Financial Data and Key Metrics Changes - The company reported net income of $1.8 billion, or $4.35 per share, reflecting strong performance across the franchise [3][12] - Total revenue reached a record $5.9 billion, up $254 million, or 4% from the previous quarter [11][12] - Non-interest expense increased by $78 million, or 2%, resulting in over 200 basis points of positive operating leverage [11][12] - The net charge-off ratio remained low at 22 basis points, indicating strong credit quality [3][16] Business Line Data and Key Metrics Changes - In retail banking, consumer demand deposit accounts (DDAs) grew by 2% year-over-year, with a notable 6% growth in the Southwest region [4] - The asset management business saw client growth and positive net flows, particularly in expansion markets [5] - Commercial loans increased by $3.4 billion, or 2%, driven by growth in the commercial and industrial (CNI) portfolio [8][9] Market Data and Key Metrics Changes - Average deposits increased by $9 billion, or 2%, with strong growth in commercial interest-bearing deposits, which rose by 7% [10] - Non-interest-bearing deposits remained stable at $93 billion, constituting 21% of total deposits [10] - The company anticipates a decline in the rate paid on deposits in the fourth quarter due to expected Fed rate cuts [10][11] Company Strategy and Development Direction - The company is focused on organic growth and strategic acquisitions, such as the recent announcement to acquire FirstBank, which will enhance its market share in Colorado [5][27] - The company aims to complete over 200 branch builds by the end of 2029, indicating a commitment to expanding its retail footprint [4] - The management emphasized a selective approach to acquisitions, avoiding a deal frenzy while pursuing opportunities that align with growth strategies [27] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism about the economy, expecting real GDP growth to be below 2% in 2025 and unemployment to peak above 4.5% in mid-2026 [17] - The company expects net interest income (NII) to grow approximately 1.5% in the fourth quarter, with total revenue anticipated to be stable to down 1% [17][18] - Management highlighted strong consumer spending and corporate client optimism as positive indicators for the economy [3][4] Other Important Information - The company returned $1 billion of capital to shareholders during the quarter, including $679 million in common dividends and $331 million in share repurchases [8] - The tangible book value per common share increased by 4% linked quarter and 11% year-over-year, reflecting strong capital position [7] Q&A Session Summary Question: Margin performance and outlook - Management expects net interest margin (NIM) to continue expanding, with a target of exceeding 3% in 2026, despite a temporary decline due to commercial deposit growth [20][22] Question: Expense expectations for the fourth quarter - Management indicated that expenses are expected to rise due to seasonal factors and increased business activity, with a full-year expense growth expectation of 1.5% [24][25] Question: Scale and growth opportunities - The company is focused on organic growth and strategic acquisitions, with a commitment to maintaining pace in retail and commercial banking [27] Question: Commercial loan growth and demand - Management noted a slight strengthening in commercial loan demand, particularly in M&A financing, with expectations for commercial real estate balances to turn positive in 2026 [30][41] Question: Capital levels and regulatory environment - The company is well-capitalized with a CET1 ratio of 10.6%, and management is assessing capital levels in light of potential regulatory changes [45][46] Question: Consumer spending trends - Management observed robust consumer spending across all segments, driven by wealth effects among higher-income clients [68][69]

Financial Data and Key Metrics Changes - The company reported a strong quarter with solid organic growth in both loan and deposit portfolios, contributing to strong capital accumulation and favorable capital ratios [3][4] - The core net interest margin for the quarter was 4.55%, with expectations of slight compression to 4.50% due to deposit cost pressures and potential further rate cuts [20][21] Business Line Data and Key Metrics Changes - Loan growth remains robust, with expectations of high single-digit year-over-year growth, despite potential lumpy paydowns [9][10] - Loan fee income has increased, now representing about 40 basis points of the margin, driven by successful sales efforts and a robust deal market [21][22] Market Data and Key Metrics Changes - The current loan pricing dynamics show new loans coming in slightly below the previous average of 7.4%, with more pressure observed on the deposit side [12] - The mortgage business is currently slow, with expectations for improvement in 2026, although the pipeline has increased compared to six months ago [31][32] Company Strategy and Development