The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: I guess my first question, I was wondering if you could give a little bit more color around kind of the lending team you're acquiring. It seems a big
part of this deal is the growth. Saw the chart in the presentation about the CAGR over the last handful of years, which looks pretty robust. But I was
wondering if you could maybe just kind of give us a quick average or summarize -- summary of the type of talent you're bringing on and where
kind of they were seeing their growth historically. Was it in similar verticals and from similar competitors that you guys are taking market share or
something kind of different and expansive to what you're already accomplishing down there? I'd love to start there, if that's all right.
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Helpful. And then secondly, just in terms of the net interest margin, I was wondering if you could make a comment on how you expect kind of the
immediate impact to your margin from this transaction will be but also secondly, how, if at all, you think this could improve or decrease your
asset-sensitive position on a pro forma basis for higher rates.
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Is that largely on the CD side? Because their noninterest-bearing mix seemed pretty high. I mean -- but I agree the cost seems a little high relative
to that mix. Do they have some higher-cost CDs on there? Or is there something else going on?
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Got it. And then just last for me and then I'll step back. Just I was wondering if you could give any additional guidance on 2 kind of functional
aspects of the deal: one being the stock/cash split and if you have any initial expectations about how that might range out as the deal closes. And
then secondly, a fairly wide range on the closing in the first half of 2022. Any kind of tighter range or at least initial expectations you can provide
on when you think the deal could potentially close?
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