Financial Data and Key Metrics Changes - Year-to-date premium growth increased by 4%, with earnings per share at $2.09, slightly below expectations due to volatility in the closed block [5][6][16] - Return on equity for core operations remains near 20%, while the overall return on equity is 11.3% [10][12] Business Line Data and Key Metrics Changes - Core business profitability trends show strong performance, with group disability and group life demonstrating favorable earnings power [7][10] - Unum US segment adjusted operating income was $334.9 million, down from $363.3 million year-over-year, with group disability adjusted operating earnings at $133.5 million [19][21] - Colonial Life adjusted operating income increased to $116.6 million, driven by a 3.3% premium growth [22] - International segment adjusted operating income totaled $38.8 million, with premium growth of 9.5% [23] Market Data and Key Metrics Changes - Persistency for total group was 89.8%, compared to 92.5% a year ago, indicating strong retention [21] - Sales growth across core segments was robust, with a 12% increase in sales for the quarter [7] Company Strategy and Development Direction - The company is focused on strategic actions to advance its closed block strategy and reduce associated risks, including a successful long-term care reinsurance transaction [11][12] - Investment priorities include strengthening core businesses, pursuing selective M&A opportunities, and returning capital to shareholders [13][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable results and emphasized the importance of digital initiatives in driving growth [14][36] - The company remains committed to proactive management of the closed block and believes no future capital contributions will be necessary [31][36] Other Important Information - The annual reserve assumption review resulted in a net increase in reserves of $478.5 million pretax, with strategic actions taken to derisk the long-term care block [17][25] - The investment portfolio maintains an A-minus average rating, with strong underlying statutory earnings of approximately $300 million [12][34] Q&A Session Summary Question: Can you provide more color on the statutory side of VLCC assumption review? - Management explained that the reserve charge impacted the entire block of business, with adjustments made flowing through to protections without significantly affecting statutory reserving levels [41][42] Question: What is the rationale behind keeping capital in Fairwind? - Management indicated that retaining capital in Fairwind is prudent given the strong protections available [46] Question: How do the recent changes impact the actuarial justified rate increases? - Management confirmed that the changes are linked to the removal of morbidity and mortality improvement assumptions, which will flow through to the rate increase requests [51][52] Question: What are the expectations for group disability recoveries? - Management expressed confidence in the stability of recoveries, noting that the team has effectively managed the group disability block [66][100] Question: What is the outlook for share buybacks and other uses of cash? - Management stated that capital deployment plans remain consistent, with a focus on growing core operations and pursuing selective M&A opportunities [108]

Financial Data and Key Metrics Changes - The company achieved a record net effective spread of $97.8 million and core earnings of $49.6 million for Q3 2025 [6][25] - Year-to-date net effective spread and core earnings reached $281 million and $143 million, respectively, reflecting double-digit year-over-year growth [7][25] - The total allowance for losses was $37.2 million, or 12 basis points of total outstanding business volume, indicating a well-diversified portfolio [11][13] Business Line Data and Key Metrics Changes - The infrastructure finance line of business grew by $600 million to $11 billion, driven by strong interest in data centers and renewable energy projects [17] - The renewable energy segment more than doubled year-over-year to $2.3 billion, with expectations for continued growth [18] - The broadband infrastructure segment also doubled year-over-year to $1.3 billion, reflecting increased demand for data centers [20] Market Data and Key Metrics Changes - The agricultural finance portfolio showed strong loan purchase growth, with a $285 million increase in the farm and ranch loan purchase portfolio [21] - Despite market uncertainties, the company reported stable credit quality metrics, with a modest uptick in 90-day delinquencies attributed to seasonal impacts [11][12] Company Strategy and Development Direction - The company is focused on diversifying its loan portfolio into newer lines of business, including renewable energy and broadband infrastructure, to enhance growth and resilience [7][14] - A successful preferred stock issuance strengthened the capital base, supporting long-term growth objectives [4][13] - The securitization program is a strategic initiative aimed at optimizing the balance sheet and enhancing growth opportunities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the portfolio, citing strong asset quality metrics despite market volatility [4][12] - The company anticipates continued growth in its diversified business segments, particularly in infrastructure finance and renewable energy [18][24] - Management noted that they have not seen significant