ServisFirst Bancshares Inc (SFBS) 2025 Q3 法說會逐字稿

Greetings and welcome to the ServisFirst Bancshares third quarter earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

各位來賓，歡迎參加ServisFirst Bancshares第三季財報電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。

(Operator Instructions)

（操作說明）

It is now my pleasure to introduce your host, Davis Mange, Director of Investor Relations.

現在，我很高興向大家介紹主持人戴維斯·曼格，他是投資者關係總監。

Thank you, Davis. You may begin.

謝謝你，戴維斯。你可以開始了。

Good afternoon and welcome to our third quarter earnings call. Today's speakers will cover some highlights from the quarter and then take your questions. We'll have Tom Broughton, our CEO, Jim Harper, our Chief Credit Officer, and David Sparacio, our CFO. I'll now cover a forward-looking statements disclosure.

下午好，歡迎參加我們第三季財報電話會議。今天的演講嘉賓將介紹本季的一些亮點，然後回答大家的問題。我們將有執行長湯姆·布勞頓、首席信貸官吉姆·哈珀和財務長大衛·斯帕拉西奧出席。接下來我將介紹前瞻性聲明的揭露內容。

Some of the discussion in today's earnings call may include forward-looking statements. Actual results may differ from any projection shared today due to factors described in the most recent 10-K and 10-Q filings. Forward-looking statements speak only as of the date they are made, and ServisFirst assumes no duty to update them. With that, I'll turn the call over to Tom.

今天財報電話會議的部分討論內容可能包含前瞻性陳述。由於最新 10-K 和 10-Q 文件中描述的因素，實際結果可能與今天分享的任何預測有所不同。前瞻性聲明僅代表其發布之日的情況，ServisFirst 不承擔更新這些聲明的義務。這樣，我就把電話交給湯姆了。

Thank you, Davis. Good afternoon and thank you for joining our third quarter conference call.

謝謝你，戴維斯。下午好，感謝各位參加我們第三季電話會議。

Give you a few highlights followed by credit update from Jim Harper and followed by David Sparacio with some financial updates. Talk about loan growth, it was below our expectation for the third quarter.

接下來，Jim Harper 將帶來一些重點內容，隨後是信貸方面的最新進展，David Sparacio 將帶來一些財務方面的最新進展。談到貸款成長，第三季低於我們的預期。

We went back and reviewed loans booked and draws versus pay backs over the three quarters of 2025, and loan pay backs were up $500 million. Over the prior two quarters in the third quarter. So this contribute to the lack of these, real significant loan growth. We did see a nice increase of over 10% in our loan pipeline in October compared to September.

我們回顧了 2025 年前三個季度的貸款登記和提款情況與還款情況，發現貸款還款額增加了 5 億美元。與前兩個季度相比，第三季的情況有所改善。因此，這導致了真正意義上的貸款成長不足。與 9 月相比，10 月我們的貸款業務成長了 10% 以上，這是一個不錯的成長。

In comparing our loan pipeline to one year ago, the pipeline is 40% higher today. In addition, the projected payoffs. Today are 30% of the projected pipeline versus one year ago there were 41% of the projected, new loans. So we do see that there is a slight decline in the pipeline is percent of the loan, payoffs is percent of the loan pipeline. So you know the pipeline is not scientific though we do stress to our bankers we want to be as accurate as possible.

與一年前相比，我們目前的貸款業務量增加了 40%。此外，還有預計收益。目前的貸款發放量僅佔預計發放量的 30%，而一年前這一比例為 41%。因此，我們看到，貸款儲備佔貸款總額的百分比略有下降，償還貸款佔貸款儲備的百分比也略有下降。所以你知道，雖然我們向銀行家強調我們希望盡可能精確，但這個流程並不科學。

Every fourth quarter that I can remember has been, we've had solid loan growth, so my expectation will be that we'll have a good closing long quarter. In loans and I'll say that not all loan payoffs are bad because some of them that are low fixed rates. Payoff when the assets sell, so we've had several this quarter, so we're glad to see those payoffs.

我記得的每一個第四季度，我們的貸款都實現了穩健增長，所以我預計我們最後一個季度也會取得不錯的成績。就貸款而言，我想說並非所有貸款償還都是壞事，因為其中一些是低固定利率貸款。資產出售時就能獲得回報，本季我們已經賣了好幾筆資產，所以我們很高興看到這些回報。

So on the deposit side, we did see some continued reduction in our high cost of municipal deposits in the third quarter. They were offset by some large corporate deposit inflows, so but as David will discuss in a few minutes, we're trying to manage down our total deposit cost as the Federal Reserve reduces the Fed funds rate.

因此，在存款方面，我們在第三季確實看到市政存款的高成本下降。雖然一些大型企業存款流入抵消了部分影響，但正如大衛稍後將要討論的那樣，隨著聯準會降低聯邦基金利率，我們正在努力降低總存款成本。

On the new markets, we did hire seven new producers in the quarters spread throughout our footprint, and we're also proud of all of our markets are now profitable. I don't think we've ever achieved this before since our first year in business, so we're very proud of that. So I'm going to turn it over now to Jim Harper for a credit update.

