Financial Data and Key Metrics Changes - The company reported net income of $61.1 million and core net income of $63.3 million for Q3 2025, with core earnings per share at $1.51 and a core return on average tangible common equity of 25.5% [5][18] - Net interest margin increased by 9 basis points to 2.73% from the prior quarter, while the cost of deposits fell by 9 basis points to 1.47% [5][6] - Net interest income before provision for credit losses was $92.7 million, an increase of $3.3 million or 3.7% from the previous quarter [12] Business Line Data and Key Metrics Changes - Non-interest income totaled $61.2 million, an increase of $4.2 million over the last quarter, driven by higher banking fees and increased foreign exchange revenues [13] - Core non-interest expenses decreased due to lower performance-based incentive accruals and reduced property expenses [14] Market Data and Key Metrics Changes - Bermuda's business environment remains stable with signs of growth in the local economy, including a forecasted budget surplus and increased corporate income tax revenue [8][9] - The Cayman Islands is expected to see a 2.5% GDP increase in 2025, with financial services and tourism being key economic pillars [11] Company Strategy and Development Direction - The company aims to enhance operational efficiency and maintain prudent expense discipline while focusing on capital management [19][20] - The strategy includes pursuing disciplined M&A and organic business development, with a focus on capital-efficient fee-based businesses [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation and highlighted the positive outlook for Bermuda's fiscal position and the growth in the international business sector [4][9] - The company remains conservative in its underwriting approach, focusing on high-quality residential lending across its markets [16] Other Important Information - The company announced a quarterly cash dividend of $0.50 per share and continued its share repurchase program, buying back 700,000 shares at a cost of $30.3 million [6][7] - The tangible book value per share improved by 5.4% to $25.06 as unrealized losses on investments improved [18] Q&A Session Summary Question: Margin trajectory outlook - Management indicated that deposit costs have decreased and there is potential for margin stability or slight expansion due to asset repricing [25][27] Question: Interest in crypto or stablecoin initiatives - Management described a cautious approach, monitoring developments in digital assets but not feeling pressure from clients to lead in this area [29][30] Question: Future expense management initiatives - Management discussed ongoing efforts to manage expenses, including moving back-office functions to Halifax and cloud migration of core banking systems [31][33] Question: Drivers of fee income growth - Management noted strong performance in banking driven by increased transaction volumes and tourism-related card services fees [41][42] Question: Growth expectations in loans and deposits - Management highlighted Bermuda as a key area for deposit growth and noted a conservative approach to loan growth, with encouraging signs in the loan pipeline particularly in Cayman [43][45]

Financial Data and Key Metrics Changes - The company reported net income of $61.1 million and core net income of $63.3 million for Q3 2025, with core earnings per share at $1.51 and a core return on average tangible common equity of 25.5% [6][19] - Net interest income before provision for credit losses was $92.7 million, an increase of $3.3 million or 3.7% from the prior quarter, with a net interest margin of 2.73%, up 9 basis points from the previous quarter [13][19] - The company announced a quarterly cash dividend of $0.50 per share and repurchased 700,000 shares at a cost of $30.3 million during the quarter [7][19] Business Line Data and Key Metrics Changes - Non-interest income totaled $61.2 million, an increase of $4.2 million over the last quarter, driven by higher banking fees and increased foreign exchange revenues [15] - Core non-interest expenses decreased due to lower performance-based incentive accruals and reduced property expenses [16] Market Data and Key Metrics Changes - Bermuda's business environment remains stable with signs of growth in the local economy, including a forecasted budget surplus and growth in the international business sector, particularly in reinsurance [9][10] - The Cayman Islands is expected to see a 2.5% GDP increase in 2025, with financial services and tourism being key economic pillars [11] Company Strategy and Development Direction - The company aims to enhance operational efficiency and maintain prudent expense discipline while focusing on capital management and organic growth [20] - The company is exploring strategic and accretive acquisition opportunities while continuing to diversify its fee income lines [34] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the fiscal position of Bermuda and continued growth in the international business sector [9][10] - The company anticipates stable net interest margins with potential for slight expansion due to asset repricing [29] Other Important Information - The company maintains a conservative balance sheet with low risk density and strong asset quality, with negligible net charge-offs and a non-accrual loan rate of 2% [17][19] - The tangible book value per share improved by 5.4% to $25.06 as unrealized losses on investments