Bankwell Financial Group Inc (BWFG) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bankwell Financial Group, Inc., second quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bankwell Financial Group, Inc. 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Bankwell's Chief Financial Officer, Courtney Sacchetti. Courtney, please go ahead.

現在我想將電話轉給 Bankwell 的財務長 Courtney Sacchetti。考特尼，請繼續。

Thank you. Good morning, everyone. Welcome to Bankwell's second quarter 2025 earnings conference call. To access the call over the Internet and review the presentation materials that we will reference on the call, please visit our website at investor.mybankwell.com and go to the events and presentation tab for supporting materials. Our second quarter earnings release is also available on our website.

謝謝。大家早安。歡迎參加 Bankwell 2025 年第二季財報電話會議。若要透過網路存取電話會議並查看我們將在電話會議上參考的簡報資料，請造訪我們的網站 investor.mybankwell.com 並前往「活動和簡報」標籤以取得支援資料。我們的第二季財報也可在我們的網站上查閱。

Our remarks today may contain forward-looking statements and may refer to non-GAAP financial measures. All participants should refer to our SEC filings, including those found on Forms 8-K, 10-Q and 10-K for a complete discussion of forward-looking statements and any factors that could cause actual results to differ from those statements.

我們今天的言論可能包含前瞻性陳述，並可能參考非公認會計準則財務指標。所有參與者都應參考我們向美國證券交易委員會 (SEC) 提交的文件，包括 8-K、10-Q 和 10-K 表格，以全面了解前瞻性陳述以及可能導致實際結果與這些陳述不同的任何因素。

And now I will turn the call over to Christopher Gruseke, Bankwell's Chief Executive Officer.

現在我將把電話轉給 Bankwell 執行長 Christopher Gruseke。

Thanks, Courtney. Welcome, and thanks to everyone for joining our second quarter earnings call. This morning, I'm joined by Courtney Sacchetti, our Chief Financial Officer; and Matt McNeill, our President and Chief Banking Officer.

謝謝，考特尼。歡迎並感謝大家參加我們的第二季財報電話會議。今天上午，與我一起參加會議的還有我們的財務長 Courtney Sacchetti 和我們的總裁兼首席銀行長 Matt McNeill。

I'm happy to announce our second quarter results, which demonstrate improved performance trends in virtually every aspect of our business as our investments in people and technology have continued to bear fruit.

我很高興地宣布我們的第二季業績，這表明我們業務的幾乎所有方面的業績趨勢都有所改善，因為我們在人才和技術方面的投資繼續取得成果。

The company's net interest margin continues to expand. Our SBA business is on pace to deliver material growth to noninterest income, and credit trends continue to improve with further improvement expected in the quarters ahead.

公司淨利差持續擴大。我們的 SBA 業務正穩步實現非利息收入的實質成長，信貸趨勢持續改善，預計未來幾季將進一步改善。

Additionally, with our first quarter results, we have previously announced the addition of two deposit teams in the New York City metro area. We've added two more teams during the second quarter and another team in July, bringing our growth in private client teams to five during this fiscal year. We look forward to the potential improvements to our deposit base as we welcome these talented professionals to the Bankwell team.

此外，根據我們的第一季業績，我們之前已宣佈在紐約市大都會區增加兩個存款團隊。我們在第二季度增加了兩個團隊，並在 7 月增加了一個團隊，使得本財年我們的私人客戶團隊數量增長到五個團隊。我們歡迎這些才華橫溢的專業人士加入 Bankwell 團隊，並期待我們的存款基礎能夠改善。

Our financial results for the second quarter include GAAP fully diluted earnings of $1.15 per share, which were up 32% relative to the first quarter, a result of significant net interest margin expansion and increased contributions from SBA loan sales.

我們第二季的財務表現包括每股 1.15 美元的 GAAP 完全稀釋收益，較第一季成長 32%，這是淨利差大幅擴大和 SBA 貸款銷售貢獻增加的結果。

Bankwell had another robust quarter of originations, funding $170 million in new loans, resulting in $24 million in linked quarter growth. Loan payoffs were $150 million during the second quarter, down from the first quarter's $200 million, but still elevated to where we'd expect them to be on a normalized basis. We funded $12 million in SBA loans during the quarter, bringing our year-to-date SBA originations to $22 million.

