Origin Bancorp Inc (OBK) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Origin Bancorp, Inc., second-quarter 2024 earnings conference call.

女士們、先生們，早安，歡迎參加 Origin Bancorp, Inc. 2024 年第二季財報電話會議。

My name is David, and I will be your Evercall coordinator.

我叫 David，我將成為你們的 Evercall 協調員。

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

（操作員說明）請注意，該事件正在被記錄。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Chris Reigelman, Executive Director of Investor Relations.

我現在想將會議交給投資者關係執行董事 Chris Reigelman。

Please, Chris, go ahead.

克里斯，請繼續。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

We issued our earnings press release yesterday afternoon, a copy of which is available on our website, along with the slide presentation that we will refer to during this call.

我們昨天下午發布了收益新聞稿，該新聞稿的副本以及我們將在本次電話會議中參考的幻燈片簡報都可以在我們的網站上找到。

Please refer to page 2 of our slide presentation, which includes our Safe Harbor statements regarding forward-looking statements and use of non--GAAP financial measures.

請參閱我們投影片簡報的第 2 頁，其中包括我們有關前瞻性陳述和非公認會計原則財務指標使用的安全港聲明。

For those joining by phone, please note the slide presentation is available on our website at www.ir.origin.bank. Please also note that our Safe Harbor statements are available on page 5 of our earnings release filed with the SEC yesterday.

對於透過電話加入的人士，請注意幻燈片簡報可在我們的網站 www.ir.origin.bank 上取得。另請注意，我們的安全港聲明可在我們昨天向 SEC 提交的收益報告的第 5 頁上找到。

All comments made during today's call are subject to the Safe Harbor statements in our slide presentation and earnings release.

今天電話會議期間發表的所有評論均以我們的幻燈片演示和收益發布中的安全港聲明為準。

I'm joined this morning by Origin Bancorp's Chairman, President and CEO, Drake Mills; President and CEO of Origin Bank, Lance Hall; our Chief Financial Officer, Wally Wallace; Chief Risk Officer, Jim Crotwell; our Chief Accounting Officer, Steve Brolly; and our Chief Credit and Banking Officer, Preston Moore.

今天上午，Origin Bancorp 董事長、總裁兼執行長 Drake Mills 也加入了我的行列。 Origin銀行總裁兼執行長Lance Hall；我們的財務長沃利·華萊士；首席風險官 Jim Crotwell；我們的首席會計官 Steve Brolly；以及我們的首席信貸和銀行官普雷斯頓摩爾。

After the presentation, we'll be happy to address any questions you may have.

演示結束後，我們將很樂意解答您的任何問題。

Drake, the call is yours.

德雷克，電話由你接聽。

Thanks, Chris.

謝謝，克里斯。

As we enter the second half of the year, I am pleased with our company's momentum moving forward, and I'm very proud of our bankers as they continue to battle for deposit growth in highly competitive markets.

隨著我們進入下半年，我對我們公司的前進勢頭感到高興，我為我們的銀行家感到非常自豪，因為他們繼續在競爭激烈的市場中爭取存款成長。

Our bankers are experiencing success in new customer acquisition as well as expanding current relationships.

我們的銀行家在獲取新客戶以及擴大現有關係方面取得了成功。

On a core operating basis, our second-quarter results were in line with our expectations.

在核心營運基礎上，我們第二季的業績符合我們的預期。

Our EPS results were positively impacted by $0.15 due to a valuation adjustment of our investment in Origin Financial and by the sale of one of our former Houston locations.

由於我們對 Origin Financial 的投資進行了估值調整以及出售了我們之前休斯頓的一個地點，我們的每股收益結果受到了 0.15 美元的積極影響。

However, the generally positive results for the second quarter were negatively impacted by a $0.25 hit to EPS related to question activity of a recently terminated banker in our East Texas market.

然而，第二季度整體積極的業績受到了每股收益 0.25 美元的負面影響，該影響與我們東德克薩斯市場最近被解僱的銀行家的質疑活動有關。

This questioned activity is subject to ongoing disputes, so we are limited to what we can say at this time.

這項受到質疑的活動存在持續的爭議，因此我們目前能說的僅限於我們。

We can share that the former banker violated bank policy by facilitating advances in and among accounts of a small number of customers in our East Texas market without properly documented those transactions.

我們可以分享的是，這位前銀行家在沒有正確記錄這些交易的情況下，為我們東德州市場少數客戶帳戶內的預付款提供便利，違反了銀行政策。

We have terminated the banker, engaged the affected customers and conducted a review of the bankers' relationships.

我們已經解雇了該銀行家，與受影響的客戶接洽，並對銀行家的關係進行了審查。

We've also engaged external accounting and legal resources to assist our review.

我們也聘請了外部會計和法律資源來協助我們的審查。

We are actively working to resolve issues related to this questioned activity and at this time, do not believe any losses we might realize will be material to our financial position.

我們正在積極努力解決與此受質疑活動相關的問題，目前，我們認為我們可能實現的任何損失不會對我們的財務狀況產生重大影響。

However, based on how we have to account for this type of issue, the financial impact of the activity reduced EPS by $0.25 during the quarter.

然而，根據我們如何解釋此類問題，該活動的財務影響使本季 EPS 減少了 0.25 美元。

Again, backing out notable items referenced in our presentation, financial results for the quarter were generally in line with our expectations.

再次，推翻我們演示中提到的值得注意的項目，該季度的財務表現總體上符合我們的預期。

We were particularly pleased with the continued growth in net interest income, expansion in net interest margin and our non--interest income trends remained strong.

我們對淨利息收入的持續成長、淨利差的擴大以及非利息收入趨勢保持強勁感到特別滿意。

We are making great progress in our new Southeast market and have received regulatory approval for our Mobile and Fort Walton Beach locations.

我們在新的東南市場取得了巨大進展，莫比爾和沃爾頓堡灘工廠已獲得監管部門的批准。

We have built an attractive footprint in some of the best markets in the country and have a team of bankers focused on delivering profitable customer relationships.

我們在國內一些最好的市場建立了有吸引力的足跡，並擁有一支專注於提供有利可圖的客戶關係的銀行家團隊。

I have a great deal of confidence in our team and our ability to deliver long-term value to our stakeholders.

我對我們的團隊以及我們為利害關係人提供長期價值的能力充滿信心。

Now I'll turn it over to Lance.

現在我會把它交給蘭斯。

Thanks, and good morning.

謝謝，早安。

Like Drake, I'm very proud of our bankers and how we are strategically positioned as a company.

和德雷克一樣，我為我們的銀行家以及我們作為一家公司的策略定位感到非常自豪。

Our bankers continue to understand our strategy of deposit growth governing loan growth.

