Cadence Bank (CADE) 2025 Q1 法說會逐字稿

Good day, and welcome to the Cadence Bank first-quarter 2025 webcast and conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Cadence Bank 2025 年第一季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 first-quarter 2025 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. 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 to the exhibit to the 8-K that we filed yesterday afternoon. These slides are also in the presentation section of our investor relations website.

早安，感謝您參加 Cadence Bank 2025 年第一季財報電話會議。今天上午，我們的執行管理團隊成員也來到了這裡：丹·羅林斯 (Dan Rollins)、克里斯·巴格利 (Chris Bagley)、瓦萊麗·托爾森 (Valerie Toalson) 和比利·布拉多克 (Billy Braddock)。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，或者您可以在我們昨天下午提交的 8-K 附件中查看它們。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.

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。

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

現在，我請丹發表開場白。

Good morning. Thank you all for joining us to discuss our first-quarter results. After I cover a few highlights, and Valerie provides additional detail on our financials, our executive management team will be available for questions. First, during the quarter, we received all regulatory approvals to complete our acquisition of First Chatham Bank, and we plan to close May 1.

早安.感謝大家加入我們討論第一季的業績。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。首先，在本季度，我們獲得了完成對第一查塔姆銀行收購的所有監管部門的批准，我們計劃於 5 月 1 日完成收購。

As a reminder, we announced this transaction the last time we had an earnings call, so to be able to get approval and close in under 100 days is fantastic. We're looking forward to working with Ken Farrell and his team at First Chatham and expanding our presence in Georgia. Regarding the first-quarter results, our financials continue to exhibit strength in a number of areas. GAAP net income increased to $130.9 million or $0.70 per share. Adjusted net income from continuing operations increased to $131.4 million or $0.71 per share. And ROA was higher at 1.15%.

提醒一下，我們在上次財報電話會議上宣布了這筆交易，因此能夠在 100 天內獲得批准並完成交易真是太棒了。我們期待與 Ken Farrell 及其在 First Chatham 的團隊合作並擴大我們在喬治亞州的業務。就第一季業績而言，我們的財務狀況在多個領域持續展現強勁。GAAP 淨收入增至 1.309 億美元，即每股 0.70 美元。調整後的持續經營淨收入增至 1.314 億美元，即每股 0.71 美元。ROA 較高，為 1.15%。

Our balance sheet management last fall drove an increase in net interest margin of 8 basis points this quarter, and our adjusted efficiency ratio improved by over 100 basis points as managed expenses offset the impact of fewer days in the quarter on revenue. Our teams remain focused on supporting our customers, which resulted in first-quarter loan growth of nearly 4% on an annualized basis, with the strongest growth coming out of Georgia, Florida, and Texas, as those states continue to do well against the national backdrop. Loan pipelines remain solid across most of our regional markets.

我們去年秋季的資產負債表管理推動本季淨利差增加了 8 個基點，並且由於管理費用抵消了本季天數減少對收入的影響，我們的調整後效率比率提高了 100 多個基點。我們的團隊繼續專注於支持我們的客戶，這使得第一季的貸款成長率達到年化近 4%，其中喬治亞州、佛羅裡達州和德克薩斯州的成長最為強勁，因為這些州在全國範圍內繼續表現良好。我們大多數區域市場的貸款管道依然穩固。

Merchant commercial real estate activity is as robust as it's been in years. Competition for the best transactions has driven yields down somewhat in recent months, but activity remains high. Deposit balances grew nicely on average. But given typical first quarter volatility, we ended the quarter flat with core customer deposits maintaining stability both in balances and in the mix of non-interest-bearing deposits.

商業地產活動多年來一直十分活躍。近幾個月來，對最佳交易的競爭導致收益率有所下降，但交易活動仍然活躍。存款餘額平均成長良好。但考慮到第一季的典型波動性，我們在本季結束時保持平穩，核心客戶存款在餘額和無利息存款組合方面都保持穩定。

Importantly, credit results have been stable overall and were in line with our expectations for the quarter with net charge-offs of 27 basis points annualized. There has certainly been some disruption added to the economy as of late. And while we are alert to the possibility of issues with borrowers, we have not seen any impact yet. Our tangible book value continued to expand, increasing to $22.30 per share, and regulatory capital levels remained very strong with CET1 growing to 12.4%, allowing us the capital flexibility to be opportunistic as we look ahead.

重要的是，信貸業績整體穩定，符合我們對本季的預期，年化淨沖銷額為 27 個基點。近來，經濟確實出現了一些混亂。儘管我們警惕借款人可能出現的問題，但我們尚未看到任何影響。我們的有形帳面價值持續擴大，增至每股 22.30 美元，監管資本水準保持強勁，CET1 成長至 12.4%，這讓我們擁有資本靈活性，可以抓住未來的機會。

I'll turn the call over to Valerie for her highlights on the financials and a few more details. Valerie?

我將把電話轉給瓦萊麗，讓她介紹一下財務狀況和其他一些細節。瓦萊麗？

Thank you, Dan. To add to Dan's comments, our pre-tax pre-provision net revenue for the first quarter increased to $190 million, up over 3% from the prior quarter, driven by solid loan growth and lower expenses. Average loans were up just over $482 million in the quarter, while period-ending loans grew by $310 million or 3.7% annualized as paydowns in the construction and energy portfolios impacted the period-end balances.

謝謝你，丹。補充丹的評論，受貸款穩健增長和支出降低的推動，我們第一季的稅前撥備前淨收入增至 1.9 億美元，較上一季度增長 3% 以上。本季平均貸款增加了 4.82 億美元，而期末貸款增加了 3.1 億美元，即年化成長率為 3.7%，因為建築和能源投資組合的償還影響了期末餘額。

The growth primarily resulted from strong performance in our mortgage, private banking, and community bank groups, and as Dan noted, more heavily weighted in our higher-growth markets. The quarter's loan growth was right in line also with our expectations of low- to mid-single-digit growth for the year.

這一成長主要得益於我們的抵押貸款、私人銀行和社區銀行集團的強勁表現，而且正如丹所指出的，這些成長主要集中在我們的高成長市場。本季的貸款成長也符合我們對全年低至中等個位數成長的預期。

Average deposits increased $610 million in the quarter, while period-end deposits were essentially flat with a slight decline in brokered deposits, mostly offset by a pickup in public funds. Our deposit mix at quarter end was stable with our non-interest-bearing deposits as a percent of total deposits coming in just over 21%, the same level as they were at year end.

