BOK Financial Corp (BOKF) 2025 Q2 法說會逐字稿

Greetings. Welcome to BOK Financial Corporation's second quarter 2025 earnings conference call. (Operator Instructions)

問候。歡迎參加 BOK 金融公司 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the presentation over to Heather King, Director of Investor Relations for BOK Financial Corporation. Please proceed.

提醒一下，本次會議正在錄製中。現在，我想將演講交給 BOK 金融公司投資者關係總監 Heather King。請繼續。

Good afternoon, and thank you for joining our discussion of BOK Financial's second quarter 2025 financial results. Our CEO, Stacy Kymes, will provide opening comments and cover our loan portfolio and related credit metrics.

下午好，感謝您加入我們對 BOK Financial 2025 年第二季財務業績的討論。我們的執行長 Stacy Kymes 將發表開幕致詞並介紹我們的貸款組合和相關信貸指標。

Scott Grauer, Executive Vice President of Wealth Management, will cover our fee-based results. Our CFO, Martin Grunst, will then discuss financial performance for the quarter and our forward guidance. The slide presentation and press release are available on our website at bokf.com. We refer you to the disclaimers on slide 2 regarding any forward-looking statements made during this call.

財富管理執行副總裁 Scott Grauer 將介紹我們的收費業績。我們的財務長馬丁·格倫斯特 (Martin Grunst) 將討論本季的財務表現和我們的前瞻性指引。幻燈片簡報和新聞稿可在我們的網站 bokf.com 上取得。關於本次電話會議中所做的任何前瞻性陳述，請參閱投影片2上的免責聲明。

I will now turn the call over to Stacy Kymes, who will begin on slide 4.

現在我將把電話轉給 Stacy Kymes，她將從第 4 張幻燈片開始發言。

Thank you, Heather. We appreciate you joining the call this afternoon. We're pleased to report earnings of $140 million or EPS of $2.19 per diluted share for the second quarter. The word that comes to mind for this quarter is momentum. During the quarter, we saw a reacceleration of loan growth with the anticipated fund up of our CRE book, continued strength in the core C&I portfolio and a tapering of the abnormal payoff activity that has recently impacted outstandings in our specialized businesses.

謝謝你，希瑟。感謝您今天下午參加電話會議。我們很高興地報告第二季的收益為 1.4 億美元，即每股收益 2.19 美元。本季我想到的一個詞是勢頭。在本季度，我們看到貸款成長再次加速，預計我們的 CRE 帳簿資金將增加，核心 C&I 投資組合繼續保持強勁，並且最近影響我們專業業務未償還貸款的異常還款活動逐漸減少。

Looking ahead, we will launch our new mortgage finance line of business, which should further support future loan growth. This was made possible by consistently investing in the right talent and systems to enable the future growth of our business.

展望未來，我們將推出新的抵押貸款融資業務，這將進一步支持未來的貸款成長。這是透過持續投資合適的人才和系統來實現的，以促進我們業務的未來成長。

We realize this does increase expenses in the current period, but it enhances our long-term sustainable growth and positive operating leverage for years to come. Fee income was another bright spot for the quarter, with total fees and commissions up 7.2% sequentially. Trading activity normalized this quarter as the macro environment uncertainty abated, and we saw more typical levels of customer engagement.

我們意識到這確實會增加目前期間的開支，但它會增強我們未來幾年的長期可持續成長和積極的經營槓桿。費用收入是本季的另一個亮點，總費用和佣金環比增長 7.2%。隨著宏觀環境不確定性的減弱，本季交易活動恢復正常，我們看到了更典型的客戶參與度水準。

Not only was our trading business up this quarter, we saw broad-based growth across our fee income businesses with several lines producing record quarterly results. Net interest income grew for the fifth consecutive quarter, and we continue to experience margin expansion as well.

本季度，我們的交易業務不僅有所成長，而且我們的費用收入業務也普遍成長，其中有幾條業務線創造了創紀錄的季度業績。淨利息收入連續第五個季度成長，利潤率也持續擴大。

With a loan-to-deposit ratio of 64%, we are well positioned to continue optimizing the pricing of the deposit book. Even at our current levels of liability betas, we've exceeded our most recent hiking cycle beta and see further opportunities to the upside.

貸款與存款比率為 64%，我們有能力繼續優化存款帳簿的定價。即使按照我們目前的責任貝塔值水平，我們也已經超過了最近的加息週期貝塔值，並且看到了進一步上行的機會。

Our capital levels remain robust and strengthened once again this quarter with TCE reaching 9.6% and CET1 reaching 13.6%. This growth occurred even though we took several capital actions to create value for our shareholders, including repurchasing over 660,000 shares below $94 per share and redeeming all $131 million of our Tier 2 capital instruments.

我們的資本水準保持強勁，本季再次增強，TCE 達到 9.6%，CET1 達到 13.6%。儘管我們採取了多項資本行動為股東創造價值，但仍實現了這一增長，包括以低於每股 94 美元的價格回購超過 660,000 股股票，並贖回所有 1.31 億美元的二級資本工具。

Credit has long been a strength for us, and we continue to be well reserved with a combined allowance at a healthy 1.36% of outstanding loans. Criticized and classified levels remain well below the pre-pandemic levels.

信貸一直是我們的優勢，我們繼續保持良好的儲備，綜合撥備佔未償還貸款的 1.36%。批評和分類水準仍遠低於疫情前的水準。

Turning to slide 6. I wanted to spend a little time highlighting the segments of our loan book. Total outstanding loans grew 2.5% this quarter, which is over 10% on an annualized basis led by growth in commercial real estate, our core C&I portfolio and loans to individuals.

翻到幻燈片 6。我想花一點時間強調我們的貸款帳簿的各個部分。本季未償還貸款總額增加了 2.5%，以年率計算成長超過 10%，主要得益於商業房地產、我們的核心 C&I 投資組合和個人貸款的成長。

Our core C&I loan portfolio, which represents our combined services and general business portfolios grew 1.1% led by Native American lending and general business loans.

我們的核心 C&I 貸款組合（代表我們的綜合服務和一般業務組合）成長了 1.1%，主要由美洲原住民貸款和一般商業貸款帶動。

Our specialty lending portfolio decreased 1.6%, with contraction in our energy portfolio of 4.4%. This was partially offset by expansion in our health care portfolio of 0.5%, which had a strong quarter of new originations. These portfolios have experienced elevated levels of payoff activity over the past couple of quarters.

我們的專業貸款組合下降了 1.6%，其中能源組合下降了 4.4%。這被我們的醫療保健投資組合 0.5% 的擴張部分抵消，該投資組合在本季度新發起的資金強勁增長。過去幾個季度，這些投資組合的回報活動有所增加。

And while that activity is still present, it has abated from abnormally high levels. In fact, when we look specifically at the energy book, most of the payoff activity for the quarter was in April, while the month of May and June were very stable.

儘管這種活動仍然存在，但已經從異常高的水平減弱。事實上，當我們專門查看能源帳簿時，本季的大部分回報活動發生在四月份，而五月和六月非常穩定。

We are confident in our ability to grow these businesses over time and pipelines remain healthy. Our CRE business increased 6.9% quarter-over-quarter with the majority of the growth coming from multifamily housing, retail and industrial projects.

