Bridgewater Bancshares Inc (BWB) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Bridgewater Bancshares 2024 fourth-quarter earnings call. My name is Rocco, and I will be your conference operator today. (Operator Instructions) Please note that today's call is being recorded.

早安，歡迎參加橋水銀行 2024 年第四季財報電話會議。我叫 Rocco，今天我將擔任您的會議接線生。（操作員指示）請注意，今天的通話正在錄音。

At this time, I would like to introduce Justin Horstman, Vice President of Investor Relations, to begin the conference call. Please go ahead, sir.

現在，我想介紹投資者關係副總裁賈斯汀·霍斯特曼 (Justin Horstman) 來開始電話會議。先生，請繼續。

Thank you, Rocco, and good morning, everyone. Joining me on today's call are Jerry Baack, Chairman and Chief Executive Officer; Joe Chybowski, President and Chief Financial Officer; Nick Place, Chief Banking Officer; and Jeff Shellberg, Chief Credit Officer.

謝謝你，羅科，大家早安。參加今天電話會議的還有董事長兼首席執行官 Jerry Baack； Joe Chybowski，總裁兼首席財務官；尼克·普萊斯 (Nick Place)，首席銀行官；以及首席信貸官 Jeff Shellberg。

In just a few moments, we will provide an overview of our 2024 fourth-quarter financial results. We will be referencing a slide presentation that is available on the Investor Relations section of Bridgewater's website, investors.bridgewaterbankmn.com. Following our opening remarks, we will open the call for questions.

稍後我們將概述 2024 年第四季的財務表現。我們將參考橋水基金網站 investors.bridgewaterbankmn.com 投資者關係部分提供的幻燈片簡報。在我們的開幕詞之後，我們將開始提問。

During today's presentation, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We caution that such statements are predictions and that actual results may differ materially. Please see the forward-looking statement disclosure in the slide presentation and our 2024 fourth-quarter earnings release for more information about risks and uncertainties which may affect us.

在今天的演示中，我們可能會對未來事件或公司未來財務表現做出預測或其他前瞻性陳述。我們提醒，這些聲明只是預測，實際結果可能會有重大差異。有關可能影響我們的風險和不確定性的更多信息，請參閱幻燈片演示中的前瞻性聲明披露和我們的 2024 年第四季度收益報告。

The information we will provide today is as of and for the quarter ended December 31, 2024. And we undertake no duty to update the information. We may also disclose non-GAAP financial measures during this call. We believe certain non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the company's operating performance and trends and to facilitate comparisons with the performance of our peers.

我們今天提供的資訊是截至 2024 年 12 月 31 日的季度數據。我們不承擔更新資訊的義務。我們也可能在本次電話會議中揭露非公認會計準則財務指標。我們相信，除了相關的 GAAP 指標外，某些非 GAAP 財務指標也為投資者提供了有意義的信息，幫助他們了解公司的經營業績和趨勢，並便於與同行的業績進行比較。

We caution these disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP. Please see our slide presentation and 2024 fourth-quarter earnings release for reconciliations of non-GAAP disclosures to the comparable GAAP measures.

我們提醒，這些揭露不應被視為依照 GAAP 確定的經營績效的替代品。請參閱我們的幻燈片簡報和 2024 年第四季財報，以了解非 GAAP 揭露與可比較 GAAP 指標的對帳情況。

I would now like to turn the call over to Bridgewater's Chairman and CEO, Jerry Baack.

現在我想將電話轉給橋水基金董事長兼執行長傑瑞貝克。

Thank you, Justin, and thank you, everyone, for joining us this morning. We were pleased to finish 2024 with a strong quarter. We saw a robust balance sheet growth, a return to net interest margin expansion, and superb asset quality. In addition, we were excited to close our acquisition of First Minnetonka City Bank, which was completed in mid-December; a quick turnaround, thanks for the efforts of our incredibly talented team.

謝謝賈斯汀，也謝謝大家今天早上加入我們。我們很高興 2024 年季度取得了強勁成績。我們看到了資產負債表的強勁成長、淨利差的回升以及卓越的資產品質。此外，我們很高興完成對第一明尼通卡城市銀行的收購，該收購於 12 月中旬完成；快速週轉，感謝我們才華橫溢的團隊的努力。

We reported adjusted earnings of $0.27 per share, which excludes merger-related expenses. Core deposit growth momentum continued in the fourth quarter, as balances increased $211 million or 31% annualized, excluding the deposits acquired from First Minnetonka City Bank. Our renewed focus on core deposit growth over the past two years has paid off, as our teams continue to expand relationships and onboard new ones.

我們報告的調整後每股收益為 0.27 美元，不包括合併相關費用。核心存款成長勢頭在第四季度持續，餘額增加了 2.11 億美元，年化成長率為 31%，不包括從第一明尼通卡城市銀行獲得的存款。過去兩年來，我們重新專注於核心存款成長，並取得了成效，我們的團隊繼續擴大合作關係並吸收新客戶。

On the loan side, the pickup in demand we saw in the back half of 2024 translated into a rebound in loan growth, as balances increased 7% annualized in the fourth quarter. Again, this is excluding the loans acquired from First Minnetonka City Bank. We always aim to align core deposit growth with loan growth over time.

在貸款方面，我們在 2024 年下半年看到的需求回升轉化為貸款成長的反彈，因為第四季的貸款餘額年化成長了 7%。再次，這還不包括從第一明尼通卡城市銀行獲得的貸款。我們始終致力於使核心存款成長與貸款成長保持一致。

In 2024, including the acquisition, we generated total core deposit growth of 22%, which exceeded loan growth of 4%, ultimately reducing our loan deposit ratio to 95%, the lower end of our range. This is important as we look ahead to 2025. After being more defensive minded from a growth perspective over the past couple of years, due to challenging market conditions and reduced demand, our strong core deposit growth, combined with the acquisition of First Minnetonka City Bank, have improved our liquidity profile, putting us in a position to be more offensive minded moving forward, exactly where we wanted to be.

到 2024 年（包括收購），我們的核心存款總額增加了 22%，超過了 4% 的貸款成長，最終將我們的貸款存款比率降至 95%，即我們範圍的低端。展望 2025 年，這一點很重要。過去幾年，由於市場條件嚴峻、需求減少，我們從成長角度看更加註重防禦，而核心存款的強勁增長，加上對第一明尼通卡城市銀行的收購，改善了我們的流動性狀況，使我們在未來更加註重進攻，這正是我們想要的。

As the interest rate environment improved, we were pleased to see net interest margin expand 8 basis points in the fourth quarter after remaining steady throughout much of 2024. This contributed to total revenue growth of nearly 9% in the fourth quarter.

