Cadence Bank (CADE) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Cadence Bank third-quarter 2024 webcast and conference call. (Operator Instructions)

早安，歡迎來到 Cadence Bank 2024 年第三季網路廣播和電話會議。（操作員說明）

As a reminder, this conference is being recorded. I would now like to hand the call to Will Fisackerly, Director of Corporate Finance. Please go ahead.

提醒一下，本次會議正在錄製中。現在我想將電話轉給公司財務長威爾‧菲薩克利 (Will Fisackly)。請繼續。

Good morning, and thank you for joining the Cadence Bank third-quarter 2024 earnings conference call. We have members from our executive management team here with us this morning, Dan Rollins; Chris Bagley; Valerie Toalson; and Billy Braddock.

早安，感謝您參加 Cadence Bank 2024 年第三季財報電話會議。今天早上，我們的執行管理團隊成員 Dan Rollins 與我們在一起。克里斯‧巴格利；瓦萊麗·托爾森；和比利·布拉多克。

Our speakers will be referring to prepared slides during the discussion. You can find the slides by going to our Investor Relations page at ir.cadencebank.com, where you'll find them on the link to our webcast, or you can view them at the exhibit to the 8-K that we filed yesterday afternoon. These slides are also in the Presentations section of our Investor Relations website.

我們的演講者將在討論期間參考準備好的幻燈片。您可以訪問 ir.cadencebank.com 的投資者關係頁面找到這些幻燈片，您可以在我們的網路廣播連結上找到它們，或者您也可以在我們昨天下午提交的 8-K 展覽中觀看它們。這些幻燈片也位於我們投資者關係網站的簡報部分。

I would remind you that the presentation, along with our earnings release, contain our customary disclosures around forward-looking statements and any non-GAAP metrics that may be discussed. The disclosures regarding forward-looking statements contained in those documents apply to our presentation today.

我想提醒您的是，該簡報以及我們的收益發布包含我們圍繞前瞻性陳述和可能討論的任何非公認會計準則指標的慣例披露。這些文件中包含的有關前瞻性陳述的披露適用於我們今天的演示。

And now I'll turn to Dan for his opening comments.

現在我將請丹發表開場白。

Good morning. Thank you for joining us to discuss our third quarter 2024 financial results. After I cover a few highlights and Valerie provides additional detail on our financials, our executive management team will be available for questions.

早安.感謝您加入我們討論我們 2024 年第三季的財務表現。在我介紹了一些要點並且瓦萊麗提供了有關我們財務狀況的更多詳細資訊後，我們的執行管理團隊將可以回答問題。

We are proud to report third quarter results that reflect continued positive momentum for our company. Net income was $134.1 million or $0.72 per diluted common share, with adjusted net income from continuing operations for the third quarter of $135.6 million or $0.73 per diluted common share, an increase of $0.04 or 6% compared to the second quarter of '24.

我們很自豪地報告第三季業績，這反映了我們公司持續的積極勢頭。淨利為1.341 億美元，即每股稀釋普通股0.72 美元，第三季持續經營業務調整後淨利為1.356 億美元，即每股稀釋普通股0.73 美元，與2024 年第二季相比增加了0.04 美元，即6%。

From a balance sheet perspective, our deposit performance was a real highlight for the quarter. Our teams across the footprint have done a great job of retaining and expanding our deposits, resulting in significant growth in core customer deposits, over 11% on an annualized basis while holding deposit costs essentially flat, up just 2 basis points in the quarter. We also generated meaningful new loan commitments.

從資產負債表的角度來看，我們的存款表現是本季的真正亮點。我們各地的團隊在保留和擴大存款方面做得非常出色，導致核心客戶存款顯著成長，年化成長率超過 11%，同時存款成本基本上持平，本季僅上升 2 個基點。我們也做出了有意義的新貸款承諾。

Although loans were flat for the quarter as payoff pressures offset the growth due to active capital markets activities, creating paydowns as companies sell or refinance in permanent markets.

儘管本季貸款持平，因為資本市場活動活躍，償還壓力抵消了成長，隨著公司在永久市場出售或再融資，導致償還壓力。

Looking to the rest of the year, we are optimistic that our new loan originations will outpace the payoff pressures as our loan pipeline remains robust and diverse, and the economies in our footprint are performing very well.

展望今年剩餘時間，我們樂觀地認為，我們的新貸款發放將超過還款壓力，因為我們的貸款管道仍然強勁且多樣化，而且我們業務範圍內的經濟體表現良好。

Stabilized deposit costs and continued upward repricing of loans also drove our fourth consecutive quarter of improvement in our net interest margin to 3.31%, up 4 basis points from last year. Importantly, credit quality continued to remain stable and in line with our expectations.

存款成本的穩定和貸款重新定價的持續上調也推動我們的淨利差連續第四個季度改善至3.31%，較去年上升4個基點。重要的是，信貸品質持續保持穩定並符合我們的預期。

Our net charge-offs were consistent with the prior quarter, and we maintained a solid allowance for credit losses at 1.38% of loans. While we did see an increase in non-accrual loans, primarily as a result of migration of a handful of previously criticized credits, our criticized and classifieds level have remained relatively consistent as a percent of loans during the year, and we are not seeing signs of concern or weakness.

我們的淨沖銷與上一季一致，我們將信貸損失準備金維持在貸款的 1.38%。雖然我們確實看到非應計貸款增加，主要是由於一些先前受到批評的信貸的遷移，但我們的批評和分類水平在年內佔貸款的百分比仍然相對穩定，而且我們沒有看到任何跡象擔憂或弱點。

We are also pleased with our continued performance and operating efficiency, as reflected in our adjusted efficiency ratio of 57.7% for the quarter. As expected, our total expenses did increase as a result of merit increases as well as a few items that benefited our second quarter expenses. Valerie will dive into these details, as well as our expectations more in just a moment.

我們也對我們持續的業績和營運效率感到滿意，本季調整後的效率率為 57.7%。正如預期的那樣，由於績效增加以及一些有利於我們第二季支出的項目，我們的總支出確實增加。瓦萊麗稍後將深入探討這些細節以及我們的期望。

Finally, we again took advantage of the market swings and repurchased just over 323,000 shares of our stock. Our capital metrics remained strong, including CET1 of 12.3% and total capital of 14.5% as of September 30. And finally, our tangible book value per share increased by $1.60 while our tangible equity to tangible assets ratio ended the quarter at 8.28%.

最後，我們再次利用市場波動的機會回購了超過 323,000 股的股票。我們的資本指標依然強勁，截至 9 月 30 日，CET1 為 12.3%，總資本為 14.5%。最後，我們的每股有形帳面價值增加了 1.60 美元，而本季末我們的有形股本與有形資產比率為 8.28%。

I'll now turn the call over to Valerie for her comments.

我現在將把電話轉給瓦萊麗徵求她的意見。

Thank you, Dan. It is good to be here this morning discussing another great quarter for Cadence Bank. As Dan mentioned, we reported adjusted EPS from continuing operations of $0.73, up 6% from the second quarter of 2024 and up 37% from the same quarter last year.

謝謝你，丹。很高興今天早上在這裡討論 Cadence Bank 的另一個出色的季度。正如 Dan 所提到的，我們報告的持續經營業務調整後每股收益為 0.73 美元，比 2024 年第二季度增長 6%，比去年同期增長 37%。

The adjusted items for the third quarter were minor, only a $0.01 net EPS impact, and included a $1.2 million reduction of the FDIC special deposit assessment estimate and $2.9 million of securities losses we adjusted certain portfolio positions.

