Cadence Bank (CADE) 2024 Q4 法說會逐字稿

Good day, and welcome to the Cadence Bank's fourth quarter and year-end 2024 webcast And conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Cadence Bank 2024 年第四季和年終網路廣播和電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Will Fisackerly, Executive Vice President and Director of Corporate Finance. Please go ahead.

現在，我想將會議交給執行副總裁兼公司財務總監 Will Fisackerly。請繼續。

Good morning, and thank you for joining the Cadence Bank fourth 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 年第四季財報電話會議。今天上午，我們的執行管理團隊成員包括 Dan Rollins、Chris Bagley、Valerie Toalson 和 Billy Braddock。

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.

我們的講者將在討論期間參考準備好的幻燈片。您可以透過造訪我們的投資者關係頁面 ir.cadencebank.com 找到這些幻燈片，您可以在我們的網路廣播連結中找到它們，也可以在我們昨天下午提交的 8-K 表格中查看它們。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. And now I'll turn it to Dan for his opening comments.

我要提醒您，該簡報以及我們的收益報告包含我們對前瞻性陳述和可能討論的任何非 GAAP 指標的常規披露。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陳述。現在我請丹發表開場白。

Good morning, and happy new year. Thank you for joining us to discuss our fourth quarter and full year 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，新年快樂。感謝您加入我們討論我們的 2024 年第四季和全年財務表現。在我介紹一些亮點，並且瓦萊麗提供有關我們財務狀況的更多細節之後，我們的執行管理團隊將回答您的問題。

Before we discuss the quarter, I'd like to make a few brief remarks regarding last night's announcement of our merger with FCB Financial Corporation, the parent company of First Chatham Bank based in Savannah, Georgia. I would like to welcome Ken Farrell and the experienced team of bankers from First Chatham to Cadence.

在我們討論本季之前，我想就昨晚宣布與 FCB Financial Corporation（總部位於佐治亞州薩凡納的第一查塔姆銀行的母公司）合併發表一些簡短的評論。我謹歡迎 Ken Farrell 和 First Chatham 經驗豐富的銀行家團隊加入 Cadence。

First Chatham was founded in 2002 and is currently operating eight locations across the Greater Savannah market with total assets of almost $600 million. Upon closing, Ken will serve as Cadence Bank's Southeast Georgia Division President.

First Chatham 成立於 2002 年，目前在大薩凡納市場經營 8 家分店，總資產近 6 億美元。交易完成後，Ken 將擔任 Cadence Bank 東南喬治亞分部總裁。

We have expressed our desire to be an acquirer of choice and grow within our footprint for some time now. Savannah, the second largest MSA in the state of Georgia, and we currently have only one location there. It is a very diverse market with strong ties to manufacturing core operations and logistics, tourism, healthcare, military, and real estate development.

我們已經表達了成為首選收購者並在我們的業務範圍內發展的願望。薩凡納是喬治亞州第二大 MSA，我們目前在那裡只有一個辦事處。這是一個非常多元化的市場，與製造核心業務和物流、旅遊、醫療保健、軍事和房地產開發密切相關。

First Chatham is a great core funded franchise with approximately 30% of their deposits in noninterest-bearing products and an impressive overall cost of funding. The financial metrics of the transaction are attractive for both shareholder bases. The estimated pro forma impact to our tangible book value per share and regulatory capital metrics is minimal. We expect to achieve cost savings of approximately 25% of their noninterest expense base, which will allow the transaction to be accretive to earnings in the first full year as well as provide a reasonable earn back on the tangible book dilution of two years or less.

First Chatham 是一家優秀的核心融資特許經營機構，其約 30% 的存款為無息產品，整體融資成本令人印象深刻。該交易的財務指標對雙方股東都具有吸引力。預計其對我們每股有形帳面價值和監理資本指標的影響微乎其微。我們預計其非利息支出基礎將節省約 25% 的成本，這將使交易在第一年全年就增加收益，並在兩年或更短的時間內對有形賬面稀釋提供合理的收益回報。

We are most excited about being able to offer our expanded set of products and services into this market in a more meaningful way to support our organic growth plans. We anticipate the transaction could close during the third quarter of 2025, subject to regulatory approval and other customary closing conditions. Again, this is a big win for our company and our team is excited to be back in the game.

我們非常高興能夠以更有意義的方式為這個市場提供我們擴展的產品和服務，以支持我們的有機成長計劃。我們預計該交易將於 2025 年第三季完成，但需獲得監管部門的批准並滿足其他慣例成交條件。再次，這對我們公司來說是一個巨大的勝利，我們的團隊很高興能夠重返賽場。

As we move into the financial results, 2024 was a great year for our company. I'm extremely proud of the 5,000-plus teammates across our company and the contribution they've each made to the results that our management team will discuss this morning. The 2024 results speak for themselves. We reported meaningful improvement in virtually every aspect of our financial performance while maintaining strong credit quality and capital.

從財務表現來看，2024 年對我們公司來說是偉大的一年。我為我們公司 5,000 多名隊友以及他們為我們的管理團隊今天上午將要討論的結果所做的貢獻感到非常自豪。2024 年的結果不言而喻。我們報告稱，我們的財務表現幾乎在各個方面都取得了有意義的改善，同時保持了強勁的信貸品質和資本。

As we dive further into the numbers, GAAP net income was $130.3 million or $0.70 per diluted common share for the fourth quarter and $514.1 million or $2.77 per share for the full year. Adjusted net income from continuing operations for the fourth quarter was $130 million or $0.70 per diluted common share and $507.9 million or $2.74 per share for the full year. On a per share basis, this represents adjusted earnings growth of $0.54, up 25% compared to 2023.

進一步研究數據，第四季 GAAP 淨收入為 1.303 億美元，即每股攤薄普通股 0.70 美元，全年淨收入為 5.141 億美元，即每股 2.77 美元。第四季調整後持續經營淨利為 1.3 億美元，即每股攤薄普通股 0.70 美元，全年調整後持續經營淨利為 5.079 億美元，即每股 2.74 美元。以每股計算，這意味著調整後收益增長 0.54 美元，與 2023 年相比增長 25%。

We had another very solid quarter from a balance sheet growth perspective. Our loan growth for the quarter was $438 million or just over 5% annualized, resulting in total net loan growth of $1.2 billion for the year, which is approximately 4%. Additionally, we have continued to retain and grow core customer deposits. Excluding the elevated temporary overnight sweep activity at September 30 that we discussed in our third quarter call, core customer deposits grew $260 million or 3% annualized for the quarter and $2.2 billion or approximately 7% for the full year.

從資產負債表成長的角度來看，我們又度過了一個非常穩健的季度。本季我們的貸款增加了 4.38 億美元，年增長率略高於 5%，導致全年淨貸款總額增加 12 億美元，約 4%。此外，我們也持續保留並增加核心客戶存款。不計我們在第三季電話會議上討論的 9 月 30 日臨時隔夜清掃活動的增加，核心客戶存款本季成長 2.6 億美元，年化成長率為 3%，全年成長 22 億美元，約合 7%。

Our ability to grow core deposits while also prudently managing deposit cost has been instrumental in our net interest margin improvement. Net interest margin improved by 7 basis points linked quarter to 3.38% and by 22 basis points for the full year to 3.30%. Valerie will discuss the margin in a few minutes, including our expectations as we move into 2025.