Bankwell 又迎來了一個強勁的貸款發放季度，發放了 1.7 億美元的新貸款，季增 2,400 萬美元。第二季的貸款償還額為 1.5 億美元，低於第一季的 2 億美元，但仍高於我們預期的正常水準。本季度，我們為 SBA 貸款提供了 1,200 萬美元的資金，使我們年初至今的 SBA 貸款總額達到 2,200 萬美元。

Our pipeline for both commercial and SBA loans remained strong. And although total loan balances were down slightly compared to year-end 2024, we reiterate our original guidance of low single-digit loan growth for the full year. The bank's funding profile continues to improve as we've grown our noninterest-bearing deposits and repriced our time deposits meaningfully lower.

我們的商業貸款和 SBA 貸款管道依然強勁。儘管與 2024 年底相比，貸款總額略有下降，但我們重申最初的全年貸款成長率低個位數的指導。隨著我們增加無息存款並大幅降低定期存款的價格，銀行的融資狀況持續改善。

Noninterest-bearing deposits grew by $48 million during the quarter for a year-to-date increase of $75 million or 23% since year-end. It's noteworthy that this increase in noninterest-bearing balances does not yet reflect the impact of our new team's expected contributions as they begin to open accounts on behalf of new customers.

本季無息存款增加了 4,800 萬美元，年初至今已增加了 7,500 萬美元，增幅為 23%。值得注意的是，無利息餘額的增加尚未反映出我們的新團隊在開始代表新客戶開設帳戶時預期做出的貢獻的影響。

As these teams bring in low and no-cost deposits and our balance sheet remains liability sensitive, we anticipate continued margin expansion into 2026. We are constructive on the direction of credit. Positive migration trends continue, and we expect continued progress toward reduction in NPAs in the quarters ahead. Further details regarding NPAs can be found on slide 21 of our investor presentation.

由於這些團隊帶來低成本和無成本存款，並且我們的資產負債表仍然對負債敏感，我們預計利潤率將在 2026 年繼續擴大。我們對信貸方向持建設性態度。積極的移民趨勢仍在繼續，我們預計未來幾季不良資產將繼續減少。有關 NPA 的更多詳細資訊請參閱我們投資者簡報的第 21 張投影片。

Now to discuss our financial results in greater detail, I'll turn it over to Courtney, our Chief Financial Officer.

現在，為了更詳細地討論我們的財務業績，我將把時間交給我們的財務長考特尼。

Thank you, Chris. Our second quarter pre-provision net revenue of $11.4 million or $1.46 per share increased 21% relative to the first quarter, with the PPNR return on average assets increasing to 143 basis points versus 118 basis points in the first quarter.

謝謝你，克里斯。我們第二季的撥備前淨收入為 1,140 萬美元，即每股 1.46 美元，較第一季成長 21%，PPNR 平均資產回報率從第一季的 118 個基點增至 143 個基點。

We had strong improvement in our net interest margin with the second quarter reported NIM of 310 basis points, a 29 basis point increase relative to the linked quarter. Our net interest margin expansion is a result of our decrease in funding costs, which fell another 20 basis points versus the linked quarter to 3.46%. This is down 41 basis points from our high of 3.87% in the third quarter of 2024.

我們的淨利差大幅改善，第二季報告的淨利差為 310 個基點，較上一季增加 29 個基點。我們的淨利差擴大是由於我們的融資成本下降，與上一季相比又下降了 20 個基點，至 3.46%。這比 2024 年第三季 3.87% 的高點下降了 41 個基點。

In addition to realizing lower rates on rolling time deposits, we have reduced pricing by approximately 23 basis points on $1 billion of non-maturity interest-bearing deposits since the end of 2024. We've achieved this by lowering rates on key money market and savings products and adjusting exception pricing, a trend that continues as our June exit rate on deposit costs was 3.28%.

除了降低滾動定期存款利率外，自 2024 年底以來，我們還將 10 億美元無到期計息存款的定價降低了約 23 個基點。我們透過降低主要貨幣市場和儲蓄產品的利率以及調整例外定價實現了這一目標，這一趨勢仍在繼續，因為我們 6 月的存款成本退出率為 3.28%。

We continue to see our earning asset yields expand as well, with the average loan portfolio yield increasing 4 basis points to 6.58% in the second quarter when compared to the first quarter. Our new loan originations continued to yield over 8%, benefiting from a more diversified loan mix, including C&I and SBA loans.

