First BanCorp (FBP) 2025 Q2 法說會逐字稿

Hello, and welcome, everyone, to the First BanCorp 2Q 2025 financial results. My name is Becky, and I'll be your operator today. (Operator Instructions) I will now hand over to your host, Ramon Rodriguez, IR Officer, to begin. Please go ahead.

大家好，歡迎閱讀 First BanCorp 2025 年第二季財務業績報告。我叫貝基，今天我將擔任您的接線生。（操作員指示）現在我將把麥克風交給主持人、IR 官員 Ramon Rodriguez 開始。請繼續。

Thank you, Becky. Good morning, everyone, and thank you for joining First BanCorp's conference call and webcast to discuss the company's financial results for the second quarter of 2025. Joining you today from First BanCorp are Aurelio Aleman, President and Chief Executive Officer; and Orlando Berges, Executive Vice President and Chief Financial Officer.

謝謝你，貝基。大家早安，感謝您參加 First BanCorp 的電話會議和網路廣播，討論公司 2025 年第二季的財務業績。今天與大家一起出席的還有 First BanCorp 的總裁兼執行長 Aurelio Aleman 和執行副總裁兼財務長 Orlando Berges。

Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's latest SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbpinvestor.com.

在我們開始今天的電話會議之前，我有責任通知您，本次電話會議可能涉及某些前瞻性陳述，例如收入、收益和資本結構的預測，以及有關公司業務計劃和目標的陳述。由於公司最新提交給美國證券交易委員會的文件中所述的重要因素，公司的實際結果可能與前瞻性陳述有重大差異。該公司不承擔更新電話會議期間所作任何前瞻性陳述的義務。如果有人還沒有網路廣播簡報或新聞稿的副本，您可以透過我們的網站 fbpinvestor.com 存取。

At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.

現在，我想將電話轉給我們的執行長 Aurelio Aleman。

Thank you, Ramon. Good morning to everyone, and thanks for joining our earnings call today. As usual, I will begin with discussing our financial performance for the second quarter and then provide some high-level macro observations and also share some business highlights for the franchise. We are very pleased to report another strong quarter financial results underscore the strength of the franchise and ability to deliver consistent return to our shareholders.

謝謝你，拉蒙。大家早安，感謝大家參加我們今天的財報電話會議。像往常一樣，我將首先討論我們第二季的財務業績，然後提供一些高層次的宏觀觀察，並分享特許經營的一些業務亮點。我們非常高興地報告，本季財務業績再創佳績，彰顯了特許經營的實力以及為股東帶來持續回報的能力。

We earned $80 million in net income, which translated into a strong return on assets of 1.69%, driven by record net interest income, solid loan production and well-managed expense growth. Pretax preprovision income was slightly below prior quarter but up 9% when compared to prior year. And more importantly, we did sustain our top quartile efficiency ratio at 50%, actually in the low-end range of our range of 50% to 52%.

我們獲得了 8000 萬美元的淨收入，轉化為 1.69% 的強勁資產回報率，這得益於創紀錄的淨利息收入、穩健的貸款生產和管理良好的費用增長。稅前撥備前收入略低於上一季度，但與去年同期相比成長了 9%。更重要的是，我們確實將最高四分位數效率比率維持在 50%，實際上處於 50% 到 52% 範圍的低端範圍內。

Turning to the balance sheet. We are very encouraged to see commercial longer insurance activity picked up during the quarter, a clear indication of a stable macro across our markets and obviously, the successful execution of our teams. We grew total loans by 6% linked quarter annualized, mostly driven by strong commercial loan production in Puerto Rico and Florida. Commercial lending pipelines actually continue to be strong as we enter the second half of the year. which is crucial for our strategy.

轉向資產負債表。我們非常高興地看到，本季商業長期保險活動有所回升，這清楚地表明我們的市場宏觀環境穩定，顯然也表明我們團隊的成功執行。我們的貸款總額按季度環比增長了 6%，主要得益於波多黎各和佛羅裡達州強勁的商業貸款增長。隨著我們進入下半年，商業貸款管道實際上繼續保持強勁，這對我們的策略至關重要。

Moving on to deposits. We did see a reduction in customer deposits during the quarter, mostly driven by fluctuation in a few large commercial accounts while retail deposit accounts remain fairly stable. When we actually look at the detail of this decline, it was concentrated on very high balance, large commercial customers. As an example, five customer accounted for $120 million of that reduction.

繼續討論存款。我們確實看到本季客戶存款有所減少，主要是由於少數大型商業帳戶的波動，而零售存款帳戶保持相當穩定。當我們真正查看這一下降的細節時，我們發現它集中在餘額非常高的大型商業客戶身上。舉例來說，五位客戶就貢獻了 1.2 億美元的減幅。

In terms of asset quality, the environment continues stable I will say, stable to improve it from a credit standpoint with more recent metrics moving in the right direction, recent vintage is performing better than prior vintages. Nonperforming assets remained flat at 68 basis points of total assets and net charge-offs came down during the quarter. This highlights the benefit of prior year's credit political caliberation and improvement in the consumer vintages.

就資產品質而言，我想說的是，環境持續保持穩定，從信貸角度來看，環境正在不斷改善，最近的指標正朝著正確的方向發展，最近的表現優於前幾年。不良資產佔總資產的比例保持不變，為 68 個基點，本季淨沖銷額下降。這凸顯了前幾年信貸政治調整和消費者信心改善的好處。

Finally, our capital continues to build quite nicely even though we continue to execute on our capital deployment plan during the first half of the year. consistent with the strategy that we announced year-to-date, we have deployed over 107% of earnings in the form of dividend buybacks and relation with drops and we definitely feel this action that suits the long-term interest of the franchise and our shareholders.

最後，儘管我們在上半年繼續執行資本配置計劃，但我們的資本仍持續保持良好的成長動能。與我們今年迄今宣布的策略一致，我們已將超過 107% 的收益以股息回購和下降比率的形式進行了部署，我們確信這一舉措符合特許經營權和股東的長期利益。

So let's turn to page 5 to provide some highlights on the macro. Talking about main market, we believe the economic conditions and business activity in Puerto Rico and Florida are trending -- continue to turn favorably. Obviously, there's economic concerns and uncertainty around tariffs and changes in US policies and the potential effect, this represent obviously creates a degree of uncertainty for both retail and commercial customers. But we continue to see investment and commitment moving forward.

因此，讓我們翻到第 5 頁來了解一些宏觀的亮點。談到主要市場，我們認為波多黎各和佛羅裡達州的經濟狀況和商業活動正在呈現繼續朝著好的方向發展。顯然，人們對關稅和美國政策變化及其潛在影響存在經濟擔憂和不確定性，顯然給零售和商業客戶帶來了一定程度的不確定性。但我們繼續看到投資和承諾在向前發展。

The labor market remains strong, resilient, reflecting the lowest unemployment rate in decades. And after a few months of government transition, we're seeing some encouraging trends in this after relief inflow, which continue to support economic activity and infrastructure development in the island. So those projects, which we also participate as it relate to offerable housing.

勞動市場依然強勁、有彈性，失業率處於數十年來的最低水準。經過幾個月的政府過渡，我們看到救援資金流入出現了一些令人鼓舞的趨勢，這繼續支持著島上的經濟活動和基礎設施發展。因此，我們也參與了這些與可提供住房相關的項目。

In terms of the franchise, our key investments are technology, and we continue to increase that investment to achieve long-term growth for our business. We're also contributing to deliver our best-in-class efficiency ratio. Definitely, the franchise investment remains improving our interaction with customers and provide them with a seamless experience through our multiple channels. The successful execution of our omnichannel strategy has been evidenced by the actually 8% annual rise in digital active customers achieved consistently over the past five years, coupled with a steady reduction in branch active customers over the same period.

在特許經營方面，我們的重點投資是技術，我們將繼續增加投資以實現業務的長期成長。我們也致力於實現一流的效率比。毫無疑問，特許經營投資仍在改善我們與客戶的互動，並透過我們的多種管道為他們提供無縫體驗。我們的全通路策略的成功實施體現在，過去五年來，數位活躍客戶數量每年持續成長 8%，而同期分公司活躍客戶數量則穩定減少。

When we look at our strategic priorities for the franchise, supporting economic development across our market is a main priority, lending to both consumer and corporations. If we break down our loan growth for the first half of the year, commercial credit demand has been very strong, while residential mortgage a slight increase and consumer credit demand has been relatively steady. Based on current lending pipeline reduction in broader market uncertainty and our outlook for improving consumer health in Puerto Rico, we remain confident that we can achieve our mid-single-digit loan growth guidance for the full year. We still have half of the year to catch up.

當我們審視特許經營的策略重點時，支持整個市場的經濟發展是首要任務，為消費者和企業提供貸款。如果我們細分上半年的貸款成長情況，商業信貸需求非常強勁，而住宅抵押貸款略有增加，消費信貸需求相對穩定。基於當前更廣泛的市場不確定性導致的貸款管道減少以及我們對波多黎各消費者健康狀況改善的展望，我們仍然有信心實現全年中等個位數的貸款成長預期。我們還有半年的時間可以趕上。

The compression track record speaks for itself. We continue to be return focused and our allocated capital where it makes more sense to our customers and shareholders. As we do every year, we are reviewing our capital plan, and we will provide an update when we report third quarter results in October. Remember that we still have $100 million left of our 2024 buyback authorization, which we expect to opportunistically execute over the next two quarters aiming to achieve our target of deploying 100% of all earnings to shareholders in the form of capital actions.

壓縮記錄不言而喻。我們將繼續專注於回報，並將資本分配到對我們的客戶和股東更有意義的地方。與每年一樣，我們正在審查我們的資本計劃，並將在十月報告第三季業績時提供最新資訊。請記住，我們 2024 年的回購授權仍剩餘 1 億美元，我們預計將在接下來的兩個季度內擇機執行，以實現以資本行動的形式將所有收益的 100% 分配給股東的目標。

Thank you for your interest and support, and thanks to our colleagues for their collective achievements supporting our customers. I will now turn the call to Orlando to go over the financial results in more detail. Orlando?

