Amerant Bancorp Inc (AMTB) 2024 Q2 法說會逐字稿

Good morning and welcome to the Amerant Bancorp's second quarter 2024 earnings conference call. (operator instructions) As a reminder, this conference is being recorded.

早安，歡迎參加 Amerant Bancorp 2024 年第二季財報電話會議。（操作員說明） 請注意，本次會議正在錄製中。

I would now like to turn all over to Laura Rossi, Head of Investor Relations. Thank you. You may begin.

現在我想請投資者關係主管勞拉·羅西 (Laura Rossi) 負責。謝謝。你可以開始了。

Thank you, Daryl. Good morning, everyone, and thank you for joining us to review Amerant Bancorp's second quarter 2024 results. On today's call are Jerry Plush, our Chairman and CEO, and Sharymar Calderon, our Executive Vice President and CFO.

謝謝你，達裡爾。大家早安，感謝您與我們一起回顧 Amerant Bancorp 2024 年第二季的業績。出席今天電話會議的有我們的董事長兼執行長 Jerry Plush 和我們的執行副總裁兼財務長 Sharymar Calderon。

As we begin, please note that discussions on today's call contain forward-looking statements within the meaning of the Securities Exchange Act. In addition, references will also be made to non-GAAP financial measures. Please refer to the company's earnings release for a statement regarding forward-looking statements as well for information and reconciliation of non-GAAP financial measures to GAAP measures.

在我們開始之前，請注意，今天電話會議的討論包含《證券交易法》含義內的前瞻性陳述。此外，也將參考非公認會計準則財務指標。請參閱本公司的收益發布，以了解有關前瞻性陳述的聲明以及非公認會計原則財務指標與公認會計原則財務指標的資訊和調節表。

I will now turn it over to our Chairman and CEO, Jerry Plush.

現在我將把它交給我們的董事長兼執行長 Jerry Plush。

Thank you, Laura. Good morning, everyone, and thank you for joining us today to discuss Amerant's second quarter 2024 results. To start, I'd like to call your attention to how this quarter underscores the continued focus we have demonstrated toward executing on our strategic plan and driving growth. Excluding the impact of $5.6 million of deal-related expenses in connection with the sale of the company's Houston franchise. As we disclosed in Form 8-K on July 1, 2024.

謝謝你，勞拉。大家早安，感謝您今天加入我們討論 Amerant 的 2024 年第二季業績。首先，我想提請您注意本季如何強調我們對執行策略規劃和推動成長的持續關注。不包括與出售該公司休士頓特許經營權有關的 560 萬美元交易相關費用的影響。正如我們在 2024 年 7 月 1 日的 8-K 表格中所揭露的那樣。

Our core business demonstrated strong performance, highlighted by solid loan growth, continued improvement in the net interest margin and NII, higher noninterest income and only a moderate increase in expenses compared to the first quarter, primarily from investments we are making in personnel and market expansion.

我們的核心業務表現強勁，突出表現在貸款穩健增長、淨息差和淨息差持續改善、非利息收入增加以及支出與第一季相比僅略有增加，這主要來自我們在人員和市場擴張方面的投資。

And while total deposits declined by $62.2 million, organic deposit growth in 2Q nearly offset the runoff of higher cost municipal deposits and reductions in two large corporate deposit relationships this quarter as well.

儘管存款總額下降了 6,220 萬美元，但第二季的有機存款成長幾乎抵消了成本較高的市政存款的流失以及本季兩家大型企業存款關係的減少。

However, the sustained high interest rate environment year-over-year and higher operating costs has impacted several of our borrowers, as we will cover in greater detail in just a few minutes.

然而，持續的高利率環境和較高的營運成本已經影響了我們的一些借款人，我們將在幾分鐘內更詳細地介紹這一點。

This quarter, we saw that upon the receipt of updated financial statements from certain borrowers and covenant testing, there were clear signs for five borrowers to be downgraded to substandard, three of which were previously classified as special mention. Two of the downgraded loans are larger relationships, both of which are paying as agreed.

本季度，我們看到，在收到某些借款人的最新財務報表和契約測試後，有明顯跡象表明有五家借款人被降級為次級，其中三家此前被列為特別關注。其中兩筆降級貸款是較大的關係，兩者均按約定支付。

One is a C&I legacy loan for $26.8 million and the other in owner occupied loan for $28.2 million, which are the more significant drivers of the increase in nonperforming loans quarter over quarter. Furthermore, regarding the aforementioned C&I legacy credit, again while paying as agreed, we booked $8 million in provision this quarter, resulting from running scenarios for multiple outcomes.

其中一項是 2,680 萬美元的工商業遺留貸款，另一項是 2,820 萬美元的業主佔用貸款，這是不良貸款逐季增加的更重要推動因素。此外，關於上述 C&I 遺留信貸，在按協議付款的同時，我們在本季度預訂了 800 萬美元的撥備，這是由於運行多種結果的場景而產生的。

We remain optimistic about a positive outcome here in the next several months. And regarding the owner-occupied credit, we are in a very strong collateral position in the 40% range. I think in the case of the downgrades this quarter, the guidance is clear that where there is a sign of a covenant not being met or other weakness exhibited that downgrading is appropriate and that's what we did.

我們對未來幾個月的正面成果保持樂觀。至於自住信貸，我們在 40% 範圍內處於非常強大的抵押品地位。我認為就本季度的降級而言，指引很明確，如果有跡象表明未滿足契約或存在其他弱點，則表明降級是適當的，這就是我們所做的。

More to come, regarding credit in the upcoming slides, including the other components of the provision quarter over quarter. We also continue this quarter to execute on prudent asset liability management. Recent results on inflation and industry reaction to these reports suggest the positive outlook for potential interest rate cuts in the upcoming quarters. Therefore, we continue to position our balance sheet in light of this potential change in interest rates.

即將推出的更多內容涉及即將發布的幻燈片中的信貸，包括逐季撥備的其他組成部分。本季我們也將繼續執行審慎的資產負債管理。最近的通膨結果和行業對這些報告的反應表明未來幾季可能降息的積極前景。因此，我們繼續根據利率的潛在變化來調整我們的資產負債表。

Regarding our Houston franchise, we are continuously monitoring loan and deposit balances to be sold and we reclassified assets and liabilities to held-for-sale this quarter, which resulted in the charges recorded this quarter associated with this transaction. We still anticipate closing in the fourth quarter of this year, and at that time, the premium from the sale would be recognized as income, net of any final investment banking and legal expenses.

關於我們的休士頓特許經營權，我們持續監控待出售的貸款和存款餘額，並在本季度將資產和負債重新分類為持有待售，這導致本季度記錄了與此交易相關的費用。我們仍預計在今年第四季完成交易，屆時，出售溢價將被確認為收入，並扣除任何最終投資銀行和法律費用。

So we'll turn now to slide 3, and here you can see that total loans increased by $316.5 million, all driven by organic loan growth. The loan pipeline is strong for 3Q as we've already closed on approximately $80 million month to date here in July, and $40 million more is expected before month-end.

現在我們轉向投影片 3，在這裡您可以看到貸款總額增加了 3.165 億美元，所有這些都是由有機貸款成長推動的。第三季的貸款管道很強勁，因為我們 7 月迄今已完成約 8,000 萬美元的貸款，預計月底前還會有 4,000 萬美元的貸款。

Total deposits decreased $62.2 million, as I referenced earlier, as organic deposit growth was offset by the reductions on higher cost municipal and the two large commercial depositors. We increased FHLB advances by $50 million to add three-year fixed rate funding as part of our asset liability management strategy. Our assets under management increased $94.2 million to $2.45 billion, primarily driven by market valuations and net new assets.

正如我之前提到的，總存款減少了 6,220 萬美元，因為有機存款的成長被成本較高的市政存款人和兩個大型商業存款人的減少所抵消。我們將 FHLB 預付款增加了 5,000 萬美元，以增加三年期固定利率融資，作為我們資產負債管理策略的一部分。我們管理的資產增加了 9,420 萬美元，達到 24.5 億美元，這主要是由市場估值和新資產淨值推動的。

Non-interest income increased to $19.4 million, primarily driven by higher income from loan derivatives in the mortgage business. Non-interest expenses increased to $73.3 million. However, excluding the non-routine transaction costs in connection with the sale of our Houston operations, they remained at $67.7 million comparable to the prior quarter and the guidance.

非利息收入增加至 1,940 萬美元，主要是由於抵押貸款業務中的貸款衍生性商品收入增加所致。非利息支出增加至 7,330 萬美元。然而，排除與出售休士頓業務相關的非常規交易成本，與上一季和指引相比，仍維持在 6,770 萬美元。

Regarding our expansion in Florida, we officially opened our banking center in Downtown Miami, and we hired our new Palm Beach and Central market -- Central Florida market presidents. Additionally, we signed agreements for a new banking center in Miami Beach and for our Palm Beach Regional Office and a banking center there as well, both of which we expect to open in the first quarter of 2025. Note that we've received regulatory approval for both locations.

