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EQB Inc. (EQB:CA) Shareholder/Analyst Call April 8, 2026 10:00 AM EDT

Company Participants

Lemar Persaud – VP & Head of Investor Relations
Naveen Natarajan
Vincenza Sera
Michael Mignardi – Senior VP, General Counsel & Corporate Secretary
Chadwick Westlake

Conference Call Participants

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Imaad Khatri
Rashmi Ashok
David Lee
Deep Shah

Presentation

Lemar Persaud
VP & Head of Investor Relations

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Good morning. EQB’s Annual Meeting of Shareholders is about to begin. Please note that this meeting is being recorded on April 8, 2026. During the meeting, you can submit questions or comments at any time by clicking on the message icon. We now turn the proceedings over to EQB.

Naveen Natarajan

Good morning. My name is Naveen Natarajan, and I’m Director, Credit Risk Management at Equitable Bank. Before we begin today, I make the following statement on behalf of all of us. We acknowledge that EQB occupies offices on Turtle Island, a name that multiple Indigenous nations gave to the place more widely known as North America. We gathered together today on land that is steeped in rich Indigenous history, recognizing the enduring presence of First Nations, Inuit, and Métis peoples. I further acknowledge that all settlers who came willingly to the stolen land are accountable for furthering truth and reconciliation. It’s now my pleasure to turn the meeting over to Vincenza Sera, Chair of the Board of EQB.

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Vincenza Sera

Thank you, Naveen. Good morning, everyone, and welcome to our Annual Meeting of Shareholders, which I now call to order. Joining me speaking to you today is Chadwick Westlake, President and Chief Executive Officer. And in the audience, we have other members of our Board and dedicated executive leadership team. Shareholder engagement is of utmost important to us. And for that reason, we are hosting this meeting in-person and online to enable broad participation. We’re very excited to begin a new era of service, growth, and performance at EQB under

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Meta Platforms on Wednesday unveiled Muse Spark, the first artificial intelligence model from a ​costly team it assembled last year to ​catch up with rivals in the AI race.

Shares of the company extended ​gains to trade up nearly 7%.

U.S. tech giants are under pressure to prove their massive AI outlays will pay off. The stakes are especially high for Meta after it hired Scale AI CEO Alex Wang last ‌year under a $14.3 ⁠billion ⁠deal and offered some engineers pay packages of hundreds of millions of dollars to staff a new superintelligence team.

Superintelligence ​refers to AI machines that could outthink humans. Muse Spark is the first in a new series of ​models from that team, and is part of a family of models known internally as Avocado.

The model will initially be available only on the lightly-used Meta AI app and website, and ​in the coming weeks, replace the existing Llama models powering ⁠chatbots on ‌WhatsApp, Instagram, Facebook and Meta’s collection of smart glasses.

“This initial model is ​small and ​fast by design, yet capable enough to reason through complex questions in ⁠science, math, and health. It is a powerful foundation, and the ​next generation is already in development,” the company said in a ​blog post.
It did not disclose the model’s size, a key measure typically used to compare an AI system’s computing power with rivals. Meta CEO Mark Zuckerberg had tempered expectations for performance, telling investors in January that he thought the team’s first models “will be good but, more importantly, will show the rapid trajectory that we’re on.”

“I expect us to steadily push the frontier ‌over the course of the year as we continue to release new models,” he had said.

FOCUS ON EVERYDAY TASKS

Muse Spark can help users with tasks ​such as estimating ​the calories in a meal ⁠from a photo or superimposing an image of a mug on a shelf to see how it looks.

Meta also released Contemplating mode, which runs multiple AI agents in parallel to boost ​reasoning power, allowing Muse Spark to take on the extended thinking modes of Google’s Gemini Deep Think and OpenAI’s GPT Pro.

The company is betting that applying superintelligence to everyday personal tasks will help it tap its more than 3.5 billion users across its social media platforms, potentially giving it an edge over rivals with a smaller reach.

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NVDA, AMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

A growing group of Federal Reserve policymakers felt last month ​that interest rate hikes might be needed to counter inflation that continued to exceed the central bank’s 2% target, particularly given the inflationary impact of the U.S.-Israeli war with Iran, according to the minutes of their March 17-18 meeting. “Some participants judged that there was a strong case for a two-sided description ‌of the (Federal Open ⁠Market) Committee’s future ⁠interest rate decisions in the post-meeting statement, reflecting the possibility that upwards adjustments to the target range for the federal funds rate could be appropriate if inflation were ​to remain at above-target levels,” the minutes said.

At the January meeting a smaller group of “several” officials were willing to open the door to ​possible rate hikes, but by March and the outbreak of the war “many participants pointed to the risk of inflation remaining elevated for longer than expected amid a persistent increase in oil prices.”

