Farmers National Banc Corp. Reports Results for Third Quarter of 2026

Farmers National Banc Corp. Reports Results for Third Quarter of 2026 CANFIELD, Ohio--( BUSINESS WIRE)--Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $14.5 million, or $0.25 per diluted share, for the third quarter of 2026 compared to $12.5 million, or $0.33 per diluted share, for the third quarter of 2025. Net income in the third quarter of 2026 included $6.1 million in expense related to the March 2, 2026, acquisition of Middlefield Banc Corp. (“Middlefield”) and core conversion costs. In addition, the Company recognized a $10.3 million loss on the sale of securities and $600,000 in severance costs. Excluding these items (non-GAAP), adjusted net income for the third quarter of 2026 was $28.0 million, or $0.47 per diluted share.

Kevin J. Helmick, President and CEO, stated: “As expected, the third quarter was a period of strategic execution and transformation for Farmers, as we completed our core technology conversion, executed the integration of the March 2026 Middlefield acquisition, and repositioned our investment securities portfolio. These actions represent important milestones in our ongoing strategy to improve operating efficiency, enhance profitability, and grow our community banking franchise. With these significant initiatives largely behind us, we expect to begin realizing their financial benefits in the fourth quarter, with additional contributions expected in 2027. We remain focused on leveraging our expanded capabilities and growing market presence to drive sustainable, profitable growth.”

Balance Sheet

Total assets were $7.12 billion at September 30, 2026, compared to $7.14 billion at June 30, 2026, and $5.25 billion at December 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.82 billion in assets. Total loans, net of allowance, increased to $4.80 billion at September 30, 2026, from $4.72 billion at June 30, 2026, and $3.27 billion at December 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.49 billion in total loans. The 1.6% sequential increase from the second quarter was driven by strong gains across all business lines including 1.4% sequential growth in the commercial portfolio.

Securities available for sale decreased slightly to $1.40 billion at September 30, 2026, compared to $1.47 billion at June 30, 2026, and $1.34 billion at December 31, 2025. Middlefield added $152.8 million to securities available for sale. During the quarter, the Company restructured $90.5 million of securities incurring a $10.3 million loss. The restructuring resulted in an increase in the yield of the securities sold from 1.61% to approximately 5.25%. This increase resulted in a payback period on the loss of 3.1 years. The Company also saw a decline in the value of the securities of $91.3 million during the quarter due to the rapid rise in U.S. Treasury rates. The Company anticipates continued rate volatility in the bond market in 2026 and 2027, which will continue to affect the value of the portfolio.

Total deposits declined to $5.81 billion at September 30, 2026, compared to $5.83 billion at June 30, 2026, and $4.34 billion at December 31, 2025. The increase since December was primarily due to the acquisition of Middlefield, which added $1.49 billion in deposits. The decline since June was primarily due to seasonal factors associated with the timing of deposit flows from public funds.

On December 15, 2026, the Company intends to pay off the remaining $72.0 million of fixed-to-floating rate subordinated notes due December 15, 2031. The interest rate on the notes is due to reset from 3.125% to approximately 6.20% on December 15, 2026. The Company believes that it has ample capital and liquidity to pay off the notes and its future financial performance will benefit from the early redemption.

Total stockholders’ equity declined to $716.5 million at September 30, 2026, from $784.0 million at June 30, 2026, and $485.7 million at December 31, 2025. The increase since December was primarily driven by the acquisition of Middlefield while the decline since June was primarily driven by a decrease in accumulated other comprehensive income offset by earnings net of dividends paid to shareholders.

Credit Quality

Non-performing loans increased to $47.9 million at September 30, 2026, from $44.6 million at June 30, 2026, and $26.2 million at December 31, 2025. Nonperforming loans to total loans were 0.99% at September 30, 2026, compared to 0.93% at June 30, 2026, and 0.79% at December 31, 2025. Loans 30-89 days delinquent were $23.4 million at September 30, 2026, or 0.48% of total loans, compared to $18.9 million, or 0.40% of total loans at June 30, 2026, and $16.9 million, or 0.51% of total loans at December 31, 2025.

