Vi e w p o i n t | 16 Nov 2025 10:21:02 ET │ 11 pages China Banks What's New from Citi 2025 China Conference CITI'S TAKE We hosted meetings with key China banks during our Citi China Conference during 11-14 Nov in Shenzhen and Shanghai. We summarize key takeaways below. NIM to diverge between big banks and regional banks in 2026E — NIM pressure could continue to moderate into 4Q25E given most banks have achieved 90%+ of full-year loan quota, which cools off pricing competition, although sector NIM should co ...

Core Insights - Robinhood is expanding its services by offering discounted mortgage loans to its Gold subscribers, in partnership with Sage Home Loans [1][5] - The mortgage rates provided by Sage are at least 0.75% below the national average, along with a $500 credit towards closing costs for borrowers [2][6] Company Overview - Robinhood, founded in 2013, revolutionized stock trading by offering commission-free transactions and has since expanded into cryptocurrency and fractional share trading [4] - The new mortgage lending initiative aligns with Robinhood's mission to democratize finance, particularly for its annual Gold subscribers [5] Partnership Details - Sage Home Loans, which underwrites over $750 million in mortgages in 2024, is collaborating with Robinhood to provide a streamlined, digital mortgage experience [2][3] - Sage offers a mobile-friendly platform with a quick mortgage preapproval process, promising a preapproval letter in just four minutes [6] Target Audience - The mortgage offering is exclusively available to Robinhood Gold members, who pay a monthly fee of $5 or an annual fee of $50, with discounts contingent on having an annual subscription [7]

Financial Data and Key Metrics Changes - Banco de Chile reported a net income of CLP 927 million for September 2025, reflecting a year-on-year growth of 1.9% and an ROAC of 22.3% [2][19] - The bank's net income for the third quarter of 2025 was CLP 293 billion, representing a 1.7% increase compared to the same period last year [18] - The return on average assets stood at 2.3%, maintaining a significant gap over peers [19] Business Line Data and Key Metrics Changes - Operating revenues totaled CLP 736 billion in Q3 2025, a 2.1% year-on-year increase, supported by solid customer income of CLP 630 billion, which grew 5.4% year-on-year [20][21] - Non-customer income decreased by 14.1% year-on-year to CLP 105 billion, primarily due to lower inflation-related revenues [21][22] - Total loans reached CLP 39.6 trillion as of September 2025, marking a 3.7% year-on-year increase [24] Market Data and Key Metrics Changes - The Chilean economy showed signs of recovery, with GDP growth of 3.1% year-on-year in Q2 2025, supported by a rebound in domestic demand [3][4] - Inflation increased to 4.4% in September 2025, prompting the central bank to maintain the interest rate at 4.75% [5][6] - The loan-to-GDP ratio stood at 76% as of September 2025, reflecting subdued credit expansion relative to economic activity [11] Company Strategy and Development Direction - Banco de Chile's strategy focuses on efficiency, collaboration, and a customer-first mindset, aiming for industry-leading profitability and market leadership in lending [12][13] - The bank is committed to digital transformation and operational productivity to enhance customer experience and drive growth [47][50] - The integration of the former collection services subsidiary, Socofin, has generated operational synergies and improved efficiency [15] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the Chilean economy, anticipating improved domestic demand and investment, which will drive loan growth [44][55] - The upcoming presidential elections are expected to influence macroeconomic conditions, with a consensus among candidates on the need for economic growth [54][55] - The bank expects a gradual recovery in loan growth as uncertainty eases, particularly in the SME and consumer segments [12][49] Other Important Information - Banco de Chile maintains a strong capital position with a CET1 ratio of 14.2% and a total Basel III capital ratio of 18% [34] - The bank's asset quality remains robust, with a delinquency ratio of 1.6%, significantly below peers [38] - Operating expenses increased by 1.2% year-on-year, reflecting disciplined cost management [39] Q&A Session Summary Question: Concerns about market share in commercial and consumer loans - Management acknowledged stable market shares and emphasized a focus on digital transformation and high-potential segments to improve market position [43][46] Question: Impact of upcoming presidential elections on macro outlook - Management highlighted the importance of the election results and the consensus on economic growth among candidates, which could enhance loan demand [51][54] Question: Outlook for loan growth in 2026 - Management indicated that loan growth is expected to accelerate, driven by improved economic conditions and a focus on commercial and consumer lending segments [57][59]

