Financial Data and Key Metrics Changes - The return on equity for 2025 was 13.2%, exceeding initial guidance [5] - Total income reached a record level for the third consecutive year, with commercial net interest income (NII) at EUR 15.3 billion despite lower interest rates [5][6] - Net profit for the year was over EUR 6.3 billion, contributing almost two percentage points to the CET1 ratio [7] Business Line Data and Key Metrics Changes - The loan book grew by 8.3% in 2025, primarily driven by residential mortgages, while the deposit book increased by 5.5% [4] - Fee income grew by 15% year-on-year, with investment products seeing a 21% increase in fee income [5][6] - The number of Mobile Primary Customers increased by over 350,000 in Q4, totaling over 1 million for the year [4] Market Data and Key Metrics Changes - Customer deposit growth was 4.5% in 2025, supported by successful promotional campaigns [19] - The company maintained its number one position in retail banking in 5 out of 10 markets and ranked in the top three in all markets [7] Company Strategy and Development Direction - The company aims for total income to grow to around EUR 24 billion in 2026, supported by continued volume growth and a 5%-10% increase in fee income [9] - A focus on cost discipline and operational efficiency is evident, with projected operating expenses for 2026 in the range of EUR 12.6 billion to EUR 12.8 billion [9] - The company plans to issue between EUR 6 billion and EUR 8 billion of Holdco Senior in 2026, aligning with its issuance in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of the loan book, with total risk costs in line with the through-the-cycle average [11] - The company remains committed to supporting clients in their sustainability transitions, with total sustainable volume mobilized reaching EUR 166 billion, a 28% increase year-on-year [5] - The outlook for 2027 includes expectations for total income to exceed EUR 25 billion, with a higher fee income target now expected to exceed EUR 5 billion [9] Other Important Information - The CET1 ratio decreased to 13.1% due to an additional distribution of EUR 1.6 billion [14] - The company has a stable liquidity profile, with over two-thirds of the balance sheet funded by customer deposits [19] Q&A Session Summary Question: Plans for tapping the ECB, MROs, and LTROs - Management stated that the company prefers to be self-sufficient and does not want to rely on central bank operations, but may consider them for economic reasons if necessary [25][26]

Financial Data and Key Metrics Changes - The return on equity for 2025 was 13.2%, exceeding initial guidance [5] - Total sustainable volume mobilized reached EUR 166 billion, a 28% year-on-year increase [5] - Commercial net interest income (NII) remained strong at EUR 15.3 billion despite lower interest rates [5][6] - Total income reached a record level for the third consecutive year [6] Business Line Data and Key Metrics Changes - The loan book grew by 8.3% in 2025, primarily driven by residential mortgages [4] - The deposit book increased by 5.5%, mainly in retail banking from private individuals [4] - Fee income grew by 15% year-on-year, with investment products seeing a 21% increase in fee income [5][6] Market Data and Key Metrics Changes - Customer deposit growth was 4.5% in 2025, supported by customer acquisition and promotional campaigns [19] - The company maintained its number one position in five out of ten markets in retail banking [7] Company Strategy and Development Direction - The company aims for continued volume growth, projecting total income to reach around EUR 24 billion in 2026 [9] - A focus on cost discipline and operational efficiency is emphasized, with operating expenses projected to be around EUR 12.6 billion to EUR 12.8 billion [9] - The company plans to issue between EUR 6 billion and EUR 8 billion of Holdco Senior in 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of the loan book despite a slight increase in the Stage Three ratio [11] - The company anticipates a 5%-10% increase in fee income for 2026, building on strong performance in 2025 [10] - Management highlighted the importance of being self-sufficient and not relying on central bank operations, although they remain open to utilizing MROs or LTROs if necessary [25] Other Important Information - The CET1 ratio decreased to 13.1% due to an additional distribution of EUR 1.6 billion [14] - The company has a stable liquidity profile, with over two-thirds of the balance sheet funded by customer deposits [19] Q&A Session Summary Question: Plans for tapping the ECB, MROs, and LTROs - Management stated that they prefer to be self-sufficient but may consider drawing on MROs or LTROs if necessary, particularly for economic reasons [25][26]

