广发证券发布研报称，今年财政发力整体前置，下半年预计财政继续保持积极，政府部门债务增速可能 带动整体债务增速有所上行。区域上，江苏、山东、四川等经济大省地方财政发力更为明显，浙江、山 东、福建等省份上市公司ROIC处于较高水平。看好区域经济阿尔法优质城商行，重点关注青岛银行 (002948.SZ)、宁波银行(002142.SZ)、招商银行(600036.SH)等。 资产流动性和配置展望： (1)跨境流动性转折决定国内资产流动性方向性转折。考虑到美债、美元短期压力较大，预计考虑汇率 变动后人民币资产回报率将继续占优，跨境资金回流有望加速。(2)实体回报率与当前1.6%的无风险利 率相比已处于相对低位，风险资产回报率处于高位，预计资金逐步向风险资产(如信用债、股票)转移。 行业景气度展望： 规模，预计资负压力在三四季度逐步缓和，25年、26年生息资产同比增速分别为7.86%、7.80%，25年 风险资产加权增速小幅回升。息差，预计收窄幅度将逐步趋缓。中收，全年增长有望回正。非息，预计 三季度债市维持窄幅震荡格局，四季度在高基数下债市利率可能出现又一轮向上回调，投资依赖度和交 易能力可能是25年银行业绩的最大扰动项 ...

Core Viewpoint - UMB Financial Corp. reported strong operating earnings in Q1 2025, driven by increased net interest income and non-interest income, despite challenges from weak asset quality and rising non-interest expenses [1][10]. Financial Performance - Operating earnings per share for Q1 2025 were $2.58, exceeding the Zacks Consensus Estimate of $2.21 and up from $2.47 in the same quarter last year [1]. - Net income on a GAAP basis was $81.3 million, reflecting a 26.2% decline year over year [2]. - Quarterly revenues reached $571.3 million, a 41% increase year over year, surpassing the Zacks Consensus Estimate by 2.9% [3]. - Net interest income (NII) on a fully taxable equivalent (FTE) basis was $405.1 million, up 64.7% from the prior-year quarter, with a net interest margin (NIM) of 2.96% compared to 2.48% a year ago [3]. Income and Expenses - Non-interest income totaled $166.2 million, a 4.4% increase year over year, primarily due to growth in trust and securities processing, service charges, and brokerage income [4]. - Non-interest expenses rose to $384.8 million, a 51% increase year over year, driven by higher salaries, legal and consulting expenses, and amortization of intangibles [4]. - The efficiency ratio was 65.19%, up from 63.44% in the prior-year quarter, indicating a decrease in profitability [5]. Loans and Deposits - Average loans and leases as of March 31, 2025, were $32.3 billion, a 27.8% sequential increase, while average deposits rose 32.3% year over year to $50.3 billion [6]. Credit Quality - The ratio of net charge-offs to average loans was 0.45%, significantly higher than 0.05% in the prior-year quarter [7]. - Total non-accrual and restructured loans amounted to $100.9 million, up from $17.8 million a year ago [7]. - The provision for credit losses was $86 million in Q1 2025, compared to $10 million in the same quarter last year [7]. Capital Ratios - As of March 31, 2025, the Tier 1 risk-based capital ratio was 10.35%, down from 11.09% a year earlier, while the Tier 1 leverage ratio improved slightly to 8.47% from 8.39% [8]. - The total risk-based capital ratio decreased to 12.54% from 13.03% in the prior-year quarter [8]. Profitability Ratios - Return on average assets was 0.54%, down from 1.06% in the year-ago quarter [9]. - Operating return on average common equity was 12.47%, compared to 15.44% in the prior-year quarter [9].

CVB Financial Corp. (NASDAQ:CVBF) Q1 2025 Earnings Conference Call April 24, 2025 10:30 AM ET Company Participants Allen Nicholson - EVP, CFO Dave Brager - President and CEO Conference Call Participants Gary Tenner - D.A. Davidson Andrew Terrell - Stephens David Feaster - Raymond James Adam Butler - Piper Sandler Tim Coffey - Janney Montgomery Kelly Motta - KBW Operator Good day and welcome to the CVB Financial Corp. First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen ...