Core Insights - Investors Title Company (ITIC) shares increased by 4.5% following the earnings report for Q3 2025, outperforming the S&P 500 index, which declined by 0.6% during the same period [1] - The company reported earnings per share of $6.45, up from $4.92 a year ago, indicating strong year-over-year growth [1] Revenue and Income - Total revenues rose by 6.1% to $73 million compared to $68.8 million in the prior-year quarter, driven by a $2 million increase in non-title services and a $1.8 million gain in net premiums written and escrow and title-related fees [2] - Net income reached $12.2 million, reflecting a 31.1% increase from $9.3 million in the same period last year [2] Business Metrics - Non-title services revenues surged by 45.4% to $6.3 million, attributed to higher revenues from like-kind exchanges and management services [3] - Net premiums written increased by 2.8% to $56.4 million, with direct premiums and agency premiums contributing 29% and 71% respectively [3] - Escrow and title-related fees grew by 5.2% to $4.8 million [3] Investment Gains and Expenses - Net investment gains nearly doubled to $2.1 million from $1 million, driven by realized gains on securities and favorable changes in equity investment valuations [4] - Total operating expenses increased by only 1.2% to $57.9 million, aided by effective expense management [4] Management Commentary - Chairman J. Allen Fine expressed confidence in the company's momentum, noting the third quarter marked the best-performing consecutive three-quarter period since 2021 [5] - The robust performance was attributed to growing title insurance revenues and a strong like-kind exchange business, alongside favorable market conditions such as declining mortgage rates [5] Performance Drivers - Improved earnings were primarily driven by higher real estate transaction volume and increased demand for title insurance and tax-deferred exchange services [6] - Operating leverage was significant, with revenue growth outpacing expense increases, while personnel expenses saw a slight decrease [6] Investment Perspective - Gains in the equity securities portfolio contributed positively, adding nearly $1.1 million to bottom-line earnings, with non-GAAP income before income taxes rising 22.8% year over year [7] Other Developments - A $3.2 million increase in "other revenue" for the nine-month period was linked to a gain recognized on assets contributed to a joint venture, indicating potential strategic investment opportunities [8]

Core Insights - Collegium Pharmaceutical reported Q3 CY2025 revenue of $209.4 million, exceeding Wall Street expectations by 31.4% year-on-year and beating analyst estimates by 10.7% [1][5] - The company raised its full-year revenue guidance to $780 million, which is 3.8% above analysts' estimates [1][5] - Non-GAAP profit per share was $2.25, surpassing analysts' consensus by 21% [1][5] Revenue and Financial Performance - Revenue for Q3 was $209.4 million compared to analyst estimates of $189.1 million, reflecting a 31.4% year-on-year growth [5] - Adjusted EPS was $2.25, beating analyst estimates of $1.86 by 21% [5] - Adjusted EBITDA reached $133 million, with a margin of 63.5%, exceeding analyst estimates of $118.2 million [5] - The company increased its full-year EBITDA guidance to $465 million, above analyst estimates of $442.6 million [5] - Operating margin improved to 29.7%, up from 21.9% in the same quarter last year [5] - Market capitalization stands at $1.28 billion [5] Product Performance and Strategic Outlook - Strong demand for ADHD medication Jornay PM and resilience in the pain management portfolio were key drivers of growth [3][4] - Jornay PM prescriptions grew by 20% year-over-year, aided by expanded sales efforts and targeted marketing [3] - Management expects continued momentum from Jornay PM and a stable outlook for pain products, with plans for incremental investments in sales and marketing [3][4] - Improvements in payer coverage and contract terms are anticipated to support profitability [3]

Financial Data and Key Metrics Changes - The company reported record results for the third quarter with revenue of $447 million, up 37% year-over-year, and adjusted pre-tax income of $94 million, up 86% [3][5] - Adjusted EPS for the third quarter was $1.85, reflecting a 99% increase from the previous year [3][8] - For the nine months ended September 30, total revenues were $1.179 billion, up 16% year-over-year, with adjusted pre-tax income increasing by 34% [5][8] Business Line Data and Key Metrics Changes - Strategic advisory revenues significantly increased for both the third quarter and the first nine months, contributing to overall revenue growth [5][12] - Restructuring revenues rose slightly in both periods, while PJT Partners' revenues were flat in the third quarter and down modestly for the first nine months [5][10] Market Data and Key Metrics Changes - The macro environment has improved, with equity prices near record highs and low volatility across equities and credit [3][4] - The IPO market has reopened, contributing to a recovery in M&A activity, although the overall number of transactions has declined despite larger deal sizes increasing by almost 40% [3][12] Company