Simmons First National Corp (SFNC) 2024 Q3 法說會逐字稿

Hello and welcome to the Simmons First National Corporation third quarter, 2024 earnings conference call and webcast.

您好，歡迎來到西蒙斯第一國民公司 2024 年第三季財報電話會議和網路廣播。

All participants will be in listen-only mode.

所有參與者將處於僅聽模式。

Should you need assistance?

您需要協助嗎？

Please signal a conference specialist by pressing the star key followed by zero.

請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question.

今天的演講結束後，將有機會提問。

You may press star then one on your telephone keypad.

您可以按下電話鍵盤上的星號，然後按一個。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to hand the call to Ed Bilek, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Ed Bilek。

Ed.

埃德。

Please go ahead.

請繼續。

Good morning and welcome to Simmons First National Corporation's third quarter, 2024 earnings call.

早安，歡迎參加西蒙斯第一國民公司 2024 年第三季財報電話會議。

Joining me today are several members of our executive management team including our executive Chairman George Makris, CEO Bob Feldman, President Jay Brogden and CFO Daniel Hobbs.

今天加入我的還有我們執行管理團隊的幾位成員，包括執行主席 George Makris、執行長 Bob Feldman、總裁 Jay Brogden 和財務長 Daniel Hobbs。

Today's call will be in a Q&A format before we begin.

今天的電話會議在開始之前將以問答形式進行。

I would like to remind you that our third quarter earnings materials including the earnings release and presentation deck are available on our website at Simmonsbank dotcom under the investor relations tab.

我想提醒您，我們的第三季收益資料（包括收益發布和簡報）可在 Simmonsbank dotcom 網站的「投資者關係」標籤下找到。

During today's call, we will make forward-looking statements about our future plans, goals, expectations, estimates, projections and outlook including among others, our outlook regarding future economic conditions, interest rates, lending and deposit activity, credit quality liquidity and then interest margin.

在今天的電話會議中，我們將就我們的未來計劃、目標、期望、估計、預測和前景做出前瞻性陳述，其中包括我們對未來經濟狀況、利率、貸款和存款活動、信貸品質流動性以及利息的展望利潤。

These statements involve risk and uncertainties and you should therefore not place undue reliance on any forward-looking statement as actual results could differ materially from those expressed in or implied by the forward-looking statements due to a variety of factors.

這些陳述涉及風險和不確定性，因此您不應過度依賴任何前瞻性陳述，因為由於多種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

Additional information concerning some of these factors is contained in our earnings release and investor presentation furnished with our form eight K today and our form 10 K for the year ended December 31st 2023 including the risk factors contained in that form 10-K.

有關其中一些因素的更多資​​訊包含在我們今天提供的8 K 表格和截至2023 年12 月31 日的10 K 表格中的收益發布和投資者簡報中，包括10-K 表格中包含的風險因素。

These forward-looking statements speak only as the date they are made and simmons assumes no obligation to update or revise any forward-looking statements or other information.

這些前瞻性陳述僅以發布當日為準，西蒙斯不承擔更新或修改任何前瞻性陳述或其他資訊的義務。

Finally, in this presentation, we will discuss certain non GAAP financial metrics, we believe provide useful information to investors.

最後，在本次演示中，我們將討論某些非公認會計準則財務指標，我們相信可以為投資者提供有用的信息。

Additional disclosures regarding non GAAP metrics including the reconciliations of these non GAAP metrics to GAAP are contained in our earnings release and investor presentation which are included as exhibits to the form eight K.

其他有關非 GAAP 指標的揭露（包括這些非 GAAP 指標與 GAAP 的調整）包含在我們的收益發布和投資者簡報中，這些資訊作為 8 K 表格的附件包含在內。

We filed this morning with the SEC and are also available on the investor relations page of our website Simmonsbank dotcom operator.

我們今天早上向美國證券交易委員會 (SEC) 提交了文件，也可以在我們網站 Simmonsbank dotcom 運營商的投資者關係頁面上找到。

We are ready to begin the Q&A session.

我們準備開始問答環節。

Thank you very much.

非常感謝。

We will now begin our question and answer session to ask a question.

我們現在將開始問答環節來提出問題。

You may press star and one on your telephone keypad.

您可以按下電話鍵盤上的星號和一。

If you are using a speakerphone.

如果您使用揚聲器。

Please pick up your handset before pressing the keys to withdraw your question.

請先拿起聽筒，然後再按按鍵撤回您的問題。

Please press star two.

請按星號二。

We will pause momentarily to assemble our roster.

我們將暫停片刻以集合我們的名單。

Today's first question comes from Woody Lay with KBW.

今天的第一個問題來自 KBW 的 Woody Lay。

Please go ahead.

請繼續。

Hey, good morning guys.

嘿，早上好，夥計們。

What is the morning?

早上是什麼時候？

So it was great to see the opportunistic bond sale in the quarter.

因此，很高興看到本季的機會主義債券發行。

Could you just give us some detail on the thought process of the transaction and, and how you landed on the sizing of the sale?

您能否向我們詳細介紹交易的思考過程以及您是如何決定銷售規模的？

Yeah, I'll jump in with some remarks there.

是的，我會在那裡發表一些評論。

Woody, this is Jay, I'm sure some others may have some remarks on our side as well.

胡迪，我是傑伊，我相信其他人也可能有一些與我們站在一起的言論。

But, you know, really what I'd start with is this has just been kind of consistently our thought process around it is, you know, very patient with the bond portfolio, evaluating opportunities when the market, you know, affords those to us.

但是，你知道，我真正要開始的是，這一直是我們圍繞它的思維過程，你知道，對債券投資組合非常有耐心，當市場為我們提供這些機會時評估機會。

We have not and we've said before, we'll, we'll reiterate it again.

我們沒有，我們之前已經說過，我們會，我們會再重申一次。

You know, at least at this point in time, we have not, sort of wanted to do a bond overhaul or, you know, kind of rip the band aid off approach on the bond portfolio.

你知道，至少在這個時候，我們還沒有想要進行債券改革，或者，你知道，取消債券投資組合的創可貼方法。

We think patience is a better virtue here.

我們認為耐心在這裡是一種更好的美德。

We balance, you know, earnings and capital here and, and are thoughtful and, and try to be disciplined around the earn back.

你知道，我們在這裡平衡收益和資本，而且是深思熟慮的，並且努力在盈利回報方面遵守紀律。

So all of those things kind of come in to factor into the equation thinking about sizing timing, et cetera.

