Atlantic Union Bankshares Corp (AUB) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Atlantic Union Bankshares third quarter, 2025 earnings conference call. At this time, all participants are in a listen-only mood. After the speaker's presentation, there will be a question-and-answer session.

您好，感謝您的耐心等待。歡迎參加大西洋聯合銀行控股公司2025年第三季業績電話會議。此時，所有參與者都處於只聽的狀態。演講結束後，將進行問答環節。

(Operator Instructions)

（操作說明）

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, Bill Cimino, Senior Vice President of Investor Relations. Please go ahead.

請注意，今天的會議正在錄影。現在我謹將會議交給今天的演講嘉賓，投資者關係高級副總裁比爾·西米諾先生。請繼續。

Thank you, Daniel, and good morning everyone. I have Atlantic Union Bankshares President and CEO John Asbury; and Executive Vice President and CFO Rob Gorman with me today. We also have other members of our executive management team with us for the question-and-answer period.

謝謝你，丹尼爾，大家早安。今天陪在我身邊的是大西洋聯合銀行控股公司總裁兼執行長約翰·阿斯伯里，以及執行副總裁兼財務長羅伯·戈爾曼。我們也安排了其他幾位高階主管團隊成員參與問答環節。

Please note that today's earnings release and the accompanying slide presentation we are going through on this webcast are available to download on our investor website, investors@atlanticunionbank.com.

請注意，今天發布的收益報告以及我們在本次網路直播中展示的配套幻燈片簡報均可在我們的投資者網站 investors@atlanticunionbank.com 上下載。

During today's call, we will comment on our financial performance using both GAAP metrics and non-GAAP financial measures. Important information about these non-GAAP financial measures, including reconciliations to comparable GAAP measures, is included in the appendix to our slide presentation in our earnings release for the third quarter of 2025.

在今天的電話會議上，我們將使用 GAAP 指標和非 GAAP 財務指標對我們的財務表現進行評論。有關這些非GAAP財務指標的重要信息，包括與可比較GAAP指標的調節表，已包含在我們2025年第三季度收益報告中的幻燈片演示文稿附錄中。

In our remarks on today's call, we will also make forward-looking statements which are not statements of historical fact and are subject to risks and uncertainties. There can be no assurance that actual performance will not differ materially from any future expectations or results expressed or implied by these forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statement except as required by law.

在今天的電話會議上，我們還將發表一些前瞻性聲明，這些聲明並非歷史事實的陳述，並且存在風險和不確定性。不能保證實際業績不會與這些前瞻性聲明中明示或暗示的任何未來預期或結果有重大差異。除法律要求外，我們不承擔公開修訂或更新任何前瞻性聲明的義務。

Please refer to our earnings release in the slide presentation issued today and our other SEC filings for further discussion of the company's risk factors and other important information regarding our forward-looking statements, including factors that could cause actual results to differ from those expressed or implied in a forward-looking statement. All comments made during today's call are subject to that safe harbor statement. And at the end of the call we'll take questions from the research analyst community.

有關公司風險因素和其他有關前瞻性聲明的重要資訊（包括可能導致實際結果與前瞻性聲明中明示或暗示的結果存在差異的因素），請參閱我們今天發布的幻燈片演示文稿中的收益報告以及我們向美國證券交易委員會提交的其他文件。今天電話會議期間發表的所有評論均受該安全港聲明的約束。通話結束時，我們將回答研究分析師群體提出的問題。

Now I'll turn the call over to John.

現在我把電話交給約翰。

Thank you, Bill. Good morning, everyone, and thank you for joining us today. Atlantic Union Bankshares delivered a solid third quarter while maintaining our focus on execution and integration of the Sandy Spring acquisition. Our quarterly operating results illustrate the earnings potential of the company we envision.

謝謝你，比爾。各位早安，感謝大家今天收看我們的節目。Atlantic Union Bankshares 在第三季表現穩健，同時繼續專注於 Sandy Spring 收購案的執行和整合。我們的季度經營業績體現了我們所設想的公司的獲利潛力。

While merger related costs continue to create a noisy quarter, we believe we are on a path to deliver on the expectations related to the acquisition of Sandy Spring for adjusted operating return on assets, return on tangible common equity and efficiency ratio.

儘管併購相關成本持續為本季帶來波動，但我們相信，我們正朝著實現與收購 Sandy Spring 相關的預期目標穩步前進，包括調整後的資產經營回報率、有形普通股權益回報率和效率比率。

The Sandy Spring integration is progressing smoothly. Over the weekend of October 11, we successfully completed our core systems conversion and closed five overlapping branches as planned. We are experienced acquires, and I want to recognize our outstanding and dedicated team for their commitment and diligence in executing this complex process. We have now unified Sandy Spring Bank under the Atlantic Union Bank brand and operate as one integrated team.

Sandy Spring的整合工作進展順利。在 10 月 11 日的那個週末，我們成功完成了核心系統轉換，並按計畫關閉了五個重疊的分店。我們是經驗豐富的收購方，我要表揚我們傑出而敬業的團隊，感謝他們在執行這複雜過程中所展現的奉獻精神和勤奮態度。我們已將 Sandy Spring Bank 合併到 Atlantic Union Bank 品牌下，並作為一個一體化的團隊運作。

While some merger-related impacts will persist in our fourth quarter results, we expect to enter 2026, having achieved our cost savings targets from the acquisition and with our enhanced earnings power visible on a reported basis.

雖然一些與合併相關的因素仍會對我們的第四季度業績產生影響，但我們預計到 2026 年，我們將實現收購帶來的成本節約目標，並且我們增強的盈利能力將在報告的基礎上顯現出來。

Our commitment to creating shareholder value remains unwavering. We believe Atlantic Union is well positioned to deliver sustainable growth, top tier financial performance, and long-term value for our shareholders. The strategic advantages gained from the Sandy Spring acquisition combined with continued organic growth opportunities, reinforce our status as the premier regional bank headquartered in the lower Mid-Atlantic. We have a robust presence in attractive markets, providing us with further growth opportunities.

我們創造股東價值的承諾始終堅定不移。我們相信，大西洋聯盟擁有良好的發展前景，能為股東帶來永續成長、一流的財務表現和長期價值。收購 Sandy Spring 所獲得的策略優勢，加上持續的內生成長機會，鞏固了我們作為總部位於美國中大西洋南部地區的頂級區域銀行的地位。我們在具有吸引力的市場中擁有強大的影響力，這為我們提供了進一步的成長機會。

I want to summarize the key highlights from our third quarter performance and share insights into the current market conditions before turning the call over to Rob for a detailed financial review.

我想總結一下我們第三季業績的主要亮點，並分享一下對當前市場狀況的見解，然後再將電話交給羅布進行詳細的財務回顧。

Here are the highlights from our third quarter. Quarterly loan growth was approximately 0.5% annualized in the typically seasonally slower third quarter. Notably, lending production increased modestly versus the second quarter. However, in the latter part of the quarter, an uptick in loan paydowns and a decline in revolving credit utilization from 44% to 41% offset some of the increased production.

以下是我們第三季的亮點。第三季度通常是季節性放緩的季度，但季度貸款成長率按年率計算約為 0.5%。值得注意的是，貸款發放量較第二季略有成長。然而，在本季後半段，貸款償還量的增加和循環信貸利用率從 44% 下降到 41%，抵消了部分產量增加的影響。

Average loan growth quarter over quarter was a good story of 4.3% annualized. Our pipelines indicate we should have loan growth consistent with the seasonally strong fourth quarter. While forecasting loan growth remains challenging in the still uncertain economic environment, we currently expect year-end loan balances to range between $27.7 billion and $28 billion inclusive of the negative impact of the fair value loan marks. We paid down approximately $116 million in broker deposits during the quarter and continue to reduce higher cost non-relationship deposits from the Sandy Spring portfolio.

平均貸款較上季成長率表現良好，年化成長率為 4.3%。我們的貸款發放情況表明，貸款成長應該會與通常強勁的第四季度保持一致。儘管在當前經濟環境仍不明朗的情況下預測貸款成長仍然具有挑戰性，但我們目前預計，考慮到公允價值貸款標記的負面影響，年底貸款餘額將在 277 億美元至 280 億美元之間。本季我們償還了約 1.16 億美元的經紀商存款，並持續減少 Sandy Spring 投資組合中成本較高的非關係型存款。

By moving quickly to lower our deposit rates, we anticipate further improvement in our cost of deposits in the fourth quarter. We were pleased to see approximately 4% annualized growth in non-interest-bearing deposits in the third quarter.

透過迅速降低存款利率，我們預計第四季存款成本將進一步改善。我們很高興看到，第三季無息存款年化成長率約為 4%。

I reported FTE net interest margin remains steady at 3.83%, reflecting a modest decrease in accretion income quarter of a quarter. As a reminder, some quarterly fluctuation and accretion income is to be expected. Importantly, if you exclude the impact of accretion income, our net interest margin improved compared to last quarter.

我報告稱，FTE 淨利差保持穩定在 3.83%，反映出季度增值收入略有下降。提醒各位，季度收入會出現一些波動和增值，這是正常現象。重要的是，如果排除增值收入的影響，我們的淨利差較上季有所改善。

I'd also like to point out the strength we saw in fee income, especially with interest rate swaps and in wealth management. Opportunities in both lines were augmented by the Sandy Spring acquisition, and during the quarter, approximately $1 million of swap income is attributed to the former Sandy Spring Bank. Sandy Spring did not offer interest rate swaps for the acquisition, and we believe it will provide upside to the combined entity going forward.

我還想指出我們在手續費收入方面表現強勁，尤其是在利率互換和財富管理方面。收購 Sandy Spring 後，兩條業務線的機會都提升了。本季度，原 Sandy Spring 銀行的互換收入約為 100 萬美元。Sandy Spring並未就此次收購提供利率互換，我們認為這將為合併後的實體帶來未來的成長空間。

Overall credit quality improved despite an increase in charge-offs largely driven by two commercial and industrial loans that had been partially reserved for in prior quarters. One was the larger credit first disclosed in the fourth quarter of 2024 involving a borrowing-based misrepresentation.

