QCR Holdings Inc (QCRH) 2023 Q2 法說會逐字稿

Greetings, and welcome to the QCR Holdings, Inc. Earnings Conference Call for the Second Quarter of 2023. Yesterday, after market close, the company distributed its second quarter earnings press release. If there is anyone on the call who has not received a copy, you may access it on the company's website, www.qcrh.com. With us today from management are Larry Helling, CEO; and Todd Gipple, President and CFO. Management will provide a summary of financial results and then we'll open the call to questions from analysts.

大家好，歡迎參加 QCR Holdings, Inc. 2023 年第二季度收益電話會議。昨天，收盤後，該公司發布了第二季度收益新聞稿。如果通話中有人沒有收到副本，您可以在公司網站 www.qcrh.com 上訪問該副本。今天與我們一起出席的還有來自管理層的首席執行官拉里·海林 (Larry Helling)；以及總裁兼首席財務官托德·吉普爾 (Todd Gipple)。管理層將提供財務業績摘要，然後我們將開始接受分析師提問。

Before we begin, I would like to remind everyone that some of the information management will be providing today falls under the guidelines of forward-looking statements as defined by the Securities and Exchange Commission. As part of these guidelines, any statements made during the call concerning the company's hopes, beliefs, expectations and predictions of the future are forward-looking statements, and actual results could differ materially from those projected. Additionally, information on these factors is included in the company's SEC filings, which are available on the company's website. Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute for the most direct comparable GAAP measures.

在開始之前，我想提醒大家，今天將提供的一些管理信息屬於美國證券交易委員會定義的前瞻性聲明的指導方針。作為這些指導方針的一部分，電話會議期間做出的有關公司未來的希望、信念、期望和預測的任何陳述均為前瞻性陳述，實際結果可能與預測存在重大差異。此外，有關這些因素的信息包含在該公司向 SEC 提交的文件中，這些文件可在該公司的網站上找到。此外，管理層可能會參考非公認會計準則衡量標準，這些衡量標準旨在補充但不能替代最直接的可比公認會計準則衡量標準。

The press release available on the website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures. As a reminder, this conference is being recorded and will be available for replay through August 3, 2023, starting this afternoon, approximately 1 hour after the completion of this call. It will also be accessible on the company's website. I will now turn the call over to Mr. Larry Helling at QCR Holdings. Please go ahead.

網站上提供的新聞稿包含今天討論的財務和其他定量信息，以及 GAAP 與非 GAAP 指標的調節表。謹此提醒，本次會議正在錄製中，並可在 2023 年 8 月 3 日之前重播（從今天下午開始，即本次電話會議結束後大約 1 小時）。您也可以在該公司的網站上訪問它。我現在將把電話轉給 QCR Holdings 的 Larry Helling 先生。請繼續。

Thank you, operator. Welcome, everyone, and thanks for taking the time to join us today. I will start the call by providing some highlights for the quarter, followed by discussions of our strong balance sheet performance, liquidity position and capital levels, as well as a review of our specialty finance business, and our loan securitization strategy. Todd will provide additional details on our financial results for the quarter. We continue to be pleased with our operating performance in 2023. We delivered outstanding second quarter results highlighted by robust loan and core deposit growth and significant fee income.

謝謝你，接線員。歡迎大家，感謝您今天抽出時間加入我們。我將首先介紹本季度的一些要點，然後討論我們強勁的資產負債表表現、流動性狀況和資本水平，以及對我們的專業金融業務和貸款證券化策略的審查。托德將提供有關本季度財務業績的更多詳細信息。我們對 2023 年的經營業績仍然感到滿意。我們第二季度的業績表現出色，貸款和核心存款的強勁增長以及可觀的費用收入凸顯了這一點。

In addition, we maintained strong asset quality.

此外，我們保持了良好的資產質量。

Our diverse revenue sources, which included capital markets and wealth management fees more than offset the pressure on our net interest income. We also continued to improve upon our already solid capital levels with exceptional earnings performance. In the second quarter, we delivered both reported and adjusted net income of $28.4 million or $1.69 per diluted share. We generated an ROAA of 1.44% and an ROAE of 13.97% for the quarter and believe that both metrics remain near the high end of our peer group.

我們多元化的收入來源，包括資本市場和理財費用，足以抵消淨利息收入的壓力。我們還繼續提高本已雄厚的資本水平，並取得卓越的盈利表現。第二季度，我們報告和調整後的淨利潤為 2840 萬美元，即稀釋後每股收益 1.69 美元。本季度我們的 ROAA 為 1.44%，ROAE 為 13.97%，我們相信這兩個指標仍接近同行的高端水平。

Loan growth was exceptional during the quarter, growing 12.2% on an annualized basis and driven primarily by our low income housing tax credit lending program. I'll expand on our success in growing loans shortly. Our experienced bankers grew core deposits significantly during the quarter, building upon our strong and diversified deposit franchise. As a result, our loans held for investment for deposits further improved to 92.1%. Our uninsured and uncollateralized deposits also improved to 19.9% and remain at very manageable levels.

本季度貸款增長異常，年化增長 12.2%，這主要是由我們的低收入住房稅收抵免貸款計劃推動的。我很快將詳細介紹我們在增加貸款方面取得的成功。我們經驗豐富的銀行家在本季度以我們強大且多元化的存款業務為基礎，顯著增加了核心存款。投資貸款存款佔比進一步提高至92.1%。我們的無保險和無抵押存款也提高至 19.9%，並保持在非常可控的水平。

Our elevated on-balance sheet liquidity, combined with other immediately available liquidity at the Federal Home Loan Bank [that] more than cover our uninsured and uncollateralized [deposits]. We have assembled a strong and diversified deposit franchise over the years and our second quarter deposit activity continued to reflect the importance of the relationships that we have developed.

我們增加的表內流動性，加上聯邦住房貸款銀行的其他立即可用的流動性，足以覆蓋我們的無保險和無抵押的[存款]。多年來，我們已經建立了強大且多元化的存款業務，第二季度的存款活動繼續反映了我們所建立的關係的重要性。

During the second quarter, our core deposits excluding short-term broker deposits, grew $339 million, 23% annualized. Our asset quality remains excellent, as the ratio of nonperforming assets to total assets increased slightly by 3 basis points during the second quarter, yet remains near historic lows at 32 basis points. Our reserve for credit losses represents 1.41% of total loans and leases held for investment and continue to be at the high end of the [peer group]. We remain confident that our reserve for credit losses are adequate to weather future economic uncertainty.

第二季度，我們的核心存款（不包括短期經紀存款）增長了 3.39 億美元，年化增長率為 23%。我們的資產質量依然優良，不良資產佔總資產的比率在第二季度小幅上升3個基點，但仍接近32個基點的歷史低點。我們的信用損失準備金佔投資貸款和租賃總額的 1.41%，繼續處於[同行組]的高端。我們仍然相信，我們的信貸損失準備金足以應對未來經濟的不確定性。

We plan to be disciplined and maintain prudent reserves as we continue to diligently monitor asset quality across all of our business. We remain cautiously optimistic about the economic resiliency of our markets and the financial health of our clients. We are not seeing any meaningful signs of weakness across our footprint. As we mentioned last quarter, our exposure to commercial office buildings is very low and quite manageable at just 3% of total loans with an average loan size of $800,000. These properties are predominantly located in suburban locations within or adjacent to our markets. They are well collateralized and are performing in line with expectations with no significant repayment concerns.

