Associated Banc-Corp (ASB) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Associated Banc-Corp's third-quarter 2025 earnings conference call. My name is Diego, and I will be your operator today. (Operator Instructions) Copies of the slides that will be referenced during today's call are available on the company's website at investor.associatedbank.com. As a reminder, this conference call is being recorded.

各位下午好，歡迎參加 Associated Banc-Corp 2025 年第三季財報電話會議。我叫迭戈，今天由我來為您接聽電話。（操作說明）本次電話會議將要提及的投影片副本可在本公司網站 investor.associatedbank.com 上取得。請注意，本次電話會議正在錄音。

As outlined on slide 1, during the course of the discussion today, management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Associated's actual results could differ materially from the results anticipated or projected in any such forward-looking statements. Additional detailed information concerning the important factors that could cause Associated's actual results to differ materially from the information discussed today is readily available on the SEC website in the Risk Factors section of Associated's most recent Form 10-K and subsequent SEC filings. These factors are incorporated herein by reference.

如投影片 1 所述，在今天的討論過程中，管理階層可能會發表一些構成預測、預期、信念或類似前瞻性陳述的聲明。Associated的實際業績可能與任何此類前瞻性聲明中預期或預測的績效有重大差異。有關可能導致 Associated 實際業績與今天討論的信息存在重大差異的重要因素的更多詳細信息，可在美國證券交易委員會 (SEC) 網站上 Associated 最新 10-K 表格及後續 SEC 文件中的“風險因素”部分查閱。這些因素透過引用納入本文。

For a reconciliation of the non-GAAP financial measures to the GAAP financial measures mentioned in this conference call, please refer to pages 24 through 26 of the slide presentation and to pages 10 and 11 of the press release financial tables. Following today's presentation, instructions will be given for the question-and-answer session.

有關本次電話會議中提及的非 GAAP 財務指標與 GAAP 財務指標的調整表，請參閱投影片簡報第 24 至 26 頁以及新聞稿財務表格第 10 和 11 頁。今天的演講結束後，將進行問答環節的說明。

At this time, I would like to turn the conference over to Andy Harmening, President and CEO, for opening remarks. Please go ahead, sir.

此時，我謹將會議交給總裁兼執行長安迪‧哈明，請他致開幕詞。請繼續，先生。

Well, good afternoon, everyone, and thank you for joining us for our third-quarter earnings call. This is Andy Harmening. I am joined once again by our Chief Financial Officer, Derek Meyer; and our Chief Credit Officer, Pat Ahern. I'll start some highlights of the quarter. Derek will cover the income statement and capital trends, and Pat will provide an update on credit quality.

大家下午好，感謝各位參加我們的第三季財報電話會議。這是安迪·哈明。再次與我一同出席的還有我們的財務長德里克·邁耶和首席信貸官帕特·阿赫恩。我先來總結本季的一些亮點。Derek 將介紹損益表和資本趨勢，Pat 將提供信貸品質的最新情況。

Over the course of 2025, we've been squarely focused on execution and delivering on the strategic growth investments we've made across our company. Nine months into the year, we continue to see several trends that are both leading to strong current results and positioning us for future performance. We're proving that we can grow and deepen our customer base organically. We've posted net household growth each quarter so far in '25 and are on pace to deliver our strongest year for organic checking household growth since we began tracking a decade ago.

2025 年，我們將全力以赴執行和落實公司各項策略成長投資。今年已經過去九個月了，我們持續看到一些趨勢，這些趨勢既帶來了強勁的當前業績，也為我們未來的表現奠定了基礎。我們正在證明，我們可以透過有機成長來擴大和深化我們的客戶群。2025 年至今，我們每季都實現了淨家庭成長，並且有望實現自十年前開始追蹤以來最強勁的有機支票帳戶家庭成長。

We're also proving that we can grow and remix our balance sheet simultaneously. On the asset side, we've added nearly $1 billion in high-quality C&I loans year to date while working down our mix of low-yielding low-relationship value resi mortgages. On the liability side, we added over $600 million in core deposits in the third quarter, enabling us to work down our wholesale funding mix.

我們也正在證明，我們可以同時實現成長和資產負債表重組。在資產方面，今年迄今為止，我們新增了近 10 億美元的高品質 C&I 貸款，同時減少了低收益、低關係價值的住宅抵押貸款組合。在負債方面，我們在第三季增加了超過 6 億美元的核心存款，使我們能夠降低批發融資結構。

As this mix shift continues, it enables us to drive stronger profitability after delivering quarterly net interest income of $300 million in the second quarter, a record for our company. We posted another record of $305 million in Q3. And with this enhanced profitability comes enhanced capital generation. We added another 13 basis points of CET1 capital in Q3 and have now added 30 basis points year to date. This capital generation enables us to support our growth while continuing to execute on our organic strategy.

隨著這種組合轉變的持續，我們得以在第二季實現 3 億美元的季度淨利息收入（創公司紀錄）後，進一步提高獲利能力。第三季我們再次創下3.05億美元的營收紀錄。獲利能力的提高會帶來資本累積的增加。我們在第三季增加了 13 個基點的 CET1 資本，今年迄今已增加了 30 個基點。此次資本累積使我們能夠在繼續執行有機成長策略的同時，支持我們的業務成長。

Now I'll remind you, just because we're growing assets doesn't mean we're stretching. Credit discipline remains foundational to our strategy, and our growth is focused on high-quality commercial relationships and prime/super prime consumer borrowers, which is consistent with our conservative credit culture built over the last 1.5 decades.

現在我要提醒各位，資產成長並不代表我們在擴張。信貸紀律仍然是我們策略的基礎，我們的成長重點是高品質的商業關係和優質/超優質消費借款人，這與我們在過去 15 年中建立的保守信貸文化是一致的。

We continue to manage our existing portfolios proactively and meet with our customers regularly to stay on top of emerging risks. As we look at the remainder of 2025 and '26, Associated Bank has strong momentum that continues to build. While we continue to monitor risks tied to the macro uncertainty, our growth strategy puts us in a position to grow and deepen our customer base, take market share, remix our balance sheet, and improve our return profile without having to rely strictly on a hot economy or a perfect rate environment.

我們持續積極管理現有投資組合，並定期與客戶會面，以掌握新出現的風險。展望 2025 年和 2026 年的剩餘時間，聯合銀行擁有強勁的發展勢頭，而且這種勢頭還在不斷增強。儘管我們仍在密切關注與宏觀經濟不確定性相關的風險，但我們的成長策略使我們能夠在不完全依賴火熱的經濟或完美的利率環境的情況下，發展和深化我們的客戶群，獲取市場份額，重組資產負債表，並改善我們的回報狀況。

With that, I'd like to walk through some additional financial highlights on slide 2. In Q3, we reported earnings of $0.73 per share. Total loans grew by another 1% versus the prior quarter and 3% versus Q3 of '24. Adjusting for the loan sale we completed in January, we've grown loans by 5.5% over that same time period. C&I lending has continued to lead the way as we deepen relationships across our markets and see noncompete agreements from our new RMs expire, we grew nearly $300 million of C&I loans and we've now grown C&I loans by nearly $1 billion year to date.

接下來，我想在第二張投影片上再介紹一些其他的財務亮點。第三季度，我們公佈的每股收益為 0.73 美元。貸款總額較上一季成長 1%，較 2024 年第三季成長 3%。考慮到我們在 1 月完成的貸款出售，同期我們的貸款增加了 5.5%。隨著我們不斷深化與各市場的關係，以及新客戶經理的競業禁止協議到期，工商業貸款業務繼續保持領先地位，我們的工商業貸款增長了近 3 億美元，今年迄今為止，我們的工商業貸款增長了近 10 億美元。

Shifting to the other side of the balance sheet, seasonal deposit positive inflows came back as expected during the quarter, with our core customer deposits up 2% or $628 million from Q2. With that said, we're seeing more than just seasonal strength. Core customer deposits were also up over 4% or $1.2 billion relative to the same period a year ago.

