Ameris Bancorp (ABCB) 2025 Q2 法說會逐字稿

Good morning and welcome to the Ameris Bancorp second-quarter conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Ameris Bancorp 第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Nicole Stokes, CFO. Please go ahead.

現在我想將會議交給財務長 Nicole Stokes。請繼續。

Thank you, Wyatt, and thank you to all who have joined our call today. During the call, we will be referencing the press release and the financial highlights that are available on the Investor Relations section of our website at amerisbank.com.

謝謝你，懷亞特，也謝謝今天參加我們電話會議的所有人。在電話會議期間，我們將參考我們網站 amerisbank.com 的投資者關係部分提供的新聞稿和財務要點。

I'm joined today by Palmer Proctor, our CEO; and Doug Strange, our Chief Credit Officer. Palmer will begin with some opening comments, and then I will discuss the details of our financial results before we open up for Q&A. Before we begin, I'll remind you that our comments may include forward-looking statements.

今天與我一起出席的還有我們的首席執行官帕爾默·普羅克特 (Palmer Proctor) 和首席信貸官道格·斯特蘭奇 (Doug Strange)。帕爾默將首先發表一些開場白，然後我將討論我們的財務表現細節，最後我們再進行問答。在我們開始之前，我要提醒您，我們的評論可能包含前瞻性陳述。

These statements are subject to risks and uncertainties. The actual results could vary materially. We list some of the factors that might cause results to differ in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statements as a result of new information, early developments, or otherwise, except as required by law.

這些聲明受風險和不確定性的影響。實際結果可能會大不相同。我們在新聞稿和美國證券交易委員會 (SEC) 文件中列出了一些可能導致結果不同的因素，這些因素可在我們的網站上查閱。除非法律要求，否則我們不承擔因新資訊、早期發展或其他原因而更新任何前瞻性聲明的義務。

Also during the call, we will discuss certain non-GAAP financial measures in reference to the company's performance. You can see our reconciliation of these measures and GAAP financial measures in the appendix to our presentation.

此外，在電話會議中，我們將討論一些與公司績效相關的非公認會計準則財務指標。您可以在我們簡報的附錄中看到這些指標與 GAAP 財務指標的對帳。

And with that, I'll turn it over to Palmer.

說完這些，我就把麥克風交給帕爾默。

Thank you, Nicole. Good morning, everyone. We appreciate you joining our call today. I'm very proud of our second-quarter results, which again beat expectations and resulted in an increase in our return on assets, PPNR ROA, return on tangible common equity, and an improved efficiency ratio. As you can see, we remain focused on enhancing revenue generation and positive operating leverage.

謝謝你，妮可。大家早安。感謝您今天參加我們的電話會議。我對我們的第二季業績感到非常自豪，業績再次超出預期，並導致我們的資產回報率、PPNR ROA、有形普通股回報率增加，效率比率提高。正如您所看到的，我們仍然專注於提高收入和積極的經營槓桿。

This is evidenced by our 20-plus-percent annualized revenue growth in the quarter, which was almost double our expense growth, which pushed our efficiency ratio to below 52%. Our margin continued to expand during the quarter while we grew loans 6.5% annualized, which is within our mid-single digit guidance. Our [377] NIM remains well above most peer levels, particularly thanks to our strong 31% level of non-interest-bearing deposits.

本季我們的年化收入成長率超過 20%，幾乎是我們支出成長率的兩倍，這使我們的效率比率降至 52% 以下，這證明了這一點。本季我們的利潤率持續擴大，同時我們的貸款年化成長率為 6.5%，符合我們的中位數個位數預期。我們的[377]淨利差仍遠高於大多數同業水平，這尤其得益於我們高達 31% 的無息存款水準。

Capital ratios grew again in the quarter, which positions us well for future growth opportunities. Our strong second-quarter earnings and capital generation increased our common equity Tier 1 to 13% and TCE to over 11%. We also saw improvement across the board in all aspects of asset quality.

本季資本比率再次成長，這為我們未來的成長機會奠定了良好的基礎。我們第二季強勁的獲利和資本創造使我們的一級普通股本比率上升至 13%，TCE 比率上升至 11% 以上。資產品質各方面也都全面改善。

We grew tangible book value this quarter by 15.5% annualized, passing through the $40 level for the first time to finish the quarter over $41 per share. We now have $50 of tangible book value in our sites. We were active in repurchasing stock, buying back $12.8 million in the quarter. Our CRE and construction concentrations remain low at [261%] and 45% respectively.

本季度，我們的有形帳面價值年化成長了 15.5%，首次突破 40 美元的水平，本季結束時每股收益超過 41 美元。我們現在在我們的網站中有價值 50 美元的有形帳面資產。我們積極回購股票，本季回購了 1,280 萬美元。我們的 CRE 和建築集中度仍然較低，分別為 [261%] 和 45%。

Our strong loan growth was driven mostly by C&I. Deposits grew as well, but at a smaller pace. Non-interest-bearing deposits remained our core focus, with those balances growing over 3% annualized. Our bankers are well positioned to take advantage of growth opportunities and disruption within our attractive southeastern markets. In fact, production increased 29% from the first quarter, with this quarter having the highest loan production since 2022.

我們的貸款強勁成長主要得益於商業和工業。存款也有所成長，但成長速度較慢。無利息存款仍然是我們關注的核心，這些存款的年增長率超過 3%。我們的銀行家已做好準備，充分利用我們極具吸引力的東南市場的成長機會和變革。事實上，貸款產量較第一季成長了 29%，本季的貸款產量是自 2022 年以來最高的。

Overall, we continue to stay focused on what we can control. When I look out for the back half of 2025, I'm encouraged as we continue to benefit from a robust margin, a solid non-interest-bearing deposit base, a diversified revenue stream, strong capital and liquidity, a healthy allowance and asset quality, proven culture of expense control and positive operating leverage, experienced local bankers and top southeast markets, and obviously notable scarcity value given our size and scale in those markets, which allows us to take advantage of the banking disruption the southeast continues to experience. Overall, I'm extremely optimistic for the remainder of 2025 and into 2026.

總體而言，我們將繼續專注於我們能夠控制的事情。當我展望 2025 年下半年時，我感到很受鼓舞，因為我們將繼續受益於強勁的利潤率、穩固的無息存款基礎、多元化的收入來源、強大的資本和流動性、健康的準備金和資產質量、成熟的費用控製文化和積極的經營槓桿、經驗豐富的本地銀行家和東南頂級市場，以及我們在這些市場的地位總的來說，我對 2025 年剩餘時間和 2026 年非常樂觀。

I'll stop there and turn over to Nicole to discuss our financial results in more detail.