因此，所有這些因素都會納入考慮調整時間等因素的因素中。

Obviously, rates came our direction in the, in the quarter, '10 year in particular moved quite a bit during the quarter.

顯然，利率在本季是我們的方向，特別是在本季度，10 年發生了相當大的變化。

And so we were in a position to take advantage of that.

所以我們能夠利用這一點。

What do you and others have probably heard us say before, we're very scenario rich when it comes to.

您和其他人以前可能聽過我們說過什麼，我們的場景非常豐富。

You know, the way we look at the bond portfolio and all the analysis that we do and we, and we saw the market come right into a number of the scenarios that we've looked at and feel like the transaction we put forward really is one that offers good economic returns in and of itself.

你知道，我們看待債券投資組合的方式以及我們所做的所有分析，我們看到市場直接進入了我們已經研究過的許多場景，並且感覺我們提出的交易確實是其本身能夠帶來良好的經濟回報。

You know, balancing the, the size of the loss and the pro forma earnings implications.

你知道，平衡損失的規模和預估收益的影響。

And so all of those stars kind of aligned and that's, that's how we put forward the transaction in the quarter.

因此，所有這些明星都一致，這就是我們在本季提出交易的方式。

Got it that, that's helpful color.

明白了，這是有用的顏色。

May maybe shifting over to deposits and deposit pricing in the quarter.

本季可能會轉向存款和存款定價。

Obviously, we've got the, the 50 basis point cut towards the end of the quarter.

顯然，我們在本季末降息了 50 個基點。

Could you just give some color on deposit pricing trends sort of from a, from a pre and a post cut perspective?

您能否從削減前和削減後的角度對存款定價趨勢進行一些說明？

Yeah.

是的。

Hey, hey, Woody, this is Daniel.

嘿，嘿，伍迪，這是丹尼爾。

So you'll note in the, in the IP that we talked about our deposit costs peaking in June at about you know, I I would tell you it peaked at 281 for the second quarter.

所以你會注意到，在 IP 中，我們談到了我們的存款成本在 6 月達到峰值，大約是你知道的，我會告訴你第二季的峰值為 281。

We were at 279.

我們當時是279。

So our, our top point was 281.

所以我們的最高點是 281。

We were at 281 for June, July and August.

6 月、7 月和 8 月我們的排名是 281。

And then we had the rate cut happened.

然後我們就降息了。

We got 50 basis points.

我們得到了 50 個基點。

And so as you think about that impact of deposit cost for the for for the month of September that brought our total for September down to 275.

因此，當您考慮 9 月存款成本的影響時，我們 9 月的存款總額降至 275。

We were already trending down.

我們已經呈現下降趨勢。

I'll tell you because we, you know, you've heard us talk about some of the management decisions that we've been doing some of the testing that we've been doing.

我會告訴你，因為我們，你知道，你已經聽到我們談論我們一直在做的一些測試的一些管理決策。

We've actually doubled down on a few of those tests include more markets, specifically around the money market tests that we were doing.

實際上，我們已經加倍進行了其中一些測試，包括更多市場，特別是圍繞我們正在進行的貨幣市場測試。

Those have performed really well.

這些都表現得非常好。

So we've been forward leading going into the rate cut.

因此，我們一直在引領降息。

On money market C DS, we've changed our standard pricing, we've changed our promo pricing, we brought those down.

在貨幣市場 C DS 上，我們改變了標準定價，改變了促銷定價，我們降低了這些定價。

And then the other part was brokered deposit cost was trending down ahead of the rate move.

另一部分是經紀存款成本在利率變動之前呈現下降趨勢。

So if you think about just the rate move itself, that was about, I call it 2 to 3 basis points of impact for the quarter for, for, for that third quarter.

因此，如果你只考慮利率變動本身，我稱之為對第三季影響 2 到 3 個基點。

So we were already, like I said, we were already moving down the path of, of rates coming down from that 281 peak, but the rate that helped us get there a little bit faster,

所以，就像我說的，我們已經沿著利率從 281 高峰下降的道路前進，但利率幫助我們更快到達那裡，

Got it.

知道了。

And then just lastly, I mean, looking at the, the CD maturity schedule you provide, you've got a pretty large tranche here in the fourth quarter.

最後，我的意思是，看看您提供的 CD 到期時間表，您在第四季度有相當大的一部分。

Could you just give us an idea on, on sort of the incremental re pricing there?

您能否給我們一些關於增量重新定價的想法？

And, and do you expect those C DS to remain sort of short duration or, or do you expect the terms to sort of be increased a little bit?

而且，您是否預計這些 CDS 的期限會保持較短，或者您是否預計條款會稍微增加一點？

Yeah.

是的。

So, you know, if you, if you, if you go back and look at the last 90 days, our C DS are maturing at a rate of about 440 are going on today.

所以，你知道，如果你，如果你，如果你回顧過去 90 天，我們的 CDS 正在以大約 440 的速度成熟，今天還在繼續。

All in is in that rate of about 397 close, close to four.

All in 的比值約為 397 接近，接近 4。

So a pretty good tell in there in terms of your question on duration.

因此，就您關於持續時間的問題而言，這裡有一個很好的說明。

Yeah, I mean, we're pretty short in that right now and we would expect to keep that in the near term, relatively short.

是的，我的意思是，我們現在在這方面非常短缺，我們預計在短期內保持相對較短的狀態。

The only thing I'd add on top of that woody is just, you know, yet yet to be seen, we can all, you know, maybe speculate but yet to be seen what the competitive environment is going to be around deposits, whether we're talking about, you know, CD promo rates, et cetera.

除了木質之外，我唯一要補充的是，你知道，但還有待觀察，我們都可以，你知道，也許推測，但還有待觀察圍繞存款的競爭環境將如何，是否我們談論的是CD 促銷率等等。

I think one of Daniel's earlier points is a, is an important one.

我認為丹尼爾早期的觀點之一是，非常重要。

You know, we leaned a little harder into brokered C DS, especially kind of late in the quarter simply because, you know, a number of competitors.

你知道，我們更傾向於經紀 CDS，尤其是在本季末，只是因為，你知道，有很多競爭對手。

We're keeping rates, you know, above broker rates and, and we just weren't willing to do that for kind of hotter money in the balance sheet, when we had better opportunities in the brokered area.

