Hancock Whitney Corp (HWC) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Hancock Whitney Corporation's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded. I would now, like to introduce your host for today's conference, Kathryn Mistich, Investor Relations Manager. Please go ahead.

女士們、先生們，美好的一天，歡迎參加漢考克·惠特尼公司 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，此通話可能會被錄音。現在我想介紹一下今天會議的主持人，投資者關係經理凱瑟琳·米斯蒂奇 (Kathryn Mistich)。請繼續。

Thank you, and good afternoon. During today's call, we may make forward-looking statements. We would like to remind everyone to carefully review the safe harbor language that was published with the earnings release and presentation, and in the company's most recent 10-K and 10-Q, including the risks and uncertainties identified therein.

謝謝你，下午好。在今天的電話會議中，我們可能會做出前瞻性陳述。我們謹提醒大家仔細審查與收益報告和演示文稿一起發布的安全港語言，以及公司最近的 10-K 和 10-Q 中的安全港語言，包括其中確定的風險和不確定性。

You should keep in mind that any forward-looking statements made by Hancock Whitney speak only as of the date, on which they were made. As everyone understands, the current economic environment is rapidly evolving and changing. Hancock Whitney's ability to accurately project results or predict the effects of future plans or strategies or predict market or economic developments is inherently limited. We believe that the expectations reflected or implied by any forward-looking statements are based on reasonable assumptions, but are not guarantees of performance or results. And our actual results and performance could differ materially from those set forth in our forward-looking statements.

您應該記住，漢考克惠特尼發表的任何前瞻性聲明僅代表其發表之日的情況。眾所周知，當前的經濟環境正在迅速發展和變化。漢考克·惠特尼準確預測結果或預測未來計劃或戰略的影響或預測市場或經濟發展的能力本質上是有限的。我們認為，任何前瞻性陳述所反映或暗示的預期都是基於合理的假設，但並不是對業績或結果的保證。我們的實際結果和表現可能與我們的前瞻性聲明中提出的結果和表現存在重大差異。

Hancock Whitney undertakes no obligation to update or revise any forward-looking statements, and you are cautioned not to place undue reliance on such forward-looking statements. Some of the remarks contain non-GAAP financial measures. You can find reconciliations to the most comparable GAAP measures in our earnings release and financial tables. The presentation slides included in our 8-K are also posted with the conference call webcast link on the Investor Relations website. We will reference some of these slides in today's call.

漢考克惠特尼不承擔更新或修改任何前瞻性陳述的義務，並提醒您不要過度依賴此類前瞻性陳述。一些評論包含非公認會計準則財務措施。您可以在我們的收益發布和財務表格中找到最具可比性的 GAAP 指標的調節表。我們的 8-K 中包含的演示幻燈片也隨電話會議網絡廣播鏈接一起發佈在投資者關係網站上。我們將在今天的電話會議中引用其中一些幻燈片。

Participating in today's call are John Hairston, President and CEO; Mike Achary, CFO; and Chris Ziluca, Chief Credit Officer.

參加今天電話會議的有總裁兼首席執行官 John Hairston；邁克·阿查里，首席財務官；和首席信貸官 Chris Ziluca。

I will now turn the call over to John Harrison.

我現在將把電話轉給約翰·哈里森。

Thank you, Kathryn, and good afternoon to everyone. The second quarter of 2023 exhibited the continued benefits and challenges of the current operating environment. Our balance sheet remains solid with loan growth funded by both client deposit growth and cash flow from the securities portfolio. The precautionary liquidity added in March was eliminated in May as planned. So by June 30, we were back to normal levels of liquidity.

謝謝凱瑟琳，祝大家下午好。 2023 年第二季度展示了當前運營環境的持續優勢和挑戰。我們的資產負債表保持穩健，貸款增長由客戶存款增長和證券投資組合現金流提供資金。 3月份新增的預防性流動性已按計劃於5月份取消。因此，到 6 月 30 日，我們的流動性恢復到正常水平。

As expected, loan growth moderated somewhat this quarter. Total loans were up $384 million, primarily driven by project draws in multifamily real estate, small- to medium-ticket business lending and mortgage. As a note, about 60% of the volume, we show as mortgage growth on Slide 8 is, in reality, reclassification to mortgage from construction as residential projects are completed.

正如預期的那樣，本季度貸款增長有所放緩。貸款總額增加了 3.84 億美元，主要受到多戶房地產、中小型企業貸款和抵押貸款項目吸引的推動。需要說明的是，我們在幻燈片 8 上顯示的抵押貸款增長量中，大約 60% 實際上是隨著住宅項目的完成而從建築業重新分類為抵押貸款。

Our indirect auto portfolio continues to amortize, but has now reached generally immaterial levels. As of midyear, demand continues to soften in new construction, middle market and corporate banking as disciplined pricing, more conservative terms, inflationary pressure and debt costs sideline clients waiting for a more advantageous borrowing moment.

我們的間接汽車投資組合繼續攤銷，但目前已達到普遍不重要的水平。截至年中，新建建築、中間市場和企業銀行業務的需求繼續疲軟，因為嚴格的定價、更保守的條款、通脹壓力和債務成本使等待更有利借款時機的客戶望而卻步。

Interestingly, demand in small and medium business ticket items is more resilient as economic activity in that space remains brisk. The net effect is a slowing of net loan growth, but becoming more granular with better yields and in more self-funding sectors. So, we would say at this point, the efforts of the Federal Reserve Bank to slow economic activity down a bit seem to be taking hold and thankfully, without creating any significant recessionary pressures.

有趣的是，由於該領域的經濟活動仍然活躍，中小型商務門票項目的需求更具彈性。淨效應是淨貸款增長放緩，但隨著收益率的提高和更多自籌資金的行業變得更加細化。因此，我們現在可以說，美聯儲稍微放慢經濟活動的努力似乎正在發揮作用，值得慶幸的是，沒有造成任何重大的衰退壓力。

Looking forward, we expect further moderation in our loan growth will be driven by selective appetite in CRE, a focus on full relationship banking and disciplined loan pricing and terms. Within investor CRE, growth in second quarter was 90% multifamily and 10% industrial, which we expect to continue in the short run. We maintained our guidance for the year with loan growth expected to finish the year in low to mid-single digits. We continue to maintain a seasoned, stable and diversified deposit base.

展望未來，我們預計，我們的貸款增長將進一步放緩，這將受到商業地產選擇性偏好、對全面關係銀行業務以及嚴格貸款定價和條款的關注的推動。在投資者 CRE 中，第二季度多戶住宅增長 90%，工業增長 10%，我們預計這種情況在短期內將持續下去。我們維持今年的指引，預計今年的貸款增長將保持在低至中個位數。我們繼續保持成熟、穩定和多元化的存款基礎。

As shown on Slide 6 of the investor deck, consumer and wealth deposits make up 49% of the deposit base, while remainder is comprised of 11% public funds, 35% commercial and small business and only 5% brokered CDs. Uninsured deposits are 34%. The ICS product, which is available to clients as a way to ensure deposits above FDIC limits has stabilized after an initial and brief surge following March bank failures.

如投資者幻燈片 6 所示，消費者和財富存款佔存款基礎的 49%，其餘部分包括 11% 的公共基金、35% 的商業和小型企業以及僅 5% 的經紀 CD。未投保的存款佔 34%。 ICS 產品是向客戶提供的一種確保存款高於 FDIC 限額的方式，在 3 月份銀行倒閉後最初短暫的激增之後，該產品已趨於穩定。

We remain pleased with the quality of our book of deposits. However, growth remains a challenge in today's environment. While we reported deposit growth of $430 million this quarter, it is important to note that growth was influenced by a couple of factors. During the quarter, we issued broker deposits of $590 million to support lending activities. Later in the quarter, we received approximately $250 million in temporary trust deposits. These deposits were invested by our clients shortly after quarter end.

我們對存款簿的質量仍然感到滿意。然而，在當今環境下，增長仍然是一個挑戰。雖然我們報告本季度存款增長了 4.3 億美元，但值得注意的是，增長受到幾個因素的影響。本季度，我們發放了 5.9 億美元的經紀人存款來支持貸款活動。在本季度晚些時候，我們收到了大約 2.5 億美元的臨時信託存款。這些存款是我們的客戶在季度末後不久進行投資的。

DDA remix continued this quarter given the current banking environment drives promotional CD pricing. Clients are highly rate sensitive, and we don't expect that will go away anytime soon, especially if we see another rate hike this month. Where CDs reprice in second half '23 is a meaningful part of the NIM story going forward, which Mike will address further in his comments.

鑑於當前的銀行環境推動促銷 CD 定價，DDA 混音本季度繼續進行。客戶對利率高度敏感，我們預計這種情況不會很快消失，特別是如果本月再次加息的話。 CD 在 23 年下半年重新定價是 NIM 未來故事的一個有意義的部分，邁克將在他的評論中進一步討論這一點。

Our guidance for deposit growth in 2023 remains unchanged. However, given the continued pressure on gathering DDAs, ongoing mix shift and increasing betas, we have updated our guidance for PPNR for the year and now expect PPNR to decline 1% to 3% from 2022. Earnings and a lower level of tangible assets contributed to improving capital levels. TCE was up 34 basis points to 7.5% and Tier 1 at 11.83% improved 23 basis points.

我們對 2023 年存款增長的指導保持不變。然而，考慮到收集 DDA 的持續壓力、持續的組合轉變和不斷增加的貝塔值，我們更新了今年的 PPNR 指引，現在預計 PPNR 將自 2022 年起下降 1% 至 3%。盈利和有形資產水平較低有助於提高資本水平。 TCE 上漲 34 個基點至 7.5%，一級資本利率上漲 23 個基點至 11.83%。

We have been and continue to be cognizant of the current macroeconomic environment that is impacting our industry. We've maintained a robust ACL, we have solid capital and multiple sources of liquidity, which will help us manage through any continuing volatility. We remain confident in our ability to remain strong and stable, as we have for 124 years.

我們已經並將繼續認識到當前影響我們行業的宏觀經濟環境。我們保持了穩健的 ACL，擁有雄厚的資本和多種流動性來源，這將幫助我們應對任何持續的波動。我們對保持強大和穩定的能力仍然充滿信心，正如 124 年來我們所做的那樣。

With that, I'll turn to Mike for further comments.

