Financial Performance - Net income for Q3 2025 was $59.8 million, a decrease of 17.4% compared to $72.5 million in Q3 2024[3] - Diluted EPS for Q3 2025 was $0.63, down from $1.18 in Q3 2024, while adjusted diluted EPS (non-GAAP) increased to $0.77 from $0.70[4] - The Company’s return on average assets was 0.90% for Q3 2025, compared to 1.63% in Q3 2024[10] - Net income (GAAP) for Q3 2025 was $59,788 thousand, a significant increase from $1,018 thousand in Q2 2025[31] - Adjusted net income (non-GAAP) for Q3 2025 was $72,917 thousand, compared to $65,877 thousand in Q2 2025[31] - Tangible net income (non-GAAP) for Q3 2025 was $66,298 thousand, a rise from $7,690 thousand in Q2 2025[31] - Diluted earnings per share (GAAP) improved to $0.63 from $0.01, showcasing a significant increase[32] - Adjusted diluted earnings per share (non-GAAP) reached $0.77, up from $0.69, representing an increase of 11.6%[32] Loan and Asset Growth - Loans increased by $462.1 million linked quarter, representing an annualized net loan growth of 9.9%[8] - Loans held for investment increased to $19,025,521,000 as of September 30, 2025, up from $18,563,447,000 in the previous quarter[14] - The loan portfolio totaled $19,025,521 thousand as of September 30, 2025, reflecting an increase from $18,563,447 thousand as of June 30, 2025[17] - Commercial, financial, and agricultural loans increased to $2,760,490 thousand as of September 30, 2025, from $2,666,923 thousand as of June 30, 2025[17] - Total assets of the company reached $26,726,165,000, an increase from $26,624,975,000 in the previous quarter[14] - Renasant Corporation has total assets of approximately $26.7 billion as of the latest reporting date[22] Income and Expense Analysis - Net interest income for Q3 2025 was $228.1 million, up $5.4 million from the previous quarter, with a net interest margin of 3.85%[8] - Noninterest income decreased by $0.8 million linked quarter, excluding a $1.5 million gain on sale of mortgage servicing rights[8] - Total noninterest expense for the nine months ended September 30, 2025, was $480,910,000, compared to $346,871,000 for the same period in 2024, indicating an increase of approximately 38.5%[12] - Total noninterest income (GAAP) for the period was $46,026 million, a decrease from $48,334 million in the previous period[33] - Total adjusted noninterest income (non-GAAP) of $46,026 million, compared to $46,867 million in the prior period[33] Credit Quality and Losses - The Company recorded a provision for credit losses of $10.5 million for Q3 2025, a decrease of $4.3 million linked quarter[8] - As of September 30, 2025, total nonperforming assets increased to $182,126 thousand, up from $153,609 thousand as of June 30, 2025, representing a 18.5% increase[18] - Nonperforming loans as a percentage of total loans rose to 0.90% as of September 30, 2025, compared to 0.76% as of June 30, 2025[18] - The allowance for credit losses on loans was $297,591 thousand as of September 30, 2025, compared to $290,770 thousand as of June 30, 2025, reflecting a 0.3% increase[18] - The annualized net loan charge-offs as a percentage of average loans decreased to 0.09% for the quarter ending September 30, 2025, down from 0.26% for the quarter ending June 30, 2025[18] Shareholder Metrics - Book value per share increased by 1.2% linked quarter, while tangible book value per share (non-GAAP) increased by 2.9%[8] - The company's shareholders' equity to assets ratio improved to 14.31% as of September 30, 2025, compared to 14.19% in the previous quarter[11] - Average shareholders' equity (GAAP) increased to $3,794,996 thousand in Q3 2025 from $3,745,051 thousand in Q2 2025[31] - Shareholders' equity (GAAP) increased to $3,825,778 from $3,778,854, reflecting a growth of 1.4% year-over-year[32] Operational Efficiency - The efficiency ratio (GAAP) improved to 67.05%, down from 67.59% in the previous period, indicating better cost management[33] - The adjusted efficiency ratio (non-GAAP) improved to 57.51%, compared to 57.07% in the previous period, indicating enhanced operational efficiency[33] Stock and Market Activity - Effective October 28, 2025, the Company approved a $150.0 million stock repurchase program, replacing the previous $100.0 million program[8] - The market value per share increased to $36.89 from $35.93 in the previous quarter, reflecting a growth of approximately 2.67%[11]

