Cadence Bank (CADE) 2025 Q2 法說會逐字稿

Good day and welcome to the Cadence Bank's second-quarter 2025 earnings webcast and conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Cadence Bank 2025 年第二季收益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, Director of Corporate Finance. Please go ahead.

現在我想將會議交給公司財務長 Will Fisackerly。請繼續。

Good morning and thank you for joining the Cadence Bank second-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.

早安，感謝您參加 Cadence Bank 2025 年第二季財報電話會議。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 available in the presentation 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，您也可以在我們的網路廣播連結中找到它們，或者您也可以在我們昨天下午提交的 8-K 表格中查看它們。這些幻燈片也可在我們的投資者關係網站的簡報部分找到。

I would remind you that the presentation, along with our earnings release, contains 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 for joining us today to discuss our second quarter results. I could not be prouder of our team and the results we are producing. I will cover a few highlights. Valerie will provide some additional detail on the financials. After our prepared comments, our executive management team will be available for questions.

早安.感謝您今天加入我們討論我們的第二季業績。我為我們的團隊和我們所取得的成果感到無比自豪。我將介紹一些亮點。瓦萊麗 (Valerie) 將提供一些有關財務的更多細節。在我們準備好評論後，我們的執行管理團隊將回答您的問題。

It was an active quarter for Cadence, both organically and for M&A. On the M&A front, we announced our acquisition of Industry Bank shares on April 25. We then completed our acquisition of First Chatham Bank effective May 1, and we closed the industry transaction on July 1. The announcement to close timeline for industry was 67 days, which followed the 99-day announced to close timeline for First Chatam.

對 Cadence 來說這是一個活躍的季度，無論是有機成長還是併購。在併購方面，我們於 4 月 25 日宣布收購工業銀行股份。隨後，我們於 5 月 1 日完成了對第一查塔姆銀行的收購，並於 7 月 1 日完成了行業交易。該行業宣布關閉的時間表為 67 天，而 First Chatam 宣布關閉的時間表為 99 天。

These achievements are the result of a tremendous amount of collaboration between the teams at each of the target banks and with the various regulatory bodies. We're excited about the opportunity to expand our presence in Georgia and Central Texas. We welcome these teammates and customers to the Cadence family.

這些成就是各目標銀行團隊以及各監管機構之間大量合作的結果。我們很高興有機會擴大我們在喬治亞州和德克薩斯州中部的影響力。我們歡迎這些隊友和客戶加入 Cadence 大家庭。

Regarding the second quarter results, we continued to perform exceptionally well. Adjusted net income from continuing operations increased to $137.5 million, or $0.73 per share, and adjusted ROA was 1.14% for the quarter. Our balance sheet growth drove a meaningful increase in revenue, and our adjusted efficiency ratio improved by 90 basis points to 56.7%.

關於第二季的業績，我們持續表現優異。本季調整後的持續經營淨收入增至 1.375 億美元，即每股 0.73 美元，調整後的 ROA 為 1.14%。我們的資產負債表成長推動了營收的大幅成長，調整後的效率比率提高了 90 個基點，達到 56.7%。

Our loan growth once again highlighted the strength of our footprint. We achieved organic loan growth of $1.1 billion for the quarter, or 12.6% annualized. The growth came across our geography and nearly all verticals, with the highest growth coming out of Texas. Our community bank, corporate bank, private banking, and mortgage teams all reported nice organic growth for the quarter, and our pipelines are strong and growing.

我們的貸款成長再次凸顯了我們的實力。本季度，我們的有機貸款成長了 11 億美元，年增率為 12.6%。成長遍及我們的地域和幾乎所有垂直領域，其中成長最快的是德州。我們的社區銀行、企業銀行、私人銀行和抵押貸款團隊均報告了本季良好的有機成長，我們的管道強勁且不斷成長。

Our core customer deposit balances also showed growth, which offset some intentional runoff in brokered and a seasonal decline in public fund balances. Organic core customer deposits increased at a 4.4% annualized rate, with the largest portion of this growth in non-interest-bearing deposits. Credit results continue to remain in line with our expectations with net charge-offs of 24 basis points annualized for the quarter.

我們的核心客戶存款餘額也呈現成長，抵銷了經紀業務的部分故意流失和公共基金餘額的季節性下降。有機核心客戶存款年化成長率為 4.4%，其中最大部分成長來自無利息存款。信貸績效持續符合我們的預期，本季淨沖銷額為年化 24 個基點。

Finally, our tangible book value continued to improve, increasing to $22.94 per share, and regulatory capital levels remain strong with CET1 of 12.2%. Now let me turn the call over to Valerie, and she can get into the weeds and the details for our financials. Valerie?

最後，我們的有形帳面價值持續提高，增至每股 22.94 美元，監管資本水準保持強勁，CET1 為 12.2%。現在，讓我將電話轉給瓦萊麗，她可以詳細了解我們的財務狀況。瓦萊麗？

Great. Thank you, Dan. To add to Dan's comments, our pre-tax, pre-provision net revenue for the second quarter increased to an all-time high of $206 million up over 8% from the prior quarter, driven by the balance sheet growth that Dan mentioned combined with strong fee income performance and improved operating leverage. Average loans were up a little over $800 million in the quarter, while period-end loans grew by $1.4 billion. [$1.1 billion] in organic growth and close to $400 million from the First Chatham acquisition.

偉大的。謝謝你，丹。補充一下丹的評論，我們的第二季度稅前、撥備前淨收入增至 2.06 億美元的歷史新高，比上一季度增長 8% 以上，這得益於丹提到的資產負債表增長、強勁的費用收入表現和提高的經營槓桿。本季平均貸款增加了 8 億多美元，而期末貸款增加了 14 億美元。 [11 億美元] 其中有機成長和收購 First Chatham 帶來的近 4 億美元。

We also added just over $500 million in deposits from First Chatham in the quarter, in addition to our organic core customer deposit growth of $376 million. These increases were partially offset by declines of $437 million in brokered deposits and $300 million in public funds. Our period ends non-interest-bearing deposits as a percent of total deposits actually increased this quarter to 22.6%. Average deposits were down, which is not unusual for the second quarter as seasonal runoff earlier in the quarter was offset by growth in the latter part of the quarter.