effects on the portfolio from political developments or government actions [12] Other Important Information - The company repurchased approximately 30,000 shares of Class C common stock for about $5 million, demonstrating a commitment to returning capital to shareholders [15][68] - The company is in the process of searching for a new CFO, with expectations for an announcement in the fourth quarter of 2025 [26] Q&A Session Summary Question: Outlook for spreads given Fed rate cuts - Management indicated that a cut in interest rates by the Fed should have no impact on the net effective spread due to their asset-liability management strategy [29][30] Question: Impact of tariffs on agriculture - Management noted that while there are financial pressures in major crops, they have not seen significant impacts on their portfolio, and market stabilization payments are expected soon [41][45] Question: Changes in loan structure and prepayment expectations - Management confirmed an increase in loan applications and approvals, with a focus on new money loans, and indicated that prepayments are expected to remain low [52][58] Question: Credit provision levels and charge-offs - Management characterized the credit provision as episodic and not indicative of systemic risks, with a mix of growth and specific allowances impacting the current levels [36][66]

Core Viewpoint - The company reported its Q3 2025 results, showing a revenue of 2.61 billion yuan for the first three quarters, a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 230 million yuan, up 31.5% year-on-year. However, Q3 2025 saw a revenue of 697 million yuan, an 11.2% year-on-year increase, but a significant decline in net profit, indicating challenges in maintaining growth momentum [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.61 billion yuan, reflecting a year-on-year growth of 16.3% [1] - The net profit attributable to shareholders for the same period was 230 million yuan, representing a year-on-year increase of 31.5% [1] - In Q3 2025, the company reported a revenue of 697 million yuan, which is an 11.2% increase year-on-year, but the net profit dropped to 143 thousand yuan, a decline of 89.9% year-on-year [1] Group 2: Operational Insights - The rapid expansion phase of the company's network has ended, leading to a stabilization in revenue growth, with Q3 2025 showing a 3.8 percentage point decrease in growth rate compared to Q2 [1] - The company’s right-of-use assets reached 690 million yuan, a year-on-year increase of 14.1%, but the growth rate significantly slowed from 44.3% in Q2 2025 [1] Group 3: Cost and Profitability - The gross margin for Q3 2025 was 27.2%, down 12.6 percentage points year-on-year, attributed to the seasonal business downturn and increased fixed costs from expansion [2] - The company’s selling, administrative, and R&D expense ratios were 10.0%, 14.0%, and 1.1%, respectively, with selling expenses rising due to increased marketing and investment costs [2] - Excluding stock incentive costs, the adjusted net profit for Q3 2025 was 347 thousand yuan, down 86.0% year-on-year, indicating a significant decline in profitability [2] Group 4: Strategic Initiatives - The company continued its share repurchase program in Q3, buying back 2.4713 million shares for 125 million yuan, reflecting confidence in its development [2] - A total of 60 million yuan from the repurchased shares will be used for cancellation, while the remaining will support stock incentives, enhancing shareholder returns and talent motivation [2] - The company applied for a 1 billion yuan comprehensive credit line for its subsidiary to support business expansion, indicating proactive capital management [2] Group 5: Investment Outlook - As a leader in personalized education focusing on high school segments, the company is expected to benefit from demographic advantages and stable policies, with a recommendation to monitor its market share growth [3] - Projected net profits for 2025-2027 are estimated at 240 million yuan, 280 million yuan, and 310 million yuan, with corresponding price-to-earnings ratios of 23X, 19X, and 17X [3]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $99.7 million, or $0.27 per diluted share, with core FFO per share growth of 6.2% year-over-year [11][12] - The updated guidance for core FFO per share was increased by $0.01 to $1.87 at the midpoint, representing a growth of 5.6% for the last stretch of 2025 [6][14] - Same home core revenue growth was reported at 3.8%, with same home core operating expense growth muted at 2.4%, leading to same home core NOI growth of 4.6% [7][14] Business Line Data and Key Metrics Changes - The AMH development program delivered a total of 651 homes to wholly owned and joint venture portfolios, on track with expectations [12] - The company sold 395 properties, generating approximately $125 million of net proceeds at an average economic disposition yield in the high 3% [12][13] - Same home average occupied days were reported at 95.9%, with preliminary new lease spreads of 0.3% balanced by renewal rate growth of 4% [7][8] Market Data and Key Metrics Changes - The Midwest markets continue to outperform, supported by good underlying fundamentals, with expectations for sustained performance into 2026 [24][25] - The company noted that BTR and multifamily are off-peak deliveries, with expectations for improvement into 2026 [53] Company Strategy and Development Direction - The