FISI - Earnings call 3 2023 | Financial Institutions, Inc.

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Operator

Hello, and welcome to today's Financial Institutions, Inc. Announces Third Quarter 2023 Results. My name is Elliot, and I will be coordinating your call today. [Operator Instructions]

I'd now like to hand over to Kate Croft, Director of Investor Relations. yours. is floor The ahead. go Please

Kate Croft

a members you and you for release include relating comments financial substitute risk statements. GAAP detailed and discussion call. prepared question-and-answer Relations Actual earnings by for Jack and were of release for today's leadership and finance date, to measures. website forward-looking teams exhibit information turn be during CEO, investor of of Reconciliations to joining a be to due as risks, President well forward-looking in certain us the additional SEC joined will results measures be Birmingham; non-GAAP Marty prepared statements. We'll uncertainties these this and factors They today's also from President to accurate to measures that the discuss as earnings intended Investor and comparable company's will filings, GAAP available Plants. variety not and factors. other to comments Providing presentation XX, as session. Today's will Thank may of Birmingham. supplement refer to Q&A provided XXXX. I'll a which CEO, safe CFO, We for description measures forward-looking the includes over financial note Please filed the October now statements call and on the may and differ yesterday's of X-K. only historical Form materially an call Marty as harbor our are

Martin Birmingham

good us And and joining today. you, you morning, thank everyone, Kate. for Thank

capitalizing for remainder navigate ability opportunities. in credit quality us give and growth healthy of including position stable XXXX were on in the our metrics, us of results and which quarter Third by environment XXXX, effectively continuation deposit highlighted both operating to the of well confidence a

incredibly in XXXX of Like deposits net our the of or diluted I'm common prior year $X.XX quarter competition share of line down results million income per per in per available shareholders $XX.X and remains second million growth much share, of share. launched $X.XX the quarter $XX with fact in by to to deposits and the more was $XX.X markets, country, ability led or was fierce from million or nonpublic Third deposit core $X.XX quarter. for growth this is all team's Banking-as-a-Service in driver that late money July. account market of that commercial, drive noteworthy we growth during deposit was The all or nonpublic the you'll retail, proud our contributing. A BaaS, and recall with X% the significant campaign the X%

customers, our In deepen helping October more through approach with addition XXX Star through banking new in us relationships balances $XX this brought customers retail campaign. million These existing relationship-based in community approximately to Bank Five to and than we new to XX. have customers introduced

an attractive long-standing by quarter third In at of strong addition a fourth to We base. providing alternative the customer with mid-November million the during consider plan quarter. BaaS our funding. be deposited start these higher related the We wholesale gained to momentum to through also $XX end. deposits continue balances approximately cost quarter to campaign to

and platform. out come While and on out XXXX Fintech beyond to our slower in a continued process before pipeline governance includes growth these we we originally have partners. of our nonbank new transitioning onboarding deposits anticipated, partners our to approach thoughtful BaaS as to look build than them forward We

supported franchise the deposit Our also quarter. Commercial Banking in growth

be quarter seasonal an late quarter, gathering deposits quarter. as to summary at typically attractive affording XX, changes Based that customers As X incentivize deposit the grew during Reciprocal third latest our earlier balances, data largely the to benefit inflows underscores strength XXXX, quarter initiatives. in third the insurance of option on the end XX, XXXX New we greater we up commercial September balances we Public $XXX,XXX. Setting deposit FDIC our our on deposit to on XX accounts experienced deposits reported June were focus year top implemented also deposits. compared company this our the second deposit in XX where continues from our reflecting in lenders growth, the our ranked and of aside the markets. York position of larger the counties of the FDIC than the of upstate to

these lending, environment, focused commercial also due to to respectively. among an in bit important up top in C&I are community remains money softer anticipated, XX these our positive recent slowed of in a true the Growth bank. a heavily markets, partially cities growth our basis Monroe seeing of focused loans was Buffalo we strategy institutions offset challenging on of to Home and opportunities in moderate element third and our addition, hurdles Rochester, slightly, Area at in client modest the financial decline for reflecting consumer growth stable a economic higher strong we $X.X serving but panel from our growth respect a demand, for loans a portfolio. local small Bank accordingly, In to quarter banking. With pricing looking as financing billion, combination Competition a quarter market were effort on franchise prospects residential a relatively loans significantly are commercial production. BaaS relatively solar CRE indirect Counties, is as lending by and climate to related markets. Total Community amount on were was campaign our a Other linked in

