Pinnacle Financial Partners Inc (PNFP) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Pinnacle Financial Partners third quarter 2025 earnings conference call. Hosting the call today from Pinnacle Financial Partners is Mr. Terry Turner, Chief Executive Officer; and Mr. Harold Carpenter, Chief Financial Officer.

各位早安，歡迎參加 Pinnacle Financial Partners 2025 年第三季財報電話會議。今天主持 Pinnacle Financial Partners 電話會議的是執行長 Terry Turner 先生和財務長 Harold Carpenter 先生。

Please note, Pinnacle's earnings release and this morning's presentation are available on the Investor Relations page of their website at www.pnfp.com. Today's call is being recorded and will be available for replay on Pinnacle Financial's website for the next 90 days. (Operator Instructions)

請注意，Pinnacle 的收益報告和今天早上的簡報可在其網站 www.pnfp.com 的投資者關係頁面查看。今天的電話會議已錄音，並將於未來 90 天內在 Pinnacle Financial 網站上提供回放。（操作說明）

During this presentation, we may make comments which may constitute forward-looking statements. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance, or achievements of Pinnacle Financial to differ materially from any results expressed or implied by such forward-looking statements. Many of such factors are beyond Pinnacle Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements.

在本次演講中，我們可能會發表一些構成前瞻性陳述的評論。所有前瞻性陳述均受風險、不確定性及其他因素的影響，這些因素可能導致 Pinnacle Financial 的實際表現、表現或成就與此類前瞻性陳述所表達或暗示的任何結果有重大差異。許多此類因素超出了 Pinnacle Financial 的控製或預測能力，因此請聽眾不要過度依賴此類前瞻性聲明。

A more detailed description of these and other risks is contained in Pinnacle Financial's annual report on Form 10-K for the year ended December 31, 2024, and its subsequently filed quarterly reports. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

有關這些風險和其他風險的更詳細描述，請參閱 Pinnacle Financial 截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告及其隨後提交的季度報告。Pinnacle Financial 聲明，無論因新資訊、未來事件或其他原因，均無義務更新或修改本簡報中包含的任何前瞻性聲明。

In addition, these remarks may include certain non-GAAP financial measures as defined by SEC Regulation G. A presentation of the most directly comparable GAAP financial measures and a reconciliation of the non-GAAP measures to the comparable GAAP measures will be made available on Pinnacle Financial's website at www.pnfp.com.

此外，這些評論可能包含美國證券交易委員會 G 條例定義的某些非公認會計準則財務指標。最直接可比較的公認會計準則財務指標的列示以及非公認會計準則指標與可比較公認會計準則指標的調節表將在 Pinnacle Financial 的網站 www.pnfp.com 上提供。

With that, I'm now going to turn the presentation over to Mr. Terry Turner, Pinnacle's President and CEO.

接下來，我將把演講交給 Pinnacle 的總裁兼執行長 Terry Turner 先生。

Thank you, Matthew, and thanks for joining us. I'm sure no one is keeping track, but next week will be Pinnacle's 25th anniversary, which makes this the 100th quarterly close for Harold and me. Happily, this is one of the best in a long history of beating Ray's quarters. This has been our custom for a very long time. We begin every quarterly call with the same shareholder value dashboard.

謝謝你，馬修，也謝謝你加入我們。我確信沒有人會去統計，但下週是 Pinnacle 成立 25 週年紀念日，這也意味著這將是我和 Harold 的第 100 個季度結算日。令人欣慰的是，這是雷的四分之一美元硬幣漫長歷史中最好的一次。這一直是我們的慣例。我們每次季度電話會議都以相同的股東價值儀錶板作為開場白。

GAAP measures first, followed by the non-GAAP measures, which are the ones that I focus on to manage the firm. As you can see across the bottom row, our asset quality metrics remain well below pre-COVID median levels with all problem loan metrics continuing to operate at or near historical lows. On the middle row, of course, everything is up and to the right, you can see the balance sheet continues to reliably build quarter after quarter with double-digit CAGR for loans and core deposits over nearly a five-year period of time. That's largely attributable to our ability to recruit and retain proven revenue producers and consolidate their relationships.

首先是GAAP指標，然後是非GAAP指標，這些指標是我管理公司時重點關注的指標。從底部一行可以看出，我們的資產品質指標仍然遠低於 COVID-19 疫情前的中位數水平，所有不良貸款指標均繼續處於或接近歷史低點。當然，在中間那一行，所有數據都在上方和右側，你可以看到資產負債表繼續穩步增長，貸款和核心存款在近五年的時間裡實現了兩位數的複合年增長率。這主要歸功於我們能夠招募和留住有業績的創收人才，並鞏固他們之間的關係。

We expect balance sheet growth to continue based on the revenue producers that are currently on our payroll, but have not yet completed consolidating their books to us. And we've continued hiring at a similar pace in 2025, which should help to continue to further produce balance sheet growth, more on future balance sheet growth expectations and hiring in a minute.

我們預期資產負債表的成長將持續，這主要得益於目前在我們公司薪資單上的創收者，但他們尚未完成將帳目併入我們公司的合併工作。2025 年，我們繼續以類似的速度招聘，這應該有助於繼續進一步實現資產負債表的成長，稍後我們將詳細介紹未來資產負債表成長預期和招聘情況。

And then moving on to the top row, you can see that the sustainable and reliable balance sheet growth has resulted in rapid revenue and EPS and the double-digit CAGR for tangible book value per share growth, which we believe are the three metrics most highly correlated with total shareholder return. That's been our relentless pursuit over the last 25 years and has resulted in the second highest total shareholder return among all the publicly traded banks in the country since our NASDAQ listing in 2002.

然後，我們來看頂行，可以看到可持續且可靠的資產負債表增長帶來了快速的收入和每股收益，以及每股有形賬面價值兩位數的複合年增長率，我們認為這三個指標與股東總回報的相關性最高。在過去的 25 年裡，我們一直不懈地追求這一目標，自 2002 年在納斯達克上市以來，我們的股東總回報率在全國所有上市銀行中排名第二。

A number of times over the years, I've used the flywheel concept, which was developed by Jim Collins in Good to Gray to help crystallize for investors the sustainable momentum that we built in this firm. I think I last used it in 2022, and it's hard to imagine that many are unfamiliar with the concept, but the idea is that through a series of disciplined, consistent efforts in the right direction, you eventually produce accelerated and sustained growth. I don't think that could be a better descriptor Pinnacle over time than accelerated and sustained growth.

多年來，我多次運用飛輪概念（這個概念由吉姆·柯林斯在《從好到灰》一書中提出），幫助投資者清晰地理解我們在這家公司建立的可持續發展勢頭。我記得上次使用這個概念是在 2022 年，很難想像很多人會不熟悉它，但其理念是，透過一系列有紀律、持續的努力朝著正確的方向前進，最終可以實現加速和持續的成長。我認為，對於 Pinnacle 的發展歷程而言，沒有比加速和持續成長更貼切的描述了。

For us, that hedgehog strategy, that disciplined and consistent effort in the right direction, is our continuous recruitment and retention market-leading revenue producers. I've developed in previous quarterly investor calls, how that hiring translates into the sustainable balance sheet growth you saw on the previous slide.

對我們來說，這種刺蝟策略，即朝著正確方向的嚴謹而持續的努力，是我們持續招募和留住市場領先的收入創造者的關鍵。我在之前的季度投資者電話會議上已經闡述了這種招聘如何轉化為你在上一張幻燈片中看到的可持續資產負債表增長。

In last quarter's earnings call, I demonstrated how our hiring to date could yield approximately $19 billion in loan growth that would materialize over the next five years, again, with no further hiring and irrespective of tariffs, Fed rate moves, general economic conditions and so forth, simply based on the continued consolidation of relationships by the relationship managers on our payroll at that time.

在上個季度的財報電話會議上，我示範了我們迄今為止的招聘如何能在未來五年內帶來約 190 億美元的貸款增長，而且無需進一步招聘，也不受關稅、美聯儲利率變動、總體經濟狀況等因素的影響，這僅僅是基於我們當時僱傭的客戶經理不斷鞏固客戶關係。

And third quarter '25 is just another quarter on that march with third quarter linked quarter annualized growth rates of 14.5% for noninterest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue and 54% for adjusted EPS. So for those who wondered whether we could sustain momentum post-merger, I hope we've at least put that question to bed.

2025 年第三季只是這成長動能的另一個季度，第三季季減成長率分別為：非計息存款 14.5%，核心存款 10.6%，貸款 8.9%，營收 31.5%，調整後每股盈餘 54%。所以，對於那些想知道我們合併後能否保持發展勢頭的人，我希望我們至少已經解決了這個問題。

Annual FDIC data were released in the third quarter, which made clear not only the success that we've enjoyed over the last decade, but why we are so optimistic about the future. We've long targeted the market share leaders in our markets. Here, you can see the magnitude of their vulnerability given up over the last decade, as noted in the red circles, 10.3% in Nashville, 15.1% Chattanooga, 13.9% in Knoxville and 16.7% in Memphis. That is major vulnerability. And then across the bottom in the blue circle, you see the incredible effectiveness of the Pinnacle model in the same time period.

聯邦存款保險公司 (FDIC) 的年度數據在第三季度發布，這不僅清楚地表明了我們在過去十年中取得的成功，也表明了我們為什麼對未來如此樂觀。我們一直以來都將目標鎖定在我們所處市場中的市佔率領導者。從這裡可以看出，在過去十年中，他們的脆弱性有所增加，如紅色圓圈所示，納許維爾為 10.3%，查塔努加為 15.1%，諾克斯維爾為 13.9%，孟菲斯為 16.7%。這是一個重大漏洞。然後，在底部的藍色圓圈中，您可以看到 Pinnacle 模型在同一時期的驚人成效。

Picking up another 3% in Nashville, where we enjoy the number one rank and not by a little, but by a lot; 8.4% in Chattanooga; 7.8% in Knoxville and 5.1% in Memphis. Hopefully, this illustrates our excitement about the ongoing match up, our ability to continue rapid balance sheet growth and ultimately, to produce outsized revenue and EPS growth.