Group 1 - In Q4 2025, the major indices showed mixed performance, with the Shanghai Composite Index rising by 2.22% and the Shenzhen Component Index declining by 0.01% [5] - The convertible bond market experienced a high-level fluctuation, with the China Convertible Bond Index increasing by 1.32%, but overall performance was weaker compared to Q3 [5] - The conversion premium rate rose from 44.73% on September 30 to 46.57% by December 31 [5] Group 2 - The People's Bank of China reported that corporate loans acted as a stabilizing force, with technology sectors maintaining double-digit growth, while real estate loans continued to decline [5] - Mortgage lending remains under pressure, and consumer loan growth is relatively slow, indicating a challenging retail loan demand environment [5] - Expectations for 2026 suggest continued corporate loan dominance with retail loans under pressure, influenced by factors such as project releases and fiscal subsidies for small and micro enterprises [5] Group 3 - Lithium carbonate prices increased by 8.4% over the week, indicating a positive trend in the new energy vehicle materials sector [6] - Prices for other materials such as cobalt and silicon carbide showed mixed trends, with cobalt prices declining while silicon carbide prices increased [6] Group 4 - China National Petroleum Corporation's 2026 work meeting emphasized the company's role in energy supply and its commitment to building a strong energy nation [7] - The meeting highlighted strategic goals and key tasks for the current and future periods, focusing on enhancing energy security and supporting national development [7]

2025 Fourth Quarter Earnings Conference Call January 27, 2026 Forward Looking Statements & Additional Disclosures Some statements in this news release may constitute 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. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words "will," "believes," "expects," "anticipates," "inten ...

Core Insights - The Zacks Savings and Loan industry is benefiting from an improving lending environment due to recent Federal Reserve rate cuts, which are expected to stabilize funding costs and enhance net interest income (NII) and net interest margin (NIM) [1][4]. Industry Overview - The Zacks Savings and Loan industry comprises specialized U.S. banks focused on residential mortgage finance, offering various loan products and funding mortgages with FDIC-insured savings [3]. - The industry has seen a shift in regulations, allowing institutions to invest more flexibly, which can enhance their lending capabilities [3]. Trends and Developments - Lower interest rates are anticipated to boost loan demand, with the Federal Reserve cutting rates by 50 basis points this year and a further 100 basis points expected in 2024 [4]. - Recent declines in mortgage rates are improving purchase originations and refinancing activities, which is likely to increase borrower confidence [5]. - The industry is undergoing digital transformation to enhance operational efficiency and competitiveness, despite initial cost increases [6][7]. Asset Quality and Performance - Declining interest rates are helping borrowers maintain timely payments, potentially reducing the need for large reserves against defaults [7]. - However, a slight increase in non-performing loans is expected, with some credit quality metrics remaining elevated compared to pre-pandemic levels [8]. Market Position and Valuation - The Zacks Savings and Loan industry ranks 96 among over 243 Zacks industries, placing it in the top 40% and indicating solid near-term prospects [9][10]. - The industry's current-year earnings estimate has increased by 43.2% over the past year, reflecting growing analyst confidence [11]. - The industry has underperformed the broader Zacks Finance sector and the S&P 500, with a collective decline of 12.2% over the past year [13]. Valuation Metrics - The industry has a trailing 12-month price-to-tangible book (P/TB) ratio of 1.97X, below the five-year median of 2.13X, indicating a discount compared to the broader market [17][19]. - The Zacks Finance sector's P/TB ratio stands at 5.93X, further highlighting the relative valuation attractiveness of the savings and loan industry [19]. Company Highlights - **Northpointe Bancshares Inc. (NPB)**: Focused on mortgage lending, with a 6.8% sequential growth in gross loans in Q3 2025. The bank's total deposits increased by $295.6 million, indicating strong funding stability [20][21][22]. NPB has a Zacks Rank 2 (Buy) with earnings estimates indicating growth of 19.7% and 24.4% for 2025 and 2026, respectively [24]. - **West Bancorporation (WTBA)**: A community bank emphasizing stable funding sources and digital banking enhancements. Total loans increased by 1.4% in Q3 2025, with NII rising around 25% year-over-year [27][28]. WTBA holds a Zacks Rank 1 (Strong Buy) with earnings estimates showing increases of 43.7% and 17.7% for 2025 and 2026, respectively [30]. - **Citizens Community Bancorp, Inc. (CZWI)**: Focuses on organic growth and acquisitions, with a strategy to improve its loan portfolio and deposit mix. As of Q3 2025, non-performing assets were 0.96% of total assets, slightly up from the previous year [33][35]. CZWI has a Zacks Rank 2 with earnings estimates indicating growth of 2.2% and 26.8% for 2025 and 2026, respectively [36].

