Bank7 Corp (BSVN) 2025 Q2 法說會逐字稿

Welcome to the Bank7 Corp second-quarter 2025 earnings call. Before we get started, I'd like to highlight the legal information and disclaimer on page 27 of the investor presentation. For those who do not have access to the presentation, management is going to discuss certain topics that contain forward-looking information, which is based on management's beliefs as well as assumptions made by and information currently available to management.

歡迎參加 Bank7 Corp 2025 年第二季財報電話會議。在我們開始之前，我想強調一下投資者簡報第 27 頁的法律資訊和免責聲明。對於那些無法觀看簡報的人，管理層將討論包含前瞻性資訊的某些主題，這些資訊是基於管理層的信念以及管理層所做的假設和當前可用的資訊。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties and assumptions, including, among other things, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, monetary, and supervisory policies of banking regulators.

儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但他們無法保證此類預期將被證明是正確的。此類聲明受某些風險、不確定性和假設的影響，包括但不限於經濟狀況對利率、信貸品質、貸款需求、流動性、貨幣和銀行監管機構的監管政策的直接和間接影響。

Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Also, please note that this conference call contains references to non-GAAP financial measures. You can find reconciliations of these non-GAAP financial measures to get financial measures in an 8-K that was filed this morning by the company.

如果這些風險中的一個或多個成為現實，或者基本假設被證明是錯誤的，則實際結果可能與預期結果有重大差異。另請注意，本次電話會議包含對非公認會計準則財務指標的引用。您可以在公司今天早上提交的 8-K 表格中找到這些非 GAAP 財務指標的對帳表，以獲取財務指標。

Representing the company on today's call, we have Tom Travis, President and CEO; J.T. Phillips, Chief Operating Officer; Jason Estes, Chief Credit Officer; Kelly Harris, Chief Financial Officer, and Paul Timmons, Director of Accounting.

出席今天電話會議的公司代表有總裁兼執行長湯姆·特拉維斯 (Tom Travis)、首席營運官 J.T. 菲利普斯 (J.T. Phillips)、首席信貸官傑森·埃斯蒂斯 (Jason Estes)、首席財務官凱利·哈里斯 (Kelly Harris) 和會計總監保羅·蒂蒙斯 (Paul Timmons)。

With that, I'll turn the call over to Tom Travis.

說完這些，我會把電話轉給湯姆崔維斯。

Thank you. Welcome to the call. We obviously had a great quarter as you can see in the results. Before we get to that, a couple of weeks ago, today, there was a really bad flood in my hometown of Kerrville, Texas. And so, anyone on the call that has money left in their budgets for relief fund, there's a great organization, they are call Kerr County Relief Fund. They really need support. So consider that when you're looking at your expenditures in that area. I'm sure that the people down there will put it to good use.

謝謝。歡迎來電洽詢。正如您在結果中所看到的，我們顯然度過了一個出色的季度。在我們談論這個之前，幾週前的今天，我的家鄉德克薩斯州克爾維爾發生了一場非常嚴重的洪水。因此，任何在電話中預算中還有救濟基金剩餘資金的人，都有一個很棒的組織，他們被稱為克爾縣救濟基金。他們確實需要支持。因此，當您考慮該領域的支出時請考慮這一點。我相信那裡的人們會好好利用它。

Back to the call, it was one of our best quarters ever, and we always have to recognize that those results happen because of our talented group of bankers. They drove strong loan and deposit growth, and we thank them very much.

回到電話會議，這是我們有史以來最好的季度之一，我們必須始終認識到，這些結果的取得歸功於我們一群才華橫溢的銀行家。他們推動了貸款和存款的強勁增長，我們非常感謝他們。

As you can see, we maintained our NIM on the higher end of our historical range, and we also continue to benefit from that low efficiency ratio. When you put those factors together with the solid loan growth, we experience nice strong core earnings.

