Cadence Bank (CADE) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Cadence Bank 2025 年第三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, Executive Vice President and Director of Finance. Please go ahead.

現在，我想將會議交給執行副總裁兼財務長 Will Fisackerly。請繼續。

Good morning and thank you for joining the Cadence Bank third 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 年第三季財報電話會議。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.

我們的講者將在討論期間參考準備好的幻燈片。您可以造訪我們的投資者關係頁面 ir.cadencebank.com 找到這些幻燈片，也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 表格中查看它們。

These slides are also available in the presentation section of our investor relations website. I would remind you that the presentation along with our earnings release contain our customary disclosures around forward-looking statements as well as any non-GAAP -- GAAP metrics that may be discussed. The disclosures regarding forward-looking statements contained in those documents apply to our presentation today.

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。我想提醒您，簡報以及我們的收益報告包含我們對前瞻性陳述以及可能討論的任何非 GAAP（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 this morning to discuss our third quarter results. It's been another outstanding quarter for our company. I will cover a few highlights, and Valerie will provide some additional detail on our financials. After our prepared comments, our executive management team will be available for questions.

早安.感謝您今天上午加入我們討論我們的第三季業績。對我們公司來說，這又是一個出色的季度。我將介紹一些亮點，而瓦萊麗將提供有關我們財務狀況的更多細節。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。

We are very pleased to have completed the acquisition of industry bank shares on July 1, as well as the operational integration that just completed last week. Industry and First Chatham are now both fully integrated into our systems and processes, and we are operating as one bank under the Cadence [brand]. We look forward to the opportunity to grow in central Texas and Georgia markets that were added through these transactions.

我們非常高興在7月1日完成了對產業銀行股份的收購，以及上週剛完成的營運整合。Industry 和 First Chatham 現已完全融入我們的系統和流程，我們在 Cadence 的領導下作為一家銀行運作。[品牌]。我們期待透過這些交易在德克薩斯州中部和喬治亞州市場獲得發展機會。

Industry was certainly a unique transaction given the size and complexity of their securities portfolio, and it was just a home run on all fronts. Our team did a fantastic job in executing the disposition of 100% of their securities portfolios, during the third quarter at a total mark that was less than our estimated mark when we announced the transaction.

鑑於其證券投資組合的規模和複雜性，該行業無疑是一項獨特的交易，而且它在各方面都取得了成功。我們的團隊在第三季出色地完成了 100% 證券投資組合的處置，總額低於我們宣布交易時的估計。

In fact, virtually all of the purchase accounting marks for industry came in better than originally estimated. Valley will cover the purchase accounting items in more detail in a moment, but these improvements are reflected in our quarter in tangible book value per share, declining only $0.12 to $22.82 as the impact of industry was largely offset by strong operating earnings and improvement in our AOCI.

事實上，幾乎所有行業的採購會計分數都比最初的估計更好。Valley 稍後將更詳細地介紹購買會計項目，但這些改進反映在我們本季每股有形帳面價值中，僅下降 0.12 美元至 22.82 美元，因為行業的影響在很大程度上被強勁的營業收益和 AOCI 的改善所抵消。

As we look more specifically at our results for the quarter, we had another great quarter from an earnings standpoint. Adjusted net income from continuing operations increased to $152.8 million or $0.81 per share, and adjusted return on assets was $113 for the quarter.

當我們更具體地審視本季的業績時，從獲利的角度來看，我們又度過了一個出色的季度。本季調整後持續經營淨收入增至 1.528 億美元，即每股 0.81 美元，調整後資產報酬率為 113 美元。

Our balance sheet growth combined with net interest margin improvement drove a meaningful increase in revenue, and our adjusted efficiency ratio improved to 56.5%. Deposits were up $3.4 billion with core deposits, core customer deposits up $3.1 billion due to the influx from industry.

我們的資產負債表成長加上淨利差改善推動了收入的大幅成長，我們的調整後效率比率提高至 56.5%。由於產業流入，核心存款增加了 34 億美元，核心客戶存款增加了 31 億美元。

Our teams have done a tremendous job retaining core deposit relationships at all of the acquired banks throughout their transition to our systems, and we look forward to being able to leverage our deposit products and services more fully now that we're past the integration.

在所有被收購銀行過渡到我們的系統的過程中，我們的團隊在保留其核心存款關係方面做了大量工作，我們期待在整合完成後能夠更充分地利用我們的存款產品和服務。

Loans were up $1.3 billion, with $1 billion coming from the industry acquisition and over $300 million in organic growth across mortgage and multiple verticals. We did see an uptick in CRE paydowns during the quarter, but our new origination activity continues to be very strong across our footprint.

貸款增加了 13 億美元，其中 10 億美元來自產業收購，超過 3 億美元來自抵押貸款和多個垂直產業的有機成長。我們確實看到本季 CRE 還款額有所上升，但我們的新發起活動在我們的業務範圍內繼續保持強勁。

Finally, credit results continue to be in line with expectations with net charge-offs for the third quarter of 26 basis points annualized and non-performing asset levels and criticizing and classified asset levels continuing to reflect stability. And for clarity, loans to NDFIs represent only 2% of our loan portfolio and even less than that if you exclude REITs. We continue to feel confident in that portfolio as well as our overall credit performance.

最後，信貸績效持續符合預期，第三季淨沖銷額年化為 26 個基點，不良資產水準以及批評和分類資產水準持續保持穩定。需要明確的是，向 NDFI 提供的貸款僅占我們貸款組合的 2%，如果不包括 REIT，這一比例甚至更低。我們繼續對該投資組合以及我們的整體信貸表現充滿信心。

I'll now turn to Valerie. She can provide some highlights.

現在我來談談瓦萊麗。她可以提供一些亮點。

Thank you, Dan. To add to Dan's comments, our adjusted pre-tax pre-provision net revenue for the third quarter reached a record $224 million up nearly 9% from the prior quarter, driven by strong organic performance and the closing of our second acquisition this year.

謝謝你，丹。補充丹的評論，我們第三季調整後的稅前撥備前淨收入達到創紀錄的 2.24 億美元，比上一季增長近 9%，這得益於強勁的有機業績和今年第二次收購的完成。

As Dan referenced, the industry transaction added about $2.5 billion of securities on day one, all of which we sold during the quarter. We used those proceeds to invest back into securities, reduce wholesale borrowing, broker deposits, and certain higher cost public funds, as well as fund loan growth.

正如丹所提到的，產業交易在第一天就增加了約 25 億美元的證券，我們在本季將這些證券全部出售。我們將這些收益重新投資於證券，減少批發借款、經紀人存款和某些成本較高的公共基金，以及基金貸款成長。

As part of the sale of those securities, we also unwound related hedges. In the financials, the net result is zero impact, with a $4.3 million securities gain offset by a$ 4.3 million hedge loss included in other miscellaneous non-interest revenue.

作為出售這些證券的一部分，我們也解除了相關的避險。在財務方面，淨結果是零影響，430 萬美元的證券收益被包含在其他雜項非利息收入中的 430 萬美元對沖損失所抵銷。

There were additional gains associated with these sold securities, that we all set through a repositioning of $5,150 million of our existing portfolio securities at improved yields. Net of all this activity, our securities portfolio grew $780 million in the quarter and reflected an improved mix and interest rate profile compared to the prior quarter and day one acquired assets.

出售這些證券還帶來了額外的收益，這些收益是我們透過重新配置 51.5 億美元的現有投資組合證券以提高收益率而獲得的。在扣除所有這些活動後，我們的證券投資組合在本季度增長了 7.8 億美元，與上一季和第一天收購的資產相比，其組合和利率狀況均有所改善。

Total adjusted revenue of $517 million increased $41 million or 9% in the quarter. Net interest revenue was up $46 million or 12% as a result of the larger balance sheet and improved net interest margin. Our net interest margin improved 6 basis points to 3.46%, driven by improved securities yields and a decline in overall funding costs.

本季調整後總收入為 5.17 億美元，增加了 4,100 萬美元，即 9%。由於資產負債表規模擴大和淨利差提高，淨利息收入增加了 4,600 萬美元，增幅為 12%。受證券收益率提高和整體融資成本下降的推動，我們的淨利差提高了 6 個基點，達到 3.46%。

Looking forward, assuming the forward curve impact on our balance sheet, repricing and growth expectations, we anticipate continued modest improvement in net interest margin through the end of the year and into next year.

