Core Insights - Bigbank experienced stable growth in October, with a notable increase in both loan and deposit portfolios, indicating a healthy financial position and customer demand [1][2][10]. Loan Portfolio - The loan portfolio grew by 34 million euros in October, reaching 2.6 billion euros, driven by business loans (up 16 million euros) and home loans (up 18 million euros) [1]. - Year-on-year, loans to customers increased by 511 million euros, or 24%, highlighting strong demand [10]. Deposit Portfolio - The deposit portfolio increased by 44 million euros in October, primarily due to a 24 million euro rise in term deposits and a 16 million euro increase in savings deposits [2]. - Customer deposits and loans received reached 2.8 billion euros, reflecting an 18% year-on-year growth [10]. Current Accounts - Bigbank launched current accounts for retail customers in Latvia, offering competitive conditions with 2% annual interest on idle funds and no transaction fees, resulting in a 3 million euro increase in current account balances [3]. Financial Performance - Net interest income for October was 9.4 million euros, with a cumulative total of 88.1 million euros for the first ten months, marking a 3% increase year-on-year [10]. - Net profit for October was 3.1 million euros, contributing to a cumulative profit of 33.3 million euros for the first ten months, a 10% increase compared to the same period in 2024 [10][11]. Credit Quality - The credit quality of the loan portfolio remains strong, with net allowances for expected credit losses decreasing by 8.8 million euros, or 47%, due to improved payment behavior across the Baltic countries [5][10]. Employment and Expenses - As of the end of October, Bigbank employed 624 people, with salary expenses increasing by 5.7 million euros over the first ten months due to team expansion and salary growth [7]. - Income tax expenses rose by 1.9 million euros due to higher tax rates in Estonia and Lithuania [7]. Key Financial Indicators - Total net operating income for October was 10.4 million euros, with a year-to-date total of 95.9 million euros, reflecting a 2% increase year-on-year [9]. - The cost/income ratio stood at 48.2%, up from 41.4% the previous year, indicating increased expenses relative to income [11].

Core Insights - Arbor Realty Trust's third quarter results led to a significant negative market reaction due to missing revenue expectations, attributed to ongoing efforts in resolving legacy nonperforming assets, resulting in increased delinquencies and a temporary reduction in net interest income [7] - CEO Ivan Kaufman described the current period as a "bottom of the cycle," indicating aggressive actions to resolve troubled loans have created short-term earnings volatility [7] - Analysts will monitor the pace of legacy asset resolutions, origination volumes, and credit quality trends in stressed markets in upcoming quarters [8] Financial Performance - The company reported a minor $1 million realized loss from the Homewood asset sale, but it will add a performing loan at a 10% rate [3] - A significant adjustment in net interest income was noted, with a $13 million recurring reduction expected, although improvements are anticipated as troubled loans are resolved [4] - The stock price decreased from $11.57 to $9.48 following the earnings report, raising questions about potential investment opportunities [9] Management Commentary - Insiders continue to buy shares personally, and the company is open to considering share buybacks as capital allows [1] - Management acknowledged that while further delinquencies may occur, resolutions should outweigh new defaults, leading to an improved run rate in future quarters [2] - The stability of the performing loan portfolio was discussed, with potential modifications if assets do not stabilize, particularly in markets like Houston and San Antonio [5]

Financial Data and Key Metrics Changes - In Q3 2025, Cullen/Frost Bankers, Inc. earned $172.7 million, or $2.67 per share, representing a 19.2% increase from $144.8 million, or $2.24 per share, in the same quarter last year [4] - Return on average assets and average common equity were 1.32% and 16.72%, respectively, compared to 1.16% and 15.48% in Q3 last year [4] Business Line Data and Key Metrics Changes - Average deposits increased to $42.1 billion, up 3.3% from $40.7 billion in Q3 last year, while average loans grew to $21.5 billion, a 6.8% increase from $20.1 billion in Q2 last year [5] - Consumer checking households grew by 5.4% year over year, marking the strongest quarter in new checking household growth since the post-Silicon Valley flight to safety [6] - The overall consumer real estate loan portfolio reached $3.5 billion, growing by $547 million year over year, or 18.7% [7] Market Data and Key Metrics Changes - Period-end commercial loans grew by 5.1% year over year, with energy loans up 17% and C&I loans up 6.8% [7] - New commercial relationships reached 3,082 year to date, setting the pace for the largest number of new relationships in a year [8] Company Strategy and Development