Bank Ozk (OZK) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Bank OZK third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加Bank OZK 2025年第三季業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jay Staley, Managing Director of Investor Relations and Corporate Development at Bank OZK. Please go ahead.

現在，我謹將會議交給今天的演講嘉賓，OZK銀行投資者關係和企業發展總經理傑伊·斯泰利先生。請繼續。

Good morning. I'm Jay Staley, Managing Director of Investor Relations and Corporate Development for Bank OZK. Thank you for joining our call this morning and participating in our question-and-answer session.

早安.我是 Jay Staley，OZK 銀行投資者關係和企業發展部總經理。感謝您今天上午參加我們的電話會議並參與問答環節。

In today's Q&A session, we may make forward-looking statements about our expectations, estimates, and outlook for the future. Please refer to our earnings release, management comments, financial supplement, and other public filings for more information on the various factors and risks that may cause actual results or outcomes to vary from those projected in or implied by such forward-looking statements.

在今天的問答環節中，我們可能會對未來的預期、估計和展望做出前瞻性陳述。有關可能導致實際結果或業績與此類前瞻性聲明中預測或暗示的結果或業績存在差異的各種因素和風險的更多信息，請參閱我們的盈利報告、管理層評論、財務補充文件和其他公開文件。

Joining me on the call to take your questions are George Gleason, Chairman and CEO; Brannon Hamblen, President; Tim Hicks, Chief Financial Officer; and Jake Munn, President, Corporate and Institutional Banking. We will now open up the lines for your questions.

與我一起參加電話會議，回答大家問題的有：董事長兼執行長喬治·格里森；總裁布蘭農·漢布倫；首席財務官蒂姆·希克斯；以及企業和機構銀行總裁傑克·蒙恩。現在我們將開放提問環節。

Let me now ask our operator, Gigi, to remind our listeners how to queue in for questions.

現在請我們的接線生吉吉提醒聽眾如何排隊提問。

(Operator Instructions) Stephen Scouten, Piper Sandler.

（操作員說明）Stephen Scouten、Piper Sandler。

So George, you and Brannon, your whole team, obviously, know these real estate markets better than any of us. I'm wondering from the heightened fear peak of like 2023 to today, if you could give some commentary on how absorption is trending in some of these various classes, whether it's office, industrial land, how you view those in the landscape today, the attractiveness of each of those, how they're trending. And additionally, and maybe on these two new loans that moved to substandard, how we can think about when the ACL would tend to get recognized? Because obviously, the Chicago loan doesn't appear to have an ACL and the Boston one appears to have a massively significant ACL already associated with it. So just understanding some of the puts and takes those loans migrate.

所以喬治，你和布蘭農，還有你的整個團隊，顯然比我們任何人都更了解這些房地產市場。我想知道從 2023 年左右的恐慌高峰期到今天，您能否就不同類別的吸收趨勢發表一些評論，無論是辦公用地還是工業用地，您如何看待它們在當今的格局中的地位，它們的吸引力如何，以及它們的趨勢如何。此外，對於這兩筆轉為次級的新貸款，我們該如何考慮 ACL 何時會被認可？顯然，芝加哥的貸款似乎沒有 ACL，而波士頓的貸款似乎已經有了非常嚴重的 ACL。所以，了解這些貸款遷移的一些買賣操作就好。

Yeah. Let me take that last part of your question, and then I'll turn it over to Brannon for some more general commentary on what we're seeing.

是的。讓我來回答你問題的最後一部分，然後我會把問題交給布蘭農，讓他對我們所看到的情況做一些更一般性的評論。

In regard to the -- we did have three loans migrate, one from substandard to substandard nonaccrual. That loan had a significant charge-off on it that recognized our exposure on that. We had a significant reserve part last quarter, but that did manifest itself in a charge-off.

關於這一點——我們確實有三筆貸款發生了轉移，其中一筆從次級貸款轉移到了次級非應計貸款。那筆貸款有一筆數額龐大的沖銷，反映了我們在這方面的風險敞口。上個季度我們有大量的儲備金，但這最終以沖銷的形式體現了出來。

And that's a good example to answer your question, when do you -- when does a reserve on a loan become a charge-off, and that is when it becomes evident that we're moving forward with the liquidation or other resolution of that, that is not as an ongoing loan.

這是一個很好的例子來回答你的問題，即何時貸款準備金會變成沖銷，那就是當很明顯我們要推進清算或其他解決方案，而不是作為一筆持續進行的貸款時。

The second project, you mentioned the Chicago project. We took -- when we moved out that moved from special mention to substandard nonaccrual. We took the charge-off on that, reducing that to what we consider a liquidation value on that asset.

第二個項目，你提到了芝加哥項目。我們搬走的時候，它從特別提及變成了不合格的非應計項目。我們對這筆資產進行了沖銷，使其價值降至我們認為的該資產清算價值。

The third asset you mentioned moved from special mention to substandard, and we put a sizable reserve on that representing what we think is a wide range of potential outcomes on that. Those sponsors are continuing to actively work a really good lease prospect and maybe others, I'm not aware of, but I know they've got one really good lease prospect that they're far along with. And hopefully, they'll be the winning proponent on that. They're also evaluating how to recapitalize that project and go forward. I think by the end of this next quarter or into Q1, we'll have more clarity on the -- that.

您所提及的第三項資產已從特別關注變為次級，我們為此提列了相當可觀的準備金，以反映我們認為該資產可能出現的各種結果。這些贊助商正在積極跟進一個非常好的租賃項目，可能還有其他項目，我不知道，但我知道他們有一個非常好的租賃項目，而且進展順利。希望他們能在這方面取得勝利。他們還在評估如何為該項目重新籌集資金並繼續前進。我認為到下個季度末或第一季初，我們會對——這件事有更清晰的認識。

Now with that said, I've read some of the analyst reports that have already been written on our release last night, and it seems that the universal characterization is it was a mixed bag on asset quality. And I would certainly agree that that's an accurate picture. We did have those three migrations and a couple of charge-offs on that. None of those were surprises. They were all either substandard or special mention assets.

話雖如此，我已經閱讀了一些分析師對我們昨晚發布的報告，似乎普遍的評價是資產品質參差不齊。我完全同意，這的確是一幅準確的圖景。我們確實進行了三次遷移，並且有幾筆相關的沖銷。這些都在意料之中。它們要么是次級資產，要么是需要特別關注的資產。

But the flip side of that is we -- on the positive side, we had our largest foreclosed asset, which constituted more than half of our foreclosed assets that Lincoln Yards land in Chicago sell during the quarter at the book value we had it on the books for. So that was a big win.

但另一方面，從積極的方面來看，我們最大的止贖資產（占我們止贖資產的一半以上，即芝加哥林肯碼頭土地）在本季度以帳面價值售出。所以這是一場大勝利。

And the second and third largest OREO assets that we had at June 30, which are now our first and second largest OREO assets are both under contract as of October 2, with expected closings this quarter, and those will have a neutral to positive gains on sale, breakeven to gain on sale on those if they close, and assuming they do close. We never know they're going to close until they do. But if they do close, we'll have a positive outcome on that.

截至 6 月 30 日，我們擁有的第二大和第三大 OREO 資產，現在已成為我們第一和第二大 OREO 資產，截至 10 月 2 日均已簽訂合同，預計將在本季度完成交割。如果這些資產最終完成交割，它們的出售收益將為中性至正收益，甚至可能達到損益平衡或獲利。不到最後一刻，我們永遠無法預知它們是否會關門。但如果他們真的關閉了，對我們來說就是個正面的結果。

So I think we're doing a really good job of resolving credits that do come into the foreclosed asset category in a very effective way and feel good about that. I think that's a positive.

所以我認為我們在解決那些被劃入止贖資產類別的信貸方面做得非常好，而且非常有效，對此我感到很滿意。我認為這是件好事。

The other thing that I think is positive. If you look at our combined special mention substandard and foreclosed assets, that aggregate number was actually down modestly during the quarter. So reflected a pretty stable asset quality from that front.

我覺得還有一點是正面的。如果看一下我們特別關注的次級資產和止贖資產的合併數據，就會發現該季度總數字實際上略有下降。從這個角度來看，這反映出資產品質相當穩定。

The third or fourth point, I guess, I would make is, on page 29 of our management comments, we've talked for years now, since the beginning of the COVID-19 pandemic about the importance of sponsor support. And we had an outstanding quarter and sponsor support. We had 41 loans that reached a maturity that were extended and modified. We had almost $70 million of additional reserve deposits posted in connection with those modifications extensions. We collected $13.5 million of fees. We had over $80 million of unscheduled pay downs on those loans and $14 million of unfunded balances that were curtailed as a result of those. So some of those numbers are among the highest over the 13 quarters that we've been tracking and reporting that data.

我想提出的第三點或第四點是，在我們的管理層評論第 29 頁，自從 COVID-19 疫情開始以來，我們已經討論了贊助商支持的重要性多年。本季業績出色，贊助商也給予了大力支持。我們有 41 筆到期貸款進行了延期和修改。與這些修改和延期相關的，我們額外存入了近 7000 萬美元的儲備金。我們收取了1350萬美元的費用。由於這些貸款，我們有超過 8000 萬美元的非計劃性還款，以及 1400 萬美元的未償付餘額得到了削減。因此，其中一些數字在我們追蹤和報告該數據的 13 個季度中屬於最高水準。

So while you did have three loans migrate risk rating wise, which you'd always prefer to not see, but they were identifying credits, we had just a number of really strong sponsor support examples in our modifications and extensions.

所以，雖然有三筆貸款的風險評級發生了變化（這是你總是不希望看到的），但它們確實反映了信用問題，我們在貸款修改和延期中也得到了許多強有力的擔保人支持。

And then the final point I'd make before I turn it over to Brannon in that regard is you've seen an infusion of liquidity into the CRE space as evidenced by the record level of RESG paydowns in the quarter just ended. And we've been communicating for some time that we expected a high level, elevated RESG paydowns for a number of quarters. That reached a new high in the quarter just ended. That should not have been a surprise to anybody because we've been talking about it for a number of quarters now, but it does reflect the fact that there is a growing degree of liquidity for refinance options and the sponsors are reaching a point that they're willing to grab on to some of those refinance options.

