Core Viewpoint - Bank First Corporation reported a strong financial performance for the fourth quarter and full year of 2025, with significant increases in net income and earnings per share, despite incurring merger-related expenses [1][2]. Financial Performance - Net income for Q4 2025 was $18.4 million, or $1.87 per share, up from $17.5 million, or $1.75 per share in Q4 2024 [1]. - For the full year 2025, net income reached $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share in 2024 [1]. - Adjusted net income (non-GAAP) for Q4 2025 was $19.6 million, or $2.00 per share, compared to $17.4 million, or $1.74 per share in Q4 2024 [1]. - Annual adjusted net income (non-GAAP) for 2025 totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share in 2024 [1]. Operating Results - Net interest income (NII) for Q4 2025 was $40.2 million, an increase of $1.9 million from the previous quarter and $4.6 million from Q4 2024 [3]. - Net interest margin (NIM) improved to 4.01% in Q4 2025, up from 3.88% in the previous quarter and 3.61% in Q4 2024 [4]. Asset Quality - Nonperforming assets at December 31, 2025, were $9.0 million, down from $13.9 million in the previous quarter and $9.2 million in the prior-year fourth quarter [13]. Capital Position - Stockholders' equity was $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024 [14]. - The book value per common share was $65.47 at December 31, 2025, compared to $63.89 at the end of 2024 [14]. Dividend Declaration - A quarterly cash dividend of $0.50 per common share was declared, representing an increase of 11.1% over the prior quarter and prior-year fourth quarter [15]. Balance Sheet - Total assets were $4.51 billion at December 31, 2025, reflecting an increase of $85.7 million during Q4 2025 [10]. - Total loans were $3.60 billion at December 31, 2025, with a contraction of $25.0 million during Q4 2025 [11]. - Total deposits were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024 [12].