improved [19] Q&A Session Summary Question: Margin trajectory outlook - Management indicated that deposit costs have decreased and there is potential for margin stability or slight expansion due to asset repricing [25][29] Question: Interest in crypto or stablecoin initiatives - Management described themselves as a "slow follower" in the digital asset space, monitoring developments but not taking a lead role [32][34] Question: Future expense management initiatives - Management discussed ongoing efforts to manage expenses, including moving back-office functions to Halifax and maintaining a stable expense run rate [36][37] Question: Fee income business momentum - Management noted strong performance in banking driven by increased card services fees and transaction-related fees, with a positive outlook for the upcoming tourism season [42][45] Question: Growth expectations in loans and deposits - Management highlighted Bermuda as a key area for deposit growth and noted a conservative approach to loan growth, with encouraging signs in the loan pipeline, particularly in Cayman [46][50]

Core Insights - Blue Foundry Bancorp reported a net loss of $1.9 million, or $0.10 per diluted common share, for Q3 2025, an improvement from a net loss of $2.0 million in Q2 2025 and a net loss of $4.0 million in Q3 2024 [1][6][39]. Financial Performance - The net interest margin increased by six basis points to 2.34% compared to the previous quarter, driven by improvements in yield on assets and cost of funds [2][12]. - Interest income for Q3 2025 was $24.1 million, a 3.0% increase from the previous quarter, while interest expense rose to $11.9 million [6][39]. - The provision for credit losses was $589 thousand for Q3 2025, reflecting an increase in the provision for loans [6][39]. Loan Portfolio - Total loans increased by $131.4 million to $1.71 billion during the first nine months of 2025, with significant growth in consumer loans and commercial real estate [4][27]. - The consumer loan portfolio rose by $114.5 million, while the commercial real estate portfolio increased by $57.4 million [4][27]. - Construction and multifamily portfolios saw declines of $25.0 million and $23.8 million, respectively [4][27]. Deposit Growth - Total deposits reached $1.49 billion, an increase of $150.1 million from December 31, 2024, driven by increases in NOW and demand accounts and time deposits [7][27]. - Core deposits increased by $68.2 million, representing 57.8% of total deposits, up from 53.5% at the end of 2024 [7][27]. - Brokered deposits rose to $275.0 million, up from $155.0 million at the end of 2024 [7][27]. Shareholder Value - Tangible book value per share exceeded $15, reaching $15.14, reflecting the company's commitment to enhancing shareholder value [2][6]. - The company repurchased 837,388 shares at a weighted average price of $9.09 per share during the quarter [6][39]. Asset Quality - Non-performing loans totaled $11.4 million, or 0.66% of total loans, an increase from 0.33% at the end of 2024 [33][41]. - The allowance for credit losses as a percentage of gross loans was 0.81% as of September 30, 2025 [27][41].

Core Insights - Stock Yards Bancorp, Inc. reported record earnings of $36.2 million, or $1.23 per diluted share, for Q3 2025, a significant increase from $29.4 million, or $1.00 per diluted share, in Q3 2024, driven by solid loan and deposit growth and strong credit quality metrics [1][2]. Financial Performance - Net income increased by $6.9 million, or 23.5%, from Q3 2024 to Q3 2025 [2]. - Net interest income rose by $12.1 million, or 19%, to $77.0 million compared to Q3 2024, attributed to significant average earning asset balance growth and improved yields [5][19]. - Non-interest income decreased by $321,000, or 1%, compared to Q3 2024, but increased by $128,000, or 1%, on a linked quarter basis [8][21]. - Total non-interest expenses increased by $5.4 million, or 11%, compared to Q3 2024, reflecting higher compensation and marketing expenses [9][22]. Loan and Deposit Growth - Total loans increased by $651 million, or 10%, year-over-year, reaching $6.93 billion, with broad-based growth across all markets [6][13]. - Deposit balances expanded by $918 million, or 14%, over the past 12 months, with a notable increase in non-interest bearing deposits, which now account for 21% of total deposits [15][16]. - The company achieved a net interest margin of 3.56%, an increase of 23 basis points compared to Q3 2024, driven by earning asset growth and yield expansion [5][19]. Credit Quality - Provision for credit losses on loans was recorded at $1.6 million for Q3 2025, a decrease from $4.3 million in Q3 2024, indicating strong credit quality [7][20]. - Non-performing loans totaled $18.7 million, or 0.27% of total loans outstanding, consistent with the previous year [16]. Capital and Equity - As of September 30, 2025, the company maintained a "well-capitalized" status, with total equity to assets at 11.19% and a tangible common equity ratio of 9.16% [17][32]. - Tangible common equity per share increased to $28.30 from $24.58 a year earlier [30]. Strategic Developments - The company opened a new branch in the Indianapolis metropolitan market and plans to open two additional locations by the end of the year, expanding its geographic footprint [4]. - Wealth Management & Trust income decreased by 2% year-over-year, but assets under management increased by $163 million, or 2%, indicating positive momentum [12].

