Financial Data and Key Metrics Changes - Net earnings for the first quarter rose to $7.6 million or $0.39 per share, compared to $1.1 million or $0.06 per share in the same period last year [5] - Gross profit improved to $18.1 million from $9.5 million a year ago, with gross margin expanding to 11.3% from 7.3% [8] - SG&A expenses increased to $8.8 million, or 5.5% of net sales, compared to $7.9 million, or 6.1% of net sales, in the prior year [8][9] - Effective tax rate decreased to 21% from 26.1% in the prior year [9] Business Line Data and Key Metrics Changes - First quarter shipments increased by 3.8% year-over-year, reflecting improved demand across commercial and infrastructure markets [5][6] - Average selling prices increased by 18.8% year-over-year due to pricing actions taken to offset higher steel wire rod costs [6] Market Data and Key Metrics Changes - The Architecture Billings Index (ABI) registered 45.3, indicating a contraction in non-residential commercial construction activity for 13 consecutive months [12] - The Dodge Momentum Index rose 7% in December, with a year-over-year increase of 50%, indicating strengthening activity in commercial planning [13] Company Strategy and Development Direction - The company is optimistic about 2026, driven by demand from the Infrastructure Investment and Jobs Act (IIJA) and data center construction [3][16] - The company plans to invest approximately $20 million in capital expenditures to support growth and reduce production costs [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainties due to trade policies and economic conditions but remains confident in demand trends and customer conversations [14][16] - The company expects to continue importing raw materials until domestic availability improves, impacting net working capital [22][23] Other Important Information - The company returned $19.4 million to shareholders through a special cash dividend and continued share buybacks [12] - Cash flow from operations used $700,000 in the quarter, compared to providing $19 million last year, primarily due to increased inventories [10] Q&A Session Summary Question: Can you provide more details on commitments related to data center projects? - Management noted that the data center business is new but is seeing repeat opportunities and robust demand [27] Question: How have wire rod constraints affected volumes? - Management explained that inventory growth was due to insufficient domestic wire rod supply, necessitating offshore purchases [29] Question: Are you realizing SG&A leverage from recent acquisitions? - Management confirmed that synergies from acquisitions are being realized, contributing to improved performance [31] Question: What has allowed the company to grow despite industry headwinds? - Management attributed growth to internal factors such as work in the cast-in-place market and acquisitions [38] Question: What is the outlook for the residential market? - Management indicated that any meaningful impact from the residential market is unlikely for 2026 [45] Question: How are labor costs being managed? - Management acknowledged upward pressure on labor costs and inflationary impacts on operations [46]

Financial Data and Key Metrics Changes - The company reported strong loan growth, solid organic deposit growth, and significant loan fee income, indicating a robust performance in 2025 [3][4] - The net interest margin (NIM) experienced slight compression but remains within historical ranges, with a current NIM of approximately 4.45% [14][16] Business Line Data and Key Metrics Changes - Loan growth was particularly strong in Oklahoma and Texas, with expectations of $35-$45 million in new fundings needed monthly to sustain growth [10] - The company achieved better results on the deposit side compared to the loan side, reflecting effective team performance [10] Market Data and Key Metrics Changes - The company noted that the local economies in Oklahoma and Texas are thriving, contributing to the strong loan growth [10] - Deposit competition has intensified, with depositors becoming more aware of interest rates, impacting the company's ability to lower deposit costs [23][24] Company Strategy and Development Direction - The company is focused on maintaining discipline in loan pricing and underwriting standards while pursuing market share in key regions [11][32] - There is a strategic emphasis on accumulating capital for potential M&A opportunities, while avoiding share buybacks to maintain financial flexibility [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to perform at a high level despite economic uncertainties and competitive pressures [4][26] - The company anticipates challenges in maintaining margins due to potential interest rate cuts and deposit competition, but remains optimistic about future growth [16][21] Other Important Information - The company highlighted that oil and gas revenues are expected to have a minimal impact on overall financial performance, with a gradual decline anticipated [39][40] - The current cost of funds has decreased to 2.40%, influenced by balance sheet growth and new deposits [21] Q&A Session Summary Question: Loan growth expectations and payoff activity - Management noted that while there was accelerated payoff activity, the fourth quarter saw lighter payoffs than earlier in the year, with expectations of continued strong growth [9][10] Question: Net interest margin trends - Management indicated that slight NIM compression was expected