Old National Bancorp (ONBPO) 2025 Q3 法說會逐字稿

Welcome to the Old National Bancorp third-quarter 2025 earnings conference call. This line is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the Investor Relations page at oldnational.com and will be archived there for 12 months.

歡迎參加 Old National Bancorp 2025 年第三季財報電話會議。這條線路正在錄音，並已根據美國證券交易委員會的《公平披露條例》向公眾公開。相關簡報可在 oldnational.com 的投資者關係頁面上找到，並將在該頁面上存檔 12 個月。

Management would like to remind everyone that certain statements on today's call may be forward-looking in nature and are subject to certain risks, uncertainties and other factors that could cause actual results or outcomes to differ from those discussed. The company refers you to its forward-looking statement legend in the earnings release and presentation slides. The company's risk factors are fully disclosed and discussed within its SEC filings.

管理階層想提醒大家，今天電話會議上的某些陳述可能具有前瞻性，並受到某些風險、不確定性和其他因素的影響，這些因素可能導致實際結果或業績與討論的內容有所不同。該公司建議您參閱盈利報告和簡報中的前瞻性聲明說明。本公司的風險因素已在其提交給美國證券交易委員會的文件中充分揭露和討論。

In addition, certain slides contain non-GAAP measures with management lease provide more appropriate comparisons. These non-GAAP measures are intended to assist investors understanding of performance trends. Reconciliations for these numbers are contained in the appendix the presentation.

此外，某些投影片包含非GAAP指標，管理階層建議進行更恰當的比較。這些非GAAP指標旨在幫助投資人了解績效趨勢。這些數字的核對說明包含在簡報的附錄中。

I would now like to turn the call over to Old National's Chairman and CEO, Jim Ryan for opening remarks. Mr. Ryan?

現在我謹將電話交給老國民銀行董事長兼執行長吉姆‧瑞安，請他致開幕詞。瑞恩先生？

Good morning. Earlier today, Old National reported outstanding third quarter 2025 results that reflect our strong financial performance and our continued commitment to being a better version of ourselves quarter after quarter.

早安.今天早些時候，Old National公佈了2025年第三季出色的業績，這反映了我們強勁的財務表現以及我們持續致力於每季都做得更好的承諾。

We delivered third quarter performance at or above our guidance across all major income statement line items. We beat earnings expectations, delivered an adjusted 20% return on average tangible common equity a 1.3%-plus ROA and a sub-50% efficiency ratio with improved credit metrics. Provision and charge-offs aligned with expectations, and we saw a meaningful decline in both the 30-plus day delinquencies and criticized and classified loans.

第三季度，我們所有主要損益表項目的業績均達到或超過了預期。我們超越了獲利預期，實現了經調整後的平均有形普通股回報率 20%，資產回報率超過 1.3%，效率比率低於 50%，信貸指標也有所改善。撥備和核銷符合預期，逾期 30 天以上的貸款以及受批評和分類的貸款均顯著下降。

There has been discussions this earnings season about some potential credit cracks within our industry. From my perspective, these are not indicative of something larger yet to come in future quarters. In fact, many of the credit items reported by other banks are quite manageable and within normal long-term operating conditions.

在本財報季，我們業界一直存在一些關於潛在信貸問題的討論。在我看來，這些並不預示著未來幾季將會出現更大的變化。事實上，其他銀行報告的許多信貸項目都是完全可控的，並且處於正常的長期經營範圍內。

In my conversation with the peers, there does not seem to be a plague of cockroaches on the horizon. Our industry, including Old National, is well reserved, well capitalized and has robust operating results, which serve as a strong buffer for potential credit changes.

從我和同行的交流來看，似乎沒有蟑螂氾濫的跡象。包括 Old National 在內的我們這個行業儲備充足、資本雄厚，並且擁有穩健的經營業績，這為應對潛在的信貸變化提供了強有力的緩衝。

Meanwhile, at Old National, we continue to build a stronger franchise by leveraging our leading market position, investing ourselves and strategically recruiting top-tier talent. We are taking advantage of market disruptions and have accelerated talent conversations across our footprint. This has been one of the catalysts behind our momentum.

同時，Old National 繼續利用我們領先的市場地位，加大自身投入，並有策略地招募頂尖人才，從而打造更強大的品牌。我們正利用市場動盪的機會，加快在我們業務覆蓋範圍內的人才招募進程。這是推動我們發展勢頭的重要因素之一。

At the same time, we're actively pursuing opportunities to enhance efficiency and effectiveness. Our efficiency ratio is below 50% and improving, but we are still investing in our future to enhance growth opportunities. We also continue to exceed expectations by growing core deposits and managing our deposit costs. Our franchise is built to perform in any environment and this quarter was no exception.

同時，我們正在積極尋求提高效率和效益的機會。我們的效率比率低於 50%，並且正在改善，但我們仍在投資未來，以增強成長機會。我們透過增加核心存款和控制存款成本，持續超越預期。我們的特許經營模式旨在適應任何環境，本季也不例外。

Capital management rate is a top priority. Our high return profile drives significant capital generation and open the door for additional capital returns. CET1 increased 28 basis points this quarter despite merger-related charges and while repurchasing 1.1 million shares late in the quarter. We are threading the needle between growing capital coming off our Bremer partnership -- and returning capital to our shareholders.

資本管理率是重中之重。我們高回報的特性能夠帶來可觀的資本收益，並為額外的資本回報打開大門。儘管產生了與合併相關的費用，並且在本季末回購了 110 萬股股票，但 CET1 本季仍成長了 28 個基點。我們正在努力平衡從與布雷默的合作中獲得的資本增長和向股東返還資本之間的關係。

And let me be clear, the best acquisition we can make in the next 12 months is ourselves. We are not chasing new partnerships. We are focused on organically growing our balance sheet and capital and delivering the best return for our shareholders.

讓我明確一點，未來 12 個月內我們能達到的最佳成就就是收購自己。我們並不尋求新的合作關係。我們專注於實現資產負債表和資本的有機成長，並為股東帶來最佳回報。

Last weekend, our team successfully completed the systems conversion and branding for our Bremer Bank partnership. We are now operating as Old National all former Bremer locations and are excited about future growth opportunities. Thank you to all of our team members for their collaboration, hard work and dedication to the integration.

上週末，我們的團隊成功完成了與布雷默銀行合作的系統轉換和品牌推廣工作。我們現在以 Old National 的名義經營所有原 Bremer 的門市，並對未來的發展機會感到興奮。感謝我們所有團隊成員的合作、辛勤工作和對整合工作的奉獻。

We believe our quarterly results speak for themselves with strong and increasing profitability better efficiency, improved credit and the recognition of our focus on being a better bank and rewarding our shareholders.

我們相信，我們季度的業績本身就足以說明一切：盈利能力強勁且不斷提高，效率更高，信貸狀況改善，並且我們致力於成為一家更好的銀行並為股東帶來回報，這體現了我們對這一目標的認可。

If you step back a bit from the quarterly results, our core EPS has grown 7.6% on a compounded annual growth rate since 2018 with even stronger momentum heading into 2026. Objectively, we have become a better bank each year and there has never been a better time to invest in us. Thank you.

如果從季度業績的角度來看，自 2018 年以來，我們的核心每股盈餘 (EPS) 以複合年增長率增長了 7.6%，並且到 2026 年，成長勢頭將更加強勁。客觀來說，我們每年都在進步，現在正是投資我們的最佳時機。謝謝。

I will now turn the call over to John, who will provide more detailed quarterly insights.

現在我將把電話交給約翰，他將提供更詳細的季度分析報告。

Thanks. As Jim mentioned, our third quarter was highly successful. Beginning on slide 5, we reported GAAP 3Q earnings per share of $0.46. Excluding $0.13 of net merger-related expenses, adjusted earnings per share were $0.59, an 11% increase over the prior quarter and a 28% increase year-over-year. Results were driven by the full quarter impact of Bremer operations, margin expansion, better-than-expected growth in fee income and well-controlled expenses.