在納許維爾，我們的市佔率又增加了 3%，我們在那裡穩居第一，而且領先優勢相當大；在查塔努加，市佔率增加了 8.4%；在諾克斯維爾，市佔率增加了 7.8%；在孟菲斯，市佔率增加了 5.1%。希望這能說明我們對這場持續競爭的興奮之情，我們繼續快速成長資產負債表的能力，以及最終實現超額收入和每股盈餘成長的能力。

And here, you're looking at the same data across other Southeastern markets where you can see fundamentally the same competitive vulnerabilities. Along the bottom row, you see the magnitude of the vulnerability we're attempting to seize from those share leaders that we target, look at these markets like 11.9% share loss in Greensburg, North Carolina; 11.9% share loss in Raleigh, North Carolina; 10.8% share loss in Greenville, South Carolina; 9.1% share loss in Charleston, South Carolina; 12.1% share loss in Atlanta, Georgia, where post-merger, we'll have the number four market share position. Honestly, that is one of the things that decides me most about our combination with Synovus.

在這裡，您可以查看其他東南市場的相同數據，從根本上看，這些市場都存在相同的競爭弱點。在最下面一行，您可以看到我們試圖從我們瞄準的市場份額領先者那裡奪取的巨大弱點，看看這些市場，例如北卡羅來納州格林斯堡的市場份額損失 11.9%；北卡羅來納州羅利的市場份額損失 11.9%；南卡羅來納州格林維爾的市場份額損失 10.8%；南卡羅來納州查爾斯頓的市佔率損失； 12.1%，合併後，我們將佔據第四的市佔率位置。說實話，這正是我決定是否與 Synovus 合作的關鍵因素之一。

When you combine that FDIC data with the Greenwich data demonstrating the differentiated service level that Pinnacle provides when combined with Synovus, you can see why we believe that we'll be the fastest growing, most dynamic large regional bank in the country. Here, you're looking at Greenwich data for businesses with sales from $1 million to $500 million in the legacy Pinnacle footprint. North and South, we're plotting market share; East and West, we're plotting Net Promoter Scores. Obviously, the goal is to get to the top right quadrant.

當您將 FDIC 數據與格林威治數據結合起來，這些數據表明 Pinnacle 與 Synovus 結合後可提供差異化的服務水平，您就能明白為什麼我們相信我們將成為美國增長最快、最具活力的大型區域銀行。這裡顯示的是格林威治地區在 Pinnacle 傳統覆蓋範圍內，銷售額從 100 萬美元到 5 億美元不等的企業的數據。南北兩地，我們繪製市場份額圖；東西兩地，我們繪製淨推薦值圖。顯然，目標是到達右上象限。

So the first observation is that with this merger, we will have arrived, combining Pinnacle's share with Synovus' share in our existing footprint, puts us on the heels of the three market share leaders, which are in the top left box. That's an 8% share position -- lead share position. And that leads to the second even more important observation, combining Pinnacle's Net Promoter Scores with Synovus' Net Promoter Scores in our footprint, we retained the highest Net Promoter Score. And all of that leads to the third and single most important observation. This merger is unique in its ability to run a differentiated service model, literally the best with a combined Net Promoter Score near 80%, and we'll be competing against banks who masked great share in previous decades but who have lost an engagement of their clients.

因此，首先需要指出的是，透過此次合併，我們將 Pinnacle 的市場份額與 Synovus 的市場份額結合起來，在我們現有的業務版圖中，使我們緊隨左上角方框中的三個市場份額領先者。那可是8%的市佔率——領先的市佔率。由此引出了第二個更重要的觀察結果，將 Pinnacle 的淨推薦值與 Synovus 在我們業務覆蓋範圍內的淨推薦值結合起來，我們保持了最高的淨推薦值。而這一切最終引出了第三個也是最重要的觀察。此次合併的獨特之處在於它能夠運作差異化的服務模式，其綜合淨推薦值接近 80%，堪稱業界最佳。我們將與那些在過去幾十年佔據巨大市場份額，但如今已失去客戶忠誠度的銀行競爭。

Some of Net Promoter Scores in the 20s, making them likely to continue giving up share, particularly to a bank like ours with similar mass in the market, but with a meaningfully differentiated service level. In my career, I have never seen a more advantaged competitive position than the one we enjoy post-merger.

部分銀行的淨推薦值僅為 20 多分，這意味著它們可能會繼續失去市場份額，尤其是失去像我們這樣在市場上規模相似但服務水平顯著不同的銀行的市場份額。在我職業生涯中，我從未見過比合併後我們所享有的更具優勢的競爭地位。

I recognize some have been concerned about the loss of momentum post-merger announcement. As you saw earlier, there was certainly no loss of momentum in terms of financial performance in Q3. And here, you can see there was no loss of hiring momentum in Q3. Hiring almost exactly the number of revenue producers as we hired on average in the first two quarters of 2025 pre-announcement and consistent with the quarterly run rate over the previous four quarters. Interestingly, the kill rate on job offers, meaning the turning job offers into hires, it remained unchanged post announcement, hiring 91.5% of those that were offered jobs in the first two quarters pre-announcement and 91.6% in the third quarter.

我注意到，有些人擔心合併消息公佈後，公司發展動能減弱。正如您之前所看到的，第三季財務業績方面絕對沒有任何勢頭減弱的情況。從這裡可以看出，第三季招募動能並未減弱。招募的創收人員數量幾乎與我們在 2025 年前兩個季度（公告發布前）平均招聘的數量完全相同，並且與過去四個季度的季度運行率保持一致。有趣的是，招聘公告發布後，錄用率（即從招聘公告到實際錄用的比例）保持不變，前兩個季度錄用率為 91.5%，第三季度錄用率為 91.6%。

And so from 30,000 feet drawn on March 20, rumors of our untimely demise were greatly exaggerated. Our flat wheel continues to spend. And when you overlay this model on the Synovus franchise, the growth revenue producers and therefore, the growth in revenue should be extraordinary.

因此，從 30,000 英尺的高度上繪製的 3 月 20 日的地圖來看，關於我們不幸滅亡的謠言被大大誇大了。我們的癟胎還在繼續燒錢。當你把這個模型應用到 Synovus 特許經營權上時，成長的收入來源以及因此而來的收入成長應該是非凡的。

So with that, let me turn it over to Harold for a detailed look at the quarter.

那麼，接下來就交給哈羅德，讓他詳細分析這部分內容。

Thanks, Terry. And I guess [Mark Twain] as well.

謝謝你，特里。我想馬克吐溫也算一個吧。

There you go.

好了。

Good morning, everybody. We will again start with loans. End-of-period loans increased 8.9% linked quarter annualized, but a little less than we anticipated, but still a strong effort by our relationship managers, one that does not cause us to think any less about the fourth quarter.

大家早安。我們將再次從貸款開始。期末貸款較上季年化成長 8.9%，但略低於我們的預期，不過這仍然是客戶經理們的大力努力，這並沒有讓我們對第四季掉以輕心。

As our fourth quarter pipelines and quarter-to-date results are in great shape, we will continue to lean on our new markets and new revenue producers to provide the punch for our loan growth. Given third quarter results and fourth quarter pipeline, we've adjusted our end-of-period loan outlook range to consider 9% to 10% growth this year.

由於我們第四季度的貸款項目儲備和本季迄今的業績都處於良好狀態，我們將繼續依靠我們的新市場和新的收入來源來推動貸款成長。鑑於第三季業績和第四季專案儲備，我們調整了期末貸款預期範圍，預計今年將成長 9% 至 10%。

We're also pleased with how our loan yields performed during the third quarter. Although the lift from fixed rate repricing is not as opportunistic as it once was, we will anticipate continued lift in fixed rate loan rates, loan yields should decrease in the fourth quarter consistent with Fed funds rate decreases, but these decreases, we believe, will be at consistent betas and obviously, we will offset these decreases with corresponding decreases in deposit rates.

我們對第三季的貸款收益率表現也感到滿意。儘管固定利率重新定價帶來的提振作用不如以往那麼明顯，但我們預計固定利率貸款利率將繼續上升，貸款收益率應在第四季度隨著聯邦基金利率的下降而下降，但我們認為這些下降幅度將與貝塔係數保持一致，顯然，我們將通過存款利率的相應下降來抵消這些下降。

EOP deposit growth came in at 6.4% linked quarter annualized. Over the years, we typically experienced more deposit growth in the second half of the year than the first half. As a result, we are increasing the low end of our estimated growth rate for total end-of-period deposits to 8% and maintaining the high end at 10% in deposit growth for 2025. As we highlighted in the press release last night, we are very excited about the performance of our noninterest-bearing deposits and the growth we have seen this year. To see the rebound in those dollars this year is very much a tailwind in our spread income as we head into the fourth quarter and 2026.

EOP存款成長率較上季成長6.4%（以年率計算）。多年來，我們通常發現下半年的存款成長比上半年要多。因此，我們將 2025 年期末存款總額成長率的估計下限提高到 8%，並將成長率上限維持在 10%。正如我們昨晚在新聞稿中所強調的那樣，我們對無息存款的表現以及今年的成長感到非常興奮。今年美元的反彈將極大地提振我們的利差收益，尤其是在我們進入第四季和2026年之際。

Many thanks to our revenue producers, treasury professionals and specialty deposit units for all the hard work getting these very valuable operating accounts.