Core Viewpoint - Renasant Corporation reported strong financial performance in Q3 2025, with notable loan growth and profit improvement, while successfully integrating with The First Bancshares, Inc. [1] Earnings Summary - Net income for Q3 2025 was $59.8 million, a decrease from $72.5 million in Q3 2024 [4] - Basic and diluted earnings per share (EPS) were $0.63, compared to $1.18 in Q3 2024 [4][10] - Adjusted diluted EPS (non-GAAP) was $0.77, up from $0.70 in Q3 2024 [4][10] Balance Sheet Highlights - Total assets increased to $26.73 billion as of September 30, 2025, from $26.62 billion in the previous quarter [17] - Loans held for investment rose to $19.03 billion, reflecting a $462.1 million increase linked quarter, representing a 9.9% annualized growth rate [4][17] - Total deposits decreased by $158.1 million linked quarter, primarily due to public fund seasonality [4][17] Income and Expenses - Net interest income for Q3 2025 was $228.1 million, an increase of $5.4 million from the previous quarter [4] - Noninterest income totaled $46.0 million, down from $48.3 million in the previous quarter [4][14] - Noninterest expense was $183.8 million, slightly up from $183.2 million in the previous quarter [4][14] Credit Quality - The provision for credit losses was $10.5 million for Q3 2025, a decrease from $81.3 million in Q2 2025 [9] - The ratio of allowance for credit losses on loans to total loans was 1.56% as of September 30, 2025 [9] - Nonperforming loans to total loans increased to 0.90% from 0.76% in the previous quarter [9] Capital and Stock Repurchase Program - The Board of Directors approved a $150 million stock repurchase program effective October 28, 2025, replacing the previous $100 million program [5] - Book value per share increased to $40.26, up 1.2% linked quarter [4][13] Performance Ratios - Return on average assets was 0.90% for Q3 2025, compared to 1.63% in Q3 2024 [11] - Return on average equity was 6.25%, down from 11.29% in the same quarter last year [11]

Core Points - Renasant Corporation will announce its 2025 third quarter results on October 28, 2025, after the NYSE closes [1] - A quarterly webcast and conference call with analysts is scheduled for October 29, 2025, at 10:00 AM Eastern Time [1] - The webcast will be accessible through Renasant's investor relations website and via telephone for participants [2] Company Overview - Renasant Corporation is the parent company of Renasant Bank, which has been in operation for 121 years [4] - The company has approximately $26.6 billion in assets and operates 300 banking, lending, mortgage, and wealth management offices across the Southeast [4] - Renasant also offers factoring and asset-based lending services on a nationwide basis [4]

Group 1: AI and Software Development - Replit, an AI software developer, raised $250 million at a $3 billion valuation, with annualized revenue increasing from $2.8 million to $150 million in less than a year [2][4] - Cognition AI raised $400 million at a $10.2 billion valuation, with annual recurring revenue climbing to $73 million from $1 million in September 2024 [27][28] - Cursor, another code-generation startup, raised $900 million at a $10 billion valuation, focusing on suggesting and completing lines of code [6] Group 2: Electric and Hybrid Technologies - Arc Boats secured a $160 million order for eight hybrid-electric tugboats, expected to reduce pollution and comply with environmental regulations [7][8][10] - The hybrid system allows for space-saving designs by eliminating large diesel engines, improving air quality around ports [10][12] Group 3: Healthcare Innovations - SafeHeal raised an additional €10 million to develop Colovac, a device aimed at transforming colorectal surgery for cancer patients [35][36] - TERN Group, a clinical AI workforce platform, raised €20 million to address healthcare workforce shortages, aiming for 60% faster hiring and 3x cost savings compared to traditional models [41][45][46] Group 4: Space and Defense - Apex, a spacecraft startup, achieved a valuation over $1 billion, with funding aimed at speeding up spacecraft production by 50% [18][19] - The demand for low-Earth orbiting satellite constellations is driven by military and geopolitical competition, particularly from the U.S., Russia, and China [22][23] Group 5: Material Discovery and AI - CuspAI secured over €85 million to revolutionize materials discovery using AI, promising to generate new candidates up to 10x faster than traditional methods [29][32] - The company combines generative AI with advanced simulations to accelerate the design of materials [32][34]

Core Viewpoint - Keefe, Bruyette & Woods, Inc. announces the upcoming index rebalancing for the KBW Regional Banking Index, effective September 22, 2025, indicating changes in its constituent components [1][2]. Group 1: Index Rebalancing Details - The rebalancing will affect the KBW Regional Banking Index (Ticker: KRX; ETF Ticker: KBWR) [2]. - Renasant Corporation (NYSE: RNST) and WesBanco, Inc. (NYSE: WSBC) are among the companies involved in the changes [2][3]. Group 2: KBW Overview - KBW is a leading independent authority in the financial services sector, including banking, insurance, and asset management, and is a wholly owned subsidiary of Stifel Financial Corp. [5]. - Established in 1962, KBW has a strong reputation in research, corporate finance, mergers and acquisitions, and trading of equity securities [5].

