. Cardinal Strategic Wealth Guidance now owns 3,720 shares of the oil and gas company’s stock worth $631,000 after purchasing an additional 68 shares during the last quarter. Core Wealth Advisors Inc. grew its holdings in shares of ExxonMobil by 1.0% during the first quarter. Core Wealth Advisors Inc. now owns 6,805 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 68 shares in the last quarter. Finally, Swisher Financial Concepts Inc. grew its holdings in shares of ExxonMobil by 0.3% during the first quarter. Swisher Financial Concepts Inc. now owns 27,402 shares of the oil and gas company’s stock worth $4,649,000 after buying an additional 69 shares in the last quarter. 61.80% of the stock is owned by hedge funds and other institutional investors.
Key ExxonMobil News Here are the key news stories impacting ExxonMobil this week:
Positive Sentiment: Refining margins are providing a major earnings boost. ExxonMobil expects higher refining margins to increase third-quarter Energy Products earnings by approximately $4.5 billion compared with the second quarter. Strong refining performance more than offset weakness in other segments, highlighting the benefit of ExxonMobil’s integrated operations. ExxonMobil’s Refining Profits Are Set to Jump $4.5 Billion Positive Sentiment: Growth projects continue to improve ExxonMobil’s long-term outlook. Production milestones in Guyana and the Permian Basin are moving key projects toward free-cash-flow generation. Guyana’s expanding production and additional offshore capacity could support future earnings and capital recovery. Production Milestones Could Be a Key Catalyst Positive Sentiment: Financial flexibility supports investor confidence. ExxonMobil’s low debt load and strong balance sheet provide protection against oil-price volatility and support capital investment, acquisitions and shareholder returns. Morgan Stanley also raised its price target from $177 to $185 and maintained an “overweight” rating. ExxonMobil’s Strong Balance Sheet Offers Cushion Neutral Sentiment: Investors are awaiting confirmed quarterly results. ExxonMobil will release its third-quarter 2026 results on October 30. Management’s report will clarify how much of the preliminary refining gain flowed through to total earnings and cash flow. ExxonMobil to Release Third Quarter 2026 Financial Results Negative Sentiment: Upstream conditions remain a headwind. Changes in oil prices are expected to reduce upstream earnings, with reports indicating a potential roughly $1.3 billion impact. Consequently, the overall third-quarter result may be lower even with the refining improvement. ExxonMobil Signals Lower Third-Quarter Earnings Wall Street Analysts Forecast Growth Several analysts have commented on the stock. Barclays lowered their target price on shares of ExxonMobil from $182.00 to $177.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. BNP Paribas Exane reduced their price target on ExxonMobil from $165.00 to $155.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Wall Street Zen raised ExxonMobil to a “hold” rating in a research note on Saturday, September 5th. Jefferies Financial Group raised their price objective on ExxonMobil from $184.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, DZ Bank downgraded ExxonMobil from a “buy” rating to a “hold” rating and set a $156.00 price objective for the company. in a research report on Tuesday, August 4th. Eleven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $165.13. Check Out Our Latest Report on ExxonMobil
ExxonMobil Stock Performance Shares of XOM stock opened at $179.03 on Monday. The firm has a market capitalization of $742.05 billion, a price-to-earnings ratio of 23.04, a price-to-earnings-growth ratio of 1.04 and a beta of 0.21. The company has a 50 day moving average price of $163.85 and a 200 day moving average price of $154.47. ExxonMobil Corporation has a one year low of $111.18 and a one year high of $179.16. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.85 and a current ratio of 1.13.
ExxonMobil (NYSE:XOM – Get Free Report) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $3.52 EPS for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.04). The firm had revenue of $114.53 billion for the quarter, compared to analyst estimates of $109.94 billion. ExxonMobil had a return on equity of 13.14% and a net margin of 8.88%. During the same quarter in the previous year, the company earned $1.64 earnings per share. Sell-side analysts anticipate that ExxonMobil Corporation will post 12.52 EPS for the current year.
ExxonMobil Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 17th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 17th. ExxonMobil’s payout ratio is 53.02%.
About ExxonMobil (Free Report)
Exxon Mobil Corporation, doing business as ExxonMobil (NYSE:XOM), is an integrated energy company engaged in the exploration, development, production, and sale of crude oil and natural gas. Its operations span the energy value chain, from resource development and refining to the marketing and distribution of fuels and other energy products.
Through its Energy Products segment, ExxonMobil manufactures and markets transportation fuels, lubricants, and other petroleum-based products. Its Chemical Products business produces petrochemicals, including commodity and performance products used in packaging, automotive components, construction materials, and consumer goods.
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Segment softwaru, zejména Systems Software, je hlavním zdrojem tržeb a zisku společnosti IBM; růst by měly podpořit hybridní cloud, automatizace, Red Hat a zavádění podnikové AI.
SummaryIBM is upgraded to Strong Buy driven by robust Software segment performance.IBM’s Software segment, particularly Systems Software, is the primary revenue and profit driver, supported by strategic acquisitions and partnerships.Hybrid Cloud and Automation subsegments are expected to outpace overall growth, aided by Red Hat’s competitiveness and rising enterprise AI adoption.Despite AI model weaknesses and limited Application Software competitiveness, IBM’s acquisition strategy and cloud partnerships sustain its market position. Getty Images
By Khaveen Jey, CFA, FMVA, Portfolio Manager @ Khaveen Investments & Nicholas Tan, Investment Research Analyst @ Khaveen Investments.
In our previous analysis of International Business Machines Corporation (IBM), we indicated that IBM’s revenue would
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Khaveen Investments is registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration with the U.S. SEC does not imply a certain level of skill or training. No information in this publication is intended as investment, tax, accounting, or legal advice, or as an offer/solicitation to sell or buy. Material provided in this publication is for educational purposes only and was prepared from sources and data believed to be reliable, but we do not guarantee its accuracy or completeness.
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On Oct. 14, Chevron (CVX -0.05%) touched an all-time high closing price of $222.04. As I write this, it's trading at just about a dollar below that. The stock has had a banner 2026, climbing 45% and massively outperforming the broader market.
CVX Chevron$224.87-$0.12 (-0.05%)
NYSE · As of 3:40 PM ET 10/19/26
So, the question for investors right now is: Is that impressive price gain just due to elevated oil prices, which are bound to come back down eventually? Or is the stock a buy for the long term?
Well, it's certainly true that oil prices are elevated. The current price for a barrel of Brent crude, the international benchmark, is just under $106. That's 46% higher than before the war in the Persian Gulf began. When oil prices rise, revenue and profits for oil majors rise in tandem, and share prices follow.
But Chevron has more going for it than just war-related increases in crude prices. It is extremely well-positioned to benefit from President Donald Trump's deal with Venezuela that gives the U.S. control of more than 65 billion barrels of that country's proven reserves. Chevron appears to be intricately involved with the plan, as it was the only American oil major to retain operations in Venezuela after the Bolivarian revolution of 1999.
Image source: Getty Images.
The company is also expanding its presence in the Mediterranean Sea, with new agreements to begin seismic research in waters off Greece later this year. The expansion into Greek waters bolsters Chevron's strategy to expand in the Eastern Mediterranean and build on operations in Israel, Egypt, and Cyprus. The region is a significant and growing source of natural gas.
A global refining shortage will benefit Chevron There's also the global shortage of refining capacity, which is expected to outlast the conflict with Iran. The shortage is a big positive for Chevron, which has the capacity to refine the heavy, sour crude produced by Venezuela. Chevron CEO Mike Wirth said in January that the company can process an additional 100,000 barrels per day of Venezuelan crude at its Pascagoula, Mississippi refinery.
Chevron reported net income of $12.1 billion for the second quarter, nearly 400% higher than the year-ago quarter, on record U.S. production and 20% growth in global production. This was its highest quarterly profit in the last six years. It beat Wall Street's earnings estimates by $0.50 a share, at $6.06.
Chevron will report its third-quarter results on Oct. 30, and I expect similarly positive figures. As a result of all this recent good news, and more expected, I believe this stock is a buy, even after hitting a record high.
Wall Street agrees. Of the 25 Wall Street analysts who cover the stock (as recorded by Yahoo! Finance), 20 rate it a "Buy" or "Strong Buy."
Cottage Street Advisors LLC raised its holdings in shares of CF Industries Holdings, Inc. (NYSE:CF – Free Report) by 67.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,938 shares of the basic materials company’s stock after buying an additional 12,104 shares during the quarter. CF Industries comprises about 1.3% of Cottage Street Advisors LLC’s portfolio, making the stock its 21st biggest holding. Cottage Street Advisors LLC’s holdings in CF Industries were worth $3,589,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of CF. BlackRock Inc. acquired a new position in CF Industries during the second quarter worth about $1,410,607,000. Bank of New York Mellon Corp purchased a new position in CF Industries in the 2nd quarter worth approximately $198,857,000. Bank of America Corp DE acquired a new position in shares of CF Industries during the 2nd quarter worth approximately $186,353,000. Deutsche Bank AG acquired a new position in shares of CF Industries during the 2nd quarter worth approximately $157,850,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of CF Industries by 407.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,352,013 shares of the basic materials company’s stock worth $170,136,000 after purchasing an additional 1,085,612 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.
