Byline Bancorp Inc (BY) 2025 Q3 法說會逐字稿

Good morning and welcome to the Byline Bancorp 3rd quarter 2025 earning school. My name is Carly and I'll be the conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question answer period. If you to ask a question during that period, simply press the start button followed by one on your telephone keypad. If you'd like to withdraw your question, please press start and 2. If you're listening via speakerphone, please ensure you lift the handset prior to asking a question. If you require operator assistance throughout the call by o.

早安，歡迎參加 Byline Bancorp 2025 年第三季收益培訓課程。我叫卡莉，今天由我來擔任會議接線生。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。在此期間，如果您想提問，只需按下開始鍵，然後按下電話鍵盤上的數字鍵即可。如果您想撤回您的問題，請按開始鍵和 2。如果您正在使用免持通話，請確保在提問前拿起聽筒。如果您在通話過程中需要接線員協助，請按 o。

Please note this conference call is being recorded at this time. I'd like to introduce Brooks Rennie, head of investor relations at Biland Bank.

請注意，本次電話會議正在錄音。我謹向大家介紹比蘭銀行投資人關係主管布魯克斯‧倫尼。

Thank you, Carly. Good morning, everyone, and thank you for joining us today for the Byline Bancorp 3rd quarter 2025 earnings call. In accordance with regulation of the, this call is being recorded and is available via webcast on our our investor relations website, along with our earnings release and the corresponding presentation slides.

謝謝你，卡莉。各位早安，感謝大家今天參加 Byline Bancorp 2025 年第三季財報電話會議。根據相關規定，本次電話會議將被錄音，並透過網路直播在我們的投資者關係網站上提供，同時也將發布我們的收益報告和相應的簡報。

As part of today's call, management may make certain statements that constitute projections, beliefs, or other forward-looking statements regarding future events or the future financial performance of the company.

在今天的電話會議中，管理階層可能會發表一些關於未來事件或公司未來財務表現的預測、信念或其他前瞻性聲明。

We caution that such statements are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed. The company's risk factors are disclosed and discussed in SEC filings.

我們提醒您，此類聲明存在一定的風險、不確定性及其他因素，可能導致實際結果與討論的結果有重大差異。公司的風險因素已在提交給美國證券交易委員會的文件中披露和討論。

In addition, our remarks and slides may reference or contain certain non-GAAP financial measures which are intended to supplement but not substitute for the most directly comparable GAAP measures. Reconciliation, each non-GAAP financial measures to the comparable GAAP financial measure can be found within the appendix of the earnings release. For additional information about risks and uncertainties, we see the forward-looking statement and non-GAAP financial measures disclosures in the earnings release.

此外，我們的發言和投影片可能會提及或包含某些非公認會計準則財務指標，這些指標旨在補充而非取代最直接可比較的公認會計準則指標。各項非GAAP財務指標與對應GAAP財務指標的調節表可在獲利報告的附錄中找到。有關風險和不確定性的更多信息，請參閱盈利報告中的前瞻性聲明和非GAAP財務指標披露。

As a reminder for investors this quarter, we plan on attending the Hubby Financial Services Conference in Naples, Florida and the Piper Sadler Financial Services Conference in Miami in November. With that, I would now like to turn the conference call holder to Alberto Parcini, President of Byline Corp.

提醒各位投資者，本季我們將參加 11 月在佛羅裡達州那不勒斯舉行的 Hubby 金融服務會議和在邁阿密舉行的 Piper Sadler 金融服務會議。接下來，我想把電話會議的主持人交給 Byline Corp. 總裁 Alberto Parcini。

Thank you, Brooks, and good morning, everyone, and thank you for joining the call this morning to go over our 3rd quarter results. With me today are Chairman and CEO Roberto Hencia, our CFO Tom Bell, and our Chief Credit Officer Mark Cussonado. This quarter we streamlined the format to focus on key highlights for the quarter and our financial results so we can move quickly to Q&A and allow ample time for discussion.

謝謝布魯克斯，大家早安，謝謝各位今天早上參加電話會議，一起回顧我們第三季的業績。今天陪同我出席的有董事長兼執行長羅伯托·亨西亞、財務長湯姆·貝爾和首席信貸官馬克·庫索納多。本季我們簡化了流程，重點介紹本季的關鍵亮點和財務業績，以便我們能夠快速進入問答環節，並留出充足的時間進行討論。

Before we get started, I'd like to pass the call over to our Chairman Roberto Horecia for his remarks. Roberto.

在正式開始之前，我想把電話交給我們的主席羅伯托·霍雷西亞，請他發言。羅伯托。

Alberto, thank you and good morning to all. I appreciate you spending some time with us here this morning. The quarter caps a string of 12 consecutive quarters of very strong financial performance.

阿爾貝托，謝謝你，大家早安。感謝您今天上午抽出時間與我們共度時光。本季標誌著連續12個季度強勁的財務業績達到頂峰。

For violent and highlights the consistency of our execution, the resiliency of our business model, and the optionality and flexibility we strive to maintain in our operating model.

對於暴力事件，這凸顯了我們執行的一致性、我們商業模式的韌性，以及我們努力在營運模式中保持的選擇權和靈活性。

The team continues to run a very good bank, and for that we have to thank our team members and employees.

團隊一直經營著一家非常優秀的銀行，為此我們要感謝我們的團隊成員和員工。

Results reflect each and every one of their contributions which we value dearly.

結果反映了他們每一位成員的貢獻，我們對此非常珍惜。

This quarter, our SDA team went above and beyond anticipating government shutdown and allowing us to end the quarter strong and prepare as well for the end of the shutdown.

本季度，我們的 SDA 團隊超額完成了任務，預見到政府停擺，使我們能夠以強勁的勢頭結束本季度，並為政府停擺的結束做好了準備。

Whenever that comes.

無論何時到來。

Profitability metrics for the quarter were once again top quartile, as Alberto and TAM who reviewed. Credit quality continues to be stable to improve in some segments.

根據 Alberto 和 TAM 的審查，該季度的獲利指標再次位列前四分之一。信貸品質持續穩定，部分領域甚至有所改善。

Which against the backdrop of macro and certainty.

這一切都發生在宏觀經濟和確定性的背景下。

Heightened geopolitical tensions and more recently the federal government shut down.

地緣政治緊張局勢加劇，以及聯邦政府最近的停擺。

It has been surprising to the positive. We continue to be vigilant over those risks.

出乎意料的是，結果令人欣喜。我們將繼續對這些風險保持警惕。

Cap flexibility is a major differentiator.

薪資上限的靈活性是一項重要的差異化優勢。

Our capital ratios are strong and continue to build am strong profitability and solid revenue growth.

我們的資本充足率強勁，並持續推動獲利能力強勁和收入穩定成長。

Our primary deployment options, which Alberta has covered clearly in the past, continue to be the same.

我們主要的部署方案（阿爾伯塔省過去已明確闡述）仍保持不變。

Our stance on $10 billion asset threshold and M&A remain unchanged.

我們對100億美元資產門檻和併購的立場保持不變。

We are open to discipline deals that make sense like the ones you have seen in the past.

我們樂於接受像您過去看到的那種合理的紀律處分協議。

We have the capital to be opportunistic and believe we can deliver strong financial results on our own without the need to force a deal.

我們有足夠的資金抓住機遇，並且相信我們無需強行達成交易就能取得強勁的財務業績。

On the things that truly matter.

關於真正重要的事。

What our employees have tangibly achieved since we last spoke to you.

自上次與您交談以來，我們的員工取得了哪些實際成果。

We were recognized by the SBA in early August with the 2024 SBA 7A 504, and export lender of the year awards.

8 月初，我們獲得了美國小型企業管理局 (SBA) 頒發的 2024 年 SBA 7A 504 獎和年度出口貸款機構獎。

The 2nd year in a row, the Chicago Sun Times was named Byline Bank one of Chicago's best workplaces.