在我們增加核心存款的同時，審慎管理存款成本的能力對於我們淨利差的提高起到了重要作用。淨利差較上季提高 7 個基點至 3.38%，全年提高 22 個基點至 3.30%。瓦萊麗將在幾分鐘內討論利潤率，包括我們對 2025 年的預期。

Our credit quality continues to be very stable. We reported net charge-offs of 17 basis points annualized for the quarter and 24 basis for the full year. Our nonperforming criticized and classified totals are all very stable linked quarter and year-over-year, while our allowance for credit losses coverage remained strong at 1.37% of net loans and leases. We continue to improve operating leverage and efficiency. While we had a couple of items that drove a slight uptick in our quarterly efficiency ratio for the full year, we improved by 5 percentage points from 63.3% in 2023 to 58.4% in 2024.

我們的信用品質持續保持非常穩定。我們報告稱，本季的淨沖銷額為年化 17 個基點，全年的淨沖銷額為 24 個基點。我們的不良貸款批評和分類總額與上一季和去年同期相比都非常穩定，而我們的信貸損失準備金覆蓋率仍然保持強勁，達到淨貸款和租賃的 1.37%。我們持續提高營運槓桿和效率。雖然有幾個因素導致全年季度效率比率略有上升，但我們還是從 2023 年的 63.3% 提高了 5 個百分點至 2024 年的 58.4%。

Finally, we reported meaningful growth in tangible book value metrics during 2024. Tangible book value per share improved to $2.22 per share, which is over 11% to $21.54 at December 31, while tangible common shareholders' equity to tangible assets increased from 7.44% to 8.67% over the same time period. We achieved this growth while repurchasing just over 1.2 million shares during the year at an average price of $26.74.

最後，我們報告稱，2024 年有形帳面價值指標將實現顯著成長。每股有形帳面價值提高至每股 2.22 美元，增幅超過 11%，達到 12 月 31 日的 21.54 美元，而同期有形普通股股東權益與有形資產比率從 7.44% 增加至 8.67%。我們在實現這一增長的同時，全年以平均 26.74 美元的價格回購了 120 多萬股股票。

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

我現在將電話轉給瓦萊麗，請她發表評論。瓦萊麗？

Thank you, Dan. Dan referenced the key highlights for the year. Steady loan growth, meaningful core customer deposit growth, significant margin expansion, [stable credit] quality, improved operating efficiency, and a strong capital position. .

謝謝你，丹。丹提到了今年的主要亮點。貸款穩定成長，核心客戶存款顯著成長，利潤率大幅擴大，[信貸]品質穩定，營運效率提高，資本狀況強勁。。

Focusing specifically on the fourth quarter results, we reported the adjusted EPS from continuing operations of $0.70, up 75% from the same quarter last year, driven by an 11% increase in adjusted revenue, combined with lower expenses and loan provisions. The linked quarter $0.02 EPS decline was driven by some isolated expenses related to a system upgrade and a small increase in our provision for loan losses.

具體關注第四季度業績，我們報告稱，調整後的持續經營每股收益為 0.70 美元，較去年同期增長 75%，這得益於調整後收入增長 11%，加上費用和貸款撥備減少。環比季度每股收益下降 0.02 美元，是由於與系統升級相關的一些單獨費用以及貸款損失準備金的小幅增加所致。

Total loans ended the year at $33.7 billion, with growth in the fourth quarter of $438 million or just over 5% annualized with the quarter's growth primarily in residential mortgages, owner-occupied C&I, and income-producing CRE. For the year, the net loan growth was $1.2 billion or approximately 4%. Loan pipelines remain solid and diversified and the macro environment in our footprint is favorable to continued low growth.

年底貸款總額為 337 億美元，第四季成長 4.38 億美元，年化成長率略高於 5%，本季的成長主要來自住宅抵押貸款、自住 C&I 和創收 CRE。全年淨貸款成長 12 億美元，約佔 4%。貸款管道依然穩健且多樣化，我們所處的宏觀環境有利於持續低成長。

Total deposits, $40.5 billion grew $1.7 billion in the fourth quarter, including the addition of $1.5 billion in brokered deposits that we used along with excess cash to pay off the $3.5 billion in big term funding program borrowings and to call $215 million in sub debt during the quarter. We also saw a $360 million seasonal increase in public funds balances during the quarter. And while core customer deposits declined slightly in quarter end balances, adjusting for the elevated temporary funds at September 30, that we discussed last quarter, core deposit growth for the fourth quarter was $260 million or 3% annualized.

總存款為 405 億美元，第四季度增加了 17 億美元，其中包括新增的 15 億美元經紀存款，我們用這些存款和超額現金償還了 35 億美元的大額定期融資計畫借款，並在本季度償還了 2.15 億美元的次級債務。我們還看到本季公共資金餘額季節性增加 3.6 億美元。雖然核心客戶存款在季度末餘額中略有下降，但根據我們上個季度討論過的 9 月 30 日增加的臨時資金進行調整後，第四季度的核心存款增長率為 2.6 億美元，即年化增長率為 3%。

Further, core customer deposit growth for the full year was $2.2 billion or almost 7%. As you know, our strong core customer deposit base is the foundation of our franchise, and our team has done a tremendous job in 2024 from both the retention and a growth perspective.

此外，全年核心客戶存款增加 22 億美元，增幅接近 7%。如您所知，我們強大的核心客戶存款基礎是我們特許經營的基礎，我們的團隊在 2024 年從保留和成長的角度都做了大量工作。

The ability to continue to grow core funding has also driven the favorable trends in our net interest income and net interest margin be held on slide 11. Our fourth quarter net interest margin of 3.38% represents 7 basis points of improvement compared to the third quarter of '24. And since the fourth quarter of 2023, it has increased by a significant 34 basis points. The fourth quarter net interest margin improvement was driven by lower average earning assets as we reduced our borrowings and excess cash. Given the recent interest rate cuts, our loan portfolio yield dipped by 21 basis points to 6.4% in the fourth quarter, while total cost of deposits declined 11 basis points to 2.44%.

持續增加核心資金的能力也推動了我們的淨利息收入和淨利差呈現良好趨勢（見第 11 頁）。我們第四季的淨利差為 3.38%，與 24 年第三季相比提高了 7 個基點。自2023年第四季以來，已大幅上漲34個基點。第四季淨利差的改善是由於我們減少了借款和過剩現金，導致平均生息資產減少。鑑於最近的降息，我們的貸款組合收益率在第四季度下降了 21 個基點，至 6.4%，而存款總成本下降了 11 個基點，至 2.44%。

Our noninterest-bearing deposits as a percent of total deposits did decline to 21.2% during the quarter, partially impacted by the addition of the broker deposits in the denominator. Net interest revenue was up $3.1 million in the fourth quarter to $364.5 million, supported by the growth in new loans. For the full year of '24, net interest revenue was $1.4 billion, up $85 million or 6% compared to 2023.

本季度，我們的無利息存款佔總存款的百分比確實下降到了 21.2%，部分原因是分母中增加了經紀人存款。受新貸款成長的推動，第四季淨利息收入增加 310 萬美元，達到 3.645 億美元。2024 年全年淨利息收入為 14 億美元，較 2023 年增加 8,500 萬美元，增幅 6%。

Noninterest revenue highlighted on slide 14 was $86.2 million on an adjusted basis, declining $2.6 million or 2.9% in the fourth quarter as an increase in mortgage banking revenue was offset by a decline in other noninterest revenue. Wealth management revenue, deposit service charges, and card fees were all very stable linked quarter.

幻燈片 14 中突出顯示的非利息收入在調整後為 8,620 萬美元，第四季度下降 260 萬美元或 2.9%，因為抵押銀行收入的增長被其他非利息收入的下降所抵消。理財收入、存款服務費、卡費等較上月均維持穩定。

Our mortgage banking revenue was up $2.5 million in the quarter due to improvements in the net mortgage servicing rights fair valuation adjustment, partially offset by a $1.8 million decline in mortgage origination and servicing revenue as gain on sale margins compressed slightly.

