Synovus Financial Corp (SNV) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Synovus Second Quarter 2025 Earnings Call. (Operator Instructions) The call today will be limited to approximately one hour. Please note, this event is being recorded. I'll now turn the call over to Jennifer Demba, Senior Director, Investor Relations. Please go ahead.

早安，歡迎參加 Synovus 2025 年第二季財報電話會議。（接線員指示）今天的通話時間將限制在約一小時內。請注意，此事件正在被記錄。現在我將把電話轉給投資者關係高級總監 Jennifer Demba。請繼續。

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

謝謝，早安。在今天的電話會議上，我們將參考公司網站 synovus.com 投資者關係板塊提供的幻燈片和新聞稿。公司董事長、總裁兼執行長 Kevin Blair 將主持電話會議。隨後，執行副總裁兼財務長 Jamie Gregory 將發言，並在通話結束時回答您的問題。

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

我們的評論包括前瞻性陳述。這些聲明受風險和不確定性的影響，實際結果可能會有重大差異。我們在新聞稿和美國證券交易委員會 (SEC) 文件中列出了可能導致結果出現重大差異的因素，這些因素可在我們的網站上查閱。除非法律要求，否則我們不承擔因新資訊、早期發展或其他原因而更新任何前瞻性聲明的義務。

During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendix to our presentation. And now Kevin Blair will provide an overview of the quarter.

在電話會議中，我們將參考與公司績效相關的非公認會計準則財務指標。您可以在我們的簡報的附錄中看到這些措施的協調。現在凱文布萊爾將概述本季的情況。

Thank you, Jennifer. Last night, we were pleased to release strong second quarter 2025 results. Synovus reported GAAP and adjusted earnings per share of $1.48. Adjusted earnings per share increased 14% from the first quarter and jumped 28% year-over-year while adjusted preprovision net revenue rose 5% sequentially and grew 7% from second quarter 2024.

謝謝你，詹妮弗。昨晚，我們很高興地發布了強勁的 2025 年第二季業績。Synovus 公佈的 GAAP 和調整後每股收益為 1.48 美元。調整後每股盈餘較第一季成長 14%，年增 28%；調整後撥備前淨收入季增 5%，較 2024 年第二季成長 7%。

Our year-over-year earnings growth was primarily attributable to healthy net interest margin expansion, lower provision for credit losses and continued operating expense discipline. On a linked quarter basis, loan growth was strong and broad-based while loan production was the highest it's been since the third quarter of 2022. Also, net interest margin expanded modestly, and capital market fees rebounded. While expense growth was well controlled, net charge-offs declined, and capital ratios moved higher.

我們的獲利年增主要歸功於健康的淨利差擴張、較低的信貸損失準備金以及持續的營運費用控制。與上一季相比，貸款成長強勁且基礎廣泛，貸款產量達到 2022 年第三季以來的最高水準。此外，淨利差小幅擴大，資本市場費用反彈。雖然費用成長得到了很好的控制，但淨沖銷額下降，資本比率上升。

Importantly, we continue to execute well on our 2025 strategic initiatives, which includes our accelerated hiring of relationship managers. Through the second quarter, we are on track with this program, adding 12 new commercial bankers. During June, we issued press releases, which highlighted our new hires across the footprint, and we continue to have a robust pipeline of talent slated for expansion in the third and fourth quarters. Moreover, Synovus continues to provide exceptional client service as evidenced by our performance in the most recent J.D. Power survey.

重要的是，我們繼續良好地執行我們的 2025 年策略計劃，其中包括加快聘用關係經理。到第二季度，我們正按計劃推進這項計劃，新增了 12 位商業銀行家。六月份，我們發布了新聞稿，重點介紹了我們在整個業務範圍內招聘的新員工，並且我們將繼續擁有強大的人才儲備，計劃在第三季度和第四季度進行擴展。此外，Synovus 繼續提供卓越的客戶服務，這從我們在最新的 J.D. Power 調查中的表現可以看出。

We have the sixth highest Net Promoter Score amongst the largest 50 banks by asset size with Synovus posting the largest year-over-year increase amongst the same group of 50 institutions. Our second quarter client survey conducted over the last month continues to show general optimism for future business growth despite concerns regarding government fiscal and trade policy actions.

以資產規模計算，我們在 50 家最大銀行中擁有第六高的淨推薦值，而 Synovus 在同一 50 家機構中擁有最大的年成長率。儘管對政府的財政和貿易政策行動存在擔憂，但我們上個月進行的第二季客戶調查仍然顯示，客戶普遍對未來的業務成長持樂觀態度。

We continue to maintain close communication and dialogue with our clients as they navigate the more uncertain tariff environment and geopolitical backdrop. Moreover, we have augmented our survey and client contact efforts over the second quarter to yield a more effective industry intelligence.

當客戶應對更不確定的關稅環境和地緣政治背景時，我們將繼續與他們保持密切的溝通和對話。此外，我們在第二季度加強了調查和客戶聯繫力度，以獲得更有效的行業情報。

In summary, I'm incredibly pleased with our performance this quarter and the strong trajectory we're on. We saw a 60% year-over-year increase in total funded loan production in the second quarter, coupled with a continued decline in net charge-offs and broad-based expansion across our fee income categories, all of which underscores the momentum we built and reflects the strength and the diversity of our growth.

總而言之，我對我們本季的表現和強勁的發展軌跡感到非常滿意。我們第二季的貸款總額年增了 60%，同時淨沖銷額持續下降，費用收入類別全面擴張，所有這些都凸顯了我們所建立的勢頭，反映了我們成長的實力和多樣性。

And we have achieved these results while setting new high-water marks for our capital ratios demonstrating both the resilience and the discipline of our strategy. Now Jamie will review our second quarter results in greater detail. Jamie?

我們在取得這些成果的同時，也創下了資本充足率的新高，展現了我們策略的韌性和嚴謹性。現在 Jamie 將更詳細地回顧我們第二季的業績。傑米？

Thank you, Kevin. Synovus generated positive operating leverage in the second quarter of 2025. Adjusted revenue increased 3% from the first quarter, while adjusted noninterest expense grew just 1%. On a year-over-year basis, adjusted revenue increased 5%, while adjusted noninterest expense rose 3%.

謝謝你，凱文。Synovus 在 2025 年第二季產生了正的營運槓桿。調整後營收較第一季成長 3%，而調整後非利息支出僅成長 1%。與去年同期相比，調整後營收成長 5%，調整後非利息支出成長 3%。

Net interest margin expansion drove 6% year-over-year net interest income growth in the second quarter. On a sequential basis, the NIM expanded 2 basis points to 3.37% benefiting from a decline in our cost of deposits, fixed rate asset repricing, hedge maturities, lower cash balances and a stable Fed funds environment.

淨利差擴大帶動第二季淨利息收入年增6%。以環比計算，淨利差擴大 2 個基點至 3.37%，這得益於存款成本下降、固定利率資產重新定價、對沖到期日減少、現金餘額減少以及聯邦基金環境穩定。

Period-end loan balances were up $888 million or 2% from the first quarter. Loan growth continues to be led by our high-growth verticals, which increased $502 million in the second quarter. Specialty Lending rose $353 million sequentially, driven by growth in structured lending and restaurant services lending, further supported by corporate and investment banking loans which were up $159 million.

期末貸款餘額較第一季增加 8.88 億美元，增幅 2%。貸款成長繼續由我們的高成長垂直產業引領，第二季貸款成長了 5.02 億美元。專業貸款環比增長 3.53 億美元，這主要得益於結構性貸款和餐飲服務貸款的增長，同時企業和投資銀行貸款增長 1.59 億美元也為專業貸款提供了進一步的支持。

Also of note, our commercial bank line of business within the Community Bank grew loans by $111 million. Total loan production trends remained healthy as funded production increased 34% quarter-over-quarter and 60% year-over-year.

另外值得注意的是，我們社區銀行的商業銀行業務線貸款增加了 1.11 億美元。總貸款產出趨勢維持健康，融資產出年增 34%，年增 60%。

In fact, as Kevin mentioned, our loan production was the highest it's been since the third quarter of 2022. Core deposits declined $788 million or 2% from the first quarter, which included a $405 million drop in public funds. Time deposits and interest-bearing demand deposits declined, partially offset by $115 million of growth in noninterest-bearing deposits.

事實上，正如凱文所提到的，我們的貸款產量是自 2022 年第三季以來的最高水準。核心存款較第一季減少 7.88 億美元，降幅 2%，其中公共資金減少 4.05 億美元。定期存款和計息活期存款有所下降，但被 1.15 億美元的無息存款成長部分抵消。

Also, brokered deposits were down $130 million. Turning to funding costs. Our average cost of deposits declined 4 basis points to 2.22% in the second quarter. This deposit cost improvement represents a total deposit beta of 50% through the recent easing cycle compared to our guidance of 40% to 45%. Adjusted noninterest revenue was $131 million, which increased 12% sequentially and grew 3% year-over-year.

此外，經紀存款減少了 1.3 億美元。談到融資成本。我們第二季的平均存款成本下降了 4 個基點，至 2.22%。存款成本的改善意味著在最近的寬鬆週期中，總存款貝塔值將達到 50%，而我們的預期為 40% 至 45%。調整後非利息收入為 1.31 億美元，季增 12%，年增 3%。

Linked quarter growth was primarily attributable to a sharp rebound in capital markets fees, a 2% increase in wealth management income, seasonally higher commercial sponsorship revenue and a $2 million BOLI gain. On a year-over-year basis, we generated 9% growth in core banking fees, partially offset by lower capital markets revenue. We remain very disciplined with noninterest expense control.

環比季度的成長主要歸因於資本市場費用的大幅反彈、財富管理收入的成長 2%、季節性商業贊助收入的增加以及 200 萬美元的 BOLI 收益。與去年同期相比，我們的核心銀行費用增加了 9%，但資本市場收入的下降部分抵消了這一增長。我們對非利息支出的控制仍然非常嚴格。

Adjusted noninterest expense rose just 1% on a linked-quarter basis and increased 3% year-over-year. Excluding FDIC special assessment reversals in the second quarters of 2024 and 2025, adjusted noninterest expense increased just 2% year-over-year. Sequential growth was driven by higher employment expenses partially from a full quarter impact of our 2025 merit increases as well as the initiation of new projects and a $1 million contribution to the donor advised fund.

