Earnings release
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American Savings Bank Reports Third Quarter 2026 Net Income of $29.0 million, or $0.45 per Diluted Share and Declares Dividend HONOLULU, October 29, 2026 - American Savings Bank, N.A. (NYSE: ASBH) (“ASB” or the “Bank”) today reported financial results for the quarter ended September 30, 2026. Highlights for the Third Quarter Net Income Diluted Earnings per Share Net Interest Income Net Interest Margin (NIM) Cost of Deposits Efficiency Ratio Book Value per Share1 $29.0 million $0.45 $76.4 million 3.61% 0.68% 60.6% $10.64$29.6 million as adjusted $0.46 as adjusted Executive Commentary “We reached an important milestone in the third quarter with the completion of our initial public offering and are pleased to report results for the first time as a public company,” said Ann Teranishi, president and chief executive officer. “This achievement reflects our teammates’ hard work and dedication to supporting our customers and communities every day. We are proud to build on more than 100 years of serving Hawaii with a straightforward, reliable business model. Our results demonstrate the strength of our franchise, with quarter-over-quarter margin expansion, improved efficiency, and stronger earnings and capital ratios.” Income Statement Highlights (amounts in millions, except per share data) Three Months Ended Prior Quarter Year-Over-Year September 30, 2026 June 30, 2026 September 30, 2025 $ % $ % Net income $ 29.0 $ 27.2 $ 20.0 $ 1.8 6.7 % $ 9.0 45.2 % Diluted earnings per share 0.45 0.42 0.31 0.03 7.1 0.14 45.2 Net interest income 76.4 75.2 71.7 1.2 1.5 4.7 6.5 Noninterest income 21.0 23.8 2.4 (2.8) (11.7) 18.6 761.8 Noninterest expense 59.0 61.1 58.0 (2.1) (3.4) 1.0 1.7 Balance Sheet Highlights (amounts in millions, except per share data) As of Prior Quarter End Year-Over-Year September 30, 2026 June 30, 2026 September 30, 2025 $ % $ % Total assets $ 8,936.9 $ 9,049.2 $ 8,795.0 $ (112.2) (1.2) % $ 141.9 1.6 % Investment securities 1,909.9 1,941.8 1,790.5 (31.9) (1.6) 119.4 6.7 Loans receivable 6,214.7 6,238.5 6,090.5 (23.8) (0.4) 124.2 2.0 Deposits 8,053.9 8,191.5 7,946.1 (137.6) (1.7) 107.8 1.4 Book value per share1 10.64 10.65 9.93 (0.01) (0.1) 0.71 7.2 Asset Quality Highlights As of Prior Quarter Year-Over-Year September 30, 2026 June 30, 2026 September 30, 2025 bps bps Allowance for credit losses to total loans, net 0.97 % 0.99 % 0.92 % (2) 5 Nonperforming loans to total loans, net 0.29 0.19 0.19 10 10 Net charge-offs (annualized) to average loans 0.11 — 0.07 11 4 Other Financial Metrics Three Months Ended Prior Quarter Year-Over-Year September 30, 2026 June 30, 2026 September 30, 2025 bps bps Net interest margin 3.61 % 3.57 % 3.46 % 4 15 Return on avg. assets 1.29 1.21 0.91 8 38 Return on average tangible common equity 16.68 15.87 12.62 81 406 Efficiency ratio 60.6 61.7 78.3 (110) (1,770) Tier 1 leverage ratio 9.24 9.10 8.93 14 31 Tier 1 capital ratio 13.69 13.49 13.17 20 52 Total capital ratio 14.76 14.59 14.19 17 57 1 As of the periods presented, the Bank had no intangible assets and had an immaterial amount of preferred stock. Tangible book value is therefore substantially the same as book value. 1
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Statement of Income Net income for the quarter ended September 30, 2026, was $29.0 million, an increase of $1.8 million compared to the prior quarter and an increase of $9.0 million compared to the prior year. Excluding the $0.6 million net of tax impact of IPO- related expenses, net income would have been $29.6 million for the quarter ended September 30, 2026. Earnings per diluted share for the quarter ended September 30, 2026, was $0.45, an increase of $0.03 per diluted share compared to the prior quarter and an increase of $0.14 per diluted share compared to the prior year. Excluding the impact of IPO-related expenses, earnings per diluted share would have been $0.46 for the quarter ended September 30, 2026. Net interest income for the quarter ended September 30, 2026, was $76.4 million, an increase of $1.2 million compared to the prior quarter and an increase of $4.7 million compared to the prior year. The increase compared to the prior quarter primarily reflects higher average loan balances and improved earning-asset yields, partially offset by lower average investment securities and interest-earning deposits in other financial institutions versus the comparable quarters. Net interest margin for the quarter ended September 30, 2026, was 3.61%, an increase of 4 bps compared to the prior quarter and 15 bps compared to the prior year. The increase was driven primarily by higher investment securities, residential loan and consumer loan yields and continued run-off of higher rate time certificates versus comparable periods. Provision for credit losses was $0.7 million for the quarter ended September 30, 2026, a decrease of $2.6 million compared to the prior quarter and an increase of $8.6 million compared to the prior year. The decrease from the prior quarter primarily reflects the absence of the provision recognized in the second quarter related to real estate-secured loans to a commercial relationship and headwinds within the hospitality sector. The year-over-year comparison reflects the $11.5 million reserve release associated with the consumer loan portfolio sale in the third quarter of 2025. Noninterest income for the quarter ended September 30, 2026, was $21.0 million, a decrease of $2.8 million compared to the prior quarter and an increase of $18.6 million compared to the prior year. The decrease compared to the prior quarter primarily relates to a lower fair market value (“FMV”) adjustment related to bank-owned life insurance (“BOLI”). Excluding the FMV impact of BOLI, noninterest income would have been $1.3 million higher in the current quarter versus the prior quarter, driven primarily by higher service charges on deposit accounts, income from investment services and other