FB Financial Corporation (FBK) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the FB Financial Corporation's second-quarter 2026 earnings conference call. (Operator Instructions) Please note that today's conference call is being recorded. At this time, I would like to turn the call over to Rachel Deresky, Financial Management Associate for FB Financial. Please go ahead.

各位早安，歡迎參加 FB Financial Corporation 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。此刻，我想將電話交給 FB Financial 的財務管理專員 Rachel Deresky。請開始。

Thank you, and good morning, everyone. We appreciate you joining us today for FB Financial's second-quarter 2026 earnings conference call. Joining me on the call this morning is Chris Holmes, President and Chief Executive Officer; and Michael Mettee, Chief Financial and Operating Officer.

謝謝，各位早安。感謝各位今天參加 FB Financial 2026 年第二季財報電話會議。今天早上與我一同出席電話會議的有：總裁兼執行長 Chris Holmes，以及財務長兼營運長 Michael Mettee。

Before we begin, I'd like to remind listeners that during today's call, management may make forward-looking statements regarding the company's plans, expectations, and outlook. These statements are subject to risks and uncertainties, and actual results may differ materially from those discussed. Additional information regarding these risks and uncertainties, including risk factors that could cause actual results to differ, can be found in our earnings release, our most recent annual report on Form 10-K, and our subsequent filings with the Securities and Exchange Commission.

在開始之前，我想提醒各位聽眾，在今天的電話會議中，管理團隊可能會就公司計畫、預期與展望發表前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能與所討論內容有重大差異。關於這些風險與不確定性的更多資訊（包括可能導致實際結果不同的風險因素），可參閱我們的財報新聞稿、最近一期 Form 10-K 年報，以及後續向美國證券交易委員會提交的文件。

FB Financial undertakes no obligation to update any forward-looking statements, except as required by law. In addition, today's discussion may include references to certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are available on our second-quarter 2026 financial supplement posted to the investor relations section of our website at www.firstbankonline.com and on the SEC's website at www.sec.gov.

除法律要求外，FB Financial 不承擔更新任何前瞻性陳述之義務。此外，今天的討論可能包含對某些非 GAAP 財務衡量指標的引用。這些指標與最直接可比的 GAAP 指標之調節表，已刊載於我們網站投資人關係專區（www.firstbankonline.com）上的 2026 年第二季財務補充資料中，亦可於 SEC 網站（www.sec.gov）查閱。

With that, I'll turn the call over to Mr. Chris Holmes.

接下來，我把電話交給 Chris Holmes 先生。

All right. Thank you, Rachel, and thanks to everybody for joining us on the call this morning and for your interest in FB Financial. We reported EPS of $1.13 and adjusted EPS of $1.14 and have grown our tangible book value per share, excluding the impact of AOCI at a compound annual growth rate of [11.2%] since our IPO in 2016.

好的。謝謝你，Rachel，也感謝各位今天早上參加電話會議並關注 FB Financial。我們本季每股盈餘（EPS）為 1.13 美元，調整後 EPS 為 1.14 美元；自 2016 年 IPO 以來，在排除 AOCI 影響後，我們的每股有形帳面價值以 [11.2%] 的年複合成長率成長。

Our net income was $58.6 million and $58.9 million on an adjusted basis. And our pre-tax pre-provision net revenue increased to $83.3 million, which represents an increase of approximately 8% in the quarter. This improves our PPNR return on average assets over 2%, which we consider to be our benchmark for returns. We grew loans at an annualized rate of 11.6% and deposits at 7.7% annualized.

我們的淨利為 5,860 萬美元，調整後為 5,890 萬美元。我們的稅前、提存前淨收益（pre-tax pre-provision net revenue）提升至 8,330 萬美元，約較本季增加 8%。這使我們的 PPNR 平均資產報酬率提升至 2% 以上，我們將其視為報酬的基準。我們的放款以年化 11.6% 成長，存款以年化 7.7% 成長。

Growth this quarter was strong, which reflects the hard work, discipline and execution of our teams across the company. As I reflect on the second quarter, our company is well positioned, and our outlook is bullish. What I'm most excited about is the sustainable momentum that we're seeing across franchise. This quarter was marked by strong balance sheet growth, a stable net interest margin, solid returns, and an improved financial position through thoughtful capital deployment, including meaningful share repurchases during the quarter.

本季成長強勁，反映出公司各團隊的努力、紀律與執行力。回顧第二季，我們公司已做好良好布局，展望也偏多。我最振奮的是，我們在整體特許經營體系（franchise）各面向看到可持續的動能。本季呈現強勁的資產負債表成長、穩定的淨利差、穩健的報酬，並透過審慎的資本配置（包括本季具規模的庫藏股回購）改善了財務狀況。

Just as importantly, the activity across our footprint gives us confidence in the road ahead. Our pipelines are healthy. Our markets continue to perform well, and we're seeing continued momentum in attracting talent and winning new client relationships. We'll continue to differentiate FirstBank is that our success is not dependent on a single factor. It's the combination of award-winning customer service, strong and growing markets, disciplined execution, talented associates, and a strong financial position that allows us to invest in growth while maintaining a conservative risk profile.

同樣重要的是，我們營運版圖內的活動讓我們對未來道路更有信心。我們的業務管線健康。我們的市場持續表現良好，也持續在吸引人才與贏得新客戶關係方面看到動能。我們將持續讓 FirstBank 與眾不同之處在於：我們的成功不依賴單一因素。正是屢獲獎項的客戶服務、強勁且成長中的市場、嚴謹的執行、優秀的同仁，以及穩健的財務狀況的組合，使我們能在維持保守風險輪廓的同時投資成長。

We remain focused on getting better every day by improving our execution, raising our level of client service and deepening our presence in the attractive markets across the Southeast. As we look ahead, we see sustainable opportunity in front of us.

我們仍專注於每天持續精進：提升執行力、提高客戶服務水準，並加深我們在東南部具吸引力市場的布局。展望未來，我們看到眼前有可持續的機會。

Before turning the call over to Michael, I'd like to briefly cover our share repurchase activity during the quarter. Approximately two-thirds of our repurchase activity this quarter was completed through a single transaction with a charity that received shares as part of the administration of the estate of Jim Ayers. We remain a constructive partner with those responsible for the administration of the estate and its beneficiaries.

在把電話交給 Michael 之前，我想簡要說明本季的庫藏股回購活動。本季約三分之二的回購，是透過與一家慈善機構的一筆單一交易完成；該機構因協助管理 Jim Ayers 遺產而取得股份。我們仍與負責遺產管理的人士及其受益人保持建設性的合作夥伴關係。

This transaction, along with the other repurchases during the quarter reiterates our commitment to investing in our business and deploying capital in a disciplined manner. That transaction reflects both the strength of our capital position and our continued confidence in the long-term value and prospects of our company.

這筆交易以及本季其他回購，再次強調我們對投資本業並以嚴謹方式配置資本的承諾。該交易同時反映我們資本部位的強健，以及我們對公司長期價值與前景的持續信心。

To conclude my remarks, our capital reserve and liquidity positions remain strong. And we believe the franchise is well positioned to continue to deliver profitable growth and long-term shareholder value. We remain confident in our ability to grow organically through disciplined execution. While we evaluate strategic opportunities as they arise, our focus continues to be maximizing the significant -- organic opportunities already in front of us.

總結我的發言，我們的資本緩衝與流動性部位仍然強勁。我們相信，本行特許經營體系已具備良好條件，可持續帶來獲利成長與長期股東價值。我們對透過嚴謹執行來實現內生成長的能力仍具信心。在評估不時出現的策略性機會之際，我們的重點仍是將眼前既有且可觀的內生機會發揮到最大。

So with that, I'm going to turn the call over to our Chief Financial and Chief Operating Officer, Michael Mettee, for more color on the quarter. Thank you. Michael?

因此，接下來我把電話交給我們的財務長兼營運長 Michael Mettee，請他就本季表現提供更多說明。謝謝。Michael？

Thank you, Chris, and good morning, everyone. I'll begin my comments this quarter with the balance sheet. This quarter's results reflect the growth and momentum that we highlighted the last quarter with annualized loan growth of 11.6% and annualized deposit growth of 7.7%. Our teams continue to focus -- continue executing at the highest level in an increasingly competitive environment, and our results demonstrate that our value proposition continues to resonate across our markets.

