BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – Fourth Quarter Results (Unaudited) Cautionary Statement Concerning Forward-Looking Information In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events ...

Core Insights - First Busey Corporation reported strong financial performance in the fourth quarter of 2025, with net income of $60.8 million, or $0.63 per diluted share, marking an increase from $57.1 million in the previous quarter and $28.1 million in the same quarter last year [5][6]. Financial Performance - The adjusted return on average assets improved by 39 basis points to 1.41%, while the net interest margin expanded by 76 basis points to 3.71% due to effective deposit cost control [3][5]. - Total noninterest income for the fourth quarter was $42.7 million, a 3.6% increase from the previous quarter and a 21.2% increase year-over-year, driven by wealth management fees and other noninterest income [23][24]. - Full-year 2025 net income reached $135.3 million, or $1.47 per diluted share, with an annualized return on average assets of 0.76% [6][12]. Wealth Management and Assets - Wealth management fee income reached a record high, with assets under care increasing by 4.7% quarter-over-quarter to $15.66 billion, supported by strong investment performance [3][29]. - The company’s capital position remained robust, with Common Equity Tier 1 Capital to Risk Weighted Assets at 12.44%, reflecting an 11 basis point increase from the prior quarter [3]. Noninterest Expense and Efficiency - Total noninterest expense increased by 0.3% compared to the previous quarter, primarily due to nonrecurring acquisition expenses related to the CrossFirst acquisition [27][28]. - The efficiency ratio improved to 57.4% for the fourth quarter, down from 58.5% in the previous quarter and 64.8% in the same quarter last year [31]. Organizational Update - The Board of Directors announced the separation of Michael J. Maddox from the company, with Van A. Dukeman continuing as Chairman and CEO for at least two more years [4].

Core Insights - Equity Bancshares, Inc. reported a net income of $22.1 million or $1.15 per diluted share for the quarter ended December 31, 2025, a significant recovery from a net loss of $29.7 million or $(1.55) per diluted share in the previous quarter [1][4]. Financial Performance - Net interest income for the quarter was $63.5 million, up from $62.5 million in the previous quarter, with loan purchase accounting contributing 16 basis points to margin [5][9]. - Average interest-earning assets increased by 1.20% to $5.6 billion, while the yield on these assets decreased by 9 basis points [6]. - The net interest margin expanded by 2 basis points to 4.47%, with a core margin of 4.36% after normalizing for acquisition accounting [9]. - Total non-interest income rose to $9.5 million, a 7.4% increase from the previous quarter, driven by higher mortgage production [11]. - Total non-interest expense decreased to $46.6 million from $49.1 million in the previous quarter, with a notable increase attributed to litigation reserves [12]. Asset Quality - Nonperforming assets decreased to $46.7 million, or 0.7% of total assets, down from $52.6 million or 0.8% in the previous quarter [16]. - Net charge-offs for the quarter were $697 thousand, with an annualized ratio of charge-offs to average loans at 7 basis points [8]. Capital and Dividends - Book value per share increased to $38.64 from $37.25, while tangible book value per share rose to $32.86 from $31.69 [9]. - The company announced a dividend of $0.18 on outstanding common shares as of December 31, 2025 [9]. Acquisitions and Growth - The company completed its acquisition of Frontier Holdings LLC on January 1, 2026, which is expected to add approximately $1.34 billion in loan balances and $1.1 billion in deposit balances [9]. - Total loan and deposit balances increased year-over-year by $697.4 million and $763.5 million, respectively, largely due to the addition of NBC assets [9].

