Primis Financial Corp (FRST) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. second-quarter earnings call. (Operator Instructions)

謝謝你的支持。我叫凱拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Primis Financial Corp. 第二季財報電話會議。（操作員說明）

I will now turn the call over to Matt Switzer, CFO. You may begin.

我現在將把電話轉給財務長 Matt Switzer。你可以開始了。

Good morning, and thank you for joining us. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainties. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Further discussion of the company's risk factors and other important information regarding our forward-looking statements are part of our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has also been posted to the Investor Relations section of our corporate site, primisbank.com.

早安，感謝您加入我們。在我們開始之前，請注意，我們在本次電話會議中的許多評論將是前瞻性陳述，其中涉及風險和不確定性。有許多因素可能導致實際結果與前瞻性陳述中表達的預期結果或其他期望有重大差異。對公司風險因素的進一步討論以及有關我們前瞻性陳述的其他重要資訊是我們最近向美國證券交易委員會提交的文件的一部分，包括我們最近提交的收益報告，該報告也已發佈到我們公司的投資者關係部分網站，primisbank.com。

We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time. In addition, some of the financial measures that we may discuss this morning are non-GAAP financial measures. How a non-GAAP measure relates to the most comparable GAAP measure will be discussed with the non-GAAP measures used if not readily apparent.

我們沒有義務更新或修改前瞻性陳述以反映假設的變化、意外事件的發生或未來經營績效隨時間的變化。此外，我們今天上午可能討論的一些財務指標是非公認會計準則財務指標。非 GAAP 指標與最具可比性的 GAAP 指標之間的關係將與所使用的非 GAAP 指標一起討論（如果不明顯）。

I will now turn the call over to our President and Chief Executive Officer, Dennis Amber.

我現在將把電話轉給我們的總裁兼執行長丹尼斯·安布爾。

Thank you, Matt, and thank you to all of you who have joined our call today. Starting at the top, earnings for the quarter improved to $7.8 million when compared to a net loss of $311,000 for the same quarter a year ago. Both quarters have some noise, and Matt will outline that shortly.

謝謝你，馬特，也感謝今天加入我們電話會議的所有人。從頂部開始，該季度的收益增至 780 萬美元，而去年同期的淨虧損為 311,000 美元。兩個季度都有一些噪音，馬特很快就會概述這一點。

But when you exclude the noise, we're showing pretax earnings of approximately $11.7 million for the current quarter, which would be one of our strongest quarters to date. These results are mostly across the board and come before we really -- before we experience any real lift in net interest margins.

但如果排除噪音因素，我們顯示本季的稅前收益約為 1,170 萬美元，這將是我們迄今為止最強勁的季度之一。這些結果大多是全面的，並且是在我們真正感受到淨利差的任何真正提升之前出現的。

Results from the core bank, our lines of business, steady margins just over 3%, operating expense controls from the initiatives that we undertook a year ago, have all played a significant part in these results. Consolidating the company, is reporting a net interest margin of 3.03%.

核心銀行的業績、我們的業務線、略高於 3% 的穩定利潤率、我們一年前採取的舉措的營運費用控制，都在這些業績中發揮了重要作用。合併後公司的淨利差為 3.03%。

On a stand-alone basis, excluding the lines of business and the digital platform, the Community Bank margin improved to 3.25% in the current quarter of '24 compared to 2.82% a year -- the same quarter a year ago. These results against last year reflect the bank's dedication to seizing all of the loan yield opportunities we can at renewal periods. But more so the focus on deposit costs.

就獨立而言，不包括業務線和數位平台，社區銀行的利潤率在 2024 年當前季度提高至 3.25%，而去年同期為 2.82%。這些與去年相比的結果反映了該銀行致力於在續約期間抓住所有貸款收益機會。但更重要的是對存款成本的關注。

Our core banks had the luxury of having the digital platform behind it, and that provided an opportunity to focus on the more profitable deposit relationships at the community bank level and not let the cost of funds get away from us. The legacy franchise we have in the core bank has really shined in this past year through all the pressures the industry has faced as well as our efforts on branch consolidation.