從資產負債表的另一端來看，本季季節性存款正流入如預期般恢復，核心客戶存款較第二季成長 2%，即 6.28 億美元。也就是說，我們看到的不僅僅是季節性的強勁表現。與去年同期相比，核心客戶存款也成長了 4% 以上，即 12 億美元。

Moving to the income statement. Our Q3 net interest income of $305 million set a new record as the strongest quarterly NII we've seen in our company's history. Our NII was up 16% relative to Q3 of 2024. We also saw strong quarterly noninterest income of $81 million in Q3, a 21% increase from the prior quarter. The increase was driven primarily by capital markets revenue, wealth fees, and a onetime asset gain of approximately $4 million tied to deferred compensation plans.

接下來來看損益表。我們第三季淨利息收入達到 3.05 億美元，創下公司史上最高的季度淨利息收入紀錄。我們的淨利息收入比 2024 年第三季成長了 16%。第三季非利息收入也強勁成長，達到 8,100 萬美元，比上一季成長 21%。此次成長主要得益於資本市場收入、財富管理費用以及與遞延補償計劃相關的約 400 萬美元的一次性資產收益。

Total noninterest expense was $216 million in Q3, up $7 million from the prior quarter. The quarterly increase was primarily driven by performance-based incentive programs, delivering positive operating leverage continues to help us post strong quarterly operating results and is a primary objective as we execute our plan.

第三季非利息支出總額為 2.16 億美元，較上一季增加 700 萬美元。季度成長主要得益於基於績效的激勵計劃，實現積極的營運槓桿作用，這繼續幫助我們取得強勁的季度經營業績，也是我們執行計劃的主要目標。

Managing credit risk is also a top priority, and we remain pleased with asset quality trends. In Q3, delinquencies were flat and nonaccruals were just 34 basis points of total loans. Net charge-offs were also flat at 17 basis points and our ACLL decreased 1 basis point to 1.34%. And finally, we posted a return on average tangible common equity of over 14% in Q3, a 250 basis point improvement from Q3 of last year.

信用風險管理也是我們的首要任務，我們對資產品質趨勢仍然感到滿意。第三季度，違約率持平，非應計貸款僅佔貸款總額的 34 個基點。淨沖銷額也維持在 17 個基點，我們的 ACLL 下降了 1 個基點至 1.34%。最後，我們第三季的平均有形普通股股東權益報酬率超過 14%，比去年第三季提高了 250 個基點。

On slide 3, we provide a reminder of how our strategic investments are transforming our return profile and setting us up for additional momentum over the remainder of this year and into 2022. First, we're positioned to take market share in commercial lending and deposit acquisition, thanks to a strategy predicated on hiring talented RMs in metro markets where we're underpenetrated.

在第 3 張投影片中，我們將回顧我們的策略投資如何改變我們的回報狀況，並為我們在今年剩餘時間和 2022 年的進一步發展勢頭奠定基礎。首先，我們憑藉在滲透率較低的大都會市場招募優秀客戶經理的策略，在商業貸款和存款取得領域佔據了市場份額。

In fact, we've already seen results from our efforts. Through the first nine months of the year, we've already added nearly $1 billion in C&I loans to our balance sheet with pipelines remaining strong and several more noncompete set to roll up between now and the first quarter of next year, we expect our momentum to carry through '26. And as those relationship C&I balances come onto the books, they're replacing lower-yielding non-relationship resi mortgage balances that are rolling off, positioning us to diversify our asset base more profitably without changing our conservative approach to credit.

事實上，我們已經看到了努力的成果。今年前九個月，我們已經向資產負債表增加了近 10 億美元的工商業貸款，貸款儲備依然強勁，而且從現在到明年第一季度，還有幾筆競業禁止協議即將到期，我們預計這種勢頭將持續到 2026 年。隨著這些商業和工業貸款餘額計入帳簿，它們正在取代收益較低的非商業住宅抵押貸款餘額，這些餘額正在到期，這使我們能夠在不改變我們保守的信貸方法的情況下，更有效地分散我們的資產基礎。

This mix shift is driving enhanced profitability. Over the past two quarters, we saw our margin climb above 3% and posted back-to-back quarters of record NII. As we continue to grow and remix our asset base and support it with low cost core deposits, we see additional opportunity ahead.

這種結構轉變正在推動獲利能力的提升。在過去的兩個季度裡，我們的利潤率攀升至 3% 以上，並連續兩個季度創下淨利息收入紀錄。隨著我們不斷擴大和重組資產基礎，並以低成本的核心存款為其提供支持，我們看到了未來更多的機會。

On slide 4, we highlight our loan trends through Q3. On both an average and period-end basis, quarterly loans grew by 1% versus Q2. And that growth was once again led by the C&I category. On a spot basis, C&I loans grew by 3% or nearly $300 million versus the prior quarter. After adding nearly $1 billion in C&I balances to our balance sheet year-to-date, we feel very well positioned to meet or exceed the $1.2 billion growth target we originally set for ourselves in 2025, thanks to the strength of our pipelines and the additional lift from newly hired RMs as our noncompetes expire.

在第 4 張投影片中，我們重點介紹了截至第三季的貸款趨勢。無論以平均值或期末計算，季度貸款額均比第二季度增加了 1%。而這一成長再次由工商業領域引領。以現貨計算，工商業貸款較上一季成長 3%，即近 3 億美元。今年迄今為止，我們的資產負債表上新增了近 10 億美元的工商業餘額，這得益於我們強大的項目儲備以及隨著競業禁止協議到期，新聘客戶經理帶來的額外推動，我們感覺自己完全有能力實現或超過我們最初在 2025 年設定的 12 億美元的增長目標。

Auto balances also grew by $72 million in the third quarter as we've continued to be -- to selectively add prime and super prime balances to our book. Total CRE balances grew slightly for the quarter, but decreased by $160 million on a quarterly average basis. We expect elevated CRE payoff activity in the coming quarters as rates continue to fall. Overall, we continue to expect total bank loan growth of 5% to 6% for the year.

第三季汽車貸款餘額也增加了 7,200 萬美元，因為我們繼續有選擇地將優質貸款和特級貸款餘額添加到我們的帳簿中。本季商業房地產總餘額略有增長，但按季度平均計算減少了 1.6 億美元。我們預計，隨著利率持續下降，未來幾季商業房地產還款活動將會增加。總體而言，我們仍然預計今年銀行貸款總額將增加 5% 至 6%。

Shifting to slide 5. Total deposits and core customer deposits both bounced back as expected in Q3 following Q2 seasonality. Core customer deposits increased by over $600 million point-to-point with gross spread across most key categories. Relative to the same period a year ago, core customer deposits were up 4% or $1.2 billion. And growth in our core deposit book has enabled us to work down our wholesale funding balances. Here in Q3, overall wholesale funding sources decreased by 2% versus Q2.

切換到第5張投影片。繼第二季季節性因素的影響後，第三季總存款和核心客戶存款均如預期般回升。核心客戶存款額按點對點計算增加了超過 6 億美元，且在大多數主要類別中均有顯著增長。與去年同期相比，核心客戶存款成長了 4%，即 12 億美元。核心存款業務的成長使我們能夠降低批發融資餘額。第三季度，整體批發融資來源較第二季下降了 2%。

Based on our latest forecast, we now expect core customer deposit growth to come in towards the lower end of our 4% to 5% growth range for the year, but we remain confident in our ability to grow granular low-cost, core customer deposits over time for two key reasons. First, our consumer value proposition stacks up well against any bank or fintech in the industry, and we have additional product upgrades planned for late Q4 of '25 and into 2026.

