Financial Data and Key Metrics Changes - The company reported record earnings of $115.2 million, translating to $0.58 per share, marking a significant increase from previous quarters [13] - Core earnings were reported at $111.9 million, or $0.56 per share, with a non-recurring expense of $2 million related to a Texas lawsuit impacting this quarter [14] - Revenue reached $260.1 million, surpassing both the fourth quarter of 2024 and the first quarter of 2024 [16] - The net interest margin improved to 4.44%, up from 4.39% in the previous quarter [25] - Non-performing loans improved to 0.6% from 0.67%, and non-performing assets decreased to 0.56% from 0.63% [19][20] - Capital ratios showed strong growth, with CET1 at 15.4% and tangible book value increasing to $13.15 from $11.79 a year ago [21] Business Line Data and Key Metrics Changes - The community bank segment saw strong loan growth of $291.5 million, while the Centennial Commercial Finance Group (CCFG) experienced a decline of $103 million [17] - The total loan portfolio reached a record level of $14.95 billion, with deposits increasing by over $395 million to $17.5 billion [17][18] - The commercial real estate book remained stable, with a 5% increase over the past year [34] Market Data and Key Metrics Changes - The company noted strong deposit growth across all Florida regions, contributing to the overall increase in deposits [26] - The interest rate on interest-bearing deposits decreased to 2.67% from 2.8% at year-end [18] Company Strategy and Development Direction - The management emphasized a conservative approach with strong capital reserves, excellent liquidity, and good asset quality as key to their performance [10] - The company is open to M&A opportunities but remains cautious, focusing on finding the right deals that align with their performance metrics [120][122] - The management plans to continue stock buybacks while also paying down debt, indicating a balanced approach to capital management [86][87] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance despite uncertain economic conditions, highlighting a strong quarter as a potential breakout [10][11] - There is a focus on maintaining strong margins and managing expenses effectively, with expectations of continued loan growth [12][68] - The management is closely monitoring the economic environment and potential impacts from tariffs and interest rate changes [60][72] Other Important Information - The company celebrated the tenth anniversary of CCFG, which has funded over $15 billion in loans [31] - The management highlighted the importance of maintaining a conservative reserve strategy, aiming for a 2% reserve ratio in the future [102][104] Q&A Session Summary Question: Insights on borrower demand and boat lending - Management noted elevated volume in boat lending due to manufacturer subsidies, but acknowledged some uncertainty in the market [49][50] Question: Update on margin and loan yields - New loan production yields were reported at over 7%, with expectations of maintaining margins despite competitive pressures [55][70] Question: Credit cleanup and industry concerns - Management indicated that credit cleanup is nearing completion, with no significant new concerns noted in core markets [58][60] Question: Thoughts on M&A environment - Management expressed readiness to pursue M&A opportunities, particularly smaller deals, while emphasizing the need for sensible pricing [120][122] Question: Future loan growth and market conditions - Management highlighted strong activity in Southeast Florida and Dallas metro areas, with some headwinds from higher payoffs expected [91]

Financial Data and Key Metrics Changes - The company reported strong quarterly earnings of $465 million, resulting in earnings per share of 51 cents and adjusted earnings of $487 million with adjusted earnings per share of 54 cents [5] - Pre-tax, pre-provision income increased by 21% year-over-year to $745 million, with a return on tangible common equity of 18% [6][10] - Average loans remained stable quarter-over-quarter, while ending loans declined by 1% [14] - Average deposit balances grew by 1% quarter-over-quarter, and ending balances increased by 3% [16] Business Line Data and Key Metrics Changes - Average consumer loans decreased by approximately 1% in the first quarter due to lower seasonal production in home improvement finance and residential mortgage [16] - Adjusted non-interest income remained stable, with growth in most categories offset by lower capital markets revenue [25] - Adjusted non-interest expense increased by approximately 1% compared to the prior quarter, primarily driven by a 1% increase in salaries and benefits [27] Market Data and Key Metrics Changes - The company experienced favorable performance in both core and priority markets, with good participation in money market offers boosting interest-bearing deposits [17] - The outlook for unemployment has increased, with expectations for a pronounced slowdown in GDP growth [12] Company Strategy and Development Direction - The company remains committed to strategic priorities of soundness, profitability, and growth, which support long-term performance [7] - Investments in talent, technology, products, and services are ongoing to further grow the business [8] - The company plans to manage common equity tier one closer to the lower end of its 9.25% to 9.75% operating range to provide capital flexibility for growth objectives [33] Management's Comments on Operating Environment and Future Outlook - Management noted that clients remain optimistic about economic improvement, but current conditions have created uncertainty, causing delays in investments [13] - The company expects net interest income to grow approximately 3% in the second quarter, driven by improving deposit cost trends [23] - Management indicated that stability in the market is necessary for customers to re-engage in investments, with a timeframe of 90 days to six months for potential improvement [67] Other Important Information - The company executed $242 million in share repurchases and paid $226 million in common dividends during the quarter [33] - The allowance for credit losses ratio increased by two basis points to 1.81% based on quarter-end conditions [29] Q&A Session Summary Question: Customer engagement regarding investments - Management indicated that volatility and uncertainty have customers in a wait-and-see mode, with clarity on tariffs needed for re-engagement [38] Question: Context on lower expense growth rate - Management explained that lower expense growth is due to a combination of lower headcount and ongoing investments in priority markets [44] Question: Loan growth and line utilization - Management noted that line utilization remains flat, with customers carrying excess liquidity and a soft demand for loans [52] Question: Capital buyback pace - Management expressed confidence in continuing buybacks as loan demand remains muted, indicating a preference for using capital for buybacks until loan growth resumes [57] Question: Impact of tariffs on customer sentiment - Management stated that no significant impact from tariffs has been observed yet, but they are monitoring the situation closely [69] Question: Service charge growth drivers - Management highlighted growth in customer accounts and treasury management relationships as key drivers for service charge income [76] Question: Reserve expectations and unemployment rates - Management provided insights on unemployment expectations, indicating a baseline of around 4.2% to 4.3% [82] Question: Credit portfolio monitoring - Management identified retail trade and manufacturing as areas requiring close attention in the current economic environment [98]