我們有信心隨著時間的推移發展這些業務，並且管道保持健康。我們的 CRE 業務環比成長 6.9%，其中大部分成長來自多戶住宅、零售和工業項目。

As we mentioned previously, we anticipated a fund up of our CRE portfolio. This portfolio recently came under its internal concentration limits. We have focused on building commitments over the past few quarters, but it takes time for this portfolio, which is largely construction to begin funding up and showing increases in outstanding balances. We expect growth in outstanding balances to continue.

正如我們之前提到的，我們預計我們的 CRE 投資組合將會增加。該投資組合最近受到了內部集中度限制。在過去幾個季度，我們一直致力於建立承諾，但這個投資組合（主要是建築）需要時間才能開始籌集資金並顯示未償餘額的增加。我們預計未償餘額將繼續增加。

Our expansion into the mortgage finance and warehouse lending business is on track. We've approved four credit relationships as of this call, and the pipeline is strong. In fact, we expect to fund our first loan in the next couple of weeks as our system implementation is nearly complete.

我們正在向抵押貸款和倉庫貸款業務擴張。截至本次電話會議，我們已批准了四項信貸關係，且通路強勁。事實上，由於我們的系統實施已接近完成，我們預計將在未來幾週內發放第一筆貸款。

We've hired a talented and experienced team to build this business and the related expense is embedded in the run rate you see today. All of this combined gives us confidence in our ability to achieve the outlook that we set at the beginning of the year.

我們聘請了一支才華橫溢、經驗豐富的團隊來打造這項業務，相關費用已包含在您今天看到的運作率中。所有這些因素讓我們對實現年初設定的願景充滿信心。

Transitioning to slide 7. Credit quality remains excellent across the loan portfolio, so I will keep my commentary brief. The NPAs not guaranteed by the US government decreased $4 million to $74 million. The resulting nonperforming assets to period loans and repossessed assets decreased 2 basis points to 31 basis points.

轉換至幻燈片 7。整個貸款組合的信用品質仍然優秀，因此我的評論將簡短一些。美國政府未擔保的不良資產減少了 400 萬美元，至 7,400 萬美元。由此產生的不良資產與定期貸款和收回資產的比率下降了 2 個基點，至 31 個基點。

Committed criticized assets ticked up slightly this quarter, but remained very low relative to historical standards. We had minimal net charge-offs of $561,000 during the quarter, with net charge-offs averaging 1 basis points over the last 12 months. We expect net charge-offs to remain below historical norms in the future.

本季已承諾的受批評資產略有增加，但相對於歷史標準仍然很低。本季我們的淨沖銷金額最低為 561,000 美元，過去 12 個月的淨沖銷金額平均為 1 個基點。我們預計未來淨沖銷額仍將低於歷史標準。

Our combined allowance for credit losses is $330 million or 1.36% of outstanding loans, which is a healthy reserve level. Our track record speaks for itself as we've demonstrated consistency in the credit space time and time again.

我們的綜合信貸損失準備金為 3.3 億美元，佔未償還貸款的 1.36%，這是一個健康的儲備水準。我們的業績記錄不言而喻，因為我們一次又一次地證明了我們在信貸領域的一致性。

And now I'll turn the call over to Scott.

現在我將把電話轉給史考特。

Thank you, Stacy. Turning to our operating results for the quarter on slides 9 and 10. Total fee income increased $13.2 million on a linked quarter basis, contributing $197.3 million to revenue. Total trading revenue, which includes trading-related net interest income was $30.5 million, representing growth of 31% from the prior quarter and a return to a more normal operating environment.

謝謝你，史黛西。轉向幻燈片 9 和 10 上的本季經營業績。總費用收入環比增加 1,320 萬美元，為收入貢獻 1.973 億美元。總交易收入（包括交易相關的淨利息收入）為 3,050 萬美元，較上一季成長 31%，恢復到更正常的經營環境。

Trading fees grew $6.3 million linked quarter driven by higher mortgage origination volumes from seasonal production and steady demand as customer engagement has rebounded following the significant market uncertainty in the first quarter.

交易費用較上季成長 630 萬美元，這得益於季節性生產帶來的抵押貸款發放量增加以及需求穩定，因為在第一季市場出現巨大不確定性之後，客戶參與度已經反彈。

Syndication fees were another standout, growing $1.9 million linked quarter to $5.1 million, the highest quarter we've seen since 2022.

銀團費用是另一個亮點，環比增長 190 萬美元，達到 510 萬美元，這是自 2022 年以來最高的季度。

Now turning to slide 10. Before talking about the numbers, I wanted to highlight that three of the business activities shown on this page posted record revenue during the quarter, including our fiduciary and asset management, transaction card and deposit service charges.

現在翻到第 10 張投影片。在談論數字之前，我想強調一下，本頁顯示的三項業務活動在本季度都創下了創紀錄的收入，包括我們的信託和資產管理、交易卡和存款服務費。

Fiduciary and asset management revenue grew $3 million, reflecting higher trust and mutual fund fees along with seasonal increases in tax preparation fees. I think it's also worth emphasizing the stable stream of earnings you get from this business. Over the last 10 years, the wealth management business has achieved a compounded annual growth rate for revenue of approximately 8%.

信託和資產管理收入增加了 300 萬美元，反映了信託和共同基金費用的增加以及稅務準備費用的季節性增加。我認為還值得強調的是，您從這項業務中獲得穩定的收入來源。過去10年，財富管理業務收入的複合年增長率約為8%。

AUMA increased $3.9 billion linked quarter to $117.9 billion, reflecting increased market valuations and continued new business growth. This is another record quarter for AUMA. Transaction card revenue increased $2.5 million from first quarter.

AUMA 環比成長 39 億美元，達到 1,179 億美元，反映市場估值上升和新業務持續成長。這是 AUMA 又一個創紀錄的季度。交易卡收入較第一季增加了 250 萬美元。

Excellent performance this quarter was supported by disciplined pricing strategies, targeted customer acquisition efforts and a seasonal uplift in transaction activity. Deposit service charges grew $1 million linked quarter. This line has shown sustained growth over the past two years, driven by our commercial treasury services.

本季度的出色業績得益於嚴格的定價策略、有針對性的客戶獲取工作以及交易活動的季節性增長。存款服務費季增 100 萬美元。在我們的商業財務服務的推動下，該業務線在過去兩年中持續成長。

And now I'll hand the call over to Marty to cover the financials.

現在我將把電話交給 Marty 來負責財務事宜。

Thank you, Scott. Turning to slide 12. Net interest income was up $11.9 million and reported net interest margin expanded 2 basis points. Core net interest income, excluding trading, increased $11 million and core margin, excluding training, grew by 7 basis points, driven by several factors.

謝謝你，斯科特。翻到第 12 張投影片。淨利息收入增加 1,190 萬美元，報告淨利差擴大 2 個基點。受多種因素推動，核心淨利息收入（不包括交易）增加了 1,100 萬美元，核心利潤率（不包括培訓）增加了 7 個基點。

The securities and fixed rate loan portfolios continued to reinvest cash flows at higher current market yields. Our ongoing efforts to optimize deposit pricing resulted in lower rates for non-maturity deposits, and that was without the support of any Fed rate cuts in the quarter.

證券和固定利率貸款組合繼續以較高的當前市場收益率對現金流進行再投資。我們持續努力優化存款定價，從而降低了無到期存款的利率，而這並沒有受到本季聯準會降息的影響。

Time deposit repricing was also a benefit, driven by the natural repricing of higher rate vintages in that relatively short-dated book. This was partially offset by slightly lower average balances in the noninterest-bearing DDA, driven by seasonally higher balances in January of this year, affecting the Q1 overall average balance. Both the average DDA balance and trends within the second quarter were aligned with our expectations.

