Norwood Financial Corp announces First Quarter Financial Results

Quarterly Highlights:

• Successfully closed acquisition of Presence Bancshares.
• Completed core system conversion April 13, 2026.
• Total assets $2.9 billion.
• Record Net Interest Income of $24.6 million.
• Tangible Book Value per share $22.43.
  
  

HONESDALE, Pa., April 27, 2026 (GLOBE NEWSWIRE) -- Norwood Financial Corp (the “Company”) (Nasdaq Global Market-NWFL) the holding company of Wayne Bank, announced results for the first quarter ended March 31, 2026.

Jim Donnelly, President and Chief Executive Officer, stated, “We are pleased to announce our first quarter results as they reflect the underlying strength of our franchise and the progress we are making in a challenging operating environment. On an adjusted basis, we delivered solid pre-provision net revenue growth, expanded our net interest spread and margin, and improved returns on both assets and tangible equity year over year. While reported results were impacted by merger-related and restructuring expenses this quarter, we remain focused on disciplined execution, expense management, and long-term value creation for our shareholders, especially with the strength of our recently integrated teams.”

(dollars in thousands, except per share data)Year-Over YearLinked Quarter3 Months Ended3 Months EndedMar-26Mar-25ChangeDec-25ChangeNet interest income$24,554 $17,857 $6,697 $20,944 $3,610 Net interest spread (fte) 1 3.04% 2.61%43 bps 2.93%11 bpNet interest margin (fte) 1 3.68% 3.30%38 bps 3.60%8 bpsPre Provision Net Revenue (PPNR) 1$6,279 $8,144 $(1,865)$9,836 $(3,557)Net income (loss)$3,730 $5,773 $(2,043)$7,442 $(3,712)Diluted earnings per share$0.35 $0.63 $(0.28)$0.81 $(0.46)Return on average assets 0.53% 1.01%-48 bps 1.21%-68 bpsReturn on average tangible equity 6.04% 12.40%-636 bps 14.01%-797 bps1 - Non GAAP ratio. See Non-GAAP Reconciliation    

Excluding merger-related expenses and 2026 BOLI Restructuring Fees (see Non-GAAP reconciliations)(dollars in thousands, except per share data)Year-Over YearLinked Quarter3 Months Ended3 Months EndedMar-26Mar-25ChangeDec-25ChangePre Provision Net Revenue (PPNR)$11,445 $8,144 $3,301 $10,356 $1,089 Net income (loss)$7,811 $5,773 $2,038 $7,853 $(42)Diluted earnings per share$0.72 $0.63 $0.09 $0.85 $(0.13)Return on average assets 1.10% 1.01%9 bps 1.28%-18 bpsReturn on average tangible equity 12.65% 12.40%25 bps 14.78%-213 bps      

Discussion of financial results for the three months ended March 31, 2026 (all comparison year-Q1 2026 to Q1 2025, unless otherwise noted): 

• Net income of $3.7 million, a decrease of $2.0 million.
• Net interest income increased mostly due to the addition of the Presence Bancshares balance sheet on January 5, 2026.
• Net interest margin (NIM) was 3.68% compared to 3.30%. On a linked quarter basis the NIM increased 8 basis points from 3.60%.
• Non-interest income increased $204 thousand on a linked quarter basis.
• Total assets were $2.917 billion, compared to $2.376 billion, an increase of 22.8%.
• Loans receivable were $2.238 billion, compared to $1.771 billion, an increase of 26.4%.
• Total deposits were $2.507 billion, compared to $2.004 billion, an increase of 25.1%.
• Tangible Common Equity as a percent of Tangible Assets was 8.49%, versus 8.15%.
• Tangible Book Value (TBV) per share was $22.43 compared to $20.66 an increase of $1.77. TBV per share decreased $0.47 or 2.1% on a linked quarter basis due to the acquisition of PB Bancshares (see below), payment of our common dividend, and a decrease in the value of our available-for-sale portfolio as reflected in Other Comprehensive Income (OCI).
  