《芝加哥太陽時報》連續第二年將 Byline Bank 評為芝加哥最佳工作場所之一。

We now rank as one of the TOP25 workplaces in the city and 5th among large companies.

我們現在躋身全市前25強工作場所之列，在大公司中排名第5。

These results are based on our workplace policies, practices, philosophy, in addition to employee survey results, measuring the employee experience.

這些結果是基於我們的工作場所政策、實踐、理念以及員工調查結果，旨在衡量員工體驗。

Bland was also named once again to the 2026 America's best workplaces.

Bland 再次入選 2026 年美國最佳工作場所榜單。

By Best Companies Group as a result of our high level of employee engagement scores on our annual survey.

由於我們在年度調查中員工敬業度得分很高，因此被最佳公司集團評為最佳公司。

We continue to be very focused on employee engagement, development, and attracting the best talent.

我們始終非常注重員工敬業度、發展和吸引最優秀的人才。

We continue to experience as a result, low levels of employee turnover.

因此，我們的員工流動率一直很低。

With that, I'm happy to turn over the call to Alberto.

這樣，我很高興把電話交給阿爾貝托。

Great, and thank you, Roberto. In terms of the agenda for today, I'll kick us off with the highlights for the quarter followed by Tom, who'll cover the financials in more detail. I'll then return with closing comments before we open the call up for questions. So with that, let's turn to our results for the quarter, we delivered net income of $37 million or $0.82 per diluted share on revenue of $116 million a strong performance driven by solid execution. Revenue and EPS grew both quarter on quarter and 13.6% and 19% respectively on a year on year basis. Our performance continues to reflect excellent profitability with pre-tax preparation of $55 million pre-tax prever ROA of 2.25%. ROA of 1.5% and ROTC of 15.1%, which remains comfortably above our cost of capital, notwithstanding continued growth in our capital base. The margin expanded 9 basis points from last quarter to 4.27%, supported by an improved deposit mix and higher asset yields. Expenses remain well managed, and while our efficiency ratio is strong at 51%, we continue to actively look for ways to become more efficient and invest in the business at the same time.

太好了，謝謝你，羅伯托。今天的議程安排如下：首先，我將介紹本季的重點內容；接下來，Tom 將更詳細地介紹財務狀況。最後，我將作總結發言，之後我們將開放提問環節。那麼，接下來讓我們看看本季的業績，我們實現了 3,700 萬美元的淨收入，即每股攤薄收益 0.82 美元，營收為 1.16 億美元，這一強勁的業績得益於穩健的執行。營收和每股盈餘環比成長，年成長分別為 13.6% 和 19%。我們的業績持續展現出卓越的獲利能力，稅前準備金為 5,500 萬美元，稅前資產回報率 (ROA) 為 2.25%。資產回報率 (ROA) 為 1.5%，資本回報率 (ROTC) 為 15.1%，儘管我們的資本基礎持續增長，但這些指標仍然遠高於我們的資本成本。受存款結構改善和資產收益率提高的支撐，利潤率較上季擴大 9 個基點至 4.27%。費用控制得當，雖然我們的效率比率高達 51%，但我們仍在積極尋找提高效率的方法，同時對業務進行投資。

Moving on to the balance sheet, loans grew 6% in quarter and 11% on a year-to-date basis, ending at 7.5 billion. Deposits totaled 7.8 billion a quarter and we're up 1% quarter and 7% on a year-to-date.

接下來來看資產負債表，貸款本季成長 6%，年初至今成長 11%，達到 75 億美元。本季存款總額為 78 億，本季成長 1%，年初至今成長 7%。

Demand for credit remains stable from last quarter, with originations coming in at $264 million driven by our commercial banking and equipment leasing teams. Moving to credit costs declined this quarter with the provision coming in at 5.3 million, a decrease of $6.6 million compared to last quarter. Asset quality metrics all improved with the NPAs, NPLs, and net charge ups all declining compared to the prior quarter. The allowance remains strong at 1.42% of total loans.

信貸需求與上季相比保持穩定，新增信貸額為 2.64 億美元，主要得益於我們的商業銀行和設備租賃團隊。本季轉向信貸成本有所下降，撥備為 530 萬美元，比上一季減少了 660 萬美元。資產品質指標全面改善，不良貸款、不良貸款和淨費用增加額均較上一季下降。撥備仍堅挺，佔貸款總額的1.42%。

Turning to capital levels continue to grow and remain robust, with CET 1 surpassing 12%. Annual book value per share grew nicely this quarter, up 5% like quarter and 12% year on year.

資本水準持續成長並保持強勁，CET 1 超過 12%。本季每股年度帳面價值成長良好，季增 5%，年增 12%。

This quarter we also refinanced $75 million in subordinated debt. We leveraged the upgrade to our credit rating earlier this year with strong market demand to issue debt at an attractive level that reflected a 266 basis point improvement in our credit spreads. With that said, we continue to build capital, support balance sheet growth, future M&A opportunities, and increased capital flexibility. With that, I'd like to turn over the call to Tom, who'll provide you with more detail on our results.

本季我們也對 7,500 萬美元的次級債務進行了再融資。今年早些時候，我們利用信用評級的提升和強勁的市場需求，以有吸引力的水平發行了債務，這反映出我們的信用利差改善了 266 個基點。綜上所述，我們將繼續累積資本，支持資產負債表成長、未來的併購機會以及提高資本彈性。接下來，我想把電話交給湯姆，他會為大家詳細介紹我們的調查結果。

Thank you, Alberto, and good morning everyone.

謝謝你，阿爾貝托，大家早安。

Starting with our loans on slide 5, total loans increased $107 million or 6% annualized and was $7.5 billion at September 30th.

從投影片 5 的貸款開始，截至 9 月 30 日，貸款總額增加了 1.07 億美元，年化成長率為 6%，達到 75 億美元。

As Alberto mentioned, origination activity was solid for the quarter with $264 million in new loans, up 25% compared to a year ago.

正如阿爾貝託所提到的，本季貸款發放活動表現穩健，新增貸款額達 2.64 億美元，比去年同期成長 25%。

Payoff activity decreased $41 million from Q2 and stood at $205 million.

支付活動較第二季減少了 4,100 萬美元，目前為 2.05 億美元。

Loan commitments grew and dry activity added to the loan growth for the quarter even as line utilization remained relatively flat at 59%.

貸款承諾增加，而本季的無息貸款活動也推動了貸款成長，儘管信貸額度使用率保持在相對穩定的 59%。

As we look ahead for Q4, we expect loan growth to continue in the mid single-digits.

展望第四季度，我們預期貸款成長將持續維持在個位數中段水準。

I would like to know that our loan growth could be impacted somewhat by higher.

我想知道，更高的利率是否會對我們的貸款成長產生一定影響。

A government loan.

政府貸款。

Impact is somewhat higher by the government shutdown that goes into effect maybe in 2026. As a result, our government guarantee loan originations will remain on balance sheet until the government is reopened.

政府停擺的影響可能會更大，這種情況可能會在 2026 年發生。因此，在政府重新開放之前，我們政府擔保貸款的發放將繼續保留在資產負債表上。

Turning to slide 6.

翻到第6張投影片。

To deposits were $7.8 billion for the quarter, up slightly from the prior quarter.

本季存款額為78億美元，較上一季略有成長。

The uptick in deposits was due to non-interest-bearing accounts increasing $160 million or 9% li quarter.

存款增加是由於無息帳戶增加了 1.6 億美元，即每季增加了 9%。

Which was driven by seasonality and deposits. This was offset by decreases in time deposits, driven by lower brokered CDs and CDs shifting into money market accounts. We saw a continued improvement in the mix which drove deposit costs lower by 11 basis points to 2.16%. Turning the slide 7.

這主要受季節性和存款的影響。定期存款的減少抵消了這一影響，定期存款的減少是由於經紀公司發行的定期存款減少以及定期存款轉移到貨幣市場帳戶所致。我們看到資產組合持續改善，存款成本因此下降了11個基點，至2.16%。請看第7張投影片。

We had record net interest income of $99.9 million in Q3, up 4.1% from the prior quarter, primarily due to organic loan growth and lower rates paid on deposits.