在新市場，我們在業務覆蓋的各個季度僱用了七名新的生產人員，我們也為我們所有市場現在都實現盈利而感到自豪。自從公司成立以來，我們從未取得過這樣的成就，所以我們為此感到非常自豪。現在我將把麥克風交給吉姆哈珀，讓他為大家帶來最新的信用狀況報告。

Thanks, Tom. As Tom noted, lending activity softened a bit during the third quarter, but activity as we moved into the fourth quarter has been robust, with activity across our footprint.

謝謝你，湯姆。正如湯姆所指出的，第三季貸款活動有所放緩，但進入第四季度後，貸款活動一直保持強勁，在我們業務覆蓋的各個地區都有貸款活動。

From a credit metrics standpoint, charge-offs total just over $9 million in the third quarter, which results in an annualized net charge off to average loan percentage of 27 basis points, while higher than recent historical periods, the charges were primarily taken on loans which had previously been impaired, with one exception of a $3 million charge taken on a loan that had not previously been impaired.

從信貸指標的角度來看，第三季核銷總額略高於 900 萬美元，導致年化淨核銷額占平均貸款百分比為 27 個基點，雖然高於近期歷史時期，但這些核銷主要針對以前已減值的貸款，只有一個例外，即對一筆以前未減值的貸款計提了 300 萬美元的核銷。

From an allowance perspective, the allowance to total loan percentage remains static compared to the second quarter at 1.28% at quarter end.

從撥備角度來看，撥備佔貸款總額的比例與第二季相比保持不變，季末為 1.28%。

Non-performing assets were notably higher at $930, increasing by approximately $96 million during the quarter, with the increase driven by a relationship consisting of eight loans with a large merchant developer rehabilitator of multi-family properties. Properties associated with the loans are in Alabama, Louisiana, and Texas.

不良資產明顯增至 930 億美元，本季增加了約 9,600 萬美元，成長主要源於與一家大型商業開發商兼多戶住宅物業改造商的八筆貸款關係。與貸款相關的房產位於阿拉巴馬州、路易斯安那州和德克薩斯州。

Despite us placing these loans on non-approval during the quarter, the bank was able to successfully obtain additional collateral to bolster our position. Additionally, the borrower is actively selling assets, as evidenced by purchase and sale agreements on five properties and eight letters of intent on others, as well as pursuing other corporate actions which are expected to produce meaningful liquidity in the coming quarters.

儘管我們在本季度將這些貸款列入了不予批准名單，但銀行還是成功地獲得了額外的抵押品，從而鞏固了我們的地位。此外，借款人正在積極出售資產，已簽署五處房產的買賣協議和八份其他房產的意向書，並正在採取其他公司行動，預計將在未來幾季產生可觀的流動性。

ServisFirst continues to aggressively manage our NPAs and we expect to have resolutions on several material credits as soon as late in the fourth quarter of this year. I will now turn it over to David to provide his comments on our third quarter financial performance.

ServisFirst 繼續積極管理我們的不良資產，我們預計最早在今年第四季末就能解決幾項重大信用問題。現在我將把發言權交給大衛，請他對我們第三季的財務表現發表評論。

Thank you, Jim. Good afternoon, everybody. For the quarter, we reported net income of $65.6 million and diluted earnings per share of $1.20 in pre-provision net revenue of $88.3 million. This represented a return on average assets of 1.47% and a return on common equity of 14.9%. Net income grew more than $9 million or 18% from the same quarter last year.

謝謝你，吉姆。大家下午好。本季度，我們報告淨收入為 6,560 萬美元，攤薄後每股收益為 1.20 美元，撥備前淨收入為 8,830 萬美元。這相當於平均資產報酬率為 1.47%，普通股報酬率為 14.9%。淨利較去年同期成長超過900萬美元，增幅達18%。

During this quarter, we had a few unique transactions. The first was the reversal of about $4.4 million of accrued interest on the credit that Jim spoke of. Secondly, we recognized a loss of $7.8 million on the sale of bonds. And thirdly, we invested in a solar tax credit which gave us a benefit of about $2.4 million in tax provision.

本季我們進行了一些特別的交易。首先是衝回吉姆提到的那筆信貸中約 440 萬美元的應計利息。其次，我們確認債券出售虧損 780 萬美元。第三，我們投資了太陽能稅收抵免，這為我們帶來了約 240 萬美元的稅收優惠。

When we take these three transactions into account, we view our normalized net income for the quarter to be $73.8 million or $1.35 earnings per common share. I will talk more about these three transactions later on.

考慮到這三筆交易，我們認為本季的正常化淨收入為 7,380 萬美元，即每股普通股收益 1.35 美元。我稍後會詳細介紹這三筆交易。

Lastly, our book value grew by an annualized 14% versus last quarter and by more than 13% from the same quarter a year ago, ending at $32.37 per share. We continue to be well capitalized with common equity tier one capital ratio of 11.5% and risk-based capital ratio of 12.8% for the quarter. Of course, these are preliminary numbers.

