Bank of America (NYSE:BAC), a global financial-services provider, closed Tuesday at $50.41, down 1.29%. The stock slipped as investors continued to react to recent tariff-related pressure on bank shares and weighed coverage noting its underperformance versus the S&P 500 over the past year. The company’s trading volume reached 52.8 million shares, which is roughly 36% above compared with its three-month average of 38.9 million shares. Bank of America went public in 1973 and has grown 989% since its IPO. Ho ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $4.30 for 2025, which is the top of the guidance range and represents a 6% increase from the previous year and a 9% average annual growth from 2023 [5][6] - This marks the 11th consecutive year of achieving adjusted earnings results at or above the annual guidance range [6] - Weather-normalized total retail electricity sales increased by 1.7% compared to 2024, significantly higher than the cumulative growth seen over the last decade [7][8] Business Line Data and Key Metrics Changes - Georgia Power saw a 2.5% increase in sales from 2024, with all customer classes showing growth, particularly commercial sales which increased by 17% year-over-year [8][9] - The company added 39,000 new residential electric customers and 25,000 new customers in natural gas distribution [8] - Industrial electricity sales grew by 1.4% in 2025, with gains in primary metals, lumber, paper, and transportation segments [9] Market Data and Key Metrics Changes - The company is experiencing robust economic development activity, with over 120 companies either locating new facilities or expanding operations in its service territories, expected to create over 21,000 new jobs [10][11] - The total large load pipeline has increased to over 75 GW, with 26 signed contracts representing 10 GW of fully contracted electric service agreements [19] Company Strategy and Development Direction - The company is focused on sustainable growth through significant investments in energy infrastructure, with a capital investment forecast of $81 billion over the next five years, primarily at state-regulated utilities [25][26] - The strategy includes an "all-of-the-above" approach to energy sourcing, incorporating natural gas, battery energy storage, and other resources to meet growth opportunities [49][92] - The company aims to maintain a disciplined approach to pricing large load contracts, ensuring benefits for existing customers while capturing growth [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve long-term growth, projecting adjusted EPS growth of 7%-9% from 2026 through 2028 [34][35] - The company anticipates retail electric sales to grow at least 3% in 2026, with an average annual growth of 10% projected from 2026 to 2030 [18] - Management highlighted the importance of regulatory frameworks that allow for flexible pricing and contract negotiations to support growth while ensuring rate stability for existing customers [22][24] Other Important Information - The company has a strong dividend track record, having increased dividends for 24 consecutive years, with projections for continued modest increases in the future [32] - The company is committed to maintaining strong investment-grade credit ratings and has proactively addressed $9 billion of equity needs [29][30] Q&A Session Summary Question: Future growth outlook beyond 2028 - Management indicated confidence in achieving growth targets based on current projects and economic expansion, with potential upside from Southern Power [45][46] Question: Impact of near-term contracts on current plans - Management confirmed that the near-term contracts are included in the current forecast and are expected to be signed imminently [55][56] Question: Data center growth and zoning issues - Management expressed confidence in the progress of data center projects across Georgia, Alabama, and Mississippi, despite ongoing conversations about regulations [62][63] Question: Opportunities for onsite or bridge power solutions - Management noted continued demand for temporary power solutions, indicating a strong market for bridge solutions [84] Question: Southern Power's recontracting opportunities - Management highlighted the potential for recontracting capacity at significantly higher rates, estimating future prices around $20-$25 per kilowatt month [92][94]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net investment income (NII) per share was $0.36, consistent with the previous quarter, resulting in a return on equity (ROE) of 9.7% [11] - Net asset value (NAV) per share decreased to $14.81 from $14.89 in the prior quarter, primarily due to write-downs on a few watchlist names, partially offset by share repurchases [24] - The company repurchased $148 million of stock, the largest repurchase in its history, which was accretive to NAV per share by approximately $0.05 [24] Business Line Data and Key Metrics Changes - OBDC had fundings of $820 million against $1.4 billion of repayments, resulting in lower net leverage at 1.19x [14] - The portfolio is broadly diversified across 30 industries, with average position sizes of approximately 40 basis points [16] - Revenue and EBITDA growth for borrowers in the software portfolio was 10% and 16% respectively in Q4, outpacing other sectors [17] Market Data