我們的生息資產收益率也持續擴大，與第一季相比，第二季平均貸款組合收益率增加了 4 個基點，達到 6.58%。我們的新貸款發放收益率持續超過 8%，受益於更多樣化的貸款組合，包括 C&I 和 SBA 貸款。

Given the strong results in the first half of the year and our anticipated margin expansion over the balance of 2025, we will update our net interest income guidance for full year 2025 to a range of $97 million to $98 million. This guidance assumes no further actions by the Fed for the balance of this year.

鑑於上半年的強勁業績以及我們預計 2025 年餘下的利潤率將擴大，我們將更新 2025 年全年淨利息收入預期至 9,700 萬美元至 9,800 萬美元之間。本指引假設聯準會今年餘下時間不會採取進一步行動。

Noninterest income of $2 million increased 34% versus the linked quarter, largely driven by $1.1 million of SBA gain on sale income, an increase of $0.6 million over the last quarter. We reiterate our full year 2025 guidance for noninterest income of $7 million to $8 million and as Chris mentioned, expect SBA gain on sale activity to continue to accelerate over the balance of 2025.

非利息收入為 200 萬美元，較上一季成長 34%，主要得益於 SBA 的 110 萬美元銷售收益，比上一季增加了 60 萬美元。我們重申 2025 年全年非利息收入為 700 萬至 800 萬美元的預期，正如克里斯所提到的，預計 SBA 銷售活動收益將在 2025 年餘下時間繼續加速成長。

On a linked quarter basis, our total noninterest expense is up modestly from $14.1 million to $14.5 million, primarily due to increased salaries and employee benefits. This increase reflects our continued investment in growing our banking teams, SBA platform and supporting risk functions, all aimed at generating revenue and improving efficiency.

按季度計算，我們的非利息支出總額從 1,410 萬美元小幅上漲至 1,450 萬美元，主要原因是工資和員工福利增加。這一成長反映了我們對擴大銀行團隊、SBA 平台和支援風險職能的持續投資，所有這些都是為了創造收入和提高效率。

Despite the $0.4 million increase, our efficiency ratio fell to 56.1% in the second quarter compared to 59.9% last quarter, a result of our expanding net interest margin and growth in noninterest income. Given the incremental investments made and associated costs beyond our initial guidance, we are increasing our full year 2025 guidance for noninterest expense to $58 million to $59 million.

儘管增加了 40 萬美元，但由於淨利差擴大和非利息收入成長，我們的效率比率在第二季下降至 56.1%，而上一季為 59.9%。考慮到所做的增量投資和相關成本超出了我們的初步指導，我們將 2025 年全年非利息支出指導上調至 5,800 萬美元至 5,900 萬美元。

Importantly, despite the higher expense guidance, our long-term view of driving operating leverage remains unchanged. We expect our efficiency ratio to continue improving over the coming quarters as our profitability continues to expand. We anticipate moderation in our noninterest expense to total asset ratio as our balance sheet grows.

重要的是，儘管費用指引較高，但我們推動營運槓桿的長期觀點保持不變。我們預計，隨著獲利能力的不斷擴大，我們的效率比率將在未來幾季繼續提高。隨著資產負債表的成長，我們預期非利息支出與總資產的比率將會下降。

Switching to credit, second quarter trends were positive with a small net recovery, a decrease in criticized and classified loan balances and a $1.2 million reduction in nonperforming assets. We had a release of our loan provision in the second quarter of $411,000. This is mainly attributable to our qualitative factors related to loan composition.

轉向信貸，第二季趨勢是積極的，淨復甦較小，批評和分類貸款餘額減少，不良資產減少 120 萬美元。我們在第二季發放了 411,000 美元的貸款準備金。這主要歸因於與貸款構成相關的定性因素。

A few final thoughts on our financial condition. Our balance sheet remains well capitalized and liquid with total assets of $3.2 billion, up slightly versus the linked quarter. The holding company and bank both saw expanding capital ratio during the second quarter with our consolidated common equity Tier 1 ratio now at 10.17% versus 10.04% in the prior quarter.