展望未來，假設遠期曲線對我們的資產負債表、重新定價和成長預期的影響，我們預計今年年底和明年淨利差將繼續小幅改善。

Loan yields were 6.37% in the quarter, up 3 basis points due to added accretion, while yields excluding accretion remained steady quarter of quarter. Securities yields improved by 32 basis points to 3.65% again as a result of the restructuring and purchase activity discussed earlier.

本季貸款收益率為 6.37%，由於新增貸款，收益率上升了 3 個基點，而不包括新增貸款的收益率則與上一季保持穩定。由於前面討論的重組和購買活動，證券收益率再次提高了 32 個基點，達到 3.65%。

Our total funding costs improved 7 basis points to 2.35% as we brought down wholesale borrowings, broker deposits, and time deposits repriced. Time deposit costs improved 6 basis points as new and renewed time deposits in the quarter came in over 26 basis points lower than the total portfolio rate.

由於我們降低了批發借款、經紀存款和重新定價的定期存款，我們的總融資成本提高了 7 個基點，達到 2.35%。定期存款成本改善了 6 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 26 個基點以上。

Adjusted non-interest revenue of $93.5 million was down $4.7 million due largely to mortgage banking revenue from seasonal declines and originations combined with the impact of MSR fair value adjustments. Mortgage banking revenue before MSR was up 13%, however, compared to the same quarter last year, reflecting our expanded production capabilities across our footprint.

調整後非利息收入為 9,350 萬美元，下降了 470 萬美元，主要原因是季節性下降和發放抵押貸款導致的銀行收入下降，以及 MSR 公允價值調整的影響。然而，與去年同期相比，MSR 先前的抵押貸款銀行收入成長了 13%，這反映了我們在整個業務範圍內擴大的生產能力。

Our other fee businesses showed continued growth and solid performance in the quarter, with trust revenue declines due to the second quarter trust tax revenue. Adjusted non-interest expense increased $22.8 million late quarter. Slide 15 breaks out the merger-related expenses by category to reduce some of that noise.

我們的其他費用業務在本季繼續成長並表現穩健，但由於第二季信託稅收收入，信託收入有所下降。調整後非利息支出比季度末增加了 2,280 萬美元。投影片 15 按類別列出了與合併相關的費用，以減少一些噪音。

Of the quarterly increase in adjusted expense, over two third of it is comp related, basically reflecting the addition of the new banks, our merit impact beginning July 1, and higher incentive accruals related to performance.

在季度調整後費用的成長中，超過三分之二與薪酬有關，基本上反映了新銀行的加入、我們從 7 月 1 日開始的績效影響以及與績效相關的更高的激勵應計額。

Increases in occupancy and equipment expense, deposit insurance, assessment expense, and amortization of intangibles are all directly related to the acquired banks. This slide does a good job of highlighting the success we've had managing expenses, excluding the M&A-related growth, and improving operating efficiency.

佔用和設備費用、存款保險、評估費用和無形資產攤銷的增加都與被收購的銀行直接相關。這張投影片很好地突顯了我們在管理費用、排除與併購相關的成長以及提高營運效率方面的成功。

The loan provision was $32 million including the day one provision of just over $5 million associated with the acquired industry loans. Our ACL coverage also remains stable linked quarter at 1.35%. I'd like to discuss just a few minutes looking at the updated purchase accounting for industry. As you may recall, industry had a unique balance sheet and organizational structure.

貸款準備金為 3,200 萬美元，其中包括與收購的行業貸款相關的第一天準備金超過 500 萬美元。我們的 ACL 覆蓋率也保持穩定，與季度掛鉤，為 1.35%。我想花幾分鐘討論一下行業的最新採購會計。您可能還記得，工業具有獨特的資產負債表和組織結構。

As we refined our purchase accounting and tax evaluation work during the quarter, we were able to reflect improvement in several of the valuation marks relative to our initial estimates, as shown on slide 17. These improved results resulted in an additional $143 million in tangible common equity relative to initial estimates.

隨著我們在本季度完善了採購會計和稅務評估工作，我們能夠反映出相對於我們初步估計的幾個估值標記的改善，如幻燈片 17 所示。這些改善的結果導致有形普通股權益相對於初步估計增加了 1.43 億美元。

The largest benefit was an additional $80 million in deferred tax assets that was quantified post close and it was realized during the quarter in conjunction with the security sales. In addition, refined marks on loans, securities, and other assets also contributed to the improvement. All in, these adjustments result in the earned back on this transaction coming in closer to just 2.5 years.

最大的收益是額外的 8000 萬美元遞延稅項資產，該資產在交易結束後量化，並在本季度與證券銷售一起實現。此外，貸款、證券和其他資產的精細標記也促進了這種改善。總的來說，這些調整使得這筆交易的回報時間接近 2.5 年。

Finally, our guidance for the rest of the year is on slide 18. We continue to be confident in our performance and in the outlook for our markets, with projected growth and financial results through the end of the year, all expected to continue to fall within the guidance ranges we shared last quarter.

最後，我們對今年剩餘時間的指導在第 18 張幻燈片上。我們對我們的業績和市場前景仍然充滿信心，預計到今年年底的成長和財務業績都將繼續保持在我們上個季度分享的指導範圍內。

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

接線員，我們現在想開始提問。

(Operator Instructions) Manan Gosalia, Morgan Stanley.

（操作員指令）Manan Gosalia，摩根士丹利。

Hi, good morning, all.

大家早安。

Morning. Good to hear from you.

早晨。很高興收到你的來信。

My first question is on, the guidance slide on slide 18. Can you talk about the drivers of the slightly lower revenue and loan growth guide? I guess you're pointing to the lower end of the prior range. I know you noted that there's an uptake on CRE pay downs. It feels like organic loan growth might have also been a little bit weaker this quarter relative to last quarter, so I was wondering if that's the reason or if there's, anything else, that's impacting these numbers.

我的第一個問題是關於第 18 張幻燈片的指導幻燈片。您能談談收入和貸款成長指南略低的驅動因素嗎？我猜你指的是先前範圍的下限。我知道您注意到 CRE 的償付有所增加。感覺本季的有機貸款成長可能與上一季相比略有減弱，所以我想知道這是否是原因，或者是否有其他因素影響了這些數字。

Okay, we can take that one. Yeah, I think that the answer is there's only 3 months left in the year and so the timeline is much shorter and so we have a better clarity into where we are. I think if you look at the top end of that range, that will show some pretty good growth in the fourth quarter and we continue to believe that we've got a good growth machine going. Pipelines look good. We'll talk about all of that, but I think the issue is. Just a shorter time period.

好的，我們可以接受這個。是的，我認為答案是今年只剩下 3 個月了，所以時間表要短得多，這樣我們就能更清楚地了解我們所處的位置。我認為，如果你看一下該範圍的上限，你會發現第四季度將出現相當不錯的成長，而且我們仍然相信我們擁有良好的成長機器。管道看起來不錯。我們會討論所有這些，但我認為問題是。只是時間較短而已。

I think you answered it. The only other thing that I would add is what we've always talked about is that the expense -- expectations would fall in line with the revenue expectations. And so, as we tighten the revenue, you'll notice we tighten the expense as well. And so, again, continuing to drive operating leverage as we go into the end of the year.

我想你回答了這個問題。我唯一想補充的是，我們一直在談論的是支出預期將與收入預期保持一致。因此，當我們縮減收入時，你會注意到我們也縮減了支出。因此，隨著年底的臨近，我們將繼續推動營運槓桿。

That's very clear and maybe on slide 11 with the funding repricing maturity schedule, I guess the question there is what sort of data, do you expect in the broker and time deposits as rates go down. And also is there a mixed shift you'd expect there as we go through next year, maybe you'd pay down some of the higher cost deposits with core deposit growth, or do you expect that that funding mix would remain unchanged?