儘管核銷額增加（主要是由於前幾季已部分提列撥備的兩筆商業和工業貸款），但整體信貸品質有所改善。其中一筆是金額較大的信貸，於 2024 年第四季首次揭露，涉及基於借款的虛假陳述。

Ongoing uncertainty in its resolution led us to charge off the remaining balance of approximately $15 million in addition to the previously incurred specific reserve of $14 million.Leading asset quality indicators are encouraging. Third quarter non-performing assets as a percentage of loans held for investment remain low at 0.49%. Past dues remain low, and criticized asset levels improved by more than $250 million or 16%. Which brings criticized loans as a percentage of total loans down to 4.9% at the end of the third quarter from 5.9% at the end of the second quarter.

由於該問題的解決方案仍存在不確定性，我們除了先前提列的1400萬美元專案準備金外，還註銷了剩餘的約1500萬美元餘額。主要資產品質指標令人鼓舞。第三季不良資產佔投資貸款的比例仍然很低，為 0.49%。過去的欠款仍然很低，備受詬病的資產水準提高了超過 2.5 億美元，增幅達 16%。這使得受批評貸款佔貸款總額的比例從第二季末的 5.9% 降至第三季末的 4.9%。

As typical, we'll present more details in our third quarter filing.

像往常一樣，我們將在第三季財報中公佈更多細節。

We do remain competent in our asset quality and reaffirm our forecasts for the full year 2025 net charge off ratio to be between 15 and 20 basis points in line with prior guidance.

我們仍然保持著良好的資產質量，並重申我們對 2025 年全年淨沖銷率的預測，即 15 至 20 個基點，與先前的指導一致。

In the Greater Washington D.C. region, recent headlines have focused on government employment reductions and the government shutdown. However, we believe both our economic data and on the ground observations indicate resilience in the market.

在大華盛頓特區地區，最近的新聞頭條都集中在政府裁員和政府停擺。然而，我們相信，無論是經濟數據或實地觀察都顯示市場具有韌性。

Atlantic Union maintains a well diversified portfolio with approximately 23% of total loans in the Washington metro area and the remaining 77% across our broader footprint. The exposures that prompted most inquiries are government contractors and office buildings in the Washington metro area. Updated disclosures on these segments can be found on pages 21 through 23 of our supplemental presentation, and these portfolios are performing well.

Atlantic Union 擁有多元化的投資組合，其中約 23% 的貸款總額位於華盛頓特區，其餘 77% 的貸款總額位於我們更廣泛的業務範圍內。引發最多詢問的事件是華盛頓特區的政府承包商和辦公大樓。有關這些板塊的最新披露信息，請參閱我們的補充簡報第 21 至 23 頁，這些投資組合表現良好。

Our government contractor finance portfolio is predominantly focused on national security and defense. We believe these businesses are well positioned, supported by a record high defense budget and ongoing defense modernization efforts. Government shutdowns are not new to us. With more than 15 years in this specialty, we have seen many. Most contractors we finance provide essential services and have historically continued to operate during shutdowns, typically drawing on lines of credit to maintain payroll and repaying those lines when government funding resumes. We are certainly monitoring the shutdown in its duration.

我們的政府承包商融資組合主要集中在國家安全和國防領域。我們認為，在創紀錄的高額國防預算和持續的國防現代化努力的支持下，這些企業處於有利地位。政府停擺對我們來說並不陌生。我們從事這個專業超過15年，見過很多病例。我們資助的大多數承包商都提供基本服務，並且歷來在停工期間繼續運營，通常會動用信貸額度來維持工資，並在政府恢復撥款時償還這些信貸額度。我們一定會密切關注停工事件的持續時間。

More broadly, August unemployment rates from Maryland and Virginia stood at 3.6%, well below the national average of 4.3%, and among the lowest for states with larger populations. Official government September date is not yet available due to the shutdown. While we anticipate some increases in unemployment rates across our markets, we expect this to remain manageable and below the national average, consistent with the current Moody's state level forecast.

更廣泛地說，馬裡蘭州和維吉尼亞州 8 月的失業率為 3.6%，遠低於 4.3% 的全國平均水平，並且在人口較多的州中屬於最低之列。由於政府停擺，官方尚未公佈九月的具體日期。雖然我們預計各市場的失業率會上升，但我們預計失業率仍將保持在可控範圍內，並低於全國平均水平，這與穆迪目前的州級預測一致。

With the Sandy Springs systems conversion now behind us, strong pipelines and expanded footprint and attractive markets, specialty lines, and increased investment in North Carolina, we believe we are well positioned for continued organic growth. In summary, it was a good quarter as we continued our focus on discipline, execution, and the integration of Sandy Spring.

隨著桑迪斯普林斯系統改造的完成，加上強大的管道、擴大的業務範圍、有吸引力的市場、特殊產品線以及在北卡羅來納州增加的投資，我們相信我們已經做好了持續內生成長的準備。總而言之，這是一個不錯的季度，因為我們繼續專注於紀律、執行和 Sandy Spring 的整合。

This quarter also marks my nine year with the company. Over this time, we have intentionally and carefully built the distinctive and uniquely valuable franchise that we envisioned in our strategic plan and have consistently communicated for years.

本季也是我加入公司的第九年。在此期間，我們精心打造了我們在策略規劃中設想的獨特且極具價值的特許經營權，並多年來一直堅持這一理念。

We have done what we said we'd do in establishing the banking platform we set out to create. With this foundation in place, we believe we are well positioned to capitalize on the expanded markets gained through the Sandy Spring acquisition, continue our growth in Virginia, and pursue new organic growth opportunities in North Carolina and across our specialty lines. We are set up well to demonstrate the organic earnings power of the franchise we have worked so hard to build on a reported basis, absent merger-related noise in 2026, and that's what we intend to do.

我們已經實現了當初的承諾，建立了我們想要創建的銀行平台。有了這樣的基礎，我們相信我們能夠充分利用透過收購 Sandy Spring 而獲得的擴大的市場，繼續在維吉尼亞州發展，並在北卡羅來納州和我們的專業產品線中尋求新的有機成長機會。我們已做好充分準備，在2026年（不考慮併購相關幹擾因素）以報告數據為基礎，展現我們辛辛苦苦建立起來的特許經營權的有機盈利能力，而這正是我們打算做的。

Looking ahead, our focus remains on delivering sustainable top quarter performance relative to our peers and creating long-term value for our shareholders. With that, I'll turn the call over to Rob for a detailed review of our quarterly results before opening the call for questions, Rob.

展望未來，我們的重點仍是實現相對於同業而言可持續的季度業績成長，並為股東創造長期價值。接下來，我將把電話交給羅布，讓他詳細回顧我們的季度業績，然後再開放提問環節。羅布。

Well thank you, John. Good morning, everyone. I'll take a few minutes to provide you with some details of Atlantic Union's financial results for the third quarter.

謝謝你，約翰。各位早安。我將花幾分鐘時間向您介紹大西洋聯盟第三季的財務表現詳情。

A commentary today will primarily address Atlantic Union's third quarter financial results presented on a non-GAAP adjusted operating basis which excludes $34.8 million in pre-tax merger related costs from the Sandy Spring acquisition and a $4.8 million pre-tax loss recorded in the third quarter for the final CRE loan settlement related to the approximately $2 billion of Sandy Spring acquired CRE loans that we sold in the second quarter. As a result, the final net pre-tax gain from the CRE sale transaction was $10.9 million.

今天的評論將主要針對大西洋聯盟第三季度的財務業績，該業績以非GAAP調整後的營運基礎列示，其中不包括收購Sandy Spring產生的3480萬美元稅前合併相關成本，以及第三季度因與我們在第二季度出售的約20億美元的Sandy Spring收購的商業房地產貸款結算而產生稅前房地產貸款的虧損。因此，商業不動產出售交易的最終稅前淨收益為 1,090 萬美元。

That said, in the third quarter reporting that income available to common shareholders was $89.2 million and earnings per com share was $0.63. Adjusted operating earnings available to common shareholders for $119.7 million or $0.84 per common share for the third quarter, resulting in an adjusted operating return on tangable common equity of 20.1%, an adjusted operating return on assets of 1.3%, and an adjusted operating efficiency ratio of 48.8% in the third quarter.

儘管如此，第三季報告顯示，歸屬於普通股股東的收入為 8,920 萬美元，每股收益為 0.63 美元。第三季歸屬於普通股股東的調整後營業利潤為 1.197 億美元，即每股 0.84 美元，由此得出第三季調整後的有形普通股權益營業報酬率為 20.1%，調整後的資產營業報酬率為 1.3%，調整後的營業效率比率為 48.8%。

Turning to credit loss reserves at the end of the third quarter, the total allowance for credit losses was $320 million which is a decrease of approximately $22.4 million from the second quarter, primarily driven by the net charge off of two individually assessed commercial industrial loans that were partially reserved for in the prior quarter, as John noted.

第三季末的信貸損失準備金總額為 3.2 億美元，比第二季減少了約 2,240 萬美元，這主要是由於上一季部分提列了準備金的兩筆單獨評估的商業工業貸款的淨沖銷所致，正如約翰指出的那樣。

As a result, the total allowance for credit losses as a percentage of total loans held for investment decreased to 117 basis points at the end of the third quarter, down from 125 basis points at the end of the prior quarter.

因此，截至第三季末，信貸損失準備金佔投資貸款總額的百分比降至 117 個基點，低於上一季末的 125 個基點。

That charge-offs increased to $38.6 million or 56 basis points annualized in the third quarter from $666,000 or only one basis point annualized in the second quarter, primarily due to the net charge off of the two commercial industrial loans that we've discussed.

第三季核銷額增至 3,860 萬美元（年化 56 個基點），而第二季為 66.6 萬美元（年化 1 個基點），這主要是由於我們討論過的兩筆商業工業貸款的淨核銷。

This brought the annualized year-to-date net charge off ratio through the 3rd quarter to 23 basis points, although we are maintaining our full year net charge off ratio guidance to be in the 15 to 20 basis point range.

這使得截至第三季的年化淨沖銷率達到 23 個基點，儘管我們仍維持全年淨沖銷率在 15 至 20 個基點範圍內的預期。

Now turning to the pre-tax pre-provision components of the income statement for the third quarter, tax equivalent net interest income was $323.6 million. That's a decrease of $2.1 million from the second quarter, primarily driven by lower interest income on loans held for sale due to the impacts of the sale of approximately $2 billion. Performing CRE loans at the end of the second quarter and lower net decreasing partially offset by lower borrowing costs and higher investment income as we use proceeds from the CRE loan sale to pay down short-term borrowings and broker deposits and to purchase additional investment securities in the third quarter.