CF Industries Stock Performance Shares of CF Industries stock opened at $120.90 on Monday. CF Industries Holdings, Inc. has a one year low of $75.42 and a one year high of $141.96. The company has a market cap of $18.30 billion, a PE ratio of 8.96, a P/E/G ratio of 0.23 and a beta of 0.53. The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.32 and a current ratio of 4.86. The business has a 50-day simple moving average of $123.78 and a 200-day simple moving average of $120.19.
CF Industries (NYSE:CF – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $4.73 EPS for the quarter, missing analysts’ consensus estimates of $5.63 by ($0.90). The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.45 billion. CF Industries had a net margin of 27.12% and a return on equity of 24.41%. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.37 earnings per share. On average, equities research analysts forecast that CF Industries Holdings, Inc. will post 13.90 EPS for the current fiscal year. CF Industries Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.0%. CF Industries’s dividend payout ratio (DPR) is currently 17.79%.
Analysts Set New Price Targets A number of equities analysts have commented on the stock. Royal Bank Of Canada reduced their target price on shares of CF Industries from $125.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Friday, July 17th. Sanford C. Bernstein initiated coverage on CF Industries in a research report on Friday, September 25th. They issued an “outperform” rating and a $162.00 target price on the stock. Scotiabank raised their price target on CF Industries from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Canadian Imperial Bank of Commerce restated a “neutral” rating and set a $129.00 price target on shares of CF Industries in a research report on Friday, July 24th. Finally, Morgan Stanley cut their price objective on CF Industries from $135.00 to $115.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, CF Industries presently has an average rating of “Hold” and a consensus price target of $121.11.
Check Out Our Latest Report on CF
CF Industries Company Profile (Free Report)
CF Industries Holdings, Inc is a global manufacturer of hydrogen and nitrogen products. The company produces ammonia, granular urea, urea ammonium nitrate, ammonium nitrate and nitric acid, which are used primarily in agricultural fertilizers and a range of industrial applications. CF Industries also supplies products such as diesel exhaust fluid and other nitrogen-based solutions.
The company serves agricultural and industrial customers in North America and internationally. Its manufacturing and distribution operations include facilities in the United States, Canada and the United Kingdom, supported by an extensive logistics and distribution network.
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For Palantir Technologies (PLTR +4.59%) shareholders, the hardest part of investing may not be buying the stock. It may be deciding when to sell.
After a tremendous run, Palantir is trading near its all-time high. Investors who bought early may be sitting on substantial gains, while newer shareholders may wonder whether the best returns are already behind them.
My view: Don't sell Palantir simply because its stock has soared. But don't hold it blindly, either. Existing shareholders should reassess three things: the company's growth prospects, the return its current valuation can deliver, and the amount of their portfolio tied up in the stock.
A great business can remain a great investment for years. But the price you pay, or continue holding at, still matters.
Image source: Getty Images.
Palantir's business gives shareholders a reason to stay
Palantir's recent results show why investors are optimistic. In the second quarter of 2026, revenue jumped 93% year over year to $1.94 billion. U.S. commercial revenue surged 149% to $764 million, while U.S. government revenue grew 90% to $809 million. Adjusted operating margin reached 62%, and management raised its full-year revenue growth guidance to 82%.
These aren't just impressive growth rates; they instead suggest Palantir is turning demand for artificial intelligence (AI) into substantial revenue while maintaining strong profitability. But strong operating performance doesn't guarantee strong stock returns, which brings us to the more difficult question.
PLTR Palantir Technologies$194.57+$8.54 (+4.59%)
NASDAQ · As of 3:30 PM ET 10/19/26
Is future growth already priced in?
Palantir's valuation leaves investors with high expectations to meet. On Oct. 15, 2026, the stock closed at $200.50, giving the company a market capitalization of approximately $482 billion. Its trailing price-to-earnings ratio was around 171.
At that valuation, investors aren't merely expecting Palantir to succeed. They're paying a substantial premium for continued success. Suppose Palantir keeps growing but eventually trades at a lower earnings multiple. The stock could deliver disappointing returns, even if the business performs well, but if growth also slows, the pressure could be even greater.
This is the risk existing shareholders must weigh against the possibility of further gains. The question isn't whether Palantir can become a much bigger company, but whether its future earnings can grow enough to justify today's price.
Nobody knows the answer with certainty. That's why shareholders should regularly revisit their expected returns rather than assume that yesterday's gains will continue.
Three questions every shareholder should ask themselves
1. Would I buy Palantir at today's price?
Imagine you held your Palantir shares in cash instead. Would you use that money to buy the stock at its current valuation?
If yes, holding may be entirely reasonable. You believe the company's future returns justify the risk. If no, investigate why. Perhaps you think the valuation is excessive, or perhaps another investment offers a better opportunity. You don't necessarily need to sell, but you should have a clear reason to continue holding.
To this end, your original purchase price is irrelevant to this decision. What matters is the return you can reasonably expect from today.
2. Has Palantir become too large a part of my portfolio?
Imagine Palantir accounts for 30% of your portfolio. If the stock falls 50%, your total portfolio would lose 15% of its value, assuming everything else remains unchanged. Could you tolerate that without being forced to sell at the worst possible time?
If not, trimming some shares may be sensible, even if you remain bullish. You can reduce concentration risk without abandoning a company you believe has a promising future. The objective isn't to eliminate volatility, but to prevent one investment from jeopardizing your long-term financial goals.
3. Has anything changed in the investment thesis?
Watch whether Palantir can sustain commercial growth, expand customer relationships, and convert demand into profits and cash. Also pay attention to its competitive position and the cost of compensating employees with stock.
If growth remains strong and the business continues strengthening, that supports holding. If growth deteriorates materially or the company's competitive advantage weakens, reassess your position.
A falling stock price alone doesn't prove the thesis is broken. Equally, a rising stock price doesn't prove it's intact.
What does it mean for investors?
There is no one-size-fits-all approach. Fortunately, existing Palantir shareholders don't need to choose between selling everything and holding forever.
If they believe the business outlook supports an attractive prospective return and the position remains appropriately sized, they should continue to hold. Conversely, it makes sense to trim if the stock dominates their portfolio or the valuation leaves too little room for disappointment.
And above all, selling makes sense if they think the investment thesis is broken or the expected return no longer justifies the risk.
In short, don't sell Palantir stock just because you've made money. Don't hold just because you've made money, either. Hold because the business, valuation, and potential future returns still make sense.
Generali Investments Management ve třetím čtvrtletí koupila 13 405 akcií společnosti Micron Technology v hodnotě zhruba 14,28 milionu USD. Micron tvoří 2,7 % jejího portfolia a je její osmou největší pozicí.
