Hope Bancorp Inc (HOPE) 2024 Q2 法說會逐字稿

Good day, and welcome to the Hope Bancorp 2024 second quarter earnings conference call.

美好的一天，歡迎參加 Hope Bancorp 2024 年第二季收益電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Angie Yang, Director of Investor Relations.

我現在將會議交給投資者關係總監 Angie Yang。

Please go ahead.

請繼續。

Thank you, Maeghan.

謝謝你，梅根。

Good morning, everyone, and thank you. for joining us for the Hope Bancorp 2024 second quarter investor conference call.

大家早安，謝謝大家。歡迎加入我們的 Hope Bancorp 2024 年第二季投資者電話會議。

As usual, we will be using a slide presentation to accompany our discussion this morning, which is available in the presentations page of our IR website.

像往常一樣，我們將使用幻燈片演示來配合今天早上的討論，該演示可以在我們的 IR 網站的演示頁面中找到。

Beginning on slide 2.

從投影片 2 開始。

Let me start with a brief statement regarding forward-looking remarks.

讓我先就前瞻性言論做一個簡短的聲明。

The call today contains forward-looking projections regarding the future financial performance of the company and future events, as well as statements regarding the proposed transaction between Hope Bancorp and Territorial Bancorp.

今天的電話會議包含有關公司未來財務表現和未來事件的前瞻性預測，以及有關 Hope Bancorp 和 Territorial Bancorp 之間擬議交易的聲明。

The closing of the proposed transaction is subject to regulatory approvals, the approval of the stockholders of Territorial Bancorp and other customary closing conditions.

擬議交易的完成須獲得監管部門的批准、Territorial Bancorp 股東的批准以及其他慣例成交條件。

Forward-looking statements are not guarantees of future performance, actual outcomes and results may differ materially.

前瞻性陳述並不能保證未來業績，實際結果和結果可能有重大差異。

Hope Bancorp assumes no obligation to revise any forward-looking projections that may be made on today's call.

Hope Bancorp 不承擔修改今天電話會議中可能做出的任何前瞻性預測的義務。

In addition, some of the information referenced on this call today are non-GAAP financial measures.

此外，今天本次電話會議引用的一些資訊是非公認會計準則財務指標。

For a more detailed description of the risk factors and a reconciliation of the GAAP to non-GAAP financial measures please refer to the company's filings with the SEC as well as the Safe Harbor statements in our press release issued this morning.

有關風險因素的更詳細描述以及 GAAP 與非 GAAP 財務指標的調節，請參閱該公司向 SEC 提交的文件以及我們今天早上發布的新聞稿中的安全港聲明。

Now we have allotted 1 hour for this call.

現在我們為這次通話分配了 1 小時。

Presenting from the management side today will be Kevin Kim, Hope Bancorp's Chairman, President and CEO; Julianna Balicka, our Chief Financial Officer; Peter Koh, our Chief Operating Officer, is also here with us as usual and will be available for the Q&A session.

今天，來自管理層的嘉賓將是 Hope Bancorp 董事長、總裁兼執行長 Kevin Kim；朱莉安娜·巴利卡 (Julianna Balicka)，我們的財務長；我們的營運長 Peter Koh 也像往常一樣與我們在一起，並將參加問答環節。

With that, let me turn the call over to Kevin Kim.

現在，讓我把電話轉給凱文金 (Kevin Kim)。

Kevin?

凱文？

Thank you, Angie.

謝謝你，安吉。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

Let us begin on slide 3 with a brief overview of the quarter.

讓我們從投影片 3 開始，簡要概述本季。

For the second quarter of 2024, we earned net income of $25.3 million or $0.21 per diluted share.

2024 年第二季度，我們的淨利潤為 2,530 萬美元，即稀釋後每股收益 0.21 美元。

Excluding notable items, our net income was $26.6 million and our earnings per share were $0.22.

不計顯著項目，我們的淨利潤為 2,660 萬美元，每股收益為 0.22 美元。

Notable items this quarter included merger and restructuring related costs and a partial reversal of a prior accrual for the FDIC special assessment.

本季值得注意的項目包括合併和重組相關成本以及 FDIC 特別評估先前應計費用的部分沖銷。

Our results this quarter reflect continued progress in improving our financial performance following our strategic reorganization late last year.

