Core Insights - Carter Bankshares reported Q2 2025 earnings with an EPS (GAAP) of $0.37, exceeding the consensus estimate of $0.34, marking a 76.2% increase year-over-year from $0.21 in Q2 2024 [1][2][5] - The bank's net interest margin improved to 2.82% (non-GAAP), up from 2.56% in Q2 2024, reflecting better credit metrics despite ongoing revenue challenges [2][8] - Nonperforming loans decreased to $250.6 million from $300.2 million in Q2 2024, with a significant portion attributed to the Justice Entities relationship [6][5] Financial Metrics - EPS (GAAP) for Q2 2025 was $0.37, compared to an estimate of $0.34 and $0.21 in Q2 2024, showing a year-over-year increase of 76.2% [2] - Net interest margin (non-GAAP) rose to 2.82%, an increase of 0.26 percentage points from Q2 2024 [2] - Pre-tax pre-provision income (non-GAAP) reached $8.0 million, up 29.0% from $6.2 million in Q2 2024 [2] - The efficiency ratio (GAAP) improved to 78.63% from 81.62% in Q2 2024 [2][9] Business Overview - Carter Bankshares operates as a regional bank in Virginia and North Carolina, focusing on commercial real estate loans, residential mortgages, and deposit products [3] - The bank aims to differentiate itself through brand enhancement and personalized customer relationships [3][4] - Recent strategic initiatives include expanding market presence, attracting new commercial loan clients, and returning capital to shareholders via stock buybacks [4] Operational Highlights - Commercial real estate loans increased to $2.00 billion from $1.80 billion in Q2 2024, indicating growth momentum [7] - Deposit growth reached $4.22 billion, up from $3.88 billion, largely due to a branch acquisition in North Carolina [7] - Noninterest income (GAAP) fell 11.3% year-over-year to $4.9 million, impacted by the absence of a one-time gain recorded in Q1 2025 [9] Strategic Developments - The bank completed the acquisition of two branch offices from First Reliance Bank, enhancing its presence in North Carolina [10] - Stock repurchases totaled 547,332 shares at an average price of $16.70, costing $9.1 million out of a $20 million approved program [10] - Management expressed confidence in a healthy loan pipeline, particularly in construction lending, expected to contribute significantly in the next 12 to 18 months [11] Future Outlook - Key issues for investors include the resolution of the Justice Entities loan, organic deposit growth trends, and expense control [12] - The bank remains sensitive to Federal Reserve rate changes, with expectations for benefits from additional rate cuts [11]

Financial Performance - Riverview Bancorp reported earnings of $1.2 million, or $0.06 per diluted share, for the first fiscal quarter ended June 30, 2025, an increase from $1.1 million, or $0.05 per diluted share, in the previous quarter and $966,000, or $0.05 per diluted share, in the same quarter last year [1][39] - Net interest income rose to $9.8 million in the current quarter, compared to $9.2 million in the preceding quarter and $8.8 million in the first fiscal quarter a year ago [4][39] - The net interest margin (NIM) improved to 2.78%, a 13 basis point increase from 2.65% in the previous quarter and a 31 basis point increase from 2.47% in the same quarter last year [5][39] Loan and Deposit Activity - Total loans increased by $5.6 million to $1.07 billion at June 30, 2025, compared to $1.06 billion three months earlier and $1.05 billion a year earlier [12] - The loan pipeline was $72.0 million at June 30, 2025, up from $41.1 million at the end of the previous quarter and $32.3 million a year ago [12] - Total deposits decreased by $22.4 million to $1.21 billion at June 30, 2025, compared to $1.23 billion at March 31, 2025, and decreased by $9.8 million compared to a year ago [15] Credit Quality - Non-performing loans totaled $143,000, or 0.01% of total loans, as of June 30, 2025, unchanged from the previous quarter and down from $160,000, or 0.04% of total loans, a year ago [18] - The allowance for credit losses remained stable at $15.4 million, representing 1.44% of total loans [21] Strategic Initiatives - The company is focused on enhancing operational performance and expanding digital capabilities as part of a three-year strategic plan [2][3] - Riverview Bancorp was added to the Russell 3000 and Russell 2000 Indexes, enhancing visibility within the institutional investment community [3] Shareholder Returns - The company paid a cash dividend of $0.02 per share on July 22, 2025, to shareholders of record on July 10, 2025 [17] - Shareholders' equity increased to $162.0 million at June 30, 2025, compared to $160.0 million three months earlier and $155.9 million a year earlier [17]

