FB Financial Corp (FBK) 2025 Q2 法說會逐字稿

Good morning and welcome to FB Financial Corporation's second-quarter 2025 earnings conference call. Hosting the call today from FB Financial are Chris Holmes, President and Chief Executive Officer; and Michael Mettee, Chief Financial Officer. Also joining the call for the question-and-answer session is Travis Edmondson, Chief Banking Officer.

早安，歡迎參加 FB Financial Corporation 2025 年第二季財報電話會議。今天主持 FB Financial 電話會議的是總裁兼執行長 Chris Holmes 和財務長 Michael Mettee。首席銀行官特拉維斯·埃德蒙森 (Travis Edmondson) 也參加了問答環節。

Please note, FB Financial's earnings release, supplemental financial information, and this morning's presentation are available on the Investor Relations page of the company's website at www.firstbankonline.com, and on the Securities and Exchange Commission's website at www.sec.gov.

請注意，FB Financial 的收益報告、補充財務資訊以及今天上午的簡報可在公司網站 www.firstbankonline.com 的投資者關係頁面和美國證券交易委員會網站 www.sec.gov 上查閱。

Today's call is being recorded and will be available for replay on FB Financial's website approximately an hour after the conclusion of the call. (Operator Instructions)

今天的電話會議正在錄音中，會議結束後約一小時即可在 FB Financial 網站重播。（操作員指示）

During this presentation, FB Financial may make comments which constitute forward-looking statements under the Federal securities law. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks, uncertainties, and other factors that may cause actual results and performance or achievements of FB Financial to differ materially from any results expressed or implied by such forward-looking statements.

在本次演示中，FB Financial 可能會發表構成聯邦證券法規定的前瞻性聲明的評論。前瞻性聲明是基於管理階層目前的預期和假設，並受風險、不確定性和其他因素的影響，這些因素可能導致 FB Financial 的實際結果和績效或成就與此類前瞻性陳述表達或暗示的任何結果有重大差異。

Many such factors are beyond FB Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements. A more detailed description of these and other risks that may cause actual results to materially differ from expectations is contained in FB Financial's periodic and current reports filed with the SEC, including FB Financial's most recent Form 10-K.

許多此類因素超出了 FB Financial 的控製或預測能力，因此提醒聽眾不要過度依賴此類前瞻性陳述。有關這些風險以及其他可能導致實際結果與預期存在重大差異的風險的更詳細描述，包含在 FB Financial 向美國證券交易委員會提交的定期和當前報告中，包括 FB Financial 最新的 10-K 表格。

Except as required by law, FB Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation whether as a result of new information, future events, or otherwise. In addition, these remarks may include certain non-GAAP financial measures as defined by SEC Regulation G.

除法律要求外，FB Financial 不承擔因新資訊、未來事件或其他原因而更新或修改本簡報中包含的任何前瞻性聲明的義務。此外，這些評論可能包括美國證券交易委員會 G 條例定義的某些非公認會計準則財務指標。

A presentation of the most directly comparable GAAP financial measures and a reconciliation of the non-GAAP measures to comparable GAAP measures is available in FB Financial's earnings release, supplemental financial Information, and this morning's presentation which are available on the Investor Relations page of the company's website at www.firstbankonline.com, and on the SEC's website at www.sec.gov.

FB Financial 的收益報告、補充財務資訊和今天上午的簡報中提供了最直接可比較的 GAAP 財務指標以及非 GAAP 指標與可比較 GAAP 指標的對帳表，這些資訊可在公司網站 www.firstbankonline.com 的投資者關係頁面和美國證券交易委員會網站 www.sec.gov 上找到。

I would now like to turn the presentation over to Mr. Chris Holmes, FB Financial's President and CEO.

現在，我想將演講交給 FB Financial 總裁兼執行長 Chris Holmes 先生。

Right. Good morning, Betsy, and thank you to everyone for joining us on the call this morning, and thank you for your interest in FB Financial. For the quarter, we reported EPS of $0.06 and we had and adjusted EPS of $0.88. We've grown our tangible book value per share, excluding the impact of AOCI at a compound annual growth rate of 12.2% since our IPO.

正確的。早安，貝琪，感謝大家今天早上參加我們的電話會議，也感謝你們對 FB Financial 的關注。本季度，我們的每股盈餘為0.06美元，調整後每股盈餘為0.88美元。剔除AOCI的影響，我們的每股有形帳面價值自IPO以來的複合年增長率為12.2%。

The second quarter turned out to be a very busy quarter at First Bank and across the industry. At First Bank, the quarter began on the heels of our merger announcement with Southern States on March 31. The very next day, our teams hit the ground running and we quickly deployed our integration working group, began the regulatory application process and started mapping out systems, processes, and people across the two organizations.

第二季對於第一銀行乃至整個產業來說都是非常繁忙的一個季度。在第一銀行，本季開始前我們於 3 月 31 日宣布與南方各州合併。第二天，我們的團隊就開始行動，我們迅速部署了整合工作小組，開始了監管申請流程，並開始規劃兩個組織之間的系統、流程和人員。

I'm particularly proud of the teams from both companies and their responsiveness and ability to execute in such a short period of time -- in such a short time frame. Within approximately 90 days, we announced the merger, applied for and received regulatory approval, and legally closed the transaction. In addition to closing the transaction, we put ourselves on track to fully convert systems, rebrand locations and markets, and integrate teams by the end of Q3.

我對兩家公司的團隊以及他們在如此短的時間內所表現出的響應能力和執行能力感到特別自豪。在大約 90 天內，我們宣布了合併，申請並獲得了監管部門的批准，並合法完成了交易。除了完成交易之外，我們還計劃在第三季末之前全面轉換系統、重塑地點和市場並整合團隊。

During this quarter's execution, we're also very diligent about continuing to update our acquisition playbook. So we're compounding knowledge from each transaction. We're set up very well to continue to pursue opportunities like the one with Southern States.

在本季的執行過程中，我們也非常勤奮地持續更新我們的收購策略。因此，我們從每筆交易中累積知識。我們已經做好了充分的準備，可以繼續尋求與南方各州類似的合作機會。

Simultaneously to the efforts on the transaction, April 2 brought some major news from -- for global economy and markets in our communities. Policy announcements out of Washington, the Liberation Day began impacting trade policy and financial markets with the announcement of reciprocal tariffs across a broad range of goods and impacting a host of nations that trade with the US.

在努力完成交易的同時，4 月 2 日也傳來了一些關於全球經濟和我們社區市場的重大消息。華盛頓在解放日發布的政策聲明開始影響貿易政策和金融市場，宣布對多種商品徵收互惠關稅，並影響許多與美國有貿易往來的國家。

Financial markets saw increased volatility on the news, and we began reviewing and dissecting customer profiles to identify those that might be impacted by these policies. As the US engaged in trade negotiations and made announcements of tariff delays and newly negotiated deals, we saw increased speculation in markets and volatility during the quarter.

受該消息影響，金融市場波動加劇，我們開始審查和分析客戶資料，以確定哪些客戶可能會受到這些政策的影響。隨著美國參與貿易談判並宣布推遲徵收關稅和達成新的談判協議，我們看到本季市場投機情緒加劇，波動性增加。

Today, it seems like the financial markets have digested this activity along with other geopolitical events and have become a bit more optimistic on the path forward, and our view matches that optimism. As I stated in the last quarter, whether we're faced with prosperity or uncertainty, we stick to our core beliefs, and our mission remains to build a better future for our customers, associates, communities, and shareholders.

今天，金融市場似乎已經消化了這項活動以及其他地緣政治事件，並對未來的道路變得更加樂觀，我們的觀點也與這種樂觀情緒相符。正如我在上個季度所說，無論我們面臨繁榮或不確定性，我們都堅持我們的核心信念，我們的使命仍然是為我們的客戶、同事、社區和股東創造更美好的未來。

History shows that times of uncertainty or change bring the greatest opportunities -- some of the greatest opportunities for success. For those that are disciplined and prepared, our teams are smart and capable. Our foundation is solid, and our geography is favorable. It's because of these things that we have confidence regardless of the economic conditions or financial landscape.