這非常清楚，也許在第 11 張投影片上有融資重新定價到期時間表，我想問題是，隨著利率下降，您預計經紀人和定期存款會出現什麼樣的數據。另外，您預計明年是否會出現混合變化，也許您會用核心存款成長來償還一些成本較高的存款，還是您預期這種融資組合會保持不變？

I think the industry bank shares plays a big piece of that. Remember, they were very heavily funded on the CD desk. I think our expectation is that over time we'll be able to improve their deposit mix. I think your question was direct on beta on the broker's side.

我認為行業銀行股在其中扮演了重要角色。請記住，他們在 CD 交易台上獲得了巨額資金。我認為我們的期望是，隨著時間的推移，我們將能夠改善他們的存款組合。我認為您的問題是直接針對經紀人方面的測試版。

The broker's side is going to be market right there. It'll move with the market pretty easily. We continue to want to move the broker deposits out. Our loan to deposit ratio went down quarter over quarter because of the deposits that came in with industry. I think we feel pretty good about our funding source, Valerie.

經紀人方面將會就地進行行銷。它會很容易地隨著市場而變動。我們繼續希望將經紀人存款轉出。由於工業存款的增加，我們的貸款與存款比率逐季下降。我認為我們對我們的資金來源瓦萊麗感到非常滿意。

Yeah, thanks, Dan. On the betas, we are expecting, our interest-bearing betas to get up to about the 50% level, in the total deposits between 30s and 40s. The mix ship that Dan talked to, we do have the expectation that over time those industry deposits will begin to look a little bit more.

是的，謝謝，丹。就貝塔係數而言，我們預計，在 30 到 40 之間的總存款中，我們的計息貝塔係數將達到約 50% 的水平。丹談到的混合船，我們確實期望隨著時間的推移，這些行業存款將開始看起來更多。

So when you look at the balance sheet mix of deposits, looking back kind of prior to the acquisitions this year, it's something that I would consider a little bit over the normal time period for our deposits to migrate back to.

因此，當您查看資產負債表中的存款組合時，回顧今年收購之前的情況，我會考慮將我們的存款遷移回正常的時間段。

Got it, so just to be clear, that the 15%, sorry, the 50% is beta was -- is on an organic basis. And in addition to that, there should be some mixed shift coming in these high-cost deposits.

明白了，所以要明確的是，15%，抱歉，50% 是測試版——是基於有機基礎的。除此之外，這些高成本存款還會出現一些混合轉變。

Yeah, that's fair.

是的，這很公平。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Good morning. Thanks. Just following up on the deposit discussion, is there anything as we look at the next shift this quarter with the decline in DDA, what's the expectations are for DDA specifically as we go through the rest of the year, apart from maybe the opportunity to pick up the mixed shift within industry.

早安.謝謝。繼續討論存款問題，隨著 DDA 的下降，我們是否可以預見本季的下一個轉變？除了可能有機會在產業內實現混合轉變之外，我們對今年剩餘時間的 DDA 有何具體預期？

Yeah, I think that you have to look back at a little bit longer time period than just one quarter over one quarter. We had some anomalies in the last couple of quarters that are moving some numbers around. If you look back, we finished year in '24 at 21.2% non-interest-bearing deposits.

是的，我認為你必須回顧更長一點的時間段，而不僅僅是一個季度又一個季度。過去幾個季度，我們遇到了一些異常現象，導致一些數字出現變動。如果你回顧一下，我們會發現，2024 年我們的無利息存款利率為 21.2%。

We were at 21.2% non-interest-bearing deposits in Q1. Those deposits bounced up in Q2, some of that. First Chatham Bank that had a 30% non-interesting deposit and some of that from a customer of ours that seems to keep big balances with us at some points in the time period and so we finished Q2 pretty high.

我們第一季的無息存款率為 21.2%。其中一些存款在第二季度出現反彈。第一查塔姆銀行 (First Chatham Bank) 擁有 30% 的無息存款，其中一部分來自我們的客戶，該客戶似乎在一段時間內的某些時間點在我們這裡保留了大額餘額，因此我們在第二季度的業績表現相當不錯。

We finished Q3 at 20.6% so from Q1 or year in last year 21.2% non-interest-bearing to 20.6% is the run rate we've been talking about all along. 21% is kind of where we've been running on and we've got that one big customer. What impacted it this quarter was, remember, industry deposits, no deposits were 15% of deposits, so we would have expected to see a rundown from that 21% range a little bit because of their 15% free money on their balance sheets.

我們第三季的利率為 20.6%，所以從去年第一季或去年同期的 21.2% 無息利率到 20.6% 是我們一直在談論的利率。 21% 是我們一直以來的利率，而且我們有一個大客戶。請記住，本季對其產生影響的是行業存款，無存款佔存款的 15%，因此我們預計該比例將從 21% 的範圍內略有下降，因為他們的資產負債表上有 15% 的自由資金。

And then that one customer, Valerie's got some details that she can talk about that one customer.

然後，瓦萊麗 (Valerie) 掌握了有關那位顧客的一些詳細信息，可以和大家聊聊。

So let me just walk you through some details going back a quarter. If you go back to the second quarter of '25, excluding the $150 million of NIB that we added from the first Chatham acquisition, our non-interest sparing deposits increased about $450 million period to period.

那麼，讓我向你們介紹一下上個季度的一些細節。如果回顧 2025 年第二季度，不包括我們第一次收購 Chatham 後增加的 1.5 億美元 NIB，我們的非息儲蓄存款環比增加了約 4.5 億美元。

And about $550 million of that was the customer that Dan referred to that periodically has [Influxes] had some dollars that came into our balance sheet in non-interest-bearing the last week of the quarter and stayed over period end. Otherwise, the non-interest-bearing balances excluding the acquisition deposits for that second quarter would have been flattish.

其中約有 5.5 億美元是丹提到的客戶，該客戶定期向 [Influxes] 注入一些美元，這些美元在本季度最後一周以不計息的形式進入我們的資產負債表，並留存到期末。否則，第二季不包括收購存款的無息餘額將會持平。

So then you move forward to the third quarter. We added about $650 million in non-interest-bearing deposits from industry, and backing that out, you see our period in deposits decline about $750 million. What that represents is the outflow of that $550 million that was in at the end of June, as well as maybe a 2% to 3% reduction in non-interest-bearing as we saw, those dollars migrate into interest-bearing products as an offset in our total core deposits.

那你就進入第三季。我們從業界增加了約 6.5 億美元的無息存款，而扣除這筆金額後，我們的存款期限減少了約 7.5 億美元。這意味著 6 月底的 5.5 億美元流出，以及我們看到的非生息資金減少 2% 到 3%，這些美元轉移到生息產品中，抵消了我們的核心存款總額。

So I think the big difference is the average balances, obviously. And in the third quarter, that difference was driven by those temporary deposits that came into the balance sheet in the quarter, and they were gone at the end of the quarter. Specifically, there was about $2 billion that came in at the end of July.

所以我認為最大的差異顯然是平均餘額。在第三季度，這種差異是由當季進入資產負債表的臨時存款造成的，而這些存款在季度末就消失了。具體來說，7月底到帳金額約20億美元。

About half of that left mid-August and the rest the end of August. So those added those alone added about $850 million in average balances for the quarter, with the rest of that average balance increased due to the industry acquisition. So all in all, when you normalize out that temporary influx and the acquisitions, our non-interest-bearing is very consistent, as Dan said, with our quarterly trends consistent as a percent of total deposits.

其中約一半於 8 月中旬離開，其餘的則於 8 月底離開。因此，僅這些增加的部分就為本季增加了約 8.5 億美元的平均餘額，其餘的平均餘額則因行業收購而增加。總而言之，當你將暫時的流入和收購正常化時，我們的無息收入是非常一致的，正如丹所說，我們的季度趨勢與總存款的百分比一致。

Going forward, these period in non-interest-bearing balances and the ratio of total compliances, I'd say are good levels to consider as a base. Periodically, we may have this customer bring some dollars in and out, but right now those dollars are out. And so, it's a foundational base, I would expect that on a go-forward basis.