謝謝。正如吉姆所說，我們第三季非常成功。從第 5 張投影片開始，我們報告了 GAAP 第三季每股收益為 0.46 美元。扣除 0.13 美元的淨併購相關費用後，調整後的每股收益為 0.59 美元，比上一季增長 11%，比上年同期增長 28%。業績成長主要得益於 Bremer 業務的全面季度影響、利潤率擴張、手續費收入成長優於預期以及支出控制良好。

Importantly, credit remained benign with a 6% reduction in total criticized and classified loans and normalized levels of charge-offs. Our profitability profile as measured by return on assets and on tangible common equity remained in the top decile among our peers. Lastly, our capital position has rebuilt quickly with CET1 over 11%, 28 basis points higher linked quarter, and we grew tangible book value per share over 17% annualized.

重要的是，信貸環境依然良好，受批評和分類貸款總數減少了 6%，核銷水準也恢復正常。以資產回報率和有形普通股權益回報率衡量，我們的獲利能力在同業中保持在前10%。最後，我們的資本狀況迅速恢復，CET1 超過 11%，比上一季成長 28 個基點，每股有形帳面價值年化成長超過 17%。

On slide 6, you can see our quarterly balance sheet trends, highlighting improvement in our liquidity and our strong capital position. Our deposit growth over the last year has continued to allow us to fund our loan growth and our loan-to-deposit ratio is now 87%.

在第 6 張投影片中，您可以看到我們的季度資產負債表趨勢，突顯了我們流動性的改善和我們強勁的資本狀況。過去一年，我們的存款持續成長，使我們能夠為貸款成長提供資金，目前我們的存貸比為 87%。

We grew tangible book value per share by 4% from 2Q and 10% over the last year, even with the impact of the Bremer close and absorbing approximately $70 million of merger charges while repurchasing 1.1 million shares this quarter. These liquidity and capital levels continue to provide a strong foundation, which strengthens our position as we end 2025 and look forward to 2026.

即使受到 Bremer 收購案的影響，並在本季度回購了 110 萬股股票，同時吸收了約 7000 萬美元的合併費用，我們每股有形賬面價值仍比第二季度增長了 4%，比去年增長了 10%。這些流動性和資本水準繼續為我們提供了堅實的基礎，這鞏固了我們在 2025 年末和展望 2026 年的地位。

On slide 7, we show trends in our earning assets. Excluding Bremer, total loans grew 3.1% annualized from last quarter. Production was up 20% from the prior quarter and was strong throughout our commercial book, while the legacy Old National pipeline is up nearly 40% year-over-year. Higher production levels were partly offset by late quarter payoffs, but it is worth noting that our average loan balances exceeded second quarter's end-of-period balances by nearly $300 million.

在第 7 張投影片中，我們展示了獲利資產的趨勢。在剔除布雷默的貸款後，貸款總額較上一季按年率計算增加了 3.1%。產量比上一季成長了 20%，而且我們的商業訂單整體表現強勁，而傳統的 Old National 管道則年增了近 40%。較高的產量水準部分被季度末的還款所抵消，但值得注意的是，我們的平均貸款餘額比第二季末的餘額高出近 3 億美元。

These payoffs were mostly due to strategic portfolio management as evidenced by our lower criticized and classified levels as well as by increased transactional velocity in commercial real estate and lower line utilization.

這些收益主要歸功於策略性的投資組合管理，這體現在我們較低的受批評和被列為不明資產的水平，以及商業房地產交易速度的提高和線路利用率的降低。

Bremer balances declined due to payoffs, largely due to strategic portfolio management. The investment portfolio increased approximately $430 million from the prior quarter, given favorable rates and changes in fair values.

由於收益增加，布雷默餘額下降，這主要歸功於策略性的投資組合管理。由於利率有利和公允價值發生變化，投資組合比上一季增加了約 4.3 億美元。

We expect approximately $2.8 billion in cash flow over the next 12 months. Today, new money yields are running about 70 basis points above back book yields on securities as the repositioning of the Bremer book lifted the yield on our back book. The repricing dynamics for both loans and securities combined with loan growth in the Bremer partnership support our expectation that net interest income and net interest margin should be stable to improving in the fourth quarter of 2025.

我們預計未來 12 個月的現金流約為 28 億美元。今天，由於布雷默帳簿的重新配置提高了我們帳簿的收益率，新資金收益率比證券的帳簿收益率高出約 70 個基點。布雷默合夥企業的貸款和證券的重新定價動態，加上貸款成長，支持了我們對2025年第四季淨利息收入和淨利差應保持穩定或有所改善的預期。

Moving to slide 8, we show trends in total deposits. Total deposits increased 4.8% annualized, and core deposits ex brokered, increased an even better 5.8% annualized, primarily driven by growth from both existing and new commercial clients. Noninterest-bearing deposits remained 24% of core deposits. Our brokered deposits decreased modestly and at 5.8% of total deposits, our use of brokered remains below peer levels.

轉到第 8 張投影片，我們展示總存款的趨勢。總存款年化成長率為 4.8%，而剔除經紀業務後的核心存款年化成長率更高，達到 5.8%，這主要得益於現有和新商業客戶的成長。不計息存款仍佔核心存款的 24%。我們的經紀存款略有下降，佔總存款的 5.8%，我們的經紀存款使用率仍然低於同業水準。

With respect to deposit costs, the 4 basis point linked quarter increase in our cost of total deposits played out as we expected, due to the full quarter impact of Bremer's cost of deposits and our offensive posture with respect to client acquisition. We achieved an approximate 85% beta on our exception price book spot rate in conjunction with the Fed rate cut in September. These actions resulted in a spot rate of 1.86% on total deposits at September 30.

關於存款成本，由於布雷默存款成本的整個季度影響以及我們在客戶獲取方面的積極姿態，我們總存款成本環比增長 4 個基點，這與我們的預期相符。配合聯準會9月的降息，我們的異常價格帳面即期利率實現了約85%的β值。這些措施使得截至9月30日的總存款即期利率為1.86%。

Overall, we remain confident in the execution of our deposit strategy, and we are prepared to proactively respond to the potentially evolving rate environment. As has been the case for the last several years, we are proactively driving above peer deposit growth at reasonable costs. Slide 9 shows our quarterly income statement trends. As I mentioned earlier, adjusted earnings per share were $0.59 for the quarter with all key line items in line or better than our guidance.

總體而言，我們對存款策略的執行仍然充滿信心，並已做好準備積極應對可能不斷變化的利率環境。與過去幾年一樣，我們正積極推動存款成長高於同業水平，且成本合理。第 9 張投影片顯示了我們的季度損益表趨勢。正如我之前提到的，本季調整後每股收益為 0.59 美元，所有關鍵項目均達到或超過我們的預期。

Moving to slide 10, we present details of our net interest income and margin, both of which increased as we had expected and guided, driven by the full quarter impact of Bremer as well as asset repricing and organic growth.

翻到第 10 張投影片，我們將詳細介紹我們的淨利息收入和利潤率，這兩項指標均如我們預期和指導的那樣有所增長，這主要得益於 Bremer 的整個季度影響以及資產重新定價和內生增長。

Slide 11 shows trends in adjusted noninterest income, which was $130 million for the quarter, exceeding our guidance. All line items showed increases reflecting Bremer and organic growth in our primary fee businesses with outsized performance within capital markets, driven by a handful of larger swap fees. While we are very pleased with our performance in fee income this quarter, we do expect trends to normalize somewhat in the fourth quarter.

第 11 張投影片顯示了調整後的非利息收入趨勢，該季度為 1.3 億美元，超過了我們的預期。所有項目均有所增長，反映了 Bremer 和我們主要收費業務的自然增長，其中資本市場表現尤為突出，這主要得益於少數幾筆較大的互換費用。雖然我們對本季手續費收入的表現非常滿意，但我們預期第四季的趨勢會有所趨於正常化。

Continuing to slide 12, we show the trend in adjusted noninterest expenses of $376 million for the quarter, reflective of a full quarter impact of Bremer operations. Run rate expenses remain well controlled, and we generated positive operating leverage on an adjusted basis year-over-year with a low 48% efficiency ratio. As a reminder, the full run rate cost saves from Bremer will materialize later in the fourth quarter and will be more evident in the first quarter's reported results.

繼續到第 12 張投影片，我們展示了本季調整後的非利息支出為 3.76 億美元的趨勢，反映了 Bremer 營運對整個季度的影響。日常營運費用控制良好，經調整後，我們實現了年比正向經營槓桿，效率比率低至 48%。需要提醒的是，布雷默帶來的全部運行成本節約將在第四季度晚些時候實現，並且在第一季公佈的業績中會更加明顯。

On slide 13, we present our credit trends. Total net charge-offs were 25 basis points or 17 basis points, excluding charge-offs on PCD loans. Our nonaccrual loans in 30-plus day DQs as a percentage of total loans declined 1 basis points and 12 basis points, respectively, during the quarter. Importantly and positively, criticized and classified loans decreased $223 million or 6%, reflective of the continued focus on active portfolio management.