歷史表明，不確定或變化的時期會帶來最大的機會——一些最大的成功機會。對於那些紀律嚴明、準備充分的人來說，我們的團隊是聰明且有能力的。我們的基礎穩固，地理條件優越。正是由於這些因素，無論經濟狀況或金融狀況如何，我們都有信心。

In the midst of quarter filled with distractions and heavier workloads across our executive administration -- administrative and operational teams, at the front line, we were still able to deliver a solid order of operating results. In addition to the activities I've acknowledged, we also executed a significant securities transaction in the quarter, selling approximately $266 million of our investment securities at a pre-tax loss of $60 million.

在這個充滿幹擾和工作量增加的季度中，我們的行政管理團隊（行政和營運團隊）在第一線仍然能夠提供穩健的營運績效。除了我已經承認的活動之外，我們還在本季進行了一項重大證券交易，出售了約 2.66 億美元的投資證券，稅前虧損 6,000 萬美元。

The impact of this transaction seen in our GAAP -- throughout our GAAP results for the quarter where we reported pre-tax, pre-provision net revenue of a negative $4.4 million and net income of $2.9 million on an adjusted basis which primarily emanates the one-time events like the securities trade, our pre-tax pre-provision net revenue was $58.6 million which was a PPNR ROA of 1.81% and net income of $40.8 million.

此次交易的影響體現在我們的 GAAP 中——在本季度的 GAAP 業績中，我們報告的稅前、撥備前淨收入為負 440 萬美元，調整後的淨收入為 290 萬美元，這主要源於證券交易等一次性事件，我們的稅前、撥備前淨收入為 5860 萬美元，PPNR ROA 為 1810 萬美元，

During the quarter, we grew both sides of the balance sheet on a period-ending basis. We grew loans at an annualized rate of 4.2%, and deposits at an annualized rate of 7.2% of growth numbers, while better than most, we consider to be pedestrian, but we continue to be optimistic about the second half of '25 and 2026, given the economic outlook, market strength, and pipeline activity.

在本季度，我們的資產負債表的兩端都以期末計算實現了成長。我們的貸款年增率為 4.2%，存款年增率為 7.2%，雖然比大多數國家都好，但我們認為這些成長速度很平淡，但考慮到經濟前景、市場實力和管道活動，我們仍然對 2025 年下半年和 2026 年持樂觀態度。

Our annualized growth in the first six months of the year was 5.6% in loans held for investment, and 3.4% in total deposits, and we remain on track for the mid- to high-single-digit growth targets we have for ourselves. As I look forward to the second half of the year and 2026, I'm very bullish on three key areas for the company: our earnings profile, our growth prospects, and our balance sheet strengths, all of which enable us to grow value for our shareholders.

今年上半年，我們的投資貸款年化成長率為 5.6%，總存款年化成長率為 3.4%，我們仍有望實現我們為自己設定的中高個位數成長目標。展望今年下半年和 2026 年，我對公司的三個關鍵領域非常樂觀：我們的獲利狀況、我們的成長前景和我們的資產負債表實力，所有這些都使我們能夠為股東創造價值。

First, on our earnings profile, in the near term, the transaction with Southern States adds immediate scale and accretive earnings to the company. And with our speedy deal execution, we'll begin to see positive impacts from the deal in the third quarter. In the long term, this deal strengthens our franchise in key cities where we operate today, principally Birmingham and Huntsville, while also expanding our franchise continuously into new markets in Georgia and Alabama.

首先，根據我們的獲利狀況，短期內，與南方各州的交易將為公司帶來直接的規模和增值收益。隨著我們快速執行交易，我們將在第三季開始看到該交易的正面影響。從長遠來看，這筆交易將加強我們在目前經營的主要城市（主要是伯明罕和亨茨維爾）的特許經營權，同時也將不斷擴大我們的特許經營權，進入喬治亞州和阿拉巴馬州的新市場。

With these markets -- these new markets actually include a number of communities with strong growth prospects benefiting from their adjacency to Metro Atlanta. Additionally, this quarter's securities restructure transaction further adds to our earnings momentum for both the second half of 2025 and '26.

這些新市場實際上包括許多因毗鄰亞特蘭大都會區而具有強勁成長前景的社區。此外，本季的證券重組交易進一步增強了我們 2025 年下半年和 2026 年的獲利動能。

Secondly, our growth prospects. Our growth is one of the foundations of success in banking and broadly comes in two forms: organic and inorganic, and we're bullish on both forms. Organically, our markets continue to present us with opportunities to hire talented professionals and grow our new relationships. We also see opportunities on the horizon to capitalize on market disruption coming from upstream M&A activity across the industry. These put us in an enviable position.

其次，我們的成長前景。我們的成長是銀行業成功的基礎之一，大致有兩種形式：有機成長和無機成長，我們對這兩種形式都持樂觀態度。從本質上講，我們的市場繼續為我們提供聘用優秀專業人士和發展新關係的機會。我們也看到了利用整個產業上游併購活動帶來的市場混亂的機會。這些使我們處於令人羨慕的地位。

Inorganically, we're in a favorable position to see additional opportunities similar to the deal we just closed in July, earlier this month. And finally, we continue to be in a solid position on capital, liquidity, and credit. As a result, we're able to be on our toes and playing offense at a time when competitive market forces remain challenging to navigate for banks. The regulatory environment is reasonable, and bank valuations could get closer to historical levels. We think these conditions present opportunities and we're excited about those possibilities.

從本質上講，我們處於有利地位，可以看到類似於我們本月早些時候 7 月剛剛完成的交易的更多機會。最後，我們的資本、流動性和信貸狀況持續保持穩固。因此，當銀行在激烈的市場競爭中難以自拔時，我們能夠保持警惕並主動出擊。監管環境合理，銀行估值可能更接近歷史水準。我們認為這些條件帶來了機遇，我們對這些可能性感到興奮。

With that, I'm now going to turn it over to Michael Mettee, our CFO, to provide a deeper look at our financial results for the quarter, as well as commentary around our guidance going into the second half of the year. Michael?

現在，我將把時間交給我們的財務長 Michael Mettee，讓他深入了解我們本季的財務業績，並對我們下半年的指導進行評論。麥可？

Thank you, Chris, and good morning, everyone. As Chris mentioned, it's been a busy quarter at First Bank. I'll take a few minutes to walk through this quarter's earnings and then I'll provide some forward-looking commentary on the second half of the year.

謝謝你，克里斯，大家早安。正如克里斯所提到的，第一銀行這是一個繁忙的季度。我將花幾分鐘時間介紹本季的收益，然後對下半年提供一些前瞻性的評論。

Net income on a reported basis for the quarter was $2.9 million or $40.8 million on an adjusted basis, the large disparity being the securities loss that Chris referenced earlier. On net interest income and margin, we reported net interest income of $111.4 million, which represents a 3.5% increase from the prior quarter and an 8.6% increase from the same quarter last year.

本季報告淨收入為 290 萬美元，調整後淨收入為 4,080 萬美元，其中巨大的差異就是克里斯先前提到的證券損失。在淨利息收入和利潤率方面，我們報告的淨利息收入為 1.114 億美元，比上一季成長 3.5%，比去年同期成長 8.6%。

On a tax equivalent basis, we expanded our margin by 13 basis points in the quarter from 3.55% to 3.68%. We achieved this through a mix of loan growth and the cost of funds management, namely through managing down higher cost, non-relationship-based deposits. And on a dollar basis, we also benefited from an additional day in the quarter.

以稅收等值計算，本季我們的利潤率提高了 13 個基點，從 3.55% 提高到 3.68%。我們透過貸款成長和資金管理成本的結合實現了這一目標，即透過降低成本較高、非關係型存款。從美元計算，我們也受益於本季的額外一天。

In non-interest income, we reported a loss of $34.6 million and that's a result of the $60 million securities trade. Absent the loss, our core non-interest income was $25.8 million, which represents a 9% increase over the last quarter and an 8% increase over the same quarter last year. These gains were led by stronger swap fees, higher mortgage banking revenue, and a number of other increases across our fee categories.

