Peoples Bancorp Inc (PEBO) 2026 Q1 法說會逐字稿

Good morning, and welcome to Peoples Bancorp Inc.'s conference call. My name is Chuck, and I'll be your conference facilitator. Today's call will cover a discussion of the results operations for the quarter ended March 31, 2026. (Operator Instructions) This call is also being recorded.

早安，歡迎參加 Peoples Bancorp Inc. 的電話會議。我叫 Chuck，將擔任本次會議的主持人。今天的電話會議將討論截至 2026 年 3 月 31 日止季度的營運結果。(接線員指示) 本次電話會議亦將錄音。

(Operator Instructions) Please be advised that the commentary in this call will contain projections and other forward-looking statements regarding Peoples future financial performance and future events.

(接線員指示) 請注意，本次電話會議中的評論將包含對 Peoples 未來財務表現及未來事件的預測與其他前瞻性陳述。

These statements are based on management's current expectations -- the statements in this call, which are not historical fact, are forward-looking statements and involve a number of risks and uncertainties detailed in the People's Securities and Exchange Commission filings. Management believes that the forward-looking statements made during this call are based on reasonable assumptions within the bound of their knowledge of Peoples business and operations.

這些陳述係基於管理層目前的預期——本次電話會議中的陳述（非歷史事實）屬前瞻性陳述，並涉及多項風險與不確定性，詳載於 Peoples 向美國證券交易委員會（SEC）提交的文件中。管理層相信，本次電話會議所作之前瞻性陳述係基於合理假設，且在其對 Peoples 業務與營運之認知範圍內。

However, it is possible actual results may differ materially from these forward-looking statements. Peoples disclaims any responsibility to update these forward-looking statements after this call, except as may be required by applicable legal requirements. Peoples First Quarter 2026 earnings release and earnings conference call presentation were issued this morning and are available at peoplesbancorp.com under Investor Relations.

然而，實際結果可能與這些前瞻性陳述存在重大差異。除非適用法律要求，Peoples 不承擔於本次電話會議後更新這些前瞻性陳述之任何責任。Peoples 2026 年第一季財報新聞稿與財報電話會議簡報已於今早發布，並可於 peoplesbancorp.com 的投資人關係（Investor Relations）專區取得。

A reconciliation of the non-generally accepted accounting principles or GAAP financial measures discussed during this call to the most directly comparable GAAP financial measures is included at the end of the earnings release. This call will include about 15- to 20-minutes of prepared commentary, followed by a question-and-answer period, which I will facilitate. An archived webcast of this call will be available at peoplesbancorp.com in the Investor Relations section for 1 year.

本次電話會議中討論之非一般公認會計原則（non-GAAP）財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表，已列於財報新聞稿末尾。本次電話會議將包含約 15 至 20 分鐘的預先準備評論，隨後進行問答環節，將由我主持。本次電話會議的網路直播存檔將於 peoplesbancorp.com 的投資人關係專區提供 1 年。

Participants in this call today are Mr. Tyler Wilcox, President and Chief Executive Officer; along with Ms. Katie Bailey, Chief Financial Officer and Treasurer; and each will be available for questions following opening statements.

今日參與本次電話會議的有 Tyler Wilcox 先生（總裁兼執行長）、Katie Bailey 女士（財務長兼司庫）；兩位將於開場陳述後接受提問。

Mr. Wilcox, you may begin the conference.

Wilcox 先生，您可以開始會議。

Thank You, Chuck. Good morning, everyone, and thank you for joining our call today. Earlier this morning, we announced that we entered into an agreement to merge with Citizens National Corporation. Citizens has approximately $700 million in assets and operates 12 branches in 8 counties in Kentucky. We expect to close the merger in the second half of 2026.

謝謝你，Chuck。各位早安，感謝大家今天加入我們的電話會議。今天稍早，我們宣布已達成協議，將與 Citizens National Corporation 合併。Citizens 約有 7 億美元資產，並在肯塔基州 8 個郡設有 12 家分行。我們預期將於 2026 年下半年完成合併。

We are excited about this partnership, which expands our presence in Kentucky markets that both overlap and complement our existing footprint. Citizens is a deposit-rich franchise that shares a similar philosophy in serving the needs of clients and communities.

我們對這項合作感到振奮，因為它將擴大我們在肯塔基州市場的布局，這些市場與我們現有版圖既有重疊也具互補性。Citizens 是一家存款基礎雄厚的特許經營機構，並與我們在服務客戶與社區需求方面秉持相近的理念。

We look forward to welcoming their shareholders employees and clients to become part of the Peoples team. We believe this merger will improve shareholder value and benefit associates of both Citizens and Peoples, while offering clients of citizens more diversified products. I will go into more details on the planned merger later in the call, and you can refer to our accompanying slides for additional details.

我們期待歡迎其股東、員工與客戶加入 Peoples 團隊。我們相信此次合併將提升股東價值，並使 Citizens 與 Peoples 的同仁受益，同時為 Citizens 的客戶提供更多元化的產品。我將在稍後的電話會議中就本次規劃中的合併提供更多細節，您也可參考我們隨附的投影片以取得更多資訊。

Now I would like to highlight our results issued this morning. We reported diluted earnings per share of $0.81 for the first quarter. Our results included several improvements compared to the linked quarter. For the first quarter, our net interest margin expanded 4 basis points driven by lower deposit costs. We had a $400,000 increase in fee-based income. We had loan growth of $13 million when we had originally anticipated loan growth to be flat due to expected paydowns during the first quarter.

接下來我想重點說明我們今早發布的業績。我們第一季稀釋後每股盈餘為 0.81 美元。相較於上一季（連續季度），我們的結果有多項改善。第一季淨利差擴大 4 個基點，主要受惠於存款成本下降。手續費型收入增加 40 萬美元。在我們原先預期第一季因預期還款而貸款成長將持平的情況下，我們仍實現貸款成長 1,300 萬美元。

Our nonperforming loans and delinquency levels improved while we also experienced reductions in our criticized and classified loan balances. Our noninterest-bearing deposits grew over $41 million or 3% our loan-to-deposit ratio improved to 88.5%.

我們的不良貸款與逾期水準改善，同時受評（criticized）與分類（classified）貸款餘額亦下降。我們的無息存款增加逾 4,100 萬美元（或 3%），貸存比改善至 88.5%。

Our tangible equity to tangible assets ratio increased 12 basis points to 8.91%. Our book value per share grew 1% on an annualized basis compared to year-end, while our tangible book value per share improved 3% on an annualized basis. All of our regulatory capital ratios improved and our diluted EPS of $0.81 exceeded consensus analyst estimates of $0.80.

我們的有形股權對有形資產比率上升 12 個基點至 8.91%。相較於年末，我們每股帳面價值以年化基礎成長 1%，而每股有形帳面價值以年化基礎改善 3%。我們所有監理資本比率均有所改善，且稀釋後每股盈餘 0.81 美元高於分析師一致預估的 0.80 美元。

As we've noted previously, we typically have annual first quarter onetime expenses that occur, which include stock-based compensation expense related to the annual forfeiture rate true-up on stock vested during the first quarter, along with upfront expense on stock grants to retirement-eligible employees which combined for a total of $764,000 and negatively impacted diluted EPS by $0.02 per share and employer health savings account contributions of $689,000 which reduced diluted EPS by $0.02 per share.

