Heritage Financial Corp (HFWA) 2025 Q3 法說會逐字稿

Hello, everyone, and a warm welcome to the Heritage Financial 2025 Q3 earnings call. My name is Emily, and I'll be moderating your call today. (Operator Instructions).

大家好，熱烈歡迎參加 Heritage Financial 2025 年第三季財報電話會議。我叫艾米麗，今天我將主持你們的通話。（操作說明）

I would now like to turn the call over to Bryan McDonald, President and Chief Executive Officer, to begin. Please go ahead.

現在我謹將電話交給總裁兼執行長布萊恩麥克唐納先生，由他開始發言。請繼續。

Thank you, Emily. Welcome and good morning to everyone who called in and those who may listen later. This is Bryan McDonald, CEO of Heritage Financial. Attending with me are Don Hinson, Chief Financial Officer; and Tony Chalfant, Chief Credit Officer.

謝謝你，艾米麗。歡迎各位來電收聽，也祝稍後收聽的朋友們早安。這位是Heritage Financial的執行長Bryan McDonald。與我一同出席的還有財務長唐·欣森和首席信貸官托尼·查爾方特。

Our third quarter earnings release went out this morning premarket, and hopefully, you have had the opportunity to review it prior to the call. In addition to the earnings release, we have also posted an updated third quarter investor presentation on the Investor Relations portion of our corporate website, which includes more detail on our deposits, loan portfolio, liquidity and credit quality. We will reference this presentation during the call.

我們第三季財報已於今天早盤前發布，希望您有機會在電話會議之前查看一下。除了發布獲利報告外，我們還在公司網站的投資者關係部分發布了更新的第三季投資者演示文稿，其中包含有關我們的存款、貸款組合、流動性和信用品質的更多詳細資訊。我們將在通話中提及這份簡報。

As a reminder, during this call, we may make forward-looking statements, which are subject to economic and other factors. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements are disclosed within the earnings release and the investor presentation.

再次提醒，在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明會受到經濟和其他因素的影響。可能導致我們的實際業績與前瞻性聲明中所示業績存在重大差異的重要因素已在盈利報告和投資者簡報中披露。

Improving net interest margin and tight controls on noninterest expense growth continue to incrementally drive earnings higher in the third quarter.

第三季度，淨利差的改善和對非利息支出成長的嚴格控制繼續逐步推動獲利成長。

On an adjusted basis, earnings per share was up 5.7% versus last quarter and up 24.4% versus the third quarter of 2024. And on the same adjusted basis, our ROAA improved to 1.11% versus 0.87% in the third quarter of 2024. We are excited about the pending merger with Olympic Bancorp. Their addition to the Heritage franchise will add to the profitability of our operations and better position our company for growth in the Puget Sound market.

經調整後，每股盈餘較上季成長 5.7%，較 2024 年第三季成長 24.4%。經過相同調整後，我們的 ROAA 從 2024 年第三季的 0.87% 提高到 1.11%。我們對即將與奧林匹克銀行集團的合併感到興奮。他們加入 Heritage 特許經營體系將提高我們營運的獲利能力，並使我們公司在普吉特海灣市場的發展佔據更有利的地位。

We'll now move to Don, who will take a few minutes to cover our financial results.

接下來我們請唐先生用幾分鐘時間介紹一下我們的財務表現。

Thank you, Bryan. I will be reviewing some of the main drivers of our performance for Q3. As I walk through our financial results, unless otherwise noted, all of the prior period comparisons will be with the second quarter of 2025.

謝謝你，布萊恩。我將回顧我們第三季業績的一些主要驅動因素。當我介紹我們的財務表現時，除非另有說明，所有前期比較都將與 2025 年第二季進行比較。

Starting with the balance sheet. Total loan balances were relatively flat in Q3, decreasing by $5.7 million. Although loan originations increased from Q2 levels, payoffs and prepayments also increased in Q3, while utilization rates decreased. Yields in our loan portfolio were 5.53%, which was 3 basis points higher than Q2. This was due primarily to new loans being originated at higher rates and adjustable rate loans repricing higher.

首先來看資產負債表。第三季貸款總額基本持平，減少了 570 萬美元。儘管貸款發放量較第二季有所增加，但第三季還款和提前還款額也有所增加，而貸款利用率則有所下降。我們的貸款組合收益率為 5.53%，比第二季高出 3 個基點。這主要是由於新發放的貸款利率較高，以及浮動利率貸款重新定價上漲所致。

Bryan McDonald will have an update on loan production and yields in a few minutes. Total deposits increased $73 million in Q3 and noninterest-bearing deposits increased $33.7 million. The increase in total deposits was net of a $31.4 million decrease in certificates of deposit accounts, most of which was the result of a decrease of $25 million in brokered CDs. The cost of interest-bearing deposits decreased to 1.89% from 1.94% in the prior quarter.