company focuses on portfolio optimization, operational execution, and prudent capital management, which has driven solid contributions from all areas of the AMH platform [5][6] - The strategy includes a shift in lease expiration management to front-load expirations in the first half of the year, which has positively impacted occupancy and new lease trends [20][22] - The company is leveraging AI tools to enhance operational efficiency and improve the leasing experience [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum heading into 2026, with expectations for improved occupancy and rent growth in the spring leasing season [34][70] - The company remains proactive in addressing regulatory updates and has been engaging with local municipalities to communicate its contributions to housing supply [81][83] Other Important Information - The company achieved a fully unencumbered balance sheet, marking a significant milestone, with net debt to Adjusted EBITDA down to 5.1 times [13] - Full year 2025 property tax growth is expected to be in the high 2% area, positively impacting the updated full year outlook [12][14] Q&A Session Summary Question: Impact of lease expiration strategy on occupancy and new lease trends - Management noted that the shift in lease expiration strategy has led to a decrease in turnover rate and is expected to build occupancy towards the end of the year [20][22] Question: Sustained performance of Midwest markets - Management confirmed continued strength in the Midwest due to good quality of life and affordability, with expectations for positive contributions to the portfolio [24][25] Question: Deceleration in same store revenue growth - Management explained that the deceleration is influenced by timing of leasing spreads and strategic acceleration of leasing activity earlier in the year [28][30] Question: Fourth quarter trends and outlook for 2026 - Management indicated that November and December are expected to show positive effects on occupancy, positioning the company well for the next year [34][35] Question: Stock buybacks versus development funding - Management stated that stock buybacks are being monitored closely and could complement the value created by the development program at the right price [40][41] Question: Regulatory updates and election cycle - Management reported that regulatory activity has been quiet, with proactive engagement with local officials to highlight the company's contributions [81][83]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $99.7 million, or $0.27 per diluted share, with core FFO per share growth of 6.2% year over year [12][4] - The updated guidance for core FFO per share was increased by $0.01 to $1.87 at the midpoint, representing a growth of 5.6% for the last stretch of 2025 [4][15] - Same home core revenue growth was reported at 3.8%, with same home core NOI growth of 4.6% [5][15] Business Line Data and Key Metrics Changes - The company delivered solid same home average occupied days of 95.9% and new, renewal, and blended rental rate spreads of 2.5%, 4%, and 3.6% respectively [5][4] - Same home core operating expense growth was muted at 2.4%, contributing to the overall NOI growth [5][15] - The AMH development program delivered a total of 651 homes to the wholly owned and joint venture portfolios [13] Market Data and Key Metrics Changes - The Midwest markets continue to outperform, supported by good underlying fundamentals and a favorable cost of living [26][27] - The company noted a tapering of activity in October, with same home average occupied days dropping to 95.1% [5][4] - The company sold nearly 1,200 homes to end-user home buyers year to date, despite a slowdown in MLS activity [6][7] Company Strategy and Development Direction - The company focuses on portfolio optimization, operational execution, and prudent capital management as part of its strategy [4][6] - The development program is expected to maintain strategic sizing funded by internally generated capital and incremental debt capacity [8][15] - The company is leveraging AI tools to enhance operational efficiency and improve the leasing process [66][67] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing velocity improving and the benefits from the lease expiration management initiative [22][41] - The company anticipates a positive effect on occupancy and pricing power as it enters the spring leasing season next year [42][96] - Management highlighted the importance of controlling expenses and maintaining strength in the top line for future margin expansion [85][86] Other Important Information - The company’s balance sheet is now 100% unencumbered, with zero maturities until 2028 [14][15] - Full year 2025 property tax growth is expected to be in the high 2% area, positively impacting the updated outlook [13][15] Q&A Session Summary Question: Impact of lease expiration strategy on occupancy and new lease trends - Management noted that the shift in lease expirations has led to a decrease in turnover rate and is expected to build occupancy towards the end of the year [19][23] Question: Performance of Midwest markets - Management confirmed continued strength in the Midwest due to good quality of life and affordability, expecting this trend to sustain [26][27] Question: Same store revenue growth deceleration - Management explained that the deceleration is influenced by timing of last year's leasing spreads and strategic acceleration of leasing activity [32][38] Question: Fourth quarter trends and expectations - Management indicated that October showed improved leasing activity, suggesting better trends for November and December [40][41] Question: Stock buybacks versus development funding - Management stated that stock buybacks are being monitored closely and could complement the value created by the development program [48][55] Question: Regulatory updates - Management reported that regulatory activity has been relatively quiet, with proactive engagement with local municipalities [109][111]

