Glacier Bancorp Inc (GBCI) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to the Glacier Bancorp second quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 Glacier Bancorp 第二季度收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。

And now I'd like to hand the conference over to your speaker today, Randy Chesler, President and CEO of Glacier Bancorp. Please go ahead.

現在我想將會議交給今天的發言人、Glacier Bancorp 總裁兼執行長 Randy Chesler。請繼續。

All right. Thank you, Justin, and good morning and thank you for joining us today. With me here in Kalispell this morning is Ron Copher; Chief Financial Officer; Byron Pollan, our Treasurer; Tom Dolan, our Chief Credit Administrator; Don Chery, our Chief Administrative Officer, and joining us on the phone is Angela Dose, our Chief Accounting Officer.

好的。謝謝賈斯汀，早安，謝謝您今天加入我們。今天早上羅恩·科弗和我一起來到卡利斯佩爾。財務長；拜倫‧波倫，我們的財務主管； Tom Dolan，我們的首席信貸管理員；我們的首席行政官唐·切裡 (Don Chery) 和我們的首席會計官安吉拉·多斯 (Angela Dose) 通了電話。

I'd like to point out that the discussion today is subject to the same forward-looking considerations starting on page 13 of our press release, and we encourage you to review this section. The positive trends that were evident in our first quarter came into sharper focus in the second quarter.

我想指出，今天的討論同樣受到從我們新聞稿第 13 頁開始的前瞻性考慮，我們鼓勵您查看本節。第一季明顯的正面趨勢在第二季變得更加引人注目。

We had strong EPS growth for the quarter, driven by lower non-interest and credit loss expense. Net income was $44.7 million for the quarter, which increased $12.1 million or 37% from the prior quarter. Net interest margin grew 9 basis points from 2.59% in the prior quarter to 2.68%.

在非利息和信貸損失費用下降的推動下，我們本季的每股盈餘成長強勁。該季度淨利潤為 4,470 萬美元，比上一季增加 1,210 萬美元，即 37%。淨利差從上季的2.59%上升9個基點至2.68%。

Net interest income ended the quarter at $166.5 million, which was flat compared to the prior quarter. This was driven by a decrease in interest income of $5.6 million in the quarter, primarily due to using cash which we deposit at the Fed and earned 5.4% on to pay down borrowings at the end of the prior quarter, which drove a decrease in interest expense of $5.6 million.

本季末淨利息收入為 1.665 億美元，與上一季持平。這是由於本季利息收入減少 560 萬美元，主要是由於我們使用存入美聯儲並賺取 5.4% 利息的現金來償還上一季末的借款，從而導致利息下降費用560萬美元。

We expect to see net interest income growth in the third and fourth quarters and into 2025. The loan yield for the current quarter was 5.58%, it increased 12 basis points from 5.46% in the prior quarter and increased 46 basis points from the prior year of second quarter.

我們預計第三季和第四季以及 2025 年淨利息收入將出現成長。本季貸款殖利率為5.58%，較上季的5.46%上升12個基點，較去年第二季上升46個基點。

Our total cost of funding in the quarter, including non-interest bearing deposits decreased 4 basis points from the prior quarter to a total cost of funding of 180 basis points, driven by our reduction in borrowings. Core deposit funding cost increased 2 basis points, ending the quarter at 136 basis points.

由於借款減少，我們本季的總融資成本（包括無息存款）比上一季下降了 4 個基點，至 180 個基點。核心存款融資成本增加 2 個基點，本季末為 136 個基點。

Borrowing cost increased 14 basis points, but the average borrowing balance decreased by $735 million, which is why interest expense decreased for the quarter. We were pleased to see non-interest bearing deposits of $6 billion increased $38.4 million or 3% annualized during the quarter.

借款成本增加了 14 個基點，但平均借款餘額減少了 7.35 億美元，這就是本季利息支出下降的原因。我們很高興看到本季 60 億美元的無息存款增加了 3,840 萬美元，年化成長率為 3%。

While core deposits of $20 billion were down versus the prior quarter excluding the Wheatland acquisition, they were essentially flat to the prior year second quarter. For provision expense, we reserved $3.5 million in the quarter, which includes $5.1 million of credit loss expense and $1.6 million of credit loss benefit from the unfunded loan commitments reserve.

雖然核心存款較上一季（不包括 Wheatland 收購）下降了 200 億美元，但與去年第二季基本持平。對於撥備費用，我們在本季度預留了 350 萬美元，其中包括 510 萬美元的信用損失費用和來自無資金準備的貸款承諾準備金的 160 萬美元的信用損失收益。

We kept a percentage of provision to loans, essentially flat to the last quarter at 1.19%. Our credit performance continued to be very stable. Non-performing assets, the bank assets and net charge-offs to average loans perform very well.

我們維持貸款準備金百分比為 1.19%，與上季基本持平。我們的信用表現仍然非常穩定。不良資產、銀行資產和平均貸款淨沖銷表現非常出色。

Early stage delinquencies decreased $12.7 million from the prior quarter, early-stage delinquencies of $49.7 million as a percentage of loans were 0.29% versus 0.37% in the prior quarter. Non-interest expense ended the quarter at $141 million, down $10.9 million or 7% versus the prior quarter, primarily due to a reduction in regulatory assessments, acquisition-related expenses and expenses associated with tax credit investments.