我們本季的業績反映了去年年底策略重組後我們在改善財務表現方面的持續進展。

During the second quarter of 2024, our net interest margin expanded, our operating expenses decreased, and our return on assets improved.

2024年第二季度，我們的淨利差擴大，營運費用下降，資產報酬率提高。

We are diligently working on our merger integration planning with Territorial Bancorp and look forward to closing the pending transaction by year end.

我們正在努力製定與 Territorial Bancorp 的合併整合計劃，並期待在年底前完成待決交易。

Territorial will contribute stable and low cost deposits to our franchise and their loans will more than double Hope's residential mortgage portfolio.

Territorial 將為我們的特許經營業務提供穩定且低成本的存款，他們的貸款將使 Hope 的住宅抵押貸款組合增加一倍以上。

On slide 4, you can see that we ended the quarter with strong capital and all our capital ratios expanded from March 31, 2024.

在投影片 4 上，您可以看到我們在本季末擁有雄厚的資本，並且自 2024 年 3 月 31 日起我們所有的資本比率均有所擴大。

As of June 30, 2024, our total capital ratio was 14.42%, and our tangible common equity ratio was 9.72%.

截至2024年6月30日，我們的總資本比率為14.42%，有形普通股比率為9.72%。

Our high capital ratios are a strong base with which to support emerging growth opportunities.

我們的高資本比率是支持新興成長機會的堅實基礎。

Our Board of Directors declared a quarterly common stock dividend of $0.14 per share payable on August 22 to stockholders of record as of August 8, 2024.

我們的董事會宣佈於 8 月 22 日向截至 2024 年 8 月 8 日在冊的股東派發每股 0.14 美元的季度普通股股息。

Continuing to slide 5.

繼續滑動5.

At June 30, 2024, our total deposits were $14.7 billion, essentially stable quarter-over-quarter.

截至 2024 年 6 月 30 日，我們的總存款為 147 億美元，環比基本穩定。

Our frontline continue to execute well with an increase in our noninterest-bearing demand deposits and other customer deposits largely offsetting a planned runoff of brokered deposits.

我們的前線持續表現良好，無息活期存款和其他客戶存款的增加很大程度上抵消了經紀存款的計畫流失。

Moving on to slide 6.

繼續看投影片 6。

At June 30, 2024, our gross loans totaled $13.6 billion, a decrease of $87 million or less than 1% quarter-over-quarter. $30 million of this decrease was from SBA loans sold in the second quarter.

截至2024年6月30日，我們的貸款總額為136億美元，較上季減少8,700萬美元，降幅不到1%。其中 3000 萬美元的減少來自第二季出售的 SBA 貸款。

Overall loan production improved this quarter.

本季整體貸款產量有所改善。

Residential mortgage growth was once again, robust and commercial real estate loans were stable.

住宅抵押貸款成長再次強勁，商業房地產貸款穩定。

However, this was offset by elevated payoffs and paydowns within C&I loans.

然而，這被工商業貸款中較高的支付和還款所抵消。

Based on our strengthening pipelines, we are looking forward to positive loan growth in the third quarter.

基於我們不斷加強的管道，我們預計第三季貸款將出現正成長。

On slides 7 and 8, we provide more details on our commercial real estate loans, which are well diversified by property type and granular in size.

在幻燈片 7 和 8 中，我們提供了有關商業房地產貸款的更多詳細信息，這些貸款按房地產類型和規模進行了充分多元化。

The loan to values remain low with a weighted average of approximately 47% at June 30, 2024.

截至 2024 年 6 月 30 日，貸款成數仍較低，加權平均約 47%。

And the profile of our CRE portfolio has not changed.

我們的商業房地產投資組合的概況並沒有改變。

Asset quality is stable and 98% of the commercial real estate portfolio was past graded at June 30, 2024.

資產品質穩定，截至2024年6月30日，98%的商業房地產投資組合已過評級。

With that, I will ask Julianna to provide additional details on our financial performance for the second quarter.

接下來，我將要求朱莉安娜提供有關我們第二季度財務業績的更多詳細資訊。

Julianna?

朱莉安娜？

Thank you, Kevin.

謝謝你，凱文。

Beginning with slide 9, our net interest income totaled $106 million for the second quarter of 2024, a decrease of $9 million from the first quarter.

