First Commonwealth Financial Corp (FCF) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the First Commonwealth Financial Corporation Q2 2026 earnings release conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 First Commonwealth Financial Corporation 2026 年第二季（Q2）財報發布電話會議。（接線員指示）

I will now hand the conference over to Ryan Thomas, Vice President of Finance and Investor Relations. Please go ahead.

我現在把會議交給財務與投資人關係副總裁 Ryan Thomas。請開始。

Thanks, Jonah, and good afternoon, everyone. Thank you for joining us today to discuss First Commonwealth Financial Corporation's second-quarter financial results. Participating on today's call will be Mike Price, President and CEO; Jim Reske, Chief Financial Officer; Mike McCuen, Chief Banking Officer; and Brian Sohocki, Chief Credit Officer.

謝謝你，Jonah，各位下午好。感謝各位今天加入我們，一同討論 First Commonwealth Financial Corporation 第二季財務結果。今天參與電話會議的有：總裁兼執行長 Mike Price；財務長 Jim Reske；銀行業務長 Mike McCuen；以及信用長 Brian Sohocki。

As a reminder, a copy of yesterday's earnings release can be accessed by logging on to fcbanking.com and selecting the Investor Relations link at the top of the page. We have also included a slide presentation on our Investor Relations website with supplemental information that will be referenced during today's call.

提醒各位，昨天的財報新聞稿可登入 fcbanking.com，並在頁面頂端選擇「Investor Relations（投資人關係）」連結取得。我們也在投資人關係網站提供一份投影片簡報，內含補充資訊，將在今天的電話會議中引用。

Before we begin, I need to caution listeners that this call will contain forward-looking statements. Please refer to our forward-looking statements disclaimer on page 3 of the slide presentation for a description of risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Today's call will also include non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. Reconciliation of these measures can be found in the appendix of today's slide presentation.

在開始之前，我需要提醒聽眾，本次電話會議將包含前瞻性陳述。請參閱投影片簡報第 3 頁的前瞻性陳述免責聲明，其中說明可能導致實際結果與前瞻性陳述所反映內容出現重大差異的風險與不確定性。今天的電話會議也將包含非 GAAP 財務衡量指標。非 GAAP 財務衡量指標應與依 GAAP 編製並揭露之結果一併觀察，而非作為其替代。這些衡量指標的調節表可在今日投影片簡報的附錄中找到。

With that, I will turn the call over to Mike.

接下來，我把電話交給 Mike。

Thank you, Ryan. Second-quarter financial performance of First Commonwealth and highlights include core earnings per share of $0.44, up $0.07 over the first quarter, a core ROAA of 1.46% and core pretax pre-provision ROAA of 2.14%, a core efficiency ratio of 52.24% and a net interest margin of 4.01%, which expanded 9 basis points as a function of lower deposit and funding costs, higher loan yields, and securities purchases. All key income statement categories moved positively quarter over quarter to include net interest income, provision expense, noninterest or fee income, and noninterest expense.

謝謝你，Ryan。First Commonwealth 第二季的財務表現與重點包括：核心每股盈餘（core EPS）為 0.44 美元，較第一季增加 0.07 美元；核心 ROAA 為 1.46%，核心稅前、提存前 ROAA（core pretax pre-provision ROAA）為 2.14%；核心效率比率為 52.24%；淨利差（NIM）為 4.01%，因存款與資金成本下降、放款殖利率上升以及買入證券而擴大 9 個基點。所有主要損益表科目皆較上季呈現正向變動，包括淨利息收入、提存費用、非利息（或手續費）收入，以及非利息費用。

Second quarter loan growth of 1.97% annualized was matched by average deposit growth of 2.03%. Loan growth for the quarter was led by equipment finance, commercial construction, branch-based Home Equity Loan lending, and our indirect lending business, all of which offset contraction in commercial real estate and C&I lending. The quarter was notable due to a record quarter of commercial loan payoffs of roughly $740 million following a record first quarter of commercial loan payoffs of roughly $630 million.

第二季放款成長（年化）為 1.97%，與平均存款成長 2.03% 相當。本季放款成長主要由設備融資、商業建築、分行端房屋淨值貸款（Home Equity Loan）放款，以及我們的間接放款業務帶動，抵銷了商用不動產與 C&I（商業與工業）放款的收縮。本季值得注意的是，商業放款提前清償金額創單季新高，約 7.40 億美元；而第一季商業放款提前清償亦創紀錄，約 6.30 億美元。

Commercial loan originations increased to approximately $693 million in the second quarter. Although charge-offs remain elevated as we continue to resolve identified problem credits, credit quality improved modestly in the second quarter with lower nonperforming loan balances alongside stable delinquency and allowance levels. Other items that may be of interest to investors include for the year, Community PA and Cincinnati, two of our five regions have led the way with both deposit and loan growth. Fee income grew in part year over year due to nice traction in mortgage and wealth management businesses.

第二季商業放款承作（originations）增加至約 6.93 億美元。雖然我們持續處理已辨識的問題授信，使得核銷仍維持在較高水準，但第二季信用品質小幅改善，不良放款餘額下降，同時逾期與備抵水準保持穩定。其他投資人可能關注的事項包括：今年以來，在我們五個區域中，Community PA 與 Cincinnati 兩個區域在存款與放款成長方面領先。手續費收入部分年增，主要受惠於房貸與財富管理業務取得良好進展。

And the team continues to find uses for AI. And we felt like we're on our front foot with IT and technology for years, particularly with our fintech partnerships. But let me just give you one AI example. In our call center, our vendor turned on a feature where AI listens to the call and pops the policy and procedure to the employee to help navigate a solution for our clients. And oftentimes, they're navigating up to six different systems at one time. Just one small example of probably a dozen or more.

而團隊也持續尋找 AI 的應用。我們覺得多年來在 IT 與科技方面一直走在前面，特別是在我們的金融科技（fintech）合作夥伴關係上。不過我舉一個 AI 的例子。在我們的客服中心，供應商啟用了一項功能：AI 會聆聽通話內容，並即時把相關政策與作業程序提示給員工，協助為客戶找到解決方案。而很多時候，員工同時需要操作多達六個不同系統。這只是大概十幾個以上案例中的一個小例子。

With that, I will turn it over to Jim Reske, our CFO.

接下來，我把電話交給我們的財務長 Jim Reske。

Thanks, Mike. Mike has already summarized the second quarter's financial performance, so I'll try to provide some additional detail around the margin, fee income and expenses as usual. The net interest margin improved by 9 basis points to 4.01%. While average deposits grew by 2.03%, period-end deposits were down at an annualized rate of 5.77% with about two-thirds of the decline coming from time deposits. With excess cash on hand and limited loan growth, we priced time deposit promotions less aggressively compared to competitors in the second quarter, resulting in outflows towards the end of the quarter.

謝謝你，Mike。Mike 已經總結了第二季的財務表現，因此我照例補充一些關於淨利差、手續費收入與費用的細節。淨利差提升 9 個基點至 4.01%。雖然平均存款成長 2.03%，但期末存款以年化 5.77% 的速度下降，其中約三分之二的降幅來自定期存款。由於手上有多餘現金且放款成長有限，我們在第二季對定存促銷的定價相較同業不那麼積極，導致季末出現資金外流。

That tighter deposit pricing obviously helped the NIM. About 6 basis points of the 9 basis points of improvement came from lower funding costs with the cost of deposits falling by 5 basis points to 1.74%. The other 3 basis points came from the asset side of the balance sheet, driven by a combination of higher loan yields and the investment of excess cash into securities.

較緊的存款定價顯然有助於淨利差。9 個基點改善中的約 6 個基點來自資金成本下降，存款成本下滑 5 個基點至 1.74%。另外 3 個基點來自資產負債表的資產端，主要由放款殖利率提高，以及將多餘現金投入證券所帶動。

The rate environment continues to allow us to reprice our loan book upward with fixed rate loans repricing upward by 61 basis points. The yield on the loan portfolio improved by 4 basis points from 6.03% to 6.07%. The expiration of $150 million in macro swaps on May 1 contributed to the increase in loan yields.

目前的利率環境仍讓我們得以將放款組合重新定價上調，其中固定利率放款的重定價上調 61 個基點。放款投資組合殖利率提升 4 個基點，從 6.03% 升至 6.07%。5 月 1 日到期的 1.50 億美元宏觀交換（macro swaps）也促成了放款殖利率的上升。

Looking ahead to the second half of 2026, we see net loan growth picking up as production continues and payoffs normalize, returning loan growth closer to our mid-single-digit guidance, while the NIM will benefit from the rate environment but suffer from stiffer deposit competition. We expect that will leave the NIM in the low 4% range.

展望 2026 年下半年，我們預期隨著承作持續進行且提前清償回歸常態，淨放款成長將加快，使放款成長更接近我們中個位數成長的指引；同時，淨利差將受惠於利率環境，但也會因存款競爭加劇而承壓。我們預期淨利差將落在 4% 出頭的區間。

Fee income was up by $2.3 million from last quarter. Fee income benefited from an $806,000 gain from the redemption of a $6.6 million sub debt instrument inherited from a prior acquisition, along with a $450,000 BOLI death claim, which together accounted for about $1.3 million of the $2.3 million of improvement.

手續費收入較上季增加 230 萬美元。手續費收入受惠於一筆 80.6 萬美元的收益，來自贖回一項面額 660 萬美元、由先前併購承接的次順位債務工具（sub debt instrument），以及一筆 45 萬美元的 BOLI（銀行持有人壽保險）身故理賠；兩者合計約占 230 萬美元改善中的 130 萬美元。

We also had an increase of about $0.5 million in interchange and deposit service charges. Our previous guidance for fee income to range from $24 million to $25 million per quarter for the remainder of this year remains unchanged. Noninterest expense improved by $1.3 million from last quarter.

我們的交換手續費（interchange）與存款服務費也增加約 50 萬美元。我們先前對今年剩餘期間每季手續費收入介於 2,400 萬至 2,500 萬美元的指引維持不變。非利息費用較上季改善 130 萬美元。

Salary and hospitalization expense did go up in the second quarter, offset somewhat by a vendor rebate of approximately $450,000. But the quarter-over-quarter comparison benefits from a few discrete expense items that hit us in the first quarter, including about $0.5 million of snow removal costs in the first quarter and a $0.5 million FHLB prepayment penalty in the first quarter. Our previous expense guidance of about $74 million to $76 million per quarter remains unchanged for the remainder of 2026.

第二季的薪資與住院醫療費用確實上升，但部分被約45萬美元的供應商回饋所抵銷。不過，與前一季相比的比較也受惠於一些在第一季發生的單次費用項目，包括第一季約50萬美元的除雪成本，以及第一季50萬美元的FHLB提前償還罰金。我們先前提供的費用指引—每季約7,400萬至7,600萬美元—在2026年剩餘期間維持不變。

We repurchased approximately $12 million in stock last quarter at a weighted average price of $18.66. We had approximately $13 million remaining in repurchase authorization at the end of the second quarter. And yesterday, our Board approved an additional $75 million in repurchase authorization. We intend to continue share repurchase activity in the third quarter.

上季我們以加權平均價格18.66美元回購了約1,200萬美元的股票。第二季末我們尚有約1,300萬美元的回購授權餘額。此外，昨天董事會核准新增7,500萬美元的回購授權。我們計畫在第三季持續進行股票回購。

Tangible book value per share grew to $11.58, up from $11.34 last quarter and $10.63 a year ago. Compared to last quarter, our CET1 ratio has improved from 12.5% to 12.6% and our tangible common equity ratio increased from 9.7% to 9.9%.

每股有形帳面價值成長至11.58美元，高於上季的11.34美元，也高於一年前的10.63美元。相較上季，我們的CET1比率由12.5%改善至12.6%，有形普通股權益比率則由9.7%提升至9.9%。

And with that, we'll take any questions you may have.

接下來，我們願意回答各位的提問。

(Operator Instructions) Daniel Tamayo, Raymond James.

(接線員指示) Daniel Tamayo，Raymond James。

Maybe we start on the credit side. Just curious if you could provide some details. I guess the bigger increase, and neither was a huge increase, but a little bit of an increase in classified loans. If you could kind of give us some color on what was driving that in the quarter?

也許我們先從信用面開始。想請教是否能提供一些細節。我想較大的增幅—兩者其實都不算大，但分類貸款（classified loans）有小幅增加。能否請你們說明一下，本季是什麼因素驅動了這個變化？

Yeah. Daniel, I can jump in. Maybe just taking a look at criticized overall to start. As a whole, the overall trend remained relatively stable. We ended the quarter at 3% of loans, essentially unchanged.

好的。Daniel，我可以先補充。也許先從整體受關注資產（criticized）來看。整體而言，趨勢仍相對穩定。本季末占貸款比重為3%，基本上沒有變動。

Within that portfolio, however, we saw some migration between special mention and substandard. It was really about $10 million and two credits. That resulted in the modest increase in classified assets that you saw. Importantly, the migration occurred within previously identified criticized relationships rather than a broad influx of new problem credits. As a result, the classified balances increased, but we didn't see a corresponding increase in the overall level of criticized assets, which was a positive.

不過在該投資組合內，我們看到「特別關注（special mention）」與「次級（substandard）」之間有一些移轉。主要約1,000萬美元、涉及兩筆授信。這就造成你看到的分類資產小幅增加。重要的是，這次移轉發生在先前已辨識的受關注往來關係之內，而不是新的問題授信大量湧入。因此，分類餘額雖然上升，但整體受關注資產水準並未同步上升，這點是正面的。

And as Mike said in his comments, at the same time, the indicators that we view as leading measures of the portfolio direction improved during the quarter. Watch balances decreased by some $30 million. Delinquency was stable and the other portfolio asset metrics improved as well as we dug down into the portfolios. All that said, classified assets and nonperforming loans remain elevated above our long-term objectives, and we'll continue to work through those in the future quarters and expect a little bit of a degree of volatility or variability, I should say, in charge-offs and problem loans as we go through those categories.

另外，如同Mike在評論中提到的，同一時間，我們視為投資組合走向之領先指標在本季有所改善。觀察名單（watch）餘額減少約3,000萬美元。逾期情況維持穩定，而當我們更深入檢視各投資組合時，其他資產指標也有所改善。儘管如此，分類資產與不良貸款仍高於我們的長期目標；未來幾季我們會持續處理，並預期在核銷與問題貸款方面，隨著我們推進這些類別，會出現一定程度的波動或變動。

Thanks for that. Yeah, that was my next question, was just on the charge-off side. I mean, I'm just curious if maybe you can put a little finer point on that in terms of what we may see in terms of charge-offs near term before they come back to somewhat normalized levels.

謝謝說明。是的，我下一個問題就是核銷（charge-off）。我想請教你們是否能更精準地說明一下，短期內核銷可能會呈現什麼樣的情況，之後才回到較正常的水準。

Yeah. It's hard to put an exact number on it. You saw that we increased reserves in the first quarter. If you go back to last quarter, we had three commercial credits with reserves kind of totaling about $11 million. One of those worked through the process in the second quarter and was part of the charge-offs. We had an individual credit that had a $3.4 million charge-off and a prior period reserve of $3.25 million.

好的。這很難給出一個精確數字。你也看到我們在第一季提高了準備金。如果回到上一季，我們有三筆商業授信，其準備金合計約1,100萬美元。其中一筆在第二季完成處理流程，並納入本季核銷。我們有一筆單一授信核銷340萬美元，而前期已提列準備金325萬美元。

So, as we go through that, we'd expect a little bit of action from those reserves and individual credits before we revert back to kind of where we've seen our charge-offs. If you look at a three- and five-year history, we've been right at about 30 basis points to 32 basis points, and we'll see ourselves revert back to that norm over time.

因此，隨著我們持續處理，我們預期在回到過往核銷水準之前，這些準備金與個別授信會帶來一些動作。若看三年與五年的歷史，我們大約落在30到32個基點左右，隨時間推移我們會回歸到該常態水準。

Okay. That's helpful. And then maybe just quickly for you, Jim, on the margin guidance. I appreciate the low 4s thoughts. I mean, it sounds like that means maybe you're expecting a little bit of expansion here in the back half as you think about it holistically.

了解。這很有幫助。接著也許快速問一下Jim，關於淨利差（margin）指引。我理解你提到「低4%區間」的看法。聽起來這表示你們整體來看，預期下半年淨利差可能會有些擴張。

Is that about the levels do you think that you might stay in the low 4s as these kind of competing factors on both sides start to stabilize? Or do you think there's the potential for continued expansion in '27?

你認為在這些兩邊相互拉扯的因素逐步穩定後，淨利差大致會維持在低4%區間嗎？或者你認為2027年仍有持續擴張的可能？

Yeah. I'm hesitant at this point to give that guidance into '27, Dan. I was trying to look just for the remainder of this year. I mean, the runs we did -- the most recent runs we did, did have the margin drifting up towards -- for the second half of this year. And I can tell you even explicitly that the run we did, the last run had the margin with no rate increases at all going to 4.08% in the fourth quarter and 4.13% if there was one hike in September.

是的。Dan，目前我對提供延伸到2027年的指引仍有些保留。我主要是著眼於今年剩餘期間。我們做的情境推演—最近一次的推演—確實顯示今年下半年淨利差會逐步上行。我也可以更明確地說：我們最後一次推演顯示，在完全沒有升息的情況下，第四季淨利差會到4.08%；若9月升息一次，則會到4.13%。

But that latest run, I'm taking with a grain of salt for my guidance because that did include the latest and greatest information we have about deposit competition, which is really heating up in our market. We were able to bring deposit costs down in the second quarter in a really healthy way, which is good, especially after having lagged some peers doing that.

但對於這次最新推演，我在作為指引時會保留一些，因為其中納入了我們掌握的最新、最完整的存款競爭資訊，而我們市場的存款競爭正在明顯升溫。第二季我們以相當健康的方式把存款成本降下來，這點很好，尤其是在先前我們在這方面相較部分同業略有落後之後。

So we were able to bring that down, we saw an outflow of CDs and now we see deposit pricing competition picking up. So all that works together to bring that guidance to the low 4s. But at this point, the crystal ball doesn't go out into 2027 yet.

因此我們得以把成本降下來，也看到定存（CD）資金外流，而現在又看到存款定價競爭升溫。這些因素綜合作用，使得指引落在低4%區間。但就目前而言，我們的「水晶球」還看不到2027年那麼遠。

I appreciate you going over those. Yeah, the pushes and the pulls. Appreciate the answers, guys. Thank you.

感謝你把這些都說明清楚。是的，各種推力與拉力。謝謝各位的回答。謝謝。

Karl Shepard, RBC Capital Markets.

Karl Shepard，RBC Capital Markets。

Mike, you touched on the record payoffs again this quarter. I guess, could you frame up maybe what you see as a more normalized range? And then do you have visibility into that in the third quarter and maybe a little bit into the fourth quarter as well?

Mike，你這一季又提到創紀錄的提前清償。我想問，你能否說明一下你認為較為正常化的區間大概會是什麼？另外，你對第三季以及可能延伸到第四季的情況，是否有能見度？

We do expect them to subside somewhat. We think we've had probably half a dozen or so larger ones that were more one-offs and just outright sales and getting out of real estate. A lot of them obviously are construction. A lot of them are planned going to the permanent market. That being said, we just feel regarding loan growth, we have good growth in construction fundings.

我們確實預期它們會有所回落。我們認為大概有半打左右較大的案子，屬於一次性事件，基本上就是直接出售、退出不動產。其中很多顯然是建築相關。很多是原本就規劃要轉到永久性融資市場。話雖如此，就貸款成長而言，我們在建築放款撥付方面有不錯的成長。

We hit the tipping point there. Business banking and our corporate bank, we have good momentum in each market. Our consumer is growing and probably most importantly, talent and execution just continues to improve.

我們已經跨過那個臨界點了。商業銀行業務與我們的企業銀行在各個市場都有不錯的動能。我們的消費金融也在成長，而可能最重要的是，人才與執行力持續改善。

In the first half of the year, we grew two of our five regions. We expect to grow all of them in the second half of the year. So, just momentum in just getting beyond this. So, it's not perfect, but that's kind of my best take from the vantage point in July.

今年上半年，我們五個區域中有兩個實現成長。我們預期下半年五個區域都會成長。所以，整體動能就是逐步走出這段狀況。因此，雖然不完美，但這是我從7月這個時間點所看到的最佳判斷。

Okay. I appreciate that. And then I know this comes up on every quarterly call, but on the buyback, you've gone over kind of your framework before, but the authorization is a little bit larger than you've had. So anything you want to message with the bigger number out there this quarter? Thank you.

好的。謝謝你的說明。另外我知道每季電話會議都會被問到，但關於庫藏股回購，你之前談過你們的框架，不過這次的授權額度比以往大一些。所以，對於本季這個較大的數字，你有沒有什麼想對外傳達的？謝謝。

Yeah. I mean, we are just drifting up all the time. I mean, Jim and I put our heads together and at 9.7% and 9.8%, and it's going to continue to drift. Even if we start to hit our loan growth targets, we just thought it might be prudent to get a little larger authorization in place.

是的。我的意思是，我們的比率一直在緩步上升。我和Jim一起討論，在9.7%、9.8%的水準，而且還會繼續往上漂移。即使我們開始達成貸款成長目標，我們也覺得先把較大的回購授權額度準備好，可能更為審慎。

Jim, why don't you add to that?

Jim，你要不要補充一下？

Yeah, just exactly that. I mean, the capital ratio keeps drifting upward and upward. And like Mike said, even we have plenty of capital to, first and foremost, capitalize organic growth, which is the first priority. But even then, if the capital TCE ratio gets to where it's pushing 10%, it goes beyond 10%, it's very hard to earn a respectable return on equity. Now we were really pleased to see the ROTCE over 15% this quarter, but it's harder and harder to do that if you have excess capital.

對，就是這個意思。資本比率一直往上、一直往上。而且如Mike所說，我們有充足的資本，首先、也是最優先的，是支持內生成長（有機成長）。但即便如此，如果有形普通股權益（TCE）資本比率接近10%、甚至超過10%，要賺到體面的股東權益報酬率就會非常困難。我們很高興看到本季ROTCE超過15%，但如果資本過剩，要做到這點會越來越難。

So we bought back some shares. I think when I look back now in the second quarter, we purchased it at $18.66, which we bought back a whole lot more given the price today. So that will probably be a little more aggressive going forward.

所以我們回購了一些股票。我回頭看第二季，我們的回購價格是18.66美元；以今天的股價來看，當時其實應該回購更多。因此，未來我們可能會更積極一些。

Kelly Motta, KBW.

Kelly Motta，KBW。

I think putting together some of your margin commentary, one thing you noted was the increased deposit competition. I was hoping you could provide color as to what you're seeing in your markets, one. And then two, your balance sheet flexibility allowed you to be a little bit more discerning. Just wondering how you're thinking about that loan-to-deposit ratio and the additional flexibility you may have there. Thank you.

我把你們對淨利差的幾點評論整理起來，其中你提到存款競爭加劇。我想請你先說明一下，你在你們市場看到的情況是什麼。第二，你們的資產負債表彈性讓你們可以更有選擇性。想請教你們如何看待貸存比（loan-to-deposit ratio），以及你們在這方面可能擁有的額外彈性。謝謝。

Yeah. Specifically, and I'll let Jim amplify, that on the deposit side, our money market, we feel we're very competitive, but more on the CD side. And we felt that pressure really just in the last month or so. Jim?

好的。具體來說，我先講，然後讓Jim補充：在存款端，我們認為我們的貨幣市場存款（money market）非常有競爭力，但壓力主要在定存（CD）端。而我們感受到那個壓力，主要就是最近一個月左右。Jim？

Yeah, that's right. That's right. The competition, Kelly, is really in the time deposits. And if I look back in COVID, we just said way back, we didn't have a very large time deposit book. We run some of that down, but now it's a fairly decent sized time deposit book, about $1.7 billion. And so, we have to price it to maintain that deposit book and grow it.

對，沒錯。沒錯。Kelly，競爭主要是在定期存款。如果我回頭看疫情期間，我們很早就說過，我們的定期存款規模並不大。我們曾把其中一部分降下來，但現在定期存款已經是相當可觀的規模，大約17億美元。因此，我們必須透過定價來維持並擴大這本存款。

We had so much excess cash in the second quarter that we felt like we didn't need to be so aggressive and pulled back a little bit and lo and behold, right towards the end of the quarter, in June, as Mike was saying, the deposit competition heated up and we saw the outflow. So we need to react to that. And that's really to bring up to the minute. We saw even just yesterday a couple of more competitors raising CD rates to rates that have four handles on them.

第二季我們的超額現金很多，所以我們覺得不需要那麼積極，於是稍微收斂了一點；結果到了季末，6月時如Mike所說，存款競爭升溫，我們看到資金外流。所以我們需要做出反應。這就是最新的情況。甚至就在昨天，我們還看到又有幾家競爭對手把CD利率上調到「4字頭」的水準。

The competition really is not so far anyway in the money market product. That's still in the mid-3s. But the CD competition is heating up, and it's across the board. It's not just online banks. It's not just credit unions. It's not just smaller banks, it's everybody. So you cannot ignore that and maintain your CD book. So we raised rates already to do that, and we'll continue to do that to grow our deposits to fund our loan growth.

就目前而言，競爭其實不太在貨幣市場產品上。那邊仍大約在3%中段。但CD的競爭正在升溫，而且是全面性的；不只是線上銀行。不只是信用合作社。不只是小型銀行，而是所有人。所以你不能忽視這點，否則就無法維持你的CD存款規模。因此我們已經調升利率來因應，並且會持續這麼做，以擴大存款來支應我們的貸款成長。

Kelly, forgive me, the second part of your question?

Kelly，不好意思，你問題的第二部分是？

Just the flexibility on balance sheet. And you did have a bit more flexibility this quarter to let some deposits go. So wondering where you're comfortable with taking that loan-to-deposit ratio.

就是資產負債表的彈性。你們這一季確實有更多彈性可以讓部分存款流失。所以想了解你們對貸存比大概覺得舒適的區間在哪裡。

That's right. We like it where it is in the low 90s. But it's not binding. We've worked hard to get there. I mean, after Silicon Valley, we really have grown our deposits about 5% a year, each year, and we worked it down from 96%, 97%.

對。我們喜歡目前這個90%出頭（low 90s）的水準。但它不是硬性限制。我們為了達到這個水準下了很多功夫。我的意思是，在矽谷銀行事件之後，我們每年大約把存款成長做到5%，並且把貸存比從96%、97%一路降下來。

And so, it feels like a good place to be, and we don't want to give that away. And quite frankly, our customers didn't have rate with us. They were just loyal customers and they were getting rates somewhere else, and we've worked hard to gather the CD book.

所以，這個位置讓人感覺很合適，我們也不想把這個成果讓出去。坦白說，我們的客戶在我們這裡沒有拿到利率；他們只是忠誠客戶，但卻在別處拿到利率，而我們也一直努力把CD存款規模建立起來。

We appreciate it. It's come mostly from our own customers, and we just don't want to give that away. And it remains a nice way to continue to grow deposits and in a way that -- and our loan yields are good.

我們很感激。這主要來自我們自己的客戶，而我們就是不想把這些拱手讓人。而且這仍然是一個很好的方式，能持續推動存款成長；同時——我們的放款收益率也不錯。

Got it. That's helpful. And then on the growth and the payoffs you saw, you noted that there was pressure on CRE, which I think you had touched on earlier and also C&I. Can you provide color as to where line utilization stands and how that compares to normalized levels and any dynamics factoring in there?

了解。這很有幫助。接著談到成長與你們看到的提前償還，你提到商用不動產（CRE）有壓力，我想你先前也提過，另外還有商業與工業（C&I）。你能否補充一下目前授信額度使用率（line utilization）在哪個水準、與常態化水準相比如何，以及其中有哪些動態因素在影響？

Yeah, it's drifted up. We've been monitoring that and watching that with just the line utilization of revolving commercial lines and C&I lines drifting up over the last three quarters.

是的，確實有往上漂移。我們一直在監控這點，觀察循環式商業授信額度與C&I額度的使用率，在過去三個季度逐步上升。

So the one commentary I'd give you, Kelly, is that the production has been really good. It's just the payoffs have been -- the payoff crescendo has continued and gotten stronger. If that crescendo and the payoff slow down even a little bit, we'll have really good loan growth.

所以我給你的評論是，Kelly，我們的新增放款（production）其實非常好。只是提前償還——提前償還的「高潮」仍在延續，而且更強。如果這個高潮、以及提前償還哪怕稍微放緩一點，我們的放款成長就會非常好。

Now of course, that will put pressure on the deposit growth and make sure we fund that loan growth with deposits, but it will all work together. But we're really pleased with just the production side.

當然，那會對存款成長造成壓力，我們也要確保用存款來支應這些放款成長，但整體會相互配合。不過我們對新增放款端的表現真的很滿意。

Yeah. Kelly, we also feel like we have six buckets of lending, commercial real estate, C&I, equipment finance, mortgage, branch-based consumer lending and indirect auto. And now in the second half of the year, just going in, we have four of those six growing between equipment finance, indirect auto, HELOC, HELOAN and probably going to get there with C&I and commercial. So we're pretty broad-based, and we just feel like we have momentum in those few businesses. Mortgage, we're still selling most everything we originate.

是的。Kelly，我們也覺得我們的放款可分成六個桶：商用不動產、C&I、設備融資、房貸、以分行為基礎的消費者放款，以及間接汽車貸款。而今年下半年一開始，在這六個裡面我們有四個在成長，包括設備融資、間接汽車貸款、HELOC、HELOAN，另外C&I與商業放款大概也會跟上。所以我們的成長相當多元，我們也覺得這幾個業務有動能。房貸方面，我們仍然把大部分承作的案件都拿去出售。

And by the way, mortgage is a good story year over year on the fee side, up almost $1 million, I believe. And we just have good pipelines despite the rate environment. So we just feel good about loans and where we're at.

順帶一提，房貸在手續費收入方面年對年是個好故事，我記得增加了將近100萬美元。即使在目前利率環境下，我們的案源管線（pipeline）仍然很不錯。所以我們對放款以及目前的位置都很有信心。

Last question, if I could just slip it in. It sounds like everything on the production is very constructive. What do you think is driving that? And what are you seeing as you're talking about borrowers to your borrowers? Are they just more comfortable where we are now? Just any color would be really helpful as we think about what's been impacting that uptick. Thank you.

最後一個問題，如果我可以插問一下。聽起來你們在新增放款方面一切都很正向。你覺得是什麼在驅動這件事？你們在和借款人溝通時看到了什麼？他們是否只是對我們現在所處的狀況更安心了？任何補充說明都會很有幫助，讓我們理解是什麼在推動這波回升。謝謝。

On mortgage or on all?

你是指房貸，還是全部？

I was talking mostly commercial, but I'm happy with whatever color you can get. Thanks.

我主要是指商業放款，但你能提供任何面向的補充我都很歡迎。謝謝。

I just think our retail model is coalesced with really good leadership and new leaders over the course of the last few years and just better and better teams that are just getting more sophisticated. We really like the fact that our business banking, which is the lower end of commercial, has really gathered momentum in the last 1.5 years to 2 years. We've added a lot of professionals to that space. That's obviously very granular. On the lower end, it comes with a lot of deposits. So at the end of the day, it does get down to talent and execution. We've added talent on that team.

我認為我們的零售模式在過去幾年裡，隨著非常好的領導力與新任領導者逐步到位而凝聚成形，團隊也越來越強、越來越成熟。我們很喜歡的一點是，我們的企業金融（business banking），也就是商業放款的較低端市場，在過去1.5到2年真的累積了動能。我們在那個領域增聘了很多專業人才。那一塊顆粒度很高、很分散。在較低端市場，它會帶來大量存款。所以歸根結底，還是人才與執行力。我們在那個團隊補進了人才。

The other thing is we've complemented with just a pretty strong and a TM function that's getting better and has more capability because our borrowers need more than just a loan. They have deposit relationship. And then even we're doing a better job of cross-selling our wealth management, our insurance. You see that in the numbers and how we've recouped what we've lost with the $13.5 million [of] crossing $10 billion. And so, it's all coming together, and we feel like the best years are ahead of us with the team we have now.

另外一點是，我們也用相當強的、而且持續變得更好的TM職能來做互補，能力更強，因為我們的借款人需要的不只是貸款。他們也有存款往來關係。此外，我們在交叉銷售財富管理與保險方面也做得更好。你可以從數字看到這點，以及我們如何在跨越100億美元（資產規模）後，把原本損失的1,350萬美元補回來。所以一切都在整合到位，我們覺得以現在這支團隊來看，最好的年份還在前面。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

It seems like you guys have some nice confidence on the production levels in terms of loan growth. How fast can you see loan growth kind of get back to mid-single-digits? Is it as soon as third quarter? Do you need it to build a bit more? Just kind of some thoughts on the pipeline here into the near term back half of the year.

看起來你們對新增放款水準、也就是放款成長的信心不錯。你們認為放款成長最快能多快回到中個位數？最快第三季就能嗎？還是需要再多累積一點？想請你談談今年下半年近端的案源管線（pipeline）看法。

Yeah. Good question. I mean, last quarter, we sold a $200 million portfolio, and we had a downdraft of another $100 million. So it was quite a climb from that spot and the payoffs we had with more payoffs to get to 2% annualized. So we do feel like we have some momentum in that, that the mid-single-digit is good guidance for us.

是的。好問題。我的意思是，上個季度我們賣出了一個2億美元的投資組合，另外還有1億美元的下滑（downdraft）。所以從那個位置、再加上我們的提前償還（而且還有更多提前償還），要爬回到年化2%其實是相當大的攀升。不過我們確實覺得這方面有一些動能，因此中個位數對我們來說是合理的指引。

As you've seen over the years, we really believe deeply in the concept of operating leverage. So, we manage with a lot of cost discipline. And we feel like 4%, 5%, 6% is enough to really leverage into good earnings per share growth and value creation. Another lever we like is we just feel like we can do a better and better job with fee income. And that's one of the reasons we've really moved pretty decisively to a regional model.

如同你多年來所看到的，我們非常深信「營運槓桿」這個概念。所以我們在成本控管上非常自律。我們覺得4%、5%、6%的成長就足以槓桿出不錯的每股盈餘成長與價值創造。我們喜歡的另一個槓桿是，我們覺得手續費收入可以做得越來越好。這也是我們相當果斷地轉向區域化模式的原因之一。

We report by line of business, but we execute and we win in discrete regions throughout the company. And that's the conclusion we came to. It's a little bit more expensive model, but we have good leaders, and we're confident that it will create differentiation over time.

我們對外是按業務線別揭露，但在公司內部我們是在各個明確的區域中執行並取勝。這就是我們得出的結論。這是一個成本稍高的模式，但我們有很好的領導者，也有信心它會隨時間推移創造差異化。

What's your appetite for continued talent acquisition? Does that pipeline continue? Or are you kind of seeing it try to produce now and taking a step back?

你們對持續招募人才的意願有多高？那個人才管線還在延續嗎？還是你們現在比較想先讓既有布局產出，稍微放慢腳步？

I'll share you an anecdote is that one of our very wise leaders put in a ghost position. And what he meant by that was I want to be able to hire the right person at any time that I find her or him. And I love that. I love the confidence, and that's the way we feel. When we find good people, we got to find a way to get them on the payroll and move the company forward with the right kind of rainmakers.

我分享一個小故事：我們一位非常睿智的領導者設了一個「幽靈職缺」。他的意思是：只要我在任何時候找到合適的人選，不論是她或他，我都希望能立刻把人聘進來。我很喜歡這點。我喜歡這份信心，而這也正是我們的想法。當我們找到好的人才，就必須想辦法把他們納入薪資名冊，並用合適的「帶單者」（rainmakers）推動公司向前。

Consequently, we've lost very few of them over the years. And so that speaks to the culture and the good leaders that we have. And so not everybody has caught on yet, but after this call, I guess they will. (laughter) But I thought that was cool.

因此，這些年來我們流失的人其實非常少。這也反映了我們的文化以及我們擁有的優秀領導者。所以不是每個人都已經意識到，但我想在這通電話之後，他們應該就會了。(笑聲) 不過我覺得那很酷。

I appreciate the color. Can I shift over to NIM for a moment? What are kind of like new loan yields coming on at? And I'm just trying to think of the marginal aspects to it. And how big of a shift?

感謝你提供的補充說明。我可以先轉到 NIM 談一下嗎？新承作貸款的收益率大概落在什麼水準？我只是想從邊際的角度來思考。以及變動幅度有多大？

And I guess you say CD book is more like 4.5% competitors. Kind of where is your marginal deposit cost right now? And if you could kind of walk through those near-term kinds of drivers of NIM, please?

另外我想你提到同業的 CD 存款簿大概在 4.5% 左右。你們目前的邊際存款成本大概是多少？以及能否請你帶我們走一遍，短期內推動 NIM 的那些因素？

Yeah. So, I'll try to answer those, but if I forget part of the question, just refresh my memory. I think the new cost of deposits blended overall coming on was 3% for a good part of the quarter, but that changed more towards the end of the quarter with the deposit competition, that's going to drift upwards. So that's if you take the blended average of all the deposit growth categories, including NIB, you get kind of a 3% cost of deposit acquisition cost overall.

好的。我會試著回答這些問題，但如果我漏掉了其中一部分，請再提醒我一下。我認為本季大部分時間，新進存款的整體混合成本大約是 3%，但在季末因為存款競爭加劇而有所變化，接下來會逐步往上走。所以如果把所有存款成長類別（包含 NIB）加總取混合平均，你會得到整體存款取得成本大概是 3%。

But like I said, the CD rates are definitely going to be in the promotional rates are going to be in the 4s going forward. The loan yields coming on, new loans coming on in the mid-6s, six, four, loans coming off a little bit lower than that. So that's why you get positive replacement yield so far. The differential is much wider in the fixed rate loans.

