Old Second Bancorp (NasdaqGS:OSBC) Q4 2025 Earnings call January 22, 2026 10:00 AM ET Company ParticipantsBrad Adams - COO and CFODarin Campbell - Head of National Specialty LendingJim Eccher - Chairman, President and CEOTerry McEvoy - Managing Director of Equity ResearchConference Call ParticipantsAdam Kroll - Equity Research AnalystJeff Rulis - Managing Director and Senior Research AnalystBrian Martin - Managing Director and Senior Research AnalystOperatorGood morning, everyone, and thank you for joining ...

Eagle Bancorp (NasdaqCM:EGBN) Q4 2025 Earnings call January 22, 2026 10:00 AM ET Company ParticipantsSusan Riel - President and CEOJames Abbott - Founder, CEO, and CIOChristopher Marinac - Director of ResearchCatherine Mealor - Managing Director of Equity ResearchRyan Riel - Chief Lending Officer, Commercial Real EstateEric Newell - CFOConference Call ParticipantsJustin Crowley - VP and Senior Research AnalystDavid Chiaverini - Equity Research AnalystOperatorGood day, and thank you for standing by. Welcome ...

Financial Data and Key Metrics Changes - Net income for Q4 2025 was $28.8 million, or $0.54 per diluted share, with a return on assets (ROA) of 1.64% and a return on average tangible common equity (ROTCE) of 16.15% [4] - Excluding certain adjusting items, net income was $30.8 million, or $0.58 per diluted share, with tangible book value per share increasing to $14.12 [5] - The tax equivalent efficiency ratio was 53.98%, with a notable improvement in the efficiency ratio adjusted to 51.28% [12] Business Line Data and Key Metrics Changes - The net interest margin (NIM) was exceptionally strong at 5.09%, reflecting a 41 basis points increase year-over-year [6] - Total loans decreased by $12.4 million from the previous quarter, with tax equivalent loan yields declining by 11 basis points [8] - Non-interest income saw a slight decrease compared to the prior quarter but increased compared to the previous year, driven by wealth management fees and service charges on deposits [11] Market Data and Key Metrics Changes - The loan-to-deposit ratio increased to 93.9% as of year-end, compared to 91.4% last quarter [7] - The total cost of deposits decreased to 115 basis points from 133 basis points in the prior linked quarter [6] - The allowance for credit losses on loans was $72.3 million, or 1.38% of total loans, down from 1.43% in the previous quarter [9] Company Strategy and Development Direction - The company aims to optimize its balance sheet and reduce reliance on wholesale funding while allowing higher-cost deposits to run off [12] - Loan growth is targeted in the mid-single digit range for the upcoming year, with a focus on organic growth and integration of previous acquisitions [16][66] - The management expressed optimism about future performance and opportunities, emphasizing the strength of the bank [17] Management's Comments on Operating Environment and Future Outlook - Management noted that unemployment and GDP forecasts remain stable, with no significant changes in assumptions [10] - The company expects elevated charge-offs in the power sports portfolio due to the nature of the business, but the contribution margin is at a multi-year high [9][22] - Management is optimistic about the first half of 2026, citing a strong pipeline for loan production [53] Other Important Information - The company completed its integration efforts from previous acquisitions, which contributed to improved performance metrics [13] - Non-interest expenses decreased significantly, with a notable reduction in acquisition-related costs [11] Q&A Session Summary Question: Are cost savings fully captured or is there a tail end into 2026? - Management indicated there is a tail end into 2026, with employee benefits expected to rise due to inflationary trends [19] Question: What is the expected net charge-off pace for the power sports portfolio? - Management expects a higher net charge-off rate due to the nature of the power sports business, with $4.5 million of the $6 million charge-off related to this portfolio [21][22] Question: What are the expectations for loan growth in the power sports vertical? - Management anticipates slightly less than mid-single digit growth in the power sports vertical [36] Question: Can you provide insights on the profile of a typical power sports borrower? - The average cycle score for the power sports portfolio is 730, with a busy season from March through the second and third quarters [42] Question: What is the outlook for share repurchases? - Management expects to begin share repurchases in the near term, indicating a lack of price sensitivity [62]

Fulton Financial (NasdaqGS:FULT) Q4 2025 Earnings call January 22, 2026 10:00 AM ET Company ParticipantsPat Lafferty - Investor Relations ManagerMatthew Breese - Managing Director and Institutional Equities and ResearchRick Kraemer - CFODavid Bishop - Director and Equity Research for U.S. Bank SectorCurt Myers - Chairman, President and CEOConference Call ParticipantsDaniel Tamayo - Equity Research Analyst for Banks and Financial InstitutionsOperatorGood day and thank you for standing by. Welcome to the Fult ...

