First Interstate Bancsystem Inc (FIBK) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the First Interstate BancSystem, Inc. third-quarter earnings conference call. (Operator Instructions) This call is being recorded on Thursday, October 30, 2025. I would now like to turn the conference call over to Ms. Nancy Vermeulen. Please go ahead.

女士們、先生們，早安，歡迎參加第一州際銀行系統公司第三季財報電話會議。（操作員指示）本次通話於2025年10月30日星期四進行錄音。現在我將把電話會議交給南希·弗米倫女士。請繼續。

Thank you very much. Good morning. Thank you for joining us for our third-quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements. Actual results or outcomes might differ materially from those expressed by those statements.

非常感謝。早安.感謝您參加我們第三季財報電話會議。首先，請注意，本次電話會議中提供的資訊將包含前瞻性陳述。實際結果或成效可能與這些聲明中所表達的內容有重大差異。

I'd like to direct all listeners to read the cautionary note regarding forward-looking statements contained in our most recent annual report on Form 10-K filed with the SEC and in our earnings release as well as the risk factors identified in the annual report and our more recent periodic reports filed with the SEC. Relevant factors that could cause actual results to differ materially from any forward-looking statements are included in the earnings release and in our SEC filings.

我想提醒所有聽眾閱讀我們最近向美國證券交易委員會提交的 10-K 表格年度報告和盈利報告中關於前瞻性陳述的警示性說明，以及年度報告和我們最近向美國證券交易委員會提交的定期報告中確定的風險因素。可能導致實際結果與任何前瞻性聲明有重大差異的相關因素已包含在盈利報告和我們向美國證券交易委員會提交的文件中。

The company does not undertake to update any of the forward-looking statements made today. A copy of our earnings release, which contains non-GAAP financial measures, is available on our website at fibk.com. Information regarding our use of the non-GAAP financial measures may be found in the body of the earnings release, and a reconciliation to their most directly comparable GAAP financial measures is included at the end of the earnings release for your reference.

本公司不承諾更新今天發表的任何前瞻性聲明。您可以在我們的網站 fibk.com 上查閱包含非公認會計準則財務指標的獲利報告副本。有關我們使用非公認會計準則財務指標的信息，請參閱盈利報告正文；盈利報告末尾附有與最直接可比較的公認會計準則財務指標的調節表，供您參考。

Again, this quarter, along with our earnings release, we have published an updated investor presentation that has additional disclosures that we believe will be helpful. The presentation can be accessed on our Investor Relations website. And if you have not downloaded a copy yet, we encourage you to do so. Please also note that as we discuss our financials today, unless otherwise noted, all of the prior period comparisons will be with the second quarter of 2025. Joining us from management this morning are Jim Reuter, our Chief Executive Officer; David Della Camera, our Chief Financial Officer; and other members of our management team.

同樣，本季度除了發布收益報告外，我們還發布了一份更新的投資者演示文稿，其中包含我們認為會有幫助的額外披露資訊。您可以在我們投資者關係網站上查看簡報。如果您還沒有下載副本，我們建議您下載一份。另請注意，在我們今天討論財務狀況時，除非另有說明，所有前期比較都將與 2025 年第二季進行比較。今天早上和我們一起出席會議的有：執行長 Jim Reuter；財務長 David Della Camera；以及我們管理團隊的其他成員。

Now I'll turn the call over to Jim Reuter. Jim?

現在我將把電話交給吉姆·羅伊特。吉姆？

Thank you, Nancy, and good morning, everyone, and thank you for joining us on our call today. This continues to be an exciting and busy time at First Interstate. Last quarter, I opened the call by stating our three ongoing priorities, which are refocusing our capital investment, optimizing our balance sheet and improving core profitability. We continued executing on those initiatives in the third quarter. And in August, we announced a share repurchase authorization and are actively executing under that plan.

謝謝南希，大家早安，謝謝各位今天參加我們的電話會議。對於First Interstate公司來說，這仍然是一個令人興奮且繁忙的時期。上個季度，我在電話會議上首先闡述了我們目前的三個優先事項，即重新調整資本投資方向、優化資產負債表和提高核心獲利能力。第三季度，我們持續推動這些措施。8月份，我們宣布了一項股票回購授權，目前正在積極執行該計劃。

As we've discussed in prior calls, we are continuing to perform our state-by-state review across the footprint. One of our goals is improving density in areas where we have strong market share and growth potential, which should improve our return on capital over time and drive long-term shareholder value.

正如我們在之前的電話會議中討論的那樣，我們將繼續在全國範圍內逐州進行審查。我們的目標之一是提高我們在市場份額和成長潛力強大的地區的密度，這將隨著時間的推移提高我們的資本回報率，並推動股東的長期價值。

As part of this effort, we closed on the previously announced divestiture of our branches in Arizona and Kansas on October 10 and announced the sale of 11 branches in Nebraska the following week. We also will be closing four branches in Eastern Nebraska in the first quarter of 2026 to optimize our branch network in those markets.

作為這項工作的一部分，我們於 10 月 10 日完成了先前宣布的在亞利桑那州和堪薩斯州的分支機構的剝離，並在接下來的一周宣佈出售內布拉斯加州的 11 家分支機構。為了優化我們在內布拉斯加州東部市場的分支機構網絡，我們還將在 2026 年第一季關閉內布拉斯加州東部的四家分行。

As we look to future growth, we continue to make investments in the franchise, including smaller actions like opening another location in Billings, Montana in early 2026 and adding talent in markets where we see growth opportunities. We look forward to continuing to share incremental progress over coming quarters.

展望未來發展，我們將繼續對特許經營權進行投資，包括一些較小的舉措，例如在 2026 年初在蒙大拿州比林斯開設另一家分店，以及在我們看到成長機會的市場增加人才。我們期待在接下來的幾季繼續與大家分享所取得的進展。

Looking at the Nebraska transaction announced on October 16, the 11 branches involved in the sale comprise a total of roughly $280 million in deposits and about $70 million in associated loans. We were pleased to find a partner whose business strategy fits those locations well. We view this as a positive outcome for our customers, employees and shareholders. We anticipate this transaction closing at the beginning of the second quarter of 2026, pending required approvals. Altogether, these optimizations further improve density across the footprint while also further streamlining our operations and increasing our average branch size.

從 10 月 16 日宣布的內布拉斯加州交易來看，此次出售涉及的 11 家分行總共約有 2.8 億美元的存款和約 7,000 萬美元的相關貸款。我們很高興找到了一個商業策略與這些地區非常契合的合作夥伴。我們認為這對我們的客戶、員工和股東來說都是一個正面的結果。我們預計，在獲得必要的批准後，該交易將於 2026 年第二季初完成。總而言之，這些優化措施進一步提高了業務覆蓋範圍的密度，同時進一步簡化了我們的運營，並增加了我們平均分支機構的規模。

We remain focused on organic growth as a driver of long-term shareholder value. Our approach will focus on growing full relationships in a disciplined manner. The combination of our strategic actions and slower-than-expected recent growth has resulted in increasing capital ratios, which we are actively managing to enhance long-term shareholder value. David will cover this in more detail.

我們將繼續專注於內生成長，並將其視為提升股東長期價值的驅動力。我們將以嚴謹的方式，專注於發展全面的人際關係。我們的策略性舉措以及近期低於預期的成長速度導致資本比率上升，我們正在積極管理這一比率，以提高股東的長期價值。David 將會更詳細地介紹這一點。

Now we'd like to spend a moment discussing our recent balance sheet trends. Some of the decline in loan balances is due to intentional refocusing of our production to ensure consistent credit quality and to drive stability and long-term performance. This includes the actions we previously communicated, such as the discontinuation of indirect lending originations, the intentional runoff of some non-relationship loans and the outsourcing of our consumer credit card product. With that said, production has been weaker than we anticipated over the past couple of quarters. We believe there are a few factors driving this.

現在我們想花點時間討論一下我們最近的資產負債表趨勢。貸款餘額下降的部分原因是我們有意調整生產方向，以確保信貸品質的一致性，並推動穩定性和長期績效。這包括我們先前溝通過的措施，例如停止間接貸款發放、有意終止一些非關係型貸款以及將我們的消費信用卡產品外包。儘管如此，過去幾季的生產情況比我們預期的要差。我們認為背後有幾個因素。

First, we have seen increased competition for certain deals with some instances of structures we were unwilling to match and in recent months, increased pricing competition. While organic growth will always be the top priority, we will do so in a disciplined way to drive long-term stability in our credit and financial results.

