Financial Data and Key Metrics Changes - Net Investment Income decreased to $0.20 per share from $0.22 per share in the prior quarter, primarily due to a lower net interest margin resulting from higher interest rates on new unsecured notes [4] - Net Asset Value at December 31 was $9.19 per share, down from $10.17 per share in the prior quarter, mainly due to markdowns of non-performing loans [4][11] - Total investment income decreased approximately 11% to $9.4 million, driven by a decrease in non-recurring dividend fees and certain interest income [13] Business Line Data and Key Metrics Changes - The loan portfolio remained stable quarter-over-quarter, with one loan placed on non-accrual status and one loan returned to accrual status following restructuring [11][16] - The weighted average performing investment income yield increased modestly to 13.5%, up about 0.2% quarter-over-quarter, attributed to increased yields on structured finance securities [17] Market Data and Key Metrics Changes - The regulatory asset coverage ratio was 156%, a decrease of one percentage point from the prior quarter [12] - The macroeconomic environment remains uncertain, with potential for further interest rate cuts impacting the floating rate loan portfolio [6][15] Company Strategy and Development Direction - The company is focused on preserving capital and strengthening its balance sheet by extending debt maturities and reducing overall debt, with the earliest maturity now in 2028 [7][18] - Efforts to monetize the equity investment in Fansteel are ongoing, with a fair value of approximately $79.4 million at quarter end [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the credit portfolio despite the uncertain macroeconomic environment and potential for further interest rate cuts [6][18] - The company remains committed to investing higher in the capital structure, with 95% of loan holdings in first lien positions based on fair value [7][16] Other Important Information - The company has successfully reduced its total debt balance by $18.8 million and extended the maturity of its credit facilities to enhance operational flexibility [8][12] - The advisor's experience and alignment with shareholders, holding approximately 23% ownership in the BDC, is emphasized as a strength [19] Q&A Session Summary - No questions were asked during the Q&A session, leading to the conclusion of the conference call [20]

中介中断了吗？黑山银行业 利差水平分析 塞兰·切维克 和 阿米特·卡拉 WP/26/29 国际货币基金组织工作论文 描述作者（们）正在进行的 科研，并已发表以激发评论和促进辩论。 国际货币基金组织工作论文中表达的观点是作者（们）的 观点，并不一定代表国际货币基金组织、其执行董事会或 基金组织管理的观点。 2026 二月 份 WP/26/29 © 2026 国际货币基金组织 国际货币基金组织工作论文 欧洲部 中介，中断？——波黑银行间利率差分析报告 *本报告由塞罕·塞维克和阿密特·卡拉撰写 Srikant Seshadri授权分发 二〇二六年二月 国际货币基金组织工作论文 描述作者（们）正在进行的科研，并已发表以激发评论和促进辩论。 在国际货币基金组 织（IMF）的工作论文中表达的观点是作者（们）的观点，并不一定代表IMF、其执行董事会或IMF管理层的观点。 摘要： 在黑山，自独立以来金融中介一直在下降，国内信贷对私营部门的占比从2008年的86.5%GDP下降到2024年的46.4 %。净利息收益率（NIM）——一个常见的反映中介成本的指标——仍然较高，在巴尔干西部地区排名较高。本文使用一个 独特的银行级数据 ...