Financial Data and Key Metrics Changes - Freeport-McMoRan reported a strong fourth quarter with adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [6][12] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance, while copper sales and net unit cash costs were slightly better than adjusted guidance [6][12] Business Line Data and Key Metrics Changes - The U.S. business saw a 5% increase in production compared to the fourth quarter of the previous year, with operating income three and a half times higher than the fourth quarter of 2024 [13][14] - South America’s copper sales totaled $1.1 billion for 2025, with expectations for similar sales in 2026, while unit net cash costs averaged $257 per pound in the fourth quarter [15][16] Market Data and Key Metrics Changes - Copper prices on the LME averaged $4.51 per pound for 2025, with current prices approximately 30% higher than the 2025 average [9][10] - Demand for copper was driven by electrification and AI data centers, offsetting weaknesses in traditional sectors like residential construction and autos [10][11] Company Strategy and Development Direction - Freeport's long-term strategy remains focused on being a leader in copper production, with a commitment to executing operational initiatives and enhancing cash flow generation [5][7] - The company is targeting a 40% increase in production from leach initiatives in 2026, aiming for $800 million per annum in the future [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [4][5] - The company anticipates a tightly balanced copper market in 2026, with significant growth in demand expected due to investments in power grids and technology infrastructure [11][12] Other Important Information - Freeport's reserves at year-end 2025 included over 17 billion pounds of copper from the El Abra project, with ongoing regulatory processes for expansion [22][23] - The company is focused on innovation and automation to enhance operational performance and reduce costs, particularly in the U.S. business [8][28] Q&A Session Summary Question: Guidance for future years considering leaching opportunities - Management included $250 to $300 million in the 2026 outlook for leaching and did not include anything beyond that for expansion [34] Question: Unit cash costs in South America - Forecasted net cash costs in South America for 2026 are around $258 per pound, similar to the fourth quarter, with increases attributed to labor and energy costs [35] Question: Reducing U.S. costs by 2027 - The target to reduce costs to $250 per pound by 2027 assumes successful scaling of leach opportunities and driving efficiencies [36] Question: Copper imports and tariffs - Management indicated that leach initiatives could significantly reduce imports, but they are not relying on tariffs to support investments [38][42] Question: Timing for Bagdad project updates - The decision on the Bagdad project is expected mid-year after completing engineering work and obtaining fixed pricing [46][47] Question: Lessons learned from Grasberg incident - The company is on track with the Grasberg recovery plan, with mud removal nearly complete and infrastructure improvements ongoing [54][55]

Fulton Financial (NasdaqGS:FULT) Q4 2025 Earnings call January 22, 2026 10:00 AM ET Speaker4Good day, and thank you for standing by. Welcome to the Fulton Financial Fourth Quarter 2025 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdr ...