接下來，我將向邁克尋求進一步的評論。

Thanks, John. Good afternoon, everyone. Second quarter's net income totaled $118 million or $1.35 per share. Those levels were down $8.7 million and $0.10 per share, respectively. PPNR was $158 million for the quarter and was also down $9.2 million. The challenges we face as an industry from rates and deposits both mix and betas has led to higher-than-expected NIM compression in turn driving linked quarter decreases in net interest income and earnings.

謝謝，約翰。大家下午好。第二季度淨利潤總計 1.18 億美元，即每股 1.35 美元。這些水平分別下降了每股 870 萬美元和 0.10 美元。本季度 PPNR 為 1.58 億美元，也減少了 920 萬美元。作為一個行業，我們面臨著來自利率和存款組合和貝塔值的挑戰，導致淨息差壓縮高於預期，進而推動淨利息收入和收益的相關季度下降。

Our cost of deposits increased again in the second quarter to 1.4% from 0.91% last quarter. For the month of June, our cost of deposits was 1.57%. That drove our total deposit beta for the quarter to 104% or 28% cycle to date or 25%, excluding the recently issued brokered CDs. We expect that our total deposit data for the cycle to now approach 35%, assuming the Fed raises rates to 5.5% in July and holds through year-end.

第二季度我們的存款成本再次從上季度的 0.91% 上升至 1.4%。 6月份，我們的存款成本為1.57%。這使得我們本季度的總存款貝塔值達到 104%，或迄今為止週期的 28%，或 25%（不包括最近發行的經紀 CD）。假設美聯儲在 7 月份將利率提高至 5.5% 並維持到年底，我們預計該週期的總存款數據目前將接近 35%。

The reality of higher rates for longer and the growing dependence on CDs as a noninterest-bearing deposit remix destination is driving this reality. Reminder that our total deposit beta in the atlas upgrade cycle was 29%. As was the case in the first quarter, our deposits in the second quarter continue to remix between noninterest-bearing deposits and primarily time deposits. Our mix of noninterest-bearing deposits to total deposits moved from 43% at March 31 to 40% at June 30.

利率持續較高的現實以及對存款證作為無息存款重組目的地的日益依賴正在推動這一現實。提醒一下，我們在 Atlas 升級週期中的總存款 Beta 率為 29%。與第一季度的情況一樣，第二季度我們的存款繼續在無息存款和定期存款之間重新混合。我們的無息存款佔總存款的比例從 3 月 31 日的 43% 上升到 6 月 30 日的 40%。

Given the pressure on deposit cost and assumed continued remix of noninterest-bearing deposits, we do see additional NIM compression in the second half of 2023, although likely at a slower pace than what we experienced in the first half of the year. Again, assuming Fed funds topped out at 5.5%, we could see NIM compression of about 5 to 8 basis points in each of the next few quarters. Included in our assumptions is the expectation that our noninterest-bearing deposit mix could fall to just below pre-pandemic levels by the end of the year or about 35%.

考慮到存款成本的壓力以及假設無息存款的持續重組，我們確實看到 2023 年下半年淨息差進一步壓縮，儘管速度可能比上半年慢。同樣，假設聯邦基金利率達到 5.5% 的峰值，我們可能會看到未來幾個季度的淨息差壓縮約 5 至 8 個基點。我們的假設包括，預計我們的無息存款組合可能會在今年年底前降至略低於大流行前的水平，即 35% 左右。

Slides 14 and 15 in the deck provide additional details related to our NIM and interest rate sensitivity. Turning to credit. Criticized levels were relatively stable and have been for several quarters. We did have an uptick in nonaccrual loans, as those levels have begun to normalize. Net charge-offs were down $3.4 million from last quarter and came in at 6 basis points of average loans.

幻燈片 14 和 15 提供了與我們的淨息差和利率敏感性相關的更多詳細信息。轉向信用。批評水平相對穩定，並且已經持續了幾個季度。我們的非應計貸款確實有所增加，因為這些水平已經開始正常化。淨沖銷額比上季度減少了 340 萬美元，平均貸款額下降了 6 個基點。

During the quarter, we built reserves by $4.2 million which resulted in a solid ACL of 1.45% to loans at June 30. Fee income improved this quarter driven by increases in service charges on commercial accounts and specialty income. Expenses were up slightly linked quarter driven by higher insurance and regulatory costs, but also higher technology-related costs. Otherwise, expenses were well controlled.

本季度，我們建立了 420 萬美元的準備金，導致截至 6 月 30 日的貸款 ACL 為 1.45%。由於商業賬戶服務費和專業收入的增加，本季度的費用收入有所改善。由於保險和監管成本上升，以及技術相關成本上升，費用環比略有上升。除此之外，費用也得到了很好的控制。

We have continued to reinvest back into the company through additional revenue-generating staff, technology improvements and automation, all leading to increases in personnel and technology-related expense. We intend to continue these reinvestments to support adding additional value in the future. But of course, are paying attention to the impact of inflation on expenses during the challenging top line revenue environment.

我們繼續通過增加創收員工、技術改進和自動化對公司進行再投資，所有這些都導致​​人員和技術相關費用的增加。我們打算繼續進行這些再投資，以支持未來增加額外價值。但當然，在充滿挑戰的收入環境下，我們正在關注通貨膨脹對支出的影響。

We are pleased to see stability in other expense categories and as noted previously, we will have to manage through items outside of our control such as retirement cost, benefits, insurance cost as well as normal FDIC assessment increases. All of this leads to a few updates to guidance called out on Slide 20, reflecting both second quarter activity as well as changes in the operating environment.

我們很高興看到其他費用類別的穩定，並且如前所述，我們將不得不管理我們無法控制的項目，例如退休成本、福利、保險成本以及正常的 FDIC 評估增加。所有這些導致對幻燈片 20 中提出的指導進行了一些更新，反映了第二季度的活動以及運營環境的變化。

John mentioned the change to the PPNR guidance, we have also updated guidance on fees, expenses and the efficiency ratio. One important note, the PPNR and expense guidance does not include any impact from the expected FDIC special assessment related to the March 2023 bank failures.

John 提到了 PPNR 指南的變化，我們還更新了有關費用、開支和效率比的指南。需要注意的是，PPNR 和費用指導不包括 FDIC 與 2023 年 3 月銀行倒閉相關的預期特別評估的任何影響。

I will now turn the call back to John.

我現在將把電話轉回給約翰。

Thanks, Mike. And moderator, if we could, let's open the call for questions.

謝謝，邁克。主持人，如果可以的話，讓我們開始提問。

(Operator Instructions) We'll go first to Michael Rose, Raymond James.

（操作員指示）我們首先請邁克爾·羅斯、雷蒙德·詹姆斯。

Mike, I appreciate the commentary around the NIB mix, settling a little bit lower than maybe what you had talked about before. Can you just give us a sense for the realm of confidence or the range of confidence here, the 35% roughly is kind of the floor? And what would be kind of the puts and takes there? Because I think, we're just trying to get a sense for -- are we approaching a bottom here in terms of mix shift and beta expectations?

邁克，我很欣賞關於 NIB 組合的評論，可能比你之前談論的要低一些。您能給我們介紹一下這裡的置信度或置信度範圍嗎？大約 35% 是下限？那裡的看跌期權和看跌期權是什麼樣的？因為我認為，我們只是想了解一下——就混合轉變和貝塔預期而言，我們是否已接近底部？

Yes, Michael. Obviously, this is Mike, I'd be glad to. And the 35% mix that we kind of called out is really what we're looking at that to come in at, really towards the end of this calendar year. So obviously, this quarter, we came in at 40%. We could see that trajectory kind of moving to around 37% or so by the end of the third quarter and then down to maybe 35% by the end of the fourth quarter.

是的，邁克爾。顯然，這是邁克，我很高興。我們所說的 35% 的混合比例確實是我們正在考慮的，實際上是在今年年底。很明顯，本季度我們的佔比為 40%。我們可以看到，到第三季度末，這一軌跡將升至 37% 左右，然後到第四季度末降至 35% 左右。

And obviously, it's this environment related to higher rates for longer, that's driving that. But then also, if you look at our average account balances, there's still about 20% to 25% higher now compared to where they were pre-pandemic. So I think, to get full confidence on where that NIB mix actually ends up, we really need rates to start to come down, and we need that average account balance also to come down some.

顯然，正是這種與長期較高利率相關的環境推動了這一趨勢。但如果你看看我們的平均賬戶餘額，現在與大流行前相比仍高出約 20% 至 25%。因此，我認為，為了對 NIB 組合實際最終的結果充滿信心，我們確實需要利率開始下降，並且我們需要平均賬戶餘額也下降一些。

So, the 35% is what we're looking at by the end of this year. And into '24, I mean, obviously, we're not here to give guidance for 2024. But certainly, if we don't have lower rates and we don't have that average account balance down, we could end up lower than 35%, as we move into '24. But for now, our focus is pretty high confidence that I think it will be around that 35% level by the end of this year.

因此，我們預計到今年年底這一比例將達到 35%。進入 24 世紀，我的意思是，顯然，我們不會在這裡提供 2024 年的指導。但當然，如果我們不降低利率，也不降低平均賬戶餘額，當我們進入 24 世紀時，我們最終可能會低於 35%。但就目前而言，我們的重點是非常有信心，我認為到今年年底該比例將達到 35％ 左右的水平。

Mike, maybe just as a follow-up, just switching to expenses. I think they were a little bit higher than what I was looking for and you raised the guidance, a little bit. Can you just talk about some of the expense reduction efforts? I understand, you're investing in the franchise technology investments, things like that. But just given the pressure on spread revenue, what kind of actions could we expect to see you guys take to get that efficiency ratio down back closer to your CSOs? I know it's 10 quarters out from here, but just trying to get a better sense of what actions you could take?

邁克，也許只是作為後續行動，只是轉向費用。我認為它們比我想要的要高一點，你提高了指導，一點點。您能談談一些削減開支的努力嗎？我了解，您正在投資特許經營技術投資，諸如此類的事情。但考慮到利差收入的壓力，我們期望你們採取什麼樣的行動來讓效率比率回到更接近你們的公民社會組織的水平？我知道距離這裡還有 10 個季度，但只是想更好地了解您可以採取哪些行動？

Yes. I mean, obviously, we did a lot of hard work throughout our company to get our efficiency ratio down to the levels that we reported the last couple of quarters. So there's necessarily no joy in being above or slightly above 55%, like we are right now. But going forward, in terms of continuing to control expenses. I mean that's something that I think everyone knows is pretty well institutionalized at our company, and it's something that we focus on, and I think, do a good job of the things that are kind of driving the change in expense guidance compared to last quarter really have to do with visibility that we have in the second half of the year to certain expense categories.

