4Q 2025 Earnings Call Presentation Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 1 Delivering Value to Shareholders Enhance the value of our growth businesses Maximize the cash flows from our loan portfolios Continuously simplify the business and increase efficiency Maintain a strong balance sheet and distribute excess capital • Invest in capabilities to grow high-quality loan originations that generate targeted returns, and explore opportunities to deepen rela ...

Financial Data and Key Metrics Changes - The company reported a net income of $87 million for Q4 2025, translating to $0.85 per share, with a return on assets of 1.8% and an efficiency ratio of 49% [4][5] - For the full year 2025, net income reached $345 million, representing a 90% increase in earnings per share compared to the previous year [8][14] - The return on average assets for 2025 was 1.81%, up from 1.58% in 2024, marking the fourth consecutive year of surpassing the target of 1.50% [15] Business Line Data and Key Metrics Changes - Total loans grew by $80 million, primarily driven by growth in commercial segments, despite some impact from elevated commercial loan payoffs and lower consumer loan production [4][5] - Core customer deposits increased by $267 million, with a notable 3.2% rise in core non-interest-bearing deposits during the quarter [5][6] - Net interest income for the quarter increased by $4.9 million to $222.8 million, with a net interest margin of 4.68% [15][16] Market Data and Key Metrics Changes - The company noted a stable credit quality environment, with non-performing assets to total assets decreasing to an all-time low of 60 basis points [5][24] - The unemployment rate in Puerto Rico is around 5.7%, with strong tourism activity contributing to economic stability [10][11] - The company anticipates organic loan growth of 3%-5% and aims to maintain a 52% or better efficiency ratio in 2026 [11] Company Strategy and Development Direction - The company is focused on enhancing its omnichannel strategy to improve customer interactions across digital and branch channels, with active retail digital users up 5% year-over-year [8][9] - Plans for 2026 include increasing capital returns to shareholders, with an 11% increase in quarterly dividends approved [7][28] - The company is exploring both organic growth and potential non-organic opportunities, maintaining a strategic focus on shareholder value [54] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for the economy in 2026, despite potential challenges from inflation and geopolitical tensions [10][11] - The company expects stability in asset quality, with consumer credit quality gradually returning to pre-pandemic levels [12] - Management remains optimistic about the loan pipeline, particularly in commercial and residential sectors, while being cautious about consumer lending [31][46] Other Important Information - The company repurchased $50 million in shares during the quarter and has repurchased over 28% of shares outstanding since the buyback program began in 2021 [6][27] - The tangible book value per share increased by 4% to $12.29, with a tangible common equity ratio of 10% [27] Q&A Session Summary Question: Any more mix shift change with lower liquidity and levers that might aid the NIM going forward? - Management indicated that cash flows from the investment portfolio and repricing of deposit components will be key drivers for net interest margin improvements [31][32] Question: What are the competitive dynamics regarding cost of funds with lower rates? - Management noted that wholesale funding through brokered CDs is repricing with the market, and time deposits are expected to reprice at lower rates as well [33][34] Question: Comments on credit quality stability? - Management confirmed stability in credit quality, with no specific concerns, although they are monitoring consumer delinquencies closely [35] Question: Insights on auto loan market? - Management observed a contraction in the auto loan portfolio but expects stabilization without significant growth unless pricing adjustments occur [41][42] Question: Thoughts on reinvestment of securities cash flows? - Management expects a 2-3 basis points pickup on reinvestment of cash flows from maturing securities [47][50] Question: Any updates on telecom NPL? - Management stated there is no new information, and they are working with the lead bank on resolution [51][53] Question: Considerations for capital ratios and shareholder returns? - Management emphasized organic growth as a priority while remaining open to non-organic opportunities, with a focus on returning capital to shareholders [54]