最後談談我們財務狀況的一些想法。我們的資產負債表仍資本充足且流動性充足，總資產為 32 億美元，較上一季略有成長。控股公司和銀行的資本充足率在第二季度均有所擴大，我們的合併普通股一級資本充足率目前為 10.17%，而上一季為 10.04%。

We repurchased 14,626 shares at a weighted average price of $28.86 per share during the quarter ended June 30, 2025, and have 205,000 shares remaining on our authorization.

在截至 2025 年 6 月 30 日的季度內，我們以每股 28.86 美元的加權平均價格回購了 14,626 股，並且我們的授權剩餘 205,000 股。

I'd like to now turn it back over to Chris for his closing remarks.

現在我想把發言權交還給克里斯，請他作最後發言。

Thanks, Courtney. To wrap things up, the last several quarters have been a time of material progress at the company. I want to emphasize how gratified we are to see the results of careful planning translate into excellent performance.

謝謝，考特尼。總而言之，過去幾季是公司取得實質進展的時期。我想強調的是，看到精心策劃的成果轉化為出色的表現，我們感到非常欣慰。

We continue to execute on key strategic initiatives, including building out our SBA platform, attracting talented deposit teams and making the necessary investments in our risk and technology platforms to ensure that the company is prepared for an era of technological evolution and innovation.

我們繼續執行關鍵策略舉措，包括建立我們的 SBA 平台、吸引優秀的存款團隊以及對我們的風險和技術平台進行必要的投資，以確保公司為技術變革和創新時代做好準備。

None of these achievements would have been possible without the dedication and commitment of so many team members. On behalf of our Board of Directors and our shareholders, I'd like to commend the team on a job well done.

如果沒有眾多團隊成員的奉獻和投入，這些成就都不可能實現。我謹代表董事會和股東對團隊的出色工作表示讚揚。

To reiterate some of the milestones we've achieved, we have meaningfully improved our asset quality with nonperforming loans dropping from a peak of $65 million in the third quarter of 2024 to just under $24 million this quarter or 89 basis points of total loans.

為了重申我們已取得的一些里程碑，我們已顯著改善資產質量，不良貸款從 2024 年第三季度的 6500 萬美元峰值下降到本季度的略低於 2400 萬美元，佔貸款總額的 89 個基點。

Concurrently, we've reduced our CRE exposure as a percentage of total risk-based capital to 349%, down from 382% at the midpoint of 2024. This represents our lowest concentration in 10 years.

同時，我們將 CRE 曝險佔風險資本總額的百分比從 2024 年中期的 382% 降至 349%。這是我們十年來的最低濃度。

We've reduced our broker deposits by over $400 million from their peak and have replaced them with lower-cost core deposits. Our growing SBA platform has shown considerable progress in the first six months of this year and recent additions to our private client groups are expected to further improve our deposit portfolio.

我們已將經紀人存款從高峰減少了 4 億多美元，並用成本較低的核心存款取代。我們不斷發展的 SBA 平台在今年上半年取得了長足的進步，而我們私人客戶群的新增成員預計將進一步改善我們的存款組合。

Finally, our performance has continued to improve with our net interest margin now reaching 310 basis points and our return on average assets hitting 114 basis points. As much as we've accomplished over the past year, we remain excited about the bank's future and expect continued improvement in our profitability moving forward.

最後，我們的績效持續改善，淨利差現已達到 310 個基點，平均資產報酬率達到 114 個基點。儘管我們在過去一年中取得了許多成就，但我們仍然對銀行的未來感到興奮，並期望未來的獲利能力繼續提高。

This concludes our prepared remarks. Operator, will you please begin the question-and-answer session?

我們的準備好的演講到此結束。接線生，請您開始問答環節好嗎？

(Operator Instructions)

（操作員指示）

Feddie Strickland, Hovde Group.

費迪·斯特里克蘭，霍夫德集團。

Hey, good morning. It's great to see the DDA growth in the quarter, and it sounds like you have some more stuff pipeline. Do you have a longer-term target in terms of DDAs to deposits? I think you're at about 14% today.

嘿，早安。很高興看到本季度 DDA 的成長，聽起來您還有更多的東西要推出。您對直接付款轉存款有長期目標嗎？我認為你今天的成功率大約是 14%。

Morning Fatty. Thanks for the question. We don't have a hard target in mind. We clearly are looking to expand that percentage. We want to make sure that we bring the wholesale funding ratio down. We probably watch that, we certainly watch that closely.