如同我們先前所提，第一季通常會發生年度一次性費用，包括：與第一季歸屬股票之年度沒收率（forfeiture rate）調整相關的股票基礎補償費用，以及對符合退休資格員工之股票授予的前期費用；兩者合計 764,000 美元，使稀釋後每股盈餘減少 0.02 美元；另有雇主健康儲蓄帳戶（HSA）提撥 689,000 美元，使稀釋後每股盈餘再減少 0.02 美元。

For the first quarter, our provision for credit losses totaled $9.7 million, increasing our allowance for credit losses as a percent of total loans to 1.16% from 1.12% at year-end. Our provision for credit losses for the quarter was driven by a deterioration in macroeconomic conditions used within our models and is not indicative of issues we are seeing within our portfolio.

第一季信用損失準備金合計 970 萬美元，使信用損失備抵（allowance for credit losses）占總貸款比率由年末的 1.12% 提升至 1.16%。本季信用損失準備金主要係因模型所採用之總體經濟條件惡化所致，並不代表我們在投資組合中觀察到的問題。

However, we are cautious and disciplined within our underwriting and portfolio management as we assess the impact of the Iran conflict on oil prices and inflationary pressure on prospects and existing clients. Our annualized quarterly net charge-off rate improved to 40 basis points compared to 44 basis points for the linked quarter. Our small ticket lease charge-offs totaled $3.8 million for the first quarter and contributed 23 basis points of our annualized quarterly net charge-off rate.

然而，在評估伊朗衝突對油價的影響，以及通膨壓力對潛在與既有客戶前景的影響時，我們在授信審查與投資組合管理上仍保持審慎與紀律。我們年化季度淨沖銷率改善至 40 個基點，優於上一季的 44 個基點。第一季小額租賃（small ticket lease）沖銷合計 380 萬美元，對年化季度淨沖銷率貢獻 23 個基點。

While we experienced a reduction in our net charge-offs for the first quarter from a dollar perspective, we do anticipate our second quarter net charge-offs to be consistent with recent quarters. We continue to project that the net charge-offs will come down in the second half of 2026, compared to recent quarterly levels.

雖然第一季從金額角度看，我們的淨沖銷有所下降，但我們預期第二季淨沖銷將與近期各季大致一致。我們仍預估 2026 年下半年淨沖銷將較近期季度水準下降。

We continue to reduce the size of our high balance accounts in our small ticket leasing business which totaled around $9 million at March 31, down from nearly $13 million at year-end. For more information on our small ticket leasing business and related net charge-offs, please refer to our accompanying slides. Our non-performing loans declined over $3 million compared to the linked quarter, mostly due to reductions in several categories of loans 90-plus days past due and accruing.

我們持續縮減小額租賃業務中高餘額帳戶的規模，截至 3 月 31 日約為 900 萬美元，較年末接近 1,300 萬美元下降。關於我們的小額租賃業務及相關淨沖銷的更多資訊，請參閱隨附投影片。相較於上一季，我們的不良貸款減少逾 300 萬美元，主要來自多個「逾期 90 天以上且仍計息」貸款類別的下降。

We also had improvements in our criticized loans, which were down $12 million compared to the linked quarter end, and our classified loans were down $5 million. At March 31, our criticized loan balances as a percent of total loans improved to 3.31%, while our classified loans as a percent of total loans declined to 2.1%. Our delinquency levels improved. And at March 31, 98.9% of our loan portfolio was considered current compared to 98.6% at year-end.

我們的受評貸款亦有所改善，較上一季季末減少 1,200 萬美元，而分類貸款減少 500 萬美元。截至 3 月 31 日，受評貸款餘額占總貸款比率改善至 3.31%，分類貸款占總貸款比率下降至 2.1%。我們的逾期水準改善。截至 3 月 31 日，我們貸款投資組合中 98.9% 被視為正常（current），相較於年末的 98.6%。

Moving on to loan balances. We generated loan growth of $13 million. We had significant commercial and industrial loan growth of over $111 million, which was partially offset by reductions in construction and commercial real estate loans of about $55 million combined.

接著談貸款餘額。我們實現貸款成長 1,300 萬美元。商業與工業（C&I）貸款大幅成長逾 1.11 億美元，但部分被營建貸款與商用不動產貸款合計約 5,500 萬美元的下降所抵銷。

We also had clients in premium finance and leases of $24 million and $15 million, respectively. We experienced some of the payoffs we had anticipated for the first quarter. However, some of those migrated to the second quarter.

我們在保費融資與租賃方面也分別有 2,400 萬美元與 1,500 萬美元的客戶。我們經歷了部分原先預期在第一季發生的提前清償。不過，其中一些已移轉至第二季。

I will now turn the call over to Kate for a discussion of our financial performance.

接下來我把電話交給 Kate，請她說明我們的財務表現。

Thanks, Tyler. Our net interest income declined $629,000 compared to the linked quarter, while our net interest margin expanded 4 basis points. Most of the reduction in net interest income was driven by declines in accretion income which totaled $1.3 million compared to $1.8 million for the fourth quarter, contributing 6 basis points and 8 basis points, respectively. We had two fewer days in the first quarter than in the fourth quarter, which also contributed to the decline in net interest income.

謝謝你，Tyler。我們的淨利息收入較上一季（相鄰季度）減少 62.9 萬美元，而淨利差擴大 4 個基點。淨利息收入下降主要是由於折價攤銷（accretion）收入下滑所致；本季折價攤銷收入合計 130 萬美元，較第四季的 180 萬美元減少，分別貢獻 6 個基點與 8 個基點。第一季比第四季少了兩天，這也導致淨利息收入下滑。

The improvement in our net interest margin was partially driven by a 12 basis point reduction in our core deposit costs, which exclude brokered CDs. We also had a decrease in our brokered CD position, which helped to increase our net interest margin.

我們淨利差的改善，部分來自核心存款成本下降 12 個基點（不含經紀存單）。我們的經紀存單部位也有所下降，這有助於提升淨利差。

From a total balance sheet perspective, we have worked to minimize our interest rate risk exposure and are in a relatively neutral interest rate risk position. As it relates to our fee-based income, we had growth of $400,000 compared to the linked quarter.

從整體資產負債表角度來看，我們一直致力於將利率風險曝險降至最低，目前處於相對中性的利率風險部位。就手續費型收入而言，較上一季增加 40 萬美元。

We recognized $1.2 million related to our annual performance-based insurance commissions, which we typically receive in the first quarter of each year. This income was partially offset by lower electronic banking income and deposit account service charges, which are seasonally higher in the fourth quarter of each year.

我們認列了 120 萬美元，與年度績效型保險佣金相關；這筆收入通常在每年第一季取得。該收入部分被較低的電子銀行收入與存款帳戶服務費所抵銷，而這些項目通常在每年第四季呈現季節性較高。

Our noninterest expenses were up $341,000 compared to the linked quarter. As Tyler mentioned, we typically recognize additional employee-related expense during the first quarter of each year, which drove the increase compared to the fourth quarter.

我們的非利息費用較上一季增加 34.1 萬美元。如 Tyler 所提，我們通常會在每年第一季認列額外的員工相關費用，這推動了相較第四季的增加。

If you exclude our additional onetime expenses from the first quarter, our noninterest expense is actually down compared to the fourth quarter. Our reported efficiency ratio was 58.6% for the first quarter and 57.8% for the linked quarter. Increase in our ratio was driven by the onetime expenses from the first quarter, coupled with lower accretion income.