我們計劃在繼續努力監控所有業務的資產質量的同時，遵守紀律並保持審慎的準備金。我們對市場的經濟彈性和客戶的財務健康狀況保持謹慎樂觀。我們在我們的足跡中沒有看到任何有意義的疲軟跡象。正如我們上季度提到的，我們對商業辦公樓的風險敞口非常低，而且相當可控，僅佔貸款總額的 3%，平均貸款規模為 80 萬美元。這些物業主要位於我們市場內或鄰近的郊區。它們的抵押品充足，表現符合預期，沒有重大的還款問題。

Our capital levels are strong, and we remain focused on growing capital throughout the remainder of the year. We continue to target capital ratios in the top quartile of our peer group. We believe that our modest dividend and strong earnings power will allow us to continue to grow capital faster than our peers.

我們的資本水平強勁，並且我們將在今年剩餘時間內繼續專注於增加資本。我們繼續將資本比率定為同行前四分之一的目標。我們相信，適度的股息和強大的盈利能力將使我們能夠繼續比同行更快地增加資本。

During the quarter, we grew loans 12.2% on an annualized basis, driven primarily by the ongoing strength in our low-income housing tax credit lending business. With the growing prominence of our Specialty Finance Group and the light tech lending business, I would like to spend some time discussing the drivers of this high-performing business. Our specialty finance team offers long-term housing at credit lending to a select group of developers and investors with whom we have built long-standing relationships.

本季度，我們的貸款按年化計算增長了 12.2%，這主要是由於我們的低收入住房稅收抵免貸款業務持續強勁。隨著我們的專業金融集團和輕科技貸款業務的日益突出，我想花一些時間討論這一高績效業務的驅動因素。我們的專業金融團隊通過信貸向選定的一組與我們建立了長期合作關係的開發商和投資者提供長期住房。

Our clients continue to experience strong demand for their project as the need for affordable multifamily housing exceeds supply in the markets that we serve. These high-quality loans are bolstered by strong equity investment from other banks and corporate investors. The industry has an excellent track record with negligible historical default rates. Strong track record makes these loans ideal for securitization.

由於我們所服務的市場對經濟適用多戶住房的需求超過了供應，我們的客戶對其項目的需求持續強勁。這些高質量貸款得到其他銀行和企業投資者強勁股權投資的支持。該行業擁有良好的業績記錄，歷史違約率可以忽略不計。良好的記錄使這些貸款成為證券化的理想選擇。

In addition, these loans are made on a floating rate basis, which has greatly improved our ability to manage interest rate risk. Due to the long-term ownership structure of these projects, borrowers seek to lock in their financing costs over the life of the loan. As a result, our bankers arrange interest rate swaps to the borrowers, enabling them to secure the desired fixed rate financing and generating significant capital markets revenue for our company. The LIHTC business has been a consistent and important component of our noninterest income. In addition, as the economy has softened, some of the previous headwinds that our clients were experiencing in this space have eased. We saw a nice rebound in capital markets revenue from swap fees in the first half of 2023 as the supply chain constraints and inflationary pressures on the construction costs have begun to abate.

此外，這些貸款採用浮動利率，大大提高了我們管理利率風險的能力。由於這些項目的長期所有權結構，借款人尋求在貸款期限內鎖定其融資成本。因此，我們的銀行家為藉款人安排利率掉期，使他們能夠獲得所需的固定利率融資，並為我們公司創造可觀的資本市場收入。 LIHTC 業務一直是我們非利息收入的重要組成部分。此外，隨著經濟疲軟，我們的客戶之前在該領域遇到的一些阻力已經緩解。隨著供應鏈限制和建築成本的通脹壓力開始減弱，我們看到 2023 年上半年資本市場互換費收入出現了良好反彈。

In short, this is an extremely valuable business and we believe that it deserves a higher valuation multiple than traditional banking. Furthermore, based on decades of stability in the industry and our own experience, we believe that this business is countercyclical and will be very resilient in future recessionary environments. We are increasing the size of our planned securitizations of LIHTC loans to achieve improved pricing and execution. We now expect to close on the transactions early in the fourth quarter.

簡而言之，這是一項極其有價值的業務，我們認為它值得比傳統銀行業獲得更高的估值倍數。此外，根據行業數十年的穩定性和我們自己的經驗，我們相信這項業務是反週期的，並且在未來的衰退環境中將具有很強的彈性。我們正在擴大 LIHTC 貸款證券化計劃的規模，以改善定價和執行。我們現在預計將在第四季度初完成交易。

The securitization of our LIHTC assets will be an effective tool in managing our liquidity and capital. In addition, it will provide expanded capacity for continued LIHTC production and the resulting capital markets revenue. While economic headwinds remain a risk, we experienced strong loan growth during the second quarter. As a result, we are increasing our guidance for loan growth for the remainder of the year to be in the range of 9% to 12% on an annualized basis, which would result in a 0% to 3% growth on an annualized basis, net of brand LIHTC loan securitizations.

我們的 LIHTC 資產證券化將成為管理我們流動性和資本的有效工具。此外，它將為 LIHTC 的持續生產和由此產生的資本市場收入提供擴大的產能。儘管經濟逆風仍然是一個風險，但我們在第二季度經歷了強勁的貸款增長。因此，我們將今年剩餘時間的貸款增長指導提高到年化 9% 至 12% 的範圍內，這將導致年化增長 0% 至 3%，扣除品牌 LIHTC 貸款證券化。

I will now turn the call over to Todd, provide further detail regarding our second quarter results.

我現在將把電話轉給托德，提供有關我們第二季度業績的更多詳細信息。

Thank you, Larry. Good morning, everyone. Thanks for joining us today. I'll start my comments with details on our balance sheet performance during the quarter. As Larry mentioned, we grew total loans by 12.2% on an annualized basis during the quarter or $189 million of net growth. In anticipation of our first loan securitization, we have classified $291 million of LIHTC loans as held for sale. We added an additional $152 million of LIHTC loans to the held-for-sale category during the quarter as we continue to build towards the first securitization later this year.

謝謝你，拉里。大家，早安。感謝您今天加入我們。我將首先介紹本季度資產負債表表現的詳細信息。正如 Larry 提到的，本季度我們的貸款總額按年化計算增長了 12.2%，即淨增長 1.89 億美元。考慮到我們的首次貸款證券化，我們已將 2.91 億美元的 LIHTC 貸款歸類為待售貸款。我們在本季度向持有待售類別追加了 1.52 億美元的 LIHTC 貸款，並繼續致力於今年晚些時候的首次證券化。

Executing our long-term securitization strategy will enable us to continue to fund the significant growth of our tax credit lending business and maintain the portfolio within our established concentration levels. Total deposits grew $105 million during the quarter, driven by strong core deposit growth from a mix of commercial, retail and municipal deposits. The growth in core deposits of $339 million which excludes broker deposits, increased total available liquidity and allowed us to reduce the amount of our broker deposits by $234 million. Our core deposits continue to have strong diversification due to our separate charters and markets as well as a commercial client base that is spread across a variety of industries. 55% of our core deposits represent deposits from our commercial clients and have an average balance of $214,000.