謝謝你，Chris，各位早安。我本季的評論將先從資產負債表開始。本季結果反映了我們上季所強調的成長與動能：放款年化成長 11.6%，存款年化成長 7.7%。在競爭日益激烈的環境中，我們的團隊持續專注——並以最高水準執行；而我們的成果顯示，我們的價值主張在各個市場仍持續引起共鳴。

We saw this most clearly in our loan portfolio where growth was broad-based across our footprint in metro markets, including Birmingham, Memphis, and Huntsville, and throughout our community markets like Lexington, Tennessee, Auburn, Tuscaloosa, Florence, and Alabama, and Columbus, and Newnan in Georgia. This balanced growth reflects the strength of our teams and demonstrates our ability to execute consistently across our geography. We believe our ability to consistently deliver strong financial advice, trusted service, and a differentiated customer experience sets us support.

這在我們的放款組合中最為明顯：成長在我們版圖內的都會市場廣泛分布，包括伯明翰（Birmingham）、孟菲斯（Memphis）與亨茨維爾（Huntsville）；也遍及我們的社區型市場，如列星頓（Lexington）、田納西州（Tennessee）、奧本（Auburn）、塔斯卡盧薩（Tuscaloosa）、佛羅倫斯（Florence）與阿拉巴馬州（Alabama），以及喬治亞州（Georgia）的哥倫布（Columbus）與紐南（Newnan）。這種均衡的成長反映了我們團隊的實力，並展現我們在各地理區域持續一致執行的能力。我們相信，我們能持續提供強而有力的財務建議、值得信賴的服務，以及差異化的客戶體驗，這使我們獲得支持。

As the Southeast remains the most attractive part of the country to live and work, we are seeing increased competition in pricing, recruiting, and customer acquisition. Even so, our focus remains consistent, growing the franchise organically by delivering competitive products, responsive service, and making FirstBank the easiest institution to do business with.

由於東南部仍是全國最具吸引力的居住與工作地區，我們在定價、招募與客戶取得方面看到競爭加劇。即便如此，我們的重點仍一致：透過提供具競爭力的產品、迅速回應的服務，並讓 FirstBank 成為最容易往來的金融機構，以內生方式擴大特許經營體系。

We strike a balance between growth and profitability, and this quarter reflects that discipline. We produced strong balance sheet growth while maintaining a stable margin and generating strong returns with an adjusted return on average tangible common equity of 15% and a pre-provision net revenue return on average assets above 2%.

我們在成長與獲利之間取得平衡，而本季也反映了這份紀律。我們在維持穩定利差的同時，實現強勁的資產負債表成長，並創造良好報酬：調整後平均有形普通股權報酬率為 15%，稅前提存前淨收益（PPNR）平均資產報酬率高於 2%。

Ultimately, these results reinforce what we've long believed that building deep long-term customer relationships remains the best path to creating sustainable value for our shareholders. Looking ahead, we continue to see a healthy pipeline and remain encouraged by the level of business activity across our footprint. We remain comfortable with our expectation for full-year loan growth in the mid- to high single-digit range.

歸根究柢，這些結果再次印證我們長期以來的信念：建立深厚且長期的客戶關係，仍是為股東創造可持續價值的最佳途徑。展望未來，我們持續看到健康的業務管線，並對我們版圖內的商業活動水準感到鼓舞。我們仍對全年放款成長落在中至高個位數區間的預期感到有把握。

Deposits remain highly competitive, and our funding strategy continues to prioritize organically generated core deposits. We expect full-year deposit growth to remain within our previously communicated range of mid- to high-single digits. We currently anticipate those results trending towards the lower end of that range.

存款市場仍高度競爭，而我們的資金策略持續優先著重於有機產生的核心存款。我們預期全年存款成長將維持在先前溝通的中至高個位數區間內。目前我們預估結果將更偏向該區間的低端。

Turning to earnings. We grew in both net income and pre-tax pre-provision revenue during the quarter, totaling $58.6 million and $83.3 million, respectively. Our results were driven by stable margin performance on a growing balance sheet, disciplined expense management, and a lower effective tax rate, partially offset by a higher level of provision expense.

接著談獲利。本季我們的淨利與稅前、提存前收入（pre-tax pre-provision revenue）皆成長，分別達5,860萬美元與8,330萬美元。我們的表現主要受惠於在資產負債表成長下仍維持穩定的利差表現、嚴謹的費用管理，以及較低的有效稅率；但部分被較高的提存費用所抵銷。

Our net interest margin was 3.95% for the quarter, supported by stable contractual interest rates on loans and all-in loan yield of 6.48%. New loan production near quarter end was coming in, in the 6.35% to 6.4% range. Deposit costs declined modestly to 2.26%, while blended rates on new production around quarter end were in the 2.60% to 2.70% range.

本季淨利息利差為3.95%，主要受惠於貸款合約利率維持穩定，以及整體貸款收益率達6.48%。季末附近的新貸款承作利率落在6.35%至6.4%區間。存款成本小幅下降至2.26%，而季末附近新承作的加權平均利率約在2.60%至2.70%區間。

Like the rest of the industry, we continue to monitor the outlook for benchmark interest rates closely. While the timing and magnitude of future rate actions remain uncertain, our current outlook assumes one rate hike in the third quarter of 2026. As we move through the second half of the year, we expect elevated competitive dynamics on pricing as institutions compete for both loans and deposits.

與同業一樣，我們持續密切關注基準利率的展望。儘管未來升降息行動的時點與幅度仍不確定，我們目前的展望假設2026年第三季將升息一次。隨著我們進入下半年，預期在定價方面的競爭態勢將維持高檔，因各機構同時爭取貸款與存款。

Between those two factors, we remain comfortable with our full-year net interest margin forecast, excluding loan accretion and of 3.70% to 3.8%. We know that the environment can change quickly, but we believe that our balance sheet remains well positioned to perform across a variety of interest rate scenarios.

在這兩項因素之下，我們仍對全年淨利息利差（不含貸款折溢價攤銷／增額收益 loan accretion）的3.70%至3.8%預測感到有信心。我們知道環境可能迅速變化，但我們相信資產負債表的配置仍相當到位，能在多種利率情境下維持良好表現。

Noninterest income declined modestly to $25.8 million during the quarter, but increased to $26.2 million on an adjusted basis. Recurring fee categories, such as service charges, interchange income, and assets under management revenue all benefited from continued customer growth and the additional day in the quarter.

本季非利息收入小幅下降至2,580萬美元，但以調整後口徑則增加至2,620萬美元。經常性手續費類別（如服務費、刷卡交換手續費收入，以及受託管理資產收入）皆受惠於客戶持續成長與本季多出的一天。

Within mortgage banking, revenue declined $1.1 million as a greater proportion of new lock production was retained in the portfolio rather than sold into the secondary market. While this mix shift reduces upfront gain on sale income, it has enhanced balance sheet growth, generated attractive loan yields, and strengthened broader customer relationships by creating additional opportunities for deposits and other banking services.

在房貸銀行業務方面，收入減少110萬美元，原因是新鎖定（lock）案件中有較高比例被保留在投資組合中，而非出售至次級市場。雖然此一組合變化降低了前端的出售利益收入，但也帶動資產負債表成長、創造具吸引力的貸款收益率，並透過增加存款與其他銀行服務機會，強化更廣泛的客戶關係。

Noninterest expense totaled $91.5 million during the quarter, down approximately 4% from the first quarter or approximately 2% on an adjusted basis. Expense trends benefited from normal seasonal compensation patterns, disciplined expense management, and the absence of merger-related costs.

本季非利息費用合計9,150萬美元，較第一季下降約4%，或以調整後口徑約下降2%。費用趨勢受惠於正常的季節性薪酬模式、嚴謹的費用管理，以及未發生併購相關成本。

As revenues expanded and expenses declined, we generated strong positive operating leverage during the quarter, highlighting the earnings power of the franchise when the balance sheet and fee businesses are performing well. As a result, our efficiency ratio improved to 52.3%, while our Banking segment had a sub-50% efficiency ratio of 49.5%.

隨著收入擴張且費用下降，我們本季產生強勁的正向營運槓桿，凸顯當資產負債表與手續費業務表現良好時，本平台的獲利能力。因此，我們的效率比率改善至52.3%，而銀行業務部門的效率比率低於50%，為49.5%。

Looking ahead, we continue to expect expenses to normalize during the second half of the year as we invest in talent and growth across the franchise. While we remain disciplined on expenses, we continue to see opportunities to create positive operating leverage as revenue growth outpaces expense growth. Accordingly, we are maintaining our Banking segment noninterest expense outlook of $325 million to $335 million. And we continue to expect the consolidated efficiency ratio to finish the year at or around 50%.

展望未來，隨著我們在整體平台投入人才與成長，我們仍預期下半年費用將趨於常態化。在維持費用紀律的同時，我們仍看到創造正向營運槓桿的機會，因為收入成長可望快於費用成長。因此，我們維持銀行業務部門非利息費用展望為3.25億至3.35億美元。我們也仍預期合併效率比率在年底將落在或接近50%。

Turning to credit. Provision expense was $10.1 million for the quarter, an increase of approximately $7 million, and our allowance covered ratio ended the period at 1.51%. The majority of the reserve build was associated with loan growth, with the remainder driven by specific reserves on two individually evaluated credits. And a modest portion of the increase resulted from somewhat softer economic forecast incorporated into our allowance for credit loss estimation process.

接著談信用。本季提存費用為1,010萬美元，增加約700萬美元，期末備抵覆蓋比率為1.51%。備抵增加的主要原因與貸款成長相關，其餘則來自兩筆個別評估授信的特定備抵。此外，增加中的一小部分源於我們在信用損失備抵估計流程中納入了略為轉弱的經濟預測。

Non-performing loan and non-performing asset ratios both increased during the quarter and were driven almost entirely by three relationships. Two of those relationships to the two individually evaluated credit that I just referenced that led to specific reserves, while the third is a well-collateralized credit with a near-term workout plan in place.

本季不良貸款與不良資產比率皆上升，幾乎完全由三個往來關係所驅動。其中兩個往來關係即我剛提到、導致提列特定備抵的兩筆個別評估授信；第三筆則為擔保充足的授信，且已有近期的處理／重整計畫。

Our term -- our teams remain actively engaged with these relationships and based on our analysis, I believe that these situations are borrower specific and do not reflect broader weakness within the portfolio. Importantly, net charge-offs remained low at 6 basis points annualized, which is generally consistent with our long-term performance and reflects both the strength of our underwriting discipline and our ability to effectively manage credit relationships when challenges arise.

我們的團隊仍積極與這些往來關係保持互動；根據我們的分析，我認為這些情況屬於借款人個別因素，並不反映投資組合存在更廣泛的疲弱。重要的是，淨沖銷仍維持低檔，年化為6個基點，整體與我們長期表現大致一致，並反映我們嚴謹的授信承作紀律，以及在出現挑戰時有效管理授信關係的能力。

Our outlook for both our markets and our franchise remains positive. At the same time, we recognize that factors such as geopolitical developments, monetary policy decisions, and housing market conditions remain largely outside of our control and can influence our customers' environment and behavior. One of the advantages of our community banking model is the depth of our customer relationships, which allows us to identify emerging risks early and respond quickly, and we'll continue to take a proactive approach to the macroeconomic environment evolves.

我們對市場與本平台的展望仍然正向。同時，我們也認知到地緣政治發展、貨幣政策決策與房市狀況等因素多半不在我們可控範圍內，且可能影響客戶所處環境與行為。我們社區銀行模式的一項優勢在於客戶關係的深度，使我們能及早辨識新興風險並迅速回應；我們也將持續以主動方式因應宏觀經濟環境的演變。

With respect to capital, we remain in a position of considerable strength, supported by robust capital ratios and a strong liquidity profile. As Chris mentioned, we completed another meaningful share repurchase transaction during the quarter from maturity. They received shares from the Ayers' ownership. And in total, we repurchased approximately 3% of our outstanding shares during the quarter.

就資本而言，在強健的資本比率與良好的流動性結構支持下，我們仍處於相當強勁的地位。如Chris所提，本季我們完成了另一筆具規模的股份回購交易，來自到期。他們自Ayers家族持股處取得股份。合計而言，本季我們回購了約占流通在外股數3%的股份。

Our capital deployment strategy remains centered on supporting organic growth, while maintaining the flexibility to pursue opportunities that enhance shareholder value, like to repurchase this quarter. We continually evaluate a range of capital allocation alternatives and move on opportunities that are strategically compelling and economically attractive. As a result, our capital ratios remain well above the regulatory requirements with a common equity Tier 1 ratio of 11%, a Tier 1 leverage ratio of 10.1%, and a total risk-based capital of 12.9%.

我們的資本運用策略仍以支持有機成長為核心，同時保有彈性以把握可提升股東價值的機會，例如本季的回購。我們持續評估多種資本配置替代方案，並在具策略吸引力且經濟效益佳的機會出現時採取行動。因此，我們的資本比率仍明顯高於監理要求：普通股權益第一類資本比率（CET1）為11%，第一類槓桿比率為10.1%，總風險性資本比率為12.9%。

In closing, I'd like to thank our associates for their hard work, dedication, and continued commitment to our customers. We entered the second half of the year with strong momentum, healthy pipelines, and confidence in the opportunities ahead.

最後，我要感謝所有同仁的辛勤付出、投入，以及對客戶持續不變的承諾。我們以強勁動能、健康的業務管線，以及對未來機會的信心，進入下半年。

With that, I'll turn the call back over to Chris.

接下來，我把電話交回給Chris。

All right. Thank you, Michael, and thanks to everybody for tuning into the call this morning and for your interest in FB Financial. Operator, at this time, I'd like to open the line for questions.

好的。謝謝你，Michael，也感謝各位今天早上收聽本次電話會議，並關注FB Financial。接線員，現在我想開放提問。

(Operator Instructions) Catherine Mealor, KBW.

(接線員指示) Catherine Mealor，KBW。

I wanted to start on deposit costs. It was great to see the deposit cost declined of 1 basis point this quarter. I know you mentioned the new productions coming on around 2.60% to 2.70%, but just wanted to see if you could -- just give a little bit more color around just deposit flows, your confidence in still being able to grow deposits at a mid-single-digit pace. And maybe just from a big picture perspective, where you think overall deposit cost trend for the rest of the year? Is this kind of a couple of bps kind of increase per quarter kind of thing? Or how should we just kind of think of the trajectory of the overall deposit cost in the next couple of quarters?

我想先從存款成本開始。很高興看到本季存款成本下降了1個基點。我知道你提到季末附近的新承作利率約在2.60%到2.70%，但想請你能否——再多補充一些關於存款流向的細節，以及你對仍能以中個位數速度成長存款的信心。另外從更宏觀的角度，你認為今年剩餘期間整體存款成本趨勢會如何？會是每季增加幾個基點的那種走勢嗎？或是我們該如何看待未來幾季整體存款成本的變化軌跡？

Catherine, I'm going to -- this is Chris, and then going to take the first, just kind of overall. I would say those deposits have been challenging, but that's almost -- I don't think we even have to say that anymore. As I tell our team every day. I said today is going to be the easiest day of your career to get deposits because tomorrow is going to be a little harder. And I think that whole world is continuing -- and you've heard me say this before as we have private conversations, I think it's going to continue to be a challenge just because of the many different payment streams that you have now and the many different types -- different ways to hold money.

Catherine，我要——我是 Chris，然後先從整體面來談一下。我會說這些存款一直很具挑戰性，但那幾乎——我覺得我們甚至不用再特別說了。就像我每天跟團隊說的。我今天說，今天會是你職涯中最容易拉到存款的一天，因為明天會更難一點。我認為整個世界仍在持續變化——而且你也聽我在我們私下談話時說過，我覺得這會持續是一個挑戰，原因是你現在有很多不同的支付流，以及很多不同的類型——不同的持有資金方式。

And so we're aware of that. We continue to adjust our strategy to meet that. And so that's a big picture. When you narrow that in over the next couple of quarters, I'm going to let Michael talk a little bit more specifically about our flows. But we saw success. Obviously, this quarter, noninterest-bearing, as you saw, we had a nice increase in noninterest-bearing. That's a focus for us.

所以我們有意識到這點。我們持續調整策略來因應。這是大方向。如果把焦點縮小到接下來幾個季度，我會讓 Michael 更具體談談我們的資金流向。但我們看到了成果。很明顯地，本季無息存款（noninterest-bearing），如你所見，我們的無息存款有不錯的增加。這是我們的重點。

We also did a little bit more in broker than we usually do, but that's because it was just cheaper. That's not something that we like to use to fund our balance sheet. But when it's cheaper, we use it. That had a [long], it swings and is slowing out is a little more expensive. So we think it's a focus going to continue to be a focus. And it's going to be tough, but we think we can do similar to what we did in the second quarter. We think we can do closing that throughout the balance of the year.

我們也比平常多做了一點經紀存款（broker），但那是因為它就是比較便宜。這不是我們喜歡用來支撐資產負債表的資金來源。但當它更便宜時，我們就會用。那有一點[長期]的影響，它會擺動，而放慢流出會稍微更貴一些。所以我們認為這會是一個重點，也會持續是重點。而且會很艱難，但我們認為可以做到類似第二季的表現。我們認為在今年剩餘期間都能持續做到那樣的收尾。

So Mike, why don't you take from here?

所以 Mike，你接著說吧？

Yeah, as well said, Chris, I think the decrease -- the modest decrease in deposit cost is actually driven more by mix than it was competition, as you noted, and I mentioned, Catherine that 2.60% to 2.70% range, blended on new deposits. I think money market rates have continued to move higher from a competitive perspective. And at the same time, we've seen CD rates modestly decline in our book, but hold pretty steady.

對，說得很好，Chris。我認為存款成本的小幅下降，其實更多是由結構（mix）所驅動，而不是競爭，如你所提到的；而且我也跟你提過，Catherine，新存款的加權平均大概在 2.60% 到 2.70% 這個區間。我認為從競爭角度來看，貨幣市場利率持續走高。同時，我們也看到我們帳上的定存（CD）利率小幅下降，但整體仍相當穩定。

So you kind of have a tale of three different types of deposits between noninterest-bearing, money market, and CDs, and customers are moving in and out of where they're most comfortable, whether that's locking in duration or wanting liquidity.

所以你會看到三種不同存款類型的情況：無息存款、貨幣市場存款，以及定存（CD）。客戶會在他們最覺得舒服的地方進進出出，取決於他們是想鎖定期限，還是想要流動性。

So it's interesting. I think you do see deposit costs move higher just because, as Chris mentioned, it's never going to get easier than now. Fed funds has been relatively stable for six months or so, and so that's helped with our index deposits remain flat, but we're seeing new money market in that 4%-plus range from a lot of competitors.

所以這很有意思。我認為你確實會看到存款成本走高，因為如 Chris 提到的，現在不會比此刻更容易。聯邦基金利率大概已經相對穩定了六個月左右，因此這有助於我們的指數型存款維持持平，但我們看到很多競爭對手的新貨幣市場存款利率在 4% 以上。

So I think you continue to see new deposits come on at a higher cost and just cost of customer acquisition is going up. And the way you keep deposit costs modest is by deepening relationships and growing wallet share and creating value for our customers. And so the team did a good job with that, but we do understand that customer acquisitions can be more expensive.

所以我認為你會持續看到新存款以更高的成本進來，而客戶取得成本也在上升。而讓存款成本維持溫和的方式，就是深化關係、提高錢包占有率，並為客戶創造價值。所以團隊在這方面做得不錯，但我們也理解客戶取得可能會更昂貴。

Can I just say one [more thing]? When we say deepening relationships, we mean having an operating account. And we don't mean getting relationships that become lazy and we don't pay them a market rate. That we don't -- that is not what we mean. When we say getting relationships in our language, that means getting the operating down.

我可以再說[一件事]嗎？當我們說「深化關係」，我們指的是擁有一個營運帳戶（operating account）。我們不是指拿到一些關係後就變得鬆散，然後我們不付市場利率。我們不——那不是我們的意思。當我們用我們的語言說「拿到關係」，意思是把營運帳戶拿下來。

That makes sense. And that -- and to be clear, that 2.60% to 2.70%, that's blended total. So that includes the NIB growth you had. The kind of 4% money market you're talking about. And then also the kind of maybe more stable CDs. Is that a way to think about that?

了解。而且——為了說清楚，那個 2.60% 到 2.70% 是整體加權平均。所以包含你們無息存款的成長。也包含你提到大概 4% 的貨幣市場存款。以及也包含可能更穩定的定存（CD）。可以這樣理解嗎？

A hundred percent. Yeah. I mean so blended right of our cost of deposits to '26, even on a blended basis, new deposits are coming in higher than our deposit costs.

百分之百。對。我的意思是，就算用加權平均來看，我們到 2026 年的存款成本，新進來的存款利率仍然高於我們目前的存款成本。

And then maybe the other side of the margin, just thinking about loan yields, can you talk about what the competition looks like on the lending side? And is there still enough back book repricing opportunity to still be able to offset the higher deposit costs with higher asset yields on the loan side?

那再看利差的另一邊，談到放款收益率，你能談談放款端的競爭情況嗎？而且在放款收益率方面，舊帳（back book）重新定價的空間是否仍足以用更高的資產收益率來抵消較高的存款成本？

Well, I mean, I'd say loans really almost just as competitive as deposits. I think it's important on the relationship side that you're getting first shot with your clients to help them with financing, whether it's refinancing or new projects, and I think we're getting our fair share of those.

嗯，我會說放款幾乎跟存款一樣競爭激烈。我認為在關係面很重要的是，你要能在客戶需要融資時取得優先機會，無論是再融資或新專案，我覺得我們拿到的份額是合理的。

Being around [640-ish] for June really is what I'd say, it's kind of spot rates. But we're seeing that start to fill a little bit of pressure as well. And so I mean, it's equally as competitive, although the economic environment has allowed for growth and a lot of business across our markets for us and our competitors, I would say.

六月大概在 [640 左右]，我會說那算是即期利率（spot rates）。但我們也開始看到一些壓力在累積。所以我的意思是，競爭同樣激烈；不過經濟環境也允許成長，我會說在我們的市場中，對我們和競爭對手而言都有不少業務量。

Repricing, yeah, we've had quite a bit reprice from that 2021 vintage. And there's probably $1 billion or so to go in the back half of the year. But I think you got a couple of things going on. You've got a yield curve steepening, which is actually good for us. You got 50%, 52% of our book is floating. So theoretically, that's reprice higher, but it's coming on a tighter yields than we had expected if we started the year and looked at repricing. So it's a little bit of a squeeze there as well, which is why we have a blended margin reduction of a couple of basis points a quarter through the end of the year.

重新定價方面，是的，我們有相當多來自 2021 年那批（vintage）的貸款已經重新定價。而今年下半年大概還有約 10 億美元左右要重新定價。但我認為你同時有幾件事在發生。你有殖利率曲線變陡，這其實對我們是好事。我們的放款組合有 50%、52% 是浮動利率。所以理論上會重新定價到更高，但實際上進來的收益率比我們年初預期、並以重新定價來看時要更緊一些。所以那裡也有一點擠壓，這也是為什麼我們預期到年底，每季的綜合淨利差會下滑幾個基點。

Great. That makes sense. Thanks, great quarter. I appreciate it.

很好。這很合理。謝謝，本季表現很棒。感謝你們。

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

I just wanted to dig into the loan growth here a little bit. Obviously, very strong and helped by you all retaining more of the resi mortgages. I'm just wondering if moving forward, that's likely to be a continued strategy and just with growth being led by resi and seemingly non-owner-occupied CRE. Is that also composition-wise what we should expect to see? Or would you hope that, that would be weighted more towards C&I potentially in the future?

我想再深入問一下放款成長。很明顯非常強勁，而且你們保留了更多住宅房貸（resi mortgages）也有幫助。我想問的是，往後這是否可能會是持續的策略？以及在成長主要由住宅與看起來是非自用的商用不動產（CRE）帶動的情況下，在組合結構上，我們是否也應該預期會看到這樣的配置？或者你們會希望未來權重可能更多轉向工商貸（C&I）？

Yeah, it should be a little more weighted towards C&I. We certainly don't mind those categories that you mentioned, but we likely get some nice C&I between now and the end of the year. And on the mortgage, generally, we originate the sale, we will keep some things that are -- from time to time, we'll keep a little bit, and we have gotten much better at making sure we convert those to full customers. And so used to, we would sell every loan. But still, that our strategy is to sell those. But from time to time, we may keep some pieces.

對，應該會更偏向 C&I 一些。我們當然不介意你提到的那些類別，但我們很可能在現在到年底之間拿到一些不錯的 C&I。至於房貸，一般而言，我們是承作後出售；我們會保留一些——不時會留一小部分，而且我們在確保把這些客戶轉成完整客戶方面做得更好了。所以以前我們會把每一筆貸款都賣掉。但我們的策略仍然是把那些賣掉。只是偶爾我們可能會保留一些部位。

Yeah. I mean, Stephen, just to dive into that a little bit, I think where the secondary market is when you sell a loan, a lot of the servicing is getting sold away because of what third parties are willing to pay for servicing. So we're disrupting decline a little bit and our ability to grow deposits off that business is a little more complicated.

是的。我的意思是，Stephen，稍微深入一點來看，我認為在次級市場上，當你出售一筆貸款時，很多服務權也會被一併賣掉，因為第三方願意為服務支付的價格所致。所以我們在某種程度上正在打破下滑趨勢，而我們要從那項業務帶動存款成長的能力也變得更複雜一些。

So in the first quarter into the second quarter, we get a little bit more aggressive on our portfolio rates, which has created a lot of customer relationship opportunities, turning mortgage clients into full bank clients, which is a focus. It's been really successful.