是的。我的意思是，顯然，我們整個公司做了很多艱苦的工作，以將我們的效率降低到我們過去幾個季度報告的水平。因此，高於或略高於 55% 必然不會讓人感到高興，就像我們現在一樣。但展望未來，在繼續控制開支方面。我的意思是，我認為每個人都知道這在我們公司已經制度化了，這是我們關注的事情，我認為，與上季度相比，做好那些推動費用指導變化的事情確實與我們在今年下半年對某些費用類別的可見性有關。

We called out higher pension, higher regulatory costs and then higher insurance costs related to the P&C insurance on our facilities. So, we really do look at those as kind of one-off items. And I think, if you look at the change guidance, so the 7.5% to 8.5%, if you back out all retirement costs and all regulatory costs, kind of that core expense run rate is more in the neighborhood of 5% to 6%.

我們要求提高養老金、提高監管成本，然後提高與我們設施的財產和意外傷害保險相關的保險成本。所以，我們確實將這些視為一次性物品。我認為，如果你看一下變更指導，那麼 7.5% 到 8.5%，如果你取消所有退休成本和所有監管成本，核心費用運行率大約在 5% 到 6% 左右。

But getting to your question directly, again, we'll continue to focus on expense reduction and expense control. We've talked in the past around standing up, a very professional and very effective strategic procurement process. That process is becoming mature, and we certainly expect to harvest expense savings through the full implementation of that program. You mentioned reinvesting back in the company. That's something we feel strongly about continuing to do. I mentioned that in the prepared comments.

但再次直接回答你的問題，我們將繼續關注費用削減和費用控制。我們過去曾討論過站立採購，這是一個非常專業且非常有效的戰略採購流程。該流程正在變得成熟，我們當然希望通過全面實施該計劃來節省費用。您提到了對公司進行再投資。我們強烈希望繼續這樣做。我在準備好的評論中提到了這一點。

And John, I don't know, if you wanted to add a little bit of color or your thoughts around...

約翰，我不知道你是否想添加一點色彩或你的想法......

I'll be glad to. I think -- I mean you answered a lot of the -- I think, of the question already. I won't take too much time. But Michael, and this is John. We've invested a great deal of money and technology, over a number of years. In the last 2 or 3 years, the bulk of that technology spend was about 75% towards frontline effectiveness in terms of implementing sales force throughout the revenue-bearing part of the company, a much more professional marketing and lead generating a lead follow-up organization.

我會很高興的。我想——我的意思是你已經回答了很多——我想，這個問題。我不會花太多時間。但是邁克爾，這是約翰。多年來，我們投入了大量資金和技術。在過去的 2 到 3 年裡，大部分技術支出大約 75% 用於提高一線效率，即在公司的所有收入部門中實施銷售隊伍，建立更專業的營銷和領先的後續組織。

And all those things happen. And we've, I think done some good work and had some good news coming back and you don't have to look any further than the continued growth in both deposits and loans in the small and midsized ticket area of business lending to see that benefit. At the same time, as we're rolling out all that technology. I mean, the turnover rate in our industry has been horrendous and we've not been immune to that, particularly in the hourly levels. So some of the productivity improvement, I expected by this time to get due to some of that automation really hasn't fully been realized yet, and I'd like to see that get completed.

所有這些事情都會發生。我認為我們已經做了一些很好的工作，並收到了一些好消息，你只需看看中小型企業貸款領域的存款和貸款的持續增長就可以看到這一好處。與此同時，我們正在推出所有這些技術。我的意思是，我們行業的人員流動率非常可怕，我們也未能倖免，特別是在每小時的水平上。因此，我預計此時會實現一些生產力的提高，因為其中一些自動化實際上尚未完全實現，我希望看到它完成。

So between that work, the strategic procurement area that Mike mentioned, and I think some thoughtful consideration of how long we should expect to take in this environment given the spread differences for the revenue-bearing individuals we've hired to get up to their full profitability. I think that's probably where we focus for the next couple of quarters. So I think Mike's word choice was good. There's no joy being about 55%. About half of that driver were things that we really couldn't control. But what goes up will come down and the assessments will decrease.

因此，在這項工作、邁克提到的戰略採購領域之間，我認為考慮到我們僱傭的收入個人的利差差異，我們應該在這種環境下花費多長時間來充分盈利。我認為這可能是我們接下來幾個季度的重點。所以我認為邁克的用詞選擇很好。達到 55% 左右並沒有什麼樂趣。大約有一半的驅動因素是我們無法控制的。但上升的就會下降，評估也會下降。

The insurance cost will eventually decrease both on property and in FDIC. And I think, I'd like to see a little bit better efficiency in our back of the house through some of the automation, over the next couple of quarters. So we've got some work to do there, if we're going to continue the reinvestment pace we've been on. I appreciate the question.

財產保險和 FDIC 的保險費用最終都會下降。我認為，我希望在接下來的幾個季度中通過一些自動化技術在我們的後台看到更高的效率。因此，如果我們要繼續我們一直以來的再投資步伐，我們還有一些工作要做。我很欣賞這個問題。

The next question comes from Casey Haire, Jefferies.

下一個問題來自 Jefferies 的 Casey Haire。

I guess, a question on capital. You guys approaching 12% on CET1. I think I know the answer. I just want to -- just curious if your appetite for buybacks.

我想，關於資本的問題。你們的 CET1 已經接近 12%了。我想我知道答案。我只是想——只是好奇你是否有回購的興趣。

Yes, Casey, this is Mike. So appreciate the question on capital. And yes, you're right. I mean, really for the next couple of quarters, buybacks is not something that's a big priority for us. So, I don't know that we'll be participating in that, at least for the next couple of quarters. And in this environment, our stance really is more around preserving and growing capital. And we're pleased to see those capital levels move on up. So, we will kind of continue that approach.

是的，凱西，這是邁克。所以欣賞關於資本的問題。是的，你是對的。我的意思是，實際上在接下來的幾個季度中，回購併不是我們的首要任務。所以，我不知道我們是否會參與其中，至少在接下來的幾個季度是這樣。在這種環境下，我們的立場實際上更多的是保護和增長資本。我們很高興看到這些資本水平不斷上升。因此，我們將繼續這種方法。

Okay. And then, what about potentially rejiggering the bond book, given things are a lot much -- a lot calmer versus March and April. Is there any appetite to use some of the excess capital towards that?

好的。然後，鑑於情況比 3 月和 4 月平靜得多，那麼是否可能重新調整債券簿呢？是否有興趣使用一些多餘的資金來實現這一目標？

Yes, I think there is, and that's a great question. And so that's something that we've looked at through this environment, and continue to look at not here today to announce that we're executing on anything per se. But I think, it's a fair expectation to have that we would certainly look very seriously at doing something like that in the second half of this year.

是的，我認為是有的，這是一個很好的問題。因此，這就是我們通過這個環境所研究的內容，並且今天繼續研究而不是在這裡宣布我們正在執行任何本身的事情。但我認為，我們肯定會非常認真地考慮在今年下半年做類似的事情，這是一個合理的期望。

Next up is Catherine Mealor, KBW.

接下來是 KBW 凱瑟琳·梅勒 (Catherine Mealor)。

A question on the margin. It feels like from your margin guidance, we're going to be ending the year somewhere around $315 million to $320 million, I think depending on where the deposit remix shifts out. And as you think about next year, we're just trying to get this year done, but as we think about next year, we're exiting the year around that kind of margin level. How do you think about higher for longer? And what type of, I don't know, kind of tailwinds you maybe will have on the loan portfolio? Or maybe what some defenses you may have, if we stay kind of at that 550 Fed funds through next year?

一個邊緣問題。從你們的保證金指導來看，我們今年年底的利潤將在 3.15 億至 3.2 億美元左右，我認為這取決於存款混合的轉移方向。當你考慮明年時，我們只是想完成今年的工作，但當我們考慮明年時，我們將圍繞這種利潤水平退出這一年。您如何看待更高更長時間？我不知道您的貸款組合可能會受到什麼樣的推動？或者，如果我們明年保持 550 只聯邦基金的規模，您可能會有什麼防禦措施？

You bet, Catherine. I think to kind of start the narrative on that question is we talked just now about the potential restructuring of the bond portfolio. That could certainly, I think, be a nice lead into 2024. And look, just depending on the rate environment and kind of where we are with our deposit remix, that will play a big role and a big part in how we think about our NIM for next year. It certainly appears that deposit costs might be leveling out, and that's part of our narrative and assumption for the second half of this year.

你敢打賭，凱瑟琳。我認為，要開始討論這個問題，我們剛才討論了債券投資組合的潛在重組。我認為，這肯定會成為 2024 年的一個很好的引領。看，這將在我們如何看待明年的淨息差中發揮重要作用，這將在我們如何看待明年的淨息差中發揮重要作用。顯然，存款成本可能會趨於平穩，這是我們今年下半年的敘述和假設的一部分。

And if that's the case and continues into next year, there's certainly the opportunity for CDs potentially to reprice a little bit lower next year. And then obviously, the operating environment is a big -- is a bit better, the potential certainly exists for us to add loan growth next year. So again, a bit premature to talk about strict guidance for 2024. But those are the things I think, we kind of think about in that regard.

如果這種情況持續到明年，CD 肯定有機會在明年重新定價。顯然，經營環境是一個大的 - 更好一點，我們明年肯定有增加貸款增長的潛力。再說一遍，談論 2024 年的嚴格指導還為時過早。但我認為這些是我們在這方面考慮的事情。

John, anything you want to add?

約翰，你還有什麼要補充的嗎？

Yes. Catherine, this is John. This is obviously not easy to model, but just thinking about conceptually have the higher for longer environment could affect our book. We have about 2, maybe 3 quarters, maybe 2.5 quarters of growth out of sort of all things real estate. We have a pretty big C&D booked and a really excellent team that's done great with terrific quality and good spreads for a long time. But that pipeline is crimping a bit. And so, the growth we see in CD on Slide 8 is really more driven by draws on existing projects.