本季度，除了核心客戶存款有機成長 3.76 億美元外，我們還從 First Chatham 增加了 5 億多美元的存款。但這些成長被經紀存款 4.37 億美元和公共資金 3 億美元的下降部分抵消。本季末無息存款佔總存款的百分比實際上增加到了 22.6%。平均存款下降，這在第二季度並不罕見，因為本季早些時候的季節性流失被本季後半段的成長所抵消。

Our second quarter total adjusted revenue was strong at $476 million, an increase of $28 million or 6%. Net interest revenue increased $15 million or 4% as a result of the robust loan growth, as well as added securities. We added about $2 billion in securities in the late first quarter and early second quarter funded by Federal Home Loan Bank term borrowings. These securities added nice revenue but did result in a slight dip in the net interest margin in the quarter.

我們第二季的調整後總營收強勁，達到 4.76 億美元，成長 2,800 萬美元，成長 6%。由於貸款強勁增長以及證券增加，淨利息收入增加了 1500 萬美元，增幅為 4%。我們在第一季末和第二季初增加了約 20 億美元的證券，資金來自聯邦住房貸款銀行的定期借款。這些證券增加了不錯的收入，但確實導致本季淨利差略有下降。

The NIM declined 6 basis points in the second quarter to 3.40%. And before considering the impact of the added securities, the quarter's NIM actually increased 2 basis points, as the trends in our earning asset yields and cost of funds were favorable. Loan yields were 6.34% in the quarter, up 1 basis point for the first quarter, and new and renewed loans in the quarter came on the books at just over 7%, which is well north of the total portfolio yield.

第二季淨利差下降 6 個基點至 3.40%。在考慮增加證券的影響之前，本季的淨利差實際上增加了 2 個基點，因為我們的生息資產收益率和資金成本趨勢良好。本季貸款收益率為 6.34%，較第一季上升 1 個基點，本季新增貸款和續貸的帳面收益率略高於 7%，遠高於總投資組合收益率。

Total cost deposits also improved by 5 basis points linked quarter to 2.30%. And time deposit costs improved by 12 basis points, as new and renewed time deposits in the quarter came in over 30 basis points lower than the total portfolio rate. Adjusted non-interest revenue reflected great performance really across the board, increasing $13 million or 15% compared to the first quarter.

總成本存款也較上季提高了 5 個基點，達到 2.30%。定期存款成本改善了 12 個基點，因為本季新增和續存的定期存款比總投資組合利率低 30 多個基點。調整後的非利息收入確實全面體現了出色的表現，與第一季相比增加了 1,300 萬美元，即 15%。

We had another big quarter in mortgage originations and the MSR valuation adjustment approved as well. Our wealth management teams also had a good quarter benefiting from improved market conditions, as well as seasonal tax revenue. And finally, other non-interest revenue increased just over $7 million a combination of several items including strong credit and customer swap fees, SBA income, Federal Home Loan Bank dividends, and BOLI income.

我們在抵押貸款發放方面又度過了一個重要的季度，並且 MSR 估值調整也獲得了批准。我們的財富管理團隊也在本季取得了良好的業績，受益於市場狀況的改善以及季節性稅收收入。最後，其他非利息收入增加了 700 多萬美元，其中包括強勁信貸和客戶掉期費、SBA 收入、聯邦住房貸款銀行股息和 BOLI 收入。

Adjusted non-interest expense increased $11.7 million linked quarter, mostly as a result of the closing of First Chatham combined with costs associated with business growth and strong operating performance. Salaries and employee benefits increased just over $4 million about half of that related to FCB, and the rest mostly due to increases in commissions and share-based payment accruals.

調整後非利息支出與上一季相比增加了 1,170 萬美元，主要原因是 First Chatham 的關閉，以及業務成長和強勁營運績效相關的成本。工資和員工福利增加了 400 多萬美元，其中約一半與 FCB 有關，其餘部分主要由於佣金和基於股票的支付應計項目的增加。

Data processing increased $3.6 million partially impacted by higher business and project volume. And we incurred a seasonal increase in our advertising and PR expense. Legal costs were up $4.6 million driven by final resolution of a legal matter, and the decline in other miscellaneous expense of over $5 million was due to fraud and loss recoveries and lower consulting and regulatory expenses.

資料處理增加了 360 萬美元，部分原因是受到業務和專案量增加的影響。我們的廣告和公關費用也出現了季節性成長。由於法律問題的最終解決，法律費用增加了 460 萬美元，而其他雜項費用減少了 500 多萬美元，原因是欺詐和損失追償以及諮詢和監管費用的降低。

Turning to credit on slides 9 and 10, net charge offs for the second quarter were $21 million or 24 basis points annualized, which is down slightly from the first quarter and consistent with expectations. Non-performing loans declined just under $5 million linked quarter, while non-performing assets increased about $2 million. All in all, a stable linked quarter. We did see an increase in criticized and classified loans linked quarter due to a handful of credits, but the balances continued to remain within historical ranges.

轉向幻燈片 9 和 10 上的信貸，第二季的淨沖銷額為 2,100 萬美元或年化 24 個基點，較第一季略有下降，符合預期。本季不良貸款減少近 500 萬美元，而不良資產增加約 200 萬美元。總體而言，這是一個穩定的季度。由於少數信貸因素，我們確實看到本季度受批評和分類的貸款有所增加，但餘額仍然保持在歷史範圍內。

The loan provision was $31 million reflecting the day one provision of just over $4 million associated with acquired loans, as well as the impact of low growth in the quarter. Our allowance for credit loss coverage remained flat linked quarter at 1.34%. At this level, combined with our capital foundation laid out on slide 16, we believe our strong balance sheet continues to be very well positioned.