根據我們最新的預測，我們現在預計今年核心客戶存款成長將接近我們 4% 至 5% 成長範圍的下限，但我們仍然有信心隨著時間的推移，實現低成本核心客戶存款的穩步增長，原因有二。首先，我們的消費者價值主張與業內任何銀行或金融科技公司相比都毫不遜色，我們計劃在 2025 年第四季末和 2026 年進行額外的產品升級。

This gives us an engine to attract deep and retain checking households over time, and it's already driving results. After posting the strongest organic primary checking household growth numbers we've seen since we began tracking a decade ago back in Q2, we followed that up with another quarter of solid growth in Q3.

這為我們提供了一個引擎，可以吸引並長期留住深度關注的家庭用戶，而且它已經取得了成效。繼第二季公佈了自十年前開始追蹤以來最強勁的有機主要核查家庭成長數據之後，我們在第三季又實現了穩健成長。

Second, we've refined our focus on commercial deposits by moving to a balanced scorecard, hiring relationship-focused RMs, launching a new deposit vertical, and most recently, hiring Eric Lien as our new Director of Treasury Management.

其次，我們透過採用平衡計分卡、聘請以客戶關係為中心的客戶經理、推出新的存款業務部門，以及最近聘請 Eric Lien 擔任新的財務管理總監，進一步加強了對商業存款的關注。

With pipelines growing and several noncompetes set to expire in the coming months, we feel very well positioned for growth in 2026. We continue to expect that our efforts to drive growth in lower-cost core customer deposit categories, will enable us to further decrease our reliance on wholesale funding sources over time.

隨著管道建設的推進和幾項競業禁止協議將在未來幾個月到期，我們感覺已經為 2026 年的成長做好了充分準備。我們仍然期望，透過推動低成本核心客戶存款類別的成長，能夠隨著時間的推移進一步減少我們對批發融資來源的依賴。

And with that, I'll pass it to Derek to discuss the income statement and capital trends.

接下來，我會把話題交給德瑞克，讓他來討論損益表和資本趨勢。

Thanks, Andy. I'll start with -- I'll start on slide 6 with our yield trends. In the third quarter, total earning asset yields remained flat at a 5.5% and interest-bearing deposit costs also held flat at 2.78%, while total interest-bearing liabilities ticked up 1 basis point to 3.03%. Within our major asset categories, slight decreases in commercial, CRE, and auto yields were offset by slight increases in mortgage and investment yields. While total interest-bearing deposit costs were flat compared to Q2, they were down 55 basis points from Q3 of 2024.

謝謝你，安迪。我先從第 6 張投影片開始，介紹我們的收益率趨勢。第三季度，總生息資產收益率維持在 5.5% 不變，計息存款成本也維持在 2.78% 不變，而計息負債總額則小幅上升 1 個基點至 3.03%。在我們主要資產類別中，商業、商業房地產和汽車收益率的略微下降被抵押貸款和投資收益率的略微上升所抵消。雖然與第二季相比，計息存款總成本持平，但與 2024 年第三季相比下降了 55 個基點。

Moving to slide 7. Third-quarter net interest income of $305 million was up $5 million versus the prior quarter and $42 million versus Q3 of 2024. Q3, net interest margin held firmly above 3% at 3.04%, which was flat compared to Q2 but 26 basis points higher relative to Q3 of 2024. Based on our latest expectations for balance sheet growth and mix, deposit betas and Fed action, we continue to expect to drive net interest income growth of between 14% and 15% in 2025. This forecast assumes two additional Fed rate cuts in 2025.

切換到第7張投影片。第三季淨利息收入為 3.05 億美元，比上一季增加 500 萬美元，比 2024 年第三季增加 4,200 萬美元。第三季度，淨利差穩定在 3% 以上，為 3.04%，與第二季度持平，但比 2024 年第三季高出 26 個基點。根據我們對資產負債表成長和結構、存款貝塔係數和聯準會行動的最新預期，我們繼續預期 2025 年淨利息收入成長率將達到 14% 至 15%。該預測假設聯準會在 2025 年再降息兩次。

Given the potential for additional rates, we've provided a reminder of the steps we've taken to dampen our asset sensitivity on slide 8. Over time, we put ourselves in a more neutral position to minimize interest rate risk. We've maintained repricing flexibility by keeping our funding obligations short we've protected our variable rate loan portfolio by maintaining received fixed swap balances of approximately $2.45 billion, and we built a $3 billion fixed rate auto book with low prepayment risk.

鑑於未來可能出現額外利率，我們在第 8 頁投影片中提醒大家我們已採取哪些措施來降低資產敏感度。隨著時間的推移，我們將自身置於更中立的立場，以最大限度地降低利率風險。我們透過縮短融資義務來維持重新定價的靈活性；我們透過維持約 24.5 億美元的固定互換收入餘額來保護我們的浮動利率貸款組合；並且我們建立了 30 億美元的固定利率汽車貸款組合，其提前還款風險較低。

While we're still modestly asset sensitive, a down 100 ramp scenario now represents just a 0.5% impact to our NII as of Q3. We expect to maintain this relatively neutral position going forward.

雖然我們仍然對資產價格保持適度敏感，但截至第三季度，下跌 100% 的爬坡情景目前僅對我們的淨利息收入產生 0.5% 的影響。我們預計未來將保持這種相對中立的立場。

Moving to slide 9. Total securities increased to $9.1 billion in Q3 as we've continued to modestly build our AFS book. Our securities plus cash to total assets ratio climbed to 23.4% for the quarter. We continue to target a range of 22% to 24% for this ratio.

切換到第9張投影片。第三季證券總額增至 91 億美元，因為我們繼續穩步擴大了可供出售證券 (AFS) 的規模。本季度，我們的證券加現金佔總資產的比例攀升至 23.4%。我們繼續將這一比例的目標範圍設定在 22% 到 24% 之間。

On slide 10, we highlight our noninterest income trends for the quarter. In Q3, total noninterest income of $81 million was up 21% relative to both the prior quarter and the same period last year. The increase in Q3 was primarily driven by strength in capital markets and wealth fees with an additional boost from nonrecurring asset gains. In the capital market space, in particular, the increase was due to an elevated level of activity in our syndications and swaps businesses.

第 10 頁，我們重點介紹了本季的非利息收入趨勢。第三季度，非利息收入總額為 8,100 萬美元，比上一季和去年同期均成長了 21%。第三季的成長主要得益於資本市場和財富管理費用的強勁成長，以及非經常性資產收益的額外推動。尤其是在資本市場領域，成長是由於我們的銀團貸款和互換業務活動水準提高所致。

The asset gain booked during the quarter was approximately $4 billion for deferred compensation valuation adjustment. Given the strong quarter, we now expect a total of -- we now expect total 2025 noninterest income to grow by 5% to 6% relative to 2024, after excluding the nonrecurring items that impacted our fourth-quarter 2024 and first-quarter 2025 results from the balance sheet repositioning we announced last December.

本季確認的資產收益約為 40 億美元，用於遞延薪酬估值調整。鑑於本季業績強勁，我們現在預計 2025 年非利息收入總額將比 2024 年增長 5% 至 6%，這已剔除了去年 12 月宣布的資產負債表調整中影響我們 2024 年第四季度和 2025 年第一季業績的非經常性項目。

Moving to slide 11. Third quarter expenses of $216 million were up $7 million versus Q2, with much of the increase attributed to performance. The increase came in personnel where we booked $4 million of additional expense for the same deferred comp valuation adjustment that was recognized as a gain in our noninterest income. Another large component was a $4 million increase in variable compensation expense the result of strong execution against our strategic plan.