最後，我們的帳面價值較上季成長了 14%，較去年同期成長了 13% 以上，達到每股 32.37 美元。本季度，我們的資本狀況依然良好，普通股一級資本適足率為 11.5%，風險加權資本適足率為 12.8%。當然，這些只是初步數據。

In net interest income, our amount for the quarter was $133.4 million as reported, and normalized net interest income was $137.8 million. This equates to a net interest margin of 3.09% as reported and more importantly, 3.19% when normalized for the interest income reversal previously mentioned. This normalized net interest income is $8.4 million higher than the normalized number for second quarter of 25 and more than $22.7 million higher than third quarter of 24.

本季淨利息收入按報告為 1.334 億美元，經調整後的淨利息收入為 1.378 億美元。根據報告，這相當於淨利差為 3.09%，更重要的是，如果將前面提到的利息收入衝回進行標準化處理，則淨利差為 3.19%。經調整後的淨利息收入比 2025 年第二季的經調整後的數字高出 840 萬美元，比 2024 年第三季的高出 2,270 萬美元以上。

We are pleased with the continued margin expansion. We certainly benefited from the Fed's rate reduction in September and are expecting continued margin expansion in fourth quarter due to anticipated additional rate cuts.

我們對利潤率的持續成長感到滿意。我們確實從聯準會9月的降息中受益，並且由於預期會進一步降息，預計第四季利潤率將繼續擴大。

On the provision side, we had single-digit loan growth which equated to a reduction of about $1.8 million in provision expense versus the second quarter. We had little change in our economic and credit indicators in our [Cecil] model, and as a result, our allowance ratio held steady at 1.28%. During the quarter, we recognize, as I mentioned, $7.8 million loss on the restructuring of our bond portfolio.

在撥備方面，我們的貸款實現了個位數成長，相當於撥備支出比第二季減少了約 180 萬美元。我們的[Cecil]模型中的經濟和信貸指標幾乎沒有變化，因此，我們的撥備率穩定在1.28%。正如我之前提到的，本季我們確認了債券組合重組造成的 780 萬美元損失。

As we did in the second quarter, we strategically sold $83.4 million of bonds with a weighted average yield of 1.66% at a loss. We took advantage of the opportunistic market and reinvested the proceeds in new investment purchases, yielding an average of 6.14%. That the expected payback period on this transaction is about three years. This restructuring will position us for stronger margin performance in future quarters.

正如我們在第二季所做的那樣，我們策略性地出售了 8,340 萬美元的債券，加權平均收益率為 1.66%，結果虧損了。我們利用了市場機會，將收益再投資於新的投資項目，平均收益率為 6.14%。預計該交易的投資回收期約為三年。此次重組將使我們在未來幾季獲得更強勁的利潤率表現。

This transaction has significantly reduced our low yielding bonds, as well as our accumulated other comprehensive losses, and we do not anticipate continued restructuring of our bond portfolio.

此交易大幅減少了我們的低收益債券以及其他累積綜合損失，我們預計不會繼續重組我們的債券組合。

Excluding these bond losses, our net interest revenue increased by more than $1.6 million from the second quarter of 25 to the third quarter. This positive increase is primarily driven by our increased service charges, which were implemented on July 1, and on stronger mortgage production. We continue to focus on non-interest income growth, especially through our credit cards, merchant services, and treasury management products.

剔除這些債券損失後，我們的淨利息收入從 2025 年第二季到第三季增加了超過 160 萬美元。這一積極成長主要得益於我們於 7 月 1 日實施的提高服務費以及更強勁的抵押貸款業務。我們將繼續專注於非利息收入的成長，特別是透過我們的信用卡、商家服務和資金管理產品。

As our revenue is growing, we are managing our non-interest expense, which resulted in an improved efficiency ratio. Our best-in-class efficiency improved from 36.90% in third quarter of 24 to 35.22% in the third quarter of 25. Our adjusted efficiency ratio for this quarter is 33.31%, which is dramatically improved from the same quarter last year.

隨著收入的成長，我們控制了非利息支出，從而提高了效率比率。我們的一流效率從 2024 年第三季的 36.90% 提高到 2025 年第三季的 35.22%。本季調整後效率比率為 33.31%，較去年同期大幅提升。

During this quarter, our non-interest expense was up versus second quarter of 25 due primarily to the right sizing of our incentive accrual in the second quarter.

本季度，我們的非利息支出較第二季度的 25 有所增加，這主要是由於我們在第二季度調整了激勵性應計金額。

Versus the same quarter last year, we experienced an increase in non expense of about $2.4 million which is more than outsized by the $12.6 million increase in revenue. My goal remains to constrain non-interest expense growth to a fraction of our revenue growth. We remain focused on expense control and continue to seek opportunities to reduce our operating cost.

與去年同期相比，我們的非支出增加了約 240 萬美元，但這與收入增加 1,260 萬美元相比，增幅遠遠不夠。我的目標仍然是將非利息支出成長控制在收入成長的一小部分之內。我們將繼續專注於控製成本，並不斷尋求降低營運成本的機會。

So all in the third quarter of 25, our pre-tax net income was up about $2.2 million compared to the second quarter of 25 and up over $6.4 million versus third quarter of 24. We remain focused on organic loan and deposit growth, priced both competitively and profitably, and we are concentrated on continuing the expansion of our margin.