Direction - The company is actively pursuing M&A opportunities, focusing on strategic combinations, although current market conditions present challenges due to factors like AOCI and long maturity loans [13][35] - The acquisition of a mortgage operation is seen as a strategic move to enhance service offerings to high-net-worth clients, with expectations for gradual growth in this segment [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the company's positioning, highlighting strong liquidity, capital, earnings, and margins [3][4] - Concerns about macroeconomic volatility have led to increased reserves, reflecting a cautious approach to credit amidst growth [22][23] Other Important Information - The company anticipates a similar run rate for core fee income and non-interest expenses in the upcoming quarter, with oil and gas revenue being less predictable [29] - Credit trends remain strong, with no significant migrations in criticized or classified loans during the quarter [39] Q&A Session Summary Question: Loan growth outlook for Q4 and 2026 - The company expects high single-digit year-over-year growth, with a good current pipeline despite potential paydowns [9][10] Question: Loan pricing dynamics - New loans are slightly below the previous average of 7.4%, with more pressure on deposits than loans [12] Question: M&A activity update - The company is actively looking at various transactions and remains competitive in the M&A space [13][35] Question: Net interest margin trajectory - Expected slight compression in net interest margin due to deposit cost pressures and rate cuts [20] Question: Credit trends and reserve increases - Credit performance was strong, with a decision to increase reserves due to macroeconomic volatility [22][23] Question: Mortgage business outlook - The mortgage business is slow but expected to improve in 2026, with a stronger pipeline than six months ago [31][32]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8][9] - Net interest income for the period was $62.5 million, an increase of $12.7 million linked quarter, with a margin improvement to 4.45%, up 28 basis points from the previous quarter [9][10] - Non-interest expenses for the quarter were $49.1 million, adjusted to exclude M&A charges, reflecting an increase of 8.3% due to the NBC Oklahoma acquisition [9][10] Business Line Data and Key Metrics Changes - The merger with NBC Oklahoma added $665 million in loans and $808 million in deposits, enhancing the company's footprint in Oklahoma [3][4] - Non-interest income, excluding the impact of the portfolio repositioning, was $8.9 million, driven by improvements in customer service charge line items [9] - Loan production in the quarter was $243 million, up 23% linked quarter, with an average rate of 7.14% [19] Market Data and Key Metrics Changes - Total deposits increased approximately $860 million during the quarter, with organic deposit growth of approximately $37 million [21] - Non-interest-bearing accounts closed the quarter at 22.52% of total deposits, up from 21.56% at the end of Q2 [21] - The company anticipates closing the Frontier Holdings transaction in 2025, which will further expand its market presence [17] Company Strategy and Development Direction - The company aims to grow through strategic mergers, having successfully integrated NBC Oklahoma and planning to enter Nebraska through Frontier Holdings [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings per share of $5 by 2026 [23] - The company is focused on enhancing its community banking model while expanding its footprint and asset generation capabilities [22] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment, noting stable credit quality trends across the portfolio despite broader economic uncertainties [14] - The company is closely monitoring consumer behavior and potential inflation impacts, with no significant strain observed in its loan portfolio [36] - Management expects to leverage its capital for growth while maintaining a strong return for shareholders [23] Other Important Information - The company completed a system conversion in late August, with associated expenses primarily impacting the fourth quarter [10] - The ending reserve ratio closed the quarter at 1.36%, reflecting the addition of non-PCE credit marks from NBC Oklahoma [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - Management indicated a consistent approach to adjusting deposit rates in line with FOMC rate changes, with no significant competitive shifts observed [25][26] Question: How is business sentiment in your operating footprint? - Management reported strong business sentiment with no significant impacts from tariffs, remaining bullish on market conditions [28] Question: What is the outlook for loan growth? - Management expects loan production to continue improving, supported by new market entries and a strong pipeline [34] Question: Are there areas of strain in your portfolio? - Management is monitoring various sectors, including