首先，我們看到某些交易的競爭加劇，有些交易結構我們不願意接受；最近幾個月，價格競爭也加劇了。雖然有機成長始終是首要任務，但我們將以嚴謹的方式實現這一目標，從而推動信貸和財務表現的長期穩定。

Second, demand for real estate lending remains muted and new construction activity is soft. Finally, while activity is picking up, expected production is below replacement levels today in light of known and expected payoff activity. This informs our view of a decline in loan balances in the fourth quarter, which is included in our guidance. This includes some criticized and larger loan payoffs anticipated in the fourth quarter.

其次，房地產貸款需求依然疲軟，新建案活動也較低迷。最後，儘管活動正在回升，但鑑於已知的和預期的收益活動，目前的預期產量仍低於替代水平。這使我們對第四季度貸款餘額下降的看法更加清晰，這一預期已包含在我們的業績指引中。這其中包括一些備受爭議且預計在第四季度償還的較大額貸款。

On the subject of credit, we were pleased to see credit quality stabilize in the third quarter. We believe our proactive approach to credit risk management, disciplined underwriting standards on new production as well as lack of exposure to national nontraditional lending positions us well. Nonperforming assets decreased $11.9 million or 6% to $185.6 million as of September 30, 2025, from $197.5 million as of June 30. Net charge-offs decreased $3.5 million in the third quarter or 60% to $2.3 million.

關於信貸方面，我們很高興看到信貸品質在第三季趨於穩定。我們相信，我們積極主動的信貸風險管理方法、對新業務嚴格的承銷標準以及對全國性非傳統貸款業務缺乏敞口，使我們處於有利地位。截至 2025 年 9 月 30 日，不良資產減少 1,190 萬美元，降幅 6%，至 1.856 億美元，截至 6 月 30 日為 1.975 億美元。第三季淨沖銷額減少了 350 萬美元，降幅達 60%，至 230 萬美元。

Our largest criticized loan, which totaled just over $50 million paid off in full at the beginning of October, providing a positive start to the fourth quarter results. Following this payoff, we now have only two customers with balances over $50 million, both of which are past-rated credits.

我們受到批評最大的一筆貸款總額略高於 5000 萬美元，已於 10 月初全部償還，為第四季度業績帶來了積極的開端。完成這筆還款後，我們現在只有兩位客戶的餘額超過 5,000 萬美元，而且這兩位客戶都是過去信用評等較高的客戶。

Credit risk management is an ongoing process within a bank. And while we won't be providing a specific forecast for criticized loan levels over time, we believe our proactive approach to credit risk management puts us in a good position to continue managing loss content while resolving individual credits. We are optimistic that we will see continued improvement in reported credit levels from here.

信用風險管理是銀行內部持續進行的過程。雖然我們不會提供受批評貸款水準隨時間變化的具體預測，但我們相信，我們積極主動的信貸風險管理方法使我們能夠更好地控制損失，同時解決個別信貸問題。我們樂觀地認為，從目前的情況來看，信貸水準將持續改善。

As noted, our charge-off activity in the third quarter was very muted at 6 basis points. We maintain our long-term charge-off guidance of 20 to 30 basis points, noting that charge-off activity can fluctuate on a quarterly basis. With that, I will now hand the call over to David to discuss the results in more detail.

如前所述，我們第三季的沖銷活動非常低迷，只有 6 個基點。我們維持長期核銷預期為 20 至 30 個基點，但需注意，核銷活動可能會按季度波動。接下來，我將把電話交給大衛，讓他更詳細地討論結果。

Thanks, Jim. I'll start with our results for the quarter and then discuss capital. For the third quarter of the year, the company reported net income of $71.4 million or $0.69 per diluted share compared to $71.7 million or $0.69 per diluted share in the second quarter. Net interest income decreased $0.4 million compared to the prior quarter or 0.2% to $206.8 million. Net interest income increased $1.3 million compared to the third quarter of 2024 or 0.6%, primarily due to a decrease in interest expense resulting from decreased rates and average balances of other borrowed funds.

謝謝你，吉姆。我先從本季的業績說起，然後再討論資本問題。該公司公佈第三季淨利為 7,140 萬美元，即每股攤薄收益 0.69 美元，而第二季淨利為 7,170 萬美元，即每股攤薄收益 0.69 美元。淨利息收入較上一季減少 0.4 百萬美元，降幅 0.2%，至 2.068 億美元。淨利息收入較 2024 年第三季增加 130 萬美元，增幅為 0.6%，主要原因是利率下降導致利息支出減少以及其他借入資金的平均餘額下降。

Purchase accounting accretion decreased $0.7 million in the third quarter versus the prior period. Yield on average loans increased 3 basis points to 5.68% in the third quarter. Total deposit costs increased 2 basis points compared to the second quarter with total funding costs decreasing 5 basis points. Our fully taxable equivalent net interest margin was 3.36% for the third quarter compared to 3.32% during the second quarter and compared to 3.04% during the third quarter of 2024. Excluding interest accretion from the fair value of acquired loans, the adjusted FTE net interest margin was 3.30%, an increase of 4 basis points from the prior quarter, primarily driven by lower interest expense resulting from decreased borrowings.

第三季購買會計增值比去年同期減少了 70 萬美元。第三季貸款平均收益率上升3個基點至5.68%。與第二季相比，總存款成本上升了 2 個基點，而總融資成本下降了 5 個基點。第三季度，我們的完全應稅等效淨利差為 3.36%，而第二季為 3.32%，2024 年第三季為 3.04%。剔除收購貸款公允價值的利息增值後，經調整的 FTE 淨利差為 3.30%，較上一季增加 4 個基點，主因是藉款減少導致利息支出降低。

Noninterest income was $43.7 million, an increase of $2.6 million from the prior quarter, driven by a valuation allowance on loans transferred to held for sale in the second quarter and partially offset in that same quarter by the gain on sale from our credit card outsourcing. Noninterest expense was $157.9 million for the third quarter of 2025, an increase of $2.8 million from the prior period. This includes $1.1 million associated with the property valuation adjustment for a branch included in the Arizona and Kansas divestiture, which closed after the end of the third quarter and $0.7 million of unamortized costs related to the payoff of the 2020 $100 million subordinated note issuance, which was paid off in the third quarter.

非利息收入為 4,370 萬美元，比上一季增加 260 萬美元，主要原因是第二季對轉為持有待售貸款提列了估值準備，但該季度信用卡外包業務的出售收益部分抵消了這一增長。2025 年第三季非利息支出為 1.579 億美元，較上一季增加 280 萬美元。這其中包括與亞利桑那州和堪薩斯州剝離業務中一家分支機構的財產估值調整相關的 110 萬美元，該業務在第三季度末完成；以及與償還 2020 年發行的 1 億美元次級票據相關的 70 萬美元未攤銷成本，該票據已在第三季度償還。

Turning to credit. As Jim mentioned, net charge-offs decreased $3.5 million in the third quarter to $2.3 million, representing 6 basis points of average loans. Total provision for credit losses was 0 for the third quarter and criticized loans decreased $38.9 million or 3.2%. Our total funded provision increased to 1.3% of loans held for investment from 1.28% in the second quarter. Moving to the balance sheet.

轉向信貸。正如吉姆所提到的，第三季淨沖銷額減少了 350 萬美元，降至 230 萬美元，相當於平均貸款額的 6 個基點。第三季信貸損失撥備總額為 0，受批評貸款減少了 3,890 萬美元，降幅為 3.2%。我們的總撥備資金佔投資貸款的比例從第二季的 1.28% 增加到 1.3%。接下來查看資產負債表。

Loans decreased by $519 million in the third quarter, which included $66.8 million of continued amortization of the indirect portfolio and larger loan paydowns and payoffs. Total deposits decreased $25.6 million to $22.6 billion as of September 30, 2025. The ratio of loans held for investment to deposits was 70.1% at the end of the quarter compared to 72.3% at the end of the prior quarter and 78.8% at the end of September in the prior year.