Company Overview - Western Alliance Bancorporation is a leading regional bank holding company with a diversified portfolio of lending and deposit products, serving commercial and consumer clients through 36 branch locations and specialized loan production offices [6] - The company reported a revenue of $3.4 billion and a net income of $914.3 million for the trailing twelve months (TTM) [4] Recent Transaction - Vaughan Nelson Investment Management, L.P. disclosed a sale of 1,788,953 shares of Western Alliance, valued at approximately $145.27 million, resulting in a reduction of the fund's position to 0.33% of its 13F assets under management (AUM) from 1.7% in the previous quarter [2][8] - The fund's quarter-end position value dropped by $156.2 million due to the share sale and price movement [2] Market Context - There are concerns surrounding regional banks, particularly regarding the future interest rate environment, but optimism exists for anticipated results in 2026 [7] - Other regional banks have reported strong performance, such as Bank of New York Mellon with a 28% year-over-year earnings per share growth and M&T Bank achieving record net income in 2025 [11] Asset Quality - The quality of Western Alliance's assets appears to be improving, with a decline in the ratio of nonperforming loans and repossessed assets to total assets in Q3 [11] - The bank focuses on the western and southwestern regions of the U.S., which may raise specific concerns for investors [12] Investment Strategy - Maintaining a diversified portfolio is recommended, as it can help mitigate risks associated with individual companies [13] - The banking sector is generally positioned well heading into 2026, making it sensible to hold some banking stocks for income-producing dividends [13]

Company Overview - BankUnited is a regional banking institution with a significant presence in Florida and the New York metropolitan area, focusing on commercial banking and technology-enabled services to drive stable earnings and maintain a competitive position among regional banks [5][8] - The bank offers a comprehensive suite of deposit products, commercial and consumer loans, and treasury management services, primarily serving commercial businesses, small and medium-sized enterprises, and individual consumers [8] Financial Performance - For the latest quarter, BankUnited reported a net income of $71.9 million, or $0.95 per share, with a net interest margin of 3.00%, up from 2.93% in the prior quarter [6] - Year-to-date earnings reached $199.1 million, reflecting a 22% increase year over year, despite flat deposits and easing funding costs [6] - The bank's revenue for the trailing twelve months (TTM) is $1.07 billion, with a net income of $268.40 million and a dividend yield of 3% [4] Investment Activity - HoldCo Asset Management disclosed a new stake in BankUnited, purchasing 936,900 shares valued at approximately $35.75 million, which represents 3.77% of its $947.56 million in reportable U.S. equity assets [2][3] - As of the latest filing, BankUnited shares were priced at $44.57, reflecting a 17% increase over the past year, slightly outperforming the S&P 500's 16% gain during the same period [3] Capital Strength - BankUnited ended the quarter with a Common Equity Tier 1 (CET1) ratio of 12.5%, and its tangible book value increased by 8% year over year to $39.27 per share, indicating strong capital strength [9]

Summary of Conference Call Company Overview - The company has focused on creating consistent, sustainable, long-term performance over the last 10 years, prioritizing soundness, profitability, and growth [2][3][4] - Investments have been made in business, talent, and technology to diversify revenue [2][6] Key Financial Performance - The company has improved credit risk management and capital allocation, leading to strong results in the CCAR process [3] - Shareholder value has been driven by a compound annual growth rate of over 10% in dividends over the last six years and significant share buybacks [3][4] - The return on tangible common equity has improved from the bottom to the top of the peer group over the last five years [4] - Earnings per share growth has been in the top quartile over the last three, five, and ten years [4] Market Position and Growth Strategy - The company has experienced top deposit growth among peers at a lower cost [6] - Eight priority markets have been identified for growth, contributing over 50% of deposit growth in the last five years [6] - Plans to add 170 bankers over the next three years to enhance service in key markets [6][7] Economic and Client Sentiment - The economy in the company's markets is characterized as decent, with good job creation and consumer confidence [12][14] - Client sentiment in the wholesale business has improved, with a 75% probability to close pipeline up 84% year-over-year [14] Competition and Market Dynamics - Increased competition from larger banks is noted, but the company believes its long-standing presence and local leadership provide a competitive edge [16][19] - The company aims to leverage disruptions in the market to grow its share [19] Loan Growth and Capital Management - Loan growth has been impacted by strategic de-risking, with a focus on maintaining soundness and profitability [27][28] - Total client liquidity is expected to lead to loan growth in 2026 as customers begin to draw down excess liquidity [14][28] Revenue Components and Fee Income - Fee income has grown by 5% year-to-date, with expectations for continued growth in service charges, treasury management, and wealth management [37][38] - The company is focused on enhancing its treasury management services and small business opportunities [41][42] Technology and Systems Upgrade - A significant technology project is underway, expected to be completed by 2027, which will modernize the deposit system and improve operational efficiency [59][74] - The new system is anticipated to increase speed to market for new products and services, providing a competitive advantage [74] Capital Allocation and Share Buybacks - The company maintains a CET1 ratio of almost 11%, with capital priorities focused on supporting organic growth, paying dividends, and potential non-depository acquisitions [50][52] - A new $3 billion share buyback plan has been announced, but the company prefers to use capital for growth rather than buybacks [52][54] Conclusion - The company is positioned for strong performance in 2026, with a focus on loan growth, margin improvement, and continued investment in technology and talent [33][35][63]