due to rate cuts, but they remain confident in maintaining a healthy margin [12][14] Question: Deposit cost direction and competition - Management acknowledged that recent rate cuts did not significantly impact deposit betas, indicating a challenging environment for deposit pricing [23][24] Question: Capital management and stock performance - Management emphasized a focus on producing strong results rather than share buybacks, with confidence that the market will recognize the company's performance over time [26][27] Question: M&A opportunities and market conditions - Management stated that while AOCI pressures have eased, high valuations for quality deposit franchises remain a challenge for M&A activity [31][32] Question: Non-interest-bearing deposits and seasonality - Management explained that the decline in non-interest-bearing accounts is a response to increased customer awareness of interest rates, with minimal seasonality expected [34][35]

Financial Data and Key Metrics Changes - The company reported strong loan growth, solid organic deposit growth, and significant loan fee income, indicating robust performance in 2025 [3][4] - The provision for loan losses was not increased significantly despite the growth, reflecting improved asset quality [4] Business Line Data and Key Metrics Changes - Loan growth was particularly strong in Oklahoma and Texas, with expectations of $25 million in monthly payoffs and a need for $35-$45 million in new fundings to sustain growth [10] - The company achieved better results on the deposit side compared to the loan side, showcasing effective market capture [10] Market Data and Key Metrics Changes - The company experienced a slight compression in net interest margin (NIM) due to rate cuts, but it remains within historical ranges [12][14] - The current cost of funds decreased to 2.40%, influenced by balance sheet growth and new deposits [21] Company Strategy and Development Direction - The company is focused on maintaining discipline in loan pricing and capturing market share in key regions [11][33] - There is a cautious approach towards M&A, with a focus on high-quality deposit franchises and maintaining capital for future opportunities [32][33] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for continued high performance and acknowledged the challenges posed by market conditions [4][26] - The company is prepared for potential fluctuations in net income due to oil and gas revenue, but views it as a minor factor in overall performance [39] Other Important Information - The company highlighted the importance of controlling expenses and maintaining a strong operational framework [37][40] - Management noted that the return on equity may decline due to accumulating capital, but this is viewed as a "high-class problem" [33] Q&A Session Summary Question: Loan growth expectations and payoff activity - Management noted that while payoffs were lighter in Q4, they expect continued strong loan growth, albeit with some pricing pressure [10][11] Question: Net interest margin trends - Management indicated that NIM may see slight declines but remains confident in maintaining a strong margin within historical ranges [14][16] Question: Deposit costs and competition - Management acknowledged challenges in deposit pricing competition, noting that recent rate cuts did not significantly impact deposit betas [23][24] Question: Capital management and stock performance - Management emphasized a focus on producing strong results rather than share buybacks, with confidence that the market will recognize the company's performance over time [26][27] Question: M&A opportunities and market conditions - Management discussed ongoing challenges in M&A due to high seller expectations but remains disciplined in pursuing quality opportunities [32][33] Question: Non-interest-bearing deposits and seasonality - Management explained the decline in non-interest-bearing accounts as a response to changing customer awareness regarding interest rates [34][35]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the Continuance Resolution and Domestication Resolution, which were passed by a majority of not less than two-thirds of the votes cast [19] - The 2026 Incentive Award Plan was also approved by a majority of the votes cast [19] Business Lines Data and Key Metrics Changes - No specific data or metrics related to individual business lines were provided during the meeting Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting Company Strategy and Development Direction - The company is transitioning from Alberta to British Columbia and then domesticate to Nevada, indicating a strategic shift in its operational base [9][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting was conducted virtually, ensuring shareholder rights were protected and allowing participation similar to in-person meetings [3][4] - The voting results will be filed on SEDAR and made available on the company's website [20] Q&A Session Summary - No specific questions were raised during the meeting regarding the motions presented [12][15][18][22]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the Continuance Resolution and Domestication Resolution, which were passed by a majority of not less than 2/3 of the votes cast [19] - The 2026 Incentive Award Plan also received majority approval from the votes cast [19] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company is transitioning from Alberta to British Columbia and then to Nevada, indicating a strategic move to potentially enhance operational flexibility and regulatory advantages [9][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting was conducted virtually, ensuring shareholder rights were protected and participation was facilitated [3][4] - The voting results will be filed on SEDAR and made available on the company's website [20] Q&A Session All Questions and Answers - No specific questions were raised during the meeting regarding the motions presented [12][15][18][22]

