Financial Data and Key Metrics Changes - The company reported net income of $2 million, or $0.03 per unit, and cash available for distribution (CAD) of $4.6 million, or $0.20 per unit for Q3 2025 [14] - Book value per unit increased to $12.36, up $0.53 from June 30, primarily due to an increase in unrealized gains on the mortgage revenue bond portfolio [15] - The closing unit price was $8.24, representing a 33% discount to the book value per unit as of September 30 [16] Business Line Data and Key Metrics Changes - Fiscal occupancy for the stabilized mortgage revenue bond portfolio was 87.8% as of September 30, down from 88.4% as of June 30, mainly due to higher vacancies in Texas [5][6] - The company has 11 current investments, with 7 completed and leasing, 2 nearly completed, and 2 in future development [6][8] - The joint venture equity investments portfolio had a carrying value of approximately $154 million as of September 30, with remaining funding commitments totaling $19.5 million [20] Market Data and Key Metrics Changes - The U.S. municipal bond market saw improvement, with 10-year MMD decreasing from 3.21% to 2.92% and 30-year MMD from 4.58% to 4.24% during Q3 2025 [25] - The trend of heavy municipal bond issuance continued, with high fund flows into the muni market [25] - The company noted that only 9% of its debt investments are secured by projects receiving Section 8 subsidies, which may be impacted by the federal government shutdown [26] Company Strategy and Development Direction - The company plans to reduce capital allocation to joint venture equity investments in market-rate multifamily properties and focus more on tax-exempt mortgage revenue bonds [10][11] - The strategy aims to provide more stable earnings and increase the proportion of tax-exempt income allocated to unit holders [12] - The company remains positive on the market-rate seniors' housing segment and will continue to evaluate investment opportunities in that area [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that higher interest rates and multifamily capitalization rates are negatively impacting asset values and returns on sales [9] - The company expects occupancy levels to recover as new supply deliveries decline and available units are absorbed [6] - Management is assessing the potential impact of the strategic shift on short-term and long-term earnings expectations and unit holder distributions [13] Other Important Information - The company reported no forbearance requests for mortgage revenue bonds and governmental issuer loans, with all borrowers current on payments as of September 30 [19] - The company issued Series B preferred units for gross proceeds of $5 million in October 2025 to support investment commitments and operations [16][24] Q&A Session Summary Question: Capital allocation targets for multifamily units - Management indicated that future capital allocation will depend on the timing of capital returns from existing joint venture equity exits and current opportunities, with no set percentage at this time [30] Question: Expected pace of asset sales and occupancy stabilization - Management noted that the timeline for sales may be extended due to slower leasing activity in Texas and the need to reach critical occupancy levels before listing properties for sale [32] Question: Strategic shift away from joint venture investments and expected earnings pickup - Management highlighted the benefits of reduced earnings volatility and increased tax-exempt income from new investments, but stated it is too early to provide specific guidance on earnings pickup [35] Question: Cap rates for senior housing investments - Management clarified that they did not purchase properties during low cap rate periods but invested in to-be-built properties, and they continue to evaluate opportunities based on risk-adjusted returns [41][42] Question: Provision for credit losses despite improving municipal bond market - Management explained that the provision for credit losses was related to specific underperforming properties, and the overall portfolio quality remained consistent [50][54]