展望未來，我認為這些期間的非計息餘額和總合規比率是可以作為基礎考慮的良好水平。我們可能會定期讓這位客戶帶進或帶出一些美元，但現在這些美元已經流出。所以，這是一個基礎，我希望它能夠向前邁進。

Hopefully, that's helpful to you. The other thing that I would add is Manan's question. I don't think I answered it on the brokered. We expect that brokered to run off as, we can pay that down with investment cash flow. The the bulk of those balances actually mature in the fourth quarter.

希望這對您有幫助。我想補充的另一件事是馬南的問題。我認為我沒有在經紀人那裡回答過這個問題。我們預計經紀業務將會結束，因為我們可以用投資現金流來償還這筆款項。這些餘額的大部分實際上在第四季度到期。

And we're fortunate to have good customers to trust us with their balances, and this customer has been our customer for decades, and it seems like on an irregular basis they have a lot of cash that flows in, and it sits in our bank for a while they decide what they want to do with it. So we like good customers like that.

我們很幸運有好客戶信任我們管理他們的餘額，這個客戶已經是我們的客戶幾十年了，似乎他們不定期地有大量現金流入，這些現金在我們的銀行存一段時間，然後他們決定如何處理這些現金。所以我們喜歡這樣的好客戶。

Okay thanks that's really helpful I guess as my follow-up, with these deals now closed and integrated, and the benefit from the lower purchase counting marks the capital is really strong here. What should we think of, sort of a good capital level or base capital level that you're trying to manage to. And what are some of the thoughts I guess on buyback versus additional deals from here?

好的，謝謝，這真的很有幫助，我想作為我的後續行動，這些交易現在已經結束和整合，並且較低的購買數量帶來的好處標誌著這裡的資本非常強勁。我們應該考慮您想要達到的良好資本水準或基本資本水準。那麼，我對回購和額外交易有何看法？

Yeah, I think we want to continue to be good stewards of the capital that we have, and so I think we'll continue to execute on our plans. We said last quarter that we needed to build capital after the industry transaction. We did that already. We made some great changes this quarter that helped us on that front, so I think that puts us back in the buyback game much faster than we thought before.

是的，我認為我們希望繼續做好我們擁有的資本的管理，所以我認為我們會繼續執行我們的計劃。我們上個季度說過，我們需要在產業交易後累積資本。我們已經這麼做了。本季我們做出了一些重大改變，這對我們在這方面很有幫助，所以我認為這讓我們比以前想像的更快地重返採購遊戲。

And I think we continue to look for opportunities to use capital and to grow. Number 1 is core-organic growth, and number 2 would be doing something inorganic.

我認為我們會繼續尋找利用資本和實現成長的機會。第一是核心有機成長，第二是做一些無機的事情。

Casey Haire, Autonomous.

凱西‧海爾 (Casey Haire)，《自治》。

Thanks. Good morning, everyone. Wanted to touch on deposits in the quarter. You guys, so the deposits were up $3.5 billion. Industry was $4.5 billion franchise. It sounded like the core -- the legacy deposit franchise was pretty stable. Just wondering, what was driving. What happened to a billion of the industry deposits, and then any color on, Dan, as you mentioned, it's heavily CDs, any color on your ability to price them down and retention rate.

謝謝。大家早安。想談談本季的存款狀況。各位，存款增加了 35 億美元。產業特許經營額為 45 億美元。這聽起來像是核心——遺留存款特許經營權相當穩定。只是想知道是什麼在驅動。十億的行業存款發生了什麼，然後有什麼影響，丹，正如你提到的，它主要是 CD，有什麼影響你降低它們的價格和保留率的能力。

Remember their cost of CDs was actually equal to or lower than ours, so I don't think their pricing structure was wrong, and I think your numbers are off a little bit. Valerie, you want to walk through that?

請記住，他們的 CD 成本實際上等於或低於我們的成本，所以我不認為他們的定價結構是錯誤的，而且我認為您的數字有點偏差。瓦萊麗，你想走過去嗎？

Yeah, I think it might be helpful if you go on to page 20 of the slide deck if you have that in front of you, Casey, and we lay out the stand, the addition of the shares and the organic change. You can see in the organic change column. We actually paid down broker deposits, half a billion dollars in a quarter.

是的，凱西，我認為如果你翻到幻燈片的第 20 頁（如果你面前有的話），我們會列出立場、增加股份和有機變化，這可能會有所幫助。您可以在有機變化欄中看到。我們實際上在一個季度內償還了經紀人的押金，總額達 5 億美元。

Those public fund dollars that left, those were dollars that we actually, they were higher cost public funds associated with the industry transaction that we intended on leaving. We talked about that in the second quarter, and they did leave in the third quarter.

那些離開的公共基金資金實際上是我們打算留下的與行業交易相關的成本更高的公共基金。我們在第二節討論過這個問題，他們確實在第三節離開了。

And then and so -- and then you can see that the core organic was actually flat. When you look at what industry brought on versus where we ended the quarter, it was very stable. And so both industry and first Chatham did a fantastic job of keeping all those deposits stable throughout the transition. And so there's there wasn't movement of that magnitude out of industry.

然後等等——然後你就可以看到核心有機物實際上是平的。當你觀察產業表現與我們本季末的表現時，你會發現它非常穩定。因此，在整個過渡期間，業界和第一查塔姆都出色地保持了所有存款的穩定。因此，產業外並沒有出現如此大規模的流動。

Does that help clarify. The other thing to keep in mind that.

這有助於澄清嗎？另一件要記住的事情是。

I missed that sorry. Yeah, I did -- sorry I missed that slide. I see it's all laid out there. My bad. And just following up on the NIM, I think Valerie you said that you expected to be up, going forward, just wondering what that presumes, in terms of purchase accounting adjustments going forward.

我錯過了，很抱歉。是的，我注意到了——很抱歉我錯過了那張幻燈片。我看到一切都擺在那裡。我的錯。關於 NIM 的後續情況，我想瓦萊麗，您說過您預計未來會上升，只是想知道這對未來的採購會計調整有何影響。

Yeah, so the accretion this quarter was $5.5 million. It's projected to steadily decline as we go forward. So, for example, next quarter, it's projected at about $4 million and then for all of '26, about $12 million. And so you can see that's going to steadily decline. So that's not what's driving the NIM improvement. What's driving the NIE improvement is what it has been.

是的，本季的增值額為 550 萬美元。預計隨著我們前進，這一數字將會穩定下降。例如，預計下個季度的收入約為 400 萬美元，而整個 26 年的收入約為 1,200 萬美元。因此你可以看到這個數字將會穩定下降。所以這不是推動 NIM 改進的因素。推動 NIE 改進的正是它一直以來的進步。

It's the fact that we're bringing on new loans at greater than the portfolio rate. It's the repricing of the variable and fixed rate loans, and it's the bringing down of the deposit cost. All of that is supporting that improvement.

事實上，我們發放的新貸款利率高於投資組合利率。這是對浮動利率和固定利率貸款的重新定價，也是存款成本的降低。所有這些都支持了這項改進。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Good morning. It seems like it's a bit of a seller's market right now. The bank M&A. We're seeing some of the smaller transactions in or around your footprint that you're from the us forward you're seeing multiple bidders. So kind of -- I know that organic growth is a top priority for capital and since you've kind of rebuilt with the accounting to your benefit here.

早安.現在看起來有點像賣方市場。銀行併購。我們看到您所在地區或週邊的一些較小交易，您從美國出發，看到了多個競標者。所以——我知道有機成長是資本的首要任務，而且你已經透過會計重建來獲得利益。

Any conversations you might be having or is a bid as too wide, don't get me wrong, like doing two deals already this year is quite a bit, so I don't mean by saying you're not doing a lot, but it seems like M&A is always on the front burner for you guys. Just any conversation you might be having, or our sellers are viewing the bid as spread.

您可能正在進行的任何對話或出價太高，請不要誤會我的意思，比如今年已經完成兩筆交易就已經相當多了，所以我並不是說您沒有做很多事情，但似乎併購始終是你們的首要任務。只是您可能正在進行的任何對話，或者我們的賣家正在將出價視為差價。

Yeah, I appreciate that. I think we continue to have opportunities in front of us. So when you look at our footprint today, you look at the What we've been able to do this year, announcing, closing, integrating the two transactions that we've been able to do this year.

