Enterprise Financial Services Corp (EFSC) 2022 Q2 法說會逐字稿

Good morning. My name is Rex, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enterprise Financial Services Corp. Q2 Earnings Conference Call. (Operator Instructions)

早上好。我的名字是雷克斯，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Enterprise Financial Services Corp. Q2 收益電話會議。 （操作員說明）

At this time, I would like to turn the conference over to Jim Lally, President and CEO. You may begin your conference.

在這個時候，我想把會議交給總裁兼首席執行官 Jim Lally。你可以開始你的會議了。

Well, thank you, Rex, and good morning, and welcome, everyone, to our second quarter earnings call. I appreciate all of you taking time to listen in. Joining me this morning is Keene Turner, our company's Chief Financial Officer and Chief Operating Officer; and Scott Goodman, President of Enterprise Bank & Trust.

好吧，謝謝你，雷克斯，早上好，歡迎大家參加我們的第二季度財報電話會議。感謝大家抽出時間來聆聽。今天早上加入我的是我們公司的首席財務官兼首席運營官 Keene Turner；和企業銀行與信託基金總裁斯科特古德曼。

Before we begin, I would like to remind everyone on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. Please refer to Slide 2 of the presentation titled Forward-Looking Statements and our most recent 10-K and 10-Q for reasons why actual results may vary from any forward-looking statements that we make this morning.

在開始之前，我想在電話會議上提醒大家，可以在我們的網站上找到該版本和隨附演示文稿的副本。昨天在 SEC 表格 8-K 中提供了演示文稿和收益發布。請參閱標題為前瞻性陳述的演示文稿的幻燈片 2 以及我們最近的 10-K 和 10-Q，了解實際結果可能與我們今天早上做出的任何前瞻性陳述不同的原因。

Please turn to Slide 3 for our financial highlights of the second quarter. We are very pleased with the results of the second quarter. Our cadence of consistency that we spoke of in previous quarters has continued. Our highly consultative relationship approach works well in times of uncertainty that clients and prospects to get advice and guidance. Our client base is in the best financial shape that we've seen in a very long time, and are seeking opportunities to grow their businesses. Yet, the economic tea leaves suggest that we may have a slowdown in the horizon while the interest rate environment creates additional challenges for our clients. I am confident that the consistency of our model has and will continue to positively impact our results.

請轉到幻燈片 3，了解我們第二季度的財務亮點。我們對第二季度的結果非常滿意。我們在前幾個季度談到的一致性節奏仍在繼續。在客戶和潛在客戶無法獲得建議和指導的不確定時期，我們高度協商的關係方法非常有效。我們的客戶群處於長期以來我們所見過的最佳財務狀況，並且正在尋找發展業務的機會。然而，經濟茶葉表明我們可能會出現放緩，而利率環境給我們的客戶帶來了額外的挑戰。我相信我們模型的一致性已經並將繼續對我們的結果產生積極影響。

Over the last 5 years, we have focused on diversifying our revenue through geographic and business expansion. We've improved our funding by way of M&A and we have bolstered our balance sheet and capital position with a strong reserve and well-executed capital management. The bottom line is that we have built the company for times just like this and are excited to share with you our results.

在過去的 5 年中，我們一直專注於通過地域和業務擴展來實現收入多元化。我們通過併購改善了我們的融資，我們通過強大的儲備和執行良好的資本管理加強了我們的資產負債表和資本狀況。最重要的是，我們已經建立了這樣的公司，並很高興與您分享我們的成果。

For the quarter, EFSC earned $1.19 per diluted share. Our second quarter performance reflects the power of all our lending businesses, combined with the revamped deposit composition that we have assimilated, starting with Trinity, and most recently with First Choice. Loan balances expanded at a 13% annualized rate with contributions from nearly every business line of geography. Given the variable rate nature of many of those lending segments, our earnings power through existing and new loan production bolstered net interest income and outstripped declines from success in PPP as well as seasonal trends and noninterest income.

本季度，EFSC 每股攤薄收益 1.19 美元。我們第二季度的業績反映了我們所有貸款業務的力量，以及我們從 Trinity 開始，以及最近從 First Choice 開始吸收的經過改進的存款構成。貸款餘額以年化 13% 的速度增長，幾乎所有地區的業務線都做出了貢獻。鑑於許多這些貸款部門的可變利率性質，我們通過現有和新貸款產生的盈利能力增加了淨利息收入，並超過了 PPP 成功以及季節性趨勢和非利息收入造成的下降。

Net interest margin income and operating revenue all expanded substantially from the first to the second quarter. Deposit levels remained above $11 billion at June 30, and the shift during the quarter reflects our approach to focus on supporting customer relationships rather than transactions. Our action is to exit high interest-rate sensitive balances speaks to our confidence in our ability to continue to grow our relationship-driven deposit base in our core and specialty deposit businesses.

從第一季度到第二季度，淨息差收入和營業收入均大幅增長。截至 6 月 30 日，存款水平仍高於 110 億美元，本季度的轉變反映了我們專注於支持客戶關係而非交易的方法。我們的行動是退出對高利率敏感的餘額，這表明我們有信心在核心和專業存款業務中繼續擴大關係驅動的存款基礎。

At quarter end, our loan-to-deposit ratio was just under 84% with DDA representing 43% of total deposits. In addition to our success in expanding customer relationships and growing loan outstandings, treasury management and our commercial card businesses remain strong, poised for continued growth during the year.

在季度末，我們的貸存比略低於 84%，而 DDA 佔總存款的 43%。除了我們在擴大客戶關係和增加貸款餘額方面取得的成功外，資金管理和我們的商務卡業務依然強勁，有望在年內繼續增長。

Additionally, we expect the tax credit business will rebound in the third and fourth quarters based on the high project volume and activity. These underlying business trends are reflected in the expansion of our pre-provision net revenue, which grew at an annualized 10% rate to $58.4 million for the quarter. Our return profile to remain strong, ROAA and PPNR ROAA, were 1.34% and 1.73%, respectively. These are right in line with the levels that we achieved in the previous 2 quarters, but we believe our current performance is more reflective of a repeatable run rate.

此外，基於高項目量和活躍度，我們預計稅收抵免業務將在第三和第四季度反彈。這些潛在的業務趨勢反映在我們的預撥備淨收入的擴張中，該季度以年化 10% 的速度增長至 5840 萬美元。我們的回報率保持強勁，ROAA 和 PPNR ROAA 分別為 1.34% 和 1.73%。這些與我們在前兩個季度取得的水平是一致的，但我們相信我們目前的表現更能反映可重複的運行率。

Our integration of our Southern California market has positively impacted our financial performance since we acquired FCB. But now we are beginning to see the returns from the influence of our sales model and supplemental talent adds.

自我們收購 FCB 以來，我們對南加州市場的整合對我們的財務業績產生了積極影響。但現在我們開始看到我們的銷售模式和補充人才的影響所帶來的回報。

Acquisitions of new clients and the ability to grow with the clients we inherited has positively impacted loan growth in this market during the quarter. With the combination of ongoing industry growth in Southern California, the momentum that we have across all of our markets and national specialty businesses, gives me confidence in our ability to maintain this level of performance before the remainder of this year and into 2023. Additionally, we have begun to see the momentum in some of our newer markets like Texas and Nevada as well as practice finance. I expect we will have success over time attracting talent and further scaling these businesses in the years to come.