是的。凱瑟琳，這是約翰。這顯然不容易建模，但僅僅從概念上考慮更長的更高環境可能會影響我們的書。在房地產領域，我們有大約 2 個、3 個季度、2.5 個季度的增長。我們預訂了相當大的 C&D 和一支非常優秀的團隊，長期以來一直以出色的質量和良好的點差做得很好。但這條管道有點緊張。因此，我們在幻燈片 8 上看到的 CD 的增長實際上更多是由現有項目的吸引所驅動的。

So, as those projects are completed, a minority of that book will move into real estate and a good bit of it will get sold off in the permanent financial markets. Ditto mortgage, those projects come out if their resi construction project get reclassed in the mortgage and then begin to amortize. And right now, about 90% of our applications are directed to the secondary market on mortgage. So, when you sort of apply all that together between that and the disciplined pricing and conservative credit appetite that we have in middle market, corporate and certain syndications, there should be some repatriation of liquidity, next year out of that sector of the portfolio back and the intent is to deploy that in more granular, better spread and less lumpy areas that are better for margin.

因此，隨著這些項目的完成，該書中的一小部分將進入房地產領域，其中很大一部分將在永久性金融市場上出售。同上抵押貸款，如果他們的 Resi 建設項目重新分類為抵押貸款，然後開始攤銷，這些項目就會出現。目前，我們大約 90% 的申請都針對抵押貸款二級市場。因此，當你將所有這些與我們在中間市場、企業和某些銀團所擁有的嚴格定價和保守信貸偏好結合起來時，明年應該會有一些流動性從投資組合的該部門回流，目的是將其部署在更細粒度、更好的利差和更少波動的領域，這些領域的利潤率更好。

We're also getting about $2 of liquidity until the back of lending in those small business side sectors. So, I think, I don't want to talk about 24 too much, Catherine, but there is some self-generated relief in liquidity next year. And if the policy folks don't continue taking as much money out of the system as they have the last 12 months, and with bank rates being more competitive versus treasuries, those massive amounts of exit from the banking system to federal instruments should begin to wane some.

在這些小企業部門獲得貸款之前，我們還將獲得大約 2 美元的流動性。所以，我想，凱瑟琳，我不想過多談論 24 小時，但明年的流動性會出現一些自發的緩解。如果政策制定者不再像過去 12 個月那樣繼續從系統中取出那麼多資金，而且銀行利率相對於國債更具競爭力，那麼從銀行系統轉向聯邦工具的大量資金應該會開始減少。

So how all that mixes together should -- and if the Fed stops raising rates, as we all hope they will here in the back half of the year, then we should see a little bit better picture in '24 for stability, both portfolio and spread and NIM, if that all makes sense. So, too early for '24 right now, but that's just a ton.

那麼，如果美聯儲停止加息，就像我們都希望他們在今年下半年那樣，那麼我們應該會在 24 年看到更好的前景，無論是投資組合、利差還是淨息差（NIM），如果這一切都有意義的話。所以，現在對於 24 世紀來說還為時過早，但這已經是很多了。

That's very helpful, very helpful. And then, John, you hinted that there was some CD repricing to be aware, over the back half of the year. Can you just remind us of what that looks like?

這非常有幫助，非常有幫助。然後，約翰，你暗示在今年下半年有一些 CD 重新定價需要注意。你能提醒我們一下那是什麼樣子嗎？

Catherine, this is Mike. Back half of '23?

凱瑟琳，這是邁克。 23年後半段？

Yes.

是的。

Yes. So we have about $1.2 billion of CDs maturing in the third quarter. Those are coming off at about $386 million. And then, in the fourth quarter, we have about $900 million of CDs maturing, and those are coming off at right at about 4%. We also have about $500 million of the brokered CDs that we added back in March that will be coming off in the month of December. Those are coming off at 5.45%. So those are the CD maturities we have in the second half.

是的。因此，我們有大約 12 億美元的 CD 在第三季度到期。這些價格約為 3.86 億美元。然後，在第四季度，我們有大約 9 億美元的 CD 到期，這些 CD 的增長率約為 4%。我們還有大約 5 億美元的經紀 CD，是我們在 3 月份添加的，將在 12 月份發行。這些利率為 5.45%。這些就是我們下半年的 CD 到期日。

And so that story, I think I used the words NIM story earlier Catherine, that if -- we were a little more hopeful that we would not see another rate increase. And I think, the tone from the Fed here lately sounds as if that's in the cards for July. Whether there's another one, we don't know yet. But we had hoped that we would have a little bit more room to reprice those down. The guidance presumes that we don't.

所以這個故事，我想我之前用過 NIM 故事這個詞，凱瑟琳，如果——我們更有希望，我們不會看到另一次加息。我認為，美聯儲最近的語氣聽起來似乎是 7 月份可能發生的情況。是否還有另外一個，我們還不知道。但我們曾希望能夠有更多的空間來重新定價。該指南假設我們不這樣做。

So we're trying to play realistic ball in terms of the Fed does raise rates again and perhaps even again, and tightening continues, then the competitiveness around us for CD rates may not relent until after the end of the year. And if that happens, our ability to reprice down from the levels Mike mentioned, really is challenged. And so, the change in guidance is really more derivative of that tone not because anything is not going well or anything like that. It's just simply the way the competition does not appear to be getting any easier, as we look at the next 6 months or so.

因此，我們正試圖採取現實的態度，因為美聯儲確實會再次加息，甚至可能再次加息，並且緊縮政策仍在繼續，那麼我們周圍的 CD 利率競爭可能要到年底之後才會減弱。如果發生這種情況，我們將價格從邁克提到的水平下調的能力確實會受到挑戰。因此，指導意見的變化實際上更多是這種基調的衍生，而不是因為任何事情進展不順利或類似的事情。就我們未來 6 個月左右的時間來看，競爭似乎並沒有變得更容易。

.

。

Yes. That makes perfect sense. Very good. And then maybe one last one. Just there was one commercial NPL that increased this quarter. If you could just give us a little bit of color on that.

是的。這是完全有道理的。非常好。然後也許是最後一件事。只是本季度有一項商業不良貸款有所增加。如果你能給我們一點顏色的話。

Chris, do you want to take that one?

克里斯，你想買那個嗎？

Yes, sure. Catherine, it's Chris Ziluca. Yes, it was a credit that we've been tracking for a while, and it kind of migrated from criticized to NPL, which is why you don't see the criticized going up at all really. And frankly, it's just a customer in the kind of retail space, it's a C-store operator that probably just over expanded a little bit. So they're kind of going through a little bit of a restructuring our staff so therefore, we needed to move it into the NPL category.

是的，當然。凱瑟琳，我是克里斯·齊盧卡。是的，這是我們已經跟踪了一段時間的信用，它有點從批評轉向了不良貸款，這就是為什麼你根本看不到批評的真正上升。坦率地說，它只是零售領域的一個客戶，它是一家便利店運營商，可能只是過度擴張了一點。因此，他們正在對我們的員工進行一些重組，因此，我們需要將其移至不良貸款類別。

Your next question comes from Brett Rabatin, Hovde Group.

您的下一個問題來自 Hovde Group 的 Brett Rabatin。

I wanted to first start on fee income and just the guidance, the change there linked quarter, if that was a function of less annuity fee growth than maybe you were expecting, or if there were dynamics in the back half of the year that resulted in that change?

我想首先從費用收入和指導開始，與季度相關的變化，如果這是年金費用增長低於您預期的函數，或者今年下半年是否有動態導致了這種變化？

Yes. Great question. This is John. Great question, and you're pretty right on top of it. The guidance change is really sort of like in the deposit conversation we just had with the prior question. When we look at the effect of higher rates for longer, there are 2 areas of the fee income buckets that should see less activity. So, it's not our lack of appreciation for the sector. It's just the reality that we will likely sell less annuities in the back half of the year than we saw in the front.

是的。很好的問題。這是約翰。很好的問題，你說得很對。指導意見的變化實際上有點像我們剛剛就前一個問題進行的存款對話。當我們長期觀察較高費率的影響時，會發現費用收入中有兩個領域的活動應該會減少。所以，這並不是我們缺乏對該行業的欣賞。事實上，我們下半年銷售的年金可能會比上半年少。

We had a terrific year up until now. But, when we look at less traffic with the pie of opportunity, shrinking a bit in both annuities and in non-amortized loan fees. If we're doing less lumpy loans, then you get less fees that you bring to the bottom line in that same quarter. And so, with a little bit more anemic outlook for that traffic for the back half of the year, we resized the guidance down a bit to accommodate it.

到目前為止，我們度過了美好的一年。但是，當我們看到機會蛋糕帶來的流量減少時，年金和非攤銷貸款費用都略有下降。如果我們減少大量貸款，那麼您在同一季度獲得的費用就會減少。因此，由於今年下半年的交通前景更加黯淡，我們稍微調整了指導方針以適應它。

So nothing going particularly wrong, no threat just trying to be thoughtful and ensure that we're being as transparent as we can about the chatter we're getting back, when we look at competitive assessment and the outlook for opportunities. So, if the opportunities were the same as they had been, we wouldn't have changed the guidance. So it really is just an issue of the pie getting smaller.

因此，沒有什麼特別錯誤的事情，沒有威脅，只是在考慮競爭評估和機會前景時，要深思熟慮，並確保我們對收到的反饋盡可能透明。因此，如果機會與以前相同，我們就不會改變指導意見。所以這實際上只是蛋糕變小的問題。

Okay. That's helpful. And then, I just wanted to make sure I understood the thought process around the competitive environment. I think last quarter, banks kind of felt like things were settling down in the earnings season in April after the crazy March, and I feel like everyone kind of realized a ratcheting higher and competitiveness in May and June. And just was curious, if you felt like it was still ratcheting higher in terms of what you're seeing promotional activity in your markets? Or is it -- maybe it adds a little bit since maybe the heavy period of late May?

好的。這很有幫助。然後，我只是想確保我了解競爭環境的思維過程。我認為上個季度，在經歷了瘋狂的三月之後，銀行在四月份的財報季中感覺事情正在穩定下來，我覺得每個人都在五月和六月意識到了更高的競爭力和競爭力。只是很好奇，您是否覺得就您在市場上看到的促銷活動而言，它仍在不斷上升？或者是——也許自從五月下旬的高峰時期以來，它增加了一點？

Is your question specific to deposit pricing, Brett, just to make sure we hear you right?

布雷特，你的問題是專門針對存款定價的嗎？只是為了確保我們聽到你的說法是正確的？

Yes. Yes. Yes, just the deposit pricing and what you're seeing in your markets in terms of your competitors' pricing?

是的。是的。是的，只是存款定價以及您在市場上看到的競爭對手的定價情況如何？

Yes. This is Mike. I think you hit the nail on the head there. And certainly, over the course of the second half of the second quarter, we saw that ratcheting up of primarily deposit pricing competition. A couple of folks have kind of stepped out there. So that's more or less, I think, it's kind of calmed down a bit. We certainly don't see that getting any worse as we move into the first couple of weeks of July.