and Key Metrics Changes - The company executed asset sales totaling $1.4 billion, including $400 million from OBDC, at book value and an average price of 99.7% [8] - Interest coverage ratios remained healthy at approximately 2x, with a non-accrual rate decreasing to 1.1% at fair value [19] - The company received a Moody's upgrade to Baa2, reflecting strong portfolio and liability management capabilities [25] Company Strategy and Development Direction - The company terminated the proposed merger with OBDC II and opted for a significant asset sale to provide liquidity to shareholders [7] - The strategy remains focused on disciplined capital allocation, with a buy-and-hold approach to lending [10] - The company aims to leverage its diversified lending strategy to create value for shareholders, with a focus on maintaining credit quality [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's credit quality, stating that losses remain low and borrower fundamentals are strong [27] - The company anticipates that lower base rates and tighter spreads will impact future earnings, but does not expect broad-based credit issues [28] - Management highlighted the importance of maintaining a stable dividend while evaluating the impact of market conditions on future payouts [29] Other Important Information - The board declared a first-quarter base dividend of $0.37, to be paid on April 15, 2026 [23] - The company has approximately $4 billion in total cash and capacity on its facilities, exceeding unfunded commitments [25] - The new share repurchase program of up to $300 million was authorized, replacing the previous $200 million plan [24] Q&A Session Summary Question: Is OBDC II halting redemptions permanently? - Management clarified that they are not halting redemptions but accelerating them, returning 30% of capital at book value to investors [34][35] Question: What is the most accretive use of capital today? - Management indicated that they are evaluating both stock buybacks and capital deployment into the market, given the stock price is trading below book value [40][42] Question: Why not sell all of OBDC II? - Management opted for a quick transaction to return capital to investors while maintaining a diversified and liquid remaining portfolio [64][66] Question: What is the appetite for new software loan purchases? - Management expressed confidence in their software investments and indicated a cautious approach to new purchases, focusing on high-quality companies [69][70] Question: How does the mark received on the loan sales compare with previous fair value marks? - Management stated that the loans were sold at their marks, consistent with previous valuations, reinforcing the integrity of their valuation process [86][88]

Core Viewpoint - Security Federal Corporation reported significant growth in net income for both the fourth quarter and the full year ended December 31, 2025, driven by increased net interest income and non-interest income, alongside a reduction in the provision for credit losses [2][6][7]. Financial Performance - For the fourth quarter of 2025, net income available to common shareholders was $3.9 million, or $1.24 per share, compared to $3.0 million, or $0.94 per share, in the same quarter of 2024, marking a 30.0% increase in earnings per share [2][4]. - Year-to-date net income available to common shareholders rose to $12.0 million, or $3.80 per share, from $8.9 million, or $2.77 per share, in 2024, reflecting a 37.1% increase in earnings per share [2][8]. Interest Income and Expenses - Total interest income for the fourth quarter of 2025 was $19.8 million, a decrease of $437,000 or 2.2% from the previous year, while total interest expense fell by $1.7 million or 19.3% to $7.2 million [6]. - Net interest income increased by $1.3 million or 11.5% to $12.6 million in the fourth quarter of 2025, primarily due to a greater reduction in interest expense compared to interest income [6][7]. Non-Interest Income and Expenses - Non-interest income for the fourth quarter of 2025 increased by $1.0 million or 35.4% to $3.9 million, driven by higher grant income and rental income [6]. - Non-interest expense rose by $1.5 million or 16.0% to $11.1 million, attributed to increased salaries, employee benefits, and debit card expenses [6]. Credit Quality - Non-performing assets were reported at $5.8 million as of December 31, 2025, a slight increase from $5.7 million at September 30, 2025, but a decrease from $7.6 million at the end of 2024 [10][13]. - The allowance for credit losses to gross loans was stable at 1.97% as of December 31, 2025, compared to 1.98% a year earlier [10][13]. Balance Sheet Highlights - Total assets reached $1.62 billion at December 31, 2025, reflecting a year-over-year increase of $6.3 million or 0.4% [14]. - Cash and cash equivalents decreased by $102.9 million or 57.7% to $75.3 million, primarily due to investment securities purchases and debt repayments [14]. - Total loans receivable, net, were $676.2 million, down $1.9 million from the previous quarter and $11.0 million year-over-year [14]. Capital Management - Total shareholders' equity increased to $200.5 million at December 31, 2025, up from $182.4 million a year earlier [15]. - The common equity book value per share rose to $37.74, compared to $31.21 in the previous year [15].