本季平均存款增加了 6.1 億美元，而期末存款基本上持平，經紀存款略有下降，但大部分被公共資金的回升所抵消。我們季度末的存款結構保持穩定，無利息存款佔總存款的百分比略高於 21%，與年底的水平相同。

We also had $1.8 billion in CDs mature in the quarter, and our teams did a great job of retaining as CD balances also remained stable in the quarter. Referencing slides 9 through 11, our first-quarter net interest margin of 3.46% continued to improve, up 8 basis points in the quarter, largely due to the fourth-quarter payoff of our BTFP borrowings.

本季度，我們還有 18 億美元的 CD 到期，我們的團隊在保留 CD 餘額方面做得很好，因為本季度 CD 餘額也保持了穩定。參考第 9 至 11 張投影片，我們第一季的淨利差為 3.46%，繼續改善，本季上漲了 8 個基點，這主要歸功於我們在第四季償還了 BTFP 借款。

Loan yields were 6.33% in the quarter, down 9 basis points as a result of the full quarter's impact of the December interest rate cut. New loans came on the books just shy of 7% in the quarter, which is well north of the total portfolio yield, and we continue to have variable rate loans repricing over time. These dynamics help minimize the impact of any interest rate cuts as we look forward through the year. Total cost of deposits kept pace, likewise declining by 9 basis points to 2.35%.

本季貸款收益率為 6.33%，由於 12 月降息對整個季度的影響，下降了 9 個基點。本季新增貸款利率略低於 7%，遠高於總投資組合收益率，而且我們將繼續隨著時間的推移對浮動利率貸款進行重新定價。展望今年，這些動態有助於最大限度地減少任何降息的影響。存款總成本維持同步，同樣下降 9 個基點至 2.35%。

New CDs in the quarter came in nearly 20 basis points lower than last quarter at an average rate of just over 14. Our cumulative total deposit beta, excluding brokered funds, ticked up to 30% through the first quarter. Our total adjusted revenue was down just slightly, less than one-half of 1% compared to the prior quarter, primarily due to fewer days in the first quarter. Net interest revenue was down $1.4 million or 0.4% in the quarter due to day count.

本季新發行的存單利率比上一季低了近 20 個基點，平均利率略高於 14。截至第一季，我們的累計總存款貝塔值（不​​包括經紀基金）上升至 30%。我們的調整後總收入略有下降，與上一季相比下降不到 0.5%，這主要是因為第一季的天數較少。由於計算天數，本季淨利息收入下降 140 萬美元，即 0.4%。

Adjusted non-interest revenue on slide 12 was down less than $1 million or 1% in the quarter as strong mortgage origination income was offset by lower credit-related fees and the impact of market volatility and number of days on wealth management revenue and deposit service charges, respectively. Even so, our adjusted efficiency ratio improved notably to 57.6%, down 150 basis points from the fourth quarter, driven by lower expenses as we detail on slide 13.

幻燈片 12 上的調整後非利息收入在本季度下降了不到 100 萬美元或 1%，因為強勁的抵押貸款發放收入被較低的信貸相關費用以及市場波動和天數對財富管理收入和存款服務費的影響所抵消。即便如此，我們的調整後效率比率仍顯著提高至 57.6%，比第四季度下降了 150 個基點，這是由於費用降低所致，正如我們在第 13 張幻燈片中詳細說明的那樣。

While first quarter typically has higher expenses, our adjusted non-interest expense actually decreased by just over $8 million or 3%, driven largely by a $6 million decrease in data processing and software expenses as those expenses normalize for what was an elevated fourth quarter. Total comp expense increased just $600,000 as seasonal increases in employer FICA and 401(k) contribution costs were partially offset by lower commissions and incentive costs.

雖然第一季的支出通常較高，但我們調整後的非利息支出實際上減少了​​ 800 多萬美元，即 3%，這主要是由於數據處理和軟體支出減少了 600 萬美元，因為這些支出在第四季度較高的情況下已恢復正常。由於雇主 FICA 和 401(k) 繳款成本的季節性增加被較低的佣金和獎勵成本部分抵消，因此總薪酬費用僅增加了 60 萬美元。

Turning to credit on slides 7 and 8, net charge-offs for the first quarter were $23 million, with about two-thirds of that due to one previously impaired credit. Non-performing loans declined 11% or $29 million in the first quarter, while criticized loans were up 2% and classified loans were down 2%, so pretty stable overall.

轉向幻燈片 7 和 8 上的信貸，第一季的淨沖銷額為 2300 萬美元，其中約三分之二是由於先前的一筆信貸受損。第一季不良貸款下降了 11%，即 2,900 萬美元，而批評性貸款增加了 2%，分類貸款減少了 2%，因此總體相當穩定。

Our loan provision was $20 million, increased slightly from the prior quarter due primarily to a bit more conservative macroeconomic outlook. When you combine our allowance coverage of 1.34% with our strong and growing capital foundation laid out on slide 14, we believe our balance sheet is well positioned should there be economic disruption in the near future. Our 2025 guidance is on slide 15.

我們的貸款準備金為 2000 萬美元，較上一季略有增加，主要原因是宏觀經濟前景更加保守。當您將我們的 1.34% 的撥備覆蓋率與第 14 張投影片中列出的強大且不斷增長的資本基礎結合起來時，我們相信，如果在不久的將來出現經濟混亂，我們的資產負債表將處於有利地位。我們的 2025 年指導在第 15 張投影片。

We continue to feel comfortable with the ranges we shared last quarter in all categories, and to further clarify, believes that even with the May 1 close of First Chatham that we will still be within these ranges, potentially the higher side of the ranges on the balance sheet side with First Chatham Incorporated. But the revenue and expenses just won't have a material impact this year given the timing and size of the transaction. We are excited about expanding our presence in Georgia and continue to be optimistic on our footprint for both organic growth and M&A fill-in opportunities.

我們仍然對上個季度所有類別的區間感到滿意，並且進一步澄清，我們相信即使 First Chatham 於 5 月 1 日收盤，我們仍將在這些區間內，並且可能與 First Chatham Incorporated 在資產負債表上處於區間的較高端。但考慮到交易的時間和規模，今年的收入和支出不會產生重大影響。我們很高興能夠擴大我們在喬治亞州的業務，並繼續對我們的有機成長和併購填補機會的足跡持樂觀態度。

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

接線員，我們想開始回答問題。

(Operator Instructions) Manan Gosalia, Morgan Stanley.

