BankUnited Inc (BKU) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the BankUnited second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BankUnited 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jacque Bravo, Corporate Secretary. You may begin.

現在我想將會議交給今天的發言人、公司秘書雅克·布拉沃 (Jacque Bravo)。你可以開始了。

Thank you, Latanya. Good morning, and thank you, everyone for joining us today for BankUnited Inc's second-quarter 2025 results conference call. On the call this morning are Raj Singh, Chairman, President and CEO; Leslie Lunak, Chief Financial Officer; and Tom Cornish, Chief Operating Officer.

謝謝你，拉塔尼亞。早安，感謝大家今天參加 BankUnited Inc 2025 年第二季業績電話會議。今天早上參加電話會議的有董事長、總裁兼執行長 Raj Singh、財務長 Leslie Lunak 和營運長 Tom Cornish。

Before we start, I'd like to remind everyone that this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company's current views with respect to, among other things, future events and financial performance.

在我們開始之前，我想提醒大家，本次電話會議可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，這些陳述反映了公司目前對未來事件和財務業績等的看法。

Any forward-looking statements made during this call are based on the historical performance of the company and its subsidiaries or on the company's current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the company as the future plans, estimates or expectations contemplated by the company will be achieved.

本次電話會議中所做的任何前瞻性陳述均基於本公司及其子公司的歷史業績或公司目前的計劃、估計和預期。納入這些前瞻性資訊不應被視為公司的陳述，因為公司設想的未來計劃、估計或期望將會實現。

Such forward-looking statements are subject to various risks and uncertainties and assumptions, including those relating to the company's operations, financial results, financial condition, business prospects, growth strategy and liquidity including as impacted by external circumstances outside the company's direct control, such as adverse events impacting the financial services industry.

此類前瞻性陳述受各種風險、不確定性和假設的影響，包括與公司營運、財務績效、財務狀況、業務前景、成長策略和流動性有關的風險、不確定性和假設，包括受公司直接控制範圍之外的外部環境影響的風險、不確定性和假設，例如影響金融服務業的不利事件。

The company does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors should not be construed as exhaustive.

本公司不承擔任何公開更新或審查任何前瞻性聲明的義務，無論是由於新資訊、未來發展或其他原因。許多重要因素可能導致實際結果與前瞻性陳述所示的結果有重大差異。這些因素不應被視為詳盡無遺的。

Information on these factors can be found in the company's annual report on Form 10-K for the year ended December 31, 2024, and any subsequent quarterly report on Form 10-Q or current report on Form 8-K, which are available at the SEC's website.

有關這些因素的資訊可在公司截至 2024 年 12 月 31 日的 10-K 表年度報告以及任何後續的 10-Q 表季度報告或 8-K 表當前報告中找到，這些報告均可在美國證券交易委員會的網站上找到。

With that, I'd like to turn the call over to Mr Raj Sing.

說完這些，我想把電話轉給 Raj Sing 先生。

Thank you, Jacque. Good morning, everyone, and welcome. I know it's a busy earnings day. Thank you for joining us. This is a pretty outstanding quarter for us. Very happy with the results.

謝謝你，雅克。大家早安，歡迎光臨。我知道今天是忙碌的獲利日。感謝您加入我們。對我們來說這是一個相當出色的季度。對結果非常滿意。

Net income came in at about $69 million or $0.91 a share. I think the last time I checked, consensus was around $0.79. So very happy to -- for a nice beat there. ROA improved to 78 basis points from 68 basis points last quarter and 61 basis points second quarter of last year. ROE improved to 9.4%, so we're getting closer and closer to the 10% mark. Last quarter was 8.2% and last year was 8% at this time.

淨收入約為 6,900 萬美元，即每股 0.91 美元。我記得上次我查看的時候，市場普遍預期價格約為0.79美元。所以非常高興——這個價格表現不錯。ROA 從上一季的 68 個基點和去年第二季的 61 個基點提高到 78 個基點。ROE 提高至 9.4%，因此我們離 10% 的目標越來越近。上季為 8.2%，去年同期為 8%。

The highlight of the quarter obviously has been on the deposit front, We had a very impressive deposit growth quarter. NIDDA is up more than $1 billion. Average NIDDA is up $581 million and total non-brokered deposits grew $1.2 billion. So -- and we did all this and achieved declining deposit costs. We'll talk about it in a second.

本季的亮點顯然是在存款方面，我們本季的存款成長非常令人印象深刻。NIDDA 上漲超過 10 億美元。平均 NIDDA 上漲 5.81 億美元，非經紀存款總額增加 12 億美元。所以——我們做到了這一切，並實現了存款成本的下降。我們馬上就會討論這個問題。

We guided at the beginning of the year to a double-digit NIDDA growth. So far we're already at 20%. So now I will acknowledge the seasonality in these numbers. But even if you look at our NIDDA growth from last year this time to now, we're up 13%, which is sort of a pretty sustainable nice growth rate.

我們在年初預測 NIDDA 將實現兩位數的成長。到目前為止我們已經達到了20%。所以現在我要承認這些數字的季節性。但即使你看看我們從去年這個時候到現在的 NIDDA 成長，我們也成長了 13%，這是一個相當可持續的良好成長率。

NIDDA is now 32% of total deposits. So that was another milestone that we had been talking about getting past the 30%, and we're there. We crossed the 30%, we're are 32%. It's still not the highest level that we've ever been at, which was during the -- its peak was back, I think, in '22, we'd hit 34%. So we will set our target now to that high watermark, and we'll hopefully cross that in the near term, probably next year.

NIDDA 目前佔總存款的 32%。所以這是我們一直在談論的另一個里程碑，即突破 30%，而我們現在已經做到了。我們突破了 30%，現在達到了 32%。它仍然不是我們所達到的最高水平，那是在——它的峰值是在 1922 年，我想，我們達到了 34%。因此，我們現在將目標設定為這個高水位線，並希望在短期內（可能是明年）突破這個目標。

Funding composition and remix are working. Deposit costs are lower. Spot cost of deposits declined by 15 basis points to 2.37% from 90 days ago when it was 2.52%. And a year ago, of course, it was much higher -- at 72 basis points higher. So wholesale funding was paid down again, $749 million pay down in wholesale. Loan-to-deposit ratio now stands at 83.6% down from 85.5% last quarter.

資金組成和混音正在進行中。存款成本較低。存款現貨成本從90天前的2.52%下降15個基點至2.37%。當然，一年前這個數字要高得多——高出了 72 個基點。因此批發融資再次得到償還，批發融資償還金額為 7.49 億美元。貸存比目前為 83.6%，低於上一季的 85.5%。

So all this improvement in the funding mix and also improvement on the left side of the balance sheet contributed to a very nice expansion of margin. Margin expanded from 2.81% last quarter to 2.93% to 12 basis points improvement in margin. And net interest income increased by 5.6% this quarter-over-quarter. So we're very happy, which is all of this is driving the bottom line.

因此，融資組合的改善以及資產負債表左側的改善都促進了利潤率的大幅提升。利潤率從上一季的 2.81% 擴大至 2.93%，提高了 12 個基點。本季淨利息收入季增5.6%。所以我們非常高興，這一切都在推動我們的利潤。

With respect to loans, commercial loans grew by $68 million. And if you break that up in between C&I and CRE, CRE grew by $267 million and C&I declined by $199 million. Tom will talk more about that. The production has been actually fairly good. The payoffs, unfortunately, have also been fairly good, which is why we had a slight decline. Resi portfolio is running off as predicted. So no surprises there.

貸款方面，商業貸款成長6,800萬美元。如果將其分為 C&I 和 CRE，CRE 成長了 2.67 億美元，而 C&I 下降了 1.99 億美元。湯姆將會就此進行更多討論。實際製作效果相當不錯。不幸的是，回報也相當不錯，這就是我們略微下滑的原因。房地產投資組合正在按照預期運作。所以這並不奇怪。

Let's get to credit. Total criticized and classified loans declined by $156 million. I think this is one of the largest reductions we've seen in quite some time. So we're very happy about that. Not unexpectedly, though, we did see some migration into NPLs. NPLs grew by $117 million. I think a majority of this, I believe, $86 million of that $117 million is office related.

讓我們來談談信用。受批評和分類的貸款總額減少了 1.56 億美元。我認為這是我們相當長一段時間以來看到的最大幅度的減幅之一。所以我們對此感到非常高興。不過，不出所料，我們確實看到了一些向不良貸款的遷移。不良貸款增加了1.17億美元。我認為其中大部分，我相信 1.17 億美元中的 8,600 萬美元與辦公室有關。

So not all office loans will eventually get upgraded and pay off, although some did pay off and some didn't get upgraded, but some did move into NPLs as well. And there was no surprises here. This was expected.

因此，並非所有辦公室貸款最終都會升級和償還，儘管有些貸款確實償還了，有些貸款沒有升級，但也有一些貸款確實轉為不良貸款。這裡沒有什麼意外。這是意料之中的事。

With respect to capital, CET 1 now is at 12.2%. And on a pro forma basis, including AOCI, it is at 11.3%. TCE/TA ended at 8.1%. And again, tangible book value per share grew to $38.23. I think that's a 9% increase over the last 12 months. So we're happy about that.