非常感謝我們的創收人員、財務專業人員和專業存款部門的辛勤工作，才獲得了這些非常寶貴的營運帳戶。

We're also very pleased with how deposit pricing has performed thus far and how both of our loan and deposit betas have performed through the current rate cycle. We anticipate our betas will remain consistent given we anticipate incremental rate cuts in the fourth quarter.

我們對存款定價迄今為止的表現以及貸款和存款貝塔係數在當前利率週期中的表現都非常滿意。鑑於我們預計第四季度利率將逐步下調，我們預計我們的貝塔係數將保持穩定。

We anticipate a modest increase in NIM in the third quarter, so we're pleased that our NIM finished up 3 basis points at 3.26%. Our outlook for the fourth quarter of 2025 is more bullish as our NIM should continue to increase with the anticipated two additional rate cuts. After our 2025 outlook for net interest income, we have increased our estimated growth range for net interest income and now believe our growth outlook will approximately in the range of 13% to 14% over 2024 results. Obviously, any surprise, Fed funds rate decisions and the slope of the yield curve will have influence on how all of this plays out for the remainder of this year.

我們預計第三季淨利差將小幅成長，因此我們很高興淨利差最終成長了 3 個基點，達到 3.26%。我們對 2025 年第四季的展望更為樂觀，因為隨著預期中的兩次額外降息，我們的淨息差應該會繼續擴大。在對 2025 年淨利息收入做出展望後，我們提高了對淨利息收入成長的估計範圍，現在認為，與 2024 年的業績相比，我們的成長預期將約為 13% 至 14%。顯然，任何意外情況、聯邦基金利率決定以及殖利率曲線的斜率都會對今年剩餘時間這一切的發展產生影響。

As to rate cut, we've modeled out many scenarios and again, feel we're in pretty good shape to manage through most freight forecasts that are talked about in the markets today. Our current Fed funds rate forecast contemplates a rate cut in October and another in December. At this time, we do believe more rate cuts are helpful. But given the timing, we believe whatever might happen otherwise will not have a substantial impact on our anticipated 2025 results.

至於降價，我們已經模擬了很多情景，並且再次認為，我們有能力應對目前市場上討論的大多數貨運預測。我們目前的聯邦基金利率預測預計10月降息一次，12月再降息一次。目前我們認為進一步降息是有幫助的。但考慮到時間因素，我們相信，無論發生什麼其他情況，都不會對我們預期的 2025 年業績產生實質影響。

As to credit, our net charge-offs decreased 18 basis points in the third quarter from 20 basis points in the second quarter. For the full year 2025, our net charge-off outlook is unchanged as we estimate net charge-offs for 2025 coming in at approximately 18 to 20 basis points. We've increased our estimated 2025 outlook for our provision to average loans to 27 basis points. This increase is partially attributable to the increase in our reserve for unfunded commitments. That increase is very much volume related and consistent with increased outstanding unfunded lines of credit issued to our borrowers in the third quarter.

信貸方面，第三季淨沖銷額較第二季下降了 18 個基點，而第二季為 20 個基點。對於 2025 年全年，我們的淨沖銷預期保持不變，我們預計 2025 年的淨沖銷額約為 18 至 20 個基點。我們將 2025 年貸款撥備與平均貸款比率的預期展望上調至 27 個基點。這一增長部分歸因於我們未兌現承諾儲備金的增加。這一增長與交易量密切相關，並且與第三季度向借款人發放的未償付信貸額度增加的情況一致。

A quick word about BHG. BHG had an exceptional third quarter, providing fee revenues to us of over $40 million. Production was again strong in the third quarter. Credit losses also were improved third quarter compared to second quarter. Off-balance sheet loan sales were at spreads in excess of 10%, while margins for on balance sheet loans are now in excess of 11%.

簡單介紹一下BHG。BHG 第三季表現出色，為我們帶來了超過 4000 萬美元的費用收入。第三季生產依然強勁。第三季信貸損失也較第二季有所改善。表外貸款銷售的利差超過 10%，而表內貸款的利潤率現在超過 11%。

Now that said, we are anticipating BHG's fourth quarter results to be less in earnings than the third quarter. For the fourth quarter, we are estimating BHG's results should contribute approximately $30 million to our noninterest income. Given these matters, we and BHG are both comfortable in raising our earnings estimate for BHG earnings growth in 2025 to approximate 85% to 90% growth over the results reported in 2024. Several factors are contributing to this decision, stronger production lead flow, great spreads, better credit performance and better operating margins, all of which should point to what should be a very strong year for BHG.

也就是說，我們預期BHG第四季的獲利將低於第三季。我們預計 BHG 第四季的業績將為我們的非利息收入貢獻約 3000 萬美元。鑑於這些情況，我們和 BHG 都認為，2025 年 BHG 的獲利成長預期將比 2024 年公佈的業績成長約 85% 至 90%。促成這項決定的因素有很多，包括更強勁的生產線索、較大的價差、更好的信貸表現和更好的營業利潤率，所有這些都預示著BHG今年將迎來非常強勁的一年。

Lastly, to our outlook for 2025. I mentioned much of the information on the slide. Again, the investments we've made in our new markets and our hiring success are the building blocks we will lean into in order to position us for top quartile, growth in EPS and tangible book value per share amongst our peers. As to noninterest income, banking fees and wealth management are performing well. Along with BHG's estimated growth this year, we are comfortable increasing our guidance for noninterest income from 12% to 15% growth to now 20% to 22% growth this year.

最後，展望一下我們對 2025 年的展望。我在幻燈片上提到了很多資訊。再次強調，我們在新市場進行的投資以及招聘方面的成功，是我們賴以立足的基石，以便使我們在同行中佔據前四分之一的地位，實現每股收益增長和每股有形賬面價值增長。非利息收入方面，銀行手續費和財富管理業務表現良好。鑑於 BHG 今年預計的成長，我們有信心將今年非利息收入的成長預期從 12% 至 15% 上調至 20% 至 22%。

As I mentioned previously, BHG will likely approximate $30 million in the fourth quarter and make up most of the overall variance between our third quarter and fourth quarter anticipated results. As to expenses, our prior outlook reflected 115% of target award for our associates, which now given our positive outlook for the year. We are increasing to an anticipated 125% target as of September 30.

正如我之前提到的，BHG 第四季的營收可能接近 3,000 萬美元，並將彌補我們第三季和第四季預期業績之間的大部分差異。至於支出方面，我們先前的預期反映了員工目標獎勵的 115%，鑑於我們對今年的樂觀預期，這一預期現在有所調整。截至9月30日，我們預期目標增幅將達到125%。

Through all of that, we are modifying our total expense outlook to a range of $1.15 billion to $1.155 billion for estimated expenses for this year. As the slide indicates above, we are projecting an effective tax rate for 2025 in the low 18% range, which will basically be consistent with last year.

綜上所述，我們將今年的總支出預期調整為 11.5 億至 11.55 億美元。如上圖所示，我們預計 2025 年的實際稅率將在 18% 左右，這與去年基本一致。

Now as to PPNR and summing all of that up, we look at our fourth quarter PPNR, excluding BHG and merger costs, we think fourth quarter will be flat to up from the third quarter. And as to year-over-year PPNR, we think we'll be in the 7% to 8% range in growth.

現在來說說 PPNR，總而言之，我們來看第四季度的 PPNR，不包括 BHG 和合併成本，我們認為第四季度將與第三季度持平或有所增長。至於同比每千次淨收入，我們認為成長率將在 7% 到 8% 之間。

Even as all the uncertainties around rates and tariffs play out, we are confident that 2025 will shape up to be one of the best years we've experienced in our 25-year history and provides a great deal of momentum as we prepare to head into 2026 with our new partners at Synovus. If there's anything investors know us, it is that we are very competitive, and we love to prove things to the downers. All of our associates are in for a lot of work next year, but also, in my opinion, all of these associates will have a lot of fun as we continue to hire more people, grow revenues and grow earnings as we work to build the Southeast growth champion.

儘管利率和關稅方面存在許多不確定因素，但我們有信心，2025 年將成為我們 25 年歷史上最好的年份之一，並為我們與 Synovus 的新合作夥伴一起邁向 2026 年奠定堅實的基礎。如果說投資人對我們有什麼了解的話，那就是我們非常有競爭力，而且我們喜歡向那些悲觀的人證明我們是對的。明年我們所有的員工都將面臨很多工作，但同時，我認為，隨著我們不斷招募更多員工、增加收入和提高利潤，努力打造東南地區成長冠軍，所有這些員工也會從中獲得很多樂趣。

With that, I will hand it back over to Terry.

然後，我就把它交還給特里了。

Okay. Thanks, Harold. Speaking to build in the Southeast Growth Champion. When we announced the deal, we disclosed the compelling financial and client-centric metrics for this transaction, literally peer-leading growth, and profitability. We also talked about the stark contrast between this deal and others as a result of doing the hard work to hash out critical decisions pre-merger.

好的。謝謝你，哈羅德。向東南成長冠軍組織發表演說。我們在宣布這筆交易時，披露了這筆交易令人信服的財務和以客戶為中心的指標，包括真正領先同行的成長和獲利能力。我們也討論了這筆交易與其他交易之間的鮮明對比，這是因為我們在合併前付出了艱辛的努力，敲定了關鍵決策。

For any of you who've been through this kind of thing before, you know that, to have decided on exactly what the ongoing go-to-market strategy would be, the specific model that we'll run, to have selected the ongoing brand premerger, to have made and clarify for the whole organization, one ongoing long-term CEO, to have already determined the core processor. Those premerger decisions have indeed been powerful in terms of propelling the integration of these two great firms. We were able to move quickly.

