Business First Bancshares Inc (BFST) 2025 Q2 法說會逐字稿

Thank you for standing by. Hello, and welcome to the Business First Bancshares Q2 2025 earnings conference call. Please note that this call is being recorded.

感謝您的支持。您好，歡迎參加 Business First Bancshares 2025 年第二季財報電話會議。請注意，此通話正在錄音。

I would now like to turn the call over to Matt Sealy, Senior Vice President, Director of Corporate Strategy and FP&A. Please go ahead, sir.

現在，我想將電話轉給資深副總裁、企業策略和 FP&A 總監 Matt Sealy。先生，請繼續。

Thank you. Good morning, and thank you all for joining. Earlier today, we issued our second quarter 2025 earnings press release, a copy of which is available on our website along with the slide presentation that we will reference during today's call.

謝謝。早安，感謝大家的參與。今天早些時候，我們發布了 2025 年第二季度收益新聞稿，其副本可在我們的網站上獲取，同時我們還將在今天的電話會議上參考幻燈片演示。

Please refer to slide 3 of our presentation, which includes our Safe Harbor statements regarding forward-looking statements and the use of non-GAAP financial measures. For those of you joining by phone, please note the slide presentation is available on our website at www.b1bank.com.

請參閱我們簡報的第 3 張投影片，其中包括有關前瞻性聲明和非 GAAP 財務指標使用的安全港聲明。對於透過電話加入的各位，請注意幻燈片簡報可在我們的網站 www.b1bank.com 上找到。

Please also note our Safe Harbor statements are available on page 7 of our earnings press release that was filed with the SEC today. All comments made during today's call are subject to the Safe Harbor statements in our slide presentation and earnings release.

另請注意，我們的安全港聲明可在我們今天向美國證券交易委員會提交的收益新聞稿第 7 頁上找到。今天電話會議中的所有評論均受我們幻燈片演示和收益報告中的安全港聲明的約束。

I'm joined this morning by Business First Banchares Chairman and CEO, Jude Melville; Chief Financial Officer, Greg Robertson; Chief Banking Officer, Phil Jordan and President of b1BANK, Jerry Vascocu. After the presentation, we'll be happy to address any questions you may have.

今天早上與我一起出席的還有 Business First Banchares 董事長兼執行長 Jude Melville、財務長 Greg Robertson、首席銀行長 Phil Jordan 和 b1BANK 總裁 Jerry Vascocu。演示結束後，我們將很樂意解答您的任何問題。

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

好了，現在我將把話題交給你，裘德。

Okay. Thanks, Matt. Good morning, and thanks, as always, to everyone for prioritizing this call. I know you have plenty to do on a Monday morning, and we appreciate you participating with us.

好的。謝謝，馬特。早安，一如既往地感謝大家優先參加這次電話會議。我知道您週一早上有很多事情要做，我們很感謝您與我們一起參與。

I'd like to start by explaining that we chose a later the normal release date out of an abundance of caution, given the core system conversion we conducted over the past few weeks, wanting to err on the side of giving our team ample time to close out the quarter, we were successful. And going forward, I expect we will revert to our normal release date in time.

首先我想解釋一下，我們選擇比正常發布日期晚一點的發布日期是出於謹慎，考慮到我們在過去幾週進行的核心系統轉換，我們希望給我們的團隊充足的時間來結束本季度，我們成功了。展望未來，我預計我們將及時恢復正常的發布日期。

Four things I'd like to highlight before I turn it over to Greg to offer a more detailed analysis of our performance. First, the quarter was successful financially. We again posted 1% ROAA earnings, but maintained our net interest margin. We increased our capital levels. As well as increasing our tangible book value by almost 15% any loss.

在將我們的表現交給格雷格進行更詳細的分析之前，我想強調四件事。首先，本季的財務狀況是成功的。我們再次公佈了 1% 的 ROAA 收益，但保持了淨利差。我們提高了資本水準。並將我們的有形帳面價值增加近 15% 以彌補任何損失。

These have been our primary goals over the past few quarters, and we're pleased to accomplish them despite an extra busy quarter. We also originated phones at a healthy pace even while continuing to decrease our C&D concentration levels as well as improving the makeup of our funding base, growing noninterest-bearing accounts quarter-over-quarter.

這些是我們過去幾季的主要目標，儘管這個季度特別忙碌，但我們很高興能夠實現這些目標。我們在持續降低客戶與債務集中度水準、改善資金基礎結構、實現無息帳戶逐季成長的同時，也以健康的速度發起電話業務。

Second, the quarter was successful operationally. We embarked two years ago on a project to upgrade our core processing system to IPS, the FIS large bank platform and after thousands of man hours in preparation and then an action pack Memorial Day weekend, executed successfully, positioning ourselves for more efficient processing for the foreseeable future. We're excited about this partnership and believe it will lead to a more efficient organic and inorganic or operational effectiveness.

其次，本季營運成功。兩年前，我們啟動了一個項目，將我們的核心處理系統升級到 IPS（FIS 大型銀行平台），經過數千小時的準備和陣亡將士紀念日週末的行動，我們成功完成了升級，為在可預見的未來實現更高效的處理奠定了基礎。我們對此次合作感到非常興奮，並相信它將帶來更有效率的有機和無機或營運效率。

We also continue to work on our cultivating our branch footprint, teaming with a local community bank in the sale of one of our legacy branches. We're proud to again deliver on a win-win proposition for the local market and our local employees, leaving them in secure hands while we position our broader footprint for future operational savings approaching $750,000 a year. These operational decisions require significant work to execute by large numbers of our teammates, and I'm proud of the way they've done so.

我們也繼續致力於擴大我們的分支機構，並與當地社區銀行合作出售我們的傳統分支機構。我們很自豪能夠再次為當地市場和當地員工提供雙贏的方案，讓他們處於安全的環境中，同時我們將擴大業務範圍，以便未來每年節省近 75 萬美元的營運成本。這些營運決策需要我們大量隊友的努力才能完成，我為他們的工作方式感到自豪。

Third, we announced a partnership with Progressive Bank, a $750 million community bank in the North Louisiana area of our footprint. We've known the team at Progressive for many years and have felt for some time that they have made good partners. I'm very proud that they chose to join with us on this next stage of our journey. They have excellent asset quality, strong long-term client relationships and a team that will fit in day one with in the B1 culture.

第三，我們宣布與 Progressive Bank 建立合作夥伴關係，這是一家位於我們業務覆蓋的北路易斯安那地區的價值 7.5 億美元的社區銀行。我們認識 Progressive 團隊很多年了，並且一直覺得他們是很好的合作夥伴。我很自豪他們選擇加入我們，一起踏上旅程的下一個階段。他們擁有卓越的資產品質、牢固的長期客戶關係以及一支從一開始就適應 B1 文化的團隊。

Between continued integration of the Oakwood Bank footprint, with conversion scheduled for late in the third quarter and incorporation of Progressive with the projected close of the first of the new year. We entered 2026, projecting meaningful upside earnings accretion added by our fruitful M&A activity.

繼續整合 Oakwood Bank 的業務範圍，計劃在第三季末完成轉換，並預計在新年伊始完成 Progressive 的合併。我們進入 2026 年，預計我們富有成效的併購活動將帶來有意義的獲利成長。

Fourth, though our asset quality metrics trended negatively during the quarter. That's partly a function of successful work navigating through the process on a handful of relationships that have been previously identified. We've not been identifying new relationships through which we have to work, experiencing a decline in our watch list over the past two quarters. We believe we are adequately reserved against the nonperforming relationships and all borrowers continue to work with us towards resolution.

第四，儘管我們的資產品質指標在本季呈現負面趨勢。這在一定程度上得益於先前已確定的少數關係在流程中成功處理。我們還沒有找到需要開展工作的新關係，過去兩個季度我們的關註名單有所減少。我們相信，我們對不良關係有足夠的準備，所有借款人將繼續與我們合作解決問題。

And while we don't expect we won't suffer any losses over the remainder of the year as we bring the subject credits to their conclusion. The quarter as with most all our recent quarters, exhibited exemplary net charge-offs at 0.01%.

儘管我們預計在今年剩餘時間內我們不會遭受任何損失，因為我們將完成學科學分的計算。與我們最近的大多數季度一樣，本季的淨沖銷率也達到了 0.01%。

We are preparing to enter 2026 with a stronger balance sheet as positive a go-forward P&L opportunity has diversified geographic footprint and as much operational capacity, I can remember during my time as CEO, and I'm excited to see our team continue to perform.