就資本而言，CET 1 目前為 12.2%。而以備考基礎計算，包括 AOCI 在內，這一比例為 11.3%。TCE/TA 收盤於 8.1%。每股有形帳面價值再次成長至38.23美元。我認為這比過去12個月增長了9%。所以我們對此感到高興。

The Board met yesterday to go over the earnings and talk about capital as they always do, and they authorized a $100 million stock buyback program, which will go into effect after earnings. We will be -- you've talked -- you often asked us about buybacks and capital accretion and how we think about this. Our priorities haven't changed. It is still -- the number one priority is to run a safe and sound bank. Second is to grow our balance sheet in a safe and sound manner.

董事會昨天開會討論了收益並像往常一樣討論了資本問題，並批准了一項 1 億美元的股票回購計劃，該計劃將在收益公佈後生效。我們將—您已經談到—您經常問我們有關回購和資本增值以及我們對此的看法。我們的優先事項沒有改變。首要任務仍是確保銀行的安全穩健運作。第二是安全穩健地擴大我們的資產負債表。

And then, of course, increase regularly dividends every once a year. And then if this capital left over to actually return it through buybacks. So we're executing on that strategy. The environment today feels very different from 90 days ago when we last spoke to you. If you remember, 90 days ago in April we were just shell shot from all the tariff situation that we were dealing with. It feels like a different world today.

然後，當然，每年定期增加股息。然後，如果剩餘資本實際上可以透過回購返還。所以我們正在執行這項戰略。今天的環境與 90 天前我們上次與您交談時相比有很大不同。如果你還記得的話，90 天前，也就是 4 月份，我們剛剛經歷了關稅問題的重創。今天感覺就像是一個不同的世界。

But I will say that it is a fairly -- while there is less uncertainty today, relatively speaking, I think there is still uncertainties still out there that we have to be careful of, and keep that in mind as we run the bank. So our priorities haven't changed, manage the bank in a prudent way, grow responsibility, focus on profitability, manage our credit in our pipelines and continue to deliver on the recomposition of the balance sheet. If we do that, earnings will take care of themselves, and we'll be a stronger company over time.

但我要說的是，雖然今天的不確定性相對較少，但我認為仍然存在一些不確定性，我們必須小心，在經營銀行時要牢記這一點。因此，我們的優先事項沒有改變，以審慎的方式管理銀行，增加責任，專注於盈利能力，管理我們的通路信貸，並繼續實現資產負債表的重組。如果我們這樣做，收益自然會來，而且隨著時間的推移，我們將成為一家更強大的公司。

Lastly, I would say you may have seen this in the news. I think we put this out already on recent expansion. We have expanded into New Jersey with the team and an office and also very recently to Charlotte, where we have a team, and we will soon have an office as well.

最後，我想說你可能在新聞中看過這個。我認為我們在最近的擴展中已經提出了這一點。我們已經將業務擴展到新澤西，並在那裡組建了團隊和辦事處，最近又擴展到夏洛特，在那裡我們有一個團隊，很快也會有一個辦事處。

Let me turn it over to Tom, and then Tom will pass it over to Leslie, and then I'll come back for a few remarks, and then we'll open for Q&A. Tom?

讓我把它交給湯姆，然後湯姆會把它交給萊斯利，然後我會回來發表一些評論，然後我們將開始問答環節。湯姆？

Great. Thanks, Raj. So I'll cover deposits a little bit first -- Raj, went into a fair amount of detail on that. Obviously, we're are clearly happy with the deposit numbers for the quarter with over $1 billion in NIDDA growth and $1.2 billion or so in total deposits. As Raj mentioned, there is some seasonality in that business. But I would also say, as we look forward into the third quarter, deposit pipelines remain very strong and our deposit growth is predominantly driven by new relationships across all business lines.

偉大的。謝謝，拉傑。因此，我將首先介紹存款——Raj 對此進行了相當詳細的介紹。顯然，我們對本季的存款數字感到非常滿意，NIDDA 成長超過 10 億美元，總存款約 12 億美元。正如 Raj 所提到的，該業務具有一定的季節性。但我還要說，展望第三季度，存款管道仍然非常強勁，我們的存款成長主要受到所有業務線的新關係的推動。

So we're feeling very comfortable and confident that we'll continue to add new core relationships across all of our businesses for the remainder of the year. Raj also mentioned the core CRE and C&I loan portfolio segments grew by a net $68 million. We had very strong growth in CRE for the quarter at $267 million, just over 4% linked quarter.

因此，我們感到非常放心和有信心，我們將在今年剩餘的時間裡繼續在我們所有業務中增加新的核心關係。Raj 也提到核心 CRE 和 C&I 貸款組合部分淨增長了 6800 萬美元。本季我們的企業房地產 (CRE) 成長強勁，達到 2.67 億美元，季增略高於 4%。

As Raj mentioned, C&I production has actually met our plan for the year, but we continue to see some higher level of payoff activity. I would say about half of that is really our own decision as it relates to opting out of credit opportunities where we do not see the kind of margin that will help us achieve our goals type of spread. And another half is unscheduled pay-offs, refinancings, businesses selling and things like that.

正如 Raj 所提到的，C&I 產量實際上已經達到了我們今年的計劃，但我們繼續看到一些更高水準的回報活動。我想說，其中大約有一半實際上是我們自己的決定，因為它與選擇放棄信貸機會有關，因為我們看不到那種能夠幫助我們實現目標利差的利潤率。另一半是計劃外的還款、再融資、企業出售等。

I would believe that we will see less of that in the remainder of the year, and we expect production to be continued to be strong throughout the second half of the year in both the CRE and the C&I area.

我相信在今年剩餘時間內這種情況會減少，我們預計今年下半年商業房地產和工商業領域的產量將繼續保持強勁。

Resi was down $160 million, while franchise equipment and municipal finance were down to combine $10 million and mortgage warehouse grew by $46 million, all of this largely in line with our expectations. So for the aggregate, that kind of solves for about a flat loan quarter overall. A little bit more on CRE.

Resi 下降了 1.6 億美元，而特許設備和市政融資合計下降了 1000 萬美元，抵押倉庫增長了 4600 萬美元，所有這些都基本上符合我們的預期。因此，從總體上看，這解決了整個貸款季度持平的問題。再多說一點關於 CRE 的內容。

Our CRE exposure totaled 27% of total loans and 185% of the bank's total risk-based capital at June 30, 2025 comparatively based on March 31, 2025 call report data, the median level of CRE to total loans for banks in the $10 billion to $100 billion range whereas 35% in the medium ratio of CRE total risk-based capital was 217%.

截至 2025 年 6 月 30 日，我們的 CRE 敞口佔貸款總額的 27%，佔銀行風險資本總額的 185%，根據 2025 年 3 月 31 日的電話報告數據，銀行的 CRE 與貸款總額的中位數在 100 億美元至 1000 億美元之間，而 CRE 與貸款總額的中位數在 100 億美元至 10000 億美元總額的 10007%。

So while our CRE portfolio has grown nicely across all asset classes, I think overall, we still remain at the lower end of CRE exposure to capital compared to our peer groups. At June 30, the weighted average LTV of the pre portfolio was 54% and the weighted average debt service coverage ratio was 1.76, so very strong numbers for the entire portfolio. 51% of the portfolio is in Florida, 24% in the New York tri-state area.

因此，儘管我們的 CRE 投資組合在所有資產類別中都取得了良好的成長，但我認為總體而言，與同業相比，我們的 CRE 資本曝險仍然處於較低水準。截至 6 月 30 日，投資組合的加權平均 LTV 為 54%，加權平均債務償還率為 1.76，因此整個投資組合的表現非常強勁。 51% 的投資組合位於佛羅裡達州，24% 位於紐約三州地區。

So to everybody's favorite topic, CRE office, I give you a little bit about CRE office. Not too much change really from the last couple of quarters and continue trending downward of exposure gradually. At June 30, we had a total CRE office portfolio of $1.6 billion, about $300 million of that is in medical office, so about [$1.3 billion] in traditional office down $70 million from the quarter end with 59% in Florida which is predominantly suburban and 22% in the New York Tri-State area.

因此，對於大家最喜歡的話題，CRE 辦公室，我會向大家介紹一些有關 CRE 辦公室的資訊。與過去幾季相比，變化並不大，且曝光度持續呈逐漸下降的趨勢。截至 6 月 30 日，我們的 CRE 辦公室投資組合總額為 16 億美元，其中約 3 億美元用於醫療辦公室，因此傳統辦公室投資組合約為 [13 億美元]，比季度末減少了 7000 萬美元，其中 59% 位於佛羅裡達州（主要是郊區），22% 位於紐約三州地區。

I would say that this quarter, we've seen more return to the capital markets in the office area, we saw activity with office exposure that we had to go to the CMBS market, and we continue to expect that will happen with some upcoming majorities in the remainder of the year.

我想說的是，本季度，我們看到辦公領域資本市場的回歸有所增加，我們看到了辦公場所風險敞口的活動，我們必須進入 CMBS 市場，我們繼續預計這種情況將在今年剩餘時間內隨著一些即將到來的多數情況的出現而發生。

Criticized and classified CRE office loans totaled $383 million at June 30, down from $414 million at March 31, 2025, a net decline of $31 million. It's some upgrades and downgrades and payoffs in that kind of led to the $72 million change. So I said $337 million or 20% of the total CRE portfolio is medical office. The construction portfolio includes an additional $88 million in office-related exposure with $84 million of that in New York.

