Summary of Citizens Financial Group Conference Call Company Overview - **Company**: Citizens Financial Group (NYSE: CFG) - **Date**: February 10, 2026 - **Key Speakers**: Don McCree (Chair of Commercial Banking), Ted Swimmer (Head of Commercial Banking) Key Points Company Evolution and Strategy - Citizens Financial Group has evolved significantly since its IPO, focusing on building a comprehensive commercial banking platform that includes leveraged finance, industry verticals, and boutique M&A acquisitions [5][6][12] - The bank has expanded its geographical reach beyond the Mid-Atlantic and New England to include Florida, California, and New York City, enhancing its middle-market banking capabilities [9][10] - The strategy includes a focus on private equity and capital markets, with investments in Treasury Solutions and Merchant Services, positioning the bank as a dominant player in these sectors [11][12][15] Market Outlook - The bank anticipates a positive trajectory for 2026, with signs of increased M&A activity and a more favorable banking environment compared to the previous sluggish years [14][15] - There is a narrowing bid-ask spread in the market, indicating that transactions are expected to increase in 2026, particularly for top-tier companies [22][25] - Citizens Financial Group is optimistic about its pipelines, indicating a strong potential for growth in capital markets and advisory revenues [36][38] Private Equity and Capital Markets - The bank has shifted its approach to view relationships with private equity firms holistically, providing comprehensive services that include financing, equity, and advisory [27][30] - The acquisition of JMP in 2021 has enhanced the bank's capabilities in equity research and private capital, allowing it to better serve clients in the growing private equity market [77][78] Expansion Markets - Citizens is strategically expanding into Florida, California, and New York, leveraging its brand and comprehensive service offerings to attract middle-market companies seeking more robust banking solutions [81][89] - The bank's approach in California focuses on new economy sectors, filling the void left by other banks, and emphasizing its private banking capabilities [89][90] Financial Performance and Projections - The bank expects loan growth of 3%-5% for the year, driven by increased utilization of revolvers and participation in M&A transactions [96][97] - Citizens Financial Group is focused on optimizing its balance sheet by reallocating resources to higher-return opportunities and leveraging AI for operational efficiency [16][17] Risk Management - The bank is monitoring sectors such as retail and biotech for potential risks but currently does not see significant concerns in its portfolio [99][100] - Regulatory changes and market volatility are ongoing considerations, but the bank feels well-positioned to navigate these challenges [105][106] Conclusion - Citizens Financial Group is poised for growth in 2026, with a strong focus on executing its strategies in private equity, capital markets, and expansion into new markets. The bank aims to leverage its comprehensive service offerings and industry expertise to capture a larger share of the market [110][112]

Financial Data and Key Metrics Changes - The company reported Q4 operating EPS of $7.75 per share, marking the second consecutive record quarter in earnings [6] - Adjusted operating return on equity (ROE) for the trailing 12 months was 15.7%, exceeding the intermediate-term target range of 13%-15% [6][18] - For the full year 2025, the company achieved record operating EPS and increased the value of in-force business margins by 18% [6][13] Business Line Data and Key Metrics Changes - In the U.S., favorable results were driven by management actions and variable investment income, with individual life mortality in line with expectations [7] - EMEA results showed strong volume growth and favorable experience, with full-year pre-tax earnings up 35% [11] - APAC region reported an 18% increase in pre-tax operating income, reflecting strong underlying growth and favorable underwriting experience [10] Market Data and Key Metrics Changes - Premium growth was 7.4% year-to-date on a constant currency basis, benefiting from strong growth across North America, EMEA, and APAC [19] - The U.S. healthcare business has approximately $400 million of annual premium, generating about $25 million of pre-tax run rate earnings in a typical year [43] Company Strategy and Development Direction - The company plans to exit the group healthcare lines of business after 2026, focusing on strategically aligned businesses [12][43] - The strategy includes optimizing the balance sheet, enhancing risk-adjusted investment returns, and maintaining a focus on capital stewardship [15][16] - The company aims for a balanced approach to capital deployment, targeting a total payout ratio of 20%-30% for buybacks and dividends [37][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet or exceed intermediate-term financial targets, citing strong momentum and a clear focus on strategy [16][33] - The company anticipates a more limited financial impact from in-force management actions in 2026 compared to recent years [24][91] - Management noted that higher interest rates are beneficial for overall earnings, given positive reinvestment cash flows [95] Other Important Information - The company deployed $2.5 billion of capital into in-force transactions for the full year, with $98 million in Q4 [19][20] - The effective tax rate for Q4 was 23.8%, with an expectation of 22%-23% for 2026 [20] - The company reported an estimated excess capital of $2.7 billion at the end of the quarter [30] Q&A Session Summary Question: Capital allocation and payout ratio - Management confirmed the target of a 20%-30% total payout ratio while maintaining flexibility for capital deployment [37] Question: Group health rate actions and business exit - Significant rate actions were taken, including a 40% average increase, and the decision to exit the group healthcare business was driven by strategic alignment [42][43] Question: Equitable block performance - The Equitable transaction is expected to generate $160 million-$170 million of earnings in 2026, with various factors contributing to economic upside [49] Question: Long-term care risk transfer deal performance - Management expressed satisfaction with the long-term care business performance, aligning with risk appetite and return expectations [62] Question: Investment portfolio exposure to software-related companies - The company has modest exposure to software lending, and AI impacts are actively monitored across the portfolio [67][68] Question: Regulatory changes in Europe and competition - Management noted no significant competitive threats arising from regulatory changes in Europe, focusing on opportunities with both asset and biometric risks [76][78] Question: Attractive regions or product lines for 2026 - The company highlighted a strong pipeline in Asia and the U.K. longevity market, with optimism about delivering attractive returns [81]

