[Part I. Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=6&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income surged due to a negative credit provision, while stable revenue reflected higher noninterest income offsetting lower net interest income [Financial Performance](index=9&type=section&id=Financial%20Performance) Net income rose to $611 million from $34 million year-over-year, driven by a significant reversal in the provision for credit losses Key Performance Metrics | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Income | $611 million | $34 million | | Diluted EPS | $1.37 | $0.03 | | ROTCE | 17.2% | 0.4% | - Total revenue of **$1.7 billion** was stable year-over-year, supported by a **9% increase in noninterest income** which was partially offset by a **4% decrease in net interest income**[18](index=18&type=chunk) - Net interest margin (NIM) decreased by **34 basis points to 2.75%** from 3.09% in Q1 2020, primarily due to the lower interest rate environment and elevated cash balances[18](index=18&type=chunk) - A **negative provision for credit losses of $140 million** was recorded, compared to a **$600 million provision** in Q1 2020, reflecting improved macroeconomic outlook and strong credit performance[22](index=22&type=chunk) [Selected Consolidated Financial Data](index=11&type=section&id=Selected%20Consolidated%20Financial%20Data) Key data shows total assets at $187.2 billion, total deposits at $151.3 billion, and a CET1 capital ratio of 10.1% as of March 31, 2021 Operating Data (in millions) | Operating Data (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net interest income | $1,117 | $1,160 | | Noninterest income | $542 | $497 | | Total revenue | $1,659 | $1,657 | | Provision for credit losses | ($140) | $600 | | Net income | $611 | $34 | Balance Sheet Data (in millions) | Balance Sheet Data (in millions) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total assets | $187,217 | $183,349 | | Loans and leases | $122,195 | $123,090 | | Total deposits | $151,349 | $147,164 | | Total stockholders' equity | $22,653 | $22,673 | [Results of Operations](index=13&type=section&id=Results%20of%20Operations) A 9% rise in noninterest income offset a 4% decline in net interest income, while a significant negative credit provision drove higher net income [Net Interest Income](index=13&type=section&id=Net%20Interest%20Income) Net interest income decreased 4% to $1.1 billion due to a 34 basis point compression in net interest margin, despite growth in earning assets | Metric | Q1 2021 | Q1 2020 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $1,117 M | $1,160 M | -4% | | Net Interest Margin, FTE | 2.76% | 3.10% | -34 bps | | Average Interest-Earning Assets | $164.4 B | $150.9 B | +9% | | Average Deposits | $146.6 B | $126.6 B | +16% | - The decrease in NII was primarily due to lower interest-earning asset yields and elevated cash balances, which were partially offset by an improved funding mix and better deposit pricing[18](index=18&type=chunk) [Noninterest Income](index=15&type=section&id=Noninterest%20Income) Noninterest income grew 9% year-over-year to $542 million, fueled by strong performance in capital markets and mortgage banking fees Noninterest Income (in millions) | Noninterest Income (in millions) | Q1 2021 | Q1 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Mortgage banking fees | $165 | $159 | 4% | | Service charges and fees | $99 | $118 | (16%) | | Capital markets fees | $81 | $43 | 88% | | Trust and investment services fees | $58 | $53 | 9% | | **Total Noninterest Income** | **$542** | **$497** | **9%** | - The significant increase in capital markets fees was driven by higher underwriting revenue and M&A advisory fees, as well as the impact of a mark-to-market loss on loan trading assets in Q1 2020[36](index=36&type=chunk) [Noninterest Expense](index=16&type=section&id=Noninterest%20Expense) Noninterest expense remained stable at $1.0 billion, as higher technology spending was offset by lower other operating expenses Noninterest Expense (in millions) | Noninterest Expense (in millions) | Q1 2021 | Q1 