Financial Data and Key Metrics Changes - The top line income increased by 11% to GBP 7.2 billion from GBP 6.5 billion in the same quarter last year [2][3] - Tangible net asset value per share (TNAV) rose to 392p compared to 384p in the previous quarter [3] - Return on Tangible Equity (RoTE) for Q3 was 10.6%, with a year-to-date RoTE of 12.3% [3][11] - Group net interest income (NII) increased by 16% year on year to GBP 3.3 billion [12] - The cost-income ratio was 63% in Q3, with total costs increasing by 14% year on year [15] Business Line Data and Key Metrics Changes - All divisions generated double-digit RoTE, with the Investment Bank's RoTE improving by 1.3 percentage points to 10.1% [7][29] - The U.S. Consumer Bank's RoTE increased by 2.6 percentage points to 13.5% [7][35] - UK Corporate Bank lending grew by 17% year on year, with a 24% increase in NII [26] - Private Bank and Wealth Management RoTE was 26.4%, with client assets growing by 10% year on year [27] Market Data and Key Metrics Changes - UK mortgage net lending reached GBP 3.1 billion, the highest since 2021 [21] - The UK Corporate Bank's market share increased by 70 basis points to 9.3% [26] - The U.S. Consumer Bank's end net receivables grew by 10% year on year [33] Company Strategy and Development Direction - The company plans to announce quarterly buybacks, reflecting consistent capital generation [5] - A target to return at least GBP 10 billion of capital over the three-year plan was reiterated [5] - The company aims to achieve a cost-income ratio of around 61% for 2025 and high 50s for 2026 [15] - The focus remains on operational improvements and higher returns across divisions [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of income growth driven by operational actions [48] - The outlook for stable income is strong, with expectations for group NII to exceed GBP 12.6 billion for FY 2025 [3][12] - The company is well-positioned to navigate the uncertain environment and achieve its targets through 2028 [9] Other Important Information - A share buyback of GBP 500 million was announced, reflecting strong capital generation [4][38] - The CET1 capital ratio stood at 14.1%, with RWAs increasing by GBP 4.3 billion quarter on quarter [37][39] - The company has simplified its business structure and rebalanced its footprint to generate higher returns [5][8] Q&A Session Summary Question: U.S. Consumer top line performance and non-interest income - Management confirmed that the strong performance is driven by operational actions and expects NIM to remain around 11.5% [48][50] - Non-interest income growth is supported by increased volumes and improved partner sharing agreements [50] Question: UK Mortgages volume and competitive pressures - The UK mortgage market is robust, with strong refinancing activity, but some churn compression is expected due to maturing loans [52][53] Question: Competitive conditions in U.S. investment banking - Management expressed confidence in their market position and ability to compete effectively despite potential regulatory changes [58] Question: Risks in private credit and NBFI - Management emphasized strong risk management practices and continuous monitoring of credit performance [60][63] Question: UK RWA deployment and mortgage headwinds - Management indicated that RWA growth is aligned with lending performance and expects some margin compression due to maturing loans [90][92]

Financial Data and Key Metrics Changes - In Q3 2025, Barclays reported a top line income increase of 11% to £7.2 billion from £6.5 billion in the same quarter last year [2] - The tangible net asset value per share (TNAV) rose to £3.92 compared to £3.84 in the previous quarter [2] - The return on tangible equity (ROTE) for Q3 was 10.6%, with a year-to-date ROTE of 12.3% [2] - The group net interest income (NII) is now expected to exceed £12.6 billion for FY25, up from previous expectations of more than £12.5 billion [3] Business Line Data and Key Metrics Changes - The Investment Bank's ROTE improved by 1.3 percentage points year-on-year to 10.1% [5] - The US Consumer Bank's ROTE increased by 2.6 percentage points to 13.5%, reflecting operational progress [5] - Group NII increased by 16% year-on-year to £3.3 billion, driven by UK lending momentum and operational progress in the US Consumer Bank [9] Market Data and Key Metrics Changes - UK corporate bank lending grew by 17% year-on-year, with more than half of this growth coming from new clients acquired since 2024 [16] - In mortgages, net lending of £3.1 billion was achieved, the highest since 2021 [14] - The US Consumer Bank's end net receivables grew by 10% year-on-year, with NIM rising to 11.5% [24] Company Strategy and Development Direction - Barclays is focused on simplifying its businesses and generating higher returns, with plans to announce new targets through to 2028 [4] - The company aims to deliver operational improvements across divisions, targeting a cost-income ratio of circa 61% for 2025 [4] - A £500 million share buyback was announced, reflecting strong capital generation and disciplined execution of capital priorities [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of income growth, driven by operational actions and stable deposits [34] - The outlook for the UK mortgage