Core Insights - Landmark Bancorp, Inc. reported a 25% increase in diluted earnings per share (EPS) for Q3 2025, reaching 85 cents compared to 68 cents in the same quarter last year, with net income rising to $4.9 million from $3.9 million [2] - The company's total revenues increased to $18.2 million, up from $15.9 million a year earlier, driven by higher net interest income and improved credit quality [2] Financial Performance - Net interest income rose to $14.1 million, reflecting a 21.5% year-over-year increase, with a steady net interest margin of 3.83%, up 53 basis points from the prior year [3] - The efficiency ratio improved to 60.7% from 66.5% a year earlier, indicating better cost management [4] - Average loan balances grew by $26.7 million from the previous quarter, with significant growth in commercial real estate, residential real estate, and consumer portfolios [3][5] Loan and Deposit Trends - Gross loans at the quarter-end stood at $1.1 billion, flat with the prior quarter, but average loans expanded nearly 10% on an annualized basis [5] - Deposits increased by $51.6 million sequentially to $1.3 billion, with growth in certificates of deposit and money market accounts [6] - The loan-to-deposit ratio improved to 83.4% from 86.6% in the previous quarter, indicating better liquidity for future loan expansion [6] Credit Quality - Non-performing loans decreased by $7 million to $10 million, or 0.89% of gross loans, from 1.52% in the previous quarter, reflecting improved credit quality [7] - The allowance for credit losses ended the quarter at $12.3 million, representing 1.10% of total loans [7] Management Commentary - The CEO described the quarter as a solid period of earnings and increased profitability, attributing it to growth in both net interest and non-interest income [9] - Management emphasized ongoing investments in talent and infrastructure to support customer expansion and long-term shareholder value [11] Factors Influencing Results - The quarterly performance benefited from loan-driven revenue growth, improved funding mix, and reduced credit costs, with tangible book value increasing by 6.6% sequentially to $20.96 per share [12] - Unrealized losses on the securities portfolio declined to $9.2 million from $13.9 million in the previous quarter [12] Future Outlook - Management expressed confidence in sustaining earnings momentum, with expectations of stable credit trends and a healthy Kansas economy supporting lending opportunities [14] - The board declared a cash dividend of 21 cents per share and a 5% stock dividend, marking the 25th consecutive annual stock dividend [15]