Company Overview - Renasant Corporation (RNST) is currently experiencing significant activity in the options market, particularly with the Sep 19, 2025 $35.00 Put option showing high implied volatility, indicating potential for a major price movement [1] - The company holds a Zacks Rank of 4 (Sell) within the Banks - Southeast industry, which is in the top 5% of the Zacks Industry Rank [3] Analyst Insights - Over the past 60 days, two analysts have raised their earnings estimates for Renasant for the current quarter, while one has lowered theirs, resulting in a consensus estimate increase from 77 cents to 79 cents per share [3] - The high implied volatility suggests that options traders are anticipating a significant price movement for Renasant shares, which could indicate an upcoming event that may lead to a rally or sell-off [2][4] Trading Strategy - Options traders often seek out high implied volatility options to sell premium, a strategy that can capture decay and potentially reduce risk if the underlying stock does not move as much as expected [4]

[PART I Financial Information](index=5&type=section&id=PART%20I%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2025 financial statements reflect significant asset, loan, and deposit growth from the First Bancshares acquisition, though net income declined due to credit loss provisions and merger expenses [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets, net loans, and deposits significantly increased by over 40% as of June 30, 2025, primarily driven by the First Bancshares acquisition Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Assets | $26,624,975 | $18,034,868 | +$8,590,107 | +47.6% | | Loans, net | $18,272,677 | $12,683,264 | +$5,589,413 | +44.1% | | Goodwill | $1,419,782 | $988,898 | +$430,884 | +43.6% | | Total Deposits | $21,582,637 | $14,572,612 | +$7,010,025 | +48.1% | | Total Liabilities | $22,846,121 | $15,356,550 | +$7,489,571 | +48.8% | | Total Shareholders' Equity | $3,778,854 | $2,678,318 | +$1,100,536 | +41.1% | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net income plummeted due to a large provision for credit losses and merger expenses, despite strong net interest income growth Q2 2025 vs Q2 2024 Performance (in thousands, except EPS) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $218,859 | $125,026 | +75.1% | | Provision for Credit Losses | $81,322 | $3,300 | +2364.3% | | Noninterest Income | $48,334 | $38,762 | +24.7% | | Noninterest Expense | $183,204 | $111,976 | +63.6% | | Net Income | $1,018 | $38,846 | -97.4% | | Diluted EPS | $0.01 | $0.69 | -98.6% | - Merger and conversion related expenses of **$20.5 million** were a significant contributor to the increase in noninterest expense in Q2 2025[12](index=12&type=chunk) [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q2 2025 comprehensive income significantly decreased to $8.6 million, primarily comprising net income and unrealized gains on available-for-sale securities Comprehensive Income Summary (in thousands) | Component | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $1,018 | $38,846 | $42,536 | $78,255 | | Other Comprehensive Income, net of tax | $7,580 | $2,827 | $28,567 | $140 | | **Comprehensive Income** | **$8,598** | **$41,673** | **$71,103** | **$78,395** | [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $3.78 billion by June 30, 2025, primarily driven by the issuance of **31.2 million** shares for an acquisition, partially offset by cash dividends - The company issued **31,238,172** shares of common stock valued at **$1,059,911 thousand** in connection with an acquisition during the six months ended June 30, 2025[17](index=17&type=chunk) - Cash dividends of **$0.44** per share were paid during the first six months of 2025, totaling **$35.4 million**[12](index=12&type=chunk)[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$286.6 million** for the six months ended June 30, 2025, driven by financing activities and partially offset by investing activities Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $28,861 | $15,980 | | Net Cash used in Investing Activities | ($262,173) | ($43,479) | | Net Cash from Financing Activities | $519,892 | $78,054 | | **Net Increase in Cash** | **$286,580** | **$50,555** | - The company received net cash of **$261.5 million** from the