如您所見，我們的淨利差維持在歷史區間的較高水平，我們也繼續受益於低效率比率。當你將這些因素與穩健的貸款成長結合時，我們就會獲得強勁的核心收益。

We're very comfortable with our asset quality and I always give a shout out to Jason Estes and his team. They've done an excellent job of maintaining a high-quality credit book, while at the same time growing that portfolio. So we're very proud of our results. We're pleased to continue to provide shareholders with excellent top tier results.

我們對我們的資產品質非常滿意，我總是對 Jason Estes 和他的團隊表示感謝。他們在維護高品質信用帳簿的同時，也擴大了信用投資組合，做得非常出色。因此，我們對我們的成果感到非常自豪。我們很高興繼續為股東提供優異的頂級業績。

And without further ado, I guess, we're standing by for any questions you may have. Thank you.

不用多說，我想，我們隨時準備好回答您的任何問題。謝謝。

(Operator Instructions) Woody Lay, KBW.

（操作員指示）Woody Lay，KBW。

Hey, good morning, guys. Wanting to start on loan growth. Obviously, a really strong quarter on the growth front and it's been a really successful first half of the year when many other in the industry have kind of flagged in growth. I know your growth can be a little bit lumpy quarter to quarter, but how are you thinking about the growth momentum in the back half of the year?

嘿，大家早安。想要開始貸款成長。顯然，這是一個成長方面非常強勁的季度，今年上半年確實非常成功，而業內許多其他公司的成長卻有所放緩。我知道你們每季的成長可能會有點不穩定，但你們如何看待今年下半年的成長動能？

Always depends on the lumpy paydowns. I think our deal pipeline, it looks solid right now. I think we've signaled that the last couple of quarters in a row that things in Oklahoma, things in Texas, economically or they're just in a really good spot. We're thankful to do business where we do business.

總是取決於大筆的還款。我認為我們的交易管道目前看起來很穩固。我認為，我們已經連續幾個季度發出信號，表明俄克拉荷馬州、德克薩斯州的經濟狀況非常好。我們很感激能夠在我們做生意的地方做生意。

And so, going into Q3, again, pipeline looks strong, but you just never know on the chunky paydowns, what's really coming. I think it was fourth quarter of last year, we just had a big wave of companies selling, people selling assets, various things that lead to little bit of unpredictability there in the payoff side, but from the origination side, Q1 was strong, Q2 was stronger slightly, and I think Q3 is lining up to be similar, but we'll see.

因此，進入第三季度，頻道再次看起來很強勁，但你永遠不知道大筆的回報會帶來什麼。我認為那是去年第四季度，我們剛剛經歷了一波公司出售、個人出售資產的浪潮，各種各樣的事情導致回報方面有點不可預測，但從起源方面來看，第一季度表現強勁，第二季度略強，我認為第三季度的情況也類似，但我們拭目以待。

And then how do you think about the NIM outlook given the growth? Deposit costs are relatively stable in the quarter, just given the expectation for strong growth, could we see deposit costs start to move up to fund the growth and how does that impact on the NIM?

那麼考慮到成長，您如何看待 NIM 前景？本季存款成本相對穩定，鑑於強勁成長的預期，我們是否會看到存款成本開始上升以資助成長，以及這對淨利差有何影響？

Yeah. I think that's a fair way to state what we see real time is that to keep up on the deposit side. It does cost a little bit more money. But we're always focused on offsetting some of that higher price money with the transaction accounts, the zero cost accounts.

是的。我認為這是一種公平的方式來表明我們即時看到的情況，即保持存款方面的同步。它確實要多花一點錢。但我們始終致力於透過交易帳戶、零成本帳戶來抵銷部分較高的價格資金。

And so, bankers have done a really nice job of dragging that business in. And hopefully, we can continue to do so, but I think we've been talking for a few quarters in a row about, yeah, we expect a slight degradation, but we do expect to remain in our historical ranges, and that holds true today.