現在來看看第三季損益表中的稅前撥備前部分，稅收等值淨利息收入為 3.236 億美元。與第二季相比減少了 210 萬美元，主要原因是由於出售約 20 億美元的貸款，導致待售貸款的利息收入減少。第二季末，CRE貸款表現良好，淨減少額有所下降，但部分被較低的借貸成本和較高的投資收益所抵消，因為我們將CRE貸款出售所得用於償還短期借款和經紀人存款，並在第三季購買額外的投資證券。

As noted, the third quarter's tax equivalent net interest margin remained at 3.83% as lower earning asset yields were fully offset by declines in the cost of funds. Earning asset yields for the third quarter declined by 5 basis points to 6% compared to the second quarter due primarily to lower accretion income and the impacts from the CRE loan sale, which resulted in a decrease in average loans held for sale balances and an increase in lower yielding cash and investment average balances. The cost of funds declined by 5 basis points in the third quarter to 2.17%, primarily due to the impact of the four basis point drop in the cost of interest-bearing liabilities to 2.93% from 2.97% in the second quarter, driven by lower average short-term borrowings and broker deposit balances, as well as lower customer time deposit rates.

如前所述，第三季稅收等效淨利差維持在 3.83%，因為較低的獲利資產收益率被資金成本的下降完全抵消。第三季獲利資產收益率較第二季下降 5 個基點至 6%，主要原因是增值收入減少以及商業房地產貸款出售的影響，導致待售貸款平均餘額下降，而收益率較低的現金和投資平均餘額上升。第三季資金成本下降 5 個基點至 2.17%，主要原因是計息負債成本下降 4 個基點，從第二季的 2.97% 降至 2.93%，而計息負債成本下降的原因是平均短期借款和經紀商存款餘額下降，以及客戶定期存款利率下降。

Non-interest decreased $29.7 million to $51.8 million for the third quarter, primarily driven by the $15.7 million preliminary pre-tax gain on the CRE loan sale in the prior quarter compared to a $4.8 million pre-tax loss in the third quarter of 2025 related to the final CRE loan sale settlement accounting.

第三季非利息收入減少 2,970 萬美元至 5,180 萬美元，主要原因是上一季商業房地產貸款出售的初步稅前收益為 1,570 萬美元，而 2025 年第三季與最終商業房地產貸款出售結算會計處理相關的稅前虧損為 480 萬美元。

As well as by the $14.3 million pre-tax gain on the sale of our equity interest in Cary Street Partners, which was recorded in the second quarter.

此外，還有出售我們在 Cary Street Partners 的股權所獲得的 1,430 萬美元稅前收益，該收益已在第二季確認。

Adjusted operating non-interest, which excludes the pre-tax loss and gain on the CRE loan sale in both quarters, the pre-tax gain on the sale of our equity interest and carry partners in the second quarter, and pre-tax gains on sales of securities in both quarters increased $5.1 million from the second quarter to $56.6 million primarily due to a $4.2 million dollar increase in loan-related interest rate swap fees due to higher transaction volumes. And a $1.2 million dollar increase in other operating income primarily due to an increase in equity method investment income. These increases were partially offset by a $2.2 million dollar decrease in bank-owned life insurance income due to death benefits of $2.4 million that was received in the second quarter.

經調整的非利息經營收入（不包括兩個季度商業房地產貸款出售的稅前損益、第二季度出售股權和收益分成合夥人的稅前收益以及兩個季度出售證券的稅前收益）從第二季度增加 510 萬美元至 5660 萬美元，主要原因是由於交易量增加，貸款相關利率互換費用增加了 420 萬美元。其他營業收入增加 120 萬美元，主要原因是權益法投資收益增加。這些成長被銀行持有的人壽保險收入減少 220 萬美元部分抵消，原因是第二季收到了 240 萬美元的死亡賠償金。

Reported non-interest expense decreased $41.3 million to $238.4 million for the third quarter, primarily driven by a $44.1 million dollar decline in merger related costs associated with the Sandy Spring acquisition.

第三季報告的非利息支出減少了 4,130 萬美元，至 2.384 億美元，主要原因是與收購 Sandy Spring 相關的併購成本減少了 4,410 萬美元。

Adjusted operating expense, which excludes merger related costs in the second and third quarters, and the amortization of intangible assets in both quarters increased $3.1 million to $185.5 million for the third quarter, primarily due to a $1.3 million dollar increase in marketing and advertising expense. The $966,000 increase in professional services expenses related to strategic projects, $874,000 increase in other expenses primarily due to an increase in other real estate owned and credit related expenses, and an $800,000 increase in occupant expense. These increases were partially offset by a $1.6 million dollar decrease in salaries and benefits expense. Primarily driven by reductions in full-time equivalent employees and lower group insurance expenses, which was partially offset by an increase in variable incentive compensation expenses.

經調整後的營業費用（不包括第二季和第三季的合併相關成本以及這兩個季度的無形資產攤銷）在第三季增加了 310 萬美元，達到 1.855 億美元，這主要是由於行銷和廣告費用增加了 130 萬美元。與策略項目相關的專業服務費用增加了 966,000 美元，其他費用增加了 874,000 美元，主要是由於其他房地產所有權和信貸相關費用的增加，以及租戶費用增加了 800,000 美元。這些增長被工資和福利支出減少 160 萬美元部分抵消。主要原因是全職員工人數減少和團體保險費用降低，但部分被可變激勵薪酬費用的增加所抵消。

September 30, loans for investments netted deferred fees and costs were $27.4 billion. That's an increase of $32.8 million from the prior quarter, while average loans held for investment increased $291.8 million or 4.3% annualized from the prior quarter.

截至9月30日，投資貸款扣除遞延費用和成本後淨額為274億美元。與上一季相比，增加了 3,280 萬美元；而用於投資的平均貸款額較上一季增加了 2.918 億美元，年化成長率為 4.3%。

At September 30, total deposits stood at $30.7 billion a decrease of $306.9 million or 3.9% annualized from the prior quarter, primarily due to declines of $256.3 million in interest-bearing customer deposits and $116.1 million in broker deposits. This was partially offset by an increase of $65.5 million in demand deposits.

截至 9 月 30 日，存款總額為 307 億美元，比上一季減少了 3.069 億美元，年化降幅為 3.9%，主要原因是計息客戶存款減少了 2.563 億美元，經紀人存款減少了 1.161 億美元。活期存款增加 6,550 萬美元，部分抵銷了這一損失。

At the end of the third quarter, Atlantic Union Bankshares and Atlantic Union Bank's regulatory capital ratios were comfortably above well capitalized levels. In addition, on an adjusted basis, we remain well capitalized as of the end of the third quarter, if you include the negative impact of AOCI and health and maturity securities unrealized losses in the calculation of the regulatory capital ratios.During the third quarter, the company paid a common stock dividend of $0.34 per share, which was an increase of 6.3% from the previous year's third quarter dividend amount.

第三季末，大西洋聯合銀行控股公司和大西洋聯合銀行的監理資本比率均遠高於資本充足的水準。此外，經調整後，截至第三季末，若將其他綜合收益（AOCI）以及健康及到期證券未實現損失的負面影響計入監理資本比率的計算中，我們仍保持充足的資本。第三季度，公司發放普通股股利每股0.34美元，較上年同期股利成長6.3%。

As noted on slide 16, we've updated our full year 2025 financial outlook for AUB and have also provided our financial outlook for the fourth quarter. Please note that the financial outlooks for 2025 and the fourth quarter include preliminary estimates of purchase accounting adjustments with respect to the Sandy Spring acquisition that are subject to change.

如第 16 頁投影片所示，我們已更新了 AUB 2025 年全年財務展望，並提供了第四季度的財務展望。請注意，2025 年和第四季度的財務展望包括與 Sandy Spring 收購相關的購買會計調整的初步估計，這些估計可能會發生變化。

We now expect loan balances to end the year between $27.7 billion.$28 billion dollars, while year in deposit balances are projected to be between $30.8 billion.$31 billion dollars driven by mid single-digit annualized growth in loans and low single-digit annualized growth in deposits in the fourth quarter.

我們現在預計，到年底貸款餘額將在 277 億美元至 280 億美元之間，而存款餘額預計將在 308 億美元至 310 億美元之間，這主要得益於第四季度貸款的中個位數年化增長和存款的低個位數年化增長。

Equivalent with net interest for the full year projected to come in between $1160 million and $1165 billion or $1 million dollars that we are targeting in the fourth quarter fully taxed equivalent that interest rate to fall between $325 million and $330 million.

相當於全年淨利息預計在 11.6 億美元至 11.65 億美元之間，或 100 萬美元，我們的目標是在第四季度實現完全徵稅後的相當於利息 3.25 億美元至 3.3 億美元。

As a result, we are projecting that the full year, fully taxed equivalent that interest margin will fall in the range between 3.75% and 3.8% for the full year and between 3.85% and 3.9% in the fourth quarter, driven by our baseline assumption that the Federal Reserve Bank will cut the Fed funds rate by 25 basis points in October and December and that term rates remain stable.

因此，我們預計全年完全徵稅後的等效利差將在 3.75% 至 3.8% 之間，第四季度將在 3.85% 至 3.9% 之間，這是因為我們的基本假設是聯準會將在 10 月和 12 月將聯邦基金利率下調 25 個基點，並且期限利率保持穩定。

In addition, the projected full tax equivalent net interest margin ranges include the impact of our estimate of the net increasing income from the Sandy Spring acquisition, which are volatile and subject to change.

此外，預期的全部稅收等效淨利差範圍包括我們對 Sandy Spring 收購帶來的淨收入成長的估計的影響，而這些收入波動較大，可能會發生變化。

On a full year basis, adjusted operating non-interest is expected to be between $185 and $190 million and we're targeting the fourth quarter adjusted operating non-interest rate to fall between $50 million and $55 million dollars. Adjusted operating non-interest expenses for the full year are estimated to fall in a range of $675 to $680 million while the fourth quarter adjusted operating non-interest expense run rate is expected to be between $183 million and $188 million.

全年調整後的非利息經營收入預計在 1.85 億美元至 1.9 億美元之間，我們的目標是第四季度調整後的非利息經營收入降至 5,000 萬美元至 5,500 萬美元之間。預計全年調整後非利息營運支出將在 6.75 億美元至 6.8 億美元之間，而第四季度調整後非利息營運支出預計在 1.83 億美元至 1.88 億美元之間。

Based on these projections, we expect to produce financial returns that will place us in the top quartile of our peer group on an operating basis and meet our objective of delivering top tier financial performance for our shareholders.

