Oct 23, 2026 earnings call — Loan growth, margin expansion, credit improvement
Net income rose to 25.7 million ($0.65 per diluted share) and return on assets reached 1%.
Revenue $0.1B (est $0.1B) · EPS $0.65 (est $0.57)
Key quotes
"Non performing loans continue to decline and classified balances also moved lower."
"This resulted in a significant improvement in the efficiency ratio narrowing the gap to the 60% we have been targeting."
"We are pleased to report that our assets under management increased 77.9 million to $3.45 billion in the third quarter driven primarily by net new assets of $76.5 million"
Analyst Q&A 3
Venezuelan deposits and Q4 growth split
Q (Michael Rose · Raymond James): He asked why Venezuelan deposits fell and how much of Q4 growth will be international versus domestic. He also asked about drivers of the margin guide and what comes after hitting the 1% ROA target.
A: Management said the Venezuelan deposit drop was transactional: money moved for CapEx and distributions between commercial and corporate accounts, and some funds moved into AUM. For Q4 they expect a 60/40 split with 60% from international and 40% domestic. On margin they said Q3 had one-time loan collections and early exits, they model one rate hike in December which would help NII toward $3.70 versus $3.65 if rates stay stable, and 1% ROA is now the new baseline with planned hiring to drive loan growth and higher ROA in 2027.
"And regarding the expectation for the fourth quarter, we could see a mix of 60/40, 60 coming from the international side and 40 from the domestic side." — Sharymar Calderon Yepez (CFO)
Non-interest deposit change and expenses
Q (Nicholas Lorenzoni · Stephens): He asked how much of the non-interest bearing (NIB) increase came from new relationships versus reclassified existing accounts, and whether the current mix is sustainable. He also asked how to think about 2027 expenses—holding run rate or continued investment.
A: Management said they reclassified about 270 million into non-interest bearing by dropping rates to zero and separately grew about 100 million into that category. They highlighted ~1.2 thousand new international accounts and a similar number domestically, and expect continued migration and growth in NIBs. For expenses they expect early 2027 run rate around 69.5 to 70 million, a slight increase for hiring offset partially by contract renegotiations and cost savings.
"So the change was approximately 270 million going into that category due to the reclass." — Carlos Iafigliola (CEO)
Where international deposits grew and limits
Q (Stephen Scouten · Piper Sandler): He asked which countries drove the international deposit growth and whether regulatory, BSA, or concentration limits would force them to cap international deposits. He also asked how AOCI, TCE, or capital might affect the buyback pace.
A: Management said the growth came from a combination of Argentina and other Central American countries, targeting about five key countries while Venezuela remains most important. They said there is no set internal cap; the bank has a strong, technology-backed BSA/AML program and uses ALCO to set limits on large fund provider concentrations. On buybacks they said the September debt issuance at 7% lowered weighted average cost of capital, the board approved a $50 million blanket until 2027, and capital is healthy enough to balance growth and repurchases.
"So there is a combination between Argentina and other Central American countries that our team also has a experience and has been growing over the past few years." — Carlos Iafigliola (CEO)