acquisition of businesses and issued **$1.06 billion** in common stock for the same transaction, indicating a significant non-cash financing and investing activity[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the **$1.06 billion** acquisition of The First Bancshares, Inc., portfolio compositions, credit loss allowance, regulatory capital, and segment performance - Effective April 1, 2025, the Company completed its acquisition of The First Bancshares, Inc. in a transaction valued at approximately **$1.06 billion**, issuing **31,238,172** shares of common stock[26](index=26&type=chunk) - The acquisition resulted in the recording of approximately **$430.9 million** in goodwill and a **$159.6 million** core deposit intangible[27](index=27&type=chunk) - The allowance for credit losses on loans increased to **$290.8 million** at June 30, 2025, from **$201.8 million** at year-end 2024, with the increase largely driven by a provision related to the acquisition and organic loan growth[93](index=93&type=chunk)[95](index=95&type=chunk) - As of June 30, 2025, both Renasant Corporation and Renasant Bank were categorized as **'Well Capitalized'** under all regulatory measures, with a Total Capital to Risk-Weighted Assets ratio of **14.97%** for the corporation and **13.13%** for the bank[167](index=167&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes significant financial changes to the April 1, 2025, acquisition of The First Bancshares, Inc., impacting assets, loans, deposits, and Q2 net income due to credit loss provisions and merger expenses - The acquisition of The First increased total assets by **$7.99 billion**, total loans by **$5.20 billion**, and total deposits by **$6.45 billion** on April 1, 2025[183](index=183&type=chunk)[189](index=189&type=chunk)[192](index=192&type=chunk) Impact of Special Items on Q2 2025 Diluted EPS | Item | Pre-tax Impact (in thousands) | After-tax Impact (in thousands) | Impact to Diluted EPS | | :--- | :--- | :--- | :--- | | Merger and conversion expenses | $(20,479) | $(15,875) | $(0.17) | | Day 1 acquisition provision | $(66,612) | $(50,026) | $(0.53) | - Net interest margin for Q2 2025 was **3.85%**, an increase from **3.31%** in Q2 2024, benefiting from the acquisition, loan growth, and lower interest rates in the second half of 2024[204](index=204&type=chunk)[206](index=206&type=chunk) - Nonperforming loans as a percentage of total loans decreased to **0.76%** at June 30, 2025, from **0.88%** at December 31, 2024[262](index=262&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=82&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes in its market risk since December 31, 2024, referring to its 2024 Annual Report on Form 10-K for further details - There have been no material changes in the company's market risk since December 31, 2024[304](index=304&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures) The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures are effective as of June 30, 2025[305](index=305&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[305](index=305&type=chunk) [PART II Other Information](index=83&type=section&id=PART%20II%20Other%20Information) [Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes from the risk factors set forth in the company's 2024 Annual Report on Form 10-K[306](index=306&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and no share repurchases under its **$100 million** program during Q2 2025, except for **2,799** shares withheld for tax liabilities - No shares were repurchased during Q2 2025 under the **$100 million** stock repurchase program authorized in October 2024[308](index=308&type=chunk)[310](index=310&type=chunk) - A total of **2,799** shares were purchased during Q2 2025, all of which were shares withheld to satisfy tax liabilities from vesting restricted stock awards, not as part of the public repurchase plan[308](index=308&type=chunk) [Other Information](index=84&type=section&id=Item%205.%20Other%20Information) During the quarter ended June 30, 2025, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[311](index=311&type=chunk) [Exhibits](index=84&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the merger agreement with The First Bancshares, Inc., various indentures, employment agreements, and required certifications by the CEO and CFO