截至 6 月 30 日，受批評和分類的 CRE 辦公室貸款總額為 3.83 億美元，低於 2025 年 3 月 31 日的 4.14 億美元，淨減少 3,100 萬美元。一些升級、降級和回報導致了 7200 萬美元的變化。所以我說 3.37 億美元或 CRE 總投資組合的 20% 是醫療辦公室。建築投資組合還包括 8,800 萬美元的辦公相關投資，其中 8,400 萬美元在紐約。

The weighted average LTV of the stabilized office portfolio was 63% and then the weighted average debt service coverage ratio was 1.52 at June 30, not too much different from the previous quarter. Pages 11 through 14 of the investor deck provide additional details on the CRE portfolio, including the office segment.

穩定辦公大樓組合的加權平均 LTV 為 63%，6 月 30 日的加權平均債務償還率為 1.52，與上一季相比差異不大。投資者資料的第 11 至 14 頁提供了有關 CRE 投資組合（包括辦公室部分）的更多詳細資訊。

So with that, I'll turn it over to Leslie.

因此，我將把話題交給萊斯利。

Thanks, Tom. So to reiterate, net income for the quarter was $68.8 million or $0.91 per share. So a great quarter from an earnings perspective. Net interest income was up $13 million or 6% quarter-over-quarter, and the NIM increased 12 basis points to 2.93% from 2.81% last quarter. As we've been saying all along, margin expansion has been and will continue to ultimately be primarily driven by the change in mix on both sides of the balance sheet and continued execution on that remains our priority.

謝謝，湯姆。因此，重申一下，本季淨收入為 6,880 萬美元，即每股 0.91 美元。從獲利角度來看，這是一個出色的季度。淨利息收入比上一季增加 1,300 萬美元，增幅為 6%，淨利息收益率從上一季的 2.81% 上升 12 個基點至 2.93%。正如我們一直所說的那樣，利潤率的擴大一直是並將繼續最終主要受到資產負債表兩邊組合變化的推動，而繼續執行這一目標仍然是我們的首要任務。

A big contributor this quarter was the increase in average NIDDA, which grew by $581 million, the total cost of deposits declined by 11 basis points to 2.47% from 2.58% on a trailing 12-month basis, that's down 62 basis points. The cost of interest-bearing deposits declined 6 basis points to 3.48% from 3.54% and on a trailing 12-month basis, that's down 78 basis points.

本季的一個重要貢獻因素是平均 NIDDA 的成長，成長了 5.81 億美元，存款總成本從過去 12 個月的 2.58% 下降了 11 個基點至 2.47%，下降了 62 個基點。計息存款成本從 3.54% 下降 6 個基點至 3.48%，過去 12 個月下降了 78 個基點。

On a spot basis, the APY of deposits continued to move down and was down 15 basis points sitting at 2.37% at June 30, down from 2.52% at March 31. The average yield on loans increased to 5.55% for the second quarter from 5.48% last quarter. I think it's notable that in a largely stable rate environment, we saw the yield on our loan portfolio grow and the cost of our deposits decline, and that's just evidence of the fruit of the work we're doing on the balance sheet. And so we're really happy to see that.

以現券計算，存款年利率持續下降，6 月 30 日為 2.37%，較 3 月 31 日的 2.52% 下降 15 個基點。貸款平均收益率從上季的5.48%上升至第二季的5.55%。我認為值得注意的是，在利率基本上穩定的環境下，我們的貸款組合收益率成長，存款成本下降，這只是我們在資產負債表上所做工作的成果的證據。我們很高興看到這一點。

The increased yield on loans related to a couple of things. One is pricing discipline, new originations coming on at higher rates or higher spreads than paydowns and exits as Tom mentioned, We voluntarily exited a number of thinly priced credits. And while those decisions have impacted growth, we're seeing the contribution to the margin, which is our priority. And we also see in that rise the continued composition shift from resi to commercial.

貸款收益率的提高與幾件事有關。一是定價紀律，新貸款的利率或利差高於還款和退出利率，正如湯姆提到的，我們自願退出了一些價格低廉的信貸。雖然這些決定影響了成長，但我們看到了對利潤率的貢獻，這是我們的首要任務。我們也看到，這一成長趨勢持續從住宅轉向商業。

The average rate paid on FHLB advances increased this quarter from 3.69% to 3.79% and that was mainly due to the expiration of some cash flow hedges. All of our guidance assumes two Fed rate cuts in 2025 and kind of smooth those over the remainder of the year. But again, as I said, that's not really the driver of our prognostication margin.

本季度，FHLB 預付款的平均利率從 3.69% 上升至 3.79%，這主要是由於一些現金流對沖到期。我們所有的指導都假設聯準會在 2025 年將降息兩次，並在今年剩餘時間內平穩降息。但正如我所說，這並不是我們預測幅度的真正驅動因素。

Moving to credit and the provision in the reserves. The provision for credit losses this quarter was $15.7 million. The ACL to total loans ratio crept up to 93 basis points, and I refer you to slide 16 of our investor deck that present some details about changes in the ACL for the quarter. Couple of things going on, we had an increase in specific reserves related directly to the some of the NPLs that we added this quarter, and that was partially offset by the positive impact of the overall positive risk rating migration.

轉向信貸和儲備金的撥備。本季信貸損失準備金為 1,570 萬美元。ACL 與總貸款比率上升至 93 個基點，請您參閱我們的投資者簡報的第 16 張投影片，其中介紹了本季 ACL 變更的一些細節。發生了幾件事，我們的特定儲備增加與我們本季增加的一些不良貸款直接相關，但這被整體正面風險評級遷移的正面影響部分抵消。

We had some deterioration in the economic forecast going the other way. We had some payoffs and paydowns of some criticized and classified assets. And generally, we saw improving quarter-over-quarter financial metrics for borrowers in the past portfolio, which had a positive impact on the expected loss modeling.

另一方面，我們的經濟預測則有所惡化。我們對一些受到批評和保密的資產進行了償還和償還。總體而言，我們看到過去投資組合中藉款人的財務指標逐季改善，這對預期損失模型產生了正面影響。

Net charge-offs totaled $12.7 million this quarter. The net charge-off rate was 27 basis points for the six months annualized and 23 basis points for the trailing 12 months, both right in line with kind of what we expect those to run. Few further observations on the reserve. The commercial ACL ratio, so C&I, CRE, franchise and equipment finance was 1.36 at June 30 and up slightly from 1.34 at March 31, and the reserve on CRE office was 1.92.

本季淨沖銷總額為 1,270 萬美元。六個月的淨沖銷率為年化 27 個基點，過去 12 個月的淨沖銷率為 23 個基點，均與我們預期的一致。關於保護區的進一步觀察很少。商業 ACL 比率（即 C&I、CRE、特許經營和設備融資）在 6 月 30 日為 1.36，略高於 3 月 31 日的 1.34，CRE 辦公室的儲備金為 1.92。

The reserve is actually a little more than double our historical net charge-off rate over the weighted average life of the loan portfolio. And I would also point out that a significant portion of our NPLs actually carry zero reserves because of the adequacy of collateral. You can see that in our LTV. Some of those loans have been charged down, partially charged down to take them down to liquidation value, but there are a number of those loans that are more than adequately collateralized.

這項準備金實際上比我們的歷史淨沖銷率在貸款組合加權平均期限內的兩倍多一點。我還要指出的是，由於抵押品充足，我們的不良貸款中很大一部分實際上沒有準備金。您可以在我們的 LTV 中看到這一點。其中一些貸款已被扣減，部分扣減以使其降至清算價值，但其中許多貸款的抵押品是充足的。

And the majority of our NPLs were also paying as agreed, about 75% of them, in fact, at June 30, 2025. As Raj mentioned, NPLs were up $117 million quarter-over-quarter, $86 million of that increase was in office exposure, and office overall is behaving wholly in line with our expectations, so no big surprises. Of $142 million in total CRE accrual, $124 million is office exposure.

我們的大部分不良貸款也都按約定償還，事實上，截至 2025 年 6 月 30 日，約有 75% 的不良貸款都已償還。正如 Raj 所提到的，不良貸款環比增加了 1.17 億美元，其中 8,600 萬美元來自辦公室貸款，辦公室整體表現完全符合我們的預期，因此沒有什麼大的意外。在總計 1.42 億美元的 CRE 應計金額中，有 1.24 億美元是辦公室風險敞口。

Moving to noninterest income and expense, not a whole lot unexpected or unusual or material going on there, but I will say total noninterest income is up $5.5 million. Some of that is sporadic stuff you see with respect to BOLI, but most of that is actually some of our fee businesses gaining traction, whether that's syndication fees, commercial card revenue, capital markets, derivative income. So we're starting to see all of those businesses gaining some traction and happy to see that.