在非利息收入方面，我們報告的損失為 3,460 萬美元，這是 6,000 萬美元證券交易的結果。除去虧損，我們的核心非利息收入為 2,580 萬美元，比上一季成長 9%，比去年同期成長 8%。這些收益主要源自於掉期費的增加、抵押貸款銀行收入的增加以及我們各項費用類別的其他一些增長。

On the security sale, we decided to sell a group of securities that were earning 1.6% or so in aggregate. We'll do a couple of things with those proceeds. First, we'll look to redeem our sub debt and our trust preferred in the third quarter. And second, we'll retain the remaining capital in cash as a way to sort of front run our loan growth needs going into the second half of 2025.

在證券銷售方面，我們決定出售一組總收益約 1.6% 的證券。我們將利用這些收益做一些事情。首先，我們將在第三季贖回我們的次級債務和信託優先股。其次，我們將保留剩餘的現金資本，以滿足 2025 年下半年的貸款成長需求。

Towards the end of June, new loan yields were coming in north of 7%. So all in, we estimate this transaction and our planned deployment of funds to give us a yield pickup of approximately 6% with a payback period of less than four years.

截至六月底，新增貸款收益率已超過7%。總而言之，我們估計這筆交易和我們計劃的資金部署將為我們帶來約 6% 的收益率，回收期不到四年。

Looking at expenses, we reported total non-interest of expense of $81.3 million or $78.5 million on an adjusted basis. Our reported number includes $2.7 million of merger and integration costs, and you can expect to see that line-item peak in the third quarter as we've now closed the transaction and will soon convert and integrate Southern States and First Bank systems on the unified platforms. On an adjusted basis, our core efficiency ratio improved to 56.9% from last quarter's 59.9%, and the same quarter last year where we reported 58.3%.

從支出來看，我們報告的非利息支出總額為 8,130 萬美元，調整後為 7,850 萬美元。我們報告的數字包括 270 萬美元的合併和整合成本，您可以預期該項目將在第三季度達到峰值，因為我們現在已經完成交易，並且很快將在統一平台上轉換和整合南方各州和第一銀行的系統。經過調整後，我們的核心效率比率從上一季的 59.9% 和去年同期的 58.3% 提高至 56.9%。

Last quarter, we had some seasonal HR-related expenses for stock compensation, and those did not repeat this quarter. This was partially offset by increased salary expense for the first full quarter of annual merit and increased head count production-based roles within the organization.

上個季度，我們有一些與人力資源相關的季節性股票薪資支出，而本季沒有重複出現。這部分被年度績效第一季的工資支出增加和組織內生產崗位員工數量的增加所抵消。

Moving on to credit, I first want to highlight, and you'll see the mention in our deck, that we migrated to a new allowance model during the quarter. Our new model is designed to increase the granularity of our inputs, improve the precision of our forecasts, and enhance our ability to review and challenge model results. We'll count for this change in estimate, and you can expect to see the disclosures affecting our 10-Q filing in August.

談到信貸，我首先想強調的是，您會在我們的簡報中看到，我們在本季遷移到了新的配額模式。我們的新模型旨在增加輸入的粒度，提高預測的精度，並增強我們審查和挑戰模型結果的能力。我們將考慮這一估計變化，您可以預期在 8 月看到影響我們 10-Q 文件的揭露。

While there were some movements between the underlying components, in the aggregate, the model change had a net impact to the company's reserves of approximately $395,000. Provision expense for the quarter was $5.3 million, which includes the $395,000 for the model change. The remaining amount was driven by loan growth in the quarter along with updated forecast assumptions in the model.

雖然基礎組成部分之間存在一些變動，但總體而言，模型變化對公司儲備的淨影響約為 395,000 美元。本季的撥備支出為 530 萬美元，其中包括 39.5 萬美元的車型變更費用。剩餘金額是由本季的貸款成長以及模型中更新的預測假設所推動的。

The ending balance of the allowance for loan losses was $149 million or 1.51% for our loans held for investment balance compared to $151 million or 1.54% last quarter. The ending balance in the reserve for unfunded commitments was $12.9 million, and the increase was largely driven by the model change.

貸款損失準備金的期末餘額為 1.49 億美元，佔投資貸款餘額的 1.51%，而上一季為 1.51 億美元，佔 1.54%。未撥付承諾準備金的期末餘額為 1,290 萬美元，其增加主要是由於模型變更所致。

Charge-off levels were muted this quarter as we reported $481,000 in net charge-offs or an annualized net charge-off rate of about 2 basis points. Non-performing loan balances did increase this quarter as we had three large credits migrate into that classification. We've been monitoring these credits for a few quarters now. Each is well secured, and we believe the lost content within each of those to be negligible.

本季的沖銷水準較低，我們報告的淨沖銷金額為 481,000 美元，年化淨沖銷率約為 2 個基點。本季不良貸款餘額確實有所增加，因為我們有三筆大筆貸款轉入該類別。我們已經監控這些信用幾個季度了。每個文件都得到了很好的保護，我們相信其中丟失的內容可以忽略不計。

To close out my commentary on the income statement, I'll take a minute to touch on taxes for the quarter. This quarter, our total tax number was a benefit, driven by a few key components. First, our reported pre-tax income figure for the quarter was negative as a result of the $60 million securities loss that I previously touched on, which created a tax benefit. Second, we had a one-time tax benefit of approximately $10.7 million in our tax line related to the statute of limitations expiring on an amended tax filing.

為了結束對損益表的評論，我將花一點時間來談談本季的稅收。本季度，我們的總稅收數字是盈利的，這得益於幾個關鍵因素。首先，由於我之前提到的 6000 萬美元的證券損失，我們本季報告的稅前收入為負數，這產生了稅收優惠。其次，我們在稅收方面獲得了約 1,070 萬美元的一次性稅收優惠，這與修改後的報稅時效到期有關。

The filing was handed properly and in a timely manner by the company, but ultimately, it was not accepted by the IRS, resulting in the return of funds to the company. In total, the return amount was $8.7 million, and additionally, we released $2 million in accrued interest on the previously owed amounts which we released through tax expense upon the closure of the matter.

該公司及時正確地提交了申報表，但最終美國國稅局沒有接受，導致資金被退回。總計退還金額為 870 萬美元，此外，我們還釋放了 200 萬美元先前欠款的應計利息，並在此事結束後透過稅款釋放了這些利息。

Looking at the balance sheet, we did see both loan and deposit growth during the quarter on an ending balance basis, but we expected more. As Chris outlined, this quarter did bring unexpected macroeconomic headwinds, and as a result, we did see a number of deals in our pipeline get pushed in the second half of 2025 as many customers took a temporary wait-and-see approach to the uncertain and volatile market conditions.

從資產負債表來看，我們確實看到本季貸款和存款在期末餘額上都有成長，但我們預計還會有更多成長。正如克里斯所概述的，本季度確實帶來了意想不到的宏觀經濟逆風，因此，由於許多客戶對不確定和動蕩的市場狀況採取了暫時的觀望態度，我們確實看到我們正在進行的許多交易在 2025 年下半年被推遲。

Loan growth in the quarter was concentrated within residential mortgage buckets as [1-to-4] family and lines of credit increased $56 million in aggregate, as well as commercial real estate non-owner-occupied balances which increased $45 million.

本季的貸款成長集中在住宅抵押貸款領域，[1 至 4] 家庭和信用額度總計增加了 5,600 萬美元，商業房地產非自住貸款餘額增加了 4,500 萬美元。

On deposits, we saw an uptick in both non-interest bearing and money market accounts as our community and metro banking teams continued to focus on growing relationships across the footprint. And broker deposits were up in the quarter, which was largely a product of our liquidity management strategy. And interest-bearing checking was down as we deliberately managed down a pool of higher cost non-relationship deposits.

在存款方面，隨著我們的社區和城市銀行團隊繼續致力於在整個業務範圍內發展關係，我們看到無利息帳戶和貨幣市場帳戶均有所上升。本季經紀人存款增加，主要是我們流動性管理策略的產物。由於我們有意減少成本較高的非關係存款，因此有利息的支票存款也減少了。

Looking at average balances in the quarter, we did see the balance sheet shrink as we saw a decline in both total assets and total liabilities, primarily due to the timing of balance movements within the quarter. Averages were impacted by the deliberate runoff of higher cost deposits that I just mentioned, which also drove the average balance decline in cash.