因此，2025 年第三季度，我們的稅前淨收入比 2025 年第二季增加了約 220 萬美元，比 2024 年第三季增加了超過 640 萬美元。我們將繼續專注於有機貸款和存款成長，定價既要具有競爭力又要獲利，並且我們將致力於繼續擴大我們的利潤率。

As I previously mentioned, we also invested in a solar tax project which essentially lowered our effective average tax rate for the year to 18.9%. The solar investment was our first, and we will continue to evaluate other tax improvement opportunities as they arise. This concludes my remarks, and I will now turn it back over to Tom for additional comments.

正如我之前提到的，我們還投資了一個太陽能稅收項目，該項目實際上將我們當年的有效平均稅率降低至 18.9%。太陽能投資是我們的第一筆投資，我們將繼續評估其他可能出現的稅收優惠機會。我的發言到此結束，現在我將把發言權交還給湯姆，請他補充評論。

Thank you, David.

謝謝你，大衛。

Last thing I'd like to cover is there's been recent.

最後我想提一下的是，最近發生了一些事。

Attention in the media in recent days on the increase of fraud in a few regional banks. Much of this is related to a category of, lending called NDFI, which stands for Non-Depository Financial Institutional lending.

近日媒體關注到幾家地區性銀行的詐欺案件增加。這其中許多都與一種名為 NDFI 的貸款類別有關，NDFI 代表非存款金融機構貸款。

We have avoided any significant exposure in most of the categories that fall within the NDFI category for one main reason, and that's because fraud is more common in NDFI loans and it's hard to foolproof your process.

我們之所以在大多數屬於非金融機構類別的領域避免了重大風險敞口，主要原因在於非金融機構貸款中詐欺更為常見，而且很難做到萬無一失。

Warehouse lending, ABL lending, and floor plans historically had a greater instance of fraud than any other types of loans, to cover our total NDFI exposure is $71 million or less than 1% of our loan portfolio. I think everybody knows that our correspondent division does business with our with community correspondent banks and most of our exposure is to holding company lines of credit to community banks holding company, so that we certainly are comfortable with our exposure in this category, I would differentiate a fraud issue from a credit issue, it's not that the credit deteriorated where there's fraud, is just a fraud and it typically, it's fairly common. You see it all the time.

從歷史上看，倉儲貸款、資產抵押貸款和庫存融資的詐欺事件比任何其他類型的貸款都要多，因此，我們非金融機構的總風險敞口為 7,100 萬美元，不到我們貸款組合的 1%。我認為大家都知道，我們的代理銀行部門與社區代理銀行開展業務，我們的大部分風險敞口都來自社區銀行控股公司的信貸額度，因此我們對這方面的風險敞口完全感到放心。我想區分一下詐欺問題和信用問題，詐欺並不會造成信用惡化，它只是詐欺行為，而且通常來說，這種情況相當普遍。你常常能看到這種情況。

It continues in some sort of a Ponzi scheme type situation until they are found out by their lender and they have to come clean on it so we avoid, most of these categories like this we avoid we share national credits we try to lend to bars we think we know well owner manage companies and real estate developers are the best examples we. As lenders we all make mistakes from time to time, but we, because we have a record of lending to people we know, our loan losses have been much lower,and our credit quality has been much better at ServisFirst Bank. So that, we consider ourselves a community bank. We have 11 community banks plus our correspondent division, so we're proud of what we have built here over the last 20 years and certainly stood the test of time, and we'll continue to do so. This will conclude our prepared remarks and now I'll turn over the operator for questions.

這種騙局會一直持續下去，直到被貸款人發現並不得不坦白為止。因此，我們避免投資這類項目，我們分享國家信貸，嘗試向酒吧放款。我們認為我們很了解的業主管理公司和房地產開發商就是最好的例子。作為貸款機構，我們都會不時犯錯，但是，由於我們有向熟人放貸的記錄，ServisFirst 銀行的貸款損失要低得多，信用質量也好得多。因此，我們把自己視為社區銀行。我們有 11 家社區銀行以及我們的代理部門，所以我們為過去 20 年在這裡取得的成就感到自豪，這些成就經受住了時間的考驗，我們將繼續這樣做。我們的發言到此結束，現在我將把發言權交給接線員，回答大家的問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

One moment please, while we pull for questions.

請稍等片刻，我們正在徵集問題。

Steve Moss, Raymond James.

史蒂夫·莫斯，雷蒙德·詹姆斯。

Good afternoon, guys Hey Tom, maybe just starting with the non-performer here, just curious, what was the dynamic, if you can give us any color that pushed the borrower over to non-performing status, and also what's the loan to value on the loans?

下午好，各位。嘿，湯姆，或許我們可以先從這筆不良貸款說起。我很好奇，是什麼情況導致借款人淪為不良貸款？能透露一些細節嗎？另外，這些貸款的貸款成數是多少？

Well, we, it is as Jim said, we took additional substantial additional collateral, during the quarter and substantially he offered it and we, because he was expecting a large payment before quarter end that did not come in so we were left no choice other than to.