對於任何經歷過此類事情的人來說，你們都知道，要確定持續的市場進入策略，我們將運行的具體模式，在合併前選擇持續的品牌，為整個組織制定並明確一位持續的長期首席執行官，並確定核心處理器。這些合併前的決策確實對推動這兩家偉大公司的整合起到了至關重要的作用。我們能夠迅速行動。

We finalized all the key leadership positions, having now pushed it down three levels into the organization. We were able to evaluate and make most key system decisions, though not all have been finalized and announced as we complete negotiations with various systems providers, mailed the proxy materials and undergo premerger exams by the Fed.

我們已經確定了所有關鍵領導職位，並將領導層下移了三個層級。我們已經能夠評估並做出大多數關鍵的系統決策，儘管並非所有決策都已最終確定並公佈，因為我們仍在與各個系統供應商進行談判，郵寄代理材料，並接受美聯儲的合併前審查。

And we're rapidly progressing through the final milestones toward an anticipated first quarter close, including holding the special shareholder meeting on November 6, completing the entire org chart literally down to each individual by November 10, and ultimately closing sometime in the first quarter. I suspect that I have yet to convince everyone of the power of the merger with Synovus, but I expect you'll recall when we announced the deal, we showcased our projections for ongoing revenue and EPS growth profitability and so forth, virtually all key metrics were peer leading or number one, it seems to me the only reason you wouldn't want to own shares and that company is that you need to see it to believe it. And so it is my hope that our third quarter performance and continuing hiring momentum has delivered the first proves.

我們正在快速推進各項里程碑，以期在第一季完成預期目標，包括 11 月 6 日召開特別股東大會，在 11 月 10 日之前完成整個組織架構圖，細化到每個人，並最終在第一季完成交易。我懷疑我還沒有讓每個人都相信與 Synovus 合併的強大力量，但我相信你們還記得，當我們宣布這筆交易時，我們展示了我們對持續收入和每股收益增長盈利能力等方面的預測，幾乎所有關鍵指標都領先同行或排名第一，在我看來，你們不想持有這家公司股票的唯一原因就是，你們需要親眼所見才能相信。因此，我希望我們第三季的業績和持續的招募動能已經初見成效。

Operator, with that, we'll stop and take questions.

操作員，接下來我們將停止並接受提問。

(Operator Instructions) Jared Shaw, Barclays Capital.

（操作說明）賈里德·肖，巴克萊資本。

So I'm just looking at slide 11 and the pace of hiring by revenue producers and the success rate of the offer acceptance rate. As we go forward and we look at the company as a pro forma company, you referenced the ability to add 300 RMs. I guess -- are there 300 RMs that fit the Pinnacle model out in that market? And what type of increase in the pace should we expect as we look at '26 and '27?

所以我現在正在看第 11 張投影片，以及創收人員的招募速度和 offer 接受率的成功率。當我們展望未來，並將公司視為備考公司時，您提到了增加 300 名 RM 的能力。我想問一下——市場上是否有適合 Pinnacle 型號的 300 RM 手錶？那麼，展望 2026 年和 2027 年，我們應該預期成長會是什麼樣的呢？

Yeah. I think -- on the question of are there 300 in the market, there may not be 300 in the market right this minute, but there'll be 300 in the market over time. And all I mean by that is when we hire people, it has not been uncommon in our history to hire somebody from another bank have that bank backfill with somebody else, and we go back three or four years later and hire the person that they backfilled with.

是的。我認為——關於市場上是否有 300 個這樣的項目，目前市場上可能沒有 300 個，但隨著時間的推移，市場上肯定會有 300 個。我的意思是，當我們招募員工時，從其他銀行招募員工，然後讓那家銀行再找其他人填補空缺，三四年後我們再回去招募他們當時找的人，這種情況在我們歷史上並不少見。

And so again, I don't -- I'm not concerned about will there be enough talent to hire. I think, Jared, if I can say this, you didn't exactly ask this, but I know a lot of people have questions about the competitive landscape or are you going to be able to keep hiring people and so forth.

所以，我再次重申，我並不擔心是否有足夠的人才可供招募。賈里德，我想說的是，雖然你沒有直接問這個問題，但我知道很多人都對競爭格局或你們是否還能繼續招募員工等等問題感到疑惑。

Jared, I think you've heard me answer that question. I've been asked that question since 2002 when we first were listed on Nasdaq. I get asked that question all the time. Every year, we keep hiring at record paces in terms of the people that we hire. And the point of that is the more people that you do hire, the more people that you can hire.

賈里德，我想你已經聽我回答過這個問題了。自 2002 年我們在納斯達克上市以來，我就一直被問到這個問題。我常被問到這個問題。每年，我們招募的人數都創下歷史新高。關鍵在於，你僱用的人越多，你就能僱用更多的人。

And that's a really important idea. We got -- I'll use -- haven't grown up in Georgia, I use the standard phrase. We got the carpet baggers coming to the Southeast who don't know, don't have people use traditional hiring models, all that sort of stuff. Our approach of using the people that we've hired to lead us to others to hire is, I think, time tested in a competitive landscape there.

這是一個非常重要的想法。我們沒有在喬治亞州長大，所以我用了標準的說法。東南部湧入了一些投機取巧的人，他們不懂行，不採用傳統的招募模式，諸如此類。我認為，在競爭激烈的環境中，我們利用已聘用人員來吸引其他人加入我們團隊的做法，是經過時間檢驗的。

In terms of the incremental hiring, the biggest partner and one of the great excitement to me in this transaction is to overlay this model, which I think is running hitting on all overlay this model on the Synovus footprint. And I know Kevin has fired up for the same reason. They've done an extraordinary job compounding EPS growth, the movements toward revenue producers. I think they had a commitment to hire roughly 45 relationship managers a year was the previous commitment they had, had. And so we think that will accelerate by 35 to, call it, 80 a year in that footprint.

就新增招募而言，此次交易中最大的合作夥伴和最令我興奮的一點是，將這種模式疊加到 Synovus 的業務範圍內，我認為這完全符合預期。我知道凱文也是出於同樣的原因而義憤填膺。他們在推動每股收益成長和向獲利型企業轉型方面做得非常出色。我認為他們之前的承諾是每年招募約 45 名客戶關係經理。因此我們認為，在這一區域內，這一速度將加快至每年 35 到 80 次。

And so again, that's the magic is to put this model on that footprint, gin up the revenue growth to match what happens in the Pinnacle footprint. And not only all that to grow the earnings, but it ought to grow the multiple as well. So that's the game plan.

所以，關鍵在於將這種模式應用到這個領域，刺激收入成長，使其與 Pinnacle 領域的發展相符。這一切不僅是為了提高獲利，也應該提高本益比。這就是作戰計畫。

Okay. And then just shifting over to BHG. Obviously, it was a great quarter there and guidance for still a strong quarter and fourth quarter. I guess how does the bigger pro forma balance sheet. Or does the bigger pro forma Pinnacle balance sheet change the thought process on what the best use case of BHG is? And do you expect the pro forma balance sheet to maybe hold more BHG loans?

好的。然後就轉到BHG了。顯然，該季度業績表現出色，預計本季和第四季仍將保持強勁勢頭。我想看看更大的模擬資產負債表是如何運作的。或者，更大的 Pinnacle 資產負債表是否會改變人們對 BHG 最佳應用情境的思考過程？您是否預計模擬資產負債表上會包含更多 BHG 貸款？

Yeah, Jared, this is Harold. I'll take the first -- I'll take that question and let Terry talk about what might happen in the future. I think BHG's growth is going to be consistent going into next year. Their quarterly run rates right now have improved meaningfully over the last four quarters. So I think there's a great deal of opportunity available to the new Pinnacle as it goes into 2026.

是的，賈里德，我是哈羅德。我先回答第一個問題，讓特里談談未來可能發生的事。我認為BHG的成長動能將持續到明年。過去四個季度以來，他們的季度業績已顯著改善。所以我認為，隨著 Pinnacle 進入 2026 年，它將迎來很多機會。

I don't think Synovus or Kevin, I'll say it better this way. Kevin, Jamie, and the leadership that will be at the new Pinnacle has any different approach towards BHG than we do currently. So I think there's a lot of options available to us with respect to BHG. Right now, they seem to be all positive.

我不認為 Synovus 或 Kevin，我這樣說會更清楚。Kevin、Jamie 以及即將執掌 Pinnacle 的新領導階層對 BHG 的態度與我們目前的態度並無不同。所以我覺得在BHG方面，我們有很多選擇。目前看來，他們的態度都很正面。

Yeah, Jared, I would just say I think the optionality is as high today as it's been in a number of years. To Harold's point, you got rapid growth, which is good if you hold it, but it also increases its attractiveness to potential acquirers. And I don't think there have been any noticeable change in our partners. I think we've said for some time, we expect them and see them more interested in our liquidity event today than what they have expressed in years gone by. So rate, I think we're just exactly at the same spot we've been at.

是的，賈里德，我只想說，我認為如今的選擇餘地是近幾年來最大的。正如哈羅德所說，公司獲得了快速成長，如果能保持成長當然是好事，但這也會增加公司對潛在收購者的吸引力。我認為我們的合作夥伴並沒有發生任何明顯的變化。我認為我們已經說過一段時間了，我們預計他們會比過去幾年更關注我們今天的流動性事件，而且我們看到他們對此表現出的興趣也更大。所以，我覺得我們現在的情況和之前完全一樣。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

Just one follow-up on the BHG question. Is there any reason to assume that -- I mean that was an amazing growth this quarter. We got another one coming this quarter for BHG earnings. Is there -- I mean is it fair to still assume growth in BHG into '26 relative to the record levels we're seeing in '26? So clearly, not the 80% to 90% growth rate, right, that will moderate. But just -- is there any reason to assume to not assume that we shouldn't still grow BHG next year off of these levels?

