Core Viewpoint - Waterstone Financial, Inc. demonstrated strong financial performance in the fourth quarter of 2025, with significant increases in net income and net interest income, outperforming the S&P 500 index during the same period [1][2][12] Financial Performance - The company reported net income of $7.7 million for Q4 2025, up from $5.2 million in the same quarter of the previous year, representing a 48.1% increase [2] - Earnings per share for the fourth quarter were 44 cents, a 57.1% increase from 28 cents per share a year ago [1][12] - Full-year net income for 2025 reached $26.4 million, or $1.48 per share, a 46.5% increase from $18.7 million, or $1.01 per share, in 2024 [12] Revenue Growth - Net interest income grew by 22.4% year-over-year to $15.7 million, while total noninterest income increased to $21.5 million from $19 million in the prior-year quarter [2] - The Community Banking segment's pre-tax income surged to $9.1 million, a 35.5% increase from the same quarter in 2024, with net interest income rising 20.4% to $15.5 million [3] Asset Quality and Efficiency - Asset quality metrics remained stable, with past due loans at 0.86% of total loans, slightly down from 0.90% a year ago [4] - The efficiency ratio improved to 49.2% from 51.5% in Q4 2024, indicating greater cost efficiency [5] Mortgage Banking Segment - The Mortgage Banking segment returned to profitability with pre-tax income of $0.9 million, reversing a loss of $0.6 million from the previous year [6] - Loan originations increased by 13.6% year-over-year to $534.6 million, with refinances accounting for 21.1% of total originations, up from 17.9% in the same period in 2024 [6][7] Management Insights - CEO William Bruss highlighted the strong finish to 2025, attributing success to improvements in net interest margin, deposit growth, and asset quality [8] - The company experienced net recoveries during the quarter, allowing for a release from the allowance for credit losses [11] Shareholder Returns - In Q4, Waterstone Financial returned $5.3 million to shareholders through dividends and stock buybacks, repurchasing approximately 174,000 shares at an average price of $15.62 [14]

Core Insights - Washington Trust Bancorp reported a strong financial performance for Q4 2025, with net income of $16.0 million, or $0.83 per diluted share, a significant increase from $10.8 million, or $0.56 per diluted share in Q3 2025. The full-year net income for 2025 reached $52.2 million, compared to a net loss of $28.1 million in 2024 [1][2][30]. Financial Performance - **Net Interest Income**: Increased to $40.7 million, up by $1.9 million, or 5%, with a net interest margin of 2.56%, an increase of 16 basis points [4][7]. - **Noninterest Income**: Rose to $18.5 million, an increase of $867 thousand, or 5% [5][29]. - **Noninterest Expense**: Totaled $38.0 million, up by $2.3 million, or 6%, with salaries and employee benefits increasing to $23.6 million, reflecting higher performance-based compensation [6][29]. Asset Quality - **Credit Quality Metrics**: Improved with nonaccrual loans decreasing to $12.9 million, or 0.25% of total loans, down from $14.0 million, or 0.27% [15][16]. - **Provision for Credit Losses**: Normalized to $600 thousand, a significant decrease from $6.8 million in the previous quarter [7][29]. Capital and Dividends - **Total Shareholders' Equity**: Increased to $543.6 million, up by $10.6 million, or 2% [14][19]. - **Dividends**: A quarterly dividend of $0.56 per share was declared for Q4 2025, consistent with the previous quarter [19][30]. Business Outlook - The company is positioned for sustainable growth with the addition of resources in commercial and wealth management business lines, including a dedicated institutional banking team [2].

