Earnings Analysis

First Capital, Inc. reported Q3 2026 net income of $5.1 million ($1.53 per diluted share), up from $4.5 million ($1.34 per share) in Q3 2025, driven by a 14.2% increase in net interest income and a 37 basis point expansion in net interest margin to 4.01%. The improvement reflects higher asset yields and lower funding costs, partially offset by higher provision for credit losses and noninterest expense growth.

Oak Valley Bancorp reported Q3 2026 net income of $6.45M ($0.77 diluted EPS), up 26% sequentially from $5.11M ($0.61) but down 3.6% YoY from $6.69M ($0.81). Net interest margin expanded to 4.24% from 4.15% last quarter, and non-interest expense declined due to a one-time benefit in Q2. However, year-to-date net income fell 4% to $16.87M from $17.58M, total assets shrank 1.2% QoQ, and deposits declined YoY. The sequential improvement is positive, but the YoY earnings decline and shrinking balance sheet cap the bullish read.

ENB Financial Corp reported Q3 2026 net income of $6.913M, up 16.8% YoY from $5.919M, driven by a 22.4% increase in net interest income from the Cecil Bancorp acquisition and organic loan growth. GAAP EPS was $1.21 vs $1.04 in Q3 2025, with minimal merger-related expenses ($6K net of tax) in the quarter. The acquisition integration is largely complete, and credit quality improved with a $374K provision release.

UWM Holdings announced preliminary Q3 2026 results with net income of $205-$220M, a sharp reversal from the $451.9M net loss in Q2 2026, alongside a $400M rights offering that the company admits is unlikely to attract material outside subscription. The filing combines an operational recovery with a dilutive capital raise that will likely be backstopped by insiders and Oaktree, adding significant preferred stock and warrant overhang.

Steele Bancorp reported Q3 2026 net income of $5.46 million, or $1.60 per share, a 60% decline from the prior-year quarter which included a $17.83 million bargain purchase gain from the Northumberland merger. Core operating performance was strong, with net interest income rising 38% to $13.63 million and net interest margin expanding 56 basis points to 4.46%, driven by higher loan yields and lower funding costs.

SB Financial Group reported Q3 2026 GAAP diluted EPS of $0.63 on net income of $3.9 million, a slight decline from $0.64/$4.0 million in the prior-year quarter. Operating revenue grew 9.0% YoY to $18.1 million driven by loan growth and NIM expansion to 3.50%, but a 14.4% surge in noninterest expense (efficiency ratio deteriorating to 72.5%) compressed net income. The miss vs the $0.58 consensus is a modest beat, but the sequential and YoY earnings decline with expense inflation is a negative signal.

Tompkins Financial reported Q3 2026 diluted EPS of $2.00, up 21.2% YoY but down 2.0% QoQ. Net interest margin expanded to 3.65% (up 7bp QoQ, up 45bp YoY), and total loans grew 6.9% YoY. The Board declared a $0.74/share dividend, a 5.7% increase from the prior year. Credit quality remains stable with nonperforming assets at 0.60% of total assets, though the provision for credit losses doubled QoQ to $3.0M due to loan growth and specific reserves.

Gorman-Rupp reported record Q3 2026 results with net sales of $193.3M (+11.8% YoY) and GAAP EPS of $0.86, a 100% increase from $0.43 in Q3 2025. The results significantly exceeded consensus estimates of $0.69 EPS and $179.4M revenue, driven by broad-based sales growth across all end markets, margin expansion, and lower interest expense from continued debt reduction.

Infosys reported Q2 FY27 revenue of $5,145M (+1.5% YoY CC) and EPS of $0.20, in line with consensus. Large deal TCV was $5.2B (62% net new), including a mega deal >$2B. AI revenue reached 10.5% of total, growing 29% QoQ. FY27 revenue guidance was revised to 1%-2% (from 3%-4% previously), while operating margin guidance was retained at 20%-22%. The guidance cut signals near-term headwinds, partially offset by strong deal wins and AI momentum.