Financial Data and Key Metrics Changes - Core pre-tax, pre-provision income for Q3 2025 was $54.4 million, up from $49.4 million in Q2 2025 and $29.8 million year-over-year [3][4] - Core EPS for Q3 was $0.61, representing a 110% year-over-year increase [10] - Reported NIM increased to 3.01%, with a significant increase in the spread between loans and deposits following the Fed rate cut [10][5] Business Line Data and Key Metrics Changes - Business loans grew over $160 million in Q3, compared to $110 million in Q2, with year-over-year growth exceeding $400 million [7] - Loan originations, including new lines of credit, increased to $535 million, with a weighted average rate of approximately 6.95% [7] - Core deposits increased by $1 billion year-over-year, with total deposits up approximately $320 million from the prior quarter [4][10] Market Data and Key Metrics Changes - Non-performing assets (NPAs) were up slightly but represented only 50 basis points of total assets, which is favorable compared to peers [4] - The company maintained a strong liquidity position with a core deposit-funded balance sheet [4] Company Strategy and Development Direction - The company is focused on organic growth, particularly in business loans and core deposits, while managing its commercial real estate concentration ratio [8][38] - New branch openings in Manhattan and New Jersey are part of the strategy to expand market presence [8] - The company aims for NIM expansion in the fourth quarter and significant opportunities in 2026 based on loan repricing [8][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality and expects resolution of legacy NPAs in Q4 [22] - The company anticipates a gradual improvement in NIM due to reduced deposit costs and stable loan yields [12][13] - Management believes the industry is in the later innings of the credit cycle, with a strong local economy and no significant stress expected [49] Other Important Information - Non-interest income for the quarter was $12.2 million, including a $1.5 million fraud recovery [11][46] - The common equity tier 1 ratio grew to over 11.5%, and total capital ratio increased to over 16% [11][12] Q&A Session Summary Question: Inquiry about charge-offs related to non-performing loans - Management clarified that charge-offs were primarily related to owner-occupied and non-owner-occupied commercial real estate, with no multifamily loans involved [21][22] Question: Expectations on multifamily payoffs and future prepayments - Management indicated that while there were significant payoffs this quarter, future prepayments are expected to normalize [24] Question: Discussion on normalized charge-offs and future expectations - Management stated that charge-offs are currently at 31 basis points and expect to return to historical levels as new businesses are built out [30][31] Question: Insights on deposit betas with potential rate cuts - Management noted that gradual rate cuts would help maintain deposit costs, with current costs in the low 190s [34][35] Question: Thoughts on M&A and strategic alternatives - Management emphasized a focus on organic growth and deploying excess liquidity rather than pursuing M&A at this time [38][45] Question: Discussion on stock repurchases given capital ratios - Management confirmed that discussions on stock repurchases have begun, with a focus on deploying capital effectively before considering buybacks [44][45]

Financial Data and Key Metrics Changes - The company reported a net income of $10.8 million or $0.56 per share for Q3 2025, down from $13.2 million or $0.68 per share in the previous quarter [4][6] - Pre-provision pre-tax revenue (PP&R) increased by 17% from Q2 and 48% year-over-year [6] - Net interest income for Q3 was $38.8 million, up by $1.6 million or 4% from the previous quarter, and up by $6.6 million or 20% year-over-year [6][7] - Non-interest income comprised 31% of revenue in Q3, up 3% from Q2 and 8% year-over-year [7] - Non-interest expense totaled $35.7 million in Q3, down by $804,000 or 2% [7] Business Line Data and Key Metrics Changes - Wealth management revenues increased by 3%, with a 6% rise in asset-based revenues due to market appreciation and the acquisition of $195 million in managed assets [6][7] - Mortgage banking revenues reached $3.5 million, up 15% for the quarter and 22% year-over-year [7] Market Data and Key Metrics Changes - End-of-period assets under administration (AUA) totaled $7.7 billion, up $501 million or 7% [7] - In-market deposits increased by $179 million or 4% from the end of Q2 and by $431 million or 9% year-over-year [7][8] Company Strategy and Development Direction - The company is focused on long-term value creation and has made key investments to drive growth, including an asset purchase from Lighthouse Financial management [5] - The hiring of Jim Brown as Senior Executive Vice President and Chief Commercial Banking Officer aims to strengthen commercial relationships and integrate services with the wealth division [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current portfolio quality despite elevated provisions for credit losses due to resolved credit exposures [4][6] - The company anticipates low single-digit loan growth for the year, with a healthy pipeline of approximately $180 million [35] - Management expects margin expansion of about 5 basis points in Q4 [27] Other Important Information - The company repurchased 237,000 shares at an average price of $27.18 per share, totaling $6.4 million, and an additional 21,000 shares in October [8] - The effective tax rate for the full year is expected to be 22.5% [7] Q&A Session Summary Question: Remaining shared national credits size - The remaining shared national credits amount to about $173 million, split between commercial and industrial (CNI) and commercial real estate [17][47] Question: Change in specific reserves on a credit - The change was due to reduced recovery expectations from a Chapter 11 situation, leading to a significant loss [18] Question: Confidence in appraisals of other office properties - Confidence is based on different properties in various markets, with some showing leasing momentum [19][20] Question: Client flows in wealth management - The company is no longer disclosing client flows to align with peers [25] Question: Margin expectations - The company anticipates a margin expansion of about 5 basis points in Q4 [27] Question: Buyback plans - The company is pausing buybacks to evaluate capital levels for growth opportunities [38][46] Question: Breakdown of shared national credits - The breakdown includes $90 million in commercial real estate and $84 million in commercial and industrial [47] Question: NDFI exposure - The company has no NDFI exposure [49]

Core Insights - PNC Financial Services reported mixed results in its retail and corporate banking units, indicating a cautious approach towards consumer credit while showing confidence in corporate lending [1][2]. Retail Banking Unit - The provision for credit losses in the retail banking unit was $126 million for Q3, which is an increase of $43 million from Q2 and up $15 million compared to Q3 of 2024 [2]. Corporate and Institutional Banking Unit - The provision for credit losses in the corporate and institutional banking unit was $44 million for Q3, down $140 million from Q2 and down $90 million from Q3 of 2024 [2].