Financial Data and Key Metrics Changes - Net income for fiscal 2025 reached $29.2 million, an all-time record, and increased by $4.9 million compared to fiscal 2024 [9] - Earnings per share (EPS) for fiscal 2025 was $3.67, also a record, representing a 22% increase from fiscal 2024 [9] - Return on assets for fiscal 2025 was 1.5%, and return on equity was 11.56%, both favorable compared to peers [10] - Total assets grew by 5% in 2025, surpassing the $2 billion mark [10] - Total capital was over $268 million at the end of the most recent quarter, with strong capital ratios exceeding regulatory requirements [10][11] Business Line Data and Key Metrics Changes - Total deposits increased by 5% in 2025 after a 4% decrease in fiscal 2023 and a 6% increase in 2024 [12] - The loan portfolio increased by 51% since 2021, although growth has flattened recently due to increased loan payoffs [13] - Non-performing assets were only 23 basis points of total assets at the end of the most recent quarter, indicating strong asset quality [16] Market Data and Key Metrics Changes - The banking industry faced significant challenges in 2023 and 2024, including deposit outflows and margin compression, but 2025 showed improvement with a more favorable yield curve [8] - Timberland's stock outperformed the Nasdaq Bank Index and the KBW Regional Bank Index over the past five years, with the stock price increasing from $29.52 to $37.42 [19] Company Strategy and Development Direction - The company opened a new branch in University Place, Washington, to better serve local customers and expand its footprint [21][23] - Timberland is focusing on enhancing technology resources, including online banking and partnerships with fintechs, to improve customer engagement and operational efficiency [26][29] - The company is committed to maintaining a strong presence in mortgage banking, despite challenges faced by other community banks [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced by the banking industry in recent years but expressed optimism about the recovery and improved profitability in 2025 [8] - The company is focused on community engagement and has been actively supporting local food banks and nonprofits [25] Other Important Information - The quarterly cash dividend was increased to $0.29 per share, marking the 53rd consecutive quarter of dividend payments [11] - The company has implemented effective fraud controls to address rising fraud concerns in the banking sector [28] Q&A Session Summary Question: Are there any questions from shareholders? - No questions were submitted during the meeting [32]

EARNINGS CALL 4th Quarter 2025 January 27, 2026 Forward-Looking Statements This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits, liquid ...

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ending ...

Core Viewpoint - KeyCorp (KEY) is expected to report strong fourth-quarter and 2025 results, driven by robust lending activities and solid demand for commercial and industrial loans, as well as consumer loans [1][11]. Lending and Earnings - The demand for commercial and industrial (C&I) loans, which constitute about 50% of KeyCorp's average loan balances, was solid in the quarter [1]. - The Zacks Consensus Estimate for KEY's average earning assets for the fourth quarter is $171.65 billion, reflecting a slight increase from the previous year [2]. - Management anticipates a 2% increase in period-end loans for 2025, with commercial loans expected to rise by 5% [1]. Net Interest Income (NII) - The consensus estimate for fourth-quarter NII (on a fully tax-equivalent basis) is $1.21 billion, indicating a year-over-year increase of 14% [4]. - Management expects NII to grow by 13% or more year-over-year, with a projected 22% increase for 2025 [4]. - Despite interest rate cuts, the company's net interest margin (NIM) is expected to improve, supported by loan growth and stabilizing deposit costs, with an expected NIM of 2.75-2.8% in the fourth quarter of 2025 [5][4]. Non-Interest Income - Mortgage rates declined significantly in the fourth quarter, leading to improved refinancing activities and origination volumes, positively impacting KeyCorp's mortgage banking income [6]. - The consensus estimate for commercial mortgage servicing fees is $69 million, reflecting a 1.5% year-over-year increase, while consumer mortgage income is estimated at $13.99 million, indicating a 12.6% decline [7]. - The total non-interest income estimate is pegged at $748 million, showing improvement from negative income reported in the prior year [13]. Investment Banking and Trading - The investment banking business is expected to benefit from robust deal-making activities, with a consensus estimate for investment banking and debt placement fees of $230 million, indicating a 4.1% year-over-year rise [9]. - Increased trading activities, influenced by market volatility and a significant U.S. government shutdown, are anticipated to positively impact KeyCorp's trading business [8]. Expenses and Asset Quality - KeyCorp's cost-saving measures and operational efficiency initiatives are likely to have curbed expense growth, although investments in technology may lead to a rise in total non-interest expenses [14]. - The consensus estimate for non-performing assets (NPAs) is $689 million, indicating a 10.8% year-over-year decline, while non-performing loans (NPLs) are estimated at $691 million, reflecting an 8.8% decline [16]. Earnings Expectations - The Zacks Consensus Estimate for fourth-quarter earnings is 38 cents per share, unchanged from the prior year, while the estimate for 2025 earnings is $1.47, indicating a 26.7% increase [18]. - The consensus estimate for quarterly sales is $1.94 billion, reflecting a year-over-year rise of 10.3%, with full-year sales estimated at $7.43 billion, indicating 16% growth from 2024 [19].