Core Insights - TenX Protocols, a blockchain infrastructure company, will begin trading on the TSX Venture Exchange on December 10 under the ticker symbol "TNX" following a successful financing round of C$29.9 million ($22 million) [1] - The total capital raised by the company this year exceeds C$33 million, which includes a C$3.5 million seed round completed in March [1] Financing Details - Subscription receipts, a common Canadian financing tool, were utilized to raise funds before the completion of the go-public transaction, allowing investors to convert their receipts into shares once the deal closes [2] - The financing included brokered and non-brokered private placements priced at C$0.75 per subscription receipt, with part of the proceeds contributed in digital assets such as SOL, SEI, and USDC [3] Investment Strategy - The company plans to use the proceeds to purchase tokens from high-throughput blockchain networks and stake them to secure those networks, as well as to invest in its own infrastructure products and services [3] Investor Participation - Notable investors in the financing round include Borderless Capital, BONK Contributors, DeFi Technologies, HIVE Blockchain Technologies, and Chorus One [4] - Alex Tapscott, an adviser to TenX Protocols, highlighted Canada's role in bridging the crypto world to a broader investor audience through public markets [4] Market Position - TenX provides public-market exposure to staking and validator activities across networks such as Solana, Sui, and Sei, along with treasury management and related services [4]

Financial Data and Key Metrics Changes - Adjusted net income increased 48% year over year to $45.2 million or $0.52 per share [6] - Organic deposits grew $212 million or 7% annualized, including $80 million in non-interest-bearing deposits [6][15] - Loan production showed organic growth of 8% on an annualized basis [6] - Net interest income was $133.5 million, a 5% increase from the prior quarter, and net interest margin expanded 3 basis points to 3.32% [6][8] Business Line Data and Key Metrics Changes - Wealth management achieved a record-breaking quarter with $258 million in new assets under management (AUM) [9] - Non-interest income, excluding securities activity, was $24.7 million, a 5% increase from the prior year quarter [9] - Non-interest expense increased to $102 million, including $10.8 million in merger-related expenses [10] Market Data and Key Metrics Changes - The loan pipeline increased 30% to $1.2 billion, indicating strong demand across markets [11] - Non-performing loans declined by $3.6 million, representing only 0.55% of total loans [13] - Customer transaction accounts made up 48% of total deposits, reflecting a strong relationship-focused approach [14] Company Strategy and Development Direction - The company is focused on enhancing its return profile while delivering strong growth on both sides of the balance sheet [2] - The Villages acquisition is expected to enhance liquidity and provide significant growth opportunities [3][12] - The company aims to maintain a disciplined, conservative credit culture while diversifying its loan portfolio [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook and ability to deliver improvements and returns into 2026 [4][16] - The company anticipates continued high single-digit organic loan growth in the coming quarters [11] - Management noted that the market remains strong with broad-based demand across various sectors [45] Other Important Information - The company completed the acquisition of Heartland Bank shares, adding four branches and approximately $824 million in assets [7] - The technology conversion for the Heartland acquisition was fully completed in the third quarter [7] - The company expects to exit the year with a core net interest margin of approximately 3.45% [8] Q&A Session Summary Question: Growth outlook and pipeline momentum - Management highlighted impressive growth despite ongoing acquisitions and expressed confidence in maintaining high single-digit growth [22][24] Question: Expansion into Atlanta - Management discussed the strategy for expanding into Atlanta, focusing on commercial real estate and building a presence in the market [30][32] Question: Update on The Villages deal - Management reported a smooth integration process and emphasized the importance of a seamless conversion for customers [40][42] Question: Loan pricing and spreads - Management noted that credit spreads are tight and competitive, but they are navigating this carefully [86] Question: Impact of rising insurance costs in Florida - Management indicated that insurance premiums are stabilizing and not significantly impacting operations [90][91]