是的。這是邁克。我認為你說到點子上了。當然，在第二季度下半年，我們看到主要存款定價競爭的加劇。有幾個人已經走出了那裡。所以我認為，這或多或少有點平靜了。隨著進入七月的前幾週，我們當然不會看到情況變得更糟。

Okay. Great. And then, maybe one last quick one. One of the pushbacks I get on Hancock is just the markets might not perform as well in a recession. So, I was just curious what you were seeing economically in some of the coastal markets, how norms was behaving. I know that (inaudible) was probably the best one ever in May. So I know there's been some solid tourism.

好的。偉大的。然後，也許是最後一件事。我對漢考克的反對之一是市場在經濟衰退期間可能表現不佳。所以，我只是很好奇您在一些沿海市場的經濟狀況以及規範的表現如何。我知道（聽不清）可能是五月以來最好的一次。所以我知道旅遊業有一些紮實的發展。

Yes. Well, I hope you came down to visit. It was a good show this season. But really in our markets, you can kind of bifurcate the markets into the high-growth markets like in the larger MSAs of Texas. And then in Florida, where they've had such massive inflow of population in the COVID and pandemic and pandemic recovery area, those would sort of be in one group and then a little bit slower growth there in the core of the area, but very dependable.

是的。好吧，我希望你能下來參觀。這是本賽季的一場精彩表演。但實際上在我們的市場中，你可以將市場分為高增長市場，就像德克薩斯州較大的 MSA 一樣。然後在佛羅里達州，在新冠疫情、大流行病和大流行病恢復區有如此大量的人口流入，這些人可能會歸為一組，然後在該地區的核心地區增長會稍微慢一些，但非常可靠。

So in the last recessive period, we were really pleased with how those books performed. I mean, we had a bad time with energy, but it was not because of the economies in our markets. It was because we had too high of a concentration at a bad time. The market is actually in sales performs well and as you saw, once we get it to the book, the AQ measures were actually quite superior. So I think, we have a lot of confidence in the sentiment being positive.

因此，在最後的隱性時期，我們對這些書的表現非常滿意。我的意思是，我們在能源方面經歷了一段糟糕的時光，但這並不是因為我們市場的經濟狀況。這是因為我們在不恰當的時間集中註意力太高了。市場實際上在銷售方面表現良好，正如您所看到的，一旦我們將其記錄下來，AQ 指標實際上相當出色。所以我認為，我們對積極的情緒充滿信心。

And when we talk to our clients, particularly the larger clients, 4, 5 months ago or so, there was a lot more -- when I say concern, I don't mean concern like handing it but just very, very mindful of the risk that if the Fed's increase in rates was so steep and so long and kept going, then we could see that proverbial hard landing. We really don't hear that kind of concern from our clients anymore. So they may be tightening down a bit to grow capital and to preserve liquidity and to get as much return as they can for but it's not fear of an economic downturn. It's just more respectfulness of a slower accounting that may lead to slower opportunities for them to gather revenue.

當我們在四、五個月左右與我們的客戶，特別是大客戶交談時，有更多的擔憂——當我說擔憂時，我並不是指將其交付的擔憂，而是非常非常注意這樣的風險：如果美聯儲加息幅度如此之大、持續時間如此之長並持續下去，那麼我們可能會看到眾所周知的硬著陸。我們真的不再從客戶那裡聽到這種擔憂了。因此，他們可能會稍微收緊政策，以增加資本、保留流動性並獲得盡可能多的回報，但這並不是擔心經濟衰退。只是對較慢的會計更加尊重，可能會導致他們獲得收入的機會變慢。

So I think, we're in a great part of the country to go through a recessive period. I hope we don't have one, but I feel good about it. The tourism this summer has been off the hook really across our overall footprint. New Orleans that suffered mightily during the pandemic because the convention center and family tourism economies shut down hard in '20 and really only family came back in '21 then everything began opening back up in '22. It's fully back. I mean restaurants are full, reservation list are long. The convention center is running a brisk business. The festivals are all back.

所以我認為，我們國家的大部分地區都在經歷衰退期。我希望我們沒有這樣的人，但我對此感覺很好。今年夏天的旅遊業確實在我們的整體足跡中擺脫了困境。新奧爾良在大流行期間遭受了巨大損失，因為會議中心和家庭旅遊經濟在 20 年嚴重關閉，實際上只有家庭在 21 年回來，然後一切在 22 年開始重新開放。已經完全回來了我的意思是餐廳已經滿了，預訂名單很長。會議中心生意興隆。節日都回來了。

The only thing that's not, I guess, back to its original form is the number of attendees per convention or trade show is still 15%, 20% off, where it was. And I don't think the cause of that is any worry about the city of New Orleans, I think, is just more -- that's a tendency we're seeing throughout the country. And so, I hope that kind of gives you the tone of a lot of confidence in our markets. We actually feel pretty good about.

我想，唯一沒有回到原來的形式的是，每次會議或貿易展覽的參加人數仍然比原來低 15%、20%。我不認為造成這種情況的原因是對新奧爾良市的任何擔憂，我認為只是更多——這是我們在全國各地看到的一種趨勢。因此，我希望這能讓您對我們的市場充滿信心。我們其實感覺還不錯。

Kevin Fitzsimmons from D. A. Davidson is up next.

接下來是來自 D. A. Davidson 的凱文·菲茨西蒙斯 (Kevin Fitzsimmons)。

Just one thing, I wanted to ask about the margin. I know it's been very clear that there's ongoing margin compression ahead, maybe at a less of the pace than what we've seen in the second quarter. But I was a little actually encouraged to see the margin for the month of June was equal to the full quarter margin, if I saw that right, as opposed to it being lower, like I think we're used to seeing indicating going lower coming out of the quarter. And I was just curious, were there any unusual items driving that? Or is that a source of encouragement?

只是一件事，我想問一下保​​證金。我知道很明顯，未來的利潤率將持續壓縮，但壓縮的速度可能比我們在第二季度看到的要慢。但看到 6 月份的利潤率等於整個季度的利潤率（如果我沒看錯的話），我實際上有點受到鼓舞，而不是更低，就像我認為我們習慣於看到本季度利潤率下降一樣。我只是很好奇，是否有任何不尋常的東西驅動它？或者說這是一種鼓勵的源泉？

Yes, Kevin, this is Mike. That's correct. Our NIM for the month of June came in at $330 million, which as you pointed out, was equal to what we are reporting for the quarter. So yes, that is encouraging, and I think that speaks probably as much as anything else to the fact that we do see deposit costs kind of leveling out a bit. Certainly, I think there's more of that to come in the second half of the year. In fact, if we look at the increases in our cost of deposits for the second half of the year compared to the first half of the year, much less.

是的，凱文，這是邁克。這是正確的。我們 6 月份的淨息差為 3.3 億美元，正如您所指出的，這與我們報告的本季度相同。所以，是的，這是令人鼓舞的，我認為這可能和其他任何事情一樣說明我們確實看到存款成本有點趨於平穩。當然，我認為今年下半年還會有更多這樣的事情發生。事實上，如果我們看一下下半年存款成本的增幅，與上半年相比，要少得多。

So in the first half of the year, we had about 90 basis points or so of increased deposit costs. We think that will be roughly about half of that in the second half of the year. And again, those are broad numbers but, yes, you're correct. I do think and believe that the NIM compression will lessen, as we go through the rest of the year. And really, the primary driver and probably the biggest wild card will be the continued level of NIB remix, if that lets up a bit for whatever reason as we go through the second half of the year. And obviously, I think that bodes well for us coming in at maybe the lower end of the NIM compression range that I gave in the prepared comments.

所以上半年我們的存款成本增加了大約90個基點左右。我們認為這將大約是今年下半年的一半左右。再說一遍，這些數字很寬泛，但是，是的，你是對的。我確實認為並相信，隨著今年剩餘時間的推移，NIM 壓縮將會減輕。事實上，主要的驅動因素，也可能是最大的未知因素將是 NIB 混音的持續水平，如果在下半年由於某種原因而有所放鬆的話。顯然，我認為這對我們來說是個好兆頭，我們可能會進入我在準備好的評論中給出的 NIM 壓縮範圍的下限。

And Mike, the -- I'm assuming you're tracking on obviously, quarterly, but monthly, weekly, the deposit remix. But I guess, it can -- it's hard to draw conclusions on it, if you see it settling a bit because it can be very chunky, right? So if we have a Fed hike, and that could lead to a big chunk, and then it's a question if we have more hikes after that. But I guess, do we get at a certain point, even if there are more hikes, do we get to a point where just the nature of those accounts that you have that outflow would decline because who's left in there that hasn't taken it out, I guess?

邁克，我假設你顯然正在追踪每季度、但每月、每週的存款混音。但我想，它可以——如果你看到它稍微穩定下來，很難得出結論，因為它可能非常厚實，對吧？因此，如果美聯儲加息，這可能會導致大幅加息，那麼此後是否還會加息就成了問題。但我想，我們是否會達到某個點，即使有更多的加息，我們是否會達到這樣一個點：你所擁有的流出賬戶的性質會下降，因為我猜還有誰沒有取出來？

Yes. I mean that's a great point. And obviously, you're right. I mean we watch that very closely. You could even say on a daily basis. But -- and there was a point during the quarter where we thought there was a bit of a fighting chance for maybe for the quarter to show a little bit lessening of that remix. But if you look at the percentage numbers, in the first quarter, that remix was about 3.5% in the second quarter, pretty much 3.5%, maybe just a tad lower than that.

是的。我的意思是這是一個很好的觀點。顯然，你是對的。我的意思是我們非常密切地關注這一點。你甚至可以說每天。但是——在本季度的某個時刻，我們認為本季度有可能顯示出混音效果有所減弱。但如果你看一下百分比數字，在第一季度，混音在第二季度約為 3.5%，幾乎是 3.5%，可能只是比這個數字低一點點。

But the other thing, as I mentioned a little bit earlier that we watch very carefully is kind of the average balance per account. And again, as I mentioned, that's still a bit higher now compared to where it was in the second quarter. So, really for that to end up in the rearview mirror, we think that either lower rates or some combination of lower rates and that average deposit balance coming down to pre-pandemic levels, but we think we'll spell kind of the end of the remix or the beginning at the end, if you will.

