Core Insights - The company is experiencing significant growth in business loans, with a year-over-year increase exceeding $400 million and a third-quarter growth of over $160 million compared to the previous quarter [1][3] - The net interest margin (NIM) has increased for six consecutive quarters, surpassing 3%, and is expected to expand further in the fourth quarter due to reduced deposit costs and maintained loan yields [2][11] - The company has a strong liquidity position with a core deposit-funded balance sheet, allowing it to capitalize on lending opportunities as they arise [2][8] Financial Performance - Core earnings per share for the third quarter reached $0.61, representing a 110% year-over-year increase [8] - The reported NIM for the third quarter increased to 3.1%, with total deposits up approximately $320 million compared to the prior quarter [8][10] - Core cash operating expenses for the third quarter were $61.9 million, slightly above prior guidance, primarily due to new hires [9][14] Loan and Deposit Trends - Loan originations, including new lines of credit, increased to $535 million, with a strong loan pipeline currently standing at $1.2 billion [1][5] - The cost of total deposits remained unchanged at 2.09% in the third quarter, with a notable increase in the spread between loans and deposits by approximately 10 basis points following the Fed rate cut [2][11] - Core deposits increased by $1 billion year-over-year, with the deposit teams growing their portfolios to approximately $2.6 billion [3][10] Future Outlook - The company anticipates more meaningful NIM expansion in the fourth quarter and significant opportunities in 2026 based on loan pricing and organic growth across deposits and loans [7][12] - There is a substantial back book repricing opportunity, with approximately $1.35 billion of adjustable and fixed-rate loans expected to reprice or mature in 2026, potentially leading to a 20 basis point increase in NIM [12][13] - The company is focused on organic growth and has plans to open new branch locations in New Jersey and Long Island in 2026 [6][28]