若排除第一季額外的一次性費用，我們的非利息費用其實較第四季下降。我們第一季的申報效率比率為 58.6%，上一季為 57.8%。比率上升主要是第一季的一次性費用，加上折價攤銷收入較低所致。

Looking at our balance sheet at quarter end, our loan-to-deposit ratio improved to 88.5% compared to 88.8% at year-end as our influx of deposits outpaced our loan growth for the first quarter. Our investment portfolio as a percent of total assets declined slightly to 20.3% at March 31, and compared to 20.5% at year-end.

觀察季末資產負債表，我們的存放比改善至 88.5%，較年末的 88.8% 下降，因第一季存款流入增速超過放款成長。截至 3 月 31 日，我們投資組合占總資產比重小幅降至 20.3%，年末為 20.5%。

Our core deposit balances, which exclude brokered CDs, increased $192 million compared to the linked quarter end. This improvement was due to $102 million of governmental deposit growth, coupled with an increase of $41 million in non-interest-bearing deposits. This growth was partially offset by $154 million of declines in our brokered CDs as we reduced our physician opting for lower short-term borrowing rates as a funding source.

我們的核心存款餘額（不含經紀存單）較上一季季末增加 1.92 億美元。此改善來自政府存款增加 1.02 億美元，並且無息存款增加 4,100 萬美元。上述成長部分被經紀存單減少 1.54 億美元所抵銷，因我們降低經紀存單，改以較低的短期借款利率作為資金來源。

As a note, our governmental deposits are seasonally higher in the first quarter of each year, so we anticipate seeing some of that money flow out in the second quarter. Our demand deposits as a percent of total deposits were flat at 35% for both quarter end and year-end. Our non-interest-bearing deposits to total deposits grew to 21% at March 31 compared to 20% at year-end. Moving on to our capital position. All of our regulatory capital ratios improved compared to the linked quarter end.

補充說明：政府存款通常在每年第一季呈現季節性較高，因此我們預期第二季會有部分資金流出。我們的活期存款占總存款比重在季末與年末皆持平為 35%。無息存款占總存款比重截至 3 月 31 日提升至 21%，年末為 20%。接著談我們的資本部位。我們所有監理資本比率相較上一季季末皆有所改善。

Our tangible equity to tangible assets ratio improved 12 basis points to 8.9% in quarter end compared to 8.8% at year-end. Our book value per share grew to $33.85 while our tangible book value per share improved to $22.95 and or 3% annualized. We increased our quarterly dividend rate for the 11th consecutive year to $0.42 per share. This results in an annualized dividend yield of 4.84%.

我們的有形股權對有形資產比率在季末提升 12 個基點至 8.9%，年末為 8.8%。每股帳面價值成長至 33.85 美元，而每股有形帳面價值提升至 22.95 美元，約為年化 3%。我們連續第 11 年調升季度股利至每股 0.42 美元。這相當於年化股利殖利率 4.84%。

Finally, I will turn the call over to Tyler for his closing comments.

最後，我把電話交回 Tyler，請他做結語。

Thank you, Katie. Looking to our results for the full year of 2026. We expect the following, which excludes the impact of noncore expenses and the proposed merger. We expect to achieve positive operating leverage for 2026 compared to 2025. We anticipate our net interest margin will be between 4% and 4.2% for the full year 2026, which includes 125 basis points rate cut.

謝謝你，Katie。展望 2026 全年業績。我們預期如下（不包含非核心費用與擬議合併的影響）。我們預期 2026 年相較 2025 年可達成正向營運槓桿。我們預期 2026 全年淨利差介於 4% 至 4.2%，其中包含 125 個基點的降息。

Each incremental 25 basis point reduction in rates from the Federal Reserve is expected to result in a 3 to 4 basis point decline in our net interest margin for the full year, while similar increases would have a 3 to 4 basis point improvement in our net interest margin.

聯準會每額外降息 25 個基點，預期將使我們全年淨利差下降 3 至 4 個基點；而若同幅度升息，則可使我們全年淨利差改善 3 至 4 個基點。

We believe our quarterly fee-based income will range between $28 million and $30 million, we expect quarterly total noninterest expense to be between $73 million and $75 million for the remaining quarterly periods of 2026. We believe our loan growth will come in towards the low end of our guided range of 3% to 5% due to the movement of paydowns from late 2025 to 2026 coupled with the macro environment changes that occurred in the first quarter.

我們認為季度手續費型收入將介於 2,800 萬至 3,000 萬美元；我們預期 2026 年剩餘各季度的季度非利息費用總額將介於 7,300 萬至 7,500 萬美元。由於 2025 年底的還款移轉至 2026 年，加上第一季發生的總體環境變化，我們認為放款成長將落在指引區間 3% 至 5% 的低端。

We anticipate a slight reduction in our net charge-offs for 2026 compared to 2025, which we expect to positively impact provision for credit losses, excluding any changes in the economic forecast. As far as our proposed merger, we find the Citizens merger attractive for many reasons.

我們預期 2026 年的淨沖銷額將較 2025 年略為下降；在不考慮經濟預測變動的情況下，這將對信用損失提存產生正面影響。至於我們擬議的合併案，我們認為與 Citizens 的合併在多方面都具吸引力。

While we have talked more frequently about large deals to cross $10 billion, we have consistently sought opportunities for depth and efficiency in our existing markets. This opportunity with Citizens meets all of those other criteria while retaining the strategic flexibility to organically stay under $10 billion as well as pursue additional merger and acquisition opportunities.

雖然我們更常談到為跨越 100 億美元門檻的大型交易，但我們一直在既有市場中持續尋找能提升深度與效率的機會。與 Citizens 的這項機會符合上述各項條件，同時保留策略彈性：既可透過有機成長維持在 100 億美元以下，也可持續追求其他併購機會。

Citizens has high-quality, low-cost deposits and an attractively low loan-to-deposit ratio. This merger will give us increased efficiency in markets where we already have a meaningful presence. Our diversified products and services will allow us to expand offerings to the Citizens clients to engage them in a more robust overall financial experience, while giving our existing clients more access to convenient locations.

Citizens 擁有高品質、低成本存款，以及相當具吸引力的低存放比。此合併將使我們在既有已具相當據點的市場中提升效率。我們多元化的產品與服務將使我們得以擴大對 Citizens 客戶的提供內容，讓其享有更完整的整體金融體驗，同時也讓我們既有客戶更便利地使用更多據點。

We look forward to welcoming the Citizens associates into our organization and allowing them to continue to deliver high-quality service to their clients while giving their clients the opportunity to work with our other lines of business in fulfilling their needs. This transaction is valued at approximately $77 million with shareholders of Citizens receiving 2.1 shares of people's stock and $8 in cash for each share of Citizens stock.

我們期待歡迎 Citizens 的同仁加入本組織，讓他們能持續為其客戶提供高品質服務，同時也讓其客戶有機會與我們其他業務線合作以滿足其需求。本交易估值約 7,700 萬美元；Citizens 股東每持有 1 股 Citizens 股票，將可獲得 2.1 股 People's 股票及 8 美元現金。

The merger is priced attractively for our shareholders with an expected tangible book value earn-back period of less than 1 year. As far as assumptions, we anticipate realizing 40% cost savings associated with this transaction, which should improve our combined efficiency ratio. We expect the transaction to be accretive to our 2027 EPS by $0.20.

