Glacier Bancorp Inc (GBCI) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Glacier Bancorp third quarter earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Glacier Bancorp 第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

Now, it's my pleasure to turn the call over to Glacier Bancorp's President and CEO, Randy Chesler. Please go ahead.

現在，我很高興將電話交給 Glacier Bancorp 的總裁兼執行長 Randy Chesler。請繼續。

Good morning, and thank you for joining us today. With me here in Kalispell is Ron Copher, our Chief Financial Officer; Tom Dolan, our Chief Credit Administrator; Angela Dose, our Chief Accounting Officer; and Byron Pollan, our Treasurer.

早安，感謝各位今天收看我們的節目。和我一起在卡利斯佩爾的有：我們的財務長羅恩·科弗；我們的首席信貸管理員湯姆·多蘭；我們的首席會計官安吉拉·多斯；以及我們的財務主管拜倫·波蘭。

I'd like to point out that the discussion today is subject to the same forward-looking considerations outlined starting on page 13 of our press release, and we encourage you to review this section.

我想指出，今天的討論也受到我們新聞稿第 13 頁開始概述的相同前瞻性因素的影響，我們鼓勵您閱讀該部分內容。

We delivered another excellent quarter, continuing our momentum with strong margin expansion, higher loan yields, lower deposit costs and solid high-quality loan growth. We also completed the core conversion of the Bank of Idaho with assets of approximately $1.4 billion. And shortly after quarter end, we successfully closed the acquisition of Guaranty Bank & Trust, adding $3.1 billion in assets and expanding our presence in the Southwest.

我們又迎來了一個優秀的季度，繼續保持強勁的成長勢頭，利潤率大幅提升，貸款收益率提高，存款成本降低，高品質貸款穩步增長。我們也完成了愛達荷銀行的核心轉換，該銀行資產約為 14 億美元。季度末後不久，我們成功完成了對 Guaranty Bank & Trust 的收購，增加了 31 億美元的資產，並擴大了我們在美國西南地區的業務。

Bank of Idaho was successfully folded into three of our existing divisions: Citizens Community in Pocatello; Mountain West in Boise; and Wheatland Bank in Eastern Washington. The Bank of Idaho brought us a terrific team of lenders and staff, as well as excellent customer relationships. The Guaranty transaction marks our first entrance into the State of Texas, and we're excited about the long-term opportunities this brings. Our focus now is on delivering a flawless conversion in the first quarter of 2026 and making sure we have happy employees and customers.

愛達荷州銀行已成功併入我們現有的三個部門：波卡特洛的 Citizens Community；博伊西的 Mountain West；以及華盛頓州東部的 Wheatland Bank。愛達荷銀行為我們帶來了優秀的貸款人和員工團隊，以及良好的客戶關係。這項擔保交易標誌著我們首次進入德州市場，我們對由此帶來的長期機會感到興奮。我們現在的重點是確保在 2026 年第一季實現完美轉換，並確保我們的員工和客戶都滿意。

For the third quarter, Glacier Bancorp reported net income of $67.9 million or $0.57 per diluted share. The third quarter net income represents an increase of 29% from the prior quarter and reflects a 33% increase in net income compared to the same quarter last year. Pretax pre-provision net revenues of $250 million for the first nine months of the current year increased $77.1 million or 45% over the prior year first nine months.

Glacier Bancorp 第三季淨利為 6,790 萬美元，即每股攤薄收益 0.57 美元。第三季淨利比上一季成長了 29%，比去年同期成長了 33%。本年度前九個月的稅前撥備前淨收入為 2.5 億美元，比上年同期成長 7,710 萬美元，增幅達 45%。

Our loan portfolio grew $258 million to $18.8 billion or 6% annualized from the prior quarter. Commercial real estate continues to be a key driver of loan growth. Deposits also grew, reaching $22 billion, up 4% annualized from the last quarter. Noninterest-bearing deposits grew again this quarter, increasing 5% annualized and now representing 31% of total deposits.

我們的貸款組合成長了 2.58 億美元，達到 188 億美元，以年率計算比上一季成長了 6%。商業房地產仍然是貸款成長的主要驅動力。存款也實現成長，達到 220 億美元，比上一季年化成長 4%。本季無利息存款再次成長，年化成長率達 5%，目前佔總存款的 31%。

We reported net interest income of $225 million, up $18 million or 9% from the prior quarter and up $45 million or 25% from the same quarter last year. Our net interest margin on a tax adjusted basis expanded to 3.39%, up 18 basis points from the prior quarter and up 56 basis points year-over-year. This marks our seventh consecutive quarter of margin expansion, reflecting the strength of our loan portfolio repricing, our ability to get good margin on new loans and our continued focus on managing funding cost.

我們報告淨利息收入為 2.25 億美元，比上一季增加 1,800 萬美元，增幅為 9%；比去年同期增加 4,500 萬美元，增幅為 25%。經稅務調整後，我們的淨利差擴大至 3.39%，比上一季成長 18 個基點，比上年同期成長 56 個基點。這標誌著我們連續第七個季度實現利潤率擴張，反映了我們貸款組合重新定價的強勁勢頭、我們在新貸款中獲得良好利潤的能力以及我們對控制融資成本的持續關注。

The loan yield of 5.97% in the current quarter increased 11 basis points from the prior quarter and increased 28 basis points from the prior year third quarter. The total earning asset yield of 4.86% in the current quarter increased 13 basis points from the prior quarter and increased 34 basis points from the prior year third quarter.