定期存款重新定價也是一個好處，這是由相對較短期限的存單中較高利率年份的自然重新定價所推動的。這被無息 DDA 平均餘額略低所部分抵消，原因是今年 1 月季節性餘額較高，影響了第一季的整體平均餘額。第二季的平均 DDA 餘額和趨勢均符合我們的預期。

We expect net interest income and margin growth will be supported by continued fixed asset repricing and continued loan growth. We will pursue further deposit pricing optimization efforts where available, and the DDA stability we've seen in the past couple of quarters indicates that typical seasonality and new business activity should be expected to drive balanced behavior going forward.

我們預計，持續的固定資產重新定價和持續的貸款成長將支持淨利息收入和利潤率的成長。我們將在可行的情況下進一步優化存款定價，過去幾季我們看到的 DDA 穩定性表明，典型的季節性和新業務活動應該會推動未來的平衡行為。

Turning to slide 13. Total expenses increased $7 million. Personnel expenses were relatively consistent with the prior quarter. Within personnel expenses, we saw a slight increase in compensation, which was largely offset by a seasonal decrease in payroll taxes. Non-personnel expense increased $6.4 million, driven primarily by increased technology project costs and operational losses.

翻到第 13 張投影片。總支出增加了 700 萬美元。人事費用與上一季基本一致。在人事費用方面，我們看到薪資略有增加，但這在很大程度上被工資稅的季節性下降所抵消。非人員支出增加了 640 萬美元，主要原因是技術項目成本和營運損失增加。

Slide 14 provides an update on our outlook for full year 2025. We remain confident in our full year loan growth projections due to the robust growth seen in Q2, continued momentum in early Q3 and strong pipelines across both C&I and CRE. This will be further supported by the launch of our mortgage finance business this quarter.

幻燈片 14 提供了我們對 2025 年全年展望的最新情況。由於第二季的強勁成長、第三季初的持續勢頭以及商業和工業以及商業房地產領域的強勁成長勢頭，我們對全年貸款成長預測仍然充滿信心。本季我們推出的抵押貸款融資業務將進一步支持此目標。

We acknowledge that economic policy uncertainty is still somewhat of a risk factor for our loan growth guidance. However, it seems much less important than it did 90 days ago. Our net interest income expectations remain unchanged. This assumes 225 basis points rate cuts in September and December, consistent with the market's forward rate expectations. However, given our relatively neutral interest rate risk position, changes there would not alter our guidance.

我們承認，經濟政策的不確定性仍然是我們貸款成長指引的一個風險因素。然而，它似乎比 90 天前重要得多。我們的淨利息收入預期維持不變。這假設9月和12月降息225個基點，與市場的遠期利率預期一致。然而，鑑於我們相對中性的利率風險狀況，其變化不會改變我們的指導。

Our fees and commissions guidance is also unchanged, reflecting the momentum we have in that set of businesses. As a reminder, I will note that interest rate levels and curve steepness can affect the geography of total trading revenue between NII and fees, but that would be neutral to total revenue.

我們的費用和佣金指導也沒有變化，反映了我們在該業務領域的發展勢頭。提醒一下，我要指出的是，利率水準和曲線陡度會影響 NII 和費用之間的總交易收入的地理位置，但這對總收入來說是中性的。

Lastly, on credit, non-performing assets are very low and portfolio credit quality continues to be very strong, which supports our expectation that charge-offs will remain low in the near term and provision expense will be below 2024 levels.

最後，在信貸方面，不良資產非常低，投資組合信貸品質持續強勁，這支持了我們的預期，即短期內沖銷額將維持在低位，撥備支出將低於 2024 年的水準。

With that, I would like to hand the call back to the operator for Q&A, which will be followed by closing remarks from Stacy.

說完這些，我想把電話交還給接線員進行問答，然後由 Stacy 致結束語。

(Operator Instructions)

（操作員指示）

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Hey, good afternoon, everybody.

嘿，大家下午好。

Hi, Jared.

你好，賈里德。

Maybe just when you look at NII, what's some of the expectations for margin trajectory behind that? Is there anything in particular we should be paying attention to for that?

也許當您查看 NII 時，對其背後的利潤軌跡有何預期？對此我們有什麼特別需要注意的嗎？

Yeah. Good question. So margin, we're really happy with how margin behaved in the second quarter. We got really good lift out of the fixed asset repricing, cross bonds and loans and then some additional lift across deposit pricing broadly, including even the changes in DDA. So that gave us, basically between those two items, almost 7 basis points of expansion.

是的。好問題。因此，我們對第二季的利潤率表現感到非常滿意。我們從固定資產重新定價、交叉債券和貸款中獲得了很好的提升，然後在存款定價方面也獲得了一些額外的提升，甚至包括 DDA 的變化。因此，基本上，這兩項之間，擴張幅度接近 7 個基點。

And those have been the drivers we've been talking about for the last few quarters. And so we see that again replaying in the next quarters where fixed asset repricing will still be supportive of margin. You've got both the securities book and the fixed rate loan book that continue to reprice up to current market rates.

這些就是我們過去幾季一直在談論的驅動因素。因此，我們在接下來的幾個季度中再次看到這種情況，固定資產重新定價仍將支持利潤率。您擁有證券帳簿和固定利率貸款帳簿，它們會繼續重新定價至當前市場利率。

There's still a little bit of room for deposit pricing to be supportive. And then obviously, loan growth, that will be supportive going forward. And it's really nice to see this quarter's level. And our outlook, as you know, is constructive there.

存款定價仍有一點支撐空間。顯然，貸款成長將為未來發展提供支撐。看到本季的水平真是令人高興。如您所知，我們的前景是建設性的。

Okay. And then when we look at things like the guide for securities, does that imply a slight decline? Should we think of the securities portfolio going down for the rest of the year? And then if you look at FHLB borrowings, average was higher than in the period. Is that going to sort of continue to trend down as well on the backdrop?

好的。那麼，當我們查看證券指南之類的內容時，是否意味著略有下降？我們是否應該認為今年剩餘時間內證券投資組合將會下跌？然後，如果你看聯邦住房貸款銀行 (FHLB) 的借款，平均借款額高於同期水準。從背景來看，這是否也會持續呈現下降趨勢？

So on the securities portfolio, the difference quarter-to-quarter on a portfolio that big is really sort of noise. So just think about that as kind of steady from here for the rest of the year. And then on the FHLB borrowing. So that ticked up, but that was solely because in the trading account, we just held a higher level on average for the quarter. And so that's what drove the FHLB borrowings up a little bit. You could see that trading potentially, stay the same or come down a little bit, and you'd see that offset in FHLB most likely.

因此，對於證券投資組合而言，如此大的季度間差異實際上是一種噪音。因此，從現在開始，今年剩餘時間的情況將保持穩定。然後是關於聯邦住房貸款委員會 (FHLB) 的借款。因此，這一數字有所上升，但這僅僅是因為在交易帳戶中，我們本季的平均值較高。這就是導致聯邦住房貸款銀行借款略有增加的原因。您可能會看到交易潛力保持不變或略有下降，並且您很可能會在 FHLB 中看到這種抵消。

Great. Thanks very much.

偉大的。非常感謝。

Jon Arfstrom, RBC Capital Markets.

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

Thank you, good afternoon.