Generali Investments Management Co LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,405 shares of the semiconductor manufacturer’s stock, valued at approximately $14,278,000. Micron Technology accounts for approximately 2.7% of Generali Investments Management Co LLC’s portfolio, making the stock its 8th biggest holding.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Denali Advisors LLC purchased a new stake in Micron Technology in the 2nd quarter worth about $7,364,000. Castleark Management LLC bought a new position in Micron Technology during the first quarter worth about $3,709,000. Oppenheimer & Co. Inc. increased its stake in shares of Micron Technology by 16.0% in the second quarter. Oppenheimer & Co. Inc. now owns 48,520 shares of the semiconductor manufacturer’s stock worth $56,006,000 after purchasing an additional 6,702 shares in the last quarter. Legacy Wealth Management LLC MS raised its position in shares of Micron Technology by 73.3% in the second quarter. Legacy Wealth Management LLC MS now owns 3,544 shares of the semiconductor manufacturer’s stock valued at $4,091,000 after purchasing an additional 1,499 shares during the period. Finally, Franklin Street Advisors Inc. NC lifted its stake in shares of Micron Technology by 2,461.4% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,141 shares of the semiconductor manufacturer’s stock valued at $42,871,000 after buying an additional 35,691 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Key Micron Technology News Here are the key news stories impacting Micron Technology this week:
Positive Sentiment: Micron’s long-term outlook remains supported by tight memory supply and robust AI demand. Analysts and commentators point to expanding margins, pricing strength, high-bandwidth memory (HBM) growth, and management’s expectation that supply constraints could persist through 2028. Micron: Why You Should Buy Before Dec’26 Positive Sentiment: Recent results exceeded expectations: fiscal fourth-quarter revenue reached approximately $54.2 billion, above the high end of management’s outlook, while full-year revenue reportedly rose to about $133.2 billion. Supporters also cite long-term customer agreements, price floors, potential share repurchases under Micron’s $35 billion authorization, and continued investment in U.S. manufacturing. Micron Stock Is 25% Below Its June Record Positive Sentiment: ASML’s comments that demand for advanced chipmaking equipment exceeds supply through 2028 are viewed as favorable for Micron, a major ASML customer developing next-generation HBM products. Micron also pledged $50 million to U.S. memory research, reinforcing its domestic technology and supply-chain strategy. ASML Just Delivered Excellent News for Micron Stock Investors Neutral Sentiment: Several analysts continue to describe the retreat as a potential buying opportunity, citing Micron’s valuation and earnings growth. However, bullish price targets depend on memory demand remaining strong and the current pricing cycle lasting longer than expected. Negative Sentiment: Investors remain concerned that CXMT’s progress in DDR5, LPDDR5X, and server memory could pressure pricing and market share, particularly in conventional memory. A possible industry oversupply later this decade adds to the cyclical risk. Memory stocks are getting hammered Negative Sentiment: The broader AI trade is under pressure as investors question whether data-center spending can generate adequate returns and whether highly leveraged “neocloud” companies can remain viable. Higher inflation and the prospect of additional interest-rate increases are also encouraging rotation away from expensive technology stocks. Negative Sentiment: One senior executive sold 6,328 Micron shares on October 14. The transaction appears isolated and is small relative to the company, but it adds a modest negative signal during an already weak trading period. Monster insider trading alert for Micron stock Micron Technology Price Performance Shares of NASDAQ:MU opened at $878.84 on Monday. The company’s fifty day moving average price is $985.88 and its 200-day moving average price is $865.04. The firm has a market capitalization of $994.34 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.15 and a beta of 2.22. Micron Technology, Inc. has a one year low of $192.40 and a one year high of $1,255.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. Micron Technology (NASDAQ:MU – Get Free Report) last announced its earnings results on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $31.77 by $1.65. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The company had revenue of $54.23 billion during the quarter, compared to analyst estimates of $51.33 billion. During the same period in the previous year, the business earned $3.03 earnings per share. The firm’s quarterly revenue was up 379.1% compared to the same quarter last year. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 177.03 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, October 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 14th. Micron Technology’s dividend payout ratio (DPR) is currently 0.81%.
Insider Buying and Selling In other Micron Technology news, CEO Sanjay Mehrotra sold 40,000 shares of Micron Technology stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer directly owned 264,503 shares of the company’s stock, valued at approximately $256,276,956.70. This trade represents a 13.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Scott R. Allen sold 879 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $1,000.00, for a total transaction of $879,000.00. Following the completion of the sale, the chief accounting officer owned 34,958 shares of the company’s stock, valued at approximately $34,958,000. The trade was a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 95,879 shares of company stock worth $90,939,466 in the last quarter. 0.24% of the stock is owned by insiders.
Wall Street Analyst Weigh In Several research firms have issued reports on MU. Phillip Securities increased their target price on Micron Technology from $530.00 to $1,870.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on shares of Micron Technology from $550.00 to $1,540.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Morgan Stanley reaffirmed an “overweight” rating and set a $1,200.00 price objective on shares of Micron Technology in a research note on Thursday, October 1st. Erste Group Bank raised shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, June 25th. Finally, UBS Group reiterated a “buy” rating and issued a $1,625.00 price objective (up from $535.00) on shares of Micron Technology in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, forty-one have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,407.88.
Check Out Our Latest Stock Report on MU
(Free Report)
Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.
The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.
Featured Articles Five stocks we like better than Micron Technology These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington Meta Claims Frontier-Class AI Status With New Muse Wonder Models Berkshire Just Backed This Little-Known Stock—Should You Chase It? Broadcom’s CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom
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Zillow zpřístupnil v aplikaci Claude konektor s nabídkami nemovitostí, mapami, odhady hodnoty a nástroji pro posouzení dostupnosti bydlení; uživatelé mohou také požádat o prohlídku, kontakt na makléře či financování.
A new connector brings real home listings, interactive maps and affordability tools into Claude, built on two decades of Zillow housing data
, /PRNewswire/ -- A Zillow® experience is now available in Claude through a new connector that lets people explore homes for sale or rent, check home values and estimate what they can afford within the AI assistant.
Claude can bring listings on Zillow, interactive maps, home value estimates and affordability tools into the conversation.
The connector builds on two decades of investment in housing technology that spans buying, selling, renting and financing. "Finding a home is one of the most important decisions people make, and it deserves specialized intelligence — real listings, real home values and real affordability math, built on two decades of housing data," said Josh Weisberg, senior vice president of AI at Zillow. "This connector helps Claude users take the next step through Zillow: a tour, an agent, a loan officer. The conversation doesn't stop with providing information, it leads to a way to make it happen."
How it works
To get started, open Claude, go to "Customize," select "Connectors" and connect Zillow. Then ask for something specific, like "Find three-bedroom homes for sale in Denver under $600,000 with a garage" or "Show me apartments for rent in Seattle under $2,500 a month."
Claude can bring listings on Zillow, interactive maps, home value estimates and affordability tools into the conversation. Listings include photos, prices and other information, with links to further explore properties directly on Zillow. In the same conversation, people can request a tour, connect with a real estate agent or explore financing, ensuring agents remain at the center of consumers' journeys.
Zillow doesn't send data to Anthropic; instead, Zillow's own MLS-approved listing display appears within Claude, with the same broker and MLS attribution as on Zillow.com.
The foundational technology behind the experience
The connector builds on two decades of investment in housing technology that spans buying, selling, renting and financing. Zillow's proprietary data, rich media, custom AI models, and tools that connect consumers with real estate agents, loan officers and other services help make AI more useful for the complex decisions involved in moving.
That same foundation powers Zillow AI mode, which brings together housing information and individual preferences to offer richer, more personalized guidance directly on the Zillow app. AI-powered tools from Zillow also help real estate professionals work more efficiently and better serve their customers.
The Claude connector extends this technology to another major AI platform, joining existing Zillow experiences in ChatGPT and a rentals-focused experience in Gemini.
Zillow's housing expertise also shapes how it designs, tests and launches AI, including fair housing reviews by its ethical AI team. The company has also published its AI principles and released its Fair Housing Classifier as an open-source tool to help identify potential bias in real estate conversations.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
First Bank & Trust lifted its stake in shares of Medtronic PLC (NYSE:MDT – Free Report) by 43.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,848 shares of the medical technology company’s stock after purchasing an additional 10,881 shares during the quarter. First Bank & Trust’s holdings in Medtronic were worth $3,093,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Activest Wealth Management increased its holdings in Medtronic by 470.9% during the 3rd quarter. Activest Wealth Management now owns 314 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 259 shares during the period. IAG Wealth Partners LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at $30,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Medtronic during the 2nd quarter valued at $32,000. Global Assets Advisory LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $36,000. Finally, Core Capital Management & Research inc. bought a new position in shares of Medtronic in the second quarter worth $33,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.
Key Headlines Impacting Medtronic Here are the key news stories impacting Medtronic this week:
Positive Sentiment: Medtronic’s Stealth AXiS surgical system and Corsano multi-parameter wearable were named to TIME’s 2026 Best Inventions list. The recognition supports the company’s innovation strategy and could improve visibility for its surgical and monitoring businesses. Medtronic Named to TIME Best Inventions of 2026 Positive Sentiment: Medtronic continues expanding in cardiac ablation, robotics, hypertension and digital surgery. Recent sales and profit growth, along with a raised fiscal outlook, provide support for the longer-term investment case. Is Medtronic Stock a Buy Now That Sales Growth Has Picked Up? Neutral Sentiment: Medtronic completed the separation of MiniMed, exchanging its remaining shares and leaving the diabetes-technology company fully independent. The transaction simplifies MDT’s portfolio and may allow greater focus on higher-growth medical-device businesses, but it also removes direct ownership of MiniMed and changes the company’s revenue mix. Medtronic Completes Separation of MiniMed Group Negative Sentiment: Analyst sentiment remains cautious: Piper Sandler assigned a Hold rating, while Barclays began coverage at Equal Weight. These ratings suggest limited near-term upside after MDT’s recent advance. Medtronic Receives a Hold from Piper Sandler Negative Sentiment: Tariffs, inflation and unfavorable currency movements could pressure Medtronic’s margins. ETFs also reportedly sold $222.5 million of MDT shares on October 13, adding a potential short-term technical headwind. Is it Apt to Retain Medtronic Stock in Your Portfolio Now? Insider Buying and Selling at Medtronic In other news, EVP Michael Marinaro sold 10,420 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $96.00, for a total value of $1,000,320.00. Following the completion of the sale, the executive vice president owned 105,916 shares of the company’s stock, valued at approximately $10,167,936. This represents a 8.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Geoffrey Martha sold 50,000 shares of the stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $95.00, for a total transaction of $4,750,000.00. Following the transaction, the chief executive officer directly owned 277,866 shares in the company, valued at approximately $26,397,270. This represents a 15.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,903 shares of company stock worth $5,889,203 over the last ninety days. Insiders own 0.27% of the company’s stock. Wall Street Analyst Weigh In A number of brokerages recently issued reports on MDT. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $92.00 price objective on shares of Medtronic in a research note on Thursday, September 3rd. Robert W. Baird boosted their target price on Medtronic from $91.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 2nd. Evercore set a $105.00 target price on Medtronic in a research note on Monday, July 6th. Finally, Bank of America raised their price target on Medtronic from $95.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Seventeen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.88.