Stocks appeared unfazed by the minutes’ hawkish tone, with major indexes higher on ​hopes of a lasting settlement of the Iran war. Interest rate futures traders slightly ⁠pared earlier bets ‌on the Fed easing later this year, though bets on any Fed rate hike remained negligible. The ​Fed in March held ​its benchmark overnight interest rate steady in the 3.50%-3.75% range while nodding to the fresh uncertainty the ⁠war had introduced to the economic outlook.

Despite the inflation risks, however, “many participants” still ​saw rate cuts as part of their baseline outlook, with “most participants” judging that an ​extended conflict in the Middle East would do enough damage to economic growth that even more cuts would be warranted.

“Most participants raised the concern that a protracted conflict in the Middle East could lead to a further softening in labor market conditions, which could warrant additional rate cuts, as substantially higher oil prices could reduce households’ purchasing power, tighten financial conditions, and reduce growth abroad,” the minutes said.

WAR DISRUPTED OUTLOOK The minutes were released on Wednesday, a day after the U.S. and Iran agreed to a two-week ceasefire. ‌The news caused oil prices to drop more than 15% to around $92 a barrel. The back-and-forth among policymakers at the meeting last month highlighted how the conflict in the Middle East, which disrupted global shipping and ​caused the price of ​oil to jump more than 50%, ⁠was pulling the Fed in conflicting directions, threatening both its inflation goal and full employment mandate.
At the meeting, the Fed signaled it was unlikely to change its policy rate until it was clearer whether the impact on inflation or the job market seemed ​to be the greater risk. In new economic projections issued alongside its policy statement, officials penciled in higher inflation for the year, but little change in the unemployment rate.In presentations at the meeting, Fed staff saw risks that economic and job growth would be weaker and inflation higher than expected in their January outlook, given “the potential economic effects of developments in the Middle East, government policy changes, and the adoption of AI.”

Given inflation above target since 2021, “a salient risk was that inflation could prove to be more persistent than the staff anticipated.”

NBC’s “Today” show delivered another memorable live television moment Wednesday when co-anchor Craig Melvin inadvertently spoiled Jenna Bush Hager’s upcoming cameo in the highly anticipated sequel “The Devil Wears Prada 2,” prompting playful ribbing from his colleagues and a visibly stunned reaction from Bush Hager herself.

The slip occurred during an April 8, 2026, segment in which the hosts discussed the upcoming film, set for theatrical release on May 1. While chatting about why the movie promised to be a hit, Melvin, 46, casually dropped the news: “By the way, you know how that movie’s going to be good? You know how I can tell? JBH is in it!”

The camera quickly cut to Bush Hager, 44, whose mouth fell open in surprise. “I don’t know that you were supposed to drop that bomb, but if you’re…” she trailed off, clearly caught off guard by the on-air revelation of her Hollywood cameo.

Savannah Guthrie, who had recently returned to the show after an extended absence, jumped in with a laugh: “This is live. You cannot tell Craig anything!” Weatherman Al Roker added dryly, “It is now!” referring to the newly public information.

Melvin attempted to backtrack, saying, “I thought it was common knowledge?” before apologizing directly: “Cut it out for the other feeds! Sorry about that JBH.” He later quipped, “My bad!” when asked if he had any other secrets to share. Guthrie teased him further, suggesting he “read your journal while you’re at it,” a nod to his habit of sharing personal insights.

The lighthearted exchange highlighted the unpredictable nature of live morning television, where unscripted moments often become the most memorable. Bush Hager, daughter of former President George W. Bush and a “Today” staple since joining as a correspondent in 2009, has built a loyal following through her warmth, book club initiatives and family-oriented segments.

Details of her specific role in “The Devil Wears Prada 2” remain under wraps. The sequel reunites original stars Meryl Streep as fashion magazine editor Miranda Priestly, Anne Hathaway as Andy Sachs, Emily Blunt as Emily Charlton and Stanley Tucci as Nigel Kipling. The film has generated buzz since its announcement, with Streep and real-life Vogue editor Anna Wintour — the inspiration for Priestly — appearing together on the May issue of Vogue to promote it.

Bush Hager has a personal connection to the franchise’s fashion world. During the 2025 Halloween episode of “Today,” she dressed as Wintour while Guthrie portrayed Priestly, a costume choice the pair planned together and described as fitting perfectly for their on-air personas.

The cameo represents a small but notable step for Bush Hager into scripted entertainment, adding to her expanding portfolio beyond morning news. In January 2026, she announced a more substantial behind-the-scenes career pivot: executive producing the NBC drama pilot “Protection,” a U.S. Marshals-themed project created by “Quantico” showrunner Josh Safran. She joined Safran and producer Ben Spector as an executive producer under her first-look deal with Universal Television.