謝謝，下午好。

Hey Jon.

嘿，喬恩。

Can you talk a little bit more about the pace of loan growth through the quarter? I know there's some nuances to average versus period end, but it looks like period ends up a little bit higher. And Stacy, you used the term accelerating. So talk a little bit about what you saw throughout the quarter and how you feel exiting the quarter.

您能否再談談本季貸款成長的速度？我知道平均值與期末值之間存在一些細微差別，但看起來期末值要高一些。史黛西，你使用了加速這個術語。那麼，請簡單談談您在本季看到的情況以及您對本季的感受。

Yeah. I really built throughout the quarter. And I think part of that was we talked about -- we've had good underlying loan growth for the last really three years now. Our C&I loan growth CAGR is 5%, 6% over the last three years, excluding the specialty businesses. It's really the headwind that we've had from health care, energy and real estate.

是的。我在整個季度中確實都在努力。我認為其中一部分是我們談論的——過去三年我們的基礎貸款增長良好。過去三年，我們的商業和工業貸款複合年增長率為 5% 至 6%，不包括專業業務。這確實是來自醫療保健、能源和房地產領域的阻力。

And so that slowdown, obviously, real estate is a tailwind now, not a headwind. And health care seems very stable to growing modestly. Energy now stable.

因此，顯然，房地產經濟放緩現在是一種順風，而不是逆風。醫療保健似乎非常穩定並保持適度增長。能源現在穩定。

So if you look at for us, April, we had energy payoffs, less payoffs in May and June. And so that feels like -- you hate to call the bottom there, but it feels like we're pretty close to stable and close to the bottom. And so that's really going to allow the underlying loan growth, it's always been there to kind of come to the surface without being masked by the payoffs in those areas.

因此，如果你看一下我們的情況，四月我們的能源收益較高，而五月和六月的收益則較低。所以感覺就像——你不願意稱之為底部，但感覺我們已經非常接近穩定並且接近底部。因此，這確實將允許基礎貸款成長，它一直存在，以某種方式浮出水面，而不會被這些地區的收益所掩蓋。

And so we feel really good about that. We've always pointed to the second half of the year is when that point-to-point loan growth that we have in our guidance would really show up. And so having the level of loan growth that we had in the second quarter has only encouraged our outlook as we think about now going into the second half of the year.

因此我們對此感到非常高興。我們一直認為，下半年是我們預期的點對點貸款成長真正顯現的時候。因此，當我們考慮進入下半年時，第二季的貸款成長水準只會鼓舞我們的前景。

We're going to have mortgage warehouse come online. We think you could have $500 million in commitments there by the end of the year, assume half of that is outstanding. You're going to have growth in your traditional C&I businesses where we've been investing I think real estate will continue to be a tailwind.

我們將讓抵押倉庫上線。我們認為，到今年年底，您可能會獲得 5 億美元的承諾，假設其中一半尚未兌現。我們一直在投資的傳統 C&I 業務將會成長，我認為房地產將繼續成為順風。

Health care will get some momentum here in the second half of the year. So we're excited about where we are and where we're positioned from a loan growth perspective, both this year and frankly, how we're positioned thinking about '26 as well.

今年下半年，醫療保健產業將獲得一些發展動力。因此，我們對目前的狀況以及從貸款成長角度來看的定位感到興奮，無論是今年還是坦白說，我們對 26 年的定位也感到興奮。

Okay. Good. Very helpful on that. And then maybe Stacy or Marty. Just competition, it looks like loan yields were stable. I know there's a lot of things that go into that. But how are you feeling about the competitive environment? Is it any tougher than maybe it has been historically?

好的。好的。對此非常有幫助。然後也許是史黛西或馬蒂。只是競爭，看起來貸款收益率是穩定的。我知道這其中涉及很多因素。但您對競爭環境有何感受？它是否比歷史上任何時期都要艱難？

In the markets that we're in, it is always hypercompetitive. I mean that's what you hear consistently from all of our teams there is that competition is very strong. We're in great markets. And so part of the other side of the coin of being in great markets like Dallas and Fort Worth and Houston and Phoenix and Denver, San Antonio is you're going to have a lot of competition.

我們所在的市場總是競爭異常激烈。我的意思是，你從我們所有的團隊不斷聽到的就是競爭非常激烈。我們處於巨大的市場。因此，在達拉斯、沃斯堡、休士頓、鳳凰城、丹佛、聖安東尼奧等大型市場，另一方面，你也會面臨許多競爭。

I would say there's some spread compression on the C&I side that we're seeing a little bit there as we move forward as people think about diversification and either get pressure around real estate or decide they've got too much internally and try to focus on other lines of business.

我想說的是，隨著人們考慮多元化，要么在房地產方面面臨壓力，要么認為內部投入太多，並試圖專注於其他業務線，我們看到 C&I 方面的利差有所壓縮。

You see more competition on the C&I side, mostly around the rate. And so you see a little bit of spread compression there on the C&I side, the core C&I, what we call core C&I. But otherwise, spreads are holding in pretty well.

您將看到 C&I 方面的競爭更加激烈，主要集中在利率方面。因此，您會看到 C&I 方面（核心 C&I，我們稱之為核心 C&I）存在一些利差壓縮。但除此之外，利差保持得相當好。

Sometimes that's more visible on the very high credit quality borrowers that are close to the level where they can access capital markets, especially.

有時，這種情況對於信用品質非常高、接近可以進入資本市場的借款人來說尤其明顯。

Yeah, okay. All right, I'll step back. Thank you.

嗯，好的。好吧，我退後。謝謝。

Thank you, Jon.

謝謝你，喬恩。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷，霍夫德集團。

Hey guys, good afternoon.

大家好，下午好。

Hey Brett.

嘿，布雷特。

I wanted to ask about fee income and just thinking about the guidance for the full year and what might take you to the lower versus the higher end of that range. And then just within the guidance, I assume that the pickup from here or additional improvement in fee income trends would be mostly related to brokerage trading and card. So I was just hoping for some additional color around that.

我想問費用收入，並考慮全年的指導方針，以及什麼可能使你達到該範圍的低端和高端。然後，僅在指導範圍內，我認為從這裡開始的回升或費用收入趨勢的進一步改善主要與經紀交易和卡片有關。所以我只是希望能有一些額外的色彩。

Yeah. Brett, why don't you let me talk a little bit about that, and Scott can add some color if that's useful. So if you look at the fiduciary and asset management, transaction card, deposit service charge line items and look at the growth rates that we've seen year-over-year, those are 11% ,6% and 8%.

是的。布雷特，為什麼不讓我稍微談論一下這個問題，如果有幫助的話，史考特可以補充一些內容。因此，如果您查看信託和資產管理、交易卡、存款服務費項目並查看我們看到的同比增長率，則分別為 11%、6% 和 8%。

I mean those are very strong growth rates, and those are long run, strong growth rates driven both by, in the cases of new share and asset management, a combination of both the markets being up and our ability to win and deliver new business. So we expect continued growth in those businesses and those are just doing really well.

我的意思是，這些都是非常強勁的成長率，而且是長期強勁的成長率，在新股和資產管理方面，這既受到市場上漲的推動，也受到我們贏得和開展新業務的能力的推動。因此，我們預計這些業務將繼續成長，而且它們的表現也非常好。

When you look at some of the transactional businesses on trading, so we do expect trading to be positive as we go through the next couple of quarters. But we're realistic to have a growth rate that is certainly attainable in our -- the way we think about that.