是的，我很感激。我認為我們面前仍然充滿機會。因此，當您查看我們今天的足跡時，您會看到我們今年能夠做的事情，宣布、完成、整合我們今年能夠完成的兩筆交易。

The team's been very busy, as you can imagine, but there will continue to be opportunities. We're in a consolidating industry. We like the position we sit in today, and I think we'll be able to take advantage of the market.

你可以想像，球隊一直很忙，但機會仍會繼續存在。我們正處於一個整合的行業。我們喜歡我們今天所處的地位，我認為我們將能夠利用市場。

Got you. That's helpful kind of expanding on that a little further. You have a pretty substantial geography in terms of opportunities within MSAs, but your kind of theoretically go back to the legacy [Bancorp South] were really sticky deposit franchises.

明白了。這對於進一步擴展這一點很有幫助。就 MSA 內的機會而言，你們擁有相當大的地理覆蓋範圍，但從理論上講，你們可以回到傳統的 [Bancorp South]，那裡有真正粘性的存款特許經營權。

Is there one way you typically kind of lean if you have the opportunity is more growth or is it more deposit focused?

如果您有機會，您通常會傾向於更多地增長還是更專注於存款？

Yeah, no, I don't. I think that we've always looked for opportunities. So when you look at the two transactions we've closed this year, the industry transaction is smaller markets, as you call them stickier deposits, a good core customer base that's been with the bank for a long time.

是的，不，我不知道。我認為我們一直在尋找機會。因此，當您查看我們今年完成的兩筆交易時，您會發現行業交易是較小的市場，正如您所說的那樣，它們具有更粘性的存款，並且是長期與銀行合作的良好核心客戶群。

I think the team that's been on the ground there, we had 300 and some odd people out for the last two weeks out of their home branches into the markets where industries 30-some-odd branches are. Really good reception from customers there. The team's done a fantastic job of talking to customers and making sure that everybody's taken care of.

我認為，我們在那裡工作的團隊有 300 多人，在過去的兩周里，他們離開了自己的分支機構，前往行業 30 多個分支機構所在的市場。那裡的顧客接待得確實很好。團隊在與客戶溝通並確保每個人都得到照顧方面做得非常出色。

There's really no difference in that to us versus the higher growth markets like Savannah from the first Chatham. Tremendous opportunities to grow further into that market because of the growth opportunities there. They bring different things to us and so it's really the opportunity, that brings the opportunities that bring themselves to us.

對我們來說，這與第一個查塔姆的薩凡納等高成長市場相比並沒有什麼區別。由於該市場存在成長機會，因此有巨大的機會進一步發展。它們為我們帶來了不同的東西，所以這實際上是機會，為我們帶來了機會。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Thanks, one follow-up on, good morning. I want to follow-up on the margin. I know you did a lot in the bond book this quarter and we saw a big jump in the yield, but curious if there's any insight you can give us into maybe the kind of where that yield was towards the end of the quarter just so we could kind of fully appreciate, maybe what a full quarter's impact would be from all the restructuring you did this quarter.

謝謝，再問一次，早安。我想跟進保證金情況。我知道本季度您在債券帳簿上做了很多工作，我們看到收益率大幅上漲，但我很好奇您是否可以向我們提供一些見解，例如本季度末的收益率情況，以便我們能夠充分了解本季度您進行的所有重組對整個季度的影響。

That's a good question. Yeah, well, I think (technical difficulty)

這是個好問題。是的，嗯，我認為（技術難度）

(inaudible)

（聽不清楚）

Pardon me, ladies and gentlemen, it appears we have lost connection to our speaker line. Please stand by while we reconnect. Thank you for your patience. Pardon me, ladies and gentlemen, I have reconnected the main speaker line. Please continue.

女士們、先生們，請原諒，看來我們的揚聲器線路已經斷開。請稍候，我們將重新連線。感謝您的耐心。女士們、先生們，請原諒，我已經重新連接了主揚聲器線。請繼續。

Okay, (multiple speaker) [we're going again].

好的，（多位發言者）[我們又要走了]。

Yeah, Catherine, that's a great question. We had about a billion dollars that we reinvested after selling the securities from the industry acquisition, and then we had the additional $550 million that we repositioned of our existing securities. So all in about [6] of -- say, new securities, if you will, this quarter. Those came in at about a 5.2% yield.

是的，凱瑟琳，這是一個很好的問題。在出售產業收購的證券後，我們重新投資了約 10 億美元，然後重新配置了 5.5 億美元的現有證券。因此，本季約有 [6] 的證券是新證券。收益率約為 5.2%。

So that'll be helping out that overall securities yield, which actually increased, during this quarter as well. The securities that we bought after industry, those were bought probably by mid-July. The restructuring didn't occur until later in September. So there'll be a little bit additional bump, as we go into the next quarter.

因此，這也將有助於提高本季的整體證券收益率，而整體證券收益率實際上有所增加。我們在產業之後購買的證券大概是在 7 月中旬購買的。重組直到九月下旬才開始。因此，進入下個季度時，還會有一點額外的成長。

Okay, great. And then would you expect to continue to grow the bond book as we move through next year? How do we think about, I know we can look at what loan growth will do, but how do you think about the bond book with an average earning asset growth?

好的，太好了。那麼，您是否預計明年債券帳簿將繼續成長？我們如何看待，我知道我們可以看看貸款成長會帶來什麼影響，但是您如何看待平均收益資產成長的債券帳簿？

Yeah, so. We kind of like where it is as a percent of total assets. That being said, we've also got flexibility there, where we could add a little bit depending on what the rest of the balance sheet does, but it can also, as we show in some of our slides, the cash flow that comes off that portfolio is pretty significant as well.

是的，是這樣。我們有點喜歡它佔總資產的百分比。話雖如此，我們在這方面也具有靈活性，我們可以根據資產負債表其餘部分的表現添加一點，但正如我們在一些幻燈片中所展示的那樣，來自該投資組合的現金流也相當可觀。

And so it can also serve to be a funding mechanism should we need it. So we'll probably save between somewhere between 15% and 20% of total assets, and really that's going to depend on the loan growth outlook, etc.

因此，如果我們需要的話，它也可以作為一種融資機制。因此，我們可能會節省總資產的 15% 到 20% 之間，這實際上取決於貸款成長前景等。

We challenged the team to fund loan growth with core deposit growth.

我們要求團隊以核心存款成長來資助貸款成長。

Yeah, exactly. That's the preferred method. And if that was the case, then we would certainly be reinvesting and adding a little bit more into the securities.

是的，確實如此。這是首選方法。如果情況確實如此，那麼我們肯定會進行再投資，並向證券投入更多資金。

Michael Rose, Raymond James.

麥可羅斯、雷蒙詹姆斯。

Hey, good morning. Thanks for taking my questions. Maybe we can just start on expenses. So I think the guide would apply a little bit of build next year, but you still have, as we think about 2026, you still have about 75% of the cost saves, from industry still to kind of be realized.

嘿，早安。感謝您回答我的問題。也許我們可以從費用開始。因此，我認為該指南將在明年應用一點建設，但正如我們想到的，到 2026 年，您仍然可以從行業中節省大約 75% 的成本，但這種節省仍有待實現。

Can you just, I'm not asking for explicit guidance, but can you just give us some kind of a starting point for expectations as we start to think about 2026 expenses? I mean, obviously there can be merit increases, there's seasonal impacts, things like that. I know healthcare costs are going up for a lot of banks, but you do have these cost saves.

您能否，我並不是要求明確的指導，但當我們開始考慮 2026 年的開支時，您能否為我們提供一些預期的起點？我的意思是，顯然會有績效加薪、季節性影響等等。我知道很多銀行的醫療成本都在上漲，但你們確實可以節省這些成本。

At the same time, where I assume you're still reinvesting in the franchise, so we just love to frame out the puts and takes. Thanks.

同時，我假設您仍在對特許經營權進行再投資，因此我們只是喜歡列出投入和產出。謝謝。

I appreciate the questions, Michael. I think from where we stand, costs say-wise, I don't think you have any cost saves in the numbers that you see yet. I mean, we virtually -- we ran the quarter, there's a little bit, but we also had sold First Chatham expenses still in there. So you've got some pretty good cost saves that we will continue to execute on in 4Q. I think 1Q becomes a run rate quarter that you want to see on a go-forward basis with the cost saves.

