Good morning and welcome to the FB Financial Corporation's conference call regarding their proposed combination with Southern States Bancshares Incorporated. Hosting the call today from FB Financial are Chris Holmes, President and Chief Executive Officer, and Michael Mettee, Chief Financial Officer. Please note FB Financial's press release and the morning's presentation are available on the investor relations page of the company's website at www.firstbankonline.com. Today's call is being recorded and will be available for replay on FB Financial's website approximately two hours after the completion of the call. At this time, all participants have been placed in a listen-only mode. The call will be open for questions after the presentation. During the presentation, FB Financial may make comments which constitute forward-looking statements under the federal securities law.
All forward-looking statements are subject to the risk of uncertainties and other facts that may cause actual results in performance or achievements of FB Financial to differ materially from any results expressed or implied by such forward-looking statements. Many of such forward-looking statements are beyond FB Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements. A more detailed description of these and other risks is contained in FB Financial's periodic and current reports filed with the Securities and Exchange Commission, including FB Financial's most recent Form 10-K, except as required by law. FB Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events, or otherwise. Please refer to the accompanying disclaimers included in the presentation for more information.
I would now like to turn the presentation over to Mr. Chris Holmes, FB Financial's President and CEO. Please go ahead, sir.
All right. Thank you very much. Good morning, everybody. Thank you for joining us on the call this morning. As you've seen, we're proud to announce the combination of FB Financial Corporation and Southern States Bancshares. We appreciate your interest in both FB Financial and Southern States, and we're pleased to make this announcement as we move forward here. As you've heard us discuss before, we have a disciplined approach when we're evaluating a merger partner, and we consistently look at three things. First, we look for the right cultural fit. We believe that scalable business success requires a team of people with a common mission and shared values. At FirstBank, our values drive our motivation and our decisions, which ultimately produce our results. Getting culture right is table stakes for us. Second, we evaluate the map and the market opportunity.
This includes geography, but also includes growth and expansion opportunities in those markets, macro and microeconomic conditions of those markets, and the market leaders, both institutions and the individuals. Finally, we consider the financials. We look for solid operators that generate superior returns, balance sheet strength, disciplined credit culture, and consistent risk management to ensure that the combination is accretive to our business and rewarding to our shareholders. For some time now, we've had the opportunity to get to know the Southern States Bank team, understand their culture, learn about their communities that they serve, and watch their performance. We understand the many similarities between our two institutions. We couldn't be more excited to make this combination announcement today. Culturally, Southern States has a customer-centric focus with a deep commitment to the communities they serve.
Many of those communities look and feel like the communities that FirstBank currently serves across our five-state footprint. Southern States consistently produces strong growth and solid returns for their shareholders and maintains deep roots in their communities. Southern States also uses a relationship banking approach. We believe that Southern States and FirstBank's customer-focused community style of banking and value systems are uniquely aligned. Geographically, the two banks' footprints complement each other well. The combination adds to the density in Birmingham and the Huntsville markets where we both operate, while also contiguously expanding our footprints in the new markets in East Alabama and West Georgia. The expansion includes markets that benefit from their adjacency to metropolitan Atlanta. These markets remind us of some of the markets that we serve today that are in other MSAs, including Nashville, that are suburban communities outside of larger metros.
Financially, the transaction is compelling. I'll let Michael provide more details around the financial profile and modeling assumptions of the deal, but at a high level, we anticipate 12% EPS accretion, limited tangible book value dilution at less than 4%, and a tangible book value earnback period of less than two years. In financial terms, the deal makes a lot of sense for both banks. To give you a sense of the process we've undertaken over the past few months, we've included a slide in our investor presentation with some depth on the diligence process. Our process was comprehensive with 12 focus areas covering all notable risk areas and functions of the bank. We leveraged the in-house expertise of our team and engaged third-party advisors where necessary to aid in the process.
We completed comprehensive credit review, which includes the review of 60+% of the outstanding loan balances, 85+% of loan balances in a classified status. Through the loan review and the diligence process, we were able to confirm Southern States' strong credit culture as evidenced by the limited loss history in the loan portfolio. In total, our teams reviewed 500+ diligence documents, and I'd like to thank both teams for their work throughout the diligence process and for all the efforts expended to help bring this combination together. I'd also like to thank the Southern States team, especially Mark Chambers, the CEO, and Lynn Joyce, the CFO. These two individuals have been invaluable throughout this process, and we look forward to pulling two good teams together to form one great team. Both Mark and Lynn will remain with the company after closure, and we look forward to their leadership.