Financial Data and Key Metrics Changes - Adjusted net income increased 48% year over year to $45.2 million or $0.52 per share [5] - Organic deposits grew $212 million or 7% annualized, including $80 million in non-interest-bearing deposits [5][16] - Net interest income was $133.5 million, a 5% increase from the prior quarter, and net interest margin expanded 3 basis points to 3.32% [5][8] - Tangible book value per share increased 9% year over year to $17.61 [6][16] - Tier-one capital ratio is 14.5%, and tangible common equity to tangible assets ratio is 9.8% [6][16] Business Line Data and Key Metrics Changes - Wealth management achieved a record-breaking quarter with $258 million in new assets under management (AUM) [9] - Non-interest income, excluding securities activity, was $24.7 million, a 5% increase from the prior year quarter [9] - Non-interest expense increased to $102 million, including $10.8 million in merger-related expenses [10] Market Data and Key Metrics Changes - Loan outstandings, excluding the impact of the Heartland acquisition, increased at an annualized 8% [11] - The pipeline increased 30% to $1.2 billion, indicating strong demand across markets [11] - Customer transaction accounts represent 48% of total deposits, highlighting a relationship-focused approach [14] Company Strategy and Development Direction - The company is focused on organic growth and profitability goals while integrating recent acquisitions [17] - The Villages acquisition is expected to enhance liquidity and provide significant growth opportunities [3][17] - The company aims to maintain a disciplined credit culture while expanding its loan portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook and ability to deliver improvements and returns into 2026 [4][17] - The company anticipates continued high single-digit organic loan growth in the coming quarters [11] - Management noted that credit spreads are tight, but they are navigating the competitive landscape carefully [77] Other Important Information - The technology conversion for the Heartland acquisition was completed in Q3, and the Villages conversion is planned for early Q3 2026 [7][38] - The company has limited exposure to shared national credits or non-depository financial institutions [15] Q&A Session Summary Question: Growth outlook and pipeline momentum - Management highlighted impressive growth despite recent acquisitions and expressed confidence in maintaining high single-digit growth moving forward [22][24] Question: The Villages acquisition update - Management reported a smooth integration process and strong reception in the Villages market, with plans for extensive customer engagement [37][40] Question: Loan pricing and spreads - Management noted that credit spreads are tight and competitive, but they are being cautious in their approach [75][77] Question: Future investments and technology - Management confirmed ongoing investments in technology and infrastructure to support growth and enhance customer offerings [45][46]

Core Insights - Qualigen Therapeutics Inc. has announced a strategic partnership with BitGo to support its C10 treasury strategy, which aims to accumulate a market-cap-weighted basket of the world's top 10 crypto assets, excluding stablecoins [1][4]. Group 1: Partnership Details - The partnership will allow Qualigen to utilize BitGo's comprehensive treasury management services, which include access to deep liquidity and secure custody solutions [2][3]. - BitGo's OTC desk will facilitate efficient investments across a diversified basket of 10 digital assets, marking a significant advancement in Qualigen's treasury strategy [2][4]. Group 2: Security and Compliance - Qualigen's treasury assets will be stored securely in regulated cold storage by BitGo, adhering to high security standards and compliance protocols [3][4]. - BitGo's expertise in digital assets will simplify the complexities associated with institutional digital asset adoption, enabling Qualigen to focus on sustainable growth and digital integration [3][4]. Group 3: Strategic Vision - The partnership reflects Qualigen's commitment to financial resilience and leadership in the evolving digital economy, as stated by Co-CEO Jerry Wang [4]. - The $30 million multi-asset allocation signifies growing enterprise confidence in adopting a digital-first treasury strategy [4].