第三季貸款減少了 5.19 億美元，其中包括 6,680 萬美元的間接貸款組合持續攤銷以及更大的貸款償還和結清。截至 2025 年 9 月 30 日，存款總額減少 2,560 萬美元，至 226 億美元。本季末，投資貸款與存款比率為 70.1%，而上一季末為 72.3%，上年 9 月底為 78.8%。

Finally, we declared a dividend of $0.47 per common share, which equates to a 6% annualized yield based on the average closing price of the company's common stock during the third quarter. Our regulatory capital ratios continued to increase with our common equity Tier 1 capital ratio ending the quarter at 13.9%, an increase of 47 basis points from the prior quarter, driven by lower risk-weighted assets. Tier 1 capital was approximately unchanged as retained earnings were utilized to repurchase shares in the quarter.

最後，我們宣布派發每股普通股 0.47 美元的股息，以該公司第三季普通股的平均收盤價計算，年化收益率為 6%。我們的監理資本比率持續上升，普通股一級資本比率在本季末達到 13.9%，比上一季成長 47 個基點，主要原因是風險加權資產減少。由於本季利用留存收益回購了股票，一級資本基本上保持不變。

Before we outline our guidance, we'd like to provide some detail on the impacts we anticipate from the two branch transactions we have discussed. With respect to the Arizona and Kansas divestiture that closed earlier in October, we anticipate recognizing an approximately $60 million pretax gain in fourth quarter results. The impact of this transaction is included in our guidance on a go-forward basis.

在概述我們的指導意見之前，我們想詳細說明我們討論過的兩項分支機構交易預計會產生的影響。關於 10 月初完成的亞利桑那州和堪薩斯州資產剝離，我們預計將在第四季度業績中確認約 6,000 萬美元的稅前收益。本次交易的影響已納入我們未來的績效指引中。

Excluding the impact of the gain, we anticipate the quarterly impact on net interest income to be about $6 million. We anticipate a quarterly ongoing expense reduction versus third quarter levels in the $3.5 million to $4 million range, which includes the benefit of some operating efficiencies gained from exiting those two states in their entirety.

不計收益的影響，我們預計該季度對淨利息收入的影響約為 600 萬美元。我們預計，與第三季相比，季度持續支出將減少 350 萬美元至 400 萬美元，其中包括從完全退出這兩個州中獲得的一些營運效率提升。

Regarding the Nebraska branch sale, we have just announced this month, we view this as approximately 1% dilutive to annual net interest income and reducing noninterest expense by about 1% on a run rate basis. Upon closing, we anticipate around 15 basis points of CET1 accretion.

關於本月剛宣布的內布拉斯加州分公司出售事宜，我們認為這將使年度淨利息收入稀釋約 1%，並按運行率計算減少約 1% 的非利息支出。交易完成後，我們預計 CET1 增幅約為 15 個基點。

Moving to our net interest income results for the quarter and our forward expectations. Net interest income was essentially flat quarter over quarter, excluding purchase accounting accretion. While modestly lower than our prior expectations, this is reflective of a near-term change in asset composition. We continue to expect sequential improvement in the margin and net interest income from our fourth quarter levels into 2026 and 2027. And on that front, we have expanded our fixed and adjustable rate repricing disclosure in the investor presentation to provide 2027 expectations.

接下來，讓我們來看看本季的淨利息收入業績以及我們對未來的預期。不計收購會計增值，淨利息收入與上一季基本持平。雖然略低於我們先前的預期，但這反映了資產組成的短期變化。我們預計，從第四季的水準到 2026 年和 2027 年，利潤率和淨利息收入將持續改善。在這方面，我們擴大了投資者簡報中固定利率和浮動利率重新定價的揭露範圍，以提供 2027 年的預期。

First, within the earning asset base, we would note a couple of items in the quarter. As Jim mentioned, loan balances declined more than expected. We were pleased to see sequential improvement in our loan yields as the portfolio continues to reprice over time. As a reminder, just over 20% of the loan book is variable, and we do not have any active swaps.

首先，在獲利資產基礎中，我們注意到本季有幾個項目。正如吉姆所說，貸款餘額下降幅度超出預期。我們很高興看到，隨著投資組合隨著時間的推移不斷重新定價，我們的貸款收益率也逐年改善。提醒一下，貸款組合中略超過 20% 為浮動利率貸款，我們沒有任何活躍的互換交易。

Within the investment portfolio, call activity was elevated across multiple security types, including some higher-yielding bank sub debt. Given the significant spread tightening in this type of credit that occurred in the quarter, we reinvested proceeds in lower risk-weighted securities, which, while impacting near-term NII slightly, we view as accretive on a return on capital basis. Additionally, approximately 10% of our investment portfolio is comprised of AAA CLOs, which we hold in the context of our interest rate risk management to provide a natural hedge to our more fixed rate lending book.

在投資組合中，多種證券類型的贖回活動均增加，其中包括一些收益率較高的銀行次級債券。鑑於本季度此類信貸利差大幅收窄，我們將收益再投資於風險加權較低的證券，雖然這會對近期淨利息收入產生輕微影響，但我們認為從資本回報率的角度來看，這是有益的。此外，我們投資組合中約有 10% 由 AAA 級 CLO 組成，我們持有這些 CLO 是為了進行利率風險管理，從而對我們較為固定的貸款組合提供天然的對沖。

During the quarter, as spreads tightened, more than half of these securities were called and we actively reinvested in the new issuance market. This resulted in both less carry during the quarter as well as an impact on average balances as presented in the margin calculation as the longer settlement periods resulted in higher average unsettled balances.

本季度，隨著利差收窄，超過一半的證券被贖回，我們積極地將資金重新投入新發行市場。這導致本季結轉金額減少，同時也對利潤率計算中顯示的平均餘額產生了影響，因為較長的結算週期導致平均未結算餘額較高。

The impact of higher unsettled securities, while not affecting net interest income, reduced reported net interest margin by about 2 basis points in the quarter. We believe the continued amortization of low-yielding mortgage-backed securities as well as other select maturities in the portfolio will provide us an earnings tailwind as we move through the next few years.

未結算證券增加的影響，雖然沒有影響淨利息收入，但導致本季報告的淨利差下降了約 2 個基點。我們相信，隨著未來幾年低收益抵押貸款擔保證券以及投資組合中其他特定到期資產的持續攤銷，我們將獲得獲利成長的動力。

While not included on our slide, our 2028 to 2030 cash flow expectations in the investment portfolio based upon current market expectations are roughly $1 billion in each year at around a 2.5% yield. In total, our current expectation is that about 2/3 of the investment portfolio, excluding the CLO exposure, will cash flow through 2030.

雖然我們的幻燈片中沒有包含，但根據目前的市場預期，我們對 2028 年至 2030 年投資組合的現金流預期為每年約 10 億美元，收益率約為 2.5%。總的來說，我們目前的預期是，到 2030 年，除 CLO 敞口外，約有 2/3 的投資組合將產生現金流。

On the funding side, we ended the quarter with no other borrowed funds outstanding, a decline of $250 million from the prior quarter. Additionally, we paid our $100 million sub debt issuance in full in August, which had converted to its variable rate prior to being called. This will provide additional benefit to the cost of funds in the fourth quarter as compared to the third quarter.

在資金方面，本季末我們沒有其他未償還的借款，比上一季減少了 2.5 億美元。此外，我們在 8 月全額償還了 1 億美元的次級債務，在被贖回之前已轉換為浮動利率。與第三季相比，這將為第四季的資金成本帶來額外的好處。

Our interest-bearing deposit costs increased 3 basis points in the third quarter as we experienced select customer movement into higher-yielding products ahead of the anticipated Fed rate cut. This activity resulted in deposit costs modestly higher than our prior expectations in the quarter, but we believe it was prudent to protect key relationships.

由於部分客戶在聯準會預期降息前轉向收益較高的產品，我們的計息存款成本在第三季上升了 3 個基點。這項措施導致本季存款成本略高於我們先前的預期，但我們認為保護關鍵關係是審慎的做法。

During the quarter, we did take steps to capture interest-bearing deposit beta in the fourth quarter. We have reduced our offered CD rate by 55 basis points from the level on June 30 and anticipate seeing the benefit of this reduction beginning in the fourth quarter and more meaningfully in 2026. We have also proactively managed our exception pricing book, shortening duration in preparation for Fed moves and providing more immediate flexibility in managing deposit costs with the initial benefit of this action occurring in October. We are optimistic for a slightly higher beta in the coming quarters than we experienced in recent periods.