  

Discussion of Merger and Purchase Accounting Impacts

The acquisition of PB Bancshares closed on January 5, 2026 (the “Closing Date”). The following are some relevant statistics regarding the impact of Purchase Accounting adjustments as well as Merger Related Charges that were calculated as of the Closing Date.

• • At closing, but before any merger adjustments, PB Bancshares had:
    • Loans - $356 million
    • Investments – $20.8 million
    • Deposits - $358 million
    • Borrowings - $42 million
  • Tangible Book Value (TBV) per share as of the Closing Date was calculated to be $22.38/share. At December 31, 2025 the TBV/share for Norwood was $22.90/share. This implies a TBV/share dilution of $0.52 or 2.24%. The estimated TBV/share dilution at announcement was $0.92 or 4.20%.
  • Subsequent declines in TBV/Share through March 31, 2026 were due to negative AOCI marks on the investment portfolio and common dividends declared.
  • The Core Deposit Intangible (CDI) was calculated to be $3.3 million at closing. At announcement the estimated CDI was $4.9 million.
  • The estimate for merger related expenses was $7.1 million versus $6.1 million incurred to date.
  • The net Goodwill created as a result of the transaction was $7.1 million.
  • The Pre-Tax impact of purchase accounting accretion during the quarter was a positive $435 thousand.
    
    

About Norwood Financial Corp 
Norwood Financial Corp, through its subsidiary, Wayne Bank operates 33 Community Offices serving Wayne, Pike, Monroe, Lackawanna, Luzerne, Chester, Cumberland, and Lancaster Counties in Pennsylvania, along with Delaware, Sullivan, Otsego, Ontario, and Yates Counties in New York. The Company has total assets of $2.9 billion. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”. For more information, visit wayne.bank. 

Forward-Looking Statements

In addition to historical information, this earnings release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describes the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules.

The Company has provided in this news release supplemental disclosures for the calculation of Return on Average Assets, Return on Average Tangible Shareholders’ Equity, Basic Earnings per Share, Diluted Earnings per Share, Tangible Book Value and Pre Provision Net Revenue. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies.

Contact:John M. McCaffery
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
272-304-3003
www.waynebank.com  

NORWOOD FINANCIAL CORP    Consolidated Balance Sheets     (dollars in thousands, except share and per share data)   (unaudited)      March 31  2026 2025ASSETS    Cash and due from banks$25,480 $31,729 Interest-bearing deposits with banks 75,258  43,678 Fed funds sold 1,835  0 Cash and cash equivalents 102,573  75,407      Securities available for sale 431,204  408,742 Loans receivable 2,238,657  1,771,269 Less: Allowance for credit losses 24,350  20,442 Net loans receivable 2,214,307  1,750,827 Regulatory stock, at cost 7,161  7,616 Bank premises and equipment, net 25,299  20,273 Bank owned life insurance 55,078  46,914 Foreclosed real estate owned 771  - Accrued interest receivable 10,815  8,587 Deferred tax assets, net 19,728  17,859 Goodwill 36,375  29,266 Other intangible assets 3,318  136 Other assets 10,625  10,417 TOTAL ASSETS$2,917,254 $2,376,044      LIABILITIES    Deposits:    Non-interest bearing demand$470,706 $391,377 Interest-bearing 2,035,992  1,613,071 Total deposits 2,506,698  2,004,448 Other borrowings 88,268  118,590 Accrued interest payable 9,692  13,864 Other liabilities 28,658  18,435 TOTAL LIABILITIES 2,633,316  2,155,337      STOCKHOLDERS' EQUITY    Preferred Stock, no par value per share, authorized 5,000,000 shares -  - Common Stock, $.10 par value per share, authorized: 20,000,000 shares, issued: 2025: 11,181,491 shares, 2024: 9,489,398 shares1,118  949 Surplus 174,078  126,785 Retained earnings 140,843  127,865 Treasury stock, at cost: 2025: 291,325 shares, 2024: 229,979 shares (7,970) (6,208)Accumulated other comprehensive loss (24,131) (28,684)TOTAL STOCKHOLDERS' EQUITY 283,938  220,707      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,917,254 $2,376,044      