View Our Latest Analysis on Medtronic
Medtronic Trading Up 0.0% NYSE MDT opened at $94.79 on Monday. The stock’s 50-day simple moving average is $91.03 and its two-hundred day simple moving average is $85.01. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $121.25 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 2.16 and a beta of 0.55.
Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.06. Medtronic had a return on equity of 14.78% and a net margin of 13.93%. The firm had revenue of $9.76 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same quarter in the previous year, the company posted $1.26 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Research analysts forecast that Medtronic PLC will post 5.98 EPS for the current fiscal year.
Medtronic Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were given a $0.72 dividend. The ex-dividend date was Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.0%. Medtronic’s payout ratio is presently 70.94%.
Medtronic Company Profile (Free Report)
Medtronic plc (NYSE: MDT) is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.
The company’s offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.
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For investors seeking out a relatively safe stock to own this year, one investment that can withstand a lot of market volatility is Lockheed Martin (LMT -0.04%). It has risen by around 15% this year, and yet it still offers good value. Plus, it offers a terrific dividend and was a solid stock to own during the last big market crash.
Here's a closer look at the business and why it may prove to be an underrated investment right now.
Image source: Getty Images.
Back in 2022, when the market crashed, Lockheed Martin soaredWhen interest rates were on the rise and many growth stocks were struggling in 2022, Lockheed Martin's stock did far better than the S&P 500. That year, the broad index's total return, which included dividends, was negative 18%. Lockheed Martin's stock, by comparison, was up over 40% when including its payout.
It was a terrific performance for the business, which has a close relationship with the U.S. government and benefits from strong spending on defense, so much so that last year, there were even reports of the U.S. government considering taking a stake in the business.
While it may not generate strong returns if there's another downturn in the markets, the nature of its operations makes it a fairly resilient defense stock to own. In its most recent quarterly results, which ended June 28, revenue totaled $20.1 billion, up 11% year over year.
$551.85-$0.24 (-0.04%)
NYSE · As of 3:31 PM ET 10/19/26
The stock remains an attractive low-value, high-dividend investmentLockheed Martin's stock has been rallying this year, but it may still have plenty of upside at its current price point. Based on analysts' earnings expectations for the year ahead, it's trading at a forward price-to-earnings multiple of just 16. By comparison, the average stock on the S&P 500 trades at a forward P/E of more than 19.
It's a cheap stock to own, and what makes it even more compelling as an investment is its dividend, which yields 2.6%, which is far higher than the 1% that the S&P 500 averages right now. The company has also increased its dividend for 24 consecutive years. Given its strong, resilient business, it's highly likely there will be more dividend increases to come in the future, giving investors plenty of reason to buy and hold the stock for the long haul.
Lockheed Martin may be one of the better all-around stocks to own right now, offering investors an excellent mix of value, safety, dividends, and growth potential.
Wealthy investors discovered a way to borrow at near-record levels without triggering a tax bill, and the strategy grew so fast it caught even the brokers offering it off guard.
The Financial Industry Regulatory Authority (FINRA) reports that investors owed $1.48 trillion on margin at the end of September. That compares with $1.45 trillion in August and $1.18 trillion in October 2025. Speculation accounts for part of the climb. A fast-growing share comes from wealthy households borrowing to cut their tax bills, and that changes what margin debt tells us.
Charles Schwab (NYSE:SCHW | SCHW Price Prediction) shows the shift most clearly. In its October 15 results, margin loans rose 14% in the quarter to $187.9 billion. Of that, $60.7 billion, or 32.3%, was tied to tax-aware long-short strategies. Average margin loans linked to those strategies were $51.4 billion in the third quarter, compared with $2.8 billion a year earlier.
How Borrowing Became a Tax Shelter Here’s how it works. An investor with big gains keeps the portfolio, borrows against it, buys more stocks, and shorts a separate basket. Positions that fall get sold to book losses. Those losses offset gains elsewhere, and the investor stays in the market. The Wall Street Journal reports that assets in these strategies grew from slightly more than $1 billion to nearly $190 billion in five years.
Two rules shape how these strategies are built. The wash-sale rule disallows a loss if substantially identical stock is bought within 30 days before or after the sale (26 U.S.C. § 1091(a)). The constructive-sale rule treats shorting the same or substantially identical property as a taxable sale (26 U.S.C. § 1259(c)). So managers short different stocks, and borrowed money pays for the whole structure.
The timing comes down to how much untaxed gain is sitting in portfolios. In its second-quarter commentary, Schwab noted the S&P 500 was up 21% year over year. The top 2026 federal rate on ordinary income is 37%. Plain borrowing against portfolios is booming too: Pledged Asset Line balances reached $37.3 billion, up 59% year over year.
“Saving money on taxes is something our clients love to do and is likely going to be something for which demand will continue,” CEO Rick Wurster told analysts.
Schwab Is Already Pumping the Brakes Demand outpaced Schwab’s own plans. Wurster said the program grew faster than expected because a rival had less capacity to support it. Schwab began throttling growth in mid-September and changed minimums in October. The company also highlighted concentration exposure from the increase in long-short margin balances.
The lending is profitable for Schwab. CFO Mike Verdeschi called the spreads “very favorable”. Even so, the stock is down 12.7% over the past month and 7.2% this year. Higher rates also push up the cost of every borrowed dollar. The 10-year Treasury yield was 5.10% on October 15, and the Federal Reserve’s target rate tops out at 4.00%.
What to Watch Before Year-End Tax-driven leverage tends to stick around. Unwinding it can trigger the very gains it was built to put off, and both the long and short sides can lose money in a sharp market rotation. That makes margin debt a weaker gauge of excess and a longer-lasting source of strain.
Three signals stand out. FINRA’s October data, due in the third week of November, will show whether the climb continues. Schwab’s fourth-quarter report will show whether long-short balances leveled off after the restrictions. And a Treasury September 28 notice on potentially abusive investment fund strategies warned that guidance could apply retroactively. Regulators are already looking at tax-driven products.
Contact [email protected] for any questions or corrections.
Amidst a shaky stock performance and big debts, Paramount and Warner Bros Discovery parent Skydance now faces a new court challenge to the company’s authority over its streaming assets and corporate strategy.
It may all end up being the legal equivalent of a tsetse fly, but the latest flex by a gaggle of streaming subscribers to put some brakes on Skydance’s “post-closing organizational changes” at HBO Max and Paramount+ comes as the David Ellison-run conglomerate hopes to bring in new equity investors to booster the bottom line.
“Plaintiffs request an order requiring Defendants Paramount Skydance Corporation and Skydance Media, LLC to hold and operate separately, pending final adjudication or further order, the acquired Warner Bros. Discovery businesses and assets necessary to preserve viable independent HBO Max and Paramount+ services, together with identifiable associated film and national-news operations, so the Court may order effective divestiture if Plaintiffs prevail,” reads a preliminary injunction motion filed in federal court October 16, serving as a refiling of an earlier case. “Plaintiffs seek preservation of separate operations and relief against irreversible integration, not rescission of the completed closing.”
In their long and likely rocky road to neutering the $111 billion Paramount-WBD merger that was made official September 30, the plaintiffs — Pamela Faust, Len Marazzo, Lisa McCarthy, Deborah Rubinsohn and Gary Talewsky — are also seeking a December 3 hearing before U.S. District Judge Araceli Martínez-Olguín on their antitrust request.
The 16-page motion acknowledges that “the merger has closed.” But leaning into the big-picture ramifications of the price hike for the stand-alone streamer Discovery+ last week, the document adds: “The question now is whether the Court will preserve its power to afford an effective remedy.”
To that, the nine-point proposed order aims to go further than a widely criticized September 21 settlement that a coalition of 12 blue state attorneys general made with Ellison in their own antitrust battle.
For instance: “Separate operation. Defendants shall maintain separate identifiable operational functions for the Legacy Paramount Streaming Business and the Acquired Streaming Business. They shall maintain records sufficient to reconstruct separate revenues, expenditures, contractual rights, subscribers, content rights, and material assets of each business. They shall not eliminate the standalone Paramount+ or HBO Max subscription product or compel subscribers to migrate into a single replacement service.”