根據這些預測，我們預期財務回報將使我們在營運方面躋身同業前四分之一，並實現為股東帶來一流財務表現的目標。

In summary, Atlantic Union delivered solid operating financial results in the third quarter. We continue to be on track and confident that we will achieve the anticipated financial benefits of the nation with Sandy Spring.

總而言之，大西洋聯盟在第三季取得了穩健的經營財務表現。我們繼續按計劃推進，並有信心透過桑迪斯普林計畫為國家帶來預期的經濟效益。

As a result, we believe we're well positioned to continue to generate sustainable, profitable growth and to build long-term value for our shareholders in 2025 and beyond.

因此，我們相信我們有能力在 2025 年及以後繼續實現可持續的獲利成長，並為股東創造長期價值。

I'll now turn the call over to Bill, see if there are any questions from our research analysts.

現在我將把電話交給比爾，看看我們的研究分析師有沒有什麼問題。

Thanks, Rob and Daniel. We're ready for our first caller please.

謝謝羅伯和丹尼爾。我們準備好接聽第一位來電者了。

(Operator Instructions)

（操作說明）

Please stand by while we compile the Q&A roster. Our first question comes from Russell Gunther with Stephens, your line is open.

請稍候，我們正在整理問答名單。我們的第一個問題來自史蒂芬斯的羅素岡瑟，您的路線已接通。

Hi Russell. Hey, good morning guys.

你好，羅素。嘿，各位早安。

Hey John, good morning guys.

嘿，約翰，大家早安。

First question for me is on the loan growth front. I appreciate your guys' thoughts in terms of what transpired this quarter in the mid single-digit outlook for next.

我首先想了解的是貸款成長方面的情況。我很感謝各位對本季發生的事情以及下個季度個位數中段成長前景的看法。

I'm wondering, is that mid single-digit a sustainable outcome for 2026 based on where pipelines and investors' sentiment stands today, and as you look out, is a high single-digit, a possibility on this larger pro forma balance sheet.

我想知道，根據目前的管道狀況和投資者情緒，2026 年實現個位數中段的成長是否可持續？展望未來，在更大的備考資產負債表上，實現個位數高段的成長是否有可能？

And I guess an adjacent question, John, I think you mentioned, whether it's an increased appetite or expectation for growth within specialty lines. So I'd be curious if you could expand upon that as well.

約翰，我想還有一個相關的問題，我想你也提到過，那就是人們對專業領域成長的需求或期望是否增加。所以，如果您能就此再詳細闡述一下，那就太好了。

Sure, to answer your questions, we do expect at this point mid single-digit loan growth on the total company for next year, based on past experience, we certainly believe that we're capable of doing high single-digit loan growth and what I will refer to as a more normalized environment, assuming we see such a thing again, which I think we will eventually, but there's still a lot of uncertainty out there obviously, and we do see strength in our specialty lines and it's part of our strategic planning process and it's a reminder we're going to do an investor day in early December and we'll take you into more detail. We continue to look at additional opportunities to further grow and expand our specialty lines such as equipment finance and others.

當然，回答您的問題，我們目前預計公司明年整體貸款成長率將達到個位數中段。根據以往經驗，我們當然相信我們有能力實現個位數高段的貸款成長率，並且假設市場環境再次趨於正常化（我認為這種情況最終會發生），但顯然目前仍存在許多不確定因素。我們看到我們的專業貸款業務表現強勁，這是我們策略規劃流程的一部分。再次提醒您，我們將在12月初舉辦投資者日活動，屆時我們將詳細介紹。我們將繼續尋找更多機會，進一步發展和擴展我們的特色業務，例如設備融資等。

Do you have anything to add to that?

你還有什麼要補充的嗎？

Yeah, I mean, we're still seeing production for new client acquisition and growing at slightly higher rate. 35% of our production this quarter came from new clients coming into the bank, that's a great trend and positive momentum. The pipelines at Sandy Spring , now that they've been converted here since April 1, have grown dramatically. Three or four fold and our pipeline within the legacy bank is higher than it normally is as well. So you know if pull through is what we expect it to be we think we'll have a good solid fourth quarter.

是的，我的意思是，我們仍然看到新客戶獲取方面的業績成長，而且成長略有加快。本季我們35%的業績來自新客戶的加入，這是一個非常好的趨勢和正面的發展動能。自 4 月 1 日以來，桑迪斯普林的輸油管已經進行了改造，規模大幅成長。成長了三到四倍，而且我們在傳統銀行內部的業務量也比平常高。所以，如果情況真如我們預期的那麼好轉，我們認為第四季會表現得非常穩健。

Yeah, and so as you saw, loans averaged up 4.3% quarter over quarter, which is good, but what really happened is in the back half of the quarter, we saw paydowns which are always an issue to some extent, but the line utilization drop was kind of what really hit us toward the end of the quarter, and you know that should come back over time.

是的，正如你所看到的，貸款環比平均增長了 4.3%，這是個好兆頭，但真正發生的是，在本季度後半段，我們看到了還款，這在某種程度上總是一個問題，但信貸額度使用率的下降才是本季度末真正對我們造成衝擊的因素，你知道，隨著時間的推移，這種情況應該會恢復。

Thank you guys. I appreciate that. And then just last question from me switching gears a bit onto the expense outlook. I appreciate your thoughts on where 4Q could shake out, and I believe you guys mentioned cost days for Sandy Spring will fully be in the run rate in early 2026.

謝謝大家。我很感激。最後，我再問一個關於支出前景的問題。我很欣賞你們對第四季可能走向的看法，我相信你們提到過，桑迪斯普林斯工廠的成本天數將在 2026 年初完全納入營運計畫。

So I just wanted to circle back to what was a, I believe the efficiency guide for the pro forma franchise, about 45% excluding amortization expense. Is that still on the cards for 2026? And as it relates to the expense side of the house, how are you guys thinking about keeping a lid on the absolute expense base if you organically build out North Carolina over the next few years?

所以我想回到之前提到的那個，我認為是特許經營的預計效率指南，大約是 45%（不包括攤銷費用）。2026年這個計畫還在進行中嗎？至於支出方面，如果你們在未來幾年逐步發展北卡羅來納州的業務，你們打算如何控制絕對支出水準？

Yeah Russell I'll pick that one. Yeah, we still, we're of course in the middle of our 2026 planning process, but we fully expect to see mid single mid-40s on the efficiency ratio inclusive of the investments in the North Carolina franchise, coming out of the, you see our guy in the fourth quarters $183 to $188 million if you annualize that, at some inflation to that and additional costs associated with North Carolina. We should be flat year over year if you pro forma first quarter if you include the first quarter run rate for Sandy Spring in 2025, should be flattish, which would basically be able to provide us with a mid-40s efficiency ratio.

好的，拉塞爾，我就選那個。是的，我們當然還在進行 2026 年的規劃，但我們完全預期效率比率將達到 40 倍左右，其中包括對北卡羅來納州特許經營權的投資。正如您在第四季度看到的，如果按年計算，我們的收入將達到 1.83 億至 1.88 億美元，考慮到一些通貨膨脹以及與北卡羅來納州相關的額外成本。如果將 2025 年桑迪斯普林第一季的運行率納入考慮，那麼我們第一季的業績應該與上年持平，這基本上可以給我們提供 40 多分的效率比率。

So I feel good about that, of course, if we don't see the revenue come in, but the other part of that is, revenue growing at a high single-digit level going into next year. If we don't see that, we're obviously focused on positive operating leverage, so we would We would take some actions on the expense side, maybe have to delay some things, but at this point in time we don't anticipate that happening.

所以，如果收入沒有成長，我當然會感到高興，但另一方面，明年收入將以接近兩位數的速度成長。如果我們看不到這種情況，我們顯然會專注於積極的經營槓桿，所以我們會在支出方面採取一些措施，可能不得不推遲一些事情，但目前我們預計這種情況不會發生。

That's really helpful, John. Thank you very much, Rob. I appreciate it, guys. Thanks for taking my question.

約翰，這真的很有幫助。非常感謝你，羅布。謝謝各位。謝謝您回答我的問題。

Thank you. Thanks, Russell and Daniel. We're ready for our next caller, please.

謝謝。謝謝羅素和丹尼爾。我們準備好接聽下一位來電者了。

Our next question comes from Stephen Scouten with Piper Sandler. Your line is open.

下一個問題來自 Stephen Scouten 和 Piper Sandler。您的線路已開通。

Good morning, Stephen.

早安，史蒂芬。

Hey, good morning guys. Hey Rob, I wanted to just follow back on that expense messaging you just gave there. So if we're looking at $190 million and then you said add North Carolina, add inflation, and then it should be flat from there, or is there a baseline like of a 1Q26 kind of all in? I'm assuming all cost saves out kind of run rate you can give us as a starting point.

嘿，各位早安。嘿，羅布，我想就你剛才提到的費用問題做個補充說明。所以，如果我們以 1.9 億美元為基準，然後您說加上北卡羅來納州，加上通貨膨脹，那麼之後應該就保持不變了，還是說有一個像 2026 年第一季那樣的基準線，所有因素都考慮進去了？我假設所有成本都能節省下來，你能給我們一個大致的運作率作為起點嗎？

Yeah, so what I would say is, it's probably about the 1,090 give or take, level would be a good run rate for, going forward on, excluding any of the, related or amortization of intangibles. That's how we're kind of looking at it. So you got a 185ish run rate add, another five or so annualize that.

是的，所以我想說的是，在不考慮任何相關或無形資產攤銷的情況下，未來1090左右的運行率可能是一個不錯的水平。我們大致上就是這樣看待這個問題的。所以你得到了大約 185 的運行率，再加上每年大約 5 倍的收益。

For those items that we talked about inflation, etc. Should be a pretty good one.

對於我們討論過的通貨膨脹等問題，應該會是相當不錯的選擇。

Got it. And that and that one key 26 run rate should should encapsulate all the Sandy Spring costs at that point in time, correct?

知道了。而這一點，再加上那關鍵的26次跑動率，應該就足以概括當時桑迪斯普林斯的所有成本了，對吧？

Yeah, we won't see it all in the fourth quarter because there's, we just finished the conversion. There's clean up going on, there's some related, the systems disengagement that that's happening. We still got, some duplicate costs there. So that was all come up by the end of the fourth quarter.