切換到第11張投影片。第三季支出為 2.16 億美元，比第二季增加了 700 萬美元，其中大部分成長歸因於業績成長。增加的原因是人員方面，我們為同一遞延薪酬估值調整計提了 400 萬美元的額外費用，該調整已確認為我們非利息收入中的收益。另一個主要因素是可變薪酬支出增加了 400 萬美元，這是我們策略計畫有效執行的結果。

During Q3, the personnel bucket was also impacted by approximately $1 million of incremental health care costs relative to Q2. Outside of personnel expense, we also saw quarterly increases in technology, business and development and advertising expenses, offset by decreases in legal and professional fees, loan and foreclosure costs, and other noninterest expense.

第三季度，人員支出也受到醫療保健成本增加約 100 萬美元的影響，與第二季度相比。除了人員支出外，我們還看到技術、業務和開發以及廣告支出逐季增加，但法律和專業費用、貸款和止贖成本以及其他非利息支出有所減少，抵消了這些增加。

As we've stated previously, we continue to invest to support growth, but driving positive operating leverage remains a top priority. Here in Q3, our efficiency ratio decreased for the third consecutive quarter coming in below 55%. Based on our latest forecast, we now expect total noninterest expense growth of between 5% and 6% in 2025 off our adjusted 2024 base.

正如我們之前所說，我們將繼續投資以支持成長，但推動積極的經營槓桿仍然是我們的首要任務。第三季度，我們的效率比率連續第三個季度下降，低於 55%。根據我們最新的預測，我們現在預計，在 2024 年調整後的基數基礎上，2025 年非利息支出總額將增加 5% 至 6%。

On slide 12, capital ratios increased across the board once again in Q3. Our TCE ratio of 8.18% in Q3 was up 12 basis points versus the prior quarter and 68 basis points versus Q3 of 2024. Our CET1 ratio increased to 10.33%, a 13 basis point increase relative to the prior quarter and a 61 basis point increase versus the same period a year ago. Based on our expectations for growth in 2025 and current market conditions, we continue to expect to manage CET1 within a range of 10% to 10.5% for the year.

第 12 頁顯示，第三季各項資本比率再次全面上升。第三季我們的 TCE 比率為 8.18%，比上一季成長 12 個基點，比 2024 年第三季成長 68 個基點。我們的 CET1 比率上升至 10.33%，較上一季成長 13 個基點，較去年同期成長 61 個基點。根據我們對 2025 年成長的預期和當前市場狀況，我們繼續預計今年的 CET1 比率將維持在 10% 至 10.5% 的範圍內。

I'll now hand it over to our Chief Credit Officer, Pat Ahern, to provide additional updates on credit quality.

現在我將把發言權交給我們的首席信貸官帕特·阿赫恩，讓她提供有關信貸品質的更多最新資訊。

Thanks, Derek. I'll start with an allowance update on slide 13. Our CECL forward-looking assumptions utilized the Moody's August 2025 baseline forecast. This forecast remains consistent with a resilient economy despite the higher interest rate environment. It contains no additional rate hikes slower but positive GDP growth rates, a cooling labor market, continued elevated levels of inflation, and continued monitoring of ongoing market developments and tariff negotiations.

謝謝你，德里克。我將從第 13 頁投影片開始更新津貼狀況。我們的 CECL 前瞻性假設採用了穆迪 2025 年 8 月的基準預測。儘管利率環境較高，但這項預測仍與經濟的韌性相符。它不包含額外的升息措施，GDP成長放緩但維持正成長，勞動市場降溫，通貨膨脹水準持續高企，並持續監測市場發展和關稅談判。

In Q3, our ACLL increased by $3 million to $415 million. This increase was primarily driven by an increase in commercial and business lending, which largely stemmed from a combination of loan growth, plus normal movement within risk rating categories. Our ACL ratio decreased to 1.34%, down 1 basis point from the prior quarter.

第三季度，我們的ACLL收入增加了300萬美元，達到4.15億美元。這項成長主要由商業貸款的成長所推動，而商業貸款的成長主要源自於貸款成長以及風險評級類別內的正常變動。我們的 ACL 比率下降至 1.34%，比上一季下降 1 個基點。

On slide 14, we continue to review our portfolios closely given ongoing uncertainty in the macro picture, but we maintain a high degree of confidence in our loan portfolios and continue to see solid performance in Q3. Total delinquencies were flat at $52 million in Q3. These delinquency trends are largely in line with the benign trends we've seen for the past several quarters.

在第 14 張投影片中，鑑於宏觀形勢的持續不確定性，我們繼續密切審查我們的投資組合，但我們對我們的貸款組合保持高度信心，並繼續看到第三季度穩健的業績。第三季總違約金額與上季持平，為 5,200 萬美元。這些違約趨勢與我們過去幾季看到的良性趨勢基本上一致。

Total criticized loans ticked higher in Q3 with an increase in substandard accruing partially offset by decreases in the special mention and nonaccrual categories. Much of this increase was driven by migration within CRE as we maintain a proactive and conservative approach relative to credit risk ratings aligning with the current industry guidance.

第三季不良貸款總額略有上升，其中次級應計貸款的增加部分被特別關注和非應計貸款類別的減少所抵消。這一增長很大程度上是由商業房地產領域的遷移所推動的，因為我們對信用風險評級採取了積極保守的態度，與當前的行業指導方針保持一致。

As a reminder, we do not feel that recent trends in this category are an indication of a material shift in the credit profile of the portfolio nor has there been a corresponding risk of loss. In fact, we continue to see resolution with some of our more stressed credits and liquidity remains present in the market in terms of both payoffs and loan re margin.

再次提醒，我們認為該類別的近期趨勢並未顯示投資組合的信用狀況發生了實質變化，也沒有相應的損失風險。事實上，我們看到一些壓力較大的信貸問題得到了解決，市場流動性仍然充足，無論是還款還是貸款再融資方面。

Nonaccrual balances decreased to $106 million in Q3, and down $7 million versus Q2 and down $22 million from Q3 of 2024. Finally, we booked $13 million in net charge-offs during the quarter and $16 million in provision. Our net charge-off ratio held flat at 0.17%. All three of these numbers remain squarely in line with the figures we've seen over the past several quarters.

第三季非應計餘額減少至 1.06 億美元，比第二季減少 700 萬美元，比 2024 年第三季減少 2,200 萬美元。最後，本季我們提列了 1,300 萬美元的淨沖銷款和 1,600 萬美元的撥備。我們的淨沖銷率維持在 0.17% 不變。這三個數字都與我們過去幾季看到的數據完全一致。

In response specifically to tariffs and ongoing trade policy negotiations, we remain in contact with clients as the trade policy discussion continues. I would note that clients have been planning for tariff changes for some time, and we feel comfortable with the positioning of their strategies and the ability to execute when more clarity exists.

針對關稅和正在進行的貿易政策談判，我們將與客戶保持聯繫，共同探討貿易政策。我想指出，客戶們已經為關稅調整計劃籌備了一段時間，我們對他們的策略定位以及在情況更加明朗時執行的能力感到滿意。

Going forward, we remain diligent on monitoring other credit stresses in the macro economy to ensure current underwriting reflects the impact of ongoing inflation pressures and shifting labor markets to name just a few economic concerns. In addition, we continue to maintain specific attention to the effects of elevated interest rates on the portfolio, including ongoing interest rate sensitivity analysis bank-wide.