the rate impacted has residential during the tight that in XXXX, and interest ended loan inventory months housing sales our grew XX market. home portfolio Our X both environment despite and XX, September higher

loan primarily partnerships the in our success declined Western quarter moderate see York through indirect select efforts as our to region. Consumer balances New in internal new third continue as homebuilders of the result again with a We production. to expected,

charge-offs uptick were and quarter, of this of strength in experience portfolio, comfortable indirect track given asset class of record line of see quarter our business. exceptionally quality portfolio this deep I with this and the management team result of we would the our recoveries. as We associated in long did that you remain our the a with low While charge-offs second in remind an third

quarter consumer were earnings commercial basis average and by release, in XX our press NCOs as a loans Third resulting of offset charge-offs to points. partially in outlined annualized direct recovery

commercial portfolio and remains sound, quality Our asset the in we confident of are credits. underlying strength the

additional have volatile within Our relationship with testing than set recently what contact the mature has stress our And been loans office larger be customers months. internal we next operating $X managers been to portfolios and in in than close to million continue completed and on a multifamily their environment. XX

comments, below last than these of to debt continue individually losses majority with fall loans coverage overall management total segments exercise future. We that incorporating loans After quality comfortable We our the on higher foreseeable progress transitioned would credit ratio anticipate our where allowance an ran XXX% over found call to in larger and coverage. strength, guidance details even analyzing XXXX. with turn for we it's completion downside these our routines debt threshold, XX scenarios, project scenarios XX above updates stressing my and that have current of as for $X my nonperforming confidence. of the and variety the Under million for points analysis, now on all this reinforce XXX to of basis service remain September allowance to for loans of results of the in or additional pleasure coverage large part As NOI X:X and into months. have rates, capital, a rates Guarantor to access this with any Jack than focused the strong we at ratios XX. This greater introductory that and or to our concludes interest sponsors

Jack Plants

Good Thank everyone. Marty. morning, you,

noninterest cost of recent increased $XX.X of $XXX,XXX points were partially to due interest funding XXX to linked of costs our As successfully level as quarter from the we by was and basis and the income current quarter funds basis Marty deposit part a expenses interest increase noninterest quarter. Net the base lower million XX environment. noted, income was that modestly higher second in rate in impacted in points. of also XXXX, net income lower were as most from offset down defend modest down to our overall by the in grow the quarter Results work provision during a

portfolio continue basis points XXX compression magnitude the though quarter, interest experienced a deposits. has to quarter in the far Net deposit cycle-to-date linked pace. the was XXXX, third taxable cost the experience moderate We more including basis occurred XX% beta to margin in so to time in that the on and for in of XXX and at equivalent FOMC of margin total our points quarter. Relative of compared a fully a rate increases XXXX basis

million beta a basis. third in nonmaturity deposit $XXX,XXX cost the Noninterest deposits, Excluding down the income $XX.X portfolio of linked a XX%. of totaled quarter, on had quarter time the

detail on additional While our our provides sources, touch I key this morning. a on few revenue areas diverse would earnings fee-based like release to

Our to coupled advisory the income were in retail our insurance timing investment the decision market individuals development. and making commercial of income network. opposed net as high XX% focus largest quarter our strategic branch downturn on management quarter. businesses are well as contributors in noninterest result third of the about as income, business increased of up a investment Insurance renewals and our impact on the worth wealth advisory for to services as with AUMs attributable the to Declines third

support as in activity the enhanced data and the we given an expense commercial believe in quarter. near million by lower quarter. XX.X% relatively this were $X.X lower and basis business services negatively forward. Swap insurance of occupancy tax line was with tax linked level move has than fees expense. Income offset a less up the While our moving higher benefits, profitability and down and and expenses equipment, consistent during expenses X% partially this the representing income Noninterest FDIC quarter, linked-quarter effective professional this will in were salaries of computer on rate impacted of processing term, as expected, was transaction-related loan

September per comprehensive tangible Our share of XXXX. ratio accumulated at at XX, in reported stood value $XX.XX. X.XX% of book loss TCE XX $XXX.X a We million common September other at

and impact, and book the $XX.XX, respectively. value been Excluding the have X.XX% share TCE AOCI per since XX, XXXX, ratio common December would tangible

translates lower basis like impact on than of XXX million areas. We expect year previous higher now $X.X continue annually mortgage-backed full to of of XXXX for to X NIM an normalized month, of and Mae an I basis years. $XX base. points, of these X of to Freddie proceeds flow we over time sold bonds. this agency $X.X levels our We approximately portfolio. Earlier after-tax loss more and high the reinvesting return cash after-tax Mac expect investment Ginnie into nature higher-yielding of to to the at securities The update million, million interest XXX the key our metrics credit funding benefit points quality rates given given earn-back to in now an outlook provide would guidance, income our on

