UMB Financial Corp (UMBF) 2017 Q3 法說會逐字稿

Good morning, and welcome to the UMB Financial Third Quarter 2017 Financial Results Conference Call.

早上好，歡迎來到 UMB Financial 2017 年第三季度財務業績電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Kay Gregory, Director of Investor Relations.

我現在想將會議轉交給投資者關係總監 Kay Gregory。

Please go ahead.

請繼續。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

On the call today are Mariner Kemper, President and CEO; Ram Shankar, CFO; and Mike Hagedorn, CEO of UMB Bank.

今天接聽電話的是總裁兼首席執行官 Mariner Kemper；首席財務官 Ram Shankar； UMB 銀行首席執行官 Mike Hagedorn。

Before we begin, let me remind you that today's presentation contains forward-looking statements, all of which are subject to assumptions, risks and uncertainties.

在我們開始之前，讓我提醒您，今天的演示文稿包含前瞻性陳述，所有這些陳述都受假設、風險和不確定性的影響。

Actual results and other future events, circumstances or aspirations may differ materially from those set forth in any forward-looking statement.

實際結果和其他未來事件、情況或願望可能與任何前瞻性陳述中的陳述大不相同。

Information about factors that may cause them to differ is contained in our Form 10-K and subsequent Form 10-Qs and other SEC filings.

有關可能導致它們不同的因素的信息包含在我們的 10-K 表格和隨後的 10-Q 表格以及其他 SEC 文件中。

Forward-looking statements made in today's presentation speak only as of today, and we undertake no obligation to update them, except to the extent required by securities laws.

今天演示文稿中的前瞻性陳述僅代表今天，除證券法要求的範圍外，我們不承擔更新這些陳述的義務。

Our earnings release as well as the supporting slide deck is available on our website at umbfinancial.com, under News & Events in the Investor section.

我們的收益發布以及支持的幻燈片可在我們網站 umbfinancial.com 的投資者部分的新聞與事件下找到。

Reconciliations of non-GAAP financial measures have been included in the earnings release and on Pages 5 through 7 of the supporting slides.

非 GAAP 財務指標的對賬已包含在收益發布和支持幻燈片的第 5 頁至第 7 頁中。

All earnings per share metrics discussed in this call are on a diluted share basis.

本次電話會議中討論的所有每股收益指標均基於稀釋後的股份。

Please refer to the tables contained in the earnings release for details about basic and diluted earnings per share.

有關基本和稀釋每股收益的詳細信息，請參閱收益發布中包含的表格。

With that, I'll turn the call over to Mariner Kemper.

有了這個，我會把電話轉給 Mariner Kemper。

Thank you, Kay.

謝謝你，凱。

Welcome, everyone.

歡迎大家。

Thank you for joining us.

感謝您加入我們。

Our third quarter results reflect continued marginal expansion, strong positive operating leverage, strong contributions from our private wealth, Corporate Trust and Financial Services businesses and substantial growth in our national lending platforms.

我們第三季度的業績反映了持續的邊際擴張、強勁的積極經營槓桿、我們的私人財富、企業信託和金融服務業務的強勁貢獻以及我們國家貸款平台的大幅增長。

On Slide 4, you'll see that income from continuing operations was $48.9 million or $0.98 per share.

在幻燈片 4 中，您會看到來自持續經營的收入為 4890 萬美元或每股 0.98 美元。

Discontinued operations posted a net loss of $730,000 or $0.01 per share, which included pretax divestiture expense of $6.4 million.

已終止經營業務的淨虧損為 730,000 美元或每股 0.01 美元，其中包括 640 萬美元的稅前資產剝離費用。

On a non-GAAP basis, as shown in the reconciliations, net operating income remained at $48.9 million or $0.98 per share.

如調節表所示，在非 GAAP 基礎上，淨營業收入保持在 4890 萬美元或每股 0.98 美元。

And income from discontinued operations was $3.4 million or $0.07 per share for a combined $1.05 per share.

終止經營業務的收入為 340 萬美元或每股 0.07 美元，合計每股 1.05 美元。

As we've mentioned in prior quarters' calls, we continue to emphasize improving operating leverage rather than focusing on specific expense goal.

正如我們在前幾個季度的電話會議中提到的，我們繼續強調提高運營槓桿，而不是專注於特定的支出目標。

Year-to-date, 2017 revenue has increased 9.3% and expenses grew 4.7% compared to the same period last year, producing operating leveraging of 4.6%.

年初至今，2017 年收入同比增長 9.3%，支出同比增長 4.7%，運營槓桿率為 4.6%。

At the same time, we have been and will continue to invest in our business to position us well for long-term revenue growth.

與此同時，我們一直並將繼續投資於我們的業務，以使我們為長期收入增長做好準備。

Slides 8 and 9 show our balance sheet snapshot and the loan growth history.

幻燈片 8 和 9 顯示了我們的資產負債表快照和貸款增長歷史。

Average loan balances of $10.9 billion for the third quarter represent a year-over-year increase of 7.2%, and a linked quarter annualized increase of 3.7% or $99.1 million.

第三季度平均貸款餘額為 109 億美元，同比增長 7.2%，環比年化增長 3.7% 或 9,910 萬美元。

By comparison, the banks that had reported third quarter results as of October 20, posted median year-over-year loan growth of 4.2% and linked quarter annualized growth of 5.4%.

相比之下，截至 10 月 20 日已公佈第三季度業績的銀行的貸款同比增長率中位數為 4.2%，季度環比年化增長率為 5.4%。

There are few reasons why our net average loan growth of just under $100 million for the quarter was slightly lower than our historical range.

我們本季度略低於 1 億美元的平均淨貸款增長略低於歷史範圍的原因很少。

First, the $200 million payout we discussed on the last call happened in mid-May.

首先，我們在上次電話會議上討論的 2 億美元支出發生在 5 月中旬。

So we saw only half of the average balance impact last quarter and the rest this quarter.

因此，我們只看到上個季度平均餘額影響的一半和本季度的其餘部分。

Second, there was some pipeline push from the third quarter into the fourth quarter.

其次，從第三季度到第四季度有一些管道推動。

And third, we experienced the same softness you've heard about from other vendors related to the business consolidation and line reduction as borrowers are putting more of their cash to use.

第三，我們經歷了你從其他供應商那裡聽到的與業務整合和線路減少相關的同樣的疲軟，因為藉款人正在使用更多的現金。

Top line production remained strong at $604 million compared to the average of $597 million over the past 4 quarters as slower growth in some commercial verticals was offset by some strong demand in CRE factoring and asset-based lending.

收入保持強勁，達到 6.04 億美元，而過去 4 個季度的平均收入為 5.97 億美元，這是因為一些商業垂直行業的增長放緩被 CRE 保理和基於資產的貸款的強勁需求所抵消。

Mike will discuss further detail on our payoffs and net color on our lending verticals in the bank discussion.

邁克將在銀行討論中討論我們在貸款垂直領域的收益和淨利潤的更多細節。

As we look to the fourth quarter, the production and the pipeline is similar to what we've seen going into the third quarter, although the variability related to the timing of payoffs, paydowns and line fluctuations is difficult to predict with precision.

當我們展望第四季度時，生產和管道與我們進入第三季度時所看到的相似，儘管與回報時間、回報和生產線波動相關的可變性很難準確預測。

Turning to Slide 10, you'll see that the chart that I share every quarter showing the history of our net charge-off ratio, which has averaged 23 basis points over the past 5 years.

轉到幻燈片 10，您會看到我每個季度分享的圖表顯示了我們淨註銷率的歷史，過去 5 年平均為 23 個基點。

Credit trends can be inconsistent from one quarter to another, and net charge-offs for the third quarter were 0.40% of loans.

每個季度的信貸趨勢可能不一致，第三季度的淨註銷佔貸款的 0.40%。

The commercial charge-offs shown in the press release table were largely related to one credit of approximately $4 million to an agricultural borrower.

新聞稿表中顯示的商業沖銷主要與向農業借款人提供的約 400 萬美元的信貸有關。

We have some recourse with the borrower and while we are pursuing options and we hope to recover at least some portion of the balance, we charged it all off during the quarter.

我們對借款人有一些追索權，在我們尋求選擇的同時，我們希望至少收回部分餘額，但我們在本季度將其全部扣除。

Excluding this credit, the general portfolio of quality continues to be in line with historical performance.

排除這一點，總體質量組合繼續與歷史表現保持一致。

Finally, we continue to make progress towards the divestiture of Scout, working through client consents and practiced solicitations and we expect the transaction to close in the fourth quarter.