執行我們的長期證券化戰略將使我們能夠繼續為稅收抵免貸款業務的顯著增長提供資金，並將投資組合維持在我們既定的集中度水平內。由於商業、零售和市政存款的核心存款強勁增長，該季度總存款增長了 1.05 億美元。核心存款增長了 3.39 億美元（不包括經紀人存款），增加了可用流動性總額，並使我們能夠將經紀人存款金額減少 2.34 億美元。由於我們獨立的章程和市場以及遍布各個行業的商業客戶群，我們的核心存款繼續保持高度多元化。我們的核心存款中有 55% 是商業客戶的存款，平均餘額為 214,000 美元。

Approximately 35% of our deposits consist of consumer deposits and have an average balance of $21,000. The remaining 10% of our deposits are from our 181 correspondent banking partners with an average balance of $2.3 million.

我們的存款中大約 35% 是消費者存款，平均餘額為 21,000 美元。其餘 10% 的存款來自 181 個代理銀行合作夥伴，平均餘額為 230 萬美元。

Now turning to our income statement. We delivered net income of $28.4 million for the quarter, an annualized increase of 18.7%, as the decrease in our net interest margin was overpowered by strong capital markets revenue and well-controlled expenses. Our adjusted net interest income on a tax equivalent basis decreased $2.4 million to $59.5 million, down from $62 million in the first quarter. Adjusted NIM on a tax equivalent yield basis was 3.28%, which was down 19 basis points from 3.47% in the prior quarter and within our guidance range.

現在轉向我們的損益表。我們本季度實現淨利潤 2840 萬美元，年化增長 18.7%，因為強勁的資本市場收入和良好控制的支出抵消了淨息差的下降。我們調整後的稅基淨利息收入從第一季度的 6200 萬美元減少了 240 萬美元，降至 5950 萬美元。以稅等值收益率為基礎的調整後淨息差為 3.28%，比上一季度的 3.47% 下降 19 個基點，處於我們的指導範圍內。

As we anticipated and guided last quarter, we experienced a continued increase in the cost of funds during the second quarter. This was primarily the result of a shift in the composition of our deposits from lower beta to higher beta deposits. We've been pleased with the beta performance of our low beta deposits throughout the cycle. However, the continued shift from noninterest and lower beta deposits, to higher beta deposits has been more than expected and has led to an outsized increase in our cost of funds.

正如我們上季度的預期和指導，我們在第二季度經歷了資金成本的持續增加。這主要是由於我們的存款構成從較低貝塔值存款轉向較高貝塔值存款的結果。我們對整個週期內低貝塔存款的貝塔表現感到滿意。然而，從無息和較低貝塔值存款向較高貝塔值存款的持續轉變超出了預期，並導致我們的資金成本大幅增加。

As we look to the third quarter, including the 25 basis point rate hike announced yesterday, and a yield curve that continues to be sharply inverted, our moderate liability-sensitive balance sheet creates an interest rate environment that continues to be challenging. However, we expect the pressure on margin to lessen as the deposit mix shift has slowed and we benefit from strong late second quarter loan growth. We are guiding adjusted NIM TEY in the range of static to down 10 basis points for the third quarter.

展望第三季度，包括昨天宣布的加息 25 個基點，以及收益率曲線繼續大幅倒掛，我們對負債敏感的溫和資產負債表創造了一個繼續充滿挑戰的利率環境。然而，隨著存款結構轉變放緩，我們預計利潤率壓力將會減輕，並且我們受益於第二季度末強勁的貸款增長。我們預計第三季度調整後的 NIM TEY 在靜態至下降 10 個基點的範圍內。

Turning to our noninterest income, which increased $6.7 million or 26% during the second quarter. Our capital markets revenue was $22.5 million, compared to $17 million for the first quarter, which outperformed our annualized guidance range. Capital Markets revenue from swaps continues to benefit from stabilization in the supply chain and construction costs. In addition, developers have been successful in restructuring their capital stacks in the new interest rate environment. Capital Markets revenue from swap fees has been a consistent and strong source of fee income. And importantly, this revenue source has provided significant countercyclical benefits during the pandemic and is expected to do so in future economic downturns.

談到我們的非利息收入，第二季度增加了 670 萬美元，即 26%。我們的資本市場收入為 2250 萬美元，而第一季度為 1700 萬美元，超出了我們的年化指導範圍。來自掉期的資本市場收入繼續受益於供應鍊和建設成本的穩定。此外，開發商在新的利率環境下成功重組了資本結構。來自掉期費用的資本市場收入一直是費用收入的穩定而強勁的來源。重要的是，這一收入來源在疫情期間提供了顯著的反週期效益，預計在未來的經濟低迷時期也將如此。

Our tax credit lending and capital markets revenue pipeline remains healthy as our clients continue to experience strong demand for new projects. As a result, we are increasing our capital markets revenue guidance for the next 12 months to a range of $45 million to $55 million. In addition, we generated $3.8 million of wealth management revenue in the second quarter, consistent with the first quarter. Our wealth management team continues to benefit from new relationships, adding 148 new clients and $455 million in assets under management in the first half of this year.

隨著我們的客戶對新項目的持續強勁需求，我們的稅收抵免貸款和資本市場收入渠道保持健康。因此，我們將未來 12 個月的資本市場收入指引提高至 4500 萬美元至 5500 萬美元。此外，我們第二季度的財富管理收入為 380 萬美元，與第一季度持平。我們的財富管理團隊繼續受益於新的關係，今年上半年增加了 148 個新客戶和 4.55 億美元的管理資產。

Now turning to our expenses. Noninterest expense for the second quarter totaled $49.7 million compared to $48.8 million for the first quarter and within our guidance range of $48 million to $51 million. The increase from the prior quarter was primarily due to higher variable compensation, increased FDIC insurance rates and higher direct costs from holding more deposits in the ICS program. Our strong fee-based performance in the second quarter led to an increase in variable compensation while other salary and benefit-related expenses decreased. We remain diligent in controlling our expense growth.

現在轉向我們的開支。第二季度非利息支出總計 4,970 萬美元，而第一季度為 4,880 萬美元，處於我們 4,800 萬至 5,100 萬美元的指導範圍內。與上一季度相比的增長主要是由於可變薪酬增加、FDIC 保險費率增加以及 ICS 計劃中持有更多存款導致的直接成本增加。我們第二季度強勁的收費業績導致可變薪酬增加，而其他工資和福利相關費用減少。我們仍然努力控制費用增長。

For the third quarter, we are reaffirming our noninterest expense guidance again this quarter to be in a range of $48 million to $51 million. Our asset quality remains exceptional and better than our historical average. During the quarter, NPAs increased modestly. NPAs for the quarter were $26.1 million or only 32 basis points of total assets. Approximately half of our total NPAs consist of one relationship, and we believe that this credit will be resolved without a loss. The provision for credit losses was $3.6 million during the quarter. We expect to continue to maintain strong reserves given the economic uncertainty. Our reserve to loans held for investment was fairly static at 1.41% and continues to be at the higher end of our peer group.