你知道，我們將利率保持在高於經紀商利率的水平，而且當我們在經紀領域有更好的機會時，我們只是不願意為了資產負債表上的熱錢而這樣做。

And so I think the one, the one caveat will just be, what is the competitive environment look like for for deposits overall?

因此，我認為唯一需要注意的是，整體存款的競爭環境是什麼樣的呢？

Yeah.

是的。

All right.

好的。

That's all for me.

這就是我的全部。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Thanks, Woody.

謝謝，伍迪。

Thank you.

謝謝。

The next question comes from David Feaster with Raymond James.

下一個問題來自大衛·費斯特和雷蒙德·詹姆斯。

Please go ahead.

請繼續。

Hey, good morning, everybody.

嘿，大家早安。

Maybe just kind of following up on, on that line of questioning and just, you know, look, you guys have been very active both on managing assets and liabilities, right?

也許只是跟進這一問題，你知道，看，你們在管理資產和負債方面都非常積極，對嗎？

You got the restructuring, you talked about utilizing brokered funding instead of borrowings.

你進行了重組，你談到了利用經紀資金而不是藉款。

You know, I know you're not looking for a rip the band aid off transaction, but do you expect maybe more opportunistic and smaller repositionings, especially as loan growth comes.

你知道，我知道你並不是在尋求一筆創可貼式的交易，但你是否期望更多的機會主義和更小的重新定位，特別是隨著貸款成長的到來。

And then on the other side of the coin, is there any other opportunities to optimize the funding base?

另一方面，是否有其他機會來優化融資基礎？

You know, especially with FHLB advances maturing here soon.

你知道，尤其是 FHLB 的進步很快就會在這裡成熟。

Yeah, I'll take a shot at that, at least out of the gate here.

是的，我會嘗試一下，至少從這裡開始。

I I think that the answer on the bond portfolio side is we're going to continue to be opportunistic and, you know, we, that that's not the, you know, I don't want to get out over our skis.

我認為債券投資組合方面的答案是，我們將繼續保持機會主義，而且，你知道，我們，這不是，你知道，我不想擺脫我們的滑雪板。

The opportunity is one we don't really control all we control is preparation and preparedness and we were very prepared.

機會是我們無法真正控制的，我們所能控制的只是準備和準備，而且我們已經做好了充分的準備。

We saw the '10 year come down to, you know, 380 range.

我們看到 10 年的範圍下降到 380。

It hadn't been there in a while and it shot right back above there soon after we did the transaction.

它已經有一段時間沒有出現了，在我們完成交易後不久它就又回到了那裡。

And so we, we stepped into the market and we're prepared to do so in the quarter and, and we will continue to be opportunistic.

因此，我們進入市場，我們準備在本季度這樣做，並且我們將繼續機會主義。

If and when the market gives us opportunities to do so for any bonds that we're evaluating to, to trade out of.

如果市場給我們機會，我們可以對我們正在評估的任何債券進行交易。

And, and David in my mind, that's really the key driver.

而且，在我看來，大衛，這確實是關鍵驅動因素。

I mean, we are overall in the balance sheet.

我的意思是，我們總體上在資產負債表上。

We continue to focus on, you know, relationships from both the deposit and the loan side to your point.

你知道，我們繼續關注從存款和貸款雙方到你的觀點的關係。

We're looking at both sides of the balance sheet.

我們正在關注資產負債表的兩面。

But when I, when I think about kind of brokered funding or, or wholesale funding in general, you know, I think our, our ability to, to optimize those aspects of our liabilities is going to be really is really hinge upon, you know, duration and ability to pull forward duration in the bond portfolio.

但是，當我考慮某種經紀融資或一般批發融資時，我認為我們優化負債這些方面的能力將真正取決於，你知道、久期以及延長債券投資組合久期的能力。

And then of course, the ability to you know, continue to grow for customer accounts,

當然，你知道，客戶帳戶繼續增長的能力，

You know, David one thing I'd like to point out also on the security trade.

你知道，大衛，我還想在安全貿易方面指出一件事。

You know, one of our parameters, many parameters that we look at is, you know, what is our current period earnings?

你知道，我們的參數之一，我們關注的許多參數是，你知道，我們目前的利潤是多少？

You know, what are we going to do?

你知道，我們要做什麼？

Our balance sheet is remain relatively flat as we're remit, see the balance sheet.

我們的資產負債表在我們的職權範圍內保持相對平穩，請參閱資產負債表。

And one of our parameters is to really what earnings do we have in the quarter after dividends to utilize for a bond sale.

我們的參數之一是我們在股息後的季度中實際有多少收益可用於債券銷售。

So that's one of the many factors we look at and that's our choice of use of the capital today to optimize the balance sheet.

這是我們考慮的眾多因素之一，也是我們今天選擇使用資本來優化資產負債表的選擇。

And I I might add one more thing to that discussion is, you know, the, the long end of the curve is going to drive the loss and then the short end of the curve is going to drive you know, the the reducing of the wholesale funding.

我可能會在討論中添加一件事，你知道，曲線的長端將推動損失，然後曲線的短端將推動批發的減少資金。

So, with short end coming down, that's going to make it a little bit more challenging that we move forward and that earn back calculus.

因此，隨著空頭的下降，這將使我們前進並贏回微積分變得更具挑戰性。

So that's something that, you know, we we think about every day.

所以，你知道，這是我們每天都在思考的事情。

Yeah, that's a good point.

是的，這是一個好點。

And then maybe just kind of putting it all together, like just thinking about the margin side.

然後也許只是把它們放在一起，就像只考慮利潤方面。

I mean, you screen moderately liability sensitive but curious maybe how do you think about the trajectory of the margin as we look forward?

我的意思是，您篩選了適度的責任敏感度，但也許您好奇，您如何看待我們未來的利潤率軌跡？

Obviously, we got the 50 basis point cut at the last meeting.

顯然，我們在上次會議上降息了 50 個基點。

But if I look at the forward curve.

但如果我看一下遠期曲線。

I'm just curious how you think about the margin trajectory.

我只是好奇你如何看待利潤軌跡。

You know, you got the lag impact on repricing some deposits, but you do have some in, in index deposits as well.

您知道，對某些存款重新定價會產生滯後影響，但指數存款中也確實有一些影響。

I'm just kind of curious how do you think about the margin trajectory as, as we look forward?