In other words, no cost-cutting relief for Team Ellison from one big streamer, at least not yet. Ellison has confirmed that after a bundling period, the home of Taylor Sheridan universe and the home of Lanterns and Game of Thrones spinoffs will become one.
“Long-term, the plan is basically to bring them together,” Ellison said in a post-merger presser two weeks ago. At added at the time: “I can’t be specific about that yet today.”
L-R: Skydance bosses David Ellison and Ynon Kreiz
Although Judge Martínez-Olguín dismissed a previous April-filed case for lack of standing, she did allow plaintiffs the right to refile, which they have via their San Francisco-based Alioto Law Firm and Foreman & Brasso firms. With that, timing is important here, as the full Paramount-WBD antitrust case is set for a dismissal hearing Wednesday; Martínez-Olguín was the judge who signed off on the settlement that turned out to be the final shoe to drop to make Ellison’s Hollywood dream deal a reality.
Interestingly, the new legal action is not slapping down the merger right now. Instead Faust, Marazzo, McCarthy, Rubinsohn and Talewsky are focused splitting up the studios in the short term. If the judge were to grant a preliminary injunction, it would certainly slow-walk the plans of Ellison and newly minted Skydance co-CEO Ynon Kreiz to tackle the $80 billion debt the melded company has.
That could prove a challenging result for Skydance outside Martínez-Olguín’s Oakland courthouse.
After just under two weeks of trading as one company, Skydance shares have been struggling, trading down about 3% middday Monday at under $7, near their low; the stock was pushing $10 when the WBD deal closed October 6. For context, Paramount Skydance hit a 52-week high of $17 in the fall of 2026 after those two companies merged.
With earnings season about to kick off, Skydance will face investors within weeks (date still TBA) and Wall Street is looking for Ellison to outline a strategy and address jitters over heavy debt. After one of the biggest leveraged buyouts in corporate history, that has become increasingly pressing as interest rates rise.
Skydance did not respond Monday to Deadline’s request for comment on the latest filing.
Rivian upřednostňuje autonomní software i za cenu odkladu ziskovosti; CEO RJ Scaringe očekává, že plně autonomní vozy umožní zásadně nová konstrukční řešení.
Rivian is going full steam ahead on developing autonomous vehicle software for its EVs, to the point that it is willing to delay profitability. Founder and CEO RJ Scaringe said last week at TechCrunch Disrupt that he thinks autonomy will allow his company to build radically different kinds of vehicles than the outdoorsy SUVs and trucks it currently makes.
“Where it gets really interesting is when you think beyond R2 and R3 and start to imagine the form factors that you want to build for a personally-owned autonomous vehicle. You know, it opens up all kinds of design opportunities. It can create dramatically different experiences,” he said in an interview with TechCrunch. “I’m wildly excited about what the next 10 years look like in transportation because of what this enables us to dream and think about.”
This is not a new idea, to be sure. A decade ago, autonomous vehicle companies, legacy automakers, and many others promised that autonomy, combined with the proliferation of battery-electric drivetrains (which are simpler and take up less space than their gas-powered predecessors) would produce a Cambrian explosion of new mobility form factors.
This led to all kinds of crazy concepts getting bandied about at the time. Mercedes-Benz touted a bubbly pod-like design, as well as a long sedan packed with tech. Toyota and others dreamed up “rooms on wheels.” Hyundai once even showed off its idea for a car with legs.
This promised design revolution never escaped the concept and prototyping phase. Autonomy took longer than those companies anticipated to develop, and automakers (new and old) struggled with the harsh realities of manufacturing and selling an entirely new category of vehicle.
The difference now is that Scaringe’s comments came at a time when there are real robotaxis roaming the streets of multiple cities around the world. The software that powers them has seemingly developed to a level that is capable enough to operate them safely on public roads at scale, even if there are still some issues to work out when it comes to integrating them into the urban fabric of cars, bikes, pedestrians, and emergency vehicles. The components that make up electric vehicle motors and batteries have gotten cheaper, and companies like Tesla and Rivian (and many more in China) have gotten better at building them at scale.
Rivian has a lot of work ahead before it gets to driverless vehicles. The company is at the beginning of its effort to scale production of the R2 SUV, which it needs to get right in order to reverse years of losses that it incurred to become a major EV player.
On the autonomy side, Rivian is just a few years removed from completely reworking its approach to self-driving software, and it still has a ways to go.
The company has shipped a driver assistance system that allows drivers to take their hands off the wheel, while still watching the road. It has promised that, by the end of this year, that software will be capable of driving from start to finish — which the company calls “point-to-point navigation” — without intervention, though still under driver supervision. And it is working toward full autonomy, which it plans to deploy in robotaxi versions of its R2 SUV that will be available on Uber’s ride-hail app.
But if Rivian achieves full autonomy, most of that driving will be done in personally-owned vehicles, Scaringe said in the interview, echoing previous comments he’s made.
“You know, 95% of the miles driven in the United States — so this is trillions of miles — 95% of these miles are in things that we personally own, so like you own it, or your household owns it. And so our view is it’s unlikely, even with Level 4 capabilities, that we’re going to see a dramatic societal shift away from that,” he said, referencing the Society of Automotive Engineers’ classification for autonomous vehicles that operate in a specific area.
That figure “may go from 95% to 90%, it may go from 95% to 80%, but still the vast majority of the miles driven for a lot of societal and psychological reasons are likely to stay the same,” he said.
It’s this belief that has Scaringe dreaming about the design of a fully-autonomous, personally-owned Rivian, he said.
As for what that looks like, though, Scaringe was mum.
“So we did R1, then we did R2, then we did R3. The thing after R3 is going to be called R4 — we just haven’t shown what it looks like,” he said. “It’s going to be cool. It’s going to be great.”
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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.
Boston, Massachusetts--(Newsfile Corp. - October 19, 2026) - Block & Leviton is investigating FMC Corporation (NYSE: FMC) for potential securities law violations. Investors who have lost money in their FMC investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/fmc.
What is this all about?
Block & Leviton is investigating whether FMC Corporation misled investors about how much of its higher-priced product was sitting unsold with distributors. On October 15, 2026, about two weeks after the third quarter ended, FMC announced that it now expected quarterly revenue of only $65 million to $125 million and an Adjusted EBITDA loss of $510 million to $565 million. Those results included $625 million to $675 million in charges from cutting prices on FMC products already held by distributors and changing how it sells and prices products in the United States. FMC acknowledged it had been working through this inventory over several quarters. Yet on its July 30, 2026 earnings call, the CEO reportedly blamed weak sales on weather, geopolitics, and cautious buying without mentioning the inventory problem. After the October announcement, FMC's stock fell roughly 39%.
Who is eligible?
Anyone who purchased FMC common stock and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about FMC, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at [email protected] or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email [email protected] with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319720
Source: Block & Leviton LLP
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Konsenzuální odhad zisku společnosti SM Energy pro aktuální čtvrtletí se za posledních 30 dní zvýšil o 16,19 % na 1,85 USD na akcii; akcie získala hodnocení Zacks Rank #1.
SM Energy (SM - Free Report) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
The upward trend in estimate revisions for this independent oil and gas company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For SM Energy, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsFor the current quarter, the company is expected to earn $1.85 per share, which is a change of +39.1% from the year-ago reported number.
The Zacks Consensus Estimate for SM Energy has increased 16.19% over the last 30 days, as two estimates have gone higher while three have gone lower.
Current-Year Estimate RevisionsFor the full year, the company is expected to earn $7.85 per share, representing a year-over-year change of +44.8%.
The revisions trend for the current year also appears quite promising for SM Energy, with four estimates moving higher over the past month compared to two negative revisions. The consensus estimate has also received a boost over this time frame, increasing 5.66%.
Favorable Zacks RankThanks to promising estimate revisions, SM Energy currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineSM Energy shares have added 6.8% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
First Horizon prodá hypoteční úvěry s nízkým výnosem v objemu zhruba 4,5 mld. USD a kapitál přesune do výnosnějších komerčních úvěrů. Očekává, že tím v roce 2027 zvýší EPS přibližně o 4 %.
On its third quarter of 2026 earnings call, held on Oct. 15, 2026, First Horizon (FHN -0.61%) announced an agreement to sell approximately $4.5 billion of low-yielding residential mortgage loans as part of a balance sheet repositioning. The transaction frees up balance sheet capacity by removing non-relationship assets. This move allows the bank to reinvest capital into higher-yielding commercial client lending. Three key takeaways from management explain how this operational shift creates shareholder value.