新客戶的收購以及與我們繼承的客戶一起成長的能力對本季度該市場的貸款增長產生了積極影響。結合南加州持續的行業增長，以及我們在所有市場和國家特色業務中的發展勢頭，我對我們有能力在今年剩餘時間和 2023 年之前保持這一業績水平充滿信心。此外，我們已經開始在德克薩斯州和內華達州等一些較新的市場以及金融實踐中看到這種勢頭。我預計隨著時間的推移，我們將成功吸引人才，並在未來幾年進一步擴大這些業務。

Our consultative model shines during uncertain economic times where we remain consistent and build the frames of long-term relationships that span decades. Additionally, I also believe that we will continue to benefit from disruption created by market consolidation in several of our markets. Our approach to lending and asset quality has not changed, and it remains uncompromised to achieve the growth we experienced.

我們的諮詢模式在不確定的經濟時期大放異彩，在此期間我們保持一致並建立跨越數十年的長期關係框架。此外，我還相信，我們將繼續受益於我們幾個市場的市場整合所造成的破壞。我們對貸款和資產質量的態度沒有改變，並且在實現我們所經歷的增長方面仍然毫不妥協。

We remain vigilant around credit, but we are prudently reserved with our allowance for credit losses to total loans at June 30, virtually unchanged from the previous quarter at 1.52%. That being said, we've been consistent in our view of the economy as seen by our hesitancy to release more of our reserves than we have. Our teams are working hard reviewing portfolios and performing special loan reviews, but to date, we have seen no signs of weakness.

我們對信貸保持警惕，但我們謹慎地保留了 6 月 30 日對總貸款的信貸損失準備金，與上一季度基本持平，為 1.52%。話雖如此，我們對經濟的看法是一致的，從我們不願釋放比我們擁有的更多的儲備中可以看出。我們的團隊正在努力審查投資組合併進行特殊貸款審查，但迄今為止，我們沒有看到任何疲軟跡象。

Our capital position remains strong. At June 30, TCE to total assets expanded to 7.8%, while we returned $24 million to common shareholders through a blend of share repurchases and increased common stock dividends. We also announced another increase in our third quarter dividend to $0.23 per common share, reflecting both our commitment to shareholder returns as well as our confidence in further expanding our earnings profile.

我們的資本狀況依然強勁。 6 月 30 日，TCE 佔總資產的比例擴大到 7.8%，同時我們通過股票回購和增加普通股股息向普通股股東返還了 2400 萬美元。我們還宣布將第三季度股息再次增加至每股普通股 0.23 美元，這既反映了我們對股東回報的承諾，也反映了我們對進一步擴大盈利狀況的信心。

The second quarter of 2022 represents the third full quarter since the acquisition of First Choice Bank. Over this time, we've established a predictable pattern of performance that is characterized by a strong return profile on both assets and TCE, strong organic diversified loan growth, a DDA percentage of total deposits greater than 40%, pristine asset quality, flexible capital management and steadfast expense controls. Despite this level of performance, we know that there's still room for improvement.

2022 年第二季度是自收購 First Choice Bank 以來的第三個完整季度。在這段時間裡，我們建立了一種可預測的業績模式，其特點是資產和 TCE 的高回報率、強勁的有機多元化貸款增長、DDA 佔總存款的百分比超過 40%、原始的資產質量、靈活的資本管理和穩定的費用控制。儘管性能達到了這種水平，但我們知道仍有改進的餘地。

With that in mind, our focus for the remainder of the year can be found on Slide 4. You can see we have accomplished a few of the goals that we set for ourselves at the end of 2021. For the remainder of the year, we will focus on the basics, guiding our clients through whatever economic climate that lies ahead, and improve an already strong pipeline with solid new relationship opportunities, paying close attention to the trends related to our very attractive diversified deposit base and continue to monitor the loan portfolio for any early indicators of weakness.

考慮到這一點，我們今年剩餘時間的重點可以在幻燈片 4 上找到。您可以看到我們已經完成了我們在 2021 年底為自己設定的一些目標。在今年剩餘時間裡，我們將專注於基礎，引導我們的客戶度過未來的任何經濟環境，並通過穩固的新關係機會改善已經強大的管道，密切關注與我們極具吸引力的多元化存款基礎相關的趨勢，並繼續監控貸款組合對於任何早期的疲軟指標。

With that, I would like to turn the call over to Scott Goodman, who will provide much more color on our businesses and markets. Scott?

有了這個，我想把電話轉給斯科特古德曼，他將為我們的業務和市場提供更多的色彩。斯科特?

Thank you, Jim, and good morning, everybody. Focusing first on the loan book, which is referenced on Slide 5. We posted strong performance in core loans, net of PPP, growing by $298 million in the quarter or 13.4% annualized. And this compares with $176 million in the prior quarter. The loan details by segment are outlined on Slide 6 and 7.

謝謝你，吉姆，大家早上好。首先關注幻燈片 5 中引用的貸款賬簿。我們公佈了扣除 PPP 後核心貸款的強勁表現，本季度增長了 2.98 億美元，年化增長率為 13.4%。相比之下，上一季度為 1.76 億美元。幻燈片 6 和 7 列出了按部門劃分的貸款詳細信息。

On a trailing 12-month basis, backing out the addition of the First Choice portfolio and the impact of PPP, from an organic standpoint, we've grown by $733 million or 10.7%. And as Jim mentioned, we're seeing contributions from nearly all markets and business units, providing a nice level of balance and diversity in our sources of growth. For the quarter, we experienced solid C&I growth coming from our regional banking markets and specialties with less impact from commercial real estate.

在過去 12 個月的基礎上，剔除 First Choice 投資組合的添加和 PPP 的影響，從有機的角度來看，我們增長了 7.33 億美元或 10.7%。正如吉姆所提到的，我們看到幾乎所有市場和業務部門的貢獻，為我們的增長來源提供了良好的平衡和多樣性。在本季度，我們經歷了來自區域銀行市場和專業的 C&I 穩健增長，而商業房地產的影響較小。

Overall, the increase in C&I was a result of our continued success in bringing on new operating company relationships as well as elevated usage on existing client facilities and revolving lines of credit. Average usage on revolving lines was up over 3% from the prior quarter. Commercial real estate originations were down modestly in the quarter.

總體而言，C&I 的增長是由於我們在建立新的運營公司關係以及提高現有客戶設施的使用率和循環信貸額度方面取得的持續成功。循環線的平均使用量比上一季度增長了 3% 以上。本季度商業房地產發起量小幅下降。

And while we do see existing construction loans continuing to fund, new deals have slowed as developers repencil their projects for higher rates and material costs. Fewer new commercial real estate closings also reflect our disciplined approach as we hold the consistent underwriting and pricing guidelines in the shifting rate environment.

