Equitable Holdings Second Quarter 2025 Earnings Results Earnings pressured by mortality and markets August 5, 2025 Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or vari ...

Financial Performance - The company's net revenues for the second quarter of 2025 were $1,284 million[4], a 6% increase year-over-year[6] - Net income available to common shareholders was $186 million[6], a 5% increase year-over-year[6] - Diluted EPS was $1.71[6], a 7% increase year-over-year[6] Wealth Management - Global Wealth Management net revenue reached $846 million in the second quarter of 2025[33], up 6% year-over-year[33] - Total client assets in Global Wealth Management were $516,532 million[35], a 9% increase year-over-year[35] - Fee-based client assets in Global Wealth Management were $206,319 million[35], a 15% increase year-over-year[35] Institutional Business - Total Institutional Group Revenue was $420 million[17], a 7% increase year-over-year[17] - Transactional revenue within the Institutional Group was $191 million[17], a 19% increase year-over-year[17] - Fixed Income revenue within the Institutional Group was $129 million[17], a 21% increase year-over-year[17] Capital and Expenses - The compensation ratio was 58%[6], consistent with the second quarter of 2024[6] - Pre-tax income was $261 million[49], a 4% increase year-over-year[49] - The company repurchased 970,000 shares in the second quarter of 2025[59]

Acquisition Overview - iA Financial Group will acquire 100% of RF Capital Group for $20.00 per share[8] - The purchase price is $597 million, representing 1.5% of RF Capital's AUA as of June 30, 2025[8] - The transaction is valued at 6.7x RF Capital's last 12 months fully synergized EBITDA as of March 31, 2025[8] Strategic Benefits - The partnership adds over $40 billion in AUA and 189 advisors to iA Wealth[6] - iA Wealth's advisory network will increase to over 2,750 partners with a combined ~$175 billion in AUA[6] - The acquisition strengthens iA Wealth's presence in the high-net-worth segment[6] Financial Impact - The transaction is expected to be neutral to core earnings in the first year and accretive to core EPS by $0.15+ in the second year[6] - Transaction and integration costs are estimated at $60 million before tax, to be incurred over the first three years[8] - The purchase price is expected to reduce iA's solvency ratio by approximately 6 percentage points and reduce capital available for deployment by ~$0.6 billion[8] RF Capital Overview - RF Capital has $40 billion in AUA[14] - RF Capital's revenue is segmented with 82% from wealth management[13] - RF Capital has 189 advisors/143 teams with an average AUA of $270 million per team[15]

Core Viewpoint - Columbia Banking System, Inc. reported strong second-quarter results for 2025, highlighting profitability, balance sheet optimization, and strategic growth initiatives, including the acquisition of Pacific Premier Bancorp, which is expected to close by September 1, 2025, pending regulatory approvals [2][7]. Financial Performance - Net interest income increased by $21 million to $446 million compared to the prior quarter, driven by higher interest income from loans and investment securities [3][9]. - The net interest margin rose to 3.75%, up 15 basis points from the previous quarter, benefiting from increased yields on investment securities and loans [3][10]. - Non-interest income decreased by $2 million to $64 million, but excluding fair value impacts, it increased by $8 million due to growth in core fee-generating businesses [3][11]. - Non-interest expense decreased significantly by $62 million to $278 million, primarily due to the absence of legal settlement and severance expenses from the previous quarter [3][12]. - Net income for the second quarter was $152 million, a substantial increase from $86.6 million in the prior quarter, resulting in earnings per share of $0.73, up from $0.41 [4][27]. Balance Sheet Highlights - Total assets increased to $51.9 billion from $51.5 billion in the prior quarter, with total deposits at $41.7 billion, down from $42.2 billion [6][13][16]. - Loans and leases remained stable at $37.6 billion, reflecting a 2% annualized growth in commercial loans, offset by a contraction in multifamily loans [6][14]. - The book value per common share rose to $25.41, and tangible book value per common share increased to $18.47 [6][19]. Credit Quality - The allowance for credit losses was $439 million, unchanged from the previous quarter, with net charge-offs at 0.31% of average loans and leases [17][18]. - Non-performing assets remained stable at 0.35% of total assets, indicating consistent credit quality [3][18]. Capital and Dividends - The estimated total risk-based capital ratio was 13.0%, and the common equity tier 1 risk-based capital ratio was 10.8%, both above regulatory minimums [5][20]. - A quarterly cash dividend of $0.36 per common share was declared and paid, maintaining consistent shareholder returns [5][6]. Strategic Initiatives - The company opened three new branches, expanding its footprint in Arizona and Eastern Oregon, enhancing service delivery in underserved areas [2][8]. - The acquisition of Pacific Premier Bancorp is progressing, with integration efforts underway to ensure a smooth transition post-approval [7].