由於淨抵押貸款服務權公允價值調整的改善，本季度我們的抵押貸款銀行收入增加了 250 萬美元，但由於銷售利潤率略有壓縮，抵押貸款發放和服務收入下降 180 萬美元，部分抵消了這一增長。

Notably, quarterly production volume increased to over $800 million, the highest quarterly production in three years. Other miscellaneous income declined $2.6 million, largely due to a gain on debt extinguishment that was reported in the third quarter results as well as lower fair valuations of some of our equity investments in limited partnerships.

值得注意的是，季度產量增加至8億多美元，為三年來最高的季度產量。其他雜項收入減少了 260 萬美元，主要是由於第三季業績報告的債務清償收益以及我們對有限合夥企業的部分股權投資的公允估值較低。

For the full year, full year 2024 adjusted noninterest revenue was $345 million, improving $19 million or also 6% from the prior year, reflecting growth in wealth management fees, deposit service charges and other revenues.

就全年而言，2024 年全年調整後非利息收入為 3.45 億美元，比上年增加 1,900 萬美元，增幅為 6%，反映了財富管理費、存款服務費和其他收入的成長。

Moving to slide 15. Total adjusted noninterest expense was $266.7 million for the quarter, up $6.3 million or approximately 2% compared to the third quarter of '24. This increase was driven largely by a $4 million increase in data processing and software expenses, which impacted by a fourth quarter upgrade of our treasury management platform. A majority of the expenses associated with this upgrade are not expected to be ongoing as we move forward.

移至投影片 15。本季調整後非利息支出總額為 2.667 億美元，與 24 年第三季相比增加 630 萬美元，增幅約 2%。這一增長主要是由於數據處理和軟體費用增加了 400 萬美元，這受到我們第四季度財務管理平台升級的影響。隨著我們繼續推進，與此次升級相關的大部分費用預計不會持續存在。

Additionally, other noninterest expense increased $2.1 million due to smaller increases in several items, including professional services, advertising and public relations and operational losses. For the full year 2024, adjusted noninterest expense of $1 billion was down $23 million or 2% compared to the 2023 year, driven by declines in compensation costs.

此外，由於專業服務、廣告和公共關係以及營運損失等幾個項目的增幅較小，其他非利息支出增加了 210 萬美元。2024 年全年，調整後非利息支出為 10 億美元，較 2023 年減少 2,300 萬美元，降幅為 2%，主要原因是薪酬成本下降。

Given the 6% growth in annual adjusted revenues, combined with this 2% decline in annual adjusted noninterest expense, our adjusted efficiency ratio improved by a meaningful 5 percentage points during the year, moving from 63.3% for 2023 to 58.4% for 2024.

鑑於年度調整後收入成長 6%，加上年度調整後非利息支出下降 2%，我們的調整後效率比率在年內顯著提高了 5 個百分點，從 2023 年的 63.3% 上升到 2024 年的 58.4%。

Focusing on credit detailed on slides 9 and 10. Net charge-offs for the fourth quarter were $14 million or 17 basis points annualized, down from the 26 basis points in the third quarter. Our provision for credit losses increased very slightly to $15 million for the fourth quarter, and our allowance coverage was relatively flat at 1.37% at the end of the fourth quarter.

重點關注投影片 9 和 10 中詳述的信用。第四季淨沖銷額為 1,400 萬美元，年化沖銷額為 17 個基點，低於第三季的 26 個基點。我們的信貸損失準備金在第四季略有增加，達到 1,500 萬美元，而我們的準備金覆蓋率在第四季末相對持平，為 1.37%。

Nonperforming loans declined by $8 million in the fourth quarter. And as a reminder, $90 million or 34% of those represent guaranteed portions of SBA and FHA credits. Additionally, our classified and criticized loans as a percent of total loans, both improved linked quarter with classified loans as a percentage of total loans declining to 2.02% and criticized loans as a percentage of total loans declining to 2.35%.

第四季不良貸款減少了800萬美元。需要提醒的是，其中 9,000 萬美元（34%）代表 SBA 和 FHA 信貸的擔保部分。此外，我們的分類貸款和批評貸款佔總貸款的百分比環比均有所改善，其中分類貸款佔總貸款的百分比下降至 2.02%，批評貸款佔總貸款的百分比下降至 2.35%。

Our capital detailed on slide 16, continues to grow and remains strong. While the $215 million in subordinated debt that we called in November had a small impact on total capital, the other regulatory capital metrics increased nominally linked quarter and more meaningfully year-over-year. Additionally, our Board's approval of a 10% increase in our quarterly common dividend to $0.275 per share is a clear indicator of the confidence in our capital strength and earnings power. Looking forward, as we laid out in our materials related to the First Chatham transaction, we expect the immediate impact of the merger to be immaterial to regulatory capital.

幻燈片 16 中詳細介紹了我們的資本，該資本持續增長並保持強勁。雖然我們在 11 月召回的 2.15 億美元次級債務對總資本的影響不大，但其他監管資本指標與上一季相比名義上有所增加，並且與去年同期相比有更顯著的增長。此外，董事會批准將季度普通股股息提高 10% 至每股 0.275 美元，這清楚地表明了我們對我們的資本實力和盈利能力的信心。展望未來，正如我們在與 First Chatham 交易相關的資料中所述，我們預期合併的直接影響對監管資本無關緊要。

Slide 17 sets forth our 2025 guidance, reflecting the anticipation of continued earning asset growth, incremental improvement to operating leverage and stable credit quality. Specifically, we are estimating low to mid-single-digit organic growth rates in each of loans and core customer deposits and growth in total adjusted revenue in a range of 5% to 8% over 2024 levels, with the opportunity to continue to see growth in net interest margin as we move through the year.

投影片 17 列出了我們的 2025 年指引，反映了對持續獲利資產成長、營運槓桿逐步改善和信貸品質穩定的預期。具體而言，我們預期貸款和核心客戶存款的有機成長率將達到低至中等個位數，總調整後收入的成長幅度將在 2024 年水準上 5% 至 8% 之間，並且有機會在全年繼續看到淨利差的成長。

Additionally, as we continue to focus on investments in our people and technology, we expect expenses for the year to increase between 4% to 6% over 2024 levels, and annual net charge-offs to fall between 20 and 30 basis points.

此外，隨著我們繼續專注於對人才和技術的投資，我們預計今年的支出將比 2024 年的水平增長 4% 至 6%，年度淨沖銷額將下降 20 至 30 個基點。

2024 was an instrumental year for Cadence performance, one where we deleverage the balance sheet, enhanced earning asset mix, achieved nice core customer growth, and significantly improved operating leverage and performance metrics. We believe this 2024 momentum will continue as we move into the new year in support of our 2025 guidance and ongoing shareholder value. We are also excited about expanding our presence in Savannah, and continue to be bullish on our footprint for both organic growth and M&A fill-in opportunities.

2024 年對於 Cadence 的業績而言是至關重要的一年，在這一年中，我們降低了資產負債表的槓桿率，增強了盈利資產組合，實現了良好的核心客戶增長，並顯著提高了營運槓桿和績效指標。我們相信，隨著我們進入新的一年，2024 年的勢頭將繼續下去，以支持我們 2025 年的指導和持續的股東價值。我們也很高興擴大我們在薩凡納的業務，並繼續看好我們的有機成長和併購填補機會。

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

接線員，我們現在想開始回答問題。

(Operator Instructions)

（操作員指示）

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hi, good morning.

嗨，早安。

Good morning, Manan. Good to hear from you.