Financial Data and Key Metrics Changes - Landmark Bancorp reported a net income of $4.7 million for Q4 2025, an increase from $3.3 million in Q4 2024, with diluted earnings per share rising to $0.77 [5][9] - For the full year 2025, net income reached $18.8 million, translating to $3.07 per share, marking a 43% increase over 2024 [6] - Tangible book value increased to $20.79 per share, up $0.83 from the previous quarter and $4.09 or 24% year-over-year [5][6] Business Line Data and Key Metrics Changes - Net interest income for Q4 2025 totaled $14.8 million, up $695,000 from Q3 2025 and $2.4 million year-over-year [9] - Average total loan growth was 11.5%, with loans ending the year at $1.1 billion, driven by strong commercial loan production [7] - Non-interest income for Q4 2025 was $3.9 million, a decrease of $169,000 compared to the prior quarter, primarily due to a loss on the sale of investment securities [12] Market Data and Key Metrics Changes - Deposits totaled $1.4 billion at December 31, 2025, increasing by $63.4 million in Q4, with interest checking and money market deposits rising by $71.6 million [16] - Non-interest-bearing deposits accounted for 26.3% of total deposits at year-end [16] - The Kansas economy remains healthy, with an unemployment rate of 3.8% as of November 30, 2025 [21] Company Strategy and Development Direction - The company plans to continue investing in its associates and make strategic investments to enhance customer service and capitalize on growth opportunities in its markets [23] - Management emphasized the importance of maintaining a strong and resilient balance sheet while proactively monitoring credit quality [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building on the foundation set in 2025 and highlighted the importance of dedication to customer service and community engagement [23] - The company remains focused on addressing non-performing loans and improving overall loan portfolio quality [20] Other Important Information - The board declared a cash dividend of $0.21 per share, marking the 98th consecutive quarterly cash dividend since the company's formation [8] - The efficiency ratio improved to 62.7% in 2025 from 69.1% in 2024, reflecting controlled expense growth [6] Q&A Session Summary Question: What are the expectations for loan growth in 2026? - Management indicated a focus on maintaining loan growth while managing credit quality and addressing non-performing loans [19] Question: How does the company plan to handle rising interest rates? - The company plans to continue its pricing discipline and monitor the cost of deposits to maintain net interest margin [11] Question: What is the outlook for the Kansas housing market? - The Kansas housing market shows signs of normalization, with home sales down 9.6% year-over-year but median sale prices increasing [21]

Financial Data and Key Metrics Changes - Total assets exceeded $30 billion, ending the year at $32 billion, a record for the company [3] - Net income for 2025 was $239 million, an increase of $48.9 million, or 26% from the prior year [3][4] - Diluted earnings per share for 2025 was $1.99, an increase of $0.31 per share, or 18% from the prior year [4] - Pre-tax, pre-provision net revenues of $362 million for 2025 increased $107 million, or 42% over the prior year [4] - Net interest income for 2025 was $889 million, an increase of $184 million, or 26% from the prior year [4] Business Line Data and Key Metrics Changes - The loan portfolio increased to $21 billion at the end of 2025, up $3.7 billion, or 21% from the prior year [4] - Total deposits reached $24.6 billion, an increase of $4 billion, or 20%, during 2025 [4] - Non-interest income for the quarter totaled $40 million, an increase of $5 million, or 14%, over the prior quarter [7] Market Data and Key Metrics Changes - The net interest margin for the quarter was 3.58%, an increase of 19 basis points from the prior quarter [5] - The loan yield for the quarter was 6.09%, an increase of 12 basis points from the prior quarter [5] - The cost of funding decreased to 1.52%, down 6 basis points from the prior quarter [6] Company Strategy and Development Direction - The company successfully closed two strategic acquisitions in 2025, expanding its footprint in Idaho and Texas [2] - The focus is on integrating Guaranty Bank & Trust and leveraging its market position for future growth [65] - The company aims to achieve a net interest margin of 4% by the second half of 2026, driven by structural repricing [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth despite a slower organic growth rate of about 1% annualized [13] - The company anticipates low- to mid-single-digit growth for 2026, with a record level of loan pipeline early in the year [15] - Management highlighted a strong capital position and a commitment to shareholder returns through consistent dividends [8] Other Important Information - Non-performing assets remained low at 22 basis points of total assets, reflecting strong credit quality [8] - The efficiency ratio improved from 66.7% at the beginning of the year to 63% [7] - The company declared its 163rd consecutive quarterly dividend of $0.33 per share [8] Q&A Session Summary Question: Organic growth and loan side performance - Management acknowledged a slower organic growth rate but expressed confidence in future growth, particularly with the Guaranty integration [13][15] Question: Margin trajectory and Fed dependency - Management confirmed that margin growth is not dependent on Fed actions and expects to reach a 4% margin by late 2026 [19] Question: Expense run rate and investments - The core non-interest