調整後非利息支出較上季僅成長 1%，較去年同期成長 3%。不包括 2024 年和 2025 年第二季的 FDIC 特別評估逆轉，調整後的非利息支出較去年同期僅成長 2%。持續成長的動力來自於更高的僱用費用，部分原因是我們 2025 年績效加薪對整個季度的影響，以及新計畫的啟動和向捐贈者建議基金捐贈 100 萬美元。

This growth was partially offset by lower FDIC premiums, consulting fees and operational losses. Year-over-year, noninterest expense growth was primarily attributable to higher employment expense, partially offset by lower credit-related legal costs and operational losses.

這一增長被聯邦存款保險公司（FDIC）保費、諮詢費和營運損失的降低部分抵消。與去年同期相比，非利息支出的成長主要歸因於更高的僱用支出，但被信貸相關的法律成本和營運損失的降低部分抵消。

Our results demonstrated continued strength in credit performance with a net charge-offs of $18 million or 17 basis points, better than our previously communicated guidance of around 20 basis points. Non-performing loans improved to 0.59% of total loans, down from 0.67% in the first quarter. The allowance for credit losses ended the quarter at 1.18% compared to 1.24% in March.

我們的結果顯示信貸表現持續強勁，淨沖銷額為 1800 萬美元或 17 個基點，好於我們先前傳達的約 20 個基點的指導。不良貸款佔貸款總額的 0.59%，低於第一季的 0.67%。本季末信貸損失準備金率為 1.18%，而 3 月為 1.24%。

The allowance for credit losses declined due to positive credit trends within our loan portfolio, partially offset by a more adverse economic outlook. We continue to be diligent and proactive with credit risk management and remain engaged in multiple efforts to identify risks associated with recent policy changes.

由於我們的貸款組合中的信貸趨勢良好，信貸損失準備金有所下降，但被更不利的經濟前景部分抵消。我們將繼續勤勉、積極地進行信用風險管理，並持續多方努力識別與近期政策變化相關的風險。

Finally, our capital position remained strong in the second quarter. With the preliminary common equity Tier 1 ratio at 10.91% and preliminary total risk-based capital now at 13.74%, this is the highest CET1 ratio in our company's history. Our healthy earnings profile continues to support our capital position, leading to slightly higher capital ratios inclusive of about $21 million of share repurchases completed in the second quarter. I'll now turn it back to Kevin to discuss our 2025 guidance.

最後，我們的資本狀況在第二季依然保持強勁。初步的普通股一級資本比率為 10.91%，初步的總風險資本比率目前為 13.74%，這是我們公司歷史上最高的 CET1 比率。我們健康的獲利狀況繼續支持我們的資本狀況，導致資本比率略有上升，其中包括第二季完成的約 2,100 萬美元的股票回購。現在我將話題轉回給凱文，討論我們的 2025 年指導方針。

Thank you, Jamie. Looking at 2025 guidance, our outlook has been revised to reflect our expectations for increased revenue growth supported by strong year-to-date performance that we expect to continue in the third and fourth quarters. Our guidance incorporates two Fed fund cuts in the second half of the year in September and December and a relatively stable 10-year treasury yield.

謝謝你，傑米。展望 2025 年的指引，我們對前景進行了修訂，以反映我們對收入成長的預期，這得益於年初至今的強勁表現，我們預計這種勢頭將在第三季度和第四季度繼續保持。我們的指導意見包括下半年 9 月和 12 月兩次聯準會基金降息以及相對穩定的 10 年期公債殖利率。

Period-end loan growth is expected to be 4% to 6% in 2025 compared to 8% annualized growth in the second quarter. The vast majority of the growth is expected to come from our high-growth verticals, which include middle market, specialty and corporate and investment banking lending. Our confidence in this outlook is based upon current lending pipelines, our 2024 and early 2025 talent additions as well as business line expansions.

預計 2025 年期末貸款成長率為 4% 至 6%，而第二季的年化成長率為 8%。預計絕大部分成長將來自我們的高成長垂直領域，包括中端市場、專業市場以及企業和投資銀行貸款。我們對這一前景的信心是基於當前的貸款管道、我們 2024 年和 2025 年初的人才增加以及業務線擴展。

On the deposit front, we now get core deposit growth of 1% to 3%. Strong second half 2025 growth should be led by continued focus on core deposit production across our business lines normal seasonal benefits and investments in deposit specialties. Our adjusted revenue growth outlook has increased of 5% to 7% as a result of loan growth momentum net interest margin strength and our expectations for fewer 2025 rate cuts.

在存款方面，我們現在的核心存款成長率為 1% 至 3%。2025 年下半年的強勁成長應由我們繼續關注整個業務線的核心存款生產、正常的季節性福利和對存款專業的投資所推動。由於貸款成長勢頭強勁，淨利差強勁，以及我們預計 2025 年降息次數減少，我們的調整後營收成長預期已上調 5% 至 7%。

Our interest rate sensitivity profile continues to be relatively neutral to the front end of the curve, and we remain slightly asset sensitive to long-term rates. However, during easing cycle, the margin should still exhibit short-term pressure due to the timing lag between loan and deposit repricing. We now anticipate adjusted noninterest revenue of $495 million to $515 million this year.

我們的利率敏感度狀況對於曲線前端繼續保持相對中性，並且我們對長期利率仍然保持略微的資產敏感度。然而，在寬鬆週期中，由於貸款和存款重新定價之間的時間滯後，保證金仍將呈現短期壓力。我們現在預計今年調整後的非利息收入為 4.95 億美元至 5.15 億美元。

We believe continued core execution in areas such as treasury and payment solutions and capital markets as well as refinement of our delivery models and consumer banking, wealth services and third-party payments will support the bank's fee income momentum. Adjusted noninterest expense growth should remain in the range of 2% to 4% in 2025.

我們相信，在財務和支付解決方案以及資本市場等領域的持續核心執行以及交付模式和消費者銀行、財富服務和第三方支付的改進將支持該銀行的費用收入動能。到 2025 年，調整後非利息支出成長率應保持在 2% 至 4% 之間。

We will continue to be balanced and very disciplined in expense management while investing in areas that deliver long-term shareholder value. In the third quarter, we estimate that noninterest expense should be around $320 million, primarily as a result of a higher day count, ongoing expansion and addition of technology projects and continued team member hiring.

我們將繼續在費用管理方面保持平衡和嚴謹，同時投資於能為股東帶來長期價值的領域。在第三季度，我們估計非利息支出應該在 3.2 億美元左右，這主要是由於工作天數增加、技術項目的持續擴展和增加以及團隊成員的持續招聘。

Moving to credit quality. We believe that the credit loss environment should be relatively stable over the near term. As a result, we estimate that net charge-offs should be relatively stable in the second half of 2025 compared to the 19 basis points experienced in the first half of this year. Moving to capital, we will target a relatively stable CET 1 ratio with the priority on capital deployment continuing to be loan growth rather than share repurchases.

轉向信用品質。我們認為，短期內信用損失環境應該相對穩定。因此，我們估計，2025 年下半年的淨沖銷額應該相對穩定，而今年上半年則為 19 個基點。對於資本，我們將以相對穩定的 CET 1 比率為目標，資本配置的重點仍然是貸款成長而不是股票回購。

We believe current capital levels are more than adequate in a range of more challenging economic outcomes. Our tax rate was approximately 21% in the second quarter and compared to over 22% in the prior period. We now anticipate the tax rate should be between 21% and 22% for the full year 2025. In summary, our team demonstrated solid performance in the first half of the year, and we feel confident that this momentum should continue in the third and fourth quarters.

我們相信，目前的資本水準足以應對一系列更具挑戰性的經濟狀況。我們第二季的稅率約為 21%，而上一季的稅率超過 22%。我們現在預計 2025 年全年的稅率應在 21% 至 22% 之間。總而言之，我們的團隊在上半年表現穩健，我們有信心這種勢頭將在第三季和第四季繼續延續。

As a result, we have raised our 2025 net interest income and noninterest revenue outlook while maintaining our noninterest expense guidance. We also expect our net charge-offs and capital ratios to remain relatively stable throughout the second half of the year.

因此，我們提高了 2025 年淨利息收入和非利息收入預期，同時維持非利息支出指引。我們也預計，今年下半年我們的淨沖銷額和資本比率將保持相對穩定。

Collectively, these results set the stage for a strong 2025, building on the momentum and the achievements we've delivered year-to-date with strong fundamentals and a clear strategic path we are well positioned to deliver sustained value and strong financial performance this year and beyond. And now operator, let's open the call for questions.

總的來說，這些結果為強勁的 2025 年奠定了基礎，基於我們今年迄今為止取得的勢頭和成就，憑藉強大的基本面和清晰的戰略路徑，我們已做好準備，在今年及以後實現持續的價值和強勁的財務業績。接線員，現在讓我們開始提問。

(Operator Instructions) Jon Arfstrom, RBC.

（操作員指示）Jon Arfstrom，RBC。

Hey, thank you. Good morning everyone. Kevin. Are you there? Yeah, I'm here. Can you hear me?

嘿，謝謝你。大家早安。凱文。你在嗎？是的，我在這裡。你聽得到我嗎？

Yeah, we can hear you.

是的，我們能聽到你的聲音。

Okay. Good. Kevin, can you just, I want to talk about loan growth a little bit. Can you talk about the change in sentiment that you saw from borrowers and how that really progressed during the quarter? We talked a little bit about it last quarter, there's a lot of uncertainty, but now you're talking about 60% year-over-year funded production, your high-growth segment, annualized growth doubled production is highest since 2022.

好的。好的。凱文，你能不能，我想談談貸款成長的問題。能談談借款人情緒的變化以及本季的具體進展嗎？我們在上個季度對此進行了一些討論，存在很多不確定性，但現在您談論的是同比增長 60% 的資助產量，您的高增長部分，年化增長率翻了一番，產量是 2022 年以來最高的。

So something clearly changed. And I'm just curious if you feel like loan growth is accelerating from here and kind of how it progressed during the quarter.