Bryan McDonald 將在幾分鐘後帶來貸款發放和收益率的最新情況。第三季總存款增加 7,300 萬美元，不計息存款增加 3,370 萬美元。總存款的增加扣除了定期存款帳戶 3,140 萬美元的減少，其中大部分是由於經紀定期存款減少了 2,500 萬美元造成的。計息存款成本從上一季的 1.94% 下降至 1.89%。

As a result of the rate cut in September, we expect to see continued decreases in the cost of deposits. Investment balances decreased $33 million due primarily to expected principal cash flows on the portfolio. Due to the desire to preserve capital for the pending acquisition, we halted loss trade activity in Q3. We also did not purchase any securities in Q3.

由於9月的降息，我們預期存款成本將持續下降。投資餘額減少了 3,300 萬美元，主要原因是投資組合的預期本金現金流。由於希望為即將進行的收購保留資金，我們在第三季停止了虧損交易活動。第三季我們也沒有買任何證券。

Moving on to the income statement. Net interest income increased $2.4 million or 4.3% from the prior quarter due primarily to a higher net interest margin. The net interest margin increased to 3.64% from 3.51% in the prior quarter and from 3.30% in the third quarter of 2024. We recognized the provision for credit losses in the amount of $1.8 million, up from $956,000 in the prior quarter due primarily to an increase in the weighted average life of the loan -- construction loan portfolio.

接下來來看損益表。淨利息收入較上一季增加 240 萬美元，增幅 4.3%，主要原因是淨利差擴大。淨利差從上一季的 3.51% 增至 3.64%，而 2024 年第三季的淨利差為 3.30%。我們確認了 180 萬美元的信貸損失準備金，高於上一季的 95.6 萬美元，這主要是由於建築貸款組合的加權平均期限增加所致。

New construction loans increased the average life of the portfolio as well as reduced portfolio utilization rates. Net charge-offs remain at very low levels. Tony will have additional information on credit quality metrics in a few moments.

新的建築貸款延長了投資組合的平均壽命，並降低了投資組合的使用率。淨沖銷額仍處於極低水準。Tony稍後會提供更多有關信貸品質指標的資訊。

Noninterest expense increased $530,000 from the prior quarter due mostly to increased comp and benefits expense as well as professional services. We recognized 535 -- sorry, $635,000 of merger-related expenses in Q3, most of which was included in the professional services category. Comp and benefits expense was higher, primarily due to increased incentive compensation accrual.

非利息支出較上一季增加 53 萬美元，主要原因是薪資福利支出以及專業服務費用增加。我們在第三季確認了 535 美元（抱歉，是 635,000 美元）的併購相關支出，其中大部分計入了專業服務類別。薪酬福利支出較高，主要是因為激勵性薪酬提列增加。

And finally, moving on to capital. All of our regulatory capital ratios remain comfortably above well-capitalized thresholds and our TCE ratio was 9.8%, up from 9.4% in the prior quarter. Similar to our inactivity and loss trades on investments, we were also inactive in stock buybacks in Q3 and are unlikely to resume stock buybacks this calendar year.

最後，我們來談談資本。我們所有的監理資本比率均遠高於資本充足的門檻，我們的 TCE 比率為 9.8%，高於上一季的 9.4%。與我們在投資方面的不活躍和虧損交易類似，我們在第三季也沒有進行股票回購，並且不太可能在今年恢復股票回購。

I will now pass the call to Tony, who will have an update on our credit quality.

現在我將把電話轉給托尼，他將向我們報告我們的信用品質狀況。

Thank you, Don. Through the first three quarters of the year, I'm pleased to report that credit quality remains strong and stable. Nonaccrual loans totaled $17.6 million at quarter end, and we do not hold any OREO. This represents 0.37% of total loans and compares to 0.21% at the end of the second quarter. The largest addition during the quarter came from two loans totaling $6.7 million that are primarily secured by a townhome construction project.

謝謝你，唐。我很高興地報告，今年前三個季度信貸品質依然強勁穩定。截至季末，非應計貸款總額為 1,760 萬美元，我們沒有持有任何已收回的資產。這佔貸款總額的 0.37%，而第二季末這一比例為 0.21%。本季新增資金最大，來自兩筆總額為 670 萬美元的貸款，主要以連棟別墅建設項目作為抵押。

That project is nearly complete and the unit should be listed for sale before year-end. There is currently no loss expected on these loans and the nonaccrual decision was primarily tied to the delinquency status. Also within our nonaccrual loan portfolio, we have just over $2.8 million in government guarantees. Nonperforming loans increased modestly from 0.39% of total loans at the end of the second quarter to the current level of 0.44%. This increase was primarily tied to the previously mentioned increase to nonaccrual loans.

該項目已接近完工，該單元房應該會在年底前上市出售。目前預計這些貸款不會產生損失，不提列利息的決定主要與拖欠情況有關。此外，在我們的非應計貸款組合中，我們還有略高於 280 萬美元的政府擔保。不良貸款佔貸款總額的比例從第二季末的 0.39% 小幅上升至目前的 0.44%。這一增長主要與前面提到的非應計貸款的增長有關。

Criticized loans moved lower during the quarter. These loans rated special mention or substandard totaled just under $194.5 million at quarter end, declining by just over $19 million during the quarter. Substandard and special mention loans were down by 5% and 12%, respectively, during the quarter from a combination of payoffs and upgrades. At 2% of total loans, substandard loans remain at a manageable level and in line with our longer-term historical performance.

