Community Financial System Inc (CBU) 2025 Q3 法說會逐字稿

Good day, and welcome to the Community Financial Systems Inc.'s third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded, and discussion may contain forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations estimates and projections about the industry, markets and economic environment in which the company operates.

各位好，歡迎參加 Community Financial Systems Inc. 2025 年第三季財報電話會議。（操作員說明）請注意，本次活動正在錄製，討論內容可能包含 1995 年《私人證券訴訟改革法案》規定的前瞻性陳述，這些陳述基於公司運營所在行業、市場和經濟環境的當前預期、估計和預測。

These statements involve risks and uncertainties that could cause actual results to differ materially from the results discussed. Refer to the company's SEC filings, including the Risk Factors section for more details. Discussion may also include references to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's earnings release.

這些聲明涉及風險和不確定性，可能導致實際結果與所討論的結果有重大差異。更多詳情請參閱本公司向美國證券交易委員會提交的文件，包括「風險因素」部分。討論中也可能提及某些非公認會計準則財務指標。本公司的獲利報告中提供了這些非GAAP指標與最直接可比較的GAAP指標的調整表。

I would now like to turn the conference over to Dimitar Karaivanov, President and CEO. Please go ahead.

現在我謹將會議交給總裁兼執行長迪米塔爾·卡拉伊凡諾夫。請繼續。

Thank you, Bailey. Good morning. Thank you all for joining our Q3 2025 earnings call. We had an excellent quarter. Strong and diversified revenue growth remains a core differentiator for our company. Market share gains across all of our businesses continued. We remain focused on expenses even as we are making a $100 million investment in facilities, talent and technology across all of our businesses. Risk metrics remain excellent.

謝謝你，貝利。早安.感謝各位參加我們2025年第三季財報電話會議。我們本季業績非常出色。強勁且多元化的收入成長仍然是我們公司的核心差異化優勢。我們所有業務的市佔率均持續成長。即使我們正在所有業務部門投入 1 億美元用於設施、人才和技術，我們仍然會專注於控制支出。風險指標依然優異。

The strength of our capital, liquidity and credit continues to provide the base for our growth. All in all, record operating earnings per share up 23.9% year-over-year. In terms of capabilities and reputation, our employee benefit services business, BPIS, was recognized again as one of the top five recordkeepers nationwide by the National Association of Plan Advisors.

我們雄厚的資本、流動性和信貸實力繼續為我們的成長提供基礎。整體而言，每股營運收益創歷史新高，年增 23.9%。就能力和聲譽而言，我們的員工福利服務業務 BPIS 再次被全國計劃顧問協會評為全國五大記錄保存機構之一。

Our insurance services business, One Group, was ranked as the 68th largest property and casualty broker in the country by the Insurance Journal. One Group is now the third largest bank-owned broker. In our Wealth Management services business, Nottingham Advisors was recognized as a five-star Wealth management team by investment teams. Our banking business, Community Bank was recognized by S&P Global as one of the top 20 banks in the country in their inaugural deposit rankings.

我們的保險服務業務部門 One Group 被《保險雜誌》評為全國第 68 大財產和意外保險經紀公司。One Group 現在是第三大銀行控股經紀商。在我們的財富管理服務業務中，諾丁漢顧問公司被投資團隊評為五星級財富管理團隊。我們的銀行業務部門—社區銀行，在標普全球首次發布的存款排名中，被評為全國前 20 大銀行之一。

Also importantly, the culture and values of our company and people led to our recognition by the United Way of Central New York with their Community Champion Award. All of these things matter. They make a difference. They make us who we are and lead to the results you see. We have deep national level talent and capabilities and are now becoming nationally recognized.

此外，更重要的是，我們公司和員工的文化和價值觀使我們獲得了紐約中部聯合勸募協會頒發的「社區冠軍獎」。所有這些都很重要。它們確實發揮了作用。它們造就了現在的我們，並帶來了你所看到的結果。我們擁有深厚的國家級人才和能力，現在逐漸獲得全國認可。

We have also been fortunate to have excellent capital deployment opportunities year-to-date. We are on track to deploy approximately $100 million in cash capital in transactions that push forward our strategic priorities, diversified higher growth subscription-like revenue streams in insurance benefits or wealth and for the banking business, strong funding and liquidity in attractive high-priority markets.

今年以來，我們也很幸運地獲得了絕佳的資本部署機會。我們正按計劃投入約 1 億美元的現金資本，用於推進我們的戰略重點、多元化、高成長的訂閱式保險福利或財富管理收入來源，以及在銀行業務中，在具有吸引力的高優先級市場獲得強勁的資金和流動性。

You will note that this quarter, we also provided in the press release the tangible returns for each one of our businesses. I believe those speak for themselves and are largely self-explanatory for our capital allocation strategy. The pretax tangible returns for the quarter were 63% for Insurance Services, 62% for employee benefit services, 48% for wealth management services and 25% for banking and corporate.

