Investor Presentation Fourth Quarter and Full Year 2025 Results Forward-Looking Statements and Other Matters This presentation includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, liquidity and capital ratios, and other non-historical statements, including statements in the "2026 Strategi ...

INVESTOR PRESENTATION Q4 2025 FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often include words such as "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could," as well as the negative of ...

Summary of LGL Group Conference Call Company Overview - **Company Name**: LGL Group - **Stock Exchange**: New York Stock Exchange (Symbol: LGL) - **Founded**: 1917, listed in 1946 - **Market Capitalization**: Approximately $43 million with 6.39 million shares outstanding after warrant exercise [5][4][6] - **Principal Operating Facility**: Wakefield, Massachusetts, focusing on radio frequency technology [5][10] Core Business and Strategic Focus - **Defense Sector**: The company emphasizes growth in the defense sector, particularly in advanced precision navigation and timing, which is a significant area of investment for the Department of Defense [6][10] - **Growth Strategy**: Plans to grow both organically and inorganically, with a focus on new business initiatives and potential mergers and acquisitions (M&A) [3][8][12] - **Investment Vehicles**: Development of merchant investment vehicles, including special purpose vehicles (SPVs) and venture opportunities [8][15] Financial Highlights - **Book Value**: Estimated pro forma book value of about $7.25 per share [5] - **Recent Performance**: MtronPTI, a company spun off to shareholders in 2022 at $13 per share, is now trading in the 60s, showcasing successful value creation [12] Strategic Initiatives - **M&A Pipeline**: The company has a robust M&A pipeline but has put the acquisition of Morgan Group on hold for reevaluation due to ongoing diligence and strategic priorities [9][25] - **Cluster Development**: Plans to enhance presence in key areas such as Virginia, Baltimore, and Washington, D.C. to leverage engineering talent and deal flow [28] Shareholder Engagement - **Upcoming Shareholder Meeting**: Expected in the second quarter, aligned with the release of the 10-K results, to engage with shareholders and discuss future initiatives [33] Key Challenges and Considerations - **Market Positioning**: PTF division is perceived as dated compared to competitors like SiTime and Frequency Electronics, prompting discussions on innovation and product development [20] - **Agricultural Sector**: The company is still exploring opportunities in the agricultural sector, which may complement its defense activities [21][22] Conclusion - LGL Group is positioned for growth with a focus on the defense sector and strategic investments. The upcoming shareholder meeting will provide further insights into the company's direction and initiatives for value creation [14][33]

Upexi (NasdaqCM:UPXI) Conference January 22, 2026 11:30 AM ET Company ParticipantsBrian Rudick - Chief Strategy OfficerOperatorGood afternoon, everyone. Welcome to the day two of the Sidoti Microcap Conference. My name is Ashi Shah, and I'm an analyst here at Sidoti. With me today, I have Upexi Inc. Joining me in welcoming Brian Rudick, Chief Strategy Officer. We have 30 minutes today, including the Q&A. I would like to request everyone in the audience to submit your questions at the Q&A section at the bott ...

Financial Data and Key Metrics Changes - Gross loans increased by $230 million, or 5.5% compared to the third quarter, reaching $4.39 billion, marking a 10.8% rise year-over-year [5] - Total assets ended the year at $5.34 billion, reflecting a 5.5% increase over the third quarter and an 8.1% rise compared to the previous year-end [6] - Total deposits grew by over $254 million in the fourth quarter, reaching $4.6 billion, a 5.8% increase from the third quarter and a 7.3% rise year-over-year [6] - Net income for the fourth quarter was $17.9 million, leading to a record total annual net income of $66.3 million, reflecting a 39% increase year-over-year [8] - Return on equity was 14%, marking a 24% increase from last year [8] - Earnings per share reached $1.02 for the quarter and totaled $3.79 for the year, representing a 36% increase from the prior year [8] Business Line Data and Key Metrics Changes - Service charges and fees increased by approximately 24% over the third quarter and an impressive 55% year-over-year [6] - Loan interest income and fees grew by about 7% compared to the previous year [6] - Non-accrual loans decreased by $603,000 in the fourth quarter and $16.7 million for the full year, indicating improved credit quality [11] Market Data and Key Metrics Changes - The cost of funds stood at 3.33% in the fourth quarter, reflecting a 23 basis point improvement from the third quarter and a 50 basis point improvement from a year ago [9] - The loan-to-deposit ratio maintained at 95% [9] Company Strategy and Development Direction - The company is focused on the integration of its merger with Keystone Bankshares, Inc., aiming to create a combined $6 billion entity with 22 locations across Texas [13][14] - Strategic initiatives for 2026 include achieving loan growth targets of $75-$100 million per quarter and maintaining disciplined underwriting practices [14] - The company aims to enhance operational efficiency while scaling its organization for greater success [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering substantial value to shareholders and highlighted the positive momentum generated in 2025 [13][15] - The outlook for 2026 is optimistic, with expectations of favorable loan production conditions and a strong pipeline [24][31] Other Important Information - The allowance for credit losses represented 1% of total loans, slightly declining from 1.02% at the previous year-end [12] - The company has reinitiated its 1% initiative to improve efficiency and is expected to realize more efficiencies from the upcoming core conversion [49] Q&A Session Summary Question: Inquiry on expenses and actions taken in the quarter - Management noted $1.5 million in sign-on and severance costs, with additional merger-related expenses expected [19][20] Question: Future hiring post-acquisition - Management indicated ongoing hiring as a talent magnet, with no fundamental shift expected in operations [22] Question: Loan growth expectations post-Keystone acquisition - Management maintained the loan growth target of $75-$100 million per quarter, with potential for favorable conditions in 2026 [24][31] Question: Deposit growth drivers - Management clarified that deposit growth was somewhat seasonal and not driven by specific campaigns [44] Question: Expectations for non-interest income - Management expressed optimism for non-interest income, projecting a strong run rate [51] Question: Update on securitization pipeline - Management indicated likelihood of another securitization in 2026, focusing on selling existing assets [55] Question: Appetite for additional M&A - Management confirmed ongoing strategic planning for M&A, remaining selective in opportunities [40]