Looking forward at our timeline, we anticipate closing the deal in Q3 or early Q4, and we'll target a conversion shortly thereafter. On the regulatory front, of course, we've had conversations with our regulators about this transaction, and we're encouraged by the pace of approvals that we've seen in other recent deals in our asset size range. In the days to follow, we'll be submitting our regulatory applications and working through the approval process. Now, before I pass the call on to Michael, I want to conclude by saying that over the past few years, our company has worked hard to prepare to be able to continue improving the company and how we operate while at the same time integrating an acquisition. Our management teams remain laser-focused on consistently improving a strong operating foundation that enables us to pursue growth opportunities.
We believe that continuing investments made in technology, talent, and processes will allow us to unlock shareholder value through added scale, ultimately creating a better FirstBank. With that, I'd like to pass the call over to our CFO, Michael Mettee.
Thank you, Chris. Good morning to everybody, and thank you to everybody that's joined us today. I'd like to echo Chris's thank you and comments to the Southern States team and our internal teams who've been working diligently behind the scenes to bring us to this point. I'm excited to share with you some of the details surrounding this combination. The transaction itself is an all-stock deal with an exchange ratio of 0.8 shares of FB Financial common stock for each share of Southern States common stock, which values the total deal consideration just north of $380 million. In the financial model, we estimate cost savings of approximately 25%, which we anticipate phasing over 2025 and 2026 and 100% thereafter. We're anticipating pre-tax transaction costs of around $38 million. On the loan portfolio, we've estimated the total loan mark at 3.2% or $71 million.
$36 million is related to credit, which equates to 1.53% of gross loans and is split 50/50 between non-PCD and PCD. This results in a day two CECL double count of approximately $18 million. The remaining mark of $35 million is interest rate related and is modeled to accrete straight line over four years. At closing, we'll mark all of Southern States held- to- maturity securities to fair value through purchase accounting and reclass them into available- for- sale. Over time, we'll optimize the entire portfolio and liquidate some of the securities portfolio to redeploy into higher-earning assets, pay down their limited wholesale funding that exists, or reinvest in other bonds. Lastly, our assumptions include a core deposit intangible of about 2% of non-time deposits and an estimated write-down on their sub-debt of $10 million. All in, on a pro forma basis, we anticipate strong returns from this transaction.
As Chris mentioned, our model showed 12% earnings per share accretion and a tangible book value earnback of less than two years, all while maintaining minimal dilution at a sub-4% level. We believe these to be conservative earnings estimates and have a high level of confidence in our ability to meet these modeled expectations. As a combined entity, we'll see meaningful improvements in our return and efficiency ratios, as we have denoted in our investor presentation. Our 2026 pro forma returns show a return on average assets of 1.41%, a return on average tangible common equity of 14.5%, and an efficiency ratio of 50%. These metrics are above our peer group median and an improvement to our standalone metrics, resulting in progress towards our expectations of peer-leading financial results. Concerning capital, this transaction is effectively the combination of two banks that are both in strong capital positions.
On a pro forma basis, the combined Common Equity Tier 1 ratio is 12.1%, and the total capital ratio is 14.8%. Our tangible common equity to tangible assets models out to 9.9% at close. These ratios both result well above regulatory thresholds and place the combined entity in a sound financial position. Having such a strong capital position at close enables us to continue to be bullish around capital deployment and look at options to leverage our capital base to improve shareholder value. Overall, we are very pleased with the financial profile of this deal as it builds scale, expands our geography, improves returns, and adds franchise value, all of which benefits our company and its shareholders. We look forward to capitalizing on this opportunity as well as the opportunities in front of us as we continue to grow our franchise across the Southeast.
With that, I'll now turn the call back over to Chris.
All right. Thank you, Michael. In closing, I would just like to extend a word to both teams and especially the Southern States team. We do look forward to combining our companies into a bigger and better company than either of us could be on our own. We're excited to see what we can accomplish together. Thank you again to all the participants for your interest in FB Financial and Southern States and our announcement today. Operator, at this time, we'd like to open the line for questions.
Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we'll pause momentarily to assemble our roster. The first question will come from Catherine Mealor with KBW. Please go ahead.
Thanks. Good morning and congrats.
Thanks, Catherine. Good morning to you.
Everything is laid out really clearly in this slide deck, so thanks for all of that. I just wanted to hear what you're thinking about forward growth for both companies. Southern States has had really strong, high double-digit growth rates for the past couple of years. I think FBK, you've slowed a little bit, but we're getting ready, I think, to ramp up for kind of better growth over the next couple of years for you. Just kind of curious how you're thinking about growth rate on this balance sheet that you're bringing over, what that could look like pro forma. Thanks.
Yeah. Good morning, Catherine. Thanks for joining. We modeled out, just actually based off the consensus estimates with the group here on the phone, obviously through communication from both bank management teams. Going forward, we expect to be right in this kind of what I'll call the FirstBank traditional range of that 8%-10% growth is where we would continue to grow the company.
Okay. Great.
Yeah. We did use consensus in the model, but typically, our internal goals are higher than that. We've said 8%-10%. We've also said high single-digit, low double-digit. I think that's a good estimation.
Okay. We've got 8%-10% in our numbers, which is in consensus. It feels like those are matching up appropriately.
Yep.
Okay. Great. I mean, that's for Southern States. Then separately on just the pro forma margin, how are you thinking about that as that comes together and any kind of changes that this might do to your asset sensitivity?
This is really good because we together kind of fit like a glove. We both have half our, we're 50/50 floating and fixed, very similar balance sheets, slightly improved asset sensitivity for both companies, so we're more neutral. They've done a really good job on loan pricing and margin. We've been able to hold ours in that mid to low 3.50% range. They've been in the 3.65% range. I think you kind of meet a little bit closer to us, right, when you're doing kind of an interpolated number. I think our range still would hold from what we've been talking about for the year.
Okay. Great. My last question is, I noticed in the slide deck you said closing as of third quarter or fourth quarter. Given that these deals that we've seen are just getting approved and closed a lot quicker than expected, is that fourth quarter just being super conservative, or is there any reason that you think it could take that long to close?
Yeah. I'm getting some ribbing from the room here, Catherine. Look, we.
I know you're conservative, Chris. I'm hoping that's okay.
Yeah. Look, we hope to close as quickly as possible. Some of our advisors and folks that help us are, I'm sure, listening to the call, and they know the goal. Some of those things are out of our control, as you know. You do not know what things happen there from third parties. We would anticipate really more of a third quarter. Depending on what happened, maybe it could slip into the fourth quarter, but we would anticipate a third quarter. There have been some recent really quick approvals from a regulatory perspective, and we've challenged our third parties to set a new record, our outside helpers to set a new record. That would be our goal. I think realistically, probably third quarter is the best spot to target.
Okay. That makes sense. All right. Thanks so much and congrats.
Thank you. Thanks, Cath.
The next question will come from Stephen Scouten with Piper Sandler. Please go ahead.
Hey, good morning, everyone. Congrats on the deal. It's great to see it. I think it's going to be good for the market too to see such a well-priced deal. Thank you for that. I'm curious. A lot of times when people think about deals, we think about cost saves and what can be stripped out. As a way, I feel like I'm hearing you guys talk about it and you think about the business. This more helps you to invest in the growth of the company moving forward. It gives you needed scale to make further investments. Can you talk about some of that stuff that this might allow you to do over the next couple of years with the increased scale and still the strong capital and how you think about the leveraging of that capital over time?
Sure. Good morning, Stephen. Thank you for the comments. A couple of things. We worked some of these into the comments, but they tend to be the ones that get overlooked. We have spent some time and some investment on trying to make sure that we can continue to improve the company because we think you got to get it to be a better and better operator every day. When you start to add a big project like bringing two companies together like this, it really can deviate your focus from improving your operation. Sometimes it can completely move your focus away from that to just trying to combine the companies. We are really focused on being able to walk and chew gum at the same time. Along with what you're saying, we're going to continue to invest.
We'll continue to get better from a customer value proposition that's important to our team right now so that we can continue to improve our organic growth profile because we're in strong organic growth markets, and we think that's critical. We also anticipate some possibly material disruption in our market as we go through the next two, three, four years. You got to be able to capitalize on that. Those are really important to us, and that's part of what's in this. When we said 25% cost saves, you also heard us say both Mark and Lynn are staying with the company. There's not a lot of overlap. That's a fairly conservative cost save number.