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $548 | $549 | 0% | | Equipment and software | $152 | $133 | 14% | | Outside services | $139 | $135 | 3% | | Other operating expense | $91 | $111 | (18%) | | **Total Noninterest Expense** | **$1,018** | **$1,012** | **1%** | [Provision for Credit Losses](index=17&type=section&id=Provision%20for%20Credit%20Losses) A negative provision of $140 million reflects a significant reversal from the $600 million provision in Q1 2020 due to an improved economic outlook | Metric (in millions) | Q1 2021 | Q4 2020 | Q1 2020 | | :--- | :--- | :--- | :--- | | Provision for credit losses | ($140) | $124 | $600 | | Net charge-offs | $158 | $190 | $137 | | Net charge-off ratio | 0.52% | 0.61% | 0.46% | - The negative provision reflects strong credit performance and improvement in the macroeconomic outlook, compared to the adverse impacts from the COVID-19 pandemic in the prior-year quarter[43](index=43&type=chunk)[44](index=44&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) Income tax expense rose to $170 million due to higher pre-tax income, while the effective tax rate decreased to 21.8% from 24.1% - The effective income tax rate was **21.8% in Q1 2021**, compared to 24.1% in Q1 2020[46](index=46&type=chunk) [Business Operating Segments](index=18&type=section&id=Business%20Operating%20Segments) Both Consumer and Commercial Banking segments reported year-over-year net income growth, driven by varied factors including loan growth and capital markets activity Segment Performance (in millions) | Segment Performance (in millions) | Consumer Banking Q1 2021 | Consumer Banking Q1 2020 | Commercial Banking Q1 2021 | Commercial Banking Q1 2020 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $863 | $793 | $421 | $365 | | Noninterest income | $351 | $357 | $170 | $125 | | Net charge-offs | $59 | $97 | $101 | $43 | | **Net income** | **$302** | **$236** | **$211** | **$179** | [Analysis of Financial Condition](index=20&type=section&id=Analysis%20of%20Financial%20Condition) Total assets grew to $187.2 billion, while total loans decreased slightly to $122.2 billion and total deposits grew 3% to $151.3 billion [Securities](index=20&type=section&id=Securities) The securities portfolio grew to $28.1 billion, with its average effective duration lengthening to 4.1 years due to higher interest rates Securities (in billions) | Securities (in billions) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Debt securities available for sale, at fair value | $24.5 | $22.9 | | Debt securities held to maturity, at cost | $3.0 | $3.2 | | **Total Debt Securities** | **$27.5** | **$26.3** | - The portfolio's average effective duration increased to **4.1 years** from 2.7 years at the end of 2020, as higher long-term rates reduced projected securities prepayment speeds[54](index=54&type=chunk) [Loans and Leases](index=21&type=section&id=Loans%20and%20Leases) Total loans and leases decreased by 1% from the prior quarter to $122.2 billion, with slight declines in both commercial and retail portfolios Loan Portfolio (in billions) | Loan Portfolio (in billions) | March 31, 2021 | December 31, 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Total commercial | $60.4 | $60.8 | (1%) | | Total retail | $61.8 | $62.3 | (1%) | | **Total loans and leases** | **$122.2** | **$123.1** | **(1%)** | [Allowance for Credit Losses and Nonaccruing Loans and Leases](index=21&type=section&id=Allowance%20for%20Credit%20Losses%20and%20Nonaccruing%20Loans%20and%20Leases) The Allowance for Credit Losses decreased to $2.4 billion, reflecting a reserve release, while nonaccrual loans remained stable at $1.0 billion Asset Quality Metrics | Asset Quality Metric | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Allowance for credit losses (ACL) | $2.4 B | $2.7 B | | ACL to loans and leases | 1.94% | 2.17% | | Nonaccrual loans and leases (NPLs) | $1.0 B | $1.0 B | | NPLs to loans and leases | 0.82% | 0.83% | - Q1 2021 net charge-offs were **$158 million (0.52% of average loans)**, up from $137 million (0.46%) in Q1 2020, driven by commercial NCOs[61](index=61&type=chunk) - Total commercial criticized loan