Strategy and Development Direction - The company aims to be the world's best investment bank, focusing on building a next-generation investment bank that addresses complex challenges with creative solutions [13][14] - Continued investment in strategic advisory and expansion into global markets are key growth pillars [21][12] Management's Comments on Operating Environment and Future Outlook - Management expressed tempered optimism about the near-to-intermediate operating environment, citing risks such as geopolitical uncertainty and high interest rates [4][10] - The restructuring team is expected to remain active, addressing liability management opportunities due to concentrated stress in certain industries [10][11] Other Important Information - The company ended the quarter with $520 million in cash and no funded debt outstanding, and a quarterly dividend of $0.25 per share was approved [9] - The effective tax rate for the first nine months of 2025 was 15.5%, slightly below previous estimates [7][8] Q&A Session Summary Question: Outlook on restructuring activity - Management indicated that restructuring activity remains high, with expectations to meet or exceed last year's record results despite mixed trends in the broader market [19][20] Question: Partner productivity and revenue per partner - Management does not focus on specific revenue targets per partner but emphasizes hiring impactful individuals to enhance overall financial results [22][25] Question: Impact of government shutdown - Management believes the government shutdown will not significantly affect business operations but is concerned about broader macroeconomic implications [30][31] Question: Primary fundraising outlook - Management noted that while primary fundraising is improving, increased competition may arise as more firms seek to tap the market [32] Question: Operating leverage and pre-tax margin outlook - Management expects further margin improvement as revenue growth continues, emphasizing the importance of managing for long-term value [36][42] Question: Divergence of deal value versus deal count - Management highlighted that favorable regulatory conditions are skewing activity towards larger transactions, which may not reflect in the overall number of deals [47][48] Question: Credit backdrop and restructuring activity - Management expressed concerns about credit pricing and the potential for increased restructuring needs due to technological dislocation and market changes [60][62]

Financial Data and Key Metrics Changes - Total assets reached a record $2.3 trillion, driven by the acquisition of Commonwealth Financial Network and solid organic growth, with organic net new assets of $33 billion, representing a 7% annualized growth rate [3][4] - Adjusted EPS for Q3 was $5.20, an increase of 25% year-over-year, with gross profit of $1,479 million, up $175 million sequentially [4][14] - Adjusted pre-tax margin was approximately 38%, reflecting the combination of organic growth and expense discipline [14] Business Line Data and Key Metrics Changes - Recruited assets in Q3 were $33 billion, contributing to a record $168 billion over the trailing 12 months [4][14] - In the traditional independent market, approximately $12 billion in assets were added during Q3, maintaining industry-leading capture rates despite low advisor movement [4][5] - The acquisition of Commonwealth Financial Network added $275 billion in assets during Q3, with nearly 80% of assets retained [13][18] Market Data and Key Metrics Changes - Client cash balances ended the quarter at $56 billion, up $5 billion, with $4 billion attributed to Commonwealth Financial Network [15] - The mix of fixed-rate balances in the ICA portfolio was approximately 60%, with an ICA yield of 351 basis points, up 9 basis points from Q2 [15][16] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [9][10] - Plans to streamline services and adjust pricing to align with market value, enhancing the value proposition for advisors [10][17] - Continued focus on onboarding Commonwealth Financial Network and enhancing capabilities for all advisors [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration of Commonwealth Financial Network and the positive cultural alignment [25][27] - The company anticipates a return to historical norms in advisor movement, which could lead to higher organic growth in future quarters [46][48] - Management remains optimistic about the long-term growth trajectory and the ability to capture market share [48][62] Other Important Information - The company is focused on maintaining a strong capital position, with share repurchases paused until after the Commonwealth onboarding [21] - The expected run rate EBITDA for Commonwealth Financial Network is approximately $425 million once fully integrated [18] Q&A Session Summary Question: Update on Commonwealth integration and recruiting focus - Management confirmed that the integration is progressing well, with nearly 80% of assets retained, and plans to refocus recruiting efforts externally as retention improves [24][26] Question: Clarification on pricing changes and margin benefits - The 100-basis point improvement in margin is solely from pricing changes, with additional cost efficiencies expected to contribute further [30][31] Question: Timeline for achieving 90% retention target - The timeline for achieving the 90% retention target aligns with the onboarding of Commonwealth, expected in Q4 2026, but could occur sooner [32] Question: Progress on alternative investment capabilities - The company has significantly expanded its alternative investment offerings and is on track to have 120 alternatives available for sale by the end of the year [50][52] Question: Expectations for TA rates and advisor movement - Management expects TA rates to decrease as interest rates decline, with advisor movement anticipated to return to historical norms [56][57]

