Old National Bancorp (ONBPP) 2025 Q2 法說會逐字稿

Welcome to the Old National Bancorp second-quarter 2025 earnings conference call. This call 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 年第二季財報電話會議。本次通話內容已被錄音，並已根據美國證券交易委員會的公平揭露規則向公眾開放。相應的簡報投影片可以在 oldnational.com 的投資者關係頁面上找到，並將在那裡存檔 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聲明可能具有前瞻性，並受某些風險、不確定性和其他因素的影響，這些因素可能導致實際結果與討論的結果不同。該公司請您參閱收益報告和簡報幻燈片中的前瞻性聲明說明。該公司的風險因素在其提交給美國證券交易委員會的文件中進行了充分披露和討論。

In addition, certain slides contain non-GAAP measures, which management believes provide more appropriate comparisons. These non-GAAP measures are intended to assist investors' understanding of performance trends. Reconciliations for these numbers are contained within the appendix of the presentation. I'd now like to turn the call over to Old National's Chairman and CEO, Jim Ryan, for opening remarks. Mr. Ryan?

此外，某些投影片包含非 GAAP 指標，管理層認為這些指標可以提供更合適的比較。這些非公認會計準則指標旨在幫助投資者了解績效趨勢。這些數字的對帳包含在簡報的附錄中。現在，我想請 Old National 董事長兼執行長 Jim Ryan 致開幕詞。瑞安先生？

Good morning. Earlier today, Old National reported impressive second-quarter earnings and announced the appointment of Tim Burke as our new President and COO. Today is Tim's first day with us, and we've opted not to include him on the call to allow him time to get oriented.

早安.今天早些時候，Old National 公佈了令人印象深刻的第二季收益，並宣布任命 Tim Burke 為我們的新總裁兼營運長。今天是提姆加入我們的第一天，我們選擇不讓他參加電話會議，以便讓他有時間適應。

Mark Sander's last day is also today. Mark will always be a part of the Old National family, and I am incredibly grateful for his partnership. Thank you, Mark. We wish you the absolute best of retirement. Tim and his family are relocating from Northeast Ohio, and he has dedicated nearly 30 years of his banking career to serving clients and communities right here in the Midwest.

馬克桑德斯的最後一天也是今天。馬克永遠是老國家大家庭的一員，我非常感謝他的合作。謝謝你，馬克。我們祝福您退休後一切順利。蒂姆和他的家人從俄亥俄州東北部搬遷過來，他近 30 年的銀行生涯都致力於為中西部的客戶和社區提供服務。

Most recently, he held an executive position at a super-regional bank, where he oversaw a comprehensive range of commercial banking services across 12 Midwestern markets, including those in Illinois, Indiana, and Michigan. I am confident that Tim possesses the experience, energy, optimism, and passion necessary to ensure that Old National continues to outperform our peers, exceed our clients' expectations, strengthen our communities, and deliver outstanding returns for our shareholders. I look forward to the positive impact that he will undoubtedly make in the months and years to come.

最近，他在一家超級區域銀行擔任高階主管職位，負責監督包括伊利諾伊州、印第安納州和密西根州在內的 12 個中西部市場的全面商業銀行服務。我相信蒂姆擁有必要的經驗、精力、樂觀和熱情，以確保 Old National 繼續超越我們的同行，超越我們客戶的期望，加強我們的社區，並為我們的股東帶來豐厚的回報。我期待著他在未來幾個月和數年中無疑將產生積極的影響。

Now back to our quarterly results. We met or exceeded all of our previous guidance for the second quarter. These impressive results were driven by a strong focus on the fundamentals, growing our balance sheet, improving our fee-based businesses, and maintaining a well-controlled expenses.

現在回到我們的季度業績。我們達到或超越了先前對第二季的所有預期。這些令人印象深刻的業績得益於我們對基本面的高度關注、不斷擴大的資產負債表、不斷改善的收費業務以及良好控制的開支。

Furthermore, we were pleased to close our partnership with Bremer Bank ahead of schedule on May 1. We remain on track for the systems conversion of Bremer to occur in mid-October. Net charge-offs fell within our expected range. We made meaningful progress in portfolio management by reducing legacy criticized and classified assets by 9% and improving our allowance for credit losses by 8 basis points to 1.24%.

此外，我們很高興於5月1日提前結束與不來梅銀行的合作。我們仍按計畫在十月中旬完成布雷默的系統轉換。淨沖銷額在我們的預期範圍內。我們在投資組合管理方面取得了重大進展，將遺留的批評和分類資產減少了 9%，並將信貸損失準備金提高了 8 個基點，達到 1.24%。

Our CET1 ratio was better than expected at 10.74%. Our tangible book value increased by 14% year over year despite the impact of our Bremer partnership.

我們的 CET1 比率優於預期，為 10.74%。儘管受到與 Bremer 合作的影響，我們的有形帳面價值仍較去年同期成長 14%。

In a moment, John will walk you through the quarterly results in more detail. We have also provided information regarding the merger accounting associated with Bremer. John will compare our modeled expectations and announcement to where we stood at closing. Across the board, our expected results are better than our original expectations. We have a long history of meeting or exceeding our merger model assumptions, and this partnership is no exception.

稍後，約翰將向您更詳細地介紹季度業績。我們也提供了與 Bremer 相關的合併會計資訊。約翰將把我們的模型預期和公告與我們在結束時的立場進行比較。整體而言，我們的預期結果比我們最初的預期要好。我們長期以來一直達到或超越我們的合併模型假設，這次合作也不例外。

In summary, we are well positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position. Our second-quarter results demonstrate our ability to deliver consistent, high-quality earnings in any environment and our newest partner further strengthens our position. With over 190 years of experience navigating uncertainty, we are committed to controlling what we tend to exceed the expectations of our clients, communities, and shareholders.

總而言之，由於更大的資產負債表和更強勁的資本狀況，我們在今年剩餘時間內處於有利地位。我們第二季的業績證明了我們在任何環境下都能提供持續、高品質的收益的能力，而我們的最新合作夥伴進一步鞏固了我們的地位。我們擁有超過 190 年應對不確定性的經驗，致力於控制我們所傾向的事情，以超越客戶、社區和股東的期望。

Thank you. I will now turn the call over to John to discuss the quarterly results in more detail.

謝謝。現在我將把電話轉給約翰，更詳細地討論季度業績。

Thanks, Jim. Beginning on slide 4, we reported GAAP 2Q earnings per share of $0.34. Excluding $0.19 of net merger-related expenses, adjusted earnings per share were $0.53, which is an 18% increase over the prior quarter and a 15% increase year over year.