income. The increase compared to the prior year was driven by the loss on sale of consumer loans recognized in the third quarter of 2025 when the Bank sold its portfolio of mainland solar and home improvement consumer loans. Noninterest expense for the quarter ended September 30, 2026, was $59.0 million, a decrease of $2.1 million compared to the prior quarter and an increase of $1.0 million compared to the prior year. The decrease compared to the prior quarter primarily relates to a lower FMV adjustment related to the Bank’s deferred compensation liability included in Salaries and employee benefits. Excluding the FMV impact, noninterest expense would have increased $2.0 million compared to the prior quarter, driven primarily by higher salaries and employee benefits resulting from higher incentive accruals. Excluding the FMV impact, noninterest expense would have increased $3.8 million compared to the prior year, driven primarily by higher salaries and employee benefits and approximately $0.9 million of expenses related to our initial public offering. The effective tax rate for the quarter ended September 30, 2026, was 23.0% compared to 21.6% in the prior quarter and 16.5% in the prior year. The increase in the effective tax rate was primarily due to higher pre-tax income and certain costs that are no longer deductible as a result of being a public company. Balance Sheet Total assets at September 30, 2026, were $8.9 billion, $112.2 million lower than June 30, 2026, and $141.9 million higher compared to September 30, 2025. The decrease from prior quarter primarily relates to a decrease in interest-bearing deposits in other financial institutions as well as modest declines in loans and investment securities. 2
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Total deposits were $8.1 billion, a decrease of $137.6 million, or 1.7%, compared to prior quarter and an increase of 1.4% compared to prior year. Core deposits decreased $92.1 million compared to June 30, 2026, primarily due to a decrease in interest-bearing checking, partially offset by growth in noninterest-bearing checking and savings accounts. The cost of deposits for the third quarter of 2026 was 0.68%, a decrease of 1 bp from the second quarter and a decrease of 9 bps compared to the prior year. Book value per common share and tangible book value per common share at September 30, 2026, were $10.64 per common share, compared to $10.65 per common share at June 30, 2026, and $9.93 per common share at September 30, 2025. The balance at quarter-end compared to prior quarter primarily reflects third quarter net income offset by dividends paid in the third quarter and an increase in accumulated other comprehensive loss related to fair value changes of available-for-sale investment securities. The increase compared to prior year primarily reflects net income during the trailing twelve months offset by dividends paid during the same period. Asset Quality Allowance for credit losses was $60.2 million, or 0.97% of total loans, net at September 30, 2026, compared to $61.5 million, or 0.99% of total loans, at June 30, 2026, and $56.0 million, or 0.92% of total loans, at September 30, 2025. Net charge-offs for the quarter ended September 30, 2026, were $1.8 million, or 0.11% as a percentage of average loans (annualized), compared to $0.1 million, or less than 1 bp, in the prior quarter and $1.1 million, or 0.07%, compared to the prior year. The decrease in the allowance and increase in charge-offs as of and for the quarter ended September 30, 2026, compared to the prior quarter included a partial charge-off of a nonperforming commercial construction loan. Nonaccrual loans at September 30, 2026, were $12.6 million, or 0.20% of total loans, net of deferred loan fees and discounts, compared to $8.4 million, or 0.13%, at June 30, 2026, and $8.5 million, or 0.14%, at September 30, 2025. Capital Total stockholders’ equity was $691.7 million on September 30, 2026, compared to $692.5 million on June 30, 2026. The tier 1 leverage ratio was 9.24% at September 30, 2026, compared to 9.10% at June 30, 2026, and 8.93% at September 30, 2025. On October 27, 2026, ASB’s Board of Directors declared a cash dividend on common stock of $0.27 per share of common stock to stockholders of record as of November 9, 2026. The dividend will be paid on November 20, 2026. Conference Call and Webcast Details ASB will host a conference call and webcast to discuss third quarter 2026 results and provide further business updates. Date: Friday, October 30, 2026 Time: 2:00 P.M. Eastern | 1:00 P.M. Central | 11:00 A.M. Pacific | 8:00 A.M. Hawaii Participant Toll-Free Dial-in Number: 1-833-461-5787 Participant International Dial-in Number: 1-585-542-9983 Conference ID: 477 004 733 Webcast URL: https://events.q4inc.com/attendee/477004733 About American Savings Bank ASB is a Hawaii-based, full-service community bank serving Hawaii’s consumers, businesses and communities since 1925. ASB makes dreams possible for Hawaii’s residents by offering products and services that encourage financial wellness, empower families to become homeowners and help businesses thrive. ASB operates a network of 35 branches and over 120 ATMs in the State of Hawaii. With one of the state’s highest-rated mobile apps for banking, ASB is available anytime, anywhere, making banking easier for our customers. ASB pairs its customer experience with an award-winning employee experience that has received local and national recognition, including being named a Best Place to Work in Hawaii for 16 years. 3