第 13 頁，我們展示了信貸趨勢。總淨核銷額為 25 個基點，或 17 個基點（不含 PCD 貸款的核銷）。本季度，逾期 30 天以上的非應計貸款佔總貸款的比例分別下降了 1 個基點和 12 個基點。值得注意的是，受批評和被歸類的貸款減少了 2.23 億美元，降幅達 6%，這反映了對積極投資組合管理的持續關注。

The third quarter allowance for credit losses to total loans, including the reserve for unfunded commitments was 126 basis points, up 2 basis points from the prior quarter, primarily driven by Bremer related TCV reserves. Consistent with the second quarter, our qualitative reserves incorporate a 100% weighting on the Moody's S-2 scenario with additional qualitative factors to capture global economic uncertainty.

第三季信貸損失準備金佔貸款總額的比例（包括未撥付承諾的準備金）為 126 個基點，比上一季增加 2 個基點，主要原因是與布雷默相關的 TCV 準備金。與第二季一致，我們的定性準備金採用穆迪 S-2 情境 100% 的權重，並加入其他定性因素以反映全球經濟的不確定性。

Lastly, given the increased focus on loans to nondepository financial institutions, we'd like to emphasize that our exposure is de minimis. All said, MDFIs are less than 50 basis points of total loans all are performing and like other businesses that we bank most are long-term relationships.

最後，鑑於對非存款金融機構貸款的關注度不斷提高，我們想強調，我們的風險敞口微乎其微。總的來說，MDFI 貸款佔總貸款的不到 50 個基點，所有貸款都正常，而且像我們銀行服務的其他企業一樣，大多數都是長期合作關係。

Slide 14 presents key credit metrics relative to peers. As discussed in past calls, we have historically experienced a lower conversion rate of NPLs to MCOs as compared to our peers, driven by our approach to credit and client selection. We remain comfortable around the credit outlook. It is also worth noting that roughly 60% of our nonaccruals are from acquired books with appropriate reserves and or marks.

第 14 張投影片展示了相對於同業的關鍵信用指標。正如我們在先前的電話會議中所討論的，由於我們的信貸和客戶選擇方法，與同行相比，我們的不良貸款轉化為可收回貸款的比例歷來較低。我們對信貸前景依然感到樂觀。值得注意的是，我們約 60% 的非應計項目來自已購入的帳簿，這些帳簿已提列了適當的準備金和/或標記。

In addition, roughly 50% of our NPLs are paying principal and interest or interest only and approximately 40% of our classified and criticized assets are an investor CRE, where we continue to have confidence in collateral values and the quality of our sponsors. On slide 15, we review our capital position at the end of the quarter.

此外，我們約 50% 的不良貸款正在償還本金和利息或只償還利息，我們約 40% 的已分類和受批評資產是投資者商業房地產，我們仍然對抵押品的價值和發起人的素質充滿信心。在第 15 張投影片中，我們回顧了季度末的資本狀況。

All regulatory ratios increased linked quarter due to strong retained earnings. Tangible book value was up 4% linked quarter and 10% year-over-year, and we expect AOCI to improve approximately 20% or $105 million by year-end 2026. Our strong profitability profile continues to generate significant capital, which opened the door for capital return this quarter. As previously mentioned, late in the quarter, we repurchased 1.1 million shares of common stock.

由於強勁的留存收益，所有監管比率均較上季上升。有形帳面價值季增 4%，年增 10%，我們預計到 2026 年底，其他綜合收益將成長約 20%，即 1.05 億美元。我們強勁的獲利能力持續產生大量資金，這為本季的資本回報打開了大門。如前所述，在本季末，我們回購了 110 萬股普通股。

Slide 16 includes updated details on our rate risk position and net interest income guidance. NII is expected to increase with the benefit of fixed asset repricing and continued growth. Our assumptions are listed on the slide, but I would highlight a few of the primary drivers.

第 16 頁包含有關我們利率風險狀況和淨利息收入指引的最新詳細資訊。受益於固定資產重新定價和持續成長，淨利息收入預計將會增加。我們的假設已列在投影片上，但我還要重點強調幾個主要驅動因素。

First, we assumed two additional rate cuts of 25 basis points each in 2025 which aligns with the current forward curve. Second, we assume a five-year treasury rate that stabilizes at 3.55%. Third, we anticipate our total down rate deposit beta to be approximately 40%, in line with our operated terminal betas.

首先，我們假設 2025 年將額外降息兩次，每次 25 個基點，這與目前的遠期曲線一致。其次，我們假設五年期公債利率穩定在 3.55%。第三，我們預期總存款利率β值約為40%，與我們營運的終端β值一致。

And fourth, we expect the noninterest-bearing mix to remain relatively stable as a percentage of core deposits. Importantly, our balance sheet remains neutrally positioned to short-term interest rates. As such, the path of NIM and NII in 2026 will depend on growth dynamics and the shape of the yield curve more than the absolute level of short-term rates.

第四，我們預期不計息存款佔核心存款的比例將維持相對穩定。重要的是，我們的資產負債表對短期利率保持中性態度。因此，2026 年淨利差和淨利息收入的走勢將更取決於經濟成長動態和殖利率曲線的形狀，而不是短期利率的絕對水準。

Slide 17 includes our outlook for the fourth quarter and full year 2025. With the exception of full year 2025 loan growth, all guidance includes Bremer. We believe our current pipeline support full year loan growth, excluding the impact of Bremer of 4% to 5%. We anticipate continued success in the execution of our deposit strategy and expect to meet or exceed industry growth in 2025. Other key line items are highlighted on the slide.

第 17 頁包含我們對 2025 年第四季和全年的展望。除 2025 年全年貸款成長外，所有預測均包含布雷默。我們相信，我們目前的貸款儲備足以支撐全年貸款成長，不包括布雷默4%至5%的影響。我們預計我們的存款策略將繼續取得成功，並預計在 2025 年達到或超過行業成長水準。幻燈片上突出顯示了其他關鍵項目。

Note that we have increased fee income guidance to reflect our strong third quarter performance with other lines unchanged. Importantly, our full year outlook once again proved durable as compared to the initial guidance that we provided in January of this year.

請注意，我們提高了手續費收入預期，以反映我們第三季強勁的業績，其他業務線保持不變。重要的是，與我們今年 1 月提供的初步指導相比，我們的全年展望再次證明了其穩健性。

As we always have, we do our absolute best to transparently tell you what we know, when we know it and then deliver against plan. At the midpoint of the ranges, you'll note that we expect full year results that yield earnings per share in line with current analyst consensus estimates and again future positive operating leverage and a peer-leading return profile with good growth in fees, controlled expenses and normalized credit.

一如既往，我們會盡最大努力透明地告訴您我們所知道的一切，並在我們知道的時候及時告知，然後按計劃執行。在預期範圍的中點，您會注意到，我們預計全年業績將使每股收益與當前分析師的普遍預期相符，並且未來將再次實現積極的經營槓桿和領先同行的回報，同時費用增長良好，支出得到控制，信貸正常化。

In summary, echoing Jim's opening comments, year-to-date 2025 has been exceptionally strong. We have successfully completed the core systems conversion for Bremer Bank. We delivered 3Q '25 and year-to-date performance at or above plan, while demonstrating improvement in our credit capital and liquidity profile. We are focused on organic growth and returning capital to shareholders while investing in ourselves strategically recruiting talent and maintaining our peer-leading profitability.

總而言之，正如吉姆開頭所說，2025 年至今表現異常強勁。我們已成功完成布雷默銀行的核心系統轉換。我們在 2025 年第三季和年初至今的業績均達到或超過計劃，同時我們的信貸資本和流動性狀況也得到了改善。我們專注於有機成長和向股東返還資本，同時進行策略性人才招聘，投資自身發展，並保持我們領先同行的獲利能力。

With those comments, I'd like to open the call for your questions.

基於以上幾點，我想向大家徵求問題。

(Operator Instructions)

（操作說明）

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

Good morning, Scott.