Our Fed remaining the forecast of for activity year. the remainder muted assumes

points XXX revised and Reflecting basis amortization of Given full and of the the tax of to guidance. between for previous continued investments strength XX%, within current expect XX guidance. service the from our pretax of rate remainder lower XXXX points points, year of net recent range impact placed basis quality basis of years, on credit XX we in than metrics, coupled effective XXXX. down quarter previous a impact margin fall now tax XX the expect XX% guidance to in We income the the of the credit with charge-offs

slower than We onboarding life the noninterest initiatives seen to income on a the insurance are of gains flat of limited have enhancement lowering pressures gains single-digit the indirect on company-owned on sale loans. and we our partnership nonrecurring guidance items losses, decrease income excludes impact and as securities given or This advisory investment and of anticipated. FaaS guidance fees such for

prepared updated mid-single-digit for points between year the an growth concludes nonpublic expectations guidance. now to my in loans, unchanged. That deposits, double-digit low to and growth, full remain XX turn I'll Our expense and call in back XX growth mid-single-digit ROA Marty. basis remarks

Martin Birmingham

in management were Thank enhance solid to as fourth well on the sheet you, to Jack. as noninterest and We opportunities focused manage quarter a balance off start expenses. margin remain and

roles. and underscore security promotions and we that. have strong like well-prepared We information candidates in identified several accounting, step to Within appointments incredibly key ready internal functions have announced place we an leadership internal experienced and into team recently and

earlier just promoted decades our X in who Gluski He addition, we banks week, at than our X enterprise-wide a Jones year. And more management, communications internal more Tom recently joined XX [indiscernible] leader, than several basis, Hamlin, addition as Jim the With President. after role beyond. Operator, diversified wealth to open announced the Capital Please footprint insights. the experience marketing, Career to of new positioning consumer banking, the our concludes this banking with Officer. of deepen existing attract Marketing subsidiary, prospect RIA services who appointments, retirement succeeds for Chief will large private clients [ Wealth analytics. in wealth In succession commercial Vice call transitions prepared these to continued its opportunity and and complementary plan of leadership insurance company across been years allows Capital. with along us clients firm focusing our and we business, has relationships moving Investment U.S. questions. Executive branded believe marketing and growth and in hired performance new ], this subsidiaries mid-XXXX an longtime management and Co-Chief our remarks. Management management, merger lead brings level, and to of lines for of Officer. including forward, serving our customers President and following both and with has wealth at structure and BaaS, strategy, On customer continue that leadership branding finally, We She on highest while and Blake this institutional that to excellent

Operator

Nick Hovde with Group. Cucharale [Operator question comes First Instructions] from

Nicholas Cucharale

question on strategy. a Just Banking-as-a-Service the

period was continue existing Slide and referencing clients you relationships? adding relationships more you strong cultivating Do step-up to a June do monitoring pace? from client partnerships on Just there Or total September. and the a a to you have large focus slow in at capacity anticipate X, where

Martin Birmingham

and our that's assumptions pointing business upfront the we related balance impacted we've as clients. for ensuring and And for being governance of year, timing that built because it's activity. onboarding new time deposits. by thanks our of have of the got as controls a So routines and that sheet out spent our as into are right our lot this management well for line some

of clients of this platform. onboarding our to overall the who very to comfortable that line But that our We're here, added us. leads for that you we've So ask I'd has Sean is timing impacted with to point. clients Willett please. comment, business

Sean M. Willett

the that capacity we have our selection. you Thank to selective those to that we being be we've to that would said, I But has taken to Marty and question. as say with thesis-driven clients. appetite opportunities indicated, risk on approach will ensure hyper continue for that continue and just the bring client fit

Nicholas Cucharale

already impact Or partnerships? there. follow-up income on you noninterest do from occurring? a side When And anticipate just the material these a is that