我就此打住，然後交給妮可更詳細地討論我們的財務結果。

Great. Thank you, Palmer. We reported net income of $109.8 million or $1.60 per diluted share in the second quarter, which is a notable 21% increase over the year-ago quarter. As Palmer mentioned, our profitability improved to levels well ahead of our recent path. With an ROA and return on tangible common equity both moving higher, our efficiency ratio improved to 51.63% this quarter compared to 52.83% last quarter as we continue to focus on positive operating leverage evidenced by our revenue growth of 20.9% annualized, well outpacing our expense growth.

偉大的。謝謝你，帕爾默。我們報告第二季淨收入為 1.098 億美元，即每股攤薄收益 1.60 美元，較去年同期顯著成長 21%。正如帕爾默所提到的，我們的獲利能力已提高到遠高於近期水準的水準。隨著 ROA 和有形普通股權益回報率的雙雙走高，我們的效率比率從上季度的 52.83% 提高到本季度的 51.63%，因為我們繼續專注於積極的經營槓桿，這體現在我們的營收年增長率為 20.9%，遠遠超過我們的支出成長。

This quarter, our return on assets was robust at a 1.65%. Our PPNR ROA was 2.18%, and our return on tangible common equity was 15.8%. All of these profitability metrics remain top of class. Capital levels continued to strengthen and tangible book value per share increased to $41.32 per share, which was a strong 15.5% annualized growth, or $1.54 per share in the quarter.

本季度，我們的資產回報率強勁，達到 1.65%。我們的 PPNR ROA 為 2.18%，有形普通股權益報酬率為 15.8%。所有這些獲利指標仍然處於領先地位。資本水準持續增強，每股有形帳面價值增至每股 41.32 美元，年增率強勁達 15.5%，本季每股 1.54 美元。

Our tangible common equity ratio increased to 11.09% at the end of the quarter. And we did repurchase about $12.8 million of common stock, or about 212,000 shares during the second quarter, and we've got about $72 million remaining through the end of October available to purchase.

本季末，我們的有形普通股權益比率上升至 11.09%。我們在第二季確實回購了價值約 1,280 萬美元的普通股，約 212,000 股，截至 10 月底，我們還剩下約 7,200 萬美元可供購買。

Our strong revenue growth was driven by increases in both net interest income and fee income. Our spread income grew by $10 million in the quarter or 18% annualized, and I'll note here that our average earning assets increased $564 million or over 9% annualized this quarter. In addition to that, our net interest margin continued expanding, up 4 basis points this quarter to a strong 3.77%. And remember this margin is a core margin. We have zero accretion in that margin.

我們強勁的收入成長得益於淨利息收入和費用收入的成長。本季我們的利差收入成長了 1,000 萬美元，年化成長率為 18%，我想指出的是，本季我們的平均收益資產增加了 5.64 億美元，年化成長率超過 9%。除此之外，我們的淨利差持續擴大，本季上漲 4 個基點，達到 3.77%。請記住，這個利潤是核心利潤。我們在那個邊緣沒有吸積。

The modest margin expansion came mostly from the asset side, with a 3-basis point positive impact in our loans and a 1 basis point from a higher bond yield. The previous benefit to our margin from the lower funding costs has been fully realized with our total cost of funds remaining flat during the quarter. We believe that we will see margin normalize above the 3.60% to 3.65% range over the next few quarters as we expect pressure on deposits as we see loan growth pick up the second half of the year. We continue to be close to neutral and asset sensitivity.

利潤率的小幅擴張主要來自資產方面，其中貸款產生了 3 個基點的正面影響，而債券殖利率上升則產生了 1 個基點的正面影響。由於本季我們的總資金成本保持平穩，先前較低的融資成本為我們的利潤率帶來的好處已經完全實現。我們相信，未來幾個季度，利潤率將恢復正常，達到 3.60% 至 3.65% 以上的水平，因為我們預計隨著下半年貸款成長回升，存款將面臨壓力。我們繼續保持中性和資產敏感性。

Non-interest income increased about $4.9 million this quarter, mostly from better mortgage. Our mortgage production grew 36% in the quarter to approximately $1.3 billion, and our mortgage gain on sale climbed 5 basis points to 2.22%. Total non-interest expense increased $4.2 million in the second quarter, mostly driven by higher salaries and employee benefits, which related to the stronger mortgage production and our annual merit increases.

本季非利息收入增加了約 490 萬美元，主要來自更好的抵押貸款。本季我們的抵押貸款產出成長了 36%，達到約 13 億美元，我們的抵押貸款銷售收益上升了 5 個基點，達到 2.22%。第二季非利息支出總額增加了 420 萬美元，主要原因是薪資和員工福利增加，這與抵押貸款業務成長和年度績效加薪有關。

As I previously mentioned, our efficiency ratio was strong at 51.63%. During the second quarter, our provision for credit losses was $2.8 million. Our reserve remained strong at 162% of loans, or 408% of our portfolio NPLs. Overall, asset quality trends were favorable with non-performing assets, net charge-offs, and both classified and criticized all improving in the quarter. Our annualized net charge-offs improved to 14 basis points.

正如我之前提到的，我們的效率比率很高，達到 51.63%。第二季度，我們的信貸損失準備金為 280 萬美元。我們的儲備金仍保持強勁，佔貸款的 162%，或占投資組合不良貸款的 408%。總體而言，資產品質趨勢良好，本季不良資產、淨沖銷以及分類和批評均有所改善。我們的年度淨沖銷額提高至 14 個基點。

Looking at our balance sheet, we ended the quarter with $26.7 billion of total assets compared to $26.5 billion last quarter. Loan growth returned with an increase of $335 million, or 6.5% annualized in line with our loan growth guidance. Loan growth was mostly from C&I loans this quarter, particularly mortgage warehouse and premium finance.

從我們的資產負債表來看，本季末我們的總資產為 267 億美元，而上一季為 265 億美元。貸款成長回升，增加了 3.35 億美元，年化成長率為 6.5%，符合我們的貸款成長預期。本季貸款成長主要來自商業和工業貸款，特別是抵押倉庫貸款和保費融資。

Total loan production in the quarter was $1.9 billion, up nicely from last quarter's $1.5 billion of production. And deposits increased $20 million with a continued seasonal decline in cyclical municipal deposits of $77 million, offset by an increase in broker deposits of $82 million. We were able to grow non-interest-bearing deposits, increasing our percentage to 31% of total deposits from 30.8% last quarter, and our brokered CDs represent only 5% of total deposits.