我只是有點好奇，您如何看待我們未來的利潤軌跡？

Let me, let me take a shot at that.

讓我，讓我嘗試一下。

David.

大衛.

So I think, let's, let's start with immediate term.

所以我認為，讓我們從近期開始。

You know, I think even just looking to Q4, you know, I think when, when I'm, when I'm looking at numbers, I think something even close to where we were in Q3 is probably a realistic starting point for, for Q4.

你知道，我認為即使只是看第四季度，你知道，我認為當我在看數字時，我認為甚至接近我們在第三季度的水平可能是一個現實的起點，對於第四季度。

And the reason for that is there's a lot of puts and takes in the in the quarter, we obviously get the benefit of continued asset repricing the the full quarter benefit from the bond transaction where we only got about a half quarter in Q3.

原因是本季度有很多看跌期權和買入期權，我們顯然從債券交易中獲得了持續資產重新定價的好處，而整個季度我們只從債券交易中受益，而在第三季度我們只獲得了大約半個季度的收益。

So there's some obvious positives in there in Q4.

因此，第四季有一些明顯的正面因素。

But something that we have been saying consistently, I want to remind everyone of is, you know, there is a lag effect with the 50 basis point down move in September.

但我想提醒大家的是，我們一直在說的事情是，9 月降息 50 個基點有滯後效應。

You know, we, we, we have probably as many or more assets repricing in the fourth quarter as we do liabilities.

你知道，我們，我們，我們第四季的資產重新定價可能與負債一樣多或更多。

And so I think when we think about liability sensitivity, really the inflection of that happens more notably into 2025.

因此，我認為，當我們考慮責任敏感性時，這種變化在 2025 年會發生得更明顯。

And so, and then you've got to start thinking about what does the fed do along the way as you start stacking rate cuts together.

因此，當你開始疊加降息時，你必須開始思考聯準會會做什麼。

So I think, you know, we're more probably a little more conservative or balanced in our view.

所以我認為，你知道，我們的觀點更有可能更加保守或平衡。

Again, acknowledging there's a lot of puts and takes here coming into Q4, but when we look out into 2025 you know, we, we think that increasingly through the year, especially if the fed does anything close to what the dot plot or the forwards would suggest now that we see some, you know, some notable inflection in the net interest margin in the next year.

再次強調，第四季度會有很多看跌期權和看跌期權，但當我們展望2025 年時，你知道，我們認為這一年會越來越多，特別是如果美聯儲採取任何接近點陣圖或遠期預測的措施的話現在顯示我們將看到明年淨利差出現一些顯著的變化。

Yeah.

是的。

Okay, that's great.

好的，太好了。

Maybe touching on, on the loan growth side, I mean, look loan growth has been modest.

也許談到貸款成長方面，我的意思是，看起來貸款成長一直不大。

We've talked a lot about how your, your focus has shifted from growth to really profitability.

我們已經討論了很多關於您的重點如何從成長轉向真正的獲利能力。

But look the pipeline built, rates are down expectations are we could see improving loan demand.

但看看已建成的管道，利率下降，因為我們可以看到貸款需求的改善。

I'm curious maybe what you're seeing on the growth front, the complexion of that pipeline and, and your appetite for growth here and, and maybe what you would expect to be some of the key drivers of your growth.

我很好奇，也許你在成長方面看到了什麼，管道的複雜性，以及你對這裡成長的興趣，也許你期望成為你成長的一些關鍵驅動力。

Yeah.

是的。

Well, first of all, thank you for you know, pointing out something we say all the time, you know, we definitely are focused on you know, soundness and profitability and growth and we say it when we say that we, we're focused on them in that order.

好吧，首先，謝謝你知道，指出我們一直在說的話，你知道，我們絕對專注於你知道的穩健性、盈利能力和增長，當我們說我們，我們是這樣說的時候，我們就是這麼說的。

And, and we're seeing some good progress there.

而且，我們看到了一些良好的進展。

I'm very, very pleased with some, some large relationship wins that we saw in the third quarter.

我對我們在第三季看到的一些重大關係勝利感到非常非常滿意。

And I want to emphasize the word relationships on the commercial side and then just even all the way out through things that we're doing within the, within the community bank more broadly.

我想強調商業方面的字詞關係，甚至是我們在更廣泛的社區銀行內所做的事情。

And so, I think we're seeing some good progress and in all those regards, our appetite to grow is as strong as it's ever been.

因此，我認為我們看到了一些良好的進展，在所有這些方面，我們的增長慾望與以往一樣強烈。

I think our, you know, our filters around soundness and profitability are also as taught as and strong as they've ever been.

我認為，你知道，我們圍繞穩健性和盈利能力的過濾器也一如既往地強大。

So we're going to continue to be disciplined.

因此，我們將繼續遵守紀律。

You know, I, we, we've indicated kind of low single digit growth throughout the year this year.

你知道，我，我們，我們已經顯示今年全年的成長率較低。

I think that continues to come through in the numbers as I look out into next year, you know, I'm going to be, I'm going to be balanced.

我認為，當我展望明年時，這一點將繼續在數字中體現出來，你知道，我會保持平衡。

I think in my remarks to you here on the one hand, I think the rate trajectory and, and, and you know, if the economy can stay strong, You, you know, if there's a soft landing here from a macro perspective, then I think we're going to see demand increasing and we're going to be ready to capture that demand.

我認為，一方面，我認為利率軌跡，以及，如果經濟能夠保持強勁，如果從宏觀角度來看，出現軟著陸，那麼我認為我們將會看到需求的增加，並且我們將準備好滿足這種需求。

On, on the flip side, we're not seeing that demand yet.

另一方面，我們還沒有看到這種需求。

We're seeing optimism and some green shoots around.

我們看到了樂觀情緒和一些新芽。

Okay.

好的。

The Fed, the Fed made a good move in September.

聯準會，聯準會在9月採取了很好的舉措。

I think a lot of our borrowers and a lot of the demand out there, there's election uncertainty, there's still overall macro uncertainty.

我認為我們的許多藉款人和大量需求都存在選舉不確定性，整體宏觀不確定性仍然存在。

And so, you know, we, we lean optimistic but it, that, that optimism hasn't started to firm up yet.

所以，你知道，我們，我們持樂觀態度，但這種樂觀情緒尚未開始堅定。

We, we hope that it does and we're going to be ready for it and our appetite for it will be strong when it gets there.