expense for the first quarter is guided at $189 million - $193 million, with expectations for moderation in subsequent quarters [21][31] Question: Integration of Guaranty Bank & Trust - Integration is proceeding smoothly, with a focus on maintaining leadership and minimizing disruption [65][66] Question: Future M&A outlook - Management is optimistic about future M&A opportunities while remaining disciplined in their approach [55] Question: Loan pricing and competition - Current loan pricing is favorable, with good spreads observed, and management is optimistic about maintaining this trend [35][44] Question: Cash flow from securities - Expected cash flow from the securities book is approximately $425 million per quarter for 2026 [45] Question: Net charge-offs and credit quality - Net charge-offs are considered normal for year-end cleanup, with no unusual items reported [78]

Financial Data and Key Metrics Changes - Total assets exceeded $30 billion, ending the year at $32 billion, a record for the company [3] - Net income for Q4 was $63.8 million, with a total net income of $239 million for 2025, an increase of $48.9 million, or 26% from the prior year [3][4] - Pre-Tax Pre-Provision Net Revenues for 2025 were $362 million, an increase of $107 million, or 42% over the prior year [4] - Diluted Earnings Per Share for Q4 was $0.49, and for 2025 was $1.99, an increase of $0.31 per share, or 18% from the prior year [4] - Net Interest Income for Q4 was $266 million, up $41 million, or 18% from the prior quarter, and for 2025 was $889 million, an increase of $184 million, or 26% from the prior year [4] Business Line Data and Key Metrics Changes - The loan portfolio at the end of 2025 was $21 billion, increasing $3.7 billion, or 21% for the year [4] - Total deposits reached $24.6 billion, increasing $4 billion, or 20% during 2025 [4] - Non-interest income for Q4 totaled $40 million, an increase of $5 million, or 14% over the prior quarter, and up 28% over the prior year [6] Market Data and Key Metrics Changes - Non-Performing Assets remained low at 22 basis points of total assets, with a slight increase from the prior quarter [7] - Net charge-offs were 6 basis points of total loans for the year, compared to 8 basis points in the prior year [7] Company Strategy and Development Direction - The company successfully closed two strategic acquisitions in 2025, expanding its footprint in Idaho and Texas, which are seen as markets with strong growth potential [2][3] - The company aims to continue its disciplined approach to increasing net interest margin and improving efficiency ratios [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, citing a record level of loan pipeline early in 2026 and expectations for low- to mid-single-digit growth for the year [15] - The company anticipates achieving a net interest margin of 4% by the second half of 2026, driven by structural repricing drivers [18][70] Other Important Information - The efficiency ratio improved from 66.7% at the beginning of the year to 63% [6] - Tangible stockholders' equity increased by $609 million, or 29%, in 2025, with tangible book value per share rising to $21, up 12% year-over-year [8] Q&A Session Summary Question: Organic growth and loan side performance - Management acknowledged a slower organic growth rate of about 1% annualized but noted a record level of loan pipeline early in 2026, with expectations for growth to improve as the year progresses [13][15] Question: Margin trajectory and expectations - Management confirmed that the net interest margin is on track to reach 4% by the second half of 2026, with confidence in continued growth independent of Federal Reserve actions [18][70] Question: Expense run rate and trends - The core non-interest expense for Q1 is guided at $189-$193 million, with expectations for moderation in subsequent quarters [31][74] Question: Integration of Guaranty Bank & Trust - Management reported a smooth integration process for Guaranty Bank & Trust, emphasizing the retention of leadership and culture, which is expected to enhance performance in the Texas market [66][68]

Financial Data and Key Metrics Changes - Adjusted diluted earnings per share increased by 18% quarter-over-quarter and 29% year-over-year, with an adjusted return on assets (ROA) improving to 1.29% from 0.99% in the previous year [3] - Net interest income rose by $1 million or 1.7% from the prior quarter, driven by a higher interest margin [7] - The net interest margin increased to 3.7% from 3.64% in the prior quarter and from 3.36% in the fourth quarter of the previous year [8] Business Line Data and Key Metrics Changes - Total loan balances increased by $14 million in Q4, with the loan portfolio growing by 5.54% [5] - Total deposits increased by $63 million in Q4, primarily due to a $100 million increase in interest-bearing demand deposits [5] - Investment balances decreased by $31 million, with the yield on the investment portfolio dropping to 3.26% from 3.35% in the previous quarter [6] Market Data and Key Metrics Changes - The commercial lending group closed $254 million in new loan commitments, down from $317 million in the previous quarter [15] - The commercial loan pipeline ended the fourth quarter at $468 million, down from $511 million in the previous quarter [15] - Average interest rates for new commercial loans decreased to 6.56%, down 11 basis points from the previous quarter [17] Company Strategy and Development Direction - The company plans to close the merger with Olympic Bancorp at the end of January, which is expected to enhance profitability and position the company for growth in the Puget Sound