正如吉姆所說，我們在本季度獲得了額外的、大量的抵押品，而且他基本上也提供了這些抵押品，因為他原本預期在季度末之前會收到一大筆款項，但並沒有收到，所以我們別無選擇，只能這樣做。

Move it to non accrual and we'll start, we'll I like to think we will turn it to cruel status over the next six months, as he's selling these properties and many others, so it's workforce housing redeveloper, long-term customer we have confidence and he and, this borrower, so we feel good about our exposure. We don't have any, it's a good loan it obviously it's not a good loan in terms of he's not current at the current time we feel comfortable where we are.

將其轉為非應計狀態，我們就可以開始了。我希望在接下來的六個月裡，我們能將其轉為殘酷狀態，因為他正在出售這些房產和許多其他房產，所以他是勞動力住房再開發商，是長期客戶，我們有信心，他和這位借款人，所以我們對我們的風險敞口感到滿意。我們沒有，這是一筆不錯的貸款，但顯然就他目前的情況而言，這不是一筆好貸款，我們覺得我們現在的情況很滿意。

Okay.

好的。

Yeah, and just in terms of just thinking like when you guys just, I hear you on the additional collateral kind of like just may be just a little comfort in terms of like what's the loans to cost or you know just kind of how you're thinking about how secure you are. I hear you're going to start to come back to accrual status just kind of you could size it up a little bit.

是的，就你們的想法而言，我明白你們的意思，額外的抵押品或許能帶來一些安慰，比如貸款成本是多少，或者你們是如何考慮自身安全性的。我聽說你即將恢復累積狀態，你可以稍微評估一下。

So we think through the forbearance process and all the actions that we were able to execute toward the end of the quarter, we did think there was possibly a little bit of a collateral shortfall and we were able to work with the borrower to obtain additional collateral across several different fronts, and we think we've showed that up. So our loan to value, while certainly elevated. We don't, we certainly think that it's, below one to one at this point and we've got adequate security to cover the loans for sure right now.

因此，我們仔細考慮了寬限期流程以及我們在季度末能夠執行的所有行動，我們確實認為可能存在一些抵押品短缺，我們能夠與借款人合作，在多個不同方面獲得額外的抵押品，我們認為我們已經證明了這一點。因此，我們的貸款價值比雖然確實偏高。我們不這麼認為，我們當然認為目前的比例低於 1:1，而且我們有足夠的抵押物來確保現在就能償還貸款。

Okay, got you, appreciate that.

好的，明白了，謝謝。

And then in terms of just kind of on the margin front, I hear you guys about the amount of the reversal of accrued interest. Just curious, probably getting a Fed that next week, underlying margin was 3.19%, just kind of curious as on the cadence of margin, are you guys still thinking. Something close to high single-digits to 10 best given rate cuts, and also just curious on loan yields where loan pricing is these days.

至於保證金方面，我明白你們所說的應計利息衝回金額的問題。只是好奇，下周可能要出聯準會的票了，基本保證金是 3.19%，只是有點好奇保證金的節奏，你們還在考慮嗎？考慮到降息，最佳收益率可能接近個位數到 10%，另外，我也很好奇目前的貸款定價和貸款收益率。

Yeah, so Steve, this is David. Yes, we, we're still confident with, I call it 7 basis points to 10 basis points improvement in margin each quarter as we've been seeing, for reference, our, I don't want to call it adjusted, but our normalized spot rate for September was 3.28%, right, for the month, excluding that interest accrual reversal. So we're in good shape on margin. The Fed cut happened September 17, so we only experienced about two weeks of benefit from that. So we'll see that throughout the fourth quarter as well as we anticipate additional cuts in the October and December meetings the Fed's going to have.

是的，史蒂夫，這位是大衛。是的，我們仍然有信心，每個季度利潤率將提高 7 到 10 個基點，正如我們所看到的，作為參考，我們的，我不想稱之為調整後的，但我們 9 月份的正常即期匯率為 3.28%，沒錯，當月匯率不包括利息計提沖銷。所以我們的利潤率狀況良好。聯準會降息發生在9月17日，所以我們只從中受益了大約兩週。因此，我們將在整個第四季度看到這種情況，同時我們也預計聯準會將在 10 月和 12 月的會議上進一步降息。

So, we're going to continue to see improvement in margin. As far as loan yields, the going on rate dropped a bit last quarter we're at 7.07%, this quarter we're at 6.87% for loans going on. But we're continuing to manage through the process. We continue to have, healthy repricings and cash flows. We're still sitting at about $1.7 billion in the next 12 months in cash flows, and then, on top of that, as Tom alluded to, in earlier conference calls, we have another roughly $300 million a year in covenant busts that get repriced and so we're sitting at about $2 billion worth of opportunity. Of repricing on loans. So, we feel really good about the margin expansion, and we think that's going to continue, at least for the foreseeable future as long as there's nothing drastic done by the Fed.