我們的核心銀行擁有背後的數位平台，這提供了一個機會來專注於社區銀行層面更有利可圖的存款關係，而不是讓資金成本遠離我們。在過去的一年裡，透過產業面臨的所有壓力以及我們在分行整合方面的努力，我們在核心銀行擁有的傳統特許經營權確實大放異彩。

Our lines of business also had a great quarter. On a combined basis, Panacea, Life Premium Finance and our digital platform, finished the quarter with $835 million in total loans and just under $1 billion in total deposits. This represents about 25% of our total loans and about 29% of our total deposits.

我們的業務部門也有一個出色的季度。綜合來看，Panacea、Life Premium Finance 和我們的數位平臺本季末的貸款總額為 8.35 億美元，存款總額略低於 10 億美元。這約占我們貸款總額的 25% 和存款總額的 29% 左右。

Incremental loan yields are still very good with new production in the high 7% and even some in the 8% range for these higher-quality lending strategies. Funding costs have been stable over the past few periods at about 4.84%, combined, which is high, but we still believe that -- or confident that the beta here on this funding is high and that as rates begin to decline, these combined strategies will see a material profitability lift.

對於這些更高品質的貸款策略，增量貸款收益率仍然非常好，新產量高達 7%，甚至有些在 8% 範圍內。過去幾個時期的融資成本一直穩定在 4.84% 左右，這很高，但我們仍然相信——或者相信這筆融資的貝塔值很高，而且隨著利率開始下降，這些組合策略將看到盈利能力的實質提升。

Mortgage had a great quarter, reporting net income of -- pretax net income of just over $1 million compared to essentially a breakeven quarter a year ago. During the quarter, we took about $228 million in locks, which was up about 25% against last year's -- against the same quarter last year.

抵押貸款業務季度表現出色，稅前淨利潤略高於 100 萬美元，而去年同期基本實現收支平衡。本季度，我們鎖定了約 2.28 億美元的資金，比去年同期成長了約 25%。

Our gain on sale margin came in at 0.1%, up from 2.8% a year ago. Given how we believe rates will be moving in the coming years, we really would like to recruit harder and maybe double our volume potential closer to $2 billion annually. But recruiting right now in this industry is not easy.

我們的銷售利潤率成長了 0.1%，高於一年前的 2.8%。考慮到我們對未來幾年利率走勢的看法，我們確實希望更加努力地招募人才，或許將我們的銷售量潛力翻一番，接近每年 20 億美元。但目前這個行業的招募並不容易。

We're going to state disciplined and offensive. We're going to look for opportunities where we can on the recruiting side and we're going to make sure that our profitability continues to improve like we saw this quarter.

我們將表現出紀律和進攻。我們將在招聘方面尋找機會，並確保我們的盈利能力繼續提高，就像我們本季看到的那樣。

Tangible book value improved to $12.59 per share, which is 8.8% higher against the same time last year. We still expect to deconsolidate PFH as soon as we can and record the value of those shares, which would lift tangible book value by about 65% -- excuse me, $0.65 per share and improved tangible capital ratios by about 40 basis points, Matt got pretty excited about 65%, but $0.65 per share.

有形帳面價值提高至每股 12.59 美元，比去年同期成長 8.8%。我們仍然希望盡快拆分 PFH 並記錄這些股票的價值，這將使有形賬面價值提高約 65%——對不起，每股 0.65 美元，有形資本比率提高約 40 個基點，馬特得到對於65% 非常興奮，但每股0.65 美元。

Lastly, as I close out. As we look forward, I believe we're going to see continued strength in the company and incremental progress on our operating results. The core bank's focus on deposit growth first and commercial lending with new and existing customers will continue to benefit from all of our digital capabilities and other advantages like Bob.

最後，當我結束時。展望未來，我相信我們將看到公司的持續實力和經營績效的逐步進步。核心銀行首先專注於存款成長以及向新舊客戶提供商業貸款，這將繼續受益於我們所有的數位能力和鮑勃等其他優勢。

Our lines of business, although pretty young, are going to continue to age well and improved quarter-over-quarter, just like we've seen for more than a year. Collectively, our focus on holding the line on operating expense or potentially even seeing some net savings will make this even more -- will make the results even more positive.

