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

“Yesterday, we also announced a share repurchase program totaling up to $150 million, with repurchases targeted over the next four quarters and starting here in the third quarter.”

“This was certainly one of our highest strategic priorities immediately following the closing of the acquisition, and we can now shift our focus to leveraging our business model across our expanded geography.”

“Net interest margin was 3.58% in the second quarter, which is a decline from the 4.25% in the first quarter, with the decline significantly influenced by the acquired loan portfolio and higher funding costs.”

“Given the timing of all the repositioning activities throughout the quarter, progress in net interest margin is also pretty impactful, as it improved 29 basis points comparing June versus April, with June net interest margin at 376 basis points.”

“On the service fee revenue side, we saw growth of 50.7% compared to the first quarter; it was primarily related to the impact of the acquisition.”

“We experienced organic growth in mortgage revenues and treasury management revenues, while the growth in trust and investment advisory revenue was acquisition-related.”

“Adjusted non-interest expenses in the second quarter, which exclude merger-related expenses, were up 57% compared to the first quarter and, again, were primarily related to the impact of the acquisition.”

“As Neal indicated, we are already realizing some significant cost savings following the acquisition closing, with an annualized run rate equivalent realized in Q2 of approximately 65% of our original total cost-save target of $68 million estimated at the announcement date for the acquisition.”

“The CET1 at 11.95%, total risk-based capital at 14.13%, and Tier 1 leverage at 9.47%.”

“On the NIM side, as I noted earlier, the timing of all the repositioning in Q2 had a significant impact on margin as we saw margin increase 29 basis points from the month of April to the month of June, with the month of June finishing at 376 basis points.”

“In terms of revenue mix for both the full year and the fourth quarter of 2026, we expect our level of non-interest income to total revenue to be in the low 20s.”

“In terms of looking forward at 2027, I think with the balance sheet growth that we referenced and with the net interest margin that we referenced, I think as you look at our expectations on credit and efficiency ratio, I actually think, combined with expectations on the share buyback side, we're north of a flat five.”