最後，我們通過徵得客戶同意和實踐徵求意見，繼續在剝離 Scout 方面取得進展，我們預計該交易將在第四季度完成。

Now I'll hand it over to Ram for discussion of our drivers behind the results and a further look at our segment disclosures.

現在我將把它交給 Ram 來討論我們的結果背後的驅動因素，並進一步研究我們的部門披露。

Ram?

內存？

Thanks, Mariner, and good morning, everyone.

謝謝，Mariner，大家早上好。

Similar to the last quarter, most of my discussion will focus on continuing operations, and I'll give an update on Scout results later in the call.

與上個季度類似，我的大部分討論將集中在持續運營上，我將在電話會議的稍後部分提供 Scout 結果的最新信息。

Looking first at the income statement.

先看損益表。

Net interest income of $140.9 million represented linked quarter increase of 2.5%.

淨利息收入為 1.409 億美元，環比增長 2.5%。

Mix-shift, including the growth of our CRE, asset based and factoring loan portfolios was the largest driver of the $3.5 million increase in additional net interest income during the third quarter.

混合轉移，包括我們的 CRE、資產基礎和保理貸款組合的增長，是第三季度額外淨利息收入增加 350 萬美元的最大驅動力。

Net interest margin for the third quarter was 3.16% versus 3.12% in the second quarter.

第三季度淨息差為 3.16%，而第二季度為 3.12%。

Our yield on earning assets expanded by 11 basis points to 3.52%, while our cost of interest-bearing liabilities plus DDA increased 7 basis points to the 38 basis points.

我們的盈利資產收益率擴大了 11 個基點，達到 3.52%，而我們的有息負債成本加上 DDA 增加了 7 個基點，達到 38 個基點。

The 4 basis points of improvement over the second quarter was driven by the full quarter benefit to loan yields from the June rate hike and higher purchase yields and a larger portion of munis in our AFS book, partially offset by increased liability cost.

第二季度提高 4 個基點的原因是 6 月加息和更高的購買收益率以及我們的 AFS 賬簿中市政債券的整個季度收益，部分被負債成本增加所抵消。

During the quarter, we had an approximately 2 basis point benefit from loan fees that are recorded as margin.

在本季度，我們從記錄為保證金的貸款費用中獲得了大約 2 個基點的收益。

Compared to the third quarter 2016, margin expanded 29 basis points, approximately 10 basis points of this expansion was driven by the benefit that our free funds provide in a rising rate environment.

與 2016 年第三季度相比，利潤率擴大了 29 個基點，這種擴張大約 10 個基點是由我們的自由資金在利率上升環境中提供的好處推動的。

Since December 2015, when the Fed rate hikes began, loan yields have increased 53 basis points to 4.33%, while our cost of interest-bearing deposits has increased 23 basis points from 18 to 41 basis points.

自 2015 年 12 月美聯儲開始加息以來，貸款收益率增加了 53 個基點至 4.33%，而我們的計息存款成本從 18 個基點增加了 23 個基點至 41 個基點。

This increase in cost of interest-bearing deposits was driven primarily by the impact of higher short-term rates on some of our index deposits, and to a lesser extent, by a mix-shift within deposit categories.

生息存款成本的增加主要是由於較高的短期利率對我們的一些指數存款的影響，在較小程度上是由於存款類別的混合轉移。

Slide 14 details the changes in noninterest income, which decreased 5.4% or $6 million on a linked-quarter basis.

幻燈片 14 詳細介紹了非利息收入的變化，非利息收入環比下降 5.4% 或 600 萬美元。

$2.8 million of the decrease was related to the changes in Bankcard fees.

280 萬美元的減少與銀行卡費用的變化有關。

As we discussed last quarter, we replaced our vendor for our card rewards program to one that offers a better solution and digital experience.

正如我們上個季度所討論的那樣，我們將我們的信用卡獎勵計劃供應商更換為提供更好解決方案和數字體驗的供應商。

We recorded adjustments in both the second and third quarters to reward the expense, reflecting related redemption experience.

我們記錄了第二季度和第三季度的調整以獎勵費用，以反映相關的贖回經驗。

These expenses can vary with current and prior quarter's card purchase volumes as well as customer redemption and forfeiture rates.

這些費用會隨著當前和上一季度的信用卡購買量以及客戶贖回率和沒收率而變化。

For the quarter, commercial card spend, which has a significant impact on reward and rebate expense increased 7.2% and represented 22% of our total debit and credit card purchase volume.

本季度，對獎勵和回扣費用有重大影響的商務卡支出增長了 7.2%，占我們藉記卡和信用卡總購買量的 22%。

The trading and investment banking income line item was $4.5 million for the quarter, a decrease of $1.7 million, $788,000 of which was related to the second quarter income from our seed capital held in certain Scout funds.

本季度的交易和投資銀行業務收入項目為 450 萬美元，減少了 170 萬美元，其中 788,000 美元與我們在某些 Scout 基金中持有的種子資本的第二季度收入有關。

As I noted last quarter, we liquidated our investments in those Scout funds at the end of the second quarter and as such, there were no positive or negative mark-to-market adjustments like in previous quarters.

正如我在上個季度指出的那樣，我們在第二季度末清算了對這些 Scout 基金的投資，因此，沒有像前幾個季度那樣對市值進行正面或負面的調整。

Our Institutional Banking business, whose revenues also flows into that line, experienced lower linked quarter revenue from municipal and MBS underwriting and trading activities, as volatile market conditions have kept some customers on the sidelines.

我們的機構銀行業務（其收入也流入該業務線）的市政和 MBS 承銷和交易活動的相關季度收入較低，因為市場環境動盪使一些客戶保持觀望。

However, we've seen impressive results from our newer nonbank qualified sales teams.

然而，我們已經看到來自我們新的非銀行合格銷售團隊的令人印象深刻的結果。

On a year-over-year basis, income from investment banking activities decreased 10.2%, consistent with what we heard from other banks and brokers, who also cited lower client activity, uncertainty around the political and fiscal outlook plus the typical summer slowdown from declining third quarter revenues.

與去年同期相比，投資銀行活動的收入下降了 10.2%，這與我們從其他銀行和經紀人那裡聽到的一致，他們還提到了客戶活動減少、政治和財政前景的不確定性以及典型的夏季經濟放緩。第三季度收入。

Deposit service charge income for the quarter was negatively impacted by typical seasonal fluctuations in health care deposit charges and to a greater extent recent increases in our earnings credit rate.

本季度的存款服務費收入受到典型的醫療保健存款費季節性波動的負面影響，並且在更大程度上受到近期我們收益信貸利率上升的影響。

We increased the ECR by 5 basis points in July, reducing commercial and institutional fees during the quarter by approximately $315,000.

我們在 7 月份將 ECR 提高了 5 個基點，將本季度的商業和機構費用減少了約 315,000 美元。

To maintain our competitive edge, the rate would increase another 5 basis points at the end of September.

為了保持我們的競爭優勢，利率將在 9 月底再增加 5 個基點。

Finally, other noninterest income in the second quarter included a gain of $1 million from the sale of a branch building driving the negative variance in that line.

最後，第二季度的其他非利息收入包括出售分行大樓帶來的 100 萬美元收益，這導致了該行的負差異。

Further detail on the primary drivers of the year-over-year increase in noninterest income are included on the slide.

幻燈片中包含有關非利息收入同比增長的主要驅動因素的更多詳細信息。

For the third quarter, noninterest income represented 42.5% of revenue from continuing operations compared to 44.5% in the second quarter, and significantly better than the second quarter peer median of 25.3%.

第三季度，非利息收入佔持續經營收入的 42.5%，而第二季度為 44.5%，明顯好於第二季度同行中值 25.3%。

Slide 16 in the press release contains detailed drivers of the changes in noninterest expense, which on an as-stated basis decreased $5.1 million or 2.9% compared to the second quarter.

新聞稿中的幻燈片 16 包含非利息支出變化的詳細驅動因素，與第二季度相比，按規定減少 510 萬美元或 2.9%。

Employee benefit expense and bonus and commission expense each decreased $1.6 million compared to the second quarter, while salaries and wage expense remained flat.

與第二季度相比，員工福利支出和獎金及佣金支出各減少 160 萬美元，而薪金和工資支出則持平。

As a reminder, some of our expense line items such as bonuses and commissions, processing fees and Bankcard expenses are variable in nature and tend to correlate with volume or revenue-based activities.