您會注意到，本季度，我們也在新聞稿中提供了我們每項業務的實際收益。我認為這些內容本身就足以說明問題，並且在很大程度上可以不言自明地解釋我們的資本配置策略。本季稅前有形報酬率分別為：保險服務 63%，員工福利服務 62%，財富管理服務 48%，銀行與企業 25%。

We will continue to aggressively pursue similar opportunities to deploy capital at high tangible returns. I am optimistic that we will continue to do so, in particular, in our insurance and wealth businesses. In addition, we also had the opportunity after our prior earnings release to buy back approximately 206,000 shares at what we believe was meaningfully below intrinsic value for our company. This largely eliminated any share dilution to our shareholders for the year. I will now pass it on to Marya for details on the financials.

我們將繼續積極尋求類似的投資機會，以獲得高額的實際回報。我樂觀地認為，我們將繼續這樣做，尤其是在我們的保險和財富管理業務方面。此外，在上一次發布獲利報告後，我們還有機會以我們認為遠低於公司內在價值的價格回購了約 206,000 股股票。這基本消除了本年度股東的任何股份稀釋。我現在將把這件事轉交給瑪麗亞，讓她提供財務方面的詳細資訊。

Thank you, Dimitar. Good morning. As Dimitar noted that the company's third quarter performance was robust in all four of our businesses. GAAP earnings per share of $1.04 increased $0.21 or 25.3% from the third quarter of the prior year and increased $0.07 or 7.2% from linked second quarter results. Operating earnings per share and operating pretax, pre-provision net revenue per share were record quarterly results for the company.

謝謝你，迪米塔爾。早安.正如迪米塔爾所指出的，公司第三季所有四個業務部門的業績都十分強勁。GAAP每股盈餘為1.04美元，較上年第三季成長0.21美元，成長 25.3%；較上年第二季成長0.07美元，成長7.2%。公司每股營業收益和稅前撥備前每股營業淨收入均創下季度新高。

Operating earnings per share were $1.09 in the third quarter as compared to $0.88 one year prior and $1.04 in the linked second quarter. Third quarter operating PPNR per share of $1.56 increased $0.27 from one year prior and increased $0.15 on a linked-quarter basis. These record operating results were driven by a new quarterly high for total operating revenues of $206.8 million in the third quarter.

第三季每股營業收益為 1.09 美元，而去年同期為 0.88 美元，第二季為 1.04 美元。第三季每股營業利潤為 1.56 美元，比上年同期成長 0.27 美元，比上一季成長 0.15 美元。第三季總營業收入創下季度新高，達到 2.068 億美元，推動了這些創紀錄的經營業績。

Operating revenues increased $7.6 million or 3.8% from the linked second quarter and increased $17.7 million or 9.4% from one year prior, driven by record net interest income in our banking business. The company's net interest income was $128.2 million in the third quarter. This represents a $3.4 million or 2.7% increase over the linked second quarter and a $50.4 million or 13.7% improvement over the third quarter of 2024 and marks the sixth consecutive quarter of net interest income expansion.

營業收入較上一季成長 760 萬美元，增幅 3.8%；較上年同期成長 1,770 萬美元，增幅 9.4%，主要得益於銀行業務淨利息收入創歷史新高。該公司第三季淨利息收入為 1.282 億美元。這比上一季增加了 340 萬美元，增幅為 2.7%；比 2024 年第三季增加了 5,040 萬美元，增幅為 13.7%；這是淨利息收入連續第六個季度增長。

The company's fully tax equivalent net interest margin increased 3 basis points from 3.3% in the linked second quarter to 3.33% in the third quarter. Higher loan yields and stable funding costs drove increases in both net interest income and net interest margin in the quarter. During the quarter, the company's cost of funds was 1.33%, an increase of 1 basis point from the prior quarter, driven by a higher average of overnight borrowing balance, while the company's cost of deposits decreased 2 basis points and remained low relative to industry at 1.17%.

該公司完全稅收等效淨利差從上一季的 3.3% 增加 3 個基點至第三季的 3.33%。本季度，貸款收益率上升和融資成本穩定推動了淨利息收入和淨利差的成長。本季度，公司資金成本為 1.33%，比上一季上升 1 個基點，主要原因是隔夜借款餘額平均值較高；而公司存款成本下降 2 個基點，仍保持在行業較低水平，為 1.17%。

Operating noninterest revenues increased $2.3 million or 3% compared to the prior year's third quarter and increased $4.1 million or 5.6% from the linked second quarter, reflective of revenue growth in all four of our businesses. Operating noninterest revenues represented 38% of total operating revenues during the third quarter, a metric that continuously emphasize the diversification of our businesses.

與去年同期相比，營業非利息收入增加了 230 萬美元，增幅為 3%；與去年同期相比，營業非利息收入增加了 410 萬美元，增幅為 5.6%，反映出我們所有四項業務的收入均有所增長。第三季度，非利息經營收入佔總經營收入的 38%，這項指標不斷強調了我們業務的多元化。

The company recorded a $5.6 million provision for credit losses during the third quarter. This compares to $7.7 million in the prior year's third quarter and $4.1 million in the linked second quarter. During the third quarter, the company recorded $128.3 million in total noninterest expenses. This represents an increase of $4.1 million or 3.3% from the prior year's third quarter.