所以顯然有些事情發生了變化。我只是好奇，您是否覺得貸款成長從現在開始正在加速，以及本季的進展如何。

Jon, you hit a lot of the statistics. And I wish there were some secret sauce to it. It really comes down to hard work. We have a great team that's been calling on both clients and prospects. And I think being in the Southeast has been helpful.

喬恩，你統計了很多數據。我希望這其中能有一些秘訣。這確實取決於努力工作。我們擁有一支優秀的團隊，一直致力於服務客戶和潛在客戶。我認為在東南部很有幫助。

We entered the second quarter expecting loan growth to pick up. We saw production and pipelines up about 10%. That's what we were forecasting as you referenced in your numbers, it came in much higher. I think it's a function of some of the talent that we hired back in 2024 and even some of the new talent we've added in '25. And we provide some of the breakout by segmentation.

進入第二季度，我們預計貸款成長將會回升。我們看到產量和管道成長了約 10%。正如您在數字中提到的，這就是我們所預測的，實際數字要高得多。我認為這與我們在 2024 年聘用的一些人才以及我們在 2025 年新增的一些人才有關。我們根據細分情況提供了一些突破。

You referenced it as well. When you look at the fast-growing segment, 17% annualized growth this past quarter brings it to 12.5% year-to-date, which puts us right in the middle of that range. Our moderate growth category that we thought would be 0% to 5% is now up to 6% year-to-date. And so when you think about, it's not one area, it's multiple areas that are producing. It's a function of talent, it's a function of the activity picking up.

您也提到了這一點。當你看快速成長的部分時，上個季度 17% 的年化成長率使其年初至今的成長率達到 12.5%，這使我們正好處於該範圍的中間。我們原以為的中等成長類別是 0% 到 5%，但今年迄今已上升到了 6%。所以，當你思考的時候，你會發現，不是一個地區，而是多個地區在生產。這是天賦的功能，也是活動拾取的功能。

And what's really great is as we look into the third quarter, pipelines are about 14% higher than where they were entering the second quarter. So yes, we think loan growth could continue, couple of things we're watching, line utilization. We did see about $150 million of improvement on same line utilization this quarter. So it ticked up about 90 basis points. That's obviously a driver of growth.

真正令人高興的是，當我們展望第三季時，管道數量比第二季時高出約 14%。所以是的，我們認為貸款成長可能會持續，我們正在關注的幾件事是信用額度利用率。本季我們確實看到同線利用率提高了約 1.5 億美元。因此它上漲了約 90 個基點。這顯然是成長的動力。

We also are monitoring the payoff activity. We've talked about that for some time. We've seen some elevated payoff activity this quarter. It was up about $80 million off of first quarter, so levelling off and most of that was in CRE. So if these production levels continue to increase, we don't see a significant change in payoff activities or we see some improvement there along with some line utilization, which is generally correlated to interest rates.

我們也在監控支付活動。我們已經討論這個問題有一段時間了。本季我們看到了一些增加的回報活動。與第一季相比增加了約 8000 萬美元，因此趨於平穩，其中大部分來自 CRE。因此，如果這些生產水準繼續增加，我們不會看到回報活動發生顯著變化，或者我們會看到一些改善以及一些生產線利用率，這通常與利率相關。

We do believe that the second half could continue to pick up, and that's why we've increased our loan guidance for the year.

我們確實相信下半年經濟可能會繼續回暖，這就是我們提高今年貸款指引的原因。

Okay. Good. Very helpful. And then just, Jamie, for you on the deposit outlook, I get it being a little bit slower, but you're also flagging faster commercial deposit growth. Can you talk a little bit about your expectations there?

好的。好的。非常有幫助。然後，傑米，關於存款前景，我知道它會稍微慢一點，但你也標記了更快的商業存款成長。您能稍微談談您的期望嗎？

And then how you expect the deposit mix to change if this type of loan growth continues?

那麼，如果這種貸款成長方式持續下去，您預期存款結構將如何改變？

Yeah, Jon, first, let me talk about the second quarter a little bit. When you look at the decline in deposits, it was really led by public funds, broker deposits as well as fees. And as you're well aware, these are all products where growth is largely a function of price. And so those were strategic decisions that we made in the second quarter.

是的，喬恩，首先，讓我談談第二季。當你看到存款的下降時，你會發現這實際上是由公共資金、經紀人存款以及費用導致的。如您所知，這些產品的成長很大程度上取決於價格。這些是我們在第二季做出的策略決策。

It led to the decline in total deposit costs and positioned us for margin expansion. But without those declines, deposits were roughly flat. And so now when we look forward to the second half of the year, you have a combination of a couple of things.

這導致總存款成本下降，並為我們擴大利潤率奠定了基礎。但除去這些下降，存款額基本上持平。因此，現在當我們展望下半年時，我們會看到幾件事的組合。

One, you have what Kevin is describing, which is core client growth, new accounts, new hires, bringing in deposits, you have our specialty deposit verticals but then you also have the seasonals. And so if you look at history and look at core deposits in the second half of the year, well, even if you exclude public funds, that typically contributes 1% to 2% to total deposit growth in the second half of the year.

首先，正如 Kevin 所描述的，核心客戶成長、新帳戶、新員工、引入存款，我們有我們的專業存款垂直行業，但也有季節性。因此，如果你回顧歷史並觀察下半年的核心存款，那麼即使排除公共資金，它通常也會對下半年的總存款成長貢獻 1% 到 2%。

Public funds themselves are incremental 1% to 2% [ad] in the second half of the year. And then the last thing I would say is we made a strategic decision to be really aggressive in reducing our time deposit rates during the easing cycle. And as you know, our pricing beta on production there was over 100%. Well, we've kind of pulled back more towards median and our CD pricing in the month of June.

公共資金本身在下半年增加1％至2％。最後我想說的是，我們做了一個策略決策，在寬鬆週期內積極降低定期存款利率。如您所知，我們在那裡生產的定價測試版超過了 100%。嗯，我們在六月已經稍微回落到中位數和 CD 定價。

And that led to stability. And so we had a relative stability in CDs in the month of June, and our average production rate was right around [352]. And so we feel that with the stability and time, potentially inflecting the growth as well as seasonal and then core client growth in specialty verticals, we're really well positioned for growth in the second half of the year.

這帶來了穩定。因此，6 月我們的 CD 產量相對穩定，平均生產率大約是[352]。因此，我們認為，隨著穩定性和時間的推移，以及專業垂直領域的季節性和核心客戶成長的潛在影響，我們確實為下半年的成長做好了準備。

Okay, thank you.

好的，謝謝。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning. I guess maybe just following up on the lending momentum and growth. Talk to us maybe, Jamie, Kevin, around the competitive landscape that you're seeing an impact on pricing on, when you think about C&I growth, the sort of especially in some of your higher growth areas, both from competitive banks out of state banks? And then even nonbanks, it is, are you even seeing private credit at all when you're out there in the market? Thanks.

早安.我想也許只是跟踪貸款勢頭和增長。傑米、凱文，您能否與我們談談競爭格局對定價的影響，當您考慮 C&I 成長時，尤其是在一些高成長領域，來自州外銀行的競爭銀行？那麼，即使是非銀行機構，當你在市場上時，你是否看到過私人信貸？謝謝。

No, [Eby], I say this all the time, but I've never been in a single quarter in my 30-year banking history where there's not a competitive quarter. So it remains competitive on the deposit side, the lending side, on winning new business, on providing great service to our clients. So I don't think I'll ever answer it where it's not competitive.

不，[Eby]，我總是這麼說，但在我 30 年的銀行業生涯中，從來沒有遇到過一個季度沒有競爭的情況。因此，它在存款方面、貸款方面、贏得新業務方面以及為客戶提供優質服務方面仍然保持競爭力。所以我認為我不會在沒有競爭的情況下回答這個問題。

But I think to your point, what people are seeing, people feel very good about their capital positions, they feel very good about their liquidity positions that we've all built as an industry over the last couple of years. You look at the supplementary leverage ratio from the big banks and it frees up capital for them to deploy back in organic growth. So all of those things would point to the fact that we should expect to see ongoing competition for loans.

但我認為，正如你所說，人們看到的是，人們對他們的資本狀況感到非常滿意，他們對我們作為一個行業在過去幾年中建立的流動性狀況感到非常滿意。你可以看看大銀行的補充槓桿率，它可以釋放資本，讓它們重新部署到有機成長。因此，所有這些因素都表明，我們應該預見到貸款競爭將持續下去。

As it relates to pricing, we've talked about there being some competitive tension. When you look at it on a SOFR spread basis, we saw about 5 basis points of decline quarter-on-quarter. So fairly modest. And when you look at overall production loan yields, we came in about $6.78 for the quarter, which was off about 12 basis points from the previous quarter.

至於定價，我們討論過存在一些競爭壓力。如果從 SOFR 利差來看，我們發現該利率較上月下降了約 5 個基點。所以相當謙虛。當您查看整體生產貸款收益率時，本季的收益率約為 6.78 美元，比上一季下降了約 12 個基點。

Some of that relates to mix, but it is showing up with more pricing competition as our bankers are out there trying to win business. The great news is when we look at the other side of the equation and you look at the deposit, production pricing, that was at about $2.49. So we're still earning about a $4.30 spread on loan production minus deposit production.

其中一些與組合有關，但由於我們的銀行家正在努力贏得業務，因此價格競爭也變得更加激烈。好消息是，當我們看著等式的另一邊，看看存款，生產定價，它大約是2.49美元。所以我們仍然能從貸款生產減去存款生產中獲得約4.30美元的利差。

That's something we look at internally because I think you don't want to look at just one side of the balance sheet. So it is going to be competitive, both for loans, for talent, pricing is going to be a key component for how people compete.

這是我們內部關注的事情，因為我認為你不想只看資產負債表的一邊。因此，無論是貸款還是人才，競爭都會很激烈，定價將成為人們競爭的關鍵因素。

But I think we're able to manage through that, and you do that by trying to provide more relationship value. It can't be just based on price alone. So we've got to make sure that we continue to add value for our clients. We've got to provide those cash management services, we've got to provide exceptional advice and service, and then price becomes less of a factor.