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter [9] - Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs, representing a 7% increase compared to the second quarter and a 20% increase compared to the first quarter of 2025 [4][9] - The company reaffirmed its 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion [10] Business Line Data and Key Metrics Changes - The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, contributing to year-over-year earnings growth [9] - NGL raw feed throughput volumes increased, with Rocky Mountain region volumes averaging more than 490,000 bbl per day, a 5% increase compared to the second quarter [12] - Refined products volumes increased sequentially due to seasonal demand, with physical blending volumes up approximately 15% year-to-date compared to the same period in 2024 [16] Market Data and Key Metrics Changes - The Permian Basin natural gas processing capacity increased by more than 550 million cu ft per day, driven by strong demand and operational efficiencies [6][18] - Natural gas gathering and processing volumes increased across all regions compared to the second quarter, with the Permian Basin volumes averaging 1.55 billion cu ft per day, a 5% increase [17] Company Strategy and Development Direction - The company is focused on capturing additional synergies and operational efficiencies, expecting approximately $250 million in synergy contributions for 2025 [11] - ONEOK's strategy includes combining strategic acquisitions to create a more resilient business, leveraging integrated assets to expand reach in key basins and demand markets [22] - The company is actively assessing opportunities for growth in the Permian Basin and enhancing integrated operations [18][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate near-term challenges and continue delivering results for investors and customers [8] - The current commodity price environment may lead to moderation in drilling and completion activities, but strong gas-to-oil ratios and production efficiencies are expected to drive modest growth [19] - Management remains optimistic about maintaining volume growth in the Permian and other regions despite market volatility [42][45] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes during the quarter [9] - The company expects to pay more than $1.5 billion less in cash taxes over the next five years, enhancing free cash flow and capital allocation flexibility [11] Q&A Session Summary Question: Tailwinds versus headwinds for earnings growth into next year - Management identified synergies and growth projects as tailwinds, with a focus on capturing market share in the Permian and other areas [25] Question: Capital allocation priorities between buybacks and debt paydown - Management indicated that as they approach their debt to EBITDA target, they will have more flexibility for stock buybacks alongside debt management [26] Question: 2026 guidance and impact of Waha spreads widening - Management emphasized the importance of ongoing discussions with producers and the positive impact of Waha spreads on their systems [30][32] Question: Capital allocation for future projects - Management stated that they evaluate each project on a standalone basis and expect capital expenditures to trend down in the coming years [35][36] Question: Update on LPG export commercialization efforts - Management reported strong interest in their docks and a positive contracting strategy for LPG exports [46] Question: Gas egress limitations in the Mid-Continent - Management expressed confidence in the growth potential in the Mid-Continent and the ability to manage gas egress effectively [49] Question: Dynamics of Bakken and Permian volumes - Management noted that Bakken volumes are trending positively due to ethane recovery, while Permian volumes are expected to stabilize as new pads come online [51][52] Question: Opportunities from AI-driven data center projects - Management highlighted interest from over 30 data center projects seeking natural gas supply, positioning the company favorably for future growth [56] Question: Importance of the Eiger Express pipeline project - Management emphasized the Eiger Express project as crucial for meeting LNG demand and enhancing integration with existing assets [58][60]