關於我們在佛羅裡達州的擴張，我們在邁阿密市中心正式開設了銀行中心，並聘請了新的棕櫚灘和中央市場——佛羅裡達州中部市場總裁。此外，我們還簽署了在邁阿密海灘建立新銀行中心以及棕櫚灘地區辦事處和銀行中心的協議，預計這兩個中心都將於 2025 年第一季開幕。請注意，我們已獲得這兩個地點的監管批准。

We repurchased 200,652 shares for $4.4 million in the second quarter at an average price of $22.17 per share. We had $15.6 million remaining under the current approval as of the end of the second quarter. And of note, in closing on this slide, we paid our quarterly cash dividend of $0.09 per common share on May 30, of 2024.

第二季度，我們以 440 萬美元的價格回購了 200,652 股股票，平均價格為每股 22.17 美元。截至第二季末，我們目前的核准餘額為 1,560 萬美元。值得注意的是，在這張投影片的最後，我們於 2024 年 5 月 30 日支付了每股普通股 0.09 美元的季度現金股利。

We'll turn now to slide 4 for financial highlights for the second quarter. Looking at the income statement, diluted income per share for the second quarter was $0.15 compared to $0.31 in the first quarter. This was primarily due to the increased provision for credit losses during the quarter.

我們現在轉向幻燈片 4，了解第二季的財務亮點。從損益表來看，第二季稀釋後每股收益為 0.15 美元，而第一季為 0.31 美元。這主要是由於本季信貸損失撥備增加所致。

The non -- the net interest income was 3.56% in the second quarter compared to 3.51% in the first quarter. The increase in margin resulted from the higher yielding loan production and lower deposit costs as we reduce higher-cost municipal deposits and replace brokered CD maturities with lower cost fronts.

第二季非淨利息收入為 3.56%，而第一季為 3.51%。利潤率的增加是由於我們減少了成本較高的市政存款並以成本較低的方式取代了經紀定期存款，從而提高了貸款產量並降低了存款成本。

Credit quality events continue to be an area of focus from reserve levels are carefully monitored to provide sufficient coverage. The provision for credit losses was $19.2 million, up $6.8 million from the $12.4 million we reported in the first quarter. And again, of note, one legacy credit accounted for $8 million of the provision increase.

信貸品質事件仍然是人們關注的焦點，因為準備金水準受到仔細監控，以提供足夠的覆蓋範圍。信貸損失準備金為 1,920 萬美元，比我們第一季報告的 1,240 萬美元增加了 680 萬美元。值得注意的是，一項遺留信貸佔撥備增加額的 800 萬美元。

Non-interest income was $19.4 million in the second quarter, up $4.9 million from the $14.5 million in the first quarter, while noninterest expense was $73.3 million, also up $6.7 million from the $66.6 million in the first quarter.

第二季非利息收入為 1,940 萬美元，比第一季的 1,450 萬美元增加 490 萬美元，非利息支出為 7,330 萬美元，也比第一季的 6,660 萬美元增加 670 萬美元。

Our total assets came in at $9.75 billion as of the end of the second quarter, slightly down from the $9.82 billion in the first quarter. Our total deposits decreased slightly, as noted previously, down to $7.82 billion compared to $7.88 billion in the first quarter.

截至第二季末，我們的總資產為 97.5 億美元，略低於第一季的 98.2 億美元。如前所述，我們的總存款略有下降，從第一季的 78.8 億美元降至 78.2 億美元。

Our total loans increased by $316.5 million, up to $7.3 billion, up from the $7 billion in the first quarter. Our total securities were $1.5 billion and that was up $51 million from the first quarter, and cash and cash equivalents decreased $350 million to $310.3 million at the end of the quarter.

我們的貸款總額增加了 3.165 億美元，達到 73 億美元，高於第一季的 70 億美元。我們的證券總額為 15 億美元，比第一季增加了 5,100 萬美元，現金和現金等價物減少了 3.5 億美元，至本季末的 3.103 億美元。

So if we move on to capital, our total capital ratio at the end of the second quarter was 12% compared to 12.49% as of the first quarter. Our CET1 was 9.7% compared to 10.10%. Our tangible equity ratio was 7.3%, which includes $78.9 million in AOCI resulting from the after-tax charge of the valuation of the AFS investment portfolio.

因此，如果我們轉向資本，第二季末我們的總資本比率為 12%，而第一季末為 12.49%。我們的 CET1 為 9.7%，而我們的 CET1 為 10.10%。我們的有形權益比率為 7.3%，其中包括 AFS 投資組合估值的稅後費用產生的 AOCI 7,890 萬美元。

And lastly, as of the second quarter, our Tier-1 capital ratio was 10.44% compared to 10.87% as of the first quarter. You'll also note that on July 24, our Board of Directors approved a dividend of $0.09 per share. That's payable on August 30, of 2024.

最後，截至第二季度，我們的一級資本比率為 10.44%，而第一季為 10.87%。您還會注意到，7 月 24 日，我們的董事會批准了每股 0.09 美元的股息。該付款日期為 2024 年 8 月 30 日。

So at this point, I'll turn the presentation over to Sharymar Calderon to cover metrics and get into the financials in greater detail.

因此，此時，我將把簡報交給 Sharymar Calderon，以介紹指標並更詳細地介紹財務狀況。

Thank you, Jerry, and good morning, everyone. I'll begin today by discussing our key performance metrics under changes compared to last quarter. We continue committed to customer relationship, which increased the ratio of non-interest bearing deposits to total deposits from 17.7% in the first quarter to 18.7% in the second quarter.

謝謝傑瑞，大家早安。今天我將首先討論與上季相比變化的關鍵績效指標。我們持續致力於客戶關係，無利息存款佔存款總額的比例從第一季的17.7%提高到第二季的18.7%。

Aligned with the guidance shared in our past earnings calls, net interest margin improved to 3.56% in the second quarter compared to 3.51% in the first quarter. As Jerry just mentioned, this is the result of higher yielding loan production and lower cost of deposits. Our efficiency ratio was 74.21% in the second quarter compared to 72.03% in the first quarter as a result of the non-routine expenses in connection with the Houston transaction.

與我們過去財報電話會議中分享的指引一致，第二季淨利差從第一季的 3.51% 提高至 3.56%。正如傑瑞剛才提到的，這是貸款收益率提高和存款成本降低的結果。由於與休士頓交易相關的非常規費用，我們第二季的效率率為 74.21%，而第一季為 72.03%。

Our ROA and ROE this quarter were 0.21% and 2.68% compared to 0.44% and 5.69%, respectively, in the first quarter. These decreases were primarily driven by the increased provision for credit losses and non-routine expenses related to the Houston transaction Jerry just mentioned. Tier-1 capital ratio decreased slightly to 10.44% compared to same for 10.87% due to the change in the asset composition. Lastly, the coverage of the allowance for credit losses to total loans increased to 1.41% compared to 1.38% in the first quarter, driven by the provision for credit losses recorded this period.

本季我們的 ROA 和 ROE 分別為 0.21% 和 2.68%，而第一季分別為 0.44% 和 5.69%。這些下降主要是由於與傑瑞剛才提到的休士頓交易相關的信貸損失準備金和非常規費用增加所致。由於資產組成的變化，一級資本比率由上年同期的10.87%小幅下降至10.44%。最後，在本期提列的信用損失撥備的推動下，信用損失準備金覆蓋率從第一季的1.38%上升至1.41%。

Moving on to Slide 6, we continue to have a well-diversified deposit mix composed of domestic and international customers. Domestic deposits which account for 68% of our total deposits totaled $5.3 billion as of the end of the second quarter, slightly down by $6.8 million or 0.1% compared to the first quarter.

轉向投影片 6，我們繼續擁有由國內和國際客戶組成的多元化存款組合。截至第二季末，境內存款餘額為53億美元，佔存款總額的68%，比第一季小幅下降680萬美元，降幅為0.1%。

International deposits, which account for 32% of total deposits, totaled $2.5 billion, down $55.5 million or 2.1% compared to the first quarter. Total time deposits for the quarter were $2.3 billion, an increase of $65.6 million from the first quarter due to an increase in brokered time deposits of $49.8 million, as well as an increase of $15.8 million in customer CDs.