First National Corporation (FXNC) reported Q3 2026 EPS of $0.76, significantly above the consensus estimate of $0.63 (a 20.6% beat), driven by record net income of $6.9 million, a 24% YoY increase. Net interest margin expanded to 4.38% FTE from 3.84% a year ago, and the company completed branch optimization actions, including the sale of two North Carolina offices expected to generate a Q4 gain.

Alpha Metallurgical Resources reported preliminary Q3 2026 results with a net loss of $9.3M ($0.73/diluted share) and Adjusted EBITDA of $29.4M, missing the consensus EPS estimate of -$0.77 by 25%. Met segment coal revenues were $560.6M on 3.9M tons sold at $121.09/ton realization, with cost pressures evident at $106.93/ton. The company maintains substantial liquidity of $443.4M and has repurchased $1.2B in stock since program inception, but the preliminary nature of the release and continued cost headwinds temper the outlook.

Gentex reported Q3 2026 GAAP EPS of $0.43 and adjusted EPS of $0.47, missing the $0.50 consensus by 6.6%. Revenue of $647.7M fell short of the $669.6M estimate, declining 1.1% YoY, with the company citing customer issues and delayed launches that created a ~$35M shortfall vs its own forecast. Full-year 2026 revenue guidance was narrowed to approximately $2.65B (from $2.65-2.75B) and gross margin guidance was lowered to 34.0-34.5% from 34.5-35.5%, reflecting ongoing commodity cost headwinds.

Preferred Bank (PFBC) reported Q3 2026 EPS of $2.73, a modest 1.6% beat vs. the $2.69 consensus, but net income declined 8.3% YoY to $32.9M driven by a $4.6M drop in net interest income. Net interest margin contracted to 3.49% from 3.73% last quarter and 3.92% a year ago, pressured by $2.1M in interest reversals on newly nonaccrual loans and a higher subordinated debt coupon. Nonperforming loans rose to $109.4M from $98.9M last quarter, though management expects a $56.7M nonaccrual loan to close at par in late October.

First Hawaiian reported Q3 2026 EPS of $0.52, missing consensus of $0.59 by 11.9%, and revenue of $228.2M (net interest income + noninterest income) vs. $228.9M consensus. The miss was driven by a $20.3M provision for credit losses (vs. $5.6M prior quarter), including a $12.5M partial charge-off on a single CRE loan, and elevated noninterest expense from $6.7M merger costs and a $24.3M tax settlement charge. Net interest margin improved 5 bps to 3.30%, but asset quality deteriorated with net charge-offs rising to 0.60% from 0.11%.

World Acceptance Corporation reported Q2 FY2027 GAAP net income of $8.8M ($1.92/diluted share), a sharp turnaround from a $1.7M net loss in the prior-year quarter. Total revenue grew 3.2% to $139.2M, driven by higher interest and fee income, while the provision for credit losses declined 7.6% to $46.0M. The company also repurchased 3.0% of outstanding shares for $25M during the quarter.

Rithm Capital Corp. reported Q3 2026 GAAP net income of $217.1M ($0.38/diluted share) and Earnings Available for Distribution (EAD) of $315.3M ($0.55/diluted share), beating the $0.49 consensus by 11.3%. The beat was driven by strong Origination & Servicing segment performance (Newrez 24% annualized ROE) and continued scaling of the asset management platform ($61B AUM). The common dividend was maintained at $0.25/share.

SLB reported Q3 2026 revenue of $9.45B (+6% YoY, +5% sequentially) and GAAP EPS of $0.49 (-2% YoY, -6% sequentially), but EPS excluding charges & credits of $0.64 beat the $0.61 consensus by 4.9%. Revenue beat the $9.27B consensus by 1.9%. The headline GAAP EPS decline was driven by a $187M pension settlement charge. Core business trends were mixed: revenue grew 5% YoY on a reported basis (2% ex-ChampionX), but pretax segment operating income fell 3% YoY and margins contracted 153 bps. Strong sequential growth in the Middle East (+13% QoQ) and Data Center Solutions (+23% QoQ) were positives, offset by lingering Middle East disruption and margin compression.

