Diversified Resilient Dynamic Third quarter 2025 results November 6, 2025 Primary Colors Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and profit growth, acquisitions, future rates of federal funds and expec ...

Core Viewpoint - Bank of America (BofA) is positioning itself for faster growth and is expected to take on more risk to achieve higher returns, as stated by CEO Brian Moynihan during the bank's first investor day in nearly 15 years [1] Group 1: Company Performance - BofA holds $3.4 trillion in total assets and operates over 3,600 branches, making it the second-largest bank in the U.S. after JPMorgan Chase [2] - The bank has been lagging in key segments such as wealth management, credit cards, and loan growth compared to its peers [2] - BofA's net interest income rose by 9% year-over-year to $15.2 billion for the three months ending in September, with overall profit increasing by 23% and revenue growing by 11% [4] - The net interest margin increased by eight basis points to 2.48%, indicating improved profitability [4] Group 2: Future Outlook - Analysts expect BofA to experience at least four to six more quarters of significant net interest income gains, which could lead to strong profitability [4] - The bank anticipates record net interest income growth of 6% to 7% for the year [4] Group 3: Leadership Changes - Succession planning is underway, with Dean Athanasia and Jim DeMare appointed as co-presidents and Alastair Borthwick as chief financial officer, indicating a competitive race for the next CEO position [3]

Core Insights - Bank of America (BAC) will host its first Investor Day since 2011, featuring presentations from CEO Brian Moynihan and other executives to outline strategic priorities and growth opportunities [1][8] Group 1: Performance and Strategy - Management is expected to address concerns regarding BAC's underperformance compared to peers like JPMorgan, Wells Fargo, and Citigroup, with BAC shares lagging over the past five years [2] - Plans to accelerate loan growth, expand digital banking, and strengthen wealth management and investment banking operations are anticipated [2][8] - BAC aims to increase Return on Tangible Common Equity above the current 15% level in the medium term [2][8] Group 2: Financial Projections - Management expects sustained net interest income (NII) growth of 6-7% annually for 2025-2026, driven by improving loan demand and deposit stability amid declining interest rates [3] - The Zacks Consensus Estimate for BAC's earnings implies year-over-year growth of 14.9% for 2025 and 14.5% for 2026, with earnings estimates increasing to $3.77 and $4.31, respectively [9] Group 3: Valuation Analysis - Bank of America trades at a 12-month trailing price-to-tangible book (P/TB) ratio of 1.93X, below the industry average of 3.21X, and at a discount compared to JPMorgan's 3.11X and Wells Fargo's 2.09X, but is more expensive than Citigroup's 1.10X [5]

Group 1: DBS Group - DBS Group is projecting net interest income (NII) growth for 2025, contrasting with competitors OCBC and UOB, which anticipate NII pressures due to net interest margin compression [3][5] - In Q2 2025, DBS reported a 4.6% year-on-year increase in total income to S$5.7 billion, despite a slight net interest margin decline to 2.05% [3][4] - Non-interest income surged by 10.4% year-on-year, with wealth management fees increasing by 25%, indicating a strong diversified revenue model [4][5] - Management is hinting at a potential increase in the quarterly dividend from S$0.60 to S$0.66 in Q4 2025, reflecting confidence in wealth management momentum and loan growth [5][6] Group 2: Frasers Logistics & Commercial Trust - Frasers Logistics & Commercial Trust (FLCT) experienced a 13.8% year-on-year decline in distribution per unit (DPU) to S$0.03, despite a 7.5% revenue increase to S$232.3 million [8] - Finance costs rose significantly by 35% year-on-year to S$39.4 million, with borrowing costs reaching 3.0%, impacting profitability [8][10] - The occupancy rate at Alexandra Technopark is low at 77.1%, contributing to a commercial portfolio occupancy of only 84.1% [9][10] - FLCT's recent divestment of A$195.3 million in Melbourne was aimed at reducing gearing from 36.1% to 34.6% and addressing the supply glut in the area [9][10] Group 3: Singapore Telecommunications (Singtel) - Optus, a subsidiary of Singtel, reported a 36% year-on-year increase in EBIT for Q1 FY2026, continuing a strong performance trend [11][12] - Despite financial success, Optus faces significant operational challenges, including network failures that have led to tragic incidents and disruptions [12][14] - Optus generates approximately A$8.2 billion annually, accounting for about half of Singtel's revenue, but ongoing network reliability issues could threaten future profitability [13][15] - An independent review may necessitate costly infrastructure upgrades, potentially impacting Singtel's S$2 billion share buyback and annual dividend [14][15]