本季貸款總額為 19 億美元，較上一季的 15 億美元大幅增加。存款增加了 2,000 萬美元，其中週期性市政存款持續季節性下降 7,700 萬美元，但經紀人存款增加了 8,200 萬美元。我們能夠增加無息存款，佔總存款的比例從上一季的 30.8% 增加到 31%，而我們的經紀 CD 僅佔總存款的 5%。

We continue to anticipate loan and deposit growth going forward in the mid-single digit range and expect that longer term deposit growth will continue to be the governor of loan growth.

我們繼續預期未來貸款和存款成長將保持在中等個位數範圍內，並預期長期存款成長將繼續成為貸款成長的決定因素。

With that, I'll wrap it up and turn the call back over to Wyatt for any questions from the group.

至此，我將結束本次會議，並將電話轉回給懷亞特，以回答小組提出的任何問題。

(Operator Instructions) Stephen Scouten, Piper Sandler.

（操作員說明）Stephen Scouten、Piper Sandler。

I guess maybe my first question would be around loan growth trends, what you're seeing from your customers, maybe any sort of color into the existing pipelines. And maybe within that, the mortgage warehouse lending, if this should be kind of the seasonal peak for that component of the loan book and how we should think about maybe the competition moving forward a little bit.

我想我的第一個問題可能是關於貸款成長趨勢，您從客戶那裡看到了什麼，也許是現有管道中的任何顏色。也許其中，抵押倉儲貸款，如果這應該是貸款帳簿這一部分的季節性高峰，我們應該如何考慮競爭的進一步發展。

Yeah, I'll answer that question. This is Palmer. In reverse order of the mortgage warehouse, certainly there's seasonality to that. This was a very strong quarter for that. That being said, as it pertains to the other lines and pipelines and production, I think it's probably very reflective of what we're seeing in the market. There is a, I would call, resurgence of activity, much better than what we saw in the first quarter. And I think that -- we're hopeful that that will continue throughout the remainder of the year and into 2026.

是的，我會回答這個問題。這是帕爾默。與抵押倉庫相反，這當然有季節性。這是一個非常強勁的季度。話雖如此，但由於它涉及其他生產線、管道和生產​​，我認為它可能非常反映我們在市場上看到的情況。我認為，經濟活動正在復甦，比第一季的情況好得多。我認為——我們希望這種勢頭能夠持續到今年剩餘時間以及 2026 年。

At the same time, I think there's a bit of caution that still remains out there, but our bankers are seeing more opportunities, certainly becoming more competitive, which is always a good sign of that increased competition in terms of activity. So I would expect that the third quarter would end up being very similar to second quarter in terms of activities that we're seeing unless there's some unforeseen event that takes place.

同時，我認為仍然存在一些謹慎情緒，但我們的銀行家看到了更多的機會，當然也變得更具競爭力，這始終是活動競爭加劇的一個好兆頭。因此，我預計第三季的活動最終將與第二季非常相似，除非發生一些不可預見的事件。

Okay, great, that's helpful. And then maybe thinking about kind of future growth opportunities, capital continues to build rapidly. I think you've said in the past kind of a measured approach to kind of how you would deploy that excess capital. But any kind of change in terms of maybe preferences, order of operations there, whether that's new hires, potential M&A, additional balance sheet kind of remixing and the like.

好的，太好了，這很有幫助。然後也許考慮未來的成長機會，資本繼續快速成長。我認為您過去曾說過，您會採取一種審慎的方法來部署過剩資本。但就偏好、營運順序而言，任何變化都可能發生，無論是新員工、潛在的併購、額外的資產負債表重組等等。

Sure, and I don't want to sound like a broken record, but as we've said all along, when I look at our bankers and how we're positioned in the growth markets we're in, we have got the right talent in the right place to execute on our plan in terms of what we have. That doesn't mean we're not actively looking or won't look for new talent that comes in. We're, as you know, very consequential with talent and we expect it to produce. And year-to-date, when you look at our revenue generators, we've brought in about 64 new revenue generators. At the same time, we're very consequential moving out those that aren't generating revenue.

當然，我不想聽起來像在重複什麼，但正如我們一直所說的那樣，當我審視我們的銀行家以及我們在所處的成長型市場中的定位時，我們發現，就我們現有的條件而言，我們在合適的崗位上擁有合適的人才來執行我們的計劃。這並不意味著我們沒有積極尋找或不會尋找新的人才。如您所知，我們非常重視人才，並希望他們能夠有所作為。今年迄今為止，當您查看我們的收入來源時，我們已經引入了約 64 個新的收入來源。同時，我們正在大力淘汰那些沒有創造收入的企業。

But what I see now is the opportunity to really accelerate because of how we're already positioned, not something we need to do to get positioned, but how we're already positioned in the key southeastern growth markets. So I think when you look at the opportunities that are out there as it pertains to capital, our first and foremost is growing organically.

但我現在看到的是真正加速的機會，因為我們已經定位了，這不是我們需要做的事情，而是我們已經在東南關鍵成長市場中定位了。因此，我認為，當你看到與資本相關的機會時，我們首要考慮的就是有機成長。

And then after that there's certainly, especially where we're trading today, I wouldn't tell you that stock buybacks aren't off the table because relative to where we trade today and the value we're creating, the stock is cheap in my opinion.

然後當然還有，特別是在我們今天的交易中，我不會告訴你股票回購不是不可能的，因為相對於我們今天的交易和我們創造的價值，我認為股票是便宜的。

And then also we've got the dividend. We increased the dividend before, so I don't see a whole lot of changes there. And then the proverbial M&A question. It would take a lot to distract us. It'd have to be something very, very special because right now we're firing on all cylinders. And so to distract us from something like that, as well positioned as we are on a go-forward basis, I think we will remain focused as we have been for the last 5.5 years on organic growth.

然後我們還得到了股息。我們之前就增加了股息，所以我看不到太多的變化。然後是眾所周知的併購問題。要分散我們的注意力需要花費很多功夫。這一定是一件非常非常特別的事情，因為現在我們正全力以赴。因此，為了分散我們對此類事情的注意力，儘管我們在未來的發展中處於有利地位，但我認為我們仍將像過去 5.5 年一樣，繼續專注於有機成長。

Great. And maybe just one follow up to that question is, on the new hire activity, and that seems to be the going trend at an accelerating pace, I mean, I feel like relative to five years ago, six years ago. Everyone now is talking about team lift outs or new hires versus maybe M&A in the past. How do you differentiate yourself and how do you convince people to come to Ameris versus XYZ bank that might also be trying to bring that banker?