早期拖欠額較上一季減少 1,270 萬美元，早期拖欠額為 4,970 萬美元，佔貸款的比例為 0.29%，上一季為 0.37%。本季末非利息支出為 1.41 億美元，比上一季下降 1,090 萬美元，即 7%，這主要是由於監管評估、收購相關支出以及稅收抵免投資相關支出的減少。

Additionally, we had one-time branch building sale gains of $1.9 million in the quarter that reduced our expenses. Non-interest income for the quarter was $32.2 million, reflecting a good pickup at the beginning of the summer, including increases in both service charges and gain on sale of residential loans.

此外，本季我們的一次性分行大樓銷售收益為 190 萬美元，這減少了我們的開支。本季非利息收入為 3,220 萬美元，反映出夏初的良好回升，包括服務費和住宅貸款銷售收益的增加。

The loan portfolio of $16.9 billion increased a $119 million or 3% annualized during the quarter, reflecting continued steady disciplined growth. Stockholders' equity of $3.1 billion increased $26.7 million or 1% during the current quarter and increased $211 million or 7% over the prior year second quarter.

本季貸款組合達 169 億美元，年增 1.19 億美元，增幅為 3%，反映出持續穩定的有序成長。本季股東權益 31 億美元，比去年第二季增加 2,670 萬美元，成長 1%，比去年同期增加 2.11 億美元，成長 7%。

We also declared a quarterly dividend of $0.33 per share. The company has declared 157 consecutive quarterly dividends and as it increased the dividend 49 times.

我們也宣布派發每股 0.33 美元的季度股息。該公司已連續157次宣布季度股息，並增加了49次股息。

In mid-February, we announced a purchase and assumption agreement with Heartland Bank, who had decided to exit the Montana market. We purchased six Montana branches of its Rocky Mountain Bank division, including the deposits, loans, owned real estate and fixed assets associated with the branches.

2 月中旬，我們宣布與決定退出蒙大拿州市場的 Heartland Bank 達成購買和接管協議。我們購買了落基山銀行部門的六個蒙大拿分行，包括與分行相關的存款、貸款、自有房地產和固定資產。

As I previously noted, it is a rare opportunity to purchase six branches of a well running franchise in good markets where we already have divisional branch leadership and a good knowledge of the customers. This transaction includes high quality deposits and loans and a great team of employees too.

正如我之前指出的，這是一個難得的機會，可以在良好的市場中購買運營良好的特許經營權的六個分支機構，我們已經在這些市場中擁有部門分支機構的領導地位並且對客戶有很好的了解。這項交易包括高品質的存款和貸款以及優秀的員工團隊。

We expect to close this transaction at the end of the day today and convert these branches to Glacier systems over this weekend. We welcome our new Rocky Mountain Bank teammates and their customers, the Glacier Bancorp.

我們預計在今天結束時完成這筆交易，並在本週末將這些分支機構轉換為 Glacier 系統。我們歡迎落基山銀行的新同事及其客戶 Glacier Bancorp。

So that ends my formal remarks, and I would now like Justin to open the line for any questions that our analysts may have.

我的正式演講到此結束，現在我希望賈斯汀能夠解答我們的分析師可能提出的任何問題。

(Operator Instructions) Matthew Clark, Piper Sandler.

（操作員說明）Matthew Clark、Piper Sandler。

Hey, good morning, everyone.

嘿，大家早安。

Good morning.

早安.

First one for me, just on the Heartland loan to deposits that are coming over this evening. Can you just update us on those balances?

對我來說，第一個是關於今晚即將到來的中心地帶存款貸款。您能給我們更新一下這些餘額嗎？

Sure. Ron, do you want to go through what the -- we just are totaling up the numbers today. So I believe where we ended up were $403 million in deposits and loans run were finally about $280 million in loans.

當然。羅恩，你想了解我們今天剛剛匯總的數字嗎？因此，我相信我們最終的存款為 4.03 億美元，貸款最終約為 2.8 億美元。

Okay. Got it. And then just on the accretion that's expected to come through, I think it was assumed to be $17 million over five years previously. Any update to that number?

好的。知道了。然後就預計將實現的成長而言，我認為五年前預計將達到 1700 萬美元。該號碼有更新嗎？

Yeah. It just, estimate -- current estimate is $16 million, still over five years, still very positive.

是的。只是估計——目前的估計是 1600 萬美元，仍然超過五年，仍然非常樂觀。

Okay. And then on the deposit costs, the increase slowed here which is good to see. I guess what's your outlook for the upcoming quarter, you feel like you can stabilize here? Or do you feel like you might trick a little higher or have you started to trim deposit rates?

好的。然後在存款成本方面，成長放緩，這是好事。我想你對下個季度的展望是什麼，你覺得你可以穩定下來嗎？或者你覺得你可能會欺騙更高一點或你已經開始削減存款利率了嗎？

Yeah, Matthew, this is Byron. I can address that. Yeah, we did have a lot of success in continuing to stabilize our costs. I think we can hold that. So from here, we are -- we do continue to test customer acceptance of lower rates. We are having some success in some cases.

是的，馬修，這是拜倫。我可以解決這個問題。是的，我們在繼續穩定成本方面確實取得了巨大的成功。我認為我們可以堅持下去。因此，從這裡開始，我們確實繼續測試客戶對較低費率的接受度。我們在某些​​情況下取得了一些成功。

We still see a little bit of rate migration. So that's kind of a headwind there. But overall, I think we will be able to continue to see cost stabilization in our overall total deposit costs.

我們仍然看到一些利率遷移。所以這是一種逆風。但總體而言，我認為我們將能夠繼續看到整體存款成本的成本穩定。

Okay. And then just any update on the 3% NIM guide for 4Q, is that still hold true?