本季度，我們確實採取了措施，以在第四季度獲取計息存款貝塔值。我們已將提供的定期存款利率較 6 月 30 日的水平降低了 55 個基點，預計從第四季度開始將看到此次降息帶來的好處，並在 2026 年看到更顯著的好處。我們也積極管理了我們的特殊定價帳簿，縮短了期限，為聯準會的舉措做好準備，並在管理存款成本方面提供了更大的靈活性，這一舉措的初步好處將在 10 月顯現。我們樂觀地認為，未來幾季的β值將略高於最近幾季的水平。

As we look to 2026, while we will provide more explicit guidance on our January call, we wanted to provide some commentary today. We have intentionally managed the balance sheet to what we view as a mostly neutral position, which we feel is prudent over a long horizon. As we think about the impact of Fed cuts to our net interest income, the ability of the bank to move interest-bearing deposit costs lower will be a key factor. We have taken an intentional approach to thoughtfully achieve the necessary beta and early results are positive. With that said, we would acknowledge there will be some lag in beta in the near term.

展望 2026 年，雖然我們將在 1 月的電話會議上提供更明確的指導，但我們今天想先做一些評論。我們有意將資產負債表調整到我們認為基本中立的水平，我們認為從長遠來看，這是審慎的做法。當我們考慮聯準會降息對淨利息收入的影響時，銀行降低計息存款成本的能力將是關鍵因素。我們採取了有意識的方法，深思熟慮地實現了必要的測試版目標，初步結果令人滿意。儘管如此，我們承認短期內 beta 版本可能會出現一些延遲。

From the anticipated fourth quarter annualized level, which includes the impact of the Arizona and Kansas divestiture, we anticipate net interest income expansion around mid-single digits in 2026, assuming approximately flat total loans and modest deposit growth. On the expense side, our current expectation is to keep expense growth to a low single-digit increase over the anticipated full year 2025 level.

根據預期的第四季度年化水平（包括亞利桑那州和堪薩斯州資產剝離的影響），我們預計，假設貸款總額基本持平，存款溫和增長，2026 年淨利息收入將實現中等個位數的增長。在支出方面，我們目前的預期是將支出成長控制在比預期的 2025 年全年水準低個位數成長。

Moving to capital. We are making balance sheet decisions with a long-term view to enhance returns and shareholder value. As we continue to communicate, our long-term strategy remains focused on generating well-priced organic growth within our markets where we have brand density and are well positioned to serve the needs of our customers.

向資本轉移。我們以長遠的眼光制定資產負債表決策，以提高回報和股東價值。我們將繼續溝通，我們的長期策略仍然是專注於在我們擁有品牌密度且能夠很好地滿足客戶需求的市場中，實現價格合理的有機成長。

In addition to the strategic actions to date that have successfully generated capital, in recent periods, risk-weighted assets have declined more than anticipated. While we look to drive growth, we will do so in a disciplined manner, ensuring that assets placed on the balance sheet are accretive to our return profile.

除了迄今已成功創造資本的策略行動外，近期風險加權資產的下降幅度超過了預期。雖然我們尋求推動成長，但我們將以嚴謹的方式進行，確保資產負債表上的資產能夠提升我們的回報水準。

With that in mind, regulatory capital levels are strong and continue to improve. As we have previously stated, we do not intend to hold excess capital. In August, we announced a share repurchase authorization and began executing shortly thereafter. This included entering into a 10b5-1 plan in early September. We have repurchased about 1.8 million shares through October 28 or about 1.7% of common shares outstanding.

有鑑於此，監管資本水準強勁，且持續改善。正如我們之前所說，我們不打算持有過剩資本。8月份，我們宣布了一項股票回購授權，並隨後開始執行。這其中包括在 9 月初簽訂 10b5-1 計劃。截至 10 月 28 日，我們已回購約 180 萬股，約佔已發行普通股的 1.7%。

We believe that the current valuation of our equity does not reflect the long-term fundamental earnings power of the franchise, given the meaningful gap to market rates in our investment portfolio as well as an expectation for improving core spread between our loan yields and deposit costs over time. As a result, we view share repurchases as our immediate capital allocation priority in addition to our ongoing focus on organic growth, which provides us the opportunity to drive EPS growth in excess of net income growth.

我們認為，鑑於我們的投資組合與市場利率之間存在顯著差距，以及我們預期隨著時間的推移，貸款收益率與存款成本之間的核心利差將會改善，因此我們目前的股權估值並未反映出該特許經營權的長期基本盈利能力。因此，除了持續關注內生成長外，我們將股票回購視為我們眼下的資本配置優先事項，這使我們能夠推動每股盈餘成長超過淨利成長。

And now I'll turn the call back to Jim. Jim?

現在我把電話轉回給吉姆。吉姆？

Thanks, David. We continue to execute on our strategic plan to focus on organic growth and leverage our strong balance sheet to support our customers. One year in, I would like to reflect on what we have achieved as a team since arriving here in November of 2024. Over the past year, we have shifted our company to focus solely on organic growth and relationship banking. We have completed a deep dive on credit management that has brought about stability, positioning us for performance in various economic scenarios.

謝謝你，大衛。我們將繼續執行策略計劃，專注於內生成長，並利用我們強大的資產負債表來支持我們的客戶。一年過去了，我想回顧一下自 2024 年 11 月來到這裡以來，我們作為一個團隊所取得的成就。過去一年，我們公司已轉型，專注於有機成長和客戶關係型銀行服務。我們對信貸管理進行了深入研究，這帶來了穩定性，使我們能夠在各種經濟狀況下取得優異成績。

We have exited non-relationship businesses and exited transactional loans. We have made significant progress assessing our branch footprint, exiting markets that do not make sense for our organic growth strategy and focusing investments in areas where we have strong share and growth opportunities. We have taken capital freed up by these efforts and are returning it to our shareholders through share repurchases with the goal of creating long-term shareholder value. These efforts have positioned us for an exciting future as we look to 2026.

我們已經退出了非關係型業務和交易型貸款業務。我們在評估分支機構佈局、退出不符合我們有機成長策略的市場以及將投資重點放在我們擁有強大市場份額和成長機會的領域方面取得了重大進展。我們利用這些努力釋放的資金，透過股票回購將其回饋給股東，以創造長期股東價值。展望 2026 年，這些努力使我們擁有了令人振奮的未來。

And now I would like to open up the call for questions.

現在我來接受提問。

(Operator Instructions) Andrew Terrell, Stephens.

（操作說明）Andrew Terrell，Stephens。

Maybe just to start just on the loan growth outlook. I appreciate the 4Q guidance and 2025 has been somewhat of a transition year. I guess I'm just curious, as you look out into 2026, do you think you're in a position to return to net loan growth? Can you talk about the opportunities and the headwinds to getting the balance sheet back to net growth?

或許可以先從貸款成長前景著手。我很欣賞第四季的業績指引，2025年也算是個過渡年。我只是好奇，展望 2026 年，您認為貴公司是否有可能恢復淨貸款成長？您能否談談實現資產負債表淨成長的機會和挑戰？

Andrew, this is Jim. That's a good question. And loan growth is our number one focus, as you pointed out, based on the trends. And I touched on some of this in the call. We've seen some challenges here in the last quarter, just less demand, both real estate and construction. And we also had some higher payoff activity associated with non-relationship loans and the loan types that we're not interested in renewing.

安德魯，這是吉姆。這是個好問題。正如您所指出的，根據目前的趨勢，貸款成長是我們工作的重中之重。我在通話中也談到了其中的一些內容。上個季度我們遇到了一些挑戰，需求下降，無論是房地產還是建築業。此外，我們也發現一些與非關係型貸款和我們不打算續貸的貸款類型相關的還款活動較高。

The other thing, there's just been less construction loan tailwind funding as we've originated fewer construction loans in the last couple of years. And then we also had some loans go to the secondary market. Your question is on the go forward. We do see improved opportunity for growth. We've made a number of changes to our credit culture, and the team is comfortable with that new playbook.