agriculture and consumer loans, but currently sees no significant issues [36] Question: What is the outlook for M&A activity? - Management remains optimistic about M&A opportunities, focusing on strategic fit and integration potential [63]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8][9] - Adjusted pre-tax earnings were $28.4 million, leading to a net income of $22.4 million, or $1.17 per diluted share after tax [8][9] - Net interest income increased to $62.5 million, up $12.7 million from the previous quarter, with a margin improvement to 4.45% [9][10] Business Line Data and Key Metrics Changes - Non-interest income, excluding the impact of the portfolio repositioning, was $8.9 million, reflecting an increase driven by improved customer service charges [9] - Non-interest expenses for the quarter were $49.1 million, with an adjusted figure of $42.9 million, marking an 8.3% increase due to the NBC Oklahoma acquisition [9][10] Market Data and Key Metrics Changes - The addition of NBC Oklahoma contributed $665 million in loans and $808 million in deposits, enhancing the company's market presence in Oklahoma [3][4] - Total deposits increased by approximately $860 million during the quarter, with organic deposit growth of about $37 million [21] Company Strategy and Development Direction - The company is focused on a dual growth model, with recent mergers aimed at expanding its footprint into Oklahoma and Nebraska [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings target of $5 per share by 2026 [23] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment, noting stable credit quality trends despite broader economic uncertainties [14] - The company anticipates continued growth in both loan and deposit portfolios, supported by strong production and pipeline activity [19][20] Other Important Information - The company completed a subordinated debt raise of $75 million to support ongoing growth initiatives [4] - The integration of NBC Oklahoma was completed, with associated expenses expected to taper off in the fourth quarter [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - Management indicated a consistent approach to adjusting deposit rates in line with Federal Open Market Committee (FOMC) rate changes, with no significant competitive shifts observed [25][26] Question: How is business sentiment in your operating footprint? - Management reported strong business sentiment, with no significant impacts from tariffs or economic conditions affecting local businesses [28] Question: What is the outlook for loan growth? - Management expressed confidence in loan production, citing improved consistency and the addition of new markets as factors supporting growth [33][34] Question: Are there areas of strain in your credit portfolio? - Management noted that while they are monitoring all areas closely, they do not see significant strain, particularly in sectors like agriculture and consumer lending [36][37] Question: What is the outlook for M&A activity? - Management stated that the environment for M&A remains favorable, with ongoing conversations and opportunities being evaluated strategically [63]

Financial Data and Key Metrics Changes - The company reported a strong quarter with solid organic growth in both loan and deposit portfolios, contributing to strong capital accumulation and robust capital ratios [3][4] - The core net interest margin for the quarter was 4.55%, with expectations of slight compression to 4.50% due to deposit cost pressures and potential further rate cuts [18][22] Business Line Data and Key Metrics Changes - Loan growth was highlighted as a key area of strength, with expectations of high single-digit year-over-year growth continuing into 2026 [9] - Loan fee income has increased, now representing about 40 basis points of the margin, driven by successful sales efforts and a robust deal market [20] Market Data and Key Metrics Changes - The company noted increased volatility in the macroeconomic environment, which has influenced credit trends and reserve levels [21][22] - The mortgage business remains slow, with expectations for improvement in 2026, although the pipeline has shown increased activity compared to six months ago [30][31] Company Strategy and Development Direction - The company is actively pursuing M&A opportunities, although challenges remain due to market conditions and seller expectations [12][33] - The strategic acquisition of a mortgage operation is seen as a positive move, enhancing the company's ability to serve high-net-worth clients [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the company's positioning, despite acknowledging potential macroeconomic challenges [3][4] - There is a cautious approach to credit provisioning, with management indicating that future reserves may depend on macro conditions and portfolio growth [23][24] Other Important Information - The company emphasized the importance of maintaining strong capital levels and liquidity as part of its risk