1. Selling Non-Core Mortgages Capitalizes Balance Sheet CapacityFirst Horizon is shedding lower-yielding single-product residential loans that carry minimal customer deposits. Replacing these assets creates balance sheet capacity for profitable commercial client relationships.
"This transaction, along with the business line restructuring, is aligned with the strategy we have discussed consistently throughout the past year of prioritizing full client relationships, enhancing the profitability of our balance sheet, and driving improved earnings and returns through the cycle," said
D. Bryan Jordan, Chairman, President and Chief Executive Officer.2. Loan Repositioning Drives Earnings Growth and Capital ReturnManagement expects the portfolio sale to boost earnings per share (EPS) by around 4% in 2027. The company is maintaining its common equity tier 1 (CET1) ratio, a key measure of capital strength, enabling it to resume buying back shares.
Excluding further upside of yields from incremental lending, we expect the transaction to be accretive going forward with 2027 earnings per share benefit of around 4% and improved ROTCE of approximately 150 basis points. Share buybacks will resume in Q4 in line with our CET1 target ratios for the year.
-- Hope Dmuchowski, Executive Vice President and Chief Financial Officer3. Relationship Deposit Growth Strengthens Core Net Interest MarginCustomer deposits grew by more than $1 billion during the quarter, helping offset expensive wholesale funding. This deposit growth supports net interest margin (NIM), which measures the difference between interest earned on loans and interest paid on deposits.
We continue to see momentum with our strategic focus on relationship banking with client deposits up more than $1 billion this quarter and NIM remaining in line with our expectations at 3.48%.
-- Hope Dmuchowski, Executive Vice President and Chief Financial OfficerLooking AheadCommercial loan demand is holding steady, and recent actions increase asset sensitivity for a rising interest rate environment.
The results in the third quarter position First Horizon for continued success. Meaningful upside opportunities, and deepening strategic alignment.
-- D. Bryan Jordan, Chairman, President and Chief Executive OfficerFirst Horizon relies on national specialty lending niches, wealth management partnerships, and treasury management growth to expand pre-provision net revenue (PPNR), which measures profit before taxes and credit losses. Leadership is strategically monitoring deposit pricing discipline.
Reinvesting cash into higher-yielding assets drives long-term returns.
Deployment into incremental lending in the coming quarters and years will further improve these results.
-- Hope Dmuchowski, Executive Vice President and Chief Financial OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Alcoa Corp. NYSE: AA stock has been cut nearly in half since its spring peak. Shares traded near $77 in May and were trading near $40 prior to the company's Q3 2026 earnings report, which the company delivered after the market closed on Oct. 15.
Alcoa Today
$41.38 -0.08 (-0.18%)
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$35.12▼
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That kind of drawdown usually signals a broken business or a collapsing commodity. Alcoa has neither. Aluminum prices have cooled from their spring highs, but they have not followed the stock down. Alcoa’s average realized aluminum price fell about 5% from the second quarter to the third. AA shares fell roughly ten times that.
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That gap set up the real question that Alcoa needed to answer with its report. Had the market confused a temporary operational problem with a peak in the aluminum cycle?
The operational problem is real. Instability at the Pinjarra refinery in Australia pushed the Alumina segment to a $96 million EBITDA loss in Q2. Add July’s earnings miss, and the “peak earnings” story writes itself.
The Q3 report provided a bullish rebuttal. Pinjarra is stable again. Aluminum margins remain near record levels. And Alcoa beat earnings expectations while producing its strongest free cash flow of the year.
Pinjarra Refinery Recovery Drives an Alumina ReboundAlumina production jumped 11% sequentially to 2.5 million metric tons. Management credited improved stability at Pinjarra. Segment EBITDA improved to a loss of just $1 million. That's a $95 million swing in one quarter.
Costs fell. Adjusted operating cost per ton of alumina dropped to $354 from $368. This came while realized alumina prices rose to $353 per ton from $334.
This is evidence of a temporary problem that is in the process of resolving itself. Management expects Alumina performance to hold steady in Q4 rather than slip back.
Aluminum Margins Remain Strong Despite Lower PricesAluminum segment EBITDA fell to $862 million from Q2’s record $1.07 billion. Bears will point to that decline. But context matters.
Two factors drove most of the drop. Realized aluminum prices slipped to $4,527 per ton from $4,752. Shipments fell 5% after Q2 volumes were inflated by inventory moves from Q1. Additionally, higher carbon costs added pressure.
Viewed from that lens, this doesn't look like a cycle rolling over. Q3 aluminum EBITDA was still nearly triple the $307 million from a year ago. The segment kept a margin above 28% of third-party sales.
Production kept climbing, too. Aluminum output rose for the sixth straight quarter to 649,000 metric tons. The Alumar smelter restart in Brazil is complete. Five smelters and one refinery set year-to-date production records.
Alcoa Q3 2026 Earnings Beat EstimatesAdjusted earnings per share (EPS) came in at $1.82, ahead of the $1.51 consensus. GAAP EPS rose to $1.81 from $1.53 in Q2. A year ago, adjusted EPS was a 2-cent loss.
Cash flow tells the same story. Operating cash flow was $643 million. Free cash flow reached $472 million, up from $422 million in Q2. A year ago, free cash flow was negative.
The balance sheet is ready for the AliGroup acquisition. Alcoa holds $4.4 billion in cash after a $2.6 billion bond sale. Net debt is just $414 million. South32 shareholders approved the deal on report day. Closing is expected in the first half of 2027.
Why Alcoa Stock Remains Near Its Lows Despite Strong ResultsSo why is the stock still near its lows? Partly because the market prices aluminum stocks on the next move in metal, not the last quarter.
Q4 guidance does carry modest headwinds. Management sees about $30 million in higher raw material and maintenance costs in Aluminum. Higher alumina input costs should add another $30 million. Interest expense is also rising after the bond deal.
Those are real, but small against an $862 million quarterly segment result. Management also expects higher production and shipments in both segments in Q4.
The chart reflects exhausted selling more than new information. Shares sit below a declining 50-day moving average near $47. AA bounced nearly 5% the morning after earnings. This pushed the 14-day RSI out of oversold territory, where it was before the report.
Key Risks and Catalysts for AA SharesThe bull case doesn’t require aluminum to rally. It requires aluminum to stay elevated while Alcoa’s operations keep improving. Q3 delivered both.
The risk is a further slide in metal prices. LME moves flow directly through the Aluminum segment. A sharp drop would validate the market’s peak-cycle read.
But this report points the other way. The operational issue behind the sell-off is resolved. Margins remain near historic highs. And the stock is priced as if neither were true.
That disconnect is the opportunity. The market sold Alcoa on a refinery problem and cycle fears. The quarter fixed the refinery. The cycle hasn’t turned.
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First Bank & Trust ve třetím čtvrtletí snížila svůj podíl ve společnosti Truist Financial o 17,2 % prodejem 11 895 akcií; nadále drží 57 313 akcií v hodnotě 2,654 milionu USD.
First Bank & Trust decreased its position in Truist Financial Corporation (NYSE:TFC – Free Report) by 17.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,313 shares of the insurance provider’s stock after selling 11,895 shares during the period. First Bank & Trust’s holdings in Truist Financial were worth $2,654,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $4,959,834,000. State Street Corp grew its position in Truist Financial by 0.9% in the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares during the period. Bank of New York Mellon Corp grew its position in Truist Financial by 7.5% in the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after acquiring an additional 789,179 shares during the period. Dimensional Fund Advisors LP grew its position in Truist Financial by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after acquiring an additional 164,052 shares during the period. Finally, Legal & General Group Plc increased its stake in Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after acquiring an additional 44,215 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.
Truist Financial Price Performance
Truist Financial stock opened at $47.17 on Monday. The company’s 50 day simple moving average is $49.17 and its 200-day simple moving average is $49.64. The company has a market capitalization of $57.62 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.04 and a beta of 0.92. Truist Financial Corporation has a 1 year low of $41.60 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The company had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business’s revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.04 earnings per share. As a group, equities research analysts expect that Truist Financial Corporation will post 4.67 earnings per share for the current year.
Truist Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. Truist Financial’s payout ratio is presently 53.61%.
Analysts Set New Price Targets
A number of equities research analysts have commented on TFC shares. JPMorgan Chase & Co. reduced their target price on Truist Financial from $54.00 to $50.50 and set an “underweight” rating on the stock in a research report on Friday, October 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. UBS Group lowered their price target on Truist Financial from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Robert W. Baird increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Finally, Wells Fargo & Company set a $52.00 price objective on Truist Financial in a research report on Thursday, October 8th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $54.39.
View Our Latest Report on TFC
Insider Buying and Selling at Truist Financial
In other news, CEO Michael P. Lyons purchased 21,000 shares of the firm’s stock in a transaction on Thursday, September 17th. The shares were bought at an average cost of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dontá Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by corporate insiders.