balances decreased by **$528 million** from year-end 2020 to $4.1 billion, representing 6.8% of total commercial loans[65](index=65&type=chunk) [Deposits](index=26&type=section&id=Deposits) Total deposits increased by 3% to $151.3 billion, driven by government stimulus inflows into money market and demand deposit accounts Deposit Composition (in billions) | Deposit Composition (in billions) | March 31, 2021 | December 31, 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Demand | $46.1 | $43.8 | 5% | | Money market accounts | $51.1 | $48.6 | 5% | | Term deposits | $7.7 | $9.5 | (19%) | | **Total deposits** | **$151.3** | **$147.2** | **3%** | [Borrowed Funds](index=27&type=section&id=Borrowed%20Funds) Total borrowed funds decreased by $203 million from the prior quarter, primarily due to a reduction in short-term borrowings - Total borrowed funds decreased by **$203 million** from December 31, 2020, driven by a **$173 million decrease in short-term** and a $30 million decrease in long-term borrowed funds[78](index=78&type=chunk) [Capital and Regulatory Matters](index=27&type=section&id=Capital%20and%20Regulatory%20Matters) The company maintained a strong capital position with a CET1 ratio of 10.1% and repurchased $95 million of common stock during the quarter Regulatory Capital Ratios | Regulatory Capital Ratios | March 31, 2021 | December 31, 2020 | Required Minimum + SCB | | :--- | :--- | :--- | :--- | | CET1 capital ratio | 10.1% | 10.0% | 7.9% | | Tier 1 capital ratio | 11.4% | 11.3% | 9.4% | | Total capital ratio | 13.4% | 13.4% | 11.4% | | Tier 1 leverage ratio | 9.5% | 9.4% | 4.0% | - The company's Stress Capital Buffer (SCB) of **3.4%** became effective on October 1, 2020, and applies through September 30, 2021[82](index=82&type=chunk) - In January 2021, the board authorized the repurchase of up to **$750 million** of common stock; during Q1 2021, the company repurchased **$95 million** of its stock[83](index=83&type=chunk)[97](index=97&type=chunk) [Liquidity](index=31&type=section&id=Liquidity) A robust liquidity position was maintained with total available liquidity of $80.1 billion and a healthy loan-to-deposit ratio of 80.7% - Total available liquidity was approximately **$80.1 billion**, which includes a contingent liquidity buffer of $50.2 billion[108](index=108&type=chunk) - The consolidated period-end loan-to-deposits ratio was **80.7%**, indicating that core deposits are the primary source of funding[108](index=108&type=chunk) - The Parent Company's cash and cash equivalents totaled **$2.7 billion** as of March 31, 2021[100](index=100&type=chunk) [Off-Balance Sheet Arrangements](index=34&type=section&id=Off-Balance%20Sheet%20Arrangements) Total off-balance sheet arrangements increased 2% to $78.4 billion, driven by a $2.0 billion rise in commitments to extend credit Off-Balance Sheet Arrangements (in billions) | Arrangement (in billions) | March 31, 2021 | December 31, 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Commitments to extend credit | $76.2 | $74.2 | 3% | | Letters of credit | $2.1 | $2.2 | (7%) | | **Total** | **$78.4** | **$76.6** | **2%** | [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) The Allowance for Credit Losses remains the most critical estimate, based on an economic forecast of 3.2% GDP growth for 2021 - The ACL is the most critical accounting estimate, based on expected lifetime credit losses over the contractual life of the loan portfolio[116](index=116&type=chunk) - The economic forecast used for the Q1 2021 ACL projects real GDP growth of approximately **3.2%** and an unemployment rate in the range of **6.3% to 7.0%** throughout 2021[116](index=116&type=chunk) - A sensitivity analysis using a more pessimistic scenario would result in an increase of approximately **$350 million** to the quantitative lifetime loss estimate, before qualitative adjustments[118](index=118&type=chunk) [Risk Governance](index=37&type=section&id=Risk%20Governance) The company's integrated risk management framework, overseen by the Board and executive committees, remained unchanged during the quarter - The Board of Directors sets the risk