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Visit www.asbhawaii.com for more information. Investor Relations Contact: Jordan Hino InvestorRelations@asbhawaii.com (808) 539-7050 Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended). These statements reflect our current views with respect to, among other things, future operating results and financial position, our business strategy and plans and market growth. These statements are often, but not always, made through the use of words or phrases such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” or words or phrases of similar meaning, such as “will be positioned to.” These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions. Moreover, we operate in a competitive and changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For further information on some of these risk factors and important factors that could affect our future results and financial condition, see our filings with U.S. Office of the Comptroller of the Currency (“OCC”) including, but not limited to, our registration statement on Form S-1 that was declared effective by the OCC on September 15, 2026, relating to our initial public offering. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this presentation, except as required by law. 4
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American Savings Bank, N.A. Financial Highlights Table 1 Amounts in thousands, except per share data; unaudited As of or For the Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Operating Results Net interest income $ 76,370 $ 75,217 $ 74,244 $ 74,020 $ 71,710 $ 225,831 $ 209,109 Provision (benefit) for credit losses 739 3,298 1,049 1,903 (7,816) 5,086 (2,737) Noninterest income 21,046 23,827 20,103 22,836 2,442 64,976 (110,815) Noninterest expense 59,008 61,083 56,879 81,040 58,049 176,970 165,816 Net income (loss) 28,989 27,175 28,553 11,353 19,961 84,717 (41,547) Pre-tax, pre-provision income(1) 38,408 37,961 37,468 15,816 16,103 113,837 (67,522) Performance Ratios Return on average assets(2) 1.29 % 1.21 % 1.27 % 0.51 % 0.91 % 1.26 % (0.62) % Adjusted return on average assets(1)(2) 1.32 1.25 1.28 1.21 1.19 1.28 1.10 Return on average tangible common equity(1)(2) 16.68 15.87 16.91 6.86 12.62 16.48 (9.29) Adjusted return on average tangible common equity(1)(2) 17.04 16.36 17.05 16.26 16.52 16.81 16.62 Net interest margin(2) 3.61 3.57 3.55 3.55 3.46 3.58 3.29 Cost of deposits(2) 0.68 0.69 0.69 0.72 0.77 0.69 0.81 Efficiency ratio 60.6 61.7 60.3 83.7 78.3 60.9 168.7 Adjusted efficiency ratio(1) 59.7 60.5 60.0 61.7 61.7 60.1 61.9 Capital Ratios Tier 1 leverage ratio 9.24 % 9.10 % 9.03 % 9.00 % 8.93 % Tier 1 capital ratio 13.69 13.49 13.49 13.46 13.17 Total capital ratio 14.76 14.59 14.55 14.52 14.19 Common Stock Data(3): Basic earnings (loss) per share $ 0.45 $ 0.42 $ 0.44 $ 0.17 $ 0.31 $ 1.30 $ (0.64) Diluted earnings (loss) per share $ 0.45 $ 0.42 $ 0.44 $ 0.17 $ 0.31 $ 1.30 $ (0.64) Dividends declared per common share $ 0.27 $ 0.27 $ 0.27 $ — $ — $ 0.81 $ — Tangible book value per share $ 10.64 $ 10.65 $ 10.48 $ 10.31 $ 9.93 Weighted average common stock outstanding Basic 64,998 64,998 64,998 64,998 64,998 64,998 64,998 Diluted 65,006 64,998 64,998 64,998 64,998 65,001 64,998 Average balances: Average loans, including loans held for sale $ 6,221,377 $ 6,175,040 $ 6,091,422 $ 6,099,090 $ 6,112,552 $ 6,163,089 $ 6,091,062 Average earning assets $ 8,428,575 $ 8,441,368 $ 8,415,948 $ 8,322,552 $ 8,258,890 $ 8,428,677 $ 8,499,236 Average assets $ 8,988,897 $ 8,995,938 $ 8,969,324 $ 8,879,842 $ 8,795,986 $ 8,984,791 $ 8,983,526 Average deposits $ 8,118,001 $ 8,143,415 $ 8,123,212 $ 8,028,080 $ 7,969,399 $ 8,128,190 $ 8,012,120 (1) These are non-GAAP financial measures we believe are helpful in interpreting our financial results. For more information on non-GAAP measures and for a reconciliation to the most directly comparable GAAP financial measures, see Statement on Management’s Use of Non-GAAP Financial Measures. (2) Ratios are presented on an annualized basis. (3) Common stock data for the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, and the nine months ended September 30, 2026 and September 30, 2025, are adjusted for the Bank’s 7,222-to-1 forward split that became effective on September 15, 2026. 5
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American Savings Bank, N.A. Statements of Income (Loss) (unaudited) Table 2 (amounts in thousands, except per share data) Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Interest income Loans $ 77,249 $ 75,814 $ 74,407 $ 75,742 $ 75,443 $ 227,470 $ 224,375 Investment securities 12,395 12,537 11,619 10,810 9,781 36,551 30,092 Other 793 907 2,053 2,117 1,892 3,753 9,897 Total interest income 90,437 89,258 88,079 88,669 87,116 267,774 264,364 Interest expense Deposits 13,945 14,020 13,835 14,649 15,405 41,800 48,565 Other borrowings 122 21 — — 1 143 6,690 Total interest expense 14,067 14,041 13,835 14,649 15,406 41,943 55,255 Net interest income 76,370 75,217 74,244 74,020 71,710 225,831 209,109 Provision (benefit) for credit losses 739 3,298 1,049 1,903 (7,816) 5,086 (2,737) Net interest income after provision (benefit) for credit losses 75,631 71,919 73,195 72,117 79,526 220,745 211,846 Noninterest income Service charges on deposit accounts 5,430 4,935 4,771 5,277 5,144 15,136 14,698 Other service charges and fees 8,252 8,276 8,224 8,519 8,200 24,752 23,789 Income from investment services 4,283 3,997 3,684 3,906 3,682 11,964 10,345 Mortgage banking income 263 187 206 194 147 656 554 Bank-owned life insurance 1,683 5,730 2,497 4,239 4,455 9,910 7,375 Loss on sale of investment securities, net — — — — — — (149,869) Loss on sale of consumer loans — — — — (19,918) — (19,918) Other income, net 1,135 702 721 701 732 2,558 2,211 Total noninterest income 21,046 23,827 20,103 22,836 2,442 64,976 (110,815) Noninterest expense Salaries and employee benefits 33,033 35,881 33,291 34,650 33,198 102,205 93,448 Occupancy 5,421 5,507 5,377 5,753 5,921 16,305 16,633 Data processing 5,614 5,668 5,492 5,781 5,532 16,774 16,392 Services 2,877 2,720 2,443 3,005 2,895 8,040 8,247 Equipment 2,314 2,287 2,273 2,292 2,253 6,874 6,964 FDIC insurance 1,043 1,079 1,076 1,363 1,394 3,198 4,772 Marketing 1,070 862 852 1,248 1,228 2,784 3,190 Office supplies, printing and postage 1,001 1,188 1,093 1,024 1,121 3,282 3,210 Pension plan settlement — — (717) 21,275 — (717) — Other