提醒一下，我們的一些費用項目，如獎金和佣金、手續費和銀行卡費用，本質上是可變的，往往與數量或基於收入的活動相關。

On a year-over-year basis, third quarter salary and benefit expense remained virtually flat, posting an increase of just 0.3%.

與去年同期相比，第三季度的工資和福利支出幾乎持平，僅增長 0.3%。

Increases in salary and wage expense and medical costs were largely offset by lower bonuses, commissions and incentives.

工資和工資支出以及醫療費用的增加在很大程度上被較低的獎金、佣金和激勵措施所抵消。

Finally, our effective year-to-date tax rate of 21.4% resulted largely from a larger portion of income from tax-exempt sources and an increase in excess tax benefits associated with stock compensation recorded through the third quarter.

最後，我們年初至今的有效稅率為 21.4%，這主要是由於大部分收入來自免稅來源，以及第三季度記錄的與股票薪酬相關的超額稅收優惠增加。

We expect the tax rate for the full year 2017 to be approximately 22% for continuing operations.

我們預計 2017 年全年持續經營業務的稅率約為 22%。

Before we move to the balance sheet, I'll comment on the components of income from discontinued operations, which are shown on Slide 17.

在我們轉到資產負債表之前，我將對幻燈片 17 中顯示的已終止業務收入的組成部分發表評論。

Revenue from Scout Investments was $18.2 million for the third quarter versus $17.9 million for the second quarter.

第三季度來自 Scout Investments 的收入為 1820 萬美元，而第二季度為 1790 萬美元。

Total expenses for the quarter were $19.2 million, which included the $6.4 million in divestiture cost that Mariner mentioned earlier.

該季度的總支出為 1920 萬美元，其中包括 Mariner 之前提到的 640 萬美元資產剝離成本。

You'll find the details on Scout and the drivers of changes to assets under management in the appendix beginning on Slide 43.

您將在幻燈片 43 開頭的附錄中找到有關 Scout 的詳細信息以及管理資產變化的驅動因素。

At September 30, Scout assets under management stood at $27 billion.

截至 9 月 30 日，Scout 管理的資產為 270 億美元。

Now turning to the balance sheet.

現在轉向資產負債表。

Slide 18 shows the composition of our investment portfolio.

幻燈片 18 顯示了我們投資組合的構成。

We continued to shift assets from the available-for-sale portfolio to fund loan demand and growth in the private placement bond portfolio.

我們繼續將資產從可供出售的投資組合轉移到為貸款需求和私募債券投資組合的增長提供資金。

For the third quarter average AFS balances were $6.2 billion, a reduction of $422 million from the third quarter last year, while our held-to-maturity portfolio increased $355 million over the same time.

第三季度平均 AFS 餘額為 62 億美元，比去年第三季度減少 4.22 億美元，而我們的持有至到期投資組合同期增加了 3.55 億美元。

The average yield in our AFS portfolio increased 3 basis points to 2.19% compared to the second quarter as purchases made were at accretive yields.

與第二季度相比，我們的 AFS 投資組合的平均收益率增加了 3 個基點，達到 2.19%，因為購買是在增加收益率。

The average yield on the revenue bonds in our HTM portfolio was 3.85%, up 3 basis points from the prior quarter.

我們 HTM 投資組合中收益債券的平均收益率為 3.85%，比上一季度上升 3 個基點。

Details related to the past quarter's activities and portfolio's statistics are shown on Slide 19.

有關上一季度活動和投資組合統計數據的詳細信息，請參見幻燈片 19。

Turning to liabilities on Slide 20.

轉向幻燈片 20 上的負債。

Average deposits for the quarter were essentially flat at $15.7 billion compared to the prior quarter as the linked quarter increases in health care and other performance deposits more than offset the declines in institutional DDA balances and the seasonal run-off of public funds balances.

本季度平均存款與上一季度相比基本持平，為 157 億美元，因為醫療保健和其他績效存款的相關季度增長抵消了機構 DDA 餘額的下降和公共基金餘額的季節性流失。

The cost of interest-bearing deposits for the third quarter was 41 basis points, an increase of 9 basis points from the prior quarter, reflecting the full impact of the June rate increase on our performance and MMDA deposits as well as mixed changes between deposit categories.

第三季度計息存款成本為 41 個基點，比上一季度增加 9 個基點，反映了 6 月加息對我們業績和 MMDA 存款的全面影響以及存款類別之間的混合變化.

Including DDA, the cost of our deposit base increased 6 basis points to 26 basis points.

包括 DDA 在內，我們的存款基礎成本增加了 6 個基點至 26 個基點。

Compared to the second quarter, average demand deposits increased $109 million, while interest-bearing deposits increased $217 million.

與第二季度相比，平均活期存款增加了 1.09 億美元，而計息存款增加了 2.17 億美元。

While we've seen more movements in institutional and commercial deposits, betas continue to be in line with or slower than our simulation modeling.

雖然我們看到機構和商業存款有更多變動，但貝塔值繼續與我們的模擬模型一致或慢於我們的模擬模型。

Moving to segment results.

移動到細分結果。

You'll see the financials for the bank and Asset Servicing segments on Slide 23, followed by details on each.

您將在幻燈片 23 上看到銀行和資產服務部門的財務數據，然後是每個部門的詳細信息。

In our Asset Servicing segment, UMB Fund Services assets under administration stood at $207.9 billion at quarter-end compared to $201.5 billion at the end of second quarter and $186.2 billion a year ago.

在我們的資產服務部門，UMB 基金服務管理的資產在季度末為 2079 億美元，而第二季度末為 2015 億美元，一年前為 1862 億美元。

The increase in AUM was driven by new clients who bought on 15 new funds over the past year as well as by market appreciation.

AUM 的增長是由新客戶在過去一年購買了 15 只新基金以及市場升值推動的。

The pretax margin for the quarter was 22.5% compared to 17.2% for the second quarter, and 19.5% in the third quarter of 2016.

本季度稅前利潤率為 22.5%，而第二季度為 17.2%，2016 年第三季度為 19.5%。

Noninterest income increased $325,000 on a linked-quarter basis and $1.5 million year-over-year related to new alternative and 40 Act servicing business.

非利息收入環比增加 325,000 美元，與新的替代和 40 Act 服務業務相關的同比增加 150 萬美元。

In the private equity space, we currently service approximately $17 billion in assets, and our Investment Manager Series Trust, which provides a turnkey cost-effective method for advisers to launch new funds now have $16.7 billion in assets from levels near $2 billion 5 years ago.

在私募股權領域，我們目前為大約 170 億美元的資產提供服務，而我們的 Investment Manager Series Trust 為顧問推出新基金提供了一種統包成本效益的方法，現在的資產規模從 5 年前的近 20 億美元增加到 167 億美元.

Details related to this segment are on Slides 24 through 26.

與此部分相關的詳細信息在幻燈片 24 到 26 中。

I'll now hand it to Mike to cover the details and drivers for the bank, and then we'll be happy to take your questions.

我現在將它交給邁克，以涵蓋銀行的詳細信息和驅動程序，然後我們將很樂意回答您的問題。

Mike?

麥克風？

Thanks, Ram.

謝謝，拉姆。

The Bank segment posted pretax net income of $55.5 million for the quarter, an increase of $3.9 million or 7.6% on a linked-quarter basis.

銀行部門本季度的稅前淨收入為 5550 萬美元，環比增長 390 萬美元或 7.6%。

Expenses at the bank decreased 2.9% compared to second quarter, due largely to the reduced salary and benefits expense, Ram discussed earlier, and helped drive a pretax profit margin of 25.6% for the quarter.

該銀行的費用與第二季度相比下降了 2.9%，這主要是由於工資和福利費用的減少，Ram 早些時候討論過，並幫助推動了本季度 25.6% 的稅前利潤率。

While average loan balances increased 7.2% year-over-year and 3.7% on a linked-quarter annualized basis, average yields on the total loan portfolio rose 15 basis points.

雖然平均貸款餘額同比增長 7.2%，環比年化增長 3.7%，但總貸款組合的平均收益率上升了 15 個基點。

Drivers of the increased yield included a positive 13 basis points related to increased LIBOR and prime rates as loans repriced; 7 basis points to net loan growth and renewal rate changes in our existing portfolio and another 5 basis points to loans to new customers booked during the quarter.