Financial Data and Key Metrics Changes - Camden National Corporation reported record third quarter earnings of $21.2 million, a 51% increase over the previous quarter [4][13] - Pretax pre-provision income rose 19% over the prior quarter, reaching $29.5 million [13] - The tangible common equity ratio increased by 32 basis points to 7.09%, and tangible book value grew 6% to $28.42 per share [5] - The net interest margin expanded by 10 basis points to 3.16% [6][14] - The return on average tangible equity was reported at 19.1% for the third quarter [6] Business Line Data and Key Metrics Changes - Annualized loan growth was 4%, reflecting a commitment to organic expansion [6] - Average core deposits grew by 2%, with savings deposit balances increasing by 5% [7] - Noninterest income reached a record high of $14.1 million, an 8% increase over the second quarter [16] Market Data and Key Metrics Changes - The committed loan pipeline totaled $116 million as of September 30 [7] - Credit quality metrics remained solid, with nonperforming assets decreasing by 14 basis points to 12 basis points of total assets [8][17] Company Strategy and Development Direction - The company is focused on executing the Northway financial integration strategy following the acquisition [5] - Investments in digital engagement and automation are aimed at enhancing customer service and operational excellence [10] - The company is strategically expanding its treasury management services into the New Hampshire market [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the diversified loan portfolio despite economic uncertainties [8] - The company anticipates continued momentum in loan growth and noninterest income, with a focus on disciplined expense management [11][29] - Future Fed rate cuts are expected to positively impact net interest margin [22][23] Other Important Information - The company recorded a charge-off of $10.7 million related to a syndicated loan participation [8][17] - The company hosted a Community Well-being Day, emphasizing its commitment to community engagement [10] Q&A Session Summary Question: Loan growth and pricing dynamics - Management noted strong momentum in commercial, small business, and home equity loans, with home equity up 54% year over year [20][21] Question: Margin outlook with potential Fed rate cuts - Management indicated expectations for margin expansion of 5-10 basis points in the next quarter, driven by funding costs [22][23] Question: Expense dynamics and growth outlook - Management discussed anticipated increases in operating expenses due to incentives and legacy contracts from the Northway acquisition [33][34] Question: Credit quality and provision outlook - Management expressed comfort with the current allowance for credit losses, indicating confidence in the underlying portfolio [44][45] Question: Loan growth expectations for 2026 - Management projected mid-single-digit loan growth for 2026, with strong performance expected in home equity and commercial loans [52][54] Question: Fee income growth trends - Management highlighted positive trends in fee income, particularly in brokerage and wealth management, with continued investment planned [56][57]

Core Insights - Bank of Hawaii (BOH) reported a revenue of $182.64 million for the quarter ended September 2025, reflecting a year-over-year increase of 12.2% [1] - Earnings per share (EPS) for the quarter was $1.20, up from $0.93 in the same quarter last year, with an EPS surprise of +6.19% compared to the consensus estimate of $1.13 [1] Financial Performance Metrics - Total Non-Performing Assets were reported at $16.86 million, lower than the average estimate of $20.31 million [4] - Total Non-Accrual Loans and Leases stood at $16.74 million, compared to the estimated $19.98 million [4] - Net Interest Margin was reported at 2.5%, matching the average estimate [4] - Average Balance of Total Interest Earning Assets was $22.38 billion, exceeding the average estimate of $21.24 billion [4] - Net charge-offs to average loans were at 0.1%, consistent with the average estimate [4] - Efficiency Ratio was reported at 61.5%, slightly better than the average estimate of 61.8% [4] - Net Interest Income (FTE) was $138.3 million, surpassing the average estimate of $132.58 million [4] - Annuity and Insurance revenue was $1.1 million, below the average estimate of $1.58 million [4] - Bank-Owned Life Insurance revenue was $3.68 million, exceeding the average estimate of $3.28 million [4] - Trust and Asset Management revenue was $12.6 million, slightly above the average estimate of $12.16 million [4] - Mortgage Banking revenue was $0.91 million, below the average estimate of $0.99 million [4] - Overall Net Interest Income was reported at $136.68 million, higher than the average estimate of $130.96 million [4] Stock Performance - Bank of Hawaii shares have returned -2.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - NVR, Inc. reported third-quarter 2025 results with earnings and Homebuilding revenues exceeding the Zacks Consensus Estimate, although both metrics showed a year-over-year decline [1][4][5] Financial Performance - Earnings per share were $112.33, surpassing the consensus estimate of $107.88 by 4.1%, but down 14% from $130.50 in the prior-year quarter [4] - Homebuilding revenues reached $2.56 billion, exceeding the consensus mark of $2.41 billion by 6.3%, yet declined 4.4% year over year [5] - Consolidated revenues, combining Homebuilding and Mortgage Banking fees, totaled $2.61 billion, a slight decrease of 4.5% year over year [5] Homebuilding Segment Analysis - Homebuilding segment revenues fell 4.4% year over year to $2.56 billion, with settlements down 5% to 5,639 units [6] - The average selling price (ASP) for settlements remained stable at $454,000, slightly below the estimated $460,000 [6] - New orders decreased 16% year over year to 4,735 units, while the ASP for new orders increased by 3% to $464,800 [8] Market Conditions - The housing market continues to show softness, with affordability challenges exacerbated by macroeconomic uncertainty and inflation [2] - Backlog units decreased 19% year over year to 9,165 homes, with a dollar value of $4.39 billion [8] - The cancellation rate for new orders increased to 19%, up from 15% a year ago [8] Cost and Margin Analysis - Gross margin contracted by 240 basis points year over year to 21%, primarily due to higher lot costs and pricing pressures [7] - Contract land deposit impairments totaled approximately $18.9 million, contributing to the decline in profitability [7] Mortgage Banking Performance - Mortgage banking fees fell 11.1% year over year to $49.2 million, with closed loan production totaling $1.54 billion, down 7% [9] - The capture rate remained stable at 86%, consistent with the previous year [9] Cash Position and Share Repurchase - As of September 30, 2025, NVR had cash and cash equivalents of $1.93 billion for Homebuilding and $39.3 million for Mortgage Banking, down from $2.56 billion and $49.6 million at the end of 2024 [10] - The company repurchased 178,178 shares for $1.33 billion during the first nine months of 2025 [10]

