TriNet Group, Inc. (TNET) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET

Company Participants

John Buran - President and CEO
Susan Cullen - Senior EVP, CFO and Treasurer

Conference Call Participants

Steve Moss - Raymond James
Mark Fitzgibbon - Piper Sandler
Christopher O'Connell - KBW
Manuel Navas - D.A. Davidson

Operator

Welcome to Flushing Financial Corporation's Third Quarter 2024 Earnings Conference Call. Hosting the call today are John Buran, President and Chief Executive Officer, and Susan Cullen, Senior Executive Vice President, Chief Financial Officer and Treasurer. Today's call is being recorded. [Operator Instructions].

A copy of the earnings press release and slide presentation that the company will be referencing today are available on its investor relations website at flushingbank.com. Before we begin, the company would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Such statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in the company's filings with the U.S. Securities and Exchange Commission to which we refer you.

During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For information about these non-GAAP measures and for reconciliation to GAAP, please refer to the earnings release and or the presentation.

I would now like to introduce John Buran, President and Chief Executive Officer, who will provide an overview of the strategy and results.

John Buran

Thank you, operator. Good morning, and thank you for joining us for our third quarter 2024 earnings call. The operating environment in the third quarter was improved, but remained challenging. We're encouraged by the recent 50 basis points reduction by the Fed as we hope this leads to the yield curve at least flattening, potentially regaining a positive slope.

There'll be challenges and unknowns in managing the net interest margin in this environment, including the impact of deposit pricing by competitors, how lower rates will influence loan demand and the timing and pace of Fed cuts. However, we believe the environment will improve over time and this will ultimately be positively reflected in our net interest margin.