（操作員指令）Manan Gosalia，摩根士丹利。

Hi, good morning. Just looking at the loan pipeline, it feels like you're not really seeing the impact of the April 2 announcements just yet. You noted that loan pipelines remain solid, and I think you just pointed to the higher end of the loan growth guide. Can you maybe expand on what you're hearing from clients post April 2? And what gives you the confidence that that level of loan growth will continue?

嗨，早安。僅從貸款管道來看，似乎還沒有真正看到 4 月 2 日公告的影響。您指出貸款管道依然穩固，我認為您剛才指出的是貸款成長指南的高端。您能否詳細說明一下 4 月 2 日之後您從客戶那裡聽到的消息？那麼，什麼讓您有信心這種貸款成長水準會持續下去？

Sure, I'll take a stab at that, if I'm coming through on the line. You hear me, Manan?

當然，如果我能透過電話，我會嘗試一下。你聽見我說話了嗎，馬南？

I can year you fine.

我可以祝你一切順利。

You can? Good. We had technical issues this morning. Glad to hear that you're there. Good morning. So yes, we thought we were pleased with what happened with our loan pipeline in the first quarter. We have seen very little, if any, impact so far of the noise. So like you said, it was April, it was after first quarter end.

你可以？好的。今天早上我們遇到了技術問題。很高興聽到你在那裡。早安.是的，我們認為我們對第一季的貸款情況感到滿意。到目前為止，我們發現噪音的影響非常小，甚至沒有。就像你說的，那是四月，是第一季末之後。

So when you talk about the macro environment, we continue to watch. We continue to listen. We continue to pay attention to what our customers are telling us. There's a lot of noise out there. I think, today, customers are beginning to sit back a little bit and maybe slow. But in the first quarter, we didn't experience any of that. Billy?

因此，當您談論宏觀環境時，我們會繼續觀察。我們繼續聽。我們持續關注客戶的意見。外面很吵。我認為，今天，顧客開始稍微放鬆一點，甚至放慢腳步。但在第一季度，我們並沒有遇到任何這樣的情況。比利？

Yes, so -- I mean, our current pipeline, we've got a couple of select callout areas. I mean, our equipment finance, our CRE, they're the best pipelines we've seen in years. Regionally, I'd say Texas is the highest, Georgia as well. We've got competitive factors that are still driving win rates. But as far as tariff control, I mean, just anecdotal issues of, hey, we're trying to evaluate how it's going to impact us. If it's going to -- some have taken advantage of it. They pulled some sales and deals forward. But as far as immediate impact on pipeline, we're just not seeing it. It's still staying solid.

是的，所以 - 我的意思是，我們目前的管道有幾個精選的標註區域。我的意思是，我們的設備融資、我們的 CRE，是我們多年來見過的最好的管道。從地區來看，我認為德州最高，喬治亞州也一樣。我們擁有仍在推動勝率的競爭因素。但就關稅控製而言，我的意思是，這只是一些軼事問題，嘿，我們正在試圖評估它將如何影響我們。如果真要這樣的話──有些人已經利用它了。他們提前了一些銷售和交易。但就對管道的直接影響而言，我們還沒有看到。它仍然保持堅固。

Got it. And then maybe flipping over to the deposit side, broker deposits came down about $200 million or so Q-on-Q. And you noted that there was about $1.8 billion in CDs that matured during the quarter. Can you remind us how much in higher cost deposits roll over through the next of the year? And how much of a benefit you expect to get there?

知道了。然後也許翻到存款方面，經紀人存款季減了約 2 億美元。您注意到本季到期的 CD 約為 18 億美元。您能否提醒我們有多少高成本存款可以結轉到下一年？您期望從中獲得多少利益？

Yes, sure, Manan. So we've got about another $3 billion, $3.5 billion of time deposits that mature in the second quarter. Those are just north of $420 million. What we saw this quarter was really the new CDs just new to the bank coming in just north of $410 million. When you look at the kind of the new and renewed rate, though, that was lower, closer to about $360 million. So there's still some incremental benefit that we anticipate seeing as some of those time deposits continue to come on board and renew at a little bit lower rates.

是的，當然，馬南。因此，我們還有大約 30 億美元、35 億美元的定期存款將在第二季到期。這些金額剛好超過 4.2 億美元。我們本季看到的是，該銀行新發行的存單總額剛超過 4.1 億美元。但是，如果看一下新的和續約的利率，就會發現這個數字較低，接近 3.6 億美元。因此，隨著部分定期存款繼續存入並以略低的利率續存，我們預計仍將看到一些增量收益。

And I think we're are looking to fund -- we want to fund with the best or lowest possible funding source, and so what you saw in the quarter was brokered CDs were more expensive than wholesale funding for the home loan bank, correct?

我認為我們正在尋求資金——我們希望透過最佳或最低的資金來源來融資，因此您在本季度看到經紀 CD 比房屋貸款銀行的批發融資更昂貴，對嗎？

Yes, yes. I think he was asking about the time deposits.

是的，是的。我認為他詢問的是定期存款的情況。

You said our broker deposits went down.

您說我們的經紀人存款減少了。

Yes.

是的。

Yes. And just to clarify, Valerie, the numbers you just mentioned include both brokered CDs and non-brokered time deposits?

是的。瓦萊麗，需要澄清的是，您剛才提到的數字包括經紀 CD 和非經紀定期存款嗎？

They do. Our broker came down about -- yes, to your point, $200 million. So the bulk of it was really consumer, core customer time deposits is what we're talking about.

是的。我們的經紀人給出的報價是——是的，正如你所說，2億美元。所以，我們談的其實是消費者、核心客戶定期存款。

Great. Thank you.

偉大的。謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Good morning, everybody. Hi. Maybe sticking with the margin theme, you talked a little bit about yield compression from competition. How should we think about sort of the loan yields in the face of growth here and how that's sort of impacting your view of the margin as we go through the rest of the year?

大家早安。你好。也許堅持利潤率主題，你談到了競爭帶來的收益壓縮。面對這裡的成長，我們應該如何看待貸款收益率，以及這將如何影響您對今年剩餘時間的利潤率的看法？

The loan yields came on good in the second than the first quarter, 6%?

第二季貸款報酬率比第一季好，6%？

Yes, just right below 7% of where the new loans came on.