但我認為我們能夠解決這個問題，並且可以透過嘗試提供更多的關係價值來做到這一點。不能僅基於價格。因此我們必須確保繼續為客戶增加價值。我們必須提供那些現金管理服務，我們必須提供卓越的建議和服務，這樣價格就不再是一個因素。

That's good color. And I guess maybe just a separate follow-up. So I heard your comments on expenses in the outlook. But if growth momentum does pick up over the coming months, would that change in terms of like just tactically ratcheting up investments tied to growth, be it banker hiring or infrastructure around that.

這顏色真好。我想這可能只是一個單獨的後續行動。所以我聽到了您對展望中的支出的評論。但如果未來幾個月成長勢頭確實回升，那麼在策略上增加與成長相關的投資（無論是銀行家招聘還是相關基礎建設）是否會發生變化。

Just talk to us in terms of how you're thinking about sort of dynamically changing things depending on just how the revenue backdrop evolves.

請告訴我們您如何考慮根據收入背景的變化動態地改變事物。

Ebrahim, as you look at the expense outlook, there is some variable costs associated with incentives. If we outperform that you'll see that inflect a little bit higher. But our strategic initiatives, we believe as they stand on their own on the IRR profile of the initiative. And if you're focusing in on the hiring, that's something that when we identify the right team members, future team members, we're going to make that move, and we're going to make those hires. And that's less dependent on our revenue outlook.

易卜拉欣，當你看一下費用前景時，你會發現有一些與激勵措施相關的變動成本。如果我們的表現優於這一點，你會看到這種變化會稍微高一些。但我們相信，我們的策略舉措在 IRR 概況上是獨一無二的。如果你專注於招聘，那麼當我們確定合適的團隊成員、未來的團隊成員時，我們就會採取行動，並進行招募。這不太依賴我們的收入前景。

I mean you can recall back in the fourth quarter when we first laid out our guidance for 2025, we had revenue and expenses in line with each other. And I think that shows that we want to make the right long-term decisions for this company, and we're okay if expense growth and revenue growth are in line, so long as that improves profitability for the future.

我的意思是，您可以回想一下，在第四季度，當我們首次製定 2025 年的指導方針時，我們的收入和支出是一致的。我認為這表明我們希望為公司做出正確的長期決策，只要費用成長和收入成長一致，我們就可以接受，只要這能提高未來的獲利能力。

Now look, that's clearly not what we're saying today because you can see the strong operating leverage in our revenue and expense guide today. But I would just say that our strategic growth initiatives stand on their own more than as a reaction to increased or decreased revenue growth.

現在看看，這顯然不是我們今天所說的，因為您可以在我們今天的收入和支出指南中看到強大的經營槓桿。但我只想說，我們的策略成長計畫是獨立的，而不是對收入成長增加或減少的反應。

Got it. Thank you both.

知道了。謝謝你們兩位。

Anthony Elian, JP Morgan.

安東尼·埃利安，摩根大通。

Hi everyone. Kevin, just a follow-up on the new hires in the prepared remarks you made. So you announced a few weeks ago, plans to hire plans to make new hires in the Carolinas, Florida and other markets as part of the 20% to 30% increase over the next three years. It seems like you've had a lot of momentum in the past couple of quarters. So should we think of many of these hires as being made this year or still spread out over the next few years?

大家好。凱文，我只是想跟進一下您在準備好的發言中提到的新員工問題。所以你們幾週前宣布了招聘計劃，計劃在卡羅來納州、佛羅裡達州和其他市場招聘新員工，作為未來三年 20% 至 30% 增長的一部分。看起來你們在過去的幾個季度裡發展勢頭強勁。那麼，我們是否應該認為這些招募中的許多是在今年進行的，還是在未來幾年內進行？

Yeah. Anthony, we talked about in the prepared remarks about 12 FTE. We had slated 25 commercial relationship managers across middle market, core commercial and business banking this year. So we're about 50% there. And if you look at our pipeline, we think we'll add the other 12 to 13 in the second half of the year.

是的。安東尼，我們在準備好的演講中討論了 12 FTE。今年，我們已為中端市場、核心商業和企業銀行業務任命了 25 位商業關係經理。所以我們已經完成了大約 50%。如果你看一下我們的管道，我們認為我們將在今年下半年增加另外 12 到 13 個。

So that will be on pace for what we had planned for '25. And '26, you'll see another 30 commercial hires and then the third year, you'll see probably 30 to 40 in the last year. So what we're trying to do as we said in the beginning, is we're trying to choose the right talent.

因此這將與我們為 25 年制定的計劃一致。而在 26 年，你會看到另外 30 名商業僱員，然後在第三年，你可能會看到最後一年有 30 到 40 名商業僱員。因此，正如我們一開始所說的，我們試圖選擇合適的人才。

We're being picky, we're bringing in folks as you've seen from our press release, primarily this first tranche in Florida, Atlanta and across South Carolina. And as we go into future years, we'll expand to the other four markets that we've talked about across the footprint.

我們很挑剔，正如您從我們的新聞稿中看到的那樣，我們正在引進人才，主要是佛羅裡達州、亞特蘭大和整個南卡羅來納州的第一批人才。隨著未來幾年的發展，我們將擴展到我們之前談到的其他四個市場。

What's also important is that not only are we adding commercial bankers, we're also adding private wealth resources to support our business owner wealth strategy, where we're targeting wealth opportunities amongst those commercial owners and CEOs. And so yes, you'll see us play out this year. But really over the next three years, it's going to be fairly measured where each year we'll have a commensurate level of additions.

同樣重要的是，我們不僅增加了商業銀行家，還增加了私人財富資源，以支持我們的企業主財富策略，我們的目標是在商業主和執行長中尋找財富機會。是的，您會看到我們今年的表現。但實際上，在接下來的三年裡，我們將公平地衡量每年的增幅，即每年增加相應的數量。

And part of that is just because we want the '25 additions to really pay for the '26 additions and then we'll pay that forward into '27 where the two years will largely be paying for it. And so I mentioned, most of these positions have less than a two year earn-back as we evaluate them on a P&L basis.

部分原因在於，我們希望 25 年的新增資金能夠真正支付 26 年的新增資金，然後我們會將這筆錢提前到 27 年，因為 2027 年的兩年將主要用來支付這筆錢。正如我所提到的，當我們根據損益表對其中大部分部位進行評估時，它們的獲利回收期大多不到兩年。

So it's going to be measured. We've been very excited about the talent we brought in today. And yes, I think we're going to be able to continue to do that for the foreseeable future.

所以它將被測量。我們對今天引進的人才感到非常興奮。是的，我認為在可預見的未來我們將能夠繼續這樣做。

Thank you. And then my follow-up, Jamie, on fee income. You had a good quarter in capital markets, but the second half fee income guide implies a bit of a step down. I'm just curious what's driving that? Or is there a level of conservatism baked into that? Thank you.

謝謝。接下來是傑米，關於費用收入。您在資本市場上度過了一個良好的季度，但下半年的費用收入指南暗示會略有下降。我只是好奇是什麼導致了這種情況？還是其中包含一定程度的保守主義？謝謝。

Yeah, Tony, as we look at the second half of the year in capital markets, we're actually expecting relative stability to the second quarter. I mean, as you're aware, we viewed the first quarter more as an anomaly in the second quarter as a return to normalcy.

是的，托尼，當我們展望今年下半年的資本市場時，我們實際上預計第二季會相對穩定。我的意思是，正如你所知，我們認為第一季是一個異常現象，而第二季度則恢復正常。

And so when you think about fee revenue for the second half of the year, we really expect it to be relatively flat to the first half of 2025 similar level as the second quarter. And kind of we're pretty much back to our original guide that we had for full year NIR.

因此，當您考慮下半年的費用收入時，我們確實預計它將與 2025 年上半年持平，與第二季的水平相似。我們基本上已經回到了我們最初制定的全年 NIR 指南。

Bernard von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Yeah, hello, good morning. Just on the NIM, the increase sequentially. One of the factors you highlighted in addition to lower funding costs, a lower cash balances. When you mention normalized cash balances, can you remind us what level should we be thinking of? And now that we have two assumed rate cuts versus four, can you maybe share some thoughts or color on the glide path of NIM in the second half of the year and as we exit 2025?

是的，你好，早安。僅在 NIM 上，就連續增加。您強調的因素之一除了融資成本較低之外，還有現金餘額較低。當您提到正常化的現金餘額時，您能否提醒我們應該考慮什麼水準？現在我們假設降息有兩次，而不是四次，您能否分享一下對今年下半年以及 2025 年末 NIM 下滑路徑的一些想法或看法？

Yeah, As we think about cash balances, we expect to be relatively stable where we are now as we look into the second half of the year. We can balance around. I mean we could be at $2 billion, but we kind of hanging out in this general area. When you look at the margin for the second half of the year, first, I would anchor you to the flat rate scenario just because I think it's an easier way to think about it.

是的，當我們考慮現金餘額時，我們預計在下半年現金餘額將保持相對穩定。我們可以平衡一下。我的意思是我們的規模可能達到 20 億美元，但我們只是停留在這個範圍之內。當您查看下半年的利潤率時，首先，我會將您錨定在固定費率情境下，因為我認為這是一種更容易思考的方式。

We still expect in a flat rate environment for the margin to accrete to the low [340] at the end of the year. And that's largely going to be fourth quarter, it will be more of a fourth quarter event than a third quarter event due to fixed rate asset repricing. And so in that scenario, we are expecting the funding costs and deposit costs to be relatively stable and to see a little bit of increases in our asset yields as we go through the year.

我們仍預計，在固定利率環境下，利潤率將在年底增至低點 [340]。這主要發生在第四季度，由於固定利率資產重新定價，這將更多地發生在第四季度，而不是第三季度。因此，在這種情況下，我們預計融資成本和存款成本將相對穩定，並且我們的資產收益率將在全年略有上升。

With regards to cuts, again, it's the same thing we've said before. We believe that each cut is about a $5 million to $7 million impact to NII. And so you can -- depending on when the cut is, depending on how much one-month SOFR leads the actual cut itself, you kind of get somewhere in that range. And -- so it's kind of hard to say the impact per quarter because it really depends on the month of the quarter of the ease, but I would continue to use that $5 million to $7 million per ease impact in NII but we remain neutral to the curve.