早安，馬南。很高興收到你的來信。

Can you unpack that loan growth guide a little bit for us. What are you assuming for the different loan segments and for the utilization rates especially because I know those came down at Dutch again this quarter?

您能否為我們稍微解釋一下貸款成長指南？您對不同的貸款部分和利用率有何假設，特別是因為我知道本季荷蘭的利用率再次下降了？

I don't know that we've made a big change in utilization rate. I think we're just looking at what's happening in the markets we're in. I think we feel like we've got wind in our sales. We saw production up fourth quarter over third quarter. I think we feel like the markets that we're in are going to give us growth.

我不知道我們的利用率是否發生了很大的變化。我認為我們只是在關注我們所在的市場正在發生的事情。我認為我們的銷售勢頭良好。我們發現第四季的產量比第三季有所上升。我認為我們所處的市場將會為我們帶來成長。

I think the wildcard is what's the economy going to do. I think if the economy picks up, if the economy acts the way some people think we're going to see in the back half of 2025, we could be on the high-end or above the high-end of the range. On the other hand, if things don't move in the right direction, we think our guide is very conservative. Billy?

我認為不確定因素在於經濟將會如何發展。我認為，如果經濟復甦，如果經濟表現像某些人認為的 2025 年下半年一樣，我們可能會處於高端或高於高端。另一方面，如果事情沒有朝著正確的方向發展，我們認為我們的指導非常保守。比利？

Yeah. I mean in the short run, what we've noticed is over the last four quarters, just our approval -- our large approval levels that we have in the loan committee that continue to increase every quarter over the last four peaking in the fourth quarter of the year. Keep in mind that to get those to close, it can take two, three, four, five, six months sometimes. So we're seeing good momentum closings that occurred in the fourth quarter and [already] in the first quarter. So in the near term, we expect that to continue. And then like Dan said, macro markets are bode well for us. That's all we know right now.

是的。我的意思是，從短期來看，我們注意到，在過去的四個季度中，我們的批准——我們貸款委員會的批准水平在過去四個季度中每個季度都在持續增加，並在今年第四季度達到頂峰。請記住，要完成這些任務有時可能需要兩、三、四、五、六個月的時間。因此，我們看到第四季和第一季的成交勢頭良好。因此，在短期內，我們預計這種情況將會持續下去。就像丹所說的那樣，宏觀市場對我們來說是個好兆頭。這就是我們目前所知道的一切。

The line utilization includes unfunded construction loans, and we booked some big construction loans that are sitting on 0. So that can move up the line utilization 1% or 2%.

信貸額度利用率包括未撥付的建設貸款，我們登記了一些未撥付的大型建設貸款。這樣可以使生產線利用率提高 1% 或 2%。

But, yeah, it's maintained at that percentage (multiple speakers) for a long time.

但是，是的，它長期保持在該百分比（多個發言者）。

[Very close]. It kind of went down a little bit. I just don't think that's the message. I don't think that means anything.

[非常接近]。它有點下降了。我只是不認為這是真正的訊息。我認為這沒有任何意義。

Perfect. Thank you. And then maybe on the loan yield side, as I look at the three buckets of floating variable and fixed-rate launch on slide 12, the floating rate loan yields are down as expected. The variable rate loan yields are down at Dutch versus last quarter, and then the fixed rate loan yields are up. So can you talk about how those loan yields should trend from here in each of those markets given the forward curve?

完美的。謝謝。然後也許在貸款收益率方面，當我查看幻燈片 12 上推出的三個浮動可變利率和固定利率時，浮動利率貸款收益率如預期般下降。與上一季相比，荷蘭浮動利率貸款收益率有所下降，而固定利率貸款收益率則有所上升。那麼，您能否談談，考慮到遠期曲線，這些貸款殖利率從現在起在每個市場的趨勢如何？

Yes. So well, I'll probably talk about it a little more generally. Our overall portfolio yield is at 6.40%. And so that's taking the combination of all of that. It still on that slide 12, you take a look at the 3- to 12-month bucket, if you will. That $2.2 billion that's priced right now at 6.20%. In the fourth quarter, our new loan production was north of 7%. And so if we're able to continue that in an environment where there's no cuts in rates then that speaks very favorably for that overall portfolio yield. That, combined with the new growth that Bill's talking about that we're hopeful we'll be able to pull through as well.

是的。那麼好吧，我可能會更籠統地談論它。我們的整體投資組合收益率為 6.40%。這就是將所有這些結合起來的結果。它仍然在第 12 張投影片上，如果你願意的話，你可以看一下 3 到 12 個月的時間段。這 22 億美元目前的價格為 6.20%。第四季度，我們的新貸款發放量超過7%。因此，如果我們能夠在沒有降息的環境下繼續保持這種勢頭，那麼這對整體投資組合收益率來說非常有利。結合比爾所說的新增長，我們希望我們也能渡過難關。

So we're optimistic on our loan yields and believe that if the growth can come in and if we can sustain that north of 7% new production, then there's a possibility to actually see that overall portfolio yield increase.

因此，我們對貸款收益率持樂觀態度，並相信如果成長能夠實現，並且我們能夠將新增產量維持在 7% 以上，那麼就有可能看到整體投資組合收益率上升。

Does that help you?

這對你有幫助嗎？

Yes. Thank you.

是的。謝謝。

Thank you. Appreciate it.

謝謝。非常感謝。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, good morning guys. Thanks for taking my questions. I'll take a shot at this, but you have a breakdown for what the expectation would be for fees versus NII as it relates to the guide. And then as we think about the expense aspect, how much flexibility is there if the revenue comes in towards the lower end to scale back? I know there's obviously incentive compensation components, but would you actually look to potentially reduce the tax spend? Is there any flex there so that you could generate positive operating leverage? Thanks.

嘿，大家早安。感謝您回答我的問題。我會嘗試一下，但是您需要根據指南對費用與 NII 的預期進行細分。然後，當我們考慮費用方面時，如果收入趨向於較低水平，那麼縮減的靈活性有多大？我知道這顯然有激勵薪酬成分，但您是否真的希望減少稅收支出？是否存在任何彈性以便您可以產生積極的經營槓桿？謝謝。

I'll take a stab at the first one. The second part of your question on the expenses and let Valerie color in. But first, I want to really appreciate you sending that Chicago weather down to the Gulf Coast here. We appreciate the 11 inches of snow we had on the Alabama Coast, and I know you sent that down to us. So thank you very much. From Houston to the Mississippi, Alabama, Florida Coast over to the East Coast of Georgia, this weather is not unusual -- not usual for us, a record rather for us. And I know you're glad to get cold weather out of your town.

我將嘗試第一個。你的問題的第二部分是關於費用的，讓瓦萊麗來解釋。但首先，我非常感謝您將芝加哥的天氣傳送到墨西哥灣沿岸。我們很感激阿拉巴馬海岸的 11 英寸降雪，我知道這是你們為我們帶來的。非常感謝。從休士頓到密西西比州、阿拉巴馬州、佛羅裡達海岸，再到喬治亞州東海岸，這種天氣並不罕見——對我們來說並不常見，而是一種記錄。我知道你們很高興寒冷的天氣離開了你們的城市。

Let's see, expense question. I think we continue to invest in our people, and we continue to invest in our technology. So I think when you're talking about what levers do we have in there, we absolutely are looking to continue to grow and invest in our people. If we don't find the right people to grow, then that's not going to get spent. I think when you talk about the technology spend, we've got projects that are underway today that are in the hopper and are going to happen. So I don't know that there's a whole lot of room there. We're continuing to find ways to be more efficient at what we're doing. We're continuing to find ways to not cost out, and we'll continue to stay focused on that. Valerie, [if you can] talk about fees.