從投影片 9 開始，我們 2024 年第二季的淨利息收入總計 1.06 億美元，比第一季減少 900 萬美元。

Approximately $4 million of the sequential decrease was attributable to the net impact of the payoffs of our bank term funding program borrowings in late March and early April, which we paid off in full with interest earning cash.

環比減少約 400 萬美元，是由於 3 月底和 4 月初銀行定期融資計劃借款償還的淨影響，我們用生息現金全額償還了這些借款。

Quarter over quarter, our net interest margin expanded by 7 basis points to 2.62%.

我們的淨利差較上季擴大 7 個基點，達到 2.62%。

A notable highlight is the deceleration in the quarterly increase of our cost of deposits.

一個值得注意的亮點是我們的存款成本季度成長放緩。

Quarter over quarter, our average cost of total deposits increased by only 3 basis points, the lowest quarterly rate of change since the first quarter of 2022.

與上一季相比，我們的平均總存款成本僅增加了 3 個基點，這是自 2022 年第一季以來的最低季度變化率。

On slide 10, we show you the quarterly trends in our average loan and deposit balances and our weighted average costs and yields.

在投影片 10 上，我們向您展示了平均貸款和存款餘額以及加權平均成本和收益率的季度趨勢。

On to slide 11, our noninterest income was $11 million for the second quarter, an increase of 34% from $8 million in the first quarter.

在投影片 11 上，我們第二季的非利息收入為 1,100 萬美元，比第一季的 800 萬美元成長了 34%。

We resumed sales of SBA 7(a) loans as secondary market conditions improved.

隨著二級市場狀況的改善，我們恢復了 SBA 7(a) 貸款的銷售。

We sold $30 million this quarter and booked a $2 million net gain on sale.

本季我們售出了 3000 萬美元，並獲得了 200 萬美元的銷售淨收益。

We plan to continue selling SBA loans in the second half of the year.

我們計劃在下半年繼續出售 SBA 貸款。

Moving on to non-interest expense on slide 12.

接下來討論投影片 12 的非利息支出。

Our second quarter 2024 GAAP noninterest expense was $81 million compared with $85 million in the first quarter.

2024 年第二季 GAAP 非利息支出為 8,100 萬美元，而第一季為 8,500 萬美元。

Excluding notable items, noninterest expense for the second quarter was $79 million, down 4% quarter-over-quarter and down 9% year-over-year.

不包括顯著項目，第二季非利息支出為 7,900 萬美元，較上季下降 4%，較去年同期下降 9%。

The largest component is salary and employee benefits expense, which was down 7% quarter-over-quarter and 16% year-over-year.

最大的組成部分是薪資和員工福利費用，環比下降 7%，年減 16%。

You can see the positive impact of the restructuring in the year over year comparison.

您可以在同比比較中看到重組的正面影響。

Now, moving on to slide 13, I will review our asset quality, which continues to remain stable.

現在，轉到投影片 13，我將回顧我們的資產質量，資產品質繼續保持穩定。

Nonperforming assets at June 30, 2024 were $67 million, down 37% quarter-over-quarter.

截至 2024 年 6 月 30 日，不良資產為 6,700 萬美元，季減 37%。

The nonperforming asset ratio improved to 39 basis points of total assets at June 30, down from 59 basis points as of March 31.

截至 6 月 30 日，不良資產佔總資產的比率從 3 月 31 日的 59 個基點下降至 39 個基點。

Net charge-offs for the 2024 second quarter were $4.4 million or annualized 13 basis points of average loans compared with 10 basis points annualized in the first quarter.

2024 年第二季的淨沖銷額為 440 萬美元，平均貸款年化率為 13 個基點，而第一季的年化率為 10 個基點。

Net charge-off levels continue to be low and manageable.

淨沖銷水準仍然較低且易於管理。

At the second quarter, the provision for credit losses was $1.4 million compared with $2.6 million last quarter.

第二季信貸損失撥備為 140 萬美元，而上季為 260 萬美元。

At June 30, 2024, our allowance for credit losses was $156 million representing 115 basis points of loans receivable.

截至 2024 年 6 月 30 日，我們的信貸損失準備金為 1.56 億美元，相當於應收貸款的 115 個基點。

The reserve coverage ratio has been essentially stable comparing with 116 basis points as of March 31, 2024 or 115 basis points as of December 31, 2023.