好的。然後，第四季度 3% NIM 指南的任何更新，這仍然適用嗎？

Yeah. In terms of margin, I think the same drivers we've discussed before are still there. We're pretty much in the same place. We have very strong of dynamics, including asset repricing momentum, that is still there.

是的。就利潤率而言，我認為我們之前討論過的驅動因素仍然存在。我們幾乎在同一個地方。我們擁有非常強勁的動力，包括資產重新定價勢頭，這一點仍然存在。

On top of that, we have the Rocky Mountain branch acquisition that, as Randy said, settled today. So that will provide some boost. So as we go through the year, we are expecting to see growth and as we exit the year, I do think we'll be in the neighborhood of 3%.

最重要的是，正如蘭迪所說，我們今天完成了對落磯山分公司的收購。這將提供一些推動。因此，當我們度過這一年時，我們預計會看到成長，而當我們結束這一年時，我確實認為我們的成長率將在 3% 左右。

Okay. And then just on securities repricing, I think you have a bigger slug that reprices next year. Can you just quantify that amount when that occurs and what yield that's at?

好的。然後就證券重新定價而言，我認為明年會出現更大的重新定價。您能否量化發生這種情況時的金額以及其產量？

Yeah. We do have some chunkier treasury securities that will mature beginning really in the fourth quarter of next year, somewhere in the neighborhood of $250 million. I don't have a yield for you on that, but consider them to be low.

是的。我們確實有一些更厚實的國債，這些證券將於明年第四季真正開始到期，價值約 2.5 億美元。我對此沒有任何收益，但認為它們很低。

Okay. And then just on expenses, some moving parts there this quarter. The branch sale gain that, I think there was a refund on FDIC insurance relative to your prior estimate, you've got the closure charges and then the performance comp adjustment seems like the adjusted run rate maybe going forward or at least when you normalize it for this quarter was around $143.4 million. Any updated thoughts on the run rate guidance here in three and 4Q?

好的。然後就費用而言，本季有一些部分發生了變化。分行銷售收益是，我認為 FDIC 保險相對於您先前的估計有退款，您已經獲得了關閉費用，然後績效補償調整似乎調整後的運行率可能會繼續前進，或者至少在您將其標準化時本季度的銷售額約為1.434 億美元。關於第三季和第四季的運行率指引有什麼最新的想法嗎？

Yeah, Ron here. Matthew, let me just take our audience through how we get there. So we had $141 million in the second quarter. If you subtract out the merger related expenses of [$1.8 million], but then add back which you mentioned, we had the gain on the sale of former branch, $1.9 million.

是的，羅恩在這裡。馬修，讓我向觀眾介紹我們是如何實現這一目標的。因此，我們第二季的營收為 1.41 億美元。如果你減去[180萬美元]的合併相關費用，然後再加上你提到的費用，我們就可以從出售前分行中獲得190萬美元的收益。

The FDIC, we accrued $1.5 million in Q1, but that $500,000 left. So we're adding back $500,000 there. And then the reduction in the performance-based compensation, $1.8 million. We added up at about $143.4 million, which at the low end of what I previously guided, $144 million to $146 million.

FDIC，我們在第一季累積了 150 萬美元，但還剩下 50 萬美元。所以我們在那裡加回 50 萬美元。然後基於績效的薪酬減少了 180 萬美元。我們加起來約為 1.434 億美元，這是我之前指導的 1.44 億至 1.46 億美元的最低值。

So again, compliments to the divisions. All eyes are focused on it. That being said, there's still a very much inflationary pressure as multiyear contracts come for renewal, just headwinds in that regard. With that in mind, the guide for Q3 is $145 million to $147 million.

再次向各部門致意。所有人的目光都集中在這裡。話雖如此，隨著多年期合約的續簽，通膨壓力仍然很大，這只是阻力。考慮到這一點，第三季的指導值為 1.45 億至 1.47 億美元。

And the reason for that we're going to have some picking up the six branches, if you will, even though they'll still be branch consolidation, there will be more units. So we'll have some additional non-interest expense coming from that business combination. But then we're continuing to invest in our control functions. And so, just important, we will keep that up. So again, repeating a $145 million to $147 million for Q3.

原因是我們將有一些人接管六個分支機構，如果你願意的話，即使它們仍然是分支機構合併，但將會有更多的單位。因此，我們將因業務合併而產生一些額外的非利息費用。但隨後我們將繼續投資我們的控制功能。因此，重要的是，我們將繼續保持這一點。再次重複第三季的 1.45 億至 1.47 億美元。

Okay. Thank you.

好的。謝謝。

Jeff Rulis, D.A. Davidson.

傑夫·魯利斯，D.A.戴維森。

Thanks. Good morning.

謝謝。早安.

Good morning, Jeff.

早安，傑夫。

Byron, I just wanted to go back to the margin. So to get to [3%] it's like we got to double the sequential increase of the second quarter. I just want to make sure that's because you see an acceleration of margin from the Q2 jump-off point, is that right?

拜倫，我只是想回到邊緣。因此，要達到 [3%]，就好像我們必須將第二季的環比增幅翻倍。我只是想確定這是因為您看到利潤率從第二季的起點開始加速，對嗎？

Yeah. We do see some acceleration. I don't know if doubling is the right way to think about it, but we do see some acceleration in the third quarter and some momentum carrying into the fourth quarter as well.

是的。我們確實看到了一些加速。我不知道翻倍是否是正確的思考方式，但我們確實看到第三季出現了一些加速，第四季也出現了一些勢頭。

Okay. And do you have the exit margins or maybe the June average?