讓我們看看，費用問題。我認為我們會繼續投資我們的員工，我們會繼續投資我們的技術。因此，我認為，當您談論我們有哪些優勢時，我們絕對希望繼續發展並投資於我們的員工。如果我們找不到合適的人才來實現發展，那麼這些錢就花不出來。我認為，當您談論技術支出時，我們今天正在進行一些項目，這些項目已經準備就緒，即將實現。所以我不知道那裡是否還有足夠的空間。我們正在繼續尋找方法來提高工作效率。我們正在繼續尋找不增加成本的方法，並且我們將繼續專注於此。瓦萊麗，如果可以的話，談談費用。

Yes. And I'll talk on the net interest income versus the noninterest income side, so I think that we're a little more bullish on the net interest income side. On noninterest income, expecting steady growth in our business lines, but there are a few things. We've got the wealth management, obviously, business lines that are impacted by whatever the market does. The markets had some pretty strong performance over the past couple of years. And so, particularly this past year. And so we are modeling a less robust market impact for that. So if things turn out a little better than expected, then there's some additional upside there.

是的。我將討論淨利息收入與非利息收入方面，因此我認為我們對淨利息收入方面更為樂觀。關於非利息收入，我們預期我們的業務線將穩定成長，但也存在一些問題。顯然，我們的財富管理業務線會受到市場趨勢的影響。過去幾年，市場表現相當強勁。尤其是過去的一年。因此，我們正在為此建立一個較不強勁的市場影響模型。因此，如果事情比預期好一點，那麼就會有一些額外的好處。

Same thing with mortgage, so much dependent upon, obviously, the rates that drive that business and level of business. We're still not predicting much on the refi businesses. So again, depending on where rates go, there's potential for more upside there as well. But right now, I'd say that we're looking to have the biggest portion of that overall revenue growth into next year really coming through net interest income.

抵押貸款也是一樣，顯然很大程度上取決於推動該業務的利率和業務水平。我們仍然沒有對再融資業務做出太多預測。因此，再次強調，利率走勢也存在進一步上漲的潛力。但現在我想說，我們希望明年整體收入成長的最大部分都真正來自淨利息收入。

Helpful. Yeah. And then just on credit, it was nice to see the step down in both criticized and classified loans just kind of the charge-off guidance for the year is still around what you generated in 2024. Can you just give us some expectation of what that range could be if the economy continues to improve, is there actually the ability that you could see charge-offs kind of below the range and it's just the initial start to the year, so you've been conservative. So it seems to me that just given that step down and the strong underwriting credit culture you guys have, that range could be a little wide or high?

很有幫助。是的。然後就信貸而言，很高興看到批評貸款和分類貸款的減少，今年的沖銷指引仍然與 2024 年產生的貸款水準差不多。如果經濟持續改善，您能否給我們一些預期，這個範圍會是多少，實際上是否有可能看到低於該範圍的沖銷額，而且這只是今年的開始，所以您一直比較保守。所以在我看來，考慮到你們的降級和強大的承保信用文化，這個範圍可能會有點寬或高？

Well, I like the way you think. We certainly want to see that number come down. I think that we are early in the year. I think that it's also lumpy. So we could have some big ticket hits that impact that. And so I think we want to make sure that we've got a range that works for us. Chris?

嗯，我喜歡你的想法。我們當然希望看到這個數字下降。我認為我們正處於年初。我認為它也是塊狀的。因此，我們可能會有一些大熱作品對此產生影響。所以我認為我們要確保我們有一個適合我們的範圍。克里斯？

That's right. You're right on, Mark, Dan. I mean, the guidance is the guidance, we could do better or to the low end of the guidance. It's a lumpy part of that, what I would want to emphasize. We could see -- like we saw this, we saw a good quarter this quarter, downward trend, but that can bounce around a little bit given the size of the credits we're dealing with.

這是正確的。馬克、丹，你說得對。我的意思是，指導就是指導，我們可以做得更好或達到指導的低端。這是其中比較難懂的一部分，也是我想強調的。我們可以看到——就像我們看到的那樣，本季度我們看到了一個良好的季度，下降趨勢，但考慮到我們處理的信貸規模，這種情況可能會有所反彈。

We go back to the first quarter of last year. We had the one big item that came through that was out of left field, and we're still dealing with some of that. We took it, but it is what it is.

我們回顧去年第一季。我們收到了一件出乎意料的大件物品，我們仍在處理其中的一些物品。我們接受了它，但它就是它。

Got it. I'll step back. Thanks.

知道了。我會退後。謝謝。

Thank you. Appreciate it.

謝謝。非常感謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Hey, Just remember, lift with your legs, not your back, when you're shoveling up there.

嘿，只要記住，當你鏟雪時，用腿而不是背部抬起雪。

We don't even have any shovels for snow. What are you talking about? Thanks for reminding me.

我們甚至沒有鏟雪的鏟子。你在說什麼？謝謝你提醒我。

It will be gone soon. Just maybe just going back on the loan growth side, low to mid-single digit to me seems very conservative, I guess, in light of the deal and the tailwinds more broadly in the market. Are there any assumptions there for any type of loan runoff that we should expect? And then also, does that include the benefits of the deal?

它很快就會消失。也許只是回到貸款成長方面，考慮到這筆交易以及更廣泛的市場順風，我認為低到中等個位數的成長對我來說似乎非常保守。對於我們應該預期的任何類型的貸款流失，有什麼假設嗎？那麼，這是否包括交易的好處？

It does not. So let's start with the deal. The deal is not in any of our forward numbers. So it's not in any of the guide at all. So start there. We're talking about organic growth and organic numbers in all of the guidance that we're talking about there. And I think we all agree that there's opportunity for us in 2025 to shine. I think as we sit here today, I don't know that we see where that actually comes from.

但事實並非如此。那麼就讓我們從交易開始吧。這筆交易不在我們的任何遠期數據中。所以它根本不在任何指南中。所以從那裡開始。我們在所有指導中討論的都是有機成長和有機數字。我想我們都同意，2025 年我們將有機會大放異彩。我想，當我們今天坐在這裡時，我不知道我們是否明白這實際上從何而來。

There's just a lot of talk. We've been talking about that for a while. The new administration has been in place for three days today. We still don't have the banking leaders into their chairs yet. There's still some unknowns out there. But there's opportunity for us to do very well on loan growth this year. The team has capacity to grow. We've seen continued loan growth, Billy put it just a minute ago.

只是有很多話要說。我們已經談論這個話題有一段時間了。今天，新政府就職已經三天了。我們還沒有讓銀行領導人就任。仍有一些未知數。但今年我們的貸款成長仍有機會取得很好的成績。該團隊具有成長的能力。我們看到貸款持續成長，比利剛才說。

I think when you look back at fourth quarter over third quarter, we had higher production by almost $300 million in 4Q over 3Q. I think there's excitement amongst the team. The team is mixing it up out there. I saw a couple of e-mails yesterday flowing on some potential new credits that folks are excited to bring in to us. We've got opportunity in front of us. I just don't know how to gauge that sitting here on January 23, for what we do for full year 2025.

我認為，當你回顧第四季與第三季時，我們會發現第四季的產量比第三季高出近 3 億美元。我認為整個團隊都很興奮。該團隊正在將其混合在一起。昨天我看到幾封電子郵件，內容是一些人們很高興能帶給我們的潛在新信用。我們面前有機遇。我只是不知道在 1 月 23 日坐在這裡如何衡量我們 2025 年全年要做的事情。

Okay. All right. That's good.