談到非利息收入和支出，雖然沒有發生太多意外、不尋常或重大的事情，但我要說的是，非利息總收入增加了 550 萬美元。其中一些是您在 BOLI 方面看到的零星內容，但其中大部分實際上是我們的一些費用業務正在獲得關注，無論是銀團費用、商業卡收入、資本市場還是衍生品收入。因此，我們開始看到所有這些企業都獲得了一些發展動力，並且很高興看到這一點。

A couple of comments on guidance. Overall, our guidance remains consistent with what we've told you previously. We guided to double-digit NIDDA growth, already at 20%. Seasonality may bring that down some by the end of the year, but we still expect solid double-digit growth year-over-year. We guided to mid- to high single-digit non-broker deposit growth. We're already there at 8.4%. And I expect that guidance to hold. We previously guided for low single-digit growth in total loans and mid- to high single-digit growth in core C&I and CRE, kind of given a slow start with respect to C&I growth. We're probably expecting that C&I growth -- C&I CRE growth core to be more mid-single digits as opposed to high single digits.

關於指導的幾點評論。總體而言，我們的指導與我們之前告訴您的內容保持一致。我們預計 NIDDA 將達到兩位數成長，目前已達到 20%。到今年年底，季節性因素可能會使這一數字有所下降，但我們仍然預計將年比將實現兩位數的穩健成長。我們預計非經紀存款將實現中高個位數成長。我們已經達到 8.4% 了。我希望這項指導能夠得到堅持。我們先前預測貸款總額將實現低個位數成長，核心商業與工業及商業房地產將實現中高個位數成長，因為商業與工業成長起步較慢。我們可能會預期 C&I 成長——C&I CRE 成長核心將達到中等個位數，而不是高個位數。

Affirm the previous guidance for a mid-single-digit increase in noninterest expense for the full year and still expecting to end the year at that 3% level with respect to margin, and we're already well on our way there. We previously guided to mid-single-digit growth in net interest income. I think we may do a little better than that, considering where we are now.

確認先前的全年非利息支出中個位數成長的預期，並仍預計年底利潤率將達到 3%，而且我們已經在朝著這個目標前進了。我們之前預計淨利息收入將實現中等個位數成長。考慮到我們現在的狀況，我認為我們可能會做得更好一些。

And one final point, as announced in our 8-K that we filed this morning, we will be redeeming our outstanding senior bond that matures in November. We expect the redemption to happen later in August.

最後一點，正如我們今天早上提交的 8-K 文件中宣布的那樣，我們將贖回 11 月到期的未償還優先債券。我們預計贖回將在八月下旬發生。

So with that, I will turn it over to Raj for closing comments.

因此，我將把時間交給 Raj 進行總結發言。

Thank you, Lesley. We put out another press release this morning, very important piece of news on CFO succession planning. We have been working on this for some time. We ran a national search. Leslie had come to me a couple of years ago and said there's a time line at which she would like to retire, totally understandable.

謝謝你，萊斯利。我們今天早上發布了另一份新聞稿，這是有關財務長繼任計畫的非常重要的消息。我們已經為此工作了一段時間。我們進行了全國性的搜尋。幾年前，萊斯利來找我，說她想在某個時間退休，這完全可以理解。

We ran a process very methodically over the last several quarters. And we've hired Jim Mackey, veteran in the industry who will be joining us in a couple of weeks, I think, mid-August, right, Leslie? And Leslie will remain CFO through next quarter. On November 1, we will make the official change. Leslie will stay with the company through the end of the year and will retire on January 1. You will be on --

在過去的幾個季度裡，我們非常有條不紊地運行這個流程。我們還聘請了業內資深人士吉姆·麥基 (Jim Mackey)，他將在幾週後加入我們，我想，八月中旬，對吧，萊斯利？萊斯利將繼續擔任財務長直至下個季度。11月1日，我們將做出正式的改變。萊斯利將在公司任職至今年年底，並將於 1 月 1 日退休。您將在--

I'll be on the next call.

我會接聽下一個電話。

Yeah, you'll be on the next call and then -- but Leslie has contributed tremendously to this company. We were third the size of what it is today or what we are today, and Leslie's contribution cannot be explained in a short call. But she's been my partner and I thank her -- but like I said, she's not going away anywhere. We'll be seeing you guys on the road over the coming weeks.

是的，你會在下一個電話中，然後——但萊斯利為這家公司做出了巨大的貢獻。我們的規模或我們現在的規模都是第三名，而萊斯利的貢獻無法用一個簡短的電話來解釋。但她一直是我的伴侶，我感謝她——但就像我說的，她不會離開任何地方。我們將在接下來的幾週內在路上見到你們。

But coming back to the quarter, we're very happy with where things turned out. At a very high level, I look at this and say, okay, so we're stronger and more profitable. Think about we have more capital, more reserves, lower loan-to-deposit ratio, which is a definition of stronger in my mind and ready for any kind of mishappening the economy if it were to ever happen. And we're delivering all of that while improving our profitability, margin, earnings, ROA, ROE, everything is up.

但回到本季度，我們對事情的結果感到非常滿意。從非常高的層面來看，我看著這一切並說，好吧，所以我們更強大、更有利可圖。想想看，我們擁有更多的資本、更多的儲備、更低的貸存比，在我看來，這就是更強大的定義，並且為可能發生的任何經濟災難做好了準備。我們在實現所有這些目標的同時，也提高了我們的獲利能力、利潤率、收益、ROA、ROE，一切都在上升。

So a fairly decent quarter. And hopefully, in 90 days, we'll come back to you with even better news. But let's open it up for Q&A. Operator?

因此這是一個相當不錯的季度。希望 90 天后，我們能為您帶來更好的消息。但讓我們開始問答吧。操作員？

(Operator Instructions)

（操作員指示）

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Morning, Jared.

早上好，賈里德。

Good morning, everyone. Congratulations Leslie on the planned retirement. So maybe just starting with the with credit and in the office detail. When these loans are moving to non-performer, are you going out and reappraising those at that time and charging down to appraise value. Maybe just walk us through a little bit of the steps that happen once it moves into non-performers and if the loan to value and debt service coverage ratio, you reference if that's updated for evaluation in the right environment.

大家早安。恭喜萊斯利按計劃退休。因此也許只是從信用和辦公室細節開始。當這些貸款變成不良貸款時，您是否會去重新評估這些貸款並降低其評估價值？也許只是向我們介紹一旦它變成不良貸款後會發生的一些步驟，以及貸款價值和債務償還率，您是否參考過這些內容是否在正確的環境下進行了更新以供評估。

Yes, Jared, we do reappraise -- actually before they moved to non-accrual, typically when they move to substandard, we would reappraise and then reappraise again if any significant amount of time had elapsed between when they moved to substandard accruing and to non-accrual. So yes, we do reappraise those properties and yes, all of our debt service coverage ratios and LTVs that we disclose are updated. Our debt service coverage ratios are based on current NOI. And our LTVs, even if we don't have a current appraisal, we model an updated valuation based on very granular (inaudible) level market dynamics. So we do our best to update all of those. And we do charge, yes, when they move to non-accrual, typically we would charge them down to that liquidation value.

是的，賈里德，我們確實會重新評估——實際上，在他們轉向不計提之前，通常當他們轉向不合格時，我們會重新評估，然後如果在他們轉向不合格計提和非計提之間經過了相當長的時間，我們會再次重新評估。所以是的，我們確實重新評估了這些房產，並且我們披露的所有債務償還率和 LTV 都已更新。我們的債務償還率是基於當前的淨資產收益率 (NOI)。而我們的 LTV，即使我們沒有目前的評估，我們也會根據非常精細的（聽不清楚）等級的市場動態來模擬更新的估值。因此，我們會盡力更新所有這些內容。是的，當它們轉為非應計時，我們確實會收取費用，通常我們會將其扣除至清算價值。

So when we look at the move, this quarter and the provision was -- could you give us sort of a breakdown of what was charged off versus what was given the specific provision or maybe I guess --

因此，當我們查看本季度的變動情況和撥備時，您能否給我們提供已沖銷的部分和已撥備的具體部分，或者我猜--

Yeah, you can see that on the slide on page 16. I mean, obviously we're not going to talk about that on an individual credit level. But you can see this first thing increase in specific reserves, net of positive risk rating migration, so $33 million was the increase in specific reserves and then about $4 million offset due to net positive risk rating migration. So that's what's happening there. You can see total net charge offs of $12.7 million and [$5.2 million] was office charge offs.

是的，您可以在第 16 頁的投影片上看到它。我的意思是，顯然我們不會從個人信用層面來談論這個問題。但您可以看到，首先特定儲備有所增加，扣除正面風險評級遷移，因此特定儲備增加了 3300 萬美元，然後由於淨正面風險評級遷移而抵消了約 400 萬美元。這就是那裡發生的事情。您可以看到，淨沖銷總額為 1270 萬美元，其中 [520 萬美元] 為辦公室沖銷。

Jared?

賈里德？

Okay, that's great call, thanks. Maybe shifting to the deposit side and the strength and DDAs, it's great to see that. One, I guess, do you have the ECR tied to DDAs? And then two, you talk about the seasonality and potentially seeing that lower year end. How should we think about those balances moving over the next two quarters.