早安，史考特。

Thanks for taking the question. Hey, let's see, maybe, John, first one is for you. So a really strong third quarter for NII, but a little bit of reduction in the expectation for the fourth quarter. So maybe if you can sort of walk us through the puts and takes of what drove the anticipation for the -- I guess, I mean, will still grow, but $5 million less than had been the case sort of previously?

感謝您回答這個問題。嘿，讓我想想，約翰，也許第一個是給你的。NII 第三季表現非常強勁，但對第四季的預期略有下調。所以，您能否大致解釋一下推動人們期待的因素——我的意思是，它仍然會增長，但比以前少了 500 萬美元？

Yeah, hey Scott, thanks. Yeah, look, $5 million down on what had been [$590] is now squiggly line [$585]. We're talking about a balance sheet of close to $65 billion in earning assets. We're slicing the cheese pretty dang in there if you ask me. Look, I would tell you, I view that as very stable, and we're just doing our best to kind of tell you exactly what we think it's going to be.

是啊，嘿，斯科特，謝謝。是啊，你看，之前是 590 萬美元的貸款，現在變成了一條彎曲的線，已經付了 500 萬美元。[585 美元]我們談論的是近 650 億美元的獲利資產。依我看，我們這簡直是在大刀闊斧地砍起司。說實話，我認為情況非常穩定，我們正在盡最大努力告訴你我們認為它最終會是什麼樣子。

I think the dynamics are five-year came in a little bit. And the launch point for the quarter is a little bit lower than where we had thought it was going to be when we set the guide 90 days ago. But again, 1% of NII on a $65 billion earning asset base. I'd say that's pretty hang good.

我認為五年來的動態變化有所改變。本季的開局比我們90天前製定指導方針時預想的要低一些。但同樣，這僅佔 650 億美元獲利資產基礎的 1% 淨利息收入。我覺得這狀態相當不錯。

Yes. All right. Fair enough. Fair enough. And then let's see, Jim, next one is for you. So it sounds like M&A is off the table for now, but by contrast, I was glad to see the -- just a little over 1 million shares of repurchase there late in the quarter. Maybe just if you could spend a bit more time kind of discussing your preferred uses for capital. And then -- is that 1.1 million shares representative of what we should expect going forward? Or could we see that pace get bumped up just given the strong and improving capital levels?

是的。好的。很公平。很公平。那麼，吉姆，下一個就輪到你了。所以看來併購目前不在考慮範圍內，但相較之下，我很高興地看到，在本季末回購了略超過 100 萬股股票。或許你可以多花點時間，好好討論一下你希望如何運用資金。那麼——這 110 萬股是否代表了我們未來應該預期的數量？或者，鑑於強勁且不斷改善的資本水平，我們是否會看到這一速度加快？

Yes, let me start with M&A. And again, we think the best acquisition we can make is in ourselves. And so that's the most important thing we can do, given where we're trading at, we think it's a particularly great investment. That's why I encourage you all to continue to buy more shares. For us, I think we're going to be opportunistic on the buyback.

好的，那就先從併購說起吧。我們再次認為，我們能做的最好的收購就是收購我們自己。所以，鑑於我們目前的交易價格，我們認為這是一項非常好的投資，這也是我們能做的最重要的事情。因此，我鼓勵大家繼續增持股票。我認為，我們會抓住機會進行股票回購。

We're trying to thread that needle between building some capital back, coming off our Bremer partnership, but also recognizing that we are accreting capital back very quickly. And so we're going to continue to do that in the fourth quarter. Once we get through the fourth quarter, then I think we'll have a better perspective on what the full year will look like in terms of returning capital.

我們正在努力平衡兩方面：一方面要從與布雷默的合作中恢復一些資本，另一方面也要意識到我們正在非常迅速地累積資本。因此，我們將在第四季度繼續這樣做。等到第四季結束，我認為我們就能更了解全年資本回報情況了。

But I'd say the first use is organic growth. But even with the organic growth, given that high relative return, we still have an opportunity to return capital back to you all via buybacks.

但我認為首要用途是自然成長。但即便實現了有機成長，鑑於相對較高的回報率，我們仍然有機會透過股票回購將資本返還給各位。

Perfect. All right, perfect. Thank you guys very much.

完美的。好的，完美。非常感謝各位。

Thanks, Scott. Appreciate your support.

謝謝你，斯科特。感謝您的支持。

Jared Shaw, Barclays.

Jared Shaw，巴克萊銀行。

Hey, everybody, good morning.

大家好，早安。

Good morning.

早安.

Just looking at the dynamic of acquired Bremer or loans acquired through Bremer, were they -- did you have loan sales this quarter bringing that down. You talked about running balances off. Is that just organic? Or are you able to sell any of those? And what's sort of the expectation for additional flow from acquired loans in fourth quarter?

僅從收購的 Bremer 或透過 Bremer 獲得的貸款的動態來看，本季是否有貸款出售導致貸款減少。你提到了清空餘額。那隻是有機產品嗎？或是你能把這些東西賣掉嗎？那麼，預計第四季度收購貸款的額外資金流入會是多少？

Yeah, Jared, I'll just start. Anytime we partner with another institution, there are books of businesses, particularly anything national related that we're just not going to continue on here. And I think you saw that in this quarter, you saw it in the CapStar and you saw it at First Midwest. I mean, it's a normal part of that. We don't anticipate large swings.

好的，賈里德，我先開始了。每當我們與其他機構合作時，總是會有一些業務，特別是與國家相關的業務，我們不會繼續在這裡開展。我認為你在本季度已經看到了這一點，你在 CapStar 上看到了這一點，你在 First Midwest 也看到了這一點。我的意思是，這是正常現象的一部分。我們預計不會出現大幅波動。

So this is just kind of normal attrition in those lines of businesses that we don't plan to continue to operate. So I don't expect it to be dramatic, but it puts a little bit of pressure in that transition period where you just kind of stopped doing business. So -- but I wouldn't plan anything material and certainly don't have any loan sales teed up to run that portfolio of any faster than it would just happen naturally.

所以，這只是我們不打算繼續經營的那些業務線中正常的人員流失。所以我預計不會出現戲劇性的變化，但這會在業務基本上停止的過渡期內帶來一些壓力。所以——但我不會制定任何實質性的計劃，當然也不會安排任何貸款出售來加快該投資組合的運作速度，讓它自然而然地發展下去。

Okay. And then when we look at the provision on the PCD loans and then the charge-offs on PCD, what was driving, I guess, that incremental weakness. Was that just you're in there and get to see it? Or was that just that exit there were exit costs?

好的。然後，當我們查看 PCD 貸款的撥備以及 PCD 的核銷時，我想，是什麼導致了這種漸進式的疲軟。是不是只有你身處其中才能看到？或者說，那條退出之路是有退出成本的？

Yeah, pretty normal sort of first quarter, second quarter, third quarter post-acquisition, you get your arms around credit. And for as long as that mark stays open, those will run PCD.

是的，收購後的第一季、第二季、第三季都是比較正常的時期，你會逐漸掌握信用狀況。只要該標記保持開放狀態，這些就會運行 PCD。

Okay. And then just finally, any update on how the systems conversion went? And when we look at the sort of accelerated merger charge this quarter, is that just pulling forward from being able to bring everything online on systems?

好的。最後，請問系統轉換進度如何？當我們審視本季加速合併費用時，這是否僅僅是因為能夠將所有系統上線而提前完成？

Yeah, I think it's just normal merger charges. There'll be some pluses and minuses along the way. I would say knock on wood, I don't want to -- I don't want -- this has been our best systems conversion to date. We've got a lot of monitoring places. The client sentiment is high.

是的，我覺得這只是正常的合併費用。這一過程會有好的方面，也會有壞的方面。我只能說，但願不會——我不想——這是我們迄今為止最好的系統轉換。我們有很多監測點。客戶滿意度高。

The branch locations have been busy. There have been a lot of calls to the contact center, but we monitor all the statistics. And look, I've been doing these integrations now for more than 20 years at Old National. And I can tell you this is the best one we've ever done. I think that's a reflection of the client base that Bremer had.

各分行業務繁忙。呼叫中心接到了很多電話，但我們會監控所有統計數據。你看，我在 Old National 公司從事這些整合工作已經超過 20 年了。我可以告訴你，這是我們做過的最好的一部。我認為這反映了布雷默的客戶群。

I think it's a reflection of the hard work for our teams and the fact that we try to get better at this every single time. So I'm really pleased with where we stand. I don't want to knock that they're with any transition, there's always a little minor bumps in the road for our clients as they navigate new systems and new passwords and new login IDs and all that, but it's gone very, very well from my perspective.