我們正準備以更強勁的資產負債表進入 2026 年，因為積極的未來損益機會具有多樣化的地理覆蓋範圍和盡可能多的營運能力，我記得在我擔任執行長期間，我很高興看到我們的團隊繼續表現出色。

With that, I'll turn it over to Greg. Thanks again.

說完這些，我就把它交給格雷格。再次感謝。

Thank you, Jude, and good morning, everyone. As always, I'll spend a few minutes reviewing our results, and we'll discuss our updated outlook before we open up for Q&A. Second quarter GAAP net income and EPS available to common shareholders was $20.8 million and $0.70 and included a $3.36 million gain on the sale of a branch, which we closed April 4. GAAP results included a $570,000 acquisition-related expense and $1 million core conversion expense.

謝謝你，裘德，大家早安。像往常一樣，我將花幾分鐘時間回顧我們的結果，並在開始問答之前討論我們更新後的展望。第二季 GAAP 淨收入和普通股股東可得每股收益分別為 2,080 萬美元和 0.70 美元，其中包括 4 月 4 日完成的分公司出售交易所得的 336 萬美元收益。GAAP 結果包括 57 萬美元的收購相關費用和 100 萬美元的核心轉換費用。

Excluding these non-core items, non-GAAP core net income and EPS available to common shareholders was $19.5 million and $0.66 per share. From our perspective, second quarter results marked another solid quarter with consistent profitability, generating a one-on-one core ROAA.

不包括這些非核心項目，非 GAAP 核心淨收入和普通股股東可獲得的每股收益為 1,950 萬美元和每股 0.66 美元。從我們的角度來看，第二季度的業績標誌著又一個穩健的季度，獲利能力持續增強，核心 ROAA 達到一對一。

From a corporate perspective, we were active during the quarter with successful core conversion, which occurred over Memorial Day weekend. We also sold one location in South Louisiana, in early April, as Jude mentioned, and finally announced the acquisition of North Louisiana-based Progressive Bank. The actual merger announcement occurred earlier this month, however, we were obviously busy in the months leading up to the announcement.

從公司角度來看，我們在本季表現活躍，並在陣亡將士紀念日週末成功實現了核心轉換。正如裘德所提到的，我們也在 4 月初出售了位於南路易斯安那州的一家分行，並最終宣布收購位於北路易斯安那州的 Progressive Bank。實際的合併公告是在本月初發布的，然而，在公告發布的幾個月裡，我們顯然非常忙碌。

Starting with the balance sheet. Total loans held for investment increased 4.5% annualized on a linked-quarter basis, up $66.7 million from Q1. Scheduled and non-scheduled paydowns and payoffs slowed somewhat during the second quarter, totalling $365 million, while new loan production was $432 million during the quarter.

從資產負債表開始。投資貸款總額季增 4.5%，較第一季增加 6,670 萬美元。第二季度，計劃和非計劃的還款和償付有所放緩，總額為 3.65 億美元，而本季新增貸款為 4.32 億美元。

Loan growth was driven primarily by C&I and CRE, which increased $98.8 million and $61.6 million from the linked quarter. This growth was partially offset by decreases in construction and residential of $33.4 million and $54.5 million, respectively.

貸款成長主要由商業與工業 (C&I) 和商業房地產 (CRE) 推動，分別較上一季增加了 9,880 萬美元和 6,160 萬美元。這一增長被建築業和住宅業分別減少 3,340 萬美元和 5,450 萬美元所部分抵消。

Based on unpaid principal balances, texted based loans remain relatively flat at approximately 40% of the overall loan portfolio as of June 30.

根據未償還本金餘額，截至 6 月 30 日，簡訊貸款佔整體貸款組合的比例保持相對平穩，約為 40%。

Total deposits decreased $38.5 million, mostly due to a net decrease in interest-bearing deposits of $140.9 million on a linked-quarter basis. The net decline was primarily driven by withdrawals from financial institution accounts and the branch sale earlier quarter that we mentioned. The decline in our interest-bearing deposits during the quarter was somewhat strategic in nature as the weighted average cost of these outflows averaged 4.45% and was replaced with more efficient source of brokerage CDs and deposits.

總存款減少 3,850 萬美元，主要是因為環比計息存款淨減少 1.409 億美元。淨額下降主要是由於我們提到的前一季金融機構帳戶的提款和分支機構的銷售所致。本季我們的計息存款的下降在某種程度上是策略性的，因為這些資金流出的加權平均成本平均為 4.45%，並被更有效的經紀 CD 和存款來源所取代。

Excluding the $50.7 million in deposits transferred from the branch sale during the quarter, net deposit growth would have been $12.1 million for the linked quarter. I think it's worth noting, this includes bringing on to the balance sheet and replacing over $100 million in high-cost deposit balances with the Oakwood acquisition that we previously mentioned as our strategy.

不包括本季從分行銷售轉移的 5,070 萬美元存款，相關季度的淨存款成長將達到 1,210 萬美元。我認為值得注意的是，這包括將我們之前提到的 Oakwood 收購納入資產負債表並替換超過 1 億美元的高成本存款餘額作為我們的策略。

Net interest-bearing deposits increased -- non-interest-bearing deposits, excuse me, increased $102 million or 7.8% on a linked quarter basis, driven by a smart short-term inflow of approximately $60 million, which subsequently withdrawn after the quarter end.

淨計息存款增加——不計息存款，不好意思，按季度計算增加了 1.02 億美元，即 7.8%，這得益於約 6000 萬美元的短期智能流入，隨後在季度末提取。

Lastly on the funding side of the balance sheet, bank borrowings increased $179 million from the prior quarter or approximately 41%. The large increase was due primarily to an increase in short-term FHLB inventions, which was utilized at quarter end to facilitate the transition of our correspondent banking relationship, which was aligned with our core conversion.

最後，在資產負債表的資金方面，銀行借款較上一季增加了 1.79 億美元，增幅約 41%。大幅成長主要是由於短期 FHLB 發明的增加，這些發明在季度末用於促進我們的代理銀行關係的轉變，這與我們的核心轉換保持一致。

Moving on to the margin. Our GAAP reported second quarter net interest margin remained unchanged in the linked quarter at 3.68%. While the non-GAAP core net interest margin, excluding purchase accounting accretion, also remained unchanged from the prior quarter at 3.64%.

移至邊緣。我們的 GAAP 報告第二季淨利差與上一季持平，為 3.68%。而非公認會計準則核心淨利差（不包括購買會計增值）也與上一季持平，為 3.64%。

Interest-earning asset growth during the second quarter was offset by excess funding utilized during the core conversion and incremental funding to replace the deposits transferred in the branch sale. The lower cost deposits divested from our branch sale equated to approximately 2 basis points drag in the second quarter margin.

第二季生息資產的成長被核心轉換期間使用的超額資金和用於替代分支機構銷售中轉移的存款的增量資金所抵消。從我們的分行銷售中剝離的低成本存款相當於第二季利潤率下降了約 2 個基點。

Additionally, the excess liquidity carried during the second quarter accounted for about 3 bps drag on the margin. We expect going forward to continue to maintain somewhat elevated liquidity levels, at least in the near term, assuming no rate cuts over the next two quarters, we would expect deposit costs to remain relatively flat in the near term, but we will be affected by our ability to retain and attract lower cost non-interest bearing deposit accounts.

此外，第二季的過剩流動性對利潤率造成了約 3 個基點的拖累。我們預計未來流動性水平將繼續保持較高水平，至少在短期內如此，假設未來兩個季度不降息，我們預計存款成本在短期內將保持相對平穩，但我們將受到保留和吸引低成本無息存款帳戶的能力的影響。

We are pleased with our ability to manage our deposit rates, total interest-bearing deposit cost declined 4 basis points from the linked quarter, highlighted by a 26 basis points quarter-over-quarter reduction in overall cost of money market deposits and a 17 basis points reduction in overall cost of time deposits, notably, the weighted average total cost of deposits for the first quarter 2.64%, down 6 basis points from the linked quarter, while June weighted average cost of total deposits was 2.62%.

