Financial Performance - Net income applicable to FB Financial Corporation for the three months ended June 30, 2023, was $35,299 thousand, an increase of 82.3% compared to $19,345 thousand in the same period of 2022[14]. - Earnings per share (EPS) for the second quarter of 2023 was $0.75, up from $0.41 in the same quarter of 2022, indicating an increase of 82.93%[14]. - Comprehensive income applicable to FB Financial Corporation for the three months ended June 30, 2023, was $21,458 thousand, compared to a loss of $29,606 thousand in the same period of 2022[15]. - Net income attributable to FB Financial Corporation for the quarter ended June 30, 2023, was $35,299,000, an increase from $19,345,000 for the same quarter in 2022[18]. - Net income applicable to FB Financial Corporation for the six months ended June 30, 2023, was $71,688,000, an increase of 31.3% compared to $54,589,000 in 2022[23]. - Basic earnings per common share for the six months ended June 30, 2023, was $1.53, up 33.0% from $1.15 in the same period of 2022[33]. Asset and Deposit Growth - Total assets increased to $12,887,395 thousand as of June 30, 2023, compared to $12,847,756 thousand at December 31, 2022, reflecting a growth of 0.31%[13]. - Total deposits remained stable at $10,872,255 thousand as of June 30, 2023, compared to $10,855,834 thousand at December 31, 2022[13]. - As of June 30, 2023, total common shareholders' equity was $1,386,951,000, reflecting a decrease from $1,432,602,000 at December 31, 2021[20]. - The net increase in deposits for the six months ended June 30, 2023, was $15,489,000, contrasting with a decrease of $287,478,000 in the same period of 2022[23]. Income and Expense Analysis - Net interest income for the three months ended June 30, 2023, was $101,543 thousand, slightly down from $102,171 thousand in the same period of 2022, representing a decrease of 0.62%[14]. - Noninterest income for the three months ended June 30, 2023, was $23,813 thousand, down from $33,214 thousand in the same period of 2022, a decrease of 28.3%[14]. - Total noninterest expense decreased to $81,292 thousand for the three months ended June 30, 2023, from $96,997 thousand in the same period of 2022, a reduction of 16.2%[14]. - The company incurred $12,458 thousand in restructuring expenses during the second quarter of 2022 due to exiting the direct-to-consumer internet delivery channel[149]. Credit Loss Provisions - Provision for credit losses on loans held for investment was $2,575 thousand for the three months ended June 30, 2023, compared to $8,181 thousand in the same period of 2022, a decrease of 68.5%[14]. - The provision for credit losses for the six months ended June 30, 2023, totaled $7,572 thousand, indicating a significant decrease compared to the previous year's provision[67]. - The allowance for credit losses on loans held for investment increased to $140,664 thousand as of June 30, 2023, from $134,192 thousand at December 31, 2022[13]. - The company’s allowance for credit losses was qualitatively adjusted due to an uncertain economic outlook, including inflation and predicted Federal Reserve rate increases[61]. Loan Portfolio and Quality - As of June 30, 2023, total loans held for investment amounted to $9,326,024, an increase from $9,298,212 as of December 31, 2022, reflecting a growth of approximately 0.3%[54]. - The Company’s residential real estate loans, including 1-to-4 family mortgages, totaled $1,548,614 as of June 30, 2023, down from $1,573,121 as of December 31, 2022, a decrease of about 1.6%[54]. - The Company’s commercial real estate loans (non-owner occupied) decreased to $1,881,978 as of June 30, 2023, from $1,964,010 as of December 31, 2022, reflecting a decline of approximately 4.2%[54]. - The total amount of nonaccrual loans as of June 30, 2023, was $15,726,000, with $1,313,000 in commercial and industrial loans[83]. Securities and Investments - As of June 30, 2023, the total