我認為這反映了我們團隊的辛勤付出，以及我們每次都力求做得更好的決心。所以我對我們目前的狀況非常滿意。我不想貶低他們，任何過渡時期都會遇到一些小問題，我們的客戶在適應新系統、新密碼、新登入 ID 等等的過程中總會遇到一些小困難，但從我的角度來看，進展非常順利。

Jared, in terms of charges, $70 million this quarter was about right in line with where we thought they were going to land. There'll be some more coming in the fourth quarter. about $50 million in the fourth quarter, and then it really trails off. front half of next year, I'll have a couple of little stragglers

賈里德，就費用而言，本季 7000 萬美元與我們預想的差不多。第四季還會有一些，大概5000萬美元，之後就會大幅下降。明年上半年，可能還會有一些零星的訂單。

And as John said, we start to realize the cost savings really 30 days post conversion. And so the full run rate, you should assume would be impacting us in 1Q next year.

正如約翰所說，我們在轉換後 30 天左右開始真正感受到成本節約。因此，你應該假設全部運行率將在明年第一季對我們產生影響。

Okay. All right. I appreciate that. And then just finally, I guess, Jim, talking about the optimism for organic growth in your markets. Do you anticipate increasing hiring to take advantage of that? Or do you think you have the team on the field that you need to take advantage of that?

好的。好的。我很感激。最後，我想吉姆，談談你們市場對有機成長的樂觀態度。您是否計劃增加招聘以利用這一機會？或者你認為你場上擁有能夠充分利用這項優勢的團隊嗎？

Well, let me start -- we've got a great team in the field, and we've got great market opportunities in front of us. And there's a little bit of help with just disruption wins out there. So all of that is kind of net positive. And Tim and I talk weekly about hiring new team members, we met with a bunch of new folks. We're looking at the organization to make sure we got the right people in the right seats and we're absolutely going to be out hiring folks.

好，讓我先說——我們擁有一支優秀的現場團隊，而且我們面前還有巨大的市場機會。而且，目前也有一些關於顛覆性創新如何取得成功的幫助。所以總的來說，這些結果都是正面的。我和提姆每週都會討論招募新團隊成員的事情，我們已經和許多新人見了面。我們正在審視組織架構，確保合適的人擔任合適的職位，而且我們肯定會繼續招募人員。

It's a little bit of arm wrestling between our CFO and myself about how much money we're going to spend on talent, but I know you all will be supportive of hiring talent that quickly adds to the revenue outlook. So we're definitely going to plan on doing that for -- we might get a little bit done yet this year, but we'll definitely be doing it all of next year.

我們財務長和我之間就人才投入的資金問題有點爭論不休，但我知道你們都會支持我們招募能夠迅速提升收入前景的人才。所以我們肯定會計劃這樣做——今年我們可能還能完成一小部分，但明年肯定會完成一整年。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Ben Gerlinger, Citi.

本‧格林格，花旗銀行。

Hi, good morning.

您好，早安。

Good morning, Ben.

早安，本。

The fourth quarter loan growth guide implies a step up. It's not by no means a heroic, and I mean. You wouldn't give that guide unless I mean we're a quarter of the way through the fourth quarter here, so I imagine it's probably pretty accurate. Can you give a little color on like where it's coming from? Is it the Bremer relationships deepening quickly with a bigger balance sheet? Is it across the footprint? Is there anything specific you would highlight?

第四季貸款成長預期意味著成長動能將有所增強。這絕非什麼英雄之舉，我的意思是。除非你給出這樣的指南，否則你不會給出這樣的指南。我的意思是，我們已經走過了第四季度的四分之一，所以我認為它可能相當準確。能稍微描述一下它的來源嗎？布雷默家族與企業的關係是否隨著資產負債表的擴大而迅速加深？是否覆蓋整個區域？有什麼特別想強調的嗎？

Good morning, Ben. This is Tim. Our legacy year-over-year pipelines are up close to 40%, so we feel very well positioned to achieve that fourth quarter guidance. So we're seeing a good healthy mix on the legacy Old National Bank pipelines and feel very good about achieving that.

早安，本。這是蒂姆。我們傳統的年度專案儲備成長了近 40%，因此我們感覺很有希望實現第四季度的業績預期。所以我們看到，原國民銀行的管道組合非常健康，我們對實現這一目標感到非常滿意。

All right. That was great color. When you think about the savings and opportunity, I know that 1Q next year is probably the clean quarter. But when you think about opportunities for reinvestment across the board, should we assume that there's reinvestment already baked in 1Q or could you theoretically be kind of over earning a little bit because it just doesn't hit in the first 90 days of the year.

好的。顏色真漂亮。考慮到節省的成本和機會，我認為明年第一季很可能是最清閒的一個季度。但是，當我們考慮全面再投資的機會時，我們是否應該假設第一季已經包含了再投資，或者理論上，我們是否可能略微高估了收益，因為它並沒有在年初的90天內實現。

No, I think I think we're in a really good place in terms of operating expense and investment. Jim's kind of teasing me a little bit. It is an arm wrestle, right? And I get it, a good talent will pay for themselves very, very quickly on the revenue line, particularly in Commercial Bank, right? On wealth, that earn back can be a little bit of a longer period of time. Those relationships take longer to move over. It's a longer sales cycle.

不，我認為我們在營運費用和投資方面都處於非常有利的位置。吉姆有點兒在逗我。這是掰手腕比賽，對吧？我明白，優秀的人才很快就能為公司帶來收益，尤其是在商業銀行，對吧？就財富而言，重新累積可能需要更長的時間。這些關係需要更長時間才能轉變。銷售週期較長。

But I think we're going to be on offense with respect to investment. And there's clearly -- look, there's disruption across our footprint. There are a lot of opportunities out there, and we're getting a lot of looks. We've got a great story to tell. We're out there telling it.

但我認為我們在投資方面會採取積極主動的策略。很明顯——你看，我們的業務範圍受到了乾擾。外面有很多機會，我們也受到了很多關注。我們有個精彩的故事要說。我們正在向外界講述這一切。

I would also say and you all know us well enough, I mean, becoming a better bank, being more efficient, more effective is what we do day in, day out. So we will also look for ways to continue to just be more efficient and to pay for those investments. And net-net, I mean, we're driving just amazing efficiency at this organization. But it's a part of the culture in our DNA here so is investing in our future. And that's what we absolutely plan to do.

我還要說，你們也都很了解我們，我的意思是，成為一家更好的銀行，提高效率，提高效益，是我們日復一日努力的目標。因此，我們也會尋找各種方法來提高效率，並為這些投資買單。總而言之，我的意思是，我們這個組織的效率真的非常高。但投資未來是我們這裡文化的一部分，它已經深深融入我們的基因。而這正是我們絕對打算做的。

And as John said it well, I don't think anything materially changes how we're thinking about the year out of the gate. I would love it, quite frankly, if we could do that, right? That means we've hired back many more people. That would be fantastic. We can do that. And that would be my goal, but nothing to give you any guidance on at the time.

正如約翰所說，我認為沒有什麼實質的事情會改變我們對今年開局的看法。坦白說，如果能做到這一點，我會非常高興，對吧？這意味著我們已經重新僱用了更多員工。那真是太好了。我們可以做到。那將是我的目標，但當時我無法給你任何指導。

Got it. Okay, thank you guys.

知道了。好的，謝謝大家。

Brendan Nosal, Hovde Group.

Brendan Nosal，Hovde集團。

Hey, good morning, folks. Thanks for taking the question. Hi, just to start off here, could you unpack this quarter's increase in loan yields a little bit, and just kind of dig into the various pieces, whether it's back book loan repricing, new origination yields, or, maybe some pull through of the fair value market that you took on the Bremer book. Thanks.

嘿，各位早安。感謝您回答這個問題。您好，首先，能否請您詳細分析一下本季度貸款收益率的增長，並深入探討一下各個方面，例如，是賬簿貸款重新定價、新發放貸款收益率，還是您在布雷默賬簿上採取的公允價值市場策略的某種體現。謝謝。

Now the fair value mark was relatively unchanged. There was a little bit of an impact on a full quarter of Bremer, and the credit component of that added about a basis point to the total margin. In terms of production yields, pretty steady. It was really sort of fixed asset repricing I think drove the bulk of the loan yield improvement.