Direction - The company continues to focus on organic growth through strategic expansion, which has generated positive results, with expansion deposits and loans standing at $2.9 billion and $2.1 billion, respectively [5] - Expansion locations contributed $0.09 of EPS accretion, with Houston 1.0 generating $0.14 per share [12] - The company is optimistic about its strategy and believes it is well-positioned to succeed in competitive markets [11] Management's Comments on Operating Environment and Future Outlook - Management noted increasing competition in the market but expressed confidence in their ability to compete effectively [29] - The company expects net interest income growth for the full year to fall in the range of 7% to 8%, with an anticipated improvement in net interest margin of about 12 to 15 basis points [18] - Credit quality remains strong, with non-performing assets declining to $47 million from $64 million last quarter [9] Other Important Information - The company utilized $69.3 million of its $150 million approved share repurchase plan to buy back approximately 549,000 shares [20] - The effective tax rate expectation for full year 2025 remains unchanged at 16% to 17% [19] Q&A Session Summary Question: Thoughts on NIM with Fed cuts coming - Management indicated that while Fed cuts may impact NIM, they expect it to remain relatively stable due to backbook repricing and upcoming maturities [24] Question: Expense growth moderation - Management is focused on reducing expense growth from high single digits to mid-single digits, but specific guidance for 2026 is not yet available [25] Question: Competitive pressures in the market - Management acknowledged increased competition but remains confident in their ability to compete effectively, citing a strong pipeline and customer relationships [28][30] Question: Capital generation and buyback strategy - Management clarified that stock buybacks do not indicate a lack of optimism for growth; rather, they are utilizing excess capital to benefit shareholders [43][44] Question: Loan growth trends and competition - Management noted that while competition exists, they expect to continue growing despite headwinds from commercial real estate paydowns [65][67]

Core Viewpoint - Security Federal Corporation reported strong third-quarter results for 2025, with significant increases in net income and net interest income, reflecting effective management and improved credit quality [2][3][16] Financial Performance - Net income available to common shareholders for Q3 2025 increased to $3.2 million, or $1.01 per share, up from $2 million, or 62 cents per share, a year earlier, marking a 59% increase in quarterly earnings per share [2] - For the nine months ended September 30, 2025, net income totaled $8.1 million, or $2.57 per share, compared to $5.9 million, or $1.83 per share, in the same period of 2024 [3] Key Business Metrics - Net interest income for Q3 grew 16% year over year to $12.1 million, supported by a 3.1% rise in total interest income to $20.1 million and an 11.7% decline in total interest expenses to $8.1 million [4] - Non-interest income increased 0.3% year over year to $2.6 million in Q3, while for the first nine months of 2025, it rose 3.7% to $7.7 million [5] Credit Quality & Risk Management - The company recorded a $200,000 net reversal in credit loss provisions for the first nine months of 2025, compared to a $1.1 million provision in the same period of 2024 [6] - Non-performing assets decreased to $5.7 million as of September 30, 2025, down from $6.8 million a year earlier [6] Balance Sheet Trends - Total assets reached $1.61 billion at the end of Q3, a 2.3% year-over-year increase [7] - Deposits increased 3.1% to $1.37 billion, while borrowings declined 58% to $39 million after full repayment of Federal Reserve advances [8] Capital Position - The total risk-based capital ratio improved to 20.46% from 19.21% a year ago, with a common equity Tier 1 capital ratio of 19.20% [9] - Book value per share rose to $35.80 from $31.97 in the prior year [9] Management Commentary & Outlook - Management attributed the strong performance to higher net interest margins and disciplined expense management despite inflationary pressures [11] - The company is focused on deposit growth, loan quality, and strategic capital deployment while acknowledging potential economic challenges [13] Other Developments - In Q1 2025, Security Federal purchased a multi-tenant property for a future full-service branch, contributing to higher rental income [14] - The company operates 19 full-service branches, offering various financial services through its subsidiary [15]

