Pinnacle Financial Partners, Inc. (PNFP) 2026 Q2 法說會逐字稿

Good morning and welcome to the Pinnacle Financial Partners second quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Pinnacle Financial Partners 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I'll now turn the call over to Sam Tyagi, Senior Director, Investor Relations. Please go ahead.

現在我將把電話交給投資人關係資深總監 Sam Tyagi。請開始。

Thank you, and good morning. During today's quarterly earnings call, we will reference the slides and press release that are available within the Investor Relations section of our website, pnfp.com. President and CEO, Kevin Blair, will begin the call. He will be followed by our Chief Financial Officer, Jamie Gregory, and they will be available to answer your questions at the end of the call.

謝謝，早安。在今天的季度財報電話會議中，我們將引用可於本公司網站 pnfp.com 的投資人關係專區取得的簡報投影片與新聞稿。總裁暨執行長 Kevin Blair 將先行開場。接著由財務長 Jamie Gregory 發言，並於會議結束時一同回答各位的提問。

Our comments include forward-looking statements. These statements are subject to risks and uncertainties, and the actual results could vary materially. We will list these factors that might cause results to differ materially in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to update any forward-looking statements because of new information, early developments, or otherwise, except as may be required by law.

我們的評論包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能出現重大差異。我們將在新聞稿及提交給美國證券交易委員會（SEC）的文件中列示可能導致結果出現重大差異的因素，相關文件可於我們網站查閱。除法律要求外，我們不承擔因新資訊、早期發展或其他原因而更新任何前瞻性陳述之義務。

During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendix to our presentation.

在本次電話會議中，我們將提及與公司表現相關的非 GAAP 財務衡量指標。您可在簡報附錄中查看這些指標的調節表。

And now, Kevin Blair will provide an overview of the quarter.

接下來由 Kevin Blair 概述本季表現。

Thank you, Sam, and good morning, everyone. We have remained focused on the leverage points that help us deliver on our commitments and continue a long and proud heritage of growth and success. This quarter is another proof point of that focus. For the second quarter of 2026, we reported diluted EPS of $2.07 and adjusted diluted EPS of $2.50, excluding $82 million of pretax adjusted items.

謝謝你，Sam，各位早安。我們始終專注於能協助我們兌現承諾的關鍵槓桿點，並延續公司長久且引以為傲的成長與成功傳統。本季再次證明了這份專注。2026 年第二季，我們公布稀釋後每股盈餘（EPS）為 2.07 美元；剔除稅前 8,200 萬美元的調整項目後，調整後稀釋 EPS 為 2.50 美元。

Year-to-date, adjusted EPS is up 26% versus the same period last year. We are maintaining our 2026 guidance with our year-to-date formats giving us added conviction in the ranges we set.

年初至今，調整後 EPS 較去年同期成長 26%。我們維持 2026 年的財測指引；年初至今的表現型態讓我們對所設定的區間更具信心。

Starting with the balance sheet. Loans grew $2.9 billion linked quarter, ahead of our expectations. Deposits were up $795 million, stronger than the combined firm's historical second quarter performance which is typically our seasonally lightest given municipal outflows and tax-related payments. This strong growth in earning assets, up 4% quarter-over-quarter led to 2% growth in net interest income. This is the broad-based high-quality growth that has long been the hallmark of this firm and the combination is making it even more powerful.

先從資產負債表談起。貸款較上季增加 29 億美元，優於我們的預期。存款增加 7.95 億美元，強於合併後公司歷史上的第二季表現；第二季通常是我們季節性最淡的一季，因為會有市政資金流出與稅務相關付款。這項強勁的生息資產成長（季增 4%）帶動淨利息收入成長 2%。這種廣泛且高品質的成長長期以來一直是本公司的標誌，而此次合併使其更具威力。

Fee income is another area where our differentiation shows up with double-digit year-to-date growth on a combined firm basis. Core banking, wealth management, and capital markets all posted strong year-over-year growth. As we have seen, most firms lose a step during integration, yet we are gaining share and deepening client relationships in the middle of a merger.

手續費收入是另一個展現我們差異化的領域；以合併後公司口徑計算，年初至今呈現兩位數成長。核心銀行業務、財富管理與資本市場皆繳出強勁的年增成長。如我們所見，多數公司在整合期間會慢一拍，但我們在併購整合進行中仍持續擴大市占並加深客戶關係。

On the expenses, we stayed disciplined while continuing to invest in the areas where we see the greatest opportunity to accelerate long-term growth. Those are not competing priorities at Pinnacle. They are the same priority.

在費用方面，我們維持紀律，同時持續投資於我們認為最有機會加速長期成長的領域。在 Pinnacle，這兩者並非相互競爭的優先事項。它們是同一個優先事項。

Credit performance continues to be a real strength. As expected, charge-offs remain low and NPAs declined this quarter to 50 basis points. The quality of what we are putting on the books stands out. The reserve on new production is going in lower than the portfolio as a whole, which is one reason our ACL ratio moved down this quarter.

信用表現仍是一大優勢。如預期，沖銷（charge-offs）維持低檔，不良資產（NPA）本季下降至 50 個基點。我們新增入帳資產的品質格外突出。新承作的備抵水準低於整體投資組合，這也是本季我們的 ACL 比率下滑的原因之一。

Growth, credit discipline and yields coming in firm on new production. That is three things working at the same time. and none of it happens without 2 things that come first, top talent and disciplined client selection.

成長、信用紀律，以及新承作收益率維持穩健。這三件事同時發生。

Moving to capital. Preliminary CET1 increased 12 basis points this quarter, reflecting the strength of our core earnings profile and the ability to generate capital, inclusive of roughly 14% annualized loan growth we experienced in Q2. We added 74 experienced revenue producers this quarter, up 48% from first quarter and up 14% versus the combined second quarter of 2025.

接著談資本。初步的普通股權益第一類資本比率（CET1）本季上升 12 個基點，反映我們核心獲利結構的強勁與資本生成能力，其中亦包含我們在第二季經歷約 14% 年化貸款成長。本季我們新增 74 位具經驗的營收創造者，較第一季增加 48%，也較 2025 年合併口徑的第二季增加 14%。

Momentum has carried into the third quarter with another 34 producers who have already started to accepted offers in the first half of July. Of the 124 producers added year-to-date, approximately 50% are from what we consider core Synovus markets. That now matters as it says the model is working across the full franchise.

這股動能延續至第三季；7 月上半月已有另外 34 位營收創造者開始到職或已接受聘用邀約。年初至今新增的 124 位營收創造者中，約 50% 來自我們認定的 Synovus 核心市場。這點如今很重要，因為它顯示該模式在整個特許經營版圖上都能奏效。

Also, we have not lowered our standards to get there. Recruiting at Pinnacle is a consistent operating rhythm built through deep pipelines and clarity on our value proposition. That is what turns hiring in durable compounding growth. We are also holding one of the bankers we already have. Retention, excluding merger-related synergies, is 94% year-to-date. Client satisfaction and loyalty scores remain best-in-class and it goes without saying when bankers stay client stay.

此外，我們並未為了達成目標而降低標準。Pinnacle 的招募是一種穩定的營運節奏，建立在深厚的人才管道與對我們價值主張的清晰定位之上。這正是讓招募轉化為可持續複利成長的關鍵。我們也在留住既有的銀行家。排除併購相關綜效後，年初至今留任率為 94%。客戶滿意度與忠誠度指標仍維持同業最佳水準；不言而喻，當銀行家留下來，客戶也會留下來。

Now let me tell you why the best is still in front of us, three advantages compound from here. First, our markets. The Southeast footprint continues to grow at roughly twice the national average. Combine that backdrop with the scale of this franchise and the power of the Pinnacle model and the long-term growth opportunity in front of us is as compelling as any in the industry.

現在讓我告訴各位，為什麼最好的仍在前方——接下來有三項優勢將持續疊加。第一，我們的市場。美國東南部版圖的成長速度約為全國平均的兩倍。將此背景與本特許經營的規模、Pinnacle 模式的威力相結合，我們面前的長期成長機會在業界可說極具吸引力。

Second, the competitive environment is moving in our direction. Larger competitors are dealing with bureaucracy, disruption, and slower decision-making, and it shows in their Net Promoter Scores. In fact, Coalition Greenwich's first quarter report placed Pinnacle first amongst peers in business momentum, the net percentage of clients who plan to do more with a bank versus those who plan to do less and by a wide margin. That is exactly the backdrop that lets us keep taking share and growing.

第二，競爭環境正朝有利於我們的方向發展。大型競爭對手正面臨官僚體制、營運干擾與決策變慢的問題，這也反映在他們的淨推薦值（Net Promoter Scores）上。事實上，Coalition Greenwich 的第一季報告將 Pinnacle 在同業中評為「業務動能」第一名——也就是計畫與銀行往來更多的客戶淨比例（相對於計畫減少往來者），且領先幅度很大。這正是讓我們能持續擴大市占並成長的背景條件。

Third, talent dislocation is elevated and it is not slowing down. The best bankers want an environment where they are empowered, supported, and able to win. That is exactly what Pinnacle offers, and it is why we continue to be a destination of choice across every market and specialty we operate in.

第三，人才流動與重新配置的程度升高，而且沒有放緩。最優秀的銀行家希望在一個能被賦權、獲得支持並能夠取勝的環境中工作。這正是 Pinnacle 所提供的，因此我們在所經營的每個市場與專業領域，持續成為首選目的地。

Strategy is a plan. Execution is a result. We are six months in and the results are doing the talking. Balance sheet growing, core client fee income up significantly, credit strong, capital ratios increasing, bankers joining, retention of team members high, clients responding with loyalty. I am proud of what this team has delivered and even more excited about where we're headed from here.

策略是一個計畫。執行是一個結果。我們走過六個月，結果已經說明一切。資產負債表成長、核心客戶手續費收入大幅上升、信用強勁、資本比率提高、銀行家加入、團隊成員留任率高、客戶以忠誠回應。我為這個團隊所交出的成果感到自豪，也對我們接下來的方向更加振奮。

With that, I'll turn it over to Jamie to walk through the second quarter results in more detail. Jamie?

接下來，我把時間交給 Jamie，請他更詳細說明第二季的結果。Jamie？

Thank you, Kevin. Before turning to the drivers, let me anchor to the bottom line. Adjusted diluted EPS increased 5% versus the prior quarter and 25% of our second quarter 2025 results. Included in this accretion is the revenue increase from the loan mark and first quarter securities restructuring, which was completely offset by increased intangible amortization resulting in zero net impact from merger accounting.

謝謝你，Kevin。在談驅動因素之前，先聚焦在最終獲利結果。調整後稀釋 EPS 較前一季增加 5%，較 2025 年第二季結果增加 25%。這項增厚（accretion）包含來自貸款估值調整（loan mark）與第一季證券重整所帶來的收入增加，但該增加完全被無形資產攤銷增加所抵銷，因此併購會計對淨影響為零。

Relative to stand-alone consensus earnings estimates at the time of announcement, this represents approximately 19% of adjusted diluted EPS accretion year-to-date. A clear proof point that the combination is delivering the earnings power we underwrote. That is also translating into strong profitability, with year-to-date adjusted return on average tangible common equity of 17.7%.

相較於公告時的獨立共識盈餘預估，這相當於今年迄今調整後稀釋每股盈餘（EPS）約19%的增厚。這清楚證明本次合併正在釋放我們當初承諾的獲利能力。這也轉化為強勁的獲利表現，今年迄今調整後平均有形普通股權益報酬率達17.7%。

In the second quarter, earning assets were up 4% or 15% annualized due to the combination of strong loan and securities growth. Period-end loans and these $2.9 billion or 14% annualized from the first quarter. The majority of growth came from C&I lending and was broad-based across our geographic markets and further supported by continued strength in our specialty lending platforms.

