Financial Data and Key Metrics Changes - Net income for the second quarter of 2025, excluding notable items, totaled $24,500,000, up 7% from $22,900,000 in the preceding first quarter [5] - Reported a net loss of $27,900,000 for the second quarter due to one-time losses from selling lower yielding legacy securities and merger-related items [5] - Pretax pre-provision net revenue excluding notable items grew to $41,200,000, up 17% from $35,200,000 in the first quarter [6] - Net interest income totaled $118,000,000 for the second quarter, an increase of 17% from the prior quarter [11] - Net interest margin increased by 15 basis points quarter over quarter to 2.69 for the second quarter [14] Business Line Data and Key Metrics Changes - Total deposits grew to $15,900,000,000, an increase of 10% from the end of the prior quarter [7] - Loans receivable of $14,400,000,000 were up 8% from the end of the prior quarter, reflecting the addition of Territorial's loan portfolio [8] - Organic loan production increased 57% from the first quarter level [8] - Noninterest income of $15,900,000, excluding notable losses, was up 44% year over year [15] Market Data and Key Metrics Changes - Broker deposits decreased by $183,000,000 or 19% quarter over quarter, with the broker deposits ratio declining to 5% of total deposits [8] - Criticized loans declined by $34,000,000 or 8% quarter over quarter [19] - Non-performing assets totaled $113,000,000, representing 61 basis points of total assets, up from 49 basis points as of March 31 [19] Company Strategy and Development Direction - The acquisition of Territorial Bancorp is seen as a strategic move to enter the important Hawaii market [4] - Strengthening the deposit franchise remains a key priority, with a focus on reducing broker deposits and improving the cost of funds [7] - The company expects loan growth at a high single-digit percentage rate for 2025, driven by improved frontline productivity and hiring [22] Management Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about asset quality, despite some uncertainties in the macroeconomic environment [51] - The company anticipates net interest income growth in the high single-digit percentage range for 2025, despite the negative impact of fewer Fed funds rate cuts [22] - The effective tax rate is expected to be approximately 14% in the third and fourth quarters due to changes in California state tax apportionment law [24] Other Important Information - The Board of Directors declared a quarterly common stock dividend of $0.14 per share [6] - The company plans to continue recognizing pretax acquisition accounting adjustments associated with the Territorial transaction on a quarterly basis [12] Q&A Session Summary Question: Fee income guidance for the second half of the year - Management highlighted positive drivers such as customer swap fee income growth and improved loan-related fee income [30] Question: Spot rate on deposits and assumptions for the outlook - The spot rate at June was 2.93%, with expectations for higher betas on deposit products during upcoming rate cuts [31][32] Question: Cost savings from the Territorial acquisition - Management indicated that there are still more integration and cost savings expected in the second half of the year, but specifics will be shared later [35] Question: Loan growth expectations and hiring impact - Management confirmed ongoing hiring of experienced bankers to drive loan production, with expectations for increased loan growth in the latter half of the year [47] Question: Asset quality and credit outlook - Management expressed cautious optimism regarding asset quality, noting a decline in criticized assets and manageable levels of problem loans [51] Question: One-time costs related to the acquisition - Management indicated there will be a couple million more in one-time costs in the third and fourth quarters [65] Question: Average yield on new loan production - The average yield on new production was approximately 6.76% [68]

Core Insights - Preferred Bank reported a GAAP net income of $32.8 million, or $2.52 per share, in Q2 2025, reflecting a sequential increase driven by approximately 7% annualized loan growth and an expanded net interest margin (NIM) of 3.85% [1] Capital Management - The company executed a $56 million share buyback at an average price of $80.81 per share, significantly below the current market price of $97.03, and has secured authorization for an additional $125 million buyback program, which has not yet commenced due to valuation sensitivity [2][3] - Management's disciplined approach to capital return indicates a willingness to deploy excess capital opportunistically while adhering to valuation thresholds that enhance per-share value creation [3] Funding and Deposit Stability - Despite competitive pressures, the cost of deposits remained stable at around 3.41%, with maturing certificates of deposit (CDs) totaling $1.4 billion being renewed at or just under 4% in Q3, supporting stable NIM performance and deposit retention [4] - The company has maintained flat deposit balances through active cost controls, balancing competitive rate offers with funding needs [5] Loan Growth and Asset Quality - The commercial and industrial (C&I) and commercial construction portfolios drove approximately 7% annualized loan growth, with a decline in nonaccrual, criticized, and past-due loans quarter over quarter, indicating improved asset quality [6][7] - Management asserts that loan loss reserves remain adequate, and further signs of increasing loan demand have appeared, although caution is maintained due to macroeconomic uncertainties [6] Future Outlook - Management provided guidance that noninterest expense will be in the range of $21.8 million to $22.6 million in Q3 and Q4, excluding expectations of further other real estate owned write-downs [8] - A new Silicon Valley branch is scheduled to open in the second half of 2025, expanding the bank's geographic reach, although no explicit quantitative forward guidance was provided for net interest income, loan growth, or NIM [8]

Core Insights - Simmons First National reported non-GAAP earnings per share of $0.44, exceeding analyst expectations of $0.39, while revenue was $214.2 million, slightly below the consensus forecast of $216.66 million [1][2] - The quarter demonstrated progress in profitability, margin expansion, and efficiency, despite a slow growth pace and rising credit costs [1] Financial Performance - Non-GAAP EPS increased by 33.3% year-over-year from $0.33 in Q2 2024 [2] - Revenue grew by 8.6% compared to Q2 2024, up from $197.2 million [2] - Net interest income rose by 11.6% year-over-year to $171.8 million [2] - Noninterest expense decreased slightly by 0.6% year-over-year to $138.6 million [2] - The net charge-off ratio increased to 0.25%, up from 0.19% in Q2 2024 [2] - Return on average tangible common equity (non-GAAP) improved to 10.97%, up from 8.89% in Q2 2024 [2] Operational Highlights - The net interest margin reached 3.06%, marking the fifth consecutive quarter of growth [6] - Cost of deposits decreased to 2.36%, down from 2.79% in Q2 2024 [6] - Noninterest income fell by about 2% year-over-year, primarily due to lower fee income from interest rate swaps [7] - Loan balances remained stable at $17.1 billion, with growth in commercial and industrial loans [8] - The deposit base held steady at $21.8 billion, with an increase in brokered deposits [9] Asset Quality and Capital Management - Nonperforming loans rose to $157.2 million from $103.4 million in Q2 2024, affecting the nonperforming loan coverage ratio [10] - The common equity tier 1 (CET1) ratio improved to 12.36%, above regulatory requirements [11] - Tangible book value per share increased to $16.97, with no share repurchases during the period [11] Strategic Focus - The company is focused on maintaining asset quality, strong capital ratios, cost control, and organic growth [4] - Management highlighted a strong loan pipeline of $1.6 billion, with $564 million close to funding [13] - The company aims to manage deposit competition and increase low-cost deposits [13][14]

Financial Data and Key Metrics Changes - Western Alliance Bancorporation reported strong financial results in Q2 2025, with net interest income of nearly $700 million, growing 7.2% quarter over quarter and approximately 29% annualized [11][15] - The bank generated over $1 billion in sequential loan growth for the second consecutive quarter, funded by nearly $2 billion in quarterly deposit growth [11] - Net interest margin increased by six basis points sequentially to above 3.5%, driven by robust average earning asset growth and lower interest-bearing deposit costs [11][18] - Return on average tangible common equity reached 14.9%, and return on average assets was 1.1%, both significantly higher than Q1 [13] Business Line Data and Key Metrics Changes - HFI loans grew by $1.2 billion quarterly, with C&I loans contributing over two-thirds of the growth, particularly from regional banking and innovation sectors [20] - Non-interest income rose 16.4% quarter over quarter to $148 million, with mortgage loan production volume increasing by 25% year over year [15] - The bank's mortgage banking revenue was approximately $78 million, with core mortgage banking revenue tracking flat year over year [15] Market Data and Key Metrics Changes - Deposits increased by $1.8 billion in Q2, with significant growth in non-interest bearing and savings products, while wholesale brokered deposits declined by $300 million [21] - Regional banking deposits rose nearly $800 million, reflecting strong relationship momentum with commercial clients [22] - The digital asset banking program contributed $400 million in quarterly growth, indicating a positive trend in this market segment [22] Company Strategy