本合併對我們股東而言定價具吸引力，預期有形帳面價值回收期少於 1 年。就假設而言，我們預期可實現與本交易相關的 40% 成本節省，應可改善合併後的效率比率。我們預期該交易將使 2027 年每股盈餘（EPS）增加 0.20 美元。

We also anticipate that our regulatory capital ratios will improve at the close of the merger based on pro forma results. We have included additional details regarding the proposed merger within our accompanying slides. The Citizens merger transaction is subject to the satisfaction of customary closing conditions including regulatory and shareholder approvals.

我們也預期，根據備考（pro forma）結果，在合併交割時我們的監管資本比率將會改善。我們已在隨附的簡報中納入有關擬議合併的更多細節。Citizens 合併交易仍須滿足慣常的交割條件，包括取得監管機關及股東核准。

Last quarter, we provided clarity as to our anticipated crossing of $10 billion in assets. We said that [absent] actions taken, we would cross that mark in 2027. This remains the case, and we also continue to retain some flexibility to remain under $10 billion for a period of time using the levers we described last quarter. including flexibility in our investment portfolio beyond proposed actions taken related to the merger. Going forward, we will continue to consider all viable paths. These include a larger bank acquisition in the $2 billion to $5 billion asset range as our primary priority.

上一季，我們就預期資產規模跨越 100 億美元提供了更清楚的說明。我們表示，在未採取任何行動的情況下，我們將於 2027 年跨越該門檻。目前仍是如此；同時，我們也持續保有一定彈性，可透過我們在上一季所描述的槓桿，在一段時間內維持在 100 億美元以下，包括在投資組合方面的彈性，且不僅限於與合併相關的擬議行動。展望未來，我們將持續評估所有可行路徑。其中包括以資產規模約 20 億至 50 億美元的較大型銀行收購作為我們的首要優先事項。

We additionally see a path where we do more small deals, given the larger number of available partners at that level and the potential for efficiencies as seen in our recently announced deal. Additionally, we believe the current regulatory environment is generally favorable to bank mergers and acquisitions, giving opportunities for multiple deals, which our team is capable of pursuing and executing.

此外，鑑於該層級可合作的對象數量較多，且如我們近期宣布的交易所示具有效率提升的潛力，我們也看到透過進行更多小型交易的路徑。另外，我們認為目前的監管環境整體上有利於銀行併購，提供多筆交易的機會，而我們的團隊具備追求並執行這些交易的能力。

Finally, we will weigh the trade-offs of crossing $10 billion organically in the future and the negative impact of the Durbin amendment. Ultimately, we acknowledge some uncertainty is inherent in our share price and has been noted by us, our analysts and our shareholders, crossing $10 billion in any of these described manners could serve to provide strategic clarity.

最後，我們將權衡未來以有機成長跨越 100 億美元門檻的取捨，以及《Durbin 修正案》帶來的負面影響。最終，我們承認股價中存在一定不確定性，且我們、分析師與股東皆已注意到；以任何上述方式跨越 100 億美元，可能有助於提供策略上的清晰度。

We continue to strive to increase shareholder value by producing stable and reliable financial results, being mindful with our strategic and organic growth while giving our clients a robust financial offering, we will always work to make decisions that are in the best interest of our shareholders, associates and clients.

我們將持續致力於透過產出穩定且可靠的財務成果來提升股東價值，在提供客戶強健的金融服務之同時，審慎推動策略性與有機成長；我們將一如既往做出符合股東、同仁與客戶最佳利益的決策。

This concludes our commentary, and we will open the call for questions. Once again, this is Tyler Wilcox, and joining me for the Q&A session with Katie Bailey, our Chief Financial Officer.

以上為我們的說明，接下來開放提問。再次自我介紹，我是 Tyler Wilcox，並由我們的財務長 Katie Bailey 與我一同進行問答環節。

I will now turn the call back into the hands of our call facilitator.

我現在把電話會議交回給我們的會議主持人。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Jeff Rulis, D.A. Davidson.

Jeff Rulis，D.A. Davidson。

Good morning. This is Ryan Payne for Jeff Rulis. If I could start with how the deal came to be and overall, your relationship with the bank.

早安。我是 Ryan Payne，代 Jeff Rulis 提問。我想先從這筆交易如何促成，以及你們與該銀行的整體關係談起。

Yeah. Thanks. Appreciate the question. So in 2018, we did the First Commonwealth acquisition, which was headquartered very close in proximity geographically that represented our kind of first of multiple expansions into Kentucky. And even at that time, we looked around those markets saw the attractive cost of deposits saw the kind of like-minded associates and communities where we can make a difference and frankly, have had an interest in this franchise ever since then.

好的。謝謝。感謝這個問題。我們在 2018 年完成 First Commonwealth 的收購，該行總部在地理位置上非常接近，這也代表我們首次、且是多次之一地擴張進入肯塔基州。即便在當時，我們就觀察那些市場，看到具吸引力的存款成本、理念相近的同仁與社區，我們能在其中發揮影響力；坦白說，自那時起我們就一直對這個特許經營（franchise）有興趣。

So we've been watching and waiting for some number of years. They've been a good performing bank and have been committed to independents. And given their recent decision to proceed with exploring a sale, we found that think we were great partners for each other, and it came together nicely because of that fit, because of that overlap and because of that long-term interest that we had.

因此我們觀察並等待了好幾年。他們是一家表現良好的銀行，也一直致力於維持獨立經營。而在他們近期決定著手探索出售之後，我們認為彼此是很好的合作夥伴；由於契合度、重疊性，以及我們長期以來的興趣，這筆交易也就順利促成。

Okay. Great. And I appreciate the NIM guide for the full year. But looking ahead with the transaction, where could we see the margin shaking out kind of post the planned securities sales and borrowing paydowns?

了解。很好。也感謝你們提供全年 NIM（淨利差）指引。但往前看這筆交易，在計畫出售證券與償還借款之後，合併後的利差大概會落在什麼水準？

Yeah. I mean I think there's obviously upward history to that number. I think 26% is going to be impacted, but not until the later part of the year. So I think when we look at 27% on a more full year basis, I think there's a 15- to 20-basis point opportunity to our stand-alone guide on the margin side.

是的。我的意思是，我認為那個數字顯然有上行空間。我認為 26% 會受到影響，但要到今年較後段才會反映。因此，當我們以較完整年度來看 27% 時，我認為相較於我們單獨（stand-alone）的利差指引，大約有 15 到 20 個基點的提升機會。

Got it. last one for me. So with the 40% cost savings, what's built into that number. Is that more so back office and systems? And do you have estimates on timing of those cost saves?

了解。最後一題。關於 40% 的成本節省，這個數字包含了哪些項目？主要是後台與系統嗎？你們對這些成本節省的實現時程有估計嗎？

Yeah, I'll address the timing first. We expect about 50% of that cost savings to be effectuated within 2026 and the remainder within the beginning of 2027. As to kind of the mix of that, it's a combination of everything. There's contracts, there's duplicate locations. There's staffing and so forth. So it's the usual mix of efficiencies from the two organizations combining.

好的，我先談時程。我們預期約 50% 的成本節省會在 2026 年內落實，其餘則在 2027 年初完成。至於組成結構，基本上是各方面的組合。包含合約、重複據點。也包含人力配置等等。所以就是兩個組織合併時常見的效率來源組合。

Tim Switzer, KBW.

Tim Switzer，KBW。

Hey, good morning. Thanks for taking my question.

嗨，早安。謝謝讓我提問。

Hey, Tim.

嗨，Tim。

Congrats on the deal. One quick one, and I'm sorry if you guys already said this, but any more color you can provide on like the timing of the deal close? Are we thinking end of Q4, beginning Q4, Q3? Just trying to get a better idea for the model.