我們的銀行家繼續了解我們的存款成長控制貸款成長的策略。

While deposits were basically flat during the quarter, impacted by the seasonality of public funds, deposits net of public funds and brokered grew $25 million for the quarter.

雖然本季存款基本上持平，但受公募基金季節性影響，扣除公募基金和經紀業務的存款本季增加了 2,500 萬美元。

Also, our non--interest-bearing deposits on an average basis, were up $27.6 million quarter over quarter.

此外，我們的無息存款平均比上季增加了 2,760 萬美元。

I spent a great deal of time talking about the importance of client selection.

我花了很多時間談論客戶選擇的重要性。

As you can see, our loans were down $46 million, excluding warehouse for the quarter.

正如您所看到的，我們的貸款減少了 4,600 萬美元，不包括本季的倉庫。

As is natural with any acquisition, we have been working through the portfolio to identify relationships that we believe don't align with Origin's conservative credit philosophy, due to industry credit structure, guarantor support or lack of a meaningful deposit relationship.

與任何收購一樣，我們一直在研究投資組合，以確定我們認為由於行業信用結構、擔保人支持或缺乏有意義的存款關係而與 Origin 保守信用理念不符的關係。

As we think in terms of strategic planning, Origin is an extraordinary organization which is positioned with real competitive advantages.

從策略規劃的角度來看，Origin是一個非凡的組織，具有真正的競爭優勢。

We have built an award-winning corporate culture that is a tangible platform to attract and retain talented bankers and is a driving factor in our strategic execution of lifting out premier banking teams.

我們建立了屢獲殊榮的企業文化，這是吸引和留住優秀銀行家的有形平台，也是我們提升一流銀行團隊策略執行的驅動因素。

Our entrepreneurial spirit and geographic management model align our banking teams to be nimble and responsive in our delivery of creating value for our clients and in building communities.

我們的創業精神和地理管理模式使我們的銀行團隊在為客戶創造價值和建立社區的過程中變得靈活、反應敏捷。

As highlighted on slide 4, our geographic footprint is highly desirable with companies and individuals throughout our country relocating to Texas and the Southeast.

正如幻燈片 4 所強調的那樣，我們的地理足跡非常適合全國各地搬遷到德克薩斯州和東南部的公司和個人。

We have assembled an elite management team that is youthful, dynamic and driven to build a uniquely successful organization for the coming decades.

我們組建了一支年輕、充滿活力、充滿幹勁的精英管理團隊，致力於在未來幾十年內打造一個獨一無二的成功組織。

Throughout our markets, Origin's recognized as a premier employer and for our exceptional customer service.

在我們的整個市場中，Origin 因其卓越的客戶服務而被公認為首要雇主。

We are proud to consistently be recognized by American Banker as one of the best banks to work for.

我們很自豪能夠持續被《美國銀行家》評為最適合工作的銀行之一。

While that is a wonderful recognition as a team of highly competitive leaders, our goal is to be the best bank in all things.

雖然對於一支由極具競爭力的領導者組成的團隊來說這是一種很好的認可，但我們的目標是成為各方面最好的銀行。

Origin has always been a compelling growth story.

起源一直是個引人入勝的成長故事。

The evolution for Origin is to ascend to truly be an elite financial performer.

Origin 的發展目標是成為真正的金融精英。

We are energized, optimistic and passionately driven throughout the company to not only be the bank of choice and the employer of choice, but to be the investment of choice.

我們整個公司充滿活力、樂觀和熱情，不僅成為首選銀行和首選雇主，而且成為首選投資。

Our strategic plan includes a deep commitment to data analytics to drive more proactive and actionable decisions around return parameters of products, business lines, markets, banking centers, client profiles and bankers.

我們的策略計畫包括對數據分析的堅定承諾，以推動圍繞產品、業務線、市場、銀行中心、客戶資料和銀行家的回報參數做出更主動、更可行的決策。

We will continue to embrace and invest in strategic technology that will enhance automation, process improvement, pricing decisions, fraud detection, compliance monitoring, personalized product design and marketing delivery.

我們將繼續擁抱和投資策略技術，以增強自動化、流程改進、定價決策、詐欺偵測、合規監控、個人化產品設計和行銷交付。

We believe our strategic plan will put Origin on a clear path to enhancing the client experience while also improving the bank's margin efficiency and profitability to create sustainable excellence in our financial performance.

我們相信，我們的策略計劃將使 Origin 走上一條清晰的道路，增強客戶體驗，同時提高銀行的利潤效率和盈利能力，從而創造可持續的卓越財務業績。

Now I'll turn it over to Jim.

現在我把它交給吉姆。

Thanks, Lance.

謝謝，蘭斯。

While we continue to experience normalization within our loan portfolio, the primary increase in our past dues, level of classified and non--performing loans for the quarter resulted from the activity that Drake referenced in his opening comments.

雖然我們的貸款組合繼續正常化，但本季逾期未付款、分類貸款和不良貸款水準的主要增長是由德雷克在開場白中提到的活動造成的。

Past due loans held for investment came in at 0.83% at quarter end, up from 0.42% from the prior quarter, with 0.34% being attributed to relationships identified as part of the transactions mentioned above.

截至季末，為投資而持有的逾期貸款率為 0.83%，高於上一季的 0.42%，其中 0.34% 歸因於上述交易中確定的關係。

Classified loans increased $34 million to 1.49% of loans as of June 30 from 1.07% as of March 31, while non--performing loans increased $35 million to 0.95% as of quarter end from 0.51% from the prior quarter.

截至6 月30 日，分類貸款佔貸款的比例從3 月31 日的1.07% 增加了3,400 萬美元，佔貸款的1.49%；截至季度末，不良貸款從上一季的0.51% 增加了3,500 萬美元，佔貸款的0.95%。

These increases were driven almost entirely by the downgrades and relationships that were affected by the previously mentioned question activity.

這些成長幾乎完全是由前面提到的問題活動影響的降級和關係所推動的。

Net charge-offs for the quarter totaled $2.9 million, coming in at 0.15% compared to 0.13% for the prior quarter and were in line with our forecast assumptions.

本季的淨沖銷總額為 290 萬美元，較上一季的 0.13% 上升 0.15%，符合我們的預測假設。

Included in charge-offs this quarter, were $797,000 in charge-offs directly related to the above referenced activity.

本季的沖銷包括與上述活動直接相關的 797,000 美元沖銷。

Our provision expense attributed to the allowance for credit losses was $5.4 million for the quarter and after considering net charge-offs resulted in a $2.5 million increase in the allowance to $100.9 million.