Financial Data and Key Metrics Changes - The company reported a net income of $87 million for Q4 2025, translating to $0.85 per share, with a return on assets of 1.8% and an efficiency ratio of 49% [4][6] - For the full year 2025, net income reached $345 million, or $2.15 per share, with a return on average assets of 1.81%, marking the fourth consecutive year above the target of 1.50% [7][15] - Adjusted pre-tax, pre-provision income for the full year was $499.2 million, a 10% increase from 2024 [14] Business Line Data and Key Metrics Changes - Total loans grew by $80 million, primarily driven by growth in commercial segments, despite a slight decrease in consumer loan production [4][5] - Core customer deposits increased by $267 million, with a notable 3.2% rise in core non-interest-bearing deposits [5][6] - The company repurchased $50 million in shares and declared $28 million in dividends during the quarter, with a total of $150 million in share repurchases for the year [6][28] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico is approximately 5.7%, with strong tourism activity reflected in an 8% increase in passenger traffic, reaching a record high of 13.6 million [10] - The company anticipates a stable economic environment in 2026, despite some moderation in consumer confidence due to inflationary pressures and geopolitical tensions [9][11] Company Strategy and Development Direction - The company is focused on organic loan growth of 3%-5% and maintaining an efficiency ratio of 52% or better, while returning close to 100% of annual earnings to shareholders [11][12] - Investments in an omnichannel strategy are yielding positive results, with a 5% increase in active retail digital users compared to the previous year [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of asset quality, with expectations for consumer credit quality to gradually return to pre-pandemic levels [12] - The company is well-positioned for growth in 2026, with ongoing investments to modernize and enhance its franchise [12][29] Other Important Information - The company achieved a 4% increase in tangible book value per share to $12.29, with regulatory capital ratios continuing to improve [28] - The board approved an 11% increase in the quarterly common stock dividend to $0.20 per share, effective Q1 2026 [6][29] Q&A Session Summary Question: Any more mix shift change with lower liquidity and levers that might aid NIM going forward? - Management indicated that cash flows from the investment portfolio and repricing of deposit components will be key drivers for net interest margin improvement [32][33] Question: What are the competitive dynamics and potential for lower cost of funds? - Management noted that wholesale funding and time deposits are being repriced lower, but transaction accounts may not see significant changes [34][36] Question: Insights on credit quality stability? - Management confirmed stability in credit quality, with some normalization in consumer delinquencies but no specific concerns [37] Question: Update on auto loan market? - Management observed a contraction in the auto loan portfolio but expects stabilization without significant growth unless pricing adjustments occur [44][46] Question: Thoughts on reinvestment of securities cash flows? - Management expects a 2-3 basis points pick up on reinvestment yields, focusing on agency investments [50][52] Question: Clarification on efficiency ratio calculation? - The efficiency ratio is calculated on a GAAP basis, including all components, and has been improving due to OREO property sales [64][66] Question: Details on non-interest-bearing deposit flows? - Management emphasized the importance of building core relationships and expanding branches to grow non-interest-bearing deposits [67][69]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a pre-provision net revenue (PP&R) of $323 million and earnings per share (EPS) of $2.47, resulting in a full-year PP&R of $1.27 billion and EPS of $9.50 [9][10] - The return on tangible common equity for the year was approximately 20% [9] - The company experienced an 8% growth in loans and deposits during Q4 [6][10] Business Line Data and Key Metrics Changes - Non-interest income for Q4 was $106 million, up $7 million from the previous quarter, driven by performance in the correspondent capital markets division [11] - The company achieved double-digit growth in tangible book value per share, despite the day-one dilution from the merger [5][6] Market Data and Key Metrics Changes - The loan production in Texas and Colorado for Q4 was $888 million, which is 15% higher than Q3's $775 million [58] - The overall loan production for the year in Texas and Colorado was up 10% compared to 2024 [58] Company Strategy and Development Direction - The company aims to continue funding growth while being active in share repurchases, particularly when there is a disconnect between fundamentals and share price [14] - The strategic focus includes expanding revenue producers and investing in technology platforms, including AI and commercial loan servicing [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integration of the Independent Financial deal and noted that the risk profile of the company has been reduced [7][8] - The company anticipates mid to upper single-digit loan growth for 2026, supported by a growing pipeline [20][21] Other Important Information - The