我們的業務雖然還很年輕，但將繼續發展良好，並逐季度有所改善，就像我們一年多以來所看到的那樣。總的來說，我們專注於控制營運費用，甚至可能看到一些淨節省，這將使結果更加積極。

I'm not going to sit here and say that I think we're wildly liability sensitive, but a falling or softer rate environment will be positive for us, both on spreads and on mortgage volumes. The rapid success we've had on our lines of business and the adoption -- impressive adoption by customers has our phone ringing a lot with ideas and pitches but we are staying focused on just our existing strategies and opportunities.

我不會坐在這裡說我認為我們對責任非常敏感，但利率下降或疲軟的環境將對我們有利，無論是利差還是抵押貸款數量。我們在業務領域和採用方面取得了迅速的成功——客戶的採用令人印象深刻，這讓我們的電話響起了許多想法和推銷，但我們仍然專注於我們現有的策略和機會。

As we tweak and improve our current offerings, we're going to continue to pivot on the digital platform to focus more on lower cost, higher value deposit relationships and make our offering a more familiar and complete community bank rather than being singularly focused on only a handful of pretty innovative deposit accounts.

隨著我們調整和改進當前的產品，我們將繼續以數位平台為中心，更多地關注成本更低、價值更高的存款關係，並使我們的產品成為更熟悉和更完整的社區銀行，而不是僅僅專注於一些非常創新的存款帳戶。

All right. With that, Matt, I'll turn it to you.

好的。那麼，馬特，我會把它交給你。

Thank you, Dennis. I will provide an overview of our results before we turn to Q&A. But as a reminder, the financial information we will discuss is preliminary, pending our previously disclosed SEC process. These results incorporate consistent accounting methodologies as previous quarters for comparison purposes. As in previous quarters, these results include various adjustments related to a third-party managed portfolio that net across different line items.

謝謝你，丹尼斯。在我們進行問答之前，我將概述我們的結果。但提醒一下，我們將討論的財務資訊是初步的，有待我們先前揭露的 SEC 流程。這些結果採用了與前幾季一致的會計方法，以便進行比較。與前幾季一樣，這些結果包括與跨不同行項目淨值的第三方管理投資組合相關的各種調整。

In the second quarter, $577,000 related to this portfolio is included in interest income with an offsetting amount included in noninterest expense. In addition, $4.6 million of the provision for credit losses related to this portfolio with an offsetting amount included in noninterest income.

第二季度，與該投資組合相關的 577,000 美元計入利息收入，抵銷金額計入非利息支出。此外，460 萬美元的信貸損失撥備與該投資組合相關，抵銷金額包含在非利息收入中。

And the following discussion, references to core items will exclude these amounts. In addition, our results this quarter continue to include the consolidation of Panacea Financial Holdings, or PFH. PFH pretax loss included in consolidated pretax income was $2.3 million in the second quarter. Results will be discussed excluding these amounts and relative to common share unless otherwise noted.

在下面的討論中，對核心項目的引用將排除這些金額。此外，我們本季的業績繼續包括 Panacea Financial Holdings（PFH）的合併。第二季合併稅前收入包含的 PFH 稅前虧損為 230 萬美元。除非另有說明，否則將討論不包括這些金額且相對於普通股的結果。

Earnings available to common and earnings per diluted share for the second quarter were $7.8 million and $0.32, respectively. Adjusting for PFH and certain onetime items, core earnings were $9.3 million or $0.38 per share and up substantially from $0.03 in the year ago period.

第二季普通股收益和稀釋後每股盈餘分別為 780 萬美元和 0.32 美元。調整 PFH 和某些一次性專案後，核心收益為 930 萬美元，即每股 0.38 美元，比去年同期的 0.03 美元大幅成長。

Total assets were $4 billion at June 30, up slightly from March 31. Loans held for income increased 2.5% from the end of Q1, driven primarily by Panacea and Life Premium Finance activity. Deposits were $3.3 billion, up slightly from last quarter. Average noninterest-bearing deposits declined 5% versus the first quarter due to remixing.