從本季的平均餘額來看，我們確實看到資產負債表縮水，因為我們看到總資產和總負債均下降，這主要是由於本季內餘額變動的時間。平均值受到了我剛才提到的高成本存款的故意流失的影響，這也導致現金平均餘額下降。

Conversely, ending balances were impacted in large part by a large short-term public funds deposit that we retained in cash due to its short-term nature. Also reflected in cash for the proceeds from the securities sale, which we'll deploy in due time. Both of those transactions took place right near quarter end.

相反，期末餘額在很大程度上受到我們以現金保留的大量短期公共資金存款的影響，因為這些存款具有短期性質。證券出售所得的現金也得到體現，我們會適時部署。這兩筆交易均發生在季度末附近。

All right, so I'll take a moment to provide some thoughts on full-year '25 with the completion of the Southern States merger on July 1. Our view going forward will be on a combined basis and obviously we'll be working through some combination, the most efficient, effective way possible. The timing of the levers we're pulling may vary as we get into the conversion.

好的，我將花點時間談談對 2025 年全年的一些想法，南方各州合併將於 7 月 1 日完成。我們未來的觀點將是綜合性的，顯然我們將透過某種組合，以最有效的方式進行工作。當我們進入轉換階段時，我們拉動槓桿的時間可能會有所不同。

On net interest margin, we expect our net interest margin to be in the 3.70%, 3.80% range back half of the year. That includes the reinvestment of proceeds from the securities sale this quarter and the incorporation of Southern State's balance sheet. The team in Southern States obviously was also very busy in the quarter, and they restructured their investment portfolio, using the funds to pay off wholesale and broker deposits, and optimizing capital treatment associated with their investment portfolio. The remaining proceeds from the investment sales will be utilized in the combined company to reinvest into loan growth.

就淨利差而言，我們預計今年下半年淨利差將在 3.70% 至 3.80% 之間。其中包括本季證券出售收益的再投資以及南方州資產負債表的納入。南部各州的團隊在本季顯然也非常忙碌，他們重組了投資組合，利用資金償還批發和經紀存款，並優化與其投資組合相關的資本處理。投資銷售的剩餘收益將用於合併後的公司，重新投資於貸款成長。

In non-interest income, we expect to see modest growth across various lines as we remain focused on increasing total relationships, and from a non-interest expense standpoint, we continue to have confidence in our modeled cost saves that equate to approximately 25% of Southern States' annual non-interest expense. As a result, our banking non-interest expense should land between $285 million to $295 million for the full-year '25.

在非利息收入方面，我們預計各個項目都會出現適度增長，因為我們仍然專注於增加總體關係，而從非利息支出的角度來看，我們仍然對我們的模型成本節省充滿信心，這相當於南方各州年度非利息支出的約 25%。因此，2025 年全年我們的銀行非利息支出應在 2.85 億美元至 2.95 億美元之間。

On a combined First Bank and Southern states basis, we anticipate our core banking efficiency ratio to be in the low 50s by the fourth quarter, and achieve our targeted 50% efficiency ratio in 2026. Southern States' standalone efficiency ratio is historically lower than ours, and in the near term, we'll also begin to see the benefits of deal synergies that we previously modeled.

綜合第一銀行和南部各州的情況，我們預計到第四季度，我們的核心銀行效率比率將達到 50% 以下，並在 2026 年實現 50% 的效率比率目標。南方各州的獨立效率比率歷來低於我們，在短期內，我們也將開始看到我們先前模擬的交易協同效應的好處。

Simultaneously, in our legacy First Bank franchise, we continue to drive our teams toward internal expense goals, which are more aggressive than some of the outside expectations. Acknowledging that we did have extra noise in our tax limelight in this quarter, I want to reiterate a forecast that affected tax rate in that 21% to 23% range for the remainder of the year.

同時，在我們傳統的第一銀行特許經營權中，我們繼續推動我們的團隊實現內部支出目標，這些目標比一些外部預期更為積極。我承認本季我們的稅收焦點確實受到了額外的干擾，我想重申一下影響今年剩餘時間稅率在 21% 至 23% 範圍內的預測。

On the balance sheet, we'll continue with our strategy of working down non-core high costs deposits, which will weigh on our average earning assets and, by year end, will be offset by core loan and deposit growth. And then finally on capital and liquidity, we'll continue to deploy our excess capital in meaningful ways to drive shareholder value while continuing to maintain a safe and sound position for our company.

在資產負債表上，我們將繼續執行減少非核心高成本存款的策略，這將對我們的平均收益資產造成壓力，到年底，將被核心貸款和存款的成長所抵消。最後，在資本和流動性方面，我們將繼續以有意義的方式部署我們的過剩資本，以推動股東價值，同時繼續保持公司的安全和穩健地位。

And with that, I will pass the call back to Chris.

說完這些，我會把電話轉回給克里斯。

All right, thanks for the call, Michael. And as you just heard, we did have a lot of moving pieces in the quarter. Even with the added layers of various one-time items, our team was able to deliver strong core earnings all while preparing for the closing of a of a large transaction.

好的，謝謝你的來電，麥可。正如您剛才聽到的，本季我們確實有很多變動。即使增加了各種一次性項目，我們的團隊仍然能夠在準備完成一筆大額交易的同時實現強勁的核心收益。

I'm proud of the way our team was able to walk and chew gum this quarter, and you'll continue to see that versatility from our team as we move forward. Thank you again for your interest in FB Financial, and operator, at this time we open it for questions.

我為我們團隊本季能夠積極進取的方式感到自豪，隨著我們繼續前進，您將繼續看到我們團隊的多才多藝。再次感謝您對 FB Financial 和營運商的關注，現在我們開放提問。

(Operator Instructions) Catherine Mealor, KBW.

（操作員指示）Catherine Mealor，KBW。

My first question was just to circle back on your margin guide of the 3.70% to 3.80%. So, just kind of thinking about how I model the balance sheet going into next quarter. So it looks like you said from SSBK you've restructured or sold most of that bond book and then of course we'll have the reduction in securities from your own restructuring this quarter.

我的第一個問題是回顧您的 3.70% 至 3.80% 的保證金指南。所以，我只是在思考如何模擬下個季度的資產負債表。因此，看起來您從 SSBK 那裡說過，您已經重組或出售了大部分債券帳簿，然後當然，本季度我們將從您自己的重組中減少證券。

So is it fair to say in terms of bonds where -- like we shouldn't bring over basically any securities from SSBK and then model kind of reduction from the bond sale and then all those proceeds are going to lower borrowings, and then up until loan growth. Is that an appropriate way to think about that?

那麼，就債券而言，公平地說——我們不應該從 SSBK 引入任何證券，然後模擬債券銷售的減少，然後所有這些收益都將用於降低借款，直到貸款成長。這是思考這個問題的適當方式嗎？

Yeah, that's right, Catherine, and we're bringing over virtually nothing from the investment portfolio other than the small slug of [held to] maturity that we're moving to AFS. Keep in mind their investment portfolio had a had a yield of around [440], which is basically where it's sitting in cash. So it's much more about paying down brokered. The risk weighting on the investment portfolio was a little bit higher than we typically have at FBK and so there was some capital optimization. And then over the back half of the year pending the timing on loan growth is where we'll deploy the rest of those funds and ours.

是的，凱瑟琳，沒錯，除了轉移到 AFS 的一小部分到期持有資產外，我們幾乎沒有從投資組合中帶來任何東西。請記住，他們的投資組合的收益率約為 [440]，基本上就是其現金狀況。因此，這更多的是關於支付經紀費用。投資組合的風險權重比 FBK 通常的要高一些，因此實現了一些資本優化。然後，在今年下半年，我們將根據貸款成長的時機部署剩餘的資金和我們的資金。

Okay, that's great. And then on loan growth, can you talk a little bit about -- you reiterated the mid- to high-single-digit growth. Can you just talk a little bit about the pipeline? And I know, Chris, you mentioned a few credits that you thought would close in the second quarter but got pushed to the back half of the year. Are these still credits that you think will fund, it's just kind of a timing thing or just I would love to hear your commentary on what your clients are doing right now.

