Core Viewpoint - First Horizon Corporation will participate in the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, showcasing its leadership in the financial services sector [1] Group 1: Company Participation - Chief Financial Officer Hope Dmuchowski and Chief Credit Officer Thomas Hung will represent First Horizon at the conference [1] - A live webcast and audio replay of the event will be available on the First Horizon Investor Relations website [1] Group 2: Company Overview - First Horizon Corporation has $83.9 billion in assets as of December 31, 2025, positioning it as a leading regional financial services company [1] - The company operates in 12 states, primarily in the southern U.S., offering a wide range of financial services including commercial, private banking, consumer, and wealth management [1] - First Horizon has received recognition as one of the best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [1]

Core Insights - Farmers & Merchants Bancorp, Inc. reported record quarterly earnings per share, stockholders' equity, and total assets for the fourth quarter and full year of 2025, reflecting strong operational performance and growth across its markets [2][4]. Financial Performance - Net income for Q4 2025 was $9.8 million, up 16.8% from $8.4 million in Q4 2024, with earnings per share increasing to $0.71 from $0.61 [3][9]. - For the full year 2025, net income reached $33.3 million, a 28.4% increase from $25.9 million in 2024, with earnings per share rising to $2.43 from $1.90 [3][9]. - The company achieved a return on average assets of 0.99% for 2025, compared to 0.78% in 2024, and a return on average equity of 10.00%, up from 9.43% [9][27]. Deposits and Loans - Total deposits as of December 31, 2025, were $2.73 billion, a 1.6% increase from the previous year [5][9]. - Total loans, net increased by 5.9% to $2.71 billion, driven by growth in commercial real estate and agricultural loans, despite a decline in consumer loans [7][9]. Asset Quality - Nonperforming loans were $11.3 million, or 0.42% of total loans, compared to $3.1 million, or 0.12% of total loans in the previous year, indicating a focus on monitoring higher-risk sectors [8][9]. - The allowance for credit losses to total loans was 1.03% as of December 31, 2025, down from 1.08% in 2024 [11]. Stockholders' Equity and Dividends - Total stockholders' equity increased by 10.6% to $370.9 million, with tangible book value per share rising to $20.40 from $17.74 [13][14]. - The company declared a quarterly dividend of $0.23 per share, a 4.0% increase from the same period last year, marking the 31st consecutive annual increase in dividends [14][15]. Strategic Outlook - The company is positioned for sustained profitability in 2026, supported by a strong balance sheet and a focus on long-term value creation through a new three-year strategic plan [4][12].

Group 1 - Webster Financial Corporation operates as a commercial bank across the Northeast [1] - The company focuses on commercial banking, healthcare financial services, and consumer banking [1]

Core Viewpoint - Webster Financial Corporation has demonstrated strong financial performance in Q4 2025, with a focus on maintaining a sustainable dividend despite a freeze since 2019 [2][4][7]. Financial Performance - Webster reported an adjusted EPS of $1.59 for Q4 2025, an increase from $1.43 a year earlier [2]. - The company earned $5.90 per share over the trailing twelve months, resulting in a 27.1% payout ratio for the annual dividend of $1.60 per share [4][5]. Dividend Analysis - The annual dividend is $1.60 per share, with a dividend yield of 2.22% [3]. - The dividend has been maintained at $0.40 per quarter for seven consecutive years, with the most recent ex-dividend date on February 9, 2026 [3][6]. - The payout ratio based on operating cash flow is 20.7%, indicating strong dividend safety, with free cash flow covering the dividend 4.70 times [5][7]. Capital Management Strategy - Management has prioritized building capital and investing in organic growth, particularly in healthcare banking, rather than increasing dividends [6][7]. - The company repurchased 10.9 million shares in 2025 while maintaining a CET1 ratio of 11.2%, above its 11% target [7].