好的，非常好，謝謝。也許轉向存款方面以及實力和 DDA，很高興看到這一點。首先，我想，您是否將 ECR 與 DDA 聯繫起來了？其次，談論季節性以及年底銷售額可能下降的問題。我們應該如何看待未來兩個季度這些餘額的變化。

So with respect to what you're calling the ECR, and I know we've talked about that term in the past, that number will be disclosed in the 10-Q, Jared, like we always do, and I don't expect it to differ materially from last quarter's number. I don't have it right in front of me, but it'll be about the same and it'll be disclosed in the queue.

因此，關於您所說的 ECR，我知道我們過去曾討論過這個術語，這個數字將在 10-Q 中披露，Jared，就像我們一直做的那樣，我預計它不會與上一季的數字有實質性差異。我面前還沒有這個，但它會差不多，並且會在隊列中披露。

Seasonality, over the next couple of quarters, that'll become a headwind. It was a tailwind this quarter. My best guess is it'll be relatively stable through the third quarter and then decline in the fourth quarter, but it's difficult to predict whether, is that going to happen in September or October or November, but that's generally the trend we would expect. And if you look back over the last couple of years, our expectation would be roughly the same.

在接下來的幾個季度裡，季節性將成為一大阻力。本季情況一片順風。我最好的猜測是它將在第三季度相對穩定，然後在第四季度下降，但很難預測這是否會在九月、十月或十一月發生，但這通常是我們預期的趨勢。如果回顧過去幾年，我們的預期大致相同。

Yeah. It really is -- there are certain things that you really should look at a 12-month basis given the seasonality. So I wouldn't say, oh look, it's $1 billion quarter, great. I look at it, okay, it's double digit growth year over year. That's a better way to look at --

是的。確實如此——考慮到季節性，有些事情你確實應該以 12 個月為基礎來看待。所以我不會說，哦，看，這是 10 億美元的季度，太棒了。我看了一下，好吧，這是逐年兩位數的成長。這是更好的看待--

That's a $1 billion year over year, so high to high point, we still had a billion dollars of growth.

這意味著同比增長 10 億美元，因此從最高點到最高點，我們仍然實現了 10 億美元的成長。

Okay. Thanks. If I could just sneak the last one in with the buyback, good to see that. Is there a CET 1 that you're sort of solving for? How should we think about the pace of buybacks or your appetite for deploying that, given your stock price and capital here?

好的。謝謝。如果我可以透過回購偷偷地把最後一個放進去，很高興看到這一點。您正在解決 CET 1 問題嗎？考慮到您的股價和資本，我們應該如何看待回購的速度或您部署回購的意願？

I don't think we have a target to put out there, but I will say yes, we do feel we have excess capital right now compared to industry peers. And we're doing $100 million, typically we've gotten authorizations of $150 million, the board felt $100 million was a good place to start, but I'm sure this is not the end. As we keep capital and don't have much use for it, we'll probably come back and look at it again.

我認為我們沒有設定一個目標，但我要說的是，與業內同行相比，我們確實覺得我們現在擁有過剩的資本。我們要做 1 億美元，通常我們獲得 1.5 億美元的授權，董事會認為 1 億美元是一個很好的起點，但我確信這不是結束。由於我們保留了資本，但沒有太多用處，我們可能會回頭重新審視它。

And Jared, part of this equation is, as Raj said earlier, it's our preference to deploy capital into growth. So part of the continual evaluation that we'll be undergoing is, to what extent we believe we'll be able to do that because that's always our better option.

賈里德，正如拉吉之前所說，這個等式的一部分是，我們傾向於將資本投入成長。因此，我們將要進行的持續評估的一部分是，我們在多大程度上相信我們能夠做到這一點，因為這始終是我們更好的選擇。

Profitable growth.

獲利成長。

Profitable growth, yes.

是的，獲利成長。

Great. Thanks a lot.

偉大的。多謝。

Woody Lay, KBW.

伍迪·萊（Woody Lay），KBW。

Hey, good morning, guys. Wanted to follow up on the deposits and I mean it -- I know there's seasonality in the second quarter, but it feels like the growth is coming a little bit ahead of expectations, and was just curious, I know the title drives some of the seasonality in the second quarter, but I know there's a couple of other deposit verticals and it was just wondering sort of what's broken right so far in the first half of the year to sort of see a little bit about performance relative to expectations.

嘿，大家早安。想要跟進存款情況，我是認真的——我知道第二季度有季節性，但感覺增長有點超出預期，而且只是好奇，我知道標題推動了第二季度的一些季節性，但我知道還有其他幾個存款垂直行業，我只是想知道今年上半年到目前為止出了什麼問題，以便了解相對於預期的表現。

I think it's what Tom said earlier. Across our businesses, we are seeing the continued on boarding of new client relationships and that's really the driver. I know that sounds pretty basic, but it is.

我認為這就是湯姆之前所說的。在我們的業務中，我們看到新客戶關係的不斷建立，這才是真正的驅動力。我知道這聽起來很簡單，但事實確實如此。

Put a fine point on this one thing caused, First of all, the numbers that we're at when we look at our own internal sort of expectation, we're not that far ahead. We kind of expected this, we will do. We knew that we have to hit our targets for the year before June, which we have and that was the case last year as well. Because we will face those tailwinds in the second half of the year, so we're happy, we're a little behind on C&I, but on CRE growth, DDA growth, total deposit growth, we're right in line with expectations. There's no one thing that I could point to, it's just the seasonality of the business.

對這個問題進行細緻分析，首先，從我們內部的期望來看，我們所處的數字並沒有領先太多。我們有點預料到這一點，我們會這麼做。我們知道我們必須在六月之前實現今年的目標，事實上我們已經實現了，去年也是如此。因為我們將在下半年面臨這些順風，所以我們很高興，我們在 C&I 方面稍微落後，但在 CRE 增長、DDA 增長、總存款增長方面，我們完全符合預期。我無法指出任何一件事，這只是業務的季節性。

And I think the investment in producers has helped us, throughout the year, investment in new markets. This helped us, but it's a lot of blocking and tackling every day, and we put a tremendous amount of focus on deposit growth.

我認為對生產商的投資有助於我們全年對新市場的投資。這對我們有幫助，但每天都需要大量的阻礙和處理，我們非常重視存款成長。

Alright, really helpful. And then one follow up on the office migration, it doesn't sound like this was a surprise on your end, but I was just curious on sort of what the triggering event was for the migration. Is it based on maturity schedules, just looking for any color there.

好的，真的很有幫助。然後是關於辦公室遷移的後續事宜，這聽起來對你來說並不意外，但我只是好奇遷移的觸發事件是什麼。它是基於成熟度時間表嗎，只是在那裡尋找任何顏色。

I mean, really what triggers migration is, our risk rating system is largely driven by cash flow. We're cash flow lenders, so while we often have more than adequate collateral to support the debt, even at updated valuations, it's really occupancy and landlords that are struggling to fill buildings, those ones that are migrating to non-accrual, it's almost always an occupancy issue.

我的意思是，真正引發移民的是我們的風險評級系統很大程度上是由現金流驅動的。我們是現金流貸款人，因此，儘管我們經常擁有足夠的抵押品來支持債務，但即使按照最新的估值，真正的問題是入住率，而房東正在努力填補建築物，那些正在轉向非應計的建築物，這幾乎總是一個入住率問題。

Yeah, exactly.

是的，確實如此。

Okay, appreciate that. And then just last for me --

好的，非常感謝。然後就為我而持續--

Maybe they lost the tenant and haven't been able to replace the tenant yet. That could be a driver, things like that.

也許他們失去了租戶並且還無法找到替代租戶。這可能是個驅動因素，諸如此類。

Got it. And then last for me, you announced a couple new markets you're expanding corporate offices into. I was just wondering if you could sort of peel back the curtain and sort of walk us through the process on how you evaluate new markets and sort of what it takes to expand into them is it sort of team first and then build around them -- just on your thoughts there.

知道了。最後，您宣布了將公司辦公室擴展到幾個新市場。我只是想知道您是否可以揭開帷幕，向我們介紹您如何評估新市場以及如何擴展到新市場，是先組建團隊，然後圍繞它們進行建設——只是您的想法。

Sometimes it's opportunistic, other times it's more methodical. So, New Jersey was a little opportunistic. I don't think it was very high on our priority list, but we started doing some business, we hired some good people and suddenly became a priority.

有時它是機會主義的，有時它更有條理。所以，新澤西州有點機會主義。我認為這不是我們優先考慮的事情，但是我們開始做一些生意，我們僱用了一些優秀的人才，這突然就成了優先事項。

Charlotte, I would say was also partially opportunistic, but it has been on our radar for quite some time. It's a very good market. It is -- we looked at Charlotte for a number of reasons, not just for business reasons, but also for talent reasons. And we've been waiting for the right opportunity for about a couple of years in Charlotte, and when the right team came up, we were able to make this happen.

我想說，夏洛特在某種程度上也是機會主義的，但它已經出現在我們的視線中很長一段時間了。這是一個非常好的市場。是的——我們考慮夏洛特的原因有很多，不僅是商業原因，還有人才原因。我們在夏洛特等待合適的機會已經有幾年了，當合適的團隊出現時，我們就能夠實現這一目標。

But we have done a fair amount of work on trying to match markets that are growing, that are healthy and are conducive to the kind of business we do. Not every market is, but the kind of business we do and we've looked up and down the eastern seaboard. And we don't look nationally, we don't go out looking at California and, the Pacific. We just look up and down the eastern seaboard. Charlotte, Atlanta, these are markets that were always high on our list, and then it's a matter of waiting for the right team to come around before you can make your move.