我很感謝你的提問，麥可。我認為從我們的立場來看，就成本而言，我認為從目前看到的數字來看，還沒有節省任何成本。我的意思是，我們實際上 - 我們運行了這個季度，有一點點，但我們也出售了仍然在那裡的 First Chatham 費用。因此，您已經獲得了相當不錯的成本節省，我們將在第四季度繼續執行。我認為第一季將成為您希望在未來看到的成本節省帶來的運行率季度。

And off of that 1Q base quarter than what's to build, I think, is what you're asking.

我認為，您要問的是基於第一季基準季度需要建立什麼。

Yeah. And I think what you walk them through, Dan is exactly right. We really don't have those cost saves per industry in the fourth quarter at all. We just completed the conversions and so those will be flowing through most significantly from 2026. As typical, but that's -- we will present our '26 guidance, when we do our end-of-year earnings.

是的。我認為丹，你向他們介紹的內容是完全正確的。我們在第四季度實際上根本沒有實現每個行業的成本節約。我們剛剛完成了轉換，因此這些轉換將從 2026 年開始發揮最顯著的作用。像往常一樣，但那是——我們將在年終收益報告時提出我們的 26 年指導。

And so that's when we'll kind of lay it all out. But I think if you just think about it from a broader spectrum, we do anticipate continuing to build operating leverage, as we go into next year. And that's really driven by the strong revenue growth and the good loan opportunities that we see across our footprint, as we continue into next year.

到那時我們就會把一切都安排好。但我認為，如果從更廣泛的角度考慮，我們確實預計在進入明年時將繼續建立營運槓桿。這實際上是由強勁的收入成長和我們在業務範圍內看到的良好貸款機會所推動的，我們將持續到明年。

Okay. That's helpful. And then maybe if I can just go back to the slide deck from when the deal was announced on Slide 12. You had the pro forma EPS reconciliation for '26 and '27. I know things have changed and obviously, that was based on consensus at the time.

好的。這很有幫助。然後，也許我可以回到第 12 張幻燈片上宣布交易時的幻燈片。您有 26 年和 27 年的預期每股盈餘對帳。我知道事情已經發生了變化，顯然這是基於當時的共識。

But maybe, Valerie, if you can just walk us through maybe some of the major changes, just to summarize those, and maybe how we should think about the build from the deal? Thanks

但是，瓦萊麗，您能否向我們簡單介紹一些重大變化，並總結一下，以及我們應該如何看待這筆交易的建設？謝謝

Yeah, he's on the deal slide deck, Valerie. So you're talking about the changes that we saw. So the biggest one was the deferred tax asset piece -- was the biggest piece. So we thought there was a little bit of a deferred tax asset. We modeled that in, as we work with our tax folks and our internal team did an absolutely fantastic job, I want to brag on the folks that were involved in that.

是的，他在交易幻燈片上，瓦萊麗。所以您談論的是我們看到的變化。因此，最大的部分是遞延稅務資產部分──是最大的部分。所以我們認為存在一點遞延稅務資產。我們對此進行了建模，因為我們與稅務人員合作，我們的內部團隊做得非常出色，我想誇耀一下參與其中的人。

A lot of work into understanding all of the pieces that were there. That was an $80 million pickup that came through the deferred tax asset piece. And then the other components, whether it was the loan mark or the credit mark or all the different pieces that came through resulted in about $140 million improvement on the capital side of that.

需要做大量的工作才能理解那裡的所有部分。這是透過遞延稅項資產部分獲得的 8,000 萬美元收益。然後，其他組成部分，無論是貸款標記還是信用標記或所有不同的部分，都導致資本方面改善了約 1.4 億美元。

You can turn that into the income, I think, is what he's trying to do is figure out what that does on an income statement side, Valerie.

我認為，你可以把它轉化為收入，他想做的就是弄清楚這在損益表中起什麼作用，瓦萊麗。

Yeah. So -- and we laid all that out for you, Michael, on slide 17. You can see the changes there. So you can see the piece that was the interest rate on loans. The actual -- the interest rate mark on the loans was very -- pretty flat.

是的。所以 — — 邁克爾，我們在第 17 張投影片上為你列出了所有這些內容。您可以在那裡看到變化。所以你可以看到貸款利率的部分。實際貸款利率非常穩定。

The securities mark, we actually sold all those securities. And so there's not anything forward looking on that piece. And so from an actual income standpoint, there's not a lot of change, but it absolutely helped day 1 tangible book value.

證券標記，我們實際上賣掉了所有這些證券。因此這篇文章並沒有什麼前瞻性。因此，從實際收入的角度來看，變化並不大，但它絕對有助於第一天的有形帳面價值。

Okay, that's exactly what I was looking for. Thanks for summarizing that. Appreciate it. I'll set back.

好的，這正是我要找的。感謝您的總結。非常感謝。我會退後。

Yeah, the team did a fantastic job on this transaction.

是的，團隊在這次交易中表現非常出色。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

Hey, good morning, thanks. So you guys have had an extremely active busy couple of years with the insurance sale, restructuring, a couple of deals. How do you think about kind of major strategic initiatives from here? Or is it more just a blocking and tackling on what's been about. And if it was additional M&A, would you look for more market extension or more end market type of deals?

嘿，早上好，謝謝。所以你們這幾年非常忙碌，進行保險銷售、重組和幾筆交易。您如何看待未來的重大策略舉措？或者它只是對已經發生的事情進行阻止和解決。如果是額外的併購，您會尋求更多的市場擴展或更多的終端市場類型的交易嗎？

We've been very consistent on the answer on that question, Stephen. I think we like the 9 states we're in. We don't see a whole lot of need to stretch outside of that. We want to have more mass, more density within the states that we serve. We like the Southeast.

我們對這個問題的答案非常一致，史蒂芬。我認為我們喜歡我們所處的 9 個州。我們認為沒有必要進行太多的延伸。我們希望在我們服務的州內擁有更大的規模和更高的密度。我們喜歡東南部。

We like Texas. We continue to look for opportunities to expand in that footprint. And again, we're really proud of the fact that we've been able to announce close and integrate 2 transactions in this calendar year so far, and we continue to believe there's opportunities in front of us.

我們喜歡德克薩斯州。我們將繼續尋找機會擴大這一範圍。再次，我們真的為能夠在今年迄今為止宣布完成並整合兩筆交易而感到自豪，我們仍然相信我們面前有機會。

Okay. Great. Appreciate that, Dan. And then you commented earlier on the 2025 guide, that it implies a pretty strong growth rate here in the fourth quarter organically. Looks like kind of mid- to mid-high single-digit growth implied in that guide.

好的。偉大的。非常感謝，丹。然後您之前對 2025 年指南進行了評論，這意味著第四季度的有機成長率相當強勁。看起來該指南暗示了中到中高個位數的成長。

Is that kind of the right way to think about '26. I know you're not giving '26 guides currently, but is that the kind of expectation that you guys would have as of today for what's a palatable growth rate? And what kind of gives you confidence in that, whether it's pipeline growth customer demand? Any color you can give there around customer behavior.

這是思考‘26’的正確方式嗎？我知道你們目前沒有給出 26 項指南，但這是您今天對可接受的成長率的期望嗎？那麼是什麼讓您對此充滿信心，無論是管道成長還是客戶需求？您可以根據客戶行為賦予任何顏色。

Yeah, great questions. Thank you for asking that. We certainly want to talk about pipeline today. Chris and Billy can add in on where we stand on some of that.

是的，很好的問題。謝謝你問這個問題。今天我們當然想談管道。克里斯和比利可以補充一些我們對此的看法。

The markets we serve are good. There is strong market activity. 4Q is typically a strong market. We see lots of activity coming in. The tax law changes are driving some business our way, which one of you guys wants to take the lead on this.