amortized cost of available-for-sale debt securities was $1,645,373, with a fair value of $1,419,360, reflecting a decrease in fair value of $226,400[43]. - The total carrying amount of securities pledged as of June 30, 2023, was $1,138,262, down from $1,191,021 as of December 31, 2022[44]. - The company reported a net cash provided by investing activities of $53,643,000 for the six months ended June 30, 2023, compared to a net cash used of $1,110,339,000 in 2022[23]. - The total carrying amount of deposits without stated maturities is $9,251,599, with a fair value equal to the carrying amount[134]. Derivative Financial Instruments - The total notional amount of non-designated derivative financial instruments as of June 30, 2023, was $1,567,921,000, with assets valued at $46,121,000 and liabilities at $43,039,000[119]. - The Company reported a loss of $(2,979,000) in mortgage banking income related to non-designated derivative financial instruments for the three months ended June 30, 2023, compared to a gain of $7,274,000 in the same period of 2022[119]. - The estimated fair value of cash flow hedges as of June 30, 2023, was $1,011,000, down from $1,255,000 at the end of 2022[121]. - The Company’s derivative financial assets amounted to $44,150,000, while liabilities were $18,441,000 as of June 30, 2023[126]. Capital and Shareholder Information - The total capital to risk-weighted assets ratio for FB Financial Corporation was 13.9% as of June 30, 2023, exceeding the minimum requirement of 10.5%[161]. - Tier 1 capital to risk-weighted assets ratio for FB Financial Corporation was 11.9% as of June 30, 2023, above the minimum requirement of 8.5%[161]. - The company granted 163,552 restricted stock units (RSUs) during the six months ended June 30, 2023, with a weighted average grant date fair value of $36.04[163]. - The total fair value of RSUs vested and released was $6,393 thousand for the six months ended June 30, 2023[163].

FB Financial Corporation (NYSE:FBK) Q2 2023 Earnings Conference Call July 17, 2023 9:00 AM ET Company Participants Chris Holmes - President and CEO Michael Mettee - CFO Greg Bowers - Chief Credit Officer Conference Call Participants Stephen Scouten - Piper Sandler Catherine Mealor - KBW Kevin Fitzsimmons - D.A. Davidson Matt Olney - Stephens Inc. Brett Rabatin - Hovde Group Alex Lau - JPMorgan Feddie Strickland - Janney Montgomery Scott Operator Good morning and welcome to the FB Financial Corporation's ...

Financial Performance - Net income applicable to FB Financial Corporation for Q1 2023 was $36,381 thousand, a slight increase from $35,236 thousand in Q1 2022, reflecting a growth of 3.25%[14] - Earnings per share (EPS) for Q1 2023 was $0.78, compared to $0.74 in Q1 2022, indicating a 5.41% increase[14] - Comprehensive income for Q1 2023 was $56,248 thousand, compared to a loss of $42,166 thousand in Q1 2022, showing a significant turnaround[15] - Net income attributable to FB Financial Corporation for Q1 2023 was $36,381,000, a 3.3% increase from $35,236,000 in Q1 2022[19] - For the three months ended March 31, 2023, FB Financial Corporation reported a net income of $36,381,000, an increase from $35,236,000 in the same period of 2022, representing a growth of 3.3%[28] Asset and Deposit Growth - Total assets increased to $13,101,147 thousand as of March 31, 2023, compared to $12,847,756 thousand at December 31, 2022, reflecting a growth of 1.97%[13] - Total deposits rose to $11,182,915 thousand in Q1 2023, compared to $10,855,834 thousand in Q1 2022, marking an increase of 3.01%[13] - Cash and cash equivalents at the end of Q1 2023 were $1,319,951,000, compared to $1,027,052,000 at the beginning of the period, reflecting a net change of $292,899,000[19] - The net increase in demand deposits for Q1 2023 was $251,069,000, compared to $238,893,000 in Q1 2022[19] Income and Expense Analysis - Net interest income for Q1 2023 was $103,660 thousand, up from $88,182 thousand in Q1 2022, representing a year-over-year increase of 17.5%[14] - Noninterest income decreased to $23,349 thousand in Q1 2023 from $41,392 thousand in Q1 2022, a decline of 43.6%[14] - The company reported a net unrealized gain in available-for-sale securities of $20,064 thousand for Q1 2023, contrasting with a loss of $78,175 thousand in Q1 2022[15] - The total interest expense on borrowings for the three months ended March 31, 2023, was $(760), compared to income of $162 for the same period in 2022, resulting in a total interest expense of $(2,268) for the current period[124] Credit Losses and Provisions - The provision for credit losses was $4,997 thousand in Q1 2023, compared to a reversal of $6,129 thousand in Q1 2022, indicating a shift in credit loss expectations[14] - The allowance for credit losses increased to $138,809 thousand as of March 31, 2023, from $134,192 thousand at December 31, 2022[13] - The company reported a provision for credit losses of $4,997,000 in Q1 2023, compared to a reversal of $6,129,000 in Q1 2022[19] - The ending balance of loans charged off for the three months ended March 31, 2023, was $(767,000), compared to $(579,000) for the same period in 2022[62] Loan Portfolio and Quality - Gross loans outstanding reached $9,365,996 as of March 31, 2023, compared to $9,298,212 as of December 31, 2022, indicating a growth of approximately 0.73%[50] - The total amount of residential real estate loans was $1,562,503,000, with performing loans at $551,997,000 and nonperforming loans at $1,945,000[75] - The total amount of commercial and industrial loans was $1,671,398,000, with nonaccrual loans at $2,413,000[77] - The total classified loans for commercial and industrial increased to $457,000 from $2,770 in the previous year, indicating a significant rise in classified loans[69] Capital and Equity - As of March 31, 2023, FB Financial Corporation's total capital to risk-weighted assets ratio was 13.6%, exceeding the minimum capital adequacy requirement of 10.5%[160] - The Tier 1 capital to risk-weighted assets ratio for FB Financial Corporation was 11.6% as of March 31, 2023, above the required minimum of 8.5%[160] - Total common stock equity decreased to $1,369,696,000 as of March 31, 2023, down from $1,432,695,000 at the end of 2021[17] Market and Economic Factors - The company actively monitors and manages its interest rate risk exposure, which significantly impacts financial results[351] - As of March 31, 2023, a 400 basis point increase in interest rates would result in a 17.9% increase in net interest income, compared to a 20.6% increase as of December 31, 2022[355] - The economic value of equity (EVE) would decrease by 12.8% with a 400 basis point increase in interest rates as of March 31, 2023, compared to a 9.90% decrease as of December 31, 2022[355] Stock and Compensation - The total fair value of restricted stock units vested and released was $4,591 thousand for Q1 2023, compared to $3,397 thousand for Q1 2022, indicating an increase of approximately 35.2%[164] - The compensation cost related to stock grants and vesting of restricted stock units was $1,706 thousand for Q1 2023, down from $1,856 thousand in Q1 2022, a decrease of about 8.1%[165] - The employee stock purchase plan generated proceeds of $305 thousand from the issuance of 8,214 shares during Q1 2023, compared to $588 thousand from 15,152 shares in Q1 2022[169]

FB Financial Corporation (NYSE:FBK) Q1 2023 Earnings Conference Call April 18, 2023 9:00 AM ET Company Participants Chris Holmes - President and CEO Michael Mettee - CFO Greg Bowers - CCO Conference Call Participants Catherine Mealor - KBW Stephen Scouten - Piper Sandler Brett Rabatin - Hovde Group Matt Olney - Stephens Inc. Feddie Strickland - Janney Montgomery Scott Kevin Fitzsimmons - D.A. Davidson Operator Good morning and welcome to FB Financial Corporation’s First Quarter 2023 Earnings Conference Call ...