貸款撥備為 3,100 萬美元，反映了第一天與收購貸款相關的略高於 400 萬美元的撥備，以及本季低成長的影響。我們的信用損失準備金覆蓋率與上一季持平，為 1.34%。在這個水平上，結合我們在第 16 張投影片中列出的資本基礎，我們相信我們強勁的資產負債表將繼續保持非常良好的地位。

As a quick update on Industry Bancshares, we did close the transaction effective July 1, 2025, and as you may recall, Industry had a sizable municipal portfolio. Once we closed, we immediately sold a large majority of that portfolio, liquidating $1.9 billion of securities and continuing to hold just under $600 million. We have since used that $1.9 billion in liquidity to reinvest in $1 billion of securities yielding just over 5.25%, with the remaining $900 million used to lower wholesale funding.

關於 Industry Bancshares 的簡要更新，我們確實在 2025 年 7 月 1 日完成了交易，您可能還記得，Industry 擁有相當大的市政投資組合。一旦我們關閉，我們立即出售了大部分投資組合，清算了 19 億美元的證券，並繼續持有近 6 億美元的證券。此後，我們利用這 19 億美元的流動資金重新投資於收益率略高於 5.25% 的 10 億美元證券，其餘 9 億美元用於降低批發融資。

Additionally, we put on about $550 million in notional interest rate swaps to minimize any residual interest rate volatility in these securities that remained on our balance sheet. Finally, we have updated our guidance on slide 17 to reflect both the acquisition of First Chatham and Industry. We continue to expect solid loan demand for the latter half of the year, bringing full year loan growth, including the acquisitions to between 11% and 15%.

此外，我們還進行了約 5.5 億美元的名目利率互換，以盡量減少我們資產負債表上剩餘證券的剩餘利率波動。最後，我們更新了第 17 張投影片上的指南，以反映對 First Chatham 和 Industry 的收購。我們繼續預期下半年貸款需求將保持強勁，包括收購在內的全年貸款成長率將達到 11% 至 15% 之間。

This combined with full year core customer deposit growth of between 12% and 15%, supports our expectation for total revenue growth between 10% and 12%. We forecast continued operating leverage with expenses increasing between 7% and 9% in support of the growth in the balance sheet and continued investment in our future. Combined with stable credit, we expect these results will continue to drive strong EPS performance for us throughout the rest of this year.

加上全年核心客戶存款成長 12% 至 15%，支持了我們對總收入成長 10% 至 12% 的預期。我們預測營運槓桿將繼續存在，費用將增加 7% 至 9%，以支持資產負債表的成長和對未來的持續投資。結合穩定的信貸，我們預計這些結果將在今年剩餘時間內繼續推動我們實現強勁的每股盈餘表現。

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

接線員，我們想打開電話回答問題。

(Operator Instructions)

（操作員指示）

[KC Hare] Autonomous Research.

[KC Hare] 自主研究。

Thanks. Good morning, can you guys hear me?

謝謝。早安，你們聽得到我說話嗎？

Hey, Kay, good to hear from you.

嘿，凱，很高興收到你的來信。

Good to hear from you guys. Sorry, it's been a little bit choppy, so I apologize if I'm in and out. But I guess first off, wanted to touch on the NII and the restructure. It feels like the margin can be bound to the mid-340s given what you did with the industry, restructuring, just wondering if I'm missing anything or just some help on the margin guide. And then also are you guys -- have you -- is there any more restructuring to be done with the -- on the [two-tied] balance sheet? Thanks.

很高興收到你們的來信。抱歉，有點不順暢，所以如果我進進出出的話我深表歉意。但我想先談談 NII 和重組。考慮到您對行業重組所採取的措施，感覺利潤率可以綁定到 340 年代中期，只是想知道我是否遺漏了什麼，或者只是缺少一些關於利潤率指南的幫助。那麼你們還有什麼需要對[雙重]資產負債表進行重組嗎？謝謝。

Yeah. On the industry piece, we've done what we wanted to do. We certainly could divest a few more of those securities if we have that opportunity, but right now that's not on the top burner. You need to go through all the NII and NIM.

是的。在行業方面，我們已經做了我們想做的事情。如果有機會，我們當然可以剝離更多證券，但目前這並不是當務之急。您需要了解所有 NII 和 NIM。

Yeah, there's obviously a lot of moving parts, particularly with the acquisitions. But where we ended up with the repurchases of the [Industry Security 527] when you combine that with the loan yields, the new loans coming on north of 7% and some of the repricing expectations that we have for the other portions of the portfolio that we have in our slide deck, as well as the fact that our new CDs are coming in well south of where the maturing CDs are coming in. We expect some continued improvement there. So we're actually very optimistic about the net interest margin and anticipate that that would increase as we go through the rest of the year.

是的，顯然有很多活動部件，特別是在收購方面。但是，如果將 [Industry Security 527] 的回購與貸款收益率、7% 以上的新貸款、我們對幻燈片中投資組合其他部分的一些重新定價預期，以及我們的新 CD 進入市場的時間遠低於到期 CD 進入市場的時間這一事實結合起來，我們最終會進行回購。我們預計那裡將繼續改善。因此，我們實際上對淨利差非常樂觀，並預計今年剩餘時間內淨利差將會上升。

Yeah, we knew that what we did at the end of the first quarter, beginning of the second quarter, bring on borrowings and buying the [boss] was going to negatively impact NIM but positively impact NII.