Financial Data and Key Metrics Changes - Independent Bank Corporation reported fourth quarter 2025 net income of $18.6 million or $0.89 per diluted share, compared to $18.5 million or $0.87 per diluted share in the prior year period [3] - For the year ended December 31, 2025, net income was $68.5 million or $3.27 per diluted share, up from $66.8 million or $3.16 per diluted share in 2024 [3] - Net interest income increased by $1 million or 2.2% over the third quarter of 2025, with a net interest margin of 3.62%, up eight basis points from the previous quarter [4] - Return on average assets and return on average equity were 1.35% and 14.75% respectively [4] - The tangible common equity ratio increased to 8.65% [4] Business Line Data and Key Metrics Changes - Total loans grew by $78 million or 7.4% annualized in the fourth quarter, with a total loan portfolio increase of $237 million or 5.9% for the year [9] - The commercial portfolio saw significant growth of $276 million or 14.2%, with quarterly growth of $88 million or 16% annualized [9] - The residential mortgage portfolio grew by $7.2 million, while the installment loan portfolio decreased by $17 million for the quarter [9] Market Data and Key Metrics Changes - Deposits totaled $4.8 billion at December 31, 2025, an increase of $107.6 million from December 31, 2024 [6] - The deposit base comprised 47% retail, 37% commercial, and 16% municipal, with all three portfolios up year-over-year [7] - Business deposits increased by $20.4 million, while retail deposits increased by $64.1 million, offset by a $28.6 million decrease in municipal deposits [7] Company Strategy and Development Direction - The company aims to continue investing in talent acquisition and technology to enhance its community banking franchise [23] - There is a focus on maintaining a strong commercial loan pipeline and integrating talented bankers into the organization [6] - The company anticipates loan growth in the mid-single-digit range for 2026, with a target of 4.5%-5.5% [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic challenges and continue delivering strong results [23] - The outlook for net interest income growth is projected at 7%-8% for 2026, with net interest margin expansion expected [20] - Management noted that credit quality metrics remain positive, with non-performing loans at 54 basis points of total loans [11] Other Important Information - The company repurchased 407,113 shares of common stock for an aggregate purchase price of $12.4 million in 2025 [13] - A tax credit transfer agreement was executed, expected to reduce tax obligations and enhance earnings per share [19] Q&A Session Summary Question: Market outlook in Michigan and banker additions - Management expects to add a net of four to five bankers in 2026, with opportunities in Southeast Michigan due to M&A dislocation [27] Question: Loan growth outlook - The company anticipates mid-single-digit loan growth due to a strategic emphasis on commercial banking, with some shrinkage in consumer loans [30] Question: Margin guidance - Management forecasts a margin expansion of five to seven basis points in Q1 2026, with three to five basis points in subsequent quarters [36] Question: Capital management and M&A interest - The company is excited about its capital position, allowing flexibility for share repurchases and potential M&A opportunities, though not a requirement for success [39][41] Question: Charge-off expectations - Management expects charge-offs to remain low, similar to recent history, with a provision for credit losses of 20-25 basis points [53]