我們對管理存款利率的能力感到滿意，總計息存款成本環比下降4個基點，其中貨幣市場存款總成本環比下降26個基點，定期存款總成本環比下降17個基點，值得注意的是，第一季度存款加權平均總成本為2.64%，環比下降6個基點，6月份加權平均總成本為2.62%。

With further improvements in funding costs are subject to the Fed's interest rate decisions, we remain encouraged by this trajectory. I'd like to make note of a few takeaways to slide on page 22 in our investment presentation. We continue to see 45% through 55% of overall deposit betas as achievable regarding rate cuts.

隨著融資成本的進一步改善受到聯準會利率決策的影響，我們仍然對這一軌跡感到鼓舞。我想在我們的投資簡報的第 22 頁上記下一些要點。我們繼續認為，就降息而言，45% 至 55% 的整體存款貝塔值是可以實現的。

I would also like to point out our overall core CD balance retention rate was 96% during June. This impressive statistics reflects on our team's continued focus on maintaining and retaining core deposit relationships.

我還想指出，6 月我們的整體核心 CD 餘額保留率為 96%。這令人印象深刻的統計數據反映了我們的團隊持續致力於維護和保留核心存款關係。

As you would see on page 23, we have approximately $2.8 billion in floating rate loans approximately at 7.56% weighted average rate, but also have approximately $611 million fixed rate loans maturing over the next 12 months at a weighted average of 6.18%, which we would expect to reprice in the mid-7% range.

正如您在第 23 頁看到的，我們有大約 28 億美元的浮動利率貸款，加權平均利率約為 7.56%，但也有大約 6.11 億美元的固定利率貸款將在未來 12 個月內到期，加權平均利率為 6.18%，我們預計其重新定價將在 7% 左右的範圍內。

Last thing I would add is our expectations for loan discount accretion to average approximately $750,000 to $800,000 per quarter going forward.

最後我想補充的是，我們預計未來每季貸款折扣平均增加約 75 萬至 80 萬美元。

Moving on to the income statement. GAAP non-interest expense was $51.2 million and included $570,000 of acquisition-related expense and $1 million conversion-related expense. Core non-interest expense for the quarter of $49.6 million was relatively unchanged from the linked quarter. We do expect a modest increase in Q3 in the core expense base, primarily due to the timing of various investments hitting in Q3 and Q4. However, we should start seeing partial quarter impact of the Oakwood cost savings after the conversion in the fourth quarter.

繼續討論損益表。GAAP 非利息支出為 5,120 萬美元，其中包括 57 萬美元的收購相關費用和 100 萬美元的轉換相關費用。本季核心非利息支出為 4,960 萬美元，與上一季相比基本沒有變化。我們確實預計第三季核心支出基礎將小幅成長，這主要是由於各種投資在第三季和第四季發生的時間。然而，我們應該會在第四季度轉換後開始看到 Oakwood 成本節省對部分季度的影響。

Second quarter GAAP and core non-interest income was $14.4 million and $11.1 million, respectively. GAAP results did include the $3.36 million gain on the branch sale that we mentioned previously and $47,000 loss on the sale of securities. Non-interest income results for the quarter -- second quarter were relatively in line with our expectations, however, I would like to mention our SBIC pass-through income of a negative $246,000 during the quarter was approximately $500,000 lower than what we had expected.

第二季 GAAP 和核心非利息收入分別為 1,440 萬美元和 1,110 萬美元。GAAP 結果確實包括我們之前提到的分行出售收益 336 萬美元和證券出售損失 47,000 美元。本季—第二季的非利息收入結果與我們的預期基本一致，但是，我想提一下，本季度我們的 SBIC 轉嫁收入為負 246,000 美元，比我們預期的低約 500,000 美元。

This particular component of fee income can be difficult to predict. However, we would expect some normalization going forward. Over the long run, we continue to expect an upward trend in our core non-interest income although the trajectory may be bumpy as we mentioned from quarter-to-quarter.

費用收入的這一特定部分可能難以預測。然而，我們預計未來將會有一些正常化。從長遠來看，我們預計核心非利息收入仍將呈現上升趨勢，儘管正如我們所提到的，季度間變化軌跡可能會不太平。

Lastly, I'd like to provide some context of the credit migration during the second quarter. Q2 NPLs increased 0.28% from 0.69% in Q1, 0.97% in Q2. With the increase driven by negative migration of three separate loan relationships rerenting total outstanding principal balances of $23.7 million. Annualized net charge-offs decreased from 0.2% -- 0.02% from 0.07% in Q1 to 0.05% in Q2.

最後，我想介紹一下第二季信貸遷移的一些背景。第二季不良貸款率較一季的0.69%、第二季的0.97%上升0.28%。由於三筆獨立貸款關係的負遷移導致未償還本金餘額總計為 2,370 萬美元，因此這一增長加劇。年度淨沖銷額從第一季的 0.07% 下降到第二季的 0.05%，降幅達 0.2% - 0.02%。

Of the three previously mentioned credits, we are 34% reserved on one credit, 14% reserved on the other and adequately reserved on the final third credit. We expect to find a resolution on these credits during the third and fourth quarter of the year with the reserve on the one that has 34% possibly settled in next year.

對於前面提到的三個學分，我們為一個學分保留了 34%，為另一個學分保留了 14%，為最後第三個學分保留了足夠的學分。我們預計將在今年第三季和第四季解決這些信貸問題，其中 34% 的儲備金可能在明年解決。

That concludes my prepared remarks. I'll hand the call back over to you, Jude, for anything you'd like to add before opening up for Q&A.

我的準備好的發言到此結束。裘德，在開始問答之前，我會把電話轉回給你，讓你補充任何內容。

Good. Thanks, Greg. I don't have anything to add. Yes, why don't we jump into questions.

好的。謝謝，格雷格。我沒有什麼好補充的。是的，我們為什麼不直接開始提問呢？

(Operator Instructions) Feddie Strickland, Hovde Group.

（操作員指示）Feddie Strickland，Hovde 集團。

I wanted to drill down on the excess liquidity piece related to the core conversion. I guess the first way I read that was that maybe that go away. But Greg, it sounds like in your prepared comments, you're going to hang on to that excess liquidity for a little bit longer?

我想深入研究與核心轉換相關的過剩流動性部分。我想我讀到的第一個反應是，也許那會消失。但是格雷格，聽起來你準備好的評論中說你打算再保留過剩流動性一段時間？

Yes. Good question. What we we're using liquidity for in the core conversion as we were transferring from a correspondent bank that we've used for a while to direct to fed relationship. So during that process, where we're clearing in two different places. So we needed the additional liquidity.

是的。好問題。我們在核心轉換中使用流動性，因為我們是從我們已經使用了一段時間的代理銀行轉移到直接與聯準會的關係。因此在過程中，我們會在兩個不同的地方進行清理。所以我們需要額外的流動性。

I think we'll continue to carry some of that liquidity as we go forward until we get past the core conversion with the Oakwood franchise because we're helping them manage their balance sheet in real time, too.

我認為，在我們完成 Oakwood 特許經營權的核心轉換之前，我們會繼續保留部分流動性，因為我們也在幫助他們即時管理資產負債表。

So having that additional liquidity, which we kind of had all year long, it's partly been for the conversion, specifically in the second quarter, but also now we're looking at Oakwood's conversion until we get beyond that and just handling everything on one balance sheet, so to speak. We feel that's the right thing to do.

因此，我們擁有的額外流動資金（我們全年都擁有這種額外流動資金）部分是為了轉換，特別是在第二季度，但現在我們正在關注 Oakwood 的轉換，直到我們完成轉換，並在一個資產負債表上處理所有事情，可以這麼說。我們認為這是正確的做法。

Got it. That's helpful. And just so I understand the credit moves this quarter, this was simply a migration from substandard non-accrual and you mostly reserved for this, what it sounds like, given some of your prepared comments?

知道了。這很有幫助。據我了解，本季度的信貸變動只是從不合格的非應計信貸中轉移而來，您主要為此保留了部分內容，根據您準備好的一些評論，這聽起來怎麼樣？

Yes. The one credit was on their last quarter. I think we moved it to non-accrual last quarter. We have, like we mentioned, about a 35% reserve on that credit. It's a C&I relationship where we're continuing to evaluate the collateral on that. So that's kind of a moving through the process of our trying to get the resolution with that has been cooperative on that one.

