Financial Data and Key Metrics Changes - For Q4 2025, the company reported a core earnings per share (EPS) of $1.43, a core return on assets (ROA) of 1.42%, and a core return on tangible common equity of 18%, all showing significant year-over-year increases [3][4] - The full-year core EPS for 2025 was $5.21, reflecting a 19% increase from the previous year, while Q4 core EPS increased by 29% year-over-year [4] - The net interest margin (NIM) for the quarter was 3.83%, down 8 basis points from the previous quarter but up 3 basis points year-over-year [4][5] Business Line Data and Key Metrics Changes - Core fee revenue increased by 2% linked quarter and 8% year-over-year, driven by strong growth in Wealth and Trust, capital markets, and home lending [5] - The Wealth and Trust business grew by 13% year-over-year, with WSFS Institutional Services experiencing a 29% growth [5] - Total gross loans grew by 2% linked quarter and 9% annualized, with commercial loans leading the growth at 4% linked quarter [6] Market Data and Key Metrics Changes - Total client deposits increased by 2% linked quarter and 10% annualized, with non-interest-bearing deposits growing by 6% linked quarter [6] - The company maintained a 32% share of non-interest-bearing deposits within total client deposits [6] Company Strategy and Development Direction - The company aims for mid-single-digit loan growth overall and expects continued broad-based deposit growth across its businesses in 2026 [9][10] - The strategy includes maintaining a high level of buybacks while being open to adjusting based on macroeconomic conditions and investment opportunities [9][10] - The company is focused on enhancing its fee businesses, which contribute approximately one-third of total revenue, and expects fee revenue to grow in the mid-single digits [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another year of high performance and growth, with expectations for a core ROA of approximately 1.40% and double-digit growth in core EPS for 2026 [9] - The management noted that while the path of future rate cuts remains uncertain, they are prepared to manage margins through deposit repricing and other strategies [10] - The company highlighted the importance of maintaining strong expense discipline while also investing in growth opportunities [12] Other Important Information - Non-performing assets decreased significantly, down approximately 40% compared to year-end 2024, indicating improved asset quality [7] - The company returned $119 million in capital during the quarter, including $109 million in buybacks, representing 3.7% of outstanding shares [8] Q&A Session Summary Question: Can you discuss the better commercial trends and what is driving strong originations? - Management noted that improved economic clarity led to strong originations and fundings in the commercial sector, with a pipeline exceeding $300 million [15][17] Question: What are the parameters for capital return and buybacks? - The company focuses on CET1 and TCE ratios, with a capital return philosophy primarily through buybacks, aiming to return roughly 100% of net income annually [19][20] Question: What is the outlook for Cash Connect revenue and profitability? - Management indicated that while revenue may be impacted by interest rates, margin improvements are expected due to pricing strategies and operational efficiencies [25][28] Question: What is the anticipated mix of deposit growth? - The company aims to match fund loan growth and is focused on growing non-interest-bearing deposits, particularly from institutional services and small business contributions [35][80] Question: Are there any ongoing evaluations of business segments for profitability? - Management confirmed ongoing evaluations of business segments to ensure strategic fit and profitability, with a focus on shedding low-profitability partnerships [44][46] Question: What are the expectations around M&A activity? - Management remains open to M&A opportunities that could strengthen their market position, while also focusing on organic growth [50][51]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a core earnings per share (EPS) of $1.43, a core return on assets (ROA) of 1.42%, and a core return on tangible common equity of 18%, all showing significant year-over-year increases [3][4] - The full-year core EPS for 2025 was $5.21, reflecting a 19% increase from the previous year, while Q4 core EPS increased by 29% year-over-year [4] - The net interest margin (NIM) for the quarter was 3.83%, down 8 basis points from the previous quarter but up 3 basis points year-over-year [4][5] Business Line Data and Key Metrics Changes - Core fee revenue increased by 2% linked quarter and 8% year-over-year, driven by strong growth in wealth and trust, capital markets, and home lending [5] - The wealth and trust business grew by 13% year-over-year, with WSFS Institutional Services achieving a 29% growth [5] - Total gross loans grew by 2% linked quarter and 9% annualized, with commercial loans leading the growth at 4% linked quarter [6] Market Data and Key Metrics Changes - Total client deposits increased by 2% linked quarter and 10% annualized, with non-interest-bearing deposits growing by 6% linked quarter [6] - The company maintained a strong