Financial Data and Key Metrics Changes - Twin Vee PowerCats has a total market cap of under $4 million, indicating a relatively small market presence [6] - The company has produced over 10,000 boats globally, showcasing its experience in the industry [6] Business Line Data and Key Metrics Changes - Twin Vee has acquired 100% of Bahama Boat Works, which is expected to enhance its product offerings and brand recognition [4] - The company operates a new modified 100,000-square-foot facility capable of producing up to 700 units annually, depending on the model mix [5] Market Data and Key Metrics Changes - The partnership with Mercury Marine is seen as a significant opportunity to expand market reach beyond Florida to a national and global scale [2] - Mercury's brand dominance is highlighted as a key factor in attracting buyers, as motor packages constitute 20%-35% of the total cost of a boat [5][6] Company Strategy and Development Direction - The strategic partnership with Mercury Marine aims to relaunch the Bahama brand with a complete model lineup, enhancing product offerings from 21 feet to 41 feet and possibly larger [4] - The company emphasizes shared cost leverage by operating two brands under one roof, which is expected to lower costs and support economies of scale [6][7] Management's Comments on Operating Environment and Future Outlook - Management expresses excitement about the future, indicating that the partnership with Mercury Marine will elevate trust and demand for Twin Vee's products [5] - The company plans to reintroduce the Bahama Boat brand with a focus on discipline, execution, and modern manufacturing practices [7] Other Important Information - The official relaunch of Bahama Boats with Mercury Marine is scheduled for the Palm Beach Boat Show on March 25th, indicating a significant marketing event for the company [8] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - The tangible book value increased to $26.85 per share, representing over 13% annualized growth quarter over quarter and 17% for the year [5] - Operating earnings for the quarter were $13.7 million or $0.81 per diluted share, with record annual earnings exceeding $51 million [5] - Total operating revenue for the quarter was $53.3 million, with pre-provision net revenue growing from $14.5 million in Q4 2024 to a record $20.9 million in Q4 2025, a 44% year-over-year increase [6] Business Line Data and Key Metrics Changes - Loan growth was 13% annualized quarter over quarter, with an average portfolio yield of 6.08% [9] - Deposits increased by 8% annualized, with core deposit balances growing by $626 million or 14% for the year, excluding brokered CD activity [9] - Operating non-interest income reached $8.2 million, driven by elevated mortgage banking revenue and customer swap fees [15] Market Data and Key Metrics Changes - Non-brokered deposits grew by $214 million, nearly 18% annualized, with interest-bearing deposit costs declining to 2.79% [11] - The net interest margin increased by 13 basis points to 3.38%, primarily due to a reduction in funding costs [12] - Non-performing assets comprised only 0.22% of total assets, indicating strong asset quality [14] Company Strategy and Development Direction - The company plans to expand into the Columbus, Georgia market, leveraging existing relationships and market opportunities [10] - The focus remains on organic growth, with a target of high single-digit growth rates for 2026 [19] - The company aims to maintain a strong liquidity position while reducing reliance on expensive wholesale funding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a $4 EPS run rate by the end of 2026, emphasizing the importance of continued execution and organic growth [21] - The company anticipates maintaining strong credit quality and a stable operating environment, with expectations for net interest margin to remain in the 3.4%-3.45% range [13][19] - Management highlighted the importance of recruiting talent that aligns with the company culture to support growth initiatives [24] Other Important Information - The allowance for credit losses was 0.94% of total loans, with expectations for a slight increase as a new allowance model is implemented [15] - Operating efficiency ratio improved to 60%, down from 64% in the previous quarter, reflecting continued expense management [16] - The company remains well-capitalized, with total consolidated risk-based capital at 12.67% and tangible common equity ratio improving to 7.9% [17] Q&A Session Summary Question: Sustainability of Loan Growth in 2026 - Management indicated that while double-digit growth was achieved in 2025, they expect to target high single-digit growth rates in 2026, estimating around 8%-9% [23] Question: Core Expense Growth Rate - The company expects overall expense growth to be around 5% year over year, targeting a range of $34.5-$35 million for the year [27] Question: Net Expansion and Loan Repricing - Management believes that as long as rates remain stable, net expansion can continue, with expectations for net interest margin to reach around 3.50% by year-end [33][40] Question: Hiring Plans in Columbus - The company plans to recruit talent in Columbus without a material impact on expense growth, balancing hiring with production [41] Question: M&A Strategy - Management reiterated that they are focused on organic growth and would only consider M&A if a unique opportunity arises [43]

