Key Takeaways MCO's Corporate Finance revenues are expected to drop 6.3% y/y on weaker leveraged loan issuance in Q2. Structured Finance revenues to likely fall 6.1% amid lower CMBS and ABS issuance volumes. MA revenues are projected to rise 8.7%, aided by strong demand and inorganic growth efforts.Moody's (MCO) is scheduled to announce second-quarter 2025 results on July 23, before the opening bell. The company’s Corporate Finance line, the largest revenue contributor at the Moody's Investors Service (“M ...

SECOND QUARTER 2025 INVESTOR PRESENTATION July 22, 2025 FORWARD-LOOKING STATEMENTS During the course of this presentation, management may make projections and forward- looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward-looking statements involve certain risks and uncertainties, including a variety of factors (including a downturn in the economy, greater than expected interest and non-interest expenses, increase ...

Core Insights - Huntington Bancshares Incorporated reported a net income of $536 million for Q2 2025, reflecting a 2% increase from the previous quarter and a 13% increase year-over-year [2] - The company achieved a return on average assets of 1.04% and a return on average common equity of 11.0% [3] - The CEO highlighted the successful execution of the organic growth strategy, with significant customer acquisition and deepening relationships contributing to growth in net interest income and fee-based revenue [4] Financial Performance - Earnings per common share (EPS) remained at $0.34, with a $0.04 increase compared to the year-ago quarter [5] - Net interest income rose by $41 million (3%) from the prior quarter and by $155 million (12%) year-over-year [5] - Noninterest income decreased by $23 million (5%) from the prior quarter, but increased by $37 million (7%) when excluding certain losses [5] Loan and Deposit Growth - Average total loans and leases increased by $2.3 billion (2%) from the prior quarter and by $9.8 billion (8%) year-over-year, reaching $133.2 billion [5] - Average commercial loans grew by $1.6 billion (2%) from the prior quarter and by $6.7 billion (10%) year-over-year [5] - Average total deposits increased by $1.8 billion (1%) from the prior quarter and by $9.9 billion (6%) year-over-year [5] Credit Quality - Net charge-offs were 0.20% of average total loans and leases, a decrease of 6 basis points from the prior quarter [5] - The nonperforming asset ratio was 0.63%, which is 2 basis points higher than the prior quarter [5] - The allowance for credit losses (ACL) was $2.5 billion, or 1.86% of total loans and leases, reflecting a $37 million increase from the prior quarter [5] Capital Ratios - The Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5%, slightly down from 10.6% in the prior quarter [5] - The Tangible Common Equity (TCE) ratio improved to 6.6%, up from 6.3% in the prior quarter [5] - Tangible book value per share increased by $0.33 (4%) from the prior quarter and by $1.24 (16%) year-over-year, reaching $9.13 [5] Strategic Initiatives - The announced combination with Veritex Holdings, Inc. is expected to accelerate Huntington's growth initiatives in the Texas market [5][6] - The company is focused on disciplined credit risk management, as evidenced by improved net charge-offs and stable levels of criticized and non-performing assets [6]