好的，太好了。然後關於貸款成長，您能否稍微談談——您重申了中高個位數的成長。能簡單談談管道的情況嗎？我知道，克里斯，你提到了一些你認為會在第二季結束但被推遲到下半年的學分。您認為這些仍然是可以獲得資助的信貸嗎？這只是一個時間問題，或者我只是很想聽聽您對客戶目前正在做的事情的評論。

Yeah, so we continue -- we really haven't changed our outlook from conversations that we've had with -- either on previous calls or with different times we've met with investors during investor meetings. We still think we're kind of a mid- to high-single-digit. Quarters -- as you all know, I mean quarters come with a cutoff, and on any given day, if you cut it off with a different -- five days later, five days earlier, the numbers are going to look different when you're comparing period ending balances.

是的，所以我們繼續——我們確實沒有改變我們與投資者談話時的觀點——無論是在之前的電話會議中，還是在投資者會議期間與投資者會面的不同時間。我們仍然認為我們的成長率處於中高個位數。季度——眾所周知，我的意思是季度都有一個截止點，在任何一天，如果你以不同的時間截止——五天后，五天前，當你比較期末餘額時，數字看起來會有所不同。

So we did have a few things. We had a payoff or two in the quarter that were high, not unanticipated. Again, you're just not sure when they're going to come in their pretty big dollars, but then also -- so that's not unusual in the same way on some fundings. So we did see a little bit of activity push where folks are just not quite as anxious to close it as maybe they would have been 12 months ago, or maybe not 12 months ago, [the bad], let me put it this way, in December or January, how about that?

所以我們確實有一些事情。本季我們獲得了一兩筆高額回報，這並不出乎意料。再說一次，你只是不確定他們什麼時候會投入大筆資金，但同時——對於一些融資來說，這種情況並不罕見。因此，我們確實看到了一些活動的推動，人們並不像 12 個月前那樣急於關閉它，或者可能不是 12 個月前，[壞的]，讓我這樣說吧，在 12 月或 1 月，怎麼樣？

And so they don't mind if it delays a little bit. But in general, we're still seeing a good customer activity. Customers feel good about -- again, generalizing, generally feel good about continuing to move forward with business and projects.

所以他們不介意稍微延遲一下。但總體而言，我們仍然看到良好的客戶活動。客戶感覺良好——再次概括地說，他們普遍對繼續推進業務和專案感到滿意。

Yeah, Catherine, this is Travis. I would agree with Chris. And what I would say to supplement that is our activities are actually were very strong in the second quarter as far as new loan originations. What we didn't anticipate was some of these payoffs that Chris alluded to. We expected them eventually but not in the second quarter. And our pipeline remains strong. What we can't forecast and what we're trying to just understand is, is the payoffs going to continue at a more rapid pace than they have historically.

是的，凱瑟琳，這是崔維斯。我同意克里斯的觀點。我想補充的是，就新貸款發放而言，我們第二季的活動實際上非常強勁。我們沒有預料到的是克里斯提到的一些回報。我們最終期待它們，但不是在第二季。我們的管道依然強勁。我們無法預測，我們只是想了解的是，回報是否會以比歷史上更快的速度持續下去。

Great. And that was encouraging, Michael, that you said that you're still getting new loan yields over 7%. That's correct -- is that -- was that number you gave?

偉大的。邁克爾，你說你仍然能獲得超過 7% 的新貸款收益率，這令人鼓舞。是的──那是──你給的數字嗎？

Yeah, that's right, and we actually pick up slightly higher in July, so yeah, the yield curve is an interesting dynamic. It changes, as you know, every thirty seconds. So didn't look like a whole lot of relief for longer-term rates. We'll see what happens on the short end, but the team is doing a good job. And of course, the Southern States team traditionally has had a higher yielding portfolio as well, and so we're pretty optimistic.

是的，沒錯，實際上我們在 7 月略有上漲，所以，殖利率曲線是一個有趣的動態。如你所知，它每三十秒就會改變。因此，長期利率似乎並未得到太大緩解。我們將看看最後會發生什麼，但球隊做得很好。當然，南方各州團隊傳統上也擁有較高收益的投資組合，因此我們非常樂觀。

Great quarter. Thanks for the commentary.

很棒的一個季度。感謝您的評論。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷，霍夫德集團。

Wanted to start on the mortgage banking numbers and the comment or the higher provision this quarter and the comment and the slide deck about some higher LTVs, making a provision for those. Can you elaborate a little bit further on the provision for mortgage in 2Q? And just we also wanted to hear if that change in the ACL, if that was driven by anything in particular.

想要從抵押貸款銀行數據和評論或本季的更高撥備開始，以及關於一些更高 LTV 的評論和幻燈片，為這些做出撥備。您能否進一步詳細說明第二季抵押貸款撥備的情況？我們也想聽聽 ACL 的變化是否是由某種特定因素引起的。

Yeah, Brett, good pick up there. So the beauty of the new model, right, as we get more granular and some of our loan portfolio that the previous version, right, economic model through Moody's versus where (inaudible) model is now just kind of cash flow. And so we split out our higher LTV residential mortgage portfolio from our traditional 1-to-4 in the modeling.

是的，布雷特，你選得很好。因此，新模型的優點在於，隨著我們變得更加細緻，我們的一些貸款組合與之前的版本相比，是透過穆迪的經濟模型，而（聽不清楚）模型現在只是一種現金流。因此，我們在建模中將較高 LTV 住宅抵押貸款組合從傳統的 1 比 4 組合中分離出來。

And so a couple of things, right, this quarter. If you looked at -- we still use the Moody's forecast plus Bloomberg, plus a couple of others, [MBA]. And you see home price appreciation kind of flatlined, as we're kind of experiencing. I know you're here, you see that across the country. Home price flatlined, and then the unemployment forecast picked up kind of really the back half of the year. And so those are two main drivers around the high LTV portfolio and that you can see losses start to escalate.

所以本季有幾件事。如果你看一下——我們仍然使用穆迪的預測加上彭博社，再加上其他一些預測，[工商管理碩士]。正如我們所經歷的，房價升值趨於平穩。我知道你在這裡，全國各地都可以看到這種情況。房價持平，而失業率預測下半年確實有所回升。因此，這是高 LTV 投資組合的兩個主要驅動因素，您可以看到損失開始升級。

And so that's what that additional reserve was in mortgage banking. We want our mortgage team focused on pre-provision, net revenue, and profitable operating business. Obviously, you don't want to put a bunch of loans on the books with loss content, but these are older 100% loans that we did in the last three to four years, you aggregate every time. So that was kind of the modeling difference there. We didn't add a bunch of 100% loans in the second quarter that created a lot of reserve.

這就是抵押銀行業務中的額外儲備金。我們希望我們的抵押貸款團隊專注於預撥、淨收入和盈利的營運業務。顯然，你不想把一堆帶有損失內容的貸款記入賬簿，但這些都是我們在過去三到四年裡發放的 100% 舊貸款，你每次都會將其匯總。這就是建模上的差異。我們在第二季度沒有增加大量 100% 的貸款來產生大量儲備。

Okay, that's helpful. And then Chris, I assume you anticipate this question, but you sound pretty optimistic on continued activity in [bank land] for M&A. Any updated thoughts maybe on how you see the environment playing out for you guys? And you're going to be closer to $20 billion post SSBK. Just trying to frame the size spectrum for what you might be interested in from here.

好的，這很有幫助。然後克里斯，我想你已經預料到了這個問題，但你對[銀行土地]的持續併購活動聽起來相當樂觀。對於環境對你們的影響，有什麼最新的看法嗎？SSBK 之後，你的收入將接近 200 億美元。只是嘗試從這裡建立您可能感興趣的尺寸範圍。

Yeah, Brett, I can give you just a few thoughts on kind of where we see it going from here. There's a transaction announced yesterday, and I think you're going to see a lot of activity across the deal spectrum. There was a category four bank, and so, I think you're going to see a lot of activity across the deal spectrum.

是的，布雷特，我可以給你一些關於我們接下來會如何發展的想法。昨天宣布了一項交易，我認為你將會看到整個交易領域的大量活動。有一家四類銀行，所以，我認為你會看到整個交易範圍內的大量活動。

I think that's positive for the industry. I think it's positive for multiples. And so then you come down to what that mean for us. I think a couple of things, you referenced $20 billion. The transaction we just did with Southern States, I think, is important because it gives us some more scale post $10 billion. So we felt like we needed to get to [16, 17] to really begin to get the returns that keep us happy with ourselves and generally keep shareholders happy as well.