因此，我們將繼續看到利潤率的提升。就貸款收益率而言，上季貸款利率略有下降，為 7.07%，本季為 6.87%。但我們正在繼續應對這一過程。我們持續保持健康的重新定價和現金流。未來 12 個月，我們的現金流仍約為 17 億美元。此外，正如湯姆在先前的電話會議中提到的，我們每年還有大約 3 億美元的違約收益需要重新定價，因此我們擁有大約 20 億美元的機會。貸款重新定價。所以，我們對利潤率擴張感到非常滿意，我們認為這種情況至少在可預見的未來會繼續下去，只要聯準會不採取任何激烈的措施。

Got you. And just in terms of the cash flow for the next 12 months, it's still in the high fours in terms of fixed rate loans, cash flow?

抓到你了。就未來 12 個月的現金流而言，固定利率貸款的現金流量仍維持在 4% 以上？

Yes, it's still in the high fours $4.87 was the number for second quarter. We don't have an updated number from our external, ALM consultant yet for the third quarter. So, but we can get that to you, but still in the high fours of course. Okay.

是的，它仍然在4美元以上，第二季的數字是4.87美元。我們還沒有從外部資產負債管理顧問那裡得到第三季的最新數據。所以，我們可以把東西送到你那裡，當然，價格還是會維持在四位數以上。好的。

And Tom, in terms of the loan pipeline here picking up, just curious where are you seeing, the growth and kind of the where you're seeing the demand for loans these days?

湯姆，就目前的貸款業務成長而言，我很好奇你認為成長點在哪裡，以及你現在看到的貸款需求情況如何？

I can't give you a good answer, Steve. It's all over the Board. I, we obviously would like to see more C&I then, it's been more, commercial real estate oriented, but our AD and C is the lowest it's been in and years and years, the CRE is below 300% of capital, so it's, by region, it's hit or miss is here, there in yonder. I mean, Atlanta's been really strong, and we've had pockets of places that some of our markets are doing quite well. Some of our near markets obviously.

史蒂夫，我沒辦法給你一個滿意的答案。情況五花八門。當然，我們希望看到更多的工商業投資，因為目前更多是商業地產投資，但我們的工業發展水平已經降至多年來的最低點，商業地產投資低於資本的 300%，所以，就地區而言，情況時好時壞，有的地方好，有的地方壞。我的意思是，亞特蘭大一直表現非常強勁，而且我們一些地區的市場也發展得相當不錯。當然，我們的一些鄰近市場也包括在內。

You would think they would do well, right? And they are, the newer markets are, Memphis and Auburn and Piedmont region have had good loan growth this year, and that's, you would expect that, and they are doing that. So, I mean, I'd still say loan demand is okay. I saw a banker Saturday, and he said, I said, how's loan demand? He said, okay. I said, Yeah, I know it's okay, it's not great. So, we need a few more rate cuts to hopefully help out. Loan demand overall.

你一定會覺得他們會做得很好，對吧？確實如此，孟菲斯、奧本和皮埃蒙特地區等新興市場今年的貸款成長良好，這是意料之中的，而且他們也確實做到了。所以，我的意思是，我仍然認為貸款需求還可以。我星期六見到了一位銀行家，他說，我說，貸款需求怎麼樣？他說，好的。我說，是啊，我知道還可以，但不算好。所以，我們需要再降幾次價，希望能有所幫助。整體貸款需求。

Oh Got you.

哦，抓到你了。

All right. Well, that's a good call on everything here. I'll step back in cure.

好的。嗯，這方面的判斷都很正確。我將退居幕後進行治療。

Thank you very much, guys.

非常感謝各位。

Thank you, Steve.

謝謝你，史蒂夫。

Dave Bishop, Hovde Group.

Dave Bishop，Hovde集團。

Thank you, hey, good evening, gentlemen.

謝謝，嘿，晚上好，先生們。

Hey, I'm curious, hey, Tom, on the, expense side, Tom and Dave came in a little bit, I think above expectations. Sound like there was some cheering up on the incentive accruals. Is that correct? May be you can sort of ring fence that amount, may be expectations where you see that compensation, salaries and benefits maybe settling into the final quarter of the year.

嘿，我很好奇，嘿，湯姆，在費用方面，湯姆和戴夫的支出似乎有點超出預期。聽起來好像有人對獎金累積情況表示樂觀。是這樣嗎？或許你可以把這筆錢劃出來，或許你可以預期這筆補償、薪資和福利會在今年最後一季到位。

Yeah, Dave, the true up really happened in second quarter. So when you compare second quarter to the third quarter, it's really second quarter that was lower, because of the true up. We did an incentive true up, it's all an incentive comp and so, it's going to depend a lot on loan production. We went back to accruing our normal incentive rate for the third quarter and so fourth quarter at this point in time, given the uptick in the pipeline, we expect fourth quarter to be very similar to third quarter from an incentive standpoint. And so, I would expect the non-interest expense to come in at the same level as well. So, roughly, $48 million. I know it's higher than expected, but I would just guide you back to our efficiency ratio. Our efficiency ratio is still best in class in the low 30s. We're not the, expense increase is, a fraction of what our revenue increase is. And as long as we continue on that trajectory, that's what I'm pleased with from the result standpoint.