market position, ranking as the fourth most active U.S. asset-backed and mortgage-backed securities trustee with nearly 12% market share [5] Company Strategy and Development Direction - The company aims for mid-single-digit loan growth and continued broad-based deposit growth in 2026, focusing on maintaining an interest-bearing deposit beta in the low- to mid-40s [9][10] - The strategy includes maintaining a high level of capital returns through buybacks while being open to investment opportunities [9][20] - The company is committed to expense discipline while investing in growth opportunities, with an efficiency ratio targeted in the high fifties for the year [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering high performance and growth in 2026, with expectations of a core ROA of approximately 1.40% and double-digit growth in core EPS [9] - The management noted that the economic environment has stabilized, leading to improved sentiment among small business owners, which has positively impacted commercial loan originations [16][17] - The company anticipates challenges in commercial loan losses but remains optimistic about the overall portfolio quality, particularly in real estate-secured loans [70][71] Other Important Information - Non-performing assets decreased significantly, down approximately 40% compared to year-end 2024, indicating improved asset quality [7] - The company returned $119 million in capital during the quarter, including $109 million in buybacks, totaling $288 million for the year [8] Q&A Session Summary Question: Can you discuss the trends in commercial loan growth and sentiment? - Management noted that improved economic clarity led to strong commercial loan originations and a positive outlook for future growth [16][17] Question: What are the parameters for capital return and buybacks? - The company focuses on CET1 and TCE ratios, with a capital return philosophy primarily through buybacks, aiming to return roughly 100% of net income annually [19][20] Question: What is the expected impact of interest rate cuts on Cash Connect revenue? - Management indicated that each 25 basis point rate cut could impact revenue by approximately $2.5 million, but margin improvements from pricing and expense management would offset some of this [26][28] Question: How does the company evaluate its diversified businesses for profitability? - The company has an ongoing initiative to assess the strategic fit of its businesses, shedding low-profitability partnerships while focusing on core areas [45][46] Question: Are there any updates on M&A considerations? - Management remains open to M&A opportunities that could strengthen their market position, while also focusing on organic growth [50][51]

Financial Data and Key Metrics Changes - In 2025, Five Star Bancorp achieved a year-over-year growth in total loans held for investments of 15%, total deposit growth of 18%, net income growth of 35%, and an increase in earnings per share of 28% to $2.90 per share [5][6] - Financial highlights for the fourth quarter include $17.6 million in net income, earnings per share of $0.83, return on average assets of 1.50%, and return on average equity of 15.97% [5][6] - The net interest margin expanded 10 basis points to 3.66%, and the total cost of deposits declined by 21 basis points to 2.23% [5][6] Business Line Data and Key Metrics Changes - Loans held for investment grew by $187.7 million, or 19% on an annualized basis, in the fourth quarter, while total deposits increased by $97.6 million, or 10% on an annualized basis [6] - The commercial real estate portfolio saw significant growth, increasing by $161.4 million in the fourth quarter and $448.5 million for the year [7] Market Data and Key Metrics Changes - Non-wholesale deposits increased by $139.1 million during the fourth quarter and $738.1 million during the year, while wholesale deposits decreased by $41.4 million during the quarter and $95 million during the year [8][9] - Total non-interest-bearing deposits accounted for 26% of total deposits, with approximately 61% of deposit relationships totaling more than $5 million [9] Company Strategy and Development Direction - The company plans to further develop all business verticals while expanding into new markets, emphasizing a blend of technology and personalized service [16] - Five Star Bancorp aims to maintain a focus on innovation and service excellence, with a commitment to building deep, meaningful relationships with clients [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth pipeline for 2026, indicating that while growth may not match the previous year, a target of 10% growth on both sides of the balance sheet is achievable [24][25] - The competitive landscape for deposits is described as very competitive, with a focus on core deposit growth as a competitive advantage [23][24] Other Important Information - The company successfully reduced its balance of wholesale deposits by $95 million, or 17%, in 2025, while growing non-wholesale deposits by 25% [6][7] - A cash dividend of $0.25 per share was announced, marking the first increase since April 2023 [7] Q&A Session Summary Question: Drivers behind the acceleration in loan originations - Management noted strong performance across all verticals, particularly in food and agriculture, with seasonal factors contributing to growth [21] Question: Competitive landscape for deposits - Management acknowledged a highly competitive environment for core deposits but emphasized their business development team's effectiveness in attracting core relationships [22][23] Question: Expense growth outlook - Management indicated that expenses are expected to grow at a rate of 1.48%-1.55% of total assets in 2026, accommodating growth and regular maintenance [35][36] Question: Capital comfortability and outlook - Management expressed confidence in maintaining capital positions with a 10% growth rate, but noted that higher growth rates would necessitate a capital event in the future [44][45]

