Fulton Financial Corp (FULT) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to the second quarter Fulton Financial Results Call.

美好的一天，感謝您的支持，歡迎參加第二季富爾頓財務業績電話會議。

(Operator Instructions) Again to be advised that today's conference is being recorded, and I have to hand the conference over to your first speaker today, Matthew Jozwiak, Director, Investor Relations.

（操作員說明） 再次提醒您，今天的會議正在錄製中，我必須將會議交給今天的第一位發言者，投資者關係總監 Matthew Jozwiak。

Please go ahead.

請繼續。

Good morning and thanks for joining us for Fulton Financial's conference call and webcast to discuss our earnings for the second quarter ending June 30, 2024.

早安，感謝您參加富爾頓金融的電話會議和網路廣播，討論我們截至 2024 年 6 月 30 日的第二季的收益。

Your host for today's conference call is Curt Myers, Chairman and Chief Executive Officer, joining her today is Beth Chiviniski Interim Chief Financial Officer, our comments today will refer to the financial information and related slide presentation included with our earnings announcement, which we released yesterday afternoon.

今天電話會議的主持人是董事長兼首席執行官 Curt Myers，今天加入她的是臨時首席財務官 Beth Chiviniski，我們今天的評論將參考我們昨天發布的收益公告中包含的財務信息和相關幻燈片演示下午。

These documents can be found on our website at fult.com by clicking on Investor Relations.

這些文件可以透過點擊投資者關係在我們的網站 fult.com 上找到。

And then on news.

然後是新聞。

The slides can also be found on the Presentations page under Investor Relations on our website on this call, representatives of Fulton may make forward-looking statements with respect to Fulton's financial condition, results of operations and business.

這些幻燈片也可以在我們網站投資者關係下的簡報頁面上找到。

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors and actual results could differ materially.

這些陳述並非對未來績效的保證，並受到風險、不確定性和其他因素的影響，實際結果可能有重大差異。

Please refer to the Safe Harbor statement on forward-looking statements in our earnings release in our announced slide 2 of today's presentation for additional information regarding these risks, uncertainties and other factors.

有關這些風險、不確定性和其他因素的更多信息，請參閱今天發布的幻燈片 2 中關於我們收益發布中前瞻性陳述的安全港聲明。

Fulton undertakes no obligation other than as required by law to update or revise any forward-looking statements.

除法律要求外，富爾頓不承擔更新或修改任何前瞻性聲明的義務。

In discussing Fulton's performance representatives of Fulton may refer to certain non-GAAP financial measures.

在討論富爾頓的表現時，富爾頓的代表可能會參考某些非公認會計準則財務指標。

Please refer to the supplemental financial information included with Fulton's earnings announcement released yesterday and slides 19 through 22 of today's presentation for a reconciliation of those non-GAAP financial measures to the most comparable GAAP measures.

請參閱富爾頓昨天發布的收益公告中包含的補充財務資訊以及今天簡報的幻燈片 19 至 22，以了解這些非 GAAP 財務指標與最具可比性 GAAP 指標的調節表。

Now I'd like to turn the call over to your host, Curt Myers.

現在我想把電話轉給主持人科特·邁爾斯。

Thanks, Matt, and good morning, everyone, for today's call by providing highlights on our performance for the quarter, I'll discuss several key initiatives, and I'll provide a few overall comments on the company.

謝謝馬特，大家早上好，在今天的電話會議上，我將重點介紹我們本季度的業績，我將討論幾項關鍵舉措，並對公司提供一些總體評論。

Then I'll turn the call over to Beth Chivinski Interim Chief Financial Officer, to review our financial results in more detail and step you through our guidance for 2024.

然後我會將電話轉給臨時財務長 Beth Chivinski，以更詳細地審查我們的財務業績，並引導您了解我們的 2024 年指導。

After our prepared remarks, we'll be happy to take any questions you may have.

在我們準備好的發言之後，我們將很樂意回答您可能提出的任何問題。

Let me start by thanking both our new Republic teammates as well as our dedicated Fulton team for an exceptional effort these last few months, we've had a very active quarter on a variety of fronts.

首先，我要感謝我們的新共和國隊友以及我們敬業的富爾頓團隊在過去幾個月中所做的出色努力，我們在各個方面度過了一個非常活躍的季度。

We continue to drive our strategy forward.

我們繼續推動我們的策略向前發展。

We made great progress on key initiatives, all while delivering a strong performance for our customers, communities and our shareholders.

我們在關鍵措施上取得了巨大進展，同時為我們的客戶、社區和股東提供了強勁的業績。

Our team performed well and is excited about the strategic progress we are making.

我們的團隊表現出色，並對我們正在取得的策略進展感到興奮。

Operating earnings of $0.47 per diluted share this quarter was a strong performance, following a solid first quarter our year to date results are outpacing our expectations.

繼第一季穩健後，本季稀釋後每股營業收益為 0.47 美元，表現強勁，今年迄今的業績超出了我們的預期。

Stable core business trends supplemented by the impact of the Republic transaction are driving these results.

穩定的核心業務趨勢加上共和國交易的影響正在推動這些結果。

We saw steady balance sheet growth as organic loans and deposits grew as expected, and we added significant growth through the Republic transaction.

由於有機貸款和存款按預期增長，我們的資產負債表穩步增長，並且透過共和交易實現了顯著增長。

We also generated meaningful margin revenue and net income growth.

我們也實現了可觀的利潤收入和淨利潤成長。

On a linked quarter basis, net interest margin increased 11 basis points.

以季度計算，淨利差增加 11 個基點。

Net interest income grew by $35 million.

淨利息收入增加了 3500 萬美元。

Noninterest income grew by nearly $9 million and operating net income grew by $17 million.

非利息收入成長近 900 萬美元，營業淨利潤成長 1,700 萬美元。

Also during the quarter, we executed on a sale leaseback transaction and corresponding investment portfolio restructuring, improving the profile of its investment portfolio as well as its yeild.

同樣在本季度，我們執行了售後回租交易和相應的投資組合重組，改善了其投資組合的狀況及其收益率。

The investment portfolio restructuring adds an estimated $8.5 million in interest income annually.

投資組合重組預計每年增加 850 萬美元的利息收入。

We also moved forward on five plan financial center consolidations and relocated one financial center in our New Jersey market.

我們也推進了五項金融中心整合計劃，並在新澤西市場搬遷了一個金融中心。

We issued our 2023 corporate social responsibility report, reflecting our commitment to the communities and stakeholders we serve.

我們發布了 2023 年企業社會責任報告，反映了我們對所服務的社區和利害關係人的承諾。

Our performance steady business trends and the capital raise allowed us to maintain healthy capital levels, increased our tangible book value, enhance our earnings capabilities and deliver value to our shareholders.