準備金覆蓋率基本穩定，截至2024年3月31日為116個基點，截至2023年12月31日為115個基點。

With that, let me turn the call back to Kevin.

接下來，讓我把電話轉回給凱文。

Thank you, Julianna.

謝謝你，朱莉安娜。

Moving onto the outlook on slide 14.

轉到幻燈片 14 上的展望。

In terms of our fourth quarter 2024 outlook relative to the fourth quarter 2023 actual results, we have the following updates.

就我們相對於 2023 年第四季實際業績的 2024 年第四季展望而言，我們有以下更新。

Fourth quarter to fourth quarter, our outlook for average loans to grow at a percentage rate in the low single digits remains unchanged.

第四季至第四季度，我們對平均貸款將以低個位數百分比成長的預期保持不變。

The residential mortgage loan growth continues to be robust.

房屋抵押貸款成長持續強勁。

Commercial loan production continues to strengthen, and we expect the pace of paydowns and payoffs to moderate.

商業貸款生產持續加強，我們預計還款和還款速度將放緩。

Accordingly, we are looking forward to positive loan growth in the second half of the year.

因此，我們預計下半年貸款將出現正成長。

We now expect net interest income fourth quarter of 2024 to decline approximately 10% from $126 million in the fourth quarter of 2023, approximately 3% of this decrease comes from the net impact of the payoff of the Bank Term Funding Program, which contributed a positive $4 million to our net interest income in the fourth quarter of 2023.

我們現在預計 2024 年第四季的淨利息收入將從 2023 年第四季的 1.26 億美元下降約 10%，其中約 3% 來自銀行定期融資計畫回報的淨影響，該計畫貢獻了積極的影響2023年第四季我們的淨利息收入為400 萬美元。

Relative to our initial budgeting, our net interest income expectations are lower, reflecting the cumulative impact of payoffs and paydowns in the first half of the year.

相對於我們最初的預算，我們的淨利息收入預期較低，反映了上半年支付和還款的累積影響。

Market-wide loan spread compression on new originations and the year to date shift in deposit mix.

新發放的市場貸款利差壓縮以及今年迄今存款組合的變化。

We successfully controlled deposit costs in the second quarter, but deposit pricing remains very competitive as long as the rates interest rates remain high.

第二季我們成功控制了存款成本，但只要利率維持在高位，存款定價仍然非常有競爭力。

In our outlook, we are factoring in one Fed Funds target rate cut of 25 basis points in September of 2024.

在我們的展望中，我們考慮到 2024 年 9 月聯邦基金目標利率將下調 25 個基點。

Overall, we expect the second quarter of 2024 to be at or near the trough in terms of net interest income with quarterly growth by the fourth quarter of 2024, mainly driven by loan growth.

總體而言，我們預計 2024 年第二季淨利息收入將處於或接近低谷，到 2024 年第四季將出現季度成長，主要由貸款成長推動。

In the second quarter, we resumed SBA loan sales and expect to continue to sell SBA loans in the second half of the year.

第二季度，我們恢復了 SBA 貸款銷售，預計下半年將繼續銷售 SBA 貸款。

We remain very focused on disciplined expense control.

我們仍然非常注重嚴格的費用控制。

We now expect our fourth quarter 2024 operating expenses, excluding notable items to decreased by more than 7% from $85 million in the fourth quarter of 2023.

我們現在預計 2024 年第四季的營運支出（不包括重要項目）將比 2023 年第四季的 8,500 萬美元減少 7% 以上。

This is an update compared with our prior outlook for an expense decrease of over 5%.

與我們之前預計費用減少 5% 以上的預期相比，這是一個更新。

Lastly, we continue to assume and essentially stable asset quality backdrop and stable reserve coverage, which was 115 basis points of loans as of June 30, 2024.

最後，我們繼續假設資產品質基本上穩定，準備金覆蓋率穩定，截至 2024 年 6 月 30 日，貸款率為 115 個基點。

Overall, as you see on slide 15, we are right on track toward realizing our medium term financial goals, namely high single digit loan growth, plus revenue growth over 10% and efficiency ratio under 50%, leading to a return on assets over 1.2%.