本季我們歸因於信貸損失準備金的撥備費用為 540 萬美元，考慮淨沖銷後，準備金增加了 250 萬美元，達到 1.009 億美元。

On a percentage basis, our allowance increased from 1.25% to 1.27%, as a percentage of total loans held for investments and from 1.30% to 1.34% net of mortgage warehouse.

以百分比計算，我們的準備金佔投資貸款總額的百分比從 1.25% 增加到 1.27%，扣除抵押貸款倉庫的百分比從 1.30% 增加到 1.34%。

The required provision was driven by our individual evaluation and the required reserves attributed to the additional non-accruals during the quarter.

所需準備金是由我們的個人評估以及本季額外非應計費用所需的準備金決定的。

While we did experience increases in several credit metrics for the quarter, we do not deem them to be reflected over the overall credit quality of the portfolio, but rather the impact of the actions of a single banker.

雖然我們確實經歷了本季多個信用指標的成長，但我們認為它們並沒有反映在投資組合的整體信用品質上，而是反映了單一銀行家行為的影響。

Based upon our internal review to date, we feel like we have appropriately and conservatively established all required reserves.

根據迄今為止的內部審查，我們認為我們已經適當且保守地建立了所有必要的儲備金。

I wanted to follow up on Lance's comments concerning loan growth and client selection.

我想跟進蘭斯關於貸款成長和客戶選擇的評論。

As we continually monitor our portfolio, we have been successful in moving several credit relationships out of the bank that were deemed to not be a good fit.

當我們不斷監控我們的投資組合時，我們已經成功地將一些被認為不合適的信貸關係從銀行中移除。

We saw these efforts come to fruition during the quarter with $51.9 million in desired reductions, $38.6 million, of which were past credits.

我們看到這些努力在本季度取得了成果，預期減少了 5,190 萬美元，其中 3,860 萬美元是過去的貸項。

We will continue to closely monitor and manage our portfolio.

我們將繼續密切監控和管理我們的投資組合。

With the market's focus on non-owner-occupied CRE office, we continue to provide added detail on slide 13, which shows the resiliency and performance of this sector within our portfolio.

由於市場關注非業主自用商業地產辦公室，我們繼續在幻燈片 13 上提供更多詳細信息，該幻燈片顯示了我們投資組合中該行業的彈性和績效。

As of quarter end, this segment totaled $373.8 million, average loan size of only $2.3 million, a weighted average debt service coverage of 1.34 times and a weighted average loan-to-value of 59.2%.

截至季末，該部門總額為 3.738 億美元，平均貸款規模僅 230 萬美元，加權平均償債倍數為 1.34 倍，加權平均貸款成數為 59.2%。

We had no past dues, no classifieds and no non-performing loans and no charge-offs within this segment.

該部門內沒有逾期未付款項、分類廣告、不良貸款和沖銷。

Lastly, I wanted to comment on our CRE portfolio in total.

最後，我想對我們的商業房地產投資組合進行整體評價。

During the quarter, we experienced increases of $129 million in total non-owner-occupied CRE and multifamily real estate, which were offset by $151 million decrease in construction and development loans. -- this year was driven by several construction projects achieving completion and merely represents a shift within the CRE portfolio.

本季度，非業主自用 CRE 和多戶型房地產總額增加了 1.29 億美元，但被建築和開發貸款減少 1.51 億美元所抵銷。 ——今年是由多個建設項目完成推動的，僅代表商業房地產投資組合的轉變。

As to total CRE, we continue to closely monitor our overall exposure and reflect a total funded CRE of 242% of total risk-based capital at quarter end, which positions Origin with the flexibility to provide strategic growth.

至於 CRE 總額，我們繼續密切監控我們的整體風險敞口，並反映季末 CRE 融資總額佔風險資本總額的 242%，這使 Origin 能夠靈活地提供策略成長。

I'll now turn it over to Wally.

我現在把它交給沃利。

Thanks, Jim, and good morning, everyone.

謝謝吉姆，大家早安。

Turning to the financials.

轉向財務。

In Q2, we reported diluted earnings per share of $0.67. This quarter was somewhat noisy due to several notable items that impacted our financial results.

第二季度，我們公佈的稀釋後每股收益為 0.67 美元。由於幾個影響我們財務表現的值得注意的項目，本季有些吵雜。

As you can see on slide 24, the overall combined financial impact of these notable items was net expense of $3.9 million, equivalent to $0.10 in EPS pressure.

正如您在投影片 24 中看到的，這些值得注意的項目的整體綜合財務影響是 390 萬美元的淨支出，相當於每股收益壓力 0.10 美元。

On the balance sheet side, I will start with a discussion on deposits, which were essentially flat during the quarter.

在資產負債表方面，我將首先討論存款，本季存款基本上持平。

Excluding brokered deposits declined 0.4%.

不包括經紀存款下降 0.4%。

Though, as Lance mentioned, this decline was due to timing and public fund seasonality as we saw some runoff late in the quarter.

不過，正如蘭斯所提到的，這種下降是由於時機和公共基金的季節性造成的，因為我們在本季末看到了一些資金流失。

On an average basis, deposits ex-brokered increased for the second consecutive quarter, and we saw growth in average non-interest-bearing deposits for the first quarter since 2022.

平均而言，除經紀存款連續第二季成長，自 2022 年以來第一季平均無息存款增加。

As a result of these trends, we are also seeing a stabilization in the shift in our deposit mix with no-ninterest-bearing deposits remaining flat at 22%.

由於這些趨勢，我們也看到存款結構的變化趨於穩定，無利息存款保持在 22% 的水平。

The non-interest-bearing deposit mix pressures have eased better than we have been expecting, and we now anticipate the mix to remain essentially flat moving forward.

無利息存款組合壓力的緩解程度優於我們的預期，我們現在預計未來該組合將基本保持穩定。

Importantly, while pricing pressures still exist, they continue to ease, which we expect will remain a stabilizing factor in our net interest margin forecast.

重要的是，儘管定價壓力仍然存在，但它們繼續緩解，我們預計這仍將是我們淨利差預測的穩定因素。

Loans held for investment grew 0.7% during the quarter.

本季持有的投資貸款成長了 0.7%。

Excluding mortgage warehouse, loans declined by 0.6%.

不計抵押倉庫，貸款下降0.6%。

This was strategic and was driven by our focus on client selection, as Lance and Jim mentioned earlier.

正如蘭斯和吉姆之前提到的，這是策略性的，是由我們對客戶選擇的關注所驅動的。

Notably, this process allowed some relief to our loan-to-deposit ratio, which declined slightly to 87.6% from 88.2% last quarter ex warehouse.

值得注意的是，此流程使我們的貸存比率有所緩解，貸存比率從上季的 88.2% 略有下降至 87.6%。

We anticipate our client selection process could add some continued pressure to growth in the back half of the year, and we now expect loan growth could be in the low single digits for the year, with deposit growth essentially matching.