收益率增加的驅動因素包括與 LIBOR 和優惠利率增加相關的正 13 個基點，因為貸款重新定價；我們現有投資組合的淨貸款增長和續訂率變化 7 個基點，本季度預訂的新客戶貸款另外 5 個基點。

These increases were partially offset by a reduction of 10 basis points related to loans paid off during the quarter.

這些增長部分被與本季度還清貸款相關的 10 個基點的減少所抵消。

Turning to Slide 29.

轉到幻燈片 29。

You'll see the strong growth loan production, Mariner mentioned earlier.

你會看到強勁增長的貸款生產，Mariner 之前提到過。

Total payoffs and paydowns of $476 million for the quarter, represented 4.3% of loans, which is in line with average levels over the past 4 quarters.

本季度總回報和償還額為 4.76 億美元，佔貸款的 4.3%，與過去 4 個季度的平均水平一致。

Payoffs came equally from our construction book as projects were completed and sold, and from our C&I book, where, as Mariner mentioned, we saw a few clients selling their businesses.

隨著項目的完成和銷售，收益同樣來自我們的建築賬簿，以及我們的 C&I 賬簿，正如 Mariner 提到的，我們看到一些客戶出售他們的業務。

The composition of our loan growth and a regional view are shown on Slides 30 and 31.

幻燈片 30 和 31 顯示了我們貸款增長的構成和區域觀點。

And we are seeing positive trends in several of our markets and lending verticals.

我們在我們的幾個市場和貸款垂直領域看到了積極的趨勢。

Our national lending platforms, each had a strong third quarter, combining to add $54.1 million in average balances.

我們的國家借貸平台在第三季度表現強勁，平均餘額增加了 5,410 萬美元。

In our commercial and transportation-related factoring verticals, we added 10 new borrowers during the third quarter and increased average balances by 11.8% compared to last quarter.

在我們的商業和運輸相關保理垂直行業，我們在第三季度增加了 10 個新借款人，平均餘額比上一季度增加了 11.8%。

Factoring is a volume business and the receivables are often more important than outstanding balances.

保理業務是一項規模龐大的業務，應收賬款通常比未清餘額更重要。

In the 15-year history of Marquette Transportation Finance, approximately $15 billion in receivables have been processed.

在 Marquette Transportation Finance 的 15 年曆史中，處理了大約 150 億美元的應收賬款。

The non-transportation portion of our factoring business, commercial finance has experienced tremendous growth over the last 12 months and now represents 60% of the total portfolio, up from 45% a year ago.

我們保理業務的非運輸部分商業金融在過去 12 個月中經歷了巨大的增長，現在佔總投資組合的 60%，高於一年前的 45%。

Funding in this quarter came from a variety of industries, including staffing, oilfield services, plastic recycling and commercial cleaning.

本季度的資金來自多個行業，包括人員配備、油田服務、塑料回收和商業清潔。

The climate for receivable financing in the transportation space continues to improve, and this portion of our factoring portfolio has grown by 32% during the past year.

運輸領域的應收賬款融資環境持續改善，我們保理組合的這一部分在過去一年中增長了 32%。

In asset-based lending, new business and retention and growth of existing client relationships combined to drive a quarterly increase of 14.7% in average balances, the best quarter since we acquired the business in 2015.

在基於資產的貸款方面，新業務以及現有客戶關係的保留和增長共同推動平均餘額季度增長 14.7%，這是自我們 2015 年收購該業務以來的最佳季度。

Year-to-date, our ABL team has closed $203 million in new client commitments.

年初至今，我們的 ABL 團隊已完成 2.03 億美元的新客戶承諾。

CRE & Construction, production and pipelines remains strong, even as balances are impacted by payoffs.

CRE & Construction、生產和管道仍然強勁，即使收支平衡受到收益的影響。

We began our more focused efforts in the commercial real estate space in 2015, building on our quality underwriting and credit standards.

2015 年，我們以質量承保和信用標準為基礎，開始更加專注於商業房地產領域。

We continue to build out our CRE & Construction portfolios in the same deliberate manner.

我們繼續以同樣審慎的方式建立我們的 CRE 和建築投資組合。

The industry tenure and expertise of our CRE team allows opportunities to be vetted early, thereby, sending only the most qualified deals to loan committee.

我們的 CRE 團隊的行業任期和專業知識允許儘早審查機會，從而只將最合格的交易發送給貸款委員會。

We have seen a steady supply of deals, reviewing more than $4 billion in loans year-to-date.

我們看到了穩定的交易供應，審查了今年迄今為止超過 40 億美元的貸款。

And although we won't stretch on quality, our average CRE & Construction balances have grown 45.3% since the third quarter of 2015, when we launched our dedicated commercial real estate group.

儘管我們不會誇大質量，但自 2015 年第三季度我們推出專門的商業房地產集團以來，我們的平均 CRE 和建築餘額增長了 45.3%。

Multifamily and industrial projects combined to represent 65% of loans funded during the quarter followed by retail and office.

多戶家庭和工業項目合計佔本季度融資貸款的 65%，其次是零售和辦公項目。

Within our footprint, Arizona, Kansas and Texas were the overall volume leaders in CRE & Construction Lending.

在我們的業務範圍內，亞利桑那州、堪薩斯州和德克薩斯州是 CRE 和建築貸款的總體領先者。

Consistent with prior quarters, multifamily and other investment CRE represents 32% of the average CRE & Construction loans on our balance sheet and 12% of our total average loans.

與前幾個季度一致，多戶家庭和其他投資 CRE 占我們資產負債表上平均 CRE 和建築貸款的 32%，占我們平均貸款總額的 12%。

For further context, our CRE balances are approximately 120% of risk-based capital.

進一步了解，我們的 CRE 餘額約為基於風險的資本的 120%。

Our Personal Banking division, Private Wealth and Consumer continues to provide about 1/3 of our funding with deposits averaging $5.1 billion for the third quarter.

我們的個人銀行部門、私人財富和消費者繼續提供大約 1/3 的資金，第三季度平均存款為 51 億美元。

In Private Banking, average deposits for the quarter were just under $1 billion, and our lending teams added $34 million of loans during the quarter.

在私人銀行業務中，本季度的平均存款略低於 10 億美元，我們的貸款團隊在本季度增加了 3400 萬美元的貸款。

In our consumer bank, we continue to make changes to improve efficiency.

在我們的消費者銀行中，我們繼續進行變革以提高效率。

During the third quarter, we consolidated 4 branch locations, bringing our total to 95 banking centers and 3 commercial and private wealth facilities.

第三季度，我們整合了 4 個分支機構，使我們的銀行中心總數達到 95 個，以及 3 個商業和私人財富機構。

Our efforts to improve operating leverage include strategic decisions about our property holdings, including consolidations, the sale of branch buildings and some prudent investments where it makes sense.

我們為提高經營槓桿所做的努力包括關於我們財產持有的戰略決策，包括合併、出售分支機構大樓和一些合理的審慎投資。

We continue to transition branches to our new retail delivery model after banking center level reviews of staffing, operating hours and incentives, and we are pleased to report that at the end of September, 46 locations were operating under the new model, while 5 additional branches are in the 4K or 7K transition process.

在銀行中心級別對人員配置、營業時間和激勵措施進行審查後，我們繼續將分支機構過渡到我們的新零售交付模式，我們很高興地報告，截至 9 月底，46 個分支機構在新模式下運營，另外 5 個分支機構正處於4K或7K過渡過程中。

Slide 34 shows assets under management and our private wealth, Institutional Asset Management, brokerage and Prairie Capital Management businesses that are within the bank segment.

幻燈片 34 顯示了銀行部門內管理的資產和我們的私人財富、機構資產管理、經紀業務和 Prairie Capital Management 業務。

Combined AUM now stands at $15.5 billion, representing a 5-year CAGR of 13% from third quarter 2012 AUM of $8.4 billion.

合併後的資產管理規模目前為 155 億美元，與 2012 年第三季度的資產管理規模 84 億美元相比，5 年復合年增長率為 13%。

We have seen AUM levels, revenue and client relationships expand as we lead with financial planning, focused on wealth transfer within our trust business and build expertise in areas such as business transition planning.

我們已經看到 AUM 水平、收入和客戶關係隨著我們領導財務規劃而擴大，專注於我們信託業務中的財富轉移，並在業務轉型規劃等領域積累專業知識。

Over the past 12 months, our private wealth client base increased 10%, and the private wealth contribution to our total Trust and Securities Processing income has increased 10.7%.

在過去 12 個月中，我們的私人財富客戶群增加了 10%，私人財富對我們信託和證券處理總收入的貢獻增加了 10.7%。

Our commitment to Asset Management for the families and institutions we serve remains as strong as ever.

