{"stories":[{"id":"7272478901883172687","title":"Dynex (DX) Q1 2026 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/dynex-dx-q1-2026-earnings-call-transcript/","site":"fool.com","time":1776698128000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATEMonday, April 20, 2026 at 10 a.m. ETCALL PARTICIPANTSCo-Chief Executive Officer and President — Smriti PopenoeChairman and Co-Chief Executive Officer — Byron BostonChief Financial Officer — Mike SartoriChief Investment Officer — T.J. ConnellyNeed a quote from a Motley Fool analyst? Email pr@fool.comTAKEAWAYSBook Value -- Ended the quarter at $12.60 per share, with an estimated increase to $13.31 per share as of Friday’s close, representing a 5.6% gain since quarter end.Economic Return -- Negative 2.5% for the quarter, which includes $0.51 per share of common dividends and an $0.85 per share decrease in book value.Leverage -- Rose to 8.6 times total equity, mostly driven by active positioning to add mortgage assets during attractive spread conditions.Investment Portfolio -- Increased to $6 billion, funded by $442 million in capital raised during the quarter.Liquidity -- Maintained $1.3 billion in cash and unencumbered securities at quarter end, accounting for over 46% of total equity.Net Interest Income -- Rose to $0.40 per share from $0.28 per share sequentially, driven by a 33 basis point decrease in financing costs due to the Federal Reserve’s prior rate cuts.Expenses -- General and administrative costs increased sequentially due to one-time items, with management stating, \"expect overall expenses to normalize in the second quarter, with the full-year expense ratio anticipated to be flat or modestly lower versus year end as we grow our capital base.\"Hedging Mix -- Approximately 70% of the portfolio was hedged with interest rate swaps on a DV01 basis at quarter end, with management targeting the 60%-80% range.TBA Exposure -- Reduced from over 16% of the portfolio at year end to roughly 7% by quarter end.MBS Spread Movement -- Agency MBS spreads to seven-year swaps tightened from the high 160s at quarter end back to the 150 basis point area by late last week.SUMMARYDynex Capital (NYSE:DX) highlighted its capital deployment strategy by expanding its investment portfolio and increasing leverage during periods of spread widening, aligning execution with perceived policy-driven opportunities in the mortgage market. Management attributed spread tightening since the quarter's close to active GSE participation and market demand, contributing to an estimated book value recovery. Portfolio hedging favored interest rate swaps, which offered enhanced yield relative to Treasuries, with a stated comfort zone around 70% swap hedge allocation. Technology-driven prepayment heterogeneity and disciplined asset selection were emphasized as key levers for forward alpha, alongside ongoing reductions in TBA exposure. A focus on expense control was reiterated, with projected normalization in expenses supported by targeted growth in scale and continued opportunistic capital raises.Management described, \"Flexibility and openness in our team's mindset—something\" as essential for navigating unpredictable policy regimes, and emphasized scenario-based planning.Static return on equity (ROE) for current coupon mortgages hedged with swaps was cited as \"in the mid- to high-teens,\" with spread dynamics and security selection providing a potential tailwind to returns.T.J. Connelly stated, \"we believe the long-term path toward tighter equilibrium spreads remains highly likely, boosted by policy, supply-demand dynamics, and yield carry.\"Deployment of capital was characterized as opportunistic, with management asserting, \"when we see those types of opportunities, you will see us probably raise bigger blocks of capital, put the money to work.\"Basel III endgame proposals and light net MBS supply were highlighted by management as structural supports for sustained portfolio financing and sector liquidity.INDUSTRY GLOSSARYTBA Market: The \"to-be-announced\" market for forward-settling mortgage-backed securities, usually referencing generic, most-callable agency MBS pools.GSE: Government-Sponsored Enterprise, commonly referencing Fannie Mae or Freddie Mac as major buyers and backstops in agency MBS markets.DV01: Dollar value of a one basis point move in yield; used as a risk metric for hedge ratios in fixed-income portfolios.SOFR: Secured Overnight Financing Rate, the U.S. risk-free reference rate used for repo and derivatives markets.Full Conference Call TranscriptSmriti Popenoe, Co-Chief Executive Officer and President; Byron Boston, Chairman and Co-Chief Executive Officer; Mike Sartori, Chief Financial Officer; and T.J. Connelly, Chief Investment Officer. I now have the pleasure to turn the call over to Smriti.Smriti Popenoe: Thank you, Alison, and good morning, everyone. We continue to build our company at the intersection of two powerful demographic tailwinds: the need for income and the need for housing. Dynex Capital, Inc. continues to deliver differentiated, top-tier performance. Our track record, combined with the significant growth in our capital base over the last 15 months, propels value creation by delivering scale and resilience to our shareholders. The team is focused on methodically building durability across investments, finance, technology, risk, and operations. Growing an enduring platform reinforces the value of our business meaningfully beyond the valuation of our balance sheet, further driving long-term shareholder returns.Turning now to the global macroeconomic environment, government policy is squarely in the driver's seat, defining and driving outcomes. Scenario planning for us has evolved to mapping policy pathways: what policymakers could do next, how markets may transmit those decisions, and how we position ourselves for those moves. More than ever, mindset and preparedness are the key factors for successful decision-making because the policy paths are not always foreseeable. Flexibility and openness in our team's mindset—something we actively teach and practice—are now essential parts of navigating the investment landscape. In the first quarter, we added value by executing our plan. We managed the portfolio through a short burst of volatility, which we used to opportunistically raise and deploy capital.We grew the total capital base by 18%, deploying the funds during the quarter as MBS spreads widened. Since quarter end, MBS spreads have tightened and book value is higher. Mike and T.J. will now review the detailed quarterly results and our outlook.Mike Sartori: Thank you, and good morning, everyone joining us today. I would like to begin by welcoming Caitlin Mowicz, who joined Dynex Capital, Inc. today to lead capital markets and investor relations. Kate brings deep industry experience across both functions, and her background will support the continued growth of our capital and investor base while deepening the engagement with our existing investors. We are excited to add her capabilities to our strong and growing Dynex team. Turning now to our financial results for the quarter, book value ended the quarter at $12.60 per share, and economic return was negative 2.5% for the quarter, consisting of $0.51 per share of common dividends and an $0.85 per share decrease in book value.We ended the quarter with leverage at 8.6 times versus total equity. The majority of the increase was attributable to the growth in our investment portfolio of $6 billion, reflecting the deployment of capital raised during the quarter of $442 million. Our liquidity position remained very strong, with $1.3 billion in cash and unencumbered securities at the end of the quarter, representing over 46% of total equity. We continue to evaluate growth through the lens of market opportunity, investment returns, and long-term accretion to drive shareholder value.Net interest income for the quarter rose from $0.28 per share to $0.40 per share, primarily due to declining financing costs, which fell 33 basis points due to the impact of the Federal Reserve's rate cuts in the fourth quarter. With respect to expenses, G\u0026A increased quarter over quarter, driven primarily by one-time items. As we noted in the prior first quarter earnings, we expect overall expenses to normalize in the second quarter, with the full-year expense ratio anticipated to be flat or modestly lower versus year end as we grow our capital base. Importantly, we remain disciplined in managing costs and our expense structure.With that, I will turn it over to T.J. to provide additional detail on portfolio strategy and the outlook.T.J. Connelly: Thanks, Mike. We entered the quarter with policy attention focused squarely on housing affordability and the mortgage market, particularly housing and the availability of mortgage credit, a transition we believe could support tighter mortgage spreads over time. Early in the quarter, mortgage markets benefited from a strong technical tailwind. Government policy, long one of our most important inputs, had turned supportive, with policymakers emphasizing GSE mortgage buying to tighten spreads and improve affordability. As volatility rose later in the quarter, agency mortgages traded like much riskier assets, creating potential opportunities. Because we operate with strong liquidity, we navigated that volatility constructively and selectively added assets as spreads widened to more attractive levels.Fundamentals and technicals remain highly supportive, and we believe the long-term path toward tighter equilibrium spreads remains highly likely, boosted by policy, supply-demand dynamics, and yield carry. Net supply is light, and demand remains broad and robust across banks, REITs, money managers, and foreign investors. Last quarter, I noted that we expected net supply to be $200 billion this year. So far in 2026, it appears supply could come in even lower. Returning to the demand side, the potential bids from the Fannie Mae and Freddie Mac retained portfolios improves downside liquidity, stabilizes spreads during periods of volatility, and supports broader investor participation. The GSEs have been actively buying"},{"id":"-7963710858891640086","title":"Earnings call transcript: Dynex Capital Q1 2026 misses EPS, stock drops","url":"https://www.investing.com/news/transcripts/earnings-call-transcript-dynex-capital-q1-2026-misses-eps-stock-drops-93CH-4623962","site":"investing.com","time":1776697758000,"favicon_url":"https://static.tickertick.com/website_icons/investing.com.ico"},{"id":"-2095418829958569672","title":"Dynex (DX) Q1 2026 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/dynex-dx-q1-2026-earnings-call-transcript/?source=iedfolrf0000001","site":"fool.com","time":1776696928000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool.Monday, April 20, 2026 at 10 a.m. ETNeed a quote from a Motley Fool analyst? Email pr@fool.comContinue reading Image source: The Motley Fool.Monday, April 20, 2026 at 10 a.m. ETNeed a quote from a Motley Fool analyst? Email pr@fool.comContinue reading"},{"id":"5003382770276286425","title":"Bally's Intralot S.A. 2025 Q4 - Results - Earnings Call Presentation | $IRLTF","url":"https://seekingalpha.com/article/4892043-ballys-intralot-s-a-2025-q4-results-earnings-call-presentation","site":"seekingalpha.com","time":1776695485000,"favicon_url":"https://static.tickertick.com/website_icons/seekingalpha.com.ico"},{"id":"483640196192643804","title":"Dynex Capital, Inc. 2026 Q1 - Results - Earnings Call Presentation | $DX","url":"https://seekingalpha.com/article/4892042-dynex-capital-inc-2026-q1-results-earnings-call-presentation","site":"seekingalpha.com","time":1776695468000,"favicon_url":"https://static.tickertick.com/website_icons/seekingalpha.com.ico"},{"id":"-1299810559856583386","title":"ICON (ICLR) Q2 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/icon-iclr-q2-2025-earnings-call-transcript/","site":"fool.com","time":1776692144000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATEThursday, July 24, 2025 at 8 a.m. ETCALL PARTICIPANTSChief Executive Officer — Steven A. CutlerChief Financial Officer — Nigel ClerkinPresident, Strategic Solutions and Global Business Development — Barry BalfeVice President, Investor Relations — Kate HavenTAKEAWAYSRevenue -- $2.017 billion, down 4.8% year over year but up approximately 1% sequentially from Q1 2025.Gross Business Awards -- Increased 11% sequentially from Q1 2025, driven by both new biotech wins and ongoing large pharma partnership ramp-ups.Burn Rate -- Rose slightly to 8.2%, attributed to higher pass-through revenue, with management expecting stability for the remainder of the year.Gross Margin -- 28.3%, improving sequentially from Q1 2025 but declining from 29.9% year over year.SG\u0026A Expense -- Adjusted SG\u0026A of $174.8 million, or 8.7% of revenue, reduced by $8.6 million compared to the prior-year quarter.Adjusted EBITDA -- $396 million, rising $5.4 million sequentially, representing a 19.6% margin, up 10 basis points versus the prior quarter.Adjusted Earnings Per Share -- $3.26, down 13.1% year over year but up 2.2% compared to Q1 2025.GAAP Net Income -- $183 million, or $2.30 per diluted share, an increase of 30.7% over the prior-year period.Net Book-to-Bill Ratio -- 1.02x, with management stating \"[was] negatively impacted by elevated cancellations\" during the period.Cancellations -- Totaled $916 million, including one large next-generation COVID vaccine trial; overall cancellations rose sequentially and year over year.Customer Concentration -- Top five customers contributed 25% of revenue, top 10 accounted for 39.7%, and top 25 made up 65.6%.Free Cash Flow -- $113.9 million, with cash from operating activities at $146.2 million; management attributed lower free cash flow to timing of interest, tax payments, and restructuring expenses.Balance Sheet -- Cash at $390.4 million, debt at $3.4 billion, and net leverage of 1.9x trailing 12-month adjusted EBITDA.Share Repurchases and Authorization -- $250 million repurchased at an average of $146 per share; board approved a new $1 billion authorization, adding $500 million to the prior plan.Full-Year Revenue Guidance -- Raised low end by $100 million to $7.85 billion, with midpoint now $8 billion; the increase is \"fundamentally really driven by the increased pass-throughs...currently in revenue.\"Adjusted EPS Guidance -- Maintained midpoint for full year at $13.50 per share, reflecting the revenue guidance increase being mostly pass-through.AI-Enabled Operational Efficiency -- Leadership cited an AI agent for protocol digitization now used in labs, \"enabling ICON to achieve upper quartile performance metrics for our sponsors, allowing significantly reduced study start-up times and improved overall project time lines.\"Obesity/Metabolic Initiative -- New Center for Obesity launched, offering access to over 100 U.S. sites and 10,000+ prescreened potential patients, with 85% of sites on a unified tech platform and targeted site activation in 30 days or less.Geographic Mix -- Revenue from China represents approximately 3% of total.Need a quote from a Motley Fool analyst? Email pr@fool.comRISKSChief Executive Officer Cutler cautioned that \"Overall cancellations increased sequentially and on a year-over-year basis in the quarter, driven by the cancellation of one of the large next-generation COVID vaccine trials,\" and noted, \"we would expect a broadly similar number in the next quarter in the near term before we would see or anticipate some attenuation of that.\"Management repeatedly described the environment as \"volatile and uncertain,\" with Cutler stating, \"not declaring victory on the cancellations back to what has been historical norms just at this point.\"CFO Clerkin indicated that \"free cash flow was lower than quarter one, reflecting the timing of interest and tax payments as well as restructuring expenses.\"Leadership addressed rising pricing intensity, stating, \"I think as I said in my prepared remarks, we are seeing probably a more intense pricing environment going forward. Our customers, as we've talked about, going through that how they're dealing with the patent cliffs, and they're expecting more and more value. And so we are in a competitive -- very competitive environment. We talk about typically, it's a competitive environment. It's always competitive. It's probably intensified a little bit more, I think, more recently,\" with associated risks to margins.SUMMARYICON (NASDAQ:ICLR) reported sequential improvements in revenue, adjusted EBITDA, and gross business awards, but faced a 4.8% revenue decline and a 13.1% adjusted EPS decrease year over year due to higher cancellations. Share repurchases totaling $250 million and an expanded $1 billion authorization underscore ongoing capital returns, while revised revenue guidance now reflects a midpoint of $8 billion for the year, primarily from increased pass-through revenue. AI-driven operational initiatives and targeted metabolic therapeutic investments were cited as efficiency and growth differentiators. Competitive pricing pressure, persistent market volatility, and ongoing elevated cancellations remain explicit headwinds to margin and visibility as emphasized by leadership.Management highlighted several large awards in biotech and pharma, with three of the top four Q2 awards from the biotech segment.Organizational efficiency gains were achieved through automation, AI applications, and cost controls, with SG\u0026A reduced by $9 million year over year.The company is broadening strategic customer relationships beyond the top 25, with emphasis on expanding wallet share through new and restructured partnerships.Metabolism and obesity were named as therapeutic areas driving business mix and higher pass-through rates, with the company expecting these trends to fuel the backlog long-term.ICON's China presence is expected to support medium- and long-term global trial growth, although current revenue impact remains low.INDUSTRY GLOSSARYPass-Through Revenue: Expenses initially incurred by ICON (e.g., investigator payments, laboratory fees, site costs) that are directly reimbursed by clients, included in reported revenue but carrying minimal margin.Burn Rate: The percentage of backlog revenue recognized over a given fiscal period, indicating the pace at which contracted work is being executed.Book-to-Bill Ratio: Measure of net new business awards (bookings) divided by revenue, signaling growth trajectory for a contract-based service organization.Adjusted EBITDA: Earnings before interest, taxes, depreciation, amortization, and certain excluded items (such as stock compensation and restructuring) for more consistent operating performance comparison.Functional Service Provider (FSP): A CRO model where the provider supplies specialized clinical trial personnel or services on a functional basis rather than managing entire studies.Full Conference Call TranscriptSteve and Nigel will be referencing in their prepared remarks. For a presentation of the most directly comparable GAAP financial measures, please refer to the press release section titled Condensed Consolidated Statements of Operations. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes. Included in the press release and the earnings slides, you will note a reconciliation of non-GAAP measures. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude stock compensation expense, restructuring costs, foreign currency gains and losses, amortization and transaction-related and integration-related costs and their respective tax benefits.We will be limiting the call today to 1 hour and would therefore ask participants to keep their questions to one each in the interest of time. I would now like to hand the call over to our CEO, Dr. Steve Cutler.Steven A. Cutler: Thank you, Kate. ICON's second quarter results showed good progress across a number of key areas as we navigated ongoing volatility in the broader clinical development market. Gross business awards increased 11% on a sequential basis over quarter 1 with notable wins from several biotech customers as well as the continued ramp-up of several large pharma partnerships that have been added in the last 18 months. Our revenue performance was ahead of expectations, assisted by higher pass-through revenue in the quarter. This dynamic helped to increase our burn rate slightly to 8.2% in quarter 2 and was in line with our expectations of holding a stable burn rate as we progress through this year.While study delays and the elongation of time lines from contracting to start date have presented a headwind to this metric, there are a number of initiatives we are focused on to improve cycle times and ultimately increase burn rate, which are showing promising results on in-flight studies. Through execution of our cost management initiatives across the business as well as continued automation, we saw progression in adjusted EBITDA dollars sequentially. Gross margin improved over quarter 1 to 28.3% and SG\u0026A costs reduced by $9 million year-over-year, demonstrating our ability to optimize our efficient global operations. Overall adjusted EBITDA margin increased over quarter 1 to 19.6% with solid cost control offsetting higher pass-through revenue.This translated to a 2% increase in earnings per share sequentially, resulting in adjusted earnings per share of $3.26. While we achieved solid conversion on the opportunities that went to decision in this quarter, our net book-to-bill result of 1.02x was negatively impacted by elevated cancellations as we anticipated. Overall cancellations increased sequentially and on a year-over-year basis in the quarter, driven by the cancellation of one of the large next-generation COVID vaccine trials. We saw a similar tren"},{"id":"-4745079091087688501","title":"ICON (ICLR) Q1 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/icon-iclr-q1-2025-earnings-call-transcript/","site":"fool.com","time":1776691917000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATEThursday, May 1, 2025 at 8 a.m. ETCALL PARTICIPANTSChief Executive Officer — Steve CutlerChief Financial Officer — Nigel ClerkinChief Operating Officer — Barry BalfeVice President, Investor Relations — Kate HavenTAKEAWAYSRevenue -- $2 billion, down 4.3% year over year, and down 3.2% on a constant currency basis.Adjusted EBITDA -- $390.7 million, representing a margin of 19.5%.Adjusted Gross Margin -- 28.2%, compared to 29.9% in the prior year period.Adjusted SG\u0026A Expense -- $173.4 million, equal to 8.7% of revenue, reflecting a reduction from $181.7 million year over year.Adjusted Operating Income -- $353.6 million, a margin of 17.7%.Adjusted Net Interest Expense -- $44.3 million, a decrease of 32.6% from $65.8 million year over year.Effective Tax Rate -- 16.5% for the quarter; full year expectation remains at 16.5%.Adjusted Net Income -- $258.3 million, representing 12.9% margin, with adjusted earnings per share at $3.19, an 8.1% decrease year over year.GAAP Operating Income -- $219.6 million, or 11% of revenue; GAAP net income of $154.2 million, or $1.90 per diluted share, marking a 15.6% decline from prior year.Cash Flow from Operations -- $268.2 million; free cash flow of $239.3 million.Net Debt Position -- $2.9 billion, with $526.7 million in cash and $3.4 billion in debt; leverage ratio at 1.7x net debt-to-adjusted EBITDA.Customer Concentration -- Top five customers generated 24.9% of revenue, top 10 contributed 40.2%, and top 25 accounted for 64%.Book-to-Bill Ratio -- 1.01x, reflecting mixed business development results and elevated cancellations versus previous periods.Cancellations -- Remained elevated, at similar absolute levels to Q4 2024; distribution in line with revenue mix across customer base.COVID Trials Impact -- Removal of both next generation COVID trials, totaling approximately $350 million, from 2025 revenue guidance; one trial cancelled early in Q2, the second had its hold lifted and work has resumed.Share Repurchases -- $250 million in shares repurchased during the quarter at an average price of $184; $750 million total authorization remains.AI Tool Releases -- Launch of \"iSubmit\" for automated clinical document management and \"SmartDraft\" for streamlining clinical contract drafting.Operational Integration -- Standardization and platform unification yielded efficiency improvements in clinical trial cycle times and supported new wins in laboratory services with strategic pharma partners.Guidance Update -- Full-year outlook revised to reflect higher cancellation rates and exclusion of major COVID study revenue; ongoing evaluation of M\u0026A opportunities and focus on disciplined capital allocation.Need a quote from a Motley Fool analyst? Email pr@fool.comRISKSCEO Cutler stated, \"we saw elevated levels again this quarter, a similar absolute amount to quarter four. Reasons for cancellations were broad, ranging from portfolio prioritization to clinical data and futility decisions. Overall, in terms of customer split, the cancellations were in line with the relative distribution of revenue across the company. We anticipate continued volatility in bookings performance on a quarterly basis due to continued caution and reprioritizations. Cancellations remain a headwind to revenue this year and our updated full year guidance reflects this dynamic continuing to be elevated in the near term,\" and updated guidance assumes this elevated dynamic will persist near-term.CFO Clerkin reported, \"Revenue in quarter one was $2 billion, representing a year-on-year decrease of minus 4.3% or minus 3.2% on a constant currency basis,\" citing both immediate and ongoing top-line pressure.Management indicated continued volatility in bookings performance and acknowledged that conversion of opportunities \"has been inconsistent on a quarterly basis.