本季貸款收益率為 5.97%，較上一季成長 11 個基點，較上年同期成長 28 個基點。本季總收益資產收益率為 4.86%，較上一季成長 13 個基點，較上年同期成長 34 個基點。

Total cost of funding declined to 1.58%, down 5 basis points from the prior quarter, as we reduced higher-cost Federal Home Loan Bank borrowings by $360 million. Core deposit costs decreased in the quarter to 1.23% from 1.25% in the prior quarter.

由於我們減少了成本較高的聯邦住房貸款銀行借款 3.6 億美元，總融資成本下降至 1.58%，比上一季下降了 5 個基點。本季核心礦渣沉積成本從上一季的 1.25% 下降至 1.23%。

Noninterest expense was $168 million, up $13 million or 8% from the second quarter, primarily due to increased costs from acquisitions. Noninterest income totaled $35 million in the current quarter, up $2.4 million or 7% from the prior quarter and up 2% year-over-year. Service charges and fees increased 5% from the prior quarter, while gains on loan sales increased 18% from the prior quarter. Our efficiency ratio remained at 62%, down from 65% a year ago with good momentum for continued steady reduction.

非利息支出為 1.68 億美元，比第二季增加 1,300 萬美元，增幅為 8%，主要原因是收購成本增加。本季非利息收入總計 3,500 萬美元，較上一季增加 240 萬美元，增幅為 7%，較去年同期成長 2%。服務費和手續費較上一季增加了 5%，而貸款銷售收益較上一季成長了 18%。我們的效率比率保持在 62%，低於一年前的 65%，並保持持續穩定下降的良好勢頭。

Credit quality remains very strong. Our nonperforming assets remain low at 0.19% of total assets, and net charge-offs were $2.9 million for the quarter, or 3 basis points of loans. Our allowance for credit remains at 1.22% of total loans, reflecting our conservative approach to risk management. We continue to maintain a strong capital position, with tangible stockholders' equity increasing $304 million or 14% in the current year.

信貸品質依然非常強勁。我們的不良資產佔總資產的比例仍然很低，僅 0.19%，本季淨沖銷額為 290 萬美元，相當於貸款額的 3 個基點。我們的信貸撥備仍為貸款總額的 1.22%，這反映了我們保守的風險管理方法。我們持續保持強勁的資本實力，本年度有形股東權益增加 3.04 億美元，增幅達 14%。

Tangible book value per share increased to $20.46, up 8% year-over-year. And we declare our 162nd consecutive quarterly dividend of $0.33 per share, underscoring our commitment to delivering consistent shareholder returns.

每股有形帳面價值增至 20.46 美元，年增 8%。我們宣布連續第 162 個季度派發每股 0.33 美元的股息，以彰顯我們對持續為股東帶來回報的承諾。

We are very pleased with our performance this quarter. Our expanding footprint, unique business model, strong business performance, disciplined credit culture, and strong capital base provide a solid foundation for future growth.

我們對本季的業績非常滿意。我們不斷擴大的商業版圖、獨特的商業模式、強勁的業務表現、嚴謹的信貸文化和雄厚的資本基礎，為未來的成長奠定了堅實的基礎。

That ends my formal remarks. And I would now like the operator to open the line for any questions that our analysts may have.

我的正式發言到此結束。現在，我希望接線員開通線路，以便我們的分析師可以提出任何問題。

(Operator Instructions) Jeff Rulis, D.A. Davidson.

（操作員說明）Jeff Rulis，D.A.戴維森。

Thanks. Good morning.

謝謝。早安.

Good morning, Jeff.

早安，傑夫。

You guys, on the margin, you did note the seven consecutive quarters of expansion. This quarter was the largest sequential of all of them. I won't read into kind of the lumpiness of that, I suppose, but a good sign, nonetheless. You guys have really guided very well on the trend on that front.

你們也注意到了，經濟連續七個季度都在擴張。本季是所有季度中成長幅度最大的一個季度。我不會對這種不規則之處過度解讀，但無論如何，這都是個好兆頭。你們在這方面對趨勢的掌握真的很好。

Maybe just catch us up on where you think you see it headed in light of September's cut and potentially, a couple more this -- through the end of the year? That would be great on the visibility front.

或許您可以跟我們說說，鑑於九月份的降價以及今年年底前可能還會有的幾次降價，您認為它未來的發展方向是什麼？那對提高能見度來說將是件好事。

Jeff, this is Byron. Yeah, it has been great to see the continued improvement in our margin. And I would say those repricing drivers in our balance sheet that we've discussed, they remain in place. And so we do see continued growth ahead of us in terms of our outlook.

傑夫，我是拜倫。是的，看到我們的利潤率持續提高，真是太好了。而且我認為，我們討論過的資產負債表中的那些重新定價驅動因素仍然存在。因此，就前景而言，我們確實看到未來將持續成長。

For Q4, we anticipate that, that will grow our margin, additional 18 basis points to 20 basis points in the fourth quarter. That does include the impact of Guaranty. I know a lot of folks will be interested in our 2026 outlook. I don't have specifics for you there. We're just now starting our budgeting cycle for 2026.