是的。唯一的功勞是他們最後一個季度的功勞。我認為我們上個季度已將其轉為非應計。正如我們所提到的，我們對該筆貸款有大約 35% 的儲備。這是一種 C&I 關係，我們將繼續評估其抵押品。因此，這是我們試圖透過合作的方式尋求解決方案的過程。

The other two more recent moves is -- one of them is a commercial real estate piece. The other is only occupied piece. The commercial real estate piece, we put up $1.6 million reserve on it, we move through resolution for that one and then the owner-occupied piece, we're very close to resolution on that one.

另外兩個最近的舉措是──其中一個是商業房地產。另一塊只是被佔用的一塊。對於商業房地產部分，我們投入了 160 萬美元的儲備金，我們正在解決這個問題，然後對於自住部分，我們也非常接近解決這個問題。

So I think we're just -- those are moving at different paces, but we think we're -- from what the information we have right now, we think for the risk we have, we kind of reserve where we think is appropriate. And we'll continue to move toward resolution.

所以我認為我們只是——它們以不同的速度前進，但我們認為——從我們目前掌握的資訊來看，我們認為對於我們面臨的風險，我們會在我們認為合適的地方保留。我們將繼續努力尋求解決方案。

And I'll just emphasize that none of those are surprises. We're just kind of working its way through the system over the course of the year. With each step, you label it something different and it doesn't necessarily change the underlying risk parameters. So feel good about the progress on working our way through that.

我只想強調，這些都不足為奇。我們只是在一年的時間裡逐步完善這個系統。每一步，你都會給它貼上不同的標籤，不一定會改變潛在的風險參數。因此，對於我們解決這個問題所取得的進展，我們感到很高興。

And as Greg said, we're benefiting from good client communication and we're working towards resolution together as opposed to bank being any stand-off. And so as a bank, that's what you hope for when you have an issue of that you can work with your borrower to get to a good resolution and we feel like those things are happening.

正如格雷格所說，我們受益於良好的客戶溝通，我們正在共同努力解決問題，而不是與銀行僵持。因此，作為一家銀行，當您遇到問題時，您希望能夠與借款人合作，找到一個好的解決方案，我們覺得這些事情正在發生。

One follow-up on that. I mean, all else equal, given you feel like you're close to getting resolution on these. I mean, could we see NPAs probably drop some in the back half of the year, all else equal?

對此有一個後續行動。我的意思是，在其他條件相同的情況下，你感覺你已經接近解決這些問題了。我的意思是，在其他條件相同的情況下，我們是否會看到不良資產在下半年下降？

I think if those three credits are 50% of NPLs. So I think as they start resolving or we get to resolution I think the number will start dropping. The most immediate resolution is the smaller one. It's about $4.5 million of the $23.7 million, and that one is imminent.

我認為如果這三項信貸佔不良貸款的 50%。因此我認為，當他們開始解決問題或我們達成解決方案時，我認為這個數字將開始下降。最直接的解決方案是較小的解決方案。這大約是 2370 萬美元中的 450 萬美元，而且這筆錢即將到達。

And then as we work through the other two. And I think you'll see those numbers dropped pretty significantly, and that would be back to where we've operated over the last eight quarters, let's just say. (multiple speakers)

然後我們再處理另外兩個。我認為你會看到這些數字大幅下降，也就是說，回到我們過去八個季度的營運水準。（多位發言者）

I don't know, that's a third quarter thing, I mean, hopefully, the direction moves correctly, but it's kind of through the rest of the year forecast. These things take a while even if you're working together.

我不知道，這是第三季的事情，我的意思是，希望方向正確，但這有點像今年剩餘時間的預測。即使你們一起合作，這些事情也需要一段時間。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Just wanted to start on -- I just wanted to start on the expense outlook, looks like you were basically flattish quarter-on-quarter on an operating basis. Obviously, you have the systems conversion with Oakwood here coming up cost savings realization. So just trying to get a sense for that $49.6 million this quarter.

我只是想開始——我只是想開始討論費用前景，看起來你的營運基礎與上一季基本持平。顯然，您與 Oakwood 進行了系統轉換，從而實現了成本節約。所以只是想了解本季 4960 萬美元的含義。

How should we think about the next quarter or two from a progression point of view? I know there's lots of moving pieces, and you guys have been pretty busy behind the scenes with the FIS conversion and soon to be the Oakwood conversion?

從進展的角度來看，我們應該如何看待下一季或兩個季度？我知道有很多活動部件，你們一直在幕後忙於 FIS 轉換以及即將進行的 Oakwood 轉換？

I think we manage good from an expense standpoint, managed to a good spot in the second quarter with a lot of activity going on. I think in the third quarter, some of our expected investments, you'll probably see that shift up into the low $50 million range.

我認為從費用角度來看，我們的管理很好，第二季取得了良好的成績，並且進行了大量活動。我認為在第三季度，我們的一些預期投資可能會上升到 5,000 萬美元以下。

And I do want to remind in the fourth quarter, we're set to close or convert the Oakwood franchise on September 20, so the weekend of September 27. So that effectively, the way we usually schedule those as we will only pick up a couple of months of the impact of any kind of cost saves in the fourth quarter.

我確實想提醒大家，在第四季度，我們將於 9 月 20 日（即 9 月 27 日的周末）關閉或轉換 Oakwood 特許經營權。因此，實際上，我們通常安排這些措施的方式是，我們只會在第四季度感受到幾個月的成本節約影響。

So I would think for the remainder of Q3 specifically, it would be in the low $50 million range is what we expect for the run rate.

因此，我認為，具體到第三季的剩餘時間，其運行率將在 5000 萬美元左右。

All right. And then it sounds like a little bit higher in the fourth quarter. All right. Appreciate it. And then maybe just going to the margin, certainly, I understand the excess liquidity and the other impacts. But is it fair that we should -- I know you're going to hold some of the excess liquidity.

好的。聽起來第四季的漲幅會稍微高一些。好的。非常感謝。然後也許只是去邊緣，當然，我了解過剩的流動性和其他影響。但我們是否應該這樣做公平呢——我知道你會持有一些過剩的流動性。

So as we're thinking about the core margin, would it have a little bit upward trajectory from here? I know there's some puts and takes, just obviously with -- I think loan yields were down Q-on-Q, but you did have some deposit costs come down as well. So just trying to get a kind of a starting point for the margin and how the asset sensitivity could change with the progress deal as we think about next year?

那麼，當我們考慮核心利潤率時，它從現在開始會有一點上升的軌跡嗎？我知道這其中存在一些利弊，顯然——我認為貸款收益率環比下降，但一些存款成本也下降了。那麼，我們只是想找到利潤率的起點，以及當我們考慮明年時資產敏感度將如何隨著進展協議而變化？

Yes. I think the way we think about margin from here on out is really for the balance of the remainder of the year. So we think we can improve margin, as I say, in the 4 to 6 basis points range from here on out for the rest of the year.

是的。我認為，從現在開始我們對利潤的考慮實際上是為了今年剩餘時間的平衡。因此，我們認為，正如我所說，從現在開始到今年剩餘時間，我們可以將利潤率提高 4 到 6 個基點。

Now I think it's probably going to trend to maybe be flatter in Q3 and up in Q4. But the timing of that is going to be a little bit tricky based on how we handle the excess liquidity and the deals on the fixed rate maturities that are coming due and the timing of which some of those price up. So we think that we'll have margin improvement for the rest of the year. The timing of that may be a little tricky as we move forward.

現在我認為趨勢可能是第三季趨於平穩，第四季趨於上升。但根據我們如何處理過剩流動性、即將到期的固定利率債券的交易以及其中一些債券價格上漲的時間，這一時機的選擇將會有些棘手。因此我們認為今年剩餘時間內利潤率將會提高。隨著我們繼續前進，這個時機可能會有點棘手。

Okay. Great. Maybe just one last one, if I could. The loan growth was about 4% -- 4.5% annualized this quarter. I know you previously talked about kind of low single digits. Obviously, the industry, we're seeing better pull-through rates and a little bit more optimism.

好的。偉大的。如果可以的話，也許我只需要最後一個。本季貸款成長率約為4%至4.5%。我知道您之前談過低個位數。顯然，我們看到該行業的拉動率有所提高，而且樂觀情緒有所增強。

Can you just talk about kind of the puts and takes to that prior outlook? I mean it seems like it should be at least modestly improved just given the backdrop that we're seeing, but would just love to hear from your perspective how we should think about growth in the nearer term.