Summary of Meritage Hospitality Conference Call Company Overview - **Company**: Meritage Hospitality Group - **Ticker Symbol**: MHGU - **Business**: Franchisee of Wendy's, operating 359 stores across 15 states with approximately 11,000 employees [2][3] Industry Context - **Brand**: Wendy's, publicly traded on NASDAQ - **Current Situation**: Wendy's is searching for its fourth CEO in 18 months, indicating instability in leadership [2][3] Key Points Bear Case for Wendy's - **Leadership Instability**: Wendy's has had three CEOs in 18 months, with the current interim CEO in place for nearly six months [2][3] - **Operational Challenges**: Lack of new product development and marketing strategies has led to reliance on discounting, which negatively impacted profit margins [5][6] Financial Performance - **2025 Financial Impact**: Severe weather events in early 2025 resulted in a $10 million cash loss for Meritage. The company ended 2025 with a negative EBITDA of $6.8 million, a significant drop from the normal run rate of $42 million [4][11] - **2026 Projections**: Meritage expects EBITDA to recover to between $18 million and $20 million, with sales projected between $610 million and $620 million [17][11] Risk Management - **Cash Position**: Meritage entered 2026 with $11 million in cash, below the desired $20 million. The company is facing a $9.1 million cash shortfall due to changes in its contract with Coca-Cola [9][10] - **Bank Forbearance**: The company is currently under loan forbearance, which is an unusual situation for them [18] Strategic Changes - **Policy Changes at Wendy's**: New leadership has altered policies that previously restricted franchisees from closing unprofitable stores without opening new ones. This change is expected to improve overall system health [12][13] - **Breakfast Strategy**: The new team at Wendy's has set a sales benchmark for breakfast, allowing franchisees to opt out of unprofitable breakfast offerings, which has historically cost Meritage $35 million [14][15] Cost Management - **G&A Cuts**: Meritage has reduced general and administrative expenses by $7.5 million, rationalizing corporate and field expenses [15] - **Store Closures**: The company closed 20 underperforming stores, which is expected to save approximately $4.5 million annually [15][21] Product Innovation - **New Product Launches**: Meritage anticipates new chicken products and promotions to be introduced in early 2026, which could help improve sales and profitability [19][22] Market Dynamics - **Beef Pricing**: A 40% tariff on imported beef significantly increased domestic beef prices, impacting costs. The tariff has since been reversed, but benefits from lower prices are not expected until 2027 [7][9] - **Protein Mix**: Wendy's currently has an 80% beef and 20% chicken sales mix, limiting flexibility compared to competitors like McDonald's, which has a more balanced mix [31][32] Future Outlook - **Recovery Potential**: Despite current challenges, there is optimism about Wendy's recovery as new leadership implements changes. The company is expected to navigate through its financial difficulties and return to profitability [36][37] Additional Insights - **Consumer Behavior**: The lower-end consumer demographic has faced significant inflation, impacting spending habits. However, potential tax refunds may provide a tailwind for the industry [29][30] - **Franchisee Relations**: The relationship dynamics between franchisees and the franchisor (Wendy's) are complex, with franchisees often having to align with national pricing strategies that may not always be favorable [26][27] This summary encapsulates the critical aspects of Meritage Hospitality's current situation, challenges, and strategic outlook as discussed in the conference call.

Financial Data and Key Metrics Changes - Earnings per share diluted increased by 17% year-over-year, driven by a 2% growth in total core revenues [3] - Total assets grew by 8.4% to a record $12.5 billion, with core deposits increasing by 5% to $9.9 billion [4] - Loans grew by 5.3% to $8.2 billion, with commercial loans now representing 43% of the loan book [4] - The efficiency ratio was reported at 56.7%, with a return on average assets of 1.81% and return on tangible common equity at 17.2% [10] Business Line Data and Key Metrics Changes - Core revenues totaled $185 million, reflecting a slight increase of $1.4 million [7] - Total interest income decreased by $3 million to $197 million, influenced by higher average balances of loans and cash at lower average yields [8] - Non-interest expenses totaled $105 million, up $8.5 million from the previous quarter, primarily due to increased professional services fees and business sizing costs [9] Market Data and Key Metrics Changes - The Puerto Rico economy remains steady with a positive outlook for economic growth, supported by public reconstruction funds and private investments [17] - The company reported a 4% growth in retail customers, attributed to the success of its digital-first strategy [6] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through its digital-first strategy, which includes the introduction of the Libre and Elite accounts [5] - There is a strategic emphasis on commercial loan growth, with expectations of a 5%-6% increase in commercial loans during the year [26] - The company aims to continue investing in technology and improving operational efficiencies to support long-term growth [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustainable long-term growth, citing sound credit quality and asset management [18] - The company anticipates a net interest margin range of 4.95%-5.05% for 2026, considering potential rate cuts and changes in deposit funding [16] - The management highlighted the importance of monitoring global macroeconomic and political uncertainties that could impact Puerto Rico [17] Other Important Information - The company repurchased $40 million of common shares in the fourth quarter and increased its dividend by 20% [4] - The effective tax rate for 2026 is expected to be around 23%, excluding any discrete items [16] Q&A Session Summary Question: Can you provide additional color into the larger Puerto Rico charge-offs this quarter? - The charge-offs were a result of a sale that released $17 million in non-performing loans, which triggered charge-offs but resulted in a gain of $3.9 million [21][24] Question: What is the outlook for loan growth? - The company expects low single-digit loan growth, with auto balances projected to decrease by 2%-3% and commercial loans to increase by 5%-6% [26] Question: Can you provide confidence in the expense guidance for 2026? - The expense range reflects continuous investment in technology and talent, with expectations for efficiencies to materialize in 2027 and 2028 [27][31] Question: What are the strategic initiatives for 2026? - The focus will be on enhancing retail efforts and investing in commercial growth, particularly targeting small and mid-sized clients [36][37] Question: What is the expectation for capital return in 2026? - The company plans to continue share buybacks as a primary method of returning capital to shareholders, alongside potential dividend considerations [38] Question: Has there been any price response from other players regarding new products? - There has been no significant price response from competitors, as the Libre account is non-interest-bearing and the Elite account offers competitive rates without aggressive pricing [87][88]