對於第三季度，我們再次重申本季度的非利息支出指導為 4800 萬美元至 5100 萬美元。我們的資產質量仍然出色，並且優於我們的歷史平均水平。本季度，不良資產小幅增長。該季度的不良資產為 2610 萬美元，僅佔總資產的 32 個基點。我們的不良資產總數中約有一半由一種關係組成，我們相信這一信用將得到解決，不會造成任何損失。本季度的信貸損失準備金為 360 萬美元。鑑於經濟的不確定性，我們預計將繼續保持強勁的儲備。我們的投資貸款準備金相當穩定，為 1.41%，並且繼續處於同行中的較高水平。

Our total risk-based capital ratio declined slightly by 2 basis points to 14.66% due to the strong loan growth during the quarter. We increased our tangible common equity to tangible assets ratio to 8.28%, up from 8.21% at the end of the prior quarter. With our continued strong earnings, coupled with our modest dividend, our tangible book value per share increased by $1.28 or 13.2% annualized during the second quarter. As interest rates moved higher during the quarter, our AOCI declined sequentially, which partially diluted some of the growth in our tangible common equity and tangible book value.

由於本季度貸款強勁增長，我們的總風險資本比率小幅下降 2 個基點至 14.66%。我們將有形普通股與有形資產的比率從上季度末的 8.21% 提高到 8.28%。由於我們持續強勁的盈利，加上適度的股息，第二季度我們的每股有形賬面價值增加了​​ 1.28 美元，年化增長率為 13.2%。隨著本季度利率走高，我們的 AOCI 連續下降，這部分稀釋了我們有形普通股和有形賬面價值的部分增長。

During the quarter, we repurchased a modest number of shares. Our capital allocation priorities remain focused on growing our capital and targeting capital levels near the top of our peer group. Finally, our effective tax rate for the quarter was 12.2% compared to 9.3% in the first quarter. The increase was due to a higher mix of taxable income primarily from the significant growth in capital markets revenue this quarter. We continue to benefit from our strong portfolio of tax-exempt investments and loans, which has helped our effective tax rate remain one of the lowest in our peer group. We expect the effective tax rate to be in a range of 11% to 14% for the remainder of 2023.

本季度，我們回購了少量股票。我們的資本配置重點仍然集中於增加我們的資本並瞄準接近同行集團頂部的資本水平。最後，我們本季度的有效稅率為 12.2%，而第一季度為 9.3%。這一增長是由於應稅收入的增加，主要是由於本季度資本市場收入的顯著增長。我們繼續受益於我們強大的免稅投資和貸款組合，這有助於我們的有效稅率保持在同行中最低的水平之一。我們預計 2023 年剩餘時間內的有效稅率將在 11% 至 14% 之間。

With that added context on our second quarter financial results, let's open the call for your questions. Operator, we're ready for our first question.

有了關於我們第二季度財務業績的更多背景信息，讓我們開始詢問您的問題。接線員，我們準備好回答第一個問題了。

Thank you very much. We will now begin the question-and-answer session. (Operator Instructions) Today's first question comes from Damon DelMonte with KBW.

非常感謝。我們現在開始問答環節。 （操作員說明） 今天的第一個問題來自 KBW 的 Damon DelMonte。

I just wanted to start off on the revised outlook on the capital markets revenues. I think you said $45 million to $55 million over the next 4 quarters. Given the strong performance here in the first half of the year and especially in the second quarter, do you feel that the pipeline might be a little bit slower here in the back half of this year and it kind of ramps back up in 2024? Or do you feel that just given the kind of buying out of supply chain and construction costs that you're going to keep a higher level for the next couple of quarters?

我只想從修訂後的資本市場收入前景開始。我想你說的是未來 4 個季度 4500 萬至 5500 萬美元。鑑於今年上半年尤其是第二季度的強勁表現，您是否認為今年下半年的渠道可能會稍微放緩，並在 2024 年有所回升？或者您是否認為，考慮到供應鏈的購買和建設成本，您將在接下來的幾個季度保持較高水平？

So Damon, I'll start with a couple of data points for you first. First of all, our average per quarter of swap fee income in 2022 was $10 million per quarter. And our fourth quarter trailing is $15 million. So the middle of our guidance is kind of right in the middle of those two numbers. So we're certainly trying to give you numbers that we think are achievable. The pipeline remains strong. But as you know, it's a modest number of deals, the timing can move (inaudible) some dollars between quarters. So we certainly believe our guidance is achievable, borrowing headwinds that we can't see today because as we talked a lot during the pandemic about supply chain and inflation pressures on those projects, those came through those beautifully, but it took some time. And so -- we certainly feel good about the pipeline going forward, where as you know, we're trying to turn this into a 4 quarters in the future business, not trying to predict what's going to happen next quarter because of the variability. But probably tell you it was -- we love this business. We think it's a great business long term. There is some variability, but long term, the underpinnings are really solid.

達蒙，我首先向您提供幾個數據點。首先，2022 年我們每季度的平均掉期費收入為每季度 1000 萬美元。我們第四季度的落後收入為 1500 萬美元。因此，我們的指導意見的中間部分就在這兩個數字的中間。因此，我們當然會盡力為您提供我們認為可以實現的數字。管道仍然強勁。但如您所知，交易數量不多，時機可能會在季度之間移動（聽不清）一些美元。因此，我們當然相信我們的指導是可以實現的，借用我們今天看不到的逆風，因為當我們在大流行期間談論了很多關於這些項目的供應鍊和通脹壓力時，這些項目都完美地完成了，但需要一些時間。因此，我們當然對未來的管道感到滿意，正如你所知，我們正在努力將其轉變為未來業務的 4 個季度，而不是由於變化而試圖預測下個季度會發生什麼。但我可以告訴你，我們熱愛這個行業。我們認為從長遠來看這是一項偉大的業務。雖然存在一些可變性，但從長遠來看，基礎是非常堅實的。

Got it. Okay. Thanks for that color. With regards to the guidance on the margin, Todd, I believe the accretable yield this quarter was only like $134,000 compared to like $800,000 last quarter. So if you kind of back both of those out of the first and second quarters, it looks like the core margin was like 347 to 328 -- so when you talk about the, I think you said 0 to 10 basis points compression, is that based off of that -- like based off the 328 number? And I guess, how should we think about fair value accretion going forward?

知道了。好的。謝謝那個顏色。關於保證金指導，托德，我認為本季度的可增加收益率僅為 134,000 美元左右，而上季度為 800,000 美元左右。因此，如果你在第一季度和第二季度都支持這兩個季度，看起來核心利潤率大約是347 到328——所以當你談論時，我想你說的是0 到10 個基點壓縮，是這樣嗎？基於此——就像基於 328 號碼一樣？我想，我們應該如何考慮未來的公允價值增值？

Sure, Damon. First off, you're spot on in terms of what happened to accretion, Q1 and Q2. I'll answer the last half first. I would expect that to be more like $500,000 per quarter in Q3 and Q4, so a more normalized number. The $328 million is what you should leap off of for the 0 to 10 basis point contraction in our guide. And -- just a little more color around how we got there. We did expect, as we said in the opening comments, the 25 basis point hike. We're assuming that we continue to have this inverted curve, and it remains fairly static. We modeled a range of outcomes on core deposit mix over the quarter. Under all scenarios, we do replace the $290 million of brokered CDs that we have maturing in Q3. Those $290 million of [brokers] are at a 506 rate today. So it's going to be nice to see those roll off and replaced with core deposits. And then we assume the midpoint of our loan growth guidance. So that modeling gives us a range of outcomes from a favorable static to was unfavorable 10 basis points of contraction. So that would be off of that 328 base.