第二季，受惠於貸款與證券的強勁成長，生息資產增加4%，折合年化為15%。期末貸款較第一季增加29億美元，折合年化為14%。成長主要來自商業與工業（C&I）放款，且在我們各地理市場呈現廣泛成長，並進一步受惠於我們專業放款平台的持續強勁表現。

On a year-to-date combined basis, period-end loans increased 6% or 12% annualized, excluding the purchase accounting loan mark, exceeding prior guidance. Period-end deposits grew $795 million on a linked-quarter basis. This growth included normal headwinds such as tax season and seasonality in public funds, which generally reversed in the second half of the year and promote what is normally outsized growth in the fourth quarter.

以今年迄今合併口徑計算，剔除購買會計貸款調整（loan mark）後，期末貸款增加6%，折合年化為12%，高於先前指引。期末存款在連續季度（linked-quarter）基礎上增加7.95億美元。此成長包含一般性逆風，例如報稅季以及公部門資金的季節性因素；這些因素通常在下半年反轉，並促成第四季通常較為突出的成長。

Excluding the decline in public funds, core deposits grew $963 million or 1% in the second quarter. On a year-to-date combined basis, period-end deposits increased 2%, which, along with the more positive seasonal trends should keep us on pace for full year deposit growth of 8% to 10%.

若排除公部門資金下滑的影響，第二季核心存款增加9.63億美元，或1%。以今年迄今合併口徑計算，期末存款增加2%；再加上較為正向的季節性趨勢，應可使我們維持全年存款成長8%至10%的進度。

During the quarter, we executed transactions in line with the liquidity strategies we outlined at the merger announcement last year. We repositioned approximately $1 billion of municipal securities into more liquid investments improving both portfolio duration and our level of high-quality liquid assets, while having no material impact on net interest income or CET1.

本季我們執行的交易符合去年併購公告時所提出的流動性策略。我們將約10億美元的市政債券重新配置至更具流動性的投資，改善投資組合存續期間並提升高品質流動性資產（HQLA）水準，同時對淨利息收入或普通股權益第一級資本比率（CET1）沒有重大影響。

In addition, we issued $750 million of senior debt which served to strengthen and diversify our liquidity and funding profile and is consistent with the issuance path communicated last year. This balance sheet growth carried into net interest income which was $956 million, up 2% or 10% annualized from the first quarter.

此外，我們發行7.5億美元的優先債務，用以強化並多元化我們的流動性與資金來源結構，且與去年所溝通的發行路徑一致。此資產負債表成長也帶動淨利息收入達9.56億美元，較第一季增加2%，折合年化為10%。

Net interest margin came in at 3.44%, down 9 basis points versus the first quarter or roughly 6 basis points, excluding the first quarter nonrecurring items. Other factors that proved headwinds during the quarter included a modest decline in loan yields, which were impacted by a roughly 3 basis points to 4 basis point average decline in SOFR rates and an increase in the higher cost funding as seasonality in deposits pressed our loan-to-deposit ratio higher. We expect this dynamic to reverse as we go through the back half of the year.

淨利息利差（NIM）為3.44%，較第一季下降9個基點；若排除第一季一次性項目，約下降6個基點。本季其他逆風因素包括貸款收益率小幅下滑（受SOFR利率平均下降約3至4個基點影響），以及因存款季節性使貸存比上升、較高成本資金占比提高。我們預期隨著進入下半年，這一動態將出現反轉。

For further context, our loan yield was 6.11% in the second quarter versus 6.14% in the first quarter. Our cost of core deposits was stable quarter-over-quarter at approximately 1.95%. Total deposit costs increased 1 basis point, and our aggregate effective cost of funds increased 2 basis points.

補充說明，第二季貸款收益率為6.11%，第一季為6.14%。核心存款成本季對季維持穩定，約為1.95%。總存款成本上升1個基點，而我們整體有效資金成本上升2個基點。

Adjusted non-interest revenue declined $12 million from the first quarter, driven largely by lower BHG income. Income from our equity method investment in BHG totaled $24 million in the second quarter, performing in line with our expectations as BHG shifts loan placement strategy.

調整後非利息收入較第一季減少1,200萬美元，主要由於BHG收入較低。第二季我們以權益法認列的BHG投資收益合計2,400萬美元，表現符合預期，因BHG正在調整其貸款配置策略。

Core client income streams include core banking, wealth management, and capital markets all delivered linked quarter and robust year-on-year growth. Core banking and capital markets fees both increased 3% in the first quarter.

核心客戶收入來源包括核心銀行業務、財富管理與資本市場，皆在連續季度及年對年方面呈現強勁成長。核心銀行與資本市場手續費在第一季均增加3%。

Strong loan production and revenue synergies drove another quarter of capital markets execution and is further evidence that integration of key products and services is accelerating. We maintained disciplined expense management while continuing to invest strategically for long-term growth. Our adjusted tangible efficiency ratio was 49.8% and as expected at this stage of the merger integration. We incurred $51 million of non-recurring merger expenses during the quarter, primarily related to personnel and technology-related integration costs.

強勁的放款產出與營收協同效應，推動資本市場執行再度繳出一季佳績，並進一步證明關鍵產品與服務的整合正在加速。我們在持續進行長期成長的策略性投資同時，仍維持嚴謹的費用管理。我們的調整後有形效率比率為49.8%，符合目前併購整合階段的預期。本季我們認列5,100萬美元的一次性併購費用，主要與人員及科技相關的整合成本有關。

On a linked quarter basis, adjusted non-interest expense was down 2% as realized merger synergies and seasonally lower personnel costs more than offset continued investments in revenue producers and technology. Head count was relatively flat from the first quarter, reflecting ongoing integration progress netted by growth-related hiring.

以連續季度基礎計算，調整後非利息費用下降2%；已實現的併購協同效應與季節性較低的人員成本，足以抵銷對營收生產人員與科技的持續投資。員工人數較第一季大致持平，反映整合持續推進，並由成長相關招募所抵銷。

Credit quality remains a clear point of strength. Net charge-offs were $48 million or 22 basis points for the quarter, consistent with expectations. The non-performing asset ratio improved to 0.5%, down from 0.58% in the first quarter demonstrating continued stability and disciplined underwriting.

資產品質仍是明顯的優勢。本季淨沖銷為4,800萬美元，或22個基點，符合預期。不良資產比率改善至0.5%，較第一季的0.58%下降，顯示持續穩定與嚴謹的授信承作。

The allowance for credit losses in the second quarter at 1.17% compared to 1.19% at the end of March. Our preliminary common equity Tier 1 ratio ended the quarter at 9.93%, up 12 basis points from the first quarter. Our priority is clear. We will deploy the capital we generate in the high-return client-driven growth while steadily building CET1 towards our 10.25% target.

第二季信用損失準備金比率為1.17%，相較於3月底的1.19%下降。我們的初步普通股權益第一級資本比率（CET1）季末為9.93%，較第一季上升12個基點。我們的優先事項很明確。我們將把所產生的資本投入於高報酬、以客戶驅動的成長，同時穩步提升CET1，朝10.25%的目標邁進。

With that, I'll turn it back to Kevin to review our 2026 financial outlook.

接下來我把時間交回Kevin，請他說明我們2026年的財務展望。

Thanks, Jamie. Our broad guidance ranges are unchanged for 2026. And importantly, our performance to date reinforces that view. Let me be specific about where we're landing inside those ranges. Loan growth is tracking at the top end of our 9% to 11% range and deposits in the middle of our 8% to 10% range.

謝謝，Jamie。我們對2026年的整體指引區間維持不變。更重要的是，我們迄今的表現強化了這個看法。我具體說明我們在這些區間內的落點。貸款成長正朝我們9%至11%區間的上緣推進，而存款則位於8%至10%區間的中段。

That earning asset growth is the engine of this outlook. It drives strong continuous growth in NII as we progress through this second half of 2026 even as margin compresses modestly.

這樣的生息資產成長是本展望的引擎。即使利差小幅收窄，隨著我們走過2026年下半年，它仍將推動淨利息收入（NII）持續強勁成長。

We are now expecting full year NIM in the 3.44% to 3.47% range. Importantly, when combining the robust in our growth with the continued strength in fee income across our core client business that we have seen to date, we continue to expect to be well within our revenue outlook and trending more specifically to $5.05 billion to $5.1 billion.

我們目前預期全年淨利息利差（NIM）落在3.44%至3.47%區間。重要的是，結合我們強勁的成長動能，以及迄今在核心客戶業務中手續費收入的持續強勢表現，我們仍預期營收將穩穩落在展望範圍內，並更明確地趨向50.5億至51億美元。

On the balance of ranges, we expect adjusted expenses in the middle of our $2.675 billion to $2.775 billion guidance. We anticipate an increase versus the first half of the year, driven by revenue producer hiring, market expansion, incremental expenses associated with third-party partnership revenue, and normal inflationary and growth-related costs. These are deliberate investments tied directly to future growth.

在其餘指引區間方面，我們預期調整後費用將落在26.75億至27.75億美元指引的中段。我們預期相較於上半年將有所增加，主因包括營收生產人員招募、市場擴張、與第三方合作夥伴收入相關的增量費用，以及正常的通膨與成長相關成本。這些都是與未來成長直接連結的刻意投資。

Our adjusted effective tax rate is expected to land in the middle of the 20% to 21% range, inclusive of the second quarter municipal repositioning Jamie noted earlier. Credit remains within our 20 basis points to 25 basis point charge-off range, and our profitability outlook remains strong as we continue to drive the EPS accretion we laid out last summer.

我們的調整後有效稅率預期落在20%至21%區間的中段，並已納入Jamie先前提到的第二季市政債券重新配置影響。信用成本仍在我們20至25個基點的沖銷區間內，而隨著我們持續推動去年夏天所提出的EPS增厚，我們的獲利展望依然強勁。

Stepping back, the closing message is the same one I opened with. We are focused on the leverage points that have always driven this firm, and this quarter is another proof point that they are working. Growth, recruiting, credit, pricing, culture, synergy realization, every one of them is moving in the direction we said it would.

回到更宏觀的層面，結語與我開場時相同。我們聚焦於一直以來驅動本公司的關鍵槓桿，而本季再次證明這些槓桿正在發揮作用。成長、招募、信用、定價、文化、協同效益實現——每一項都正朝我們所說的方向前進。

We are not declaring victory. We are six months in and there is more to execute. The 26% adjusted EPS growth year-to-date is a real measure of success and a reflection of this team's hard work, but we're not done. We are going to keep on pushing and getting better from here.

我們並未宣告勝利。我們才進行了六個月，仍有更多工作要執行。年初至今調整後每股盈餘（EPS）成長26%是真實的成功衡量指標，也反映了這個團隊的辛勤付出，但我們還沒完成。我們將持續推進，並在此基礎上變得更好。

This is scale with the soul. The model, the culture, and the people. To the team members across the franchise, thank you. You are the reason this is working. And to those who have questioned what this combination could be, I understand the skepticism, and we intend to keep answering it the only way we know how, one quarter, one client, one banker at a time. That is the work and you have my personal commitment that we will keep doing it. The future is bright and the best of what we can do together is still ahead.

這是有靈魂的規模。模式、文化與人才。致整個體系各地的團隊成員，謝謝你們。你們是這一切能奏效的原因。而對於那些質疑這項結合可能帶來什麼的人，我理解這份懷疑，我們打算用我們唯一知道的方式持續回應：一季一季、一位客戶一位客戶、一位銀行家一位銀行家地去做。這就是工作本身，我也以個人名義承諾，我們會持續把它做好。未來一片光明，而我們能一起做到的最好成果仍在前方。

With that, operator, let's transition to the Q&A portion of today's call.

接下來，接線員，讓我們轉入今天電話會議的問答環節。

(Operator Instructions)

（接線員指示）

Stephen Scouten, Piper Sandler.

Stephen Scouten，Piper Sandler。

I wanted to ask, maybe first starting off thought the quarter was really good, of course. But curious what changed from the mid-quarter update that you gave around the margin versus the 9 basis points of decline that we saw? And was it primarily this higher growth that led to more higher cost funds needed in the interim?