該公司第三季提列了 560 萬美元的信貸損失準備金。相較之下，上年同期第三季為 770 萬美元，去年同期第二季為 410 萬美元。第三季度，該公司錄得非利息支出總額為 1.283 億美元。這比上年第三季增加了 410 萬美元，增幅為 3.3%。

The increase included approximately $2.3 million of expenses associated with the bank's de novo branch expansion and an increase of data processing and communication expenses that included a $1.4 million consulting expense in connection with the contract renegotiation with our core system provider. The impact of the consulting item on total noninterest expenses was offset by medical rebates and an incentive true-up, which drove a $1.5 million or 1.9% decrease in salaries and employee benefits.

此次成長包括與銀行新建分行相關的約 230 萬美元支出，以及資料處理和通訊費用的增加，其中包括與核心系統供應商重新談判合約相關的 140 萬美元諮詢費用。諮詢項目對非利息支出總額的影響被醫療回扣和激勵調整所抵消，導致工資和員工福利減少了 150 萬美元，降幅達 1.9%。

In the fourth quarter, we anticipate approximately $1 million of incremental expense driven by the prepayment of charitable contribution commitments in response to tax l changes and incentive compensation adjustments contingent on final scorecard items. The effective tax rate during the third quarter of 24.7% increased from 23% in the prior year's third quarter, driven by increases in certain state income taxes.

第四季度，我們預計新增支出約為 100 萬美元，這主要是由於提前支付慈善捐款承諾以應對稅收變化以及激勵性薪酬調整（取決於最終記分卡項目）。第三季實際稅率為 24.7%，高於去年同期的 23%，主要原因是某些州所得稅的增加。

The effective tax rate for the first 9 months of 2025 was 23.3%, only slightly higher than the 22.9% for the first nine months of 2024. Ending loans increased $231.1 million or 2.2% during the third quarter and increased $498.6 million or 4.9% from one year prior, reflective of organic growth in the overall business and consumer lending portfolio.

2025 年前 9 個月的實際稅率為 23.3%，僅比 2024 年前 9 個月的 22.9% 略高。第三季結清貸款增加 2.311 億美元，增幅 2.2%；與去年同期相比增加 4.986 億美元，增幅 4.9%，反映了整體商業和消費貸款組合的自然增長。

The company continues to invest in its organic loan growth opportunities and expect continued expansion into undertapped markets within our Northeast footprint. The company's ending total deposits increased $580.7 million or 43% from one year prior and increased $355.1 million or 2.6% from the end of the linked second quarter. The increase in total deposits between both periods was driven by growth in non-time deposits across governmental and nongovernmental customers.

公司將繼續投資其有機貸款成長機會，並期望繼續拓展我們在東北地區尚未充分開發的市場。該公司期末存款總額較上年同期增加 5.807 億美元，增幅達 43%；較上年同期末增加 3.551 億美元，增幅達 2.6%。兩個時期之間存款總額的成長是由政府和非政府客戶的非定期存款成長所推動的。

Noninterest-bearing and relatively low rate checking and savings accounts continue to represent almost two-third of the total deposits reflective of the core characteristics of the company's deposit base. The company did not hold any brokered or wholesale deposits on its balance sheet during the quarter. The company's liquidity position remains strong as readily available sources of liquidity totaled $6.2 billion or 240% of the company's estimated uninsured deposits, net of collateralized and intercompany deposits at the end of the third quarter.

不計息和利率相對較低的支票和儲蓄帳戶仍然佔總存款的近三分之二，反映了公司存款基礎的核心特徵。本季度，該公司資產負債表上沒有任何經紀或批發存款。截至第三季末，該公司的流動性狀況依然強勁，可用流動性來源總額為 62 億美元，相當於該公司估計的未投保存款的 240%（扣除抵押品和公司間存款）。

The company's loan-to-deposit ratio at the end of the third quarter was 76.5%, providing future opportunities to migrate lower-yielding investment securities into higher-yielding loans. All the companies and the bank's regulatory capital ratios continue to substantially exceed well-capitalized standards. The company's Tier 1 leverage ratio increased 4 basis points during the third quarter to 9.46%, which is significantly higher than the regulatory well-capitalized standard of 5%.

該公司第三季末的存貸比為 76.5%，為未來將低收益投資證券轉換為高收益貸款提供了機會。所有公司和銀行的監理資本比率均繼續大幅超過資本充足的標準。該公司第三季一級槓桿率上升了 4 個基點，達到 9.46%，遠高於 5% 的監管資本充足標準。

The company's asset quality metrics were generally stable during the third quarter. Nonperforming loans totaled $56.1 million or 52 basis points of total loans outstanding at the end of the third quarter. This represents a $2.7 million or 1 basis point increase from the end of the linked second quarter. Comparatively, nonperforming loans were $62.8 million or 61 basis points of total loans outstanding one year prior.