Group 1 - Renasant Corporation held its 2025 Second Quarter Earnings Conference Call and Webcast, with participation from key executive management team members [2][3] - The call included forward-looking statements that involve risks and uncertainties, highlighting factors that could lead to actual results differing from expectations [4]

Financial Data and Key Metrics Changes - Reported earnings were $1,000,000 or $0.01 per diluted share, while adjusted earnings were approximately $66,000,000 or $0.69 per diluted share [5] - Loans increased by $312,000,000 or 7% from the previous quarter, and deposits rose by $361,000,000 or 7% [6] - Core net interest margin expanded from 3.42% to 3.58%, while reported margin increased from 3.45% to 3.85% for the quarter [6] Business Line Data and Key Metrics Changes - Adjusted pre-provision net revenue was $103,000,000, with non-interest income at $48,300,000, reflecting a linked quarter increase of $11,900,000 [10] - Non-interest expense was $183,200,000 for the second quarter, with merger and conversion expenses of $20,500,000 included [10][11] Market Data and Key Metrics Changes - The fair value of assets acquired in the merger totaled $7,900,000,000, including total loans of $5,200,000,000 and total deposits of $6,400,000,000 [8] - The company experienced improvement in past due loan percentages, with non-performing loans remaining flat [9] Company Strategy and Development Direction - The merger with First Bank shares is seen as a significant opportunity for growth, with a focus on integrating teams and meeting customer needs [4][5] - The company aims for mid-single digit loan and deposit growth, with a strong pipeline and focus on capturing market share [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration process and the potential for future growth, emphasizing the importance of focusing on the merger's benefits [12][61] - The company is cautious about potential economic impacts but remains committed to achieving its strategic goals [36][39] Other Important Information - The adjusted total cost of deposits decreased by 18 basis points to 2.04%, while adjusted loan yields decreased by only one basis point to 6.18% [7] - The company expects additional conversion-related expenses in the third quarter, with a goal to achieve modeled synergies by year-end [11] Q&A Session Summary Question: Can you walk through the margin and expectations moving forward? - Management indicated that core margin is expected to see modest expansion, with two rate cuts anticipated later in the year [16][17] Question: What are the expectations for core expense levels in the next few quarters? - Management stated that efficiencies from the merger will start to show in Q3, with a clean income statement expected by Q1 next year [34][36] Question: Can you provide color on elevated charge-offs of problem loans? - Management clarified that the charge-offs were related to individual credits and not systemic issues, with expectations for future charge-offs to revert to historical averages [51][52] Question: What are the thoughts on potential buybacks? - Management emphasized that capital is primarily for organic growth, but buybacks are considered as part of the capital allocation strategy [55] Question: When might the company consider whole bank M&A again? - Management indicated that it is too early to plan for M&A, focusing instead on the successful integration of the current merger [61][62]

Financial Data and Key Metrics Changes - Reported earnings were $1,000,000 or $0.01 per diluted share, while adjusted earnings were approximately $66,000,000 or $0.69 per diluted share [5] - Loans increased by $312,000,000 or 7% from the previous quarter, and deposits rose by $361,000,000 or 7% [6] - Core net interest margin expanded from 3.42% to 3.58%, while reported margin increased from 3.45% to 3.85% for the quarter [6] Business Line Data and Key Metrics Changes - Adjusted pre-provision net revenue was $103,000,000, with net interest income growth driven by improved net interest margin and balance sheet growth [11] - Non-interest income was $48,300,000, reflecting a linked quarter increase of $11,900,000, largely driven by the mortgage division [11] - Non-interest expense for the quarter was $183,200,000, with merger and conversion expenses of $20,500,000 included [11] Market Data and Key Metrics Changes - The fair value of assets acquired in the merger totaled $7,900,000,000, including total loans of $5,200,000,000 [9] - The fair value of liabilities assumed was $6,900,000,000, including total deposits of $6,400,000,000 [9] - All regulatory capital ratios remained above required minimums, indicating a well-capitalized status [9] Company Strategy and Development Direction - The company is focused on successfully integrating teams from both merged entities and meeting customer needs [4] - Management expressed confidence in achieving modeled synergies by year-end and emphasized the importance of cultural integration [12] - The company aims for mid-single-digit loan and deposit growth, with a strong pipeline and opportunities in key markets [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the merger has created a strong foundation for future growth, with expectations for modest expansion in core margin [17] - The company is on track to achieve its long-term strategic goals regarding profitability metrics such as ROA and efficiency ratio [39] - Management remains cautious about potential economic impacts but is optimistic about the integration and growth opportunities [26] Other Important Information - The company recorded a credit loss provision on loans of $14,700,000, with net charge-offs primarily from two credits [10] - The adjusted efficiency ratio improved by about seven percentage points, reflecting better revenue and cost containment [12] - Management indicated that additional conversion-related expenses are expected in the third quarter [12] Q&A Session Summary Question: Can you walk through the margin and expectations for core margin moving forward? - Management expects modest expansion in core margin, with a spot margin in June at 3.60% [18][20] Question: What are the expectations for core expense levels in the next few quarters? - Management indicated that efficiencies from the merger will start to show in Q3, with a goal for a clean income statement by Q1 next year [35][36] Question: What is the outlook for loan growth and pipeline? - Management reported a strong pipeline and guided for mid-single-digit loan and deposit growth, with efforts to capture market share [25][26] Question: Can you provide color on elevated charge-offs and future expectations? - Management clarified that recent charge-offs were not systemic and expected future charge-offs to revert to historical averages of around 10 basis points [50][51] Question: What are the thoughts on potential buybacks and capital allocation? - Management stated that capital is primarily for organic growth, with buybacks considered but not prioritized at this time [52][54] Question: When might the company consider whole bank M&A opportunities? - Management indicated that it is too early to plan for M&A, focusing instead on the successful integration of the current merger [60][62]