我想先問一下，我認為本季表現當然非常好。但我好奇的是，與你們在季中更新時對利差的說法相比，為什麼最後我們看到的是下滑9個基點？這主要是因為成長較高，導致短期內需要更多高成本資金嗎？

And maybe how does that play into what you guys disclosed for every 1% higher growth. There may be some NIM compression, but still NII upside. Just a little color around that would be great.

另外，這如何影響你們所揭露的：每多1%的成長，可能會有一些淨利差（NIM）壓縮，但淨利息收入（NII）仍有上行空間？可能會有一些NIM壓縮，但NII仍有上行空間。如果能就此補充一些說明就太好了。

Yes, Stephen, it's Jamie. Thanks for the question. The change from our guide that we gave in early June is really on the asset side. And so you think about the decline in SOFR rates as well as PAA coming in a little lighter than expected. Those impacts are definitely different than what we said in early June.

是的，Stephen，我是Jamie。謝謝你的問題。與我們在6月初給出的指引相比，變化主要在資產端。也就是說，你可以看到SOFR利率下滑，以及PAA略低於預期。這些影響確實與我們在6月初所說的不同。

And if you think about the PAA, that's really just due to slower prepayments in our C&I book largely and then the SOFR rate has largely recovered here in the month of July. So we think that that's going to be a little tailwind to the third quarter.

如果你看PAA，主要是因為我們的商業與工業（C&I）放款組合的提前還款速度較慢；而SOFR利率在7月已大致回升。因此我們認為這將對第三季形成一些順風。

As you can tell, when you compare average balances to ending balances, you can also see that we grew the balance sheet a decent bit in the month of June with cash and securities to assets coming up higher as we approach quarter end. So I would attribute the change to those three things largely in the second quarter.

如你所見，當你比較平均餘額與期末餘額時，也能看出我們在6月讓資產負債表有相當幅度的成長，隨著接近季末，現金與證券占資產比重上升。因此我會把第二季的變化主要歸因於這三件事。

And then when we speak to growth, the growth impact of the margin, we laid out the impact and how it is margin dilutive. But what I want to say about that is if you look at our NII guide progressing through 2026, what you see there is a steady 2%-ish increase quarter-on-quarter as you go through the year. And that growth is built on banker hires that we made in prior years. And so it's a steady sustainable growth in NII. And the beauty of that growth in NII is that there's not a lot of marginal expense associated with it.

至於我們談到成長對利差的影響，我們已說明其影響以及它如何稀釋利差。但我想補充的是，如果你看我們一路到2026年的NII指引，你會看到全年每季約2%左右的穩定季增。而這樣的成長是建立在我們前幾年所做的銀行家招募之上。因此這是穩健且可持續的NII成長。而這種NII成長的優點在於，幾乎不需要太多邊際費用。

And so, when you think about profitability and how that drops to the bottom line, what we're doing here is we're producing loans at the same rate. So we're not competing on price when you look at production rates. We're growing the balance sheet, growing core deposits at a similar rate over time as loans. But even in that marginal growth where we're funding it with wholesale funding, basically, it's accretive to the shareholder because we're able to maintain return on tangible common equity because expense growth is happening at a much slower rate. And so that's why we believe in it.

因此，當你思考獲利能力以及它如何落到最終盈餘時，我們在這裡做的是以相同的利率水準產出貸款。所以從產出利率來看，我們並不是在價格上競爭。我們在擴大資產負債表的同時，也以與貸款相近的速度長期成長核心存款。但即便在那部分邊際成長中，我們以批發資金來提供資金來源，基本上仍能為股東帶來增值，因為費用成長速度慢得多，使我們得以維持有形普通股權報酬率（ROTCE）。這也是我們為何相信這個策略。

We believe in the steady growth in NII, having a lower than 50% adjusted tangible efficiency ratio. We believe that that will drive sustained double-digit PPNR growth, double-digit EPS growth, and doing it the right way.

我們相信NII的穩定成長，以及低於50%的調整後有形效率比率。我們相信這將帶來可持續的兩位數PPNR成長、兩位數EPS成長，而且是以正確的方式達成。

Yes. That's great color. And a lot of new detail on the slide deck. I appreciate all of that. One other -- my follow-up would be around maybe slide 13, where you guys disclosed this funded production and loan spreads.

是的。這些補充很有幫助。投影片也提供了很多新的細節。我很感謝這些資訊。另外一個追問是關於投影片第13頁，你們揭露了已資金到位的產出（funded production）與貸款利差。

Just kind of curious how you're thinking about that within all of your forward expectations. If that's something that you would think would compress slightly given all the competition headwinds we're kind of hearing industry-wide? And if, again, that dynamic would kind of be similar to this -- the spreads might compress as growth is higher, but NII still moves higher regardless.

我想了解你們如何把這點納入所有前瞻預期之中。考量到我們在全產業聽到的競爭逆風，你們是否認為這可能會略為收斂？以及如果是的話，這種動態是否會類似你剛提到的——利差可能因成長較高而收斂，但不論如何NII仍會上升？

I think the second quarter is a great data point on that. And so if you look at our spreads on production, right, we were wider quarter-on-quarter. But it's not just a mixed story on that. Basically, six- of our eight geographies had wider spreads in the second quarter than the first quarter. 9- of 11 of our specialty groups had wider spreads in the second quarter than the first quarter.

我認為第二季就是一個很好的數據點。如果你看我們在產出上的利差，我們的利差是較前一季更寬。但這不只是單一面向的故事。基本上，我們八個地區中的六個在第二季的利差都比第一季更寬；我們11個專業團隊中有9個在第二季的利差也比第一季更寬。

And so the point I want you to know is that this is happening across our businesses. We are not out there driving in lower spreads to try to accelerate growth. This is our bankers out there delivering on the promises we've made in a steady, sustainable way. So our outlook does not have material spread tightening. We're assuming similar spreads and we believe that, that's justified given what we've seen.

我想讓你知道的重點是，這是發生在我們各項業務之中。我們並沒有透過壓低利差來加速成長。這是我們的銀行家在外面以穩健、可持續的方式兌現我們所做的承諾。因此，我們的展望並未假設利差會出現實質性的收斂。我們假設利差大致相近，而且基於我們所看到的情況，我們認為這樣的假設是合理的。

Obviously, the environment can change, and competition can go even higher, but we're not seeing that spread tightening that we're hearing from some of the others.

當然，環境可能改變，競爭也可能進一步升高，但我們並未看到像一些同業所提到的那種利差收斂。

John McDonald, Truist Securities.

John McDonald，Truist Securities。

I was wondering if you could unpack the deposit outlook for the rest of the year, including kind of what you see in terms of mix, both the non-interest bearing and what you call the core deposits inside your outlook?

我想請你們拆解一下今年剩餘時間的存款展望，包括你們對存款結構的看法：無息存款，以及你們在展望中所稱的核心存款，各自會如何？

Yes. John, great question. And we are forecasting strong growth in deposits in the second half of the year. Obviously, we're pleased with the core deposit growth when you back out public funds in the second quarter. We believe that, that shows the momentum in what is typically a challenging quarter due to tax payments.

是的。John，這個問題問得很好。我們預期下半年存款將強勁成長。顯然，我們對第二季在剔除公共資金後的核心存款成長感到滿意。我們認為這顯示了動能，尤其第二季通常因稅款支付而是較具挑戰的一季。

But as we look forward into the second half of the year, we believe the seasonal impacts will contribute $1.5 billion to $2 billion to growth in the second half of the year. Just like our loan forecast, prior year hires will also contribute to growth. As they build their books of business as they grow and bring in the deposits of their clients.

但展望下半年，我們認為季節性因素將在下半年為成長貢獻15億至20億美元。就像我們的貸款預測一樣，前一年招募的人才也將帶動成長。隨著他們建立其業務組合、擴張並帶入其客戶的存款。

And so we believe that that's why we'll continue to see strong production. Deposit production has been over $1 billion every month this year. We expect that to continue. In the second half of the year, you will see growth in broker deposits. So broker deposits have been relatively stable year-to-date. We are expecting some growth in broker deposits in the second half of the year.

因此，我們相信這就是為什麼我們將持續看到強勁的存款生產。今年以來，每個月的存款新增都超過10億美元。我們預期這種趨勢會延續。在下半年，你會看到經紀存款的成長。因此，經紀存款今年迄今相對穩定。我們預期下半年經紀存款會有一些成長。

And what gives us confidence in that growth I would point you to the chart that compares core deposit growth in seasonal year-to-date and in our earnings deck. If you were just to run that outperformance forward to the end of the year, it would point to $4.5 billion to $5 billion of core deposit growth from here.

至於讓我們對這項成長有信心的原因，我會請你參考圖表：它比較了季節性今年迄今的核心存款成長，以及我們財報簡報中的數據。如果你只是把這種超越表現一路推算到年底，將指向從現在到年底核心存款成長約45億至50億美元。

But one thing that's underneath the covers of that is that includes underperformance or less growth in public funds year-to-date. We have strategically allowed public funds to attrite this year. We're about $700 million behind the seasonal average and growth on public funds year-to-date. And we expect getting back to that average growth and with the second half seasonals and public funds, that's more than $1 billion in growth in that book of business.

但其中一個隱含的因素是：這裡面包含了今年迄今公共資金表現不如預期、或成長較少的情況。我們今年策略性地讓公共資金自然流失。今年迄今公共資金的成長相較季節性平均值落後約7億美元。而我們預期回到平均成長水準，加上下半年的季節性因素與公共資金，該業務組合的成長將超過10億美元。

And so as you look forward through the rest of the year, I would just say we do expect to see that seasonal growth in core deposits. We do expect to see some growth in public funds and then I would say that we expect broker deposits for the full year to grow at a similar rate as core deposits.

因此，展望今年剩餘時間，我只想說我們確實預期會看到核心存款的季節性成長。我們也確實預期公共資金會有一些成長；此外，我會說我們預期全年經紀存款的成長率將與核心存款相近。

Thanks, Jamie. And just as a follow-up to that, obviously, we all hear a lot of talk about how competitive the pricing of deposits is in your markets. You did really enable -- the pricing was very stable this quarter. What enabled that to be pretty stable amid all the competition?

謝謝你，Jamie。再追問一下，顯然我們都聽到很多關於你們市場存款定價競爭激烈的討論。你們確實做到了——本季定價非常穩定。在競爭如此激烈的情況下，是什麼讓定價能維持得相當穩定？

John, I'll take that. Look, we don't compete on price. I mean, look, we're a relationship bank and clients value more than just the rate on deposits. Now we pay a fair rate. As you know, the deposit market place is very efficient.

John，我來回答。你看，我們不靠價格競爭。我的意思是，我們是一家關係型銀行，客戶重視的不只是存款利率。當然我們會支付合理的利率。如你所知，存款市場非常有效率。

And so when you're adding new deposits, you're having to pay a market rate. But as Jamie said earlier, the real core to our model is hiring new revenue producers. And those new revenue producers come over and bring their clients with them. Ultimately, that allows us to produce at a high level and use a market rate to do it. So we're not having to go out and do promotional rates.

因此，當你新增存款時，你必須支付市場利率。但如同Jamie先前所說，我們模式的核心在於招募新的創收人員。而這些新的創收人員加入後，會把他們的客戶一併帶來。最終，這讓我們能在高水準下產生存款，並以市場利率來完成。所以我們不需要推出促銷利率。

And so as Jamie mentioned earlier, our forecast for NIM would assume that, that would continue. And so if you look at that going on rate for new loans minus the going-on rate for new deposits, that was roughly stable at a 3.72 spread this quarter, which was very similar to last quarter, and that should continue. So it's our model, it's hiring talent. It's allowing us to compete on things other than just rate.