Core Viewpoint - Landmark Bancorp, Inc. (LARK) experienced a decline in share price of 3.8% following its second-quarter 2025 results, contrasting with a 0.6% increase in the S&P 500 index during the same period [1] Financial Performance - For Q2 2025, Landmark Bancorp reported diluted earnings per share (EPS) of 75 cents, a 44% increase year-over-year from 52 cents, but a decrease from 81 cents in Q1 2025. Net income was $4.4 million, up from $3 million year-over-year but down from $4.7 million sequentially [2] - Total revenues were primarily driven by net interest income, which rose 24.7% year-over-year to $13.7 million and improved 4.3% sequentially. Return on average assets was 1.11%, and return on average equity was 12.25%, both up from the prior year [3] Net Interest & Non-Interest Metrics - The net interest margin improved by 62 basis points year-over-year to 3.83%, attributed to higher loan yields and controlled funding costs. Average loan balances increased by $33.3 million, with loan yields rising by 3 basis points to 6.37% [4] - Non-interest income was $3.6 million, up $268,000 from Q1 but slightly down from $3.7 million year-over-year. Gains on mortgage loan sales increased by $178,000 sequentially, while fee and service charge income grew by $88,000 [5] Expense Management - Non-interest expenses totaled $11 million, up $200,000 from Q1, driven by higher data processing costs and increased losses at the captive insurance subsidiary. Year-over-year, expenses declined by $134,000 due to the absence of a prior-year valuation adjustment [6] Management Commentary - CEO Abigail Wendel highlighted loan growth and margin expansion as key earnings drivers, with strong demand across commercial, commercial real estate, and residential mortgage lending contributing to a $42.9 million increase in gross loans. Minimal net charge-offs of $40,000 were noted [7] - CFO Mark Herpich pointed out a strong capital base, with stockholders' equity rising by $5.7 million, increasing book value per share to $25.66 from $24.69. The efficiency ratio improved to 62.8% from 67.9% year-over-year, indicating better operational leverage [8] Credit Quality & Provision - Landmark Bancorp recorded a $1 million provision for credit losses in Q2, reflecting growth in loan balances and a conservative reserve stance. The allowance for credit losses increased to $13.8 million, or 1.23% of gross loans [9] - Non-performing loans rose to $17 million from $13.3 million in the prior quarter, attributed to two newly impaired commercial real estate credits. However, loans 30-89 days delinquent fell to $4.3 million from $10 million in Q1, indicating improving performance metrics [10] Deposit Dynamics & Funding Strategy - Total deposits decreased by $61.9 million from the prior quarter to $1.3 billion, mainly due to brokered deposit outflows and lower balances in money market and checking accounts. Year-over-year, deposits rose by $23.4 million, or 1.9%. To support loan growth, borrowings from the Federal Home Loan Bank increased by $105.9 million [12] - Management expressed confidence in liquidity, noting significant capacity for additional borrowing and plans to reduce borrowings through investment portfolio cash flows in the coming quarters [13] Strategic Outlook - Management reiterated plans to deepen customer relationships and grow deposits through its 29 community bank branches in Kansas, with deposit-gathering initiatives set to roll out in the second half of 2025 [14] Other Developments - Landmark Bancorp's board declared a quarterly cash dividend of 21 cents per share, marking the 96th consecutive quarterly dividend since the company's formation in 2001 [15]

Core Viewpoint - Eagle Bancorp Montana, Inc. reported strong financial results for the second quarter of 2025, with net income of $3.2 million, consistent with the previous quarter and significantly higher than the same quarter last year, indicating robust growth in loans and deposits, alongside an expanding net interest margin [1][3][6]. Financial Performance - Net income for Q2 2025 was $3.2 million, or $0.41 per diluted share, unchanged from Q1 2025 and up from $1.7 million, or $0.22 per diluted share, in Q2 2024 [1][6]. - For the first half of 2025, net income increased to $6.5 million, or $0.83 per diluted share, compared to $3.6 million, or $0.46 per diluted share, in the same period of 2024 [1]. - Net interest income before provision for credit losses rose 7.4% to $18.1 million in Q2 2025, and total revenues increased 9.7% to $23.0 million [6][14]. Balance Sheet Highlights - Total assets reached $2.14 billion as of June 30, 2025, up from $2.10 billion a year ago [4]. - Total loans increased by 3.4% to $1.57 billion compared to the previous year, with notable growth in commercial real estate and agricultural loans [7]. - Total deposits rose by $119.1 million, or 7.4%, to $1.74 billion year-over-year [8]. Loan and Deposit Composition - The composition of loans showed