company repurchased 2 million shares in Q4, representing approximately 2% of the company, and authorized an additional 5 million shares for repurchase [7][13] - The efficiency ratio remained below 50% for both the quarter and the year [11] Q&A Session Summary Question: Thoughts on net interest margin and deposit costs - Management indicated that the net interest margin (NIM) was 3.86%, in line with guidance, and deposit costs were down 9 basis points [16][17] Question: Loan growth expectations - The company expects mid to upper single-digit loan growth for 2026, with a strong pipeline supporting this outlook [20][21] Question: Hiring activity and expense guidance - Management noted a focus on opportunistic hiring, particularly in commercial relationship managers, with a potential increase of 10%-15% in the next year or two [24][25] Question: Correspondent banking strength sustainability - Management believes the strength in correspondent capital markets is sustainable, driven by recent rate changes [26][28] Question: Increase in substandard loans - The increase in substandard loans was attributed to a few multifamily properties in lease-up, with the credit team not concerned due to strong equity positions [55]

Financial Performance - The company strengthened capital ratios over the past 12 months, with tangible common equity up 90 basis points and consolidated CET1 up 50 basis points year over year [1] - Tangible book value grew 17.3%, and the company initiated share repurchases for the first time in nearly six years while increasing its common stock dividend for the seventh consecutive year [1][7] - The fourth quarter showed strong momentum with loans up $168.4 million (11.1% annualized) and deposits up $191.7 million, with GAAP NIM rising to 3.71% [6][7] Operational Developments - The company completed two major core conversions and implemented multiple software platforms to support current and future operations [3][4] - The acquisition of Progressive Bank in North Louisiana was announced and closed at the turn of the year, alongside the expansion of a correspondent banking initiative to over 175 community bank clients [2][4] Profitability and Growth - The company delivered a 1.06% core ROAA for the year and a 14% increase in EPS, with a 20% year-over-year improvement in the fourth quarter [7] - Management expects to achieve over 1.2% ROA in 2026, with mid-single-digit organic loan growth targeted [5][20] Credit Quality - Credit metrics weakened primarily due to a single $25.8 million commercial real estate relationship, pushing non-performing loans (NPLs) to 1.24% [5][18] - Management believes any further loss from this credit will be immaterial and is focusing on moving the allowance toward ~1% over time [22] Future Outlook - The company plans to shift focus in 2026 from major implementations to optimizing systems and daily execution, while also deepening relationships and improving profitability [19][20] - Management will continue to evaluate share buybacks on a quarterly basis, having repurchased about 150,000 shares in the fourth quarter [21]

Financial Data and Key Metrics Changes - Banner Corporation reported a net profit available to common shareholders of $51.2 million, or $1.49 per diluted share, for Q4 2025, compared to $1.54 per share in Q3 2025 and $1.34 per share in Q4 2024 [5][6] - For the full year 2025, net income available to common shareholders was $195.4 million, or $5.64 per diluted share, up from $168.9 million, or $4.88 per share in 2024 [6] - Core earnings for the full year 2025 were $255 million, compared to $223.2 million in 2024, with core revenue increasing to $661 million from $615 million, an 8% increase [7] Business Line Data and Key Metrics Changes - Loan originations increased by 9% compared to the linked quarter and 8% year-over-year, but overall loan growth was negligible due to higher-than-expected paydowns [10] - The commercial real estate portfolio showed solid growth year-over-year, with investor CRE increasing by 5% and owner-occupied CRE by 11% [10] - The small business segment grew by 8% year-over-year, contributing positively to overall loan performance [13] Market Data and Key Metrics Changes - Core deposits represented 89% of total deposits, reflecting a strong and loyal deposit base [8] - The loan-to-deposit ratio ended the quarter at 86%, indicating ample capacity to support existing and new clients [18] - Total borrowings increased by $40 million during the quarter, with a low reliance on wholesale borrowings [19] Company Strategy and Development Direction - The company aims to maintain a moderate risk profile while investing to improve operating performance, positioning itself well for future challenges [6] - The strategy focuses on growing new client relationships, maintaining core funding, and promoting client loyalty through responsive service [8] - Banner continues to explore M&A opportunities, emphasizing its strong capital position and market reputation [49] Management's Comments on Operating