最後，在把發言權交給布蘭農之前，我想補充一點，正如剛結束的季度 RESG 償還額創紀錄所證明的那樣，商業地產領域已經注入了大量流動性。我們先前已經多次表示，預計未來幾季 RESG 的支出將維持在較高水準。在剛結束的這個季度，這一數字達到了新高。這不應該讓任何人感到驚訝，因為我們已經討論這個問題好幾個季度了，但這確實反映了再融資選擇的流動性越來越強，而發起人也開始願意抓住其中一些再融資機會。

So all that is my view on the credit quality front. I'll let Brannon address what he's seen in the -- at the ground level project -- CRE (inaudible).

以上就是我對信貸品質方面的看法。我將讓布蘭農來談談他在基層計畫－CRE（聽不清楚）中看到的情況。

Yeah, thanks, George. Thanks, Steve, for the question. I think broadly, a lot of the things that George just described are evidence of continued improvement in real estate markets, our largest concentration in real estate on the residential side, multifamily, and then through condos in there as well. And that's -- that particular part of the world has been performing very well across the portfolio.

是啊，謝謝你，喬治。謝謝你的提問，史蒂夫。我認為，喬治剛才描述的許多事情總體上都證明了房地產市場的持續改善，我們最大的房地產投資集中在住宅方面，包括多戶住宅和公寓。而且，該地區在整個投資組合中的表現都非常出色。

But then you need to work down, you mentioned office and industrial, and we were pleased in both cases with the continued absorption leases that are being signed up in various projects across the country. There are markets that are hotter, that are -- they've filled up, they've used up all the really strong Class A office space, and that trend of flight to quality just continues. We see it everywhere we go.

但是，接下來你需要向下分析，你提到了辦公室和工業領域，我們對全國各地各種計畫中持續簽訂的吸收租賃合約感到滿意。有些市場更加火爆，那些真正優質的A級辦公空間已經全部售罄，而這種追求高品質辦公空間的趨勢仍在持續。我們走到哪裡都能看到它。

And as leases roll, it takes a little bit longer for an office contract to work its life than it does an apartment. And so it takes time to see the ultimate degree and magnitude of the migration from lower quality projects to higher quality projects, but we're encouraged at how we're seeing that take place in a number of markets across the country.

而且，隨著租約的到期，辦公室租約的期限比公寓租約的期限還要長一些。因此，要看到低品質專案向高品質專案遷移的最終程度和規模，還需要時間，但我們很欣慰地看到，這種情況正在全國許多市場發生。

I mentioned industrial. We continue to see good lease up there. And I know that we had a -- saw a question around industrial appraisals where all our appraisals on these projects are reflecting the current state of markets, whether it's strong leasing or lesser leasing, and we're really pleased, as always, at our basis in these deals that may be not moving quite as quickly as others that are really leasing up well. So good activity there.

我提到了工業領域。我們看到那裡的租賃情況持續良好。我知道我們之前看到過一個關於工業地產評估的問題，我們對這些項目的所有評估都反映了當前的市場狀況，無論是租賃情況強勁還是租賃情況不佳。像往常一樣，我們對這些交易的基準感到非常滿意，儘管這些交易的進展速度可能不如其他租賃狀況良好的交易那麼快。那裡活動很活躍。

And the office space strength has been strong enough that you're starting to get a bleed over in the life science sector, those markets where there's just not enough really high-class office for tenants to move to. Our sponsors in the life science world, where demand has been slower, are -- we're seeing them being open and porting tenants that are more of a traditional office use in those projects.

辦公空間需求一直非常強勁，以至於開始向生命科學領域滲透，這些市場缺乏足夠的高檔辦公空間供租戶搬遷。在生命科學領域，需求有所放緩，我們看到贊助商們正在積極接納租戶，並將那些更偏向傳統辦公室用途的租戶引入這些項目中。

And of course, as we've noted several times over the past, our bases in those projects makes an office lease, a very executable proposition. So while life science has not attained the level of the magnitude, velocity of leasing that office has, you are starting to see office be considered and impactful to projects that are otherwise labeled life science.

當然，正如我們過去多次提到的那樣，我們在這些項目中的基礎使得辦公室租賃成為一個非常可行的方案。因此，雖然生命科學領域的租賃規模和速度還沒有達到辦公大樓的水平，但你開始看到辦公大樓被考慮並影響到其他被貼上生命科學標籤的專案。

So you got all the things George mentioned as evidence of the recovery in the commercial real estate markets. You've got perhaps a reignition of the easing cycle that will take some pressure, slow some headwinds with respect to both sponsors and real estate projects, with respect to tenants and operating businesses and all the impact that, that has. And obviously, the capital markets are giving a nod to those market dynamics in the origination of a lot of loans, many of which are coming to take our projects away. And as has been mentioned, our payoffs this quarter are a pretty significant indicator of that.

所以，喬治提到的所有跡像都顯示商業房地產市場正在復甦。或許寬鬆週期會再次啟動，這將緩解一些壓力，減緩一些不利因素，無論是對發起人、房地產專案、租戶、營運企業，或是對所有相關方的影響。顯然，資本市場在發放大量貸款時也認可了這些市場動態，而其中許多貸款最終會奪走我們的專案。正如前面提到的，我們本季的收益就很好地證明了這一點。

Yeah, fantastic level of detail. I really appreciate that. And maybe flipping the script a little bit. Reason through the management commentary, management comments, and I went back and read, gosh, a bunch of them last night, [but all the way back to like] 2017, it feels like you guys are about as bullish as I remember reading as it pertains to 2027 loan growth and how you're positioned to be opportunistic there.

是的，細節處理得非常棒。我非常感謝。或許可以稍微改一下劇本。仔細研讀了管理層的評論，我昨晚又回去讀了一大堆，一直讀到 2017 年，感覺你們對 2027 年貸款增長的樂觀程度和我記憶中讀到的差不多，也認為你們已經做好了抓住機遇的準備。

And it seems like a lot of that is being passed the wall of these older vintage repayments in RESG. But just if you could comment further on that. It sounds like mid-single-digit growth expected in '26, meaningfully more expected in '27. So I don't know if you can frame that up at all, but it feels like loan growth and fee income growth, you're both pretty bullish on as we get into '27. And just any additional commentary there would be great.

而且似乎許多這樣的問題都被 RESG 中這些較早的還款問題所掩蓋。如果您能就此再補充一些評論，那就太好了。聽起來 2026 年預計成長個位數中段，2027 年預計成長幅度更大。所以我不知道你能不能把這說清楚，但感覺你們對貸款成長和手續費收入成長都非常看好，尤其是在我們進入 2027 年的時候。任何補充評論都將不勝感激。

Yeah, Stephen, I think you correctly understand how we view the future here. Obviously, 2022 was RESG's record origination year. We originated $13.8 billion. We give that in that year. We give that cadence chart in our management comments document and have for years that, Tim, what page is that on?

是的，史蒂芬，我想你正確地理解了我們這裡對未來的看法。顯然，2022 年是 RESG 創紀錄的貸款發放年。我們創造了138億美元的收入。我們那一年會捐贈這筆款項。我們在管理評論文件中提供了該節奏圖表，多年來，蒂姆一直問：“它在哪一頁？”

Page 13, figure 13.

第 13 頁，圖 13。

Page 13, figure 13 in the management comments document that shows that cadence. And we have told people for years that most of these loans have a three to four year life cycle. So it it's no surprise to anyone that's been following our stock that we would have an exceptionally high level of RESG payoffs in 2025, probably late 2025, and you certainly saw that in the quarter just ended.

管理評論文件第 13 頁圖 13 顯示了節奏。多年來，我們一直告訴人們，這些貸款的期限大多為三到四年。因此，對於一直關注我們股票的人來說，我們在 2025 年（可能是 2025 年末）獲得異常高的 RESG 回報並不令人意外，而且您在剛結束的季度中也確實看到了這一點。

And in 2026, as those loans reach that three, four year time frame. So we've known since we were celebrating the extraordinary level of originations in 2022 that, gosh, we were going to be having to pedal hard to keep up in '25 and '26. And that realization was a strong impetus behind our effort to really ramp up our CIB group and diversify and build its origination capability so that we could achieve a handoff for the growth baton from RESG as it was absorbing that payoff wave to another business unit that could match the quality that we've traditionally had in RESG that 12 or 13 basis point life of portfolio sort of net charge-off number, that high asset quality and also originating significant volume.

到 2026 年，這些貸款將達到三到四年期限。所以，自從我們在 2022 年慶祝創收數量達到非凡水平以來，我們就知道，天哪，在 2025 年和 2026 年，我們將不得不加倍努力才能跟上步伐。正是這種認識，促使我們努力提升企業及投資銀行集團的實力，實現多元化發展，並提升其貸款發放能力，以便將增長接力棒從 RESG 移交給另一個業務部門，使其能夠達到 RESG 一貫的高質量水平，即 12 或 13 個基點的投資組合淨沖銷率、高資產質量以及顯著的貸款發放量。

So our timing there, I think, was very good. If I were criticizing my leadership as CEO, I would have said, gosh, we should have started CIB a year sooner, and the timing would have been perfect. But we started it when we had the human resources lined up and felt like it was time to go on it, and we're pretty close to spot on there.

所以我覺得我們當時的時機把握得非常好。如果我要批評自己身為執行長的領導能力，我會說，哎呀，我們應該早一年啟動企業及投資銀行業務，時機就完美了。但是，當我們的人力資源到位，並且感覺時機成熟時，我們就啟動了這個項目，而我們目前的進展非常接近預期。

So what I think happens is that RESG repayment wave just continues through '26 as we grind through the natural payoff cycle from all those '22 originations. And of course, there'll be a few older and a few newer originations that will pay off next year and some of the '22 will slide to '27. But next year is going to be the big payoff wave if the normal expected cadence holds true.

所以我認為，RESG 還款浪潮會持續到 2026 年，因為我們要慢慢消化所有 2022 年所發放的貸款的自然還款週期。當然，明年也會有一些較老的和一些較新的貸款項目獲得回報，而一些 2022 年的貸款項目將會延期到 2027 年。但如果正常的預期節奏保持不變，明年將是收穫大潮的一年。

And CIB is growing. We've really ramped up the staff there. So I think those guys are going to carry the growth bar for us next year. And of course, we would expect our high-quality indirect marine and RV business to continue to grow at a similar rate of growth to what it has grown this year. We would expect our commercial banking business to grow.

CIB正在發展壯大。我們確實大幅增加了那裡的工作人員。所以我認為明年他們的表現將帶動我們成長。當然，我們也期望我們高品質的間接船舶和房車業務能夠繼續以與今年類似的速度成長。我們預計商業銀行業務將會成長。

And with that big RESG payoff wave, we think that gets us to a mid-single-digit loan growth rate next year. But once that payoff wave is behind us and RESG is beginning to contribute positively to future growth, and we're not absorbing all those payoffs, we think we've got all of those growth engines really contributing in a meaningful way, and that really is going to lead us to some nice, very diversified growth in the portfolio in '27 and years thereafter.

我們認為，隨著 RESG 的巨額回報，明年貸款成長率將達到個位數中段。但是，一旦收益浪潮過去，RESG 開始對未來的成長做出積極貢獻，而我們又沒有吸收所有這些收益，我們認為所有這些成長引擎都將以有意義的方式真正做出貢獻，這將真正使我們的投資組合在 2027 年及以後幾年實現一些不錯的、非常多元化的增長。

And at that point, I think your 40%, 30%, 30% or 38%, 32%, whatever. It's a much more balanced, almost three parts of the portfolio that are more or less equal, with RESG, of course, being the legacy dominant part of that, CIB being almost equal, if not equal to RESG and the commercial banking indirect piece really filling in the final third part of that equation. So I think that diversification is good for asset quality.

到那時，我認為你的比例可能是 40%、30%、30% 或 38%、32%，隨便什麼數字。這是一個更平衡的投資組合，幾乎由三個大致相等的部分組成，其中 RESG 當然是其中的傳統主導部分，CIB 幾乎與 RESG 相等，甚至相等，而商業銀行間接部分則真正填補了該等式的最後三分之一。所以我認為多元化投資有利於提升資產品質。

I think it's good for eliminating some of these concentration risk that's weighed on our valuation, and I think it's good for growth. So we're really excited. I think we've positioned ourselves well to be in a really good place at that point from a growth perspective. And I think we've gone through with mid-single-digit growth next year and a lot of banks out there would be happy with mid-single-digit loan growth. So we're feeling good about it.

我認為這有助於消除一些影響我們估值的集中風險，而且我認為這有利於成長。所以我們真的很興奮。我認為，從發展的角度來看，我們已經做好了充分的準備，屆時我們將處於一個非常有利的位置。我認為我們明年將實現個位數中段的成長，許多銀行也會對個位數中段的貸款成長率感到滿意。所以我們對此感覺很好。

Great. That's fantastic, George. And maybe just one accounting question to follow up on what you just said. As you migrate towards that maybe 40% -- 40% over time with CIB and RESG, if that reduces the unfunded book further, which I would think it would. That would just simply unlock more potential capital for share repurchases. Is that right on how that accounting would generally work at a high level?

偉大的。太棒了，喬治。也許我還有一個會計方面的問題，可以跟進您剛才說的內容。隨著 CIB 和 RESG 的發展，如果未融資的帳簿進一步減少（我認為會減少），那麼隨著時間的推移，未融資的帳簿比例可能會達到 40%——隨著時間的推移，未融資的帳簿比例可能會達到 40%。那樣做就能釋放更多潛在資金用於股票回購。這種會計核算方式從宏觀層面來說是否正確？

Yeah. And the CIB guys are very cognizant of that, and they're focused on opportunities that not only meet our high asset quality and returns, but also have high utilization rates. Because we're very sensitive from our history with RESG where we got almost as many unfunded as funded that, that capital burden of all those unfunded loans really impairs our ability to be as efficient with capital allocations as we would like to. And we've had those conversations. Of course, Jake and his team are a bunch of really smart guys.

是的。CIB 的人員非常清楚這一點，他們專注於那些不僅符合我們高資產品質和回報要求，而且具有高利用率的機會。由於我們過去與 RESG 的合作經驗讓我們對此非常敏感，當時我們獲得的未融資貸款幾乎與已融資貸款一樣多，所有這些未融資貸款的資本負擔確實削弱了我們像我們希望的那樣有效地進行資本配置的能力。我們已經進行過這些對話。當然，傑克和他的團隊都是一群非常聰明的人。

They didn't need to have that explained to them. So they are actually working to weed out some of our older legacy business in those books that has a very low utilization rate and preference to new business that's very high-quality new business, but it's going to have a higher utilization rate and less unfunded. So we're focused on that as part of the strategy.

他們不需要別人解釋。因此，他們實際上正在努力清理帳簿中一些利用率非常低的舊業務，並優先發展高品質的新業務，這些新業務的利用率更高，未融資部分更少。所以，這是我們策略的一部分，也是我們關注的重點。

Yeah. And George, to piggyback off of that, you can look in our management comments specifically in the CIB section. You'll notice quarter-over-quarter, we had a little bit of shrinkage in our fund finance group, for instance, that is exactly what George is explaining. We're actively as we grow, rebalancing these legacy books to ensure that we're optimizing utilization and the deployment of capital but also ensuring that we're getting the best return possible for our shareholders.

是的。喬治，順便提一下，你可以看看我們管理層的評論，特別是CIB部分。例如，你會注意到，與上一季相比，我們的基金融資團隊規模略有縮減，這正是喬治所解釋的。隨著公司的發展，我們正在積極地重新調整這些遺留資產，以確保我們優化資本的利用和部署，同時也確保為股東獲得盡可能最好的回報。

And so you saw a little bit of a dip there in fund finance. That was primarily by design as we've shed some legacy borrowers who, in some cases, weren't even utilizing their facilities. We weren't getting the fees that we wanted out of those opportunities. The opportunity came around to exit those relationships on good terms, and so we did that. And so you'll see that continued rebalancing, to George's point, of the CIB book actively as we grow to ensure that we're improving our utilization quarter-over-quarter-over-quarter.

所以，基金融資領域出現了一些下滑。這主要是出於計劃考慮，因為我們已經剔除了一些老舊的借款人，在某些情況下，這些借款人甚至沒有使用他們的貸款額度。我們沒有從那些機會中獲得我們想要的利益。後來我們有機會好聚好散，於是我們就這麼做了。因此，正如喬治所說，你會看到，隨著我們的發展，CIB 業務持續進行再平衡，以確保我們的利用率逐季提高。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

So I appreciate all the comments on the credit for the RESG side. Can you talk a little bit about the CIB side, maybe what are you hearing? What are you seeing in the portfolio, especially given the recent headlines and the asset-backed lending corporate banking, sponsor finance, fund finance portfolios. Can you just talk a little bit about what you're seeing there?

因此，我感謝大家對RESG方面所做貢獻的所有評論。能談談CIB方面的情況嗎？您聽到了什麼消息？鑑於最近的新聞標題以及資產支持貸款企業銀行、發起人融資、基金融資投資組合，您對投資組合有何看法？你能簡單談談你在那裡看到了什麼嗎？

Jake, do you want to take that?

傑克，你想拿嗎？

Sure. That sounds great. It's great to hear from you. Quarter-over-quarter, we actually had record origination growth for CIB. We originated nearly two dozen new relationships upside, nearly a half dozen relationships which is very exciting to see.

當然。聽起來不錯。很高興收到你的來信。與上一季相比，我們的企業及投資銀行貸款發放量實際上創下了歷史新高。我們促成了近二十條新的合作關係，這令人非常興奮。

Now what you'll see within the management comments on a net basis due to both some of the strategic realignment that we mentioned earlier as well as the capital markets being really active this quarter. We had a record number of bond issuance and high-yield issuances, which are a blessing and a curse that took a little bit of a kick out of our outstandings growth quarter-over-quarter, but the upside is, now that we have our loan syndications and Corporate Services group, we're able to reap the benefit of additional fee income from our capital markets program, which is exciting.

現在，由於我們之前提到的一些策略調整以及本季資本市場的活躍，您將在管理層評論中看到淨值的變化。我們發行了創紀錄數量的債券和高收益債券，這既是好事也是壞事，它在一定程度上抑制了我們未償債務季度環比增長，但好處是，現在我們有了銀團貸款和企業服務集團，我們能夠從資本市場計劃中獲得額外的費用收入，這令人興奮。

But quarter-over-quarter, I do want to point out that it was very successful for CIB overall, our ABLG group really led the way along with CBSF, and then our new Natural Resources Group. To a lesser degree, we had great contributions from our fund finance and lender finance groups as well. And so we're excited about the continued diversification we're seeing there, the consistent growth we're seeing there. And candidly, the additional fee income that we're producing in partnership with CIB's LCS with that growth. You touched on something that's really made the headlines lately, the NDFI space, the lender finance group.

但就季度環比而言，我確實想指出，CIB 整體上非常成功，我們的 ABLG 集團和 CBSF 集團以及我們新成立的自然資源集團都真正走在了前面。基金融資和貸款融資部門也做出了很大貢獻，但貢獻程度稍遜。因此，我們對那裡持續的多元化發展和持續成長感到興奮。坦白說，我們與 CIB 的 LCS 合作，隨著業務成長，也產生了額外的費用收入。你剛才提到了一個最近頻頻登上新聞頭條的話題，那就是非債務融資機構（NDFI）領域，也就是貸款融資集團。

The beauty of what we're building here is we're building a wholesale banking infrastructure based on that diversification play. And so with the launch of these new business lines that we've brought into the fold, with the launch of business lines that we're looking into on the horizon here for the next couple of quarters that we feel like will be very complementary.

我們正在建構的體系的精妙之處在於，我們正在基於多元化策略建立批發銀行基礎設施。因此，隨著我們引入的這些新業務線的推出，以及我們計劃在未來幾季推出的、我們認為會非常互補的業務線的推出。

As a whole, our exposure to that lender finance space will continue to dilute as a percentage of the bank's overall portfolio. And so I did want to point that out as we kind of get into the nitty-gritty here on the NDFI side and then some of the headline risk that you all heard of there. The bulk of our NDFIs here at Bank OZK, are really found in that lender finance group led by Jim Lions. Very experienced team. That is our former EFCS group, just to make it clear for everybody as we've renamed them and really honed in a focus on what they've been doing.

整體而言，我們對貸款融資領域的投資佔銀行整體投資組合的比例將持續下降。所以，我想指出這一點，因為我們接下來要深入探討非存款金融機構（NDFI）方面的細節，以及你們都聽說過的一些主要風險。我們 Bank OZK 的大部分非存款金融機構實際上都屬於 Jim Lions 領導的貸款融資集團。經驗豐富的團隊。這是我們以前的 EFCS 小組，特此說明，我們已經重新命名了他們，並真正專注於他們一直在做的事情。

But an experienced group that's locked in arms with our portfolio management operations team to ensure deep underwriting, compliance oversight and really a credit focused and a credit-first mindset, specifically in that space. We're a little bit different in that space than most. And most that you've seen in the market have stubbed their toes there lately. We really focus on single lender opportunities and to a degree, two-bank club deals within that niche more than the broader syndications.

但我們擁有一支經驗豐富的團隊，他們與我們的投資組合管理營運團隊緊密合作，以確保深入的承保、合規監督，以及真正以信貸為中心、以信貸為先的思維方式，尤其是在這個領域。我們在這方面與大多數人略有不同。最近，市場上大多數公司都在這方面遭遇了挫折。我們真正關注的是單一貸款方的機會，並且在某種程度上，我們更關注該細分市場內的兩家銀行聯合貸款交易，而不是更廣泛的銀團貸款。

We think that's important in that space because that allows us to have tighter control, allows us to have a deeper look at the underlying portfolio of companies within those, the attachment points that the bank has at the loan level as well and it also ensures that we can put in place a structure that we find to be palatable and conservative in nature, too.

我們認為這在該領域非常重要，因為這使我們能夠更好地控制，使我們能夠更深入地了解這些公司背後的投資組合，以及銀行在貸款層面的關聯點，並且還能確保我們建立一個我們認為合理且保守的結構。

And so we take a little bit of a different approach there. We do a bottoms-up risking, which is very different than other institutions. We take the time to look at each portfolio company investment. We actually rate that against the bank's risk rating methodology to ensure that it meets the standards of our institution. We also not dive into their policy and their procedures to ensure that they're properly monitoring these loans.

因此，我們採取了一種略有不同的方法。我們採用由下而上的風險評估方法，與其他機構非常不同。我們會花時間仔細研究投資組合中的每一家公司。實際上，我們會根據銀行的風險評級方法對其進行評級，以確保其符合我們機構的標準。我們也沒有深入研究他們的政策和程序，以確保他們對這些貸款進行適當的監控。

And then in addition to that, we also engaged third parties for field examinations, appraisals, you name it, to ensure that what we're lending to is; a, actually there; but b, is a value at the valuation that plugs into our assumptions for our overall loans. And so that's a space we've been in since 2019. That loan book has continued to grow but grow at a much smaller pace than our other business lines. And while we remain focused and committed to that space, I do want to point out overtime, it will be -- continue to be a bit diluted just with the introduction of some of these other more diversified C&I business lines.

除此之外，我們還聘請了第三方進行實地考察、評估等等，以確保我們貸款的對象：a，確實存在；b，其估值符合我們對整體貸款的假設。所以，這就是我們自 2019 年以來一直處於的狀態。該貸款組合持續成長，但成長速度遠低於我們其他業務線。雖然我們仍然專注於並致力於該領域，但我確實想指出，隨著時間的推移，隨著其他一些更加多元化的工商業業務線的引入，該領域將會——繼續被稀釋一些。

George, anything that you'd like to add?

喬治，你還有什麼要補充的嗎？

Yes. I might. You were talking about the NFI loans, Jake, from your CIB group. But a chunk of our NDIF loans that show up on our call report, or actually RESG loans. And this goes back to our long-standing relationships with a lot of the debt funds that do commercial real estate lending.

是的。也許吧。傑克，你剛剛在談論你們CIB部門的NFI貸款嗎？但我們報告上顯示的 NDIF 貸款，或實際上是 RESG 貸款，佔了很大一部分。這要追溯到我們與許多從事商業房地產貸款的債務基金建立的長期合作關係。

And we compete with those guys a lot of times, if they win a unitranche deal, they'll bifurcate it into a senior mezz and with the senior lender in there the math, sometimes they want to hold that whole loan on their books, but leverage it with a loan from us. And we do a loan to lenders or an NNFI loan to those guys. And we underwrite our loan to them exactly and service it and manage it exactly as if we were the senior lender on that and if we were making the senior loan.

我們經常和他們競爭，如果他們贏得了單一貸款交易，他們會將其拆分為高級夾層貸款，加上高級貸款人的參與，計算結果有時他們會想把整筆貸款都記在賬上，但用我們的貸款來槓桿化。我們向貸款機構或非金融機構提供貸款給他們。我們會嚴格按照我們對他們的貸款進行承銷、服務和管理，就像我們是該筆貸款的高級貸款人，並且我們發放的是高級貸款一樣。

So in our view, there is no difference in the way we rate or evaluate those loans or the risk profile of those loans versus us being senior and them being mass, in the transaction. So that's a big chunk of our NDFI loans.

因此，我們認為，在交易中，無論我們是優先貸款還是他們只是普通貸款，我們在評級或評估這些貸款的方式或這些貸款的風險狀況上都沒有區別。所以這佔了我們非發展金融機構貸款的很大一部分。

We feel really good about that. It's a business we've been doing for many years with an exemplary track record. And in CIB, we are looking at the portfolios of the lenders that we're leveraging. As Jake said, our attachment points are very low and that is it gives us a lot of comfort, insulates us from a lot of risk. How is Appalled when I was listening to one of the news programs the other day and one of the executives from one of the lenders that has been called in one of these situations was on there, and he said, frankly, we just need to do better underwriting.

我們對此感到非常滿意。這是我們多年來一直從事且業績卓著的業務。在企業及投資銀行部門，我們正在研究我們所利用的貸款機構的投資組合。正如傑克所說，我們的依戀點很低，這給我們帶來了很多舒適感，也讓我們免受很多風險。前幾天我聽一個新聞節目時，一位在類似情況下被傳喚的貸款機構的高管在節目中表示，坦率地說，我們只需要改進承保流程，這讓我感到非常震驚。

And I thought, my gosh, you're making loans to complex entities out there. And you just now figured out you need to do better underwriting. I mean, we are thoroughly vetting and doing very diligent underwriting on these things. And Jake, really emphasized that talking about a lot of our deals, we're a single lender or small group lenders so that we're able to really influence that and dig in there and look at the underlying portfolios in a great detail. And of course, we've got locked boxes and third-party servicers and other protections there that ensure that we're doing those things the right way.

我當時想，我的天哪，你們竟然在向那些複雜的實體發放貸款。而你現在才意識到你需要改進核保工作。我的意思是，我們對這些項目進行了徹底的審查和非常嚴格的承保。傑克非常強調，在談到我們的許多交易時，我們是單一貸款方或小型貸款方，因此我們能夠真正影響這些交易，深入其中，並非常詳細地查看底層投資組合。當然，我們還有上鎖的箱子、第三方服務商和其他保護措施，以確保我們以正確的方式做這些事情。

Yeah. And George, just to piggyback off that again. I think it's important to point out that the NDFI opportunities and when we're looking at our lender finance book, for instance, it's going to be think of BDC's business development corps, for instance, we look at how they're looking at their investments, right? Concentration risk in ensuring that the bulk of their loans are senior secured loans are properly perfected. And then we also look at what industries are they focused on.

是的。還有喬治，我再藉此機會再說一次。我認為有必要指出，非發展金融機構 (NDFI) 的機會，例如，當我們審視我們的貸款融資組合時，我們會想到加拿大商業發展銀行 (BDC) 的業務發展團隊，我們會看看他們是如何看待他們的投資的，對吧？集中風險在於確保其大部分貸款為優先擔保貸款並妥善完善。然後我們也會考察他們專注於哪些行業。

We've mentioned on prior earnings calls that CIB recognizes there're certain industries out there that are currently a little bit higher risk or very competitive, but we're seeing people stretch on structures and it makes us candidly uncomfortable. And we see that in the consumer space, the auto space.

我們在先前的財報電話會議上提到過，CIB 意識到目前某些行業的風險較高或競爭非常激烈，但我們看到有人在結構上過度擴張，這讓我們坦率地感到不安。我們在消費領域，特別是汽車領域，也看到了這一點。

We see that in the degree in health care venture capital and tech. And so there's a lot of BDCs and other what we'd classify as MDFIs that are focused in those niches and good on them, if that's their prerogative. But just like a direct loan that we would do here at Bank OZK, when we're lending to an NDFI, we look at the industries they're investing in to ensure that it is aligning with our overall credit philosophy as well.

我們在醫療保健風險投資和技術領域的學位中看到了這一點。因此，有許多 BDC 和其他我們稱之為 MDFI 的機構專注於這些細分市場，並且做得很好，如果這是他們的特權的話。但就像我們在 Bank OZK 提供的直接貸款一樣，當我們向非發展金融機構 (NDFI) 提供貸款時，我們會檢視他們投資的產業，以確保其符合我們的整體信貸理念。

Yes. And that conservatism and thorough underwriting is evident in our pull-through rates. Jake, what are we running now (multiple speakers)

是的。這種保守主義和嚴謹的核保流程在我們的實際承保費率中顯而易見。傑克，我們現在跑什麼？（多位發言者）

Great point, George. We were still sub-15%, all. So when we look at that quarter-over-quarter, we're still being very selective on the opportunities that we're pursuing. 85% of the deals that come across our desk, we're passing on primarily from a credit structuring standpoint, from a yield standpoint. The market has gotten very competitive.