我們服務的市場很好。市場活動活躍。第四季通常是一個強勁的市場。我們看到很多活動正在進行。稅法的變化正在推動一些業務的發展，你們當中誰想在這方面發揮領導作用。

I'll start. You're right, Dan. Pipelines are solid. They're diverse is what I like about it. It's across -- all of our C&I segments geographically. It's within all of our specialty groups verticals, energy as well. The only place where we've seen a little headwind is from paydowns in CRE, which we've been expecting for a number of years. This is on the '21 '22 vintage merchant loans that were out there.

我先開始了。你說得對，丹。管道堅固。我喜歡它們的多樣性。從地理上講，它涵蓋了我們所有的 C&I 部門。它屬於我們所有專業集團的垂直領域，包括能源領域。我們看到的唯一一點阻力是來自 CRE 的償還，這是我們多年來一直期待的。這是關於 21 世紀和 22 世紀老式商業貸款的。

So we're seeing some of that activity. Most of that's payoffs from product credit. But for longer-term pipeline, I mean, right now, the pipeline is supporting in excess of what our budget was for the year. So that feels nice. And even Q3 versus Q4. I mean, we had lots in the Q3 pipeline, some of it fell into Q4, as it always can happen for -- (multiple speaker)

所以我們看到了一些這樣的活動。其中大部分收益來自產品信貸。但對於長期管道，我的意思是，現在，管道的支持超出了我們今年的預算。感覺很好。甚至 Q3 與 Q4 相比。我的意思是，我們在第三季度有很多計劃，其中一些計劃進入了第四季度，因為這種情況總是會發生。——（多位發言者）

First few weeks look pretty good.

最初幾週看起來相當不錯。

I'm trying to pin point of actual date. So I like the diversity of this there and it's widespread. So I would say it continues to support our thesis.

我正在嘗試確定實際日期。所以我喜歡那裡的多樣性，而且它很廣泛。所以我想說它繼續支持我們的論點。

And all lines are growing. So when you look at what's happening out there, all business lines, the whole geography, everything is running well, Chris.

並且所有線路都在成長。所以當你看看外面發生的一切，所有的業務線，整個地理區域，一切都運作良好，克里斯。

I'd just add a little color. I mean, Community Banks same way. You're seeing -- one of the positives is we just have a lot of leverage to pull. You've seen growth from (inaudible). We've seen growth from the Community Bank, and you've also proud about the acquisitions.

我只想添加一點顏色。我的意思是，社區銀行也是一樣。您所看到的—正面的一面是我們擁有很大的影響力。您已經看到了（聽不清楚）。我們看到了社區銀行的成長，您也對收購感到自豪。

I think there's opportunity there. The transactions that have joined us. I think they've got a new set of products and higher lending limits, and I think you're going to see them hit the ground running next year as well.

我認為那裡有機會。已加入我們的交易。我認為他們有一套新的產品和更高的貸款限額，而且我認為你明年也會看到他們開始行動。

Yeah. Our number one product in the Community Bank was not offered by either one of those banks on the loan desk or the deposit desk.

是的。我們社區銀行的頭號產品並不是任何一家銀行的貸款部門或存款部門提供的。

Matt Olney, Stephens.

馬特·奧爾尼、史蒂芬斯。

Thanks guys, good morning. Thanks for taking the question. Just kind of on that last topic there around loan growth and pipeline. Just looking for any kind of color on loan pricing, loan competition in recent weeks and months in the community bank and the commercial bank.

謝謝大家，早安。感謝您回答這個問題。剛才談到了有關貸款成長和管道的最後一個話題。只是想了解最近幾週和幾個月社區銀行和商業銀行的貸款定價和貸款競爭。

Thanks. I'll start off. I think it's competitive out there, but you see it on our yields that we booked. So the yields have been holding in there. I think especially on the community bank side, spreads have tightened on some transactions, mostly on the SOFR-based things in certain verticals, you see some tightening there. But I think all in, we're able to keep our yields up right now.

謝謝。我先開始了。我認為它具有競爭力，但您可以從我們預定的收益中看到這一點。因此收益率一直保持在那裡。我認為，特別是在社區銀行方面，某些交易的利差已經收緊，主要是在某些垂直領域的基於 SOFR 的交易中，你會看到利差有所收緊。但我認為，總的來說，我們現在能夠保持較高的收益率。

Yeah. The newly renewed loans for the third quarter came in about 6.85%. So we feel pretty good at that.

是的。第三季新增續貸佔比約為6.85%。所以我們對此感覺很好。

Billy, you?

比利，你呢？

I'm all set.

我已準備好了。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷，霍夫德集團。

Good morning everybody. I wanted to ask about slide 10. And when you look at the 1 to 3 years bucket, the yield on that piece is a little lower, even though a lot of that portfolio is variable. Can you guys just talk about that bucket. And I know it's not a huge piece, but it could be an incremental driver for yield on the loan portfolio. And just -- is that weighed more towards the 1 or the 3 years in terms of fluctuations?

大家早安。我想問一下第 10 張投影片。而當您查看 1 至 3 年的時間段時，儘管該投資組合的大部分都是可變的，但該部分的收益率會略低。你們能談談那個桶子嗎？我知道這不是一個很大的部分，但它可能會成為貸款組合收益的增量驅動力。那麼——就波動而言，這更傾向於 1 年還是 3 年？

Which columns are you in again, just one more time, the 1 to 3-year column?

您再次處於哪一列，再一次，1 至 3 年列？

Yeah. 1 to 3.

是的。 1 到 3。

Yes, yeah.

是的，是的。

So yeah, basically, what that includes, when you refer to the floating and variable, that will include also loans that are fixed for a period of time but then switch to floating after a 3, 5, 7-year period. And so this bucket for the originations includes more of that, and that's for some that were produced at an earlier date.

是的，基本上，當你提到浮動和可變時，這也包括在一段時間內固定但在 3、5、7 年後轉為浮動的貸款。因此，這個起源桶包含了更多的內容，這是一些較早產生的內容。

And that what has the 5.46% average rate. So yes, you're exactly right. As we look out into next year, there is a decent -- at least from where our new and renewed coming on at 6.85% versus that 5.46%. That's a pretty strong delta right now, that may shrink a little bit depending on where rates go over the next few quarters. But it's still a nice delta that we should continue to gain benefit from.

平均利率為 5.46%。是的，你說得完全正確。展望明年，我們將看到一個不錯的結果——至少從我們的新車和續保車銷售來看，這一數字為 6.85%，而去年同期為 5.46%。目前這是一個相當強勁的增量，但根據未來幾季利率的走勢，增量可能會略有縮小。但它仍然是一個不錯的增量，我們應該繼續從中受益。

It allows us to reprice loans up even in a down-rate environment.

它使我們能夠在利率下行的環境下重新定價貸款。

Exactly.

確切地。

And so just following up on that, Valerie, is that weighted more towards the 1 or closer to the 3 years in terms of the maturities there?

那麼瓦萊麗，請繼續關注這個問題，就期限而言，是更傾向於 1 年還是更接近 3 年？

Yeah. I don't have that information in front of me right now.

是的。我現在沒有這方面的資訊。

Okay. no worries. The other question I wanted to ask was around credit. And credit obviously continues to pay well for you guys. People have talking about [cockroaches]. But you guys didn't see any -- but -- there was some movement in downdraft in C&I and uptick in income producing might have been lumpy, but any thoughts on the movement in the nonperformers.

好的，不用擔心。我想問的另一個問題是關於信用的。顯然，信貸持續為你們帶來豐厚的回報。人們談論[蟑螂]。但你們沒有看到任何——但是——商業和工業領域的下滑趨勢有所變化，收入產生的上升趨勢可能並不平穩，但對於不良資產的變動有什麼看法嗎？

I think, what we're seeing is just a normal migration that we've talked about for the last couple of quarters. I don't see anything in there that's too exciting. Chris, I don't know if you want to talk about some of that.

我認為，我們所看到的只是我們過去幾季所談論的正常遷移。我沒看到裡面有什麼太令人興奮的東西。克里斯，我不知道你是否想談論其中的一些內容。

Yeah. I mean and said it, it's normal course of business as we work through different credits. You're right, some of it was in the CRE book this quarter, which we identified credits there that have great loan to values, we're not anticipating losses there. Remember that the nonperforming book, a large number of that SBA guaranteed loans. So you need to kind of adjust for that when you think about the non-performing.