Financial Position - As of December 31, 2022, FB Financial Corporation had total assets of $12.85 billion, loans held for investment of $9.30 billion, total deposits of $10.86 billion, and total common shareholders' equity of $1.33 billion[18]. - The company completed its largest merger to date with Franklin Financial Network, Inc., acquiring total assets of $3.63 billion, loans of $2.79 billion, and total deposits of $3.12 billion in a transaction valued at $477.8 million[28]. - As of June 30, 2022, FB Financial Corporation ranked 6th among the top banks in Tennessee with a total deposit market share of 4.3%[38]. - The company has achieved top 10 deposit market shares in Knoxville and Chattanooga through strategic acquisitions and strong organic growth[41]. - The Nashville metropolitan area accounted for 48% of total deposits as of June 30, 2022, with the company holding a 5.4% market share in Nashville[22]. - The Nashville MSA has become the largest market for the company with approximately 5.4% market share based on pro forma deposits as of June 30, 2022[40]. Business Strategy - The company aims to strategically deploy capital across high-growth metropolitan and stable community markets to maximize profitable growth opportunities[20]. - The company has expanded its footprint through various acquisitions, including the acquisition of FNB Financial Corp. which added four branches in Kentucky[27]. - The company targets small to medium-sized businesses and corporate clients, focusing on building deeper relationships through tailored banking solutions[36]. - The company has a competitive advantage in metropolitan markets by offering a sophisticated product suite while maintaining a community banking service model[33]. - The company emphasizes a community banking approach with local decision-making authority to enhance client relationships and service delivery[19]. Risk Management - The company maintains a robust risk management framework that includes a Chief Risk Officer and a comprehensive risk culture to address various risks[45][54]. - The company actively manages credit risk through consistent analysis, monitoring, and a robust loan review program[58][61]. - The loan approval process is characterized by local authority and a centralized review process, ensuring compliance with credit policies[48]. - The company maintains an allowance for credit losses, which is sensitive to changes in macroeconomic forecasts and may require increases based on economic conditions[167]. - A significant portion of the loan portfolio is at risk due to potential declines in real estate values, which could adversely affect financial condition and results of operations[171]. - The company is exposed to lending concentration risks, particularly in commercial real estate, which may lead to increased credit risk and potential losses[173]. - Economic conditions in Tennessee, where approximately 73% of loans are concentrated, could significantly impact loan originations and overall profitability[181]. Regulatory Compliance - The company is subject to regulatory capital rules that limit its ability to pay dividends, repurchase stock, and make other capital distributions[108]. - The Federal Reserve requires prior approval for the company to acquire substantial assets or control of other banks, ensuring compliance with regulatory standards[104]. - The Bank is classified as "well capitalized" with a total risk-based capital ratio of 10% or greater, a Tier 1 risk-based capital ratio of 8% or greater, and a CET1 capital ratio of 6.5% or greater as of December 31, 2022[129]. - The company must maintain a capital conservation buffer to avoid restrictions on capital distributions or discretionary bonus payments to executives[112]. - The U.S. Basel III Capital Rules require deductions from CET1 Capital for goodwill and certain intangible assets, increasing capital requirements for specific asset classes[113]. - The company is subject to the CFPB's supervisory and enforcement authorities due to having total assets exceeding $10 billion, which may lead to additional compliance costs[159]. Technology and Innovation - Significant investments in technology and infrastructure have created a scalable platform to support future growth across all markets[43]. - The company completed the initial implementation of a commercial loan origination system and began implementing an asset-liability monitoring and funds management system in 2022[84]. - The company initiated a data management program aimed at enhancing data utilization, focusing on financial, regulatory, credit, and customer data[86]. - The company was a founding member of the USDF Consortium, developing a prototype of a blockchain-based payment application in early 2022[87]. - The company plans to implement a budgeted and forecasting system in 2023, supporting the FirstBank Way initiatives[88]. Employee and Workplace Culture - The company employed 1,757 full-time equivalent associates with an average tenure of six years as of December 31, 2022[74]. - The company achieved a 21.6% internal mobility rate, filling 141 positions through promotions in 2022[81]. - The company maintains a retention rate of over 93% for first-year hires[81]. - The company has a commitment to diversity, with 15% of external hires in 2022 representing ethnic minority groups[78]. - The company provides an average of over 70% coverage of total premium costs for employee medical plans[83]. - The company has been recognized as one of Middle Tennessee's Top Workplaces for eight consecutive years[75]. Market and Economic Conditions - Changes in interest rates could adversely affect net interest income, which is crucial for the company's earnings and financial condition[185]. - The transition away from LIBOR as a reference rate may negatively impact income and expenses, requiring adjustments to risk and pricing models[187]. - The performance of the investment securities portfolio is subject to fluctuations due to changes in interest rates and market conditions, which could materially affect net interest income[189]. - The profitability of the mortgage banking business is sensitive to interest rates and economic conditions, with rising rates expected to reduce mortgage production[193]. - The company relies on government-sponsored entities for revenue generation through mortgage loan sales, which could be adversely affected by legislative changes[198]. Cybersecurity and Vendor Management - The company relies on multiple vendors for operations, including sensitive data storage and processing[215]. - Cyber security breaches of vendor systems could lead to data theft or business disruption, potentially resulting in customer liability[215]. - The company has procedures to assess vendor cyber security controls but acknowledges these are not infallible[215]. - The Bank must report cybersecurity incidents within 36 hours to federal regulators and inform customers of incidents lasting more than four hours, in compliance with regulations effective from April 1, 2022[153].