第三季的調整項目很小，僅對每股盈餘淨值產生 0.01 美元的影響，其中包括 FDIC 特別存款評估預估減少 120 萬美元，以及我們調整某些投資組合部位的 290 萬美元證券損失。

As Dan noted, deposit growth was a real highlight for the quarter. Total deposit growth was approximately $985 million for the quarter or 10.4% annualized. As laid out on slide 4, this included growth of core customer deposits of $1.4 billion, offset by declines in public funds.

正如丹所指出的那樣，存款成長是本季的真正亮點。本季總存款成長約 9.85 億美元，年化成長率為 10.4%。如投影片 4 所示，這包括核心客戶存款增加 14 億美元，但被公共資金的下降所抵消。

The core customer growth consisted of approximately $775 million in interest-bearing deposits and $600 million in non-interest bearing, of which $435 million was in temporary inflows of customer balances at quarter end that swapped out the next day. Even excluding the impact of the temporary inflows, our non-interest-bearing deposits as a percent of total deposits was stable in the quarter at 22.7%. And the team did an incredible job of retaining maturing time deposits and building customer balances.

核心客戶成長包括約 7.75 億美元的計息存款和 6 億美元的無息存款，其中 4.35 億美元是季度末臨時流入的客戶餘額，並在第二天換出。即使排除臨時資金流入的影響，本季我們的無利息存款佔存款總額的比例也穩定在 22.7%。該團隊在保留到期定期存款和建立客戶餘額方面做了令人難以置信的工作。

Loan balances were essentially flat for the quarter with net declines in non-real estate C&I offsetting about a 2% overall loan growth in our other loan segments as we ended the quarter with loan-to-deposit ratio of 86%. The impact of the balance sheet activity on our margin continued to be positive, as we increased net interest income by $5.1 million in the quarter to $361 million, and our net interest margin increased compared to last quarter by 4 basis points to 3.31%.

本季貸款餘額基本上持平，非房地產 C&I 的淨下降抵消了其他貸款領域約 2% 的整體貸款成長，本季末貸存比為 86%。資產負債表活動對我們的利潤率持續產生正面影響，本季我們的淨利息收入增加了 510 萬美元，達到 3.61 億美元，淨利息收益率比上季增加了 4 個基點，達到 3.31%。

Slide 10 details our steady improvement in net interest margin over the last year. Compared to the third quarter of last year, our net interest margin has increased 33 basis points, and our net interest income has grown 10%.

投影片 10 詳細介紹了我們去年淨利差的穩定改善。與去年第三季相比，我們的淨利差增加了33個基點，淨利息收入增加了10%。

Even with the decline in SOFR in the third quarter, we continue to see increasing loan yields, as only 29% of our loans are floating rate, with about half of those being prime based. A combination of new fundings and variable loan repricings and renewals coming on at rates higher than the overall portfolio led to our yield on net loans improving 5 basis points in the third quarter to 6.64%.

即使第三季 SOFR 有所下降，我們仍然看到貸款收益率不斷上升，因為我們的貸款中只有 29% 是浮動利率，其中約一半是優惠利率貸款。新資金以及可變貸款重新定價和續展的利率高於整體投資組合，導致我們第三季的淨貸款收益率提高了 5 個基點，達到 6.64%。

As Dan commented, our deposit costs have really stabilized, even with the balance growth increasing only 2 basis points to 2.55% for the third quarter. Additionally, average loans increased approximately $335 million linked quarter, funded by securities cash flows, which further improved the mix of interest-earning assets.

正如 Dan 所評論的，我們的存款成本確實已經穩定，儘管第三季餘額成長僅成長 2 個基點至 2.55%。此外，由證券現金流提供資金的季度平均貸款增加了約 3.35 億美元，這進一步改善了生息資產的結構。

The third quarter also benefited from our retirement of $139 million of sub debt at the end of the second quarter, and we have another $215 million in sub debt with a 4%-plus coupon that we plan to call in November.

第三季也受惠於我們在第二季末收回的 1.39 億美元的次級債務，我們還有另外 2.15 億美元的次級債務，票息超過 4%，我們計劃在 11 月贖回。

Additionally, we paid down $1.5 billion of our BTFP borrowings with excess cash just earlier this month. We expect to repay the remaining $2 billion of BTFP during the fourth quarter, replacing it ideally with core deposits, supplemented by wholesale sources as needed. Overall, due to all of these factors, we expect continued improvement in our net interest margin in the near term, even with the forward curve interest rate reduction expectations.

此外，就在本月早些時候，我們還用多餘的現金償還了 15 億美元的 BTFP 借款。我們預計在第四季度償還剩餘的 20 億美元 BTFP，最好用核心存款替代，並根據需要補充批發來源。總體而言，由於所有這些因素，即使遠期曲線利率下調預期，我們預期短期內我們的淨利差將繼續改善。

Non-interest revenue, highlighted on slide 12, was $88.8 million on an adjusted basis, increasing $3.2 million or 3.7% in the third quarter as broad-based fee growth was softened by a decline in mortgage banking revenue. The quarter's increase in deposit service charges of $1.1 million was primarily in account analysis fees. And the increase in other noninterest revenue of $7.1 million, excluding the gain on sale of businesses in the second quarter, included growth in credit-related fees, customer swap fees, SBA income and other miscellaneous revenue, really across the board.

第 12 張投影片中突出顯示的非利息收入經調整後為 8,880 萬美元，第三季增加了 320 萬美元，即 3.7%，因為抵押貸款銀行收入下降削弱了廣泛的費用增長。本季存款服務費增加了 110 萬美元，主要是帳戶分析費。其他非利息收入增加了 710 萬美元，不包括第二季出售業務的收益，其中包括信貸相關費用、客戶掉期費用、SBA 收入和其他雜項收入的成長，確實是全面成長。

These increases were partially offset by a $5 million decline in mortgage banking revenue in the third quarter as changes in the rate environment, combined with payoffs and paydowns, resulted in a mortgage servicing rights valuation adjustment of a negative $7 million. This was offset by mortgage production and servicing income of $8.2 million, reflecting growth of 3% compared to the prior year's quarter.

這些成長被第三季抵押貸款銀行收入下降 500 萬美元所部分抵消，因為利率環境的變化，加上還款和還款，導致抵押貸款服務權估值調整為負 700 萬美元。這被 820 萬美元的抵押貸款生產和服務收入所抵消，與去年同期相比增長了 3%。

Stepping back to a year-over-year perspective, total adjusted non-interest revenue had solid growth during the year, up 10% compared to the same quarter in 2023.

回到同比的角度來看，調整後的非利息收入總額在年內實現了穩健增長，與 2023 年同季度相比增長了 10%。

Moving on to expenses. Total adjusted non-interest expense was just over $260 million for the quarter, up $9.2 million or 3.7%, which was expected given the July 1 annual merit cycle, as well as the tailwinds of several items impacting second quarter expenses favorably.

繼續討論支出。本季調整後非利息支出總額略高於2.6 億美元，成長920 萬美元，即3.7%，考慮到7 月1 日的年度績效週期，以及多項對第二季支出產生有利影響的項目的推動，這是預期的。

As laid out on slides 13 and 14, compensation costs increased $4.3 million compared to the second quarter on an adjusted basis that is due almost entirely to the merit cycle impact. Legal expense increased $2.9 million, and other miscellaneous expenses were up $3.9 million linked quarter, with both increases simply a result of those lower second quarter expenses that included legal, fraud and operational loss recoveries as well as other benefits that were unique to the second quarter.