Financial Data and Key Metrics Changes - The company reported a net profit of €6 billion over the past four quarters, contributing an additional two percentage points to the CET1 capital ratio [5] - The four-quarter rolling average ROE stands at 12.6%, with an upward revision of the full-year ROE outlook to more than 12.5% [4][11] - Total income for 2025 is expected to reach around €22.8 billion, with fee income growth raised to more than 10% [10][11] Business Line Data and Key Metrics Changes - Retail banking saw €8.6 billion in net core lending growth, primarily driven by residential mortgages, while wholesale banking also delivered strong growth supported by trade finance services [3][13] - Fee income increased by 15% year on year, with wholesale banking achieving a quarterly record fee income of €383 million [12][17] - Core deposits declined slightly by around €200 million, attributed to outflows in Germany and Belgium after promotional campaigns [13] Market Data and Key Metrics Changes - Customer balances grew at an annualized rate of 7% in the first nine months of 2025, aligning with the company's 4% annual growth target [4] - The company added nearly 700,000 mobile primary customers in 2025, remaining on track to achieve the annual growth target of 1 million [10] Company Strategy and Development Direction - The company aims to maintain an attractive shareholder return supported by a 50% dividend payout policy while investing in value-accretive growth and considering M&A opportunities [9] - The CET1 capital ratio target has been revised to around 13%, providing a buffer above the MDA threshold [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of the loan book, with total risk costs at €326 million, reflecting a low average of 19 bps of average customer lending [20] - The company remains committed to supporting clients in their sustainability transitions, with sustainable finance volumes up 29% compared to the same period last year [4] Other Important Information - The company announced a €1.6 billion distribution, including a new share buyback of €1.1 billion and a cash dividend of €500 million in January 2026 [6][7] - The company is actively integrating generative AI capabilities, with a chatbot now live in six markets [18] Q&A Session Summary Question: On capital requirements and deposit trends - Management indicated no additional pressure on capital requirements and noted that retail deposit outflows were primarily due to the end of marketing campaigns in Germany [24][26] Question: On lending margins and AI initiatives - Management expects lending margins to normalize and confirmed that AI initiatives are being rolled out globally, not just in the Netherlands [29][31][33] Question: On tech investments and M&A focus - Management confirmed ongoing investments in AI for KYC processes and emphasized a focus on market segments for potential M&A opportunities [35][38] Question: On fee growth and SRT transactions - Management highlighted strong fee growth driven by an increase in primary customers and confirmed an upcoming SRT transaction for Q4 [80][84]

Financial Performance - The company reported a net income of $100 million for Q3 2025, a 25% increase from $80 million in Q2 2025, with normalized earnings per share growing 13% year-over-year [4][10] - Return on average assets for the quarter was 2.1%, significantly higher than the previous quarter [10] - Net interest income reached $217.9 million, an 8% increase compared to Q3 2024, with a net interest margin of 4.57%, up 32 basis points over the last four quarters [12][10] Business Line Performance - Total loans grew by $181 million, or 5.6% annualized, surpassing $13 billion for the first time since 2010 [5] - The company experienced a slowdown in consumer credit demand, particularly in the auto industry, which saw a 7% decline in total retail sales year-to-date [5][6] - Commercial and construction lending segments showed growth, while residential mortgage business maintained steady loan production [6] Market Data - The company noted a 7% reduction in non-performing assets and stable credit quality, with consumer charge-offs normalizing [6][18] - The competitive landscape for deposits remains challenging, particularly from smaller players, but the company is optimistic about stabilizing deposit costs amid expected rate cuts [6][36] Strategic Direction - The company plans to continue its strategy of returning 100% of annual earnings to shareholders, with a new $200 million share buyback program authorized [7][21] - The management emphasized the importance of organic growth and potential M&A opportunities in the Florida market, focusing on franchises that complement existing operations [21][44] Management Commentary - Management expressed confidence in the resilience of the labor market in Puerto Rico and the positive impact of federal disaster funds on local economies [8] - The outlook for loan growth is projected to be between 3% and 4% for the year, influenced by the slowdown in auto lending but supported by strong pipelines in commercial lending [9][61] Other Important Information - The effective tax rate is expected to stabilize around 22.2% for 2025, reflecting improvements from recent legislative changes [10][78] - The company has seen a shift in deposit mix, with time deposits increasing while lower-cost non-maturity deposits decreased [13] Q&A Session Summary Question: Is the tax situation a one-time benefit? - Management confirmed that while there will be no further reversals of deferred tax assets at the same level, there will be ongoing benefits from normal operating losses [25] Question: What is the outlook for consumer health in Puerto Rico? - Management noted that while auto sales are normalizing, credit demand has been lower, but overall consumer credit trends remain stable [26][28] Question: What are the expectations for deposit costs with upcoming rate cuts? - Management expects some reduction in deposit costs due to rate cuts, but the timing of these reductions may lag behind asset repricing [40] Question: How does credit performance at other banks influence reserving? - Management stated that they maintain a firm risk appetite and focus on their portfolio's performance, without seeing systemic impacts from competitors [41] Question: What are the capital deployment priorities? - The company prioritizes organic growth and is open to M&A opportunities that enhance their franchise, particularly in Florida [44]