因此，銀行家們在推動這項業務方面做得非常出色。希望我們能夠繼續這樣做，但我認為我們已經連續幾個季度談論過，是的，我們預計會有輕微的下降，但我們確實預計會保持在歷史範圍內，今天也是如此。

Got it. And then last for me, we've seen deal activity pick up in your backyard. Just any update on the M&A front for you all?

知道了。最後，對我來說，我們看到你們後院的交易活動正在增加。關於併購方面，你們有沒有什麼最新消息？

Woody, we've come close a couple of times. Over the last 12 months, we've actually had a couple of signed LOIs. We're very disciplined in our approach and for various reasons, those didn't happen. We continue to meet with various potential partners. We're very focused on -- we'd love to do a MOE, but we just continue to have a lot of meetings and do a lot of evaluations.

伍迪，我們有幾次差點就成功了。在過去的 12 個月裡，我們實際上已經簽署了幾份意向書。我們的方法非常嚴謹，但由於各種原因，這些都沒有實現。我們繼續與各種潛在合作夥伴會面。我們非常專注於——我們很樂意做 MOE，但我們只是繼續舉行大量會議並進行大量評估。

And I think the tendency for people now as they've improved their AOCI, it's somewhat which is going to loosen up the market. But we're going to just continue to evaluate opportunities in what we consider to be dynamic markets and common cultures. And it's just hard to predict when one of those might break loose.

我認為，隨著人們改善 AOCI，現在的趨勢是放鬆市場。但我們將繼續評估我們認為具有活力的市場和共同文化中的機會。而且很難預測什麼時候其中一個會崩潰。

Nathan Race, Piper Sandler

內森·雷斯，派珀·桑德勒

Hey, guys. Good morning. Thanks for taking the questions. Just following up on the margin commentary. Curious maybe, Jason, if you can touch on some of the competitive pricing dynamics you're seeing and just where you're seeing new loans come on the portfolio relative to the 7.6% core yield in the second quarter.

嘿，大家好。早安.感謝您回答這些問題。只是跟進邊注。傑森，也許我很好奇，您是否可以談談您所看到的一些競爭性定價動態，以及相對於第二季度 7.6% 的核心收益率，您看到的新貸款進入投資組合。

Yeah. I think it would be slightly lower than the 7.6%, but still -- I think if you go back a year ago or two years ago, there were fewer banks really aggressively looking for loans, especially after March of '23. And I would consider today's environment very historically normal from a pricing standpoint within the competitive set here in Texas and Oklahoma.

是的。我認為它會略低於 7.6%，但仍然——我認為如果回顧一兩年前，真正積極尋求貸款的銀行較少，尤其是在 2023 年 3 月之後。從德克薩斯州和俄克拉荷馬州的競爭定價角度來看，我認為今天的環境非常正常。

It just seems pretty benign and that's nice to see some return to normalcy. So yeah, there's always pricing pressure, Nate. But right now, feels like people have kind of settled in on the deposit and the loan side, which is part of what led to the results.

一切看起來都很溫和，很高興看到一切恢復正常。是的，總是存在著定價壓力，內特。但現在，感覺人們已經在存款和貸款方面安頓下來，這也是導致這結果的部分原因。

Got it. That's helpful. And then just kind of thinking about the appetite to maybe add some producers going forward. There's obviously been some M&A announcements within two of your key MSAs recently. So just curious what the upside is maybe add some talent maybe relative to the existing capacity across the teams.

知道了。這很有幫助。然後就考慮一下未來是否可能增加一些製作人。顯然，最近你們的兩份主要 MSA 中已經發布了一些併購公告。所以我只是好奇這樣做的好處是，也許可以增加一些人才，相對於團隊現有的能力。

Nate, I met with a person in Dallas on Monday, and we've looked at a few lift-out possibilities, and those are delicate things as you can imagine. And I think the dynamic when you look at a lift-out or people coming out of those situations is always the credit comes first and then the deposits to help fund that growth seems to be a slower dynamic.