是的，我們在第四節看不到全部內容，因為我們剛剛完成了轉換。正在進行清理工作，還有一些相關的系統脫離工作正在進行中。我們仍然有一些重複的費用。所以，這些問題都在第四節結束時得到了解決。

Got it. Okay. And John, you noted there were higher level of pay downs and I think you guys noted in the press release to lower line utilization there at quarter end. Do you have any data in terms of kind of what paydown levels were, this quarter maybe versus any prior quarters and kind of what would lead you to believe that maybe that pay down activity would slow a bit or is the better growth not so much about pay down levels slowing but production levels continue to ramp higher?

知道了。好的。約翰，你提到了更高的還款額，而且我認為你們在新聞稿中也提到了季度末降低生產線利用率。您是否有關於本季還款水準的數據，例如與先前幾季相比的情況？是什麼因素讓您認為還款活動可能會放緩？或者說，更好的成長並非源自於還款水準放緩，而是源自於生產水準持續提高？

Yeah, I think it's probably more about production levels continuing to ramp higher and let's see, I'll call on Dave Ring here who leads all our commercial businesses, but we've seen for a while. Higher levels of pay downs, but as I think about Q3 versus Q2, I don't think it was out of line.

是的，我認為這可能更多地與生產水平持續提高有關，我們來看看，我請負責我們所有商業業務的戴夫·林格來回答，但我們已經看到這種情況一段時間了。還款額有所增加，但考慮到第三季和第二季的情況，我認為這並不算過分。

No, production in both quarters was very close, it's a little higher this quarter than last quarter. Pay downs were relatively the same, yeah, over the quarter. There are just more players right now in our markets, and we're going to see some of the Pay down activity that we're seeing today probably throughout the rest of the year and into next year, but we're relying on higher production cost.

不，兩個季度的產量非常接近，本季比上季略高一些。是的，本季還款金額基本上維持不變。目前市場上的競爭者更多了，我們今天看到的這種「減產」現象可能會持續到今年年底甚至明年，但同時，我們也依賴更高的生產成本。

And so often on pay downs you'll see commercial real estate that is sold or refinanced into the institutional non-recourse term markets like some of the Fannie or Freddie programs, for example, for multi-family and the pullback that we've seen in term yields, tends to create more of that. But we feel good about, the overall setup.

因此，在償還貸款的過程中，我們經常看到商業房地產被出售或再融資到機構無追索權定期市場，例如房利美或房地美的一些項目，例如多戶住宅項目，而我們看到的定期收益率回落往往會造成更多這種情況。但我們對整體安排感到滿意。

Got it. And then, last thing for me, just around the margin, obviously the low end of that range kind of remained at the 375, but obviously the range was tightened, kind of removing some theoretical upside there. What kind of changed quarter that kind of takes that higher level off the table? Is it just where. We ended up here in the third quarter or is it more rate cuts being baked in or kind of lend any color there to what what's leading to that?

知道了。最後，對我來說，就在邊緣地帶，顯然該範圍的下限仍然保持在 375，但顯然範圍收窄了，某種程度上消除了一些理論上的上漲空間。什麼樣的季度變化導致更高的目標無法實現？就是在哪裡？第三季我們最終走到這一步，或者說，是否意味著更多的降息措施已經落實？或者，能否就導致這種情況的原因提供一些線索？

Yeah, it's more about where we came out in the third quarter, kind of dialed back some of the impacts of the increase in income in the fourth quarter. That would have been driving it could be higher on the higher end, so we dialed that back a bit, but we feel like on the core basis we should see some expansion. That's why we're got to 385 to 390 in the fourth quarter, so it's a bit higher than, when we came in at 383. In the third quarter, but that 375 A 380 is for the full year.

是的，這更多的是關於我們第三季的業績，我們在一定程度上緩解了第四季度營收成長帶來的一些影響。那本來可能會讓它在高端市場表現得更好，所以我們稍微降低了一些，但我們覺得在核心業務方面應該會有一些成長。這就是為什麼我們在第四節達到了 385 到 390 分，比開始時的 383 分略高一些。第三季度，但那 375 A 380 是全年的。

Stephen, so that's kind of where we are see it going up, but not quite as much as we had. We had a 375 to 4% coming into this year, but accretion hasn't been coming in as high as we were expecting.

史蒂芬，所以目前我們看到價格還在上漲，但漲幅沒有之前那麼大。今年年初我們的收益率是 375% 比 4%，但實際增幅並沒有達到我們預期的水平。

Yeah, it is somewhat difficult to predict that with great precision because it's influenced, as by payoffs and that sort of thing. And so you'll see a little bit of volatility and obviously as we get a few more quarters under our belt we'll have a better sense for the sort of what to normally expect, but there's always an element of fluctuation in that, be it up or down.

是的，這很難非常精確地預測，因為它會受到收益等因素的影響。因此，你會看到一些波動，顯然，隨著我們再經歷幾個季度，我們會對通常的預期有更好的了解，但其中總是存在一些波動因素，無論是上漲還是下跌。

Yeah, no doubt all this modelling is a little bit art, a little bit science, so definitely appreciate a lot.

是的，毫無疑問，所有這些建模工作都融合了藝術和科學，所以一定要好好欣賞。

Thanks, Stephen. Daniel, you're ready for our next caller, please.

謝謝你，史蒂芬。丹尼爾，請你準備好接聽下一位來電者。

Thank you. Our next question comes from Catherine Mealor with KBW. Your line is open.

謝謝。下一個問題來自 KBW 的 Catherine Mealor。您的線路已開通。

Hi, my question is just back to the margin, maybe just getting into the pieces of it and the deposit side is as we think about another couple of rate cuts, I think of you as asset sensitive, but Sandy Spring lesson that a little bit, right?

您好，我的問題還是關於保證金，也許可以深入探討保證金的各個組成部分，以及存款方面的問題。考慮到未來可能還會降息幾次，我認為您對資產比較敏感，但桑迪斯普林事件或許會讓我們對此有所反思，對嗎？

And so then as we think about on the expansion over the next few quarters, even with rate cuts, kind of help us think about first on the deposit side how much room you think you can lower deposit cost to keep the margin kind in that that level.

因此，當我們考慮未來幾季的擴張時，即使降息，也請先從存款方面考慮，您認為可以降低存款成本多少空間才能將利潤率保持在那個水平。

And then secondly, if you could give us just some color on new loan yield rates and kind of where you're see, where you think low yields go outside of some of the the purchase accounting noise. Thanks.

其次，能否請您簡要介紹一下新的貸款收益率，以及您認為低收益率的來源，並排除一些購買會計方面的干擾因素？謝謝。

Katherine, we think we have a lot of room on the deposit cost side as the Fed gives us cover and continues to lower rates. We're expecting obviously we saw a 25 basis point cut in September. We're expecting one in late October and then in December. Just to give you a perspective on that, we had about $13 billion of deposits that we priced pretty quickly following that cut like an 85 of that of that population, about 85% bettas.

凱瑟琳，我們認為在存款成本方面還有很大的提升空間，因為聯準會為我們提供了保障並繼續降低利率。我們顯然預期9月會降息25個基點。我們預計十月下旬會有一個，十二月還會有一個。為了讓您對這一點有個概念，我們當時有大約 130 億美元的存款，在那次削減之後，我們很快就對其中大約 85% 的人口進行了定價，大約 85% 是鬥魚。

The good news that we're seeing is on the deposit side we can lower rates pretty quickly. We're talking probably in mid-fifties betas on interest-bearing deposits in mid-40s through the cycle on total deposits. If you look at the short-term rate changes we just made. Those pretty much offset the variable rate loan book that we have, which is about $13 billion $14 billion. So those kind of are offsetting each other in terms of reducing or the impact of lower yields on the loan side versus lower deposit costs. So the real impact as we go forward here in terms of looking for a core margin expansion is what's happening with term loans in the back book fixed rate and new loans coming on.

好消息是，在存款方面，我們可以快速降低利率。我們說的是，在整個週期中，計息存款的β值可能在50多，而總存款的β值在40多。如果你看看我們剛剛做出的短期利率調整。這些貸款基本上可以抵消我們現有的浮動利率貸款組合，該組合約為 130 億美元至 140 億美元。因此，從降低貸款收益率下降的影響與降低存款成本的角度來看，這些因素在某種程度上相互抵消了。因此，就我們未來尋求核心利潤率擴張而言，真正的影響在於現有帳簿中的定期貸款固定利率以及即將推出的新貸款的情況。

What rates are those coming on? We think as a result of our average portfolio yields of, call it 510 to 515 on our fixed loan portfolio today repricing in the call it 610 to 620 range in the last quarter, we should be able to see a pick up in terms of the core margin. Primarily due to lower deposit costs, the lower variable rate loan yields offset by higher fixed rate loan yields.

這些利率是多少？我們認為，由於我們目前固定貸款組合的平均收益率（暫定為 510 至 515）在上個季度重新定價至 610 至 620 的範圍內，我們應該能夠看到核心利潤率有所提高。主要由於存款成本降低，較低的浮動利率貸款收益率被較高的固定利率貸款收益率所抵消。

Okay, that's awesome thank you. And then my second question is just on credit, I know you're, you didn't like having these, two C&I losses this quarter. Just kind of curious if you could give just a broader perception of the health of any other credit trends you're seeing within the portfolio. I think there's especially within DC and just kind of the health of the Sandy Spring portfolio now that you've got a couple quarters under your belt with that portfolio, just any kind of credit additional credit commentary would be helpful just to try to figure out whether those two were isolated events or if there's anything else we should be aware of happening within the portfolio.

好的，太棒了，謝謝。我的第二個問題是關於信貸的，我知道您不喜歡本季出現這兩筆工商業虧損。我有點好奇，您能否更廣泛地談談您在投資組合中觀察到的其他信貸趨勢的健康狀況？我認為尤其是在華盛頓特區，以及桑迪斯普林投資組合的健康狀況，既然你已經管理該投資組合幾個季度了，任何關於信貸的額外評論都會很有幫助，這樣才能弄清楚這兩個事件是否是孤立事件，或者我們是否應該注意該投資組合中發生的其他事情。

Yeah. Those are certainly the two that you saw that had specific reserves. One of them was partially reserved and it was just an unusual situation that both actually were identified. And partial reserves were taken in Q4 of last year. One in the end was fully reserved, actually slightly more than the ultimate resolution. The other, just due to ongoing uncertainty, we elected to charge the rest of it off as we work to maximize recovery. So that's, totally unrelated.