隨著利率環境的改善，我們很高興看到淨利差在 2024 年大部分時間保持穩定之後，在第四季度擴大了 8 個基點。這促使第四季總營收成長近9%。

Asset quality also remained superb. After net charge-offs and non-performing assets briefly ticked higher in the third quarter due to one central business district office loan, both metrics came back down in the fourth quarter when the office property was sold in December. We continue to feel good about the quality of our loan portfolio and the strength of our credit team.

資產品質也依然保持優異。由於一筆中央商務區辦公室貸款，第三季淨沖銷和不良資產短暫上升，但當該辦公室於 12 月出售時，這兩個指標在第四季度均有所下降。我們對我們的貸款組合的品質和信貸團隊的實力仍然感到滿意。

Perhaps, the most impactful thing that happened this quarter was welcoming the new team members and clients following the closing of First Minnetonka City Bank. The onboarding process was very smooth, and overall response from clients and team members has been positive. The lessons we learned and the processes we developed through this transaction position as well as we think about executing on future acquisitions.

也許，本季發生的最有影響力的事情是在第一明尼通卡城市銀行關閉後迎來了新的團隊成員和客戶。入職流程非常順利，客戶和團隊成員的整體反應都很正面。我們透過這次交易學到的經驗教訓和開發的流程以及我們對未來收購的執行考慮。

It is worth noting that we received regulatory approval in just 55 days and closed the transaction in just 107 days following the announcement, a testament to our relationship with our regulators and the efforts taken to prepare for the deal in advance.

值得注意的是，我們僅用55天就獲得了監管部門的批准，並在宣布後的107天內完成了交易，這證明了我們與監管機構的關係以及為交易提前做好準備的努力。

Turning to slide 4, over the past few years, we've highlighted our ability to consistently grow tangible book value as a key value driver of our strategy. After 31 consecutive quarters of tangible book value growth, we saw a modest decline of 3% in the fourth quarter due to the acquisition but still saw 5% growth for the year.

轉到投影片 4，在過去幾年中，我們強調了持續增加有形帳面價值的能力，這是我們策略的關鍵價值驅動力。在連續 31 個季度實現有形賬面價值增長之後，由於收購的影響，第四季度出現了 3% 的小幅下降，但全年仍實現了 5% 的增長。

Our focus on consistently building tangible book value continues to be an important part of our story, and we expect to resume growth in 2025. With that, I'll turn it over to Joe.

我們專注於持續建立有形帳面價值，這仍然是我們故事的重要組成部分，我們預計在 2025 年將恢復成長。說完這些，我就把麥克風交給喬。

Thank you, Jerry. Turning to slide 5, return to steady net interest income growth has been a big focus for us. We have now seen this for three quarters in a row, including an increase of $1.4 million or 5.3% from the third quarter. This was the result of strong average earning asset growth as well as the 8-basis-point expansion of the net interest margin to 232%.

謝謝你，傑瑞。轉到投影片 5，恢復穩定的淨利息收入成長一直是我們關注的重點。我們已經連續三個季度看到這種情況，其中比第三季增加了 140 萬美元，即 5.3%。這是平均生息資產強勁成長以及淨利差擴大 8 個基點至 232% 的結果。

The margin expansion was driven by declining deposit costs and a steady loan yield following Fed cuts in late 2024. There was a 2-basis-point impact related to First Minnetonka City Bank stub period net interest income, following the deal close in mid-December, as well as a 1-basis-point impact from purchase accounting accretion. For the past several quarters, we've been talking about how our balance sheet is well positioned for rate cuts. We are pleased to see this play out in the fourth quarter.

2024 年底聯準會降息後，存款成本下降和貸款收益率穩定推動了保證金的擴張。12 月中旬交易結束後，第一明尼通卡城市銀行存根期間淨利息收入產生了 2 個基點的影響，而購買會計增值則產生了 1 個基點的影響。過去幾個季度，我們一直在討論我們的資產負債表如何為降息做好準備。我們很高興看到這一幕在第四季上演。

Slide 6 provides a closer look at the margin drivers. With a large portion of our funding base tied to short-term rates, we saw immediate repricing following the rate cuts in 2024. We've since begun to reduce rates on other deposit accounts as well. We've also seen a positive mixed shift through a reduction in higher-cost broker deposits, resulting in deposit costs declining 18 basis points to 340.

投影片 6 更詳細地介紹了利潤驅動因素。由於我們的資金基礎很大一部分與短期利率掛鉤，因此在 2024 年降息後，我們立即看到了重新定價。從那時起，我們也開始降低其他存款帳戶的利率。我們也看到了積極的混合轉變，透過減少高成本經紀人存款，導致存款成本下降 18 個基點至 340 個。

Loan yields held relatively stable during the fourth quarter due to our larger fixed rate portfolio, while yields on our smaller variable rate portfolio repriced lower following 100 basis points of rate cuts. New loan originations with a weighted average yield in the high [6s] ramped up in the fourth quarter. But we won't see the full impact until the first quarter.

由於我們的固定利率投資組合規模較大，第四季度貸款收益率保持相對穩定，而我們較小的浮動利率投資組合的收益率在降息 100 個基點後重新定價走低。第四季度，加權平均收益率處於高點（6%左右）的新貸款發放量大幅增加。但直到第一季我們才能看到全部影響。

Given the composition of our portfolio, we would expect to see the loan yield continue to slowly increase going forward, even if short-term rates continue to fall. We still have $680 million of fixed- and adjustable-rate loans maturing or repricing over the next 12 months at yields below new origination levels. Overall, we expect modest net interest margin expansion in 2025, the magnitude of which will be dependent on future Fed moves and the shape of the curve.

鑑於我們投資組合的組成，即使短期利率持續下降，我們預計未來貸款收益率將繼續緩慢上升。我們仍有 6.8 億美元的固定利率和可調利率貸款將在未來 12 個月內到期或重新定價，收益率低於新的發放水準。總體而言，我們預計 2025 年淨利差將溫和擴大，擴大幅度取決於聯準會未來的舉措和曲線的形狀。

Turning to slide 7, you can see that total revenue and pre-provision net revenue continue to increase. While much of this was due to margin expansion and the increase in net interest income, non-interest income was also very strong in the fourth quarter, up $1 million or 66%. This was driven by higher letter-of-credit fees due to elevated construction activity and over 500,000 of swap fees, as swaps made more sense for borrowers relative to other structures given the shape of the curve.

翻到投影片 7，您可以看到總收入和撥備前淨收入持續增加。雖然這在很大程度上是由於利潤率擴大和淨利息收入增加，但第四季度非利息收入也非常強勁，成長了 100 萬美元，即 66%。這是由於建築活動增加導致信用證費用上漲以及超過 500,000 的掉期費用，因為考慮到曲線的形狀，掉期對於借款人來說相對於其他結構更有意義。

Looking ahead to 2025, letter-of-credit fees will likely return to more normalized levels. We may see some additional swap fee income as well as we continue to leverage the product and educate borrowers. However, it is very transaction-specific, so it's likely to be sporadic. The First Minnetonka City Bank acquisition did not contribute materially to fee income in the fourth quarter as the acquisition closed in mid-December.