謝謝，吉姆。從第4張投影片開始，我們報告了第二季GAAP每股收益為0.34美元。扣除0.19美元的淨合併相關費用，調整後每股盈餘為0.53美元，較上一季成長18%，較去年同期成長15%。

Net merger-related expenses include the following pretax items: $76 million of CECL day 1 non-PCD provision expense and $41 million of merger charges, partially offset by a $21 million gain associated with freezing the legacy Bremer pension plan. Results were driven by the additional two months of Bremer operations, organic growth in loans and deposits, margin expansion, growth in fee income and well-controlled expenses.

淨合併相關費用包括以下稅前項目：7,600 萬美元的 CECL 第一天非 PCD 撥備費用和 4,100 萬美元的合併費用，部分被凍結 Bremer 遺留退休金計畫相關的 2,100 萬美元收益所抵銷。業績成長主要得益於布雷默銀行額外兩個月的營運、貸款和存款的有機成長、利潤率的擴大、手續費收入的成長以及良好控制的支出。

Credit remained benign with a reduction in legacy criticized and classified loans and normalized levels of charge-offs. Our return profile is measured on assets and on tangible common equity remained high. Lastly, our capital position is solid with CET1 at 10.47%, approximately 50 basis points higher than we expected.

信貸狀況保持良好，遺留的、受到批評和分類的貸款減少，沖銷水平恢復正常。我們的回報狀況是根據資產和有形普通股權益來衡量的，仍然很高。最後，我們的資本狀況穩健，CET1 為 10.47%，比我們預期高出約 50 個基點。

On slide 5, you can see our quarterly balance sheet trends, highlighting stability in our liquidity and our strong capital position. Our balance sheet also reflects the close of the Bremer partnership on May 1. On a combined basis, our deposit growth over the last year has continued to allow us to fund our loan growth.

在第 5 張投影片上，您可以看到我們的季度資產負債表趨勢，突顯了我們的流動性穩定性和強大的資本狀況。我們的資產負債表也反映了 Bremer 合夥企業於 5 月 1 日結束的情況。綜合來看，我們去年的存款成長持續為我們的貸款成長提供資金。

We grew tangible book value per share by 14% over the last year, even with the impact of the Bremer close reflected in this quarter's numbers. A favorable stock price, lower rate marks, and organic capital generation between announcement and close, combined with strong retained earnings at Bremer and the day one repositioning of their securities portfolio all contributed to the higher-than-expected CET1 ratio.

儘管本季的數據反映了布雷默收盤的影響，但我們的每股有形帳面價值在去年仍成長了 14%。有利的股價、較低的利率水準、公告和收盤之間的有機資本生成，加上 Bremer 強勁的留存收益以及第一天對其證券投資組合的重新配置，都導致了高於預期的 CET1 比率。

Given our capital levels are higher than we modeled at the time we announced Bremer last November, we have significant flexibility around our balance sheet, leaving us in a position to retain all CRE loans that we had originally contemplated selling.

鑑於我們的資本水準高於去年 11 月宣布 Bremer 時的預測，我們的資產負債表具有很大的靈活性，使我們能夠保留最初考慮出售的所有 CRE 貸款。

On slide 6, we show trends in our earning assets. Period-end loans increased $11.5 billion. Excluding Bremer, total loans grew 3.7% annualized from last quarter, which was in line with our 2Q guidance. Production for the quarter was strong throughout our commercial book, which drove 4.6% annualized growth in this portfolio, excluding Bremer.

在投影片 6 上，我們展示了獲利資產的趨勢。期末貸款增加115億美元。不包括布雷默，貸款總額較上一季年增 3.7%，符合我們第二季的預期。本季我們的整個商業帳簿生產表現強勁，推動該投資組合（不包括布雷默）的年化成長率達到 4.6%。

Of note, our CRE book was down, and this quarter was particularly strong for C&I. Quarterly new loan production rates are in the high 6% range, and marginal funding costs are in the mid-3% range. The investment portfolio increased $3.4 billion from the prior quarter due primarily to Bremer as well as the reinvestment of cash flows and favorable changes in fair values.

值得注意的是，我們的 CRE 帳面價值有所下降，而本季 C&I 的表現尤其強勁。季度新增貸款產生率處於 6% 的高位，邊際融資成本處於 3% 的中位數。投資組合較上一季增加了 34 億美元，這主要歸功於 Bremer 以及現金流的再投資和公平價值的有利變化。

Shortly after deal closing, we repositioned Bremer's investments, which improved our total portfolio yield duration and risk-weighted assets. We expect approximately $2.3 billion in cash flow over the next 12 months. Today, new money yields are approximately 110 basis points above [back] book yields on securities as the repositioning of the Bremer Book lifted our back book.

交易結束後不久，我們重新定位了 Bremer 的投資，這提高了我們的總投資組合收益率持續時間和風險加權資產。我們預計未來 12 個月的現金流約為 23 億美元。如今，由於 Bremer Book 的重新定位提升了我們的帳面價值，新資金收益率比證券的帳面收益率高出約 110 個基點。

We're repricing dynamics in both loans and securities, combined with loan growth and the Bremer partnership support our expectation that net interest income and net interest margin will continue to grow in the second half of 2025.

我們正在重新定價貸款和證券的動態，加上貸款成長和與 Bremer 的合作關係，支持了我們的預期，即 2025 年下半年淨利息收入和淨利差將繼續增長。

Moving to slide 7, we show trends in deposits. Total deposits increased $13.3 billion, and core deposits ex brokered increased $11.6 billion. Excluding Bremer, core deposits were up just under 1% annualized. Non-interest-bearing deposits represent 25% of core deposits, up 2% from first-quarter levels. Business non-interest-bearing and public funds increased while community deposits had normal seasonal outflows related to tax payments.

轉到投影片 7，我們展示了存款趨勢。總存款增加了 133 億美元，扣除經紀業務的核心存款增加了 116 億美元。除布雷默外，核心存款年化成長率略低於 1%。無利息存款佔核心存款的25%，較第一季水準上升2%。企業無息資金和公共資金增加，而社區存款出現與納稅相關的正常季節性流出。

Our brokered deposits increased due to Bremer and at 6% of total deposits, our use of brokerage continues to be below peer levels. The loan-to-deposit ratio was 88%, down 1% from last quarter. With respect to deposit costs, the 2 basis point linked quarter increase in our cost of total deposits played out as we expected due to the close of Bremer. Our spot rate on total deposits at June 30 was 193 basis points.

由於 Bremer 的影響，我們的經紀存款增加，佔總存款的 6%，我們的經紀使用率仍然低於同業水準。貸存比率為88%，較上季下降1個百分點。就存款成本而言，由於 Bremer 的關閉，我們的總存款成本與上一季相比增加了 2 個基點，正如我們預期的那樣。截至 6 月 30 日，我們的總存款即期利率為 193 個基點。

Moreover, our exception price deposits, which now include Bremer, represent 36% of total deposits. Overall, we remain confident in the execution of our deposit strategy. We are prepared to proactively respond to the potentially evolving rate environment while staying on offense with new and existing clients to drive above peer deposit growth at reasonable costs.