因此從第一季進入第二季，我們在投資組合利率上變得更積極一些，這創造了很多客戶關係的機會，把房貸客戶轉化為完整的銀行客戶，這也是我們的重點。而且成效非常好。

I will say like the headline number you mentioned, $145 million or so on residential real estate. About $60 million of that is actually kind of one to four families, $50 million is multifamily. And then you have some line-of-credit things that are part of that as well. So it's not all coming specifically from the Mortgage division. It's across the Banking footprint. It's a little bit of a point of clarity that I could probably point to versus converting the Mortgage pipeline.

我會說，就你提到的那個頭條數字，住宅不動產大約1.45億美元。其中約6,000萬美元其實是1到4戶住宅，5,000萬美元是多戶住宅。另外還有一些信用額度類的項目也包含在其中。所以並不是全部都特別來自房貸部門。而是橫跨整個銀行業務版圖。這算是一個釐清點：與其說是把房貸管線轉換過來，不如說是我可以指出的另一個更貼切的來源。

Got it. Makes sense. And then kind of the guide to the lower end of the growth range of mid- to high-single digits. I think you said currently seeing towards the lower end of that range. What's the expected kind of constraint there? Because it seems like maybe you're at the mid- to higher end of that range currently. So is that more loan-to-deposit ratio getting to a point where funding becomes more essential? Is it a slowdown in the pipeline? Just kind of context on why you think that might be towards the lower end there.

了解。有道理。那再來，關於你們指引的成長區間中段到高個位數的下緣。我想你說目前看到的是偏向那個區間的下緣。預期的限制因素是什麼？因為看起來你們目前可能在那個區間的中段到較高端。所以這是因為貸存比到了一個資金來源變得更關鍵的程度嗎？還是管線放緩？想請你提供一些背景，為什麼你認為會偏向下緣。

Yeah, I'm glad you asked that question, Stephen, because obviously we didn't communicate that well. Loan growth, we're saying mid- to high-single digits. I think we feel good about loan growth is. Deposits, it's more of a competitive kind of way that we're thinking about it in that mid-single digits.

是的，我很高興你問這個問題，Stephen，因為顯然我們沒有把這點表達清楚。貸款成長我們說的是中段到高個位數。我想我們對貸款成長的狀況感覺良好。存款方面，我們的思考更偏向競爭態勢，因此我們把它放在中個位數。

As Chris mentioned, funding was a lot cheaper from a broker perspective, it's cheaper to borrow. It's cheaper -- those things have kind of flipped. And so you got to get -- make sure you're always getting core relationships.

如Chris提到的，從經紀存款的角度來看，資金以前便宜很多，借款也更便宜。但現在這些情況已經翻轉了。所以你必須確保自己一直在取得核心客戶關係。

So I think the beauty of our balance sheet, we've got a lot of optionality to take advantage of opportunities as they arise because we have such a low-brokered percentage. And we can fund the bank in a lot of different ways while we build core relationships. So for clarity, it was the deposit piece that's at kind of mid-single-digit loan growth, we think is that higher single-digit number.

所以我認為我們資產負債表的優勢在於，我們有很大的彈性，可以在機會出現時加以把握，因為我們的經紀資金占比非常低。而且在建立核心關係的同時，我們可以用很多不同方式為銀行提供資金。所以釐清一下：偏中個位數的是存款那一塊；貸款成長我們認為會是較高個位數。

I'm sorry, I'm sure you said it right. I probably just misheard it, apologies there. And then lastly for me, just on the repurchase. I think you kind of noted obviously, the charity impact there. Maybe that was two-thirds. So I guess ex that, it would have been around 500,000 shares, give or take. Is that a way to think about the use of the remainder of the $175 million repurchase authorization moving forward? Or would it be slowed down given the acceleration of that charity-related repurchase? Or just how do we think about that capital return from here?

抱歉，我確定你講得沒錯。可能是我聽錯了，這邊先致歉。最後一個問題，關於庫藏股回購。我想你提到很明顯有慈善相關的影響。也許那占了三分之二。所以我想若排除那部分，大概就是回購約50萬股上下。這是否可以作為未來使用剩餘1.75億美元回購授權的思考方式？還是因為慈善相關回購加速了，所以之後會放慢？或者我們該如何看待接下來的資本回饋？

Yeah. So your approximations are right outside of that large repurchase. It would have been plus or minus 0.5 million shares. And I think you're thinking of it correctly. Of course, we're price sensitive when we think about repurchase, at least to some degree. And -- but we anticipate that we can repurchase. It's going to continue to be an option for us repurchasing the open market or to maybe make some bulk repurchases from (inaudible) time to time. That could become an option for us as well. We should maintain -- should be maintained as an option for us as well.

是的。所以你的估算在排除那筆大型回購後是正確的。大概就是正負50萬股。我想你的理解方向也對。當然，我們在考慮回購時對價格是敏感的，至少在某種程度上。而且——我們預期我們可以回購。回購將會持續是我們的一個選項，不論是在公開市場回購，或是可能不時向（聽不清）進行一些大宗回購。那也可能成為我們的選項之一。我們應該維持——也應該把它維持為我們的一個選項。

Got it. Thanks so much for the color. Really nice quarter. Sounds like a lot of things are going well. Appreciate it.

了解。非常感謝你提供的補充說明。這一季表現真的很不錯。聽起來很多事情都進展順利。謝謝。

Thanks, Stephen. Appreciate it.

謝謝你，Stephen。感謝。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

Quick just follow-up in terms of the -- on the loan growth discussion, as you think about the organic opportunity going forward. Our incremental LPO, something you guys would look to do? And if so, directionally, geographically, where might that take you?

快速追問一下，關於——在貸款成長的討論上，當你們思考未來的有機成長機會時。新增的LPO是你們會考慮去做的嗎？如果會，方向上、地理上，可能會把你們帶到哪裡？

So every time we do an LPO, we're doing that with intent to be in the market with a full banking offering. And we usually do that by going in commercial first and then over time, we'll get a little more retail, but that's usually a long period of time.

所以每次我們做LPO，我們都是帶著要在該市場提供完整銀行服務的目的去做。而我們通常是先從商業銀行業務切入，然後隨著時間推進，會增加一些零售端，但那通常需要相當長的時間。

And so we -- and when we think about that, usually, we've described the geographies that we're interested in, and they're generally around our current geographies, mostly east and south of where we are. And we actually think of that by the bankers first. We have this targeted geography. But when we get -- it's a little like even an acquisition.

因此我們——當我們思考這件事時，我們通常也描述過我們感興趣的地理區域，一般都在我們現有版圖周邊，多半在我們所在位置的東邊與南邊。而我們其實是先從銀行家（團隊）出發來思考。我們有這個鎖定的地理區域。但當我們真正開始推進——它有點像併購一樣。

We think through those beforehand, we've got folks that we're looking at, thinking about in different places. And if we get the opportunity, then we will do it. And so it's -- they will phrase banks are sold, they're not bought. Bankers are a little bit the same way. They -- it comes -- they come available for whatever reason, and that's when we tend to make the boot.

我們會事先把這些都想過，我們在不同地方都有一些正在觀察、正在考慮的人選。如果機會出現，我們就會去做。所以——有句話說銀行是被賣出去的，不是被買進來的。銀行家也有點類似。他們——因為某些原因而變得可用，而那通常就是我們採取行動的時候。

Got it. Okay. And then just one quick follow-up on the margin for me. You guys are dialing in a rate hike later this year or this quarter. Just in isolation, could you remind us of what that means to the margin for you guys? And on the funding side, quantify where index deposits stand today?

了解。好。那我再快速追問一個關於利差的問題。你們正在納入今年稍晚或本季可能升息的情境。單就這點而言，可以提醒我們這對你們的利差意味著什麼嗎？另外在資金端，請量化一下目前指數型存款的占比到哪裡？

Yeah, Russell we're -- yeah, we're slightly asset sensitive. So incrementally, you would think that a rate hike would actually help because loan yields were variable, 52%. Our investment portfolio, while small, it's mighty with a floating rate of 55%, 60%. So higher rates actually helps that to the tune of a couple of million dollars.

是的，Russell，我們——是的，我們對資產端略為敏感。所以邊際上你會認為升息其實會有幫助，因為貸款收益率是浮動的，占52%。我們的投資組合雖然不大，但很有力，浮動利率占55%、60%。所以利率上升實際上會帶來幾百萬美元的助益。

We just -- maybe it's been in the hand-to-hand combat every day. I see what our teams are dealing with. We feel like that's pretty much offset by the deposit growth story. And where margin -- where rates are headed on that. So you'd see incremental improvements, but I think the competition eats into that a bit. And we're probably, I would say, 40% indexed on total deposits and 60%, 70% if you think about money market, give or take.