本季受批評貸款有所下降。截至季末，這些被評為特別關注或次級貸款的總額略低於 1.945 億美元，比本季減少了 1,900 多萬美元。由於償還和升級等因素，本季次級貸款和特別關注貸款分別下降了 5% 和 12%。次級貸款佔貸款總額的 2%，仍處於可控水平，與我們長期的歷史表現相符。

Page 19 in our investor presentation provides more detail on the composition of our criticized loans and reflects the stability we've seen in this portfolio over the past two years.

我們在投資者簡報第 19 頁提供了有關我們受批評貸款的構成詳情，並反映了我們在過去兩年中在該投資組合中看到的穩定性。

During the quarter, we experienced total charge-offs of $374,000 that were split evenly between consumer and commercial loans. The losses were partially offset by $256,000 in recoveries leading to net charge-offs of $118,000 for the quarter. For the first nine months of the year, net charge-offs remained low at $911,000. This represents 0.03% of total loans on an annualized basis and compares favorably to the 0.06% we reported for the full year 2024.

本季度，我們共核銷了 374,000 美元，其中消費貸款和商業貸款各佔一半。損失部分被 256,000 美元的回收款所抵消，導致該季度淨沖銷額為 118,000 美元。今年前九個月，淨沖銷額維持在較低水平，為 911,000 美元。按年計算，這相當於貸款總額的 0.03%，與我們報告的 2024 年全年 0.06% 相比，這是一個有利的局面。

Page 20 of the investor presentation shows our history of low credit losses and how we compare favorably to our peer group. We are pleased with the strength and stability of our credit metrics for both the quarter and through the first nine months of the year. While we are closely watching the increase in our nonperforming loans, it is important to note they remain at a low level when compared to our historical trends.

投資者簡報第 20 頁展示了我們過往的低信貸損失記錄，以及我們與同行相比的優勢。我們對本季以及今年前九個月的信貸指標的強勁性和穩定性感到滿意。雖然我們正在密切關注不良貸款的成長情況，但值得注意的是，與歷史趨勢相比，不良貸款仍然處於較低水平。

While there has been some economic volatility this year, we have yet to see any material impact on our credit quality. We remain confident that our consistent and disciplined approach to credit underwriting will serve us well should the economy show any material deterioration in the coming quarters.

雖然今年經濟出現了一些波動，但我們尚未看到對我們的信貸品質產生任何實質影響。我們仍然相信，即使未來幾季經濟出現任何實質惡化，我們一貫嚴謹的信貸承銷方式也將對我們大有裨益。

I'll now turn the call over to Bryan for an update on our production.

現在我將把電話交給布萊恩，讓他報告我們的生產。

Thanks, Tony. I'm going to provide detail on our third quarter production results, starting with our commercial lending group. For the quarter, our commercial teams closed $317 million in new loan commitments, up from $248 million last quarter and up from $253 million closed in the third quarter of 2024.

謝謝你，托尼。我將詳細介紹我們第三季的生產業績，首先從我們的商業貸款團隊開始。本季度，我們的商業團隊完成了 3.17 億美元的新貸款承諾，高於上季的 2.48 億美元，也高於 2024 年第三季完成的 2.53 億美元。

Please refer to page 13 in the investor presentation for additional detail on new originated loans over the past five quarters. The commercial loan pipeline ended the third quarter at $511 million up from $473 million last quarter and up modestly from $491 million at the end of the third quarter of 2024.

有關過去五個季度新增貸款的更多詳細信息，請參閱投資者簡報第 13 頁。商業貸款儲備金在第三季末達到 5.11 億美元，高於上一季的 4.73 億美元，也略高於 2024 年第三季末的 4.91 億美元。

As we look ahead to the fourth quarter, we are estimating new commercial team loan commitments of $320 million, which is very similar to Q3 levels. As anticipated, loan balances were fairly flat quarter-over-quarter with a $6 million decline in the quarter. Although total loan production was up $81 million or 30% versus last quarter, we continue to see elevated payoffs and prepaids. And similar to last quarter, the mix of loans closed during the quarter resulted in lower outstanding balances.

展望第四季度，我們預計新的商業團隊貸款承諾額為 3.2 億美元，與第三季的水平非常接近。正如預期的那樣，貸款餘額環比基本持平，本季減少了 600 萬美元。儘管貸款總額比上一季增加了 8,100 萬美元，增幅達 30%，但我們仍然看到還款額和提前還款額居高不下。與上個季度類似，本季完成的貸款組合導致未償餘額下降。

Looking year-over-year, prepayments and payoffs are $124 million higher than last year, and net advances on loans have swung from a positive $142 million last year, to a negative $75 million year-to-date in 2025. Please see slides 14 and 16 of the investor presentation for further detail on the change in loans during the quarter.