此外，我們的特殊價格存款（現在包括 Bremer）佔總存款的 36%。整體而言，我們對存款策略的執行仍然充滿信心。我們準備積極應對可能變化的利率環境，同時保持對新舊客戶的積極性，以合理的成本推動存款成長高於同業。

Slide 8 shows our quarterly income statement trends. As I mentioned earlier, adjusted earnings per share were $0.53 for the quarter with all key line items in line or modestly better than our prior guidance. Moving on to slide 9. We present details of our net interest income and margin. Net interest income and margin increased as we had expected and guided, driven primarily by Bremer organic loan growth and repositioning of the Bremer securities portfolio.

投影片 8 顯示了我們的季度損益表趨勢。正如我之前提到的，本季調整後的每股盈餘為 0.53 美元，所有關鍵項目都符合或略好於我們先前的預期。移至幻燈片 9。我們提供了淨利息收入和利潤的詳細資訊。淨利息收入和利潤率如我們預期和引導的那樣增長，主要得益於 Bremer 有機貸款的增長和 Bremer 證券投資組合的重新定位。

Slide 10 shows trends in adjusted noninterest income, which was $112 million for the quarter. All line items showed increases reflecting Bremer and organic growth in our primary fee businesses. On an organic basis, we were pleased with our growth in wealth, mortgage, and capital markets.

幻燈片 10 顯示了調整後非利息收入的趨勢，本季為 1.12 億美元。所有項目均出現成長，反映了 Bremer 和我們主要費用業務的有機成長。從有機角度來看，我們對財富、抵押貸款和資本市場的成長感到滿意。

Continuing to slide 11, we show the trend in adjusted non-interest expenses of $344 million for the quarter. reflective of 2 months of Bremer operations. Run rate expenses remain well controlled, and we generated positive operating leverage year over year.

繼續到第 11 張投影片，我們展示了本季調整後非利息支出 3.44 億美元的趨勢，反映了 Bremer 2 個月的營運情況。運行率費用仍然得到很好的控制，我們逐年產生了正的經營槓桿。

On slide 12, we present our credit trends. Total net charge-offs were 24 basis points or 21 basis points, excluding charge-offs on PCD loans. Our non-accrual loans as a percentage of total loans declined 5 bps during the quarter. Importantly and positively, criticized and classified loans decreased $254 million or approximately 9%, excluding Bremer, reflective of the focus on active portfolio management that we have discussed in prior calls.

在第 12 張投影片上，我們展示了我們的信貸趨勢。總淨沖銷額為 24 個基點或 21 個基點（不含 PCD 貸款的沖銷額）。本季度，我們的非應計貸款佔總貸款的百分比下降了 5 個基點。重要且積極的一點是，受批評和分類的貸款減少了 2.54 億美元，降幅約為 9%，不包括 Bremer，這反映了我們在之前的電話會議中討論過的對積極投資組合管理的關注。

The fourth-quarter allowance for credit losses to total loans, including the reserve for unfunded commitments was 124 basis points up 8 basis points from the prior quarter, primarily driven by Bremer. Consistent with the first quarter, our qualitative reserves incorporate a 100% weighting on the Moody's S2 scenario with additional qualitative factors to capture global economic uncertainty.

第四季信貸損失準備金佔貸款總額（包括未撥付承諾準備金）的比例為 124 個基點，較上一季上升 8 個基點，主要原因是 Bremer 的影響。與第一季一致，我們的定性儲備在穆迪 S2 情境中採用了 100% 的權重，並加入了額外的定性因素來捕捉全球經濟的不確定性。

Slide 13 presents key credit metrics relative to peers. Our proactive approach to credit monitoring has led to above peer levels of non-accruals, but below peer averages in delinquency and charge-off ratios over time, a steadfast approach to client election, conservative structuring, and our proactive stance on workouts have long been hallmarks of ONB's credit discipline. This, in part, explains our lower nonaccrual to NCO conversion rates.

投影片 13 展示了相對於同業的關鍵信用指標。我們採取主動的信用監控方式，使得不提列比率高於同行水平，但拖欠率和沖銷率卻低於同行平均水平，堅定的客戶選舉方式、保守的結構以及我們在債務重組方面的主動立場一直是 ONB 信用紀律的標誌。這在一定程度上解釋了我們較低的非應計到 NCO 的轉換率。

It's also worth noting that roughly 60% of our nonaccruals are from acquired books with appropriate reserves and/or marks. In addition, roughly 60% of our nonaccrual loans are paying principal and interest or interest only, and approximately half of our classified and criticized assets are in commercial real estate, where we continue to have confidence in collateral values and the quality of our sponsors.

另外值得注意的是，我們約 60% 的未計提款項來自已購買的具有適當儲備和/或標記的書籍。此外，我們約 60% 的非應計貸款支付本金和利息或僅支付利息，我們約一半的分類和批評資產屬於商業房地產，我們繼續對這些抵押品價值和發起人的品質充滿信心。

On slide 14, we review our capital position at the end of the quarter. All regulatory ratios decreased linked quarter due to the close of the Bremer partnership. As already explained, our CET1 ratio of 10.74% came in approximately 50 basis points stronger than we had expected post primer. Tangible book value per share was up 14% year over year, and we expect AOCI to improve approximately 6% or $37 million by year end.

在第 14 張投影片上，我們回顧了本季末的資本狀況。由於與 Bremer 的合作關係終止，所有監管比率均在本季環比下降。如前文所解釋的，我們的 CET1 比率為 10.74%，比我們預期的底漆後比率高出約 50 個基點。每股有形帳面價值年增 14%，我們預計到年底 AOCI 將成長約 6% 或 3,700 萬美元。

Slide 15 provides a comparison of our Bremer partnership assumptions at announcement first close. Overall, we closed two months earlier than expected, adding to our 2025 earnings momentum with financial metrics tracking to exceed the expectations we set at announcement.

投影片 15 提供了我們在公告首次結束時對 Bremer 合作夥伴關係假設的比較。整體而言，我們比預期提前兩個月完成交易，增強了我們 2025 年的獲利勢頭，財務指標也超出了我們在公告中設定的預期。

Higher capital and lower purchase accounting marks shortened the TBV earn back by approximately half a year. And as we look to 2026, a larger balance sheet with the $2.4 billion in CRE that we had previously contemplated selling is expected to offset the lower marks from an earnings perspective.

更高的資本和更低的採購會計標記使 TBV 獲利時間縮短了大約半年。展望 2026 年，我們先前考慮出售的 24 億美元 CRE 的資產負債表規模有望從獲利角度抵消較低的分數。

As previously mentioned, we restructured the majority of Bremer's $3.4 billion securities fund. This action increased the book yield from 2.85% to 5.54%, reduced total duration from 6.4% to 4.7%, and improved RWA density from 19% to 13%. This is now cash yield as opposed to accounting yield.