Financial Data and Key Metrics Changes - The company reported a net income of $25.7 million or $0.50 per diluted share for Q3 2025, a slight decrease from $26.4 million or $0.51 per diluted share in Q2 2025, reflecting an annualized ROA of 0.97% and an annualized ROATCE of 11.45% [7] - Net interest income increased to $100.6 million in Q3 2025 from $98.3 million in Q2 2025, with a net interest margin of 4.2% compared to 4.18% in the previous quarter [7][8] - The allowance for credit losses on loans decreased to $78.9 million or 1.1% of loans, down from $83.2 million or 1.14% at the end of Q2 2025 [9] Business Line Data and Key Metrics Changes - Non-interest income decreased to $5 million in Q3 2025 from $5.8 million in Q2 2025, primarily due to write-downs on foreclosed assets [10] - Non-interest expenses increased to $73.1 million from $70 million in the previous quarter, driven by higher salaries and benefits, including severance expenses related to branch closures [10] Market Data and Key Metrics Changes - The company experienced a significant increase in loan originations, up 62% year-to-date compared to the same period last year, with a focus on commercial and industrial (C&I) loans [21] - Deposit growth was strong, with 51% of new deposits coming from new customers, indicating successful market share gains [28] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to building quality assets and protecting margins while focusing on full balance relationships to drive long-term shareholder value [6][12] - The management highlighted the importance of low-cost deposits and plans to continue acquiring customers while being cautious about competitive pressures in the market [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit trends and the overall market, despite some charge-offs, indicating a favorable outlook for the company's credit quality [4][25] - The company is positioned to take advantage of opportunities arising from M&A disruptions in Texas, emphasizing its unique franchise strength in a competitive landscape [12] Other Important Information - The company repurchased shares totaling just under $5 million in Q3 2025, with a year-to-date total of approximately $64 million in share repurchases [11] - The total risk-based capital ratio improved to 16.33% at the end of Q3 2025, up from 15.98% at the end of Q2 2025 [11] Q&A Session Summary Question: What is driving the payoffs and paydowns, and what is the growth outlook? - Management noted that payoffs were about $50 million more than the previous quarter, with 44% related to collateral sales and 25% due to refinancing elsewhere, indicating a competitive market [19][20] Question: What are the current credit concerns and management's approach? - Management emphasized the importance of stress testing and careful monitoring of credit quality, with a focus on maintaining a healthy loan-to-deposit ratio [24][25] Question: What are the drivers behind the strong deposit growth? - The company reported that 51% of new deposits were from new customers, reflecting successful brand awareness and market share gains [28] Question: What are the expectations for seasonal deposit strength in Q4? - Management acknowledged historical seasonal strength in government banking deposits but noted the unpredictability of timing [36][38] Question: What makes the current expense level an outlier? - Management indicated that the increase in expenses was due to severance payments and elevated medical insurance costs, expecting expenses to return closer to previous levels in Q4 [40][42] Question: How does the company plan to manage deposit costs moving forward? - The company plans to focus on lowering deposit costs where possible, particularly for price-sensitive customers, while defending its net interest margin [46][49] Question: What are the company's thoughts on M&A opportunities? - Management continues to explore M&A opportunities but remains cautious about protecting the balance sheet and deposit base [60][61]

Financial Data and Key Metrics Changes - The company reported a net income of $25.7 million or $0.50 per diluted share for Q3 2025, a slight decrease from $26.4 million or $0.51 per diluted share in Q2 2025, reflecting an annualized ROA of 0.97% and an annualized ROATCE of 11.45% [6][11] - Net interest income increased to $100.6 million in Q3 2025 from $98.3 million in Q2 2025, driven by higher earning assets and a net interest margin of 4.2%, up from 4.18% in the previous quarter [6][7] - The allowance for credit losses on loans decreased to $78.9 million or 1.1% of loans, down from $83.2 million or 1.14% at the end of Q2 2025 [9] Business Line Data and Key Metrics Changes - Non-interest income decreased to $5 million in Q3 2025 from $5.8 million in Q2 2025, primarily due to write-downs on foreclosed assets [10] - Non-interest expenses increased to $73.1 million from $70 million in the previous quarter, attributed to higher salaries and benefits, including severance expenses related to branch closures [10] Market Data and Key Metrics Changes - The company experienced strong deposit growth, with 51% of new deposits coming from new customers, indicating a successful strategy in expanding market share [24] - The total risk-based capital ratio improved to 16.33% at the end of Q3 2025, compared to 15.98% at the end of Q2 2025 [11] Company Strategy and Development Direction - The company aims to enhance shareholder value through disciplined asset building, protecting margins, and focusing on full client