第三季淨利息收入創歷史新高，達 9,990 萬美元，比上一季成長 4.1%，主要原因是貸款自然成長和存款利率下降。

This was offset by higher interest expense related to refinancing of the $75 million of sub debt this quarter, which contributed a 7 basis point drag on NIM.

本季與 7,500 萬美元次級債務再融資相關的較高利息支出抵消了上述成長，導致淨利差下降 7 個基點。

The net interest margin grew to 4.27%, up 9 basis points in quarter, and year over year NIM expanded 39 basis points.

淨利差成長至 4.27%，季增 9 個基點，較去年同期成長 39 個基點。

Specifically, we saw lower interest expense on deposits and higher rates on earning assets.

具體而言，我們看到存款利息支出減少，而生息資產的收益率提高。

As a reminder, our SBA loans reset on a quarterly lag.

再次提醒，我們的 SBA 貸款每季都會有一次重置。

As a result, the mid-September rate cut is effective October 1st.

因此，9月中旬的降息措施將於10月1日生效。

With the market expectations of two Fed cuts in the fourth quarter, we expect net interest income of $97 to $99 million.

鑑於市場預期聯準會將在第四季度降息兩次，我們預計淨利息收入為 9,700 萬至 9,900 萬美元。

I would note that earning asset growth and discipline pricing has generated growing NII in this declining rate environment.

需要指出的是，在利率下降的環境下，獲利資產成長和定價紀律帶來了不斷增長的淨利息收入。

Turn to slide 8.

翻到第8張幻燈片。

Non-interest income totaled $15.9 million in the third quarter, up 9.5% from the last quarter, primarily due to $7 million gain in sale on loans sold driven by higher volumes.

第三季非利息收入總計 1,590 萬美元，比上一季成長 9.5%，主要原因是貸款銷售量增加，帶來了 700 萬美元的銷售收益。

The SBA loan pipeline is solid. However, due to the government shutdown, we are currently unable to sell and settle loans in the secondary market.

美國小型企業管理局（SBA）的貸款管道暢通。然而，由於政府停擺，我們目前無法在二級市場出售和結算貸款。

Timing will determine the impact of our gain on sale income for Q4. As a result, we will not be providing gain on sale guidance for the 4th quarter.

收益對第四季度銷售收入的影響將取決於具體時間。因此，我們將不提供第四季的出售收益預期。

Turning slide 9.

翻到第9張投影片。

Our no expense came in at $60.5 million up 1.5% from the prior quarter.

我們的淨利潤為 6,050 萬美元，比上一季成長 1.5%。

The increase reflects higher salary employee benefits, including a $2 million in higher incentive compensation approvals due to higher performance and a $1.5 million dollar increase in managed expense, which includes $843,000 of remaining expense associated with the cost of debt.

此次成長反映了更高的員工薪酬福利，包括因業績提升而批准的 200 萬美元更高的激勵性薪酬，以及管理費用增加 150 萬美元，其中包括與債務成本相關的 84.3 萬美元剩餘費用。

These were partially offset by merger related and secondary public offering expenses recorded in the second quarter.

第二季記錄的併購相關費用和二次公開發行費用部分抵銷了這些損失。

Our efficiency ratio stood at 51% compared to 52.6% in the second quarter, an improvement of 161 basis points.

我們的效率比率為 51%，而第二季為 52.6%，提高了 161 個基點。

For Q4 we expect no expense in the same range as Q3 results.

我們預計第四季不會出現與第三季相同規模的支出。

Turn to slide 10.

翻到第10張投影片。

In the third quarter we saw credit metrics improve. Our allowance for credit losses decreased slightly to $105.7 million representing 1.42% of total loans, down 5 basis points from the prior quarter.

第三季我們看到信貸指標有所改善。我們的信貸損失準備金略微下降至 1.057 億美元，佔貸款總額的 1.42%，比上一季下降了 5 個基點。

The decline was primarily due to individual assessed loan resolutions in the quarter offset by loan growth and higher adjustments to economic factors.

此下降主要是由於本季度個別評估貸款解決方案的減少，但被貸款成長和對經濟因素的更高調整所抵消。

We recorded a $5.3 million dollar provision for credit losses in Q3 compared to $11.9 million in Q2.

第三季我們提列了 530 萬美元的信貸損失準備金，而第二季為 1,190 萬美元。

Net charge-offs decreased to $7.1 million compared to $7.7 million in the previous quarter.

淨沖銷額從上一季的 770 萬美元減少至 710 萬美元。

NPLs to total loans and leases decreased to 85 basis points in Q3 from 92 basis points in Q2.

第三季不良貸款佔貸款和租賃總額的比例從第二季的 92 個基點下降至 85 個基點。

NPA's total assets decreased to 69 basis points in Q3 from 75 basis points in Q2.

NPA 總資產從第二季的 75 個基點下降到第三季的 69 個基點。

Moving on to capital on slide 11. This quarter, our capital increased further with CET1 at 12.15%, and tangible common equity ratio was 10.78%. We increased our tangible book value per share by $1.02 up 5% lean quarter, and up 12% compared to last year.

接下來，請看第 11 張投影片，了解資本相關內容。本季度，我們的資本進一步成長，CET1 達到 12.15%，有形普通股權益比率為 10.78%。每股有形帳面價值增加了 1.02 美元，較上年同期成長 12%，季增 5%。

For the quarter, our total capital was 15.81%, which grew meaningfully due to the sub debt issuance. If you exclude the sub debt that was called on October 1st, total capital is approximately 15.14%. So that Alberto back to you.

本季度，我們的總資本為 15.81%，由於次級債務發行，資本實現了顯著增長。若排除10月1日被追繳的次級債務，總資本約為15.14%。所以，阿爾貝托把情況交還給你。

Thank you, Tom. So to wrap up on slide 12, we continue to execute well against our strategic priorities and our focus on building the preeminent commercial banking franchise in Chicago.

謝謝你，湯姆。最後總結第 12 頁的內容，我們繼續很好地執行我們的策略重點，並專注於在芝加哥建立一流的商業銀行特許經營權。

Earlier this year, we announced the expansion of our commercial payments business and the hiring of an experienced team to lead that effort. We've been focused on putting the infrastructure in place, establishing the requisite controls, and I'm happy to report that our pipelines are starting to build. Looking forward, we're focused on onboarding customers and scaling the business in 2026. We're also getting closer to the $10 billion asset mark. We anticipate crossing the threshold during the first quarter of next year, which means we will not see the effect of Durban and higher insurance assessments until 2027.

今年早些時候，我們宣布擴大商業支付業務，並聘請了一支經驗豐富的團隊來領導這項工作。我們一直專注於基礎設施建設和必要的管控措施，我很高興地報告，我們的管道系統已經開始建造。展望未來，我們將專注於在 2026 年吸引新客戶並擴大業務規模。我們的資產規模也越來越接近 100 億美元大關。我們預計將在明年第一季突破門檻，這意味著我們將在 2027 年之前不會看到德班和更高保險評估的影響。

Looking ahead for the rest of this year, our pipeline remains healthy, and we're optimistic about our ability to continue to execute for customers and deliver results for our shareholders. I'd like to thank all of our employees for supporting our customers and for their contributions to our results this quarter. With that operator, we can open the call up for questions.

展望今年剩餘時間，我們的專案儲備依然充足，我們對繼續為客戶執行專案並為股東創造回報的能力充滿信心。我要感謝所有員工對客戶的支持，以及他們為本季業績做出的貢獻。透過該接線員，我們可以開啟問答環節。

Thank you very much. We to open the lines for the Q&A. If you'd like to ask a question, please signal now by pressing staff by 1 on your telephone keypad. If you'd like to remove your line of questioning, you signal by staff by 2. As a reminder to raise a question, will be staff by 1. Our first question comes from David J. Long from Raymond James. David, your line is now open.