雖然我們確實看到現有的建築貸款繼續提供資金，但隨著開發商為更高的利率和材料成本重新考慮他們的項目，新交易已經放緩。由於我們在不斷變化的利率環境中保持一致的承保和定價準則，因此較少的新商業房地產關閉也反映了我們的嚴謹方法。

As we've discussed in prior calls, we employ a spread-based pricing philosophy for the term fixed rate portion of our business. We believe this provides a more easily managed and transparent approach for our banking teams and clients as well as a more consistent profitability profile for our company. With rates rising and competitive pressures at times pushing spreads below our thresholds, we've recently walked away from some deals.

正如我們在之前的電話會議中所討論的，我們對業務的固定利率部分採用基於價差的定價理念。我們相信這為我們的銀行團隊和客戶提供了一種更易於管理和透明的方法，並為我們的公司提供了更一致的盈利能力。隨著利率上升和競爭壓力有時將利差推低至我們的門檻以下，我們最近放棄了一些交易。

Turning to our specialty lending segments. SBA, life insurance premium and tax credits, all continued to perform well in the quarter.

轉向我們的專業貸款部門。 SBA、人壽保險費和稅收抵免在本季度均繼續表現良好。

In the SBA business, I spoke last quarter about some competitive pressures in this space from non-SBA lenders on the existing book and our plans to proactively incorporate retention strategies. In Q2, we were successful in slowing early payoffs while also increasing new originations to post net growth of $34 million. We also continue to recruit new originators, particularly in our higher economic growth markets.

在 SBA 業務中，我在上個季度談到了非 SBA 貸方在該領域的一些競爭壓力，以及我們主動納入保留策略的計劃。在第二季度，我們成功地減緩了早期回報，同時增加了新的起源，實現了 3400 萬美元的淨增長。我們還繼續招募新的發起人，特別是在我們更高經濟增長的市場。

The life insurance premium finance team has successfully developed several new referral partner relationships in 2022 due to introductions from our existing client base as well as our entrance into the California market. Outsized growth of $52 million in what is typically a slower time of the year for this vertical as a result of originations from these newer partners as well as continued fundings from the commitment base of the existing book.

由於我們現有客戶群的介紹以及我們進入加州市場，人壽保險費財務團隊已在 2022 年成功建立了幾個新的推薦合作夥伴關係。由於這些新合作夥伴的發起以及現有書籍的承諾基礎的持續資助，這一垂直領域通常在一年中較慢的時間出現了 5200 萬美元的超額增長。

Fundings in the tax credit portfolio reflect a consistent pipeline of new affordable housing projects and steady draws on the existing projects within this portfolio. These specialties in particular, have historically shown their steady performance and resilience in the face of shifting economic pressures, and we expect this to be the case moving forward.

稅收抵免組合中的資金反映了新的經濟適用房項目的持續管道以及對該組合中現有項目的穩定利用。尤其是這些專業，在面對不斷變化的經濟壓力時，歷來表現出穩定的表現和彈性，我們預計未來也會如此。

Sponsored finance posted softer growth this quarter, but is up $183 million or 39% year-over-year. While this can be a slower time of the year seasonally for this business, it also reflects a slight pause by many of our sponsor partners who revisited acquisition pipelines in the light of rising rates, continued supply chain and other economic impacts. We also saw some additional pay downs due to the normal churn from the sale of portfolio companies in the quarter. As we head into Q3 and Q4, sponsors seem to have restarted their processes, and the origination pipeline opportunities are starting to refill.

贊助融資本季度增長放緩，但同比增長 1.83 億美元或 39%。雖然對於這項業務來說，這可能是一年中較慢的季節，但這也反映了我們的許多贊助合作夥伴因利率上升、供應鏈持續和其他經濟影響而重新審視收購渠道的輕微暫停。由於本季度出售投資組合公司的正常流失，我們還看到了一些額外的減薪。隨著我們進入第三季度和第四季度，贊助商似乎已經重新啟動了他們的流程，並且發起渠道的機會開始重新填補。

Moving to the business units, profiled on Slide 8. The $152 million or 20% annualized increase in specialty lending, reflects my prior comments on these niche segments. Additionally, the professional practice finance team, which was added late in 2021 is off to a strong start, adding $29 million of growth in this quarter and $48 million year-to-date.

轉到幻燈片 8 中介紹的業務部門。專業貸款的 1.52 億美元或 20% 的年增長率反映了我之前對這些細分市場的評論。此外，於 2021 年底加入的專業實踐財務團隊開局良好，本季度增加了 2900 萬美元，年初至今增加了 4800 萬美元。

St. Louis carries the largest C&I portfolio of our geographic markets and benefited from some higher usage on revolving lines of credit as well as elevated borrowing activity from existing clients in the private investment tax credit and packaging spaces. New business activity was also up with double-digit increase in new originations from last quarter and several new relationships added.

聖路易斯擁有我們地理市場中最大的 C&I 投資組合，並受益於循環信貸額度的更高使用率以及私人投資稅收抵免和包裝領域現有客戶的借貸活動增加。新業務活動也有所增長，新發起的業務比上一季度增長了兩位數，並增加了幾個新的關係。

Kansas City shows continued steady growth, up nearly $50 million or 6.3% year-over-year and 8.9% annualized growth for the quarter. This market has a relatively balanced portfolio and also benefited from improved borrowing from C&I clients. New originations included refinancings of several commercial real estate developments and new project and M&A-based financing to expand existing C&I relationships.

堪薩斯城顯示持續穩定增長，本季度同比增長近 5000 萬美元或 6.3%，年化增長率為 8.9%。該市場擁有相對平衡的投資組合，並受益於工商業客戶的借貸改善。新的發起包括幾個商業房地產開發和新項目的再融資以及基於併購的融資，以擴大現有的 C&I 關係。

The Southwest region, which includes Arizona and Las Vegas, posted strong results again this quarter, adding $43 million of growth in Q2, resulting in a 37% increase in the loan portfolio year-over-year. As we've developed strong relationships with top-tier real estate companies in Arizona over the past 15 years, the economic growth and expansion in Arizona continues to provide opportunities to assist these relationship-based clients with solid acquisition, development and refinancing. The quarter included several new deals as well as fundings on existing construction lines.

包括亞利桑那州和拉斯維加斯在內的西南地區本季度再次發布強勁業績，第二季度增加了 4300 萬美元，導致貸款組合同比增長 37%。由於我們在過去 15 年中與亞利桑那州的頂級房地產公司建立了牢固的關係，亞利桑那州的經濟增長和擴張繼續為這些基於關係的客戶提供可靠的收購、開發和再融資機會。本季度包括幾項新交易以及現有建設線的資金。

Last quarter, I discussed the change in leadership for the Albuquerque team within New Mexico, which represents the predominant share of loan outstandings for the market as part of a plan to address the declining loan balances there. As this change takes hold the remainder of the year, I expect to see improved trends and ultimately, growth in this portfolio. In the meantime, New Mexico, which, in addition to Albuquerque, also includes the submarkets of Los Alamos and San Jose, remains an important and growing base of well-diversified and low-cost deposits.