Financial Data and Key Metrics Changes - Net earnings for the first quarter rose to $7.6 million or $0.39 per share, compared to $1.1 million or $0.06 per share in the same period last year [5] - Gross profit improved to $18.1 million from $9.5 million a year ago, with gross margin expanding to 11.3% from 7.3% [8] - Average selling prices increased by 18.8% year over year, reflecting pricing actions taken to offset higher costs [6] Business Line Data and Key Metrics Changes - First quarter shipments increased by 3.8% year over year, reflecting improved demand across commercial and infrastructure markets [5][6] - SG&A expenses rose to $8.8 million, or 5.5% of net sales, compared to $7.9 million, or 6.1% of net sales, in the prior year [8][9] Market Data and Key Metrics Changes - The Architectural Billings Index (ABI) registered 45.3, indicating a contraction in nonresidential commercial construction activity for 13 consecutive months [12] - The Dodge Momentum Index rose 7% in December, with a year-over-year increase of 50%, indicating some strengthening in commercial planning [13] Company Strategy and Development Direction - The company is encouraged by the demand driven by the Infrastructure Investment and Jobs Act (IIJA) and expects robust demand from data center construction [16][17] - The company plans to invest approximately $20 million in capital expenditures to support growth and reduce production costs [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainties due to trade policies and economic conditions but remains optimistic about demand trends [3][25] - The company expects to continue importing raw materials until domestic supply improves, impacting net working capital [22][23] Other Important Information - The company returned $19.4 million to shareholders through a special cash dividend and continued share buybacks [12] - Cash flow from operations used $700,000 in the quarter, compared to providing $19 million last year, primarily due to increased inventories [10] Q&A Session Summary Question: Can you provide more details on commitments related to data center projects? - Management noted that the data center business is new and they are seeing repeat opportunities and robust demand [27] Question: How have wire rod constraints affected volumes? - Management explained that inventory growth was due to insufficient domestic wire rod supply, leading to offshore purchases [29] Question: Are you realizing SG&A leverage from recent acquisitions? - Management confirmed that synergies from acquisitions are being realized, contributing to improved performance [31] Question: What has allowed the company to grow despite industry headwinds? - Management attributed growth to internal factors such as work in the cast-in-place market and acquisitions [38] Question: How quickly can the residential market turn beneficial for the company? - Management indicated that any meaningful impact from the residential market is unlikely for 2026 [45] Question: What is the outlook on labor costs? - Management acknowledged upward pressure on labor costs and inflationary impacts on operations [46]

Financial Data and Key Metrics Changes - Net earnings for Q1 2026 rose to $7.6 million or $0.39 per share, compared to $1.1 million or $0.06 per share in the same period last year [4] - Gross profit improved to $18.1 million from $9.5 million a year ago, with gross margin expanding to 11.3% from 7.3% [6] - SG&A expenses increased to $8.8 million, or 5.5% of net sales, compared to $7.9 million, or 6.1% of net sales, in the prior year [6][7] - Effective tax rate decreased to 21% from 26.1% in the prior year [7] Business Line Data and Key Metrics Changes - First quarter shipments increased by 3.8% year over year, reflecting improved demand across commercial and infrastructure markets [4][5] - Average selling prices increased by 18.8% year over year due to pricing actions taken to offset higher steel wire rod costs [5] Market Data and Key Metrics Changes - The Architectural Billings Index (ABI) registered 45.3, indicating a contraction in nonresidential commercial construction activity for 13 consecutive months [10] - The Dodge Momentum Index rose 7% in December, with a year-over-year increase of 50%, indicating strengthening activity in commercial planning [11] Company Strategy and Development Direction - The company is optimistic about 2026, driven by demand from the Infrastructure Investment and Jobs Act (IIJA) and data center construction [3][15] - The company plans to invest approximately $20 million in capital expenditures to support growth and reduce production costs [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainties due to trade policies and economic conditions but remains confident in the demand trends observed [3][12] - The company expects inventory levels to moderate as purchasing activity normalizes and shipment volumes increase [9][19] Other Important Information - The company returned $19.4 million to shareholders through a