該公司第三季的資產品質指標整體保持穩定。截至第三季末，不良貸款總額為 5,610 萬美元，佔未償還貸款總額的 52 個基點。這比上一季末增加了 270 萬美元，即 1 個基點。相較之下，一年前的不良貸款為 6,280 萬美元，佔未償還貸款總額的 61 個基點。

Loans 30 to 89 days delinquent decreased on a linked quarter basis from $53.3 million or 51 basis points of total loans at the end of the second quarter to $51.6 million or 48 basis points of total loans at the end of the third quarter. The company recorded net charge-offs of $2.5 million or 9 basis points of average loans annualized during the third quarter. This represents decreases of $0.3 million from the prior year's third quarter and $2.6 million from the linked second quarter.

逾期 30 至 89 天的貸款較上一季減少，從第二季末的 5,330 萬美元（佔貸款總額的 51 個基點）減少到第三季末的 5,160 萬美元（佔貸款總額的 48 個基點）。該公司第三季淨沖銷金額為 250 萬美元，相當於年化平均貸款額的 9 個基點。這比上年第三季減少了 30 萬美元，比上年第二季減少了 260 萬美元。

The company's allowance for credit losses was $84.9 million or 79 basis points of total loans outstanding at the end of the third quarter, an increase of $3.1 million during the quarter and an increase of $8.8 million from one year prior. The increases were primarily attributed to reserve building in the business lending portfolio, reflecting the growth in size and volume of recently originated commercial done.

截至第三季末，該公司信貸損失準備金為 8,490 萬美元，相當於未償還貸款總額的 79 個基點，本季增加了 310 萬美元，比去年同期增加了 880 萬美元。這些增長主要歸因於商業貸款組合的儲備金積累，反映了近期發放的商業貸款規模和數量的增長。

The allowance for credit losses at the end of the third quarter represented over 6 times the company's trailing 12 months net charge-offs. We are pleased with the third quarter results and momentum behind recent initiatives that reinforce our commitment to scale as a diversified financial services company.

第三季末的信貸損失準備金相當於該公司過去 12 個月淨沖銷額的 6 倍以上。我們對第三季的業績以及近期各項措施的良好勢頭感到滿意，這些舉措鞏固了我們作為一家多元化金融服務公司實現規模化發展的承諾。

We anticipate closing on the acquisition of seven Santander branches in the Lehigh Value market on November 7, which accelerates our retail strategy in the banking services business in a market we anticipate significant growth.

我們預計將於 11 月 7 日完成對利哈伊價值市場七家桑坦德銀行分行的收購，這將加速我們在銀行服務業務領域的零售策略，我們預計該市場將實現顯著成長。

Additionally, we are excited to announce a minority investment in Leap Holdings, Inc., which intentionally complements our insurance services business. Looking forward, we believe the company's diversified revenue profile, strong liquidity, regulatory capital reserves, stable core deposit bank and historical good asset quality provides a solid foundation for the continued earnings growth. That concludes my prepared earnings comments.

此外，我們很高興地宣布對 Leap Holdings, Inc. 進行少數股權投資，這與我們的保險服務業務形成互補。展望未來，我們相信公司多元化的收入結構、強勁的流動性、監管資本儲備、穩定的核心存款銀行以及歷來良好的資產質量，為持續的盈利增長提供了堅實的基礎。我的獲利預測就到此結束。

Dimitar and I will now take questions. Bailey, I will turn it back to you to open the line.

現在我和迪米塔爾將回答問題。貝利，我把電話線還給你，讓你來接通。

(Operator Instructions)

（操作說明）

Tyler Cacciatori, Stephens.

泰勒·卡恰托里，史蒂芬斯。

Good morning. This is Tyler on for Matt Breese. If I could just start on the minority investment into LEAP, and I think you touched on it a bit in the prepared remarks. Should we look at this as a first step to something bigger, maybe a precursor to a larger investment if things work out? And are you able to provide what the impact to revenues and expenses are as we move forward?

早安.這裡是泰勒，替馬特布里斯解說。如果我能先談談對 LEAP 的少數股權投資，我想您在準備好的發言稿中已經稍微提到了這一點。我們是否應該將此視為邁向更大目標的第一步，如果一切順利，這或許可以作為更大規模投資的前奏？您能否說明隨著我們不斷推進，這對收入和支出會造成哪些影響？

Thanks, Tyler. The way I would think about it is we invested in a business that we believe is highly attractive, growing at very high growth rates, but got a tremendous team that fits squarely in our thesis to grow insurance services. So we took a stake in something that we really like and love. And obviously, we would love to have more of it if we're so lucky sometime down the line. But I think at this point, we are where we are in terms of our investment in LEAP. So we'll see how well the future holds for us.

