SmartFinancial (NYSE:SMBK) Q4 2025 Earnings call January 21, 2026 10:00 AM ET Company ParticipantsSteve Moss - Managing DirectorRon Gorczynski - CFOBilly Carroll - President and CEOCatherine Mealor - Managing DirectorMiller Welborn - Chairman of the BoardNate Strall - Director of Strategy and Corporate DevelopmentConference Call ParticipantsStephen Scouten - Managing Director and Senior Research AnalystRussell Gunther - Managing Director and Equity Research AnalystOperatorWelcome, everyone. The SmartFinanci ...

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 now a part of Twin Vee, enhancing its product offerings [4] - The company operates a new modified 100,000 sq ft 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 expected to elevate the trust and demand for Twin Vee's products, as Mercury is a leading brand in marine propulsion [5][6] - Motor packages account for 20%-35% of the total cost of a boat, highlighting the importance of brand reputation in buyer decisions [5] Company Strategy and Development Direction - The strategic partnership with Mercury Marine aims to relaunch the Bahama brand with a complete model lineup from 21 ft to 41 ft and possibly larger [4] - The company plans to reintroduce the Bahama Boat brand with a focus on discipline, execution, and modern manufacturing [8] Management's Comments on Operating Environment and Future Outlook - Management expresses excitement about the future, emphasizing the potential for growth and innovation under the new partnership [3][4] - The company aims to leverage shared costs and infrastructure to support multi-brand growth without duplicating capital expenditures [7] Other Important Information - The official relaunch of Bahama Boats with Mercury Marine is scheduled for March 25th at the Palm Beach Boat Show [8] Q&A Session Summary - No specific questions and answers were provided in the content.

Dana Incorporated Conference Call Summary Company Overview - **Company**: Dana Incorporated - **Industry**: Automotive parts manufacturing, focusing on light and commercial vehicle systems Key Points and Arguments Business Strategy and Performance - Dana has successfully divested its off-highway business for **$2.7 billion**, netting **$2.4 billion** after transaction costs and debt assumption, allowing a focus on core on-highway markets [5][10] - The company has increased its cost reduction target from **$300 million** to **$325 million** for 2026, driven by efficiencies in R&D, SG&A, and cost of goods sold [7][11] - Dana's EBITDA for Q4 was approximately **$200 million**, with a margin of **10.7%**, and for the full year 2025, revenue was about **$7.5 billion** with an adjusted EBITDA of **$600 million** and a margin of **8%** [30][31] - The company expects sales to remain flat in 2026 at around **$7.5 billion**, with an EBITDA target of **$800 million** and an implied margin of **10.5%** [31][32] Market Outlook - Dana's three-year backlog stands at **$750 million**, showing growth despite challenges in the EV market [9][14] - The light vehicle segment is projected to generate about **$5.2 billion** in revenue for 2025, with significant contributions from major customers like Ford and Stellantis [18][19] - The commercial vehicle segment is heavily reliant on PACCAR, which accounts for about **50%** of global turnover, with a balanced regional presence [26][27] Financial Health - The company has reduced its debt by approximately **$1.9 billion** and expects to maintain a strong capital structure with no near-term debt [33][34] - Free cash flow for 2025 was reported at **$315 million**, with expectations of **$300 million** in 2026 [32][33] - Dana plans to return **$200 million to $300 million** to shareholders through share repurchases in 2026 [10][11] Challenges and Risks - The EV market has seen a deterioration, impacting Dana's operations, but the company has managed to negotiate recoveries and price increases to mitigate damage [6][9] - The heavy-duty truck market in North America is expected to decline by more than **10%**, which poses a risk to revenue projections [62][63] Future Growth and Investments - Dana is focusing on internal investments to enhance operational efficiency and automation, which are expected to drive margin improvements [85][88] - The company is also exploring growth opportunities in the aftermarket and defense sectors, which are seen as high-margin areas [45][66] Upcoming Events - Dana plans to host a capital markets day on **March 25** in New York to discuss long-term aspirations and growth strategies [36][66] Additional Important Information - The company has a diverse customer base, including strong relationships with Toyota, Volkswagen, and others, which helps mitigate risks associated with reliance on a few key clients [13][19] - Dana's aftermarket business represents about **12%** of overall revenue, indicating a significant area for potential growth [14][45] This summary encapsulates the key insights from Dana Incorporated's conference call, highlighting the company's strategic direction, financial performance, market outlook, and future growth opportunities.

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]

Wintrust Financial Corporation Earnings Release Presentation Q4 2025 Forward Looking Statements This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as "intend," "plan," "project," "expect," "anticipate," "believe," "estimate," "contemplate," "possible," "will," "may," "should," "would" and "could." Forward-looking statements and information are not historical facts, are premised on many f ...