我們希望它能實現，我們會為此做好準備，當它到來時我們對它的胃口會很強烈。

Okay.

好的。

Terrific.

了不起。

Thanks everybody.

謝謝大家。

Thanks.

謝謝。

Thank you.

謝謝。

The next question comes from Matt Olney with Stevens.

下一個問題來自馬特·奧爾尼和史蒂文斯。

Please go ahead.

請繼續。

Hey guys, good morning.

嘿夥計們，早安。

On the expense side, I saw the disclosure, some savings, some branch closings.

在費用方面，我看到了披露、一些節省、一些分支機構關閉。

It sounds like you want to reinvest that in any color on those reinvestments and then just more broadly on expenses, we saw the core expense levels step down a little bit in the third quarter, just any color on expense levels in the near term.

聽起來你想以任何顏色再投資這些再投資，然後更廣泛地投資於費用，我們看到核心費用水平在第三季度略有下降，只是短期內費用水平的任何顏色。

Thanks.

謝謝。

Yeah.

是的。

Hey, Matt, this is Daniel.

嘿，馬特，這是丹尼爾。

So a little bit on the branch consolidation.

所以稍微談一下分支合併。

So we're, we're constantly reviewing our retail network and our, our, our strategy there, we're evaluating you know, the the profitability, the, the trends customer usage, how, how that has evolved over time.

因此，我們不斷審查我們的零售網路以及我們的策略，我們正在評估您知道的獲利能力、客戶使用趨勢，以及隨著時間的推移如何演變。

And so we're constantly reviewing that and we're reviewing our markets and where we have density where we have share where we might need to add some branches So your question about where would we invest?

因此，我們不斷地審查這一點，我們正在審查我們的市場，我們的密度，我們的份額，我們可能需要增加一些分支機構。

I, I would kind of put it in a bucket of you think about our Better Bank initiative.

我，我想把它放在一個桶子裡，讓你想想我們的「更好的銀行」計畫。

That's not all about cost reductions, there's investments into revenue that we're doing there too.

這不僅僅是降低成本，我們也在這方面進行了收入投資。

So, you know, we, we haven't put a finite '10 to that 3 million and how we would deploy that.

所以，你知道，我們還沒有給這 300 萬個有限的「10」以及我們將如何部署它。

We'll likely take some of the bottom line, we'll likely reinvest that.

我們可能會獲得一些利潤，我們可能會再投資。

We, you know, we have opened I think what, four to no votes this year.

我們，你知道，我們今年已經開放了四票對無票。

So, there's been some reinvestment there.

因此，在那裡進行了一些再投資。

You know, we, we always want to hire a great banker when we find one.

你知道，當我們找到一位優秀的銀行家時，我們總是想聘請一位優秀的銀行家。

We've invested in, in some of our back office function.

我們投資了一些後台職能。

We talked about investments and in procurement, which has driven future benefits to us.

我們討論了投資和採購，這為我們帶來了未來的利益。

So we're investing all over the bank and, and you know, so that, that's what I tell you about that.

所以我們正在整個銀行進行投資，你知道，這就是我告訴你的。

And then just, just the whole mindset that we are operating under is, you know, how can we self fund our investments?

然後，我們營運的整個心態是，我們如何才能自籌資金？

And we've done a really good job of that.

我們在這方面做得非常好。

I think over the last couple of years, you know, you look at the guide that we gave, which was kind of a 555 the 560.

我想在過去的幾年裡，你知道，你看看我們提供的指南，有點像 555 和 560。

And that, to remind you, I know we say this a lot, but I think it's worth repeating.

提醒您的是，我知道我們已經說過很多次了，但我認為值得重複一遍。

That's down 1% to 2% from our Q4 2022 annualized run rate.

這比我們 2022 年第四季的年化運行率下降了 1% 到 2%。

So, you know, you've got a couple of years of, of merit high inflation investments that we're making and we're still down 1% to 2%.

所以，你知道，我們已經進行了幾年有價值的高通膨投資，但我們的利率仍然下降了 1% 到 2%。

I think, you know, as you think about that guy for this year, I think we'll come, come in on the, the probably below that.

我想，你知道，當你想到今年的那個人時，我想我們會來，進來，可能低於那個。

You know, we we, we, we with, within that there's, there's a couple of parts of that, there's things some, one timers that have gone our way this year.

你知道，我們，我們，我們，其中有，有幾個部分，有一些事情，一個計時器今年已經按照我們的方式進行了。

There's also some things that we've done to have permanent reductions to expenses.

我們也採取了一些措施來永久減少開支。

We've renegotiated several of our major vendor contracts and that's providing providing benefits.

我們已經重新談判了幾份主要供應商合同，這帶來了好處。

So, you know, as you think about fourth quarter, you're probably relative to third quarter, there's probably a little bit higher in the fourth quarter just because there, there was a one time benefit for some salary incentive accruals in the third quarter.

所以，你知道，當你想到第四季時，你可能相對於第三季而言，第四季可能會更高一點，因為第三季的一些薪資激勵應計專案有一次性福利。

But, you know, I, I still feel really good about our guidance and it will probably come under that 555 number.

但是，你知道，我仍然對我們的指導感覺非常好，它可能會低於 555 數字。

Okay, great.

好的，太好了。

Thanks for the color there, Daniel.

謝謝你的顏色，丹尼爾。

And then I guess putting that all together, it just feels like there are some nice opportunities for some, some, some nice positive operating leverage next year.

然後我想把所有這些放在一起，感覺明年會有一些不錯的積極營運槓桿機會。

I mean, we talked about the benefits of lower rates, potentially, we talked about, you know, maybe some loan growth next year, some good cost discipline any just big picture thoughts you want to leave us with as far as achieving some operating leverage in 2025.

我的意思是，我們討論了較低利率的好處，我們可能討論過，你知道，明年可能會有一些貸款增長，一些良好的成本紀律，任何你想留給我們的大局想法，只要實現一些運營槓桿2025年。

I, I'll jump in on that at least initially on our side here, Matt.

我，我會介入這一點，至少一開始是我們這邊的，馬特。

I mean, I think you're absolutely right.

我的意思是，我認為你是完全正確的。

Everything we're doing is to position you, you know, the balance sheet in the bank for positive operating leverage and, and, and really just overall for scalability.