Financial Data and Key Metrics Changes - Quarterly net revenues reached $3.4 billion, reflecting a 5% increase year-over-year [8] - Pretax income decreased by 13% to $563 million, impacted by a $58 million legal reserve increase [8][9] - For the first nine months of fiscal 2025, record net revenues of $10.3 billion and record pretax income of $1.98 billion, up 105% compared to the same period last year [9][10] - Adjusted earnings per diluted share were $2.18, with an adjusted pretax margin of 17.1% [17] Business Line Data and Key Metrics Changes - Private Client Group generated pretax income of $411 million on net revenues of $2.49 billion, with a record $1.57 trillion in client assets under administration, up 11% year-over-year [10][18] - Capital Markets segment reported net revenues of $381 million but a pretax loss of $54 million, with a 15% year-over-year revenue growth driven by investment banking and brokerage revenues [18][19] - Asset Management segment achieved record pretax income of $125 million on net revenues of $291 million, with strong net inflows of approximately $2.1 billion into managed programs [19] - Bank segment net revenues were $458 million, with a pretax income of $123 million, and loans ended at a record $49.8 billion [14][20] Market Data and Key Metrics Changes - Domestic net new assets totaled $11.7 billion, representing a 3.4% annualized growth rate [11] - Client domestic cash sweep and enhanced savings program balances decreased by 4% to $55.2 billion [21] - The average yield on JVDP balances with third-party banks decreased by four basis points to 2.96% [23] Company Strategy and Development Direction - The company aims to enhance its platforms and offerings to attract and retain financial advisors, focusing on education and technology investments [12][13] - The investment banking pipeline remains strong, with optimism about macroeconomic conditions despite uncertainties [13] - The company is committed to pursuing strategic acquisitions that align with its cultural and strategic fit criteria [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recruiting pipeline and anticipated growth momentum in the coming quarters [11][31] - The investment banking environment is uncertain, but the company expects better performance in the next two quarters based on current activity levels [31][32] - The company maintains a strong balance sheet and plans to continue share repurchases and capital investments [15][30] Other Important Information - The company returned over $1 billion to shareholders through dividends and share repurchases year-to-date [15] - The effective tax rate for the quarter was 22.6%, with an estimated annual rate of approximately 24% [29] Q&A Session Summary Question: Can you elaborate on the recruiting pipeline and engagement across different channels? - Management noted a significant acceleration in recruiting activity, with a strong pipeline and increased engagement across all affiliation options [35][36] Question: What is the trajectory of balance sheet growth across key segments? - Management indicated strong year-over-year growth in securities-based lending and mortgages, with a robust deposit base supporting future growth [40][42] Question: What are the current dynamics affecting organic growth and net new assets? - Management acknowledged pressure on existing advisor bases but expressed optimism about the recruiting pipeline and the potential for future growth [45][50] Question: How does the competitive environment for recruiting look currently? - Management described the environment as competitive but noted a shift in tone among some private equity-backed firms, suggesting a potential easing in aggressive recruiting tactics [70][72] Question: What is the outlook for investment banking and the current pipeline? - Management expects the investment banking environment to improve in the next two quarters, citing a recovery from earlier market shocks [106]

Financial Data and Key Metrics Changes - GAAP earnings were strong with core earnings continuing to increase, return on average assets was 1.51% and return on average equity was 15.12% for Q2 2025 compared to 1.45% and 14.97% respectively for Q1 2025 [5][6] - Net interest margin (NIM) increased to 4.07% in Q2 2025 from 4% in Q1 2025, with expectations for further upside [6][15] - Fee income as a percentage of operating revenue was 21% during the quarter, an improvement from prior periods, with noninterest income increasing by $1.3 million quarter over quarter [6][16] Business Line Data and Key Metrics Changes - Total loan growth was 6% on an annualized basis, with commercial loan growth at 2% [9][10] - Wealth management fees remained the largest component of fee income, with assets under management reaching $3 billion [7][16] - Noninterest expense declined by approximately $600,000 in the quarter, including merger-related expenses of almost $1 million [19][20] Market Data and Key Metrics Changes - The loan pipeline is reported to be the highest since the merger, reflecting a strong regional economy and engagement with clients [11][12] - Credit quality remains sound with net charge-offs being nominal and classified loans decreasing by 14% [12][22] - The average yield on loans was 6.5%, impacted by lower purchase accounting accretion [24] Company Strategy and Development Direction - The company is focused on enhancing liquidity, building capital, and accelerating commercial lending while considering share buybacks due to perceived undervaluation [27] - There is a strong emphasis on talent acquisition to support growth, particularly in the wealth management sector [48][55] - The company is open to future acquisitions that add value to the franchise, focusing on geographic proximity and complementary services [66][67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong loan pipeline and positive client sentiment despite market noise [52] - The company anticipates continued improvement in profitability and efficiency, with expectations for expenses to decline further [8][20] - Management acknowledged the competitive lending environment but remains confident in their ability to grow loans prudently [11][16] Other Important Information - The board authorized a share repurchase program of up to 500,000 shares and increased the quarterly dividend by $0.01 per share [13] - Regulatory capital ratios are now at or above pre-merger levels, providing options for growth [26] Q&A Session Summary Question: Are there still other credits in the Codorus Valley deal that you are looking to move off of or sell? - Management indicated that while there might be a couple of loans to consider for sale, they have been successful in working them out with minimal charge-offs [32] Question: Is there a capital level you would like to reach before considering another acquisition? - Management stated they are at pre-merger levels and feel comfortable moving forward without needing outside capital for future deals [35] Question: How would potential Fed rate cuts impact NIM? - Management noted that while rate cuts could negatively impact net interest income, they would continue to push on the loan side to offset some of that impact [42][43] Question: What initiatives are in place for growth in the wealth management business? - Management highlighted opportunities for growth through talent acquisition and expansion in key markets [48][49] Question: How has the sentiment of commercial clients changed recently? - Management reported that the pipeline is the largest since the merger, indicating positive sentiment among commercial clients [52] Question: What is the current line utilization rate on the commercial portfolio? - Management stated that line utilization rates have remained stable and modest [58] Question: Are you ready for another transaction a year after the Codorus Valley deal? - Management expressed that they are looking for opportunities that add value and are focused on best practices for future acquisitions [66][67]