expense 6,635 5,891 5,699 4,649 4,507 18,225 12,960 Total noninterest expense 59,008 61,083 56,879 81,040 58,049 176,970 165,816 Income (loss) before income taxes 37,669 34,663 36,419 13,913 23,919 108,751 (64,785) Income tax expense (benefit) 8,680 7,488 7,866 2,560 3,958 24,034 (23,238) Net income (loss) $ 28,989 $ 27,175 $ 28,553 $ 11,353 $ 19,961 $ 84,717 $ (41,547) Per common share data1: Basic earnings (loss) per share $ 0.45 $ 0.42 $ 0.44 $ 0.17 $ 0.31 $ 1.30 $ (0.64) Diluted earnings (loss) per share $ 0.45 $ 0.42 $ 0.44 $ 0.17 $ 0.31 $ 1.30 $ (0.64) Basic weighted-average shares outstanding 64,998 64,998 64,998 64,998 64,998 64,998 64,998 Diluted weighted-average shares outstanding 65,006 64,998 64,998 64,998 64,998 65,001 64,998 Dividends declared per common share $ 0.27 $ 0.27 $ 0.27 $ — $ — $ 0.81 $ — Supplemental information FMV adjustment included in Bank-owned life insurance $ (297) $ 3,815 $ 635 $ 1,212 $ 2,591 $ 4,153 $ 1,916 FMV adjustment on deferred comp liability included in Salaries and employee benefits $ (297) $ 3,827 $ 981 $ 1,242 $ 2,571 $ 4,511 $ 2,088 (1) Common stock data for the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, and the nine months ended September 30, 2026 and September 30, 2025, are adjusted for the Bank’s 7,222-to-1 forward split that became effective on September 15, 2026. 6
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American Savings Bank, N.A. Balance Sheets (unaudited) Table 3 (dollars in thousands) As of September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Assets Cash and due from banks $ 165,047 $ 145,718 $ 133,593 $ 112,962 $ 123,680 Interest-bearing deposits in other financial institutions 9,357 83,168 94,873 286,993 152,382 Cash and cash equivalents 174,404 228,886 228,466 399,955 276,062 Investment Securities Available-for-sale, at fair value 847,996 865,754 938,614 755,884 676,959 Held-to-maturity, at amortized cost 1,061,892 1,076,007 1,089,344 1,101,853 1,113,537 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 17,588 16,179 16,179 16,366 5,575 Loans held for sale, at lower of cost or fair value 1,084 4,485 — 4,723 1,776 Loans held for investment 6,214,714 6,238,473 6,147,761 6,083,247 6,090,536 Allowance for credit losses (60,220) (61,535) (58,292) (57,557) (56,008) Net loans held for investment 6,154,494 6,176,938 6,089,469 6,025,690 6,034,528 Premises and equipment, net 171,143 172,404 173,705 174,956 175,435 Bank-owned life insurance 220,255 218,567 212,836 210,340 211,395 Accrued interest receivable 30,440 30,261 30,525 29,435 28,800 Mortgage servicing rights, net 5,970 6,183 6,361 6,579 6,802 Deferred tax asset 120,111 115,919 111,155 111,415 110,632 Other assets 131,555 137,577 146,055 142,290 153,491 Total assets $ 8,936,932 $ 9,049,160 $ 9,042,709 $ 8,979,486 $ 8,794,992 Liabilities and stockholders' equity Liabilities: Noninterest-bearing $ 2,533,312 $ 2,524,356 $ 2,523,695 $ 2,498,000 $ 2,454,299 Interest-bearing 5,520,613 5,667,132 5,676,119 5,639,022 5,491,833 Total deposits 8,053,925 8,191,488 8,199,814 8,137,022 7,946,132 Other borrowings 31,300 — — — — Other liabilities 159,964 165,176 161,425 172,588 203,719 Total liabilities $ 8,245,189 $ 8,356,664 $ 8,361,239 $ 8,309,610 $ 8,149,851 Stockholders' equity: Preferred stock $ 5 $ 5 $ 5 $ 5 $ — Common stock 9 9 9 9 9 Additional paid-in capital 360,431 359,704 359,704 359,704 359,704 Accumulated other comprehensive loss, net of tax benefits (147,082) (134,118) (135,474) (136,020) (149,397) Retained earnings 478,380 466,896 457,226 446,178 434,825 Total stockholders' equity 691,743 692,496 681,470 669,876 645,141 Total liabilities and stockholders' equity $ 8,936,932 $ 9,049,160 $ 9,042,709 $ 8,979,486 $ 8,794,992 7
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American Savings Bank, N.A. Average Balances and Net Interest Margin (Quarter-to-Date) Table 4A Amounts in thousands; unaudited Three Months Ended Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 Average Balance Interest income / expense Yield / Rate(5) Average Balance Interest income / expense Yield / Rate(5) Average Balance Interest income / expense Yield / Rate(5) Assets Interest-earning deposits $ 54,951 $ 515 3.66 % $ 71,884 $ 662 3.65 % $ 161,501 $ 1,803 4.37 % FHLB and FRB stock 16,719 278 6.63 16,274 245 6.02 5,575 89 6.34 Investment securities Taxable 2,072,793 12,056 2.33 2,114,688 12,190 2.31 1,914,629 9,410 1.96 Non-taxable 62,735 429 2.71 63,482 439 2.75 64,633 470 2.88 Total investment securities 2,135,528 12,485 2.34 2,178,170 12,629 2.32 1,979,262 9,880 1.99 Loans Residential 2,760,053 30,136 4.37 2,737,131 29,573 4.32 2,633,196 27,501 4.18 Commercial real estate 1,575,008 19,540 4.88 1,573,001 19,402 4.89 1,451,276 18,367 4.97 Home equity line of credit 913,856 10,822 4.70 923,577 10,735 4.66 945,742 11,230 4.71 Residential land 14,165 299 8.44 13,671 288 8.45 16,901 345 8.16 Commercial construction 197,741 3,205 6.37 186,216 3,123 6.66 209,974 3,841 7.19 Commercial & industrial 643,030 9,130 5.60 629,432 8,850 5.61 658,796 9,776 5.85 Consumer 117,524 4,351 14.69 112,012 4,064 14.55 196,667 4,644 9.38 Total loans(1)(2) 6,221,377 77,483 4.94 6,175,040 76,035 4.92 6,112,552 75,704 4.91 Total interest-earning assets(3) 8,428,575 90,761 4.28 % 8,441,368 89,571 4.24 8,258,890 87,476 4.20 Allowance for credit losses (62,377) (58,844) (61,624) Noninterest-earning assets 622,699 613,414 598,720 Total assets $ 8,988,897 $ 8,995,938 $ 8,795,986 Liabilities and stockholders' equity Interest-bearing deposits Savings $ 2,833,597 $ 3,977 0.56 % $ 2,812,175 $ 3,834 0.55 % $ 2,760,548 $ 3,617 0.52 % Interest-bearing checking 1,604,662 3,320 0.82 1,642,161 3,317 0.81 1,472,253 2,830 0.76 Money market 563,408 3,455 2.43 549,705 3,311 2.42 530,324 4,173 3.12 Time certificates 598,185 3,193 2.12 635,176 3,558 2.25 729,554 4,785 2.60 Total interest-bearing deposits 5,599,852 13,945 0.99 5,639,217 14,020 1.00 5,492,679 15,405 1.11 Advances from Federal Home Loan Bank 12,004 122 3.99 2,104 