是的，戴夫，真正的上升趨勢是在第二節發生的。所以，當你把第二季和第三季比較時，其實是第二季更低，因為有向上修正。我們已經進行了激勵調整，這完全是激勵性薪酬，所以很大程度上取決於貸款績效。在第三季和第四季度，我們恢復了正常的激勵率，鑑於專案儲備增加，我們預計第四季從激勵角度來看將與第三季非常相似。因此，我預計非利息支出也將維持在相同水準。所以，大約是 4800 萬美元。我知道這比預期的要高，但我只想引導你回到我們的效率比率。我們的效率比率仍然保持在同類產品中最佳水平，在 30% 左右。我們並非成本增加，成本增加僅佔收入成長的一小部分。只要我們繼續保持這種發展勢頭，從結果的角度來看，我就很滿意。

Got it. Appreciate that color. Then Tom, I think we had you on the virtual road.

知道了。欣賞這種顏色。湯姆，我想我們已經帶你踏上了虛擬之旅。

Last month or so, still sort of, fresh in the news, the opportunities from the MOE in your backyard. Any early signs of success there? Are you pretty active in terms of recruiting efforts, any commentary you can provide there in terms of may be early reads of relationship wins or banker hires?

上個月左右，新聞還挺新鮮的，教育部在你家後院提供的各種機會。有初步成功跡象嗎？您在招募方面是否相當正面？您能否就此提供一些評論，例如在建立人脈關係或招聘銀行家方面取得的初步成果？

I just, broaden it out, any, it's not only mergers that create opportunity we're looking at, obviously there are other mergers, announced are going on and we look for opportunities in many fronts and, feel good about our ability to, at least attract customers, and offer them a more stable.

我只是想把範圍擴大一些，不僅僅是併購能創造機會，我們關注的顯然還有其他併購已經宣布正在進行，我們在很多方面尋找機會，並且對我們至少能夠吸引客戶並為他們提供更穩定的服務的能力感到滿意。

Based and they see it in some cases out there in the market, so we feel confident about where we are and opportunities, again though, you've got to be out seeing people and Again, most of our opportunities come from existing customers about 80% of our new business comes from referrals from existing clients. So that is something that we emphasize in trying to do a good job of taking care of our clients, and they'll send us their friends and colleagues that they do business with and know well. So we think that's the very best thing we can do is take care of our clients and take care of their needs, and we'll get more just like them, so.

基於此，他們在某些情況下已經在市場上看到了這一點，所以我們對我們所處的位置和機會充滿信心。不過，你還是需要走出去與人交流。此外，我們的大部分機會都來自現有客戶，大約 80% 的新業務都來自現有客戶的推薦。所以，我們非常重視這一點，努力做好客戶服務，客戶也會把他們熟悉且有業務往來的朋友和同事介紹給我們。所以我們認為，我們能做的最好的事情就是照顧好我們的客戶，滿足他們的需求，這樣我們就能吸引更多像他們一樣的客戶。

Got it. And one final may be housekeeping question, but the tax rate, I know, with the solar tax credit investment bounced around a little bit, maybe a good expectation for the effective tax rate going forward. Thanks.

知道了。最後還有一個可能屬於瑣碎的問題，我知道，由於太陽能稅收抵免投資，稅率有所波動，這或許可以作為未來實際稅率的一個合理預期。謝謝。

Yeah, I think the 18.9%, Dave is going to stick for the year, at least for 2025. As Tom mentioned, this deal, that we did, it kind of opened our eyes a bit on what's available and what's out there in the market. And so we have some good contacts, we have some good relationships. And so we're going to continue to develop those opportunities and take advantage of them. And so, the goal, you saw our tax rate jumped up a little bit in the second quarter and so the goal is to keep it certainly below 20% for sure. And so, for 2026. We don't have anything that's planned right now, but we continue to have discussions with folks that have opportunities for us to take advantage of. So, I would expect it to be in the 18%, 19% for the foreseeable future.

是的，我認為戴夫所說的 18.9% 這個數字至少在 2025 年會保持不變。正如湯姆所提到的，我們達成的這筆交易，讓我們對市場上可用的產品和服務有了更清晰的認識。因此，我們有一些不錯的聯絡人，建立了一些良好的關係。因此，我們將繼續發展並利用這些機會。因此，你們也看到了，我們第二季的稅率略有上升，所以我們的目標是確保稅率一定低於 20%。所以，2026 年也是如此。我們目前還沒有任何計劃，但我們會繼續與那些能給我們機會的人進行討論，以便我們能夠利用這些機會。因此，我預計在可預見的未來，這個數字會維持在 18% 到 19% 之間。

Perfect, thanks for the color.

太好了，謝謝你提供的顏色。

You're welcome.

不客氣。

Steven Scouten with Piper Sandler.

史蒂文·斯考頓和派珀·桑德勒。

Yeah, thanks. Good afternoon, David, I want to reconcile one number real quick. I think you said may be a 3.28% margin for the month of September ex the reversal. Is that the interest reversal the main difference versus the 2.97% listed in the supplemental information?