Financial Data and Key Metrics Changes - The company reported adjusted net income of $30 million or $0.06 per diluted share in Q4 2025, compared to a net loss of $0.07 per diluted share in the previous quarter [5][6] - The unadjusted pre-provision, pre-tax net revenue improved by $51 million quarter-over-quarter, while adjusted pre-provision, pre-tax net revenue improved by $45 million versus Q3 [14] - The net interest margin (NIM) expanded by 14 basis points quarter-over-quarter, reaching 2.14%, including a one-time hedge gain of approximately $20 million [17][19] Business Line Data and Key Metrics Changes - The company experienced a 2% growth in net commercial and industrial (C&I) loans on a linked quarter basis, with a total commitment increase of 28% to $3 billion and originations rising by 22% to $2.1 billion [7][10] - The overall commercial real estate (CRE) exposure was reduced by $2.3 billion, with a concentration ratio now below 400% [7][22] - The multifamily portfolio declined by 13% or $4.3 billion year-over-year, with a reserve coverage of 1.83% [22][24] Market Data and Key Metrics Changes - Total CRE balances decreased by $12.1 billion or 25% since year-end 2023, aiding the strategy to diversify the loan portfolio [22] - The company reported a significant reduction in criticized and classified loans, down $330 million quarter-over-quarter, and a decrease in non-accrual loans by $267 million [26] Company Strategy and Development Direction - The company aims to solidify its balance sheet and reposition for growth, focusing on diversifying the loan portfolio and reducing reliance on wholesale funding [9][10] - The strategic initiatives over the past couple of years are expected to drive sustainable growth and profitability going forward [10][30] - The company plans to generate deposit growth across various business lines while maintaining discipline on pricing [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's earning power continuing to strengthen in 2026, driven by growth in net interest income and margin expansion [8][30] - The management team highlighted the importance of proactive management of CRE exposure and improving the bank's credit profile [8][30] - The company anticipates a full year of profitability in 2026, with adjusted EPS forecasted to be in the range of $0.65-$0.70 [16] Other Important Information - The company reduced brokered deposits by almost $8 billion during the year, enhancing its liquidity position [10][19] - The CET1 capital ratio increased by almost 400 basis points, now ranking among the highest capitalized regional banks [9][18] Q&A Session Summary Question: Can you talk about the drivers behind the lowered net interest income guidance? - Management indicated that higher payoff activity, particularly related to multifamily and CRE loans, was the primary driver for the reduction [34][35] Question: How comfortable are you with funding loan growth through core deposit growth? - Management expressed confidence in core deposit growth, leveraging bank branches and new C&I relationships to drive deposits [46][50] Question: What are the prospects for capital return and stock buybacks? - Management