NORWOOD FINANCIAL CORP    Consolidated Statements of Income     (dollars in thousands, except per share data)   (unaudited)       Three Months Ended March 31,  2026 2025INTEREST INCOME    Loans receivable, including fees$33,873 $25,988 Securities 4,110  3,870 Other 400  226 Total Interest income 38,383  30,084      INTEREST EXPENSE    Deposits 12,787  10,748 Short-term borrowings 60  458 Other borrowings 982  1,021 Total Interest expense 13,829  12,227 NET INTEREST INCOME 24,554  17,857 PROVISION FOR CREDIT LOSSES$1,459 $857 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 23,095  17,000           OTHER INCOME    Service charges and fees 1,755  1,513 Income from fiduciary activities 238  325 Gains on sales of loans, net 76  47 Earnings and proceeds on life insurance policies314  286 Other 332  180 Total other income 2,715  2,351      OTHER EXPENSES    Salaries and employee benefits 8,549  6,472 Occupancy, furniture and equipment 1,725  1,378 Data processing and related operations 1,435  1,085 Taxes, other than income 202  192 Professional fees 826  659 FDIC Insurance assessment 507  406 Foreclosed real estate 36  4 Amortization of intangibles 165  15 Merger 4,941  0 Other 2,604  1,853 Total other expenses 20,990  12,064      INCOME BEFORE TAX EXPENSE 4,820  7,287 INCOME TAX EXPENSE 1,090  1,514 NET INCOME$3,730 $5,773      Basic earnings per share$0.35 $0.63      Diluted earnings per share$0.35 $0.63      

NORWOOD FINANCIAL CORPNET INTEREST MARGIN ANALYSIS(dollars in thousands)                    For the Quarter Ended March 31, 2026December 31, 2025March 31, 2025 Average AverageAverage AverageAverage Average BalanceInterest   Rate BalanceInterest    Rate BalanceInterest    Rate  (2)(1)(3)(2)(1)(3)(2)(1)(3)Assets                  Interest-earning assets:                  Fed funds sold$933  11 4.78 %$    %$    %Interest-bearing deposits with banks 72,896 $389 2.16   46,766 $474 4.02   20,802 $226 4.41  Securities available for sale:                  Taxable 415,567  3,859 3.77   400,094  3,656 3.63   408,427  3,623 3.60  Tax-exempt (1) 44,634  318 2.89   44,700  316 2.80   44,242  312 2.86  Total securities available for sale (1) 460,201  4,177 3.68   444,794  3,972 3.54   452,669  3,935 3.53  Loans receivable (1) (4) (5) 2,195,033  33,999 6.28   1,835,902  28,786 6.22   1,743,572  26,120 6.08  Total interest-earning assets 2,729,063  38,576 5.73   2,327,462  33,232 5.66   2,217,043  30,281 5.54  Non-interest earning assets:                  Cash and due from banks 30,663      31,388      28,705     Allowance for credit losses (23,391)     (20,070)     (20,154)    Other assets 131,739      102,792      93,131     Total non-interest earning assets 139,011      114,110      101,682     Total Assets $2,868,074     $2,441,572     $2,318,725     Liabilities and Stockholders' Equity                  Interest-bearing liabilities:                  Interest-bearing demand and money market$723,966 $3,462 1.94  $640,265 $3,324 2.06  $546,884 $2,801 2.08  Savings 218,829  137 0.25   198,463  106 0.21   211,905  142 0.27  Time 1,040,656  9,188 3.58   848,216  7,904 3.70   793,803  7,805 3.99  Total interest-bearing deposits 1,983,451  12,787 2.61   1,686,944  11,334 2.67   1,552,592  10,748 2.81  Short-term borrowings 6,358  60 3.83   2,461  25 4.03   44,297  458 4.19  Other borrowings 95,152  982 4.19   68,025  743 4.33   93,549  1,021 4.43  Total interest-bearing liabilities 2,084,961  13,829 2.69   1,757,430  12,102 2.73   1,690,438  12,227 2.93  Non-interest bearing liabilities:                  Demand deposits 458,126      413,238      380,544     Other liabilities 35,188      30,781      29,549     Total non-interest bearing liabilities 493,314      444,019      410,093     Stockholders' equity 289,799      240,123      218,194     Total Liabilities and Stockholders' Equity$2,868,074     $2,441,572     $2,318,725     Net interest income/spread (tax equivalent basis)   24,747 3.04 %   21,130 2.93 %   18,054 2.61 %Tax-equivalent basis adjustment   (193)     (186)     (197)  Net interest income  $24,554     $20,944     $17,857   Net interest margin (tax equivalent basis)    3.68 %    3.60 %    3.30 %                   (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.(2) Average balances have been calculated based on daily balances.(3) Annualized(4) Loan balances include non-accrual loans and are net of unearned income.(5) Loan yields include the effect of amortization of deferred fees, net of costs.                   