關於削減，我們之前也說過同樣的事情。我們認為，每次削減將對 NII 造成約 500 萬至 700 萬美元的影響。因此，您可以－根據降息時間以及一個月期 SOFR 在實際降息幅度方面的領先程度，得出該範圍內的某個值。因此，很難說出每個季度的影響，因為這實際上取決於放鬆政策的季度月份，但我會繼續使用每個放鬆政策對 NII 的影響 500 萬至 700 萬美元，但我們對曲線保持中立。

And so once we get through that lead lag impact, we don't believe that the Fed easing will have a long-term impact to the margin.

因此，一旦我們克服了領先滯後的影響，我們認為聯準會的寬鬆政策不會對利潤率產生長期影響。

Okay. And just want to follow up on fee income. Just you had efforts, obviously, investments in treasury and payment solutions, and that's aided core banking fees in the first half of the year thus far. I think one of the initiatives you point to is on pricing. I was just wondering if you could break down the drivers of growth here.

好的。只是想跟進費用收入。顯然，你們在財務和支付解決方案方面做出了努力和投資，這對今年上半年的核心銀行費用起到了幫助作用。我認為您提到的舉措之一就是定價。我只是想知道您是否可以分析這裡的成長動力。

And then I know service charges came in a bit higher in the quarter. Just wondering if there's anything lumpy in that line item to call out. Thank you.

然後我知道本季的服務費略高一些。我只是想知道該項目中是否有任何不尋常之處需要指出。謝謝。

It really gets back to we had a repricing initiative at the beginning of the year that now has been implemented across our treasury products. And so it's really just charging a fair price for what we're providing. And so that has now been implemented.

這實際上可以追溯到我們在今年年初實施的一項重新定價舉措，目前該舉措已在我們的財務產品中實施。因此，我們實際上只是對所提供的服務收取合理的價格。現在已經實施了。

And to your point, when you look at just the account analysis line of service charges, for the quarter, it was up about 12% versus the prior quarter and up 15% year-over-year. So some of that is a function of the pricing. And the other part of that is just as we continue to expand our relationships by selling more cash management, treasury solutions into our clients' wallet is driving growth there as well.

正如您所說，當您僅查看服務費的帳戶分析線時，本季的服務費比上一季度上漲了約 12%，比去年同期上漲了 15%。因此其中一些是定價的功能。另一方面，正如我們透過銷售更多的現金管理、財務解決方案來繼續擴大我們的關係一樣，我們的客戶的錢包也在推動那裡的成長。

As you think about the rest of the year, there's really nothing lumpy in the service charge line. We've actually helped serve with NSF fees. So that's there. We've had some on the capital market side, there's been some lumpiness there. We saw this quarter, we had a $6 million increase in capital markets, largely a function of arranger fees, syndication fees and derivatives.

當你考慮今年剩餘的時間時，服務費方面確實沒有什麼大問題。我們實際上已經幫助支付了 NSF 費用。就是這樣。我們在資本市場方面遇到了一些問題，那裡出現了一些不穩定的情況。我們看到本季資本市場增加了 600 萬美元，這主要是由於安排費、銀團費和衍生性商品的作用。

And so that will continue to kind of move around a little bit along with the loan production. But everything else is, as we think about the rest of the year, it's running at a run rate that should continue at the levels we've seen in the second quarter.

因此，這將隨著貸款生產而繼續發生一些變化。但當我們考慮今年剩餘時間的情況時，其他一切都將以我們在第二季度看到的水平運行。

Great, thank you very much.

太好了，非常感謝。

Manan Gosalin, Morgan Stanley.

馬南‧戈薩林，摩根士丹利。

Hey, good morning, all. I wanted to ask on Slide 22. Can you talk a little bit more about the decision to add a little bit to reserves from the economic uncertainty element of the macro component of the reserves? It feels like things are going the right way from a macro perspective as well as from your own portfolio perspective with NCOs, NPLs and criticized everything improving.

嘿，大家早安。我想在第 22 張投影片上提問。您能否從儲備宏觀組成部分的經濟不確定性因素的角度進一步談談增加儲備的決定？從宏觀角度以及從您自己的投資組合角度來看，事情似乎都在朝著正確的方向發展，NCO、NPL 和批評都在改善。

So I just wanted to get a little bit more color on that increase? Was it just driven by Moody's? Or was there anything else in that?

所以我只是想對這種成長有更多的了解？這只是受穆迪影響嗎？或者其中還有其他嗎？

Yeah, Short answer to whether driven by Moody's is yes. I mean, we do use their scenarios and then we apply our own internal waiting. We have a group of economists that opines on the probability, and we adjust accordingly. And so -- and that's the four scenarios you see on that slide on Slide 22.

是的，對於是否受穆迪推動，簡短的回答是肯定的。我的意思是，我們確實使用他們的場景，然後我們應用我們自己的內部等待。我們有一組經濟學家對可能性發表意見，並進行相應的調整。所以 — — 這是您在第 22 張投影片上看到的四個場景。

The change from the prior quarter, really the indicator that we use the most that drives the model the most is unemployment and the change in unemployment rate. And when you look at the weighted scenarios that we used this quarter, versus last quarter, the early changes in unemployment rates are what's driving that economic uncertainty increased.

與上一季相比的變化，實際上我們最常使用、對模型影響最大的指標是失業率和失業率的變化。當你查看我們本季與上一季使用的加權情境時，你會發現失業率的早期變化是導致經濟不確定性增加的原因。

And then clearly, the performance of the loan portfolio is that offset that more than offset it and led to the reduction in the allowance loan ratio.

顯然，貸款組合的表現抵消了這一影響，並導致了撥備貸款比率的下降。

Got it. And then as a follow-up, just on capital, I think you noted a preference for allocating capital towards loan growth rather than buybacks. And I think you slowed buybacks a little bit this quarter, but CD1 is still fairly strong at 10.9%. So can you help us with how you're thinking about buybacks in the back half of the year?

知道了。然後作為後續問題，僅關於資本，我認為您注意到了將資本分配給貸款增長而不是回購的偏好。我認為本季你們的回購速度有所放緩，但 CD1 仍然相當強勁，達到 10.9%。那麼，您能否告訴我們您對今年下半年的回購有何想法？

We continue to target relative stability in our capital ratios. And so if you look at year-end, we were at 10.84%. And then we saw a decline in the first quarter, and now we've built back up a little bit in the second quarter. The build in the second quarter largely had to do with how we saw loan growth coming in.

我們繼續以資本比率的相對穩定為目標。如果你看年底的情況，我們的比率是 10.84%。然後我們在第一季看到了下滑，現在在第二季又略有回升。第二季的成長很大程度上與我們看到貸款成長的情況有關。

And when you look at -- as Kevin mentioned earlier, when you look at the pipelines that we are seeing in March and April, which are leading to loan growth in May, we just decided to hold off on incremental share repurchases and just wait until we see how it plays out because you're right, our priority is client loan growth.

正如凱文之前提到的，當你看到我們在 3 月和 4 月看到的管道，這些管道將導致 5 月的貸款成長時，我們決定暫停增量股票回購，等到我們看到它如何發展，因為你是對的，我們的首要任務是客戶貸款成長。

And that's what that capital is there for. And so we just wanted to hold off and watch what happened with loan growth. And so we're pleased to be at $10.91 here at June 30, and we will try to maintain relative stability as we go through the second half of the year.

這就是資本存在的目的。因此，我們只是想暫時觀望，看看貸款成長情況如何。因此，我們很高興看到 6 月 30 日的價格達到 10.91 美元，我們將努力在下半年保持相對穩定。

Catherine Mealor, KBW.

凱瑟琳·米勒（Catherine Mealor），KBW。

Thanks, good morning. I notice that you added borrowings into kind of the back half of the quarter. Can you talk to us just give us some insight into the cost of those kind of more end-of-period balances and maybe the duration of it? Should we expect as deposit growth improves in the back half of the year, those borrowings will come down? Or is it more just kind of growth from these levels? Thanks.

謝謝，早安。我注意到您在本季後半段增加了借款。您能否與我們談談，讓我們了解這些期末餘額的成本以及持續時間？我們是否應該預期，隨著下半年存款成長的改善，這些借款將會下降？或者它只是從這些層面實現的成長？謝謝。

Yeah, those borrowings are all the home loan bank borrowings. And so that's where you see that increase in that piece of wholesale funding. You can think of those as being right near SOFR rates. And so those are collateralized, very liquid borrowings. When we look forward into the second half of the year, we do expect that core client deposit growth to offset the loan growth we expect in the second half of the year.

是的，這些借款都是房屋貸款銀行借款。這就是批發融資增加的原因。您可以認為它們與 SOFR 利率非常接近。這些都是有抵押的、流動性非常強的借款。展望下半年，我們確實預期核心客戶存款成長將抵銷我們預期的下半年貸款成長。

So the growth I was describing earlier in non-maturity and sparing deposits as well as public funds, we think that will be the offset to the strong growth we're expecting in the second half of the year.

因此，我認為我之前描述的非定期存款、儲蓄存款以及公共資金的成長將抵消我們預期的下半年強勁成長。

Okay. Great. And then one more on the margin is can you give us any insight into where your fixed rate book kind of is on average day in terms of yield and then where your floating rate book is on average today? Just trying to think about the balance between those two in a stable rate environment and the upside from the fixed rate book and then maybe once we start to see cuts also how the floating rate coming down may be offset by that fixed rate book repricing?