與前一年相比，提前還款和結清款項增加了 1.24 億美元，貸款淨額從去年的 1.42 億美元轉為 2025 年迄今的 7,500 萬美元虧損。有關本季度貸款變化的更多詳情，請參閱投資者簡報的第 14 和 16 頁。

Looking ahead to the fourth quarter, we expect loan balances to remain near Q3 levels then resume growth to more normal levels in 2026 as loan payoffs moderate, and the net advances moved back to a positive position.

展望第四季度，我們預計貸款餘額將保持在第三季度的水平附近，然後在 2026 年隨著貸款償還速度放緩，淨貸款額恢復正值，貸款餘額將恢復到更正常的水平。

Deposits increased $73 million during the quarter and are up $173 million year-to-date. The deposit pipeline ended the quarter at $149 million compared to $132 million in the second quarter. And average balances on new accounts opened during the quarter are estimated at $40 million compared to $72 million in the second quarter.

本季存款增加 7,300 萬美元，今年迄今已增加 1.73 億美元。本季末，存款儲備金為 1.49 億美元，而第二季為 1.32 億美元。本季新開帳戶的平均餘額估計為 4,000 萬美元，而第二季為 7,200 萬美元。

Moving to interest rates. Our average third quarter interest rate for new commercial loans was 6.67%, which is up 12 basis points from the 6.55% average for last quarter. In addition, the third quarter rate for all new loans was 6.71%, up 13 basis points from 6.58% last quarter.

接下來談談利率。第三季新商業貸款的平均利率為 6.67%，比上一季的平均利率 6.55% 上漲了 12 個基點。此外，第三季所有新貸款的利率為 6.71%，比上一季的 6.58% 上升了 13 個基點。

In closing, as mentioned earlier, we are pleased with our solid performance in the third quarter. Deposit growth has allowed us to pay down borrowings and broker deposits while our loans have continued to reprice upward. These factors drove our net interest income up $2.4 million versus last quarter and $4.4 million versus the third quarter of 2024.

最後，如同前面提到的，我們對第三季的穩健表現感到滿意。存款成長使我們能夠償還借款和經紀存款，同時我們的貸款價格也持續上漲。這些因素使我們的淨利息收入比上一季增加了 240 萬美元，比 2024 年第三季增加了 440 萬美元。

The combination with Olympic Bancorp and its subsidiary, Kitsap Bank, will add to this positive momentum in a significant way. We look forward to having the exceptional bankers of Kitsap join the Heritage Bank family and are excited about what we can accomplish together.

與奧林匹克銀行集團及其子公司基薩普銀行的合併，將大大增強這一積極勢頭。我們期待基薩普縣傑出的銀行家加入 Heritage Bank 大家庭，並對我們共同能夠取得的成就感到興奮。

Overall, we believe we are well positioned to navigate what is ahead and to take advantage of various opportunities to continue to grow the bank.

總的來說，我們相信我們已經做好充分準備，應對未來的挑戰，並抓住各種機會，繼續發展壯大銀行。

With that said, Emily, we can now open the line for questions from call attendees.

艾米麗，那麼現在我們可以開始接受電話會議參與者的提問了。

(Operator instructions) Matthew Clark, Piper Sandler.

（操作說明）馬修·克拉克，派珀·桑德勒。

This is Adam Kroll on for Matthew Clark. Yes. So maybe just starting off on the margin. I was wondering if you had the spot cost of deposits at September 30, and maybe the NIM for the month of September?

這裡是亞當·克羅爾，代馬修·克拉克為您報道。是的。所以或許可以先從邊緣做起。我想知道您是否有9月30日的存款即期成本，以及9月的淨利差？

Sure, Adam. Yes, spot rate on cost deposits was -- the interest-bearing was 1.87%. And that, of course, compared to 1.89% for the quarter and for total cost deposits of 1.35%. The NIM for September was 3.66% compared to 3.64% for the quarter.

當然可以，亞當。是的，成本存款的即期利率是－計息利率為 1.87%。當然，這一數字與本季的 1.89% 和總成本存款的 1.35% 相比，就顯得微不足道了。9 月的淨利差為 3.66%，而本季為 3.64%。

Got it. That's super helpful. And then just on deposit costs. I guess how much opportunity do you still see to reduce rates on the nonmaturity side?

知道了。這太有幫助了。然後還有押金費用。我想問，您認為在非到期債券方面還有多少降低利率的機會？

Well, we have close to -- I think where it comes into play is mostly close -- is approximately $1 billion we have in exception price as it's -- that are costing us currently close to 3%. And so we will continue to, as rates are cut to work those down over time. It's a process, and it doesn't happen all at once.

嗯，我們大約有——我認為它發揮作用的地方主要是——大約有 10 億美元，我們有例外價格，因為它——目前使我們損失了近 3%。因此，我們將繼續這樣做，隨著利率的降低，隨著時間的推移逐步降低這些利率。這是一個過程，不會一蹴可幾。

But we have been working them down some. I will say also, a lot of the new -- if we bring on new accounts, so they tend to be at the higher than the overall portfolio rate. So that mitigates some of the help of the rate cuts, but I do expect that we will continue to be able to work that down over time.