appetite, with delegated authority for risk management and oversight given to Board and executive management level risk committees[120](index=120&type=chunk) - The Executive Risk Committee (ERC), chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise[120](index=120&type=chunk) [Market Risk](index=37&type=section&id=Market%20Risk) The company's primary market risk is its asset-sensitive balance sheet, where a 200 basis point rate increase would boost NII by 8.5% | Interest Rate Scenario (Gradual Change) | Estimated % Change in NII over 12 Months | | :--- | :--- | | +200 bps | 8.5% | | +100 bps | 4.3% | | -25 bps | (1.3%) | - The company's balance sheet is **asset sensitive**, meaning net interest income benefits from rising interest rates[122](index=122&type=chunk)[124](index=124&type=chunk) - The company is operationally prepared for the transition from LIBOR and is continuing efforts to move new originations to alternative reference rates during 2021[130](index=130&type=chunk) [Financial Statements](index=45&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited interim Consolidated Financial Statements for the three months ended March 31, 2021 Consolidated Balance Sheet (in millions) | Consolidated Balance Sheet (in millions) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | $187,217 | $183,349 | | Net Loans and Leases | $120,001 | $120,647 | | Total Deposits | $151,349 | $147,164 | | Total Liabilities | $164,564 | $160,676 | | Total Stockholders' Equity | $22,653 | $22,673 | Consolidated Statement of Operations (in millions) | Consolidated Statement of Operations (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net Interest Income | $1,117 | $1,160 | | Provision for Credit Losses | ($140) | $600 | | Total Noninterest Income | $542 | $497 | | Total Noninterest Expense | $1,018 | $1,012 | | **Net Income** | **$611** | **$34** | [Part II. Other Information](index=79&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory matters from normal business operations, which are not expected to have a material impact - The company is a party to legal proceedings and regulatory matters arising from normal business operations, including issues related to fair lending, unfair/deceptive practices, and mortgage-related issues[237](index=237&type=chunk) - Management believes that the aggregate liabilities, if any, from these proceedings will not have a materially adverse effect on the company's consolidated financial statements[239](index=239&type=chunk) [Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed discussion of risk factors in the company's 2020 Annual Report on Form 10-K - For a detailed discussion of risks, the report refers to the "Risk Factors" section in the company's 2020 Form 10-K[261](index=261&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 2.2 million shares in Q1 2021, with $655 million remaining available under the current repurchase program Share Repurchase Activity | Period | Total Shares Repurchased | Weighted Average Price Paid Per Share | Maximum Dollar Amount Remaining | | :--- | :--- | :--- | :--- | | Jan 1 - Jan 31, 2021 | 2,103,412 | $42.32 | $660,988,442 | | Feb 1 - Feb 28, 2021 | — | $— | $660,988,442 | | Mar 1 - Mar 31, 2021 | 141,512 | $42.32 | $655,000,000 |

Investors Bancorp, Inc. (ISBC) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Kevin Cummings - Chairman & CEO Sean Burke - CFO Domenick Cama - President & COO Conference Call Participants Jared Shaw - Wells Fargo Securities Mark Fitzgibbon - Piper Sandler Steven Duong - RBC Capital Markets Michael Perito - KBW Laurie Hunsicker - Compass Point Matthew Breese - Stephens Operator Good morning, and welcome to the Investors Bancorp's First Quarter Earnings Call. [Operator Instru ...

1Q21 Financial Results April 16, 2021 Forward-looking statements and use of non-GAAP financial measures Forward-Looking Statements. This document contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends, as well as the potential effects of the COVID-19 pandemic and associated lockdowns on our business, operations, financial performance and prospects, are forward-looking statements. ...