Financial Data and Key Metrics Changes - Independent Bank Corporation reported Q4 2025 net income of $18.6 million or $0.89 per diluted share, compared to $18.5 million or $0.87 per diluted share in the prior year period [3] - For the full year 2025, net income was $68.5 million or $3.27 per diluted share, up from $66.8 million or $3.16 per diluted share in 2024 [3] - Net interest income increased by $1 million or 2.2% over Q3 2025, with a net interest margin of 3.62%, up eight basis points from the previous quarter [4] - Return on average assets and return on average equity were 1.35% and 14.75% respectively [4] - The tangible common equity ratio increased to 8.65% [4] Business Line Data and Key Metrics Changes - Total loans grew by $78 million or 7.4% annualized in Q4 2025, with a full-year increase of $237 million or 5.9% [8] - The commercial loan portfolio led growth with $276 million or 14.2%, while residential mortgage grew by $7.2 million and installment loans decreased by $17 million [8] - The bank added a net of five experienced bankers to its commercial banking team during the year [8] Market Data and Key Metrics Changes - Deposits totaled $4.8 billion at December 31, 2025, an increase of $107.6 million from December 31, 2024 [5] - The deposit base comprised 47% retail, 37% commercial, and 16% municipal, with all three portfolios up year-over-year [6] - Business deposits increased by $20.4 million, while retail deposits increased by $64.1 million, offset by a $28.6 million decrease in municipal deposits [6] Company Strategy and Development Direction - The company aims to continue investing in its team and technology while striving to be Michigan's most people-focused bank [23] - A robust commercial loan pipeline and strategic initiatives to attract talented bankers are key components of the company's growth strategy [5] - The company anticipates loan growth in the mid-single-digit range for 2026, with a focus on commercial loans [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through various economic environments and deliver strong results [23] - The outlook for 2026 includes expectations for net interest income growth of 7%-8% and net interest margin expansion of 5-7 basis points in Q1 2026 [19] - The company expects a provision expense for allowance for credit losses of approximately 20-25 basis points of average portfolio loans [19] Other Important Information - The dividend payout ratio for the year was 32%, with a $0.26 per share dividend paid in November 2025 [4] - Non-interest income totaled $12 million in Q4 2025, down from $19.1 million in the year-ago quarter [16] - The company executed a tax credit transfer agreement expected to reduce tax obligations and enhance earnings per share [5] Q&A Session Summary Question: Market outlook in Michigan and banker additions - Management expects to add a net of four to five bankers in 2026, with opportunities in Southeast Michigan due to M&A dislocation [25] Question: Loan growth outlook - The company anticipates mid-single-digit loan growth due to a focus on commercial loans, with a projected shrinkage in the consumer portfolio [26][27] Question: Margin guidance - Management forecasts a margin expansion of five to seven basis points in Q1 2026, with three to five basis points in subsequent quarters [30] Question: Capital management and M&A interest - The company is excited about its capital position, allowing flexibility for share repurchases and potential M&A opportunities, though not a requirement for success [32][35] Question: Charge-off expectations - Management expects charge-offs to remain low, similar to recent history, with a provision of 20-25 basis points [47]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net earnings of $55 million or $0.40 per share, an increase from $52.6 million or $0.38 per share in Q3 2025 and $50.9 million or $0.36 per share in Q4 2024 [3][4] - Return on average tangible common equity was 14.4% and return on average assets was 1.40% for Q4 2025 [3] - Pre-tax income grew by $5.4 million quarter-over-quarter and $6.3 million year-over-year [4] Business Line Data and Key Metrics Changes - Net interest income increased by $7 million or 6% from Q3 2025 and by $12.2 million or 11% from Q4 2024 [4] - Non-interest income was $11.2 million in Q4 2025, which was $1.8 million lower than Q3 2025 and $1.9 million lower than Q4 2024 [6] - Total loans at December 31, 2025, were $8.7 billion, a $228 million or 2.7% increase from Q3 2025 and a $163 million or 2% increase from the end of 2024 [7][8] Market Data and Key Metrics Changes - Average total deposits and customer repurchase agreements were $12.6 billion during Q4 2025, compared to $12.5 billion for Q3 2025 [10] - Non-interest-bearing deposits declined by $122 million compared to Q3 2025, while interest-bearing non-maturity deposits grew by $234 million [10][11] - The cost of deposits and repos was 86 basis points for Q4 2025, down from 90 basis points in Q3 2025 [11] Company Strategy and Development Direction - The company is focused on maintaining profitability and has a strong commitment to its mission of banking small to medium-sized businesses [95] - The pending merger with Heritage Bank of Commerce is expected to close in Q2 2026, with integration plans already underway [27][87] - The company anticipates that the merger will provide growth opportunities in new markets and enhance service offerings to clients [87] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about loan growth in 2026, citing strong loan pipelines and positive customer sentiment [26] - The economic forecast indicates modest growth, with real GDP expected to remain below 1.5% through 2027 [14] - Management noted that competition for quality loans remains intense, but they are prepared to maintain credit quality standards [40] Other Important Information - The company incurred $1.6 million in one-time merger-related expenses during Q4 2025 [17] - The allowance for credit losses was $77 million at December 31, 2025, or 0.89% of gross loans, reflecting a decrease from the previous quarter [13] Q&A Session Summary Question: Non-interest-bearing deposits and customer behavior - Management indicated that the decline in non-interest-bearing deposits was due to normal seasonality and not a significant loss of relationships [23][72] Question: Loan growth sustainability - Management expressed optimism about loan growth, noting that pipelines remain strong and utilization rates are normalizing [25][26] Question: Update on Heritage Bank merger - Management confirmed that the merger is progressing well and is on track for a Q2 2026 close [27] Question: Competitive landscape for deposits - Management stated that they are winning deposit relationships primarily from operating companies, with a focus on non-interest-bearing deposits [34] Question: Loan modifications and outlook - Management clarified that loan modifications can occur for various reasons, but the overall number remains small relative to the total loan portfolio [85]