Core Insights - Landmark Bancorp, Inc. reported a 25% increase in diluted earnings per share (EPS) for Q3 2025, reaching 85 cents compared to 68 cents in the same quarter last year, with net income rising to $4.9 million from $3.9 million [2] - The company's total revenues increased to $18.2 million, up from $15.9 million a year earlier, driven by higher net interest income and improved credit quality [2] Financial Performance - Net interest income rose to $14.1 million, reflecting a 21.5% year-over-year increase, with a steady net interest margin of 3.83%, up 53 basis points from the prior year [3] - The efficiency ratio improved to 60.7% from 66.5% a year earlier, indicating better cost management [4] - Average loan balances grew by $26.7 million from the previous quarter, with significant growth in commercial real estate, residential real estate, and consumer portfolios [3][5] Loan and Deposit Trends - Gross loans at the quarter-end stood at $1.1 billion, flat with the prior quarter, but average loans expanded nearly 10% on an annualized basis [5] - Deposits increased by $51.6 million sequentially to $1.3 billion, with growth in certificates of deposit and money market accounts [6] - The loan-to-deposit ratio improved to 83.4% from 86.6% in the previous quarter, indicating better liquidity for future loan expansion [6] Credit Quality - Non-performing loans decreased by $7 million to $10 million, or 0.89% of gross loans, from 1.52% in the previous quarter, reflecting improved credit quality [7] - The allowance for credit losses ended the quarter at $12.3 million, representing 1.10% of total loans [7] Management Commentary - The CEO described the quarter as a solid period of earnings and increased profitability, attributing it to growth in both net interest and non-interest income [9] - Management emphasized ongoing investments in talent and infrastructure to support customer expansion and long-term shareholder value [11] Factors Influencing Results - The quarterly performance benefited from loan-driven revenue growth, improved funding mix, and reduced credit costs, with tangible book value increasing by 6.6% sequentially to $20.96 per share [12] - Unrealized losses on the securities portfolio declined to $9.2 million from $13.9 million in the previous quarter [12] Future Outlook - Management expressed confidence in sustaining earnings momentum, with expectations of stable credit trends and a healthy Kansas economy supporting lending opportunities [14] - The board declared a cash dividend of 21 cents per share and a 5% stock dividend, marking the 25th consecutive annual stock dividend [15]

Financial Data and Key Metrics Changes - Net income for Q3 2025 totaled $4.9 million, or $0.85 per diluted share, an increase of 24.1% in diluted earnings per share year-over-year compared to $3.9 million, or $0.68 per diluted share in Q3 2024 [3][8] - Return on average assets improved to 1.21% and return on average equity improved to 13.0% [3] - Efficiency ratio improved to 60.7% in Q3 2025 from 66.5% in Q3 2024 [12] Business Line Data and Key Metrics Changes - Total loans were flat based on period-end balances, while average loans grew nearly 10% on an annualized basis compared to the prior quarter [4][12] - Non-interest income totaled $4.1 million, an increase of $442,000 compared to the prior quarter, driven by gains on sales of mortgage loans and higher deposit-related fee income [11] - Non-performing loans declined by almost $7 million, primarily from the resolution of a large commercial real estate loan [4][16] Market Data and Key Metrics Changes - Deposits totaled $1.3 billion at September 30, 2025, increasing by $51.6 million on a linked quarter basis [13] - The Kansas economy remains healthy, with an unemployment rate of 3.8% and a 1.2% year-over-year increase in home sales [17] Company Strategy and Development Direction - The company remains risk-averse, focusing on monitoring interest rate and concentration risk while maintaining strong credit discipline [6] - The strategy emphasizes a resilient, relationship-driven approach to navigate evolving market dynamics [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the loan portfolio and the ability to navigate market dynamics, while focusing on maintaining solid credit quality amid economic uncertainties [19][18] - The company plans to continue investing in talent and infrastructure to support customer growth [6] Other Important Information - The Board declared a cash dividend of $0.21 per share and a 5% stock dividend, marking the 97th consecutive quarterly cash dividend and the 25th consecutive year of a 5% stock dividend [5] Q&A Session Summary - No questions were submitted during the Q&A session, and the call concluded with management expressing gratitude for the support and confidence in the company [20][21]