另一方面，由於過去幾年我們發放的建築貸款數量減少，建築貸款的順風資金也相應減少。然後，我們還有一些貸款進入了二級市場。你的問題是關於前進方向的。我們確實看到了成長機會的改善。我們對信貸文化進行了一些改變，團隊對這套新的方法感到很滿意。

In fact, we also just implemented some streamlined approval processes because speed to market matters. We actually just had four meetings where we got the teams together in Boise, Billings, Denver and Omaha with a real focus on business development, growing the pipeline. And we're in the process of determining our goals for 2026.

事實上，我們也實施了一些簡化的審批流程，因為上市速度至關重要。我們剛剛召開了四次會議，將博伊西、比林斯、丹佛和奧馬哈的團隊聚集在一起，真正專注於業務發展和拓展客戶管道。我們正在製定 2026 年的目標。

And there are incentives tied to these goals, what you measure is what you move, which includes not only loan growth but also deposits. But we've been intentional about setting us up for growth, refocusing the footprint and prioritizing our deployment of capital, as well as putting in a risk culture to support smart growth, and we're now on the offense. And given our growth communities and strong balance sheet, we're optimistic about our growth in '26.

這些目標都與激勵措施掛鉤，衡量什麼，就會採取什麼行動，這不僅包括貸款成長，還包括存款。但我們一直有意識地為成長做好準備，重新調整業務佈局，優先考慮資本部署，並建立風險文化以支持穩健成長，現在我們正處於進攻階段。鑑於我們不斷成長的社區和強勁的資產負債表，我們對 2026 年的成長持樂觀態度。

Great. I appreciate that, Jim. If I could ask just on capital. Your CET1 has built pretty materially over the past year or so. And I think given the guidance and the branch in the fourth quarter should continue to build pretty nicely in the near term.

偉大的。謝謝你，吉姆。如果我能只問一下資金方面的問題就好了。過去一年左右，您的 CET1 成績有了相當大的提升。我認為，鑑於目前的指導方針和第四季度的業績，短期內該部門應該會繼續穩步發展。

You've got the buyback that you're active on currently, but $150 million on the buyback doesn't feel like it moves the needle a lot relative to the capital that you've built. So I guess the question is, should we expect you to get more active on the buyback front? Or are you interested in securities restructuring transactions, 2/3 of the bond book, it sounds like cash flows before 2030, but that's a decent ways out. Would you entertain a securities restructuring with the excess capital?

你目前正在積極推動股票回購計劃，但1.5億美元的回購金額相對於你累積的資本而言，似乎並沒有產生多大的影響。所以我想問的是，我們是否應該期待你們在股票回購方面更加積極主動？或者您對證券重組交易感興趣？債券組合的 2/3，聽起來像是 2030 年之前的現金流，但這還有相當長一段時間。你會考慮利用剩餘資金進行證券重組嗎？

Andrew, I think I'll take that question backwards and start with the securities restructure. I think if you think about our recently announced buyback and kind of how we're thinking about our capital priorities, we don't view that as our priority right now. So we think the tail end, the combination of those cash flows and then the tangible book value accretion we'll get over the next few years. We think that's meaningful. So our focus right now isn't on the securities restructure.

安德魯，我想我應該反過來回答這個問題，先從證券重組說起。我認為，如果你考慮到我們最近宣布的股票回購計劃以及我們對資本優先事項的思考方式，我們目前並不認為這是我們的優先事項。所以我們認為，這些現金流的尾聲，以及未來幾年我們將獲得的有形帳面價值成長，將會帶來顯著的收益。我們認為這很有意義。所以，我們目前的重點不是證券重組。

It's on the repurchases. So to your point, the $150 million, it moves us towards our objectives, but there is optionality there. So whether it's organic growth accretive to our return profile or additional return of capital to shareholders, that's what we'll be looking at as we execute that buyback. Like we said, we're not intending to hold excess capital. So as we get through that buyback, we'll obviously look and see what makes sense at that time and then consider additional repurchases if it makes sense at that time.

關鍵在於回購。所以，正如你所說，這 1.5 億美元確實能讓我們朝著目標邁進，但其中也存在選擇餘地。因此，無論是增加我們的回報，或是為股東帶來額外的資本回報，這都是我們在執行股票回購時會考慮的因素。正如我們所說，我們不打算持有過剩資本。因此，在完成回購的過程中，我們顯然會觀察當時的情況，看看什麼是合理的，如果當時的情況合理，我們會考慮追加回購。

Obviously, we manage capital through a few different lenses, looking at our capital ratios, holding company bank, regulations, bottom-up build market assessment, all those things you'd expect. And we -- our current analysis does indicate we have healthy capital levels relative to those lenses. So we'll be looking at additional actions as we go forward based on the facts and circumstances.

顯然，我們透過幾個不同的角度來管理資本，包括資本比率、控股公司銀行、監管、自下而上的市場評估等等，這些都是你所期望的。我們—我們目前的分析表明，相對於這些因素，我們的資本水準是健康的。因此，我們將根據事實和情況，考慮採取進一步行動。

Kelly Motta, KBW.

Kelly Motta，KBW。

I appreciate the preliminary outlook for mid-single-digit NII growth next year. Just wondering if you could help us put together, you get great disclosures on the roll-off, but where new loan originations have been coming on? And if you could -- I know that your commentary mentioned that it's been a bit slower than you'd expected. Just if you could size what production has been this quarter and the past couple, that would be helpful as we look forward.

我很欣賞明年淨利息收入成長將達到中等個位數的初步預期。想問您是否可以幫我們整理一下，您在貸款到期時獲得了很好的披露信息，但是新的貸款發放情況如何呢？如果你可以的話——我知道你的評論中提到，進度比你預期的要慢一些。如果您能提供本季和過去幾季的產量數據，那將對我們展望未來大有幫助。

Kelly, so I think from a yield perspective, we've talked in the past that five-year point of the curve is where we're most sensitive from a new production standpoint. That's, of course, come down a little bit in recent periods. So if you look at pricing over the third quarter, where we saw a roll on July, August was higher than September, right? So moving into the 6s into September. It's going to depend on composition, of course, what those loans look like, what the types are, et cetera.

Kelly，所以我認為從殖利率的角度來看，我們過去曾討論過，五年期殖利率曲線是我們對新產量最為敏感的點。當然，近來這個數字有所下降。所以，如果你看一下第三季的定價，我們會發現7月份的價格有所回升，8月份的價格高於9月份，對吧？所以九月就進入6歲年齡層了。當然，這取決於貸款的組成、貸款的形式、類型等等。

But given where the five-year is anywhere from low 6s to high 6s depending on -- I know it's a wide range, but it depends on where the curves are and what the composition looks like. And then I think Jim talked a little bit about production. There's obviously a gap today between that and flat loans. So I think that's how we would size that.

但考慮到五年指數在 6 分出頭到 6 分高段不等，具體取決於——我知道這是一個很大的範圍，但這取決於曲線的位置和成分看起來是什麼樣的。然後我想吉姆稍微談了一下生產方面的事情。顯然，目前這種貸款方式與固定利率貸款之間存在差距。所以我覺得這就是我們衡量它大小的方式。

Got it. That's helpful. And your guidance here implies some additional larger payoffs. As you look ahead to 2026, is there any way to size how much more of a headwind could come from some of this intentional runoff, which results in a smaller balance sheet, but is prudent from a risk-adjusted perspective?

知道了。那很有幫助。而你的指導意味著一些更大的額外回報。展望 2026 年，有沒有辦法衡量這種人為削減開支（雖然會縮小資產負債表，但從風險調整的角度來看是審慎的做法）可能會帶來多大的阻力？

Yes. So I think we've been pretty intentional about that in 2025. It doesn't mean more won't occur as we go forward and we look at individual loans, but we feel like we've done a good job making our way through that process, and we feel like we're getting closer to where we're comfortable from that perspective.

是的。所以我認為我們在2025年在這方面已經有了相當明確的規劃。這並不意味著隨著我們繼續前進並審查個別貸款，不會再出現更多類似情況，但我們感覺我們已經很好地完成了這個過程，並且我們感覺從這個角度來看，我們正在越來越接近我們感到滿意的程度。

Okay. That's super helpful. Last question to close the loop on loans and production. Jim, you've mentioned now you have these branch sales to redistribute some of the expense base and capital to where you see better opportunities for growth. Can you speak to anything you've done on the recruiting side and the opportunity there as you look ahead?