Delivering One Northern Trust for Clients $1.7 Trillion AUM1 ASSET MANAGEMENT ASSET SERVICING $16.9 Trillion AUC/A1 WEALTH MANAGEMENT $1.2 Trillion AUC/A1 INTEGRATED GLOBAL OPERATING PLATFORM Individuals Families Family Offices Foundations Pensions Asset Managers Sovereign Entities Endowments ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. NORTHERN TRUST CORPORATION Strategy Update & Second Quar ...

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.97, an increase of $0.06 or 6.6% year-over-year and up $0.04 or 4.3% from the previous quarter [10] - Operating earnings per share were $1.04, compared to $0.95 a year prior and $0.98 in the linked first quarter [10] - Total operating revenues reached $199.3 million, up $16.1 million or 8.8% year-over-year and up $3.3 million or 1.7% from the previous quarter [10][11] - Net interest income was $124.7 million, representing a $4.5 million or 3.8% increase from the previous quarter and a $15.3 million or 14% improvement year-over-year [11] - The company's operating margin increased to 23%, driving operating pretax earnings expansion of 70% year-to-date [6] Business Line Data and Key Metrics Changes - The Employee Benefits Services business remained flat year-over-year and quarter-over-quarter, with recordkeeping growing at high single digits while Fiduciary Trust faced headwinds [5] - Wealth Management Services experienced muted revenue growth year-over-year but saw a 16% increase in pretax operating earnings [6] - Banking fee income remained strong, with credit results impacted by the resolution of two large nonperforming assets [4] Market Data and Key Metrics Changes - Ending loans increased by $98 million or 0.9% during the second quarter, primarily driven by growth in the consumer indirect lending portfolio [13] - Total deposits increased by $563.9 million or 4.3% year-over-year but decreased by $190.3 million or 1.4% from the previous quarter due to seasonal outflows [14] - The company's liquidity position remains strong, with readily available sources of liquidity totaling $5.9 billion, representing 246% of estimated uninsured deposits [16] Company Strategy and Development Direction - The company announced a branch acquisition that will enhance its presence in a strategically important market, with no share issuance involved [8][19] - The acquisition aligns with the company's retail growth strategy and is expected to close in the fourth quarter of this year [7][19] - The company aims to continue deploying capital productively in the second half of the year [9] Management's Comments on Operating Environment and Future Outlook - Management noted that competition in lending has intensified, with competitors trying to regain market share [21] - The company expects to outperform peers and is optimistic about market share gains in the upcoming quarters [22] - Management expressed confidence in achieving growth targets, with a focus on maintaining a diversified revenue profile and strong liquidity [19] Other Important Information - The company recorded a provision for credit losses of $4.1 million during the second quarter, compared to $2.7 million in the prior year's second quarter [12] - Nonperforming loans totaled $53.3 million or 51 basis points of total loans outstanding, a decrease from the previous quarter [17] Q&A Session Summary Question: Can you speak to the competitive landscape you're seeing in terms of lending? - Management acknowledged increased competition in the lending market, with competitors trying to make up for previous inactivity [21][22] Question: How are you feeling about the quarterly NIM expansion from here? - Management indicated expectations of a range closer to three to five basis points for NIM expansion [25] Question: Will the acquired deposits boost liquidity and be invested over time? - Management views the acquired deposits as a source for future loan growth, with initial proceeds likely to remain in short-term instruments [26] Question: Can you talk about OpEx trends from here? - Management expects OpEx to remain flat moving forward, with a focus on ensuring investments push the business forward [32][34] Question: How is the branch acquisition progressing? - Management confirmed that the acquisition is on track and complements the organic strategy in the market [35][36] Question: Can you provide an update on the pipeline and financial targets? - Management reiterated a target of mid-single-digit growth across lending portfolios, with expectations of returning to historical growth rates [42][45]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenues of $16.8 billion, EPS of $2.13, and a return on tangible equity (ROTCE) of 18.2% [6][12] - Year-to-date revenue reached $34.5 billion, with EPS of $4.73 and ROTCE of 20.6% [6] - The firm has achieved six consecutive quarters of durable earnings, indicating consistent performance across varying market conditions [6] Business Line Data and Key Metrics Changes - Wealth