The provision for credit losses and unfunded commitments was $2.8 million during the third quarter of 2026 compared to a provision for credit losses of $1.4 million in the third quarter of 2025. The provision was higher during the quarter primarily due to increased CECL factors associated with historical loss ratios. Annualized net charge-offs as a percentage of average loans were 0.22% in the third quarter of 2026, compared to 0.07% in the third quarter of 2025. The increase in net charge-offs was associated with the partial charge-off of a non-performing loan. The amount charged off was specifically reserved and had been recognized in loan loss provision expense in prior periods. The allowance for credit losses to total loans was 1.10% at September 30, 2026, 1.12% at June 30, 2026, and 1.11% at December 31, 2025.

Net Interest Income

Net interest income increased to $57.9 million in the third quarter of 2026, compared to $36.3 million in the third quarter of 2025. Average interest earning assets increased to $6.65 billion in the third quarter of 2026 compared to $4.92 billion in the third quarter of 2025. The increase was primarily driven by the acquisition of Middlefield. The net interest margin improved to 3.54% in the third quarter of 2026 compared to 3.00% in the third quarter of 2025. The year-over-year increase in net interest margin was due to the acquisition, higher yields on interest earning assets and lower funding costs on interest bearing liabilities. The net interest margin also increased as a result of the security restructuring in the third quarter of 2026. In addition, the Company saw greater accretion of loan marks in the third quarter associated with the payoff of a large Middlefield loan. Due to the benefit from the security restructuring, a steeper yield curve and higher overall treasury yields, the Company now expects the net interest margin to settle into a range of approximately 3.43% to 3.46% in the fourth quarter of 2026. Excluding acquisition marks, non-GAAP, the Company’s net interest margin was 3.39% in the third quarter of 2026, and 2.87% in the third quarter of 2025.

Noninterest Income

Noninterest income declined to $7.9 million in the third quarter of 2026 from $11.4 million in the third quarter of 2025. The decrease was driven by the $10.3 million loss on the sale of securities during the quarter offset by the Middlefield acquisition and continued growth in the Company’s wealth lines of business. Service charge income totaled $2.3 million in the third quarter of 2026 compared to $1.9 million in the third quarter of 2025 primarily due to the acquisition. Bank owned life insurance income was $1.1 million in the third quarter of 2026 compared to $852,000 in the third quarter of 2025. The addition of Middlefield was primarily responsible for the difference. Trust fees were $3.2 million for the third quarter of 2026, an increase of $433,000 from the $2.7 million reported in the third quarter of 2025. Strong growth in the Company’s trust business unit along with solid market conditions continues to drive revenue. Security losses in the third quarter of 2026 totaled $10.3 million compared to losses of $927,000 in the third quarter of 2025. The security restructuring during the third quarter of 2026 was the primary driver compared to a much smaller security restructuring in the third quarter of 2025. Investment commissions totaled $1.1 million in the third quarter of 2026 compared to $658,000 for the third quarter of 2025. The increase was primarily due to the addition of Middlefield, the continued additions of investment representatives to the program and strong stock market returns during 2026. Net gains on the sale of loans were $390,000 in the third quarter of 2026 compared to $559,000 in the third quarter of 2025. The rise in rates has hurt overall mortgage volumes and will continue to be a headwind to this line of business. Debit card income increased to $2.6 million in the third quarter of 2026 from $2.1 million in the third quarter of 2025. The increase was driven by the Middlefield acquisition. Other noninterest income increased to $5.0 million in the third quarter of 2026 compared to $954,000 in the third quarter of 2025. The full payoff of a troubled loan that had been partially charged off by Middlefield prior to the acquisition resulting in $3.9 million of income was the primary driver.

Noninterest Expense

Noninterest expense increased to $46.6 million in the third quarter of 2026 from $31.7 million in the third quarter of 2025 primarily as a result of the Middlefield acquisition and an increased level of acquisition and core conversion costs compared to the third quarter of 2025. Salaries and employee benefits increased to $22.5 million in the third quarter of 2026 from $16.0 million in the third quarter of 2025. The increase was primarily driven by annual raises and the Middlefield acquisition along with $600,000 in severance expense in the third quarter of 2026. Occupancy and equipment expenses increased to $5.7 million in the third quarter of 2026, compared to $4.4 million in the third quarter of 2025, primarily as result of the acquisition. Several categories of expense including occupancy and equipment should begin to see a decline in expense beginning in the fourth quarter of 2026 as the remainder of cost savings related to Middlefield begin to accrue post system conversion. FDIC insurance and state and local taxes were $2.0 million in the third quarter of 2026 compared to $1.2 million in the third quarter of 2025. The increase was due to the acquisition and increased franchise tax from higher levels of capital year-over-year. Merger related and system conversion costs totaled $6.1 million during the third quarter of 2026 compared to $3.1 million in the third quarter of 2025. Conversion costs and contract severance costs were the primary driver for this increase. Intangible amortization increased to $1.2 million in the third quarter of 2026 as a result of the acquisition of Middlefield compared to the $718,000 of amortization recorded in the third quarter of 2025. Core processing expense increased to $2.7 million in the third quarter of 2026 compared to $1.4 million in the third quarter of 2025. The increase was due to the acquisition. Other noninterest expense increased by $1.3 million to $4.7 million in the third quarter of 2026 primarily as a result of the acquisition and timing issues.