展望2025年，信用證費用可能會恢復到更正常的水平。隨著我們繼續利用該產品並教育借款人，我們可能會看到一些額外的掉期費收入。然而，它非常特定於交易，因此很可能是零星的。由於第一明尼通卡城市銀行的收購於 12 月中旬完成，因此並未對第四季的費用收入產生重大貢獻。

On slide 8, expenses continue to be well controlled and track in line with expectations. Total fourth-quarter non-interest expense of $16.8 million included $488,000 of merger-related expenses. Excluding this, the majority of the quarterly increase was related to salary and benefit expense.

在第 8 張幻燈片中，費用繼續得到良好的控制並符合預期。第四季非利息支出總額為 1,680 萬美元，其中包括 488,000 美元的合併相關支出。除此之外，季度成長的大部分與工資和福利支出有關。

With the acquisition closing in mid-December, we saw approximately $200,000 of stub period expenses during the fourth quarter. We have also been pleased to see our adjusted efficiency ratio trend from the high 50s into the mid-50s over the past couple of quarters.

隨著 12 月中旬收購的完成，我們在第四季度看到了約 20 萬美元的存根期間費用。我們也很高興地看到，在過去的幾個季度中，我們的調整效率比率趨勢從 50 多上升到了 50 多。

With that, I'll turn it over to Nick.

說完這些，我就把麥克風交給尼克。

Thanks, Joe. Turning to slide 9, core deposit growth was a highlight for us again this quarter, as balances increased $211 million or 31% annualized. This excludes $217 million of core deposits from the First Minnetonka City Bank acquisition.

謝謝，喬。轉到投影片 9，核心存款成長再次成為本季的一大亮點，餘額增加了 2.11 億美元，年化成長率為 31%。這還不包括第一明尼通卡城市銀行收購的 2.17 億美元核心存款。

For the year, we were able to grow core deposits 13%, excluding the acquired deposits. The strong growth during the quarter was a result of bringing on new clients, expanding existing relationships, and leveraging a new online high-yield savings product we launched in the back half of the year.

今年，我們的核心存款（不包括收購的存款）增加了 13%。本季的強勁成長得益於我們引入了新客戶、擴大了現有關係以及利用了我們在下半年推出的新的線上高收益儲蓄產品。

The deposit mix also improved as we pushed out $75 million of broker deposits in the fourth quarter and nearly $200 million over the course of 2024. This was part of a deliberate strategy to optimize the balance sheet for longer-term profitable growth.

存款組合也有所改善，我們在第四季度推出了 7,500 萬美元的經紀人存款，並在 2024 年推出了近 2 億美元的經紀人存款。這是旨在優化資產負債表以實現長期盈利增長的深思熟慮的策略的一部分。

As we have said, core deposit growth is not always linear from quarter to quarter due to the nature of our deposit base. But we have shown an ability to steadily grow core deposits over time. We expect 2025 quarter deposit growth to track in line with loan growth, keeping in mind that we could see some quarters with larger inflows or outflows.

正如我們所說，由於存款基礎的性質，核心存款的增長並不總是逐季度呈線性增長。但我們已經展現出隨著時間的推移穩步增加核心存款的能力。我們預計 2025 年季度存款成長將與貸款成長保持一致，但請記住，我們可能會看到某些季度的流入或流出量較大。

Loan growth was also strong this quarter, as you can see on slide 10, with balances up 7% annualized, excluding $117 million of acquired deposit -- or acquired loans. In total, we saw full-year loan growth of nearly 4% in line with our low to mid-single-digit target for the year.

正如您在投影片 10 中看到的那樣，本季貸款成長也很強勁，餘額年化成長 7%，不包括 1.17 億美元的收購存款或收購貸款。總體而言，我們全年貸款成長率接近 4%，符合我們今年的低至中個位數目標。

The fourth-quarter growth was a result of the increased loan demand we have seen in recent quarters, which translated into a nice uptick in new origination. This strong demand has continued as borrowers remain interested in new projects following the recent rate cuts. As we sit here today, our loan pipeline remains near two-year highs.

第四季的成長是由於我們看到最近幾季的貸款需求增加，從而轉化為新貸款發放量的大幅上升。由於借款人在近期降息後仍對新項目感興趣，這種強勁需求持續存在。今天，我們的貸款規模仍接近兩年來的最高水準。

That said, competition remains stiff and is resulting in tighter spreads, while the potential of higher-for-longer rates and the shape of the yield curve may impact demand moving forward. Overall, the strong deposit growth over the past two quarters, including the acquisition of First Minnetonka City Bank, has put us in a better liquidity position, as our loan to deposit ratio dropped below 95%.

儘管如此，競爭仍然激烈，導致利差收窄，而長期利率走高的可能性以及殖利率曲線的形狀可能會影響未來的需求。總體而言，過去兩個季度的強勁存款成長（包括收購第一明尼通卡城市銀行）使我們的流動性狀況更好，因為我們的貸款存款比率降至 95% 以下。

Couple this with a more favorable environment and we feel we can be more aggressive in 2025, returning to more normalized levels of profitable growth as we target mid to high single-digit loan growth for the full year of 2025.

再加上更有利的環境，我們認為我們可以在 2025 年採取更積極的行動，恢復到更正常的獲利成長水平，因為我們的目標是在 2025 年全年實現中高個位數的貸款成長。

Slide 11 provides a closer look at our origination and payoff activity, which saw a reversal during the fourth quarter. As I mentioned, we saw a large increase in new originations after slowing over the past few quarters. We also saw a seasonal increase in line advances in the fourth quarter, which could create an early growth headwind in 2025 as its balance is likely run off.

投影片 11 詳細介紹了我們的發起和支付活動，這些活動在第四季度出現了逆轉。正如我所提到的，在過去幾季放緩之後，我們看到新發起的數量大幅增加。我們還看到第四季度的信用額度預付款出現季節性成長，這可能會在 2025 年初造成成長阻力，因為其餘額可能會用完。

Payoffs, on the other hand, remained elevated, but declined from third-quarter levels. This just means that there continues to be liquidity in the market, which we can redeploy the new loans at higher yields. Overall, net loan growth will continue to be dependent upon the levels of new originations and payoffs given the current rate environment.

