Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $16.3 million or $1.45 per diluted common share, an increase from $14.9 million or $1.27 per diluted common share in Q4 2024 [3][10] - Full-year net income for 2025 totaled $71 million or $6.19 per diluted common share, up from $61.8 million or $5.26 per diluted common share in 2024 [10][18] - Net interest income for Q4 2025 was $49.2 million, a slight decrease of $371,000 or 0.7% compared to Q4 2024 [4][11] - Non-interest income increased to $7.2 million in Q4 2025 from $6.9 million in Q4 2024 [13][14] - Non-interest expense decreased to $36 million in Q4 2025, down 2.6% from $36.9 million in Q4 2024 [8][14] Business Line Data and Key Metrics Changes - Net loans receivable at year-end totaled $4.336 billion, a decline of $333.5 million or 7.1% from the previous year, primarily due to elevated payoff activity [5][16] - Total deposits decreased by $122.8 million or 2.7% to $4.48 billion at year-end 2025, driven by a decline in brokered deposits [6][17] - Core deposits remained stable, with a notable increase in interest-bearing checking accounts by $75 million [7][17] Market Data and Key Metrics Changes - Non-performing assets represented 0.15% of total assets at year-end, consistent with both the linked quarter and prior year quarter [7][17] - The company maintained strong liquidity with cash and cash equivalents totaling $189.6 million and access to approximately $1.63 billion in additional borrowing capacity [16][18] Company Strategy and Development Direction - The company remains focused on preserving net interest margins, protecting credit quality, controlling non-interest expenses, and opportunistically repurchasing stock [3][9] - The management emphasized a conservative underwriting posture and maintaining strong capital and liquidity levels to navigate economic challenges [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in loan growth due to elevated payoffs but expressed confidence in the strength of their loan portfolio and ongoing efforts to originate new loans [30][39] - The company does not expect significant changes in net interest margins in the near term, with a slight bias towards potential increases depending on market conditions [28][29] Other Important Information - Stockholders' equity increased to $636.1 million at year-end 2025, representing 11.4% of total assets, with a book value per common share of $57.50 [18][19] - The board declared a regular quarterly cash dividend of $0.43 per common share, consistent with the previous quarter [20] Q&A Session Summary Question: Margin outlook for 2026 - Management noted that they performed better than expected in Q4 2025, managing funding costs effectively, but did not anticipate significant margin increases moving forward [24][25][28] Question: Loan growth expectations - Management indicated that loan growth would remain challenging due to ongoing payoffs, but they are actively generating new loans [30][32][39] Question: Expense expectations for 2026 - Management acknowledged that expenses may increase due to annual salary adjustments and payroll tax resets [33]

Old Republic International (NYSE:ORI) Q4 2025 Earnings call January 22, 2026 03:00 PM ET Company ParticipantsJoe Calabrese - Head of Investor RelationsCraig R. Smiddy - President and CEOCarolyn Monroe - CEOFrank Sodaro - CFOConference Call ParticipantsPaul Newsome - Managing Director and Equity Research AnalystGregory Peters - Managing Director and Equity Research AnalystOperatorHello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like ...