佔存款總額32%的國際存款總額為25億美元，較第一季減少5,550萬美元，降幅為2.1%。本季定期存款總額為 23 億美元，較第一季增加 6,560 萬美元，原因是經紀定期存款增加 4,980 萬美元，以及客戶定期存款增加 1,580 萬美元。

Our core deposits, defined as total deposits, excluding all-time deposits, were $5.5 billion as of the end of the second quarter, a decrease of $127.8 million or 2.3% compared to the first quarter. The $5.5 billion in core deposits included $2.3 billion in interest-bearing deposits, down $302.1 million or 11.5% versus the first quarter; $1.7 billion in savings and money market deposits up $106.5 million or 6.6% versus the first quarter and $1.5 billion in non-interest bearing demand deposits up $67.5 million or 4.9% versus the first quarter.

截至第二季末，我們的核心存款（不包括歷史存款）的存款總額為 55 億美元，比第一季減少 1.278 億美元，成長 2.3%。核心存款 55 億美元，其中計息存款 23 億美元，較第一季減少 3.021 億美元，降幅 11.5%；儲蓄和貨幣市場存款 17 億美元，較第一季增加 1.065 億美元，或 6.6%；無息活期存款 15 億美元，較第一季增加 6,750 萬美元，成長 4.9%。

Continuing on to Slide 7, I'll discuss our investment portfolio. Our second quarter investment securities balance was at $1.5 billion, slightly up from the first quarter. When compared to the prior quarter, the duration of the investment portfolio has extended to 5.3 years as the model anticipated lower MBS principal prepayments due to higher market rates at the time of quarter close.

繼續投影片 7，我將討論我們的投資組合。我們第二季的投資證券餘額為 15 億美元，比第一季略有增加。與上一季相比，投資組合的期限延長至 5.3 年，因為該模型預計，由於季度結束時市場利率較高，MBS 本金預付款將減少。

The chart on the upper right shows the expected prepayments and maturities of our investment portfolio for the next 12 months, which represents a liquidity source available to support growth and higher interest earning assets.

右上角的圖表顯示了我們未來 12 個月投資組合的預期預付款和到期日，這代表了可用於支持成長和更高生息資產的流動性來源。

Moving on to the right composition of our portfolio, you can see that the floating portion remains unchanged at 12.9% compared to the first quarter. As we mentioned this quarter, we have continued positioning the balance sheet for a decreasing rate environment. Also note that 79% of our AFS portfolio has government guarantees while the remainder is rated investment grade.

轉向我們投資組合的正確構成，您可以看到浮動部分與第一季相比保持在 12.9% 不變。正如我們本季所提到的，我們繼續針對利率下降的環境調整資產負債表。另請注意，我們的 AFS 投資組合中有 79% 有政府擔保，其餘的則被評為投資等級。

Continuing on to slide 8, let's talk about the loan portfolio. At the end of the second quarter, total gross loans were $7.3 billion up $316.5 million or 4.5% compared to $7 billion at the end of 1Q. This increase was organic relationship-driven growth, and despite a reduction in indirect consumer loans of $31.4 million.

繼續幻燈片 8，我們來談談貸款組合。第二季末，貸款總額為 73 億美元，較第一季末的 70 億美元增加 3.165 億美元，增幅為 4.5%。儘管間接消費貸款減少了 3,140 萬美元，但這一成長是有機關係驅動的成長。

The single-family residential portfolio was $1.6 billion in the second quarter, an increase of $107.4 million compared to $1.5 billion in the first quarter. This amount includes loans originated during the quarter, primarily done with private banking customers and commercial clients with residential income-producing properties as collateral.

第二季單戶住宅投資組合為 16 億美元，比第一季的 15 億美元增加了 1.074 億美元。這筆金額包括本季發放的貸款，主要是向私人銀行客戶和以住宅創收房產作為抵押品的商業客戶發放的。

Consumer loans as of the second quarter were $296.4 million, a decrease of $41.3 million or 12.2% quarter over quarter. This includes $131.9 million in higher yielding indirect loans purchased prior to 2022 as a tactical move to increase yields. Again, we estimate that at current prepayment speed, this portfolio will mostly run off by the first quarter of 2025.

截至第二季的消費貸款為 2.964 億美元，季減 4,130 萬美元，降幅為 12.2%。其中包括 2022 年之前購買的 1.319 億美元高收益間接貸款，作為提高收益的戰術舉措。我們再次估計，以目前的預付款速度，該投資組合將在 2025 年第一季之前大部分用完。

Moving on to Slide 9. Here, we show our CRE portfolio in greater detail. We have a conservative weighted average loan-to-value of 58% and debt service coverage of 1.3 times, as well as strong sponsorship tier profile based on AUM, net worth, and years of experience for a sponsor. As of the end of the second quarter, we have 30% of our CRE portfolio in top-tier borrowers. We have no significant tenant concentration in our CRE retail loan portfolio as the top 15 tenants represent 21% of the total. Major tenants include recognized national and regional grocery stores, pharmacy, food and clothing, retailers and banks.

轉到投影片 9。在這裡，我們更詳細地展示了我們的商業房地產投資組合。我們的保守加權平均貸款價值比為 58%，償債覆蓋率為 1.3 倍，以及基於資產管理規模、淨資產和贊助商多年經驗的強大贊助商級別。截至第二季末，我們的 CRE 投資組合中有 30% 屬於頂級借款人。我們的商業房地產零售貸款組合中沒有明顯的租戶集中度，因為前 15 名租戶佔總數的 21%。主要租戶包括公認的國家和地區雜貨店、藥局、食品和服裝、零售商和銀行。

Turning to slide 10, let's take a closer look at credit quality. Our credit quality remains sound and reserve levels provide sufficient coverage. The allowance for credit losses at the end of the second quarter was $94.4 million, a decrease of 1.7% from $96.1 million at the close of the first quarter. Our non-performing loans to total loans are up to 138 basis points compared to 43 basis points last quarter, which I will cover in detail in later slides.

轉向幻燈片 10，讓我們仔細看看信用品質。我們的信用品質依然良好，準備金水準提供了足夠的保障。第二季末的信貸損失準備金為9,440萬美元，比第一季末的9,610萬美元下降1.7%。我們的不良貸款佔貸款總額的比例高達 138 個基點，而上季為 43 個基點，我將在後面的幻燈片中詳細介紹這一點。

Non-performing assets totaled $121.1 million at the end of the second quarter, an increase of $70.6 million compared to the first quarter, primarily due to the increase in NPLs Jerry mentioned in his remarks. The ratio of non-performing assets to total assets was 124 basis points, up 73 basis points from the first quarter. In the second quarter of 2024, the coverage ratio of loan loss reserves to non-performing loans close at 0.9 times, down from 3.2 times at the end of the first quarter.

第二季末不良資產總額為1.211億美元，較一季增加7,060萬美元，主要是因為傑瑞在演講中提到的不良貸款增加。不良資產佔總資產的比率為124個基點，較一季上升73個基點。2024年第二季度，貸款損失準備金對不良貸款的覆蓋率收在0.9倍，低於第一季末的3.2倍。

Turning to slide 11, we show the roll-forward of special mention and non-performing loans from the first quarter to the second quarter and provide color on the main drivers of these changes. Special mention loans decreased by $8.5 million, primarily driven by $46.3 million in loans previously in special mention, which were further downgraded to substandard $7.8 million in payoffs and $5 million in upgrades. These decreases were partially offset by $49.7 million in newly downgraded loans to special mention.

轉向幻燈片 11，我們展示了關注類貸款和不良貸款從第一季到第二季度的前滾情況，並提供了這些變化的主要驅動因素的說明。特別關注貸款減少了 850 萬美元，主要是由於先前特別關注的貸款 4,630 萬美元進一步下調至次級 780 萬美元的償還貸款和 500 萬美元的升級貸款。這些下降被新降級至特別關注的 4970 萬美元貸款部分抵消。

The decrease in special mention loans was primarily driven by three commercial loans totaling $46 million that were further downgraded to substandard. These decreases were offset by new downgrades to special mention during the quarter that, although exhibit payment performance were downgraded due to covenant failures. These consist of two non-owner occupied CRE loans in Florida totally totaling $33.9 million, one commercial loan in Florida totaling $13.2 million and one owner occupied loan in Houston totaling $2.5 million. These increases were offset by paydowns, payoffs and other smaller changes.

關注類貸款的減少主要是由於三筆總額為 4,600 萬美元的商業貸款被進一步下調至次級標準。這些下降被本季新的降級所抵消，特別值得一提的是，儘管展覽付款績效由於契約失敗而被降級。其中包括佛羅裡達州的兩筆非業主佔用 CRE 貸款，總額為 3,390 萬美元；佛羅裡達州的一筆商業貸款，總額為 1,320 萬美元；以及休士頓的一筆業主佔用貸款，總額為 250 萬美元。這些增長被預付款、支付和其他較小的變化所抵消。

The increase in non-performing loans you see on this slide was primarily due to three commercial loans totaling $46 million, which were disclosed in the first quarter as special mention credits and were downgraded based on updated financials received in the second quarter. Additionally, there were two newly downgraded commercial loans totaling $47.3 million in Florida, primarily an owner occupied credit of $28.2 million in the construction materials manufacturing industry. These increases were offset by paydowns, payoffs and other smaller changes.