嗯，謝謝。下午好，大衛，我想快速核對一個數字。我想你說過，9 月的利潤率可能是 3.28%，不包括反轉因素。與補充資料中列出的 2.97% 相比，主要差異是否在於利率逆轉？

Yes, that is correct. Yes, it was, it's about 31 basis points on that interest reversal.

是的，沒錯。是的，確實如此，利率逆轉幅度約為 31 個基點。

Okay great and so you would expect to kind of see that 7 basis points to 10 basis points the way you would think about it in the fourth quarter would be 7 bps to 10 bps potential roughly off of the 319 in number is that the right way to think about it?

好的，太好了。那麼，你預期第四季會比319這個數字小7個基點到10個基點，是這樣理解的對嗎？

Yes, that is correct.

是的，沒錯。

Okay, great. And then Tom, may be, kind of following up on that question around, dislocation. I like how you said that, kind of offering stability in the market and being there for your customers. Are there any kind of new markets, may be on the horizon for you guys where, that level of business, quality and stability you don't see being offered today that you'd be interested in whether that's opened up by M&A or otherwise?

好的，太好了。然後湯姆可能在繼續追問關於脫臼的問題。我喜歡你的說法，這反映了在市場上提供穩定性並為客戶提供服務的重要性。你們是否關注未來可能出現的新興市場，這些市場能夠提供目前市場上尚未出現的那種業務水平、品質和穩定性，而你們對此感興趣，無論這些市場是透過併購還是其他方式開拓的？

Yeah, I think, certainly we've always had an interest in finding the right people in Texas, and that's something we're very interested in is, it's not easy. Texas is not an easy, I'm not suggesting it's an easy market. I'm suggesting that there are, if you have the right group of people with a bank base like ours, I think it could be a really good place to do business, and I think we could. Texas is a very Texas centric place.

是的，我認為，我們一直都對在德州找到合適的人才很感興趣，而這正是我們非常關注的事情，但這並不容易。德州的市場並不簡單，我並不是說它是一個容易的市場。我的意思是，如果你擁有像我們這樣擁有銀行基礎的合適團隊，我認為這裡會是一個非常好的經商之地，而且我認為我們也能做到。德克薩斯州是一個非常以德州為中心的地方。

You can't send people there, they Texas people like to do business with Texans and not people from Alabama or New York or anywhere else, so I get that and I'm aware of it. So that's something we, are certainly keenly interested in that market and not to change the subject but doubling back on what.

你不能派人去那裡，德州人喜歡和德州人做生意，而不是和阿拉巴馬州、紐約州或其他任何地方的人做生意，所以我理解這一點，我也知道這一點。所以，我們當然對那個市場非常感興趣，雖然不想離題，但讓我們回到之前討論的內容。

David, to my interest rates as the Fed cuts rate, that rates, that is our opportunity to say, okay, we need to try to manage down our deposit costs, at least more than the Fed cut. So if the Fed cuts 25, our goal is to manage down more than that 25 bit. So I think that's a, it's an opportunity. It's what when we see, the Fed cutting rates, that's our opportunity, Steven. And I Wouldn't avoid any further questions.

戴維，就我而言，隨著聯準會降息，利率，這就是我們的機會，我們可以說，好吧，我們需要努力降低存款成本，至少比聯準會降息的幅度更大。所以如果聯準會降息 25%，我們的目標是讓降息幅度超過 25%。所以我認為這是一個機會。史蒂文，當我們看到聯準會降息時，那就是我們的機會。我不會迴避任何其他問題。

Oh yeah, that makes sense.

哦，對，這說得通。

No, I appreciate that. That's a good reminder. And along with that, kind of may be bouncing back to the NIM a little bit, I guess, is when was that security sale completed this quarter? and is there any sort of incremental benefit to the run rate of security yields in the NIM in the fourth quarter from that trade?

不，我很感激。這是一個很好的提醒。同時，淨利差可能會略有回升，我想，這筆證券交易是在本季完成的嗎？這項交易是否會對第四季淨利差證券收益率的運作率帶來任何增量收益？

Yeah, the security sale was done in late in third quarter, may be the third week of September, and so you're not going to see much more benefit at all in third quarter as a result of that. You'll see the full benefit of it in the fourth quarter, and I don't have a number off the top of my head exactly what that is, but it's going to be, 500 basis points, 450 basis points on $80 million so or -- I'm sorry, $70 million, yes.

是的，證券出售是在第三季末完成的，可能是在九月的第三週，所以你不會因此在第三季度看到更多收益。第四季您將看到它的全部好處，我一時想不出具體數字，但應該是 500 個基點，450 個基點，金額為 8000 萬美元，或者——抱歉，是 7000 萬美元，是的。

Do that math for sure. Good, that's great.

一定要算清楚。好，太好了。

Okay, I think that's all I had guys. Great. I appreciate all the time.

好了，我想這就是我要說的全部了。偉大的。我非常感激大家抽出時間。

Thank you, Steven.

謝謝你，史蒂文。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。