Market Newsdesk

MALVERN, Pa., April 23, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-founder of Ocugen will present at Oppenheimer’s 3^rd Annual Innovation on the Island Biotech Summit from April 27-29, 2026 in Rio Grande, Puerto Rico; and Abhi Gupta, MBA, Executive Vice President, Commercial and Business Development at Ocugen will present at the 2026 Cell & Gene Meeting on the Mediterranean being held April 28-30, 2026 in Rome, Italy.

“I look forward to sharing our story with new audiences and building enthusiasm for why now is the time to get to know Ocugen,” said Dr. Musunuri. “Our gene-agnostic approach to addressing all mutations related to major blindness diseases has the potential to be first-in-class—disrupting existing treatment paradigms and bringing gene therapy to the masses. With our planned BLA submission for OCU400 beginning later this year, commercialization is within reach.”

Innovation on the Island will include panels, company presentations, and networking opportunities. Biotech investors based in Puerto Rico as well as the continental United States will be in attendance.

The Cell & Gene Meeting on the Med brings together the ATMP community from Europe and beyond and covers a wide range of commercialization topics from market access and regulatory issues to manufacturing and financing. Ocugen is a proud member and collaborator with the meeting’s organizer, the Alliance for Regenerative Medicine.

Details on the Company presentations are as follows:

Innovation on the Island

Date: Tuesday, April 28, 2026
Time: 8:20 a.m. AST
Location: Four Seasons Bahia Beach Resort

Meeting on the Med

Date: Tuesday, April 28, 2026
Time: 4:30 p.m. CEST
Location: Rome Cavalieri, Salone dei Cavalieri, Section 1

Executive Leadership looks forward to providing updates on Ocugen’s novel modifier gene therapy platform, including near-term key catalysts, during one-on-one opportunities at these important conferences.

About Ocugen, Inc.

Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late-stage dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on X and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
AVP, Head of Communications
[email protected]

LUXEMBOURG, April 23, 2026 (GLOBE NEWSWIRE) — Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the first quarter 2026.

“We are off to a strong start in 2026. For the quarter, we grew Service revenue by 10%, and pretax GAAP earnings by $4.9 million and cash provided by operating activities by $9.4 million, compared to the first quarter of 2025, primarily from sales wins and lower debt related interest and transaction costs. More importantly, we are seeing strength in both business segments. The Origination segment grew first quarter Service revenue by 71% and Adjusted EBITDA⁽¹⁾ by 166% compared to last year, primarily from sales wins and a stronger origination market. The Servicer and Real Estate segment is positioned extremely well with Hubzu inventory at 17,200 homes as of the end of the first quarter and exciting first quarter sales wins in the Title and Foreclosure Trustee businesses,” said William B. Shepro, Chairman and Chief Executive Officer.

First Quarter
2026
Highlights

⁽²⁾

Company, Corporate and Financial:

• First quarter Service revenue of $45.1 million was $4.2 million, or 10%, higher than the same quarter of 2025
• First quarter Income before income taxes and non-controlling interests of $0.4 million was a $4.9 million improvement compared to the same quarter of 2025
• First quarter Net loss attributable to Altisource of $0.6 million was a $4.7 million improvement compared to the same quarter of 2025
• First quarter Diluted loss per share of $(0.06) was a $0.68 improvement compared to the same quarter of 2025
• First quarter Adjusted diluted earnings per share⁽¹⁾ of $0.19 was a $0.21 improvement compared to the same quarter of 2025
• First quarter Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”)⁽¹⁾ of $4.4 million was $(0.8) million, or (15)% lower than the same quarter of 2025
• First quarter Adjusted EBITDA⁽¹⁾ margin of 10% was lower than the 13% Adjusted EBITDA⁽¹⁾ margin in the same quarter of 2025 largely due to revenue mix
• First quarter Cash provided by operating activities of $4.5 million was a $9.4 million improvement, compared to the same quarter of 2025, and we ended the quarter with $30.3 million of cash and cash equivalents

Business and Industry:

• Adjusted EBITDA⁽¹⁾ in the Servicer and Real Estate and Origination segments (together “Business Segments”) was $12.0 million, or 26.7% of Service revenue, compared to $12.5 million, or 30.5% of Service revenue, in the same quarter of 2025 primarily due to a change in revenue mix.
• Generated sales wins which we estimate represent potential annualized service revenue on a stabilized basis of $12.4 million for the Servicer and Real Estate segment and $4.7 million for the Origination segment
• Driven by recent sales wins, total Hubzu inventory has more than tripled since September 30, 2025

	(in thousands)		September 30, 2025		December 31, 2025		March 31, 2026
	Foreclosure Auction Inventory(5)		4.0		4.9		14.0
	REO Inventory – Customers other than Rithm		0.7		1.4		2.3
	REO Inventory – Rithm		1.0		1.0		0.9
	Total Hubzu Inventory		5.7		7.3		17.2

• Ended the quarter with a weighted average sales pipeline between $25.7 million and $32.1 million of potential estimated annual revenue on a stabilized basis based upon forecasted probability of closing (comprising of between $10.4 million and $13.0 million in the Servicer and Real Estate segment and between $15.3 million and $19.1 million in the Origination segment)
• Industrywide foreclosure initiations were 5% higher for the two months ended February 28, 2026 compared to the same period in 2025 (although still 14% lower than the same pre-COVID-19 period in 2019)⁽³⁾
• Industrywide foreclosure sales were 27% higher for the two months ended February 28, 2026 compared to the same period in 2025 (although still 42% lower than the same pre-COVID-19 period in 2019)⁽³⁾
• Industrywide mortgage origination volume increased by 42% for the three months ended March 31, 2026 compared to the same period in 2025, comprised of a 19% increase in purchase origination and a 91% increase in refinancing origination⁽⁴⁾

First Quarter
2026
Financial Results

• Service revenue of $45.1 million
• Income from operations of $1.7 million
• Income before income taxes and non-controlling interests of $0.4 million
• Net loss attributable to Altisource of $(0.6) million
• Adjusted EBITDA⁽¹⁾ of $4.4 million
• Diluted loss per share of $(0.06)
• Adjusted diluted earnings per share⁽¹⁾ of $0.19

First Quarter
2026
Results Compared to the
First Quarter
2025
(unaudited):

(in thousands, except per share data)	First Quarter 2026				First Quarter 2025				% Change
Service revenue	$	45,089			$	40,895			10
Revenue		47,584				43,439			10
Gross profit		13,111				13,325			(2	)
Income from operations		1,725				3,245			(47	)
Adjusted operating income(1)		4,411				5,199			(15	)
Income (loss) before income taxes and non-controlling interests		356				(4,529	)		108
Pretax income (loss) attributable to Altisource(1)		252				(4,602	)		105
Adjusted pretax income attributable to Altisource(1)		2,938				332			N/M
Adjusted EBITDA(1)		4,449				5,262			(15	)
Net loss attributable to Altisource		(635	)			(5,344	)		88
Adjusted net income (loss) attributable to Altisource(1)		2,136				(144	)		N/M
Diluted loss per share		(0.06	)			(0.74	)		92
Adjusted diluted earnings (loss) per share(1)		0.19				(0.02	)		N/M
Net cash provided by (used in) operating activities		4,453				(4,972	)		190
Net cash provided by (used in) operating activities less additions to premises and equipment(1)		4,315				(4,997	)		186
Margins:
Gross profit / service revenue		29	%			33	%
Adjusted EBITDA(1) / service revenue		10	%			13	%
______________________ N/M — not meaningful.