management strategy [21][22] - Management highlighted the benign nature of credit migrations during the quarter, indicating overall stability in the credit portfolio [38] Q&A Session Summary Question: Loan growth outlook for Q4 and 2026 - Management expects high single-digit year-over-year growth in loans, with a good current pipeline despite potential paydowns [9] Question: Loan pricing dynamics and competition - New loans are expected to be priced slightly below 7.4%, with more pressure on deposit pricing than on loans [11] Question: Net interest margin trajectory - Anticipated slight compression in net interest margin due to rate cuts, potentially down to 4.47% [18] Question: Loan fee income dynamics - Loan fee income has been strong due to a robust deal market, but may trend back toward normal levels [20] Question: Credit trends and reserve increases - Credit performance was strong, but reserves were increased due to macroeconomic volatility [21][22] Question: Outlook for fees and expenses - Core fee income and non-interest expenses are expected to remain stable, with oil and gas revenue being less predictable [28] Question: Mortgage business expectations - The mortgage business is slow, but there is hope for improvement in 2026, with increased pipeline activity noted [30][31] Question: Challenges in M&A activity - The company faces challenges due to market conditions and seller expectations, but remains active in seeking strategic opportunities [33]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8] - Net interest income for the period was $62.5 million, an increase of $12.7 million linked quarter, with a margin improvement of 28 basis points to 4.45% [9][15] - Non-interest expenses for the quarter were $49.1 million, adjusted to exclude M&A charges, reflecting an increase of 8.3% due to the NBC Oklahoma acquisition [9][10] Business Line Data and Key Metrics Changes - The merger with NBC Oklahoma added $665 million in loans and $808 million in deposits, enhancing the company's market presence in Oklahoma [3][4] - Loan production in the quarter was $243 million, up 23% linked quarter, with originations averaging a rate of 7.14% [19] - Total deposits increased approximately $860 million during the quarter, with organic deposit growth of approximately $37 million [20] Market Data and Key Metrics Changes - The company is expanding its footprint into Nebraska through a merger with Frontier Holdings, which is expected to add strong earning assets [4][5] - Non-interest-bearing accounts increased to 22.52% of total deposits, up from 21.56% at the end of Q2 [20] Company Strategy and Development Direction - The company aims to grow through strategic mergers, having successfully integrated NBC Oklahoma and planning to enter the Nebraska market [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings per share of $5 in 2026 [22] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment and expects stable credit quality trends despite broader economic uncertainties [13] - The company anticipates margin in a range of 4.4% to 4.5% for the fourth quarter, with expectations for continued growth in the balance sheet and non-interest revenue lines [16][22] Other Important Information - The company completed a subordinated debt raise of $75 million to support ongoing growth initiatives [4] - The ending reserve ratio closed the quarter at 1.36%, reflecting the addition of non-PCE credit marks from NBC Oklahoma [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - The company has consistently adjusted deposit rates in line with FOMC rate cuts, with no significant shifts observed in the market [24][25] Question: What is the sentiment in your operating footprint regarding loan growth? - Management reported strong business sentiment and does not see significant impacts from tariffs, remaining bullish on market conditions [25] Question: Was the increase in deposit costs linked to NBC Oklahoma? - The increase in deposit costs was entirely attributable to liabilities from the NBC Oklahoma transaction [27][28] Question: What are the expectations for loan payoffs? - Payoff activity is expected to normalize, with historical averages anticipated to return, contributing to loan growth [30][31] Question: How is the company monitoring potential strains in the credit portfolio? - Management is closely watching all areas, particularly consumer and agricultural sectors, but currently sees no significant strain [33][34] Question: What is the outlook for M&A activity? - The company continues to explore M&A opportunities, focusing on strategic fit and integration potential [55]