好的。您有退出利潤率或六月平均嗎？

I have the June margin, was [270] for the month of June.

我有 6 月的保證金，6 月的保證金是 [270]。

Great, thank you. Just wanted to hop over to the fee income side. I thought that was a pretty impressive quarter as Randy said, that service charge, miscellaneous fees, gain on sale. I -- maybe not interested in your thoughts about the sustainability of that growth rate, or is that sort of a leg up from a full quarter of weak wind trying to unpack or is it maybe some seasonal tailwinds? Anyway, just checking in on that growth rate and see the comfortability that going forward?

太好了，謝謝。只是想跳到費用收入方面。我認為正如蘭迪所說，這是一個相當令人印象深刻的季度，服務費、雜費、銷售收益。我——也許對你對成長率可持續性的看法不感興趣，或者這是否是整個季度的弱風試圖解開的一種支撐，或者可能是一些季節性的順風？無論如何，只是檢查增長率並看看未來的舒適度？

Yeah. It's Ron, here. I would say, it's sustainable. Tourism is still very active for our communities, service charges, new accounts. We continue to be very focused on opening checking accounts, all of that is a positive. Just a point of reference, the gain on sale that thing will just be flat there. But overall, pretty positive.

是的。我是羅恩，在這裡。我想說的是，這是可持續的。旅遊業對於我們的社區、服務費、新帳戶來說仍然非常活躍。我們繼續非常注重開設支票帳戶，所有這些都是積極的。只是一個參考點，該東西的銷售收益將會持平。但總體而言，相當積極。

Okay. And Ron, would expect seasonality there. So it sounds like Q3 is pretty strong and robust, but maybe as we get into Q4 and Q1, maybe softens up a bit or --

好的。羅恩預計那裡會有季節性。所以聽起來第三季相當強勁，但也許當我們進入第四季和第一季時，可能會軟化一點，或者--

Exactly. as you know, the effect.

確切地。如你所知，效果。

Okay. And one other one just to touch on the amount of loan balances that decline in the construction segment. My guesses is as finished projects and I guess more interested in the go forward, is that pipeline refilling? What would be the outlook on the second half for growth? You've been pretty consistent in the low to mid-single digit, but I'm wanted to see if that's changed at all, what you're seeing into the second half?

好的。另一項只是涉及建築領域貸款餘額下降的情況。我的猜測是項目已完成，我想對未來更感興趣，管道是否正在重新填充？下半年成長前景如何？你在中低個位數方面一直相當穩定，但我想看看這是否有改變，你在下半年看到了什麼？

Yeah, Jeff, it's Tom. I don't see that changing. Low to mid-single digits is where we think we're going to carry through the end of the year. And just like you're discussing with Ron, there's some seasonality effect there too. So I would expect third quarter maybe show some -- maybe a little bit of some additional strength in the fourth quarter once we have the ag production loans start to pay back at the end of their growing cycle, that's usually a headwind.

是的，傑夫，是湯姆。我認為這種情況不會改變。我們認為我們將在今年年底實現低至中個位數的業績。就像您與羅恩討論的那樣，那裡也存在一些季節性影響。因此，我預計，一旦農業生產貸款在成長週期結束時開始償還，第三季可能會顯示出一些——也許第四季會出現一些額外的強勁勢頭，這通常是一種逆風。

And then your question on the construction, the migration out of construction into permits, that's exactly right. That's what we saw in the second quarter. In terms of pipeline overall, we really saw some nice lift in the pipeline in the first quarter, but that list has remained constant throughout the second quarter.

然後你關於建設的問題，從建設轉向許可，這是完全正確的。這就是我們在第二季度看到的情況。就整體管道而言，我們確實在第一季看到了管道中的一些不錯的提升，但該清單在整個第二季度保持不變。

But in terms of the types of deals that comprise our pipeline, probably a little bit less so on the construction and development side. So at this point, we're not replacing the construction and development loans as fast as they're moving over to the perm side.

但就構成我們管道的交易類型而言，在建設和開發方面可能要少一些。因此，在這一點上，我們不會像建設和開發貸款轉移到永久貸款那樣快地更換它們。

Okay. Appreciate it. Thank you.

好的。欣賞它。謝謝。

David Feaster, Raymond James.

大衛‧菲斯特，雷蒙德‧詹姆斯。

Hi, good morning everybody.

嗨，大家早安。

Good morning, David.

早安，大衛。

I wanted to maybe touch on your thoughts on the earning asset side and somewhat kind of a mix. It seems like you're going to have enough securities cash flows to fund loan growth with potential for access, especially with any type of core deposit growth as we kind of go into a seasonally stronger period.

我想談談您對盈利資產方面以及某種混合方面的想法。似乎你將有足夠的證券現金流來為有潛力的貸款成長提供資金，特別是隨著我們進入季節性強勁時期，任何類型的核心存款成長。

I'm curious how you think about plans for if you do have any excess liquidity, would you opt to reduce borrowings or let non-core funding run off or reinvest into shorter-duration securities and maintain the earning asset side? Just curious anything about the size of the balance sheet going forward and the mix?

我很好奇您如何考慮計劃，如果您確實有多餘的流動性，您會選擇減少借款或讓非核心資金流失或再投資於短期證券並維持盈利資產方面？只是對未來資產負債表的規模和組合感到好奇嗎？

Yeah. In terms of the mix, if we do have any excess liquidity that builds on the balance sheet, I think our first thing to do would be to chip away at our wholesale funding balance. So we do have some overnight FHLB advances, and we'll chip away at those borrowings.