Financial Data and Key Metrics Changes - Core earnings were $0.99 per diluted share, indicating consistent earnings power and potential for growing returns on tangible common equity [4] - Net income was $26.6 million, or $0.88 per diluted share, with core net income at $30 million, or $0.99 per diluted share [11] - Net interest income grew by 1.8% to $77.9 million, exceeding guidance [12] - Tangible book value per share rose $0.87, or 3.4%, with a strong tier one leverage ratio of 9.36% [13] Business Line Data and Key Metrics Changes - On-balance sheet deposits grew by $179 million to $7.9 billion, while off-balance sheet deposits increased by $789 million to $1.1 billion [4] - Loans increased by $167 million, or 3.5%, to $4.9 billion, with growth in growth mode portfolios accelerating to 7% [5][6] - The PACE portfolio saw total assessments grow by $38 million, or 3%, to $1.3 billion [7] Market Data and Key Metrics Changes - Political deposits increased by $287 million to $1.7 billion, reflecting growth in fundraising ahead of elections [5] - Not-for-profit deposits grew by $388 million, social and philanthropy deposits by $122 million, and climate and sustainability deposits by $77 million [5] Company Strategy and Development Direction - The company aims to cross $10 billion in assets and is investing in people and technology for growth [7] - The business model is positioned for reliable growth, with a focus on profitability tied to mission purpose and a strong capital base [10] - The management team emphasizes disciplined balance sheet management and a values-aligned client franchise to attract mission-driven deposits [43] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges faced in the banking sector, including rapid rate hikes and liquidity drains, but noted the bank's growth from $6 billion to nearly $9 billion in assets [8][9] - Expectations for growth and performance in 2026 are bold, with guidance indicating net interest income growth of 10%-11% and core pre-tax, pre-provision earnings growth of 9%-10% [16] Other Important Information - The company is implementing a new tax strategy that aims to improve the effective tax rate, targeting 26.5% for the upcoming year [25] - Asset quality metrics remained solid, although there was some credit turbulence, particularly related to a borrower in the DC market [14][15] Q&A Session Summary Question: Outlook for provision in 2026 and effective tax rate - Management expects provision outlook to remain similar to 2025, with a conservative approach to provisioning due to credit activity [24][25] Question: Political deposits outlook - Management anticipates growth in political deposits leading up to the election, with a strong pipeline for fundraising [27][28] Question: Multifamily growth and geographic distribution - Multifamily growth was strong, with nearly half of the growth occurring outside New York City, indicating good geographic diversification [29][31] Question: NIM expansion and commercial loan yields - NIM expansion was noted despite a down rate quarter, with loan yields expected to rise, particularly from repricing older real estate loans [34][35] Question: Growth potential of the PACE portfolio - There is significant room for growth in the CPACE portfolio, with strong yield opportunities and a focus on commercial PACE [36][37]

Financial Data and Key Metrics Changes - Independent Bank Corporation reported fourth quarter 2025 net income of $18.6 million or $0.89 per diluted share, compared to $18.5 million or $0.87 per diluted share in the prior year period [3] - For the year ended December 31, 2025, net income was $68.5 million or $3.27 per diluted share, up from $66.8 million or $3.16 per diluted share in 2024 [3] - Net interest income increased by $1 million or 2.2% over the third quarter of 2025, with a net interest margin of 3.62%, up eight basis points from the previous quarter [4] - The return on average assets and return on average equity were 1.35% and 14.75% respectively [4] Business Line Data and Key Metrics Changes - Total loans grew by $78 million or 7.4% annualized in the fourth quarter, with a total loan portfolio increase of $237 million or 5.9% for the year [9] - The commercial loan portfolio saw significant growth of $276 million or 14.2%, with quarterly growth of $88 million or 16% annualized [9] - The residential mortgage portfolio grew by $7.2 million, while the installment loan portfolio decreased by $17 million for the quarter [9] Market Data and Key Metrics Changes - Deposits totaled $4.8 billion at December 31, 2025, an increase of $107.6 million from December 31, 2024, primarily due to growth in savings and interest-bearing checking accounts [6] - The deposit base composition was 47% retail, 37% commercial, and 16% municipal, with all three portfolios showing year-over-year growth [7] - The total cost of funds decreased by 15 basis points to 1.67% [7] Company Strategy and Development Direction - The company aims to continue investing in its team and technology while striving to be Michigan's most people-focused bank [23] - A robust commercial loan pipeline and strategic initiatives to attract talented bankers are key components of the company's growth strategy [6] - The company anticipates loan growth in the mid-single-digit range for 2026, with a focus on commercial loans while expecting mortgage loans to remain flat and installment loans to decline [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through various economic environments and deliver consistent results for shareholders [23] - The outlook for 2026 includes expectations for net interest income growth of 7%-8% and net interest margin expansion of 5-7 basis points in the first quarter [20] - Management noted that credit quality metrics remain positive, with non-performing loans at 54 basis points of total loans, slightly up from the previous quarter [11] Other Important Information - The company repurchased 407,113 shares of common stock for an aggregate purchase price of $12.4 million in 2025 [13] - A tax credit transfer agreement executed during the fourth quarter is expected to reduce tax obligations and enhance earnings per share [19] Q&A Session Summary Question: Market outlook in Michigan and banker additions for 2026 - Management expects to add a net of four to five bankers in 2026, with opportunities arising in Southeast Michigan due to M&A dislocation [27] Question: Loan growth outlook and factors affecting it - The company anticipates mid-single-digit loan growth due to strong commercial growth but lower levels in mortgage and consumer loans [30] Question: Margin guidance and drivers for optimism - Management forecasts margin expansion of five to seven basis points in Q1, with three to five basis points in subsequent quarters, driven by rate cuts and repricing of below-market assets [36] Question: Capital management and M&A landscape - The company is excited about its capital position, allowing flexibility for share repurchases and potential M&A opportunities, though M&A is not a requirement for continued success [39][41] Question: Charge-off expectations - Management expects charge-offs to remain low, similar to recent history, with a provision for credit losses of 20-25 basis points of average portfolio loans [53]