•	First quarter 2025 loss before income taxes and non-controlling interests includes $3.0 million of Debt Exchange Transaction expenses (no comparative amount for the first quarter 2026).
________________________
(1)	This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein
(2)	Applies to the first quarter 2026 unless otherwise indicated
(3)	Based on data from ICE’s Mortgage Monitor and First Look reports with data through February 2026
(4)	Based on estimated number of loans originated as reported by the Mortgage Bankers Association’s Mortgage Finance Forecast dated March 23, 2026
(5)	Altisource does not provide foreclosure auction services to Rithm

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements that relate to, among other things, future events or our future financial / operating performance or financial condition. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “will,” “plan,” “estimate,” “seek,” “believe,” “potential” or “continue” or the negative of these terms and comparable terminology. Such statements are based on expectations as to the future and are not statements of historical fact. Furthermore, forward-looking statements are not guarantees of future performance and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in Item 1A of Part I “Risk Factors” in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 4, 2026. We caution you not to place undue reliance on these forward-looking statements which reflect our view only as of the date of this report. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, risks related to customer concentration, impacts to default related referrals occasioned by government, investor or servicer actions, the use and success of our products and services, our ability to retain existing customers and attract new customers and the potential for expansion or changes in our customer relationships, technology disruptions, our compliance with applicable data requirements, our use of third party vendors and contractors, our ability to effectively manage potential conflicts of interest, macro-economic and industry specific conditions, our ability to effectively manage our regulatory and contractual obligations, the adequacy of our financial resources, including our sources of liquidity and ability to repay borrowings and comply with our debt agreements, including the financial and other covenants contained therein, as well as Altisource’s ability to retain key executives or employees, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies. The financial projections and scenarios contained in this press release are expressly qualified as forward-looking statements and, as with other forward-looking statements, should not be unduly relied upon. We undertake no obligation to update these statements, scenarios and projections as a result of a change in circumstances, new information or future events, except as required by law.

Webcast

Altisource will host a webcast at 08:30 a.m. EDT today to discuss our first quarter. A link to the live audio webcast will be available on Altisource’s website in the Investor Relations section. Those who want to listen to the call should go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

About Altisource
^®

Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. Additional information is available at www.altisource.com. 

FOR FURTHER INFORMATION CONTACT:

Michelle D. Esterman
Chief Financial Officer
T: (770) 612-7007
E: [email protected] 

ALTISOURCE PORTFOLIO SOLUTIONS S.A. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited)
		Three months ended March 31,
		2026				2025
Service revenue		$	45,089			$	40,895
Reimbursable expenses			2,391				2,471
Non-controlling interests			104				73
Total revenue			47,584				43,439
Cost of revenue			34,473				30,114
Gross profit			13,111				13,325
Selling, general and administrative expenses			11,386				10,080
Income from operations			1,725				3,245
Other income (expense), net:
Interest expense			(2,109	)			(4,938	)
Debt exchange transaction expenses			—				(2,980	)
Other income (expense), net			740				144
Total other income (expense), net			(1,369	)			(7,774	)
Income (loss) before income taxes and non-controlling interests			356				(4,529	)
Income tax provision			(887	)			(742	)
Net loss			(531	)			(5,271	)
Net income attributable to non-controlling interests			(104	)			(73	)
Net loss attributable to Altisource		$	(635	)		$	(5,344	)
Loss per share:
Basic		$	(0.06	)		$	(0.74	)
Diluted		$	(0.06	)		$	(0.74	)
Weighted average shares outstanding:
Basic			11,111				7,265
Diluted			11,111				7,265
Comprehensive loss:
Net loss		$	(531	)		$	(5,271	)
Comprehensive income attributable to non-controlling interests			(104	)			(73	)
Comprehensive loss attributable to Altisource		$	(635	)		$	(5,344	)

ALTISOURCE PORTFOLIO SOLUTIONS S.A. CONSOLIDATED BALANCE SHEETS (in thousands, except for per share data) (unaudited)
	March 31, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	30,340			$	26,603
Accounts receivable, net of allowance for credit losses of $1,855 and $2,492, respectively		20,691				17,984
Prepaid expenses and other current assets		7,799				9,690
Total current assets		58,830				54,277
Premises and equipment, net		333				253
Right-of-use assets under operating leases		943				1,117
Goodwill		55,960				55,960
Intangible assets, net		15,661				17,085
Deferred tax assets, net		6,246				6,342
Other assets		4,181				4,767
Total assets	$	142,154			$	139,801
LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	43,725			$	39,595
Current portion of long-term debt		1,225				1,225
Deferred revenue		3,986				3,440
Other current liabilities		2,055				2,805
Total current liabilities		50,991				47,065
Long-term debt		188,526				189,861
Deferred tax liabilities, net		8,600				8,641
Other non-current liabilities		3,679				3,697
Commitments, contingencies and regulatory matters
Deficit:
Common stock ($0.01 par value; 250,000 shares authorized, 11,279 issued and outstanding as of March 31, 2026; 11,021 issued and 10,994 outstanding as of December 31, 2025)		113				110
Additional paid-in capital		257,765				257,359
Accumulated deficit		(368,337	)			(363,735	)
Treasury stock, at cost (27 shares as of December 31, 2025)		—				(3,948	)
Altisource deficit		(110,459	)			(110,214	)
Non-controlling interests		817				751
Total deficit		(109,642	)			(109,463	)
Total liabilities and deficit	$	142,154			$	139,801

ALTISOURCE PORTFOLIO SOLUTIONS S.A. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Three months ended March 31,
	2026				2025
Cash flows from operating activities:
Net loss	$	(531	)		$	(5,271	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		58				185
Amortization of right-of-use assets under operating leases		377				185
Amortization of intangible assets		1,424				1,270
Share-based compensation expense		1,193				1,094
Bad debt expense		74				(137	)
Amortization of debt premium		(1,185	)			(766	)
Amortization of debt discount		102				641
Amortization of debt issuance costs		54				407
Deferred income taxes		(41	)			46
Changes in operating assets and liabilities:
Accounts receivable		(2,781	)			(3,001	)
Prepaid expenses and other current assets		1,899				336
Other assets		105				(9	)
Accounts payable and accrued expenses		4,130				415
Current and non-current operating lease liabilities		(399	)			(195	)
Other current and non-current liabilities		(26	)			(172	)
Net cash provided by (used in) operating activities		4,453				(4,972	)
Cash flows from investing activities:
Additions to premises and equipment		(138	)			(25	)
Net cash used in investing activities		(138	)			(25	)
Cash flows from financing activities:
Proceeds from the Super Senior Facility		—				11,250
Debt issuance costs		—				(1,749	)
Repayments of long-term debt		(306	)			—
Equity issuance costs		—				(3,191	)
Distributions to non-controlling interests		(38	)			(2	)
Payments of tax withholding on vesting of restricted share units and restricted shares		(803	)			(318	)
Net cash (used in) provided by financing activities		(1,147	)			5,990
Net increase in cash, cash equivalents and restricted cash		3,168				993
Cash, cash equivalents and restricted cash at the beginning of the period		30,493				32,700
Cash, cash equivalents and restricted cash at the end of the period	$	33,661			$	33,693
	Three months ended March 31,
	2025				2024
Supplemental cash flow information:
Interest paid	$	3,128			$	4,535
Income taxes paid, net		352				96
Acquisition of right-of-use assets with operating lease liabilities		206				26
Reduction of right-of-use assets from operating lease modifications or reassessments		(4	)			(162	)
Non-cash investing and financing activities:
Equity issued in exchange for debt reduction		—				45,370

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

NON-GAAP MEASURES


(in thousands, except per share data)


(unaudited)