喬治，你說得對。我們所有人的比例仍然低於15%。所以，從季度環比來看，我們仍然對所尋求的投資機會非常謹慎。在我們經手的交易中，85%都被我們放棄了，主要原因是信貸結構和收益率方面的問題。市場競爭變得非常激烈。

And we've said that quarter-over-quarter. And we're choosing to pick the spaces, pick the markets that make sense to us, and we're sticking to our guns on credit quality. We rather have high credit quality names here and let our products and services speak for themselves versus chasing just yield and as a result, doing a bunch of highly levered deals or deals in adverse industries and asset classes.

我們已經說過，季度環比來看，情況確實如此。我們選擇那些對我們有意義的領域和市場，並且在信貸品質方面堅持我們的原則。我們寧願選擇信用品質高的公司，讓我們的產品和服務自己說話，而不是一味追求收益，結果導致大量高槓桿交易或在不利行業和資產類別中進行交易。

Yeah. We're -- as we've said earlier, we're looking for CIB to become 30% to 40% of our loan book over the next several years. And obviously, even if we're 3% or 4% we would be paying close attention to it. We're realizing that it's going to become an -- our loan book, we expect to rival our RESG book as far as volume, we're certainly intent on doing this right.

是的。正如我們之前所說，我們希望在未來幾年內，CIB 貸款占我們貸款總額的 30% 到 40%。顯然，即使我們只佔 3% 或 4%，我們也會密切關注。我們意識到，我們的貸款組合將會——我們預計在規模上將與我們的 RESG 組合相媲美，我們當然決心把這件事做好。

Matt Olney, Stephens.

馬特·奧爾尼，史蒂芬斯。

I wanted to switch gears a little bit, and I appreciate the commentary around the margin and the guidance for the NII in the fourth quarter. Very helpful and that all makes sense.

我想稍微轉換一下話題，我很欣賞關於利潤率和第四季淨利息收入指引的評論。很有幫助，而且這一切都說得通。

Just want to understand your expectations of when that margin could stabilize? If we go back a year ago, that the Fed cut aggressively in the fourth quarter and the margin was down in the fourth quarter and then down a little bit more in 1Q and then stabilized in 2Q of this year. So call it a quarter or two lag after the Fed paused we saw the NIM stabilized. So just looking for any color on when you expect the margin to stabilize as it relates to Fed cuts?

我想了解一下您預計利潤率何時能夠穩定下來？如果我們回顧一年前，聯準會在第四季度大幅降息，第四季度利率有所下降，然後在今年第一季進一步下降，並在第二季度趨於穩定。所以，在聯準會暫停升息後一、兩個季度，我們看到淨利差趨於穩定。所以，我只是想了解一下，您預期聯準會降息後，利潤率何時會趨於穩定？

Yeah. Happy to address that. If Cindy we're here today, and she's off and not with us today, but if she were here, she would tell you that our predominant interest-bearing deposit product is a seven-month CD special. We have other maturities, but probably 80% or more of our CD issuances in that seven-month time frame right now. So our variable rate loans typically tend to reprice around the time of a Fed cut.

是的。樂意解答這個問題。如果辛蒂今天在這裡，但她今天休息，沒和我們在一起，如果她在這裡，她會告訴你，我們主要的計息存款產品是七個月的定期存款特惠。我們還有其他到期債券，但目前我們80%或更多的CD發行都集中在這七個月的時間範圍內。因此，我們的浮動利率貸款通常會在聯準會降息前後重新定價。

Those CDs are going to reprice seven months later, more, or less. So that's a good example, Matt, of why there's a two-quarter lag, more or less. You see spread getting compressed a little bit for a couple of quarters after a Fed cut until that deposit pricing catches up. And certainly, we'll see that this quarter, I would expect with the September Fed cut and likely one or two more this quarter. So we're going to be chasing those loan yields for a couple of quarters with our deposit costs until the Fed stops and a couple of quarters after that, we should catch up.

這些CD大約七個月後會重新定價。所以，馬特，這很好地說明了為什麼會出現大約兩個季度的滯後現象。在聯準會降息後的幾個季度裡，你會看到利差略有收窄，直到存款定價跟上為止。當然，我們本季就會看到這種情況，我預計聯準會9月份會降息，而且本季可能還會降息一到兩次。因此，在接下來的幾個季度裡，我們將透過提高存款成本來追逐貸款收益率，直到聯準會停止升息；再過幾個季度，我們應該就能趕上。

Now the other side of that equation, though, is important, and we've included in our management comments on page 19, figure 20 that is the floor rates in our variable rate loans. So at September 30, 22% of those loans were at of our variable rate loans were at their floor. If the Fed cuts a 0.25 more, 36% will be at their floor and 50 basis points, 41%. So as we get to that 36% and then into the 40% numbers, those floor rates significantly slow down the repricing or stop the repricing of some portion of our variable rate loans. And that gives us the ability to catch up that margin differential much more quickly.

不過，等式的另一邊也很重要，我們在第 19 頁的管理評論圖 20 中列出了浮動利率貸款的最低利率。因此，截至 9 月 30 日，這些貸款中有 22% 的浮動利率貸款已達到最低利率。如果聯準會再降息 0.25 個基點，利率將達到 36%；如果再降息 50 個基點，利率將達到 41%。因此，當利率達到 36% 甚至 40% 時，這些最低利率會顯著減緩或停止部分浮動利率貸款的重新定價。這樣一來，我們就能更快地趕上利潤率差距。

So I would tell you, given where the floors are now, it's probably a couple of quarters of compressed margin following Fed cuts to catch up. But as we go through more Fed cuts, if we end up with three or four or five Fed cuts, we're going to begin to derive some meaningful benefit and shorten that catch-up period because we'll have a lot of those loans that will no longer adjust downward.

所以，鑑於目前的市場底部，我認為聯準會降息後，可能需要幾季的利潤率壓縮才能趕上。但是，隨著聯準會進一步降息，如果最終降息三到四次，甚至五次，我們將開始獲得一些實質的好處，並縮短追趕期，因為許多貸款將不再向下調整。

Okay. That all makes sense. Appreciate the color there. And just to also go back and clarify a comment from a few minutes ago around 2026 and 2027. I think we all appreciate the RESG paydowns are going to be elevated in '26 and continued expense build out next year as well.

好的。這一切都說得通。欣賞那裡的色彩。另外，我還想回顧一下幾分鐘前關於 2026 年和 2027 年的評論，並進行澄清。我想我們都明白，RESG 的還款額在 2026 年將會提高，而且明年的支出也會持續增加。

It sounds like we should assume that the net income growth and the EPS growth year-over-year in '26 may not be significant, but as the loan growth accelerates in '27, it sounds like this is the year where we could see a lot more operating leverage and the EPS growth and then income growth could be more material. Is that a fair interpretation of your commentary?

聽起來我們應該假設 2026 年的淨收入增長和每股收益同比增長可能並不顯著，但隨著 2027 年貸款增長加速，這似乎將是我們可以看到更多經營槓桿的一年，屆時每股收益增長和收入增長可能會更加顯著。我這樣解讀你的評論是否合理？

Yes. I think that's an accurate interpretation. We think that we can achieve record net interest income and record EPS next year. It's going to require a lot of work to do that and probably the year-over-year gains will be relatively small, as they've been this year, while we've been building out a lot of this infrastructure for the future and absorbing -- beginning to absorb a lot of these payouts. But we're putting up positive numbers year-over-year.

是的。我認為這是一個準確的解讀。我們認為明年可以實現創紀錄的淨利息收入和創紀錄的每股盈餘。這樣做需要付出很多努力，而且與今年一樣，同比收益可能相對較小，因為我們一直在為未來建設很多基礎設施，並且開始吸收——開始吸收很多支出。但我們每年都取得了正成長。

We would expect to do that next year. and then to really see the benefits of all that investment kick in significantly in '27 and future years.

我們預計明年就能做到這一點，然後才能真正看到所有這些投資的效益在2027年及以後幾年顯著顯現。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

One follow-up to the margin question was just on the -- I fully appreciate the floor impact right now that will limit kind of the betas as we get further cuts? And then how do we then layer on just the mix change with pricing at CIB being lower yields than the RESG book, and how that can impact loan yields over the next couple of years?

關於保證金問題，還有一個後續問題是－我完全理解目前下限的影響，這將限制隨著進一步降息而出現的β值變化？那麼，我們如何將CIB定價收益率低於RESG帳簿的定價組合變化疊加起來，以及這將在未來幾年對貸款收益率產生怎樣的影響？

That's a good question. And obviously, on our CIB book, we typically have a little lower spread than we do on our RESG book. We do get some fees and more treasury management opportunities, other miscellaneous fees on that book. And then Jake mentioned that as our customers go to capital markets, whether it's for bond issuance or equity issuance, we have now got through our CIB team, a unit that shares in those fees and lets us participate in that. So net-net, I think CIB's revenue generating capability is not far off RESG's on a pound-per-pound basis.

這是個好問題。顯然，在我們的企業及投資銀行（CIB）業務中，我們的利差通常比我們在房地產投資集團（RESG）業務中的利差要低一些。我們會從該帳簿中獲得一些費用和更多的資金管理機會，以及其他雜項費用。然後傑克提到，當我們的客戶進入資本市場，無論是發行債券還是發行股票時，我們現在都透過我們的企業及投資銀行團隊（CIB團隊）參與其中，該團隊會分享這些費用，並允許我們參與其中。所以總的來說，我認為CIB的創收能力與RESG的創收能力相差不大。

And where we really, I think, will equalize, or actually benefit from CIB as CIB becomes a bigger part of our book. And particularly if they can achieve the higher utilization rates on their credit lines that we are going to strive to achieve there, we will not have as much unfunded loan commitments on that portfolio and the diversification and elimination of our CRE concentration will let us be a little more judicious in our allocations of capital. So I think on an ROE basis, CIB will help us be actually improve our return on equity, even if on an ROA basis, there's a slight deterioration in ROA because I think it will allow us to be much more judicious in the use of our capital.