但如我所說，CD 利率以及促銷利率未來肯定會落在 4% 多的區間。新承作貸款的收益率大概在 6% 中段，約 6.4% 左右；到期/償還下來的貸款收益率則略低一些。因此到目前為止你會看到正向的替代收益率。在固定利率貸款上，這個利差要大得多。

The variable rate loans you think at all the production, variable is about two-thirds of production, fixed is about a third of production roughly. And the positive replacement yield that I mentioned in my prepared remarks is 61, that's on the fixed rate. The variable rate, if the spreads maintain the same level, then the replacement yields are net to about zero. It fluctuates a little bit quarter over quarter, but it's not much. So that's the dynamic there.

變動利率貸款方面，你看整體承作量，變動利率大約占三分之二，固定利率大約占三分之一，差不多是這樣。我在事先準備的發言中提到的正向替代收益率是 61 個基點，那是針對固定利率。變動利率方面，如果利差維持在同樣水準，那麼替代收益率淨額大概接近 0。它每季會有些微波動，但幅度不大。所以大致的動態就是這樣。

Can you talk a little bit about the repricing potential on the fixed rate side, like over time, maybe the rest of this year into next year?

你能否談談固定利率端隨時間推移的重訂價潛力，例如今年剩餘時間到明年？

Yeah. I mean, if the Fed holds where they are now, we're really happy with 61 basis points on the fixed rate side. That's on the loan side. On the securities side, it was better, but it's skewed a little bit because we accelerated some securities purchases with the excess cash. The securities portfolio yield is low compared to the opportunity right now of new rates.

可以。我的意思是，如果聯準會維持在目前的水準，我們對固定利率端 61 個基點的表現非常滿意。那是就貸款端而言。在證券端其實更好，但有點偏斜，因為我們用多餘現金加速買進了一些證券。相較於目前新利率所提供的機會，證券投資組合的收益率偏低。

We're able to purchase these securities at low 5s right now. So that placement yield there is pretty strong. But if the Fed just holds where they are for a while, we'll eventually reprice the whole loan book, except for the low-rate mortgages that are hanging on until -- that aren't prepaying until they move over the house burns down.

我們現在能以 5% 出頭的收益率買到這些證券。所以那邊的替代收益率相當強勁。但如果聯準會在目前水準維持一段時間，我們最終會把整個貸款簿都重訂價，除了那些低利率房貸會一直掛著——除非房子燒掉，不然它們不會提前償還、也不會動。

Is the fixed rate volume still about a third of overall volume?

固定利率的量仍然大約占整體量的三分之一嗎？

Yeah, overall. And that's all categories. That's not just commercial, that's everything, HELOCs and equipment finance, everything.

對，整體而言是。而且是所有類別。不只是商業貸款，是全部，包括 HELOC、設備融資，全部。

(Operator Instructions) Matthew Breese, Stephens Bank.

(接線員指示) Matthew Breese，Stephens Bank。

I don't know you've fully answered this, but what gives you the confidence that we're going to see a slowdown in payoffs? Is it just that the current pace is unsustainably high in the normal such a lower amount that we got to get there at some point, reversion to the mean?

我不確定你是否已經完全回答了這點，但你們為什麼有信心認為提前清償會放緩？是因為目前的速度在正常情況下高得不可持續，總會在某個時點回到較低水準、回歸均值嗎？

And the other question I have was if you strip away equipment C&I growth, it looks like nonequipment-based C&I growth has been down for maybe four consecutive quarters. Is that expected to turn around as well? And what does the pipeline look like there?

另外一個問題是，如果把設備類 C&I 成長剔除，看起來非設備型的 C&I 成長可能已經連續四個季度下滑。這也預期會回升嗎？那邊的案源/管線目前看起來如何？

Yeah. Great question. I think the anecdote around each payoff is an important factor in our guidance on that and the size of the payoffs. I mean, we just don't have that many loans over $50 million anymore. And on the C&I side, we're working really hard to grow it and to grow it granularly with business banking and middle market loans.

是的。問得很好。我認為，針對每一筆提前清償的個案情況（anecdote）以及清償金額大小，是我們做出相關指引時的重要因素。我的意思是，我們現在已經沒有那麼多超過 5,000 萬美元的貸款了。而在 C&I 方面，我們正非常努力去成長，並透過商業銀行與中型市場貸款，把成長做得更分散、更細緻。

And we've worked from a decade ago, we had all the SNCs. So we don't have $100 million of SNCs left. It's that. And so even though the -- so the composition of the C&I book over the years has changed.

而且我們從十年前那種有很多 SNC 的狀況一路調整過來。所以我們已經沒有剩下 1 億美元規模的 SNC 了。就是這個原因。因此即便——所以多年來 C&I 貸款簿的組成已經改變了。

When you talk about the last four quarters, just the pipelines and particularly the pipelines in business banking and really that under $5 million range has grown as we've invested in that team in the last year, year-plus. I hope that's helpful.

你提到過去四個季度時，就管線而言，特別是商業銀行那邊、以及 500 萬美元以下區間的管線，隨著我們在過去一年多對那個團隊的投入而有所成長。希望這樣有幫助。

Yep. Jim, maybe just thinking through if -- I know securities aren't your first option. But if loan growth is -- let's just say loan growth is on the lower end of the mid-single-digits and capital is building, do we continue to see some securities purchases? And where would you like to see that as a percentage of assets?

有。Jim，我再想一下，如果——我知道證券不是你們的第一選項。但如果貸款成長——假設貸款成長落在中個位數的下緣，而資本持續累積，我們是否會繼續看到一些證券買進？你希望那在資產占比上大概落在哪個水準？

It's a great question. It depends on the funding side. So we really don't believe in balance sheet leverage. Let's go out and borrow a lot of money overnight and buy securities with that to leverage the balance sheet. We'd just rather not do that rather have a more concentrated balance sheet with less leverage where we really make our money by taking deposits and making loans.

這是個很好的問題。這取決於資金端。我們其實不相信資產負債表槓桿。也就是出去隔夜借一大筆錢，然後用那筆錢買證券來放大資產負債表。我們寧可不要那樣，而是維持槓桿較低、資產負債表更集中；我們真正賺錢的方式是吸收存款、發放貸款。

But if we had great deposit growth and excess cash and slower loan growth like we did in the second quarter, then yeah, securities are a good option, especially when we can get rates where they are now in the low 5s. But it's not our go-to option, and we really don't believe in borrowing excess funds just to purchase securities and get that kind of balance sheet leverage.