Financial Data and Key Metrics Changes - Atlantic Union Bankshares reported a net income of $109 million for Q4 2025, with earnings per common share at $0.77, and for the full year, net income was $261.8 million, with earnings per common share at $2.03 [14][15] - Adjusted operating earnings for Q4 were $138.4 million, or $0.97 per common share, resulting in an adjusted operating return on tangible common equity of 22.1% and an adjusted operating efficiency ratio of 47.8% [15][16] - The total allowance for credit losses was $321.3 million, a slight increase from the previous quarter, with a net charge-off ratio of one basis point for Q4 [16][17] Business Line Data and Key Metrics Changes - Quarterly loan growth was approximately 6.3% annualized, ending the year at $27.8 billion, with expectations for 2026 loan balances to range between $29 and $30 billion [6][24] - Fee income increased, driven by loan-related interest rate swap fees and fiduciary and asset management fees, with 27% of interest rate swap income coming from former Sandy Spring customers [9][21] - Non-interest income for Q4 was $57 million, an increase from the prior quarter, primarily due to higher loan-related interest rate swap fees [21] Market Data and Key Metrics Changes - Virginia's unemployment rate remained stable at 3.5%, while Maryland's increased to 4.2% and North Carolina's rose to 3.8%, all below the national average [10][11] - The company expects manageable unemployment levels in its markets, consistent with Moody's forecasts [11] Company Strategy and Development Direction - The company aims to leverage the strategic advantages gained from the Sandy Spring acquisition to drive sustainable growth and long-term value creation [6][12] - Focus will shift to demonstrating the franchise's earnings power and capital generation ability, with no additional acquisitions planned in the near term [12][13] - The company is committed to expanding its presence in North Carolina and enhancing its specialty banking services [12][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strategic goals associated with the Sandy Spring acquisition, anticipating a decline in merger-related expenses in Q1 2026 [4][5] - The company remains optimistic about loan growth despite economic uncertainties, with a strong pipeline and growing client confidence [7][52] - Management highlighted the importance of maintaining a disciplined approach to cost management and capital allocation [12][104] Other Important Information - The company paid a common stock dividend of $0.37 per share, an increase of 8.8% from the previous quarter [25] - Tangible book value per common share increased approximately 4% to $19.69 in Q4 [25] Q&A Session Summary Question: Clarification on 2026 guidance and net interest income range - Management indicated that achieving the higher end of the net interest income guidance depends on elevated accretion income and continued reduction in deposit costs [36][41] Question: Loan pipeline increase and near-term loan growth - Management confirmed a modest increase in the loan pipeline, with positive feedback from market leaders indicating strong near-term growth potential [50][52] Question: Deposit growth outlook for next year - Management guided for about 3%-4% deposit growth in 2026, supported by treasury management opportunities [86] Question: Cost savings from the Sandy Spring deal - Management noted that most cost savings are reflected in current numbers, with some residual benefits expected in Q1 [92][93] Question: Non-credit-related customer losses - Management clarified that elevated non-credit-related losses were primarily due to episodic fraud incidents [110]

Core Insights - Zions Bancorporation (ZION) reported better-than-expected fourth-quarter 2025 results, with adjusted earnings per share (EPS) of $1.75, surpassing the Zacks Consensus Estimate of $1.57 and reflecting a 30.5% increase from the previous year [1][9]. Financial Performance - The growth in earnings was primarily driven by higher net interest income (NII) and non-interest income, supported by increases in loan and deposit balances, although rising non-interest expenses posed a challenge [2][12]. - For the full year 2025, Zions reported earnings of $6.01 per share, exceeding the Zacks Consensus Estimate of $5.93 and marking a 21.4% increase from the prior year [4]. - Net revenues for the fourth quarter were $902 million, an 8.4% year-over-year increase, and also beat the Zacks Consensus Estimate of $864.4 million [5]. - For the full year, net revenues reached $3.43 billion, up 8.1% year over year, surpassing the Zacks Consensus Estimate of $3.38 billion [5]. Income and Expenses - NII for the fourth quarter was $683 million, reflecting an 8.9% increase from the prior year, attributed to lower funding costs and a favorable mix of interest-earning assets [6]. - Non-interest income rose to $208 million, a 7.8% increase year over year, driven by higher retail and business banking fees [7]. - Adjusted non-interest expenses increased by 7.6% year over year to $548 million [7]. Asset Quality and Capital Ratios - The ratio of non-performing assets to loans and leases was 0.52%, a slight increase of 2 basis points from the previous year [9]. - Net loan and lease charge-offs decreased significantly to $7 million from $36 million in the year-ago quarter [9]. - As of December 31, 2025, the common equity tier 1 capital ratio improved to 11.5% from 10.9% a year ago, and the Tier 1 risk-based capital ratio rose to 11.6% [11]. Future Outlook - The modest loan growth and improving fee income, along with relatively higher interest rates, are positive indicators for Zions' future performance [12].

Wintrust Financial Corporation Earnings Release Presentation Q4 2025 Forward Looking Statements This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as "intend," "plan," "project," "expect," "anticipate," "believe," "estimate," "contemplate," "possible," "will," "may," "should," "would" and "could." Forward-looking statements and information are not historical facts, are premised on many f ...