Financial Data and Key Metrics Changes - The company recorded net income of $191 million for the third quarter, with an annualized return on equity of 14.8%, demonstrating the durability of its business model [5] - Book value per share increased to $22.87, up 11% compared to the previous year [5] - The company returned $918 million of capital to shareholders through dividends and share repurchases, reducing outstanding shares by 12% [5][8] Business Line Data and Key Metrics Changes - The company achieved over $300 billion of insurance in force, marking a significant milestone [6] - New insurance written (NIW) was $16.5 billion, reflecting high-quality business with strong credit characteristics [6] Market Data and Key Metrics Changes - The in-force premium yield was 38.3 basis points, remaining relatively flat throughout the year [13] - Investment income for the quarter was $62 million, with a book yield on the investment portfolio at 4% [13] Company Strategy and Development Direction - The company maintains a strategy focused on operational excellence, disciplined execution, and sustainable long-term value for stakeholders [5] - The capital management strategy includes supporting prudent growth, maintaining a low to mid-teens debt to capital ratio, and ensuring a healthy liquidity buffer [7] Management's Comments on Operating Environment and Future Outlook - Management noted modest improvements in home affordability due to easing mortgage rates and a slow increase in purchase applications [17] - The company remains committed to working with industry stakeholders to make homeownership more accessible while protecting taxpayers from mortgage credit risk [17] Other Important Information - The company paid a $400 million dividend to the holding company, enhancing liquidity and financial flexibility [9] - Operating expenses decreased to $50 million from $53 million in the same quarter last year, with expectations to remain within the previously communicated range for the full year [14] Q&A Session Summary Question: Provision per loan on new notices - The provision for new notices was consistent with previous quarters, with a new notice claim rate of 7.5% [20] Question: Credit scores and PMIERS - The company is actively monitoring the situation regarding credit scores and is prepared to adapt to industry changes [21] Question: Increased competition in the MI space - Management acknowledged awareness of potential new entrants but emphasized the challenges these entrants would face in meeting PMI requirements [23] Question: Capital return strategy - The company maintains a consistent approach to capital return, balancing dividends and share repurchases based on financial strength and market conditions [25][26] Question: Persistency trends and market opportunities - Persistency was viewed as flat, with recent upticks in refinance transactions noted; the company continuously evaluates market opportunities based on economic value [29][32]

Financial Data and Key Metrics Changes - The company reported operating income of $734 million for Q3 2025, with an operating return on average common equity of 28% [6][16] - Year-to-date operating income reached nearly $1.3 billion, delivering about a 17% operating return on average common equity [6][16] - Tangible book value per share plus change in accumulated dividends grew by 10% in the quarter and almost 22% year-to-date [6][16] Business Line Data and Key Metrics Changes - Underwriting income for the quarter was $770 million, nearly double from Q3 2024 [16] - Retained net investment income increased to $305 million, up 4% [16] - Fee income rose to $102 million, a 24% increase [16] - The adjusted combined ratio for underwriting was 67%, reflecting disciplined underwriting and low catastrophic losses [20] Market Data and Key Metrics Changes - The property catastrophe portfolio grew from $2 billion in gross written premium in 2022 to around $3.3 billion [7][8] - Gross premiums written in casualty and specialty were roughly flat compared to the previous quarter, with general casualty premiums down 7% [22] - In credit, gross premiums written increased by 19%, driven by additional premium on seasoned mortgage deals [22] Company Strategy and Development Direction - The company aims to prioritize margin over growth, focusing on strong underwriting practices [10][11] - It plans to continue growing tangible book value per share at an attractive pace, leveraging its strong underwriting and investment management capabilities [7][39] - The company is cautious about the anticipated decrease in property catastrophe rates and falling short-term interest rates but believes it can navigate these challenges [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to construct an attractive property portfolio despite expected market reductions [10][12] - The company anticipates continued demand growth in property