Core Insights - NBT Bancorp reported revenue of $155.31 million for the quarter ended March 2025, marking a year-over-year increase of 10.5% and exceeding the Zacks Consensus Estimate by 2.96% [1] - The earnings per share (EPS) for the same period was $0.80, up from $0.68 a year ago, representing a surprise of 5.26% over the consensus estimate of $0.76 [1] Financial Performance Metrics - The net interest margin (FTE) was reported at 3.4%, matching the average estimate from two analysts [4] - The average balance of total interest-earning assets was $12.70 billion, slightly below the estimated $12.72 billion [4] - Net charge-offs to average loans stood at 0.3%, higher than the average estimate of 0.2% [4] - Total noninterest income reached $47.45 million, surpassing the average estimate of $44.37 million [4] - Net interest income (FTE) was reported at $107.86 million, exceeding the average estimate of $106.48 million [4] Stock Performance - NBT shares have returned -4% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - MidWestOne (MOFG) reported significant revenue growth and improved earnings per share (EPS) for the quarter ended March 2025, although it slightly missed revenue expectations [1]. Financial Performance - Revenue for the quarter was $57.58 million, reflecting a 29.4% increase year-over-year [1]. - EPS was reported at $0.73, a substantial rise from $0.21 in the same quarter last year [1]. - The revenue reported was a -0.73% surprise compared to the Zacks Consensus Estimate of $58 million [1]. - The consensus EPS estimate was also $0.73, indicating no surprise in EPS performance [1]. Key Metrics - Net Interest Margin stood at 3.4%, matching the average estimate from two analysts [4]. - Efficiency Ratio was reported at 59.4%, slightly better than the estimated 59.7% [4]. - Total Noninterest Income was $10.14 million, below the estimated $10.43 million [4]. - Net Interest Income was $47.44 million, slightly lower than the average estimate of $47.58 million [4]. Stock Performance - Over the past month, MidWestOne shares returned -3.5%, compared to a -5.1% change in the Zacks S&P 500 composite [3]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3].

For the quarter ended March 2025, First Financial Bancorp (FFBC) reported revenue of $201.59 million, up 3.3% over the same period last year. EPS came in at $0.63, compared to $0.59 in the year-ago quarter.The reported revenue represents a surprise of -5.53% over the Zacks Consensus Estimate of $213.4 million. With the consensus EPS estimate being $0.63, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Boyd Gaming (BYD) reported $991.57 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 3.2%. EPS of $1.62 for the same period compares to $1.51 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $970.21 million, representing a surprise of +2.20%. The company delivered an EPS surprise of +6.58%, with the consensus EPS estimate being $1.52.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net earnings of $51.1 million or $0.36 per share, marking the 192nd consecutive quarter of profitability [6] - The return on average tangible common equity was 14.51% and return on average assets was 1.37% for Q1 2025 [6] - Net interest margin expanded by 13 basis points to 3.31% compared to 3.18% in Q4 2024 and 3.10% in Q1 2024 [8] - Total deposits and customer repurchase agreements increased to $12.3 billion, a $56 million increase from Q4 2024 [9] - Non-interest income for Q1 2025 was $16.2 million, up from $13.1 million in Q4 2024 [32] Business Line Data and Key Metrics Changes - Total loans decreased to $8.36 billion, a $173 million decline from Q4 2024, primarily due to a $168 million decrease in dairy and livestock loans [12] - Loan originations in Q1 2025 were approximately 13% higher than in Q1 2024, with notable increases in C&I and commercial real estate loans [15] - Nonperforming and delinquent loans decreased to $26.8 million from $47.6 million at the end of Q4 2024 [16] Market Data and Key Metrics Changes - Noninterest-bearing deposits grew by $147 million or 2% compared to the end of 2024 [9] - The cost of deposits and repos was 87 basis points for Q1 2025, down from 97 basis points in Q4 2024 [10] - The economic forecast indicates real GDP growth slowing to 2% in the second half of 2026, with unemployment expected to remain above 5% until 2028 [22] Company Strategy and Development Direction - The company remains focused on banking small to medium-sized businesses and their owners through all economic cycles [131] - A new share repurchase program was authorized, with 2.05 million shares repurchased at an average price of $18.13 [7] - The company is actively looking for M&A opportunities while continuing to focus on internal growth [85][87] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of tariff policies on the agricultural portfolio is still uncertain, but customers feel relatively okay [43] - There is optimism regarding the commercial real estate market, with strong loan pipelines and increased activity expected [46][48] - Management expressed confidence in the ability to grow loans again by the end of the year, despite some unique challenges in Q1 [51] Other Important Information - The allowance for credit loss was $78.2 million at the end of Q1 2025, with a recapture of $2 million for the quarter [20] - The company’s capital position remains strong, with a tangible common equity ratio of 10% [27] Q&A Session Summary Question: Impact of tariff policies on agricultural portfolio - Management indicated it is too early to tell the overall impact, but customers feel relatively okay so far [43][44] Question: Pace of commercial real estate payoff activity - Elevated prepayment penalties were noted, but strong loan activity is expected moving forward [46] Question: Loan prepayment penalties impact on interest income - The impact was approximately $300,000 quarter over quarter [56] Question: Expectations around deposit cost reduction - Management believes there is still some room for deposit cost reduction, primarily through evaluating customer relationships [60][61] Question: Focus on credit management amid market uncertainty - Management stated that their disciplined approach to underwriting has not changed despite economic uncertainty [68][70] Question: Opportunities for core deposit growth - Most growth came from new relationships, with expectations for continued growth in non-interest-bearing deposits [77][78] Question: Appetite for M&A - Management expressed confidence in pursuing M&A opportunities while balancing share repurchases [85][87] Question: Demand in commercial real estate - Demand is broad-based across asset classes, with a focus on low loan-to-value loans [102] Question: Customer sentiment - Overall sentiment remains positive, with customers prepared for potential volatility [108][109] Question: Underwriting new construction loans - Input costs are a concern, but the company is open to construction lending opportunities [112] Question: Appetite for increasing multifamily portfolio - The appetite remains the same, with a focus on appropriate underwriting [115]