是的，略低於新增貸款額的 7%。

Yes, so -- but we're certainly seeing the competition. Billy, you've been talking about that for weeks now. You want to talk about the competition?

是的，但是我們確實看到了競爭。比利，你已經談論這個話題好幾個星期了。你想談論比賽嗎？

Yes. I mean, for the larger high-quality deals, we're seeing 25-basis-point yield compression on loans, I would say, across the board. What we're really noticing it is in kind of our merchant CRE construction portfolio. But more broadly, we're seeing it on completed deals as well. So I'd say 25% and some is even 50%, but up 50 basis points for the most part, though, around 25 basis point compression we're seeing over the last three months, I would call it.

是的。我的意思是，對於規模較大的高品質交易，我們看到貸款收益率全面壓縮了 25 個基點。我們真正注意到的是我們的商家 CRE 建設組合。但更廣泛地說，我們在已完成的交易中也看到了這一點。所以我會說是 25%，有些甚至是 50%，但大部分上漲了 50 個基點，不過，我認為我們在過去三個月中看到的壓縮幅度約為 25 個基點。

But on your question on the margin, what we are seeing a little bit of that compression on the loan yields, and we would expect, as we go through the year, if we get the rate cuts that are anticipated, obviously, that will impact the loan yield. But given the time deposit repricing as well as just our ability to kind of react quickly to rate changes, we anticipate being able to match that on the deposit costs as we go through the year. So with the outlook today, a fairly stable net interest margin as we go through the rest of the year.

但關於你提出的保證金問題，我們看到貸款收益率略有下降，我們預計，隨著今年的推進，如果我們實現預期的降息，這顯然會影響貸款收益率。但考慮到定期存款重新定價以及我們對利率變化的快速反應能力，我們預計全年存款成本將能夠達到相同的水平。因此，從今天的前景來看，今年剩餘時間的淨利差將相當穩定。

Okay. All right, thanks. And how should we think about capital priorities from here, Dan? It sounds like you're open to looking at deals with the success of the Georgia deal. But how should we think about sort of the dynamic of buybacks and M&A and sort of other uses of capital?

好的。好的，謝謝。那麼，丹，從現在起我們應該如何考慮資本優先事項？聽起來您願意考慮與格魯吉亞達成的成功交易。但是，我們該如何看待回購、併購和其他資本用途的動態呢？

I don't think anything has changed. The macro environment clearly causes us to want to step back a little bit and look and see what's there. But I think that the same objectives we've had all along, organic growth is number-one goal for us. We want to continue to grow the company. We want to continue to grow within our footprint. All of the other tools are there and in the toolkit, and I think we will use them when they're appropriate.

我認為什麼都沒有改變。宏觀環境顯然促使我們想要退後一步，看看那裡有什麼。但我認為，我們一直以來的目標是一樣的，而有機成長是我們的首要目標。我們希望公司繼續發展。我們希望在我們的範圍內繼續成長。所有其他工具都在那裡並且包含在工具包中，我認為我們會在適當的時候使用它們。

Okay, thank you.

好的，謝謝。

Appreciate it.

非常感謝。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Thanks. Good morning. Just a follow up on the revenue and the NII outlook. So Valerie, if the margin is fairly stable for the rest of the year, then to kind of get to the mid to high end of the revenue guide, probably means we need more balance sheet growth. And so just -- I know this quarter was more of a function of the full quarter's impact of the BTFP. But just kind of curious how you're thinking about just the size of the balance sheet, in particular, the bond-to-bond book and kind of excess liquidity as we move to the back half of the year?

謝謝。早安.只是對收入和 NII 前景的跟進。因此，瓦萊麗，如果今年剩餘時間的利潤率相當穩定，那麼要達到收入指南的中高端，可能意味著我們需要更多的資產負債表成長。所以——我知道本季更多取決於 BTFP 對整個季度的影響。但我只是有點好奇，當我們進入下半年時，您如何看待資產負債表的規模，特別是債券對債券帳簿和過剩流動性？

Sure, yes. Specifically to the bond book, you may have noticed we did add a little bit of borrowings in the quarter. Federal home loan bank borrowings, we added just shy of $800 million of those. And we used that to buy some short-term agency securities at basically about a 120 spread, 115 spread. And so that will add, obviously, to the balance sheet side, but also as we go through the rest of the year, had some really nice income, almost as a hedge, if you will.

當然可以。具體到債券帳簿，您可能已經注意到我們在本季度確實增加了一點借款。聯邦房屋貸款銀行借款，我們增加了近 8 億美元。我們用這些錢買了一些短期代理證券，價差基本上在 120 到 115 左右。因此，這顯然會增加資產負債表的方面，而且隨著我們度過今年剩餘的時間，我們也將獲得一些非常好的收入，幾乎可以作為一種對沖，如果你願意的話。

But potentially while we're seeing good pipelines and good loan growth, there's just a lot of volatility in the economy right now. And so I thought that was a prudent way to protect that net interest income stream. And so when I talk about a stable margin, I'm really talking about net interest margin percentage. But we do anticipate, with the estimates that we've put out there on our guidance, to continue to meet those and seeing a little bit of balance sheet growth as we go through the year.

但儘管我們看到了良好的管道和貸款成長，但目前經濟仍有很大的波動。所以我認為這是保護淨利息收入流的謹慎方法。因此，當我談論穩定利潤率時，我實際上是在談論淨利差百分比。但我們確實預計，根據我們在指導中提出的估計，我們將繼續實現這些目標，並在全年看到資產負債表略有成長。

Okay, great. And then that variable rate, if we look at the -- my favorite slide, as you know, the one that breaks out the variable rate loans by type and maturity and then the rate. As we look at that variable rate loan, that was a lot more stable this quarter at 6.17%. Do you still think that even as we get cuts, that piece can still move higher? Or are we around at equilibrium with that piece of your loan book today?

好的，太好了。然後，如果我們看一下浮動利率——我最喜歡的幻燈片，如你所知，它按類型和期限列出了浮動利率貸款，然後列出了利率。我們來看看浮動利率貸款，本季的浮動利率更加穩定，為 6.17%。您是否仍認為，即使我們削減開支，該部分仍可能上漲？或者我們今天對您的貸款帳簿的這一部分是否處於平衡狀態？

In the near term, it's fairly stable. If you look out at the next one- to three-year bucket, that's when there's opportunity for that to improve. But you're right. Through the rest of the year, that number, based on average, will be fairly stable.