感謝您的關注與支持，也感謝我們的同事們為支持客戶所取得的集體成就。我現在將把電話轉給奧蘭多，讓他更詳細地討論財務結果。奧蘭多？

Good morning to everyone. So Aurelio mentioned, we had a strong second quarter was highlighted by a net income of $80 million, which is $0.50 a share. The return on asset that he mentioned that increased to 1.69% and an expansion of the net interest margin to 4.56% for the quarter. The provision for the quarter decreased $4 million from $24.8 million in the first quarter, which was driven by reductions in net charge-offs -- in consumer net charge offs and improvement in the macroeconomic forecast, specifically the projected unemployment rate in Puerto Rico, which has an impact on unpredicted losses.

大家早安。奧雷利奧提到，我們第二季表現強勁，淨收入達 8,000 萬美元，合每股 0.50 美元。他提到的資產報酬率本季上升至 1.69%，淨利差擴大至 4.56%。本季的撥備較第一季的 2,480 萬美元減少了 400 萬美元，這是由於淨沖銷額的減少（消費者淨沖銷額）以及宏觀經濟預測的改善（特別是波多黎各的預計失業率），這對不可預測的損失產生了影響。

The income tax expense for the quarter includes a benefit of $500,000 related to a reversal of a tax contingency accrual, but also the effective tax rate, it's coming in lower based on a higher proportion of exempt income. Considering the projected consolidated income for the year, we believe that the effective tax rate for the year should be around the 23%.

本季度的所得稅費用包括與稅務意外事件應計逆轉相關的 500,000 美元收益，但同時也包括有效稅率，由於免稅收入比例較高，實際稅率較低。考慮到預計的年度綜合收入，我們認為年度有效稅率應在23％左右。

In terms of net interest income, it increased to $215.9 million in the quarter, $3.5 million higher than last quarter. This quarter includes a $1.6 million improvement for an extra day in the quarter. However, as we discussed in the previous quarter earnings call, the net interest income for the first quarter included $1.2 million in fees and penalties that were collected on the early cancellation of $74 million commercial mortgage loan, in the quarter, we didn't have anything similar to that.

淨利息收入方面，本季增至2.159億美元，較上一季增加350萬美元。本季包括為增加一天而進行的 160 萬美元的改進。然而，正如我們在上一季財報電話會議上所討論的那樣，第一季的淨利息收入包括因提前取消 7,400 萬美元商業抵押貸款而收取的 120 萬美元的費用和罰款，而在本季度，我們沒有遇到類似的情況。

On average, the commercial and construction loan portfolios grew $100 million this quarter, but yields were down 4 basis points to [67] when considering normalization of the second quarter yield -- or first quarter yields, I'm sorry, based on the $1.2 million in fees collected as I just mentioned. In the case of the consumer portfolio, the average balances were slightly down $2 million, basically on the unsecured lending. Auto and leasing portfolios grew $24 million on average. The yield on the overall consumer portfolios were down from $10.68 million to [$10.57 million] in part due to a change in the mix as total lower yield than some of the other unsecured lending portfolios.

平均而言，本季商業和建築貸款組合增長了 1 億美元，但如果考慮到第二季度收益率或第一季收益率的正常化，收益率則下降了 4 個基點至 [67]，抱歉，這是基於我剛才提到的收取的 120 萬美元的費用。就消費者投資組合而言，平均餘額略有下降，為 200 萬美元，基本上屬於無擔保貸款。汽車和租賃投資組合平均成長 2,400 萬美元。整體消費者投資組合的收益率從 1,068 萬美元下降至 1,057 萬美元，部分原因是投資組合發生了變化，總收益率低於其他一些無擔保貸款投資組合。

Regarding the investment securities portfolio, we're starting to see the pickup in deals -- we saw a growth of 6 basis points in the quarter as we continue to reinvest the lower-yielding maturing cash flows into higher-yielding instruments. This quarter, we purchased $397 million in securities at an average yield of 4.78%. On the funding side, we completed the redemption of the remaining junior subordinated debentures and pay down at the end of the first quarter, $180 million in maturing federal home loan bank advances that were higher cost funding. So we saw the overall cost of interest-bearing liabilities decreased $2.3 million for the quarter, and the average cost was [2.14], which is 9 basis points lower.

關於投資證券組合，我們開始看到交易量的回升——隨著我們繼續將收益較低的到期現金流量再投資於收益較高的工具，本季交易量增加了 6 個基點。本季度，我們購買了價值 3.97 億美元的證券，平均收益率為 4.78%。在融資方面，我們完成了剩餘次級債券的贖回，並在第一季末償還了1.8億美元到期的聯邦住房貸款銀行預付款，這些預付款屬於高成本融資。因此，我們看到本季計息負債的總成本減少了 230 萬美元，平均成本為 [2.14]，降低了 9 個基點。

In the case of deposits, even though at the end of the quarter, they were down, as Aurelio mentioned, on average interest-bearing deposits, excluding broker were $110 million higher than last quarter. The cost of interest-bearing transaction accounts was [138], which is 6 basis points lower than last quarter. And the cost of the time deposits was 3.36%, which is 3 basis points lower. All of this translates into a net interest margin of 4.56%, which is 4 basis points higher than the 45% reported last quarter on a GAAP basis. However, as we discussed in the prior earnings call, if we exclude the items I mentioned before, the fees on the loan that was canceled, the normalized margin for the first quarter was really 4.48%, thus resulting an 8 basis point increase in margin this quarter as compared to the first quarter.

就存款而言，儘管在本季末存款有所下降，但正如奧雷利奧所提到的那樣，不包括經紀人在內的平均計息存款比上一季高出 1.1 億美元。計息交易帳戶成本為[138]，較上一季下降6個基點。定期存款成本為3.36%，下降3個基點。所有這些轉化為 4.56% 的淨息差，比上一季根據 GAAP 報告的 45% 高出 4 個基點。然而，正如我們在先前的收益電話會議上所討論的那樣，如果我們排除我之前提到的項目，即取消的貸款費用，第一季度的正常化利潤率實際上是 4.48%，因此本季度的利潤率與第一季度相比增加了 8 個基點。

In terms of guidance, we continue to sustain the 5 to 7 basis points pickup in the margin in each of the next quarter as we -- as we mentioned during the first quarter call. Assuming the normal flow of deposits, we're confident that we'll be able to continue to reinvest in common cash flows from lower yielding securities into higher-yielding assets over the coming months and into 2026. Investment portfolio cash flows are expected to reach just over $1 billion in the second half of 2025, about $460 million of that in the third quarter and $600 million in the fourth quarter.

在指導方面，正如我們在第一季電話會議上提到的那樣，我們將繼續維持下一季每季利潤率上升 5 到 7 個基點的水平。假設存款流動正常，我們有信心在未來幾個月乃至 2026 年內，我們將能夠繼續將共同現金流從低收益證券再投資到高收益資產。預計2025年下半年投資組合現金流將達10億美元以上，其中第三季約為4.6億美元，第四季約為6億美元。

In terms of the other income, it was $30.9 million, which is down $4.8 million versus the prior quarter. but most of the decrease was related to seasonal contingent insurance commissions we received in the first quarter and lower realized gains on purchase of income tax credits. On the other hand, we were slightly better in service charges on deposit accounts and mortgage banking fees for the quarter.

其他收入為 3090 萬美元，比上一季下降 480 萬美元，但大部分減少與我們在第一季收到的季節性或有保險佣金以及購買所得稅抵免的實現收益較低有關。另一方面，本季我們的存款帳戶服務費和抵押銀行費用略有改善。

Operating expenses were $123.3 million relatively in line with the $123 million we had last quarter. Compensation expense was down $2.1 million, driven by bonuses and stock-based compensation that was recognized during the first quarter. and also the decrease in the payroll taxes assemblies reach the maximum taxable amount. On the other hand, we had an increase in credit card and dividend credit card processing expenses due to expense reimbursements we received from the network in the first quarter.

營運費用為 1.233 億美元，與上一季的 1.23 億美元基本持平。薪酬費用下降了 210 萬美元，主要是由於第一季確認的獎金和股票薪酬，以及工資稅的減少，達到了最高應稅金額。另一方面，由於第一季我們從網路收到的費用報銷，我們的信用卡和股利信用卡處理費用增加。

And this quarter, we also had a reduction of $500,000 in the gains on OREO operations. Excluding OREO, expenses would have been about almost $124 million, it's $123.9 million, which compares to $124.2 million in the first quarter. The efficiency ratio, as Aurelio mentioned, was 50%, pretty much in line with last quarter.

本季度，奧利奧業務的收益也減少了 50 萬美元。不包括奧利奧，支出約 1.24 億美元，實際為 1.239 億美元，而第一季為 1.242 億美元。正如 Aurelio 所提到的，效率比率為 50%，與上一季基本一致。

Expenses for the quarter were below the guidance range we had provided in the prior earnings call. But based on predicted expense trends for ongoing technology projects and business promotion efforts are geared towards the second half of the year. We do expect that our base for the next couple of quarters we'll be closer to the guidance that we provided before that [125 to 126] range, excluding the OREO gains or losses. The efficiency ratio, we still believe it's going to be between that 50% to 52% range. considering the expenses changes and the income changes that are being forecasted.

本季的支出低於我們在上次收益電話會議上提供的指導範圍。但根據預測，正在進行的技術項目和業務推廣費用趨勢將集中在下半年。我們確實預計，未來幾季的基準將更接近我們先前提供的 [125 至 126] 區間的指導（不包括奧利奧的漲幅或跌幅）。考慮到預測的支出變化和收入變化，我們仍然認為效率比率將在 50% 到 52% 之間。

In asset quality, NPAs decreased $1.4 million in the quarter. We had a $2.5 million reduction in nonaccrual consumer loans and a $3 million reduction on OREO and other reprocessed assets. On the other hand, we had a $4 million migration to nonperforming and construction loan portfolio in the Puerto Rico region. The NPA ratio remained flat at 68 basis points of assets. The inflows to nonaccrual were $34.4 million, which is down $9 million versus the prior quarter, mostly $12.6 million commercial mortgage loan that went into nonaccrual in the first quarter in Florida.

在資產品質方面，本季不良資產減少了 140 萬美元。我們的非應計消費貸款減少了 250 萬美元，奧利奧和其他再處理資產減少了 300 萬美元。另一方面，我們在波多黎各地區有 400 萬美元的不良貸款和建築貸款組合。不良資產比率維持不變，為資產的68個基點。未計提資金流入為 3,440 萬美元，比上一季減少 900 萬美元，其中大部分是佛羅裡達州第一季未計提的 1,260 萬美元商業抵押貸款。

Inflows for consumer and residential mortgage loans combined were down about $400,000 this quarter. In general, as we mentioned before, credit metrics seem to be holding up well. Loans in early delinquency registered a slight increase of about $2.8 million to $134 million, mostly in the auto portfolio. And as Aurelio mentioned, we continue to monitor consumer credit closely, and we're seeing improvement in recent vintages, which is a result of the credit policy adjustment that was done back in 2023.

本季度，消費者和住宅抵押貸款流入總額下降了約 40 萬美元。總體而言，正如我們之前提到的，信貸指標似乎保持良好。提前拖欠的貸款略有增加，增加約 280 萬美元，達到 1.34 億美元，主要集中在汽車貸款。正如奧雷利奧所提到的，我們將繼續密切關註消費者信貸，並且我們看到近年來信貸狀況有所改善，這是 2023 年信貸政策調整的結果。

The allowance for the quarter increased $1.3 million to $248.6 million. mostly the allowance increase based on the growth in the commercial portfolio during the quarter. but we did have a reduction in allowance for consumer loans resulting from the improved unemployment rate forecast in Puerto Rico. The ratio of the allowance -- the overall allowance decreased 2 basis points to 1.93%, but it's mostly due to a 6 basis point reduction in the allowance for the consumer portfolio.

本季的準備金增加了 130 萬美元，達到 2.486 億美元。準備金的增加主要是基於本季商業投資組合的成長。但由於波多黎各失業率預測有所改善，我們的消費貸款準備已減少。撥備比率－整體撥備下降 2 個基點至 1.93%，但這主要是因為消費者組合撥備減少了 6 個基點。

Net charge-offs for the quarter were $19.1 million, 60 basis points of average loans, which is down from 68 basis points in the first quarter. But keep in mind that the first quarter net charge-off included $2.4 million in recoveries that were related to the bond sale of consumer charge-off loans. If we were to exclude that sale net charge-off for the first quarter would have been 76 basis points. So we had a 16 basis point reduction as compared to that number.

本季淨沖銷金額為 1,910 萬美元，平均貸款額為 60 個基點，低於第一季的 68 個基點。但請記住，第一季的淨沖銷包括與消費者沖銷貸款債券銷售相關的 240 萬美元的回收。如果我們排除該銷售額，第一季的淨沖銷額將為 76 個基點。因此，與該數字相比，我們減少了 16 個基點。

On the capital front, as Aurelio commented that we executed on our capital deployment strategy during the quarter by redeeming the remaining subordinated debentures declaring the $29 million in dividends and repurchasing $28 million in stock. Just to clarify there, you remember, we had a plan of $50 million per quarter. During the first quarter, we purchased -- redeemed the $50 million of the drops.

在資本方面，正如奧雷利奧所說，我們在本季度執行了資本配置策略，贖回了剩餘的次級債券，宣布了 2,900 萬美元的股息，並回購了 2,800 萬美元的股票。需要澄清的是，您記得，我們的計劃是每季 5000 萬美元。在第一季度，我們購買並贖回了價值 5000 萬美元的滴劑。

But also based on the way the market was moving, we accelerated some repurchases of the second quarter amount and we repurchased $22 million in the first quarter. So we completed the second quarter to $28 million to reach the $50 million. And on top of that, we redeemed the remaining $11 million or so of the remaining drops.

但同時根據市場走勢，我們加快了第二季的部分回購，並在第一季回購了 2,200 萬美元。因此，我們在第二季的銷售額達到了 2,800 萬美元，達到了 5,000 萬美元。除此之外，我們還贖回了剩餘的約 1,100 萬美元。

In terms of the tangible book value per share, it increased 5% during the quarter to the 11.16% and TCE ratio expanded to 9.6%, mostly due to $41 million increase in the fair value of the investment portfolio. So far this year, the fair value has improved $125 million. The remaining valuation allowance, AOCL that we have on the books, we present our 69 in tangible book value and over 200 basis points of the -- on the tangible common equity reach. Again, we will continue to deploy our excess capital in a thoughtful manner, always looking for the best interest of the franchise and the shareholders.

就每股有形帳面價值而言，本季成長 5% 至 11.16%，TCE 比率擴大至 9.6%，主要由於投資組合的公允價值增加了 4,100 萬美元。今年迄今為止，公允價值已提高 1.25 億美元。我們帳面上的剩餘估價準備 AOCL，我們呈現了 69% 的有形帳面價值和超過 200 個基點的有形普通股權益範圍。再次強調，我們將繼續以深思熟慮的方式部署我們的過剩資本，並始終尋求特許經營權和股東的最大利益。

This concludes our prepared remarks. Operator, please open the call for questions.

我們的準備好的演講到此結束。接線員，請打開電話詢問。

(Operator Instructions) Brett Rabatin, Hovde Group.

（操作員說明）Brett Rabatin，Hovde Group。

Wanted to just make sure from a housekeeping perspective, the tax rate that you guys expected? I thought I heard 23%. Is that for the full year or was that for the back half of '25?

只是想從內部管理的角度確認一下，你們預期的稅率是多少？我以為我聽到的是 23%。這是全年的數據還是 25 年下半年的數據？

For the full year, Brett, that would be the estimated tax rate -- effective tax rate based on the forecasted mix of exempt and taxable income and some of the other components for the year. Mind that we do have -- just one comment. Keep in mind that one of the benefits of the redemption of the crops is that that we're sitting at the holding company level. And the expense -- the interest expense there, because we don't have a profit at the holding company level, was really not getting any tax benefit. So that's part of the reason we're getting some of the effective tax rate improvements.

布雷特，對於全年而言，這將是預估稅率——基於預測的免稅和應稅收入組合以及年度其他一些組成部分的有效稅率。請注意，我們確實有——只有一條評論。請記住，贖回農作物的好處之一是我們處於控股公司層面。而這筆費用——利息費用，因為我們在控股公司層級沒有利潤，所以實際上沒有獲得任何稅收優惠。這就是我們獲得一些有效稅率改善的原因之一。

Okay. That's helpful. And then just the comments on the deposit decline that seemed to be kind of high worth or commercial -- any additional color there? Do you think that migration has run its course? Or can you give us any other color around what you're seeing on larger deposits?

好的。這很有幫助。然後，關於存款下降的評論似乎很有價值或商業性——還有其他說明嗎？您認為遷移已經結束嗎？或者您能否向我們介紹一下您在較大礦藏中看到的其他情況？

There's a lot of moving primarily, it's really recurring business purpose, actually, capital investments. There are some tax payments that took place. There is even settlements. There's a significant number of those variances that we saw this quarter, we believe are nonrecurring in nature. And there is some high-yielding seeking behavior, too, in that very high balances segment.

主要有很多舉措，這實際上是為了經常性的業務目的，即資本投資。已經發生了一些稅金繳納。甚至還有定居點。我們在本季發現了大量差異，我們認為這些差異本質上是非經常性的。而且，在餘額非常高的部分，也存在一些尋求高收益的行為。

But when you look at it, it was highly concentrated, as I mentioned, top five customers represent 120%. And 25 customers, the overall variance is around 25 customers overall. So from the commercial segment itself. So on the retail side, very stable. Net customers are growing, and net accounts are growing, which is an important metric that we follow.

但當你看一下時，你會發現它高度集中，正如我所提到的，前五名客戶佔 120%。如果有 25 位顧客，那麼整體差異大約為 25 位顧客。從商業領域本身來看。因此，就零售方面而言，非常穩定。淨客戶正在成長，淨帳戶也在成長，這是我們關注的重要指標。

Okay. And then just on credit. I mean credit outside of the kind of the consumer is just really, really good. Would you guys expect the level of charge-offs to increase from here? Or do you think this is a sustainable level for the overall portfolio?

好的。然後就賒帳了。我的意思是，除了消費者之外的信貸真的非常好。你們認為從現在起沖銷額度會增加嗎？或者您認為這對於整體投資組合來說是一個可持續的水平？

We believe it's sustainable to improving the trend on the charge-off of the consumer portfolios.

我們相信，改善消費者投資組合沖銷趨勢是可持續的。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Back on the deposit commentary. I think last quarter, the comments were that the deposit stability you're seeing more deposit stability versus the last couple of years. Were these outflows surprising? Is this kind of excess liquidity that you are expecting to leave at some point, and it just culminated in 2Q? And then the comment on the $25 million customers overall. Is that the total in this larger commercial segment? Or is that the total that made up the composition of the 2Q decline?

回到存款評論。我認為上個季度的評論是，與過去幾年相比，存款穩定性有所提高。這些資金流出是否令人驚訝？您是否預計這種過剩流動性會在某個時候消失，並且在第二季達到頂峰？然後是對總計 2500 萬美元客戶的評論。這是更大的商業領域的總數嗎？或者這就是第二季下滑的整體組成？

No, it's the total that made the composition of the decline. We have a lot more customers in that segment. It's just top customers that show variances altogether. Some of them were surprised because the movement took place, but some of them are just recurring business purposes that it just -- a lot of things that happened at the same time in the same quarter. Also tax events of tax payments on the April 2, we saw some of that.

不，是總量造成了成分的下降。我們在該領域擁有更多的客戶。只有頂級客戶才會出現整體差異。有些人感到驚訝，因為這一動向的發生，但有些人只是出於重複的商業目的——很多事情在同一季度的同一時間發生。另外，我們也看到了 4 月 2 日納稅的一些稅務事件。

We believe most of them are not recurring -- but obviously, you combine that with the higher for longer rates, that high-yield behavior as long as rates are high, that highly be behavior will continue. And we do have certain parameters to which point we compete also.

我們相信其中大多數都不會重複出現——但顯然，只要利率較高，長期利率較高，高收益行為就會持續下去。我們確實有一定的參數，我們也會根據這些參數來競爭。

Got it. And I guess as we look into 3Q specifically with your comments around maintaining the mid-single-digit loan guide, that implies some accelerating on the loan growth front. If I'm not mistaken, I think 3Q is a little bit more challenging from a deposit standpoint from seasonality. Can you just give us some parameters on what the expectation is internally for funding the second half loan growth?

知道了。我想，當我們具體研究第三季時，您關於維持中位數個位數貸款指南的評論意味著貸款成長方面會有所加速。如果我沒記錯的話，我認為從季節性的存款角度來看，第三季會更具挑戰性。您能否提供我們一些關於內部對下半年貸款成長融資的預期參數？

The second half, we believe stability that we're going to achieve a stable leading the deposits. There's -- again, there's some deltas on the garment side that are difficult to predict. When they come in and out, there are some variances sometimes on the government accounts on the large accounts, money flowing in and flowing out in terms of some of the payments that come in from different funds. No tax delta should happen in the second half or minimal. We will say stability.

下半年，我們相信我們將實現存款的穩定領先。再次強調，服裝上的一些差異是難以預測的。當這些資金進出時，政府帳戶的大額帳戶、來自不同基金的部分付款的流入和流出有時會出現一些差異。下半年應該不會出現稅收增量，或是增量很小。我們會說穩定。

Obviously, a lot of the liquidity that you're going to see coming in the second half, it's Orlando mentioned, is more than $1 billion from the cash flows on the investment portfolio. that the primary objective is to deploy that in loans, not necessarily securities, but the excess will go back to securities.

顯然，正如奧蘭多所提到的，下半年你將看到的大量流動性將超過 10 億美元，這些流動性來自投資組合的現金流。主要目標是將其部署到貸款中，不一定是證券，但多餘的部分將回到證券。

Got it. Okay. That's good color. And then just lastly for me on the loan growth. It's been a good start to the year out of the mainland just the composition that you're expecting in the second half of the year? Is that going to be more so from Puerto Rico on the commercial side? Or is the expectation still here that the mainland is going to drive much of the near-term loan growth?

知道了。好的。這顏色真好。最後我要談談貸款成長問題。今年大陸市場開局良好，您對下半年的業績有何期待？從商業角度來看，波多黎各會採取更多行動嗎？或者人們仍然預期大陸將推動短期貸款成長的大部分？

It's a combination. It's a combination of Florida will continue to contribute as well as the Puerto Rico commercial sectors where we see most of the growth, stability in the consumer and actually some growth in the residential mortgage, which we already have achieved on this year.

這是一個組合。佛羅裡達州和波多黎各商業部門將繼續做出貢獻，我們看到大部分的成長、消費者的穩定性以及住宅抵押貸款的一些成長，我們今年已經實現了這些成長。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

This is Chase on for Steve. So first, I was curious where long notes have been coming in these days.

這是史蒂夫的蔡斯。所以首先，我很好奇最近長篇筆記都從哪裡來。

Could you repeat that question? I couldn't hear you well.

你能重複一下這個問題嗎？我聽不清楚你在說什麼。

Sorry. I'm just curious where loan yields have been coming in these days?

對不起。我只是好奇最近的貸款收益率如何？

Well, as I was saying, if you look at the yields on the C&I portfolio came down 4 basis points. the yield on the consumer portfolios are very much similar. The difference has been more than anything to change on mix. As you know, credit cards are based out of prime, personal loans -- we have two components, typical unsecured personal loans. And that 13% range and the small loans under special legislation in Puerto Rico are closer to the 30%. The auto portfolio, it's on the 8% range.

嗯，正如我所說的，如果你看一下 C&I 投資組合的收益率下降了 4 個基點，那麼消費者投資組合的收益率非常相似。差異主要在於混合上的改變。如您所知，信用卡是基於優質個人貸款的——我們有兩個組成部分，典型的無擔保個人貸款。而這個 13% 的範圍和波多黎各特別立法下的小額貸款接近 30%。汽車投資組合的收益率在 8% 左右。

So we've seen some reductions on the commercial side, not so much on the consumer side. and mortgage, it's a market function. It's similar to what you see in the states that we're seeing at 6.5% to 6.75% kind of deals sort of in general, depending on the type of product.

因此，我們看到商業方面的削減增加，但消費方面的削減幅度不大。抵押貸款是一種市場功能。這與您在美國看到的類似，我們通常看到的是 6.5% 到 6.75% 的交易，具體取決於產品類型。

Got you. And one last one for me. How much room do you think there is to continue pushing down funding costs? And do you expect to pay down your remaining FHLB advances as they mature?

明白了。對我來說還有最後一個。您認為融資成本還有多大持續下降的空間？您是否希望在剩餘的 FHLB 貸款到期時償還貸款？

I mean the -- there are a few components. What we have in broker deposits that we used to fund the Florida operation or part of the Florida operation, those will continue to come down as the market is lower than what some of the things have matured. Time deposits, there's a little bit of space but it's coming -- it's been coming down. Clearly, rates staying at these levels consistently, we'll stop that a little bit.

我的意思是——有幾個組成部分。我們用於資助佛羅裡達業務或部分佛羅裡達業務的經紀人存款將繼續下降，因為市場低於某些已經成熟的水平。定期存款還有一點空間，但它正在下降。顯然，如果利率持續保持在這些水平，我們就會稍微停止這種現象。

The Federal whole loan bank advances would be a function of needs at the time and our funding time frames management. As you saw, we paid down the $180 million in the first quarter. We didn't need the funding with the cash flows coming in from the investment portfolio, we might have some opportunities.

聯邦全額貸款銀行預付款將取決於當時的需求和我們的融資時間框架管理。正如您所看到的，我們在第一季償還了 1.8 億美元。我們不需要投資組合產生的現金流來融資，我們可能會有一些機會。

So there is some opportunities. In reality, the (inaudible) loan banking advances, the -- what matures within the next three months, it's only $30 million. So we will probably pay those down, but there is about $90 million on the six months to a year time frame that we'll see based on the funding mix. But yes, the idea is to get those costs down eliminating some of it or just repricing some of it.