我認為這對行業來說是有利的。我認為這對多胞胎是有利的。那麼你就會明白這對我們意味著什麼。我認為有幾件事，你提到了 200 億美元。我認為，我們剛剛與南方各州達成的交易非常重要，因為它使我們的規模在 100 億美元之後有了更大的擴張。因此，我們覺得我們需要達到 [16, 17] 才能真正開始獲得讓我們自己滿意的回報，並且整體上也能讓股東滿意。

So if you look at and forecast our numbers, you'll see that that now we're in an ROA that's going to be somewhere in the, we'll call it, the [1.4-ish] range, and so that feels pretty good. And so we think $20 billion-plus, there's a lot of room to run and so we think we've got a lot of potential to do transactions like we just did. So I'll say in the $3 billion to $5 billion, $6 billion, or $7 billion range in terms of total assets.

因此，如果您查看並預測我們的數字，您會發現現在我們的 ROA 將會處於我們稱之為 [1.4-ish] 範圍內的某個位置，所以感覺非常好。因此，我們認為 200 多億美元還有很大的成長空間，因此我們認為我們有很大潛力進行剛才那樣的交易。因此，我認為總資產在 30 億美元到 50 億美元、60 億美元或 70 億美元之間。

There are a lot more opportunities in the $3 billion range than there are in the $6 billion or $7 billion, and so, that -- I'd say there's probably going to be more opportunities and probably more activity both for us and the industry there. And then if bigger things come along, then we're all obligated to think about those, and we think about how we move forward with an opportunity that's north of that.

30 億美元範圍內的機會比 60 億美元或 70 億美元範圍內的機會多得多，因此，我想說，對於我們和該行業的來說，可能會有更多的機會和更多的活動。然後，如果出現更大的事情，那麼我們都有義務去考慮這些事情，並思考如何利用這些事情帶來的機會向前邁進。

But then as the part I would add for this that is maybe a little more specific to First Bank is we do think, particularly in just in our market, we're well situated to take advantage of upstream activities that could occur. And so as the really larger banks continue to shape their strategy and make moves, we think we're sitting in a great position to be able to take advantage of that organically. So again, that being another tailwind.

但是，我想補充一點，這可能更具體地針對第一銀行，我們確實認為，特別是在我們的市場中，我們完全有能力利用可能發生的上游活動。因此，隨著規模更大的銀行繼續制定策略並採取行動，我們認為我們處於有利地位，能夠有機地利用這一優勢。所以，這又是另一個順風。

So that's where we'll be focusing on making sure we're prepared for the organic opportunities that come from disruption upstream and continuing to do things similar to what we did with Southern States downstream.

因此，我們將專注於確保我們為上游中斷帶來的有機機會做好準備，並繼續採取類似於我們對下游南部各州所採取的措施。

Okay, that's helpful. If I could sneak in one last one on a related topic. Any update on what you guys are doing, organically from a hiring perspective, just like what quarterly trends might have been in terms of pickups of banking associates?

好的，這很有幫助。如果我可以偷偷地再談一個相關話題的話。從招募角度來看，你們目前的工作有什麼更新嗎？例如銀行員工招募的季度趨勢是什麼？

Yeah. In terms of the actual changes in banking associates, I'll say this, I'm not sure, Travis -- I'm going to let Travis and Michael comment on the numbers there, but we continue recruiting efforts again thinking about potential disruption coming down the line. We just continue to try to make sure that we are the right landing place.

是的。就銀行員工的實際變化而言，我想說的是，我不確定，特拉維斯——我將讓特拉維斯和邁克爾對那裡的數字發表評論，但我們將繼續招聘，考慮未來可能出現的混亂。我們只是繼續努力確保我們處於正確的著陸點。

Again, a lot of our markets. We're large enough to have a have a large balance sheet to be able to accommodate really successful, experienced bankers that have larger clients, but we're also nimble enough to -- and with our community focus, we're able to actually take advantage from some of the smaller folks in our geography team, so.

再次強調，我們的市場很多都是如此。我們的規模足夠大，擁有龐大的資產負債表，能夠容納擁有更大客戶的真正成功、經驗豐富的銀行家，但我們也足夠靈活——憑藉我們的社區關注，我們實際上能夠利用地理團隊中的一些較小的人員，所以。

Yeah, and just from a pure numbers standpoint, Brett, we hired four new revenue producers in the second quarter.

是的，布雷特，僅從純數字的角度來看，我們在第二季度聘請了四名新的創收人員。

Russell Gunther, Stephens.

拉塞爾·岡瑟，史蒂芬斯。

Maybe just starting on the margin, would be helpful to get a sense as to the puts and takes between the low and kind of high end of that guide, helpful to get a sense of whether you guys are contemplating any rate cuts in there, as well as the ability to continue to lower deposit costs from here should those rate cuts not materialize. And then Michael, any thoughts on sort of where the security field may kick things off in 3Q given the actions taken both here and at SSBK.

也許只是從邊際開始，有助於了解指南的低端和高端之間的利弊，有助於了解你們是否正在考慮任何降息，以及如果這些降息沒有實現，是否有能力從現在開始繼續降低存款成本。然後是邁克爾，考慮到這裡和 SSBK 採取的行動，您對安全領域在第三季可能如何啟動有什麼看法？

So we've been pretty steadfast in our rate forecast from a Fed funds perspective, we've had two in all year. They've been in September and December, so we haven't changed that mainly because I'm not smart enough to know when they're actually going to come. So that's where we've been and who knows what actually happens there.

因此，從聯邦基金的角度來看，我們對利率的預測一直非常堅定，全年我們已經進行了兩次。它們分別在九月和十二月出現過，所以我們沒有改變這一點，主要是因為我還不夠聰明，不知道它們實際上什麼時候會到來。這就是我們去過的地方，誰知道那裡到底發生了什麼事。

I think we'll continue to ebb and flow as the winds blow, I guess externally. That being said, we do have index deposits to Fed funds. So the day that those -- that they do get cut, if they do get cut, we would see roughly 35%, 40% of our deposits repriced lower. And that's consistent with where we have been in the past.

我認為我們會繼續隨著外部風向的變化而起伏。話雖如此，我們確實有聯邦基金指數存款。因此，如果利率下調，我們將看到大約 35% 到 40% 的存款價格下跌。這與我們過去的狀況一致。

We are seeing some higher cost. There's still people out there earning high-cost deposits, and so we're still trying to grow, so you can see some pressure on margin as our loan growth accelerates. Typically, when you're dealing with, what we call, take-it business, you got to go take it from somebody else. Part of it is you pay up a little bit while you earn their operating accounts. And so teams doing that, and we're working hard at it.

我們看到了一些更高的成本。仍然有人在賺取高成本存款，因此我們仍在努力成長，因此隨著我們的貸款成長加速，你可以看到保證金面臨一些壓力。通常，當你處理我們所說的「拿來主義」生意時，你必須從別人那裡拿來。其中一部分是你在賺取他們的營運帳戶的同時支付少量費用。所以各個團隊都在這樣做，我們也在努力。

So that's why there's probably a broad range in NIM guidance plus you layer on both companies in the balance sheet and we work through organizing that in the most efficient way possible, and then the guidance on the investment portfolio. We're still working through a good bit of that. The transaction happened really late in the quarter, and so how we reinvest, what that looks like, we're going to get mostly in the loans. But paying off sub debt and trust preferreds will be the focus in the short term.

因此，這就是為什麼 NIM 指導的範圍可能很廣，再加上你在資產負債表中對兩家公司進行分層，我們以最有效的方式進行組織，然後對投資組合進行指導。我們仍在努力解決其中的大部分問題。該交易確實發生在本季度末，因此我們如何再投資，看起來是什麼樣的，我們將主要從貸款中獲得。但短期內，償還次級債務和信託優先股將是重點。

And then really, you're taking, on our side, $266 million at roughly 1.6%, just straight out of the number of both the numerator and denominator. I guess the denominator, so you'll see a subsequent yield increase, incremental on that side.