我們預計我們的客戶選擇流程可能會對今年下半年的成長造成一些持續的壓力，我們現在預計今年貸款成長可能會保持在較低的個位數，而存款成長基本上與之匹配。

Moving to income statement items.

轉向損益表項目。

Net interest margin declined 2 basis points during the quarter to 3.17%. -- however, was impacted by $1.2 million of interest reversal on relationships associated with the activity Drake discussed earlier.

本季淨利差下降 2 個基點至 3.17%。 - 然而，受到與 Drake 之前討論的活動相關的關係的 120 萬美元利息逆轉的影響。

Excluding the impact of this interest reversal, net interest margin would have been 3.22%, and in line with our guidance of flat to up slightly.

剔除本次利率逆轉的影響，淨利差將為3.22%，符合我們持平轉小幅的指引。

Moving forward, using 3.2% as a base, we anticipate net interest margin should be set for low to mid-single-digit quarterly expansion in the back half of this year due primarily to asset repricing benefits.

展望未來，以 3.2% 為基礎，我們預計今年下半年淨利差將出現低至中個位數的季度擴張，這主要是由於資產重新定價的好處。

We believe these benefits are enough to offset [200 to 325] basis point Fed rate cuts, even assuming a zero-deposit beta on our non--indexed interest-bearing deposits.

我們認為，即使假設我們的非指數計息存款的存款貝塔值為零，這些好處也足以抵消聯準會降息 [200 至 325] 個基點。

As a reminder, in an environment where the Fed is easing, we still expect we can run our business at a NIM above 3% with the longer-term full cycle target over 3.5%.

提醒一下，在聯準會寬鬆的環境下，我們仍然預計我們的業務可以在淨息差高於 3% 的情況下運營，長期全週期目標超過 3.5%。

Shifting to non-interest income, we reported $22.5 million in Q2.

轉向非利息收入，我們報告第二季為 2250 萬美元。

The quarter included a $5.2 million benefit from the write-up of an investment, an $800,000 gain on the sale of a branch and an $81,000 gain on the repurchase of sub debt.

該季度包括投資增記帶來的 520 萬美元收益、出售分行帶來的 80 萬美元收益以及次級債務回購帶來的 81,000 美元收益。

Adjusting for these notable items and the $7,000 net benefit of notable items in Q1, non--interest income declined to $16.4 million from $17.2 million in Q1 due to normal seasonality in our insurance business.

在對這些值得注意的項目以及第一季值得注意項目的 7,000 美元淨收益進行調整後，由於我們保險業務的正常季節性，非利息收入從第一季的 1,720 萬美元下降至 1,640 萬美元。

Notably, both the insurance and mortgage businesses exceeded our expectations, though we are anticipating normal seasonality in the mortgage segment in the second half of the year.

值得注意的是，保險和抵押貸款業務都超出了我們的預期，儘管我們預計下半年抵押貸款業務將呈現正常的季節性。

Our non--interest expense increased to $64.4 million in Q2 from $58.7 million in Q1, though the quarter was impacted by $1.5 million due to the activity discussed earlier.

我們的非利息支出從第一季的 5,870 萬美元增加到第二季的 6,440 萬美元，儘管由於前面討論的活動，該季度受到了 150 萬美元的影響。

So far this year, we have guided for expense growth in the mid-single-digit range compared to 2023.

今年到目前為止，與 2023 年相比，我們預計費用將成長在中個位數範圍內。

In the back half of this year, we now anticipate expenses likely remain elevated, similar to Q2 levels due primarily to elevated expense associated with legal and accounting-related professional services expense associated with the activity Drake discussed.

在今年下半年，我們現在預計費用可能會保持較高水平，與第二季度的水平類似，這主要是由於與德雷克所討論的活動相關的法律和會計相關專業服務費用相關的費用增加。

As such, our 2024 expense is now expected at the low end of the high single-digit range.

因此，我們 2024 年的支出目前預計處於高個位數範圍的低端。

However, excluding the highlighted notable items and these elevated professional fees, we would still be anticipating mid-single-digit growth.

然而，排除突出的值得注意的項目和這些上漲的專業費用，我們仍然預期中等個位數的成長。

Lastly, turning to capital.

最後，轉向資本。

We note that our TCE ratio ended Q2 at 9.5%, up from 9.3% in Q1.

我們注意到，第二季末我們的 TCE 比率為 9.5%，高於第一季的 9.3%。

Furthermore, as shown on slide 23 of our presentation, all of our regulatory capital levels at both the bank and holding company remain above levels considered well capitalized.

此外，如我們簡報第 23 張投影片所示，銀行和控股公司的所有監理資本水準仍高於資本充足水準。

As such, we remain confident that we have the flexibility to take advantage of any potential future capital deployment opportunities to drive value for our shareholders.

因此，我們仍然相信，我們能夠靈活地利用未來任何潛在的資本部署機會，為股東創造價值。

With that, I'll now turn it back to Drake.

有了這個，我現在將其轉回德雷克。

I've often talked about our relentless focus on building a long-term profitable company.

我經常談到我們對建立一家長期盈利的公司的不懈關注。

We are proud of what we've built, and we are in a position to capitalize on opportunities.

我們對我們所建立的一切感到自豪，我們有能力抓住機會。

We know in this current environment that there are challenges, but I feel strongly that we have a strong management team, dynamic markets and a deep commitment to a shared culture to be prepared for what's ahead.

我們知道在當前的環境中存在挑戰，但我強烈感覺到我們擁有強大的管理團隊、充滿活力的市場以及對共同文化的堅定承諾，為未來做好準備。

And Lance briefly touched on elements of our strategic plan.

蘭斯簡要介紹了我們戰略計劃的要素。

We work every day to build something special to ensure that we are the most desirable company to work for and the most desirable company to invest in, not just for the near term but for decades to come.

我們每天都在努力打造一些特別的東西，以確保我們成為最理想的工作公司和最理想的投資公司，不僅是在短期內，而且在未來幾十年都是如此。

Thank you for being on the call.

感謝您接聽電話。

We'll open up for questions.

我們將開放提問。

(Operator Instructions) Matt, Stephens Inc. You line is open.

（操作員說明）Matt，Stephens Inc. 您的線路已開通。

Hey, great.

嘿，太棒了。

Thanks for taking my question.

感謝您提出我的問題。

I want to start

我想開始

--

--

Hey.

嘿。

Good morning.

早安.

I want to start on the, I guess, the suspicious activity that was disclosed in the press release and that you mentioned earlier.