因此，如同Jamie先前提到的，我們對淨利差（NIM）的預測假設這種情況會持續。所以如果你看新發放貸款的即期利率減去新吸收存款的即期利率，本季利差大致穩定在3.72，與上季非常接近，而且應該會延續。所以這是我們的模式：招募人才。讓我們能在不僅僅是利率的面向上競爭。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

So I guess, maybe, Jamie, if you could go to like slide 22, so great detail there on the margin outlook. And I appreciate your point about all of this growth is as profitable or more profitable than the back book. But maybe just looking at the pieces that you lay out there, as we incrementally think about and as all of us figure out where this margin lands over the next 12-, 18-, 24 months.

我想，Jamie，也許你可以看一下第22頁投影片，那裡對利差展望有很詳細的拆解。我也理解你提到的：所有這些成長的獲利能力與存量資產（back book）相當，甚至更高。但也許就你在那裡列出的各個組成部分來看，當我們逐步思考、也當我們所有人試著判斷未來12、18、24個月利差會落在哪個水準時。

My assumption is we are headed lower somewhere into the 330s by this time next year. So one, and I know you've not given 2027 guidance, but is there any reason why that assumption that we could be closer to 3.30 versus 3.40 this time next year, why that may not be the right assumption?

我的假設是，到明年這個時候我們會往下走到3.30%區間。所以第一點，我知道你們尚未提供2027年的指引，但是否有任何理由使得「明年此時更接近3.30%而不是3.40%」這個假設可能不正確？

And then in terms of the build-out for the Cat IV liquidity, should we expect additional impact on the margin as you continue through that process over the coming quarters?

另外，就第四類（Cat IV）流動性建置而言，隨著你們在未來幾季持續推進這個流程，我們是否應預期對利差會有額外影響？

Yes, Ebrahim, look, let's just talk -- first, I'll talk about the rest of this year. We have -- you think specifically about the margin, there are headwinds due to what you just mentioned about the Cat IV for liquidity, growing cash and securities to assets. There's the headwind due to debt issuance and then a little bit of a nuance to the margin. There's a headwind just 1 basis point due to day count.

是的，Ebrahim，你看，我們先談——我先談今年剩下的時間。我們——如果你特別聚焦在利差，有一些逆風來自你剛提到的第四類（Cat IV）流動性要求，也就是提高現金與證券占資產比重。還有來自發行債務的逆風，另外利差上還有一點細微因素。由於天數計算（day count），也有1個基點的逆風。

But there are also tailwinds. So we will continue to see a benefit through fixed rate asset repricing. In the second half of the year, we are forecasting core deposit growth to outpace loan growth. That will be a tailwind. As I mentioned earlier, SOFR is firming, and so that will be a tailwind. And then we do -- this will be very marginal, but we do expect VA to normalize.

但同時也有順風。因此，我們將持續受惠於固定利率資產的重定價。在下半年，我們預測核心存款成長將超過貸款成長。這將是順風。如我先前提到，SOFR正在走強，因此也會是順風。另外，我們確實——這影響會非常有限——但我們預期VA將回歸正常。

And so those are the tailwinds that go along with, and that's really how you're thinking about the second half of the year. Obviously, it's early for us to give 2027 guidance. But you're right to think about the liquidity impacts in 2027 being a further headwind. And I guess the way I would characterize it is $1 billion of long-term debt is about 1 basis points to 1.5 basis points margin per billion.

因此，這些就是與之相伴的順風，而這也就是你如何思考下半年的方式。顯然，現在對我們來說要提供2027年的指引還太早。但你把2027年的流動性影響視為進一步的逆風，這樣想是對的。我想我會這樣描述：每增加10億美元的長期債務，大約會帶來每10億1到1.5個基點的利差影響。

On cash and securities to assets, increasing cash and securities to assets about 1%. I would argue they were 2% to 3% below where we expect to be over the next few years. So that will be a slow process. That's about 2 basis points to 3 basis points per 1%.

至於現金與證券占資產比重，若提高現金與證券占資產比重約1%。我會認為我們目前比未來幾年預期的水準低了2%到3%。因此這會是一個緩慢的過程。每提高1%，大約影響2到3個基點。

And then the impact of growth as you get further along, actually, the relative impact diminishes because when your starting point of the margin is closer to 3.30%, which we say the incremental margin of the growth, then that impact of the future growth is less on the margin. So I guess that's how I would think about the margin going forward, and that will point to a little bit of incremental pressure.

另外，隨著你走得更遠，成長的影響其實相對會遞減，因為當你的利差起點更接近3.30%（我們所說的增量成長利差）時，未來成長對利差的影響就會更小。所以我想，這就是我對未來利差的看法，這會指向一些額外的下行壓力。

But I do want to circle back to the first answer we gave in the Q&A is, we still expect high single-digit NII growth. And because of that, that will give -- that should lead to -- and I'm assuming the economy and rates and everything are consistent with what we see today, that should lead to double-digit PPNR growth, double-digit EPS growth while maintaining return on tangible common equity. And so that's how we view it. And we think that it's very sustainable. And that's how when we look further out, that's our current outlook.

但我確實想回到我們在問答一開始的第一個回答：我們仍然預期淨利息收入（NII）將有高個位數成長。而因為如此——這將帶來——在我假設經濟、利率以及所有因素都與我們今天看到的一致的前提下——這應該會帶動兩位數的PPNR成長、兩位數的每股盈餘（EPS）成長，同時維持有形普通股權益報酬率。這就是我們的看法。我們也認為這非常可持續。而當我們把視野拉得更遠，這就是我們目前的展望。

Got it. And I guess, maybe quickly this keeps coming up as we think about BHG. Just if you don't mind revisiting the outlook there? And also in terms of strategically, how do you think about the business? There's constant questions around whether you might think about taking some strategic actions there. So I would appreciate any color.

了解。我想，或許很快地，當我們思考 BHG 時這個問題一直被提起。如果你不介意的話，能否再回顧一下那邊的展望？另外從策略角度，你們如何看待這項業務？外界一直在問你們是否會考慮在那裡採取一些策略性行動。所以若能提供一些補充說明，我會很感謝。

Yes. Before I answer your question, I want to get into a little bit of the income statement impact because sometimes I think that it's a little bit misunderstood. But indicative of the depth of our relationship with BHG, we have multiple ways the partnership hits the income statement. We often speak to the impact of the equity investment because that was the largest driver of profitability. However, there is significant revenue and expense outside of the investment income.

是的。在回答你的問題之前，我想先談一下損益表的影響，因為我覺得有時候這部分會被稍微誤解。但從我們與 BHG 關係的深度來看，這項合作會透過多種方式反映在損益表上。我們經常談到股權投資的影響，因為那一直是獲利的最大驅動因素。然而，在投資收益之外，還有相當可觀的收入與費用。

We expect to have approximately $40 million in revenue and $20 million in expense in 2026 due to these. That's outside of the investment income. In the second quarter, we paused one of the distribution channels as we repapered some of our operating agreements. These have since resumed and will result in a resumption of typical quarterly fees and revenues.

我們預期在 2026 年，因為這些項目將帶來約 4,000 萬美元的收入與 2,000 萬美元的費用。這些都不包含在投資收益之內。在第二季，我們在重新簽訂（repaper）部分營運協議時，暫停了一個分銷通路。這些通路之後已恢復，並將使典型的季度費用與收入恢復入帳。

The pause resulted in a couple of things that impacted the second quarter. First, our fee revenue as well as the associated NIE were lower than the prior quarter. These flows have already resumed in the third quarter, and we expect that will result in just under $10 million revenue and a similar amount of expense in the third quarter.

這次暫停造成了幾件影響第二季的事情。首先，我們的手續費收入以及相關的 NIE 都低於上一季。這些資金流在第三季已經恢復，我們預期第三季將帶來略低於 1,000 萬美元的收入，以及相近金額的費用。

Second, it impacted the investment income. The production remained on balance sheet, which led to an increase in provision at BHG as they account for the life of loan loss estimate. This, along with the distribution change we previously discussed led to a $7 million decline in investment income. So I hit that to start just because there are a lot of moving parts on the Pinnacle income statement due to BHG this quarter. Just wanted to hit that.

第二，它也影響了投資收益。產出（production）仍留在資產負債表上，導致 BHG 因其按貸款全期（life of loan）損失估計入帳，而增加了提存。這一點，加上我們先前討論過的分銷變動，導致投資收益下降 700 萬美元。我先從這裡講起，是因為本季 Pinnacle 的損益表因 BHG 而有很多變動因素。只是想先把這點說清楚。

But the performance of BHG just could not be stronger. If you look at production, this quarter, it's up almost $1 billion from the prior quarter. It's up $900 million. And we are very pleased with the partnership is delivering on everything that we expect. The credit performance remains strong.

但 BHG 的表現再強不過了。如果你看本季的產出，相較上一季增加了將近 10 億美元。增加了 9 億美元。我們對這項合作在各方面都達成我們的期待感到非常滿意。信用品質表現依然強勁。

And so the outlook is exactly what we've discussed in prior quarters, but stronger. And so as we look forward, we raised our revenue guide on the investment side for 2026. We believe that momentum there is very strong and positions us well for the rest of this year as well as 2027. And so -- we're very pleased with the partnership.

因此，展望與我們前幾季討論的一樣，但更強。展望未來，我們上調了 2026 年投資端的收入指引。我們認為那邊的動能非常強，讓我們在今年剩餘時間以及 2027 年都處於有利位置。因此——我們對這項合作非常滿意。

There is no update to give on their strategic options. We think that the best path is just continuing to execute, continuing to drive business growth, continuing with the business -- the distribution shift we think that will deliver the most value over time. And so there's no real update there.

他們的策略選項方面沒有新的更新可提供。我們認為最好的路徑就是持續執行、持續推動業務成長，並持續推進我們認為能在時間推移下帶來最大價值的業務——分銷轉移。所以這方面沒有實質更新。

Casey Haire, Autonomous.

Casey Haire，Autonomous。

Great. I wanted to touch on the loan growth, very strong here in the second quarter. Wondering if there is upside. I know you guys are guiding to the higher end of the range, wondering if there is upside to that guidance?

很好。我想談一下貸款成長，第二季表現非常強勁。想請問是否還有上行空間。我知道你們的指引是區間的高端，想問這個指引是否還有上修空間？

Casey, yes. Look, we're pleased with the loan growth as well. And I think it's primarily because it's broad-based and it's diversified. When you look at the first half of the year, we've had roughly 50% of the growth coming from our geographic banking units and 50% coming from our specialty areas. And it's -- as you can see, it's primarily being driven from C&I.

Casey，是的。你看，我們對貸款成長也很滿意。我認為主要原因是成長來源廣泛且多元分散。看今年上半年，大約 50% 的成長來自我們的區域銀行單位，另外 50% 來自我們的專業領域。而且——如你所見，主要是由 C&I（商業與工業貸款）所帶動。

What's interesting is CRE has not been a growth engine. You know that story, elevated payoffs at current rates. We're not seeing a great deal of production, although that is picking up. And that's what allows us to show that quarter-over-quarter increase in production overall 20% increase.

有趣的是，CRE（商用不動產）並不是成長引擎。你也知道那個故事：在目前利率水準下，提前清償（payoffs）偏高。我們沒有看到大量新增承作，雖然確實正在回升。而這也讓我們能呈現整體產出季對季增加、總體增加 20%。

Yes, there's upside. Maybe some of the things that kept us at the 9% to 11%, the high end of the range. This quarter, we had 127 basis points of improvement in utilization. That was roughly $0.5 billion of growth. As you know, we customarily do not include changes in utilization in our forecast. So we have not included any future changes in utilization.

是的，確實有上行空間。也許有些因素讓我們把指引維持在 9% 到 11% 的區間高端。本季，我們的動用率（utilization）改善了 127 個基點。那大約帶來 5 億美元的成長。如你所知，我們通常不會把動用率變動納入預測。因此我們也沒有把未來任何動用率變動納入。

We do expect to see some ongoing churn in the CRE book just with payoff activity. And we did have some specialty areas that had some outsized growth in the first half of the year that we're not expecting to see in the second half. So we said the high end of the range.