內特，我周一在達拉斯見了一個人，我們討論了一些撤離的可能性，你可以想像，這些都是很微妙的事情。我認為，當你看到人們擺脫困境時，總是先有信貸，然後存款來幫助資助這種增長，但這似乎是一個較慢的動態。

And so, we evaluate those, and you may see us do something in the North Texas region. But I don't know that it's going to be that anything that's materially dynamic at first. We're very, very careful and culture is very, very important to us. And so, we'll see how that goes in the next couple of months.

因此，我們對其進行了評估，您可能會看到我們在北德克薩斯地區採取了一些行動。但我不知道它一開始是否會成為任何具有物質活力的東西。我們非常非常小心，文化對我們來說非常非常重要。因此，我們將在接下來的幾個月中觀察情況如何。

Okay. Great. Maybe, one last one for me for Kelly. If I strip out some of the oil and gas impacts, within expenses, I think you run around $8.8 million come out of the quarter. So just curious how you're thinking about the expense run rate over the back half of this year.

好的。偉大的。也許，這是我給凱利的最後一封信。如果我剔除部分石油和天然氣的影響，在費用中，我認為本季的收入約為 880 萬美元。所以我很好奇你對今年下半年的費用運行率有何看法。

Yeah. Nate, I believe Q2 is probably a solid guide. Internally, we are showing a little bit of expense creep. So you could increase that slightly but it's probably a good start. I think from a Q3 perspective, fees, $2 million split evenly with oil and gas and core. And then on the expense side, we're using $10 million with $1 million in oil and gas and $9 million on the expenses.

是的。內特，我相信 Q2 可能是一個可靠的指南。從內部來看，我們的費用出現了一些成長。因此你可以稍微增加一點，但這可能是個好的開始。我認為從第三季的角度來看，200 萬美元的費用將平均分配給石油、天然氣和核心業務。在支出方面，我們使用了 1000 萬美元，其中 100 萬美元用於石油和天然氣，900 萬美元用於支出。

But I don't think it's had a real meaningful impact to our efficiency ratio.

但我不認為它對我們的效率比率產生真正有意義的影響。

Correct. And we're still in that core 36% or 37%, 38% core. And so, I guess I would argue it's probably splitting hairs at this point, Nate.

正確的。我們仍然處於核心 36% 或 37%、38% 的核心。所以，我想我認為現在這可能是吹毛求疵，內特。

Right. And then can you just remind us what the remaining life is on the oil and gas assets? Should that largely run off by the end of -- or should the recovery pretty much conclude by the end of next year before then?

正確的。然後您能否提醒我們石油和天然氣資產的剩餘壽命是多少？這是否應該在年底前基本結束——或者復甦是否應該在明年年底前基本結束？

I think when I read your piece, you said that we had recovered 75% of our cash outlay. Is that what you said in your piece this morning, Nate?

我想當我讀到您的文章時，您說過我們已經收回了 75% 的現金支出。內特，這就是你今天早上在文章中所說的話嗎？

Correct. Versus, I think, 68% at the end of last quarter.

正確的。相比之下，我認為上個季度末的比例為 68%。

Right. And I think that's pretty accurate.

正確的。我認為這是非常準確的。

Yeah. We should recover full cash on cash middle of next year, I think, is what we're projecting. So three to four more quarters.

是的。我認為，我們應該在明年年中收回全部現金，這就是我們的預期。因此還需要三到四個季度。

We've achieved our goal there, Nate. It's working really, really well, and we've achieved our goal on that. And so, it's going to just continue to perform that way and become -- it's really not material anymore and that's a good thing.

我們已經實現了我們的目標，內特。效果確實非常好，我們已經實現了我們的目標。因此，它將繼續以這種方式表現並變得——它實際上不再是物質的，這是一件好事。

(Operator Instructions) Matt Olney, Stephens.