您在這張投影片上看到的不良貸款增加主要是由於三筆總額為4600 萬美元的商業貸款，這些貸款在第一季度作為特別關注信貸披露，並根據第二季度收到的最新財務數據進行了降級。此外，佛羅裡達州還有兩筆新降級的商業貸款，總額為 4,730 萬美元，主要是建築材料製造業業主佔用的信貸 2,820 萬美元。這些增長被預付款、支付和其他較小的變化所抵消。

Now, moving on to Slide 12, which shows the drivers of the allowance for credit losses. At the end of the second quarter, the allowance was $94.4 million, a decrease of $1.7 million or 1.7% compared to $96.1 million at the close of the first quarter. The provision for credit losses was $19.2 million in the second quarter, excluding reserve for commitments, that provision was $17.7 million and was comprised of $12.8 million to cover charge-offs, $12.7 million in new specific reserves for non-performing loans and $1.8 million due to loan composition and growth.

現在，轉到投影片 12，它顯示了信貸損失準備金的驅動因素。第二季末，準備金為9,440萬美元，比第一季末的9,610萬美元減少170萬美元，降幅為1.7%。第二季信貸損失準備金為1,920 萬美元，不包括承諾準備金，該準備金為1,770 萬美元，其中包括1,280 萬美元用於沖銷、1,270 萬美元新的不良貸款專用準備金和180 萬美元應付帳款。

The primary driver of the new reserve was one commercial loan totaling $26.8 million in Florida, which had been classified as special mention in the first quarter and for which we booked $8 million in reserves. It is important to note that these were offset by a $5.3 million release related to credit quality and macroeconomic projection updates and a $4.4 million release due to the Houston loan portfolio classification as held-for-sale.

新儲備金的主要推動力是佛羅裡達州一筆總額為 2,680 萬美元的商業貸款，該貸款在第一季度被列為特別關注項目，我們為此預訂了 800 萬美元的儲備金。值得注意的是，這些被與信貸品質和宏觀經濟預測更新相關的 530 萬美元釋放以及由於休士頓貸款組合分類為持有待售而釋放的 440 萬美元所抵消。

During the second quarter of 2024, there were net charge-offs of $19.3 million, of which $5.4 million were related to purchase consumer loans, $9.9 million related to a commercial Houston-based loan, of which 4.9 million was provision in the prior quarter, and $4.9 million were related to multiple retail and business banking loans. This was offset by $0.9 million in recoveries. Please note, we decided to fully write off the aforementioned Houston-based credit this quarter given longer than anticipated litigation and book recoveries as they occur.

2024 年第二季度，淨沖銷額為 1,930 萬美元，其中 540 萬美元與購買消費貸款相關，990 萬美元與休士頓商業貸款相關，其中 490 萬美元是上一季的撥備， 490 萬美元與多項零售和商業銀行貸款有關。這被 90 萬美元的追償額所抵銷。請注意，鑑於訴訟時間長於預期，我們決定在本季完全沖銷上述位於休士頓的信貸，並在發生訴訟時登記追償。

Next, I'll discuss net interest income and net interest margin on Slide 13. Net interest income for the second quarter was $79.4 million, up $1.4 million or 1.8% compared to the first quarter. The increase was primarily driven by higher average balances and rates on total interest earning assets, mainly on loans and securities available for sale and lower average balances on transactional accounts and brokered time deposits as well as lower average rates in DDAs and brokered CDs. The increase in net interest income was partially offset by lower average balances and deposits with banks and higher average balances and rates on FHLB advances and customer CDs, as well as higher rates in money market deposits.

接下來，我將在投影片 13 上討論淨利息收入和淨利差。第二季淨利息收入為7,940萬美元，較第一季增加140萬美元，增幅1.8%。這一增長主要是由於生息資產總額（主要是可供出售的貸款和證券）的平均餘額和利率上升，交易帳戶和經紀定期存款的平均餘額下降，以及 DDA 和經紀 CD 的平均利率下降。淨利息收入的成長被平均餘額和銀行存款減少、FHLB預付款和客戶存款證平均餘額和利率上升以及貨幣市場存款利率上升部分抵消。

In terms of our deposit beta, considering there was no change in the fed funds rate this quarter, there is no beta calculation for this period. However, we observed a beta of approximately 49 basis points on a cumulative basis since the beginning of the interest rate upcycle, unchanged from the first quarter, indicative of a flattening trend and nearing inflection point. This cumulative beta reflects the combined effect of rate increases and transactional deposits and repricing of time deposits that had not reprice at current market rates.

就我們的存款貝塔值而言，考慮到本季度聯邦基金利率沒有變化，因此這段期間沒有貝塔值計算。然而，我們觀察到自利率上行週期開始以來貝塔值累計約為49個基點，與第一季持平，顯​​示趨勢趨於平緩並接近拐點。此累積貝塔係數反映了升息、交易性存款以及未按當前市場利率重新定價的定期存款重新定價的綜合影響。

Moving on to the net interest margin we show in slide 14, the contribution to name from each of its components. As mentioned, NIM for the second quarter was 3.56%, up 5 basis points quarter-over-quarter. This change in the NIM was primarily driven by the higher interest income resulting from growth in higher yielding loans and non-interest bearing deposits, paired with the reduction of high-cost deposits from municipalities and the replacement of brokered CD maturities with lower cost ones.

接下來是我們在投影片 14 中所呈現的淨利差，也就是各個組成部分對名稱的貢獻。如前所述，第二季淨利差為 3.56%，季增 5 個基點。淨利差的這種變化主要是由於高收益貸款和無息存款增長帶來的利息收入增加，加上市政當局高成本存款的減少以及經紀定期存款到期日被成本較低的存款所取代。

In the short term, we expect the margin to be stable due to higher yielding loan production, partially offset by the reduction of the indirect consumer loan portfolio and deposit costs given market competition for domestic deposits and demand for higher rates. I'll provide some additional color on NIM in my final remarks.

短期內，我們預期由於貸款產出收益率較高，利潤率將保持穩定，但考慮到國內存款的市場競爭和更高利率的需求，間接消費貸款組合和存款成本的減少部分抵消了利潤率。我將在最後的評論中對 NIM 提供一些補充說明。

Moving on to interest rate sensitivity on slide 15, you can see the asset sensitivity of our balance sheet with 51% of our loans having floating rate structures and 58% repricing within a year. Also, we continue to position our portfolio for a change of rate cycle by incorporating rate floors when originating adjustable rate loans. We currently have 49% of our adjustable loan portfolio with floor rates.

轉到幻燈片 15 上的利率敏感性，您可以看到我們資產負債表的資產敏感性，其中 51% 的貸款具有浮動利率結構，58% 的貸款在一年內重新定價。此外，我們繼續透過在發放可調整利率貸款時納入利率下限來調整我們的投資組合以適應利率週期的變化。目前，我們 49% 的可調整貸款組合具有最低利率。

Additionally, you can see here that within the variable rate loans, 36% are indexed to SOFR. Additionally, we continue to execute ALM strategies, including hedging interest rate risk as we expect a downward trend in interest rates starting in the second half of 2024 or early 2025.

此外，您可以在此處看到，在可變利率貸款中，36% 與 SOFR 掛鉤。此外，我們繼續執行 ALM 策略，包括對沖利率風險，因為我們預計利率將從 2024 年下半年或 2025 年初開始呈下降趨勢。

Our NIM sensitivity profile remains stable compared to the first quarter. We also show here the sensitivity of our AFS portfolio to showcase our ability to withstand additional negative valuation changes. Although we should start seen an organic improvement in AOCI If monetary policy changes and interest rates start to decrease later in the year as expected. We will continue to actively manage our balance sheet to best position our bank for the upcoming periods.

與第一季相比，我們的淨利差敏感度狀況保持穩定。我們也在這裡展示了 AFS 投資組合的敏感性，以展示我們承受額外負面估值變化的能力。如果貨幣政策改變且利率如預期在今年稍後開始下降，我們應該開始看到 AOCI 出現有機改善。我們將繼續積極管理我們的資產負債表，以便我們的銀行在未來一段時間內處於最佳位置。

Continuing to Slide 16, non-interest income in the second quarter was $19.4 million, up by $4.9 million or 34% from $14.5 million in the first quarter. The increase was primarily driven by higher loan level derivative income as well as higher other non-interest income due to higher mortgage banking income and the absence of a loss on the sale of the Houston CRE loan portfolio that we had in 1Q.