恭喜這筆交易。一個快問的問題，如果你們已經提過我先說聲抱歉：你們能否再多提供一些交易交割時點的資訊？我們預期是第四季末、第四季初，還是第三季？只是想讓模型抓得更準一些。

Probably right near the ending of Q3 beginning of Q4 for closing we expect conversion in kind of the second quarter sometime of next year.

交割我們預期大概會在第三季末、第四季初附近；系統轉換（conversion）則預期在明年第二季的某個時間點。

Got it. Okay. And does the Citizens acquisition, like does that preclude you at all from announcing another merger before closing? Or do you think you still have the capability to do that if the right opportunity arrives?

了解。好的。那 Citizens 的收購案是否會在任何程度上讓你們在交割前無法宣布另一筆合併？或者如果出現合適機會，你們仍有能力這麼做？

Given the right opportunity, we are ready, willing and able and obviously, continue long term in many conversations. So should any of those come to fruition, we would we would be ready to announce that and execute on it. So this does not put us on the sidelines in any way, shape or form.

只要有合適的機會，我們已準備就緒、也願意且有能力；而且很明顯地，我們長期以來一直在進行許多對話。因此若其中任何一項有具體進展，我們會準備好宣布並執行。所以這不會讓我們以任何方式、任何形式退到場邊。

Okay. That's great to hear. And my guess would be no just given the size, but does this acquisition alter your criteria on the type of bank you'd like to acquire the size of bank, your strategy or approach to that as you cross $10 billion?

了解。很高興聽到。我猜應該不會、畢竟規模不大，但這次收購是否會改變你們對想收購銀行類型、銀行規模的標準，或是在跨越 100 億美元時的策略或做法？

It doesn't. I think like I said in the prepared remarks, although we've talked probably more frequently about our number 1, choice being a single large acquisition we've left open that possibility, especially kind of in the last year given the regulatory favorability to time close and those types of things and we've seen in other transactions out there in the world. So we see that and noticed it.

不會。我想如同我在事先準備的談話中所說，雖然我們可能更常談到我們的第一選擇是單一的大型收購，但我們也保留了這種可能性，特別是過去一年在監管環境較有利於掌握交割時點等因素下，我們也在市場上其他交易中看到了這類情況。所以我們看到了，也注意到了。

And then if we find something that's very attractive in the $1 billion range, maybe a little bit more, maybe a little bit less. It has a lot of the metrics that are attractive for our shareholders like this one is we would absolutely pursue that. And then be on the train to continue that over time and continue to be open in that scenario to larger or smaller deals going forward.

另外，如果我們找到一個非常具吸引力、資產規模約 10 億美元左右（可能略多或略少）的標的，且具備像這筆交易一樣、對股東有吸引力的多項指標，我們絕對會去追求。然後就持續在這條路上前進，隨時間推進持續進行，並在此情境下對未來更大或更小的交易都保持開放。

Brendan Nosal, Hovde

Brendan Nosal，Hovde

Hey, good morning, folks. Hope you're doing well. If I look at Slide 22, just the actions that you plan on taking around the $10 billion threshold, are those contemplated in the deal accretion of 5.6%? Or would that be further accretive kind of given where securities roll off versus where the borrowing costs are.

嘿，各位早安。希望大家都一切順利。如果我看第 22 頁投影片，關於你們在 100 億美元門檻附近計畫採取的那些行動，是否已納入交易增厚 5.6% 的計算中？還是說，考量到證券到期/退出的節奏相對於借款成本的水準，這些行動會帶來進一步的增厚？

All right. Sorry, I'm getting to your slide. So the transaction -- the selling of the securities is contemplated in the metrics that we noted related to the deal. But any further action outside of selling part of their securities -- or their securities portfolio and part of ours is not contemplated in the deal.

好的。抱歉，我正在翻到你的投影片。所以，這筆交易——出售證券——已納入我們在交易相關指標中所提到的內容。但除了出售他們部分證券——或他們的證券投資組合以及我們的一部分——之外的任何進一步行動，並未納入這筆交易的計算。

Sorry, say that again, Katy, what is included in the deal accretion you provide and what isn't?

抱歉，Katy，可以再說一次嗎？你們提供的交易增厚裡包含哪些、不包含哪些？

Yeah. Included is the selling of about $300 million of our securities and their securities portfolio. So the $560 -- I don't think it's -- Yes, the $560 million noted on Slide 22 is contemplated or is included in the deal math that we articulated.

可以。包含的是出售約 3 億美元的我們的證券以及他們的證券投資組合。所以，第 22 頁投影片提到的 5.60 億美元——我想是——對，該 5.60 億美元已在我們所說明的交易計算中被考量/納入。

All right. That's helpful. Maybe turning to expenses. -- even with the seasonally higher items that tend to hit in the first quarter, I thought expenses were really well contained but it looks like you did increase the expected run rate for the final three quarters of the year. Is this just a timing difference for when you realize certain things? Or is there maybe something else worth pointing out?

好的。這很有幫助。也許轉到費用面——即使第一季通常會有季節性較高的項目，我覺得費用控制得很好，但看起來你們提高了今年最後三季的預期費用運行水準。這只是某些事項認列時點的差異嗎？還是有其他值得指出的因素？

The one thing I would point out is it's mostly impacted by operating lease expense, which has corresponding revenue associated with it from our Vantage leasing operations. And so positive to pretax earnings, but it does increase the expense base, and that's what's driving that increase in the guide. And there's revenue on the other side, like I said, but that revenue side stayed within our guide previous guide.

我會指出的一點是，這主要受營業租賃費用影響，而這部分在我們的 Vantage 租賃業務中有相對應的收入。因此對稅前盈餘是正面的，但它確實會提高費用基礎，這就是指引中上調的原因。如我所說，另一端有收入，但收入端仍維持在我們先前的指引範圍內。

Got it. Okay. And let me sneak one more in here. Just on the loan mark for Citizens. I mean 4% [Lanmark] feels I guess, somewhat heavy from the current credit environment. Was there anything in particular that drove the market to that level, whether it's a specific portfolio or something you saw in the diligence performance sorry, in the diligence process that might not be super obvious to those of us on the outside?

了解。好。我再插問一題。關於 Citizens 的貸款評價調整（loan mark）。我是說，4% 的（loan mark）在目前的信用環境下感覺有點偏重。市場把它定到這個水準，有沒有什麼特定因素驅動？例如某個特定投資組合，或是在盡職調查過程中看到一些外部人士不太容易察覺的表現/情況？

Yeah, I would agree with you that, especially their reported metrics, which we found to be validated at very few charge-offs I'd say, one, it's a very small denominator. So one or two loans can significantly move that a little bit as we did our analysis, they had one or two very small emerging loan situations that we wanted to take a cautious approach to and ensure that we are fully reserved for. So there is no systematic issue. We're very satisfied with the credit but that one or two relationships is what drove a reasonable size for them is what drove that mark.

是的，我同意你的看法，尤其是他們揭露的指標——我們也驗證過——我會說核銷非常少。第一，分母非常小，所以一兩筆貸款就可能在我們分析時讓數字明顯波動；他們有一到兩個非常小的、正在浮現的貸款個案，我們希望採取更審慎的方式，確保我們已充分提列準備。所以這不是系統性問題。我們對其信用狀況非常滿意，但就是那一兩個往來關係，對他們而言屬於合理的規模，推動了這個評價調整幅度。

Adam Kroll, Piper Sandler.