我們所做的一切都是為了讓您在銀行的資產負債表上獲得積極的營運槓桿，並且實際上只是整體上的可擴展性。

You know, the things we talk about internally all the time, I think the things George drives us on from his seat are, are really around, you know, how do we ensure that everything we're doing today puts us in a position to grow revenue faster than expenses going forward.

你知道，我們一直在內部討論的事情，我認為喬治從他的座位上驅使我們前進的事情，確實存在，你知道，我們如何確保我們今天所做的一切使我們能夠未來收入增長速度快於支出增長速度。

And, and we feel pretty optimistic that we're poised for that in, in 2025 and again, increasingly through the year, given a lot of the remarks that have been made so far and then ongoing into 2026.

而且，考慮到迄今為止以及持續到 2026 年的大量言論，我們非常樂觀地認為，我們已經做好了 2025 年以及全年越來越多的準備。

And so we'll continue to sharpen up our outlook, you know, and, and, and probably provide an outlook in, in our January earnings call consistent with how we have historically.

因此，我們將繼續加強我們的前景，你知道，並且，並可能在 1 月的財報電話會議中提供與我們歷史上一致的前景。

But I think the, you know, the liability sensitivity, the balance sheet, the opportunity, we think we have to continue to be really disciplined on expenses, etcetera, have a, have a nice shape in terms of the trajectory of our pre provision, net revenues and, and earnings going forward.

但我認為，你知道，責任敏感性、資產負債表、機會，我們認為我們必須繼續在費用等方面嚴格遵守紀律，在我們的預撥備金軌跡方面有一個良好的形狀、淨收入和未來收益。

Okay.

好的。

Thanks for that, Jay and if I can sneak in just, just one more you disclosed, I guess the index deposits a pretty material level there a any more color on that.

謝謝你，傑伊，如果我能再偷偷地透露一下，我想該指數已經達到了相當高的水平，還有更多的顏色。

What are those index to and how quickly and how often do those index deposits reprice?

這些指數是什麼？

Yes.

是的。

So those those are generally index to funds and you know, they're going to be price, you know, immediately when, when the rate cut happens.

因此，這些通常是基金指數，你知道，當降息發生時，它們將立即成為價格。

And so now we did see that and that was some of that benefit that we got when I mentioned that that three basis points from the quarter from from the production.

所以現在我們確實看到了這一點，這就是當我提到季度生產的三個基點時我們得到的一些好處。

Okay, perfect.

好的，完美。

Thanks guys.

謝謝你們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Stephen Scouten with Piper Sandler.

下一個問題來自 Stephen Scouten 和 Piper Sandler。

Please go ahead.

請繼續。

Hey, good morning everyone.

嘿，大家早安。

I guess if I could revisit some of the discussion around the NIM.

我想我是否可以重溫一些圍繞 NIM 的討論。

I know Jay, you said not necessarily ready to give specific guidance, but you did note kind of this idea of a notable inflection for the NIM which you know, could be construed as a pretty wide berth.

我知道傑伊，你說不一定準備好提供具體指導，但你確實注意到這種 NIM 顯著變化的想法，你知道，這可以被解釋為一個相當寬的距離。

I mean, we're, we're 274 here.

我的意思是，我們這裡有 274 人。

I mean, as you think about the possibilities for the NIM next year, I mean, could this move towards 3%?

我的意思是，當你考慮到明年 NIM 的可能性時，我的意思是，這是否會走向 3%？

Is that too far of a road to hoe?

這條路是不是太遠了？

Like how can we kind of frame up that, that, you know, notable inflection as we look at the projected fed path?

就像我們如何建立這樣的框架，當我們查看預期的饋送路徑時，您知道，顯著的變化？

Yeah, I think like what you just said is important to note, right?

是的，我認為您剛才所說的話很重要，對吧？

I mean, what, what, what the fed does is going to be, you know, material to, to any outlook we would have there.

我的意思是，聯準會所做的事情將對我們的任何前景產生重大影響。

But if you just kind of follow the forwards, and assume the macro remains at least intact and I think we're on a glide path toward three in the, you know, in the back half of next year, for sure.

但如果你只是跟隨前進的步伐，並假設宏觀經濟至少保持完好，我認為我們肯定會在明年下半年朝著三季邁進。

You know, the, the the factors at the end of the day that we're really focused on Steven, probably even more than net interest margins, dollars of net interest income.

你知道，歸根結底，我們真正關注史蒂文的因素，甚至可能比淨利差、淨利息收入美元還要多。

We're really trying to focus on the balance sheet overall.

我們確實在努力關注整體資產負債表。

You know, loan growth as we've talked about profitability, etcetera.

你知道，貸款成長就像我們談到的獲利能力等等。

And so, you know, again, I think we feel pretty good about our prospects for growing and, you know, moving forward from here.

所以，你知道，我認為我們對我們的成長前景以及從這裡繼續前進的前景感到非常滿意。

But if you want to focus on A N, I think it's fair to think of, you know, in a, in a status quo or subject to all of the caveats of the, the, you know, the market, contributors that we don't control but kind of follow the glide path and the forward curve.

但如果你想專注於 A N，我認為公平地考慮，你知道，在現狀中或受到我們不知道的市場、貢獻者的所有警告的影響。

I think it's fair to think that, you know, there's a 3% clip on them in the back half of next year.

我認為可以公平地認為，明年下半年他們的銷售量會下降 3%。

Great.

偉大的。

That's extremely helpful Jay.

這對傑伊非常有幫助。

And then just as I think specifically about maybe deposit base is on the way back down.

然後，正如我特別想到的那樣，存款基礎可能正在回落。

I think they're around 51% total on the way up.

我認為他們的總數大約是 51%，正在上升。

Do you think that's replicable on the way down or, you know, do you think we've had kind of structural changes in terms of customer perception that maybe, you know, creates a little bit of a headwind to achieving that same path on the way back down.

你認為這在下降過程中是可以複製的嗎？ 。

Yeah.

是的。

Hey, Stephen, this is Daniel.

嘿，史蒂芬，這是丹尼爾。

I'll, I'll take a shot at that and others can jump in if you think about that 51% where we started from and where, where we got to, we went from, you know, 0% to 550 in a pretty, pretty short period of time.

我會，我會嘗試一下，其他人可以加入進來，如果你想想我們從 51% 開始，到哪裡，我們到哪裡，我們從 0% 到 550，以一個漂亮的方式。

So I, I think it would be difficult to replicate a 51% on the way down.