Financial Data and Key Metrics Changes - Western Alliance Bancorporation reported record net revenue of $938 million and pre-provision net revenue of $394 million for Q3 2025, reflecting strong business momentum [4][5] - Net interest income increased by 30% on a linked quarter annualized basis, reaching $750 million, driven by healthy loan growth and stable net interest margins [4][11] - The company generated EPS of $2.28, with a return on average assets of 1.13% and return on average tangible common equity of 15.6% [5][16] - The CET1 capital ratio grew to 11.3%, with total equity increasing to $7.7 billion and tangible book value per share climbing 13% year over year [5][16][23] Business Line Data and Key Metrics Changes - Mortgage banking revenue rose significantly, contributing to a $40 million increase in non-interest income, with AmeriHome growing revenue by $17 million quarter over quarter [5][12] - Commercial and industrial loans led loan growth momentum, while construction loans decreased by $460 million as they converted to term financing [17][18] - Non-interest expenses increased by $30 million from the prior quarter, primarily due to seasonal factors and elevated ECR-related deposits [13][14] Market Data and Key Metrics Changes - Deposits grew by $6.1 billion in Q3, with significant contributions from non-interest-bearing and savings accounts, despite a $635 million runoff in higher-cost CDs [17][18] - Regional banking deposits increased by $1.1 billion, with strong growth in commercial banking and innovation banking [18] - The allowance for loan losses rose to 78 basis points, reflecting the increase in loans and the company's proactive credit management strategy [16][20] Company Strategy and Development Direction - The company aims for loan growth of $5 billion and raised year-end deposit growth expectations to $8.5 billion, indicating confidence in its business pipeline [26] - Western Alliance is focused on maintaining strong asset quality and has implemented enhanced monitoring practices to mitigate risks associated with credit relationships [6][8] - The bank is evaluating issuing subordinated debt to support its share repurchase program, which is expected to be accretive to EPS [23][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in asset quality, stating that criticized assets have declined and that they do not foresee significant losses from current credit exposures [33][34] - The economic backdrop is viewed positively, with GDP growth and low unemployment supporting the bank's outlook [67] - The company anticipates continued growth in net interest income and non-interest income, with a projected effective tax rate of about 20% for Q4 [26][28] Other Important Information - The company has initiated a $300 million share buyback program, with $25 million already executed [23][41] - Management highlighted the importance of strong collateral and risk management practices in their lending operations, particularly in the non-depository financial institution space [69][70] Q&A Session Summary Question: Credit picture regarding First Brands and Canter 5 exposures - Management feels comfortable with asset quality and does not foresee losses from these exposures, supported by strong collateral and guarantees [33][34] Question: Expectations for ECR deposit beta and mortgage revenue - The beta for ECR-related deposits is expected to be around 70%, with mortgage-related income rising significantly due to lower mortgage rates [35][38] Question: Insights on buybacks and capital management - The company plans to maintain its $300 million buyback program and may issue subordinated debt to support capital ratios while continuing to repurchase shares [41][42] Question: Seasonal deposit flows and expectations for Q4 - The company anticipates some seasonal runoff in deposits, particularly related to the mortgage cycle, but expects to stabilize in 2026 [49][50] Question: Trends in classified loans and asset quality - The reduction in classified loans was driven by improved borrower fundamentals and successful resolutions, with no significant losses expected from current exposures [54][55]