好的。這太有幫助了。最後一個問題，以完善貸款和生產方面的討論。吉姆，你提到現在你可以透過出售這些分公司來重新分配一些費用和資金，以增加你認為更有發展機會的地方。您能否談談您在招募方面所做的工作，以及展望未來，您認為這方面有哪些發展機會？

Yes. So we -- as you mentioned, we've continued to refocus the footprint and reinvest where we see growth opportunities. So yes, we have acquired some talent in Colorado in specific and because we see opportunities there. But we've also just seen some additional opportunities in that Rocky Mountain Northwest part of our footprint, a little bit more activity. But yes, to answer your question, we recruited talent, and I've been player coach on the ground as well.

是的。所以，正如您所提到的，我們一直在重新調整業務佈局，並在我們看到成長機會的地方進行再投資。是的，我們已經在科羅拉多州招募了一些人才，因為我們看到了那裡的機會。但我們也看到了我們在落基山脈西北部地區的一些額外機會，那裡的業務活動也更加活躍了。是的，回答你的問題，我們招募了人才，而且我也曾經擔任過一線球員兼教練。

Jeff Rulis, D.A. Davidson.

傑夫·魯利斯，D.A.戴維森。

A couple of questions on credit. I wanted to -- first, I don't know if you've got the size of the balance of that criticized loan that paid off in October.

關於信用方面有幾個問題。我想問——首先，我不知道你是否掌握了那筆備受爭議、已於 10 月還清的貸款的餘額。

Yes. So the October payoff on that criticized loan was just over $50 million.

是的。因此，10月份償還這筆備受詬病的貸款的金額略高於5000萬美元。

Okay. Great. And just to kind of course correct on the net charge-offs. I think you've got about 13 basis points year-to-date, and you've mentioned a couple of times muted and continue to reiterate the 20 to 30 basis points. Is that visibility on some of the credits that you're running through? I just want to -- and is that a historical years out? Or is it the 20 to 30 kind of in the next six to nine months type of guide?

好的。偉大的。當然，也需要對淨沖銷額進行一些修正。我認為你今年迄今已經取得了大約 13 個基點的成績，而且你已經多次提到並繼續重申 20 到 30 個基點的目標。這是你正在使用的某些學分的可見性嗎？我只是想──那是不是已經過去好幾年了？或者，這是未來六到九個月內 20 到 30 年左右的那種指南？

Yes. Good question, Jeff. I think the way we think about our charge-off guide is that's kind of our longer-term expectation. Given our loan book has a smaller consumer portion, it's less consistent on a quarterly basis and charge-offs are going to be driven, of course, by unknown actions as well as resolution of credits on a quarterly basis. So there might be volatility on a quarterly basis. Obviously, we've seen positive results year-to-date, but we think 20 to 30 is the right long-term expectation there.

是的。問得好，傑夫。我認為我們對沖銷指南的理解，其實就是我們對長期狀況的預期。鑑於我們的貸款組合中消費貸款佔比較小，其季度穩定性較差，因此，核銷額當然會受到未知因素以及季度信貸結算的影響。因此，季度間可能會出現波動。顯然，今年迄今為止我們已經看到了積極的成果，但我們認為 20 到 30 是該領域正確的長期預期。

Okay. So nothing like a Q4 specific, something is coming down the pipe that you're happy to operate below that, but you're just going to put that guide out there. Is that fair to say?

好的。所以目前還沒有針對第四季度的具體計劃，有一些正在醞釀中的項目，你們也樂意在低於這個目標的水平上運作，但你們只是打算把這個指導方針發佈出來。這樣說公平嗎？

Yes. It's going to depend on resolution of specific credits, right? So we're not specifically guiding to any individual resolutions, but there could be quarters where there's higher or lower figures depending on activity in that quarter.

是的。這取決於具體學分問題的解決情況，對吧？因此，我們並沒有具體針對任何個別決議進行指導，但根據該季度的活動情況，某些季度的數字可能會更高或更低。

And did you guys have a classified assets number, maybe linked quarter? I didn't see it in the release.

你們有機密資產編號嗎？或許還有相關的季度編號？我在發布版本中沒看到。

I think it's midway through the release, up very slightly on a reported nominal basis there.

我認為發行已經進行到一半了，據報道，名義價格略有上漲。

Okay. Sorry I missed that. And then I guess -- sorry, last question, just on the margin. I appreciate slide 9 and the earning asset yield, quite a bit of roll-off here coming on loans and securities. I don't know if you hazard sort of a terminal margin level other than you've guided towards upwards in the near term.

好的。抱歉，我錯過了。然後我想──抱歉，最後一個問題，就差一點了。我欣賞第 9 張投影片和收益資產收益率，貸款和證券方面有很多到期收益即將到期。我不知道您是否會冒險設定一個最終的利潤水平，但您已經明確表示短期內價格會上漲。

But as you exit '26, is there a broader range that you think you settle in at? That's a lot of loans, a lot of securities coming off at below market rates. So I just want to -- obviously, execution on the deposit side, as you mentioned, but any thoughts on the margin as we exit '26?

但當你告別 2026 年時，你認為你會在一個更廣泛的範圍內安定下來嗎？這意味著大量的貸款和證券以低於市場利率的價格到期。所以，我只是想——顯然，正如您所提到的，存款方面的執行情況如何，但是，在2026年即將結束之際，您對保證金有什麼看法？

Yes. So the mid-single-digit flat loan guide would imply a north of 350 ex purchase accounting exit rate through '26, around that 350 for the full year and then an exit north of that. It's obviously going to depend on the curves and the level of loan and deposit growth, but that's what that would imply. We think our long-term margin can be higher than that, right? And you can look at the historical performance as well as just the current yield on the investment portfolio, but that's how we think about that.

是的。因此，中等個位數的固定貸款指引意味著，到 2026 年，扣除購買會計處理後的退出率將超過 350，全年約為 350，然後退出率將高於該值。這顯然取決於曲線以及貸款和存款的成長水平，但這就是它所暗示的。我們認為我們的長期利潤率可以更高，對嗎？你可以查看投資組合的歷史表現以及當前的收益率，但我們就是這樣考慮的。

And Jeff, David touched on this in the opening comments, but we've also shortened the duration of exception priced deposit relationships and things just in anticipation if we have further rate cuts, we have flexibility and can be nimble there as well.

傑夫，大衛在開場白中也提到了這一點，但我們也縮短了特價存款關係的期限，以應對未來可能進一步的降息，這樣我們就能靈活應對。

Jared Shaw, Barclays Capital.

Jared Shaw，巴克萊資本。

So just going back to the growth discussion and your focus on, I guess, you could call it better markets or more dense markets. How does that match up with your commentary on pricing and terms becoming more difficult? Jim, in the past, you talked about the attractiveness of Denver and your background there, but it feels like from just hearing other banks that that's a target for a lot. Do you see the competitive environment moving in your direction where you're going to be able to actually execute on some of that desire to grow in those markets? Or do you think you end up having to change some of the parameters?

所以回到成長的討論，以及你關注的，我想你可以稱之為更好的市場或更密集的市場。這與您先前關於定價和條款越來越難以界定的評論是否一致？吉姆，你以前談到過丹佛的吸引力以及你在那裡的背景，但從其他銀行的說法來看，感覺那裡是很多銀行的目標。您是否認為競爭環境會朝著對您有利的方向發展，使您能夠真正實現您在這些市場中發展壯大的願望？或者你認為最終需要修改一些參數嗎？

I can just tell you in general, and I think this holds true probably across everybody's footprint. It's more competitive in metro markets than it is mid and smaller markets. We have a pretty strong presence in mid and smaller markets. The thing is, Jared, we'll remain disciplined. I touched on it in the opening that we've seen some efforts from a competition standpoint on structure and pricing.

我只能說，總的來說，我認為這對每個人來說都適用。大都會市場的競爭比中小型市場更加激烈。我們在中小型市場擁有相當強大的影響力。賈里德，關鍵是我們要保持自律。我在開頭就提到過，從競爭的角度來看，我們在結構和定價方面已經看到了一些努力。

And those are 100% risk-weighted assets. And so they're rated at that level for a reason. So you want to be disciplined, and we're not going to chase growth for growth's sake, but we want to grow, but we're going to be smart about it because in these times, I think that chasing growth for growth's sake isn't a good decision either.