好的。好的。那挺好的。

Jared, one thing I was going to add. I mean part of the assumption and a wildcard out there is some of our merchant build construction lending activity.

賈里德，我想補充一點。我的意思是，部分假設和通配符是我們的一些商家建設貸款活動。

That's the pay down.

這就是付出的代價。

And we're -- we've been active in that space. We were particularly active in '21 and '22. A lot of that is funded up, and when capital markets open in those transactions trade, we'll see some level of paydown. We have assumed a tepid outstanding growth in that space for the year. So if that paydown activity is delayed, then we could outperform. If it's accelerated, we could underperformed, but we've assumed that there's going to be a higher level of payoff and less growth in that space during the year.

而且我們一直活躍於該領域。我們在 21 年和 22 年特別活躍。其中許多都已籌集到資金，當資本市場在這些交易中開放時，我們將看到一定程度的回報。我們預計今年該領域將出現溫和而出色的成長。因此，如果還款活動被推遲，那麼我們可能會表現優異。如果加速的話，我們的表現可能會不佳，但我們預計今年該領域的回報水平將會更高，而成長將會減少。

Excellent, good call.

非常好，很好的電話。

Okay. All right. And I guess just for my follow-up, this deal, it looks attractive, but it's much smaller than sort of the MOE. Is this more of a one-off than it was just too good to pass up? Or do you feel that going forward, there could be an opportunity to do sort of multiple overlapping smaller deals as a preference?

好的。好的。我想就我的後續情況而言，這筆交易看起來很有吸引力，但它比 MOE 小得多。這是一個難得的機會，而不是一個不容錯過的好機會？或者您覺得，展望未來，可能有機會優先進行多項重疊的小額交易？

I don't know that there's a preference. I think we could do what you just said. I think we would certainly like to see larger opportunities. You've heard me talk for the last year. We want to be the acquirer of choice. We want to be a good player. We want to be in market. We want the opportunity to expand in good markets that we need to expand in. This clicks all those boxes.

我不知道是否有偏好。我認為我們可以按照你剛才說的去做。我想我們當然希望看到更大的機會。你們已經聽過我去年的演講了。我們希望成為首選的收購者。我們想成為一名優秀的球員。我們想要進入市場。我們希望有機會在我們需要擴張的良好市場中擴張。這將單擊所有這些框。

When we talk about Savannah. That's the second largest MSA in the state of Georgia. There's a lot of business activity in the Savannah market that are one branch, while we're doing well over there. We just -- we're not there. We're not visible. This puts us, I think, in five or six deposit market share in that market.

當我們談論薩凡納時。這是喬治亞州第二大 MSA。薩凡納市場有很多商業活動，我們在那裡做得很好。我們只是──我們不在那裡。我們是看不見的。我認為，這使我們在該市場佔有五到六成的存款市佔率。

And while the First Chatham fantastic, they're a good community bank team. We get to overlay many products and services that are currently not on the menu of products and services that they're offering. And so I think we're excited about expanding further into that market. So opportunities like this have been what I've been talking about for a while, it would certainly be nice to find bigger opportunities. And I think we will see those opportunities as we look forward because I think we'll continue to be in a consolidating industry. We just want to be in the game.

儘管 First Chatham 非常棒，但他們是一支優秀的社區銀行團隊。我們可以涵蓋許多目前不在他們提供的產品和服務菜單上的產品和服務。因此我認為我們很高興能夠進一步拓展該市場。所以我一直在談論這樣的機會，如果能找到更大的機會那就太好了。我認為，我們將在未來看到這些機會，因為我認為我們將繼續處於一個整合的行業中。我們只是想參與比賽。

Does this keep you out of the market until this closes? Or do you think that you could sort of stack deals?

這是否意味著您將無法進入市場直至交易結束？或者您認為您可以進行某種形式的堆疊交易？

Yes. I don't believe a transaction that's 1.5% of our size slows us down.

是的。我不認為僅占我們規模 1.5% 的交易會減慢我們的速度。

Okay. Thank you.

好的。謝謝。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Hey, thanks. Good morning everybody. I guess, Valerie, you addressed a question around loan pricing, loan yields. What about the other side on deposits. Any commentary on deposit pricing competition? And then kind of second part, just taking a step back, it feels like this margin has got some nice tailwinds for the year. Anything you would point us towards with respect to the margin in the first quarter or just the near term? .

嘿，謝謝。大家早安。我想，瓦萊麗，您回答了有關貸款定價和貸款收益率的問題。關於存款的另一面又如何呢？存款定價競爭有何評論？然後是第二部分，退一步來看，感覺這個利潤率在今年已經獲得了一些不錯的順風。關於第一季或短期的利潤率，您能給我們指出什麼嗎？。

Yeah. I'll take the second half of that, and then I'll let Chris talk a little bit about the competition out there. There are some things that we do have a sizable CD book, time deposit book in the fourth quarter. Those were being put on at an average of 3.9% and that was replacing some that were close to 4.5%. And so there's obviously opportunity there. As we look out at the first half of next year, there's ballpark about another $6 billion of those CDs that are going to be coming off north of 4%. And so we're opportunistic there that we can bring that pricing down. And so that will certainly help.

是的。我將討論後半部分，然後讓克里斯談談外面的競爭情況。有些事情我們在第四季確實有相當數量的 CD 帳簿和定期存款帳簿。這些稅率平均為 3.9%，取代了一些接近 4.5% 的稅率。因此，那裡顯然存在著機會。展望明年上半年，我們預計還有約 60 億美元的 CD 利率將超過 4%。因此，我們抓住機會降低價格。這肯定會有幫助。

We also put on in the fourth quarter [$1.5 billion of] broker deposits. That was the payoff along with some excess cash, the bank term funding program debt of $3.5 billion. And so those are actually on the books at [4.36%] on average. Over the next six months, about half of that will pay off, will mature. And so that is about a [4.50%] level. And so there's ability there as we go through the year as those kind of tail off kind of in a laddered over quarter-over-quarter to also see improvement as we offset that with organic growth in those deposits.

我們也在第四季存入了[15億美元]經紀人存款。這是收益以及一些多餘的現金，即 35 億美元的銀行定期融資計劃債務。所以實際帳面平均利率為 [4.36%]。在接下來的六個月裡，其中大約一半的貸款將得到回報並到期。所以這個水準大約是 [4.50%]。因此，隨著我們度過這一年，隨著這些存款逐季下降，我們也能看到存款的有機成長帶來的改善。

So we do feel pretty good. And as you've known -- as we've talked about, we have grown the core deposit base quarter-over-quarter. And so the teams are very focused on that and look to be able to do more of that as we go forward. Do you want to talk about competition, Chris?

所以我們確實感覺很好。如您所知 - 正如我們所討論的，我們的核心存款基礎逐季度都在增長。因此，團隊非常關注這一點，並希望在未來能夠做更多的事情。克里斯，你想談談競爭嗎？

Yeah. From the competition side, it's interesting. I think it's still very competitive out there. The specials, if you will, primarily the CD specials slowed down for a while. They picked back up is what I would tell you anecdotally, we're seeing more CD specials, although at a lower rate right now than we saw nine days ago because of the curve shifted and all, but it does seem to -- things have gotten a bit more competitive over the last 30 days or so. We're seeing it in pockets among community banks and there's different sources around the geography.

是的。從比賽的角度來看，這很有趣。我認為那裡的競爭仍然非常激烈。如果你願意的話，特別版，主要是 CD 特別版，暫時放慢了速度。我想告訴你的是，它們又恢復了活力，我們看到了更多的 CD 特價，儘管由於曲線移動等原因，目前的利率低於九天前，但似乎——在過去 30 天左右的時間裡，競爭變得更激烈了。我們在社區銀行中看到這種情況，各地都有不同的來源。

The payoff of that bank term funding program, some of that came out of cash, we shrunk the balance sheet, which was all intentional.