我想先談談您之前提到的新聞稿中披露的可疑活動。

Can you just clarify the point that Drake you made that ultimately, you expect to see no loss to the bank on all this activity because based on these 2Q results, I guess there was a material impact of -- I think you mentioned $0.25 to EPS.

您能否澄清德雷克（Drake）您提出的觀點，最終您預計所有這些活動不會給銀行帶來任何損失，因為根據這些第二季度的結果，我想這對每股收益產生了重大影響——我認為您提到每股收益0.25 美元。

It sounds like you believe there could be a potential insurance claim that could be filed once the investigation is complete that could offset some of these losses?

聽起來您認為調查完成後可能會提出潛在的保險索賠，從而抵消部分損失？

I just want to make sure we understand the point and to see if there's more color.

我只是想確保我們理解這一點並看看是否有更多的顏色。

Matt, when I read our analyst first look, it's a tough balance for us because it looks like it's a credit issue.

馬特，當我第一眼看到我們的分析師時，這對我們來說是一個艱難的平衡，因為它看起來像是一個信用問題。

And truly, through the years, we've been an organic grower, and we've been blessed because of controls and how we manage this to not have this type of activity.

確實，多年來，我們一直是有機種植者，並且由於控制以及我們如何管理以避免此類活動而受到祝福。

And so this is an issue that's dealing with really good people that have really strong companies, the ability and the capacity to pay.

所以這是一個與真正優秀的人打交道的問題，他們擁有真正強大的公司，有能力和支付能力。

But as we go through and we uncover this unfortunate incident, which obviously, a dispute was triggered, which at that time, you have loans that mature.

但當我們經歷並發現這個不幸的事件時，顯然，引發了爭議，當時，您有到期的貸款。

And during this dispute, you certainly are working diligently to solve the issues, but you have to account for this because of the dispute basically as non-performing credit.

在這場糾紛中，你當然正在努力解決問題，但你必須對此進行解釋，因為糾紛基本上是不良信用。

So in our situation, this truly -- it's -- I can understand where it's a credit event.

因此，在我們的情況下，這確實是——我可以理解這是一個信用事件。

This isn't a credit event.

這不是信用事件。

And I think that if we have losses, that aren't insured, and we just haven't straight up losses, it's going to be immaterial to our financial position.

我認為，如果我們有損失，但沒有投保，而且我們只是沒有直接損失，那麼這對我們的財務狀況來說並不重要。

At this point, I don't look at this as a credit issue.

在這一點上，我不認為這是一個信用問題。

I look at this as an internal issue that went into a dispute that we're managing, and that we feel very confident because of the quality of the people that are involved in this, that we're going to be able to resolve this matter in the right way that limits the overall impact of this institution.

我認為這是一個內部問題，引發了我們正在處理的爭議，並且由於參與此事的人員的素質，我們感到非常有信心，我們將能夠解決這個問題以正確的方式限制該機構的整體影響。

Okay.

好的。

Appreciate the color, Drake.

欣賞這個顏色，德雷克。

And maybe just following up there.

也許只是跟進那裡。

Can you disclose the dollar amount of the portfolio of loans from the former employee that was referenced.

您能否透露所提到的前僱員的貸款組合的金額？

And then, I guess, also the dollar amount of loans from these customers that are no longer paying as agreed upon?

然後，我想，這些不再按約定付款的客戶提供的貸款金額是多少？

You know Matt, I'm a little bit concerned about disclosing that at this point because of the dispute and the position we're in today.

你知道馬特，由於爭議和我們今天所處的立場，我有點擔心此時披露這一點。

But I think what we've identified and what we took the non-accrual, as the extent of the impact of this institution, and that's not a lot.

但我認為我們所確定的以及我們所採取的非權責發生製作為該機構的影響程度，並不是很多。

That's the impact of the percentage of the portfolio or the piece of the portfolio that this individual manage.

這就是此人所管理的投資組合或投資組合部分的百分比的影響。

So we feel that we have identified this.

所以我們覺得我們已經確定了這一點。

We have been diligent.

我們一直很努力。

We've used forensic accountants.

我們使用了法務會計。

We've used outside legal and have spent, as you can imagine, numerous hours since the beginning of the year.

正如您可以想像的那樣，自今年年初以來，我們已經使用了外部法律手段，並且花費了無數個小時。

And I'll go back that I think this is extremely important.

我會回去說，我認為這是非常重要的。

Through the acquisition, we fully integrated them at the end of '23.

透過收購，我們在 23 年底將它們完全整合。

Shortly thereafter our controls caught this and picked it up.

此後不久，我們的控制系統發現了這一點並將其接收。

So from a control issue, we operate a year with BCH as with through their controls and the way they manage as we integrated everything.

因此，從控制問題來看，我們透過 BCH 的控制和管理方式與 BCH 合作了一年，因為我們整合了一切。

So I'm pleased that once we integrated that our control did catch this.

所以我很高興，一旦我們整合，我們的控制確實捕捉到了這一點。

So, this isn't an issue where we have significant control issues internally.

因此，這不是我們內部有重大控制問題的問題。

It's just the integration process.

這只是整合過程。

So I think what we've identified the number that went into non-accrual, that again is because of the few not renewing them, not the inability to pay, is pretty much the size of the portfolio that's in question here.

因此，我認為我們已經確定的非應計金額，這又是因為少數人沒有續訂，而不是無法支付，這很大程度上是這裡所討論的投資組合的規模。

Okay, thanks for that.

好的，謝謝。

And I guess just taking a step back, Drake, I guess, since the IPO, I mean, Origin has been focused mostly on organic growth, hiring lenders and in some cases, hiring teams from larger banks and more of the metro markets.

我想，德雷克，我想，自 IPO 以來，Origin 一直主要關注有機成長、招聘貸款機構，在某些情況下，還從較大的銀行和更多的地鐵市場招募團隊。

I think you've done just one acquisition since the IPO.

我認為自首次公開募股以來你們只完成了一項收購。

From a strategic standpoint, do these events drive the bank more towards the organic strategy and less towards M&A?

從策略角度來看，這些事件是否會促使銀行更多地轉向有機策略而不是併購？

Or are we perhaps reading too much into that?

或者我們可能對此解讀太多了？

Reading too much into it.

讀太多了。

I mean, obviously, our expansion in the Southeast is going to be through organic growth, and we're so pleased with the progress were being made, what an awesome thing we have out there.

我的意思是，顯然，我們在東南部的擴張將透過有機成長來實現，我們對所取得的進展感到非常高興，我們在那裡擁有多麼棒的東西。

But I think for us, Matt, we have to find the opportunities to bring in partners.

但我認為對我們來說，馬特，我們必須找到引入合作夥伴的機會。

And I don't want to diminish the value of BTH East Texas and through this.