但我們一直在努力降低它們的數值。我還要說，很多新帳戶——如果我們新增帳戶，那麼它們的利率往往高於整體投資組合利率。因此，這在一定程度上抵消了降息帶來的幫助，但我預計隨著時間的推移，我們將繼續努力降低降息幅度。

Got it. I appreciate the color there. And then maybe just one last one for me is I was wondering if you could just expand on how you're thinking about organic loan growth in '26? And do you have any visibility into payoffs and when they might normalize lower?

知道了。我喜歡那裡的顏色。最後，我想問最後一個問題，您能否詳細談談您對 2026 年有機貸款成長的看法？你們能否預測收益狀況，以及何時可能收益回落到較低水準？

Sure, Adam. We're expecting to move back to more of our traditional range, mid- to high single digits next year. On the second quarter call, I had mentioned, anticipated growth hitting in the fourth quarter, and we have several additional larger payoffs we're now expecting here in the fourth quarter. So we're expecting to be flat again. So there's kind of two things going on.

當然可以，亞當。我們預計明年將回歸到更傳統的水平，即個位數中高段位。在第二季電話會議上，我曾提到預計第四季將實現成長，而我們現在預計第四季還將迎來幾個更大的收益。所以我們預計價格會再次趨於平穩。所以，這裡其實有兩件事在發生。

One is the cycling of some construction loans we've booked over the last few years that are reaching perm and paying off. And you can see that on page 14 in the investor presentation just with the utilization rates on the construction loans as those go to perm and pay off. And then we've -- a lot of the new bookings over the last couple of quarters have been in that construction bucket, and so our fundings have been lower.

一是過去幾年我們獲得的一些建築貸款正在循環償還，這些貸款即將到期並開始還款。您可以在投資者簡報的第 14 頁看到這一點，其中顯示了建築貸款的使用率，因為這些貸款會轉為永久貸款並償還。然後，在過去的幾個季度裡，我們新增的訂單大多來自建築業，因此我們的資金投入也相應減少。

If you look at the detail on the change in loans during the quarter, you can see our net advances on construction loans or actually on all of our lines is down this year versus up last year. So we expect, as we get into 2026, work our way through the rest of these payoffs that we'll have positive net advances on those loans, so a bit of a tailwind versus the headwind that we had this year.

如果你查看本季貸款變化的詳細數據，你會發現我們今年的建築貸款淨額，或者實際上是我們所有貸款項目的淨額，都比去年有所下降。因此我們預計，到了 2026 年，隨著剩餘貸款的償還，我們將獲得這些貸款的正淨收益，這將帶來一些順風，而不是像今年這樣面臨逆風。

And then the productions continue to be strong at over $300 million this last quarter and expecting, again, $300 million in Q4, over $300 million in Q4. It's a little harder for me to see out into 2026 because our pipeline is really accurate out 90 days. It's hard to anticipate loan demand in 2026, although I would say things have been strengthening since the summer.

然後，上一季的製作收入持續保持強勁勢頭，超過 3 億美元，預計第四季也將達到 3 億美元以上。對我來說，預測到 2026 年的情況有點困難，因為我們的預測只能準確預測未來 90 天的情況。雖然很難預測 2026 年的貸款需求，但我認為自夏季以來情況一直在改善。

And so based on that, I'm not seeing anything at this point that would cause those -- cause loan demand to dip and the pipeline to shrink beyond all the obvious things that could drive that. We're just -- we're seeing the trend move in the other direction right now.

因此，基於上述情況，除了所有顯而易見的可能驅動因素之外，我目前還沒有看到任何會導致貸款需求下降和貸款項目縮減的因素。我們現在看到的趨勢恰恰相反。

Jeff Rulis, D.A. Davidson.

傑夫·魯利斯，D.A.戴維森。

Maybe staying on the payoff front, just a follow-up. Any of that kind of managed by you or encouraged balance reductions for credit-related reasons?

或許可以繼續談談回報方面，這只是一個後續問題。您是否出於信用相關原因管理或鼓勵過此類餘額減少？

Yes, Jeff, I would say the kind of the change in the fourth quarter is some several larger payoffs that are for adversely classified credits, not necessarily a circumstance where we're working them out of the bank, but ones where the customers have decided to sell the assets and pay it off. So that's the difference versus last quarter. We've got a few in that bucket and then one additional construction loan that's going to pay off in Q4. We're expecting Q4 versus previously we thought it push into '26. So that's the change for Q3. Not a huge number of loans, but a couple of chunky ones in there.

是的，傑夫，我認為第四季度的變化主要體現在一些較大的不良貸款償還上，這些貸款並不一定意味著我們正在努力從銀行收回貸款，而是客戶決定出售資產並償還貸款。這就是與上一季的差異。我們有幾筆貸款屬於這種情況，還有一筆額外的建築貸款將在第四季度償還。我們預計第四季就能實現，而之前我們認為要等到 2026 年。這就是第三季的變化。貸款數量不多，但其中有幾筆數額較大的貸款。

Sure. No, that's helpful. Just to kind of get the whole picture that on the edges, maybe some of that activity is positive. I wanted to talk about the deposit success in the quarter, a pretty good core deposit growth. Is that a bit of seasonal factors in play? Or is this just execution with the team, a bit of both? Just trying to see -- unpack that a little bit.