如前所述，我們重組了布雷默 34 億美元證券基金的大部分。此舉使帳面收益率從 2.85% 上升至 5.54%，總久期從 6.4% 降至 4.7%，風險加權資產密度從 19% 提高至 13%。這是現金收益率，而不是會計收益率。

A quick word on loan accretion income. We view the rate component as locked in and repeatable similar to how we would think about the accretion in our investment portfolio if we had decided not to restructure that book. The credit marks added only 1 basis point to our net interest margin this quarter. Old National legacy loan yields were up 10 bps, and even with the newly marked Bremer loans reflected in our numbers, our current origination deals are 65 basis points above our back book yields.

簡單談談貸款累積收入。我們認為利率成分是鎖定的和可重複的，類似於如果我們決定不重組該帳簿，我們會如何看待我們的投資組合的增值。本季度，信用標記僅為我們的淨利差增加了 1 個基點。舊國家遺留貸款收益率上升了 10 個基點，即使將新標記的布雷默貸款反映在我們的數據中，我們目前的發起交易仍比我們的帳面收益率高出 65 個基點。

Slide 16 includes updated details on our rate risk position and net interest income guidance reflecting the close of Bremer on May 1, NII is expected to increase on the addition of Bremer, the benefit of fixed asset repricing and continued growth.

幻燈片 16 包括有關我們的利率風險狀況和淨利息收入指引的最新詳細信息，反映了 5 月 1 日 Bremer 的收盤情況，預計 NII 將隨著 Bremer 的加入、固定資產重新定價的好處和持續增長而增加。

Our assumptions are listed on the slide, but I would highlight a few of the primary drivers. First, we assumed two cuts of 25 basis points each, which aligns with the current forward curve. Second, we assume a five-year treasury rate that stabilizes at 4%. Third, we anticipate our total down rate deposit beta to be approximately 40%, which is in line with our terminal rate betas. And fourth, we expect the non-interest-bearing mix to remain relatively stable as a percentage of core deposits.

我們的假設列在投影片上，但我想強調一些主要驅動因素。首先，我們假設兩次降息，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4%。第三，我們預期總下行利率存款貝他係數約為 40%，這與我們的終端利率貝他係數一致。第四，我們預期非生息存款佔核心存款的比例將維持相對穩定。

Importantly, our guidance would be unchanged for one Fed cut or no cuts as our balance sheet remains neutrally positioned to short-term rates and the addition of Bremer did not materially alter our rate risk position.

重要的是，由於我們的資產負債表對短期利率保持中性定位，而布雷默的加入並未實質地改變我們的利率風險狀況，因此無論聯準會降息一次或不降息，我們的指引都不會改變。

Slide 17 includes our outlook for the third-quarter and full-year 2025. With the exception of loan growth, all guidance includes Bremer. We believe our current pipeline support full-year loan growth, excluding the impact of Bremer, of 4% to 6%, but likely toward the lower end of that range given first-half results, current competition, the uncertain geopolitical environment, and active portfolio management. We anticipate continued success in the execution of our deposit strategy and expect to meet or exceed industry growth in 2025.

幻燈片 17 包括我們對 2025 年第三季和全年的展望。除貸款成長外，所有指導均包括布雷默。我們認為，我們目前的通路支持全年貸款成長（不包括布雷默的影響），成長率為 4% 至 6%，但考慮到上半年業績、當前競爭、不確定的地緣政治環境和積極的投資組合管理，成長率可能接近該範圍的低端。我們預計我們的存款策略執行將繼續取得成功，並預計在 2025 年達到或超過行業成長。

Other key line items are highlighted on the slide. Note that we have increased NII and fee income guidance with our other lines unchanged. At the midpoint of the ranges, you'll also see that we expect full-year results that yield earnings per share in line with current analyst consensus estimates and again, feature positive operating leverage and a peer-leading return profile with good growth in fees, controlled expenses, and normalized credit.

幻燈片上突出顯示了其他關鍵項目。請注意，我們提高了 NII 和費用收入指導，而其他項目保持不變。在範圍的中間點，您還會看到，我們預計全年業績的每股收益將與當前分析師的一致預期一致，並且再次具有積極的經營槓桿和同行領先的回報狀況，費用增長良好，費用得到控制，信貸正常化。

As we noted at the bottom of the slide, uncertainties around the global economic and trade activity and the macroeconomic outlook, which has dragged on longer than we would have hoped, could widen the range of possible outcomes this year with respect to both growth and rates. That said, our larger balance sheet with the Bremer partnership creates a meaningful positive offset.

正如我們在幻燈片底部所指出的，全球經濟和貿易活動以及宏觀經濟前景的不確定性持續時間比我們所希望的要長，可能會擴大今年經濟成長和利率的可能結果。也就是說，我們與 Bremer 的合作關係所帶來的更大的資產負債表將產生有意義的正面抵銷作用。

In summary, echoing Jim's opening comments we had a strong first half of 2025. We remained on offense with growth in both loans and deposits. We showcased growth in fee income and disciplined expense management. We continue to execute against our deposit pricing strategy, and we maintained strong credit quality.

總而言之，與 Jim 的開場白相呼應，我們在 2025 年上半年表現強勁。我們的貸款和存款繼續保持成長勢頭。我們展示了費用收入的成長和嚴格的費用管理。我們繼續執行存款定價策略，並維持強勁的信用品質。

Finally, we closed our Bremer partnership two months earlier than originally expected on May 1 and welcomed our newest team members and clients. I, Joe, and Jim are welcoming Tim Burke to Old National. We look forward to partnering with him to continue driving the success of the organization.

最後，我們在 5 月 1 日比原計劃提前兩個月結束了與 Bremer 的合作，並迎來了我們最新的團隊成員和客戶。我、喬和吉姆歡迎提姆伯克來到 Old National。我們期待與他合作，繼續推動組織的成功。

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

聽完這些評論後，我想開始回答大家的提問。

(Operator Instructions) Scott Siefers, Piper Sandler.

（操作員指示）斯科特·西弗斯、派珀·桑德勒。

Thanks for taking the questions. Let's see, Jim, I was hoping you could maybe just make a sort of some broader comments on kind of client sentiment, how they're feeling about the things these days. And then either Jim or John, I was hoping you can sort of expand upon John's loan growth outlook comments just regarding full-year growth being maybe toward the lower end of the organic range.

感謝您回答這些問題。讓我們看看，吉姆，我希望你能就客戶情緒以及他們最近對這些事情的感受發表一些更廣泛的評論。然後，無論是吉姆還是約翰，我希望你們能夠進一步闡述約翰關於貸款成長前景的評論，即全年成長可能接近有機成長範圍的低端。

I guess I asked because some others are beginning to get a little more constructive. So interesting to hear you all touch more cautious, is that a function of demand or pricing or all of the above?