\"CEO Cutler said, \"about that, and that does suggest that there is some work in there that probably will move out at some point in the future,\" referencing slower revenue realization from backlog.SUMMARYICON Public Limited Company (NASDAQ:ICLR) reported lower revenues and margins, with ongoing macroeconomic uncertainty driving mixed opportunity flow, persistent elevated cancellations, and delays in clinical trial decisions that reduced bookings and pressured full-year guidance. Management reaffirmed a commitment to operational efficiency, AI-driven innovation, and disciplined capital allocation, highlighted by major share repurchases and continued investment in automation and digital tools. The exclusion of $350 million in anticipated COVID study revenue and updated guidance directly reflect the recent cancellation and hold status changes of these key projects.Management emphasized that large pharma partnerships remain strong, but confirmed continued budgetary pressure, reprioritizations, and lingering loss of exclusivity concerns restrain short-term growth potential.Business development performance was mixed, as higher biotech opportunity flow was offset by increased RFP cancellations and persistent competitive intensity in that segment.Win rates in large pharma stayed high with new partnership successes, while in biotech, win rates improved modestly but overall opportunity conversion remained uncertain due to ongoing funding constraints.Operational integration delivered measurable improvements in clinical trial cycle times and cross-sell opportunities, notably with the expansion of laboratory services through new strategic awards.Resourcing and cost base alignment remained a focus, with ongoing automation and non-labor efficiencies contributing to margins despite revenue contraction.Management maintained a cautious guidance framework, explicitly assuming persistently elevated cancellations, modest FX benefit for the year, and steady operational execution as drivers for the revised revenue outlook.Capital allocation strategy was reiterated to prioritize share repurchases and opportunistic M\u0026A, leveraging a leverage ratio of 1.7x and a solid balance sheet to navigate uncertainty while maintaining flexibility.Regional strategy in China was cited as a future growth lever, supported by a substantial local workforce and increasing clinical trial activity from Chinese clients poised to expand internationally.INDUSTRY GLOSSARYBook-to-Bill Ratio: The ratio of new contract bookings to revenue recognized over a given period, used to assess future revenue visibility and demand trends in clinical research organizations.Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted to exclude non-recurring, non-cash, or integration-related items for clearer assessment of underlying operating performance.FSP (Functional Service Provider): A clinical outsourcing model in which specific functions or personnel are provided to clients, distinct from full-service project-based engagements.FSO (Full Service Outsourcing): Delivery model where the CRO manages an entire clinical trial or portfolio of activities on behalf of the sponsor.BURN RATE: The rate at which awarded but undelivered contract backlog is converted into recognized revenue, used for forecasting and operational planning.BARDA (Biomedical Advanced Research and Development Authority): A U.S. government agency that funds medical and biotechnological research projects, often involving public health emergencies (e.g., COVID-19 vaccine trials).Full Conference Call TranscriptKate Haven: Good day and thank you for joining us on this call covering the quarter ended March 31, 2025. Also on the call today, we have our CEO, Dr. Steve Cutler; our CFO, Nigel Clerkin; and our COO, Barry Balfe. I would like to note that this call is webcast and that there are slides available to download on our website to accompany today's call. Certain statements in today's call will be forward-looking statements. These statements are based on management's current expectations and information currently available, including current economic and industry conditions.Actual results may differ materially from those stated or implied by forward-looking statements, due to risks and uncertainties associated with the company's business and listeners are cautioned that forward-looking statements are not guarantees of future performance. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statement either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by the company, including the Form 20F filed on February 21, 2025. This presentation includes selected non-GAAP financial measures which Steve and Nigel will be referencing in their prepared remarks.For a presentation of the most directly comparable GAAP financial measures, please refer to the press release section titled Condensed Consolidated Statements of Operations. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes. Included in the press release and the earnings slides, you will note a reconciliation of non-GAAP measures. Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share exclude stock compensation expense, restructuring costs, foreign currency gains and losses, amortization and transaction-related and integration-related costs and their respective tax benefits.We will be limiting the call today to one hour and would therefore ask participants to keep their questions to one each in the interest of time. I would now like to hand the call over to our CEO, Dr. Steve Cutler.Steve Cutler: Thank you, Kate. I want to begin my comments with a few perspectives on the market given the dynamic and unpredictable environment in which we are currently opera"},{"id":"7092729537922820069","title":"ICON (ICLR) Q4 2024 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/icon-iclr-q4-2024-earnings-call-transcript/","site":"fool.com","time":1776691875000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DateThursday, February 20, 2025 at 8 a.m. ETCall participantsChief Executive Officer — Dr. Steve CutlerChief Financial Officer — Nigel ClerkinChief Operating Officer — Barry BalfeInvestor Relations, Host — Kate HavenTakeawaysRevenue -- $2.04 billion for the quarter, reflecting a 1.2% year-over-year decline.Full-year revenue -- $8.28 billion, a 2% increase.Adjusted earnings per share (EPS) -- $3.43 in the quarter, down 0.9% year over year; $14 for the year, up 9.5%.Gross margin -- 29.6% for the quarter, 29.7% for the year; compared to 30.4% for the prior-year quarter and 29.9% for the prior year.Adjusted EBITDA -- $423 million for the quarter (20.7% of revenue), down 5.7% year over year; $1.74 billion for the year (21% of revenue), up 2.5%.Book-to-bill ratio -- 1.18x in the quarter; 1.2x on a trailing 12-month basis.Gross bookings -- $3.06 billion in the quarter, rising 8% sequentially and 3% year over year.Backlog -- $24.7 billion at quarter end, up 1.4% sequentially and 8.3% year over year.Cancellations -- $651 million, impacting all divisions without specific therapeutic concentration.Free cash flow -- $277 million in the quarter; $1.1 billion for the year, a 10% annual increase.Net debt -- $2.9 billion at quarter end, compared to $3.8 billion at the prior year-end and $2.7 billion in the prior quarter.Leverage ratio -- 1.7x net debt to adjusted EBITDA at quarter end.Share repurchases -- $400 million in Q4 ($217 average price); $500 million for the year ($229 average price); new $1 billion authorization in place.SG\u0026A expense -- $181 million for the quarter (8.9% of revenue); $727 million for the year (8.8% of revenue), down from $733 million (9%) in 2023.Adjusted operating income -- $385 million in the quarter (18.9% margin).U.S. GAAP net income -- $260 million in the quarter ($3.16 per share, up from $2.60); $9.53 per share for the year, up from $7.40.Accounts receivable -- $1.07 billion, down from $1.17 billion in the prior quarter.Days sales outstanding (DSO) -- 47 days, a reduction of five days sequentially.CFO Clerkin’s guidance -- Stated full-year adjusted EBITDA margin expected to be about 1% lower, with more pressure in the first half due to mix and cost realignment.COVID/vaccine backlog -- Low single-digit percent of backlog; one large study ongoing, one delayed but not canceled.Automation impact -- Over 3.5 million hours delivered in 2024; targeting over 5 million hours in 2025, aiming for $100 million annual cost savings.Biotech segment performance -- Gross bookings improved; awards progress made but decision-making and trial starts remain delayed.Therapeutic area strength -- Double-digit new award growth in cardio-metabolic and oncology areas on a full service basis.RFP trends -- Large pharma stable; biotech up low single-digits for the trailing 12 months.Need a quote from a Motley Fool analyst? Email pr@fool.comRisksCFO Clerkin highlighted, full year margins to be probably somewhere around 1% lower this year. citing pass-through mix pressure and cost actions, especially in the first half.CEO Cutler stated, Unfortunately, this better performance in gross bookings was offset by an uptick in overall cancellations in the quarter, which totaled $651 million and this resulted in a net book-to-bill ratio of 1.18x in quarter four and 1.2x on a trailing 12 month basis. Cancellations impacted all divisions without a particular concentration in any therapeutic area. These canceled trials, some of which were expected to run-in quarter one will pressure near-term revenue and margin as a result, but were contemplated, when we issue our full year 2025 guidance in January.Management said, I would expect the cancellations would continue to be on the higher side of normal, I'll put it that way, as we go through 2025. And until we're really in a situation where the capital markets are really back and fully available to biotech, some of the science has been flushed out or some of the more fragile science has been flushed out, if I could put it that way. I think we'll find -- there will be a little bit more on the elevated side. Having said that, we were very pleased as I said with our gross booking number and the opportunities in the pipeline, I think suggest that that can continue at our targeted rate.Clerkin indicated free cash flow conversion will be lower than 2024, because unbilled revenue remains north of $300 million of a disconnect there, i.e. revenue was ahead of billings.SummaryICON Public Limited Company (NASDAQ:ICLR) reported quarterly and annual results broadly in line with expectations, emphasizing reaffirmed full-year guidance despite a volatile market backdrop. Management noted significant bookings in Q4, particularly from biotech, but also flagged $651 million in cancellations impacting near-term revenue and margin. Strategic alliances and therapeutic area wins in cardio-metabolic and oncology were cited as positioning the company for mid-term growth, even as near-term profitability is expected to be weighed down by mix and timing factors. Large-scale automation initiatives exceeded annual targets, and an expanded $1 billion share repurchase authorization was secured, reflecting a disciplined capital deployment approach in the current environment.Leadership flagged normalization in large pharma RFP trends with persistent caution on timing for trial starts and capital allocation in biotech, stating, \"the dynamic of careful capital allocation is continuing,\" and \"Large pharma was more muted,\" in Q4.The company confirmed one COVID vaccine trial is ongoing and one is delayed but not canceled, both comprising a small portion of the backlog and accounted for in guidance.ICON’s automation efforts surpassed 2024 targets and are planned to deliver $100 million annual cost savings at scale, with additional focus on pharmacovigilance and internal processes this year.SG\u0026A reductions and resource realignment actions are underway to support margins as the company navigates what management described as a \"transition year,\" in which cost control competency will be used to maintain flexibility in shifting demand environments.Industry glossaryFSP (Functional Service Provider): A clinical outsourcing model where sponsors contract specific functional tasks (e.g., data management, monitoring) rather than full trial management.Full service (FSO/Full service outsourcing): Comprehensive outsourcing of all clinical trial activities for a project or portfolio.Book-to-bill ratio: The ratio of gross new bookings to revenue over a defined period, indicating business growth trajectory and future revenue coverage.Backlog burn rate: The percentage of backlog recognized as revenue in a reporting period, reflecting how quickly booked business is converted to revenue.Pass through revenue: Non-margin revenue, such as investigator grants or reimbursable expenses, that flows through the financials but has little to no profit impact.BARDA: Biomedical Advanced Research and Development Authority, a U.S. government agency funding pandemic and biodefense research, relevant here for COVID contracts.Full Conference Call TranscriptKate Haven: Good day, and thank you for joining us on this call covering the quarter and year ended December 31, 2024. Also on the call today, we have our CEO, Dr. Steve Cutler; our CFO, Nigel Clerkin; and our COO, Barry Balfe. I would like to note that this call is webcast and that there are slides available to download on our website to accompany today's call. Certain statements in today's call will be forward-looking statements. These statements are based on management's current expectations and information currently available, including current economic and industry conditions.Actual results may differ materially from those stated or implied by forward-looking statements, due to risks and uncertainties associated with the company's business and listeners are cautioned that forward-looking statements are not guarantees of future performance. Forward-looking statements are only as of the date they are made and we do not undertake any obligation to update publicly any forward-looking statements, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by the company, including the Form 20-F filed on February 23, 2024. This presentation includes selected non-GAAP financial measures, which Steve and Nigel will be referencing in their prepared remarks.For a presentation of the most directly comparable GAAP financial measures, please refer to the Press Release section titled Condensed Consolidated Statements of Operations. While non-GAAP financial measures are not superior to, or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes. Included in the press release and the earnings slides, you will note a reconciliation of non-GAAP measures. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share excludes stock compensation expense, restructuring costs, foreign currency gains and losses amortization and transaction-related and integration-related costs in their respective tax benefits.We will be limiting the call today to one hour and would therefore ask participants to keep their questions to one each in the interest of time. I would now like to hand the call over to our CEO, Dr. Steve Cutler.Steve Cutler: Thank you, Kate. Before I begin my remarks on the quarter, I wanted to briefly, I wanted to briefly introduce our newly appointed COO, Barry Balfe, who is joining us on the call today. Barry has had a long and successful tenure at ICON over the last twenty years in both full service and FSP roles, most recently leading our large pharma business. He brings to the role extensive experience in establishing and growing, large"},{"id":"2899414081271762521","title":"ICON (ICLR) Q3 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/icon-iclr-q3-2025-earnings-call-transcript/","site":"fool.com","time":1776691823000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DateOct. 23, 2025, 8 a.m. ETCall participantsChief Executive Officer — Barry BalfeChief Financial Officer — Nigel ClerkinNon-Executive Board Member and Former CEO — Steven CutlerVice President, Investor Relations — Kate HavenNeed a quote from a Motley Fool analyst? Email pr@fool.comRisksManagement noted, \"our net book-to-bill of 1.02x was negatively impacted by elevated cancellations of $900 million, broadly flat with quarter 2 levels with a bias towards previously awarded studies that were canceled prior to commencing enrollment.\"\"Higher pass-through revenue mix\" and \"pricing competitiveness\" were cited as weighing on gross margins both in the near term and potentially into 2026.Net income under U.S. GAAP dropped to $2.4 million, or $0.03 per diluted share, compared to $2.36 per share in the equivalent period the prior year.TakeawaysRevenue -- $2.04 billion, up 1% year over year and 1% sequentially from fiscal quarter 2 2025.Gross business awards -- $3 billion, up mid-single digits year over year, with strength across large, midsized, and biotech clients, especially in oncology, cardiometabolic disease, and functional service provider (FSP) segments.Burn rate -- 8%, flat sequentially, in line with previously communicated expectations.Adjusted EBITDA -- $397 million, with an adjusted EBITDA margin of 19%, a decrease of 20 basis points from fiscal quarter 2 2025 but a $1 million sequential increase in dollar value.Adjusted earnings per share -- $3.31, a 2% increase from fiscal quarter 2 2025 and a 1% decrease year over year.Free cash flow -- $334 million for the quarter, totaling $687 million year to date.Share repurchases -- $250 million in fiscal quarter 3 at an average price of $175 per share, bringing year-to-date repurchases to $750 million.Net book-to-bill ratio -- 1.02x, impacted by $900 million in cancellations, broadly flat with fiscal quarter 2 and primarily concentrated in studies not yet enrolling.Adjusted gross margin -- 28%, compared to 30% in fiscal quarter 3 2024, and a decline of 10 basis points from fiscal quarter 2 2025, with mix and pass-through revenue cited as drivers.Adjusted SG\u0026A expense -- $179 million, or 9% of revenue, $1 million lower than fiscal quarter 3 2024.Year-end guidance update -- Full-year revenue guidance is now $8.05 billion to $8.1 billion; adjusted EPS is guided to $13 to $13.20, reflecting the impact of business phasing, cancellations, and pass-through activity.Cash and debt -- $469 million in cash and $3.4 billion in debt at quarter end, resulting in a net debt position of $2.9 billion and a leverage ratio of 1.8x net debt to adjusted trailing 12-month EBITDA.Customer concentration -- Top five customers accounted for 25% of revenue, top 10 comprised 40%, and top 25 made up 67%.SG\u0026A cost control -- Headcount reduced by 5% since year-end 2024 as an example of adjusting resources to demand.Biotech RFP flow -- Management cited a significant increase in request-for-proposal activity both year over year and sequentially, but \"win rate in biotech\" was described as \"materially flat on a quarter-over-quarter basis.\"AI and automation deployment -- Investments continue in AI-enabled technologies, with proprietary platforms such as Orbis implemented to support process efficiency and workflow delegation.Early phase business -- \"Double-digit\" year-over-year growth reported, with continued sequential increases and sustained focus on expansion in this segment.COVID-related revenue -- Described as contributing 1%-2% of revenue, with management stating \"any change there is to the upside.\"SummaryManagement indicated that ICON (NASDAQ:ICLR) delivered financial results in line with guidance, noting stable revenues and strong inbound RFP activity but emphasizing the impact of persistent cancellation trends and continued gross margin pressure. Capital deployment included major share repurchases, and the company maintains a strong liquidity and leverage profile supporting both organic and inorganic growth ambitions. Strategic priorities highlighted expanded adoption of advanced technologies, focus on efficiency, and tactical adjustments in resource allocation as ICON navigates sector pricing dynamics, therapeutic mix changes, and evolving customer funding behavior.Steven Cutler described ICON's transformation from 8,500 to 40,000 employees and affirmed confidence in the current leadership, stating, \"I remain confident in the continuing success of ICON over the longer term.\"Management reported a continued focus on winning higher direct-fee opportunities to offset pass-through burden, with Barry Balfe emphasizing, \"I don't want to give back any of the opportunities that have high pass-through mix. I just want to augment them with even more direct fee awards.\"Processes for recognizing awards in bookings remain based on written confirmation rather than contract execution, contributing to the real-time nature of reported gross business awards and backlog exposure to precontract cancellations.Barry Balfe stated, \"we are closer to the end of that process than the beginning,\" regarding backlog cancellations and a shift toward normalized trends is expected, although timing remains uncertain.Customer discussions increasingly embed mechanisms to review and share future efficiency gains derived from co-developed technological solutions over the life of long-term partnerships.Industry glossaryPass-through revenue: Revenue received for costs incurred on behalf of clients, such as investigator fees or laboratory expenses, which does not contribute meaningfully to margin.Burn rate: The pace at which backlog value converts to revenue, reflecting the speed of clinical work execution.Book-to-bill ratio: Gross new business awards divided by revenues recognized in a given period, serving as an indicator of future workload growth or contraction.Functional service provider (FSP): A model where the company provides specialized clinical research resources on a functional or task-specific basis to clients within pharmaceuticals or biotech.AI-enabled technologies: Tools or platforms utilizing artificial intelligence to automate, accelerate, and enable efficiencies in clinical research processes.Orbis: ICON's proprietary multi-agent digital assistant, designed to facilitate workflow and data aggregation across clinical project management functions.RFP (request for proposal): Formal invitations from prospective clients soliciting bids for new clinical services or trials.Full Conference Call TranscriptKate Haven: Hello, and thank you for joining us on this call covering the quarter ended September 30, 2025. Also on the call today, we have our CEO, Barry Balfe; our CFO, Nigel Clerkin; and our former CEO and Non-Executive Board member, Steve Cutler. I would like to note that this call is webcast and that there are slides available to download on our website to accompany today's call. Certain statements in today's call will be forward-looking statements. These statements are based on management's current expectations and information currently available, including current economic and industry conditions.Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the company's business, and listeners are cautioned that forward-looking statements are not guarantees of future performance. Forward-looking statements are only as of the date they are made, and we do not undertake any obligation to update publicly any forward-looking statements, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in SEC reports filed by the company, including the Form 20-F filed on February 21, 2025. This presentation includes selected non-GAAP financial measures, which Barry and Nigel will be referencing in their prepared remarks.For a presentation of the most directly comparable GAAP financial measures, please refer to the press release section titled Condensed Consolidated Statements of Operations. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is more useful to investors for historical comparison purposes. Included in the press release and earnings slides, you will note a reconciliation of non-GAAP measures. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude stock compensation expense, restructuring costs, foreign currency exchange, amortization, transaction-related and integration-related costs, goodwill impairment and their related tax effects.We will be limiting the call today to 1 hour and would therefore ask participants to keep their questions to one each in the interest of time. I would now like to hand over the call to our former CEO and Non-Executive Director, Dr. Steve Cutler, for opening remarks.Steven Cutler: Thank you, Kate, and good day, everyone. As I reflect back on the last 14 years I've spent at ICON, I feel a strong sense of pride for what we've accomplished over that time, growing from a company of 8,500 employees that was #6 in the industry to 40,000 people worldwide and a ranking in the top tier of global CROs. It's been an honor to lead this organization, and I have no doubt that the future opportunity for ICON is robust and the leadership team in place is the right one to move it forward.I want to sincerely thank all my colleagues and friends at ICON for their partnership and dedicated efforts that have fueled our success over the years. I also want to thank our customers for their partnership and loyalty in working with us to deliver their projects through some external challenges, including COVID and several geopolitical conflicts. Finally, I want to thank the analyst community and our many loyal shareholders who I've come to know well and who hav"},{"id":"144775775538830455","title":"Wintrust (WTFC) Q4 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/wintrust-wtfc-q4-2025-earnings-call-transcript/","site":"fool.com","time":1776691706000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATEWednesday, January 21, 2026 at 11 a.m. ETCALL PARTICIPANTSPresident and Chief Executive Officer — Timothy S. CraneChief Financial Officer — David L. DykstraChief Legal Officer — Kate P. BoegeChief Operating Officer — David L. StoehrExecutive Vice President, Credit — Richard B. MurphyNeed a quote from a Motley Fool analyst? Email pr@fool.comTAKEAWAYSFull-Year Net Income -- $824 million, representing 19% growth.Earnings Per Diluted Share -- $11.40, increasing from $10.31.Tangible Book Value -- Increased by over $13 to nearly $89 per share.Total Assets -- Ended the period at just over $71 billion.Q4 Net Income -- $223 million, rising 3% sequentially, marking a quarterly record.Net Interest Margin -- 3.54% for the quarter, within the annual 3.50%-3.56% range.Deposit Growth -- $1 billion in the quarter, a 7% annualized increase over the prior quarter.Loan Growth -- $1 billion in the quarter, reflecting an 8% annualized increase, with full-year loans up 11% and deposits up 10%.Noninterest Income -- $130.4 million, nearly unchanged from the prior quarter, with lower security gains offsetting other sources and continued mortgage revenue softness disclosed.Noninterest Expenses -- $384.5 million, slightly above the prior quarter’s $380 million, due to higher health insurance claims, OREO expenses, and travel costs, partially offset by seasonally lower marketing costs.Nonperforming Loans -- Rose from $162.6 million (31 basis points) to $185.8 million (35 basis points), but characterized as manageable and aligned with historical midyear levels.Quarterly Charge-Offs -- 17 basis points, down from 19 basis points in the prior quarter, with management citing portfolio stability.Commercial Real Estate NPLs -- Declined from 0.21% to 0.18% of the CRE portfolio.CRE Office Exposure -- Reported at $1.7 billion (12.1% of CRE portfolio; 3.2% of total loans), with deep-dive quarterly reviews producing \"very consistent results.\"Operating Leverage -- Net revenue rose 11.2%, 340 basis points higher than noninterest expense growth.Deposit Market Share -- Advanced to third place in Chicago, with additional gains in Wisconsin and West Michigan.Guidance for 2026 -- Expecting mid- to high single-digit loan growth, matching deposit growth, and stable ~3.5% net interest margin, with positive operating leverage targeted.Dividend and Buyback Plans -- Over $200 million buyback authorization remains, though capital deployment in 2026 will prioritize organic growth and smaller acquisitions.Interest-Bearing Deposit Beta -- Management expects a full-cycle beta in the low 60% range.Expense Growth Outlook -- Guided to 4%-5% annualized expense growth from the Q4 2025 run rate, with higher health insurance claims and potential mortgage rebound highlighted as cost drivers.Mortgage Banking -- Mix for Q4 was 50% purchase and 50% refinance; management noted potential volume upside if mortgage rates decline by 25-50bps.Mortgage Warehouse Loans -- Grew by $310 million in the quarter; business characterized as \"that's a 0 loss business with very attractive dynamics\" with fee income and deposit benefits.Premium Finance Growth -- Premium finance contributed to loan growth, though management expects less benefit from price increases going forward.Net Overhead and Efficiency Ratios -- Both remained stable from the prior quarter.Charter Structure -- Sixteen charters retained for \"They keep us closer to the market than many of our competitors,\" with centralized infrastructure, deposit insurance via MaxSafe product, and local market share cited as strategic advantages.SUMMARYManagement confirmed that full-year net income and fourth-quarter results both reached all-time highs, supported by double-digit loan and deposit growth. The call outlined a disciplined cost strategy, with noninterest expenses and efficiency metrics held within expected bands despite incremental healthcare and operational costs. Executives highlighted that the company advanced to third in Chicago-area deposit share and identified stable CRE credit and continued improvements in net promoter scores as differentiators heading into 2026.Guidance for 2026 revenue and expense growth is based on Q4 2025 run rates rather than full-year 2025, clarifying the reference points for upcoming targets.Management stated, \"As we've talked about on prior calls, our guess on the deposit beta in terms of total cycle is going to be in the low 60s. And we continue to believe if we get rate cuts that we'll do a nice job managing the deposit, the interest-bearing deposit expense. And so I don't think our view has changed there.\"CRE office lending represents 12.1% of the CRE book and only 3.2% of the total loan book, with \"The most recent deep dive analysis showed very consistent results when compared to prior quarters.\"Organic growth remains the core focus for capital deployment in 2026, with buyback and acquisition activity contingent on continued capital build and lack of suitable acquisition opportunities.Management described the outlook for mortgage banking as containing \"more upside than downside,\" given current rates and market share gains following competitor exits from the industry.Deposit cost moderation in Q4 was attributed to \"a nice trend in terms of DDA deposits during the quarter,\" alongside managed shifts in deposit composition.Construction lending outlook was characterized as having \"more upside,\" with multifamily in Chicago identified as strong.The retention of the 16-charter structure was defended based on client insurance solutions, local market share, and minimal impact on expenses after centralization.INDUSTRY GLOSSARYDeposit Beta: Measures the percentage change in a bank's deposit rates relative to changes in market interest rates across a rate cycle.Premium Finance: Short-term loans provided to businesses or individuals to fund insurance premiums, often in the property and casualty or life insurance sectors.OREO Expenses: Costs associated with \"Other Real Estate Owned,\" typically foreclosed property held on balance sheets pending sale.MaxSafe Product: Wintrust’s proprietary offering allowing clients to access expanded FDIC insurance coverage by distributing deposits among its subsidiary charters.CRE: Commercial real estate; loans secured by income-producing properties.Mortgage Warehouse: Short-term lending facility enabling mortgage originators to fund loans until they are sold into the secondary market.Full Conference Call TranscriptTimothy Crane: Good morning. And for those of you we haven't seen or talked to recently Happy New Year. Thank you for joining us for the Wintrust Fourth Quarter and Full Year '25 Earnings Call. In addition to the introductions, Latif made, I'm joined by our Chief Financial Officer, Dave Stoehr; and Chief Legal Officer, Kate Boege. As we usually do on these calls, I'll begin the morning with a few highlights. Dave Dykstra will review the financial results. Rich will speak to loan activity and credit performance, and I will return with some summary comments on 2025 and early thoughts on 2026. As always, following our remarks, we'll be happy to take questions. With that, Wintrust delivered solid performance in 2025.The results reflect our focus on generating strategic and disciplined growth. I'm proud to say our efforts drove record net income for the year. For full year 2025, we reported net income of $824 million, up 19% from $695 million in 2024. Earnings per diluted share was $11.40, up from $10.31 in 2024 and tangible book value increased by over $13 to nearly $89 a share. Total assets at year-end were just over $71 billion. Our fourth quarter was also strong. Net income was $223 million, also a record up 3% or $7 million from the prior quarter. Solid loan and deposit growth during the quarter and a slightly improved margin led to continued growth in net interest income.Credit quality remains solid and overall noninterest expenses were well managed. When I look back over the year, I want to highlight 3 things that I am particularly pleased by. First, we delivered disciplined growth at a level above most of our peers with a stable margin. As we've discussed, we are adding new relationships, consumer and commercial that we expect will be with us for years to come as we continue to build the franchise. In fact, in 2025, our steady and consistent approach moved us into third position in deposit market share in the Chicago area, and we showed strong gains in both Wisconsin and West Michigan. Second, we achieved solid operating leverage.On a percentage basis, net revenue was up 11.2%, 340 basis points higher than our noninterest expense. We did this while investing in the tools, technology and people to both run a bank our size today and to build the foundation for future growth. Lastly, we saw improved Net Promoter Scores that were already best-in-class in both retail and commercial banking in 2025 as our focus on exceptional customer service continues to differentiate us from many of our peers. Before I turn this over to Dave, I want to call your attention to the charts we include in our press release at the end of each year, showing our 10-year performance on key metrics.What you will see here is the continued consistent performance that we stress with our teams. I'm very proud of these results and how they translate into real value for our shareholders. Now let me turn this over to Dave.David Dykstra: Great. Thanks, Tim. We finished off 2025 with another quarter of strong loan and deposit growth with both falling within our stated range of mid- to high single digits growth. Specifically, the deposit growth was right at $1 billion during the quarter, representing a 7% increase over the prior quarter on an annualized basis. This deposit growth helped to fund continued strong fourth quarter loan growth of a similar $1.0 billion amount that represented 8% growth on an annualized basis. On a full year basis, loans and deposit"},{"id":"5522545447748185818","title":"Wintrust (WTFC) Q3 2024 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/wintrust-wtfc-q3-2024-earnings-call-transcript/","site":"fool.com","time":1776691655000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATEOct. 22, 2024 at 11 a.m. ETCALL PARTICIPANTSPresident and Chief Executive Officer — Timothy CraneChief Financial Officer — David StoehrGeneral Counsel — Kate BoegeChief Operating Officer — David DykstraVice Chairman, Chief Credit Officer — Richard MurphyTAKEAWAYSNet income -- $170 million for the quarter and $510 million year-to-date, with both figures explicitly stated as record levels.Loan growth -- $2.4 billion increase, composed of $1.3 billion from the Macatawa Bank acquisition and $1.1 billion in organic growth, representing nearly 10% annualized organic growth per management's forecasted range.Deposit growth -- $3.4 billion total increase, with $2.3 billion attributed to Macatawa and $1.1 billion organically, and noninterest-bearing deposit balances stable at 21% of total deposits.Reduction in brokered deposits -- Over $800 million reduction in higher-rate brokered deposits at period end due to excess deposits from Macatawa acquisition.Net interest income -- $503 million, a record, up approximately $32 million from the prior quarter, driven by both stable net interest margin (3.51%) and growth in average earning assets.Net interest margin -- 3.51%, broadly stable compared to 3.52% for the prior quarter, with average loan yield at 6.9% and interest-bearing deposit costs down 1 basis point sequentially.Provision for credit losses -- $22.3 million reported, including a $15.5 million day-one CECL provision tied to the Macatawa acquisition, with underlying provision excluding this item at $6.8 million (down from $40.1 million the previous quarter).Nonperforming loans (NPLs) -- 0.38% as percentage of total loans, slightly down from 0.39% prior quarter; commercial real estate (CRE) NPLs decreased from 0.40% to 0.33% during the period.Charge-offs -- $26.7 million, or 0.23% of loans, down from $30 million, or 0.28%, in the prior quarter, with most losses concentrated in transportation-related C\u0026I credits.Noninterest expenses -- $360.7 million, up $20.3 million quarter over quarter, including $10.1 million from Macatawa Bank, with $5 million additional Macatawa expense expected next quarter for a full-quarter impact.Expense ratio -- Noninterest expenses as a percent of average assets declined to 2.36%, from 2.38% prior quarter and 2.41% in the same period last year, indicating improved operating leverage.Wealth and treasury management businesses -- Both fee-based lines reported steady growth per management’s statements, without specific figures disclosed.Commercial real estate (CRE) office exposure -- $1.7 billion, or 13.1% of CRE loans and 3.6% of total loans; 44% of office exposure is to medical/owner-occupied, with average loan size at $1.5 million and only eight loans above $20 million.Capital ratios -- Increased modestly due to earnings and the Macatawa acquisition, with CET1 ratio noted as \"close to 10%,\" expected to reach 10% during 2025.Tangible book value per share -- Increased again during the quarter, in line with the company's history of annual growth since going public.Chicago market share -- Wintrust Financial Corporation (NASDAQ:WTFC) deposit share in the Chicago MSA reached 7.7%, per cited FDIC data, while JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) lost share over the same period.Outlook for loan growth -- Management guided for continued mid- to high single-digit annualized loan growth, aligning with historical performance and current pipelines.Guidance on net interest margin and income -- Leadership expects margin to remain near current levels for the coming quarters, supporting further net interest income growth even if rates decline.Expense growth target -- Management has generally maintained a mid-single-digit expense growth target, consistent with guidance tied to asset and loan growth rates.Hedging impact -- CFO Stoehr said, \"the rule of thumb…is for every 25 basis points of a reduction in SOFR, we should benefit by about 2.5 basis points,\" with the third quarter showing a 17 basis point drag from hedges expected to decline if rates fall.Need a quote from a Motley Fool analyst? Email pr@fool.comRISKSTimothy Crane cited the risk of \"strange competitive behavior with respect to loan or deposit pricing,\" which management stated could pressure spreads if realized.Management noted ongoing exposure to CRE and specifically office lending, acknowledging higher borrowing costs and pressure on CRE valuations due to occupancy and lease rates, while emphasizing proactive management.SUMMARYWintrust Financial Corporation (NASDAQ:WTFC) reported fiscal third-quarter results reflecting the added scale and diversification from its Macatawa Bank acquisition, with both loan and deposit growth supported by stable credit and margin dynamics. Balance sheet ratios improved as a result of increased capital and a slightly lower loan-to-deposit ratio following the transaction. Management clarified that nonrecurring charges linked to the acquisition and mortgage servicing right (MSR) valuations affected headline earnings but did not alter underlying trends, and they communicated confidence in sustaining net income growth as the interest rate environment shifts.Leadership explained that line utilization rates in core commercial and industrial (C\u0026I) lending increased from 37% to 39%, while asset-based portfolios and warehouse lending drove broader growth diversification.Executives identified improved allowance levels and stable criticized/classified loan categories, indicating no anticipated deterioration absent negative macroeconomic shocks.Deposit cost trends indicated a \"mid-60s\" beta both on rate increases and expected rate decreases, with the first Fed cut not yet materially impacting margins.Integration of Macatawa Bank is proceeding as planned, with management citing \"inbound inquiries\" and early business opportunities in specialty lending segments.Guidance was reiterated for mid- to high single-digit organic growth in both loans and deposits over the coming year, contingent on steady economic conditions and current pipeline strength.INDUSTRY GLOSSARYCECL: Current Expected Credit Losses standard, requiring forward-looking loss estimates in loan loss reserving.MSR: Mortgage Servicing Rights; financial assets representing the contractual right to service a portfolio of mortgage loans for a fee.Beta (Deposit Beta): The percentage change in a bank's deposit cost in response to changes in benchmark rates.CET1 Ratio: Common Equity Tier 1 capital as a percentage of risk-weighted assets, a regulatory capital adequacy measure.Loan-to-deposit ratio: The ratio of total loans to total deposits, used to assess balance sheet liquidity and funding profile.Full Conference Call TranscriptTimothy Crane: Thank you, Latif. Good morning, and thank you for those on the phone joining us for the Wintrust third quarter earnings call. In addition to the introductions Latif made, I'm joined by Dave Stoehr, our Chief Financial Officer; and Kate Boege, our General Counsel. In terms of an agenda, I'll share some high-level highlights. Dave Dykstra will speak to the financial results and Rich will add some additional information and color on credit performance and loan activity. I will be back to wrap up with some summary thoughts on what we expect for the remainder of 2024. And of course, we'll do our best to answer some questions at the end.Before we dive in, let me remind you that this quarter has a few more moving pieces than normal as it includes two months of the results for Macatawa Bank. We closed on that transaction during the quarter on August 1st. For the quarter, we reported net income of just over $170 million and reported record net income of just under $510 million for the first three quarters of the year. These results were in line with our expectations, and we remain encouraged by underlying activity and pipelines. We grew loans by $2.4 billion, $1.3 billion acquired from Macatawa and another $1.1 billion organically. We grew deposits by over $3.4 billion, $2.3 billion from Macatawa and $1.1 billion organically.Importantly, we reduced higher rate brokered deposits by over $800 million at quarter end, an immediate benefit of the excess deposits from the Macatawa acquisition. The organic loan growth, organic, meaning excluding Macatawa was balanced across all material product categories, which continues to illustrate the benefit of our diverse asset generating businesses. The organic deposit growth included absolute growth in our noninterest-bearing deposits and the percentage of noninterest-bearing deposits relative to total deposits remained stable for the quarter. Both the loan and deposit results are strong evidence that we continue to gain share in Chicago, the surrounding markets and in our niche businesses. In fact, for the Chicago MSA, Wintrust increased deposit share to 7.7%.In contrast, the two largest banks in the MSA, Chase and Bank of America lost deposit share. This is data from the June 30th FDIC reports. The net interest margin of 3.51% was in line with our expectations, and combined with organic growth and the Macatawa acquisition, produced record net interest income of $503 million, up approximately $32 million from the second quarter. I know many of you remember Wintrust as asset sensitive and well positioned for the rate increases over the past few years. It's important to note that we are now very currently balanced in terms of interest rate sensitivity and well positioned for an orderly movement of rates downward.We expect our margin to remain near current levels for the coming quarters, and accordingly should experience net interest income growth. On the credit front, nonperforming loans remained low, essentially flat from the second quarter and charge-offs were down for the quarter. Again, Rich will walk through the credit results, and will offer some additional detail on the loan growth in just a moment. A quick note on mortgages, although"},{"id":"9023269059929083231","title":"AGNC (AGNC) Q4 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/agnc-agnc-q4-2025-earnings-call-transcript/","site":"fool.com","time":1776691579000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool. DATETuesday, January 27, 2026 at 8:30 a.m. ETCALL PARTICIPANTSChief Executive Officer — Peter FedericoExecutive Vice President and Chief Financial Officer — Bernice BellNeed a quote from a Motley Fool analyst? Email pr@fool.comTAKEAWAYSComprehensive Income -- $0.89 per common share, reflecting both net income and other comprehensive income for the quarter.Economic Return on Tangible Common Equity -- 11.6% for the quarter, composed of $0.36 in dividends and a $0.60 tangible book value per share increase.Full Year Economic Return -- 22.7%, consisting of $1.44 in monthly dividends and a $0.47 gain in tangible net book value per share.Tangible Net Book Value Per Common Share -- Increased about 4% during January (about 3% net of dividend accrual), per Bernice Bell.Leverage -- Ended at 7.2x tangible equity, down from 7.6x prior quarter; quarter average was 7.4x.Liquidity Position -- $7.6 billion in cash and unencumbered Agency MBS, which equates to 64% of tangible equity.Net Spread and Dollar Roll Income -- $0.35 per common share, unchanged QOQ, inclusive of $0.01 per share of nonrecurring incentive compensation expense.Hedge Ratio -- 77%, unchanged sequentially, with a shift during the quarter toward a greater proportion of interest rate swaps.Portfolio Prepayment Activity -- Average portfolio life constant prepayment rate (CPR) increased by 100 bps to 9.6%; actual CPR was 9.7%, up from 8.3% QOQ, attributed to lower mortgage rates.Common Equity Issuance -- $356 million raised in the quarter at a significant premium to tangible book value; $2 billion total for the year, with all issuance described as accretive to book value.Asset Portfolio -- $95 billion at quarter end, reflecting a $4 billion sequential increase as recently raised capital was fully deployed.Portfolio Composition -- 76% of assets retain some form of favorable prepayment attribute; weighted average coupon declined slightly to 5.12%.Hedge Portfolio Notional Balance -- Rose to $59 billion at quarter end, with swap-based hedges accounting for 70% of hedge duration, up from 59% prior quarter.ROE on Normalized Net Spread and Dollar Roll Income -- $0.36 per share on $8.88 book value implies a 16% ROE, well matched to AGNC's 15.8% total cost of capital.Current Coupon Mortgage Spread Ranges -- Management describes the environment as a \"new spread range\": 120–160 bps to swaps (current ~135 bps) and 90–130 bps to treasuries (current ~110 bps).Incremental Return on Newly Deployed Capital -- 13%-15%, currently exceeding AGNC's approximate 12% dividend yield.Dividend Coverage Commentary -- CEO Federico said, \"our dividend is well aligned with the economics and the accounting of our business today.