我不想因此而削弱 BTH 東德克薩斯州的價值。

This is actually a small in material impact to the overall picture for our size and everything else.

實際上，這對我們的規模和其他一切的整體情況影響很小。

I understand from an investor's perspective, oh is this a credit issue?

我從投資者的角度理解，哦，這是信用問題嗎？

Is there more to come?

還有更多嗎？

This is a single banker in a single market that got out of bounds doing things that they were comfortable with doing.

這是單一市場中的單一銀行家，他們越界做他們喜歡做的事情。

So, I think this sets us up to understand fully what we look for, but there are quality institutions out there that have strong track records.

因此，我認為這使我們能夠充分了解我們所尋求的東西，但也有一些擁有良好記錄的優質機構。

And I'll go back to the five-year track record from a regulatory aspect of this institution was pristine.

我將從該機構的監管方面回顧五年的記錄，它是原始的。

So again, single bank or single market, go out of bounds, we're managing it.

再說一次，單一銀行或單一市場，超出範圍，我們正在管理它。

And unfortunately, accounting treatment makes us just go ahead and put all this into a pile and manage through it, and we'll do that pretty quickly.

不幸的是，會計處理讓我們把所有這些都放在一堆並管理，我們很快就會做到這一點。

Thank you, Matt.

謝謝你，馬特。

Our next question comes from Michael at Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的邁克爾。

Your line is open.

您的線路已開通。

Hey good morning guys thank for taking my question.

嘿，早上好，夥計們，感謝您提出我的問題。

Certainly, I understand the impact on the margin from the interest accrual reversal this quarter.

當然，我了解本季應計利息逆轉對利潤率的影響。

It looks like, if I'm looking at the average balance sheet, it was in the construction category, but putting everything together, if we -- I assume we'll just add that back for next quarter.

看起來，如果我查看平均資產負債表，它屬於建築類別，但將所有內容放在一起，如果我們 - 我想我們會在下個季度將其添加回來。

But you did have a little bit of negative mix shift in deposits still and then costs continued to rise.

但存款方面確實存在一些負面的混合變化，然後成本持續上升。

I mean how should we think about the margin ex the interest accrual reversal on a go-forward basis.

我的意思是，我們應該如何考慮未來應計利息沖銷後的利潤。

Just if you can walk us through some of the puts and takes and then with a little bit slower loan growth this quarter and loan yields flat.

只要您能向我們介紹一些看跌期權和看跌期權，然後本季度貸款增長稍慢一些，貸款收益率持平。

I mean, have we had a peak there?

我的意思是，我們在那裡達到了頂峰嗎？

Just trying to put all the pieces together.

只是想把所有的碎片拼湊起來。

Thanks.

謝謝。

Yes.

是的。

And Mike, I'm going to ask Wally to dive into this.

麥克，我要請沃利深入探討這個問題。

But I do think that I want Lance to get into really the picture of why we see slower loan growth.

但我確實認為我希望蘭斯真正了解為什麼我們會看到貸款成長放緩。

It's about client selection.

這是關於客戶選擇。

We're going to talk about that.

我們要討論這個。

I think it's extremely important to understand this has nothing to do with this unfortunate incident.

我認為了解這與這起不幸事件無關是非常重要的。

We started this process to look at what fits and what doesn't fit, what's truly relationship, where are the resources that are being utilized without deposits.

我們開始這個過程是為了看看什麼適合，什麼不適合，什麼是真正的關係，在沒有存款的情況下使用的資源在哪裡。

So, we're going to go into that.

那麼，我們將深入探討這一點。

But Wally, would you please?

但是沃利，你願意嗎？

Yes, Michael, so you did mention the construction portfolio.

是的，邁克爾，你確實提到了建築組合。

That was where the biggest impact was.

這就是影響最大的地方。

It impacted yields in that portfolio by 39 basis points.

它對該投資組合的收益率產生了 39 個基點的影響。

The overall loan yield would have been 6 basis points higher, and you mentioned that NIM would have been 5 basis points higher.

整體貸款收益率將高出 6 個基點，您提到淨利差將高出 5 個基點。

So that 322 NIM as a base, we are expecting expansion in the back half of the year.

因此，以 322 NIM 為基礎，我們預計下半年會出現擴張。

I'll reiterate what I said in the prepared remarks of about mid-single digits per quarter.

我將重申我在準備好的每季大約個位數的講話中所說的話。

That includes the impact of our anticipation of a Fed cut in September and a fed cut in December wouldn't really impact that guidance either.

這包括我們對聯準會 9 月降息預期的影響，而聯準會 12 月降息也不會真正影響該指引。

The benefits of margin are coming from asset repricing.

保證金的好處來自於資產重新定價。

We've got about $0.25 billion of loans and securities that we expect will mature and reprice 350 to 400 basis points higher on average.

我們擁有約 2.5 億美元的貸款和證券，預計這些貸款和證券將到期，並重新定價，平均上漲 350 至 400 個基點。

We are seeing stabilization in our deposit costs.

我們看到存款成本趨於穩定。

Our non--interest-bearing deposit mix was essentially flat.

我們的無息存款結構基本上持平。

Where we had been saying we thought we'd see continued pressure on that in the back half of the year.

我們一直在說，我們認為今年下半年我們會看到持續的壓力。

We now believe that could stabilize around where it is today, 22%.

我們現在認為這一比例可能會穩定在目前的 22% 附近。

And our mid-single-digit expansion per quarter guidance also assumes a 0-beta on our non-indexed interest-bearing deposits.

我們的每季中個位數擴張指引也假設我們的非指數生息存款的貝塔值為 0。

So if we're able to bring deposit costs down if the Fed starts to cut, that would be a benefit that's not considered in our margin guidance.

因此，如果我們能夠在聯準會開始降息時降低存款成本，那麼這將是我們的保證金指導中未考慮的好處。

Okay.

好的。

So I'm sorry, Wally, if I missed this.

所以，沃利，如果我錯過了這個，我很抱歉。

But putting that all together, you said mid-single-digit increase in the margin?

但把所有這些放在一起，你說利潤率會出現中個位數的成長嗎？

Per quarter, correct.

每季度，正確。

Per quarter.

每季。

Okay, very helpful.

好的，非常有幫助。

And then since Drake, you called it out.

然後自從德雷克之後，你就大聲疾呼了。

I mean you talked about client selection.

我的意思是你談到了客戶選擇。

I think you'd kind of talked about a much higher level of loan growth as we think about next year, but it sounds like maybe that won't be the case, maybe just focusing on more profitable type of relationships with deposits.

我認為您談到了明年我們所考慮的貸款成長水平要高得多，但聽起來情況可能並非如此，也許只是關注與存款的更有利可圖的關係類型。

If you can just expand on that, give some color.