當你查看一些交易業務時，我們確實預計在接下來的幾個季度交易將會呈現積極態勢。但我們的現實是，我們的成長率是可以實現的——我們是這樣認為的。

When you look at syndications, that will benefit from the better loan origination environment that we find ourselves in for Q2 and Q3 and Q4 going forward. And then when you look at the investment banking business, we've got a really strong track record in that business and year-over-year, really good momentum.

當您查看銀團貸款時，您會發現，未來第二季、第三季和第四季度，我們將處於更好的貸款發放環境中，這將使其受益。然後，當您查看投資銀行業務時，您會發現我們在該業務方面有著非常強勁的業績記錄，並且逐年呈現良好的發展勢頭。

There was some activity in Q2 in the municipal space that was kind of slowed down just by conditions of Q2 that is teed up in our pipeline that we feel really good about coming through in the back half of the year. So I mean, our confidence in the fee businesses goes across multiple lines.

市政領域的一些活動在第二季度有所放緩，只是因為第二季度的條件已經在我們的管道中準備好了，我們對今年下半年的順利完成感到非常滿意。所以我的意思是，我們對收費業務的信心是多方面的。

Anything you want to add to that, Scott?

史考特，您還有什麼要補充的嗎？

Yeah. I think Marty summed it up. Well, I think that the diversity of both asset classes that we have bodes well from the market growth standpoint. So we got that component. But as Marty mentioned, we've also had net positive inflows in our AUM, which gives us good tailwind.

是的。我認為馬蒂已經總結了這一點。嗯，我認為從市場成長的角度來看，我們擁有的兩個資產類別的多樣性是一個好兆頭。所以我們得到了那個組件。但正如 Marty 所提到的，我們的 AUM 中也出現了淨正流入，這給我們帶來了良好的順風。

And then on the trading side, absent the February, March environment of dislocation to chaos in the fixed income markets. Post that, we've normalized and feel like we've got good positioning in the MBS space as we move forward.

然後在交易方面，固定收益市場不再像二月和三月那樣陷入混亂。此後，我們已經正常化，並且感覺我們在 MBS 領域已經佔據了良好的地位。

And then on the investment banking side that he mentioned, we feel like we -- our pipelines and our docket on the investment banking business, specifically in the municipal space is very strong. So we don't feel like we've -- we're going to miss that. We think it's been delayed a bit and is pushed out toward the second half of the year.

然後，就他提到的投資銀行方面而言，我們覺得我們在投資銀行業務方面的管道和記錄，特別是在市政領域非常強大。所以我們並不覺得我們會錯過這一點。我們認為它已經被推遲了一點，並被推遲到今年下半年。

Okay. That's all really helpful. And then maybe, Stacy, we've seen a pickup in M&A, and there's quite a few regionals that are stating their intent or their willingness to do acquisitions. And you guys have always been a more selective, so to speak, buyer franchises that you view as is ones that you've got a small list that you're interested in and wouldn't just do any deal, obviously.

好的。這些都非常有幫助。然後也許，史黛西，我們已經看到併購活動有所回升，並且有相當多的地區公司表示他們有收購的意圖或意願。可以這麼說，你們一直以來都是一個比較挑剔的買家，你們認為特許經營權就是那些你們感興趣的特許經營權，你們有一個小名單，顯然不會隨便做任何交易。

What are you seeing, if anything, in terms of the ones that are on your list? Is there an increase in receptivity? And what do you think the potential of you guys doing a deal might be in the back half of this year and '26?

就您的清單而言，您看到了什麼？接受度是否有增加？您認為你們在今年下半年和 26 年達成交易的可能性有多大？

I think you kind of described how we approach M&A very well. I think our core strategy has always been we have to be an organic grower that M&A is not our strategy, it's got to be the icing on the cake, but it's not the key to driving our growth. It's so difficult to be successful no matter what the environment is. Strong franchises typically have a lot of folks who are interested, and it's very difficult to win those.

我認為您很好地描述了我們如何處理併購。我認為我們的核心策略一直是我們必須成為一個有機種植者，併購不是我們的策略，它只能是錦上添花，但不是推動我們成長的關鍵。無論環境如何，想要成功都是非常困難的。強大的特許經營權通常會吸引許多有興趣的人，而贏得這些人的青睞非常困難。

And so we do have folks that we're interested in over time, and we stay in touch with them. I think the regulatory environment, frankly, is more favorable to M&A.

因此，我們確實有一些我們長期感興趣的人，並且我們與他們保持聯繫。坦白說，我認為監管環境更有利於併購。

But that's not our core strategy. Our core strategy is to acquire talent to grow in these great markets that we're in. And if we're fortunate to find something along the way that fits our profile and has a willing seller at the time it fits for us, then that's extra for us, but it's not our core strategy.

但這不是我們的核心策略。我們的核心策略是獲取人才，以便在我們所處的這些龐大市場中成長。如果我們很幸運地在過程中找到了適合我們的情況並且在合適的時間有願意出售的賣家，那麼這對我們來說是額外的收穫，但這不是我們的核心策略。

Okay. And then on the organic side, just last quick follow-up. What are you seeing in terms of net adds of people or producers maybe relative to last year?

好的。然後就有機方面而言，只是最後的快速跟進。與去年相比，您看到人員或生產者的淨增加量是多少？

If you look at where we are relative to last year, I would -- on the production side, we're probably up in excess of 30 people across our footprint. We've added talent in all of our markets. We're proud of the markets that we're in.

如果你看一下我們相對於去年的情況，我會發現——在生產方面，我們的員工總數可能增加了 30 多人。我們在所有市場都增加了人才。我們為我們所在的市場感到自豪。

We think it gives us a differentiated opportunity to grow, allows us to maintain our strong asset quality because we don't have to reach for growth. We can do it in the constraints of our credit appetite, and we've added some extraordinarily talented people in Dallas and Fort Worth and Houston.

我們認為它為我們提供了一個差異化的成長機會，使我們能夠保持強勁的資產質量，因為我們不必追求成長。我們可以在信貸需求的限制下做到這一點，而且我們在達拉斯、沃斯堡和休士頓都招募了一些非常有才華的人才。

Obviously, we talked a lot about San Antonio, so proud of the work those guys are doing there. Phoenix, we are really, really hitting our stride in Phoenix, excited about where we're headed there. Denver has got good momentum. And our core markets have been strong for us. People kind of, I think, underplay the strength of Tulsa, Oklahoma City, Kansas City, but we're doing very well in these markets.

顯然，我們談論了很多關於聖安東尼奧的事情，為那些人在那裡所做的工作感到自豪。菲尼克斯，我們在菲尼克斯真的進展順利，對於我們即將前往那裡感到興奮。丹佛勢頭良好。我們的核心市場一直很強勁。我認為人們有點低估了塔爾薩、俄克拉荷馬城、堪薩斯城的實力，但我們在這些市場表現得非常好。

And so talent acquisition is key to us. It continues to be almost a line of business for us in terms of how we think about it. And that's going to be key to our growth and our outsized growth as we move forward.

因此，人才招募對我們來說至關重要。從我們的角度來看，這幾乎仍然是我們的一項業務。這將是我們未來發展以及超額成長的關鍵。

Okay, great. I appreciate all the color guys.

好的，太好了。我感謝所有色彩人。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, good afternoon, everyone.

嘿，大家下午好。

Hey Michael.