非常感謝。我們將開放問答環節。如果您有任何疑問，請立即按下電話鍵盤上的「員工」鍵（1），示意我們與您聯絡。如果你想取消提問，請向工作人員發出訊號 2。提醒大家，如有疑問，請於1日前聯絡工作人員。我們的第一個問題來自 Raymond James 公司的 David J. Long。大衛，你的線路已開通。

Good morning everyone.

大家早安。

Morning day David.

早安，大衛。

Let's talk about the margin here and net interest income. The banks screened as asset sensitive. You look at slide 7 and it indicates each 25-basis point cut in a ramp scenario hits your NII by about 2.5 million.

我們來談談利潤率和淨利息收入。這些銀行被篩選為資產敏感型銀行。你看第 7 張投影片，它顯示在成長方案中，每削減 25 個基點，你的淨利息收入就會減少約 250 萬美元。

What are the assumptions that are built into that right now?

目前其中隱含的假設是什麼？

Hi Dave, good morning. It's Tom. I mean we have been be beating the model assumption. I think it's in part due to what the competition is offering us as far as rates resets on deposits, and I think again we talked a little bit about in the past some of the premiums that were maybe paid during the liquidity events of years past, and we continue to look at the competition and look at where we can adjust rates, and I think that's what we've been really disciplined.

嗨，戴夫，早安。是湯姆。我的意思是，我們一直都在超越模型的假設。我認為這部分是由於競爭對手在存款利率重置方面向我們提供的優惠，而且我認為我們過去也稍微討論過過去幾年流動性事件期間可能支付的一些溢價，我們將繼續關注競爭對手，並尋找調整利率的機會，我認為這是我們一直堅持的原則。

To add to what Tom just said, I think also analytically we're better and we have gotten better. So in addition to just the competitive environment in Chicago overall improving over the years and becoming for those of us that have been in the market for a long time becoming certainly much more rational over the years. I think analytically we're getting, a bit better in being able to segment customers and being able to basically drive improvements in, costs related to accounts and different the different segments of our business which has contributed to what Tom just said. Which is essentially just outperforming our model a bit. So I think that's you're seeing the effect of that and and I would also just add you can look at the yields on loans and given the rate declines you are seeing loan yields come down just from the recess based on the mix between fixed and floating. We have benefited a little bit more too because rates have been higher, so any of the fixed rate refinancings that have been coming cash flowing out, we've improved nicely on including securities.

除了湯姆剛才說的，我認為從分析的角度來看，我們也進步了，而且做得更好了。因此，除了芝加哥整體競爭環境近年來不斷改善，對於我們這些長期身處市場的人來說，市場環境也變得更加理性之外，其他方面也更是如此。我認為，從分析的角度來看，我們在客戶細分方面做得更好，並且能夠有效地降低與帳戶相關的成本，以及我們業務的不同細分領域，這也促成了湯姆剛才所說的。這其實只是比我們的模型略勝一籌而已。所以我覺得這就是你看到的後果，我還想補充一點，你可以看看貸款收益率，鑑於利率下降，你會發現，由於固定利率和浮動利率的組合，貸款收益率在經濟衰退期間有所下降。由於利率較高，我們也從中受益更多，因此任何固定利率再融資帶來的現金流，加上證券，都得到了很好的改善。

Got it. No, that's some very good color and then in the quarter, the obvious, obviously on the funding side, real nice change in the mix, your funding, your deposit cost in particular came down.

知道了。不，這確實是一個非常好的跡象，而且在本季度，很明顯，在資金方面，資金結構發生了非常好的變化，特別是存款成本下降了。

Wiggle room do you have on the funding side and the deposit side to to to to still lower those costs, giving you an opportunity to to to continue to beat this model.

在資金方面和定金方面，你們還有哪些迴旋餘地來降低這些成本，從而有機會繼續超越這種模式？

I, again, I think we are asset sensitive and we do expect, I gave guidance on NII. We have obviously asset growth that's helped us nicely too, but we have some room on the CD book. It continues to reprice lower.

我再次強調，我認為我們對資產較為敏感，我們確實預期，我已經就淨利息收入給出了指導意見。顯然，資產成長也對我們有所幫助，但我們的 CD 帳簿上還有一些空間。它的價格持續走低。

We've been very short on the CD book, and I think, there are certainly some rack rate, deposits that we're not going to be able to reprice. So it's kind of a mix, Dave.

我們的 CD 存貨非常短缺，而且我認為，肯定有一些以原價訂金發行的 CD 無法重新定價。所以這是一種混合情況，戴夫。

I don't really thank you for any questions sorry.

我真的不太明白，謝謝你們的提問，抱歉。

Thank you very much. Our next question comes from Adam Kroll from Piper. Adam, your line is not open.

非常感謝。我們的下一個問題來自Piper公司的Adam Kroll。亞當，你的線路未接通。

Hi, good morning. This is Adam Kroll on for Nathan Race, and thanks for taking my questions.

您好，早安。這裡是亞當·克羅爾，代內森·雷斯連線，謝謝您回答我的問題。

Yeah, good morning, Adam. Hi Adam.

早安，亞當。嗨，亞當。

Yeah, so I guess given the recent pick up in M&A activity, especially in the Midwest and with your capital continuing to build up pretty strong cliffs, I'd be curious just to hear your updated thoughts on M&A and how you're thinking about managing capital levels.

是的，鑑於最近併購活動有所增加，尤其是在中西部地區，而且您的資本持續積累，形成相當強勁的勢頭，我很想听聽您對併購的最新看法，以及您是如何考慮管理資本水平的。

Yes, so I think, Roberto touched on it right at the beginning of the call, Adam, and I think we're certainly open for M&A, so we're, in terms of the usual discussion around how our conversations, I think we actively engage in conversations, so I think we that remains consistent, so we're certainly open. And actively looking at at opportunities that may present themselves in the in the marketplace here, so, but that's going to be, I think, consistent with the discipline around. Transactions that make sense for for us to do that we think deliver value for shareholders. So with that caveat, I think, we continue to look at opportunities and you know are hopeful that that we'll be able to continue to find situations that make sense as we have done in the past as far as capital priorities. I think those also remain consistent, we want to fund the growth of the banks. We want to have, capital that we can use opportunistically for M&A. We want to, have, a stable, and growing, dividend that we can, comfortably afford. And we have the safety valve, which is, we have a buyback authorization in place and when we have opportunities to acquire our stock at attractive levels, we have the flexibility to do that.

是的，我認為羅伯託在電話會議開始時就提到了這一點，亞當，我認為我們當然對併購持開放態度，所以，就我們通常的討論方式而言，我認為我們會積極參與對話，所以我認為這一點保持不變，因此我們當然持開放態度。並且積極尋找市場上可能出現的機會，但我認為這與我們所秉持的原則是一致的。我們認為，對我們而言有意義的交易能夠為股東創造價值。所以，考慮到這一點，我認為，我們會繼續尋找機會，並且希望能夠像過去一樣，繼續找到符合資本優先事項的合理情況。我認為這些目標也始終不變，我們希望為銀行的發展提供資金。我們希望擁有可以伺機併購的資金。我們希望獲得穩定且不斷增長的股息，並且能夠輕鬆負擔。我們還有安全閥，那就是我們已經制定了股票回購授權，當我們有機會以有吸引力的價格回購我們的股票時，我們可以靈活地這樣做。

Got it. And then, I appreciate the comments about, crossing 10 billion organically next year, but I was just curious if you could size up the estimated impact from Durban.

知道了。另外，我很感謝關於明年有機成長突破 100 億的評論，但我只是好奇您是否可以評估德班計畫預計帶來的影響。

I think I'm glad you asked the question because we get, we have not been asked that question directly on the call, so I think for Durwin today as we would look at the impact it would be somewhere between 4.5 to $5 million on the and that includes the FDIC effect as well.

