FRST · FRST Q2 FY2026 earnings call record财报电话会记录

“Before we begin, please note that many of our comments during this call will be forward-looking statements which involve risk and uncertainty.”

“When I compare our current results to last year, I see strong growth in revenue, very contained operating expenses, increasing net interest margins, lower efficiency ratios, lower levels of non-performers, steady growth in earning assets, growing levels of non-interest-bearing checking accounts, and importantly, tangible book up over 20% from last year.”

“These results include a net interest margin of about 345 basis points, up a couple basis points over last quarter, but up almost 60 basis points over the same quarter a year-ago.”

“Matt can give you a lot more context, but I'm showing that our core OpEx is up about 16% over the past year compared to the 40% growth in revenue I just talked about.”

“Our net interest margin in the second quarter was 3.45%, up from 3.43% last quarter and 2.86% in the year-ago period.”

“Mortgage-related non-interest income grew 44% year-over-year to $11.4 million in the second quarter, and Primis Mortgage closed volume was $421 million, up 30% compared to the second quarter of 2025.”

“We expect the non-interest expense burden, excluding mortgage and Panacea, to return to the $22 million-$22.5 million range in the third quarter of this year.”

“A notable one is we have some subordinated debt that's available to refinance that we think we're going to be able to do at some point in the next quarter or two, will save us probably between 200 and 250 basis points on the cost of that debt.”

“Yeah, there's some customers who are still probably paying seven.”

“I think if you look at where we've reported this quarter at 365 for the margin, you'd probably add 7, 8 basis points on this balance sheet for the sub-debt refinance.”

“We will be the most flexible bank in front of the customer, and that's a competitive advantage.”

“On top of it, probably 8%-10% of their volume is portfolio product.”