截至6月30日，總資產為40億美元，較3月31日略有增加。為收入而持有的貸款較第一季末增加了 2.5%，這主要是受到 Panacea 和人壽保費金融活動的推動。存款為 33 億美元，較上季略有增加。由於重新混合，平均無息存款較第一季下降 5%。

Core net interest income, excluding accounting noise from the third-party managed portfolio decreased slightly, roughly $300,000 to $27.1 million in Q2 with growth in earning assets offsetting margin pressure in the quarter. Reported net interest margin was 3.03%, while core net interest margin, excluding accounting noise, was 2.94% as compared to 3.03% last quarter.

核心淨利息收入（不包括第三方管理投資組合的會計噪音）略有下降，第二季約為 30 萬美元，降至 2,710 萬美元，獲利資產的成長抵消了本季的利潤率壓力。報告淨利差為 3.03%，而剔除會計噪音後的核心淨利差為 2.94%，而上季為 3.03%。

Core yield on loans held for income increased slightly to 6.14%, while core yield on earning assets increased to 5.92%. Cost of deposits increased to 2.98%, while cost of funds increased to 3.16% in the quarter. Excluding accounting adjustments, non-interest income was $9.9 million in Q2 versus $8.3 million last quarter, an increase of $1.6 million and largely driven by increased mortgage activity.

為收入而持有的貸款核心收益率小幅上升至 6.14%，而生息資產的核心收益率則上升至 5.92%。本季存款成本上升至 2.98%，資金成本上升至 3.16%。不包括會計調整在內，第二季非利息收入為 990 萬美元，而上季為 830 萬美元，增加了 160 萬美元，這主要是由於抵押貸款活動增加所致。

Noninterest expense was $27.8 million, excluding the impact of PFH. Mortgage expenses were $6.1 million in the second quarter, up from $5.1 million last quarter and on higher volume. Unfunded commitment reserve expense was a release of $432,000 in the quarter versus an expense of $75,000 last quarter.

非利息支出為 2780 萬美元，不包括 PFH 的影響。第二季抵押貸款支出為 610 萬美元，高於上季的 510 萬美元，且數量增加。本季無資金投入的承諾儲備費用為 432,000 美元，而上季為 75,000 美元。

We also incurred approximately $1.3 million of accounting and accounting advisory costs in the quarter. Core noninterest expense -- excluding accounting adjustments, these nonrecurring items and mortgage was $20.3 million in the quarter versus $19.4 million last quarter.

本季我們也產生了約 130 萬美元的會計和會計諮詢費用。核心非利息支出－不包括會計調整，本季這些非經常性項目和抵押貸款為 2,030 萬美元，而上季為 1,940 萬美元。

A portion of the increase is due to heavier legal expenses in the quarter, also partially tied to the restatement activities of roughly $330,000. These costs, along with heavier accounting-related expenses will be reduced in the near future as we complete our activities with the SEC.

增加的部分原因是本季法律費用增加，部分原因也與約 33 萬美元的重述活動有關。隨著我們完成與 SEC 的合作，這些成本以及較重的會計相關費用將在不久的將來減少。

The core provision for credit losses was a release of $600,000 versus a core provision of $1.6 million in the first quarter. Core net charge-offs were $600,000, approximately down from $900,000 last quarter. The net reserve release in Q2 versus Q1 was largely due to a reduction in individually evaluated in PCD reserves.

信貸損失的核心準備金為 60 萬美元，而第一季的核心準備金為 160 萬美元。核心淨沖銷額為 60 萬美元，約低於上季的 90 萬美元。與第一季相比，第二季的淨準備金釋放主要是由於個人評估的 PCD 準備金減少。

Lastly, operating ROA was 90 basis points in the second quarter, up from 70 basis points linked quarter. Our core profitability continues to be solid even in this difficult operating environment. And we are optimistic we can continue improving the core returns from here as we put noise related to SEC filings behind us.