是的。我的意思是，當我們處理不同的信用時，這是正常的業務流程。你說得對，其中一些已經在本季度的 CRE 書中列出，我們在其中確定了具有高貸款價值比的信貸，我們預計不會出現損失。請記住，不良貸款中很大一部分是 SBA 擔保的貸款。因此，當你考慮不履行職責時，你需要對此進行調整。

I think overall, when we look at credit today, we're watching the same thing you're seeing. We're seeing some of the talk in the market. We don't have a whole lot that we get too excited about here.

我認為總體而言，當我們今天審視信貸時，我們看到的與您看到的是相同的情況。我們看到了市場上的一些討論。我們這裡沒有太多讓我們興奮的事情。

Jon Afstrom, RBC Capital Markets.

喬恩‧阿夫斯特羅姆 (Jon Afstrom)，加拿大皇家銀行資本市場部。

Hey thanks, good morning, Billy, maybe one follow-up for you. You talked a little bit about the paydowns and the vintages. Are you saying you expect the paydown activity to start to slow? Is that the message you want to send to them?

嘿，謝謝，早安，比利，也許還有一件事要跟進。您稍微談了一下還款和年份的問題。您是說您預計還款活動將開始放緩嗎？這是您想要向他們傳達的訊息嗎？

No. What I'm -- and this is CRE specific, right? So there's a volume across the industry. I mean it was a heavy origination period in '21 and '22. And the payoffs have actually delayed longer than we anticipated. They're starting some, but they're not because of sale activity for the most part. It's because of bridge refinance activity. 50% of the payoffs in CRE that emergency was from bridge payoffs from private credit. We'll continue to see some of that.

不。我 — — 這是 CRE 特有的，對嗎？因此整個產業都存在一定的數量。我的意思是，21 年和 22 年是繁榮時期。而回報實際上比我們預期的要晚。他們已經開始了一些，但大部分不是因為銷售活動。這是因為過橋再融資活動。緊急情況下的 CRE 的 50% 的收益來自於私人信貸的過橋收益。我們將繼續看到其中的一些。

We'll provide a little bit of that as well. So I don't see it necessarily slowing. The good news is the '24 and '25 vintage originations are going to start funding to offset some of that. So that's where you might see it mutes that as those construction loans start funding. If we could draw perfectly, the lines were crossed at the same time.

我們也會提供一些這樣的服務。所以我認為它不一定會放緩。好消息是，24 年和 25 年的年份的發起將開始提供資金來抵消部分損失。因此，當這些建築貸款開始提供資金時，您可能會看到它變得暗淡。如果我們能夠完美地繪畫，那麼線條就會同時交叉。

Unfortunately, we can't draw perfectly.

不幸的是，我們無法畫得完美。

Okay. Good. And then just bigger picture on the fee income businesses. Is there anything you guys would call out this quarter one way or the other? I understand the wealth management piece and the MSR piece. But just help us with what's the wealth strategy, what's the mortgage banking strategy? And anything you would call out that was particularly favorable this quarter.

好的。好的。然後是費用收入業務的更大圖景。你們本季有什麼想說的嗎？我了解財富管理部分和 MSR 部分。但請幫助我們了解財富策略是什麼，抵押銀行策略是什麼？以及您認為本季特別有利的事情。

I would just say on the mortgage, it's a typical seasonal dip that we see in the third quarter on a production standpoint. But if you look back year-over-year, it's actually up 13%. And so that's indicative of the commitment that we have to that business and the fact that they've been adding to talent in key markets across our footprint, and we expect that to continue.

我只想說，就抵押貸款而言，從生產角度來看，這是我們在第三季度看到的典型的季節性下降。但如果回顧去年同期，它實際上成長了 13%。這表明了我們對該業務的承諾，以及他們一直在我們業務範圍內的關鍵市場增加人才的事實，我們希望這種情況能夠繼續下去。

If rates -- in addition to that, kind of organic flow, if you will. If rates get something with a five handle on them, we would also expect to see a lot of [refi] activity. And so that would certainly drive up some changes there. On the wealth side, we continue to do very well. I actually just talk to the leader of our Cadence investment services earlier today and in September was their highest revenue peak, and they look to be continuing that growth in the fourth quarter.

如果利率——除此之外，還有一種有機流動，如果你願意的話。如果利率達到五倍左右，我們也預期會看到大量的[再融資]活動。這肯定會推動那裡的一些變化。在財富方面，我們繼續表現良好。事實上，我今天早些時候剛剛與 Cadence 投資服務部門的負責人進行了交談，9 月是他們的收入高峰，他們希望在第四季度繼續保持這種成長勢頭。

We just continue to do well, that's a strong business for us. We think that for the industry, it's actually a growing area of business, certainly, as there's a lot of wealth transfer that's going to happen in the next several years, and we want to be there to capture it.

我們只是繼續做得很好，這對我們來說是一項強大的業務。我們認為，對於該行業來說，這實際上是一個不斷增長的業務領域，當然，因為未來幾年將會發生大量的財富轉移，而我們希望抓住這個機會。

So yeah, we're pretty bullish on those fee revenue categories. There was one item this quarter that I want to make sure is clearly understood. There was -- we had the securities gains of $4.3 million. And then also we had an offset of a negative $4.3 million in other non-interest revenue that we called out related to unwinding the associated hedges. And so the net impact on the P&L was zero.

是的，我們對這些費用收入類別非常看好。本季有一件事我想確保大家能夠清楚地理解。我們的證券收益為 430 萬美元。此外，我們也抵銷了其他負 430 萬美元的非利息收入，我們稱之為與解除相關避險有關的收入。因此對損益表的淨影響為零。

But you're just looking at some of those, if you remember, you may not see that. I just want to call that out.

但你只是看了其中的一些，如果你記得的話，你可能看不到。我只是想說出來。

I think on the wealth side, I'll just add to that, your team has hired two really good folks to join just this last quarter.

我認為在財富方面，我只想補充一點，就在上個季度，您的團隊已經聘請了兩位非常優秀的人才加入。

In the Houston market, in the Atlantic market. And -- yeah.

在休士頓市場，在大西洋市場。而且——是的。

We're investing in wealth, and we're excited about what the new folks will be able to help us do.

我們正在投資財富，我們對新員工能夠幫助我們做的事情感到興奮。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

Appreciate the follow-up. Just wanted to follow up on the 1 client has a pretty substantial deposit relationship with you guys. Any potential clarity on when they might refill? And then what -- do you lend against them? Or is it just a securities position?

感謝您的後續關注。只是想跟進一下與你們有相當密切存款關係的 1 位客戶。有沒有可能明確何時可以補充？那麼，你會借給他們什麼呢？或者它只是一個證券頭寸？

It's just -- this is a customer that we've had for literally decades, and they have cash flows that sporadically. We don't always know when that money is going to flow in. It's just a great customer that parks deposits with us for a while.

這只是——這是我們幾十年來一直合作的客戶，他們的現金流很不穩定。我們並不總是知道這些錢什麼時候會流入。這只是一位將存款暫時存放在我們這裡的優質客戶。

Congrats, Dan, on the chair position of [ABA].

恭喜丹當選[ABA]。

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 for joining us this morning. I'm sure you can sense the excitement in our team shares around the financial results we've delivered combined with the opportunities that lie ahead. Looking back, our year-to-year-to-date performance has shown an ongoing cadence of progress, including the announcement, closing and integration of two strategic acquisitions, meaningful organic growth and continued improvement in performance.

感謝大家今天上午參加我們的活動。我相信您能感受到我們團隊對所取得的財務表現以及未來機會的興奮之情。回顧過去，我們今年迄今的業績顯示出持續的進步，包括宣布、完成和整合兩項策略性收購、有意義的有機成長和績效的持續改善。

These accomplishments reflect the strength of our talent, both the front and the back office, our commitment to serving our customers and communities. Thank you all very much for joining us today. This concludes our call. We look forward to visiting with you all again soon.

這些成就體現了我們前台和後台人才的實力，以及我們為客戶和社區服務的承諾。非常感謝大家今天加入我們。我們的通話到此結束。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。