嘿，麥可。

Hey, maybe just following up on Jon's question. I think what I heard, C&I, CRE pipeline is strong. The energy decline that we've seen in balances kind of year-over-year, but maybe it sounds like it's coming to an end, maybe with health care, too. I know you talked about momentum into next year. I'm not trying to ask for the outlook for next year today.

嘿，也許只是跟進喬恩的問題。我認為我聽到的 C&I、CRE 管道很強大。我們看到能源餘額逐年下降，但聽起來這種情況可能即將結束，醫療保健領域可能也是如此。我知道您談到了明年的發展動能。我今天並不是想問明年的前景。

But is there any reason to think that just given the momentum that you guys have and kind of the declining headwinds from some of those specialty businesses that we shouldn't at least expect a similar pace of loan growth, which you think as we begin to contemplate next year?

但是，是否有理由認為，鑑於你們所擁有的勢頭以及來自一些專業業務的阻力有所減弱，我們不應該至少期待類似的貸款增長速度，您認為我們明年開始考慮這一點嗎？

And then I think that's a reasonable expectation. I think when our guide was mid- to upper single digits. And I think as we think about our strategic planning process and kind of a three and five year forecast, we use those kinds of numbers because that's the rate of growth that we expect to achieve over time.

我認為這是一個合理的期望。我認為我們的指導價是中上個位數。我認為，當我們考慮我們的策略規劃過程和三年和五年的預測時，我們會使用這些數字，因為這是我們預計隨著時間的推移而實現的成長率。

Understanding it will be more in some periods and less in some periods, but kind of on a sustainable average over time, that's a good number for us.

我們理解，在某些時期它會更多，在某些時期它會更少，但從長期可持續的平均水平來看，這對我們來說是一個好數字。

Okay. Great. And then maybe just pivoting to credit. Obviously, no provision again this quarter, credit trends are excellent. I know I've talked with Marty about this separately.

好的。偉大的。然後也許就轉向信貸。顯然，本季沒有再撥備，信貸趨勢非常好。我知道我已經和馬蒂單獨談過這件事了。

But yes, obviously, we're adding -- with the big beautiful bill, a fair amount to the debt deficit. But credit trends generally look pretty good for you guys in the industry. Is there anything that we should consider kind of in the near to intermediate term as puts and takes to kind of the current credit quality outlook and how it could change as we move forward? Thanks.

但是的，顯然，我們正在透過這張巨額美麗帳單來增加相當多的債務赤字。但對於你們這個行業來說，信貸趨勢整體看起來相當不錯。在短期和中期內，我們是否應該考慮當前信用品質前景的利弊，以及隨著我們前進它將如何變化？謝謝。

You're asking the question that we're -- we've all been asking ourselves, what could be around the corner, how do we anticipate that. I think that the good thing about our company is we don't widen or contract the fairway based on the economic circumstances. We keep the fairway the same. We don't like leverage lending. We don't like collateral light.

你問的是我們一直在問自己的問題，即將發生什麼，我們要如何預測它。我認為我們公司的優點是不會根據經濟狀況拓寬或收縮航道。我們保持航道不變。我們不喜歡槓桿貸款。我們不喜歡附帶的光。

We like having a strong secondary source of repayment. And so all those factors are why, even when we do have criticized classified non-performing assets, and they will increase. They will kind of revert to the median over time. But our losses should still be well below the peers because of kind of our lending style and focus on a secondary source of repayment.

我們希望擁有強大的第二還款來源。所有這些因素都解釋了為什麼即使我們確實批評了不良資產，它們仍然會增加。隨著時間的推移，它們會恢復到中位數。但由於我們的貸款風格和對次要還款來源的關注，我們的損失仍應遠低於同業。

So our loss, given the fall historically, has been much lower than our peers, and I would expect that to continue. But we don't see kind of the boogie man around the corner right now. It appears there's a lot of tailwind economically, not just in our footprint, but just kind of the proverbial animal spirits are very strong right now.

因此，從歷史上看，我們的損失比同行要低得多，而且我預計這種情況會持續下去。但我們現在還沒看到轉角處有妖怪。看起來，經濟上有很多順風，不僅僅是在我們的足跡上，而且現在眾所周知的動物精神非常強大。

And our borrowers are more confident. It's amazing what 90 days have been. I mean we sat here 90 days ago, very not confident in how the noise around tax policy or the tariffs would impact borrower behavior.

我們的借款人也更有信心。這 90 天真是令人驚奇。我的意思是，90 天前我們坐在這裡，非常不確定稅收政策或關稅的噪音會如何影響借款人的行為。

But I think folks have kind of absorbed that, understood that the tariffs will be there. It will be at a level that they can manage and then moved on about their business. And so that's really healthy for us. And I think we're going to benefit from that.

但我認為人們已經接受了這一點，並明白關稅將會存在。他們將達到可以管理的水平，然後繼續開展業務。這對我們來說真的很健康。我認為我們將從中受益。

Very helpful. And then maybe just one last one for me, Stacy. Just a lot of talk around stablecoins this quarter. PNC just signed a deal with Coinbase earlier today on the crypto front. Can you just talk about kind of third-party lending, whether leverage lending, all of the above, just from a technology standpoint. And just would love your outlook and what you guys plan to do on multiple fronts technology-wise.

非常有幫助。然後也許對我來說只是最後一個，史黛西。本季圍繞穩定幣的討論很多。 PNC 今天早些時候剛剛與 Coinbase 簽署了一項加密貨幣方面的協議。您能否從技術角度談談第三方借貸，例如槓桿借貸等等。我很想知道您的觀點以及您在技術方面的多個方面計劃做什麼。

Yeah. I'll address stablecoin. I think that domestically, there's a lot of smoke there. I think that where stablecoin makes a lot of sense is in uncertain economies or where you have a central bank that's not grounded like it is in most stable economies where inflation is a bigger deal. Cross-border payments is another strong application for stablecoin.

是的。我將討論穩定幣。我認為國內煙霧很濃。我認為穩定幣在經濟不確定或央行沒有根基的情況下非常有意義，因為在大多數穩定經濟體中，通貨膨脹是一個更大的問題。跨境支付是穩定幣的另一個強大的應用。

We don't have a huge population of clients that has applicability for some, but not a lot. But on the domestic payment side, I see very little use case today around stablecoin. Although we're watching it, we have a large, as you know, commercial treasury services platform. Payments is really critical to our success.

我們並沒有大量的客戶，對某些人來說適用，但不是很多。但在國內支付方面，我發現穩定幣的用例很少。儘管我們正在關注它，但正如你所知，我們擁有一個大型的商業財務服務平台。付款對我們的成功確實至關重要。

And so we're watching these types of developments, and we'll stay close to it. I think we've made enormous investments in our technology base, whether it was the wealth system, our treasury system, our lending platform, our -- what we call our exchange where we have single sign-on and all of our users kind of access, the commercial users and institutional users can access their information in a single place.

因此，我們正在關注此類事態發展，並將密切關注。我認為我們在技術基礎上進行了巨大的投資，無論是財富系統、財政系統、借貸平台，還是我們所謂的交易所，我們都有單點登錄，所有用戶都可以訪問，商業用戶和機構用戶可以在一個地方訪問他們的資訊。

We've made a lot of investments there, and we'll continue to do that. From a lending perspective, that has been a bit of an Achilles heel for us, is kind of lending into the technology space. It is such a binary outcome where it either works or it doesn't work. That's been a difficult place for us to find our footing.