\"Quarter-to-Date Equity Issuance -- No common equity issuance since quarter end due to blackout period.SUMMARYManagement reported new highs in economic and total stock returns, attributing the outperformance to tightened mortgage spreads and an improved macro backdrop for Agency MBS. Strategic portfolio reallocation favored swap-based hedges, increasing their share of portfolio duration and capturing widened swap spreads. Tangible net book value per share demonstrated ongoing momentum with additional growth in January, while leverage remained calibrated to evolving spread dynamics. Shareholder capital was deployed accretively as market conditions permitted, yet management emphasized no urgency to scale further, focusing instead on economics and liquidity. AGNC's leadership expects mid-teens returns on new capital, citing continued spread stability and policy actions supporting confidence in current dividend coverage.Strategic use of at-the-market equity offerings during the year led to significant book value accretion without increasing risk tolerance or leverage ratios.Portfolio design favors 76% allocation to assets with \"favorable prepayment attribute,\" intending to manage elevated prepayment risk as policy encourages mortgage affordability.CEO Federico explained, \"you think about deploying new capital, the returns today in the marketplace, as I've mentioned, sort of 13% to 15% are actually in excess of the dividend yield on our stock,\" signaling rationale for proactive but selective capital allocation.Recent shift in hedge composition resulted in 70% swap-based hedging as management anticipates this structure to outperform treasury-based alternatives given current market and regulatory conditions.Stable or incrementally widening swap spreads are seen as a tailwind, with \"pick up 25 or 30 basis points extra carry,\" possible, potentially adding 1%-2% ROE at 6x-7x leverage.Current coupon spread narrowing is seen as sustainable; management cited a more diverse investor demand base and expects GSE purchases could absorb up to half of expected 2026 Agency MBS supply.Ongoing duration management—currently at a positive gap of about half a year—serves as a guardrail amid prepayment acceleration, with operational norms between a quarter and three-quarters of a year.CEO Federico noted, \"I think the volatility environment is going to be positive for Agency MBS in 2026 based on what we know today anyhow.\"INDUSTRY GLOSSARYCPR (Constant Prepayment Rate): An annualized estimate of the proportion of a pool of mortgage loans expected to be prepaid over a period, a crucial input in MBS valuation and portfolio performance.Swap-Based Hedge: A risk management technique using interest rate swaps rather than treasuries to offset interest rate exposure, potentially delivering better performance as swap spreads widen.Receiver Swaption: An options contract granting the right (but not the obligation) to enter into an interest rate swap as a receiver of the fixed leg, utilized here to protect against declining rates and rising prepayments.Specified Pool: Mortgage-backed securities pools differentiated by attributes such as loan size, credit score, or geography, intended to influence prepayment speed and cash flow stability.Full Conference Call TranscriptPeter Federico: Good morning, everyone, and thank you for joining our fourth quarter earnings conference call. 2025 was an exceptional year for AGNC shareholders. AGNC's 11.6% economic return in the fourth quarter drove our impressive full year economic return of 22.7%. Even more noteworthy, AGNC's total stock return in 2025 was 34.8% with dividends reinvested, nearly double the performance of the S\u0026P 500. This outstanding performance on an absolute and relative basis clearly demonstrates the value of AGNC's actively managed portfolio of agency mortgage-backed securities and associated hedges. Looking back, we were confident that AGNC was on the forefront of a uniquely positive investment environment as the Fed's unprecedented tightening cycle of 2022 and 2023, reached its conclusion.On our third quarter earnings call in 2023, we expressed our belief that a durable and attractive investment environment for AGNC was emerging as mortgage spreads began to stabilize at historically attractive return levels. That outlook proved to be correct. And in the 9 quarters since that call and despite several episodes of extreme market turbulence, AGNC has generated an economic return of 50% for its shareholders, comprised of a 10% increase in book value and monthly dividends totaling $3.24 per share. Moreover, during that same time period, AGNC shareholders have experienced a total stock return of nearly 60% or 23% on an annualized basis.And finally, since inception, AGNC has generated a total stock return of over 11% on an annualized basis with dividends reinvested, demonstrating the long-term benefit of investing in this unique fixed income asset class and the durability of our business model across a wide range of market environments. Turning back to 2025, the Bloomberg Aggregate Agency Index was the best-performing fixed income sector in the fourth quarter, and for the year, produced a total return of 8.6%. Also noteworthy, given the similar credit quality, the Agency Index outperformed the Treasury Index by 2.3 percentage points or 36% in 2025. As I discussed throughout the year, the favorable performance of Agency MBS was driven by a confluence of positive factors.First, the Fed shifted its monetary policy stance toward lower short-term rates and greater accommodation, a promising development for all fixed income assets. The Fed also transitioned its balance sheet activity from quantitative tightening to reserve management. Second, interest rate volatility trended lower throughout the year due to the shift in monetary policy, greater fiscal policy clarity and a stable supply outlook for treasury securities which included a greater share of short-term debt.Lastly, the uncertainty and potential risks associated with GSE reform that adversely impacted the agency market early in the year, gradually dissipated as the Treasury Department and other officials communicated and approached to GSE reform that focused on reducing the spread on agency mortgage-backed securities, maintaining mortgage market stability and improving housing affordability. Collectively, these factors, combined with the sizable purchase of MBS by the GSEs later in the year, caused spreads to tighten and drove the substantial outperformance of Agency MBS relative to other fixed income asset classes. As we begin 2026, these favorable macro themes remain in place and provide a constructive investment backdrop for our business.In addition, other positive developments are possible including further actions by the administration to improve housing affordability. The recent $200 billion MBS purchase announcement is a good example of the type of action that could result in tighter mortgage spreads and lower mortgage rates. The funding market for Agency MBS has also improved in response to the Fed increasing the size of its balance sheet and improving the functionality of its standing repo program. The Fed is also considering other actions to further imp"},{"id":"-8342035113176422594","title":"ICON (ICLR) Q2 2025 Earnings Call Transcript","url":"https://www.fool.com/earnings/call-transcripts/2026/04/20/icon-iclr-q2-2025-earnings-call-transcript/?source=iedfolrf0000001","site":"fool.com","time":1776690944000,"favicon_url":"https://static.tickertick.com/website_icons/fool.com.ico","description":"Image source: The Motley Fool.Thursday, July 24, 2025 at 8 a.m. ETNeed a quote from a Motley Fool analyst? Email pr@fool.comContinue reading Image source: The Motley Fool.Thursday, July 24, 2025 at 8 a.m. ETNeed a quote from a Motley Fool analyst? 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Email pr@fool.comContinue reading"},{"id":"-1433957406173787305","title":"Cleveland-Cliffs Inc. 2026 Q1 - Results - Earnings Call Presentation | $CLF","url":"https://seekingalpha.com/article/4892003-cleveland-cliffs-inc-2026-q1-results-earnings-call-presentation","site":"seekingalpha.com","time":1776690086000,"favicon_url":"https://static.tickertick.com/website_icons/seekingalpha.com.ico"},{"id":"-3853400659738070520","title":"Q4 2026 ICICI Bank Ltd Earnings Call Transcript","url":"https://www.gurufocus.com/news/8802529/q4-2026-icici-bank-ltd-earnings-call-transcript","site":"gurufocus.com","time":1776664831000,"favicon_url":"https://static.tickertick.com/website_icons/gurufocus.com.ico","description":"Related Stocks: IBN,"},{"id":"-1608490381808156764","title":"Q4 2026 Yes Bank Ltd Earnings Call Transcript","url":"https://www.gurufocus.com/news/8802527/q4-2026-yes-bank-ltd-earnings-call-transcript","site":"gurufocus.com","time":1776664828000,"favicon_url":"https://static.tickertick.com/website_icons/gurufocus.com.ico","description":"Related Stocks: BOM:532648,"},{"id":"-4977365560163269596","title":"Q4 2026 HDFC Bank Ltd Earnings Call Transcript","url":"https://www.gurufocus.com/news/8802512/q4-2026-hdfc-bank-ltd-earnings-call-transcript","site":"gurufocus.com","time":1776661230000,"favicon_url":"https://static.tickertick.com/website_icons/gurufocus.com.ico","description":"Related Stocks: HDB,"},{"id":"-2218134435530942938","title":"Groupe Dynamite Inc. 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Reported EPS is $0.62, expectations were $0.61. Operator: Good morning and welcome to the Regions Financial Corporation’s quarterly earnings call. My name is Chris, and I’ll be your operator for today’s call. [Operator Instructions] I will now […] Regions Financial Corporation (NYSE:RF) Q1 2026 Earnings Call Transcript April 17, 2026 Regions Financial Corporation beats earnings expectations. Reported EPS is $0.62, expectations were $0.61. Operator: Good morning and welcome to the Regions Financial Corporation’s quarterly earnings call. My name is Chris, and I’ll be your operator for today’s call. [Operator Instructions] I will now turn the call over to Dana Nolan to begin. Dana Nolan: Thank you, Chris. Welcome to Regions First Quarter 2026 Earnings Call. John and Anil will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP reconciliations are available in the Investor Relations section of our website. These disclosures cover our presentation materials, today’s prepared remarks and Q\u0026A. I will now turn the call over to John. John Turner: Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. Before we turn to the quarter, I want to take a moment and personally thank Dana for her service and leadership. After nearly 40-year credit regions, she’s made the decision to retire. Dana has been a steady and trusted voice for our company and an important link between our leadership team and the investment community. Her deep understanding of our business, fair with her clear and straightforward communication style help strengthen our credibility with investors and are widespread respect across the industry. We’re incredibly grateful for Dana’s leadership and the standard she’s set, and we wish her nothing but the very best going forward. Turning to our financial results. This morning, we reported strong first quarter earnings of $539 million or $0.62 per share. This represents an 11% and 15% increase, respectively, versus adjusted prior year results. Adjusted pretax pre-provision income was $805 million, up 4% year-over-year, and we generated a return on tangible common equity of 18%. The momentum we saw at the end of last year and carried into the first quarter. We grew loans and deposits on both an average and ending basis and our credit metrics continue to improve as we resolve our portfolios of interest. Conversations with customers suggest that despite recent volatility, sentiment remains generally optimistic. Businesses are continuing to manage their balance sheets and income statements prudently with strong liquidity and solid capital positions. On the consumer side, fundamentals remain relatively sound. Aggregate balance and spending trends for Regions customers are stable to mostly positive. The labor markets are not showing signs of material weakness. We are seeing some pressure among lower-income customers but larger income tax refunds compared to last year have helped to offset a portion of that impact. Importantly, our consumer loan portfolio continues to be primarily prime to super prime. We continue to make good progress on our core transformation, including investments in artificial intelligence. We are on track to deploy our commercial lending system and small business digital origination platform this summer and system testing on the core deposit system is also underway. We expect to launch a pilot in the third quarter and begin conversion in 2027. At the same time, we remain focused on near-term drivers of growth. Our strategic growth hiring initiative is on track, and we continue to make targeted investments in products and services across all 3 of our lines of business. There’s a lot of internal energy and excitement around our technology enablement initiatives, and we’re motivated to continue building on that momentum. I’ll just conclude by saying that we’re pleased with our first quarter results and are excited about the opportunities that lie ahead. With that, I’ll hand it over to Anil to walk through the quarter in more detail. Anil? Anil Chadha: Thank you, John. Let’s start with the balance sheet. Ending loans grew 2% while average loans increased approximately 1%. Growth was driven by broad-based C\u0026I lending, including power and utilities, manufacturing, health care and asset-based lending. Roughly half of this quarter’s growth came from higher line utilization with the balance driven by new loans, approximately 80% of which were to existing clients. Almost 2/3 of the growth was investment-grade credits with the majority of the remaining growth near investment grade for very high quality. While the macroeconomic outlook remains volatile, we experienced strong loan growth in the latter half of the quarter. As John noted earlier, client sentiment remains broadly positive. Loan pipelines and commitments remain strong, and overall lending activity remains at a good pace. An area that has not been a meaningful growth driver over the past year is NDFI-related lending. These lines reflect long-standing client relationships with predominantly investment-grade credits with nearly half of balances associated with our long-standing REIT business. Private credit exposure remains limited, less than 2% of total loans largely investment-grade, well enhanced and existing client paydowns exceeded draws during the quarter. With respect to our full year growth expectations, we continue to expect full year average loans to be up low single digits versus 2025. Turning to deposits. Average balances increased modestly, while ending balances increased approximately 1%, reflecting normal seasonal patterns associated with tax refunds and payments. Balances grew while total deposit costs continued to decline, supported by our strong deposit franchise and focus on customer acquisition and retention. Through deliberate product management, we continue to see a shift from CDs into money market accounts across both our consumer and wealth businesses with growth in the combined balances. Our noninterest-bearing deposit mix remained in the low 30% range, consistent with our target and reflective of the operational nature of our deposit base. As a result, we continue to expect 2026 average deposits to be up low single digits versus the prior year. Let’s shift to net interest income. As expected, net interest income was lower linked quarter, driven primarily by 2 fewer days in the quarter and the absence of nonrecurring items that benefited the fourth quarter. The net interest margin of 3.67% continues to evidence region’s profitability advantage. That said, margin came in below expectations for the quarter, reflecting tighter asset spreads as a result of market conditions paydowns of higher-yielding loans and remixing into higher quality credits. The core balance sheet performed well during the quarter and provides a solid foundation for net interest income growth over the remainder of the year. Our neutral interest rate positioning once again performed as designed in the quarter with minimal impact to net interest income from the Fed’s fourth quarter interest rate cuts. During the first quarter, interest-bearing deposit cost declined 13 basis points. The following cycle interest-bearing deposit beta stands at 35%, and we remain confident in the mid-30s beta with the potential to outperform over time. Net interest income also continued to benefit from fixed rate asset turnover with elevated long-term rates supporting pricing on term loans and securities. At current rate levels, we would expect balance sheet repricing to support margin expansion over multiple years. Finally, recent loan growth acceleration positions us well for future interest income growth. Subsequent to quarter end, higher interest rates created an opportunity to sell approximately $900 million of shorter duration of securities that no longer support our balance sheet management objectives at a $40 million loss, repositioning those into longer-duration product types. The transaction is also well aligned with our overall capital deployment priorities, carrying a short approximately 2-year payback period and enhancing overall securities yields. In the second quarter, we expect a strong rebound with approximately 2% net interest income growth, followed by additional expansion in subsequent quarters. Fixed rate asset turnover, seasonal average deposit inflows accelerating loan growth and continued discipline and funding costs will drive net interest income growth and a stable Fed funds environment. For full year 2026, we reiterate our net interest income expectation of between 2.5% and 4% growth and for the net interest margin to exit the year at low [ 3.70s ]. Now let’s turn to fee revenue performance for the quarter. Adjusted noninterest revenue declined 2% on a linked-quarter basis as seasonally lower card and ATMs and a decline in other noninterest income were partially offset by higher capital markets revenue. Capital markets income increased 5% during the quarter, driven by improvements in commercial swap, loan syndication and securities underwriting activity partially offset by lower real estate capital markets and M\u0026A fees. Despite ongoing headwinds associated with market volatility and elevated interest rates, we continue to expect Capital Markets quarterly revenue to increase within our $90 million to $105 million range, trending near the lower end of the range in the second quarter and moving higher thereafter. Wealth Management remains a good story for us, supported primarily by continued sales momentum with revenue up 9% year-over-year, and we expect this business to continue to be a steady contributor to fee revenue growth. Card and ATM fe"},{"id":"3093216863612223419","title":"Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/telefonaktiebolaget-lm-ericsson-publ-nasdaqeric-q1-2026-earnings-call-transcript-1740858/","site":"insidermonkey.com","time":1776513725000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Q1 2026 Earnings Call Transcript April 17, 2026 Telefonaktiebolaget LM Ericsson (publ) beats earnings expectations. Reported EPS is $0.13, expectations were $0.11. Daniel Morris: Hello, everyone, and welcome to the presentation of Ericsson’s First Quarter 2026 Results. Joining us by video today is Borje Ekholm, our President and CEO and […] Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Q1 2026 Earnings Call Transcript April 17, 2026 Telefonaktiebolaget LM Ericsson (publ) beats earnings expectations. Reported EPS is $0.13, expectations were $0.11. Daniel Morris: Hello, everyone, and welcome to the presentation of Ericsson’s First Quarter 2026 Results. Joining us by video today is Borje Ekholm, our President and CEO and in the studio, I’m joined by Lars Sandstrom, our Chief Financial Officer. As usual, we’ll have a short presentation followed by Q\u0026A. [Operator Instructions] Details can be found in today’s earnings release and on the Investor Relations website as well. Please be advised that today’s call is being recorded, and today’s presentation may include forward-looking statements. These statements are based on our current expectations and certain planning assumptions, which are subject to risks and uncertainties. Actual results may differ materially due to factors mentioned in today’s press release and discussed in the conference call. We encourage you to read about these risks and uncertainties in our earnings report as well as in our annual report. I’ll now hand the call over to Borje and Lars for their introductory comments. Borje Ekholm: Thanks, Daniel, and good morning, everyone, and thanks for joining us today. Q1 was a solid start of the year and with the results that reflects our continued execution against our operational and strategic priorities. We saw a very large currency headwind during the quarter, probably one of the toughest quarters from a comp ratio as the Swedish krona strengthened towards almost all currencies compared to last year. So this, of course, materially impacted every line of our financial statements with reporting sales falling 10%. At the same time, we performed well operationally realizing strong organic growth of 6%, with all segments contributing. Our results are a testament to our leading portfolio and the investments we’ve been making in furthering our technology leadership. Over the last few years, we’ve actively managed to reduce dependence on geographic mix. Of course, we realize that North America often receive a disproportionate interest from, I guess, the community — analyst community, but also around the world. And that’s, of course, natural because it is a front-runner market. And this quarter, we saw sales reduced by mid-single digits in North America. But we could still deliver a gross