special cash dividend and continued share buybacks [10] - Cash flow from operations used $700,000 in the quarter, compared to providing $19 million last year, primarily due to increased inventories [8] Q&A Session Summary Question: Can you provide more details on commitments related to data center projects? - Management noted that the data center business is new to the company, but they are seeing repeat opportunities and robust demand [22][23] Question: How have wire rod constraints affected volumes? - Management explained that inventory growth was due to insufficient domestic wire rod supply, leading to offshore purchases [24][25] Question: Are you realizing SG&A leverage from recent acquisitions? - Management confirmed that they have realized expected synergies from acquisitions, contributing to improved performance [28] Question: What has allowed the company to grow despite industry headwinds? - Management attributed growth to internal factors such as work in the cast-in-place market and successful acquisitions [34][35] Question: What is the outlook for the residential market? - Management indicated that any meaningful impact from the residential market is unlikely for 2026 [40][41] Question: How are labor costs being managed? - Management acknowledged upward pressure on labor costs and inflationary impacts on operations [42][43]

Financial Data and Key Metrics Changes - The company reported strong loan growth, solid organic deposit growth, and significant loan fee income, indicating robust performance in 2025 [3][4] - The provision for loan losses was not increased significantly despite the growth, reflecting improved asset quality [4] Business Line Data and Key Metrics Changes - The company experienced accelerated loan growth primarily in Oklahoma and Texas, with a focus on capturing market share in these regions [8][9] - Deposit growth outpaced loan growth, showcasing the effectiveness of the company's strategies [9] Market Data and Key Metrics Changes - The current cost of funds decreased to 2.40%, driven by balance sheet growth and new deposits [20] - The company noted that deposit competition has intensified, with depositors becoming more aware of interest rates [21][22] Company Strategy and Development Direction - The company aims to maintain discipline in pricing and underwriting while pursuing growth opportunities in dynamic markets [10][29] - There is a focus on accumulating capital for potential mergers and acquisitions, while remaining cautious about share buybacks [24][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to perform at a high level despite market fluctuations [4] - The company anticipates challenges in maintaining net interest margins due to potential rate cuts and competitive pressures [12][15] Other Important Information - The company highlighted that oil and gas revenues are expected to have a minimal impact on overall financial performance moving forward [36][37] - Management emphasized the importance of controlling expenses and maintaining operational efficiency [35] Q&A Session Summary Question: Loan growth expectations and payoff activity - Management noted that while loan growth was strong, payoff activity was lighter than expected, with a forecast of $25 million in monthly payoffs [6][9] Question: Net interest margin trends - Management indicated slight compression in net interest margin but remains optimistic about maintaining it within historical ranges [11][12] Question: Deposit costs and competition - Management discussed the current cost of funds and the competitive landscape for deposits, noting that recent rate cuts did not significantly affect deposit betas [20][21] Question: Capital management and stock performance - Management stated that while capital is accumulating, they are focused on producing strong results rather than engaging in share buybacks [24][31] Question: M&A opportunities and market conditions - Management acknowledged challenges in acquiring quality deposit franchises due to high valuations but remains disciplined in their approach [28][29]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the Continuance Resolution and Domestication Resolution, which were passed by a majority of not less than two-thirds of the votes cast [20] - The 2026 Incentive Award Plan was also approved by a majority of the votes cast [20] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction - The company is transitioning from Alberta to British Columbia and then domesticated to Nevada, indicating a strategic move to align with favorable business regulations [9][12] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting was conducted virtually, ensuring shareholder rights were protected and participation was similar to past in-person meetings [3][4] - The voting process was outlined, allowing registered shareholders to vote on resolutions [5][6] Q&A Session Summary - No specific questions were raised during the meeting regarding the motions presented [12][15][18][23]

First Horizon (NYSE:FHN) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Company ParticipantsHope Dmuchowski - CFOThomas Hung - CCOBryan Jordan - CEOTyler Craft - Head of Investor RelationsConference Call ParticipantsPeter Winter - AnalystAndrew Leischner - AnalystTimur Braziler - AnalystChristopher Marinac - AnalystMichael Rose - AnalystAnthony Elian - AnalystBernard Gizycki - AnalystJanet Lee - AnalystRyan Nash - AnalystCasey Haire - AnalystDavid Chiaverini - AnalystJon Arfstrom - AnalystJohn Pancari - ...