上個季度，我討論了新墨西哥州阿爾伯克基團隊領導層的變化，這代表了市場未償貸款的主要份額，作為解決那裡貸款餘額下降計劃的一部分。隨著這一變化在今年剩餘時間內持續，我預計趨勢會有所改善，並最終會在該投資組合中實現增長。與此同時，除了阿爾伯克基之外，新墨西哥州還包括洛斯阿拉莫斯和聖何塞的子市場，它仍然是一個重要且不斷增長的多元化和低成本存款基地。

In Southern California, for Q2, I'm pleased to report that our loan portfolio here grew by $29 million in the quarter and represents a third consecutive quarter of positive momentum in net loans resulting from both higher originations and lower payoffs compared to the previous quarter. The improvements come as we continue to see competitive pressures on the real estate heavy book, particularly in the area of high-end residential remodel and fix and flip.

在南加州，對於第二季度，我很高興地報告，我們的貸款組合在本季度增長了 2900 萬美元，與上一季度相比，由於較高的發起和較低的回報，淨貸款連續第三個季度保持正增長.隨著我們繼續看到房地產重磅書籍面臨競爭壓力，特別是在高端住宅改造和修復和翻轉領域，這些改善隨之而來。

However, we are intentionally emphasizing a strategy to deepen relationships with clients that are balanced and mutually beneficial while also adding new relationships with C&I-operating companies through the addition of new talent to our platform. We're already seeing traction on these goals, financing over $70 million in new projects with existing clients and adding new C&I relationships in metal fabrication and healthcare basis during the quarter.

然而，我們有意強調一項戰略，以加深與客戶的平衡和互利關係，同時通過向我們的平台增加新人才來增加與 C&I 運營公司的新關係。我們已經看到了這些目標的推動力，在本季度為現有客戶的新項目融資超過 7000 萬美元，並在金屬製造和醫療保健基礎上增加了新的 C&I 關係。

The new team in North Texas, now composed of 3 experienced local bankers, is onboarding smoothly and quickly developing a qualified pipeline of new opportunities. I would expect to see these begin to transition to closings during the next quarter.

北德克薩斯的新團隊現在由 3 名經驗豐富的當地銀行家組成，正在順利入職，並迅速開發出合格的新機會渠道。我希望看到這些在下一季度開始過渡到關閉。

Lastly, I'll touch briefly on deposits, which are beginning to elevate within our client conversations with the recent rate increases. The decline in total deposits within the quarter of $611 million was largely the result of managed decisions relating to a handful of rate-sensitive, interest-bearing specialty deposit accounts. You'll see this evidenced on Slide #9 within the third-party escrow portion of the chart.

最後，我將簡要談談存款，隨著最近的利率上漲，存款在我們的客戶對話中開始上升。本季度存款總額下降 6.11 億美元，主要是與少數對利率敏感、計息的專業存款賬戶有關的管理決策的結果。您將在圖表的第三方託管部分的幻燈片 #9 中看到這一點。

Q2 also typically sees a seasonal rundown of deposits in the commercial book, which also impacted balances to a lesser degree. All in all, the diversification of our deposit book by geographic market and the continued growth in lower-cost specialty deposits provides confidence in our ability to walk away from these larger concentrations of higher cost, more transactional balances. Activity for the quarter shows that new account openings continue to outpace closed accounts, and at an average rate below our peer group. The focus on new relationships also is helping drive deposits with new depository relationship balances for the quarter, exceeding balances and closed accounts by nearly 3:1.

第二季度通常還會看到商業賬簿中存款的季節性減少，這也對余額產生了較小程度的影響。總而言之，我們的存款賬戶按地域市場的多樣化以及低成本專業存款的持續增長，為我們擺脫這些成本更高、交易餘額更大的集中度提供了信心。本季度的活動表明，新開戶的速度繼續超過已關閉的帳戶，平均速度低於我們的同行組。對新關係的關注也有助於推動本季度新增存款關係餘額的存款，比餘額和已關閉賬戶高出近 3:1。

Now I'd like to turn the call over to Keene Turner for his comments on the quarter. Keene?

現在，我想將電話轉給 Keene Turner，聽取他對本季度的評論。基恩？

Thanks, Scott, and good morning, everybody. Turning to Slide 10. We reported earnings per share of $1.19 on net income of $45 million in the second quarter compared to $1.23 in the first quarter. Operating revenue increased in the linked quarter driven by strong organic loan growth and expanded net interest margin, which more than offset the decline in PPP and noninterest income in the quarter.

謝謝，斯科特，大家早上好。轉到幻燈片 10。我們報告第二季度的每股收益為 1.19 美元，淨收入為 4500 萬美元，而第一季度為 1.23 美元。在強勁的有機貸款增長和擴大的淨息差的推動下，關聯季度的營業收入增加，這抵消了本季度購買力平價和非利息收入的下降。

We continue to show strong credit metrics in all areas, but loan growth and changes to the economic forecast resulted in a provision expense compared to a provision benefit in the first quarter. Noninterest expense increased on a linked quarter basis due to higher compensation, and namely deposit service charges costs. This was in line with our expectations and the guidance I provided last quarter. And finally, our earnings per share benefited from a lower share count due to repurchases in both the first and second quarter.

我們繼續在所有領域顯示出強勁的信貸指標，但與第一季度的撥備收益相比，貸款增長和經濟預測的變化導致撥備費用。由於更高的薪酬，即存款服務費用成本，非利息費用在相關季度基礎上增加。這符合我們的預期和我上個季度提供的指導。最後，由於第一季度和第二季度的回購，我們的每股收益受益於較低的股票數量。

Turning to Slide 11. Net interest income was $110 million compared to $101 million in the first quarter, an increase of $9 million, which was favorably impacted by higher average loan and investment balances along with the benefit of rising interest rates driving net interest margin higher. The increase in net interest income was primarily driven by a $6 million increase in loan income despite a $1.3 million reduction in PPP income.

轉到幻燈片 11。與第一季度的 1.01 億美元相比，淨利息收入為 1.1 億美元，增加了 900 萬美元，這得益於較高的平均貸款和投資餘額以及利率上升推動淨息差上升的好處.儘管購買力平價收入減少了 130 萬美元，但淨利息收入的增加主要是由於貸款收入增加了 600 萬美元。

With the current composition of our balance sheet as of June 30, another 75 basis point increase in interest rates will result in an additional $6 million to $7 million in quarterly net interest income. This is in addition to the full impact of the existing interest rate increases, which will also add another $3.5 million to $4 million to quarterly net interest income. As noted in the earnings release, approximately 20% of the variable rate loan portfolio grew prices on the first day of each quarter and did not benefit from the second quarter interest rate increases.

根據截至 6 月 30 日我們資產負債表的當前構成，利率再增加 75 個基點將導致季度淨利息收入增加 600 萬至 700 萬美元。除了現有加息的全部影響之外，這還將使季度淨利息收入再增加 350 萬至 400 萬美元。正如收益報告中所指出的，大約 20% 的浮動利率貸款組合在每個季度的第一天價格上漲，並且沒有從第二季度的加息中受益。

Moving on to Slide 12. Net interest margin on a tax equivalent basis was 3.55%, an increase of 27 basis points from the linked quarter. Our asset-sensitive balance sheet benefit is increase in interest rates. As a result, asset yields improved 31 basis points, which included 17 basis points of loan yield improvement, and the investment yield improved 20 basis points.