Truist Financial Company Profile
(Free Report)
Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.
Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.
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First Bank & Trust purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,188 shares of the semiconductor company’s stock, valued at approximately $2,692,000.
Other institutional investors have also recently added to or reduced their stakes in the company. FIDELIS iM LLC purchased a new stake in Marvell Technology during the 3rd quarter valued at approximately $275,000. IFP Advisors Inc acquired a new stake in Marvell Technology during the 3rd quarter worth approximately $16,435,000. Founders Grove Wealth Partners LLC purchased a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $226,000. CRA Financial Services LLC purchased a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $7,775,000. Finally, Strata Wealth Advisors LLC purchased a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $312,000. Institutional investors and hedge funds own 83.51% of the company’s stock.
Marvell Technology Price Performance
Shares of NASDAQ:MRVL opened at $227.83 on Monday. The company has a quick ratio of 2.62, a current ratio of 3.17 and a debt-to-equity ratio of 0.27. The company has a market cap of $199.78 billion, a P/E ratio of 75.19, a PEG ratio of 6.79 and a beta of 2.26. Marvell Technology, Inc. has a 52 week low of $70.68 and a 52 week high of $329.88. The company has a 50-day moving average price of $241.14 and a 200 day moving average price of $217.01.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The semiconductor company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. Marvell Technology had a return on equity of 13.57% and a net margin of 27.93%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.72 billion. During the same quarter in the previous year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 36.5% compared to the same quarter last year. Marvell Technology has set its Q3 2027 guidance at 1.050-1.150 EPS. Research analysts predict that Marvell Technology, Inc. will post 3.05 earnings per share for the current year.
Marvell Technology Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Friday, October 9th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 9th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.1%. Marvell Technology’s payout ratio is 7.92%.
Insiders Place Their Bets
In related news, insider Sandeep Bharathi sold 3,685 shares of the company’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $234.97, for a total transaction of $865,864.45. Following the transaction, the insider owned 58,748 shares of the company’s stock, valued at $13,804,017.56. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Chris Koopmans sold 10,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $180.50, for a total value of $1,805,000.00. Following the completion of the transaction, the chief operating officer owned 227,941 shares of the company’s stock, valued at $41,143,350.50. The trade was a 4.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 57,285 shares of company stock worth $12,837,063. Insiders own 0.12% of the company’s stock.
Key Headlines Impacting Marvell Technology
Here are the key news stories impacting Marvell Technology this week:
Positive Sentiment: Marvell’s recent Investor Day highlighted strong expected demand for custom AI chips, data-center infrastructure and networking silicon. The company raised its long-term sales outlook, supporting the view that it could deliver substantial revenue and earnings growth. Long-term Marvell growth outlook
Positive Sentiment: Erste Group Bank reportedly increased its earnings-per-share forecast for Marvell, while other analysts remain optimistic about the company’s growth potential in AI and data-center markets. Marvell EPS forecast increase
Neutral Sentiment: CEO Matthew Murphy sold 7,500 shares, and insider Sandeep Bharathi sold 3,685 shares. Both transactions were conducted under pre-arranged Rule 10b5-1 plans to cover tax withholding tied to vested equity awards, reducing their significance as signals about the company’s outlook. Marvell CEO SEC filing Marvell insider SEC filing
Negative Sentiment: Broadcom CEO Hock Tan’s warning about the amount of capital required to fund AI infrastructure is weighing on custom AI-chip companies, including Marvell. Investors fear that hyperscalers may become more selective with spending or demand better returns, particularly after Marvell’s substantial rally. Broadcom AI funding warning
Negative Sentiment: Hotter U.S. inflation data and rising interest-rate expectations have triggered a broader technology and semiconductor sell-off. High-growth stocks such as Marvell are particularly vulnerable because their valuation depends heavily on future AI-driven earnings. Marvell market pressure
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on MRVL shares. Oppenheimer reissued an “outperform” rating and issued a $425.00 target price on shares of Marvell Technology in a report on Wednesday, October 7th. DA Davidson set a $225.00 price target on Marvell Technology in a report on Tuesday, August 18th. Erste Group Bank downgraded Marvell Technology from a “buy” rating to a “hold” rating in a report on Wednesday, July 15th. Barclays reiterated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, August 20th. Finally, Morgan Stanley boosted their price objective on shares of Marvell Technology from $268.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $327.36.
View Our Latest Stock Analysis on Marvell Technology
Marvell Technology Profile
(Free Report)
Marvell Technology, Inc (NASDAQ: MRVL) is a semiconductor company that develops infrastructure solutions for data centers, telecommunications networks, enterprise systems, automotive applications and other connected markets. Its products are designed to support the movement, processing, storage and security of data across complex computing and communications environments.
The company’s portfolio includes data-processing and networking processors, custom application-specific integrated circuits, Ethernet switches and controllers, storage controllers, connectivity products, and electro-optics solutions.
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Vertiv (VRT -0.30%), a provider of thermal management, liquid cooling, and uninterruptible power supply (UPS) systems for data centers, attracted a stampede of bulls in the first half of 2026 as the AI market's growth boosted its sales and margins. Its stock closed at a record high of $376.06 per share on May 14, marking a 2,390% gain over its previous three years.
But today, Vertiv's stock trades at about $211. Let's see why it pulled back, and whether it will recover and set fresh highs over the next 12 months.
Image source: Getty Images.
How fast is Vertiv growing? The AI market's rapid expansion is driving more data centers to upgrade their servers with Nvidia's (NVDA +1.54%) latest GPUs and other AI chips. However, those new chips consume so much power and generate so much heat that data centers must upgrade their infrastructure with Vertiv's cooling products and UPS systems to operate safely and efficiently.
From 2021 to 2025, Vertiv's revenue more than doubled from $5.0 billion to $10.2 billion, while its adjusted EPS rose more than fivefold from $0.76 to $4.20. Its backlog reached $15 billion at the end of the second quarter of 2026.
For 2026, Vertiv expects its revenue to rise 37% (31% organically) to $14 billion, and for its adjusted EPS to grow 60%. It trades at 31 times that earnings estimate.
VRT Vertiv$205.81-$0.61 (-0.30%)
NYSE · As of 2:36 PM ET 10/19/26
Why did Vertiv's stock pull back? Three challenges weighed down Vertiv's stock over the past five months. First, it slightly missed Wall Street's aggressive top-line estimates for the second quarter, due to the lumpy timing of its larger contracts and supply chain constraints.
Second, Vertiv agreed to acquire UtilityInnovation Group -- a developer of microgrid solutions, advanced power controls, and behind-the-meter power architecture designs for data centers -- for $1.45 billion in cash in February. The integration of that deal, expected to close in the fourth quarter, could affect its near-term margins. Lastly, rising interest rates broadly compressed the valuations of higher-growth AI stocks.
Analysts expect Vertiv's adjusted EPS to grow 60% in 2026 and 36% in 2027. If it matches those expectations and still trades at 30 times its current year's earnings by next October, its stock could rally about 30% to $276 per share over the next 12 months.
That would fall short of its all-time high, but it could still head much higher over the next few years as the data center market expands. Therefore, its recent pullback could be a great buying opportunity for investors seeking exposure to the AI infrastructure market.
Klíčovou zkouškou pro Arista Networks bude výhled tržeb na čtvrté čtvrtletí: Wall Street očekává tržby ve výši 3,6 miliardy USD a čistý zisk 1,15 USD na akcii.
Arista Networks (ANET +3.22%) is scheduled to report third-quarter earnings on Nov. 3, but I think the most important numbers in the report won't have anything to do with the third quarter.
Instead, I'll be watching what management says about the final three months of 2026.
According to Yahoo Finance, Wall Street expects the artificial intelligence (AI) networking company to generate $3.6 billion in fourth-quarter revenue and earnings of $1.15 per share. Those are some pretty ambitious targets, but I think Arista has a good chance to exceed them.
And if management delivers guidance that beats those expectations, I think Arista stock could soar after Nov. 3.
Image source: Getty Images.
Why fourth-quarter guidance matters
Arista has become an important supplier of the high-speed networking equipment that connects processors and servers inside massive artificial intelligence data centers.
Companies such as Nvidia are developing increasingly powerful graphics processing units (GPUs), but those chips can't reach their full potential unless enormous amounts of information can move between them quickly.
Arista makes Ethernet switches that help eliminate networking bottlenecks, allowing thousands of processors to work together on demanding AI applications.
The company reported second-quarter revenue of $3.03 billion, a 37.7% increase from a year ago. Diluted earnings per share reached $0.95, compared with $0.70 in the year-earlier period. Management also projected third-quarter revenue of approximately $3.3 billion.
That's in line with what Wall Street projects. According to Yahoo Finance, the consensus Q3 estimates are $3.33 billion in revenue and $1.08 in earnings per share (EPS).