是的。當然，你看到的這兩處確實有特定的儲備。其中一人已被部分預訂，而兩人都被認出的情況實屬罕見。去年第四季已提取了部分準備金。最後有一位被完全預定，實際上比最終決議還要多一些。另一方面，由於持續的不確定性，我們選擇將剩餘部分計入應稅收入，同時努力實現最大限度的復甦。所以，這完全不相關。

Broadly speaking, the overall credit trends look good. You can see that in our numbers. Obviously 0.49 nonperforming assets as a percentage of the total loan book is a pretty good number. Past dues down, criticized down, and we feel pretty good, obviously we're well aware of all the headlines that go on. In the greater Washington region, but we're hard pressed to point to any real problems as a result of that, the client base is actually quite resilient, so we feel pretty good about it.

整體而言，信貸情勢良好。從我們的數據中就可以看出這一點。顯然，不良資產佔貸款總額的比例為 0.49%，這是一個相當不錯的數字。過去的欠款減少了，批評聲浪也減少了，我們感覺很好，顯然我們也很清楚所有的新聞頭條。在大華盛頓地區，我們很難指出由此產生的任何實際問題，客戶群實際上相當有韌性，所以我們對此感覺很好。

Rob, anything you would add?

羅伯，你還有什麼要補充的嗎？

Now all the leading indicators of those kinds of big problems all look very good in moving in the right direction, like John said, criticized noticeably lower since the second quarter. Past dues continue to be low, so we all feel very good about where we are. Obviously we're paying attention to what's going on in and around DC with the shutdown, but we just don't see any weakness anywhere. We'll be prepared for anything. A supporting customers and whatnot.

現在，所有這些重大問題的領先指標看起來都朝著正確的方向發展，正如約翰所說，自第二季以來，這些指標受到的批評已大幅減少。過去的欠款額仍然很低，所以我們對目前的狀況都非常滿意。顯然，我們一直在關注華盛頓特區及其周邊地區因疫情封鎖而發生的事情，但我們目前還沒有發現任何弱點。我們會做好應對一切的準備。為客戶提供支援等等。

That was Chief Officer Will.

那是威爾警長。

Great. And was it fair to say the DC Noise is maybe more of a growth issue than a credit issue?

偉大的。可以說，華盛頓特區的噪音問題或許更多的是成長問題，而不是一個信貸問題嗎？

Yeah. I would say I do think that it impacts, confidence to some extent, but as Dave Ring pointed out, the pipelines are growing, and you've heard me make this point before. Don't think of us as a DC bank, about 23% of the total portfolio would be in the broad Greater Washington metro area. But Sandy itself was, is and always has been, the Bank on Maryland, and we are seeing opportunities there.

是的。我認為這在一定程度上會影響信心，但正如戴夫·林所指出的那樣，管道正在增長，而且你以前也聽我說過這一點。不要把我們看成是一家華盛頓特區的銀行，我們總投資組合的約 23% 位於大華盛頓都會區。但桑迪本身過去是、現在是、將來也永遠是馬裡蘭州的銀行，我們看到了那裡的機會。

So overall, we think that we're in the right spot, as we do not finance large office buildings, which definitely could be problematic. And from a government contract finance standpoint, I would expect to see more opportunity there over time since it's mostly focused on national security and defense. And even interestingly we were talking to the head of government contract finance yesterday, even with the government shutdown. Because the Defense Department is still operating, we're seeing contracts awarded like right now, so we do feel pretty good about the opportunity there over time.

所以總的來說，我們認為我們目前處於正確的位置，因為我們不為大型辦公大樓提供融資，這肯定會帶來問題。從政府合約融資的角度來看，我預計隨著時間的推移，這方面的機會會越來越多，因為它主要集中在國家安全和國防領域。有趣的是，儘管政府停擺，我們昨天還是和政府合約財務主管進行了交談。由於國防部仍在運作，我們現在就看到合約正在授予，所以我們對未來的發展機會感到非常樂觀。

But yeah, I think it does put a damper on growth, particularly as it relates to commercial real estate investment, but it's very submarket specific as well, even in that greater metro DC area.

但我認為這確實會抑製成長，尤其是在商業房地產投資方面，但即使在大華盛頓特區地區，這種情況也因細分市場而異。

Helpful call.

很有幫助的電話。

Thank you. Thanks, Katherine, and Daniel, you're ready for our next caller, please.

謝謝。謝謝凱瑟琳，丹尼爾，請你們準備好接聽下一位來電者。

Thank you. Our next question comes from Janet Lee with TD Callan. Your line is open.

謝謝。下一個問題來自TD Callan的Janet Lee。您的線路已開通。

Janet, we're glad, thank you for picking up coverage on this.

Janet，我們很高興，謝謝你報道此事。

Of course. Good morning. Thanks for having me. I believe you guys touched on it a little bit apology if I missed it. So you're attributing all of the loan decline that you saw on the C&I side to lower utilization and basically, are you also referring to the loan growth coming back in that next single-digits? As the utilization picks back up seasonally in the fourth quarter to the mid single-digits range, or is that more so in a typical environment you'd be a mid single-digits to high single-digit grower.

當然。早安.謝謝邀請。我相信你們已經稍微談到了這一點，如果我錯過了，請見諒。所以您將工商業貸款方面的所有下降都歸因於貸款利用率降低，那麼，您是否也認為貸款成長將在接下來的個位數成長中恢復？隨著第四季利用率季節性回升至個位數中段水平，或者更確切地說，在典型環境下，成長率會達到個位數中段到個位數高段。

Yeah, I wouldn't say all of it was a result of the reduced line utilization, but that was a material number contributing to that, and I think it's daydream, you have to weigh in here, from my standpoint, we've got the pipeline right now to support. The targets that we laid out, which you know are roughly mid single-digit loan growth based on what we're seeing in Q4, so that's not really predicated on a reversal and line utilization, although that would be helpful. Is that accurate?

是的，我不會說所有原因都是由生產線利用率降低所造成的，但這確實是一個重要的影響因素。我認為這只是空想，你必須權衡一下。從我的角度來看，我們目前的生產線足以支撐生產。我們所設定的目標，正如您所知，是根據我們第四季度所看到的，大致是中等個位數的貸款成長，所以這實際上並不是基於貸款逆轉和信貸額度利用率，儘管這會有所幫助。準確嗎？

Yeah, we have the pipeline to, it's just pull through. We just have to pull it through and sometimes it takes longer than others and things creep into other quarters, but we have the pipeline that implies.

是的，我們也有管道，只需要拉過去就行了。我們只需要堅持下去，有時候需要的時間比其他時候長，而且事情也會蔓延到其他方面，但我們有相應的管道。

That makes a good point. We actually had some financings that were slated and expected to have closed in Q3 that did not, and we're seeing that come through now. We're actually off to a pretty good start in Q4.

說得很有道理。實際上，我們有一些原計劃在第三季完成的融資項目並沒有完成，現在我們看到這些項目正在逐步完成。實際上，我們第四季開局相當不錯。

Got it. No, that's a helpful caller.

知道了。不，那是一位熱心的來電者。

So, and on a core basis, I guess you're not guiding to 2026, but Should I think of the core NIM trajectory based on your comment as being able to stay stable as rates come down with an upward bias as the yield curve steepens, or would it be a sort of more pressure given your asset sensitivity profile? How should I think about that?

所以，從核心層面來看，我猜您並沒有預測到 2026 年，但是根據您的評論，我是否應該認為核心淨息差的走勢能夠隨著利率下降而保持穩定，隨著收益率曲線變陡而略有上升趨勢，還是考慮到您的資產敏感性狀況，會面臨更大的壓力？我該如何看待這件事？

Yeah, the way we're thinking about it is we think there's opportunity for core expansion, give or take. In the, low single-digits per quarter that's predicated on that the fixed rate loan portfolio back book and new fixed loans coming on are repricing higher, call it 100 or so basis points higher.

是的，我們的想法是，我們認為核心業務有擴張的機會，大概是這樣。每季個位數的低點成長，是基於固定利率貸款組合的現有帳簿和即將推出的新固定利率貸款重新定價更高的假設，例如上漲 100 個基點左右。

So that really depends on where term rates go. So if we do have a steeper curve, that would be very helpful to that projection that goes if it increases more, that would be more beneficial. So we are calling for a baseline for the Fed to cut 2 times here in the remainder of this year, 2 times next year, but we do expect to see some expansion in the margin again.

所以這真的取決於定期利率的走勢。所以，如果我們得到一條更陡峭的曲線，那將對預測非常有幫助；如果它成長更多，那將更有利。因此，我們呼籲聯準會在今年剩餘時間內降息兩次，明年再降息兩次，但我們預期貨幣政策的邊際擴張幅度會再次出現。

If term rates were to drop materially from really looking at call it the five year term rate, we could see some contraction in that projection that I'm talking about, either a flat margin or it could be down depending on the term rate structure.

如果長期利率（例如五年期長期利率）大幅下降，那麼我所說的預測可能會有所收縮，要么持平，要么下降，這取決於長期利率的結構。

And we are certainly less asset sensitive than we used to be Sandy axis a bit of a natural hedge, and as you can see on slide 11 of the supplemental presentation where we break out the drivers of net interest margin change to Rob's earlier point, the core net interest margin actually went up quarter over quarter. It was really just fluctuation and accretion that caused the reported net interest margin to be stable.

而且我們現在對資產的敏感度肯定不如以前了，桑迪軸心起到了一種天然的對沖作用，正如你在補充演示文稿的第 11 頁幻燈片中看到的那樣，我們分析了淨息差變化的驅動因素，正如羅布之前提到的，核心淨息差實際上環比上升了。正是波動和累積使得公佈的淨利差保持穩定。

Thank you. If I could just ask one more question for those of us including myself who is newer to the name. So you made it clear that you know the government contractor finance group is doing fine. I mean it's more security like national security and defense focused and more protected there.

謝謝。如果我能再問一個問題，對於包括我在內的許多對這個名字不太熟悉的人來說，這個問題就太好了。所以你已經明確表示，你知道政府承包商財務部門運作良好。我的意思是，那裡的安全保障更側重於國家安全和國防，也更受保護。

If the government shut down. Is prolonged hopefully not, but if it does get extended, like what would you be in what way could it or could it impact you the most in terms of like what would you be most worried about is it the consumers in your, the consumer customers in your market or is it just, lower commercial activity?