Adjusted operating income, pretax income (loss) attributable to Altisource, adjusted pretax income attributable to Altisource, adjusted net income (loss) attributable to Altisource, adjusted diluted earnings (loss) per share, Net cash provided by (used in) operating activities less additions to premises and equipment, Adjusted EBITDA, Business Segments Adjusted EBITDA and net debt, which are presented elsewhere in this earnings release, are non-GAAP measures used by management, existing shareholders, potential shareholders and other users of our financial information to measure Altisource’s performance and do not purport to be alternatives to income from operations, income (loss) before income taxes and non-controlling interests, net loss attributable to Altisource, diluted loss per share, Net cash provided by (used in) operating activities and long-term debt, including current portion, as measures of Altisource’s performance. We believe these measures are useful to management, existing shareholders, potential shareholders and other users of our financial information in evaluating operating profitability and cash flow generation more on the basis of continuing cost and cash flows as they exclude amortization expense related to acquisitions that occurred in prior periods and non-cash share-based compensation, as well as the effect of more significant non-operational items from earnings, cash flows from operating activities and long-term debt net of cash on-hand. We believe these measures are also useful in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Furthermore, we believe the exclusion of more significant non-operational items enables comparability to prior period performance and trend analysis. Specifically, management uses adjusted net income (loss) attributable to Altisource to measure the on-going after tax performance of the Company because the measure adjusts for the after tax impact of more significant non-recurring items, amortization expense relating to prior acquisitions (some of which fluctuates with revenue from certain customers and some of which is amortized on a straight-line basis) and non-cash share-based compensation expense which can fluctuate based on vesting schedules, grant date timing and the value attributable to awards. We believe adjusted net income (loss) attributable to Altisource is useful to existing shareholders, potential shareholders and other users of our financial information because it provides an after-tax measure of Altisource’s on-going performance that enables these users to perform trend analysis using comparable data. Management uses adjusted diluted earnings (loss) per share to further evaluate adjusted net income (loss) attributable to Altisource while taking into account changes in the number of diluted shares over the comparable periods. We believe adjusted diluted earnings (loss) per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income (loss) attributable to Altisource on a per share basis. Management uses Adjusted EBITDA to measure the Company’s overall performance and Business Segments Adjusted EBITDA to measure the segments overall performance (with the adjustments discussed earlier with regard to adjusted net income (loss) attributable to Altisource) without regard to its capitalization (debt vs. equity) or its income taxes and to perform trend analysis of the Company’s performance over time. Our effective income tax rate can vary based on the jurisdictional mix of our income. Additionally, as the Company’s capital expenditures have significantly declined over time, it provides a measure for management to evaluate the Company’s performance without regard to prior capital expenditures. Management also uses Adjusted EBITDA as one of the measures in determining bonus compensation for certain employees. We believe Adjusted EBITDA and Business Segments Adjusted EBITDA are useful to existing shareholders, potential shareholders and other users of our financial information for the same reasons that management finds the measure useful. Management uses net debt in evaluating the amount of debt the Company has that is in excess of cash and cash equivalents. We believe net debt is useful to existing shareholders, potential shareholders and other users of our financial information for the same reasons management finds the measure useful.

Altisource operates in several countries, including Luxembourg, India, the United States and Uruguay. The Company has differing effective tax rates in each country and these rates may change from year to year. In determining the tax effects related to the adjustments in calculating adjusted net loss attributable to Altisource and adjusted diluted earnings (loss) per share, we use the tax rate in the country in which the adjustment applies or, if the adjustment is recognized in more than one country, we separate the adjustment by country, apply the relevant tax rate for each country to the applicable adjustment, and then sum the result to arrive at the total adjustment, net of tax. In 2019, the Company recognized a full valuation allowance on its net deferred tax assets in Luxembourg. Accordingly, for 2026 and 2025, the Company has an effective tax rate of close to 0% in Luxembourg.

It is management’s intent to provide non-GAAP financial information to enhance the understanding of Altisource’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies. The non-GAAP financial information should not be unduly relied upon.

Adjusted operating income is calculated by removing intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other from income from operations. Pretax income (loss) attributable to Altisource is calculated by removing non-controlling interests from income (loss) before income taxes and non-controlling interests. Adjusted pretax income attributable to Altisource is calculated by removing non-controlling interests, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other and debt exchange transaction expenses from income (loss) before income taxes and non-controlling interests. Adjusted net income (loss) attributable to Altisource is calculated by removing intangible asset amortization expense (net of tax), share-based compensation expense (net of tax), cost of cost savings initiatives and other (net of tax), debt exchange transaction expenses (net of tax) and certain income tax related items from net loss attributable to Altisource. Adjusted diluted earnings (loss) per share is calculated by dividing net loss attributable to Altisource after removing intangible asset amortization expense (net of tax), share-based compensation expense (net of tax), cost of cost savings initiatives and other (net of tax), debt exchange transaction expenses (net of tax) and certain income tax related items by the weighted average number of diluted shares. Net cash provided by (used in) operating activities less additions to premises and equipment is calculated by removing additions to premises and equipment from Net cash provided by (used in) operating activities. Adjusted EBITDA is calculated by removing the income tax provision, interest expense (net of interest income), depreciation and amortization, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other and debt exchange transaction expenses from net loss attributable to Altisource. Business Segments Adjusted EBITDA is calculated by removing non-controlling interests, interest expense (net of interest income), depreciation and amortization, intangible asset amortization expense, share-based compensation expense, cost of cost savings initiatives and other from income before income taxes and non-controlling interests. Net debt is calculated as long-term debt, including current portion, minus cash and cash equivalents.

Reconciliations of the non-GAAP measures to the corresponding GAAP measures are as follows:

		Three months ended March 31,
		2026				2025
Income from operations		$	1,725			$	3,245
Intangible asset amortization expense			1,424				1,270
Share-based compensation expense			1,193				1,094
Cost of cost savings initiatives and other			69				(410	)
Adjusted operating income		$	4,411			$	5,199
Income (loss) before income taxes and non-controlling interests		$	356			$	(4,529	)
Non-controlling interests			(104	)			(73	)
Pretax income (loss) attributable to Altisource			252				(4,602	)
Intangible asset amortization expense			1,424				1,270
Share-based compensation expense			1,193				1,094
Cost of cost savings initiatives and other			69				(410	)
Debt exchange transaction expenses			—				2,980
Adjusted pretax income attributable to Altisource		$	2,938			$	332
Net loss attributable to Altisource		$	(635	)		$	(5,344	)
Income tax provision			887				742
Interest expense (net of interest income)			1,453				4,745
Depreciation and amortization			58				185
Intangible asset amortization expense			1,424				1,270
Share-based compensation expense			1,193				1,094
Cost of cost savings initiatives and other			69				(410	)
Debt exchange transaction expenses			—				2,980
Adjusted EBITDA		$	4,449			$	5,262
Business Segments:
Income before income taxes and non-controlling interests		$	10,491			$	10,856
Non-controlling interests			(104	)			(73	)
Depreciation and amortization			49				78
Intangible asset amortization expense			1,424				1,270
Share-based compensation expense			133				279
Cost of cost savings initiatives and other			37				29
Interest expense (net of interest income)			8				27
Business Segments Adjusted EBITDA		$	12,038			$	12,466
Corporate and Others:
Loss before income taxes and non-controlling interests		$	(10,135	)		$	(15,385	)
Depreciation and amortization			9				107
Share-based compensation expense			1,060				815
Cost of cost savings initiatives and other			32				(439	)
Debt exchange transaction expenses			—				2,980
Interest expense (net of interest income)			1,445				4,718
Corporate and Others Adjusted EBITDA		$	(7,589	)		$	(7,204	)
Net loss attributable to Altisource		$	(635	)		$	(5,344	)
Intangible asset amortization expense, net of tax			1,391				1,270
Share-based compensation expense, net of tax			1,064				953
Cost of cost savings initiatives and other, net of tax			60				(396	)
Debt exchange transaction expenses, net of tax			—				2,980
Certain income tax related items			257				393
Adjusted net income (loss) attributable to Altisource		$	2,137			$	(144	)
Diluted loss per share		$	(0.06	)		$	(0.74	)
Intangible asset amortization expense, net of tax, per diluted share			0.13				0.17
Share-based compensation expense, net of tax, per diluted share			0.10				0.13
Cost of cost savings initiatives and other, net of tax, per diluted share			0.01				(0.05	)
Debt exchange transaction expenses, per diluted share			—				0.41
Certain income tax related items, per diluted share			0.02				0.05
Adjusted diluted earnings (loss) per share		$	0.19			$	(0.02	)
Calculation of the per share impact of intangible asset amortization expense, net of tax
Intangible asset amortization expense		$	1,424			$	1,270
Tax benefit from intangible asset amortization			(33	)			—
Intangible asset amortization expense, net of tax			1,391				1,270
Diluted share count			11,111				7,265
Intangible asset amortization expense, net of tax, per diluted share		$	0.13			$	0.17
Calculation of the per share impact of share-based compensation expense, net of tax
Share-based compensation expense		$	1,193			$	1,094
Tax benefit from share-based compensation expense			(129	)			(141	)
Share-based compensation expense, net of tax			1,064				953
Diluted share count			11,111				7,265
Share-based compensation expense, net of tax, per diluted share		$	0.10			$	0.13
Calculation of the impact of debt exchange transaction expenses, net of tax
Debt exchange transaction expenses		$	—			$	2,980
Tax benefit from share-based compensation expense			—				—
Debt exchange transaction expenses, net of tax			—				2,980
Diluted share count			11,111				7,265
Debt exchange transaction expenses, net of tax per diluted share		$	—			$	0.41
Calculation of the per share impact of cost of cost savings initiatives and other, net of tax
Cost of cost savings initiatives and other		$	69			$	(410	)
Tax (benefit) provision from cost of cost savings initiatives and other			(10	)			14
Cost of cost savings initiatives and other, net of tax			60				(396	)
Diluted share count			11,111				7,265
Cost of cost savings initiatives and other, net of tax, per diluted share		$	0.01			$	(0.05	)
Calculation of the per share impact of certain income tax related items resulting from:
Foreign income tax reserves / other		$	257			$	393
Certain income tax related items			257				393
Diluted share count			11,111				7,265
Certain income tax related items, per diluted share		$	0.02			$	0.05
Net cash provided by (used in) operating activities		$	4,453			$	(4,972	)
Less: additions to premises and equipment			(138	)			(25	)
Net cash provided by (used in) operating activities less additions to premises and equipment		$	4,315			$	(4,997	)

	March 31, 2026
Senior secured term loans	$	158,900
Super senior term loan		12,360
Less: Cash and cash equivalents		(30,340	)
Net debt	$	140,920

^{______________________________________________
Note: Amounts may not add to the total due to rounding.}

NEW YORK, April 23, 2026 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.31 per share on the company’s outstanding common stock. The dividend is payable on June 26, 2026 to shareholders of record at the close of business on June 12, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

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Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

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Media Relations Contact:

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-NDAQF-

NET INTEREST MARGIN WIDENS BY 12 BASIS POINTS; TREND CONFIRMED
10% ANNUALIZED LOAN GROWTH
OPERATING PERFORMANCE ACCELERATES
TANGIBLE BOOK VALUE PER SHARE INCREASES
8.3% INCREASE IN COMMON DIVIDEND PER SHARE DECLARED

ENGLEWOOD CLIFFS, N.J., April 23, 2026 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $36.3 million for the first quarter of 2026 compared with $38.0 million for the fourth quarter of 2025 and $18.7 million for the first quarter of 2025. Diluted earnings per share were $0.72 for the first quarter of 2026 compared with $0.75 for the fourth quarter of 2025 and $0.49 for the first quarter of 2025. Return on average assets was 1.10%, 1.12% and 0.84% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Return on average tangible common equity was 12.89%, 13.66% and 8.25% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

Pre-provision net operating revenue (“Operating PPNR”) as a percentage of average assets was 1.81%, 1.75% and 1.34% for the quarters ending March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The sequential increase in Operating PPNR was primarily due to a $2.2 million increase in net interest income, partially offset by a $0.9 million increase in operating expenses. Operating net income available to common stockholders was $39.6 million for the first quarter of 2026, $42.0 million for the fourth quarter of 2025 and $19.7 million for the first quarter of 2025. Operating diluted earnings per share were $0.79 for the first quarter of 2026, $0.83 for the fourth quarter of 2025 and $0.51 for the first quarter of 2025. Operating return on average assets was 1.19%, 1.24% and 0.88% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Operating return on average tangible common equity was 13.35%, 14.27% and 8.59% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.

The decrease in net income available to common stockholders during the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to a $2.9 million increase in the provision for credit losses, a $0.9 million increase in noninterest expenses and a $0.9 million increase in income tax expense, which were partially offset by a $2.2 million increase in net interest income and a $0.8 million increase in noninterest income. The first quarter of 2026 included restructuring charges related to the merger with the First of Long Island Corporation (“FLIC”) of $2.0 million reflecting our ongoing commitment to streamlining operations and enhancing organizational efficiency. The increase in net income available to common stockholders and diluted earnings per share during the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to a $43.0 million increase in net interest income and a $2.3 million increase in noninterest income, which was partially offset by an increase in noninterest expense of $18.6 million and an increase in income tax expense of $7.5 million. The variances from the first quarter of 2026 to the first quarter of 2025 were primarily due to the merger with FLIC.

“ConnectOne began 2026 with robust momentum, positioning us for what we expect to be a strong year,” commented Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “Loans and deposits both grew sequentially at an annualized rate of approximately 10%, while our net interest margin expanded by 12 basis points. Accelerating portfolio loan yields are expected to support continued net interest margin expansion in the quarters ahead, even without further rate cuts.”

“Expenses remain well-controlled as we continue to leverage merger synergies and drive additional productivity gains through increasing use of AI workflow across the organization.” Mr. Sorrentino added, “During the first quarter, our strong retained earnings supported loan growth, share repurchases, and a 1.7% increase in tangible book value per share; we are now approximately one quarter away from returning to our pre-merger tangible book value per share of $24.16.”

“Our credit quality remained solid this quarter. Although 30-59 day delinquencies increased due to one isolated credit relationship, net charge-offs (excluding PCD loans) declined to just 8 basis points annualized, a recent low. The nonaccrual loan ratio also decreased, while criticized and classified asset metrics remained at historically low levels, underscoring our continued portfolio management strength.”

“Subsequent to quarter-end, noninterest income continued to build momentum, driven by accelerating SBA loan sale activity. We generated an additional $1.1 million in gains in April, and the pipeline remains robust.” Mr. Sorrentino concluded, “Looking ahead to the remainder of the year, we’re executing against our strategic priorities and remain well positioned to deliver long-term value for our shareholders in 2026 and beyond.”

Dividend Declarations

The Company announced that its Board of Directors declared an increased quarterly cash dividend on its common stock and declared a cash dividend on its outstanding preferred stock. A cash dividend on common stock of $0.195 per share, reflecting an increase of $0.015, or 8.3%, will be paid on June 1, 2026, to common stockholders of record on May 15, 2026. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on June 1, 2026 to holders of record on May 15, 2026.

Operating Results

Fully taxable equivalent net interest income for the first quarter of 2026 was $110.0 million, an increase of $2.2 million, or 2.1%, from the fourth quarter of 2025, largely due to a 12 basis-point widening of the net interest margin to 3.39% from 3.27%. The margin benefited from an increase in the yield on interest-earning assets, primarily due to loan repricing, combined with a 12 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, and partially offset by an increased cost in borrowed funds.