繼續幻燈片 12。按稅收等值計算的淨息差為 3.55%，比上一季度增加 27 個基點。我們對資產敏感的資產負債表收益是利率上升。結果，資產收益率提高了 31 個基點，其中貸款收益率提高了 17 個基點，投資收益率提高了 20 個基點。

Additionally, the increase in the Fed funds rate led to improved earnings on our interest-bearing cash balances. Net interest margin was also aided by an enhanced asset mix as we continue to fund growth in loans and the investment portfolio while reducing excess cash. The cost of interest-bearing liabilities increased 7 basis points from the prior period driven mainly by variable rate borrowings as our cost of deposits increased only 3 basis points.

此外，聯邦基金利率的提高導致我們有息現金餘額的收益增加。隨著我們繼續為貸款和投資組合的增長提供資金，同時減少多餘的現金，增強的資產組合也有助於淨息差。由於我們的存款成本僅增加 3 個基點，有息負債成本較上一期增加 7 個基點，主要受浮動利率借款的推動。

The loan portfolio is our largest driver of asset sensitivity as 64% of the loans are variable rate, nearly 60% of those have interest rate floors and approximately 90% of those with floors are currently priced at or above the floor. Nearly all of the remaining loans with floors are within 50 basis points of the floor. We ended the quarter with nearly $1 billion of cash on the balance sheet, which affords us the opportunity for favorable asset remixing in upcoming quarters.

貸款組合是我們資產敏感度的最大驅動因素，因為 64% 的貸款是浮動利率貸款，其中近 60% 的貸款有利率下限，而目前約有 90% 的有下限的貸款定價等於或高於下限。幾乎所有剩餘的有下限的貸款都在下限的 50 個基點以內。我們在本季度結束時資產負債表上有近 10 億美元的現金，這為我們提供了在未來幾個季度進行有利的資產重組的機會。

Our deposit portfolio remains more than 40% noninterest-bearing balances, and we have less than $500 million of total transaction accounts formerly tied to an index. Our interest-bearing deposit beta during the last rate cycle was 32%. With ample liquidity, our expanded footprint and strong low-cost deposit generation through our specialty vertical, we believe our ability to control deposit costs as rates rise is greatly enhanced versus that cycle.

我們的存款組合仍然有超過 40% 的無息餘額，而且我們之前與指數掛鉤的交易賬戶總額不到 5 億美元。在上一個利率週期中，我們的有息存款貝塔係數為 32%。憑藉充足的流動性、我們擴大的足跡以及通過我們的專業垂直領域產生的強大的低成本存款，我們相信隨著利率上升，我們控制存款成本的能力與那個週期相比大大增強。

Moving on to Slide 13. It reflects our credit trends. We continue to have strong asset quality metrics and have not observed any weakness in our loan portfolio segments. We had a net recovery of 1 basis point during the quarter, and our nonperforming assets declined $2.1 million or 9% from the first quarter. Nonperforming assets are only 16 basis points of total assets and nonperforming loans are only 21 basis points of total loans.

轉到幻燈片 13。它反映了我們的信貸趨勢。我們繼續擁有強大的資產質量指標，並且沒有發現我們的貸款組合部門有任何弱點。我們在本季度實現了 1 個基點的淨復甦，我們的不良資產比第一季度下降了 210 萬美元或 9%。不良資產僅佔總資產的 16 個基點，不良貸款僅佔總貸款的 21 個基點。

Now let's look at the allowance on Slide 14. Loan growth and deterioration in the economic factors used in our CECL model resulted in provision expense of approximately $1 million in the quarter. This reverses the trend of reserve releases that we have got over the last 4 quarters, excluding acquisitions.

現在讓我們看看幻燈片 14 上的津貼。我們的 CECL 模型中使用的貸款增長和經濟因素的惡化導致本季度的撥備費用約為 100 萬美元。這扭轉了過去 4 個季度（不包括收購）的儲備釋放趨勢。

The allowance for credit losses increased to $141 million from 131 -- $139 million at the end of March and represents 1.52% of total loans. When adjusting for government guaranteed loans, the allowance to total loans was 1.69% at June 30. While there have been no signs of credit stress that indicate a trend within our customer base, we continue to believe that the potential risk to the economy warrant the current level of our allowance coverage.

信貸損失準備金從 3 月底的 131 - 1.39 億美元增加到 1.41 億美元，佔總貸款的 1.52%。在調整政府擔保貸款時，截至 6 月 30 日，總貸款撥備率為 1.69%。雖然沒有跡象表明我們的客戶群存在信貸壓力趨勢，但我們仍然認為，經濟面臨的潛在風險值得我們目前的津貼覆蓋水平。

On Slide 15, fee income for the second quarter was $14.2 million. This was a decline of $4.4 million compared to the first quarter results. The decline was led primarily by reduced fees from community development investments, reduced tax credit income, and that was consistent with our expectations as well as lower swap revenue as activity levels were not as strong during the second quarter.

在幻燈片 15 上，第二季度的費用收入為 1420 萬美元。與第一季度的結果相比，這減少了 440 萬美元。下降的主要原因是社區發展投資費用減少、稅收抵免收入減少，這與我們的預期一致，以及由於第二季度活動水平不那麼強勁而導致掉期收入下降。

Deposit service charges and card services revenue increased in the second quarter compared to the first quarter as volumes expanded in these areas. While tax credit income will continue to be seasonal, our momentum in this business line continues.

與第一季度相比，第二季度的存款服務費用和信用卡服務收入有所增加，因為這些領域的交易量有所增加。雖然稅收抵免收入將繼續是季節性的，但我們在這一業務領域的勢頭仍在繼續。

Turning to Slide 16. Second quarter noninterest expense was $65.4 million compared to $62.8 million in the first quarter, a $2.6 million increase. The driver of this increase was primarily a $1.6 million increase in deposit servicing expenses and a $0.8 million increase in loan related and legal due to growth.

轉到幻燈片 16。第二季度非利息支出為 6540 萬美元，而第一季度為 6280 萬美元，增加了 260 萬美元。這一增長的驅動因素主要是存款服務費用增加了 160 萬美元，以及由於增長導致的貸款相關和法律費用增加了 80 萬美元。

Compensation and benefits increased $200,000 in the quarter, principally from new hiring and a full quarter of merit increases and an increase in performance-based incentive accruals, which were partially offset by seasonally higher payroll taxes and 401(k) met for the first quarter. The second quarter's efficiency ratio was 52.8%, and expenses for 2022 have performed as expected with our revisions for the revised interest rate environment.