但如果我們有很好的存款成長、有多餘現金、而貸款成長較慢（就像第二季那樣），那麼是的，證券會是一個不錯的選項，尤其是當我們能在目前 5% 出頭的水準取得收益率時。但這不是我們的首選，我們也真的不相信為了買證券而去借入多餘資金、取得那種資產負債表槓桿。

It dilutes NIM, it dilutes ROAA. It gets you little EPS, but in the long run, it's not a winning strategy for a bank like ours. Was there another part of your question?

它會稀釋淨利差（NIM），也會稀釋平均資產報酬率（ROAA）。它能帶來的每股盈餘（EPS）不多，但從長期來看，對像我們這樣的銀行而言，並不是一個成功的策略。你的問題還有其他部分嗎？

Everything we saw this quarter was really kind of like a prefunding of stuff that's maturing.

我們本季看到的一切，其實有點像是為即將到期的項目先行預先籌資。

Yeah, that's right. That's right. And then we saw, with the way we're pricing CDs, these funds started to have these outflows towards the end of the quarter. And so we got to react to that.

對，沒錯。沒錯。然後我們也看到，依照我們對定存（CD）的定價方式，這些資金在季末開始出現外流。所以我們必須對此做出反應。

If anything goes right, we have the mid-single-digit loan growth, we have the mid-single-digit deposit growth and loan deposit will grow. And as capital grows, we retire some shares and the capital ratios more in line with norms, so the capital ratios don't grow in the sky. We can earn a respectable return on that capital. That's the balance we're shooting for.

如果一切順利，我們會有中個位數的放款成長，也會有中個位數的存款成長，而放款與存款都會成長。而隨著資本成長，我們會回購並註銷一些股份，讓資本比率更貼近常態水準，避免資本比率一路飆高。我們可以在這些資本上賺取體面的報酬。這就是我們要追求的平衡。

Okay. Within expenses, one area I noticed is just that your FDIC insurance expense has been like clockwork between $1.4 million and $1.7 million per quarter. It dipped to $1.1 million, and I'm curious just kind of what happened there and if anything within its kind of onetime or nonrecurring in any way?

好的。在費用方面，我注意到有一項是你們的 FDIC 保險費用，每季都很規律地落在 140 萬到 170 萬美元之間。但這次降到 110 萬美元，我想了解大概發生了什麼事，以及其中是否有任何一次性或非經常性的因素？

No, that's more of a new run rate. That's based on our new assessments. So we're very happy about that. I can't say a whole lot more about it, but it's very, very positive.

沒有，那比較像是新的常態水準。這是根據我們新的評估費率（assessments）。所以我們對此非常滿意。我不能多說太多，但這是非常、非常正面的。

Okay. And I don't know if you provided, but did you have the spot cost of deposits for the month of June or at the end of June, just to give us some idea of where this thing might be heading?

好的。另外我不確定你是否有提供，但你們 6 月份或 6 月底的存款即期成本（spot cost of deposits）是多少？讓我們對接下來可能的走向有個概念。

I did not provide that, but I don't mind providing that. I can get it for you in a minute. It'll take me a second. You're looking at the total cost of --

我沒有提供，但我不介意提供。我可以馬上幫你查一下。需要我一點時間。你是要看存款的總成本對吧？--

Yeah, I'll give you one more question while you pull it up.

對，你查的同時我再問最後一個問題。

Yeah, you can ask somebody else. (laughter)

好啊，你也可以問別人。(笑聲)

Obviously, wars left rates unchanged today, but it feels like the bias is towards hikes. If we do get a hike or two this year, kind of what's the reaction to the NIM? I think, Jim, you had mentioned 4.08% by the end of the year, but with the hike, we got the 4.03% that seemed a little backwards to me, and I was hoping you could flesh that out.

很明顯，今天（聯準會）維持利率不變，但感覺偏向升息。如果今年真的升息一到兩次，對淨利差（NIM）的反應大概會是什麼？我記得 Jim 你提到年底可能到 4.08%，但在升息情境下卻是 4.03%，這對我來說有點反直覺，我希望你能再說明一下。

Thank you so much for letting me clarify. No, no, with the hike, it was 4.13%. But the adjustment I'm making is that I know that those forecasts we did do not take into account the latest thinking on deposit prices. That's why I backed off to our NIM guide to the low 4s.

非常感謝你讓我澄清。不不，在升息情境下是 4.13%。但我做的調整是：我知道我們做的那些預測並沒有納入最新對存款定價的看法。所以我才把我們的 NIM 指引下修到 4% 出頭的低區間。

But the relationship is about the same. If we get a hike, you get about a 5-basis point lift for a 25-basis point hike, a 5-basis point lift in the NIM. It's been that way for a while. So we're still asset sensitive, and it's a benefit to us.

但兩者的關係大致相同。如果升息，每升 25 個基點，NIM 大約會提升 5 個基點，也就是 NIM 提升約 5 個基點。這種情況已經持續一段時間了。所以我們仍然是資產敏感型（asset sensitive），這對我們是有利的。

That's all I have. If you happen to have the spot cost, I'll take it. If not, I'm all set. Thank you.

我就這些問題。如果你剛好有即期成本數字，我就收下。如果沒有也沒關係，我這邊就可以了。謝謝。

Yeah. Okay. I might take a second or two, sorry. Oh, 1.71. 1.71 in June.

好。好的。可能需要一兩秒，不好意思。喔，1.71。6 月是 1.71。

Okay. All right. Well, it's a step in the right direction then. Thank you very much. I appreciate it.

好的。好。那看起來是朝正確方向邁進了一步。非常感謝。我很感激。

There are no further questions at this time. We've reached the end of the Q&A session. I will now turn the call back to Mike Price, President and Chief Executive Officer, for closing remarks.

目前沒有其他問題。我們已到達問答環節的結束。接下來我將把電話交回給總裁兼執行長 Mike Price 作結語。

I appreciate your interest in our company. I appreciate the questions. It's fun running a bank, commercial and a consumer bank, and we feel like we're very relevant to our customers here in Central and Western PA and Ohio. And we also feel like we're a good bank.

感謝各位對我們公司的關注。也感謝各位的提問。經營一家銀行——商業銀行與消費金融銀行——很有意思，而我們覺得在賓州中部與西部以及俄亥俄州這裡，我們對客戶非常重要、很有相關性。我們也覺得我們是一家好銀行。

We do a lot of the right things for our clients. And first and foremost, we listen to them. But thank you and look forward to seeing a number of you over the course of the next quarter in the field.

我們為客戶做了很多正確的事。而最重要的是，我們會傾聽他們。再次感謝，也期待在接下來一季的外出拜訪中，在現場見到各位中的不少人。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。