Financial Data and Key Metrics Changes - The company reported strong organic growth in both loan and deposit portfolios, contributing to solid quarterly results [4][5] - The core net interest margin (NIM) ended the quarter at 4.55%, with expectations of slight compression due to potential rate cuts [24][25] Business Line Data and Key Metrics Changes - Loan fee income has increased and now represents about 40 basis points of the margin, driven by successful sales efforts and a robust deal market [25][26] - The mortgage business is currently slow, but there is an expectation for improvement in 2026, with a significant increase in the pipeline compared to six months ago [39][41] Market Data and Key Metrics Changes - The company is experiencing pressure on the deposit side compared to the loan side, indicating competitive dynamics in the market [14][15] - There is ongoing deal activity in the market, but challenges remain due to macroeconomic factors affecting M&A transactions [44][46] Company Strategy and Development Direction - The company is focused on maintaining strong capital levels while navigating macroeconomic volatility, which influences credit provisioning decisions [27][29] - The strategic acquisition in the mortgage sector is seen as a niche service that could grow into a more significant income provider over time [41][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the company's positioning, despite acknowledging potential economic challenges [5][6] - There is a cautious outlook on loan growth due to the possibility of lumpy paydowns and macroeconomic uncertainties [12][13] Other Important Information - The company is actively exploring M&A opportunities, although current market conditions present challenges for potential transactions [46][47] - Credit performance remains strong, with no significant migrations in classified loans during the quarter [51] Q&A Session Summary Question: Loan growth outlook for Q4 and 2026 - Management expects high single-digit year-over-year growth, with a good pipeline but acknowledges potential lumpy paydowns [13] Question: Loan pricing dynamics and competition - New loans are slightly below the previous average of 7.4%, with more pressure on deposit pricing than on loans [14][15] Question: M&A activity update - The company is actively looking at various transactions and remains open to strategic combinations [16][17] Question: Net interest margin trajectory - NIM is expected to experience slight compression due to rate cuts, potentially dropping to around 4.47% [24][25] Question: Loan fee income dynamics - The increase in loan fee income is attributed to strong sales performance and a robust deal market, though it may trend back to normal levels [25][26] Question: Credit trends and reserve increases - The decision to increase reserves was based on portfolio growth and macroeconomic volatility, with a focus on maintaining credit integrity [27][29] Question: Expectations around fees and expenses - Core fee income and noninterest expenses are expected to remain stable, with oil and gas revenues being less predictable [35] Question: Mortgage business outlook - The mortgage business is currently slow, but there is hope for improvement in 2026, with a significant increase in the transaction pipeline [39][41] Question: Challenges in M&A today - The overhang of AOCI and long maturity loans are keeping some sellers hesitant, impacting M&A activity [44][46]

Financial Data and Key Metrics Changes - The company reported a strong quarter with solid organic growth in both loan and deposit portfolios, contributing to strong capital accumulation and robust capital ratios [3][4] - The core net interest margin for the quarter was reported at 4.55%, with expectations of slight compression to 4.50% due to deposit cost pressures and potential further rate cuts [18][21] Business Line Data and Key Metrics Changes - Loan growth was highlighted as a key area of strength, with expectations of high single-digit year-over-year growth continuing into 2026 [9] - Loan fee income has increased significantly, now representing about 40 basis points of the margin, driven by a robust deal market and successful sales efforts [20] Market Data and Key Metrics Changes - The company noted that the mortgage business remains slow, with expectations for improvement in 2026, although current conditions are challenging due to high fallout rates and affordability issues [30][31] Company Strategy and Development Direction - The company is actively pursuing M&A opportunities, although challenges remain due to market conditions and seller expectations [12][33] - The strategic acquisition of a mortgage operation was emphasized as a move to enhance service offerings to high-net-worth clients, with a focus on niche markets [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the company's positioning, despite acknowledging macroeconomic uncertainties [3][4] - Concerns regarding credit trends were addressed, with management indicating a cautious approach to provisioning in light of portfolio growth and macro volatility [21][22] Other Important Information - The company highlighted the importance of maintaining strong capital levels and the prudent approach to credit risk management in a volatile environment [22] Q&A Session Summary Question: Loan growth outlook for Q4 and 2026 - Management expects high