如投影片 13 和 14 所示，調整後的薪資成本與第二季相比增加了 430 萬美元，幾乎完全是由於績效週期的影響。與季度相比，法律費用增加了290 萬美元，其他雜項費用增加了390 萬美元，這兩項費用的增加僅是由於第二季度費用減少，其中包括法律、欺詐和運營損失追償以及第二季度特有的其他福利。

On an overall basis, we continue to experience solid broad-based expense management, resulting in a quarterly efficiency ratio of 57.7% and a year-over-year reduction in quarterly adjusted expenses of 1.5%.

總體而言，我們繼續實施紮實的廣泛費用管理，季度效率達到 57.7%，季度調整後費用年減 1.5%。

Given our strong expense management and our outlook for the remainder of the year, we are updating our full year 2024 adjusted expense guidance to a range of down 1% to 3% compared with the 2023 full year. While very pleased with the reduction in expenses this year, we continue to invest in our growth, teams and technology and expect a more normalized expense growth rate to resume for 2025.

鑑於我們強大的費用管理和今年剩餘時間的展望，我們將 2024 年全年調整後費用指引更新為比 2023 年全年下降 1% 至 3% 的範圍。雖然我們對今年費用的減少感到非常高興，但我們將繼續投資於我們的成長、團隊和技術，並預計 2025 年將恢復更正常化的費用成長率。

Turning to credit results detailed on slides 8 and 9. Net charge-offs for the third quarter were $22.2 million or 26 basis points annualized, down slightly from the 28 basis points for the second quarter. A significant portion of these charge-offs were previously specifically reserved, and we recorded a provision for credit losses for the third quarter of $12 million, bringing our ACL coverage to 1.38% at the end of the quarter. Non-accrual loans increased by $56 million in the third quarter.

轉向投影片 8 和 9 中詳細介紹的信用結果。第三季的淨沖銷額為 2,220 萬美元，折算年率 26 個基點，略低於第二季的 28 個基點。這些沖銷的很大一部分之前是專門保留的，我們在第三季度記錄了 1,200 萬美元的信用損失撥備，使我們的 ACL 覆蓋率在季度末達到 1.38%。第三季非應計貸款增加了 5,600 萬美元。

And as a reminder, $82 million or 30% of our $273 million in non-accrual loans represent guaranteed portions of SBA and FHA credits. We don't expect collection issues with the guaranteed balances, but while they are in process, they do weigh negatively on our non-accrual criticized and classified balances.

提醒一下，我們 2.73 億美元的非應計貸款中的 8,200 萬美元或 30% 是 SBA 和 FHA 信貸的擔保部分。我們預計保證餘額不會出現收款問題，但在處理過程中，它們確實會對我們的非應計批評和分類餘額產生負面影響。

Even so, our classified and criticized loans as a percent of total loans has been relatively consistent through the year. Classified loans as a percent of total loans were flat at 2.09% linked quarter, and criticized loans increased slightly in the third quarter to 2.64%. That tracked lower than the same quarter last year.

即便如此，我們的分類和批評貸款佔貸款總額的百分比全年相對穩定。分類貸款佔總貸款的百分比與季度持平，為 2.09%，批評貸款在第三季略有上升，達到 2.64%。這一數字低於去年同期。

Our capital, detailed on slide 15, continues to build and remain strong, supporting growth and the ability to be opportunistic. Dan mentioned this quarter is share repurchases. Year-to-date, we have repurchased 1.2 million shares at a weighted average price of under $27.

我們的資本（如幻燈片 15 所示）持續成長並保持強勁，支持成長和機會主義能力。Dan提到本季是股票回購。今年迄今為止，我們已以低於 27 美元的加權平均價格回購了 120 萬股股票。

I commented earlier on our plans to call our $215 million in subordinated debt in November. This debt is currently included in Tier 2 capital. So that will create a slight dip in Tier 2 in the fourth quarter, but we anticipate that to be temporary and replaced in the near term through ongoing earnings growth.

我早些時候曾評論過我們計劃在 11 月贖回 2.15 億美元的次級債務。該債務目前包含在二級資本中。因此，這將導致第四季度第二級略有下降，但我們預計這將是暫時的，並在短期內透過持續的獲利成長而取代。

In closing, it really was a positive quarter for our company, and it was particularly pleasing to see the very strong deposit growth results, both in terms of growth as well as in managing costs. Beyond that, our net interest margin and fee businesses have continued to grow.

最後，這對我們公司來說確實是一個積極的季度，尤其令人高興的是看到非常強勁的存款成長結果，無論是在成長方面還是在管理成本方面。除此之外，我們的淨利差和手續費業務持續成長。

Credit remains stable and in line with our expectations, and our teams have just done a fantastic job in improving operating efficiency over the year. We are optimistic and working hard to continue this momentum throughout the remainder of 2024 and into 2025.

信貸保持穩定並符合我們的預期，我們的團隊在過去一年中在提高營運效率方面做得非常出色。我們持樂觀態度，並努力在 2024 年剩餘時間和 2025 年繼續保持這一勢頭。

Operator, we would like to open the call to questions, please.

接線員，我們想開始提問。

(Operator Instructions) Manan Gosalia, Morgan Stanley.

（操作員指令）Manan Gosalia，摩根士丹利。

Good morning, all. I wanted to go through some of the puts and takes on NIM in the near term versus the medium term. So maybe to start on the asset side, can you talk about how we should think about the net impact of the floating rate loans repricing in the near term? Plus it looks like you have some variable rate loans that you have coming due at a higher rate over the next 1 to 12 months. How should we think about that?

大家早安。我想回顧一下 NIM 近期和中期的一些看跌期權和看跌期權。那麼，也許從資產方面開始，您能否談談我們應該如何看待近期浮動利率貸款重新定價的淨影響？另外，您似乎還有一些可變利率貸款，將在未來 1 到 12 個月內以更高的利率到期。我們該如何思考這個問題？

And then finally, the fixed rate loan piece that you have repricing over the next year. Because it seems like you've got a nice uptick in loan yields again this quarter despite rates not being up.

最後，您將在明年重新定價的固定利率貸款。因為儘管利率沒有上漲，但本季貸款收益率似乎再次大幅上升。

I'm happy to take that. And I could just point you all attention to, we did have a correction on that Slide 11 that has our repricing maturity. And so there is an updated slide deck that was posted this morning that details out really the categories of the rates. You're exactly right. Our loan yields did continue to tick up even in spite of having 27% floating rate securities, and that, again, is because the overall portfolio at [6.41%].

我很樂意接受。我可以提醒大家注意，我們確實對投影片 11 進行了修正，其中包含我們的重新定價成熟度。今天早上發布了一個更新的幻燈片，詳細說明了費率的類別。你說得完全正確。儘管我們擁有 27% 的浮動利率證券，但我們的貸款收益率確實繼續上升，這又是因為整體投資組合處於[6.41%]。

We're putting on the new loans at rates higher than that. We also have loans that are variable rate or fixed rates that are repricing, renewing, coming back in at higher deals. And so when you take a look, you mentioned that coming on on 3 to 12 months.

我們以比這個更高的利率發放新貸款。我們也有可變利率或固定利率的貸款，這些貸款可以重新定價、續約、以更高的價格回饋。所以當你看的時候，你提到這將在 3 到 12 個月內發生。

The weighted average rate of the loans that are to reprice over the next 3 to 12 months is [6.34%]. We're putting on loans higher than that today. And so it's that incremental bump that we believe will continue to support loan yields increasing honestly, as we look forward over the coming quarters.