我們對所服務的家庭和機構的資產管理承諾一如既往。

In Institutional Banking, our nonbank channel sales teams continue to build relationships and pipelines with results that help hold the line on lower municipal and MBS underwriting revenue overall.

在機構銀行業務中，我們的非銀行渠道銷售團隊繼續建立關係和管道，其結果有助於控制較低的市政和 MBS 承銷收入。

Our traditional bank qualified bond trading business has been challenged by the rate environment during recent quarters.

我們傳統的銀行合格債券交易業務在最近幾個季度受到利率環境的挑戰。

Building our non-BQ capabilities has been a significant part of our strategy to differentiate revenue streams.

建立我們的非 BQ 能力一直是我們區分收入流戰略的重要組成部分。

I'm pleased with what this team has accomplished given the less-than-optimal market conditions, and I'm excited to see what the coming quarters will bring.

我很高興這個團隊在不太理想的市場條件下取得的成就，我很高興看到未來幾個季度會帶來什麼。

Turning to our health care business on Slide 37.

轉向我們在幻燈片 37 上的醫療保健業務。

HSA deposits increased 32% over the past year to surpass the $2 billion mark for the first time, and now represent 12.5% of our total deposits.

HSA 存款在過去一年中增長了 32%，首次超過 20 億美元大關，目前占我們總存款的 12.5%。

These deposits are an important part of our funding.

這些存款是我們資金的重要組成部分。

And in our experience, they tend to have similar characteristics to core deposits.

根據我們的經驗，它們往往具有與核心礦床相似的特徵。

Investment assets in our HSA business continue to grow as well, increasing 57% year-over-year to stand at $268 million.

我們 HSA 業務的投資資產也在繼續增長，同比增長 57%，達到 2.68 億美元。

Investments represented 11.8% of total HSA deposits and assets at the end of the quarter, up from 10.1% a year ago, as a result of more account holders making the decision to invest and strong market performance.

本季度末投資佔 HSA 存款和資產總額的 11.8%，高於一年前的 10.1%，這是由於更多的賬戶持有人做出投資決定和強勁的市場表現。

Slide 38 shows the mid-year 2017 rankings released by Devenir Research, and UMB continues to rank fifth in the U.S. in terms of accounts, and seventh in terms of deposits and assets.

Slide 38為Devenir Research發布的2017年年中排名，UMB在賬戶方面繼續在美國排名第五，在存款和資產方面排名第七。

During the quarter, health care services highlighted capabilities related to data analytics and account holder education.

本季度，醫療保健服務突出了與數據分析和賬戶持有人教育相關的能力。

These services help our partners better understand trends in consumer behavior and choose marketing programs to build awareness and use of HSA accounts.

這些服務幫助我們的合作夥伴更好地了解消費者行為趨勢，並選擇營銷計劃來提高 HSA 帳戶的知名度和使用率。

We continue to follow the rapidly changing discussions in Washington related to health care reform, including the recent executive order related to potential changes in association health plans.

我們繼續關注華盛頓有關醫療改革的快速變化的討論，包括最近與協會健康計劃的潛在變化有關的行政命令。

It's too early to determine possible implications, but in general, we are advocates for consumer-directed health care and providing more information, access and control over their health care dollars.

現在確定可能的影響還為時過早，但總的來說，我們提倡以消費者為導向的醫療保健，並提供更多信息、訪問和控制他們的醫療保健費用。

With that, I'll conclude my prepared remarks and turn it back over the operator who'll open up the line for questions.

至此，我將結束我準備好的發言，並將其交還給接線員，接線員將打開問題熱線。

(Operator Instructions) The first question comes from Ebrahim Poonawala with Bank of America Merrill Lynch.

（操作員說明）第一個問題來自美銀美林的 Ebrahim Poonawala。

I think if we can just start with expenses.

我想我們是否可以從費用開始。

Just want to make sure we understand the decline we had.

只是想確保我們了解我們的衰退。

It sounded like the sequential decline had a lot to do with lower book bonus, lower customer activity as opposed to any particular sort of cost-saving efforts that may have led to this reset.

聽起來連續下降與較低的賬面獎金、較低的客戶活動有很大關係，而不是可能導致這種重置的任何特定類型的成本節約措施。

Trying to better understand in terms of as we look out -- looking at the $172 million expense run rate.

試圖更好地理解我們所看到的——看看 1.72 億美元的費用運行率。

Does it sort of go back into the high 170s and grow from there?

它會回到 170 度的高位並從那裡增長嗎？

Or what's the best way to think about that expense run rate?

或者考慮費用運行率的最佳方式是什麼？

That would be helpful.

那會很有幫助。

Ebrahim, it's Ram.

易卜拉欣，是拉姆。

Yes, as I said in my script, a lot of the decline in expenses was related to variable comp whether it was bonus and commissions or even some health care or benefits expenses.

是的，正如我在腳本中所說的那樣，很多費用的下降都與可變補償有關，無論是獎金和佣金，還是一些醫療保健或福利費用。

There's a lot of variability in our expense run rate typically, especially going into the fourth quarter.

通常，我們的費用運行率有很多變化，尤其是進入第四季度。

It can depend on medical claims, a lot of different factors.

它可能取決於醫療索賠，許多不同的因素。

So the best way to think about it is what you suggested, right?

所以最好的思考方式就是你的建議，對吧？

So if you look at on a year-over-year basis, we should see the same kind of growth that we saw last year on the expense line item.

因此，如果您逐年查看，我們應該會看到與去年費用項目相同的增長。

Understood, okay.

明白了，好的。

Also -- on the -- all right, I'll think about it from a year.

另外 - 在 - 好吧，我會考慮一年。

And last year it was essentially flat, down from last year, right?

去年基本持平，低於去年，對吧？

We were at $178 million last year.

去年我們的收入為 1.78 億美元。

Well, there's no -- obviously, we don't give specific guidance on that.

好吧，沒有 - 顯然，我們沒有就此提供具體指導。

But, I think, as we've been trying to move your thinking towards operating leverage, we're more focused on that overall.

但是，我認為，由於我們一直在努力將您的想法轉向運營槓桿，因此我們更加關注整體。

But, I think, to drift your thinking towards kind of what we were seeing, if you were to do last year's growth rate, this a general way to think about it.

但是，我認為，如果你要考慮去年的增長率，將你的想法轉向我們所看到的，這是一種普遍的思考方式。

Fair enough.

很公平。

And just to your point, Mariner, the efficiency ratio, 67 is the -- and I understand quarter-to-quarter volatility.

就你的觀點而言，水手，效率比，67 是 - 我理解季度到季度的波動性。

But is it reasonable to assume that, that 67% should generally trend lower as we think about the next 4 to 6 quarters?

但是，在我們考慮接下來的 4 到 6 個季度時，假設 67% 總體上應該呈下降趨勢是否合理？

Again, as we've been talking, Ebrahim, we're -- we have a hungry company and we continue to invest.

同樣，正如我們一直在談論的那樣，易卜拉欣，我們 - 我們有一家飢餓的公司，我們將繼續投資。

So we're more focused on the leverage we get out of our investments and the absolute expense run rate or efficiency ratio.

因此，我們更關注我們從投資中獲得的槓桿作用以及絕對費用運行率或效率比。

So we're going to continue to file back into the business if we think that's the growth prospects for any one area of our company over the long-term term are strong.

因此，如果我們認為我們公司任何一個領域的長期增長前景強勁，我們將繼續重新投入業務。

Fair enough, understood.

很公平，明白了。

And moving to loan growth, we've seen loan payoffs, paydowns remain elevated for a few quarters.

轉向貸款增長，我們已經看到貸款償還、償還數在幾個季度內保持高位。

Is sort of that 7% year-over-year rate, high single digits, the best way to think about what loan growth might look like, absent any sort of big change in the macro backdrop?

在宏觀背景沒有任何重大變化的情況下，7% 的同比增長率，高個位數，是思考貸款增長可能是什麼樣子的最佳方式嗎？

Well, I think, this is Mike.

好吧，我想，這是邁克。

Good morning.

早上好。

As Mariner said in his prepared remarks and mine as well, we feel very good about the gross production that you've seen and honestly the paydowns and payoffs aren't that different than really what we've averaged.

正如 Mariner 在他和我的準備好的發言中所說的那樣，我們對你所看到的總產量感到非常滿意，老實說，回報和收益與我們的平均水平並沒有什麼不同。

So absent some kind of change in the economy, we feel good about the prospects for loan growth.