我們的業績穩定的業務趨勢和融資使我們能夠保持健康的資本水平，增加我們的有形帳面價值，增強我們的獲利能力並為股東創造價值。

Overall, we feel as a strong quarter for the company.

總體而言，我們認為該公司的季度表現強勁。

Now let me provide a bit more detail on growth.

現在讓我提供有關成長的更多細節。

Second quarter deposit growth was $254 million or 4.6% annualized when you exclude the $191 million of high cost brokered deposits that we were able to eliminate.

如果排除我們能夠消除的 1.91 億美元高成本經紀存款，第二季存款成長為 2.54 億美元，年化成長率為 4.6%。

Overall when including the Republic transaction, deposits grew $3.8 billion or 17.6% on a linked quarter basis.

總體而言，如果包括 Republic 交易，存款環比增長 38 億美元，即 17.6%。

We did experience some deposit runoff from the acquired deposit portfolio as several large municipal deposit customers were already transitioning out of Republic, and we also purposely reduce certain high-cost non-relationship deposits.

由於幾家大型市政存款客戶已經從Republic轉出，我們確實從收購的存款組合中經歷了一些存款流失，而且我們也有意減少了某些高成本的非關係存款。

These deposit results were as anticipated, and we remain focused on customer retention and customer growth.

這些存款結果符合預期，我們仍然專注於客戶保留和客戶成長。

Organic loan growth for the quarter was $124 million or 2.3% annualized.

該季度的有機貸款成長為 1.24 億美元，年化成長率為 2.3%。

Consistent with past periods.

與以往時期一致。

Overall, loan growth was $2.7 billion or 12.4% linked quarter on a consolidated basis, including the acquired loans.

總體而言，合併後的貸款成長為 27 億美元，季增 12.4%（包括收購的貸款）。

Profitable loan growth and prudent credit decisions remain our focus.

有利可圖的貸款成長和審慎的信貸決策仍然是我們的重點。

Our loan-to-deposit ratio ended the quarter at 94.3%.

本季末我們的貸存比率為 94.3%。

Our current loan-to-deposit ratio is below our long term operating target of 95% to 105% and enhances our balance sheet growth opportunities and alleviate funding pressure in the near term.

我們目前的貸存比率低於 95% 至 105% 的長期營運目標，這增強了我們的資產負債表成長機會，並緩解了短期內的融資壓力。

This was a key outcome of the Republic transaction.

這是共和國交易的關鍵成果。

Non-interest income for the quarter was strong.

本季非利息收入強勁。

Core noninterest income was up $6 million to $63 million when including Republic, total noninterest income grew $8.8 million linked quarter.

核心非利息收入增加了 600 萬美元，達到 6,300 萬美元，其中包括 Republic，非利息總收入環比增加了 880 萬美元。

Now let me provide some comments on credit.

現在讓我對信用問題發表一些評論。

Overall, core Fulton credit remit metrics remained stable.

整體而言，富爾頓核心信貸指標保持穩定。

The provision for credit losses, excluding the day one credit mark associated with the Republic transaction was $8.6 million, down from $10.9 million in the first quarter.

信用損失準備金（不包括與 Republic 交易相關的第一天信用標記）為 860 萬美元，低於第一季的 1,090 萬美元。

Charge-offs for the quarter were 19 basis points and criticized and classified loans were relatively flat in the Fulton portfolio.

該季度的沖銷為 19 個基點，富爾頓投資組合中的批評和分類貸款相對持平。

Turning to the acquired portfolio, we conducted a review of all loans over $3 million.

談到收購的投資組合，我們對所有超過 300 萬美元的貸款進行了審查。

After applying our risk rating methodology, nonaccrual loans did not significantly increase and charge-offs were less than $1 million for the quarter.

在應用我們的風險評級方法後，本季的非應計貸款並未顯著增加，沖銷額低於 100 萬美元。

The initial credit mark on the acquired portfolio was supported by our review and no additional provision was needed.

所收購投資組合的初始信用分數得到了我們的審查的支持，不需要額外的撥備。

We continue to be cautious in our credit outlook for 2024 and are monitoring the acquired portfolio closely.

我們對 2024 年的信貸前景繼續持謹慎態度，並正在密切監控所收購的投資組合。

The increase in our allowance for credit losses provides additional ability to absorb future loss.

信用損失準備金的增加提供了吸收未來損失的額外能力。

Now let's look to moving forward, I'll provide updates on two key corporate initiatives.

現在讓我們展望未來，我將提供兩項關鍵企業計畫的最新資訊。

First, we're focused on the timely and effective integration of Republic, and we continue to diligently follow the FDIC. process integration of customers teams and systems are progressing well with the majority of AirGate integration work anticipated to be completed by year end.

首先，我們專注於 Republic 的及時有效整合，並繼續努力專注於 FDIC。客戶團隊和系統的流程整合進展順利，大部分 AirGate 整合工作預計將在年底前完成。

Next, let me turn to Fulton First.

接下來，讓我先談談富爾頓。

During the quarter, we've completed the design phase of the process and are now moving into the implementation phase.

在本季度，我們已經完成了流程的設計階段，現在正在進入實施階段。

I want to remind you that this is a 12 to 18-month process in which we are only at about the six month point.

我想提醒大家，這是一個 12 到 18 個月的過程，我們只處於大約 6 個月的階段。

And we look forward to providing more details on growth initiatives and operating efficiencies during the third quarter earnings call.This past quarter, you see the continued an investment in the initiatives.

我們期待在第三季財報電話會議上提供有關成長計劃和營運效率的更多詳細資訊。

This quarter's costs are for the final program design as well as certain employee related changes.

本季的成本用於最終計劃設計以及某些與員工相關的變更。

We continue to make good progress on the Fulton first initiative.

我們在富爾頓優先計劃上繼續取得良好進展。

Overall, a solid first half of 2024 and a transformational quarter in many respects for our company.

總體而言，2024 年上半年表現強勁，對我們公司來說也是一個在許多方面都轉型的季度。

Now let me turn the call over to Betsy to discuss our financial performance in more detail and our guidance.

現在讓我將電話轉給 Betsy，更詳細地討論我們的財務表現和我們的指導。

Thank you, Curt, and good morning, everyone.

謝謝你，柯特，大家早安。

Unless I note otherwise, the quarterly comparisons I mentioned are with the first quarter of 2024 and loan and deposit growth numbers are annualized percentages on a linked quarter basis.

除非我另有說明，否則我提到的季度比較是與 2024 年第一季的比較，貸款和存款成長數字是按相關季度計算的年化百分比。

Starting on slide 4, operating earnings per diluted share this quarter were $0.47 on operating net income available to common shareholders of $82.5 million.

從投影片 4 開始，本季稀釋後每股營業利潤為 0.47 美元，普通股股東可獲得的營業淨利為 8,250 萬美元。

This compares to $0.4 of operating EPS in the first quarter of 2024.

相比之下，2024 年第一季的營運每股收益為 0.4 美元。

As Curt noted, excluding Republic, loan growth was $124 million or 2.3% during the quarter.

正如 Curt 指出的，不包括 Republic 在內，本季貸款成長為 1.24 億美元，即 2.3%。

Commercial lending contributed $39 million of this growth or about 1%.

商業貸款為這一增長貢獻了 3,900 萬美元，約佔 1%。

Commercial construction loans grew $64 million during the quarter and was offset by slight declines in commercial real estate, C&I and equipment finance.

本季商業建築貸款增加了 6,400 萬美元，但被商業房地產、工商業和設備融資的小幅下降所抵消。

Total commercial loans, including the acquired commercial portfolio, grew $1.8 billion or 13% linked quarter net of purchase accounting work.

包括收購的商業投資組合在內的商業貸款總額增加了 18 億美元，扣除採購會計工作後，季增了 13%。

Consumer lending produced growth of $87 million or 5% during the quarter, an increase of $102 million in residential mortgages, primarily adjustable rate was offset by decreases in other consumer categories, when layering in Republic's consumer portfolio, total consumer loans grew by $909 million or 12% linked quarter net of purchase accounting marks.

本季消費貸款增加了8,700 萬美元，即5%，住宅抵押貸款增加了1.02 億美元，主要可調整利率被其他消費類別的下降所抵消，當納入Republic 的消費投資組合時，消費貸款總額增長了9.09 億美元或12% 關聯季度扣除採購會計標記。

For the total acquired loan portfolio.

對於所獲得的貸款組合總額。

The yield to Fulton, including purchase accounting accretion, was in excess of 7.5% for the quarter.

本季富爾頓的收益率（包括購買會計增量）超過 7.5%。

Total deposits increased $3.8 billion or 17.6% linked quarter attributable to the Republic transaction.

由於 Republic 交易，總存款增加了 38 億美元，環比增加了 17.6%。

Legacy Fulton deposits grew by $254 million or 4.6% during the quarter, excluding the runoff in brokered CDs.

傳統富爾頓存款在本季度增長了 2.54 億美元，即 4.6%（不包括經紀 CD 的流失）。

Growth in time, deposits, money market and municipal balances more than offset the decline in non-interest bearing products.

定期存款、存款、貨幣市場和市政餘額的成長足以抵銷無息產品的下降。

Our non-interest bearing DDA balances ended the quarter at $5.6 billion or 21.9% of total deposits, which includes the deposits from Republic.

本季末，我們的無息 DDA 餘額為 56 億美元，佔總存款的 21.9%，其中包括來自 Republic 的存款。

Our net interest income guidance for 2024 assumes that we will continue to see migration from noninterest-bearing to interest-bearing deposits throughout 2024, but at a slower pace than we saw in 2023.

我們對 2024 年淨利息收入的指導假設，我們將在 2024 年繼續看到無利息存款向有息存款的遷移，但速度將慢於 2023 年。

On-balance sheet liquidity increased to 17.6% of assets with cash and deposits and other institutions increasing by $950 million and our investment portfolio increasing by $400 million.

表內流動性增加至資產的17.6%，其中現金、存款和其他機構增加了9.5億美元，我們的投資組合增加了4億美元。

The impact of the positive balance sheet trends, as shown on slide 6, net interest income was $242 million, a $35 million increase in net interest margin increased by 11 basis points to 3.43%.

受資產負債表正面趨勢的影響，如幻燈片6所示，淨利息收入為2.42億美元，增加了3,500萬美元，淨利差增加了11個基點至3.43%。

These meaningful increases were primarily driven by the benefit of the Republic transaction as well as the impact of the investment portfolio restructure.

這些有意義的成長主要是由共和國交易的好處以及投資組合重組的影響所推動的。

We sold $340 million of securities, yielding 3.34% and purchased $357 million of securities of similar type and duration yielding 5.74%.

我們出售了 3.4 億美元的證券，收益率為 3.34%，購買了 3.57 億美元的類似類型和期限的證券，收益率為 5.74%。

Loan yields increased 22 basis points during the period, increasing to 6.12% compared to 5.90% last quarter.

期內貸款收益率上升 22 個基點，從上季的 5.90% 增加到 6.12%。

Included in the loan yield is $9.8 million of accretion attributable to the interest rate marks on the acquired loan portfolio.

貸款收益率中包括因所收購貸款組合的利率標記而增加的 980 萬美元。

Also, the accretion of the non-PCD discount was $571,000 during the quarter, and we do exclude that from our operating earnings calculation.

此外，本季非 PCD 折扣的增加為 571,000 美元，我們確實將其排除在我們的營業收益計算之外。

Actual purchase accounting discount accretion going forward will be driven by the pace and magnitude of paydowns, payoffs, prepayments and other decreases in the acquired balances.

未來實際採購會計折扣的增加將由付款、付款、預付款和所購餘額的其他減少的速度和幅度驅動。

Our cost of total deposits increased 19 basis points to 2.14% during the quarter, primarily due to the higher cost of the acquired portfolio.

本季我們的總存款成本增加了 19 個基點，達到 2.14%，主要是由於所收購投資組合的成本較高。

Turning to asset quality on slide 7, while NPLs increased $6.2 million during the quarter, the NPL to loans ratio decreased from 73 basis points at March 31 to 67 basis points at quarter end.

轉向幻燈片 7 中的資產質量，雖然本季不良貸款增加了 620 萬美元，但不良貸款與貸款比率從 3 月 31 日的 73 個基點下降到季末的 67 個基點。

Net charge-offs were $11.3 million or 19 basis points.

淨沖銷額為 1,130 萬美元，即 19 個基點。

Gross charge-offs of $14 million were granular and were offset by $2.7 million of recoveries.

1,400 萬美元的沖銷總額是細粒度的，並被 270 萬美元的追償額所抵銷。

And our ACL as a percentage of loans increased to 1.56% at quarter end.

截至季末，我們的 ACL 佔貸款的百分比增加至 1.56%。

With that increase attributable to the allowance on the Republic portfolio, excluding the impact of the Republic transaction, ACL as a percentage of loans would have been relatively flat.

由於這一增長歸因於 Republic 投資組合的準備金，排除 Republic 交易的影響，ACL 在貸款中所佔的百分比將相對持平。

The credit mark on the acquired portfolio was a total of $79 million or 2.8% of loans as of the acquisition date.

截至收購日期，所收購投資組合的信用額度總計為 7,900 萬美元，佔貸款的 2.8%。

Turning to noninterest income on slide 8, non-interest income for the quarter was $93 million.

轉向幻燈片 8 上的非利息收入，該季度的非利息收入為 9,300 萬美元。

This included a loss on sale of investments of $20.3 million, offset by the $47.4 million bargain purchase gain attributable to the Republic transaction.

其中包括 2,030 萬美元的投資出售損失，但被 Republic 交易帶來的 4,740 萬美元討價還價購買收益所抵消。

Excluding these non-operating items, fee income was strong for the quarter, increasing $8.8 million, including $2.8 million impact from Republic and $6 million impact from the core business.

不包括這些非經營項目，本季的費用收入強勁，增加了 880 萬美元，其中包括來自 Republic 的 280 萬美元的影響和來自核心業務的 600 萬美元的影響。

Wealth management revenues of $21 million increased 835,000 linked quarter, another record for the company.

財富管理收入為 2,100 萬美元，季度增長 835,000 美元，創下該公司的另一個紀錄。

And as a reminder, wealth management represents almost one-third of our fee-based revenues with over 80% of those revenues.

需要提醒的是，財富管理幾乎占我們收費收入的三分之一，佔這些收入的 80% 以上。

Recurring market value of assets under management and administration remained at $15.5 billion as of June 30.

截至 6 月 30 日，管理和行政資產的經常性市場價值仍維持在 155 億美元。

Commercial banking fees increased in all categories, increasing $2.6 million, which included a $383,000 contribution by Republic.

所有類別的商業銀行費用均有所增加，增加了 260 萬美元，其中包括 Republic 貢獻的 383,000 美元。

Merchant cash management and SBA all showed solid linked-quarter growth.

商業現金管理和 SBA 均顯示出穩健的環比增長。

Consumer banking fees increased $3 million to $14.6 million, with Republic contributing $2.3 million to that increase.

消費者銀行費用增加了 300 萬美元，達到 1,460 萬美元，其中 Republic 貢獻了 23​​0 萬美元。

Mortgage banking revenues increased $860,000 to $4 million and was driven by a seasonal increase in mortgage origination as well as a stable gain on sale spreads.

抵押貸款銀行收入增加了 86 萬美元，達到 400 萬美元，這主要是由於抵押貸款發放的季節性增長以及銷售利差的穩定增長所推動的。

Moving to slide 9, non-interest expenses on an operating basis were $195 million, an increase of $25 million linked quarter, which includes a $17 million operating impact from Republic.

轉向幻燈片 9，營運基礎上的非利息支出為 1.95 億美元，環比增加 2500 萬美元，其中包括 Republic 帶來的 1700 萬美元營運影響。

Much of the core Fulton increase was due to a $5.7 million increase in salaries and benefits, which included the impact of April 1st merit increases.

富爾頓的核心成長大部分是由於薪資和福利增加了 570 萬美元，其中包括 4 月 1 日績效成長的影響。

Material items excluded from operating expenses as listed on Slide 19 were the following.

投影片 19 中列出的不計入營運費用的材料項目如下。

The $20.3 million gain on the sale-leaseback, which is included in our statements as a negative expense, $13.8 million in acquisition-related expenses, $6.3 million in Fulton first costs, and $4.6 million in total core deposit intangible amortization.

售後回租收益為 2,030 萬美元，在我們的報表中列為負費用，收購相關費用為 1,380 萬美元，富爾頓首次成本為 630 萬美元，核心存款無形攤銷總額為 460 萬美元。

On slide 10, you can see a snapshot of our capital base.

在投影片 10 上，您可以看到我們資本基礎的快照。

And as of June 30th, we maintained solid cushions over both the regulatory minimums and on a linked quarter basis, our capital ratios remain relatively flat.

截至 6 月 30 日，我們在監管最低標準和相關季度的基礎上保持了堅實的緩衝，我們的資本比率保持相對穩定。

On slide 10, you can see a snapshot of our capital base.

在投影片 10 上，您可以看到我們資本基礎的快照。

And as of June 30, we maintained solid cushions over both the regulatory minimums and on a linked quarter basis, our capital ratios remain relatively flat.

截至 6 月 30 日，我們在監管最低標準和相關季度的基礎上保持了堅實的緩衝，我們的資本比率保持相對穩定。

Moving to Slide 11, we are revising our operating earnings guidance upward to reflect the impact of the acquisition, the investment restructure, as well as a change in the interest rate forecast.

轉向投影片 11，我們正在上調營業利潤指引，以反映收購、投資重組以及利率預測變化的影響。

Our guidance now assumes a single 25 basis point decrease in Fed funds in September.

我們的指導現在假設 9 月聯邦基金減少 25 個基點。

Our operating guidance -- earnings guidance for 2024 is as follows.

我們的營運指引－2024 年獲利指引如下。

We expect net interest income on a non-fully tax equivalent basis to be in the range of $925 million to $950 million.

我們預計非完全稅等價的淨利息收入將在 9.25 億美元至 9.5 億美元之間。

We expect the provision for credit losses to be in the range of $40 million to $60 million, which excludes the $23 million non-PCD provision here in the second quarter.

我們預計信貸損失撥備將在 4,000 萬至 6,000 萬美元之間，其中不包括第二季 2,300 萬美元的非 PCD 撥備。

We expect non-interest expense on an operating basis to be in the range of $750 million to $770 million for the year.

我們預計今年的營運非利息支出將在 7.5 億美元至 7.7 億美元之間。

And lastly, we expect our effective tax rate to be in the range of 16% to 18% for the year.

最後，我們預計今年的有效稅率將在 16% 至 18% 之間。

And I will note that our second quarter effective tax rate was considerably lower, primarily due to the bargain purchase gain and how that is taxed related to the Republic transaction.

我要指出的是，我們第二季的有效稅率相當低，主要是由於討價還價購買收益以及與共和國交易相關的徵稅方式。

With that, we'll now turn the call back over to the operator for your questions.

這樣，我們現在會將電話轉回給接線員詢問您的問題。

(Operator Instructions)

（操作員說明）

Daniel Tamayo of Raymond James.

雷蒙德詹姆斯的丹尼爾塔馬約。

Good morning.

早安.

I just wanted to start on the net interest income guidance.

我只想從淨利息收入指導開始。

I know you guys normally don't break that out into margin and balance sheet, but just hoping you could give us a little more detail, given all the puts and takes happening with the acquisition and the restructurings.

我知道你們通常不會將其分解為利潤率和資產負債表，但只是希望你們能夠給我們更多細節，考慮到收購和重組中發生的所有看跌期權和賣出期權。

It appears that the margin would be coming down given your guidance in the third quarter, obviously, you've got accretion built into that number as well.