我認為，隨著 CIB 在我們業務中佔比越來越大，我們最終會實現平衡，甚至從中受益。特別是如果他們能夠實現我們努力實現的更高的信貸額度利用率，那麼我們在該投資組合中就不會有那麼多未兌現的貸款承諾，而分散投資和消除商業地產集中度將使我們能夠在資本配置方面更加謹慎。所以我認為，從淨資產收益率 (ROE) 的角度來看，企業投資銀行 (CIB) 實際上會幫助我們提高淨資產收益率，即使從資產收益率 (ROA) 的角度來看，ROA 可能會略有下降，因為我認為這將使我們能夠更加謹慎地使用我們的資本。

And Catherine, as just a help there. As a reminder, as George mentioned, through LSC and the introduction and build-out of that business line last year, and it's really ramping up now. We have capabilities to collect bond tips and other capital markets fees. We have the capabilities to collect and serve our clients from an interest rate hedging standpoint and FX standpoint. We have the opportunity to produce income from a permanent placement standpoint, too.

還有凱瑟琳，她只是在那裡幫忙而已。提醒一下，正如喬治所提到的，透過 LSC 以及去年引入和建立該業務線，現在它真的正在加速發展。我們有能力收取債券內線消息和其他資本市場費用。我們有能力從利率對沖和外匯交易的角度為客戶提供服務。我們還有機會從永久職位安置的角度創造收入。

And so we're starting to see a real nice uptick and build there of additional fee income from LSCS, which is serving the broader bank as a whole. And then as a reminder, too, and how we do these deals. Over 96.9% of our deals this last quarter or for our book, I should say, as a whole, we're either single lender, they're two bank club, or if they're syndications were the admin agent or leading deals now or were the JLA. And so because of that, not only can we positively impact the overall structuring of those deals, but it's allowing us to unlock substantially more fee income as we serve in more impactful roles for our clients and both a cross-sell standpoint and then also just an upfront fee and the ranger fee, et cetera, standpoint.

因此，我們開始看到 LSCS 的額外費用收入出現了非常好的成長，這為整個銀行提供了服務。此外，也要提醒大家，我們是如何進行這些交易的。上個季度，我們超過 96.9% 的交易，或者更確切地說，就我們的整體而言，要么是單一貸款方，要么是兩家銀行組成的貸款集團，要么是銀團貸款，我們擔任管理代理或牽頭交易，或者擔任聯合貸款機構。因此，我們不僅可以對這些交易的整體結構產生正面影響，而且隨著我們為客戶提供更有影響力的服務，無論是從交叉銷售的角度，還是從預付費用和巡場費等角度，我們都能獲得更多的費用收入。

So to George's point there, we're really starting to see a nice uptick in fees driven by that business unit, and we feel very optimistic about the future.

正如喬治所說，我們確實開始看到該業務部門的費用出現了不錯的成長，我們對未來感到非常樂觀。

Yeah. And the one item that Jake and I both neglected to mention that's really super important is our deposit opportunities for noninterest deposits, noninterest-bearing deposits, our low interest-bearing deposits, low-cost deposits to CIB is really an important part of the return on equity equation on that book of business. And obviously, we strive to get deposits with our RESG loans, but commercial real estate loans just don't have anywhere near the same level of deposit opportunities for low-cost deposits that you get with a CIB type of book. So that's a big part of the equation as well.

是的。傑克和我都忽略了一件很重要的事情，那就是我們為無利息存款、低利率存款、低成本存款提供的存款機會。這些存款對 CIB 而言，是該業務股本報酬率等式中非常重要的一環。顯然，我們努力透過 RESG 貸款獲得存款，但商業房地產貸款的低成本存款機會遠不及 CIB 類型的貸款組合。所以這也是影響因素的重要組成部分。

Okay. That's great. And then my follow-up is, there was a lot of movement in credit, and I agree with your conversation that it was kind of a mixed quarter on credit, but it was good to see the overall level of credits basically unchanged, right? Some came in because some team out, but the overall level was unchanged. I guess the big question is, what's left to maybe come into special mention in your book? And maybe is there a way to give us some color around maybe some kind of migrations within the rest of your past credits? Like are you seeing stabilization there? Or is there anything there that you're keeping an eye on?

好的。那太棒了。然後我的後續問題是，信貸方面有很多變動，我同意你剛才的說法，這個季度信貸情況喜憂參半，但令人欣慰的是，信貸總水平基本上保持不變，對吧？有些隊員因為一些隊伍的退出而加入，但整體水準沒有改變。我想最大的問題是，你的書中還有哪些內容值得特別一提？或許您能不能介紹一下您過去作品中所涉及的一些遷移方面的內容？你覺得那裡的情況趨於穩定了嗎？或者，你在那邊有什麼特別關注的事情嗎？

And then secondly, how do we think about how lower rates could potentially impact the health of your RESG book, and perhaps limit the new inflows into special mention just because lower rates kind of helped the credit of some of those projects?

其次，我們應該如何看待較低的利率可能會對您的 RESG 投資組合的健康狀況產生的潛在影響，以及較低的利率可能會限制新資金流入特別關注項目，因為較低的利率在某種程度上提高了某些項目的信用評級？

Yeah. That's a great question. Obviously, all that RESG book is variable rate loans. There are a lot of floors in there, but we're not at the floors, unfortunately, on a lot of those loans. So our sponsors will, in large number, benefit from additional Fed rate cuts.

是的。這是一個很好的問題。顯然，RESG 的所有帳面資產都是浮動利率貸款。裡面有很多層，但很遺憾，我們還沒有達到很多貸款的最終階段。因此，我們的贊助商將從聯準會進一步降息中獲益匪淺。

That also -- a lower rate environment also creates additional opportunities for them to go to a permanent loan or go to a bridge lender that may be loaning them higher leverage money or cheaper money that will be attractive. So Fed cuts will tend to magnify to a small extent the rate of RESG loan repayment.

此外，較低的利率環境也為他們創造了更多機會，讓他們可以申請長期貸款或向過橋貸款機構申請貸款，這些機構可能會提供更高槓桿率或更便宜的資金，這對他們來說很有吸引力。因此，聯準會的降息措施在一定程度上會放大 RESG 貸款的償還速度。

So it's a good thing on the quality side and good for our customers. It's a bad thing on the repayment side. But all these loans are going to pay off sooner or later one way or the other. So we're happy for our customers to get a good exit if market conditions allow that. Your other question about what else is out there and what are we watching?

所以這對產品品質來說是件好事，對我們的客戶來說也是好事。從還款角度來看，這是件壞事。但所有這些貸款遲早都會以某種方式償還。所以，如果市場條件允許，我們很樂意看到我們的客戶獲得良好的退出。你還問了我們一些關於其他節目和我們正在觀看的節目的問題？

I would tell you; we got guys that watch every loan in our portfolio every day. So we're looking at everything all the time, and that's part of the secret of the success we've had over our history as a company and certainly our 28 years since we went public, where we beat the industry's charge-off ratio every year, we're paying attention and servicing our loans in a very effective manner.

我可以告訴你，我們有專人每天監控我們投資組合中的每一筆貸款。所以我們一直在關注所有事情，這是我們公司發展歷程中取得成功的秘訣之一，尤其是在我們上市後的 28 年裡，我們每年都低於行業平均水平的壞賬率，我們非常重視並以非常有效的方式處理貸款。

As for how do you know when something is going to become kind of migrate to those problems well, deteriorations and value deteriorations in market conditions, failure to lease all really are summarized on page 29 of our management comments where we talk about sponsor support. And that really is the key.

至於如何知道某些事情何時會演變成這些問題，市場狀況的惡化和價值惡化，租賃失敗等等，實際上都總結在我們管理層評論的第 29 頁，我們在那裡談到了贊助商的支持。而這才是關鍵所在。

Are our sponsors going to continue to support their projects until they get them leased or get themselves? And our track record on that, and we've said this, we said when the COVID pandemic started that we expected most of our sponsors will continue to support their projects until conditions normalize. We've reemphasized every quarter since the Fed started raising interest rates 13 quarters ago that we expected most of our sponsors would continue to support their projects until conditions normalize.

我們的贊助商是否會繼續支持他們的項目，直到項目出租或他們自己獲得資金？我們在這方面的記錄是，而且我們也說過，在新冠疫情爆發之初，我們就說過，我們預計大多數贊助商會繼續支持他們的項目，直到情況恢復正常。自從聯準會 13 個季度前開始升息以來，我們每季都再次強調，我們預計大多數贊助商將繼續支持他們的項目，直到情況恢復正常。

Now there are obviously a handful of exceptions and sponsor fatigue and energy and resources to support projects gets exhausted over a prolonged period of time. So we've seen some examples of that, but they've been limited number of examples. And when we've seen those examples, that's when loans become special mention. That's when loans become substandard. That's when loans move into the OREO book and then get liquidated out.

當然，也有一些例外情況，贊助商的疲勞以及支持計畫的精力和資源會在較長一段時間內耗盡。我們已經看到了一些這樣的例子，但數量有限。當我們看到這些例子之後，貸款問題就值得特別關注了。這時貸款變成了次級貸款。這時，貸款就會進入OREO（已收回房產）帳簿，然後被清算。

So I would say the same thing I said at month one of the COVID-19 pandemic. And after the first Fed increase, we expect the majority of our sponsors, the vast majority of our sponsors will continue to support their projects until they get a successful conclusion. They'll do it because they're high-quality sponsors, they have high-quality assets, and they have a ton of money invested in them. And that keeps them engaged in the project. We will have some along the way where they're just become exhausted in their ability and energy and resources to support a project, and we'll deal with those when we do. And I think we're very well reserved for what we think is a plausible set of scenarios in that regard.

所以，我還要再說一遍，就像我在新冠疫情爆發第一個月時說的。在聯準會第一次升息之後，我們預計絕大多數贊助商將繼續支持他們的項目，直到項目成功為止。他們之所以會這樣做，是因為他們是高品質的贊助商，他們擁有高品質的資產，並且他們投入了大量資金。這樣就能讓他們保持對專案的熱情。在專案進行過程中，我們會遇到一些成員，他們的能力、精力和資源已經耗盡，無法繼續支援某個項目，到時候我們會處理這些問題。我認為，我們已經為我們認為可能出現的各種情況做好了充分的準備。

And any changes you're seeing in the trends in life science loans? I think that's the one asset class we're all watching and worried about.

您觀察到生命科學貸款趨勢有任何變化嗎？我認為這是我們所有人都在關注和擔憂的資產類別。

Brannon, do you want to talk about life sciences?