Core Insights - Bank of America (BAC) exceeded earnings and revenue expectations for its fourth fiscal quarter, driven by strong net interest income performance in core lending operations [1] Financial Performance - The bank reported robust net interest income, which significantly contributed to its overall financial performance in the quarter [1]

Core Insights - Bank of America (BAC) exceeded earnings and revenue expectations for its fourth fiscal quarter, driven by strong net interest income performance in core lending operations [1] Financial Performance - The bank reported robust net interest income, which significantly contributed to its overall financial performance in the quarter [1]

Core Viewpoint - First Horizon Corporation (FHN) reported better-than-expected fourth-quarter 2025 results, with adjusted earnings per share of 52 cents, exceeding the Zacks Consensus Estimate of 47 cents and up from 43 cents in the same quarter last year [1][9] Financial Performance - The company's net income available to common shareholders (GAAP basis) was $257 million, a 63% increase year over year, benefiting from higher net interest income (NII) and a significant rise in non-interest income, with no provision for credit losses recorded [2][11] - For the full year 2025, adjusted earnings per share reached $1.89, surpassing the Zacks Consensus Estimate of $1.84, and reflecting a 22% increase from the previous year [3] - Total quarterly revenues were $888 million, a 22% year-over-year increase, exceeding the Zacks Consensus Estimate by 2.9% [4] Revenue and Expenses - Total revenues for 2025 were $3.42 billion, growing 7% year over year and also surpassing the Zacks Consensus Estimate of $3.39 billion [4] - NII increased by 7% year over year to $676 million, with the net interest margin rising 18 basis points to 3.51% [4] - Non-interest income was reported at $212 million, more than double the year-ago level, primarily due to the absence of securities portfolio restructuring losses [5] Efficiency and Cost Management - The efficiency ratio improved to 61.33%, down from 61.98% in the same quarter last year, indicating enhanced profitability [6] - Non-interest expenses rose 7% year over year to $545 million, driven by higher personnel costs and other operational expenses [5] Loan and Deposit Growth - Total period-end loans and leases were $64.16 billion, a 3% increase from the year-ago quarter, while total period-end deposits rose to $67.47 billion, also up 3% year over year [7] Credit Quality - Non-performing loans and leases totaled $604 million, slightly up from the previous year, while the allowance for credit losses to loans and leases ratio decreased to 1.31% from 1.43% [8] - Net charge-offs increased to $30 million from $13 million in the year-ago quarter, with no provision for credit losses recorded in the fourth quarter [8][9] Capital Ratios - As of December 31, 2025, the common equity tier 1 ratio was 10.6%, down from 11.2% a year ago, and the total capital ratio decreased to 13.4% from 14.2% [10]

Core Viewpoint - Capital One (COF) is expected to report strong fourth-quarter results driven by its robust credit card business and the acquisition of Discover Financial, with significant revenue growth anticipated [1][7][25]. Financial Performance Estimates - The Zacks Consensus Estimate for COF's fourth-quarter revenues is $15.32 billion, reflecting a year-over-year growth of 50.3% [2]. - The full-year sales estimate stands at $53.25 billion, indicating a rise of 36.2% from the previous year [2]. - The earnings estimate for the upcoming quarter has been revised down by 2.2% to $3.98, which still represents a 28.8% improvement from the prior-year quarter [2][4]. Earnings Surprise History - COF has a strong earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the last four quarters, with an average beat of 28% [4]. Key Factors Influencing Q4 Results - Net Interest Income (NII) is expected to rise over 50% due to strong loan demand and earning assets, despite recent interest rate cuts [6][7][9]. - The consensus estimate for fourth-quarter NII is $12.25 billion, indicating a 51.3% year-over-year growth [9]. - Fee income is projected to increase significantly, with interchange fees estimated at $1.88 billion, a 49.2% year-over-year jump [10][11]. Expense Trends - Capital One has been experiencing rising expenses due to increased marketing costs, technology investments, and the Discover acquisition, which may pressure profits [12][27]. Asset Quality and Risk Management - The company is not expected to set aside significant reserves for potential delinquent loans due to lower interest rates [13]. - Capital One's diversified customer base allows it to manage risks effectively while generating attractive yields [26]. Stock Performance and Valuation - COF stock has rallied 13.5% in the fourth quarter, outperforming its peers [16]. - The stock is currently trading at a forward P/E ratio of 11.71X, above the industry average of 10.02X, indicating a stretched valuation [20]. Long-term Outlook - The acquisition of Discover Financial is expected to enhance COF's market position and revenue prospects in the credit card sector [25]. - Despite near-term expense pressures, the long-term outlook remains positive due to disciplined risk management and strong consumer engagement [26][27].