Core Insights - Sound Financial Bancorp reported a net income of $1.7 million for Q3 2025, a decrease from $2.1 million in Q2 2025 and an increase from $1.2 million in Q3 2024, with diluted earnings per share of $0.66 [1] - The Board of Directors declared a cash dividend of $0.19 per share, payable on November 21, 2025 [1] Financial Performance - Total assets increased by $1.9 million or 0.2% to $1.06 billion at September 30, 2025, but decreased by $40.8 million or 3.7% from $1.10 billion at September 30, 2024 [5] - Loans held-for-portfolio increased by $5.4 million or 0.6% to $909.7 million at September 30, 2025, compared to $901.7 million at September 30, 2024 [5][35] - Total deposits decreased by $516 thousand or 0.1% to $898.9 million at September 30, 2025, and decreased by $31.3 million or 3.4% from $930.2 million at September 30, 2024 [6][40] Interest Income and Expenses - Net interest income decreased by $315 thousand or 3.4% to $8.9 million for Q3 2025, but increased by $1.1 million or 13.6% from $7.9 million in Q3 2024 [7][12] - The net interest margin was 3.48% for Q3 2025, down from 3.67% in Q2 2025 and up from 2.98% in Q3 2024 [8] - Interest expense increased by $52 thousand or 0.9% to $5.7 million for Q3 2025, compared to Q2 2025 [16] Credit Quality - Total nonperforming loans decreased by $649 thousand or 19.3% to $2.7 million at September 30, 2025, compared to the previous quarter [7] - A provision for credit losses of $55 thousand was recorded for Q3 2025, down from $170 thousand in Q2 2025 [9][17] - The allowance for credit losses on loans to total loans outstanding was 0.94% at September 30, 2025, compared to 0.95% at September 30, 2024 [9][37] Noninterest Income and Expenses - Total noninterest income decreased by $239 thousand or 21.3% to $881 thousand for Q3 2025, compared to Q2 2025 [10][24] - Noninterest expense remained stable at $7.7 million for Q3 2025, with slight fluctuations in specific categories [28][30] Capital Management - Stockholders' equity totaled $107.5 million at September 30, 2025, an increase of $1.4 million or 1.4% from the previous quarter [42] - The company maintained capital levels in excess of regulatory requirements and was categorized as "well-capitalized" at September 30, 2025 [11]

Financial Data and Key Metrics Changes - Net income for Q3 2025 totaled $31 million, up 28% year over year from $24 million in the same quarter last year, and improved from a net loss of $28 million in Q2 2025 [5][6] - Net interest income reached $127 million for Q3 2025, an increase of 8% from the prior quarter and up 21% from Q3 2024 [10] - Net interest margin expanded by 20 basis points to 2.89% for Q3 2025, compared to 2.69% in the previous quarter [10] Business Line Data and Key Metrics Changes - Loan growth was observed across all major segments: commercial and industrial loans, commercial real estate loans, and residential mortgage loans [7] - Gross loans totaled $14.6 billion, up 1.2% quarter over quarter, equivalent to 5% annualized growth [8] - Non-interest income showed quarter-over-quarter growth in service fees, international banking fees, foreign exchange, and wire transfer fees [11] Market Data and Key Metrics Changes - Deposits totaled $15.8 billion as of September 30, 2025, reflecting a 1% decrease from $15.9 billion as of June 30, primarily due to a reduction in brokered deposits [8] - Non-interest-bearing deposits increased to $3.5 billion, up 1% quarter over quarter [8] Company Strategy and Development Direction - The company is focused on strengthening its deposit franchise and deepening primary banking relationships while optimizing deposit costs [8] - Continued investments in talent are aimed at driving sustainable growth and enhancing corporate and commercial banking capabilities [9] - The company anticipates high single-digit loan growth for 2025 and expects net interest income growth of approximately 10% [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position to drive profitable growth and create long-term value for shareholders [15] - The company is well-positioned to navigate an evolving macroeconomic environment with improved asset quality and capital ratios [7][8] Other Important Information - The board declared a quarterly common stock dividend of $0.14 per share, payable on November 21, 2025 [8] - The provision for credit losses was $9 million for Q3 2025, down from $15 million in Q2 2025, reflecting lower net charge-offs [13][14] Q&A Session Summary Question: What is the spot rate on deposits? - The spot rate for total deposits at the end of September was 2.82%, and for interest-bearing deposits, it was 3.62% [19] Question: Any updates on Territorial Bancorp's integration? - The company is focusing on stabilizing and expanding operations post-acquisition, with incremental cost savings being realized [22] Question: What was the purchase accounting impact this quarter? - The loan accretion for this quarter was $5 million [25][26] Question: How much in CDs are maturing in the fourth quarter? - There are $2.3 billion of CDs maturing at an average rate of 4.08% [32][34] Question: How is the company managing loan growth amid potential rate decreases? - The company has a strong loan pipeline going into Q4 and expects to maintain loan growth despite seasonal slowdowns [52]