繼續投影片 16，第二季非利息收入為 1,940 萬美元，比第一季的 1,450 萬美元增加 490 萬美元，即 34%。這一增長主要是由於貸款水平衍生品收入增加以及其他非利息收入增加（由於抵押貸款銀行收入增加）以及我們在第一季出售休士頓 CRE 貸款組合時沒有出現損失。

Contributing to the increase was also the gain on early repayments of $595 million in FHLB advances. This increase in noninterest income was partially offset by higher security losses during the quarter. Amerant's assets under management totaled $2.5 billion as of the end of the second quarter, up $94.2 million or 4% from the first quarter. This increase was primarily driven by net new assets and market valuation.

FHLB 預付款提前還款帶來的 5.95 億美元收益也促成了這一成長。非利息收入的成長被本季更高的安全損失部分抵銷。截至第二季末，Amerant 管理的資產總額為 25 億美元，比第一季增加 9,420 萬美元，即 4%。這一增長主要是由淨新資產和市場估值推動的。

Turning to Slide 17, second, quarter non-interest expenses were $73.3 million, up $6.7 million or 10.7% from the first quarter. The quarter-over-quarter increase was primarily driven by an increase in occupancy and equipment expenses, mainly due to the valuation impairment charge of $3.4 million in connection with the Houston branches being for sale, $1.3 million in losses on loans held for sale into Q4 for the transfer of approximately $552 million in Houston that were in loans held for investment prior to the transaction, an increase in advertising expenses in connection with our sports partnerships.

轉向投影片 17，第二季非利息支出為 7,330 萬美元，比第一季增加 670 萬美元，成長 10.7%。環比增長主要是由於佔用和設備費用的增加，主要是由於與待售休斯頓分行相關的 340 萬美元的估值減值費用，以及第四季度持有待售貸款的 130 萬美元損失轉讓在休斯頓的約5.52 億美元，這些資金是交易前為投資而持有的貸款，與我們的體育合作夥伴關係相關的廣告費用增加。

Yes, going for rounds in the Stanley Cup playoffs, increase expenses, higher legal fees in connection with the Houston sales, an increase in salaries and employee benefits due to higher average FTEs in the quarter, and an increase in loan level derivative expenses, which were driven by a higher volume of derivative transactions into Q2 compared to the first quarter.

是的，參加史丹利杯季後賽，費用增加，與休士頓銷售相關的法律費用增加，由於本季度平均 FTE 較高而導致工資和員工福利增加，以及貸款水平衍生品費用增加，這與第一季度相比，第二季衍生性商品交易量增加。

The increase in non-interest expenses was partially offset primarily by lower telecommunications and data processing fees and lower FDIC assessments and insurance fees. And in terms of our team, we ended the quarter with 720 FTEs, which is higher than the 696 we had in the first quarter. We added to our business development team again this quarter as part of our growth initiatives.

非利息支出的增加主要被電信和數據處理費用的降低以及 FDIC 評估和保險費用的降低所部分抵消。就我們的團隊而言，本季末我們有 720 名 FTE，高於第一季的 696 名。作為我們成長計畫的一部分，我們本季再次增加了業務開發團隊。

Moving on to slide 18, we show the elements that contributed to the change in the EPS this quarter. We reported second quarter diluted earnings per share of $0.15 on net income of $5 million compared to $0.31 on $10.6 million net income in the previous quarter, which was primarily driven by the higher provision for credit losses and non-routine expenses in connection with the Houston transaction.

繼續看投影片 18，我們展示了導致本季 EPS 變化的因素。我們報告第二季度攤薄後每股收益為0.15 美元，淨利潤為500 萬美元，而上一季攤薄後每股收益為0.31 美元，淨利潤為1,060 萬美元，這主要是由於與休斯頓有關的信貸損失和非常規費用準備金增加所致。

I'll now give some color of our expectations for the third quarter. We expect the NIM to be stable compared with 2Q. Regarding non-interest income, we expect it to be approximately $17 million. We expect operating expenses to remain at the $68 million previously mentioned, including onboarding new team members towards our growth plan.

現在我將給出我們對第三季的預期的一些顏色。我們預期淨利差與第二季相比將保持穩定。關於非利息收入，我們預計約為1700萬美元。我們預計營運費用將保持在前面提到的 6,800 萬美元，其中包括為我們的成長計畫招募新團隊成員的費用。

Finally, we expect provision for credit losses to be in or around $12 million next quarter as we do expect asset growth, as I previously mentioned. So at least half of this amount would be related to growth in the quarter.

最後，正如我之前提到的，我們預計下個季度的信貸損失撥備將在 1,200 萬美元左右，因為我們確實預期資產成長。因此，這一金額至少有一半與本季的成長有關。

We currently estimate the Houston transaction will close mid-4Q with the premium on the transaction settling prior to year-end. This premium, while in a different quarter will more than offset the charges recorded in 2Q.

我們目前預計休士頓交易將於第四季中期完成，交易溢價將在年底前結算。這筆溢價雖然在不同的季度，但將超過第二季度記錄的費用。

We are focused primarily on achieving the 1% ROA and 12% ROE targets we established for ourselves. It is more likely now that the 60% efficiency ratio could flight to 1Q '25 as we continue to see opportunities to keep investing in our future.

我們主要致力於實現為自己設定的 1% ROA 和 12% ROE 目標。現在，隨著我們繼續看到繼續投資未來的機會，60% 的效率比率更有可能飛向 25 年第一季。

I will pass now back to Jerry for closing remarks.

現在我將請傑瑞致閉幕詞。

Thanks, Sherri. So before we move to Q&A, I'd like to briefly comment on some of the initiatives we're working on to accelerate the execution of our growth plans here in Florida.

謝謝，雪莉。因此，在進行問答之前，我想簡要評論我們正在採取的一些舉措，以加快佛羅裡達州增長計劃的執行。

So as I noted earlier, loan production was strong in the second quarter and the pipeline for 3Q '24 is on track with our previous guidance of 10% annualized growth. Our deposit growth to fund projected loan growth continues to be our top priority as part of our deposits's first initiative, we continue to actively recruit for additional commercial relationship bankers, private banking officers as well as market managers in Broward County, Palm Beach County and a greater Tampa market.

因此，正如我之前指出的，第二季的貸款生產強勁，24 年第三季的貸款管道符合我們先前 10% 年化成長的指導方針。作為存款首項舉措的一部分，我們的存款成長為預計的貸款成長提供資金仍然是我們的首要任務，我們繼續在布勞沃德縣、棕櫚灘縣和大坦帕市場。

As we ramp up building our team in Palm Beach, we've already taken temporary space in the same building where our regional office in new banking center will be. And as noted before, as part of our expansion in the greater Tampa market, we intend to open up five additional banking centers over the next 24 months. And please note, we're already close to signing a letter of intent for the first location in Downtown Tampa.

隨著我們在棕櫚灘加大團隊建設力度，我們已經在新銀行中心區域辦事處所在的同一棟大樓中佔用了臨時空間。如前所述，作為我們在大坦帕市場擴張的一部分，我們打算在未來 24 個月內開設另外 5 個銀行中心。請注意，我們即將簽署坦帕市中心第一個地點的意向書。

So in summary, our focus remains on the execution of our strategic plan as we pursue our goal of being the bank of choice in the markets we serve. At the same time, we also fully intend to reach prudent and timely resolution to the non-performing loan that we've discussed here today.

總而言之，我們的重點仍然是策略計畫的執行，因為我們追求成為我們所服務的市場的首選銀行的目標。同時，我們也充分準備對今天所討論的不良貸款問題作出審慎、及時的解決。

So with that, I'll stop and sharing, I'd love to answer any questions you have. Daryl, if you would please open the line for Q&A.

因此，我將停下來分享，我很樂意回答您的任何問題。達裡爾（Daryl），請打開問答線。

(operator instructions) Tim Mitchell, Raymond James.

（操作員說明）提姆·米切爾、雷蒙·詹姆斯。

Hey, good morning, everyone. So let's start out on credit. Appreciate all the color from Sharry in the prepared remarks, but curious, is there one or two of those credits that were downgraded to non-accrual this quarter that are particularly concerning to you? I understand you're still kind of working through a lot. And then just kind of your outlook for charge-offs through the rest of the year? Thanks.

嘿，大家早安。那麼就讓我們從信用開始吧。感謝莎莉在準備好的評論中的所有色彩，但好奇的是，本季被降級為非應計的積分中是否有一兩個讓您特別擔心？我知道你仍然需要做很多工作。那麼您對今年剩餘時間的沖銷前景有何看法？謝謝。

Yeah, look, I'll take the the first two. The first question and then ask Shary to add some color.

是的，看，我會選前兩個。第一個問題然後請Shary 加點顏色。

In terms of the credits for the quarter, when you look at the five, the comments that I made earlier, we have painted multiple scenarios on the one that we expect a resolution to in the next several months, and I think that we took a prudent approach to booking the $8 million. That doesn't mean that we think that that's the most likely outcome. And so we see that with the private equity backing in that particular relationship, we definitely see that there could be a very positive outcome that comes from that.