段红涛强调，工行在做好资本管理的同时，也注重加强资本的规划，将实现资本消耗与资本补充的内在 平衡作为重要的经营目标，既持续为股东创造良好回报，又努力为自身可持续发展积累更多内生资本， 按照"内源性、外源性、平衡性"的思路，前瞻做好资本的供需平衡。 内源性方面，把利润积累作为资本补充的首要来源，保持合理的盈利水平，提高资本来源的长期可持续 性。2024年，该行通过利润留存，补充资本超过了1900亿元。外源性方面，持续丰富和完善资本补充渠 道，统筹各类资本工具的发行，通过优化资本结构、选择有利窗口，合理控制资本成本。2024年，工行 净赎回资本工具300亿元，通过合理开展存量置换，资本工具平均付息率下降了40个BP。平衡性方面， 认真落实资本新规，通过升级计量模型、统计系统和数据标识等，实现风险参数实时校准，释放资本空 间，不断优化资产布局，通过经济资本、EVA管理等，引导资金投向高回报、低消耗的重点领域和优质 客户。持续提升资本使用效率，在强化资本约束的同时加大价值创造。 关于分红政策的问题，段红涛强调，为股东创造价值，为投资者服务，是工商银行非常重要的经营理 念，自2006年上市以来，该行一直保持较高的分红水 ...

Financial Data and Key Metrics Changes - The company reported a net income of $185 million for Q4 2024, with an annualized return on equity of 14% [7] - For the full year, net income increased to $763 million from $713 million in the prior year [8] - The insurance in force at the end of the quarter was over $295 billion, showing a slight increase from the previous quarter [8] - The annual persistency rate remained stable at 85% throughout the year [9] - The book value per share grew to $20.82, reflecting a 12% increase year-over-year [17] Business Line Data and Key Metrics Changes - The company wrote $16 billion of new insurance in Q4 and $56 billion for the full year, marking a 21% increase from the prior year [9] - The in-force premium yield was 38.6 basis points, remaining relatively flat during the year [16] Market Data and Key Metrics Changes - The housing market remains resilient, supported by favorable supply-demand dynamics and a generally positive economic outlook [11] - Consensus forecasts suggest that the mortgage insurance market in 2025 will be similar in size to 2024, with elevated mortgage rates expected to lead to high persistency [12] Company Strategy and Development Direction - The company emphasizes a dynamic approach to capital management, focusing on financial strength and flexibility [10] - The reinsurance program is a key component of risk and capital management, providing capital diversification and reducing required assets [11] - The company aims to continue returning capital to shareholders through share repurchases and dividends while maintaining a strong insurance portfolio [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's leadership and market position, highlighting the successful execution of business strategies [22] - The company anticipates continued favorable credit trends and a stable risk profile, which may lead to elevated payout ratios [10] - Management noted that while the economic environment has been favorable, future conditions remain uncertain [33] Other Important Information - The company returned approximately $700 million to shareholders through dividends and share repurchases, representing a 92% payout ratio of net income [10] - Operating expenses for Q4 were $49 million, down from $55 million in the previous year, with expectations for further reductions in 2025 [17][18] Q&A Session Summary Question: Can you discuss the new notice claim rate and its drivers? - Management explained that the increase in new delinquencies is due to higher exposures from recent vintages, but they are targeting the same severity to exposure ratio as before [24] Question: What are the drivers behind the lower operating expenses? - Management attributed the lower operating expenses to cumulative changes made over the past couple of years, aligning resources to add value [25][26] Question: How does GSE reform impact the company? - Management acknowledged the uncertainty surrounding GSE reform but emphasized the importance of having the right guardrails in place to protect taxpayers and ensure a stable market [29][30] Question: What is the normalized delinquency rate? - Management indicated that while the current environment is favorable, they expect more normalized delinquency rates to be in the range of 20% to 40% over time [36] Question: Can you elaborate on the pricing environment for new insurance written? - Management noted that the risk-return profile remains favorable, allowing for effective capital deployment [50]