FIRST BANK (Hamilton) (FRBA) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to First Bank earnings conference call second-quarter 2025. (Operator Instructions)

您好，感謝您的支持。我叫貝拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加第一銀行 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Mr. Patrick Ryan, President and CEO. You may begin.

現在，我想將會議交給總裁兼執行長帕特里克·瑞安先生。你可以開始了。

Thank you, Bella. I'd like to welcome everyone today to First Bank's second-quarter 2025 earnings call. I'm joined by Andrew Hibshman, our Chief Financial Officer; Darleen Gillespie, our Chief Retail Banking Officer; and Peter Cahill, our Chief Lending Officer.

謝謝你，貝拉。今天，我歡迎大家參加第一銀行 2025 年第二季財報電話會議。與我一起出席的還有我們的財務長 Andrew Hibshman、我們的首席零售銀行長 Darleen Gillespie 和我們的首席貸款官 Peter Cahill。

Before we begin, Andrew will read the Safe Harbor statement.

在我們開始之前，安德魯將宣讀安全港聲明。

The following discussion may contain forward-looking statements concerning the financial condition, results of operations, and business of First Bank. We caution that such statements are subject to a number of uncertainties, and actual results could differ materially. And therefore, you should not place undue reliance on any forward-looking statements we make.

以下討論可能包含有關第一銀行的財務狀況、經營業績和業務的前瞻性陳述。我們提醒，此類聲明受多種不確定因素的影響，實際結果可能會有重大差異。因此，您不應過度依賴我們所做的任何前瞻性陳述。

We may not update any forward-looking statements we make today for future events or developments. Information about risks and uncertainties are described under Item 1A Risk Factors in our annual report on Form 10-K for the year ended December 31, 2024, filed with the FDIC.

我們可能不會針對未來事件或發展更新今天所做的任何前瞻性陳述。有關風險和不確定性的資訊在我們向 FDIC 提交的截至 2024 年 12 月 31 日的 10-K 表格年度報告中的第 1A 項風險因素中進行了描述。

Pat, back to you.

帕特，回到你身邊。

Thanks, Andrew. The second-quarter of 2025 was another quarter of strong balance sheet growth in the right categories. Loans grew over $90 million during the quarter, and deposits grew by $50 million. Three-quarters of the net loan growth came from our strategic C&I and Owner-Occupied segments.

謝謝，安德魯。2025 年第二季是正確類別資產負債表強勁成長的另一個季度。本季貸款成長超過 9,000 萬美元，存款成長 5,000 萬美元。淨貸款成長來自我們的策略性商業與工業部門和自住部門。

Our deposit growth during the quarter was fueled by gains in the non-interest-bearing category. Loan growth in excess of deposit growth pushed our loan-to-deposit ratio up to 105%, something we'll be tracking and looking to move lower in the back half of the year.

本季我們的存款成長得益於無息類別存款的成長。貸款成長超過存款成長，導致我們的貸存比高達 105%，我們將持續追蹤這一情況，並希望在今年下半年降低這一比率。

Strong balance sheet growth drove top-line revenue growth. For example, net interest income was up $1.9 million compared to the first quarter, which is 6% linked quarter growth. Pre-provision net revenue was up $2.9 million compared to the first quarter, which was 21% linked quarter growth. And our pre-provision net revenue return on assets was 1.65% annualized.

強勁的資產負債表成長推動了營業收入的成長。例如，淨利息收入與第一季相比增加了 190 萬美元，季增 6%。撥備前淨收入較第一季增加 290 萬美元，季增 21%。我們的撥備前資產淨收入報酬率為年化 1.65%。

Results for the quarter did include some noncore items. Specifically, we had a $397,000 pretax gain on the sale of our Paoli office building. And we had an $862,000 severance cost related to some management changes. Overall, credit quality seems to be holding up despite the economic and tariff-induced uncertainty.

本季的業績確實包括一些非核心項目。具體來說，我們出售保利辦公大樓獲得了 397,000 美元的稅前收益。由於一些管理變動，我們支付了 862,000 美元的遣散費。總體而言，儘管存在經濟和關稅引發的不確定性，但信貸品質似乎仍保持穩定。

Net charge-offs remain relatively low as do our nonperforming assets and nonperforming loans. Our allowance to nonperforming loans sits at 255% coverage, well above industry average. We achieved pretty good profitability, over a 1% ROA, in the quarter despite the severance costs and the elevated provision.

我們的淨沖銷額和不良資產及不良貸款仍然相對較低。我們的不良貸款撥備覆蓋率為 255%，遠高於業界平均。儘管遣散費和撥備增加，我們在本季度仍然實現了相當不錯的盈利能力，ROA 超過 1%。

Core profitability is tracking closer to [1.10% or 1.15%] ROA. Our newer business units continue to gain size and scale, driving profit improvement moving forward. Furthermore, we expect tighter expense containment to also help boost future profitability.

核心獲利能力接近[1.10%或1.15%] ROA。我們的新業務部門規模不斷擴大，推動利潤不斷提升。此外，我們預計更嚴格的費用控制也有助於提高未來的獲利能力。

New business units, new branches, and technology expenses have driven our non-interest expense to average asset ratio above 2%. Historically, we've operated in the 1.9% to 2% range, excluding merger-related charges. Operating leverage and expense management will help us get back to those historical levels.

新的業務部門、新的分行和技術支出使我們的非利息支出與平均資產比率超過 2%。從歷史上看，我們的營運成本一直在 1.9% 到 2% 的範圍內，不包括與合併相關的費用。經營槓桿和費用管理將幫助我們恢復到歷史水平。

We've also completed a successful subordinated debt offering during the quarter. We brought in $35 million in new debt at [7.18%] interest rate, one of the lowest coupons on a new debt deal for a community bank this year. At June 30, we still held $30 million of our older higher-rate sub-debt. And we expect to pay that off on September 1.

我們也在本季成功完成了次級債務發行。我們以 [7.18%] 的利率獲得了 3,500 萬美元的新債務，這是今年社區銀行新債務交易中票面利率最低的之一。截至 6 月 30 日，我們仍持有 3,000 萬美元的舊高利率次級債務。我們預計將於 9 月 1 日還清這筆款項。

In summary, core operating trends look good. Our margin is holding in at high levels. Our strong asset growth will drive strong revenue growth during the second half of the year. And expense management will help drive better bottom-line results. We're keeping a close eye on credit trends, but they appear stable. All in all, things should be shaping up for a good back half to the year.

整體來看，核心經營趨勢良好。我們的利潤率保持在高水準。我們強勁的資產成長將推動下半年強勁的營收成長。費用管理將有助於推動更好的底線結果。我們密切關注信貸趨勢，但它們看起來很穩定。總而言之，今年下半年一切將會好轉。

At this point, I'll turn it over to Andrew to get into some more details on the financial results. Andrew?

現在，我將把話題交給安德魯，讓他詳細介紹財務結果。安德魯？

Thanks, Pat. For the three months ended June 30, 2025, we recorded net income of $10.2 million or $0.41 per diluted share and a 1.04% return on average assets. We saw another quarter of substantial loan growth. Loans were up $91 million for the first quarter or 11% annualized. Over the last 12 months, loans have grown $329 million or 11%, with our core areas of focus leading the way.

謝謝，帕特。截至 2025 年 6 月 30 日的三個月，我們的淨收入為 1,020 萬美元，即每股攤薄收益 0.41 美元，平均資產回報率為 1.04%。我們又看到一個季度的貸款大幅成長。第一季貸款增加了 9,100 萬美元，年化成長率為 11%。在過去的 12 個月中，貸款成長了 3.29 億美元，增幅為 11%，其中我們關注的核心領域處於領先地位。

C&I grew $176 million, and Owner-Occupied commercial real estate loans grew over $60 million. Growth was also solid again on the deposit side. Balances were up over $48 million during the quarter or an annualized 6.2%, as we continue to execute on adding and maintaining profitable relationships. This growth all came from non-interest-bearing deposits and was supplemented by additional FHLB advances to support our significant loan growth.