未來 3 至 12 個月內重新定價的貸款的加權平均利率為[6.34%]。我們發放的貸款比今天更高。因此，我們相信，隨著我們對未來幾季的展望，這種增量成長將繼續支持貸款收益率的誠實成長。

Got it. So you're saying even the variable rate loans repriced at a slightly higher rate than what they are on the books at today?

知道了。所以你的意思是，即使浮動利率貸款的重新定價利率也比今天帳面上的利率略高？

Yes, absolutely, because they'll come on. And effectively, they're yielding the rate today, but when they come on to repricing, it's market pricing.

是的，絕對是，因為他們會上場的。實際上，他們今天正在產生利率，但當他們開始重新定價時，這是市場定價。

So a variable rate loan should be a one year off. Variable rate is going to reset, it's going to reset further out than instantly.

因此，浮動利率貸款應該有一年的期限。可變利率將會重置，而且會比立即重置更遠。

Understood. And then maybe on the liability side, you noted that you paid down some BTFP, you have more BTFP payments coming up. How should we think about deposit betas on the downside, given your comments that you would eventually want to replace that BTFP with core deposits?

明白了。然後也許在負債方面，您注意到您支付了一些 BTFP，您將有更多的 BTFP 付款。鑑於您最終希望用核心存款取代 BTFP 的評論，我們應該如何看待存款貝塔值的下行？

Yes. So you likely noticed that we have deposit cost increase of 2 basis points this quarter. Of course, the rate declines that did come in a quarter were late in the quarter. So I would expect that this quarter is actually our key in deposit costs.

是的。因此，您可能注意到本季我們的存款成本增加了 2 個基點。當然，一個季度內確實出現的利率下降是在該季度末發生的。所以我預計這個季度實際上是我們存款成本的關鍵。

We are working aggressively to be able to bring those deposit costs down and still continue to have the growth in deposits that we saw this quarter. That is some of the exception prices, et cetera, that we're working hard on that. The other factor that I think is important to note is we had over -- almost $3 billion, rather, in signed deposits that renewed this quarter. We've got another $3.5 billion, $3.6 billion that renew next quarter. Dan?

我們正在積極努力，以降低存款成本，並繼續保持本季存款的成長。這是我們正在努力解決的一些例外價格等問題。我認為值得注意的另一個因素是，我們已經超過了本季續簽的近 30 億美元的簽名存款。我們還有另外 35 億美元，下個季度會續簽 36 億美元。擔？

First quarter is the fourth quarter.

第一季是第四季。

Yes, in the fourth quarter. Thank you. Yes. I forget my quarter ended. And they're actually at just shy of 5%. And so those will reprice at a lower rate depending on the term that they come on and renew at. And so there is a little bit of tailwind for the repricing of some of that CD book that is coming up over the next three to six months.

是的，第四季。謝謝。是的。我忘記了我的季度結束了。事實上，這一比例僅略低於 5%。因此，這些將以較低的價格重新定價，具體取決於它們的出現和續約期限。因此，對於未來三到六個月內即將推出的部分 CD 書籍的重新定價來說，會有一些順風順水。

Got it. And just to clarify in terms of the deposit betas and the downside, what do you think you should get over the next couple of quarters?

知道了。只是為了澄清存款貝塔值和不利因素，您認為在接下來的幾季您應該得到什麼？

Yes. We're at this -- the rates just started coming back down. So we're kind of in that new cycle of reporting deposit betas. I'm not sure we're ready to talk about a specific number there other than we are working hard to be as a gross of this, we can to bring those down while retaining deposits. So a little more on that, I think, as we kind of the coming quarters.

是的。我們現在處於這樣的狀態——利率才剛開始回落。因此，我們正處於報告存款貝塔值的新周期中。我不確定我們是否準備好談論具體數字，但我們正在努力實現這一目標，我們可以在保留存款的同時降低這些數字。我認為，在我們展望未來幾個季度時，我們應該對此進行更多討論。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷 (Brett Rabatin)，Hovde 集團。

Good morning, everyone. Wanted to ask first just on -- Dan, I know you mentioned the strong loan pipeline. Can you guys talk about the level of commitments, maybe linked quarter? And then maybe just gross versus net for 3Q in terms of actual production.

大家早安。我想先問一下——丹，我知道你提到了強勁的貸款管道。你們能談談承諾的水平嗎？然後，就實際產量而言，可能只是第三季的總產量與淨產量。

Gross versus net. So yes, so we saw new loans coming on in the quarter was [$1.07 billion-ish], and it was -- that's pretty close to where we were in 2Q. And the pipelines are full. Chris and Billy are both sitting right here. I mean, the team is busy. We are running hard, and I think we're winning a lot of business. We just can't keep it on the balance sheet. It think it's paid off too fast, Billy, or Chris?

毛額與淨額。所以，是的，我們看到本季新增貸款約為 [10.7 億美元左右]，這與第二季的情況非常接近。且管道已滿。克里斯和比利都坐在這裡。我的意思是，團隊很忙。我們正在努力運營，我認為我們贏得了很多業務。我們只是不能把它保留在資產負債表上。它認為回報太快了，比利還是克里斯？

Yeah. So couple of segments, energy being the primary one where we've had more churn than normal midstream specifically. In the quarter alone, we had almost $200 million of kind of refinances paydowns. And that has a lot to do with the M&A market and bond market activity. It's slowed some, but our origination activity has not.

是的。因此，在幾個細分市場中，能源是主要的細分市場，其中我們的流失量比正常的中游要多。光是本季度，我們就支付了近 2 億美元的再融資款項。這與併購市場和債券市場活動有很大關係。它已經減慢了一些，但我們的發起活動卻沒有。

So what Dan's pointing to is pipeline activity in that space specifically has been robust. We just haven't kept up with the paydowns, but I think over a period of quarters, we will, and we will catch up more broadly and just general corporate C&I specifically.

因此，丹指出的是，該領域的管道活動特別強勁。我們只是沒有跟上支付的步伐，但我認為在幾個季度內，我們會的，而且我們將在更廣泛的範圍內趕上，特別是一般企業的 C&I。

And we saw some of the same as more M&A activity driven that has created payoffs of our existing borrowers, but pipelines are filling back up. It's just any given point in any given quarter, it might be up or down. At the end of last quarter, it was flat.

我們看到了一些與更多併購活動驅動的相同的情況，這些活動為我們現有的借款人創造了回報，但管道正在回填。它只是任何特定季度的任何特定點，可能會上升或下降。上季末持平。

Okay. That's helpful. Yes, that's helpful. And then just on the guidance for total adjusted revenue. When you think about the margin being a little better going forward, I was surprised. I totally agree with the change in the expense guidance, but I was a little surprised you didn't tweak higher, maybe the total adjusted revenue number higher? If the margin is going to expand in the fourth quarter, is there anything that would not have that 5% to 8% on the higher end of that range, fee income? Is there some other components that I'm missing on that?

好的。這很有幫助。是的，這很有幫助。然後就是調整後總收入的指導。當你想到未來利潤率會好一點時，我感到很驚訝。我完全同意費用指導的變化，但我有點驚訝你沒有調整得更高，也許調整後的總收入數字更高？如果第四季的利潤率要擴大，那麼有什麼東西不會在該範圍的高端（即費用收入）上實現 5% 到 8% 的成長？我還缺少其他一些組件嗎？

I think that that's certainly a possibility. I tend to still be a little bit conservative, I would say, on where we may end up with deposit costs. There's a lot of competition out there in deposits. But I do think that all else being equal, if we continue to see the trends that we're seeing, then the higher end range of that is not to be unexpected.