We're just not going to get much more aggressive because of exactly what we have to continue to invest because we think we've got exciting opportunities from here. That's how we're viewing it. It's really through a long-term lens of how we make sure we're going from a good operator to a great operator and at the same time expanding our opportunities geographically. This obviously extends our geography. We want to look to continue to extend the geography.
Yeah. That's perfect. That's really helpful. Specifically around that, how do you think about the Atlanta MSA? I feel like it's never really been a market that's been high on your list. I know you said this is maybe a little bit more tertiary, like some of your outlying Nashville market exposure. How do you think about that entry and the potential for expansion and growth in and around Atlanta?
Yeah. Good question, Stephen. The way you described it does describe how we look at it. We do not have an obsessive goal of getting to Atlanta, but we think as you continue to expand in the Carolinas and in Georgia, Alabama, Tennessee, Atlanta is a big, it is the largest metro in the Southeast. That and Miami are in a different league in terms of population. You are going to come across that. The way that we have approached it, we will approach Atlanta the same way that we approached Nashville. We originally went into Nashville, and now we are number six in market share with $4.5 billion-$5 billion there. We will go into markets like Cartersville and like Carrollton. We will continue to do that with opportunities that, if we have opportunities like this to combine with others around there, that would be exactly how we would approach it.
Someday we may be in the center of Atlanta, but that's not today. That is how we would approach it: continue to benefit from some of those smaller communities in the collar counties, just like we're doing with this one. By the way, those communities have really good growth profiles that come from the large Fortune 500 companies that are headquartered in Atlanta. Those communities get a lot of growth benefit from that, both from retail consumers and also from the smaller companies that are the level two, level three companies that support all of those much larger Fortune 500 companies. That has been our approach and will continue to be our approach to Atlanta. Do not look to see us with an announcement sometime in the immediate future that has a giant Atlanta headline, but we're not afraid of it.
We approach it in the way that has worked for us in the past.
Yeah. No, that makes sense. Just last thing for me. I don't know if I missed it in the slide deck, but I know Southern States has a bit more CRE as a percentage of the loan books than you guys do. Where does this take your pro forma CRE to risk-based capital? Is there any need to work any of that exposure down over time, or is it pretty well contained?
Hey, Stephen. This is Michael. Thanks for joining. Yeah. We have it in here, but there's not a need to work it down. We'll continue to manage just as we have. We're about 240% on our concentration ratio for CRE and about 65% for construction development. And that's on page, I think, 11 of the deck.
Page 11 of the deck.
They do obviously are a little heavier commercial real estate. It's kind of split, owner-occupied, non-owner-occupied. They do a good job managing that. The combined company, we'll be able to move forward and continue to operate in the way we've been operating.
Perfect. Thanks so much for the time, and congrats again.
Yeah. Thanks, Stephen. Those are two important ratios that we monitor closely. Again, about 240% on the CRE ratio for the combined company and about 65% on the C&D ratio. Both very manageable and in a zone that we're comfortable with, and we'll probably maintain ratios close to that.
Got it. Thanks, Chris. Appreciate it, guys.
All right.
The next question will come from Russell Gunther with Stephens. Please go ahead.
Hey, good morning, guys. I wanted to.
Good morning, Russell.
Good morning. Maybe a bigger picture question to start just in terms of the background and how the deal came together, how long you guys have been getting to know each other, and whether or not this was a negotiated transaction.
Yeah. Gosh, we met the team, I'd say, three years ago or something like that. It's been a while. Maybe three. Yes, I'd say 3+ years ago. I don't remember exactly the date, but it's been a while. We watched them and how, of course, we pay attention to every earnings release, and we've watched them closely over that time period. We have also, and then we really began to get to know the management team, I don't know, maybe a year ago or something like that, and have had conversations since then. We began to have more serious conversations late last year sometime, and here we are. I'd say during the fourth quarter, first quarter, those got to be a little more intentional, a little more serious.
We talked about the possibility of making this happen, began to put some—we really did not actually talk about it even from a financial standpoint. It was really more about, again, culture and how the companies fit. When we put some numbers behind it, we thought, "Wow, this actually looks really good financially too." Throughout the quarter is when really most of the work took place, late last year and early this year.