Bush Hager described the producing opportunity as an exciting new challenge during an on-air segment with co-host Sheinelle Jones, saying, “Who knew I would ever do something like this?” The pilot order marked her first major foray into scripted television after more than 16 years focused primarily on hosting and contributing to “Today.”

The fourth hour of the program, now titled “Today with Jenna & Sheinelle,” has undergone significant changes since Hoda Kotb’s departure in January 2025. Bush Hager initially helmed the slot solo with rotating celebrity guests before Jones was named her permanent co-host in December 2025, with the new format launching in January 2026.

Melvin, who anchors the first two hours alongside Guthrie and frequently appears across the show, is known for his affable style and occasional on-air gaffes that endear him to viewers. His podcast “Glass Half Full with Craig Melvin,” launched earlier in 2026, has further showcased his storytelling abilities through candid conversations with guests.

Wednesday’s moment quickly spread across social media, with clips of the exchange circulating widely. Fans reacted with amusement, many praising the genuine camaraderie among the “Today” family. Comments ranged from “Classic Craig!” to expressions of excitement about seeing Bush Hager on the big screen in the fashion satire sequel.

The incident underscores the delicate balance live television hosts must strike between preparation and spontaneity. While producers often work to keep certain announcements under wraps for strategic reveals, the fast-paced environment of a morning show — broadcast in real time to millions — leaves little room for error.

Bush Hager has maintained a relatively private personal life while sharing glimpses of her family, including husband Henry Hager and their three children, on the show. Her Read With Jenna book club remains a popular feature, and she recently expanded her literary efforts with additional initiatives.

For “The Devil Wears Prada 2,” anticipation has been building since the project was confirmed. The original 2006 film, based on Lauren Weisberger’s novel, became a cultural touchstone for its sharp take on the fashion industry and work-life balance. The sequel promises updated commentary on modern media, social influence and corporate culture.

No official statement has been issued by Bush Hager or NBC regarding the exact nature of her cameo or filming details. Representatives for the film have not commented on the on-air slip.

The “Today” show has a long history of memorable live moments, from surprise announcements to humorous flubs that humanize its anchors. Wednesday’s exchange fits squarely in that tradition, turning a potential spoiler into an entertaining segment that showcased the hosts’ quick wit and close working relationships.

Melvin’s apology and the group’s teasing reflected the supportive dynamic that has helped the program remain a morning staple for decades. Guthrie’s return added another layer of familiarity, with her playful jab at Melvin resonating with longtime viewers.

As “The Devil Wears Prada 2” approaches its release, fans are eager for more details on the plot and new cast members. Bush Hager’s involvement, however minor, adds a layer of intrigue for “Today” audiences who have followed her journey from White House daughter to television personality.

In the broader context of Bush Hager’s career, the cameo and her producing role on “Protection” signal a willingness to explore new creative avenues while remaining committed to “Today.” She has spoken in the past about balancing her professional ambitions with family life and public service interests inherited from her parents.

Industry observers note that such crossovers between news personalities and entertainment projects are increasingly common, allowing hosts to leverage their personal brands in fresh ways. Bush Hager’s executive producing credit on “Protection” — described as a mystery drama with law enforcement elements — positions her as a behind-the-scenes player in NBC’s scripted development.

Wednesday’s broadcast concluded without further spoilers, but the light moment likely boosted engagement for the sequel’s marketing. Social media users shared GIFs of Bush Hager’s shocked expression and quoted the hosts’ banter, turning the slip into viral content.

For the “Today” team, such unscripted exchanges often strengthen viewer connections by revealing authentic personalities. Melvin, Guthrie, Roker and others frequently navigate these situations with humor, maintaining the show’s reputation for warmth amid breaking news and celebrity interviews.

Bush Hager has not yet addressed the reveal in additional statements beyond her on-air reaction. As filming and promotion for “The Devil Wears Prada 2” continue, more information about her contribution may emerge closer to the May 1 release.

The episode serves as a reminder of the challenges inherent in live broadcasting, where information can spread instantly. In an era of tightly controlled entertainment rollouts, a single offhand comment can shift the conversation — especially when delivered by a trusted morning show personality.

As April 8 drew to a close, clips of the segment continued to circulate online, with many expressing anticipation for both the film and any future updates from Bush Hager about her expanding roles. Whether her cameo proves to be a brief scene or something more substantial remains to be seen, but the accidental announcement ensured it became water-cooler conversation nationwide.

In the competitive landscape of morning television, moments like these help “Today” stand out, blending news, entertainment and genuine human interaction. For Jenna Bush Hager, it marked another unexpected chapter in a multifaceted career that continues to evolve from the White House to Hollywood sets.