謝謝你，泰勒。我的想法是，我們投資了一家我們認為極具吸引力、成長速度非常快的企業，並且擁有一支非常優秀的團隊，這完全符合我們發展保險服務的理念。所以我們投資了我們真正喜歡和熱愛的事物。當然，如果將來我們夠幸運，我們很樂意擁有更多這樣的機會。但我認為，就我們對 LEAP 的投資而言，目前我們已經達到了這個階段。所以，讓我們拭目以待，看看我們的未來會如何。

As it relates to financial impact, I think the best way to think about it is roughly neutral. kind of some of the ins and outs of the way the accounting works kind of leads to that outcome. And kind of given its relative size, it doesn't really dramatically change things for us. So I wouldn't really expect much in the web contribution for 2026.

就財務影響而言，我認為最好的理解方式是大致中性。會計運作方式的一些細節導致了這種結果。而且考慮到它的相對規模，它實際上並沒有為我們帶來太大的變化。所以我並不指望 2026 年網路方面會有太大的貢獻。

Great. And then just moving to deposit costs. If you could just talk about how deposit costs -- about deposit costs and how the legacy footprint is doing versus more concerted efforts in areas like Albany, Buffalo and Rochester. Is there a notable difference in the cost of deposits there? And how should we think about cost of deposits overall moving forward?

偉大的。然後就轉到存款費用部分。如果您能談談押金成本——關於押金成本以及傳統模式與奧爾巴尼、布法羅和羅徹斯特等地區更集中努力的對比情況。那裡的存款費用有顯著差異嗎？那麼，我們該如何看待未來存款的整體成本呢？

Yes. I don't think that we have seen any dramatic difference in the cost of deposits. If you're referring to kind of our legacy footprint versus the de novo expansion. We're pursuing very much the same strategies. I will say we're a little bit more intentional around commercial growth in those de novo markets. So that kind of leads maybe a little bit on the margin of higher cost, while the retail side kind of builds up one small checking account at a time.

是的。我認為存款成本方面還沒有出現任何顯著變化。如果你指的是我們原有的業務規模與全新擴張之間的對比。我們採取的策略非常相似。我想說的是，我們在這些新興市場中，在商業成長方面會更重視策略。所以，這種方式可能會導致成本略高一些，而零售方面則是透過一次一個小型支票帳戶來逐步建立起來的。

And that will take just a little bit more time, but that's kind of the strategy. But all of that said, as we've discussed before, our de novo initiative is not really moving the needle in the way of cost of deposits for the aggregate company because of its relative size, right? So over 10 years, we're hopeful that it's going to be a very meaningful contributor to us. But right now, it's not, and it's not going to be for a little bit.

這需要多花一點時間，但這就是我們的策略。但正如我們之前討論過的，由於規模相對較小，我們的全新舉措並沒有真正改變骨材公司的存款成本，對吧？因此，我們希望在未來十年裡，它能為我們做出非常有意義的貢獻。但現在還不是，短期內也不會是。

And by the time those 10 years kind of come, we're going to have built the retail checking accounts, as I talked about, kind of $1,000 account at a time. So right now, our expectation is that deposit costs are going to continue to trend down with some of the rate cuts is expected by the market and the de novo initiative doesn't really impact that trend for us.

到那 10 年左右的時候，正如我剛才所說，我們將逐步建立起零售支票帳戶，每次開設 1000 美元的帳戶。所以目前，我們預期存款成本將持續下降，因為市場預期會有一些降息措施，而新推出的計畫對我們來說並不會真正影響這個趨勢。

That's helpful. And then if I could just squeeze one more in. I was wondering if you're seeing any spread compression on incremental CRE loans? And if so, to what extent? And then if you could provide us what your current CRE loan yields are?

那很有幫助。如果還能再擠出一個就好了。我想知道您是否觀察到新增商業房地產貸款的利差有所收窄？如果屬實，程度如何？那麼，您能否提供您目前的商業房地產貸款收益率是多少？

Yes. So the way I would think about loan yields is everything is priced roughly spread over three or five years, right? So if you look at the three things that we do, now I'll touch on not just commercial, but kind of the overall portfolio, as I'm sure everybody has got a similar question here. If you look at -- let's start with the commercial side, you basically have a fixed and kind of a variable component to those pricing somewhere 230, 240 over the three- or five-year part of the curve.

是的。所以，我對貸款收益率的理解是，所有價格大致上都是三到五年分攤的，對吧？所以，如果你看看我們做的這三件事，現在我不僅要談談商業方面，還要談談整體業務組合，因為我相信每個人都會有類似的問題。如果你看一下——我們先從商業方面說起，你會發現，在三年或五年的期限內，價格曲線中大約有 230、240 這樣的固定部分和可變部分。

So as you can easily see that those parts of the curve have moved down dramatically since the beginning of the year. So if you're looking at 50-ish on those rates in the market and you putting your spread, now you're looking at kind of high 5s, low 6s in terms of commercial originations. This quarter was a little bit higher, but I expect that we'll continue to kind of see a down trend in those rates as just the market is evolving.