就本季的積分而言，當您查看我之前發表的五個評論時，我們已經描繪了多種場景，我們預計在接下來的幾個月內會得到解決方案，我認為我們採取了一種謹慎地預訂這800 萬美元。這並不意味著我們認為這是最有可能的結果。因此，我們看到，隨著私募股權公司對這種特定關係的支持，我們肯定會看到由此產生的非常積極的結果。

Regarding the other one, and again, remember these two large credits were the big driver of the bulk of the nonperforming downgrades. The other one, the collateral behind the deal is so strong with the where we are from a coverage perspective. I think it's actually even more favorable than the 40%.

關於另一個，請再次記住，這兩個大額信貸是大部分不良評級下調的主要推動因素。另一方面，從覆蓋範圍的角度來看，這筆交易背後的抵押品非常強大。我認為這實際上比 40% 更優惠。

Our view is that, we can see a positive resolution there as well. In that particular case, there was an incident that occurred with a leadership transition that we think is now well on its way to getting worked through. So with that color, I think the two larger ones, we feel that there's positive outcomes that can come from those.

我們的觀點是，我們也可以在那裡看到積極的解決方案。在該特定案例中，領導層換屆時發生了一起事件，我們認為該事件現在正在順利解決。因此，透過這種顏色，我認為兩個較大的顏色，我們認為可以從中產生積極的結果。

And then you had asked about charge-offs for the rest of the year. Shary, if you want to.

然後您詢問了今年剩餘時間的沖銷情況。莎莉，如果你願意的話。

Yes, sure. So in terms of charge-off, and I'm going to give more of a rate excluding indirect consumer and excluding this one-time charge-off that recorded this quarter to fully write off a credit, we should be in around 25 basis points to 30 basis points. If we add up the indirect consumer, which is going down in balance quarter-over-quarter, we should be something closer to the 70 and progressively going down till we get to that 30 normalized level.

是的，當然。因此，就沖銷而言，我將給出更多的利率，不包括間接消費者，也不包括本季度記錄的一次性沖銷以完全沖銷信貸，我們應該在 25 個基點左右至30個基點。如果我們將間接消費者（其餘額逐季下降）加起來，我們應該會接近 70，並逐漸下降，直到達到 30 的標準化水平。

Okay, great. I appreciate the color on. And then switching gears to loan growth. Kind of understand you guys are certainly a high-growth bank tham most. But the industry really isn't seeing much growth right now. Just hope you can lay out some of the key drivers of the 10% number. And then as it relates to deposit growth, do you expect deposit growth to kind of maybe pick back up here or just kind of a level, you'd like to see the loan-to-deposit ratio trend over time?

好的，太好了。我很欣賞它的顏色。然後轉向貸款成長。有點明白你們一定是一家最高速成長的銀行。但該行業目前確實沒有看到太大的成長。只是希望您能列出 10% 這個數字的一些關鍵驅動因素。然後，由於它與存款增長有關，您是否預計存款增長可能會回升，或者只是達到一定水平，您希望看到貸存比隨時間的趨勢？

Yeah, look. I think it's important to note we've set a target of 95%. Our view was we were never going to continue operating in the 87% --88% range that we had dipped down to post, when we did the sale transactions. And so we've utilized that excess cash obviously this quarter. And as we noted, we had some higher cost commercial to commercial clients that had some significant reductions as well as the higher cost municipal go out which then offsets all the hard work of the growth rate on the organic side.

是的，看。我認為值得注意的是我們設定了 95% 的目標。我們的觀點是，當我們進行銷售交易時，我們永遠不會繼續在 87% -88% 的範圍內運作。因此，我們本季顯然已經利用了多餘的現金。正如我們所指出的，我們有一些成本較高的商業對商業客戶，這些客戶有一些顯著的減少，以及成本較高的市政支出，從而抵消了有機方面增長率的所有艱苦工作。

So we had a net down $62 million. Our view is always, it has been and will continue to be that we need to grow deposits in tandem with loans we want to stay in around that 95%. That doesn't mean that you always hit 95%, we can be within a range of that. So whether it stays in this 93% and change or whether it goes up to 97% and change, our view is the 95% is the target and that's what we want to maintain.

所以我們淨虧損 6200 萬美元。我們的觀點始終是，過去是，未來也將繼續是，我們需要在增加存款的同時增加貸款，我們希望貸款率保持在 95% 左右。這並不意味著你總是能達到 95%，我們可以在這個範圍內。因此，無論是停留在 93% 並發生變化，還是上升到 97% 並發生變化，我們的觀點是 95% 是目標，這就是我們想要維持的目標。

Regarding the the loan production, it's a combination of what in my mind, two things. The driver that's happened across both the consumer and commercial portfolios with all of the people, the quality people we've added, particularly over the last 12 to 18 months coupled with the quality people we had in the organization, that continues to build.

關於貸款生產，我認為這是兩件事的結合。消費者和商業投資組合中所有人員的驅動力，我們增加的高素質人才，特別是在過去12 到18 個月內，再加上我們在組織中擁有的高素質人才，這種動力仍在不斷增強。

And again, we added a significant number of business development personnel this past quarter as Shary referenced in the increase in head count. When you get those folks added in a quarter and now they're here onboarded and beginning to produce, you've now got a full quarter's worth of production that they're now bringing to the table. And so that's the way we're getting to that annualized growth number.

正如莎裡在員工人數增加中提到的那樣，上個季度我們再次增加了大量業務開發人員。當你在一個季度內增加這些人，現在他們已經加入並開始生產時，你現在就得到了他們現在帶來的整個季度的生產價值。這就是我們獲得年化成長率的方法。

Awesome. Thanks. Thanks for taking my questions, guys.

驚人的。謝謝。謝謝你們回答我的問題，夥伴們。

Okay. Thank you.

好的。謝謝。

Will Jones, KBW.

威爾瓊斯，KBW。

Hey, great. Good morning, everyone. I just wanted to start -- I wanted to flip back to the current discussion. Shary, I appreciate the commentary on just what where do you think charge-offs are going? And I know and of 70 basis points is a little bit higher than kind of the 40 basis points to 50 basis points that we had previously talked about. I guess the broader question is, if we see more sort of charge-offs in the 70 basis points range and I think normalized is closer to 30 basis points, what do you feel like is the time line to get to get back to that 30 basis points range? Is it going to be a 2025 event in your mind?

嘿，太棒了。大家早安。我只是想開始——我想回到當前的討論。Shary，我很欣賞關於您認為沖銷將走向何方的評論？我知道 70 個基點比我們之前討論過的 40 到 50 個基點要高一些。我想更廣泛的問題是，如果我們在 70 個基點範圍內看到更多種類的沖銷，並且我認為標準化更接近 30 個基點，您認為回到 30 個基點的時間線是什麼？您認為這會是 2025 年的活動嗎？

The reason for the 70 basis points is primarily driven by the indirect consumer portfolio. Once the indirect consumer portfolio runs off, which we're estimating would be by -- primarily by the first quarter of 2025, we're expecting to be back at the normalized level of charge-offs lower than 30 basis points. So it should be early 2025.

70個基點的原因主要是由間接消費者投資組合所驅動的。一旦間接消費者投資組合耗盡（我們預計主要是在 2025 年第一季），我們預計沖銷將回到低於​​ 30 個基點的正常水平。所以應該是 2025 年初。

Yes. Okay.

是的。好的。

Yeah, look, I think what we were seeing right, and I referenced this, you're looking at a 500 basis points swing in interest rates that's impacted, particularly as Shary has referenced right. Most of the floating rate we've got is on the C&I side. And so, when you look at the credits that we're talking about today, the majority are on the C&I side where those borrowers have had more financial pressure than you've had.

是的，看，我認為我們所看到的是正確的，我提到了這一點，你看到的是受到影響的利率波動 500 個基點，特別是正如 Shary 所提到的那樣。我們獲得的大部分浮動利率是在商業和工業方面。因此，當您查看我們今天討論的信貸時，您會發現大多數信貸都在 C&I 方面，這些借款人面臨的財務壓力比您更大。

They've also had higher operating costs, right, year-over-year, right. Things just simply such as the insurance costs, the increases year-over-year. So our view is the ones who can sustain going forward, right. That we've seen that they've met their debt service covenants, they've met coverage ratios, they've met their requirements for getting their financials done on time, and that we're nothing seeing deterioration.