總體而言，正如您在投影片15 中看到的那樣，我們正朝著實現中期財務目標的方向前進，即高個位數貸款成長，加上收入成長超過10%，效率比率低於50% ，從而導致資產回報率超過1.2 %。

Following our reorganization into 2023 fourth quarter 2024 is a building year as we focus on core deposit initiatives operating efficiencies and process improvements to support scalable and profitable growth.

繼我們於 2023 年第四季度進行重組之後，2024 年將是建設性的一年，因為我們專注於核心存款計劃、營運效率和流程改進，以支持可擴展和盈利的增長。

We are excited about our pending merger with Territorial Bancorp, whose contribution will accelerate the achievement of our medium-term targets.

我們對即將與 Territorial Bancorp 合併感到興奮，他們的貢獻將加速我們中期目標的實現。

With that, operator, please open up the call for questions.

那麼，接線員，請撥打電話詢問問題。

So we will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Hey, good morning, everyone.

嘿，大家早安。

Just the first one on the loan growth outlook backing into what you need to do to get to low single digits on average for the fourth quarter implies a decent step up in the second half here.

第一個關於貸款成長前景的預測表明，要實現第四季度平均低個位數成長，需要採取哪些措施，這意味著下半年將出現不錯的成長。

Can you just talk through what's going to drive that growth and what the pipeline looks like at this stage?

您能談談什麼將推動這種成長以及現階段的管道是什麼樣的嗎？

Well, Matthew, as you may remember -- historically, we have been very strong in terms of our new loan originations.

嗯，馬修，你可能還記得——從歷史上看，我們在新貸款發放方面一直非常強勁。

Our loan production engine was the main driver for our organic growth at a much faster pace than most of the peers in the pre COVID times.

我們的貸款生產引擎是我們有機成長的主要驅動力，其速度比新冠疫情爆發前的大多數同行要快得多。

But when we had industry-wide challenges such as what we saw in the past two years, most of the issues we had were deposits in the liability side of the balance sheet.

但是，當我們遇到像過去兩年那樣的全行業挑戰時，我們遇到的大部分問題都是資產負債表負債端的存款。

When we had a strategic reorganization in October of '23, it was designed to support high-quality loan and deposit growth.

我們23年10月進行策略重組時，旨在支持高品質的貸款和存款成長。

Obviously, we wanted to focus more on enhancing our deposit franchise before we strive to achieve a meaningful loan growth.

顯然，在我們努力實現有意義的貸款成長之前，我們希望更專注於增強我們的存款業務。

Our 2024 second quarter numbers indicate that we began to see the results of our priority on deposit front, such as meaningful reduction in brokered time deposits, growth in customer deposits, very nominal quarter-over-quarter increase in our average cost of deposits, expansion of name and so on.

我們 2024 年第二季的數據表明，我們開始看到我們在存款方面優先考慮的結果，例如經紀定期存款的大幅減少、客戶存款的增長、平均存款成本的名義季度環比增長、擴張的名字等等。

So now we expect our loan balances to grow in the second half of '24 as we focus high-quality growth in both loans and deposits.

因此，現在我們預計貸款餘額將在 24 年下半年成長，因為我們將重點放在貸款和存款的高品質成長上。

And our pipeline loan pipeline is has been nicely building up actually.

事實上，我們的管道貸款管道已經建立得很好。

I think our loan growth when we have a better deposit environment will be accelerated.

我認為當我們有更好的存款環境時，我們的貸款成長將會加快。

And we feel pretty confident as we had shown in the past, that our loan production will be the engine for the growth in the second half of the year.

正如我們過去所表現的那樣，我們非常有信心，我們的貸款生產將成為下半年成長的引擎。

And Matthew, it's Julianna.

馬修，是朱莉安娜。

Just a couple more comments quarter today, for example, our commercial loans are up and look at the second quarter and the issue for us in the second quarter or the headwind for us in the second quarter has been the elevated payoffs and paydowns as opposed to production beating budget to actuals and our commercial real estate was able to beat budget.

例如，今天的季度還有更多評論，例如，我們的商業貸款增加了，看看第二季度，第二季度我們的問題或第二季度我們的逆風是支付和支付的增加，而不是生產超出了實際預算，我們的商業房地產也超出了預算。

So we feel comfortable when we look out into the second half of the year and the drivers are aligning well.