21 3.84 11 1 4.50 Federal Funds Purchased 11 — 3.75 — — — 11 — 4.50 Total interest-bearing liabilities 5,611,867 14,067 0.99 % 5,641,321 14,041 1.00 % 5,492,701 15,406 1.11 % Noninterest-bearing liabilities Deposits 2,518,149 2,504,198 2,476,720 Other 163,529 165,601 194,130 Stockholders' equity 695,352 684,818 632,435 Total liabilities and stockholders' equity $ 8,988,897 $ 8,995,938 $ 8,795,986 Net interest income $ 76,694 $ 75,530 $ 72,070 Net interest margin (%)(4) 3.61 % 3.57 % 3.46 % Supplemental Information Total deposits including non-interest bearing $ 8,118,001 0.68 % $ 8,143,415 0.69 % $ 7,969,399 0.77 % (1) Includes loans held for sale, at lower of cost or fair value, of $3.1 million, $2.5 million and $25.3 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively. (2) Includes recognition of net deferred loan fees of $0.4 million, $0.3 million and $0.6 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, together with interest accrued prior to suspension of interest accrual on nonaccrual loans. Includes nonaccrual loans. (3) Interest income and yield are expressed on a taxable-equivalent basis. Taxable-equivalent adjustments were $0.3 million, $0.3 million and $0.4 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025. (4) Annualized net interest income and expense are based on the day count convention at the interest-earning asset or interest-bearing liability level and is divided by average interest-earning assets. (5) Average yields and costs are presented on an annualized basis. 8
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American Savings Bank, N.A. Analysis of Change in Net Interest Income Table 4B Amounts in thousands; unaudited Three Months Ended September 30, 2026 Compared to June 30, 2026 Rate Volume Total Change in interest income(1) Interest-earning deposits $ 2 $ (149) $ (147) FHLB and FRB stock 26 7 33 Investment securities Taxable 112 (246) (134) Non-taxable (5) (5) (10) Total investment securities 107 (251) (144) Loans Residential mortgage(2) 327 236 563 Commercial real estate 54 84 138 Home equity line of credit 141 (54) 87 Residential land — 11 11 Commercial construction (124) 206 82 Commercial & industrial (8) 288 280 Consumer 46 241 287 Total loans 436 1,012 1,448 Total change in interest income $ 571 $ 619 $ 1,190 Change in interest expense Interest-bearing deposits Savings $ (101) $ (42) $ (143) Interest-bearing checking (55) 52 (3) Money market (21) (123) (144) Time certificates 182 183 365 Total interest-bearing deposits 5 70 75 Other borrowings Advances from Federal Home Loan Bank (1) (100) (101) Federal Funds Purchased — — — Total change in interest expense 4 (30) (26) Change in net interest income $ 575 $ 589 $ 1,164 (1) The taxable-equivalent basis adjustments were not material. (2) Includes residential construction loan interest income. 9
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American Savings Bank, N.A. Analysis of Change in Net Interest Income Table 4C Amounts in thousands; unaudited Three Months Ended September 30, 2026 Compared to September 30, 2025 Rate Volume Total Change in interest income(1) Interest-earning deposits $ (255) $ (1,033) $ (1,288) FHLB and FRB stock 4 185 189 Investment securities Taxable 1,826 820 2,646 Non-taxable (27) (14) (41) Total investment securities 1,799 806 2,605 Loans Residential mortgage(2) 1,279 1,356 2,635 Commercial real estate (334) 1,507 1,173 Home equity line of credit (25) (383) (408) Residential land 12 (58) (46) Commercial construction (420) (216) (636) Commercial & industrial (414) (232) (646) Consumer (122) (171) (293) Total loans (24) 1,803 1,779 Total change in interest income $ 1,524 $ 1,761 $ 3,285 Change in interest expense Interest-bearing deposits Savings $ (267) $ (93) $ (360) Interest-bearing checking (229) (261) (490) Money market 965 (247) 718 Time certificates 806 786 1,592 Total interest-bearing deposits 1,275 185 1,460 Other borrowings Advances from FHLB — (121) (121) Total change in interest expense 1,275 64 1,339 Change in net interest income $ 2,799 $ 1,825 $ 4,624 (1) The taxable-equivalent basis adjustments were not material. (2) Includes residential construction loan interest income. 10
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American Savings Bank, N.A. Average Balances and Net Interest Margin (Year-to-Date) Table 4D Amounts in thousands; unaudited Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 Average Balance Interest income / expense Yield / Rate(5) Average Balance Interest income / expense Yield / Rate(5) Assets Interest-earning deposits $ 107,915 $ 2,986 3.65 % $ 270,828 $ 9,020 4.39 % FHLB and FRB stock 16,453 767 6.22 13,935 877 8.41 Investment securities Taxable 2,077,860 35,517 2.28 2,058,402 28,975 1.88 Non-taxable 63,360 1,309 2.74 65,009 1,414 2.89 Total investment securities 2,141,220 36,826 2.29 2,123,411 30,389 1.91 Loans Residential mortgage 2,747,766 89,256 4.33 2,625,107 81,917 4.16 Commercial real estate 1,545,597 57,011 4.88 1,440,884 55,043 5.05 Home equity line of credit 923,291 32,219 4.67 948,370 32,918 4.64 Residential land 13,954 880 8.41 16,832 961 7.61 Commercial construction 192,579 9,635 6.63 201,869 10,713 7.03 Commercial & industrial 625,870 26,720 5.68 653,187 28,743 5.85 Consumer 114,032 12,417 14.56 204,813 14,776 9.64 Total loans(1)(2) 6,163,089 228,138 4.93 6,091,062 225,071 4.92 Total interest-earning assets(3) 8,428,677 268,717 4.24 % 8,499,236 265,357 4.15 Allowance for credit losses (59,716) (63,452) Noninterest-earning assets 615,830 547,742 Total assets $ 8,984,791 $ 8,983,526 Liabilities and stockholders' equity Interest-bearing deposits Savings $ 2,811,817 $ 11,480 0.55 % $ 2,722,451 $ 9,623 0.47 % Interest-bearing checking 1,624,212 9,627 0.79 1,474,845 8,339 0.76 Money market 557,884 10,136 2.43 514,662 12,065 3.13 Time certificates 631,658 10,557 2.23 825,398 18,538 3.00 Total interest-bearing deposits 5,625,571 41,800 0.99 5,537,356 48,565 1.17 Advances from Federal Home Loan Bank 4,751 143 3.96 184,179 