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 15.1% compared to the same quarter last year, adjusted EPS rose by 22.7%, and tangible book value per share grew by 10.9% year-over-year [6][7][10] - The company has achieved double-digit compound annual growth rates (CAGRs) over the last decade in revenue, EPS, and tangible book value per share, significantly outperforming peers [7][10] Business Line Data and Key Metrics Changes - End of period loans increased by 10.7% on a linked quarter annualized basis, driven by new markets and relationship managers [17] - Deposit growth was recorded at 4.7% linked quarter annualized, with an estimated total deposit growth rate maintained at 7% to 10% for 2025 [19][20] - Net interest margin (NIM) finished up two basis points at 3.23%, with expectations for a flat to slightly up NIM in the upcoming quarters [21] Market Data and Key Metrics Changes - Core deposit growth was 13%, significantly outpacing the peer median during a challenging economic environment [10] - The company has adjusted its loan growth outlook to a range of 9% to 11% for the year, reflecting a strong pipeline despite macroeconomic uncertainties [18] Company Strategy and Development Direction - The company employs a market share takeaway strategy, focusing on recruiting experienced revenue producers from competitors to drive growth [11][12] - The focus remains on organic growth rather than mergers and acquisitions, with a strong emphasis on hiring and developing talent within existing markets [35][36] - The company is optimistic about deepening its presence in current markets, particularly in Florida and Texas, while continuing to hire across its existing footprint [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the current economic environment, noting that clients are in a cautious state but showing underlying optimism for future growth [46][47] - The company anticipates a strong year in 2025, supported by investments in new markets and successful hiring strategies [28][26] Other Important Information - The company has raised its earnings estimate for Bankers Healthcare Group (BHG) from 20% growth to approximately 40% growth for 2025, driven by lower operating costs and improved credit performance [25] - The total expense outlook for the year has been modified to a range of $1,145 million to $1,155 million, reflecting a more positive outlook [27] Q&A Session Summary Question: Clarification on the expected asset growth from new hires - Management confirmed that the cohort of hires from 2020 to 2024 is expected to yield approximately $19 billion in organic asset growth through 2029 [30][31] Question: Appetite for M&A given organic growth success - Management reiterated a preference for organic growth over M&A, citing the ability to produce outsized growth through hiring rather than taking on integration risks [35][36] Question: Customer sentiment and appetite for growth - Management indicated that existing customers are currently cautious but optimistic about future opportunities, with a focus on maintaining credit quality [45][46] Question: Update on BHG's performance and outlook - Management noted that BHG's strong performance is driven by both production growth and improved credit quality, with expectations for continued strength in the second half of the year [56] Question: Future deposit costs and beta expectations - Management expects to maintain current deposit costs and beta levels, with a focus on managing through potential future rate cuts [105][106] Question: Regulatory developments and their impact - Management observed a more positive regulatory environment, which is not expected to alter the company's operational plans significantly [88][89]

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 15.1% compared to the same quarter last year, adjusted EPS rose by 22.7%, and tangible book value per share grew by 10.9% year-over-year [8][9][11] - The company has achieved double-digit compound annual growth rates (CAGRs) over the last decade in revenue, EPS, and tangible book value per share, significantly outperforming peers [9][10] Business Line Data and Key Metrics Changes - End-of-period loans increased by 10.7% on a linked quarter annualized basis, driven by new markets and relationship managers [19] - Deposit growth was recorded at 4.7% linked quarter annualized, with an estimated total deposit growth rate maintained at 7% to 10% for 2025 [21][22] - Net interest margin (NIM) finished up two basis points at 3.23%, with expectations for a flat to slightly up NIM in the upcoming quarters [23] Market Data and Key Metrics Changes - Core deposit growth was reported at 13%, significantly higher than the peer median, indicating strong market performance despite a challenging economic environment [11] - The company is focusing on deepening its presence in existing markets rather than expanding into new geographies, with potential opportunities identified in Florida and Texas [43][44] Company Strategy and Development Direction - The company employs a market share takeaway strategy, targeting the largest market share leaders in its footprint to capitalize on their vulnerabilities [12] - The hiring strategy focuses on experienced revenue producers, with an average of 18 years of experience, which is expected to yield approximately $19 billion in organic asset growth through 2029 [14][15] - The company aims to maintain organic growth as its primary strategy, with limited appetite for mergers and acquisitions due to the successful hiring model [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting that while clients are currently cautious, there is underlying optimism for future growth [51][52] - The company anticipates a strong year in 2025, supported by investments in new markets and successful hiring practices [30][28] Other Important Information - The company has adjusted its net interest income growth outlook to a range of 12% to 13% for 2025, reflecting a positive outlook despite potential rate cuts [24] - The company is increasing its guidance for fee growth from 8%-10% to 12%-15% for the year, driven by strong performance in banking fees and wealth management [28] Q&A Session Summary Question: Clarification on the expected asset growth from new hires - Management confirmed that the cohort of hires from 2020 to 2024 is expected to yield approximately $19 billion in organic asset growth, focusing on relationship managers [35][36] Question: Appetite for M&A given the organic growth model - Management reiterated a strong preference for organic growth over M&A, citing the ability to produce outsized growth through hiring rather than taking on integration risks [39][40] Question: Customer sentiment and appetite for growth - Management indicated that existing customers are currently cautious but optimistic about future opportunities, with a focus on maintaining credit quality [50][52] Question: Update on the BHG business and its contribution to earnings - Management noted that BHG's earnings contribution has increased, with expectations for continued strong performance driven by better credit quality and origination growth [62][63] Question: Future deposit costs and beta expectations - Management expects to maintain current deposit costs and beta levels, with a focus on optimizing margins in response to potential rate cuts [107][108]