展望未來，我們將繼續密切關注宏觀經濟中的其他信貸壓力，以確保當前的承保能夠反映持續的通膨壓力和不斷變化的勞動力市場等經濟問題的影響。此外，我們將繼續密切關注高利率對投資組合的影響，包括持續進行全行範圍內的利率敏感度分析。

We expect any future provision adjustments will continue to reflect changes to risk rates, economic conditions, loan volumes, and other indications of credit quality. And finally, given the recent industry news surrounding non-depository financial institutions, or NBFIs, I'd like to provide a brief update on where we stand.

我們預期未來的撥備調整將繼續反映風險利率、經濟狀況、貸款規模和其他信貸品質指標的變化。最後，鑑於最近有關非存款金融機構（NBFI）的行業新聞，我想簡要介紹一下我們目前的狀況。

NBFI balances represent a minimal part of the bank's total loans largely comprised of REITs, mortgage warehouse lines, and insurance company lending. These facilities have historically performed very well with relationships that average over 10 years with the bank.

非銀行金融機構餘額僅佔該銀行總貸款的一小部分，該銀行的總貸款主要包括房地產投資信託基金、抵押貸款倉儲額度和保險公司貸款。這些貸款機構歷來表現良好，與銀行的合作關係平均超過 10 年。

With that, I will now pass it back to Andy for closing remarks.

接下來，我將把發言權交還給安迪，請他作總結發言。

Thanks, Pat. In summary, we're really pleased with the results, both in the third quarter and year to date over the first nine months. We feel very well positioned based on the actions we've taken. And believe that the enhanced strength and profitability profile, solid capital position and disciplined approach to growth will serve us well going forward.

謝謝你，帕特。總而言之，我們對第三季和今年前九個月的業績都非常滿意。基於我們採取的行動，我們感覺自己處於非常有利的地位。我相信，不斷增強的實力和獲利能力、穩健的資本狀況以及嚴謹的成長方式，將對我們未來的發展大有裨益。

With that, we'll open it up for questions.

接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Timur Braziler, Wells Fargo.

蒂穆爾·布拉齊勒，富國銀行。

C&I growth has been and remains pretty impressive here. I guess I'm just wondering what happens when the remaining RMs come off of their noncompete? To what extent should we expect that growth rate to accelerate? Is the expectation of that growth rate accelerates from the area as they come online?

這裡工商業的成長一直非常可觀，而且至今依然如此。我只是想知道，當剩餘的RM（區域經理）的競業禁止協議到期後會發生什麼？我們應該預期這種成長率會加速到什麼程度？隨著這些設施陸續投入使用，該地區的預期成長率是否會加速？

Yeah. Well, good question. Look, we still have quite a bit of lag, we think, left in this. There are a couple of things that I look at specific to this initiative. I look at what is our production this year? Well, that production is up 12%. What does our pipeline look like? Our pipeline is up 31%. That's on the loan side.

是的。問得好。你看，我們認為，這方面我們還有相當大的延遲時間。針對這項計劃，我主要關注以下幾個方面。我來看看我們今年的產量是多少？嗯，產量增加了12%。我們的流程是怎麼樣的？我們的管道建設進度提高了 31%。那是貸款方面的情況。

So as we head into the end of the year and you start to see some of the non-solicitations and about half of them are already off. So we're getting up to that point where production, we would expect it to go up just a little bit next year.

隨著年底臨近，我們開始看到一些非招標項目，其中大約一半已經取消了。所以，我們預計明年產量會略有成長。

You may have a little more amortization because your portfolio has grown. What we believe though is we're set for a strong C&I growth above the market in 2026. Probably as exciting and something we don't talk about, we thought there would be a lag effect to deposit production on commercial, and it's panning out the way that we thought we're adding some very good new names on the deposit side. But when we pull up our deposit production right now, our deposit production is up 23%.

由於您的投資組合成長，您的攤銷期間可能會略有增加。但我們相信，到 2026 年，工商業領域的成長將強勁，高於市場平均。或許更令人興奮的是，我們不願多談的是，我們認為礦床生產對商業化會有滯後效應，而現在的情況也正如我們所料，我們在礦床方面增加了一些非常優秀的新礦床。但如果我們查看目前的存款產量，就會發現我們的存款產量增加了 23%。

Now that's not seasoned, and we'll roll that into our seasonality and be able to forecast very clearly. But it's a very good omen because the pipeline itself is also up 46%. And I've been asking continually each quarter to our Head of Commercial Banking. When will we see that production start to catch up with the pipeline? And the answer is right now.

現在這還不夠成熟，我們會將其納入季節性因素，從而能夠做出非常清晰的預測。但這是一個非常好的預兆，因為管道本身也上漲了 46%。我每季都會向我們的商業銀行主管詢問這個問題。何時才能看到產量趕上產能？答案就在此刻。

That's good color. And then looking at fees this quarter, obviously very impressive. The guide does imply a pretty large step down in 4Q. Can you just maybe talk through some of the success you saw in 3Q and what the expectation is for decline in the coming quarter?

顏色真好看。然後看看本季的費用，顯然非常令人印象深刻。該指南確實暗示第四季業績將大幅下滑。您能否談談第三季取得的一些成功之處，以及對下一季業績下滑的預期？

Yeah. I mean, the fee income in some categories can be a little lumpy. We did have a onetime benefit through a portfolio asset gain. So that's not likely as repeatable at that level. However, when I look towards 2026 versus the fourth quarter, so it was a little bit higher in the fourth quarter but some of the underlying benefit that we're getting in capital markets, commercial production is up.

是的。我的意思是，某些類別的費用收入可能會有些波動。我們確實透過投資組合資產收益獲得了一次性收益。所以，在那個層面上，這種情況不太可能重複出現。然而，當我展望 2026 年與第四季度相比時，雖然第四季度略高一些，但我們在資本市場獲得的一些潛在好處是，商業生產正在成長。

Rates are trending down and likely to continue. That makes fixed rate conversion more attractive. Pipelines are up. And with fixed rate likely up and more popular in 20 -- or fixed rates likely more popular in 2026 and production trending up. We think that bodes pretty well for the forward view. The linked quarter over quarter is not likely to be quite as high for the reasons that I mentioned in Q4.

利率呈下降趨勢，而且可能會繼續下降。這使得固定匯率轉換更具吸引力。管道已恢復運作。2020 年固定利率可能會上升並更受歡迎——或者到 2026 年固定利率可能會更受歡迎，而且生產趨勢也在上升。我們認為這對未來的發展前景來說是個好兆頭。由於我在第四季中提到的原因，環比成長可能不會像第四季那麼高。

Okay. And then just last for me. ROTCE, 14% this quarter, continues to grind higher, 15% seems to be in striking distance. I guess how are you thinking about further improvement here in these next couple of quarters with rate cuts? Is there an ability here to continue grinding that higher? Or does that trend maybe take a step back a little bit as you digest these hikes or these cuts?

好的。最後，就留給我吧。本季 ROTCE 為 14%，並持續穩定攀升，15% 似乎指日可待。我想問一下，您認為在接下來的幾個季度裡，透過降息，能否進一步改善這種情況？這裡還有繼續提升的能力嗎？或者，隨著人們對這些漲價或降價事件的消化，這種趨勢是否有可能稍微倒退？

Derek, do you want to take that?

德瑞克，你想拿嗎？

Yeah. Thanks, Timur. Yeah. I think the opportunity is there. I think, again, I was just going to come back to the market's response to rates vis-a-vis deposits because obviously, the big -- we had a nice uptick in fees we expect the hiring to help that continue but it will still be choppy.