market remains robust, with expectations of continued strong lending [36] - Management acknowledged potential headwinds from maturing mortgages written during the stamp duty holiday, but overall expects product margin impacts to be neutral [66] Other Important Information - The CET1 capital ratio stood at 14.1%, with a pro forma ratio of 13.9% post buyback [26] - The group cost-income ratio was reported at 63% in Q3, with total costs increasing by 14% year-on-year [11] - The company is committed to returning at least £10 billion of capital over its three-year plan [3] Q&A Session Summary Question: On the U.S. Consumer top line and non-interest income - Management confirmed that the strong growth in the U.S. Consumer Bank is sustainable, driven by operational actions and increased retail deposits [34] Question: On UK mortgages and competitive pressures - Management noted that the UK mortgage market is robust, with strong refinancing activity, but acknowledged potential churn compression as older mortgages mature [36] Question: On competitive conditions in U.S. investment banking - Management highlighted strong market share and the ability to compete effectively, subject to capital rules [42] Question: On risks in the private credit industry - Management emphasized the importance of careful credit selection and monitoring, welcoming regulatory reviews [44] Question: On the U.S. Consumer Bank's ROTE target for 2026 - Management reiterated the commitment to achieving greater than 12% ROTE, with expectations for mid-teens returns in the future [50] Question: On stablecoins and their impact on the banking system - Management acknowledged the potential implications of stablecoins on deposits and monetary policy, emphasizing the need for careful study [51] Question: On private credit economics and growth - Management described strong risk management practices in private credit and expressed confidence in the growth of the business [60] Question: On UK RWA deployment and mortgage headwinds - Management clarified that RWA growth is aligned with lending performance and acknowledged potential margin compression from maturing mortgages [66]

Financial Data and Key Metrics Changes - The company reported a net income of $77.7 million for Q3 2025, a 0.3% increase compared to $77.5 million for Q2 2025 [6] - Diluted earnings per share increased by 2.7% to $1.13 for Q3 2025 from $1.10 in Q2 2025 [6] - Net interest margin increased to 3.31% for Q3 2025 from 3.27% for Q2 2025, attributed to lower cost of funds [15] - Total deposits increased by $515 million or 10.5% annualized during Q3 2025 [12] Business Line Data and Key Metrics Changes - Total gross loans increased by $320 million or 6.6% annualized, driven by increases in commercial real estate (CRE) loans and residential loans [6] - The average loan-to-value ratio of CRE loans remained at 49% [8] - Noninterest income for Q3 2025 increased by $5.6 million to $21 million compared to $15.4 million in Q2 2025, primarily due to a change in unrealized gains on equity securities [15] Market Data and Key Metrics Changes - The company has increased its loan and deposit guidance from 3% to 4% to 3.5% to 5% for both loans and deposits [7] - Total uninsured deposits were $9.1 billion, net of $900 million in collateralized deposits, representing 44.3% of total deposits [13] Company Strategy and Development Direction - The company remains focused on organic growth and executing its business plan, while being open to strategic M&A opportunities if they align with its goals [35] - The management is actively monitoring the commercial real estate market and adjusting strategies based on market conditions [10][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the pipeline for commercial mortgages is slowing down as potential borrowers await further rate cuts [40] - The competitive landscape for deposits remains fierce, particularly in California and the East Coast, with mainstream players offering substantial rates [46] Other Important Information - The company recorded a provision for credit losses of $28.7 million in Q3 2025, up from $11.2 million in Q2 2025 [12] - The ALLL to gross loan ratio increased from 0.88% in Q2 2025 to 0.93% in Q3 2025 [12] Q&A Session Summary Question: Increase in classified loans - The increase was driven by six relationships, with the largest being a $50 million loan to a national business printing company that has regained momentum [21][22] Question: Increase in CRE reserves - The increase in reserves was attributed to additional reserves on two movie theater loans acquired from the acquisition of Far East National Bank [24] Question: Core expenses guidance for Q4 - The company expects core expenses to remain stable around $11.5 million, with a decrease in consulting expenses noted [30][33] Question: Loan growth in commercial mortgage segment - The company experienced strong CRE portfolio pipeline in the previous quarters, but the pipeline is currently slowing down as borrowers await potential rate cuts [40] Question: Competition on deposits - The competition for deposits is intense, with the company adjusting rates quickly in response to market conditions [46]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported net income to common shareholders of $48 