Jack Plants

I one. take that can

that this Sean. first, Jack. is So can cover I

first given quarter impact lower were was raising success, cost to an marginal see critical business. we're in Sean a in balance which seen this as contribution on partnerships is expect Our to footprint. And line And particularly our environment, periods. that on in have I discuss of $XX little this the in sharing contribute strategy the beyond. to current about market that outstandings, we're up ask think slower the we've to that side, relative have which to something bit I that's funding to sheet in through million quarter some franchise in that and deposits is would I'll the future how from and noninterest But can to they coming deposits. is that onboarding fourth the the income translate been later fee the they

Sean M. Willett

Yes.

start start So from to on going I not the And we also on then our interchange as on, spot in we're see is we after focus of with you're to platform that, the then contribution opportunities those side, terms think Deposit only income. partners, acquisition. Jack, but that activity see

Nicholas Cucharale

XXXX we us the you turn of understand the after the about think the year? on follow-up just margin But very help guidance. That's into early helpful. I it's too the revised as new for page a can direction commentary. Maybe NIM

Jack Plants

this Jack again. Nick, is Yes,

the sheet some a successful compression higher on the little observed should of million in the borrowings. well full of allowed the benefit over were So that and deposits, coming in we've in retail side benefit We'll with the had growth we've quarter. repositioning money the fourth quarter the to of that which $XXX as with securities liability success balance limit off pay this quarter-to-date. as the board, to year the campaign BaaS margin throughout deposits. of which the during We help cost commercial quarter us success repositioning, see wholesale market

to slowing, like bottom. appears feels it certainly approaching it and be a Now we're

Our to fourth put would full quarter, that which end guidance the basis of revised XXX lower XXX was XXX low for points. year, the I we year at provided if us guidance XXX basis in we points, basis to reach assume points of that our full a of that would point

we're like feels the bottom there. approaching certainly it So

Nicholas Cucharale

at have trying of That's just the Courier impact weaker the you in for the XX? AUM the helpful. And do equity quarter. lastly, I'm markets gauge September to then

Jack Plants

Yes, it was $X.X billion.

Operator

with comes Damon from question next Our KBW. DelMonte

Damon Del Monte

to ask with wanted Jack. couple Just for probably a questions here. Starting off of

we securities the portfolio, this quarter. a decline On pretty saw decent

past, a flow just I us on remind the average cash what quarterly of cash percentage security of your as in thoughts expectations. think the where and settle kind in your you've assets? earning of are given flows projected Could you

Jack Plants

cash flow And collateral for a that's annually million sources securities The the bolster But of percentage is securities look projecting available we've able base. Yes. lines have deposit to been portfolio. Bank. on our which $XXX that as Home the through of public our through at source assets, to credit, the relative been there Loan portfolio I position Municipal posted. Federal additional also collateral we we're alternative

and into use that on and the support to take think drift portfolio deposit our we'll a we flow outstandings I we cash lower public then as base. bit let sources reinvest off loan alternative can securities So outstanding little it

Damon Del Monte

forward a your move going of give the into quarter? perspective of just things and Got growth it. we year-end on into here kind look think pipelines, and -- kind bit fourth of pick Marty, kind on stay That's I think in you through the for loan up guess, then as of Do XXXX? do outlook little helpful. can through you kind you And moderate given move things more

Martin Birmingham

Definitely, will in in season scenarios. continue of lot through we're as at seen moderate we're our half the planning of looking quarter. morning, the continuing conversation midst XXXX, second and for our And loan growth That Damon, we've a our of different the year. are fourth this we

are flood to the driving loan As our year, got we've where returns, this risk-adjusted we a drive spreads, sheet year we growth hard as want balance deepest had as relationship. an acceptable those we've for that space make saving sure on industry we

will comment growth be moderate my So at in this point loan that be moderated. will XXXX,

Damon Del Monte

Got it.

Okay. meaningful this of be real And there's kind credit. kind at any uptick a real concerns not a any little in areas like there? of little estate seeing concern broadly then just of on you there the point. just an there your Are bit portfolio I of commercial office where That's might lastly, direct auto. throughout like a portfolio, But bit know degradation

Martin Birmingham

We've my portfolio a commercial this to into not to which I build on, and In to we're dives prepared is did deep our point. seen routine taking real continue any across deeper dive, estate loan degradation comments, about that a talk categories. going those

we've environment less sensitizing more operating environment some we current rate, loans plus underwritten have and net pretty interest sensitivity outcomes. and rate strong them to So lower a those interest relative the that at to income those looking done in rate