是的，我們知道我們在第一季末、第二季初採取的行動，即藉款和收購[老闆]，將對 NIM 產生負面影響，但對 NII 產生正面影響。

And so actually -- I hope you caught it. Basically, that the impact of that was a negative 8 basis points [hence] if you just kind of set aside those security purchases [NIM] margin would have actually increased in a quarter by a couple of basis points.

所以實際上——我希望你明白了。基本上，其影響是負 8 個基點，[因此]如果你只是把這些證券購買放在一邊，[NIM] 利潤率實際上會在一個季度內增加幾個基點。

Yeah, okay, great, thank you. And then, so just switching them and I just feels like it's activities picking up here, you guys obviously have two deals under your belt year to date, just wanted to get some updated thoughts on where you guys fit in, on what appears to be M&A activity picking up.

是的，好的，太好了，謝謝。然後，只要切換它們，我感覺這裡的活動就會增多，你們今年到目前為止顯然已經達成了兩筆交易，我只是想了解一下你們在其中的位置以及似乎正在增多的併購活動。

The next thing that we haven't noticed. Clearly, there's a lot of talk. A lot of activity. We're seeing small transactions, a couple larger than what we've obviously done. I think what we've said when we announced the Industry transaction earlier in the year was, we could get this transaction done quickly. We think we're in a position to continue to execute. We like the footprint that we serve. We like the nine states that we're in.

我們還沒有註意到的下一件事。顯然，有很多討論。很多活動。我們看到了一些小額交易，還有一些比我們顯然已經完成的交易更大。我認為我們在今年早些時候宣布行業交易時說過，我們可以很快完成這項交易。我們認為我們有能力繼續執行。我們喜歡我們所服務的足跡。我們喜歡我們所在的九個州。

We're looking for opportunities to continue to grow in those states, and we think we'll have future opportunities.

我們正在尋找在這些州繼續發展的機會，我們認為我們將來會有機會。

Great, thank you.

太好了，謝謝。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hey, good morning, all. Can you provide some more color on the increase in the revenue guide. The differences in the old guide and the new guide on the loan and deposit side were particularly helpful. So I was wondering if, the revenue guide is going up on an organic basis as well. And on the acquisitions piece if you can just help us with some of the assumptions around purchase accounting.

嘿，大家早安。您能否提供更多有關收入指南增加的詳細資訊？舊指南和新指南在貸款和存款方面的差異特別有幫助。所以我想知道收入指南是否也在有機成長。關於收購部分，您能否幫助我們了解採購會計的一些假設？

Yeah. So let me take a little bit of that and Valerie's going to jump in here and help, but I think from your question on is the guide up on an organic basis? Yes. So we saw a tremendous long growth in the quarter. The pipelines are good. Billy and Chris can talk about that. We really feel good about where we sit. Some of that's footprints. Some of that's our team just doing an outstanding job. We're bringing new customers into the bank.

是的。因此，請允許我稍微討論一下，然後 Valerie 會介入並提供幫助，但我認為從您的問題來看，該指南是否是基於有機基礎的？是的。因此，我們在本季度看到了巨大的長期成長。管道很好。比利和克里斯可以談論這個。我們對自己所處的位置確實感到滿意。其中一些是腳印。其中一些是我們團隊所做的出色工作。我們正在為銀行帶來新客戶。

All of that moves the guide up. So with the increased guide on loan growth. That's going to produce, organic revenue growth that you're seeing in the increased guide there. When you talk about purchase accounting marks, we're early in, we're 24 days in from when we did that. Go ahead Valerie.

所有這些都使指南向前推進。因此，貸款成長指南有所增加。這將產生您在增加的指南中看到的有機收入成長。當您談到採購會計標記時，我們才剛開始，從那時到現在已經 24 天了。繼續吧，瓦萊麗。

Yeah. You're exactly right. We obviously reporting more on that as we go, but I guess just for a little color just initially and speaking more to the industry when the first chat was really pretty small, the grand scheme of things. First purchased (inaudible)

是的。你說得完全正確。我們顯然會在進行過程中對此進行更多報道，但我想這只是為了在最初提供一點信息，並在第一次聊天規模非常小的時候向業界提供更多的信息，以了解事情的總體情況。首次購買（聽不清楚）

Industry, on the securities particularly, I think in the in the announcements we assumed a 2.5% liquidity mark, some of those securities. We're actually -- we're able to dispose of those securities but less than half of that. So we're coming in much better on that front.

行業，特別是在證券方面，我認為在公告中我們假設了 2.5% 的流動性標記，其中一些證券。實際上，我們可以處理掉這些證券，但還不到一半。因此，我們在這方面的進展要好得多。

(inaudible)

（聽不清楚）

Yeah, we all in into (inaudible) we assume that we're holding less ongoing. So again, less cash value from that transaction itself. The other pieces, the deposit pieces or. Fairly close to the market values, loans, there wasn't too much of a market in there and We refined that obviously over the next several weeks. But I would say, all in all, probably a little bit better on some of those marks than what we had originally estimated.

是的，我們都認為（聽不清楚）我們正在減少持續的活動。因此，該交易本身的現金價值再次減少。其餘件，定金件也好。相當接近市場價值，貸款，那裡沒有太多的市場，我們顯然在接下來的幾週內對此進行了改進。但我想說，總的來說，某些分數可能比我們最初估計的要好一些。

Yeah, and as my follow up just on the loan side. I mean loan growth is fairly strong. Valerie, I think I heard you mention the new loans are coming on at a little over 7%, so that might be a little bit of an improvement for this last quarter.

是的，這只是我對貸款的後續關注。我的意思是貸款成長相當強勁。瓦萊麗，我想我聽到您提到新貸款的利率略高於 7%，所以對於上個季度來說這可能有點改善。

And then if I look at the fixed rate and variable rate loans on slide 12, those have also repriced up nicely. But the overall loan yields were up only 1 basis point Q-on-Q is there something that, we might be missing there on the purchasing accounting or anything related to the acquisitions there?