a 7.6% increase in commercial real estate loans and a 13.5% increase in agricultural loans, while residential mortgage loans decreased by 6.3% [7]. - The deposit mix shifted towards higher-yielding products, with noninterest-bearing checking accounts at 24.0% and time certificates of deposit at 26.5% of total deposits [8]. Capital Management - Shareholders' equity increased to $180.6 million at June 30, 2025, compared to $170.2 million a year earlier [10]. - The Tier 1 capital ratio was 10.34%, indicating strong capital adequacy [19]. Credit Quality - The allowance for credit losses was 1.13% of total loans, with nonperforming loans at $5.1 million [18]. - A provision for credit losses of $1.0 million was recorded in Q2 2025, compared to $412,000 in the same quarter last year [18]. Dividend Declaration - The board declared a quarterly cash dividend of $0.145 per share, representing an annualized yield of 3.32% based on recent market prices [2].

Financial Data and Key Metrics Changes - The company reported net income of $109.8 million or $1.6 per diluted share in the second quarter, a notable 21% increase year-over-year [11] - Return on assets (ROA) improved to 1.65% and return on tangible common equity increased to 15.8% [12] - Efficiency ratio improved to 51.63% from 52.83% in the previous quarter, indicating better operational efficiency [11][12] - Tangible book value per share increased to $41.32, reflecting a strong 15.5% annualized growth [12] Business Line Data and Key Metrics Changes - Loan growth was primarily driven by commercial and industrial (C&I) loans, with a total loan production of $1.9 billion, up from $1.5 billion in the previous quarter [17] - Non-interest income increased by approximately $4.9 million, largely due to a 36% growth in mortgage production [15] - Total non-interest expense rose by $4.2 million, mainly due to higher salaries and employee benefits related to increased mortgage production [15] Market Data and Key Metrics Changes - Non-interest bearing deposits grew over 3% annualized, maintaining a core focus on this segment [6][8] - The company’s capital ratios strengthened, with common equity Tier 1 increasing to 13% and tangible common equity ratio rising to 11.09% [6][12] - The company experienced a seasonal decline in cyclical municipal deposits, offset by an increase in broker deposits [17] Company Strategy and Development Direction - The company remains focused on organic growth, with a strong emphasis on enhancing revenue generation and maintaining a positive operating leverage [5][10] - Management expressed optimism about future growth opportunities in the Southeastern markets, leveraging a strong deposit base and capital position [9][10] - The company is open to stock buybacks and dividend increases, but M&A activities are not a priority unless a unique opportunity arises [26] Management's Comments on Operating Environment and Future Outlook - Management noted a resurgence of activity in loan production, with expectations for continued growth through the remainder of 2025 and into 2026 [22][9] - There is cautious optimism regarding competition, with indications that competition is becoming more aggressive but manageable [44] - The company anticipates loan and deposit growth in the mid-single-digit range moving forward [18] Other Important Information - The company repurchased approximately $12.8 million of common stock during the quarter [12] - The provision for credit losses was $2.8 million, with reserves remaining strong at 162% of loans [16] Q&A Session Summary Question: Loan growth trends and competition - Management indicated that there is a resurgence of activity in loan production, particularly in mortgage warehouse lending, and expects this trend to continue [22][23] Question: Future growth opportunities and capital deployment - Management emphasized a focus on organic growth, with new hires and potential stock buybacks being considered, while M&A is not a priority [25][26] Question: Margin outlook and deposit costs - Management expects some pressure on deposit costs as loan growth picks up, but remains optimistic about maintaining a strong margin [39][40] Question: Competitive landscape and market challenges - Management noted increased competition across various business lines, with a shift towards more structural underwriting standards rather than just pricing [44] Question: Mortgage segment capacity and trends - Management stated that the mortgage team is prepared for a potential refinancing wave and expects third-quarter production to be consistent with the second quarter [54][56]