如果政府停擺。希望不會延長，但如果真的延長了，你會擔心什麼？它會以什麼方式影響你？你最擔心的是什麼？是你市場上的消費者，還是只是商業活動減少？

How could you just elaborate on what would you be most worried about or maybe not?

您能否詳細說明一下您最擔心的是什麼，或是您最不擔心的是什麼？

Yeah, sure. The government contractors should be fine. We have lived through many shutdowns before. The longest shutdown was 35 days in the first Trump administration. We've never had an issue as it relates to, government shutdowns. They have to wait to be paid, but most of them are doing essential services, and so they will continue to work as indicated. Normally what we would expect to see them do is they'll draw on their lines as they await payment. It creates a timing difference to the extent that we have any that are working on non-essential services, what they do, it's a variable cost structure. They would furlough workers. You're already seeing that in some cases up there.

當然可以。政府承包商應該沒問題。我們之前經歷過很多次封鎖。最長的政府停擺發生在川普第一任期內，持續了35天。我們從未遇到與政府停擺相關的問題。他們需要等待一段時間才能拿到工資，但他們中的大多數人從事的都是必要的服務，因此他們將繼續按計劃工作。通常情況下，我們會看到他們在等待付款時畫線。這會造成時間上的差異，因為我們有一些員工從事非必要服務，而他們的工作屬於變動成本結構。他們會暫時解僱員工。你已經在上面提到的一些案例中看到了這一點。

So I think broadly, it certainly, I guess I would say further slow things down, we should be fine. The one thing we can, the only thing we can say with certainty is the US government will reopen. That will happen. The question is how long it's going to take. Interestingly, I was just looking at some data. As of today yesterday we had had 5,050 consumers contact us, wanting to talk about some sort of potential relief because they've been impacted, and the most common thing that you would see might be a payment deferral or a fee deferral, and that's on the consumer side and we're very happy to work with customers. If there's any sort of event weather like this in that region, so we do not have any reason at this point in time to be particularly concerned about it.

所以總的來說，我認為，如果進一步放慢速度，我們應該沒問題。我們唯一能確定的一件事，也是我們唯一可以肯定的一件事，就是美國政府將會重新開放。那件事一定會發生。問題是需要多長時間。有趣的是，我剛才剛好在看一些數據。截至昨天，已有 5,050 名消費者聯繫我們，希望討論一些可能的救濟措施，因為他們受到了影響。最常見的救濟措施可能是延期付款或延期繳納費用，這是針對消費者的，我們非常樂意與客戶合作。如果該地區出現類似這樣的極端天氣事件，那麼目前我們沒有任何理由對此感到特別擔心。

Thank you, that's very helpful.

謝謝，這很有幫助。

Thanks, Janet and Daniel, you're ready for our next caller, please.

謝謝Janet和Daniel，請你們準備好迎接下一位來電者。

Thank you. Our next question comes from Brian Wilczynski with Morgan Stanley. Your line is open.

謝謝。下一個問題來自摩根士丹利的布萊恩威爾欽斯基。您的線路已開通。

Hi Brian.

嗨，布萊恩。

Hi, Good morning. Maybe just sticking with the loan growth, I think during your prepared remarks you talked a little bit about higher competition that you saw in the third quarter across some of your markets. I was wondering if you could give some more detail on that, where it's coming from and just what you're seeing broadly.

您好，早安。或許可以繼續關注貸款成長，我想您在事先準備好的發言中也談到了第三季在一些市場中出現的更激烈的競爭。我想請您詳細說明一下，它來自哪裡，以及您大致觀察到的情況。

Yeah, we're certainly accustomed to competition. I'm a 38 year commercial banker by background, and I don't ever remember a time when it's not been competitive, at least for the better credits, which is the types of things that we do. We sometimes see other banks kind of turn it on and turn it off, which we've never done.

是的，我們當然習慣了競爭。我從事商業銀行業已有 38 年，我從未記得哪個時期競爭不那麼激烈，至少對於優質信貸業務而言是如此，而這正是我們所從事的業務類型。我們有時會看到其他銀行偶爾會開啟或關閉這項服務，而我們從來沒有這樣做過。

We've always been a consistent provider of capital, and that's part of how we differentiate ourselves in the marketplace. We are definitely in a turn it on environment right now. Where some who have pulled back or, fully open for business, we see that show up in terms of an element of pricing pressure, not that we've ever been, the low cost provider, but it's the banks are eager for business.

我們一直以來都是穩定的資金提供者，這也是我們在市場上脫穎而出的原因之一。我們現在絕對處於一個需要全力以赴的環境。有些企業已經撤回或全面恢復營業，我們看到這體現在價格壓力上，雖然我們從來都不是低成本供應商，但銀行渴望開展業務。

Anything to add.

還有什麼要補充的嗎？

In the first couple of quarters we were impacted a bit by private credit, particularly in the government contractor competitor.

在前幾季，我們受到了一些私人信貸的影響，尤其是來自政府承包商競爭對手的信貸。

In some of the specialty businesses, but that's slowed down a little bit, frankly, and it's really the traditional banks coming back in turning it on again like John said one of the things we're very proud of is we're consistently in the market. We don't turn it on and turn it off, but we're seeing some of those banks come back in and turn it on.

在一些專業領域，這種成長有所放緩，坦白說，現在主要是傳統銀行重新活躍起來了。正如約翰所說，我們非常自豪的一點是，我們始終活躍在市場上。我們不會隨意開啟或關閉它，但我們看到一些銀行又重新開始使用它了。

That's really helpful. And then maybe just on Sandy Spring, you mentioned that the integration is now complete. I was wondering if you could talk a little bit more about some of the revenue related synergies. I think you mentioned briefly that the swap income was higher, but as you look out to Sandy Spring what are the opportunities that you see on the revenue side that you can lean into a little bit more over the next few quarters.

這真的很有幫助。然後，也許就在 Sandy Spring 上，您提到整合工作現在已經完成了。我想請您再詳細談談與收入相關的綜效。我想你剛才簡要提到了互換收入較高，但是展望桑迪斯普林，你認為在接下來的幾個季度裡，在收入方面有哪些機會可以讓你更加重視呢？

Yes, sort of moving, starting at the top of the house, the single best opportunity is simply the fact that they're no longer constrained by commercial real estate concentrations or issues, which means they are in fact fully open for business. So that's good from a lending standpoint. They do pick up additional capabilities. Interest rate hedging is a great example. Other examples that we'll see as it begins to mature would be foreign exchange. Where we have a good offering broadly they had a good treasury management offering, but we brought additional capabilities to the table as well.

是的，某種程度上來說，從頂層開始，最大的機會在於他們不再受商業房地產集中度或問題的限制，這意味著他們實際上已經完全開放營業。從貸款的角度來看，這是好事。它們確實會獲得額外的能力。利率對沖就是一個很好的例子。隨著其日趨成熟，我們也會看到外匯交易方面的例子。我們整體上提供了很好的產品和服務，他們也提供了很好的資金管理產品和服務，但我們也帶來了額外的功能。

They do want to pick up from their specialty lines. We've already seen equipment finance business up there. I mean the biggest probably help over the next Call it 15 months, is just them getting back into the market. We've retained almost all their bankers and most of them have stayed on their own as well without us having to work hard to retain them, and they are back to business back and calling. So new client acquisition is going to be a real important thing in that market for us.

他們確實想從他們的特色產品線中提貨。我們已經看到那裡的設備融資業務了。我的意思是，未來大約15個月內，對他們最大的幫助可能是讓他們重返市場。我們幾乎留住了他們所有的銀行家，而且他們中的大多數也都繼續留任，我們無需費力留住他們，他們已經恢復了業務，重新開始打電話。因此，在這個市場中，獲取新客戶對我們來說將是一件非常重要的事情。

The things we bring to the table around talking at a higher level to clients, bringing in products like John said plus loan syndications, asset-based lending, and some other things into that market. That's a really good asset-based lending market, for instance, which we will penetrate deeper because our acquisition of Sandy Springs. So there are a lot of things, but I would think of it just holistically as two good banks coming together. Combining products and services, they had some that we didn't have. They had some really interesting offerings, some niche treasury management capabilities that we now have. Right? And they've brought some really good leadership to the table as well. And so we really think we're just stronger in that market because of the combination.

我們為客戶帶來的價值在於，能夠以更高的層次與客戶溝通，將約翰提到的產品，以及銀團貸款、資產抵押貸款和其他一些產品引入市場。例如，這是一個非常好的資產抵押貸款市場，由於我們收購了 Sandy Springs，我們將更深入地滲透到該市場。所以有很多因素，但我會從整體來看，這是兩家優秀的銀行走到了一起。他們提供的產品和服務組合中，有些是我們沒有的。他們提供了一些非常有趣的產品和服務，一些我們現在也擁有的利基資金管理能力。正確的？而且他們也帶來了非常優秀的領導團隊。因此，我們認為正是這種組合讓我們在這個市場上更具優勢。

That's really helpful. Thanks for taking my questions.

這真的很有幫助。謝謝您回答我的問題。

Daniel for our next caller, please.

下一位來電者是丹尼爾。

Thank you. Our next question comes from David Bishop with Hovde Group. Your line is open.

謝謝。我們的下一個問題來自 Hovde Group 的 David Bishop。您的線路已開通。

Hi Dave.

嗨，戴夫。

Hey, good morning, John, and he's staying on that topic in terms of the Sandy Spring opportunity. John and Rob and Dave as you expand maybe their pure commercial C&I lending capabilities, you see the opportunity to sort of harvest more deposits behind, new loan relationships and maybe what legacy Sandy Springs was bringing to the table.

嘿，早上好，約翰，他仍然在談論桑迪斯普林的機會這個話題。約翰、羅布和戴夫，隨著你們擴大純粹的商業貸款能力，你們看到了獲取更多存款、建立新的貸款關係以及桑迪斯普林斯帶來的遺產的機會。

Overall, they did a pretty good job gathering deposits and, we've done a pretty good job since April 1 of retaining those and trying to deepen and enhance the relationships to get more, but, I They actually brought some products to the table that we're going to leverage in that market around escrow, the title businesses, litigation services, things like that that'll bring pretty chunky nice big deposits into the bank. But in general, if you acquire a C&I client and you're giving them a line of credit.