因此存在一些機會。實際上，（聽不清楚）銀行貸款，即未來三個月內到期的貸款只有 3,000 萬美元。因此，我們可能會償還這些債務，但根據資金組合情況，我們將在六個月到一年的時間內償還約 9,000 萬美元。但是，是的，我們的想法是降低這些成本，消除其中的一些，或者只是重新定價其中的一些。

Kelly Motta, KBW.

凱利·莫塔（Kelly Motta），KBW。

I think maybe going back to the loan growth in the mid-single digits. You guys had some nice growth loan growth this quarter, it looks like, as you called out, a lot of it was in commercial and C&I. Just wondering if you were seeing any changes in the utilization rate and in terms of the loan growth in the back half of the year, how your expectations -- do you feel better about it than you did maybe at the same time three months ago. Just wondering your overall level of confidence in the mid-single-digit loan growth and kind of any utilization rate factors that we should be considering here?

我認為貸款成長率可能會回到個位數的中間水準。本季你們的貸款成長情況不錯，正如你所說，其中許多都來自商業和工商領域。我只是想知道您是否看到利用率有任何變化，就今年下半年的貸款增長而言，您的預期如何 - 您是否比三個月前的同一時間感覺更好。只是想知道您對中位數個位數貸款成長的整體信心水平以及我們應該考慮的任何利用率因素？

I can tell you, the pipeline looks pretty good when we look at it today. I'll show you a little better when we look at it at the beginning of this year or the end of the last year. So from that standpoint, we're pretty confident on the continuous movement of that pipeline into closing. Regarding utilization, I don't have the data and I don't want to just from the top of my head. We can get back to you on that or the overall -- in our investor presentation when we update.

我可以告訴你，當我們今天看到它時，它看起來相當不錯。當我們在今年年初或去年年底回顧時，我會向你們展示得更清楚一些。因此從這個角度來看，我們對該管道持續關閉非常有信心。關於利用率，我沒有數據，也不想只憑我的想像。當我們更新時，我們可以在投資者演示中就此事或整體情況向您回覆。

Got it. That's helpful. And then just on a high level on the efficiency, you continue to kind of target that, I think, 52% of the fee ratio. And -- for the past several quarters now, you've been coming in quite below that. As we look ahead to next year, are there any significant investments in technology or things you're looking at to drive longer-term efficiencies that we should be considering when building out a longer-term expense run rate here?

知道了。這很有幫助。然後，從高水準的效率來看，你繼續以 52% 的費用率作為目標。而且——在過去的幾個季度裡，你的收入一直遠低於這個水準。展望明年，在製定長期費用運行率時，您是否應該考慮在技術或其他方面進行重大投資，以提高長期效率？

Well, we've been doing -- we're making those investments for some time, and those will continue. I think we provide some highlights earlier in the year of completing important steps in our cloud migration and eliminating the mainframe that existed in Puerto Rico until the first quarter as an example, the adoption of cloud-based technology. The movement of everything that we still have in the open environment here will continue investment in additional self-service tools and functionality in the applications, the digital applications across different businesses and products, including mortgage, auto and deposits will continue.

嗯，我們已經做了——我們已經做了這些投資一段時間了，而且這些投資還會繼續下去。我認為我們在今年早些時候提供了一些亮點，例如完成了雲端遷移的重要步驟並消除了直到第一季才存在於波多黎各的大型主機，採用了基於雲端的技術。我們在開放環境中仍然擁有的一切的運動將繼續投資於應用程式中的額外自助服務工具和功能，包括抵押貸款、汽車和存款在內的不同業務和產品的數位應用程式將繼續存在。

It's been a significant amount of the expense base for some time. So it will continue to be some -- obviously, process automation related as the new tools bring some AI components into it. So I will say we don't expect a big peak of those because we continue to sustain the levels that we've been doing, being very active in in those investments like last year, (inaudible) platform implementation was one of them, some of the process automation on the risk management tools.

一段時間以來，它一直是支出基礎的很大一部分。因此，它將繼續與某些流程自動化相關，因為新工具將一些人工智慧組件引入其中。所以我想說，我們並不期望這些投資大幅成長，因為我們將繼續維持目前的水平，像去年一樣積極參與這些投資，（聽不清楚）平台實施就是其中之一，風險管理工具的一些流程自動化。

We currently have no further questions. So I'll hand back to Ramon Rodriguez for closing remarks.

目前我們沒有其他問題。因此我將把發言交還給拉蒙羅德里格斯 (Ramon Rodriguez) 作最後發言。

Thank you, everyone, for participating in today's call. We will be attending Raymond James Financial Services Conference in Chicago on September 3. We look forward to seeing a number of you at this event, and we greatly appreciate your continued support. Have a great day and thank you.

感謝大家參加今天的電話會議。我們將於 9 月 3 日參加在芝加哥舉行的雷蒙德詹姆斯金融服務會議。我們期待在本次活動中見到你們，並非常感謝你們一直以來的支持。祝您有愉快的一天，謝謝。

Thank you all.

謝謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。