6,690 4.79 Federal funds purchased 7 — 3.75 4 — 4.50 Total interest-bearing liabilities 5,630,329 41,943 1.00 % 5,721,539 55,255 1.29 % Noninterest-bearing liabilities Deposits 2,502,619 2,474,764 Other 166,551 190,997 Stockholders' equity 685,292 596,226 Total liabilities and stockholders' equity $ 8,984,791 $ 8,983,526 Net interest income $ 226,774 $ 210,102 Net interest margin (%)(4) 3.58 % 3.29 % Supplemental Information Total deposits including non-interest bearing $ 8,128,190 0.69 % $ 8,012,120 0.81 % (1) Includes loans held for sale, at lower of cost or fair value, of $2.6 million and $9.5 million for the nine months ended September 30, 2026 and 2025, respectively. (2) Includes recognition of net deferred loan fees of $1.4 million and $1.7 million for the nine months ended September 30, 2026 and 2025, respectively, together with interest accrued prior to suspension of interest accrual on nonaccrual loans. Includes nonaccrual loans. (3) Interest income and yield are expressed on a taxable-equivalent basis.Taxable-equivalent basis adjustments were $0.9 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively. (4) Annualized net interest income and expense are based on the day count convention at the interest-earning asset or interest-bearing liability level and is divided by average interest-earning assets. (5) Average yields and costs are presented on an annualized basis. 11
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American Savings Bank, N.A. Analysis of Change in Net Interest Income Table 4E Amounts in thousands; unaudited Nine Months Ended September 30, 2026 Compared to September 30, 2025 Rate Volume Total Change in interest income(1) Interest-earning deposits $ (1,321) $ (4,713) $ (6,034) FHLB and FRB stock (252) 142 (110) Investment securities Taxable 6,248 294 6,542 Non-taxable (71) (34) (105) Total investment securities 6,177 260 6,437 Loans Residential mortgage(2) 3,424 3,915 7,339 Commercial real estate (1,888) 3,856 1,968 Home equity line of credit 206 (905) (699) Residential land 95 (176) (81) Commercial construction (597) (481) (1,078) Commercial & industrial (830) (1,193) (2,023) Consumer (700) (1,659) (2,359) Total loans (290) 3,357 3,067 Total change in interest income $ 4,314 $ (954) $ 3,360 Change in interest expense Interest-bearing deposits Savings $ (1,556) $ (301) $ (1,857) Interest-bearing checking (362) (926) (1,288) Money market 2,874 (945) 1,929 Time certificates 4,200 3,781 7,981 Total interest-bearing deposits 5,156 1,609 6,765 Other borrowings Advances from Federal Home Loan Bank 989 5,558 6,547 Total change in interest expense 6,145 7,167 13,312 Change in net interest income $ 10,459 $ 6,213 $ 16,672 (1) The taxable-equivalent basis adjustments were not material. (2) Includes residential construction loan interest income. 12
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American Savings Bank, N.A. Loans Receivable Held for Investment Table 5 September 30, June 30, March 31, December 31, September 30, Amounts in thousands; unaudited 2026 2026 2026 2025 2025 Real estate loans: Residential mortgage $ 2,750,382 $ 2,745,794 $ 2,726,230 $ 2,739,266 $ 2,664,847 Commercial real estate 1,569,377 1,586,748 1,555,263 1,484,535 1,463,763 Home equity line of credit 905,074 915,405 924,051 933,990 945,642 Residential land 13,170 14,579 13,531 14,609 16,017 Commercial construction 211,155 183,325 181,599 195,600 221,916 Residential construction 18,547 17,981 17,457 17,312 14,790 Total real estate loans 5,467,705 5,463,832 5,418,131 5,385,312 5,326,975 Commercial & industrial 642,824 661,964 625,579 591,316 654,865 Consumer 113,578 121,811 113,079 115,742 117,125 Total loans 6,224,107 6,247,607 6,156,789 6,092,370 6,098,965 Deferred loan fees and discounts (9,393) (9,134) (9,028) (9,123) (8,429) Total loans, net $ 6,214,714 $ 6,238,473 $ 6,147,761 $ 6,083,247 $ 6,090,536 Deposit Liabilities by Type Table 6 September 30, June 30, March 31, December 31, September 30, Amounts in thousands; unaudited 2026 2026 2026 2025 2025 Core deposits Noninterest-bearing checking $ 2,533,312 $ 2,524,356 $ 2,523,695 $ 2,498,000 $ 2,454,299 Interest-bearing checking 1,595,557 1,682,538 1,664,709 1,664,668 1,486,734 Savings 2,824,243 2,817,266 2,801,745 2,775,842 2,757,629 Money market 529,441 550,532 554,843 523,870 533,623 Total core deposits 7,482,553 7,574,692 7,544,992 7,462,380 7,232,285 Time certificates 571,372 616,796 654,822 674,642 713,847 Total deposit liabilities $ 8,053,925 $ 8,191,488 $ 8,199,814 $ 8,137,022 $ 7,946,132 13
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American Savings Bank, N.A. Loans Past Due and Nonaccrual Loans Table 7 September 30, June 30, March 31, December 31, September 30, Amounts in thousands; unaudited 2026 2026 2026 2025 2025 Loans past due Residential mortgage $ 11,945 $ 9,954 $ 7,864 $ 14,623 $ 8,560 Commercial real estate — — — 110 — Home equity line of credit 5,206 5,019 4,971 5,564 3,838 Residential land — — — — — Commercial construction 4,145 25,000 — — — Residential construction — — — — — Commercial & Industrial 611 353 95 94 282 Consumer 1,998 1,756 2,135 2,343 2,018 Total loans past due $ 23,905 $ 42,082 $ 15,065 $ 22,734 $ 14,698 Loans past due 90 days or more and accruing Residential mortgage $ 5,757 $ 3,506 $ 3,351 $ 2,481 $ 2,964 Commercial real estate — — — — — Home equity line of credit — — — — — Residential land — — — — — Commercial construction — — — — — Residential construction — — — — — Commercial & Industrial — — — — — Consumer — — — — — Total loans past due 90 days or more and accruing $ 5,757 $ 3,506 $ 3,351 $ 2,481 $ 2,964 Nonaccrual loans Residential mortgage $ 2,309 $ 2,197 $ 2,222 $ 5,418 $ 2,866 Commercial real estate — — — — — Home equity line of credit 5,080 5,170 5,287 4,643 4,357 Residential land — — — — — Commercial construction 4,145 — — 14,962 — Residential construction — — — — — Commercial & Industrial 143 129 87 120 105 Consumer 893 915 1,107 1,107 1,194 Total nonaccrual loans $ 12,570 $ 8,411 $ 8,703 $ 26,250 $ 8,522 Total loans, net $ 6,214,714 $ 6,238,473 $ 6,147,761 $ 6,083,247 $ 6,090,536 14