and Development Direction - The company plans to unify six legacy division bank brands under the Western Bank brand by year-end, enhancing its marketing presence [13] - Management remains focused on achieving organic growth up to the $100 billion large financial institution level over the next 18 months [37] - The bank is optimistic about future deposit growth driven by regulatory changes and new deposit strategies under the new CFO [84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of asset quality, expecting criticized assets to decline in the coming quarters [12][32] - The bank anticipates net interest income growth of 8% to 10% for the year, supported by strong loan growth and delayed rate cuts [30] - Management highlighted the importance of maintaining a strong capital base, with a CET1 ratio expected to remain above 11% [29] Other Important Information - The bank's total assets increased to $86.7 billion, reflecting strong loan and deposit growth [19] - The transition of CFO responsibilities to Vishal is set for early Q4, with a thorough transition period planned [10] Q&A Session Summary Question: CFO Transition and Focus Areas - Dale Gibbons expressed excitement about the transition, emphasizing the opportunity to focus on deposit services and growth initiatives [35] - Kenneth Vecchione confirmed that the transition does not signal a change in the bank's strategic direction [37] Question: Deposit Growth Outlook - Dale Gibbons provided insights on the expected cadence of deposit flows, indicating confidence in reaching the $8 billion target despite seasonal trends [38] Question: Fee Income Growth - Management anticipates an increase in fee income driven by commercial banking activities, while mortgage-related revenue is expected to remain flat [45][46] Question: Expense Guidance - Kenneth Vecchione explained that the increase in expenses is primarily due to deposit-related costs, with a focus on maintaining efficiency [47] Question: Margin and Deposit Rates - Management indicated that net interest margin is expected to continue improving, with a focus on managing deposit costs effectively [52][54] Question: Allowance for Credit Losses - Management reassured that the allowance for credit losses is adequate, with a focus on conservative valuations of assets [70][73]

Financial Data and Key Metrics Changes - The company reported strong quarterly earnings of $534 million, resulting in earnings per share of $0.59, with adjusted earnings of $538 million or $0.60 per share [3] - Pretax pre-provision income increased by 14% year over year to $832 million, with a return on tangible common equity of 19% [3] - Average deposits grew organically by over 30% over the last five years, among the highest in its peer set [4] Business Line Data and Key Metrics Changes - Ending loans grew by 1%, while average loans remained stable; growth in ending business loans was driven by commercial and industrial (C&I) and real estate sectors [12] - Wealth management revenue has grown at more than an 8% compounded annual growth rate since 2018, contributing to record fee income [6] - Treasury management revenue increased by 8% year to date, with a 10% increase in total clients served [6] Market Data and Key Metrics Changes - Consumer deposits in priority markets grew by 20% more than in core markets during the quarter [14] - Average deposit balances in the Corporate Banking Group grew over 1% sequentially, while ending balances remained stable [15] - Net interest income rebounded, increasing by 5% linked quarter, with expectations for full year 2025 net interest income to grow between 3% to 5% [18] Company Strategy and Development Direction - The company is focused on modernizing its core technology platforms, including a new cloud-based commercial loan system and deposit system [8] - The company is not interested in depository M&A, preferring to execute its existing strategic plan and focus on organic growth [37] - The company aims to continue delivering top quartile results and has increased its dividend at a compounded annual growth rate of over 10% over the last six years [9] Management's Comments on Operating Environment and Future Outlook - Management noted that both business and consumer customers are in good shape, maintaining liquidity and managing debt levels well [31] - There is some uncertainty regarding interest rates and inflation, but overall sentiment among business customers has improved [30] - The company expects to maintain positive operating leverage over time, despite the need for ongoing investments [120] Other Important Information - The company executed $144 million in share repurchases and paid $224 million in common dividends during the quarter [23] - The estimated common equity Tier one ratio increased from 9.1% to 9.2% due to strong capital generation [23] Q&A Session Summary Question: Implications of the tax bill on loan growth and consumer