短期來看，它相當穩定。如果你展望未來一到三年，你會發現情況還有改善的機會。但你是對的。在今年剩餘時間內，平均而​​言，這個數字將相當穩定。

Great. Thank you.

偉大的。謝謝。

Thanks, Catherine.

謝謝，凱瑟琳。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷（Brett Rabatin），霍夫德集團（Hovde Group）。

Hey, good morning, everyone. Wanted to ask about the loan growth guidance within the context of energy. And just obviously, you guys had some payoffs in the energy bucket. I wanted to see if the guidance contemplated that coming back, or if that continues to maybe atrophy a little bit.

嘿，大家早安。想詢問能源背景下的貸款成長指引。顯然，你們在能源方面獲得了一些回報。我想看看指導意見是否考慮到了這種復甦，或者這種復甦是否會繼續萎縮一點。

Yes, I don't know that any one bucket of loans is going to move the overall guidance that we've got out there. So when you talk about guidance, I think the footprint that we're serving today, we're really proud of what happened in Texas and Georgia and Florida. We think we continue to have opportunities within our footprint. We think we will continue to be able to grow. The lines of business from quarter-to-quarter can bounce all over the page. Billy, we did see some energy change.

是的，我不知道任何一類貸款都會改變我們目前給予的整體指引。因此，當你談到指導時，我認為我們今天所服務的足跡，我們對德克薩斯州、喬治亞州和佛羅裡達州所發生的事情感到非常自豪。我們認為，我們的足跡內仍有機會。我們相信我們能夠繼續成長。每個季度的業務線可能會在整個頁面上跳動。比利，我們確實看到了一些能量變化。

Yes, we did -- I mean, so mostly in midstream. Term Loan B market and some M&A activity created some paydowns, but we also added non-new transactions. And I would suggest that that activity is creating an opportunity for us as well. So I anticipate that that will continue to kind of stay level. It's just when paydowns happen at once, it takes a minute to pull back in that one segment.

是的，我們確實這麼做了——我的意思是，大部分時間都在中途。定期貸款 B 市場和一些併購活動產生了一些還款，但我們也增加了非新交易。我認為這項活動也為我們創造了機會。所以我預計這種狀況將繼續維持下去。只是當付款立即發生時，需要一分鐘的時間才能收回那一部分。

We've also got a renewable and power segment that's been on a -- it's a newer business, probably only a couple of years old. It continue to see some fantastic inroads. Those guys are making our name out there -- well known out there in that sector. And then our C&I teams across the various footprints have had a good quarter, and we continue to see that just based off our footprint. I mean, Texas and Georgia specifically, they're really seeing some good momentum.

我們還有一個再生能源和電力部門，這是一個較新的業務，可能只有幾年的歷史。它繼續看到一些驚人的進展。這些人讓我們在那個領域聲名鵲起。然後，我們遍布各個足跡的 C&I 團隊都度過了一個良好的季度，我們繼續看到這一點僅基於我們的足跡。我的意思是，特別是德克薩斯州和喬治亞州，他們確實看到了一些很好的勢頭。

And we've seen good momentum in the community banks. So again, what I like most about our company is the people we've got out front taking care of customers across the footprint. I think we've got real opportunity to continue to grow.

我們看到社區銀行的發展勢頭良好。所以，我再說一遍，我最喜歡我們公司的一點是，我們公司的員工都在前線為各地的客戶提供服務。我認為我們有繼續發展的真正機會。

Okay, that's helpful. And then just back on the capital toolkit, Dan, I'm just curious to hear your perspective on the outlook for M&A, if you're having any conversations or if it's pretty quiet with the uncertainty at this point.

好的，這很有幫助。然後回到資本工具包的話題，丹，我只是好奇想聽聽您對併購前景的看法，您是否正在進行任何對話，或者目前由於不確定性是否相當平靜。

The volatility in the market causes people to sit back and think. But you're going to see -- transactions are going to continue to happen. Consolidation is going to continue to happen in the marketplace just like we were talking about the noise that's out there. There's a lot of noise. People are trying to figure out what the noise is and how that impacts us.

市場的波動讓人坐下來思考。但你會看到——交易將繼續發生。就像我們談論的外面的噪音一樣，整合將繼續在市場上發生。噪音很大。人們正在試圖弄清楚噪音是什麼以及它對我們有何影響。

Okay, great. Appreciate all the color.

好的，太好了。欣賞所有的色彩。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

Thanks, good morning. Great. The CRE comment, I think you said it's as robust as it's been in years. Can you talk a little bit more about what's driving that? And even though it's more competitive, is it acceptable to you guys to put on more CRE?

謝謝，早安。偉大的。關於 CRE 的評論，我認為您說過它和過去幾年一樣強勁。您能否進一步談談推動這現象的原因？儘管競爭更加激烈，你們能接受增加更多的 CRE 嗎？

There are some great opportunities out there on the CRE side. Billy and Chris can certainly jump in here. But when you look at what -- and I specifically called out the merchant CRE side, so you're talking about the big, gold-plated, large merchant developers that are out there developing projects that are really good.

CRE 方面存在一些很好的機會。比利和克里斯當然可以加入進來。但當你看到——我特別提到了商業 CRE 方面，所以你談論的是那些大型的、鍍金的、大型的商業開發商，他們正在開發真正優秀的專案。

And so what we see is as we continue to have some projects, that will move off of our balance sheet at some point in the not-too-distant future, we believe. And so when you look back at what's happening, there's still opportunities. And it's coming in in the industrial space. It's coming in the multifamily space, and it's coming across our footprint because of the in-migration of people. Billy or Chris?

因此，我們看到的是，隨著我們繼續進行一些項目，我們相信，在不久的將來，這些項目將會從我們的資產負債表中消失。所以當你回顧正在發生的事情時，你會發現仍然有機會。它正在進入工業領域。它正在進入多戶型住宅領域，並且由於人口的遷移而影響我們的足跡。比利還是克里斯？

Yes, John, that's right. So we're seeing -- and keep in mind that we're still getting 55%, 60% loan to cost on these. So we won't see the fundings out of these for 12 to 18 months, and it's backfilling that portfolio as they start selling. We're having to backfill for when that occurs. But yes, it's multifamily, it's an industrial, and it's in the markets that we're serving. So we're seeing -- it's just good robust activity. It's more than we've seen just in the last couple of years. I mean, not since the beginning of time. But just in the last couple of years, we're seeing more activity than we had.

