Core Insights - SouthState Bank reported strong financial performance in Q4 2025, with pre-provision net revenue (PP&R) of $323 million and earnings per share (EPS) of $2.47, contributing to a full-year PP&R of $1.27 billion and EPS of $9.50 for 2025 [2][5] Financial Performance - Loans and deposits grew at an annualized rate of 8% during the quarter, with cash and Fed Funds Sold levels increasing by nearly $500 million [1] - Excluding merger costs, 2025 EPS increased by over 30%, and tangible book value per share rose at a double-digit rate [3] - The company achieved record quarterly production of $3.9 billion in Q4, a 16% increase from Q3, with a loan pipeline of approximately $5 billion at year-end [11][12] Integration and Growth - The integration of Independent Financial, which expanded SouthState into Texas and Colorado, was characterized as "well-choreographed," with management noting reduced risk profile and positive momentum heading into 2026 [4][5] - Texas and Colorado markets produced $888 million in loans in Q4, a 15% increase from Q3, with full-year production in these markets up 10% compared to 2024 [13] Capital Management - The company was more aggressive with share repurchases in Q4, buying back 2 million shares at an average price of $90.65, and authorized an additional 5 million shares for repurchase [15][16] - The total payout ratio for the quarter was just shy of 100%, though management indicated this level is not expected to be sustained long term [16] Expense Management - Non-interest expenses rose due to performance-driven incentives and increased marketing and business development spending, but the efficiency ratio remained below 50% [6][9] - Management expects non-interest expenses to rise about 4% in 2026 from the 2025 base of $1.407 billion, reflecting inflationary pressures and growth initiatives [9] Outlook - The company anticipates net interest margin (NIM) to remain stable in the range of 3.80% to 3.90% for 2026, with average interest-earning assets expected to be between $61 billion and $62 billion [7][8] - Management forecasts loan accretion income of $125 million for 2026 and a deposit beta assumption of 27% to support loan growth [8]

Core Insights - Amerant Bancorp reported a diluted EPS of $0.07 for Q4, down from $0.35 in Q3, with net interest income at $90.2 million, a decline of $4.0 million from the previous quarter [1][6] - The company is undergoing a strategic plan aimed at stabilizing, optimizing, and growing the organization, focusing on credit transformation, balance sheet optimization, and operational efficiency [5][14] Financial Performance - Net interest margin decreased to 3.78% from 3.92% in Q3, while non-interest income rose to $22.0 million from $17.3 million, driven by gains from the sale and leaseback of banking centers [1][6] - Non-interest expense increased to $106.8 million, up $28.9 million sequentially, primarily due to valuation expenses and contract termination costs [6][7] - ROA and ROE weakened, reported at 0.10% and 1.12% respectively, compared to 0.57% and 6.21% in Q3 [7] Balance Sheet and Capital Actions - Total assets decreased to $9.8 billion from $10.4 billion, driven by reduced wholesale funding and higher-cost deposits [8][10] - The company repurchased 737,334 shares at an average price of $17.63, representing 78% of tangible book value [2][5] - CET1 increased to 11.8% from 11.54% in the prior quarter, with $13 million in share repurchases and $3.7 million in dividends declared [2][5] Credit Quality and Asset Management - Non-performing assets rose to $187 million, or 1.9% of total assets, from $140 million, or 1.3%, in the prior quarter, attributed to a rigorous review of the commercial loan portfolio [11][12] - The company reported gross charge-offs of $29.5 million in Q4, with an allowance for credit losses coverage ratio declining to 1.20% from 1.37% [13] 2026 Outlook - For 2026, the company anticipates loan growth of 7% to 9% and deposit growth to match loan growth, with net interest margin projected between 3.65% and 3.70% [14][15] - Management aims to reduce expenses to approximately $70 million to $71 million in the first half of 2026, with further reductions expected by year-end [15] Strategic Initiatives - The company is focusing on improving credit quality and disciplined loan origination, with aspirations to achieve a ROA close to 1% and an efficiency ratio near 60% by year-end 2026 [16] - Amerant is monitoring developments in Venezuela, viewing potential opportunities in deposits and asset management rather than lending strategies [17]

Core Viewpoint - KeyCorp is undergoing significant changes to its board of directors in response to demands from activist investor HoldCo Asset Management, which has criticized the bank's stock performance and governance practices [1][4]. Board Changes - KeyCorp has appointed Todd Vasos, CEO of Dollar General, as the new lead independent director, replacing Alexander Cutler, who has held the position since at least 2010 [2][5]. - Two new directors, Antonio "Tony" DeSpirito and Christopher Henson, have been nominated for one-year terms, both bringing extensive banking experience [3][9]. - The board will maintain a total of 14 directors following the upcoming election, despite the recent retirement of David Wilson due to health reasons [7]. Activist Investor Influence - HoldCo Asset Management issued a report criticizing KeyCorp's board for share dilution and called for the termination of CEO Chris Gorman, among other governance changes [4][6]. - The activist group owns approximately $142 million of Key shares, representing about 0.7% of the bank's stock [6]. Financial Performance - KeyCorp reported a net income of $510 million for the fourth quarter, a significant improvement from a net loss of $244 million in the same quarter the previous year [11]. - Revenue for the fourth quarter reached $2.0 billion, reflecting increases in both net interest income and noninterest income, with noninterest expenses totaling $1.2 billion, up 1% year over year [12]. - Average loans during the fourth quarter were $106.3 billion, with a decrease in total consumer loans but an increase in commercial loans from $72.1 billion to $76 billion [13]. Future Outlook - KeyCorp plans to repurchase at least $300 million of its stock in the first quarter and expects similar buybacks in future quarters [6][9]. - The bank anticipates overall loan growth of 1-2% for 2026, with commercial loans projected to grow by about 5% [14].