他們的營運成本也逐年上升，對吧。事情很簡單，例如保險費用逐年增加。所以我們的觀點是那些能夠持續前進的人，對吧。我們看到他們滿足了償債契約，滿足了覆蓋率，滿足了按時完成財務的要求，而且我們沒有看到任何惡化。

I think we've seen a pop here of what happened year-over-year in the portfolio. And frankly, if you think about the timing of when you would expect year-end financial information, it's the second quarter. So most of those audited financials or reviewed financials are coming in in 2Q. And so, that's what I think from our perspective and the discussions we've had gives us more confidence as we look forward on the portfolio.

我認為我們已經看到了投資組合中逐年發生的情況。坦白說，如果您考慮預計年終財務資訊的時間，那就是第二季。因此，大多數經過審計的財務數據或經過審查的財務數據都將在第二季公佈。因此，這就是我從我們的角度認為的，我們進行的討論讓我們在展望投資組合時更有信心。

Look, it's not to say that there can't be something else, and by the way, I do want to just make a comment. Anyone who's listened to our calls, met us at investor conferences knows that we book fairly solid financial exposures. When you think about credits we booked we're referencing $20 million to $30 million exposures.

聽著，這並不是說不能有其他的事情，順便說一句，我確實想發表評論。任何聽過我們電話、在投資者會議上見過我們的人都知道，我們的財務風險敞口相當穩固。當您考慮我們預訂的信用時，我們指的是 2000 萬至 3000 萬美元的風險敞口。

We're booking a lot more of commercial production on our books, so whether it's C&I or CRE, then probably other banks of our size who probably got bigger one to four portfolios than we do, et cetera.

我們在帳簿上預訂了更多的商業生產，所以無論是 C&I 還是 CRE，然後可能是我們規模的其他銀行，他們可能比我們擁有更大的一到四個投資組合，等等。

So I think with us that's something else also to take in note. And that's why I wanted to highlight it was two larger credits. It was very specific situations in both of those. And again, the timing of the second quarter and the receipt of information is really important to take into account.

所以我認為對我們來說還有其他一些事情要注意。這就是為什麼我想強調它是兩個更大的學分。這兩件事都是非常具體的情況。再說一遍，第二季的時間安排和資訊的接收非常重要。

Okay, thanks. Thanks for all that commentary. And then I just wanted to clarify just two quick things on the Houston sale. I know it'll take place in the fourth quarter. In the deck, you kind of called out about $5 million of personnel costs that are associated with that.

好的，謝謝。感謝所有評論。然後我只想澄清有關休斯頓拍賣的兩件事。我知道這將在第四季度發生。在簡報中，您提到了與此相關的約 500 萬美元的人員​​成本。

That'll kind of exit as that transaction comes through. But are there any other costs or any other formal cost savings that you expect to kind of harvest or realize from that transaction that maybe we're not thinking about as we move into 2025?

當交易完成時，這種情況就會退出。但是，在進入 2025 年時，您是否期望從該交易中收穫或實現任何其他成本或任何其他正式成本節約，而我們可能沒有考慮這些成本？

I think that in addition to direct cost that we have covered as part of the transaction disclosure, I would see an opportunity to be able to redeploy some of the Florida team members that also work in connection with the Houston team to be able to focus on the increased production that we're going to have in Florida.

我認為，除了我們在交易揭露中涵蓋的直接成本之外，我還看到了一個機會，能夠重新部署一些也與休士頓團隊合作的佛羅裡達團隊成員，以便能夠專注於我們將在佛羅裡達州增加產量。

Yeah, I think that's really well said because we are still right up through the closing, which we expect, again, as we've talked about, sometime in the fourth quarter, giving full support, right. So, whether you think about it for operations support, tech support, facility support, you name it, that's all part of what Shary is referencing there.

是的，我認為這句話說得很好，因為我們仍處於收盤階段，正如我們所討論的，我們再次期望在第四季度的某個時候給予全力支持，對吧。因此，無論您考慮的是營運支援、技術支援、設施支持，凡是您能想到的，這都是 Shary 所提到的內容的一部分。

So, yes, those folks can be either repositioned to focus on opportunities here, the growth opportunities and support here, or if there's any kind of attrition that we've got of existing personnel to offset that. So I think it gives us some capacity as we continue to grow down here in Florida.

所以，是的，這些人可以重新定位，專注於這裡的機會、成長機會和支持，或者我們是否有任何現有人員的流失來抵消這一點。所以我認為，隨著我們在佛羅裡達州繼續發展，它為我們提供了一些能力。

Yeah, okay. And then just as we think about how that would translate to where 2025 expenses land, if we get some of this cost savings from the transaction, but a lot of that is reinvested, what is kind of like a good growth rate to think about into 2025 as we think about expenses? I know we're a long way away from that. I'm not trying to pin you to guidance now, but just trying to think about how expenses could look as we kind of exit 2024.

是啊，好吧。然後，正如我們思考這將如何轉化為 2025 年支出的情況一樣，如果我們從交易中節省了一些成本，但其中很大一部分進行了再投資，那麼需要考慮的良好增長率是多少？會考慮開支嗎？我知道我們離這個目標還有很長的路要走。我現在並不是想讓你接受指導，只是想考慮一下 2024 年退出時的支出狀況。

I think that when we think about the expenses from -- after we adjust for the Houston transaction, I think we would still see ourselves closer to the $68 million and it's kind of a repurposing of the expenses towards our investment here in Florida. So it should be more of a normal -- normalized level.

我認為，當我們考慮休士頓交易調整後的費用時，我認為我們仍然會看到自己更接近 6800 萬美元，這是我們在佛羅裡達州投資的費用的重新調整。所以它應該是一個更正常的——標準化的水平。

Yeah, well, I think that the thing, and we'll give clear guidance on this next quarter and the fourth quarter, but the ramp-up that we're having now, and that's kind of where we were going with the incremental spend is not just on people, but it's also the expansion of facilities, right.

是的，嗯，我認為這件事，我們將在下個季度和第四季度提供明確的指導，但我們現在正在增加，這就是我們增量支出的方向不僅僅是人的問題，還有設施的擴建，對吧。

The growth push into Palm Beach, the growth push to Miami Beach where we had no coverage, where we have no coverage here before. And then the push in to get some size and scale in Tampa, that's -- some of those expenses obviously, are going to be part of that offset that Shary was referencing.

增長推向棕櫚灘，增長推向邁阿密海灘，我們之前沒有報導過那裡。然後推動坦帕達到一定的規模和規模，顯然，其中一些費用將成為莎裡提到的抵消的一部分。

Okay, that's helpful. And lastly, for me, just housekeeping. The provision this quarter, that also included the $4.4 million reversal from Houston, right?

好的，這很有幫助。最後，對我來說，只是做家事。本季的準備金還包括來自休士頓的 440 萬美元逆轉，對吧？

Correct.

正確的。

Okay, party. Thanks for my questions.

好吧，聚會。謝謝你的提問。

Thank you.

謝謝。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

I guess I'm curious. I know, Jerry, you said these are kind of some specific situations around some of the commercial loans, but it's just obviously outside of what we've seen from most of the industry this quarter. So I'm kind of curious, do you think there's any trends happening specifically in Florida in terms of overall economic or business trends that maybe are not as positive as what we've become accustomed to over the past few years? Or are these more idiosyncratic in nature in your view?

我想我很好奇。我知道，傑瑞，你說過這些是一些商業貸款的一些具體情況，但這顯然超出了我們本季從大多數行業看到的情況。所以我很好奇，您認為佛羅裡達州在整體經濟或商業趨勢方面是否有任何趨勢可能不像我們過去幾年所習慣的那樣積極？或者在您看來，這些本質上更特殊嗎？

I have to tell you, Stephen, I think they're far more idiosyncratic. We've talked about the one being a specialty healthcare industry-related credit. The other one is absolutely the change of leadership. I don't want to go into all the details, but the CEO change or the passing of someone, obviously, had a significant impact in that particular credit.

我必須告訴你，史蒂芬，我認為他們更獨特。我們已經討論過與專業醫療保健產業相關的信貸。另一個絕對是領導階層的更迭。我不想透露所有細節，但執行長的變更或某人的去世顯然對這一特定信用產生了重大影響。

Our view is there's a path to a good resolution on these. And again, what I said before, I think we ran multiple scenarios to make sure that we took a prudent, we'll call it, approach to the one to make sure. But again, given that's private equity backed, we feel that there's a path to getting done, and we're going to know that here in the next couple of months.

我們的觀點是，有一條途徑可以很好地解決這些問題。再說一次，正如我之前所說，我認為我們運行了多種場景，以確保我們採取謹慎的方法（我們稱之為謹慎方法）來確保這一點。但同樣，考慮到這是私募股權的支持，我們認為有一條路可以完成，我們將在接下來的幾個月內知道這一點。

Yeah. And does what you've seen -- and you kind of noted these are a couple of larger commercial loans, which maybe your balance sheet looks different than some of other like-sized banks. Does it make you any more apprehensive about near-term growth, specifically maybe in larger commercial?