現在公允價值基本上不變。布雷默的整個季度都受到了一些影響，其中的信貸部分使總利潤率增加了大約一個基點。就產量而言，相當穩定。我認為，真正推動貸款收益率改善的主要是固定資產重新定價。

Okay. That's helpful, and then kind of maybe turning to deposit growth and liquidity. It's a really nice core deposit growth this quarter, to the extent that, going forward funding inflows outpace loan growth, just talk about how you think about liquidity deployment and plans for the overall size of the securities book.

好的。這很有幫助，然後或許可以轉向存款成長和流動性。本季核心存款成長非常可觀，以至於未來資金流入將超過貸款成長，請談談您如何看待流動性部署以及證券帳簿整體規模的計畫。

Yeah, look, we'll wave in new deposits every single quarter in, quarter out. That is, we made up t-shirts around here that says I heart deposits, and, Jim has become famous for running around the footprint pounding on things, saying we're all deposit gatherers. So we'll take deposits in excess of earning asset growth all day every day.

是的，你看，我們每季都會有新的存款存入。也就是說，我們在這裡製作了印有「我愛存款」字樣的T卹，吉姆也因此出名，他到處跑來跑去敲打東西，說我們都是存款收集者。所以，我們將每天接收超過資產成長收益的存款。

We're on offense there. That's client acquisition. In terms of, if it were to in any given quarter, sort of have loan growth that didn't keep up with deposit growth, in my mind that might be a high-quality problem to have and we would just deploy it in short liquidity.

我們這邊處於進攻狀態。這就是客戶獲取。就我個人而言，如果某個季度貸款成長跟不上存款成長，我認為這可能是一個高品質的問題，我們可以將其用於短期流動性。

Okay, fantastic. Thanks for taking the questions.

好的，太棒了。謝謝您回答問題。

Thank you.

謝謝。

Terry McEvoy, Stephens.

特里·麥克沃伊，史蒂芬斯。

Hi, thanks. Good morning, everybody. John, just to follow up on that last question, when you talked about pull forward, I just want to make sure the proactive portfolio actions, how did that impact accretion or NII in the third quarter? I know slide 10 has that 1 basis point impact from credit accretion. I just want to make sure I'm clear on your last response.

您好，謝謝。各位早安。約翰，關於你剛才提到的「提前提取」問題，我想確認一下，這些積極的投資組合行動對第三季度的收益增長或淨利息收入有何影響？我知道第 10 張投影片會受到信用增值的影響，產生 1 個基點的影響。我只是想確認一下我是否理解了你上次的回應。

Yeah, it didn't. The total accretable was relatively unchanged.

是的，並沒有。總吸積量基本不變。

Okay. And I guess I'll call this a softball question, but I think it's important this quarter. Virtually no NDFI loans, that's where all the focus is. Just when you take a step back, others were chasing after that growth because it sounds like it was easy. You guys were not.

好的。我想這會是一個很簡單的問題，但我認為它在本季很重要。幾乎沒有非發展金融機構貸款，而這才是所有人的關注點。當你退後一步時，其他人卻在追逐這種增長，因為這聽起來似乎很容易。你們當時並不在場。

So Jim, could you just maybe talk about how that's reflective of Old National and how you run a business? And I think it's a good example of how you're different than many of your peers or at least some of your peers.

吉姆，你能否談談這如何體現了老國民銀行的理念以及你們的經營方式？我認為這很好地說明了你與許多同齡人，或至少與部分同齡人有何不同。

Thank you, Terry. It's a great question. Terry, you've known us a long time. We call this old-fashioned basic banking, right? We're not trying to -- it's banking the hard way we call it the Old National way. I mean this is just bread and butter. And I will tell you, since Tim has been here for the last 90 days, we've had a lot of fun talking about doubling down on those issues.

謝謝你，特里。這是一個很好的問題。特里，你認識我們很久了。我們把這叫做老式的基礎銀行業務，對吧？我們並不是想——這是銀行業務的艱難方式，我們稱之為「老國民銀行的方式」。我的意思是，這簡直就是家常便飯。我可以告訴你，自從提姆來到這裡後的90天裡，我們一直在愉快地討論如何加倍努力解決這些問題。

Building more small business banking capabilities, building business banking capabilities, doubling down on C&I, putting more talent in all of that space. That's what we will continue to do. We are not going to build big, large specialty teams that go after national businesses.

加強小型企業銀行服務能力，加強企業銀行服務能力，加大對工商企業的投入，並在所有這些領域投入更多人才。我們將繼續這樣做。我們不會組成專門針對全國性企業的龐大專業團隊。

This is banking, by and large, in our footprint for clients that we know and trust and will continue to bank for a long, long time. Somebody pointed out in some commentary to us about one of our peers growing by multiple billions of dollars during the quarter.

總的來說，這是我們業務範圍內為我們認識和信任的客戶提供的銀行服務，我們將長期與他們保持合作關係。有人在評論中指出，我們的一家同業公司在本季實現了數十億美元的成長。

And I said, if we ever do that, you ought to be asking us really hard questions about what we're doing to get there. So -- that's just not our style. This is old-fashioned bread and butter banking. So thanks for the question. But that's our plan. We're -- with Tim coming on board, we're doubly committed to doing this, and I think that's going to serve our shareholders over the long term.

我說，如果我們真的做到了，你們應該問我們一些非常尖銳的問題，告訴我們為了達到目的而我們做了些什麼。所以——那不是我們的風格。這是老式的、最基本的銀行業務。謝謝你的提問。但這就是我們的計劃。隨著 Tim 的加入，我們更加堅定了做好這件事的決心，我認為這從長遠來看將有利於我們的股東。

And to John's comment around deposit growth, we are always going to be out in the market running and looking for good long-term deposit relationships. And as long as we can continue to fund that bread and butter loans, those business banking and loans with retail, commercial, retail deposits, that's a good trade, and we'll do that every day.

至於約翰提到的存款成長問題，我們將始終積極參與市場，尋找良好的長期存款關係。只要我們能夠繼續為這些維持生計的貸款、商業銀行貸款以及零售存款提供資金，那就是一筆划算的交易，我們將每天都這樣做。

Perfect, thanks for taking my questions.

太好了，謝謝你回答我的問題。

Thanks, Terry.

謝謝你，特里。

Brian Foran, Truist.

Brian Foran，Truist。

Good morning.

早安.

Good morning.

早安.

Maybe to come back and ask the Bremer loan question a different way. Certainly appreciate your comments that there's always going to be some trimming you want to do as you take in the business. But as we look to 2026, would you think we should be whatever we think Old National loan growth is consolidated loan growth should be a similar number? Or would -- 2026? (multiple speakers)

或許可以換個方式再來問布雷默貸款的問題。我非常感謝您指出，在經營過程中總會有一些需要精簡的地方。但展望 2026 年，您認為我們應該如何看待舊國民貸款成長和合併貸款成長？或者——2026年？（多位發言者）

Right. Same organization, same objective, same goals, absolutely. And in fact, I mean, if you look at how we would think about that internally, we would expect base -- the Bremer footprint, Minnesota, where we've been for a long time now to actually generate more on average than our total company would do. So absolutely, we think about it. It's just some quarterly changes due to the newness of the portfolios.

正確的。同一個組織，同一個目標，絕對是如此。事實上，我的意思是，如果你看看我們內部是如何看待這個問題的，我們會期望基地——布雷默基地，明尼蘇達州，我們已經在那裡待了很長時間了——實際上平均產生的收入會比我們整個公司的收入還要多。所以，我們當然會考慮這個問題。這只是由於投資組合是新推出的，所以會有一些季度性的調整。

And as John said, we're going through all the portfolios, reviewing those, looking at those national businesses that we just don't do. And it had a small impact this quarter. And it will continue to have a small impact, but absolutely, the growth should be more like our total average loan growth.

正如約翰所說，我們正在審查所有投資組合，並專注於那些我們不涉足的全國性業務。本季影響不大。它仍將產生較小的影響，但成長速度絕對應該更接近我們貸款總額的平均成長速度。

And maybe to ask about the same dynamic on the deposit side is Bremer already contributing to deposit growth in the current quarter and you think it will have a similar trajectory as the Old National legacy going forward?