Liquidity

The Company had access to an additional $465.3 million in FHLB borrowing capacity at September 30, 2026, along with $453.8 million in available for sale securities that are available for pledging. The Company’s loan to deposit ratio was 83.6% at September 30, 2026.

About Farmers National Banc Corp.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $7.1 billion in banking assets. Farmers National Banc Corp.’s wholly owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 80 banking locations in Ohio and western Pennsylvania, and Farmers Trust Company, which operates trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2026, are $5.2 billion. Farmers National Insurance LLC, a wholly owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible book value per share, tangible common equity ratio, return on average tangible assets, return on average tangible equity, core EPS, net income excluding costs related to acquisition activities and certain items, return on average assets excluding acquisition costs and certain items, return on average equity excluding acquisition costs and certain items, net interest margin excluding acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.

Cautionary Statements Regarding Forward-Looking Statements

We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, U.S. and foreign country tariff policies, and possibility of a recession; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website ( www.farmersbankgroup.com) and on the SEC’s website ( www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

Percent

2026

2025

2026

2025

Change

88,522

86,094

67,117

59,418

59,366

241,732

174,374

38.6

30,580

30,062

24,549

22,398

23,059

85,190

68,949

23.6

57,942

56,032

42,568

37,020

36,307

156,542

105,425

48.5

2,792

2,437

(1,034

)