但我們已經做了大量的工作，試圖適應那些正在成長、健康並且有利於我們開展業務的市場。雖然不是每個市場都是如此，但是我們從事的業務類型以及我們在東海岸的範圍內都進行了調查。我們不會把目光放在全國範圍內，也不會關注加州和太平洋地區。我們只是環顧東海岸。夏洛特、亞特蘭大，這些市場在我們的名單上一直名列前茅，接下來就是等待合適的球隊出現，然後你才能採取行動。

I would agree and I would add a little bit to that. We study each market and look pretty heavily. At overall growth in the market, is it a business friendly market? What's the state like? Are they attracting new to market, relocations from other parts of the country? What's the business formation rate look like? And then we try to match it against our own sort of risk appetite from a credit policy perspective and say, when we look at the industries that are growing in these markets or these the ones we have knowledge of? Do we know these industry segments well? Are we comfortable in lending to them? And those are all the lenses we look through when we look at new markets.

我同意，我會補充一點。我們對每個市場進行研究，並進行深入調查。在市場整體成長的情況下，這是對企業有利的市場嗎？狀態怎麼樣？他們是否吸引了新客戶和來自其他地區的遷移者？企業成立率如何？然後，我們嘗試從信貸政策的角度將其與我們自己的風險偏好相匹配，並說，當我​​們觀察這些市場中正在成長的行業或我們所了解的行業時？我們是否了解這些行業領域？我們願意借錢給他們嗎？這些都是我們觀察新市場時所採用的視角。

And also what competition is like in those markets, right. How competitive are those? That's another factor.

還有這些市場的競爭情況如何，對吧。這些競爭力如何？這是另一個因素。

Alright, very helpful. Thanks for taking my questions and congrats Leslie.

好的，非常有幫助。感謝您回答我的問題，並祝賀萊斯利。

Thank you.

謝謝。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Hi, good morning. Congrats, Leslie. Let me talk to credit a little bit here. I was just kind of curious, when you think about just -- it seems like this was well known. And I'm just kind of thinking -- most of the credit seems to be improving, but all those equal NPAs have ticked up. Is there an area or a time frame where you kind of expect it to roll over. Maybe I'm just reading what you guys said a little bit incorrectly, but just --

嗨，早安。恭喜，萊斯利。讓我在這裡稍微談談信用。我只是有點好奇，當你想到——這似乎是眾所周知的。我只是在想——大多數信貸似乎都在改善，但所有這些同等的不良資產卻有所增加。您是否預期它會在某個區域或時間範圍內延續下去？也許我只是讀錯了你們說的話，但只是--

I think it's a good question, Ben. And I think this is the natural progression of these credits that are experiencing some stress. One of two things is going to -- well, one of three things is going to happen. They're going to get taken out, refied out by somebody who's willing to take them on and pay off or they're going to improve and turnaround or they're going to go through the workout process.

我認為這是一個很好的問題，本。我認為這是這些面臨壓力的信貸的自然發展。有兩件事將會發生——好吧，有三件事將會發生。他們將被某個願意接受他們並給他們回報的人帶走、解救，或者他們將得到改善和扭轉，或者他們將經歷重組過程。

And I think this is just -- some of them are going to end up there. This is just a natural progression. We're seeing most of this activity in the office space. And I think surely, at some point, there will be an inflection, but I still think there's a little time left before the whole office dynamic broadly finishes playing out.

我認為這只是——他們中的一些人最終會到達那裡。這只是一個自然的進展。我們在辦公空間中看到了大部分這類活動。我認為，在某個時候肯定會出現轉折，但我仍然認為，在整個辦公室動態大致結束之前，還需要一點時間。

I don't think that's going to happen this quarter. I don't know if it's a year, if it's two years, but I think that dynamic is still going to play out over a period of time. I don't -- none of these loans came out of nowhere and we said, oh, my gosh, we never would have thought that one would experience any stress. So I think we have our hands around the portion of the portfolio that could experience some stress, and it's just still going to take a while to play out one way or the other.

我認為本季不會發生這種情況。我不知道是一年還是兩年，但我認為這種動態仍將在一段時間內發揮作用。我不認為這些貸款是憑空而來的，我們說，天哪，我們從來沒有想過人們會經歷任何壓力。因此，我認為我們已經掌握了投資組合中可能面臨壓力的部分，而且無論如何它仍需要一段時間才能發揮作用。

Part of it is also when you look at the office book, we're in largely growing markets, so there is positive absorption in most of the markets that you're in, but until you get a very mature back to work environment, you're still in fairly lengthy abatement periods of time. For new tenants coming in, so it is a bit of an elevator ride on some of these where you've got some going up, some going down when you start to get more positive absorption to the point where it does get more competitive and abatement period shorten, then the cycle will shorten and you'll start to see that otherwise you've got a variety of ups and downs that you're balancing.

部分原因在於，當您查看辦公室帳簿時，您會發現我們處於一個正在成長的市場，因此在您所在的大多數市場中都存在積極的吸收，但是，直到您獲得一個非常成熟的恢復工作環境之前，您仍然處於相當長的減排期。對於新租戶來說，這就好比搭電梯一樣，有的租金上漲，有的租金下跌，當你開始獲得更多積極的吸收量時，競爭就會更加激烈，減排期也會縮短，然後週期就會縮短，你就會開始看到，否則你就會有各種各樣的起伏需要平衡。

And I think Tom may have mentioned, I don't know if he did or not, but we are seeing some very positive developments for office properties in the CMBS market. So I think that's an encouraging sign not only that some of the loans that we'd like to see go may go there, but just generally it's an indicator of positive activity in the office market that the CMBS market is picking up.

我認為湯姆可能已經提到過，我不知道他是否提到過，但我們看到 CMBS 市場辦公物業出現了一些非常積極的發展。因此，我認為這是一個令人鼓舞的信號，不僅表明我們希望看到的一些貸款可能會流向那裡，而且總體上也表明辦公大樓市場活動活躍，CMBS 市場正在回暖。

Got you. That's helpful. And then I can switch gears a little bit. Next one is a little more philosophical for -- I mean, either you Leslie or Tom, whoever wants to answer. Tom, you alluded to not writing some credits because you didn't want to rent your balance sheet, it would be negative to the spread.

明白了。這很有幫助。然後我可以稍微轉換一下話題。下一個問題有點哲學性——我的意思是，無論是萊斯利還是湯姆，無論誰想回答。湯姆，你暗示不寫一些信用，因為你不想出租你的資產負債表，這會對利差產生負面影響。

And then Leslie, I think you said spot rates and deposits were notably lower. So it seems like margins should continue to go higher. So it's more philosophical in nature -- what do you think the franchise could run with on a kind of a core margin, not this year or next year, just kind of the franchise value going forward. What are you guys targeting is like a normalized --

然後萊斯利，我想你說過現貨利率和存款明顯較低。因此看起來利潤率應該會繼續走高。因此，從本質上來說，這更具哲學性——您認為特許經營權可以在核心利潤率上取得什麼，不是今年或明年，而是未來的特許經營價值。你們的目標是像一個正常化--

I would say mid-3s. I think anything much higher than that is probably moving out on the risk spectrum. We're not going to become a subprime lender or a credit card company. I mean we don't do deals. So we don't have purchase accounting accretion feeding the margin. So I would say mid-3s.

我想說的是 3 秒中段。我認為任何高於這個水平的數值都可能超出風險範圍。我們不會成為次級貸款機構或信用卡公司。我的意思是我們不做交易。因此，我們沒有購買會計增值來增加利潤。所以我會說是 3 秒中段。

Does [mix] get through there faster, or is it kind of mix as a part of that mid-3s as well?

[混合] 是否能更快通過，或者它也是 3 秒中段的一部分？

I think mix is the biggest part of it. It's not the only part. I think, as Tom said earlier, we've strategically exited some thinner margin credits, so I think pricing discipline is also an element. Both of those things.

我認為混合是其中最重要的部分。這不是唯一的部分。我認為，正如湯姆之前所說，我們已經策略性地退出了一些利潤率較低的信貸，所以我認為定價紀律也是一個因素。這兩件事都是。

I mean, it's rare that you see a bank put out numbers where loan yields are going up and deposit rates are going down. We did that this quarter. That's all pricing discipline. That's all saying we will not chase growth unless it is profitable growth. That's why a couple of minutes ago, I inserted my word profitable unless that's a song we've been singing in the company for quite some time.

我的意思是，你很少會看到銀行公佈貸款收益率上升而存款利率下降的數據。本季我們做到了這一點。這就是全部定價原則。這一切都表明，除非成長是獲利性成長，否則我們不會追求成長。這就是為什麼幾分鐘前我插入了「有利可圖」這個詞，除非這是我們在公司裡已經唱了很長時間的歌。

We're Internally by line of business, tracking and holding people, LOB managers responsible for margins -- loan margins, and saying these need to move up even if it's 2 basis points, 3 basis points, 4 basis points they need to move up, and they are moving up and that is contributing to the 12 basis points increase in margin at the top of the house, deposits help of course, but loans are also helping. And that discipline on selection is critical to doing that.