我認為這當然是有可能的。我想說，對於我們最終可能面臨的存款成本問題，我仍然持保守態度。存款領域的競爭非常激烈。但我確實認為，在其他條件相同的情況下，如果我們繼續看到我們所看到的趨勢，那麼其高端範圍就不足為奇了。

I'm sorry, Valerie, the higher end is not to be unexpected?

對不起，瓦萊麗，高端是不是出乎意料？

Yes, I think that's a reasonable assumption.

是的，我認為這是一個合理的假設。

Catherine Mealor, KBW.

凱瑟琳·梅勒，KBW。

I wanted to ask, Val, you mentioned that you think expense growth should normalize next year. We can put a big range around what normalized means. Is there any way to narrow that kind of conversation and maybe talk about it relative to revenue growth? Or what kind of level do you think is an appropriate level of expense growth?

我想問，瓦爾，你提到你認為明年費用成長應該正常化。我們可以對標準化的意義制定一個很大的範圍。有沒有辦法縮小這種對話的範圍，也許可以談論它與收入成長的關係？或者說您認為什麼樣的費用成長水準才是適當的？

We agree, it's hard to know what normalized is. We agree with that statement. I think we look at what inflation is doing to us. We're continuing to invest in our franchise. We're continuing to invest in our people. We're looking at the inflation rates. I don't know that we have a number today, Valerie, you can add more color than that?

我們同意，很難知道什麼是標準化。我們同意這項說法。我認為我們應該看看通貨膨脹對我們造成了什麼影響。我們將繼續投資我們的特許經營權。我們將繼續投資我們的員工。我們正在研究通貨膨脹率。我不知道我們今天有一個數字，瓦萊麗，你可以添加更多的顏色嗎？

Yeah. No, I think that says it well. And we'll be updating our expectations for the overall income statement as we report next quarter as we look into 2025, but normal, and we don't anticipate the declines that we saw this year. But we're normalized with inflation and with continuing to obviously invest in our teams and technologies.

是的。不，我認為這說得很好。我們將在下個季度報告時更新對整體損益表的預期，展望 2025 年，但這是正常的，我們預計不會出現今年的下降。但我們已經隨著通貨膨脹而正常化，並繼續明顯地投資於我們的團隊和技術。

Great. So it's fair to assume as a movement to next year if your margin is expanding maybe at a moderate pace, but still expanding and the origination volume you're seeing continues to drive loan growth. And then mortgage rebounds and all that. There's -- it's fair to assume that we should be an environment in 2025 where revenue growth is faster than expense growth. Is that fair?

偉大的。因此，如果你的利潤率可能以溫和的速度擴張，但仍在擴張，並且你看到的發放量繼續推動貸款成長，那麼可以公平地假設明年會發生變化。然後抵押貸款反彈等等。可以公平地假設，到 2025 年，我們的環境應該是收入成長快於支出成長。這樣公平嗎？

I think that's fair.

我認為這是公平的。

Okay. Appreciate it. Great quarter, guys. And thanks for the new slides too. Thanks for the new slides, Valerie. I was panicking over the variable rate loan declining. So thank you for refiling.

好的。欣賞它。很棒的季度，夥計們。也感謝您的新投影片。感謝瓦萊麗提供的新幻燈片。我對浮動利率貸款的下降感到恐慌。所以感謝您重新提交。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Maybe just following up on the expense question. We've heard more and more banks talking about kind of leaning in on hiring efforts in order to kind of drive some additional loan growth next year. Can you just talk about maybe your hiring pipelines and if you'd expect that to be kind of a greater contributor to kind of a normalized expense growth next year as we think about it and what that impact might be?

也許只是跟進費用問題。我們聽到越來越多的銀行談論依靠招聘工作來推動明年的額外貸款成長。您能否談談您的招募管道，以及您是否希望這對明年正常化的費用成長做出更大的貢獻，正如我們所思考的那樣，以及這種影響可能是什麼？

Yeah, Michael, I appreciate that. I think the question is what's normalized. It's been so many years that hasn't been normal. What's normalized is the question for everyone. And we certainly are hiring people, we've got a new leader on the ground in a couple of markets. We got a new leader on the ground in Fort Worth that just joined us we're excited about. We continue to look for and we think we've got people in the pipeline that you call to come on board here in the near future.

是的，邁克爾，我很感激。我認為問題在於什麼是標準化。這麼多年了，一直不太正常。什麼是常態化是每個人的問題。我們當然正在招募人員，我們在幾個市場上有了一位新的領導者。我們在沃斯堡迎來了一位新的領導者，他剛加入我們，我們對此感到非常興奮。我們將繼續尋找，我們認為我們已經找到了您所召喚的人員，他們將在不久的將來加入我們。

But I don't think there's anything outsized. I think I would call that just normal investing in our franchise. I don't if there's anything that we would call out we're going to hire this big team of people that are going to do something. That's not been our normal process. We haven't seen that opportunity to present itself.

但我不認為有什麼大不了的。我想我會稱之為對我們特許經營權的正常投資。我不知道如果我們有什麼需要做的事情，我們就會僱用這個龐大的團隊來做一些事情。這不是我們的正常流程。我們還沒有看到這個展示自己的機會。

That doesn't mean in the middle of next year that something doesn't come up. But right now, that's not what we're looking for. We're not plugging that into budgeting numbers as we look forward. I think normalized for us is going to be an inflation on most things, and we're going to continue to invest in technology, and we're going to continue to invest in our people.

這並不意味著明年年中不會出現任何問題。但現在，這不是我們正在尋找的。正如我們所期望的那樣，我們不會將其納入預算數字中。我認為對我們來說，大多數事情的正常化將是通貨膨脹，我們將繼續投資於技術，我們將繼續投資於我們的員工。

Helpful. And maybe just as my follow-up, obviously nice build in capital this quarter, you guys bought back some shares. The earn back on the buyback though is getting up a little bit higher after the recent move in kind of all bank stocks, which has been nice to see. But can you just kind of outline your kind of a near-term buyback appetite? And then how should we think about the prospects of M&A as we move forward, especially once we get past the election?

有幫助。也許正如我的後續行動一樣，本季資本明顯增加，你們回購了一些股票。不過，在最近所有銀行股的走勢之後，回購的收益有所上升，這是令人高興的。但您能否概述一下您的近期回購意願？那麼，在我們前進的過程中，特別是在大選結束後，我們該如何看待併購的前景？

Well, that's two different questions. So buyback, we've been consistent all year long with the buybacks. You've seen us do the same thing three quarters in a row. The market is pickup in some way. We backed up, and we've taken advantage of that.

嗯，這是兩個不同的問題。所以回購，我們全年都堅持回購。您已經看到我們連續四分之三做同樣的事情。市場在某種程度上正在回升。我們支持了，並且我們利用了這一點。

Our buyback is in place. We've got an annual process that we rolled through on our buyback program. And I think that we continue to play value of the cycles that we've been playing in all that I don't think can change anything there.

我們的回購已經到位。我們有一個關於回購計劃的年度流程。我認為我們將繼續發揮我們一直在玩的循環的價值，我認為這不會改變任何事情。

On the M&A front, there continues to be conversations. I think we continue to be one that would like to see expansion in footprint. We continue to see more opportunities or we continue to see more announcements with footprint expansion, and that's less attractive to us. We would like to grow within the footprint. You've heard me talk for a while.