我們在那裡進行了大量投資，我們將繼續這樣做。從貸款角度來看，這對我們來說是一個致命弱點，即向技術領域提供貸款。這是一個二元結果，要嘛有效，要嘛無效。對我們來說，這是一個很難立足的地方。

And we haven't done much there. So we haven't -- we don't have a lot of vulnerability if some of these things don't play out as perhaps expected.

我們在那裡沒有做太多事情。因此，如果某些事情沒有如預期發展，我們也不會面臨太大的脆弱性。

We're not lending into private credit. We're not lending to those who lend money to people we wouldn't lend money to. And so that tends to help us in good times or when it's important to make good decisions. It's -- all decisions look good right now. When the tide goes out is when we'll figure out who made good decisions and who focused on growth at all costs.

我們不向私人信貸機構提供貸款。我們不會借錢給那些願意借錢給我們的人。因此，這往往會在我們順境或需要做出正確決定時給予我們幫助。現在看來，所有決定都很好。當潮水退去時，我們就會知道誰做了正確的決定，誰不惜一切代價專注於成長。

And so we feel good about how we've maintained our discipline here and how we think about long-term lending.

因此，我們對如何保持紀律以及如何看待長期貸款感到滿意。

Appreciate it. Thank you so much.

非常感謝。太感謝了。

Woody Lay, KBW.

伍迪·萊（Woody Lay），KBW。

Hey, good afternoon. Wanted to start on wanted to start on mortgage finance and the launch there. I was just wondering if you could sort of frame the opportunity and sort of how fast you expect balances to come on over the back half of the year?

嘿，下午好。想要開始抵押貸款融資並在那裡啟動。我只是想知道您是否可以大致描述一下這個機會，以及您預計今年下半年餘額會以多快的速度到賬？

Yeah. Woody, this is Marty. We're pretty excited about being able to get to launch that here just in the next couple of weeks. And we'll be able to get, like Stacy mentioned, probably $0.5 billion of commitments by the end of the year. We'll be booking clients in August and September and making good headway there.

是的。伍迪，這是馬蒂。我們非常高興能夠在接下來的幾週內在這裡推出該產品。正如史泰西所提到的那樣，到今年年底，我們大概可以獲得 5 億美元的承諾。我們將在八月和九月預約客戶，並取得良好進展。

You probably have 25% utilization there, 50% utilization kind of by the end of the year is kind of a good way to think about that. So we feel really good about the -- all the groundwork that's been laid, the fact that we've got both the lending capability, the deposit capability and the treasury management and treasury services capability.

您那裡的利用率可能為 25%，到年底利用率達到 50% 是一種很好的思考方式。因此，我們對已經奠定的所有基礎感到非常滿意，事實上，我們既擁有貸款能力，也擁有存款能力以及財務管理和財務服務能力。

And probably the best part about this is how well that business ties in with the institutional fixed income trading because the overlap there between those two client bases is super high. So that's a client base that we've got decades of history with. And so the tie-in there is fantastic.

而這其中最好的部分可能是該業務與機構固定收益交易的結合程度，因為這兩個客戶群之間的重疊度非常高。這是我們已有數十年歷史的客戶群。因此，那裡的搭配非常棒。

And we're not ready to talk about '26 yet, but I think as you think about that business going out through '26. We're really spending '25 focusing on making sure all the operational potential speed bumps are resolved well and that we're -- we feel good about the operational risk associated with this business because if done correctly, there's little credit risk, but more operational risk.

我們還沒準備好談論 26 年，但我認為你可以考慮在 26 年之前開展這項業務。我們確實花了 25 年的時間專注於確保所有潛在的營運障礙都得到很好的解決，並且我們對與這項業務相關的營運風險感到滿意，因為如果做得正確，信用風險很小，但營運風險更大。

So we're going to spend '25 making sure that new people, new systems are operating as intended. And then I think you'll see us ramp up or accelerate the growth there as we move into '26 and '27.

因此，我們將花費 25 年的時間來確保新員工、新系統能夠如預期運作。然後，我認為，隨著我們進入 26 年和 27 年，你會看到我們在那裡加速或增加成長。

All right. That's really helpful color. And then maybe last for me. Shifting over to deposit costs. And as you sort of mentioned in your opening comments, the betas outperformed so far through the easing cycle. How do you think about the incremental beta if we get additional rate cuts over the back half of the year.

好的。這顏色確實很有幫助。然後也許對我來說是最後一次。轉至存款成本。正如您在開場白中提到的那樣，到目前為止，在整個寬鬆週期中，貝塔係數表現優異。如果我們在今年下半年進一步降息，您如何看待增量測試版？

Yeah. So you've seen us get to interest-bearing liability beta of 76 cumulative for the cutting cycle here, and that's actually just a little bit above the cumulative similar beta on the upside, that was 75. Same thing on deposits, we've got to 66. And we think that those betas pretty well hold as rates continue to fall, that you'd be able to see kind of that level, perhaps even a little better as rates decline further.

是的。因此，您已經看到，我們在本次削減週期內累積的計息負債貝塔值為 76，這實際上略高於上行累計類似貝塔值 75。存款也是一樣，我們已經達到 66 了。我們認為，隨著利率繼續下降，這些貝塔係數將保持相當好，您將能夠看到這種水平，甚至可能隨著利率進一步下降而變得更好。

All right, thanks for taking my question.

好的，感謝您回答我的問題。

(Operator Instructions)

（操作員指示）

Matt Olney, Stephens Inc.

馬特·奧爾尼（Matt Olney），史蒂芬斯公司

Yeah, hey guys, good afternoon. Thanks for taking the question. Just want to follow up on the loan yield commentary. Marty, I think you mentioned that the new loan growth would be accretive to the overall net interest margin. I think I heard Stacy mentioned maybe some pressure on the C&I spreads. Just help me reconcile these comments? And is the commentary about improving loan yields, is that more a matter of the loan mix you expect the back half of the year?

是的，嘿，大家下午好。感謝您回答這個問題。只是想跟進貸款收益率的評論。馬蒂，我想你提到過新的貸款成長將會增加整體淨利差。我想我聽到 Stacy 提到 C&I 利差可能面臨一些壓力。只是幫我調和這些評論嗎？關於提高貸款收益率的評論是否更多地與您預計下半年的貸款組合有關？

Yeah, right. So certainly, loan growth is going to help you with just NII dollars. To the extent that, that changes your overall mix between loans and securities, that's going to help margin a little bit. We would expect to see those loan growth come on at more or less similar spreads to the existing book, just based on what that mix would look like.

是的，沒錯。因此，貸款成長肯定會僅透過 NII 美元來幫助您。在某種程度上，這會改變貸款和證券之間的整體組合，從而對利潤率有一點幫助。根據這種組合情況，我們預期這些貸款的成長利差將與現有貸款的利差大致相同。

Okay. And then just lastly, I think on the -- there was a comment in the prepared remarks about the trading securities portfolio. I think that ballooned up during the course of the quarter, but then move lower towards the end of the quarter. Any color on the volatility behind that and then the outlook for the size of this? Thanks.

好的。最後，我認為在準備好的評論中有一個關於交易證券組合的評論。我認為這個數字在本季度有所上升，但在本季末有所下降。您能解釋一下這背後的波動性以及其規模前景嗎？謝謝。

Yeah. So that's simply the traders, the desks as they see opportunities, they can move that overall balance up or down, just based on market opportunities. So that's really just them being tactical throughout the quarter and doing what's smart. So that was a little higher during the quarter. That could be down a little bit, but there isn't a particular strategic bent one way or the other.