關於BHG的問題，我還有一個後續問題。有什麼理由可以這樣假設嗎？我的意思是，本季的成長非常驚人。本季BHG的財報即將發布。——我的意思是，相對於我們在 2026 年看到的創紀錄水平，假設 BHG 在 2026 年繼續增長是否合理？所以很明顯，不會是 80% 到 90% 的成長率，對吧，這種成長率將會放緩。但是——有什麼理由認為我們明年不應該繼續按照目前的水平發展BHG嗎？

No, it will grow. I think the quarterly run rates will be consistent going into next year as far as, call it, the third and fourth quarter. And I think there will be a more reasonable growth path once you annualize call it, the third and fourth quarter going into 2026. So I mean, it will still be an outsized year-over-year number, but they're really excited about the way the production flows are coming in. They're really excited about the appetite for their volumes, and they think they can continue to kind of move this franchise forward.

不，它會生長。我認為，到明年，尤其是第三季和第四季，季度運行率將保持穩定。我認為，如果將第三季和第四季（直至 2026 年）的數據按年計算，就會出現一條更合理的成長路徑。所以我的意思是，這仍然會是一個遠超往年同期水準的數字，但他們對目前的生產情況感到非常興奮。他們對市場對其產品的需求量感到非常興奮，並認為他們可以繼續推動這個系列向前發展。

Okay. Great. And then fee income, even separately from BHG was really strong at both Pinnacle and Synovus this quarter. Is that -- would you say that that is encapsulated? As we think about the merger slide deck and looking towards that [1160] kind of pro forma [2070P], this strength in fee income reflected in that? Or is this even coming in better than you would have expected as you think about that pro forma run rate?

好的。偉大的。即使不計入 BHG 的費用收入，Pinnacle 和 Synovus 本季的費用收入也非常強勁。也就是說——您認為這就是所謂的「概括」嗎？當我們思考合併簡報並展望[1160]之類的預測[2070P]時，這種費用收入的強勁勢頭是否體現在其中？或者，考慮到先前的預測運行率，這個結果甚至比你預期的還要好？

Yeah. I think -- and we got to listen to most of the Synovus call this morning, I think Jamie described it well. The areas where we complement each other are really good and strong. And I think when you merge these two questions -- the two companies together, you get the strength at Synovus in these various fee areas, and you match with the strength in Pinnacle in our various fee areas, I think there's going to be a lot of opportunity to put some real tailwind into some of this fee revenue going forward, whether it be around wealth management or capital markets or wherever, we think we're going to be able to approach the market with a lot of strength once we push these two companies together. I think, and we got to listen to most of the Sonova's call this morning. I think Jamie described it well.

是的。我認為——而且我們今天早上聽了 Synovus 的大部分電話會議，我認為 Jamie 描述得很好。我們彼此互補的領域都非常出色且優勢明顯。我認為，當這兩個問題結合起來——兩家公司合併，Synovus 在各個收費領域的優勢，加上 Pinnacle 在各個收費領域的優勢，將會帶來很多機會，在未來大幅提升收費收入，無論是在財富管理、資本市場還是其他任何領域。我們相信，一旦這兩家公司合併，我們將能夠以強大的實力進入市場。我想，我們今天早上聽了索諾瓦的大部分通話。我覺得傑米描述得很到位。

The areas where we complement each other are really good and strong and I think when you merge these two questions, there's 22, companies together you get. The strength that's Nova in these various areas and you match it with the strength and pinnacle in our various areas, I think that there's going to be a lot of opportunity to put some real tailwind into some of this fee revenue by going forward, whether it be around wealth management or capital markets or wherever, we think we're going to be able to approach the market with a lot of strength, once we push these two companies together.

我們彼此互補的領域非常出色且強大，我認為當你把這兩個問題結合起來，就會得到 22 家公司。Nova 在這些領域的實力，再加上我們自身在各個領域的實力和巔峰表現，我認為未來無論是在財富管理、資本市場還是其他任何領域，都將有很多機會真正推動費用收入的成長。我們相信，一旦這兩家公司合併，我們將能夠以強大的實力進入市場。

Catherine, let me add to Harold's comment. I echo his thoughts on the potential revenue synergies. We'll get in the position soon to sort of quantify those for the marketplace. But again, my belief is we've got very strong revenue synergies. But more to your question about so what's the current run rate, how does that impact, what the original case that we discussed when we announced the deal.

凱瑟琳，我想補充一下哈羅德的評論。我贊同他對潛在收入綜效的看法。我們很快就能對這些市場因素進行量化分析。但我再次強調，我認為我們擁有非常強勁的營收綜效。但更回到你提出的「目前的運行率是多少？這會對我們宣布交易時討論的最初情況產生什麼影響？」這個問題上。

And I think you know that merger model is just built on what consensus estimates were. And I can't say I always that 100% of the time I bet the consent assessment, but I don't think there was every time I didn't think I was going through or intended not to meet the consent assessment.

我想你也知道，這種併購模式只是建立在普遍的預期之上。我不能說我每次都 100% 遵守了同意評估，但我認為並非每次我都認為自己沒有接受或打算不接受同意評估。

So my only point about that is that our expectation -- my expectation is to run faster than consensus estimates. And I think this growth rate that you're seeing right now would be still higher than the plan that we had laid, which would be higher than consensus. So at any rate, I do think there's a lot of momentum in fee income as it relates to the original projected growth.

所以我唯一想說的是，我們的預期——我的預期是運行速度會超過普遍預期。我認為，你現在看到的這種成長率仍然高於我們所製定的計劃，也高於普遍預期。總之，我認為費用收入的成長勢頭強勁，與最初預測的成長相符。

Yeah, perfect. That's what I had -- I was hoping and assumed to you saying, yes, you do have a history of beating consensus, Terry. All right. Great.

對，完美。這就是我的想法——我希望並認為你會說，是的，特里，你的確有過打破共識的歷史。好的。偉大的。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通。

Terry, on hiring, I'm wondering if anything will change on legacy Pinnacle's hiring strategy post deal close given the organization will be doubling its assets, right? So I know on slide 11, you're forecasting another strong year for hiring next year and in '27. But what gives you confidence that the existing strategy you've had in place for two decades now will continue to be successful after you close the deal?

Terry，關於招聘，我想知道在交易完成後，鑑於 Pinnacle 的資產將翻一番，其原有的招聘策略是否會有任何變化，對嗎？我知道在第 11 張投影片中，你預測明年和 2027 年的招募情況將再次強勁成長。但你憑什麼確信，你過去二十年來一直實施的現有策略在交易完成後仍能繼續取得成功？

Tony, I think I'd turn it around the other way if I could. I mean what would keep it from being successful, I guess, is really a better question. You know what we do. We hire people. When we hire those people, we pull them on who else do you know that's really good where you work, and they would fit in, in this company. Will you help us recruit them because they fall in love with this company.

東尼，如果可以的話，我想我會反過來做這件事。我的意思是，究竟是什麼阻礙了它的成功，這才是更值得探討的問題。你知道我們是做什麼的。我們招募員工。當我們招募這些人時，我們會考慮你認識的、在你工作單位表現非常出色的人，以及他們是否適合我們公司。你會幫我們招募他們嗎？因為他們都愛上了這家公司。

I cannot imagine what would interrupt that cycle. As I said earlier, the more people that we do hire, the more people that we can hire because of the way we go at it. It is a wildly different -- historically, different model than what all of our competitors do for recruiting. Most of those people will rely on headhunters. Most of those people will have a big recruiting function as part of their HR operation.

我無法想像什麼會打斷這個循環。正如我之前所說，我們僱用的人越多，我們就能僱用更多的人，因為我們採取了這種招募方式。這是一種與我們所有競爭對手的招募模式截然不同的模式——從歷史角度來看，也截然不同。這些人中的大多數會依靠獵人頭公司。大多數這類公司都會在其人力資源部門中設立龐大的招募職能。

Most of them resort to the STACK of resumes that have been sent in by unhappy, unsuccessful people. Most of them are hiring out of pole applications of folks that came in to apply it because they were unhappy unsuccessful somewhere else. And so it's just a different model altogether, but it's -- I'll just have to be honest, I cannot see what would interrupt it. I think you've seen the slide that we put out in the 8-K at the time we filed a registration statement, but we talked about the skepticism when we did the BNC transaction. And these numbers won't be exactly right, but they're close.

他們中的大多數人只能求助於那些不滿現狀、求職失敗的人投遞的大量履歷。他們中的大多數人都是從應徵者名單中招募員工，這些人是因為在其他地方工作不成功或不開心才來應徵的。所以這完全是一種不同的模式，但是——說實話，我看不出有什麼會打斷它。我想你們應該已經看過我們在提交註冊聲明時在 8-K 文件中發布的幻燈片了，但我們在進行 BNC 交易時也談到了人們的質疑。這些數字不會完全準確，但很接近。

I would say we were probably an $11 billion bank or something on that order. BNC was a $7.5 billion bank when we made the acquisition. And there was near universal skepticism about our ability to continue the model on this bigger footprint, bigger asset base and so forth. And so you've seen the numbers. We -- I heard the heck out of people.