relationships [5] - The management emphasized the importance of maintaining a strong balance sheet to support quality growth and to be opportunistic in the current competitive landscape [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in credit quality, noting that charge-offs were primarily from small credits that were already identified and reserved for [4] - The company anticipates continued loan origination growth, with a healthy pipeline and a year-to-date increase of 62% in loan originations compared to the previous year [18] Other Important Information - The company repurchased shares and paid down $30 million of subordinated debt after the quarter ended, reinforcing its capital position [5] - The tangible book value per share increased by 9.3% year-over-year, from $19.28 to $21.08 [11] Q&A Session Summary Question: What is driving the payoffs and paydowns? - Payoffs were about $50 million more than the previous quarter, with 44% related to collateral sales and 25% to refinancing elsewhere [16][17] Question: What are the current credit concerns? - Management stated that stress testing and portfolio monitoring are in place, and they are cautious about the mix of C&I credits while maintaining a focus on real estate loans [19][20] Question: What are the drivers behind deposit growth? - The growth was driven by new accounts, with 51% of new deposits from new customers, reflecting brand awareness and customer satisfaction improvements [24] Question: What are the expectations for loan growth and payoffs? - Management expects a lift from advances exceeding paydowns, with a healthy pipeline and loan originations anticipated to continue growing [44][46] Question: What is the company's approach to M&A? - The company is cautious about M&A, focusing on finding partners that align with their funding structure and protecting their balance sheet [48]

Financial Data and Key Metrics Changes - For Q3 2025, diluted earnings per share increased to $0.96 from $0.86 in the linked quarter, primarily due to a reduction in provision for credit losses and an increase in net interest income [18] - Net interest income rose to $43 million from $42.5 million in the linked quarter, while the net interest margin (NIM) was 4.05%, slightly down from 4.07% [18][19] - The consolidated common equity Tier 1 risk-based capital ratio was 14.41%, and the Tier 1 leverage ratio was 12.37% as of September 30, 2025 [8] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $45.5 million to $3.05 billion, primarily due to a $46.5 million decrease in multifamily property loans [9] - The indirect auto loan portfolio remained relatively unchanged at $239 million, down from $296 million a year ago, with a focus on maintaining credit quality [13][15] - Non-interest income for Q3 was $11.2 million, down from $12.2 million in the linked quarter, mainly due to a decrease in mortgage banking revenues [16][17] Market Data and Key Metrics Changes - Deposits increased by $142.2 million to $3.88 billion, with significant growth in non-interest-bearing deposits, which rose to 27% of total deposits [19] - The major metro loan portfolio represented 33.2% of the total loan portfolio, with steady performance in Dallas, Houston, and El Paso [12] Company Strategy and Development Direction - The company aims to grow its lending team by up to 20% to enhance loan growth, with a focus on organic growth and potential M&A opportunities [5][7] - The management is optimistic about accelerating loan growth in 2026, despite current headwinds from higher-than-normal loan paydowns [5][16] - The company is actively engaging in discussions with potential acquisition targets that align with its conservative nature and culture [6][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's strong financial position and ability to capitalize on growth opportunities, both organically and through acquisitions [4][94] - The management noted that while there are challenges in the current economic environment, they remain optimistic about the resilience of economic growth in Texas markets [16][71] Other Important Information - The company redeemed $50 million in subordinated debt, which was previously at a fixed rate of 4.5% and would have increased to 8% [22] - The tangible common equity to tangible assets ratio was 10.25%, reflecting a strong capital position [22] Q&A Session Summary Question: Plans for increasing the lending team - The company plans to increase its lending team by up to 20%, with about 40% of the base being true lenders, and has already achieved over 10% growth this year [27][28] Question: Specific markets for growth - Growth is expected in the Permian, Houston, and Dallas MSA markets [30] Question: Concerns about subprime loan concentration - Management clarified that there has not been a significant increase in subprime loans, and any changes in credit scores are being monitored closely [33][34] Question: Impact of redeemed subordinated debt - The redemption of subordinated debt incurred no additional expenses, as it was done within the call period [38][39] Question: Vulnerability of commercial real estate loans - Management acknowledged some scheduled payoffs in the commercial real estate book but emphasized that they will not lower credit standards to retain loans [88]