spending - Management indicated that the tax package creates certainty for businesses and consumers, which is expected to lead to positive momentum in 2025 and 2026 [30][34] Question: Perspective on bank M&A activity - Management stated they are not interested in depository M&A, focusing instead on executing their current plan and exploring non-bank opportunities [37][39] Question: Details on net interest margin and deposit cost leverage - Management discussed the recent improvements in net interest margin and the expectation for stable to modest growth in the third quarter [18][52] Question: Loan growth dynamics and competitive backdrop - Management highlighted a 17% year-over-year increase in pipelines and emphasized their disciplined approach to portfolio management [59][61] Question: Credit quality and specific portfolios under scrutiny - Management noted that overall credit quality remains strong, with some challenges in specific portfolios, but they are manageable [106][108] Question: Approach to stablecoin solutions - Management expressed intent to participate in a consortium of banks for stablecoin solutions, similar to their involvement with Zelle [111][112]

Core Viewpoint Commerce Bancshares Inc. (CBSH) reported strong second-quarter 2025 earnings, driven by increased net interest income and non-interest income, despite facing higher expenses and provisions for credit losses. Financial Performance - Earnings per share (EPS) for Q2 2025 was $1.14, exceeding the Zacks Consensus Estimate of $1.02, and reflecting a 10.7% increase year over year [1][9] - Net income attributable to common shareholders was $152.5 million, up 9.3% from the previous year, surpassing the estimate of $128.5 million [2] Revenue and Income Breakdown - Total revenues reached $445.8 million, a 7.5% increase year over year, exceeding the Zacks Consensus Estimate of $430.4 million [3] - Net interest income (NII) was $280.1 million, up 6.8% from the prior year, also surpassing the estimate of $265.7 million [3] - Non-interest income increased to $165.6 million, an 8.8% rise year over year, driven by growth in most components except for bank card transaction fees and loan fees [4] Expense Analysis - Non-interest expenses rose 5.3% year over year to $244.4 million, attributed to increases in nearly all cost components [4] - The efficiency ratio improved to 54.77% from 55.95% in the previous year, indicating enhanced profitability [5] Loan and Deposit Trends - As of June 30, 2025, net loans were $17.50 billion, a 1.7% increase from the prior quarter, while total deposits declined 1.3% to $25.49 billion [6] Asset Quality - Provision for credit losses was $5.6 million, a 2.4% increase year over year, with the allowance for credit losses on loans to total loans at 0.94% [7] - The ratio of annualized net loan charge-offs to total average loans decreased to 0.22% from 0.23% [7] Capital Ratios and Profitability - The Tier I leverage ratio improved to 12.75% from 12.13% year over year, and the tangible common equity to tangible assets ratio increased to 10.86% from 9.82% [10] - Return on total average assets was 1.95%, up from 1.86% in the prior year, while return on average equity decreased to 17.40% from 18.52% [10] Share Repurchase Activity - In the reported quarter, the company repurchased 0.17 million shares at an average price of $60.54 [11] Strategic Developments - Commerce Bancshares announced an agreement to acquire FineMark Holdings for $585 million, expected to close on January 1, 2026, subject to regulatory approval [12] - The acquisition is projected to be 6% accretive to CBSH's 2026 GAAP earnings, with anticipated cost savings of 15% of FineMark's non-interest expenses [13]

Financial Performance - Net income for Q1 2025 was $13324 million, resulting in earnings per share of $238[8] - Net interest margin increased to 455% in Q1 2025[8] - Return on average assets (ROAA) reached 176% in Q1 2025[8] - Return on average equity (ROAE) was 1970% in Q1 2025[8] Balance Sheet - Total loans amounted to $2124 billion in Q1 2025[8] - Total deposits reached $2778 billion in Q1 2025[8] - The bank repurchased approximately 21% of its shares since 2019[16] Asset Quality - Non-performing assets (NPAs) to total assets, net of government guarantees, stood at 039%[8] - The allowance for credit losses (ACL) to portfolio loans was 098%[8] Strategic Initiatives - The bank's deposit market share has increased by 540 basis points since 2018[18] - Approximately 27% of the bank's deposits are non-interest bearing[20]