另一方面，薪資仍然較高，但較第三季的水平有所下降。這只是意味著市場上繼續存在流動性，我們可以以更高的收益率重新部署新貸款。總體而言，在當前利率環境下，淨貸款成長將繼續取決於新貸款發放和還款水準。

Slide 12 looks at the mix of the loan portfolio, now including the loans from First Minnetonka City Bank, which made up all of the growth in leases and the majority of the growth in the one-to-four family mortgages during the fourth quarter. We saw strong growth in our non-owner occupied CRE and multifamily portfolios. Despite the growth, the overall mix of multifamily declined slightly due to the acquisition.

投影片 12 展示了貸款組合的組成，現在包括來自第一明尼通卡城市銀行的貸款，這些貸款構成了第四季度租賃的全部增長和一至四家庭抵押貸款的大部分增長。我們的非自住商業地產和多戶型投資組合實現了強勁成長。儘管有所增長，但由於收購，多戶型住宅的整體結構略有下降。

While migration out of the construction portfolio continued, we have seen an increase in new construction projects. Construction commitments in the fourth quarter were the highest we have seen since the fourth quarter of 2022. We would expect these to fund and translate into balance sheet growth over the next year or so. We remain very comfortable with the overall mix of the loan portfolio, especially with the additional diversification from the acquisition.

雖然建築業投資組合的遷移仍在繼續，但我們看到新建築項目增加。第四季的建設承諾額是自 2022 年第四季以來的最高水準。我們預計這些資金將在未來一年左右轉化為資產負債表的成長。我們對貸款組合的整體結構仍然非常滿意，尤其是收購帶來的額外多樣化。

Looking ahead to 2025, we expect to see additional growth across CRE and C&I, as well as multifamily, where we continue to leverage our expertise in the affordable housing space.

展望 2025 年，我們預計 CRE、C&I 以及多戶型住宅將進一步成長，我們將繼續利用我們在經濟適用房領域的專業知識。

With that, I'll turn it over to Jeff.

說完這些，我就把麥克風交給傑夫。

Thanks, Nick. Slide 13 highlights our multifamily and office exposure. Positive multifamily market trends in the Twin Cities have continued, with vacancy rates well below peak levels as demand has remained elevated and construction has slowed. The strong labor market and near nation-leading affordability has led to improved absorption levels, all of which suggest a favorable outlook for future occupancy and rent growth.

謝謝，尼克。投影片 13 重點介紹了我們的多戶住宅和辦公室曝光。雙城地區的多戶住宅市場持續呈現正面趨勢，由於需求持續高企且建設速度放緩，空置率遠低於高峰水準。強勁的勞動力市場和接近全國領先的負擔能力導致吸收水平提高，所有這些都表明未來入住率和租金增長前景良好。

We have also started our 2025 covenant testing for our multifamily and non-owner occupied CRE portfolios, which we expect to complete about 75% by the end of the first quarter. As in prior years, we will have action plans in place for any issues identified.

我們也已開始對多戶型和非自住型 CRE 投資組合進行 2025 年契約測試，預計到第一季末將完成約 75%。與往年一樣，我們將針對發現的任何問題制定行動計劃。

We remain bullish on multifamily in the Twin Cities, given the improved market trends and our track record and expertise in this space. Our non-owner occupied CRE office exposure remains quite limited at just 5% of total loans. This includes three office properties located in central business districts, totaling $26 million.

鑑於市場趨勢的改善以及我們在該領域的業績和專業知識，我們仍然看好雙城地區的多戶型住宅。我們的非自住 CRE 辦公室曝險仍然相當有限，僅佔總貸款的 5%。其中包括位於中央商務區的三棟辦公大樓，總價值 2,600 萬美元。

One of these loans is currently a little bit special mention. It cash flows today but has least rollover risk, which we are monitoring. The other two loans are performing well. You may recall that we took a $935,000 charge-off on a central business district office loan during the third quarter. We mentioned it was under purchase agreement to be sold, which was completed in December.

其中一筆貸款目前有點特別值得一提。它目前有現金流，但展期風險最小，我們正在監控。另外兩筆貸款表現良好。您可能還記得，我們​​在第三季從中央商務區辦公室貸款中沖銷了 935,000 美元。我們提到它正在根據購買協議出售，該協議已於 12 月完成。

We took another $300,000 clean-up charge-off on this credit in the fourth quarter, but it is now off our books. The total loss on this loan was about 15% of the principal balance, which is reasonable given today's environment. While we feel comfortable with our office portfolio overall, there is still market stress in this asset class for properties, depending on their characteristics, which is reflected in our risk ratings.

我們在第四季又對這筆貸款進行了 30 萬美元的清理沖銷，但現在這筆錢已經從我們的帳簿上劃掉了。這筆貸款的總損失約為本金餘額的 15%，考慮到今天的環境，這是合理的。雖然我們對我們的辦公大樓投資組合總體感到滿意，但此類資產類別的房地產仍然存在市場壓力，具體取決於其特點，這反映在我們的風險評級中。

Turning to slide 14, our overall credit metrics remain very clean in the fourth quarter with only 3 basis points of net charge-offs and 1 basis point of non-performing assets. We recorded a $1.5 million provision in the fourth quarter, which included $950,000 for non-PCD loans acquired from First Minnetonka City Bank. We also had a $725,000 provision for off-balance sheet credit exposure related to unfunded commitments. We remain well reserved at 1.35% of gross loans, which is well in excess of peer levels.

轉到投影片 14，我們的整體信貸指標在第四季仍然非常乾淨，淨沖銷僅為 3 個基點，不良資產僅為 1 個基點。我們在第四季度記錄了 150 萬美元的撥備，其中包括從第一明尼通卡城市銀行獲得的 95 萬美元非 PCD 貸款。我們也為與未撥付承諾相關的表外信貸風險準備了 725,000 美元的準備金。我們的儲備水準仍維持在總貸款的 1.35%，遠高於同業水準。

On slide 15, we are including our first special mention rated loan with our watch list loans. We did see an uptick in watch and special mention bucket due to one multifamily loan which we are keeping an eye on and the addition of First Minnetonka City Bank watch list loans.

在投影片 15 中，我們將第一筆特別提及評級的貸款納入了我們的關註名單貸款中。由於我們正在關注的一筆多戶型貸款以及第一明尼通卡城市銀行關註名單貸款的增加，我們確實看到關注和特別提及的數量有所上升。

Substandard loans declined due to the sale of the central business district office property I mentioned earlier. We continue to monitor the loan book as well as the interest rate in economic environments. But overall, we feel good about the quality of the portfolio as we head into 2025.

次級貸款因我之前提到的中央商務區辦公物業的出售而減少。我們將繼續監控貸款帳簿以及經濟環境中的利率。但總體而言，我們對 2025 年投資組合的品質感到滿意。

I'll now turn it back over to Joe.

現在我將把發言權交還給喬。

Thanks, Jeff. Slide 16 highlights our strong capital ratios, which had been steadily building over the past several quarters as loan growth slowed. Given the acquisition completed in the fourth quarter, we saw a modest decline in the ratios. However, CET1 remained above our 9% target.