Financial Data and Key Metrics Changes - In Q4 2025, operating pre-provision net revenue increased by 27% from Q3, while operating net income rose by 19% compared to the previous quarter [9] - Full year 2025 results showed a 22% increase in operating pre-provision net revenue and a 31% increase in operating net income compared to 2024 [9] - Earnings per share (EPS) for Q4 was $0.72, with operating EPS at $0.82, reflecting increases of 6% and 15% respectively from the prior year's fourth quarter [9][10] Business Line Data and Key Metrics Changes - New loan origination volume reached $1.4 billion in Q4, up 23% from the year-ago quarter, contributing to a 6% annualized increase in the commercial loan portfolio [19] - Non-interest income for Q4 was $90 million on a GAAP basis, with an operating basis of $88 million, marking a $16 million sequential quarter increase [11] - The commercial loan portfolio growth was offset by declines in transactional loan balances and construction loans [19] Market Data and Key Metrics Changes - Total deposits decreased to $54.2 billion as of December 31, down from $55.8 billion at the end of Q3, primarily due to intentional reductions in brokered and select public deposits [14] - The net interest margin for Q4 was 4.06%, up from 3.84% in Q3 and 3.64% in Q4 2024, driven by improved funding performance [10] Company Strategy and Development Direction - The acquisition of Pacific Premier Bank was highlighted as a strategic move to enhance the company's regional footprint and competitive position, particularly in Southern California [4] - The company plans to continue targeted de novo growth in 2026, funded by resources set aside from previous expense initiatives [5] - The focus remains on profitability over growth for its own sake, with an emphasis on optimizing performance and supporting existing customers [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong credit profile, which remained stable throughout 2025, unaffected by external events impacting peers [7] - The expectation for net interest margin in Q1 2026 is between 3.90% and 3.95%, with a projected increase throughout the year as customer deposit balances rebound [16] - The company anticipates continued strong profitability and return on tangible common equity exceeding 17% as it moves into 2026 [18] Other Important Information - The company achieved $63 million in annualized deal-related cost savings from the acquisition, representing approximately 50% of the targeted $127 million [11] - The common dividend was increased to $0.37 per share from $0.36, and 3.7 million shares were repurchased at an average price of $27.07 [15] Q&A Session Summary Question: Insights on Pac Premier's integration and contributions - Management noted strong enthusiasm from Pac Premier employees and highlighted their ability to grow existing customer relationships and call on larger clients [30][33] Question: Clarification on loan portfolio decline - The decline was attributed to a combination of intentional runoff and elevated payoffs, with expectations of retaining 75% to 80% of transactional relationships [43][46] Question: Future loan sales opportunities - Management indicated that while there may be surgical opportunities for loan sales, significant bulk sales are not expected due to potential capital hits [74] Question: Deposit pricing outlook - The company is actively managing deposit pricing based on market conditions and competitor actions, with a focus on maintaining a competitive edge [75][78] Question: Capital allocation priorities - The company prioritizes capital for core lending, dividends, business investments, and share buybacks, with a programmatic approach to buybacks expected to continue [65][66]