Financial Data and Key Metrics Changes - Record profitability was achieved in the first nine months of 2025, with revenues at €24.4 billion, aligning with the full-year goal of around €32 billion before FX effects [3] - Post-tax return on tangible equity reached 10.9%, meeting the target of above 10%, while the cost-income ratio stood at 63%, consistent with the target of below 65% [3] - Pre-provision profit increased to €9 billion, up nearly 50% year on year, or nearly 30% when adjusted for Postbank litigation impacts [3][4] Business Line Data and Key Metrics Changes - Net commission and fee income rose by 5% year on year, while net interest income across key banking segments remained stable [4] - The Corporate Bank delivered strong fee growth of 5% and was recognized as the best trade finance bank [6] - The Private Bank saw profits increase by 71%, and assets under management grew by €40 billion year to date with net inflows of €25 billion [7] Market Data and Key Metrics Changes - Loans grew by €3 billion adjusted for FX effects during the third quarter, with strong underlying quality [9] - Deposit growth was pronounced in the Private Bank, with an increase of €10 billion during the third quarter [10][11] - The liquidity coverage ratio was managed to 140% at quarter end, demonstrating the strength of the balance sheet [12] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategy goals, with a compound annual revenue growth rate since 2021 of 6% [5] - Operational efficiencies of €2.4 billion have been delivered or are expected, achieving 95% of the €2.5 billion goal [5] - A second share buyback program of €250 million was launched, bringing cumulative distributions since 2022 to €5.6 billion [5] Management's Comments on Operating Environment and Future Outlook - Management anticipates lower provisioning levels in the second half of the year despite uncertainties in the commercial real estate sector [17] - The company expects lending in the core bank to benefit from fiscal stimulus in Germany, with a strong outlook in FICC [10] - Geopolitical risks are continuously monitored, with stress testing for potential events being an ongoing focus [24] Other Important Information - The CET1 ratio increased to 14.5%, with a surplus above regulatory requirements [12][14] - The company has reached the lower end of its full-year issuance guidance with €15.1 billion issued year-to-date [16] Q&A Session Summary Question: Future Return on Tangible Equity - Management believes that a 10% return on tangible equity could be a reasonable floor for future performance, indicating structural profitability has improved [20][22] Question: Private Credit and Commercial Real Estate Exposures - Management noted that private credit is not a concern, while commercial real estate remains a watch item, particularly in California and Washington State [20][24] Question: Receivables Financing Exposure - The company has some exposure in trade finance and supply chain financing, but it is not considered significant [27][29] Question: Sustainability Competitive Disadvantage - Management does not view the sustainability landscape in Europe as a competitive disadvantage, highlighting progress in their sustainability agenda [27][30] Question: Tier 2 Capital Stack - The company maintains a Tier 2 deficit offset by a surplus in AT1, with no immediate changes expected in the capital stack approach [27][32] Question: Commercial Real Estate Issues - Concentration of credit loss provisions has been primarily in West Coast exposures, with ongoing efforts to manage and restructure troubled loans [34][36] Question: Off-Balance Sheet Positions - Off-balance sheet positions primarily consist of derivatives and committed facilities, with a significant bias towards stages one and two [34][39]