Part I [Item 1. Business](index=7&type=section&id=Item%201.%20Business) Citizens Financial Group, Inc. is the 13th largest U.S. retail bank holding company with $183.3 billion in assets, operating through Consumer and Commercial Banking segments - Citizens Financial Group, Inc. is the 13th largest retail bank holding company in the United States, with total assets of **$183.3 billion** and total deposits of **$147.2 billion** as of December 31, 2020[11](index=11&type=chunk) - The company operates through two primary business segments: **Consumer Banking** and **Commercial Banking**[12](index=12&type=chunk) - In response to COVID-19, the company provided payment forbearance to approximately **159,000 retail customers** and **490 commercial clients**, and delivered approximately **$4.8 billion** in PPP loans[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - The company's operations are subject to extensive regulation by federal and state authorities, including the **FRB**, **OCC**, and **CFPB**[38](index=38&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, interest rate changes, LIBOR discontinuation, cybersecurity threats, and extensive regulatory oversight - The **COVID-19 pandemic** has negatively affected the U.S. economy, leading to higher provisions for credit losses, increased charge-offs, and reduced net interest margin, with ultimate impact highly uncertain[83](index=83&type=chunk)[84](index=84&type=chunk) - Changes in **interest rates** can materially affect net interest income, loan volume, and mortgage servicing rights value, making profitability sensitive to monetary policy and economic shifts[88](index=88&type=chunk) - The planned discontinuation of **LIBOR** after 2021 (with some tenors extending to mid-2023) presents significant risks, potentially affecting financial instrument values and requiring contract renegotiation, leading to increased costs and legal risks[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) - The company is subject to comprehensive regulation that could restrict its ability to implement strategic plans, expand business, and make capital distributions to stockholders[87](index=87&type=chunk)[136](index=136&type=chunk) - Significant **cybersecurity risks** exist due to new technologies and sophisticated malicious actors, with successful attacks potentially resulting in unauthorized information release, financial loss, and reputational damage[117](index=117&type=chunk)[118](index=118&type=chunk) [Item 1B. Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[161](index=161&type=chunk) [Item 2. Properties](index=36&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company owned 38 facilities and leased 1,172, including key operations centers in Rhode Island, deemed adequate for current needs - As of December 31, 2020, the company's subsidiaries owned **38 facilities** and leased **1,172 facilities**, with key owned operations centers in Johnston and East Providence, RI[162](index=162&type=chunk) [Item 3. Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 18 of the financial statements - Details on legal proceedings are provided in **Note 18 of Item 8**[163](index=163&type=chunk) [Item 4. Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[164](index=164&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under symbol "CFG", with no equity repurchases in Q4 2020, and its performance is benchmarked against key indices - The company's common stock is traded on the **NYSE** under the symbol **"CFG"**[166](index=166&type=chunk) - No equity securities were purchased by the company during the quarter ended **December 31, 2020**[169](index=169&type=chunk) [Item 6. Selected Consolidated Financial Data](index=38&type=section&id=Item%206.%20Selected%20Consolidated%20Financial%20Data) This section summarizes five years of key financial data, highlighting a significant decrease in 2020 net income to **$1.1 billion** due to increased credit loss provisions, despite asset growth to **$183.3 billion** Selected Financial Data (2019 vs 2020) | (in millions, except per-share data) | 2020 | 2019 | | :--- | :--- | :--- | | **Operating Data** | | | | Total revenue | $6,905 | $6,491 | | Provision for credit losses | $1,616 | $393 | | Net income | $1,057 | $1,791 | | Net income per diluted common share | $2.22 | $3.81 | | **Balance Sheet Data (End of Period)** | | | | Total assets | $183,349 | $165,733 | | Loans and leases | $123,090 | $119,088 | | Total deposits | $147,164 | $125,313 | | Total stockholders' equity | $22,673 | $22,201 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2020, net income decreased 41% to **$1.1 billion** due to increased credit loss provisions, while total revenue grew 6% to **$6.9 billion**, supported by noninterest income, and the company maintained a strong **10.0% CET1 ratio** - Net income for 2020 was **$1.1 billion**, a **41% decrease** from 2019, with diluted EPS at **$2.22**, down **42%** from **$3.81** in 2019, primarily due to COVID-19 and CECL adoption resulting in a **$923 million** reserve build[180](index=180&type=chunk) - Total revenue increased **6%** to **$6.9 billion**, as a **24% increase** in noninterest income (driven by mortgage banking and capital markets fees) offset a **1% decrease** in net interest income[183](index=183&type=chunk) - Provision for credit losses surged to **$1.6 billion**, an increase of **$1.2 billion** from 2019, reflecting CECL adoption and COVID-19 economic impact[185](index=185&type=chunk) - The company's **CET1 capital ratio** remained stable at **10.0%** at year-end 2020, well above the regulatory minimum plus the new Stress Capital Buffer (SCB) of **3.4%**[272](index=272&type=chunk)[267](index=267&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=91&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Disclosures regarding market risk are incorporated by reference from the "Market Risk" section within Item 7, Management's Discussion and Analysis - Disclosures about market risk are located in the **"Market Risk" section of Item 