Rogers Communications reported Q3 2026 adjusted diluted EPS of $1.29, a 4.3% beat vs. consensus of $1.24, on total revenue of $5.443B (consensus $5.40B). The quarter featured record free cash flow of $1.37B, capital intensity at a 20-year low of 9.6%, and margin expansion in both Wireless (68% EBITDA margin, +130bps) and Cable (59%, +40bps). However, Wireless service revenue declined 1% YoY due to competitive pressure and regulatory fee prohibitions, and the company reaffirmed its 2026 outlook without raising guidance, capping the bullish read-through.

Balchem reported Q3 2026 adjusted EPS of $1.57, a 2.3% beat vs consensus of $1.53, on record net sales of $290.7M (+8.6% YoY). All three segments grew sales and earnings, with record consolidated net earnings and adjusted EBITDA. The company also repurchased ~$28M of stock in the quarter, signaling confidence.

GrafTech Q3 2026 net sales fell 3% YoY to $140M, net loss widened to $47M ($1.76/share) from $28M a year ago, including $14M in restructuring charges for the planned Monterrey facility closure. Adjusted EBITDA dropped to $9M from $13M, and adjusted free cash flow was negative $16M. Management reaffirmed full-year volume and cost guidance and expects a mid-single-digit pricing increase in Q4, but the ongoing revenue decline and deepening losses keep the outlook cautious.

First Citizens BancShares reported Q3 2026 EPS of $55.37, a 20.4% beat vs consensus of $45.98, continuing a multi-quarter trend of strong earnings outperformance. Revenue of $2.23B matched expectations. The bank's consistent EPS beats suggest robust core operations, though the stock has underperformed following prior strong reports, warranting caution on near-term price reaction.

Autoliv reported Q3 2026 results with net sales of $2,693 million (-0.5% YoY), GAAP diluted EPS of $2.13 (-6.8% YoY), and adjusted diluted EPS of $2.19 (-5.7% YoY). The company narrowed its full-year adjusted operating margin guidance to around 10.5% (the low end of the prior 10.5-11% range), citing increased cost headwinds from raw materials, logistics, and flooding in Thailand. Organic sales declined 1.1%, outperforming global LVP decline of 1.9%.

Primis Financial Corp. reported Q3 2026 EPS of $0.35, a 17.6% miss vs the $0.42 consensus, though net income of $8.7M grew 27% YoY from $6.8M. Net interest margin expanded 48bp YoY to 3.66% and tangible book value rose 18% YoY to $13.81, but the mortgage division swung to a $0.3M pre-tax loss from a $1.9M profit a year ago, and management noted a 37% drop in the retail mortgage pipeline that reduced revenue by $2.3M vs Q2. The EPS miss is the primary headline, but underlying core banking trends (NIM expansion, loan growth, credit improvement) provide a partial offset.

Investar Holding Corporation reported Q3 2026 GAAP diluted EPS of $0.74, slightly below the $0.76 consensus estimate, while core diluted EPS of $0.77 matched the Street consensus. Net interest margin improved to 3.73% and net income available to common shareholders rose 24.4% linked quarter, but the headline GAAP EPS miss and elevated nonperforming loans (0.70% vs 0.63% prior quarter) temper the positive operational trends.

Disc Medicine completed a $450M upsized public offering of 6M shares at $75/share, raising ~$422.4M net proceeds to extend cash runway into 2030. The company also disclosed preliminary Q3 2026 cash of ~$682.8M, down from $717.7M at Q2 end, reflecting ongoing clinical spend. The offering was priced at a ~5.6% discount to the prior close ($79.48), creating immediate dilution for existing holders, though the capital strengthens the balance sheet ahead of the pivotal Phase 3 APOLLO bitopertin readout in Q4 2026.

RingCentral reported Q3 2026 results with total revenue of $676M (+5.9% YoY), slightly above consensus, but non-GAAP EPS of $1.33 missed the $1.35 estimate by 1.5%. The company raised full-year guidance for revenue, non-GAAP margins, and free cash flow, while reducing gross debt to ~$1B. The EPS miss tempers the otherwise solid operational beat on margins and cash flow.

