M&T Bank Conference Summary Company Overview - **Company**: M&T Bank (NYSE: MTB) - **Date**: December 10, 2025 - **Speaker**: CFO Daryl Bible Key Points 1. Financial Performance in 2025 - M&T Bank reported strong performance in 2025, highlighted by significant fee income growth of 16% year-over-year, driven by mortgage, trust, and treasury management services [5][20] - The bank experienced improvements in credit quality, with criticized and non-accrual levels decreasing [5][10][27] - The bank's net interest income (NII) was impacted by softer commercial real estate (CRE) conditions, but overall margins increased [3][4] 2. Strategic Priorities - The bank's strategic focus includes expanding into certain markets, simplifying operations, upgrading technology, and enhancing risk management capabilities [6][8] - Investments in technology have tripled over the past seven years, with a focus on resiliency and customer experience [6][39] - The bank aims to improve client experiences through enhanced digital services and commercial payments [7][8] 3. Outlook for 2026 - M&T Bank anticipates growth in CRE, with production levels increasing and a positive outlook for 2026 [9][14] - The bank plans to focus on middle-market commercial growth and community markets to drive future growth [11][12] - NII growth is expected to be driven by both margin expansion and balance sheet growth, with a target margin in the low 370s [15][16] 4. Deposit and Fee Income Growth - All six business segments are expected to grow deposits in 2026, with particular focus on consumer, business banking, and commercial sectors [18][19] - Fee income growth is projected to continue, particularly in mortgage sub-servicing and treasury management products [20][21] - The bank plans to highlight capital markets fees as a growing area, which has previously been underrepresented [22] 5. Credit Quality and Risk Management - Criticized assets have decreased from over 14% to closer to 9%, indicating improved credit quality [27] - The bank maintains a conservative approach to lending, focusing on secure mortgage and private equity lending [30][31] - M&T Bank has no significant exposure to recent loan defaults, maintaining a strong credit culture [28][32] 6. Capital Management and Share Repurchase - The bank has a strong capital position, with a dividend payout ratio in the low to mid-30s and an 11% increase in dividends this year [34][36] - M&T Bank repurchased 8.7% of its outstanding shares in 2025, significantly more than peers [35][36] - Future capital priorities include supporting clients, potential M&A opportunities, and continued share repurchases [34][40] 7. Technology Investments - The bank has shifted focus from resiliency projects to client-focused technology investments, enhancing customer acquisition and operational efficiency [43][44] - M&T Bank has improved its operational excellence by consolidating technology and operations under one umbrella [44] 8. Cost Management - The bank has managed to keep costs to a 3% increase while investing in necessary areas, focusing on vendor spend and personnel management [45][46] Conclusion M&T Bank demonstrated a solid financial performance in 2025, with a positive outlook for 2026 driven by strategic growth initiatives, improved credit quality, and continued investments in technology and customer experience. The bank's focus on deposit and fee income growth, along with prudent capital management, positions it well for future success.

Core Viewpoint - Northern Trust Corporation (NTRS) reported a positive earnings performance in Q3 2025, with earnings per share (EPS) of $2.29, surpassing estimates, but faced challenges with rising costs and declining non-interest income [2][4]. Financial Performance - Q3 2025 EPS of $2.29 exceeded the Zacks Consensus Estimate of $2.26 and was up from $2.22 in the prior-year quarter [2]. - Net income on a GAAP basis was $457.6 million, reflecting a 1.6% decrease from the previous year [3]. - Total revenues for the quarter were $2.02 billion, a 2.8% year-over-year increase, but fell short of the Zacks Consensus Estimate by nearly 1% [4]. - Net interest income (NII) rose to $596.3 million, a 4.7% increase year-over-year, with a net interest margin of 1.70%, up 2 basis points from the prior year [4]. - Trust, investment, and other servicing fees totaled $1.26 billion, marking a 5.7% increase year-over-year [4]. - Non-interest income decreased by 19.3% to $169.1 million, primarily due to a drop in other operating income [5]. - Non-interest expenses increased by 4.7% year-over-year to $1.42 billion, driven by higher costs across most components [5]. Asset Management - As of September 30, 2025, total assets under custody (AUC) rose by 4.7% year-over-year to $14.4 trillion, while total assets under management (AUM) increased by 9.3% to $1.8 trillion [6]. Credit Quality - The total allowance for credit losses was $206.7 million, down 6% year-over-year, while total non-accrual assets increased to $78.8 million from $73.1 million in the prior year [7]. Capital and Profitability - The Common Equity Tier 1 capital ratio was 12.4%, down from 12.6% in the prior-year quarter, and the total capital ratio decreased to 15.1% from 15.6% [8]. - The return on average common equity was 14.8%, compared to 15.4% in the previous year [8]. Shareholder Returns - In the reported quarter, Northern Trust returned $431.3 million to shareholders through share repurchases and dividends [10]. Market Outlook - Following the earnings release, there has been a downward trend in estimates for the stock, indicating a potential shift in market sentiment [11]. - Northern Trust holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [13].