我們在內部按業務線追蹤和督促人員、業務線經理負責利潤率——貸款利潤率，並表示這些利潤率需要提高，即使是 2 個基點、3 個基點、4 個基點，他們也需要提高，而且他們正在提高，這有助於最高利潤率提高 12 個基點，存款當然有幫助，但貸款也有幫助。而選擇紀律對於實現這一目標至關重要。

What matters at the end of the day is NII growth, right. That's sort of what we solve for because you get that right, you'll get your profitability right. So, bit by bit we're getting there all this progress we've made as I did, I think a couple of quarters ago, I'd just like to remind everyone is, we have not done anything unnatural as the balance sheet. We haven't done some big restructuring and taking a big loss and then showing higher margin. This is all bit by bit by bit, hard work, one loan, one deposit at a time.

最終重要的是 NII 的成長，對吧。這就是我們要解決的問題，因為只要你解決了這個問題，你就能獲得正確的獲利能力。因此，我們正在一點一點地取得所有這些進展，就像我所做的那樣，我想幾個季度前，我只是想提醒大家，我們沒有做任何不自然的事情，例如資產負債表。我們並沒有進行大規模重組，承受巨大損失，然後獲得更高的利潤率。這都是一點一點辛苦勞作，一筆筆貸款，一筆一筆存款。

One basis point at a time. We don't -- unfortunately we don't operate in a vacuum, there is competition and a lot of these loans that we're talking about opting out of people are opting in too, at much lower margins but as we tell the team we got to fight for every basis point to get to where we want to get to.

每次一個基點。不幸的是，我們並不是在真空中運作的，存在競爭，而且我們正在談論的許多選擇退出的貸款人也選擇加入，利潤率要低得多，但正如我們告訴團隊的那樣，我們必須為每一個基點而奮鬥，才能達到我們想要的目標。

Got you, that's really helpful. Thank you.

明白了，這真的很有幫助。謝謝。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good morning and Leslie congratulations on retirement, well deserved.

嗨，早上好，祝賀萊斯利退休，這是當之無愧的。

Maybe starting on just the improvement in DDA, end of period versus average, looks like a nice little tail wind heading into 3Q. The unchanged guidance as it pertains to margin [ROTCE], should we expect to see margin over 3% and ROTCE over 10% in 3Q and then with seasonality, maybe that tapers off a little bit in 4Q. Just talk us through the timing on that.

也許從 DDA 的改善開始，相對於期末平均值，這看起來像是進入第三季度的一個不錯的順風。關於利潤率 [ROTCE] 的指導保持不變，我們是否應該預計第三季度利潤率將超過 3%，ROTCE 將超過 10%，然後隨著季節性因素的影響，第四季度的利潤率可能會略有下降。請跟我們講一下具體時間。

So Timur, as I've said many times, I don't care and I know you do, so I'll try to answer your question. Currently what we're looking at is margin expansion both in 3Q and 4Q. That's what our current forecast has embedded in it, and that's our expectation.

所以 Timur，正如我多次說過的，我不在乎，我知道你關心，所以我會盡力回答你的問題。目前，我們關注的是第三季和第四季的利潤率擴張。這就是我們目前的預測，也是我們的期望。

What quarter things happen in is far less important to me than it is to you, but currently our expectation would be continued expansion throughout the year and predicated mostly on continued mixed shift on both sides of the balance sheet and pricing discipline and roll over fixed rate loans, all of those things are going to contribute, but that's currently what we're forecasting.

哪個季度發生的事情對我來說遠不如對你重要，但目前我們的預期是全年持續擴張，主要基於資產負債表兩邊的持續混合轉變、定價紀律和固定利率貸款展期，所有這些都會有所貢獻，但這就是我們目前的預測。

I'm not going to try to say how much in 3Q versus how much in 4Q, but we are expecting an increasing trend.

我不會試著說出第三季和第四季分別有多少，但我們預期會出現成長趨勢。

Okay, fair enough. And then not to [belabor] the point on credit, but I don't think we touched on the increase in C&I NPLs and corresponding increase in that allowance. Can you just maybe talk to what drove that increase?

好的，很公平。然後不要[詳細]討論信貸問題，但我認為我們沒有觸及商業和工業不良貸款的增加以及相應的準備金的增加。您能否談談導致這一增長的原因是什麼？

A couple things -- a portion of that, I think about $26 million is some indirect office exposure that's embedded in the CNI portfolio, and the majority of the rest of it is one loan, as we've said in the past, C&I credit performance will be lumpy and idiosyncratic and that nothing systemic that we're seeing in the C&I book or no correlation in industries or geographies or anything like that to comment on. So it's really just those two things.

有幾件事——其中一部分，我認為大約 2600 萬美元是嵌入在 CNI 投資組合中的一些間接辦公室風險敞口，其餘大部分是一筆貸款，正如我們過去所說的那樣，C&I 信貸表現將是不穩定和特殊的，我們在 C&I 賬簿中沒有看到任何系統性的東西，也沒有行業或地域之間的相關性，或者任何系統的東西可以評論。所以其實只有這兩件事。

The topic of correlation, we're always looking for that. So the only correlation we know in our portfolio is office, right. That's a systemic thing across the industry. But in our C&I portfolio yesterday, I actually looked at the top five loans that that are problematic, and each of the five are in five totally different stories. So we're not seeing anything, we're not seeing any impact on tariffs or any other changes. It's just -- sometimes things just go the wrong way and if you ever see a pattern emerging, we will share that with you.

我們一直在尋找相關性這個主題。因此，我們所知道的投資組合中唯一的相關性就是辦公室，對吧。這是整個產業的系統性現象。但昨天在我們 C&I 投資組合中，我實際上查看了問題最大的五筆貸款，這五筆貸款分別有五個完全不同的情況。所以我們沒有看到任何東西，我們沒有看到對關稅或任何其他變化的任何影響。只是－有時事情就是會出錯，如果您發現出現了某種模式，我們會與您分享。

Got it. And if I can just sneak one in, last one here. It seems like the momentum around M&A, particularly in the Southeast is accelerating here. Can you just maybe talk to the level of conversation that you're having, has that been accelerating and then just maybe talk to what you would need to see in order to potentially consider a combination with a larger institution.

知道了。如果我可以偷偷帶進去一個的話，這是最後一個。看起來，併購的勢頭，特別是在東南部地區，正在加速發展。您能否談談您正在進行的對話的水平，這種水平是否一直在加速，然後是否可以談談您需要看到什麼才能考慮與更大的機構合併。

Yeah, I mean, the level of conversation has been consistent since late last year. So, there was obviously a little bit of a concern three months ago when the markets dipped as much as they did, but in terms of M&A I still think there will be a lot of M&A over the course of the next 12 to 24 months.

是的，我的意思是，自去年年底以來，對話水準一直保持一致。因此，三個月前當市場出現如此大的跌幅時，顯然存在一些擔憂，但就併購而言，我仍然認為未來 12 到 24 個月內會出現大量併購。

As a buyer, we are probably not very going to be very active because that's sort of DNF for our company to try and do things organically. We never say no, but it's unlikely. And as to the other side of this, we don't sit here, raise our hands all the time saying, we want to be a part of M&A story, but we have a fiduciary responsibility if the right deal is on the table, we will talk to anyone.

作為買家，我們可能不會非常積極，因為對我們公司來說，嘗試有機地做事是一種 DNF。我們從不說不，但這種情況不太可能發生。至於另一方面，我們不會坐在這裡，一直舉手說，我們想成為併購故事的一部分，但我們有受託責任，如果有合適的交易，我們會和任何人談。

Great. Thank you.

偉大的。謝謝。

David Bishop, Health Group.

大衛畢曉普，健康集團。

Yeah, good morning and congratulations again, Leslie.

是的，早安，再次恭喜你，萊斯利。

Thanks. Morning Dave.

謝謝。早上好，戴夫。

Hey Leslie, just in terms of the loan yield here, it sounds like the repricing outlook, sounds positive from some of the back book of the fixed rate loans repricing just curious maybe what that weighted average yield repricing in the near term looks like and and what you're seeing in terms of new origination [rates].

嘿，萊斯利，就這裡的貸款收益率而言，聽起來重新定價的前景，從一些固定利率貸款重新定價的賬簿來看，聽起來是積極的，只是好奇短期內加權平均收益率重新定價的情況​​如何，以及你在新貸款發放方面看到了什麼[費率]。

I don't have in front of me the weighted average yield on what's repricing. But it is true that what's rolling off is generally being replaced by something at higher rates because that's still primarily loans that were put on in a much lower rate environment.

我面前沒有重新定價的加權平均收益率。但事實上，被延期的貸款通常被利率較高的貸款所取代，因為這些貸款主要還是在利率較低的環境下發放的。

I would say, it comes back more to what we talked about is being more selective about the credits we are originating and choosing to engage in as opposed to just great market dynamics per se. (multiple speakers) I don't have all those rates right in front of me, but --

我想說，這更多地回到了我們所談論的，即對我們發起和選擇參與的信貸更加有選擇性，而不是僅僅關注巨大的市場動態本身。（多位發言者）我並沒有掌握所有這些利率，但是--

I would broadly tell you on the C&I book when we look at things that we're opting out of from a pricing perspective, it's usually things that are floating rate deals that are under SOFR plus [150 basis points], and when we look at new production, it's generally at rates in the SOFR plus [200 basis points to 225 basis points] type range. So dollar for dollar, we're seeing 75 basis points to 80 basis points of pick up on that swaps, sometimes even a little wider.