這些都是100%風險加權資產。所以他們被評為那個等級是有原因的。所以你要保持自律，我們不會為了成長而成長，但我們想要成長，但我們會明智地發展，因為在當今時代，我認為為了成長而成長也不是一個好決定。

Okay. And then just looking at the -- David's commentary about flat loans after a bit of a decline in fourth quarter, but then your answer about optimistic for growth in '26. What's the optimistic for growth in '26? Is that production in the early stages or as we move through the year, maybe that growth increases?

好的。然後，看看大衛關於第四季度貸款略有下降後趨於平穩的評論，但你對 2026 年的增長持樂觀態度。2026 年的成長預期有多樂觀？這是早期階段的產量，還是隨著時間的推移，產量會成長？

Jared, I'll take the first half and then turn to Jim for the second half of the question. So I think just on that '26 discussion we had in the prepared remarks, our intent there was to help with the our view of '26 if loans were flat. That isn't necessarily a loan guide at the current time, but that's our view of the underlying repricing of the balance sheet.

Jared，我先回答前半部分，然後請Jim回答後半部分。所以我覺得，就我們在準備好的發言稿中討論的「26 年」而言，我們的目的是幫助大家了解我們對「26 年」貸款持平的看法。這不一定是目前貸款的指導原則，但這代表了我們對資產負債表潛在重新定價的看法。

Yes. And Jared, on the reason for the optimism in '26, I mentioned we just went on the road, and there was a number of us executives that did that and met with the teams, brought everybody together, which hasn't happened for a few years and got them in the same room. And I can see the talent. I've met all the talent out on the road, but getting everybody in the room together, sharing ideas, best practices, what's working and talking about the importance of growth makes a difference. We are in relationship banking, both internal and external.

是的。賈里德，關於2026年樂觀的原因，我提到我們當時就出差了，我們一些高管去了各個球隊，把大家聚在一起，這是好幾年都沒發生過的事了，把大家聚集到了一起。我能看出他的天賦。我在路上結識了所有有才華的人，但把大家聚在一起，分享想法、最佳實踐、哪些方法有效，並討論成長的重要性，這會帶來很大的不同。我們從事關係型銀行業務，包括內部和外部關係。

And so I look at that. And then I just look at -- when you look at our balance sheet, it is a really strong balance sheet. I mean we have liquidity. We have strong capital. It's a position of strength to operate from. And then you combine that with the core low-cost funding source, I just think we're in a really good position for '26.

所以我會關注這一點。然後我再看看——當你查看我們的資產負債表時，你會發現它確實非常穩健。我的意思是，我們有流動資金。我們擁有雄厚的資金實力。這是一個有利於自身發揮優勢的局面。再加上核心的低成本資金來源，我認為我們為 2026 年的選舉奠定了非常有利的地位。

Okay. And then maybe shifting to the expenses. David, I guess the guide for next year is low single-digit growth in expenses versus the full year '25. So that, I guess, includes the benefits from the branch divestitures. Should we be looking -- or is there an expectation for positive operating leverage in '26? And are there any investment initiatives in systems or technology or maybe even incrementally new branches as you go through the year that's included in that?

好的。然後或許可以轉到費用方面。David，我猜明年的指導方針是支出成長將比 2025 年全年低個位數。所以，我想，這其中也包括了分公司剝離帶來的好處。我們是否應該關注──或者說，人們預期2026年會出現正面的經營槓桿效應？在這一年中，是否包括任何系統或技術方面的投資計劃，或逐步開設新分支機構？

Yes. So a couple of things. I think to be clear on that low single digits, it's low single digits, right? So we're very focused on expenses, and we're being careful and thoughtful. And investment is important, and we're continuing to make investments.

是的。有兩件事。我認為應該要明確一點，就是個位數，對吧？所以我們非常關注開支，並且謹慎周全。投資很重要，我們也將繼續進行投資。

There are some branches we're adding. We mentioned branches in the prepared remarks, but it's a thoughtful approach as we wait to see that growth come. And so broadly, yes, there is an expectation for improved operating leverage.

我們正在增設一些分公司。我們在準備好的演講稿中提到了分支機構，但這是一個深思熟慮的做法，我們期待著成長的到來。因此，總的來說，是的，人們期望經營槓桿能夠改善。

And Jared, we're going to be -- until we see the growth, we're going to be very disciplined, as David mentioned, on expenses. And the same goes with our capital levels. I mean absent organic growth, we already talked about the authorization for a stock buyback. We will continue to make sure we're enhancing shareholder return.

賈里德，正如大衛所提到的那樣，在我們看到成長之前，我們會非常嚴格地控制開支。我們的資本水準也是如此。我的意思是，如果沒有內生成長，我們已經討論過授權股票回購的問題了。我們將繼續努力提高股東回報。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

First one for me, just on capital again. You mentioned you don't want to hold excess capital, but your CET1 is 13.9%. What's your -- what do you view as your CET1 target? And how quickly can you get there?

這是我的第一筆交易，又是一筆資金。你提到你不想持有過多的資本，但你的 CET1 卻高達 13.9%。你認為你的CET1目標是什麼？你最快能到達那裡嗎？

Yes. So I think it's a good question. I think capital levels lag balance sheet a little bit, right, when you see these type of changes in risk-weighted assets. I think from a target perspective, we'd guide you from a CET1 perspective, more in line with the peers in the near term. And I talked before about our process, right?

是的。所以我覺得這是一個很好的問題。我認為，當看到風險加權資產的這類變化時，資本水準會稍微落後於資產負債表，對吧。我認為從目標角度來看，我們會從 CET1 的角度來指導您，這樣在短期內就能與同行保持一致。我之前也談過我們的流程，對吧？

So that does imply a significant amount of optionality, right, which I mentioned earlier as well. So the 150 starts to move us in that direction, but there is optionality for us to consider additional return of capital and grow organically. So we feel like we're in a good position to continue to enhance returns.

所以這確實意味著有很大的選擇餘地，對吧，這一點我之前也提到過。所以，150 這個數字開始讓我們朝著那個方向發展，但我們也可以考慮追加資本回報並實現有機成長。因此，我們感覺我們處於有利地位，可以繼續提高回報。

Okay. And then do you have the spot rate on deposits at the end of September?

好的。那麼，您有九月底的存款即期匯率嗎？

Yes. So interest-bearing deposit costs in September were 1.8%. Like we said before, we've seen some positive movement into October as it relates to capturing beta, but 1.8% interest-bearing was the September spot.

是的。因此，9 月計息存款成本為 1.8%。正如我們之前所說，10 月在獲取 beta 方面出現了一些積極的進展，但 9 月的利率為 1.8%。

Okay. And then your core loan yields were up 3 basis points, I think, to 5.68%. I guess what's your view of the core loan yield outlook with the back book repricing next year and assuming the forward curve plays out?

好的。然後，我認為，你們的核心貸款收益率上升了 3 個基點，達到 5.68%。我想問，您如何看待明年剩餘貸款重新定價以及遠期曲線按預期發展的情況下，核心貸款收益率前景？

Yes. So it's a good question. Obviously, timing of rate cuts matter. 20% of the loan -- a little over 20% is variable. So each cut is about 5 basis points in immediate change in loan yields.

是的。所以，這確實是個好問題。顯然，降息的時機很重要。貸款金額的20%——略高於20%——是浮動利率。因此，每次降息都會立即導致貸款收益率變化約 5 個基點。

So next year or over the next 12 months, if there's 4 or so cuts, we think that probably broadly will offset a lot of the expansion, right, which is how we talked about in the context of expanding spread between loans and deposits. What's helpful in this environment to us is we do get that back book repricing, which helps offset some of that rate impact as rates move. So obviously, the five-year is important as we think about that repricing, but we see it as an improving core spread story.

所以，如果明年或未來 12 個月內有 4 次左右的減產，我們認為這可能會在很大程度上抵消擴張，對吧？這就是我們在貸款和存款利差擴大的背景下所討論的情況。在這種環境下，對我們有幫助的是，我們可以獲得重新定價，這有助於抵消利率變動帶來的一些影響。所以很顯然，在考慮重新定價時，五年期數據很重要，但我們認為這是一個核心利差改善的故事。

Timur Braziler, Wells Fargo.