The market's not loving the reaction to those earnings. They seemed very solid on the face. What are they missing.Well, I think they're missing the key to any company. Our organic growth was great. Um, FE growth 6% that was expectations, but our entry level going into the third quarter because of where they where you know the market went down quite a bit in April and rallied all throughout the year.So, our entry level in the third quarter is up 5% already in feed growth. Then on top of the closing of HPS on ...

Summary of Ring Energy Fireside Chat - July 15, 2025 Company Overview - **Company**: Ring Energy (REI) - **Industry**: Oil and Gas Exploration and Production - **Key Assets**: Concentrated in the Permian Basin, specifically the Central Basin Platform Key Points and Arguments 1. **Acquisition Details**: Ring Energy completed a $100 million acquisition of assets from Lime Rock Resources on March 31, 2025, enhancing its position in the Central Basin Platform [3] 2. **Production Metrics**: - Q1 2025 total production averaged 18,400 BOEs per day, with 12,100 barrels per day of oil - Projected Q2 2025 production is about 21,500 BOEs per day, and for the second half of 2025, it is expected to be around 20,000 BOEs per day [3] 3. **Operational Synergies**: The acquisition allows for operational efficiencies due to the proximity and similarity of the new assets to existing ones, leading to lower operating costs [4][5] 4. **Production Profile**: The acquired assets have a lower decline rate (13.5%) compared to Ring's overall decline rate (22%), which is beneficial for maintaining production levels and reducing capital expenditures [6][40] 5. **Development Locations**: The acquisition added approximately 40 gross development locations, which are competitive within Ring's existing portfolio [9][10] 6. **Cost Synergies**: Integration of operations has led to immediate cost savings, including the reduction of lease operators and workover rigs, and improved marketing agreements resulting in an additional $0.80 per barrel [12][14][15] 7. **Water Handling Capabilities**: The acquisition enhances water handling capabilities, crucial for drilling and produced water management in the Permian Basin [17][20] 8. **Debt Reduction Strategy**: Ring Energy is prioritizing debt reduction, with plans to pay off the Lime Rock acquisition within three to four quarters, even in a lower oil price environment [35][51] 9. **Market Conditions**: The current acquisition market is characterized by uncertainty, with sellers reluctant to sell at lower oil prices, impacting potential acquisition opportunities [64][65] 10. **Future Outlook**: The company is focused on maintaining flexibility in its operations to adapt to market volatility, with a long-term goal of reducing leverage and potentially introducing dividends in the future [73][74] Additional Important Insights - **Credit Facility**: Ring reaffirmed a credit facility borrowing base of $585 million, extended to June 2029, with a reduced pricing margin, indicating improved financial terms [53][56] - **Organic Growth**: While the focus has shifted towards debt reduction, the company remains interested in organic growth opportunities that offer high rates of return [68][70] - **Market Positioning**: The management emphasizes the importance of a strong balance sheet to withstand price volatility and maintain operational flexibility [49][51] This summary encapsulates the key discussions and insights from the Ring Energy fireside chat, highlighting the company's strategic focus on operational efficiency, debt reduction, and adaptability in a volatile market environment.