我很高興你問了這個問題，因為我們在電話會議上還沒有人直接問過我們這個問題，所以我認為對於杜爾溫來說，今天我們來看，其影響將在 450 萬至 500 萬美元之間，這其中也包括了聯邦存款保險公司的影響。

And that would, as if we cross at any point in 2026, the Durban impact doesn't really go into effect until July 1st of the following year, so that would be 2027, whereas the effect of higher insurance costs comes after four consecutive quarters above $10 billion.

也就是說，如果我們在 2026 年的某個時候跨越這個界限，德班的影響要到第二年的 7 月 1 日才會真正生效，也就是 2027 年，而更高的保險成本的影響則是在連續四個季度超過 100 億美元之後才會顯現。

Got it.

知道了。

Thank you for asking thank you.

謝謝你的提問，謝謝。

For asking. Yeah, no, and thank you for asking the question because now we have that on the on the record.

問一下。是的，沒有，謝謝你提出這個問題，因為現在我們已經把這件事記錄在案了。

Yeah, no problem. If I could squeeze in one more, just, I appreciate the comments on Byline anticipating and preparing for the government shutdown, but I was curious if you could just touch on how the government shutdown has impacted your SBA business so far, and is there an upcoming deadline where it will materially impact your gain on sale in the 4th quarter?

好的，沒問題。如果我能再擠出一點時間，我很感謝您對 Byline 的評論，以及對政府停擺的預期和準備，但我很好奇您能否談談政府停擺迄今為止對您的 SBA 業務有何影響，以及對政府停擺的截止日期，這將對您第四季度的銷售收益產生實質性影響？

Very good question. And as we have been in the SBA business for some time, so you know we've had to navigate through shutdowns before, so our team is very experienced in terms of being able to navigate through usually the the short-term, impact of a shutdown, so.

問得好。由於我們從事 SBA 業務已經有一段時間了，所以你知道我們以前也經歷過停擺，因此我們的團隊在應對停擺的短期影響方面非常有經驗。

I think the first thing I would say is from an origination standpoint we continue to be active in originating SBA loans so that, continue to market, continue to TRY to originate, new business. On things that are in the pipeline, what we do is we tend to, in anticipation of a shutdown, we pull POP numbers so that we can continue to fund and close those loans given that we have the highest designation in the program as a under the preferred lender program.

我認為首先要說的是，從貸款發放的角度來看，我們將繼續積極發放 SBA 貸款，繼續進行市場推廣，並繼續努力拓展新業務。對於正在籌備中的項目，我們通常會在預期停擺的情況下，提取 POP 數據，以便我們能夠繼續為這些貸款提供資金並完成貸款，因為我們在該計劃中擁有最高級別的優先貸款機構資格。

The thing that potentially gets impacted, and it typically is a timing issue is During a shutdown we cannot sell and settle loans, so to the degree that we have loans that are available for sale and ready to be sold and the shutdown is still in effect, then we are effectively holding those loans until you know the the, government is back to work and we can then sell the loans in the secondary market and that's typically a timing. Issue.

可能會受到影響的，通常是一個時間問題。在政府停擺期間，我們無法出售和結算貸款。因此，如果我們有一些可供出售且準備出售的貸款，而政府停擺仍然有效，那麼我們實際上會持有這些貸款，直到政府恢復運作，我們才能在二級市場上出售這些貸款。這通常是一個時間問題。問題。

So I would say in the short run, unless we really get here into a protracted shutdown where we're here, let's say, mid November or so, and the government is still not back to work. That that may impact, the timing of, loans that we would otherwise would be selling in the 4th quarter. We may then, sell probably in the in the 1st quarter, so that would be the short-term impact and obviously that has a positive effect too, because we're essentially, even though we can't sell them, so yes, there might be a delay or a timing issue with gain on sale income, we actually earn the carry on the loan because we'll carry the loans on our on our balance sheet. So, but that's hopefully that answers your question and I think that's the that's in short the the summary on that.

所以我認為，短期內，除非我們真的陷入長期停擺，比如說到了 11 月中旬左右，政府仍然沒有復工。這可能會影響我們原本計劃在第四季度出售的貸款的出售時間。那麼我們可能會在第一季出售，這將是短期影響，顯然這也會產生積極影響，因為即使我們實際上無法出售它們，所以是的，出售收益收入可能會有延遲或時間問題，但我們實際上會獲得貸款的利息收入，因為我們會將這些貸款保留在我們的資產負債表上。所以，希望這能回答你的問題，我想這就是對這個問題的簡要總結。

Yeah, I really appreciate the color and thanks for taking my questions.

是的，我很喜歡這個顏色，謝謝你回答我的問題。

Thanks.

謝謝。

Thank you very much. Our next question comes from Brian Martin from Janie Montgomery Scott. Brian, your line's not open.

非常感謝。下一個問題來自 Janie Montgomery Scott 的 Brian Martin。布萊恩，你的線路未接通。

Hey, good morning, everyone. Congrats on the quarter.

嘿，大家早安。恭喜你本季取得佳績。

Thank you, Brian. Thanks, Brian.

謝謝你，布萊恩。謝謝你，布萊恩。

Tom, you mentioned in your remarks, I think on the on the deposit mix change it sounds as though maybe that may bounce back a little bit with the with the GDA just in terms of how to think about, kind of margin. Some of that was seasonal, the strong growth this quarter and the mix changes that you think it's kind of sustainable where that mix is at today.

湯姆，你在發言中提到了存款組合的變化，我認為，就利潤率而言，GDA 可能會對此有所反彈。部分原因是季節性因素，本季強勁成長，以及產品組合的變化，你認為目前的這種產品組合是可持續的。

No, that's correct. It's seasonality. There are outflows in GDA.

沒錯。這是季節性因素造成的。GDA存在資金外流。

You know.

你知道。

Yeah, gotcha. Okay, alright, and then, can you just talk a little bit about you guys talked about the competitive landscape I guess heard from several other banks recently just the competition has gotten stronger on the deposit side and even on the loan side in in the market. What you're seeing competitively is it sounds like it's gotten a little bit easier from your commentary, but that's over time rather than just kind of recently, but just the competitive landscape just a little commentary if you can on loans and deposits.

好的，明白了。好的，好的，那麼，你們能不能稍微談談你們剛才提到的競爭格局？我最近也從其他幾家銀行了解到，市場上存款方面甚至貸款方面的競爭都變得更加激烈了。從你的評論來看，競爭似乎變得稍微容易了一些，但這並非近期才有的變化，而是隨著時間的推移而發生的。請你對貸款和存款方面的競爭格局做一些評論。

I, it's still competitive. I would just again remind everyone, right? We, we're still a relationship bank, we bring in core deposits with our commercial accounts and that helps support.

我覺得競爭依然激烈。我再提醒大家一遍，對吧？我們仍然是一家關係型銀行，我們透過商業帳戶獲得核心存款，這有助於維持營運。

Our margin and our spread, so it's not all at the margin funding that's going on here so that we're benefiting from that and then I think just being short on the CD book has allowed us to reprice just given the expectations of more cuts to come here.

我們的利潤率和價差，所以這裡發生的融資並非全部來自利潤率，我們從中受益，而且我認為，由於預期未來會有更多降息，CD 合約的短缺使我們能夠重新定價。

So it's still competitive, I think you can see where the market is trading or, offers are for new money, so to speak, but it's more about the relationship and the small business banking relationships and our commercial relationships.

所以競爭仍然激烈，我認為你可以看出市場在做什麼，或者說，提供的都是新的資金，但更重要的是關係，是小企業銀行關係和我們的商業關係。

Brian, just to add to one thing on the question on the, particularly on the asset side, I think I think Tom is spot on, in that, it's always competitive, but look, I, when you look at Markets in general, whether it's investment grade, whether it's high yield, spreads are at all times.