我們確實預期 CRE 組合會因提前清償活動而持續有一些汰換（churn）。而且我們也有一些專業領域在上半年出現較為突出的成長，但我們不預期下半年會再看到同樣幅度。所以我們才說是區間的高端。

But look, this model is robust, and our pipelines are strong. And I would expect to continue to see strong loan growth across both the specialties and the geographic areas.

但你看，這個模式很穩健，我們的案源管線（pipelines）也很強。我預期無論在專業領域或區域市場，都會持續看到強勁的貸款成長。

The one thing I do want to point out, because you hear lots of conversation. Our competitors are out there saying that we're giving it away on rate and that's how we're winning. As Jamie talked about earlier, our spreads and our production rates actually went up quarter-on-quarter. So I'm optimistic that we'll continue to see strong loan growth. It's not rate driven and it's broad-based. So it gives me a lot of confidence that we could see some upside of the year.

我還想指出一點，因為你會聽到很多討論。我們的競爭對手在外面說我們是靠讓利利率、用低利率「送出去」才贏的。如 Jamie 先前提到的，我們的利差與承作利率其實是季對季上升。所以我很樂觀，我們會持續看到強勁的貸款成長。這不是由利率驅動，而且來源廣泛。因此我對今年可能出現一些上行空間很有信心。

Got it. And then as my follow-up, I wanted to touch on the loan-to-deposit ratio. The deposit outlook sounds very positive and upbeat. But the loan-to-deposit ratio is a little bit above where the legacy Pinnacle lived as well as Cat IV peers. Just wondering, is there a governor? Is there a ceiling on that ratio? And where do you -- where would you like to see that land longer term?

了解。接著我的追問想談一下貸存比（loan-to-deposit ratio）。存款展望聽起來非常正面、也很樂觀。但貸存比略高於過去 Pinnacle 的水準以及 Cat IV 同業。想請問是否有調節機制（governor）？這個比率是否有上限（ceiling）？長期來看你們希望它落在什麼水準？

Loan-to-deposit ratio is not a metric that we really manage to. But I'll speak to since you asked the question. We do expect it to decline as we progress through the second half of the year. As we previously discussed, we expect core deposits to growth to outpace loan growth in the second half of the year. And so we expect it to decline. But what we look at the most when we think about liquidity and access to liquidity is more how we on cash and securities to assets.

貸存比並不是我們真正用來管理的指標。但既然你問了，我也說明一下。我們確實預期在下半年推進的過程中它會下降。如我們先前討論過的，我們預期下半年核心存款成長會快於貸款成長。因此我們預期它會下降。但當我們思考流動性與取得流動性的能力時，我們最常看的其實是我們的現金與證券占資產的比重。

And so said another way, that's the metric that we look at to make sure that we have adequate liquidity as loan-to-deposit ratio, we don't believe is a key driver of where we need to be on the liquidity side.

換個方式說，這就是我們用來檢視並確保流動性充足的衡量指標；至於貸存比（loan-to-deposit ratio），我們不認為它是決定我們在流動性面需要達到何種水位的關鍵驅動因素。

John Pancari, Evercore.

John Pancari，Evercore。

Just on the -- back to the loan spreads comment, it's encouraging to hear that you did see spreads increase across both your verticals and in most of your geographies. We are seeing spread compression across many of your peers even some of the larger banks.

就——回到貸款利差的評論，聽到你們在兩個垂直領域以及多數地理區域都看到利差擴大，這令人鼓舞。我們看到你們許多同業、甚至一些更大型的銀行，都出現利差收窄。

And curious what do you think the different -- the driver of that difference is? Why are you not seeing that spread compression? Is it a function of these relationships that are coming over and the hiring that's bringing it over and you're not competing as aggressively for it? Like why do you see that, that's not showing up in terms of these numbers?

想請教你認為造成這種差異的——驅動因素是什麼？為什麼你們沒有看到那種利差收窄？這是否與這些轉入的客戶關係、以及帶來這些關係的招募有關，讓你們不需要那麼積極地競爭？也就是說，你們為什麼會看到這種情況，卻沒有在這些數字上反映出來？

John, it's a great question. As I said it earlier, I think we compete on a different value proposition. We're winning business based on providing distinctive service and effective advice and that's built through trusted relationships. Our bankers aren't doing the same level of prospecting that you may see at other institutions because we have an opportunity to consolidate the portfolios of the bankers that they bring over when they joined the firm. And so they've already built a relationship.

John，這是個很好的問題。如我先前提到的，我認為我們是在不同的價值主張上競爭。我們贏得業務，是因為提供差異化的服務與有效的建議，而這是透過受信任的關係建立起來的。我們的銀行家不會像你在其他機構可能看到的那樣做同等程度的陌生開發，因為當他們加入本公司時，我們有機會整併他們帶來的客戶組合。因此，他們原本就已經建立了關係。

So they're not having to go and win a new relationship based on leading with a low price. They're leading with that value that they've often provided in the historical relationship. So I think that's a big part of it and it can't be underestimated.

所以他們不需要靠「低價」去贏得一段新的關係。他們是以那個價值作為切入點——而那往往是他們在過往合作關係中已經提供過的價值。我認為這是很大的一部分，而且其重要性不容低估。

Number two, I think our team has a good pricing rigor. We all are owners of this company. Everyone has equity. Everyone is on the same incentive plan, and they understand how pricing loans and pricing deposits have an impact on the bottom line and helping us to achieve our big hairy audacious goal. So I think people are motivated to pricing loans fairly and not just relying on rate to win a new piece of business.

第二，我認為我們的團隊在定價上有很好的紀律。我們所有人都是這家公司的股東。每個人都有股權。每個人都在同一套激勵計畫下，他們理解貸款定價與存款定價如何影響最終盈餘，並幫助我們達成那個宏大且大膽的目標。因此，我認為大家都有動力去公平地為貸款定價，而不是只靠利率去贏得一筆新業務。

Okay, Kevin. I appreciate it. And then part of -- speaking of investors, part of your discount multiple versus the peers is really around concerns around how you're going to fund the loan growth to meet your or how are you going to drive deposits to meet the funding of the loan growth? And what it means for your net interest income. This quarter, you did temper your margin guide, your total revenue guidance unchanged despite bumping up the fee guide.

好的，Kevin。謝謝。另外——談到投資人，你們相較同業的折價倍數，有一部分其實來自市場擔心你們要如何為貸款成長提供資金，或是要如何推動存款成長來支應貸款成長的資金需求。以及這對你們的淨利息收入（NII）意味著什麼。本季你們下調了利差（margin）指引，但在上調手續費指引的同時，總營收指引維持不變。

So some could be that there's a modest downside a bit of pressure on the NII growth expectation. Could you just discuss your confidence that in your outlook here on NII on -- in that this modest adjustment that we see this quarter is a derisking or could there -- how do you dispel any of the concerns out there that there could be more revisions to come as you look at this outlook?

因此有人可能會解讀為：淨利息收入成長預期存在一些溫和的下行風險、或些許壓力。你能否談談你們對NII展望的信心——也就是本季看到的這個小幅調整，是在去風險（derisking），還是——你要如何消除外界對於未來可能還會有更多修正的疑慮，當你們看待這個展望時？

John, I guess what I would say is just look at the performance. It's -- we are doing what we need to do for today by maintaining pricing discipline, both on loans and deposits. We're delivering on the growth. We're delivering on the hiring great bankers across the footprint that will deliver tomorrow's growth. And so it's just if you're -- whatever KPI you want to look at as far as is this sustainable? Is this repeatable? I believe we're delivering you proof points.

John，我想我會說的是：看看我們的表現就好。我們——正在透過維持定價紀律來做當下該做的事，無論在貸款端或存款端都是如此。我們正在兌現成長。我們也正在整個版圖內招募優秀的銀行家，這些人將帶來明天的成長。所以如果你——不論你想看哪個KPI來判斷這是否可持續？是否可重複？我相信我們正在提供你們可驗證的證據點。

Now to be clear, we are two quarters in on this merger. And so there are not but so many proof points we can deliver. But we intend to continue driving this performance. It's why we laid out more specifics this quarter than we have in the past, and we will continue to be as transparent as we can to give confidence in that outlook. We believe that this does derisk external perceptions of our outlook going forward.

當然要說清楚，我們這次合併才進入第二個季度。因此我們能提供的證據點也有限。但我們打算持續推動這樣的表現。這也是為什麼本季我們比過去提供了更多具體細節，而且我們會盡可能保持透明，以強化對該展望的信心。我們相信這能降低外界對我們未來展望的疑慮。

We believe that the enhanced disclosures are useful and hopefully helps you all see what we see internally. But for us, what we're going to do, we're going to leave here today and go back to the team and keep doing what we have been doing. We want to grow the business by doing the same thing we did yesterday, the same thing we're going to do tomorrow at the right spread at the right deposit costs, and it is sustainable.

我們相信強化後的揭露是有用的，也希望能幫助各位看到我們在內部所看到的情況。但對我們而言，我們今天離開這裡後，會回到團隊，繼續做我們一直在做的事。我們希望用昨天做的同樣方式、以及明天也會做的同樣方式來成長業務——在正確的利差、正確的存款成本下，而且這是可持續的。

Now to be clear, that growth -- that incremental growth when you're growing where we are in 2026. The incremental growth does come with higher cost funding. But again, it comes with very little expense. And so in the one line of the income statement of NII, it is less incremental NII. But when you look at PPNR, you get it back through lower expense.

再說清楚一點，當你在2026年以我們目前的方式成長時，那些增量成長——確實會伴隨較高成本的資金來源。但同時，它也幾乎不需要增加費用。因此在損益表的NII這一行上，增量NII會比較少。但當你看稅前、提存前淨收益（PPNR）時，你會透過較低的費用把它補回來。

And so for the shareholder, you're getting these earnings back in PPNR. And so I think that's the message. We're going to keep delivering. We're going to keep each quarter coming to you and sharing that. But that's how we look at the world. We think that's where the shareholder value is. And so that's how our plan is just to keep doing that.

所以對股東而言，你是在PPNR中把這些獲利拿回來。我想這就是訊息重點。我們會持續交付成果。我們會每一季都來向各位分享。但這就是我們看待世界的方式。我們認為股東價值就在這裡。因此我們的計畫就是持續這樣做。

And John, to Jamie's point, I go back and look at the waterfall and what Jamie said earlier, what drove the NIM compression this quarter was not the growth model. It was -- deposits were up 1 basis point, and that's total cost of deposits. And so as Jamie said, there's modest headwinds when you grow. That's not the main factor here. We are acclimating into being a Cat IV bank. So you see debt issuance, you see building cash and securities that at some point is going to be done.

John，呼應Jamie的觀點，我回頭看了那張瀑布圖以及Jamie先前說的內容：本季推動淨利差（NIM）收窄的原因不是成長模式。而是——存款上升了1個基點，而且那是存款總成本。所以如Jamie所說，當你成長時會有些溫和的逆風。但這不是這裡的主要因素。我們正在適應成為第四類（Cat IV）銀行。因此你會看到發行債務、建立現金與證券部位，而這在某個時間點會完成。

I also would hark to what Jamie has been saying all year, which is there is a floor here of 3.30% because that's what the going on rates would be over time. And so we're not talking about a NIM that's in free fall. We're talking about a NIM that's moderating. And as Jamie mentioned earlier, that's still contributing high single-digit NIIs. And I know everyone has to focus on different components, but I look at NII as a component of an outcome. And the outcome is growth in revenue and growth in NII, and that's what we're focused on.

我也想呼應Jamie今年一直在說的：這裡有一個3.30%的底部，因為長期來看，新做利率（going on rates）大概就是那個水準。所以我們談的不是NIM自由落體式下滑。我們談的是NIM正在趨於溫和。而如Jamie先前提到的，這仍然在貢獻高個位數的NII成長。我知道每個人必須關注不同的組成項目，但我把NII視為結果的一部分。而結果就是營收成長與NII成長，這才是我們專注的重點。

Michael Rose, Raymond James.