是的，約翰，沒錯。所以我們看到——請記住，我們仍然可以獲得 55%、60% 的貸款成本。因此，我們將在 12 到 18 個月內看到這些資金流出，當他們開始出售時，這些資金將補充投資組合。當這種情況發生時，我們必須進行補充。但確實，它是多戶住宅，是工業建築，而且它位於我們服務的市場中。所以我們看到——這只是良好而強勁的活動。這比我們在過去幾年中看到的還要多。我的意思是，自古以來就沒有過這樣的情況。但就在過去幾年裡，我們看到的活動比以前更多了。

I would just add the -- we've got your question. Do we have room? Yes. We've got room both on the CAD and the total CRE bucket. I think we put that in these slides, but we have room there. And it's coming from the community bank as well. So Billy mentioned the merchant type, but as a bread-and-butter product for us across community banks.

我只想補充一點——我們收到了您的問題。我們有房間嗎？是的。我們在 CAD 和整個 CRE 桶上都有空間。我想我們把它放在這些幻燈片裡了，但那裡還有空間。它也來自社區銀行。比利提到了商家類型，但這是我們社區銀行的主要產品。

So all that real estate activity is just good bread and butter for us. So we -- and it's hanging on their head. Why is it picking up a little bit? I think the SBB, the liquidity crisis have put a lot of pause on a lot of deals and pipeline months ago. And so you're seeing some of the more strategic thinkers that are thinking three years out getting back into the market.

因此，所有房地產活動對我們來說都是很好的收入來源。所以我們——它懸在他們頭上。為什麼它有點回升？我認為，幾個月前，流動性危機已經導致 SBB 的許多交易和管道暫停。因此，你會看到一些更具策略性的思想家正在考慮三年後重返市場。

It takes a while to bring some of these online. Does that help you, Jon?

讓其中一些上線需要一些時間。這對你有幫助嗎，喬恩？

Yes, that helps. Valerie, one for you on expenses. You obviously had a pretty strong performance on expenses. But anything to call out to maybe set us up for what the second quarter might look like on expenses given the performance in Q1?

是的，這有幫助。瓦萊麗，關於費用，我想問您一個問題。顯然，你們在支出方面表現得相當出色。但是，根據第一季的表現，有什麼可以提醒我們，第二季的支出狀況會如何嗎？

Yes, sure. Yes, we were really pleased with our expenses. There were a few things tweaking some of the long-term incentive plans that brought it down a little bit. But overall, kind of across the board, really nice expense management.

是的，當然。是的，我們對我們的支出非常滿意。對一些長期激勵計劃進行了一些調整，使其略微下降。但總體而言，總體而言，費用管理確實很好。

As we look out for the rest of the year, we do expect quarterly expenses to increase and still within our guidance of -- I believe, we had 4% to 6% for the year. So I still think we're okay there. And that's going to factor in continuing to grow in our businesses. We're growing with good talented people. We're growing with good technologies that help our efficiency and effectiveness. So we're looking to continue that and go through the year. And so that's, at this point, what I would expect.

展望今年剩餘時間，我們確實預計季度支出會增加，但仍在我們的預期範圍內——我相信，今年的增幅為 4% 至 6%。所以我仍然認為我們在那裡還不錯。這將成為我們業務持續成長的因素。我們與優秀人才一起成長。我們正藉助有助於提高效率和效力的先進技術而不斷發展。因此，我們希望繼續保持這種勢頭並度過這一年。這就是目前我所期望的。

Okay. All right, thank you very much.

好的。好的，非常感謝。

Thank you, Jon.

謝謝你，喬恩。

Matt Olney, Stephens.

馬特·奧爾尼，史蒂芬斯。

Hey, good morning. Thanks for taking the question, guys. Just want to follow up on the bond purchases and the borrowings behind that that Valerie mentioned. It looks like this probably came later in the quarter. Any color on the timing of that trade? And any color on just the duration of this trade?

嘿，早安。謝謝大家回答這個問題。只是想跟進瓦萊麗提到的債券購買和背後的借款情況。看起來這可能將在本季晚些時候發生。對交易的時間有什麼了解嗎？這次交易的持續時間有什麼特色嗎？

Sure. It was in the last month of the quarter. And like I said, it's about $785 million of securities. They're zero to 20% risk-weighted agencies, 2.5 duration, about north of $530 million on yield, and that's funded by borrowings that are about $420 million, so getting some nice incremental spread there.

當然。這是本季的最後一個月。正如我所說，這涉及約 7.85 億美元的證券。它們的風險加權機構為 0% 至 20%，期限為 2.5 年，收益率約為 5.3 億美元，資金來自約 4.2 億美元的借款，因此獲得了一些不錯的增量利差。

Depending on where spreads are and so forth, we may end up doing a little bit more of that in the second quarter. We'll kind of see where the rest of the balance sheet falls. But again, just really kind of a little bit of incremental earnings impact for us while we had plenty of capacity on the borrowing side and took advantage of a little bit of spread differential there.

根據利差情況等，我們可能會在第二季採取更多此類措施。我們將會看到資產負債表的其餘部分如何變化。但同樣，當我們在藉貸方面擁有足夠的能力並利用那裡的一點點利差差異時，這對我們來說確實是一種增量收益影響。

And just a follow up on that, Valerie. It sounds like there is potential to do more of this in the future. Should we consider this with respect to loan growth? If the loan growth slows that the macro deteriorates, this could become potentially more attractive to you guys in the future?

瓦萊麗，我來跟進一下這個問題。聽起來未來有潛力做更多這樣的事。我們是否應該從貸款成長的角度來考慮這個問題？如果貸款成長放緩，宏觀經濟惡化，這對你們來說未來可能會更有吸引力嗎？

It's really about the spread. And so depending on what that could look like, that is an option.

這確實與傳播有關。所以，這取決於它看起來是什麼樣子，這是一個選擇。

It's all around the spread.

一切都圍繞著傳播。

Yes, yes. We had significantly reduced our securities book, as you know, over the past couple of years. We were down to about 15%. And so we're still well south of 20% and would anticipate that we kind of stay in that range in the foreseeable future. But there's certainly ability to do a little more there should we desire to with the rest of the balance sheet mix.