是的。就組合而言，如果我們的資產負債表上確實有任何過剩的流動性，我認為我們要做的第一件事就是削減我們的批發融資餘額。因此，我們確實有一些隔夜 FHLB 預付款，我們將削減這些借款。

In terms of the overall size, I do think and let's first of all, set aside M&A and the Rocky deal that's closing today. From an organic perspective, I do see a fairly stable balance sheet from -- through the end of the year. Now to that, we would add the incremental loans that we're getting from the Rocky transaction. So I would say overall stable plus Rocky is how I would think about our balance sheet for this year.

就整體規模而言，我確實認為，首先，我們先把併購和今天即將完成的洛基交易放在一邊。從有機角度來看，我確實看到從到年底的資產負債表相當穩定。現在，我們將添加從 Rocky 交易中獲得的增量貸款。所以我想說，整體穩定加洛基是我對今年資產負債表的看法。

Okay. That's helpful. And then maybe I wanted to switch to the deposit side. Obviously, seasonally tougher quarter, right, just given tax payments early in the quarter and that makes -- honestly, the NIB growth you saw a bit even more impressive.

好的。這很有幫助。然後也許我想切換到存款方面。顯然，季節性較為困難的季度，對吧，考慮到本季初的納稅情況，老實說，您看到的 NIB 增長更加令人印象深刻。

Also, maybe you could walk through some of the trends that you saw from a core deposit perspective throughout the quarter and into early July. Just general expectations for core deposit growth going forward and how pricing is trending?

此外，也許您可以從整個季度到 7 月初的核心存款角度來了解您所看到的一些趨勢。只是對未來核心存款成長的整體預期以及定價趨勢如何？

Sure. Yeah. If you look at our flows throughout the quarter, you're exactly right. It was it was driven by April tax payments. So when we look at our total deposits, we had an outflow in April. And if you put May and June together, a slight increase that it wasn't enough to overcome the April outflows. It really was tax-based story there.

當然。是的。如果你看看我們整個季度的流量，你是完全正確的。這是由四月納稅所推動的。因此，當我們查看總存款時，我們發現 4 月出現了資金外流。如果將 5 月和 6 月放在一起，則略有增加不足以克服 4 月的資金流出。這確實是一個基於稅收的故事。

I would say the non-interest bearing was really encouraging. We did see outflows in April, we saw growth -- sorry, yeah, outflow in April, growth in May and June. And that growth in the non-interest bearing is really encouraging. That does go a long way towards helping us with that cost stabilization that we talked about a little bit earlier.

我想說，無息確實令人鼓舞。我們確實看到了四月份的資金流出，我們看到了增長——抱歉，是的，四月份的資金流出，五月和六月的增長。無息業務的成長確實令人鼓舞。這確實對幫助我們穩定我們之前談到的成本大有幫助。

The industry is facing headwinds on the deposit front, and we're no different. At the same time, this is seasonally we see some strength. And so, when you put our historical seasonal strength up against some of the industry headwinds, I do think we'll see some growth.

該行業在存款方面面臨阻力，我們也不例外。同時，我們看到了一些季節性的力量。因此，當你將我們歷史上的季節性優勢與一些行業逆風相比較時，我確實認為我們會看到一些成長。

I would say in terms of the third quarter balanced outlook a little bit up and if we look beyond in the fourth quarter, probably flat from there. But that's overall, how I see our deposits through the rest of the year.

我想說的是，第三季的平衡前景略有上升，如果我們展望第四季度，可能會持平。但這是總體而言，我對今年剩餘時間的存款的看法。

Okay. That's helpful. And then just last one from me. Curious, kind of what you're seeing on the M&A front. Obviously, you're an acquirer of choice across your footprint.

好的。這很有幫助。然後是我的最後一張。很好奇，這有點像你在併購方面看到的情況。顯然，您是整個業務範圍內的首選收購者。

You've got this branch acquisition closing now, but I'm curious, your thoughts on maybe the pace and pulse of the conversations you're having and expectations for consolidation near term, your appetite to participate in that. And if you're still expecting to focus on that sub $1 billion asset size deal or if you've got any interest in larger transactions just given the increased scale?

你們現在已經完成了這項分支機構收購，但我很好奇，你們對正在進行的對話的節奏和脈搏的想法，以及對近期整合的期望，以及您參與其中的興趣。如果您仍然希望專注於資產規模低於 10 億美元的交易，或者考慮到規模的增加，您是否對更大的交易感興趣？

Yeah. The -- so number one, we're happy to have Wheatland done, converted and doing really, really well at the beginning of the year. And now the Heartland branch acquisition, which will closed at the end of today and convert over the weekend given it's a branch acquisition.

是的。第一，我們很高興惠特蘭在今年年初完成、改造並做得非常非常好。現在，Heartland 分公司收購將於今天結束，並在周末進行轉換，因為它是分公司收購。

In terms of the pace going forward, we've recently -- we'll see if the run-up repositioning or they increase in bank general bank stocks will have an issue. But prior to that, I'd say still moderate activity. We're having a number of discussions.

就未來的步伐而言，我們最近——我們將看看銀行一般銀行股的上漲重新定位或增加是否會出現問題。但在此之前，我想說仍然是適度的活動。我們正在進行多次討論。

And so, I would expect if the stock price increase holds for regional midsize banks, you'll see more -- you'll see an increase there. More people can do a deal. We can pencil a deal out prior given the strength of our currency, but now more people can do that. So probably expect to see activity pick up.