早上好，胖子。謝謝你的提問。我們心中沒有一個硬性目標。我們顯然希望擴大這一比例。我們希望確保批發融資比率下降。我們可能會關注這一點，我們肯定會密切關注這一點。

But I think it's safe to say that given the investments we're making, people we're bringing on, the way we've restructured our own teams internally over the past year, the platform that we put in place that we're looking to meaningfully expand it. I'd be hesitant to put a number on it, and we're going to be reporting on it regularly. But it's the reason that we're making these plans on these investments.

但我認為可以肯定地說，考慮到我們正在進行的投資、我們正在招募的人才、我們在過去一年中內部重組我們自己的團隊的方式以及我們建立的平台，我們正在尋求對其進行有意義的擴展。我不太願意給出一個具體數字，我們會定期對此進行報告。但這正是我們制定這些投資計畫的原因。

Got it. And then just should we expect the level of broker deposits to continue grinding lower in the future quarters? Or do you think maybe we see that level off, just depending on the attractiveness of the rates of the broker versus retail?

知道了。那麼我們是否應該預期未來幾季經紀人存款水準將持續走低？或者您認為我們會看到這一水平，僅取決於經紀商與零售商的利率的吸引力？

I think it really depends. We've made a very meaningful dent in it. We brought it down by about half. And from here on in, it's a function of what comes in the door. We certainly want to be back in the mode of growing the loan book.

我認為這確實取決於情況。我們對此已經取得了非常有意義的進展。我們將其降低了大約一半。從現在開始，它就變成了進門時的功能。我們當然希望恢復增加貸款的模式。

And as deposits come in, then the question becomes, is -- it certainly won't be dollar for dollar, I would expect pay down broker with new money, and then it becomes an art form of how much loan growth and what are market rates.

隨著存款的到來，問題就變成了——這肯定不會是一美元對一美元的，我希望用新資金償還經紀人，然後它就變成了貸款增長多少和市場利率是多少的一種藝術形式。

But since we've taken them down by half we're not looking to be as dramatic, I'd say, and it depends on the market opportunities but the number will get lower over time. It's really a function of the performance we're going to get in our deposit gathering efforts.

但既然我們已經將其減少了一半，我們就不會考慮採取如此大幅度的行動，我想說，這取決於市場機會，但隨著時間的推移，這個數字會越來越低。這其實取決於我們在存款收集工作中所取得的成績。

Got it. Thanks for that, Chris. And just if I could squeeze in one more for Matt. If you could just give a little bit of an update on what you're hearing from your health care customers. Anything incrementally different?

知道了。謝謝你，克里斯。如果我能再為馬特擠出一點時間就好了。如果您能稍微介紹一下您從醫療保健客戶那裡聽到的最新情況。有什麼逐漸不同的嗎？

No, there was some concern around new legislation with a big focus on Medicaid cuts from the research that we've done and some third parties. It appears that our borrowers are not really impacted by the new legislation.

不，根據我們和一些第三方所做的研究，人們對新立法有些擔憂，重點是削減醫療補助。看來我們的借款人並沒有真正受到新立法的影響。

So in the near term, we're feeling really good with the health care book and continue to see the book to be a profitable source of business here, I think it will not only on the loan side, but the fee and the deposit side.

因此，在短期內，我們對醫療保健業務感到非常滿意，並將繼續認為該業務將成為我們盈利的業務來源，我認為它不僅在貸款方面，而且在費用和存款方面。

All right. Great. That's it for me. Thanks for taking my questions.

好的。偉大的。對我來說就是這樣。感謝您回答我的問題。

Thanks, Fatty.

謝謝，胖子。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

Hi, good morning.

嗨，早安。

Hey, good morning. Is this actually Steve?

嘿，早安。這真的是史蒂夫嗎？

It is, yes, Chris, how are you doing?

是的，克里斯，你好嗎？

Well, thank you. How about you?

好的，謝謝你。你呢？

I'm doing pretty good. Maybe just on the deposit side here following up, with the five teams now that you've hired with the new three teams are patina, just kind of wondering if you could size up the book of business and how we could think about that total potential here over the next 12 to 24 months?

