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- **Record Q3 Performance**: $72.9M adjusted net income, 9.9% annualized loan growth, and 1.09% ROA. 
- **Cost Efficiency**: Core expenses to decline $2-3M/Q in next two quarters. 
- **Strategic Momentum**: 300+ FTE reduction post-merger, with focus on revenue per employee. 
- **Capital Deployment**: $100M buyback authorization signals confidence in capital generation. 
- **Risk Management**: Criticized loans up 1/4 due to multifamily, C&I, and self-storage migration, but no loss exposure identified. 
- **Rate Outlook**: 4 rate cuts assumed, with NIM modestly contracting in Q4 before '26 expansion.

**【CEO Opening Remarks】**
- Q3 net income: $59.8M ($0.63/diluted share), adjusted earnings (excluding merger charges): $72.9M ($0.77/diluted share). 
- Loan growth: $462M (9.9% annualized), driven by distributed growth across all credit channels and geographies. 
- Deposit decline: $158M (seasonal public funds decrease), with focus on core deposit growth in line with loans. 
- Integration progress: Systems conversion completed in August; 2025 Q3 results reflect successful merger with The First, positioning to meet pre-merger profitability goals. 

**【CFO Financial Commentary】**
- Adjusted ROA: 1.09% (12bp YoY improvement), adjusted ROTCE: 14.22% (296bp YoY improvement). 
- Credit metrics: ACL at 1.56% of loans, net charge-offs $4.3M. 
- Expense management: Core NIE up $3M QoQ, with $2-3M expected declines in Q4 and Q1 '26. 
- Capital position: All regulatory ratios exceed 'well-capitalized' thresholds. 

**【Q&A Highlights】**
1. **Loan Growth Pipeline**: CEO notes Q3 growth across all channels, with legacy SBMS markets and Gulf Coast showing strength. 2025 Q3 marks first quarter with systems fully integrated. 
2. **Expense Savings**: CFO expects $2-3M quarterly declines in core NIE through Q1 '26, with modeled synergies emerging. 
3. **Deposit Strategy**: Focus on core deposit growth matching loan growth, despite seasonal public funds volatility. 
4. **Credit Quality**: Criticized loans increased broadly but no loss exposure; proactive risk management identifies early warning signs. 
5. **Buyback Authorization**: $100M share repurchase program announced, reflecting confidence in capital generation post-merger integration. 
6. **Rate Environment**: CFO assumes 4 rate cuts between now and end of '26, with net interest margin expected to modestly contract in Q4 before modest expansion in '26.

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