最後，第二季營運 ROA 為 90 個基點，高於上一季的 70 個基點。即使在這種困難的經營環境下，我們的核心獲利能力仍然保持穩固。我們樂觀地認為，隨著我們將與美國證券交易委員會備案相關的噪音拋在腦後，我們可以繼續提高核心回報。

With that, operator, we can open up for questions.

有了這個，接線員，我們就可以提出問題了。

(Operator Instructions) Christopher Marinac, Janney Montgomery Scott.

（操作員說明）Christopher Marinac、Janney Montgomery Scott。

Hey, good morning, Dennis and Matt. I guess I'll start on just the expense point that Matt was making a minute ago. So is that lower $20-ish million expense number a good place to think about. And as you get behind this noise in future quarters? Or should we think of still something closer to what you just reported?

嘿，早安，丹尼斯和馬特。我想我將從馬特一分鐘前提出的費用點開始。那麼，20 多萬美元左右的較低支出數字是值得考慮的好地方嗎？在未來幾季中，您會如何應對這種噪音？或者我們應該考慮一些更接近您剛剛報告的內容？

I think closer to where we have guided last couple of quarters kind of mid-19s.

我認為更接近我們過去幾季 19 世紀中期的指導水準。

Okay. So that profitability obviously is much better than what we're seeing as that goes back to the new normal.

好的。因此，隨著回到新常態，獲利能力顯然比我們看到的要好得多。

Correct.

正確的。

Okay. And then would the same be true on provision, where provision, particularly ex the third-party stuff, it kind of hones in on kind of this low basis point sub-10 area.

好的。然後，在規定方面也是如此，規定，特別是第三方的東西，它在某種程度上磨練了這種低基點低於 10 的區域。

Yes. I mean our provision has been -- even taking out the third-party portfolio that when we discuss on a core basis, it's been somewhat up and down the last couple of quarters, but we think that should normalize here in the near future as these economic forecasts settle down.

是的。我的意思是，我們的規定是——甚至去掉第三方投資組合，當我們在核心基礎上討論時，它在過去幾個季度中有所上下波動，但我們認為這應該在不久的將來正常化，因為這些經濟預測穩定下來。

Got it. And then do you have a sense on sort of timing for when this gets resolved? I mean, are we talking a few more weeks, a few more months? Or is it hard to say at this point?

知道了。那麼您是否知道這個問題何時解決？我的意思是，我們還要再討論幾週、幾個月嗎？還是現在還很難說？

Yes. We're close to -- it's kind of a multistep process, but we're close to getting through the first step, which will allow us to start completing filings and getting back caught up. That's probably -- I'm hopeful we'll start seeing filings hit the tape in -- by the end of August.

是的。我們已經接近——這是一個多步驟的過程，但我們即將完成第一步，這將使我們能夠開始完成備案並重新跟進。我希望我們能在八月底之前開始看到歸檔文件。

Great. And then, Dennis, maybe just a quick one for you back to the kind of core business. I mean how do you feel about the sort of digital account openings and just your normal kind of deposit gathering and kind of what you see out there? How is it changing today from where it may have been three or four months ago?

偉大的。然後，丹尼斯，也許只是讓您快速回到核心業務。我的意思是，您對數位帳戶的開設、正常的存款收集以及您所看到的情況有何看法？今天與三、四個月前相比有何變化？

I mean I think it's still similar to what we've been seeing. I mean, we open a substantial amount of accounts on the digital platform. We don't advertise. We don't see a lot of money in and then a lot of money out. I mean it's stable -- more stable than you might think.

我的意思是我認為它仍然與我們所看到的相似。我的意思是，我們在數位平台上開設了大量帳戶。我們不做廣告。我們不會看到大量資金流入，然後又流出大量資金。我的意思是它很穩定——比你想像的更穩定。

It is a little more rate driven than what we want it to be long term. But from a sort of a technology build, it was probably necessary to start that way. I think the pivot now is, we're focusing on some business accounts, and those are individual sales just like it is in the community bank. And we have several strategies that we're implementing that really aren't going to cost anything, but just, what I was mentioning about sort of being more fulsome on our offering.