Investment Rating - The report does not explicitly provide an investment rating for Shanghai Pudong Development Bank (SPDB) [1]. Core Insights - Revenue and profit growth are expected to accelerate in the remaining quarters of 2025, with ambitious targets set for full-year growth [3]. - The net interest margin (NIM) change in 2025 is anticipated to outperform peers [3]. - Loan growth in 2025 is projected to exceed Rmb 370 billion recorded in 2024 [3]. - Positive growth in mortgage loans is expected for the full year, despite a slower pace compared to previous quarters [3]. - Non-interest income is targeted to achieve positive growth in 2025 [3]. - The company aims to control credit costs while maintaining a stable or higher non-performing loan (NPL) coverage ratio with a decline in the NPL ratio [3]. - A 30% dividend payout ratio is expected to be maintained [3]. Revenue and Profit Growth - The company achieved 1%+ revenue and profit growth in 1Q25 and is confident in accelerating growth for the remaining quarters of 2025 [11]. - The ambitious targets for revenue and profit growth in 2025 are set despite a high base and weak bond market performance [11]. Net Interest Margin (NIM) - NIM saw marginal improvement in 1Q25, with a limited year-over-year decline, outperforming peers [7]. - The NIM is expected to remain stable in 2Q25 and outperform peers throughout 2025 [7]. - Factors contributing to NIM improvement include accelerated loan growth and optimized liability structure [7]. Loans - Loan growth in 2025 is expected to exceed Rmb 370 billion, with a balanced growth pace throughout the year [7]. - New loan growth in 1Q25 was Rmb 250 billion, significantly faster than peers [7]. - The focus will be on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and wealth management [7]. Mortgages - Mortgage loans are expected to achieve positive growth in 2025, particularly in tier 1 and 2 cities [7]. - Both 1Q25 and 2Q25 saw positive mortgage growth, although less significant than in 4Q24 [7]. - The mortgage NPL ratio increased slightly in 1Q25 but remains under control [7]. Non-Interest Income - Non-interest income is targeted for positive growth in 2025, with future growth drivers identified [11]. - Fee income growth was negative in 1Q25 due to a decline in corporate underwriting income, while agency sales and custody income grew [11]. - Positive investment income growth in 1Q25 was attributed to opportunistic bond investment gains and growth in precious metals and FX derivatives trading income [11]. Asset Quality - The company aims to achieve a decline in the NPL ratio while maintaining a stable or higher NPL coverage ratio [11]. - The main asset quality risk lies in retail, with the NPL ratio for developer loans decreasing quarter-over-quarter in 1Q25 [11].

Financial Data and Key Metrics Changes - Net income for the first quarter was $2,700,000, with diluted earnings per share (EPS) of $0.42, representing a 27% increase compared to the prior year quarter [5] - Tangible book value per share increased to $15.79, up from $14.93 last year, marking a 5.8% increase [5] - Net interest income totaled $11,300,000, a 23% increase from $9,200,000 in the first quarter of 2024 [5] - Operating expenses increased approximately 3.5% from the linked quarter, totaling $12,400,000, which includes $726,000 in merger-related expenses [7][21] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $97,000,000, up 9.8% from the prior year, marking the fourth consecutive quarter of sequential loan growth [6][13] - Mortgage originations for the quarter were $40,000,000, down from the prior year and linked quarters, but the current pipeline is approximately $50,000,000 [6][8] - Noninterest income increased by 3.9% from the prior year quarter to $4,100,000, driven by gains on mortgage loans and commercial loan swap revenue [10] Market Data and Key Metrics Changes - Deposits grew over 10%, including $56,000,000 from the Marblehead acquisition, while excluding Marblehead, growth was 5.4% [6][12] - The deposit base ended the quarter at $1,270,000,000, the highest level in the company's history [23] - Demand deposits expanded by $8,000,000 or 3% for an annualized growth of 12% [24] Company Strategy and Development Direction - The company remains focused on five key initiatives: growing and diversifying revenue, expanding footprint, operational excellence, and maintaining asset quality [7] - The acquisition of Marblehead Bancorp is expected to enhance market presence and provide tailored financial solutions to clients [11] - The company is committed to digital innovation and enhancing client care initiatives to remain competitive against larger regional banks [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in loan growth despite economic uncertainties, with a budgeted growth of 8% to 10% for the year [39] - The company anticipates continued improvement in net interest margin due to lower funding costs and loan repricing [20][55] - Management remains optimistic about the economic environment and the company's ability to grow in new markets [38][56] Other Important Information - The company repurchased 26,500 shares at an average price of just under $21, representing approximately 130% of tangible book value [25] - The allowance for credit losses