因此，您可以很容易地看出，曲線的這些部分自年初以來已經大幅下降。所以，如果你看到市場上的利率在 50 左右，加上你的利差，那麼商業貸款的利率大概在 5 到 6 之間。本季略高一些，但我預計隨著市場的發展，這些利率將繼續呈現下降趨勢。

We do have some aggressive competitors on the CRE side, in particular, in our markets, particularly in upstate New York and to some extent, Vermont. And you're seeing rates there, promotional rates that are now in the mid-5s. That's not where we are, but that's what some folks are in our markets.

我們在商業房地產領域確實有一些咄咄逼人的競爭對手，尤其是在我們的市場，特別是紐約州北部，以及在某種程度上，佛蒙特州。而您現在看到的促銷價格大約在 5 倍。我們目前的情況並非如此，但我們市場上的某些人確實如此。

If you look at our mortgage portfolio, you're typically pricing that kind of 260, 270 over the 10-year. So you can do the math, you're kind of in the mid-6s right now. That's clearly -- also has a trend towards lower, and I expect that we're going to continue to see that.

如果你看一下我們的抵押貸款組合，你會發現，10 年期的利率通常在 260 到 270 之間。所以你可以算算，你現在大概在 6 分中段。很明顯，這也有下降的趨勢，我預計我們將繼續看到這種情況。

Again, the back book in that product for us is 530-ish. So there's still plenty of room for us to reprice mortgage cash flows up. And then in our consumer installment lending business, which is our auto business, we basically have new volume rates that are roughly in line with portfolio rates. So growth there is going to be driven by volume, not by rate.

再次說明，該產品的後備書籍對我們來說大約是 530 冊。因此，我們還有很大的空間來提高抵押貸款現金流的價格。然後，在我們的消費分期貸款業務（也就是我們的汽車貸款業務）中，我們基本上採用了與投資組合利率大致一致的新貸款量利率。因此，該地區的成長將由銷售驅動，而不是由成長率驅動。

Great. Thank you, that'll be all for me. I appreciate you taking my questions.

偉大的。謝謝，我的話就這些了。感謝您回答我的問題。

Steve Moss, Raymond James.

史蒂夫·莫斯，雷蒙德·詹姆斯。

Good morning. Maybe just on the loan growth side here, good to see broad-based growth kind of as you were expecting here, Dimitar. Just kind of curious where does the pipeline stand? And are you still as optimistic on growth, just given maybe incrementally more competition here?

早安.或許只是貸款成長方面，很高興看到全面成長，正如你所預期的那樣，迪米塔爾。我只是有點好奇這條管道目前進展到什麼程度了？考慮到競爭可能略有加劇，您是否仍然對成長保持樂觀？

Yes. Steve, we remain very constructive on the growth side. So if you look at our pipeline today, our commercial pipeline is at its highest level it's ever been. So I expect that, that will do well. Depending on the pull-through of course, timing matters. But a lot of that pipeline will come to fruition over the next couple of quarters.

是的。史蒂夫，我們在成長方面仍然保持著非常積極的勢頭。所以，如果你看看我們今天的管道狀況，我們的商業管道已經達到了有史以來的最高水準。所以我認為它會表現得很好。當然，這取決於拉力測試的結果，時機很重要。但其中許多計劃將在未來幾季逐步實現。

When you look at our mortgage pipeline today, the pipeline is actually higher than it was this time last year, which I think says a lot for the execution of our team on the mortgage side as well given the markets we're in. And then on the consumer, on the auto side, things are a little bit more unpredictable, but typically, the fourth quarter is a little bit slower.

從我們目前的抵押貸款業務來看，業務量實際上比去年同期要高，考慮到我們所處的市場環境，我認為這充分說明了我們團隊在抵押貸款業務方面的執行力。而在消費者方面，尤其是在汽車領域，情況則更難預測，但通常來說，第四季會稍微放緩一些。

So we'll see how that goes. If I was to ballpark it today, I would guess that the fourth quarter is plus or minus $20 million or $30 million in line with third quarter. That would be kind of my high-level guess, but we'll see where things shake out. So I think our kind of guidance for the year of 4% to 5% is very much intact with an expectation for a strong fourth quarter as well.

我們拭目以待。如果今天讓我粗略估計一下，我會猜測第四季與第三季相比，上下浮動 2000 萬到 3000 萬美元。那大概是我的粗略猜測，但最終結果如何，我們拭目以待。所以我認為我們全年 4% 到 5% 的成長預期基本上保持不變，並且預計第四季也將表現強勁。

Most of the growth for us has been and will continue to be market share gains. And we've talked about this before. But for us, I think if you look at how we're performing versus the majority of folks in our markets, we're outperforming. And that is because we're gaining a lot of market share from some of the larger super regionals that we compete with, and I expect that to continue.