好的。偉大的。然後還有一個關於邊際的問題，您能否向我們介紹一下您的固定利率帳簿在平均每日收益率方面的情況，以及您的浮動利率帳簿在平均每日收益率方面的情況？只是想思考在穩定的利率環境下這兩者之間的平衡以及固定利率賬簿的上行空間，然後也許一旦我們開始看到降息，浮動利率的下降如何被固定利率賬簿重新定價所抵消？

Yeah, I mean, With the floating book, typically, the spreads are around $2.50 on the floating rate book. And as of now, our floating rate loan portfolio is 64% of total loans. And the index that's most common on our float rate loan book is one month SOFR. And so I would expect to see that reprice fairly swiftly in an easing environment.

是的，我的意思是，對於浮動帳簿，通常浮動利率帳簿的利差約為 2.50 美元。截至目前，我們的浮動利率貸款佔總貸款的 64%。我們的浮動利率貸款帳簿上最常見的指數是一個月的 SOFR。因此，我預計在寬鬆的環境下，價格會相當迅速地重新調整。

And then on the fixed rate side, on the commercial loans. I would assume kind of a three year duration on those. And then, of course, the mortgages are fairly long a five or six year duration.

然後是固定利率方面，商業貸款方面。我估計這些會持續三年。當然，抵押貸款期限相當長，為五到六年。

Is it fair to say that book is still kind of in the mid-5s today?

是否可以說這本書的評價在今天仍處於 50 多分左右？

The fixed rate book? when you look at our total loan book, right now -- gosh, I don't have that yield in front of me. It's about while it's at 6.25% as the loan, is the overall yield on the loan book. But mortgages, the average kind of book yield on our mortgage portfolio is in the mid-4s.

固定利率帳簿？當你查看我們現在的總貸款帳簿時——天哪，我面前沒有那麼多收益。當貸款利率為 6.25% 時，這就是貸款帳簿的總收益率。但是抵押貸款，我們的抵押貸款組合的平均帳面收益率在 4% 左右。

Okay, that's helpful. Okay, great, thank you.

好的，這很有幫助。好的，太好了，謝謝。

Gary Tenner, D.A. Davidson.

坦納 (Gary Tenner)、地方檢察官戴維森 (D.A. Davidson)。

Thanks. Good morning. I wanted to ask maybe a bigger picture question in terms of the recruiting. It seems like every midsize bank in the Southeast that we talked to is very focused on recruiting and talent acquisition. So can you talk about kind of the competitive dynamics around that strategy right now? And maybe the value prop that you're kind of offering to folks that you think differentiates you?

謝謝。早安.我想就招聘方面問一個更大的問題。似乎我們採訪過的東南部的每家中型銀行都非常注重招募和人才獲取。那麼，您能談談目前圍繞該策略的競爭動態嗎？也許您向人們提供的價值主張讓您與眾不同？

Hey Gary, look, you're right. I think the way to grow is the content add quality talent. And we all say this is a talent industry because we're highly commoditized. So I don't think that our strategy is that differentiated. But the strategy is differentiated in your ability to hunt or better talent.

嘿，加里，看，你是對的。我認為成長的方式是內容加上優質人才。我們都說這是一個人才產業，因為我們高度商品化。所以我不認為我們的策略有太大差異。但該策略在尋找或提升人才的能力上有所不同。

And I think it starts with being able to attract individuals based on the culture of your company. When I look at synovus, we just finished our voice of team member survey, which looks at engagement, and we finished at 89%, which puts us in the upper echelon of any company in the United States. And I think that's important. People want to join a company that is fun to work for that celebrates one another and is very family oriented and I think we provide that.

我認為這首先要能夠根據公司的文化來吸引人才。當我查看 synovus 時，我們剛剛完成了團隊成員心聲調查，該調查關注的是參與度，我們的完成率為 89%，這使我們處於美國所有公司中的上層。我認為這很重要。人們希望加入一家工作有趣、互相慶祝、非常注重家庭的公司，我認為我們能夠提供這樣的服務。

Two, these bankers want to come to a place where they can fully serve their clients. That starts with products and capabilities, and we've said this time in and time out we're trying to be a bank that has all the capabilities and functionalities of the larger institutions, but we continue to deliver on a very personalized level like the smaller banks.

二，這些銀行家希望找到一個可以為客戶提供全面服務的地方。這始於產品和能力，我們一次又一次地表示，我們正努力成為一家擁有大型機構所有能力和功能的銀行，但我們會繼續像小型銀行一樣提供非常個人化的服務。

And that puts us in that Goldilocks like principle, where we think we can out competition or out capability of the smaller banks and out service the larger institutions. Well, that's how we attract talent. We show them that we have the technology and the capabilities and the treasury solutions to be able to meet their clients' needs, but we also show them that we really try to limit the administrative burdens that prevent them and keep them from doing what they love doing best, which is serving their clients and growing their book.

這讓我們陷入了「金髮女孩」原則的泥沼，我們認為我們可以在競爭中勝過小型銀行，在能力上勝過小型銀行，並在服務上勝過大型機構。嗯，這就是我們吸引人才的方式。我們向他們展示了我們擁有的技術、能力和財務解決方案，能夠滿足他們客戶的需求，但我們也向他們展示了我們確實在努力減少行政負擔，這些負擔阻礙了他們做他們最喜歡做的事情，那就是為他們的客戶服務並增加他們的帳簿。

And so it's not -- again, it's not rocket science, but I think it's a model that works for us. And then when you get folks over from those institutions that feel it and experience it, they become our biggest recruiters because then they're calling people from their previous institution, and they're saying this company really is what they say they are. So I should say, because Anne's in the room, credit is also very important to relationship managers.

所以這不是——再說一次，這不是火箭科學，但我認為這是一個適合我們的模型。然後，當你從那些感受到並體驗到這一點的機構招募人才時，他們就成為我們最大的招募人員，因為他們會打電話給他們以前所在機構的人，並說這家公司確實和他們所說的一樣。所以我應該說，因為安妮在房間裡，所以信用對關係經理來說也非常重要。

They need to make sure that and the way in which we adjudicate credit meets their needs. And we're very local, and we're also very attentive with our credit officers, making sure that they're with the frontline team members as a part of the solution, not as a back-office function. So again, nothing really secret, but it's something that's a recipe for success that we've been able to enjoy, and we think it will allow us to continue to recruit talent for the foreseeable future.

他們需要確保我們裁決信貸的方式能夠滿足他們的需求。我們非常注重本地化，並且非常關注我們的信貸員，確保他們與第一線團隊成員一起作為解決方案的一部分，而不是後台職能。所以，再說一次，這並不是什麼秘密，但這是我們能夠享受的成功秘訣，我們認為這將使我們能夠在可預見的未來繼續招募人才。

Thanks, appreciate the thoughts there and then, just, kind of quick bookkeeping on the buyback. I know it was approximately $21 million. Could you give the kind of shares repurchased or average price?

謝謝，我很欣賞您當時的想法，只是對回購進行了快速記帳。我知道大約是 2100 萬美元。能否給出回購股票的種類或平均價格？

We repurchased a weighted average price of [$44, $64]

我們回購的加權平均價格為[44美元，64美元]

So about [500,000] shares.

約有 [500,000] 股。

Christopher Marinac, Janney Montgomery Scott.

克里斯多福·馬裡納克、珍妮·蒙哥馬利·史考特。

Thanks, good morning, Jamie and Kevin. I just want to follow back up on deposits. A, is the public funds sort of focus going to change at all? Or has this changed just seasonal? And I'm also curious about incentives and how you think through those as you continue to pursue growth?

謝謝，早安，傑米和凱文。我只是想跟進存款狀況。A，公共資金的重點是否會改變？或者這只是季節性的變化？我還對激勵措施感到好奇，以及您在繼續追求成長的過程中如何考慮這些激勵措施？

The public funds growth that we are describing is purely seasonal. I mean I'm sure that there will be incremental clients that are gained in the second half of the year. But what I'm describing here is purely seasonal. And what was the question on incentives alignment with growth?

我們所描述的公共資金成長純粹是季節性的。我的意思是，我確信今年下半年會增加客戶。但我在這裡描述的純粹是季節性的。關於激勵措施與成長相協調的問題是什麼？

Yeah, I'm just curious if you're doing anything new on incentives or is it still the same plan that you've had in prior quarters.

是的，我只是好奇你們在激勵方面是否有任何新舉措，或者是否仍然是前幾季的相同計劃。

Yeah, Same plans. What's great about the front line is their incentive to grow revenue. All of our commercial bankers have a quarterly plan that talks about producing more revenue for the company and they get paid on that and their annual plan is based on what their year-over-year portfolio revenue does. So the great thing about that it's not the bucket mentality where we say, hey, go focus more on deposits or go focus more on fee income, their incentive to serve the needs of our clients and provide the solutions without being a product pushing incentive plan.

是的，同樣的計劃。第一線員工的優點在於他們有增加收入的動力。我們所有的商業銀行家都有一個季度計劃，旨在為公司創造更多收入，並據此獲得報酬，而他們的年度計劃則基於他們逐年增長的投資組合收入。因此，這樣做的好處是，它不是那種我們會說「嘿，把更多的注意力放在存款上或把更多的注意力放在費用收入上」的桶式思維，而是激勵我們滿足客戶的需求並提供解決方案，而不是推銷產品的激勵計劃。

At the top of the house, we have the same incentive plans that we have for our leadership team. It's about driving EPS growth, and it's about maintaining an ROA that supports it. So it really reinforces prudent growth, and nothing has changed on that front, Chris.

在最高層，我們與領導團隊有相同的激勵計畫。這是為了推動 EPS 成長，也是為了維持支持 EPS 成長的 ROA。因此，它確實加強了審慎的成長，在這方面沒有任何改變，克里斯。

Great, Kevin. Thank you for the call, I appreciate it.

太好了，凱文。謝謝您的來電，我非常感激。

Yeah, thank you.

是的，謝謝。

John McDonald, Truist Securities.

約翰·麥克唐納（John McDonald），Truist Securities。

Hey, good morning, guys. In terms of credit quality, could you talk about what's coming in better than expected for the net charge-offs and the other credit metrics you've beaten your guidance from the beginning of the year and things seem to be improving and stable there. So I was just looking for a little color on the credit.