I'm not too worried about Q3 results -- instead, I'd rather look ahead. Investors already know that Arista is growing quickly. What they need to know now is whether demand for their networking equipment will remain strong as cloud computing companies continue to expand their AI infrastructure.
That's why fourth-quarter guidance could be more important than the third-quarter results themselves.
$182.68+$5.70 (+3.22%)
NYSE · As of 2:33 PM ET 10/19/26
Arista's path to topping Wall Street expectations
Arista has been introducing new networking products designed to handle increasingly demanding AI workloads.
Its 7060XE7 platform supports connections running at 1.6 terabits per second, while its recently announced Etherlink SU-144 architecture can connect up to 144 AI accelerators within a single-hop network.
Those capabilities are becoming more important as AI data centers grow larger and companies look for ways to get more performance from their expensive processors.
The opportunity is substantial, but so is the competition. Nvidia and Cisco Systems are also pursuing the AI networking market, and Arista depends heavily on spending by major cloud computing companies. Still, I think the company's recent growth gives management a reasonable opportunity to surprise Wall Street.
Arista typically provides quarterly revenue and margin guidance rather than an explicit earnings-per-share forecast. So I'll be watching whether its fourth-quarter revenue outlook exceeds $3.6 billion and whether its projected profitability supports earnings above the $1.15 consensus estimate.
A revenue forecast above expectations would suggest that demand for Arista's networking equipment remains stronger than Wall Street anticipated. Healthy margins would make that growth even more valuable to shareholders.
Calix (CALX) rozšířil platformu Agent Workforce o Control Center a nové pracovní postupy založené na AI; připravované Workflow Studio umožní poskytovatelům upravovat automatizaci bez programování.
New Control Center for Calix Agent Workforce gives service providers one secure, personalized workspace to put purpose-built AI to work across their business while keeping humans in control. Expanded workflows help teams accelerate growth, strengthen loyalty, and streamline operations, while upcoming Workflow Studio will let providers tailor AI workflows to their unique business needs.
SAN JOSE, Calif.--(BUSINESS WIRE)--Today, at its annual innovation and customer success conference, Calix, Inc. (NYSE: CALX) delivered advancements for Calix Agent Workforce™ on the Calix One™ platform, giving service providers greater control over how AI operates within their workflows, more ways to put it to work, and flexibility to tailor it to their unique business needs—all while keeping humans at the helm.
"For 26 years, we have innovated with service providers, not for them. And over the past 15 years, we have invested more than $2 billion evolving the platform that enables Agent Workforce to put that expertise to work," said Calix CEO Michael Weening.
Share Unlike generic AI tools that service providers must adapt to their businesses, Agent Workforce is purpose-built for how they operate. Powered by the AI-native Calix One platform, which processes a petabyte of data daily, Agent Workforce draws on decades of domain expertise to combine network intelligence, subscriber context, and real-world provider workflows with the trust and orchestration needed to put AI to work. This foundation moves service providers beyond isolated tools toward a unified AI workforce that human teams can manage from one place, leverage to act on insights, deploy across more business functions, and tailor to their unique business needs.
Calix is expanding Agent Workforce with three innovations:
Launching: Control Center brings Agent Workforce into a single personalized operating experience. Personalized by role and permissions, Control Center gives marketing, service, and operations teams one conversational workspace to understand, direct, and act on AI-driven insights and workflows across their business. Teams can surface acquisition opportunities, get subscriber context to address service needs, or investigate network issues—putting the right intelligence and actions in the hands of the right people at the right time. Launching: Expanded AI workflows extend purpose-built capabilities across more of the business. New AI-powered workflows help teams identify more growth opportunities, automate marketing campaigns, engage subscribers across more channels, investigate network health alerts, identify emerging outages, and more. These build on workflows introduced in September that help service providers uncover more upsell opportunities and resolve subscriber issues faster. By applying network and subscriber intelligence to a growing range of business challenges, Agent Workforce reduces manual effort and improves operational efficiency. Coming soon: Calix Workflow Studio will let service providers adapt AI to how they operate. Building on ready-to-use Agent Workforce capabilities, the planned no-code Workflow Studio will enable teams to tailor workflows to their business needs by connecting agents, data, tools, and existing systems. Planned support for open standards, including A2A and MCP, will give service providers greater flexibility to extend automation across their business and partner ecosystem. Calix Success™ helps service providers turn secure AI capabilities into measurable business value through expert guidance, education, and proven best practices. The Calix AI Leadership Playbook gives teams a strategic framework to move beyond generic AI experimentation and to operationalize agentic AI across their businesses. Calix Success also helps providers identify high-value opportunities, integrate Agent Workforce into everyday operations, and build organizational readiness to scale adoption.
Scott Hendrix, chief executive officer at Tombigbee Fiber and Tombigbee Electric Power Association, said: “For us, AI isn’t about replacing people. It’s about giving our teams the tools and knowledge to do more for the members we serve. With Calix Agent Workforce, we’re already seeing how our employees can learn faster, work through complex issues, and better understand what our members need. As we bring these capabilities into more of our daily operations, I see tremendous opportunity to make our team more effective, deliver better service, and grow our business without losing the personal connection that makes Tombigbee special.”
Michael Weening, president and chief executive officer at Calix, said: “AI won’t replace companies, but companies who use AI will replace those who do not. Today, that is truer than ever. For 26 years, we have innovated with service providers, not for them. And over the past 15 years, we have invested more than $2 billion evolving the platform that enables Agent Workforce to put that expertise to work. Control Center scales the expertise of their people so they can move faster, while Workflow Studio will enable them to adapt and extend purpose-built workflows to what makes their business unique. We thank every customer who continues on this journey with us. The game is on, and we are excited to help them use AI to compete and win.”
Discover how Calix Agent Workforce, powered by the AI-native Calix One platform, helps service providers drive subscriber growth, strengthen loyalty, and streamline operations.
About Calix
Calix, Inc. (NYSE: CALX) is an AI platform company that enables service providers to transform their operations and accelerate delivery of differentiated experiences—so they can compete and win in the markets and communities they serve.
Through the AI-native Calix One platform, service providers can securely and privately activate agentic AI alongside their human teams to acquire new subscribers, grow existing subscriber revenue, and build loyalty across residential, business, municipal, and MDU markets. More than 1,200 customers of all sizes leverage the Calix One platform, which has evolved over 15 years at an investment of more than $2 billion.
Calix innovation cycles are underpinned by a strong financial balance sheet and a people‑first culture that routinely earns broad industry recognition—winning 81 culture and innovation awards since 2025 alone, as well as Fortune’s 100 Best Companies to Work For® in 2026.
This press release contains forward-looking statements that are based upon management’s current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix’s results and other risks and uncertainties are detailed in its quarterly reports on Form 10-Q and Annual Report on Form 10-K filed with the SEC and available at www.sec.gov.
Calix and the Calix logo are trademarks or registered trademarks of Calix and/or its affiliates in the U.S. and other countries. A listing of Calix’s trademarks can be found at https://www.calix.com/legal/trademarks.html. Third-party trademarks mentioned are the property of their respective owners.
Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Headquartered in Redwood City, Equinix (EQIX - Free Report) is a Finance stock that has seen a price change of 28.69% so far this year. Currently paying a dividend of $5.16 per share, the company has a dividend yield of 2.09%. In comparison, the REIT and Equity Trust - Retail industry's yield is 4.45%, while the S&P 500's yield is 1.38%.
Looking at dividend growth, the company's current annualized dividend of $20.64 is up 10% from last year. Over the last 5 years, Equinix has increased its dividend 5 times on a year-over-year basis for an average annual increase of 13.62%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Equinix's current payout ratio is 50%, meaning it paid out 50% of its trailing 12-month EPS as dividend.
Looking at this fiscal year, EQIX expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $43.45 per share, representing a year-over-year earnings growth rate of 13.36%.
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, EQIX is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today that it is seeking to increase its outstanding ~$500 million Term Loan B by $250 million (“Add-On”). Net proceeds from the Add-On are expected to be used for general corporate purposes and to pay associated fees.
We expect the Add-On to have the same terms as our existing Term Loan B. The proposed increase is subject to market and other conditions, and there can be no assurance that it will be completed.
The lender presentation will be posted to the investor relations section of our website on October 19, 2026.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 250 branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the proposed expansion of the Company's existing Term Loan B facility, the anticipated size, terms, and completion of the transaction, and the intended use of proceeds, the housing market and the commercial market, our operations, industry and economic conditions, our financial and business model, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our ability to improve sales and profitability, and expectations for demand for our services and our earnings. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, the ability to successfully complete the proposed expansion of the Term Loan B facility on anticipated terms or at all; changes in market conditions that could affect the proposed transaction; general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the material price and supply environment; increased tariffs; the timing of increases in our selling prices; and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.