C&I 成長了 1.76 億美元，自住商業房地產貸款增加了 6,000 多萬美元。存款方面也再次穩健成長。由於我們繼續致力於增加和維持盈利關係，本季度餘額增加了 4800 多萬美元，年增長率為 6.2%。這一增長全部來自無息存款，並由額外的 FHLB 預付款補充，以支持我們貸款的大幅增長。

Net interest income increased $1.9 million compared to the first quarter, primarily due to margin stability on a growing balance sheet. Our net interest margin remained at 3.65% in the second quarter, benefiting from slightly higher yields on loans, offset by slightly higher costs, primarily due to increased costs on our subordinated debt.

淨利息收入與第一季相比增加了 190 萬美元，主要原因是資產負債表不斷增長，利潤率保持穩定。我們的淨利差在第二季度保持在 3.65%，受益於貸款收益率略有上升，但被成本略有上升所抵消，這主要是由於我們的次級債務成本增加。

Looking ahead, we continue to manage a well-balanced asset and liability position, which should result in continued strong net interest income generation, with limited variability in the margin regardless of the Fed's actions on rates. We will most likely see a larger decline in our acquisition accounting accretion income over the next several quarters than what we saw in Q2.

展望未來，我們將繼續管理均衡的資產和負債狀況，這將帶來持續強勁的淨利息收入，無論聯準會如何調整利率，利潤率的波動都將有限。未來幾季，我們的收購會計增值收入很可能會出現比第二季度更大的下降。

And we will be negatively impacted in Q3 by carrying both of our sub-debt instruments. However, we believe that we will be able to maintain a stable margin with some potential upside due to our efforts to push deposit costs lower, combined with lower-yielding assets continuing to run off our balance sheet, which are being replaced with higher-yielding loans.

由於持有這兩筆次級債務工具，我們將在第三季受到負面影響。然而，我們相信，由於我們努力降低存款成本，加上低收益資產繼續從我們的資產負債表中流失，並被高收益貸款所取代，我們將能夠保持穩定的利潤率，並具有一定的潛在上升空間。

Our asset quality continues to be strong. NPAs to total assets declined to 40 basis points compared to 42 basis points at March 31 and 56 basis points at June 30, 2024. This reflects the second-quarter sale of our OREO asset with a carrying value of $4.8 million at March 31, offset somewhat by a net increase of $4.4 million in nonperforming loans.

我們的資產品質持續強勁。不良資產與總資產比率從 2024 年 3 月 31 日的 42 個基點和 6 月 30 日的 56 個基點下降至 40 個基點。這反映了我們第二季出售的 OREO 資產，截至 3 月 31 日的帳面價值為 480 萬美元，但不良貸款淨增加 440 萬美元有所抵銷。

We recorded a $2.6 million credit loss expense during the quarter compared to a credit loss expense of $1.5 million for the first quarter. The increase is primarily due to our loan growth during the quarter, a modest uptick in net charge-offs after several quarters of little to no charge-off activity, and a slight build in reserves in our C&I portfolio.

本季我們記錄了 260 萬美元的信用損失費用，而第一季的信用損失費用為 150 萬美元。成長的主要原因是本季我們的貸款成長、在連續幾季幾乎沒有沖銷活動之後淨沖銷額小幅上升，以及我們的商業和工業投資組合儲備金略有增加。

Our allowance for credit losses to total loans increased slightly from 1.21% at March 31 to 1.23% at June 30. Noninterest income totaled $2.7 million in the second quarter of 2025, up from $2 million in Q1. The increase reflects higher loan fees as well as a gain of $397,000 on the sale of our Paoli location, which included some excess corporate office space and the branch. And we have leased back just the branch space.

我們的信貸損失準備金佔貸款總額的比例從 3 月 31 日的 1.21% 略微上升至 6 月 30 日的 1.23%。2025 年第二季非利息收入總計 270 萬美元，高於第一季的 200 萬美元。這一增長反映了更高的貸款費用以及出售我們的保利分行（包括一些多餘的公司辦公空間和分支機構）獲得的 397,000 美元收益。我們只是將分行空間租了回去。

Noninterest expenses were $20.9 million for the second quarter compared to $20.4 million in Q1. Recall the Q1 expenses included an $815,000 impairment of an OREO asset during the quarter, which we sold for a gain of $34,000 in Q2. In Q2, salaries and employee benefits expenses grew by $841,000, primarily due to executive severance payments during the quarter.

第二季非利息支出為 2,090 萬美元，而第一季為 2,040 萬美元。回想一下，第一季的支出包括本季奧利奧資產的 81.5 萬美元減值，我們在第二季以 34,000 美元的收益出售了該資產。第二季度，薪資和員工福利支出增加了 841,000 美元，主要原因是本季高階主管遣散費。

We are laser-focused on expense control and believe that we continue to drive growth without adding meaningfully to our expense base. Tax expense totaled $3 million for the second quarter, with an effective tax rate of 22.9%. This compares to an effective tax rate of 22.7% for Q1.

我們高度重視費用控制，並相信我們能夠在不大幅增加費用基礎的情況下繼續推動成長。第二季稅金總計 300 萬美元，有效稅率為 22.9%。相比之下，第一季的有效稅率為 22.7%。

We anticipate our effective tax rate going forward will be relatively stable, and we do not expect the recent legislative changes to have a material impact on our tax rate. Our efficiency ratio improved to 56.24% and remained below 60% for the 24th consecutive quarter. We also continued to expand our tangible book value per share, which grew $0.40 during the quarter.

我們預計未來的有效稅率將相對穩定，並且我們預計最近的立法變化不會對我們的稅率產生重大影響。我們的效率比率提高至56.24%，連續24季維持在60%以下。我們也持續擴大每股有形帳面價值，本季成長了 0.40 美元。

Pat commented on this, but it's worth repeating that our $35 million subordinated debt offering was very positive for us in this rate environment. We priced below our expectations and below other comparable deals. The $30 million in sub-debt that we issued in 2020 will be carried until the end of August and will impact Q3 results because of the extra interest expense.

帕特對此發表了評論，但值得重申的是，在這種利率環境下，我們發行的 3500 萬美元次級債務對我們來說非常有利。我們的定價低於我們的預期，也低於其他可比交易。我們在 2020 年發行的 3,000 萬美元次級債務將持續到 8 月底，並將因額外的利息支出而影響第三季的業績。

But we'll see savings of approximately $240,000 monthly starting in September. I'd note that the extra subordinated debt is also included in our total risk-based capital ratio at June 30. Even after the expected redemption, our capital ratios will remain strong, allowing for capital flexibility.

但從 9 月開始，我們每月將節省約 24 萬美元。我注意到，額外的次級債務也包含在我們 6 月 30 日的總風險資本比率中。即使在預期贖回之後，我們的資本比率仍將保持強勁，從而實現資本靈活性。

We continue to be pleased with the momentum and very positive performance. We are executing our strategy to evolve into a middle-market commercial bank, and we are strengthening our core earnings profile. We're also pleased this success allows us to drive shareholder value through the successful continuation of our buyback program and a stable cash dividend.

我們繼續對這一勢頭和非常積極的表現感到滿意。我們正在實施發展成為中型商業銀行的策略，並正在加強我們的核心獲利狀況。我們也很高興這一成功使我們能夠透過成功延續回購計畫和穩定的現金股利來推動股東價值。

At this time, I'll turn it over to Darleen Gillespie, our Chief Retail Banking Officer, for her remarks. Darleen?