該銀行定期融資計畫的收益，一部分來自現金，我們縮減了資產負債表，這一切都是有意為之。

Okay. That's helpful. And then as far as the incremental pricing on the incremental deposit growth at the bank, I think I heard you mention newer time deposits in that mid- to high 3% range. Is that a reasonable. Is that what I heard?

好的。這很有幫助。至於銀行增量存款成長的增量定價，我想我聽到您提到過 3% 中高範圍內的較新的定期存款。這樣合理嗎？我聽到的就是這樣的嗎？

Yeah. Yes, that's about right.

是的。是的，基本上正確。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Good morning. Hey, going back to the revenue growth outlook, can you just give us a little bit of color around kind of what's driving the bottom end of the range versus the high end of the range? Is it all on rates? Or is there any other kind of pieces to think about with what the risk to the low end of the range versus the upside to the high end?

早安.嘿，回到收入成長前景，您能否給我們稍微介紹一下推動收入範圍底端和高端的因素？一切都與利率有關嗎？或者是否有其他類型的因素需要考慮，即範圍低端的風險與高端的上行風險？

Risk to not hitting the low end? Is that what the question?

無法達到低端的風險？這就是問題所在嗎？

[Yeah, because the low end], I guess really the question is the low end feels very low to me and unlikely. I feel like or generally biased towards the high end of the range. I'm just kind of curious what would bring you to the low end of the revenue growth range?

[是的，因為低端]，我想真正的問題是低端對我來說感覺很低並且不太可能。我感覺或總體上偏向於該範圍的高端。我只是有點好奇什麼會讓您的收入成長達到最低水準？

I mean I think it's anything that would cause risk to the net interest income line is going to have the biggest impact. That's the ones that can be more volatile. If, for some reason, there are some sudden reductions in rates or some things that in our footprint that caused the loan origination to not come about as we anticipate it to be. Those types of things. But I'd say that we feel pretty confident in that range as we look forward just given what we see today.

我的意思是，我認為任何可能對淨利息收入線造成風險的事情都會產生最大的影響。這些可能會更加不穩定。如果由於某種原因，利率突然降低或我們的業務範圍內發生了一些事情，導致貸款發放未能按照我們的預期進行。諸如此類的事情。但我想說，從今天看到的情況來看，我們對這個範圍非常有信心。

Okay. Great. That's helpful. I mean, so basically, you believe the growth outlook and you believe we're somewhere between 2 cuts and 0 cuts the high end of the range? Is it reasonable assumptions. Is that fair? .

好的。偉大的。這很有幫助。我的意思是，基本上，您相信成長前景，並且您相信我們處於 2 次降息和 0 次降息範圍的高端之間？這是合理的假設嗎？這樣公平嗎？。

Yeah. I think -- yes, I mean it's fair depending upon how many cuts come through.

是的。我認為——是的，我的意思是這取決於有多少削減是公平的。

Got it. And then on buybacks, now that we're back into acquisition mode and the growth outlook looks really good. Do you think that there's less buyback activity this year?

知道了。然後談到回購，現在我們又回到了收購模式，成長前景看起來非常好。您認為今年的回購活動減少了嗎？

Yes. We've got -- we have not announced a buyback plan for 2025. We've got to work through it with our new regulator to get all of that in place. And so we're in the process of doing some of that today. I don't know that I would say it's off the table, but with where we're sitting and the activity that we're seeing, we'd like to use our capital for other purposes.

是的。我們還沒有宣布 2025 年的回購計畫。我們必須與新監管機構合作，確保所有這些都到位。因此我們今天正在做一些這樣的工作。我不知道我是否會說這是不可能的，但考慮到我們目前的情況和我們看到的活動，我們希望將我們的資本用於其他目的。

It really is more opportunistic. Right. So just you kind of view that as more opportunistic if the stock pulls back then generally, capital will be used for acquisitions and growth from here?

這確實更具機會主義色彩。正確的。那麼，您是否認為，如果股票回調，那麼資金將用於收購和成長，這更具機會性？

That's exactly what we've done for the last multiple years, and I think we would be in the same boat.

這正是我們過去幾年所做的，我認為我們會面臨同樣的處境。

Great. Okay, thank you.

偉大的。好的，謝謝。

Thank you, Catherine.

謝謝你，凱瑟琳。

Gary Tenner, D.A. Davidson.

加里·坦納（Gary Tenner），地方檢察官戴維森。

Thanks. Good morning. Just ask Catherine's question on the NII range, maybe a little bit differently. Is it fair to say that the upside or downside -- upper end or lower end of the range is more about volume than it is rate. The way things sit today based on your rate assumptions?

謝謝。早安.只需詢問凱瑟琳關於 NII 範圍的問題，可能略有不同。是否可以公平地說，上行或下行——範圍的上限或下限更多地取決於交易量而不是利率？根據您的利率假設，目前的情況如何？

Well, based on our rate assumptions, I would say, yes. But if there are volatility in the rate assumptions, then that could prove otherwise. Or if we have a big bump in market performance, that could positively impact our fee income side as well. longer-term rates that could impact our refi rate and mortgage that could [bump up].

嗯，根據我們的利率假設，我會說是的。但如果利率假設有波動，則可能證明事實並非如此。或者，如果我們的市場表現大幅提升，這也可能對我們的費用收入產生正面影響。長期利率可能會影響我們的再融資利率和抵押貸款利率，這可能會[提升]。

I mean there's always -- there's just so many moving parts. But again, just based on the rate forecast, we used the forward curve at the end of the year. And what we see today in our marketplace that was the basis for the ranges that we provided.

我的意思是，總是有——有太多的活動部件。但同樣，僅基於利率預測，我們在年底使用了遠期曲線。我們今天在市場上看到的正是我們提供的產品系列的基礎。

Sure. No, I appreciate that. I was more focused on the NII side, just given your comment about being more bullish on that side, and conservative on the EP side, but I appreciate the comment. And then I appreciate the commentary around competitiveness in the deposit side of the business. Can you talk about kind of pricing competition on the lending side? Have you seen other banks start kind of doors open for lending more and a little more competition on the pricing side?

當然。不，我很感激。我更關注 NII 方面，只是考慮到您的評論，我對這一方面更加樂觀，對 EP 方面更加保守，但我很欣賞您的評論。然後我很欣賞有關業務存款方面競爭力的評論。能談談貸款方面的價格競爭嗎？您是否看到其他銀行開始敞開大門提供更多貸款並在定價方面加強競爭？

I'll kick it off and let Billy jump in. We've got a lot of levers, a great footprint, a community bank model, corporate bank model, probably a little different depending on which view your lens you're looking from. It's -- we compete on the community bank side, a lot of community bank competition there, as are typically more fixed rate, [511 type loan] , owner-occupied business and we're seeing competition in there. But the rates that we talked about earlier about the time we get some [7%] plus range. And then on the corporate side, Billy, I'll let you jump in on that.

我先開球，然後讓比利跳進去。我們有許多槓桿、巨大的足跡、社區銀行模式、企業銀行模式，可能根據你從哪個角度看可能會有一點不同。我們在社區銀行方面競爭，那裡有很多社區銀行的競爭，通常是固定利率更多、[511 型貸款]、自住業務，我們看到那裡的競爭。但是我們之前談到的利率是關於我們獲得一些 [7%] 以上的範圍。然後從公司方面來說，比利，我讓你參與其中。

Yeah. The corporate side are almost exclusively floating rate loans -- we are -- for the best credit quality loans, we are seeing a lot more spread compression on that and on the ones that are more creative or M&A financings or that we're not seeing as much. But on the highest quality, we've seen competition come in with new budgets saying we want to grow, and so the spreads are compress there.