margin of 48.1% for the group and 50.4% for segment networks, indicating that the work we’ve done to balance out the geographic mix is coming through in the results and giving us less sensitivity to geographic mix. Cloud Software and Services continue to execute well. We reached a gross margin of 43.2%. That’s up more than 300 basis points year-over-year. Revenue seasonality was in line with the guidance we had for the quarter and we saw some deals being pushed into Q2. And we expect to see that, therefore, stronger seasonality than normal next quarter. EBITA came in at SEK 5.6 billion with a margin of 11.3%, and the strengthening of the Swedish krona affected EBITA by SEK 2.2 billion. And you’ve also seen we have the revaluation of the long-term stock-based programs. And all of those are, of course, included in the results. Cash flow during the first quarter is seasonably lower typically. Despite this, cash flow came in at a healthy SEK 5.9 billion with a net cash position of SEK 68.1 billion. And as you’ve seen just a couple of weeks ago, the AGM approved the Board’s proposal on increased dividend and our first share buyback program. Q\u0026A Session Follow Ericsson L M Telephone Co (NASDAQ:ERIC) Follow Ericsson L M Telephone Co (NASDAQ:ERIC) Receive real-time insider trading and news alerts or Subscribe with Google We may use your email to send marketing emails about our services. Click here to read our privacy policy. We will start to execute on the share buyback program next week with a target to buy back SEK 15 billion. In the next phase of AI, we see that high-performance mobile connectivity will become increasingly important. Even so, our planning assumptions for the RAN market remains flat over the longer term. With disciplined execution, we create room to make selective investments in growth to broaden the mobile platform to new use cases and new sectors. We believe the growth will come in areas outside of our traditional CSP markets. And then we’re talking about areas like enterprise and mission critical networks. In our Enterprise segment, which includes our wireless WWAN business, private networks, network APIs or as we now call it, actually network-powered solutions and mobile money, organic growth was stronger, which is encouraging. There are new markets that we see as key opportunities going forward. Of course, new markets take time to develop but we’re now seeing these efforts start to scale. I would also comment on the loss in Enterprise of SEK 1.4 billion. It’s clearly unacceptable, but it also includes a number of onetime costs and have an improvement plan in place that we’re executing on and we will expect to see that coming through shrinking losses during the rest of the year, comes from growth, operational discipline and of course, at the onetime cost base. We’re also driving several other growth initiatives. And there, we see good progress in mission-critical networks which tend to be a bit lumpy and vary by quarter. We’re experiencing strong interest in several verticals, particularly within Defense Solutions. In modern defense applications, high performance, and then I’m talking about large capacity connectivity is required. And this will make 5G stand-alone a cost-effective alternative. And we’ve seen a trial with the Italian Navy — or actually deployment with the Italian Navy this quarter. Another very exciting area is 5G-based sensing where one of many use cases is about detecting unconnected drones. And a few weeks ago, we showcased our solution, which is seeing significant customer interest, of course, given a difficult current market environment geopolitically. We see that our technology here has a great market potential, and we’re now starting to invest to capture these opportunities. I would say this is just one example that you don’t have to wait for 6G to get part of new exciting use cases with the technology we have. So we’re seeing good momentum on our strategy execution, and we’ve strengthened Ericsson operationally. And I would say this is showing now in our Q1 results. With that, let me give the word over to you, Lars, to go through the numbers in some more detail. Lars Sandstrom: All right. Thank you, Borje. I will begin with some additional comments on the group before moving over to the segments. So net sales in Q1 totaled SEK 49.3 billion with organic sales growing 6% year-on-year. The growth was broad-based and sales grew in all segments and 3 market areas delivered double-digit organic growth, driven by continued 5G rollouts and increased uptake of 5G core. Americas declined 2%, with strong growth in Latin America, more than offset by a mid-single-digit decline in North America following a strong quarter last year. Reported sales decreased by 10%, impacted by a negative currency effect of SEK 7.8 billion then. So organic growth again grew 6%. IPR revenues were SEK 3.1 billion, and this run rate coming out of the quarter is approximately then SEK 13 billion. Adjusted gross income was SEK 23.7 billion with a negative currency impact of SEK 3.8 billion. Adjusted gross margin was 48.1%, in line with last year, excluding iconectiv. On the cost side, operating expenses, excluding restructuring charges, dropped to SEK 18.4 billion, around SEK 2 billion lower year-over-year, driven mainly by currency as well as the divestment of iconectiv. Underlying inflationary pressures were more than offset by cost reduction driven by headcount as well as efficiency measures. And as Borje mentioned, adjusted EBITA, which excludes restructuring, but includes the other one-offs was SEK 5.6 billion. This is down by SEK 1.4 billion, including a negative impact of SEK 2.2 billion, the divestment of iconectiv and SEK 0.5 billion of additional share-based compensation costs coming from the increased share price here during the quarter. The EBITA margin was 11.3%. Cash flow before M\u0026A was SEK 5.9 billion, driven by earnings and reduced net operating assets. So let’s move to the segments. In Networks, sales decreased by 8% year-on-year to SEK 32.9 billion with a negative currency impact of SEK 5.2 billion. Organic sales increased by 7%. Organic revenues grew in 3 of our 4 market areas. 2 strategic markets, India and Japan grew strongly. North America declined, impacted by customer spend reallocation in Q1 this year following recent market consolidation. Customer investments were also elevated last year due to tariff uncertainty impacting the comparison. Networks’ adjusted gross margin decreased slightly to 50.4%, mainly reflecting actions to enhance resilience in the supply chain. Adjusted EBITA was SEK 6.4 billion, impacted by a negative currency impact of SEK 2 billion and benefiting from lower operating expenses, which were also supported by continued efficiency improvements. Adjusted EBITA margin was 13.3%. Looking at the right-hand graph, the rolling 4 quarter gross margin stabilized around 50% and adjusted EBITA margin at around 20%. Moving to the segment Cloud Software and Services. Sales here decreased 9% to SEK 11.8 billion, inclu"},{"id":"5647709914745852260","title":"Fifth Third Bancorp (NASDAQ:FITB) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/fifth-third-bancorp-nasdaqfitb-q1-2026-earnings-call-transcript-1740857/","site":"insidermonkey.com","time":1776513722000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Fifth Third Bancorp (NASDAQ:FITB) Q1 2026 Earnings Call Transcript April 17, 2026 Fifth Third Bancorp beats earnings expectations. Reported EPS is $0.15, expectations were $-0.10346. Operator: Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2026 Fifth […] Fifth Third Bancorp (NASDAQ:FITB) Q1 2026 Earnings Call Transcript April 17, 2026 Fifth Third Bancorp beats earnings expectations. Reported EPS is $0.15, expectations were $-0.10346. Operator: Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2026 Fifth Third Bancorp Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to [ Matt Curoe ], Director of Investor Relations. Please go ahead. Matt Curoe: Good morning, everyone. Welcome to Fifth Third’s First Quarter 2026 Earnings Call. This morning, our Chairman, CEO and President, Tim Spence; and CFO, Bryan Preston will provide an overview of our first quarter results and outlook. Please review the cautionary statements in our materials, which can be found in our earnings release and presentation. These materials contain information regarding the use of non-GAAP measures and reconciliations to the GAAP results as well as forward-looking statements about Fifth Third’s performance. These statements speak only as of April 17, 2026, and Fifth Third undertakes no obligation to update them. Following prepared remarks by Tim and Bryan, we will open up the call for questions. With that, let me turn it over to Tim. Timothy Spence: Good morning, everyone, and thanks for joining us today. At Fifth Third, we believe great bank distinguish themselves based on how they perform in uncertain environments, not in benign ones. We prioritize stability, profitability and growth in that order. We deliver them by finding ways to get 1% better every day while investing meaningfully in the future. Today, we reported earnings per share of $0.15 or $0.83 excluding certain items outlined on Page 2 of the release. Results reflect the February 1 closing of the Chimeric acquisition. Revenue was $2.9 billion, up 33% year-over-year and adjusted net income was $734 million, up 38%. Credit performance was in line with expectations with net charge-offs at 37 basis points. Both NPAs and criticized assets improved modestly. In the quarter, we closed the largest M\u0026A transaction in Fifth Third’s history. We delivered an adjusted return on assets of 1.12% and an adjusted return on tangible common equity of 13.7%. Our tangible common equity ratio rose to 7.3% and tangible book value per share increased 1%. We are the only bank among our peers who have reported to date to increase both of these key metrics during the quarter. Fifth Third’s legacy strategies are continuing to produce broad-based growth while we execute the [ Comerica ] integration on plan and on schedule. In commercial, legacy Fifth Third C\u0026I loan balances grew 6% year-over-year. Production remained healthy with the strongest activity in manufacturing and construction supported by reshoring and infrastructure investments. [indiscernible] acquisition more than doubled, led by our Southeast markets, and 35% of new clients were fee led with no extension of credit. Importantly, our commercial loan growth continues to come from relationship-based lending and knock from nonrelationship sources. In commercial payments, Newline continue to scale with revenue up 30% and deposits up $2.7 billion year-over-year. During the quarter, [indiscernible] launched a new payment product built on Newline, joining other marquee clients like Stripe and Circle and we advanced preparations for the second quarter launch of the new Direct Express platform. In Consumer, the legacy Fifth Third franchise delivered 3% household growth and 4% DDA balance growth. Southeast households grew 8%, led by Georgia and the Carolinas, and we opened 10 additional branches in the region during the quarter. Consumer and small business loans grew 7%, led by auto, home equity and our Provide fintech platform. Now turning to Comerica. Thanks to timely regulatory approvals, we closed earlier and originally expected on February 1 and have continued to make progress at an accelerated pace. Our top priority is our people, and we’re working hard to become 1 team. Since Legal Day 1, leaders have been on the ground in Comerica’s major markets nearly every week, and we visited every branch in the Comerica network. We’ve also hosted product showcases to highlight the breadth of our combined capabilities. Organizational design and leadership decisions are complete, and I’m very excited about caliber of our combined team. On technology, we remain on track to convert all systems over Labor Day weekend with our first full [indiscernible] conversion later this month. As a result, we remain confident that we will deliver $360 million of net cost savings this year and reached an $850 million annual run rate by the fourth quarter. We’re also already building a strong pipeline of revenue synergies. In commercial, we’re seeing early wins by bringing capital markets, payments and specialty lending to existing relationships. In the first 60 days, our capital markets team completed fuels and metals commodity hedges and executed an accelerated share repurchase for Comerica clients. We also booked our first Comerica to Fifth Third loan win in asset-based lending while Fifth Third referrals helped to build the largest ever pipeline in Comerica’s National Dealer Services business. Commercial Payments has presented our managed services solutions to over 100 Comerica clients with 65 of them interested in moving forward. In Consumer, we launched our first Comerica branded deposit campaign in Texas in February. Response rates and average opening balances were broadly consistent with the results that we generate in our legacy Fifth Third markets, and nearly half of new savings customers also opened to checking account. We’ve hired more than half of the mortgage loan officers and auto dealer representatives that we plan to add this year in Comerica’s footprint and pipelines in each of those businesses [indiscernible] build. We’ll open our first Fifth Third branded branches in Dallas and Fresno this month, and we now have letters of intent in place or in progress for 81 of our targeted 150 de novo branches in Texas. As I wrote in our annual letter to shareholders, the global economy is a complex adaptive system and such systems react to change in unexpected ways. We’re closely evaluating the direct impact of the [indiscernible] on the energy and other commodities as well as the implications for prices, interest rates and customer activity. In an environment where we may not see the macro tailwinds that many expected at the start of the year, the Comerica merger expands Fifth Third’s organic opportunity set, and we do not need a perfect backdrop to deliver on our commitments. Before I turn it over to Bryan, I want to take a moment to say thank you to our colleagues. Earlier this month, we surpassed $300 million in total assets for the first time an important milestone that reflects the work we do together to serve customers, support communities and show up for one another. I know many of you are putting an extra effort to support the integration, whether it adds helping customers, learning new products, meeting new teammates or navigating change. Your commitment to getting 1% better every day and your dedication to our clients and to each other is what gives me confidence in what we’re building and the opportunities ahead. With that, Bryan will provide more detail on the quarter and the outlook. Bryan Preston: Thanks, Tim, and good morning. Our first quarter results reflect the strength of what we have built and the discipline with which we are executing. Results exceeded our March expectations, driven by stronger NII, disciplined expense management and integration execution on plan. Adjusted ROA was 1.12% and adjusted ROTCE excluding AOCI was 13.7%. The Comerica acquisition closed without tangible book value dilution and and TBV per share grew 1% sequentially and 15% year-over-year. The earnings power of the combined company is intact, and the integration is on track. Given the magnitude of the acquisition, standard year-over-year and sequential comparisons obscure more than they revealed this quarter. What matters is how we exit, a larger, more granular loan portfolio, a lower cost deposit base and larger diversified fee income businesses. Each of those is a deliberate outcome and each positions us to generate stronger and more durable returns as the integration delivers. Now diving further into the income statement, starting with NII and the balance sheet. Net interest income was $1.94 billion for the quarter, above our March expectations. Net interest margin expanded 17 basis points to 330 basis points, driven by the impacts of the Chimeric acquisition. That includes 7 basis points from securities portfolio marks and repositioning basis points from cash flow hedge termination and 2 basis points from purchase accounting accretion on the loan portfolio. A full quarter of these impacts will benefit NIM by a few additional basis points in the second quarter. End-of-period loans were $178 billion, up 2% sequentially from pro forma combined year-end balances. Average total loans were $158 billion, reflecting the February 1 close. The growth was broad-based, strong middle market production, a rebound in line utilization and continued momentum in home equity, auto and our Provide fintech platform. In commercial, line utilization ended the quarter at 40.7%, up approximately 120 basis points from the pro forma combined year-end level and notably held steady t"},{"id":"3294842751551692374","title":"Truist Financial Corporation (NYSE:TFC) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/truist-financial-corporation-nysetfc-q1-2026-earnings-call-transcript-1740856/","site":"insidermonkey.com","time":1776513719000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Truist Financial Corporation (NYSE:TFC) Q1 2026 Earnings Call Transcript April 17, 2026 Truist Financial Corporation beats earnings expectations. Reported EPS is $1.09, expectations were $0.997. Operator: Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation’s First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this event is being recorded. It is […] Truist Financial Corporation (NYSE:TFC) Q1 2026 Earnings Call Transcript April 17, 2026 Truist Financial Corporation beats earnings expectations. Reported EPS is $1.09, expectations were $0.997. Operator: Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation’s First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Brad Milsaps. Bradley Milsaps: Thank you, Betsy, and good morning, everyone. Welcome to Truist’s First Quarter 2026 Earnings Call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; and our Chief Risk Officer, Brad Bender, as well as other members of Truist’s senior management team. During this morning’s call, they will discuss Truist’s first quarter 2026 results, share their perspectives on current business conditions and provide an updated outlook for 2026. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slides 2 and 3 of the presentation regarding these statements and measures as well as the appendix for appropriate reconciliations to GAAP. With that, I will turn it over to Bill. William Rogers: Thanks, Brad, and good morning, everyone, and thanks for joining our call today. Before we discuss our first quarter 2026 results, let’s begin, as we always do, with purpose on Slide 4. At Truist, our purpose is to inspire and build better lives and communities. And one way we bring that to life is through the work we do every day for our clients. One example of this is our project finance business, which is a client-focused platform that provides financial advice and capital to help develop essential infrastructure that drives long-term economic growth, job creation and stronger and better communities throughout our footprint in the United States. Our relationships with these clients have led to broad-based franchise engagement, which includes deposits, payments and lead roles and capital market transactions. From a financial perspective, there are aspects of this business that generate returns somewhat differently than our other businesses. A meaningful portion of this benefit is realized through reductions to our tax provision rather than reported revenue. Mike is going to walk you through the impact of that later in the call, but this dynamic contributed to our lower tax provision in the first quarter and is a factor in our expected lower tax rate for 2026 compared to 2025. This, though, is a great example of how serving our clients and communities is true to our purpose and also drives strong financial outcomes for our shareholders. Now turning to our results on Slide 5. Before I get into the details of our first quarter, I want to spend a moment on the quality of what we’re delivering across the company and how we’re executing against our strategic priorities. What I’m most excited about this quarter is the underlying momentum we’re seeing. New client pipelines are growing. Activity levels remain healthy, and we’re continuing to add talent and execute in the areas that matter most to our strategy of driving improvement in our profitability. During the quarter, we once again added new clients, deepened existing relationships and grew profitably in the business and products where we’ve chosen to focus with loan growth coming from priority segments, fee growth driven by core client activity and stronger referrals and connectivity across the company. I can clearly say that we’re focused, we’re aligned, and we’re executing well, which is evident in our first quarter results. As you can see on Slide 5, we delivered net income available to common shareholders of $1.4 billion or $1.09 per diluted share for the first quarter, which represents a 25% increase over the first quarter of last year earnings of $0.87 a share. Our performance was driven by continued execution against strategic priorities, including growth in both consumer and wholesale loans, along with strong noninterest income growth led by investment banking and wealth management businesses. Together, those factors along with our expense and credit discipline contributed to 250 basis points of year-over-year positive operating leverage in the quarter. As a result of this execution in managing our capital through share repurchases, return on tangible common equity improved by 150 basis points to 13.8% compared to the first quarter of 2025, representing meaningful progress towards our full year 2027 ROTCE target of 15%. While we remain firmly on track to achieve this target, as I’ve said before, it’s not a ceiling for our company. The progress we’re seeing today across our company gives us confidence in our ability to drive profitability higher over time. With continued execution against our strategic priorities, continued capital return and the benefit of expected changes to the capital framework, we’re establishing a long-term ROTCE target of 16% to 18%. Before I hand the call over to Mike to discuss quarterly results, I want to spend some time discussing the positive momentum we’re seeing within our business segments and with our digital strategy on Slides 6 and 7. First, let me start with Consumer and Small Business Banking. CSBB delivered another solid quarter that was consistent with our expectations and strategy to drive profitability improvement across the enterprise. Average consumer and small business deposits and loans were up 1% and 4%, respectively, versus the first quarter of last year of 2025. Average loans declined modestly for the fourth quarter which is consistent with normal seasonality and our goal of emphasizing growth in categories offering the most attractive risk-adjusted returns. As you can see on the slide, Premier Banking was again a source of strength with both deposit and lending production up significantly, driven by deeper client engagement, adviser productivity and continued momentum in financial planning activity. Digital continues to be a key growth engine for CSBB. Digital share of new-to-bank clients increased to 45% with Gen Z and millennials representing more than half of the growth. Active digital users grew year-over-year and digital transaction volumes remained strong, reflecting sustained client engagement with our platforms. Building on that digital progress, we’re increasingly focused on how AI can further enhance productivity, decision-making and client engagement across the company. We see AI as a real operating lever, one that improves the client experience while also creating productivity and operating leverage across our businesses, without compromising control, safety and reliability. Our