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American Savings Bank, N.A. Reserve for Credit Losses Table 8 (unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, (Dollars in thousands) 2026 2026 2026 2025 2025 Balance at beginning of period $ 66,735 $ 63,492 $ 62,757 $ 61,208 $ 70,128 Provision (benefit) for credit losses 739 3,298 1,049 1,903 (7,816) Charge-offs Residential mortgage — — — — — Commercial real estate — — — — — Home equity line of credit — — — 15 — Residential land — — — — — Commercial construction 2,126 — — — — Residential construction — — — — — Total real estate charge-offs 2,126 — — 15 — Commercial & industrial 178 10 84 177 61 Consumer 1,261 1,345 1,437 1,398 2,341 Total charge-offs 3,565 1,355 1,521 1,590 2,402 Recoveries Residential mortgage 42 18 4 4 4 Commercial real estate — — — — — Home equity line of credit 14 120 7 7 22 Residential land 101 29 1 — — Commercial construction — — — — — Residential construction — — — — — Total real estate recoveries 157 167 12 11 26 Commercial & industrial 621 317 297 370 383 Consumer 1,033 816 898 855 889 Total recoveries 1,811 1,300 1,207 1,236 1,298 Net charge-offs 1,754 55 314 354 1,104 Balance at end of period $ 65,720 $ 66,735 $ 63,492 $ 62,757 $ 61,208 Components: Allowance for credit losses - loans $ 60,220 $ 61,535 $ 58,292 $ 57,557 $ 56,008 Reserve for unfunded commitments 5,500 5,200 5,200 5,200 5,200 Total reserve for credit losses $ 65,720 $ 66,735 $ 63,492 $ 62,757 $ 61,208 Ratios Allowance for credit losses / total loans, net 0.97 % 0.99 % 0.95 % 0.95 % 0.92 % Net charge-offs (annualized) / average total loans, net 0.11 — 0.02 0.02 0.07 15
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Statement on Management’s Use of Non-GAAP Financial Measures To supplement the financial statements prepared and presented in accordance with GAAP, the Bank uses certain non-GAAP financial measures, as described below, to facilitate analysis of financial and business trends and for internal planning and forecasting purposes. We are presenting these non-GAAP financial measures because we believe, when taken collectively, they may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations or outlook. However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for the financial statements presented in accordance with GAAP. The Bank presents the following non-GAAP financial measures in this document: • Adjusted noninterest income • Adjusted noninterest expense • Adjusted net income and Adjusted diluted earnings per share • Pre-tax, pre-provision income • Adjusted return on average assets • Return on average tangible common equity and Adjusted return on average tangible common equity • Adjusted Revenue • Adjusted efficiency ratio Reconciliations and explanations of each non-GAAP measure are described below. Each of the non-GAAP financial measures presented should be considered in context with GAAP financial results. Adjusted noninterest income Adjusted noninterest income is defined as noninterest income excluding loss on sale of investment securities and loss on sale of consumer loans. These adjustments resulted from certain balance sheet repositioning activities during the periods presented that we consider to be outside of the ordinary course of business. We believe this measure allows investors to assess our noninterest income, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest income to the most directly comparable financial measure, Noninterest income, is below. Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Noninterest income $ 21,046 $ 23,827 $ 20,103 $ 22,836 $ 2,442 $ 64,976 $ (110,815) Loss on sale of investment securities, net — — — — — — 149,869 Loss on sale of consumer loans — — — — 19,918 — 19,918 Adjusted noninterest income $ 21,046 $ 23,827 $ 20,103 $ 22,836 $ 22,360 $ 64,976 $ 58,972 Adjusted noninterest expense Adjusted noninterest expense is defined as noninterest expense excluding pension plan settlement and IPO professional services and other related expense. The pension plan settlement is related to the termination of the ASB Retirement Plan in the fourth quarter of 2025. We believe this measure allows investors to assess our noninterest expense, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest expense to the most directly comparable financial measure, Noninterest expense, is below. 16
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Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Noninterest expense $ 59,008 $ 61,083 $ 56,879 $ 81,040 $ 58,049 $ 176,970 $ 165,816 Pension plan settlement — — 717 (21,275) — 717 — IPO professional services and other related expense (870) (1,138) (1,037) — — (3,045) — Adjusted noninterest expense $ 58,138 $ 59,945 $ 56,559 $ 59,765 $ 58,049 $ 174,642 $ 165,816 Adjusted net income and Adjusted diluted earnings per share Adjusted net income is defined as net income, excluding loss on sale of investment securities, loss on sale of consumer loans, pension plan settlement and IPO professional services and other related expense, net of taxes. These adjustments resulted from certain strategic activities during the periods presented that we consider to be outside of the ordinary course of business. A reconciliation of Adjusted net income and Adjusted diluted earnings per share to the most directly comparable financial measure, Net income (loss), is below. Amounts in thousands, except per share amounts; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ 28,989 $ 27,175 $ 28,553 $ 11,353 $ 19,961 $ 84,717 $ (41,547) Loss on sale of investment securities, net — — — — — — 149,869 Loss on sale of consumer loans — — — — 19,918 — 19,918 IPO professional services and other related expense 870 1,138 1,037 — — 3,045 — Pension plan settlement — — (717) 21,275 — (717) — Release of allowance for credit losses - sale of consumer loans — — — — (11,500) — (11,500) Non-GAAP pre-tax