Core Insights - Bank of Hawaii Corporation (BOH) reported Q3 2025 earnings per share (EPS) of $1.20, exceeding the Zacks Consensus Estimate of $1.13 and up from 93 cents in the same quarter last year [1][9] - The increase in net interest income (NII) and strong fee income growth contributed to the positive results, alongside higher loan and deposit balances and lower provisions [1][9] - However, rising expenses were a significant concern impacting overall performance [1][14] Financial Performance - The company's net income (GAAP basis) reached $53.3 million, reflecting a 32.2% year-over-year increase [2] - Quarterly revenues rose 12.2% year over year to $182.6 million, surpassing the Zacks Consensus Estimate by 3.7% [3] - NII was reported at $136.7 million, a 16.2% increase year over year, with a net interest margin (NIM) of 2.46%, up 28 basis points [3] - Non-interest income totaled $45.9 million, up 1.9% year over year, with an adjusted increase of 3.4% after accounting for a charge related to Visa Class B conversion [4] - Non-interest expenses increased by 4.9% year over year to $112.4 million, including a severance-related charge of $2.1 million [5] Efficiency and Credit Quality - The efficiency ratio improved to 61.53%, down from 65.81% in the prior year, indicating enhanced profitability [6] - Non-performing assets decreased by 14.7% year over year to $16.9 million, with net loans and lease charge-offs down to $2.6 million [8][9] - Provision for credit losses was $2.5 million, a 16.7% decline from the previous year [8] Capital Ratios and Profitability - As of September 30, 2025, the Tier 1 capital ratio improved to 14.34%, and the total capital ratio rose to 15.40% [11] - The ratio of tangible common equity to risk-weighted assets increased to 9.95% [11] - Return on average assets was 0.88%, up from 0.69% year over year, while return on average shareholders' equity rose to 12.10% from 9.90% [12] Share Repurchase and Outlook - In Q3 2025, Bank of Hawaii did not repurchase any shares, with a remaining buyback authority of $126 million [13] - The outlook remains positive due to rising NII and fee income supporting top-line growth, alongside a solid capital position, although rising expenses continue to pose challenges [14]

Financial Data and Key Metrics Changes - The operating return on assets was 1.37% for the third quarter, with a return on equity of 12.1% and a return on tangible common equity (ROTCE) of 17.6%, showing continued improvement over linked and prior year quarters [3] - Net income for the third quarter was $54.5 million, or $1.03 per diluted common share, with operating earnings per share at $1.05, an increase of $0.17 per share compared to the prior quarter [9] - Revenues grew approximately 9% from the prior quarter and 26% from the third quarter of the prior year, driven by improvements in net interest income [9] Business Line Data and Key Metrics Changes - Total loans increased by $1.6 billion for the year, including acquired loans from Evans Bancorp, with annualized loan growth in 2025 being approximately 1% higher from December 2024 [9] - The total loan portfolio of $11.6 billion is comprised of 56% commercial relationships and 44% consumer loans [10] - Total deposits of $13.7 billion were up $2.1 billion from December 2024, with growth in checking and money market accounts [10] Market Data and Key Metrics Changes - The company experienced solid growth in deposits in the Western region of New York post-merger with Evans Bancorp, retaining key lending relationships despite approximately $30 million of net contractual runoff in the portfolio [6] - The new Malta, New York branch near GlobalFoundries is seeing excellent traffic and growth, while the Hudson Valley market is experiencing positive demographic shifts [7] Company Strategy and Development Direction - The company plans to open a financial center in Rochester during 2026 and is exploring locations in the Finger Lakes to enhance its branch network [6] - The company is focused on scaling operations in New Hampshire and optimizing branch locations