Independent Bank Corporation (NASDAQ:IBCP) Q1 2025 Earnings Conference Call April 24, 2025 11:00 AM ET Company Participants Brad Kessel - President & Chief Executive Officer Joel Rahn - Executive President, Commercial Banking Gavin Mohr - Executive Vice President & Chief Financial Officer Conference Call Participants Brendan Nosal - Hovde Group Peter Winter - D.A. Davidson Damon DelMonte - KBW Nathan Race - Piper Sandler Operator Hello everyone and welcome to the Independent Bank Corporation Reports 2025 Fi ...

Core Viewpoint - Nasdaq reported strong first-quarter 2025 results with adjusted earnings per share of 79 cents, exceeding estimates and showing a year-over-year improvement of 25.4% driven by higher revenues and organic growth [1] Financial Performance - Nasdaq's net revenues reached $1.2 billion, marking a 12.5% increase year over year and slightly surpassing estimates by 0.1% [2] - Annualized Recurring Revenue (ARR) grew by 8% year over year to $2.8 billion, with organic growth at 9% [2] - Annualized SaaS revenues increased by 14%, accounting for 37% of ARR [2] - Capital Access Platforms' revenues were $479 million, up 11%, driven by growth across all business lines [2] - Financial Technology revenues were $395 million, reflecting a 10% increase [3] - Solutions business revenues rose 11% year over year to $947 million, supported by strong growth in Index and Financial Technology [3] - Market Services net revenues increased by 19% year over year to $281 million, exceeding estimates [3] Operating Expenses and Income - Adjusted operating expenses were $555 million, up 5.9% year over year, reflecting higher investments in technology and personnel [4] - Adjusted operating income increased by 15% year over year to $682 million, with an operating margin of 55%, expanding by 200 basis points [4] Market Activity - Nasdaq welcomed 170 new company listings in the quarter, including 63 initial public offerings, bringing the total number of listed companies to 4,139 [5] Financial Position - As of March 31, 2025, Nasdaq had cash and cash equivalents of $708 million, a 17% increase from the end of 2024 [6] - Long-term debt decreased by 1.7% to $8.9 billion [6] - Cash flow from operations for the quarter was $663 million [6] Capital Deployment - Nasdaq returned $138 million to shareholders through dividends and $115 million through stock repurchases in the first quarter [7] - The board approved a dividend of 27 cents per share, a 13% increase, to be paid on June 27, 2025 [7] - $1.6 billion remains under the board-authorized share repurchase program as of March 31, 2025 [8] Guidance - Nasdaq expects 2025 non-GAAP operating expenses to be between $2,265 million and $2,325 million, slightly adjusted from previous guidance [9] - The forecasted non-GAAP tax rate for 2025 is projected to be between 22.5% and 24.5% [9]