（操作員指示）馬特·奧爾尼，史蒂芬斯。

Yeah. Thanks for taking the question, guys. Just a few follow-ups here. Kelly, I think I missed your commentary you just made about the fees for the third quarter with and without the oil and gas revenue. Can you just go over that again?

是的。謝謝大家回答這個問題。這裡僅有幾個後續問題。凱利，我想我錯過了你剛才對第三季包含和不包含石油和天然氣收入的費用的評論。你能再說一次嗎？

Yeah. We're internally projecting $2 million in fees, Matt, split evenly between oil and gas in the core.

是的。馬特，我們內部預計費用為 200 萬美元，平均分配給核心區的石油和天然氣。

Got it. Okay, that's helpful. Thank you, Kelly. And then going back to the loan growth discussion, it looks like a portion of that growth was within energy lending. Just looking for any more color on kind of the opportunities you see on that side.

知道了。好的，這很有幫助。謝謝你，凱利。然後回到貸款成長討論，看起來其中一部分是成長來自能源貸款。只是想尋找有關您在那邊看到的機會的更多色彩。

And then just overall growth that you're seeing in 2Q in the pipeline, just any color on the overall granularity of these loans? I think some of these loans can be smaller singles and doubles, but I think also you're open to some larger chunkier loans. Just any more color on the granularity what you're seeing these days?

那麼，您在第二季看到的整體成長情況如何？這些貸款的整體情況如何？我認為其中一些貸款可以是較小的單筆貸款和雙筆貸款，但我認為您也可以接受一些較大額度的貸款。現在看到的粒度還有更多顏色嗎？

Sure. Matt, it's always a mix with us. And I would say going back to the first of this year, I think if you look our production loans, that's really where we're at, $30 million, $35 million in that energy bucket. And what's happened in our energy portfolio really since we went public is just this shift away from service. The service deals were in our big fund deals typically.

當然。馬特，我們總是把事情搞混。我想說，回顧今年年初，如果你看看我們的生產貸款，你會發現我們的能源貸款總額確實有 3000 萬美元、3500 萬美元。自從我們上市以來，我們的能源投資組合實際上已經從服務轉向了其他領域。服務交易通常屬於我們的大型基金交易。

And it shifted a lot more to production, just think hedged oil and gas production. And so, that's kind of the story for this first half of the year as well. And then from a C&I standpoint, there's some strength there this year that's getting a little bit clouded by some exits within that portfolio. And so, we've really had a nice origination year in the C&I portfolio. And then owner-occupied real estate, we've had a good year there.

它將更多的資金轉移到生產上，想想對沖的石油和天然氣生產。這也是今年上半年的情況。然後從 C&I 的角度來看，今年該領域有一些優勢，但由於投資組合中的一些退出而受到一些影響。因此，我們在 C&I 投資組合中確實度過了美好的一年。然後是自住房地產，我們在那裡度過了美好的一年。

We're up about $19 million net-net and then a little bit of growth in our dollars outstanding in the hospitality portfolio. But again, that's another one like energy and like C&I. And the hospitality, between those three portfolios, there's just a lot of churn.

我們的淨利潤增加了約 1900 萬美元，酒店投資組合中的未償還金額也略有增長。但同樣，這是另一個類似能源和 C&I 的產業。在這三個投資組合之間，旅館業的變動非常大。

And so, lots of exits, lots of asset sales and then we're constantly trying to reload that customer base. And so, we're benefiting from some of these exits on the deposit side. And so we like to stay real active in those three books because it's really helped us grow the company here over the last 10 years.

因此，我們進行了大量的退出和資產出售，並不斷嘗試重新加載客戶群。因此，我們從存款方面的一些退出中受益。因此，我們希望在這三本書中保持活躍，因為在過去的十年裡，它確實幫助我們發展了公司。

I would add to Jason's comments that if you look at a long-term horizon going back for the last seven or eight years, the energy exposure today is almost half what it was seven or eight years ago and because of the growth in the other segments. And the other hospitality segment is down exposure-wise from a percentage basis.