只是——也許因為每天都在近身肉搏。我看到我們團隊正在面對的狀況。我們覺得這基本上會被存款成長的故事所抵消。以及那邊利率走勢對利差的影響。所以你會看到一些邊際改善，但我認為競爭會侵蝕其中一部分。而我們大概會說，總存款約40%是指數連動；如果你看貨幣市場存款，大概是60%到70%，上下浮動。

Dave Rochester, Cantor.

Dave Rochester，Cantor。

On your loan outlook, it sounds like you guys are pretty bullish on the back half of the year and you just wrapped up a solid quarter of growth across a number of buckets. Can you just -- maybe give an update on any other paydown activity you may see coming up that you know about? And what's stopping you guys from hitting the top end of that mid- to high-singles range given the momentum you're seeing?

關於你們的放款展望，聽起來你們對今年下半年相當樂觀，而且你們剛結束了一個在多個領域都有穩健成長的季度。你能否——或許更新一下，你們已知接下來可能會出現的其他提前還款（paydown）活動？以及，考量你們目前看到的動能，是什麼因素讓你們無法達到那個中到高個位數區間的上緣？

Yeah, Dave. Insightful question there. I mean, I'll give you an example. We had one of the largest production quarters. We've had a long time out of the Nashville market. I mean it's really, really strong, but we actually ended up balance sheet. If you look at just at Nashville's flat because of payoff activity and hundreds of millions of dollars on both sides.

是的，Dave。這個問題很有洞見。我的意思是，我給你舉個例子。我們剛經歷了其中一個最大的放款投放季度。我們在納什維爾市場已經很久沒有看到這樣的情況了。我的意思是，那裡真的非常、非常強勁，但我們的資產負債表最終其實是持平的。如果你只看納什維爾，它是持平的，因為有提前清償活動，而且兩邊都有數億美元的規模。

So in a lot of our markets, yeah, you're still seeing increased payoff activity, especially in the highly competitive ones like this one. So I think that's what we're trying to deal with. But then you saw the 11%-ish growth because we have contributors across the footprint. We have really strong economies. And so that's why we're really bullish. And the teams are out working hard every day to acquire new clients and provide value to those prospects.

所以在我們許多市場，是的，你仍然會看到提前清償活動增加，特別是在像這個市場這樣競爭非常激烈的地方。所以我認為這就是我們正在努力應對的部分。但你也看到大約11%的成長，因為我們在整個營運版圖都有貢獻者。我們的經濟基本面非常強勁。因此我們才會非常看多。團隊每天都在努力開發新客戶，並為這些潛在客戶提供價值。

So pipeline, I'd tell you the pipeline is just as big as when it was we started the second quarter. And that was -- so that's after you've seen the growth. And so that's why we're pretty bullish. We've been really successful on a couple of recent customer-competitive situations. And that gives us a lot of confidence in where we're headed as well.

至於案源（pipeline），我會告訴你，案源規模跟我們第二季開始時一樣大。也就是說——是在你已經看到成長之後。所以這也是我們相當樂觀的原因。我們在最近幾個客戶競爭案中非常成功。這也讓我們對未來走向更有信心。

Sounds good. And you mentioned also success in attracting talent. And seeing more potential for that in the back half of the year. Can you just catch us up on those recent hires you've had? And just to give an update on how you're thinking about the size of that opportunity to pick up more talent. Just given the stronger competitive pressures for talent out there with all the new entrants and whatnot?

了解。你也提到在吸引人才方面有所斬獲，並且看到下半年還有更多可能性。你能否跟我們更新一下你們最近的招募情況？以及更新一下，你們如何看待進一步延攬更多人才的機會規模？尤其是在有許多新進者等因素下，外部人才競爭壓力更強的情況下？

Yeah. Thanks, Dave. So on attracting talent, we have had some wins there also. And so we continue to add. And the way that we look at it is maybe individual to us. I don't know that we look at it like everybody. For us, it's long term. And so we're -- our key metric is revenue growth. And so we're tracking talent, we're really thinking about the right talent that fits us and it's going to be here long term.

好的。謝謝，Dave。在吸引人才方面，我們也確實有一些勝利。所以我們持續增補人手。而我們看待這件事的方式，可能比較是我們自己的做法。我不確定我們是否像大家一樣看待它。對我們而言，這是長期的事情。因此我們——我們的關鍵指標是營收成長。所以我們在追蹤人才時，真正思考的是適合我們、並且會長期留下來的正確人才。

And so we're trying to make good decisions there. And so we don't view that as a quarterly metric, we view that as long term. And so we -- some folks we've been talking to for years. And at the right time, we feel like we feel like we'll -- those folks will come over. We added some during the quarter. Frankly, it's a lot like when we're reporting quarterly earnings. You've got a June 30 cutoff.

因此我們希望在這方面做出好的決策。所以我們不把它視為季度性指標，而是視為長期指標。因此我們——有些人我們已經談了好幾年。在合適的時機，我們覺得——我們覺得那些人會加入我們。我們在本季也新增了一些人。坦白說，這很像我們在公布季度財報時的情況。你有一個6月30日的截止點。

We probably added more in the last, I don't know, two weeks than we did the last two months. And so it's -- again, you don't really control that pace, at least, that's not the way we look at it. We look at it like, hey, we're going to do what we do and continue to attract talent for the right reasons because they look at us and they want to be here.

我們可能在最後——我不知道——兩週內新增的人，比前兩個月還多。所以——再說一次，你其實無法真正控制那個節奏，至少我們不是那樣看待的。我們的看法是：嘿，我們就做我們該做的事，並且基於正確的理由持續吸引人才，因為他們看著我們，想要來這裡。

And so -- and we think we'll win that battle short term and long term. And so that's how we view it. It's important for our leaders to be talking to peers every day and to be recruiting every day. And so that's just part of -- that's part of how we do business and how we go about it.

因此——我們認為無論短期或長期，我們都會贏得這場戰役。這就是我們的看法。對我們的領導者而言，每天與同業交流、每天招募都很重要。所以這就是——這就是我們做生意、以及我們推進事情的一部分。

Now I am going to go back and say one other thing that Michael was talking about on the -- and I think you were -- you asked a good question on bullish. We sound pretty bullish, but we said hig- single digits. And I think Michael is making a really good point. If you look at where our growth came from of -- than most people think, man, it's going to all be in Nashville, it was actually just quite different than that. Nashville was flat, and the growth came from all the other places.

現在我想回頭再補充一點，關於Michael剛才提到的——而且我想你——你問了一個很好的、關於我們為何看多的問題。我們聽起來相當看多，但我們說的是高個位數。我認為Michael提出了一個非常好的觀點。如果你看我們的成長來源——多數人以為，天啊，應該全部都來自納什維爾，但實際上完全不是那樣。納什維爾是持平的，成長來自其他所有地方。

And if you look at places like Birmingham, which is -- it continues to do really well. If you look at places like Auburn where, we're doing really well. Columbus, doing well. Columbus, Georgia some places in West Tennessee, man are doing really well. A lot of our smaller communities are net contributors. And that's why we're bullish around the footprint because we continue to have some pretty big payoffs in the Nashville market that -- but we're getting good production there.

如果你看像伯明罕這樣的地方——它持續表現得非常好。如果你看像奧本這樣的地方，我們做得非常好。哥倫布，表現也很好。喬治亞州哥倫布，以及西田納西的一些地方，表現都非常好。我們許多較小的社區都是淨貢獻者。這也是我們對整個營運版圖感到樂觀的原因，因為納什維爾市場仍然有一些相當大的提前清償——但我們在那裡的放款投放也很不錯。

So that's the reason that we're bullish. And certainly, we could exceed that. But right now, we're comfortable with that high-single digits is what we're talking about.

所以這就是我們看多的原因。當然，我們也可能超過那個目標。但就目前而言，我們對所談的高個位數成長區間感到滿意。

Brett Rabatin, StoneX Group.

Brett Rabatin，StoneX Group。

Wanted to talk about maybe some of the components of the loan growth from here. And I noticed that construction was continued to be a little bit softer linked quarter when you guys kind of got back into the market late last year and we're doing some more stuff. Any thoughts on the construction pipeline and if you guys are looking maybe to add from the construction or if that's an area that you're avoiding just given credit risk or maybe a hot market and some aspects?

想談談接下來放款成長的一些構成要素。我注意到，建築／營建（construction）相較上一季仍然偏弱一些；你們在去年底較晚時重新回到市場並做了更多業務。你們對建築／營建案源有什麼看法？你們是否考慮在建築／營建方面增加配置，或是因為信用風險、或市場過熱等因素，而在某些面向上刻意避開？

And then just wanted to hear on the specialized lending side. You talked about SBA last quarter. If there's anything else that you guys were taking a look at and if you expected the specialized lines to maybe help grow as well?