Environment and Future Outlook - Management expects loan growth in the mid-single digits for 2026, contingent on economic stability [25][62] - The competitive landscape remains challenging, but the company believes it competes well in terms of product offerings and pricing [27] - The outlook for net interest margin is uncertain, influenced by potential Federal Reserve actions, with expectations of either expansion or flat performance depending on rate cuts [29][52] Other Important Information - The company announced a core dividend of $0.50 per common share, reflecting strong capital and liquidity positions [8][19] - Banner was recognized as one of America's 100 Best Banks and received various accolades for client satisfaction and trustworthiness [9] Q&A Session Summary Question: Outlook for loan growth in 2026 - Management expects mid-single digit growth in the loan book if the economy holds up, despite anticipated payoffs in commercial real estate [25] Question: Competitive landscape for loan originations - The competitive environment remains strong, with some banks offering aggressive terms, but management believes they can compete effectively [27] Question: Expectations for net interest margin - Future net interest margin will largely depend on Federal Reserve actions, with potential for expansion if no cuts occur [29] Question: Spot deposit costs and average margin - Spot deposit costs for December were 1.39%, with a margin of approximately 4.03% [36] Question: Core run rate for expenses - Expenses are expected to trend with normal inflationary increases, around 3% for 2026 compared to 2025 [40] Question: Drivers behind special mention and substandard loans - Increases were primarily due to downgrades in specific sectors, with no significant concerns in any particular industry [41]

Financial Data and Key Metrics Changes - Banner Corporation reported a net profit available to common shareholders of $51.2 million, or $1.49 per diluted share, for Q4 2025, compared to $1.54 per share in Q3 2025 and $1.34 per share in Q4 2024 [4] - For the full year 2025, net income available to common shareholders was $195.4 million, or $5.64 per diluted share, up from $168.9 million, or $4.88 per share in 2024 [5] - Core earnings for the full year 2025 were $255 million, compared to $223.2 million in 2024, reflecting an increase in core revenue to $661 million from $615 million, an 8% increase [6][5] - Return on average assets for Q4 2025 was 1.24% [6] Business Line Data and Key Metrics Changes - Loan originations increased by 9% compared to the linked quarter and 8% year-over-year, but overall loan growth was negligible due to higher-than-expected paydowns [9] - The commercial real estate portfolio showed solid growth year-over-year, with investor CRE increasing by 5% and owner-occupied CRE by 11% [9] - The small business segment grew by 8% year-over-year, contributing positively to overall loan production [11] Market Data and Key Metrics Changes - Core deposits represented 89% of total deposits, indicating a strong and loyal deposit base [7] - Total borrowings increased by $40 million during the quarter, reflecting low reliance on wholesale borrowings [18] Company Strategy and Development Direction - The company aims to maintain a moderate risk profile while investing to improve operating performance, positioning itself well for future challenges [5] - The strategy focuses on growing new client relationships, maintaining core funding, and promoting client loyalty through responsive service [7] Management's Comments on Operating Environment and Future Outlook - Management expects loan growth in the mid-single digits for 2026, contingent on economic stability [24] - The competitive landscape remains challenging, with some banks offering more aggressive terms, but the company believes it competes well in product offerings and pricing [26] - Management anticipates that net interest margin (NIM) will be influenced by Federal Reserve actions, with potential for margin expansion if no rate cuts occur [28] Other Important Information - The company was recognized as one of America's 100 best banks and received accolades for trustworthiness and client satisfaction [8] - The tangible common equity ratio increased from 9.5% to 9.84%, reflecting strong capital and liquidity positions [18] Q&A Session Summary Question: Outlook for loan growth in 2026 - Management expects mid-single digit loan growth in 2026, despite potential headwinds from commercial real estate payoffs [24] Question: Competitive landscape for loan originations - The competitive environment remains strong, with some banks offering aggressive terms, but the company believes it can compete effectively [26] Question: Expectations for net interest margin - Future NIM will largely depend on Federal Reserve actions, with potential for expansion if no rate cuts occur [28] Question: Capital position and buyback plans - The company has approximately 1.2 million shares available for repurchase and will monitor market conditions for potential buybacks [46] Question: Tax rate expectations for 2026 - The expected tax rate for 2026 is around 19%, consistent with prior periods [58] Question: Drivers of deposit growth - Year-on-year deposit growth is attributed to new client relationships and a focus on small business banking [68]