我大致會告訴你，在 C&I 帳簿上，當我們從定價角度考慮我們選擇退出的事情時，通常是 SOFR 加 [150 個基點] 的浮動利率交易，而當我們考慮新產品時，通常是 SOFR 加 [200 個基點至 225 個基點] 範圍內的利率。因此，以美元計算，我們看到掉期利率上漲了 75 個基點到 80 個基點，有時甚至更高。

Got it, and then Tom in terms of the what's left in terms of maybe the C&I credits that are relatively thinly priced, any sense how much is left from a dollar basis or percentage basis, if you have any optics there from that view.

明白了，然後湯姆就剩下的錢而言，可能是價格相對較低的 C&I 信貸，從美元基礎或百分比基礎來看還剩下多少錢，如果你從這個角度有任何看法的話。

Yeah, it's we're near the end of that journey. Now what you don't know is what deal was going to be redialed that was at [185] but now somebody thinks should be at [110], so that you don't know. But when we go -- I went through this yesterday actually, we go line item by line item of all of the deals today that are kind of sub [200], there's only -- there's a small handful that I would say are like that sort of below [150], which is kind of where Leslie has a baseball bat in her office, so I sit right --

是的，我們的旅程即將結束。現在您不知道的是，原本要重撥的是 [185] 的哪個號碼，但現在有人認為應該是 [110]，所以您不知道。但是當我們去的時候——實際上我昨天就討論過了，我們逐項逐項地查看今天所有低於 [200] 的交易，只有——我想說只有一小部分低於 [150]，就像 Leslie 的辦公室裡有一根棒球棒一樣，所以我坐在那裡--

I actually do. Somebody gave me a gift.

我確實這麼做了。有人送了我一份禮物。

I call that the baseball bat territory.

我把那裡稱為棒球棒領地。

She will be passing on that baseball bat to Jim.

她將把那根棒球棒傳給吉姆。

I don't know that I will cause my name's engraved on it.

我不知道我的名字是否會刻在上面。

(multiple speakers)

（多位發言者）

Got it. And then back to credit quality, just curious, I think I heard the preamble that loss rate overall for the bank, I think it's running mid 20s or so year-to-date over the past 12 months or so. It doesn't sound like even with the office inflows you're expecting too much of a dramatic impact moving forward, is that correct?

知道了。然後回到信用質量，只是好奇，我想我聽到了前言，即銀行的整體損失率，我認為在過去 12 個月左右的時間裡，年初至今的損失率大約在 20% 左右。聽起來，即使有了辦公室資金的流入，您也不指望未來會產生太大的影響，對嗎？

Yeah, I would agree. I think that's in the range of what we would expect. I mean in a given quarter you can have higher or lower charge offs, but on a running basis I think that's in the range of what we would expect, yes.

是的，我同意。我認為這在我們預期的範圍內。我的意思是，在特定季度，您可能會有更高或更低的沖銷額，但從運行情況來看，我認為這在我們預期的範圍內，是的。

Great. Thank you.

偉大的。謝謝。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Hey, thanks. Good morning.

嘿，謝謝。早安.

Morning Jon.

早安，喬恩。

Congrats, Leslie. Yeah, couple of clean up questions. The other income drivers you talked about boldly, but you also mentioned a few other businesses. Is this a sustainable level, or do you think we should pull back a little bit on that line item because of the [bully]?

恭喜，萊斯利。是的，有幾個清理問題。您大膽地談到了其他收入驅動因素，但您也提到了其他一些業務。這是一個可持續的水平嗎？或者你認為我們應該在這個項目上稍微縮減一下，因為[欺負]？

I think over the long run, this is not a sustainable level it's going to get better. Quarter by quarter you can have a sporadic thing happen like we did this quarter with the bully and you know those things are sporadic, but I think looking out with a trajectory that's more than one quarter, I think we should see that line item gradually grow.

我認為從長遠來看，這不是一個可持續的水平，它會變得更好。每個季度，你可能會遇到一些零星的事情，就像我們這個季度遇到的霸凌事件一樣，你知道這些事情是零星的，但我認為，從超過一個季度的軌跡來看，我們應該會看到這個項目逐漸增長。

Yeah, if that doesn't grow, then then we're doing something wrong. Our expectation is that it will grow not just over the year but over multiple years. Fair amount of effort and investment going into these businesses that I expect them to grow.

是的，如果它沒有成長，那麼我們就做錯了。我們的預期是，它不僅會在一年內成長，而且會在多年內成長。我期望這些企業能夠投入大量的精力和投資，實現成長。

I mean, is it possible that next quarter there will be a pullback because of the bully thing and that but sure, but again, I don't care. But if you look at the trajectory going forward over the medium to longer term, I think you should see an upward sloping line.

我的意思是，下個季度是否有可能因為霸凌事件而出現回調，當然可以，但我不在乎。但如果你看中長期的發展軌跡，我認為你應該會看到一條向上傾斜的線。

Okay, I was going to try to get you to say I don't care on a different question, but I got it, so that's good.

好的，我本來想讓你在另一個問題上說“我不在乎”，但我明白了，所以這很好。

You ask me another question. Okay.

你問我另一個問題。好的。

Yeah, was the bully material? I know this is ticky tacky, but I was just curious.

是啊，這是霸凌的對象嗎？我知道這很俗氣，但我只是好奇。

I would not use the word material.

我不會使用“材料”這個詞。

Okay. On the interest bearing deposit pricing, how much more room do you think you have to bring that down?

好的。關於計息存款定價，您認為還有多少空間可以降低？

I mean, I think it's without any Fed rate cut, there's no big catalyst, but we'll continue to work around the edges, there's still opportunities, where you can bring this customer down 5 basis points or 10 basis points or that customer down 5 basis points or 10 basis points and we'll continue to work around -- we'll continue to be focused on it, but there's no big catalyst for wholesale rate decreases unless the Fed moves.

我的意思是，我認為在美聯儲不降息的情況下，沒有什麼大的催化劑，但我們會繼續努力，仍然有機會，你可以把這個客戶的利率降低 5 個基點或 10 個基點，或者把那個客戶的利率降低 5 個基點或 10 個基點，我們將繼續努力——我們將繼續關注它，但不會出現催化劑的催化劑。

Well, I would say every quarter we sit and look at a number customer by customer and it's not glamorous and fun conversations, but if you go out and adjust down 4 basis points or 5 basis points here, 8 basis points there, it adds up.

好吧，我想說的是，每個季度我們都會坐下來，逐一查看客戶的數字，這並不是什麼光鮮亮麗的對話，但如果你出去，在這裡向下調整 4 個基點或 5 個基點，在那裡向下調整 8 個基點，加起來就是有回報的。

Okay, and then maybe one for Tom or Raj, I understand that I don't even want to say lower end of the loan growth guidance, but because a lot of things happened earlier in the year, but it seems like based on your answer to Dave Bishop's last question, it feels like the C&I payoffs or voluntary exits are starting to slow down and Raj, it sounds like you're saying it's still a little bit uncertain but getting better.

好的，然後也許是湯姆或拉傑的問題，我知道我什至不想說貸款增長指引的下限，但是因為今年早些時候發生了很多事情，但根據你對戴夫·畢曉普的最後一個問題的回答，感覺 C&I 的回報或自願退出開始放緩，拉傑，聽起來你是說情況仍然有點不確定，但正在好轉。

Are you guys signaling that even though it's maybe a lower starting point mid-year, that growth could accelerate in the second half of the year? Is that the right message?

你們是否暗示，儘管今年年中起點可能較低，但下半年成長可能會加速？這是正確的資訊嗎？

Yeah.

是的。

Yes.

是的。

Yeah and the reason why we have confidence in that is because we're looking at the production numbers and so the production numbers actually looked very good for the first two quarters of the year. We're expecting it to look very good in the third and fourth quarter and so getting to the tail end of exits that we want to do ourselves, we can balance that and see where we see the growth opportunities.

是的，我們對此有信心的原因是我們關注了生產數據，因此今年前兩個季度的生產數據實際上看起來非常好。我們預計第三季和第四季的情況會非常好，因此，當我們自己想要完成退出時，我們可以平衡這一點，看看我們在哪裡看到成長機會。

Oh, okay, very helpful, thank you.

哦，好的，非常有幫助，謝謝。

And I would now like to turn the conference back to Raj Singh, CEO for closing remarks.

現在，我想請執行長 Raj Singh 致閉幕詞。

Thank you all for joining us. We're again very happy about the quarter. But if there are any other questions, you know how to reach us, and if not, we will talk to you again in three months. Thanks, bye.

感謝大家的參與。我們對本季的表現感到非常滿意。但如果還有其他問題，您知道如何聯絡我們，如果沒有，我們將在三個月後再次與您交談。謝謝，再見。

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。