4Q25 Update (Nasdaq: BHRB) January 2026 1 Cautionary Statement Regarding Forward-Looking Information Cautionary Note Regarding Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including with respect to (or based on) the beliefs, goals, intentions, and expectations of Burke & Her ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported consolidated pre-tax operating income of $236 million, down from $285 million in Q4 2024, with a consolidated combined ratio of 96% compared to 92.7% [4] - For the full year 2025, consolidated pre-tax operating income was $1 billion, with a combined ratio of 94.7% [4] - The operating return on beginning equity was 14.1%, and book value per share increased by 22% [4][10] Business Line Data and Key Metrics Changes - Specialty insurance net premiums earned grew by 8.3% in Q4 2025 and by 10.9% for the full year, surpassing $5 billion for the first time [5] - Specialty insurance pre-tax operating income for Q4 was $178 million, down from $228 million, with a combined ratio of 97.3 compared to 91.8 [5] - Title insurance premiums and fees increased by 12.4% in Q4 2025, with pre-tax operating income rising to $65 million from $55.4 million [5][19] Market Data and Key Metrics Changes - The commercial sector showed strong activity, while the residential market faced challenges due to pricing and affordability issues [17] - Commercial premiums accounted for 29% of earned premiums in Q4 2025, up from 23% in the same quarter last year [17] Company Strategy and Development Direction - The company aims to maintain pricing discipline and underwriting excellence, focusing on profitability over top-line growth [25] - Investments in technology modernization, data analytics, and AI are expected to yield long-term benefits despite short-term expense ratio pressures [12] - The specialty portfolio is now more diversified, which positions the company to manage market cycles effectively [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent performance in 2026, despite potential pricing pressures in the market [25] - The company anticipates solid growth and profitability in specialty insurance, driven by contributions from new specialty operating companies [16] Other Important Information - The company declared nearly $700 million in dividends and repurchased $56 million worth of shares, totaling over $1 billion in capital returns for the year [10] - There is $850 million remaining in the current share repurchase program, with plans to utilize it opportunistically [59] Q&A Session Summary Question: What are the combined ratio targets for 2026? - Management expects to maintain a combined ratio around 93.2 for 2026, with variations depending on the operating company [24] Question: What led to the higher loss pick in commercial auto? - Management noted that while paid claims did not reflect changes, case reserves increased, prompting a conservative approach to loss picks [26][28] Question: What is the outlook for the title business in 2026? - The title business is expected to see a 15%-20% improvement in commercial premiums, while residential premiums may see single-digit growth [34] Question: Are there geographic patterns in case reserves? - No significant geographic patterns were detected, but an increase in bodily injury claims and litigation was noted [45][46] Question: How does the company plan to react to loss trend changes? - The company will continue to adjust rates conservatively based on observed trends, focusing on risk selection and targeted rate increases [49][52]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $16.3 million or $1.45 per diluted common share, an increase from $14.9 million or $1.27 per diluted common share in Q4 2024 [3][10] - Full-year net income for 2025 totaled $71 million or $6.19 per diluted common share, up from $61.8 million or $5.26 per diluted common share in 2024 [10][18] - Net interest income for Q4 2025 was $49.2 million, a slight decrease of $371,000 or 0.7% compared to the prior year quarter [4][11] - The efficiency ratio improved to 63.89% in Q4 2025 from 65.43% in Q4 2024 [15] Business Line Data and Key Metrics Changes - Net loans receivable decreased to $4.336 billion at year-end, down $333.5 million or 7.1% from the previous year, with declines in multifamily residential, commercial construction, and commercial business loans [5][16] - Total deposits decreased by $122.8 million or 2.7% to $4.48 billion, primarily due to a decline in brokered deposits [16][17] - Non-interest income increased to $7.2 million in Q4 2025 from $6.9 million in Q4 2024, driven by higher late charges and fees [12][13] Market Data and Key Metrics Changes - Non-performing assets represented 0.15% of total assets at year-end, consistent with both the linked quarter and prior year quarter [7][17] - The company maintained strong liquidity with cash and cash equivalents totaling $189.6 million and access to approximately $1.63 billion of additional borrowing capacity [16] Company Strategy and Development Direction - The company remains focused on preserving net interest margins, protecting credit quality, controlling non-interest expenses, and opportunistically repurchasing stock [3][9] - Management emphasized a conservative underwriting posture and a focus on pricing, structure, and borrower stream to navigate economic pressures [5][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that loan growth may remain challenging due to elevated payoffs and competitive market conditions, but expressed confidence in the company's conservative approach and sound balance sheet management [9][30] - The company did not record a provision for credit losses on outstanding loans in 2025, reflecting stable borrower performance [18] Other Important Information - Stockholders' equity increased to $636.1 million at year-end 2025, representing 11.4% of total assets, with a book value per common share of $57.50 [18][19] - The board declared a regular quarterly cash dividend of $0.43 per common share, consistent with the previous quarter [20] Q&A Session Summary Question: Regarding the margin and its outlook for 2026 - Management noted that they performed better than expected in Q4 2025, managing funding costs proactively and seeing some loans redeployed at higher rates [25][26] Question: Expectations for loan growth and payoffs - Management indicated that loan growth would remain challenging, with good activity but elevated payoffs continuing to impact net growth [30][31] Question: Future expenses and potential increases - Management acknowledged that there would likely be an uptick in expenses due to annual increases in salaries and benefits [35]

Daktronics (NasdaqGS:DAKT) Conference January 22, 2026 02:30 PM ET Company ParticipantsHoward Atkins - CFOBrad Wiemann - CEOConference Call ParticipantsAnja Soderstrom - Senior Equity AnalystAnja SoderstromGood afternoon. We're going live with Daktronics. I'm going to give it a couple of seconds for the audience to populate before we kick it off. Okay, so good afternoon, everyone. We have Daktronics with us here, ticker DAKT. I'm Anja Soderstrom, a senior equity analyst here at Sidoti & Company, covering th ...