Company Overview - JPMorgan Chase & Co. is a leading global financial services firm operating in over 100 countries, offering services such as investment banking, consumer financial services, commercial banking, financial transaction processing, and asset management [1] Stock Performance - HSBC set a price target of $319 for JPM, indicating a potential price increase of approximately 2.85% from its current trading price of $310.16, despite the stock experiencing a decrease of 2.24% today [2] - The stock's price has fluctuated between $305.54 and $316.01 during the trading day [2] - Over the past year, JPM's stock has seen a high of $337.25 and a low of $202.16, showcasing its volatility [4] Institutional Investment Activity - Belpointe Asset Management LLC reduced its stake in JPM by 4% during the third quarter, selling 1,929 shares, leaving them with 46,462 shares valued at approximately $14.7 million [3] - Other institutional investors, such as Harbor Asset Planning Inc. and Mountain Hill Investment Partners Corp., have acquired new stakes valued at $26,000 and $32,000, respectively [3] - Family Legacy Financial Solutions LLC has significantly increased its position in JPM, indicating confidence in the company's potential [4] Market Capitalization and Trading Volume - JPMorgan Chase has a market capitalization of approximately $844.34 billion, making it a significant player in the financial sector [4] - Today's trading volume for JPM is 9,349,957 shares on the New York Stock Exchange, reflecting active investor interest [4]

Core Insights - JPMorgan Chase & Co. reported core earnings per share of $5.23, exceeding the Street consensus of $4.86 and TD Cowen's forecast of $5.02, with revenue reaching $46.77 billion against an estimate of $46.25 billion, driven by reduced costs and lower core provision charge [1] - Despite strong earnings, JPMorgan's shares fell 4% post-announcement due to investment banking revenues falling short of estimates, with analyst Steven Alexopoulos describing the decline as "unwarranted" given a positive outlook for investment banking activity and loan growth in 2026 [2] Company Overview - JPMorgan Chase & Co. is a multinational financial services company that provides investment banking, consumer and small-business financial services, commercial banking, asset management, and financial transaction processing [3]

Core Insights - Metropolitan Capital Bank & Trust failed on Friday, marking the first bank failure of 2026, as announced by the Illinois Department of Financial and Professional Regulation [1] - First Independence Bank has agreed to assume nearly all of Metropolitan Capital's deposits and a significant portion of its assets, ensuring that no depositors will incur losses [2] - The closure was attributed to unsafe conditions and an impaired capital position, with First Independence Bank positioned to continue essential services for the affected customers [3] Company Overview - Metropolitan Capital was established in 2005 and offered a range of services including commercial banking, investment banking, private banking, and wealth consulting to small- to medium-sized businesses across 46 states and 10 countries [5] - The bank's leadership included CEO Frank Novel and former CEO Michael Rose, who left in July to start a capital advisory firm [4] Acquirer Profile - First Independence Bank, based in Detroit, is noted as the seventh-largest Black-owned bank in the U.S., with assets increasing from over $200 million in 2020 to more than $500 million last year [6] - Kenneth Kelly, the CEO of First Independence, was appointed chair of the American Bankers Association in October [6] Historical Context - The failure of Metropolitan Capital is part of a broader trend, with previous years seeing multiple bank failures, including five in 2023 and two in both 2024 and 2025 [7]

Core Viewpoint - Stock Yards Bank & Trust Co. has increased its stake in Stock Yards Bancorp, signaling confidence in the bank's future despite recent stock performance [2][9]. Group 1: Transaction Details - Stock Yards Bank & Trust Co. acquired an additional 366,475 shares of Stock Yards Bancorp in the fourth quarter, with an estimated transaction value of $24.6 million [1][2]. - Following this transaction, the total holdings in Stock Yards Bancorp rose to 1,338,377 shares, valued at $86.93 million, reflecting a net position value increase of $18.90 million [2]. Group 2: Company Overview - Stock Yards Bancorp reported a total revenue of $546.47 million and a net income of $135.23 million for the trailing twelve months (TTM) [4]. - The company offers a dividend yield of 1.79% and had a stock price of $67.82 as of January 20, 2026 [4]. - Stock Yards Bancorp operates as a regional financial services provider, focusing on commercial banking and wealth management, with a strong community presence in key metropolitan areas [6][8]. Group 3: Market Performance - As of January 20, 2026, Stock Yards Bancorp shares were trading at $67.82, which represents a decline of 5.6% over the past year, underperforming the S&P 500 by 20.4 percentage points [7]. - The stake in Stock Yards Bancorp constitutes 2.66% of Stock Yards Bank & Trust Co.'s 13F reportable assets under management (AUM) [7]. Group 4: Strategic Insights - The increase in shareholding may indicate that management perceives the stock as undervalued, despite the company's strong fundamentals reported in 2025 [9]. - The bank's diversified service offerings, including commercial banking, mortgage, and investment management, contribute to stable revenue streams [8].