Core Viewpoint - Security Federal Corporation reported strong third-quarter results for 2025, with significant increases in net income and net interest income, reflecting effective management and improved credit quality [2][3][16] Financial Performance - Net income available to common shareholders for Q3 2025 increased to $3.2 million, or $1.01 per share, up from $2 million, or 62 cents per share, a year earlier, marking a 59% increase in quarterly earnings per share [2] - For the nine months ended September 30, 2025, net income totaled $8.1 million, or $2.57 per share, compared to $5.9 million, or $1.83 per share, in the same period of 2024 [3] Key Business Metrics - Net interest income for Q3 grew 16% year over year to $12.1 million, supported by a 3.1% rise in total interest income to $20.1 million and an 11.7% decline in total interest expenses to $8.1 million [4] - Non-interest income increased 0.3% year over year to $2.6 million in Q3, while for the first nine months of 2025, it rose 3.7% to $7.7 million [5] Credit Quality & Risk Management - The company recorded a $200,000 net reversal in credit loss provisions for the first nine months of 2025, compared to a $1.1 million provision in the same period of 2024 [6] - Non-performing assets decreased to $5.7 million as of September 30, 2025, down from $6.8 million a year earlier [6] Balance Sheet Trends - Total assets reached $1.61 billion at the end of Q3, a 2.3% year-over-year increase [7] - Deposits increased 3.1% to $1.37 billion, while borrowings declined 58% to $39 million after full repayment of Federal Reserve advances [8] Capital Position - The total risk-based capital ratio improved to 20.46% from 19.21% a year ago, with a common equity Tier 1 capital ratio of 19.20% [9] - Book value per share rose to $35.80 from $31.97 in the prior year [9] Management Commentary & Outlook - Management attributed the strong performance to higher net interest margins and disciplined expense management despite inflationary pressures [11] - The company is focused on deposit growth, loan quality, and strategic capital deployment while acknowledging potential economic challenges [13] Other Developments - In Q1 2025, Security Federal purchased a multi-tenant property for a future full-service branch, contributing to higher rental income [14] - The company operates 19 full-service branches, offering various financial services through its subsidiary [15]

Core Insights - First Western Financial, Inc. reported a net income of $3.2 million for Q3 2025, an increase from $2.5 million in Q2 2025 and $2.1 million in Q3 2024, reflecting improved profitability [3][7]. - The company experienced significant growth in total deposits, which rose by $320 million, or 12.6%, from $2.53 billion in Q2 2025 to $2.85 billion in Q3 2025 [7][22]. - Net interest income increased by $1.6 million, or 8.9%, from $17.9 million in Q2 2025 to $19.5 million in Q3 2025, driven by a rise in average interest-earning assets [7][13]. - Non-interest income also saw a rise of $0.5 million, or 7.9%, from $6.3 million in Q2 2025 to $6.8 million in Q3 2025, primarily due to increases in net gains on mortgage loans and fees [7][14]. - The efficiency ratio improved to 76.4% in Q3 2025 from 78.8% in Q2 2025, indicating better cost management [18]. Financial Performance - Total income before non-interest expense was $24.0 million for Q3 2025, up 7.1% from $22.4 million in Q2 2025, with gross revenue increasing by 8.7% to $26.3 million [9]. - The provision for credit losses was $2.3 million in Q3 2025, compared to $1.8 million in Q2 2025, reflecting a cautious approach to credit risk [29]. - The net interest margin decreased by 13 basis points to 2.54% from 2.67% in Q2 2025, attributed to a shift in the mix of interest-earning assets and an increase in the cost of funds [11][12]. Asset and Liability Management - Total loans held for investment increased by $50 million, or 2.0%, to $2.59 billion as of September 30, 2025, with growth in non-owner occupied commercial real estate and residential portfolios [21]. - Total assets reached $3.24 billion as of September 30, 2025, up from $3.03 billion in Q2 2025, indicating robust growth [42][44]. - The company’s borrowings from the Federal Home Loan Bank and Federal Reserve decreased to $50.9 million, down $112.5 million from $163.4 million in Q2 2025, reflecting strong deposit growth [23]. Credit Quality - Non-performing assets totaled $22.7 million, or 0.70% of total assets, as of September 30, 2025, an increase from $18.8 million, or 0.62%, in Q2 2025 [26]. - Non-performing loans increased to $18.3 million from $14.4 million in Q2 2025, primarily due to the addition of one credit relationship [28]. - The allowance for credit losses as a percentage of total loans increased from 0.75% to 0.81% during the quarter, reflecting a proactive stance on credit quality [29]. Capital Position - As of September 30, 2025, the company maintained a strong capital position, with Tier 1 capital to risk-weighted assets at 9.80% and total capital at 12.50% [30]. - Book value per common share increased by 1.1% from $26.64 in Q2 2025 to $26.92, and tangible book value per common share rose by 1.2% from $23.39 to $23.68 [30][31].