2,306

1,419

4,196

4,763

-11.9

7,927

14,413

13,688

12,098

11,430

36,027

34,032

5.9

6,106

1,695

3,981

925

3,123

11,782

3,123

0.0

40,536

39,179

33,337

28,153

28,556

113,051

84,258

34.2

16,435

27,134

19,972

17,734

14,639

63,540

47,313

34.3

1,900

4,099

3,708

3,096

2,178

9,706

7,364

31.8

14,535

23,035

16,264

14,638

12,461

53,834

39,949

34.8

59,301

59,223

44,874

37,705

37,677

54,487

37,626

0.25

0.39

0.36

0.39

0.33

0.99

1.07

0.25

0.39

0.36

0.39

0.33

0.99

1.06

0.18

0.17

0.52

0.51

3.54

3.44

3.12

3.05

3.00

3.38

2.92

68.00

55.60

63.97

57.11

62.66

62.29

59.68

50.19

53.21

56.96

55.00

56.43

53.12

57.20

0.81

1.29

1.11

1.12

0.96

1.07

1.04

7.45

11.82

11.55

12.17

11.26

10.13

12.46

0.85

1.35

1.15

1.16

1.00

1.11

1.07

12.27

19.54

18.13

19.90

19.46

16.49

22.18

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

111,919

164,754

186,083

92,357

92,345

1,403,531

1,473,698

1,484,198

1,343,457

1,301,766

63,482

60,539

54,858

45,397

44,245

3,144

2,862

1,919

1,516

4,975

4,854,818

4,776,477

4,800,064

3,304,713

3,337,780

53,531

53,285

54,684

36,811

39,528

4,801,287

4,723,192

4,745,380

3,267,902

3,298,252

736,000

715,839

703,038

495,241

493,992

7,119,363

7,140,884

7,175,476

5,245,870

5,235,575

1,415,970

1,368,145

1,334,021

994,122

994,604

4,392,800

4,462,969

4,587,364

3,348,656

3,405,911

5,808,770

5,831,114

5,921,385

4,342,778

4,400,515

521,646

455,374

435,108

367,733

321,581

72,462

70,444

52,093

49,634

47,530

6,402,878

6,356,932

6,408,586

4,760,145

4,769,626

716,485

783,952

766,890

485,725

465,949

7,119,363

7,140,884

7,175,476

5,245,870

5,235,575

59,249

59,233

59,215

37,653

37,647

12.09

13.24

12.95

12.90

12.38

6.93

8.05

7.74

7.98

7.44

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

11.98

12.00

11.70

12.02

11.62

14.82

14.91

14.63

15.46

15.08

12.47

12.50

12.19

12.51

12.10

9.40

9.38

11.21

8.92

8.75

10.06

10.98

10.69

9.26

8.90

6.02

6.98

6.68

5.94

5.54

67.44

66.14

66.13

62.29

63.00

83.58

81.91

81.06

76.10

75.85

47,938

44,636

59,854

26,215

35,344

48,107

44,827

59,977

26,370

35,519

23,391

18,869

14,700

16,947

16,083

2,906

3,803

729

5,192

869

7,438

2,315

280

170

285

295

333

735

871

2,626

3,633

444

4,897

536

6,703

1,444

0.22

0.30

0.05

0.59

0.07

0.20

0.06

1.10

1.12

1.14

1.11

1.18

0.99

0.93

1.25

0.79

1.06

0.48

0.40

0.31

0.51

0.48

111.67

119.38

91.36

140.42

111.84

0.68

0.63

0.84

0.50

0.68

For the Three Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2,058,757

2,022,733

2,078,421

1,398,116

1,428,583

598,720

592,431

591,406

340,224

351,213

1,238,920

1,230,110

1,219,766

850,300

850,112

372,256

360,685

349,656

181,544

176,609

288,805

272,890

265,136

257,795

251,557

283,390

285,027

284,014

265,565

269,025

4,840,848

4,763,876

4,788,399

3,293,544

3,327,099

For the Three Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

1,415,970

1,368,145

1,334,021

994,122

994,604

1,625,103

1,626,459

1,698,780

1,377,520

1,443,422

1,434,215

1,397,397

1,395,660

795,631

761,788

495,992

560,710

576,089

408,743

410,165

837,490

878,402

916,835

766,762

790,536

5,808,770

5,831,113

5,921,385

4,342,778

4,400,515

976,373

989,604

1,056,571

773,896

867,253

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

2,313

2,434

1,966

1,831

1,874

6,713

5,381

1,116

1,401

1,492

891

852

4,009

2,494

3,178

3,089

3,030

3,079

2,745

9,297

7,982

1,432

1,485

1,683

1,567

1,395

4,600

4,964

(10,342

)

(18

)

(927

)

10,338

)

(2,205

)

899

954

886

1,009

1,060

2,739

2,641

1,085

1,044

871

706

658

3,000

1,908

390

398

380

436

559

1,168

1,214

268

199

477

106

192

944

366

2,584

2,561

2,023

1,956

2,068

7,168

5,951

5,004

826

898

523

954

6,727

3,336

7,927

14,413

13,688

12,097

11,430

36,027

34,032

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

22,542

21,312

18,511

15,397

15,992

62,365

46,880

5,710

5,935

5,126

4,456

4,370

16,770

12,627

1,954

1,933

1,603

925

1,212

5,490

3,736

1,083

1,357

1,112

1,179

990

3,552

3,213

6,106

1,695

3,981

925

3,123

11,782

3,123

624

627

544

449

466

1,795

1,376

1,214

1,195

865

711

718

3,274

2,188

2,679

2,327

1,750

1,391

1,412

6,756

4,210

4,730

4,493

3,826

3,646

3,396

13,049

10,028

46,642

40,874

37,318

29,079

31,679

124,833

87,381

Three Months Ended

September 30, 2026

September 30, 2025

AVERAGE

YIELD/

AVERAGE

YIELD/

BALANCE

INTEREST (1)

RATE (1)

BALANCE

INTEREST (1)

RATE (1)

4,799,788

74,083

6.17

3,311,535

48,713

5.88

1,192,889

9,302

3.12

1,134,806

7,466

2.63

485,881

4,468

3.68

363,171

2,895

3.19

63,147

742

4.70

40,940

459

4.48

112,953

861

3.05

71,823

466

2.60

6,654,658

89,456

5.38

4,922,275

59,999

4.88

502,848

256,723

7,157,506

5,178,998

844,165

6,834

3.24

782,861

6,825

3.49

0.00

48,094

527

4.38

1,966,024

10,060

2.05

1,177,080

4,566

1.55

1,588,407

8,569

2.16

1,431,878

8,454

2.36

4,398,596

25,463

2.32

3,439,913

20,372

2.37

401,000

3,901

3.89

150,022

1,681

4.48

94,513

1,216

5.15

86,506

1,006

4.65

495,513

5,117

4.13

236,528

2,687

4.54

4,894,109

30,580

2.50

3,676,441

23,059

2.51

1,408,961

1,007,534

73,804

52,467

780,632

442,556

7,157,506

5,178,998

58,876

2.88

36,940

2.37

3.54

3.00

For the Nine Months Ended

September 30, 2026

September 30, 2025

AVERAGE

YIELD/

AVERAGE

YIELD/

BALANCE

INTEREST (1)