當然。不，這很有幫助。只是想了解全貌，在邊緣地帶，也許有些活動是正面的。我想談談本季的存款情況，核心存款成長相當不錯。這其中是否包含一些季節性因素的影響？或者這只是團隊的執行情況，或者兩者兼而有之？我只是想看看——稍微解讀一下。

Yes, it is a bit of both. Third quarter, traditionally our strongest deposit growth quarter during the year, and that was the case last year, and we saw it this year, the years previously was hard to see it, of course, because of all the rate changes and the outflow of excess deposits.

是的，兩者兼具。第三季度歷來是我們一年中存款成長最快的季度，去年如此，今年也如此，當然，前幾年很難看到這種情況，因為利率變化和過剩存款的流出。

But yes, seasonal increase. And then we've had good additions from the new account activity side. And so those are driving the balances as well as some accumulation in customer accounts, again, more related to that seasonality.

是的，存在季節性增長。此外，我們在新帳戶活動方面也獲得了不錯的成長。因此，這些因素會影響餘額，也會導致客戶帳戶出現一些累積，而這又與季節性因素有關。

Got you. And then connected maybe, Don, on the margin, I guess, it sounds as if that -- those deposit costs or spot rate and margin trending well. Is there a bit of a carryover or a declining benefit from the loss trades. I guess, anything you give puts and takes on margin, particularly in light of cuts as well, rate cuts? Where would you sort of position the margin ahead?

抓到你了。然後，唐，或許在邊際上，我猜，聽起來好像是這樣——存款成本或即期匯率和利潤率的趨勢良好。虧損交易的收益會略為延續，還是會逐漸減少？我想，任何你進行保證金交易的事情，尤其是在考慮到降息等因素的情況下？你會如何安排前面的利潤空間？

Yes. I don't think we're going to get the margin growth based off the rate cut we had in mid-September, which we didn't feel the full effect of or experience full effect of and kind of expecting one next week. I think we're going to continue to get, again, help on the deposit side. But I think the loan yields are going to be fairly flattish this quarter. We're going to continue to be able to reprice adjustable rate loans higher and new loans going on will be higher.

是的。我不認為我們能從9月中旬的降息中獲得利潤增長，因為我們沒有感受到降息的全部效果，也沒有體驗到降息的全部效果，而且我們預計下週還會有一次降息。我認為我們會在存款方面繼續獲得幫助。但我認為本季貸款收益率將保持相對穩定。我們將繼續提高可調利率貸款的利率，新發放的貸款利率也會更高。

But those rate cuts when we have, I think, it's 22%, 23% fully floating that also impacts it. So having a flattish loan yields for the quarter and maybe some help on the deposit side, I think we might continue to see some NIM improvement, but it will be muted compared to last quarter.

但我認為，當利率降至 22% 或 23% 時，完全浮動利率也會對其產生影響。因此，鑑於本季貸款收益率基本上持平，存款方面可能也會有所改善，我認為我們可能會繼續看到淨利差有所改善，但與上個季度相比，改善幅度會比較有限。

Liam Coohill, Raymond James.

利亞姆·庫希爾，雷蒙德·詹姆斯。

Liam On for David. So we've talked a lot about the deposit success in the quarter and I was curious, how has competition been trending in your markets, especially with a lot of banks targeting high levels of loan growth. Where are you seeing the most opportunity for gathering those deposits even in a seasonally stronger quarter?

利亞姆代替大衛。我們已經討論了很多關於本季存款業務的成功情況，我很好奇，你們市場的競爭趨勢如何，尤其是許多銀行都以高水準的貸款成長為目標。即使在通常較為強勁的季度，您認為最有可能獲得這些存款的機會在哪裡？

Yes, Liam, really, it's same strategy we've deployed in the past going after the operating relationships, accounts that look for strong servicing. Don mentioned in his deposit comments that some of the new relationships we're bringing on have a little higher average cost than the bank's average. And that's because for those excess deposits to the extent that customers are shopping between a few banks, we're having to pay up on those excess deposits, maybe a little bit more so than we are within the portfolio on average.

是的，利亞姆，確實如此，這和我們過去採取的策略一樣，即爭取與營運者建立關係，爭取那些尋求優質服務的客戶。唐在存款評論中提到，我們新建立的一些客戶關係的平均成本比銀行的平均成本略高。這是因為，如果客戶在幾家銀行之間比較存款，那麼對於這些超額存款，我們就必須支付更高的利率，可能比我們平均在投資組合中支付的利率要高一些。

But then, of course, we're getting strong demand balances along the way. So we still see competition in our market, strong pricing competition on deposits. It's kind of varied from local -- one local geography to another in terms of who the players are that are being particularly aggressive with deposits. So that continues to be a factor. But if you're going after the operating relationships, it's a different driver than price on that piece. So that's the key.