另外也想聽聽專業放款（specialized lending）方面的情況。你們上季談到SBA。是否還有其他你們正在評估的項目？以及你們是否預期這些專業放款線也能協助帶動成長？

Yeah, Brett. So first off, on construction. No, we're not avoiding construction at all. And I think you're -- there's probably some risk element buried in the question. There's -- are we scared of that risk? No. We're really not scared of that construction risk, and our markets continue to perform well.

好的，Brett。首先，關於建築／營建。不，我們完全沒有在避開建築／營建。我想你——你的問題裡可能隱含了一些風險面的考量。也就是——我們是否害怕那個風險？不。我們真的不害怕建築／營建風險，而且我們的市場持續表現良好。

So we're confident there that we -- of course, we manage our construction concentration and have and will continue to, but it's really where opportunities come from. We do have a couple of construction projects in the pipeline that will span next several quarters and so even years. And so -- and those will be owner-occupied-type construction as opposed to non-owner-occupied type construction, but they're large and they spend time. So they stand over a quarter.

因此我們對此很有信心；當然，我們會管理我們的建築／營建集中度，而且一直都有、也會持續這麼做，但機會主要還是取決於市場出現的時點。我們的案源中確實有幾個建築／營建專案，將會跨越接下來好幾個季度，甚至好幾年。因此——而且那些會是自用型（owner-occupied）的建築／營建，而不是非自用型（non-owner-occupied）的建築／營建，但它們規模很大、且需要時間。所以它們會跨越不只一個季度。

And so again, excited about where that sits, but we're certainly not avoiding it in terms of an asset class for us. And then on the specialized specialty lending grew, which is mostly made up of manufactured housing. We continue to we continue to want to grow that line as well. And we keep a watch on the concentration, but we're underneath our concentration levels that we've set for ourselves. So we've got room to grow, and we'll continue to grow it.

因此，再次強調，我們對它所處的位置感到振奮，但就我們而言，絕對沒有在資產類別的配置上刻意迴避它。另外，在專門的專業放款方面也有所成長，這部分主要由製造型住宅（manufactured housing）構成。我們也會持續、持續希望把這條業務線做大。同時我們也會留意集中度，但目前仍低於我們為自己設定的集中度上限。所以我們還有成長空間，並且會持續擴張。

Okay. And then just wanted to see if there was any additional color you could provide on those two credits and how much of this -- how much were specific reserves for those two? And then I assume they were in the non-underoccupied commercial real estate bucket just kind of given slide 13. But just wanted to hear if there's anything interesting about those two credits that might have caused them to be assessed, so to speak?

好的。另外想請教，關於那兩筆授信，你們是否能提供更多細節？其中有多少——有多少是針對那兩筆所提列的特定準備？然後我猜它們應該是在「非低入住率」的商用不動產分類裡，從第13頁投影片看起來是這樣。但還是想聽聽看，那兩筆授信是否有什麼特別之處，導致它們被評估（這麼說吧）？

Those two credits, yes, both real estate related, different geographies. One of them came to us through acquisition. And I guess that's what came to us through acquisition. The other one originated by an officer that we fired and is -- and we're working through it. And so -- and both -- again, neither of the construction, both completed projects and smaller -- Michael, in terms of the specific reserves, not huge, but that --

那兩筆授信，是的，兩筆都與不動產相關，但地理區域不同。其中一筆是透過併購而來。我想就是那一筆是透過併購而來的。另一筆則是由我們後來解雇的一位主管所承作的——我們正在處理中。所以——而且兩筆——再說一次，都不是建築中案子，都是已完工的專案，而且規模較小——Michael，就特定準備而言，不算大，但那--

Yeah, it was about [3.5%] in total on those two. The one that was more organic, I think it's really strong guarantors' projects. Just a little bit -- struggling a little bit, but really strong guarantors [feels] pretty confident in that. But numbers haven't penciled out yet and the other one we're working through. And like Chris said, couldn't be further away in geography. So as they're completely unrelated instances.

是的，兩筆合計大約是[3.5%]。那筆比較屬於本行自然承作的，我認為有非常強的保證人／擔保人與其專案。只是目前有點——有些吃力，但保證人很強，[感覺]我們對它相當有信心。不過數字還沒有完全算得過來；另一筆我們正在處理中。而且如Chris所說，兩筆在地理位置上相距甚遠。所以它們完全是彼此無關的個案。

Okay. Sounds like it's pretty isolated things. Okay. Great. Appreciate all the color, guys.

了解。聽起來是相當孤立的事件。好的。很好。感謝各位提供這些細節。

David Bishop, Hovde Group.

David Bishop，Hovde Group。

Curious, Chris or Mike, you could remind us maybe on your near term and intermediate term. Capital targets, just curious how that -- how they stand in relation to where you exited the quarter at?

想請教Chris或Mike，能否提醒我們一下你們短期與中期的資本目標？想了解這些目標相對於你們本季季末的水位，現在處於什麼位置？

Yeah. I mean we're comfortable with where we are in our capital ratio today. I mean, like we look at TCE, we follow that very closely, and it's around 9% would be our target. So pretty comfortable. We build back capital very quickly, and we'll build it back on this -- these repurchases in the next two quarters as well. So --

好的。我的意思是，我們對目前的資本比率水準感到滿意。我們會非常密切地看TCE（有形普通股權）比率，目標大約在9%左右。所以相當安心。我們補回資本的速度很快，而且在接下來兩季，透過這些庫藏股回購，我們也會把資本補回來。所以--

Yeah, we look really at -- we keep a close eye on TCE ratio. We like for cover around the 9% right now. It's been above that, still above that. We also look CET1 ratio constantly and consistently, and we want it to be 10%-plus. And again, so it is. And so we're comfortable with where we are.

是的，我們主要——會密切關注TCE比率。目前我們希望大約維持在9%左右。之前高於這個水準，現在仍高於這個水準。我們也會持續且一致地關注CET1比率，並希望維持在10%以上。同樣地，目前也是如此。因此我們對現況感到放心。

Got it. And then circling back to the operating expense outlook, great expense control this quarter. You mentioned the hires and pretty good loan growth here. Just curious, maybe I don't know if you can give us any sort of sense from a dollar basis. Is there a sort of mid-single-digit inflationary pressure over the second half of the year? Just curious what are you penciling out is a good run rate in terms of the back half of the year?

了解。再回到營業費用展望，本季費用控管做得很好。你們提到增聘人員，而且放款成長也不錯。想請教，或許我不知道你們能否用金額角度給我們一些概念。在下半年是否會有中個位數的通膨壓力？想了解你們對今年後半年的合理費用run rate大概怎麼估？

Yeah. Gosh, that's a tough question because I would say the cost of employees, especially on the revenue side is more than single-digit inflation. Fair value changes every day. And so it's pretty aggressive. I think that -- yeah, there's probably a little bit of conservatism thoughtfulness, just making sure that we're hitting on all cylinders and protecting the team, but also able to go out and hire people that Chris mentioned, we've been talking to for years.

是的。哎，這題很難，因為我會說員工成本，尤其是營收端的人才，漲幅不只個位數通膨。公允價值每天都在變動。所以其實相當激進。我認為——是的，可能會帶一點保守與審慎的考量，確保我們各方面都運轉到位、也保護團隊，同時也能去延攬Chris提到的、我們談了好幾年的人才。

When you've been dating this long, you want to make sure that you're not losing out because of a couple of dollars. And so that's really where that expense guidance comes from. The team has done really well across the bank, both back office and front office. But that's where that guide is coming from. It's a little bit a feel on top of math. Just filling where the numbers are going, where the hiring is going.

當你們「交往」這麼久，你會想確保不會因為差那幾塊錢就錯失人選。所以費用指引主要就是從這裡來的。整個團隊在全行表現都很好，無論後台或前台。但指引就是基於這些因素。它有點是感覺加上數學。就是在感受數字走向、以及招募進度的走向。

Got it. Then maybe one housekeeping item. I know that the tax rate has jumped around here in the past few quarters. Good effective tax rate to use moving forward?

了解。再一個例行問題。我知道過去幾季稅率波動比較大。往後用什麼有效稅率比較合適？

Yeah, low 20s%, 20% or so. So slightly higher, but not materially higher.

是的，20%出頭，大約20%左右。所以會稍微高一些，但不會高很多。

Steve Moss, Raymond James.