Financial Data and Key Metrics Changes - The pretax, pre-provision net income increased by 15% compared to the prior quarter and 85% compared to the prior year to date [4] - Net interest income rose to $25,900,000, primarily due to a higher balance of average earning assets and a seven basis point increase in net interest margin [10] - The total risk-based capital ratio stood at 16.25% and the tangible common equity (TCE) ratio was 9.95% [8] Business Line Data and Key Metrics Changes - Total loan originations were $68,800,000, with $50,200,000 in fundings, consistent with the prior quarter [5] - The average yield on loans increased by seven basis points from the prior quarter, reflecting higher rates on new loan production compared to paid-off loans [10] - Noninterest income was negative due to losses from securities portfolio repositioning, but most other areas remained consistent with the prior quarter [11] Market Data and Key Metrics Changes - Total deposits declined in the second quarter due to normal client activity, but year-to-date growth in deposits was noted, with over 70% of outflows recouped in July [6][7] - The competitive rate environment remains, but limited attrition of deposits was observed as clients value service levels and community commitment [7] Company Strategy and Development Direction - The company is focused on maintaining disciplined underwriting and pricing criteria while expanding its banking teams to drive future growth [5] - Plans for further securities portfolio repositioning are in place to enhance earnings and net interest margin [14] - The company aims to increase market share and generate profitable growth through strategic hiring and technology enhancements [15][16] Management's Comments on Operating Environment and Future Outlook - Despite economic uncertainty, loan demand remains healthy, and the loan pipeline is strong, indicating expectations for loan growth in the second half of the year [14] - Management expressed optimism about continued positive trends in net interest margin and revenue, with expectations for improved financial performance [15] Other Important Information - The company declared a cash dividend of $0.25 per share, marking the 81st consecutive quarterly dividend [12] - The company repurchased $2,200,000 of shares during the quarter [8] Q&A Session Summary Question: Details on the two CRE loans that migrated this quarter - The loans are generally retail or mixed-use, located outside San Francisco, and are experiencing tenancy or cash flow issues, but management is not particularly concerned due to good sponsorship [20][21] Question: Appetite for restructuring the HTM securities portfolio - The company is cautiously considering this, weighing the impact on capital and potential shareholder dilution [22] Question: Update on share buyback plans - The company has renewed its buyback allocation and is looking to buy back shares below tangible book value, balancing this with other capital uses [25][26] Question: Performance of the AFS book and reinvestment rates - The final yield on purchases was slightly above 5%, aligning with expectations [33][34] Question: Recent deposit rate cuts - Targeted deposit rate cuts were implemented, with a recent cut of about 15 basis points, contributing to a small benefit to net interest margin [38][40] Question: Expectations for loan growth in the second half of the year - Management is optimistic about net growth, supported by a strong pipeline and new market leaders joining the bank [42][49] Question: Credit upgrades anticipated in the third quarter - Upgrades are expected across various segments, with some meaningful amounts involved [58][62]

Core Insights - Provident Financial Services reported strong financial performance for Q2 2025, with GAAP net earnings of $72 million ($0.55 per share) and record revenue of $214 million, indicating robust operational momentum [1][2] Financial Performance - The company achieved a record net interest income (GAAP) of $187 million, supported by an increase in average earning assets of $383 million, reflecting a 7% quarter-over-quarter growth [3] - The net interest margin (NIM) increased by two basis points to 3.36%, with management forecasting a range of 3.35% to 3.45% for the remainder of 2025, despite anticipated Fed rate cuts [4] Loan Growth and Asset Quality - Commercial and industrial (C&I) loans grew at an annualized rate of 21% quarter-over-quarter, while total commercial loans advanced at an 8% annualized rate, indicating diversification in the loan portfolio [5] - Nonperforming assets decreased to 44 basis points of total assets, with net charge-offs dropping to $1.2 million, showcasing improved asset quality [8][9] Strategic Direction - The company is strategically diversifying its commercial lending to reduce concentration in commercial real estate (CRE), with CRE exposure declining to a ratio of 444% [5][7] - A robust loan pipeline of $1.6 billion with a weighted average interest rate of 6.3% positions the company for continued growth [6] Future Outlook - Management reaffirmed core operating expense guidance of $112 million to $115 million per quarter for 2025 and expects to maintain NIM between 3.35% and 3.45% [10] - The CET1 target is set around 11.25%, with strong deposit growth supporting confidence in sustaining commercial loan expansion [11]