Customers Bancorp reported Q3 2026 GAAP diluted EPS of $2.25 and core diluted EPS of $2.27, slightly above the $2.25 consensus. Net interest income rose 7.6% QoQ to $208M, and the company updated full-year 2026 guidance upward: NII to $805M-$810M (from $800M-$830M), loans 12%+, and deposits 9%+. The efficiency ratio improved 340 bps QoQ to 47.2%, and credit quality remained stable with NPA/asset ratio at 0.29%.

First Bank (FRBA) reported Q3 2026 EPS of $0.49, beating consensus of $0.44 by 11.4%, on net income of $12.2M. Net interest margin expanded to 3.74%, loans grew 5.9% annualized, and the board declared a 33% dividend increase to $0.12/share. Nonperforming assets rose to 0.88% of total assets from 0.80% in the prior quarter, partially offset by a post-quarter-end paydown.

OP Bancorp reported Q3 2026 net income of $7.8M and diluted EPS of $0.52, a 5.1% beat vs consensus of $0.49, driven by 11% QoQ net interest income growth and NIM expansion to 3.27%. However, credit quality deteriorated sharply with criticized loans surging 132% QoQ to $77.6M (3.39% of loans) and net charge-offs rising to $821K (0.14% annualized), while noninterest expenses grew 5% QoQ on higher professional fees. The provision for credit losses swung from a $149K reversal to a $1.6M charge, reflecting loan growth and credit migration.

Amerant Bancorp reported strong Q3 2026 results with diluted EPS of $0.65, beating consensus of $0.64 by 2.4%. Net income rose to $25.7M from $21.0M in Q2, driven by NIM expansion to 3.77% (from 3.52%), solid loan growth of 3.0%, and continued improvement in asset quality with NPLs down 12.6%. The Board also extended and increased the share repurchase program to $50M, signaling capital return confidence.

Midland States Bancorp reported Q3 2026 EPS of $0.95, a 7.5% beat vs $0.88 consensus, with net income available to common shareholders of $20.6 million. Net interest margin expanded to 4.03%, credit quality continued to improve (NPAs/assets at 0.86%), and the CET1 ratio reached 10.36%. The strong results follow a $250M S-3 shelf filed 16 days prior, suggesting the capital raise is opportunistic rather than distressed.

Hilltop Holdings reported Q3 2026 EPS of $0.44, a 40.5% decline from $0.74 a year ago and a 31.25% miss vs consensus of $0.64. Net income attributable to common stockholders fell to $24.9M from $45.8M in Q3 2025, driven by a $10.2M provision for credit losses (vs a $2.5M reversal a year ago), a 14.1% drop in noninterest income, and a $10.8M pre-tax loss at PrimeLending due to rising mortgage rates. The dividend was increased to $0.22/share, but the sharp earnings miss and deteriorating mortgage origination outlook make this a bearish report.

National Bankshares reported Q3 2026 net income of $5.49M ($0.86 diluted EPS), up 24.2% YoY from $4.42M ($0.69), driven by a 49bp NIM expansion to 3.21% from securities portfolio restructuring. The EPS of $0.86 missed the $0.98 consensus by 12.2%, but the miss appears driven by higher noninterest expense and a normalized provision, while core net interest income grew 18.6% YoY. The sequential improvement from Q2 ($0.79) and strong YoY earnings growth (+55% YTD) signal continued operational momentum despite the consensus miss.

USCB Financial Holdings reported Q3 2026 net income of $9.5 million ($0.51 diluted EPS), the highest quarterly net income since its IPO, with net interest income up 14.2% YoY to $24.3 million and NIM expanding 23 bps to 3.37%. However, EPS of $0.51 missed consensus of $0.56, non-performing loans surged to $7.7 million (0.33% of loans) from $1.3 million (0.06%) a year ago due to one loan, and the efficiency ratio deteriorated to 54.62% from 49.97% in Q2 2026, creating a mixed picture of strong core earnings growth versus rising credit costs and expense inflation.