NORWOOD FINANCIAL CORPFinancial Highlights (Unaudited)(dollars in thousands, except per share data)     For the Three Months Ended March 31 2026 2025     Net interest income$24,554 $17,857 Net income 3,730  5,773      Net interest spread (fully taxable equivalent) 3.04%  2.61% Net interest margin (fully taxable equivalent) 3.68%  3.30% Return on average assets 0.53%  1.01% Return on average equity 5.22%  10.73% Return on average tangible equity 6.04%  12.40% Basic earnings per share$0.35 $0.63 Diluted earnings per share$0.35 $0.63      As of March 31 2026 2025     Total assets$2,917,254 $2,376,044 Total loans receivable 2,238,657  1,771,269 Allowance for credit losses 24,350  20,442 Total deposits 2,506,698  2,004,448 Stockholders' equity 283,938  220,707 Trust assets under management 213,318  198,761      Book value per share$26.07 $23.84 Tangible book value per share$22.43 $20.66 Equity to total assets 9.73%  9.29% Allowance to total loans receivable 1.09%  1.15% Nonperforming loans to total loans 0.46%  0.45% Nonperforming assets to total assets 0.38%  0.33%      

NORWOOD FINANCIAL CORPConsolidated Balance Sheets (unaudited)(dollars in thousands)  March 31 December 31 September 30 June 30 March 31  2026 2025 2025 2025 2025ASSETS          Cash and due from banks$25,480 $32,118 $50,348 $32,052 $31,729 Interest-bearing deposits with banks 75,258  12,318  24,382  20,993  43,678 Fed Funds Sold 1,835         Cash and cash equivalents 102,573  44,436  74,730  53,045  75,407            Securities available for sale 431,204  408,782  403,989  402,460  408,742 Loans receivable 2,238,657  1,853,422  1,814,682  1,790,574  1,771,269 Less: Allowance for credit losses 24,350  19,882  19,911  20,908  20,442 Net loans receivable 2,214,307  1,833,540  1,794,771  1,769,666  1,750,827 Regulatory stock, at cost 7,161  6,623  6,163  7,538  7,616 Bank owned life insurance 55,078  46,089  45,821  46,099  46,914 Bank premises and equipment, net 25,299  22,971  22,292  21,608  20,273 Foreclosed real estate owned 771  771  -  -  - Goodwill and other intangibles 39,693  29,364  29,375  29,387  29,402 Other assets 41,168  32,266  34,810  35,547  36,863 TOTAL ASSETS$2,917,254 $2,424,842 $2,411,951 $2,365,350 $2,376,044            LIABILITIES          Deposits:          Non-interest bearing demand$470,706 $419,597 $424,027 $406,358 $391,377 Interest-bearing deposits 2,035,992  1,659,048  1,649,941  1,591,476  1,613,071 Total deposits 2,506,698  2,078,645  2,073,968  1,997,834  2,004,448 Borrowings 88,268  74,133  72,071  111,850  118,590 Other liabilities 38,350  29,907  31,007  30,241  32,299 TOTAL LIABILITIES 2,633,316  2,182,685  2,177,046  2,139,925  2,155,337            STOCKHOLDERS' EQUITY 283,938  242,157  234,905  225,425  220,707            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$2,917,254 $2,424,842 $2,411,951 $2,365,350 $2,376,044            