當然，達蒙。首先，你對吸積、Q1 和 Q2 發生的情況很了解。我先回答後半部分。我預計第三季度和第四季度每季度的收入約為 500,000 美元，因此是一個更加標準化的數字。在我們的指南中，您應該為 0 到 10 個基點的收縮而跳出 3.28 億美元。而且——只是讓我們如何到達那裡多一點色彩。正如我們在開場評論中所說，我們確實預計會加息 25 個基點。我們假設我們繼續保持這種倒轉曲線，並且它仍然相當靜態。我們對本季度核心存款組合的一系列結果進行了建模。在所有情況下，我們都會更換第三季度到期的價值 2.9 億美元的經紀 CD。這 2.9 億美元的[經紀人]今天的匯率是 506。因此，很高興看到這些存款減少並被核心存款取代。然後我們假設貸款增長指導的中點。因此，該模型為我們提供了一系列結果，從有利的靜態收縮到不利的 10 個基點收縮。所以這將脫離 328 基數。

Got it. Okay. That's very helpful. And then I guess, just lastly, and then I'll step back. On the credit quality, the slight uptick in nonperforming loans this quarter, little bit under $4 million. Was that one credit in particular? Or is there a couple involved in that?

知道了。好的。這非常有幫助。然後我想，最後，然後我會退後一步。在信貸質量方面，本季度不良貸款略有上升，略低於 400 萬美元。這是特別的一項功勞嗎？或者有一對夫婦參與其中？

Yes. Thanks, Damon. Good question. The pickup was just a handful of mostly equipment loans from small companies that came under pressure. And while we're not seeing any broad based degradation in our portfolio. It seems like the companies that are having the most stress are really the smaller companies with less sophisticated management and those kind of things. And that's maybe longer term, as we've talked about, normal credit costs coming to play long term. I don't know when that's going to be. It depends on what happens to the economy, but normal is going to feel different -- and so there's -- we had a handful of small companies that felt some pain. We're trying to be out -- trying to deal with them. And so it's certainly not a concentration in one big deal. It's a half a dozen smaller deals that created that NPA increase.

是的。謝謝，達蒙。好問題。此次提貨只是少數面臨壓力的小公司的設備貸款。雖然我們沒有看到我們的投資組合出現任何廣泛的退化。看起來壓力最大的公司實際上是那些管理不那麼複雜的小公司。正如我們所討論的，這可能是長期的，正常的信貸成本將長期發揮作用。我不知道那會是什麼時候。這取決於經濟狀況，但正常情況下感覺會有所不同——因此——我們有一些小公司感受到了一些痛苦。我們正在努力走出去——試圖與他們打交道。因此，這當然不是集中於一件大事。六筆規模較小的交易導致了 NPA 的增加。

The next question comes from Nathan Race with Piper Sandler.

下一個問題來自 Nathan Race 和 Piper Sandler。

Just want to kind of think about the balance sheet side in the third quarter, it looks like the average balances, including loans held for investment and held for sale, were about 3% higher than the end of period balances. And I just want to make sure we're thinking about the earning asset size accurately heading in the third quarter, just kind of provide any color along those lines?

想一下第三季度的資產負債表方面，看起來平均餘額（包括投資貸款和待售貸款）比期末餘額高出約 3%。我只是想確保我們正在準確地考慮第三季度的盈利資產規模，只是提供一些類似的顏色嗎？

Yes. I mean initially, guidance we gave you was for the back half of the year. And so we expect the securitization that happened in the fourth quarter. So the growth in the third quarter will be toward the higher end of that range that we gave you -- and then we're going to do the securitization that will take some of that growth off the balance sheet in the fourth quarter. And so I mean, I think we expect continued growth. We had strong growth late in the second quarter, so that's going to run into the third quarter. And so we'd expect the growth to be toward the higher end of the range in the third quarter.

是的。我的意思是，最初，我們給您的指導是針對今年下半年的。因此，我們預計第四季度會發生證券化。因此，第三季度的增長將接近我們給你們的範圍的高端——然後我們將進行證券化，這將在第四季度將部分增長從資產負債表中剔除。所以我的意思是，我認為我們預計會持續增長。我們在第二季度末實現了強勁增長，因此這種情況將持續到第三季度。因此，我們預計第三季度的增長將達到區間的高端。

Got you. That's helpful. So it sounds like a lot of the growth occurred late in the quarter. And so earning assets should be up maybe $150 million to $200 million quarter-over-quarter.

明白你了。這很有幫助。因此，聽起來大部分增長發生在本季度末。因此，盈利資產應比上一季度增加 1.5 億至 2 億美元。

That would be right. That's what we're expecting in that margin outcome that we talked about, Nate.

那就對了。這就是我們對我們所討論的利潤率結果的預期，內特。

Okay. Perfect. Just want to make sure I have that right. And then, Todd, within your expense guidance, does that kind of contemplate you guys hitting the midpoint of the next 12-month capital markets revenue expectations or I guess, how should we kind of think about the variability of the expense base relative to that revenue source in particular?

好的。完美的。只是想確保我有這個權利。然後，托德，在您的費用指導範圍內，是否考慮到你們將達到未來 12 個月資本市場收入預期的中點，或者我猜，我們應該如何考慮費用基礎相對於該預期的可變性收入來源特別是？

Sure. As you well know, Nate, that has a pretty significant impact on noninterest expense. I'm comfortable that we would still be within that upper end of the range at $51 million even if we continue to perform at the higher range of our annualized guidance that we just increase to the $55 million for a rolling 12 months. I think we still feel very confident about coming in at that $51 million or a touch under.

當然。內特，正如您所知，這對非利息支出有相當大的影響。我感到放心的是，即使我們繼續保持在年度指導的較高範圍內（我們只是在滾動 12 個月內將其增加到 5500 萬美元），我們仍將處於 5100 萬美元的範圍上限內。我認為我們對於 5100 萬美元或稍低一點的收入仍然非常有信心。

Okay. Great. And then just maybe one last one. I think last quarter Larry you were describing a pretty strong core deposit pipeline coming into 2Q, and it seems like that kind of came to fruition here in the second quarter. So I would just be curious kind of what the kind of the pipeline looks for additional core deposit wins and share gains?

好的。偉大的。然後也許只是最後一件事。我認為上個季度拉里（Larry）您描述了進入第二季度的相當強大的核心存款渠道，看起來這種情況在第二季度實現了。所以我只是好奇什麼樣的管道會尋找額外的核心存款收益和份額收益？

Yes, I'll start and then maybe let Todd finish here. Certainly, the pipeline still remains strong, and I'm certainly really proud of our team for 23% core deposit growth during the quarter. As you -- you can see what we did late in the first quarter when the banking market was just getting disrupted, we added a bunch of broker CDs just to boost liquidity and then what we did very successfully in the last quarter is rotated a lot of that out and replaced it with core deposits. So I'd say the pipeline is certainly still there, and we've proven that our client base when we need the money, we can go get it from (inaudible). So we certainly feel good about that certainly in this environment. So deposit pipeline still feels fine to us.

是的，我會開始，然後也許讓托德在這裡結束。當然，渠道仍然強勁，我對我們的團隊在本季度核心存款增長 23% 感到非常自豪。正如您所看到的，您可以看到我們在第一季度末所做的事情，當時銀行市場剛剛受到干擾，我們添加了一堆經紀商CD 只是為了提高流動性，然後我們在上個季度做得非常成功的事情被輪換了很多並用核心存款取而代之。所以我想說，管道肯定仍然存在，而且我們已經證明，當我們需要資金時，我們的客戶群可以從（聽不清）那裡獲取資金。因此，在這種環境下，我們當然對此感覺良好。所以存款渠道對我們來說仍然感覺良好。

Got it. That's great to hear. And then if I could actually just ask one last one just in terms of the outlook on the ACL, it came down a little bit quarter-over-quarter. Is the goal to kind of just hold it here and just provide for growth and any charge-offs. And it seems like the charge-off outlook looks fairly benign coming out of the second quarter.

