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Management is executing a strategic 'playbook' to refocus on the core franchise by divesting Navitas and reinvesting in revenue-producing talent.

Loan growth accelerated to 6.8% annualized, driven by a 17% net expansion in producers since the third quarter of last year.

Organic loan growth, excluding Navitas, reached 6.4% annualized, marking the strongest performance in several quarters due to successful hiring initiatives.

Net interest margin expanded for the sixth consecutive quarter to 3.68%, supported by stable deposit costs and higher-yielding new loan production.

Credit quality remains a core strength, with bank-only net charge-offs at 9 basis points and non-performing assets remaining essentially flat.

The pending Peach State acquisition is on track for an early third-quarter close, expected to provide top deposit market share in high-growth Southeast markets.

Management expects loan growth to reach the 7% range in the third quarter and move into upper single digits next year as new hires fully ramp up.

The sale of Navitas is expected to create a 30-basis point headwind to net interest margin on a static basis, though dynamic reinvestment in 6%+ loans should offset this over two quarters.

The expense base is projected to settle at approximately $150 million by the fourth quarter after accounting for Navitas exit savings and Peach State integration.

Capital levels are expected to remain high, with a pro forma CET1 ratio of approximately 14.5% post-Navitas sale, providing roughly $300 million in excess capital.

The bank intends to use remaining share repurchase authorization to offset the shares issued for the Peach State acquisition.

A $38.5 million reserve release was recorded following the reclassification of Navitas loans to held-for-sale, contributing $0.25 to GAAP EPS.

A $4.5 million non-recurring expense was incurred to settle a California lender license issue, which management noted was largely non-tax deductible.

The allowance for credit losses decreased to 1.04% of loans, reflecting the lower loss variability of the portfolio following the Navitas divestiture.

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Management expects a temporary 20-25 basis point margin compression in Q3 depending on the timing of the sale.

Underlying margin widening from new loan production at higher rates is expected to fully offset the Navitas exit impact by the end of the year.

Experienced hires are expected to contribute approximately $30 million in annual funded production once fully integrated.

The bank is targeting bankers with 20 years of experience and existing portfolios exceeding $100 million, utilizing no outside recruiters.

Priorities include funding accelerated organic loan growth, followed by opportunistic 'small bank' M&A in the sub-$1 billion asset range.

Management is evaluating using excess capital for cash-based acquisitions as a more effective alternative to traditional buybacks.

Deposit costs are expected to drift slightly higher in the second half of the year due to increased competition and efforts to extend CD maturities.

The bank will utilize cash from the Navitas sale and its securities portfolio to fund loan growth, mitigating some liquidity pressure.