所以我認為很難複製 51% 的下降趨勢。

I think that's going to be determined by, the, the volume of reduction and the frequency of the reduction.

我認為這將取決於減少的數量和減少的頻率。

I think if the frequency is quicker, the beta might be more, if it's more protracted, it might, might be less.

我認為如果頻率更快，貝塔值可能會更大，如果時間更長，貝塔值可能會更少。

But what, what we've modeled right now is, we've got, you know, 100 basis points in the fourth quarter, which was down from 550.

但是，我們現在的模型是，第四季我們得到了 100 個基點，低於 550 個基點。

Excuse me.

打擾一下。

Yeah, 550 to, 5 and another 100 basis points for, for next year.

是的，明年 550 個基點，5 個基點，另外 100 個基點。

And so what I would tell you is we're kind of in that range of somewhere plus or minus 40% on, on the deposit based on the way down through, through that part of the cycle.

所以我要告訴你的是，我們的存款利率處於正負 40% 的範圍內，取決於週期的這一部分。

Okay, great.

好的，太好了。

That's super helpful as well.

這也非常有幫助。

Thanks Daniel.

謝謝丹尼爾。

And then just lastly for me, you know, Jay, you kind of touched on worried more about N I dollars and, and ultimately profitability, which is, is clearly the right thought process and message.

最後對我來說，你知道，傑伊，你有點擔心更多的是 N I 美元，以及最終的盈利能力，這顯然是正確的思維過程和訊息。

How do you think about profitability for the bank in the maybe near and medium term from, you know, we're looking at a 67 basis point kind of operating ROA by my math this quarter, you know, what's what's kind of, you know, does it take until '26 to get to a one ROA?

您如何看待銀行在短期和中期的盈利能力，您知道，根據我的數學計算，本季度我們正在考慮 67 個基點的運營 ROA，您知道，這是什麼，您知道，需要到26 年才能達到1 ROA 嗎？

I mean, how can we think about the return to kind of tier and, and like profitability for you all?

我的意思是，我們如何考慮恢復某種等級以及你們所有人的獲利能力？

Yeah, I think what I'd say to that Steven is that, you know, in the, in the intermediate term, the near to intermediate term, you know, we're, we're, we're fighting to get the margin back above 3%.

是的，我想我要對史蒂文說的是，你知道，在中期，近中期，你知道，我們正在努力爭取利潤率回到3%以上。

We're fighting to get ROA, you know, back to 1%.

我們正在努力讓 ROA 回到 1%。

Those are not long term targets, those are the more near term targets.

這些不是長期目標，而是近期目標。

And again, we think we think we see, you know, path that direction with, with you, you know, extrapolating from where we are here on rate expectations and macro backdrop longer term, I'm going to reiterate what we've said before.

再說一次，我們認為我們認為我們看到了，你知道，與你一起走上這個方向，你知道，從我們目前的利率預期和長期宏觀背景推斷，我將重申我們所說的話。

We, we think, you know, a good ROA for, for our balance sheet for where we are today is, you know, 125 or, or greater.

我們認為，就我們今天的資產負債表而言，良好的 ROA 是 125 或更高。

We think that pencils out to, you know, lower 50% type efficiency ratio.

我們認為鉛筆會降低 50% 的打字效率。

You know, we think that's net interest margin in the mid three S give or take.

你知道，我們認為這是 3 S 中間的淨利差。

Those are, those are areas where we think we can operate the balance sheet, where we think that we can grow relationships within our, within our risk appetite, which is a conservative one.

這些是我們認為可以操作資產負債表的領域，我們認為可以在我們的風險偏好（保守的風險偏好）內發展關係。

But we think that's a, you know, a very, very high quality of earnings given the, you know, the retail base that we have, the long history we have in terms of, you know, disciplined underwriting and, and, and credit risk and we think we can, you know, generate some strong returns on tangible common equity by doing those things.

但我們認為，考慮到我們擁有的零售基礎，以及我們在嚴格承銷和信貸方面的悠久歷史，您知道，這是非常非常高品質的收益。產生豐厚的回報。

And so that's, that's, that's the targets that we're focused on as we move forward.

這就是我們前進過程中所關注的目標。

Fantastic, great color J and it's nice to see everything moving here in the right direction.

太棒了，很棒的顏色 J，很高興看到這裡的一切都朝著正確的方向發展。

Thank you,

謝謝你，

Steven.

史蒂文.

Thank you.

謝謝。

The next question is from Gary Tenner with D A Davidson.

下一個問題是 Gary Tenner 和 D A Davidson 提出的。

Please go ahead.

請繼續。

Thanks, good morning guys.

謝謝，大家早安。

I wanted to ask a question about the competitive nature on the lending side.

我想問一個關於貸款方面競爭性質的問題。

You kind of, you know, mentioned that obviously the competitive dynamics on the deposit side kind of remains to be seen how that will shake out.

你知道，你提到，顯然存款方面的競爭動態還有待觀察，這將如何擺脫。

But you know, your rate on the ready to close loans is is quite strong.

但您知道，您準備關閉貸款的利率相當高。

Wondering if you've seen, given just maybe some more general economic optimism.

想知道您是否看過，考慮到一些更普遍的經濟樂觀情緒。

Have you seen any change in stance from other banks in your markets?

您是否發現市場上其他銀行的立場改變了？

From a lending perspective?

從貸款角度看？

A little more willingness to lend or greater activity there?

放貸意願更強還是活動更活躍？

Yeah, I think there's definitely, you know, more willingness to lend across, you know, across the industry candidly, in, in terms of pricing.

是的，我認為，在定價方面，整個產業肯定更願意坦率地放款。

I want to go back to what I said though earlier.

我想回到我之前所說的。

We're not seeing just a massive influx of demand yet, we're, we're seeing optimism, we're seeing people who were, you know, delaying projects or maybe even more interested in paying down debt and entering into, you know, into new loans.

我們還沒有看到需求的大量湧入，我們看到了樂觀情緒，我們看到了人們，你知道，推遲了項目，或者可能更有興趣償還債務並進入，你知道，進入新貸款。

We're, we're seeing conversations pick up but, but that's not really turned into demand yet.

我們看到對話有所增加，但這還沒有真正轉化為需求。

So I think there's willingness by, by us and the industry in this rate environment to understand where that's headed.

因此，我認為在這種利率環境下，我們和整個產業都願意了解其發展方向。

Again, we're, you know, we're going to be very relationship focused so we can move over businesses, operating accounts and other services alongside the loan that's going to give us even more opportunity to be flexible in terms and we're already doing that.