market [4] - The focus remains on integrating Olympic and ensuring successful execution of the merger while continuing to explore additional M&A opportunities [73] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for margin improvement over the next year or two, particularly with the merger [22] - The company anticipates a return to loan growth at more historical levels in 2026, following a period of elevated loan payoffs [16] - Credit quality remains strong, with non-accrual loans at 0.44% of total loans, and management is confident in their credit underwriting practices [10][12] Other Important Information - The company recognized a reversal of provision for credit losses of $18,000 in Q4 due to a change in the mix of the loan portfolio [8] - Non-interest expenses decreased due to lower merger-related expenses, although compensation and benefits expenses increased due to incentive compensation accruals [9] Q&A Session Summary Question: Outlook for adjustable rate opportunity - Management indicated potential for nearly a 200 basis point increase in adjustable rates if repriced, with expectations for improved loan yields in the absence of rate cuts [20][22] Question: Loan growth expectations for 2026 - Management expects loan growth to return to low single digits in Q1, moving to upper single digits based on customer demand [25] Question: Operating expense growth expectations - Management anticipates approximately $20-$21 million in merger-related expenses, with a projected run rate for Q2 and Q3 around $56 million [33] Question: Capital priorities in 2026 - The primary focus is on closing the Olympic transaction, which will utilize about 100 basis points of capital, with potential for buybacks considered post-merger [51] Question: Trends in credit quality - Management noted no significant correlation in recent downgrades within the C&I category, attributing them to timing rather than broader industry issues [60]

Financial Data and Key Metrics Changes - Adjusted diluted earnings per share increased by 18% quarter-over-quarter and 29% year-over-year, reaching a new high [3] - Return on assets (ROA) improved to 1.29% from 0.99% in Q4 2024 [3] - Net interest income rose by $1 million or 1.7% from the prior quarter, driven by a higher interest margin [6] - Net interest margin increased to 3.7% from 3.64% in the prior quarter and from 3.36% in Q4 2024 [7] - Total loan balances increased by $14 million in Q4, with a loan portfolio growth of 5.54% [5] Business Line Data and Key Metrics Changes - Commercial lending closed $254 million in new loan commitments, down from $317 million last quarter [13] - Total new loan production was $271 million, offset by elevated payoffs and prepaids [13] - The yield on the investment portfolio decreased to 3.26% in Q4 compared to 3.35% in Q3 [6] Market Data and Key Metrics Changes - Total deposits increased by $63 million in Q4, primarily due to a $100 million increase in interest-bearing demand deposits [5] - The cost of interest-bearing demand deposits decreased to 1.8% from 1.89% in the prior quarter [5] Company Strategy and Development Direction - The company plans to close the merger with Olympic Bancorp at the end of January, which is expected to enhance profitability and growth in the Puget Sound market [4] - The company aims to resume loan growth at more historical levels in 2026, following a period of elevated loan payoffs [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating future challenges and capitalizing on growth opportunities [16] - The company anticipates continued improvement in net interest margin and deposit costs due to recent rate cuts [20][21] Other Important Information - The company remains above capital life thresholds, with a tangible common equity (TCE) ratio of 10.1%, up from 9.8% in the prior quarter [8] - Non-accrual loans totaled $21 million, representing 0.44% of total loans, an increase from 0.37% at the end of Q3 [9] Q&A Session Summary Question: Margin outlook given adjustable rate opportunities - Management noted that despite recent rate cuts, loan yields slightly grew in Q4, and they expect further improvement in margins without the merger [20][21] Question: Loan growth expectations for 2026 - Management indicated a potential for lower payoffs and a return to positive net advances in 2026, with good visibility in the loan pipeline [29] Question: Operating expense growth expectations - Management expects approximately $20-$21 million in merger-related expenses, with a run rate for Q2 and Q3 projected in the mid-$56 million range [32][33] Question: Thoughts on crossing the $10 billion asset threshold - Management stated that they are several years out from crossing the $10 billion mark on an organic basis, focusing on integrating Olympic first [35][36] Question: Competition in loan yields - Management acknowledged a competitive market for commercial loans but did not see any significant changes in competition levels [42][44] Question: Capital priorities in 2026 - Management highlighted the importance of closing the Olympic transaction and indicated potential for buybacks post-merger [48][49]