謝謝，傑夫。幻燈片 16 重點介紹了我們強勁的資本比率，隨著貸款成長放緩，過去幾季我們的資本比率一直在穩步上升。鑑於收購於第四季度完成，我們看到該比率略有下降。然而，CET1 仍高於我們的 9% 目標。

Going forward, we expect to continue modestly building capital, keeping in mind that we anticipate the pace of loan growth to increase in 2025. Given the acquisition, we did not repurchase any shares during the fourth quarter, and we still have $15.3 million remaining under the current share repurchase authorization. We will continue to evaluate future repurchases based on a variety of factors, including capital levels, growth opportunities, and other uses of capital.

展望未來，我們預計將繼續適度增加資本，同時牢記我們預計 2025 年貸款成長速度將會加快。鑑於此次收購，我們在第四季度沒有回購任何股票，根據目前的股票回購授權，我們仍有 1530 萬美元的剩餘。我們將繼續根據多種因素評估未來的回購，包括資本水準、成長機會和資本的其他用途。

Turning to slide 17, I'll recap our expectations for 2025. To start, I would say that all of our assumptions from the First Minnetonka City Bank acquisition remain on track. This includes the 30% cost savings we expect to realize in 2025, as well as the total merger-related expenses. And the purchase accounting marks actually came in a bit more favorable than expected, resulting in less goodwill.

翻到第 17 張投影片，我將回顧我們對 2025 年的期望。首先，我想說，我們對第一明尼通卡城市銀行收購案的所有假設仍然正確。其中包括我們預計在 2025 年實現的 30% 的成本節約，以及與合併相關的總費用。而購買會計分數實際上比預期好一些，導致商譽減少。

With the additional liquidity from the deal, we expect full-year loan growth in 2025 to be in the mid to high single-digit range, while maintaining a loan-to-deposit ratio between 95% and 105%. We expect continued modest net interest margin expansion in 2025, the pace of which will depend on the rate outlook and the shape of the yield curve, as a higher-for-longer and flat yield curve environment could mute some of the upside.

憑藉該交易帶來的額外流動性，我們預計 2025 年全年貸款成長率將達到中高個位數，同時將貸存比維持在 95% 至 105% 之間。我們預期 2025 年淨利差將繼續溫和擴張，擴張速度將取決於利率前景和殖利率曲線的形狀，因為長期維持高息且殖利率曲線平坦的環境可能會抑制部分上行潛力。

We anticipate that purchase accounting accretion will contribute an additional 1 to 2 basis points to the margin per quarter in 2025. Regardless, with some margin expansion and a pickup in loan growth, we believe we will see continued net interest income and revenue growth. We expect non-interest expense growth, excluding merger-related expenses, to be in the high teens range for the full year of 2025, supporting the additional assets from the acquisition and anticipated increase in our pace of loan growth.

我們預計，到 2025 年，採購會計增值將為每季的利潤率額外貢獻 1 至 2 個基點。無論如何，隨著利潤率的擴大和貸款成長的回升，我們相信我們將看到淨利息收入和收入的持續成長。我們預計，2025 年全年非利息支出增幅（不包括合併相關支出）將達到百分之十幾左右，以支持收購帶來的額外資產和預期的貸款成長速度加快。

Expense growth will be driven by continued investments in our people and technology, as well as some redundant expenses until we reach systems conversion. Provision will remain dependent on the pace of loan growth and the overall asset quality of the portfolio. We could also see additional provision for unfunded commitments as new construction activity continues.

費用成長將來自對人員和技術的持續投資，以及在實現系統轉換之前的一些冗餘費用。撥備仍將取決於貸款成長速度和投資組合的整體資產品質。隨著新建築活動的持續，我們也可能看到對未撥付承諾的額外撥備。

I'll now turn it back over to Jerry.

現在我將把發言權交還給傑瑞。

Thanks, Joe. Finishing on slide 18, I want to provide an overview of our strategic priorities for 2025. First and foremost, we look forward to returning to a more normalized level of profitable loan growth. We think wrapping back up to the mid to high single digits is certainly feasible, especially given the improved market conditions and our stronger liquidity position. And we believe we can do this without compromising on credit.

謝謝，喬。最後在第 18 張投影片上，我想概述我們 2025 年的策略重點。首先，我們期待恢復到更正常的獲利貸款成長水準。我們認為，回到中高個位數是肯定可行的，特別是在市場條件改善和我們的流動性狀況增強的情況下。我們相信我們可以做到這一點，並且不會損害信譽。

Second, we aim to continue gaining loan and deposit market share. Obviously, with our growth aspirations, this is a key priority for us every year. But now we have an expanded branch network, adding two new branches through the acquisition and a new de novo branch scheduled to open in the east metro later this year.

其次，我們的目標是繼續獲得貸款和存款市場份額。顯然，為了實現我們的成長願望，這是我們每年的首要任務。但現在我們的分支機構網絡已經擴大，透過收購增加了兩個新分支機構，並計劃在今年稍後在東部大都市開設一個新的分支機構。

This is an expansion into a growing part of the Twin Cities with very little competition and a nice concentration of current and potential clients. We also continue to make inroads in targeted verticals, such as our women's network and affordable housing. We have plenty of room to grow in the affordable housing space as we leverage our expertise on national level. This is an opportunity we are well suited for and are excited about the commitment to this space.

這是對雙城地區不斷發展的地區的擴張，該地區競爭很少，現有客戶和潛在客戶都比較集中。我們也繼續在目標垂直領域取得進展，例如我們的女性網路和經濟適用房。由於我們利用國家層面的專業知識，我們在經濟適用房領域有足夠的發展空間。這是一個非常適合我們的機會，我們對對這個領域的投入感到非常興奮。

Also, over the past several years, we have been the beneficiary of market disruption in the Twin Cities. and several local banks were acquired by out-of-state buyers. With more of this likely coming in 2025, we know we will see opportunities to add talent and win new client relationships.

此外，過去幾年來，我們一直是雙城市場混亂的受益者。幾家當地銀行被外州買家收購。2025 年，此類情況可能會更多，我們知道我們將看到增加人才和贏得新客戶關係的機會。

Third is leveraging our technology investments to support growth, the client experience, and efficiencies across the bank. This includes expanding the scope of recent investments as well as rolling out a new online banking solution for retail and small business clients.

第三是利用我們的技術投資來支持整個銀行的成長、客戶體驗和效率。其中包括擴大近期投資範圍以及為零售和小型企業客戶推出新的網路銀行解決方案。

This will enable us to expand our product offering, making us even more attractive to the client base we already serve and beyond. Finally, we will focus on the systems conversion of our recent acquisition, which we expect to occur in the third quarter. We're in a great position to ensure a smooth transition.