NORWOOD FINANCIAL CORPConsolidated Statements of Income (unaudited)(dollars in thousands, except per share data)  March 31 December 31 September 30 June 30 March 31Three months ended 2026 2025 2025 2025 2025INTEREST INCOME          Loans receivable, including fees$33,873 $28,666 $28,141 $27,115 $25,988 Securities 4,110  3,906  3,907  3,871  3,870 Other 400  474  144  220  226 Total interest income 38,383  33,046  32,192  31,206  30,084            INTEREST EXPENSE          Deposits 12,787  11,334  10,730  10,869  10,748 Borrowings 1,042  768  1,004  1,272  1,479 Total interest expense 13,829  12,102  11,734  12,141  12,227 NET INTEREST INCOME 24,554  20,944  20,458  19,065  17,857 PROVISION FOR (RELEASE OF) CREDIT LOSSES 1,459  468  (502) 950  857 NET INTEREST INCOME AFTER (RELEASE OF) PROVISION        FOR CREDIT LOSSES 23,095  20,476  20,960  18,115  17,000            OTHER INCOME          Service charges and fees 1,755  1,734  1,660  1,514  1,513 Income from fiduciary activities 238  228  254  226  325 Net realized (losses) gains on sales of securities -  -  -  -  - Gains on sales of loans, net 76  83  130  65  47 Gains on sales of foreclosed real estate owned -  -  -  -  - Earnings and proceeds on life insurance policies 314  268  268  266  286 Other 332  198  193  177  180 Total other income 2,715  2,511  2,505  2,248  2,351            OTHER EXPENSES          Salaries and employee benefits 8,549  7,155  6,696  6,605  6,472 Occupancy, furniture and equipment, net 1,725  1,390  1,361  2,538  1,378 Foreclosed real estate 36  -  1  137  4 FDIC insurance assessment 507  423  368  355  406 Other 10,173  4,651  4,508  2,896  3,804 Total other expenses 20,990  13,619  12,934  12,531  12,064            INCOME BEFORE TAX EXPENSE 4,820  9,368  10,531  7,832  7,287 INCOME TAX EXPENSE 1,090  1,926  2,197  1,627  1,514 NET INCOME$3,730 $7,442 $8,334 $6,205 $5,773            Basic earnings per share$0.35 $0.81 $0.89 $0.67 $0.63            Diluted earnings per share$0.35 $0.81 $0.89 $0.67 $0.63            Book Value per share$26.07 $26.06 $25.36 $24.34 $23.84 Tangible Book Value per share 22.43  22.90  22.19  21.17  20.66            Return on average assets (annualized) 0.53%  1.21%  1.40%  1.06%  1.01% Return on average equity (annualized) 5.22%  12.30%  14.58%  11.14%  10.73% Return on average tangible equity (annualized) 6.04%  14.01%  16.76%  12.83%  12.40%            Net interest spread (fte) 3.04%  2.93%  2.94%  2.75%  2.61% Net interest margin (fte) 3.68%  3.60%  3.63%  3.43%  3.30%            Allowance for credit losses to total loans 1.09%  1.07%  1.10%  1.17%  1.15% Net charge-offs to average loans (annualized) 0.09%  0.13%  0.13%  0.08%  0.07% Nonperforming loans to total loans 0.46%  0.34%  0.36%  0.45%  0.45% Nonperforming assets to total assets 0.38%  0.29%  0.31%  0.34%  0.33%                 