是的。企業方面幾乎全部是浮動利率貸款 - 對於最佳信用品質貸款，我們看到這些貸款的利差壓縮幅度更大，而對於更具創造性或併購融資的貸款，我們看到的利差壓縮幅度則沒有那麼多。但在最高品質方面，我們看到競爭對手帶著新的預算進來，表示我們想要成長，因此利差正在縮小。

And we've got nonbank competitors playing too.

我們也有非銀行競爭對手參與其中。

We have nonbank competitors. From a pricing standpoint, that doesn't affect us as much as it does from a volume and structure. But yes, that's a fair point.

我們有非銀行競爭對手。從定價的角度來看，這對我們的影響不如從數量和結構的角度來看那麼大。但確實，這是一個合理的觀點。

Thank you.

謝謝。

Thanks Gary.

謝謝加里。

(Operator Instructions)

（操作員指示）

Jon Arfstrom, RBC.

加拿大皇家銀行的喬恩‧阿夫斯特羅姆 (Jon Arfstrom)。

Good morning. Just Valerie, just a few cleanups here. But the noninterest-bearing balances. Can you walk through that? Again, I think you kind of touched on it in your prepared comments, but can you kind of walk through what drove that decline? And do you feel like that category is bottoming out at this point?

早安.只是瓦萊麗，這裡只是進行一些清理工作。但無息餘額。你能走過那裡嗎？再次，我認為您在準備好的評論中已經提到了這一點，但是您能否詳細說明導致這種下降的原因？您是否覺得該類別目前已觸底？

Yeah. So there were a couple of things related to that. One was the fact that we did add the $1.5 billion of broker deposits in the quarter, and that adds to the denominator. So when you're looking at the percent of the noninterest bearing to the total, that impacts that as well. And then at the end of the third quarter, we had kind of an overnight influx of noninterest-bearing deposits that we knew were coming out basically the next day. That was $350 million-ish or so.

是的。因此，有幾件事與此相關。一是本季我們確實增加了 15 億美元的經紀人存款，這增加了分母。因此，當您查看無利息支出佔總數的百分比時，這也會對其產生影響。然後在第三季末，我們出現了一夜之間湧入的無息存款，我們知道這些存款基本上會在第二天到達。那大約是 3.5 億美元。

And so that served to kind of augment that percentage at September 30. And so that also served to impact as well. But just to be clear, we are continuing to expect that to come down as a percent of total modestly as we look through the year, just because we are continuing to see most of the new growth in our deposits coming in, in interest-bearing products.

這樣就在某種程度上提高了 9 月 30 日的比例。這也會產生影響。但需要明確的是，我們預計，縱觀全年，這一比例將小幅下降，因為我們繼續看到存款新增的大部分來自有利息的產品。

That being said, we do have a lot of aggressive work going on the treasury management front. We have a new updated system. The teams are all hands on there. And that business can tend to bring more noninterest-bearing. So we are definitely working on both sides of it, but we do anticipate it to probably just inch down maybe a couple of percentage points more over the next year.

話雖如此，我們在財務管理方面確實有很多積極的工作要做。我們有一個新的更新系統。所有團隊都全力以赴。而這項業務往往能帶來更多的無息收入。因此，我們肯定會從兩個方面進行努力，但我們預計明年這一數字可能會再下降幾個百分點。

That's helpful. And then on credit, I think, looks fine. And then it looks like the reserve has floated down a little bit over the last 12 months, but curious how you want us to think about provision expectations and the reserve outlook in general?

這很有幫助。然後就信用而言，我認為看起來不錯。然後看起來儲備金在過去 12 個月中有所下降，但好奇您希望我們如何看待撥備預期和整體儲備金前景？

Yeah, I mean, we feel pretty good about where we're reserved. As you know, now with CECL, so much of that is based on the economic outlook. And so as long as there's stability there, I wouldn't anticipate dramatic movements given what we see as the outlook for credit right now. So it can potentially drive the smidge lower just as we continue to grow the overall loan portfolio. But -- but I think we're in a pretty good range.

是的，我的意思是，我們對我們保留的地方感覺很好。如您所知，現在有了 CECL，其中很大一部分取決於經濟前景。因此，只要那裡穩定，根據我們目前的信貸前景，我預計不會出現劇烈波動。因此，當我們繼續增加整體貸款組合時，它有可能導致貸款金額略微下降。但是——但我認為我們處於相當不錯的範圍內。

I think I'm last and so I'm going to ask one more. Do you have a regulatory changes wish list for Cadence? If there's anything you'd like to see things that could help you?

我想我是最後一個，所以我要再問一個。您對 Cadence 的監管變化有什麼期望嗎？您希望看到什麼可以幫助您的事情嗎？

No, I think what we've seen just in the last few days, the commentary that's come out of the acting Chair of the FDIC has been very positive for the banking industry. I think we like where we sit today as a Fed member bank and the relationship that we're building with the Federal Reserve has been very positive so far. I think, again, we feel really good about where we are. The wind in our sales for the last year, coming into 2025, our footprint continues to shine. We've got great opportunities in front of us, and the team is very focused on that.

不，我認為，就我們過去幾天所看到的而言，聯邦存款保險公司代理主席發表的評論對銀行業非常有利。我認為我們喜歡今天作為聯準會成員銀行的地位，而且我們與聯準會建立的關係到目前為止非常積極。我認為，我們對目前的狀況感到非常滿意。去年我們的銷售順風順水，進入2025年，我們的足跡將繼續閃耀。我們面前有巨大的機遇，團隊對此非常關注。

Okay. Thank you.

好的。謝謝。

Thank you. Appreciate it, John.

謝謝。非常感謝，約翰。

This concludes our question-and-answer session. I would like to turn the conference back over to the management team for any closing remarks.

我們的問答環節到此結束。我想將會議交還給管理團隊，請他們發表結束語。

Thank you all again for your time today and joining us. It's certainly an exciting time and a busy time for Cadence. We are confident that the tremendous progress we made in 2024 will continue to bear fruit in 2025. And we're very excited to be back in the M&A process. This is our first transaction since the Cadence [bxs merger back] in 2021.

再次感謝大家今天抽出時間參加我們的活動。對 Cadence 來說，這無疑是一個令人興奮且忙碌的時刻。我們相信，我們在2024年取得的巨大進步將在2025年繼續結出碩果。我們非常高興能夠重新參與併購流程。這是我們自 2021 年 Cadence（bxs 合併回來）以來的首筆交易。

And while it's small relative to our current size, it does provide an opportunity for us to add scale in a very attractive market in Savannah, Georgia. And it gives our M&A team some time to excercise their muscle memory and be prepared for other opportunities that may come along the line, and it adds value to our shareholders and our customers that we serve in this markets.

雖然相對於我們目前的規模來說，這個規模很小，但它確實為我們提供了在喬治亞州薩凡納這個極具吸引力的市場中擴大規模的機會。這讓我們的併購團隊有時間鍛鍊他們的肌肉記憶，並為可能出現的其他機會做好準備，並為我們的股東和我們在這個市場服務的客戶增加價值。

Thanks again, everybody, for joining us today. We look forward to seeing you as we're out on the road in 2025, and we look forward to having a great 2025 for our company. Thank you all very much.

再次感謝大家今天的參與。我們期待在 2025 年上路之際與您相見，並期待公司在 2025 年取得輝煌成就。非常感謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。