ITG reported preliminary Q3 2026 revenue of $461.5M (+49% YoY) and Adjusted EBITDA of $64.5M (+64% YoY), both above the company's own outlook of $440M and $63M respectively. However, the filing is a preliminary pre-announcement ahead of full results on Nov 10, and the prior quarter's EPS of $0.06 was a 76% miss vs $0.25 consensus, creating a mixed picture.

Consumer Portfolio Services reported strong Q3 2026 results with EPS of $0.30 (up 50% YoY), revenue of $131.9M (up 22% YoY), and net income of $7.0M (up 43% YoY). Loan origination volume more than doubled to $815M, while credit metrics improved with delinquencies falling to 12.29% and net charge-offs declining to 7.26%. The company also closed its largest-ever securitization and expanded a warehouse line by 52% to $508M, signaling robust funding capacity for continued growth.

Glacier Bancorp reported Q3 2026 operating EPS of $0.81, beating consensus of $0.79 by 2.5%, with record net income of $104.6M. Net interest margin expanded 11bp QoQ to 4.01%, and deposits grew 10% annualized, but non-performing assets increased 67% YoY and net charge-offs rose to $6.0M from $2.9M a year ago.

Farmers & Merchants Bancorp reported Q3 2026 EPS of $0.84, beating the $0.80 consensus by 5.0%, with net income up 30.3% YoY to $11.5M. Net interest margin expanded 17 bps to 3.57%, and the efficiency ratio improved to 58.09% from 63.11%, reflecting strong operational performance and credit quality.

Rexford Industrial reported Q3 2026 Core FFO of $0.60 per diluted share, in line with the prior year quarter and matching consensus. Same Property Portfolio Cash NOI declined 1.1% YoY, and GAAP net income attributable to common stockholders plunged to $14.6M ($0.07/diluted share) from $87.1M ($0.37) a year ago, driven by $71.8M in impairment charges. The company raised its full-year 2026 Core FFO guidance to $2.41-$2.44 per share (from $2.38-$2.43), reflecting better-than-expected occupancy and lower bad debt, but the portfolio realignment with $1.5B of dispositions YTD and $408.7M in share repurchases signals a defensive posture amid weak same-property fundamentals.

SS&C Technologies reported Q3 2026 adjusted revenue of $1,691.1M (+7.8% YoY) and adjusted diluted EPS of $1.78 (+14.8% YoY), both in line with the prior quarter's trajectory. However, GAAP net income declined 5.3% YoY to $198.9M, and the adjusted EPS of $1.78 missed the consensus estimate of $1.90 by 6.3%. The company narrowed its full-year 2026 adjusted revenue guidance to $6,736-$6,776M (from $6,664-$6,824M) and raised its adjusted EPS midpoint to $7.14 (from $7.09), while also paying down $130M in debt and reducing net leverage to 2.63x.

BayCom Corp reported Q3 2026 net income of $1.1M ($0.10 diluted EPS), a sharp decline from $5.0M ($0.46) in Q3 2025, driven by a $6.8M loss on the strategic repositioning of its investment securities portfolio. Core net interest income grew 9.2% YoY to $25.6M and net interest margin expanded 43bp to 4.11%, but the securities restructuring loss and elevated noninterest expense overwhelmed operating improvement, resulting in a significant earnings miss vs consensus.

Selective Insurance Group reported Q3 2026 non-GAAP operating EPS of $2.37, a 35% YoY increase, but missed the consensus estimate of $2.46 by 3.9%. The GAAP combined ratio improved 180 bps to 96.8%, driven by lower catastrophe losses and favorable loss trends, though net premiums written declined 7% YoY due to disciplined underwriting actions. The company raised its full-year after-tax net investment income guidance to $490M (from $480M) and increased its quarterly dividend by 12% to $0.48/share, while authorizing a new $200M share repurchase program.

Five Point Holdings reported Q3 2026 consolidated revenues of $14.6M and a net loss of $4.4M, with EPS of -$0.04. The company revised full-year 2026 guidance downward from ~$100M in consolidated net income to ~$20M, citing a decision to defer certain land sales due to unfavorable housing market conditions. The guidance revision is the primary negative catalyst, outweighing the renewal of the Great Park development management agreement and a strong liquidity position.