當然，在此過程中，我們也獲得了強勁的需求平衡。因此，我們仍然看到市場競爭，存款價格競爭非常激烈。不同地區的情況略有不同——不同地區的玩家在存款方面表現得特別積極。所以這仍然是一個影響因素。但如果你追求的是營運關係，那麼這方面的驅動因素就跟價格不同了。這就是關鍵所在。

I appreciate that. And on the acquisition of Olympic, how has progress in the pending deal been trending? And what are the most pressing priorities from your view post deal approval and integration?

我很感激。關於收購奧林匹克公司一事，目前交易進度如何？那麼，在您看來，交易獲批和整合完成後，最迫切的優先事項是什麼？

Yes, Liam, everything is progressing right as planned. We have a project plan and time line and everything is going smoothly. Not seeing anything at this point that, that would change kind of our estimated closing date beginning of Q1, we're on track for that.

是的，利亞姆，一切都在按計劃進行。我們有專案計劃和時間表，一切進展順利。目前來看，沒有任何因素會改變我們預計在第一季初完成交易的日期，我們正按計劃推進。

And then, of course, coordinating closely with the Olympic team to make sure everything goes smoothly and that's also been going very well. So nothing at this point of concern, just going just as we had anticipated.

當然，也要與奧運代表隊密切協調，確保一切順利進行，這方面也進展得非常順利。所以目前沒有什麼值得擔憂的，一切都跟我們預期的一樣。

Great. And then last one for me. I mean asset quality remains pretty strong broadly, and it's great to hear that, that credit migration is likely going to be resolved without loss in 4Q. With classified down quarter-over-quarter. Is there anything you're watching more closely moving forward? Or is all seemingly quiet?

偉大的。最後，也是我最後一個問題。我的意思是，資產品質總體上仍然相當強勁，很高興聽到這個消息，信貸遷移問題很可能在第四季度得到解決，不會造成損失。分類指標環比下降。接下來有什麼特別關注的領域嗎？或者，一切看起來都很平靜？

Tony, I'll let you pick that one up.

東尼，那東西就交給你來拿吧。

Yes, Liam, it's a good question. I think what we're seeing is that the impact from some of the economic volatility has been sort of spotty through the portfolio, nothing really systemic. So we'll have -- we have a few loans that were relationships that we're looking at that have been impacted somewhat by that.

是的，利亞姆，問得好。我認為我們看到的是，一些經濟波動對投資組合的影響是零星的，並沒有造成系統性的影響。所以，我們有一些貸款關係正在調查中，這些關係在某種程度上受到了影響。

But generally speaking, it's just kind of the normal, ins and outs of -- into the classified criticized buckets that we typically see. So no real particular trends we're watching. And as Bryan mentioned, we do have some positive momentum in the substandard category that may play out in the fourth quarter or should play out in the fourth quarter. And that -- the loans that are in our nonperforming bucket right now, we're just not seeing a lot of material loss potential there as of right now.

但總的來說，這只是我們通常看到的那些被歸類批評的正常情況。所以，我們並沒有特別關注什麼趨勢。正如布萊恩所提到的，我們在不合格類別中確實有一些積極的勢頭，這可能會在第四季度得到體現，或者應該在第四季度得到體現。而目前我們不良貸款類別中的那些貸款，就目前而言，我們還沒有看到太多實質的損失潛力。

Jackson Laurent, Stephens.

傑克森·勞倫特，史蒂芬斯。

This is Jackson on for Andrew Terrell. If I could just hit on expenses first, and I apologize if I missed it. Adjusting for like the merger costs in the quarter, expenses were right at the bottom end of like the previously guided $41 million to $42 million expense guide. Just wondering if that's a good run rate that we should be looking for going forward?

這是傑克森替補安德魯特雷爾上場。如果我先說說費用問題，如果我遺漏了什麼，請見諒。如果剔除本季的合併成本等因素，支出正好處於先前預期的 4,100 萬美元至 4,200 萬美元支出指引範圍的下限。我想知道這是否是我們未來應該追求的合理運行率？

Sure, I'll take that, Bryan. The one impact to this quarter that we haven't had is the state raised their revenue tax rate and that's going to impact us by about $300,000 per quarter. So other than that, I expect it to be pretty similar. It fluctuates some, right? But still I would say in the low 41s core, and then we also have this $300,000 that we'll be dealing with. So it may pump up more into the mid-41s as a result. But that I think it still is a pretty good run rate overall.

好的，我接受，布萊恩。本季唯一尚未受到影響的是州政府提高了稅收稅率，這將使我們每季損失約 30 萬美元。除此之外，我預計其他方面都會非常相似。它會有些波動，對吧？但我仍然認為核心金額在 41 美元左右，此外我們還要處理這 30 萬美元。因此，它可能會進一步上漲至 41 分中段。但我認為這仍然是一個相當不錯的整體運行率。

And we'll still have some acquisition-related costs, which I'm not sure exactly when they're all going to hit. We're going to have some again this quarter, but there will also be some next quarter and of course, over the conversion post-acquisition.