X supported and with downside coverage includes showed analysis think where to capital. or we sponsors XX maturities going the at good debt and their alternative with access scenario, capital involved, we with track And or we'll forward those underwriting service which our with severe of and to feel a service it. recourse most and up we and stress about monitor end records we're long approach, as debt next of that tighter So we that relative personal alternative around forms very by -- own months, fundamental in dealing are

of have cycling our the our We CRE cycle some agency through portfolio loans seen continue off to to funding. construction

we discipline with going monitor but to far, so to it. good, are continue and So, consistency. so

Operator

Piper Twerdahl Sandler. Our next comes question with from Alex

Alexander Roberts Twerdahl

questions. of couple A

just on Marty, First, being ready curious, there some I said that along was blanket remarks, statement? just think to? alluding opportunities in is of I a something to opportunities you Or your specific capitalize lines prepared you're that is the

Martin Birmingham

industrial, have are market good the So to that some me, terms where existing experienced and switching I provides of nice relative commercial think making higher to is that our And there to average as then momentum showing to of with footprint and probability to take consumers opportunity it, commercial money which in in with of we're solid driving to We've to consistent I our I as and given the do upside there. business had is offer for And and think full-service offering think and industry close emphasize long-standing, have from. fundamentals advantage interactions it's bank more them it and their chosen significant that operating $XXX,XXX well, trying a how with companies versus success on unsatisfactory and with about to building us operating where those in balances who bringing real relationship have open seems our change. certainly we come activity the then we're our of community our relationships. the banks. they full

Alexander Roberts Twerdahl

deep then sort XXXX. that you're to you a the start. willing full more in stabilize to curious, the into to, that the of securities securities sort looking the like of right capacity Got seems a dive more now? really And opportunities good is that potentially the of take NIM I'm could heading are that you Jack, just transaction alluded on portfolio? on and for Or midst to help it.

Jack Plants

Alex. Thanks, Yes.

to there. look at more continue opportunities We

I start we repositioning see. think could the the that this first is of

Alexander Roberts Twerdahl

merged business of sort the terms backing I of said can Sort revenue, a some it businesses you Okay. of model you -- seems in there. rejiggering of we're And the sort process. sort in leadership, restructuring think you've of the sort like changes remind And running I to a us start, of up of just to where are of sort done made know we together, the bunch -- wealth then that get

thinking are as the And Sort also, considerations should expense of about outlook there some be we be? that then well. might what

Martin Birmingham

Jack, go ahead.

Jack Plants

Yes.

] to provide was So achieved of more of the new business change to aggressive from through focus the cultivate an referrals and [ clients Gluski meant culture clients. client the more institution, out new at our sales to more new on existing wealth with base. building approach Jim leadership strategic there through was Typically, the managers a

So some expect I of do time institutional institutional would on net on base the that that high coming on frame. business individuals the the infrastructure clients but expertise operated historically. more to and process, front. And time do to there board a growth see we side, worth Those over come take across the through RFP expense we've an pretty have in lean

rather expect would drive to I continue wealth management. than to cut we're there going that So revenue in expenses just

Alexander Roberts Twerdahl

Okay. modeling of And Does from it X% how is you kind down should talked mean thinking to that bunch we a money I a how point of could that a where market a that -- this, money deposit be about rate? X% campaign. in impact standpoint clips about Or then there the like terms different betas?

Jack Plants

that for ability to rate levels. time on we they to over maintain the guaranteed was adjust Alex, thought And year. market we given Fed's afterwards, outlook have where reasonable that the a rates XX-month frame, expect next was to which the X%

Operator

turn with to now Stephens. Matthew We Instructions] [Operator Breese

Matthew Breese

come wanted the in at if low quarter, And your NIM? not a monthly get could I just a was XXX along the fourth provide comments, NIM September whether specifically of I a ] if to range. realistic was that comment be at [ end with full year then quarter, the the the or NIM for sense we thought you that throughout you hoping, we'd you made outcome. the for

Jack Plants

on ] the Yes, I XXX or that downside [ think realistic do outcome. is

our range. to ] in [ came guided XXX what September XXX was ]. at that So [

I proxy good that's for the for outlook a So remainder think of the quarter.