但正如我之前提到的，我們非常仔細地觀察的另一件事是每個帳戶的平均餘額。正如我所提到的，與第二季度相比，現在仍然要高一些。因此，實際上，為了讓這種情況最終出現在後視鏡中，我們認為要么降低利率，要么降低利率的某種組合，並將平均存款餘額降至大流行前的水平，但我們認為，如果你願意的話，我們將在混合的結束或結束時開始。

And what are you guys thinking, you might trigger that average balance per account to go to down? Is that just being stubbornly high because there's just less activity going down (inaudible)?

你們在想什麼，你們可能會觸發每個賬戶的平均餘額下降？這是否只是因為活動減少而一直居高不下（聽不清）？

It's obviously coming down and has come down not only for us but for most banks. But it still is meaningfully higher right now than it was on a pre-pandemic basis. That's something that I think has to play out.

顯然，它正在下降，而且不僅對我們來說，而且對大多數銀行來說都在下降。但目前該數字仍明顯高於大流行前的水平。我認為這是必須解決的問題。

I'm sorry I stepped in.

抱歉我介入了。

No. Go ahead.

沒有，繼續。

Kevin, this is John. I can't remember which quarter it was, it may have been as long as a year ago. We had said that when we -- when we apply both the type of account, the GAAP to the pre-pandemic average balance and the spending rate of the things people want and then later what they need, it trended to be about literally June of 2024, when we would reach the pre-pandemic average balance in a pretty complex piece of algebra. And that's really still where it seems to be heading.

凱文，這是約翰。我不記得是哪個季度了，可能已經是一年前了。我們說過，當我們將賬戶類型、GAAP 應用於大流行前的平均餘額以及人們想要的東西的支出率以及後來他們需要的東西時，趨勢實際上是在 2024 年 6 月左右，屆時我們將在一個相當複雜的代數中達到大流行前的平均餘額。這似乎仍然是它的發展方向。

Now at that time, we didn't see a 5.25% overnight money rate materializing, at this pace that it did. And so, one would think that we would be getting a little closer than average balance, if it's really the new bottom sooner than June simply because we're already seeing as we monitor traffic and tone from clients, spending habits of consumers has certainly changed to they're doing more trips than buying bigger houses right now. So the sources and uses of cash have changed a bit in '23 versus '22 which should suggest we should be getting closer to the average balances by the end of the year.

當時，我們並沒有看到 5.25% 的隔夜貨幣利率以這樣的速度實現。因此，人們會認為，如果新的底部確實早於 6 月，那麼我們會比平均餘額更接近一點，因為我們在監控客流量和客戶語氣時已經看到，消費者的消費習慣肯定已經發生了變化，他們現在旅行的次數多於購買更大的房子。因此，與 22 年相比，23 年的現金來源和用途發生了一些變化，這表明我們應該在年底前接近平均餘額。

But I mean, picking those behavioral trends and trying to blend them into forecast is not easy for us to do. And so, we truly simply extrapolated the behavior we're seeing right now tried our best to migrate what we thought that book would look like by the end of the year and guided to it. And, we take no pleasure in guiding to anything that's not positive, but the environment we're in and the competitors that we have who are loaned up way too close to 100%. They -- we want liquidity. They have to have liquidity and they're pricing accordingly, and that's driving some of our cost up a little faster than we would like to see them. So our thought of normalization may be a little bit further, maybe over past year end and into '24 versus the back half of this year like we had hoped a quarter or so ago.

但我的意思是，選擇這些行為趨勢並嘗試將它們融入預測對我們來說並不容易。因此，我們確實只是簡單地推斷了我們現在看到的行為，並儘最大努力將我們認為的這本書到年底的樣子遷移並引導到它。而且，我們不樂意指導任何不積極的事情，但我們所處的環境以及我們的競爭對手的貸款率太接近 100%。他們——我們想要流動性。他們必須擁有流動性，並相應地定價，這導致我們的一些成本上漲速度比我們希望看到的要快一些。因此，我們對正常化的想法可能會更進一步，也許是在去年年底和 24 年，而不是像我們一個季度左右之前所希望的那樣，今年下半年。

That's great, John. And one last one for me. You mentioned earlier how the level of borrowings has come down. That was an abundance of caution post the bank failures and now, you've kind of taken that off. Should we assume that level of borrowings at second quarter end remains fairly stable? Or could there be more moves in that line item?

太好了，約翰。最後一張是給我的。您之前提到借款水平是如何下降的。銀行倒閉後，人們非常謹慎，但現在，你已經取消了這種謹慎。我們是否應該假設第二季度末的借款水平保持相當穩定？或者該訂單項是否可以有更多變動？

Yes, Kevin, this is Mike again. I think, we're more or less back to managing the balance sheet in a normal fashion. So the level of liquidity we kept on the balance sheet at June 30, maybe a bit higher than what we would normally do. But not much more than a couple of $100 million or so. So, maybe that comes down a little bit more, but I don't know that, that's a significant number.

是的，凱文，這又是邁克。我認為，我們或多或少回到了以正常方式管理資產負債表的狀態。因此，我們在 6 月 30 日保持在資產負債表上的流動性水平可能比我們通常的水平要高一些。但不會超過一億美元左右。所以，也許這個數字會下降一點，但我不知道，這是一個很大的數字。

We'll go next to Brandon King, Truist Securities.

接下來我們將採訪 Truist 證券公司的布蘭登·金 (Brandon King)。

Yes. So, I wanted to know what your expectation was the pace of increases in loan yields on the balance sheet, so as a 270 basis point benefit in the quarter. And new loan yields are coming on at 7.4%. So I wanted to know to what extent could you potentially offset some of this deposit pricing pressure, over the next couple of quarters?

是的。所以，我想知道您對資產負債表上貸款收益率增長速度的預期是什麼，即本季度收益增長 270 個基點。新貸款收益率為 7.4%。所以我想知道在接下來的幾個季度中，您能在多大程度上抵消部分存款定價壓力？

Yes, Brandon, this is Mike. I mean that's absolutely part of what we're thinking about for the second half of the year. Certainly, our earning asset yields will move up as the Fed raises rates. We have a very focused effort also on improving our loan yields both on new-to-bank business as well as renewals. So that's something that's a big, big focus on what we're trying to accomplish. And I think, as part of our assumptions as we think about maybe less NIM compression in the second half of the year versus the first half of the year.

是的，布蘭登，這是邁克。我的意思是，這絕對是我們下半年考慮的一部分。當然，隨著美聯儲加息，我們的收益資產收益率將會上升。我們還非常注重提高銀行新業務和續貸業務的貸款收益率。因此，這是我們要努力實現的目標的一個非常非常大的關注點。我認為，作為我們假設的一部分，我們認為下半年的淨息差壓縮可能會比上半年更少。

Related to the bond portfolio aside from a potential restructuring, no change in how we think about reinvesting back in the bond portfolio right now, will continue at least for the next couple of quarters and maybe beyond with putting those cash flows and maturities, help fund loan growth and other needs on the balance sheet. So I think that's how we think about this.

與債券投資組合相關，除了潛在的重組之外，我們目前對債券投資組合再投資的看法不會改變，至少在接下來的幾個季度，甚至可能會持續更長的時間，將這些現金流和到期日，幫助為資產負債表上的貸款增長和其他需求提供資金。所以我認為這就是我們的想法。

John, anything you want to add on the loan side?

約翰，在貸款方面您有什麼要補充的嗎？

No. The only thing I'd add, Mike, I think you did a great job let me answer. Brandon, the -- I mean it's a very astute question and point. And while I don't want to be tempted to get too far into 2024, about half our book is fixed and a lot of that fixed book is going to begin -- are going to continue renewing into '24. And so, at the point that the variable rate business planes off a bit from the index increases as the Fed makes 25 bp increases, we'll continue to see the fixed rate book expanding.

不。我唯一要補充的是，邁克，我認為你做得很好，讓我來回答。布蘭登，我的意思是這是一個非常精明的問題和觀點。雖然我不想被誘惑到 2024 年太久，但我們的書大約有一半已經修復，而且大部分已修復的書將開始 - 將繼續更新到 24 年。因此，當美聯儲加息 25 個基點時，可變利率企業與指數漲幅略有偏離，我們將繼續看到固定利率賬簿擴張。

And what hasn't happened yet in our industry, at least in our region that I believe will start occurring is banks have settled in to having a certain amount of NIBs relative to revolving lines, especially on the commercial side. And if those balances continue to come down because people are prepared to pay the fee in the account instead of get those fees waived. And then that does bring up the notion that we may see the index to prime on the revolvers begin to reprice up a little bit beyond where they are today, I think just as banks settle. And when that happens, we probably all move at about the same pace.

在我們的行業中，至少在我們的地區，尚未發生的事情是，我相信將會開始發生的是，銀行已經習慣於擁有一定數量的與循環額度相關的NIB，特別是在商業方面。如果這些餘額繼續下降，因為人們準備在賬戶中支付費用，而不是免除這些費用。然後，這確實提出了這樣一個概念，即我們可能會看到左輪手槍上的指數開始重新定價，略高於今天的水平，我認為就像銀行結算一樣。當這種情況發生時，我們可能都會以大致相同的速度前進。

So I think, we may see better spreads against prime. If prime stabilizes, and we may see -- we will see the fixed rate money actually get repriced higher, as we go into the next year. So if deposits do stabilize toward the end of the year and the competition from T-bills has waned from where the ferocious competition has been in the past few quarters. And that does indicate that the NIM story for '24 and '25 may be a lot brighter than the compression we took in '23. But, I don't want to tell any numbers around at this point in time. We'll need to wait until we get a little closer in the year to talk about it, but that's kind of our outlook.

所以我認為，我們可能會看到相對於優質產品的利差更好。如果主要利率穩定下來，我們可能會看到，當我們進入明年時，我們會看到固定利率貨幣實際上會重新定價更高。因此，如果存款在年底穩定下來，並且來自國庫券的競爭已經比過去幾個季度的激烈競爭有所減弱的話。這確實表明 NIM '24 和 '25 的故事可能比我們在 '23 中採用的壓縮要明亮得多。但是，我現在不想透露任何數字。我們需要等到今年臨近時才討論這個問題，但這就是我們的前景。

Got it. Understood. And then, I noticed C&I line utilization ticked a bit lower in the quarter. So I just wanted to get some more context behind that. And if you're still seeing some new customers kind of delever themselves in this sort of economic environment and what they're anticipating?