蒂穆爾·布拉齊勒，富國銀行。

Trying to tie the NII guidance for next year to the deposit side. It looks like deposit betas in 3Q ticked down a little bit as cost of deposits went up by 2 basis points. I think in your ALCO disclosure, the assumption is a 31% beta almost immediately on future cuts, cycle-to-date beta is closer to 12%. I guess how do you calibrate those two? And as you talk about '26 NII, I guess, which beta assumption are you guys using?

試圖將明年的淨利息收入預期與存款方面連結起來。第三季存款貝塔係數似乎略有下降，因為存款成本上升了 2 個基點。我認為，在你們的資產負債管理委員會披露中，假設未來減持後貝塔係數幾乎立即達到 31%，而迄今為止的周期貝塔係數接近 12%。我想問一下，如何校準這兩者？既然你們提到了 '26 NII，我想問一下，你們使用的是哪一個 beta 假設？

Yes, Timur, I'll take that in a couple of different responses. So I think to your point, we have seen lower beta to date than we would have expected, and we talked about that a little bit in our prepared remarks. We think from here, given some of the actions we've taken, and we're seeing that in October so far, we anticipate capturing a higher beta than that. But we do when we talk about the lag, that is a lag to that expected longer-term beta, right? Because I think where you see that lag is a little over 10% of our deposits are CDs and those, of course, lag.

是的，蒂穆爾，我會用幾種不同的方式回應你。所以，我認為你的觀點是正確的，到目前為止，我們看到的 beta 值低於預期，我們在準備好的發言稿中也稍微談到了這一點。我們認為，鑑於我們已經採取的一些行動，而且從十月份的情況來看，我們預計會獲得比這更高的 beta 值。但是，當我們談論滯後時，我們指的是相對於預期長期 beta 值的滯後，對吧？因為我認為，造成這種滯後現象的原因在於，我們存款中有略超過 10% 是定期存款，而定期存款當然會有滯後。

The vast majority reprices in a 12-month period, around 7 months is where we see most of our activity there, but that lags. So we think that impact starts coming more meaningfully in '26 as we see those rates come down. But our guidance does assume some lag in deposit beta versus our expectation for a more 12-month period.

絕大多數重新定價發生在 12 個月內，大約 7 個月左右，我們看到大部分活動都發生在那裡，但這存在滯後性。所以我們認為，隨著利率下降，這種影響將在 2026 年開始更加顯著地顯現。但我們的指導意見確實假設存款貝他係數存在一些滯後，而我們對更長時間（12 個月）的預期則有所不同。

Okay. And I guess some of the branch sales and the balance sheet movements, I mean, is it fair to say that much of the NII growth is back-end loaded next year?

好的。我猜想，一些分支機構的銷售額和資產負債表的變動，我的意思是，是否可以說，淨利息收入的成長主要集中在明年的後期？

We think of it sequentially, yes. That's how we think of it. I think the Q4 and our guidance includes the impact of the branch sale, right, the Arizona and Kansas branch sales. So that does step down the near term. And then we see it as sequential through '26. Q1 is always a lower NII period for us just given the two fewer days and just how our loans accrue. But yes, we view it as sequential through the year.

是的，我們是按順序考慮的。我們是這麼想的。我認為第四季度業績和我們的預期都包含了分行出售的影響，對吧，就是亞利桑那州和堪薩斯州分行的出售。所以短期內情況有好轉。然後我們看到它按順序延續到 26 年。由於第一季比第一季少兩天，而且我們的貸款累積方式也不同，因此第一季的淨利息收入總是較低。是的，我們認為它是按順序貫穿全年的。

Okay. And then on the loan side, I asked this last quarter as well, but it looks like low teens of outstanding loans reprice or reset over the next 12 months. And last quarter, I asked if this was an opportunity or a potential threat. It seems like production, at least now, to your point, is below replacement levels.

好的。至於貸款方面，我上個季度也問過這個問題，但看起來未來 12 個月內，未償貸款的十幾個百分點左右會重新定價或重置。上個季度，我曾問過，這究竟是機會還是潛在威脅。看來至少就目前而言，正如你所說，產量似乎低於更新換代水準。

I guess how are you thinking of that -- of those resets, reprices over the next 12 months? Is there incremental optimism that production starts to pick up? And if that's the sense, and maybe just give us a little bit of color as to what asset classes you see picking up and absorbing some of those loan runoffs.

我想問您是如何看待未來 12 個月內的那些重置和重新定價的？人們是否逐漸樂觀地認為生產將開始回升？如果情況確實如此，能否請您簡要說明一下，您認為哪些資產類別會吸收和消化部分貸款註銷款項？

Yes, Timur, that's a good question. The asset classes, I think one of the strengths of the bank, I'll start with that, is the diversity of our balance sheet, I mean, and our footprint lends to that. So you'll see -- we see opportunities in C&I as well as CRE.

是的，蒂穆爾，這是一個很好的問題。我認為，就資產類別而言，本行的優勢之一，我先從這一點說起，就是我們資產負債表的多元化，我的意思是，我們的業務範圍也為此提供了支持。所以你會看到——我們在工商業和商業房地產領域都看到了機會。

And as far as backfilling what will be maturing and coming up, there was more intentional runoff this year of things that just didn't fit the profile of what we wanted to do on an ongoing basis as well as some large transactional loans. There's less of that in 2026. And so when you combine that with production that I think we can achieve in 2026, I think you'll see a return to some loan growth.

至於填補即將到期和即將到期的資金缺口，今年我們有意終止了一些不符合我們持續發展方向的項目，以及一些大型交易貸款。到 2026 年，這種情況會減少。因此，如果將這些與我們預計在 2026 年能夠實現的生產目標結合起來，我認為你會看到貸款成長有所恢復。

Great. And if I could just one more on M&A. Maybe you had some of the BMO branches were in your footprint. I'd love to hear your thoughts around how that played out and if that was something that you guys were potentially looking? And then maybe from the other side, can you just take us inside the boardroom?

偉大的。如果可以的話，我想再補充一點關於併購的內容。也許你的居住地附近就有BMO銀行的一些分行。我很想聽聽你們對這件事的看法，以及這是否是你們當時考慮的方向？然後，或許您可以從另一邊帶我們進去看看？

I know there's been a lot of change with Class A, Class B share dissolution over the last years and still some family ownership. Can you just give us some thoughts as to how the Board is thinking about the franchise and if they're at all open to potentially partnering with another institution and taking advantage of some of this recent M&A activity?

我知道過去幾年A類股、B類股的解散發生了很多變化，但仍然有一些家族所有權。您能否談談董事會對特許經營權的看法，以及他們是否願意與其他機構合作並利用最近的併購活動？

Yes, Timur, as we've stated in our earnings calls from day 1, we're focused on organic growth and believe our brand density and branch network and in the growing markets, combined with our strong balance sheet, give us the growth opportunities in front of us. So M&A is not something we're focused on. And absent near-term growth and given our current valuation, we're going to buy back stock.

是的，蒂穆爾，正如我們從第一天起就在財報電話會議上所說的那樣，我們專注於內生增長，並相信我們在不斷增長的市場中的品牌密度和分支機構網絡，再加上我們強勁的資產負債表，為我們提供了眼前的增長機會。所以併購並不是我們關注的重點。鑑於近期沒有成長跡象，並考慮到我們目前的估值，我們將回購股票。

But we're focused on executing our strategic plan and around organic growth. And our Board takes their fiduciary responsibility seriously. So anything that would come our way, they would certainly evaluate to look at what's best for shareholders. But we're focused on executing on our strategic plan because we're really confident of our future success.

但我們專注於執行策略計劃和實現內生成長。我們的董事會非常重視其受託責任。因此，任何擺在我們面前的事情，他們肯定都會進行評估，以考慮什麼對股東最有利。但我們專注於執行我們的策略計劃，因為我們對未來的成功充滿信心。

There are no further questions at this time. Mr. Jim Reuter, you can continue.

目前沒有其他問題了。吉姆·羅伊特先生，您可以繼續了。

All right. Thank you, and thank you, everybody, for your questions today. And as always, we welcome calls from our investors and analysts. So please reach out if you have any follow-up questions, and thank you for tuning into the call today. Have a good day.

好的。謝謝大家，也謝謝各位今天提出的問題。一如既往，我們歡迎投資者和分析師的來電。如果您有任何後續問題，請隨時與我們聯繫。感謝您今天收聽本次電話會議。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. We thank you very much for your participation.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。