偉大的。也許這個問題的後續內容是關於新員工招募活動，這似乎是一個正在加速發展的趨勢，我的意思是，我覺得相對於五年前、六年前而言。現在每個人都在談論團隊解散或新員工招聘，而不是過去那樣的併購。您如何讓自己與眾不同，如何說服人們選擇 Ameris 銀行而不是 XYZ 銀行（後者可能也在嘗試引進那位銀行家）？

Yeah. I think what salespeople on our model is -- we're focused on market share, not just having a pin on a map. So when you look at the density we have in a lot of our key growth markets, what bankers like is a presence and a commitment to a market, which we certainly make in everyone that we're in.

是的。我認為我們模型中的銷售人員關注的是市場份額，而不僅僅是地圖上的一個圖釘。因此，當你看到我們在許多主要成長市場的密度時，你會發現銀行家喜歡的是我們在這個市場上的存在感和承諾，而我們在每個市場都做到了這一點。

They also like to see that we've got some stability in those markets. They like to see that we've got an organic engine that can grow. And in today's world, they like an environment that's not as volatile in terms of the work environment that they're in.

他們也希望看到我們在這些市場上保持一定的穩定。他們喜歡看到我們擁有一個可以成長的有機引擎。在當今世界，他們喜歡工作環境不那麼動盪的環境。

Our plans are very clear in terms -- especially for the revenue generators. On the core banking side, it's very heavy on the deposit side focus relative to a lot of peer plans. And so they come in with clear expectations, but those expectations also allow them to understand that they need to deliver. And if they deliver, they're well compensated for. If they don't, we try to do what we can to coach them up.

我們的計劃非常明確——特別是對於創收計劃而言。在核心銀行業務方面，與許多同業計劃相比，它非常注重存款方面。因此，他們帶著明確的期望來到這裡，但這些期望也讓他們明白他們需要實現目標。如果他們完成了任務，就會得到豐厚的報酬。如果他們不這樣做，我們會盡力指導他們。

But I think it all comes down to accountability here. But I think to be able to work for a company that's been around for 50 years, that's got a clear business model, there's not any noise out there, and you can go ahead and focus on what you need to focus on and not get distracted by a lot of changes, that's probably the biggest selling point we have in today's market.

但我認為這一切都歸結於責任問題。但我認為，能夠在一家擁有 50 年歷史的公司工作，擁有清晰的商業模式，沒有任何噪音，你可以繼續專注於你需要關注的事情，而不會被很多變化分散注意力，這可能是我們在當今市場上最大的賣點。

Congrats on a fantastic quarter.

恭喜您取得了出色的季度業績。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

[With this] talk about the margin and maybe the balance sheet, just to circle back first on the balance sheet side. I noticed that you added some securities this quarter and so curious -- you've talked about mid-single digit growth in loans, and that was so great to see this quarter better than I expected. But in terms of the bond book, do you expect to continue to build that through the back half of the year? Or as loan growth improves, does that kind of pare back a little bit?

[有了這個]談論利潤率和資產負債表，只是先回到資產負債表方面。我注意到您本季增加了一些證券，所以很好奇——您談到了貸款的中等個位數增長，很高興看到本季度的表現比我預期的要好。但就債券帳簿而言，您是否預計今年下半年將繼續增加債券帳簿？或者隨著貸款成長改善，這種比例是否會有所削減？

Catherine, we like the optionality that we have there, and this is kind of what I would call the tail end of that strategy of going back, not getting into the bond book and having the AOCI issue several years ago. So, we still -- historically we would be about 9% of earning assets pre-pandemic would be in our bond portfolio. So we could still add about another $200 million to the portfolio to get there.

凱瑟琳，我們喜歡那裡擁有的選擇權，這就是我所說的回歸策略的尾聲，而不是進入債券賬簿並在幾年前發行 AOCI。因此，從歷史上看，疫情爆發前我們的債券投資組合中仍將包含約 9% 的獲利資產。因此，我們仍可以向投資組合中再增加約 2 億美元來實現這一目標。

We could add another $400 million to get to about 10%. So we like that optionality we have there, that we have both the loan book that we can grow and the bond book. So I would definitely say that we could do -- go either place.

我們可以再增加 4 億美元，達到約 10%。因此，我們喜歡那裡的可選性，我們既有可以成長的貸款帳簿，也有可以成長的債券帳簿。所以我肯定會說我們可以去任何一個地方。

What we do have also for the rest of the year, we have about $71 million that's going to mature out and that's coming out at a 3.50% rate. And what we're putting on right now is coming in much higher than that, almost, 4.75%, 5%. So we're circling that out, we like doing that in the bond book. And if we have some opportunities to put some 4.75%, 5% bonds in there with a good duration, we'll capitalize on that opportunity when we see it.

在今年剩餘時間內，我們還有大約 7,100 萬美元的貸款即將到期，利率為 3.50%。而我們現在的投入比這個高很多，幾乎是 4.75%、5%。因此，我們將其圈出，我們喜歡在債券書中這樣做。如果我們有機會將一些期限較長的 4.75%、5% 的債券投入其中，我們就會抓住這個機會。

Okay, great. That's super helpful. And then maybe then circling back to the margin. You had another margin [beat] and you're guiding for that to be, I think, you said normalize above the 3.60% or 3.65% range just because of deposit cost. So I guess I'm just kind of curious your view on deposit cost, maybe how we think about that in a stable rate environment. So maybe in the third quarter, if we don't see rate cuts this quarter, it seems like you still think that will increase a little bit this quarter. And then how you're thinking about deposit costs as we start to see cuts.

好的，太好了。這非常有幫助。然後也許又回到邊緣。您還有另一個利潤率[超出]，而您指導的利潤率是，我認為，您說僅僅因為存款成本就正常化在 3.60% 或 3.65% 的範圍之上。所以我想我只是有點好奇您對存款成本的看法，也許我們在穩定的利率環境下如何看待這個問題。因此，也許在第三季度，如果我們本季沒有看到降息，那麼你似乎仍然認為本季利率會略有上升。那麼，當我們開始看到削減時，您如何看待存款成本。

Yeah. So assuming the Fed stays flat and we don't see any cuts, I just feel like there's going to be some pressure on that deposit cost. Everybody is talking about loan growth in the second half of the year. So I think as we start to see that loan growth demand picks up, we're going to see just as much demand because everybody's going to be competing on the deposit side.