因此，我預計，如果地區中型銀行的股價持續上漲，你會看到更多——你會看到那裡的股價上漲。更多的人可以達成交易。鑑於我們貨幣的強勢，我們可以提前達成協議，但現在更多的人可以這樣做。因此，可能預期活動會有所回升。

And in terms of scale, our targets really hasn't changed. I mean, we will look at things from a little under $1 billion to $4 billion, $5 billion-plus, just depending on what might be available. And if it's strategic to us, and again, I think the key there is to -- we get a lot of calls. We get a lot of looks, it's to stay very, very disciplined on where we want to be and the type banks that we want to buy.

從規模來看，我們的目標確實沒有改變。我的意思是，我們將考慮從略低於 10 億美元到 40 億美元、50 億美元以上的資金，具體取決於可用的資金。如果這對我們來說具有戰略意義，我認為關鍵是——我們接到很多電話。我們受到了很多關注，這是為了對我們想要的目標和我們想要購買的銀行類型保持非常非常嚴格的紀律。

Makes sense. Thanks, everybody.

有道理。謝謝大家。

Kelly Motta, KBW.

凱利·莫塔，KBW。

Hi. Good morning.

你好。早安.

Good morning, Kelly.

早上好，凱利。

I want to circle back to expenses. I appreciate the color of the moving parts of the quarter and the Q3 outlook. It sounded like from your remarks from that there's some inflationary headwinds still. Can you remind us, what cost saves are left from Wheatland as well as how you should expect the Heartland branch acquisition cost saves to flow through?

我想回到支出。我欣賞本季動態部分的色彩和第三季的前景。從您的言論來看，通膨阻力仍然存在。您能否提醒我們，Wheatland 還節省了哪些成本，以及您應該如何預期 Heartland 分公司收購成本節省的效果？

And if it's fair to say that net-net debt range is probably still good to carry forward, at least for the next couple of quarters or just wondering kind of the puts and takes as we look ahead from that understanding you might have some cost saves there.

如果公平地說，淨債務範圍可能仍然值得結轉，至少在接下來的幾個季度，或者只是想知道看跌期權和期權的種類，因為我們從這種理解中展望未來，您可能會節省一些成本那裡。

So let me start with Wheatland, and basically repeating what I said in the earlier call back in April. We'll see the cost save, remember 20% in 2024 and so -- excuse me, 50% in 2024. So we'll see a $2 million show up in Q2, Q3 and Q4. There wasn't much cost saves when we added it right away. But again, doing very, very well at that. So that would speak to Wheatland. No change there is the bottom line.

讓我從 Wheatland 開始，基本上重複我在四月的電話會議中所說的內容。我們會看到成本節省，記得到 2024 年節省 20%，所以——對不起，到 2024 年節省 50%。因此，我們將在第二季、第三季和第四季看到 200 萬美元的收入。當我們立即添加它時，並沒有節省太多成本。但同樣，在這方面做得非常非常好。這就是對惠特蘭的看法。沒有任何改變是有底線的。

Then with the Rocky Mountain Bank acquisition, we're penciling in 38% cost saves, but 50% of that can come in 2024, but I only got five months to get it. So it's about 8% of what we will pick up in non-interest expense. So base -- taking into account of estimating in Q3, we'll see about $1.3 million of pickup in non-interest expense from that. And then Q3, $1.7 million, a total of $3 million combined in the next two quarters.

然後，透過收購落基山銀行，我們預計將節省 38% 的成本，但其中 50% 可以在 2024 年實現，但我只有 5 個月的時間來實現。因此，這大約占我們非利息支出的 8%。因此，考慮到第三季的估計，我們將看到非利息支出增加約 130 萬美元。然後是第三季度，170 萬美元，接下來兩個季度總計 300 萬美元。

And just I want to point out, we have branch consolidations. So we'll have some branches for sale, but I have not factored in any gains or losses. I'm not expecting any losses, I can assure you that. But none of my guide, $145 million to $147 million includes any gains on any of the branches that will be put up for sale, say in a couple of months, so it may take a while.

我想指出的是，我們有分支機構合併。因此，我們將出售一些分支機構，但我沒有考慮任何收益或損失。我可以向你保證，我預計不會有任何損失。但我的指導中，1.45 億至 1.47 億美元都不包括將在幾個月內出售的任何分支機構的任何收益，因此可能需要一段時間。

Got it. That's super helpful. And as we look ahead, assuming we get some rate cuts either later this year and through next, just wondering if there is any change in how you're anticipating deposit costs to react on that. You guys have obviously done a good job managing those on the way up, but I'm just curious, it's encouraging to see some of that cost moderating. Just curious what you are expecting with that.

知道了。這非常有幫助。展望未來，假設今年稍後和明年我們會進行一些降息，只是想知道您對存款成本的預期反應是否會發生任何變化。顯然，你們在管理這些上升過程中做得很好，但我只是很好奇，看到其中一些成本的下降是令人鼓舞的。只是好奇你對此有何期待。

Relative to any kind of rate reductions, I think we're pretty cautious on expecting that those are going to transfer right to the customers. So we have pretty conservative assumptions built into our expectations around that, Kelly.

相對於任何形式的降息，我認為我們對於將這些降價直接轉移給客戶的期望非常謹慎。因此，我們對此的期望中包含了相當保守的假設，凱利。

I know that if you talk to different banks, they have different expectations about how much of that they can pass off to their customers right away. And I guess our view is it's been a long way up to this point and it's going to take a while to move off given the rates and the certainty that people feel like those are going to continue.