to remain agile and responsive to market needs [8] - The management is interested in fill-in strategies for M&A opportunities with like-minded community banks to expand the franchise [33] Management's Comments on Operating Environment and Future Outlook - Management expressed that recent and expected changes to Fed funds rates may challenge future margin improvements compared to recent quarters [4] - The company is in a strong capital position and has growth opportunities across all markets, well-positioned to take advantage of them [15] - Management anticipates low to mid-single-digit loan growth rates in early to mid-2026, with a robust pipeline of lending opportunities [20] Other Important Information - The company announced an 8.8% improvement to its dividend to shareholders, marking the 13th consecutive year of increases [5] - Total operating expenses, excluding acquisition expenses, were $110 million for the quarter, reflecting a full quarter of Evans activity [14] Q&A Session Summary Question: What are the expectations for cost savings and total expenses moving forward? - Management indicated that cost savings have been achieved during the third quarter, and the run rate of $110 million is expected to be appropriate going forward, with typical expense increases running between 3.5% and 4.5% [18] Question: What is the outlook for loan growth in the coming quarters? - Management expects low to mid-single-digit growth rates for loans, with a strong pipeline and good activity levels in the markets [20] Question: What is the expected number of new branches and talent recruitment? - Management anticipates adding four to six new branches per year to improve market concentration and has been productive in recruiting talent in the Western region of New York [28] Question: Is the company considering additional M&A deals? - Management is open to fill-in strategies for M&A opportunities with smaller community banks to expand their franchise [33] Question: What are the expectations for margin pressure in the near term? - Management indicated potential margin pressure in the fourth quarter due to deposit repricing dynamics, but there may be opportunities for margin improvement in 2026 [34][76]

Financial Data and Key Metrics Changes - NBT Bancorp reported net income of $54.5 million, or $1.03 per diluted common share, with operating earnings per share at $1.05, an increase of $0.17 compared to the prior quarter [10] - Operating return on assets was 1.37%, return on equity was 12.1%, and ROTCE was 17.6%, showing continued improvement [3] - Tangible book value per share increased by 7% year-over-year to $25.51 [4] Business Line Data and Key Metrics Changes - Total loans increased by $1.6 billion year-over-year, with a diversified portfolio comprising 56% commercial and 44% consumer loans [11] - Total deposits rose to $13.7 billion, up $2.1 billion from December 2024, with growth in checking and money market accounts [12] - Non-interest income represented 28% of total revenues, with fee income increasing by 9.8% compared to the previous quarter [14][13] Market Data and Key Metrics Changes - The Western region of New York saw solid growth in deposits post-Evans Bancorp merger, with plans for new branches in Rochester and other areas [6][8] - The company is exploring new locations in the Finger Lakes and plans to break ground on a new branch near the Micron chip fabrication site in Clay, New York [8] Company Strategy and Development Direction - The company aims to support organic growth and maintain a strong capital position, with a renewed share repurchase authorization of 2 million shares through the end of 2027 [5] - NBT Bancorp is focused on filling in its franchise through opportunistic M&A and branch expansion, particularly in underrepresented markets [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a strong capital position and identified growth opportunities across all markets [16] - Future margin improvements may be challenged due to expected changes in Fed funds rates, but there is optimism for potential margin recovery in 2026 [31][58] Other Important Information - The company announced an 8.8% dividend increase, marking the 13th consecutive year of increases [5] - Total operating expenses for the quarter were $110 million, reflecting a 4.4% increase from the prior quarter [15] Q&A Session Summary Question: What are the expectations for cost savings and total expenses moving forward? - Management indicated that cost savings from the Evans integration are largely achieved, with a run rate of $110 million expected going forward, alongside typical expense increases of 3.5% to 4.5% [18][19] Question: What is the outlook for