Financial Data and Key Metrics Changes - In Q4 2025, operating pre-provision net revenue (PPNR) increased by 27% from Q3 2025, while operating net income rose by 19% compared to the prior quarter [9][10] - Full year 2025 results showed a 22% increase in operating PPNR and a 31% increase in operating net income compared to 2024 [9] - Earnings per share (EPS) for Q4 2025 was $0.72, with operating EPS at $0.82, reflecting increases of 6% and 15% respectively from Q4 2024 [9][10] Business Line Data and Key Metrics Changes - New loan origination volume reached $1.4 billion in Q4 2025, up 23% from the year-ago quarter, contributing to a 6% annualized increase in the commercial loan portfolio [19] - Non-interest income for Q4 was $90 million on a GAAP basis, with a sequential increase of $16 million driven by the acquisition of Pac Premier and higher customer fee income [11][20] Market Data and Key Metrics Changes - Total deposits decreased to $54.2 billion as of December 31, 2025, down from $55.8 billion as of September 30, 2025, due to intentional reductions in brokered and select public deposits [14] - The net interest margin for Q4 2025 was 4.06%, up from 3.84% in Q3 2025 and 3.64% in Q4 2024, driven by improved funding performance and earning asset optimization [10][11] Company Strategy and Development Direction - The company aims to prioritize profitability over growth for its own sake, focusing on optimizing performance and supporting existing customers while delivering superior financial results [7][8] - The acquisition of Pacific Premier Bank is seen as a strategic move to enhance the company's competitive position in key Western markets, particularly in Southern California [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive strong profitability into 2026, supported by healthy customer pipelines and ongoing balance sheet management strategies [7][18] - The company anticipates continued net interest margin improvement throughout 2026, with expectations to surpass 4% in the second or third quarter [16] Other Important Information - The company achieved $63 million in annualized deal-related cost savings from the acquisition, representing approximately 50% of the targeted $127 million [11] - The common dividend was increased to $0.37 per share from $0.36 per share, and 3.7 million common shares were repurchased at an average price of $27.07 [15] Q&A Session Summary Question: Insights on Pac Premier's integration and contributions - Management highlighted the excitement and enthusiasm from Pac Premier employees, noting their ability to grow existing customer relationships and call on larger clients [30][33] Question: Clarification on loan balance expectations - Management indicated that the loan portfolio is expected to remain relatively flat, with core relationship-based lending activities offsetting transactional runoff [62] Question: Future capital allocation strategies - Management confirmed a continued focus on share buybacks, with no immediate interest in M&A, while also considering investments in talent and business expansion [65][68]

4th Quarter 2025 Earnings Presentation January 22, 2026 Disclaimer FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") by Columbia Banking System, Inc. ("Columbia") the plans, objectives, expectations and intentions of Columbia and other statements that are not historical facts. Such ...

Core Viewpoint - Andean Precious Metals Corp. has secured a new $40 million revolving credit facility from the National Bank of Canada, which enhances its capital structure and financial flexibility for future growth initiatives [1][3]. Group 1: Credit Facility Details - The new credit facility offers improved liquidity and a more efficient cost of capital as Andean progresses with its strategic and operational initiatives [2]. - The facility has a capacity of $40 million, which will automatically reduce to $30 million on the first anniversary, with a term of 2 years and an interest rate of SOFR + 4.25% [7]. Group 2: Closure of Existing Facilities - Concurrently, Andean has extinguished its previous credit arrangements, including a $36.1 million loan from the CommerceWest Main Street Lending Program and a $25 million credit facility with Banco Santander International, thereby streamlining its capital structure [3][7]. - The consolidation of these credit facilities has enhanced liquidity and aligned financing arrangements with the company's current scale and growth plans [7]. Group 3: Company Overview - Andean Precious Metals is focused on expanding its operations in top-tier jurisdictions in the Americas, owning and operating the San Bartolome processing facility in Bolivia and the Golden Queen mine in California [4]. - The leadership team is committed to creating value through safe, sustainable, and responsible operations, aiming to become a multi-asset, mid-tier precious metals producer [4].

Core Viewpoint - Flex LNG reported its unaudited financial results for Q3 2025, highlighting a slight decrease in revenues and net income compared to the previous quarter, while maintaining a strong cash position and a consistent dividend payout. Financial Performance - Revenues for Q3 2025 were $85.7 million, down from $86.0 million in Q2 2025 [5] - Net income for Q3 2025 was $16.8 million, compared to $17.7 million in Q2 2025 [5] - Basic earnings per share for Q3 2025 were $0.31, down from $0.33 in Q2 2025 [5] - Adjusted EBITDA for Q3 2025 was $61.2 million, compared to $62.6 million in Q2 2025 [5] - The company declared a dividend of $0.75 per share for Q3 2025, marking the seventeenth consecutive quarter of dividend payments [6] Operational Highlights - The company completed all four planned drydockings for 2025 on time and within budget [2] - Flex LNG completed the refinancing of Flex Constellation and Flex Resolute, raising $530 million in new financings this year [3] - The company recorded an all-time high cash balance of $479 million at the end of Q3 2025 [3] Market Outlook - The year 2025 has seen record-high final investment decisions (FIDs) for new liquefaction capacity, with nearly 70 million tons per annum (MTPA) sanctioned [4] - US LNG export volumes increased by over 20% in 2025, driven by new export capacity and higher utilization [4] - The short- to medium-term freight market is expected to remain challenging due to newbuild deliveries occurring before new export capacity comes online [4] - There has been a notable increase in scrapping activity among older steam vessels, with 14 scrapped year-to-date [4]