Michael Rose，Raymond James。

Kevin, obviously, the hiring continues at a pretty rapid clip. I think one of the things that I hear from investors is that many good lenders to hire year in, year out. Obviously, Pinnacle has done that for a long period of time, but there is kind of the law of large numbers, and there's a lot more hiring activity in and around your markets than there has been in many years. So what would you say to some of the skeptics out there?

Kevin，顯然招募仍以相當快的速度在進行。我想投資人常提到的一點是：年復一年能招到的優秀放款人畢竟有限。當然，Pinnacle長期以來一直做得很好，但也存在某種「大數法則」的限制，而且你們市場內外的招募活動比過去許多年都更為活躍。那你會對外界一些質疑者怎麼說？

The same thing that Terry has said for years, and I'll reiterate is it's a cycle that builds on itself, Michael. When you hire revenue producer, they bring Rolodex with them. And they talk to our team about which team members need to join with them. And so what you see when we hire is it's not one individual, it generally comes with two and three and four.

Terry 多年來一直說的同一件事，我再重申一次：這是一個會自我強化的循環，Michael。當你聘用能帶來營收的業務人員時，他們會把自己的人脈名單（Rolodex）一併帶來。他們也會和我們的團隊討論，哪些團隊成員需要與他們一起加入。因此你看到我們在招募時，並不是只有一個人，通常會帶來兩個、三個、甚至四個人。

And the best marketing tool we can have is when they come over here and they're able to call the folks back at their previous employer and say that is exactly what they were promised. It's a great environment. It offers them the autonomy and the ability and empowerment to serve their clients the way they want to do it. And so absolutely, there are enough bankers to continue to add.

而我們能擁有的最佳行銷工具，就是當他們來到這裡後，能夠打電話給他們前雇主那邊的人說：這裡完全符合當初承諾的內容。這是一個很棒的環境。它提供自主性、能力與授權，讓他們能以自己想要的方式服務客戶。所以絕對地，市場上仍有足夠的銀行家可以持續加入。

You just listened to our prepared remarks today, we had 34 individuals that have already signed on in July. So it's not slowing down, it's picking up. And when you add more people, we're up about 13% year-over-year on a combined basis, it just gives us a better pipeline of talent to be able to continue to hire.

你今天剛聽完我們的事先準備發言，我們在 7 月已經有 34 位個人完成簽約加入。所以不但沒有放緩，反而在加速。而當你增加更多人員，我們合併口徑的年增率約 13%，這也讓我們擁有更好的人才管道，得以持續招募。

Very helpful. Appreciate the color. And then maybe just one quick one on loan growth. It looks like the SNC balances were up fairly meaningfully this quarter, about 12.5% of the book. What's the comfort level there? And it did look like the amount that the percentage of the agent went up as well. So I think that's important. But what's the comfort level in terms of size or percentage of the book as we think about the next couple of years?

非常有幫助。感謝補充說明。接著可能再快速問一個關於放款成長的問題。看起來本季 SNC 餘額相當明顯上升，約占放款組合的 12.5%。你們對此的舒適度如何？而且看起來代理行（agent）的占比也上升了。所以我認為那點很重要。但就未來幾年來看，對於規模或占比，你們的舒適度大概在哪裡？

It's not an area of growth for us. There are a couple of things happened there. To your point, we did have some lead arranger fees this quarter as we go up market and we're playing in that space. You're going to see more deals there where we're leading. Our lead arranger fees were up significantly over historical levels and quarter-on-quarter. So that's what you're seeing there.

那不是我們的成長領域。那裡有幾件事發生了。如你所說，本季我們在往更高端市場拓展、並參與那個領域時，確實有一些主辦行（lead arranger）費用。你會看到更多由我們主導的交易。我們的主辦行費用相較歷史水準以及季對季都大幅上升。所以你看到的就是這些。

We also have some large payoffs coming in the second half of the year, and we prefunded some of those with some other SNCs. So just I would look at second quarter more as an anomaly. And we've always said that, that portfolio would represent less than 10% of the total loans, and that's not something you would see us change.

我們在下半年也會有一些大型還款（payoffs），因此我們用其他一些 SNC 先行預撥資金（prefund）來對應。所以我會把第二季視為比較偏異常的情況。而我們一直都說，那個投組占總放款的比重會低於 10%，而這也不是你會看到我們改變的事情。

Bernard Von-Gizycki, Deutsche Bank.

Bernard Von-Gizycki，德意志銀行。

On credit, it was stable. And Kevin, you mentioned the reserve on new production is coming in lower than the portfolio as a whole, which drove the ACL ratio lower. Are you targeting higher-quality assets? What's driving the change and just thoughts on reserve growth through the rest of the year?

在信用方面，表現穩定。Kevin，你提到新承作的備抵（reserve）水準低於整體投組，因而拉低了 ACL 比率。你們是在鎖定更高品質的資產嗎？是什麼驅動了這個變化？以及對今年剩餘時間備抵成長的看法？

I don't know if we're targeting higher-quality assets. I just think that where our production has been has resulted in production in asset classes that just are carrying a lower lifetime loss. But it's really just right down the middle of the fairway. As I mentioned earlier, some of our geographies, just doing core C&I, lending, it's our specialty areas. We had great growth in our structured lending division this quarter, which carries low-risk weightings.

我不確定我們是否在鎖定更高品質的資產。我認為只是我們的承作結果，落在一些資產類別上，而這些類別的存續期間損失（lifetime loss）本來就較低。但基本上就是很中性的、走在正中間。如我先前提到，我們在某些地區主要做核心的 C&I（商業與工業）放款，這是我們的專長領域。本季我們的結構性融資部門成長很強，該業務的風險權數較低。

So it's more of just doing what we do best. It's going down the middle and not having to stretch on either price or credit to generate growth.

所以更像是把我們最擅長的事情做好。就是走在正中間，不需要在價格或信用條件上做任何拉伸，就能帶來成長。

And then maybe just a follow-up. On the $130 million of revenue synergies, can you just give some updates on how that's progressing and any update on how much to expect in 2026?

接著可能再追問一下。關於 1.30 億美元的營收綜效，你能否更新一下目前進展，以及 2026 年大概可期待多少的最新看法？

Yes. So we said in the past, we felt like, given that we're on separate systems this year, we had targeted roughly $20 million of revenue recognition from those synergies. Through June, we're right at 50%. And most of the revenue synergies have come in through our capital markets platform.

可以。我們過去說過，考量今年仍在不同系統上運作，我們目標是從這些綜效中認列約 2,000 萬美元的營收。截至 6 月，我們大約完成了 50%。而大部分的營收綜效來自我們的資本市場平台。

I mentioned earlier with Michael's question, we've expanded our syndication capabilities, and that's resulted in more joint lead arranger fees. We've also expanded on the FX side. We've seen expansions on hedging, which has driven some of the growth. We've used a little bit of our hold limits. I think that's generated almost $1 million of incremental revenue and our -- some of our new specialties, like equipment finance or generating synergies.

我先前在回答 Michael 的問題時提到，我們擴大了聯貸（syndication）能力，這帶來更多共同主辦行（joint lead arranger）費用。我們也在外匯（FX）方面擴張。我們看到避險業務的擴大，推動了一些成長。我們也動用了一部分自留額度上限（hold limits）。我認為那帶來了將近 100 萬美元的增量營收；另外，我們一些新的專長領域，例如設備融資，也在產生綜效。

So we're right on $10 million year-to-date. We're on track to delivery the $20 million. The real value will come once we're all on the same platform, and that will come in conversion in March of '27. But no, we're on right on track and there's nothing we're seeing there that makes us feel as if that original $130 million is not attainable.

所以我們年初至今大約是 1,000 萬美元。我們正按計畫達成 2,000 萬美元的目標。真正的價值會在我們全部上到同一個平台後才會顯現，而那將在 2027 年 3 月的系統轉換時發生。但我們確實進度如期，且目前沒有看到任何跡象會讓我們覺得原先的 1.30 億美元目標無法達成。

Jared Shaw, Barclays.

Jared Shaw，巴克萊。

I guess just sticking on the prior topic, after the systems conversion, which I know is the main focus now -- has there been any thoughts of new tech initiatives or investments that you've started thinking about over the last quarter or so, just given some of the potential benefits from AI out there?

我想延續前一個主題，在系統轉換之後——我知道那是目前的主要重點——過去一季左右，你們是否開始思考任何新的科技計畫或投資，特別是考量到 AI 可能帶來的一些效益？

Jared, number one, we're leveraging AI internally. We have almost 20 AI engineers that we employ. We rolled out technology and capabilities to 40 power users across the franchise. And those individuals are using the tools to become more efficient, to add capacity, and to generate, I think, new sources of revenue down the road.

Jared，第一，我們正在內部運用 AI。我們雇用了將近 20 位 AI 工程師。我們已將技術與能力推廣給全行 40 位進階使用者（power users）。這些人正在使用工具提升效率、增加產能，並且我認為長期來看能創造新的營收來源。

I would also tell you that we're relying a lot on our strategic business partners, the people that provide our technology solutions. They are generating new sources of revenue for us from AI. We've deployed something two years ago on our consumer platform where we have AI insights that go both to our clients and to our advisers where they're giving insights on clients' behaviors and that generally leads to opportunities for a conversation in some situations, a sale.

我也會告訴你，我們很大程度仰賴策略性業務夥伴，也就是提供我們科技解決方案的廠商。他們正透過 AI 為我們創造新的營收來源。兩年前我們在消費金融平台上部署了一項功能，提供 AI 洞察，會同時給到客戶與我們的顧問，讓他們了解客戶行為的洞察，而這通常會帶來對話的機會，在某些情況下也會促成銷售。

So if you ask me today, we've always talked about we've got to convert, then we'll innovate. The innovation lens that we'll have, you'll see us spend a lot on the commercial treasury side. I think there's a lot to do with payments, payment portals. We're working on things that will make our clients' life easier, including ERP integration. We're looking at things that will add our client efficiency initiatives, whether that's back-office efficiencies, receivables, payables, things like that.

所以如果你今天問我，我們一直都在談：先完成轉換，然後再創新。我們接下來的創新視角，會看到我們在商業財資（commercial treasury）端投入很多。我認為在支付、支付入口網站（payment portals）方面有很多可以做。我們正在推動一些能讓客戶更省力的事情，包括 ERP 整合。我們也在看一些能提升客戶效率的計畫，不論是後台效率、應收帳款、應付帳款等這些面向。

But to me, the key is continuing to focus on the things our clients want. So we're asking what are the capabilities, what are the functionalities that you desire. That's what's going to show up on our road map. I don't think you're going to see us go out there and create new business units. But I think you'll see us focus on how do we deepen relationships with adding technology and capabilities and AI is going to be a big component of that.

但對我而言，關鍵在於持續專注於客戶想要的事情。因此我們在問：你們期望哪些能力、哪些功能。這些將會反映在我們的產品路線圖上。我不認為你們會看到我們出去成立新的事業單位。但我認為你們會看到我們專注於如何透過導入科技與能力來深化關係，而 AI 將會是其中很重要的一部分。

Okay. And maybe shifting back to the growth in the loan growth and the revenue producer growth. You all have hired so many people over the last few years. I mean are you starting to see the donor banks change their behavior, doing anything to try to more actively retain those employees or those clients? I hear you're not competing on price, but are you seeing any other ways that other banks are trying to react to what you're doing?

好的。那也許把話題拉回到放款成長與營收生產者（revenue producer）成長。你們過去幾年招了非常多人。我的意思是，你們是否開始看到那些「人才輸出」的銀行改變行為，採取任何措施更積極地留住那些員工或客戶？我聽說你們不是靠價格競爭，但你們是否看到其他銀行用任何方式來回應你們正在做的事？

I mean I think it's always been competitive. And I think the banks are responding maybe in ways they always have, maybe it's just the magnitude of how they do it, whether it's offering pay to stays or giving equity. I think with clients, I've always said that the challenge with moving clients over to the bank, especially on the commercial side, is how tied in people's cash management systems are to their ERPs, to their payroll system.