知道了。聽到這個消息我很高興。然後，如果我實際上可以問最後一個關於 ACL 前景的問題，它比上一季度略有下降。目標是把它留在這裡並提供增長和任何沖銷。第二季度的沖銷前景似乎相當樂觀。

Yes. Good question, Nate. And I'd say, yes, we're going to hold it probably in the 140s given what we know today. (inaudible) some change in the economy, good or bad here certainly, we think this is a prudent level to be at, we'd be hiring our peer group and have credit quality certainly consistent with our peer group. So I think we're trying to take conservative approach and manage it around these numbers as much as we can.

是的。好問題，內特。我想說，是的，鑑於我們今天所知道的情況，我們可能會將其保持在 140 年代。 （聽不清）經濟發生一些變化，無論好壞，我們認為這是一個謹慎的水平，我們將僱用我們的同行團隊，並且信用質量肯定與我們的同行團隊一致。所以我認為我們正在嘗試採取保守的方法並儘可能圍繞這些數字進行管理。

Next question comes from Brian Martin with Janney Montgomery.

下一個問題來自布萊恩·馬丁和詹尼·蒙哥馬利。

Todd, maybe just one back for that. On the core deposit that swapped from -- what you're changing out from the broker to the new core deposits this quarter. What's kind of the range of outlook as far as where those funding -- where those get replaced at.

托德，也許只是一個回來。關於本季度從經紀商處更換為新核心存款的核心存款。這些資金的前景如何——這些資金將在哪裡被取代？

Sure. Really glad you asked that question, Brian. So again, just to reset, we had $290 million of brokers we're going to replace at 506. Our expectation is to do that really at that 506 or slightly better. We had a lot of success in Q2 with growing deposits, as you could see. And I'm looking at a sheet of some of our big wins and we had some new money from existing clients at $50 million in the mid-5s, but we also picked up some significant dollars from existing clients in the mid-4s. And we continue to bring on some new clients. Certainly, some of those new funds would be with a 5 handle, but I'm looking at a couple of wins here with a couple of $4 million and $5 million new relationships in the 2 and 3 range in terms of ICS money market.

當然。真的很高興你問這個問題，布萊恩。再次強調一下，我們將在 506 時更換價值 2.9 億美元的經紀人。我們的期望是在 506 時真正做到這一點，或者稍微好一點。正如您所看到的，我們在第二季度取得了很大的成功，存款不斷增長。我正在查看我們的一些重大勝利，我們在 5 年代中期從現有客戶那裡獲得了 5000 萬美元的新資金，但我們也在 4 年代中期從現有客戶那裡獲得了一些重要的資金。我們繼續吸引一些新客戶。當然，其中一些新基金的手柄將是 5，但我在這裡看到了幾項勝利，在 ICS 貨幣市場的 2 和 3 範圍內獲得了 400 萬美元和 500 萬美元的新關係。

So we're working really hard to replace that at a lesser weighted average rate than that 506. And that really is part of our -- even though we guided static to 10 basis points of contraction that may be a little more optimistic than most might have expected. And we think that's certainly achievable. We are really focused on growing core deposits. And while they're pricy these days, we think we'll beat that 506.

因此，我們正在非常努力地以低於 506 的加權平均利率來取代它。這確實是我們的一部分——儘管我們將靜態指導收縮到 10 個基點，這可能比大多數人更樂觀一些。已經預料到了。我們認為這肯定是可以實現的。我們確實專注於增加核心存款。雖然現在它們價格昂貴，但我們認為我們會擊敗 506。

Got you. No, that's helpful. And is that kind of your outlook for rates (inaudible)? Does it kind of contemplate that if it's down next quarter, not picking a number, but sequentially, it's down -- maybe a little bit less fourth quarter and kind of begins to trough out (inaudible). Is that big picture how we should think about the near term?

明白你了。不，這很有幫助。您對利率的看法是這樣的嗎（聽不清）？它是否在考慮，如果下個季度下降，不是選擇一個數字，而是按順序下降——也許第四季度會下降一點，然後開始陷入低谷（聽不清）。我們應該如何考慮近期的大局？

Well, Brian, maybe if you could be a little more clear. Are you asking me about our expectations on the Fed or more on our deposit fundings.

好吧，布萊恩，也許你能說得更清楚一點。您是問我對美聯儲的期望還是對我們存款資金的更多期望？

Just your margin and your outlook on base -- if have the rate increase, yes.

只是你的保證金和你的基礎前景——如果利率增加，是的。

Yes. Okay. So kind of a blended answer here. There's no meeting in August. There's a meeting in September. I guess no one really knows if we'll see another increase or another pause there. But we're very optimistic about; one, achieving this guidance in the third quarter of static to 10% down. We're very optimistic about margin in the fourth quarter. Larry gave some more details around the securitization in the fourth quarter. That securitization will actually be NIM accretive by about 4 basis points. So we'll get a little bit of lift in margin from the securitization and that offtake. It has a ton of other benefits, of course, but will give us a little lift in margin.

是的。好的。這裡有一個混合的答案。八月沒有會議。九月有一個會議。我想沒有人真正知道我們是否會看到另一次增長或另一次暫停。但我們非常樂觀；一、實現這一指引，第三季度靜態下調至10%。我們對第四季度的利潤率非常樂觀。拉里在第四季度提供了有關證券化的更多細節。該證券化實際上將使淨息差增加約 4 個基點。因此，我們將從證券化和承購中獲得一點利潤提升。當然，它還有很多其他好處，但會給我們帶來一點利潤提升。

And we're right now at a 50 beta on total deposits for the entire cycle. We think that's getting pretty close to our peak beta. And while we probably got to peak betas more quickly than most of the industry, we feel like we're through the worst of it now. And maybe the rest of the industry might have a little longer tail on that level of beta performance, but we're more optimistic about the back half of the year for all those reasons.

目前整個週期的總存款貝塔值為 50。我們認為這已經非常接近我們的峰值測試版了。雖然我們可能比業內大多數公司更快地達到測試峰值，但我們覺得我們現在已經度過了最糟糕的時期。也許行業的其他公司可能在該水平的測試表現上有更長的尾巴，但由於所有這些原因，我們對今年下半年更加樂觀。

Got you. No, that's helpful. I appreciate it, Todd. And maybe just last one on margin. Just remind us the -- if we do see some cuts next year, just the -- how QCR sets up in that type of environment?

明白你了。不，這很有幫助。我很感激，托德。也許只是保證金上的最後一筆。請提醒我們，如果我們明年確實看到一些削減，那麼 QCR 如何在這種環境下建立？

Yes. Thanks, Brian. We are now modestly liability sensitive. Over time, we have gone from an asset sensitivity that helped us in the first third of the hiking cycle. So during the first third, we saw margin expansion as our deposits have rotated from noninterest-bearing and low beta interest-bearing to 100 beta deposits, we've now converted to where we are modestly liability sensitive. So when rate cuts were to take place, however, long that might be out in the future. When that does happen, we feel like we're well positioned to see some margin lift when rates come back down.