Financial Data and Key Metrics Changes - Net income for Q4 2025 was $28.8 million, or $0.54 per diluted share, with a return on assets (ROA) of 1.64% and a return on average tangible common equity (ROATCE) of 16.15% [3] - Excluding certain adjusting items, net income was $30.8 million, or $0.58 per diluted share, with tangible book value per share increasing to $14.12 [4] - The tangible equity ratio increased to 11.02%, and Common Equity Tier 1 was 12.99%, up from 12.44% in the previous quarter [4] Business Line Data and Key Metrics Changes - Total loans decreased by $12.4 million from the previous quarter, with tax equivalent loan yields declining by 11 basis points [6] - Non-performing loans increased by $4.8 million, while classified assets rose by $10 million [6] - The allowance for credit losses on loans was $72.3 million, or 1.38% of total loans, down from $75 million [8] Market Data and Key Metrics Changes - The net interest margin (NIM) was exceptionally strong at 5.09%, a 41 basis point increase year-over-year [5] - The total cost of deposits decreased to 115 basis points from 133 basis points in the prior quarter [5] - Average loans increased by $60 million, or 1.2%, over the linked quarter, while average deposits declined by approximately $200 million [13] Company Strategy and Development Direction - The company aims for mid-single digit loan growth in 2026, with a focus on optimizing the balance sheet and reducing reliance on wholesale funding [16][11] - Integration of the Evergreen acquisition is nearly complete, and the company is prioritizing organic growth [56][58] - The management is optimistic about the performance in 2026, particularly in the power sports segment, which has shown a high contribution margin [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's performance and the strength of its operations, despite challenges in the economic environment [17] - The company anticipates a stable margin trend, with potential modest declines in the first quarter of 2026 [15] - The management noted that the unemployment and GDP forecasts remain static, with no significant changes expected [9] Other Important Information - Non-interest income showed a slight decrease compared to the prior quarter but performed well year-over-year, driven by increases in wealth management fees and service charges [10] - Total non-interest expenses decreased by $10.2 million from the prior linked quarter, with a significant reduction in acquisition-related costs [10] Q&A Session Summary Question: Are the cost savings fully captured or is there a tail end at 2026? - Management indicated there is a tail end at 2026, with employee benefits expected to rise due to inflationary trends, but overall expense growth is projected to be around 3% [19] Question: What is the expectation for net charge-off rates in the power sports portfolio? - Management expects a higher net charge-off rate due to the nature of the power sports business, with $4.5 million of the $6 million charge-off related to this segment [21] Question: Can you provide insights on the margin expectations for the first quarter? - Management expressed confidence in maintaining a margin around 5% for the full year, despite potential modest headwinds [27] Question: What is the current status of the West Suburban loan portfolio? - Approximately $285 million remains in the West Suburban portfolio, with expectations of continued runoff [44] Question: What is the company's approach to capital management and potential buybacks? - Management indicated that share repurchases are expected to begin soon, with no price sensitivity at this point [53]

Fo u r t h Q u a r t e r 2 0 2 5 Since 1890 Disclosure Statement This presentation includes forward-looking statements. These statements include descriptions of management's plans, objectives or goals for future operations, products or services, forecast of financial or other performance measures and statements about Banner's general outlook for economic and other conditions. Additional forward-looking statements may be made in the question-and-answer period following the presentation. These forward- lookin ...