Navigator Gas Conference Call Summary Company Overview - **Company Name**: Navigator Gas (NYSE: NVGS) - **Industry**: Seaborne transportation of petrochemical gases - **Fleet Composition**: - 43 handy-sized gas carriers - 16 ethylene-capable vessels - 9 small gas vessels - 5 mid-sized gas carriers (4 ethylene-capable) - 6 new buildings ordered for delivery between 2027 and 2028 - **Joint Venture**: 50% ownership in Morgan's Point ethylene export terminal with a capacity of 1.55 million tons per year [1][3][4] Core Points and Arguments - **Market Leadership**: Navigator Gas is the largest owner and operator of handy-sized gas carriers, holding a 32% market share in the handy-size segment [8] - **Cargo Flexibility**: The fleet can carry various cargo types (butane, ammonia, propane, ethane, ethylene), providing stability in cash flows and utilization rates [7][12] - **Geographical Operations**: Major trading routes originate from Texas to Asia and Europe, with a focus on long-haul routes contributing significantly to earnings [8][12] - **Corporate Governance**: Navigator Gas has improved its ESG score, ranking first among 64 shipping companies, reflecting strong corporate governance practices [9][10] - **Growth Drivers**: Anticipated growth in U.S. natural gas liquids production and global seaborne trade expected to exceed 200 million tons by 2028 [18] Financial Performance - **Record Results**: - Highest quarterly time charter equivalent (TCE) of $30,966 per day - Record quarterly EBITDA of $85 million - Net income of $33 million, highest quarterly net income on record with EPS of $0.50 [20][22] - **Utilization Rates**: Fleet utilization rebounded to 89%, close to the preferred benchmark of 90% [22] - **Cash Break-even**: Estimated all-in cash break-even for 2025 is $20,510 per day per vessel, providing significant headroom above average TCE revenue [23][24] - **Liquidity Position**: Cash and equivalents of $216 million, total liquidity of $301 million, and no significant refinancing due until 2029 [24][29] Capital Return Policy - **Dividend Increase**: Fixed dividend increased from $0.05 to $0.07 per share, with a payout policy raised from 25% to 30% of net income [31][45] - **Share Buybacks**: 12 million shares repurchased for $174 million, with a total of $210 million returned to shareholders over the last three years [32][33] Future Outlook - **Morgan's Point Terminal**: Expected throughput for 2026 to exceed 2025 levels, driven by strong demand in Europe for ethylene imports from the U.S. [47][48] - **Fleet Modernization**: Ongoing strategy to sell older vessels and replace them with modern tonnage, including six newbuilds scheduled for delivery [35][36] - **Market Conditions**: Anticipated stable cash flows and robust demand for petrochemicals, LPG, and ammonia, supporting healthy utilization levels [53] Additional Insights - **Acquisition Strategy**: Active monitoring of potential acquisition targets in the handy-sized and mid-sized segments to consolidate market position [50][51] - **Venezuela Market**: Potential for re-entering the Venezuelan market as conditions improve for LPG exports [64][65] This summary encapsulates the key points discussed during the Navigator Gas conference call, highlighting the company's operational strengths, financial performance, and strategic outlook for the future.

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]

Summary of OptimumBank Holdings Conference Call Company Overview - **Company Name**: OptimumBank Holdings - **Ticker Symbol**: OPHC - **Founded**: 2000 - **Location**: Fort Lauderdale, South Florida - **Total Assets**: $1.1 billion as of December 31, 2023 [3] - **Market Capitalization**: Approximately $90 million, trading below book value [4] Financial Performance - **Net Earnings**: $16.6 million for 2025, a 27% increase from 2024 [6] - **Earnings Per Share (EPS)**: $0.72, up from $0.63 the previous year [6] - **Return on Equity (ROE)**: GAAP ROE at 14.83%, core ROE at 21.6% [4][34] - **Net Interest Margin (NIM)**: 4.28%, expected to rise further [5][8] - **Loan Portfolio Growth**: Grew nearly 20% in 2025, with expectations of 25%-30% growth in 2026 [10][11] Key Business Highlights - **Loan-to-Deposit Ratio**: Just over 100% [3] - **Gross Loan Portfolio**: Approximately $959 million [3] - **Deposits**: $932 million [3] - **Non-Interest Income**: Increased by 46% from the previous year [6] - **Commercial Real Estate Focus**: Portfolio primarily consists of owner-occupied properties, average loan size around $5 million [9][10] Growth Strategy - **Geographic Expansion**: Plans to expand into the Tampa area and beyond, focusing on where customer relationships exist [23] - **Vertical Integration**: Intent to create sister companies to support the bank, including HUD and bridge lending [24] - **Capital Raising**: Plans to attract new investors to grow the capital base, aiming for $15-20 million to support growth [27] Customer Relationship Management - **Customer Base**: Strong loyalty with a "cult following," leading to organic growth in deposits and loans [10][12] - **Service Approach**: Emphasis on providing a "white glove" service to all customers, regardless of wealth [12] Technology and Innovation - **Technology Upgrades**: Significant investment in technology improvements, with a new product launch expected in March or April 2024 [32][33] Risk Management - **Credit Risk**: No significant bad loans reported; proactive management of borrower relationships to mitigate risks [19][20] - **Economic Resilience**: Strong customer relationships expected to provide stability during economic downturns [38] Future Outlook - **Market Positioning**: Aiming for a market cap of $75 million to facilitate capital raises and increase trading volume [44][46] - **Sustainable Growth**: Focus on controlled and stable growth, with a strong emphasis on customer care [43] Additional Considerations - **Dividend Policy**: Discussions on potential dividends based on shareholder interest, balancing growth needs with shareholder returns [29][30] - **Investor Engagement**: Encouragement for potential investors to engage with the bank and its offerings [46]

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]