本季度薪酬和福利增加了 200,000 美元，主要來自新招聘和整個季度的績效增長以及基於績效的激勵應計的增加，這部分被季節性更高的工資稅和第一季度的 401(k) 所抵消。第二季度的效率比率為 52.8%，2022 年的費用表現符合我們對修訂後的利率環境的修正。

Additionally, stronger-than-planned momentum in the specialty deposit areas as well as forecasted interest rate trends has and will drive related servicing expenses. As a result of higher-than-planned Fed funds increases, it appears the current quarterly run rate will step up in the next 2 quarters from roughly $65 million to $67 million to possibly $69 million for the remaining 2 quarters of 2022. To reiterate, these trends will obviously be more than offset by net interest margin trends, but more importantly, we think these investments and continued growth will allow for stronger revenue growth longer term.

此外，特殊存款領域的強勁勢頭以及預測的利率趨勢已經並將推動相關的服務費用。由於聯邦基金的增加高於計劃，目前的季度運行率似乎將在未來兩個季度從大約 6500 萬美元上升到 6700 萬美元，到 2022 年剩餘的兩個季度可能達到 6900 萬美元。重申一下，這些趨勢顯然會被淨息差趨勢所抵消，但更重要的是，我們認為這些投資和持續增長將使長期收入增長更加強勁。

On Slide 17, we display our capital metrics, and the rise in interest rates continue to impact the market value of available-for-sale investments which impacted -- accumulated other comprehensive income by $49 million in the period. Despite that, we expanded tangible common equity to 7.8% with our strong earnings and mitigated the negative impact on tangible book value per share to 1.6%. Our strong capital position gives us flexibility to actively manage our balance sheet. During the quarter, we utilized our capital to redeploy excess cash to the loan and investment portfolios, helping drive our capital ratios closer to our optimal targets.

在幻燈片 17 上，我們展示了我們的資本指標，利率上升繼續影響可供出售投資的市場價值，這影響了該期間累積的其他綜合收益 4900 萬美元。儘管如此，我們憑藉強勁的收益將有形普通股權益擴大至 7.8%，並將每股有形賬面價值的負面影響減輕至 1.6%。我們強大的資本狀況使我們能夠靈活地積極管理我們的資產負債表。在本季度，我們利用我們的資本將多餘的現金重新部署到貸款和投資組合中，幫助我們的資本比率更接近我們的最佳目標。

As Jim noted, we also returned nearly $25 million to shareholders. We carried the momentum from the first 3 months of the year into this quarter, and we continue to grow customer relationships while maintaining a focus on pricing both sides of the balance sheet in order to drive shareholder value. We began to see the acceleration of our operating revenue due to growth trends and a balance sheet that's well positioned to benefit from rising interest rates.

正如吉姆所說，我們還向股東返還了近 2500 萬美元。我們將今年前 3 個月的勢頭延續到本季度，我們繼續發展客戶關係，同時保持對資產負債表雙方定價的關注，以推動股東價值。由於增長趨勢和資產負債表可以從利率上升中受益，我們開始看到我們的營業收入加速增長。

For the quarter, we delivered a 17% return on average tangible common equity through a combination of strong earnings and continued capital optimization. We also believe that with the strength of our earnings, capital, liquidity and allowance coverage, we are well prepared to address any potential economic challenges that may arise.

本季度，通過強勁的收益和持續的資本優化，我們實現了 17% 的平均有形普通股回報率。我們還相信，憑藉我們的盈利、資本、流動性和備抵覆蓋率，我們已做好充分準備應對可能出現的任何潛在經濟挑戰。

Thanks for joining the call today, and we're going to now open the line for analyst questions.

感謝您今天加入電話會議，我們現在將打開分析師問題的熱線。

(Operator Instructions) Your first question comes from the line of Jeffrey Rulis.

（操作員說明）您的第一個問題來自 Jeffrey Rulis。

Just a question on the fee income components in terms of -- well, the community development, pretty volatile. Is there any way to sort of model that in a more consistent manner? Any idea there?

只是關於費用收入組成部分的問題——嗯，社區發展非常不穩定。有沒有辦法以更一致的方式對模型進行排序？有什麼想法嗎？

Jeff, the answer is not really. I think we -- the comparison to the first quarter, we -- just was pretty tough because it was so robust. I do think that there'll be some level of income here in the next couple of quarters, and we'll get some rebound, but we sort of had the kind of worse kind of comparison where we had strong community development and swap and tax credit revenue in the first quarter, and then they all kind of went away here in the second.

傑夫，答案不是真的。我認為我們 - 與第一季度相比，我們 - 非常艱難，因為它是如此強大。我確實認為在接下來的幾個季度裡會有一定程度的收入，我們會得到一些反彈，但我們有一種更糟糕的比較，我們有強大的社區發展、交換和稅收第一季度的信貸收入，然後它們都在第二季度消失了。

So I think that we expect some level of that in the third and the fourth quarter, but it probably isn't as substantial as the amount was in the first quarter in each individual quarter. So hopefully, that provides a little bit of help. But kind of $2 million maybe in total and depending on how you model it, kind of 1 per -- or 2 in the fourth is the way I think about it.

所以我認為我們預計第三季度和第四季度會有一定程度的增長，但可能不如第一季度每個季度的數額那麼大。所以希望這能提供一點幫助。但是總共可能需要 200 萬美元，具體取決於您的建模方式，我認為每 1 美元或 2 美元是我的想法。

Got you. And then just the Durbin hit, can we model that at about $1 million a quarter run rate?

得到你。然後只是德賓的熱門，我們可以按每季度約 100 萬美元的運行速度建模嗎？

Yes. It's about $1 million that gets you to where you need to be, I think. And that's in line with where we were previously. I think for better or for worse, we've grown that interchange a little bit since -- preparing across $10 billion, and so we'll lose just a mid more, but 1 million should cover it.

是的。我認為，大約 100 萬美元可以讓你到達你需要去的地方。這與我們之前的情況一致。我認為無論好壞，從那以後我們已經增加了一些交換——準備超過 100 億美元，所以我們只會多損失一個中間值，但應該有 100 萬美元。

Okay. And Scott, one other one. Just on the deposit management. It sounds like focusing on kind of core depositors. Do you get the sense that this was sort of the lion's share of that, the rate chasers or hot money that kind of flushed out? Or could we see more balances kind of come out of that -- from that group?

好的。還有斯科特，另一個。只是關於存款管理。這聽起來像是專注於某種核心儲戶。您是否覺得這是其中最大的一部分，即利率追逐者或熱錢被沖走？或者我們可以看到更多的平衡來自那個群體嗎？

Yes, Jeff. If you look at the $600 million decline, I think it's a handful of accounts, I'd say 6 maybe. Three of those were the lion's share of that more interest rate sensitive specialty in -- and I would say those aren't lost relationships either. There are some specialty clients that are a little more interest rate sensitive than others.

是的，傑夫。如果你看一下 6 億美元的下降，我認為這是少數幾個賬戶，我會說可能是 6 個。其中三個是對利率更為敏感的專業中的最大份額——我會說這些也不是失去的關係。有一些專業客戶比其他客戶對利率更敏感。

And I think with this one in particular, that was in the top 10 at the time. I think they were our largest third-party escrow balance. We kind of went in eyes open on this, knowing that it was a little bit more interest rate sensitive, but knowing we could have some flexibility to walk away if we needed to -- not particularly that concentrated. I think there's only one other third-party escrow account in our top 10 and maybe 2 in our top 50.