因此，當我們展望下半年並且車手們表現良好時，我們感到很舒服。

Okay.

好的。

Great.

偉大的。

And then on the loan yields, they were down this quarter, not sure if that was just due to the SBA loan sales or not?

然後，就貸款收益率而言，本季有所下降，不確定這是否只是由於 SBA 貸款銷售所致？

Just any commentary there and the related outlook?

有什麼評論和相關的前景嗎？

That's reflect to on the mix of the loans that were being originated from vis-a-vis be on just kind of what was running up.

這反映了源於相對於正在增加的貸款的組合。

And in terms of the commercial loans, there has been spread compression this year in terms of originations.

就商業貸款而言，今年的利差在發放方面有所壓縮。

So that does kind of factor the loan yields and plus, of course, you have data on accounting related items, not accounting related with the non-yield items such as on quarter over quarter, changes in prepayment fees and or quarter-over-quarter changes and nonaccrual income reversals.

因此，這確實會影響貸款收益率，而且，當然，您有會計相關項目的數據，而不是與非收益項目相關的會計數據，例如季度環比、預付款費用的變化和/或環比的變化變化和非應計收入逆轉。

And but also when you look at the origination yields of say, commercial real estate compared to 2023 or for commercial loans compared to 2023, there has been market wide spread compression.

而且，當你觀察商業房地產與 2023 年相比或商業貸款與 2023 年相比的原始收益率時，就會發現市場範圍廣泛的利差壓縮。

And that does factor into the outlook, which is part of the reason why we did lower the NILI outlook in our outlook slide.

這確實會影響前景，這也是我們在展望幻燈片中降低 NILI 前景的部分原因。

Got it.

知道了。

And then on the margin, do you have the average for the month of June and the spot rate on deposits at the end of June?

另外，請問您有 6 月的平均值和 6 月底的存款即期利率嗎？

I have to spot rate for the end of June and which is at 3.43

我必須查一下 6 月底的即期匯率，為 3.43

Okay.

好的。

And then on the SBA loan sales

然後是 SBA 貸款銷售

--

--

Just to make sure I have the same number 3.43 spot rate of total deposits.

只是為了確保我有相同的總存款即期利率 3.43。

Yeah.

是的。

Got it.

知道了。

And then on the SBA loan sale, should we assume a similar amount gets sold in the second half here per quarter?

然後，關於 SBA 貸款銷售，我們是否應該假設下半年每季都會銷售類似數量的貸款？

Yeah, I believe so.

是的，我相信是這樣。

We began to sell the SBA loans in this in the second quarter, and we are currently selling more loans in the third quarter.

我們從第二季開始出售 SBA 貸款，目前我們正在第三季出售更多貸款。

And I expect the total loans to be sold in the third quarter will be more than and the number that we had in the second quarter.

我預計第三季出售的貸款總額將超過第二季的數量。

Great.

偉大的。

Thanks again.

再次感謝。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Great.

偉大的。

Kevin, slide 15, the medium term targets, which are '26 and beyond.

Kevin，投影片 15，中期目標，即 26 年及以後。

If I look at current profitability, I mean that's basically a doubling of your ROA.

如果我看看目前的盈利能力，我的意思是，這基本上是您的 ROA 的兩倍。

Talking about the expenses, what rate outlook is incorporated into this medium term target?

說到費用，這個中期目標納入了什麼樣的利率前景？

It's based on the current forward curve, although for the rate cuts for the rest of this year, as you can see, we're only factoring September just because things near term, there's so much variability.

它是基於當前的遠期曲線，儘管對於今年剩餘時間的降息，如您所見，我們僅考慮 9 月份，因為近期情況存在很大的可變性。

But in the longer term, we are factoring in the current forward curve on Fed Funds, which eventually settles at [$0.03, $0.05] per month to get you the 2026, '27 numbers in a second.

但從長遠來看，我們正在考慮聯邦基金目前的遠期曲線，該曲線最終穩定在每月 [0.03 美元，0.05 美元]，以便您立即獲得 2026 年 27 月的數字。

Go onto your next question.

繼續你的下一個問題。

Okay, great.

好的，太好了。

Yeah, I guess the follow-up would be what betas are you assuming in the down rate for both deposits and for your assets?