Got it. Okay. Thanks, Chris. Then sounds like anticipating a shorter time to close. Just bigger picture question here. Would you guys be willing to announce another transaction while Southern States is still pending? Maybe based on the level of M&A discussions today, is that something that could be a likely event in 2025, or are you more likely to wait until deal close and integration to think about next steps?
Yeah. I guess the way we think about it is, Russell, that we think about at the end of the day, our job as managing the company is to make sure we have a great customer value proposition. We're taking care of customers, and then to make sure that we are taking care of the capital that investors trust us with. The conversations that we have on how we apply that capital and how we get a great return on that capital take place every day. Okay? We're obsessed with how we get that. That's how the team gets judged and rewarded. We're having those conversations, and those include M&A.
While we haven't actually announced an M&A transaction since 2020, I can assure you not a week has gone by since then where we've had some conversations internally and externally about that. We'll continue to do that. When things come about, when things actually come to pass, it's generally because the factors just happen to line up. We don't have a lot of control over some pieces of that. We'll continue to have conversations and be reactive. If something that we found just to be that was really strategic to us came up, we'd have to have conversations with regulators and our team, our board, and figure out if we would undertake any how quickly we'd undertake something else. We don't ever take the opportunity to improve our company, improve our value proposition, and improve our return on capital.
We do not ever take that off the table. It is a matter of kind of just when the factors line up, and we will continue to look for that.
Understood. Okay. I appreciate your thoughts on the topic, Chris. Guys, just last one for me, maybe a follow-up, please, on the pro forma NIM and how you guys are thinking about that. I think the comment was sort of within the most recently communicated range. Maybe just remind us what that is and how this accretive deal kind of fits into that range, what the puts and takes are.
Yeah, Russell, good morning. That range was kind of for FBK was 352-ish to, I think, 358-ish. Obviously, bringing in their balance sheet, a couple of billion, $3 billion in assets, 365-ish margin puts us at the upper end after close. There are opportunities through the investment portfolio and wholesale funding. Of course, we continue to optimize our balance sheet as well. I feel really good about their diligence and how they price loans. Deposits are always a focus for every company. It is a focus for the combined entity and core operating accounts, which helps with margin, but more importantly, helps grow relationships. That is really what we are here to do. Margin moves based off competitive environment. The focus is on core relationships, operating accounts, and really growing both sides of the balance sheet. The deposit side of that is critical for the combined entity.
We think the balance sheet fits nicely, and we think we can optimize it on both sides after close.
Got it. Okay. Thanks, Michael. Thank you both for taking my questions.
Thanks, Russell.
The next question will come from Brett Rabatin with the Hovde Group. Please go ahead.
Hey, guys. Good morning. Congrats.
Brett, good morning.
Good morning, Brett.
Wanted to ask, when I look at potential opportunities, wanted to hear what you guys thought might be the biggest near-term things with the combined franchise. I noticed that the cost of interest-bearing funds is about 50 basis points higher for SSBK, and a big piece of that is the CD book. Would that be the biggest near-term opportunity for improving pro forma profitability, or are there other things that you guys see that would be easy or low-hanging fruit, so to speak?
Yeah. Hey, Brett. Good morning. Hope you did okay in the storms last night. It's been a pretty crazy night in Nashville, I think.
Yep.
Yeah. I think Lynn and team have done a really good job. They keep their—you mentioned interest-bearing and the CD portfolio. It's short duration, about $400 million out. It's less than 12 months. That is opportunity to reprice. Wholesale, they've kept short as well. It's not a huge number, but the combined entity and the liquidity profile helps reprice those lower as well. That is an opportunity. Loan pricing diligence, they do a good job on loan pricing. You mentioned their deposit costs are 50 basis points higher than ours, but their loan yields are also 50 basis points-60 basis points higher too. Net margin, that does a really good job. Investment portfolio, $225 million-ish. We'll be able to work with that really day one as well to drive meaningful margin expansion.
Okay. I don't really think of you guys as being big specialized lenders, but are there lines of business in lending or otherwise, maybe mortgage banking or something that you guys think with best practices you can bulk up the combined company in?