Financial Data and Key Metrics Changes - Record profitability was achieved in the first nine months of 2025, with revenues at €24.4 billion, aligning with the full-year goal of around €32 billion before FX effects [3] - Post-tax return on tangible equity reached 10.9%, meeting the full-year target of above 10%, while the cost-income ratio stood at 63%, consistent with the target of below 65% [3][4] - Pre-provision profit was €9 billion, up nearly 50% year on year, or nearly 30% when adjusted for Postbank litigation impacts [3][4] Business Line Data and Key Metrics Changes - Net commission and fee income increased by 5% year on year, while net interest income across key banking book segments remained stable [4] - The Corporate Bank reported strong fee growth of 5% and was recognized as the best trade finance bank [6] - The Private Bank saw profits increase by 71% year to date, with assets under management growing by €40 billion and net inflows of €25 billion [6][7] Market Data and Key Metrics Changes - Loans grew by €3 billion in the third quarter, adjusted for FX effects, with strong underlying quality [9] - Deposit growth was pronounced in the private bank, with an increase of €10 billion during the third quarter [10][11] - The liquidity coverage ratio was managed to 140% at quarter end, demonstrating the strength of the balance sheet [12] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategy goals, with a compound annual revenue growth rate since 2021 of 6% [5] - Operational efficiencies of €2.4 billion have been delivered or are expected, achieving 95% of the €2.5 billion goal [5] - A second share buyback program of €250 million was launched, bringing cumulative distributions since 2022 to €5.6 billion [5] Management's Comments on Operating Environment and Future Outlook - Management anticipates lower provisioning levels in the second half of the year despite uncertainties in commercial real estate and the macroeconomic environment [17] - The company expects lending in the core bank to benefit from fiscal stimulus in Germany, with a strong outlook in FICC [10][17] - Management remains confident in achieving a return on tangible equity above 10% and a cost-income ratio below 65% for the full year [17] Other Important Information - The CET1 ratio increased to 14.5%, with a surplus above regulatory requirements [12][13] - The company has maintained a high-quality liquidity buffer, holding about 95% of HQLA in cash and Level 1 securities [12] Q&A Session Summary Question: Future Return on Tangible Equity - Management believes that a 10% return on tangible equity could be a reasonable floor for future performance, indicating structural profitability has improved [20][21] Question: Private Credit and Commercial Real Estate Exposures - Management noted that private credit is not a concern but remains a watch item, while commercial real estate continues to be a soft spot, particularly in California and Washington State [23][39] Question: Receivables Financing Exposure - The company engages in trade finance and supply chain financing, but it does not consider receivables financing to be a significant exposure [29] Question: Sustainability and Competitive Disadvantage - Management does not view the sustainability landscape in Europe as a competitive disadvantage, citing progress in their sustainability agenda and improved ESG ratings [30] Question: Tier 2 Capital Stack - The company maintains a Tier 2 deficit offset by a surplus in AT1, with no immediate plans to change this approach [34]

Core Insights - SpareBank 1 SMN reported a strong financial performance for Q3 2025, with a profit of NOK 1.171 billion and a return on equity of 15.9% [1] - The bank experienced strong net interest income, lower costs, and continued low loan losses, alongside contributions from associated companies [1] - The CET1 ratio stood at 17.8% at the end of the quarter, indicating a solid financial position despite the new mortgage loan floor [1] Financial Performance - The profit for the year to date reached NOK 3.305 billion, with a return on equity of 15.3%, although this represents a decrease of NOK 235 million compared to the same period last year [2] - The decrease in year-to-date profit is attributed to a significant one-off gain from a previous transaction involving Fremtind and Eika Insurance [2] Market Dynamics - Loan growth for the quarter was 0.8%, driven by strong retail market growth, while corporate market growth remained stagnant [1] - The real estate brokerage subsidiary performed well, achieving a strong seasonal quarter with increased units sold and higher prices per assignment [2]

Financial Summary - First Commonwealth Financial Corporation reported a GAAP net income of $41.3 million for Q3 2025, an increase of $7.9 million from Q2 2025 and $9.2 million from Q3 2024 [4][8] - Diluted earnings per share (EPS) for Q3 2025 was $0.39, up from $0.32 in Q2 2025 and $0.31 in Q3 2024 [4][8] - Core net income was $41.2 million, representing a $1.7 million increase from the previous quarter and a $9.2 million increase from the same quarter last year [4][8] - Core diluted EPS was also $0.39, compared to $0.38 in Q2 2025 and $0.31 in Q3 2024 [4][8] Profitability - The return on average assets (ROA) increased to 1.34% in Q3 2025, up from 1.11% in Q2 2025 [4][10] - The return on average equity (ROE) improved to 10.71% from 8.97% in the previous quarter [4][10] - The core efficiency ratio improved to 52.30%, down from 54.06% in Q2 2025 [4][21] Asset Quality - The provision for credit losses was $11.3 million, an increase of $2.4 million from the previous quarter [10][14] - Nonperforming loans decreased to $88.7 million, down $10.8 million from the previous quarter [15][16] - Net charge-offs totaled $12.2 million, an increase from $2.8 million in the previous quarter [17][18] Net Interest Income and Margin - Net interest income (FTE) for Q3 2025 was $111.5 million, an increase of $4.9 million from Q2 2025 [11][12] - The net interest margin expanded to 3.92%, up 9 basis points from the previous quarter [12][10] - Total average deposits grew by $102.7 million, or 4.0% annualized, compared to the previous quarter [12][10] Dividends and Capital - The company declared a quarterly cash dividend of $0.135 per share, a 3.9% increase from Q3 2024 [23] - Total shareholder's equity increased by $24.1 million from the previous quarter [10][24] - The Bank-level Total Capital ratio was 13.4%, exceeding the regulatory "well capitalized" requirement of 10.0% [10][24]