我們預計，第四季利潤率將成長 18 至 20 個基點。這其中確實包括擔保的影響。我知道很多人都會對我們的2026年展望感興趣。這方面我沒有具體資訊可以提供給你。我們現在才剛開始2026年的預算編制工作。

But broadly speaking, what I can say is that we do expect to see continued margin growth throughout the year. I would say, though, that the pace of quarterly increase is likely to moderate throughout next year. So hopefully, that gives you some color for where we're headed. We do see continued growth.

但總的來說，我可以肯定地說，我們預計全年利潤率將持續成長。不過，我認為，明年季度成長速度可能會放緩。希望這能讓你對我們未來的發展方向有所了解。我們確實看到了持續成長。

Just to refine that, Byron, when you said the margin growth throughout the year, you're mentioning additionally in '26, but not specifically. Is that what you were referring to?

拜倫，為了更清楚地說明這一點，當你提到全年的利潤率成長時，你也提到了 2026 年，但沒有具體說明。你指的是這個嗎？

Exactly right. Yes. I don't have a specific guide for you on '26. I think we need to get to our budgeting cycle first to really refine that expectation. But from where we sit right now, we do see continued growth throughout the year. But quarter-to-quarter, I could see the pace of growth starting to moderate a little bit.

完全正確。是的。我沒有關於「26」的具體指南可以給你。我認為我們需要先進入預算週期，才能真正明確預期。但就我們目前的情況來看，我們預計全年將持續成長。但從季度環比來看，我發現成長速度開始略有放緩。

Understood. And Randy, we are early goings in the Texas market, but interested in the reception there and how potentially your view of finding further partnerships in Texas and Oklahoma, if that's -- if you got any update there, if you're just as encouraged or less, more? Just interested in that feedback so far. Again, very early, but notable anyway.

明白了。蘭迪，我們目前在德州市場還處於起步階段，但我們很想了解當地的市場反響，以及您對在德州和俄克拉荷馬州尋找進一步合作夥伴的看法。如果您有任何最新消息，例如您是否仍抱持信心，或信心有所減弱，或有所增強，您有什麼看法？我只是對目前為止的回饋很感興趣。雖然時間尚早，但仍值得關注。

Yeah. No, absolutely. First, I'd say, I think Guaranty may be the best cultural fit of any acquisition we've done in the last 10 years, very, very good fit. Our focus right now is on getting Guaranty converted in 1Q and making sure that goes extremely well.

是的。不，絕對的。首先，我認為 Guaranty 可能是我們過去 10 年收購的所有公司中文化契合度最高的，非常非常契合。我們現在的重點是確保在第一季完成擔保業務的轉型，並確保轉型過程非常順利。

I will tell you; there's conversations already. We'll have plenty of interested banks who would like to have a conversation when we're ready. Our job one right now is making sure we get through the conversion in 1Q and do it really, really well, make sure our customers are happy, employees are happy. And then like I said, we'll have plenty of banks to talk to.

我告訴你，已經有人在討論了。時機成熟時，會有很多有興趣的銀行願意與我們洽談。我們現在的首要任務是確保我們在第一季順利完成轉型，並且做得非常出色，確保我們的客戶和員工都滿意。然後就像我說的，我們會有很多銀行可以洽談。

Got you. Maybe one last housekeeping, if I could squeeze it in. The tax rate seemed a little elevated. I don't know if that's a factor of kind of merger cost, but if you could just point us to maybe a good rate going forward?

抓到你了。如果時間允許的話，也許可以再做最後一些家事。稅率似乎有點高。我不知道這是否是併購成本的一個因素，但如果您能給我們一個未來比較合適的利率，那就太好了？

Yes, Jeff, Ron here. It is a function of largely the merger-related expenses, some of which are non-deductible. And I would tell you that third quarter rate, I would use that as well for fourth quarter.

是的，傑夫，我是羅恩。這主要取決於與合併相關的費用，其中一些費用是不可扣除的。我會告訴你，第三季的利率，我也會用它來計算第四季的利率。

Okay. And Ron, are you -- is that an assumption of additional merger costs or just more of a core rate to match third quarter?

好的。羅恩，你是說——這是假設合併會產生額外成本，還是僅僅為了與第三季保持一致而調整核心利率？

We'll have some more merger costs as well, but it's -- I think it's a pretty good rate to go with.

我們還會有一些併購成本，但是——我認為這是一個相當不錯的利率。

David Feaster, Raymond James.

David Feaster，Raymond James。

Good morning, everybody.

大家早安。

Good morning, David.

早安，大衛。

Maybe just on the growth side. I mean loan growth has been solid, kind of remained in that mid-single digit realm. Just wanted to get a sense of how demand is trending. How the pipeline is shaping up in your backfill in that production?

或許只是在成長方面。我的意思是，貸款成長一直很穩健，基本上保持在個位數的中段水準。只是想了解需求趨勢。你們生產線的回補工作進展如何？

And then, just any comments on the competitive landscape as well? And I mean, we're hearing more competition, especially on the pricing side, maybe a bit more on the structure as well. But just again, I wanted to get a sense of your thoughts on the loan growth side and how that competitive landscape is shaping up?