現在，我將把時間交給我們的首席零售銀行長 Darleen Gillespie 來徵求她的意見。達琳？

Thanks, Andrew, and good morning, everyone. As Pat and Andrew noted, we experienced robust deposit growth in the second quarter, highlighted by a $55 million increase in non-interest-bearing deposits. This growth was particularly strong among our commercial clients.

謝謝，安德魯，大家早安。正如帕特和安德魯所指出的，我們在第二季度經歷了強勁的存款成長，其中最突出的是無息存款增加了 5,500 萬美元。我們的商業客戶的成長尤為強勁。

This contributed to a favorable mix shift with non-interest-bearing demand comprising nearly 19% of our total deposits at June 30, up from 17% a year ago. Over the same time, interest-bearing demand deposits declined from over 19% of total deposits a year ago to 17.5% at June 30.

這促成了有利的組合轉變，截至 6 月 30 日，非生息需求占我們總存款的近 19%，高於一年前的 17%。同時，計息活期存款佔總存款的比例從一年前的 19% 以上下降到 6 月 30 日的 17.5%。

This reflects our bankers' continued success in building and maintaining deep customer relationships, which supports our focus on growing core funding and lowering our deposit costs. We have initiatives and banker incentives in place to support these goals, and they are proven to be effective.

這反映了我們的銀行家在建立和維持深厚客戶關係方面的持續成功，這支持了我們專注於增加核心資金和降低存款成本。我們已製定措施和銀行家激勵措施來支持這些目標，並且事實證明它們是有效的。

To be a bit more specific, in addition to continued momentum in retail and commercial lending, the small business banking team is advancing industry-specific initiatives aimed at driving deposit growth across the bank, positioning us to meet critical growth targets through year-end.

更具體地說，除了零售和商業貸款繼續保持成長勢頭之外，小型企業銀行團隊還在推進行業特定舉措，旨在推動全行存款成長，使我們能夠在年底前實現關鍵的成長目標。

As Andrew mentioned, our total deposits were up $48 million or over 6% annualized from the first quarter. And they grew $201 million or nearly 7% from second quarter of 2024. What's hitting in this net growth is our continued success in managing out some higher cost balances over the past few quarters.

正如安德魯所提到的，我們的總存款比第一季增加了 4,800 萬美元，年化成長率超過 6%。與 2024 年第二季相比，其營收成長了 2.01 億美元，增幅接近 7%。這一淨增長的原因是，我們在過去幾個季度中持續成功地管理了一些較高的成本餘額。

If you look at the first six months of 2025, our average money market deposits grew by about $16.5 million or 2% over the first half of 2024. But the average cost declined by nearly 60 basis points, lowering the overall interest cost on these deposits by $2.8 million compared to the prior-year period. Time deposits continued to grow, up $26 million during the quarter.

如果你看一下 2025 年的前六個月，我們的平均貨幣市場存款比 2024 年上半年增加了約 1,650 萬美元，即 2%。但平均成本下降了近 60 個基點，與去年同期相比，這些存款的總利息成本降低了 280 萬美元。定期存款持續成長，本季增加了 2,600 萬美元。

We introduced a series of CD promotions to strategically onboard funding in support of our continued strong loan growth. In addition, targeted promotions were implemented to drive engagement with our newly opened branch locations, which I will speak to shortly. We've continued to benefit from the runoff of certain customer CDs, either maturing from previously higher-rate terms or transitioning into our rack rate pricing structure.

我們推出了一系列 CD 促銷活動，以策略性地引入資金，支持我們持續強勁的貸款成長。此外，我們還實施了有針對性的促銷活動，以推動我們新開設的分支機構的參與度，我稍後會談到這一點。我們繼續受益於某些客戶存單的流失，這些存單要么是從先前的高利率條款到期，要么過渡到我們的標準利率定價結構。

We continue to execute our branch strategy, which is aimed at supporting engagement in our current markets and opportunistic expansion into adjacent markets. On June 9, we opened our de novo branch in Summit, New Jersey, adding Union County to our footprint. That adds the ninth county where we have a physical location in New Jersey.

我們繼續執行我們的分支策略，旨在支持我們參與現有市場並抓住機會擴展到鄰近市場。6 月 9 日，我們在新澤西州薩米特開設了新分行，將聯合縣納入我們的業務範圍。這就是我們在新澤西州擁有實體店的第九個縣。

Looking ahead, we have approvals in place to open another de novo branch in Oceanport, New Jersey, which will extend our footprint into Monmouth County, making that the 10th county in New Jersey where we will reside.

展望未來，我們已獲准在新澤西州 Oceanport 開設另一家分行，這將擴大我們的業務範圍至蒙茅斯縣，使其成為我們在新澤西州落戶的第 10 個縣。

We will be closing our limited-service Morristown office next month in August, transferring the deposits to nearby Denville, where those clients will continue to be serviced. We also expect to complete the relocation and expansion of our Palm Beach, Florida, branch to a more convenient and accessible location in nearby Wellington, Florida, staying in the prestigious Palm Beach County by the end of third quarter.

我們將於下個月（8 月）關閉位於莫里斯敦的有限服務辦事處，將存款轉移到附近的丹維爾，在那裡繼續為這些客戶提供服務。我們也預計在第三季末完成佛羅裡達州棕櫚灘分公司的搬遷和擴建，遷至佛羅裡達州惠靈頓附近更方便、交通更便利的地點，並繼續留在著名的棕櫚灘縣。

As mentioned, we run promotional campaigns in our new branch markets. And it has proven to be a successful tool in gathering core deposits and building new customer relationships. Our customer retention and ability to onboard customers is strong. And we believe this should continue to support a solid and growing deposit base in 2025 and beyond.

如上所述，我們在新的分支市場開展促銷活動。事實證明，它是收集核心存款和建立新客戶關係的成功工具。我們的客戶保留率和客戶接納能力非常強。我們相信，這將在 2025 年及以後繼續支持穩固且不斷增長的存款基礎。

At this time, I'll turn it over to Peter Cahill, our Chief Lending Officer, for his remarks. Peter?

現在，我將把發言權交給我們的首席貸款官彼得·卡希爾 (Peter Cahill)，請他發表評論。彼得？

Thanks, Darleen. Andrew described in his comments the overall loan growth we've experienced in the past quarter as well as last 12 months. I think our 11% organic growth rate compares favorably to our peers. It's important to note, as Pat pointed out, that almost 75% of the loan growth over the past 12 months has been in the C&I and Owner-Occupied real estate areas.

謝謝，達琳。安德魯在評論中描述了我們在過去一個季度以及過去 12 個月經歷的整體貸款成長。我認為我們的 11% 有機成長率與同業相比是有利的。值得注意的是，正如帕特所指出的，過去 12 個月貸款成長的近 75% 都來自 C&I 和自住房地產領域。

The residential -- I'm sorry -- the regional commercial banking teams in New Jersey and Pennsylvania are our largest teams. And they continue to execute on their plans to grow loans and deposits as does the smaller team in Florida. All are positioned to meet or exceed plan for the year.

住宅——對不起——新澤西州和賓夕法尼亞州的區域商業銀行團隊是我們最大的團隊。他們和佛羅裡達州的小團隊一樣，繼續執行增加貸款和存款的計劃。所有企業都有望達到或超過今年的計劃。

I mentioned last quarter that we expect our new business units, private equity fund banking, and asset-based lending to be our leaders in net loan growth this year. And through June, both are significantly ahead of plan.

我上個季度提到，我們預計我們的新業務部門、私募股權基金銀行和資產抵押貸款將成為今年淨貸款成長的領頭羊。截至 6 月份，兩項計劃均已大幅提前。

Regarding small business banking, which includes SBA lending, it's showing solid loan and deposit growth. Business Express, our credit scored small business product, which is different from SBA lending and caps out at around $350,000 in availability, has shown growth through six months that almost equals what the group did in all of 2024.