是的。因此，假設聯準會保持不變並且我們不會看到任何降息，我只是覺得存款成本會面臨一些壓力。大家都在談論下半年的貸款成長。因此我認為，當我們開始看到貸款成長需求回升時，我們將看到同樣多的需求，因為每個人都將在存款方面競爭。

So when you look at the second quarter, we brought in our interest bearing came in at a [299] kind of spot production for the quarter, and that's compared to a book of [283]. So we already see that new production coming on a little bit higher than the current mix, and I just think that that's going to get more aggressive and more pressure as we see the loan growth demand come in.

因此，當您查看第二季時，我們得出的利息收入是本季現貨產量的 [299]，這與帳面價值相比[283]因此，我們已經看到新的產量略高於當前的比例，而且我認為，隨著貸款成長需求的到來，這種情況將變得更加激進，壓力也更大。

And then assuming that the Fed did cut, we think that we would be just as aggressive as we have been in the past on reducing those. So if the Fed were to cut, I think we could maybe see a little bit of bump in the margin just from getting ahead of the curve there on the deposit side, knowing that the loan side would eventually catch up, but we could see a small little pop on the deposit side if the Fed cuts.

然後假設聯準會確實降息，我們認為我們會像過去一樣積極地降低這些利率。因此，如果聯準會降息，我認為我們可能會看到利潤率略有上升，因為我們在存款方面領先於曲線，因為我們知道貸款方面最終會趕上，但如果聯準會降息，我們可能會看到存款方面出現小幅上漲。

Okay, great, very helpful. Great quarter, guys, appreciate it.

好的，非常好，非常有幫助。非常棒的一個季度，夥計們，感謝你們。

David Feaster, Raymond James.

大衛菲斯特、雷蒙詹姆斯。

I just wanted to follow up maybe on the commentary on the growth side. It sounds like the increase in your origination activity as you saw [this] course is really more of a function of your bankers being increasingly productive and gaining share versus a real improvement in demand. Is that a fair characterization?

我只是想跟進一下有關增長方面的評論。聽起來，正如您在[這]門課程中看到的那樣，您的發起活動的增加實際上更多的是因為您的銀行家生產力不斷提高、市場份額不斷增加，而不是需求的真正改善。這是一個公平的描述嗎？

And then I was hoping you could elaborate too on your commentary on the competitive landscape. Are there any segments or markets that are notably challenging and whether competition is primarily centered on pricing or have you seen competition shift towards more underwriting structure and standards too?

然後我希望您也能詳細闡述您對競爭格局的評論。是否存在特別具有挑戰性的領域或市場，競爭是否主要集中在定價上，或者您是否看到競爭轉向承保結構和標準？

Yeah. I think it depends on the business line. I would say across the board we're seeing more activity, and I don't know if it's -- I think it's more of a reflection of customers and prospects becoming more active. Our bankers have been out actively calling, so it's not like anybody was sitting on the sidelines. I think people are just now moving forward with whatever initiatives they've got, especially in that middle market space.

是的。我認為這取決於業務線。我想說，從總體上看，我們看到了更多的活動，我不知道這是否——我認為這更多地反映了客戶和潛在客戶變得更加活躍。我們的銀行家一直在積極打電話，所以並不是有人袖手旁觀。我認為人們現在正在推進他們所擁有的任何舉措，特別是在中端市場領域。

And along those same lines, with the middle market type lending, the nice thing about our company is we've got the scale and the size to do what we need to do in terms of accommodating borrowing needs, treasury management needs, so we focus heavily, especially on treasury management calling, that's been very helpful on our deposit growth.

同樣，對於中型市場貸款，我們公司的優點在於我們擁有足夠的規模和規模來滿足借貸需求和財務管理需求，因此我們非常重視財務管理，這對我們的存款成長非常有幫助。

But I would tell you there is a lot of competition out there and it's starting to go beyond pricing now. There are some structural changes that we're starting to see out there, with people getting aggressive. Nothing crazy, but it is different. And so I think that's a sign just that more people are needing that growth, wanting that growth. And fortunately, hopefully it will continue to come as we look out and look at the pipelines that we see.

但我想告訴你，競爭非常激烈，現在不再只是價格競爭了。我們開始看到一些結構性變化，人們變得越來越積極。沒什麼瘋狂的，但確實不同。所以我認為這表明更多的人需要這種增長，渴望這種增長。幸運的是，當我們觀察並觀察我們所看到的管道時，希望它會繼續出現。

If you break ours down by vertical, clearly the equipment finance and the premium finance mortgage warehouse has done well. Retail mortgage volume, just due to rates, has been a little bit subdued. But if we see some rate improvement towards the end of the year there or next year, that's certainly something that we can ramp up very quickly and capitalize on.

如果按垂直方向細分，顯然設備融資和保費融資抵押倉庫表現良好。僅由於利率原因，零售抵押貸款量一直略有下降。但如果我們看到今年年底或明年利率有所改善，那麼我們肯定可以迅速提高利率並加以利用。

I think the most encouraging thing for us though is the continued growth we're seeing and our focus on deposits and leading with deposits instead of just leading with loans and pricing. So I would kind of give it overall a more positive outlook for going into the third quarter than what we had seen obviously in the first quarter. Does that answer your question?

我認為對我們來說最令人鼓舞的事情是我們看到持續的成長，以及我們對存款的關注和以存款為主導，而不僅僅是以貸款和定價為主導。因此，我認為第三季的整體前景比第一季更為樂觀。這回答了你的問題嗎？

Yeah. No, that's super helpful. And then maybe, Nicole, as you talk about that 3.60% to 3.65% margin guide, is that purely a function of higher marginal funding costs to support the growth? Or does that incorporate any Fed cuts in that? And just how do you think about the timeline of hitting that range? Is that kind of a step change that you would expect here in the third or fourth quarter? Just kind of curious some of your thoughts on that.