我做得很好。也許只是在存款方面跟進，現在您已經僱用了五支團隊，而新的三支團隊都很出色，只是想知道您是否可以評估一下業務規模，以及我們如何看待未來 12 到 24 個月的總潛力？

Well, you said the word potential and I think that's the right way to think about the teams. Largely new to the company, so actual production is not driving the growth that we've seen in core deposits. Those are actually the deposits that we've been working on over the past several years.

嗯，你說了潛力這個詞，我認為這是思考團隊的正確方式。對於公司來說這基本上是一個新事物，因此實際產量並沒有推動我們在核心礦床中看到的成長。這些實際上是我們過去幾年一直在研究的存款。

But the potential, as we spoke to the folks that comprise these teams, all of the teams had multiple tens of millions of business hundreds of million dollars in their books of business and prior organizations, and now it's -- how can we make that translate into deposits on our balance sheet. We've been thinking about this for a while.

但是，正如我們與組成這些團隊的人員交談時所說，所有團隊在其業務賬簿和之前的組織中都擁有數千萬甚至數億美元的業務潛力，現在的問題是——我們如何才能將其轉化為資產負債表上的存款。我們已經考慮這個問題有一段時間了。

We (technical difficulty) successful, including the ability to open new relationships, new accounts in same day, next day, which has been a stumbling block in some organizations. So we think that our planning is going to pay off in the translation of new deposits, but they're so new to the organization. It's really -- we're waiting for those results to materialize.

我們（技術難題）取得了成功，包括能夠在同一天、第二天建立新的關係、新的帳戶，而這在某些組織中是一個絆腳石。因此，我們認為我們的計劃將在新存款的翻譯方面獲得回報，但它們對組織來說還很新。確實——我們正在等待這些結果的實現。

And Steve, that one day account opening is very important for us and keeping our reputation with new customers and with new team members is important. So any additions that we make going forward we will absolutely have in mind what's the right pace because we want everybody to have the right experience.

史蒂夫，有一天開立帳戶對我們來說非常重要，在新客戶和新團隊成員面前保持我們的聲譽也很重要。因此，我們今後進行的任何補充絕對會考慮正確的節奏，因為我們希望每個人都能擁有正確的體驗。

And once again, I mean, as Matt said, there are hundreds of millions of dollars from for organizations. I don't know that we're not going to feel comfortable putting a number on what comes over and what that translates to at this point because it's so early in the game.

再說一次，正如馬特所說，各組織獲得了數億美元的資金。我不知道我們是否會不願意對發生的事情和現在這意味著什麼給出一個數字，因為現在還處於遊戲的早期階段。

But certainly, we would not be making these investments if we were not expecting significant numbers, and we'll be reporting on it regularly. So more data as the quarters unfold, but we're very constructive on it and the experience we've had, we feel like we've hired the right people, and we're getting incoming calls, I should say that, too.

但當然，如果我們不期望獲得大量收益，我們就不會進行這些投資，而且我們會定期報告。因此，隨著季度的展開，會有更多數據，但我們對此非常有建設性，並且根據我們的經驗，我們覺得我們僱用了合適的人才，而且我們也接到了來電，我應該這麼說。

Okay. Appreciate that color there. And then on credit here, just wondering, you kind of hinted Chris, at resolution stuff over time here. Just curious, what that timeline could look like? The third or fourth quarter or might some of testers into 2026?

好的。欣賞那裡的顏色。然後在這裡說一下信用，我只是想知道，你暗示克里斯，隨著時間的推移，解決問題。只是好奇，時間線是什麼樣的？第三季或第四季度，或者一些測試人員可能會進入 2026 年？

Are you specifically talking about the couple of non-performers we got left?

您具體是在談論我們剩下的那幾個表現不佳的人嗎？

Correct. Especially bigger ones, yeah.

正確的。尤其是較大的，是的。

Yeah, we have those too. So we've got one we sign a page, and I'll hand it over to you, Matt.

是的，我們也有。所以我們簽了一頁，然後我會把它交給你，馬特。

Sure. page 21 has some detail there. Loan 1 which is a retail building suburban Westchester, we feel pretty good about that one. We think it could refinance away from us in a relatively short amount of time, two quarters. That's going to depend on execution on other banks. So I can't be certain of timing there, but we feel like that one is going away from us in the next several months. So more to come there.