adjustments 870 1,138 320 21,275 8,418 2,328 158,287 Tax effect of Non-GAAP adjustments (233) (305) (86) (5,702) (2,256) (624) (42,421) Adjusted net income $ 29,626 $ 28,008 $ 28,787 $ 26,926 $ 26,123 $ 86,421 $ 74,319 Diluted earnings per share $ 0.45 $ 0.42 $ 0.44 $ 0.17 $ 0.31 $ 1.30 $ (0.64) Per share impact of Non-GAAP adjustments (after-tax) 0.01 0 0.01 — 0.24 0.09 0.03 1.78 Adjusted diluted earnings per share $ 0.46 $ 0.43 $ 0.44 $ 0.41 $ 0.40 $ 1.33 $ 1.14 Diluted weighted-average common stock outstanding $ 65,006 $ 64,998 $ 64,998 $ 64,998 $ 64,998 $ 65,001 $ 64,998 Pre-tax, pre-provision income Pre-tax, pre-provision income is defined as net income, excluding income tax expense (benefit) and provision (benefit) for credit losses. We believe this measure provides investors with useful and comparative information to assess trends in the Bank's core operations reflected in the quarter's results. A reconciliation of Pre-tax, pre-provision income to the most directly comparable financial measure, Net income (loss), is below. Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ 28,989 $ 27,175 $ 28,553 $ 11,353 $ 19,961 $ 84,717 $ (41,547) Income tax expense (benefit) 8,680 7,488 7,866 2,560 3,958 24,034 (23,238) Provision (benefit) for credit losses 739 3,298 1,049 1,903 (7,816) 5,086 (2,737) Pre-tax, pre-provision income $ 38,408 $ 37,961 $ 37,468 $ 15,816 $ 16,103 $ 113,837 $ (67,522) Return on average assets and Adjusted return on average assets Return on average total assets is defined as the ratio of annualized net income divided by average assets for the respective period. We believe this ratio measures our ability to generate profits from our assets. Adjusted return on average total assets is defined as the ratio of adjusted net income divided by average assets. We believe this ratio measures our ability to generate profits from our assets, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average assets and Adjusted return on average assets is below. 17
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Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ 28,989 $ 27,175 $ 28,553 $ 11,353 $ 19,961 $ 84,717 $ (41,547) Adjusted net income $ 29,626 $ 28,008 $ 28,787 $ 26,926 $ 26,123 $ 86,421 $ 74,319 Average assets $ 8,988,897 $ 8,995,938 $ 8,969,324 $ 8,879,842 $ 8,795,986 $ 8,984,791 $ 8,983,526 Return on average assets 1.29 % 1.21 % 1.27 % 0.51 % 0.91 % 1.26 % (0.62) % Adjusted return on average assets 1.32 % 1.25 % 1.28 % 1.21 % 1.19 % 1.28 % 1.10 % Return on average tangible common equity and Adjusted return on average tangible common equity Return on average tangible common equity is defined as the ratio of annualized net income divided by average tangible common equity for the respective period. We believe this ratio measures our ability to generate profits from our tangible common equity. Adjusted return on average tangible common equity is defined as the ratio of adjusted net income divided by average tangible common equity. We believe this ratio measures our ability to generate profits from our tangible common equity, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average tangible common equity and Adjusted return on average tangible common equity is below. Tangible common equity is calculated as total stockholders' equity less intangible assets and preferred stock. The Bank had no intangible assets and an immaterial amount of preferred stock, therefore tangible common equity is substantially the same as stockholders’ equity. Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net income (loss) $ 28,989 $ 27,175 $ 28,553 $ 11,353 $ 19,961 $ 84,717 $ (41,547) Adjusted net income $ 29,626 $ 28,008 $ 28,787 $ 26,926 $ 26,123 $ 86,421 $ 74,319 Average tangible common equity $ 695,347 $ 684,813 $ 675,483 $ 662,337 $ 632,435 $ 685,287 $ 596,226 Return on average tangible common equity 16.68 % 15.87 % 16.91 % 6.86 % 12.62 % 16.48 % (9.29) % Adjusted return on average tangible common equity 17.04 % 16.36 % 17.05 % 16.26 % 16.52 % 16.81 % 16.62 % Revenue and Adjusted Revenue Revenue is defined as Net interest income plus Noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations. Adjusted revenue is defined as Net interest income plus Adjusted noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Revenue and Adjusted Revenue is below. Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Net interest income $ 76,370 $ 75,217 $ 74,244 $ 74,020 $ 71,710 $ 225,831 $ 209,109 Noninterest income 21,046 23,827 20,103 22,836 2,442 64,976 (110,815) Total revenue 97,416 99,044 94,347 96,856 74,152 290,807 98,294 Loss on sale of investment securities, net — — — — — — 149,869 Loss on sale of consumer loans — — — — 19,918 — 19,918 Adjusted total revenue $ 97,416 $ 99,044 $ 94,347 $ 96,856 $ 94,070 $ 290,807 $ 268,081 Efficiency ratio and Adjusted efficiency ratio Efficiency ratio is defined as the ratio of Noninterest expense to Revenue. We believe this ratio allows investors to measure our operational efficiency. Adjusted efficiency ratio is defined as the Adjusted noninterest expense to Adjusted revenue. We believe this measure allows investors to measure our efficiency, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Efficiency ratio and Adjusted efficiency ratio is below. 18
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Amounts in thousands; unaudited Three Months Ended Nine Months Ended September 30, June 30, March 31, December 31, September 30, September 30, 2026 2026 2026 2025 2025 2026 2025 Noninterest expense $ 59,008 $ 61,083 $ 56,879 $ 81,040 $ 58,049 $ 176,970 $ 165,816 Total revenue $ 97,416 $ 99,044 $ 94,347 $ 96,856 $ 74,152 $ 290,807 $ 98,294 Efficiency ratio 60.6 % 61.7 % 60.3 % 83.7 % 78.3 % 60.9 % 168.7 % Adjusted noninterest expense $ 58,138 $ 59,945 $ 56,559 $ 59,765 $ 58,049 $ 174,642 $ 165,816 Adjusted total revenue $ 97,416 $ 99,044 $ 94,347 $ 96,856 $ 94,070 $ 290,807 $ 268,081 Adjusted efficiency ratio 59.7 % 60.5 % 60.0 % 61.7 % 61.7 % 60.1 % 61.9 % 19