noted that the board will consider how to deploy excess capital based on balance sheet growth and non-performing loans [52][53] Question: Can you provide updates on the rent-regulated portfolio and potential impacts from rent freezes? - Management stated that there is ongoing dialogue regarding rent regulations and emphasized that they have not seen a decline in liquidity in the multifamily portfolio [71][76] Question: What is the expected roll-on yield for new C&I and CRE loans? - New C&I loans are coming on at a spread to SOFR of 175 to 300 basis points, while new CRE loans are at 200-225 basis points [89]

Core Viewpoint - Oak Valley Bancorp reported a mixed performance for the fourth quarter of 2025, with a slight increase in net income year-over-year but a decline in full-year earnings compared to 2024, alongside improvements in net interest income and non-interest income [1][2][4]. Financial Performance - For Q4 2025, Oak Valley Bancorp's net income was $6.3 million, or 76 cents per share, up from $6 million, or 73 cents per share, in Q4 2024, reflecting a 4.1% year-over-year increase [1][2]. - Full-year 2025 net income totaled $23.9 million, or $2.88 per share, down from $25 million, or $3.02 per share, in 2024 [2]. - Total net interest income for Q4 reached $19.5 million, a 9% increase year-over-year, while annual net interest income rose 6.5% to $74.6 million [2]. Key Business Metrics - The net interest margin (NIM) for Q4 was 4.14%, up from 4.00% in the same quarter last year, attributed to higher loan yields and reduced funding costs [3]. - Non-interest income increased to $1.8 million in Q4, a 27.6% rise from $1.4 million a year earlier, driven by higher investment advisory fees and service charges [4]. Expense Management - Non-interest expenses grew 6.2% year-over-year to $12.3 million in Q4, with annual non-interest expenses climbing 9.3% to $50.3 million due to higher staffing costs and operational expenses [5]. Operational Efficiency - The efficiency ratio improved to 55.9% in Q4 from 58.1% a year ago, indicating better operational leverage, while the full-year efficiency ratio slightly increased to 59.7% from 58.2% [7]. - Return on average assets for Q4 was 1.3%, consistent with the previous year, while full-year return on assets decreased to 1.2% from 1.4% [7]. Credit Quality - A provision for credit losses of $0.9 million in Q4 was linked to a commercial real estate loan placed on non-accrual status, resulting in non-performing assets rising to $4.6 million, or 0.2% of total assets [8]. - The allowance for credit losses as a percentage of gross loans increased to 1.1% from 1% in Q4 2024, indicating stable overall credit quality [9]. Shareholder Returns - The board declared a cash dividend of 37.5 cents per share, payable on February 13, 2026, marking the first dividend payment of 2026, with an annual dividend for 2025 of 60 cents per share, up from 45 cents in 2024 [10]. Company Growth - Oak Valley Bancorp surpassed $2 billion in total assets, attributed to consistent growth and strong client relationships, while maintaining 19 banking offices across Central California and the Eastern Sierra region [6][11].