知道了。明白了。然後，我注意到本季度工商業線路利用率略有下降。所以我只是想了解更多背景信息。如果您仍然看到一些新客戶在這種經濟環境中自我解放，他們的預期是什麼？

Sure. I'll tackle that. This is John again. And look, I love this business, and I'll talk too much about stuff like that because I really enjoyed talking about it. So I hope I don't take up too much time or give you more detail. But ultimately, there's three different classes of loans outside that revolver. You've got -- we have -- we're a real consumer bank. So we have a robust home equity line business that is revolving. And those utilizations have been ticking downward really ever since Prime got to about 100 basis points below, where it is right now.

當然。我會解決這個問題。這又是約翰。看，我喜歡這個行業，我會談論太多類似的事情，因為我真的很喜歡談論它。所以我希望我不會佔用太多時間或給您提供更多細節。但歸根結底，除了左輪手槍之外，還存在三種不同類別的貸款。你有——我們有——我們是一家真正的消費者銀行。因此，我們擁有強大且持續發展的房屋淨值業務。自從 Prime 價格下降到目前的水平約 100 個基點以來，這些利用率實際上一直在下降。

So volume of new applications has come down, I think, as people decide not to borrow and put their home up to do it for the time being. And the utilization actually has come down some as people trading some of those excess balances and paid down the debt because they didn't like the ticket price on the revolver.

因此，我認為，新申請的數量已經下降，因為人們決定暫時不借錢並把自己的房子用來借錢。由於人們不喜歡左輪手槍的票價，因此交易了一些超額餘額並償還了債務，利用率實際上有所下降。

The other area of utilization that's come down is just normal commercial utilization came down. As rates went up, our clients had a lot of liquidity. We have a great book of clients and they use some of that liquidity to pay down the line and just opted to pay the fee on their analysis accounts. So you have those 2 of the 3 total sectors and line utilization coming down. The contract of that was on the construction side, where as projects move through the pipeline, they start off on the first day at 0, and then they move up, say, 85% or 90% as they get to the completion of the project and then it either flips out of the bank to farm or into real estate for a period of time until it leases up and the project is sold.

利用率下降的另一個領域只是正常的商業利用率下降。隨著利率上升，我們的客戶擁有大量流動性。我們擁有大量客戶，他們使用部分流動性來支付後續費用，並選擇在他們的分析賬戶上支付費用。因此，3 個總扇區中的 2 個扇區和線路利用率都下降了。合同是在建築方面，當項目通過管道進行時，它們從第一天的 0 開始，然後當項目完成時，它們會上漲，比如說 85% 或 90%，然後它要么從銀行轉出用於農場，要么進入房地產一段時間，直到出租並出售項目。

So if the pipeline is a little bit crimped on the way in, as new projects volume come down, then there's a natural utilization increase that occurs as the average project gets closer to completion. So, if you follow me with all those three right now, the downward pressure from consumer revolvers and commercial revolving lines of credit are offsetting the increase that we're getting on the construction utilization side. And so that will continue for a couple of quarters until it eventually normalizes. Is that where you were headed with your question?

因此，如果管道在進入過程中有點收縮，隨著新項目數量的下降，那麼隨著平均項目接近完成，利用率就會自然增加。因此，如果您現在就了解這三個方面，那麼來自消費者左輪手槍和商業循環信貸額度的下行壓力正在抵消我們在建築利用率方面的增長。因此，這種情況將持續幾個季度，直到最終恢復正常。這就是你提出問題的地方嗎？

Yes. Yes. That makes sense. Yes, that makes sense.

是的。是的。這就說得通了。是的，這是有道理的。

Your next question is Stephen Scouten, Piper Sandler.

你的下一個問題是斯蒂芬·斯考頓、派珀·桑德勒。

I appreciate the time here. I wanted to follow up just going back to that CD conversation. I know you said there might not be as much room to reprice those lower, as you thought at one point in time. Can you give us a feel for where you saw new CDs come on out on a percentage basis this quarter?

我很感激在這裡度過的時光。我想繼續回到那張 CD 的談話。我知道你說過，重新定價的空間可能沒有你在某個時間點想像的那麼大。您能否向我們介紹一下本季度新 CD 的發行量百分比？

Yes, Stephen, this is Mike. What I can share with you that probably as equally as useful is kind of where our current rates are. So that gives you a little bit of insight into where we think those maturities may land. So the highest rate we have right now is a 5.25% at 8 months. We also have a 5% in 3 months. But then, we also have a little bit longer maturities, 9 and 11 months at 4.5% and 4%, respectively. So I think, where those maturities land in terms of people re-upping their CDs will depend a little bit on their outlook for rates. So, people want to lock in a little bit lower rate for a bit longer than some of the damage to our NIM related to the CD maturities won't be as bad. If folks ought to stay short and higher and obviously, that's a little pain that we have to endure.

是的，斯蒂芬，這是邁克。我可以與您分享的可能同樣有用的是我們當前的費率。因此，這讓您對我們認為這些到期日可能會發生的情況有一些了解。因此，我們目前的最高利率是 8 個月時的 5.25%。我們還有 3 個月內 5% 的回報。但我們的期限也稍長一些，分別為 9 個月和 11 個月，利率分別為 4.5% 和 4%。因此，我認為，人們重新增加 CD 的期限將在一定程度上取決於他們的利率前景。因此，人們希望在一段時間內鎖定較低的利率，這樣與 CD 到期相關的 NIM 損失不會那麼嚴重。如果人們應該保持較短和較高的水平，顯然，這是我們必須忍受的一點痛苦。

Yes. That makes sense. And then, I have a question kind of around your asset sensitivity modeling, and this is just something I've been curious about this industry-wide really, but you still screen that as a sensitive. I think, it was up 1.9% and up 100 basis points. But obviously, in the near term, the balance sheet isn't really reacting that way. So I'm wondering, what is it about the modeling that isn't encapsulated in real time? Is it just the pace of the deposit moves? And would we actually see this play out, if we do get stability in rates and get that back book repricing that John was speaking to a minute ago?

是的。這就說得通了。然後，我有一個關於您的資產敏感性模型的問題，這只是我一直對整個行業感到好奇的事情，但您仍然將其篩選為敏感的。我認為，它上漲了 1.9%，上漲了 100 個基點。但顯然，在短期內，資產負債表並沒有真正做出這樣的反應。所以我想知道，沒有實時封裝的建模是什麼呢？這只是存款變動的速度嗎？如果我們確實實現了費率穩定並恢復了約翰一分鐘前所說的圖書重新定價，我們真的會看到這種情況發生嗎？

Yes, I think the short answer to your second question is yes. So, we do think that, that introduces some level of stability. And related to your first question, just about the fact that we are -- we kind of described is modestly asset sensitive. We have 59% of our loan book is variable. Probably the wildcard through this cycle that really has been different compared to prior cycles that kind of interferes with some of the theory around, how an asset-sensitive bank might behave in a rising rate environment is really related, I think, to the noninterest-bearing remix. That's occurred on our balance sheet, obviously, as well as most other banks.

是的，我認為你的第二個問題的簡短答案是肯定的。因此，我們確實認為這會帶來一定程度的穩定性。與你的第一個問題相關的是，我們所描述的是對資產適度敏感的事實。我們的貸款賬簿中有 59% 是可變的。也許這個週期中的通配符與之前的周期相比確實有所不同，這會干擾一些理論，我認為，資產敏感型銀行在利率上升環境中的表現實際上與無息重組有關。顯然，這發生在我們的資產負債表上，以及大多數其他銀行的資產負債表上。

So, certainly no secret that if we go back a year or so ago, our NIB mix was nearly 50%. We had 3 quarters in a row, where we were kind of at that 49%, 50% level. And now, we're down to 40% in a couple of quarters, potentially 35% by the end of this year. So I do think that, that introduces a little bit different variable that maybe distorts that model in a little bit.

因此，如果我們回到大約一年前，我們的 NIB 比例接近 50%，這當然不是什麼秘密。我們連續三個季度處於 49%、50% 的水平。現在，我們在幾個季度內下降到 40%，到今年年底可能會下降到 35%。所以我確實認為，這引入了一些不同的變量，可能會稍微扭曲該模型。

That makes a lot of sense. Yes, that makes a lot of sense. I appreciate that. And then just last thing for me. I know you said earlier kind of expense management is an institutional mindset at this point. But I'm wondering, obviously, given the difficult revenue environment, is that something that you take an even deeper and closer look at maybe a more the potential for a more fulsome expense plan or anything along those lines? Do you see that in future quarters by any chance?

這很有意義。是的，這很有意義。我很感激。然後對我來說就是最後一件事。我知道您之前說過，目前的費用管理是一種制度心態。但顯然，我想知道，考慮到困難的收入環境，您是否需要更深入、更仔細地研究這是否更有可能製定更豐富的支出計劃或類似的事情？您在未來幾個季度會看到這種情況嗎？

Yes, I think so. But again, keep in mind, our commentary narrative around continuing to reinvest back in the company. So as a reminder, back in the days of the pandemic back in 2020, we were really one of the first banks that really made a concerted effort to use the pandemic as a period to get a lot more efficient. And that resulted in a pretty significant decrease in our expense run rate and a pretty nice increase, obviously, in our efficiency. In fact, our efficiency ratio actually went slightly below 50%, just a couple of quarters ago.

是的，我想是這樣。但再次請記住，我們關於繼續對公司進行再投資的評論敘述。因此，提醒一下，早在 2020 年大流行期間，我們確實是第一批真正齊心協力利用大流行期間提高效率的銀行之一。這導致我們的費用運行率顯著下降，顯然，我們的效率顯著提高。事實上，就在幾個季度前，我們的效率實際上還略低於 50%。

So that's something that we know how to do, and that's what I mean what we mean when we say that expense management is really kind of institutionalized at our company. But again, in this environment, we also see the opportunity to reinvest. And so that's important to us as well. So the notion of being able to cut expenses or save expenses so that we can be efficient and also have room to reinvest back in the company. Those things are very important to us. John, anything you want to add?

所以這是我們知道如何做的事情，這就是當我們說我們公司的費用管理確實制度化時的意思。但同樣，在這種環境下，我們也看到了再投資的機會。所以這對我們也很重要。因此，我們的想法是能夠削減開支或節省開支，這樣我們就可以提高效率，並有空間重新投資於公司。這些事情對我們來說非常重要。約翰，你還有什麼要補充的嗎？

Not to belabor the question further a bit, Stephen, there. We gave that target of 55% out there. And while, it's in the CSOs, we're really not pleased to see it go above 55% at all, even though we haven't gotten to the CSO period. But I mean, the drivers for that are largely deposit pricing, the progression on them. And FDIC insurance expenses are just a lot more expensive than '23 than they were in '22, we didn't expect that a year ago, but here we are.