Financial Data and Key Metrics Changes - For Q4 2025, the net income was $34.8 million, or $2.79 per share, while the full-year net income was $434 million, or $10.41 per share, indicating strong profitability within the banking industry [5][6] - The net interest margin for Q4 declined due to federal rate cuts, with a total cost of deposits reported at 3.17% for December [5][12] - Total loan growth for the quarter was $182 million, or over 12%, and deposit growth was $115 million, or 7.4% [6][8] Business Line Data and Key Metrics Changes - The bank's loan portfolio is 70% floating-rate, which has been impacted by recent federal rate cuts [5] - Non-performing assets slightly declined, but criticized assets increased by $97 million due to a large nine-loan relationship being classified [7] Market Data and Key Metrics Changes - Economists forecast 2026 to be a year of relative growth and stability, with improved customer outlooks for the year [8] Company Strategy and Development Direction - The company is focusing on commercial real estate and C&I loans for growth opportunities, budgeting higher numbers than the previous year [40] - The management is cautious about share repurchases, indicating that funds will likely be reserved for loan growth and deposit situations [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger loan demand and a stable market environment compared to previous downturns [8][40] - The company is actively monitoring classified loans and is prepared to take necessary actions if customers do not resolve their issues [36][42] Other Important Information - The company sold two large pieces of OREO, resulting in a net gain of $1.8 million, which was included in non-interest income [7] - The provision for loan losses was $4.3 million for the quarter, reflecting a combination of loan growth and specific reserves [91] Q&A Session Summary Question: Margin visibility and deposit costs - The margin for December was 3.66%, with a total cost of deposits at 3.17% [12] Question: Deposit competition and rates - The deposit beta is around 40%, with expectations of a similar pattern in deposit costs moving forward [13] Question: Loan growth expectations - Loan growth is expected to step up from the previous year's pace, with a similar growth rate for deposits [14][15] Question: Non-interest expenses guidance - The forecast for non-interest expenses is around $21.5 to $22 million for the first quarter [16][18] Question: CD maturities and rates - About $1.3 billion in CDs are maturing in Q1 at a weighted average rate of 3.96% [22] Question: Classified loans and workout strategies - The management is optimistic about resolving classified loans within two quarters, with various options available [42][44] Question: Fee income baseline for 2026 - The Q4 fee income, excluding one-time impacts, is considered a good baseline for 2026 [57] Question: M&A appetite - The company is reviewing potential M&A opportunities but is cautious about pricing structures [65]

Financial Data and Key Metrics Changes - For Q4 2025, the net income was $34.8 million, or $2.79 per share, while the full-year net income was $434 million, or $10.41 per share, indicating strong profitability within the banking industry [4] - The net interest margin for Q4 declined due to federal rate cuts, with a margin of 3.66% in December, slightly below the quarterly average [11] - Total loan growth for the quarter was $182 million, or over 12%, while deposit growth was $115 million, or 7.4% [5] Business Line Data and Key Metrics Changes - The bank's loan portfolio is 70% floating-rate, which was impacted by federal rate cuts, reducing loan interest income [4] - Non-performing assets slightly declined, but criticized assets increased by $97 million due to a large nine-loan relationship being classified [6] Market Data and Key Metrics Changes - Economists forecast 2026 to be a year of relative growth and stability, with improved customer outlooks for the year [7] Company Strategy and Development Direction - The company is focusing on commercial real estate and C&I loans for growth, budgeting higher numbers than the previous year [37] - The management is cautious about share repurchases, indicating that funds will likely be reserved for loan growth and deposit situations [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger loan demand and growth barring sudden changes in government policy [7] - The company is monitoring the competitive landscape for deposits, noting strong competition from larger banks [29] Other Important Information - The company sold two large pieces of OREO, resulting in a net gain of $1.8 million, which was reported in non-interest income [5] - The provision for loan losses for the quarter was $4.3 million, reflecting a combination of loan growth and specific reserves for certain loans [86] Q&A Session Summary Question: Margin visibility and deposit costs - The margin for December was 3.66%, with total cost of deposits at 3.17% [11] Question: Deposit beta and future expectations - Deposit beta is expected to remain around five to six basis points a month, influenced by rate cuts and competition [12] Question: Loan growth expectations - Loan growth is expected to step up from the previous year's pace, with a similar growth rate for deposits [13] Question: Non-interest expenses guidance - The forecast for non-interest expenses is around $21.5 to $22 million for the first quarter [14] Question: Update on CD maturities - About $1.3 billion in CDs are maturing in Q1 at a weighted average rate of 3.96% [20] Question: Classified loans and workout strategies - The company is optimistic about resolving classified loans, with a timeline of approximately two quarters for resolution [41] Question: Fee income baseline for 2026 - The Q4 fee income, excluding one-time impacts, is considered a good baseline for 2026 [54] Question: Share repurchases and M&A appetite - The company is cautious about share repurchases and is evaluating M&A opportunities, but pricing structures are not currently satisfactory [62]