是的，是的。如您所知，過去幾年我們大幅減少了證券帳簿。我們下降到了大約 15%。因此，我們仍然遠低於 20%，並且預計在可預見的未來我們會保持在這個範圍內。但如果我們願意，我們肯定能夠對資產負債表的其餘部分做更多的事情。

Okay. Thank you, guys.

好的。謝謝你們。

Thanks, Matt.

謝謝，馬特。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, thanks for taking my questions. Just two quick ones. Good morning. Just on the pickup in line utilization, I think that's something we've seen from a bunch of banks across the reporting period so far. Anything to read into that? Are you guys actually adding lines, or -- just looking for some color there. Thanks.

嘿，謝謝你回答我的問題。只需簡單兩句話。早安.就線路利用率的上升而言，我認為這是我們迄今為止在報告期間內從許多銀行看到的現象。有什麼可以解讀的嗎？你們實際上是在添加線條，還是只是在那裡尋找一些顏色。謝謝。

I don't think there's anything to add into that. What you've seen on ours is up and down. You've got construction draws that fund into that too. I wouldn't read anything into that at all.

我認為沒有什麼可補充的。您在我們這裡看到的是起起伏伏。您也已將該筆建設資金納入其中。我根本不會去解讀這一點。

It's really within a perspective, too. I mean, it's really small, yes.

這確實也屬於一個視角。我的意思是，它真的很小，是的。

Got it. I think some of us are still reeling from the liquidity crisis during COVID.

知道了。我認為我們中的一些人仍在承受新冠疫情期間流動性危機的衝擊。

I understand.

我明白。

We all have PTSD for that, yes.

是的，我們都患有創傷後壓力症候群。

Yes, yes. That's a better way to put it. Just one follow up for me, just kind of sticking with that theme. You guys, obviously, with the MOE, worked out some of the legacy cadence, restaurant exposure. You have some retail. You laid out really nicely in slides 5 and 6. But any areas that you guys are particularly focused on or that you're seeing some concern expressed from customers? I know some of it's obvious, but just wanted to get a better feel for what you guys are doing internally, assuming this could potentially go on for an extended period. Thanks.

是的，是的。這是更好的說法。對我來說只有一個後續行動，只是堅持這個主題。顯然，你們與教育部一起制定了一些遺留節奏和餐廳曝光度的問題。你有一些零售。您在第 5 和第 6 張投影片中的版面非常出色。但你們特別關注哪些領域，或是你們看到客戶表達了哪些擔憂？我知道其中一些是顯而易見的，但我只是想更好地了解你們內部在做什麼，假設這種情況可能會持續很長一段時間。謝謝。

I think the credit quality picture continues to look stable for us. I mean, we saw a little bit of improvement in a couple of different categories. We saw a deterioration in a couple of categories. Charge-offs were higher off of really just one bigger credit. I think we feel good about where we sit today. The macro environment causes everybody to stand back and say, okay, well, let's see if we can figure out where it's going to come from. I don't know that we're seeing any of that today. Chris?

我認為我們的信用品質狀況持續保持穩定。我的意思是，我們在幾個不同的類別中看到了一些進步。我們發現有幾個類別的情況有所惡化。實際上，沖銷額只是因為一筆較大的貸款而更高。我認為我們對今天的處境感到滿意。宏觀環境使得每個人都退後一步，說，好吧，讓我們看看我們是否能弄清楚它將從何而來。我不知道我們今天是否看到了這些。克里斯？

It's hard. I mean, there's a ton of conversation going on. It's that uncertainty, definitely creates some anxiousness across customer set. And that's all of them, right? I mean, it's farmers, builders, developers, manufacturers, retailers, importers. So there's -- we're having a lot of conversations. All of our front-line folks are talking with their clients. We're reporting back up to all of our credit processes and our loan approval processes what the current view of the tariff impact would look like.

這很難。我的意思是，有大量的對話正在進行中。正是這種不確定性，肯定會在客戶群中產生一些焦慮。這就是全部了，對吧？我的意思是，他們是農民、建築商、開發商、製造商、零售商、進口商。所以——我們正在進行很多對話。我們所有的第一線員工都在與他們的客戶交談。我們正在向所有信貸流程和貸款審批流程報告目前關稅影響的情況。

But because of that uncertainty, it's just hard to handicap it. And we haven't seen it impact our credit numbers today. And specifically to your question, we haven't identified any segment or particular line that's -- that we're overly concerned about. It's really a credit-by-credit type process that we're going through. And all of that could temper a little maybe loan activity. Or exuberance, I guess, could be tempered a little bit until some certainty gets into the market.

但由於這種不確定性，很難對其進行限制。我們今天還沒有看到它對我們的信用數字產生影響。具體到您的問題，我們還沒有發現任何讓我們過度擔心的領域或特定線路。我們正在經歷的實際上是一個逐一信用的過程。所有這些都可能會稍微抑制貸款活動。或者我猜，在市場出現一些確定性之前，興奮情緒可能會有所緩和。

It's a mix. And just the handful of customers that I talked to in the manufacturing business, a couple of them are telling me that you can see a benefit here, that this is going to probably help them produce more. Other manufacturers are telling us they're importing most of the inputs, and this is going to -- they're going to have to pass along every bit of the cost increase. It could be detrimental to them. So it's a mixed bag. When you push on what's happened today, still a lot of not a lot of action.

這是一種混合。我與製造業的少數客戶進行了交談，其中有幾個人告訴我，這其中有好處，這可能會幫助他們提高產量。其他製造商告訴我們，他們正在進口大部分投入，而這將——他們將不得不轉嫁每一點成本增加。這可能對他們有害。所以這是一個混合體。當你回顧今天發生的事情時，你會發現仍然沒有太多的行動。

I totally get it. I was hoping your crystal ball, Dan, would give us some more answers, but I guess we'll just have to wait. Thanks for taking the questions.

我完全明白。丹，我希望你的水晶球能給我們更多的答案，但我想我們只能等了。感謝您回答這些問題。

I'm with you. Thanks.

我和你在一起。謝謝。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

(technical difficulty)

（技術難度）

We're not getting you, Stephen. I don't know if it's your end or our end, but we're not hearing your question.

我們不會得到你的，史蒂芬。我不知道這是你們的問題還是我們的問題，但我們沒有聽到你們的問題。

Okay. Any chance you can hear me out there?

好的。你聽得到我的聲音嗎？

Yes, we can, much better.

是的，我們可以，而且做得更好。

Okay. I don't know what changed, but -- so just kind of curious about how you think about the loan-to-deposit ratio potentially levering up the balance sheet from here.