因此，在經濟沒有發生某種變化的情況下，我們對貸款增長的前景感到樂觀。

There was a little bit of noise in the quarter.

四分之一的噪音。

I mean, if you looked at the data from our prepared remarks, as Mike was mentioning, we had our growth reductions actually higher than it has been in the previous 4 quarters and we just had some, what we perceive to be, some anomalies around -- we're still watching it, right?

我的意思是，如果你看看我們準備好的評論中的數據，正如邁克提到的那樣，我們的增長下降實際上高於前 4 個季度，我們只是有一些，我們認為是，一些異常情況——我們還在看，對吧？

I mean, there is some paydown activity that the rest of the industry is seeing related to the line utilization.

我的意思是，其他行業正在看到一些與線路利用率相關的支付活動。

We're all trying to figure out, whether that's any kind of indication.

我們都在試圖弄清楚，這是否是某種跡象。

I think, it's too early to tell.

我認為，現在下結論還為時過早。

But then we also noted in the prepared remarks that with that big paydown we had in the second quarter, we only had half that impact, so that rolled into third quarter as well.

但隨後我們也在準備好的評論中指出，由於我們在第二季度獲得了巨大的回報，我們只產生了一半的影響，因此也進入了第三季度。

So, I think, we still think gross loan production can outperform what you're seeing in general from the peer group, and our paydown and payoff production is still relevant and running in the general same range, I mean, we think longer term.

所以，我認為，我們仍然認為總貸款產量可以超過你從同行組看到的總體表現，我們的還款和還款產量仍然相關，並且在大致相同的範圍內運行，我的意思是，我們認為是長期的。

Understood.

明白了。

And one last question, just on deposits, if you could.

最後一個問題，如果可以的話，關於存款。

What's the amount of institutional deposits at the end of the third quarter?

三季度末機構存款是多少？

And what's your outlook on those particular deposits over the next few quarters?

您對未來幾個季度的這些特定存款有何看法？

Do they continue to run off or...?

他們是繼續逃跑還是……？

Sure, Ebrahim.

當然，易卜拉欣。

If you look at our total funding, right, nonequity funding, about 27% of our total funding is hard index to some kind of short-term interest rate, mostly Fed funds effective.

如果你看看我們的總資金，對，非股權融資，我們總資金的大約 27% 是某種短期利率的硬指標，主要是有效的聯邦基金。

So to the extent that we see any more fed fund increases, though, should go one-for-one.

因此，就我們看到的任何更多聯邦基金增加而言，應該是一對一的。

But then if you look at the rest of the funding mix that we have, approximately 31% of our total funding is DDAs.

但是如果你看看我們擁有的其他資金組合，我們總資金的大約 31% 是 DDA。

And then we have another 11% in health care savings accounts that have been fairly resilient that way.

然後我們還有另外 11% 的醫療保健儲蓄賬戶，這些賬戶以這種方式相當有彈性。

So that's the -- that's what I would say in terms of our deposit and funding mix.

這就是 - 這就是我要說的關於我們的存款和資金組合的內容。

Understood.

明白了。

And we saw about 8 to 9 basis points of increase in interest-bearing deposits, Ram.

我們看到有息存款增加了大約 8 到 9 個基點，Ram。

If you think about another rate hike coming up, is that kind of a reasonable rate of increase in cost of interest-bearing deposits?

如果你考慮再次加息，那么生息存款成本的這種增長速度是否合理？

Do you see that getting worse or better, either ways?

無論哪種方式，您認為情況變得更糟還是更好？

So, yes, if you think about 27% of our funding resetting immediately, that will be the math, right?

所以，是的，如果你認為我們的資金中有 27% 會立即重置，那將是數學，對吧？

So 27% of 25 basis points gets to about 6 or 7 basis points.

所以 25 個基點中的 27% 達到大約 6 或 7 個基點。

But you're not seeing anything outside of that, like you don't expect anything beyond that to start seeing more pressure as we get another rate hike move into early '18?

但除此之外你沒有看到任何其他東西，就像你不希望除此之外的任何事情開始看到更多壓力，因為我們在 18 年初再次加息？

So, Ebrahim, as we've talked about for years, one of the advantages that UMB has is -- from a funding viewpoint is that we do have access to a lot of different institutional clients, just in other businesses that we have and they can bring us deposits.

所以，易卜拉欣，正如我們多年來一直在談論的那樣，UMB 的優勢之一是——從資金的角度來看，我們確實可以接觸到許多不同的機構客戶，就在我們擁有的其他業務中，他們可以給我們帶來存款。

So it isn't as simple as what they have today is just going to reprice.

所以這並不像他們今天所擁有的只是重新定價那麼簡單。

We can move those deposits up or down, obviously, based upon the rate that we pay.

顯然，我們可以根據支付的利率上下移動這些存款。

They are fairly sensitive to that.

他們對此相當敏感。

But I don't want you to think that, okay, rates go up, those are going to go up, and they're just going to keep adding to that portfolio.

但我不希望你認為，好吧，利率上升，利率會上升，而且它們只會繼續增加該投資組合。

We can choose, for instance, to borrow overnight funds and reduce our reliance on that.

例如，我們可以選擇借入隔夜資金並減少對它的依賴。

Right now, we think it's better given all the other business relationships that we have to use some of that funding.

現在，我們認為考慮到我們必須使用部分資金的所有其他業務關係會更好。

The next question comes from Chris McGratty with KBW.

下一個問題來自 KBW 的 Chris McGratty。

Ram, I want to follow up on the prior question about the index deposits, the 27% of funding.

Ram，我想跟進之前關於指數存款的問題，即 27% 的資金。

I guess, given your favorable loan-to-deposit ratio, and I understand the kind of other synergies that these deposits may bring to the bank.

我想，考慮到您有利的貸存比，我理解這些存款可能給銀行帶來的其他協同效應。

But what would it take for kind of a more substantial kind of remixing on the liability structure to kind of unlock a bit more asset sensitivity that, I think, that your loan portfolio provides for you?

但是，如果要對負債結構進行更實質性的重新組合，以釋放更多的資產敏感性，我認為，你的貸款組合為你提供了什麼？

As Mike said, Chris, I'll just repeat what Mike said, right?

正如邁克所說，克里斯，我會重複邁克所說的話，對嗎？

So there is a synergy in having those deposit relationship with our institutional customers as well as opposed to just going to the Fed window doing that.

因此，與我們的機構客戶建立存款關係而不是僅僅去美聯儲窗口這樣做會產生協同作用。

So I think you should expect similar trends.

所以我認為你應該期待類似的趨勢。

If you look at the last 3 quarters, it stayed in the 25% to 27% level in terms of index funding.

如果你看看過去 3 個季度，就指數基金而言，它保持在 25% 到 27% 的水平。

So we expect that to continue, as Mike said, we've done -- to maintain our competitive edge we talked about, we increased our ECR rates.

因此，正如邁克所說，我們希望這種情況繼續下去——為了保持我們談到的競爭優勢，我們提高了 ECR 率。

Obviously, we want to protect our turf from the DDA side.

顯然，我們想保護我們的地盤免受 DDA 一方的攻擊。

So we want to grow that part of the business as well.

因此，我們也希望發展這部分業務。

But institutional money will remain or the index money will remain at the level that's been at the end of the third quarter.

但機構資金將保持不變，或者指數資金將保持在第三季度末的水平。

Okay, thanks for that.

好的，謝謝你。

Maybe on the card fees, you talked about the reward expense and the change in vendor kind of impacting the last 2 quarters.

也許在卡費方面，您談到了獎勵費用和供應商的變化對過去兩個季度的影響。

As we kind of go into the fourth quarter into the next year, is that adjustment, if you will, largely behind you?

當我們進入明年的第四季度時，如果你願意的話，這種調整是否已經基本過去了？

And do you expect kind of this level of revenue is going forward?

您是否預計這種收入水平會向前發展？

Or is it kind of a catch-up given kind of these adjustments in the past 6 months?

還是考慮到過去 6 個月的這些調整，這是一種追趕？

There's about a $0.5 million of benefit in the third quarter from the liability adjustment, Chris.

克里斯，第三季度負債調整帶來了大約 50 萬美元的收益。

And then if you look at seasonal trends, especially in our health care business related to FSAs, you'll see some headwinds in the fourth quarter on that particular line item.