這將使我們能夠擴大我們的產品範圍，使我們對現有客戶群及其他客戶群更具吸引力。最後，我們將重點關注我們最近收購的系統轉換，預計這將在第三季發生。我們處於有利地位，可以確保順利過渡。

We also want to be ready to execute on any additional M&A opportunities that may become available and make strategic sense for us. Overall, I'm excited about the outlook for 2025. We have the team, Board support, and engaged leadership to continue moving the bank forward.

我們也希望做好準備，抓住任何可能出現的、對我們具有戰略意義的額外併購機會。總的來說，我對 2025 年的前景感到興奮。我們擁有團隊、董事會支持和積極的領導，可以繼續推動銀行向前發展。

Our team takes time to plan and has proven it can execute independent of market forces. We have plenty of opportunities that we intend to take advantage of, that will enable us to drive value for the organization and, ultimately, our shareholders.

我們的團隊花時間進行規劃，並已證明能夠獨立於市場力量執行。我們有很多機會可以加以利用，這將使我們能夠為組織以及最終為我們的股東創造價值。

With that, we'll open it up for questions.

接下來，我們將開始回答問題。

(Operator Instructions) Brendan Nosal, Hovde.

（操作員說明）Brendan Nosal，Hovde。

Hey, good morning, everybody. Hope you're doing well.

嘿，大家早安。希望你一切都好。

Hi, Brendan.

你好，布倫丹。

Maybe starting off here on the improved growth outlook for '25. I mean, it certainly seems like you've greenlit more growth than you saw in 2024. Can you just talk about how much of that is an increase in credit supply on your part versus an increase in loan demand in the underlying market, and then tie that into how that factors into the funding complexion over the next 12 months? Thanks.

也許可以從這裡開始展望 25 年成長前景的改善。我的意思是，看起來你們確實已經批准了比 2024 年更多的成長。您能否談談其中有多少是由於您方面的信貸供應增加，有多少是由於基礎市場貸款需求增加，然後將其與未來 12 個月的融資狀況聯繫起來？謝謝。

Hey, Brendan, this is Nick. We've always felt that our growth engine is there and operating. As we mentioned in the prepared remarks, we were very intentional throughout '24 about trying to align our loan growth with our deposit growth. And I think we did a good job to not only do that, but exceed in that category.

嘿，布倫丹，我是尼克。我們始終認為我們的成長引擎已經存在並且正在運作。正如我們在準備好的發言中提到的那樣，在整個 24 年裡，我們都非常有意識地嘗試將貸款成長與存款成長保持一致。我認為我們不僅做得很好，而且在這一方面還超越了其他方面。

And as we think about '25, the momentum that we had in quarter deposit growth through the fourth quarter, and as we've seen that, continuing with our teams and then layer in the addition of First Minnetonka City Bank, I think -- we feel like we're really positioned to be able to take advantage of the opportunities in our market.

當我們思考 25 年時，我們在第四季度的季度存款成長勢頭，以及我們所看到的，繼續與我們的團隊合作，然後加入第一明尼通卡城市銀行，我認為 - 我們覺得我們真的有能力利用我們市場中的機會。

The pullback in rates did help some transactions to pencil a bit easier in the fourth quarter. With that said, we continue to get a lot of looks at a lot of transactions that we've been selective on in the past or in some cases, had a wider margin on our quotes just to make sure that those transactions were as profitable as we needed them to be given our balance sheet composition.

利率回落確實有助於第四季的一些交易變得更容易。話雖如此，我們仍然會繼續密切關注過去我們精心挑選的許多交易，或者在某些情況下，我們的報價有更大的利潤空間，只是為了確保這些交易能夠像我們資產負債表構成那樣盈利。

And given the more favorable structure of our balance sheet today, I think we're really positioned well to be able to go -- be aggressive on the really great deals in the market that we continue to get in front of, which should translate to future growth. So we really feel great about our position and what the prospects look like for next year.

鑑於我們目前的資產負債表結構更為有利，我認為我們確實處於有利地位，能夠積極爭取市場上我們繼續面臨的真正偉大的交易，這將轉化為未來的成長。因此，我們對我們的地位以及明年的前景感到非常滿意。

Okay, awesome. Thank you, Nick. Maybe turning to the expense outlook, kind of just pairing up the high-teens expense outlook versus the mid to high single-digit organic loan growth. I mean, is that discrepancy just due entirely to First Minnetonka coming onto the cost base? And I guess, in other words, like, is that core relationship between your asset growth and your cost growth still intact?

好的，太棒了。謝謝你，尼克。也許轉向支出前景，只是將高十幾歲的支出前景與中高個位數的有機貸款成長配對。我的意思是，這種差異是否完全是由於 First Minnetonka 進入成本基礎造成的？我想，換句話說，您的資產成長和成本成長之間的核心關係是否仍然完好？

Yeah, good question, Brendan. Yeah, so I think the high-teens guide, like you said, it's -- if you see the high single-digit loan growth translate, which we're confident will, obviously, that's where you get our legacy Bridgewater guide in terms of expenses.

是的，布倫丹，問得好。是的，所以我認為高十幾率指南，就像你說的，是 - 如果你看到高個位數的貸款增長率轉化，我們有信心，顯然，這就是你在費用方面獲得我們傳統的橋水指南​​的地方。

Yeah. And the other half of that, to your point, is really just assuming the First Minnetonka City operation. I think when we looked at it, there were 5% of our assets but 10% of our expense base. So I think we'll spend '25 going through and really trying to rationalize those expenses, feel good about the cost saves. But obviously, there's certainly some redundancies and duplication that we'll work through throughout '25. So to your point, that's how you back into that high-teens guide.

是的。而另一半，正如你所說，實際上只是假設第一明尼通卡城的運作。我認為，當我們看一下時，它占我們資產的 5%，但占我們支出基礎的 10%。所以我認為我們會花 25 年的時間仔細研究並真正嘗試合理化這些開支，並對節省的成本感到滿意。但顯然，肯定會存在一些冗餘和重複，我們將在 2025 年期間解決這些問題。所以就你的觀點而言，這就是你如何回到十幾歲的指導方針。

Yeah. Okay, that makes sense, Joe. Let me sneak one more in, Joe, for you. I'm going to try and peg you down on the margin outlook a little more here. So core margin was up 9 basis points for the quarter without really any help from earning asset yields out of the equation.

是的。好的，喬，這很有道理。喬，讓我再偷偷給你加一個吧。我將嘗試在這裡進一步向您介紹利潤前景。因此，核心利潤率在本季上升了 9 個基點，而實際上並沒有受到資產收益的任何影響。

So I guess, as we look ahead, deposit pricing should still lay down a little more. And then you get that more powerful [back book] loan repricing, which should help the left side of the balance sheet yields. So what does modest margin expansion guide per quarter mean relative to this quarter's 9 basis points of expansion?

因此我想，展望未來，存款定價應該還會進一步下降。然後你會得到更強大的[帳面]貸款重新定價，這應該有助於資產負債表左側的收益率。那麼，相對於本季 9 個基點的擴張，每季適度的利潤率擴張指南意味著什麼？

Yeah, I mean, it's a good question. I think when we think about 1Q, I mean, we anticipate similar traction that we saw in the fourth quarter when we think about the expansion that translated. So I think you've laid out exactly the dynamics of the balance sheet.

是的，我的意思是，這是一個好問題。我認為，當我們考慮第一季時，我的意思是，當我們考慮轉化的擴張時，我們預計會看到與第四季類似的牽引力。所以我認為你已經準確地闡述了資產負債表的動態。

For context, cost of deposits in December was a [$3.31]. So that's down 9 basis points from the quarterly average of [$3.40]. So I think that'll provide some insight, too, on how to think about it. But I think overarching, I mean, the rate outlook is obviously very uncertain. Powell was pretty noncommittal yesterday in terms of cuts. And so we only have one cut baked into '25.

就背景而言，12 月的存款成本是[3.31美元]。因此，這比季度平均值下降了 9 個基點[3.40美元]。所以我認為這也會為如何思考這個問題提供一些見解。但我認為整體而言，利率前景顯然非常不確定。鮑威爾昨天在減稅問題上沒有明確表態。因此，我們只對 25 年進行了一次削減。

And obviously, that explicitly drives the funding side, which we have a significant amount of deposits tied to short-term rates. And so if you only have one cut in '25, there's less there. But I think for us, we continue to look at the rest of the deposit base and really rationalize expense or deposit costs across the deposit portfolio. And we see continued opportunity there.

顯然，這明確地推動了融資方面，我們有大量與短期利率掛鉤的存款。因此，如果 25 年只削減一次，那麼削減的幅度就會更小。但我認為，對於我們來說，我們會繼續關注其餘的存款基礎，並真正合理化整個存款組合中的費用或存款成本。我們看到那裡仍然存在機會。

Then, obviously, with the pickup and loan growth, while the loan yields continue to expand, I think more importantly, when you put all that together, we're really trying to drive net interest income. And I feel like with this return to growth, I mean, that's what we're most focused on.

然後，顯然，隨著貸款的成長，貸款收益率繼續擴大，我認為更重要的是，當你把所有這些放在一起時，我們實際上是在努力推動淨利息收入。我覺得恢復成長才是我們最關注的。

So the modest guide on the NIM side, obviously -- I think you kind of put that all together, we're confident with and I feel like 1Q should look similar to 4Q.

因此，NIM 方面的適度指導顯然 - 我認為您將所有這些放在一起，我們對此充滿信心，並且我覺得 1Q 應該與 4Q 相似。

Okay, fantastic. Thank you for taking my questions.

好的，太棒了。感謝您回答我的問題。

Jeff Rulis, D.A. Davidson.

傑夫·魯利斯（Jeff Rulis），地方檢察官戴維森。

Thanks. Good morning. Joe, just to circle back to the margin, do you have a December average for the margin itself?

謝謝。早安.喬，回到利潤率問題，你有 12 月份的利潤率平均值嗎？

Yeah, [236] in December.

是的，[236] 12月。

Got you. And the modest growth, does that exclude the accretion -- the 1 to 2 basis points is modest in its own right. But does that include the accretion as well, or is that accretion would be on top of modest margin expansion?

明白了。溫和的成長是否排除了增值——1 到 2 個基點本身就是溫和的。但這是否也包括增值，或者增值是否會在適度的利潤擴張之上？

No, that's included. So a full-year accretion is right around $3 million. That's how we get to the 1 to 2 basis points per quarter. That's included in the modest guide.

不，這包括在內。因此全年增值約 300 萬美元。這就是我們如何實現每季 1 到 2 個基點的成長率。這包含在簡明指南中。

Okay. Fair enough. And maybe, Nick, on the loan growth guide, just attacking the other piece of this, would be -- I would assume there's some assumption of ring-fencing payoff activity for the year. Anything to glean in terms of expectations of -- you expect sustained levels, more or less. Anything on -- it's a tough number to nail down, but anything on payoffs?

好的。很公平。也許，尼克，在貸款成長指南中，只是攻擊這方面的另一部分，我會假設有一些關於今年的專案還款活動的假設。就預期而言，任何資訊都可以收集——您或多或少地預期會達到持續的水平。有什麼資訊嗎——這個數字很難確定，但是有關於收益的資訊嗎？

Yeah, it's a tough number to pin down. I mean, as we model forward, I think we're expecting sort of similar levels to what we saw in Q4. I think that's probably a good run rate for us for a little while. We feel really good, though, about our ability to continue to put out -- replace those with new originations.

是的，這個數字很難確定。我的意思是，隨著我們向前發展，我認為我們預計會出現與第四季度類似的水平。我認為這對我們來說可能是短期內的良好運行率。不過，我們對自己繼續推出新產品的能力感到非常滿意──用新產品取代舊產品。

Our Q4 new origination levels were as high as they've been since the summer of 2022. So even with the elevated levels of payoffs that we've seen over the last couple quarters, I think this return to a more normalized level of new origination should allow us to continue to face that headwind and push forward with further growth.

我們的第四季新發起量達到了 2022 年夏季以來的最高水準。因此，即使過去幾季我們看到的回報水準有所提高，我認為這種回歸到更正常化的新發起水準應該使我們能夠繼續面對逆風並推動進一步的成長。

Got it. And then just a housekeeping, on mapping the merger costs, were those largely professional fees and other expenses? Just trying to -- line item, where those might come out?

知道了。然後只是一個內部事務，在規劃合併成本時，這些主要是專業費用和其他費用嗎？只是想——這些可能會出現在哪裡？

Yup, that's exactly right. So about $700,000 was primarily that. And then, obviously, the more operational will translate in '25.

是的，完全正確。因此，大約 70 萬美元主要就是這些。然後，顯然，更多的操作將在 25 年實現。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Still on track for that. Still on track for one-time expenses that we outlined when the deal was announced.

仍在按計劃進行。仍在按照我們在宣布交易時概述的一次性費用進行。

(Operator Instructions) Nathan Race, Piper Sandler.

（操作員指示）Nathan Race、Piper Sandler。

Hey, guys, good morning. Thanks for taking the questions. Looking at slide 21, with the roughly 14%, 15% of your funding base that can reprice lower over the next 12 months at -- come out at 450.

嘿，大家早安。感謝您回答這些問題。請看第 21 張投影片，您大約有 14%、15% 的資金基礎可以在未來 12 個月內重新定價為 450。

Just curious kind of what you see in terms of kind of the replacement rate on that funding based on kind of where you're priced on CDs today, and what you can see in wholesale channels as well.