我想補充傑森的評論，如果回顧過去七、八年的長期前景，今天的能源曝險幾乎是七、八年前的一半，這是由於其他領域的成長。從百分比來看，其他酒店業的曝光度有所下降。

And so, we haven't expanded those verticals. And in fact, in energy, it's come down quite a bit. And as Jason said, it doesn't have anything to do with us exiting a segment. It has everything to do with the ability to grow the other parts of the portfolio and specifically in the Dallas-Fort Worth region. So I think it's important to remember the long-term dynamics that are in play there.

因此，我們還沒有擴展這些垂直領域。事實上，能源價格已經下降了不少。正如傑森所說，這與我們退出某個環節沒有任何關係。這與擴大投資組合其他部分的能力，特別是達拉斯-沃斯堡地區的能力息息相關。因此我認為記住那裡正在發生的長期動態很重要。

Yeah. Okay. Well, I appreciate the color on that. And then I guess, going back to the margin discussion, I think you kind of hit on a little bit of pressure in the third quarter we already discussed. Just remind us of your rate sensitivity. And I guess the market is currently expecting a September fed funds cut.

是的。好的。嗯，我很欣賞它的色彩。然後我想，回到利潤率的討論，我認為你在我們已經討論過的第三季度遇到了一點壓力。只需提醒我們您的利率敏感度即可。我猜市場目前預計9月聯邦基金利率將下降。

And I guess, with that on your balance sheet, I'm just now assuming there could be a little bit more incremental margin headwind in the fourth quarter, if that's the case. But just remind me of your overall sensitivity to rates.

我想，考慮到你的資產負債表上的情況，我現在假設第四季的增量利潤率可能會出現一些阻力，如果是這樣的話。但請提醒我你對利率的整體敏感度。

Yeah. Matt, this is Kelly. The first few rate cuts, we were able to keep the loan data deposit beta 1:1. We anticipate more of the same for the next couple of rate cuts. And as floors kick in will definitely help out on the liability side.

是的。馬特，這是凱利。在最初幾次降息中，我們能夠維持貸款數據存款測試版 1:1。我們預計接下來的幾次降息還會出現類似的情況。隨著利率下限的生效，這肯定會對負債方面有所幫助。

I think you can see some of that dynamic on page 10. We tried to illustrate the floors and what the dynamics are. I would say generally that we always talk about our NIM. And when we talk about NIM, we're looking at the net NIM without loan fee income. And historically, we are very close to the high end of our historical range.

我想您可以在第 10 頁看到一些動態。我們試圖闡明樓層及其動態。我想說，一般來說，我們總是談論我們的 NIM。當我們談論 NIM 時，我們指的是不含貸款費用收入的淨 NIM。從歷史上看，我們非常接近歷史範圍的高端。

And so, I think it's a natural thing that we are very well positioned for when rates do come down. And we're not concerned about it because we have so many floaters and floors and we're funding it on the other side properly. But I think that it's important that we all remember the long-term averages that we experienced in that net NIM.

因此，我認為，當利率下降時，我們處於非常有利的地位，這是很自然的事。我們並不擔心這一點，因為我們有如此多的浮動利率和最低利率，而且我們正在為其提供適當的資金。但我認為，重要的是我們都記住我們在淨 NIM 中經歷的長期平均值。

And I'm delighted that we've been able to keep it where it is. I mean, I got a little bit of bone to pick with Nate. I saw Nate that he -- I didn't realize Nate, last quarter, that you had predicted us to be even higher than where we are. I feel like a pole vaulter that just pole vaulted 20 feet and Nate's like, well, you should have done 21, but I'm half kidding, Nate.