single-digit year-over-year growth in loans, with a good pipeline of activity [9] Question: Loan pricing dynamics and competition - New loans are expected to be priced slightly below 7.4%, with more pressure on deposit pricing than on loans [11] Question: M&A activity update - The company is actively exploring M&A opportunities, with a disciplined approach to potential transactions [12][33] Question: Net interest margin trajectory - A slight decline in net interest margin is anticipated due to deposit cost pressures and rate cuts [18] Question: Credit trends and reserve increases - Credit performance was strong, with a slight increase in reserves due to macroeconomic concerns [21][38] Question: Outlook for fees and expenses - Core fee income is expected to maintain a similar run rate, with oil and gas revenue being less predictable [28] Question: Mortgage business expectations - The mortgage business is currently slow, but there is hope for improvement in 2026, with a stronger pipeline than six months ago [30][31]

First Horizon (NYSE:FHN) Q3 2025 Earnings Call October 15, 2025 09:30 AM ET Company ParticipantsBryan Jordan - Chairman, President, and CEOTyler Craft - Head of Investor RelationsHope Dmuchowski - CFOThomas Hung - Chief Credit OfficerConference Call ParticipantsAndrew Leischner - AnalystTimur Braziler - AnalystBen Gerlinger - AnalystJared Shaw - AnalystJanet Lee - AnalystJon Arfstrom - AnalystNick Holowko - AnalystCasey Haire - AnalystNone - AnalystChristopher Marinac - AnalystAnthony Elian - AnalystModerat ...

Financial Data and Key Metrics Changes - The company reported an adjusted earnings per share (EPS) of $0.51, a $0.06 increase from the previous quarter [5] - Adjusted return on tangible common equity increased by 135 basis points to 15% [5] - Net interest income (NII) grew by $33 million, with a 15 basis point expansion of net interest margin to 3.55% [6][5] - Average rate paid on interest-bearing deposits increased to 2.78%, up from 2.76% in the previous quarter [6] Business Line Data and Key Metrics Changes - Period-end loans decreased slightly, with loans to mortgage companies down $132 million, consistent with seasonal trends [7] - The commercial and industrial (CNI) portfolio saw an increase of $174 million quarter over quarter [8] - Fee income increased by $26 million from the prior quarter, driven by improved business conditions [8] - Adjusted expenses increased by $45 million from the previous quarter, primarily due to personnel expenses and outside services [9] Market Data and Key Metrics Changes - Period-end deposit balances decreased by $52 million, driven by a decrease in brokered CDs, but non-interest-bearing deposits increased by $131 million [6] - The company retained approximately 97% of the $29 billion in balances associated with clients who had a repricing event [6] Company Strategy and Development Direction - The company is focused on achieving sustainable growth and profitability while maintaining safety and soundness [4] - There is an emphasis on integrating potential mergers and acquisitions (M&A) that align with the company's existing footprint and culture [16] - The company aims to drive additional pre-tax net revenue of over $100 million through efficiency and revenue enhancements [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth due to increased client confidence and the potential for further Fed rate cuts [15] - The company is confident in its ability to achieve a sustainable 15% plus adjusted return on tangible common equity [17] - Management noted that the competitive environment for deposits is heating up, and they are focused on retaining existing clients while attracting new ones [6][33] Other Important Information - The company ended the quarter with a Common Equity Tier 1 (CET1) ratio of 11%, flat quarter over quarter [10] - Share buybacks accelerated to $190 million, with approximately 8.6 million shares repurchased [12] Q&A Session Summary Question: How optimistic is the company on growth and is there a noticeable change from a quarter ago? - Management noted increased confidence and noticeable changes in client behavior, with pipelines building throughout the quarter [22] Question: What is the outlook for the margin in the fourth quarter? - Management indicated that the margin may stabilize in the high 330s to low 340s, adjusting for one-time items [23] Question: What is driving the decline in core deposits? - Management explained that the industry is experiencing a mix shift, with clients moving funds into brokerage accounts, but they maintain a high retention rate of existing clients [33] Question: What are the company's M&A considerations? - Management emphasized a focus on organic growth but remains open to opportunistic M&A if the right opportunity arises [39][40] Question: How does the company view its capital position and buyback strategy? - Management stated that buybacks will be contingent on loan growth, with a focus on deploying capital effectively [98]