是的。不，這非常有幫助。那麼，妮可，當您談到 3.60% 到 3.65% 的保證金指南時，這是否純粹是支持增長的更高邊際融資成本的函數？或者這其中是否包含聯準會的降息？您認為達到該範圍的時間表是怎樣的？您預計第三季或第四季會出現這樣的重大變化嗎？只是有點好奇你對此的一些想法。

Yes, so that assumes no rate cuts. That kind of a is a flat environment. And like I said, if the Fed did cut, we could actually see a little bit of bump because we feel like we would be aggressive on the deposit re-pricing side. And then, eventually, the loans would catch up to us. That 3.60%, 3.65% guide is over the longer term, so I don't think that's a sudden drop in the third or fourth quarter. I think that's just a longer-term margin guide looking out 18 months or so to say that we feel like there's going to be some deposit pressure as we see the loan growth come back and there's going to be, again, that competitive pressure.

是的，所以假設不降息。那是一種平坦的環境。正如我所說的，如果聯準會確實降息，我們實際上可能會看到一點波動，因為我們覺得我們會在存款重新定價方面採取積極措施。然後，最終，貸款就會追上我們。3.60%、3.65% 的指導值是長期的，因此我認為這不是第三季或第四季的突然下降。我認為這只是一個長期保證金指南，展望 18 個月左右，我們感覺隨著貸款增長回升，將會出現一些存款壓力，而且競爭壓力也會再次出現。

So I think we're going to see some pressure on the deposit side paying up. We might see a little bit on the loan side as well as people get competitive for that. So I think that we're going to get it squeezed a little bit and that we're in a spot to compete with a margin as strong as we have if we give up a little bit for the growth, we continue to focus on the growth in net interest income and then the growth in earning assets.

因此我認為我們將會看到存款方面有一些支付壓力。我們可能會看到貸款方面出現一些競爭。因此，我認為，如果我們為了成長而放棄一點，我們就會受到一點擠壓，並且我們能夠以強勁的利潤率進行競爭，我們將繼續關注淨利息收入的成長，然後是生息資產的成長。

Okay. And then maybe just last one, just touching on the mortgage segment. Nice to see the seasonal increase still primarily purchase driven. Just kind of curious, maybe some of the underlying trends you're seeing there, and how your capacity is today. I know you've made a lot of efficiency improvements. But how's your capacity today if we do get a refi wave as rates potentially decline? We've seen what that can -- how quickly that can move. And then just any thoughts on the gain on sale side as we look forward.

好的。然後也許只是最後一個，只是涉及抵押貸款部分。很高興看到季節性成長仍然主要由購買驅動。只是有點好奇，也許您在那裡看到了一些潛在的趨勢，以及您今天的能力如何。我知道你已經做了許多效率改進。但是，如果利率可能下降，我們確實迎來再融資浪潮，那麼你今天的產能如何？我們已經看到了它能帶來什麼——它能發展得有多快。然後，我們再來談談對銷售收益方面的一些看法。

Sure. So for mortgage, I would say that the third quarter I would see it being a consistent with the second quarter, maybe down a little bit just some of the trends that we're seeing. But when I say a little bit, 5%, 10% down on production. We've seen the gain on sale pick up from that [217] to the [222]. I think we've seen that kind of hold.

當然。因此，對於抵押貸款，我認為第三季的情況與第二季一致，可能略有下降，這只是我們看到的一些趨勢。但當我說產量下降一點點，5%、10%的時候。我們已經看到銷售額從[217]上升到[222]我認為我們已經看到了這種現象。

I mean, we're only three weeks in. But assuming that that kind of holds in that [215] to [225] range, and then as far -- so I think we'll -- third quarter will be consistent with second quarter. As far as what we could do if we saw a refi boom, our team's ready to go. We don't need to add people and we've got the resources that if a refi boom were to happen, rates come down and we see that opportunity, our folks are ready to go with it.

我的意思是，我們才剛開始三週。但假設這種情況在 [215] 到 [225] 範圍內保持不變，那麼就目前而言 — — 所以我認為 — — 第三季度將與第二季度保持一致。至於如果我們看到再融資熱潮我們能做什麼，我們的團隊已經準備好了。我們不需要增加人員，而且我們擁有資源，如果再融資熱潮出現，利率下降，我們看到這個機會，我們的員工已經準備好迎接它。

And David, as we've said, the nice thing about mortgage when you look at the profitability of it as it stands today relative to peers, it's really phenomenal how well they've done. And this is kind of a baseline. So any improvement we get in rates from here would just be icing on the cake.

大衛，正如我們所說的，抵押貸款的優點在於，當你看到它相對於同業目前的盈利能力時，你會發現它的表現非常出色。這是一種基線。因此，從現在起，利率的任何改善都只是錦上添花。

Russell Elliott Gunther, Stephens.

拉塞爾·埃利奧特·岡瑟，史蒂芬斯。

I have a margin follow-up question to start, please. Nicole, it'd be helpful to get a sense for the cadence of the NIM over the course of the quarter from that kind of 3.69% March start to where we ended up at 3.77%. And if possible, any commentary on where the June NIM [shut down].

我首先想問一個關於保證金的後續問題。妮可，了解本季度 NIM 的節奏會很有幫助，從 3 月開始的 3.69% 到最終的 3.77%。如果可能的話，請對 6 月份 NIM 的[關閉]情況進行評論。

Yes. So the margin was kind of growing throughout the quarter. It was just a steady growth month over month. And then for the month of June, there were some anomalies, so I hate to give this number out because it was higher than the 3.77%, but there were some anomalies in that margin. So kind of bringing me back to saying kind of that flat 3.77% margin may be a few basis points up or down in the third quarter, but eventually over the long term being willing to give up a little bit of our margin to get the growth.

是的。因此整個季度的利潤率都在成長。這只是月復一月的穩定成長。然後在六月，出現了一些異常，所以我不想透露這個數字，因為它高於 3.77%，但這個幅度確實存在一些異常。所以，我又回到剛才說的，3.77% 的固定利潤率在第三季可能會上升或下降幾個基點，但從長遠來看，我們最終願意放棄一點利潤率來實現成長。

Okay, that's very helpful. I appreciate the color. And then switching gears back to sort of the loan growth side. You guys mentioned strength in equipment finance, it'd be helpful to get a sense for kind of where those related loan balances are this quarter versus last, similarly on the charge off front, and then just what your related balance sheet growth versus gain on sale expectations are there.

好的，這非常有幫助。我很欣賞這個顏色。然後轉回貸款成長方面。你們提到了設備融資的優勢，了解本季與上一季相關貸款餘額的情況，以及前期費用的情況，以及相關資產負債表成長與銷售收益預期的情況，將會很有幫助。

On Balboa, we ended at about $1 billion -- equipment finance, about 7.2% of our loans. The charge off overall for the company, which equipment finance has contributed to, once we retooled their credit box in 2023, it's performed as we expected. And for the last rolling four quarters, we now have that in the target range that we were seeking for equipment finance, those charge offs.