我想我之所以問這個問題是因為其他人也開始變得更有建設性了。很高興聽到你們都變得更加謹慎，這是需求或定價的功能，還是以上所有功能？

Maybe I'll start and then ask the team to jump in here. From my perspective, we feel really good about the first half and our ability to kind of navigate less than clear times. But we're hearing competition really heating up here particularly in the commercial real estate world. And I think that just shades are conservatism on the loan growth estimates.

也許我會開始，然後讓團隊加入。從我的角度來看，我們對上半場的表現感到非常滿意，我們有能力應對不太順利的時期。但我們聽說這裡的競爭確實日益激烈，特別是在商業房地產領域。我認為，貸款成長的估計只是略顯保守。

We're just not going to go compete on price. We're not going to go compete on structure. We're not going to give up on the fundamentals that we think really matter here in this kind of market. So I think that's why we're just a little bit more cautious about kind of our full-year outlook, where maybe others are maybe more optimistic about it, but we saw a good C&I growth for the quarter, which we're really pleased with. That's an area we've been spending a lot of time on.

我們只是不會在價格上競爭。我們不會在結構上競爭。我們不會放棄我們認為在這種市場中真正重要的基本面。所以我認為這就是為什麼我們對全年前景更加謹慎，也許其他人對此更加樂觀，但我們看到本季度的 C&I 增長良好，我們對此感到非常高興。這是我們花費大量時間的領域。

And so to the extent that maybe it's a little bit more competitive in the commercial real estate market, maybe we can make it up a little bit for it, but I think that's just where we're at. Jim's Sandgren has a little bit on client sentiment. Jim, do you want talk a little bit about sentiment here lightly. We know we just did a survey here.

因此，如果商業房地產市場的競爭變得更激烈一些，我們或許可以稍微彌補一下，但我認為這就是我們現在的狀況。吉姆桑德格倫 (Jim Sandgren) 對客戶情緒有一點了解。吉姆，你想在這裡輕鬆地談論一下情感嗎？我們知道我們剛剛在這裡做了一項調查。

Yes. Sure, Scott. Yes, we recently survey -- we do this typically annually with all of our clients. And while there's still a lot of uncertainty out there, I think economic optimism is on the rise. And so I think our clients continue to be cautiously optimistic about their abilities to grow and invest in their businesses.

是的。當然，斯科特。是的，我們最近進行了調查——我們通常每年都會對所有客戶進行調查。儘管仍有許多不確定性，但我認為經濟樂觀情緒正在上升。因此我認為我們的客戶對其業務成長和投資的能力仍然持謹慎樂觀的態度。

So I think there's some really encouraging things there. When you think about tariffs and trade policies. It certainly had less of an impact than originally thought. There might have been a little bit of inventory build early in the second quarter. But now that some of that clarity has come, we've seen that kind of normalize.

所以我認為這裡確實存在一些令人鼓舞的事情。當你考慮關稅和貿易政策時。它的影響肯定比原想的還要小。第二季初可能已經出現了少量庫存累積。但現在情況已經有些明朗，我們看到這種情況逐漸正常化。

So I think optimistic, but given some of the increased competition, I think that's why we're looking at the lower end of the range.

所以我認為是樂觀的，但考慮到競爭的加劇，我認為這就是我們關注較低範圍的原因。

Scott, it's John. One other thing I might just add to that is it's a little bit of this is just a math equation, right? So if you take the [trinet] loan sale out of the first-quarter results, we were kind of 4% in the first quarter. Second quarter here just below 4% annualized. So to hit the top end of the range mathematically would suggest that we got to do kind of 8% growth in 3Q, 4Q, and we just don't see that materializing given the competitive environment that Jim had just referenced.

史考特，我是約翰。我還要補充一點，這有點像是數學方程式，對吧？因此，如果從第一季業績中剔除 [trinet] 貸款銷售額，我們第一季的銷售額約為 4%。第二季年化成長率略低於 4%。因此，從數學上講，要達到該範圍的最高值就意味著我們必須在第三季、第四季實現 8% 的成長，但考慮到 Jim 剛才提到的競爭環境，我們認為這一目標無法實現。

Yeah. Got it. That all makes sense. And I appreciate the sort of the inside baseball on it. And then, let's see, John, maybe I was hoping you could kind of walk through the linked quarter increase in NPAs. I'm talking about just dollar values there. You can always be a little tricky when there's a merger involved at least from the understand -- the outside to understand what's happening at the legacy versus the combined companies.

是的。知道了。這一切都是有道理的。我很欣賞其中的棒球內幕。然後，讓我們看看，約翰，也許我希望你可以大致介紹一下不良資產的季度增長情況。我只是在談論美元價值。當涉及到合併時，你總是會遇到一些棘手的問題，至少從外部去理解——要了解原有公司和合併後的公司發生了什麼。

I know the bulk of your nonaccruals in the aggregate are from acquired books, but just maybe the sequential increase, if you could address that please.

我知道你們的未提列項目總體上大部分來自於收購的書籍，但可能只是連續增加，請你們解釋一下這個問題。

Yeah. So dollar-wise, a lot of that is just Bremer coming into the fold. Actually on a -- against the entire balance sheet, NPAs as a percentage are down a little bit, feel good about where we are. And so it's really just a little bit of noise on closing the deal.

是的。因此從金錢角度來看，很大一部分收入都來自布雷默的加盟。實際上，從整個資產負債表來看，不良資產的百分比略有下降，我們對目前的狀況感到滿意。因此，這實際上只是達成交易時產生的一點噪音。

Perfect. Okay, good. Thank you, guys. Appreciate it.

完美的。好的，很好。謝謝你們。非常感謝。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

You guys went through a lot of numbers, so I apologize if I missed it. I know you said new [loan] yield versus back book. I was curious, could you just provide the spot rate on either close or bonds?

你們已經看過很多數字了，如果我錯過了，我深感抱歉。我知道您說的是新貸款收益率與舊貸款收益率。我很好奇，您能否提供收盤價或債券的現貨匯率？

Yeah. So spot rate versus what was sitting in the average balance sheet on this quarter, if you were to reflect a full quarter of Bremer, we'd be looking probably 7 basis points higher than what was recorded on securities, 5 basis points higher than what was reported on loans. And again, new money yields if you look at kind of 85% floating on loans, 15% fixed, the weighted average there gets you kind of high 6s, call it, [6, 8] and on securities were mid-5s in terms of new (inaudible).

是的。因此，如果要反映布雷默整個季度的情況，即期匯率與本季平均資產負債表中的匯率相比，可能會比證券記錄的匯率高出 7 個基點，比貸款報告的匯率高出 5 個基點。再說一次，如果你看一下貸款中 85% 的浮動利率和 15% 的固定利率，那麼新資金的收益率加權平均值大約是 6% 左右，也就是 [6, 8]，而證券的收益率則在 5% 左右。（聽不清楚）。

Yeah, helpful. And I hate to ask the follow-on question first. Okay. So moving more towards the strategy perspective. When you think about kind of growth relative to the CRE loans to not happening and then also capital, it seems like your better capital position from the deal flows and then the non-CRE sale kind of eats up into a little bit of that capital.