鑑於您在第三季的指導，利潤率似乎會下降，顯然，您的數字也有所增加。

But I'm just curious if you could give us any more detail on how we should be thinking about the margin in the balance sheet in the back half of the year.

但我只是好奇您是否能為我們提供更多細節，說明我們應該如何考慮下半年資產負債表的利潤率。

Yes, Dan, it's Curt.

是的，丹，我是柯特。

Good question.

好問題。

We do have a lot of different factors this quarter.

本季我們確實有很多不同的因素。

So we do not give forward guidance on net interest margin.

因此我們不對淨利差給予前瞻性指引。

However, the continued trend of non-interest-bearing flowing into interest-bearing, we expect to continue and we have one rate cut in the forecast and we continue to be asset sensitive.

然而，非計息資金流入計息資金的持續趨勢，我們預計將持續下去，並且我們預測會降息一次，並且我們繼續對資產敏感。

We're less asset-sensitive as we stand right now, but we are asset-sensitive.

我們現在對資產不太敏感，但我們對資產很敏感。

So those two factors would put pressure on the margin as we move forward.

因此，隨著我們的前進，這兩個因素會對利潤率造成壓力。

And that's why we really focus on the NII guide.

這就是我們真正關注 NII 指南的原因。

We feel comfortable with the update there and target those NII levels.

我們對那裡的更新感到滿意，並針對這些 NII 級別。

Okay.

好的。

Well, maybe just zoom in on the balance sheet.

好吧，也許只是放大資產負債表。

I think you guys are done with the restructurings, but if you could just kind of make sure we're clear on, from an average balance sheet perspective, how much impact is left from those restructurings?

我認為你們已經完成了重組，但如果你們能確保我們清楚，從平均資產負債表的角度來看，這些重組留下了多少影響？

And you're talking about the sale-leaseback and investment portfolio restructure.

您正在談論售後回租和投資組合重組。

So we have full reinvestment of those funds.

因此，我們對這些資金進行了全額再投資。

And then that net interest, positive net interest income impact is in the guide.

然後淨利息、正淨利息收入的影響在指南中。

And you've got to look at our investments on an ending balance basis to see where we ended up.

你必須在期末餘額的基礎上查看我們的投資，才能了解我們的最終結果。

Okay.

好的。

All right.

好的。

Well, thank you for all that.

嗯，謝謝你所做的一切。

I guess just just lastly, from a perspective of deposits.

我想，從存款的角度來看，這只是最後一個。

I'm just curious, and you mentioned some some runoff from Republic related to municipal relationships.

我只是很好奇，你提到了一些與市政關係有關的共和國徑流。

It sounded like those were expected.

聽起來這些都是預料之中的事。

Should we expect any other any incremental runoff from Republic Republic relationship?

我們是否應該期待共和國與共和國關係中出現任何其他增量徑流？

Well, we had in the investment deck for the transaction, we had modeled in $600 million of deposit runoff over a period of time.

嗯，我們在交易的投資平台上，對一段時間內 6 億美元的存款流失進行了建模。

The deposit runoff is coming down.

存款徑流正在下降。

That was very much initial days when -- right after the assumption.

那是在假設之後的最初幾天。

So the runoff continues to diminish and we'll feel comfortable with our original estimates.

因此徑流繼續減少，我們對最初的估計感到滿意。

Okay.

好的。

All right.

好的。

Well, thank you for taking my questions.

嗯，謝謝你回答我的問題。

Appreciate it.

欣賞它。

Frank Schiraldi of Piper Sandler.

派珀桑德勒 (Piper Sandler) 的弗蘭克席拉爾迪 (Frank Schiraldi)。

Good morning.

早安.

Just on the expense guide and -- as we think about cost saves coming through from FRBK, I think initially you talked about that franchise, ultimately the expense load from that franchise looking like maybe a $60 million run rate, which I assume you get to sometime next year.

就費用指南而言，當我們考慮FRBK 帶來的成本節省時，我想您最初談到了該特許經營權，最終該特許經營權的費用負擔看起來可能是6000 萬美元的運行費率，我認為您會得到明年的某個時候。

You obviously give the full-year range for 2024 for the combined organization.

顯然，您給了合併後的組織 2024 年的全年範圍。

But just wondering if you can give any thoughts around how that steps down through the back half of the year?

但只是想知道您是否可以對下半年如何逐步減少有任何想法？

And maybe where you anticipate exiting the year on that with Fulton First and acquisition cost saves baked in?

也許您預計今年將在哪裡退出富爾頓優先並節省購買成本？

Yeah, Frank.

是的，弗蘭克。

We are shooting for having the cost saves implemented by January 1 of '25.

我們力爭在 2025 年 1 月 1 日前實現成本節約。

There's obviously a process to that.

這顯然是有一個過程的。

We are targeting to integrate in the fourth quarter.

我們的目標是在第四季進行整合。

The expense guide we really looked at that as confirming our run rate in expenses and then incorporating the current run rate of Republic.

我們實際上將費用指南視為確認我們的費用運行率，然後納入共和國當前的運作率。

The way the numbers were finalized in the deal deck, we had $112 million of annual expenses, and that was pretty close to the target.

根據交易表中最終確定的數字，我們的年度支出為 1.12 億美元，這非常接近目標。

So we're factoring in our eight months of those expenses into the guide.

因此，我們將八個月的這些費用計入指南中。

We are working as diligently as we can to bring the costs down over the period of time, but we have integration to work through.

我們正在盡最大努力在一段時間內降低成本，但我們還需要整合。

We have financial centers to work through.

我們有金融中心可以通過。

And again, our focus is to retain customers and retain talent and work through that diligently.

再說一遍，我們的重點是留住客戶、留住人才，並努力解決這個問題。

So we're really shooting for that January 1 to have it in the run rate.

因此，我們確實希望 1 月 1 日能將其納入運行率中。

But we will be able to get some cost saves this year, but we really want to be at that point, and we feel comfortable being at that 40% cost saves that we had laid out originally.

但今年我們將能夠節省一些成本，但我們確實希望實現這一點，並且我們對最初計劃的 40% 成本節省感到滿意。

Okay.

好的。

And then that so that's still around [60] that's still somewhat $60 million a year in run rate so would it be

然後，這仍然是 [60] 左右，每年的運行率仍然是 6000 萬美元，所以會是這樣嗎？

--

--

Yes, it'd be yeah, plus or minus $60 million.

是的，是的，正負 6000 萬美元。

Okay.

好的。

And then just on the, purchase accounting accretion in the quarter did come a little bit ahead of my expectations.