Fully taxable equivalent net interest income for the first quarter of 2026 increased $43.4 million, or 65.2%, from the first quarter of 2025, due to a 46 basis-point widening of the net interest margin to 3.39% from 2.93%, and a 42.7% increase in average interest-earning assets. The increase in average interest-earning assets was primarily due to the merger with FLIC. The margin benefited from a 20 basis-point increase in the yield on interest-earning assets and a 49 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits.

Noninterest income was $6.8 million in the first quarter of 2026, $6.0 million in the fourth quarter of 2025 and $4.5 million in the first quarter of 2025. The increase compared to the fourth quarter of 2025 was primarily due to a $1.0 million increase in net gains (losses) on equity securities. The increase compared to the first quarter of 2025 was primarily due to a $1.4 million increase in BOLI income and a $1.3 million increase in deposit, loan and other income, which was partially offset by a $0.4 million decrease in net gains (losses) on equity securities. The year-over-year increases in BOLI income and deposit, loan and other income were primarily due to the merger with FLIC. Extending this positive momentum into the second quarter, the Company realized an additional $1.1 million in SBA loan sale gains in April 2026.

Noninterest expenses were $57.9 million for the first quarter of 2026, $56.9 million for the fourth quarter of 2025 and $39.3 million for the first quarter of 2025. Excluding merger expenses and restructuring charges and branch closing expenses, noninterest expenses totaled $55.7 million in the first quarter of 2026, $55.2 million in the fourth quarter of 2025 and $38.0 million in the first quarter of 2025. The increase of $0.6 million during the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to a $1.6 million increase in salaries and employee benefits, which was partially offset by a $0.4 million decrease in FDIC insurance expense and a $0.4 million decrease in amortization of core deposit intangible. The $17.8 million increase in noninterest expenses for the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to a $10.2 million increase in salaries and employee benefits, a $2.7 million increase in occupancy and equipment expenses, a $2.6 million increase in amortization of core deposit intangibles, a $0.8 million increase in other expenses, a $0.7 million increase in professional and consulting expense, and a $0.6 million increase in information technology and communication expenses. The variances from the first quarter of 2026 to the first quarter of 2025 were primarily due to the merger with FLIC.

Income tax expense was $14.7 million for the first quarter of 2026, $13.9 million for the fourth quarter of 2025 and $7.2 million for the first quarter of 2025. The effective tax rates were 28.0%, 26.0% and 26.1% for the first quarter of 2026, fourth quarter of 2025 and first quarter of 2025, respectively. The increase in effective rates when compared to 2025 was primarily due to state and local apportionment factors associated with the FLIC merger. 

Asset Quality

The provision for credit losses was $5.2 million for the first quarter of 2026, $2.3 million for the fourth quarter of 2025 and $3.5 million for the first quarter of 2025. In each of the quarters presented, the provision for credit losses reflected net portfolio growth, charges related to individually evaluated loans, and changing macroeconomic forecasts and conditions. The current quarter’s provision was driven by higher loan growth and increased qualitative factors, which were partially offset by improved loss drivers within our quantitative CECL model reflecting improved economic forecasts.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $41.6 million as of March 31, 2026, $45.9 million as of December 31, 2025 and $49.9 million as of March 31, 2025. Nonperforming assets as a percentage of total assets improved to 0.29% as of March 31, 2026, versus 0.33% as of December 31, 2025 and 0.51% as of March 31, 2025. The ratio of nonaccrual loans to loans receivable also improved to 0.35%, as of March 31, 2026, versus 0.40% and 0.61%, at December 31, 2025 and March 31, 2025, respectively. The annualized net loan charge-offs ratio (excluding PCD loans) was 0.08% for the first quarter of 2026, 0.17% for the fourth quarter of 2025 and 0.17% for the first quarter of 2025.

The allowance for credit losses (“ACL”) represented 1.30%, 1.35% and 1.00% of loans receivable as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The ACL decreased $1.2 million to $153.1 million as of March 31, 2026, compared to $154.3 million as of December 31, 2025. The ACL as a percentage of nonaccrual loans was 368.1% as of March 31, 2026, 336.1% as of December 31, 2025 and 165.3% as of March 31, 2025. 

Criticized and classified loans as a percentage of loans receivable improved to 2.26% as of March 31, 2026, down from 2.49% as of December 31, 2025 and from 2.79% as of March 31, 2025. Loans past due 30-59 days were 0.81% of loans receivable as of March 31, 2026, 0.19% as of December 31, 2025 and 0.18% as of March 31, 2025. This rise is predominantly due to an interrelated series of credits totaling $63.8 million secured by 19 multifamily NYC rent-regulated properties. We are working with our client to resolve these credits; however, the resulting financial impact cannot be determined at this time.

The Bank maintains a solid reserve position, particularly within its rent-regulated multifamily portfolio, which includes significant credit and fair value marks applicable to the portfolio acquired from FLIC, in addition to qualitative ACL allocations applicable to its legacy portfolio. The following table provides additional information on the Bank’s New York City (“NYC”) rent-regulated portfolio as of March 31, 2026:

($millions)		Portfolio Composition				% of Total Loans				Unpaid Principal Balance				Offsets (3)				Offset %				Avg. Loan Size
Acquired Portfolio (1)			61.0	%			3.5	%		$	412.5			$	(66.1	)			16.0	%		$	2.4
Legacy ConnectOne (2)			39.0				2.2				263.4				(14.8	)			5.6				2.9
Total Rent-Regulated			100.0	%			5.7	%		$	675.9			$	(80.9	)			12.0				2.6

Note: Rent-regulated includes loans secured by multifamily properties with 50% or greater units subject to NYC rent-stabilization guidelines.
(1) Portfolio acquired in merger with FLIC on June 1, 2025.
(2) Loans originated by the Bank.
(3) Offsets include (i) general reserves plus (ii) for the Acquired Portfolio, the applicable nonaccretable and accretable purchase accounting loan marks and (iii) for Legacy ConnectOne, an additional qualitative reserve applicable to rent-regulated multifamily.

Selected Balance Sheet Items

The Company’s total assets were $14.2 billion as of March 31, 2026, compared to $14.0 billion as of December 31, 2025. Loans receivable were $11.7 billion as of March 31, 2026 and $11.5 billion as of December 31, 2025. Total deposits were $11.5 billion as of March 31, 2026 and $11.2 billion as of December 31, 2025.

The Company’s total stockholders’ equity increased to $1.592 billion as of March 31, 2026 from $1.573 billion as of December 31, 2025. Retained earnings increased $27.3 million, partially offset by an increase in the accumulated other comprehensive loss of $6.2 million. As of March 31, 2026, the Company’s tangible common equity ratio and tangible book value per share were 8.64% and $23.93, respectively, compared to 8.62% and $23.52, respectively, as of December 31, 2025. Total goodwill and other intangible assets were $277.3 million as of March 31, 2026, and $280.2 million as of December 31, 2025.

Share Repurchase Program

During the first quarter of 2026, the Company repurchased 90,000 shares of common stock at an average price of $26.21, leaving 551,118 shares authorized for repurchase under the current Board approved repurchase program. The Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock and the plan may be modified or suspended at any time at the Company’s discretion.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

First Quarter 2026 Results Conference Call

Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 23, 2026, to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 8368502. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, April 23, 2026 and ending on Thursday, April 30, 2026, by dialing 1 (609) 800-9909, access code 8368502. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

About ConnectOne Bancorp, Inc.

ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 

Investor Contact

:

William S. Burns

Senior Executive Vice President & CFO

201.816.4474;


[email protected]

Media Contact

:

Shannan Weeks 
MikeWorldWide
732.299.7890; [email protected]

C ONNECT O NE B ANCORP, I NC. AND S UBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(in thousands)
	March 31,				December 31,				March 31,
		2026				2025				2025
	(unaudited)								(unaudited)
ASSETS
Cash and due from banks	$	39,472			$	92,406			$	49,759
Interest-bearing deposits with banks		304,999				288,489				242,844
Cash and cash equivalents		344,471				380,895				292,603
Investment securities		1,196,384				1,250,938				636,806
Equity securities		19,422				19,287				18,859
Loans held-for-sale		10,222				391				202
Loans receivable		11,735,596				11,453,280				8,201,134
Less: Allowance for credit losses – loans		153,056				154,305				82,403
Net loans receivable		11,582,540				11,298,975				8,118,731
Investment in restricted stock, at cost		51,464				54,722				37,031
Bank premises and equipment, net		54,765				55,285				27,624
Accrued interest receivable		62,473				60,761				46,740
Bank owned life insurance		373,664				370,713				244,651
Right of use operating lease assets		27,960				29,603				13,755
Goodwill		220,235				220,235				208,372
Core deposit intangibles		57,078				59,923				4,360
Other assets		208,883				200,972				109,521
Total assets	$	14,209,561			$	14,002,700			$	9,759,255
LIABILITIES
Deposits:
Noninterest-bearing	$	2,393,938			$	2,420,397			$	1,319,196
Interest-bearing		9,119,115				8,820,218				6,448,034
Total deposits		11,513,053				11,240,615				7,767,230
Borrowings		827,477				903,489				613,053
Subordinated debentures, net		202,050				201,864				80,071
Operating lease liabilities		30,560				32,446				14,737
Other liabilities		44,874				50,946				31,225
Total liabilities		12,618,014				12,429,360				8,506,316
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock		110,927				110,927				110,927
Common stock		857,765				857,765				586,946
Additional paid-in capital		38,257				38,763				36,007
Retained earnings		701,154				673,897				643,265
Treasury stock		(78,507	)			(76,116	)			(76,116	)
Accumulated other comprehensive loss		(38,049	)			(31,896	)			(48,090	)
Total stockholders’ equity		1,591,547				1,573,340				1,252,939
Total liabilities and stockholders’ equity	$	14,209,561			$	14,002,700			$	9,759,255

CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for per share data)
	Three Months Ended
	03/31/26			12/31/25				03/31/25
Interest income
Interest and fees on loans	$	168,298		$	167,532			$	115,351
Interest and dividends on investment securities:
Taxable		10,799			11,628				4,987
Tax-exempt		1,978			1,995				1,097
Dividends		935			936				889
Interest on federal funds sold and other short-term investments		2,387			4,249				2,465
Total interest income		184,397			186,340				124,789
Interest expense
Deposits		65,682			70,854				53,992
Borrowings		9,911			8,891				5,041
Total interest expense		75,593			79,745				59,033
Net interest income		108,804			106,595				65,756
Provision for credit losses		5,200			2,300				3,500
Net interest income after provision for credit losses		103,604			104,295				62,256
Noninterest income
Deposit, loan and other income		3,283			3,289				2,006
Income on bank owned life insurance		2,951			2,946				1,584
Net gains on sale of loans held-for-sale		427			631				332
Net gains (losses) on equity securities		135			(846	)			529
Total noninterest income		6,796			6,020				4,451
Noninterest expenses
Salaries and employee benefits		32,768			31,211				22,578
Occupancy and equipment		5,345			5,265				2,680
FDIC insurance		2,000			2,400				1,800
Professional and consulting		3,108			2,908				2,366
Marketing and advertising		926			974				595
Information technology and communications		5,243			5,366				4,604
Merger expenses and restructuring charges		2,125			498				1,320
Branch closing expenses		—			1,275				—
Bank owned life insurance restructuring charge		—			—				327
Amortization of core deposit intangibles		2,845			3,196				279
Other expenses		3,509			3,853				2,756
Total noninterest expenses		57,869			56,946				39,305
Income before income tax expense		52,531			53,369				27,402
Income tax expense		14,709			13,851				7,160
Net income		37,822			39,518				20,242
Preferred dividends		1,509			1,509				1,509
Net income available to common stockholders	$	36,313		$	38,009			$	18,733
Earnings per common share:
Basic	$	0.72		$	0.76			$	0.49
Diluted		0.72			0.75				0.49

ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.
CONNECTONE BANCORP, INC.
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES
	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
Selected Financial Data	(dollars in thousands)
Total assets	$	14,209,561			$	14,002,700			$	14,023,585			$	13,915,738			$	9,759,255
Loans receivable:
Commercial		1,638,836				1,558,436				1,613,421				1,597,590				1,483,392
Commercial real estate		4,750,508				4,625,143				4,310,159				4,285,663				3,356,943
Multifamily		3,574,336				3,437,080				3,420,465				3,348,308				2,490,256
Commercial construction		571,073				623,902				728,615				681,222				617,593
Residential		1,202,539				1,210,980				1,233,305				1,254,646				256,555
Consumer		1,801				2,017				2,166				1,709				1,604
Gross loans		11,739,093				11,457,558				11,308,131				11,169,138				8,206,343
Net deferred loan fees		(3,497	)			(4,278	)			(4,495	)			(4,661	)			(5,209	)
Loans receivable		11,735,596				11,453,280				11,303,636				11,164,477				8,201,134
Loans held-for-sale		10,222				391				—				1,027				202
Total loans	$	11,745,818			$	11,453,671			$	11,303,636			$	11,165,504			$	8,201,336
Investment and equity securities	$	1,215,806			$	1,270,225			$	1,272,335			$	1,246,907			$	655,665
Goodwill and other intangible assets		277,313				280,158				278,730				281,926				212,732
Deposits:
Noninterest-bearing demand	$	2,393,938			$	2,420,397			$	2,513,102			$	2,424,529			$	1,319,196
Time deposits		3,010,971				2,796,877				2,977,952				3,065,015				2,550,223
Other interest-bearing deposits		6,108,144				6,023,341				5,878,241				5,788,943				3,897,811
Total deposits	$	11,513,053			$	11,240,615			$	11,369,295			$	11,278,487			$	7,767,230
Borrowings	$	827,477			$	903,489			$	833,443			$	783,859			$	613,053
Subordinated debentures (net of debt issuance costs)		202,050				201,864				201,677				276,500				80,071
Total stockholders’ equity		1,591,547				1,573,340				1,538,344				1,496,431				1,252,939
Quarterly Average Balances
Total assets	$	13,999,581			$	13,963,138			$	14,050,585			$	11,108,430			$	9,748,605
Loans receivable:
Commercial	$	1,579,368			$	1,597,123			$	1,583,673			$	1,486,245			$	1,488,962
Commercial real estate (including multifamily)		8,137,515				7,822,943				7,630,195				6,404,302				5,852,342
Commercial construction		613,661				646,414				704,170				643,115				610,859
Residential		1,204,082				1,221,171				1,241,375				587,118				256,430
Consumer		6,851				5,473				6,747				5,759				5,687
Gross loans		11,541,477				11,293,124				11,166,160				9,126,539				8,214,280
Net deferred loan fees		(4,042	)			(4,708	)			(4,418	)			(5,097	)			(5,525	)
Loans receivable		11,537,435				11,288,416				11,161,742				9,121,442				8,208,755
Loans held-for-sale		335				230				318				352				259
Total loans	$	11,537,770			$	11,288,646			$	11,162,060			$	9,121,794			$	8,209,014
Investment and equity securities	$	1,256,147			$	1,269,275			$	1,274,000			$	845,614			$	655,191
Goodwill and other intangible assets		279,158				279,165				280,814				235,848				212,915
Deposits:
Noninterest-bearing demand		2,384,883				2,473,596				2,486,993				1,680,653				1,305,722
Time deposits		2,901,327				2,946,459				3,019,848				2,662,411				2,480,990
Other interest-bearing deposits		5,996,487				5,907,547				5,889,230				4,463,648				3,888,131
Total deposits	$	11,282,697			$	11,327,602			$	11,396,071			$	8,806,712			$	7,674,843
Borrowings	$	833,551			$	781,388			$	783,994			$	723,303			$	686,391
Subordinated debentures (net of debt issuance costs)		201,928				201,741				263,511				170,802				79,988
Total stockholders’ equity		1,594,699				1,558,366				1,513,892				1,344,254				1,254,373
	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
	(dollars in thousands, except for per share data)
Net interest income	$	108,804			$	106,595			$	102,017			$	78,883			$	65,756
Provision for credit losses		5,200				2,300				5,500				35,700				3,500
Net interest income after provision for credit losses		103,604				104,295				96,517				43,183				62,256
Noninterest income
Deposit, loan and other income		3,283				3,289				3,836				2,570				2,006
Defined benefit pension plan curtailment gain		—				—				3,501				—				—
Employee retention tax credit		—				—				6,608				—				—
Income on bank owned life insurance		2,951				2,946				2,931				2,087				1,584
Net gains on sale of loans held-for-sale		427				631				859				181				332
Net gains (losses) on equity securities		135				(846	)			1,674				347				529
Total noninterest income		6,796				6,020				19,409				5,185				4,451
Noninterest expenses
Salaries and employee benefits		32,768				31,211				32,401				25,233				22,578
Occupancy and equipment		5,345				5,265				5,122				3,478				2,680
FDIC insurance		2,000				2,400				2,400				2,000				1,800
Professional and consulting		3,108				2,908				2,929				2,598				2,366
Marketing and advertising		926				974				771				840				595
Information technology and communications		5,243				5,366				5,243				4,792				4,604
Restructuring and exit charges		—				—				994				—				—
Merger expenses and restructuring charges		2,125				498				1,898				30,745				1,320
Branch closing expenses		—				1,275				—				—				—
Bank owned life insurance restructuring charge		—				—				—				—				327
Amortization of core deposit intangible		2,845				3,196				3,196				1,251				279
Other expenses		3,509				3,853				3,719				2,712				2,756
Total noninterest expenses		57,869				56,946				58,673				73,649				39,305
Income (loss) before income tax expense		52,531				53,369				57,253				(25,281	)			27,402
Income tax expense (benefit)		14,709				13,851				16,277				(4,988	)			7,160
Net income (loss)		37,822				39,518				40,976				(20,293	)			20,242
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income (loss) available to common stockholders	$	36,313			$	38,009			$	39,467			$	(21,802	)		$	18,733
Weighted average diluted common shares outstanding		50,382,297				50,414,115				50,462,030				42,173,758				38,511,237
Diluted EPS	$	0.72			$	0.75			$	0.78			$	(0.52	)		$	0.49
Reconciliation of GAAP Net Income to Operating Net Income:
Net income (loss)	$	37,822			$	39,518			$	40,976			$	(20,293	)		$	20,242
Restructuring and exit charges		—				—				994				—				—
Merger expenses and restructuring charges		2,125				498				1,898				30,745				1,320
Estimated state tax liability on intercompany dividends		—				—				—				3,000				—
Initial provision for credit losses related to merger		—				—				—				27,418				—
Branch closing expenses		—				1,275				—				—				—
Bank owned life insurance restructuring charge		—				—				—				—				327
Amortization of core deposit intangibles		2,845				3,196				3,196				1,251				279
Net (gains) losses on equity securities		(135	)			846				(1,674	)			(347	)			(529	)
Defined benefit pension plan curtailment gain		—				—				(3,501	)			—				—
Employee retention tax credit		—				—				(6,608	)			—				—
Tax impact of adjustments		(1,499	)			(1,802	)			1,737				(17,168	)			(420	)
Operating net income	$	41,158			$	43,531			$	37,018			$	24,606			$	21,219
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	39,649			$	42,022			$	35,509			$	23,097			$	19,710
Operating diluted EPS (non-GAAP) (1)	$	0.79			$	0.83			$	0.70			$	0.55			$	0.51
Return on Assets Measures
Average assets	$	13,999,581			$	13,963,138			$	14,050,585			$	11,108,430			$	9,748,605
Return on avg. assets		1.10		%		1.12		%		1.16		%		(0.73	)	%		0.84		%
Operating return on avg. assets (non-GAAP) (2)		1.19				1.24				1.05				0.89				0.88
Pre-provision net operating revenue (“PPNR”) return on avg. assets (non-GAAP) (3)		1.81				1.75				1.61				1.52				1.34
(1) Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
(2) Operating net income divided by average assets.
(3) Net income before income tax expense, provision for credit losses, merger expenses and restructuring charges, branch closing expenses, BOLI restructuring charges, restructuring and exit charges, employee retention tax credit, defined benefit pension plan curtailment gain, amortization of core deposit intangibles and net gains on equity securities divided by average assets.
	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,594,699			$	1,558,366			$	1,513,892			$	1,344,254			$	1,254,373
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,483,772			$	1,447,439			$	1,402,965			$	1,233,327			$	1,143,446
Less: average intangible assets		(279,158	)			(279,165	)			(280,814	)			(235,848	)			(212,915	)
Average tangible common equity	$	1,204,614			$	1,168,274			$	1,122,151			$	997,479			$	930,531
Return on avg. common equity (GAAP)		9.93		%		10.42		%		11.16		%		(7.09	)	%		6.64		%
Operating return on avg. common equity (non-GAAP) (4)		10.84				11.52				10.04				7.51				6.99
Return on avg. tangible common equity (non-GAAP) (5)		12.89				13.66				14.74				(8.42	)			8.25
Operating return on avg. tangible common equity (non-GAAP) (6)		13.35				14.27				12.55				9.29				8.59
Efficiency Measures
Total noninterest expenses	$	57,869			$	56,946			$	58,673			$	73,649			$	39,305
Restructuring and exit charges		—				—				(994	)			—				—
Merger expenses and restructuring charges		(2,125	)			(498	)			(1,898	)			(30,745	)			(1,320	)
Branch closing expenses		—				(1,275	)			—				—				—
Bank owned life insurance restructuring charge		—				—				—				—				(327	)
Amortization of core deposit intangibles		(2,845	)			(3,196	)			(3,196	)			(1,251	)			(279	)
Operating noninterest expense	$	52,899			$	51,977			$	52,585			$	41,653			$	37,379
Net interest income (tax equivalent basis)	$	109,976			$	107,761			$	103,155			$	79,810			$	66,580
Noninterest income		6,796				6,020				19,409				5,185				4,451
Defined benefit pension plan curtailment gain		—				—				(3,501	)			—				—
Employee retention tax credit		—				—				(6,608	)			—				—
Net (gains) losses on equity securities		(135	)			846				(1,674	)			(347	)			(529	)
Operating revenue	$	116,637			$	114,627			$	110,781			$	84,648			$	70,502
Operating efficiency ratio (non-GAAP) (7)		45.4		%		45.3		%		47.5		%		49.2		%		53.0		%
Net Interest Margin
Average interest-earning assets	$	13,160,794			$	13,093,053			$	13,172,443			$	10,468,589			$	9,224,712
Net interest income (tax equivalent basis)	$	109,976			$	107,761			$	103,155			$	79,810			$	66,580
Net interest margin (non-GAAP)		3.39		%		3.27		%		3.11		%		3.06		%		2.93		%
(4) Operating net income available to common stockholders divided by average common equity.
(5) Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
(6) Operating net income available to common stockholders, divided by average tangible common equity.
(7) Operating noninterest expense divided by operating revenue.
	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,591,547			$	1,573,340			$	1,538,344			$	1,496,431			$	1,252,939
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,480,620			$	1,462,413			$	1,427,417			$	1,385,504			$	1,142,012
Less: intangible assets		(277,313	)			(280,158	)			(278,730	)			(281,926	)			(212,732	)
Tangible common equity	$	1,203,307			$	1,182,255			$	1,148,687			$	1,103,578			$	929,280
Total assets	$	14,209,561			$	14,002,700			$	14,023,585			$	13,915,738			$	9,759,255
Less: intangible assets		(277,313	)			(280,158	)			(278,730	)			(281,926	)			(212,732	)
Tangible assets	$	13,932,248			$	13,722,542			$	13,744,855			$	13,633,812			$	9,546,523
Common shares outstanding		50,288,494				50,271,854				50,273,089				50,270,162				38,469,975
Common equity ratio (GAAP)		10.42		%		10.44		%		10.18		%		9.96		%		11.70		%
Tangible common equity ratio (non-GAAP) (8)		8.64				8.62				8.36				8.09				9.73
Regulatory capital ratios (Bancorp):
Leverage ratio		9.79		%		9.61		%		9.35		%		11.58		%		11.33		%
Common equity Tier 1 risk-based ratio		10.23				10.24				10.17				10.04				11.14
Risk-based Tier 1 capital ratio		11.19				11.22				11.17				11.06				12.46
Risk-based total capital ratio		13.81				13.88				13.88				14.35				14.29
Regulatory capital ratios (Bank):
Leverage ratio		10.81		%		10.59		%		10.35		%		12.81		%		11.67		%
Common equity Tier 1 risk-based ratio		12.36				12.36				12.37				12.22				12.82
Risk-based Tier 1 capital ratio		12.36				12.36				12.37				12.22				12.82
Risk-based total capital ratio		13.34				13.33				13.38				13.24				13.79
Book value per share (GAAP)	$	29.44			$	29.09			$	28.39			$	27.56			$	29.69
Tangible book value per share (non-GAAP) (9)		23.93				23.52				22.85				21.95				24.16
(8) Tangible common equity divided by tangible assets
(9) Tangible common equity divided by common shares outstanding at period-end
	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
Net Loan Charge-offs (Recoveries) (10):	(dollars in thousands)
Net loan charge-offs (recoveries):
Charge-offs	$	2,758			$	5,613			$	5,174			$	5,039			$	3,555
Recoveries		(467	)			(836	)			(38	)			(118	)			(155	)
Net loan charge-offs	$	2,291			$	4,777			$	5,136			$	4,921			$	3,400
Net loan charge-offs as a % of average loans receivable (annualized)		0.08		%		0.17		%		0.18		%		0.22		%		0.17		%
(10) Includes only non-PCD loans
	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2026				2025				2025				2025				2025
Asset Quality	(dollars in thousands)
Nonaccrual loans	$	41,579			$	45,915			$	39,671			$	39,228			$	49,860
Other real estate owned		—				—				—				—				—
Nonperforming assets	$	41,579			$	45,915			$	39,671			$	39,228			$	49,860
Allowance for credit losses – loans (excluding nonaccretable credit marks)	$	115,398			$	112,282			$	113,163			$	112,854			$	82,230
Add: nonaccretable credit marks		37,658				42,023				43,336				43,336				173
Allowance for credit losses – loans (“ACL”)	$	153,056			$	154,305			$	156,499			$	156,190			$	82,403
Loans receivable	$	11,735,596			$	11,453,280			$	11,303,636			$	11,164,477			$	8,201,134
Nonaccrual loans as a % of loans receivable		0.35		%		0.40		%		0.35		%		0.35		%		0.61		%
Nonperforming assets as a % of total assets		0.29				0.33				0.28				0.28				0.51
ACL as a % of loans receivable		1.30				1.35				1.38				1.40				1.00
ACL as a % of nonaccrual loans		368.1				336.1				394.5				398.2				165.3