或許可以問問存款方面的情況，布雷默在本季是否已經對存款成長做出了貢獻，您認為它未來的發展軌跡會與老國民銀行的傳承相似嗎？

Yeah. I mean, overall, the total balance sheet should have a similar mix. Total fee income line should have a similar mix. We -- in fact, again, I would suggest just everything, just given the relative size of that market, the opportunities for growth, on average, is going to lead our organization. So I don't expect any kind of outlying differences as we head into '26.

是的。我的意思是，整體而言，資產負債表的整體組成應該類似。總費用收入組成也應類似。事實上，我再次建議，鑑於該市場的相對規模和成長機會，平均而言，這將引領我們組織的發展。因此，我預計在進入 2026 年之際，不會出現任何異常差異。

Okay, thank you for that. That's great.

好的，謝謝。那太棒了。

Thank you.

謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Hey, good morning.

嘿，早安。

Good morning, Chris.

早上好，克里斯。

Jim or John, the capital buyback comment on -- that you made in your prepared remarks, and I kind of want to square it up with your comments about being sensitive to CET1 growing versus returning capital. So your 11% today, if you grow the balance sheet low single digit, keep the dividend and continue to buy back stock, you're still going to build 50 basis points of capital per year. I mean, is -- I guess the question is, is 11% the right number? It feels like a lot of your peers are moving 10.5% or even 10%

吉姆或約翰，關於你們在準備好的發言稿中提到的資本回購問題，我想就你們關於關注 CET1 成長與資本返還的評論進行一些討論。所以，即使你今天的收益率是 11%，如果你的資產負債表以個位數低增長率增長，保持股息並繼續回購股票，你每年仍然可以累積 50 個基點的資本。我的意思是，我想問的是，11% 是正確的數字嗎？感覺很多同行都漲了10.5%甚至10%的價錢。

Yeah. It is just -- there's a healthy tension between making sure that we're looking at all of the constituencies. Obviously, our shareholders a view, the ratings agencies have a view we're looking at forward at the economic conditions. And I do think there is opportunities to let that come down over time and not build as quickly as it would build just organically given our high profitability. We're just not ready to make that commitment quite yet, but it's something we're actively looking at. And you're right, we could have substantially more buyback and still keep capital unchanged.

是的。關鍵在於——我們需要在確保兼顧所有選民群體之間保持一種健康的張力。顯然，我們的股東有自己的看法，評級機構也有自己的看法，我們正在展望未來的經濟狀況。而且我認為，鑑於我們目前的高獲利能力，我們有機會讓這種情況隨著時間的推移而逐漸緩解，而不是像自然成長那樣迅速地發展。我們目前還沒有準備好做出這樣的承諾，但這是我們正在積極考慮的事情。你說得對，我們可以大幅增加回購規模，同時保持資本不變。

And so I would suspect, though, as you look forward, we might see a little bit of capital build here just as we get more optics in all this -- and -- but we're very sensitive. And I think that is the best use of our capital to return it back to our shareholders. And I think we can do substantially more than that in future periods once we just kind of get a view of those competing factors.

因此，我懷疑，展望未來，隨著我們對這一切有了更清晰的認識，我們可能會看到這裡出現一些資本累積——但是——我們非常敏感。我認為將資金返還給股東是最佳的資本用途。我認為，一旦我們對這些相互競爭的因素有了更全面的了解，我們未來就能做得更多。

Okay. Perfect. And then, John, one for you on the NII comments. I think you said irrespective of the short end. You talked about the NII guide with the cuts. Jumping off point of $585 in the fourth quarter, if you kind of say, to Brian's question about 3% to 5% old national type of growth next year, does NII grow from here into '26?

好的。完美的。約翰，關於NII評論，我還有一點要和你談。我想你說過，無論短邊如何。你談到了刪減版的NII指南。如果以第四季度 585 美元為起點，那麼對於 Brian 關於明年 3% 到 5% 的全國性增長的問題，NII 是否會從現在增長到 2026 年？

Yes. I think NII will absolutely grow. I think margins will be stable-ish or depending. It will depend a little bit on yield curve dynamics -- and look, the point of the curve that matters to us is still inverted and projected to be inverted for the first half of next year. That's no different than it's been for a long time.

是的。我認為NII肯定會成長。我認為利潤率會比較穩定，具體情況視情況而定。這在一定程度上取決於殖利率曲線的動態——而且你看，對我們來說重要的那一點仍然是倒掛的，預計明年上半年仍將保持倒掛狀態。這種情況和過去很長一段時間以來並無不同。

But if we got some steepening in take your pick, whether it's three-month, five-year effective Fed funds against five-year. If there were steepening in that in the back half of the year, I think that would be really -- this is not unique to Old National, but it would be good for Old National, and I think it would be good for our industry.

但如果利率上升，你可以選擇三個月或五年期有效聯邦基金利率相對於五年期利率的上升。如果下半年匯率出現陡峭上升，我認為這對 Old National 來說確實有好處——這並非 Old National 獨有，但對 Old National 來說有好處，而且我認為這對我們整個行業也有好處。

Okay. But growth off the fourth quarter is definitely a base case. Okay. Thank you.

好的。但第四季的成長無疑是一個基本預期。好的。謝謝。

Thanks, Chris.

謝謝你，克里斯。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Good morning.

早安.

Morning. Going back to Bremer, could you size up how much of a runoff that you saw from Bremer? And when you say -- in terms of the loan growth guidance, when you say excluding the Bremer, is it also excluding the impact of Bremer runoffs or just the whatever the loan amount that was added initially in the second quarter.

早晨。回到布雷默，你能估算一下布雷默的徑流量有多大嗎？您在貸款成長預期方面說，如果您說不包括布雷默貸款，那麼是否也不包括布雷默貸款結轉的影響，還是僅僅不包括第二季度最初新增的貸款金額？

Yes. Janet, the third quarter runoff was about $200 million. The loan growth guidance for the fourth quarter is inclusive of everything. So that's Old National plus Bremer. The reason that we're still guiding full year excluding Bremer is that Bremer wasn't there for the first four months of the year. The fourth quarter, that 3% to 5%, that's there on the guide for 4Q, that is inclusive of everything.

是的。Janet，第三季結餘約 2 億美元。第四季的貸款成長預期包含了所有因素。所以這就是老國民隊加上布雷默隊。我們之所以仍將全年業績預測排除布雷默的影響，是因為布雷默在今年的前四個月並不在公司運作。第四季度，也就是 3% 到 5%，這是第四季度業績指引中提到的，包含了所有因素。

Okay. And the expectation is that the runoffs from the Bremer impact will be reduced in the coming quarters versus the $200 million. Is that the right way to think?

好的。預計布雷默的影響將在未來幾季減少，低於 2 億美元。這種想法正確嗎？

Well, I think Jim said it well, there's a handful of lines of business that Bremer was in that are unlikely to continue here. And there'll be a little bit of runoff out of those portfolios, but that's totally normal course for any M&A transaction that Old National has been involved in, certainly for the last five-plus years.

嗯，我覺得吉姆說得很好，布雷默曾經涉足的一些業務領域不太可能在這裡繼續下去。這些投資組合中會有一些資產流失，但這對於 Old National 參與的任何併購交易來說都是完全正常的，尤其是在過去五年多的時間裡。

Got it. That's helpful. And just on fee income, that came in nicely above. It looks like it's -- a lot of it is just organic growth. The jump in capital markets other fee and bank fees. Did you -- like are these the organic trends that you're seeing? Or is there any unusual trend that was embedded in it? Is that the good run rate that we could grow off of?

知道了。那很有幫助。光是手續費收入一項，就超出了預期。看起來很多都是自然成長。資本市場其他費用和銀行費用的大幅上漲。你看到的這些是自然而然的趨勢嗎？或者說，其中是否蘊含著某種不尋常的趨勢？這是我們可以以此為基礎實現成長的理想成長率嗎？

Yeah. I think the right level to be thinking about total fee income is probably in the $120 million sort of ZIP code. This quarter was really exceptionally good, particularly in capital markets. So some rate volatility is good for that line of business. But I would expect that, that probably comes back down to earth.

是的。我認為，考慮總費用收入的適當水準可能在 1.2 億美元左右。本季表現異常出色，尤其是在資本市場方面。所以，利率出現一定波動對這類業務是有利的。但我認為，這最終可能會回歸現實。

They're doing great. we're really pleased with those results. But I don't think $13 million in a quarter is kind of run rate on that business. And then obviously, mortgage is seasonally strong in 3Q, and that will come down in the fourth quarter, and that's totally normal.