然後，本季的採購會計成長確實有點超出了我的預期。

I don't necessarily recall what you guys were if you guys gave specifics during the deal.

如果你們在交易期間提供了具體信息，我不一定記得你們是誰。

But wondered, maybe if you could give any color there, around purchase accounting accretion.

但想知道，也許你可以在購買會計增值方面給出任何顏色。

Was it any different than your expectations?

和你的預期有什麼不同嗎？

And anything else that maybe has surprised you either positively or negatively, obviously, early days here, but following the deal?

還有什麼可能讓你感到驚訝的事情，無論是積極的還是消極的，顯然是在早期，但在交易之後呢？

So speaking to the purchase accounting kind of compared to what we projected in the bid process and the acquisition, all the marks came in real almost right online with where we had been where we had projected.

因此，就採購會計而言，與我們在投標過程和收購中預測的內容相比，所有標記幾乎都在網路上真實出現，與我們預測的位置一致。

So that's great news.

這是個好消息。

We are happy to see that both the interest rate mark, the CDI, as well as the credit marks.

我們很高興看到利率標記、CDI 以及信用標記。

And then we have a pretty granular process to calculate that accretion, which really is done on a loan-by-loan basis.

然後我們有一個非常精細的流程來計算增量，這實際上是在逐筆貸款的基礎上完成的。

So it's based on how those loans repay changes in balances during the quarter.

因此，它取決於這些貸款如何償還本季餘額的變化。

But again, that can change every quarter, that'll change based on prepayment experience.

但同樣，這可能每個季度都會發生變化，這會根據預付款經驗而變化。

But again, it was in line with our what we were projecting.

但同樣，這符合我們的預期。

Okay.

好的。

And then, yes, and then anything else that's surprised positively or negatively in the early days here, following the deal?

然後，是的，在交易完成後的早期，還有什麼其他令人驚訝的積極或消極的事情嗎？

Yeah.

是的。

We're working through it diligently.

我們正在努力解決這個問題。

I don't think we've had any big surprises.

我不認為我們有什麼大的驚喜。

We conducted the credit review overall on the portfolio, so that went as anticipated.

我們對投資組合進行了整體信用審查，結果符合預期。

And we continue to work diligently through the process

我們在整個過程中繼續努力工作

Thank you.

謝謝。

Thanks, Frank.

謝謝，弗蘭克。

Chris McGratty of KBW.

KBW 的克里斯麥克格拉蒂。

Thanks.

謝謝。

Curt, I just wanted to go back for a second on the balance sheet repositioning.

簡短地說，我只是想回顧一下資產負債表的重新定位。

Beyond the communicated restructuring, are you actively adding to the bond portfolio?

除了溝通的重組之外，您是否正在積極增加債券投資組合？

Is that something we should be thinking about or shrinking it, either way?

這是我們應該考慮或縮小的事情嗎？

So I don't want to say we're actively adding to the bond portfolio.

所以我不想說我們正在積極增加債券投資組合。

So clearly, liquidity is on everyone's mind at this point where we feel really comfortable where we are with liquidity, but we'll make those decisions, you know, monthly based on Alcoa.

很明顯，目前每個人都在考慮流動性，我們對流動性感到非常滿意，但我們將根據美鋁每月做出這些決定。

Overall, our long-term target for investments is 15% of total assets, and we're not quite there, but we were not we don't have definitive plans.

整體而言，我們的長期投資目標是佔總資產的15%，目前還沒有完全實現，但我們還沒有明確的計畫。

We monitor that month-in month-out based on our liquidity position, everything else with the balance sheet.

我們根據我們的流動性狀況以及資產負債表的其他所有內容每月進行監控。

Okay.

好的。

Thank you for that.

謝謝你。

And just to going back to the to the accretion income, just sorry for the follow-up here.

回到增加收入，對這裡的後續行動表示抱歉。

I think at the time of the merger was roughly 20% of the 20% accretion goes through accretion.

我認為在合併時，20% 的增值中大約有 20% 是透過增值進行的。

I believe the deal was in for roughly two months.

我相信這筆交易大約持續了兩個月。

So is it as simple near term I know it usually comes in a little higher to think about this quarter's accretion on a full quarter's basis, at least in the back half of the year.

短期內是否如此簡單？ 我知道，在整個季度的基礎上（至少在今年下半年）考慮本季的成長通常會更高一些。

That has that kind of what's in your guide.

你的指南裡就有這樣的內容。

So it's too early to tell.

所以現在說還太早。

I think annualizing the two months for the rest of the year might be a little bit rich.

我認為將今年剩餘時間的兩個月年化可能有點豐富。

But, I mean, that's obviously a starting point.

但是，我的意思是，這顯然是一個起點。

But I think, and again, depends what rates do and what prepayments do on the portfolio.

但我認為，這取決於利率和預付款對投資組合的影響。

So it may very well come in a little bit less compared to annualizing for two months.

因此，與兩個月的年化相比，它的收入很可能會少一些。

I'd be cautious doing that.

我這樣做會很謹慎。

Understood.

明白了。

Thank you.

謝謝。

And then maybe last one, Curt, on the buyback.

然後也許是最後一個，柯特，關於回購。

I think, is it fair to assume you're kind of on hold for the rest of the year as you guys go through the integration and kind of figure out where you're at?

我認為，假設你們在今年剩下的時間裡處於等待狀態，因為你們正在經歷整合並弄清楚自己所處的位置，這樣公平嗎？

Yeah, definitely.

是的，絕對是。

Our team is focused on integration right now.

我們的團隊現在專注於整合。

We had said previously that we probably wouldn't look at buybacks until next year.

我們之前曾說過，我們可能要等到明年才會考慮回購。

We do have an authorization in place, but capital liquidity and effective integration are really what our focus is right now.

我們確實有授權，但資本流動性和有效整合才是我們現在的重點。

Thank you.

謝謝。

David Bishop of Hovde Group

Hovde 集團的大衛畢肖普

Hey, good morning.

嗨，早安。

Just curious, Curt and Betsy, maybe, hasn't been a lot of focus, but the loan pipeline and sort of legacy loan demand.

只是好奇，科特和貝特西也許並沒有引起太多關注，但貸款管道和某種遺留貸款需求。

Just curious what you're seeing and hearing from your commercial, not only relationship managers but your borrowing base.

只是好奇您從廣告中看到和聽到的內容，不僅是客戶經理，還有您的借貸基礎。

Yeah.

是的。

The pipeline is steady.

管道平穩。

I mean, we've had pretty modest growth organically.

我的意思是，我們的有機成長相當溫和。

We expect that to continue.

我們預計這種情況會持續下去。

Customers are being conservative and we are being diligent on what we add to the portfolio right now.