在巴爾博亞，我們最終獲得了約 10 億美元的設備融資，約占我們貸款的 7.2%。一旦我們在 2023 年重新調整了他們的信用箱，該公司的整體沖銷（其中設備融資做出了貢獻）就會按照我們的預期進行。在過去四個季度中，我們已經達到了我們尋求的設備融資和沖銷目標範圍。

Okay, got it. Thank you for that. And then just last one for me. Great expense results, both this quarter and on a year-over-year basis, efficiency ratio lower on both those data points. Nicole would be helpful to just get a sense, for how you're thinking 3Q looks from a non-interest expense perspective.

好的，明白了。謝謝你。對我來說這是最後一個了。本季和去年同期的支出結果都很好，但這兩個數據點的效率比率較低。妮可 (Nicole) 很願意幫助您了解一下，從非利息支出的角度來看，第三季的業績如何。

Yeah, I think 3Q, when you think about what the bump in second quarter compared to first quarter was really related to that increased production and mortgage. And so if we see that production come in consistent, those expenses should be consistent. And then we also have the merit increases that we go into effect April 1 for us, so we had a full quarter of merit increases.

是的，我認為第三季度，當你想到第二季度與第一季相比的成長時，實際上與產量和抵押貸款的增加有關。因此，如果我們看到產量保持一致，那麼這些費用也應該是一致的。然後，我們也將從 4 月 1 日開始實施績效加薪，因此，我們有整整一個季​​度的績效加薪。

So I see the third quarter being consistent with the second quarter. I think consensus has it bumping up just a little bit, and I think that that kind of makes sense. That's reasonable to me. So I would say somewhere in that [156] to [158], which is right kind of where consensus is and consistent with the second quarter.

所以我認為第三季與第二季一致。我認為大家的共識是它會略有上升，我認為這是有道理的。我覺得這是合理的。因此，我想說的是，介於 [156] 到 [158] 之間的某個地方，這與共識一致，並且與第二季度一致。

Christopher Marinac, Janney Montgomery Scott.

克里斯多福·馬裡納克、珍妮·蒙哥馬利·史考特。

Nicole, Palmer, I want to dig into the deposits. I think it's slide 11 in terms of just the numbers of accounts as well as sort of the average. What's the right way to think about that over time, not just quarter to quarter, but thinking of it from last year and the prior year? You've been giving us this data for a while.

妮可、帕爾默，我想挖掘礦藏。我認為就帳戶數量和平均值而言，它是第 11 張投影片。長遠來看，如何正確思考這個問題呢？不只是逐季思考，還要從去年和前年的角度來思考？您已經向我們提供這些數據一段時間了。

Yeah, no, we have been very consistent. I think that's one of the things that we probably don't brag on ourselves enough about is our very, very granular deposit base. And that that -- you don't get this kind of deposit base overnight, that this is a 50-year history franchise of growing our deposits. And when you look back at our deposits, we did a kind of back look of how many have been -- since the Fidelity acquisition, how many came in from Fidelity and then how many prior to that.

是的，不，我們一直都非常一致。我認為，我們可能沒有充分誇耀的事情之一就是我們非常非常細粒度的存款基礎。而且 — — 你不可能在一夜之間就獲得這樣的存款基礎，這是我們存款成長 50 年的歷史。當你回顧我們的存款時，我們會回顧一下自富達收購以來有多少存款，有多少存款來自富達，以及在此之前有多少存款。

And we have a really, really strong core deposit base that have been here for a long, long time. Even though our acquisitions, they have had a long history and we've been able to retain those deposits. So I think this is very, very consistent, the very granular deposit base that we've had. This is not a new thing.

我們擁有非常非常強大的核心存款基礎，並且已經存在了很長一段時間。儘管我們的收購已經有很長的歷史了，但我們還是能夠保留這些存款。所以我認為這是非常、非常一致的，我們所擁有的非常細緻的存款基礎。這並不是什麼新鮮事。

Great. And do you think that the pace of deposits will look different the next couple of quarters? I know part of the margin guide kind of implies that, so just trying to think about if we should see an acceleration in the next few quarters.

偉大的。您認為未來幾季的存款速度會有所不同嗎？我知道利潤率指南的一部分暗示了這一點，所以我只是想想我們是否應該在接下來的幾季看到加速。

We continue to look and lead with deposits, and I'm so proud of our bankers for that, that we don't just have loan officers, we have bankers, and that they're asking for the deposits and growing deposits. So I think the big question there for us is we know that we can grow deposits, but it's at what rate can we grow deposits. And then really, we've been so focused on the non-interest bearing. And to have 31% of our franchise in non-interest bearing, the question is can 31% of our growth be in non-interest bearing.

我們繼續關注並引領存款，為此我為我們的銀行家感到自豪，我們不僅有貸款人員，我們還有銀行家，他們要求存款並不斷增加存款。所以我認為我們面臨的最大問題是我們知道我們可以增加存款，但我們可以以什麼樣的速度增加存款。事實上，我們一直非常關注無息業務。而如果我們的特許經營權中有 31% 是非利息收入，那麼問題就是我們的成長中 31% 能否實現非利息收入。

So while we continue to focus on that growth in non-interest bearing, the percentage to the total may change a little bit. And then obviously, coming in kind of the end of the third quarter into the fourth quarter, we have all those cyclical municipal funds that flow back in.

因此，雖然我們繼續關注非利息收入的成長，但佔總數的百分比可能會略有變化。顯然，從第三季末到第四季度，所有周期性市政資金都會回流。

So that always kind of makes us look a little bloated on deposits at the end of the year. But again, we remain focused on growing deposits and we have some runway with FHLB advances or brokered CDs. Their brokered CDs are only 5% of our funding, but we really focus on those growing those core deposits, and that's definitely the goal is to continue to grow that. Hence why my guidance is that we are willing to maybe pay up for that growth if we need to.

所以這總是讓我們在年底的存款看起來有點膨脹。但同樣，我們仍然專注於增加存款，並且我們在 FHLB 預付款或經紀 CD 方面有一定的優勢。他們的經紀 CD 僅占我們資金的 5%，但我們真正關注的是那些增加核心存款的資金，而這絕對是我們的目標，就是繼續增加這些存款。因此，我的指導意見是，如果需要的話，我們願意為這種成長付出代價。

Okay, great. Thank you for that background. That's great. And I had a question on the reserve, just curious on if there's any qualitative changes to some of the factors behind the scenes this quarter, or some of those possibilities as drivers of your reserve the next several quarters.

