Strong 2Q Trends and "Bullish" Conf Call Tone Take Shares Higher on the Day

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Strong 2Q Trends and "Bullish" Conf Call Tone Take Shares Higher on the Day

Well-Positioned into 2H - The NIM held steady at 3.95% (loan yield 6.48%, Market Cap. (mil) US$2,828.5

deposit costs down modestly to 2.36%), and management reiterated full-year core NIM Book Value/Share US$38.75

Tang. Book/Share $31.19 guidance of 3.70%-3.80%, ex-accretion - employing a few bps of potential compression

Price/Book 146%

each qtr. Given industry concerns around deposits costs and the NIM - the 2Q26 starting Price/Tang.Book 181%

point at 3.95% is far better than expected and should lead fwd NIM expectations up 52-Week High / Low US$62.37 / US$45.58

slightly. Avg Daily Vol (000) 337

Div Yield 1.48%

• Expense Discipline Drives Positive Operating Leverage - Expenses were down 2.3% Total Assets ($mil) 16,796

q/q, aided by seasonal comp trends, pushing the efficiency ratio down to 52.3% (banking ROE 11.93%

segment efficiency an impressive sub-50% at 49.5%). PPNR grew ~8% q/q with PPNR Shares Out (mil) 50.0

ROAA above 2% — management's stated benchmark — underscoring the underlying Div (ann) US$0.84

Fiscal Year End Dec earnings power of the franchise as expenses normalize into 2H investment spend. There

could be some additional operating leverage beyond our modeled estimates as mgmt Price Performance - 1 Year

spoke to a 50% consolidated E/R ~50% at year-end.

USD

• Active Capital Return and Talent Acquisition Support Growth Story - The company

repurchased ~3% of outstanding shares in the qtr, including a notable bulk transaction 60

tied to the Ayers estate, while capital ratios remain robust (CET1 11.0%, TCE ~9.5%) and

well above internal targets. Management also highlighted continued success recruiting 55