Financial Data and Key Metrics Changes - Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter [9] - Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs, representing a 7% increase compared to the second quarter and a 20% increase compared to the first quarter of 2025 [4][9] - The company reaffirmed its 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion [10] Business Line Data and Key Metrics Changes - The acquired NLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, contributing to year-over-year earnings growth [9] - Natural gas liquids (NGL) raw feed throughput volumes increased, with Rocky Mountain region volumes averaging more than 490,000 barrels per day, a 5% increase compared to the second quarter [12] - Refined products volumes increased sequentially due to seasonal demand, with physical blending volumes up approximately 15% year to date compared to the same period in 2024 [16] Market Data and Key Metrics Changes - In the Permian Basin, natural gas processing volumes increased 5% compared to the second quarter, averaging 1.55 billion cubic feet per day [18] - The Rocky Mountain region processed volumes averaged 1.7 billion cubic feet per day, a 4% increase compared to the second quarter, marking a record for the company in that region [18] Company Strategy and Development Direction - The company is focused on capturing additional synergies and operational efficiencies, expecting approximately $250 million in synergy contributions for 2025 [10] - The strategy includes integrating acquisitions to create a stronger and more resilient business, with a focus on expanding reach in key basins and demand markets [22] - The company is actively assessing opportunities to expand and enhance integrated operations within the Permian Basin [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate near-term challenges and continue delivering results for investors and customers [8] - The current commodity price environment may lead to moderation in drilling and completion activities, but strong gas-to-oil ratios and production efficiencies are expected to support modest growth [19] - Management remains optimistic about the growth trajectory into 2026, driven by synergies and growth projects coming online [25][31] Other Important Information - The company repurchased more than 600,000 shares of common stock and retired over $500 million in senior notes during the quarter [9] - The company expects to pay more than $1.5 billion less in cash taxes over the next five years, enhancing free cash flow and capital allocation flexibility [11] Q&A Session Summary Question: Can you frame up tailwinds versus headwinds for earnings growth into next year? - Management identified synergies and growth projects as tailwinds, with expectations for continued market share growth in the Permian and other areas [25] Question: How do you think about executing on buybacks versus debt paydown? - The company is approaching its debt to EBITDA target, which will allow for more flexibility in capital allocation, including stock buybacks [26] Question: Can you quantify the potential impact of Waha spreads widening? - Management noted that the widening spreads have had a positive impact, leveraging capacity across systems to grow gathering and processing [32] Question: How do you see the competition for the Sunbelt Connector project? - Management believes the Sunbelt Connector is competitive due to existing connections and efficient expansions, with significant customer interest [39] Question: What are the early indications on how volumes across supply-push assets will trend through next year? - Management is confident in maintaining volume levels due to current drilling activity and rising gas-to-oil ratios [43] Question: Can you provide an update on LPG export commercialization efforts? - Management reported strong interest in their docks and is pleased with the current contracting strategy [47] Question: Is gas egress becoming a limitation for growth out of the Mid-Continent? - Management believes there is still room for growth in the Mid-Continent and is prepared to address any potential limitations [50] Question: How do you view the dynamics of Bakken and Permian volumes? - Management noted that Bakken volumes are trending positively due to ethane recovery, while Permian volumes are expected to improve as delayed pads come online [52][53]

Core Insights - AXIL Brands, Inc. has been upgraded to "Outperform" due to accelerating operating leverage, strong wholesale momentum, disciplined expense management, and improved profitability following entry into national retail chains like Costco [1][12] Financial Performance - In Q1 fiscal 2026, AXIL's net sales increased by 17.2% year over year to $6.9 million, driven by shipments to a national membership-based retailer [2] - Gross margin decreased to 67.6% from 71%, while operating expenses fell to 61.6% of sales from 73.4% in the prior year, resulting in operating income of $0.4 million (6% of revenues) compared to a loss of $0.1 million a year earlier [3] - Adjusted EBITDA surged by 291% to $0.7 million, indicating scalable profitability amid modest revenue growth [3] Channel Diversification - The shift towards offline retail is reshaping AXIL's revenue mix and profit profile, with management noting that retail distribution offers greater cost efficiency and better visibility into recurring demand [4] - The retail-driven mix has improved AXIL's ability to control fixed