Core Insights - The banking sector is experiencing a strong year, with major banks like JP Morgan Chase, Wells Fargo, Citigroup, and Goldman Sachs reporting earnings that beat estimates for Q3 [1][3] JP Morgan Chase Earnings Report - JP Morgan Chase reported a profit increase of 12% year-over-year, reaching $5.7 billion, with revenue of $47.12 billion, up 9% [3] - Trading revenue hit a record of $8.9 billion, driven by investor repositioning during a volatile quarter, with the trading division up 25% year-over-year [3][4] - Investment banking fees rose 16% to $2.6 billion, making JP Morgan the top bank for investment banking fees this year according to Deal Logic [4] CEO Jamie Dimon's Remarks - Jamie Dimon highlighted a generally resilient US economy but noted signs of softening in job growth and expressed concerns over geopolitical issues, tariffs, trade uncertainty, elevated asset prices, and inflation risks [5][6] - JP Morgan's provision for credit losses increased by 9% to $3.4 billion, indicating potential preparations for higher loan defaults [6] Market Reaction - Despite strong earnings, JP Morgan's stock saw a decline of about 1.3% following the earnings report, likely due to concerns raised during the earnings call [7] - The bank raised its full-year forecast for net income interest, which was viewed positively by the market [7]

Core Viewpoint - Landmark Bancorp, Inc. (LARK) experienced a decline in share price of 3.8% following its second-quarter 2025 results, contrasting with a 0.6% increase in the S&P 500 index during the same period [1] Financial Performance - For Q2 2025, Landmark Bancorp reported diluted earnings per share (EPS) of 75 cents, a 44% increase year-over-year from 52 cents, but a decrease from 81 cents in Q1 2025. Net income was $4.4 million, up from $3 million year-over-year but down from $4.7 million sequentially [2] - Total revenues were primarily driven by net interest income, which rose 24.7% year-over-year to $13.7 million and improved 4.3% sequentially. Return on average assets was 1.11%, and return on average equity was 12.25%, both up from the prior year [3] Net Interest & Non-Interest Metrics - The net interest margin improved by 62 basis points year-over-year to 3.83%, attributed to higher loan yields and controlled funding costs. Average loan balances increased by $33.3 million, with loan yields rising by 3 basis points to 6.37% [4] - Non-interest income was $3.6 million, up $268,000 from Q1 but slightly down from $3.7 million year-over-year. Gains on mortgage loan sales increased by $178,000 sequentially, while fee and service charge income grew by $88,000 [5] Expense Management - Non-interest expenses totaled $11 million, up $200,000 from Q1, driven by higher data processing costs and increased losses at the captive insurance subsidiary. Year-over-year, expenses declined by $134,000 due to the absence of a prior-year valuation adjustment [6] Management Commentary - CEO Abigail Wendel highlighted loan growth and margin expansion as key earnings drivers, with strong demand across commercial, commercial real estate, and residential mortgage lending contributing to a $42.9 million increase in gross loans. Minimal net charge-offs of $40,000 were noted [7] - CFO Mark Herpich pointed out a strong capital base, with stockholders' equity rising by $5.7 million, increasing book value per share to $25.66 from $24.69. The efficiency ratio improved to 62.8% from 67.9% year-over-year, indicating better operational leverage [8] Credit Quality & Provision - Landmark Bancorp recorded a $1 million provision for credit losses in Q2, reflecting growth in loan balances and a conservative reserve stance. The allowance for credit losses increased to $13.8 million, or 1.23% of gross loans [9] - Non-performing loans rose to $17 million from $13.3 million in the prior quarter, attributed to two newly impaired commercial real estate credits. However, loans 30-89 days delinquent fell to $4.3 million from $10 million in Q1, indicating improving performance metrics [10] Deposit Dynamics & Funding Strategy - Total deposits decreased by $61.9 million from the prior quarter to $1.3 billion, mainly due to brokered deposit outflows and lower balances in money market and checking accounts. Year-over-year, deposits rose by $23.4 million, or 1.9%. To support loan growth, borrowings from the Federal Home Loan Bank increased by $105.9 million [12] - Management expressed confidence in liquidity, noting significant capacity for additional borrowing and plans to reduce borrowings through investment portfolio cash flows in the coming quarters [13] Strategic Outlook - Management reiterated plans to deepen customer relationships and grow deposits through its 29 community bank branches in Kansas, with deposit-gathering initiatives set to roll out in the second half of 2025 [14] Other Developments - Landmark Bancorp's board declared a quarterly cash dividend of 21 cents per share, marking the 96th consecutive quarterly dividend since the company's formation in 2001 [15]