是的。謝謝你，蒂穆爾。是的。我認為機會就在那裡。我想，我還是要回到市場對利率和存款的反應上來，因為很明顯，大問題是——我們預計費用會有不錯的增長，招聘將有助於這種情況繼續下去，但市場仍然會波動。

So I see the opportunity on the margin side in the long run still being the bigger lever. And based on what we saw the first couple of weeks after the rate cut in September and the response to how we rolled out our deposit back book rate cuts and what we're seeing in the market response, the outlook is pretty good.

所以我認為，從長遠來看，利潤空間的機會仍然是更大的槓桿。根據我們在 9 月降息後的頭幾個星期所看到的，以及市場對我們推出存款本金降息措施的反應，還有我們從市場反應中看到的，前景相當不錯。

So I think we have the ability to continue to grind that higher. I think it's going to bounce around quarter to quarter while we do that. But it feels like everything is on track.

所以我認為我們有能力繼續努力，把這個數字提高得更高。我認為在我們進行這項工作期間，它可能會每個季度上下波動。但感覺一切都在按計劃進行。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Maybe just to follow up on the deposit side. You talked about the momentum you have there, certainly evident in the numbers. We did see deposit costs overall up a bit in the third quarter. Is there a read-through there on an increase in competition? Or something unusual. I'm just curious what you saw in the third quarter that drove those costs modestly higher?

或許只是想跟進一下存款方面的狀況。你談到了你們目前的發展勢頭，這一點從數據上也顯而易見。第三季存款成本整體上略有上升。這是否預示著競爭加劇？或一些不尋常的事情。我只是好奇，您在第三季看到了什麼，導致這些成本略有上升？

Yeah. I don't think there's a lot to read you there. Part of our benefit, I know you remember the first part of the year and then the last year, we have seasonality that's in addition to account acquisition that affects the rates. And what happens this quarter is some of that seasonality is in accounts that are at the higher end of pricing. So as those things came back in, they came in at the higher rates relative to the back book and put a little bit of pressure on the overall yields. But I don't think we're uncomfortable with what we netted out altogether.

是的。我覺得那裡沒什麼值得你讀的東西。我知道您還記得年初和去年的情況，我們的部分優勢在於，除了客戶獲取之外，還有季節性因素會影響費率。本季出現的情況是，部分季節性因素體現在價格較高的帳戶上。因此，隨著這些債券重新發行，它們的發行價格相對於先前的債券發行價格較高，給整體收益率帶來了一些壓力。但我認為我們對最終得出的結果並不感到不滿。

Again, why my early canary in the coal mine read on deposit pricing is what happened when we went and looked at the $11 billion, $12 billion of managed rates we had to reprice right when the Fed cut and where are we able to execute on it and what was the response from the customers, and that went very well.

再說一遍，我之所以能及早察覺到存款定價方面的問題，是因為當我們查看聯準會降息後我們不得不重新定價的 110 億美元、120 億美元的託管利率時，我們能夠執行到什麼程度，以及客戶的反應如何，結果非常順利。

Great. That's helpful color. Appreciate it. And then maybe for you, Andy, on the hires. You talked a lot about the solicitation agreements that those folks will be coming off. They are coming off and more coming. Just curious in terms of additional incremental hires that the pace around that timing if there's the time of the year, beginning of the year when that tends to happen.

偉大的。這是個很有幫助的顏色。謝謝。然後，安迪，也許對你來說，是關於招募方面的事情。你談到了很多關於這些人即將到期的招攬協議。它們正在陸續下架，而且還有更多即將下架。我只是好奇，在每年的某個時段（例如年初），如果發生這種情況，那麼在那個時段的額外招募速度會如何。

Yeah, I feel like we're open for quality relationship managers year-round. We've shared with our Head of the Commercial Bank that if there is a team that is well known in a market, that has a following that is interested in joining us. We'll consider that any quarter of the year. We don't have a stated plan to increase off of what we have because we know that what we have will lead to pretty solid growth next year. But we'll be opportunistic in a market where we see disruption and dislocation.

是的，我覺得我們全年都歡迎優秀的客戶關係經理。我們已經和商業銀行的負責人溝通過，如果某個團隊在市場上享有盛名，並且擁有一定數量的追隨者，那麼他們就有興趣加入我們。我們將考慮一年中的任何一個季度。我們沒有製定在現有基礎上增加規模的明確計劃，因為我們知道，我們現有的規模明年就能帶來相當穩健的成長。但我們會抓住市場動盪和混亂的機會。

When you see the M&A activity in the world, that usually leads to opportunity for those banks that have a good reputation in the space. I'll say, as you start to track talent as you start to do deals, you get a reputation that's positive. And so what I would say to that, Daniel, is we will be opportunistic. We won't have a stated number of new RMs, but should that opportunity arise. And I suspect it will during the year, we'll take advantage of that.

全球併購活動頻繁，這通常會為那些在該領域擁有良好聲譽的銀行帶來機會。我想說，當你開始專注於人才並開始達成交易時，你就會建立良好的聲譽。所以，丹尼爾，我想說的是，我們會抓住機會。我們不會公佈新增RM的具體數量，但如果機會出現的話。我估計今年內就會出現這種情況，我們會利用這一點。

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

Let's see. So Andy, I just wanted to follow up a little on the loan growth discussion. I mean like the C&I really it speaks for itself. Maybe just a thought or two on where we stand with some of those areas that have been more of headwinds on total growth, like resi real estate rundown the CRE payoffs.

讓我們來看看。安迪，我只是想就貸款成長的討論再補充一點。我的意思是，就像C&I那樣，它本身就說明了一切。或許可以就一些阻礙整體成長的領域，例如住宅房地產衰敗和商業房地產收益等問題，提出一些想法。

I know you mentioned those in particular, will likely stay elevated in coming periods. But any reason that either of those or are there any recent headwinds would either accelerate or decelerate in coming periods? Just trying to get a sense for kind of likely interplay between the momentum in C&I and the things that have held back even stronger net growth.

我知道你特別提到了這些，它們在未來一段時間內可能會保持在高位。但是，是否有任何原因或近期是否存在任何不利因素會導致這兩種趨勢在未來一段時間內加速或減速？我只是想了解工商業領域的成長動能與阻礙淨成長更強勁的因素之間可能的相互作用。

Yeah. No, that's a great question. You characterized resi as headwind. It's a headwind in terms of balances. It's a benefit in terms of having that run off and what that leads to, and it's purposeful, as you know. Certainly, if rates go down, they'd have to go down pretty significantly, say, 1% to 2% because of the position that those are in today to have a meaningful adjustment. But we plan for the decrease that we're seeing. So that's within the plan.

是的。不，這是一個很好的問題。你把阻力比喻成逆風。從平衡的角度來看，這是一個不利因素。從徑流及其帶來的影響來看，這是有益的，而且正如你所知，這是有目的的。當然，如果利率下降，也必須大幅下降，例如下降 1% 到 2%，才能產生有意義的調整，因為目前的利率水準決定了利率的調整幅度。但我們已經為目前看到的下降趨勢做好了準備。所以這都在計劃之內。

The part that is maybe -- I'm not sure what adjective, a little bit less predictable but expected is CRE. So on the CRE front, as rates go down, there'll be a little bit of pent-up demand for pay downs, not just with us but across the industry. We're expecting that. So does that happen in 90 days? Does it happen in 120 days? Does it happen over 180 days? It's hard to say. So it could have a short-term impact.