是的。謝謝，布萊恩。我們現在對責任有一定的敏感性。隨著時間的推移，我們已經擺脫了在前三分之一的加息週期中對我們有所幫助的資產敏感性。因此，在前三分之一期間，我們看到了保證金擴張，因為我們的存款已從無息和低貝塔計息存款轉向 100 貝塔存款，我們現在已轉換為適度負債敏感的存款。因此，當降息發生時，然而，很可能在未來就會出現。當這種情況確實發生時，我們覺得我們處於有利位置，可以在利率回落時看到利潤率有所提升。

Perfect. Okay. That's super helpful. And just if I can ask one last one. Just the commentary on loan growth and taking the guidance up, it looked -- you guys talked about the specialty business being particularly strong, but the traditional side maybe being a little bit more modest. I mean, I guess in your guide or just how you're thinking about the next couple of quarters, do you see some rebound in that traditional business? Or is it still more the specialty business that's kind of leading the charge?

完美的。好的。這非常有幫助。如果我能問最後一個問題就好了。只是對貸款增長的評論和上調指導，看起來——你們談到專業業務特別強勁，但傳統方面可能有點溫和。我的意思是，我想在您的指南中或者您對未來幾個季度的看法中，您是否看到傳統業務出現了一些反彈？還是專業業務在引領潮流？

Yes. I think the specialty business, especially the LIHTC space is very resilient and seems to be -- as we talked about it in the past, there was kind of a slowing down of that during the pandemic that now seems to be kind of back to a normal pace in that business. The core commercial business, the C&I and normal commercial real estate, they're still dealing with the shock up in rates, and I think it's affected the psychology of people. So certainly, that's, I think, will grow but at a modest pace, certainly low single digits there and how we're going to get to that double-digit pre-securitization kind of numbers is really because of the nice growth in the LIHTC.

是的。我認為專業業務，尤其是 LIHTC 領域非常有彈性，而且似乎——正如我們過去談到的那樣，在大流行期間，這種情況有所放緩，現在似乎又回到了該業務的正常節奏。核心商業業務，工商業和普通商業地產，他們仍在應對利率上漲的衝擊，我認為這影響了人們的心理。所以，我認為，這肯定會增長，但速度會很慢，當然是低個位數，我們將如何達到兩位數的前證券化數字，這實際上是因為 LIHTC 的良好增長。

The next question comes from Jeff Rulis with D.A. Davidson.

下一個問題來自 Jeff Rulis 和 D.A.戴維森。

This is Andrew on for Jeff today. Just another follow-up question in regards to the LIHTC loans. Just wondering what type of servicing revenue or gain you received from those? And then also just wondering who the targeted buyers of that product are?

今天我是安德魯為傑夫發言。這是關於 LIHTC 貸款的另一個後續問題。只是想知道您從中獲得了哪些類型的服務收入或收益？然後還想知道該產品的目標買家是誰？

Yes. So first of all, we will probably not retain the servicing long term. That's not probably a long-term play for us because we'd have to build some more infrastructure as we securitize those. So initially, we're going to engage an outside service around that. And so the buyers for this, because we're turning this into a AAA-rated security, our institutional investors of all kinds, insurance companies, banks, funds, those kind of places is where this would go. So we think it's readily markable. And we'll go to the normal kind of institutional buyers.

是的。因此，首先，我們可能不會長期保留服務。這對我們來說可能不是一個長期的策略，因為當我們將這些基礎設施證券化時，我們必須建造更多的基礎設施。因此，最初，我們將圍繞這個問題聘請外部服務。所以買家，因為我們要把它變成 AAA 級的證券，我們的各種機構投資者、保險公司、銀行、基金，這些地方都是它的去向。所以我們認為它很容易被標記。我們將去找普通的機構買家。

Okay. That makes sense. And then another question maybe more on the expense side. Just with the -- with the surge in fee income this quarter, we thought expenses might have picked up a little higher, but going forward is there a way to handicap the variable cost component when swap fees that are higher or lower than average?

好的。這就說得通了。然後另一個問題可能更多是在費用方面。隨著本季度費用收入的激增，我們認為費用可能會略有上升，但未來當掉期費用高於或低於平均水平時，是否有辦法限制可變成本部分？

Sure, Andrew. There's a correlation certainly between the Capital Markets results and our variable compensation. And historically, for all in, incentives and variable comp around that, you might say that's 20% of that, I guess, I would say, beat. So to the extent -- we might beat our guidance on a more normal quarter. Roughly 20% of that beat would add to the noninterest expense carry. The reason that you didn't see it here in the second quarter, quite honestly, is we expected several quarters ago that margins may be getting squeezed in our industry. And we've really and our entire leadership team focused on being deliberate and thoughtful around expenses. We've been doing that for several quarters now. That's why our noninterest expense guide has remained very static here probably for the last 4 quarters. And we're just really focused paying attention to expenses. We're still making great long-term decisions, but we're just being more thoughtful and intentional on spend. So that's why that 48 to 51 guide, I think we're still pretty comfortable that even though we might be in the upper end of that range, we'd still be within the range even if we outperform on capital markets revenue. So kind of a long answer to your short question, but just a lot of moving parts there, but really think about 20% handle on that capital markets revenue.

當然，安德魯。資本市場結果和我們的可變薪酬之間肯定存在相關性。從歷史上看，對於所有的激勵措施和圍繞它的可變補償，你可能會說這是其中的 20%，我想，我會說，擊敗了。因此，在某種程度上，我們可能會在更正常的季度超出我們的指導。其中大約 20% 將增加非利息費用結轉。老實說，您在第二季度沒有看到它的原因是我們在幾個季度前就預計我們行業的利潤率可能會受到擠壓。我們和我們的整個領導團隊確實專注於對費用進行深思熟慮和深思熟慮。我們已經這樣做了幾個季度了。這就是為什麼我們的非利息支出指南可能在過去 4 個季度保持非常穩定。我們只是非常關注費用。我們仍在做出偉大的長期決策，但我們只是在支出上更加深思熟慮和更有目的性。因此，這就是為什麼 48 到 51 的指導，我認為我們仍然非常滿意，即使我們可能處於該範圍的上限，即使我們在資本市場收入方面表現優於大盤，我們仍然處於該範圍內。對於你的簡短問題，這是一個很長的答案，但其中有很多移動部件，但真正考慮一下資本市場收入的 20%。

That's very helpful. And then just one more from me. Do you have a June average for net interest margin or spot rate on cost of deposits?

這非常有幫助。然後我又發了一封。您有 6 月份平均淨息差或存款成本即期利率嗎？

Yes. Actually, I'd probably feel more comfortable just doing the spot margin, but I'm very glad you asked that question because we had not gotten to that. That's one of the reasons that we're pretty confident about a good outcome in Q3. Our Q3 NIM was that $328 million that we talked about with Damon earlier in the call. The big contraction in margin in the second quarter was really in April and May. Our May margin was 326, and June was static at 326. So that's one of the reasons we have some confidence about a good outcome in Q3. We really saw that level off in June. So I hope that helps.