那麼，您對競爭格局還有什麼看法嗎？我的意思是，我們聽到的競爭越來越多，尤其是在價格方面，結構方面可能也會增加。不過，我還是想了解您對貸款成長的看法，以及目前的競爭格局是如何形成的？

Yeah, David. This is Tom. Yes, third quarter was another good quarter for us. Typically, second and third quarter are seasonally stronger for us, a little bit less so in the fourth and first quarter. I think we expect that a little bit. But from a pipeline perspective, we continue to see consistent pull-through. We continue to see consistent build back. And it is really fairly consistent throughout the footprint, too.

是的，大衛。這是湯姆。是的，第三季對我們來說又是一個不錯的季度。通常來說，第二季和第三季對我們來說是季節性強季，第四季和第一季則稍弱一些。我想我們多少都預料到了這一點。但從管道運輸的角度來看，我們持續看到穩定的成長動能。我們持續看到經濟復甦的跡象。而且在整個區域內也相當一致。

And I think the -- from a competition standpoint, it's a little bit geographic-specific. In some of the larger markets, we'll see more pricing competition, a little bit less so in markets where we have more of a controlling market share.

而且我認為——從競爭的角度來看，這在某種程度上具有地域性。在一些較大的市場，我們會看到更激烈的價格競爭；而在那些我們擁有較大市場份額的市場，價格競爭則會稍微弱一些。

We're -- certainly, the types of deals that we go after, just core Main Street lending. We're not really seeing competitors stretch on the structure side, which is encouraging. And that's certainly not something that we would do. So it tends to be more pricing related.

當然，我們追求的交易類型，就是核心的街頭貸款。我們並沒有看到競爭對手在結構方面做出太多讓步，這令人鼓舞。我們當然不會那麼做。所以這往往與價格有關。

Okay. And maybe just staying on credit broadly. I mean credit is still pretty benign for you all, especially just in the government. The increase that you guys saw in nonaccruals, all government guaranteed. Is there anything on the credit front that you're seeing at this point or watch more closely? Or is there anything specific within the small business space that you're seeing notable pressures?

好的。或許只是繼續廣泛使用信貸而已。我的意思是，對你們所有人來說，信貸仍然相當有利，尤其是在政府部門。你們看到的非應計項目增加，全部由政府擔保。目前信貸方面有什麼需要特別注意或密切留意的事項嗎？或者，您是否看到小型企業領域存在一些特別明顯的壓力？

The only industry that I would say is a little bit outsized is probably the ag sector. Hard grain prices, hay prices are still quite depressed. We're faring quite well through this. I think our banks do a good job of securing those assets with certainly more hard assets than crops. And so I think that gives the flexibility of both us and the borrower to work through these cycles.

我覺得唯一規模稍大的產業可能就是農業部門了。糧食價格和乾草價格仍然相當低迷。我們目前的狀況還不錯。我認為我們的銀行在保障這些資產方面做得很好，而且它們持有的硬資產肯定比農作物多得多。所以我認為這給了我們和借款人足夠的靈活性來應對這些週期。

And certainly, our ag lenders have a tremendous amount of experience that have seen cycles like this over and over again. But outside of that, David, there's really no specific geography or industry segment that's showing an outsized level of risk. We saw a little bit of an increase this quarter, similar to last quarter. I think we're just continuing to see more normalization from the historic lows that we were showing for the last couple of years.

當然，我們的農業貸款機構擁有豐富的經驗，他們一次又一次地經歷過這樣的週期。但除此之外，大衛，實際上並沒有任何特定的地域或行業領域顯示出過高的風險水平。本季我們看到略有成長，與上季類似。我認為我們正在繼續看到經濟從過去幾年的歷史低點逐步恢復正常。

Okay. And then maybe last one for me, just maybe a bit higher level, conceptual. Like, I mean, you look back, I mean, there's obviously -- you guys have done a great job driving the margin expansion, right? And there is a huge tailwind just from the remix in your pricing side. And then again, obviously, organic loan and deposit growth is again, accretive to the margin as well.

好的。對我來說，最後一個問題可能要稍微深入一些，更偏向概念層面。我的意思是，回顧過去，很明顯——你們在推動利潤率擴張方面做得非常出色，對吧？而且，價格方面的調整也帶來了巨大的利多。當然，貸款和存款的自然成長也會再次提高利潤率。

You look -- pre-pandemic, right? I mean, you guys were consistently operating well north of 4%. Yeah, is that -- just in this kind of world, is that still a reasonable target? I mean, you guys have continued to march your way towards that, but is that a reasonable target that we could hit in some time in the foreseeable future? Is that -- just kind of curious, your thoughts on that.

你看起來像疫情前的樣子，對吧？我的意思是，你們的營運效率一直遠高於 4%。是的，在這樣的世界裡，這還是一個合理的目標嗎？我的意思是，你們一直在朝著這個目標前進，但這是否是一個我們在可預見的未來能夠實現的合理目標？我只是有點好奇，你對此有什麼看法？

Yeah, David, I do think we can get back to that 4% threshold. It's a matter of timing. I think it's really a matter of when, not if. I don't have specific timing for you. It wouldn't surprise me towards the end of next year if we see a full handle on our net interest margin.