好的，太好了。感謝您提供的背景資訊。那太棒了。我對儲備有一個疑問，只是好奇本季幕後的一些因素是否發生了質的變化，或者其中一些可能性是否會成為未來幾季儲備的驅動因素。

Yeah, Chris. We did. A little bit of a key factor as it relates to investor office and the office slide, we now have that reserve at about 3.8% for that sector now.

是的，克里斯。我們做到了。這是一個與投資者辦公室和辦公室下滑相關的關鍵因素，我們現在對該行業的儲備約為 3.8%。

And then in general, given just the low level of charge offs and overall low level of criticized, does that give you flexibility to simply grow into the reserve or do you think of it any differently?

那麼總的來說，考慮到沖銷額度較低以及整體批評程度較低，這是否能讓您靈活地發展成為儲備，還是您對此有不同的看法？

No, we do. I mean, having a robust reserve, which we do, at the [162], we consider that among top of class amongst our peer. When you look at it through two different lenses, one the offensive strategy, and that we grow into it, which is what we want to do. But if you turn into a credit cycle, it's there as a defensive position as well.

不，我們有。我的意思是，我們擁有強大的儲備，在[162]，我們認為這在同行中是頂尖的。當你從兩個不同的角度來看待它時，一個是進攻策略，另一個是我們的成長，這就是我們想要做的。但如果進入信貸週期，它也會起到防禦作用。

Manuel Navas, DA Davidson.

曼努埃爾·納瓦斯、DA 戴維森。

Hey, getting back to that kind of long term in NIM range of 3.60%, and 3.65%, you're going to sit above it for some time. What could bring that range higher? Is this just like a steeper yield curve, success on deposits? Just kind of some of the drivers there.

嘿，回到 3.60% 和 3.65% 的長期 NIM 範圍，你將會在其上方停留一段時間。什麼可以提高這個範圍呢？這是否就像殖利率曲線更陡峭一樣，是存款的成功？只是那裡的一些司機。

I’ll go with all of the above. So yes, I think that success on the deposit side would absolutely drive it higher if the Fed cuts and we are able to reduce the deposit side as we typically would or historically would, that would give us a little margin pop. And then also right now, all of our growth is margin accretive right now. When you look at the second quarter, what our loan coming on [rate] loan production rate versus our deposit production rate, all of our growth is margin accretive.

我會同意以上所有。所以是的，我認為，如果聯準會降息，存款方面的成功絕對會推動其走高，而我們能夠像通常或歷史上那樣減少存款，這將為我們帶來一點利潤。而且現在，我們所有的成長都是利潤成長。當你看第二季時，我們的貸款利率、貸款生產力與存款生產力的關係，我們所有的成長都是利潤成長。

But I'll tell you for this quarter, if you look at our loan rate of [676] kind of all in production and our interest-bearing deposits were at 2.99$ so that's right out of 3.77%. So what really is going to drive that is that growth in non-interest-bearing deposits. So if we get the growth in non-interest-bearing deposits, that brings down our total production of deposits, that's really what could also kind of help the margin there. But we are still proud to say that our growth is margin accretive at this point.

但我會告訴你，對於這個季度，如果你看一下我們的貸款利率[676]，我們的全部生產和有利息的存款都是 2.99 美元，所以這是 3.77%。因此，真正推動這一進程的是無息存款的成長。因此，如果我們獲得無利息存款的成長，這會降低我們的存款總量，這實際上也可能有助於提高利潤率。但我們仍然可以自豪地說，目前我們的成長正在增加利潤。

I was going to ask you about loan yields. I appreciate that kind of description of the marginal NIM. How are non-interest-bearing pipelines right now? I know they're lumpy, it's hard to project, but just kind of some thoughts on that side of the deposit base.

我本來想問你有關貸款收益率的問題。我很欣賞這種對邊際 NIM 的描述。目前無息管道狀況如何？我知道它們很不均勻，很難預測，但只是對存款基礎那邊的一些想法。

Yeah, I would tell you that they're accelerating. It's very similar. It kind of mirrors our loan production, and a lot of that, as I mentioned earlier, is a tribute to our treasury management efforts.

是的，我會告訴你他們正在加速。非常相似。它在某種程度上反映了我們的貸款生產，正如我之前提到的，這在很大程度上是對我們財務管理工作的讚揚。

In addition, obviously to the bankers, but we're seeing more and more opportunities. And leading with deposits has really been helpful in our approach there, and I think that's really what's driving the opportunities that we're seeing as of recent. So I would tell you that we're encouraged by what we're seeing as we move into the second half of the year.

此外，對於銀行家來說顯然如此，但我們看到了越來越多的機會。以存款為主導確實對我們的方法很有幫助，我認為這才是我們最近看到的機會的真正推動力。所以我想告訴你們，我們對下半年所看到的情況感到鼓舞。

Alright. I appreciate that. The security yield increase. Was there like a one-time adjustment [anything] securities? Or is that just you're adding those higher yielding securities this quarter?

好吧。我很感激。安全收益率提高。是否有一次性調整[任何]證券？或者您只是在本季增加了那些收益更高的證券？

That is adding our security. So during the quarter, we bought about $200 million that came on at a 4.88%, and we matured out about $260 million that was at a 2.77%.

這增加了我們的安全性。因此，在本季度，我們購買了約 2 億美元，利率為 4.88%，到期償還了約 2.6 億美元，利率為 2.77%。

This will conclude our question-and-answer session. I would like to turn the conference back over to Palmer Proctor for any closing remarks.

我們的問答環節到此結束。我想將會議交還給帕爾默·普羅克特 (Palmer Proctor) 做結束語。

Great, thank you, Wyatt. I want to thank all of our teammates for another outstanding quarter. We remain focused on producing top-of-class results, growing our tangible book value per share, and maintaining our strong core deposit base. We are very well positioned to take advantage of future growth opportunities in our attractive southeastern markets, and we certainly appreciate your interest in Ameris Bank.

太好了，謝謝你，懷亞特。我要感謝我們所有的隊友，讓我們又度過了一個出色的季度。我們將繼續致力於創造一流的業績、提高每股有形帳面價值以及維持強大的核心存款基礎。我們已做好準備，充分利用我們極具吸引力的東南市場中的未來成長機會，我們非常感謝您對 Ameris Bank 的關注。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。