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 (NIM) for the quarter was 3.57%, unchanged from the linked September quarter, and up from 3.34% reported for the year-ago period [6][18] - Tangible book value per share increased by $5.74 or almost 15% over the last 12 months, reaching $44.65 [8] 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 its 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 maintaining disciplined execution, prudent risk management, and thoughtful capital deployment to deliver consistent returns for shareholders [27] - 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 preserving capacity for future growth [26] - The company is optimistic about potential M&A opportunities as market conditions stabilize, with a focus on banks within its footprint or adjacent markets [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of current profitability levels and the strength of the franchise, while remaining vigilant on credit quality [25] - 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][36] - Management noted that while there are pressures on loan yields due to declining interest rates, there are opportunities for further improvement in funding costs [19] Other Important Information - The allowance for credit losses totaled $54.5 million, representing 1.29% of gross loans, an increase from the previous quarter [23] - Non-interest income increased by 3.1% compared to the linked quarter, driven by higher wealth management fees and increased interchange income [20] Q&A Session Summary Question: Loan growth and paydowns - Management noted that there were several unexpected paydowns, including a larger C&I relationship that moved to a larger bank, and overall prepayment rates are anticipated to be higher than historically seen [32][33] Question: Outlook on net interest margin - Management indicated that while they do not provide specific guidance on NIM, there is potential for increased spread due to decreased deposit costs [38] Question: Personnel costs expectations - Management expects a mid-single-digit increase in personnel costs due to annual merit increases, with no major deviations in run rates anticipated [45][46] Question: Charge-offs on commercial real estate loans - Management does not anticipate much in the way of additional charge-offs beyond historical averages, indicating a return to more normalized charge-off levels [53][54]

Financial Data and Key Metrics Changes - Loans held for investment increased by $83 million, or 0.6% linked quarter, and $448 million, or 3.4% year-over-year [5] - Deposit base grew by $550 million, or 3.4% linked quarter, with non-interest-bearing deposits increasing by 5.9% linked quarter [5] - Net income for the third quarter was $56.8 million, representing fully diluted EPS of $0.94, up 2.2% from the prior quarter and 11.9% from the prior year [5][6] - Return on average assets was 1.21% and return on average tangible equity was 12.84% [6] - Net interest income expanded by 2.4% to $165.2 million, with a net interest margin of 3.83%, an increase of two basis points from the prior quarter [6] Business Line Data and Key Metrics Changes - Credit quality remained solid with net charge-offs of $4.4 million, representing 13 basis points of average loans [7] - Non-interest income totaled $39.9 million, up 0.1% linked quarter and 6.3% year-over-year [6] - Non-interest expense increased by $5.8 million, or 4.7% linked quarter, including approximately $2.3 million in non-routine items [6] Market Data and Key Metrics Changes - The company reported diversified loan growth led by commercial and industrial loans, municipal loans, and other real estate secured loans [5] - The total cost of deposits increased by 1.84%, or four basis points linked quarter [5] Company Strategy and Development Direction - The company is focused on organic growth initiatives and enhancing financial performance through hiring in key markets [4][10] - The guidance for loans held for investment is expected to increase mid-single digits for the full year 2025, with low single-digit growth in deposits [9] - The company plans to maintain a disciplined approach to capital deployment, focusing on organic loan growth and potential market expansion [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining momentum and improving financial performance, particularly in key growth markets [10][28] - The company anticipates a continued trend of lower provisions for credit losses compared to the full year 2024 [9] - Management acknowledged the competitive landscape but sees M&A activity as an opportunity for growth [23][29] Other Important Information - The company repurchased $11 million of common stock during the quarter, with a total of $37 million repurchased in the first nine months of the year [8] - The board declared a quarterly cash dividend of $0.24 per share, payable December 15 [8] Q&A Session Summary Question: Can you provide details on recent hiring and future plans? - The company hired approximately 29 new associates in the third quarter, with a focus on key markets like Houston and Atlanta [13][14] Question: Will there be an increase in expenses due to hiring? - Yes, the company expects incremental expense growth related to recent hiring levels [14][15] Question: What are the opportunities for growth in light of recent M&A activity? - Management sees M&A as an opportunity for both hiring and customer acquisition, particularly in competitive markets [22][23] Question: Can you discuss trends in classified and criticized loans? - There was a positive trend with a decrease of about $49 million in criticized loans this quarter [42] Question: What are the expectations for net interest margin and deposit costs? - The company anticipates maintaining net interest margin in the range of 3.80% to 3.83% and expects deposit costs to decrease [36][50]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年10月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、江朝陽、朱立偉及黃堅；及本公司的獨立非執 行董事為李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-053 招商银行股份有限公司 CHINAMERCHANTSBANKCO.,LTD. 二○二五年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 1 重要 ...