是的，大衛，我認為我們可以回到 4% 的門檻。這只是時機問題。我認為這只是時間問題，而不是會不會發生的問題。我無法給你設定具體的時間。如果到明年年底我們的淨利差得到全面控制，我不會感到驚訝。

Now, a lot of things could impact that between here and there. What happens with our loan growth and deposit growth, what's the Fed doing and shape of the curve, all of those things are going to influence that longer-term margin. But I do see the potential to get there in the future.

現在，從這裡到那裡之間有很多事情可能會產生影響。貸款成長和存款成長的走向，聯準會的政策以及殖利率曲線的形狀，所有這些因素都會影響長期利差。但我確實看到了未來實現這一目標的潛力。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Good morning, everyone. I want to start on the deposit cost side. Just -- if you could give us the spot rate on deposits at the end of September? And just give us a sense for what kind of beta you think you can achieve with this last rate cut that we just got and subsequent rate cuts?

各位早安。我想先從押金成本方面談起。請問－您能否提供一下九月底的存款即期匯率？請您大致估算一下，透過最近這次降息以及後續的降息措施，您認為可以實現怎樣的β值？

Our spot deposit cost on September 30 was 1.22%. In terms of our beta, to this point, we've been able to achieve a down rate beta somewhere in the mid-teens with some amount of lag there. Our deposit cost doesn't react immediately to a rate cut. It takes us a little time to kind of work into that, call it, 15% deposit beta.

9月30日我們的現貨存款成本為1.22%。就我們的測試版而言，到目前為止，我們已經能夠實現十幾個百分點的下降率測試版，但存在一定的滯後。我們的押金成本不會立即對降息做出反應。我們需要一些時間來適應，姑且稱之為 15% 的存款測試版。

With the addition of Guaranty, their deposit base has a slightly higher beta. So if we were 15%, I think some were going forward with a combination of Glacier and Guaranty, maybe that pushes us up another couple of percent. So somewhere in the range of, call it, 15% to 20% would be my expectation for our down rate beta going forward.

加上擔保，他們的存款基礎的β值略高。所以如果我們的收益率是 15%，我認為有些人會選擇 Glacier 和 Guaranty 的組合，這可能會使我們的收益率再上升幾個百分點。因此，我預計未來我們的下降率β值將在15%到20%之間。

Okay. And then the other one for me, just around the expense run rate and your updated guidance there, whether or not that's changed since last quarter with Guaranty now in the fold at the start of the fourth quarter. I don't know if you want to -- it sounds like you're still budgeting for next year, so I don't know if you want to offer up anything in the first quarter, but I assume there's some seasonality there.

好的。對我來說，另一個問題是費用運行率以及您更新後的指導意見，自上個季度以來，隨著 Guaranty 在第四季度初加入，情況是否有所變化。我不知道你是否願意——聽起來你還在為明年做預算，所以我不知道你是否想在第一季推出任何產品，但我估計這其中存在一些季節性因素。

Yeah. Let's -- Ron here. Thank you for the question. Yeah, well, we're budgeting, so I'm just going to limit the discussion to the third quarter, I want to touch on that and then go towards the fourth quarter. So in the third quarter, we finished -- reported noninterest expense, $167.8 million. That includes $7 million in acquisition-related expense and $800,000 we incurred for a fixed asset write-down related to a branch consolidation, one of our Montana markets.

是的。我是羅恩。謝謝你的提問。是的，我們正在做預算，所以我只打算把討論範圍限制在第三季度，我想先談談第三季度，然後再談到第四季度。因此，第三季我們完成了——報告的非利息支出為 1.678 億美元。其中包括 700 萬美元的收購相關費用，以及因蒙大拿州某市場分公司合併而產生的 80 萬美元固定資產減損費用。

And I want to remind folks that the core noninterest expense that includes merger-related expenses, other onetime unusual items. So taking those adjustments into account, our core noninterest expense was flat at $160 million, right in the midpoint of the guide of $159 million to $161 million that was shared on the last quarter's call.

我想提醒大家，核心非利息支出包括與合併相關的支出和其他一次性特殊項目。因此，考慮到這些調整，我們的核心非利息支出持平於 1.6 億美元，正好處於上個季度電話會議上公佈的 1.59 億美元至 1.61 億美元指引值的中間值。

And then moving into the fourth quarter. Just looking at Bank of Idaho, we had a full three months of expense from them versus two months in the prior quarter. So Bank of Idaho, projected to add $9 million to $10 million in that third quarter, came in just about $9 million, the low end of that guide. And we expect that to occur. Bank of Idaho impact for the fourth quarter will be just right around that $9 million number.

然後進入第四節。單就愛達荷銀行而言，我們本季收到了來自該銀行整整三個月的支出，而上一季只有兩個月。因此，預計愛達荷銀行第三季新增收入為 900 萬至 1,000 萬美元，但實際收入僅 900 萬美元左右，低於預期。我們預計這種情況將會發生。愛達荷銀行對第四季的影響將恰好在900萬美元左右。

So then with the acquisition of Guaranty Bank on October 1 versus -- we think it would be October 31, we're now going to have a full three months of expense from Guaranty, and this will cause a step up in our core noninterest expense. It will add $21 million to $22 million to core noninterest expense in the fourth quarter.