Financial Data and Key Metrics Changes - Earnings per share for the December quarter was $1.62, an increase of $0.24 or 17.4% from the linked September quarter, and up $0.32 or 24.6% from the December 2024 quarter [3] - Provision for credit loss expense decreased by $2.8 million to approximately $1.7 million compared to the linked September quarter [4] - Net interest margin for the quarter was 3.57%, unchanged from the linked September quarter, and up from 3.34% reported for the year-ago period [6][17] - Tangible book value per share increased by $5.74 or almost 15% over the last 12 months, reaching $44.65 [7] Business Line Data and Key Metrics Changes - Gross loan balances increased by $35 million during the second quarter, and are up almost $200 million or 5% compared to December 31st of the prior year [4] - Loan originations reached nearly $312 million, marking the strongest quarter in several years, although growth was slowed by seasonal agricultural paydowns and larger loan payoffs [5] - Deposit balances increased by about $28 million in the second quarter and by $98 million or 2.3% compared to December 31st of the prior year [5] Market Data and Key Metrics Changes - The company experienced strong growth in the East region, followed by good growth in the West region [4] - Over the last 12 months, brokered deposits decreased by $72 million, while core deposit growth was approximately $170 million or 4.3% [6] Company Strategy and Development Direction - The company is focused on disciplined execution, prudent risk management, and thoughtful capital deployment to deliver consistent, attractive returns for shareholders [26] - A new share repurchase program was approved to repurchase up to 550,000 shares, approximately 5% of shares outstanding, indicating a commitment to returning capital to shareholders while maintaining capacity for future growth [25] - The company is optimistic about potential M&A opportunities as market conditions stabilize, with a focus on banks within their footprint or adjacent markets [25][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of earnings, indicating that current profitability levels are sustainable [24] - The company anticipates limited net loan growth in the March quarter due to normal seasonality but expects a typical pickup in growth in the fourth quarter, aiming for mid-single-digit growth for fiscal year 2026 [5][35] - Management remains vigilant on credit quality and is focused on improving it while feeling good about progress being made across several problem credits [12] Other Important Information - Non-interest income increased by 3.1% compared to the linked quarter, driven by higher wealth management fees and increased interchange income [19] - The allowance for credit losses totaled $54.5 million, representing 1.29% of gross loans, an increase from the previous quarter [21] Q&A Session Summary Question: Loan growth and paydowns - Management noted that several unexpected paydowns occurred, including a larger C&I relationship that moved to a larger bank, and overall prepayment rates have been higher than historically seen [31][32] Question: Outlook on net interest margin - Management indicated potential for increased spread in the March quarter due to decreased deposit costs, but did not provide specific guidance on NIM [37] Question: Personnel costs expectations - Management expects a mid-single-digit increase in personnel costs due to annual merit increases, with no major deviations anticipated in run rates [44][45] Question: Buyback activity and M&A appetite - Management will remain disciplined regarding buyback activity, balancing between capital deployment for buybacks and potential acquisition opportunities [50] Question: Charge-offs on commercial real estate loans - Management anticipates charge-offs to return to historical averages in upcoming quarters, with no significant additional impact expected from specific relationships [52][53]

Core Insights - Resolute Mining reported a strong Q4 2025 performance with significant increases in cash flow and production, setting a solid foundation for 2026 [4][7][8] Financial Performance - Capital expenditure in Q4 was $18 million, while operating cash flow rose to nearly $86 million from $70 million in Q3 [1] - The company ended 2025 with net cash of $209 million, a $140 million increase from the start of the year [1][6] - Full-year EBITDA was reported at $383 million, up from $319 million in 2024, with total revenue of $863 million from the sale of 259,000 ounces at an average realized price of $3,338 per ounce [9][10] Production and Costs - Group gold production in Q4 was 66,000 ounces, up 6,000 ounces from Q3, with a full-year total of 277,000 ounces [3][8] - All-in sustaining costs (AISC) for Q4 were $1,877 per ounce, down from about $2,200 in Q3, attributed to cost management and higher production [2][7] - Full-year AISC was $1,843 per ounce, in line with revised guidance [8] 2026 Guidance - Guidance for 2026 indicates lower production of 250,000–275,000 ounces and higher AISC of $2,000–$2,200 per ounce, alongside a sharply increased capital expenditure program of $310–$360 million [6][12][13] - The capital expenditure will focus on the CMA sulfide conversion, Mako life-extension work, and major spending on the Doropo development [6][12] Project Developments - The updated Doropo DFS outlines a significantly larger project with approximately 55% higher reserves and an upfront capex of around $516 million, targeting FID by the end of Q1 2026 [5][14] - Construction is expected to begin in mid-Q2 2026, with first gold production anticipated in H1 2028 [15] Operational Highlights - The company achieved a reduction in total recordable frequency rate (TRFR) to 1.87 from 1.95 in the prior quarter, indicating improved safety performance [2] - In Mali, CMA produced 47.2 thousand ounces in Q4, finishing 2025 at 176.3 thousand ounces at an AISC of $2,008 per ounce [16] - Mako in Senegal delivered 100.3 thousand ounces in 2025 at an AISC of $1,270 per ounce, with guidance for 2026 set at 55,000–65,000 ounces at $1,600–$1,800 per ounce AISC [20][21] Strategic Focus - Exploration remains a strategic focus, with 2025 exploration spending just under $25 million and similar spending planned for 2026, emphasizing Côte d'Ivoire and new reconnaissance work in Guinea [22]

Financial Data and Key Metrics Changes - Q4 core FFO was $1.44 per share, finishing at the top end of guidance ranges [10] - Average occupancy was 95.3% for Q4 and 95% for the full year, with period-end occupancy at 95.8% [10] - Same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, exceeding guidance [11] - Net effective rent change for the year was over 50%, with a quarterly change of 44% [10][11] Business Line Data and Key Metrics Changes - The company signed 57 million sq ft of leases in Q4, driving occupancy towards 96% [9] - Development platform, particularly build-to-suits, exceeded expectations, capturing significant market share [9] - The Data Center business saw a growing power pipeline, with expectations for solid starts in the upcoming year [9] Market Data and Key Metrics Changes - Q4 net absorption was 59 million sq ft in the U.S., leading to a decline in U.S. vacancy to 7.4% [14] - Many markets are experiencing a slowdown in rent decline, with some showing positive growth [14] - International markets, particularly in Latin America and Europe, are outperforming, with strong occupancy and rent growth [16] Company Strategy and Development Direction - The company focuses on three priorities: extending leadership as a best-in-class operator, capturing value creation opportunities in logistics and data centers, and enhancing shareholder returns through growth in assets under management [7][8] - The company aims to develop critical infrastructure in logistics and data centers, leveraging customer relationships and expertise [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and strategic initiatives in place for 2026, indicating a strong position for long-term growth [22] - The tone of customer conversations is increasingly positive, with e-commerce driving demand [15] - Management noted that while uncertainties exist, they are treated as planning assumptions rather than impediments [15] Other Important Information - The company sold approximately $900 million of value-maximized assets and acquired $625 million at attractive discounts [11] - The company achieved significant milestones in strategic capital, including the IPO of the China AMC Prologis Logistics REIT [17] Q&A Session Summary Question: Changes in strategic initiatives with new leadership - Management highlighted a focus on compounding the core logistics business while broadening the platform, with plans to grow strategic capital significantly [24][25] Question: Market rent growth expectations for 2026 - Management expects net absorption to approach 200 million sq ft in 2026, with vacancies declining to 7.1%-7.2% by year-end [33] Question: Data Center project details and guidance - Management indicated that 40% of the overall development starts guidance will be in Data Centers, with a mix of powered shell and turnkey projects [38] Question: Update on the 10 GW power outlook - Management remains confident in the 10 GW pipeline, emphasizing the significant opportunities available [43] Question: Capital deployment pipeline and ramp-up - Management noted that capital deployment decisions are made based on market conditions, with a significant number of opportunities available [56][57] Question: Same-store growth guidance breakdown - Management indicated that occupancy gains are expected across geographies, with a smaller contribution from mark-to-market as rent changes normalize [79]