布蘭農，你想聊聊生命科學嗎？

Yeah, Catherine, good to talk to you. As I alluded to it in my comments earlier, that's been an industry that's had a lot of product delivered and less demand for space. And I would say there are still headwinds. There are still time to have some of those projects get where they want to go. But what we are seeing is a shift in the intention, the intended use of that space.

是的，凱瑟琳，很高興和你聊天。正如我之前在評論中提到的，這個行業的產品交付量很大，但對空間的需求卻較小。我認為仍然存在一些不利因素。現在還有時間讓其中一些項目達到預期目標。但我們看到的是空間用途和預期用途的轉變。

It's -- and we've said this quarter after quarter after quarter. It absolutely has the flexibility to serve a more typical office user. And because of demand improvement that we're seeing in the office space, there's starting to be a lot more indication and real lease interest around life science space by the typical office user. So I think that's one of the green shoots that we're seeing in that space.

我們已經連續幾個季度都這麼說了。它完全具備滿足更典型辦公室使用者需求的靈活性。由於辦公空間的需求有所改善，一般辦公使用者對生命科學領域的辦公空間表現出了更大的興趣，並開始真正對租賃這些空間產生興趣。所以我覺得這是我們在該領域看到的積極跡象之一。

You don't always execute exactly the way you want to, but at the end of the day, getting a user in the space to pay a rent is what it's all about. And again, as I said earlier, our bases in these life science deals is such that executing on a different use on an office use in particular, is absolutely an executable transaction.

你不可能總是按照你想要的方式執行，但歸根結底，讓用戶在這個空間裡支付租金才是最重要的。而且，正如我之前所說，我們在這些生命科學交易中的基礎是，執行不同的用途，特別是辦公室用途，絕對是一項可執行的交易。

So -- and you guys are aware, as we've said so many times, about the significant good news, funding that we have in these loans and the cost of building out an office tenant space is typically a good deal lower than it is for a life science tenant. So the dynamics that exist there, again, you'd love for them to all be full with life science tenants, but we're encouraged at the office markets that are pushing prospective tenants to really high-quality assets that we've financed the construction of.

所以——你們也都知道，正如我們多次說過的那樣，這是一個重大的好消息，我們獲得了這些貸款資金，而且建造辦公租戶空間的成本通常比建造生命科學租戶的空間要低得多。所以，那裡的動態是這樣的，你當然希望它們都能住滿生命科學領域的租戶，但我們對辦公大樓市場感到鼓舞，因為這些市場正在推動潛在租戶入住我們資助建設的真正高品質的資產。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Just given -- I know you appreciate that I will get more clarity in the fourth quarter and January, but on that Boston office loan that moved to substandard accrual, is that baseline expectation that they will win that 1/3 of the building for that potential tenant? And is that how you're your reserve tied to this loan is baked in. Just given the size, I would appreciate if you could give a little more color on what the likely path of this loan is in your current seat?

僅供參考——我知道您明白我會在第四季度和一月份得到更清晰的信息，但是關於那筆轉為次級應計的波士頓辦公樓貸款，他們的基本預期是能夠為潛在租戶贏得該建築的三分之一嗎？你的儲備金是否就是這樣與這筆貸款掛鉤的？鑑於貸款金額較大，如果您能詳細說明一下在您目前的職位上，這筆貸款的可能走向，我將不勝感激？

Yeah. We certainly don't want to get ahead of our sponsor here in their negotiations. They are working hard on leasing. They're also evaluating how to recapitalize that project for a longer runway. Our reserve on it as I said in my preliminary comments to the initial question reflects a wide range of scenarios here.

是的。我們當然不想在與贊助商的談判中搶得先機。他們正在努力拓展租賃業務。他們還在評估如何為該專案重新籌集資金，以延長其運行時間。正如我在對最初問題的初步評論中所說，我們對此持保留態度，這反映了這裡存在多種可能的情況。

So I think we're very well reserved on this, and we're going to let our sponsor continue to work this and endeavor to execute on it, and we'll see how that plays out over the next couple of quarters.

所以我覺得我們在這方面非常謹慎，我們會讓我們的贊助商繼續推進這項工作並努力執行，我們看看在接下來的幾個季度中結果如何。

Got it. And just switching gears to loan origination. So if I look at the -- on the third quarter, it was one of the lowest levels. And in your management commentary, you talked about the expectations for higher origination volumes for 4Q, and I would believe beyond 4Q. Can you explain to us how the third quarter is an outlier quarter, and then it will likely look better in that fourth quarter and beyond just given that you also commented on RESG commitments are likely to decline. But I guess that's more of the -- more driven by the payoff activities. Would appreciate any color.

知道了。接下來，我們將轉而進行貸款發放業務。所以如果我看一下第三季的數據，我會發現它是最低水準之一。在您的管理層評論中，您談到了對第四季度貸款發放量增加的預期，我相信第四季度之後也會如此。您能否解釋為什麼第三季度是一個異常季度，以及考慮到您也曾評論過 RESG 承諾可能會下降，第四季度及以後的情況可能會好轉？但我認為這更多是——更多是受利益驅動的活動。任何顏色都可以。

Yes. You are correct in surmising that our expectation for continued decline in RESG commitments is really driven by the payoffs. I think it is very likely that our very low volume of originations in the quarter just ended was an anomaly. You never say that for sure. We'll be glad to put up another quarter of results and prove that.

是的。您的推測是正確的，我們預期 RESG 承諾將持續下降，這實際上是由收益驅動的。我認為，剛結束的這個季度貸款發放量非常低很可能是個異常現象。你從來不會把話說得那麼肯定。我們很樂意公佈下一個季度的業績，以證明這一點。

Hopefully, we will. What I can tell you is, we've already originated in the first two weeks or so of the current quarter about half the origination volume or a little more that we originated in the whole quarter last quarter.

希望如此。我可以告訴你們的是，在本季的前兩週左右，我們的貸款發放量已經達到了上個季度整個季度貸款發放量的一半甚至更多。

So those transactions, I think there are three of them that we've already closed this quarter, would have been transactions we actually expected to close last quarter. But for 1 reason or another, they got pushed into this quarter. So we hope we'll return to a much more typical and normal level of originations in Q4 and future quarters.

所以，我認為我們本季已經完成的三筆交易，原本是我們預計在上個季度完成的交易。但由於這樣或那樣的原因，他們被安排到了這個季度。因此，我們希望在第四季度及以後的幾個季度，貸款發放量能夠恢復到更典型和正常的水平。

As I mentioned and as we mentioned in the management comments document, there are not as many new CRE projects being originated just reflective of all the various market conditions out there. There are a lot of lenders chasing those projects. So you've got a situation where you've got too many lenders chasing too few projects. That's leading to some structures and pricing and leverage points that we would not go to. That is having an impact on our origination volume.

正如我之前提到的，也正如我們在管理層評論文件中提到的，目前新的商業房地產項目並不多，這反映了各種不同的市場狀況。有很多貸款機構都在追逐這些項目。所以現在的情況是，貸款機構太多，但專案卻太少。這導致了一些我們不會採用的結構、定價和槓桿點。這對我們的貸款發放量產生了影響。

But even with that, I do think we will return more likely than not to a better, more typical origination volume in Q4 and future quarters.

但即便如此，我認為我們在第四季及以後的幾個季度很可能會恢復到更好、更典型的貸款發放量。

Brian Martin, Janney.

布萊恩馬丁，詹尼。

Most of mine have been answered here. But George, I've been kind of bouncing back and forth between calls, but just your -- the further build-out of the CIB group, George, can you just talk about if there's a lot more teams or people or verticals that maybe you're contemplating adding, I guess, and just spell out kind of where you're thinking given the growth outlook in that unit and just give a little bit of color on that. I mean just -- I know you've talked about in the past, the fee income opportunity given it's such a small piece of revenue today. Just over time, where you think that fee income to revenue percentage can get to as you go forward?

我的大部分問題都在這裡得到了解答。但是喬治，我一直在電話之間來回切換，但關於CIB集團的進一步發展，喬治，你能談談你是否正在考慮增加更多團隊、人員或垂直領域嗎？鑑於該部門的成長前景，你能具體說明一下你的想法嗎？並對此做一些簡要說明。我的意思是——我知道你以前也談過，鑑於目前手續費收入佔比很小，這是一個增加收入的機會。隨著時間的推移，您認為手續費收入佔總收入的比例最終會達到多少？

Let me tell you that we have a wonderful leadership team in our CIB group. And it's not just, Jake, but it's the leadership team under him. And they are -- thank you, operator. They are doing a great job of recruiting just top-tier veteran talent to the team, and they're being very careful about it, but they're also being very active out there in the market. So Jake, I'm going to come to you and let you unmute and talk about that and give a little additional color.

讓我告訴你們，我們企業及投資銀行集團擁有一支非常優秀的領導團隊。不只是傑克，還有他手下的領導團隊。沒錯——謝謝接線生。他們在招募頂尖老將人才方面做得非常出色，而且他們在這方面非常謹慎，但他們在市場上也非常活躍。傑克，接下來我會請你解除靜音，談談這件事，並補充一些細節。

Now No, I appreciate that, Brian. You asked my favorite question in the morning talking about the fun stuff here. So I appreciate the question. It's a good one at that. I want to emphasize here in third quarter, we're looking at the management comments.

不，我很感激，布萊恩。早上聊到這裡的趣事時，你問了我最喜歡的問題。我很感謝你的提問。而且這還不錯。我想在這裡強調，在第三季度，我們將關注管理層的評論。

You can see quarter-over-quarter, we're up $575 million in outstandings. If we look on a commitment basis, so that would be your outstandings, plus you're on funded, we're up 1.19%. That's our net number, and I wanted to point that out again, from an origination standpoint, these teams are really starting to hit their stride across the board. Our Natural Resources group led by George McKean and Bonnie and our -- that team has really taken off and putting together some nice opportunities for us. CBSF continues to grow.