能否簡單談談之前觀點的優缺點？我的意思是，考慮到我們所看到的背景，它似乎至少應該得到適度改善，但我只是想從您的角度聽聽我們應該如何看待近期的成長。

Yes. I think we think that the mid-single-digit growth for the rest of the year is we're having -- starting to have -- as you mentioned, we're starting to have more requests the pipeline is building. But I think from our standpoint, the tangible book value growth and the capital accretion that we've been experiencing with our financial performance we're going to maintain some discipline as we go forward and kind of stick to that plan.

是的。我認為我們認為今年剩餘時間的中等個位數成長是我們正在擁有的——開始擁有的——正如你所提到的，我們開始有更多的請求正在建設中。但我認為，從我們的角度來看，我們在財務表現中經歷的有形賬面價值增長和資本增值，我們將在前進的過程中保持一定的紀律，並堅持這一計劃。

I think the other thing is we've made great strides on decreasing some of our concentration risk. And so we want to continue to be diversified. And that typically means trying to focus more on C&I growth, which -- and owner-occupied kind of stuff, which tend to be a little harder to get and a little smaller for a bank like ours. So I think the range that we've articulated previously kind of the mid-single digits, 4% to 6%, maybe we end up near the high end of that range versus the low end.

我認為另一件事是我們在降低集中風險方面取得了很大進展。因此，我們希望繼續實現多元化。這通常意味著要更專注於 C&I 成長，而對於我們這樣的銀行來說，自住類業務往往更難獲得，規模也更小。因此，我認為我們之前所闡述的中等個位數範圍，即 4% 到 6%，也許我們最終會接近該範圍的高端而不是低端。

But I don't think it's a fundamental c-shift in and where we end up growth-wise, partly because it's not just about growth, as Greg said, it's about or things to margins and tangible book value capital appreciation, concentration risk. And so we want to make sure that we're participating in the growth, but we want to do so in a way that at least to the best kind of incremental outcome for our shareholders. And we think that means balance. So I would say the range is still accurate. We just think we'll be at the higher end of the range as opposed to the lower end, which is a positive thing.

但我不認為這是一個根本性的轉變，也不認為我們最終會實現成長，部分原因是這不僅僅與成長有關，正如格雷格所說，這也與利潤率和有形帳面價值資本增值、集中風險有關。因此，我們希望確保我們參與成長，但我們希望以至少為股東帶來最佳增量結果的方式進行。我們認為這意味著平衡。所以我想說這個範圍仍然是準確的。我們只是認為我們將處於範圍的高端而不是低端，這是一件好事。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

I want to go back to the discussion around the loan yields, and you made a lot of progress there over the last several quarters, but that momentum slowed this quarter. Just looking pretty more color on kind of what drove the softness in 2Q?

我想回到有關貸款收益率的討論，過去幾個季度你們在這方面取得了很大進展，但本季勢頭有所放緩。只是想更詳細地了解一下導致第二季經濟疲軟的原因是什麼？

And then as you look forward, any more commentary about expectations as far as repricing some of these fixed rate loans we've talked about over the last few quarters.

然後，當您展望未來時，對於我們在過去幾個季度中討論過的一些固定利率貸款的重新定價預期，您還有什麼評論嗎？

Yes. I think what we saw, the balance or the average weighted rate as we stated in the 3.60 range. I think the spot rate at the end of June was more around 3.40 -- Excuse me, 7.40. We feel our pricing deals in the mid- to low 7s. We think that that's -- obviously, you'd like to get as much yield as you could. But I think competition is driving some of that, and we won't be in the mix from a competitive standpoint.

是的。我認為，我們看到的餘額或平均加權比率正如我們所說的那樣在 3.60 範圍內。我認為6月底的現貨匯率大約在3.40左右──不好意思，應該是7.40。我們認為我們的定價在7.50左右。我們認為—顯然，您希望獲得盡可能多的收益。但我認為競爭是其中的一部分，從競爭的角度來看，我們不會參與其中。

And so far, the deals that we're seeing price they're still holding up in the mid- to low 7s, on most of the deals we're looking at and there's a few that we passed on because of pricing, but we feel like at this time, that's kind of where we want to be.

到目前為止，我們看到的交易價格仍然保持在 7 美元左右，我們正在考慮的大多數交易中，有一些交易我們因為價格原因而放棄了，但我們覺得目前，這就是我們想要的價格。

And Matt, one thing that I'd add to is this is a readily available from the press release. But the breakdown within the loan portfolio quarter-over-quarter, we had deferred loan fees and our business manager factoring light product that we offer those fees that segment was lower to the tune of about $1 million quarter-over-quarter.

馬特，我想補充一點，這可以從新聞稿中輕鬆獲得。但按季度來看，貸款組合的細分情況是，我們遞延了貸款費用，而我們的業務經理考慮到輕產品，因此我們向該部分提供的費用比上一季度降低了約 100 萬美元。

And so that just all rolls up in the aggregate loan interest income. And so that's a little flavor for where some of that drag might be coming from. But by product type, C&I and CRE, those individual loan item categories were still up quarter-over-quarter.

因此，這些都計入了總貸款利息收入中。這或許能說明一些阻力可能來自哪裡。但按產品類型、商業與工業和商業房地產劃分，這些單獨的貸款項目類別仍比上一季成長。

Okay. Thanks, Matt -- Greg and Matt. And then on the -- Greg, you mentioned I think in the prepared remarks, FHLB borrowings moved higher in the second quarter and remained elevated at quarter end. Will those also remain elevated in the near term, similar to your commentary about just overall liquidity in the next quarter or two? Or have those already came down?

好的。謝謝，馬特——格雷格和馬特。然後——格雷格，我認為你在準備好的發言中提到，FHLB 借款在第二季度有所增加，並且在季度末仍然保持高位。這些在短期內是否也會保持高位，類似於您對未來一兩個季度整體流動性的評論？還是這些已經下降了？

So we use some of that from -- with the liquidity build that I mentioned. I think the reality is that we're going to continue to evaluate the best avenues of funding both in the near and the long term. And at this point -- at that point, the thing that made the most sense was the using utilization of the FHLB availability that was all on the short end.

因此，我們使用其中的一些——我提到的流動性建設。我認為現實情況是，我們將繼續評估近期和長期的最佳融資管道。此時 — — 此時，最有意義的事情是利用 FHLB 可用性，而這都是處於短缺狀態的。

I provide a little context to funding. We've talked about it on these calls or in meetings or since the announcement of the Oakwood acquisition that we were going to manage their balance sheet kind of in a systematic fashion of looking at higher price funding and moving that -- using our balance sheet or using other sources of funding to reposition that.

我提供了一些有關融資的背景資訊。我們在這些電話會議或會議上討論過這個問題，自從宣布收購 Oakwood 以來，我們將以系統化的方式管理他們的資產負債表，尋找更高價格的資金並轉移——使用我們的資產負債表或使用其他資金來源重新定位它。

And over -- since 12/31 of this year, we've been able to manage down or move away about $140 million of deposits that had a weighted average of about 5% or a little higher than that. We're using different funding sources to systematically kind of manage through that. And I would expect us to continue to do that for the back half of the year as well.

自今年 12 月 31 日以來，我們已經能夠減少或轉移約 1.4 億美元的存款，這些存款的加權平均值約為 5% 或略高。我們正在使用不同的資金來源來系統化管理這個問題。我希望我們在今年下半年也能繼續這樣做。

So to answer your question, Greg, it could move up and down. I think from a quarter-over-quarter in a point in time, it may move, it may not move at all from an optics standpoint, but that doesn't mean we're not moving it up and down intra-quarter to take advantage of some pricing opportunities.

所以，格雷格，回答你的問題，它可能會上下移動。我認為從某個時間點的季度環比來看，它可能會有所變動，從光學角度來看也可能根本沒有變動，但這並不意味著我們不會在季度內上下調整它以利用一些定價機會。

Okay. That's great context, Greg. And then my last question, just going back to the core conversion you guys did recently at the bank. Just any early feedback on that newer platform? And just remind us how much of that switch is a more of a near-term cost savings for the bank versus just longer-term savings, more efficient -- more efficiency around future growth?