嘿，大家早安。在信用品質方面，您能否談談淨沖銷額和其他信用指標方面哪些方面比預期更好？從年初開始，您的信用品質就已經超越了預期，而且情況似乎正在改善和穩定。所以我只是想給榮譽加點色彩。

Yeah, this is Anne. Thank you. So as far as our credit quality goes and coming in better than expected, we are seeing the continued resolution of our larger office relationship. So that was part of the equation. And we also had a C&I charge-off that was about $5 million. But then beyond that, it really dropped off as far as size all the way down to $1.5 million. So we're continuing to see just some more granularity in our charge-off haven't been continued growth in large individual charge-offs.

是的，這是安妮。謝謝。因此，就我們的信用品質而言，情況好於預期，我們看到我們更大的辦公室關係正在繼續解決。這就是等式的一部分。我們還沖銷了約 500 萬美元的 C&I 費用。但除此之外，規模確實下降到了 150 萬美元。因此，我們繼續看到，我們的沖銷細節並沒有繼續增長，大額個人沖銷也沒有繼續增長。

So that's been favorable to us. And as far as our NPAs, some of that is attributable to continuing to resolve this one-off is credit. But also, we just haven't had any increases in NPL inflows. And so $25 million for this quarter, that's a three year low for NPL inflows. So that's really how it's kind of shaping up as far as our -- those couple of credit metrics go.

這對我們來說是有利的。就我們的不良資產而言，部分原因是繼續解決這個一次性信貸問題。但同時，我們的不良貸款流入量也沒有任何增加。因此，本季的不良貸款流入量為 2,500 萬美元，創下三年來的最低水準。就我們的這幾個信用指標而言，情況確實如此。

Got it. Great. And then just a bigger picture question on the regulatory environment. What are some of the things being discussed or happening already on the regulatory front that could be helpful to Synovus?

知道了。偉大的。然後是關於監管環境的一個更大的問題。監管方面正在討論或已經發生的哪些事情可能對 Synovus 有幫助？

So John, that's a question that when you look into the crystal ball, I think that we all expect there to be a favorable regulatory environment. I always start this answer with saying we have a great partnership with our regulators today. So we're not sitting here hoping that something changes because we think we have a really strong relationship.

所以約翰，這是一個當你看著水晶球時的問題，我認為我們都期待有一個有利的監管環境。我總是以「我們今天與監管機構建立了良好的合作關係」作為回答這個問題的開頭。因此，我們不會坐在這裡希望事情會發生變化，因為我們認為我們的關係已經非常牢固。

But as I noted earlier, we do expect the larger banks to have more flexibility with capital as their capital levels decline, obviously, that will trickle down into regional banks. And I think it will give us more flexibility around relative and absolute capital levels. And so we are excited about that because it gives us more growth potential.

但正如我之前提到的，我們確實預計，隨著資本水準的下降，大型銀行在資本方面將擁有更大的靈活性，顯然，這將逐漸滲透到地區性銀行。我認為這將使我們在相對和絕對資本水準方面擁有更大的靈活性。因此我們對此感到興奮，因為它為我們提供了更多的成長潛力。

Number two, in the overall regulatory environment, what we've noted is that there's process and a lot of examinations that have been going on over the last several years, whether you go back to the Silicon Valley failure through some of the questions around CRE. Those have intensified. I would love to be able to have our team members spend more time on generating revenue versus having to do examinations. So I think the time allocation could shift a little bit.

第二，在整體監管環境中，我們注意到，過去幾年一直在進行一系列流程和大量審查，無論你是否透過有關 CRE 的一些問題回顧矽谷的失敗。這些情況已經愈演愈烈。我希望我們的團隊成員能夠花更多的時間來創造收入而不是進行考試。所以我認為時間分配可能會稍微改變一下。

And then the question that everybody asks is on M&A. And I think we all expect the regulatory environment there to be easier to be able to get approvals on M&A. And so I think in many ways, that will drive activity. We all expect it to increase, not just because of the regulatory environment, but because of some of the succession management issues that exist across our industry.

然後每個人都問的問題是關於併購的。我認為我們都期望那裡的監管環境能夠更容易獲得併購批准。因此我認為，從很多方面來說，這都會推動活動。我們都預期這一數字會增加，這不僅是因為監管環境，還因為我們整個產業存在的一些繼任管理問題。

And in that environment, we have the opportunity to be able to take advantage of any disruption that would happen as a result of the M&A. So we're not counting on anything changed in the regulatory environment. We welcome a very friendly environment, but we don't expect a lot of changes. The real question around tailoring at $100 billion.

在這種環境下，我們有機會利用併購可能帶來的任何混亂。所以我們不指望監理環境會發生任何變化。我們歡迎非常友善的環境，但我們並不期待太多的改變。圍繞著 1000 億美元定制的真正問題。

Obviously, we're at $60 today, so it doesn't impact us. I think there have been a lot of folks that have speculated that, that could increase. We'll wait and see. We're going to continue to invest in our LFI capabilities as we go from $60 billion to $70 billion to $80 billion just because we think it is prudent risk management to continue to invest in the areas that will, over time, improve your overall risk profile.

顯然，我們今天的價格是 60 美元，所以這不會影響我們。我認為已經有很多人猜測這個數字可能會增加。我們將拭目以待。我們將繼續投資於我們的 LFI 能力，從 600 億美元增加到 700 億美元，再增加到 800 億美元，因為我們認為，繼續投資於那些隨著時間的推移可以改善整體風險狀況的領域是審慎的風險管理。

Kevin, that's really helpful. And just to clarify on M&A, you mentioned taking advantage potentially of other banks' M&A disruption. Your focus seems to be primarily on Synovus and your internal opportunities and growth. Is that fair?

凱文，這真的很有幫助。為了澄清併購問題，您提到可能利用其他銀行的併購中斷。您的關注點似乎主要集中在 Synovus 以及您的內部機會和發展。這樣公平嗎？

Yeah, I run the risk of sounding like a broken record, John, because I've said this really over the last three years and maybe even since our Investor Day. But yes, our primary focus has been on driving organic growth and executing with consistency and discipline. And we've said that because we believe that, that will earn us the right to get a higher valuation, which has always been our focus. We feel like our valuation does not truly reflect the value of our franchise.

是的，約翰，我冒著聽起來像老生常談的風險，因為在過去三年裡，甚至可能從我們的投資者日開始，我就一直在說這件事。但是，是的，我們的主要重點是推動有機成長並保持一致性和紀律性地執行。我們之所以這麼說，是因為我們相信，這將使我們有權獲得更高的估值，這一直是我們關注的重點。我們覺得我們的估值並不能真正反映我們特許經營權的價值。

And if that valuation were to move up, it gives you better optionality to pursue M&A. And so our singular focus organic growth to improve valuation, which then adds optionality in the long run.

如果估值上升，您將有更好的選擇來進行併購。因此，我們專注於有機成長來提高估值，從而從長遠來看增加選擇性。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

This is John [Rau] on for Jared. I guess on credit, could you just remind us what that one larger office NPL is and kind of what expectations are for that?

我是約翰 [Rau]，代替賈里德。我想就信用而言，您能否提醒我們那個較大的辦公室不良貸款是什麼以及對此有何預期？

So the current NPL for that one office relationship comprises two different ones but it's one relationship with two different properties and two different locations. And so the charge-offs that we took this quarter is on just one of the properties. We also took a charge-off last quarter on the same property. So with this one property, we're just taking another step towards a resolution without one particular location.

因此，對於該一個辦公室關係而言，目前的不良貸款包含兩個不同的不良貸款，但這是一個具有兩個不同屬性和兩個不同地點的關係。因此，我們本季的沖銷僅針對其中一項資產。上個季度我們也對同一處房產進行了沖銷。因此，有了這個屬性，我們就朝著沒有特定位置的解決方案邁出了又一步。

The other property, we have not taken any charges again. We have raised the reserve, and we do feel like we're in a good place relative to our reserves on that property.

對於其他財產，我們沒有再收取任何費用。我們已經提高了儲備金，而且我們確實感覺相對於該資產的儲備金而言，我們處於一個良好的狀態。

Okay, thanks. That's helpful. And then I guess just a modelling question. Do you have what the cost of the hedges were this quarter. I think it was like $18.5 million-ish last quarter.

好的，謝謝。這很有幫助。然後我猜這只是一個建模問題。您知道本季對沖的成本是多少嗎？我認為上個季度的金額大約是 1850 萬美元。

Let me get back to you on that one.

讓我稍後再回覆您這個問題。

Okay, thanks. And then I guess just back and then back on the hiring process about being able to offer all the tools that a large bank would offer. Could you just talk about what some of the recent investments in, I guess, tech and tools for the bankers have been, anything to know there?

好的，謝謝。然後我想回到招募流程，關於能否提供大型銀行能提供的所有工具。您能否談談最近銀行家在科技和工具方面的一些投資，有什麼需要了解的嗎？

John, I can probably take up the rest of the call to talk about all the investments, but I'll just -- I'll kind of rattle some of them off. We've just implemented a new loan origination system with Encino implemented a new syndication platform that allows us to lead transactions. We've invested a lot in our treasury area, whether that's simple things as an improved onboarding experience for our clients, but we also have added products like foreign exchange hedging, we've added products that we call Accelerate AP, which provides new tools for managing people's payables.

約翰，我可能可以利用電話的剩餘時間來談論所有的投資，但我只是——我會快速地說出其中的一些。我們剛剛與 Encino 合作實施了一個新的貸款發放系統，該系統實施了一個新的銀團貸款平台，使我們能夠主導交易。我們在財務領域投入了大量資金，無論是簡單的事情，還是改善客戶的入職體驗，我們還增加了外匯對沖等產品，我們增加了稱為 Accelerate AP 的產品，它為管理人們的應付款項提供了新工具。

We have a receivables platform. We've worked on the additional solutions that we provide through things like lock box, I mean the list goes on and on. It's one of those things, as we talk about internally, you never get to the finish line.

我們有一個應收帳款平台。我們已經透過諸如鎖箱之類的方式研究了我們提供的額外解決方案，我的意思是這個清單還可以很長。正如我們內部討論的那樣，這就是那些你永遠無法到達終點的事情之一。

The world is becoming more and more digital, and we are constantly investing in tools, products, capabilities that allow our clients to operate really 24/7. And that's something that as we look into the future, we'll continue to spend our next projects are on ERP integration into our clients' ERPs with our treasury platform, a fully integrated payment portal that will allow our clients to use a multitude of rails to make payment. And so it really involves both the treasury and deposit side as well as the lending side.