costs, with professional and consulting expenses down 16% year over year and general and administrative spending down nearly 11% [5] Inventory and Cash Flow - Inventory rose approximately 53% quarter over quarter to $3.9 million to support initial orders from a new retail customer, reflecting proactive positioning for sustained wholesale growth [6] - Accounts receivable increased by 177% quarter over quarter to $2.8 million, but AXIL's $4.1 million cash balance provides adequate liquidity for working capital needs [7] Product Innovation - The upcoming launch of the GS Extreme 3.0 aims to enhance ergonomics and performance in the hearing protection line, with multiple next-generation releases expected in the next two to three quarters [8] - The introduction of the Reviv3 hair and skincare line across Chatters, Canada's largest salon chain, adds growth potential, although near-term contributions are limited [9] Valuation and Outlook - AXIL Brands trades at a trailing EV/Sales multiple of 1.45X, significantly below the consumer staples industry average of 2.9X, with positive inflection in operating performance [11] - The company's execution on offline retail penetration, operational discipline, and upcoming product launches support an "Outperform" rating, indicating expected above-market returns over the next 6-12 months [12] Conclusion - AXIL's Q1 fiscal 2026 results validate its channel diversification strategy, with new retail partnerships driving growth and structural operating leverage [13] - Product innovation and retail sales are expected to sustain consumer demand and lower acquisition costs, positioning AXIL for continued profit expansion [13]

Core Insights - AmeriServ Financial, Inc. (ASRV) shares increased by 5.6% following the earnings report for Q3 2025, outperforming the S&P 500's 0.9% change during the same period [1] - The company reported a net income of 15 cents per share, a 114% increase from 7 cents per share in the previous year, with total revenues significantly driven by net interest income [2] Financial Performance - Net interest income rose by 23.9% to $11 million compared to $8.9 million a year earlier, supported by a net interest margin increase of 56 basis points to 3.27% [3] - Total revenues were impacted by elevated credit loss provisions and a decline in non-interest income year-over-year [2][6] Management Commentary - CEO Jeffrey A. Stopko attributed the record earnings to a focus on operating leverage and disciplined balance sheet management, noting a $4.8 million increase in net interest income year-to-date [5] Credit Quality and Non-Interest Income - The company recorded a $0.4 million provision for credit losses in Q3, reversing a recovery from the previous year, while non-performing assets decreased by 8.9% to $15 million [6] - Non-interest income increased by 4.7% to $4.4 million, primarily due to bank-owned life insurance revenue [8] Capital Position and Dividends - A quarterly dividend of 3 cents per share was declared, representing a 4% annualized yield and a 36% payout ratio based on year-to-date earnings [10] - Shareholders' equity rose to $114.6 million, with book value per share increasing by 6% to $6.94 [10]

Financial Data and Key Metrics Changes - The company generated net income of $3.2 million or $0.32 per diluted share in Q3 2025, a 45% increase from the same quarter last year [6] - Tangible book value per share increased by 1.2% this quarter [6] - Gross revenue increased by 8.7% from the prior quarter and 15.5% year-over-year [9] - Net interest income rose for the fourth consecutive quarter, increasing 8.9% from the prior quarter and 25% year-over-year [9][10] - Non-interest income increased by more than $500,000 or 8.5% from the prior quarter [10] Business Line Data and Key Metrics Changes - Loans held for investment increased by $50 million from the end of the prior quarter, with new loan production of $146 million in Q3 [7] - Total deposits increased by $320 million from the end of the prior quarter, driven by new accounts and existing client balance growth [8] - Trust and investment management assets under management decreased by $64 million, primarily due to net withdrawals from low-fee product categories [8] Market Data and Key Metrics Changes - The average rate on new loan production was 6.38% in the quarter [7] - The spot rate on deposits at the end of the quarter was 3.04% [24] - The company achieved a 63% beta on money market accounts in Q3, which is expected to continue into Q4 [25] Company Strategy and Development Direction - The company aims to grow deposits and loans by focusing on superior service rather than competing on pricing [4] - Management is optimistic about opportunities arising from market disruptions due to M&A activity in Colorado [12] - The company is focused on creating operating leverage by growing revenues faster than expenses [43] Management's Comments on Operating Environment and Future Outlook - Management sees healthy economic conditions in their markets and expects strong loan and deposit pipelines to continue into Q4 [12] - There are no indications of meaningful deterioration in asset quality, with stable trends in the loan portfolio [12] - The company anticipates