million, with earnings per share of $0.55, reflecting strong performance across all investment strategies [2][18] - The book value per share increased to $15.16 as of September 30, up from $15.00 at June 30, representing a growth in book value per share [2][6] - The annualized return on common equity was 14% for the quarter [2][6] Business Line Data and Key Metrics Changes - The credit sensitive strategies contributed $19 million to pretax income, with gains from organically created CRT investments totaling $10 million [18] - Interest rate sensitive strategies had strong results with pretax income of $32 million, primarily driven by higher income from MSR investments [18] - The fair value of PMT's MSR asset at the end of the quarter was $3.7 billion, slightly down from June 30 [18][20] Market Data and Key Metrics Changes - The company completed three securitizations of agency eligible investor loans totaling $1.2 billion in UPB, retaining $93 million of new investments [9] - PMT also completed a jumbo loan securitization totaling $300 million in UPB, retaining investments of $45 million [9] - The delinquency rates for borrowers underlying PMT's MSR portfolio remain low, with servicing advances outstanding decreasing to $62 million from $70 million at June 30 [20] Company Strategy and Development Direction - PMT leverages its relationship with PFSI to gain competitive advantages, including access to a consistent and high-quality pipeline of loans for investment [3][7] - The company aims to recycle capital into higher yielding assets, transitioning from lower yielding assets into high-quality investments [14] - PMT is focused on increasing its allocation to credit sensitive strategies while maintaining a balance with interest rate sensitive investments [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow earnings potential and deliver superior risk-adjusted returns to shareholders [17] - The company anticipates continued opportunities for organic growth as PFSI increases its share of loan production [8] - Management highlighted the importance of maintaining agility in operations to navigate potential disruptions in the mortgage market [53] Other Important Information - Approximately 60% of PMT's shareholders' equity is invested in a seasoned portfolio of MSRs, which are expected to produce stable cash flows [12] - The company has identified agency floating rate MBS as an attractive investment, purchasing $877 million of these investments [15] - PMT's current run rate reflects a quarterly average of $0.42 per share, up from $0.38 in the prior quarter [16] Q&A Session Summary Question: Discussion on conventional loan securitization opportunities - Management indicated that they have familiarity and success with lender CRT investments and are exploring opportunities in owner-occupied securitizations, which have become more viable due to market conditions [26][28] Question: Impact of GSE pricing on correspondent business - Management noted that the level of correspondent activity is influenced by PMT's investment needs, and they can source loans from PFSI as needed [31][32] Question: Prepayment speeds on jumbo loan securitizations - Management stated that it is early to assess prepayment speeds on jumbo securitizations, but generally, prepayments are beneficial to their investments [43][44] Question: Best opportunities for risk-adjusted returns - Management highlighted that credit sensitive strategies currently present the best opportunities, with a focus on balancing investments between credit and interest rate sensitive assets [48][49] Question: Thoughts on potential changes to GSEs - Management emphasized the importance of maintaining strong relationships with GSEs and the need for agility in operations to adapt to any market disruptions [52][53]

Financial Data and Key Metrics Changes - In Q3 2025, Capital One earned $3.2 billion, or $4.83 per diluted common share, with adjusted earnings per share at $5.95 after accounting for acquisition-related items [5][6] - Revenue increased by $2.9 billion, or 23%, compared to the previous quarter, while non-interest expense rose by 18% [7] - The provision for credit losses was $2.7 billion, with a $760 million allowance release bringing the total allowance balance to $23.1 billion [7][8] Business Line Data and Key Metrics Changes - Domestic card segment saw a 39% year-over-year purchase volume growth, primarily due to the Discover acquisition, with ending loan balances increasing by 70% [11][12] - Consumer banking revenue grew by 28% year-over-year, driven by the full quarter of Discover and growth in auto loans [16] - Commercial banking ending loan balances were up 1% from the linked quarter, with average loan balances remaining flat [18] Market Data and Key Metrics Changes - Total liquidity reserves ended the quarter at $143 billion, down roughly $1 billion from the last quarter [9] - The net interest margin (NIM) for Q3 was 8.36%, a 74 basis point increase from the prior quarter [9][10] - The domestic card charge-off rate improved to 4.63%, down 62 basis points from the prior quarter [14] Company Strategy and Development Direction - The acquisition of Discover Financial Services is expected to enhance growth opportunities, with a focus on moving debit and credit card