我只是好奇，根據目前 CD 的定價，您對該融資的替代率有何看法，以及您在批發管道中看到的情況。

Hey, Nate. This is Nick. The question was on loan yields as deals roll off? (multiple speakers)

嘿，內特。這是尼克。問題是，隨著交易的進行，貸款收益率如何？（多位發言者）

No, I'm sorry. It was on the right side of the balance sheet. Looking at slide 21, you have -- about 14% of your funding base is going to reprice lower this year. So just curious kind of what the incremental replacement rate on that funding based on kind of where your price on CDs today and kind of what you can see in wholesale channels as well.

不，我很抱歉。它位於資產負債表的右邊。看第 21 張投影片，您會看到——今年大約有 14% 的資金基礎將重新定價。所以我只是好奇，根據您今天在 CD 上的價格以及您在批發管道中看到的價格，該資金的增量替代率是多少。

Yeah, Nate, this is Joe. So I think we're seeing, obviously, better opportunities to reprice there. I mean, stuff is now in the high threes if you want to replace on short-term CDs. I think money market opportunities are somewhat linked to Fed funds. But we're able to actually price with somewhat of a Fed funds minus on the money market side.

是的，內特，這是喬。因此我認為我們顯然看到了更好的重新定價機會。我的意思是，如果你想用短期 CD 來替換，那麼現在這些東西的價格已經很高了。我認為貨幣市場機會與聯邦基金有一定關聯。但我們實際上能夠利用貨幣市場方面的聯邦基金減去一定比例來進行定價。

So continue to also have optionality to call the brokered CD portfolio. So I think we've been really mindful with that always. And I think this year, we called almost $200 million of broker deposits, north of 5%. We're able to call and reissue in some cases. Or in cases like this last quarter where we certainly had strong core growth, we're able to just call and not replace and obviously, bring in lower-cost core deposit money. So definitely seeing opportunities outside of that that's explicitly tied to Fed funds to also reprice deposits.

因此，繼續選擇調用經紀 CD 投資組合也是可行的。所以我認為我們一直都非常注意這一點。我認為今年我們收回了近 2 億美元的經紀人存款，佔比超過 5%。在某些情況下，我們可以打電話並重新發行。或者像上個季度這樣，我們的核心業務確實成長強勁，我們只需打電話，不用替換，顯然就能帶來成本更低的核心存款資金。因此，肯定能看到與聯邦基金明確掛鉤的、對存款進行重新定價的機會。

Okay, great. It's very helpful. And just going back to the margin discussion and kind of put it in the context of NII growth expectations for this year, if we do get that one Fed cut in maybe the middle part of the year, just curious if you can kind of speak to the magnitude of NII growth that you expect based on kind of what we've discussed from a loan and deposit growth outlook.

好的，太好了。這非常有幫助。回到保證金討論，並將其放在今年 NII 增長預期的背景下，如果美聯儲確實在今年年中降息一次，我只是好奇您是否可以根據我們從貸款和存款增長前景討論的內容，談談您預期的 NII 增長幅度。

Yeah, I mean, I think it's one of those when you put it all together that we expect, from an NII perspective, something to roll in place with asset growth. So I mean, if you're high single digit asset growth, you expect something like that to translate on the net interest income side.

是的，我的意思是，我認為當你把所有這些放在一起時，從國家資訊基礎設施的角度來看，我們期望它能夠隨著資產增長而發展。所以我的意思是，如果你的資產成長率高達個位數，你預計這樣的成長會在淨利息收入方面反映出來。

I think it's hard, given the timing of all that. But I think when you look about the composition of the balance sheet and the growth that we anticipate on the loan side continued repricing higher with what's rolling off, I think we feel good about the net interest income growth.

考慮到發生這一切的時機，我認為這很難。但我認為，當你看到資產負債表的組成和我們預期的貸款方面的成長，以及貸款額度的減少，我們會對淨利息收入的成長感到滿意。

Okay. But not necessarily just in the high single-digit range. Correct?

好的。但不一定只是高個位數範圍。正確的？

No, I think in the low double-digit range, I think, is how we think about NII, just given those components.

不，我認為在兩位數以下的範圍內，我認為，這就是我們對 NII 的看法，只要考慮到這些組成部分。

Okay. Got it. Makes sense. Jerry, in your remarks, you mentioned some opportunities to benefit from some of the disruption going on in the Twin Cities of late. So just curious maybe where you're looking to add talent.

好的。知道了。有道理。傑瑞，在你的演講中，你提到了一些從最近雙城發生的一些混亂中獲益的機會。所以我只是好奇您可能想在哪裡增加人才。

I believe you guys picked up a small wealth management operation with the recent acquisition. But just curious maybe kind of where you're looking to add talent across the organization going forward.

我相信你們透過最近的收購獲得了一個小型財富管理業務。但我只是好奇，也許您希望在未來為整個組織增添哪些人才。

It's really -- continues to be across all of our departments, whether that be in risk or in our treasury department or our loan portfolio. There's been -- with the disruption -- with Bremer being sold is certainly positive for us. And we've talked to some people over there and from other banks, too. So it's -- there's some good talent out there left to be picked up, that's for sure.

它確實——繼續存在於我們所有的部門，無論是風險部門、財務部門還是貸款組合部門。儘管出現了一些混亂，但布雷默的出售對我們來說無疑是一件好事。我們也與那裡的一些人以及其他銀行的一些人進行了交談。所以，可以肯定的是，還有一些優秀人才有待發掘。

Alright, guys. I appreciate all the color. Thank you.

好吧，夥計們。我欣賞所有的色彩。謝謝。

Thank you, and this concludes our question-and-answer session. I'd like to turn the conference back over to Jerry Baack for closing remarks.

謝謝，我們的問答環節到此結束。我想將會議交還給傑瑞·巴克 (Jerry Baack) 做最後發言。

Well, I just want to thank everybody for joining the call today. We're very pleased with the strong finish to our 2024 and the momentum we have going here in 2025.

好吧，我只想感謝大家今天參加電話會議。我們對 2024 年的強勁成績以及 2025 年的發展勢頭感到非常滿意。

I also want to shout out that -- and welcome the First Minnetonka City Bank team members and their client base and, of course, the team that we've had here for a long time. So it's -- continue to be very optimistic about 2025, and I appreciate everybody joining the call today.

我還想大聲疾呼——歡迎第一明尼通卡城市銀行團隊成員及其客戶群，當然還有我們在這裡工作了很長時間的團隊。因此，我對 2025 年仍然非常樂觀，我感謝今天參加電話會議的每個人。

Thank you, sir. This concludes today's conference call. We thank you, all, for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。