Financial Data and Key Metrics Changes - Core earnings were $0.99 per diluted share, indicating consistent earnings power and positioning for growing returns on tangible common equity [4] - Net income was $26.6 million, or $0.88 per diluted share, with core net income at $30 million, or $0.99 per diluted share [11] - Net interest income grew by 1.8% to $77.9 million, exceeding guidance [12] - Tangible book value per share rose $0.87, or 3.4%, and tier one leverage was strong at 9.36% [13] Business Line Data and Key Metrics Changes - On-balance sheet deposits grew by $179 million to $7.9 billion, while off-balance sheet deposits increased by $789 million to $1.1 billion [4] - Loans increased by $167 million, or 3.5%, to $4.9 billion, with growth in multifamily, commercial real estate (CRE), and commercial and industrial (C&I) portfolios increasing by 7% [5][6] - The PACE portfolio saw total assessments grow by $38 million, or 3%, to $1.3 billion [7] Market Data and Key Metrics Changes - Political deposits increased by $287 million to $1.7 billion, reflecting growth in fundraising ahead of elections [5] - Not-for-profit deposits grew by $388 million, social and philanthropy deposits increased by $122 million, and climate and sustainability deposits rose by $77 million [5] Company Strategy and Development Direction - The company aims to cross $10 billion in assets and is investing in people and technology for growth [7] - The business model is positioned for reliable growth, with a focus on profitability tied to mission purpose and a strong capital base [10] - The management team emphasizes disciplined execution and value creation as they enter 2026 [17] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges faced in the banking sector, including rapid rate hikes and liquidity drains, but noted the bank's growth from $6 billion to nearly $9 billion [9] - Expectations for growth and performance in 2026 are bold, with guidance indicating net interest income growth of 10%-11% and core pre-tax, pre-provision earnings growth of 9%-10% [16] Other Important Information - The company is simplifying its financials by reducing non-core adjustments related to tax credits [14] - Asset quality metrics remained solid, although there was some credit turbulence, particularly related to a borrower in the DC market [15] Q&A Session Summary Question: Outlook for provision in 2026 and effective tax rate - Management expects provision outlook to be similar to 2025, with a target effective tax rate of 26.5% [23][25] Question: Political deposits outlook - Political deposits are expected to grow through the election, with a 20% quarter-over-quarter growth noted [27][28] Question: Multifamily growth specifics - Multifamily growth was strong, with nearly half coming from outside New York City, indicating good geographic diversification [29][31] Question: NIM expansion and commercial loan yields - NIM expansion was noted, with loan yields in the pipeline around 5.9%-6% for C&I and 5.70% for multifamily [34] Question: PACE portfolio growth outlook - There is significant room for growth in the CPACE portfolio, with strong yield opportunities and no restrictions on adding assets [36][37]

RLI (NYSE:RLI) Q4 2025 Earnings call January 22, 2026 11:00 AM ET Company ParticipantsAaron Diefenthaler - CFOJen Klobnak - COOMitch Rubin - Equity Research AssociateJamie Inglis - Managing Director and PartnerMeyer Shields - Managing DirectorCraig Kliethermes - President and CEOAndrew Andersen - Equity Research Senior VPConference Call ParticipantsMark Hughes - AnalystChristian Getzoff - Senior Equity AnalystMichael Phillips - Managing Director and Senior AnalystsOperatorGood morning, and welcome to the RL ...