Financial Performance - The company reported a net loss of $8.5 million, or ($0.53) diluted EPS, for Q2 2025, but excluding the loss on the sale of securities, net income would have been $4.7 million, or $0.29 EPS, using a blended statutory tax rate of 29.56%[8] - Tax-equivalent net interest margin increased to 2.93% from 2.86%, primarily due to new loan production at higher rates[8] - The company sold $185.8 million in AFS securities, resulting in a pre-tax loss of $18.7 million, but expects a 13bp increase in annualized NIM and $0.20 EPS accretion over 4 quarters with a 4-year earnback[8] Capital & Liquidity - The company's total risk-based capital remained strong at 16.25%[8] - The company repurchased $2.2 million in shares during Q2 2025[8, 18] - The company has $1.9 billion in immediately available net funding, representing 200% coverage of estimated uninsured deposits[8, 20] Deposits & Loans - Total deposits decreased by $56.9 million, with non-interest bearing deposits remaining a strong 42.5% of total deposits[8] - The company originated $68.8 million in new loans, including $49.1 million in commercial loans[8] - Non-accrual loans decreased to 1.57% of total loans from 1.59% in the prior quarter, while classified loans increased to 2.95% of total loans[8] Loan Portfolio - The company's loan portfolio is well-diversified, with non-owner occupied commercial real estate (NOO-CRE) representing 62% of the $2.1 billion total loan portfolio[38] - Within the NOO-CRE portfolio, office properties account for 28% of the $1.3 billion, while retail, warehouse & industrial, and multi-family properties represent 19%, 12%, and 15% respectively[38] - The company's non-owner occupied (NOO) CRE office exposure in the City of San Francisco is $61.1 million, representing 3% of the total loan portfolio and 5% of total NOO CRE loans[52, 53]

Financial Performance - The company reported a Return on Average Assets of 1.14%, a 28 basis points increase compared to the last quarter[7] - Net Interest Margin was reported at 3.10%, a 29 basis points expansion from the last quarter due to an improved funding profile[7] - Fully diluted Earnings Per Share (EPS) reached $1.15, a 32% increase compared to the last quarter, driven by improved net interest margin and increased non-interest income[8] - Pre-Provision Net Revenue (PPNR) was $11.4 million, or $1.46 per share, a 21% increase compared to the last quarter[8] - Non-interest income grew by $0.5 million, or 34%, compared to the last quarter, driven by $1.1 million gains realized on SBA Loan sales[7] Balance Sheet and Capital - Loan balances increased by $24 million compared to the last quarter, based on $170 million of funded originations[8] - Non-performing assets (NPAs) improved to 0.78% of total assets[7] - Non-interest bearing deposits grew by $48 million from existing channels[7] - Tangible book value was $35.65, up $1.09 compared to the last quarter and up $2.04 compared to the prior year quarter[8] - The Consolidated CET1 ratio was 10.17%, and the Bank Total Capital ratio was 13.28%[8] Deposit and Funding - Deposit costs improved to 3.40%, a 20 basis points decrease compared to the last quarter, with a June 2025 'exit' rate of 3.28%[8] - The company experienced $48 million growth in non-interest bearing deposits compared to the last quarter, and $75 million year-to-date[8]

Financial Performance - Net interest income for the second quarter of 2025 was $43 million, a $19 million or 46% increase from the first quarter of 2025[59] - Noninterest income increased 150% from the prior quarter[124] - Adjusted EPS increased $016 compared to the prior quarter[124] - Adjusted ROTCE was 210% in 2Q25, +34% vs 1Q25[40] - Adjusted ROAA was 141% in 2Q25, +31 bps vs 1Q25[40] Balance Sheet - Loans totaled $40 billion[40] - Deposits totaled $43 billion[40] - Synergistic deposits accounted for 212% of total deposits[40] - Tangible book value per share was $1611, an increase of $084 from the prior quarter[40] Asset Quality and Capital Strength - ACL to Total Loans was 147%[40] - CET1 was 105%, well above bank regulatory requirements[40]