Financial Data and Key Metrics Changes - The company's net income increased over 23% compared to the prior quarter, driven by higher net interest and noninterest income, good expense control, and lower provision expense [7] - Total loans increased by approximately $59 million or 0.4% from the prior quarter, with the largest increase in the C and I portfolio [8] - Total deposits increased slightly in the second quarter, with public deposits growing by $166 million, offsetting declines in commercial and retail deposits [10] - Net interest income was $163.6 million, up $3.1 million from the prior quarter, with a net interest margin (NIM) of 3.11%, an increase of three basis points [11] Business Line Data and Key Metrics Changes - The C and I portfolio saw a $125 million increase in dealer floorplan balances, while payoffs from completed construction projects offset some growth [9] - Retail deposits decreased by $23 million, and commercial deposits fell by $127 million due to normal operational fluctuations [10] - Noninterest income was $54 million in the quarter, with expectations for recurring noninterest income to be around $51 million per quarter [12] Market Data and Key Metrics Changes - The statewide seasonally adjusted unemployment rate was 2.8% in June, compared to the national rate of 4.1% [5] - Visitor arrivals were up 2.8% compared to last year, with year-to-date spending at $9 billion, an increase of 6.5% compared to 2024 [6] Company Strategy and Development Direction - The company plans to maintain its investment portfolio balance and has resumed reinvesting cash flows from the investment portfolio [7] - Capital priorities include organic growth, maintaining a stable dividend, and share repurchases, with $50 million remaining under the approved 2025 stock repurchase plan [7][26] Management Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty regarding tariffs affecting car dealers, tourism spending has remained strong, particularly from the U.S. mainland [24] - The company expects full-year loan growth to be in the low single digits, adjusting guidance due to the performance of construction loans [22] Other Important Information - The bank recorded a $4.5 million provision for credit losses in the second quarter, with classified assets increasing by $31.6 million [13][15] - The allowance for credit losses increased to $167.8 million, with coverage remaining flat at 1.17% of total loans and leases [15] Q&A Session Summary Question: What is the outlook for C and I growth and demand from CRE borrowers? - Most C and I growth came from dealer floor plans, with a current balance of $786 million, up $125 million from the previous quarter. There is uncertainty regarding future balances due to tariffs [20][21] Question: How are capital priorities evolving? - Capital priorities remain focused on organic growth, stable dividends, and share repurchases, with more repurchase authority expected to be utilized in the back half of the year [26] Question: What is the impact of the tax law change on the tax rate outlook? - The effective tax rate outlook for the rest of the year is 23.2%, slightly higher than the previous estimate of 23% [45] Question: What is the outlook for loan growth and competition in the market? - Loan growth is expected to be lower than initially anticipated, with competition primarily from institutional buyers for completed construction loans [52][73]

Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [4][5] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [5] - Total net credit costs were $14.3 million, with net charge-offs at 30 basis points, half attributed to the Upstart sale [7][9] Business Line Data and Key Metrics Changes - Wealth business grew 17% year over year, with institutional services up 39% and Brimmore Trust Company of Delaware up 7% [6] - Core fee revenue grew 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing 2% linked quarter [6][7] Market Data and Key Metrics Changes - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up 11% year over year [6] - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [10] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust franchise, with a focus on broadening product offerings [12][31] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [13] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, with some projects previously on hold now moving forward [23][24] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in expected interest rate cuts [11][38] - Management remains