Core Insights - Bread Financial's Q3 results indicate significant improvements in its balance sheet and ongoing optimization opportunities, with a focus on responsible and profitable growth [1] - The company is diversifying its customer and partner base, particularly targeting higher ticket spending verticals like home furnishings [2] - Bread Financial reported $188 million in net income for Q3, with a 17% year-over-year reduction in total non-interest expenses [3] Financial Performance - The company achieved $188 million in net income during Q3, with total non-interest expenses decreasing by $98 million compared to the previous year [3] - Total liquid assets increased to $7.8 billion from $7.6 billion year-over-year, reflecting progress in capital and liquidity improvement [3] Strategic Initiatives - Bread Financial received a credit rating upgrade from Moody's, which serves as external validation of the company's strength and efforts [4] - The CFO has prioritized a "game plan" for debt management, focusing on strengthening the balance sheet and aligning the capital structure with peers [5] - The company announced a private offering of $500 million in senior notes, expected to generate approximately $493 million in proceeds to redeem outstanding senior notes due 2029 [6]

3rd Quarter 2025 Earnings Presentation October 30, 2025 Disclaimer FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") by Columbia Banking System, Inc. ("Columbia") the plans, objectives, expectations and intentions of Columbia and other statements that are not historical facts. Such ...

Core Insights - Citizens Financial Group (CFG) shares reached a 52-week high of $50.77, reflecting an 18.8% increase over the past year, outperforming peers like Regions Financial and Fifth Third Bancorp [1][9] - Investor optimism has surged following Federal Reserve Chair Jerome Powell's comments suggesting potential interest rate adjustments, which could lower funding costs and enhance loan demand, positively impacting net interest income (NII) for CFG and its peers [3] Strategic Expansion - CFG is implementing a multi-faceted strategy to enhance its wealth management capabilities, including the launch of Citizens Private Bank aimed at high-net-worth clients, which is projected to be profitable by Q4 2024 and has raised $7 billion in deposits [4] - The bank is expanding its presence in the New York Metro area and increasing its middle-market coverage in Florida and California, supported by new coverage bankers and investments in commercial banking infrastructure [5] - Investments in the payments platform and commercial middle-market operations are expected to improve client acquisition and support long-term revenue growth [6] Revenue Growth - CFG has shown steady organic growth with total revenues growing at a compound annual growth rate (CAGR) of 3% from 2020 to 2024, primarily driven by NII, which rose at a 5.3% CAGR [7] - Non-interest income, which had declined at a CAGR of 1.8%, rebounded in the first half of 2025, contributing to overall revenue stability [10] - Management anticipates NII growth of 3-5% in 2025, with a projected net interest margin (NIM) of 3%, up from 2.85% in 2024 [10] Sales Estimates - For the current quarter (September 2025), Zacks Consensus Estimate for sales is $2.09 billion, with year-over-year growth estimated at 10.04% [12] - Sales for the next year (December 2026) are expected to reach $8.87 billion, reflecting an 8.04% year-over-year growth [12] Loan and Deposit Base - CFG maintains a solid loan and deposit base, with loans and leases growing at a CAGR of 3.1% and diversified deposits rising at 4.4% CAGR from 2020 to 2024 [13] - The bank's acquisition of HSBC branches and Investors Bancorp has added low-cost deposits and expanded its branch network, enhancing long-term funding stability [13] Inorganic Growth - CFG has pursued acquisitions to strengthen its geographic footprint, including the acquisition of College Raptor Inc., DH Capital LLC, and 80 East Coast branches from HSBC, adding 234 branches and expanding its presence in key markets [14][15] Liquidity and Shareholder Returns - CFG has a solid liquidity position with $9.2 billion in available liquidity and $249 million in short-term debt as of June 30, 2025 [15] - The company has increased its common share repurchase program capacity to $1.5 billion and has consistently paid dividends, with a current annual dividend yield of 3.31%, surpassing the industry average [16][17] Expense Management - CFG faces rising operating costs due to expansion and technology investments, with non-interest expenses rising at a CAGR of 18.4% from 2020 to 2024 [20] - Management expects expenses to increase by 4% in 2025, which may limit bottom-line growth [20] Loan Concentration Risk - CFG's loan portfolio has a high concentration in commercial loans, which accounted for 51.4% of total loans and leases as of June 30, 2025, posing potential risks in a changing macroeconomic environment [23][24] Valuation Concerns - CFG stock is currently trading at a trailing price-to-earnings (P/E) ratio of 11.18X, higher than the industry average of 10.26X, suggesting that the stock may be expensive relative to its peers [26]