然後，如果我查看幻燈片 12 上的固定利率和浮動利率貸款，它們的價格也得到了很好的重新定價。但整體貸款收益率環比僅上升了 1 個基點，我們是否遺漏了有關購買會計或任何與收購相關的內容？

Yeah, no, it really has, the loans that pay down, loans that pay off, the [timing of] some of those types of things are really what impacted that. We did dig into that as well because, to your point, all the underlying support items would lead to a higher low yield. So that's part of what drives our expectations for a higher margin as we go through the rest of the year is continuing to see good pipelines in our loan portfolio, continuing to have good performance from where those rates are coming in as we look out for the rest of the year.

是的，確實如此，貸款償還的時間、貸款的償還情況等這些因素確實影響了這一點。我們也對此進行了深入研究，因為正如您所說，所有基礎支援專案都會導致更高的低收益率。因此，這也是我們在今年剩餘時間內對更高利潤率的預期的原因之一，因為我們繼續看到我們的貸款組合中存在良好的管道，而展望今年剩餘時間，這些利率將繼續保持良好的表現。

Got it. Thank you.

知道了。謝謝。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Thanks. Good morning.

謝謝。早安.

Hey, good morning, Catherine.

嘿，早上好，凱瑟琳。

Just curious kind of back to the loan growth which was really strong this quarter. I think last quarter you talked about pay downs impacting some of your period and balances, and it seems like that's getting better. Can you talk a little bit about kind of new origination volumes versus pay down activity and what you're seeing with both of those and kind of your thoughts on that balance as we get into the back half of the year, particularly with maybe some rate cuts. Thanks.

我只是好奇本季的貸款成長確實強勁。我認為上個季度您談到了還款減少對您的部分期間和餘額的影響，現在看來情況正在好轉。您能否談談新發起量與還款活動的情況，以及您對這兩者的看法，以及當我們進入下半年時，特別是可能有一些利率下調的情況下，您對這種平衡的看法。謝謝。

Yeah, you can see where we didn't grow is in the CRE and that's where we saw some payouts. Billy, you jump in here.

是的，您可以看到我們沒有成長的地方是 CRE，而這正是我們看到的一些支出。比利，你跳進來。

Yeah. Hey, Katherine. So in the first quarter, we saw a lot in the merchant real estate portfolio from a paydown standpoint and from our midstream energy. We saw that kind of slow while at the same time continuing really good origination, particularly in the midstream energy. That space we've -- all the backfilled the payoffs that have occurred really over the last six quarters in that space that's been a recurring thing.

是的。嘿，凱瑟琳。因此，在第一季度，我們從償還的角度和中游能源的角度看到商業房地產投資組合有許多成長。我們看到了這種緩慢但同時又持續良好的起源，特別是在中游能源領域。我們已經在那個領域——所有已經發生的回報都已經填補，而這已經是重複發生的事情了。

On top of that, we just had water spread success. I mean, our [CNI] teams across the footprint all had some success. Our private banking team had significant success and a lot of that's attributed to some hiring that we did last year and the teams being able to capitalize on that. So the pay down activity was more robust in the first quarter, specifically in that larger merchant CRE and midstream space, and that was curtailed.

最重要的是，我們的灑水工作剛剛成功。我的意思是，我們遍布各地的 [CNI] 團隊都取得了一些成功。我們的私人銀行團隊取得了巨大的成功，這在很大程度上歸功於我們去年進行的一些招聘，並且團隊能夠利用這些招聘。因此，第一季的還款活動更加強勁，特別是在較大的商業 CRE 和中游領域，而這項活動受到了限制。

And pipelines?

還有管道嗎？

And pipelines continue to be widespread or robust that borrower activity with all the -- this time last quarter we were feeling more uncertain. I think there's still some thoughts of that, but borrowers talking to their vendors and clients, they've been able to formulate a strategy, and the loan pipelines are remaining as strong and the pull through from our approvals is similar to what it's been, it's just the pipelines are stronger.

而且管道繼續廣泛或強勁，借款人活動不斷——上個季度的這個時候，我們感到更加不確定。我認為仍有一些這樣的想法，但藉款人在與供應商和客戶交談時，他們已經能夠制定策略，貸款管道仍然強勁，我們的批准效果與以前相似，只是管道更加強大。

(inaudible)

（聽不清楚）

But I guess just to add to that, there really -- loan growth has been broad, diverse, both geography, lines of business, community bank, mortgage was healthy this quarter. So you really got it from all the orders. It was a good quarter for that.

但我想補充一點，本季貸款成長確實很廣泛、多樣化，無論是地理、業務線、社區銀行或抵押貸款，都很健康。所以你確實從所有訂單中得到了它。從這個角度來說，這是一個好的季度。

Yeah, okay, great. Right. And then, your accretion with industry with selling more of the bonds than originally expected, is there any change to your expectations for the accretion just with that nuance?

是的，好的，太好了。正確的。然後，您出售的債券數量超出了最初的預期，僅僅因為這一點細微的差別，您對行業成長的預期是否會改變？

Yeah. So the accretion would be a little bit less, but of course your upfront impact to your tensional value is less, so net debt is --

是的。因此，增值會少一點，但當然，你的前期對緊張價值的影響較小，所以淨債務是--

Is not material.

不是物質的。

Yeah. It's not hugely material. We're still looking at a pretty meaningful impact to our (inaudible)

是的。它並不是非常重要的東西。我們仍在關注對我們（聽不清楚）

The difference in what we would have been earning on the bonds that we held versus the [527]

我們持有的債券與[527]

Yeah. It's less than 100 basis points on a portion of that security. That's really an important (inaudible)

是的。該證券的一部分利率不到 100 個基點。這確實很重要（聽不清楚）

That makes sense. And then of course also with the with the loan growth being better, your reinvestment rates probably higher than you would have expected?