NIM expansion as liquidity is deployed into the loan portfolio [19] Other Important Information - The company has made significant investments in technology and team restructuring to enhance operational efficiency [68] - The efficiency ratio is trending down with operating leverage increasing [70] - The company was named one of the KBW Bank Honor Roll members in 2025 for its performance [70] Q&A Session Summary Question: Insights on deposit growth and mortgage department contributions - Management indicated that the deposit growth is expected to remain stable and provide a higher base for future growth [16] Question: Details on the credit related to the downgraded loan - A specific provision was made for a C&I loan that was downgraded, and management expects it to be resolved over time [17] Question: Expectations for NIM in Q4 - Management anticipates a potential NIM expansion of about five basis points in Q4 [20] Question: Thoughts on the beta for additional Fed rate cuts - The beta has been declining, with a reasonable expectation of around 63% for the fourth quarter [25] Question: Update on wealth management and AUM strategy - The company is focused on fee income growth rather than AUM, with positive progress noted in agency accounts [27] Question: Opportunities from M&A disruptions - Management believes that ongoing market disruptions create opportunities for talent acquisition and client growth [37] Question: Plans for redeploying excess cash - The company expects to continue deploying liquidity into the loan portfolio, with strong loan demand trends anticipated [61]

Financial Data and Key Metrics Changes - The company generated net income of $3.2 million or $0.32 per diluted share in Q3 2025, a 45% increase from the same quarter last year [5] - Tangible book value per share increased by 1.2% this quarter [6] - Gross revenue increased by 8.7% from the prior quarter and 15.5% year over year [9] - Net interest income increased by 8.9% from the prior quarter and 25% year over year [10] - Non-interest income increased by 8.5% from the prior quarter, primarily due to increases in all major fee categories [11] Business Line Data and Key Metrics Changes - Loans held for investment increased by $50 million from the end of the prior quarter, with new loan production of $146 million in Q3 [6][7] - Total deposits increased by $320 million from the end of the prior quarter, driven by new accounts and existing client balances [8] - Trust and investment management assets under management decreased by $64 million, primarily due to net withdrawals in low-fee product categories [9] Market Data and Key Metrics Changes - The average rate on new loan production was 6.38% in the quarter [7] - The spot rate on deposits at the end of the quarter was 3.04% [22] - The company achieved a 63% beta on money market accounts in Q3, which is expected to remain reasonable for Q4 [23] Company Strategy and Development Direction - The company aims to leverage its investments in technology and product teams to drive shareholder value and improve efficiency [66][68] - The focus remains on maintaining a conservative approach to new loan production while expanding deposit relationships [4][5] - The company is optimistic about growth opportunities arising from market disruptions and M&A activity in Colorado [12][35] Management's Comments on Operating Environment and Future Outlook - Management sees healthy economic conditions in their markets and expects continued solid balance sheet growth in Q4 [12][13] - There are no indications of meaningful deterioration in asset quality, with positive trends expected to continue [13] - The company anticipates NIM expansion in Q4 due to liquidity deployment into the loan portfolio [18][19] Other Important Information - The company has been recognized as one of the KBW Bank Honor Roll members in 2025 for its performance [68] - The management team has made significant investments in technology and operational efficiency, which are expected to yield positive results [66][68] Q&A Session Summary Question: Insights on deposit growth and its sustainability - Management indicated that the deposits seen in Q3 are expected to remain and provide a higher deposit base for Q4 [16] Question: Details on the MPA and related provisions - A specific provision was made for a downgraded C&I loan, which management expects to resolve over time [17] Question: Expectations for NIM in Q4 - Management anticipates NIM expansion, potentially achieving around five basis points of improvement [19] Question: Thoughts on deposit pricing and beta - The beta on money market accounts was around 63% in Q3, with expectations for it to decline over time [23] Question: Update on wealth management and AUM - Management is focused on improving fee income and has seen progress in agency accounts despite a decrease in AUM [25] Question: Future growth and balance sheet strategy - Management views the recent deposit influx as part of an ongoing effort to align loan-to-deposit ratios and expects continued growth into 2026 [30][35] Question: Opportunities from M&A disruptions - Management believes that market disruptions create opportunities for talent acquisition and client growth [34][40]