Financial Data and Key Metrics Changes - The company reported an EPS of $0.81 and an adjusted EPS of $0.85 for the quarter, with a tangible book value per share growing at a compound annual growth rate of 14.8% since its IPO in 2016 [136] - The adjusted ROAA was 1.11% and the adjusted PTPP ROAA was 1.58%, which was below expectations [18] - The net interest margin for December was approximately 3.75%, with a contraction of 15 basis points from the previous quarter [54][168] Business Line Data and Key Metrics Changes - The mortgage segment experienced a pretax loss of $4.2 million for the quarter, attributed to rising interest rates and seasonality, leading to a 31% quarter-over-quarter reduction in rate lock demand [50][169] - The company managed to grow loans by 22.3% while holding deposits flat, which was considered a disappointing result [133] - The net interest income for the quarter was $111.3 million, with core bank non-interest income at $11.1 million [142] Market Data and Key Metrics Changes - The company saw a decline in non-interest bearing accounts by $225 million during the quarter, while interest-bearing deposits increased by 93 basis points compared to the prior quarter [19] - The company maintained a loan-to-deposit ratio comfortably below 90%, specifically at 85.7% [21] - The company reported a significant deposit growth of $850 million for the quarter, or 33.7% annualized, with true growth excluding mortgage escrow-related deposits at $915 million or 37% annualized [162] Company Strategy and Development Direction - The company is focused on improving efficiency and effectiveness through its community banking model, referred to as the "FirstBank way," which aims to enhance scalability and operational effectiveness [165] - The company plans to maintain a cautious approach to loan growth, limiting it to 8.4% annualized growth, while managing exposure in construction and commercial real estate [163][138] - The company is preparing for potential economic challenges by positioning itself defensively and is ready to capitalize on opportunities when the economic outlook improves [166] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding credit and liquidity, indicating a need to limit loan growth until clarity on economic conditions is achieved [20] - The company anticipates continued pressure on non-interest bearing deposits in 2023, with expectations that balances may stabilize after significant declines [148] - Management noted that while the mortgage segment has been a significant contributor in the past, it is not essential for achieving profitability moving forward [91][183] Other Important Information - The company repurchased $7 million worth of shares following a decline in stock price in December [139] - The allowance for credit losses (ACL) to loans decreased by 4 basis points, with a release of $456,000 recorded [26] - The company has approximately $7 billion in contingent liquidity readily available [139] Q&A Session Summary Question: What is the outlook for deposit growth and competition? - Management indicated that deposit growth is expected to continue in line with loan growth, but competition for deposits is anticipated to intensify [9] Question: How is the company managing its loan growth? - The company is intentionally limiting loan growth to maintain a loan-to-deposit ratio between 85% and 90% and is cautious about credit exposure [20] Question: What are the concerns regarding the loan portfolio? - Management expressed concerns about pockets of commercial real estate and construction loans, but noted confidence in their long-term customers [122][123]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-Q ______________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commiss ...

FB Financial Corporation (NYSE:FBK) Q3 2022 Earnings Conference Call October 18, 2022 9:00 AM ET Company Participants Chris Holmes - President, Chief Executive Officer Michael Mettee - Chief Financial Officer Greg Bowers - Chief Credit Officer Conference Call Participants Catherine Mealor - KBW Stephen Scouten - Piper Sandler Jennifer Demba - Truist Securities Kevin Fitzsimmons - DA Davidson Matt Olney - Stephens Brett Rabatin - Hovde Group Feddie Strickland - Janney Montgomery Scott Operator Good morning ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-Q ______________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission F ...