我的意思是，我認為一直都很競爭。我也認為銀行的回應方式可能跟以往差不多，只是力度不同——例如提供留任獎金（pay-to-stay）或給予股權。我認為在客戶端，我一直說，把客戶移轉到本行的挑戰，尤其在商業端，在於人們的現金管理系統與其 ERP、薪資系統綁得非常緊。

And so the biggest impediment for moving clients isn't really I think the bank doing something differently. It's how tied in technology has made the relationship. So it just means we have to work harder to be able to convince someone that it's worth making that switch and converting their systems. But I mean, it's the traditional defensive mechanisms. They're offering their bankers more money to stay.

因此，移轉客戶最大的阻礙，我認為並不是銀行做了什麼不同。而是科技讓這段關係變得高度綁定。所以這代表我們必須更努力，去說服對方值得做出切換並轉換他們的系統。但我的意思是，這些都是傳統的防禦機制。他們會給他們的銀行家更多錢讓他們留下來。

And the argument there is they didn't offer to you before. They only offer to you after you were leaving. So in many cases, the team member is going to go ahead and leave. But yes, we've had situations where people have accepted and then reneged on the offer just based on things like that. But again, look at the numbers. I mean we're up 13% year-over-year, 124 revenue producers. We're on track to do 250, which will be a record level. So it hasn't slowed us down.

而我們的論點是：他們之前並沒有給你這些。他們只是在你要離開之後才提出。所以在很多情況下，團隊成員仍會選擇離開。但沒錯，我們也遇過有人接受後又反悔，原因就是這類事情。不過再說一次，看看數字。我們年增 13%，增加了 124 位營收生產者。我們正朝 250 的目標前進，這將是創紀錄的水準。所以這並沒有讓我們放慢腳步。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通。

Jamie, on fee income, you listed the outlook. Can you talk to us about where you expect the step up fees to occur in the second half outside of BHG?

Jamie，關於手續費收入，你列出了展望。你能談談在下半年、除了 BHG 之外，你預期哪些地方會出現費用的「跳升」（step-up）嗎？

Yes. Great question, Tony. As we look at the second half, we do see continued growth across the board. What I would point to as far as a step-up, I largely point to our wealth business. We'd like to see that increase in revenue fairly strongly as we look into the second half of the year.

可以。很好的問題，Tony。我們看下半年，確實看到各項業務持續成長。若要指出哪裡會有較明顯的跳升，我主要會指向我們的財富業務。我們希望在今年下半年，該業務的營收能相當強勁地增加。

Beyond that, core banking fees should have steady increases as we go quarter-by-quarter. Capital markets has very, very strong momentum. We see that continue. So we have the inflection with BHG that I described earlier. But I would say the bigger quarter-on-quarter increases will largely come from core banking fees and wealth management.

除此之外，核心銀行手續費應會隨著每一季穩定增加。資本市場動能非常、非常強。我們預期這會延續。因此我們有我先前描述的 BHG 拐點。但我會說，較大的季對季增幅主要會來自核心銀行手續費與財富管理。

And then on capital, do you still expect to get to the 10.25% CET1 target at the end of this year? Or what's the timing on that?

另外在資本方面，你們仍預期在今年年底達到 10.25% 的 CET1 目標嗎？或者時程會是怎樣？

It's a great question. It's hard to know exactly where we will land on that. But here's how I would think about it. Each quarter, we generate about 30 basis points of capital before risk-weighted asset increases. And so it really depends on how our growth comes through in the second half of the year.

這是個很好的問題。很難確切知道我們最後會落在哪個水準。但我會這樣看待：每一季，在風險加權資產（RWA）增加之前，我們大約能產生 30 個基點的資本。因此，關鍵取決於我們下半年成長的實際情況。

If we grow a couple of billion dollars in loans each quarter in the second half of the year, that's going to consume 15 basis points to 20 basis points of that 30%, and the rest will drop to capital accretion. So do we get to 10.25% in the second half of the year? I don't know if we get there by 12/31, but we should be trending in the right direction.

如果下半年每一季放款成長幾十億美元，這會消耗那 30 個基點中的 15 到 20 個基點，其餘則會轉為資本累積（capital accretion）。所以我們下半年能到 10.25% 嗎？我不確定能否在 12/31 前達到，但我們應該會朝正確方向趨勢前進。

Now that being said, if growth comes in faster if the right growth is there, again, we're not competing on price or structure, then that will slow that accretion down. But we do expect to see material accretion in the second half of the year.

話雖如此，如果成長來得更快、而且是合適的成長——再說一次，我們不是靠價格或結構競爭——那就會讓資本累積的速度放慢。但我們確實預期下半年會看到顯著的資本累積。

And I'll remind you that the Fed NPR is out there as well, and that should give us another 40 basis points of capital on top of that. And we expect that in 2027. And when you think about capital targets in the world of the new Fed NPR that changes how you can look at it. Because, in our opinion, AOCI is countercyclical. So you have to revisit your target and think about where you want capital ratios to be post-implementation of the Fed NPR.

我也提醒你，美聯準會的 NPR 也在那裡，這也應該會在此基礎上再給我們額外 40 個基點的資本。我們預期那會在 2027 年發生。當你在新的 Fed NPR 架構下思考資本目標時，它會改變你看待資本目標的方式。因為在我們看來，AOCI 具有逆週期性（countercyclical）。因此你必須重新檢視你的目標，並思考在 Fed NPR 實施後，你希望資本比率落在哪裡。

So there are a lot of moving parts, but I would say we expect continued strong capital accretion getting to our target. The Fed NPR will be a positive. We're looking forward to the implementation of that. And then we'll be where we expect to be.

所以變動因素很多，但我會說，我們預期資本將持續強勁累積並朝目標前進。Fed NPR 會是正面因素。我們期待它的實施。然後我們就會到達我們預期的位置。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

I wanted to ask about rate sensitivity. No Fed actions are assumed in your guide. What's the impact on NII or NIM in the quarters following a rate hike?

我想問利率敏感度。你們的指引假設美聯準會不採取任何行動。若升息，對於後續幾季的 NII 或 NIM 影響為何？

It's largely neutral. Now to be clear, our sensitivity, we've actually balanced more since last quarter, and I believe that we're really neutral to the front end of the curve. And so I would say it's immaterial to us. As you're aware, our balance sheet is naturally asset sensitive. So to get to a spot of neutrality to the front of the curve, we have hedges in place.

基本上是中性。但要說清楚，我們的敏感度自上季以來其實更趨於平衡，我相信我們對殖利率曲線前端（front end）真的接近中性。所以我會說對我們而言影響不大。如你所知，我們的資產負債表天生是資產敏感型（asset sensitive）。因此為了在曲線前端達到中性，我們已配置避險。

And so if you go out and you look at year 2 and year 3, that asset sensitivity just naturally comes back as hedges roll off. And so I would say to the front of the curve, we're neutral in a multiyear period, you would see asset sensitivity to the belly and long in the curve, we remain asset sensitive.

因此如果你往外看第 2 年與第 3 年，隨著避險到期（roll off），那種資產敏感性會自然回來。所以我會說，對曲線前端而言，我們在多年期間是中性的；而在曲線的中段（belly）與長端，你會看到資產敏感性，我們仍然是資產敏感型。

And then on your ROTCE target, 18% is what you guys are looking for out in 2027. You're nearly there at adjusted 17.7%. Is this kind of the steady state level? Could there be upside as you progress through the merger?

另外關於你們的 ROTCE 目標，2027 年你們希望達到 18%。你們調整後已接近 17.7%。這算是一種穩態水準嗎？隨著你們推進合併，是否可能還有上行空間？

So as we look at tangible, as we discussed earlier, we believe that the growth impact of -- the impact of growth on return on tangible is neutral. We are putting assets on the book that will drop to the bottom line, and we expect return on tangible to be stable. We're at 17.7% right now.

因此，當我們看有形（如同我們先前討論的），我們認為成長對有形股東權益報酬率（return on tangible）的影響是中性的。我們把資產放進資產負債表，這些將會直接反映到最終盈餘，我們預期有形股東權益報酬率將維持穩定。我們目前是 17.7%。

The only caveat I would give to that is as we accrete capital, as I just discussed, over the next few quarters or a couple of quarters to get to our target, that will be a slight headwind to return on tangible. So there's no impact to return on tangible for the growth. There is a slight headwind due to growing absolute levels of capital.

我唯一要補充的但書是，正如我剛才提到的，隨著我們在接下來幾季（或一兩季）累積資本以達到目標，這會對有形股東權益報酬率帶來些微逆風。所以成長本身對有形股東權益報酬率沒有影響。些微逆風來自於資本絕對水位的提高。

And then going forward, once we achieve our objectives on capital target, that's when we'll be balanced on share repurchases, things like that. And that's where you may -- you should expect to see maybe a little bit of a tailwind there.

接著往前看，一旦我們達成資本目標的各項目標，那時我們就會在股票回購等事項上取得平衡。而在那個時點，你可能會——你應該會看到一些些順風。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

For your deposit growth, somewhere in the $6.5 billion range in the second half of 2026, are you able to -- you talked about broker deposits are likely going to increase maybe $1.5 billion to $2 billion of seasonal. As you look at the composition of that expected growth in the second half, should we think about the mix is pretty much the same as what you have like 20% NIB -- or how should we think about the totality of the composition of the deposit growth?

關於你們的存款成長，2026 年下半年大約在 65 億美元的區間，你是否能——你提到經紀存款（broker deposits）可能會因季節性增加約 15 億到 20 億美元。當你看下半年預期成長的組成時，我們是否應該認為結構大致與目前相同，例如約 20% 的 NIB——或我們應該如何看待存款成長整體的組成？

If you look at the mix of our deposits, and these comments are based on a combined basis for prior year, it is really stable. 20% to 21% NIB. You have approximately -- a third of the book is money market and similar amount is now accounts. We expect that to continue. And so as we look into the second half of the year, we think that, that core deposit growth will come in at pretty similar levels as where we are today.

如果你看我們存款的組合，而這些評論是以前一年合併口徑為基礎，其實非常穩定。NIB 佔 20% 到 21%。大約——約三分之一的存款是貨幣市場（money market），而現在帳戶（NOW accounts）也差不多同樣比例。我們預期這種情況會延續。因此，當我們展望下半年時，我們認為核心存款成長將會與我們目前的水準非常接近。

And the only thing I'd say, Jan, is we've really leaned a little more into money market versus time deposits. Those don't have a significantly different rate paid there, but you'll see greater growth in money market this year than you would have seen in time. But to Jamie's point, all the other categories are growing roughly at a similar rate.

Jan，我唯一想補充的是，我們確實稍微更偏向貨幣市場存款，而不是定期存款（time deposits）。兩者支付的利率並沒有顯著差異，但你會看到今年貨幣市場的成長會高於定期存款。不過如 Jamie 所說，其他各類別的成長率大致相近。

Got it. And sorry to beat a dead horse but where do you currently stand in terms of deposit pricing? Are you around the middle of the pack in your markets? Or are you -- and based on your comments, as you're obviously growing much faster than peers, should we -- is it fair to say you may be a little bit, you will be willing to be a little bit above the market on pricing as long as it's accretive to NII?

了解。另外抱歉再追問一次，你們目前在存款定價方面處於什麼位置？在你們的市場中大概是中段水準嗎？或者——基於你們的評論，既然你們的成長明顯快於同業，我們是否可以——是否合理地說，只要對淨利息收入（NII）具增益（accretive），你們願意在定價上略高於市場？

And maybe if you could give us a spot rate on interest-bearing deposit costs versus 2.69%, that would be helpful.