對於包括 SBA 貸款在內的小型企業銀行業務而言，其貸款和存款呈現穩健成長。我們的信用評分小型企業產品 Business Express 與 SBA 貸款不同，其最高可用額度約為 35 萬美元，該產品六個月內的成長幾乎相當於該集團在 2024 年全年的成長。

I'm also happy to report that our consumer lending area, including residential, also showed excellent growth through the second quarter. We normally anticipate loan runoff through amortization and normal payoffs to equal new loans. But through June 30, that area is up $28 million due to an increase in referrals from our relationship managers and retail team.

我還很高興地報告，我們的消費貸款領域（包括住宅貸款）在第二季也表現出色。我們通常預期透過攤銷和正常還款償還的貸款將等於新貸款。但截至 6 月 30 日，由於我們的客戶經理和零售團隊的推薦增加，該領域的收入增加了 2,800 萬美元。

And lastly, regarding investor real estate, we closed a number of new loans in the second quarter. But similar to the first quarter, new loans were offset by payoffs. I mentioned last quarter a project to shift over time a greater percentage of our investor real estate business into our more specialized investor real estate team and focus on relationship development and increased management of loan concentration levels.

最後，關於投資者房地產，我們在第二季完成了一些新貸款。但與第一季類似，新增貸款被還款所抵銷。我在上個季度提到了一個項目，隨著時間的推移，我們將把更大比例的投資者房地產業務轉移到我們更專業的投資者房地產團隊，並專注於關係發展和加強貸款集中管理。

That continues to go well. One aspect of that has been a change in the ratio of investor real estate loans to total capital. We were at 420% in early 2024, went to 390% at 3/31/25. And we finished Q2 at 380% after adjusting for a normalized level of sub-debt in our calculation of capital.

一切進展順利。其中一個面向是投資者房地產貸款與總資本的比例改變了。2024 年初，這一比例達到 420%，2025 年 3 月 31 日達到 390%。在根據資本計算中次級債務標準化的水準進行調整後，我們第二季的資本充足率達到了 380%。

The lending pipeline at the end of the second quarter stood at $301 million of probable fundings, down 8% from the level of probable fundings at March 31. I'm satisfied with the pipeline for a couple of reasons. The average month-end balance for Q2 was $323 million, which was more than the average for Q1.

第二季末的貸款管道可能融資額為 3.01 億美元，較 3 月 31 日的可能融資額下降 8%。我對這條管道感到滿意，原因有幾個。第二季的平均月末餘額為 3.23 億美元，高於第一季的平均月末餘額。

And this, coupled with the loan growth we've experienced which pulled loans off the pipeline and the activity I'm seeing on a day-to-day basis, makes me feel good about where we are. If one breaks down the components of the pipeline at quarter-end, C&I loans made up 68% of the overall pipeline, up from 63% at 3/31, which we see as a positive.

再加上我們經歷的貸款成長（貸款從管道中抽出）以及我每天看到的活動，我對我們目前的狀況感到滿意。如果將季度末的貸款項目組成部分進行細分，商業和工業貸款佔整體貸款項目的 68%，高於 3 月 31 日的 63%，我們認為這是一個積極的信號。

On the topic of asset quality, I really don't have anything to add to Andrew's comments. We think things continue to be in good shape. The loan portfolio continues to be well diversified, and the loan growth numbers confirm the direction there. So we have nothing new to report on the impact of changes in federal government spending or tariffs. We're seeing little impact there at this point as well.

關於資產品質這個主題，我對安德魯的評論真的沒有什麼補充。我們認為情況將繼續保持良好狀態。貸款組合繼續保持良好的多樣化，貸款成長數字證實了這一方向。因此，關於聯邦政府支出或關稅變化的影響，我們沒有新消息可以報導。目前，我們也沒有看到什麼影響。

In summary, I think we had a good second quarter. We're having a good start to Q3 with the lending pipeline that's in place. But as always, things like loan payoffs from unforeseen asset sales by customers can impact loan growth.

總而言之，我認為我們第二季表現不錯。由於貸款管道已經到位，我們第三季有一個良好的開始。但一如既往，客戶不可預見的資產出售等貸款償還因素可能會影響貸款成長。

That concludes my remarks about lending in Q2. I'll turn things back to Pat Ryan for some final comments. Pat?

這就是我對第二季貸款的評論。我將把事情交還給帕特·瑞安 (Pat Ryan) 來徵求他的最後意見。拍？

Thank you, Peter. At this point, I'll turn it back to the operator to open up the Q&A.

謝謝你，彼得。現在，我將把話題轉回給操作員，開始問答環節。

(Operator Instructions) Justin Crowley, Piper Sandler.

（操作員指示）賈斯汀·克勞利、派珀·桑德勒。

Hey, good morning, everyone.

嘿，大家早安。

Good morning, Justin.

早安，賈斯汀。

Maybe just digging into some of the commentary on forward loan growth moderating, the C&I verticals have been growing at a pretty good clip here for a while. So wondering how we should think about continued growth there versus some of the other areas of the portfolio that could be -- serve as an offset.

也許只是深入研究一些關於遠期貸款成長放緩的評論，C&I 垂直行業已經在這裡以相當好的速度增長了一段時間。因此，我們想知道我們應該如何看待那裡的持續成長，而不是投資組合中其他一些可以作為抵消的領域。

Yeah, it's a good question. I mean, in any given quarter, you're lining up a lot of different things, right? You got different levels of loan demand across your segments, across your regions, and different timeframes to get things closed. And so it's a little tough to say with much precision within a specific 90-day window what you're going to see.

是的，這是個好問題。我的意思是，在任何一個季度，你都會安排很多不同的事情，對吧？不同部門、不同地區的貸款需求水準不同，而且需要不同的時間來完成交易。因此，很難準確地說出在特定的 90 天時間內你會看到什麼。

I would say, in general, our guidance has been and continues to be that on average, we're looking to generate plus or minus $50 million in net loan growth in the quarter. That being said, we just had two quarters that were well ahead of that.

我想說，總的來說，我們的指導方針一直是並將繼續是，我們希望在本季度實現平均正負 5000 萬美元的淨貸款增長。話雖如此，我們剛剛有兩個季度的業績遠遠領先於此。

If history is any guide, we usually end up seeing a little bit of a slowdown on the heels of a couple of strong quarters. So we're sort of predicting that things will slow in the back half of the year, not because of any macroeconomic trends or any slowness we're seeing in the market, just more a function of how our business works. And as we close and fund loans, it takes some time to refill the funnel, et cetera.

如果歷史可以作為借鑒的話，我們通常會在幾個強勁的季度之後看到經濟略微放緩。因此，我們預測下半年經濟將會放緩，這並不是因為宏觀經濟趨勢或市場放緩，而只是我們業務運作方式的結果。當我們關閉並提供貸款時，需要一些時間來重新填充管道等等。

We've also seen a little bit of an unusually low level of payoffs and paydowns, Justin. So some of the net loan growth is driven not just by new production, but by our estimates of what we think will pay off and pay down during any given quarter just based on historical trends. And during the first half of the year, the payoffs and paydowns were a little slower than what we've seen in prior years.

賈斯汀，我們也看到了一些異常低的回報和償還水準。因此，部分淨貸款成長不僅受到新產量的推動，還受到我們根據歷史趨勢對任何特定季度的還款和償還情況的估計。今年上半年，償債速度比前幾年慢一些。

So again, we're sort of estimating that that payoff and paydown trend will normalize and sort of pick back up a little bit, together with some time it takes to refill the pipeline. So we're thinking things will be a little slower in the back half of the year. But as Peter mentioned, the pipeline remains healthy and the payoffs are a little difficult to predict. So sorry, we can't be more specific there.