好的。這真是太棒了，格雷格。我的最後一個問題是，回到你們最近在銀行進行的核心轉換。關於這個新平台有什麼早期回饋嗎？再提醒我們一下，這種轉變在多大程度上對銀行來說是短期成本節約，而不是長期節約，更有效率──未來成長的效率更高？

Yes. I think it's probably a little too early to have much of a judgment in terms of people's feelings about the new system, I think it just takes a little while to get used to it. And we had a very successful execution in terms of getting it done, the weekend of and -- there was a lot of preparation for that, obviously.

是的。我認為現在就對人們對新系統的感受做出判斷可能還為時過早，我認為人們只是需要一點時間來適應它。我們在周末的執行非常成功——顯然，我們為此做了很多準備。

And now we're in the -- let's get used to it base, which clearly change management takes a little while. And so it's too early to offer big-picture summation experience. But I think all the reasons that we chose to move to that system still hold true, and I think we'll end up being very excited about it.

現在我們處於——讓我們習慣它的基礎，顯然改變管理需要一點時間。因此，現在提供整體總結經驗還為時過早。但我認為我們選擇轉向該系統的所有原因仍然成立，而且我認為我們最終會對此感到非常興奮。

One of the things that -- one of the reasons that we move was that we feel like it better prepared us to take advantage of efficient growth in the future and still have every reason I think that's true. I don't know that we'll see a lot of savings immediately. Partly because we're making allowing us to make some other investments in technology.

我們採取行動的原因之一是，我們覺得這能讓我們更好地利用未來的高效成長，而且我仍然有充分的理由認為這是真的。我不知道我們是否會立即看到大量的節省。部分原因是我們允許我們在技術方面進行一些其他投資。

You know that we've talked quite a bit about preparing to be a $10 billion and making sure that we have the right systems to be able to report and to manage. And so the aggregate package is going to end up being similar in cost to costs we already have with our capability, not only on the core, but in other technological systems should be increased.

您知道，我們已經討論過很多關於準備成為 100 億美元的企業，並確保我們擁有正確的系統來報告和管理。因此，整體方案的成本最終將與我們現有的成本相似，不僅在核心方面，而且在其他技術系統方面也應該增加。

But that, of course, is our decisions that will be out over the next couple of years. I do think that one of the advantages to the system is that not only should it make organic growth more efficient, but it also allows us to contemplate M&A activity with a little more aggression, which not that we haven't had a question before, given our track record, but you have the confidence that we can get on a calendar to be able to convert new partners is important and also the fact that we can, with assurance offer them a good core partnership as bankers think about partnering with other bankers, they think about their systems, and the system, I think, will get more confidence than the one that we had before.

但這當然是我們的決定，將在未來幾年內做出。我確實認為該系統的優勢之一是，它不僅可以提高有機增長的效率，還可以讓我們更積極地考慮併購活動，鑑於我們的業績記錄，這並不是說我們以前沒有遇到過問題，但你有信心我們可以安排日程來轉換新的合作夥伴，這一點很重要，而且我們可以有信心為他們提供良好的核心合作夥伴關係，因為銀行家合作夥伴關係，因為銀行家

So a lot of reasons to embark upon it even absent a day one financial gain. We do you think that over time, there'll be a lot of financial benefits to being on the system. And again, it will take a few months to change management to get used to it. And that's not a bad thing, that's just part of it. And I look forward to in 2026, cycling through, and I think all of our employees and our clients will be appreciative of the change at that point.

因此，即使沒有第一天的經濟利益，也有很多理由開始做這件事。我們確實認為，隨著時間的推移，加入該系統將帶來許多經濟利益。而且，更換管理階層需要幾個月的時間才能適應。這並不是一件壞事，這只是其中的一部分。我期待著 2026 年的到來，我想屆時我們所有的員工和客戶都會對這項變化表示感激。

Christopher Marinac, Janney Montgomery Scott.

克里斯多福·馬裡納克、珍妮·蒙哥馬利·史考特。

I wanted to drill down on Smith Shellnut and just get a sense from you of kind of where do you think you are in the evolution of the business. I know it's made a lot of progress. It's got $5 billion, $6 billion of AUM. Just curious kind of where you think they are in terms of how much more that can go in the next 12 to 24 months.

我想深入了解 Smith Shellnut，並從您那裡了解您認為您在業務發展中處於什麼位置。我知道它已經取得了很大的進步。它的資產管理規模為 50 億美元、60 億美元。我只是好奇，您認為他們在未來 12 到 24 個月內還能取得多大的進展。

Yes. Good. Thanks, Chris. Appreciate that. And that is a part of our business that didn't get quite as much attention and partly because it hasn't been around as long. But it's part that we're very excited about and not just Smith Shellnut Wilson taken in isolation, but very excited about the correspondent banking function in general, and that's one of a handful of products that we're offering and to our client base, which is probably 120 banks who are doing business with us in some form or fashion today.

是的。好的。謝謝，克里斯。非常感謝。這是我們業務中尚未受到太多關注的部分，部分原因是它存在的時間還不長。但這是我們非常興奮的部分，不僅僅是史密斯·謝爾納特·威爾遜單獨來看，而是對整個代理銀行業務功能感到非常興奮，這是我們向客戶群提供的少數產品之一，我們的客戶群可能有 120 家銀行以某種形式或方式與我們開展業務。

I think when we bought SSW and began that process, they had about 40 banks, maybe 45. So we've been able to grow that relationships and I don't see any reason that we won't be able to continue to grow that. I will say that I think growth can mean different things. And it doesn't just mean AUM, although we have been having over double the AUM SSW has over doubled the AUM since joining up with us.

我認為，當我們收購 SSW 並開始這項流程時，他們有大約 40 家銀行，也許是 45 家。因此，我們已經能夠發展這種關係，而且我認為我們沒有理由不能繼續發展這種關係。我想說的是，我認為成長可以意味著不同的事情。這不僅僅意味著 AUM，儘管我們的 AUM 已經翻了一番多，但自從加入我們以來，SSW 的 AUM 也增加了一倍多。

And we expect that we'll be able to continue to grow that number. But we're also focused on things that aren't AUM related, such as providing swabs for our client banks, which is beginning to generate some fee income. And SBA work, which again doesn't increase your AUM, but it does increase your fee income and I want to continue to -- we believe we'll continue to have opportunities to grow that part of the business.

我們預計這一數字將能夠持續成長。但我們也專注於與 AUM 無關的事情，例如為我們的客戶銀行提供拭子，這開始產生一些費用收入。SBA 的工作雖然不會增加您的 AUM，但會增加您的費用收入，而且我希望繼續——我們相信我們將繼續有機會發展這部分業務。

We've made some significant changes in personnel. So for the first time this year, we have a senior executive who is full-time job is to coordinate the multiple parts of our correspondent banking network. And I think we're feeling really good about the progress that he's making part of it is we've had a number of products that have run independently and they haven't really coordinated a lot in terms of their sales efforts. And so we're in the process of making sure that we have a unified sales effort.

我們在人員方面做出了一些重大變動。因此，今年我們首次聘請了一位全職高級管理人員來協調我們代理銀行網路的多個部分。我認為我們對他所取得的進展感到非常滿意，部分原因是我們有許多獨立運作的產品，它們在銷售方面並沒有進行太多的協調。因此，我們正在確保我們擁有統一的銷售努力。

And I'll have to say, I think, as Greg says every quarter, and as I say, when I talk about it, I think it's going to be -- continue to be a little rocky in terms of the magnitude each quarter. But if you look at it over time, I think we expect to continue to grow that income in the next 12, 24 months albeit surprised if we don't double its impact by the end of that time period.

我必須說，我認為，正如格雷格每個季度所說的那樣，正如我所說的那樣，當我談論它時，我認為它會——就每個季度的幅度而言，繼續有點不穩定。但如果從長遠來看，我認為我們預計在未來 12 到 24 個月內該收入將繼續增長，但如果到該時間段結束時其影響力沒有翻一番，我們會感到驚訝。

We think that there's a lot of potential there. And lot of momentum building internally that doesn't quite show up in the numbers, particularly a little bit messed this time because if you just think about our fee income in general because of that SBIC drag, but the actual underlying growth in fee income relative to the correspondent banking function is moving in the right direction, and we feel excited about it.

我們認為那裡有很大的潛力。內部積聚的大量勢頭並沒有在數字上完全體現出來，尤其是這次有點混亂，因為如果你只考慮我們的費用收入總體而言受到 SBIC 拖累的話，但相對於代理銀行功能而言，費用收入的實際潛在增長正在朝著正確的方向發展，我們對此感到興奮。

Great. I appreciate it. And then just a quick capital question as it relates to kind of Progressive and kind of the data you shared a few days ago. So as we think about that 10%, 10.2%, excluding marks after Progressive. Is there a North Star on capital ratios that you look for as you think about organic growth plus any other external opportunities that come down the road?