再說一遍，我們將非常注重關係，這樣我們就可以在貸款的同時轉移業務、營運帳戶和其他服務，這將給我們更多機會在條款上保持靈活性，我們已經在這樣做了。

But at the same time to your point, we've, we, thus far, we've been able to maintain really good discipline and still grow the pipeline for, you know, several quarters in a row at what we think is, you know, pretty strong pricing and and we're going to continue to try to stay very, very focused there.

但同時，就你的觀點而言，我們，到目前為止，我們已經能夠保持非常好的紀律，並且仍然在連續幾個季度擴大管道，我們認為，你知道，定價相當強勁，我們將繼續努力保持非常非常專注。

But yeah, I think, I think the industry to your point is going to be more flexible here.

但是，是的，我認為，就你的觀點而言，這個行業在這裡會更加靈活。

You know, on pricing.

你知道，關於定價。

And if we, if we sense really firm footing and remove some of the uncertainty that's out there, hopefully that can convert into some demand and some, some continued increase in growth for, for all of us going forward here.

如果我們感覺到真正站穩了腳跟並消除了一些不確定性，希望這能轉化為一些需求和一些持續的成長，讓我們所有人都向前邁進。

Thank you.

謝謝。

And then just as a follow up to clarify something.

然後作為澄清一些事情的後續行動。

So the billion of FHLB you've got due in the fourth quarter.

因此，您將在第四季度到期支付 10 億美元的 FHLB。

And, and the reference, I think on slide '12 of the increase in broker deposits was that was that kind of just pre funding some of the some of that maturing FHLB is that the way I do think,

而且，我認為幻燈片 '12 中經紀人存款增加的參考資料是，我確實認為，只是為一些成熟的 FHLB 提供預先資金，

I do think some of what you see there is is ins and outs of FHLB quarter to quarter in and out between FHLB and, and brokered funding.

我確實認為您所看到的一些內容是 FHLB 與經紀融資之間的季度與季度的來龍去脈。

That's, that's one part of it.

這就是其中的一部分。

Another, another part of it, as I said earlier is even just some of the higher cost customer C DS we had were you know, we were willing to let the hotter money portion of of those balances go out to other banks at above brokered rates.

另一個，另一部分，正如我之前所說，甚至只是我們擁有的一些成本較高的客戶 CDS，你知道，我們願意讓這些餘額中較熱的資金部分以高於經紀利率的價格流向其他銀行。

And so those are the factors really that I would point you to, we maybe stepping away from your question and just reinforcing a couple of points.

因此，這些確實是我要向您指出的因素，我們可能會放棄您的問題，只是強調幾點。

We, we continue to stay pretty short in duration overall on the liability side.

我們，我們在負債方面的整體持續時間仍然很短。

And we haven't really come off that post a couple of years ago.

幾年前我們還沒有真正擺脫這個職位。

We extended duration on the liability side.

我們延長了責任方面的期限。

We, we, we're not in extension of duration mode, right now.

我們，我們，我們現在沒有處於延長持續時間模式。

And, and then the other big point that I think is the most important point is, we're really focused at the end of the day on, on just customer account growth and we've had customer account growth this year.

然後，我認為最重要的另一點是，歸根結底，我們真正關注的是客戶帳戶成長，今年我們的客戶帳戶成長了。

I mentioned earlier in the call, we're very focused while we'll let hot money walk out of the bank.

我之前在電話中提到，我們非常專注，同時我們會讓熱錢離開銀行。

We're very focused on retaining relationship dollars, very focused on core accounts, whether it's the household account or, or you know, a business or commercial operating account.

我們非常注重保留關係資金，非常注重核心帳戶，無論是家庭帳戶或企業或商業營運帳戶。

And we're seeing growth in those accounts and, you know, big parts of our better bank initiatives are geared around continuing to grow and increasing the growth of those operating accounts.

我們看到這些帳戶的成長，你知道，我們更好的銀行計畫的很大一部分是圍繞著持續成長和增加這些營運帳戶的成長。

And so, we're pleased to see that you don't see it in aggregate numbers yet because of the the factors.

因此，我們很高興看到由於各種因素，您還沒有看到它的總數。

You, you know that come into play in total balances with impact of inflation.

你知道，總餘額會受到通貨膨脹的影響。

You know, people willing to chase rate right now.

你知道，人們現在願意追逐利率。

But what we do control there that's very valuable is growth in customer accounts and we are seeing that for sure.

但我們確實控制的非常有價值的是客戶帳戶的成長，我們肯定看到了這一點。

Thank you.

謝謝。

Yeah, thank you here.

是的，在這裡謝謝你。

Thank you.

謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would now like to turn the call back over to George Makris for closing remarks.

現在我想將電話轉回給喬治·馬克里斯（George Makris），讓其致閉幕詞。

Hey, thanks to each of you for joining the call today as you've heard this morning.

嘿，感謝大家參加今天的電話會議，正如你們今天早上所聽到的那樣。

We're very pleased with our performance this quarter and the trajectory of our trends, our better bank initiative has produced good results so far and our team has been diligent in its efforts to improve our market penetration and deepen our customer relationships.

我們對本季的業績和趨勢軌跡感到非常滿意，迄今為止，我們更好的銀行計劃已經取得了良好的成果，我們的團隊一直在努力提高我們的市場滲透率並加深我們的客戶關係。

Starting to see those efforts pay off and are encouraged about potential headed into 2025.

開始看到這些努力得到回報，並對 2025 年的潛力感到鼓舞。

Sort of changing the subject.

有點想改變話題。

We hope you'll tune in next week to the inaugural Simmons Bank Championship PGA tour champions playoff event.

我們希望您下週能收看首屆西蒙斯銀行錦標賽 PGA 巡迴賽冠軍季後賽賽事。

Here in Little Rock Tournament will be televised Friday through Sunday on the golf channel.

小石城錦標賽將於週五至週日在高爾夫頻道進行電視轉播。

We're excited to be the title sponsor and we look forward to welcoming the world to Arkansas.

我們很高興成為冠名贊助商，並期待歡迎世界來到阿肯色州。

Thanks again for your participation today and have a great weekend.

再次感謝您今天的參與，祝您週末愉快。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines and have a great day.

您現在可以斷開線路並度過美好的一天。