我們大部分的成長過去是、未來也仍將來自於市場佔有率的提升。我們之前也討論過這個問題。但就我們而言，我認為，如果你看看我們與市場上大多數公司相比的表現，我們會發現我們表現優異。這是因為我們從一些與我們競爭的大型超級區域性賽事中獲得了大量的市場份額，我預計這種情況還會繼續下去。

Okay. And I guess on the margin front, you still have relatively favorable yields with loans. You've got the Santander deposits coming in. Just kind of curious how you guys are thinking about the blended margin here for the quarter. I'm assuming deal might be a little bit more accretive just given loans are kind of trending the right way here, and you can deploy some of that liquidity potentially.

好的。而且我認為，從收益角度來看，貸款的收益率仍然相對較高。桑坦德銀行的存款正在陸續到帳。我只是有點好奇你們是如何看待本季綜合利潤率的。我估計這筆交易可能會帶來一些收益，因為貸款市場目前呈現積極的趨勢，而且你可以利用其中的一些流動資金。

Hey Steve, I'll take that one. So you're correct. we're thinking about things the same way. I think for us, we're still in the 3% to 5% range that we guided in Q2 as we continue to look at the balance sheet and bring all the moving parts together including Santander.

嘿，史蒂夫，我來做這個。你說得對，我們的想法一致。我認為對我們來說，我們仍然處於第二季度指導的 3% 到 5% 的範圍內，因為我們將繼續審視資產負債表，並將所有相關因素（包括桑坦德銀行）整合起來。

We continue to hold funding costs, as we mentioned, at an industry level of 1.17%. That's really helpful for us as we go forward. We expect costs to stay at those levels and likely even to go lower as we address exception pricing in line with Fed fund cuts and as Dimitar just noted, price our loan portfolios effectively.

正如我們之前提到的，我們繼續將融資成本控制在行業平均 1.17%。這對我們未來的發展非常有幫助。我們預計成本將保持在目前的水平，甚至可能會下降，因為我們將根據聯邦基金減產解決特殊定價問題，並且正如 Dimitar 剛才指出的那樣，有效地對我們的貸款組合進行定價。

So we've been really successful in that perspective. And we do expect the results to come through in the margin with Santander coming on about halfway through Q4 will have less overnight borrowings, which will be offset by some fixed asset pricing lower. But again, overall, we're pleased with the expansion year-to-date, and we do expect to see that in Q4 as well.

所以從這個角度來看，我們確實取得了巨大的成功。我們預計，隨著桑坦德銀行在第四季度中期開始實施其隔夜借款計劃，其業績將在利潤率上得到體現。該銀行的隔夜借款將會減少，但部分固定資產價格的下降將抵消此影響。但總的來說，我們對今年迄今為止的擴張感到滿意，並且我們預計第四季度也將繼續保持這一勢頭。

Okay. And then on the expense side here, Marya, I think I heard you a $1 million increase in total expenses quarter-over-quarter. And I'm assuming that's excluding Santander, if that's correct?

好的。瑪麗亞，關於支出方面，我好像聽到你說總支出比上一季增加了 100 萬美元。我假設這不包括桑坦德銀行，如果我理解正確的話？

Yes, that's correct. So just wanted to give a little guidance on what we're going to see in Q4 given that we're going to prepay some charitable contribution commitments due to some tax changes as I'm sure you're aware.

是的，沒錯。因此，我想就第四季度我們將看到的情況提供一些指導，因為正如您所知，由於一些稅收變化，我們將預付一些慈善捐款承諾。

And then just looking at the compensation adjustments, we accrued heavily in the first half of the year. And then as we trued up in Q3, we expect that, that might increase again in Q4 as we get our final scorecard in line and everything looking like we're going to close up.

然後，光從薪資調整來看，我們在今年上半年就累積了大量的薪資調整。然後，隨著我們在第三季進行調整，我們預計，隨著我們最終成績單的完善，以及一切看起來即將結束，第四季可能會再次增加。

Okay. And then on the fee income side here, definitely continue to see good growth with employee benefit services. Just kind of curious, Dimitar, I'm assuming it's steady as she goes, but just anything unique with that business that maybe adds a little more upside?

好的。在費用收入方面，員工福利服務肯定會繼續保持良好的成長動能。迪米塔爾，我只是有點好奇，我猜她的生意應該很穩定，但你的生意有沒有什麼獨特之處，可能會帶來更多收益？

Or I mean market has obviously been favorable to help in asset growth. So I'm assuming pretty much regular investments and regular trends.

或者說，市場顯然有利於資產成長。所以我假設投資和趨勢都比較常規。

Yes. I think on the employee benefit services, Steve, we have a little bit more seasonality in Q4 because a couple of the acquisitions that we did over the past 18 months, going to have a lump lumpy revenue in October as they complete the work. That may even out a little bit more next year. But right now, I think Q4, assuming the market values stay where they are, I expect it to be better than Q3.

是的。史蒂夫，我認為員工福利服務方面，第四季度的季節性影響會更大一些，因為我們在過去 18 個月中進行的幾項收購，會在 10 月份帶來一筆收入，但這些收購要完成，所以收入會比較不穩定。明年情況可能會稍微好轉一些。但就目前而言，我認為，假設市場價值保持不變，第四季預計會比第三季好。

Okay, great. So all my questions for now, I'll step back in the queue.