是的。事實上，我可能會覺得只做即期保證金會更舒服，但我很高興你問這個問題，因為我們還沒有做到這一點。這是我們對第三季度取得良好結果充滿信心的原因之一。我們在電話會議早些時候與 Damon 談到的第三季度淨息差為 3.28 億美元。第二季度利潤率大幅收縮實際上是在四月和五月。我們 5 月份的利潤率為 326，6 月份的利潤率為 326。因此，這就是我們對第三季度取得良好結果有信心的原因之一。我們確實在六月份看到了這一水平的穩定。所以我希望這會有所幫助。

The next question comes from Daniel Tamayo with Raymond James.

下一個問題來自丹尼爾·塔馬約和雷蒙德·詹姆斯。

Maybe just a little bit further digging into the LIHTC portfolio. So first, just if you could remind us kind of how much in terms of what's on the balance sheet is in construction and multifamily, just specific to LIHTC at this point?

也許只是進一步深入研究 LIHTC 投資組合。首先，您能否提醒我們資產負債表上的建築和多戶住宅項目（目前僅針對 LIHTC）有多少？

We've got about $800 million of LIHTC stabilized that's up and running that we would be able to securitize at any time as we go forward. And then we got a little over $800 million in construction that is in the process of stabilizing and completion. And so that is what we'll be creating the future pipeline securitizable assets as we go forward.

我們已經穩定了大約 8 億美元的 LIHTC，這些資金已經啟動並正在運行，隨著我們的發展，我們可以隨時將其證券化。然後我們獲得了 8 億多美元的建設資金，目前正在穩定和竣工階段。這就是我們在前進過程中將創建的未來可證券化資產的管道。

Okay. All right. And then -- in terms of the kind of the deposit relationship for those borrowers, how do you think about kind of loan to deposit for the LIHTC borrowers? Or how much in deposits are you getting from them? And what type currently, are they putting on?

好的。好的。然後，就這些借款人的存款關係而言，您如何看待 LIHTC 借款人的貸款存款關係？或者你從他們那裡得到了多少存款？他們目前穿什麼類型的衣服？

Yes. We are getting deposits from those that source of business but certainly not at the pace where [quick] loans are -- it's around $150 million that we got in deposits out of that sector of the business so far. We have a new initiative that we are getting more serious about collecting deposits from that space, just because it makes sense from a long-term business perspective. It would be a combination, some interest-bearing, some low interest-bearing deposit cost because there's certainly reserve funds and those kind of things that are parts of the structurings that we put together. So it's kind of a combination of both, I would say, interest-bearing, non-interest-bearing accounts. Typically, nonmaturity type deposit.

是的。我們從業務來源獲得存款，但速度肯定不及[快速]貸款——到目前為止，我們從該業務部門獲得的存款約為 1.5 億美元。我們有一項新舉措，我們正在更加認真地從該領域收取存款，只是因為從長期業務角度來看這是有意義的。這將是一個組合，一些是計息的，一些是低計息的存款成本，因為肯定有儲備基金和那些屬於我們組合結構的一部分的東西。所以我想說，它是有息賬戶和無息賬戶的結合。通常為非到期型存款。

Okay. Great. And then circling back to the loan growth conversation. So you talked about kind of a 0% to 3% net loan growth of the securitization. It sounds like the securitizations are going to be a bigger part of the strategy going forward. There's two questions here. First, how big are you comfortable letting the LIHTC on portfolio, on balance sheet loans get? And number two, how are we thinking about -- or how are you thinking about kind of net loan growth maybe into 2024, it's probably more a function of the traditional loan growth coming back. But just curious if this is how this all fits into the bigger picture?

好的。偉大的。然後回到貸款增長話題。所以你談到了證券化的 0% 到 3% 的淨貸款增長。聽起來證券化將成為未來戰略的重要組成部分。這裡有兩個問題。首先，您願意讓 LIHTC 投資組合、資產負債表貸款達到多大規模？第二，我們如何考慮——或者你如何考慮 2024 年的淨貸款增長，它​​可能更多地是傳統貸款增長回歸的函數。但只是好奇這是否是這一切如何融入更大的圖景的？

So yes, if you look at the LIHTC loans they're in total, about $1.6 billion today, we're going to securitize just short of $300 million in the fourth quarter. So we're taking the top off of it there. And if we do let it grow, those outstandings would grow at a modest pace going forward -- probably more in the 5% range on balance sheet, which would -- our capital then could keep pace with and keep it relatively static at the same percent of capital.

所以，是的，如果你看看 LIHTC 的貸款總額，今天約為 16 億美元，我們將在第四季度將近 3 億美元證券化。所以我們要把它的頂部去掉。如果我們確實讓它增長，這些未償債務未來將以溫和的速度增長——可能會在資產負債表上的 5% 範圍內增長，這樣我們的資本就可以跟上並保持相對穩定。資本的百分比。

Longer term for loan growth, I think that's the beauty of this securitization tool that we have that most won't have. We can use it to manage liquidity and capital and loan growth pretty nicely as long as we plan out in front a quarter or two as we look for future securitizations. So we expect to do more securitizations in 2024. As we get closer to that, we'll probably give you some indication of when and how much, but yes, certainly we're going to take the top off of that growth, grow that much more modestly on balance sheet, which should keep it close to the same kind of relative basis as a percent of capital.

從長遠來看，對於貸款增長，我認為這就是我們擁有的大多數人所沒有的這種證券化工具的優點。只要我們在尋找未來的證券化時提前一兩個季度做好計劃，我們就可以用它來很好地管理流動性、資本和貸款增長。因此，我們預計在2024 年進行更多的證券化。當我們越來越接近這一目標時，我們可能會向您提供一些關於何時以及多少的指示，但是，是的，我們肯定會充分利用這種增長，增長這種增長資產負債表上的比例要小得多，這應該使其接近與資本百分比相同的相對基礎。

Okay. Great. That's helpful. And just lastly, again, on the LIHTC. What are the yields on those loans look like, especially relative to kind of what you already are doing in construction and multifamily?

好的。偉大的。這很有幫助。最後，再次強調 LIHTC。這些貸款的收益率是多少，特別是相對於您在建築和多戶住宅領域已經做的事情而言？

Yes. The yields are, number one, the exclusively floating rate loans on our books. And those yields are between -- and I'm going to -- also tax effective because there's a tax exempt component to a big portion of the loans. So the tax equivalent yields are in the 7s up to 8%.

是的。第一，收益率是我們賬上唯一的浮動利率貸款。這些收益率在——我打算——之間也具有稅收效益，因為很大一部分貸款有免稅成分。因此，稅收等值收益率在 7% 至 8% 之間。

That's for the construction portion.

這是施工部分。

And for the permanent because the permanent are floating and on our books, too. So that's all floating, and on those same relative prices.

對於永久性的，因為永久性是浮動的並且也在我們的賬本上。所以這一切都是浮動的，而且是基於相同的相對價格。

This concludes our question-and-answer session. I would now like to turn the call over to Mr. Larry Helling for closing remarks.

我們的問答環節到此結束。現在我想將電話轉交給拉里·海林先生進行總結髮言。

Thanks to all of you for joining our call today. We appreciate your interest in our company. Have a great day. We look forward to talking with you again in the coming months.

感謝大家今天加入我們的電話會議。我們感謝您對我們公司的興趣。祝你有美好的一天。我們期待在未來幾個月內再次與您交談。

The conference has now concluded. Thank you for your participation. You may now disconnect.

會議現已結束。感謝您的參與。您現在可以斷開連接。