Financial Data and Key Metrics Changes - Q4 GAAP net income was $9.1 million, or $1.15 per share, including a $1.5 million one-time tax adjustment; operating income was $10.7 million, or $1.36 per share [3][4] - Pre-provision net revenue return on average assets was 180 basis points, up 10 basis points from the prior quarter and 75 basis points from Q4 2024 [4][9] - Net interest margin expanded to 340 basis points, a 6 basis point increase from the prior quarter [9][10] - Efficiency ratio improved to 50.8%, compared to 51.4% in the prior quarter [8] Business Line Data and Key Metrics Changes - Net loan growth for Q4 was $122 million, with full-year growth of $134 million, representing 5% annual growth [7][9] - Non-interest income increased to $3.4 million, driven by $2.2 million of SBA gain on sale income, a 35% increase from the linked quarter [11] - SBA originations totaled $24 million in Q4, contributing to $68 million of total originations for the year [7][9] Market Data and Key Metrics Changes - Floating-rate loans comprised 38% of the total loan portfolio, up from 23% at the end of 2024 [5] - Average low-cost deposit balances increased by $22 million, or 5%, over the prior quarter and by $86 million, or 21%, versus Q4 2024 [5][9] Company Strategy and Development Direction - The company aims to strengthen credit, improve funding mix, build non-interest income, and invest in technology and people [15][16] - The focus on diversified recurring revenue sources is yielding positive results, particularly in the SBA division [15] - The company anticipates loan growth of 4%-5% and expects net interest income to be in the range of $111 million-$112 million for 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, highlighting improvements in credit quality and funding mix [15][16] - The company expects to continue benefiting from a favorable repricing of time deposits over the next 12 months [10][12] Other Important Information - The allowance for credit losses stands at 108 basis points of total loans, with coverage of non-performing loans increasing to 188% [11][12] - The effective tax rate for the full year 2025 was 27.4%, influenced by a one-time tax expense [14] Q&A Session Summary Question: Loan growth expectations for 2026 - Management indicated that loan growth is expected to pick up in 2026, driven by a balance of payoffs and new originations [19][21] Question: Composition of the loan pipeline - The loan pipeline is currently 60% commercial and industrial (C&I) loans, with a focus on maintaining strong C&I real estate originations [25] Question: Expectations for low-cost deposit growth - While no specific guidance was provided, management expects steady improvement in low-cost deposits, which grew 5% from the previous quarter [29][31] Question: SBA originations outlook for 2026 - Management anticipates significant growth in SBA originations, aiming for around $100 million to achieve non-interest income targets [39][43] Question: Drivers of expense growth in 2026 - Expense growth is expected to be driven by investments in people and processes, with a headcount increase of over 10% in the past year [49][52]

Financial Data and Key Metrics Changes - The company reported a 10% growth in tangible book value per share and a CET1 capital ratio of 14.89% for the year [4] - The net interest income margin for the fourth quarter was 3.97%, with a full-year net interest margin of 3.94% [6][10] - Fourth quarter net income was $22.7 million, or $0.60 per diluted share, while full-year adjusted net income totaled $117.6 million, or $3.06 per diluted share [7][8] Business Line Data and Key Metrics Changes - The company originated $591 million in total loans during the fourth quarter, with $429 million coming from commercial loan originations, marking a record for the company [22] - The loan portfolio at the end of the year was approximately $9.4 billion, with projected loan growth of about 10% for 2026 [9] - Non-interest income for the fourth quarter was $14.4 million, while full-year non-interest income is projected to be between $75 million and $80 million for 2026 [12] Market Data and Key Metrics Changes - The non-performing asset ratio improved by 11 basis points to 36 basis points of total loans by year-end [10] - The criticized loan ratio improved by 73 basis points during the year [10] - The company expects to maintain a loan-to-deposit ratio of approximately 90% [9] Company Strategy and Development Direction - The company aims to focus on profitable growth following the acquisition of Vista Bank, which is expected to enhance its service offerings and market presence [5][18] - The strategic sale of securities and addressing problem loans were part of the company's efforts to enter 2026 with a clean slate [5] - The company is committed to expanding its services, including wealth management and enhanced treasury management offerings [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong growth potential, driven by the Vista acquisition and a focus on client activation [25][26] - The company anticipates a strong economic environment in Texas and various resort markets, which are expected to provide growth