在併購方面，對話仍在繼續。我認為我們仍然希望看到足跡的擴大。我們繼續看到更多的機會，或者我們繼續看到更多關於足跡擴張的公告，這對我們來說吸引力較小。我們希望在足跡中成長。你已經聽我說話有一段時間了。

We would like to grow in the markets we're already in. In no particular order, we'd like to get bigger in Tampa and Orlando, in Nashville and Atlanta and Houston, Dallas, Austin and Chattanooga. And we can go on and on with the markets that we serve today, where we would like to be bigger within those markets.

我們希望在我們已經進入的市場中實現成長。排名不分先後，我們希望在坦帕和奧蘭多、納許維爾、亞特蘭大、休士頓、達拉斯、奧斯汀和查塔努加擴大規模。我們可以繼續我們今天所服務的市場，我們希望在這些市場中做得更大。

And so that's where we're focused, and we're having conversations. I don't know that anything comes about immediately, but we want to be in the game. And we think today from a -- where we're trading capital-wise, where we sit from a capital number, we think we're sitting in a really good spot to be able to execute.

這就是我們關注的焦點，我們正在進行對話。我不知道什麼會立即發生，但我們想參與其中。今天，我們認為，從我們進行資本交易的角度來看，從資本數字來看，我們認為我們處於一個能夠執行的非常好的位置。

All right. That's a good list of markets there. So I think you'll have lots of opportunities.

好的。這是一個很好的市場清單。所以我認為你會有很多機會。

Ben Gerlinger, Citi.

班傑林格，花旗銀行。

Curious if we could kind of just talk through about loan yields a little bit more here? I know you kind of answered it originally. So we just had a 50 basis point cut. Markets projecting a few more here over the next six months. Just kind of curious, like how responsive have on yields been to the most recent 50? Has everything priced in? And kind of going forward, any sort of color you can give, a little bit more granular on kind of new loan yield rates or anything to that extent?

好奇我們是否可以在這裡多討論一下貸款收益率？我知道你最初是這樣回答的。所以我們剛剛降息了 50 個基點。市場預計未來六個月還會出現更多此類情況。只是有點好奇，例如最近 50 次殖利率的反應如何？一切都已經計價了嗎？展望未來，您可以提供任何類型的顏色，對新貸款收益率或任何類似程度的詳細資訊？

So I'll just pull that one up. Turn on page 11, we break it out that way on purpose that the floating rate that shows the $9 billion, $9.1 billion, 27% portfolio at [$806 million], that's virtually instant chain within 30-day change.

所以我就把那個拉起來。翻到第 11 頁，我們故意這樣劃分，顯示 90 億美元、91 億美元、27% 投資組合的浮動利率為 [8.06 億美元]，這幾乎是 30 天內的即時變化。

Yes, within 30 days on, right? Because it's both prime and life and SOFR.

是的，30天內，對嗎？因為它既是盛年期又是生命期和 SOFR。

Yes, that's going to happen very short. That $9 billion is going to change very quickly. The variable rate structure that's behind it, some of that could change in the next quarter. Some of that could change a couple of years out. So that's a much longer variable rate reset process.

是的，這會發生很短的時間。這 90 億美元將很快改變。其背後的可變利率結構，其中一些可能會在下個季度發生變化。其中一些可能會在幾年後發生改變。所以這是一個更長的可變速率重置過程。

And the fixed rate, that $8.7 billion in fixed rate, some of that's going to mature in this quarter and get repriced off. So some of each -- mostly -- all of the floating rate stuff will reprice this quarter if rates change, and some of the other two quarters will reprice. So that's why we're breaking it out the way we're showing it to you that way.

固定利率，即 87 億美元的固定利率，其中一些將在本季到期並重新定價。因此，如果利率發生變化，所有浮動利率產品中的某些（大部分）都將在本季度重新定價，而其他兩個季度中的一些也會重新定價。這就是為什麼我們要以這種方式向您展示它。

And if you look back at this past quarter, the new loans came on at around a [7.70%, 7.75%] level. What we're seeing coming in.

如果你回顧過去一個季度，新增貸款的水平約為 [7.70%, 7.75%]。我們所看到的進來了。

And remember, the rate change was late in the quarter. A lot of that was before the rate change.

請記住，利率變化是在本季結束時發生的。其中很多都是在利率變動之前發生的。

No, that's a fact. Yes. And the spreads have been pretty wide, but I would expect they probably come in a little bit with some of the rate reduction.

不，這是事實。是的。價差相當大，但我預計，隨著利率的降低，價差可能會增加。

Got you. Okay. That -- yes, yes. No. That's a lot of color.

明白你了。好的。那——是的，是的。不。那有很多顏色。

I appreciate that. And then on fee income. So I get the MSRs accounting and you have really no insight into that until someone from accounting tells you what it's going to be. But then if you back out securities gain, you kind of get to the, let's call it, $95 million-ish, $96 million. Is that a fair run rate?

我很欣賞這一點。然後是費用收入。所以我拿到了 MSR 的會計報告，在會計人員告訴你它會是什麼之前，你真的無法了解這一點。但如果你收回證券收益，你就會得到，我們稱之為 9,500 萬美元左右，9,600 萬美元。這是一個公平的運行率嗎？

Like kind of backing into here is core -- or excuse me, is other sustainable -- is $96 million a good kind of starting point for next year as a base? Or is there something that we might be missing here behind the scenes?

就像對這裡的某種支持是核心一樣——或者對不起，其他方面是否可持續——9600 萬美元是明年作為基礎的良好起點嗎？或者我們在幕後可能遺漏了什麼？

Yeah. I mean we had a good solid performance. I mean if you set aside the MSR. But I will say if rates do come down, we expect the mortgage revenue to actually pick up on the production side of things and the ability to sell those into the markets and drive some non-interest income.

是的。我的意思是我們表現出色。我的意思是如果你把MSR放在一邊。但我要說的是，如果利率確實下降，我們預計抵押貸款收入實際上會在生產方面有所回升，並且有能力將其出售到市場並帶動一些非利息收入。

So I would expect that, that's one variable that's really going to be rate dependent. Included in other NII, it was a little elevated this quarter compared to some of the prior quarters. I mentioned a slew of other items, kind of miscellaneous positive move in a variety of categories.

所以我預計，這是一個真正依賴利率的變數。包括在其他國家資訊基礎設施中，本季與前幾季相比略有上升。我提到了許多其他項目，各種類別的積極舉措。

It can bounce around a little bit quarter to quarter. I mean it can bounce around $5 million or more, simply because there's some fair valuation that occurs within those numbers. Some of our [FDIC] investments. We have some other investments that get fair value quarter to quarter. So it can impact that, and that's a little harder to predict.

它可能會在每個季度略有反彈。我的意思是它可以反彈 500 萬美元左右或更多，僅僅是因為這些數字中存在一些公平的估值。我們的一些 [FDIC] 投資。我們還有一些其他投資按季度獲得公允價值。所以它會影響這一點，而這有點難以預測。

But other than that, we feel really good about our non-interest income. The various sources, the wealth teams are doing well. Like I said, at the interest rates and the mortgage. We anticipate that that should see some uptick as we look forward.