remained robust at 1.41% of total loans, providing 254% coverage of nonperforming loans [18] Q&A Session Summary Question: Concerns about loan growth and tariffs - Management expressed confidence in the loan pipeline, indicating that most clients are proceeding with funding despite economic uncertainties related to tariffs [35][36] Question: Outlook for loan growth this year - The company budgeted for loan growth of 8% to 10%, inclusive of the Marblehead acquisition [39] Question: Mortgage pipeline and full-year expectations - The current mortgage pipeline is healthy, and management is optimistic about achieving budgeted mortgage volume for the year [42] Question: Deposit trends and seasonality - Management anticipates some seasonal fluctuations in deposits but expects core deposits to grow by 4% to 5% [48] Question: Credit quality and reserve levels - Management indicated that credit quality remains strong, with no immediate concerns, and reserves are expected to be maintained [56][60] Question: Capital priorities post-acquisition - The company plans to stabilize capital levels post-acquisition while considering future buybacks and dividend policies [64][66]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $2.7 million, with diluted earnings per share (EPS) of $0.42, representing a 27% increase compared to the prior year quarter [5] - Tangible book value per share increased to $15.79, up from $14.93 last year, reflecting a 5.8% increase [5] - Net interest income totaled $11.3 million, a 23% increase from $9.2 million in Q1 2024 [5][19] - Operating expenses rose approximately 3.5% from the linked quarter, totaling $12.4 million, which includes $726,000 in acquisition-related costs [7][21] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $97 million, up 9.8% from the prior year, marking the fourth consecutive quarter of sequential loan growth [6][13] - Mortgage originations for the quarter were $40 million, down from the prior year and linked quarters, but the current pipeline is approximately $50 million [6][41] - Noninterest income increased by 3.9% from the prior year quarter to $4.1 million, driven by gains on mortgage loans and commercial loan swap revenue [10] Market Data and Key Metrics Changes - Deposits grew over 10%, including $56 million from the Marblehead acquisition, while excluding Marblehead, growth was 5.4% [6][12] - The core deposit base grew just under 5% this year, with an annualized growth rate of 15% when excluding public funds and the Marblehead book [13] - Total loans ended the quarter at $1.09 billion, including $19 million from the Marblehead acquisition [22] Company Strategy and Development Direction - The company remains focused on five key initiatives: growing and diversifying revenue, expanding footprint, operational excellence, and maintaining asset quality [7] - The Marblehead acquisition, completed on January 17, 2025, is expected to enhance market presence and client relationships in Ottawa County, Ohio [11] - The company is committed to digital innovation and enhancing client care initiatives, including appointing a digital banking officer [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in loan growth despite economic uncertainties, with a budgeted growth of 8% to 10% for the year [39] - The company anticipates a strong performance in the second half of the year, driven by the integration of Marblehead and a robust loan pipeline [28] - Management expects funding costs to decrease further, which will positively impact net interest margin [23][54] Other Important Information - The company repurchased 26,500 shares at an average price of just under $21, representing approximately 130% of tangible book value [25] - The allowance for credit losses remained robust at 1.41% of total loans, providing 254% coverage of nonperforming loans [18] Q&A Session Summary Question: Concerns about loan growth and tariffs - Management expressed confidence in the loan pipeline, indicating no significant concerns regarding tariffs affecting client decisions [36][38] Question: Outlook for loan growth this year - The company maintains a budgeted growth of 8% to 10%, including contributions from the Marblehead acquisition [39] Question: Mortgage pipeline and full-year expectations - The current mortgage pipeline is healthy, and management is optimistic about achieving budgeted production levels for 2025 [41] Question: Trends in deposits and liquidity - Management anticipates some seasonal fluctuations in deposits but expects core deposits to continue growing [45][47] Question: Credit quality and reserve levels - Management is bullish on credit quality and plans to provision for anticipated loan growth while maintaining a strong reserve level [56][59] Question: Capital management and buyback plans - The company plans to resume share buybacks when opportunities arise, while also focusing on integrating the Marblehead acquisition [64]