好的，太好了。所以我的問題暫時就到此為止，我要重新排隊了。

David Konrad, KBW.

David Konrad，KBW。

Hey, good morning, just kind of a little bit of a follow-up question on NIM. Just want a little bit color on the investment portfolio. It looks like it went down quarter-over-quarter in yield and we're kind of down in the low 2% level. So maybe just an outlook there on maybe cash flows or what the duration is and where we can go from yields from here.

嘿，早安，關於NIM，我還有一個後續問題。想稍微介紹一下我的投資組合。殖利率似乎是季減，目前已降至 2% 左右的低點。所以，或許可以展望一下現金流、期限以及未來的殖利率走勢。

I think, David, on the investment portfolio, some of that noise is due to dividends that we received from the FHLB or the FR 3. So the timing of that kind of impacts some of those yields quarter-over-quarter. We haven't really made any meaningful purchases in that portfolio nor do we expect to do any meaningful purchases and the vast majority of it is treasury. So it kind of yield with the yield. So generally, fairly steady.

大衛，我認為，就投資組合而言，部分波動是由於我們從聯邦住房貸款銀行或 FR 3 獲得的股息造成的。因此，這種時機的差異會對一些季度收益率產生影響。我們尚未在該投資組合中進行任何實質購買，也不打算進行任何實質購買，且該投資組合的絕大部分是國債。所以它有點像是跟收益率掛鉤的。整體而言，相當穩定。

We're going to provide a little bit refreshed disclosure in our investor deck that we're going to file in terms of the cash flows. But you can think of it as 2026, it's roughly $350 million of cash flows, heavily, heavily weighted towards the fourth quarter. And then 2027, we have over $600 million, 2028, it's another $600 million. another $300 million to $400 million in 2029.

我們將在提交給投資者的文件中，就現金流方面提供一些更新的資訊揭露。但你可以把它看作是 2026 年，大約有 3.5 億美元的現金流，其中很大一部分將集中在第四季。然後，2027 年，我們有超過 6 億美元；2028 年，又是 6 億美元；2029 年，又將達到 3 億至 4 億美元。

These are all treasury maturities. So we know what we're going to get, when we're going to get and we know what it yields. So I think those will be the cash flows that for us, ultimately, they're going to have two uses, highest and best use is for us to redeploy those into loans, which is plan A. Plan B is if loan growth or opportunities are not attractive at that time, we're going to be paying down some of our FHLB borrowings. Also, we've turned out to match those cash flows in a meaningful way.

這些都是國債到期日。所以我們知道我們會得到什麼，什麼時候會得到，以及它會帶來什麼結果。所以我認為這些現金流最終會有兩種用途，最佳用途是將其重新投入貸款，這是方案A。方案B是，如果屆時貸款成長或機會不理想，我們將償還部分聯邦房屋貸款銀行（FHLB）的借款。此外，我們也成功地實現了這些現金流的合理匹配。

So 2027, we have some FHLBs that are kind of in the mid-4s. We have similar in 2028. So if we're not deploying those funds from the treasury securities portfolio, which is kind of roughly 150, 160-ish in terms of yield, if they're not going into loans, at the very least, we're going to be very additive just by paying down some of the FHLB borrowings. And that's going to -- if that happens, which is plan B, then you're looking at the balance sheet shrinking and margin going up by default as well.

所以到 2027 年，我們有一些 FHLB 的殖利率大概是 4 倍中段。2028年我們也會遇到類似的情況。因此，如果我們不將國債證券組合中的資金（收益率大約在 150 到 160 左右）投入市場，如果不進行貸款，至少我們可以透過償還一些聯邦住房貸款銀行的借款來獲得豐厚的回報。如果這種情況發生（即 B 計畫），那麼資產負債表將會縮減，利潤率也會自然而然地上升。

Got it. Okay, thank you.

知道了。好的，謝謝。

(Operator Instructions)

（操作說明）

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

我們的問答環節到此結束。我謹將會議交還給迪米塔爾·卡拉伊凡諾夫，請他作總結發言。

Thank you, Bailey, and thank you all for joining us today. At a conclusion, I would like to note that while both Mara and I attend a number of investor conferences and events during the year, we consistently find that dedicated one-on-one time with investors and prospective investors is the best way for us to have a well prepared for and productive meeting.

謝謝你，貝利，也謝謝今天所有到場的各位。最後，我想指出，雖然我和瑪拉每年都會參加許多投資者會議和活動，但我們始終認為，與投資者和潛在投資者進行一對一的專門交流，是我們能夠做好充分準備並取得成效的最佳方式。

We're very open and available, so please reach out to us if our story is of interest, and we'll be happy to spend an hour with you. Thank you all, and we'll talk to you again in January.

我們非常開放，樂於助人，如果您對我們的故事感興趣，請與我們聯繫，我們很樂意花一個小時與您交流。謝謝大家，我們一月再見。

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

本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。