然後，如果您查看季節性趨勢，尤其是在我們與 FSA 相關的醫療保健業務中，您會在第四季度看到該特定項目的一些逆風。

But to answer your question, yes, the -- after the third quarter, all these accrual adjustments up and down for rewards will be done and behind us.

但要回答你的問題，是的，在第三季度之後，所有這些獎勵的應計調整都將在我們身後完成。

And the only thing to keep your eye on, Chris, is if our client behavior changes as a result of having this new vendor.

克里斯，唯一需要注意的是我們的客戶行為是否會因為擁有這個新供應商而發生變化。

In other words, what I'm saying is that redemption has increased because the offering is more robust.

換句話說，我的意思是贖回增加了，因為產品更強大。

So it could change over time, but that'd be a good thing.

所以它可能會隨著時間的推移而改變，但那將是一件好事。

That'd be because there is more volume.

那是因為有更多的音量。

Understood.

明白了。

Right, maybe I could just sneak one more in.

好吧，也許我可以再偷偷進去一個。

You cited the ag credit in the quarter in your prepared remarks.

您在準備好的評論中引用了本季度的農業信貸。

Could you just remind us how big this portfolio is?

你能提醒我們這個投資組合有多大嗎？

What you're seeing generally is in terms of trends given where commodity prices are?

您通常看到的是商品價格的趨勢？

Yes.

是的。

So our total ag portfolio is in the neighborhood of $650 million.

因此，我們的總投資組合約為 6.5 億美元。

The one credit that Mariner mentioned in his prepared remarks was $6.5 million.

Mariner 在準備好的發言稿中提到的一筆貸款是 650 萬美元。

There was $4 million that was charged off.

有 400 萬美元被沖銷。

We expect the remainder in the fourth quarter to be paid off.

我們預計第四季度的剩餘款項將付清。

And as we said, we think there's some recovery on the $4 million.

正如我們所說，我們認為這 400 萬美元有所回升。

And as it relates to ag lending, it's not a new business for us.

由於它與農業貸款有關，這對我們來說並不是一項新業務。

It's actually in our roots, being a Kansas, Missouri Bank.

它實際上是我們的根基，是密蘇里州堪薩斯州的一家銀行。

But that where we started as a company.

但那是我們作為一家公司開始的地方。

So we've been ag lenders for 105 years.

所以我們成為 ag 貸方已有 105 年了。

I appreciate that.

我很感激。

And then Mariner -- or Ram for the tax rate in the fourth quarter, you guided to kind of a grossing up given the year-to-date trends.

然後是第四季度的 Mariner 或 Ram 稅率，根據年初至今的趨勢，你引導了一種總收入。

Is it -- is my math right, 23% for the fourth quarter?

是——我的計算是否正確，第四季度為 23%？

Slightly higher than that, I would say 24% to 25% for the fourth quarter, Chris.

比那略高，我會說第四季度是 24% 到 25%，克里斯。

And then that's a fair rate for next year as well?

那麼明年這也是一個合理的比率嗎？

Correct.

正確的。

The next question comes from Matt Olney with Stephens Inc.

下一個問題來自 Stephens Inc. 的 Matt Olney。

I guess, first question for Mariner.

我想，第一個問題是 Mariner。

Mariner, when you think about driving the positive operating leverage that you're focused on right now?

Mariner，當你考慮推動你現在關注的積極運營槓桿時？

What are some of the key financial metrics you think about?

您考慮的一些關鍵財務指標是什麼？

Is it just simply revenue outstripping expense growth?

僅僅是收入超過支出增長嗎？

Is it efficiency ratio?

是效率比嗎？

Is it a ROA?

是ROA嗎？

I'm just curious kind of how it's viewed there internally?

我只是好奇內部是如何看待它的？

Well, I'll just try to keep this high level.

好吧，我會盡量保持這個高水平。

But as a business, that is centered around a lot of technology platforms, software, hardware in delivering our product and the diversity that we have as a company.

但作為一家企業，它圍繞著許多技術平台、軟件、硬件來提供我們的產品，以及我們作為一家公司所擁有的多樣性。

All of our business lines come to us every year with plans to keep invested in their businesses, which keeps our product lines mature and competitive.

我們所有的業務線每年都會來找我們，併計劃繼續投資於他們的業務，這使我們的產品線保持成熟和競爭力。

And the key to that analytic and that strategic planning process is to make sure that as we approve that spending, that there is profitable growth from the back end of that, that appropriately pays for the spending level.

分析和戰略規劃過程的關鍵是確保當我們批准該支出時，後端有盈利增長，這適當地支付了支出水平。

So that's you may think about the absolute expense and the absolute revenue, it's just a simplicity of making sure that the jaws are widening and that we get the revenue with the spend.

所以你可能會考慮絕對支出和絕對收入，這只是確保下巴擴大並且我們通過支出獲得收入的簡單方法。

Okay.

好的。

I appreciate the detail.

我很欣賞細節。

And then, Mike, I believe you gave us some details on the loan yields.

然後，邁克，我相信你給了我們一些關於貸款收益率的細節。

Just to clarify as far as the loan yields improvements from 2Q to 3Q.

只是為了澄清貸款收益率從第二季度到第三季度的改善情況。

Was there any impact from accretable yield from previous deals?

以前交易的可增加收益是否有任何影響？

Or any kind of nonaccrual and just reversals or anything unusual that may have benefited the yield in 3Q?

或者任何一種非應計的和公正的逆轉或任何可能有利於第三季度收益率的異常情況？

Matt, this is Ram.

馬特，這是拉姆。

I talked about close to 2 basis points of margin benefit from higher fees.

我談到了近 2 個基點的保證金收益來自更高的費用。

Again, these are not prepayment fees or one-time fees.

同樣，這些不是預付費用或一次性費用。

These are -- these are fees that we get from our ABL and factoring businesses from time-to-time.

這些是 - 這些是我們不時從我們的 ABL 和保理業務中獲得的費用。

As Mike mentioned in his prepared comments, we had a pretty good quarter for ABL and factoring businesses that led to these fees.

正如邁克在他準備好的評論中提到的那樣，我們有一個相當不錯的季度 ABL 和導致這些費用的保理業務。

And the only thing that I'd add to that is, we said this last quarter too that the full impact of the changes in the variable rate loans had not been reflected in the second quarter results.

我唯一要補充的是，我們在上個季度也說過，浮動利率貸款變化的全部影響並未反映在第二季度的業績中。

And so the 13 basis points related to LIBOR and prime changes are something that we expected and, obviously, you're seeing that in the fourth quarter and is the biggest driver.

因此，與倫敦銀行同業拆借利率和主要變化相關的 13 個基點是我們預期的，顯然，你在第四季度看到了這一點，這是最大的推動因素。

And then you mentioned the ABL and the factoring.

然後你提到了 ABL 和保理。

Can you give us an idea of what the overall yields are on that business versus the overall loan portfolio?

您能否告訴我們該業務的總體收益率與總體貸款組合的收益率是多少？

Ram is going to look for the specifics, I can give you my general from memory, but go ahead.

拉姆將尋找細節，我可以根據記憶告訴你我的將軍，但繼續吧。

So on the ABL balances, which is about $280 million, Matt, it's about 6.5% on factoring just because of how the business works that has an effective yield of -- just north of 11%, and we have about $175 million in balances there.

因此，在 ABL 餘額中，大約為 2.8 億美元，馬特，由於業務運作方式的有效收益率約為 6.5%，因此我們有大約 1.75 億美元的餘額.

Okay, that's helpful, Ram.

好的，這很有幫助，拉姆。

And just lastly from me as far as the capital, what the additional capital from the sale of Scout, any updated thoughts on how you guys are looking to deploy that?

最後，就資本而言，出售 Scout 的額外資本是多少，關於你們如何部署它的任何最新想法？

These comments will sound familiar as well to you.

這些評論對您來說也很熟悉。

We are absolutely looking at all of our options to use our capital effectively.

我們絕對在考慮我們所有的選擇，以有效地使用我們的資本。

And we have an active M&A group.

我們有一個活躍的併購團隊。

As we've talked in the past, we would, over the next couple of years, like to do a decent sized bank transaction, if we can find one that fits.

正如我們過去所說，在接下來的幾年裡，如果我們能找到合適的銀行交易，我們會喜歡做一筆體面的銀行交易。

And then, obviously, behind building the business, there'd be other uses of capital.

然後，顯然，在建立業務的背後，還有其他資本用途。

There's buying back our stock or whatever the other uses be, we look at all those options.