或許——我不確定用什麼形容詞來形容——有點難以預測但又在意料之中的部分是 CRE。因此，在商業房地產方面，隨著利率下降，不僅是我們公司，整個產業都會出現一些被壓抑的還款需求。我們預料到了這一點。那麼，這會在90天內發生嗎？120天內會發生嗎？這種情況會在180天內發生嗎？很難說。所以它可能會產生短期影響。

However, we've already gone back out to market. And the production on the commercial real estate side has increased versus the prior year. So we're up, for instance, about $100 million above the prior year in construction lending. And those are loans that will help offset some of that in 2026. So you could see a short-term impact if a couple of rate drops and there's an opportunity for some of our customers to refinance in the permanent market. So that would be a short-term thing.

但是，我們已經重新進入市場了。商業不動產方面的產量比上年有所成長。例如，我們的建築貸款比前一年增加了約 1 億美元。這些貸款將有助於在 2026 年抵消部分損失。因此，如果利率下降幾次，可能會產生短期影響，我們的一些客戶將有機會在永久市場進行再融資。所以那隻是短期措施。

It doesn't worry me through 2026 because I think we've positioned ourselves with additional lending to make up for that. But probably on the CRE side, that's one where you might see it a little more quickly if rates become advantageous.

到 2026 年我並不擔心，因為我認為我們已經透過額外的貸款來彌補這一點。但可能在商業房地產方面，如果利率變得有利，你可能會更快看到這種情況發生。

Got you. Okay. Perfect. And then separately, just sort of following up on that last question about like sort of team and RM lists and stuff like that. I think during the third quarter, you made some comments about perhaps entering some new markets, I think, in particular, you sort of talked out like Oklahoma, Kansas City, and Denver.

抓到你了。好的。完美的。然後另外，我想再補充一下，像是關於球隊和RM名單之類的。我認為在第三季度，你曾發表過一些關於可能進入一些新市場的評論，特別是你提到了俄克拉荷馬州、堪薩斯城和丹佛等地。

I know you already -- or I believe you already did the team lift in Kansas City. But when you think about adding to the footprint, are you thinking still the bias is strongly organic? Or would M&A become a possibility at some point?

我知道你已經——或者我相信你已經在堪薩斯城完成了團隊舉重。但當你考慮擴大足跡時，你是否仍然認為這種偏見是一種強烈的自然傾向？或者說，併購在某個時候會變成一種可能嗎？

Well, I mean, the bias is strongly organic. We feel like we have a proved it out year, and we're three quarters into proving it out. We feel like we're stacking up quarters. So we're really pleased with that. but we want to do that through the fourth quarter. So that remains number one. And Scott, what I would say is I've been here 4.5 years. So I'm in year 5. And the focus has been the same. It's been execution and opportunity.

嗯，我的意思是，這種偏見是根深蒂固的。我們感覺我們已經用一年的時間證明了這一點，而現在我們已經完成了四分之三的證明工作。我們感覺自己像是在存硬幣。我們對此非常滿意，但我們希望在第四季也能保持這樣的狀態。所以它仍然是第一。史考特，我想說的是，我在這裡已經4年半了。我現在讀五年級。關注點始終如一。關鍵在於執行力和機會。

And so when we see things -- and it has to be within our wheelhouse. It has to fit what we understand and what we know and what we can execute on. So that won't change. Does that mean it's organic or inorganic? I would leave it with we continue to evaluate opportunities in a way that's very similar to everything we've done over the last five years.

所以當我們看到一些事情時——而這些事情必須在我們的能力範圍內。它必須符合我們的理解、知識和執行能力。所以這一點不會改變。那是指它是有機物還是無機物？最後我想說的是，我們將繼續以與過去五年中我們所做的一切非常相似的方式來評估各種機會。

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，加拿大皇家銀行資本市場。

Andy, a question for you on the pipelines. When you talk about the lending pipeline increases, is that from new hires and market share gains? Or is it borrowers expanding and becoming more optimistic. Can you just kind of separate the two?

安迪，關於輸油管，我有個問題想問你。您所說的貸款業務成長，是指新進員工的加入和市場佔有率的提升嗎？或者，這是因為借款人數增加，變得更加樂觀。你能把這兩者分開嗎？

Yeah. I don't think it's from the latter. I think you have an economy that's been -- news has been bouncing around and forecast of kind of perhaps a little bit slower GDP. What we've said is whether GDP is 1.5%, 2%, 2.5%, we believe we can grow. And so this is, I think, largely from the approach from the folks that we have brought into the team. These are A players. They are folks that could get a job anywhere in the country at any bank.

是的。我不認為它來自後者。我認為你們的經濟狀況一直不太樂觀——新聞報道褒貶不一，預測顯示GDP增速可能會略微放緩。我們說過，無論GDP是1.5%、2%或2.5%，我們都相信我們能夠成長。所以，我認為這很大程度源自於我們團隊中新成員的做法。他們都是頂尖球員。他們是那種可以在全國任何一家銀行找到工作的人。

And so being able to bring that kind of talent in, and then we've surrounded it with tools that we continue to establish to make it easier for them to do business. But I think the lion's share of this is on the pipeline, and I'm really pleased to see the production pulling through now. I mean that to me is what we've been waiting to see. We've seen it a little bit more each quarter. But I would say it's, by and large, it's mostly people.

因此，我們能夠引進這類人才，並不斷完善相關工具，使他們更容易開展業務。但我認為大部分項目都在籌備中，我很高興看到生產現在正在順利進行。我的意思是，這正是我們一直期待看到的。每個季度我們都看到這種情況增加。但總的來說，我認為大部分還是人。

Okay. Good. Derek, one for you, just a follow-up on the margin. I appreciate slide 8, but what is the message on the kind of the near-term margin outlook from here if we get a couple more cuts? You're talking about reducing asset sensitivity, but I'm wondering, are you signaling a little bit of a dip in the margin? Or do you think the mix shift is enough to keep the margin stable and moving higher?

好的。好的。德瑞克，給你一個問題，只是關於邊際效益的後續問題。我很欣賞第 8 張投影片，但如果再降薪幾次，那麼從現在開始，短期利潤率前景會如何呢？您提到要降低資產敏感度，但我很好奇，您是不是暗示利潤率會稍微下降？或者您認為產品組合的變化足以保持利潤率穩定並持續提高？

I think we believe that we've been very focused on stability. So generally speaking, our remixing generates 1 basis point or 2 of margin improvement. That's been true for many forecasts now. You could have a blip in any given quarter based on strange behavior in the market with deposit pricing or movements in the portfolio related to payoffs or nonaccrual reversals or pay downs.

我認為我們一直非常注重穩定。所以總的來說，我們的重新混音可以帶來 1 到 2 個基點的利潤率提升。目前很多預測都證實了這一點。任何一個季度，由於存款定價的市場異常波動，或與收益、非應計款項的沖銷或償還相關的投資組合變動，都可能出現波動。

But I think over a quarter or two, it's still mostly stability. And I know you're asking that because frequently, if there's a long lag in repricing deposits, you can get compression. But that's why I keep harkening back to what were the first steps that we were able to take and how did I see customers respond and do we see anything strange in the market that would take us off course and make everyone hesitant. And that hasn't -- I haven't seen a lot of that. It's still early, but it gives us confidence in committing to a pretty stable outlook.