Core Viewpoint - Castellum, Inc. has made significant progress in its strategic transition from a start-up phase to a focus on organic growth, enhancing its capabilities and competitive position in the cybersecurity and defense sectors [2][4][8]. Group 1: Company Progress and Strategy - Since July 1, 2024, Castellum has transitioned from a start-up phase to a Phase 2 strategy focused on organic growth and strengthening its foundational platform [2][3]. - The company has integrated its operations across all business functions, emphasizing business development and enhancing its opportunity pipeline [3][4]. - Castellum has raised over $16 million through public offerings and warrant exercises, reducing long-term debt to less than $5 million [5]. Group 2: Achievements and Capabilities - Castellum won its largest prime contract in history, valued at $103.3 million, for Special Missions support of the Naval Air Systems Command [5]. - The company has established a new subsidiary focused on advanced technology products, complementing its tech-enabled services [5][8]. - Castellum has received consistent "best in industry" contractor performance assessment reports from government customers, indicating high-quality service [5]. Group 3: Future Outlook - The company aims to enhance shareholder value and strengthen national defense through strategic acquisitions and contract wins [9]. - Castellum is committed to increasing the volume and quality of proposals, likening its strategy to taking more swings at the right pitches in baseball [5]. - The leadership team has been restructured to include greater industry and technology experience, positioning the company for future growth [5][6].

Core Insights - Happy Belly Food Group Inc. has expanded its franchise agreement with an existing multi-unit franchisee in Alberta from 10 to 15 units for its Heal Wellness brand, which specializes in fresh smoothie bowls and smoothies [1][3][5] - The expansion reflects strong organic support from the franchisee base, indicating a growing interest in multi-unit ownership among existing operators [3][5] - Heal Wellness is recognized as Canada's first national smoothie bowl brand, with a scalable, asset-light model that supports its growth and enhances value for franchise partners and investors [5][6] Company Overview - Happy Belly Food Group Inc. is a leader in acquiring and scaling emerging food brands across Canada [9] - The company has a total of 616 retail locations under contract, which includes development, construction, and operational stages, indicating a robust franchise pipeline [5][6] Brand Performance - Heal Wellness has seen significant growth since its initial five-unit agreement in October 2023, doubling to 10 units by May 2024, and now expanding to 15 units [3][5] - The brand is experiencing increasing brand awareness and customer loyalty, contributing to its expanding national footprint with additional units under construction in Alberta, Ontario, and Prince Edward Island [5][6] Strategic Growth - The company is focused on a strategic blend of organic growth and targeted acquisitions to accelerate the momentum behind Heal Wellness and its broader portfolio [5][6] - By aligning with experienced operators and securing prime real estate, Happy Belly aims to strengthen its long-term fundamentals and deliver sustained growth through 2026 and beyond [6]

Core Insights - Northern Trust Corporation (NTRS) successfully passed the Federal Reserve's 2025 stress test, maintaining a 2.5% Stress Capital Buffer, indicating a strong capital position and resilience against severe economic downturns [1][3] - Analysts have revised earnings growth estimates for NTRS upward for 2024 and 2025, reflecting optimism about the company's financial performance [2] Financial Performance - The Zacks Consensus Estimate for NTRS's earnings per share (EPS) for 2025 is projected at $8.18, with a year-over-year growth estimate of 6.23% [12] - Over the past three to five years, NTRS's EPS has increased by 3.1%, with a projected growth rate of 6.2% in the near term [8][11] - The company reported a return on equity (ROE) of 13% in the first quarter of 2025, indicating consistent profitability and operational efficiency [16] Dividend and Share Repurchase - Following the stress test, NTRS plans to increase its quarterly dividend by 7% to $0.80 per share starting in Q3 2025, subject to board approval, with a current dividend yield of 2.34% [4] - NTRS has an active share repurchase program, having repurchased $287 million worth of shares in Q1 2025, with $25 million authorized for buybacks [6] Growth Drivers - The company has experienced a compound annual growth rate (CAGR) of 7.8% in total revenues from 2020 to 2024, supported by increases in net interest income (NII) and non-interest income [12][14] - Loan and lease balances grew at a CAGR of 6.7% during the same period, with expectations for a rebound in loan activity as the client base expands [13][14] - The launch of Family Office Solutions in April 2025 aims to attract ultra-high-net-worth clients, enhancing revenue potential [14] Cost Management - Northern Trust is implementing cost optimization measures, including disciplined headcount management and process automation, to enhance productivity and achieve financial objectives [15] - The company has maintained a solid liquidity position, with deposits totaling $52 billion compared to total debt of $12 billion, supporting its financial flexibility [7] Market Performance - Over the past year, NTRS shares have increased by 53.1%, outperforming the industry growth of 28.6% [17] - NTRS currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [20]