如果你可以擴展它，給一些顏色。

And then as we do think about next year, would that 10% growth rate that you highlighted last quarter would be something less than that?

然後，當我們考慮明年時，您上季度強調的 10% 的成長率會低於這個數字嗎？

Thanks.

謝謝。

Yes, this is Lance.

是的，這是蘭斯。

Thanks for the question.

謝謝你的提問。

No, you're exactly right.

不，你說得完全正確。

I mean as we've approached the $10 billion threshold, we are laser focused on thinking through ways to the levers to pull to drive ROA enhancement -- and so we've got a deep dive focus right now on the return profile more than we do necessarily simply on growth.

我的意思是，當我們接近 100 億美元的門檻時，我們專注於思考如何拉動 ROA 提高的槓桿 - 因此，我們現在比我們更深入地關注回報概況做必然只是為了增長。

And so if you look at the infrastructure that we've built, and we've talked about it a lot.

因此，如果你看看我們建造的基礎設施，我們已經對此進行了很多討論。

I mean, we are a company that's built to be a double-digit grower.

我的意思是，我們是一家致力於成為兩位數成長者的公司。

If you look at where we are seeing our growth, it is almost all coming at this point out of Dallas-Fort Worth in Houston.

如果你看看我們在哪裡看到了我們的成長，那麼目前幾乎所有成長都來自休士頓的達拉斯-沃斯堡。

We love the loan yields that we're getting there, doing a being a very admirable job on deposit costs, especially in the Houston market that continues to be a star for us.

我們喜歡我們在那裡獲得的貸款收益率，在存款成本方面做得非常令人欽佩，特別是在休士頓市場，它仍然是我們的明星。

Very excited about what's happening in the Southeast.

對東南部發生的事情感到非常興奮。

They are very much in line with our projections of where they're going to be.

它們與我們對它們未來的預測非常一致。

They understood from the beginning that they had to be self-funded.

他們從一開始就明白必須自籌資金。

And so they're leading with deposits with the loan pipeline as they start to look to drag over clients is looking good.

因此，他們在貸款管道中以存款領先，因為他們開始尋求拖累客戶，看起來不錯。

But also for us, we're very focused to make sure that we're being balanced and smart when it comes to CRE.

但對我們來說，我們也非常注重確保在商業房地產方面保持平衡和明智。

I mean if you look at our CRE ratio right now of 242, that puts us in a great position compared to peers to take care of the strategic opportunities that arise.

我的意思是，如果你看看我們現在 242 的 CRE 比率，這使我們與同行相比處於有利地位，可以抓住出現的策略機會。

When we talked about client selection, don't get confused with that on necessarily credit profile.

當我們談論客戶選擇時，不要與必然的信用狀況混淆。

We're looking at the entire profile from a return perspective.

我們從回報的角度來審視整個概況。

And so if you look at the relationships that we pushed out this quarter, 75% were past credits.

因此，如果你看看我們本季推出的關係，你會發現 75% 都是過去的學分。

But they didn't have the deposit profile or the treasury, everything that's focused on what we're trying to build long term is an ROA driver.

但他們沒有存款概況或金庫，所有關注我們試圖建立長期目標的東西都是 ROA 驅動因素。

And I think that's critical as we move forward.

我認為這對我們前進至關重要。

Strategically, we don't want to limp over $10 billion in a market that is more challenging to grow core funding.

從策略上講，我們不想在一個核心資金成長更具挑戰性的市場中陷入超過 100 億美元的困境。

And so we want to be smart about that.

所以我們希望在這方面保持明智。

So the opportunity to grow is clearly there because of the dynamic markets and what's happening in Texas.

因此，由於充滿活力的市場和德克薩斯州正在發生的事情，成長的機會顯然是存在的。

At the same time, we're trying to be very, very focused on driving ROA.

同時，我們非常非常專注於提高 ROA。

And so it's going to be a little bit of a mixture from that perspective.

因此，從這個角度來看，它會有點混合。

So yes I would think that loan growth for us next year looks like more mid-single digits.

所以，是的，我認為明年我們的貸款成長看起來會是中個位數。

But it's because we're trying to enhance margin and ROA simultaneously.

但這是因為我們試圖同時提高利潤率和資產報酬率。

Very helpful.

非常有幫助。

And maybe just one final one for me.

也許對我來說只是最後一件事。

Since you touched on that Lance, I mean, it seems like you guys will remain under $10 billion by the end of the year.

自從你提到蘭斯以來，我的意思是，到今年年底，你們的資產似乎將保持在 100 億美元以下。

I know the Durbin hit is about, I think, about $5.5 million, somewhere in that ballpark for you guys.

我知道《杜賓》的票房收入約為 550 萬美元，對你們來說，大概在這個範圍內。

Is that -- should we expect to kind of just push that out a year?

我們是否應該期望將其推遲一年？

And I assume you have a little bit of flex to if growth is better just on the warehouse side as we think about the fourth quarter.

我認為，當我們考慮第四季時，您可以靈活地判斷倉庫方面的成長是否更好。

Thanks.

謝謝。

Yes.

是的。

I think that's exactly right.

我認為這是完全正確的。

And Wally may want to jump in.

沃利可能想加入進來。

But -- and I think Drake has said this.

但是——我認為德雷克已經說過了這一點。

It's not our not our overdriving strategy to stay below 10%.

維持在 10% 以下並不是我們的超速策略。

But as we look at pipelines and portfolios and then what we think the inflows and outflows, we do think organically, we have a very strong chance of staying below $10 billion for the rest of the year, while at the same time enhancing our return profile.

但當我們審視管道和投資組合，以及我們對資金流入和流出的看法時，我們確實有機地認為，我們很有可能在今年剩餘時間內保持在 100 億美元以下，同時提高我們的回報率。

Yes.

是的。

Michael, I would just add that I think you kind of hit on the key.

邁克爾，我想補充一點，我認為你擊中了要害。

Our current expectations are that we can remain below $10 billion based on our growth expectations.

我們目前的預期是，根據我們的成長預期，我們可以保持在 100 億美元以下。

We're not managing growth to stay under 10%, and warehouse is a bit of unknown there just because of how quick that business can build.

我們不會將成長控制在 10% 以下，而倉庫在那裡有點不為人知，只是因為業務建立的速度有多快。

But if we get normal seasonality in that business, we would expect that we would stay under.

但如果我們在該業務中獲得正常的季節性，我們預計我們會保持下去。

But if Fed cuts mortgage rates drop and we start to get a refi-wave, that could change that outlook.

但如果聯準會降低抵押貸款利率並且我們開始出現再融資浪潮，這可能會改變這種前景。

Perfect.

完美的。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

Woody, KBW.