因此，我們再次估計，支付和償還趨勢將會正常化，並略有回升，同時需要一些時間來重新填充管道。因此我們認為今年下半年的情況會稍微慢一點。但正如彼得所提到的，管道仍然健康，回報有點難以預測。非常抱歉，我們無法提供更具體的資訊。

But the other thing, I think, you asked was just about mix. And I think we'll continue to see a majority of the growth coming from the C&I and the Owner-Occupied categories. We continue to be active on the investor real estate side, but certainly being selective. And a lot of times, new production is replacing runoff and paydowns there. So we do see some modest growth in that quarter going forward, but we expect the growth in the C&I units to be a little bit stronger.

但我認為，您問的另一件事只是關於混合。我認為我們將繼續看到大部分成長來自商業和工業以及自住類別。我們繼續活躍於投資者房地產領域，但肯定會有所選擇。很多時候，新的生產正在取代那裡的流失和償還。因此，我們確實看到該季度未來會出現一些適度的成長，但我們預計 C&I 部門的成長會更強勁一些。

Okay. Got it. That's helpful. And then like on the C&I units, the specialty verticals that you're in, can you give us a sense for how much of the growth this quarter and maybe even just the past few quarters, but how much of that growth has been driven by line utilization versus new customer acquisition?

好的。知道了。這很有幫助。然後就像 C&I 部門一樣，您所在的專業垂直行業，您能否告訴我們本季度甚至過去幾個季度的增長幅度，但其中有多少增長是由生產線利用率而不是新客戶獲取推動的？

Yeah. I'll let Peter try to give a little more clarity if he has it. But from our perspective, we haven't seen big changes in line utilization overall. And in general, the growth has been coming from new customer acquisition. But, Peter, I don't know if you have any color you can add on kind of the line utilization question.

是的。如果有的話，我會讓彼得試著給出更清晰的解釋。但從我們的角度來看，我們並沒有看到生產線利用率整體上發生很大的變化。整體而言，成長來自於新客戶的獲取。但是，彼得，我不知道您是否可以就線路利用率問題添加任何說明。

No, that's right. The line -- I check it every quarter, and it never seems to fluctuate much. 1% or 2% can be a big number, but we continue to be in that 41%, 42% line utilization rate quarter after quarter.

不，沒錯。這條線路——我每個季度都會檢查一次，它似乎從來沒有太大的波動。 1% 或 2% 可能是一個很大的數字，但我們每季的線路利用率都保持在 41% 或 42% 左右。

Yeah, there is kind of more fluctuation like ABL, for example. You see big chunks moving in and out of individual loan commitments there. But I would say the growth has been primarily from new customer acquisition.

是的，例如 ABL 之類的波動較大。您會看到那裡有大量的個人貸款承諾在進出。但我想說的是，成長主要來自於新客戶的獲取。

Okay. Got it. And then on the outlook for deposits, a lot of success increasing that non-interest-bearing bucket for a number of quarters running now. Do you think we could continue to see that trend play out? I know you mentioned leaning a bit more on CD promotions to fund growth, maybe in part because of some of the new branch locations. But just wondering how you think that mix could shake out.

好的。知道了。就存款前景而言，連續多個季度增加無息存款額取得了巨大成功。您認為我們會繼續看到這種趨勢嗎？我知道您提到更多地依靠 CD 促銷來資助成長，這可能部分是因為一些新的分店。但我只是想知道您認為這種混合會產生什麼結果。

Yeah. Listen, we're obviously working hard to drive that non-interest-bearing percentage higher. It is working, right? I think post-Malvern, we had dipped to even as low as 16%. So nice to see it move from 16% to 19%.

是的。聽著，我們顯然正在努力提高無息利率百分比。它正在發揮作用，對吧？我認為在馬爾文事件之後，我們的這一比例甚至下降到了 16%。很高興看到它從 16% 上升到 19%。

That can also be a little harder to predict because you'll have some bigger swings in just kind of balance levels based on seasonality. Or companies do a capital raise, or a customer sells his business and gets a big chunk of money. So there's a lot of kind of singular events that can impact that. But certainly, the trend is one we want to continue to move higher.

這也可能有點難以預測，因為根據季節性，平衡水平會出現一些較大的波動。或者公司籌集資金，或者客戶出售其業務並獲得一大筆資金。所以有很多單一事件都會對此產生影響。但可以肯定的是，我們希望趨勢繼續走高。

And I'd say on the other side and the interest-bearing side, we're continuing to see pressure from, quote-unquote, parked money looking for yield in money market funds and investment products. So in some cases, we've tried to offset some runoff in some of those categories with some additional CD dollars.

我想說的是，另一方面，在有利息的方面，我們繼續看到來自存放在貨幣市場基金和投資產品中尋求收益的資金的壓力。因此，在某些情況下，我們嘗試透過一些額外的 CD 美元來抵消某些類別中的一些流失。

Plus at the end of the day, when you open a new branch location, offering an attractive CD is a good way to get people in the door, get them to know you're there, and then build the relationship. And so it's not uncommon regardless of the underlying trends that as we open a new location, we'll see a little bit of an uptick in CD activity just because we're running promotions for those newer offices. But hopefully, that answers the question. But a little harder to predict on the NIB side.

另外，當您開設新的分店時，提供有吸引力的 CD 是吸引人們進門、讓他們知道您在那裡並建立關係的好方法。因此，無論潛在趨勢如何，當我們開設新地點時，我們都會看到 CD 活動略有上升，因為我們正在為這些新辦公室進行促銷活動，這並不罕見。但希望這能回答這個問題。但在 NIB 方面，預測起來有點困難。

Understood. Got you. And so I guess, with maybe at least net loan growth slowing through the back half of the year, do you look at share repurchases as still a good use of capital with the stock where it is now? And is there room to perhaps get even more active there?

明白了。明白了。因此我想，至少在下半年淨貸款成長可能會放緩，您是否認為在目前的股價水準下，股票回購仍然是一種很好的資本利用方式？那裡是否還有進一步活躍的空間？

Yeah. I mean, I certainly think we have the capital to be active on the repurchase side. We try to be selective, i.e., making sure we're buying at the right time and the right price. And as I'm sure you've noticed, there's been a fair amount of volatility in the community bank stocks even as they've been moving higher.

是的。我的意思是，我確實認為我們有足夠的資本來積極進行回購。我們盡量做到有選擇性，即確保我們在正確的時間以正確的價格購買。我相信你已經注意到，社區銀行股票雖然一直在上漲，但波動性也相當大。

And so we generally don't rush to keep buying as the market is moving higher just because you tend to have some headline risk that pushes things down, and then that creates good buying opportunities for us. So trying to be disciplined and selective. But certainly think at the right prices, we can continue to find opportunities to repurchase.

因此，當市場走高時，我們通常不會急於繼續買入，因為往往會有一些整體風險壓低價格，而這為我們創造了良好的買入機會。因此要努力做到自律和有選擇性。但肯定認為在適當的價格下，我們可以繼續尋找回購的機會。

Okay. And then maybe just one last one. Just a question on the appetite for M&A here. I know the currency maybe isn't quite where you want it to be. But can you remind us how whole-bank deals fit into the strategy right now? Just the level of conversations being had out there, and what you'd potentially look for in terms of size and geography?

好的。然後也許只剩下最後一個了。我只是想問這裡的併購意願。我知道貨幣可能還沒有達到你想要的水平。但是您能否提醒我們整個銀行交易目前如何適應這項策略？只是正在進行的對話的水平，以及您在規模和地理位置方面可能尋找什麼？

Yeah. I mean, listen, we've had, I think, a pretty consistent and disciplined M&A strategy. We think size and scale matters. And so we want to be in a position to look at opportunities for M&A. Obviously, we've got to be very careful without a currency. We'd be careful with a good currency.