但我認為，在接下來的一個季度或兩個季度裡，情況仍然基本穩定。我知道你這麼問是因為，如果存款重新定價有較長的滯後，通常會出現壓縮現象。但正因如此，我才不斷回想我們最初採取的措施，以及我看到的客戶的反應，還有市場上是否存在任何異常情況，會讓我們偏離正軌，讓每個人都猶豫不決。而這種情況並沒有——我並沒有看到很多這樣的情況。現在下結論還為時過早，但這讓我們有信心保持相當穩定的前景。

Jon, I just -- I agree with everything Derek said, but I'd also add on to that is every time we go from a negative 2% to negative 1% to a 0% household growth, 2.5% to 1% to 1.5%. We intend to continue that trend as we head into next year. It's small incremental movements, but those are operating accounts that we're bringing in. That is the cream of the crop when it comes to how you think about managing your margin and your funding sources.

Jon，我只是－我完全同意Derek所說的一切，但我還要補充一點，那就是每次我們從-2%到-1%再到0%的家庭成長率，從2.5%到1%再到1.5%。我們計劃在明年繼續保持這一趨勢。雖然只是小幅的漸進式變化，但這些都是我們正在引入的營運帳戶。這才是管理利潤和資金來源的最佳方式。

And then we go into next year with, really, frankly, again, more tools than we've had before, whether it's a focus on wealth, the product mix that we're going to launch before year-end or it's the expansion of the vertical and HOA and title. That is significant and those are things we just haven't had. There are more quivers that fit into that. So the household growth as in addition to additional capabilities, that is what allows us to believe that we're able to remain either flat or slightly up as we go through the course of the next several quarters regardless of the multiple interest rate changes.

然後，坦白說，我們明年將擁有比以往更多的工具，無論是專注於財富管理，還是在年底前推出的產品組合，亦或是垂直領域、業主協會和產權的擴張。這意義重大，而這些正是我們一直以來所缺乏的。還有更多箭筒符合這個條件。因此，家庭成長以及其他能力的提升，使我們能夠相信，無論利率如何多次變化，在接下來的幾個季度裡，我們都能保持平穩或略有成長。

Jared Shaw, Barclays.

Jared Shaw，巴克萊銀行。

Tying into the margin, I guess it was this time last year that we got a little bit of an update on thoughts around beta on the deposits through the cycle. If we get the two cuts or if we get two more cuts this quarter, where do you see with the changes in the deposit base, where do you see that sort of cumulative beta moving from there?

說到利潤率，我想去年這個時候，我們得到了一些關於整個週期存款β值變化的最新消息。如果本季我們減產兩次，或再減產兩次，您認為存款基礎會發生怎樣的變化，您認為這種累積貝塔值會如何變化？

Yeah. I think the range I'm thinking about now is about 55% to 58%, I think that's a little bit better potential. I think last time, it was more like 55%, 56% to the cycle. So again, things look good. And I also think we get more confidence as we get closer to the additional verticals rolling out because it gives us more options on how to manage levers and handle the higher-priced accounts.

是的。我現在考慮的範圍大概是 55% 到 58%，我認為這更有潛力。我覺得上次，週期大概是 55% 到 56%。所以，一切看起來都不錯。而且我認為，隨著更多垂直領域的推出，我們的信心也會增強，因為這為我們提供了更多管理槓桿和處理高價帳戶的選擇。

Okay. And then on the expense, especially on -- specifically on the personnel expense, you called out a couple of things. As we look at fourth quarter, should we assume that the incentive comp stays in the numbers going forward? Or is that more of a onetime catch-up? How should we think of that?

好的。關於費用，特別是關於人事費用，你提到了幾點。展望第四季度，我們是否應該假設激勵薪酬將繼續維持在既定水準？或者這只是一次性的補課？我們該如何看待這件事？

Yeah. So the deferred comp is largely tied to market value. So if -- so that -- it should stay where it is, unless the market goes up a lot from here were down from here. So set that aside. We tie that largely to our forecast. So as long as if we are consistent with our guidance, we would expect that to stay at similar levels, not step up from here. but we're not going to complain if we blow through our guidance, and we have to share some of the comp for it.

是的。因此，遞延補償很大程度上與市場價值掛鉤。所以，如果——這樣——它應該保持現狀，除非市場從這裡大幅上漲或下跌。所以先把這件事放在一邊。我們主要將其與我們的預測聯繫起來。所以，只要我們保持業績指引不變，我們預期業績將維持在類似水平，不會進一步成長。但如果業績遠超預期，我們也不會抱怨，當然，我們也需要承擔部分業績成長帶來的成本。

And just to piggyback on that, too, Jared, you didn't ask necessarily about what we're expecting next year, but that usually is the next question. And we're planning for '26 expense increase to be -- the increase to be less than 25%.

順便提一下，賈里德，你雖然沒有直接問我們對明年的預期，但這通常是下一個問題。我們預計 2026 年的支出成長將低於 25%。

We've been opportunistic this year when we see opportunities to drive revenue and drive return and improve operating leverage, we've taken it. But those are manageable and we've already planned for going into '26 if we don't have the exact same scenario.

今年，我們一直很善於把握機會，一旦發現能夠提高收入、增加回報和改善營運槓桿的機會，我們就會抓住。但這些都是可以控制的，而且如果情況沒有完全相同，我們已經為進入 2026 年做好了計劃。

Okay. All right. And then, Andy, I think in your comments, you mentioned something about a new deposit system or a system upgrade that can help drive maybe some incremental growth. Any details around that? And is that fully baked into the expense structure?

好的。好的。然後，安迪，我想你在評論中提到了新的存款系統或系統升級，這或許能推動一些增量成長。有關於這方面的具體細節嗎？這是否已完全納入費用結構？

It is baked into the expense structure. The capability, really, it's a product enhancement first, on the wealth side that we expect to launch by the end of November that is substantial in the value proposition that we've had, which we've largely not built out before. So we focused on the consumer, growing that, mass affluent, growing that, commercial growing that, and it kind of meets at wealth management. So we believe that's one of the opportunities.

這已經包含在費用結構中了。這項功能實際上首先是一項產品增強功能，我們預計將在 11 月底推出，它提升了我們在財富管理方面的價值主張，而我們以前在這方面並沒有充分發揮。所以我們專注於消費者，發展消費者群體；發展大眾富裕群體，發展大眾富裕群體；發展商業群體，發展商業群體，而這些最終都與財富管理領域相交。所以我們認為這是其中一個機會。

The HOA title is a business where we have a very good team that's ready to go. And they have helped us with what capabilities their customers require in detail. And so that will be an ongoing road map. We expect to launch something either by the end of the year, if not the first part of January but then we think we'll have additional pieces in second quarter and third quarter. That will be a priority for us. It won't raise the cost. We'll do that at the expense of something else that is not such a large opportunity for the bank.

HOA產權業務是我們已經擁有非常優秀的團隊並已準備就緒的業務領域。他們還詳細地幫助我們了解了他們的客戶需要哪些功能。因此，這將是一個持續推進的路線圖。我們預計今年底前會推出一些產品，最晚也會在1月初推出，然後我們認為第二季和第三季還會推出更多產品。這將是我們的首要任務。不會增加成本。我們將以犧牲其他一些對銀行來說並非重大機會的事情為代價來實現這一點。

And ladies and gentlemen, there are no further questions at this time. So I'll hand the floor back to Andy Harmening for closing remarks.

女士們、先生們，目前沒有其他問題了。那麼，我將把發言權交還給安迪哈明，讓他做總結發言。

Well, look, we leave here pleased with the third quarter. We expect to land the plane in the fourth quarter and are optimistic about the fundamentals going into 2026. And as always, we appreciate your interest in Associated Bank.

總的來說，我們對第三季的表現感到滿意。我們預計在第四季完成飛機著陸，並對2026年的基本面持樂觀態度。一如既往，我們感謝您對聯合銀行的關注。

Thank you. And with that, we conclude today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。所有參與者均可中斷連線。祝你有美好的一天。