loan growth in the coming quarters? - Management anticipates low to mid-single-digit growth rates for loans, with a strong pipeline and good activity levels in the markets [20][21] Question: Are there plans for additional M&A deals? - The company is open to opportunistic M&A to fill in its franchise and is in discussions with like-minded community banks [29] Question: What is the current status of solar loans and auto loan delinquencies? - Management noted no significant pressure on auto loan delinquencies and indicated that solar loans are performing as expected, despite market volatility [35][36] Question: What is the outlook for fee income and insurance growth? - The insurance business is expected to grow at a rate of high mid-single digits, with seasonally strong performance in the third quarter [48][49] Question: What are the expectations for margin pressure and potential improvements? - Management expects some initial pressure on margins but sees potential for improvement in 2026 if the yield curve steepens [57][58]

Financial Data and Key Metrics Changes - The company reported net income of $106 million, or $1.54 per diluted share, with a return on assets at 1.56% and return on tangible common equity at 14.6% [9][10] - The efficiency ratio improved to 49.19% from 51.63% in the previous quarter, driven by a strong 17.8% annualized revenue growth [9][12] - Tangible book value per share grew to $42.90, reflecting a strong 15.2% annualized growth [9][10] Business Line Data and Key Metrics Changes - Loan portfolio production topped $2 billion, with a 4% annualized loan growth primarily from commercial and industrial (C&I) and commercial real estate (CRE) [6][7] - Non-interest income increased by $7.4 million, mainly from better equipment finance fees and a non-recurring gain on securities [11] - The company repurchased approximately $8.5 million of common stock, with a new share repurchase plan of $200 million approved [10] Market Data and Key Metrics Changes - Deposits increased by $295 million, with core deposits growing by $355 million, while brokered CDs represented only 5% of total deposits [13][14] - Non-interest-bearing deposits remained strong at 30.4% of total deposits [14] Company Strategy and Development Direction - The company remains focused on growing its core deposit base and tangible book value per share, with an emphasis on revenue growth and positive operating leverage [4][8] - The management is optimistic about capitalizing on growth opportunities in the Southeastern markets, particularly amid ongoing banking disruptions [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding loan demand and pipeline trends, anticipating potential growth acceleration into 2026 [19][49] - The company expects some margin compression in the coming quarters due to rising deposit costs, but remains focused on net interest income growth [11][41] Other Important Information - The company’s capital ratios improved, with common equity tier one at 13.2% and tangible common equity at 11.3% [5] - Asset quality remains stable, with low levels of net charge-offs and non-performing assets [12] Q&A Session Summary Question: Loan demand and pipeline trends - Management noted strong demand across all verticals and steady payoffs, expressing optimism for the fourth quarter and beyond [18][19] Question: Competition landscape - Competition is primarily on pricing, but management believes disruption in the market will provide additional volume opportunities [20][21] Question: Equipment finance demand and credit trends - Demand in equipment finance is picking up, with declining charge-offs indicating a healthy credit environment [24][25] Question: Expense growth outlook - Management anticipates a 5.5% increase in expenses next year, driven by salary and benefit increases [36][37] Question: Margin outlook and deposit costs - Management expects margin compression due to deposit repricing and competition, but remains focused on growing non-interest-bearing deposits [40][41] Question: Loan growth potential - Management is optimistic about the potential for loan growth to accelerate into the high single digits or even double digits, depending on macroeconomic conditions [49][50] Question: Investment portfolio size - The investment portfolio is expected to stabilize around 9% to 10% of total assets, with a focus on deposit growth [51] Question: M&A versus organic growth - Management prioritizes organic growth opportunities over M&A, given the current market disruption [53] Question: Mortgage activity and demand - Management is hopeful for increased mortgage activity as interest rates stabilize, with a significant increase in applications noted [60]