Financial Data and Key Metrics Changes - The company reported a core return on assets (ROA) of 1.62% for the quarter and an adjusted ROA of 1.35% with an adjusted efficiency ratio of 64.45% [3][4] - Net interest income increased by 4.7% over the prior quarter, while adjusted non-interest income rose by 8.3% [17] - The tangible common equity (TCE) ratio improved to 8.72%, up from 8.24% in the prior quarter [25] Business Line Data and Key Metrics Changes - The retirement division generated total revenue of $17.3 million, a 4.6% increase over the prior quarter, driven by growth in asset and transaction-based fees [22] - The wealth management business saw revenues increase by 13.4% to $7.4 million, with end-of-quarter assets under management rising by 0.8% [24] - Core revenues from fee income grew by 7% year-over-year, maintaining over 40% of total revenues [9] Market Data and Key Metrics Changes - The company experienced a decline in loans by 1.3% over the previous quarter due to strategic downsizing of the loan portfolio [19] - Deposits decreased by 5%, primarily due to the calling in of broker deposits and other wholesale funding [20] - The loan-to-deposit ratio stood at 96.6%, with a deposit retention rate close to 95% since the acquisition of Home Federal [21] Company Strategy and Development Direction - The company aims for sustainable organic growth and a return to top-tier profitability, focusing on enhancing its commercial bank and improving returns [5][6] - A strategic entry into the mid-market commercial and industrial (C&I) space is expected to drive growth, with strong pipelines entering 2026 [7] - The company plans to double the number of wealth management advisors and invest in technology and AI to enhance scalability and improve margins [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position and momentum as it enters 2026, highlighting strong core financial performance and successful execution of strategic initiatives [3][4] - The company anticipates loan growth in the mid-single digits and deposit growth in the low single digits for 2026, with a projected net interest margin of around 3.5% to 3.6% [26][27] - Management noted that the competitive environment for deposits is expected to remain strong, impacting net interest margin [79] Other Important Information - The company successfully converted its entire wealth business onto a new system, achieving 100% client retention [11] - The allowance for loan losses remained robust at 1.53% of total loans, with net recoveries reported [9] - The company has close to $2.8 billion in liquidity to support loan growth and other liquidity events [25] Q&A Session Summary Question: Balancing dynamics for 2026 regarding loan and deposit growth - Management aims to maintain a loan-to-deposit ratio around 95% to 96%, acknowledging potential seasonal fluctuations [34] Question: Insights on expenses and technology investments - Guidance includes team additions and variable costs related to technology investments [36][37] Question: Loan growth expectations and credit trimming - A significant portion of loan runoff was intentional, focusing on reducing marginal credits and enhancing C&I relationships [42] Question: Non-performing loans and resolution expectations - An increase in non-performing loans was related to a multifamily loan, with expectations for resolution in the first half of the year [45] Question: Margin trajectory and expectations for 2026 - Management expects gradual improvement in net interest margin, influenced by deposit flows [46] Question: Update on capital and acquisition opportunities - The company continues to explore potential acquisitions in the retirement and HSA space while prioritizing organic growth [54] Question: Competition in deposit pricing - The deposit market remains competitive, with rational pricing generally observed [79]

Company Overview - Banco De Chile (BCH) is a significant player in the Chilean banking system, providing a range of services including commercial banking, retail banking, corporate lending, wealth management, and treasury services [2]. Earnings Momentum - The core issue affecting Banco De Chile is earnings momentum, with analyst estimate revisions trending lower due to slowing loan growth, tighter financial conditions, and a challenging macroeconomic environment in Chile [3]. - Recent earnings estimates have been revised downwards, with the Zacks Consensus Estimates for the current year decreasing from $2.56 to $2.54, and next year's estimate dropping from $2.81 to $2.73 [4]. Industry Context - The Banks – Foreign industry ranks in the top 16% of the Zacks Industry Rank, indicating that there are other companies within the sector performing well, such as Banco Bilbao Viscaya Argentaria (BBVA) and Itau Unibanco (ITUB), which are rated as Zacks Rank 1 (Strong Buy) [5].