volume to the Discover network [21][22] - Capital One is investing significantly in technology and marketing to capture growth in the premium card market, particularly among heavy spenders [23][80] - The company aims to leverage its technology transformation to create a national lending brand and enhance customer experiences [22][25] Management's Comments on Operating Environment and Future Outlook - The U.S. consumer remains resilient despite economic uncertainties, with stable debt servicing burdens and improving charge-off rates [30][31] - Management acknowledges elevated economic uncertainty but remains optimistic about credit performance and recovery trends [30][32] - The integration of Discover is progressing well, with expectations for revenue and operating expense synergies to ramp up in the coming quarters [19][26] Other Important Information - The common equity tier one capital ratio ended the quarter at 14.4%, with a new share repurchase authorization of up to $16 billion approved [10] - The company plans to increase its quarterly common stock dividend from $0.60 to $0.80 per share, subject to board approval [10] Q&A Session Questions and Answers Question: What is the current health of the consumer and the outlook? - Management noted that the U.S. consumer remains resilient, with low unemployment and stable debt servicing burdens, although there are concerns about inflation and job creation [30][31] Question: Can you provide insights on capital return and share repurchases? - Management indicated that share repurchases will depend on current capital levels and market conditions, with an expectation to increase the pace of repurchases [38] Question: What are the expected impacts of trimming the Discover portfolio? - Management explained that trimming certain programs will create a temporary "growth brownout," but improving credit quality is expected as a result of these adjustments [40][46] Question: How does Capital One view competition in the premium card market? - Management emphasized that winning in the premium market requires significant investment in technology and customer experiences, and they are prepared to compete aggressively [79][80]

Financial Data and Key Metrics Changes - In Q3 2025, Capital One earned $3.2 billion, or $4.83 per diluted common share, with adjusted earnings per share at $5.95 after accounting for acquisition-related items [5][6] - Revenue increased by $2.9 billion, or 23%, compared to the previous quarter, while non-interest expense rose by 18% [7] - The provision for credit losses was $2.7 billion, with a $760 million allowance release bringing the total allowance balance to $23.1 billion [7][8] Business Line Data and Key Metrics Changes - Domestic card segment saw a 39% year-over-year purchase volume growth, primarily due to the Discover acquisition, with ending loan balances increasing 70% year-over-year [11][12] - Consumer banking revenue grew by 28% year-over-year, driven by the full quarter of Discover and growth in auto loans [16][17] - Commercial banking ending loan balances were up 1% from the linked quarter, with a net charge-off rate of 0.21% [18] Market Data and Key Metrics Changes - Total liquidity reserves ended the quarter at $143 billion, with a cash position of $55.3 billion [9] - The net interest margin (NIM) was 8.36%, a 74 basis point increase from the prior quarter, driven by the full quarter of Discover's impact [9][10] Company Strategy and Development Direction - The integration of Discover Financial Services is expected to deliver $2.5 billion in combined synergies, with a focus on moving debit and credit volume to the Discover network [18][19] - Capital One is investing significantly in technology and marketing to enhance its competitive position, particularly in the high-end credit card market [20][23] - The company aims to leverage its technology transformation to capitalize on new growth opportunities, including AI-driven experiences [24][25] Management's Comments on Operating Environment and Future Outlook - The U.S. consumer remains resilient, with low unemployment and stable debt servicing burdens, although there are concerns about inflation and economic uncertainty [30][31] - Charge-off rates have improved, and delinquencies are in line with normal seasonality, indicating a stable credit environment [31][32] - Management acknowledges the need for sustained investments to capitalize on growth opportunities and maintain competitive advantages [25][26] Other Important Information - The common equity tier one capital ratio ended the quarter at 14.4%, with a new share repurchase authorization of up to $16 billion approved by the board [10] - The quarterly marketing expense was approximately $1.4 billion, reflecting increased investment in customer acquisition and premium benefits [15] Q&A Session Summary Question: Consumer health and economic outlook - Management noted that the U.S. consumer remains resilient, with low unemployment and stable debt servicing, but acknowledged economic uncertainties [30][31] Question: Capital return and share repurchase plans - Management indicated plans to increase share repurchases, depending on capital levels and market conditions [38] Question: Discover portfolio growth headwinds - Management discussed the "growth brownout" due to prior credit policy cutbacks at Discover, which may impact growth in the near term [40][46] Question: Investment opportunities and guidance - Management emphasized that many investment opportunities have been years in the making, with incremental investments expected to yield returns [52] Question: Discover brand and competitive dynamics - Management expressed confidence in the Discover brand and its potential for growth, while acknowledging increased competition in the high-end market [73][80]