我認為尤其是這個，當時它排在前 10 位。我認為它們是我們最大的第三方託管餘額。我們對此有點睜大眼睛，知道它對利率更加敏感，但知道如果我們需要，我們可以有一些靈活性離開 - 不是特別集中。我認為我們的前 10 名中只有一個第三方託管賬戶，前 50 名中可能只有 2 個。

So I think that was a little bit of an anomaly. And then I commented on this, but we do typically see kind of net outflows from existing commercial clients this time of year anyway for bonuses and distributions and personal taxes. So I don't think you're going to see any single depositor of this level that would move going forward.

所以我認為這有點反常。然後我對此發表了評論，但我們通常會看到現有商業客戶在每年的這個時候出現某種淨流出，用於獎金、分配和個人稅收。所以我認為你不會看到任何這種水平的單一存款人會繼續前進。

Your next question comes from the line of Andrew Liesch.

您的下一個問題來自 Andrew Liesch。

You've actually covered a lot of my questions that I've had, but just curious on the buyback, what are the thoughts around that and tap into the new authorization?

您實際上已經解決了我的很多問題，但只是對回購感到好奇，對此有何想法並利用新授權？

Andrew, this is Keene. What I'll say is we completed the prior authorization for the new one. And then I think you saw us kind of sit tight here on the $2 million, I think the continued pressure in AOCI. I think we just don't want to get caught behind that too far if longer-term rates continue to move up.

安德魯，這是基恩。我要說的是，我們完成了新的事先授權。然後我想你看到我們在 200 萬美元上坐穩了，我認為 AOCI 的持續壓力。我認為，如果長期利率繼續上漲，我們只是不想被拖得太遠。

So I think what you'll see is TCE will be a little bit of the guide there. And the good news is we're getting really good loan growth, and I'm optimistic that in the coming quarters, we'll get deposit expansion here and overall balance sheet growth, particularly as we hit late in the third and fourth quarter where we typically see some strength. So I think you'll see us be patient there, and we'll probably use TCE as a guide.

所以我認為你會看到TCE 將成為那裡的指南。好消息是我們的貸款增長非常好，我樂觀地認為，在接下來的幾個季度，我們將在這裡實現存款擴張和整體資產負債表增長，特別是在我們在第三和第四季度末達到我們通常會看到一些力量。所以我想你會看到我們耐心等待，我們可能會使用 TCE 作為指導。

I think we've been pretty articulate on this point. We don't love -- or I don't love TCE below 8%. We're okay with it where it is given cash balances and the strong earnings profile, but I think you're going to see us let it rebuild somewhat in the upcoming quarters and weeks, and we may decide to be opportunistic if we continue to get an unfavorable [tape]. But I don't think the dollar amount of anything we would do there would be substantial. Because over the last year, we did repurchase 2 million shares. And we think we did so favorably and opportunistically, but most of the pieces of the capital stack are kind of right at the optimal targets. So right now, and I think we just need to be mindful of potential impact on AOCI moving forward.

我認為我們在這一點上已經很清楚了。我們不喜歡——或者我不喜歡低於 8% 的 TCE。我們可以接受現金餘額和強勁的盈利狀況，但我認為你會看到我們讓它在接下來的幾個季度和幾週內有所重建，如果我們繼續這樣做，我們可能會決定投機取巧得到一個不利的[磁帶]。但我不認為我們會在那裡做的任何事情的美元金額會很大。因為去年我們確實回購了200萬股。而且我們認為我們這樣做是有利和機會主義的，但資本堆棧的大部分部分都在最佳目標上。所以現在，我認為我們只需要注意對 AOCI 前進的潛在影響。

(Operator Instructions) Your next question comes from Brian Martin.

（操作員說明）您的下一個問題來自 Brian Martin。

Sorry, I joined late. So Keene, if you covered some of this, maybe just let me know, and I'll go back and listen. Just kind of wanted to get your thoughts regarding kind of margin and repricing and just kind of how we think about that in kind of the deposit beta. So if you covered that, I'm happy to go back and listen. If you provide a little insight on that, that would be helpful.

抱歉，我加入晚了。所以基恩，如果你涵蓋了其中的一些內容，也許只是讓我知道，我會回去聽。只是想了解一下您對保證金和重新定價的看法，以及我們在存款測試版中對此的看法。因此，如果您對此進行了介紹，我很樂意回去聽。如果您對此提供一些見解，那將很有幫助。

Yes. I'll give you -- I'm not going to give you a margin. I'm going to give you Fed funds moves and what we think it happens in annualized run. So I think 75 basis points moving forward would equate to roughly 5% on the current run rate of net interest income, so that's a little bit north of $20 million.

是的。我會給你——我不會給你一點餘地。我將為您提供聯邦基金的走勢以及我們認為它在年度運行中會發生什麼。因此，我認為向前推進 75 個基點將相當於當前淨利息收入的大約 5%，所以這比 2000 萬美元略高一點。

And our modeling -- we're using just under a 50% beta, which is a little bit more conservative than what we experienced before. And I think in my comments, we indicated that we expected with the composition of the deposits, the beta to be better. And I think you can see that just based on the outflows we had in the quarter and our posture there, our behavior has changed as well to a degree, and we let some of those more sensitive accounts that existed previously go. And then also, we let the specialty DDA go that you'd say, well, how is that rate sensitive, but it was on an earnings credit or a deposit rebate program that's consistent with that industry.

而我們的建模——我們使用了不到 50% 的測試版，這比我們之前經歷的要保守一些。我認為在我的評論中，我們表示我們預計存款的組成，beta 會更好。而且我認為您可以看到，僅基於我們在本季度的流出情況和我們在那裡的姿態，我們的行為也在一定程度上發生了變化，我們讓之前存在的一些更敏感的賬戶消失了。然後，我們讓專業 DDA 去，你會說，好吧，利率如何敏感，但它是基於與該行業一致的收益信貸或存款回扣計劃。

So -- and then, Brian, the other comment I did make is that just sitting here today, we're going to get roughly another $3.5 million to $4 million of NII boost in the third quarter because the SBA portfolio reprices the first day of each period. So that will be a benefit even if nothing happens here in July, which -- I think something is going to happen, but also just be mindful of that as you're looking to have the 75 basis points impact -- third quarter as there will be a delay on that SBA portfolio.

所以 - 然後，布賴恩，我所做的另一條評論是，今天就坐在這裡，我們將在第三季度再獲得大約 350 萬至 400 萬美元的 NII 提振，因為 SBA 投資組合在第一天重新定價每個時期。因此，即使 7 月份這裡什麼都沒有發生，這也是一個好處，這 - 我認為會發生一些事情，但也要注意這一點，因為你希望產生 75 個基點的影響 - 第三季度在那裡將延遲該 SBA 投資組合。

And then maybe just a little bit of additional color most of the loans here with this next rate increase 50, 75 or 100 regardless will be off of the floors. And so even with the slightly reduced cash balance, we still feel good about net interest income dollars growth with future increases. You will see deposit costs lag just slightly up here in the quarter, but the dollars of growth reflect all that.