Adam Kroll，Piper Sandler。

Hi, I'm on for [Naver Ace]. Good morning, and thanks for taking the questions.

嗨，我代替[Naver Ace]發言。早安，謝謝讓我提問。

Good morning, Adam.

早安，Adam。

Yeah. Maybe a question for Katie. You had some really nice reductions in funding costs during the quarter. I guess, are you still seeing opportunities to reduce deposit costs even with the Fed on hold?

是的。也許問 Katie 一題。你們本季資金成本下降得很不錯。我想問的是，即使聯準會暫停升息，你們是否仍看到降低存款成本的機會？

Yeah, we continually evaluate, I think, we meet at least twice a month and more regularly off-line to evaluate pricing and compare our pricing competitively as well as the balances that we're seeing in our portfolio. So -- we have continued to remain strategic and opportunistic as it relates to the deposit costs and most notably in the retail CD product.

是的，我們會持續評估；我想我們至少每月開會兩次，並且也會更頻繁地在線下評估定價，並比較我們的定價在同業中的競爭力，以及我們在投資組合中看到的餘額變化。所以——在存款成本方面我們仍持續保持策略性與機會主義，最明顯的是在零售定存（CD）產品上。

Got it. Maybe switching to the loan growth guide for the year. Just given some of the commentary in the deck on the macro environment changes. I was just wondering if you could provide some color if you're seeing that come through in the pipeline or hearing some of your borrowers pausing on projects? Or is it more just being conservative?

了解。也許切換到今年的貸款成長指引。考量簡報中對總體環境變化的一些評論，我想請你們補充一些色彩：你們是否在案源管線中看到這些影響，或聽到借款人暫緩專案？還是主要只是偏保守？

Yeah. I'll start by saying it's generally more being conservative. And when we look at kind of the pressures on our net loan growth, it's really about the payoff activity. For context, we have -- we expect a little over $400 million in payoffs for the full year. And the vast majority, about $380 million of that we expect in the first half, just to give you an idea of kind of where we're coming from there.

是的。我先說，整體上主要是偏保守。當我們看淨貸款成長的壓力來源，主要在於提前清償（payoff）活動。提供一些背景：我們預期全年提前清償金額會略高於 4 億美元。其中絕大多數——約 3.8 億美元——我們預期會發生在上半年，讓你了解我們目前的起點。

So our commentary about the macro environment, we still continue to see really robust as shows in our results, C&I loan demand. maybe a tinge down in the CRE project funding and sourcing, but still experienced growth there.

至於我們對總體環境的評論，我們仍持續看到非常強勁的 C&I（商業與工業）貸款需求，這也反映在我們的業績中。CRE（商用不動產）專案融資與案源開發可能略有降溫，但我們在那裡仍然有成長。

And then finally, I would say, maybe in the consumer side, we're seeing a little bit more slowdown particularly in kind of our indirect and residential as interest rates remain high and affordability, for example, in the auto industry, I think we've all seen the headlines around the average auto price hitting $50,000. And so I think rising fuel costs and some of those things are impacting the consumer demand, a little bit more than the commercial demand.

最後我會說，在消費端，我們看到一些放緩，特別是在我們的間接業務與住宅相關領域，因為利率仍偏高、可負擔性受到影響；例如在汽車產業，我想大家都看到新聞標題，平均車價已達 5 萬美元。因此我認為燃油成本上升以及一些因素，對消費需求的影響略大於對商業需求的影響。

Got it. Really appreciate the color, Tyler. Maybe just last 1 on credit. On the Northstar portfolio specifically. I was wondering if you had the charge-off contribution specifically from the high balance accounts during the quarter?

了解。Tyler，非常感謝補充說明。最後再問一題關於信用。就 Northstar 投資組合而言，我想知道本季核銷中，來自高餘額帳戶的貢獻是多少？

We'll see the high balance accounts as a percentage of the charge-offs. They're about -- in this quarter, they were about $1.15 million of the $3.8 million of the charge-offs within that business. So about 30%.

我們會看高餘額帳戶占核銷的比例。本季在該業務中，高餘額帳戶約為 380 萬美元核銷中的 115 萬美元。所以大約是 30%。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thank you. Good morning, Tyler. Good morning, Katie. I'm going to dig a little bit more into the size of the deal. I know you had -- you've made comments in the prepared remarks and then I answered a question on it. But -- you've obviously been looking for a deal for a while and then this one comes along and it's significantly smaller, I think, than what we were potentially looking for, which I don't think is a bad thing.

謝謝。早安，Tyler。早安，Katie。我想再更深入談一下這筆交易的規模。我知道你們在事先準備的講稿中提過，也回答過相關問題。不過——你們顯然找交易找了一段時間，然後這一筆出現了，但它的規模明顯更小，我想可能比我們原先預期的還小；我不認為這是壞事。

Is it fair to say -- I mean, I think you said it, but is it fair to say that the $2 billion to $5 billion deal is that checks all the boxes as much harder to find maybe than you were anticipating and the more likely path or at least easier to see path over the next few years as you do a number of these smaller deals to find your way over $10 billion?

我這樣說是否公平——我的意思是，我想你們也這麼說過——要找到一筆 20 億到 50 億美元、各項條件都符合的交易，是否比你們原先預期更難？而在未來幾年，更可能、或至少更容易看見的路徑，是透過做多筆較小的交易，逐步跨越 100 億美元門檻？

Yeah. I mean just playing the odds, Danny. One I would say the old saying the neighbor's farm only goes on sale once a generation, right? And so this -- I hope everybody realizes this is a deal that because it became available now, we felt like we had to be opportunistic and seize on it. But if you're just going back, if you're just playing the numbers, there are literally hundreds of banks that fit within the kind of $1 billion range and there's a much smaller number.

是的。我的意思是，就機率來看，Danny。我會說有句老話：鄰居的農場一代人才會出售一次，對吧？所以這筆交易——我希望大家都明白，因為它現在剛好變得可得，我們覺得必須把握機會、順勢而為並抓住它。但如果你只是回頭看、只是按數字來算，實際上符合大約 10 億美元規模範圍的銀行有數百家，而符合更大規模的就少得多。

So strategically and execution wise, it is -- for all the reasons we've said all along, it is much more preferable to grab that $3 billion or $4 billion bank but there's just fewer. I would say I'm still as optimistic as I have been because we continue to have conversations with banks that are in that space, whether those materialize in quarters over 2 years, I can't say right now, but I am optimistic enough to continue to talk publicly here about that being something that we see as a viable path.

所以從策略與執行角度來看——基於我們一路以來所說的所有原因——拿下那種 30 億或 40 億美元規模的銀行要更理想得多，但這類標的就是比較少。我會說我仍然跟之前一樣樂觀，因為我們持續與處在那個區間的銀行對話；這些是否會在未來幾季到兩年內成形，我現在無法斷言，但我仍足夠樂觀，願意在這裡公開談論：我們認為那是一條可行的路徑。

But just given the numbers and given the favorable regulatory environment and given our ability to execute on that. I wouldn't say it's more likely that we'll do a smaller deal, but it may be is as likely, and we're ready, willing and able because again, those who have followed us for a while, like you have, remember the four deals in four quarters, I'm not announcing that, to be very clear. But our team is capable of that. And so we see it as a viable path.