我很高興我們能夠維持現狀。我的意思是，我和 Nate 之間有點矛盾。我看到內特——我沒有意識到內特，上個季度，你預測我們的業績會比現在更高。我感覺自己就像一個撐桿跳運動員，剛跳了 20 英尺，內特就說，好吧，你應該跳 21 英尺，但我半開玩笑，內特。

But seriously, I think when you look at NIM, it's really important to remember the long-term dynamics of the match balance sheet, the floors and that -- look, if we bleed down into the more typical historical range that's okay, and it wouldn't surprise us.

但說真的，我認為當你看 NIM 時，記住匹配資產負債表的長期動態、底線和那個非常重要——看，如果我們流入更典型的歷史範圍，那沒關係，我們也不會感到驚訝。

Nathan Race, Piper Sandler.

內森·雷斯，派珀·桑德勒。

Unrelated question to your last comment, Tom, but just wondering if Jason can maybe just comment on what you see in terms of criticized, classified migration in the quarter and just how you're thinking about credit quality and charge-offs over the balance of this year and into next.

湯姆，這個問題與你上一條評論無關，我只是想知道傑森是否可以評論一下你對本季度受到批評的機密遷移的看法，以及你對今年和明年的信用質量和沖銷的看法。

Yeah. I'd say if you go look back over the last several quarters, it's just kind of this continuous path toward a little cleaner, a little smaller NPA number. Really nothing has changed over the last, I'd say, six to nine months internally. Our past dues are very clean. Economic environment here is good.

是的。我想說，如果你回顧過去幾個季度，你會發現這只是一個持續的趨勢，即不良資產數量變得更清晰、更小。我想說，在過去的六到九個月裡，內部確實沒有任何改變。我們的欠款非常清白。這裡的經濟環境良好。

We stick to our underwriting fundamentals. We're not adding new business lines. It's just more of the same. And there's a little bit of uncertainty, I think, in the economy. If you just look at the headlines and see the tariffs and different things going on with immigration policy, it's pretty remarkable as we talk to our clients and these business owners and how they operate.

我們堅持承保基本原則。我們不會增加新的業務線。這只是大同小異。我認為，經濟中存在一些不確定性。如果你只看新聞頭條，看看關稅和移民政策的各種變化，你會發現當我們與客戶和這些企業主交談並了解他們的經營方式時，你會覺得這非常了不起。

And you'll see someone have to deal with an issue here or there, but all in all, it's just been a really good run of multiple quarters here where we operate. I mean, the economy is strong.

你會看到有人必須處理這裡或那裡的問題，但總而言之，在我們營運的這個季度裡，情況確實非常好。我的意思是，經濟強。

Okay. Great. That's helpful. And Tom, I'll be sure to set a low core margin for you in the future. I appreciate it.

好的。偉大的。這很有幫助。湯姆，我以後一定會為你設定一個較低的核心利潤率。我很感激。

We appreciate it, Nate. It's easier to meet low expectations, you know that.

我們對此表示感謝，內特。你知道，滿足低期望值更容易。

This will conclude our question-and-answer session. I would like to turn the conference back over to Tom Travis for any closing remarks.

我們的問答環節到此結束。我想將會議交還給湯姆·特拉維斯 (Tom Travis) 做結束語。

Well, again, we're delighted with the quarter, with the first half of the year. We're cautiously excited about the rest of the year, just the great markets that we operate in and the great team of bankers that we have. And we're just delighted to continue to provide shareholders with absolute top-tier results, and we're going to keep doing what we've always done. And so, thank you. Bye-bye.

嗯，我們對本季、今年上半年的表現感到非常高興。我們對今年剩餘時間的前景感到謹慎而興奮，因為我們經營的市場非常廣闊，而且我們擁有一支優秀的銀行家團隊。我們很高興能夠繼續為股東提供絕對一流的業績，我們將繼續做我們一直在做的事情。所以，謝謝你。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。