NORWOOD FINANCIAL CORPReconciliation of Non-GAAP Adjustments for Merger-Related Expenses and BOLI Restructuring Fee                     Adjusted Return on Average Assets         (Dollars in thousands)           Three Months Ended Three Months Ended Three Months Ended  March 31, December 31, March 31,  2025 2025 2026Net income$5,773  $7,442   3,730  Average assets 2,318,725   2,441,572   2,868,074  Return on average assets (annualized) 1.01 % 1.21 % 0.53 %Net income 5,773   7,442   3,730  Merger-related expenses 0   520   4,941  Boli restructuring fee 0   0   225  Tax effect at 21% 0   (109)  (1,085) Adjusted Net Income (Non-GAAP) 5,773   7,853   7,811  Average assets 2,318,725   2,441,572   2,868,074  Adjusted return on average assets (annualized)         (Non-GAAP) 1.01 % 1.28 % 1.10 %                              Adjusted Return on Average Tangible Shareholders' Equity         (Dollars in thousands)           Three Months Ended Three Months Ended Three Months Ended  March 31, December 31, March 31,  2025 2025 2026Net income$5,773  $7,442   3,730  Average shareholders' equity 218,194   240,123   289,799  Average intangible assets (29,424)  (29,369)  (39,334) Average tangible shareholders' equity 188,770   210,754   250,465  Return on average tangible shareholders' equity (annualized) 12.40 % 14.01 % 6.04 %Net income 5,773   7,442   3,730  Merger-related expenses 0   520   4,941  Boli restructuring fee 0   0   225  Tax effect at 21% 0   (109)  (1,085) Adjusted Net Income (Non-GAAP) 5,773   7,853   7,811  Average tangible shareholders' equity 188,770   210,754   250,465  Adjusted return on average shareholders' equity (annualized)        (Non-GAAP) 12.40 % 14.78 % 12.65 %                              Adjusted Earnings Per Share         (Dollars in thousands)           Three Months Ended Three Months Ended Three Months Ended  March 31, December 31, March 31,  2025 2025 2026GAAP-Based Earnings Per Share, Basic$0.63  $0.81  $0.35  GAAP-Based Earnings Per Share, Diluted$0.63  $0.81  $0.35  Net Income 5,773   7,442   3,730  Merger-related expenses 0   520   4,941  Boli restructuring fee 0   0   225  Tax effect at 21% 0   (109)  (1,085) Adjusted Net Income (Non-GAAP) 5,773   7,853   7,811  Adjusted Earnings per Share, Basic (Non-GAAP)$0.63  $0.85  $0.73  Adjusted Earnings per Share, Diluted (Non-GAAP)$0.63  $0.85  $0.72                                Tangible Book Value         (Dollars in thousands)                     December 31, March 31,     2025 2026   Total shareholders' equity 242,157   283,938     Adjustments:         Goodwill (29,266)  (36,375)    Other intangible assets (98)  (3,319)    Tangible common equity (Non-GAAP) 212,793   244,244     Common shares outstanding 9,293,858   10,890,166     Book value per common share 26.06   26.07     Tangible book value per common share (Non-GAAP) 22.90   22.43               

NORWOOD FINANCIAL CORPReconciliation of Non-GAAP Adjustments for Merger-Related Expenses and BOLI Restructuring Fee       Pre Provision Net Revenue      (Dollars in thousands)               Three Months Ended March 31,
  2026 2025Income before tax expense (GAAP)$4,820 $7,287 Provision for credit losses 1,459  857 Pre provision net revenue (PPNR) (Non-GAAP) 6,279  8,144 Merger-related expenses 4,941  0 BOLI restructuring fee 225  0 PPNR adjusted for one time expenses (Non-GAAP) 11,445  8,144                        Three Months Ended December 31,
     2025
  Income before tax expense (GAAP)$9,368    Provision for credit losses 468    Pre provision net revenue (PPNR) (Non-GAAP) 9,836    Merger-related expenses 520    PPNR adjusted for one time expenses (Non-GAAP) 10,356