是的。我的意思是，聽著，我認為我們有一個相當一致和嚴謹的併購策略。我們認為尺寸和規模很重要。因此，我們希望能夠尋找併購機會。顯然，在沒有貨幣的情況下我們必須非常小心。我們會謹慎使用優質貨幣。

But our job is to find the right opportunities at the right price. And we don't have a magic number in terms of size threshold. I do think, in general, there's a lot of dialogue in the marketplace. But it's not always clear how much of the dialogue is serious dialogue versus folks just thinking about a variety of different things, but ultimately unclear whether any of those more strategic type transactions would come to fruition.

但我們的工作是以合適的價格找到合適的機會。就規模閾值而言，我們並沒有一個神奇的數字。我確實認為，總體而言，市場上有很多對話。但並不總是清楚有多少對話是嚴肅的對話，有多少只是人們在思考各種不同的事情，但最終不清楚這些更具策略性的交易是否會取得成果。

So we've been pretty vocal about understanding the importance of looking at M&A from all directions. And we continue to make sure we're in the market and aware of conversations and having conversations. But I would say in the market, I think there's going to be a bit of a resurgence in activity. Whether that means we'll end up doing something or not, I couldn't tell you, obviously. It's hard to know, but our strategy and philosophy on M&A hasn't changed.

因此，我們一直非常重視從各個方向看待併購的重要性。我們將繼續確保我們進入市場並了解對話並進行對話。但我想說，市場活動將會出現一些復甦。顯然，我無法告訴你這是否意味著我們最終會做某事。很難知道，但我們的併購策略和理念沒有改變。

Okay. And then just from a geography standpoint, I know you're getting into some new counties in New Jersey. But as far as inorganic growth, are there any areas outside of the footprints that are contiguous to kind of strike you as appealing if the right opportunity were to come along?

好的。然後從地理角度來看，我知道你正在進入新澤西州的一些新縣。但就無機成長而言，如果有合適的機會出現，在足跡之外是否有任何連續的區域讓您覺得有吸引力？

Listen, I think geography is important in the sense that at a high level, you tend to see lower-cost deposits at franchises that are a little bit removed from the more competitive urban markets. And so I think for us, given our strong loan growth generation capabilities, finding an opportunity for a low-cost deposit franchise would be very interesting if that became available to us.

聽著，我認為地理位置很重要，因為從高層次來看，你往往會看到距離競爭更激烈的城市市場稍遠的特許經營店的存款成本較低。因此，我認為，鑑於我們強大的貸款成長能力，如果我們有機會找到低成本存款特許經營的機會，那將會非常有趣。

And then I think if you're looking at more sort of tuck-in economy of scale type transactions, then you're probably looking more within the existing footprint to generate the cost saves. So again, I think we'd look at opportunities in different geographies, but the strategic rationale would be different, obviously.

然後我認為，如果您正在考慮更多類型的規模經濟型交易，那麼您可能會更多地考慮在現有範圍內節省成本。所以，我認為我們會在不同的地區尋找機會，但戰略原理顯然會有所不同。

Okay, great. I appreciate all the detail. I'll leave it there. Thanks so much for taking questions.

好的，太好了。我感謝所有的細節。我就把它留在那裡。非常感謝您回答問題。

Yeah, thank you, Justin.

是的，謝謝你，賈斯汀。

Manuel Navas, D.A. Davidson.

曼努埃爾·納瓦斯、D.A.戴維森。

Hey, good morning. Can I start on some of the near-term NIM movements? You talked about it being pretty stable. But just kind of dig a little deeper, what are kind of new loan yields coming at? How fast can you lower deposit costs? Just kind of talk through some of that a bit.

嘿，早安。我可以開始了解一些近期的 NIM 動向嗎？您說它非常穩定。但只要稍微深入挖掘一下，新的貸款收益率是多少？您能多快降低存款成本？只是稍微討論一下其中的一些內容。

Yeah. I'll talk high level, and then I'll let Peter and Darleen get more specific in their areas. But I'd say, in general, right, we've got a very short-term headwind on NIM with the extra sub-debt, if you will, that will be going away at the end of August.

是的。我會進行高層次的談話，然後讓彼得和達琳更具體地談談他們的領域。但我想說，總的來說，我們在 NIM 方面遇到了非常短期的阻力，因為額外的次級債務，如果你願意的話，它將在 8 月底消失。

Outside of that, I think the general trends are decent in terms of we're seeing an ability to gradually drive higher loan yields with some repricing of some older assets as they come due. We're having some success slowly trying to push down some of our higher-rate liability deposit costs.

除此之外，我認為整體趨勢是不錯的，因為我們看到隨著一些舊資產到期重新定價，貸款收益率逐漸上升。我們在逐步降低部分高利率負債存款成本方面取得了一些成功。

So I think we've got a little bit of a headwind in terms of the reduction of the merger accretion income that comes out of net interest income and can hurt the margin. But with the growth and the fact that the new business seems to be margin accretive, I think we're still kind of guiding high level towards flattish margin over the next couple of quarters.

因此，我認為我們在減少來自淨利息收入的合併增值收入方面遇到了一些阻力，這可能會損害利潤率。但隨著成長以及新業務似乎會增加利潤率，我認為我們仍然會引導高水準的利潤率在未來幾季內保持穩定。

But, Peter, maybe you can talk a little bit about what you're seeing on the loan yield side and then turn it to Darleen to talk a little bit about what you've seen on the deposit cost side.

但是，彼得，也許你可以談談你在貸款收益率方面看到的情況，然後讓達琳談談你在存款成本方面看到的情況。

Sure. As far as pricing on the lending side, I mean, shorter-term floating rate loans, our small business loans continue to be prime to prime plus a couple of points. On the fixed rate side, which would be most of investor real estate and some fixed rate and smaller investor deals getting done in the regions, we're still looking for 250 to 300 basis points over -- we kind of priced the five-year treasuries or FHLB, which could be 25 to 30 basis points over treasuries.

當然。就貸款方面的定價而言，我的意思是，短期浮動利率貸款，我們的小型企業貸款繼續保持最優惠利率加上幾個點。在固定利率方面，這涉及大多數投資者房地產和一些在地區完成的固定利率和較小投資者交易，我們仍然希望獲得 250 至 300 個基點的利率——我們對五年期國債或 FHLB 的定價可能比國債高出 25 至 30 個基點。

But we're trying to get in that 250-basis-point spread on that. And overall, when you look at new loans that have come in on a month-to-month basis, our weighted average yield on that bucket of new loans each month has been in the, I'd say, the low to mid-7% range. So I think we're still doing a good job holding to what we want to get on pricing. And we're able to negotiate what we want there between loan pricing and deposits. I think we're in good shape.

但我們正努力實現 250 個基點的利差。總體而言，當您查看每月新增貸款時，我們會發現我們每月新增貸款的加權平均收益率一直處於 7% 左右的低點至中位數區間。所以我認為我們在堅持我們想要的定價方面仍然做得很好。我們能夠就貸款定價和存款進行協商。我認為我們的狀態很好。

Thanks, Peter. Darleen, do you want to jump in?

謝謝，彼得。達琳，你想跳進去嗎？

Yeah, sure. So one of the common themes we've talked about is basing our relationship thinking and looking at clients and determining how we can ensure that we are competitive because there is still competition out in the market relative to deposits, but also making sure that we're fairly priced. We've been able to moderate some of our pricing, lower some of our deposit costs as a result of that.