當然。第 21 頁有一些詳細資訊。貸款 1 是位於威斯特徹斯特郊區的一座零售建築，我們對此感覺很好。我們認為它可以在相對較短的時間內（兩個季度）完成再融資。這將取決於其他銀行的執行情況。所以我不能確定具體時間，但我們感覺在接下來的幾個月裡，這種情況將會消失。因此，還會有更多內容。

Loan 2, not as hopeful that, that will be resolved anytime soon. That's a multi-bank participation. There's a common sponsor that has more trouble other than this one loan. So I think that one is going to take a little bit longer to unfold.

貸款 2，不那麼有希望，很快就會解決。這是多家銀行的參與。除了這筆貸款之外，還有一個共同的擔保人遇到了更多麻煩。所以我認為這個問題還需要更長的時間來解決。

Okay. Appreciate that. And then on the margin here in terms of being liability-sensitive, just kind of curious, what you guys think 25 basis point cut by the Fed would imply for -- would do to your margin?

好的。非常感謝。然後，就這裡的負債敏感性保證金而言，我只是有點好奇，你們認為聯準會降息 25 個基點意味著什麼——會對你們的保證金產生什麼影響？

Well, at this point, it wouldn't let or answer the question, but that will be a 2026 event in terms of margin. And if it happens at this point in the year, we feel it's impact later, but -- Courtney?

嗯，目前，它還不能回答這個問題，但從利潤率來看，這將是 2026 年的事件。如果這件事在今年這個時候發生，我們以後會感受到它的影響，但是－－考特尼？

Yeah. So I still -- we were very successful with repricing our CDs in the first half of the year, about $750 million on average 80 basis points lower. We still have more room to go with the remainder of our rolling off brokered and time.

是的。因此，我仍然——我們在上半年非常成功地重新定價了我們的 CD，平均降低了 80 個基點，約為 7.5 億美元。我們仍然有更多的空間來處理剩餘的經紀和時間。

But a further rate cut, I would say, even without a rate cut right now, probably another 5 basis points to 10 basis points on NIM just on where rates are today. So us being able to reprice our time deposits down even further, offset by our variable rate loans, probably another 10 basis points on top of that.

但我想說，即使現在不降息，如果進一步降息，淨利差也可能在當前利率水準的基礎上再下調 5 到 10 個基點。因此，我們可以進一步降低定期存款的價格，並透過浮動利率貸款來抵消，可能在此基礎上再降低 10 個基點。

But yeah, we are very optimistic as far as where we think our NIM will end up at the end of this year, just given what we have to reprice in our existing book without rate cuts.

但是的，我們對今年年底的淨利差水準非常樂觀，因為如果不降息，我們必須在現有帳簿上重新定價。

Great. I really appreciate all the color here. Thank you very much. Nice quarter.

偉大的。我真的很欣賞這裡的所有色彩。非常感謝。不錯的季度。

Okay. Thanks so much.

好的。非常感謝。

David Konrad, KBW.

大衛·康拉德，KBW。

Yeah, good morning. Nice quarter.

是的，早安。不錯的季度。

Good morning, David. Thank you.

早安，大衛。謝謝。

Most of my questions, if not all, have been asked and answered, so I appreciate that. But just maybe one on expenses. I think the guidance implies maybe $30 million in the back half, with all the teams kind of just hired, does the progression maybe go up to $15 million a quarter flat? Or should -- will it build kind of throughout the year?

我的大部分問題（如果不是全部的話）都已經得到解答，因此我很感激。但也許只是費用問題。我認為指導意味著下半年可能為 3000 萬美元，由於所有團隊都剛剛被聘用，進展是否可能會上升到每季 1500 萬美元？或者應該——它會全年都在建設嗎？

It should stay relatively flat. I mean, I think that's a fair assumption, the $15 million. We've done some investment in the first half of this year. And we've added teams in the second quarter, and we're starting to adjust for our compensation structure as those teams have come on. So we anticipate it to level off in the back half.

它應該保持相對平坦。我的意思是，我認為 1500 萬美元是一個合理的假設。我們今年上半年做了一些投資。我們在第二季度增加了一些團隊，隨著這些團隊的加入，我們開始調整我們的薪資結構。因此我們預計它將在下半年趨於平穩。

Got it. Thank you.

知道了。謝謝。

Thanks, David.

謝謝，大衛。

Ladies and gentlemen, this will conclude today's call. We thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝大家的加入。您現在可以斷開連線。