我估計我們當時的銀行資產大概是110億美元左右。我們收購 BNC 時，BNC 是一家市值 75 億美元的銀行。人們幾乎普遍懷疑我們是否有能力在更大的規模、更大的資產基礎等等方面繼續推行這種模式。所以，你們都看到了這些數據。我聽到了人們的各種抱怨。

We compounded the balance sheet at a double-digit rate, and we outperformed the KRX 2 times from the date of that announcement. And so again, I get the question because it's the same question I have faced so many times. But again, I would just turn around and say, hey, I don't see what would interrupt it.

我們以兩位數的速度實現了資產負債表的複合增長，並且自該公告發布之日起，我們的表現已經超過了韓國交易所指數的兩倍。所以，我又一次被問到這個問題，因為這個問題我已經面對過很多次了。但我又會轉過身說，嘿，我看不出有什麼能打斷它。

Terry, and then my follow-up on BHG, what specifically drove the growth in originations in the third quarter? And given the strong results on both originations and credit in 3Q, what's driving the expected decline in BHG income in 4Q to $30 million?

Terry，接下來我想問的是BHG，是什麼因素具體推動了第三季貸款發放量的成長？鑑於第三季貸款發放和信貸業務均取得強勁業績，是什麼因素導致第四季度 BHG 收入預計下降至 3,000 萬美元？

Yeah, Tony, I'll -- as far as the third quarter growth rate, it was just merely about production, and they do business with several credit aggregators. They run them through the BHG filter. And so that's what the primary the growth rate came from. There was also some holdover inventory from the previous quarter that facilitated that. Their demand for their product is extremely high right now, not only from the community bank network but from institutional buyers.

是的，托尼，至於第三季的成長率，那隻與生產有關，而且他們與幾家信貸聚合商有業務往來。他們將它們通過 BHG 過濾器進行處理。這就是成長率的主要來源。此外，上一季的一些庫存積壓也對此有所幫助。目前，他們產品的需求非常高，不僅來自社區銀行網絡，也來自機構買家。

As to the fourth quarter, I think that's a little bit of caution for us. We believe that as they head into the fourth quarter, they're a private company, I'm sure there's going to be some year-end things that they're going to want to do, but they believe their production will be as strong going into the fourth quarter. So we're putting the caution flag up for the fourth quarter because we just believe that there might be some, call it, personnel costs and other things that come into the fourth quarter to cause us to be a little more cautious.

至於第四季度，我認為這對我們來說有點謹慎。我們相信，進入第四季度後，作為一家私人公司，他們肯定會有一些年底的事情要做，但他們相信他們的生產在第四季度仍將保持強勁勢頭。因此，我們對第四季度保持謹慎態度，因為我們認為可能會出現一些人員成本和其他一些情況，導致我們在第四季度更加謹慎。

Stephen Scouten, Piper Sandler.

史蒂芬·斯考頓，派珀·桑德勒。

I appreciate the time. So I wanted to go back to slide 9. This feels like the whole story to me. I love this slide. I feel like it proves a great point.

感謝您抽出時間。所以我想回到第9張投影片。我覺得這就是故事的全部了。我喜歡這張投影片。我覺得這正好證明了一個很重要的觀點。

I mean -- is that the right way to think about it, like the right side of the slide, in particular, the expansion markets and who knows like we might see some of these banks in here go away as well, which could even only increase the opportunity. But you guys have this now establish stability over the next at least handful of years, whereas there's still dislocation and the opportunity for you to take a bunch of market share. Can you confirm that for me maybe if that is, as I see it, the whole story and really how you think about that opportunity set?

我的意思是——這樣想是否正確，就像滑坡的右側，特別是擴張的市場，誰知道我們是否會看到這裡的一些銀行消失，這甚至可能只會增加機會。但你們現在已經建立了未來至少幾年的穩定局面，而目前市場仍然存在動盪，你們有機會搶佔大量市場份額。您能否幫我確認一下，這是否就是我所看到的整個故事，以及您是如何看待這一系列機會的？

Yeah, Stephen, thanks for the question. I have said for a long time, any time I'm trying to orient a new investor to our company, I'll talk about the markets that we're in, the size of the growth dynamics and so forth because, as you know, all these markets up here you go look at the household income growth or the population growth or whatnot. I mean they're the best markets in the United States in terms of size and growth dynamics. But you're on the right point.

是的，史蒂芬，謝謝你的提問。我一直以來都說，每當我試圖向新投資者介紹我們公司時，我都會談談我們所處的市場、成長動態的規模等等，因為，正如你所知，所有這些市場，你都會關注家庭收入成長、人口成長等等。我的意思是，就規模和成長動力而言，它們是美國最好的市場。但你的觀點是對的。

What is more important and what drives the revenue engine of this company is the market share takeaway opportunity that exists. The people that dominate the market are giving up share at a dramatic pace. And so yes, that's exactly what we're trying to do to seize that vulnerability if you think about getting up there into the top right quadrant. Man, that's a dream of a lifetime for me. I've been fighting 25 years to get into that top quadrant, and we're here.

更重要的是，也是這家公司營收成長的真正驅動力，是存在的市場佔有率爭奪機會。佔據市場主導地位的企業正以驚人的速度放棄市場佔有率。所以，沒錯，這正是我們試圖抓住這個弱點所做的，如果你想進入右上象限的話。天哪，那是我畢生的夢想。我奮鬥了25年才進入頂尖行列，現在我們終於做到了。

And when you look at the share position, the mass that we have in the Southeast, man, we're in the hunt. Two of the market leaders are at 9%, we're at 8%. Then our Net Promoter Score combined with Synovus is near 80 and theirs is near 20. Man, you probably wish I hadn't asked the question. You can tell I get wound up about that. That is the opportunity that this company has.

當你看看我們在東南部的市場份額和規模時，夥計，我們正在全力以赴。兩家市場領導企業的市佔率為 9%，我們的市佔率為 8%。那麼，我們與 Synovus 的淨推薦值 (NPS) 加起來接近 80，而他們的 NPS 接近 20。老兄，你大概希望我沒問這個問題吧。看得出來我對此很生氣。這就是這家公司所擁有的機會。

I'm just wondering if Kevin is going to be able to get you to step back at all in two or four years on all that, that's really the question. It feels like that excitement is real opportunity to real. So that's a great answer. I appreciate it.

我只是想知道，凱文能否在兩到四年內讓你在這些事情上有所退讓，這才是真正的問題。感覺這種興奮感預示著一個真正的機會即將到來。這是一個很好的答案。謝謝。

On site that was scaring to --

現場情況令人恐懼--

That's a good fear. I like it. And maybe like on the flip side of this, I mean, everything sounds like it's going great. The deal sounds like it's on schedule. This is maybe a stupid question because I don't hear it, but is there anything that is an incremental risk at all?

那是一種合理的擔憂。我喜歡。或許從另一個角度來看，我的意思是，一切聽起來都很順利。交易似乎進展順利。這可能是個很愚蠢的問題，因為我沒聽過，但是是否有任何額外的風險呢？

Is there anything that you're worried about as you've gotten into this? Or anything you're like if something were to crack. This is where my energy is focused? Or is it really just, hey, I mean, we're on the offense and we're just full steam ahead.

既然你已經涉足這個領域，有沒有什麼讓你感到擔憂的地方？或者就像是什麼東西裂開了一樣。這就是我精力集中的地方嗎？或者說，其實就是，嘿，我的意思是，我們正在進攻，我們正在全力以赴。

Steve, that's a great question. I think in terms of broad risk categories like is there something that we're discovering on the balance sheet or is something happening from a competitive or a regulatory standpoint that would cause us to feel different in any way. I don't think there's anything there, everything we've encountered thus far is really on the positive side of the ledger. I wouldn't want you to walk away and say, hey, man, it's just all roses there. Man, this is harder. And I wouldn't want anybody to think it's not.

史蒂夫，這是一個很好的問題。我認為，從廣泛的風險類別來看，例如我們在資產負債表上是否發現了什麼，或者從競爭或監管的角度來看，是否發生了什麼事情，導致我們感覺有所不同。我不認為那裡有什麼問題，到目前為止我們遇到的所有事情都是利大於弊的。我不想讓你離開後說，嘿，夥計，那裡只有美好而已。哎，這更難。我不想讓任何人誤以為事實並非如此。

We are working extraordinarily hard to get these companies put together to protect our people. The existing revenue producers that we have. And I think you saw there we still running 93% subsidy retention rate, which I'm proud of. But it's hard work for sure. But in terms of the financial outcomes, and the client-centric outcomes that we believed in when we announced the transaction, I'd say I'm more convicted as opposed to this.

我們正在竭盡全力將這些公司整合起來，以保護我們的人民。我們現有的收入來源。我想你們也看到了，我們仍然保持著 93% 的補貼保留率，我為此感到自豪。但這的確是一項艱苦的工作。但就財務結果以及我們在宣布交易時所秉持的以客戶為中心的結果而言，我比現在更有信心。

That's great. And maybe just one last follow-up on what you just said, Terry. And forgive me for not looking this up. I know you used to put it at the bottom of the press release, but that employee retention, like as memory serves me, it's always kind of floated in this 91% to 96% range for years and years. So that's pretty consistent with what you guys have delivered on over the long term, correct?

那太棒了。特里，或許我還要最後補充一句你剛才說的話。請原諒我沒有事先查閱資料。我知道你以前會把它放在新聞稿的末尾，但就我記憶所及，員工留任率多年來一直徘徊在 91% 到 96% 之間。所以這和你們長期以來所取得的成就基本上一致，對吧？

Yeah. I would say somebody just said, Terry gave me a band of where it's been over a decade. I'd say 93% to 96%, where it operates. And so yes, the substate retention rate over the last 12 months was 93%. The associate retention rate in the first two quarters of this deal prior to the announcement was 93%. Third quarter is 93%. So yeah, it's solid.