從季度環比來看，我們的未償債務增加了 5.75 億美元。如果我們以承諾金額來看，也就是你的未償債務，加上你已獲得的資金，我們成長了 1.19%。這是我們的淨數字，我想再次指出，從創作的角度來看，這些團隊真的開始全面步入正軌了。我們由喬治·麥基恩和邦妮領導的自然資源團隊——這個團隊真的發展迅猛，為我們創造了一些很好的機會。CBSF持續成長。

We have identified our leader out in Atlanta, John, and he's joined us, and he's building up our presence in that part of the country for us and our footprint. We've identified our leader and brought on mesh within CBSF out in Nashville. He's got great experience and it comes from a very large institution. We're excited to have him here, and we'll continue to build the team there as well. And so the CBSF and the diversification, the great yield that comes from that book is really, again, saw its infancy, and we're going to see that continue to grow and build and really be impactful leaders here for the institution.

我們在亞特蘭大找到了我們的領導人約翰，他已經加入我們，並且正在為我們在該地區建立影響力，擴大我們的業務版圖。我們已經確定了領導者，並在納許維爾的 CBSF 內部建立了聯繫。他經驗豐富，而且來自一所規模很大的機構。我們很高興他能加入我們，我們也會繼續在那裡組建團隊。因此，CBSF 和多元化，以及這本書帶來的巨大收益，實際上還處於起步階段，我們將看到它繼續發展壯大，並真正成為該機構的有影響力的領導者。

In addition to that, Mike Chef's ABLG Group has continued to expand. We just hired a gentleman up in New York, and we'll continue to focus on. When we find the right people in the right spot that fit the OZK credit culture and overall culture, we're going to find those people. We're going to source them. We're going to bring them in and give them all the support they need to be successful, and we're seeing that in our ABL G group.

除此之外，Mike Chef 的 ABLG 集團也持續擴張。我們剛剛在紐約聘請了一位先生，我們將繼續專注於此。當我們找到合適的人選，並且他們符合 OZK 信貸文化和整體文化時，我們就會找到這些人。我們會去找貨源。我們將把他們招進來，並給予他們成功所需的一切支持，而我們在 ABL G 組就看到了這一點。

Our lender finance group, as previously mentioned by -- led by Jim Lyons is doing a fantastic job. We're seeing some nice opportunities come that way. We're being highly selective in that space, as I previously mentioned, because we are seeing a lot of pressure on the pricing and structure that we refused to give on.

如前所述，我們的貸款融資團隊——由吉姆·萊昂斯領導——做得非常出色。我們看到這方面出現了一些不錯的機會。正如我之前提到的，我們在這個領域非常謹慎，因為我們看到定價和結構方面存在著很大的壓力，而我們一直拒絕做出讓步。

Our Fund Finance Group, the -- and team is really doing a nice job and is going through that legacy book of business, as mentioned, and optimizing it. So we're proud of her and what she's doing.

我們的基金財務團隊，正如前面提到的，他們工作非常出色，正在處理和優化那些遺留的業務。所以我們為她和她所做的一切感到驕傲。

And our portfolio management operations group, which is really the backbone and more than 50% of our CIB staff, continues to do a really good job in the underwriting, the compliance, the oversight space and partnering with our second line our loan review credit risk management partners, our enterprise analytic partners as well as our third line to ensure that all the lending that we're doing is safe and sound and it's what's best for both our institution and our shareholders and the communities we serve.

我們的投資組合管理營運團隊是真正的支柱，占我們企業及投資銀行員工總數的 50% 以上，他們在承銷、合規、監督領域繼續表現出色，並與我們的第二道防線——貸款審查信用風險管理合作夥伴、企業分析合作夥伴以及第三道防線合作，以確保我們所做的所有貸款都是安全穩健的，並且最符合我們機構的利益以及我們所符合社區服務的利益。

If we look at the overall growth of what we did in the third quarter, we actually originated about $1.6 billion in net new opportunities and material upsizes, which would have equated to about $850 million in outstandings. And so again, some of that delta between the net and the gross there is optimization of the book, which we mentioned, but also, as mentioned previously, capital markets were very ripe.

如果我們看一下第三季的整體成長情況，我們實際上創造了約 16 億美元的淨新機會和實質增值，這相當於約 8.5 億美元的未償債務。因此，淨利潤和毛利之間的部分差額，正如我們之前提到的，是由於帳面優化造成的，但正如之前提到的，資本市場也非常成熟。

And I'm sure you all saw it as well, but we had a lot of clients, our public clients access the markets, bond issuances, high-yield issuances, and as a result, we're reaping the benefits of the fee income now that we have a great capital markets partnership and program, but that resulted in a little bit of a chip off of our overall growth for third quarter. As we look into fourth quarter, we're very cautiously optimistic. We feel nice about what we're doing.

我相信你們也都看到了，我們有很多客戶，我們的公共客戶進入市場，發行債券，發行高收益債券，因此，我們現在擁有了強大的資本市場合作夥伴關係和項目，正在享受手續費收入帶來的好處，但這導致我們第三季度的整體增長略有下降。展望第四季度，我們持非常謹慎樂觀的態度。我們對自己所做的事情感到很滿意。

We have teams in place and executing at a high level. And we had over a dozen names that were originated in third quarter that will be booked here really in October and then going into November 2. So we anticipate fourth quarter being strong as well. And we continue to look at opportunities for additional business lines as you asked. That makes sense for what we do.

我們已經組建了團隊，並且正在有效地執行各項任務。我們有十幾個名字是在第三季產生的，它們將在10月份被預訂，然後持續到11月2日。因此，我們預期第四季業績也將表現強勁。正如您所要求的，我們將繼續尋找拓展其他業務領域的機會。這符合我們所做的事情。

That are natural complementary kind of bolt-ons that have nice returns for us, but also have positive kind of credit profiles that really fit the bill of OZK. So we're just getting started on the CIB side. I think you're going to see continued growth and momentum there, and we're very excited about it.

這些都是自然而然的補充性附加產品，不僅能為我們帶來良好的回報，而且具有良好的信用狀況，非常符合 OZK 的要求。所以我們在企業及投資銀行（CIB）方面才剛起步。我認為你會看到這方面持續成長並保持發展勢頭，我們對此感到非常興奮。

Yeah. Let me add, Jake. And Jake's operating this addition and expansion of his staff under a gating metric that Brannon and I are monitoring. And that metric is really volume and revenue generation. And as his volume grows and revenue from his business line grows, he can add the next guy or the next three guys.

是的。我還要補充一點，傑克。傑克正在按照布蘭農和我監控的准入標準來管理他員工的增加和擴充。而這個指標其實是銷售和收入。隨著業務量和收入的成長，他可以再招一個人，或再招三個人。

And there's a gating metric on that. We're adding -- these are very high-level team members. They're very well paid. They're veteran people, so you're paying for the experience and the knowledge and the relationships that they've built over decades in most cases. And it's not inexpensive to build this team.

而且這方面還有個門檻指標。我們正在補充——這些都是高水準的團隊成員。他們的收入非常高。他們都是經驗豐富的人，所以你付的錢通常是為他們幾十年來積累的經驗、知識和人脈關係買單。組成這支隊伍成本不低。

It's in fact, expensive to build this team, but we're being very disciplined about the way we do it, and we're getting revenue in place to generate positive leverage before we add the next person or the next group of people. We get positive leverage on that group. We get the next group.

事實上，組建這個團隊成本很高，但我們在組建過程中非常嚴謹，並且在增加下一個或下一批之前，我們已經建立了收入來源，以產生積極的槓桿作用。我們可以利用該群體來獲得正面的影響力。我們來接下一組。

So Jake is growing it in a very responsible manner, and we're building it with high-class people in a very professional manner. And that's why I think we talked about '27 being these guys really hitting full stride in '27, we will have added a lot of additional people to their world between now and '27 that will generate a lot of additional growth opportunities across a very diverse book of business.

所以傑克正在以非常負責任的方式發展它，而我們正在以非常專業的方式與高素質的人才一起建立它。所以我覺得我們之前說 '27 年這些人會真正進入巔峰狀態，從現在到 '27 年，我們會為他們增加很多新成員，這將在非常多元化的業務領域創造很多額外的增長機會。

CIB, we're talking a lot about our desire to diversify our portfolio more. CIB is inherently internally diverse in what they're building, and that's another big plus out of that.

CIB，我們一直在討論如何進一步分散投資組合。CIB 在其建構的業務中本身就具有內部多樣性，這也是它的另一個巨大優勢。

And George, to that point, if we look at CIB as a whole, it represents over 40, 45 unique industries. And so there's a lot of diversification within that book, within the structures and the business lines they're under. And again, I just want to emphasize for everybody to George's point there that as we hire, we take a very different approach than what our competitor banks do. You see a lot of other banks will enter in a market and they'll hire 10, 20 people, and they'll give them years and years to build up a book and repay the institution for that initial hiring slug. But here, we're really doing it in a methodical way, to George's point.

喬治，說到這裡，如果我們把企業和投資銀行作為一個整體來看，它代表了超過 40 到 45 個獨特的行業。因此，這本書的內容非常多元化，涵蓋了各個組織結構和業務線。我再次強調，正如喬治所說，我們在招募時採取的方法與我們的競爭對手銀行截然不同。你會看到很多其他銀行進入某個市場後，會僱用 10 到 20 個人，然後給他們好幾年時間來累積業務，償還機構最初的招募成本。但在這裡，我們確實是在有條不紊地做這件事，正如喬治所說。

Before we hire the next person, the existing team pays for them. And so as a result, we ensure that as we grow, we're keeping a very close watch on expenses and a close watch on that efficiency ratio to ensure that we don't get over our skis.

在招募下一位員工之前，現有團隊會先支付他們的薪水。因此，我們確保在發展過程中，密切注意支出和效率比率，以確保我們不會過度擴張。

At this time, I would now like to turn the conference back over to George Gleason, Chairman and CEO, for closing remarks.

現在，我謹將會議交還給董事長兼執行長喬治‧格里森先生，請他致閉幕詞。

Thank you, guys, all for being on the call today. We greatly appreciate it. We look forward to talking with you in about three months. Thank you. Have a great day. It concludes our call.

謝謝各位今天參加電話會議。我們非常感謝。我們期待在三個月後與您再次洽談。謝謝。祝你有美好的一天。通話到此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。