是的，我想後續行動是您對存款和資產的降價假設是多少？

Well, the variable rate assets, floating rate assets, as you know, that is the loan.

那麼，浮動利率資產，浮動利率資產，大家知道，就是貸款。

Those are going to have a high beta because those reprice automatically just a matter of timing within the month of when that kind of rate cuts happen.

這些將有一個很高的貝塔值，因為它們會自動重新定價，只是在降息發生的月份內的時間問題。

And for deposits, we are assuming a lagged beta a low beta upfront for the first several cuts before we kind of get to a more normalized beta over time.

對於存款來說，我們假設前幾次削減的貝塔值是滯後的，而隨著時間的推移，貝塔值會變得更加正常化。

Okay.

好的。

One thing, I will point out is in this quarter, we have gone through an exercise of reviewing our deposit pricing and making sure that all the exception pricing, many exceptions are warranted, so to start to control our deposit costs ahead of rate cuts.

我要指出的一件事是，在本季度，我們已經審查了我們的存款定價，並確保所有例外定價（許多例外）都是合理的，以便在降息之前開始控制我們的存款成本。

And so we're not assuming a high deposit beta upfront, but we are assuming that we will be able to continue to be disciplined in how we approach deposit pricing post our reorganization, as is a change to our practice vis-a-vis for an improvement.

因此，我們不會預先假設較高的存款貝塔值，但我們假設我們將能夠在重組後繼續嚴格控制存款定價，就像我們對存款定價的做法進行改變一樣。

Okay, great.

好的，太好了。

And then just the last one I had would be just tax rate and how should we be thinking about the tax rate from here?

然後我得到的最後一個只是稅率，我們應該如何考慮這裡的稅率？

We are assuming 26% for the full year.

我們假設全年成長 26%。

So that does have a lower tax rate in the second half of the year based on when certain tax credit investments and their amortizations kind of hit our P&L.

因此，根據某些稅收抵免投資及其攤銷何時影響我們的損益，下半年的稅率確實較低。

Okay.

好的。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員說明）

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

Thanks.

謝謝。

Good morning.

早安.

Hoping you could provide the CD maturity schedule for the back half of the year with the rates they're coming off?

希望您能提供下半年的定期存單到期時間表及其利率？

Let me just answer to back to finish Chris's question for 2026.

讓我來回答一下克里斯關於 2026 年的問題。

You've got the terminal Fed Funds at the end of 2026 at [425] and [375], the following here in 2027.

2026 年底末期聯邦基金的價格為 [425] 和 [375]，以下是 2027 年的價格。

And the maturity of our CDs maturing on the second half of the year rates are coming off are [510], [512] kind of neighborhood and on the maturities that are coming off in the third quarter, so $1.56 billion.

我們下半年到期的 CD 的到期利率將下降為 [510]、[512] 左右，到期日將在第三季下降，因此為 15.6 億美元。

And in the fourth quarter, was got $2.1 billion.

第四季獲得21億美元。

And then what's your sense of least going into the third quarter what the renewal rate our outlook would be?

那麼進入第三季度，您對我們的展望的更新率至少有什麼看法？

I think their renewal rate outlook to will be hopefully lower than the current one and for the simple reason that we have recently reduced pricing.

我認為他們的續訂率前景預計將低於當前，原因很簡單，我們最近降低了定價。

Thanks.

謝謝。

And then my other questions were mostly answered, I noticed in your kind of walk-through of the non-recurring items in the quarter, the tax provision was different on the press release versus the deck, and I'm assuming the press releases, that is the correct one, but just wondering hoping you could confirm that?

然後我的其他問題大部分都得到了回答，我注意到在您對本季度非經常性項目的介紹中，新聞稿中的稅收規定與甲板上的不同，我假設新聞稿中，這是正確的，但只是想知道希望你能證實這一點？

I would use the earnings release and the tables as your primary source document.

我會使用收益發布和表格作為您的主要來源文件。

Sounds good.

聽起來不錯。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to management for any closing remarks.

我想將會議轉交管理層發表閉幕詞。

Thank you.

謝謝。

Once again, thank you all for joining us today, and we look forward to speaking with you again next quarter.

再次感謝大家今天加入我們，我們期待下個季度再次與您交談。

So long, everyone.

久違了，大家。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。