我知道，如果你與不同的銀行交談，他們對於可以立即向客戶轉嫁給多少資金有不同的期望。我想我們的觀點是，到目前為止已經有很長的路要走，考慮到利率和人們認為這些將繼續下去的確定性，需要一段時間才能結束。

Got it. That's helpful. Maybe last for me, with the deposits you're picking up, do you have what the incremental costs of that funding is?

知道了。這很有幫助。也許最後對我來說，你收到的存款，你知道這筆資金的增量成本是多少嗎？

Yeah. Kelly, give me just a second here. The deposits are coming over the nominal amount with what they're charging -- let me find it here, one second. Hey, Kelly, let me get back to that -- here it is, it's 1.65% is what is coming over.

是的。凱莉，請等我一下。存款的金額超過了他們收取的名義金額——讓我在這裡找到它，等一下。嘿，凱利，讓我回到那個問題——這裡，即將到來的是 1.65%。

And so that again, they have had to in order to retain deposits because that's the premium that they'll receive. They've had to backfill with CDs in particular. And as well, you've seen a rate increase because when I guided in the last quarter, they were at [159], now they're at [164]. So I think they've done a good job to retain deposits (multiple speakers) this is Rocky, yeah.

因此，他們必須再次這樣做才能保留存款，因為這是他們將收到的溢價。他們必須特別用CD 來回填。此外，您還看到了利率上升，因為當我在上個季度進行指導時，它們處於 [159]，現在它們處於[164]。所以我認為他們在保留押金方面做得很好（多個發言者），這就是洛基，是的。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Brandon King, Truist.

（操作員說明）Brandon King，真理論者。

Hey, good morning.

嘿，早安。

Good morning, Brendan.

早上好，布倫丹。

So as I understand, are you expecting to hit that 3% net interest margin with the balance sheet, I guess, flattish from these levels and is that including the Heartland branches?

據我了解，您是否期望資產負債表達到 3% 的淨息差，我猜，與這些水平持平，這包括 Heartland 分支機構嗎？

That does include the Heartland branches. And when I say flat, that's organic without Rocky. So there would be some growth coming from the acquisition on the Rocky loan.

這確實包括 Heartland 分支機構。當我說平淡時，這是有機的，沒有洛基。因此，收購 Rocky 貸款將帶來一些成長。

Okay. And then could you help me reconcile, I guess the movement in average taxable debt securities. It was a pretty meaningful drop on an average basis and also the cash income dropped to $2 million from $15 million. So just -- could you help me reconcile that? And is there anything to call out there?

好的。然後你能幫我協調一下，我猜平均應稅債務證券的變動。平均而言，這是一個相當有意義的下降，現金收入也從 1500 萬美元下降到 200 萬美元。那麼，你能幫我協調一下嗎？那裡有什麼需要注意的嗎？

Sure. I think when we were looking at the change in ADA, we have to go back to the first quarter and talk about the BTFP balances that we had. So we did pay down BTFP balances, and that happened very late in the quarter. And so, somewhere around March 20 that we paid off the BTFP and we replaced that with FHLB advances, but at a lesser amount.

當然。我認為當我們考慮 ADA 的變化時，我們必須回到第一季並討論我們擁有的 BTFP 餘額。因此，我們確實償還了 BTFP 餘額，這發生在本季末。因此，在 3 月 20 日左右，我們還清了 BTFP，並用 FHLB 預付款取代了它，但金額較少。

And so, as Randy mentioned, we took some of the excess cash that we had on the balance sheet, and we paid down wholesale funding. And so, we put -- with the amount of BTFP that we paid off, we didn't replace it with as much FHLB advances.

因此，正如蘭迪所提到的，我們拿出了資產負債表上的一些多餘現金，並支付了批發資金。因此，我們認為，對於我們所支付的 BTFP 金額，我們沒有用 FHLB 預付款來取代它。

And because that happened very late in the quarter, it didn't influence the Q1 average that much. But of course, it did influence the Q2 average because it was not -- that was all done by the time we got to April 1. So I think that's what you're seeing with the change in averages from Q1 to Q2.

由於這種情況發生在本季末，對第一季平均值的影響並不大。但當然，它確實影響了第二季的平均值，因為到 4 月 1 日，這一切都已經完成了。所以我認為這就是您從第一季到第二季的平均值變化所看到的。

Okay. So I guess that cash interest should continue to be running, I guess, maybe a little higher than $2 million. Is that fair?

好的。所以我想現金利息應該會繼續增加，我猜，可能略高於 200 萬美元。這樣公平嗎？

And cash will fluctuate day-to-day as we manage inflows and outflows of loans and deposits, et cetera. But when we look at the Q2 average for cash, it should be fairly consistent in Q3 and Q4. That's that the stable to flat comment that I made earlier.

當我們管理貸款和存款的流入和流出等時，現金會每天波動。但當我們查看第二季的現金平均值時，第三季和第四季應該相當一致。這就是我之前發表的穩定到平淡的評論。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hey, good morning.

嘿，早安。

Good morning, Andrew.

早安，安德魯。

I had a question around the most recent disclosure I saw in the Q on the swap positions that you guys have was about [$1.5 billion] of swaps against the bond portfolio? I think we're at it late last year. So I guess the question is one, any incremental swaps added this quarter?

