[Form 4] AZZ Inc. Insider Trading Activity

Rhea-AI Filing Summary

Q2 2025 highlights (unaudited)

• Net income $26.97 m (+19.6 % YoY); diluted EPS $1.04 vs $0.87.
• Net interest income climbed 13.6 % to $54.9 m as deposit costs fell, cutting total interest expense 13 %.
• Provision for credit losses trimmed to $3.0 m (vs $8.5 m), boosting net income after provision 30 %.
• Non-interest income dropped 44 % to $11.5 m due to prior-year $9 m Visa gain; core fee categories were broadly stable.
• Operating expenses down 9 % to $30.4 m, producing pre-tax profit $32.9 m (+22 %).

Six-month 2025: net income $47.1 m (+2 %), diluted EPS $1.82; operating cash flow $45 m.

Balance-sheet trends since Dec-24

• Total assets +4.3 % to $6.96 bn; loans +2.5 % to $5.16 bn.
• Total deposits +4.7 % to $6.18 bn; non-interest bearing balances -2.7 %, interest-bearing +6.8 %.
• Allowance for credit losses fell $19.4 m to $66.6 m (≈1.3 % of loans).
• Accumulated OCI improved $5.4 m but remains a $161 m unrealized loss on securities.
• Equity rose 3.8 % to $710 m after $25.7 m dividends and $2.0 m buybacks; shares outstanding 25.53 m.

Takeaway: Margin expansion and lower credit costs drove strong quarterly earnings; headwinds include soft fee income, mix-shift toward interest-bearing deposits and large unrealized bond losses.

Positive

• EPS up 19.6 % YoY, driven by higher net interest margin and lower credit costs.
• Net interest income +13.6 % as deposit repricing eased funding pressure.
• Deposits grew 4.7 % quarter-to-date, bolstering liquidity without heavy reliance on wholesale funding.
• Operating expenses fell 8.7 %, expanding operating leverage.
• AOCI improved $5.4 m, modestly strengthening tangible capital.

Negative

• Non-interest income fell 44 % due to absence of $9 m Visa gain, exposing earnings to NII volatility.
• Non-interest bearing deposits declined 2.7 %, shifting mix toward costlier funding sources.
• Allowance for credit losses cut $19 m; reserve ratio now 1.3 %, potentially thin if credit conditions weaken.
• Unrealized securities loss remains large at $161 m, about 23 % of equity.
• Share buybacks limited (-$2 m) despite strong capital, reducing potential EPS accretion.

Insights

Senior Bank Equity Analyst

TL;DR - Margin rebound and lower loan-loss provision lift LKFN EPS; overall positive.

Quarterly EPS jumped 20 % as funding costs eased and provisions normalized. Loan and deposit growth outpaced peers, reflecting franchise strength in Indiana markets. Operating leverage improved with expenses down 9 %. Core fee income was flat; prior-year Visa gain skews comps. Capital remains solid at ~$28 book value and active buybacks support per-share results. Outlook constructive if rate cuts are orderly.

Bank Risk Analyst

TL;DR - Credit reserve cut and large AOCI loss temper upside; impact neutral.

ACL dropped 22 % YTD, reducing coverage to ~1.3 % of loans, while non-interest-bearing deposits slipped, raising funding-cost sensitivity if rates fall. Unrealized AFS losses of $186 m (-$161 m AOCI) remain material versus equity (≈23 %). Although credit metrics appear stable, reserve release and securities duration expose earnings to downside in a stress scenario. Overall filing is informative but not materially market-moving.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BERCE DANIEL E

(Last) (First) (Middle)

ONE MUSEUM PLACE, SUITE 500

3100 WEST 7TH STREET

(Street)

FORT WORTH TX 76107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AZZ INC [ AZZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	07/31/2025		G		900(1)	D	$0	58,353	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects a bona fide charitable gift of 900 shares of AZZ Inc. common stock by the Reporting Person that was donated to his church in support of its capital campaign.

Remarks:

	/s/ Tara D. Mackey, attorney-in-fact for Daniel E. Berce	08/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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