他們表現得非常出色，我們對這些結果非常滿意。但我認為一個季度 1300 萬美元的營收對這家公司來說並不是正常的營運水準。很顯然，抵押貸款在第三季通常比較強勁，第四季就會下降，這完全正常。

Got it alright thank you.

明白了，謝謝。

Sure, thank you.

當然，謝謝。

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，加拿大皇家銀行資本市場。

Good morning, Jon.

早安，喬恩。

Good morning. A couple of follow-ups here. Just on expenses and efficiency, maybe John or Jim, can you remind us the Bremer related efficiencies what you expect in the fourth quarter and rolling into the first quarter? And then are there -- do you have any type of broader efficiency objectives -- or does this current efficiency ratio feel kind of like the right range for the company?

早安.這裡還有幾個後續問題。就費用和效率而言，約翰或吉姆，你們能否提醒我們布雷默公司在第四季度以及延續到第一季的效率預期？那麼，你們是否有更廣泛的效率目標？或者，你們覺得目前的效率比率對公司來說是否適合？

Yeah. So fourth quarter, we'll start to see some, Jon. But it really -- as Jim said, it happens sort of 30 days post conversion, which puts us into the middle or later part of November. So get a little bit here in the fourth quarter, but I wouldn't count on a ton of cost save showing up in 4Q, really the number that you'll see a cleaner quarter on will be first quarter of next year. At that point, we'd be fully realized and fully realized is a touch over $115 million on an annualized basis.

是的。所以到了第四季度，我們就會看到一些變化了，喬恩。但正如吉姆所說，這實際上發生在皈依基督教後大約 30 天，也就是 11 月中後期。所以第四季可能會有一些進展，但我不會指望第四季能節省很多成本，真正能看到成本下降的季度應該是明年第一季。到那時，我們就完全實現了目標，而完全實現的目標按年計算略高於 1.15 億美元。

Yeah. So the efficiency ratio has some room to get a little bit better from here. And we are planning for growth and investments within our budget set there. But John, as you know, this is not a program. This is not a onetime thing. This is just an ongoing effort to constantly find ways to be a better organization, to be more efficient, more effective to serve clients in a little bit better ways.

是的。因此，效率比率還有提升空間。我們正在製定預算，並計劃在預算範圍內進行成長和投資。但是約翰，正如你所知，這不是一個程序。這並非一次性事件。這只是我們不斷努力尋找方法，使組織變得更好、更有效率、更有效，從而更好地服務客戶的體現。

And we've got -- a lot of the investments we make each and every day are self-funded, and that's what we're going to obviously try to do. And I hope I have to come to you and tell you that I spent more money on talent and to take your expense guide up. That means we're hiring a lot more people. So that would be a good thing. So we're not there yet. We're not saying that's going to happen.

而我們每天進行的許多投資都是自籌資金的，這顯然也是我們要努力的方向。我希望我以後不得不來告訴你，我在人才方面投入了更多資金，並且需要參考你的費用指南。這意味著我們將招募更多的人。那將是一件好事。所以我們還沒到達目的地。我們並不是說這一定會發生。

But that would be a good thing if I had to come ask a little bit for business.

但如果我需要主動爭取一些生意，那就倒也是一件好事。

Okay. A follow-up on credit. I see your numbers, they look fine and I understand your comments on nonperforming loans. But would you guys describe credit as stable, mixed bag, no change getting a little tougher. How would you big picture describe the credit environment?

好的。關於信用問題的後續跟進。我看了你的數據，看起來沒問題，我也理解你對不良貸款的看法。但你們覺得信貸狀況是穩定、喜憂參半，還是沒有變化，只是稍微有點難？從宏觀角度來看，您如何描述目前的信貸環境？

Yeah. I would say from a credit perspective, very stable in our outlook. We feel comfortable with the guidance we provided and the trends we're seeing in the portfolio, we feel good about.

是的。從信用角度來看，我認為前景非常穩定。我們對所提供的指導以及我們在投資組合中看到的趨勢感到滿意。

Jon, it's stable to improving. I mean the decline in classified criticized assets was a good guide for the quarter. continue to feel really comfortable with where we are.

喬恩，情況穩定且有所改善。我的意思是，被列為不良資產的下降很好地反映了本季的情況。我對我們目前的狀況仍然感到非常滿意。

Yes. We had this conversation too in our preparation here and Carrie said, hey, we work really hard every single day to scrub our books to make sure there's nothing unusual in there, nothing we don't know about. We're going through the portfolios constantly. We're trying not to surprise anybody. And so that's just -- our ongoing monitoring is tough and aggressive.

是的。我們在準備過程中也討論過這個問題，凱莉說，嘿，我們每天都非常努力地仔細審查帳目，以確保裡面沒有任何不尋常的東西，沒有任何我們不知道的東西。我們一直在不斷審查投資組合。我們盡量不想讓任何人感到意外。所以，我們目前的持續監控力道很大，而且非常積極。

We want to call it as early as possible, and we continue to do that. But we feel really good about what we saw this quarter.

我們希望儘早宣布結果，我們也一直在做這件事。但我們對本季的業績感到非常滿意。

And we've seen the delinquencies really improved, which was also a good factor.

我們看到青少年犯罪率確實下降，這也是一個好現象。

Okay. Good. Yes, it obviously looks fine, but just it's a hard button issue I just want to --

好的。好的。是的，看起來沒問題，但這是個硬按鍵問題，我只想…--

We can appreciate that. I takes it off the table for Old National.

我們對此表示理解。我把老國民隊排除在外了。

Yeah, for sure. And then just curious on the tick techy, but the timing of the repurchase late in the quarter, any reason behind that? Is that just more confidence in capital and Bremer why was it later in the quarter?

是的，當然。另外，我還有點好奇技術方面的問題，為什麼選擇在季度末進行回購，背後有什麼原因嗎？這只是對資本和布雷默更有信心的表現？為什麼是在季度末才出現這種情況？

Yeah. I think there were a lot of questions around our desire to return capital back, and we got more confidence that we saw the trajectory and -- we also felt good about -- we were able to sell the Bremer insurance agency to which continue to bolster the capital ratios.

是的。我認為，圍繞著我們是否願意返還資本，存在著許多疑問。隨著我們對發展軌蹟的了解加深，我們更有信心了。而且，我們也很欣慰地看到，我們成功出售了布雷默保險代理公司，這將繼續提高我們的資本充足率。

And so I think all that just gave us a lot more confidence in our ability to start returning capital, probably a little bit sooner than we had planned as we talked about on this last quarter's call. But I think that gives us an ability to continue to be more active here as we head into the fourth quarter and into next year.

因此，我認為所有這些都讓我們對開始返還資本的能力更有信心，可能比我們在上個季度電話會議上討論的計劃要早一些。但我認為這使我們能夠在進入第四季度和明年時繼續保持更活躍的狀態。

Okay, thanks a lot. I appreciate it.

好的，非常感謝。謝謝。

Thanks Jon.

謝謝你，喬恩。

There are no further questions at this time. I'd like to turn the call back over to Jim Ryan for closing remarks.

目前沒有其他問題了。我謹將電話交還給吉姆·瑞安，請他作總結發言。

Well, thank you all for joining us. We appreciate your support. As usual, the whole team will be available to answer any follow-up questions you have. Hope you have a great day.

謝謝各位的參與。感謝您的支持。像往常一樣，整個團隊都會隨時解答您的任何後續問題。祝你今天過得愉快。

This concludes Old National's call. Once again, a replay along with the presentation slides will be available for 12 months on the Investor Relations page of Old National's website, oldnational.com. A replay of the call will also be available by dialing (800) 770-2030 access code 9394540. This replay will be available through November 5. If anyone has additional questions, please contact Lynell Durchholz at (812) 464-1366.

老國民銀行的電話報到此結束。本次電話會議的錄音重播及簡報將在 Old National 公司網站 oldnational.com 的投資人關係頁面上保留 12 個月。此外，撥打 (800) 770-2030 並輸入接入碼 9394540 也可收聽錄音回放。本次重播將持續到11月5日。如有任何疑問，請聯絡 Lynell Durchholz，電話：(812) 464-1366。

Thank you for your participation in today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線了。