Summary of Marcus & Millichap Update / Briefing (January 22, 2026) Company Overview - **Company**: Marcus & Millichap (NYSE: MMI) - **Established**: 1971 by George Marcus and Bill Millichap - **Focus**: Real estate investment brokerage and information delivery to the investment community [3][4] Economic Outlook for 2026 - **GDP Growth**: Expected to be between 2.5% and 3%, an improvement from 2025's growth of 2% to 2.5% [7][8] - **Unemployment Rate**: Currently at 4.4%, projected to rise to between 4.5% and 5% by next year [8] - **Key Growth Drivers**: - **Artificial Intelligence (AI)**: Significant investment in data centers and AI-related infrastructure, with the U.S. leading globally [10][11] - **Fiscal Stimulus**: Tax cuts and increased government spending expected to boost GDP by approximately $100 billion, contributing 2%-3% to GDP [13] - **Headwinds**: - **Deglobalization**: Ongoing tariffs and restrictive immigration policies impacting job growth [9][14] - **Labor Market**: Job growth has stagnated, with healthcare being the only sector adding jobs [15][16] Risks to Economic Growth - **K-shaped Economy**: Increasing income inequality affecting consumer spending, with the top 20% of earners driving a significant portion of economic activity [18][19] - **Equity Market Valuations**: High valuations in the stock market pose a risk if AI adoption does not lead to expected productivity gains [20][21] - **Bond Market Fragility**: Concerns about potential dislocation in the bond market, which could impact financial and real estate markets [22][23] Commercial Real Estate Insights - **Market Trends**: - **Apartments**: Stable vacancy rates below 5%, but a significant drop in multifamily starts (72% from peak) and units under construction [36][39] - **Office Market**: Gradual recovery with improved daily attendance, but significant variance in vacancy rates between older urban and newer suburban properties [48][50] - **Industrial Market**: High vacancy rates due to a surge in construction, but demand remains steady for smaller, private investor-owned facilities [51][58] - **Housing Affordability**: Only 28% of Americans can qualify for a typical first home purchase, leading to increased demand for rental housing [39][46] Federal Policy and Housing Market - **Proposed Limitations**: Recent federal proposals to limit acquisition of single-family homes driven by political pressures related to affordability concerns [42][43] - **Supply Focus**: Emphasis on increasing housing supply as a solution to affordability issues, with ongoing advocacy for policies that support this goal [44][46] Conclusion - **Overall Outlook**: 2026 is expected to be a better year for operations and rent growth due to supply pullback and strong demand, although challenges remain in the labor market and economic risks persist [47][48]

Financial Performance - Old Republic's total shareholder return for the past 10 years was 170%[3] - The company has raised its annual cash dividend for the past 44 years[4] - As of December 31, 2025, the market capitalization was $1124 billion and the stock price was $4564[6] - Shareholders' equity was $591 billion, with a book value per share (BVPS) of $2421[6] - Trailing four-quarter operating income was $7925 million, resulting in earnings per share (EPS) of $315 and an operating return on equity (ROE) of 141%[6] - Net premiums and fees earned increased by 98% in the fourth quarter of 2025, reaching $213 billion, driven by Specialty Insurance (up 83%) and Title Insurance (up 124%)[22] - The regular quarterly dividend was increased by 94% to $029[23] Business Segments - Specialty Insurance accounted for 67% of the $89 billion in 2025 operating revenue, while Title Insurance accounted for 33%[29] - The Title Insurance business holds a 140% market share, ranking it third largest in the industry[51] - Gross premiums and fees for Specialty Insurance in fiscal year 2025 totaled $878 billion[35] Capital Management - Since December 31, 2016, Old Republic has distributed $69 billion in dividends and share repurchases[4] - The company has $856 million remaining authorized for share repurchases[24, 66] - The investment portfolio is composed of 85% fixed income and 15% equities, totaling $168 billion[74]