opportunities [19] - Management expects to deliver earnings exceeding $1 per share in the fourth quarter of 2026 and full-year earnings exceeding $4 per share in 2027 [15] Other Important Information - The company completed the initial phase of its 2UniFi project, which aims to revolutionize small business banking [27][29] - The effective tax rate for 2025 was 18%, with an expected increase to approximately 20% for 2026 due to the integration of Vista [14] - The company plans to hold 15% of total assets in cash and investments [9] Q&A Session Summary Question: Confirmation of loan growth and margin expectations - Management confirmed a projected 10% loan growth in 2026, a margin near 4%, and earnings over $1 in the fourth quarter of 2026 [35] Question: 2UniFi revenue and expense guidance - Management projected $2 million to $4 million in 2UniFi revenue for 2026, with expenses held flat at $22 million [36] Question: Credit quality and charge-offs - Management addressed that the charge-offs were due to specific problem loans and expressed confidence in improving credit metrics in 2026 [41] Question: Growth drivers for 2026 - Management indicated that growth would be driven by strong production in Texas and resort markets, with a focus on commercial loans [44][46] Question: Margin performance and deposit costs - Management clarified that the December margin was 3.97%, with a lag in deposit pricing compared to asset repricing [50][62] Question: Partnership developments for 2UniFi - Management acknowledged delays in finalizing a partnership for 2UniFi but emphasized a strong focus on client activation and scaling the business [63] Question: Loan growth confidence and payoffs - Management expressed confidence in achieving 10% loan growth in 2026, with reduced scheduled maturities compared to the previous year [79]

Core Insights - Hanmi Financial reported a slight decline in fourth-quarter earnings due to lower non-interest income, despite strong loan growth and net interest margin expansion [4][6][3] Financial Performance - Fourth-quarter net interest income increased to $62.9 million, with average loans rising 2.4% to $6.46 billion at an average rate of 5.94% [2] - Net income for the fourth quarter was $21.2 million, or $0.70 per diluted share, down 3.7% from the prior quarter [3] - Full-year 2025 net income rose 22% to $76.1 million, with a return on average equity of 9.32% [7] Loan and Deposit Dynamics - Fourth-quarter loan production was $375 million, down 34% from the third quarter, but full-year originations remained strong across categories [9][10] - Deposits decreased 1.3% in the fourth quarter, although full-year deposits grew 3.8% [12][10] Credit Quality - Credit quality remained strong, with non-performing assets at 0.26% of total assets and an allowance for credit losses at 1.07% of total loans [15] - Net charge-offs were reported at 10 basis points of loans [15] Strategic Priorities - Management outlined 2026 priorities focusing on measured loan growth, deposit gathering, expense discipline, and conservative credit oversight [4][17] - The company aims to reprice approximately $1.8 billion of maturing CDs in the 3.5% to 3.7% range to reduce funding costs [14] Shareholder Returns - Hanmi returned $42 million to shareholders in 2025, including $9 million in share repurchases and $33 million in dividends [19]

Core Insights - Riverview Bancorp reported a net income of $1.4 million, or $0.07 per diluted share, for the third fiscal quarter ended December 31, 2025, showing an increase from $1.1 million, or $0.05 per diluted share, in the previous quarter and $1.2 million, or $0.06 per diluted share, in the same quarter last year [3][4]. Financial Performance - Net interest income for the quarter was $10.5 million, up from $9.4 million in the same quarter last year, with a net interest margin of 2.96%, an increase from 2.60% year-over-year [10][11]. - Non-interest income was $3.5 million for the quarter, slightly up from $3.3 million in the same quarter last year [14]. - Non-interest expense was $12.2 million, compared to $11.2 million in the same quarter last year, reflecting strategic investments in business banking and technology [16]. Asset Quality - Non-performing assets were reported at 0.07% of total assets and 0.10% of total loans as of December 31, 2025, indicating stable credit quality [25][40]. - The allowance for credit losses was $15.3 million, representing 1.41% of total loans, a slight decrease from 1.47% a year earlier [28]. Capital and Liquidity - Shareholders' equity increased to $164.2 million, with a tangible book value per share of $6.62, up from $6.20 a year earlier [24]. - The company maintained a total risk-based capital ratio of 16.35% and a Tier 1 leverage ratio of 11.24%, indicating strong capital levels [29]. Market Position - Riverview Bancorp operates in a dynamic market in Southwest Washington, benefiting from a diversified economy and strong employment levels, which support community-focused lending and deposit growth [8][9]. - The company is focused on expanding commercial and industrial loans, enhancing treasury management platforms, and creating lasting value for shareholders [5][7].