No. One of the things that is great about the combination of our two entities is we're very, very similar in a lot of ways. We're good bankers, traditional banking lines, no real specialty things on their side. Mortgage, they have a couple of mortgage people we're excited to welcome to the team, but we see that as opportunity throughout the market expansion, the footprint. Hopefully we can expand upon that. There is opportunity in that. They have a smaller team, and we're excited to welcome them.
Yeah. I would just say this, Brett. Both companies are really good, what I call community bankers. They have good community banking with consumer small business portfolios that are granular, deep in our communities. Frankly, that's what we like. There are not a lot of specialty lines, actually no specialty lines.
We do have a manufactured housing line on our side, the FirstBank side. What we actually like is, hey, it's pretty much core business. FirstBank also has pretty good expertise in mortgage, and that's one of the things we've heard from their team is, hey, we're excited to get more expertise in the mortgage area. We're happy to provide that and expand that when the time is right.
Okay. Great. Appreciate all the color, guys.
Thanks, Brett.
The next question will come from Christopher Marinac with Janney Montgomery Scott. Please go ahead.
Hey, thanks. Good morning. Chris and Michael, you talked about Atlanta earlier, so I just wanted to ask, I guess, a similar question, which is, as you think of the next three to five years, can you envision Tennessee getting diversified to where Alabama, Georgia, and even North Carolina become kind of equal parts of the footprint? Do you think of it that way, and is that part of kind of what sort of, I guess, your big picture rationale would be from both organic and external expansion?
The short answer is we do see it similar to what you said. We are southeastern in our focus. I think we're headquartered in Nashville. We have bigger ambitions just for Nashville. I mentioned earlier, we're number six in market share. Every single market, every single way we divide up the world today in our internal reporting is seven metros, and every single one of them needs to climb the market share tables next year. Whether that's inside Tennessee or outside Tennessee, we look at it more market, I guess, instead of state. We do have ambitions to continue to add to that, and some of those are outside Tennessee. We just went into Asheville and opened up de novo in Asheville. We have the ability and the capital.
After this transaction, our CET1 still is going to be in excess of 10%. Our TCE to—I'm sorry, 12% on CET1. I was thinking TCE to TA where we're almost 10%. We're like 9.9% on TCE to TA. We still have a very strong capital base and the opportunity there. This, again, applies back to one of the earlier questions. We're thinking about how we continue to drive that return. We're thinking about markets. We're in most of the Tennessee markets, so organic growth is important there, but we're thinking about how we get into new ones and juice the organic growth even more. To summarize that, I'd say we are thinking southeastern, which does mean you'll continue to see the Tennessee market grow, but you'll see others grow more.
You'll continue to see, just like this transaction, you'll continue to see us add probably a larger market share in some places outside of Tennessee.
Okay. Great. Thanks for expanding on that. Just a quick follow-up is you mentioned disruption earlier in the call. Do you think that disruption's happening as we speak, or is that more prospective that you anticipate change around your markets?
It's funny. That's a good question. Probably actually an insightful question. I would tell you it's happening as we speak. The reason that I say that is all of us who are really focused on the business are watching how this industry is evolving. Some have a great foundation to move forward. Others, I'd say, have a—there may be more questions about exactly what that looks like moving forward. That can cause folks to begin to ask questions. We're seeing a few more recruiting opportunities than we've seen in a long, long time. That's not just—that didn't just happen this week. That's been happening over a series of months now. I don't mean people that are being shopped by headhunters.
I mean folks that don't move, that hadn't changed jobs in 15 years and are not necessarily on the market, but are open to conversations in ways that they haven't—we've found them not to be open in times past. I think that's a combination of one, I think we sit in an attractive size range where we're small enough to really get a lot of things done and have a lot of ability to service customers in a positive way and put people in a position to really service their customer. We are small enough, I think, for that to happen. We are also large enough where we can do relatively large—handle relatively large customers on both the deposit and the loan side.
I think as people begin to think about where things are headed, and we've had a long-established reputation for having a long-term plan, I think all those things are beginning to benefit us. I do think, yes, the disruption is actually already underway.
Great, Chris. Thanks for the time and insight this morning. I appreciate it.
All right. Thanks, Chris.
This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Chris Holmes for any closing remarks. Please go ahead, sir.
Okay. Thanks again to everybody for joining us. We really appreciate it. Especially thank you to all of our teammates at Southern States Bank and FirstBank. We look forward to spending time with all of you in the coming days. All right? Everybody have a great day.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.