然後實際上，從我們這邊來看，你要拿走 2.66 億美元，大約 1.6%，直接來自分子和分母的數字。我猜是分母，所以你會看到隨後的收益率增加，在那一邊是增量的。

Got it. Okay, thank you. Very helpful. And then, you just mentioned kind of deposit cost competition as loan growth accelerates. You guys are talking about kind of mid- to high-single digits, but I also think characterize this quarter's result as pedestrian. So I guess how should we think about you guys kind of bigger picture going forward? Is it mid- to high-, on this size, the balance sheet going forward? Can you sustainably be in the high-single digits with some clarity on the macro front? Just trying to get a sense for bigger picture how you're thinking about the growth rate going forward.

知道了。好的，謝謝。非常有幫助。然後，您剛才提到了隨著貸款成長加速而產生的存款成本競爭。你們談論的是中高個位數，但我認為本季的結果也比較平淡。那我想我們該如何看待你們未來的大局呢？在這個規模下，未來的資產負債表是中高端嗎？在宏觀層面上，您是否能夠持續保持高個位數的成長？只是想從更大角度了解您對未來成長率的看法。

Yeah, mid to high is how we be -- we continue to feel good about that going forward. Keep in mind, we got a lot of adjustments going on here, with taking in Southern States. And for instance, their second quarter, their loan growth rate was approximately 10% on an annualized basis.

是的，我們的目標就是中高端——我們對未來的發展持續感到滿意。請記住，我們在這裡進行了許多調整，包括吸收南部各州。例如，他們的第二季貸款成長率按年率計算約為 10%。

Their deposit growth rate ex brokered was just a little higher, at approximately 12%. And so again, we're figuring that in. We're looking at our historical growth rate. We're trying to factor it on loans. We're looking at our pipelines, and so we do actually feel pretty good about that. And then as we go forward and we think about markets and economies, we think that's pretty good even moving past the next couple of quarters in terms of what we anticipate. That's the bar we set for ourselves today.

他們的存款成長率（不含經紀業務）略高一些，約 12%。因此，我們再次考慮這一點。我們正在關注我們的歷史成長率。我們正嘗試將其計入貸款。我們正在審視我們的管道，因此我們對此確實感覺很好。然後，當我們繼續前進並思考市場和經濟時，我們認為，就我們的預期而言，即使過了接下來的幾個季度，情況也相當不錯。這就是我們今天為自己設定的標準。

And frankly, we're pretty optimistic about that. I guess [now] optimistic and confident about that. And then there are times when we hope for it to be even higher. There's some times when things get really slow and it'd be lower, but we think we can do that, Russell, longer term. (multiple speakers) even with the larger balance sheet.

坦白說，我們對此非常樂觀。我想（現在）我對此感到樂觀和有信心。有時我們希望它能更高。有時候，事情會變得非常緩慢，而且會更低，但我們認為我們可以做到這一點，羅素，從長遠來看。 （多位發言者）即使資產負債表規模較大。

Okay, yes, no, understood. And then just last one for me, anything to read into kind of putting capital to work with the securities transaction and a bit of buyback this quarter in terms of when or where the pace of M&A discussion stands for you guys and when we might see another transaction out of FBK.

好的，是的，不是的，明白了。然後對我來說最後一個問題，關於本季度將資本投入證券交易和少量回購，以及併購討論的節奏對你們來說何時何地以及我們何時可能會看到 FBK 的另一筆交易，有什麼可以解讀的嗎？

No, not really. If you look at our capital ratios, they're still strong. Our CET1, still going to be 12%-plus, and our [TCTAs], again, going to be really strong. And so we feel really good about where we sit moving forward if opportunities pop up for us.

不，不是真的。如果你看一下我們的資本比率，你會發現它們仍然很強勁。我們的 CET1 仍將達到 12% 以上，而且我們的 [TCTA] 也將非常強勁。因此，如果機會出現，我們會對自己的處境感到非常滿意。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

I guess I wanted to follow back around kind of on this M&A and potential upstream M&A activity discussion. I'm just kind of curious if you have a real preference to that end. Like you guys have managed expenses phenomenally well, but if it was team lift outs and other things from upstream activity, obviously there would be an expense bill. So kind of wondering how you're thinking about the balance of that versus through whole bank M&A, and if you would have a preference. And if there'd be any kind of limitations on how much activity, I guess, you would pursue if there was upstream M&A in your markets.

我想我想回顧一下這次併購以及潛在的上游併購活動討論。我只是有點好奇您是否真的對此有偏好。就像你們把費用管理得非常好一樣，但如果是團隊出動和上游活動的其他事情，顯然就會有費用帳單。所以有點想知道您如何看待這種做法與透過整個銀行併購之間的平衡，以及您是否有偏好。如果對活動量有任何限制，我想，如果你們的市場存在上游併購，你們會採取什麼行動呢？

Yeah, so no preference. We take it as it comes and we don't make those calls, so no preference there. But I would say this, whether it's -- part of the reason we're excited about it is whether it's the really largest banks -- they're all in our markets. And so, whether it's the really largest banks where there could be activity, whether it's the banks that are our peers that we -- are the, I'll say, the super regionals or our peers in the regional space, we just feel like we're probably in a great position for any of those.

是的，所以沒有偏好。我們順其自然，不會做出那些決定，所以沒有什麼偏好。但我想說的是，無論是——我們對此感到興奮的部分原因是，無論是真正的最大銀行——它們都在我們的市場中。因此，無論是真正開展業務的最大銀行，還是我們的同行銀行——我想說，是超級地區性銀行還是地區性銀行中的同行，我們都覺得我們對其中任何一個都可能處於有利地位。

And then in terms of the magnitude, we think actually that could be -- the magnitude could be significant. I mean, again, we think about our capital position, and we look at -- and when we think about an M&A transaction, we're generally going to be issuing shares with that. And so we think we have right good capital for most of the things that would pop up. We think we have enough capital for that.

就規模而言，我們認為實際上規模可能很大。我的意思是，我們再次考慮我們的資本狀況，我們考慮——當我們考慮併購交易時，我們通常會發行股票。因此，我們認為，對於大多數即將出現的事情，我們擁有充足的資本。我們認為我們有足夠的資金來實現這一點。

The one thing that could challenge that over time is we could get enough movement from those type of transactions that it does begin to -- in an ideal world where there's a lot of movement, that's where we think about how we spread the capital and we would love to have that challenge. And we aren't sure if you roll the calendar forward for the next, let's say, three, four, five years, we -- again, that's where we think we have a lot of that wind in our back.

隨著時間的推移，唯一可能面臨的挑戰是，我們能否從這類交易中獲得足夠的動能——在一個有很多動能的理想世界裡，我們會考慮如何分配資本，我們很樂意接受這樣的挑戰。我們不確定，如果把日曆往前翻，比如說，三年、四年、五年，我們──再說一次，我們認為，這就是我們擁有強大後盾的地方。

And that's where -- an earlier question about size of $20 million. That's where we think we're actually probably at an ideal size because we think we can run on our platform from $20 million for a long time in terms of asset -- I'm sorry, $20 billion. We think we can go for a long time and just continue to add and build scale and improve our return metrics. So that's how we're thinking about it.

這就是之前關於 2000 萬美元規模的問題。我們認為，這實際上可能是我們理想的規模，因為我們認為，就資產而言，我們可以在我們的平台上長期運作 2000 萬美元——抱歉，是 200 億美元。我們認為我們可以堅持很長一段時間，並繼續增加和擴大規模，並改善我們的回報指標。這就是我們的想法。

Yeah, that makes a lot of sense. Thank you. And then going kind of digging into the loan growth in the quarter, can you give any color around actual originations maybe versus previous quarters because it -- there was obviously a higher provision related to unfunded, and I'm not sure if that had to do more with the CECL methodology change or if there was an uptick in unfunded loan production. And if that is any part of the longer-term confidence that you guys have in growth.