Core Viewpoint - Citizens Holding Company reported significant growth in net income and earnings per share for the three and nine months ended September 30, 2025, driven by loan growth and improved profitability metrics. Financial Performance - Net income for the three months ended September 30, 2025, was $2,357, or $0.42 per share, representing a 27.6% increase from the previous quarter and a 641.23% increase from the same quarter in 2024 [3][4]. - For the nine months ended September 30, 2025, net income was $6,057, or $1.08 per share, an increase of 1773.7% from a net loss of $362 in the same period in 2024 [4][28]. Loan and Deposit Growth - Total loans held for investment (LHFI) as of September 30, 2025, totaled $831,202, reflecting a 1.6% increase from the previous quarter and a 16.82% increase year-over-year [9][10]. - Total deposits as of September 30, 2025, were $1,182,358, a decrease from $1,265,573 at June 30, 2025, but an increase from $1,092,738 at September 30, 2024 [11]. Net Interest Income and Margin - Net interest income for the three months ended September 30, 2025, was $10,952, a 2.4% increase from the previous quarter and a 25.0% increase from the same period in 2024 [12][14]. - The net interest margin (NIM) increased to 3.20% for the three months ended September 30, 2025, up from 3.08% in the previous quarter and 2.40% in the same period in 2024 [9][12]. Credit Quality - Credit quality metrics remained strong, with non-performing assets (NPA) to loans at 0.85% as of September 30, 2025, compared to 0.82% at June 30, 2025 [9][16]. - The allowance for credit losses (ACL) to loans was 1.04% at September 30, 2025, up from 1.00% in the prior quarter [9][18]. Noninterest Income and Expense - Noninterest income for the three months ended September 30, 2025, increased by 15.2% compared to the previous quarter, primarily due to an increase in service charges on deposit accounts [22][23]. - Noninterest expense increased by 2.3% for the three months ended September 30, 2025, compared to the previous quarter, driven by higher salaries and employee benefits [26][27]. Capital Position - The company maintained a strong capital position, with a Tier 1 leverage ratio of 7.44% and a common equity tier 1 capital ratio of 10.90% as of September 30, 2025 [20][31]. - Tangible book value per common share increased to $7.96 as of September 30, 2025, up from $6.67 at June 30, 2025 [9][31].

Third Quarter 2025 Conference Call Safe Harbor This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of First Western Financial, Inc.'s ("First Western") management with respect to, among other things, future events and First Western's financial performance. These statements are often, but not always, mad ...

Core Insights - Eagle Financial Services, Inc. reported a strong third quarter for 2025, with net income rising to $5.6 million, a 6.0% increase from the previous quarter and a 63.1% increase year-over-year [2][3][6]. Financial Performance - Consolidated net income for Q3 2025 was $5,584,000, compared to $5,270,000 in Q2 2025 and $3,424,000 in Q3 2024 [2][3]. - Earnings per share for Q3 2025 were $1.04, up from $0.98 in Q2 2025 and $0.97 in Q3 2024 [2][3]. - The annualized return on average equity was 12.20% for Q3 2025, compared to 11.93% in Q2 2025 and 11.99% in Q3 2024 [2][3]. - The annualized return on average assets was 1.10% for Q3 2025, slightly up from 1.09% in Q2 2025 and significantly higher than 0.75% in Q3 2024 [2][3]. Income and Expenses - Net interest income increased to $17.2 million in Q3 2025, a 9.6% increase from Q2 2025 and a 30.7% increase from Q3 2024 [4][6]. - Total noninterest income was $5.2 million in Q3 2025, up from $4.9 million in Q2 2025 and comparable to $5.3 million in Q3 2024 [7]. - Noninterest expense rose to $14.3 million in Q3 2025, a 7.1% increase from Q2 2025 and an 11.3% increase from Q3 2024 [8]. Asset Quality - Nonperforming assets decreased from $17.5 million (0.86% of total assets) at June 30, 2025, to $14.3 million (0.74% of total assets) at September 30, 2025 [9]. - The ratio of allowance for credit losses to total loans was 1.01% as of September 30, 2025, down from 1.11% at June 30, 2025 [13]. Balance Sheet - Total consolidated assets were $1.93 billion as of September 30, 2025, a decrease of $102.6 million (5.04%) from June 30, 2025 [14]. - Total net loans increased by $22.5 million to $1.45 billion, driven primarily by growth in commercial real estate loans [15]. - Total deposits decreased to $1.66 billion as of September 30, 2025, down from $1.77 billion at June 30, 2025 [16][17]. Capital and Dividends - The Board of Directors announced a quarterly cash dividend of $0.31 per common share, payable on November 14, 2025 [20]. - Total consolidated equity increased to $185.6 million as of September 30, 2025, up $67.7 million from the previous year [20][22].