Financial Performance - Total interest income for Q1 2022 was $95,127,000, compared to $94,785,000 in Q1 2021, representing a 0.4% increase[13] - Net interest income after provisions for credit losses was $92,429,000 in Q1 2022, down from $96,430,000 in Q1 2021, a decrease of 4.1%[13] - Net income applicable to FB Financial Corporation for Q1 2022 was $35,236,000, a decline of 33.6% from $52,874,000 in Q1 2021[13] - Earnings per share (EPS) for Q1 2022 was $0.74, down from $1.12 in Q1 2021, reflecting a decrease of 33.9%[13] - Total noninterest income for Q1 2022 was $41,392,000, compared to $66,730,000 in Q1 2021, indicating a significant decline of 38%[13] - Total noninterest expenses decreased to $89,272,000 in Q1 2022 from $94,698,000 in Q1 2021, a reduction of 5.7%[13] - Other comprehensive loss for Q1 2022 was $(77,402,000), compared to $(11,537,000) in Q1 2021, indicating a significant increase in losses[15] Credit Losses and Provisions - Provision for credit losses was $(6,129,000) in Q1 2022, compared to $(11,632,000) in Q1 2021, showing a reduction in provisions by 47.4%[13] - The provision for credit losses was $(6,129,000) for the three months ended March 31, 2022, compared to $(11,632,000) for the same period in 2021, indicating a reduction in expected credit losses[41] - The allowance for credit losses decreased to $120,049 thousand as of March 31, 2022, from $125,559 thousand as of December 31, 2021, reflecting a reduction of approximately 4.0%[39] - The company reported recoveries of loans previously charged-off amounting to $1,198,000 for the three months ended March 31, 2022[41] Cash Flow and Investments - The net cash provided by operating activities for the three months ended March 31, 2022, was $288,148,000, compared to a net cash used of $(172,182,000) in the same period of 2021[19] - The net cash used in investing activities was $(477,754,000) for the three months ended March 31, 2022, compared to a net cash provided of $14,842,000 in the same period of 2021[19] - The net cash provided by financing activities was $135,177,000 for the three months ended March 31, 2022, a significant decrease from $734,575,000 in the same period of 2021[19] - Cash and cash equivalents at the end of the period were $1,743,311,000, down from $1,895,133,000 at the end of the same period in 2021[19] Loans and Loan Quality - Total loans outstanding as of March 31, 2022, reached $8,004,976 thousand, an increase from $7,604,662 thousand as of December 31, 2021, representing a growth of approximately 5.2%[39] - The net loans as of March 31, 2022, were $7,884,927 thousand, up from $7,479,103 thousand at the end of 2021, indicating a net increase of about 5.4%[39] - The company has shown a strong performance in the residential mortgage sector, with a total of $1,270,467,000 in loans[53] - The total amount of loans current on payments and accruing interest was $7,530,909 as of March 31, 2022[56] Derivatives and Hedging - The company has entered into designated cash flow hedges to hedge interest rate exposure on floating rate subordinated debentures amounting to $30.9 million[250] - Interest rate swap contracts were designated at fair value hedges to hedge interest rate exposure on subordinated debt issuance of $97.4 million[250] - The company utilizes derivative financial instruments to mitigate interest rate risk exposure and facilitate customer needs[247] Capital and Equity - The Company met all capital adequacy requirements as of March 31, 2022, under U.S. Basel III Capital Rules[120] - Total Capital to risk-weighted assets for FB Financial Corporation was $1,456,669, representing a ratio of 14.2% as of March 31, 2022[123] - Tier 1 Capital to risk-weighted assets for FB Financial Corporation was $1,264,358, with a ratio of 12.3% as of March 31, 2022[123] - Common Equity Tier 1 Capital to risk-weighted assets for FB Financial Corporation was $1,234,358, reflecting a ratio of 12.0% as of March 31, 2022[123] Restructuring and Strategic Changes - The company expects to incur total pre-tax restructuring charges of approximately $11,000 to $13,000 due to the discontinuation of its Direct-to-Consumer channel, which accounted for 43.4% of total interest rate lock volume in Q1 2022[27] - The Mortgage segment's restructuring includes the discontinuation of the Direct-to-Consumer delivery channel, which accounted for 43.4% of total interest rate lock volume in Q1 2022[115] Tax and Deferred Assets - The Company’s effective tax rate for the three months ended March 31, 2022, was 20.9%, down from 22.8% for the same period in 2021[75] - As of March 31, 2022, the net deferred tax assets amounted to $9,748,000, compared to a liability of $6,820,000 as of December 31, 2021[77]