這很有道理。當然，隨著貸款成長的改善，您的再投資率可能高於您的預期？

Exactly

確切地

We talked about we talked about wanting to grow loans, within the industry footprint, a billion dollars over the next five years, and we did that organically in one quarter. So clearly the loan growth is a big difference for us.

我們談到希望在未來五年內在行業範圍內增加 10 億美元的貸款，並且我們在一個季度內就實現了這一目標。因此，顯然貸款成長對我們來說是一個很大的差異。

Yeah, for sure. Okay. Great. Thank you.

是的，當然。好的。偉大的。謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Hey, good morning. You may be shifting to the to the other side of the balance sheet just the deposit growth, the strength in that that core deposit origination and especially on the DDA side. As we look out, should we think that there's still sort of steady growth in DDAs here or was there any sort of one-time beyond the deal benefit from DDA growth.

嘿，早安。您可能會轉向資產負債表的另一側，也就是存款成長、核心存款來源的強度，尤其是 DDA 方面的強度。從我們的觀察來看，我們是否應該認為這裡的 DDA 仍然會保持穩定成長，或者是否存在任何超出交易範圍的一次性 DDA 成長收益。

I think the teams are doing a great job of mixing it up in the community and trying to bring business into us. I don't know that one quarter is something that we can say this is a trend that we're on, but we certainly like what we look, what we saw.

我認為這些團隊在融入社區和嘗試為我們帶來業務方面做得非常出色。我不知道某一季我們是否可以說這是我們所處的趨勢，但我們確實喜歡我們所看到的。

Okay. And then on the CDs. You talked about the renewal rates coming in lower, where are those now and is there more room for CD cost to move lower assuming stable rates?

好的。然後是 CD。您談到續訂率正在下降，那麼現在續訂率是多少？假設續訂率穩定，CD 成本是否還有進一步下降的空間？

Yeah. So I think there is. Right now, we saw in the second quarter we have about $3.8 billion in origination of CDs that were just shy of 360. And so that's encouraging. We have a lot that are maturing. If you look at really the last half of '25, we've got about $5.4 billion that are maturing, really right about 4%. So depending on where those come back on, how many we're retaining, there is an opportunity to see a little bit of compression in that overall amount.

是的。所以我認為有。目前，我們看到第二季的 CD 發行量約為 38 億美元，略低於 360 億美元。這是令人鼓舞的。我們有很多正在成熟的事物。如果你看一下 25 年下半年，我們有大約 54 億美元的債務到期，大約佔 4%。因此，根據這些資金的回流地點以及我們保留的數量，我們有機會看到總體金額略有壓縮。

And his assumption that rates are stable.

他假設利率是穩定的。

Yeah, rates are stable (multiple speakers) right now we've got two rate cuts later in the year in our forecast. And so if those come to fruition, then you know there's further opportunity there obviously.

是的，利率目前穩定（多位發言者），我們預測今年稍後會有兩次降息。如果這些都實現了，那麼顯然還有進一步的機會。

Okay, thanks, that's a good color on that. And then just on credit overall good trends just any anything you would call out on the criticizing classified migration that's, either lumpy or episodic?

好的，謝謝，這個顏色很好。那麼，僅從整體良好趨勢來看，您會對分類移民的批評（無論是不均勻的還是偶發的）提出什麼意見嗎？

No, (inaudible) $22 million or so that was part of the first chat merger, so that was a fit of the increase. Most of the increase in size with a special mention. I'll call it normal range, normal process of working through credits in our normal processes. It's really a select few larger credits that moved in there along with the First Chatham merger.

不，（聽不清楚）2200 萬美元左右，這是第一次聊天合併的一部分，所以這是符合成長的。大多數尺寸都有所增加，並特別提到。我將其稱為正常範圍，即在我們的正常流程中處理信用的正常過程。事實上，隨著第一查塔姆銀行的合併，只有少數幾家較大的信貸機構遷入該銀行。

Thank you.

謝謝。

Follow back up with your comment on the deposits. The other thing that we've got is a significant focus with our treasury management team, and so they continue to ramp up their efforts, and I think that's part of what we're seeing in some of the success that we've had. And so we would hope for more success there and (inaudible)

繼續跟進您對存款的評論。我們所做的另一件事是我們的財務管理團隊高度重視，因此他們不斷增加努力，我認為這也是我們所取得的一些成功的部分原因。因此我們希望在那裡取得更多成功，（聽不清楚）

And thinking going forward we're adding a lot of branches with new products. They're going to be months, so we're excited about that.

而我們考慮未來增加許多分店並推出新產品。這將會持續數月，所以我們對此感到很興奮。

Thanks.

謝謝。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey. Good morning, everyone. Thanks for taking my questions. Just two quick ones. Any change into beta expectations either on the loan or deposit side with Industry? And then would that have any kind of material change to the interest rate sensitivity profile? Thanks.

嘿。大家早安。感謝您回答我的問題。只需簡單兩句話。行業貸款或存款方面的貝塔預期有任何變化嗎？那麼這會對利率敏感度狀況產生任何重大變化嗎？謝謝。

Sensitivity profile. The bond portfolio of Industry has an ability to move interest rate sensitivity, but we worked on that. I would say --

敏感度概況。工業債券組合具有改變利率敏感度的能力，但我們已經對此進行了努力。我想說--

Yeah. I would say, no significant changes on the data. We'll be offering our products and services. And so I think that over time everything will just kind of morph into a little bit consistent with some of the legacy efforts, there may be a little bit of movement in the first quarter or so, but I don't think that will be ongoing.