Financial Data and Key Metrics Changes - For Q3 2025, diluted earnings per share increased to $0.96 from $0.86 in the linked quarter, primarily due to a reduction in provision for credit losses and an increase in net interest income [18] - Net interest income rose to $43 million from $42.5 million in the linked quarter, while the net interest margin (NIM) was 4.05%, slightly down from 4.07% [18][19] - The consolidated common equity Tier 1 risk-based capital ratio was 14.41%, and the Tier 1 leverage ratio was 12.37% as of September 30, 2025 [8] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $45.5 million to $3.05 billion, primarily due to a $46.5 million decrease in multifamily property loans [9] - The indirect auto loan portfolio remained relatively unchanged at $239 million, down from $296 million a year ago, with a focus on maintaining credit quality [13][15] - Non-interest income for Q3 was $11.2 million, down from $12.2 million in the linked quarter, mainly due to a decrease in mortgage banking revenues [16][17] Market Data and Key Metrics Changes - Deposits increased by $142.2 million to $3.88 billion, with significant growth in non-interest-bearing deposits, which rose to $50.7 million [19] - The non-interest-bearing deposit-to-total deposit ratio increased to 27% from 26.7% in the linked quarter [19] Company Strategy and Development Direction - The company aims to grow its lending team by up to 20% to enhance loan growth, with a focus on organic growth and potential M&A opportunities [5][7] - The management is optimistic about accelerating loan growth in 2026, despite current headwinds from higher-than-normal loan paydowns [5][16] - The company is actively engaging in discussions with potential acquisition targets that align with its conservative nature and culture [6][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's strong financial position and the potential for organic growth, while also being cautious about economic conditions [4][21] - The management noted that while there have been challenges, such as increased loan paydowns, they expect these to moderate in the coming year [9][16] - The company remains focused on maintaining asset quality and is prepared for varying economic conditions [21] Other Important Information - The company redeemed $50 million in subordinated debt, which was done to avoid higher interest rates as the debt was transitioning to a floating rate [22] - The tangible common equity to tangible assets ratio was 10.25%, an increase of 27 basis points from the previous quarter [22] Q&A Session Summary Question: Plans for increasing the lending team - The company plans to increase its lending team by up to 20%, with a current base of about 40 lenders, focusing solely on production staff [27][30] Question: Growth in specific markets - Growth is expected in the Permian, Houston, and Dallas MSA markets [30] Question: Concerns about subprime loan concentration - Management clarified that there has not been a significant increase in subprime loans, and any changes in credit scores are being monitored closely [33][34] Question: Impact of redeemed subordinated debt - The $50 million subordinated debt was redeemed to avoid an increase in interest payments, with no additional expenses incurred from the redemption [36][38] Question: Vulnerability of the commercial real estate book - Management acknowledged that while there are scheduled payoffs, they are not lowering credit standards and are focused on finding new business [88]

Financial Data and Key Metrics Changes - Net interest income increased by $1.5 million compared to the second quarter and by $5 million year-over-year [4] - Net income rose by $3.5 million, or 43%, compared to Q3 of 2024 [5] - Return on average assets improved by 28 basis points to 1.16% compared to 0.88% in the third quarter of last year [5] - Earnings per share increased to $0.47 in the third quarter, a 46% increase compared to Q3 a year ago [5] - Return on tangible common equity was reported at 12.35% [5] Business Line Data and Key Metrics Changes - Loans increased by $47 million for the second quarter, or 5.6% annualized, and grew by $286 million, or over 9%, year-over-year [8] - C&I loans grew by $194 million, and owner-occupied commercial real estate loans increased by $40 million [8] - Specialized lending groups now constitute 16% of total loans, with no single niche exceeding 5% of total loans [5] - Non-performing assets declined to 36 basis points compared to 40 basis points at June 30 and 47 basis points one year ago [11] Market Data and Key Metrics Changes - Deposit balances increased by over $55 million during the quarter, or an annualized 7% [9] - Average cost of deposits declined by 3 basis points to 2.69% for the quarter [15] - Average non-interest-bearing deposits grew by $21 million during the quarter and by $52 million year-to-date [15] Company