Financial Data and Key Metrics Changes - The company reported a net income of $77.4 million for Q2 2025, an 11.4% increase compared to $69.5 million for Q1 2025 [6][14] - Diluted earnings per share increased by 12.2% to $1.10 for Q2 2025 from $0.98 in Q1 2025 [6] - Net interest margin increased from 2.25% in Q1 2025 to 3.27% in Q2 2025, attributed to a lower cost of funds [14][17] - Total deposits increased by $189 million or 3.8% annualized during Q2 2025 [12] Business Line Data and Key Metrics Changes - Total gross loans increased by $432 million or 8.9% annualized, driven by increases in commercial loans, commercial real estate loans, and residential loans [6][12] - Noninterest income for Q2 2025 increased by $4.2 million to $15.4 million compared to $11.2 million in Q1 2025 [15] - Noninterest expense increased by 4% to $89.1 million in Q2 2025 from $85.7 million in Q1 2025 [16] Market Data and Key Metrics Changes - The average loan-to-value ratio for commercial real estate loans remained at 49% as of June 30, 2025 [9] - Nonaccrual loans were 0.9% of total loans as of June 30, 2025, increasing by $19.6 million compared to Q1 2025 [11] Company Strategy and Development Direction - The company revised its 2025 loan growth guidance to 3% to 4% from a previous range of 1% to 4% due to strong Q2 loan growth [7] - The management emphasized a balanced growth in both commercial and industrial (C&I) loans and commercial real estate [29] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the economic landscape, noting potential impacts from external factors such as terrorism and CPI adjustments [29] - The company is optimistic about maintaining a strong pipeline for the second half of the year [29] Other Important Information - The effective tax rate for Q2 2025 was 19.56%, with guidance updated to between 18.5% to 19% due to recent California tax legislation [17] - The company has an unused borrowing capacity from the Federal Home Loan Bank of $7 billion and the Federal Reserve Bank of $1.5 billion as of June 30, 2025 [13] Q&A Session Summary Question: Impact of California state tax change on income tax rate - The CFO confirmed a direct impact of $3.4 million due to writing off a portion of the deferred tax asset [20] Question: Allowance for Credit Losses (ACL) refill drivers - The CFO explained that the refill was primarily driven by economic factors in Moody's model rather than specific portfolio issues [21][23] Question: Loan growth guidance and pipeline outlook - Management indicated a strong pipeline for the second half of the year but maintained caution regarding potential loan demand drops [29][30] Question: Federal Home Loan Bank borrowing details - The CFO clarified that the recent borrowings were mainly two-week borrowings at a rate of approximately 4.6% [32] Question: Increase in classified loans - The CFO noted that the increase was due to one commercial relationship experiencing cash flow issues, but they are expected to catch up [37][39]

Core Points - Blue Foundry Bancorp reported a net loss of $2.7 million, or $0.13 per diluted common share, for Q1 2025, consistent with the previous quarter and slightly improved from a net loss of $2.8 million in Q1 2024 [1][34]. Financial Performance - The net interest margin increased by 27 basis points to 2.16%, driven by improved yields on assets and reduced costs of liabilities [2][12]. - Interest income for the quarter was $22.7 million, up by $928 thousand, or 4.3%, compared to the previous quarter [6]. - Interest expense decreased by $343 thousand, or 2.8%, to $12.0 million compared to the linked quarter [6]. Loan and Deposit Growth - Total loans increased by $42.2 million to $1.63 billion, with significant growth in commercial real estate and consumer portfolios [4][22]. - Deposits rose by $43.9 million to $1.39 billion, with increases in NOW and demand accounts and time deposits [7][22]. Asset Quality - The non-performing asset ratio was 0.27%, with non-performing loans totaling $5.7 million, or 0.35% of total loans [28][36]. - The allowance for credit losses on loans was 0.81% of gross loans, with a provision for credit losses of $201 thousand recorded for Q1 2025 [28][36]. Capital Position - Tangible book value per share increased to $14.81, and the company maintained a strong capital position [2][28]. - Shareholders' equity decreased by $5.5 million to $326.7 million, primarily due to share repurchases [28].