客戶很保守，而我們現在正在努力添加到產品組合中。

So that the low single-digit organic growth rate is what we would expect from the legacy Fulton portfolio.

因此，低個位數的有機成長率正是我們對傳統富爾頓投資組合的預期。

And then we're working through the Republic portfolio, getting to know those customers, and then growing from that point forward.

然後我們正在研究Republic 產品組合，了解這些客戶，然後從那時起不斷發展。

So we would expect limited or single-digit organic loan growth going forward.

因此，我們預計未來有機貸款成長有限或個位數。

And our pipelines and customer activities seem to support us being able to do that.

我們的管道和客戶活動似乎支持我們能夠做到這一點。

Got it.

知道了。

I appreciate that.

我很感激。

And then, sort of harkening back to the earlier question about liquidity.

然後，有點回到之前關於流動性的問題。

I know, Betsy, as expected, liquidity cash built pretty materially here.

我知道，貝特西，正如預期的那樣，流動性現金在這裡累積得相當多。

How should we think about that balance, that billion dollars or so over the course of the rest of the year?

我們該如何看待這項餘額，也就是今年剩餘時間約十億美元的餘額？

So we talked about in the acquisition that we were planning on letting our brokered CD portfolio roll-off, which is at Fulton.

因此，我們在收購中談到，我們計劃讓我們的經紀 CD 投資組合在富爾頓進行轉存。

There we have an additional $800 million in brokered CDs, most of that rolls off third and fourth quarter.

我們還有另外 8 億美元的經紀 CD，其中大部分在第三和第四季滾動。

Again, our initial intention was to let that roll off, but there is just incredible, as you know, incredible discussion around liquidity and what we need to maintain.

同樣，我們最初的意圖是讓這種情況發生，但正如你所知，圍繞流動性和我們需要維持什麼進行了令人難以置信的討論。

And we're working through that.

我們正在解決這個問題。

And those expectations continue to migrate a little bit.

這些期望繼續發生一些變化。

So depending upon how all that flows together, but if we lap, we would not use that liquidity for -- we've not let that go down more than letting those brokered maturities roll off, which, again, is about $800 million or $750 million before the end of the year.

因此，這取決於所有這些如何流動在一起，但如果我們重疊，我們不會將流動性用於- 我們不會讓流動性下降更多，而不會讓那些經紀到期日滾存，這又是約8 億美元或750 美元年底前達萬元。

Got it.

知道了。

And do you know the weighted average rate on those brokered CDs?

您知道這些經紀 CD 的加權平均利率嗎？

I sure do on about 5.28%

我確信大約 5.28%

A great.

一個了不起的。

Appreciate the color.

欣賞顏色。

Manuel Novell's of DA Davidson & Co.

諾維爾 (Manuel Novell)

Hey, good morning.

嗨，早安。

What would it take to drive a pickup in loan growth?

怎樣才能推動貸款成長回升？

You have strength in resident real estate and construction this quarter, but that could fall off, it would be based on prior pipelines.

本季居民房地產和建築業有實力，但可能會下降，這將基於先前的管道。

But do you need rate cuts to drive broader loan growth or do you have, like, less do you have a limited appetite at the moment as you integrate?

但是，你是否需要降息來推動更廣泛的貸款成長，或者你是否需要降息，例如，在整合過程中你目前的興趣有限？

We are being very prudent in this market, specifically on real estate lending and being very diligent about our credit decisions right now.

我們在這個市場上非常謹慎，特別是在房地產貸款方面，並且目前對我們的信貸決策非常謹慎。

It's a combination of borrower demand and us navigating prudently is on what we put on the portfolio.

這是藉款人需求和我們謹慎行事的結合，也是我們在投資組合中的投資。

So it's a combination of those two things and but up.

所以它是這兩件事的結合，但向上。

And but we really think given our position in the market right now, that low single digit loan demand is an appropriate growth rate to make sure we're not putting on undue risks in a market like this.

但我們確實認為，鑑於我們目前在市場上的地位，低個位數的貸款需求是一個適當的成長率，以確保我們不會在這樣的市場中承擔過度的風險。

I appreciate that.

我很感激。

With the attrition target on the deposit side was roughly modeled at $600 million.

存款方面的流失目標大致為 6 億美元。

Do you expect to get to that or is the $400 million that you've already seen kind of the most that you're going to have?

您是否期望達到這個目標，或者您已經看到的 4 億美元是否是您將擁有的最高金額？

Yeah.

是的。

So the attrition has flattened out for sure.

因此，損耗肯定已經趨於平緩。

There were big chunks and early on.

早期就有大塊。

But we're continuing to work through integration.

但我們正在繼續進行整合工作。

We will get to the point we're going to grow the portfolio and customer base, but we're still very early on in the acquisition.

我們將達到擴大產品組合和客戶群的目的，但我們仍處於收購的早期階段。

And again, this was an FDIC-assisted deal.

再說一遍，這是一項由 FDIC 協助的交易。

Customers had a lot of concern going into it.

客戶對此有很多擔憂。

We alleviated a lot of those concerns, but there were a lot of moving parts that our teams done just an outstanding job.

我們減輕了很多這些擔憂，但我們的團隊在許多變化的部分做得非常出色。

And when I say our team, I mean the Fulton team and the Republic team, has done an outstanding job taking care of customers, staying close to customers.

當我說我們的團隊時，我指的是富爾頓團隊和共和團隊，他們在照顧客戶、貼近客戶方面做得非常好。

And we feel really good moving forward that we'll reach a base and then we'll be able to grow as we grow the overall franchise from that point.

我們感覺非常好，我們將達到一個基礎，然後隨著我們從那時起發展整個特許經營權，我們將能夠成長。

We're just trying to get our footing.

我們只是想站穩腳步。

And it's certainly the runoff is certainly diminishing.

徑流肯定正在減少。

And again, it was a handful of customers and proactive measures from our standpoint to as we got in and really knew the portfolio to get rid of non-relational, brokered, wholesale, Internet-driven kind of things to clean that up.

再說一次，從我們的角度來看，這是少數客戶和積極主動的措施，當我們進入並真正了解投資組合時，我們要擺脫非關係型、經紀型、批髮型、互聯網驅動型的事物來清理這一問題。

So we feel good about where we're headed and we still are confident in the original pro forma for the deal.

因此，我們對未來的發展方向感到滿意，並且仍然對最初的交易預期充滿信心。

Okay.

好的。

Can I shift over a question on credit?

我可以透過信用方式轉移問題嗎？

There's a little bit of just a modest step up in net charge-offs, mainly on the commercial side.

淨沖銷略有增加，主要是在商業方面。

Can you just talk through that a little bit?

能簡單談談嗎？

And it seems like you're guiding to provision costs much lower than consensus heading into the quarter.