focus is on using AI to strengthen relationships, giving clients faster, more personalized service and enabling our teammates to spend more time advising and problem solving not navigating processes. We’re already deploying AI across Consumer and Small Business Banking and practical client-facing ways. Truist Insights delivers personalized financial guidance at scale. Truist Assist handles most routine service requests digitally and around the clock, improving consistency in reducing call volumes. AI-enabled call summarization is live for care center agents, lowering after-call work and enhancing insight capture. Overall, our disciplined focus on capital allocation, pricing, productivity and digital execution is translating into strong underlying performance and positions consumer and small business banking well as we progress through the year. Now turning to Wholesale on Page Slide 7. In Wholesale, we delivered a strong start to 2026 with continued momentum across loans, deposits and fees, while maintaining a disciplined focus on relationship returns and capital efficiency. Average wholesale loans and deposits increased 9% and 2%, respectively, versus the first quarter of 2025, reflecting diversified growth across our industry banking, middle market, and CRE teams as we continue to prioritize high-quality relationship-driven loan growth. Middle market deposits, in particular, an area where we’ve invested heavily grew 11% year-over-year, driven by 7% growth in our legacy markets and 30% growth in expansion markets such as Texas, Ohio and Pennsylvania. Wholesale fee performance was also stand out this quarter with strong results in Wealth Management and Investment Banking and Trading. Investment Banking and Trading delivered its highest quarterly revenue since 2021, driven by strength across a broad set of product areas. Importantly, we’re also seeing even stronger connectivity among our commercial, corporate and investment banking platforms. This is driving higher quality fee growth with an increase in the number of lead roles and meaningful contributions from existing commercial and wealth clients. We’re also leveraging AI across Wholesale to enhance productivity underwriting and client engagement using predictive analytics to improve adviser effectiveness, accelerate underwriting speed and precision, and scale lead generation and conversion among payments and wealth. These capabilities are helping us serve clients more efficiently while improving returns and speed to market. Overall, we see clear evidence that our strategy is working. We are"},{"id":"5857607180405809758","title":"Ally Financial Inc. (NYSE:ALLY) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/ally-financial-inc-nyseally-q1-2026-earnings-call-transcript-1740855/","site":"insidermonkey.com","time":1776513716000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Ally Financial Inc. (NYSE:ALLY) Q1 2026 Earnings Call Transcript April 17, 2026 Ally Financial Inc. beats earnings expectations. Reported EPS is $1.11, expectations were $0.93. Operator: Good day, and thank you for standing by. Welcome to the First Quarter 2026 Ally Financial Inc. Earnings Conference Call. At this time, all participants are in a listen-only […] Ally Financial Inc. (NYSE:ALLY) Q1 2026 Earnings Call Transcript April 17, 2026 Ally Financial Inc. beats earnings expectations. Reported EPS is $1.11, expectations were $0.93. Operator: Good day, and thank you for standing by. Welcome to the First Quarter 2026 Ally Financial Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Be advised that today’s conference is being recorded. I would now like to hand the conference over to Sean Leary, Chief Financial Planning and Investor Relations Officer. Please go ahead. Sean Leary: Thank you, Liz. Good morning, and welcome to Ally Financial Inc.’s First Quarter 2026 Earnings Call. This morning, our CEO, Michael Rhodes, and our CFO, Russ Hutchinson, will review Ally Financial Inc.’s results before taking questions. The presentation we will reference can be found on the Investor Relations section of our website, ally.com. Forward-looking statements and risk factor language governing today’s call are on Page two. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on Page three. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for U.S. GAAP measures. Definitions and reconciliations can be found in the appendix. And with that, I will turn the call over to Michael. Michael Rhodes: Thank you, Sean, and good morning, everyone. I appreciate you joining us today for our first quarter earnings call. In the last update, I noted my optimism for the path ahead. One quarter into 2026, our results confirm we are on the right path and support my confidence in our outlook, even as the macro environment remains dynamic. That confidence is grounded in the position of strength we carried into the year, driven by the actions to focus our business, streamline our operations, and increase our capital levels. The Focus Forward strategy we rolled out last year is simple and powerful. “Focus” means we are doubling down on the businesses and segments where we have clear competitive advantages. These are areas where we have long-standing relationships, differentiated capabilities, relevant scale, and a right to win. “Forward” reflects our ambition to create something extraordinary and sustainable from a position of strength. Together, these principles have allowed us to streamline and sharpen our focus, building a business that is increasingly impactful and enduring. The results since our refresh last year provide unmistakable evidence it is working. Record application flow has enabled strong origination volume with accretive risk-adjusted returns. Record written premium volume shows we continue to leverage our insurance offering to deepen dealer relationships and help them win across their entire ecosystem. We delivered strong growth across the corporate finance portfolio while delivering an ROE of over 25% and maintaining an unwavering focus on credit risk. And we reinforced our position as the nation’s leading all-digital direct bank; we continue to grow customers and increase engagement, providing stable, cost-efficient funding. The progress is real; we remain committed to delivering even more. With that, let me cover some of the highlights from our first quarter. Adjusted EPS of $1.11 was up 90% year over year. Core ROTCE of 11.1% was up 440 basis points versus 2025, reflecting the structurally high returns we are capable of generating. Margin of 3.52% was impacted by the lease headwinds we discussed last quarter, but we remain confident in our ability to deliver a sustainable upper-3% margin, the final lever of our mid-teens thesis. Adjusted net revenue of $2.2 billion was up 6% year over year and 12% when adjusting for the sale of credit card. Finally, CET1 of 10.1% was up roughly 60 basis points year over year. We are encouraged by the thoughtful Basel III proposal released a few weeks ago and the clarity it provides. We appreciate the agencies’ efforts to modernize the capital rules and achieve a more streamlined framework that better aligns capital requirements with the risks inherent in our business. Specific to Ally Financial Inc., I view the proposal as being constructive and supporting our existing capital allocation priorities. We remain confident in our ability to identify accretive opportunities for organic growth in our business, build CET1, and return capital to shareholders. The strategy is amplified by our brand and our culture. Our brand is an asset, one known for authenticity and impact. Earlier this week, we announced that we met our 50/50 media pledge to spend equally in men’s and women’s sports. That is a year ahead of schedule and clear proof of the impact we can make. Women’s sports have been experiencing remarkable growth in recent years, and we are incredibly proud to partner with and support those shaping the evolution. The business outcomes of these investments have been encouraging, with our brand health at an all-time high and customer retention continuing to lead the industry. Our culture is based on an unwavering commitment to “Do It Right” and establishes an ethos for everything we do. In the first quarter, we were honored to be named to Fortune’s 100 Best Companies to Work For—the highest ranking we have received, and the fourth consecutive year being recognized. Additionally, Newsweek included Ally Financial Inc. on their list of the Most Trusted Companies. These recognitions reflect the kind of culture and customer centricity our team builds every day. What mattered even more was hearing directly from our teammates. Over 90% said that Ally Financial Inc. is a great place to work and saw meaningful gains in trust in leadership and confidence in where we are headed. That tells me our strategy is resonating. We are aligned, focused, and executing in a way that employees can resonate with. That alignment is energizing. The momentum is real, and I am excited for what lies ahead. With that, let us turn to Page five and discuss the core franchises. Operational momentum within each of our core franchises remains strong, builds on the progress we delivered in 2025, and positions us for further improvement in financial performance. Our dealer-centric, through-the-cycle approach remains a key differentiator, driving results across Dealer Financial Services and reinforcing the strength of our relationships. 4.4 million applications reflect another record quarter. The scale and breadth of our product offerings and mutually beneficial dealer relationships remain key strategic advantages that drive strong application flow and enable us to be selective in what we originate. The strength at the top of the funnel translates into solid origination performance, with consumer originations of $11.5 billion, up 13% year over year despite a decline in industry light vehicle sales and healthy competition. Importantly, with a focus on risk-adjusted returns, we are mindful of the economic environment and maintain a dynamic approach to underwriting. The benefit of the strong application flow extends beyond originations, as we saw record volume and revenue from our pass-through programs this quarter. Insurance is a critical lever, contributing to the success of our dealer partners and our ability to win. That strength is translating to results, with written premium of $389 million marking a first-quarter record for Ally Financial Inc. Growth continues to be fueled by leveraging synergies with the auto finance team as we highlight our all-in value proposition to support dealers across all aspects of their business. In Corporate Finance, we delivered a 26% ROE while growing the portfolio to $13.7 billion, up roughly 6% quarter over quarter. While we continue to see accretive growth opportunities, credit remains central to how we operate. As we have cited previously, we serve as the lead agent for virtually all transactions, giving us the ability to own the diligence process and underwrite and structure transactions appropriately. Turning to Ally Bank, our customer-first approach sets us apart; we continue to benefit from the shift to digital channels. We ended the quarter with $146 billion in retail deposit balances, reinforcing our position as the largest all-digital direct bank in the U.S. Our focus remains on providing best-in-class products and services to drive customer growth and retention. We saw an improvement in customer acquisition in the first quarter, and over the past year we delivered 6% customer growth. We see meaningful opportunity to continue deepening relationships across 3.5 million customers as we look to provide value extending beyond rate paid. The strength and stability of the portfolio remains critical to our success. Retail deposits continue to represent nearly 90% of total funding and 92% are FDIC insured. The franchise provides a stable, low-cost funding source and enables our business to focus on prudent growth. Let me finish where I opened up, and that is with optimism. Our path ahead is clear and compelling. Our core franchises are delivering, and returns are moving higher. I am encouraged by the progress and momentum, and while mindful of the dynamic operating environment, I am optimistic for what remains ahead. And with that, I will turn it over to Russ to walk through the financials in more detail. Thank you. Russ Hutchinson: I will begin by walking through"},{"id":"-8071413043889869042","title":"Badger Meter, Inc. (NYSE:BMI) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/badger-meter-inc-nysebmi-q1-2026-earnings-call-transcript-1740854/","site":"insidermonkey.com","time":1776513713000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Badger Meter, Inc. (NYSE:BMI) Q1 2026 Earnings Call Transcript April 17, 2026 Badger Meter, Inc. misses on earnings expectations. Reported EPS is $0.93 EPS, expectations were $1.2. Operator: Ladies and gentlemen, welcome to the Q1 2026 Badger Meter, Inc. Earnings Conference Call. After today’s prepared remarks, we will host a question-and-answer session. If you would […] Badger Meter, Inc. (NYSE:BMI) Q1 2026 Earnings Call Transcript April 17, 2026 Badger Meter, Inc. misses on earnings expectations. Reported EPS is $0.93 EPS, expectations were $1.2. Operator: Ladies and gentlemen, welcome to the Q1 2026 Badger Meter, Inc. Earnings Conference Call. After today’s prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. As a reminder, today’s conference is being recorded. It is now my pleasure to turn the conference over to Barbara Noverini of Investor Relations. Please go ahead, Ms. Noverini. Barbara Noverini: Thank you, operator, and thank you for joining the Badger Meter, Inc. First Quarter 2026 Earnings Conference Call. I am here today with Kenneth Bockhorst, our chairman, president, and chief executive officer; Robert Wrocklage, our executive vice president of North America municipal utility; and Daniel Weltzien, our chief financial officer. This morning, we made the earnings release, acquisition announcement, and related slide presentation available on our website at investors.badgermeter.com. As a reminder, any forward-looking statements made on this call are subject to various risks and uncertainties, most important of which are outlined in our news release and SEC filings. On today’s call, we may refer to certain non-GAAP financial metrics. Our earnings presentation provides a reconciliation between the most directly comparable GAAP measure and any non-GAAP financial measures discussed. With that, I will turn the call over to Kenneth. Kenneth Bockhorst: Thanks, Barbara, and good morning. Before getting into the specifics of the quarter, I would like to start by setting the stage for a more detailed discussion on our Q1 results and how we are thinking about our metering business more broadly. We operate in a market supported by strong long-term macro drivers, recurring replacement cycles, and increasing adoption of advanced technologies ranging from our ultrasonic meters to industry-leading cellular AMI, beyond-the-meter solutions, and recurring software and analytics. These durable factors, combined with solid execution, have driven consistent value creation over time. At the same time, it has always been true that our business can be uneven quarter to quarter and year to year. Over the 2023 to 2025 time period, robust revenue growth driven by multiyear cellular AMI share gains and overlapping project activity reduced the visibility of this inherent unevenness. In mid-2025, we began to signal that the revenue contribution from certain historical AMI projects would decline as deployments concluded ahead of awarded but not yet started AMI projects. As a result of this project pacing and backlog normalization dynamic, we previously communicated that our 2026 revenues would be weighted toward the back half of the year. On page three of our earnings slide deck, you can see the impact from project pacing in our first quarter 2026 revenue. In addition, short-cycle order rates, for which visibility is always more limited, were weaker than we anticipated, resulting in approximately $15 million to $20 million of lower revenue versus our internal expectations. As a result of those combined headwinds, first quarter sales were down 9% year over year to $202 million. While our expectations for a solid second half have not changed, the softer start to the year prompts us to anticipate full-year 2026 organic revenue to be on balance with 2025. Normally, I would turn the call over to Daniel at this point to walk through the financial results in detail. However, in light of the below-expectation sales results, I am going to turn it over to Robert to walk through greater detail on this multilayered customer dynamic. In short, Robert will explain our view that this first quarter outcome is timing-related and does not reflect a structural change in either market demand, our broader competitive position, or the long-term market drivers of our business. Robert will walk through a subset of anonymized details related to several awarded but not yet started AMI projects that are expected to begin deployment in 2026. This is not the level of project detail we would normally provide each quarter, but these awarded projects, along with others in the funnel, help to inform our outlook for the rest of 2026 and support our expected momentum into 2027. With that, I will turn it over to Robert. Robert Wrocklage: Thanks, and good morning, everyone. Please turn to slide four. To put the first quarter results into context, it is helpful to briefly revisit the 2023 to 2025 time period. During this multiyear time frame, we consistently described backlog as elevated in 2023 and 2024, with normalization progressing through 2025. That backdrop supported strong but moderating revenue growth. As shown on the slide, four sizable AMI projects that began deployment in 2023 were meaningful contributors during the same time period, collectively representing nearly 800 thousand connections. These were not the only AMI projects ongoing or completed during this multiyear time frame; rather, this selected cohort of projects represents the most significant project revenue contributors for illustrative purposes. Two of these projects, JEA and OUC, were supply-only projects, with our involvement limited to the shipment of our meters, endpoints, and recurring BEACON SaaS revenue rather than full deployment execution. PCU and Galveston were turnkey projects for which the scope of work included Badger Meter, Inc. products and SaaS, plus installation labor and ancillary equipment such as meter boxes and lids. As previously noted, both project size and scope matter. Turnkey projects generate significantly greater revenue than equivalently sized supply-only projects. That relationship is illustrated in the stacked bar chart and is one of several drivers of revenue unevenness. These projects ramped in 2023 off a prior year consolidated revenue base of $566 million. They peaked in 2024 and declined through 2025 as the projects approached completion. Over the same period, our generalized order backlog moved from elevated to more normalized levels. Together, the size and scope of projects combined with backlog normalization supported strong results over this three-year period while muting the impact of underlying short-cycle order variability, which was always present, just not visible in our results against this positive backdrop. Within these four AMI projects, you can see the revenue contribution is uneven, with meaningful variability quarter to quarter based upon project and customer specifics that are not related to underlying demand, competitive dynamics, or long-term market drivers. We entered 2026 with these projects largely completed and a normalized backlog. Against this 2026 backdrop, short-cycle order rates, where we have the least amount of visibility, were weaker than expected and thus the below-expectation revenue outcome. Now to the facts that have and will continue to inform our forward revenue outlook. Slide five highlights our forward look at awarded AMI projects that are expected to begin deployment in 2026. Importantly, this is not a top-projects list but rather a snapshot that illustrates several important characteristics of our business, competitive positioning, and technology leadership. Many of these awards have been known to us for some time—in some cases, years—with typical lags between initial award indication and deployment driven by a number of factors. These timing differences are common in our industry and contribute to revenue unevenness, and they also represent just one layer of the multistage opportunity funnel that informs our view of future growth. This list also reflects a wide range of funding sources including capital budgets, rate cases, grants, WIFIA loans, and other financing, underscoring broad funding availability and sources. Also illustrated here is additional information on competitive conversions, diverse deployment types, and technology adoption across both municipal and investor-owned utilities. Most importantly, this project set represents between 2.6 million and 3.6 million connections over multiple years, meaningfully larger than the prior project cohort of 800 thousand connections that supported growth from 2023 to 2025. Turning to the PRASA project, we received the first significant purchase order for the project in the first quarter, and we expect the utility’s installation partners to begin deployment activity around midyear. PRASA, together with the successful completion of the projects previously discussed on the call and others not announced, underscores our continued AMI success with customers of any size and complexity. In summary, while the first quarter results stand out relative to recent history, we view 2026 as a short pause, not a break in our trajectory. As we move into the next phase of growth, we expect continued expansion of our AMI installed base, and this in turn will emphasize ORION cellular AMI as the market standard for AMI, which creates opportunities for further meter share gain, recurring software revenue, and broader adoption of our beyond-the-meter solutions. With that, I will turn the call back over to Kenneth. Kenneth Bockhorst: Thanks, Robert. In addition to the project awards described by Robert, we continue to see constructive market and customer activity across our extended opportunity funnel, including pending RFPs and early utility enga"},{"id":"-5215573420423828308","title":"State Street Corporation (NYSE:STT) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/state-street-corporation-nysestt-q1-2026-earnings-call-transcript-1740852/","site":"insidermonkey.com","time":1776513707000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"State Street Corporation (NYSE:STT) Q1 2026 Earnings Call Transcript April 17, 2026 State Street Corporation beats earnings expectations. Reported EPS is $2.84, expectations were $2.64. Operator: Good morning, and welcome to State Street Corporation’s First Quarter 2026 Earnings Conference Call and Webcast. Today’s call will be hosted by Elizabeth Lynn, Head of Investor Relations at […] State Street Corporation (NYSE:STT) Q1 2026 Earnings Call Transcript April 17, 2026 State Street Corporation beats earnings expectations. Reported EPS is $2.84, expectations were $2.64. Operator: Good morning, and welcome to State Street Corporation’s First Quarter 2026 Earnings Conference Call and Webcast. Today’s call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street Corporation. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Today’s discussion is being broadcast live on State Street’s website at investors.statestreet.com. This conference call is also being recorded for replay. State Street Corporation’s conference call is copyrighted, and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street Corporation website. Now I would like to hand the call over to Elizabeth Lynn. Elizabeth Lynn: Good morning, and thank you all for joining us. On our call today are CEO, Ron O’Hanley, who will speak first, and then John Woods, our CFO, will take you through our first quarter 2026 earnings presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterward, we will be happy to take questions. Before we get started, I would like to remind you that today’s presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the earnings release addendum. In addition, today’s call will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors, such as those referenced in our discussion today and in our SEC filings, including the risk factor section in our Form 10-Ks. Our forward-looking statements speak only as of today; we disclaim any obligation to update them even if our views change. With that, let me turn it over to Ron. Ron O’Hanley: Thank you, Elizabeth. Good morning, everyone, and thank you for joining us. I will begin with a few broader observations before John walks you through our financial results in more detail. Reflecting on the first-quarter operating environment for a moment, several factors shaped investor sentiment in Q1, including the Iran war, divided views on the long-term impacts of artificial intelligence, and rising concerns on credit quality in certain parts of the financial system. Against this geopolitical and macroeconomic backdrop, we remain firmly focused on serving as an essential long-term partner to our clients and helping to deliver better outcomes for the world’s investors and the people they serve. We continue to execute effectively on our strategy, supported by our distinctive capabilities, deep operational strengths, and a conservatively positioned balance sheet. That strategic positioning allowed us to deliver strong growth, underpinned by continued financial and strategic progress during the first quarter. Our results in the first quarter also underscore the inherent strength and diversification of our business model, which allows us to successfully navigate times of uncertainty and heightened market volatility, as we saw in Q1, with both FX trading and NII contributing meaningfully to our year-over-year financial performance. The scale, capabilities, and leading market positions of our core businesses, working together as one State Street Corporation, provide balance across varying market environments, reinforce the value of our platform for clients, and accrete value for our shareholders. Slide two of our investor presentation outlines our first-quarter highlights excluding notable items, which John will address shortly. We had a strong start to 2026, with broad-based positive year-over-year revenue performance across the franchise. Reported earnings per share increased 22%, while excluding notable items, EPS grew a very strong 39% year-over-year, supported by record quarterly fee revenue, NII, and total revenue. Importantly, substantial positive operating leverage in the first quarter drove another quarter of year-over-year pretax margin expansion. Quarter after quarter, the proof points continue to demonstrate that our strategy is delivering consistent, durable improvements in financial performance, with Q1 marking our ninth consecutive quarter of year-over-year positive operating leverage, excluding notable items. Stepping back from the quarter for a moment, I want to highlight some of the many growth opportunities we are realizing and see ahead at State Street Corporation. Through disciplined business investments and focused execution against a clear set of strategic priorities, we believe we are well positioned to continue to accelerate growth and deliver substantial and sustainable returns for our shareholders. We are drawing on deep, broad-based, technology-driven innovation and delivering digital platforms, compelling AI tools in AgenTx, and client solutions. Together, these capabilities help our clients succeed in a constantly evolving market while strategically pivoting State Street Corporation to faster-growing segments of the industry. In digital, we are focused on building the market infrastructure clients need to bridge seamlessly between traditional and digital finance. Following the recent launch of our digital asset platform, we are executing against a clear and comprehensive product roadmap that includes tokenization of assets, funds, and cash for institutional investors. These capabilities are designed to drive greater efficiency, enhance liquidity, and support new avenues of growth for markets, our clients, and for State Street Corporation. We are well advanced with clients to support their launch of tokenized fund strategies this year. Furthermore, State Street Corporation is deeply engaged in a number of digital asset-related industry initiatives, including DTCC’s tokenization efforts, as well as Fnality’s work to create an ecosystem of central-bank-connected, blockchain-based payment systems. These initiatives are key to the development of digital markets and consistent with our track record as a critical infrastructure provider and standard setter. Across alternatives, including private markets and hedge funds, we continue to see compelling long-term growth potential as the segment matures, with clients leveraging State Street Corporation to bring innovative solutions to markets. Our leadership positions across both investment servicing and investment management position us well to capture opportunities as we broaden access and simplify operations for clients, and our clients’ clients. In wealth services, we are investing in leveraging Charles River’s capabilities alongside our strategic partnership with Apex Financial Solutions to build a differentiated, fully digital, and globally scalable wealth custody and clearing solution. This positions us to serve wealth advisers and self-directed wealth platforms and unlock a new avenue for growth that leverages our strength across investment servicing and investment management. And finally, in State Street Investment Management, our strong track record of innovation, differentiated solutions, and scaled franchises in areas such as ETFs, cash, and retirement, to name just a few, create multiple avenues for growth. An illustration of our progress is the way we provide barbelled investment exposure at scale to serve distinct client needs. At one end, SPYM, our low-cost S\u0026P 500 ETF, is gaining strong traction in retail and wealth channels. It ranked as the number one asset-gathering ETF globally in the first quarter, with $27 billion of inflows in that fund alone. At the other end, SPY continues to anchor institutional usage as the market’s liquidity benchmark, with nearly $4 trillion of notional value traded in the quarter, representing roughly 17% of total U.S.-listed ETF volume. Together, this underscores the strength, breadth, and flexibility of our platform across client segments, and our abilities to successfully extend from our leading position in SPY to other high-growth ETF segments. Our scaled franchises within management also create a competitive advantage and will enable us to capitalize on several important global trends, including the shift from savings to investment, the move globally towards funded retirement systems, the expansion of digital assets, and the continued democratization of investing. For example, in digital, we are preparing to launch the State Street Galaxy Onchain Liquidity Sweep Fund, a tokenized private liquidity fund designed to support 24/7 on-chain liquidity for institutional investors. Together, these strategic initiatives underscore the broad range of opportunities ahead as we focus on driving near- and long-term growth, enhancing client capabilities, and strengthening our platform. At the same time, the next phase of our operating model transformation will strengthen our ability to deliver sustainable growth and long-term shareholder value. We are scaling AI-enabled capabilities, embedding more agile ways of working across the organization, and continuing to modernize our technology. With a continued emphasis on operatio"},{"id":"2119290805027113248","title":"Simmons First National Corporation (NASDAQ:SFNC) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/simmons-first-national-corporation-nasdaqsfnc-q1-2026-earnings-call-transcript-1740851/","site":"insidermonkey.com","time":1776513705000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Simmons First National Corporation (NASDAQ:SFNC) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Good morning, and welcome to the Simmons First National Corporation First Quarter 2026 Earnings Conference Call and webcast. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ed Bilek, Director of […] Simmons First National Corporation (NASDAQ:SFNC) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Good morning, and welcome to the Simmons First National Corporation First Quarter 2026 Earnings Conference Call and webcast. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ed Bilek, Director of Investor Relations. Please go ahead. Edward Bilek: Good morning, and welcome to Simmons First National Corporation’s First Quarter 2026 Earnings Call. Joining me today are several members of our executive management team, including President and CEO, Jay Brogdon; and CFO, Daniel Hobbs. Today’s call will be in a Q\u0026A format. Before we begin, I would like to remind you that our first quarter earnings materials including the earnings release and presentation deck are available on our website at simmonsbank.com under the Investor Relations tab. During today’s call, we will make forward-looking statements about our future plans, goals, expectations, estimates, projections and outlook including, among others, our outlook regarding future economic conditions, interest rates, lending and deposit activity, credit quality, liquidity and net interest margin. These statements involve risks and uncertainties, and you should therefore not place undue reliance on any forward-looking statements as actual results could differ materially from those expressed in or implied by the forward-looking statements due to a variety of factors. Additional information concerning some of these factors is contained in our earnings release and investor presentation furnished with our Form 8-K yesterday as well as our Form 10-K for the year ended December 31, 2025, including the risk factors contained in that filing. These forward-looking statements speak only as of the date they are made, and Simmons assumes no obligation to update or revise any forward-looking statements or other information. Finally, in this presentation, we will discuss certain non-GAAP financial metrics we believe provide useful information to investors. Additional disclosures regarding non-GAAP metrics including the reconciliations of these non-GAAP metrics to GAAP are contained in our earnings release and investor presentation, which are furnished as exhibits to the Form 8-K we filed yesterday with the SEC and are also available on the Investor Relations page of our website, simmonsbank.com. Operator, we’re ready to begin the Q\u0026A session. Q\u0026A Session Follow Simmons First National Corp (NASDAQ:SFNC) Follow Simmons First National Corp (NASDAQ:SFNC) Receive real-time insider trading and news alerts or Subscribe with Google We may use your email to send marketing emails about our services. Click here to read our privacy policy. Operator: [Operator Instructions] The first question comes from David Feaster with Raymond James. David Feaster: I wanted to start on the growth front. It was a terrific quarter for growth. 10% annualized, it was diverse, pipelines remain solid. I think one of the concerns that the markets had over the past few years, we’ve really questioned your ability to grow like this. And you’re clearly showing what you can do. I guess my question is, is what’s changed to get here? Is this a function of demand? Is payoffs and paydowns improving? Or is this just more of an internal shift like a cultural shift and an increased emphasis on quality growth and just — how do you think — how sustainable do you think this kind of 7% to 10% pace of annualized growth that we’ve seen over the past couple of quarters is? Jay Brogdon: Yes. David, I’ll jump in on that. Thanks for the comments and the question there. So I think overall, probably the best way to answer the sustainability of the loan growth is really say we’ve been focused on quality growth for really a few years now. We started focusing on organic growth, really a handful of years ago, and it’s taken time to inflect and create some of those internal capabilities, bring maturity. A big part of that has been focused on both soundness and profitability as you’ve heard us say over and over again. And so there’s been changes in behaviors, changes in incentive plans, changes in how we target clients that we want to grow. And I think what you’ve seen in the last couple of quarters is one part, some of that inflecting some of the maturity in those programs coming to bear. I do think you also have to acknowledge that a part of it is just the timing, the market set up the last — part of last year and early into this year has been very, very good for us. We’ve seen really, really robust demand. Our biggest concern as we think about the growth outlook, really isn’t the things that we control, it’s the noncontrollables. We would acknowledge uncertainty in the macro. We have acknowledged, I think, several times in recent calls, pricing competition. All of those things still give us some caution to the overall optimism that we have about our business and our ability to grow the business. But we were really, really pleased with what we saw in the quarter or this quarter. I don’t want to promise 10% annualized loan growth every quarter. This just happened to be a really good quarter for that. But I do think it clearly demonstrates the capabilities that we’ve been working on and our ability to bring those to bear in the marketplace. David Feaster: That’s great. And then one of the comments in the press release that stood out to me is just your — the comments on the talent environment being favorable and supporting that organic growth trajectory. So a couple of questions on the talent side. First, I know you’ve made a couple of leadership hires on the commercial and consumer side. So was hoping you could touch on what they’re working on and where they see the most opportunity near term to kind of accelerate organic growth? And then secondarily, just — on the banker side, the pipeline that you’ve got there, your appetite for new hires. And then just any comments on the — I know you hired a recent wealth management team. How have some of the new hires that you’ve made been going so far? Jay Brogdon: Yes. So again, I’ll jump in on this. Our two new leadership hires over consumer and commercial have been here, I guess, 8 or 9 weeks at this point. So really, really pleased with what they’re already bringing to bear in the organization. On the consumer side, I think just the rhythms of everyday life in our retail network are — are changing or evolving in very, very good ways. And the approach to driving business, deepening relationships, we’ve got some very strong and loyal customers that have been with us for a long time, but in many — in many of those situations with those customers, they’re still relatively thin relationships to the bank. And so really, focused on deepening and capitalizing on the loyalty and strong relationships we have in those regards, as well as driving marketing and better penetrating the communities that we serve throughout the retail network. So a real focus on sales performance and again, kind of deepening through that network. On the commercial side, it’s really a lot of the things that I was describing in the first question that you asked around that real organic growth emphasis, it’s total banking relationship focus. I think it would be fair to say that a lot of our focus in some of our recent history has been more kind of a lending growth focus in a commercial loan growth focus. We’ve been really, really investing heavily in commercial treasury management, really our full commercial payment suite of products and the talent in the organization that can really go after those types of relationships and drive more diversified commercial business. And so we’ve got a lot of really good things going in that regard under both of those leaders. And I would just say that the talent pipeline, the opportunities that we are seeing from senior leadership all the way down to very productive bankers who have strong reputations in our markets, we’re seeing some really, really good opportunities to continue to grow and invest in that way. So that will continue to be a great focus. You asked about the wealth team that we — we also brought on throughout the first quarter. And just as a reminder, we brought on about half of that team in kind of mid or late January. The other half joined in March. So they haven’t been here for all that long when you think about first quarter results. But what I could tell you is that, that group has already brought over about in terms of assets under management that are either transferring or verbally committed over $350 million in AUM. And so we could not be more pleased with what we’re seeing in terms of early success. And actually, the part of that team, what we’re seeing that has me most excited is the referrals. When I think about what that team is doing in terms of referring their client relationships into the commercial bank, into private banking, et cetera, really, really excited. And that’s just one small example, David. We can look all across the footprint and see some great examples of those kinds of behaviors. And again, dovetail that all the way back to your first question, those are the things that are helping me, helping all of us get more and more optimistic about our ability to drive organic growth in a very meaningful and profitable way to the business. David Feaster: That’s great. And then maybe just staying a bit more high level still and kind of fol"},{"id":"-6314312687062573485","title":"Cohen \u0026 Steers, Inc. (NYSE:CNS) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/cohen-steers-inc-nysecns-q1-2026-earnings-call-transcript-1740850/","site":"insidermonkey.com","time":1776513702000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"Cohen \u0026 Steers, Inc. (NYSE:CNS) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Cohen \u0026 Steers First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Friday, April 17, 2026. I would now like to turn the […] Cohen \u0026 Steers, Inc. (NYSE:CNS) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Cohen \u0026 Steers First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Friday, April 17, 2026. I would now like to turn the conference over to Brian Heller, Senior Vice President and Deputy General Counsel of Cohen Steers. Please go ahead. Brian Heller: Thank you, and welcome to the Cohen \u0026 Steers First Quarter 2026 Earnings Conference Call. Joining me are Joe Harvey, our Chief Executive Officer; Mike Donohue, our Interim Chief Financial Officer, and Jon Cheigh, our President and Chief Investment Officer. I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying first quarter earnings release and presentation, our most recent annual report on Form 10-K and our other SEC filings. We assume no duty to update any forward-looking statement. Further, none of our statements constitute an offer to sell or the solicitation of an offer to buy the securities of any fund or other investment vehicles. Our presentation also contains non-GAAP financial measures referred to as adjusted financial measures that we believe are meaningful in evaluating our performance. These non-GAAP financial measures should be read in conjunction with our GAAP results. A reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available. The earnings release and presentation as well as links to our SEC filings are available in the Investor Relations section of our website at www.cohenandsteers.com. With that, I’ll turn the call over to Mike. Michael Donohue: Thank you, Brian, and good morning, everyone. My remarks today will focus on our as-adjusted results. A reconciliation of GAAP to as adjusted results can be found in the earnings release and presentation. Yesterday, we reported earnings of $0.79 per share as compared to $0.81 sequentially. Revenue for Q1 increased from the prior quarter by 0.3% to $144.3 million. The change in revenue from the prior quarter was driven by higher average AUM, partially offset by 2 less days in the quarter. In addition, and as we noted in last quarter’s earnings call, there were $1.7 million of performance fees recognized in Q4 related to certain institutional accounts. We typically don’t recognize such fees early in the year and we have few performance fee accounts. Our effective tax rate during the quarter was 58.2 basis points. Excluding nonrecurring items, our fee rate was 58.4 basis points which is slightly lower than the prior quarter. Operating income was $50.7 million during the quarter compared to $52.4 million sequentially. The and our operating margin was 35.1% compared to 36.4% in the prior quarter. Ending AUM in Q1 was $93.1 billion, which was up from $90.5 billion at the end of Q4. This end of period change in AUM was driven by positive net inflows during Q1, primarily related to open-end funds. In addition, end-of-period AUM was positively impacted by market appreciation of $2.7 billion during the quarter. As a result, average AUM increased during Q1 to $94.4 billion as compared to $90.8 billion in the prior quarter. Joe Harvey will provide additional insights regarding our flows and pipeline shortly. Total expenses were higher compared to the prior quarter primarily due to increased comp and benefits and distribution and service fees expense. Compensation and benefits was higher compared to prior quarter as a result of the year-to-date compensation accrual true-up to actual that reduced compensation expense in Q4. The compensation ratio for the quarter was 40%, which was in line with the guidance we provided. Distribution and service fee expense was up due to the increase in average AUM, and G\u0026A expense remained consistent with the prior quarter. Regarding taxes, our effective rate was 25.5% for the quarter on an as adjusted basis. Our earnings material presents liquidity at the end of Q1 and prior quarters. Our liquidity totaled $343 million at quarter end, which represents a decrease of $60 million versus the prior period. This quarterly change in liquidity is in line with prior years and driven by the annual incentive compensation cycle for the firm, which occurs in Q1. Let me now touch on a few items regarding guidance for the remainder of 2026. With respect to compensation and benefits, we would expect our compensation ratio to remain at 40% as we experienced in Q1. We expect G\u0026A to increase in the mid-single digits for the year as compared to the prior year. Lastly, regarding 2026 guidance, we expect our effective tax rate to remain consistent at 25.5% on an as-adjusted basis. I will now turn it over to Jon Cheigh, who will lead the discussion of our business performance. John Cheigh: Thank you, Mike, and good morning. Today, I’d like to cover three topics: our performance scorecard, our 2026 outlook given the recent geopolitical events, and last, our long-term structural view of the economy, the market regime and some asset allocation implications for investors. Beginning with our performance scorecard. We continue to build on our record of consistent, long-term outperformance. On a 1-year basis, 86% of our AUM has outperformed its benchmark, while our 3- and 5-year outperformance rates are both above 97%. 