但除此之外，我們對非利息收入感覺非常好。各種來源、財富團隊都表現不錯。就像我說的，利率和抵押貸款。我們預計，隨著我們的展望，這一數字將會上升。

The mortgage team has queued up for success. As we look at one of the things we've invested in this year is the mortgage team has done a good job of making sure that we've got great producers on the ground. They're ready to roll if rates -- if the door opens for them, we're going to be able to harvest some mortgage revenue.

抵押貸款團隊已經排隊等待成功。當我們看到我們今年投資的事情之一時，抵押貸款團隊在確保我們擁有優秀的生產商方面做得很好。如果利率為他們打開，他們就準備好了——如果大門為他們打開，我們將能夠獲得一些抵押貸款收入。

On the wealth management side, the team has done a fantastic job there. We're clearly asset priced. So if there's a change in valuation, we would be impacted there. But right now, things look really good on both of those lines of business.

在財富管理方面，團隊做得非常出色。我們顯然是資產定價的。因此，如果估值發生變化，我們就會受到影響。但現在，這兩個業務領域的情況看起來都非常好。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

I want to go back to the expected paydown, this bank term funding program in the fourth quarter. it sounds like a portion of this is going to be from just holding lower levels of overnight liquidity. And I think that overnight liquidity level has been between $2 billion, $3 billion for most this year, but it was below $2 billion last year. Trying to appreciate if we should be assuming lower levels of overnight liquidity next year once we see the full impact of this BTFP paydown?

我想回到第四季度的銀行定期融資計劃的預期付款。聽起來其中一部分將來自於持有較低水準的隔夜流動性。我認為今年隔夜流動水準大部分在 20 億美元到 30 億美元之間，但去年低於 20 億美元。試著了解，一旦我們看到 BTFP 支付的全面影響，明年我們是否應該假設隔夜流動性水準較低？

Yes, I think that's a fair assumption because we were actually earning dollars by holding what was out there. We were earning more on cash than we were paying for it. And I think that's a fair assumption on your part.

是的，我認為這是一個合理的假設，因為我們實際上是透過持有現有的東西來賺取美元的。我們用現金賺到的錢比我們付的錢還多。我認為這對你來說是一個合理的假設。

Yes, exactly right. That $1 billion size that we paid down in October was purely with excess cash. And so depending on where deposits go over the rest of the quarter, it will be either funded -- the rest of it by deposits or funded by some wholesale funding. But I expect that we'll normalize, if you were -- said word a couple of times, our cash levels, maybe $1.5 billion-ish, $1 billion, it's in that range.

是的，完全正確。我們在 10 月支付的 10 億美元資金純粹是多餘的現金。因此，根據存款在本季度剩餘時間內的流向，它將要么由存款提供資金，要么由一些批發資金提供資金。但我預計我們會正常化，如果你說過幾次，我們的現金水準可能是 15 億美元左右，10 億美元，就在這個範圍內。

Okay. Perfect. And then on the credit side, I think you mentioned the non-accrual uptick was just from a handful of credits that were previously identified. Any more color on industry or just general commentary on kind of what were migrated?

好的。完美的。然後在信貸方面，我認為您提到非應計增長僅來自先前確定的少數信貸。還有更多有關行業的色彩或只是對遷移內容的一般評論嗎？

It's just generic normal flow. I think when you're looking back at the criticized asset number, it's been up one quarter, down a quarter, up a quarter, down a quarter, we're basically where we were a year ago today. Chris, Billy?

這只是一般的正常流程。我認為，當你回顧受到批評的資產數量時，它上升了一個季度，下降了四分之一，上升了四分之一，下降了四分之一，我們今天基本上處於一年前的水平。克里斯、比利？

No. That's well said. Exactly criticized or staying kind of flat. Normal migration of loans that were identified that we've been working through. Team's done a great job of working out of credits. And I think you see that in the ORE numbers and the net charge-offs numbers. The normal flow of no industry-specific systematic or system is -- it's just one office, if you will.

不。說得好。完全受到批評或保持平淡。我們一直在努力解決已確定的貸款的正常遷移。團隊在學分方面做得很好。我認為您可以在礦石數據和淨沖銷數據中看到這一點。沒有特定行業的系統或系統的正常流程是——如果你願意的話，它只是一個辦公室。

Yes. It's hard to find fracs, weaknesses, concerns in any general area. It's just business as normal.

是的。在任何一般領域都很難找到問題、弱點和擔憂。一切如常。

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

So you had mentioned that you're working diligently, obviously, on the deposit side, but it's still pretty competitive out there. Can you talk about what you're able to do in terms of deposit rates following the September rate cut? And what type of kind of receptivity or pushback you've experienced on the customer side?

所以你提到過，顯然，你在存款方面正在努力工作，但它仍然具有相當的競爭力。您能否談談 9 月降息後您在存款利率方面能做些什麼？您在客戶方面經歷過什麼樣的接受或阻力？

It's probably too early to answer the perspective because it's happened three weeks ago. But the team was pretty aggressive in making sure that we made changes the day that the rates dropped. So we reset our CD rights. Chris drives that process for us. We look at our exception pricing.

現在回答這個觀點可能還為時過早，因為這件事發生在三週前。但團隊非常積極地確保我們在利率下降的當天做出改變。所以我們重置了 CD 權限。克里斯為我們推動了這個過程。讓我們看看我們的例外定價。

The team has been doing a fantastic job all year long of hand-to-hand combat on the exception pricing process that we have within our bank and we make sure that everybody was focused on that. We spent weeks coming into the drop of being prepared. And we've moved.

團隊一整年都在我們銀行內部的例外定價流程上進行了出色的肉搏戰，我們確保每個人都專注於此。我們花了幾週時間做好準備。我們已經搬家了。

Chris, any feedback that you've heard in the last couple of weeks? I haven't.

克里斯，過去幾週您聽過任何回饋嗎？我沒有。

It's still competitive out there. Most banks dropped different amounts. We took theoretically kind of -- they dropped -- they dropped 50, we were looking at 50 across a number of our products as the drop. Some banks drops a little bit less than that. I think we need and some more.

那裡仍然具有競爭力。大多數銀行都減少了不同金額的資金。我們理論上認為——他們下降了——他們下降了 50，我們將我們的許多產品中的 50 視為下降。有些銀行的跌幅略小於這個數字。我認為我們還需要更多。

So I think we're right in the middle of the pack. We're competing, we call it hand-to-hand combat with our clients. I think we've got the tools to retain the deposits and it still grow deposits with the pricing that we have out there.

所以我認為我們處於中間位置。我們正在競爭，我們稱之為與客戶的肉搏戰。我認為我們擁有留住存款的工具，而且按照我們現有的定價，存款仍然會成長。

Dan is right, I think it needs to settle down a bit. The rates have been bouncing a bit around, and we're seeing our competition adjust. They're adjusting rate and also terms, so competing on term. Everybody's kind of ran to the short side.

丹是對的，我認為事情需要安定下來。價格一直在波動，我們看到我們的競爭也在調整。他們正在調整費率和條款，因此按條款競爭。每個人都有點跑空。

Now you're seeing some folks step out a little bit further on the term because that's attractive to the client from a deposit acquisition perspective. So we're on top of all of that, watching it, ready to compete.

現在你會看到一些人在這個術語上走得更遠，因為從存款獲取的角度來看，這對客戶很有吸引力。所以我們在這一切之上，觀察它，準備競爭。

We're measuring in the field on both new production, what's new coming in the door. And then we're also measuring on retention. The team is doing a really good job on retention.