是的，當然。因此，我們討論的一個共同主題是，基於我們的關係思維，專注於客戶，並確定如何確保我們的競爭力，因為市場上在存款方面仍然存在競爭，但也要確保我們的定價公平。因此，我們能夠調整部分定價，降低部分存款成本。

And then I'll also add, we have great success with some of our CD maturities that were at higher rates that are rolling into our rack rate pricing. I would say we probably have about 85% retention rate in that portfolio, which has boded well for us in terms of helping us manage our deposit costs.

然後我還要補充一點，我們的一些 CD 到期日利率較高，並且已經納入我們的標準利率定價，並取得了巨大的成功。我想說，我們在該投資組合中的保留率大概為 85%，這對於幫助我們管理存款成本來說是一個好兆頭。

And that's even despite rolling out some CD promotions as a result of some of the activity in the loan side and also with the new branches that we are opening. So I think we have a good handle on managing our deposit costs. And I think we'll see some additional savings despite -- regardless of what the Fed decides to do.

儘管我們根據貸款方面的一些活動以及正在開設的新分行推出了一些 CD 促銷活動，但情況仍然如此。所以我認為我們能夠很好地管理存款成本。我認為，無論聯準會決定做什麼，我們都會看到一些額外的儲蓄。

Thanks, Darleen. (multiple speakers)

謝謝，達琳。（多位發言者）

I hope that helps. But obviously, it's a little bit of a moving target, so --

我希望這能有所幫助。但顯然，這是一個移動的目標，所以--

It does. I mean the takeaway is flattish overall, but I just wanted to dig in on a couple of details there. The PAA was about $2.7 million this quarter. Where is it supposed to trend down? Where should it hit? Where is it expected in the second half of the year?

確實如此。我的意思是，整體來說，外送比較平淡，但我只是想深入了解一些細節。本季的 PAA 約為 270 萬美元。它應該在哪裡下降？應該打哪裡？下半年預計在哪裡？

Andrew, you got those quarterly numbers handy?

安德魯，你手邊有這些季度數據嗎？

Yeah. Manuel, it depends a little bit, Manuel, on payoffs, right? So if you see an acceleration of payoffs, the number could change a little bit. But -- so yeah, we saw a decline of only about $100,000 Q1 to Q2. We expect that to be a little bit higher than that over the back half of the year in terms of the decline quarter over quarter.

是的。曼努埃爾，曼努埃爾，這有點取決於回報，對吧？因此，如果你看到收益加速成長，這個數字可能會發生一點變化。但是——是的，我們看到第一季至第二季僅下降了約 10 萬美元。我們預計，與上一季相比，今年下半年的季減幅度將略高一些。

So a few hundred thousand dollars of decline each quarter. And then into 2026, the number will drop more significantly. But again, it can depend a little bit on prepayment activity on the loan side. So it could jump around a little bit. But we are expecting based off kind of the current run rate for that to come down again in the third and again in the fourth, but not huge declines. But then starting in 2026, the number comes down more significantly.

因此每季都會下降幾十萬美元。到2026年，這一數字將進一步大幅下降。但同樣，這可能在一定程度上取決於貸款方面的預付款活動。所以它可能會跳動一點點。但根據目前的運行率，我們預計第三季和第四季的運行率將再次下降，但不會大幅下降。但從 2026 年開始，這個數字將大幅下降。

I mean, it's kind of impressive with a lot of the noise in kind of the new branches with maybe having higher deposit costs, that you have kind of a stable NIM with the sub-debt as well. As we get into like early 2026 and PAA is stabilized, the sub-debt is gone, could you start to see some ramp in NIM? Just kind of thoughts on --

我的意思是，在新分公司的喧囂聲中，存款成本可能更高，但透過次級債務也能獲得穩定的淨利息收益率，這令人印象深刻。隨著我們進入 2026 年初，PAA 趨於穩定，次級債務消失，您是否會開始看到 NIM 上升？只是有點想法--

Yeah. I mean, let's --

是的。我的意思是，讓我們--

Type of idea.

想法的類型。

It's certainly possible, right? I mean, the big question is, tell me the shape of the yield curve in January '26, and then I'll give you a better answer. But, listen, there's certainly an opportunity. But there's a lot of different things that might happen. So we like that as a potential future benefit, but we'd rather be a little more conservative in the guidance and hope the optimistic scenario plays out.

這當然有可能，對吧？我的意思是，最大的問題是，告訴我 26 年 1 月殖利率曲線的形狀，然後我會給你一個更好的答案。但是，聽著，這肯定是一個機會。但有很多不同的事情可能會發生。因此，我們希望這能成為未來的潛在利益，但我們寧願在指導上更加保守一些，並希望樂觀的情況能夠發生。

And with this -- your balance sheet is more neutrally positioned. If there were to be cuts, you still think stable-ish in the back half of this year, just as to how it's structured currently?

這樣一來，您的資產負債表就更加中立了。如果要削減開支，您仍然認為今年下半年會比較穩定，就目前的結構而言？

Yeah. I mean, that's kind of what we saw last time around with the cuts. We were able to move liability costs enough to offset the -- whatever it is -- the 25% of the balance sheet that also goes lower when the Fed moves.

是的。我的意思是，這有點像我們上次看到的削減。我們能夠轉移足夠的負債成本來抵消——無論它是什麼——當聯準會採取行動時，資產負債表的 25% 也會下降。

So I do think in the long run, cuts will be beneficial if the long end kind of stays where it is, and the short end goes down and we get a little more steepening. I think that will be a benefit to us in the back half of '26 and into '27. But you don't get the benefit right away until the steepening really kind of gets through the repricing process.

因此，我確實認為，從長遠來看，如果長端利率保持不變，短端利率下降，利率趨於陡峭，那麼降息將是有益的。我認為這對我們 26 年下半年和 27 年都是有利的。但是，直到陡化真正完成重新定價過程後，您才能立即獲得好處。

Shifting lanes a bit. What would get you to pick up loan growth? If the funding comes in faster, you probably can't have your folks run this hard consistently. I think that's what came across in some of your commentary, is that you have to refill the opportunities a bit.

稍微變換車道。什麼能促進貸款成長？如果資金到位得更快，你可能無法讓你的員工持續這麼辛苦地工作。我認為這就是你的一些評論中所表達的意思，那就是你必須重新填補一些機會。

But can you just talk about what would take you to keep loan growth accelerating and general loan demand? It seems like it's a lot better than you maybe expected in the market.

但是您能否談談如何才能保持貸款成長加速和整體貸款需求？它看起來比你在市場上預期的要好得多。

Yeah. And, listen, I don't -- I think we now have enough different business units, different teams, different geographies. We're seeing a lot of good loan opportunities. So it's really a funding constraint at this point more than it is a loan opportunity constraint. We could do more quality loans if we found the good low-cost funding to support it.

是的。聽著，我不認為——我認為我們現在有足夠多不同的業務部門、不同的團隊、不同的地理位置。我們看到了很多好的貸款機會。因此，目前這實際上是一種資金限制，而不是貸款機會限制。如果我們找到良好的低成本資金支持，我們就可以提供更多優質貸款。

So the market is certainly there with the diversity of the teams and the geographies and the business units. I mean we're -- we feel really good about the fact that we don't have to stretch and we don't have to hope. We continually get to look at quality opportunities, and we pick the ones we like the best.

因此，市場肯定存在團隊、地理和業務部門的多樣性。我的意思是，我們真的很高興，因為我們不需要努力，也不需要抱持希望。我們不斷尋找優質機會，並選擇我們最喜歡的機會。

That's great. And I just wanted to clarify, was there any lumpiness in the non-interest-bearing end-of-period number? I mean, the average is a little bit more tame, but still solid good growth trend. And could you just comment a little bit on commercial kind of deposit pipelines?