Financial Data and Key Metrics Changes - Old National Bancorp reported GAAP Q4 earnings per share of $0.55, with adjusted earnings per share of $0.62, reflecting a 5% increase over the prior quarter and a 27% increase year over year [7][8] - The adjusted return on average tangible common equity was nearly 20%, and the adjusted efficiency ratio was 46% [4][8] - Tangible book value per share grew by 15% year over year, despite the impact of the Bremer partnership closing and associated one-time charges [5][9] Business Line Data and Key Metrics Changes - Total loans grew 6.4% annualized from the previous quarter, with production up 25% across the commercial book [9][10] - Adjusted non-interest income was $126 million for the quarter, exceeding guidance, driven by strong performance in mortgage and capital markets [12] - Adjusted non-interest expenses were $365 million for the quarter, with a record low adjusted efficiency ratio of 46% [13] Market Data and Key Metrics Changes - Total deposits increased 0.6% annualized, with core deposits excluding brokered deposits decreasing about 3% annualized [10][11] - Non-interest-bearing deposits grew to 26% of core deposits from 24% in the prior quarter [11] - The loan-to-deposit ratio is now 89%, indicating strong liquidity and capital [8][9] Company Strategy and Development Direction - The company aims to maintain a balance between organic capital growth and returning capital through share repurchases, focusing on maximizing shareholder value [6][19] - Investment in talent, technology, and client-facing capabilities is prioritized to ensure long-term success [6][20] - The company is focused on organic growth and enhancing its core fundamentals while being opportunistic in talent acquisition [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their deposit strategy and anticipates meeting or exceeding industry growth in 2026 [18][19] - The outlook for loan growth is projected at 4%-6% for the full year 2026, supported by positive borrower sentiment and strategic talent acquisition [18][34] - Management remains cautious yet optimistic about the mortgage line of business, expecting a constructive rate backdrop [26] Other Important Information - The company successfully completed the systems conversion and integration related to the Bremer Bank partnership, which is expected to yield cost savings [5][19] - The capital position has been strengthened, with CET1 over 11% and tangible book value per share increasing [8][16] Q&A Session Summary Question: Margin projection for the year - Management indicated that the margin trajectory will be influenced by growth, the steepness of the yield curve, fixed asset repricing, and deposit beta management [21][22] Question: Share repurchase pace - The company plans to be more active in share repurchases in 2026 compared to the previous year, balancing capital for growth and returning capital to shareholders [22] Question: Loan growth and credit outlook - Management noted significant improvement in criticized and classified loans, allowing for a slight reduction in reserve coverage ratio [24][34] Question: Deposit growth expectations - The company expects stable deposit levels as a percentage, with some seasonality in public funds [30] Question: Wealth strategy and outlook - Management sees opportunities for growth in the wealth management sector, emphasizing the importance of talent acquisition [37]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout since 1952, increasing it for over 30 consecutive years, with a payout ratio of about 60% [17] - Strong financial discipline supports the dividend, which is a core financial priority for the company [17] Business Line Data and Key Metrics Changes - The natural gas segment remains the largest business and foundation of the company, with a focus on energy efficiency programs that can save customers up to 30% on their bills [15][16] - The company is on track to increase service capacity by over 50% in the next two years in its CV segment, while the storage and transport business expects to more than double its NFE over the same period [19] Market Data and Key Metrics Changes - Natural gas is reported to be four times cheaper than electricity, with residential natural gas prices nearly 30% lower than national averages [15] - The company is experiencing increased demand due to colder weather, which is expected to reflect in higher consumption and bills [15] Company Strategy and Development Direction - The growth strategy is supported by a broader portfolio of complementary businesses, including solar and midstream operations, which leverage the company's core strengths [18] - There is a strong demand for clean energy solutions and infrastructure, positioning the company for long-term sustainable growth [19] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the need for new supply to support economic growth and reliability for customers [16] - The company is committed to executing its strategy and delivering performance while rewarding shareholder confidence [23] Other Important Information - The board of directors has been re-elected, and the appointment of Deloitte and Touche LLP as the independent registered accounting firm has been ratified for the fiscal year ending September 30, 2026 [8] Q&A Session Summary Question: How are you managing energy costs for your customers? - The company emphasizes that natural gas is the most affordable heating option, with programs in place to help mitigate costs through energy efficiency and bill payment assistance [15][16] Question: Is NJR's dividend growth safe and sustainable? - The company assures that dividends are secure, supported by strong financial discipline and a consistent payout ratio [17] Question: What role do NJR's solar and midstream businesses play in the company's long-term strategy? - The management highlights that these businesses complement the utility operations and provide growth opportunities in the energy market [18][19] Question: When will the roads in Brick Township be repaved? - The management commits to addressing the issue but does not provide a specific timeline, indicating that snow may delay the process [21]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet, indicating a secure dividend growth strategy [17] - The company has paid dividends continuously since 1952 and has increased them for over 30 consecutive years, reflecting a commitment to shareholder returns [17] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the largest business and foundation of the company, with growth supported by complementary non-utility businesses that leverage market expertise and operational flexibility [18][19] - The company’s solar and midstream businesses are expected to play a significant role in long-term strategy, with a projected increase in service capacity by over 50% in the next two years for CEV and more than double the NFE for storage and transport [19] Market Data and Key Metrics Changes - Natural gas is highlighted as the most affordable energy source, being four times cheaper than electricity and nearly 30% less expensive than national averages for residential customers in New Jersey [15] - Increased demand for energy is noted, particularly due to colder weather, which is expected to lead to higher consumption and bills, although the company has programs to mitigate these costs for customers [15][16] Company Strategy and Development Direction - The company’s growth strategy is focused on providing affordable and reliable energy while addressing infrastructure needs and clean energy solutions [18] - The management emphasizes the importance of balancing shareholder returns with reinvestment for growth, which is fundamental to the company's long-term strategy [17] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but expresses confidence in the company’s ability to support economic growth and customer needs through new supply initiatives [15][16] - The company is well-positioned to capitalize on growth opportunities in the energy market, particularly in clean energy solutions and infrastructure [18][19] Other Important Information - The company recognized the contributions of retiring board chair Don Correll and welcomed new directors Amy Mansue and Bill Yardley, indicating a focus on strong leadership and governance [9][10] Q&A Session Summary Question: How are you managing energy costs for your customers? - Management highlighted that natural gas is the most affordable heating option and mentioned energy efficiency programs that can reduce bills by up to 30% for participating customers [15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed the security of dividends, citing a long history of continuous payments and annual increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the company's long-term strategy? - Management explained that these businesses complement the utility operations and are essential for meeting growing energy needs, with significant growth expected in service capacity [18][19] Question: When will the roads in Brick Township be repaved? - Management stated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care and service area maintenance [20][21]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet [17] - NJR has paid dividends continuously since 1952 and has increased them for over 30 consecutive years [17] Business Line Data and Key Metrics Changes - The natural gas segment remains the largest business and foundation of the company, with a focus on affordability as natural gas is four times cheaper than electricity [14][15] - The company is experiencing increased demand for natural gas due to colder weather, which is expected to reflect in higher bills, but energy efficiency programs are in place to help mitigate costs for customers [15][16] - The solar and midstream businesses are integral to the company's growth strategy, leveraging core strengths to provide energy solutions [18][19] Market Data and Key Metrics Changes - Residential natural gas prices in New Jersey are nearly 30% less expensive than national averages, highlighting the company's competitive position in the market [15] Company Strategy and Development Direction - NJR's growth strategy is supported by a diverse portfolio of complementary businesses, which are expected to drive long-term sustainable growth [18][19] - The company is focused on meeting the growing demand for clean energy solutions and infrastructure needs [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but emphasizes the company's readiness to support economic growth and reliability for customers [16] - The company is optimistic about the prospects for growth in the energy market, particularly in clean energy solutions [18][19] Other Important Information - The board of directors has been re-elected, and the appointment of Deloitte and Touche LLP as the independent registered accounting firm has been ratified [8] Q&A Session Summary Question: How is the company managing energy costs for customers? - The company highlighted that natural gas remains the most affordable heating option, with programs in place to help customers reduce their bills by up to 30% [14][15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed that dividends are secure, with a long history of continuous payments and increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the long-term strategy? - The company stated that these businesses complement the utility operations and are essential for meeting growing energy needs [18][19] Question: When will the roads in Brick Township be repaved? - Management indicated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care [20]

Financial Data and Key Metrics Changes - The meeting confirmed that 55,791,582 shares of Class A common stock were outstanding as of the record date, with each share entitled to one vote [4] - The proposals presented at the meeting required a majority vote to pass, which was achieved for all items [22] Business Line Data and Key Metrics Changes - No specific financial data or key metrics related to individual business lines were discussed during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were provided during the meeting Company Strategy and Development Direction and Industry Competition - The company continues to prioritize good corporate governance practices, as evidenced by the appointment of Ernst & Young as the independent registered public accounting firm since 2002 [12] - The company is focused on maintaining shareholder engagement and considering their opinions in future compensation decisions for executive officers [15][16] 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 held virtually, allowing shareholders to vote online and submit questions [1] - The company proposed to increase the number of shares available under the Associate Stock Purchase Plan by 300,000 shares and extend the plan's term for an additional five years [18] Summary of Q&A Session Questions and Answers - There were no questions submitted by shareholders during the Q&A session [20][21]

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