是的。正如您所看到的那樣，您注意到這些是幾筆規模較大的商業貸款，也許您的資產負債表看起來與其他一些規模相似的銀行不同。這是否讓您對近期成長更加擔憂，特別是在大型商業領域？

I think we're continuously refining on a risk appetite perspective to make sure that we're not going to be booking something that becomes so specialty oriented or could create some sort of another more challenging scenario for us if there were a credit event there.

我認為我們正在不斷完善風險偏好的角度，以確保我們不會預訂那些變得如此專業的東西，或者如果那裡發生信貸事件，可能會給我們帶來另一種更具挑戰性的情況。

And I think that our view on this. And again, remember, the interesting thing with these, Stephen, is you're dealing with a situation where these loans are performing, right. They're paying as agreed, so it's odd to say they're non-performing, right, in that respect. But I think that the way I look at it going forward is still, look, we've got a lot of expertise in the building, and we've added a lot more expertise both on the Biz deck side.

我認為我們對此的看法。再次，請記住，史蒂芬，這些有趣的事情是你正在處理這些貸款正在執行的情況，對吧。他們按照約定付款，所以說他們在這方面表現不佳很奇怪，對吧。但我認為我對未來的看法仍然是，看，我們在建築方面擁有很多專業知識，並且我們在商務甲板方面增加了更多的專業知識。

I mean, from the leadership of the court commercial bank down through the leadership in credit. I mean, we've added really, really strong folks in both the C&I and the commercial real estate side. So I think the strength of the teams gives me a lot more confidence about the forward view when you think about in meeting the growth.

我的意思是，從法院商業銀行的領導到信貸領域的領導。我的意思是，我們在工商業和商業房地產方面都增加了非常非常強大的人員。所以我認為，當你考慮實現成長時，團隊的實力讓我對未來的前景更有信心。

Yes, that's helpful. Okay. And then just maybe last thing around this topic.

是的，這很有幫助。好的。然後也許是圍繞這個主題的最後一件事。

As you get to, let's call it 2Q 2025 for argument in the indirect, consumers run down, and we're past these more elevated net charge-offs. Was that a kind of fair percentage for the loan loss reserve? I mean, would you expect it to come down from this 1.41% back to, I don't know, maybe 1.20% level we saw in 1Q '23? Or what's kind of a normalized level for the reserve area?

說到這裡，我們稱之為 2025 年第二季度，因為間接的論點是，消費者減少，而我們已經過去了這些更高的淨沖銷。這是貸款損失準備金的合理百分比嗎？我的意思是，您是否預計它會從 1.41% 回落到，我不知道，也許是我們在 23 年第一季看到的 1.20% 水平？或者說保護區的標準化水準是多少？

Look, I think it's always going to be something probably closer in the 1.25% range. Remember that in our particular case, there's a couple of specific reserves in that mix of the 1.40% plus right now. So as you get to a resolution on those credits, I think you'll naturally see us be more in the 1.25% range. And as we think about production on a go-forward basis, we're always looking that it's roughly around 1% just given the asset mix.

看，我認為它總是可能更接近 1.25% 的範圍。請記住，在我們的特定情況下，目前 1.40% 以上的組合中有一些特定的準備金。因此，當您就這些抵免額達成決議時，我想您自然會看到我們的利率在 1.25% 的範圍內。當我們考慮未來的生產時，我們總是認為考慮到資產組合，它大約在 1% 左右。

Yes, perfect. Okay. And then just last thing for me is on the -- you guys noted some talk about balance sheet preparation for lower rates. Can you remind me what that looks like and if there's anything that should materially change kind of your asset sensitivity as it stands now?

是的，完美。好的。對我來說最後一件事是——你們注意到一些關於為較低利率準備資產負債表的討論。您能否提醒我這是什麼樣的，以及是否有任何事情會實質改變您目前的資產敏感性？

No. So, in preparation for the downward rate trend, we're working with floor rates as we continue loan production on the credits. We also have multiple hedging alternatives, including low and high floors.

不。因此，為了因應利率下降趨勢，我們在繼續信貸生產的同時，正在研究最低利率。我們還有多種對沖選擇，包括低地板和高地板。

And we also work into the deposits that are tied as deposit covenants to these loans. They're at interest-bearing -- they are interest-bearing deposits that would reprice automatically as the loan reprices as well. So under a downward rate scenario, we have calculated shocks of 25 cuts, and it would represent a full quarter's activity, less than 500,000 for us.

我們也研究與這些貸款掛鉤的存款。它們是計息存款——它們是計息存款，會隨著貸款重新定價而自動重新定價。因此，在利率下調的情況下，我們計算了 25 次降息的衝擊，這將代表整個季度的活動，對我們來說不到 50 萬次。

Okay, great. Thanks for all the color and the transparency today.

好的，太好了。感謝今天所有的顏色和透明度。

Okay. Thanks, Stevphen.

好的。謝謝，史蒂芬。

Jake Civeo, Janney Montgomery Scott.

傑克·西維奧，珍妮·蒙哥馬利·斯科特。

Hey, good morning, Was there -- I apologize if I missed this, but was there any negative impact to the NIM from the interest accrual reversals due to the higher non-accrual loans in the quarter?

嘿，早上好，如果我錯過了這一點，我很抱歉，但是由於本季度非應計貸款增加而導致的應計利息逆轉是否對淨息差產生了負面影響？

Thera was a NIM impact, but because most of these credits are still performing, the amount that we had to reverse for that last period was not as significant. If they had been without payment performance, the reversal would have been higher, but there was a slight impact into the NIM. It's roughly 700,000.

Thera 受到 NIM 影響，但由於大部分信貸仍在執行，因此我們在最後一個時期必須沖銷的金額並不那麼大。如果他們沒有支付績效，逆轉會更高，但對淨利差有輕微影響。大約是70萬。

Okay. Thank you. And then the one other question that I wanted to ask was just any updated thoughts around potential for utilization of the buyback? Obviously, this quarter was a little more elevated than it has been in recent periods? Just kind of wanted to get your updated thoughts there.

好的。謝謝。然後我想問的另一個問題是關於利用回購潛力的任何最新想法嗎？顯然，本季的漲幅比最近幾個時期要高一些？只是想了解您的最新想法。

Yeah Look, I think we -- we've noted that we're authorized still for another 15.6, I believe that number is. We basically, during the second quarter just given everything that was on, we put it in a 10b5-1 and set parameters. And we're pretty much continuously in the market. Right now, we're still in that plan.

是的，我想我們——我們已經注意到我們仍然獲得了另一個 15.6 的授權，我相信這個數字是。基本上，在第二季度，我們只給出了所有正在運行的內容，我們將其放入 10b5-1 中並設定參數。我們幾乎一直在市場上。目前，我們仍在該計劃中。

And look, as always, we'll evaluate our capital needs growth plans. I think that we have said repeatedly that maintaining the strong capital ratios that we have and putting out the obviously future earnings are going to be very critical for us continuing to wanting to continue buybacks post third quarter.

像往常一樣，我們將評估我們的資本需求成長計劃。我認為我們已經反覆說過，保持我們現有的強勁資本比率並公佈明顯的未來收益對於我們繼續希望在第三季後繼續回購至關重要。

So our expectations are for stronger performance going forward in order to continue to support it to continue at next and you start to think about late third quarter going into the fourth quarter. But our view is that it's an important tool.

因此，我們的期望是未來會有更強勁的業績，以便繼續支持它在下一個季度繼續發展，你開始考慮第三季末進入第四季。但我們認為它是一個重要的工具。

We've said that all along. And the sense is that, we believe that we should have obviously, we take very seriously what has happened this quarter as it relates to the impact in our new additional provision on book sans the provision. Obviously you can see it was a very strong performance and we believe we can achieve that strong performance on a go forward.

我們一直這麼說。我們的意思是，我們認為我們顯然應該非常認真地對待本季發生的事情，因為它與我們對圖書的新附加條款（無條款）的影響有關。顯然，你可以看到這是一個非常強勁的表現，我們相信我們可以繼續前進，實現如此強勁的表現。

Appreciate the thoughts, Jerry. Thanks.

欣賞你的想法，傑瑞。謝謝。

Absolutely. Thanks, Jake.

絕對地。謝謝，傑克。

Thank you. We have reached the end of our question and answer session. I would now like to turn the floor back over to Jerry Plush for closing comments.

謝謝。我們的問答環節已經結束。我現在想把發言權交還給傑瑞·普魯什（Jerry Plush）以徵求結束意見。

All right. Thank you, everyone, for joining our second quarter call. We appreciate your interest in our company and your continued support. Have a great day.

好的。感謝大家參加我們的第二季電話會議。我們感謝您對我們公司的興趣和持續的支持。祝你有美好的一天。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。