我們正在實地衡量新產品和即將推出的新產品。然後我們也衡量保留率。該團隊在保留方面做得非常好。

Great. I appreciate that. And then just a follow-up. I don't think I saw it in the deck or heard it in the prepared remarks, but do you have as a jumping off point, kind of a September 30 interest-bearing deposit spot rate?

偉大的。我很欣賞這一點。然後只是後續行動。我想我沒有在講台上看到它，也沒有在準備好的發言中聽到它，但是你們有沒有像 9 月 30 日的有息存款即期利率這樣的起點？

One more time? For 31?

再一次？31歲？

Do you have an interest-bearing deposit spot rate as of September 30?

截至 9 月 30 日，你們有計息存款即期利率嗎？

Yes. I don't think that we've put that in. We had an obvious three for the quarter, the interest-bearing about [$330 million]. Not a spot rate, but obviously, the uses point.

是的。我認為我們沒有把它放進去。我們這個季度有明顯的三分之二的利息[3.3億美元]。不是即期匯率，但顯然是使用點。

Change like.

改變就像。

Right, right. We dropped it fairly significantly actually the very day that rates were announced.

對，對。事實上，在利率公佈的當天，我們就大幅降低了利率。

Jon Arfstrom, RBC Capital Markets.

喬恩‧阿夫斯特羅姆 (Jon Arfstrom)，加拿大皇家銀行資本市場部。

Most of my questions have been handled. But I wanted to go back to loan growth a little bit. And that -- I hear you on energy, but that general C&I has really been under pressure. Do you have any more color on that as to why that's happening and what could change that? I know, Chris, you said maybe that changes in a couple of quarters, but any more color on that?

我的大部分問題都得到了解決。但我想稍微回顧一下貸款成長。我聽到你談到能源問題，但整體 C&I 確實面臨壓力。對於為什麼會發生這種情況以及什麼可以改變這種情況，您有更多的見解嗎？我知道，克里斯，你說過這可能會在幾個季度內發生變化，但是還有更多的顏色嗎？

Yeah. I think when you talk to the team, they feel like they're paddling really hard to not see growth hit. We -- I think the team when we were talking about coming into the end of the quarter, Jon, we actually thought that we had a likelihood that we would see some fundings that see some growth in that category before the end of the quarter, and that's been materialized. Billy?

是的。我認為，當你與團隊交談時，他們會覺得自己正在努力划水，以免看到成長受到影響。我們——我認為團隊當我們談論進入本季度末時，喬恩，我們實際上認為我們有可能會看到一些資金在本季度末之前看到該類別的一些增長，這已經成為現實。比利？

Yeah. So Jon, we've got -- our pipelines are great. We had some awarded transactions that we got. We were hoping would close at the end of the quarter. They didn't. They're pushing. We're still in a good position on those. Some of the payoff activity is coming from kind of sponsor-backed owned companies.

是的。所以喬恩，我們的管道很棒。我們獲得了一些獲獎交易。我們希望能在本季末關閉。他們沒有。他們正在推動。我們在這些方面仍然處於有利地位。一些回報活動來自贊助商支持的公司。

The benefit we get from that is a lot of them are going to private credit lenders where we're keeping deposits. I mean, we were -- our corporate teams were able to have net core deposit growth. And a lot of it was because where we lost in loans, we kept treasury and depository accounts so they no longer have a revolver, and now they overfund working capital accounts.

我們從中得到的好處是，其中許多都流向了我們保留存款的私人信貸機構。我的意思是，我們的企業團隊能夠實現核心存款淨成長。很大程度上是因為我們在貸款損失的地方保留了國庫和存款帳戶，這樣他們就不再擁有左輪手槍，現在他們為營運資金帳戶提供了過多的資金。

We'll take that trade from an earnings standpoint. But from a real loan growth, it's a fantastic pipeline that we see across the entire market spectrum and across various product groups as well that are specialized. So I feel good about where we're going to end the year. It just -- the payoff pressure was real, and I don't think that will necessarily slow, but I think the pipeline will prove up.

我們將從收益的角度來看這筆交易。但從實際的貸款成長來看，我們在整個市場範圍和各個專業產品組中看到了一條非常棒的管道。所以我對今年結束的情況感到滿意。只是——回報壓力是真實存在的，我認為這不一定會放緩，但我認為管道將會被證明。

That help you, Jon?

這對你有幫助嗎，喬恩？

Yes, that does help. I get it. Again, I asked you this a couple of quarters ago. And I think at the time, you may be preferred higher for longer run rates? Do you have an opinion today? The Dan Rollins crystal ball, is there something you'd like to see there?

是的，這確實有幫助。我得到它。幾個季度前我再次問過你這個問題。我認為當時，您可能會因長期運行率而受到更高的青睞？今天你有意見嗎？丹羅林斯水晶球，你想在那裡看到什麼嗎？

Stability is the key at this point. Slower moves is better, the stability.

此時穩定是關鍵。動作越慢越好，穩定性更好。

We're really pretty neutral. Looking at the change in the curves between September and October, I mean if it's negligible on what we're anticipating looking forward, simply because of the way our balance sheet is positioned.

我們真的很中立。看看 9 月至 10 月之間曲線的變化，我的意思是，如果我們對未來的預期可以忽略不計，只是因為我們的資產負債表的定位方式。

To Dan's point, if rates are moving at 25 basis point increments, that's a lot easier for customers to digest and it's a lot easier to try to capture more of that beta as we go forward. So if we have a preference, it would certainly be that they're a little slower pace than what they're going to do.

Dan 認為，如果利率以 25 個基點的增量變動，那麼客戶會更容易消化，並且在我們前進的過程中嘗試捕獲更多貝塔值也會更容易。因此，如果我們有一個偏好，那肯定是他們的步伐比他們要做的要慢一些。

Okay. Okay. All right. Thank you for the help. I appreciate it.

好的。好的。好的。謝謝你的幫忙。我很感激。

Thank you. Seeing no further queues in the line, this concludes our question-and-answer session. I would now like to turn the call back over to management for any closing remarks.

謝謝。看到沒有人再排隊，我們的問答環節就結束了。我現在想將電話轉回給管理階層，讓他們發表結束語。

All right. Thanks again, everybody, for joining us this morning. I'm sure you can sense the excitement and the optimism that our team shares regarding both our results we've discussed this morning as well as the path ahead. We think we're firing on all cylinders. Our bankers have done a tremendous job of protecting and growing our core deposit relationships as well as managing an active loan pipelines.

好的。再次感謝大家今天早上加入我們。我相信您可以感受到我們的團隊對今天早上討論的結果以及未來的道路所表現出的興奮和樂觀。我們認為我們正在全力以赴。我們的銀行家在保護和發展我們的核心存款關係以及管理活躍的貸款管道方面做了巨大的工作。

Our fee businesses are reporting key success as well as -- including our mortgage and wealth management teams, and our administrative and operations teams are continuing to strive daily to improve our processes and efficiency and support our frontline teammates. It really is an exciting time and a rewarding time to be on the Cadence team.

我們的收費業務正在取得重大成功，包括我們的抵押貸款和財富管理團隊，以及我們的管理和營運團隊每天都在繼續努力改進我們的流程和效率，並為我們的第一線團隊成員提供支援。加入 Cadence 團隊確實是一個令人興奮的時刻，也是一個收穫豐富的時刻。

Thanks for your time today. We appreciate you joining us, and we look forward to seeing you on the road real soon.

感謝您今天抽出時間。我們感謝您加入我們，並期待很快在路上見到您。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines, and have a great day.

會議現已結束。感謝您的參與。現在您可以斷開線路，祝您有美好的一天。