Core Points - Marquette National Corporation announced a cash dividend of $0.31 per share, payable on January 2, 2026, to shareholders of record on December 19, 2025 [1] - The Board of Directors authorized a stock repurchase program of up to $1,000,000 from January 1, 2026, to December 31, 2026, with the previous program ending on December 31, 2025 [2] - Marquette National Corporation has total assets of $2.2 billion and operates as a diversified bank holding company through its subsidiary, Marquette Bank, which offers a range of financial services [3] Company Overview - Marquette Bank serves communities in Chicagoland with 20 branches and provides services including retail banking, real estate lending, trust, insurance, investments, wealth management, and business banking [3]

Core Insights - CVB Financial Corp. reported a net income of $52.6 million for Q3 2025, showing an increase from $50.6 million in Q2 2025 and $51.2 million in Q3 2024, with diluted earnings per share at $0.38 [2][4] - The company achieved an annualized return on average equity (ROAE) of 9.19%, return on average tangible common equity (ROATCE) of 14.11%, and return on average assets (ROAA) of 1.35% for the third quarter [3][9] - The company has maintained profitability for 194 consecutive quarters and has paid cash dividends for 144 consecutive quarters [4] Income Statement Highlights - Net interest income for Q3 2025 was $115.6 million, a 3.6% increase from Q2 2025 and a 1.7% increase from Q3 2024 [10] - Noninterest income was $13.0 million, down from $14.7 million in Q2 2025, primarily due to an $8.2 million loss on sales of available-for-sale securities [18] - Noninterest expense increased to $58.6 million from $57.6 million in Q2 2025, with a notable increase in salaries and benefits expense [19][20] Balance Sheet Highlights - Total assets reached $15.67 billion, up 1.64% from $15.41 billion at the end of Q2 2025 [23] - Total loans and leases increased by $112.4 million to $8.47 billion, with notable increases in various loan categories [29] - Total deposits and customer repurchase agreements totaled $12.58 billion, reflecting a net increase of $186.5 million from Q2 2025 [36] Capital and Asset Quality - The company's total equity increased to $2.28 billion, with a tangible book value per share of $10.98 [39] - The allowance for credit losses was 0.94% of gross loans, with net recoveries of $333,000 in Q3 2025 [17][32] - Nonperforming assets totaled $28.5 million, representing 0.18% of total assets [34] Investment Securities - Total investment securities were $4.88 billion, with an increase of $63.8 million from the previous quarter [26] - The company reported a pre-tax net unrealized loss of $332.2 million in available-for-sale securities [28]

Core Insights - WesBanco, Inc. reported a significant increase in net income for Q3 2025, reaching $81.0 million, compared to $34.7 million in Q3 2024, with diluted earnings per share rising to $0.84 from $0.54 [1][2][4] Financial Performance - For the nine months ended September 30, 2025, net income was $124.4 million, or $1.39 per diluted share, reflecting a day one provision for credit losses and expenses related to the acquisition of Premier Financial Corp. [1][2] - Excluding restructuring and merger-related expenses, adjusted earnings per diluted share for Q3 2025 was $0.94, up from $0.56 in the prior year [2][4] - Total deposits increased by 53.8% year-over-year to $21.3 billion, driven by $6.9 billion from the PFC acquisition and organic growth of 4.1% [5][7] - Total loans rose by 52.0% year-over-year to $18.9 billion, with organic growth of 4.8% and $5.9 billion from PFC [5][6] Operational Highlights - The net interest margin improved to 3.53%, an increase of 58 basis points year-over-year, attributed to higher earning asset yields and lower funding costs [5][10] - Non-interest income for Q3 2025 was $44.9 million, a 51.5% increase from the previous year, primarily due to the PFC acquisition [12][13] - The efficiency ratio improved to 55.1%, reflecting expense synergies from the PFC acquisition and a focus on cost management [5][14] Strategic Initiatives - The company is optimizing its financial center network, planning to close 27 locations, which is expected to yield approximately $6 million in pre-tax savings [4][5] - WesBanco's balance sheet as of September 30, 2025, showed total assets of $27.5 billion, a 48.6% increase year-over-year, including total portfolio loans of $18.9 billion [6][24] Credit Quality - Criticized and classified loans as a percentage of total portfolio loans decreased to 3.22%, indicating stable credit quality metrics [5][8] - The allowance for credit losses was 1.15% of total loans, amounting to $217.7 million, reflecting a decrease from the previous quarter [9][10] Capital Position - WesBanco maintains strong regulatory capital ratios, with a Tier I risk-based capital ratio of 11.83% and a common equity Tier 1 capital ratio of 10.1% as of September 30, 2025 [16][24]