Financial Data and Key Metrics Changes - PennyMac Financial Services, Inc. reported net income of $182 million for Q3 2025, translating to earnings per share of $3.37 and an annualized return on equity (ROE) of 18% [12] - The operating ROE for the quarter was 18%, with a significant contribution from the servicing business, which provided the majority of mortgage banking operating pre-tax income [2][3] - The company declared a third-quarter common share dividend of $0.30 per share [12] Business Line Data and Key Metrics Changes - The production segment reported pre-tax income of $123 million, more than double the $58 million from the previous quarter, with total acquisition and origination volumes at $36 billion, down 4% from the prior quarter [12][13] - The correspondent lending channel maintained a dominant position with total acquisitions of $28 billion, down 7% from the prior quarter, while correspondent channel margins increased to 30 basis points from 25 basis points [13] - The broker direct channel saw a 6% increase in originations and an 11% increase in locks from the prior quarter, with nearly 5,200 approved brokers, up 17% year-over-year [14][15] Market Data and Key Metrics Changes - As of September 30, $291 billion in unpaid principal balance (UPB), or 41% of the servicing portfolio, had a note rate above 5%, with $201 billion, or 28%, above 6% [10] - The company generated over $100 billion in UPB of correspondent production over the last 12 months, achieving an estimated market share of approximately 20% in the first nine months of 2025 [7] Company Strategy and Development Direction - The company completed a strategic transaction selling mortgage servicing rights (MSRs) with an unpaid principal balance of $12 billion to Annaly Capital Management, which is expected to accelerate the growth of its capital-light subservicing business [4][5] - The focus remains on optimizing the balance sheet and enhancing long-term value for customers and stockholders, with a goal to grow capital-light revenue streams leveraging servicing expertise and technology [6][7] Management's Comments on Operating Environment and Future Outlook - Management expects annualized operating returns on equity to average in the high teens to low 20s through 2026, contingent on stable mortgage rates and delinquency rates [4] - The company is confident in its ability to address refinance demand and anticipates continued improvement in recapture rates as market rates decline [11][10] Other Important Information - The servicing portfolio grew to $717 billion in UPB, with pre-tax income from servicing recorded at $158 million, nearly three times that of the prior quarter [16] - The company ended the quarter with nearly $5 billion in total liquidity, providing significant resources for opportunistic deployment [22] Q&A Session Summary Question: Expectations for fourth quarter ROEs given recent mortgage rate changes - Management indicated that if current rates persist, fourth quarter ROEs could trend towards the low 20s, but seasonality may impact results [23] Question: Implications of government shutdown on FHA business - Management is prepared for various outcomes and has sufficient commitment authority to continue operations, though some borrowers are in forbearance due to the shutdown [24][25] Question: Trends in the broker direct channel post-consolidation - Management noted that their growth in the broker direct channel is due to technology and a clear alternative to top competitors, with expectations to reach 10% market share by the end of 2026 [63] Question: Opportunities for share repurchases and MSR sale impact - Management expressed a willingness to repurchase shares if attractive opportunities arise, while also focusing on deploying capital into higher rate MSRs with better recapture potential [39][40] Question: Sustainability of the lower tax rate observed this quarter - Management indicated that the current tax rate is lower than expected going forward, with a slight increase anticipated [42][43] Question: Responsiveness of borrowers to refinancing opportunities - Management observed a quicker response from borrowers looking to refinance compared to historical trends, with recapture rates improving [48][49]

Pathward Financial (NasdaqGS:CASH) Q4 2025 Earnings Call October 21, 2025 05:00 PM ET Company ParticipantsBrett Pharr - CEOTim Switzer - VP of Equity ResearchJoe Yanchunis - Senior Equity Research AssociateDarby Schoenfeld - SVP and Chief of Staff of Investor RelationsGreg Sigrist - CFOOperatorLadies and gentlemen, thank you for standing by and welcome to Pathward Financial's fourth quarter and fiscal year 2025 investor conference call. During the presentation, all participants will be in a listen-only mode ...