世界正變得越來越數位化，我們不斷投資於工具、產品和功能，以使我們的客戶能夠真正全天候運作。展望未來，我們將繼續投入精力，將我們的下一個項目投入到將 ERP 與客戶的 ERP 進行集成，使用我們的財務平台，這是一個完全集成的支付門戶，允許我們的客戶使用多種支付方式進行支付。因此，它實際上涉及財政和存款方面以及貸款方面。

And then I would add, we've also added capabilities in terms of just resources. We've added two liquidity product specialists that work side-by-side with our bankers to help the treasurers and controllers of these companies better manage their capital and liquidity. And so its investments in technology, it's also investments in talent and capabilities.

然後我想補充一點，我們也增加了資源方面的能力。我們增加了兩位流動性產品專家，與我們的銀行家並肩工作，幫助這些公司的財務主管和控制員更好地管理他們的資本和流動性。因此，它對技術的投資也是對人才和能力的投資。

Okay. Perfect. That's really helpful. And then just, I guess, on the hiring is if -- it's a little bit more front-loaded than to 2025 or if you see the opportunity come up, would you be open to, I guess, either increasing with the total amount of tires are pushing some of the plan tires you into 2025 versus 2026 or 2027?

好的。完美的。這真的很有幫助。然後，我想，關於招聘，如果 - 它比 2025 年更加前期投入，或者如果您看到機會出現，我想您是否願意增加輪胎總量，將一些計劃輪胎推到 2025 年而不是 2026 年或 2027 年？

Yeah, one of the things we've been clear about, John, is it somewhat -- you say it's front loaded. It's probably more front-loaded because you get folks around incentive time where they're getting paid their incentive and their equity, and that's the time to generally attract talent. But with our pipelines, we're not going to let that timing stand in the way. So we'll continue to lean in the second half of the year.

是的，約翰，我們已經清楚的一件事是──你說它是前置的。它可能更具前期性，因為你在激勵時間前後吸引人們，他們會得到獎勵和股權，而這通常是吸引人才的時間。但有了我們的管道，我們不會讓時間成為阻礙。因此，下半年我們將繼續保持這種勢頭。

And we've told our leaders if we get the right team or the right talent, your number is just there for planning purposes. We want to lean in and add additional folks. Obviously, when Jamie gives you updated guidance for expense, we've considered that. So we think in some areas, they'll come in above where they originally planned and others, it may be a position or two light. And again, as I said earlier, we're being very picky about the talent we're bringing in.

我們告訴領導，如果我們找到了合適的團隊或合適的人才，您的電話號碼只是為了規劃目的而存在的。我們希望進一步擴大規模並吸收更多人才。顯然，當 Jamie 向您提供最新的費用指導時，我們已經考慮到了這一點。因此我們認為，在某些地區，它們的光斑會超出原計劃的位置，而在其他地區，光斑可能會位於一兩個位置。正如我之前所說，我們對引進的人才非常挑剔。

Okay, great. Thank you for me.

好的，太好了。替我謝謝你。

Thank you.

謝謝。

Nick Holowko, UBS.

瑞銀的 Nick Holowko。

Hi, good morning, I think it's been a while since you've spoken about in the developments of the past few months and our involvement in the space on the fingers in the past. Do you have any thoughts or ambitions in the stable coin business? And is that an area where you could see any opportunities over the next couple of years?

嗨，早上好，我想您已經有一段時間沒有談論過去幾個月的發展以及我們過去在手指空間方面的參與了。您對穩定幣業務有什麼想法或抱負嗎？在接下來的幾年裡，您是否認為這個領域有任何機會？

I missed that. Can you say that again?

我錯過了。你能再說一次嗎？

Stable coin --

穩定幣--

Look, we've evaluated a partnership on stable coin. As I just mentioned on our payment portal, we believe to make our payments. And I think as we've all seen to this point, it's generally been international payments. And so we will look to that as adding that as an additional payment capability for our clients.

看，我們已經評估了穩定幣方面的合作關係。正如我剛才在我們的支付入口網站上提到的，我們相信可以進行支付。我認為，正如我們所看到的，這一般都是國際支付。因此，我們將其視為為客戶增加的額外支付能力。

But for us, I think there are a lot of alternatives to that, whether that's a real-time payment, same day ACH Fed now. So it will just be one of many capabilities that we want to offer. So we're not doing anything outsized there.

但對我們來說，我認為有很多替代方案，無論是即時支付，還是當日 ACH Fed。因此，這只是我們想要提供的眾多功能之一。所以我們不會在那裡做任何太大的事情。

Okay, thank you. And then maybe just one follow-up on credit. Good to see the -- I couldn't hear all the color that you've given so far and the performance in the quarter. Just as it relates to the reserving process, if you do see charge-offs stable as you're sort of forecasting here, would you expect that performance component of the allowance to drive the overall ratio down in the future?

好的，謝謝。然後也許只需要一次信用跟進。很高興看到——我無法聽到您迄今為止給出的所有細節以及本季度的表現。正如它與儲備過程有關一樣，如果您確實看到沖銷額穩定，正如您在這裡預測的那樣，您是否預計準備金的績效部分會在未來推動整體比率下降？

Or do you think that should stabilize outside of any changes in the macro environment?

或者您認為，即使宏觀環境發生變化，這也會保持穩定嗎？

Yeah, if we see improvement in loan portfolio for sure, that would drive a reduction in the allowance of continued trend there. That would be a positive. When you think about the allowance, you have the loan portfolio, then you also have the economic scenarios. If you were to use a little bit more -- if you just use the consensus baseline scenario, you would also see a reduction in the allowance by a handful of basis points.

是的，如果我們確實看到貸款組合有所改善，那麼這將推動持續趨勢的減少。那將是一件正面的事情。當你考慮津貼時，你就有了貸款組合，然後你也有經濟情景。如果您使用多一點 - 如果您只是使用共識基線情景，您還會看到津貼減少了幾個基點。

That's something that I think is important to consider as we look at this economic uncertainty. And as we look forward, we've seen a strong trend in credit improvement as we've gone through the last few quarters. We feel confident in the second half of the year. But it's also something where if we saw increased certainty in the economic outlook, that could be a positive as well.

當我們審視這種經濟不確定性時，我認為這一點是值得考慮的。展望未來，我們看到過去幾季信貸改善的強勁趨勢。我們對下半年充滿信心。但如果我們看到經濟前景更加確定，這也可能是件好事。

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

謝謝。我們的問答環節到此結束。我想將會議交還給凱文·布萊爾先生，請他作最後發言。

Thank you, Alex. As we close today's call, I want to reemphasize something fundamental to how we operate here at Synovus. We listen. We're listening to our clients and refining our service and advice, and that's reflected in our performance in the latest J.D. Power survey, where we posted the largest year-over-year increase in Net Promoter Score amongst the 50 largest banks by asset size.

謝謝你，亞歷克斯。在我們結束今天的電話會議時，我想再次強調 Synovus 運營的一些基本原則。我們聽著。我們正在傾聽客戶的意見並改進我們的服務和建議，這反映在我們在最新 J.D. Power 調查中的表現中，在按資產規模計算的 50 家最大銀行中，我們的淨推薦值同比增長幅度最大。

We're listening to our investors. We shortened our prepared remarks today. We also beat expectations and we're raising our guidance as we execute. We're also listening to our team members. As I mentioned earlier, our most recent Voice of team member survey showed 89% engagement levels, placing us in the upper echelon of the industry.

我們正在傾聽投資者的意見。我們今天縮短了準備好的發言稿。我們也超出了預期，並且在執行過程中提高了我們的指導。我們也在聽取團隊成員的意見。正如我之前提到的，我們最近的團隊成員之聲調查顯示，參與度達到 89%，這讓我們處於產業的上層。

But we know there's more to do, and we will be relentless in delivering enhancements across all these fronts. This quarter's achievements are a direct reflection of the dedication, the resilience and the innovation of our people. From operations to strategy from client-facing execution to corporate service support, every individual has played a role in driving our success.

但我們知道還有很多工作要做，我們將堅持不懈地在所有這些方面做出改進。本季度的成就直接反映了我們員工的奉獻精神、韌性和創新精神。從營運到策略，從面向客戶的執行到企業服務支持，每個人都為推動我們的成功發揮了作用。

I want to extend my deepest thanks to our entire team for your commitment and your excellence. Your efforts are not only seen, they are deeply appreciated. We've been making meaningful progress on our strategic priorities, strengthening our financial position, and we've laid the groundwork for long-term growth, whether it's through disciplined execution, smart investments, our relentless focus on customer value, we're building a stronger, more agile organization.

我要向我們整個團隊的奉獻和卓越表現表示最深切的感謝。您的努力不僅被看到，而且受到深深的讚賞。我們在策略重點上取得了有意義的進展，加強了我們的財務狀況，並為長期成長奠定了基礎，無論是透過嚴格的執行、明智的投資，還是對客戶價值的不懈關注，我們都在建立一個更強大、更敏捷的組織。

The momentum we've created is real, and it's energizing to me to see how far we've come. As we look ahead, we're not just growing, we're scaling with purpose. By expanding our presence in key markets and investing in capabilities that matter most to our clients, we're positioning Synovus to compete and win at the highest level. The foundation we built is strong, the opportunities ahead are even stronger.

我們所創造的動力是真實的，看到我們所取得的進步讓我感到振奮。展望未來，我們不僅在成長，而且在有目的地擴大規模。透過擴大我們在主要市場的影響力並投資於對客戶最重要的能力，我們使 Synovus 能夠在最高水平上競爭並獲勝。我們已經打下的基礎很牢固，未來的機會更加強大。

Thank you for joining us today and thank you for being part of this journey. With that, Alex, we now conclude today's call.

感謝您今天加入我們，感謝您成為這趟旅程的一部分。亞歷克斯，今天的通話到此結束。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。