Brian，關於這個問題，特別是資產方面，我想補充一點。我認為 Tom 的說法完全正確，那就是市場競爭總是很激烈的。但是，你看，當你觀察整個市場時，無論是投資等級債券還是高收益債券，利差始終存在。

Tight levels so I I it's not inconsistent to think that you know some of that would spill in into kind of the market and from and yeah, do we see some of that yes, some businesses have gotten, a little bit more competitive or there's more competition people are willing to trade off a bit more in pricing in order to get, high-quality transactions but. It's always competitive and you know it's you just have to manage your business accordingly.

市場水平緊張，所以我認為，其中一些因素會滲透到市場中，這並不矛盾。是的，我們看到了一些這樣的情況，有些企業變得更加競爭激烈，或者說競爭更加激烈，人們願意在價格上做出更多讓步，以獲得高品質的交易。這個行業競爭一直都很激烈，你也知道這一點，你只需要相應地管理你的業務。

Gotcha. No, I appreciate that, Alberto, and, maybe just one back to the the margin, just one comment, Tom, I guess it sounds like, obviously good expansion in the quarter, but it sounds like even with that expansion you kind of went through the the benefit from, you had the impact on the sub debt and they're just trying to get a sense for maybe if you can talk or give a little thought on where the where the margin given. The seasonality that comes back on the DDA and then the impact of, that sub debt in the quarter kind of where did the margin kind of end the month or exit the quarter in September, just as kind of a starting point as we look forward.

明白了。不，我很感激，阿爾貝托。還有，關於利潤率，湯姆，我只想補充一點，聽起來，顯然本季擴張勢頭良好，但即便如此，似乎也受到了影響，例如對次級債務的影響。他們只是想了解一下，你能不能談談或稍微解釋一下利潤率的情況。季節性因素會影響 DDA，而季度次級債務的影響，以及 9 月季度末利潤率的情況，可以作為我們展望未來的起點。

You, Brian our NII guidance is still right in the same range. It's a little bit lower, on the low end just because we are expecting two cuts here in the 4th quarter. So we are still asset sensitive and we will have some slight decline in net interest income from that. So the margin would go down a little bit, I would say, to be determined based on the Fed cuts.

Brian，你對 NII 的指導仍然在相同的範圍內。實際值略低一些，這是因為我們預期第四季會有兩次裁員。因此，我們仍然對資產規模較為敏感，淨利息收入將因此略有下降。因此，我認為利潤率會略微下降，具體下降幅度將取決於聯準會的降息幅度。

Okay.

好的。

Alright, and maybe just the last one.

好吧，也許就最後一個吧。

Yeah, I hear you. A lot of pos it's.

是的，我明白了。很多都是正極。

You Know Related. It's about $1.5 million related to the interest expense on the sub debt that goes away, so that benefits us.

你知道相關內容。這筆錢大約是150萬美元，與次級債務的利息支出有關，這筆錢消失了，這對我們有好處。

We have earning asset growth that benefits us, so you know we still think we're in the same range.

我們擁有獲利資產成長，這對我們有利，所以你知道我們仍然認為我們處於同樣的水平。

Yeah, okay, I appreciate that, Tom. And then the last one for me was, can you guys just give a little comment here and just talk a little bit about the the commercial payments team and kind of where that, kind of what that business is and where it's, what your expectations kind of high level are without just so we can watch that going forward and thank you for taking the questions.

好的，謝謝你，湯姆。最後一個問題是，你們能否簡單介紹一下商業支付團隊，談談這個業務的性質和發展方向，以及你們對未來的期望，以便我們能夠更好地了解情況。感謝你們回答這些問題。

Sure, you bet, so I think earlier in the year we we announced and there's there's some we we actually got some picked up and and press and that we had we had hired a team, some experienced bankers, some of our bankers here had worked with these individuals before. So we had an opportunity to really bring on board high-quality talented individuals and we were fortunate to do that.

當然，沒錯。我想今年早些時候我們宣布了此事，而且確實有一些媒體報道了此事，我們聘請了一個團隊，一些經驗豐富的銀行家，我們這裡的一些銀行家以前就和這些人合作過。因此，我們有機會真正招攬到高素質的人才，我們很幸運能夠做到這一點。

But the gist of that business is really a commercial payments business. So think about high.

但這項業務的本質其實是商業支付業務。所以想想高處。

Trying to do business with businesses that are, originate a lot of ACH transactions, process payroll, for example, so you would have, payroll processors in that in that business, as well as, looking to be a sponsor bank for issuing and acquiring debit or prepaid cards. So that in summary, Brian, that's kind of the gist of the business, I like to use the term commercial payments because it's really more on the commercial banking side as opposed to this is not a retail product this is not something that's targeted at consumers. It's really trying to, do business with program sponsors that are high users of, payment products. And so far I think as I said on the comments.

例如，嘗試與那些發起大量 ACH 交易、處理工資的企業開展業務，這樣，該企業就會有工資處理商，並且，他們還希望成為發行和接收借記卡或預付卡的贊助銀行。綜上所述，布萊恩，這就是這項業務的要點。我喜歡用「商業支付」這個詞，因為它實際上更偏向商業銀行業務，而不是零售產品，它不是針對消費者的。它實際上是在努力與那些大量使用支付產品的節目贊助商開展業務。目前來看，我認為正如我在評論裡所說的那樣。

Initially it's about building the infrastructure, having the proper controls, making sure that we have, the necessary hires to support the team, not just from a sales standpoint, but, operationally and from a risk management standpoint. So that's been completed.

首先，要著眼於建立基礎設施，建立適當的控制措施，確保我們擁有必要的人員來支援團隊，不僅是從銷售的角度，而且是從營運和風險管理的角度。這件事已經完成了。

We've been actively, calling and.

我們一直在積極地打電話。

Trying to start building the business, the pipelines are, growing.

業務正在逐步發展，通路也不斷拓展。

We have, customers that were in the process of onboarding. These are, as you could probably, imagine, these are not. These are there there's more to onboarding a high volume, type, commercial customer as opposed to a simple, a more simpler, kind of loan and the posit basic relationship so the the onboarding process is a little bit lengthier, but we feel good where the team is, the pipeline is building and we'll start seeing. The impact of that, in 2026 and beyond, so we're super excited about that, segment of our business.

我們有正在辦理入職手續的客戶。正如你可能想的那樣，這些不是。與簡單的貸款和基本關係相比，高交易量、高類型商業客戶的入職流程要複雜得多，因此入職流程會稍微長一些，但我們對團隊目前的情況感到滿意，業務渠道正在建立，我們將開始看到成效。這在 2026 年及以後會產生影響，所以我們對這部分業務感到非常興奮。

Gotcha. And just to clarify, how those credits are typically are the smaller granular credits? Are they larger credits? What's kind of the typical, size range in those transactions?

明白了。為了澄清一下，這些學分通常是指較小的細分學分嗎？它們的學分比較高嗎？這些交易的典型規模範圍是多少？

Yeah, there's very little in credit, if any. It's really just a function more on the deposit side and on the treasury management side, right?

是的，幾乎沒有信用額度，甚至可能根本沒有。它實際上更多的是存款和資金管理方面的功能，對吧？

Gotcha. Okay, I appreciate that. Thanks guys.

明白了。好的，謝謝。謝謝各位。

Thanks Brian. Brian.

謝謝你，布萊恩。布萊恩。

Thank you very much.

非常感謝。

As a reminder, if you'd like to raise a question on today's call, please signal now by pressing start by one on your telephone keypad. Our next question comes from Steve Brandon Rudd from Stevens. Brandon, your line's not open.

再次提醒，如果您想在今天的電話會議上提出問題，請立即按電話鍵盤上的「開始」鍵（比實際開始時間早1個鍵）。下一個問題來自史蒂文斯理工學院的史蒂夫·布蘭登·魯德。布蘭登，你的線路未接通。

Hi hey, Brian, most of my questions have been, asked and answered already, but maybe just one modeling.