Transaction Overview - Knox Energy Solutions AS will acquire 38% of Inpector for $20 million, consisting of $10 million in cash and $10 million in Knox shares based on a pre-money valuation of $10.4 million[16] - Knox plans to raise $12 million or more in equity and list on Euronext Growth[16] - Post-transaction value is estimated at $32.4 million and post-transaction enterprise value at $32.9 million[18] Inpector Acquisition and Production - Inpector produces heavy oil in Egypt through its subsidiary Scimitar[16] - Knox's funding aims to increase production from approximately 4,000 bbls/d to 10,000 bbls/d within three years, reducing opex from $26/bbl to below $15/bbl[16] - Inpector has significant upside potential with about 700 million bbls of oil in place, targeting a 20% recovery factor[16] Fyne Development Project - Knox owns 40% of Rapid Oil Production Ltd, which controls 58% of Rapid Oil Production Ltd UK, which owns 15% of the fully carried Fyne development project offshore UK[15] - Fyne project reserves are estimated at 1.07 million bbls (2P) and 1.7 million bbls (2P+2C)[15] - Undiscounted cash flow (2P) after tax is projected at $17 million at $70/bbl oil and $23 million at $80/bbl oil[15] - NPV (10) is estimated at $8 million at $70/bbl oil and $11 million at $80/bbl oil[15] Strategy and Focus - The company focuses on corporate capital market transactions, targeting smaller undervalued companies and special situations in the North Sea and North Africa[19] - The company aims to build a dynamic and fast-growing oil company based on accretive transactions[14] Financial Projections and Sensitivities - At $70/bbl oil, the two projects represent fully funded net cash flow after tax of $202 million, and at $80/bbl oil, $268 million[44] - Sensitivity analysis shows that at a flat production volume of 6,000 bbls/d and $100 oil price, net accumulated cash flow is $366 million, or $18 per share, with an MOIC of 11[43]

Capital Allocation and Returns - Enterprise returned $59 billion to equity investors since IPO via LP distributions and common unit buybacks[8] - Distributions were $0.545 per unit for 2Q 2025, a 3.8% increase over 2Q 2024[8] - Buybacks in 2Q 2025 totaled $110 million for 3.6 million common units[8] - For the trailing 12 months ended 2Q 2025, buybacks were $309 million for 10 million common units[8] - Adjusted CFFO Payout Ratio was 57% for the trailing 12 months ended 2Q 2025[8] Capital Expenditures and Liquidity - Growth Capital Expenditures are projected to be in the range of $40 billion to $45 billion in 2025 and $20 billion to $25 billion in 2026[8] - Sustaining Capital Expenditures are estimated to be approximately $525 million in 2025[8] - The Leverage Ratio was 31x for the trailing 12 months ended 2Q 2025, with a target ratio of 30x (+/- 025x)[8] - Liquidity stood at $51 billion as of June 30, 2025, comprising available credit capacity and unrestricted cash[8] Operational Performance and Growth - Natural Gas Processing Plant Inlet Volume reached a record 77 Bcf/d[20] - Equivalent Pipeline Transportation Volume reached a record 134 MMBPD[21] - Total Marine Terminal Volumes reached a record 21 MMBPD[22] Gross Operating Margin (GOM) Analysis (2Q 2025 vs 2Q 2024) - Total GOM increased from $2412 million in 2Q 2024 to $2477 million in 2Q 2025[39] - NGL Segment GOM decreased by $28 million[39] - Crude Oil Segment GOM decreased by $14 million[39] - Natural Gas Segment GOM increased by $124 million[39] - Petrochemicals & Refined Products Segment GOM decreased by $38 million[39]

Deposit & Liquidity - 82% of deposits are insured or collateralized, totaling $1.48 billion[11, 13] - The company has a diverse commercial deposit base with no industry concentration exceeding 10%[15] Loan Portfolio - Non-Owner Occupied CRE portfolio has a loan balance of $453 million as of June 30, 2025, with an approximate weighted average LTV of 52%[25] - Owner Occupied CRE portfolio has a loan balance of $241 million as of June 30, 2025, with an approximate weighted average LTV of 50%[31] - Multi-family loan balance outstanding is $239 million as of June 30, 2025, with an approximate weighted average LTV of 62%[37] - Commercial & Industrial Loans have a balance of $109 million as of June 30, 2025[43] - Construction & Development Loans have a balance of $70 million as of June 30, 2025, with 59% utilized of commitments[49] - Agricultural Real Estate & Operating Loans have a balance of $101 million as of June 30, 2025[56] Credit Quality - Total loans graded 1 to 5 (Pass) amounted to $1,307,424 thousand as of June 30, 2025[91] - Total loans graded 6 (Watch) amounted to $23,201 thousand as of June 30, 2025[91] - Total loans graded 7 (Substandard) amounted to $17,922 thousand as of June 30, 2025[91]