看來您指導的準備成本比進入本季度的共識要低得多。

Just kind of talk about that thought process overall.

只是談談整體的思考過程。

Yeah.

是的。

So charge-offs for the quarter, it's really just timing on we have it allocated whether we take the charge off or not.

因此，本季的沖銷，實際上只是我們分配的時間，無論我們是否沖銷費用。

So those things are just timing.

所以這些事情只是時間問題。

We look at the provision, run the model, look at the provision and we've had pretty stable credit metrics in the core portfolio.

我們查看準備金，運行模型，查看準備金，我們在核心投資組合中擁有相當穩定的信用指標。

And we don't see anything right now that would change those.

我們現在看不到任何可以改變這些的事情。

I mean, we'll see how we move forward.

我的意思是，我們將看看如何前進。

I mean it is the biggest variable in this market, but we've been pretty consistent around that $10 million a quarter in provision need given our growth rates and given the credit portfolio.

我的意思是，這是這個市場中最大的變量，但考慮到我們的成長率和信貸投資組合，我們一直在每季 1000 萬美元的準備金需求上保持一致。

We feel good about the credit mark that we have on the Republic portfolio as we integrate those two.

當我們整合這兩者時，我們對 Republic 投資組合的信用評分感到滿意。

So we feel we're moving forward in provisioning for changes in either economic conditions or individual borrowers is how the provision will change going forward.

因此，我們認為，我們正在為經濟狀況或個人借款人的變化提供準備金，這就是未來準備金的變化方式。

But that we have no reason to not continue to commit to our guidance initial guidance in credit.

但我們沒有理由不繼續致力於我們的信貸初步指導。

Appreciate that.

感謝。

Thank you.

謝謝。

David Perednik of Stephens.

史蒂芬斯的大衛·佩雷德尼克。

Good morning, guys.

早上好傢伙。

This is David Miraxion on for Matt Breese.

我是大衛‧米拉克西翁 (David Miraxion)，替馬特‧布里斯 (Matt Breese) 發言。

I was wondering if we could start on the loan side, if you guys could give us an update on what percent of the book is floating rate and then if you have the yield for the floating rate book fixed rate book?

我想知道我們是否可以從貸款方面開始，你們能否給我們更新一下浮動利率書籍的百分比，然後你們是否有浮動利率書籍固定利率書籍的收益率？

Certainly their revenue overall I know one the Republic 85% of the Republic rate is fixed.

當然他們的總體收入我知道一個共和國85%的共和國稅率是固定的。

So that would move the that's what I said in my earlier comment around taking a little asset sensitivity off the table for us, but the overall, Betsy can give you an order book.

因此，這將改變我在之前的評論中所說的關於為我們消除一點資產敏感性的問題，但總的來說，貝特西可以給你一個訂單簿。

Yes, just as of June 30, about 68% portfolio tied to the shorter end of the curve one year or less and 30% is fixed rate.

是的，截至 6 月 30 日，大約 68% 的投資組合與曲線較短一端掛鉤一年或更短，30% 是固定利率。

And again, that's overall.

再說一次，這就是總體情況。

So that would include the Republic portfolio, which I mentioned right before.

因此，這將包括我之前提到的共和國投資組合。

And then by chance, do you have the yield and the floating book and the fixed rate?

然後碰巧，你有收益率、浮動帳面和固定利率嗎？

We do not have that handy.

我們沒有那個方便。

And I just kind of touch on the same thing as well, is there any chance you have the yield on the roll on Burress roll-off yields for this quarter?

我也談到了同樣的事情，您是否有可能獲得本季 Burress 滾存收益率的滾存收益率？

We do not have those handy.

我們手邊沒有那些。

You mean on the loans or rather you will see these loans?

你的意思是貸款或更確切地說你會看到這些貸款？

Yes, we typically have not talked at that spot rate basis, and we do not have that handy.

是的，我們通常沒有以即期匯率為基礎進行談判，而且我們也沒有方便的手段。

And we don't have the detail, but I think we're comfortable that what's coming on at a higher rate than our rolling off.

我們沒有細節，但我認為我們對發生的事情的速度比我們的滾動速度更高感到滿意。

Right.

正確的。

Got it.

知道了。

And then you talked a little bit on the deposit side of expecting non-interest and deposits tend to shift out throughout the end of the year.

然後您談到了存款方面的一些情況，預計非利息和存款往往會在年底轉移。

What's your guys' expectation on where you think deposit costs are going to speak at what level?

你們對存款成本將達到什麼水準有何期望？

Yes, we had.

是的，我們有。

We continue to drift down the or the linked quarter reduction was some was pretty muted and we just expect drift down from here.

我們繼續下降，或者相關的季度削減幅度相當小，我們只是預計從這裡開始下降。

I think we ended the quarter at 21.9%.

我認為本季末我們的成長率為 21.9%。

And the underlying customer trends seem to continue that we'll have that migration, but we have not seen significant.

潛在的客戶趨勢似乎仍在繼續，我們將進行這種遷移，但我們還沒有看到重大的變化。

We look we provide in the overall earnings deck and things that the long-term trend.

我們著眼於我們提供的整體收益和長期趨勢。

And you can see that that lands us if you look at that over a long term, 30 plus years, we should land in the low 20% where they are right now, we expect to be in this range 20% to 22%, but we'll see a higher for longer rates.

你可以看到，如果你從長遠來看，30多年，我們應該會落在現在的20%以下，我們預計會在20%到22%的範圍內，但是我們會看到更長的利率更高。

We have not had that for a long time.

我們已經很久沒有這樣了。

So customers will continue to seek yield, and we'll see how that plays out plays out if rates stay higher for longer.

因此，客戶將繼續尋求收益，如果利率長期保持在較高水平，我們將看到結果如何。

Great.

偉大的。

And do you think the cost of those deposits will change peak out by the end of the year?

您認為這些存款的成本會在今年底達到高峰嗎？

Yes, there's a lot of noise in this quarter because we added the Republic deposits.

是的，這個季度有很多噪音，因為我們增加了共和國存款。

But if you look at the underlying core Fulton, deposit, Delta and beta, we are moderating.

但如果你看看底層的核心富爾頓、存款、德爾塔和貝塔，我們正在放緩。

Got it.

知道了。

Awesome.

驚人的。

Appreciate the time.

珍惜時間。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd like to turn it back to Curt Myers for closing remarks.

我想請科特·邁爾斯做結束語。

We'll thank you again for joining us today, and we hope you'll be able to be with us when we discuss third quarter results.

我們將再次感謝您今天加入我們，我們希望您能夠在我們討論第三季業績時與我們在一起。

And after that, thanks, everyone.

然後，謝謝大家。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。