因此，隨著 10 月 1 日（我們認為應該是 10 月 31 日）對 Guaranty Bank 的收購，我們現在將面臨 Guaranty 整整三個月的費用，這將導致我們的核心非利息支出增加。這將使第四季核心非利息支出增加 2,100 萬至 2,200 萬美元。

But in addition, because of purchase accounting, we're going to have $3 million of amortization expense for a core deposit intangible that we had to record as we would on any acquisition. So in the fourth quarter, when you look across it and put it all together, we're expecting a range of $185 million to $189 million. And again, that includes Guaranty Bank.

此外，由於收購會計處理，我們將產生 300 萬美元的核心存款無形資產攤銷費用，我們必須像在任何收購中一樣記錄這筆費用。因此，第四季度，當我們把所有數據綜合起來看時，我們預計收入將在 1.85 億美元至 1.89 億美元之間。這其中也包括擔保銀行。

So -- but collectively, I just want to speak very highly of our bank divisions, corporate department. They've done very well in limiting, controlling their expenses. We do continue to take a cautious approach in hiring and spending in general. You still got higher levels of market volatility, et cetera. Let me open it up for questions.

所以——但總的來說，我想對我們銀行的各個部門，特別是公司部門，給予高度評價。他們在限制和控制開支方面做得非常好。我們在招聘和整體支出方面仍然採取謹慎的態度。市場波動性仍然較高等等。接下來我來回答大家的問題。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Maybe I'll just start back there on expenses. Ron, I really appreciate the guidance on 4Q with all kind of the moving pieces. Just understanding that the core system conversion for Guaranty until the first quarter of '26. I'm assuming the $185 million to $189 million guide for the fourth quarter doesn't incorporate much in terms of cost save. And question being, should we expect some moderation of that $185 million to $189 million going into 2026, just as we experience the core system conversion and get some cost saves?

或許我應該先從那裡開始報銷費用。羅恩，非常感謝你對第四季各種複雜情況的指導。只需了解擔保的核心系統轉換將持續到 2026 年第一季。我估計第四季 1.85 億美元至 1.89 億美元的業績預期並沒有包含太多成本節約措施。問題是，隨著核心系統轉換和成本節約的進行，我們是否應該預期到 2026 年，這 1.85 億美元到 1.89 億美元的支出會有所緩和？

Yeah, we will have in the beginning of the first quarter, again, largely related to after the conversion, that's when the cost saves really start to kick in. And as we modeled, we're modeling 20% reduction in noninterest expense cost saves. 50% of that, we will achieve in '26. The other 50% will be in '27. And so as I mentioned earlier, we're still beginning, I should say, in the budgeting process, but there will be some moderation.

是的，我們將在第一季初再次看到這種情況，這主要與轉換之後有關，那時成本節約才會真正開始顯現。正如我們模型預測的那樣，非利息支出成本將降低20%。其中50%的目標將在2026年實現。剩下的 50% 將在 2027 年實現。正如我之前提到的，我們目前仍處於預算編制的初期階段，但會採取一些適度的措施。

Yes. Got it. Okay. I appreciate it. And if I could go back to just the margin commentary briefly for Byron. I appreciate all the color there. I specifically wanted to ask about the comment of just less margin expansion sequentially throughout '26 versus what you've experienced this year.

是的。知道了。好的。謝謝。如果我能簡單回顧一下拜倫作品的旁注就好了。我喜歡那裡的色彩。我特別想問一下關於 2026 年全年利潤率擴張幅度逐漸減小與今年實際情況對比的評論。

And you guys have benefited from a few things this year. It's -- M&A has helped, the FHLB deleverage is up significantly, and I think that slows down or kind of ends in 1Q of next year, but then the fixed asset repricing. And I'm curious, the comments on slower margin expansion next year, is that mostly reflective of less FHLB deleverage, potential less M&A related expansion, but asset repricing trends staying intact? Or do you expect relatively less asset repricing benefits as well?

今年你們也從一些事情中受益了。併購確實有所幫助，聯邦住房貸款銀行的去槓桿化程度顯著提高，我認為這種情況會在明年第一季放緩或基本結束，但之後固定資產重新定價的問題就會出現。我很好奇，關於明年利潤率擴張放緩的評論，這是否主要反映了聯邦住房貸款銀行去槓桿化程度降低、併購相關擴張可能減少，但資產重新定價趨勢保持不變？還是您也預期資產重定價帶來的收益會相對較低？

I would say, for the most part, it's the FHLB deleveraging. As you point out, that -- we really finished that by the end of the first quarter. And so we don't -- that extra boost or pop that we get from paying down high-cost corporate funding, that will end in Q1.

我認為，在很大程度上，這是聯邦房屋貸款銀行去槓桿化的結果。正如你所指出的，我們確實在第一季末就完成了那項工作。因此，我們無法獲得——透過償​​還高成本企業融資而獲得的額外提振或成長，這將在第一季結束。

But also on the fixed asset repricing, we still see -- from a balance perspective, we still see that asset repricing is there. I would say from a rate perspective, the five-year point of the curve has come down some. And so that's also kind of playing into and influencing that comment I made earlier, where we're seeing less lift. I think we'll see less repricing lift just because of the -- where that five-year point in the curve is right now. It could change, of course.