Financial Performance - The company generated a record quarterly free cash flow of $63 million in Q2 2025 [10] - Revenue increased to $308.4 million in Q2 2025 from $218.2 million in Q2 2024 [29], representing a 41% increase - Net earnings increased to $68.3 million in Q2 2025 from $53.1 million in Q2 2024 [29], representing a 28.6% increase - Adjusted net earnings increased significantly to $89.8 million in Q2 2025 from $17.0 million in Q2 2024 [29] - The company has a strong liquidity position with $226 million in cash and cash equivalents as of June 30, 2025 [30] Operational Performance - Consolidated gold production was 78,595 ounces in Q2 2025 compared to 68,598 ounces in Q2 2024 [17], representing a 14.6% increase - Rainy River achieved record monthly production and generated a record $45 million in free cash flow during the quarter [10] - New Afton's C-Zone cave construction is approximately 65% complete [10], with the undercut level completed in May [10] - Rainy River underground development achieved pit portal breakthrough in early April [10], with fresh air commissioning and ventilation loop completion in June [10] Outlook - The company anticipates generating approximately $2.2 billion in cumulative free cash flow from 2025-2027, averaging around $720 million per year, assuming gold at $3,000/oz and copper at $4.00/lb [41, 42]

Transaction Overview - Torex Gold is set to acquire all outstanding shares of Prime Mining, implying an equity value of $449 million (US$327 million)[19] - The transaction consideration is an exchange ratio of 0.0600 Torex common shares per Prime Mining share, representing an offer price of $2.57 per Prime Mining share based on Torex's closing price on July 25, 2025[19] - This represents a 32.4% premium based on the 30-day volume-weighted average prices of Torex and Prime Mining and an 18.5% premium based on spot prices[19] Benefits to Torex Gold Shareholders - The acquisition diversifies Torex's asset base by adding the Los Reyes project, a high-quality advanced exploration/development asset, to drive growth[20] - The Los Reyes project boasts a sizeable mineral resource, materially increasing Torex's resource base[20] Benefits to Prime Mining Shareholders - Prime Mining shareholders receive an immediate and significant premium, including a 32.4% premium to the 30-day VWAP and an 18.5% premium to spot prices[21] - Prime Mining shareholders gain participation in a high-margin, growing gold-copper company through a 10.7% ownership in the pro forma company[21] Los Reyes Project Highlights - The Los Reyes project has a multi-million ounce deposit, including a high-grade mill resource[29] - The Los Reyes project contains total indicated resources of 49.0 million tonnes with a gold grade of 0.95 g/t and a silver grade of 34.2 g/t, containing 1,491 koz of gold and 54.0 Moz of silver[30] - The Los Reyes project contains total inferred resources of 17.2 million tonnes with a gold grade of 0.97 g/t and a silver grade of 39.0 g/t, containing 538 koz of gold and 21.6 Moz of silver[30] Exploration and Development - Torex has budgeted $45 million towards drilling in 2025 (124,500 metres) across its properties[41]

Financial Performance - Revvity's Q2 2025 revenue reached $720 million, a 4% year-over-year increase[11] - Organic revenue growth was 3%, with a 1% positive impact from foreign exchange[11] - Adjusted operating margin was 266%, a decrease of 210 basis points year-over-year[11] - Adjusted EPS was $118, a 3% decrease year-over-year[11] - Free cash flow was $115 million for the quarter, with a year-to-date total of $234 million[11] Segment Performance - Life Sciences revenue was $366 million, with a 5% reported increase, including 4% organic growth and 1% from FX[13, 14] - Diagnostics revenue was $354 million, with a 3% reported increase, including 2% organic growth and 1% from FX[16, 17] - Life Sciences adjusted operating margin was 316%, a decrease of 220 basis points year-over-year[14] - Diagnostics adjusted operating margin was 252%, a decrease of 180 basis points year-over-year[17] 2025 Financial Guidance - Revvity projects full-year revenue between $284 billion and $288 billion, representing a 3% to 5% reported increase[18]

Company Overview - California BanCorp has a market capitalization of $533 million [11] - The company possesses total assets of $40 billion and deposits of $33 billion as of June 30, 2025 [11] - The company has a 5-year asset CAGR of 207% and a 5-year deposit CAGR of 234% [11] Balance Sheet and Loan Portfolio - Total loans held for investment were $30 billion at June 30, 2025, compared to $31 billion at March 31, 2025, and $19 billion at June 30, 2024 [10] - Noninterest-bearing deposits accounted for 368% of total deposits as of June 30, 2025 [10] - As of June 30, 2025, total multifamily loans amounted to $2585 million, representing 86% of total loans [66] Financial Performance - Net income for Q2 2025 was $141 million, with diluted EPS at $043 [25] - The return on average assets for Q2 2025 was 145%, and the return on average common equity was 1050% [25] - The net interest margin for Q2 2025 was 461% [25] - The efficiency ratio for Q2 2025 was 561% [25] - Non-performing assets to total assets stood at 046% for Q2 2025 [25] - The allowance for credit losses to total loans held for investment was 146% as of June 30, 2025 [25]