偉大的。我很感激。然後我問一個簡單的資本問題，因為它與您幾天前分享的 Progressive 和數據有關。因此，當我們考慮 10%、10.2% 時，不包括 Progressive 之後的標記。當您考慮有機成長以及未來的任何其他外部機會時，您是否會尋找資本比率的北極星？

We think that by the end of this year, before we close the acquisition, TCE will be close to 8.50% total risk base close to 13.30%, $13.40% range. We think in those two ratios kind of the north store for us would be on a risk-based scenario somewhere in the 13.75% area.

我們認為，到今年年底，在我們完成收購之前，TCE 的總風險基礎將接近 8.50%，接近 13.30%、13.40% 的範圍。我們認為，在這兩個比率中，我們的北方商店將處於基於風險的情境中，大約在 13.75% 的範圍內。

We think approaching 14% would probably give us enough capital to be opportunistic and ready to deploy the capital right way if the opportunity presents itself. I think on the TCE front, that's in the 9% range, low 9% range somewhere in that ballpark, probably what we talk about being our normal over time or what we aspire to be.

我們認為，接近 14% 可能會給我們足夠的資本，讓我們抓住機會，並在機會出現時準備好以正確的方式部署資本。我認為就 TCE 而言，這個數字在 9% 左右，大概在 9% 以下，這可能是我們所說的長期正常水平，或者是我們渴望達到的水平。

Yes, I would say, I certainly think that's the direction we want to move in over time, but we've also been operating at a level lower than that and still being able to take advantage of opportunities over the past couple of years in particular. So we certainly think there's an optimal level, but we also think there's a practical level and you kind of have to balance those two. And so we don't feel like we have to put things on hold, not necessarily to get to 9% as long as we're doing the right things to increase incremental levels of income at the right pace, which, over time, ultimately generate a higher capital ratio and higher tangible book value ratio.

是的，我想說，我確實認為這是我們長期想要發展的方向，但我們也一直在低於這個水平上運作，並且仍然能夠利用機會，特別是在過去幾年。因此，我們當然認為存在一個最佳水平，但我們也認為存在一個實際水平，你必須平衡這兩者。因此，我們不認為我們必須暫停一切，只要我們採取正確的措施，以正確的速度增加增量收入水平，就不一定要達到 9%，隨著時間的推移，最終會產生更高的資本比率和更高的有形賬面價值比率。

So 9%, I like that number for kind of an aspirational goal, as Greg said, but I also don't think that we need to not take advantage of opportunities along the way as we've done a good job of over the past two, three years when those levels have been -- were considerably lower, really pleased with the movement of things and that's partly some of these investments pay off.

所以 9%，我喜歡這個數字，就像格雷格說的，它是一種理想目標，但我也不認為我們需要不抓住沿途的機會，因為在過去的兩三年裡，當這些水平相當低的時候，我們做得很好，對事情的進展感到非常滿意，這在一定程度上是這些投資獲得回報的原因。

Manuel Navas, D.A. Davidson.

曼努埃爾·納瓦斯、D.A.戴維森。

A lot of my questions have been asked and answered, but I just want to get a little more specific on the loan growth. Is that mid-single-digit guide just the back half of the year? Or is that 4% to 6% for the whole year? And talk about -- it seems like you're demanded here, but can you just talk about the sentiment on the borrower base as well?

我的許多問題都已得到解答，但我只是想更具體地了解貸款成長。這個中等個位數的指引只是針對今年下半年嗎？還是全年都是 4% 到 6%？並且談論——似乎您在這裡被要求談論，但您能否也談談借款人群體的情緒？

Yes. Well, I think I'll answer your first question. So we think that for the whole year, it's probably going to be in the low 4%, 4.5% range, just based on the production in the first quarter we still started. Slow start of the year dragging us down, but we think going forward from here like Jude mentioned, it could be in the 4% to 6% looks like maybe trending towards the higher part of that range. On a run rate.

是的。好吧，我想我會回答你的第一個問題。因此，我們認為，僅根據我們第一季的產量來看，全年的成長率可能將在 4% 到 4.5% 之間。今年開局緩慢，拖累了我們，但我們認為，正如 Jude 所提到的那樣，從現在開始，成長率可能會在 4% 到 6% 之間，甚至可能趨向於該範圍的較高部分。以運行率。

On a run rate per quarter. And annualized per quarter.

以每季的運行率計算。並按季度進行年化。

Yes. That's really helpful. Is that your appetite? Or is it -- do you sense seeing an improved sentiment? Can you talk about that for a moment as well?

是的。這真的很有幫助。這是你的胃口嗎？還是——您是否感覺到情緒有所改善？能稍微談一下這個嗎？

I think it's a little bit of both. I mean we are in a little different position than we were a year ago in terms of our capital levels and kind of what we were talking about earlier, we want to continue to increase those levels, but we also feel like there's room to take advantage of opportunities.

我認為兩者都有一點。我的意思是，就資本水平而言，我們現在的情況與一年前略有不同，就像我們之前談到的，我們希望繼續提高這些水平，但我們也覺得還有空間去利用機會。

And so we want to be sure that we're selective when we do it, but we want to be sure we take advantage of our opportunities. And particularly, the downward transition that we made in our construction concentration levels over the past couple of years have really impacted our loan growth overtime. But then also they've put us in a better spot now.

因此，我們要確保在做這件事時有選擇性，但也要確保我們能利用好機會。特別是，過去幾年我們在建築集中度方面的下降轉變確實影響了我們的貸款成長。但現在他們也讓我們處於更好的境地。

So we can do some more construction again, being selective and not getting back in a position where we feel like we have too much exposure, but we can kind of incrementally add, pick and choose where we add some exposure there, which we might not have felt as much flexibility to do so a year ago.

因此，我們可以再次進行更多的建設，進行選擇性，而不是回到我們覺得有太多曝光的位置，但我們可以逐步添加，挑选和選擇我們增加一些曝光的地方，而一年前我們可能沒有這麼大的靈活性。

So a little bit our own. I do think that just anecdotally, you definitely feeling like there's a little more activity out there in general. I think the year has been somewhat muted by just uncertainty around what's going to happen with tariffs, what's going to happen with the Big Beautiful Bill and things of that nature.

所以有一點是我們自己的。我確實認為，從軼事來看，你肯定會感覺到總體上有更多的活動。我認為今年的情況有點沉悶，主要是因為圍繞關稅、《美麗大法案》等諸如此類的事情的不確定性。

But I think we're starting to either get some clarity on that or people are just starting to say, hey, we got to keep moving on with our lives and taking care of business much as they have done over the past five, six years despite numerous uncertainties. And at some point, particularly the small businesses that we deal with, they just have to keep on keeping on.

但我認為，我們要么開始對此有更清晰的認識，要么人們開始說，嘿，我們必須繼續我們的生活，處理好事務，就像過去五、六年那樣，儘管存在許多不確定性。在某些時候，特別是我們打交道的小企業，他們必須繼續堅持下去。

And so I think you're seeing a little bit of that little resolution of whatever the external circumstances are, we're going to continue to do our thing internally. And I think you're feeling a little bit of positive momentum across our markets as we round up the year and move into 2026. So I don't see anybody at the table have any different opinion or is that -- .

所以我認為你看到了一點小小的解決方案，無論外部環境如何，我們都會繼續在內部做我們的事情。我認為，隨著我們結束這一年並邁入 2026 年，您會感受到整個市場的一些積極勢頭。所以我沒有看到桌上有人有不同的意見，或者-- 。

I have to agree with that.

我必須同意這一點。

I think you're also starting to see other banks be a little more aggressive, and that's one reason for the or competition on the loan yield side is that they're feeling the need and opportunity to get out there and do some things.

我認為你也開始看到其他銀行變得更加積極，這也是貸款收益競爭的原因之一，因為他們覺得有必要和機會去做一些事情。

And we've tried to be fairly consistent in how we operate in the past couple of years and not get too hot, not get too light is kind of down the middle of the road. And I think here are some other banks that maybe shut down a little more, but then are now starting back up. And they're obviously seeing some of that same positive sentiment that we're seeing. And it's exciting. We want to -- we're here to do business. So excited about the industry being in the same mindset.