從長遠來看，它更多地受利率驅動。但從某種技術建構來看，可能有必要以這種方式開始。我認為現在的重點是，我們專注於一些企業帳戶，這些是個人銷售，就像社區銀行一樣。我們正在實施一些策略，這些策略實際上不會花費任何成本，但只是我剛才提到的讓我們的產品更豐富。

Right now, it's just focused on some innovative deposit products. But as we start adding other traditional community bank services, it's going to make us stronger in our core market because we do market as Primis bank, both digitally and locally. So it will make us better in all of our local markets and in sort of wherever else we're able to market that.

目前，它只專注於一些創新的存款產品。但當我們開始增加其他傳統社區銀行服務時，這將使我們在核心市場變得更加強大，因為我們以 Primis 銀行的身份進行數位和本地行銷。因此，這將使我們在所有本地市場以及我們能夠行銷的任何其他地方變得更好。

I mean we're still pretty positive about it and see a lot of opportunity there. But really until we demonstrate the ability to open low-cost accounts -- lower cost accounts. We're not going to get all the value for the shareholder that we want. So that's really where we're focused right now.

我的意思是，我們對此仍然非常樂觀，並且看到了很多機會。但實際上，直到我們展現出開設低成本帳戶的能力——更低的成本帳戶。我們不會為股東獲得我們想要的所有價值。這確實是我們現在關注的焦點。

Got it. That's very helpful. And I imagine the cost of funds still is in the process of, kind of, evolving to where you want it to go kind of to your point you just made.

知道了。這非常有幫助。我想資金成本仍然處於發展過程中，朝著你想要的方向發展，就像你剛才所說的。

Yes. I mean -- but I will tell you, I mean, we've got the operating expense burden on the digital deposits is about 15% of what the operating expense burden is in the community bank. So the thesis that digital customers are more savvy maybe, or more used to using their devices. It has played out.

是的。我的意思是——但我會告訴你，我的意思是，我們數位存款的營運費用負擔約為社區銀行營運費用負擔的 15%。因此，數位客戶可能更精明，或更習慣使用他們的設備。它已經發揮出來了。

And -- so we could probably have a higher cost of funds on the, more digital-oriented deposits, and still find our way to above-average profitability. It just doesn't need to be. Right now, we're really, call it, 65 basis points behind Fed funds -- below Fed funds. We probably need to be another 65 below to really be pushing all the profitability here that we want.

而且—因此，我們可能會在更數位化的存款上擁有更高的資金成本，但仍然能找到高於平均水準的獲利能力。只是不需要這樣。現在，我們確實落後聯邦基金 65 個基點——低於聯邦基金。我們可能需要再低於 65 才能真正實現我們想要的所有獲利能力。

So that's -- I mean, I don't feel like we got to go from 4.84%, is our combined yield. I don't think we have to go to 4.84% on those deposits to 3.03%. We don't have to do that. We just got to go probably down another 50 or 60 basis points overall. And we'd be pushing some real profitability here.

所以，我的意思是，我不認為我們必須從 4.84% 的綜合收益率開始。我認為我們不必將這些存款的利率從 4.84% 提高到 3.03%。我們不必這樣做。我們可能需要整體再下調 50 或 60 個基點。我們將在這裡推動一些真正的獲利能力。

Nick Lorenzoni, Stephens, Inc.

尼克·洛倫佐尼，史蒂芬斯公司

Hey, good morning, guys. Going in for Russell Gunther. I just wanted to start with the NIM. Could you talk about your expectations to be able to keep the NIM above 3%? And what the related puts and takes are there? And if not, do you think you can still grow NII if NIM declines?

嘿，早上好，夥計們。去拉塞爾·岡瑟。我只是想從 NIM 開始。您能否談談您對能夠將淨利差保持在 3% 以上的期望？相關的 put 和 take 都有哪些？如果不是，您認為如果 NIM 下降，您還能增加 NII 嗎？

We -- I think we can keep the NIM pretty confident, plus or minus where we are even in this rate environment. Cause as Dennis just talked about in terms of where new production is coming on and relative to our incremental funding, we see incremental earning assets coming on pretty close to three.