Company Overview - Home Bancorp's total assets reached $3.5 billion as of September 30, 2025[10] - The company has 43 locations across Southern Louisiana, Western Mississippi, and Houston[10] - Institutional ownership stands at 48%, while insider/ESOP ownership is at 12% as of October 17, 2025[10] Financial Performance - Net income for Q3 2025 was $12357 thousand, with diluted EPS at $159[14] - Net interest income for Q3 2025 reached $34106 thousand[14] - The net interest margin (NIM) for Q3 2025 was 410%[14] - Return on average assets (ROA) for Q3 2025 was 141%[14] - Return on tangible common equity (ROATCE) for Q3 2025 was 150%[14] Loan Portfolio - Total loans amounted to $27 billion[10] - The loan portfolio experienced a (1)% annualized growth rate YTD 2025[31] - Houston market loans showed a 9% annualized growth rate YTD[31] Deposits - Total deposits reached $30 billion[10] - Non-interest bearing deposits represent 27% of the deposit composition[73] - The company's deposit base has an annualized growth rate of 9% in 2025[73]

Summary of Artis Real Estate Investment Trust and RFA Conference Call Company and Industry Overview - **Company**: Artis Real Estate Investment Trust (ARES.F) - **Industry**: Real Estate Investment Trusts (REITs) and Financial Services Key Points and Arguments 1. **Transformative Business Combination**: The merger between Artis Real Estate Investment Trust and RFA aims to create a diversified financial services platform that combines Artis's real estate portfolio with RFA's banking capabilities, enhancing value creation for shareholders [2][5][6] 2. **Strategic Rationale**: The merger is designed to unlock value from Artis's real estate assets by rotating capital into higher return opportunities within RFA's financial services platform, which is expected to yield significantly higher returns on equity (ROE) [5][9] 3. **Financial Strength**: Artis's portfolio consists of approximately 10 million square feet across 92 properties, providing stable cash flows and strong tenant covenants, which will support the financial services growth of RFA [16][19] 4. **Leadership Structure**: The new entity, RFA Financial, will be led by Ben Rodney as CEO and Samir Manji as Executive Chairman, combining expertise in capital markets and real estate investment [7][8] 5. **Ownership Structure**: Post-merger, Artis unit holders will own 68% of RFA Financial, while RFA shareholders will hold 32% [8] 6. **Dividend Strategy**: RFA Financial plans to offer an annual dividend of $0.44 per share, expected to be well-covered by net income and cash flow, with intentions to grow this dividend over time [6][28] 7. **Growth Projections**: The combined entity targets total lending assets to grow to between $8 billion and $12 billion over the next three to five years, with RFA Bank's net income projected to grow at a compound annual growth rate (CAGR) of 40% to 50% [25][26] 8. **Market Positioning**: The merger positions RFA Financial to leverage the stable returns of the Canadian financial services sector, which has historically delivered double-digit returns on equity [22][30] 9. **Capital Allocation**: The management emphasizes a disciplined approach to capital allocation, focusing on high-risk adjusted return opportunities, which is expected to enhance shareholder value [10][20] 10. **Operational Efficiency**: The merger is anticipated to improve operational efficiency and earnings power by utilizing Artis's balance sheet strength to support RFA's growth [6][27] Additional Important Content - **Historical Performance**: Artis has successfully executed approximately $1.5 billion in asset dispositions since mid-2023, indicating a strong track record in managing its real estate portfolio [16][19] - **Market Conditions**: The merger is expected to provide diversification benefits to Artis's unit holders, allowing them access to the attractive Canadian financial services sector [10][19] - **Leadership Team**: The combined leadership team brings extensive experience across banking, real estate, and capital markets, which is crucial for executing the growth strategy [23][24] - **Regulatory Approvals**: The transaction is expected to close in the first quarter of 2026, subject to customary approvals [8] This summary encapsulates the key insights and strategic implications of the merger between Artis Real Estate Investment Trust and RFA, highlighting the potential for significant value creation and growth in the financial services sector.