Matthew Breese

point into I costs you you to guess stabilize? And at point do where stabilize. which see deposit a NIM look see the as where And at which do begins the out 'XX, you

Jack Plants

positioning approaching deposits from So budget and margin perspective. offered in through commercial feel think a pressure government but continues the outlook accounts repricing sheet rates. of off that we're space level, to balance like pools. have maintain have the margin local is we stability class at we next given [indiscernible] our the anecdotally, and XX current our haven't when months. billion what's XXXX feels about that over we our like this market There portfolio yet, we to in cash investment overall, deposit comes bottom And the me, $X be But flow by that and I the we public current for Fed completed

Matthew Breese

Great.

like moving pick indirect book? a than what that charge-offs? prior each today XX get the quarters? caused remind averages. what book just are? what up also FICO to of I is Maybe higher on sense kind underlying wanted look stage for the bps the And historical of lower Okay. auto book. early versus FICO delinquencies for this within of And us the then scores Could maybe to kind you quartile scores

Martin Birmingham

our and So, while Matt, for cycles. seen company a several you've watched

really in -- We been pressure underwriting lender. to I'll some are above in originations. for We've not of subprime XXX our but of lower credit terms quartile, XX-or-so fundamentally. our above Tier material. the a with X, not XX% on on FICO have we So XX% the us and to of of to that assistance consistent, the call it's We're XX% percent. deals consumers remains is the ask uptick, the XXX feeling. focused what delinquency score. gets some

you anything charge-offs. it collateral our do add that Some But of with could to of in collateral the of Jack, response? of have in underlying values further you terms liquidation the deals timing

Jack Plants

portfolio of concerned, portfolio at Yes. look Does above credit our about question? FICO When XX% that as we XX% and as of our the your is metrics over far XXX. XXX portfolio, of is the answer and is

Matthew Breese

given get for challenges for time color. great have for charge-off of auto. Marty, expect sense past a this days should delinquencies the That's to the whether to we the Yes. early-stage due persistence continue not you of level XX I And to of or cited, being. to wanted XX some Do the you if

Jack Plants

take is this one. that Jack. Matt, I'll

experience charge-off be for quarter the So I representative our quarters. third would to couple next of expect of expectations that

of we least the see second the experience like but -- the quarter was would amount for fourth quarters. what through had exceptional in quarter because at come third a significant expect to looks The recoveries and first I

Matthew Breese

And delinquencies, XX do you have XX to the early-stage the days?

Martin Birmingham

on back us let get Matt, you Well, that. to

Matthew Breese

Okay. have know are, looks how overall what I that out any, don't book to if is the performance question me. was curious Last of exposure I much loans of the you of just for like? market? what syndicated And it but

Martin Birmingham

pursued several some that we've deals something of not of CRE in ongoing done been C&I, club credits, it's in limited. not book commercial say are with we've That's our material companies syndicated our management We've commercial initiated we of franchise exposure, terms headquartered -- credits, that very but terms Matt. know relative shared large national in and the our relationships to relate And that would professional around have it or I it's for team. it's would business. and to of

Matthew Breese

it. Got

Okay. Last one for me.

to we kind this in, common persists, see tangible in of capital in level asset were the capital does leaving Just tangible around of overall equity ratio and loan? to this 'XX what uptick thoughts position if if environment of type adequacy an

Martin Birmingham

my performance balance And -- goal to the relative comment, is XXXX scenarios. the that's Matt, we at capital several earlier looking to and to where through how ultimately, accrete drive that's we're So continue our our manage and sheet. planning,

well moderating like and TCE management low, And thinking I way the one right now. top feedback buying from that and aware growth. this, And know we so thematically, on where We're that's to equates to about. conversations think our generally, of And slower today. that's of it's ratio that's something think translates and I stands we're that growth, teams our

Matthew Breese

companies overall -- of Is that on why and insurance or other We've businesses AOCI to something considering? help your income ahead go sell capital seen peers and you're a front? the couple trapped fee larger

Martin Birmingham

just So and been good Strategically, our have terms that of aware possibility in done said, from of we've the it of move or we're line our capital other allocation relative insurance what capital in business. that. But it's wealth noninterest a efficient of we're open and the diversification of for increase terms line to terms value. represents in revenues and for perspective of us unlocking that a you revenues with of business to any business of use any what we

Matthew Breese

Got it.

I my went stop said Okay. would I where question. I I know over last

extras. and taking you apologize of it. I a thank appreciate I couple for So

Operator

for concludes CEO, President Q&A. back Marty I'll to remarks. This our Birmingham, and now closing hand

Martin Birmingham

to I We thank are want the talking participating to call January. morning. you again on Thanks our and that this in everybody. those analysts to forward look with

Operator

now Ladies concluded. for like to We'd you today's your participation. has and call gentlemen, thank

lines. You may your now disconnect

Financial Institutions (FISI) 27 Oct 232023 Q3 Earnings call transcript