我對 Q 中看到的最新披露的問題有疑問，你們擁有的互換頭寸大約為 [15 億美元] 的債券投資組合互換？我想我們去年年底就已經這麼做了。所以我想問題是，本季是否增加了增量互換？

And then do you have the benefit that you saw from the swaps realized in 2Q? And then just more broadly, could you talk about your hedging or derivative strategy?

那麼您是否從第二季實現的掉期中看到了好處？然後更廣泛地說，您能談談您的對沖或衍生性商品策略嗎？

Sure. Yeah, we did put on $1.5 billion in swaps in Q4. We haven't done anything new since then. And so overall, one of the things that we're looking at is how we're positioned from a liability-sensitive balance sheet. We're looking at the market expectations for potential rate cuts.

當然。是的，我們在第四季確實投入了 15 億美元的掉期資金。從那以後我們就沒有做過任何新的事情。總的來說，我們正在考慮的事情之一是我們如何根據負債敏感的資產負債表進行定位。我們正在研究市場對潛在降息的預期。

We had a potential inflection point in terms of the front end of the curve, at least. And so, we're looking at our projections for of growth in loans and deposits, the acquisition that's coming on from Rocky Mount. All of those things pulling that together. But from an interest rate risk perspective, we haven't put on any additional swaps and don't have any plans in the near term to adding swaps to the above.

至少在曲線的前端，我們有一個潛在的拐點。因此，我們正在研究貸款和存款成長的預測，即來自落基山的收購。所有這些因素將其結合在一起。但從利率風險的角度來看，我們沒有進行任何額外的掉期，且短期內沒有任何計畫在上述基礎上增加掉期。

Okay. I appreciate it. And if I could ask a couple of more around the deposits coming over with the branch acquisition, I think you said $403 million. If I recall, I think, last quarter we talked about like $460 million or so.

好的。我很感激。如果我可以再問一些關於收購分行帶來的存款的​​問題，我想您說的是 4.03 億美元。如果我記得的話，我想上個季度我們談論的金額約為 4.6 億美元左右。

And one just curious anything kind of specific driving that decline sequentially in those deposits? Or is it just more broadly deposit pressure that we're kind of seeing across the industry. And then also, if you have the non-interest bearing split of the acquired deposits would be helpful.

人們只是好奇有什麼特定的驅動因素會導致這些存款持續下降嗎？或者這只是我們在整個行業中看到的更廣泛的存款壓力。此外，如果您對所獲得的存款進行無息分割也會有所幫助。

Sure. The -- what's going on there is some of what's going on in the industry, just some headwinds on deposits and also some sorting out. So we work with Heartland and the other buyer of the branches. We probably started off with a gross number and I think it ended up with a net one.

當然。那裡正在發生的事情是行業中正在發生的一些事情，只是存款方面的一些逆風以及一些整理。因此，我們與 Heartland 和分支機構的另一個買家合作。我們一開始可能是總量，我認為最終是淨值。

There was some customers that we sorted through that were actually being banked at some of the other branches. And so, we sorted those out as well. So once we finish that plus kind of normal runoff -- as you would expect, branch sale, maybe a little accelerated runoff. That's why we're happy to close it today and converted this weekend. I think we'll get our arms around that.

我們篩選出的一些客戶其實是在其他一些分行進行銀行業務的。因此，我們也對這些進行了整理。因此，一旦我們完成了正常的徑流——正如你所期望的那樣，分支機構銷售，也許會有點加速徑流。這就是為什麼我們很高興今天關閉它並在本週末進行轉換。我想我們會盡力解決這個問題。

But a little of both, Andrew, it was both the industry headwinds and then what I would call sorting between the branches of what relationships and deposit accounts go where and we sorted out a few that went with the other purchaser of the remaining Rocky branches in Montana.

但兩者都有一點，安德魯，這既是行業的逆風，也是我所說的在分支機構之間進行排序的關係和存款帳戶的去向，我們整理出了一些與剩餘洛基分支機構的其他購買者一起使用的內容。

Okay. But I guess -- presumably, I guess post that if this is more of kind of a net versus the gross number, you would feel better about your expectations around any deposit attrition post the acquisition close. Is that fair?

好的。但我想——大概，我想如果這更像是淨值與總量，你會對收購完成後的任何存款消耗的預期感覺更好。這樣公平嗎？

Yes. I think now that we close a little, the behavior will be much similar to the GB -- Glacier Bancorp behavior that we've seen.

是的。我認為現在我們關閉一點，其行為將與我們所看到的 GB——Glacier Bancorp 的行為非常相似。

Okay. And then do you have the non-interest bearing split?

好的。那你有無息分割嗎？

Yeah. Ron here. It's 31%. It fluctuates a little bit, but there are pretty good at gathering deposits.

是的。羅恩在這裡。是31%。雖然有一點波動，但累積存款的能力還是不錯的。

Okay. So pretty in line. Okay. Thank you for taking the questions.

好的。非常漂亮。好的。感謝您提出問題。

Welcome.

歡迎。

And thank you. And I'm showing no further questions. I would now like to turn the call back over to Randy for closing remarks.

謝謝你。我沒有再提出任何問題。我現在想將電話轉回給蘭迪，讓他發表結束語。

Right. Well, thank you, Justin, and we thank everybody for dialing in today, really appreciate it. And we wish everyone to have a great Friday, enjoy the summer and reach out if there's any other questions that you have. Thank you for joining us today.

正確的。好吧，謝謝你，賈斯汀，我們感謝大家今天撥電話，非常感謝。我們希望每個人都有一個愉快的星期五，享受夏天，​​如果有任何其他問題，請與我們聯繫。感謝您今天加入我們。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。