是的。我想說的是，有人剛剛告訴我，特里給了我一個樂隊，讓我了解了樂隊十多年來的發展。我覺得在它運作的地區，成功率應該在 93% 到 96% 之間。所以，是的，過去 12 個月的次級州保留率為 93%。在宣布交易之前的頭兩個季度，員工留任率為 93%。第三季為 93%。是的，它很可靠。

Brett Rabatin, Hovde Group.

Brett Rabatin，Hovde集團。

Wanting to first go back to the margin. And in the slide deck, you referenced margin tailwinds and I think, Harold, you said you think the 4Q margin going to be a little stronger. Can you just talk about the tailwinds as you see them? Is that primarily on the deposit beta side? And just anything else you would say about kind of the dynamic with the margin as we go into 4Q?

想先回到邊緣。在幻燈片中，你提到了利潤率的利好因素，哈羅德，我想你說過你認為第四季度的利潤率會略有增強。可以談談你觀察到的順風情況嗎？這主要是存款β方面的因素嗎？關於第四季利潤率的動態變化，您還有什麼要補充的嗎？

Yeah, Brett, I think the three things that we look to as far as a tailwind for the margin, obviously, is debate on the deposit side, and we consistently believe we've got significant room yet to go as the Fed rate -- as the Fed lowers rates. The growth in these noninterest-bearing deposit accounts, we think is very impactful and also how we reprice these fixed-rate credits. So we're still seeing a meaningful lift in that book. As a matter of fact, I think we have a negative beta in our fixed rate loans right now and anticipate that to continue. So those three things are the primary things.

是的，布雷特，我認為我們關注的三個利好因素，顯然是存款方面的討論，而且我們一直認為，隨著聯準會降息，我們還有很大的發展空間。我們認為，這些不計息存款帳戶的成長以及我們如何重新定價這些固定利率信貸，都具有非常重要的影響。所以我們看到這本書的銷量仍然有顯著成長。事實上，我認為我們目前的固定利率貸款的貝塔係數為負，並且預計這種情況還會持續下去。所以這三件事是最重要的。

I know a lot of people believe that it's what's that maybe field of dreams where you just build it, they'll come. There's a lot of work going on to maintain these margins and to increase these margins. And so a lot of relationship managers are out there working to make that happen. So it just doesn't happen automatically is what I'm trying to say.

我知道很多人認為這就像電影《夢想之地》一樣，只要你把它建成，他們就會來。為了維持和提高這些利潤率，我們正在做很多工作。因此，許多客戶關係經理都在努力促成此事。所以，我的意思是，這件事不會自動發生。

Okay. That's helpful. And then the other question I had was around strong DDA growth in the quarter, and I think, obviously, some of that was related to specialty deposits. Can you talk about that dynamic, how much of that was maybe specialty deposits. And then as we think about those specialty businesses, what kind of share you're at in those businesses and -- is that something you can continue to grow at the pace you have?

好的。那很有幫助。然後，我的另一個問題是關於本季強勁的DDA成長，我認為，顯然，其中一些與特殊存款有關。您能談談這種動態嗎？其中有多少可能是特殊存款？然後，當我們考慮這些專業業務時，您在這些業務中佔有多大的份額？ ——您能否以目前的速度持續成長？

Yeah. It's like -- I guess it goes into leadership and management. For years, we've been aimed at operating accounts. But over the last, call it, 12 months -- 9 to 12 months, we put particular emphasis on the sales side about that and particularly around small business. We've seen some great results there here in the last few months that have really kind of been again, not to overuse the word, but the tailwind for that growth.

是的。我想這跟領導力和管理有關。多年來，我們一直專注於營運帳戶。但在過去大約 12 個月（9 到 12 個月）裡，我們特別重視銷售方面，尤其是在小型企業方面。在過去的幾個月裡，我們看到了一些非常好的結果，這些結果確實再次成為了（雖然用詞可能有些誇張）成長的順風。

Okay. But Harold, is it fair that that pace can continue or any thoughts on --

好的。但哈羅德，這種節奏能繼續下去公平嗎？你對此有什麼看法？--

We don't have any reason to believe we won't see continued growth in that. We typically see some seasonality going into the last quarter of the year as people build cash balances and for incentives, taxes, and whatnot. But I think we'll also see absolute sales growth with respect to those operating accounts.

我們沒有任何理由相信這方面不會持續成長。通常情況下，到了每年的最後一個季度，我們會看到一些季節性因素，因為人們會累積現金餘額，以及為了獲得獎勵、繳稅等等。但我認為，就這些營運帳戶而言，我們也會看到絕對銷售額的成長。

Brett, you know the numbers as well as I do, but -- so you got 14.5% annualized -- third quarter annualized growth rate. But I think the year-to-date number is 12.8%, near the 13%. So it's a pretty rough solid growth.

Brett，你和我一樣了解這些數字，但是——所以你得到了 14.5% 的年化成長率——第三季年化成長率。但我認為今年迄今的數字是 12.8%，接近 13%。所以這是一個相當穩健的成長。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

I was just looking at slide 28, where you have the loan growth by expansion markets versus legacy markets. Looks like you've had some headwinds in the legacy markets over the past couple of quarters. Can you just address that? And then separately, once you guys combine, I know your C&D and construction -- CRE concentrations are below where you wanted to get them. But is that an opportunity for growth on a combined basis once the deal is closed as we move forward?

我剛剛在看第 28 張投影片，上面列出了擴張市場與傳統市場的貸款成長。看來過去幾個季度，你們在傳統市場遇到了一些不利因素。您能回答一下這個問題嗎？然後，單獨來看，一旦你們合併，我知道你們的 C&D 和建築 – CRE 集中度低於你們想要達到的水平。但交易完成後，隨著我們不斷前進，這是否會帶來合併後的成長機會？

Yeah, I'll hit a couple of things, Michael. So if you -- looking at that slide, you're talking about there. We have several components to it, right? You got a category that's called legacy.

是的，我會說幾件事，麥可。所以如果你──看著那張投影片，你指的是那裡。它由幾個部分組成，對吧？你們有一個名為「傳統」的類別。

And what that really means is not the legacy market. It is the legacy bankers in a legacy market. So it's people have probably been here on average 20 years and they have big books of business. And so when you go through periods of slack loan demand, which we've certainly been there over the last couple of years, you get limited growth. In fact, it's hard for those guys to cover their amortization when there's no loan demand.

而這真正意味著的並非傳統市場。這是傳統市場中的傳統銀行家。所以，這些人平均可能在這裡工作了 20 年，而且他們有很多業務。因此，當貸款需求疲軟時（過去幾年我們確實經歷了這種情況），成長就會受到限制。事實上，如果沒有貸款需求，這些人很難償還貸款本息。

If you get loan demand, then that becomes the increment in that category. But the way we produce the growth is through hiring, both in the legacy footprint. So again, a lot of our new hires are in legacy footprints. And so that's where the growth comes from is the continued market share play there. And then, of course, the specialty businesses have provided a great growth engine for us over the last, I would say, three years or something like that.

如果有貸款需求，那麼這就構成了該類別的增量。但我們實現成長的方式是透過招聘，無論是在原有業務範圍內還是在現有業務範圍內。所以，我們很多新進員工都是從傳統模式轉型過來的。因此，成長的動力就來自於持續的市場份額爭奪。當然，在過去的三年左右時間裡，專業業務也為我們提供了巨大的成長動力。

I think as it relates to the go forward, yes, we would expect to continue similar growth trends going forward for the foreseeable future. If we get elevated loan demand, that would be an increment to what we intend to produce.

我認為就未來發展而言，是的，我們預計在可預見的未來，類似的成長趨勢將持續下去。如果貸款需求增加，將增加我們計劃的生產量。

And you're on the right track on CRE. I didn't spend any time on that. We grew 8.9% in total volume. But the drag, you had big growth in C&I, nearly 18% or something like that. But we had $500-something, $560 million, I think, in early payoffs in the CRE book.

你在商業地產方面走對了路。我沒在那上面花任何時間。總銷量成長了 8.9%。但拖累因素是，工商業領域成長迅猛，接近 18% 左右。但我認為，我們在商業房地產業務的早期還款額達到了 5 億美元到 5.6 億美元。

As you know, some time ago, we decided to lower our concentration limits in CRE. And so we have been about that. We've now hit those targets, and we have weighted back into the market. But as you know, the payoffs continue, but it takes a while for the loans that you're making today to get burned through the equity that's in front of you and get to a fund up period. And so to get down to the bottom of the stack here, yes, I believe CRE will be a meaningful increment to us in terms of loan volume going forward.

如您所知，不久前，我們決定降低 CRE 的濃度限制。所以，我們一直在努力做這件事。我們現在已經實現了這些目標，我們已經重新增持了股票。但如你所知，回報會持續，但你今天借的錢需要一段時間才能用你面前的淨值償還完畢，並進入資金補充期。因此，歸根結底，是的，我相信商業房地產貸款將在未來為我們帶來有意義的貸款量成長。

Very helpful, Terry. And maybe just one follow-up, and I know it's minor credit has been very good. But on slide 15, you did have a little bit of pickup in classified potential problems, things like that. Anything that you guys are more broadly looking at? I know there's a lot of concern around some of these structured credit, NBFI stuff. I know the bank showed up in a loss position last night in other credit. But anything that you guys are just broadly keeping a closer eye on or a little bit concerned about?