Strategy and Development Direction - The company is evolving into a middle-market commercial bank, focusing on relationship-driven strategies rather than growth for its own sake [19] - New branch openings and strategic closures are part of the company's efforts to optimize its branch network [17] - The company aims to maintain a balance between growing deposits and managing costs effectively [19] Management's Comments on Operating Environment and Future Outlook - The economic outlook remains uncertain, but the company is well-positioned for various rate environments [7] - Management is focused on maintaining credit quality despite some softness in the small business segment [6] - The company anticipates a modest increase in expenses due to new branches but aims to keep overall costs flat [35] Other Important Information - Non-interest income totaled $2.4 million in Q3 2025, down from $2.7 million in Q2 [12] - The efficiency ratio improved to 52%, remaining below 60% for the 25th consecutive quarter [13] - The company repurchased almost 120,000 shares at an average price of $14.91 during the quarter [7] Q&A Session Summary Question: Discussion on expenses and efficiency actions - Management highlighted ongoing focus on cost control while balancing investment opportunities, with no major new costs anticipated [32][33] Question: Insights on margin and deposit costs following Federal Reserve cuts - Management indicated that adjustments to deposit costs will be made in response to Federal Reserve actions, aiming for a neutral impact on margins [39][40] Question: Capital levels and buyback considerations - The company maintains a soft limit on total risk-based capital ratio around 11.5% and is open to various capital deployment strategies, including buybacks [44][45]

Financial Data and Key Metrics Changes - Net interest income increased by $1,000,000 compared to the second quarter and by $5,000,000 year-over-year [4] - Net income rose by $3,500,000 or 43% compared to 2024 [5] - Earnings per share improved to $0.47, a 46% increase compared to Q3 of the previous year [6] - Return on average assets improved by 28 basis points to 1.16% compared to 0.88% in the third quarter of last year [5] Business Line Data and Key Metrics Changes - Loans increased by $47,000,000 for the second quarter or 5.6% annualized, with a total growth of $286,000,000 or over 9% year-over-year [9] - The combined ratio of commercial and industrial (C&I) and owner-occupied commercial real estate loans is now 42.2% of total loans, up from 40% a year ago [10] - Specialized lending groups now account for 16% of total loans, with no single niche exceeding 5% [6] Market Data and Key Metrics Changes - Deposit balances increased by over $55,000,000 during the quarter, reflecting an annualized growth rate of 7% [11] - Average cost of deposits declined by three basis points to 2.69% for the quarter [20] - Nonperforming assets (NPAs) to total assets declined to 36 basis points compared to 40 basis points at the end of the previous quarter [13] Company Strategy and Development Direction - The company is evolving into a middle-market commercial bank, focusing on relationship-driven strategies rather than growth for the sake of growth [18][25] - The branch strategy includes opening new branches while consolidating others to optimize the network [22][23] - The company aims to maintain strong capital ratios while exploring opportunities for shareholder value through investments and share buybacks [18][56] Management's Comments on Operating Environment and Future Outlook - The economic outlook remains uncertain, but the company is well-positioned for various rate environments [8] - Management is focused on maintaining credit quality despite some softness in the small business segment [7][30] - The company anticipates a modest increase in expenses due to new branches but aims to keep overall costs flat [44] Other Important Information - The efficiency ratio improved to 52%, remaining below 60% for the 25th consecutive quarter [17] - The company repurchased almost 120,000 shares at an average price of $14.91 during the quarter [7] Q&A Session Summary Question: Discussion on expenses and efficiency actions taken - Management emphasized ongoing cost control while balancing investment opportunities, with no major new costs anticipated [37][40] Question: Near-term run rate expectations - Management indicated that any increase in expenses due to new branches would be modest and not significant [46][47] Question: Margin and deposit cost reductions - Management stated that adjustments to deposit costs would be made in response to Fed rate changes, aiming for a neutral impact on margins [48][49] Question: Government portfolio deposits - Approximately 12% to 13% of total deposits are tied to the effective funds rate, allowing for immediate adjustments with Fed changes [53] Question: Share buyback considerations and capital levels - The company maintains a soft limit on total risk-based capital ratios and is open to various capital deployment strategies, including buybacks [55][56]