是的，很有幫助。我不想先問後續問題。好的。因此更多地轉向戰略視角。當您考慮相對於 CRE 貸款的成長不會發生，然後還有資本時，似乎您從交易流程中獲得更好的資本狀況，然後非 CRE 銷售會消耗其中的一點資本。

The growth in the back half of the year seems steady, by no means it's robust. I'm curious, but I'm totally fine with that. Are you thinking about just capital deployment? And I know you said earnings projections are basically in line with consensus.

下半年的成長看似穩定，但絕非強勁的。我很好奇，但我完全可以接受。您只考慮資本部署嗎？我知道您說獲利預測基本上與普遍預期一致。

So to me, it's like you're two turns below peers with a projected (inaudible) that's basically 200-plus basis points better than peers. Is the buyback from there you can expect this calendar year? Or is it kind of more so just building capital at this point?

所以對我來說，這就像是你的表現比同行低了兩倍，但預計（聽不清楚）基本上比同行高出 200 多個基點。今年您是否可以期待那裡的回購？還是現在只是在累積資本？

I would lead you towards our past comments. I think we are interested in building a little bit of capital here and we've got a little bit of wood to chop with respect to our conversion here. happening later this year. But we are much, much closer to that decision today than we thought we would be, just given capital came in so much better.

我想引導您回顧我們過去的評論。我認為我們有興趣在這裡建立一點資本，並且對於我們在這裡進行的轉換，我們還有一些事情要做。將在今年晚些時候發生。但今天，我們比想像中更接近這個決定，因為資本流入的情況好得多。

So I think it's something that's definitely on the horizon for us, and we're going to take a hard look at it. But nothing to report right now, really focused on just getting through the conversion and getting off to a really strong start for next year.

所以我認為這絕對是我們即將面臨的問題，我們將認真考慮它。但目前還沒有什麼可報告的，真正關注的是完成轉換並為明年取得真正強勁的開端。

That's helpful. Thanks, guys.

這很有幫助。謝謝大家。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Jim or John, just more broadly, what's the deregulatory environment mean for Old National from here? Obviously, there's an expense equation. I'm interested in kind of your opinion there?

吉姆或約翰，更廣泛地說，放鬆管制的環境對 Old National 來說意味著什麼？顯然，有一個費用方程式。我對您的意見很有興趣？

Yeah. I would say it's very constructive, right? I mean the conversation and tone is -- look, we've always enjoyed incredibly positive relationships with all of our regulators, but it's just that much more constructive today for us going forward as an industry and us as Old National.

是的。我想說這非常有建設性，對吧？我的意思是，談話和語氣是——你看，我們一直與所有監管機構保持著非常積極的關係，但今天，對於我們作為一個行業和我們作為 Old National 的未來發展來說，這種關係更具建設性。

I think we're a couple of months away from kind of really fully understanding how any regulatory thresholds might change. But that all seems like that's in a positive trajectory, the best we can tell. I think they're really close to filling out all the agency heads, which will just be allow the industry to move forward.

我認為我們還需要幾個月的時間才能真正全面了解監管門檻可能如何變化。但據我們所知，這一切似乎都朝著正面的方向發展。我認為他們已經接近填補所有機構負責人的空缺，這將推動該行業向前發展。

I've been personally involved with the ABA and the MBCA as you know, working on deposit insurance reform, which I think is really important for the midsized space. And so we'll continue to push for those reforms.

如你所知，我個人參與了美國銀行家協會 (ABA) 和馬薩諸塞銀行家協會 (MBCA) 的存款保險改革工作，我認為這對中型銀行來說非常重要。因此我們將繼續推動這些改革。

But I would just say, all of this -- all this tone is very much constructive. All the same rules still apply broadly speaking. And so there's no free passes anywhere, but it is more constructive, and I think it will allow our industry to maybe grow where we want to grow going forward.

但我只想說，所有這些——所有這些語氣都非常有建設性。從廣義上講，所有相同的規則仍然適用。因此，任何地方都沒有免費通行證，但它更具建設性，我認為這將使我們的行業能夠以我們想要的方式發展。

And then just as a follow up, you mentioned threshold. I mean, you've previously talked about not wanting to flirt with 100 in assets. Does that evolve over the next 6 to 12 months? Is that something you're obviously working on the integration, but do deals opportunistically make it more likely?

然後作為後續問題，您提到了閾值。我的意思是，您之前曾說過不想接觸 100 的資產。在接下來的 6 到 12 個月內，情況會有所發展嗎？你們顯然正在致力於整合，但交易是否會使其更有可能實現？

I would just point back to some of our previous comments. We're really focused on organic growth. We obviously got one in the hand here that we've got to get across the finish line and execute well, and we're off to a great start there. And it's one of those things. There's nothing in our playbook right now.

我只是想回顧一下我們之前的一些評論。我們真正關注的是有機成長。顯然，我們手頭上有一個任務，我們必須跨越終點線並出色地完成，而且我們已經有了一個很好的開始。而這就是其中之一。我們的劇本裡現在還沒有任何內容。

There's nothing we're looking at. We -- I would just soon not test that water. And again, I don't know what the thresholds are going to look like going forward. But the good news is we don't have to do anything, right? We've got great organic growth opportunities. We got tough decile profitability ratios across the board here. So we've got lots of flexibility just to continue to run this place and grow organically.

我們什麼也沒看到。我們——我很快就不會再嘗試那種水了。再說一次，我不知道未來的門檻會是什麼樣子。但好消息是我們什麼都不用做，對吧？我們擁有巨大的有機成長機會。我們在這裡獲得了全面的嚴格的十分位獲利比率。因此，我們擁有很大的靈活性來繼續經營這個地方並實現有機發展。

If the perfect pitch comes along and it makes a ton of sense, something like Bremer where it just made an absolute home run sense, we would actually have to take a look at that, as you would expect. But we're not interested in going test in those waters anytime soon. And I do think we need -- I think we need several more months before we understand exactly what that new landscape is going to look like.

如果出現完美的投球，並且它具有很大的意義，就像布雷默那樣，它具有絕對的本壘打意義，我們實際上必須看看它，正如你所期望的那樣。但我們近期對到該水域進行測試不感興趣。我確實認為我們需要——我認為我們還需要幾個月的時間才能確切地了解新的情況將會是什麼樣子。

Perfect. Thank you.

完美的。謝謝。

Jon Arfstom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstom。

Just a question back on the loan growth guide. John, you used the term active portfolio management. Curious what you mean by that. And then also curious on the characteristics of the CRE loans that you had planned on selling that you now may not sell. Does that fit typical OMD characteristics? So just kind of all-in-one active portfolio management in that $2.4 billion.