嗨，布萊恩，我的大部分問題都已經被問過並得到了解答，但可能只有一個建模方面的問題需要解答。

Question here, do you have the amount of fixed rate loans that are maturing over the next 12 months and how those yields compare to your new or origination yields?

請問您能否提供未來 12 個月內到期的固定利率貸款金額，以及這些貸款的收益率與您的新貸款或初始貸款收益率相比如何？

Yes, for 2026 it's roughly like $750 million.

是的，到 2026 年，大約是 7.5 億美元。

A&I would say that, again, depending on what happens with the forward curves, rates are at or slightly higher than where we are today.

A&I 表示，同樣地，這取決於遠期曲線的走勢，利率將與目前的水平持平或略高。

Okay, got it. So there's still a, there's still a lot that I, yes.

好的，明白了。所以，仍然有很多，是的，仍然有很多事情需要我去做。

Got you okay.

沒事了。

And May be just one because it was the topic early in the earning season I should ask.

或許只有一個問題，因為這是財報季初期的話題，我應該問這個問題。

Can you remind us of your NDFI exposure and what clients fall into that.

能否提醒我們貴公司在非金融機構領域的投資情況以及哪些客戶屬於該領域？

Bucket for You.

給你準備一桶水。

Yeah, it is so a general comment. So, Brandon, we have a roughly around $221 million that we would categorize in the call report as NDFI so that represents, just under 3% of our total loan portfolio. The one thing I would tell you about that that consists of. Commercial related transactions and business that we have done for a long time so we are not that doesn't include anything we haven't started anything for example to have a business that's focused on financing you know private credit funds or. Financing structured asset backed structured transactions.

是的，這確實是一個非常籠統的評論。布蘭登，我們大約有 2.21 億美元，我們在貸款報告中將其歸類為 NDFI，這相當於我們貸款組合總額的不到 3%。關於這件事，我唯一想告訴你的是它包含的內容。我們長期以來一直在進行商業相關的交易和業務，所以我們不涉及任何我們尚未開展的業務，例如專注於融資的業務，例如私人信貸基金之類的。為結構化資產支援的結構化交易提供融資。

These are things like, we finance, for instance, the acquisition of practices where a registered investment adviser acquires another small registered investment advisor and we finance that that practice.

例如，我們會為收購業務提供資金，例如一家註冊投資顧問公司收購另一家小型註冊投資顧問公司，我們會為該業務提供資金。

So there's a lot of granularity in that exposure and. It's not the, I would say it's an exposure that's materially different than, for example, the couple of cases that you guys saw this quarter related to NDFI lending by some other institutions.

因此，這種曝光具有非常精細的粒度。我認為，這與你們本季看到的一些其他機構向非發展金融機構 (NDFI) 放款的案例相比，在本質上並無不同。

Got it.

知道了。

Okay. Thank you and then.

好的，謝謝。

I think you're comment on expenses in the fourth quarter.

我認為你是在評論第四季的支出情況。

Similar to 32, so $59 million on a core basis. Is that also a good run rate to start off with for 2026 and then later on in in inflation and growth there?

與第 32 部類似，核心資產為 5,900 萬美元。這個成長率對於 2026 年的通膨和成長來說，是否也是一個不錯的起點？

We're not really giving guidance on 26, but I would just say that there's incentive comp that's built in this year that in theory, we reset for next year, so higher performance this year is warranting higher incentives. So we start over and I would expect those expense numbers to be lower.

我們並沒有對 26 日給出具體指導，但我只想說，今年的激勵薪酬方案中已經包含了激勵機制，理論上，我們會為明年重新設定該機制，因此今年的業績越好，激勵措施就越高。所以我們要重新開始，我預計這些費用數字會更低。

Got it.

知道了。

Okay, thank you for taking my question.

好的，謝謝您回答我的問題。

You back.

你回來了。

Thank you very much. Our next question comes in, excuse me, Matthew Wrent from KPW. Matthew, your line is not open.

非常感謝。下一個問題來自，不好意思，是 KPW 的 Matthew Wrent。馬修，你的線路未接通。

Hey everybody, I hope everybody's doing well today. Just a follow-up to the expense question, I appreciate the guidance for next quarter. In the prepared remarks you mentioned that you believe you can get the efficiency ratio lower.

大家好，希望大家今天一切都好。關於費用問題，我還有一個後續問題：感謝您對下個季度的指導。你在事先準備好的演講稿中提到，你認為可以進一步降低效率比。

So I was wondering if there was any initiatives you were contemplating or.

所以我想知道您是否正在考慮任何舉措或方案。

If there's any new technologies you were investing in that could drive operational efficiency.

如果您投資了任何可以提高營運效率的新技術。

Yes, good question, Matt. I think maybe the right way to think about it is we're, this is something that we're constantly looking at. We're constantly looking for ways in which we can operate more efficiently.

是的，問得好，馬特。我認為或許更恰當的思考方式是，我們一直在關注這個問題。我們一直在尋找提高營運效率的方法。

As you have seen, if you look at the trend with our efficiency ratio, it tends to bounce up. I think we've been in that kind of 49%, 52% range, which, compared to others compared to peers, I think we fare very well with it. What I would highlight with that is, it's something that we always want to be focused on because it provides us with investment capital to reinvest back into the business. So I wouldn't view it as just we have a program that we're doing and we're trying to execute against that program. We're constantly looking for ways in which we can, TRY to drive that efficiency as low as we can, or at least we can maintain it in at the levels kind of where it's at today so that we can generate opportunities for reinvestment back into the business.

如您所見，如果您觀察我們的效率比率趨勢，您會發現它往往會向上反彈。我認為我們一直保持在 49% 到 52% 的範圍內，與其他同行相比，我認為我們在這方面做得非常好。我想強調的是，這是我們一直想要關注的事情，因為它能為我們提供投資資金，以便我們再投資到業務中。所以，我不會把它看作是我們正在執行一個計劃，然後努力按照這個計劃去實施。我們一直在尋找各種方法，盡可能降低效率，或至少將其維持在目前的水平，以便創造機會將資金重新投入業務。

Got it, thank you. I appreciate the call. I'll step back.

明白了，謝謝。感謝您的來電。我退後一步。

Thank you very much.

非常感謝。

Next question comes from when Yannara, Bohane from Hope Group.

下一個問題來自 Hope Group 的 Yannara 和 Bohane。

Jara, your line is not open.

Jara，您的線路未接通。

Hi, good morning. This is Aer on for Brandon from Happy Group.

您好，早安。這裡是Happy Group的Aer，為您帶來Brandon的報道。

First question is, just to do with capital. We noticed that the share repurchasing kind of went down this quarter. Any thoughts on creating a more active repurchase program again and how you're thinking of reinvesting capital?

第一個問題，僅與資金有關。我們注意到本季股票回購有所下降。對於再次建立更積極的股票回購計劃，以及您打算如何進行資本再投資，您有什麼想法？

Yeah, I think consistent with the priorities that we mentioned.

是的，我認為這與我們之前提到的優先事項是一致的。

Earlier in the call, you, it's, I think capital priorities is, be able to support the growth of the company, support organic growth, have capital flexibility to pursue M&A consistent with, transactions that, like transactions we've done in the past, transactions that make sense that meet our criteria we certainly want to. Be able to execute on that and have the flexibility to do so, maintain a growing, comfortable, dividend over time and and the last thing is really the the safety valve, which is really, if we find ourselves having ex access capital and we have opportunities to acquire the stock at what we think are attractive levels for shareholders, then we would do that.

在先前的電話會議中，我認為資本優先事項是能夠支持公司的發展，支持內生成長，擁有資本靈活性以進行符合我們標準的併購交易，就像我們過去所做的交易一樣，那些有意義且符合我們標準的交易，我們當然希望進行。能夠執行這些措施，並有靈活性這樣做，隨著時間的推移保持不斷增長的、舒適的股息，最後一點是真正的安全閥，那就是，如果我們發現自己擁有額外的資金，並且有機會以我們認為對股東有吸引力的價格收購股票，那麼我們就會這樣做。

I was like thank you. And then my follow-up question is to do with new loan yields. So you guys originated 260 million of orig originations this quarter. Can you speak to where new paper price this quarter in relation to the portfolio yield of 7.14%?