7**[361](index=361&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=92&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2020, including balance sheets and statements of operations, highlighting **$183.3 billion** in total assets and **$1.1 billion** in net income Consolidated Balance Sheet Highlights (as of Dec 31) | (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Total Assets | $183,349 | $165,733 | | Net Loans and Leases | $120,647 | $117,836 | | Total Deposits | $147,164 | $125,313 | | Total Liabilities | $160,676 | $143,532 | | Total Stockholders' Equity | $22,673 | $22,201 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | (in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net Interest Income | $4,586 | $4,614 | $4,532 | | Provision for Credit Losses | $1,616 | $393 | $326 | | Noninterest Income | $2,319 | $1,877 | $1,596 | | Noninterest Expense | $3,991 | $3,847 | $3,619 | | Net Income | $1,057 | $1,791 | $1,721 | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=161&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[611](index=611&type=chunk) [Item 9A. Controls and Procedures](index=162&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of December 31, 2020, with new controls implemented in Q1 2020 for CECL accounting standard adoption - The **CEO and CFO** concluded that the company's disclosure controls and procedures were effective as of the end of the period[613](index=613&type=chunk) - In **Q1 2020**, the company implemented controls related to the adoption of the **CECL accounting standard**, which included enhanced data validation and governance routines for the Allowance for Credit Loss process[613](index=613&type=chunk) [Item 9B. Other Information](index=162&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[617](index=617&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=162&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's **2021 Proxy Statement** - Information is incorporated by reference from the **2021 Proxy Statement**[614](index=614&type=chunk) [Item 11. Executive Compensation](index=162&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from the company's **2021 Proxy Statement** - Information is incorporated by reference from the **2021 Proxy Statement**[615](index=615&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=163&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership is incorporated by reference from the **2021 Proxy Statement**, detailing **3,496,231** securities for outstanding awards and **51,261,793** available for future issuance under equity plans as of December 31, 2020 - Information on security ownership is incorporated by reference from the **2021 Proxy Statement**[619](index=619&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2020) | Plan Category | Securities to be issued upon exercise () | Securities remaining available for future issuance () | | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 3,496,231 | 51,261,793 | | Total | 3,496,231 | 51,261,793 | [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=163&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning related person transactions and director independence is incorporated by reference from the company's **2021 Proxy Statement** - Information is incorporated by reference from the **2021 Proxy Statement**[620](index=620&type=chunk) [Item 14. Principal Accountant Fees and Services](index=163&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning principal accountant fees and services is incorporated by reference from the company's **2021 Proxy Statement** - Information is incorporated by reference from the **2021 Proxy Statement**[621](index=621&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=163&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K report, including governance documents, debt agreements, and compensation plans - This item lists all financial statements and exhibits filed with the report, including governance documents, debt agreements, and compensation plans[623](index=623&type=chunk)[626](index=626&type=chunk) [Item 16. Form 10-K Summary](index=167&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[629](index=629&type=chunk)

JMP Group LLC (JMP) Q4 2020 Earnings Conference Call February 19, 2021 10:00 AM ET Company Participants Andrew Palmer - Investor Relations Joe Jolson - Chief Executive Officer Ray Jackson - Chief Financial Officer Mark Lehmann - CEO, JMP Securities Operator Welcome to JMP Group's Fourth Quarter 2020 Earnings Conference Call. Please note that today's call is being recorded. [Operator Instructions] I'll now turn the call over to Andrew Palmer, the company's Head of Investor Relations. Andrew Palmer Good morni ...

Introduction to JMP Group LLC February 2021 Disclosures Forward-Looking Statements This presentation, as well as any accompanying comments by JMP Group representatives, contains forward-looking statements that reflect JMP Group's current views with respect to, among other things, the company's operations and financial performance, as well as potential increases in dividends and retained earnings as a result of the proposed reorganization transaction discussed herein. You can identify these forward-looking s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From (Not Applicable) Commission File Number 001-36636 (Exact name of the registrant as specified in its charter) | --- | --- | --- | |-------|----------------|---------| | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From (Not Applicable) Commission File Number 001-36636 (Exact name of the registrant as specified in its charter) | --- | --- | --- | |-------|----------------|---------| | | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From (Not Applicable) Commission File Number 001-36636 (Exact name of the registrant as specified in its charter) | --- | --- | --- | |-------|----------------|---------| | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From (Not Applicable) Commission File Number 001-36636 (Exact name of the registrant as specified in its charter) | --- | --- | --- | |----------------------------------------------- ...