然後可能只是一點點額外的顏色，下一次加息 50、75 或 100 的大部分貸款都將被取消。因此，即使現金餘額略有減少，我們仍然對未來增加的淨利息收入增長感到滿意。您會看到本季度的存款成本略有上升，但增長的美元反映了這一切。

So I think we feel really bullish about both growth and the overall loans, deposits and securities books, and we're getting good origination yields there and new originations are boosting yields across the board there. So again, I think we feel like we're well positioned. So hopefully, that's some color that's helpful to you.

因此，我認為我們對增長和整體貸款、存款和證券賬簿感到非常看好，我們在那裡獲得了良好的初始收益率，而新的發起正在全面提高那裡的收益率。再說一次，我認為我們覺得我們處於有利地位。所以希望這是一些對你有幫助的顏色。

Yes. No, it is. And just the -- I guess you said this came that the loans didn't have floors. I mean they're effectively -- will all be through -- in this next hike, the one we just had in June, are all the loans through the floor, so you guys are at about 60% variable rates. So are all those loans moving now? Or is it just not -- they will be on the next hike is that what you said?

是的。不，是的。只是 - 我猜你說這是因為貸款沒有地板。我的意思是，在下一次加息中——我們剛剛在 6 月進行的一次加息中，它們實際上——將全部通過——是所有通過地板的貸款，所以你們的浮動利率約為 60%。那麼所有這些貸款現在都在流動嗎？還是不是——他們將在下一次徒步旅行中是你所說的嗎？

Yes. I think what I was trying to make sure of is that this July hike if it's at least 50 basis points. You want us to think about floors anymore? And so I think that number is roughly $350 million to $400 million are still on a floor that's kind of, call it, 50 bps or more. And those will be lifted off here with another increase as long as it is in line with, I think, general expectations?

是的。我想我試圖確定的是，如果它至少是 50 個基點，那麼今年 7 月的加息。你想讓我們再考慮地板嗎？所以我認為這個數字大約是 3.5 億美元到 4 億美元，仍然處於大約 50 個基點或更高的水平。只要符合我認為的普遍預期，這些將在這裡再次增加？

Your next question comes from the line of Damon DelMonte.

您的下一個問題來自 Damon DelMonte。

Similar to Brian, I was dancing between calls as well. So I did catch a little bit, Keene, of your commentary about expenses and kind of the forward look there. Could you just kind of repeat what you had said on that?

與布賴恩類似，我也在通話之間跳舞。所以我確實聽懂了一點，Keene，你對費用的評論和那裡的前瞻性。你能重複一下你剛才說過的話嗎？

Yes. I think we're running right now at about $65 million a quarter. I think we think that that's going to step up pretty meaningfully. And it's really driven by the servicing expenses on the specialized deposits. So we think that stepping up in the third and into the fourth quarter that you're going to be somewhere about $67 million to $69 million, which is just slightly higher than what we had indicated last quarter. And the reason is that I think we got a little bit higher rate hike here in June, which is driving a little bit more on the ECR side.

是的。我認為我們現在每季度的收入約為 6500 萬美元。我認為我們認為這將非常有意義地加強。它實際上是由專門存款的服務費用驅動的。因此，我們認為，在第三季度和第四季度，你的收入將在 6700 萬至 6900 萬美元之間，略高於我們上一季度的預期。原因是我認為我們在 6 月份的加息幅度更高，這在 ECR 方面推動了更多。

And so with another July increase that going to be probably 75 to 100 basis points. I think we need to kind of push that quarterly run rate up because it does have an impact on the -- what we call the servicing expense related to those items.

因此，隨著 7 月的另一次增長，可能會增加 75 到 100 個基點。我認為我們需要提高季度運行率，因為它確實會對我們所說的與這些項目相關的服務費用產生影響。

Got it. Okay. That's helpful. And then with regards to the provision going forward, if you continued strong loan growth opportunities for you guys, how are you thinking about provision over the back half of the year?

知道了。好的。這很有幫助。然後關於未來的撥備，如果你們繼續為你們提供強勁的貸款增長機會，你們如何看待下半年的撥備？

Yes. So it's a really tough question to answer. I think I'll say a couple of things. First and foremost, we didn't reduce from the 2020 build as much as maybe others have in the industry, and really worked hard to hold that reserve in there. And we believe there was some uncertainty. We just didn't know where it was.

是的。所以這是一個很難回答的問題。我想我會說幾件事。首先，我們並沒有像業內其他公司那樣減少 2020 年的建造量，並且真的很努力地在那裡保持儲備。我們認為存在一些不確定性。我們只是不知道它在哪裡。

With the Moody's forecast continuing to reflect some of those factors, where we've moved some of the things that were previously qualitative into that forecast, but we still have about $40 million of qualitative. And I think the challenge or the confusing part here is that we've got such outstanding credit quality that it's hard to justify building additional allowance based on those factors, and the forecast continues to move around. And I think we have a lot of clamoring, but really no signs per se that, that credit is going to get worse.

由於穆迪的預測繼續反映其中的一些因素，我們將之前定性的一些因素轉移到該預測中，但我們仍有約 4000 萬美元的定性。而且我認為這裡的挑戰或令人困惑的部分是，我們的信用質量如此出色，以至於很難證明基於這些因素增加額外津貼是合理的，並且預測繼續變化。而且我認為我們有很多叫囂，但實際上沒有任何跡象表明，信用會變得更糟。

So my view would be that at least for the next quarter and maybe even into the fourth quarter, unless we get a lot of additional clarity, we have the opportunity to let coverage maybe slide down just slightly for a combination of a worsening forecast, but still really strong credit and asset quality. And if we get any other indicators that are different than that might cause us to build the allowance more aggressively. But I wouldn't think we would bring it down or have any negatives moving forward, barring some substantial decline or some material recoveries that affect the allowance itself.

因此，我的觀點是，至少在下一季度甚至可能到第四季度，除非我們獲得更多的明確性，否則我們有機會讓覆蓋率可能略微下滑，以應對不斷惡化的預測，但信用和資產質量仍然非常強勁。如果我們得到任何與此不同的其他指標，可能會導致我們更積極地建立配額。但我不認為我們會降低它或向前推進任何負面因素，除非出現一些大幅下降或一些影響配額本身的物質恢復。

So hopefully, that's clear. And if not, please just push back with another question.

所以希望，這很清楚。如果沒有，請回過頭來提出另一個問題。

No. That's -- and it wasn't an easy question to answer.

不，那是 - 這不是一個容易回答的問題。

(Operator Instructions) There are no further questions at this time. Mr. Lally, I turn the call back over to you.

（操作員說明）目前沒有其他問題。拉利先生，我把電話轉給你。

Rex, thank you, and thank you to all of you for joining us today and for your interest in our company, and we look forward to speaking to you again at the end of the next quarter. Take care.

Rex，謝謝你們，感謝你們今天加入我們，感謝你們對我們公司的興趣，我們期待在下個季度末再次與你們交談。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。