Steve Moss，Raymond James。

It's been a busy morning. Most of my questions have been asked and answered here. I guess just one cleanup for me. Purchase accounting number here, is this a good run rate at this lower level? Or more like $6 million-ish-plus a quarter?

今天早上很忙。我大部分的問題在這裡都已經問過也回答了。我想我這邊就一個收尾問題。這裡的購併會計（purchase accounting）數字，這個較低水位是合理的常態run rate嗎？還是比較像每季約600萬美元以上？

Yeah. I think it's -- this is a good run rate. I think about it it's 14, 15 basis points on margin, which way you get to that [3.70, 3.80] range on core. Hard to say, it will decline 1 basis point or so a quarter in there is the book, maybe not a quarter, but a year, a couple of basis points. But yeah, it's a good number, Steve.

是的。我認為——這是一個合理的常態run rate。我把它視為對淨利差大約14、15個基點的貢獻，這也是你如何在核心口徑下達到[3.70, 3.80]那個區間。很難說，它大概會每季下降1個基點左右——就這本帳而言，可能不是每季，而是每年下降一點、幾個基點。但對，是個不錯的數字，Steve。

Okay. Great. Appreciate that color and all the call you guys getting on the call here today.

好的。很好。感謝你提供這些細節，也謝謝你們今天在電話會議上回答所有問題。

(Operator Instructions) Christopher Marinac, Brean Capital.

（接線員指示）Christopher Marinac，Brean Capital。

Just want to get back to deposits. And I'm curious on how -- if you see changing behaviors on deposits, I know we talked a lot about the rate and the impact earlier. But just curious if you're seeing more rate shopping or are you having more exception requests? Just wanted to delve a little bit more on behaviors.

我想再回到存款。我很好奇——你們是否看到存款行為有所改變？我知道我們先前談了很多利率及其影響。但想請教你們是否看到更多比價（rate shopping），或是有更多例外利率的申請？想再深入了解一下行為面的變化。

Yeah. Chris, I wouldn't say we see any more -- any real change in behaviors at least not material. I think relationships still matter. I do think competitive -- if there's any change in behavior, I would say there is -- I wouldn't think -- I don't think it's rate environment driven. I think it's more -- some of the different types of competitors, the continuing changes in technology that maybe get people more aware of different -- again, different ways and different places to hold the money.

是的。Chris，我不會說我們看到更多——至少沒有看到任何實質的行為改變。我認為關係仍然重要。我確實覺得競爭——如果要說有任何行為改變，我會說有——但我不認為——我不覺得是利率環境驅動的。我認為更多是——一些不同類型的競爭者、以及科技持續變化，可能讓人們更注意到不同——再說一次，不同的方式與不同的地方來存放資金。

And so you see maybe a little bit of that, but I don't know that it really impacts us that much in day-to-day relationships. So I think at the end of the day, it still comes down to being easy to do business with and have a great customer experience is what it boiled down to. And I think that's -- that carries the day.

所以你可能會看到一點那樣的情況，但我不確定它在日常往來關係中是否真的對我們有那麼大的影響。所以我認為歸根結底，仍然回到一點：要讓客戶覺得跟我們做生意很容易，並且有很棒的客戶體驗，最後就是落在這上面。我認為這——這就是關鍵。

Yeah. And Chris, I'd say we empower our front line to be able to take care of clients and retain and attract new business with rate authority, but we do track on a daily basis exceptions. And we have not seen an increase -- a material increase. It ebbs and flows. Sometimes you'll see CDs for competitors out 12 months and we're only out 6 that you can see some slight price fluctuations. But in general, it's been pretty consistent. And I think you continue to see a competitive environment, but people are empowered to take care of the clients.

是的。而且，Chris，我會說我們授權第一線能夠照顧客戶，並透過利率授權來留住並吸引新業務，但我們確實每天追蹤例外情況。而我們沒有看到增加——沒有看到實質性的增加。它會有起伏。有時你會看到競爭對手的定存（CD）期限開到 12 個月，而我們只到 6 個月，你可能會看到一些輕微的價格波動。但整體而言，一直都相當一致。我認為你會持續看到競爭環境，但大家都被授權去照顧客戶。

One other thing I would mention, Chris, listening to Michael, answer that question is that, remember, our deposit cost is actually a little bit higher than peers. And so that -- frankly, I would say that, that may impact some others more than it does us because we empower the frontline for a long time now to be able to be competitive at the point of contact for that relationship. And we're already going to be offering them a fair rate. But if they get to offer some special rate, we've got the frontline in power to be able to counter that. And so that's intentional on our part. And so that behavior hasn't changed for us.

Chris，我還想補充一點，聽 Michael 回答那個問題時要記得，我們的存款成本其實比同業略高。所以——坦白說，我會說這可能對其他人影響更大，對我們影響反而沒那麼大，因為我們很久以來就授權第一線，能在接觸點就針對那段關係保持競爭力。而且我們本來就會提供一個公平的利率。但如果對方提出某種特別利率，我們也有第一線的授權能夠去應對。所以這是我們刻意為之。因此，這種行為對我們而言並沒有改變。

Okay. Great. That's very helpful. And then just a quick follow-up on just your strategic opportunities that you look at. Do you see any shift in pricing? And is there anything that you need to do differently as you review opportunities externally?

好的。很好。這非常有幫助。接著我想就你們所關注的策略性機會再快速追問一下。你們有看到定價上有任何轉變嗎？以及在你們檢視外部機會時，有沒有什麼需要做得不一樣？

Yeah. So I think you're talking about in terms of maybe an acquisition opportunity. Is that what you're asking, Chris, in terms of project.

是的。所以我想你指的是可能在併購機會方面。Chris，你問的是這個嗎？就專案而言。

Yes, Chris.

是的，Chris。

So I'd say that the opportunities are ample right now, and they generally run smaller in terms of the size of the institution. They're generally going to be -- we see a lot of opportunities at less than $2 billion. And on the pricing there, yes, I would say, no, we haven't done anything in that size in a while. But that's because of our view on pricing has been that -- for us, it needs to bring strategic value and financial value. And it -- and disruption is very hard for us to justify because of our organic opportunity and our organic momentum, that disruption of doing an acquisition is hard for us to justify.

所以我會說目前機會很多，而且通常在機構規模上偏小。一般來說——我們看到很多機會是在 20 億美元以下。至於那邊的定價，是的，我會說，不，我們有一段時間沒有做過那種規模的案子了。但那是因為我們對定價的看法是——對我們而言，它必須同時帶來策略價值與財務價值。而且——而併購帶來的干擾對我們來說很難合理化，因為我們有有機成長的機會與有機動能；在這種情況下，做併購所造成的干擾很難讓我們覺得值得。

So unless there's real strategic value and real financial value, we don't think it's worth the disruption. And so therefore, yes, we see quite a bit, but when we think about the financial cost and the opportunity cost, it really drives the price down for the seller. And consequently, you haven't seen us do a lot. And so I think the answer to your question is yes, we do see some -- we do see that impacting valuations from our -- in our -- from our perspective. And we see that, that impacting what we think institutions -- the way we value institutions and consequently, you haven't seen us do a lot.

所以除非有真正的策略價值與真正的財務價值，我們不認為值得承受那種干擾。因此，沒錯，我們確實看到不少機會，但當我們考量財務成本與機會成本時，這會把我們願意出的價格壓得很低，對賣方而言就是價格被往下拉。也因此，你們沒有看到我們做很多交易。所以我想你問題的答案是：是的，我們確實看到一些——從我們的角度來看，這確實正在影響估值。我們看到這影響我們對機構的估值方式，因此你們也就沒有看到我們做很多。

Great. And obviously, those deals are not getting done by somebody else. So that says a lot.

很好。而且很明顯，這些交易也沒有被其他人完成。所以這說明了很多。

Yeah. Yes, I agree. It says a lot, and it's a lot.

是的。是的，我同意。這確實說明了很多，而且是很多。

And at this time, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Chris Holmes for closing comments.

在此，我們將結束今天的問答環節。我想把時間交回給 Chris Holmes 作結語。

All right. Well, listen, we really appreciate everybody joining us to cover the quarter. I always appreciate your interest in the company. And if there are any of you need to speak to us directly, we're available after the call. Thanks.

好的。各位，我們非常感謝大家參與，一起回顧本季表現。我一向很感謝各位對公司的關注。如果各位之中有人需要直接與我們溝通，我們在電話會議結束後也都可以聯繫。謝謝。

And with that, ladies and gentlemen, we'll conclude today's conference call. We do thank you for joining. You may now disconnect your lines.

那麼，各位女士、先生，我們將結束今天的電話會議。感謝各位的參與。各位現在可以掛線。