但就數量來看、就有利的監管環境來看，以及就我們的執行能力來看。我不會說我們更可能去做一筆較小的交易，但它可能同樣有機會；而我們已經準備好、也願意且有能力去做。因為再次強調，那些跟了我們一段時間的人——像你一樣——會記得我們曾經連續四個季度做了四筆交易；我不是在宣布那件事，這點要非常清楚。但我們的團隊有那樣的能力。因此我們把它視為一條可行的路徑。

Okay. That's great. Anything else in the loan book or business-wise that you think you are interested and get out of or selling from their balance sheet?

好的。很棒。在貸款組合或業務面上，還有沒有什麼你們覺得有興趣從他們的資產負債表中退出或出售的？

No. They have a very -- their balance sheet and their loan portfolio is very much in line with what you look at First Commonwealth Bank, you look at Premier, you look at -- although I would say it's maybe higher quality than some that we've looked at in the past.

沒有。他們的資產負債表與貸款組合非常符合你看 First Commonwealth Bank、你看 Premier、你看——不過我會說，可能比我們過去看過的一些標的品質更高。

So -- there's nothing that we're going to wholesale walk away from, and we'll work with those clients, and we're looking forward to that. It's, again, communities we know -- there are many loans that we had at some point that they picked up and vice versa. So that's the good of being in markets that we are highly familiar with.

所以——沒有任何我們會整批（wholesale）直接放棄的部分；我們會與那些客戶合作，也很期待這件事。而且再次強調，這些都是我們熟悉的社區——有很多筆貸款我們某個時點曾經持有，後來他們接手，反之亦然。這就是我們身處高度熟悉市場的好處。

Okay. So the way to think about the net add from a balance sheet perspective is kind of their balance sheet that they're bringing on minus the 560 securities I mean that's kind of the way to think about it from a -- before any growth obviously and maybe some on off, that's a kind of fair way to start for a place to start.

好的。所以從資產負債表角度來看，淨增加的思考方式大概就是：他們帶進來的資產負債表，扣掉那 5.6 億的證券——我的意思是，在尚未考慮任何成長、當然也可能有一些進出調整之前，這算是一個合理的起點。

Yeah, that's fair. I think their loan portfolio is about $350 million, CRE and one to four family. And it's just very, very community bank. -- no surprises. Some C-stores, some hotels, all things we're familiar with.

是的，這樣說合理。我想他們的貸款組合大約是 3.5 億美元，以商用不動產（CRE）和一到四戶住宅為主。而且就是非常、非常典型的社區銀行——沒有意外。有一些便利商店（C-stores）、一些飯店，都是我們熟悉的類型。

Okay. And sorry, some cleanup items here, Katy, the 15 basis points to 20 basis points of NIM expansion that you talked about, how much of that is accretion do you think?

好的。不好意思，這裡有幾個需要釐清的小項目，Katy，你提到淨利差（NIM）擴張 15 到 20 個基點，其中你認為有多少是來自增值攤銷（accretion）？

It's a couple of basis points. It's not a significant contributor to the to the margin impact. I think the more significant margin benefit is coming from the reduction of low-yielding securities and the paydown of higher cost overnight wholesale funding?

大概就幾個基點。它對利差影響不是主要貢獻來源。我認為更顯著的利差效益來自於降低低收益證券，以及償還成本較高的隔夜批發資金（overnight wholesale funding）。

Got it. Okay. I don't want to take everybody's questions. I'm not sure if I'm the last one or not. If I'm not, let me know, and I'll jump off by the way.

了解。好的。我不想把大家的問題都問完。我不確定我是不是最後一位。如果不是，請告訴我，我就先下線。

I'll you more behind you, but that's okay.

你後面還有更多人，但沒關係。

Go ahead. I'll drop off. And if it doesn't get asked, I'll get back on.

你先問。我先下線。如果最後沒人問到，我再上來。

Matthew Breese, Stephens Inc.

Matthew Breese，Stephens Inc.。

Hey, good morning. Maybe to start, what is the current Durbin-related revenue risks upon crossing $10 billion?

嗨，早安。先從這個開始：在跨越 100 億美元門檻後，目前與 Durbin 相關的營收風險是多少？

It's about $10 million pretax before this deal.

在這筆交易之前，大約是稅前 1,000 萬美元。

Okay. And then is there any incremental expenses or you've kind of already checked off that box.

好的。那麼是否會有任何額外費用，還是你們基本上已經把這塊準備好了？

No. We have our expenses baked in, we are ready to cross. And there won't be a negative dividend to that on expenses for us.

不會。我們已把相關費用納入預算，我們已準備好跨越門檻。而且在費用方面，對我們不會有負面的股利影響（negative dividend）。

Okay. And Katie, I think you had mentioned just kind of the remixing or the repricing of securities. Could you give us some sense for expected cash flows the rest of the year in the securities book and kind of the roll-on, roll-off dynamics within that?

好的。Katie，我想你提到證券的重新配置或重新定價。你能否讓我們了解一下，今年剩餘期間證券投資組合預期的現金流，以及其中的到期承接（roll-on）與到期退出（roll-off）動態？

So for our portfolio on a stand-alone basis for our portfolio, it still remains in that $15 million to $20 million a month of cash flow that we received.

就我們的投資組合、以單體（stand-alone）基礎來看，我們每月收到的現金流仍大約在 1,500 萬到 2,000 萬美元。

Do you know what the yield is one cash flows?

你知道這些現金流的收益率是多少嗎？

I would guess somewhere in the range of $350 million.

我猜大概在 3.5 億美元的區間。

Okay. And you're putting it back on 100 bps to 150 bps better.

好的。而你們把它再投入時，收益率會好 100 到 150 個基點。

Sometimes, it just depends where we are with loan growth where we are on the funding side. But yes, if we're reinvesting it, I think your number is correct. -- maybe upward -- up to 5 depending where we are in the cycle of the market.

有時候要看情況，取決於我們的貸款成長狀況，以及資金端的狀況。但對，如果我們是在做再投資，我認為你的數字是對的——也可能更高——最高可能到 5（個基點/百分點，視你所指）取決於我們處在市場循環的哪個階段。

Okay. Okay. I will -- do you have the -- I think you had said just a couple of bps from accretion from the deal? Is that's right, right out of the gate?

好的。好的。我想問——你剛才說這筆交易帶來的增值攤銷（accretion）只有幾個基點？這是從一開始就會反映出來的，對嗎？

Correct.

正確。

Adam Kroll, Piper Sandler.

Adam Kroll，Piper Sandler。

Hi. Yeah, Just a follow-up for me. Maybe for Katie. I'd be curious, just what are new loans coming on the portfolio at an more broadly what you're seeing from a competition perspective? And maybe just remind us what you have in terms of fixed rate loans repricing over the next year or so?

嗨。是的，我這邊只是追問一下。可能是給 Katie。我想了解，新承作的貸款目前進入投資組合的利率大概是多少？以及更廣泛來看，你們在競爭面上看到什麼情況？另外也請提醒我們，未來一年左右你們有多少固定利率貸款會重新定價？

Sure. So the rate that's coming on, as you might imagine, it varies meaningfully across all the portfolios that we have on the lending side. but I would say it's somewhere between -- between 7% and 7.25%. And then as far as fixed versus variable, it's a -- about 50-50, I think we're slightly -- it might be 55% variable and 45% fixed as we sit here today.

當然。如你所想，新增承作的利率在我們各個放款組合之間差異很大；但我會說大約在 7% 到 7.25% 之間。至於固定與浮動的比例，大概是 50/50；以我們目前的狀況來看，可能是 55% 浮動、45% 固定。

And I can't remember if there was another component to your question. And if so, please feel free to re-ask.