有回購我們的股票或任何其他用途，我們會考慮所有這些選擇。

But we would, obviously, prefer the capital to work in loans and/or a larger bank transaction, if we can find...

但顯然，如果我們能找到……，我們更願意將資金用於貸款和/或更大的銀行交易。

Yes and I'll just add that we were opportunistic even in the third quarter, Matt.

是的，我只想補充一點，即使在第三季度我們也是機會主義的，馬特。

We bought about 150,000 shares back when -- during the third quarter.

我們在第三季度回購了大約 150,000 股股票。

Got it.

知道了。

And 1 year or so ago, Mariner, it seemed like the pricing expectations on some of the traditional bank M&A was a little bit too high.

大約一年前，Mariner，對一些傳統銀行併購的定價預期似乎有點過高。

And given we've seen over the last year, is that still what you're seeing from your end?

考慮到我們在過去一年中所看到的，這仍然是您從您那裡看到的嗎？

Or there are some increased opportunities on the bank M&A side right now?

或者現在銀行併購方面的機會增加了？

I'd say the same case.

我會說同樣的情況。

It's still -- I guess, our peers are still proud.

它仍然 - 我想，我們的同行仍然感到自豪。

Our friends are still proud.

我們的朋友仍然感到自豪。

So -- but that doesn't mean for various different reasons, there won't be opportunities, but I think the conditions are the same.

所以——但這並不意味著由於各種不同的原因，不會有機會，但我認為條件是一樣的。

Yes, I'll just add to that as we've said before, we are a quality buyer and for someone to fit culturally in here and do we want, we're not going to be buying kind of fixer-uppers.

是的，正如我們之前所說，我只是補充一點，我們是一個優質的買家，對於那些在文化上適合這裡的人來說，我們是否想要，我們不會購買那種固定鞋面。

So the multiple is going to be strong, we know that.

所以倍數會很強，我們知道。

The next question comes from Nathan Race with Piper Jaffray.

下一個問題來自 Nathan Race 和 Piper Jaffray。

Ram, just a question on the balance sheet dynamics from here.

拉姆，這裡只是一個關於資產負債表動態的問題。

I appreciate the commentary around the shrinkage in the securities portfolio.

我讚賞有關證券投資組合縮水的評論。

But can you guys just help us think about the progression from here in terms of the absolute, relative size of the securities focused in, and we get a little pick-up in loan growth as payoffs come down near term and it's, obviously, dependent on deposit flows.

但是你們能不能幫我們想想從這裡開始的進展，從所關注證券的絕對、相對規模來看，隨著近期回報的下降，我們的貸款增長略有回升，這顯然取決於關於存款流量。

But can you help us in terms of the absolute and relative size of the securities book going forward?

但是你能就未來證券賬簿的絕對和相對規模幫助我們嗎？

That would be helpful.

那會很有幫助。

Yes, sure, Nate.

是的，當然，內特。

I don't think it's going to materially increase from here, probably not decrease from here materially on the other side too.

我不認為它會從這裡實質性地增加，在另一邊也可能不會從這裡實質性地減少。

So we're close to about $6.2 billion.

所以我們接近 62 億美元。

So if you look at just what happened, as I said in my prepared comments, right?

所以如果你看看發生了什麼，就像我在準備好的評論中所說的那樣，對嗎？

If you look at what's happened in our balance sheet on a year-over-year basis, our HTM portfolio grew up by about $350 million.

如果您查看我們資產負債表中發生的同比變化，我們的 HTM 投資組合增長了約 3.5 億美元。

Our AFS portfolio shrank by a little more than that.

我們的 AFS 投資組合比這縮水了一點。

So we've been on this balance sheet rotation strategy for a while now and I think that will continue, maybe not at the same scale.

因此，我們採用這種資產負債表輪換策略已有一段時間了，我認為這種情況將繼續下去，但規模可能會有所不同。

Okay, got it.

好，知道了。

And then just going back to the ag credit.

然後回到農業信貸。

Can you guys kind of just speak to how much of the stress in that one deal was impacted by just where commodity prices are versus perhaps just some operational issues at that relationship?

你們能不能談談那筆交易中的壓力有多少受到商品價格的影響，而不是這種關係中的一些運營問題？

Yes.

是的。

So it's not really the commodity prices.

所以這不是真正的商品價格。

It was related to the value of collateral overall.

這與抵押品的整體價值有關。

And then -- and that's about all I can say right now.

然後——這就是我現在能說的。

But it's not an arbitrage or a head situation on commodity prices if that's what you're getting at.

但這不是套利或大宗商品價格的領先情況，如果這是你想要的。

(Operator Instructions) The next question comes from John Rodis with FIG Partners.

（操作員說明）下一個問題來自 FIG Partners 的 John Rodis。

Ram, just 2 quick -- just 2 things I wanted to clarify.

Ram，快說兩句——我想澄清兩件事。

Regarding the tax rate, I think you said for the fourth quarter, roughly 24% to 25%, for the full year 22%, then you said -- is it the 24% to 25% we should be using for 2018?

關於稅率，我想你說第四季度大約是 24% 到 25%，全年是 22%，然後你說 - 2018 年我們應該使用 24% 到 25% 嗎？

Yes, I did.

是的，我做到了。

Okay.

好的。

And then just back to the discussion on operating expenses.

然後回到關於運營費用的討論。

And I appreciate the color when you talked about just look at the year-over-year trend.

當你談到只看同比趨勢時，我很欣賞這種顏色。

I just want to make sure we're on the same page.

我只是想確保我們在同一頁面上。

So year-over-year expenses are up roughly 4%.

因此，同比支出增長了大約 4%。

Is that sort of what you guys are looking at too?

你們也在看這種東西嗎？

That's sounds fair -- that's fair, John.

這聽起來很公平——很公平，約翰。

Fair, as a place to start, we're not giving any guidance, so that's not a -- that's not guidance.

公平地說，作為一個起點，我們沒有提供任何指導，所以這不是——那不是指導。

It's within the range.

是在範圍內。

And, again, it depends on the revenue environment, right?

而且，這又取決於收入環境，對嗎？

So if Investment Banking income picks up, the variable comp associated with that will pick up.

因此，如果投資銀行業務收入回升，與之相關的可變薪酬也會回升。

Medical claims can swing salary and benefits expense one way or the other.

醫療索賠可以使工資和福利支出以一種或另一種方式變化。

So there are a lot of factors that go into it.

因此，其中有很多因素。

And, again, I think said in my prepared remarks, we have a lot of variable expenses that are built into our expense run rate, which is why the focus on positive operating leverage that we talk about.

而且，我想在我準備好的發言中再次說過，我們的費用運行率中包含很多可變費用，這就是為什麼我們關注積極的運營槓桿。

And Mariner was asked earlier, which financial metrics were the most important.

早些時候有人問 Mariner，哪些財務指標最重要。

The simple answer is all of the above.

簡單的答案就是以上所有。

We care about all of them.

我們關心他們所有人。

And you've seen us to make, I think, over the last roughly 24 months fairly significant progress across the board.

我認為，您已經看到我們在過去大約 24 個月中取得了全面的重大進展。

But at the end of the day, so -- to answer the question, I think you're really trying to get at, at the end of the day what really matters to us if we need to invest in some of our businesses and we have some fast-growing businesses, health care would be a great example of that.

但歸根結底，所以 - 回答這個問題，我認為你真的想知道，在一天結束時，如果我們需要投資我們的一些業務，那麼對我們來說真正重要的是什麼，我們有一些快速增長的業務，醫療保健就是一個很好的例子。

And that means that we get paid off maybe not in the next quarter, but in the next 3 quarters or 4, or whatever, somewhere in the future, then we're going to have to do that and we will do that.

這意味著我們可能不會在下一個季度獲得回報，而是在接下來的 3 個季度或 4 個季度，或者未來的某個地方，然後我們將不得不這樣做，我們將這樣做。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Kay

我想把會議轉回凱

Gregory for any closing remarks.

格雷戈里的任何結束語。

Thank you for joining us today.

感謝您今天加入我們。

This call can be accessed via replay at our website and it will run through November 8. As always, you can contact UMB Investor Relations at (816)860-7106 with any follow-up questions.

此電話會議可通過我們網站上的重播進行訪問，並將持續到 11 月 8 日。與往常一樣，您可以撥打 (816)860-7106 聯繫 UMB 投資者關係部，諮詢任何後續問題。

We appreciate your interest and time.

感謝您的關注和時間。

Thank you.

謝謝。

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.

您現在可以斷開連接。