Financial Data and Key Metrics Changes - PennyMac Financial Services, Inc. (PFSI) reported net income of $182 million for Q3 2025, translating to earnings per share of $3.37 and an annualized return on equity (ROE) of 18% [12] - The operating ROE for the quarter was 18%, a decrease from 20% in Q3 2024 when mortgage rates were approximately 6% [2][3] - The company declared a common share dividend of $0.30 per share for Q3 [12] Business Line Data and Key Metrics Changes - The production segment generated pre-tax income of $123 million, more than double the $58 million reported in the previous quarter [12] - Total acquisition and origination volumes were $36 billion in unpaid principal balance (UPB), down 4% from the prior quarter [12] - The servicing segment recorded pre-tax income of $158 million, nearly three times that of the prior quarter [16] Market Data and Key Metrics Changes - PFSI maintained a market share of approximately 20% in correspondent lending, generating over $100 billion in UPB of correspondent production over the last 12 months [7] - The broker direct market share has expanded to just under 6%, with a goal to exceed 10% by the end of 2026 [8] - As of September 30, $291 billion in UPB, or 41% of the loans in the servicing portfolio, have a note rate above 5% [10] Company Strategy and Development Direction - The company completed a strategic transaction selling mortgage servicing rights (MSRs) with an unpaid principal balance of $12 billion, which is expected to enhance its capital-light subservicing business [4][5] - PFSI aims to optimize its balance sheet and enhance long-term value for customers and stockholders through disciplined capital management [7] - The company is focused on leveraging technology and operational scale to grow capital-light revenue streams [6] Management's Comments on Operating Environment and Future Outlook - Management expects annualized operating returns on equity to average in the high teens to low twenties through 2026 if mortgage rates remain stable [4] - The company is confident in its ability to address refinance demand and improve recapture rates as mortgage rates decline [11] - Management highlighted the importance of technology investments in driving efficiency and improving recapture rates [10] Other Important Information - The fair value of PFSI's MSR decreased by $102 million during the quarter, with $94 million attributed to changes in market interest rates [19][20] - The company ended the quarter with nearly $5 billion in total liquidity, providing significant resources for opportunistic deployment [22] Q&A Session Summary Question: Expectations for fourth quarter ROEs given recent mortgage rate changes - Management indicated that if current rates persist, fourth quarter ROEs could trend towards the low twenties range, but seasonality may impact results [23] Question: Impact of government shutdown on FHA business - Management expressed preparedness for various outcomes and noted an increase in borrower inquiries due to the shutdown, but did not expect significant impacts [24][25] Question: Trends in refinancing responsiveness - Management observed that borrowers are responding more quickly to refinancing opportunities compared to historical trends [49] Question: Share repurchase strategy and MSR sale implications - Management stated that share repurchases are considered based on attractive pricing relative to other capital deployment opportunities, particularly in higher rate MSRs [39][40] Question: Opportunities to reduce servicing expenses - Management expects unit servicing costs to decline through technology and AI initiatives, with potential for additional cost savings as the portfolio grows [54][55]

Pathward Financial (NasdaqGS:CASH) Q4 2025 Earnings Call October 21, 2025 05:00 PM ET Company ParticipantsBrett Pharr - CEOTim Switzer - VP of Equity ResearchJoe Yanchunis - Senior Equity Research AssociateDarby Schoenfeld - SVP and Chief of Staff of Investor RelationsGreg Sigrist - CFOOperatorLadies and gentlemen, thank you for standing by and welcome to Pathward Financial’s fourth quarter and fiscal year 2025 investor conference call. During the presentation, all participants will be in a listen-only mode ...