Core Insights - RLI Corp. reported first-quarter 2025 operating earnings of 92 cents per share, exceeding the Zacks Consensus Estimate by 4.5%, but down 9.2% from the prior-year quarter [1] - The quarterly results were influenced by higher premiums and improved investment income, which were offset by increased expenses and poor underwriting income [1] Operational Performance - Operating revenues for the quarter reached $436 million, reflecting a 10.7% year-over-year increase, driven by higher net premiums earned and net investment income, although it missed the Zacks Consensus Estimate by 0.9% [2] - Gross premiums written rose 5% year over year to $491 million, primarily due to strong performance in the Casualty segment, which increased by 13.5% [2] - Net investment income increased by 12% year over year to $36.7 million, falling short of the Zacks Consensus Estimate of $38.6 million [3] - Total expenses increased by 14.7% year over year to $332 million, mainly due to higher loss and settlement expenses and policy acquisition costs [3] Underwriting Performance - Underwriting income decreased by 9.3% year over year to $70.5 million, with the combined ratio deteriorating by 380 basis points to 82.3 [4] Dividend Update - On March 20, 2025, RLI paid a regular quarterly dividend of 15 cents per share, with cumulative dividends exceeding $967 million over the last five years [5] Peer Performance - The Travelers Companies reported first-quarter 2025 core income of $1.91 per share, beating the Zacks Consensus Estimate, but down 29.3% year over year [7] - Progressive Corporation's first-quarter 2025 earnings per share of $4.65 missed the Zacks Consensus Estimate, although it increased by 24.6% year over year [9] - W.R. Berkley Corporation's first-quarter 2025 operating income of $1.01 per share matched the Zacks Consensus Estimate, but declined 2.9% year over year [11]

1Q25 Earnings Presentation 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. ² Pre-provision net revenue ("PPNR") equals net interest income plus total noome plus total noome les total non-interest expense. 3 2 1Q 2025 Financial Highlights | | | GAAP Reported | | | Non-GAAP Adjusted 1 | | | --- | --- | --- | --- | --- | --- | --- | | | 1Q25 | 4Q24 | 1Q24 | 1Q25 | 4Q24 | 1Q24 | | Net Income ($mm) | $106.1 | $115.7 | $96.3 | $106.1 | $75.7 | $99.4 | | Return on Average Assets Annualized | ...

Core Viewpoint - L3Harris Technologies, Inc. (LHX) reported strong adjusted earnings for Q1 2025, exceeding expectations, but faced revenue challenges due to divestitures and segment performance variations [1][3][11]. Financial Performance - Adjusted earnings per share for Q1 2025 were $3.47, surpassing the Zacks Consensus Estimate of $2.32 by 3.9% and increasing 7.1% from $2.25 in the previous year [1]. - GAAP earnings were reported at $2.04 per share, up from $1.48 in the prior-year period [1]. - Total revenues for L3Harris were $5.13 billion, missing the Zacks Consensus Estimate of $5.23 billion by 1.9% and down 1.5% from $5.21 billion year-over-year [3]. Segmental Performance - Integrated Mission Systems reported net revenues of $1.59 billion, a 2% decline year-over-year, but operating income increased to $203 million from $185 million, with an operating margin of 12.8% [4][5]. - Space and Airborne Systems had net revenues of $1.61 billion, an 8% decline year-over-year, with operating income dropping to $176 million and an operating margin of 10.9% [6]. - Communication Systems saw a 4% increase in net revenues to $1.35 billion, with operating income improving to $345 million and an operating margin of 25.5% [7]. - Aerojet Rocketdyne reported revenues of $629 million, an 8% year-over-year increase, but operating income slightly decreased to $76 million with an operating margin of 12.1% [8]. Financial Position - As of March 28, 2025, L3Harris had $517 million in cash and cash equivalents, down from $615 million as of January 3, 2025 [9]. - Long-term debt decreased to $10.98 billion from $11.08 billion [10]. - Adjusted free cash flow for Q1 2025 was $72 million, down from $156 million in the same quarter of 2024 [10]. 2025 Guidance - L3Harris updated its revenue guidance for 2025 to a range of $21.40-$21.70 billion, lower than the previous guidance of $21.80-$22.20 billion [11]. - The company expects adjusted earnings to be in the range of $10.30-$10.50, with the consensus estimate at $10.57 per share [12]. - The adjusted segment operating margin is anticipated to be in the mid-to-high 15% range, with expected adjusted free cash flow between $2.40 billion and $2.50 billion [12].