是的。我想說，數據沒有重大變化。我們將提供我們的產品和服務。因此，我認為隨著時間的推移，一切都會逐漸與一些遺留的努力保持一致，第一季左右可能會出現一些變化，但我認為這不會持續下去。

As far as [Industry Security] really pretty consistent. Industry sensitivity, we continue to remain pretty neutral on that within, about [150 days plus 100]

就[產業安全]而言確實相當一致。行業敏感性，我們繼續對此保持相當中立，大約[150 天加 100]

Okay, great. Thanks Valerie. And then maybe just final. I know you get a buyback in place. You got a lot of deals going on. I wouldn't expect that you'd be using it here maybe just holding out for other opportunities. Is that is that the right way to think about it? Just, it's a tool at this point, but not really looking to use it? Thanks.

好的，太好了。謝謝瓦萊麗。然後也許只是最終結果。我知道你已經實施了回購。你有很多交易要做。我不指望你會在這裡使用它，也許只是在等待其他機會。這是正確的思考方式嗎？只是，它現在只是一個工具，但你並不真的想使用它？謝謝。

Yeah, I think we said that when we announced the Industry transaction is, we knew with that transaction we needed to continue to build capital. So unless something drastic changes here, I think for this quarter, I don't think we'll be doing very much there.

是的，我想我們說過，當我們宣布行業交易時，我們知道透過這項交易我們需要繼續累積資本。因此，除非發生重大變化，否則我認為本季我們不會在那裡做太多事情。

All right. Thanks for taking my questions.

好的。感謝您回答我的問題。

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. Hey. Back to loan growth. Would you guys call the pace of growth in the second quarter Abnormal at all in terms of what you expect going forward? I mean, was it a rebound or catch up from the uncertainty in the first quarter or is this like a real change in demand where this is a realistic pace of growth?

謝謝。早安.嘿。回到貸款成長問題。從您對未來的預期來看，你們認為第二季的成長速度是否完全不正常？我的意思是，這是第一季不確定性的反彈還是追趕，或者這是需求的真正變化，是現實的成長速度？

Yeah, I think I've said for a while -- I think what we saw post Liberation Day was people took their foot off the accelerator and question marks about what was going on out there. I think that's just catching back up with us. And no, I don't know that this was abnormal. I think when we look at what's coming through, just watching the flow, we're as busy as we've ever been.

是的，我想我已經說過一段時間了——我認為我們在解放日之後看到的是人們放鬆了警惕，並對外面發生的事情表示懷疑。我認為這只是在追趕我們。不，我不知道這是否不正常。我認為，當我們觀察正在發生的事情，觀察其流程時，我們會發現我們比以往任何時候都更忙碌。

Yeah, that's right. I mean, John, I touched on it, but our -- kind of our weekly volumes that we're seeing come through or as high as they've been in over a year, and that's continued from the last couple of months of the quarter to now, I mean it's a continuing trend. So we're not seeing it slowed.

是的，沒錯。我的意思是，約翰，我提到了這一點，但是我們看到的每週交易量已經達到了一年多以來的最高水平，而且這種趨勢從本季度的最後幾個月一直持續到現在，這是一個持續的趨勢。所以我們並沒有看到它放緩。

Just talking to bankers across our footprint, there's excitement about opportunities in front of us.

與我們遍布各地的銀行家交談時，他們就對我們面前的機會感到興奮。

Yeah, I would just add. I mean, take the other side of that, if capital markets open up, you could see some downward volume impact the parts and builders moving some things out. That is a little slower, but that could impact volumes going forward, but the pipelines are good at the originations.

是的，我只是想補充一下。我的意思是，從另一個角度來看，如果資本市場開放，你可能會看到一些交易量下降對零件和建築商搬走一些東西產生影響。這速度稍微慢一些，但可能會影響未來的產量，但管道在起源時表現良好。

Okay, good. Dan, a question for you on Texas Industry. I think we'll take your Texas deposit -- your share up to 35% of total deposits. The approach in Texas, is that right? Is that the right number?

好的，很好。丹，我想問你一個關於德州工業的問題。我想我們會接受您的德州存款——您的份額最高可達總存款的 35%。德州的做法對嗎？這個數字正確嗎？

(inaudible)

（聽不清楚）

The question is, are, do you have to do anything different in Texas, or is it just kind of business as usual because it's obviously a much, much larger piece of your franchise than it has been over the last several years.

問題是，你是否必須在德克薩斯州採取一些不同措施，還是只是照常營業，因為這顯然是你特許經營權中比過去幾年大得多的一塊。

Yeah. So we're at 37% of deposits in Texas with this, but we're higher than that with loans in Texas. So I think the answer is no. We continue to see outsize growth. When you look at our footprint and you see where growth is coming from, Texas continues to drive that growth. The high growth markets of Georgia, Florida, Tennessee continue to add to us, but frankly, we're seeing growth across our footprint. Texas just continues to lead.

是的。因此，我們在德州的存款佔比為 37%，但我們在德州的貸款佔比更高。所以我認為答案是否定的。我們繼續看到超高速的成長。當你看到我們的足跡並看到成長來自哪裡時，你會發現德州繼續推動這種成長。喬治亞州、佛羅裡達州、田納西州等高成長市場繼續為我們增加業務，但坦白說，我們的業務範圍正在全面成長。德克薩斯州繼續領先。

Okay. Just last one, Valerie for you on the expense range, is it safe to assume the higher end of the range is aligned with the higher end of your loan growth, or is there something else that we need to think about in terms of expenses that higher or lower end of your range?

好的。最後一個問題，Valerie，關於您的支出範圍，是否可以安全地假設該範圍的高端與您的貸款增長的高端一致，或者在支出方面我們還需要考慮其他一些事情，即您的範圍的高端或低端？

Yeah. Now, the higher end tends to align with higher revenues. They were associated costs associated with that. So it happened right then.

是的。現在，更高的價格往往與更高的收入相一致。它們是與此相關的成本。所以它就在那時發生了。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

(Operator Instructions)

（操作員指示）

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Hey, good morning. Seems like prior to this week, every bank that operates with the SEC football school in their state has highlighted growth through hirings. They're putting up numbers, and it seems like -- I mean, like you guys have always had a little bit of a different strategy, but with the footprint that you have -- I mean, I know you've been doing both at the same time.