那太棒了。我只是想澄清一下，非計息期末數字是否有不均勻之處？我的意思是，平均水平稍微溫和一些，但仍然保持著良好的成長趨勢。您能否對商業存款管道發表一些評論？

Yeah. So, listen, there's always lumpiness in the NIB because there's always some significant fluctuations, right? Some quarters, the fluctuations work against you. Some quarters, they move higher, and they work for you. I certainly think we benefited from some positive fluctuations. So there's probably some accounts that are sitting there running higher than average at the moment.

是的。所以，聽著，NIB 總是存在不穩定性，因為總是存在一些顯著的波動，對嗎？某些時候，波動會對你不利。在某些方面，它們會走得更高，並為你工作。我確實認為我們從一些積極的波動中受益。因此，目前可能有一些帳戶的運作情況高於平均值。

But it's not like loans where, hey, you book a big loan and it kind of explains the quarter. There's so many moving pieces and so many different accounts fluctuating at different levels that if I had to guess, given the strong uptick in Q2, we'd probably see some fluctuations back down a little in Q3. But nothing in there that says, oh, there was kind of a lot of noise in the number, if you will.

但它不像貸款，嘿，你預訂了一筆大額貸款，這可以解釋這個季度的情況。有這麼多的變動因素和如此多的不同帳戶在不同層面上波動，如果我不得不猜測，鑑於第二季度的強勁上漲，我們可能會在第三季度看到一些波動略有回落。但如果你願意的話，其中沒有任何內容表明，哦，這個數字中有很多噪音。

In terms of commercial deposit pipelines, I think they look pretty strong. They're kind of consistent with where they've been. And if we were growing loans $25 million a quarter, we feel really good about the $50 million in deposits. But as we grew $90 million, we're sort of saying, hey, we need to do better than $50 million. But I think the overall pipelines there continue to look pretty good.

就商業存款管道而言，我認為它們看起來相當強勁。它們和它們去過的地方有點一致。如果我們每季增加 2500 萬美元的貸款，那麼 5000 萬美元的存款就會讓我們感到非常滿意。但隨著我們的收入成長到 9000 萬美元，我們開始說，嘿，我們需要做得比 5000 萬美元更好。但我認為那裡的整體管道狀況仍然相當不錯。

Thank you so much for the commentary.

非常感謝您的評論。

Yeah, sure. No problem. Thank you. Thank you, Manuel.

是的，當然。沒問題。謝謝。謝謝你，曼努埃爾。

Kyle Gierman, Hovde Group.

凱爾·吉爾曼（Kyle Gierman），霍夫德集團（Hovde Group）。

Hi. Good morning, everyone. I was wondering if you can share details on the NPL inflows this quarter. And additionally, how is asset quality holding up in your specialty segments like in SBA and Private Banking?

你好。大家早安。我想知道您是否可以分享本季不良貸款流入的詳細資訊。此外，您在 SBA 和私人銀行等專業領域的資產品質如何？

Yeah. So obviously, you saw in the numbers, there was a little bit of movement, a couple of loans that moved into nonperforming category. And, listen, not anything that was alarming or really candidly unusual. There's flows in and flows out, and we try to keep an eye on the overall trends.

是的。顯然，您可以從數字中看到，有一些變化，有幾筆貸款進入了不良貸款類別。聽著，並沒有什麼令人震驚或真正不尋常的事情發生。有流入，有流出，我們試著關注整體趨勢。

But we're not seeing anything systemic at this point that would lead us to believe that there's going to be major cracks on the credit side. But the -- I don't know, Peter, anything you want to add there?

但目前我們還沒有看到任何系統性問題讓我們相信信貸方面將出現重大裂痕。但是──我不知道，彼得，你還有什麼要補充的嗎？

No, I'm just trying to think over the segments mentioned there. Private equity fund banking, no real changes this quarter; ABL, clean. Yeah, I mean, SBA, we have -- there's a great pipeline there.

不，我只是試著思考那裡提到的片段。私募股權基金銀行業務，本季沒有實質變化；ABL，乾淨。是的，我的意思是，SBA，我們有——那裡有一條很棒的管道。

I think we should have a pretty good second half of the year, getting loans closed and closed, funded. And [still], we typically sell the guaranteed portion. But we haven't seen much problem loans coming out of SBA. I'd say it's just a general uptick caused by increased loan volume and a couple of smaller problem loans. Nothing unusual.

我認為我們下半年應該會有一個相當不錯的表現，貸款結清、融資到位。而且，我們通常仍然出售擔保部分。但我們並未看到 SBA 出現太多問題貸款。我想說這只是由於貸款量增加和一些小額問題貸款造成的整體上漲。沒什麼不尋常的。

Got it. Thank you. And then you mentioned tariffs on loan demand in the commentary. I was wondering if you could provide some more color. Are you seeing any specific trends or shifts in borrower behavior due to the current tariff environment?

知道了。謝謝。然後您在評論中提到了貸款需求關稅。我想知道您是否可以提供更多顏色。您是否發現目前的關稅環境導致借款人行為出現任何特定趨勢或變化？

Well, I mean, if by trends, you're saying anything in certain business segments, no. I mean, we keep bringing the topic up, and RMs are out researching the issue. And yeah, you see a customer or two that says they're building inventory to hedge against changes in pricing and that kind of thing.

嗯，我的意思是，如果根據趨勢，你想表達的是某些業務領域的情況，那麼答案是否定的。我的意思是，我們一直在談論這個主題，而 RM 正在研究這個問題。是的，你會看到一兩個客戶說他們正在建立庫存以對沖價格變化之類的影響。

But it's minor. It's -- there's nothing across the board that gives us much concern right now. I mean, we are watching it. And we're looking for feedback at our various loan committees and things like that. But no big impact as we speak.

但這只是小事。目前，整體上還沒有什麼事情讓我們感到太擔心。我的意思是，我們正在觀看它。我們正在尋求各個貸款委員會等的回饋。但就我們所說的而言，影響並不大。

Got it. Thank you. And then you did mention balance sheet positioning for rate cuts. I was wondering if you could specifically quantify the impact of each -- like 25-basis-point rate cut on your NIM?

知道了。謝謝。然後你確實提到了降息的資產負債表定位。我想知道您是否可以具體量化每次降息對您的淨利差（NIM）的影響——例如 25 個基點的降息？

Well, again, I think the impact has been and should be muted in the sense that we see a repricing of our variable rate assets. And we make an appropriate adjustment on the non-fixed deposit funding side to really offset the impact. So it tends to be a wash in the short run. And then obviously, if it generates a steeper yield curve moving forward, then we'll start to see some benefit down the road.

好吧，我再次認為，從我們看到浮動利率資產重新定價的意義上來說，其影響已經並且應該是微弱的。並且我們對非定期存款資金方面做了適當的調整，以真正抵消影響。因此，短期內這往往是一種平局。顯然，如果它能在未來產生更陡峭的殖利率曲線，那麼我們將開始看到未來的一些好處。

That's all I have. Thanks for your time.

這就是我所擁有的一切。感謝您的時間。

All right. Thank you, Kyle.

好的。謝謝你，凱爾。

(Operator Instructions) That concludes our Q&A session. I will now turn the call back over to Mr. Ryan for closing remarks.

（操作員指示）我們的問答環節到此結束。現在我將把電話轉回給瑞安先生，請他作最後發言。

Okay. Thanks very much, everybody. We appreciate your time today, your interest in First Bank. And we'll look forward to reconnecting with folks after third-quarter results are released. Thanks, everybody.

好的。非常感謝大家。我們感謝您今天抽出時間，感謝您對第一銀行的關注。我們期待在第三季業績公佈後與大家重新聯繫。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Everyone, have a great day.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。