Financial Data and Key Metrics Changes - Net sales for Q1 2025 were $1.098 billion, down from $1.108 billion in the prior year, primarily due to lower sales in the banana segment and negative exchange rate fluctuations, partially offset by higher sales in fresh and value-added products [15] - Gross profit increased to $92 million from $82 million year-over-year, driven by higher sales in fresh and value-added segments, despite increased production and distribution costs [15] - Gross margin improved to 8.4% from 7.4% in the prior year and 6.8% in Q4 2024 [16] - Net income attributable to Fresh Del Monte was $31 million, up from $26 million in the prior year, with adjusted net income at $30 million compared to $16 million last year [17] Business Line Data and Key Metrics Changes - Fresh and value-added products segment net sales were $683 million, slightly up from $677 million, driven by higher avocado prices and fresh cut fruit sales in North America [19] - Banana segment net sales decreased to $364 million from $380 million, impacted by lower sales volume and prices in Asia and North America due to market demand and supply issues [21] - Other products and services segment net sales remained stable at $51 million, with gross profit increasing to $6 million from $5 million due to higher poultry and meat prices [22] Market Data and Key Metrics Changes - Strong consumer interest in avocados and fresh cut fruit continues, with the avocado segment expected to grow as sourcing diversifies from Peru and Colombia [39] - Pineapple demand exceeds supply, attributed to increasing consumption and favorable pricing compared to other fruits [44] Company Strategy and Development Direction - The company aims to lead in fresh and value-added products, focusing on quality, innovation, and sustainability, with a vision extending through 2025 to 2027 [12] - Strategic acquisition of a majority stake in Abolio, an avocado oil producer, aims to reduce waste and enhance value in a high-margin category [11] - The company is committed to operational excellence, resource efficiency, and global expansion while reducing reliance on any single market [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued solid demand for fresh produce despite consumer pressures, indicating resilience in the face of logistical disruptions [33] - The company is closely monitoring tariff impacts and working collaboratively with buyers to mitigate costs without negatively affecting consumers [37] - Expectations for full-year 2025 include a 2% growth in net sales and gross margins of 10-11% in fresh and value-added products, 5-7% in bananas, and 12-14% in other products [27][29] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, representing a 3.5% yield based on current share price [25] - Long-term debt decreased to $233 million, a 5% reduction from the previous fiscal year-end [25] Q&A Session Summary Question: Demand in the produce category - Management noted solid demand in fresh produce, with no expected reductions in consumption, viewing market disruptions as potential opportunities [33] Question: Logistic issues in the industry - Management confirmed that smaller operators face challenges due to logistics disruptions, while the company’s integrated supply chain allows for uninterrupted operations [34][36] Question: Impact of tariffs on pricing - The company is working with buyers to mitigate tariff impacts cooperatively, aiming to avoid negative effects on consumer prices [37] Question: Performance of avocado segment - The avocado segment is performing well, with growth expected as sourcing diversifies [39] Question: Fresh cut fruit margins - Management expressed confidence in maintaining strong margins in fresh cut fruit operations due to increased efficiency and demand [42] Question: Pineapple supply and demand - Management indicated that increasing consumption is driving demand for pineapples, which are still competitively priced compared to other fruits [44]

Financial Data and Key Metrics Changes - The company reported a net income of $6.9 million or $0.08 per share, returning to profitability after a net loss of $14.1 million in the previous quarter [4] - Net interest margin expanded by nine basis points to 1.67%, with a significant reduction in provision expense and a $5 million decrease in non-interest expense compared to the fourth quarter [5][10] - Pre-provision net revenue increased to $9.7 million or $0.11 per share, compared to a loss of $2.3 million in the previous quarter [12] Business Line Data and Key Metrics Changes - The company funded $180 million in new loan balances at an average yield of 7.09%, with approximately 78% being commercial and industrial (C and I) loans [5] - Loans held for investment decreased primarily due to $354 million in payoffs, while loans held for sale remained unchanged at $1.3 billion [5] - Total non-interest income was $19.6 million, including a $4.7 million gain on the sale of securities [15] Market Data and Key Metrics Changes - Assets under management decreased to $5.1 billion from $5.4 billion at the end of the previous year, while trust assets under advisement increased to $1.2 billion from $1.1 billion [9] - Overall deposits declined to $9.6 billion, primarily due to a $400 million decrease in high-cost brokered deposits [9] Company Strategy and Development Direction - The company is focused on reducing its commercial real estate concentration and selectively exiting lower-yielding multifamily loans [5] - A strategic plan is in place to remix the loan portfolio, improve interest rate risk management, and grow non-interest income through various channels [8] - The company aims to improve sustainable profitability over the intermediate term, with expectations for net interest margin to reach between 1.8% and 2.2% by the end of 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the financial future, highlighting strong capitalization, ample liquidity, and a focus on unlocking embedded value in the franchise [21] - The company anticipates a modest reduction in total assets as it works to reduce loans held for sale to zero and improve its deposit mix [20] - Management noted that while there is some hesitancy in capital expenditures among clients, there are also opportunities for growth in certain markets [27] Other Important Information - The company remains well-capitalized with a common equity Tier one ratio of 10.6% and a Tier one leverage ratio of 8.1% [19] - The tangible book value per share increased to $9.42 from $9.36 in the prior quarter [19] Q&A Session Summary Question: How have utilization rates trended thus far in 2025? - Management noted some hesitancy among clients regarding capital expenditures, but some clients have accelerated inventory purchases due to trade uncertainties [27] Question: Did you invest in any particular markets in 1Q? - The company added personnel in the Florida market and remains optimistic about that area, while most production is expected to come from California [29] Question: Is the decline in AUM due to fluctuations in customer account balances? - Management acknowledged some terminations and turnover but remains optimistic about the pipeline going forward [31] Question: What rate environment does the NIM outlook assume? - The company is assuming two rate cuts in 2025 and a total of six cuts through the end of 2027, remaining conservative in its outlook [36] Question: Any expense impact from internal control remediation? - Management indicated there will be some professional service expenses as they bring in expertise to accelerate the transition [43] Question: How do you expect overall loan balances to trend going forward? - The company expects modest growth in loan balances over time, focusing on reducing CRE concentration and increasing higher-yielding loans [70]

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