關於貸款成長指南，我只想問一個問題。約翰，你使用了主動投資組合管理這個術語。好奇你這是什麼意思。我還好奇您計劃出售但現在可能不會出售的 CRE 貸款的特點。這符合典型的 OMD 特徵嗎？因此，這只是 24 億美元中的一體化主動投資組合管理。

Yeah, absolutely. So yes, active portfolio management, Jon, when you look at the reduction in classified and criticized out of the legacy Old National book this quarter, roughly half of that was from total payoffs or refis away from the bank. And so, we think that there's still some more of that to come, right? And we've talked about this for several quarters now. Really, deal by deal, loan by loan, getting in there and working that book.

是的，絕對是如此。所以是的，積極的投資組合管理，喬恩，當你看到本季度遺留的舊國家賬簿中分類和批評的減少時，其中大約一半來自銀行的總還款或再融資。所以，我們認為還會有更多這樣的事情發生，對嗎？我們已經討論了這個問題好幾個季度了。真的，一筆接一筆地處理，一筆接一筆地貸款，開始處理帳簿。

And so we remain really focused on that work, and I think that will continue to be a feature in the back half of this year. With respect to the $2.4 billion in commercial real estate loan sales, very much similar to the way that we underwrote the way that we think about real estate. There could still be something opportunistically that we could trim. But I think that would look more like what we did in the first quarter with the CapStar [trinet] book than something bigger or broader than we had originally contemplated back in November.

因此，我們仍然非常專注於這項工作，我認為這將繼續成為今年下半年的特色。就 24 億美元的商業房地產貸款銷售額而言，這與我們承保房地產的方式非常相似。我們仍然可以趁機修剪一些東西。但我認為這更像是我們在第一季對 CapStar [trinet] 帳簿所做的，而不是比我們 11 月最初設想的更大或更廣泛的事情。

Okay. Good. Fair enough. And then you may have touched on this, but on slide 16, you flagged the $10.4 billion in deposit maturity -- time deposit maturity. Can you walk through some of the metrics around that again in terms of the cadence and kind of the cost of rolling off and the replacement cost?

好的。好的。很公平。然後您可能已經提到了這一點，但在第 16 張投影片上，您標記了 104 億美元的存款到期 - 定期存款到期。您能否再次介紹一下與節奏、滾動成本和更換成本相關的一些指標？

Yeah, sure. The bigger chunk of that actually comes in the next quarter, a little over $5.5 billion in the next quarter and then about $3 billion in 4Q. In aggregate, there's going to be a little bit of a pickup on that book as it rolls. The bigger opportunities are in our brokered buckets. That's about 2.4 next quarter that's hanging out in mid-4s, and that would roll with a more significant opportunity for us in terms of repricing down.

是的，當然。其中更大一部分實際上出現在下個季度，下個季度略高於 55 億美元，第四季約為 30 億美元。總的來說，隨著這本書的出版，它的銷售量會逐漸回升。更大的機會存在於我們的經紀業務中。這意味著下個季度的利率約為 2.4，處於 4% 左右的區間，這對我們重新定價來說是一個更重要的機會。

Okay. Any idea of the magnitude on that, just ballpark?

好的。對此有什麼概念嗎？大概是這麼個數嗎？

On the broker piece, $2.4 billion in the next 90 days, 4.5-ish is the current yield.

從經紀商的角度來看，未來 90 天內的投資額為 24 億美元，目前的收益率約為 4.5 億美元。

Okay. Thanks a lot. Appreciate it.

好的。多謝。非常感謝。

Brian Foran, Truist Securities.

布萊恩·福蘭（Brian Foran），Truist Securities。

Just to make sure I understand the EPS comments on the deal slide. So two things. One, when you say it's modestly better than originally assumed, and I know it's early days, so you probably even haven't fully got into a lot of the underlying business, but is it just the $2.4 billion at the current moment, CRE loan sale, $2.4 billion that's changed in that EPS assumption? Or is there anything else you're signaling in terms of other deal accretion that's better?

只是為了確保我理解交易幻燈片上的 EPS 評論。所以有兩件事。首先，當您說它比最初假設的要好一些時，我知道現在還為時過早，所以您可能還沒有完全進入很多基礎業務，但僅僅是目前的 24 億美元、CRE 貸款銷售，還是 EPS 假設中發生了變化的 24 億美元？或者您在其他交易增值方面發出了更好的信號？

Yes. No, not signaling anything in addition. It's just the $2.4 billion in commercial real estate offsetting and then just a little bit better than what was originally in the model on the rate mark.

是的。不，沒有發出任何額外的信號。這只是 24 億美元的商業房地產抵銷額，比模型中最初的利率標記要好一點。

The rate mark being a little lower, so (inaudible) --

利率稍微低一點，所以（聽不清楚）——

Correct.

正確的。

And then just the base we're talking about, I mean, I think in the deal presentation, it was 260 of EPS in 2026. It seems like the Old National side is more or less tracking. So I mean can we just say 260 plus a little bit for the CRE sale is kind of the updated number?

然後，我們談論的基礎是，我的意思是，我認為在交易介紹中，2026 年的每股收益為 260。看起來老國家隊或多或少正在追蹤。所以我的意思是，我們能不能說 CRE 銷售額 260 加上一點點就是更新後的數字？

I think that's fair to say, Brian, yeah.

我認為這麼說很公平，布萊恩，是的。

Okay. I guess that's it. I -- yeah, I think that's all the only question I had. Thank you.

好的。我想就是這樣了。我——是的，我認為這就是我唯一的問題。謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

I guess the only one left for me is just on the fee income guide in the outlook there. Anything to call out in terms of seeing strength? I mean, it's a lot of that just coming from a little bit of a stronger mortgage base than expected or anything special to think of there?

我想，對我來說唯一剩下的就是展望中的費用收入指南了。從實力上看，有什麼值得注意的嗎？我的意思是，這很大程度上是因為抵押貸款基礎比預期的要強一些，還是有什麼特別之處？

Yes. I think you get it right. Mortgage was pretty good this quarter. Wealth continues to track along nicely as well. And then look, capital markets for us continues to be a pretty -- it's a small but good business for us. And this quarter looked good there. And so we're encouraged by the results there. But yeah, I think in terms of outlook, relatively other than the upside captured from this quarter, relatively unchanged on the back half of this year.

是的。我認為你說得對。本季的抵押貸款情況相當不錯。財富也持續順利成長。然後看看，資本市場對我們來說仍然是一件好事——對我們來說，這是一項雖小但很好的業務。本季的情況看起來不錯。因此我們對那裡的結果感到鼓舞。但是的，我認為就前景而言，除了本季取得的上行優勢外，今年下半年相對沒有變化。

Great. Thanks a lot.

偉大的。多謝。

Terry McEvoy, Stephens.

特里·麥克沃伊，史蒂芬斯。

Maybe just a first question. Why wasn't the second-half '25 net interest income outlook increased given the decision to hold the CRE loans? Or will we see more of that lift in 2026?