Financial Data and Key Metrics Changes - Ladder generated distributable earnings of $32.1 million or $0.25 per share, achieving a return on equity of 8.3% with adjusted leverage of 1.7 times [3][10] - The loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets [4][14] - The company maintained $879 million in liquidity, including $49 million in cash and $830 million of undrawn capacity on its unsecured revolver [8][11] Business Line Data and Key Metrics Changes - Loan origination activity accelerated with $511 million of new loans across 17 transactions, marking the highest quarterly origination volume in over three years [3][4] - The securities portfolio totaled $1.9 billion, with a weighted average yield of 5.7%, of which 99% was investment-grade and 96% was AAA-rated [15] - The real estate portfolio generated $15.1 million in net operating income during the third quarter, primarily consisting of net lease properties with long-term leases [5][15] Market Data and Key Metrics Changes - The company successfully closed its inaugural $500 million investment-grade bond offering at a rate of 5.5%, representing the tightest new issuance spread in Ladder's history [6][10] - As of quarter end, 75% of Ladder's debt consisted of unsecured corporate bonds, with a weighted average remaining term of four years [10][11] Company Strategy and Development Direction - Ladder aims to capitalize on investment opportunities while maintaining prudent credit risk management, expecting fourth quarter loan originations to exceed third quarter production [8][9] - The company plans to position itself alongside high-quality peers, including equity REITs, rather than solely within the commercial mortgage REIT space [8][9] - The focus will be on organic growth of the loan portfolio, with expectations of adding $1 billion to $2 billion of assets net on the balance sheet [32][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit performance and the quality of assets being originated, indicating a favorable lending environment [40] - The company anticipates that the yield curve will steepen next year, which could lead to more regular contributions to securitizations [19] - Management noted that the stock price has been affected by broader market concerns around private credit, but they believe the dividend remains stable and the asset base continues to improve [13][19] Other Important Information - Ladder's undepreciated book value per share was $13.71, net of a $0.41 per share CFO reserve [12] - The company repurchased $1.9 million of common stock in the third quarter, with $91.5 million remaining outstanding on its stock repurchase program [12] Q&A Session Summary Question: Are there any changes in origination strategy post investment-grade rating? - Management indicated they are looking at slightly larger transactions and noted improved stability in financing, leading to more profitable outcomes [22][23] Question: Is there growth expected in the $1.9 billion loan portfolio? - Management expects the loan portfolio to grow by approximately $1 billion, with a strong origination quarter leading to increased borrower interest [30][32] Question: Will improving ROE be part of the strategy in the next one to two years? - Management confirmed that the plan includes writing more loans and optimizing the capital structure to improve ROE [35][36] Question: Are there plans to launch a securities fund? - Management acknowledged past considerations for launching a securities fund but emphasized a focus on the commercial mortgage business over residential [57][59] Question: How is the New York office equity investment performing? - Management reported positive developments in the investment, with the building now over 90% leased and plans for further similar investments [61][63]

3Q25 Investor Presentation October 22, 2025 © 2025 United Community Bank | ucbi.com Disclosures CAUTIONARY STATEMENT This Investor Presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," " ...

Financial Performance & Profitability - Mercantile achieved a 20% quarter-over-quarter EPS growth, with EPS reaching $1.46 in 3Q25 compared to $1.22 in 3Q24[11] - The company reported a Return on Average Assets (ROAA) of 1.50% and a Return on Average Equity (ROAE) of 14.72% in 3Q25[11] - Mercantile maintained a stable net interest margin of 3.50% in 3Q25, slightly down from 3.52% in 3Q24, despite a lower interest rate environment[11] - Tangible book value per share increased by 13% to $37.41 at the end of 3Q25, compared to $33.07 at the end of 3Q24[11] Loan & Deposit Portfolio - Commercial loans contracted by 7% (annualized) in 3Q25, attributed to large and anticipated paydowns[11] - Total deposits grew by 9% (annualized) in 3Q25[11] - The loan-to-deposit ratio decreased to 96% at the end of 3Q25, compared to 102% at the end of 3Q24[11] Asset Quality & Capital - The nonperforming assets to total assets ratio was 0.16% at the end of 3Q25[11] - Net loan charge-offs to average loans were (0.05)% annualized in 3Q25[11] - The CET1 capital ratio was 11.4% at the end of 3Q25, up from 10.5% at the end of 3Q24[11] Strategic Initiatives & Outlook - The company expects loan growth between 5% and 7% (annualized) for the fourth quarter[92] - Mercantile anticipates a net interest margin between 3.40% and 3.50% for the fourth quarter[92] - The acquisition of Eastern Michigan Financial Corporation (EFIN) is expected to close in Q4 2025, projecting approximately 11% fully phased-in GAAP EPS accretion[127, 129]

Core Viewpoint - Long-term dividend growth is more valuable than high initial dividend yields for investors seeking sustainable returns over a decade or more [2][12] Company Overview - Nelnet is primarily known for its role in student loan financing but has diversified its operations significantly since the enactment of the Affordable Care Act, which restricted private companies from financing undergraduate student loans [4][5] - The company is transitioning away from its student loan portfolio while acquiring residual loans, expecting to generate $1 billion in cash flow from these loans, with $100 million anticipated in the latter half of 2025 and annually from 2026 to 2030 [5] Financial Performance - Nelnet Bank, a new lending operation, generated $14 million in net interest income, while the legacy undergraduate student loan portfolio generated $50 million in net interest income last quarter [6] - The educational software and payments processing division generated $486 million in revenue and $117 million in operating income in 2024, providing substantial cash flow for dividend payments [8] Asset Valuation - Nelnet holds a 22% stake in the private start-up Hudl, which could be worth hundreds of millions if it goes public, adding significant value to Nelnet's market cap of $4.7 billion [9] Dividend Growth Strategy - The company has a history of consistent dividend growth, with a 11% annual increase in dividend per share from 2014 to 2024, and plans to continue this trend alongside share repurchases [12]