但就固定資產重新定價而言，從資產負債表的角度來看，我們仍然可以看到資產重新定價的存在。從利率角度來看，我認為五年期利率曲線的最低點已經下降。所以這也在某種程度上印證了我之前的評論，即我們看到升力有所下降。我認為我們會看到重新定價的幅度減少，原因就在於——目前曲線上的五年期點處於什麼位置。當然，情況可能會改變。

Yes. Fair enough. Okay. And last one just for Randy. I appreciate your comments on the Texas market and how well the Guaranty acquisition has gone so far. I wanted to ask about your comments. I know the near-term priority is getting everything integrated from Guaranty, but sounds like conversations maybe could be picking up.

是的。很公平。好的。最後一句專門給蘭迪的。感謝您對德州市場的評論，以及您對 Guaranty 收購案目前進展順利的看法。我想問您對這些評論的看法。我知道近期的首要任務是整合 Guaranty 的所有系統，但聽起來雙方的討論可能會有所進展。

And I think your comments were specific to Texas, but I'm curious just on the overall M&A strategy going forward. Should we expect there is more of an emphasis in the Texas market as you build out scale there? Or are you equally as focused kind of legacy Mountain West franchise in Texas? I guess is one more in a roller, would you expect to grow more in one than the other?

我認為你的評論是針對德克薩斯州的，但我很好奇未來整體的併購策略。隨著貴公司在德州擴大規模，我們是否可以預期貴公司會更加重視德州市場？或者，您是否同樣專注於德克薩斯州那種具有傳統山地西部風格的特許經營權？我猜如果其中一個捲筒裡多裝了一個，你覺得它會比另一個長得更多嗎？

Yeah. So I'd say overall, M&A, I think what we offer is becoming even more attractive to sellers, especially with some of the larger banks purchasing banks in our market. We think that's very, very positive for us, so we offer something that's very different and very attractive to a lot of sellers.

是的。所以總的來說，我認為在併購領域，我們提供的服務對賣家來說變得越來越有吸引力，尤其是一些大型銀行在我們市場上收購其他銀行。我們認為這對我們來說非常非常有利，因此我們提供的產品非常獨特，對許多賣家來說也很有吸引力。

I don't think we can put an emphasis on Texas over the Mountain West, the Southwest over the Mountain West. It's just getting back to -- we have a lot of optionality with very, very good sellers across that entire area. So we don't -- we're not really prioritizing one area over the other. Like I said, our focus is to do a great job on the conversion, and then we'll see where the conversations take us.

我認為我們不能過度強調德州而忽視西部山區，也不能過度強調西南部而忽視西部山區。現在的情況是——我們有很多選擇，整個地區都有很多非常優秀的賣家。所以，我們並沒有——我們並沒有真正優先考慮某個領域而忽略其他領域。正如我所說，我們的重點是做好轉化工作，然後看看對話會把我們引向何方。

Kelly Motta, KBW.

Kelly Motta，KBW。

Thanks for the question. Maybe one for Byron. I think the guidance for margin last quarter was 15 basis points to 17 basis points, plus another 5 basis points to 7 basis points from Guaranty. It seems like at least near term, it might be a little bit lower. Can you provide any context for the color around that? Wondering if Guaranty is maybe contributing less or there's less accretion income? Any color would be helpful.

謝謝你的提問。或許可以寫一首給拜倫。我認為上個季度的利潤率預期是 15 到 17 個基點，再加上擔保公司提供的 5 到 7 個基點。至少在短期內，價格似乎可能會略低一些。你能解釋一下周圍顏色的意義嗎？想知道是不是擔保收益減少了，或是增值收入減少了？任何顏色都會有幫助。

Sure. We have an estimate in there for the loan marks and the purchase accounting accretion. So we have an estimate in there. I think it may be a little bit more modest than it was prior quarter. Also, kind of back to that five-year point of the curve, our repricing is just a little bit softer.

當然。其中包含貸款標記和購買會計增值的估算。所以裡面有一個估算值。我認為可能會比上一季略微溫和一些。另外，回到曲線的五年點，我們的重新定價稍微緩和了一些。

And also, just looking at the rate cuts -- and I mentioned that lag on the deposit side. So the timing of the cuts and the reaction of our deposit base can create a little bit of noise during the quarter. And so put that all together, thought it might be good to just kind of ran in just a little bit, that margin. 18 basis points to 20 basis points is still a very strong quarter for us.

另外，看看降息情況——我之前也提到過存款方面的滯後性。因此，減產的時機以及我們存款基礎的反應可能會在本季造成一些波動。綜合所有因素，我認為稍微提高利潤率或許是個好主意。 18到20個基點的利潤率對我們來說仍然是一個非常強勁的季度。

Got it. That's really helpful. Another question that maybe you can humor me on this non-depository financial institution lending. From what I can see in the call reports, it looks like it's almost negligible, where you guys -- what your exposure is. Just wondering if that's the case and if you could provide -- just a moment -- credit has been such a strong selling point of Glacier, just the types of commercial credits you look at and kind of what gives you comfort with the outlook ahead?