總的來說，他們在募集存款方面做得相當不錯，而且自 4 月 1 日以來，我們在留住這些存款方面也做得相當不錯，並努力深化和加強關係以獲得更多存款。但是，他們實際上帶來了一些產品，我們將在託管、產權業務、訴訟服務等市場中利用這些產品，這將為銀行帶來相當可觀的存款。但總的來說，如果你獲得了一個工商業客戶，並且你向他們提供了一條信貸額度。

It comes with the deposits. It comes with the treasury management fees, and so we're really focused on new client acquisition in that market, and we do think, we give them the capacity and the ability to do more faster new client acquisition. Like I said earlier, 35% of our production this quarter was from new client acquisition. We expect that to kind of ramp up with Sandy over time.

它包含押金。其中包含資金管理費，因此我們真正專注於在該市場獲取新客戶，我們認為，我們賦予了他們更快獲取更多新客戶的能力。正如我之前所說，本季我們 35% 的產量來自新客戶的取得。我們預計隨著桑迪颶風的到來，這種情況會逐漸加劇。

Yeah, It's a good team with great leadership, and we compliment each other.

是的，這是一個優秀的團隊，領導階層也很棒，我們彼此互補。

Got it. Then a follow-up maybe John I think you mentioned the preamble some. Pretty material movement I think it was $250 million decline andurize. I'd be curious on any sort of caller you can give up where you saw that improvement types of credits, segments, etc. Thanks.

知道了。然後或許可以追問一下，約翰，我想你之前已經提到一些前言部分了。相當大的變動，我認為是下降了 2.5 億美元。我很想知道，您在哪些類型的來電中看到了改進，例如積分、分段等等。謝謝。

Pretty much across the board, part of what we did in part just a function of the environment, we continue to dig pretty deeply in terms of scrutinizing the portfolio, not that we don't do that in the normal course. We've done that with the Sandy Spring portfolio being new to us, and you know the reality is we call them as we see them, the overall health of our client base is pretty good and so we've seen it pretty much across the Board. Daniel, the chief officer, is here. Is that a fair assessment?

基本上，我們所做的一些事情，部分原因只是環境使然，我們繼續深入審查投資組合，當然，這並不是說我們在正常情況下不會這樣做。我們對 Sandy Spring 投資組合進行了調整，因為這是我們新接觸的。你知道，現實情況是，我們實話實說，我們客戶群的整體健康狀況相當不錯，所以我們幾乎在所有方面都看到了這一點。首席執行官丹尼爾在這裡。這種評價公平嗎？

Dave. The Improvement in credit is at the client level. There are no industries or markets that are of any concern. It's just individual clients that may suffer difficulties and of course we work with them all the way through, and that's where the improvement comes from, the improvement of their operations, and we do believe we are conservative risk graders.

戴夫。信用狀況的改善體現在客戶層面。沒有任何產業或市場需要引起關注。只是個別客戶可能會遇到困難，當然我們會全程與他們合作，而改進也正是源於此，即改進他們的運營，而且我們相信我們是保守的風險評估者。

Perfect, I appreciate the caller.

太好了，謝謝來電者。

Daniel, we're ready for our last caller, please.

丹尼爾，我們準備接聽最後一位來電者。

Thank you. Our final question comes from Stephen Moss with Raymond James. Your line is open.

謝謝。最後一個問題來自 Raymond James 的 Stephen Moss。您的線路已開通。

Hi Stephen.

你好，史蒂芬。

Hey, John, Rob, good morning, everyone. Maybe, going back to loan growth here, John, I hear you on, the mid single-digits with the potential to be doing higher single-digits Over time here.

嘿，約翰，羅布，大家早安。約翰，回到貸款成長的問題上，我明白你的意思，目前是中個位數成長，而且隨著時間的推移，有可能達到更高的個位數成長。

And obviously the pipeline has increased. Just curious here, with the North Carolina expansion. What kind of contribution could you see, next year from that, from loan growth, if any, that could be additive.

顯然，管道輸送量增加了。我只是好奇，關於北卡羅來納州的擴張。明年貸款成長方面，您認為會做出什麼樣的貢獻？如果有的話，那可能會帶來哪些額外收益？

So we're adding bankers in North Carolina. We've actually seen North Carolina turn to positive growth. After the initial American settle and there's very positive momentum there. What we like about North Carolina is it is a real active market and you can drive down any highway and see multiple manufacturing, distribution. Facilities and we have now we think we've placed a lot of talent in that market to go after that business. We have pretty low market share, so there's a lot of upside in that state.

所以我們正在北卡羅來納州增加銀行家。我們已經看到北卡羅來納州實現了正增長。美國最初的穩定局面已經過去，而且勢頭非常積極。我們喜歡北卡羅來納州的原因是，這是一個非常活躍的市場，你沿著任何一條高速公路行駛，你都能看到許多製造和分銷企業。我們擁有相應的設施，現在我們認為我們已經在該市場投入了大量人才來開拓業務。我們的市佔率很低，所以這個領域還有很大的發展空間。

Yes, it's arguably, from an economic development standpoint, it's arguably the best of the growth markets where we have a physical presence which we're expanding. So Stephen, that is potential upside, we're being very conservative in terms of how we think about it, we're speaking to low growth expectations for the entirety of the franchise, but Dave, you and I were having a conversation yesterday. You've been here eight years. And we think about how diversified the bank is now versus what we first saw and all the, I think you referred to it as the levers that we have to pull now. So this is a very diversified franchise and so we see opportunities really in all markets, but North Carolina will have the fastest rising tide.

是的，從經濟發展的角度來看，它可以說是我們已設立實體機構並正在擴張的成長市場中最好的市場。所以史蒂芬，這就是潛在的上漲空間，我們在考慮這個問題時非常保守，我們對整個特許經營權的增長預期都很低，但是戴夫，你和我昨天談過這件事。你在這裡已經八年了。我們會思考，與最初相比，這家銀行現在的多元化程度有多高，以及，我想你稱它為我們現在必須採取的各種措施。所以這是一個非常多元化的特許經營品牌，因此我們看到了所有市場的機會，但北卡羅來納州的成長速度將是最快的。

And we do have roughly 20 bankers now in that market going at it, which is an increase over time, so we're Very excited about the opportunity there. We're in Wilmington. We're all in the Triad and Triangle markets and we have a presence in Charlotte and in South Carolina as well, so we're pretty excited about that.

目前我們大約有 20 位銀行家在這個市場中開展業務，這是一個逐年增長的數字，所以我們對那裡的機會感到非常興奮。我們在威爾明頓。我們在三城和三角研究園市場都有業務，在夏洛特和南卡羅來納州也有業務，所以我們對此感到非常興奮。

Okay Appreciate that caller there. And then, one last one for me, most of my questions and asked and answered, but I, I'm not sure if I missed it. Curious Rob is to the purchase accounting assumptions, for the fourth quarter and for 2026.

好的，感謝來電者。最後，我還有一個問題，我的大部分問題都問了也得到了解答，但我不太確定我是否錯過了什麼。好奇的羅布對第四季和 2026 年的購買會計假設很感興趣。

Yeah, so in terms of the accretion income, I think you could take a look at the third quarter. It's kind of what we're anticipating for the fourth quarter, call it about $40million $41 million which was down from the third quarter, as we mentioned.

是的，就增值收入而言，我認為你可以看看第三季的情況。這大致符合我們對第四季的預期，大約在 4000 萬美元到 4100 萬美元之間，比第三季度有所下降，正如我們之前提到的。

It's probably going to continue to decline as we go through next year, but call it about a. Between a 35 and $40 million dollar run rate, a quarterly run rate going throughout next year and continue to come down as we go into 27.

明年這數字可能還會繼續下降，但大概會達到一個…預計年收入將達到 3,500 萬至 4,000 萬美元，季度收入將持續到明年，隨著我們進入 27 年，收入將繼續下降。

And of course that's being replaced, that reinvested.

當然，這些資金正在被替換，正在被重新投資。

Yeah, exactly, it's turning into core.

沒錯，它正在變成核心。

Since it's mostly interest rate marks.

因為主要都是利率指標。

Okay, and actually maybe just one last. One for me here. John, with regard to capital return here profitability. You're talking about you you're definitely building capital just curious. You talk about a buyback as well, how to think about maybe the timing of a buyback starting next year.

好吧，其實可能就最後一個了。我也有一個。約翰，關於資本回報和獲利能力的問題。你說的就是你自己，你一定在累積資本，我只是好奇而已。您也談到了股票回購，以及如何考慮從明年開始的股票回購時機。

Yeah, we're definitely going to be creating capital at a good rate. And even more so as we get you through Q4 once all of the Sandy Spring related expenses are out and you can see we have, pretty handsome operating metrics right now which should get better still.

是的，我們肯定會以不錯的速度創造資本。尤其是在第四季度，所有與桑迪斯普林相關的費用都已扣除之後，您可以看到我們目前的營運指標相當不錯，而且應該會更好。

So Rob, do you want to talk about how we would think about the? Well actually we see this clearly, as always, first priority for capital is simply to reinvest in the business and fund lending growth, but What we're guiding to implies that we're going to be accumulating capital faster than we need it. Therefore, capital will continue to rise.

羅布，你想談談我們應該如何看待這個問題嗎？實際上，我們很清楚地看到，一如既往，資本的首要任務是再投資於業務和為貸款成長提供資金，但我們的指導方針意味著我們將以比實際需要的速度累積資本。因此，資本將持續成長。

Yeah, taking into consideration our growth on the balance sheet, the investment in strategic initiatives and things, assuming we've got the capital for that, we're comfortable managing with a CT1 between 10%and 10.5%. So anything beyond 10.5%. would be available for buybacks excess capital, if you will our projection call for that probably will be in that position probably in the second half of next year, so likely we would ask the board for an authorization to repurchase shares sometime in that time frame.

是的，考慮到我們在資產負債表上的成長、對策略性舉措的投資等等，假設我們有足夠的資金，我們認為將 CT1 控制在 10% 到 10.5% 之間是可以接受的。因此，超過 10.5% 的任何資金都將可用於回購超額資本。我們預計，這種情況可能會在明年下半年出現，因此我們可能會在該時間內向董事會申請授權回購股票。

Great. I appreciate all the caller there.

偉大的。感謝所有來電者。

Thank you very much.

非常感謝。

Thank You, Stephen, and thanks everyone for joining us today and we look forward to talking with you at our best day in December. Have a good day.

謝謝史蒂芬，也謝謝大家今天加入我們，我們期待在十二月最好的日子裡與大家再次交流。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。