catastrophe, although at a slower rate than in previous years [10][12] - Management highlighted the importance of maintaining strong customer relationships to capitalize on future growth opportunities [11][12] Other Important Information - The company returned over $1 billion in capital to shareholders year-to-date through share repurchases [9][19] - It has generated $3.2 billion in operating cash flow, facilitating growth in its property catastrophe portfolio [14][19] - The company expects to continue generating profits and cash at an attractive rate, with share repurchases viewed as a highly accretive use of capital [15][19] Q&A Session Summary Question: What are the normal expectations for fee income and net investment income contributions to return in 2026? - Management expects around 11-12% from investment income and over 3% from fees as a starting point for 2026 [42][43] Question: What is the expected ROE on cat business written in 2026? - Management indicated that while rates may decline, the business remains above rate adequacy, and they expect to construct an attractive portfolio [46][48] Question: How is third-party capital influencing pricing in 2026? - Management noted that third-party capital is not the primary driver of pricing; rather, it is about comfort with return levels within property cat [53][54] Question: What is the outlook for casualty and specialty pricing? - Management observed that pricing increases have primarily occurred at the insurer level, benefiting their reinsurance business [65] Question: How does favorable reserve development impact pricing models? - Management stated that favorable reserve development informs both pricing and reserving strategies, contributing to future expectations [88][89]

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.19 for Q3 2025, down from $1.36 in the previous quarter and $1.32 in Q3 2024 [4] - Return on average assets was 1.11% and pre-provision return on average assets was 1.61% [5] - Net interest income increased by $5.5 million compared to the previous quarter, reaching $158 million, while net interest margin improved by two basis points to 4.23% [5][25] - Non-performing assets increased by $22 million, resulting in a ratio of 83 basis points compared to 71 basis points in the linked quarter [20][28] Business Line Data and Key Metrics Changes - Loan growth for the quarter was 6% or $174 million, net of $22 million in guaranteed loan sales [6][14] - Deposit growth was exceptional, with an increase of $240 million in the quarter, leading to a total year-over-year increase of approximately 7% [7][18] - Specialty deposits grew by $189 million in the quarter and $681 million year-over-year, reflecting a 22% increase [18] Market Data and Key Metrics Changes - The company experienced strong loan origination in the Southwest markets, particularly in Dallas and Las Vegas [6][13] - Growth in deposits was observed across all regions year-over-year, with non-interest-bearing accounts representing over 32% of total deposits [18] Company Strategy and Development Direction - The company is focused on integrating new branches acquired in Arizona and Kansas City, which will enhance its market presence [3][11] - The strategy emphasizes organic growth and maintaining a balanced approach to lending and deposit generation [11][58] - The management is optimistic about the economic environment, with expectations of continued loan production and client onboarding [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are showing increased confidence due to recent economic developments, including interest rate cuts and clarity in trade policies [12][13] - The company expects to maintain or slightly accelerate loan production levels moving forward [12] - There is confidence in returning non-performing assets to historical levels in the coming quarters [10][21] Other Important Information - The company increased its quarterly dividend by $0.01 to $0.32 per share for Q4 2025 [9][31] - The acquisition of branches is expected to be accretive to net interest margin, despite recent interest rate cuts [27] Q&A Session Summary Question: Can you provide clarity on the resolution timeline for the Southern California credits and the life insurance premium finance loan? - Management indicated that the resolution for the Southern California loans may take longer than anticipated due to a secondary bankruptcy filing, while the life insurance loan is expected to be resolved through litigation, with full principal coverage assured [36][38] Question: What is the company's exposure to non-depository financial institutions (NDFIs)? - The company has approximately $260 to $270 million in balances across 18 to 20 relationships with private lenders, primarily secured by first mortgages on residential real estate [39][40] Question: What are the expectations for non-interest expenses in the fourth quarter? - The company anticipates total expenses to be around $112 million, factoring in branch acquisition costs and normalizing for non-recurring items [67] Question: How does the company view its capital priorities moving forward? - The focus remains on organic growth, with potential for share buybacks if suitable M&A opportunities do not arise [58][76] Question: What is driving the growth in specialty deposits? - The company has invested in people and systems, leading to a variable cost model that is profitable and allows for market share growth [77]