伍迪，KBW。

Yes, just one follow-up on the question activity first.

是的，首先是對問題活動的一個後續行動。

Just any expectation around timing for a potential resolution there?

對潛在解決方案的時間有什麼期望嗎？

Not at this point.

目前還沒有。

We are still completing the remainder of what I would say is our forensic accounting, and we feel pretty -- I mean, I feel very confident right now that we've identified everything and put a fence around it.

我們仍在完成我所說的法務會計的剩餘部分，我們感覺很好 - 我的意思是，我現在非常有信心，我們已經確定了所有內容並在其周圍設置了圍欄。

And it's just going to be -- obviously, when there's a dispute like this, we're going to do our best effort.

顯然，當出現這樣的爭議時，我們將盡最大努力。

As we always do, we're going to do the right thing.

正如我們一貫所做的那樣，我們將做正確的事。

We're going to take care of our clients.

我們將照顧我們的客戶。

And hopefully, that all adds up to a quicker resolution than a long resolution.

希望所有這些加起來能比長期解決方案更快解決問題。

Got it.

知道了。

Maybe shifting over to the provision.

也許轉向該條款。

If you exclude the specific provision around the question activity, it would imply reserve down about 5 basis points.

如果排除有關問題活動的具體規定，則意味著儲備金下降約 5 個基點。

Just what were the biggest drivers behind that lower reserve on sort of a core basis?

從核心角度來看，儲備金下降背後的最大驅動因素是什麼？

Good morning Woody, this is Jim.

早安，伍迪，我是吉姆。

Really, when you look at our overall reserve, it was basically, I would say, flat, if you will.

真的，當你看看我們的整體儲備時，我想說，如果你願意的話，基本上是持平的。

One of the big drivers we talked about the 50 -- almost $62 million in credit, that we were able to exit because of the price selection that Lance covered there was $3 million reserve associated with those credits.

我們談到的 50 筆近 6,200 萬美元信貸的主要推動因素之一，我們能夠退出，是因為蘭斯所涵蓋的價格選擇是與這些信貸相關的 300 萬美元儲備金。

So it really freed up about $3 million of the reserve by those moving.

因此，搬家確實釋放了大約 300 萬美元的儲備金。

In addition, there's about $1.3 million trial reserves associated with the charge-offs we took.

此外，還有大約 130 萬美元的試用準備金與我們的沖銷有關。

So it free those up as well.

所以它也釋放了這些。

So when you do the math of the notable items, less than $3 million, less than $1.3 million, it virtually reconciles, if you will, the reserves.

因此，當你計算值得注意的項目時，少於 300 萬美元，少於 130 萬美元，如果你願意的話，它實際上可以調節儲備金。

So I wouldn't couch it as reserve release, but more free previous reserves that we had.

因此，我不會將其表述為儲備版本，而是我們之前擁有的更多免費儲備。

And again, I think that speaks to really net of this event that we consider to not be accretive it, it was very stable from a reserve perspective as well.

再說一次，我認為這確實說明了我們認為不會增值的這一事件，從儲備的角度來看它也非常穩定。

Right.

正確的。

Okay.

好的。

That makes sense.

這是有道理的。

Maybe lastly on fees, both mortgage and insurance had really strong quarters when adjusting for seasonality.

也許最後在費用方面，抵押貸款和保險在根據季節性進行調整時都有非常強勁的季度表現。

Could you just walk through the trends that you saw in both those businesses?

您能否簡單介紹一下您在這兩個行業中看到的趨勢？

Yes.

是的。

I mean in the mortgage side, volume was stronger than we expected.

我的意思是在抵押貸款方面，成交量比我們預期的要強。

We're pleased by that.

我們對此感到高興。

And we have increased our expectations for the back half of the year.

我們提高了對今年下半年的預期。

However, we do still expect there's going to be seasonality in the business.

然而，我們仍預期該業務將會出現季節性。

Insurance, it remains a strong market for us.

保險，對我們來說仍然是一個強勁的市場。

And I mean, pretty consistently quarter after quarter, it beats our expectations.

我的意思是，每個季度都持續超出我們的預期。

So we're very pleased with the strength in both of those segments.

因此，我們對這兩個領域的實力感到非常滿意。

I would just point you to in the insurance business.

我只想向你指出保險業的情況。

The first quarter is usually the highest revenue quarter, and the fourth quarter is usually the lowest.

第一季通常是收入最高的季度，第四季通常是最低的。

It just due to regular seasonality and we expect that would continue.

這只是由於正常的季節性，我們預計這種情況會持續下去。

But we do feel more confident in those businesses in the back half. of the year remaining stronger than we had previously expected.

但我們確實對後半段的業務更有信心。今年的表現仍然強於我們先前的預期。

Thank you Woody.

謝謝你伍迪。

It appears there are no further questions.

看來沒有其他問題了。

Handing it back to Drake for any additional remarks.

將其交還給德雷克以徵求任何補充意見。

Yes, I want to thank everyone for being on the call.

是的，我要感謝大家參加電話會議。

I know this is a quarter that you could sit here and say there's noise, but I want to go back to what is reality internally.

我知道這個季度你可以坐在這裡說有噪音，但我想回到內部現實。

This institution is working behind the scenes over time to maximize our opportunity to be a performer.

隨著時間的推移，這個機構一直在幕後工作，以最大限度地提高我們成為表演者的機會。

We are -- I think, in the best geographies, we have incredible people.

我認為，在最好的地區，我們擁有令人難以置信的人才。

We're so pumped up about what the Southeast is doing for us and that team.

我們對東南部為我們和球隊所做的一切感到非常興奮。

But overall, the momentum of this company, the numbers we're seeing, our drive to make sure the balance sheet is in the best position that it can be in as we get ready to cross over 10B and to have plans to how we manage crossing over 10B are all positive things.

但總的來說，這家公司的勢頭，我們看到的數字，我們為確保資產負債表處於最佳位置而做出的努力，因為我們準備跨越 10B 並製定我們如何管理的計劃跨越10B都是正面的事情。

I'm pumped about this company.

我對這家公司很有興趣。

Like I said, it's easy to get focused on something that's not material.

就像我說的，人們很容易把注意力集中在不重要的事情上。

But in this situation for us, we have a tremendous amount of momentum.

但在這種情況下，對我們來說，我們擁有巨大的動力。

I appreciate everyone being on the call.

我感謝大家來電。

We're always available for questions after the call.

通話後我們隨時可以解答問題。

So we look forward to visiting with each one of you.

因此，我們期待拜訪你們每一位。

Thank you for your time today.

感謝您今天抽出時間。

We appreciate you very much.

我們非常感謝你。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you and have a great day.

謝謝您，祝您有美好的一天。