過去幾年裡，我們一直努力保持營運的一致性，既不過熱，也不過輕，這是一種中庸之道。我認為還有一些其他銀行可能關閉了一段時間，但現在又開始恢復營業了。他們顯然也看到了我們所看到的一些正面情緒。這很令人興奮。我們想——我們來這裡是為了做生意。我很高興看到整個行業都抱持著同樣的想法。

I appreciate that commentary. I just wanted to switch to fees for a moment. I definitely heard the confidence in the Smith Shellnut Wilson team. The Smith factor this quarter was that pass-through loss. What are the lines you have like kind of more near-term composite that can kind of just build across the back half of the year, getting more looking at the fee income line specifically?

我很欣賞這個評論。我只是想暫時談談費用。我確實聽到了史密斯·謝爾納特·威爾遜團隊的信心。本季的史密斯因素是轉嫁損失。您有哪些更近期的綜合指標，可以在下半年建立，具體從費用收入線來看？

Yes. There are two ones to really take hold leave been -- or beginning to take hold or the SBA loan service providing. We do that through Waterstone out of Houston and I think we're definitely seeing they've, I believe, added four bank clients over the past quarter in addition to seeing our internal participation in SBA origination growing. Again, not a huge needle mover yet but I think moving in the right direction to be so in the future. And so I'm excited about that.

是的。有兩個真正落地生根的已經——或者說開始落地生根的還是 SBA 貸款服務的提供。我們透過休士頓的 Waterstone 來做到這一點，我認為我們肯定看到他們在過去的一個季度增加了四家銀行客戶，此外還看到我們在 SBA 發起方面的內部參與度不斷增長。再說一次，雖然目前還沒有出現巨大的推動力，但我認為未來會朝著正確的方向發展。所以我對此感到很興奮。

And I don't -- regardless of the political lens, I think there's I think if you were to try to list the governmental programs that have the most bipartisan support. I think SBA has to be up there near the top of the list. So we've we feel like that opportunity will only grow over time, and we're excited about that.

我不認為——無論從政治角度如何，我認為如果你試圖列出獲得最多兩黨支持的政府項目。我認為 SBA 必須位於清單頂部附近。因此，我們覺得這個機會只會隨著時間的推移而增長，我們對此感到興奮。

We're also seeing quite a bit of momentum in the derivatives business that we have serving our clients and other bank clients by offering interest rate swaps as a way to tailor their pricing on their loans. And we're starting to see more and more wins come through the celebration channel. I don't know what the right word is for it. But as we talk about what we're doing, I'm seeing a greater pace of swap victories.

我們也看到衍生性商品業務發展勢頭強勁，我們透過提供利率互換為我們的客戶和其他銀行客戶提供服務，以此來客製化他們的貸款定價。我們開始看到越來越多的勝利透過慶祝管道取得。我不知道該用什麼詞來形容它。但當我們談論我們正在做的事情時，我看到了交換勝利的更快步伐。

And I think that says our bankers become more comfortable with it, they can help our clients be more comfortable with it and make sure that we're offering it when it makes sense. But we haven't -- we've only just now begun offering that to other banks. We've been -- what we like to do is for a lot of these noninterest -- or excuse me, fee income sources of income. The goal relates to provide it to our own clients. Make sure that we're comfortable in doing so and then offer it to clients.

我認為這表明我們的銀行家對此更加滿意，他們可以幫助我們的客戶對此更加滿意，並確保我們在合理的時候提供這項服務。但我們還沒有——我們現在才剛開始向其他銀行提供這項服務。我們一直 — — 我們喜歡做的是獲取大量非利息 — — 或對不起，是費用收入來源的收入。目標是將其提供給我們的客戶。確保我們樂意這樣做，然後將其提供給客戶。

And each of our partnerships, we pick on, whether that be SSW or a Waterstone or now the derivatives business, we have begun by partnering with folks that could serve our own clients and then we branch out and try to offer that to community bank clients and it's only just begun doing that with the derivatives business.

我們挑選的每一個合作夥伴，無論是 SSW 還是 Waterstone 還是現在的衍生品業務，都是從與可以服務我們自己客戶的公司合作開始的，然後我們擴展業務範圍，嘗試為社區銀行客戶提供服務，而衍生品業務才剛開始這樣做。

And so we look forward to some opportunities, particularly again in '26, '27, picking up there. But the pace of which I'm hearing of victories is increasing and gives us confidence that those would be a couple of areas that we can count on being additive to our earnings over the next couple of years.

因此，我們期待一些機會，特別是在 26 年、27 年再次出現。但我聽到的勝利步伐正在加快，這讓我們有信心，這些將是我們可以指望在未來幾年增加我們收益的幾個領域。

Greg, do you want to mention anything else?

格雷格，你還有什麼想說的嗎？

No, I think you touched on Waterstone in the beginning. I think our from our February 1 acquisition last year, we've increased the number of banks that they do busy with, and that's -- because they are -- they work on prequalification underwriting packaging post-closing servicing all the way to if you have a problem loan, they help the dialogue with the SBA. That is a valuable tool for these banks that they're doing business with, and that is approaching doubling since we've taken over.

不，我認為你一開始就提到了 Waterstone。我認為，從去年 2 月 1 日的收購開始，我們就增加了與他們合作的銀行數量，這是因為他們致力於資格預審、承銷打包、交易後服務，如果你有貸款問題，他們會幫助你與 SBA 進行對話。對於與他們有業務往來的銀行來說，這是一個很有價值的工具，自從我們接手以來，這個工具的數量幾乎翻了一番。

So I think that we're excited about that with a very robust pipeline for the back half of '25 for them. So very comfortable with that and excited about it.

因此，我認為我們對此感到興奮，因為他們在 25 年下半年將擁有非常強大的管道。我對此感到非常舒服和興奮。

And I think over time, we'll look to add some of these product capabilities. You know there are correspondent banks who do a really good job for these banks, but there aren't a lot of corresponding banks that offer some of these slightly more complicated, sophisticated products. And we believe that's a role that we can serve. So we'll continue, particularly that some of the governmental lending stuff is are areas that we want to look for further opportunity in.

我認為隨著時間的推移，我們會考慮增加一些產品功能。您知道，有一些代理銀行為這些銀行提供了非常好的服務，但是卻沒有多少代理銀行能夠提供這些稍微複雜、精密的產品。我們相信我們可以發揮這個作用。因此，我們會繼續，特別是在一些政府貸款領域，我們希望尋找進一步的機會。

Thank you. There are no further questions. I'll now turn the call back over to Jude for closing remarks.

謝謝。沒有其他問題了。現在我將把電話轉回給 Jude 做結束語。

Okay. Good. Well, again, I appreciate everybody joining us today, and it seems like a pretty positive in earnings season for us as a bank. And then for the community banking industry as a whole. So starting to see that positivity and hope to continue building on it.

好的。好的。好吧，再次感謝大家今天加入我們，對於我們銀行來說，這似乎是一個非常積極的獲利季節。然後針對整個社區銀行業。因此開始看到這種積極性並希望繼續在此基礎上發展。

Banking is -- it's a lot about just consistent incremental improvement pruning out quarter-to-quarter and then being prepared for opportunity. And I think we've done a good job of that, particularly over the past couple of years, incremental improvement and then when an opportunity for an Oakwood partnership or for a Progressive partnership comes up, we're prepared to take it on from a capital standpoint and from an institutional knowledge standpoint and now from a technological standpoint, and we'll continue to make those investments and be focused on the little things, which add up to big things over time.

銀行業很大程度上只是持續的漸進式改進，逐季度進行精簡，然後為機會做好準備。我認為我們在這方面做得很好，特別是在過去幾年裡，我們不斷改進，然後當出現與 Oakwood 或 Progressive 合作的機會時，我們準備從資本的角度、從機構知識的角度以及從技術的角度來接受它，我們將繼續進行這些投資，並專注於小事，隨著時間的推移，這些小事會累積成大事。

So I appreciate your support, and hopefully, we'll talk to you all again in about three months. Take care.

所以我感謝你們的支持，希望我們能在大約三個月後再次與你們交談。小心。

The meeting has now concluded. Thank you all for joining. You may now disconnect.

會議現已結束。感謝大家的加入。您現在可以斷開連線。