我們還會有一些與收購相關的成本，我不太確定這些成本具體會在什麼時候全部產生。本季我們還會有一些，下季也會有一些，當然，收購後的轉換過程中也會有一些。

Got it. That's helpful. And then just last one for me. I know the primary focus has been on closing the current pending deal, integrating the franchise, but it seems like the M&A space has been heating up a little bit. Just wondering how you guys are thinking about M&A post deal close? And just honestly, how conversations have been trending recently?

知道了。那很有幫助。最後，我還要再來一個。我知道目前的首要任務是完成目前的待決交易，整合特許經營權，但併購領域似乎正在升溫。想問大家對併購交易完成後的狀況有什麼看法？說真的，最近的話題都流行什麼呢？

Yes. Obviously, our first priority is to work through the transaction with Olympic and get that closed. We're anticipating early Q1 for the closure. We're continuing our discussions just like we always have. And if there was an opportunity that came up, we would consider it.

是的。顯然，我們的首要任務是與奧林匹克完成交易並最終敲定交易。我們預計在第一季初完成交割。我們將像往常一樣繼續進行討論。如果出現合適的機會，我們會考慮的。

So again, focuses on the Olympic deal and getting it closed. But looking ahead to next year, if the right opportunity came along, we'd certainly be open to taking a look.

所以，重點還是放在奧運協議的達成。但展望明年，如果出現合適的機會，我們當然願意認真思考。

Kelly Motta, KBW.

Kelly Motta，KBW。

This is Charlie on for Kelly Motta. I guess, just kind of piggyback on that last question. Just wondering how you're thinking about capital from here. You mentioned you're likely to pause the buybacks for the remainder of the year. once the Kitsap deal is closed and integrated successfully, do you expect capital priorities to change in any meaningful way going forward as a combined bank?

這是查理替凱利莫塔解說。我想，我只是想藉用上一個問題。想知道您接下來是如何考慮資金問題的。您提到可能會暫停今年剩餘時間的股票回購。一旦基薩普交易完成並成功整合，您預計合併後的銀行未來的資本優先事項會發生任何實質變化嗎？

Don, do you want to comment on that one?

唐，你想對此發表一下看法嗎？

Sure. It's kind of hard to comment on this until we get through it and see exactly what -- where we're coming out, obviously, we modeled certain things but we'll probably hold -- we'll probably be preserving some capital as we're experiencing the transaction costs associated with it in addition to the upfront dilution.

當然。在我們完成這件事並確切了解結果之前，很難對此發表評論——顯然，我們已經對某些事情進行了建模，但我們可能會堅持下去——我們可能會保留一些資本，因為除了前期稀釋之外，我們還承擔了相關的交易成本。

So we do expect to be earning quite a bit of capital back over time. But it's kind of hard to comment if we're going to be involved in any sort of buybacks at this point. I really have a hard time commenting on that. We're just kind of wait and see. I wouldn't plan on anything in your model at this point.

因此，我們預計隨著時間的推移，我們將收回相當多的資金。但目前很難評論我們是否會參與任何形式的股票回購。我實在很難對此發表評論。我們現在只能靜觀其變。目前我不會在你的模型中做任何計劃。

Understood. And then in terms of how you're thinking about the loan-to-deposit ratio, it came down a bit this quarter. And I know you expect some liquidity from the Olympic deal. Just wondering high level, how you're thinking about managing that ratio moving forward?

明白了。至於您如何看待貸款存款比率，本季該比率略有下降。我知道你們希望從奧運交易中獲得一些流動資金。想了解一下，從宏觀層面來說，您打算如何管理這個比例？

Yes. High level, we like to get it back up to 85% and we'd be comfortable a bit above that as well. So we're continuing to look for loan opportunities to deploy more of our assets into loans. So certainly, our goal is to move it up to 85% and certainly be comfortable a bit higher than that.

是的。整體而言，我們希望恢復到 85%，如果能再高一點就更好了。因此，我們將繼續尋找貸款機會，將更多資產投入貸款領域。所以，我們的目標是將其提高到 85%，而我們當然希望它能更高一些。

(Operator Instructions)

（操作說明）

With that, we have not received any further questions. And so I will turn the call back over to Bryan McDonald for any closing comments.

至此，我們沒有收到任何其他問題。那麼，我將把電話交還給布萊恩麥克唐納，讓他做最後的總結發言。

Thanks, Emily. If there are no more questions, then we'll wrap up this quarter's earnings call. We thank you for your time, your support and your interest in our ongoing performance. We look forward to talking to many of you in the coming weeks. Goodbye.

謝謝你，艾米麗。如果沒有其他問題，那麼本季財報電話會議就結束了。感謝您抽出時間，感謝您的支持和對我們持續演出的關注。我們期待在接下來的幾週與你們中的許多人進行交流。再見。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝各位今天蒞臨。通話到此結束，您可以掛斷電話了。