特里，你幫了我大忙。或許只需要一次後續跟進，我知道這只是小事，但我的信用一直都很好。但在第 15 張投影片中，你確實對一些潛在的機密問題有所關注，諸如此類。你們還有其他更廣泛關注的方向嗎？我知道很多人對結構化信貸、非銀行金融機構（NBFI）之類的東西感到擔憂。我知道昨晚銀行在其他信貸方面出現了虧損。但有沒有什麼事情是你們特別注意或是比較擔心的？

Yeah, Michael. So far, we feel pretty good about where that NDFI book sits. It's a pretty granular book. I think our average outstanding to that is about $4 million per account. So there's a lot of accounts in it.

是的，邁克爾。目前來看，我們對那本非債務融資機構（NDFI）的帳目狀況相當滿意。這是一本非常細緻的書。我認為我們平均每個帳戶的未償債務約為 400 萬美元。所以裡面有很多帳戶。

We feel like that we've got our arms around it and are being more diligent with respect to all the loans that we -- we're not the lead bank on for sure. As to the increase in potential problems, that's primarily attributed to one credit. It's a health care client that we've had our eyes on for a while. They only recently put a new manager into the CEO slot there, somebody that a seasoned turnaround specialists and not a position. And so we think we're in pretty good shape in that one credit.

我們感覺我們已經掌控了局面，並且對我們所有的貸款都更加盡職盡責——當然，我們肯定不是牽頭銀行。至於潛在問題的增加，主要歸因於一項信貸。這是一家我們關注已久的醫療保健客戶。他們最近才任命了一位新的經理擔任首席執行官，此人是一位經驗豐富的企業重組專家，而不是一個普通的職位。所以我們認為我們在這個學分方面形勢相當不錯。

Casey Haire, Autonomous Research.

Casey Haire，自主研究。

So earlier today, we -- Kevin and Jamie talked about capital and you don't have capital ratio targets post deal. But just wanted to touch on -- I know you guys have tended to run with more capital to make your clients feel better and I'm just wondering if that dynamic will hold. Or does it mitigate somewhat given you're now over $100 billion in assets?

今天早些時候，我們——凱文和傑米——討論了資本問題，交易完成後並沒有資本比率目標。但我想提一下——我知道你們一直以來都傾向於投入更多資金來讓客戶感覺更好，我只是想知道這種做法是否會繼續下去。或者，考慮到你現在擁有超過 1000 億美元的資產，這種情況是否會有所緩解？

Yeah. Well, obviously, Kevin and Jamie will direct traffic on that once the transaction closes. But we've not -- we're not planning on any kind of additional capital strategies than what we've traditionally deployed. We need capital to support this loan growth engine, and we think that will continue. I think one of the things that was, I believe, put forth in the merger deck is the dividend.

是的。很顯然，交易完成後，凱文和傑米會負責指揮交通。但是我們沒有——我們不打算採取任何超出我們傳統部署方式的額外資本策略。我們需要資金來支持這種貸款成長引擎，我們認為這種情況還會持續下去。我認為，合併方案中提出的其中一項內容就是分紅。

I think ours will go up and theirs will come down. But other than that, I don't know of any significant other changes. I know Jamie has mentioned several times about the capital accretion that will occur post-merger. And if for some reason, we don't hit our growth targets then there's a lot of opportunities to get into some buyback programs.

我認為我們的價格會上漲，他們的價格會下降。除此之外，我不知道還有其他重大變化。我知道傑米曾多次提到合併後將出現的資本增值。如果由於某種原因，我們未能實現成長目標，那麼就有很多機會參與股票回購計畫。

Okay. Great. And just another follow-up on slide 11, the recruiting strategy, a bit of a two-parter. So one, have the terms of your hires? Have they been similar or have you had to maybe sweeten the economics a little bit?

好的。偉大的。關於第 11 張投影片中的招募策略，還有一點需要補充，這部分內容分為兩部分。首先，你們的招募條款是什麼？它們的情況類似嗎？還是你需要稍微調整一下經濟條件？

And then two, you guys have talked about Texas in the past and expanding there. A lot of M&A activity there could be a market that would -- your guys' recruiting strategy would resonate well. Just some thoughts there.

其次，你們過去也談到德州以及在那裡擴張的計劃。那裡併購活動很多，可能存在一個市場——你們的招募策略會很受歡迎。一些想法而已。

Yeah. I think on the recruitment -- current recruitment conditions, terms, and conditions and so forth. I don't think there's any doubt that it is a -- it's probably a more competitive hiring landscape today than it would have been 10 years ago or something like that. So there is elevated competition and sometimes that will bear on pricing. But Casey, I think one of the things that people forget at least in terms of the way we look at it, the profit leverage on our commercial relationship manager is so wide.

是的。我認為應該關注招聘方面——當前的招聘條件、條款和條件等等。毫無疑問，如今的招募環境可能比 10 年前更具競爭性。因此，市場競爭加劇，有時這會影響價格。但是凱西，我認為人們常常忘記的一點是，至少在我們看待這個問題的方式上，我們商業關係經理的利潤槓桿作用非常大。

I would say even -- commercial relationship managers, you probably make something on the order of $2 million a year on and you got some you make $12 million a year in contribution. And so if you have to bid up $50,000 on the comp expense is just not a roadblock to making the higher. Again, the profit leverage is so strong in those experienced relationship management. Now again, you waste your money. You can hire trading needs.

我想說，即使是商業關係經理，一年也能賺到約 200 萬美元，而有些人的貢獻收入甚至能達到一年 1,200 萬美元。因此，即使競標費用要增加 5 萬美元，也不會成為贏得更高職位的障礙。再次強調，經驗豐富的顧客關係管理能帶來非常強大的利潤槓桿效應。你又浪費錢了。您可以僱用貿易夥伴。

They don't bring a book, don't have revenue and all that sort of stuff. But again, using the model that you're hiring people that on average have 18 years of experience and consolidate the book pretty rapidly, the profit leverage is so strong. I'm not fearful about the impacts of competitive pricing, but you're on the right point. It is a competitive environment out there to hire people.

他們不出版書籍，沒有收入，諸如此類的事情。但同樣地，採用這種模式，即僱用平均擁有 18 年經驗的人員，並迅速整合業務，利潤槓桿作用非常強。我並不擔心價格競爭的影響，但你說的有道理。如今的招募環境競爭非常激烈。

I think as it relates to Texas, what I've always tried to say is we're focused on the Southeast because of some of the things we've talked about on this call, of course, if you're just looking at size and growth dynamics, those Texas markets are unmatched. They're fabulous. And you're right, consolidation will change the landscape, but the Southeast has been more attractive to me than Texas because of that phenomenon where the market share leaders are vulnerable and giving up share at a rapid pace. And to date, that hasn't been the case in Texas. But you're right, as the consolidation picks up speed there, there probably will be incremental opportunities.

我認為就德克薩斯州而言，我一直想說的是，我們之所以專注於東南部地區，是因為我們在這次電話會議上談到的一些事情，當然，如果你只看規模和增長動力，德克薩斯州的市場是無與倫比的。它們太棒了。你說得對，整合將會改變格局，但東南部地區對我來說比德克薩斯州更有吸引力，因為那裡的市場份額領導者很脆弱，正在迅速失去市場份額。但迄今為止，德克薩斯州的情況並非如此。但你說得對，隨著那裡的整合速度加快，可能會出現更多機會。

Brian Martin, Janney.

布萊恩馬丁，詹尼。

Just -- most of mine were answered, but just one question bacteria, Harold, to the CRE concentration just in terms of kind of picking up a little bit of steam there. Is your expectation? It sounds like to stay -- still stay below those targeted guidelines even with the growth you're expecting, as you get -- through the combination of the two companies, the pro forma company will still be below that [70 to 25] even with the meaningful incremental growth you expect, Terry?

大部分問題都得到了解答，但還有一個關於細菌的問題，哈羅德，關於 CRE 濃度，就目前來看，它似乎正在逐漸增加。你的期望是什麼？聽起來，即使按照你預期的成長速度，合併兩家公司後，合併後的公司的業績仍將低於目標值（70 比 25），即使你預期會有顯著的增量成長，Terry，是這樣嗎？

Well, I think that's generally the case. I think you might have a temporary blip, Brian measured against capital with some tangible book value dilution and so forth, but at the start of the transaction, but it's a quick earn back. And yes, fundamentally, that is to continue to operate at those more peer median like numbers.

嗯，我覺得通常情況下確實如此。我認為你可能會遇到暫時的波動，布萊恩，考慮到資本的一些有形賬面價值稀釋等等，但這發生在交易初期，而且很快就能收回成本。是的，從根本上講，那就是繼續以更接近同業中位數的水平運作。

Got you. Okay. That's helpful. And then just on the with the rate environment, are you guys expecting a couple of cuts here in the fourth quarter, just the outlook in terms of the -- where you're putting on new loans and kind of where you expect those. Can you just talk a little bit about where the new origination yields are today and what you expect over the next couple of quarters?

抓到你了。好的。那很有幫助。那麼，關於利率環境，你們預計第四季會有幾次降息嗎？你們對新貸款的前景有何看法？你們預計這些貸款的利率會是多少？您能否簡單談談目前新發貸款的收益率情況，以及您對未來幾季的預期？

Yeah. I think the best thing to do, Brian, is to see the trends over the last couple of quarters on those loan originations. I think that will be fairly consistent in applying the same betas. And on deposits, we fully intend to keep our beta numbers where they are. If they're not grow them over the next 2, 3, 4 rate cuts.

是的。布萊恩，我認為最好的方法是觀察過去幾季貸款發放的趨勢。我認為在應用相同的測試值的情況下，結果應該相當一致。至於存款方面，我們完全打算維持目前的測試版數據不變。如果他們在接下來的 2、3、4 次降息中都無法實現成長。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。我們的問答環節到此結束。各位，今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。