committed to driving high performance and growth, with expectations for continued strong performance in fee businesses [10][64] Other Important Information - The company completed the sale of its powder mill business, which is expected to create strategic opportunities despite some near-term revenue headwinds [12] - The company is managing expenses for growth, with a focus on investing in technology and talent [58] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and maintaining profit margins, with a mild uptick in optimism among borrowers regarding tariffs [19][23] Question: Expense outlook and run rate - Management indicated that the second quarter is a good run rate for future growth, with some potential increases in the back half of the year [25][28] Question: Impact of buybacks on CET1 and M&A opportunities - Management confirmed that buybacks are driven by excess capital, with a focus on investing in the business first, but open to M&A opportunities in fee businesses [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with strategies in place to mitigate these effects [36][38] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [61] Question: Long-term margin outlook - Management did not provide specific guidance for 2026 but aims to continue improving ROA and mitigating impacts from interest rate cuts [64]

Financial Data and Key Metrics Changes - Core earnings per share increased to $1.27, core return on assets at 1.3%, and core return on tangible common equity at 18.03%, all up from the first quarter [3][4] - Core net interest margin expanded by one basis point to 3.89%, with total funding costs reduced by nine basis points [4] - Core fee revenue grew by 9% quarter over quarter, driven by growth in wealth, capital markets, and mortgage businesses [4] Business Line Data and Key Metrics Changes - Wealth business grew by 17% year over year, with institutional services up by 39% and Brimmore Trust Company of Delaware up by 7% [5] - Total client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up by 11% year over year [5] - Gross loans remained flat quarter over quarter, but commercial fundings reached the highest level in over a year, with C&I loan balances growing by 2% linked quarter [6] Market Data and Key Metrics Changes - The company expects low single-digit growth in the commercial portfolio and flat growth in the consumer portfolio, excluding Upstart [8] - The outlook for net interest margin (NIM) has been raised to approximately 3.85%, factoring in two anticipated rate cuts [9] Company Strategy and Development Direction - The company is focused on accretive loan growth, particularly in the C&I sector, while maintaining profit margins [19][20] - Strategic opportunities are being pursued in the wealth and trust business, with a focus on broadening product offerings [10] - The company plans to continue executing buybacks as part of a multi-year glide path to reach a CET1 capital target of 12% [11] Management's Comments on Operating Environment and Future Outlook - Management noted a mild uptick in optimism among commercial borrowers, indicating a potential shift in sentiment regarding tariffs [22][23] - The company is managing expenses for growth, with continued investments in technology and talent [57] - Future performance is expected to be driven by fee businesses, which are accretive to ROA, despite temporary impacts from interest rate cuts [64] Other Important Information - The company returned $87.3 million of capital in the second quarter, including $77.7 million in buybacks, representing 2.7% of outstanding shares [7] - The sale of the Upstart portfolio is expected to impact net charge-offs, with total net charge-offs projected between 35 to 45 basis points for the year, excluding Upstart [10] Q&A Session Summary Question: Loan growth expectations and commercial borrower sentiment - Management emphasized a focus on C&I growth and noted a mild uptick in optimism among borrowers regarding project initiation [19][22] Question: Expense outlook and run rate - Management indicated that the second quarter represents a good run rate for future growth, with some potential increases due to business-as-usual activities [26][57] Question: Impact of buybacks on CET1 and M&A considerations - Management confirmed that buybacks are being executed due to excess capital, with a focus on investing in the business first before considering M&A opportunities [30][31] Question: NIM outlook and potential upside - Management discussed the expected impact of interest rate cuts on NIM, with a focus on mitigating these impacts through deposit repricing [38][41] Question: Cash Connect profitability and pricing strategies - Management reported progress in driving profit margins in Cash Connect, with ongoing pricing increases expected to enhance profitability [60][61]