另外，如果你們能提供一下計息存款成本（interest-bearing deposit costs）的即期水準，相對於 2.69%，會很有幫助。

Yes. As we look at the competitive landscape, we all kind of use similar pricing service. We believe that we are in line with others and not especially an outlier on deposit pricing. From time to time, there are markets where you may have a special rate but in large part, we're not an outlier on deposit costs.

是的。當我們看競爭環境時，大家大致都使用類似的定價服務。我們認為我們與其他同業一致，存款定價並沒有特別偏離。偶爾在某些市場你可能會看到特別利率，但整體而言，我們在存款成本上並不是離群值。

And it kind of circles back to the prior conversation where our deposit production coming in, in the 2.50s is similar as our prior quarters. We've been very stable in those rates. And so we're not doing anything different than what we have done in the past. And so those have been very stable. We think we're kind of middle of the pack. But that's where we are. And then you asked a question on interest-bearing. On interest-bearing deposit costs, we were up 1 basis point and it's right at 2.53%

而這也回到先前的對話：我們新吸收的存款利率落在 2.50% 多的區間，與前幾季相近。我們在這些利率上一直非常穩定。因此我們並沒有做任何不同於過去的事情。所以這些一直都很穩定。我們認為我們大概在中段水準。大致就是這樣。然後你問到計息存款。就計息存款成本而言，我們上升了 1 個基點，目前正好是 2.53%。

And I should just say, when you look at -- you asked where do we stack up relative to our competition, Janet. Jamie was right on the production. You look at it relative to our peers, we would show a little higher. And part of that, just remember that about 70% of our mix is commercial. So we have less consumer deposits.

我也補充一下，Janet，你問我們相對競爭對手的位置。Jamie 對於新吸收存款利率的說法是對的。若相對同業來看，我們會顯得略高一些。其中一部分原因是，請記得我們的組合約有 70% 是商業（commercial）。因此我們的消費者存款較少。

And so that's why our rate paid is going to be a little higher than some of our peers, especially in the Category IV comparisons where you have folks that have bigger branch networks. But I would argue that within each peer set amongst the liability classes, we're very competitive, but kind of middle of the pack.

因此，我們支付的利率會比部分同業略高，尤其是在第 IV 類（Category IV）的比較中，因為那裡有一些同業擁有更大的分行網路。但我會主張，在各同業組別、就各負債類別（liability classes）來看，我們非常有競爭力，但大致仍屬中段水準。

And Janet, that interest-bearing number was interest-bearing core.

而且 Janet，那個計息數字指的是核心計息存款（interest-bearing core）。

Okay. So it's not apples to -- apples to apples to 2.69%?

好的。所以它不是與 2.69% 的——完全可比（apples to apples）？

Yes, yes. That's right. That's total interest-bearing is 2.69%.

是的，是的。沒錯。計息存款總計（total interest-bearing）是 2.69%。

Okay. So what was that in the second quarter for the quarter?

好的。那第二季、就當季而言是多少？

2.53%.

2.53%。

Christopher Marinac, Brean Capital.

Christopher Marinac，Brean Capital。

Jamie, I just wanted to go back to the capital discussion from a few minutes ago. Where do share repurchases in '27 land? Is that a possibility? Or is the growth really going to cover kind of how you manage that?

Jamie，我想回到幾分鐘前關於資本的討論。2027 年的股票回購會落在什麼情況？那是有可能的嗎？還是成長本身就會涵蓋你們如何管理這件事？

It's absolutely a possibility. As we look to 2027 and the capital accretion we're seeing so far in 2026, and we expect to see for the rest of the year is part of the plan. And so as we look forward, we believe that the earnings generation of this company will be strong enough to sustain both really strong best-in-class loan growth as well as capital actions to help balance capital ratios.

絕對有可能。當我們展望 2027 年，以及我們在 2026 年迄今看到的資本累積，並且預期今年剩餘期間也會看到的部分，這都是計畫的一部分。因此往前看，我們相信公司的獲利創造能力將足以同時支撐非常強勁、同業最佳水準的放款成長，以及資本行動，以協助平衡資本比率。

And so again, we feel we're very comfortable where we are. As we look forward, we think that longer-term capital planning will be balanced as far as core organic growth and then capital management actions led by share repurchases.

所以再次強調，我們對目前的位置感到非常安心。往前看，我們認為長期資本規劃將會在核心內生成長與資本管理行動之間取得平衡，而資本管理行動將以股票回購為主。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

I wanted to just circle back one thing on just the average earning assets and the cash build this quarter. If you -- you mentioned, Jamie, part of it happened really late in the quarter, late in June. And so if we look at that $7.6 billion in cash kind of exiting the quarter. How do we think about what that looks like over the next couple of quarters? It feels like a lot of that build was in June. And so can you give us a little bit of color on what you expect for the pace of that build over the back half of the year?

我想就本季平均生息資產（average earning assets）以及現金累積（cash build）再回到一點。如果——你提到 Jamie，其中一部分是在季度很後段、6 月底才發生。因此如果我們看季度末約 76 億美元的現金水位。我們應該如何看待接下來幾季會是什麼樣子？感覺很多累積是在 6 月發生的。所以你能否提供一些說明，談談你對今年下半年現金累積速度的預期？

In cash itself, I actually would not expect to build in the second half of the year. You should expect to see average cash balances be somewhat consistent to the second quarter, but I would probably give a range of $4 billion to $4.5 billion for cash balances in the second half of the year.

就現金本身而言，我其實不預期在今年下半年會增加。你應該會看到平均現金餘額與第二季大致一致，但我大概會給出今年下半年現金餘額介於40億至45億美元的區間。

$4 million to $4.5 million relative to the $6 million that you have in the second quarter?

相較於你們第二季的600萬美元，是400萬到450萬美元？

To the end of period, yes. But relative to the $4.5 billion average for the second quarter.

以期末來看，是的。但若是相較於第二季45億美元的平均水準。

Got it. Okay. So you're saying the average will not expand to where you were on an end-of-period basis. You're going to -- from an end of period basis, you're going to come back down.

了解。好。所以你的意思是，平均值不會擴大到你們期末的水準。你們會——從期末的角度來看，你們會回落。

Exactly.

沒錯。

Got it. Okay. That's helpful. And then maybe turning to expenses. I think the lower expenses this quarter was great, but I know from your guide that's going to be increasing over the back half of the year.

了解。好。這很有幫助。接著也許談談費用。我覺得本季費用較低很棒，但我知道依你們的指引，下半年會增加。

Can you give us a sense -- I know we're not '27 yet, but any kind of updates on how you're thinking about the expense growth into '27? And just what that means from both impact from recent hires and then the impact of cost savings. It feels like cost savings are coming in a little bit better than expected so far this year. I'm just curious what that means next year.

你能否讓我們了解一下——我知道我們還沒到2027年，但能否更新一下你們對費用成長走向2027年的看法？以及這在近期招募帶來的影響、以及成本節省的影響兩方面各代表什麼。感覺今年到目前為止，成本節省的進度比預期稍好一些。我只是好奇這對明年意味著什麼。

The deal synergies are coming in as planned. We're going to achieve our 40% target for this year, and we're on track for 75% next year. So we feel really good about our prior commitments there. And what I would say is when you look to next year, they assume high single-digit expense growth driven by continued hiring, continued winning, and bringing over experienced team members and then subtract out the incremental synergies, which is the 35% of the $250 million.

這筆交易的協同效益如計畫般到位。我們今年將達成40%的目標，明年也正朝75%邁進。因此我們對先前在這方面的承諾感到非常有信心。我想說的是，當你看向明年時，我們假設費用將有高個位數的成長，主要由持續招募、持續贏得業務、以及引進有經驗的團隊成員所驅動，然後再扣除新增的協同效益，也就是2.5億美元中的35%。

And so -- that's how we look at 2027. For the rest of this year, you're right. Expenses will increase a little bit in the third quarter. We will see a slight increase but a part of that is driven by BHG. Part of that is driven by personnel costs. The combination of those two is a $20 million quarter-on-quarter increase heading into the third quarter.

所以——這就是我們看待2027年的方式。至於今年剩下的時間，你說得對。第三季費用會小幅上升。我們會看到些微增加，其中一部分是由BHG所帶動。另一部分是由人事成本所帶動。這兩者合計，使得第三季相較前一季增加2,000萬美元。

And so we'll see expenses increase here in the second half of the year. But again, we expect strong positive operating leverage in 2027, and we'll give more color on that as we get later in the year.

因此我們會看到今年下半年費用上升。但同樣地，我們預期在2027年會有強勁的正向營運槓桿，並且會在今年稍晚提供更多說明。

Okay. Helpful. And actually, can I just have one more on the balance sheet. I'm just playing with this. So if I'm not going to take my cash to where you were end of period, does that mean borrowings on an end-of-period basis will also come down from that level in the next quarter?

好。很有幫助。其實我還想再問一個關於資產負債表的問題。我只是自己在推算。所以如果我不會把現金拉回到你們期末的水準，那是否代表以期末口徑來看，借款在下一季也會從那個水準下降？

From end of period, yes.

以期末來看，是的。

Thank you. This concludes our question-and-answer session. I'd now like to turn the conference back over to Kevin Blair for any closing remarks.

謝謝。問答環節到此結束。現在我想把電話交回給Kevin Blair，請他做任何結語。

Thank you, Matthew. Tomorrow marks one year from the announcement of our combination in a little over six months since we've closed. On our original call, we said we were creating the Southeastern Growth Champion. What I'm most pleased about is pretty simple. We are executing and delivering on what we said we would.

謝謝你，Matthew。明天距離我們宣布合併滿一年，而自我們完成交割也已經超過六個月。在最初那通電話會議上，我們說我們正在打造東南部的成長冠軍。我最滿意的其實很簡單。我們正在執行並交付我們所說會做到的事。

This is scale with the soul in practice. I want to make sure that doesn't get lost in the quarter-to-quarter noise. We are delivering strong results. EPS and revenue are growing at a significant pace, driven by strong balance sheet and core client fee income momentum. Credit is strong. Capital is building. Team member retention is high and others are joining at an elevated pace.

這就是「有靈魂的規模」在實務上的展現。我想確保這點不會在季度之間的雜訊中被忽略。我們正在交出強勁的成果。在強健的資產負債表以及核心客戶手續費收入動能的帶動下，每股盈餘與營收正以顯著的速度成長。信用狀況強健。資本正在累積。團隊成員留任率很高，且也有更多人以更快的速度加入。

And best of all, the most recent industry surveys point to clients and prospects saying they want to do more business with Pinnacle more so than any of our peers. The leverage points of this proven model are working, and it comes down to strong execution by 8,500 passionate team members. And so to each of you, again, thank you.

最棒的是，最新的產業調查顯示，客戶與潛在客戶表示，他們想與Pinnacle往來更多業務，這一點勝過我們任何同業。這個經驗證的模式之槓桿點正在發揮作用，而這歸功於8,500位充滿熱情的團隊成員的強力執行。因此再次對各位說聲謝謝。

We have real runway ahead and it involves taking share one quarter, one client and one banker at a time. As our Founder and Chairman, Terry Turner has said for 25 years, the energy in this firm is about advancing the ball and moving forward. We intend to keep doing exactly that. Thanks for listening in today and your continued interest. And with that, Matthew, we will conclude today's call.

我們前方還有很長的跑道，而這涉及到一次一季、一次一位客戶、一次一位銀行家地逐步取得市占。正如我們的創辦人兼董事長Terry Turner 25年來一直說的，這家公司充滿的能量在於推進進攻、持續向前。我們打算繼續完全照這樣做。感謝今天收聽以及你們持續的關注。Matthew，接下來我們就結束今天的電話會議。

Thank you for joining us today. That concludes the Pinnacle Financial Partners second quarter 2026 earnings call. Have a good day.

感謝各位今天加入。Pinnacle Financial Partners 2026年第二季財報電話會議到此結束。祝各位有美好的一天。