是的，這很有道理。謝謝。然後深入研究本季度的貸款增長情況，您能否對實際發放情況與前幾個季度進行比較，因為 — — 顯然與無資金相關的撥備更高，我不確定這是否與 CECL 方法的變化有關，或者是否與無資金貸款產量的上升有關。如果這是你們對長期成長的信心的一部分。

So the production was really not different in terms of where it came from in product type, so it continues to be spread across the board. That's the reason for optimism is we're not reliant on any particular product type, so it's spread. We continue to not be overly reliant on loan production and CRE, so it's coming -- I've said across the board. That's a piece of it, but it's not the (inaudible). And in terms of the impact --

因此，就產品類型的來源而言，生產實際上並沒有什麼不同，因此它繼續全面傳播。我們之所以樂觀，是因為我們並不依賴任何特定的產品類型，因此它會廣泛傳播。我們繼續不會過度依賴貸款生產和商業房地產，所以它即將到來——我已經全面說過了。這是其中的一部分，但不是（聽不清楚）。就影響而言--

Yeah, Steven, the unfunded, yeah, it was model change assumption updates. I mentioned home price appreciation and unemployment earlier. That's had impacts on kind of our draw assumptions, I would say, on HELOCs and C&I.

是的，史蒂文，沒有資金，是的，這是模型變化假設更新。我之前提到過房價升值和失業率。我想說，這對我們的 HELOC 和 C&I 的提取假設產生了影響。

If you were to see a slowdown in the economy, you have these unfunded lines that may increase and then turn into actually funded, and so there's a little bit larger reserve. But also it gets back to the methodology change and the granularity that we're able to really get at. So really improved methodology and we're pretty excited about it.

如果經濟放緩，這些無資金支持的額度可能會增加，然後變成實際有資金支持的額度，因此儲備就會稍微增加一些。但它也回歸到了方法論的改變和我們能夠真正達到的粒度。因此，方法論確實得到了改進，我們對此感到非常興奮。

Got it. That's really helpful. And then just last point of clarity around the multi-family lending. I know you guys noted that there were several large payoffs. What are you seeing in that space? I know it's not a big part of your loan book, but what are you seeing in terms of new product demand in that space and where you think that book of business could go?

知道了。這真的很有幫助。最後再澄清一下關於多戶家庭貸款的問題。我知道你們注意到有幾筆巨額回報。你在那個空間裡看到了什麼？我知道這不是您貸款業務的重要組成部分，但您認為該領域的新產品需求如何？您認為該業務將走向何方？

This is Travis. We're still seeing quite a bit of demand, but nothing like we did two, three, four years ago. It seemed to have slowed down, with a lot of new inventory coming in a lot of the markets in which we operate, but we have a handful of really, in our view, really top-notch apartment operators that we continue to see new opportunities with, that we will continue to grow with them. And that's the ones -- a couple of them are the ones that we did see payoffs and we fully expect to do another project with them as they see the opportunities arise.

這是特拉維斯。我們仍然看到相當大的需求，但與兩年、三年、四年前的情況不同。隨著我們經營的許多市場出現大量新庫存，這一增長速度似乎有所放緩，但我們擁有一些真正一流的公寓運營商，我們認為他們為我們帶來了新的機遇，我們將繼續與他們共同成長。就是這些 — — 其中有幾個是我們確實看到了回報的，我們完全希望在他們看到機會出現時與他們合作另一個項目。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

All of my questions have been asked and answered. Thank you.

我的所有問題都已提出並得到解答。謝謝。

(Operator Instructions) Christopher Marinac, Janney.

（操作員指示）克里斯托弗·馬裡納克，詹尼。

Chris and Michael, I wanted to ask about the growth and the unfunded commitments, particularly in C&I. Is that a good alternative angle to look at kind of new growth coming down the road and obviously just the timing differences of what didn't hit the balance sheet this quarter?

克里斯和邁克爾，我想問成長和未撥付的承諾，特別是在商業和工業領域。這是否是一個很好的替代角度來觀察未來的新成長，以及顯然本季未進入資產負債表的時間差異？

Yeah, and Chris, we couldn't quite pick it up, but I think you were asking about the potential for growth going forward coming from our unfunded commitments on C&I, and that is a potential because we continue to be not at terribly high levels of funding there. If you look at where we are historically, we haven't frankly picked up that much going all the way back to post COVID in terms of seeing those really -- on a utilization statistic, they haven't picked up that much.

是的，克里斯，我們無法完全理解，但我認為你問的是我們對 C&I 的未撥款承諾所帶來的未來成長潛力，這是一種潛力，因為我們在那裡的資金水平仍然不是很高。如果你回顧一下我們的歷史情況，坦白說，從利用率統計數據來看，自從新冠疫情爆發以來，我們並沒有取得太大的進步，實際上並沒有取得太大的進步。

And so we do think that that could be -- we're not heavily relying on it, but I think it -- when we -- if you pick up optimism, that's one of a dozen or more factors that we think, huh, this could help us going forward. It could be some tailwind for us (inaudible).

因此，我們確實認為這可能是——我們並不太依賴它，但我認為——當我們——如果你抱持樂觀態度，這是我們認為的十幾個或更多因素之一，嗯，這可以幫助我們前進。這對我們來說可能是順風（聽不清楚）。

Yeah, Chris, interesting, we actually had forward-line decreases and increases during the quarter, not new origination decreases, but just people paying down. We're in the mid-30s [on line] utilization. Pre-COVID we'd have been upper 40s. So even going back, three or four years, we're in the low- to mid-40s. So yeah, definitely opportunity there. We think about that when we think about our loan growth guides. And so there's certainly opportunity.

是的，克里斯，有趣的是，我們在本季度實際上出現了前向線的減少和增加，不是新發起的減少，而是人們的還款。我們的線上利用率處於 30% 左右。在新冠疫情之前，我們的年齡應該在 40 多歲。因此，即使回顧三、四年前，我們的收入仍處於 40 多歲左右。是的，那裡肯定有機會。當我們考慮貸款成長指南時，我們會考慮到這一點。因此肯定存在機會。

Great. And then just a quick follow up on logistics on how you queued up the systems conversion that's pending. I'm just curious if that calendar is going to get more busy as you look beyond this transaction and other opportunities in the future. Is that a factor as you consider other M&A?

偉大的。然後，快速跟進一下物流情況，看看您如何排隊等待的系統轉換。我只是好奇，當你把目光投向這筆交易和未來的其他機會時，日程是否會變得更加繁忙。這是您考慮其他併購的因素嗎？

Yeah, it's always a factor, it's not the factor, but it's a factor, and that's why I made -- like in the prepared comments, I made note that we would handle that in Q3 and so we were doing that during the quarter. So by the end of the quarter, we'll be fully converted in Q3. And so those are important steps for us, and so we try to really think of those ahead of time. Matter of fact, we typically have weekends planned out before we even have transactions sometimes because we would like to be prepared for that.

是的，這始終是一個因素，它不是唯一的因素，但它是一個因素，這就是為什麼我提出 - 就像在準備好的評論中一樣，我指出我們會在第三季度處理這個問題，所以我們在本季度這樣做了。因此，到本季末，我們將在第三季完成全面轉型。所以這些對我們來說都是重要的步驟，所以我們會盡量事先考慮這些。事實上，我們通常在交易之前就已經計劃好了週末，因為我們希望為此做好準備。

And so it is a factor. It's not the factor, but having that process go smoothly, efficiently, and as quickly as possible is critical. It's a critical component of the success of a transaction. And so I've also made reference to how the teams are really busy working towards that, particularly our operational teams, our administrative teams are very busy working towards that.

所以這是一個因素。這不是因素，但確保過程順利、高效且盡可能快速地進行至關重要。這是交易成功的關鍵因素。因此，我也提到了團隊正在為此忙碌地工作，特別是我們的營運團隊、我們的管理團隊正在為此忙碌地工作。

And so that will be continued as we go forward, but it is not a limiting factor on us moving forward right now because we're able to get it done quickly with the strong teams that we have.

我們將在未來繼續這樣做，但這並不是我們目前前進的限制因素，因為我們能夠憑藉我們強大的團隊快速完成這項工作。

Great. Thanks again for hosting us this morning.

偉大的。再次感謝您今天早上的接待。

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

我們的問答環節到此結束。我想將會議轉回並發表結束語。

Okay, thank you all very much. We really appreciate the questions. We appreciate you joining us and hope everybody has a great [earnings] season. Thank you.

好的，非常感謝大家。我們非常感謝您的提問。感謝您的加入，並祝福大家有個愉快的[獲利]季。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。