我認為，即使在這種利率環境下，我們也可以讓 NIM 保持相當有信心，不管我們的情況是正負還是正負。因為正如丹尼斯剛才談到的新生產的情況以及相對於我們的增量資金而言，我們看到增量盈利資產非常接近三。

We can continue growing NII because we've got pretty healthy engines for growing earning assets and funding. So we can continue to outpace NIM compression and grow, if there is any, and grow NII, but that then becomes limited by capital. I mean we don't want to stress our capital ratios just to load up on earning assets and crush the NIM but grow NII. So it's -- that's where we're trying to find the right balance.

我們可以繼續成長NII，因為我們有相當健康的引擎來成長獲利資產和資金。因此，我們可以繼續超越淨利差壓縮並成長（如果有的話），並且成長NII，但這會受到資本的限制。我的意思是，我們不想僅僅為了增加獲利資產並壓垮淨利差，而是增加淨投資淨值而強調我們的資本比率。所以這就是我們試圖找到適當平衡的地方。

Okay. Great. And then another sidetrack question, how are you thinking about the overall balance sheet growth for the remainder of this year and then into 2025. And if you could also address expectations for Panacea and the Life Premium Finance, specifically as to what you plan the portfolio versus sell in the end?

好的。偉大的。然後另一個問題是，您如何看待今年剩餘時間以及 2025 年的整體資產負債表成長。您是否還可以闡述對 Panacea 和 Life Premium Finance 的期望，特別是您最終計劃投資組合與出售什麼？

I mean, I think the overall loan growth for the year, we're still targeting high single digits to 10%. Probably been -- I think we were a little bit lower at the beginning of the year, but it's been a little bit faster than that was. So probably still approaching 10% is the upper end of what we would see for the whole year.

我的意思是，我認為今年的整體貸款成長，我們的目標仍然是高個位數，達到 10%。可能是 - 我認為我們在年初的時候有點低，但比那時快了一點。因此，我們全年看到的上限可能仍接近 10%。

We did not have any loan sales in the second quarter. We're working on some potential outlets for -- particularly for Panacea. Probably wouldn't happen in the third quarter, potentially in the fourth quarter. But that would free them up to -- they've got actually, both Panacea and Life Premium Finance have all the opportunity to grow earning assets that they want. We've slowed them both down while we look for potential outlets.

第二季我們沒有任何貸款銷售。我們正在尋找一些潛在的管道——特別是 Panacea。可能不會發生在第三季度，有可能發生在第四季。但這將使他們獲得自由——實際上，Panacea 和 Life Premium Finance 都有機會增加他們想要的獲利資產。我們在尋找潛在的出路時已經放慢了它們的速度。

So if -- even if the Panacea does end up selling a portfolio later in the year, I think that it will be replaced pretty quickly. I think our expectations for '25 is probably similar. Assuming similar rate environment which we have right now. I mean even if we get one rate cut, I think we're still in a somewhat challenging yield curve and rate environment until we get more cuts. So we probably would look for that high single-digit, low double-digit growth in '25 as well.

因此，即使萬能藥確實最終在今年稍後出售了一個投資組合，我認為它很快就會被取代。我認為我們對 25 年的期望可能是相似的。假設我們現在的利率環境相似。我的意思是，即使我們降息一次，我認為在我們進行更多降息之前，我們仍然處於一個頗具挑戰性的殖利率曲線和利率環境中。因此，我們可能也會在 25 年尋求高個位數成長和低兩位數成長。

And there are no further questions at this time. I will turn the call back over to CEO, Dennis Zember.

目前沒有其他問題。我會將電話轉回給執行長 Dennis Zember。

All right. Thank you, and I appreciate everybody taking time on your Friday for the call. If you have any questions, Matt and I are available. Have a good weekend.

好的。謝謝您，也謝謝大家在周五抽出時間來接電話。如果您有任何疑問，請聯繫馬特和我。有一個美好的周末。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。