Financial Data and Key Metrics Changes - In FY 2025, the company achieved record revenue of $21.8 billion, representing a growth of 7.7% adjusted for foreign exchange and 2.9% organic growth [4] - Adjusted gross margin increased by 140 basis points, contributing to an 80 basis points expansion in adjusted operating margin, resulting in a record 25% adjusted operating margin [5][7] - Adjusted diluted EPS grew by 9.6%, inclusive of tariffs, while the company returned $2.2 billion to shareholders, including a $1 billion share buyback [5] Business Line Data and Key Metrics Changes - New BD delivered organic revenue growth of 3.9%, with solid growth across key platforms [4] - The company launched over 125 new products and added $1.3 billion through more than 20 accretive high-growth tuck-in acquisitions [6] Market Data and Key Metrics Changes - The company navigated a dynamic market environment, including changes in research spending, vaccine utilization, tariffs, and ongoing geopolitical uncertainty [7] - The agreement to combine the Biosciences and Diagnostic Solutions business with Waters Corp is expected to create a life science and diagnostics leader, enhancing growth opportunities [8] Company Strategy and Development Direction - The company is transitioning to a new growth strategy called "Excellence Unleashed," focusing on three strategic priorities: compete, innovate, and deliver [9] - The capital allocation framework prioritizes share repurchases, reliable and increasing dividends, and focused tuck-in M&A in high-growth markets [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute on the new growth strategy and emphasized the importance of operational excellence for reinvestment in commercial and innovation capabilities [9][10] - The company aims to maximize its platforms for faster long-term growth, building on the advancements made over the last five years [10] Other Important Information - The company announced its 54th consecutive year of dividend increases, reflecting the consistency and reliability of its dividend policy [5] - The transaction with Waters Corp is expected to close on February 9, subject to customary closing conditions [8] Q&A Session Summary Question: Were there any questions from shareholders? - There were no questions received during the Q&A session [14]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a core earnings per share (EPS) of $1.43, a core return on assets (ROA) of 1.42%, and a core return on tangible common equity of 18%, all showing significant year-over-year increases [3][4] - The full-year core EPS for 2025 was $5.21, reflecting a 19% increase from the previous year, while Q4 core EPS increased by 29% year-over-year [4] - The net interest margin (NIM) for the quarter was 3.83%, down 8 basis points from the previous quarter but up 3 basis points year-over-year [4][5] Business Line Data and Key Metrics Changes - Core fee revenue increased by 2% linked quarter and 8% year-over-year, driven by strong growth in wealth and trust, capital markets, and home lending [5] - The wealth and trust business grew by 13% year-over-year, with WSFS Institutional Services achieving a 29% growth and BMT of Delaware growing by 24% [5] - Total gross loans grew by 2% linked quarter, or 9% annualized, with commercial loans leading the growth at 4% linked quarter or 15% annualized [6] Market Data and Key Metrics Changes - Total client deposits increased by 2% linked quarter or 10% annualized, with non-interest-bearing deposits growing by 6% linked quarter, now representing 32% of total client deposits [6] - The company reported a significant improvement in asset quality, with non-performing assets down approximately 40% compared to year-end 2024 [7] Company Strategy and Development Direction - The company plans to maintain an elevated level of buybacks while targeting a capital ratio of 12%, with a focus on adjusting buyback pace based on macroeconomic conditions and investment opportunities [10] - The outlook for 2026 includes expectations for mid-single-digit loan growth and continued broad-based deposit growth across all business lines [10][11] - The company aims to leverage its fee businesses, which contribute about a third of total revenue, and expects fee revenue to grow in the mid-single digits [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering high performance and growth in 2026, with expectations for a core ROA of approximately 1.40% and double-digit growth in core EPS [10] - The management noted that while the path of future interest