我當時就說謝謝。接下來，我的後續問題與新貸款收益率有關。所以你們本季發起了 2.6 億次原創請求。您能否談談本季新股價格與 7.14% 的投資組合收益率之間的關係？

Sure, this is Tom. I mean, again, depending on the asset class, you do have different yields, but I would still say that spreads are 250 over sulfur to 300 over and then obviously the SBA business is higher than that.

當然，這是湯姆。我的意思是，同樣地，根據資產類別的不同，收益率也會有所不同，但我仍然認為硫磺的利差在 250 到 300 之間，而 SBA 業務的利差顯然更高。

Thank you. That's all my questions.

謝謝。我的問題就這些了。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Thank you very much. As a reminder, if you would like to raise a question on today's call, please signal now by pressing one on your telephone keypad.

非常感謝。再次提醒，如果您想在今天的電話會議上提出問題，請立即按下電話鍵盤上的 1 鍵示意。

Our question is a follow-up from David Long from Raymond James. David, your line is not open.

我們的問題是 Raymond James 的 David Long 提出的後續問題。大衛，你的線路未接通。

Hey guys, I just wanted to follow-up on credit. The two things one, the reserve level.

大家好，我只是想跟進一下信用方面的事情。兩件事，第一，儲備水準。

Looks like reserves were released in the quarter. Was that more a function of loan mix portfolio performance, or the economic outlook?

看來本季釋放了儲備金。這比較是貸款組合表現的問題，還是經濟前景的問題？

I think it was more around the resolution of loans with specific reserves, David, so we worked those assets out.

我覺得更多的是關於解決有特定儲備金的貸款問題，David，所以我們處理了這些資產。

We took the charges against the Pacific reserves, and we don't have those reserves anymore.

我們曾對太平洋儲備提出指控，但現在我們已經沒有這些儲備了。

Got it. And then with the SBA shutdown, how is that going to impact your reserving? I mean, if you're going to hold on to these loans potentially a little bit longer.

知道了。那麼，隨著美國小型企業管理局 (SBA) 的關閉，這將如何影響您的準備金？我的意思是，如果你打算再持有這些貸款一段時間的話。

You just talk through that process and how you think about that.

你只需要把這個過程以及你的想法都說出來就行了。

I mean we would look we would kind of if we're holding, I think that it's a good question so thank you for asking so if we're holding the full loan, as opposed to the, call it just the the unguaranteed portion only.

我的意思是，如果我們持有全部貸款，而不是僅僅持有未擔保部分，我認為這是一個很好的問題，所以謝謝你的提問。

We would have to be thinking about a a more protracted shutdown they would, we would still probably carry those loans as help for sale but to answer the the philosophical question as to how would we think if we were balance sheeting those loans, how would we think about setting reserves, I think we would look through the guaranteed portion and look at the at the unguaranteed exposure and then reserve accordingly.

我們需要考慮的是，如果停工時間更長，我們可能仍然會把這些貸款作為待售資產持有。但要回答關於如果我們對這些貸款進行資產負債表核算，我們會如何考慮如何設定準備金的哲學問題，我認為我們會先查看擔保部分，再查看無擔保風險敞口，然後據此提列準備金。

Okay awesome thanks guys appreciate.

好的，太棒了，謝謝各位，感激不盡。

It You bet. Thanks, Dave.

當然。謝謝你，戴夫。

Thank you very much. Our next question is a follow-up from Brian Martin from Jenny Montgomery Scott. Brian, your line is now open.

非常感謝。我們的下一個問題是來自 Jenny Montgomery Scott 的 Brian Martin 的後續問題。布萊恩，你的線路已開通。

Yeah, thanks guys. Just one last one for me was on the going back to the M&A for just one moment. It's given this greater priority than the buyback.

是啊，謝謝大家。最後，我想簡單談談併購方面的事。它比回購計劃享有更高的優先順序。

Can you just remind us, Alberto, just in terms of what what you're looking for in a transaction, what's important on the M&A opportunities you're going to consider and does it matter larger or smaller today or if you think about doing multiple deals at once, just TRY and understand that dynamic.

阿爾貝托，你能提醒我們一下，你在交易中尋找的是什麼？在你要考慮的併購機會中，什麼最重要？如今交易規模是大是小，還是你是否考慮同時進行多筆交易？試著去理解這種動態。

Thank you.

謝謝。

Yeah, I think that still very consistent with what we think is the opportunity set here in Chicago. So, broadly, Brian, I think institutions between let's say $400 million and and up to maybe, a couple billion dollars, obviously we've grown a bit.

是的，我認為這仍然與我們認為芝加哥所面臨的機會非常一致。所以，總的來說，布萊恩，我認為機構資產在 4 億美元到幾十億美元之間，顯然我們已經成長了一些。

So we can, we have the ability to tackle something a little bit larger today than let's say what we did, 2 years ago or 3 years ago.

所以，我們現在有能力處理一些比兩年前或三年前規模更大的事情。

The geography is still consistent, the greater Chicago metropolitan area, that means, does that mean strictly just the The city limits of Chicago, no greater Chicago, the suburbs, maybe going all the way up to Milwaukee, maybe going down, a bit into into northwest Indiana. I think that's that those are markets consistent with that.

地理範圍仍然保持不變，即大芝加哥都會區，這意味著，這是否僅僅意味著芝加哥市的邊界，不包括大芝加哥地區、郊區，可能一直延伸到密爾瓦基，也可能向下延伸到印第安納州西北部。我認為這些市場與此相符。

Financially attractive, strategically attractive, and we pay, as you, as we pay a lot of attention to deposits.

從財務上看起來很有吸引力，從戰略上看也很有吸引力，而且我們像您一樣重視存款，並支付相應的報酬。

If we think about the last 3 transactions that we've done, those were essentially transactions for us to acquire deposits, and then, redeploy those funds over time into the different lending businesses that we have. So it would have to be consistent, with that, but each opportunity is different, each situation is different, and the good news is.

如果我們回顧一下我們最近進行的 3 筆交易，這些交易本質上都是為了獲取存款，然後隨著時間的推移，將這些資金重新部署到我們不同的貸款業務中。所以它必須與此保持一致，但每個機會都不同，每種情況都不同，好消息是。

We built a team and we have a lot of experience with the team that's here that's done transactions here as opposed to just general experience that we may have from from just being, in the business and and having done M&A over the years. So we feel good about our team, our process, our playbook, and I think hopefully as as you guys can have seen the results, show that.

我們組建了一支團隊，這支團隊擁有豐富的交易經驗，而不僅僅是我們多年來從事併購業務所累積的一般經驗。所以我們對我們的團隊、我們的流程、我們的戰術手冊都感到滿意，我想希望你們也已經看到了結果，證明了這一點。

In our results, I should say.

應該說，就我們的結果而言。

Yeah, all right, thank you for the insight, Alberto. I appreciate it.

好的，謝謝你的見解，阿爾貝托。謝謝。

Thank you very much. We currently have no further questions, so I'd like to hand back to Mr. Paracchini for any further remarks.

非常感謝。目前我們沒有其他問題，所以我想把問題交還給先生。如有任何進一步意見，請聯絡 Paracchini。

Great. So, thank you, Carly, and thank you all for joining the call today and for your interest in Byline.

偉大的。所以，謝謝卡莉，也謝謝大家今天參加電話會議，謝謝大家對 Byline 的關注。

We want to wish you a happy Halloween, a happy Thanksgiving holiday, a happy holiday season, and we look forward to speaking to you again in the new year.

祝您萬聖節快樂、感恩節快樂、假期愉快，並期待在新的一年再次與您交流。

Thank you.

謝謝。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。您可以斷開線路。