95% of our open-end fund AUM is rated 4- or 5-star by Morningstar, which is up from 90% last quarter. In short, we continue to meet our primary objective of providing outstanding long-term performance for our investors. Turning to the investment environment. Coming into 2026, we expected both an acceleration and a rebalancing of global growth with a corresponding broadening of market leadership. While that outlook was spot on early in the year, the current Middle East conflict may have brought that market leadership shift into question. U.S. and global REITs were both up about 10% through February, well ahead of flattish equity markets. As we saw market rotation into the relative laggards of the last several years. While events in March raised some of those gains, REIT still posted positive absolute performance for the quarter with U.S. and global REITs up about 4% and 1%, respectively. Listed infrastructure performance was resilient, up 8% for the quarter. Businesses such as utilities and midstream energy continue to demonstrate their criticality in the world of short-term energy scarcity and the continued power buildout, needed to serve increasing industrialization and AI-related demand. Diversified Real assets rose 12% for the quarter, with strong gains in commodities and natural resource equities. As we saw in 2022, real assets have been a clear winner and diversifier for a 60-40 stock bond portfolio. The asset allocation case for real assets continues to be made. Preferred securities and fixed income classes broadly declined slightly in the quarter as renewed inflation concerns indicate that monetary policy could be tighter for longer. So as we update our economic and market outlook for the rest of 2026, our expectation is that the Middle East military deescalation that began several weeks ago, and will continue, including just this morning over the coming — over the course of the coming weeks and months. We know it will have its starts and stops. But as long-term investors, our focus is on the trajectory of where we are headed. As a result, our initial 2026 view of broadening economic growth and financial markets remains intact. Now thinking beyond 2026, we believe investors must see recent developments, not as a one-off or a surprise. But instead, as another chapter in a book, which will continue to shape markets for the next 10 years or more. For some time, we have stated that the global economy is undergoing a structural transition one that looks meaningfully different than the prior 30 years. And there are four major themes that we expect will serve as important drivers of asset allocation shifts. First, deglobalization or what we would call geopolitical fracturing. For 20 years, the global economy enjoyed friendly trading relationships and uninhibited delivery of just-in-time resources. In the 2000s, this drove a buildup of global supply chains, primarily in Asia, but a [ deindustrialization ] for much of the developed world. For nearly 10 years now, we’ve seen repeated reminders that this system, while leading to lower consumer goods prices and higher profit margins was fragile and exposed the global economy to tail risks. In the last 6 years, we’ve seen four consecutive supply shocks, the pandemic, followed by the War in Ukraine, then tariffs and now the conflict in the Middle East. These are not one-off events. But again, an outcome of shifts in global power dynamics and alliances. This geopolitical fracturing will drive significant fixed asset investment boom greater than what the 2,000 saw from China, driven by reindustrialization and remilitarization. The second major theme is AI and technological disruption. Artificial intelligence is a transformational force on its own. But importantly, it is not a software but rather a hardware story. AI leadership will ultimately be about compute capacity and the marginal cost will likely be about the cost and availability of pow"},{"id":"7632172917238360685","title":"WaFd, Inc. (NASDAQ:WAFD) Q2 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/wafd-inc-nasdaqwafd-q2-2026-earnings-call-transcript-1740849/","site":"insidermonkey.com","time":1776513699000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","description":"WaFd, Inc. (NASDAQ:WAFD) Q2 2026 Earnings Call Transcript April 17, 2026 Operator: Welcome to a WaFd Inc.’s Second Quarter 2026 Results Conference Call. [Operator Instructions] Please be advised today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Brad Goode, Chief Marketing Officer and Investor Relations Manager. […] WaFd, Inc. (NASDAQ:WAFD) Q2 2026 Earnings Call Transcript April 17, 2026 Operator: Welcome to a WaFd Inc.’s Second Quarter 2026 Results Conference Call. [Operator Instructions] Please be advised today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Brad Goode, Chief Marketing Officer and Investor Relations Manager. Please go ahead. Brad Goode: Thank you, Kevin. Good morning, everybody. Happy Friday. Let’s dive into our second quarter earnings report. You can find our earnings press release, along with our detailed fact sheet and investor scorecard on our website, that’s wafdbank.com. During today’s call, we will make forward-looking statements, which are subject to risks and uncertainties and are intended to be covered by the safe harbor provisions of federal securities law. Information on risk factors that could cause actual results to differ are available from the earnings press release that was released yesterday and the Form 10-K for the fiscal year ended September 30, 2025. Forward-looking statements are effective only as of the date they are made and WaFd assumes no obligation to update information concerning its expectations. We will also reference non-GAAP financial measures, and I encourage you to review the non-GAAP reconciliations provided in our earnings material. With us this morning are President and CEO, Brent Beardall, Chief Financial Officer, Kelli Holz, and our Chief Credit Officer, Ryan Mauer. I’d now like to hand the call over to Mr. Beardall. Good morning. Brent Beardall: Thank you, Brad. Let me start by saying I thought we had an outstanding second quarter, and we are excited to elaborate on the results. This morning, we will cover four areas. First, Kelli Holz, our CFO, will provide you with a detailed review of our balance sheet and our income statement for the quarter. Next, Ryan Mauer, our Chief Credit Officer, will provide comments on the current status of our loan portfolio and credit quality trends. Third, I will provide my insights on the quarter potential for growth capital management strategies and regulatory developments. Finally, we will be happy to answer any questions you have at that point. Kelli, please walk us through the quarterly results. Kelli Holz: Thank you, Brent. As announced, WaFd Inc. reported net income available to common shareholders of $61.9 million or $0.82 per diluted share for the quarter ended March 31, 2026. This compares to net income to common shareholders of $0.65 per share for the second quarter of fiscal 2025 and $0.79 per share for the December 2025 quarter. The $0.03 increase in earnings per share for the quarter was a result of a modest increase in net interest income, controlled expenses as well as 2.7 million shares repurchased during the quarter at a weighted average price of $31.85 per share or 1.05x tangible book value. Our share repurchase spend currently has a remaining authorization of 8 million shares, which depending on share price, provides a compelling investment alternative. For the balance sheet, loans receivable increased $119 million during the quarter, primarily due to an increase in our active loan types Commercial Real Estate, Multifamily, Construction, land A\u0026D, C\u0026I and Consumer, which combined, increased by $359 million. Loan originations and advances for the quarter outpaced repayments and payoffs in our active loan types with originations of $1.5 billion and repayments and payoffs of $900 million. For the inactive loan type, advances were $21 million with repayments and maturities at $276 million. The weighted average rate on originations was 6.22% for the quarter, and the weighted average rate on repayments and payoffs was 6.12%. Please see the tables in our fact sheet that provides a breakdown between our active and inactive loan types. Total investments and mortgage-backed securities increased $191 million during the quarter, funded by borrowings, which increased $626 million. Investment purchases were primarily discount-priced agency mortgage-backed securities with an effective yield of 4.8%. The increase in mortgage-backed securities as part of our overall investment strategy currently replacing the single-family mortgage loans balance runoff. Total deposits decreased by $292 million during the quarter, with noninterest-bearing deposits decreasing $115 million or 4.3% and interest-bearing deposits remaining stable, decreasing just $4 million and time deposits decreasing $174 million or 2%. Deposit outflows in the first calendar quarter reflect predictable seasonal patterns, including annual distributions, tax payments and bonus disbursement. Core deposits ended the quarter at 80.4% compared to the December quarter at 79.7% and up from the September quarter at 77.9%. Noninterest-bearing deposits ended the quarter at 12.2% of total deposits. The loan-to-deposit ratio ended the quarter at 94.5%. WaFd’s capital profile remained strong. We estimate our CET1 ratio at quarter end to be 11.4% and our total risk-based capital ratio to be 14.4%. Liquidity is strong with $4.2 billion of on-balance sheet liquidity, a robust core funding base, low reliance on wholesale borrowings and significant off-balance sheet borrowing capacity. For the income statement, net interest income increased $6.5 million from the prior quarter. The effect of the reduction in interest paid on liabilities outpacing the reduction in interest earned on assets by 5 basis points. The net interest margin was 2.81% in the March quarter compared to 2.7% for the quarter ended December 31, 2025. For the spot rate as of the March quarter-end, the yield on interest-earning assets is 5.06%, the cost of interest-bearing liabilities, 2.78% and the margin at 2.81%. Comparing the linked quarter, I’ll walk through from the December to the March margin, a 5 basis point net improvement with deposit rates, repricing more favorably than loan rates, a 7 basis point improvement recognizing nonaccrual interest during the quarter, a 6 basis point improvement for day count February being 28 days. We have 50% of our loans and 75% of our securities on a [indiscernible] accrual basis. Offsetting the increases was a 5 basis point decrease related to our securities growth, the mortgage-backed securities purchases at a net spread of approximately 1%, although it puts pressure on the margin, it does add $1.5 million in net interest income per quarter. Absent any changes in interest rates, we expect our margin to be flat in the near term, acknowledging the day count for the March quarter and the funding of loan growth and deposit activity. One piece of good news that will materialize going forward for us is the accretion of $167 million of deferred income related to the interest rate mark on the Luther Burbank loan portfolio. Currently, this is being accreted into income at a rate of $6 million per quarter. We expect this to accelerate as these loans begin to adjust or repay. Total noninterest income decreased $400,000 compared to the prior quarter to $19.8 million, contributing to noninterest income is $6.7 million in commission revenue from our WaFd Insurance subsidiary compared to $4.4 million in the prior quarter, offset by losses of $1.1 million taken on certain equity method investments in the quarter compared to losses of $408,000 realized in the prior quarter. As a reminder, the December 2025 quarter also included a $3.2 million gain from the sale of a branch property. Total noninterest expense increased $4.1 million or 3.9% from the prior quarter as a result of increased compensation and technology expensed reflecting annual merit increases, implement taxes and continued investment in technology. The company’s efficiency ratio for the quarter was 55.7% compared to 55.3% in the prior quarter. I will now turn the call over to Ryan to share his comments on WaFd’s credit quality. Ryan Mauer: Thank you, Kelly, and good morning, everyone. As reflected in our earnings release, we had a solid quarter of new loan production along multiple product lines. As Kelli indicated, total production in our active portfolio was $1.5 billion for the March quarter. This loan production was centered in Commercial and Industrial of 37%; Commercial Real Estate of 15% and Construction of 35%. Importantly, we were able to achieve this level of loan production with a consistent approach to underwriting that maintained a moderate risk profile. Adversely classified loans decreased by $65 million in the quarter and now represent 2.6% of net loans compared to 2.9% as of the December quarter, and 2.5% as of March 2025. Total criticized loans decreased by $65 million to 4.2% of net loans compared to 4.6% as of the December quarter and 3.3% as of March 2025. It should be noted that the criticized loans are not concentrated in any one business line or industry and are reflective of the economic environment where elevated interest rates and economic uncertainty impacted both commercial and consumer borrowers. In addition, an asset being criticized does not imply that loss exposure exists. Rather, it is a representation that the borrower is experiencing some level of financial stress that needs to be addressed. Nonperforming assets decreased to $132 million or 0.48% of total assets from $203 million or 0.75% at December 31, 2025. The change is due to nonaccrual loans decreasing by $67.5 million or 35% since December 31, 2025. REO decreased slightly to $8.1 million and other property owned decreased to 0 with USDA receivable proceeds received. Delinquent loans decreased to"},{"id":"-3851248899547577646","title":"F.N.B. Corporation (NYSE:FNB) Q1 2026 Earnings Call Transcript","url":"https://www.insidermonkey.com/blog/f-n-b-corporation-nysefnb-q1-2026-earnings-call-transcript-1740848/","site":"insidermonkey.com","time":1776513696000,"favicon_url":"https://static.tickertick.com/website_icons/insidermonkey.com.ico","similar_stories":["7272478901883172687","-7963710858891640086","-2095418829958569672","5003382770276286425","483640196192643804","-1299810559856583386","-4745079091087688501","7092729537922820069","2899414081271762521","144775775538830455","5522545447748185818","9023269059929083231","-8342035113176422594","1516454688090251381","8456759511356751287","6187311782722022774","6720724236736799525","-8560529099890238291","-7406795724122325951","-1433957406173787305","-3853400659738070520","-1608490381808156764","-4977365560163269596","-2218134435530942938","4930577912406532489","-1817868000731113047","-2479295140325084385","6124436383478890215","-57777582484988105","3855296607606444010","-5625215672038870091","3093216863612223419","5647709914745852260","3294842751551692374","5857607180405809758","-8071413043889869042","-5215573420423828308","2119290805027113248","-6314312687062573485","7632172917238360685"],"description":"F.N.B. Corporation (NYSE:FNB) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Good day, and welcome to the FNB First Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead. Lisa Hajdu: […] F.N.B. Corporation (NYSE:FNB) Q1 2026 Earnings Call Transcript April 17, 2026 Operator: Good day, and welcome to the FNB First Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead. Lisa Hajdu: Good morning, and welcome to our earnings call. This conference call of FNB Corporation and the reports it files with the Securities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. A Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and our earnings release. Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials, reports and registration statements filed with the Securities and Exchange Commission and available on our corporate website. A replay of this call will be available until Friday, April 24, and the webcast link will be posted to the — About Us, Investor Relations section of our corporate website. I will now turn the call over to Vince Delie. Chairman, President and CEO. Vincent J. Delie: Thank you, and welcome to our first quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer. FNB produced a solid quarter with net income of $137 million. EPS increased 19% over the first quarter of 2025 to $0.38 a Pre-provision net revenue increased 17% from the year ago quarter as we generated positive operating leverage of 4.9%. Our capital ratios remained strong and continue to move favorably, all while producing a strong return on average tangible common equity of 13.2%. Tangible book value per share of $12.06 represents an 11% increase from the year ago quarter. Since 2009, we expands the tenure of our leadership team’s management of the bank and holding company. We have focused on a disciplined and strategic approach to developing and executing our long-term growth plan. Our actions have resulted in the company’s robust capital accumulation sustainable, superior financial performance, investments and a resilient risk management framework and a strong balance sheet. Over time, we have grown our capital to record levels and effectively manage the dividend payout ratio from nearly 80% down to 31%, in line with our peers. During that time period, we also grew the balance sheet 477% and with an organic compounded annual growth rate of 8%. We invested in our enterprise risk management framework, built out our advisory and capital markets businesses to diversify our revenue streams and established FMB as an industry innovator with an award-winning digital and data analytics capability, including the eStore. These significant investments occurred over time while maintaining an industry-leading efficiency ratio in the low to mid-50% range. I can’t emphasize enough the hard work and superior execution by our team. to get to where we are today. These efforts have produced sustained levels of increased profitability, significant returns and strong capital generation. This strategy was fully aligned with shareholders’ interests. We recently announced an 8% increase to our quarterly cash dividend to $0.13 per share, starting with the dividend to be paid in June. Our Board of Directors also unanimously approved our management’s recommendation for an additional $250 million for the repurchase of our common stock on top of the $50 million remaining in our existing share repurchase program. Inclusive of the March dividend, and $35 million repurchased in the first quarter of 2026. FNB has returned a total of $2.4 billion in capital to shareholders through both dividends and repurchases since 2009, demonstrating our long-term commitment to optimize value for our shareholders while also growing and reinvesting in the company for continued future success. FNB’s financial performance is achieved through consistent execution and sustained growth in our engaged customer base. We were thrilled to recently announce our partnership as the official and exclusive retail bank and financial provider to the Pennsylvania State University. Beginning in July, Penn State’s 90,000 students faculty and staff will have exclusive access to FNB’s on-campus banking services, including our proprietary eStore. FNB was also selective as the primary treasury management provider to all Penn State campuses. Our continued success of winning despite significant competition, demonstrates our capabilities and leadership in the industry. As a core business, University Banking highlights another differentiated product offering. In addition to significant investments in AI and digital, FNB’s innovative solutions also extend to our ATM network. This month, our first ATM that offers foreign currency disbursement for Canadian dollars and Mexican pesos opened at the new Pittsburgh International Airport. Once again, an industry leader, our ability to offer foreign currency disbursement through an ATM is very rare across the banking industry and builds upon our momentum to improve the ease of banking for current and new customers. We congratulate the airport authority and its leadership on the completion of the new terminal, which includes FNB’s state-of-the-art visually stunning banking center. We are proud to play a role in this transformational Pittsburgh asset with our ATMs and sponsorship. The first quarter reflected a promising start to 2026, with our ability to continue to attract top-tier talent, deploy innovative solutions and deepen customer relationships, period-end loan growth of 3.9% annualized linked quarter was driven by 4 middle market C\u0026I. It is important to note that our growth has not benefited from NDF or lending into private credit, a category that we continue to avoid. With that, I would like to now turn the call over to Gary to discuss all of our credit results for the quarter. Gary? Gary L. Guerrieri: Thank you, Vince, and good morning, everyone. We ended the quarter with our asset quality metrics remaining at solid levels. Delinquency along with NPLs and OREO increased slightly, each up 3 bps compared to the prior quarter, totaling 74 and 34 basis points, respectively. Net charge-offs continued to show strong performance totaling 18 basis points, down 1 bp compared to the prior quarter. Criticized loans increased slightly, consistent with the seasonality we have seen in the first quarter over the last several years. Total funded provision expense for the quarter stood at $19.4 million, supporting the C\u0026I loan growth and charge-offs. Our ending funded reserve now stands at $443 million, an increase of $3.5 million, ending at 1.26%, unchanged from the prior quarter. When including acquired unamortized loan discounts, our reserve stands at 1.32%, and our NPL coverage position remained strong at 393%, inclusive of the discounts. While we have not experienced any impact related to tariffs, we are maintaining the related qualitative overlays from a year ago due to the ongoing conflict and uncertainty in the Middle East. Our comprehensive risk management oversight, including concentrations of credit line utilization, proactive CRE management, stress testing and the 360-degree risk view of our client relationships allows us to maintain a strong risk profile throughout economic cycles and during periods of economic uncertainty. We are monitoring the situation in the Middle East closely, as we have done in the past during the pandemic, the Ukrainian conflict supply chain disruptions, inflationary periods and tariff increases. Throughout all of these periods of disruption, our loan portfolio and customer base have proved resilient and did not experience any material adverse impacts. Our consumer portfolio remains very strong with average origination FICO scores of 782 with delinquency and charge-offs ending the quarter at multiyear lows of 67 and 5 basis points, respectively. We continue to originate loans within our commercial and consumer portfolios under our long-standing and consistent credit underwriting philosophy. In the quarter, we had solid C\u0026I activity leading to increased loan growth with a slight uptick in line utilization. Additionally, we are seeing increased levels of high-quality CRE opportunities. However, our exposure declined in the quarter, ending at 194% of Tier 1 capital plus allowance. In closing, despite the continued volatility in the markets, we look forward to building on the momentum we had in the first quarter with our pipelines at near record levels across the majority of our portfolios. With the quality and diversification of our portfolio, we are well positioned to achieve our growth objectives in the year ahead. I will now turn the call over to Vince Calabrese, our Chief Financial Officer, for his remarks. Vincent J. Calabrese: Thanks, Gary, and good morning. Today, I will review the first quarter’s financial results and walk through our second quarter and full year guidance. First quarter net income totaled $137 million or $0.38 per share, with total revenues up a strong 9.4% from the year ago period and coupled with prudent management of operating expenses, PPNR increased nearly 17%. Turning to the balance sheet. Loan activity began to accelerate late in the quarter with spot t"}],"last_id":"-3851248899547577646"}