rate cuts remains uncertain, they are prepared to manage margins through deposit repricing and other strategies [11] - The company remains committed to evaluating its business lines for strategic fit and profitability, continuing to shed low-performing partnerships [46][47] Other Important Information - The company returned $119 million of capital in Q4 2025, including $109 million in buybacks, totaling $288 million for the year, representing over 9% of outstanding shares [9] - The company expects net charge-offs to be in the range of 35-45 basis points of average loans for the year, consistent with 2025 results [12] Q&A Session Summary Question: Can you discuss the better commercial trends and what is driving strong originations? - Management noted that improved economic clarity led to strong originations and fundings in the commercial sector, with a pipeline exceeding $300 million [15][18] Question: What are the parameters for capital return and buybacks? - Management indicated that capital return is primarily driven by CET1 and TCE ratios, with a focus on buybacks as the main method of capital return [20][21] Question: What is the anticipated revenue impact from Cash Connect and margin expectations? - Management expects a $2.5 million annual impact per 25 basis point rate cut on Cash Connect revenue, but margin improvements are anticipated through pricing and expense management [26][27] Question: What is the outlook for deposit growth and the mix of deposits? - Management aims for mid-single-digit deposit growth, with a focus on non-interest-bearing deposits and core operating deposits [36][37] Question: Are there any ongoing evaluations of business lines for profitability? - Management confirmed ongoing evaluations of business lines to ensure strategic fit and profitability, with a focus on shedding low-performing partnerships [44][46] Question: What are the expectations for risk-adjusted returns in the loan portfolio? - Management indicated a focus on real estate-secured portfolios for better risk-adjusted returns, emphasizing competitive advantages in home lending [55][56]

Summary of Expeditors International of Washington Webinar on DCMA Duty-Free Entry Company and Industry Overview - **Company**: Expeditors International of Washington (NYSE: EXPD) - **Industry**: Logistics and Customs Brokerage, specifically focusing on government contracts and duty-free entry processes for the Department of Defense (DoD) Core Points and Arguments 1. **Purpose of DCMA Duty-Free Entry**: The DCMA Duty-Free Entry (DFE) allows certain goods imported under DoD contracts to enter the U.S. customs territory without paying customs duty, providing significant cost savings for contractors [15][16][17] 2. **Regulatory Framework**: The DFE is governed by the Federal Acquisition Regulations (FAR) and the Defense Federal Acquisition Regulation Supplement (DFARS), specifically clause 252.225-7013, which must be included in contracts to be eligible for duty-free entry [16][17] 3. **Eligibility Criteria**: Goods must not have the duty included in the contract price, and the estimated duty must exceed $300 per shipment to qualify for DFE [18][19] 4. **Process Overview**: The process involves submitting a duty-free entitlement request through the Procurement Integrated Enterprise Environment (PIEE), which must be approved by the contracting officer before the customs broker can request a DFE certificate [25][26][29] 5. **Role of Agencies**: The Defense Contract Management Agency (DCMA) administers DoD contracts and has a small team responsible for reviewing and approving DFE certificates, processing approximately 30,000 requests annually [22][23] 6. **Documentation Requirements**: Required documents include a commercial invoice, Customs Form 7501, and any other relevant customs forms, all of which must reference the DoD contract number [50][51] 7. **Best Practices for Contractors**: Contractors should ensure the DFARS clause is included in contracts, maintain accurate records, and communicate effectively with contracting officers and customs brokers to avoid delays [52][53][54] Additional Important Information 1. **Impact of Tariff Increases**: The recent tariff increases have prompted DoD contractors to seek opportunities to reduce costs through the DFE process [15] 2. **Common Issues**: Common reasons for entitlement request denials include incorrect contract values, expiration dates, and duplicate requests [33][34] 3. **Communication with Subcontractors**: Subcontractors must rely on prime contractors for the DFE process, as they do not have direct access to the PIEE platform [49] 4. **Time Sensitivity**: The DFE certificate must be uploaded to the Customs ACE Document Imaging System within six months of entry to avoid duties being assessed [24][46] 5. **Training Resources**: Training materials related to the DFE process are available on the PIEE platform, providing step-by-step guidance for contractors [85] This summary encapsulates the key points discussed during the webinar, focusing on the DCMA Duty-Free Entry process and its implications for contractors working with the DoD.

NASDAQ: RBB 2025 Fourth Quarter Earnings Results This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could" and the negative of these terms ...