我也記不清您的問題是否還有其他部分。如果有的話，請隨時再提一次。

Just in terms of fixed rate loans, maybe repricing higher over the next 12 months or so, that could be kind of a tailwind to yield?

就固定利率貸款而言，未來約12個月左右可能會以更高利率重新定價，這是否可能對收益率形成某種順風？

Yes, I think that's correct. And the other thing I've highlighted the last few quarters is the production in our North Star leasing portfolio been depressed or lower than we had historically seen, given the activities on the credit side that we've articulated the last few quarters.

是的，我認為這是正確的。另外，我在過去幾個季度也強調過，我們 North Star 租賃投資組合的產出一直偏弱或低於我們歷史水準，這與我們在過去幾個季度所闡述的信貸端活動有關。

I think to the extent we start to see that production ramp back up -- and we -- in the credit box that we've articulated very clearly, there is, I think, meaningful opportunity to the margin given those are coming in somewhere between 18% and 20% from a rate perspective on new originations.

我認為，若我們開始看到該產出回升——而且在我們已非常清楚闡述的信貸框架內——我認為對利差有相當可觀的機會，因為新承作的利率水準大約落在18%到20%之間。

We expect that ramp up to kind of as we've added -- as we've talked about, new management there, kind of towards the end of this year, beginning of next year is when you'll see that begin to make an impact.

我們預期這個回升——如同我們提到的，隨著那邊新增管理團隊——大概在今年底到明年初開始會看到開始產生影響。

Brendan Nosal, Hovde.

Brendan Nosal，Hovde。

Hey, guys. Just not to beat a dead horse on kind of the merger assumptions. But Kate, you said the security sales were contemplated in the 5.6% EPS accretion -- does that also include the impact of the borrowing reduction?

嗨，各位。我不想在併購假設上老生常談。但 Kate，你提到證券出售已納入5.6%的每股盈餘增厚（EPS accretion）——那是否也包含降低借款的影響？

Yes. The whole -- that whole balance sheet trade rate there is included.

是的。整個——整個資產負債表調整（trade）都已包含在內。

Okay. Perfect. And then one other for me, just on North Star, I guess the work you've done on kind of the high balance stuff. But given that like two-thirds of the charge-offs from North Star are coming from outside of that particular sleeve. Is there anything else you -- any other actions you need to contemplate and get the loss content in that book where you need to? Or is the high balance activities sufficient in your view?

好的。完美。另外還有一個問題，關於 North Star，我想是你們在高餘額（high balance）那塊所做的工作。但鑑於 North Star 約三分之二的核銷（charge-offs）其實來自該特定分層之外。你們是否還需要考慮其他措施，讓該投資組合的損失水準降到你們需要的程度？或者在你們看來，高餘額相關措施就足夠了？

No. There is action taking. We talk about the high balance quite a bit because it's a quantifiable portfolio that we haven't originated for well over a year now, and we want to make clear that that's not going to be a recurring issue. As to the rest of it, one, the denominator has continued to shrink, and that's as Katie just acknowledged, and that's by design. And so the charge-off rate is a bit higher than we would like.

不。我們正在採取行動。我們之所以經常談高餘額，是因為那是一個可量化的投資組合，而且我們已經超過一年沒有再承作該類業務了，我們希望清楚表明那不會是反覆發生的問題。至於其餘部分，第一，分母持續縮小，正如 Katie 剛才也提到的，而且這是刻意為之。因此核銷率會比我們希望的略高一些。

But historically, we'd like to get back to that 4% to 6% charge-off rate. So we turned that portfolio around to growth and originate what we will be seeing that's not high balance and that is of the quality that will deliver that 4% to 6% charge-off ratio. We feel good about where the credit target is. I think we're right over the target that we want to be at. And it's just going to take a while for that rate to normalize as the portfolio begins to grow again.

但從歷史來看，我們希望回到4%到6%的核銷率。因此我們讓該投資組合重新回到成長，並承作我們將看到的、非高餘額且具備能帶來4%到6%核銷比率之品質的業務。我們對信貸目標所處位置感到滿意。我認為我們正好略高於我們希望達到的目標。只是隨著投資組合再次開始成長，該比率要正常化還需要一些時間。

But some of that is non high balance but is related to the 2022, 2023 vintages. But with what we've been putting on the books and in this new credit regime over the last year, we have a high degree of confidence that we have it under control. And it's a viable business that we're pretty excited about for the reasons that Katie articulated in future.

其中一部分雖然不是高餘額，但與2022、2023年批次（vintages）有關。但就我們過去一年在帳上新增的資產，以及在這個新的信貸制度下所做的承作，我們非常有信心已將其控制住。而且這是一項我們相當看好的可行業務，原因如 Katie 先前所闡述的。

Daniel Cardenas, Brean Capital.

Daniel Cardenas，Brean Capital。

Good morning guys.

各位早安。

Hey, Dan.

嗨，Dan。

Congrats on the deal. Just absent the transaction itself, maybe if you could -- and I apologize if I missed this, I been jumping around here, but can you maybe give us some color on competitive factors on the deposit side and was beginning to pick up in your footprint? Or are they still rather manageable at the moment?

恭喜這筆交易。先不談交易本身，也許你們可以——如果我漏聽了先說抱歉，我一直在這裡跳來跳去——能否談談你們據點範圍內存款端的競爭因素是否開始升溫？還是目前仍相對可控？

Yeah. I would say it's manageable. Katie talked a little bit about our regular pricing committee where we do kind of evaluations of our extensive geography and -- there's always some outlier players, often smaller banks or credit unions. -- but we're able to maintain where we want to be from a macro -- we don't -- as we shared, I think, last quarter, we don't chase stupid.

是的。我會說是可控的。Katie 提到過我們例行的定價委員會，我們會對我們廣泛的地理區域做評估——總會有一些離群的參與者，通常是較小的銀行或信用合作社——但我們仍能在宏觀層面維持我們希望的位置——如同我們上季分享的，我想，我們不會去追逐愚蠢的價格。

It's a technical making term, but we really value our margins. So we don't price to the lowest common denominator. And there's not a lot of -- we're competing largely against rational actors in the community bank and larger regional space.

這是一個技術性的說法，但我們確實很重視我們的利差。所以我們不會把價格訂到最低共同水準。而且我們主要是在社區銀行與較大型區域性銀行領域，與理性的競爭者競爭。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thanks, guys. Super quick one. The Durbin hit of $10 million, I think you said was before the deal. I imagine it's really small, but do you have a sense for what citizens would add to that?

謝謝各位。非常快的一個問題。Durbin 的影響是1,000萬美元，我想你說的是在交易之前。我想應該很小，但你們是否能估算 citizens 會增加多少？

It's about $1 million, Danny.

大約是100萬美元，Danny。

This will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Wilcox for any closing remarks.

問答環節到此結束。我想把會議交回 Wilcox 先生作結語。

Yes. I want to thank everybody for joining our call this morning. Please remember that our earnings release and a webcast of this call, including our earnings conference call presentation, will be archived at peoplesbancorp.com under the Investor Relations section.

是的。感謝各位今天早上參加我們的電話會議。請記得，我們的財報新聞稿以及本次電話會議的網路直播（包括我們的財報電話會議簡報）將會存檔於 peoplesbancorp.com 的投資人關係（Investor Relations）專區。

Thank you for your time, and have a great day.

感謝各位撥冗，祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。