and Investment Management saw total client assets increase to over $8.2 trillion, with a record profit before tax of $2.2 billion and margins exceeding 28% [7][22] - Institutional Securities generated revenues of $7.6 billion, with equity markets contributing $3.7 billion despite a slowdown in activity during part of the quarter [8][14] - Investment banking revenues were $1.5 billion, with a notable rebound in equity underwriting, while fixed income underwriting revenues were $532 million, reflecting a decline from the previous year [15][16] Market Data and Key Metrics Changes - The company noted a strong performance in Asia and EMEA regions, contributing to the overall revenue growth in institutional securities [14] - The investment banking pipeline remains healthy, with increased activity expected as market conditions stabilize [32] Company Strategy and Development Direction - The company is focused on generating returns on incremental capital deployment and investing for growth across its integrated firm globally [6][10] - Management emphasized the importance of deepening client relationships and expanding lending capabilities, particularly in wealth management and investment banking [37][38] - The firm is also exploring inorganic growth opportunities that align with its core strategy, while maintaining a high bar for acquisitions [40][81] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook on the market environment, anticipating continued growth in wealth and investment management despite ongoing economic and geopolitical uncertainties [11][31] - The firm is witnessing increased client engagement and a willingness to navigate market volatility, which is expected to support future performance [9][44] Other Important Information - The company announced a quarterly dividend increase to $1 per share, reflecting its commitment to returning capital to shareholders [10][31] - Total spot assets increased by $54 billion from the prior quarter, with a standardized CET1 ratio of 15% [30] Q&A Session Summary Question: Thoughts on incremental return on capital and regulatory environment - Management highlighted the potential for increased profitability through regulatory reform and organic growth in investment banking and wealth management [36][40] Question: Impact of tariff policy on corporate sentiment - Management noted that if tariff policies remain within expected parameters, it could clear uncertainty and lead to increased strategic activity [44] Question: Inorganic growth opportunities - Management stated that any acquisitions must align with the core strategy of raising, managing, and allocating capital for clients, with a focus on organic growth [48][50] Question: Net new assets and advisor recruitment - Management reported strong net new assets driven by workplace channels and emphasized the strength of recruiting across all channels [52][54] Question: Stablecoins and market structure legislation - Management is actively discussing the implications of stablecoin legislation and its potential impact on the business [62][64] Question: Market backdrop and trading environment - Management indicated that the trading environment has been resilient, with strong retail engagement and inflows across various channels [70][72] Question: Asset management and capital deployment - Management acknowledged the potential for growth in asset management but emphasized the focus on organic opportunities within existing businesses [78][80] Question: Net interest income in a lower rate environment - Management discussed the potential for increased lending balances to offset lower rates, indicating a stable outlook for net interest income [82][83] Question: Lending through capital markets division - Management noted a shift in lending dynamics and the potential for increased participation in corporate lending as regulatory environments normalize [88][90]

Company Overview - Community Financial System, Inc (CBU) operates four scaled, complementary business lines: Employee Benefit Services, Insurance Services, Wealth Management Services, and Banking[5] - In Q1 2024, operating noninterest revenues accounted for 39% of total operating revenues[6] - The company's total operating revenue has grown at a 73% compound annual growth rate (CAGR) over the 10-year period from 2013 to 2023[12] Financial Performance - The company's Q1 2024 fully-diluted GAAP EPS was $076, while non-GAAP operating EPS was $082[29] - The company's Q1 2024 net interest income was $1070 million, a decrease of 36% from Q1 2023[80] - The company's Q1 2024 operating noninterest revenues increased by 71% compared to Q1 2023[27] Banking Segment - As of March 31, 2024, the company had $134 billion in total deposits[50] - As of March 31, 2024, the company had $988 billion in total loans[56] - The company's loan portfolio is diversified, with 36% in 1-4 family residential real estate, 16% in indirect auto loans, 14% in non-owner occupied CRE, and other segments[54]