嘿，早安。似乎在本週之前，每家與其所在州的 SEC 足球學校合作的銀行都透過招募來突出成長。他們正在公佈數字，看起來——我的意思是，你們的策略似乎一直都有點不同，但從你們的足跡來看——我的意思是，我知道你們一直在同時做這兩件事。

But could we see an outside level of hirings from potential or even already announced acquisitions, or is it more so just kind of filling in letting the operation because you now have these two deals to integrate. How should we think about the organic perspective of hirings and loan growth over the next year or two?

但是，我們是否可以看到來自潛在或甚至已經宣布的收購的外部招聘，或者這只是填補營運空缺，因為現在有這兩筆交易需要整合。我們應該如何看待未來一兩年內招聘和貸款成長的有機前景？

Yeah. We've not gone out and hired big teams of people. That's just not been in our past practices. We continue to hire good people. So I mean we've added in Texas, we've added in Georgia, we've added across our footprint in Malta and Florida over the last several quarters. But those are one and two.

是的。我們並沒有出去僱用大批人員。這在我們過去的做法中是不存在的。我們將繼續聘用優秀人才。所以我的意思是，在過去的幾個季度裡，我們在德克薩斯州、喬治亞州、馬耳他和佛羅裡達州都擴大了業務範圍。但那些只是一和二。

The acquisitions that we've got, we've not lost any of those people if you're asking. So I think on the other side, I think we've got good people that are out there wanting to grow business, and I think we've got capacity to grow with the team that we have today.

如果你問的話，我們收購的公司中，並沒有失去任何人才。所以我認為，另一方面，我們擁有優秀的人才，他們想要發展業務，我認為我們有能力憑藉今天的團隊成長。

Got you. That's helpful. And then just one modeling question, Valerie. I know you said, marks were a little bit smaller, so dilution should be a little bit less. And you originally had 8.5 on [TDV] is that fair to think it's less than that at this point, or is it still de minimis?

明白了。這很有幫助。然後只有一個模特兒問題，瓦萊麗。我知道您說過，標記稍微小一點，所以稀釋應該少一點。您最初對 [TDV] 的評分是 8.5，現在認為它低於這個分數是否公平，還是仍然是最低限度？

I don't know that we have a number to put out today.

我不知道我們今天是否有數字可以公佈。

Yeah. No, I think that we'll be obviously working on refining all of that as ae go through the quarter. But overall, I mean, I would just say that we still anticipate regardless where the numbers move, that this is just really going to be a great acquisitional for us.

是的。不，我認為我們顯然會在本季度努力完善所有這些。但總的來說，我想說的是，無論數字如何變化，我們仍然預計這對我們來說都將是一次偉大的收購。

Yeah. [The mark is significant]

是的。[該標記非常重要]

Got you. Yeah, no, I appreciate it. Okay. Thank you.

明白了。是的，不，我很感激。好的。謝謝。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Yeah, thanks. Good morning. Just similar to Ben's last question on the industry impact in the third quarter. Any color on the capital ratios and what these look like September 30 with the impact of industry on there?

是的，謝謝。早安.與 Ben 上一個關於第三季產業影響的問題類似。資本比率有什麼具體資訊嗎？截至 9 月 30 日，資本比率情況如何？產業對其有何影響？

Hey, Matt. Good to hear from you. That's what we were talking about earlier is we're 24 days in the marks. We just don't have anything to be able to give you where we think we're going to end up. The pieces of the puzzle all look good to us and not far off of what we were talking about when we made the announcement back in April. It's just too quick, and we understand it's a big transaction that could move the needle. So we hope to be able to, as we're out on the road, maybe file some investor [deck] that would give us some mid-quarter update to some of that.

嘿，馬特。很高興收到你的來信。這就是我們之前談論的，我們已經 24 天了。我們只是沒有任何東西可以提供給你，以達到我們想要的效果。對我們來說，謎題的各個部分看起來都很好，與我們四月宣佈時談論的內容相差不遠。這實在是太快了，我們知道這是一筆可能會產生影響的大交易。因此，我們希望能夠在我們出門在外時，向一些投資者提交一些文件，為我們提供一些本季中期更新資訊。

Okay. Thank you. That's all from me.

好的。謝謝。我要說的就這些。

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

我們的問答環節到此結束。我想將會議轉回以便發表結束語。

Okay. Thank you all very much for joining us this morning. Since we brought up the SEC with college football only 29 days away, we're glad that we finished the first half of 2025 here at Cadence and we had a great first half. We continue to report growth and improvement in many of our operating metrics, including earnings per share, ROTCE, ROA, operating efficiency, just to name a few.

好的。非常感謝大家今天上午參加我們的活動。由於我們在距離大學橄欖球賽僅剩 29 天的情況下提出了 SEC 計劃，我們很高興在 Cadence 完成了 2025 年上半年的比賽，並且度過了一個美好的上半年。我們繼續報告許多營運指標的成長和改善，包括每股盈餘、ROTCE、ROA、營運效率等等。

I continue to be very confident that we've achieved both organically and through strategic partnerships in Texas and Georgia that we've positioned ourselves to continue that momentum through the second half of 2025 and it sets us up in a position of strength for 2026. We appreciate everybody's support on our call today. This concludes the call. We look forward to seeing you again soon.

我仍然非常有信心，我們已經取得了有機成果，並透過德州和喬治亞州的策略合作夥伴關係取得了成果，我們有能力在 2025 年下半年繼續保持這一勢頭，並為 2026 年奠定堅實的基礎。我們感謝大家對我們今天電話會議的支持。通話到此結束。我們期待很快再次見到您。

The conference is 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。