RATE (1)

BALANCE

INTEREST (1)

RATE (1)

4,466,028

202,384

6.04

3,282,794

142,683

5.80

1,183,247

24,942

2.81

1,137,393

21,946

2.57

459,131

12,358

3.59

368,209

8,785

3.18

57,038

2,195

5.13

41,760

1,462

4.67

114,457

2,428

2.83

70,407

1,405

2.66

6,279,901

244,307

5.19

4,900,563

176,281

4.80

437,959

243,133

6,717,860

5,143,696

852,342

20,675

3.23

751,144

20,041

3.56

0.00

95,634

3,112

4.34

1,805,618

26,286

1.94

1,146,098

12,861

1.50

1,573,823

24,927

2.11

1,421,764

24,314

2.28

4,231,783

71,888

2.27

3,414,640

60,328

2.36

345,770

9,910

3.82

168,480

5,634

4.46

92,677

3,392

4.88

86,358

2,987

4.61

438,447

13,302

4.05

254,838

8,621

4.51

4,670,230

85,190

2.43

3,669,478

68,949

2.51

1,288,072

992,824

51,050

54,014

708,508

427,380

6,717,860

5,143,696

159,117

2.76

107,332

2.29

3.38

2.92

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

7,119,363

7,140,884

7,175,476

5,245,870

5,235,575

7,119,363

5,235,575

306,018

307,000

308,463

185,301

186,013

306,018

186,013

6,813,345

6,833,884

6,867,013

5,060,569

5,049,562

6,813,345

5,049,562

7,157,506

7,119,745

5,862,096

5,225,497

5,178,998

6,717,860

5,143,696

306,603

307,881

204,198

186,844

186,479

273,269

187,207

6,850,903

6,811,864

5,657,898

5,038,653

4,992,519

6,444,591

4,956,489

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

716,485

783,952

766,890

485,725

465,949

716,485

465,949

306,018

307,000

308,463

185,301

186,013

306,018

186,013

410,467

476,952

458,427

300,424

279,936

410,467

279,936

780,632

779,455

563,048

481,061

442,556

708,508

427,380

306,603

307,881

204,198

186,844

186,479

273,269

187,207

474,029

471,574

358,850

294,217

256,077

435,239

240,173

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

14,535

23,035

16,264

14,638

12,461

53,834

39,949

4,840

1,365

3,418

398

2,467

9,625

2,467

474

8,170

113

760

8,206

1,680

28,019

24,413

19,704

15,149

15,688

72,139

44,097

0.47

0.41

0.44

0.40

0.42

1.32

1.17

1.57

1.37

1.16

1.21

1.43

1.14

14.36

12.53

14.22

12.60

14.18

13.58

13.76

23.64

20.71

22.31

20.60

24.51

22.10

24.48

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

58,876

56,953

43,295

37,653

36,940

159,124

107,332

7,927

14,413

13,688

12,097

11,430

36,027

34,032

10,342

143

962

10,387

2,127

77,145

71,383

57,011

49,893

49,332

205,538

143,491

45,428

39,679

36,453

28,368

30,961

121,559

85,193

600

6,106

1,695

3,981

925

3,123

11,782

3,123

38,722

37,984

32,472

27,443

27,838

109,177

82,070

50.19

53.21

56.96

55.00

56.43

53.12

57.20

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

2026

2025

2026

2025

58,876

56,953

43,295

37,653

36,940

159,117

107,332

2,544

2,658

1,817

1,894

1,677

7,019

5,559

225,328

217,180

165,912

143,036

141,052

202,797

135,697

6,654,658

6,626,548

5,546,319

4,937,016

4,922,275

6,279,901

4,900,563

6,654,658

6,626,521

5,546,250

4,936,929

4,922,186

6,279,869

4,900,465

3.39

3.28

2.99

2.90

2.87

3.23

2.77