Financial Data and Key Metrics Changes - In FY 2025, the company achieved record revenue of $21.8 billion, representing a growth of 7.7% adjusted for foreign exchange and 2.9% organic growth [3] - Adjusted gross margin increased by 140 basis points, contributing to an 80 basis points expansion in adjusted operating margin, resulting in a record 25% adjusted operating margin [4] - Adjusted diluted EPS grew by 9.6%, inclusive of tariffs, while the company returned $2.2 billion to shareholders, including a $1 billion share buyback [4] Business Line Data and Key Metrics Changes - New BD delivered organic revenue growth of 3.9%, with solid growth across key platforms [3] - The company launched over 125 new products and added $1.3 billion through more than 20 accretive high-growth tuck-in acquisitions [5] - The company streamlined its portfolio by divesting non-strategic assets, including surgical instruments and diabetes businesses [5] Market Data and Key Metrics Changes - The company navigated a dynamic market environment, including changes in research spending, vaccine utilization, tariffs, and ongoing geopolitical uncertainty [6] - The agreement to combine the Biosciences and Diagnostic Solutions business with Waters Corp is expected to create a life science and diagnostics leader, enhancing growth opportunities [7] Company Strategy and Development Direction - The company is transitioning to a new growth strategy called "Excellence Unleashed," focusing on three strategic priorities: compete, innovate, and deliver [8] - The capital allocation framework prioritizes share repurchases, reliable and increasing dividends, and focused tuck-in M&A in targeted high-growth markets [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the successful culmination of the BD 2025 strategy, achieving significant growth and building multiple high-growth platforms [5] - The company expressed confidence in its ability to raise standards and create more value for customers, patients, associates, and shareholders [9] Other Important Information - The company announced its 54th consecutive year of dividend increases, reflecting the consistency and reliability of its dividend policy [4] - The transaction with Waters Corp is expected to close on February 9, subject to customary closing conditions [7] Q&A Session Summary - No questions were received during the Q&A session, and the meeting concluded without any inquiries [12]

Financial Data and Key Metrics Changes - In 2025, Five Star Bancorp achieved a year-over-year growth in total loans held for investments of 15%, total deposit growth of 18%, net income growth of 35%, and an increase in earnings per share of 28% to $2.90 per share [5][6] - Financial highlights for Q4 included net income of $17.6 million, earnings per share of $0.83, return on average assets of 1.50%, and return on average equity of 15.97% [5][6] - The net interest margin expanded by 10 basis points to 3.66%, while the total cost of deposits declined by 21 basis points to 2.23% [5][6] Business Line Data and Key Metrics Changes - Loans held for investment grew by $187.7 million, or 19% on an annualized basis in Q4, and total deposits increased by $97.6 million, or 10% on an annualized basis [6][9] - The commercial real estate portfolio saw significant growth, increasing by $161.4 million in Q4 and $448.5 million for the year [8] Market Data and Key Metrics Changes - The company experienced outstanding balance sheet growth, with total assets increasing by $113.1 million in Q4 and $701.6 million for the full year [8] - Non-wholesale deposits increased by $738.1 million, or 25%, while wholesale deposits decreased by $95 million, or 17% [6][10] Company Strategy and Development Direction - The company plans to further develop all business verticals while expanding into new markets, emphasizing a blend of technology and personalized service [17] - Five Star Bancorp aims to maintain a focus on innovation and service excellence, with a commitment to organic growth and community engagement [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve 10% growth in both loans and deposits for 2026, despite acknowledging the competitive landscape [26][44] - The company is focused on maintaining strong asset quality, with non-performing loans representing only 8 basis points of total loans held for investment [6][9] Other Important Information - The company announced a cash dividend increase to $0.25 per share, marking the first increase since April 2023 [8] - The efficiency ratio was reported at 40.62% for Q4 and 41.03% for the year, indicating a focus on managing expenses while supporting growth [5][6] Q&A Session Summary Question: Drivers behind loan origination growth - Management noted strong performance across all verticals, particularly in food and agriculture, with seasonal factors contributing to loan production [21][22] Question: Competitive landscape for deposits - The market is highly competitive, but the company believes its business development team provides a competitive advantage in attracting core deposits [24][25] Question: Expense growth outlook - Management anticipates a moderate increase in expenses, targeting an expense-to-asset ratio of 148%-155% for 2026 [36][37] Question: Loan origination yields and competition - The company is experiencing competitive pressures on loan spreads, particularly in owner-occupied real estate and lines of credit [38][39] Question: Capital comfort and growth expectations - Management expressed confidence in maintaining capital ratios with a 10% growth rate, but acknowledged that higher growth rates would necessitate additional capital [42][44]

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 Table of Contents December 31, 2025 | COMPANY HIGHLIGHTS | Page | | Page | | | --- | --- | --- | --- | --- | | Alexandria's Mission and Cluster Model | iii | | | CONFERENCE CALL | | | | | | INFORMATION: | | EARNINGS PRESS RELEASE | | | | Tuesday, January 27, 2026 | | Fourth Quarter and Year Ended December 31, 2025 Financial and | | | | 2:00 p.m. Eastern Time | | Operating Results | 1 | Consolidated Statements of Operations | 8 | 11:00 a.m. Pa ...