Financial Highlights - UMB Financial Corporation's market capitalization is $7.7 billion[5] - Total assets reached $69.3 billion[5] - Gross loans amounted to $35.9 billion[5] - Total deposits totaled $58.5 billion[5] - Institutional Assets Under Administration (AUA) reached $558.9 billion[5] - The Common Equity Tier 1 Capital Ratio is 10.11%[5] - The Total Risk Based Capital Ratio is 12.54%[5] Q1 2025 Performance - Commercial & Personal Banking Services revenue was $398.9 million, with average deposits of $33.7 billion[9] - Institutional Banking Services revenue was $164.9 million, with average deposits of $16.6 billion[12] - Net Interest Income (NII) was $397.6 million, including Purchase Accounting Adjustments (PAA) accretion of $28.6 million[62] - Net income available to common shareholders (GAAP) was $79.3 million, or $1.21 per diluted share[62]

Financial Data and Key Metrics Changes - The company reported net income of $1.7 million for the quarter, a significant decline from $15.3 million in the prior quarter, resulting in earnings per diluted share of $0.06 compared to $0.50 previously [7][29] - The pretax income decreased by $17.3 million to $2.4 million in the first quarter, driven by a higher provision for credit losses, a decline in net interest income, and increased noninterest expenses [29][30] - The allowance for credit losses increased to $129.5 million, representing coverage of total loans at 1.63%, up 19 basis points from the prior quarter [21][31] Business Line Data and Key Metrics Changes - Commercial lending grew by $109.1 million or 4.3% from December 31, 2024, reflecting the impact of new additions to the Commercial & Industrial (C&I) team [11] - Deposits increased by $146.2 million in the first quarter, primarily through time deposits in digital and branch channels, enhancing the bank's liquidity [12][32] - Noninterest income rose to $8.2 million for the first quarter, compared to $4.1 million in the prior quarter, largely due to a $200 million separate account BOLI transaction [36] Market Data and Key Metrics Changes - The company noted modest exposure to government contracting and GSA-linked assets, which reduces sensitivity to changes in federal budget spending [13] - The DC economy is diversified beyond the federal government, including educational institutions, a growing technology sector, and tourism, supporting long-term stability [14] Company Strategy and Development Direction - The company is focused on preserving capital flexibility, improving portfolio quality, and managing through volatility while maintaining long-term franchise value [17][28] - There is an emphasis on exploring asset disposition strategies for office loans to address evolving valuation risks [15][16] - The company aims to deepen relationship-based deposits and drive operational excellence despite challenges in asset quality and valuation pressures [41][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged sustained pressure on office property valuations and the need for adequate reserves to absorb potential losses [15][17] - The outlook for net interest margin (NIM) is being adjusted downward due to higher funding costs, but there is optimism for improvement as funding costs decrease [35][60] - The company remains confident in its ability to execute strategic priorities and maintain a resilient capital base [18][40] Other Important Information - The company reported a tangible common equity ratio of 11% at quarter-end, with 75% of total deposits insured, reflecting a stable funding base [31][32] - The average deposits grew by $381.6 million from a year ago during the first quarter of 2024 [32] Q&A Session Summary Question: Insights on Office Portfolio Reserve Drivers - Management explained that the reserve build was driven by updated assumptions regarding probability of default and loss given default based on recent appraisals, leading to a $14.3 million increase in the allowance for credit losses related to the office portfolio [46][48] Question: Impact of Government Contracting on Credit - Management noted that the government contracting portfolio is modest, with ongoing communication with clients to assess potential impacts from federal budget changes [55][56] Question: NIM Expansion Assumptions - Management indicated that the forecast for NIM does not include Fed rate cuts and is driven by a new pricing structure for third-party payment processing and redeployment of funds into higher-earning assets [57][60] Question: Office Portfolio Appraisal Updates - Management confirmed that appraisals for the office portfolio are conducted proactively, with updates provided as necessary [100][102] Question: Growth in C&I Portfolio - Management expressed optimism about the growth in the C&I pipeline, attributing it to new team members and increased activity [104][105]