是的。所以這只是交易員，當他們看到機會時，他們可以根據市場機會上下調整整體餘額。所以這實際上只是他們在整個季度採取的策略，並採取明智的行動。因此本季這數字略高一些。可能會略有下降，但並不存在任何特定的戰略傾向。

This is Scott. And I think that when you think back to not the beginning of the year, but February and March, there's no question that during that period of uncertainty and volatility, we were not as long with balances at that time period as we -- as the first quarter came to an end and as more predictable normalcy return to the fixed income markets, we are obviously more comfortable with larger balance there.

這是斯科特。我認為，當你回想一下不是年初，而是二月和三月的時候，毫無疑問，在那段不確定和波動的時期，我們當時的餘額並不像第一季度結束時那麼長，隨著固定收益市場恢復更可預測的正常狀態，我們顯然對那裡的較大餘額更加放心。

But we remain in all of our risk limits. We're not compromising any of our risk structures or anything like that to try to achieve any revenue growth or revenue targets there. We're well within all of our internal risk limits there and have continued to be really throughout this period of time. I think our performance there, particularly in the first quarter, despite the revenue lag really was a tribute to our risk management in a very difficult time, it could have gone in a different direction. And so we continue to be very disciplined about that as you would expect us to be.

但我們仍然處於所有風險限度內。我們不會為了實現任何收入成長或收入目標而損害任何風險結構或類似的東西。我們完全處於內部風險限制之內，並且在整個這段時間內一直如此。我認為我們在那裡的表現，特別是在第一季度，儘管收入滯後，但這確實歸功於我們在非常困難的時期的風險管理，它可能會朝著不同的方向發展。因此，正如您所期望的那樣，我們將繼續對此保持高度自律。

Yeah. So it's all fully hedged. So it's really just kind of a denominator of the margin question. And kind of where it's been the last quarter or the quarter before, those average balances are a reasonable range to think about.

是的。所以一切都已完全對沖。所以它其實只是利潤問題的一個分母。就上一季或前一季的情況而言，這些平均餘額是一個合理的範圍。

Okay. Thanks for clarifying.

好的。謝謝澄清。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good afternoon, everyone. You had made a comment that the mortgage warehouse build-out has now been fully incorporated in the expense base. I'm just wondering what portion of the 2Q expense growth came from mortgage warehouse build out?

大家好，下午好。您曾評論說，抵押倉庫建設現已完全納入費用基礎。我只是想知道第二季支出成長中有多少部分來自抵押倉庫建設？

Well, we've been building it out over the last 12 months really slowly until we're kind of approaching fully staffed. We've got 11 FTE in that business today, not $1 revenue and 11 FTE are in our third quarter -- our second quarter run rate.

嗯，在過去的 12 個月裡，我們一直在緩慢地建設，直到我們接近人員齊備。今天，我們在該業務上有 11 名 FTE，收入不到 1 美元，而且 11 名 FTE 處於我們的第三季度 - 也就是我們的第二季度運行率。

So gives you an idea a little bit about kind of where we are from an opportunity perspective, and we talk about continuing to create positive operating leverage from here forward. That's one example of that. And so I think you'll see those expenses related to that business certainly stabilize in future periods as we bring on the revenue.

因此，從機會角度來看，您可以稍微了解我們所處的位置，並且我們討論從現在開始繼續創造積極的營運槓桿。這就是其中一個例子。因此，我認為，隨著我們收入的增加，您會看到與該業務相關的費用在未來一段時間內肯定會穩定下來。

Yeah. So all the staffing was fully in Q2, and the loan system, that will go kick on here in 3Q and the amortization for that is the one last piece that will come into the run rate in 2Q.

是的。因此，所有人員都已在第二季到位，貸款系統也將在第三季啟動，而其攤銷是第二季計入運行率的最後一部分。

Okay. Great. And then as you're more optimistic about the loan pipeline, loan growth into the back end of the year, can you just give us some color on how you're expecting to fund that? Is that going to be primarily out of the bond book as some of those cash flow? And then just maybe some color as to what your expectation is for deposit growth in the back end of the year.

好的。偉大的。然後，由於您對貸款管道和年底的貸款成長更加樂觀，您能否向我們透露您預計如何為其提供資金？這些現金流是否主要會從債券帳簿中扣除？然後也許您可以稍微了解一下您對今年年底存款成長的預期。

Yeah. So Timur, just as a starting place, we have a very strong loan-to-deposit ratio, below 65%, and that could certainly creep up and that would be perfectly fine if that's how it plays out. Our base case scenario, though is that we do expect to continue to grow deposits over the coming quarters. but any mix within there would be a perfectly fine outcome.

是的。因此，Timur，作為一個起點，我們的貸存比非常高，低於 65%，而且這個數字肯定會逐漸上升，如果情況是這樣的話，那就完全沒問題了。不過，我們的基本情況是，我們確實預計未來幾季存款將繼續成長。但其中的任何組合都會產生非常好的結果。

Okay. And can you just remind us what the next 12-month cash flows are out of the bond book and out of the loan book?

好的。您能否提醒我們未來 12 個月債券帳簿和貸款帳簿的現金流量是多少？

Yeah. So it's basically $650 million per quarter of cash flows come out of the securities portfolio and reprice. And then just on the fixed rate portion of the loan book, that's more like $200 million to $250 million per quarter of cash flows come out of that fixed rate loan book and reprice per quarter.

是的。因此，基本上每季有 6.5 億美元的現金流來自證券投資組合併重新定價。然後，僅在貸款帳簿的固定利率部分，每季的現金流就更像是 2 億至 2.5 億美元來自固定利率貸款帳簿，並且每季重新定價。

Perfect. Great, thank you so much.

完美的。太好了，非常感謝。

This concludes today's question-and-answer session. I would now like to turn the call back over to Stacy Kymes for closing remarks.

今天的問答環節到此結束。現在我想將電話轉回給 Stacy Kymes 做結束語。

Before we wrap up the call today, I wanted to take a moment to share our company's support for those affected by the flooding in the Texas Hill Country. As someone who grew up in Texas, I know the strength and resilience of that community and what a special place it is.

在我們結束今天的電話會議之前，我想花點時間分享我們公司對德州丘陵地區受洪水影響的人們的支持。作為一個在德克薩斯州長大的人，我了解這個社區的力量和韌性，也知道它是一個多麼特別的地方。

We stand with our team members and customers in Texas and across our footprint and offering our support now and throughout what will be a long recovery. I'm proud of the results this quarter. These results reflect the strength of our team, the effectiveness of our long-term strategy and the resilience of our diverse business model.

我們與德克薩斯州以及我們業務範圍內的團隊成員和客戶站在一起，並在現在和漫長的恢復過程中提供支援。我對本季的業績感到自豪。這些結果反映了我們團隊的實力、長期策略的有效性以及多元化商業模式的彈性。

The momentum we gained across -- we gained across the board reinforces our optimism about the future. We appreciate your interest in BOK Financial and your willingness to spend time with us this afternoon. Please reach out to Heather King if you have any questions at h.king@bokf.com.

我們全面取得的動力增強了我們對未來的樂觀態度。我們感謝您對 BOK Financial 的關注以及您願意今天下午花時間與我們在一起。如有任何疑問，請聯絡 Heather King，電子郵件地址為 h.king@bokf.com。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。