好的。我不知道發生了什麼變化，但是——我只是有點好奇你如何看待貸款與存款比率可能從現在開始提升資產負債表。

Yes. I think we continue to look to grow deposits. But I think when we look about where we sit today, I think we like the position we're in. We would like to continue to grow deposits. We would like to hang out in the neighborhood where we are. Up a little bit, down a little bit, but I think we feel comfortable where we're sitting today. That's one of the things we like.

是的。我認為我們會繼續尋求增加庫存。但我認為，當我們回顧我們今天所處的位置時，我們會喜歡我們所處的位置。我們希望繼續增加存款。我們想在我們所在的街區閒逛。有一點上升，有一點下降，但我認為我們對今天的處境感到滿意。這是我們喜歡的事情之一。

Got it. Great. And maybe how do you think about incremental M&A? Obviously, the valuations make everything a little more difficult. But given the quick full timeline, does it change your outlook on how you think about M&A in the years to come, or maybe the amount of deals you might be able to put together?

知道了。偉大的。您如何看待增量式併購？顯然，估值讓一切變得更加困難。但是考慮到這麼快的完整時間表，它是否會改變您對未來幾年併購的看法，或者改變您可能能夠達成的交易數量？

Not really. I think from an M&A perspective, we're looking for culture. We're looking for the right fit, and I don't think that the speed or the valuations change that. You're still looking for the right folks for us. Benefits is a good thing. We like the speed. The FCB deal was great, and we're pleased to be able to get that completed and closed. We'll close that in a couple of weeks here. That's faster than we thought. We like all of that, but it's still around people bank with people and the culture is going to be a critical component.

並不真地。我認為從併購的角度來看，我們尋求的是文化。我們正在尋找合適的合作夥伴，我認為速度或估值不會改變這一點。您仍在為我們尋找合適的人才。福利是好事。我們喜歡速度。FCB 交易很棒，我們很高興能夠完成並結束交易。我們將在幾週內完成此事。這比我們想像的還要快。我們喜歡這一切，但它仍然圍繞著人與人之間的銀行關係，而文化將是關鍵組成部分。

Yes, makes a lot of sense. And then just lastly, real quick on mortgage income, looked like a pretty good quarter here. Do you think there's an inflection point anywhere, whether it's around the 30-year rate or just lower rates in general where we could see a more material pickup in mortgage more broadly or kind of how you're thinking about expanding your teams there.

是的，很有道理。最後，就抵押貸款收入而言，這看起來是一個相當不錯的季度。您是否認為任何地方都存在一個拐點，無論是在 30 年期利率附近，還是在總體較低的利率附近，我們可能會看到抵押貸款在更廣泛的範圍內出現更實質性的回升，或者您是否考慮在那裡擴大團隊。

The fact that the 30 years jumped up in the last week or so certainly is not helping that team at all. That's a hard question. I don't know what the rate needs to get to, to see a big change. In some of our markets, it is a tight, tight housing market. And so that's part of the picture too is the inventory is just not there. It's an interesting place we find ourselves today. The newer homes, the big builders are buying down rates for first-time homebuyers, which is a positive. It's an interesting environment. Valerie, do you want to talk about mortgage?

事實上，在過去一周左右的時間裡，30 年的漲幅肯定對那支球隊沒有任何幫助。這是一個很難的問題。我不知道利率需要達到什麼程度才能看到巨大的變化。在我們的一些市場中，房地產市場非常緊張。所以這也是情況的一部分，庫存根本不存在。我們今天所處的境況很有趣。對於較新的房屋，大型建築商正在降低首次購房者的利率，這是一個積極的信號。這是一個有趣的環境。瓦萊麗，你想談談房貸嗎？

Yes. They had a great first quarter. Typically, first quarter is really low seasonally. But even when you look at it last year, really up several hundred thousand dollars in origination. So really nice performance there. The teams continue to do well. To really gear up some of those refis, I mean, it's going to need to drop 50 basis points from here probably.

是的。他們在第一季表現出色。通常情況下，第一季是季節性的低迷期。但即使你看看去年的情況，其起源確實增加了幾十萬美元。那裡的表演真的很精彩。各隊繼續表現出色。我的意思是，為了真正啟動一些再融資，可能需要從現在開始下降 50 個基點。

Or more.

甚至更多。

Or more, yes, at least to start getting that engine running.

或者更多，是的，至少要開始讓引擎運轉。

From a year ago, one of the things that the mortgage leadership team -- Scott Dick and his team do, we've retooled -- upscaled our team. So the team that's out there in front of us today on the mortgage group, talking about Billy's team a minute ago and the community bank team, we're really proud of the folks we've got out taking care of customers.

從一年前開始，抵押貸款領導團隊（斯科特·迪克和他的團隊）所做的事情之一就是進行重組，擴大我們的團隊規模。因此，今天站在我們面前的抵押貸款團隊，剛才談到比利的團隊和社區銀行團隊，我們為那些為客戶服務的員工感到非常自豪。

Exactly, and they get that done for us.

確實，他們幫我們完成了這件事。

Another way, when the refi boom hits, when it hits, if it hits, we're going to be positioned well to take advantage of it across a lot of different areas, including some expanded footprints that are new to us.

換句話說，當再融資熱潮來臨時，如果它來臨時，我們將處於有利位置，在許多不同領域利用它，包括一些對我們來說新的擴展足跡。

Fantastic. A lot of good color there. Thanks for the time, guys.

極好的。那裡有很多好看的顏色。謝謝大家的時間。

Thanks, Stephen.

謝謝，史蒂芬。

This will conclude 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。

All right, thanks, Nick. It's certainly an exciting and busy time for Cadence Bank and for our industry. We believe we're in an excellent position to be able to continue our path of operating performance improvement. I'm extremely proud of our team's efforts and our progress over the past few years and have high confidence that our unique operating model will support our vision of helping people, companies, and communities prosper. Thank you for joining us today. We look forward to visiting with you all again soon.

好的，謝謝，尼克。對於 Cadence Bank 和我們的行業來說，這無疑是一個令人興奮且忙碌的時刻。我們相信，我們處於有利地位，能夠持續提高營運績效。我對我們團隊過去幾年的努力和進步感到非常自豪，並且堅信我們獨特的營運模式將支持我們幫助人民、公司和社區繁榮的願景。感謝您今天加入我們。我們期待很快再次拜訪你們。

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。