也許這只是第一個問題。既然決定持有 CRE 貸款，為什麼 25 年下半年的淨利息收入前景沒有增加？或者我們會在 2026 年看到更多這樣的提升嗎？

Well, it's the -- there's a couple of dynamics at work there, Terry, right? So the CRE loans coming in are very much offsetting kind of dollar for dollar, the lower marks that were ultimately realized as compared to what we had announced.

嗯，這是——那裡有幾個動態在起作用，特里，對吧？因此，商業房地產貸款的到帳在很大程度上抵消了最終實現的低於我們宣布的水平的分數。

And I guess on Page 15, the positive earnings per share when you talk about the larger balance sheet offsets those marks. I guess that's behind my question. I'm trying to true up that sentence there.

我想，在第 15 頁上，當您談論更大的資產負債表時，每股正收益會抵消這些標記。我想這就是我的問題所在。我正在嘗試驗證那句話。

Right. So if you run that math out, right, there's rough top $100 million in lower rate mark and a $50-ish million lower credit mark that was realized if you were to build that schedule out, you kind of look at what would have come from that mark in the back half of 2025. The $2.4 billion in commercial real estate offsets the foregone income on the accretion marks.

正確的。因此，如果你進行計算，你會發現，如果按照這個計劃，低利率標記大約為 1 億美元，而低信用標記則為 5,000 萬美元左右，你就可以看看 2025 年下半年該標記會產生什麼效果。24 億美元的商業房地產抵消了增值標記上損失的收入。

Perfect. Thanks for that. And then I noticed you hired a new Chief Investment Officer earlier, maybe July 1, I think, can you just talk about the technology investments, Jim, you made some comments about continuing to invest and meet your clients' needs? So any commentary there would be helpful.

完美的。謝謝。然後我注意到您早些時候聘請了一位新的首席投資官，我想可能是 7 月 1 日，您能談談技術投資嗎，吉姆，您對繼續投資和滿足客戶需求發表了一些評論？因此任何評論都會有幫助。

Yeah. Thanks, Terry. Yeah, Matt Keen joined our organization. He was actually -- had recently hired as the CIO at Bremer Bank. So ironically, we were in the market looking for a new CIO. Our current one is going to retire here towards the end of the year. And we had one sitting there in Minnesota.

是的。謝謝，特里。是的，馬特·基恩加入了我們的組織。事實上，他最近被聘為 Bremer Bank 的資訊長。諷刺的是，我們正在尋找新的 CIO。我們現任的那位將於今年底退休。我們在明尼蘇達州就有一個。

So Matt is a great -- we did a search far and wide and Matt turned out to be the best possible candidate for us. So I think we feel really good about his experience. And quite frankly, we're actually able to build a -- continue to build and invest in the IT team right there in Minnesota. We just found great talent sitting there, given the other larger institutions that are already there plus the Fortune 500 companies. So that's a nice win for us.

所以馬特很棒——我們進行了廣泛的搜索，結果發現馬特是我們最合適的候選人。所以我認為我們對他的經歷感到非常滿意。坦白說，我們實際上能夠在明尼蘇達州建立一支 IT 團隊並繼續對其進行投資。我們發現那裡有很多優秀人才，因為那裡已經有很多大型機構和財富 500 強公司。這對我們來說是一場漂亮的勝利。

But as we've done early assessments around all of our technology, I think we feel really good around our technology stack. We continue to look for ways to build out a stronger ecosystem for the wealth management, the bankers to move kind of seamlessly across those platforms. Treasury management is an area we continue to invest in and look for ways to be better, particularly as we think about going upstream towards that upper middle market, ways to connect more deeply within their systems.

但由於我們對所有技術都進行了早期評估，我認為我們對我們的技術堆疊感覺非常良好。我們將繼續尋找方法，為財富管理建立更強大的生態系統，讓銀行家能夠在這些平台上無縫移動。資金管理是我們持續投資並尋求改進方法的一個領域，特別是當我們考慮向上游中高端市場進軍，尋找與他們的系統進行更深入連接的方法時。

But we don't see any large gaps in any of our systems. And we've got a long list like everybody else does of investments we want to make, but nothing that's stopping us from being successful and building core deep relationships with our clients. So that's the good news.

但我們並未發現任何系統有巨大差距。和其他人一樣，我們也有一長串想要進行的投資清單，但沒有什麼能阻止我們成功並與客戶建立深厚的核心關係。這是個好消息。

As we become a large institution, we'll continue to invest in our own infrastructure, particularly around data. We're obviously looking at AI very intensely right now, how AI could help shape all of our technology. But again, no gaps anywhere there, just an opportunity to continue to be better as we go forward. And I think Matt is the right person to help lead us in that effort. So we're excited about that.

隨著我們成為一家大型機構，我們將繼續投資於我們自己的基礎設施，特別是數據方面。顯然，我們現在正在非常密切地關注人工智慧，以及人工智慧如何幫助塑造我們的所有技術。但同樣，這裡沒有任何差距，只是一個讓我們在前進的過程中不斷變得更好的機會。我認為馬特是帶領我們完成這項努力的合適人選。所以我們對此感到很興奮。

Obviously, we have a technology partner emphasis which also comes alongside us, it helps us really kind of think through a lot of our technology and ways to get more efficient, more effective. So I think it's just all really positive and really glad to have Matt. Now we've got Tim on the team as of today. So we got a full team and ready to go.

顯然，我們也非常重視技術合作夥伴，這有助於我們真正思考許多技術以及如何提高效率和效能。所以我認為這一切都非常積極，並且很高興有馬特。從今天起，提姆就加入了我們的團隊。所以我們組了一支完整的團隊並準備出發。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

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

目前沒有其他問題。我想請吉姆‧瑞安 (Jim Ryan) 作最後發言。

Thanks, Eric. As usual, we appreciate everybody's interest. Appreciate the great questions. The whole team, John, Mike, Lynell, Scott, are all going to be available for questions all day. Look forward to catching up with everybody. Have a great afternoon.

謝謝，埃里克。像往常一樣，我們感謝大家的關注。感謝你提出的這些精彩問題。整個團隊，約翰、麥克、萊內爾、史考特，都將全天解答問題。期待與大家見面。祝您下午愉快。

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 August 5. If anyone has additional questions, please contact Lynell Durchholz at 812-464-1366.

Old National 的通話到此結束。再次強調，本次電話會議的重播及簡報將在 Old National 網站 oldnational.com 的投資人關係頁面提供 12 個月的播放時間。您也可以撥打 800-770-2030（接取碼 9394540）收聽電話會議重播。該重播將持續到 8 月 5 日。如果有人有其他問題，請聯絡 Lynell Durchholz，電話：812-464-1366。

Thank you for your participation in today's conference call.

感謝您參加今天的電話會議。