Core Insights - Northern Trust Corporation (NTRS) reported third-quarter 2025 earnings per share (EPS) of $2.29, exceeding the Zacks Consensus Estimate of $2.26 and up from $2.22 in the prior-year quarter [1][9] - The results were supported by an increase in net interest income (NII), total assets under custody (AUC), and assets under management (AUM), although elevated expenses and a decline in other fee income raised concerns [1][11] Financial Performance - Net income on a GAAP basis was $457.6 million, reflecting a 1.6% decrease from the prior-year quarter [2] - Total revenues on a GAAP basis reached $2.02 billion, marking a 2.8% year-over-year increase, but fell short of the Zacks Consensus Estimate by nearly 1% [3] - NII on a fully taxable equivalent basis was $596.3 million, up 4.7% year over year, with a net interest margin of 1.70%, an increase of 2 basis points from the prior-year quarter [3] - Trust, investment, and other servicing fees totaled $1.26 billion, up 5.7% year over year [3] Expenses and Income - Other non-interest income decreased by 19.3% to $169.1 million compared to the year-ago quarter, primarily due to a drop in other operating income [4] - Non-interest expenses rose 4.7% year over year to $1.42 billion, driven by increases across all components except for outside services and other operating expenses [4] AUC and AUM - As of September 30, 2025, total AUC increased by 4.7% year over year to $14.4 trillion, while total AUM rose by 9.3% year over year to $1.8 trillion [5] Credit Quality - The total allowance for credit losses was $206.7 million, down 6% year over year [6] - Total non-accrual assets increased to $78.8 million from $73.1 million in the year-ago period [6] - NTRS reported provision benefits of $17 million in the third quarter, compared to a provision for credit losses of $8 million in the year-ago quarter [6] Capital and Profitability Ratios - As of September 30, 2025, the Common Equity Tier 1 capital ratio was 12.4%, down from 12.6% in the prior-year quarter [7] - The total capital ratio decreased to 15.1% from 15.6% in the year-ago quarter, and the Tier 1 leverage ratio was 8.0%, down from 8.1% [7] - The return on average common equity was 14.8%, compared to 15.4% in the prior-year quarter [7] Capital Distribution - In the reported quarter, Northern Trust returned $431.3 million to shareholders through share repurchases and dividends [10]

Financial Performance - FNB reported earnings per share (EPS) of $0.41, surpassing the estimated $0.37, resulting in a 10.81% earnings surprise [1][6] - Revenue for Q3 2025 was approximately $457.4 million, exceeding the estimated $446.7 million, marking a 3.23% revenue surprise and a significant increase from $413.02 million in the same period last year [2][6] - Net income available to common shareholders increased to $149.5 million from $110.1 million in Q3 2024, reflecting strong financial performance [3][6] Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 11.26 and a price-to-sales ratio of about 2.01, indicating reasonable market valuation [4] - FNB's debt-to-equity ratio is approximately 0.66, suggesting a balanced approach to financing [4] - The current ratio is around 0.16, indicating the company's ability to meet short-term liabilities [4] Market Position - F.N.B. Corporation (NYSE:FNB) operates primarily in the United States, providing a range of banking, trust, and insurance services, competing with other financial institutions like PNC Financial Services and Citizens Financial Group [6]

Group 1 - M&T Bank Corporation (MTB) is recognized as one of the 11 Cheap Quarterly Dividend Stocks to buy currently [1] - The company operates as a regional lender with a strong presence in community, commercial, and retail banking, offering services such as mortgage lending and consumer finance [2] - Recent priorities for MTB include regulatory compliance, disciplined capital and liquidity management, risk oversight, and growing fee-based income [3] Group 2 - M&T Bank declared an 11% increase in its quarterly dividend to $1.50 per share, marking the ninth consecutive year of dividend growth [4] - As of September 23, the stock has a dividend yield of 2.99% [4]