知道了。這真的很有幫助。關於非存款金融機構貸款，或許您還能解答我的一個問題。從通話記錄來看，你們的風險敞口似乎微乎其微。我只是想確認一下情況是否如此，以及您能否稍等片刻，提供一些資訊——信用一直是 Glacier 的一個重要賣點，您具體關注哪些類型的商業信用，以及是什麼讓您對未來的前景感到放心？

Sure, Kelly, it's Tom. And you're right on the assessment of the non-depository financial institution. It's immaterial. And Kelly, it's just -- it's not a business line for us, either as syndicated or any other indirect type of business.

當然，凱莉，我是湯姆。您對非存款金融機構的評估完全正確。這無關緊要。凱利，這對我們來說並不是一項業務，無論是聯合發行還是任何其他間接類型的業務。

With our division model, kind of answer the last part of your question. At the end of the day, we're a collection of community banks, we're Main Street lenders that deal with local businesses and consumers. And we just haven't had the appetite really at all for syndicated indirect, nor do we foresee exploring it.

我們的分工模式可以大致回答你問題的最後一部分。歸根究底，我們是由多家社區銀行組成的聯盟，我們是服務當地企業和消費者的街頭貸款機構。我們一直對聯合間接行銷沒有興趣，也不打算探索這種模式。

And so I think when we look at the nature of the pipeline, it really falls right in line with how the footprint is laid out. Good, strong local borrowers, Main Street lenders that we've had relationships with for years.

所以我覺得，當我們審視這條管道的性質時，它與管道的佈局方式完全吻合。優秀的、實力雄厚的本地借款人，我們多年來一直與之保持合作關係的街頭貸款機構。

Thank you, Tom. I'll step back.

謝謝你，湯姆。我退後一步。

(Operator Instructions) Tim Coffey, Janney Montgomery Scott.

（操作說明）蒂姆·科菲，詹尼·蒙哥馬利·斯科特。

Tom, if I could follow on that last question Kelly was asking. I mean, we've seen a handful of missteps in the last couple of weeks from some banks. And I was wondering if, in general, you could discuss kind of the processes and checks you have in place at Glacier to ensure that borrowers are doing what they're supposed to be doing?

湯姆，我可以接著凱莉剛剛問的問題問一下嗎？我的意思是，過去幾週我們看到一些銀行犯了一些錯誤。我想問的是，您能否大致介紹一下 Glacier 採取了哪些流程和檢查措施，以確保借款人履行他們應該履行的義務？

Yeah, sure. Well, first of all, it begins with knowing your customer. And the other thing is the loans that we have on our books, we're in control over. So that kind of goes back to that indirect comment or purchase participations or syndication. That just isn't really a space that we play in. We want to be directly in control of the relationship.

當然可以。首先，要從了解你的客戶開始。還有一點，就是我們帳面上的貸款，我們都能掌控。所以這又回到了間接評論、購買參與或聯合發行的問題。那並不是我們涉足的領域。我們希望直接掌控這段關係。

And then I think to answer the latter part of your question, we have credit administration function in every single one of our divisions. And that's proximate to the Street, proximate to the customers. They're in the communities, where we meet with our borrowers on a regular basis, typically minimum on a quarterly basis for our larger borrowers. But we're also seeing these borrowers at community events and sporting events. And so it goes back to just the true core community bank-type lending.

至於你問題的後半部分，我認為我們每個部門都設有信貸管理職能。而且它靠近街道，靠近顧客。他們就在我們定期與借款人會面的社區裡，對於較大的借款人，通常至少每季會面一次。但我們也常在社區活動和體育賽事中看到這些借款人。所以，一切又回到了真正的核心社區銀行式貸款。

And then from a more formal perspective, we're very good and deliver with our covenant structure and our new originations, our ongoing annual reviews of both -- each of the division banks and then also an ongoing regular review of the portfolio at large. And so I think when you just encapsulate all those things together, we really have a strong understanding of what's going on with our borrowers.

從更正式的角度來看，我們在契約結構和新業務方面都做得非常好，我們對每個部門銀行都進行了持續的年度審查，並對整個投資組合進行了持續的定期審查。所以我覺得，當你把所有這些因素綜合起來考慮時，我們就能真正深刻地了解我們的借款人的情況了。

All right. That's great. All my other questions have been asked and answered. Thank you.

好的。那太棒了。我的其他問題都已經問過並得到了解答。謝謝。

Thank you so much. And this will conclude our Q&A session, and I will pass it back to Randy for concluding comments.

太感謝了。我們的問答環節到此結束，接下來我將把發言權交還給蘭迪，請他做總結性發言。

All right. Thank you, Carmen. And I want to thank everyone for dialing in today and joining our call. Have a great Friday and a great weekend.

好的。謝謝你，卡門。我要感謝今天撥入電話會議的各位。祝你週五愉快，週末愉快！

Thank you. And this concludes our conference. Thank you all for participating, and you may now disconnect.

謝謝。我們的會議到此結束。感謝各位的參與，現在可以斷開連結了。