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Management is pivoting from a multi-year transformation phase to a focus on consistent execution and realizing the full potential of recent platform investments.

Record fee income across all three focus areas—advisory, capital markets, and treasury—demonstrates the platform's maturity and successful shift toward a capital-efficient revenue base.

Performance was driven by disciplined client selection and the ability to deepen relationships, with over half of investment banking fees coming from new client acquisitions.

The firm implemented a strategic leadership reshuffle to better align financial, operational, and commercial ambitions as it enters a scaling phase.

A proactive credit posture is being maintained, with reserve calculations increasingly reliant on downside scenario weightings despite only tangential impacts from recent geopolitical conflicts.

The initiation of a quarterly common stock dividend serves as a tangible expression of management's confidence in durable earnings momentum and capital strength.

Full-year 2026 guidance remains unchanged, assuming one interest rate cut in December and a Fed funds rate of 3.5% at year-end.

Total revenue is expected to grow in the mid-to-high-single-digit range, supported by noninterest revenue targets of $265 million to $290 million.

Management anticipates a seasonal increase in mortgage finance volumes in Q2, with average balances expected to reach approximately $6 billion.

The mortgage finance self-funding ratio is projected to settle between 70% to 80% in the near to medium term as the deposit base stabilizes.

Noninterest expense is expected to trend toward $200 million per quarter for Q2 through Q4, following a first quarter where expenses were $213.6 million.

The firm restructured its mortgage finance business into an enhanced credit structure, now representing 67% of balances, which significantly improves risk weighting and releases capital.

Commercial real estate average balances are expected to decline by at least 10% for the full year as payoff rates outpace client appetite for new capital deployment.

A $400 million senior notes offering was completed to redeem higher-cost subordinated notes, leveraging improved risk-weighted asset positioning.

Management is aggressively mapping 170 horizontal processes to apply AI and automation through their proprietary 'Ranger' platform to drive operational efficiency.

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Management expressed confidence in the $160 million to $175 million full-year fee guidance, noting that fees are underpinned by granular deal volumes rather than a few large transactions.

The investment bank is being used as a differentiator to win new banking relationships, with coverage bankers successfully leveraging product partners.

NIM is expected to compress to 3.35%–3.40% in Q2 due to the seasonal growth of lower-yielding mortgage finance assets, though absolute NII is expected to rise to $260 million–$265 million.

Management assumes industry funding costs will trend higher and has incorporated no additional deposit cost reductions into the full-year outlook.

M&A remains an opportunistic part of the strategy, but management emphasized they do not 'have to' do a deal to achieve strategic goals due to existing internal synergies.

The firm remains constructive on share repurchases when the price is inside 1.3 times tangible book value, balancing buybacks with the new dividend and organic growth.

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