CONNECTONE BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)
	For the Three Months Ended
	March 31, 2026										December 31, 2025											March 31, 2025
	Average											Average											Average
Interest-earning assets:	Balance				Interest				Rate (7)			Balance				Interest				Rate (7)			Balance				Interest				Rate (7)
Investment securities (1) (2)	$	1,307,184			$	13,302			4.13	%		$	1,329,393			$	14,154			4.22	%		$	745,873			$	6,375			3.47	%
Loans receivable and loans held-for-sale (2) (3) (4)		11,537,770				168,945			5.94				11,288,646				168,167			5.91				8,209,014				115,883			5.73
Federal funds sold and interest-
bearing deposits with banks		264,232				2,387			3.66				425,840				4,249			3.96				229,491				2,466			4.36
Restricted investment in bank stock		51,608				935			7.35				49,174				936			7.55				40,334				889			8.94
Total interest-earning assets		13,160,794				185,569			5.72				13,093,053				187,506			5.68				9,224,712				125,613			5.52
Allowance for loan losses		(154,481	)										(158,576	)										(84,027	)
Noninterest-earning assets		993,268											1,028,661											607,920
Total assets	$	13,999,581										$	13,963,138										$	9,748,605
Interest-bearing liabilities:
Money market deposits		2,903,419				20,146			2.81				2,919,230				21,882			2.97				1,572,287				11,287			2.91
Savings deposits		1,014,568				6,304			2.52				1,012,567				7,233			2.83				656,789				5,227			3.23
Time deposits		2,901,327				26,713			3.73				2,946,459				28,520			3.84				2,480,990				25,154			4.11
Other interest-bearing deposits		2,078,500				12,519			2.44				1,975,750				13,219			2.65				1,659,055				12,324			3.01
Total interest-bearing deposits		8,897,814				65,682			2.99				8,854,006				70,854			3.17				6,369,121				53,992			3.44
Borrowings		833,551				5,513			2.68				781,388				4,582			2.33				686,391				3,725			2.20
Subordinated debentures		201,928				4,385			8.81				201,741				4,294			8.44				79,988				1,298			6.58
Finance lease		921				13			5.72				995				15			5.98				1,210				18			6.03
Total interest-bearing liabilities		9,934,214				75,593			3.09				9,838,130				79,745			3.22				7,136,710				59,033			3.35
Noninterest-bearing demand deposits		2,384,883											2,473,596											1,305,722
Other liabilities		85,785											93,046											51,800
Total noninterest-bearing liabilities		2,470,668											2,566,642											1,357,522
Stockholders’ equity		1,594,699											1,558,366											1,254,373
Total liabilities and stockholders’ equity	$	13,999,581										$	13,963,138										$	9,748,605
Net interest income (tax equivalent basis)						109,976											107,761											66,580
Net interest spread (5)									2.63	%										2.46	%										2.17	%
Net interest margin (6)									3.39	%										3.27	%										2.93	%
Tax equivalent adjustment						(1,172	)										(1,166	)										(824	)
Net interest income					$	108,804										$	106,595										$	65,756
(1) Average balances are calculated on amortized cost.
(2) Interest income is presented on a tax equivalent basis using 21% federal tax rate.
(3) Includes loan fee income.
(4) Loans include nonaccrual loans.
(5) Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing
liabilities and is presented on a tax equivalent basis.
(6) Represents net interest income on a tax equivalent basis divided by average total interest-earning assets.
(7) Rates are annualized.