Core Viewpoint - Nanjing Bank reported a strong performance in Q3 2025, with significant growth in asset size and operating efficiency, reflecting a robust financial position and strategic management in a complex operating environment [2][3][6] Financial Performance - As of the end of Q3 2025, Nanjing Bank's total assets reached 2.96 trillion yuan, a year-on-year increase of 14.31% [2][3] - The bank achieved operating income of 41.949 billion yuan in the first three quarters, up 8.79% year-on-year, and net profit attributable to shareholders of 18 billion yuan, an increase of 8.06% [2][3] - Interest income significantly rose to 25.207 billion yuan, marking a substantial growth of 28.52% year-on-year, with interest income accounting for 60.09% of total revenue [3] Asset Quality and Risk Management - Nanjing Bank maintained a non-performing loan (NPL) ratio of 0.83% and a provision coverage ratio of 313.22%, indicating strong risk mitigation capabilities [2][6] - The bank's focus on improving credit quality and risk management has led to a decrease in the proportion of special mention loans to 1.06%, down 0.14 percentage points from the previous year [6] Capital Management - The core Tier 1 capital adequacy ratio stood at 9.54%, with total capital adequacy at 13.64%, reflecting solid capital strength [6] - The successful conversion of "Nanjing Bank Convertible Bonds" into equity raised 19.996 billion yuan, enhancing the bank's capital base [7] Shareholder Confidence - Major shareholders, including Nanjing Gaoke and Zijin Trust, have increased their stakes in Nanjing Bank, demonstrating confidence in the bank's long-term growth prospects [8] - The bank's dividend distribution plan for the first half of 2025 includes a cash dividend of 3.062 yuan per share, totaling 3.7857 billion yuan, which represents 30% of the net profit attributable to shareholders [7]

Financial Data and Key Metrics Changes - Earnings per share increased by 30% year-over-year, with a return on tangible equity of 20% [4] - Pre-provision net revenue (PPNR) was $347 million, with net interest income of $600 million, up $22 million from Q2 [9][10] - Cost of deposits rose by 7 basis points to 191 basis points, while loan yields improved by 15 basis points to 6.48% [11][12] - Capital position strengthened with a Common Equity Tier 1 (CET1) ratio of 11.5% and tangible book value (TBV) per share at $54.48, exceeding year-end 2024 levels [14] Business Line Data and Key Metrics Changes - Loan production reached nearly $3.4 billion, with a 67% increase in loan production in Texas and Colorado since Q1 [5] - Commercial and industrial (C&I) loans experienced 9% linked quarter annualized growth, while residential loans grew by 6% [31] - Non-interest income rose to $99 million, driven by correspondent capital markets and deposit fees [12][50] Market Data and Key Metrics Changes - The company identified approximately $90 billion in overlapping deposits in the Southeast Texas and Colorado markets, indicating significant growth opportunities [8] - Loan pipelines in Texas increased from $800 million to $1.2 billion, with Florida and Atlanta also showing strong pipelines of $1 billion and $900 million, respectively [32] Company Strategy and Development Direction - The company is focused on organic growth through recruiting and expanding its sales force, particularly in response to market disruptions [7][81] - Strategic planning is underway to capitalize on deregulation and market opportunities, with a focus on maintaining a strong capital formation rate [7][14] Management's Comments on Operating Environment and Future Outlook - Management expects net loan growth to accelerate in the coming quarters, with a forecast of charge-offs around 10 basis points for the year [6][13] - The company anticipates mid-single-digit loan growth for the remainder of 2025, potentially increasing to upper single digits in 2026 [30] Other Important Information - The company is currently in a strong capital position, allowing for share repurchases while pursuing growth opportunities [43][82] - Management indicated that the transition of IBTX bankers to South State's business model will involve changes in incentive structures to prioritize loan growth and profitability [61] Q&A Session Summary Question: Can you walk us through the excess accretion this quarter? - Management explained that higher accretion was observed in July, with expectations for a decrease in the following months due to early payoffs and changes in loan vintages [20][22] Question: What is the outlook for loan growth given the current market dynamics? - Management guided for mid-single-digit growth for the remainder of 2025, with a focus on C&I loans and a strong pipeline in Texas [30][31] Question: How do you feel about the rest of the portfolio apart from the large charge-off? - Management confirmed that the charge-off was an isolated incident and that the overall portfolio remains stable [39][40] Question: What are the expectations for non-interest income moving forward? - Management indicated that while the current quarter showed strong performance, they expect a more normalized run rate in the future, estimating around $370 million to $380 million for 2026 [52] Question: How will the transition of IBTX bankers affect growth and expenses? - Management stated that the transition will align incentives with South State's model, focusing on loan growth and profitability [61]