斯蒂芬，不要再進一步討論這個問題了。我們設定的目標是 55%。雖然它是在 CSO 中，但我們真的不高興看到它超過 55%，即使我們還沒有進入 CSO 時期。但我的意思是，其驅動因素主要是存款定價及其進展。 FDIC 的保險費用比 23 年比 22 年貴很多，一年前我們沒想到會這樣，但我們現在就這樣了。

So all those things are real. They're true and they don't matter. We still need to get back to below 55%. So the -- I think our reality is not to make it overly dramatic, but we kind of go off a defcon level, so to speak, when we get above 55%. And so, there will be curtailments and discretionary expenses that will be implemented as we move along. And if, the benefit of continuing in our reinvestment pace outlines some of the pain of doing some of the more board across the board expense curtailments, then we're not bashful about making that call.

所以所有這些都是真實的。它們是真實的，但並不重要。我們仍然需要回到 55% 以下。所以，我認為我們的現實並不是讓它變得過於戲劇化，但是可以說，當我們達到 55% 以上時，我們就脫離了防禦水平。因此，隨著我們的進展，將會實施削減和可自由支配的開支。如果繼續我們再投資步伐的好處概述了進行一些更全面的全面開支削減的一些痛苦，那麼我們就不會羞於做出這樣的決定。

Our goal, though, is we don't think about everything in quarters, we think of it in years, and it's very important that our company is in super and very strong shape to execute and play very offensive all when the economy turns, and we start seeing a better opportunity to grow. And so, I don't want to curtail investments to the degree that we will wish we had a year or 2 down the road. So we're still adding bankers. We're still adding technology, but the pace with which we're doing it is going to need and require some belt tightening elsewhere. So not really talk about those techniques and all that now, but it's all the things that you would imagine based on our history of being pretty good at managing expenses.

不過，我們的目標是，我們不會以季度為單位考慮一切，而是以幾年為單位來考慮，非常重要的是，我們的公司必須處於超級強大的狀態，以便在經濟轉向時執行並發揮非常進攻性的作用，並且我們開始看到更好的增長機會。因此，我不想將投資削減到我們希望未來一兩年的程度。所以我們仍在增加銀行家。我們仍在增加技術，但我們這樣做的速度將需要並且需要在其他地方勒緊褲腰帶。因此，現在並不是真正談論這些技術之類的，而是根據我們非常擅長管理費用的歷史，您可以想像到的所有事情。

We'll go next to Christopher Marinac, Janney Montgomery Scott.

我們接下來是克里斯托弗·馬里納克、詹尼·蒙哥馬利·斯科特。

A quick question for Chris on the criticized assets. I see that they were stable, obviously, this quarter, but just curious kind of what's out there that would cause that trend either go down in a good way or perhaps see some inflection with the deterioration in future periods?

關於受到批評的資產，請向克里斯詢問一個簡短的問題。我發現本季度它們顯然是穩定的，但只是好奇有什麼會導致這種趨勢要么以良好的方式下降，要么可能會隨著未來時期的惡化而出現一些變化？

Yes. Good question, Christopher. We're not really seeing any specific sector-related confluence of events. Obviously, we're operating at a historically low level on the criticized loan levels. So there's probably a little chance of substantial improvement from where we are. But our goal, obviously, is to maintain as high asset quality as we can.

是的。好問題，克里斯托弗。我們並沒有真正看到任何與特定行業相關的事件的匯合。顯然，我們在受到批評的貸款水平上處於歷史低位。因此，從目前的情況來看，有可能取得實質性改進的可能性很小。但顯然，我們的目標是盡可能保持較高的資產質量。

I think, some of the sectors that are always going to have pressure are the ones that have had to absorb the wage increases and some of the higher operating costs associated with some of the inflation that is starting to cool off, but obviously has not come down. So, they're having to kind of manage through that as well as companies that are maybe having some continued staffing challenges just because of the relatively low unemployment rate.

我認為，一些總是面臨壓力的行業是那些必須承受工資上漲和一些與一些通貨膨脹相關的較高運營成本的行業，這些通貨膨脹開始降溫，但顯然還沒有下降。因此，他們必須設法解決這個問題，而那些可能因為失業率相對較低而持續面臨人員配置挑戰的公司也是如此。

So, I think those are the sectors that we keep an eye on. We're not necessarily seeing any significant or any sort of connected issues in any one sector, but we pay particular attention to those that are getting squeezed from a margin perspective. And also, the higher interest rates if they have fixed rate debt, they're going to have to obviously absorb when they renew the higher interest rate for that debt at renewal. So we're looking at that closely as well.

所以，我認為這些是我們關注的領域。我們不一定會在任何一個行業看到任何重大或任何類型的相關問題，但我們特別關注那些從利潤角度受到擠壓的問題。而且，如果他們有固定利率債務，那麼他們在更新債務時顯然必須吸收更高的利率。所以我們也在密切關注這一點。

Are those drivers for potential changes to the reserve beyond where you're positioned now?

保護區潛在變化的驅動因素是否超出了您現在的定位？

I mean not really. I mean it could be, but generally speaking, we are factoring that into the decisions that we take. We think that the reserve is adequate for the risk that we have in the portfolio. So, our objective is to kind of match the reserve to any sort of direction of risk in the portfolio, either as it increases or decreases. So, I would say, generally speaking, no.

我的意思是不是真的。我的意思是，有可能，但一般來說，我們會在做出決定時考慮到這一點。我們認為準備金足以應對投資組合中的風險。因此，我們的目標是將準備金與投資組合中任何類型的風險方向（無論是​​增加還是減少）相匹配。所以，我想說，一般來說，不會。

Great. My follow-up is for Mike Achary, just has to do with kind of your longer-term experience on kind of the length of your deposit relationships. I'm just thinking out, a couple of quarters if we get some stability on pricing kind of trying to reassess that how to value a franchise and the sort of funding advantage that you've always had?

偉大的。我的後續行動是針對邁克·阿卡里（Mike Achary）的，這與您的長期經驗以及存款關係的長度有關。我只是在想，如果我們在定價方面獲得一定的穩定性，那麼幾個季度後，我們會嘗試重新評估如何評估特許經營權以及您一直擁有的資金優勢？

Yes. So Chris, I assume you're talking about our NIB mix and the long-term stability related to that. And so, yes, if so, look, that's been a hallmark of our companies and continues to be. And while, that NIB mix has certainly come down. It's where it is now from a peak of nearly 49%. We think and believe that when the cycle is done that where our mix ends up, we'll still be in an enviable position. And certainly, we would think it would be top quartile. So that's something that we're very focused on. And, we think and believe, again, that will continue to be a hallmark of our company and our balance sheet.

是的。克里斯，我假設您正在談論我們的 NIB 組合以及與之相關的長期穩定性。所以，是的，如果是這樣，你看，這一直是我們公司的標誌，而且仍然如此。與此同時，NIB 組合確實有所下降。這是從接近 49% 的峰值到現在的水平。我們認為並相信，當我們的組合最終完成這個週期時，我們仍然會處於令人羨慕的位置。當然，我們認為它將是前四分之一。所以這是我們非常關注的事情。而且，我們再次認為並相信，這將繼續成為我們公司和資產負債表的標誌。

Next up is Matt Olney, Stephens.

接下來是馬特·奧爾尼、斯蒂芬斯。

Just want to follow up on that loan growth discussion and that onetime closed product that drove the 2Q growth. I appreciate this was kind of a reclassification, as far as the driver. But I'm curious about the product itself. Are these loans all originated by the bank? And then, when they move from construction into the mortgage classification, do any of the terms of the loan change?

只是想跟進貸款增長討論以及推動第二季度增長的一次性封閉產品。對於駕駛員來說，我很欣賞這是一種重新分類。但我對產品本身很好奇。這些貸款都是銀行發放的嗎？然後，當他們從建築轉向抵押貸款分類時，貸款條款是否會發生變化？

Not many at all. They're pretty much fixed, but the volume of that, just to make sure I explained it clearly, about 60% of that number was the reclass but the pipeline is 0 and has been 0 for some time. So what we see in that category is largely the back quarter of the snake -- the back quarter of the egg going through the snake, so to speak. And so, I think we're probably 2 quarters away from that beginning to fall pretty dramatically, and then the portfolio itself against the shrink as we go into '24. Did I answer your question?

一點也不多。它們幾乎是固定的，但其數量，只是為了確保我解釋清楚，大約 60% 的數字是重新分類，但管道為 0，並且已經有一段時間為 0 了。所以我們在這個類別中看到的主要是蛇的後半部分——可以這麼說，雞蛋的後半部分穿過蛇。因此，我認為我們可能還需要 2 個季度的時間才能開始大幅下跌，然後當我們進入 24 年時，投資組合本身就會面臨萎縮。我回答你的問題了嗎？

Yes. That's helpful. And then, just one more follow-up here for Mike on the discussion of those time deposits for pricing in the back half of the year. I heard those current offering rates that are out there that you disclosed. I'm curious, if the current guidance assumes those are the roll-on rates kind of in line with those promotional rates that you've mentioned? Or does it assume some other type of roll-on rate for those time deposits?

是的。這很有幫助。然後，邁克再做一個後續討論，討論下半年定價的定期存款。我聽說您披露了目前的報價。我很好奇，當前的指導是否假設這些滾動利率與您提到的促銷利率一致？或者是否假設這些定期存款採用其他類型的滾存利率？

Matt, it absolutely assumes some combination of those current rates, along with a reup number that we have in mind, so around 80% or so. So, we think of roughly 80% of our CDs will reprice into some configuration of the current rates that I gave on those CDs.

馬特，它絕對假設了這些當前利率的某種組合，以及我們想到的重組數字，所以大約 80% 左右。因此，我們認為大約 80% 的 CD 將重新定價為我在這些 CD 上給出的當前利率的某種配置。

And everyone, at this time, there are no further questions. I'll hand things back to management for additional or closing remarks.

而大家，這個時候，也沒有再問什麼了。我會將事情交還給管理層以進行補充或結束語。

Sure. And thanks, Lisa, to you for moderating today. Everyone, have a wonderful day and a wonderful weekend, and we'll see you on the road.

當然。麗莎，謝謝你今天的主持。祝大家度過美好的一天和美好的周末，我們路上見。

Once again, everyone, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

各位，今天的會議到此結束。感謝大家的參與。您現在可以斷開連接。