UMB Financial Corp (UMBF) 2024 Q2 法說會逐字稿

Good morning.

早安.

Thank you for attending today's UMB Financial's second-quarter 2024 financial results call.

感謝您參加今天 UMB Financial 的 2024 年第二季財務業績電話會議。

My name is Jennifer.

我叫珍妮佛。

And I'll be your moderator today.

今天我將擔任你們的主持人。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Kay Gregory, UMB Investor Relations.

我現在想將電話轉給 UMB 投資者關係部門的 Kay Gregory。

Kay, please proceed.

凱，請繼續。

Good morning.

早安.

And welcome to our second-quarter 2024 call.

歡迎參加我們的 2024 年第二季電話會議。

Mariner Kemper, President and CEO; and Ram Shankar, CFO, will share a few comments about our results.

Mariner Kemper，總裁兼執行長；財務長 Ram Shankar 將分享一些關於我們結果的評論。

Then, we'll open up the call for questions.

然後，我們將開放提問。

Jim Rine, CEO of UMB Bank; and Tom Terry, Chief Credit Officer, will be available for the question-and-answer session.

Jim Rine，UMB 銀行執行長；首席信貸官 Tom Terry 將出席問答環節。

Before we begin, let me remind you that today's presentation contains forward-looking statements, including the discussion of future financial and operating results, benefits, synergies, gains, and costs that the company expects to realize from the pending acquisition as well as other opportunities management foresees.

在開始之前，請允許我提醒您，今天的簡報包含前瞻性陳述，包括對公司預計從待決收購以及其他機會中實現的未來財務和經營業績、效益、協同效應、收益和成本的討論管理層預見。

Forward-looking statements and any pro forma metrics are subject to assumptions, risks, and uncertainties as outlined in our SEC filings and summarized on slides 48 to 51 of our presentation.

前瞻性陳述和任何形式指標均受到我們向 SEC 文件中概述以及我們簡報第 48 至 51 投影片中總結的假設、風險和不確定性的影響。

Actual results may differ from those set forth in forward-looking statements, which speak only as of today.

實際結果可能與前瞻性聲明中所述的結果有所不同，這些聲明僅代表今天的情況。

We undertake no obligation to update them, except to the extent required by securities laws.

除證券法要求的範圍外，我們不承擔更新它們的義務。

Presentations and materials are available online at investorrelations.umb.com and include reconciliations of non-GAAP financial measures.

簡報和資料可在 Investorrelations.umb.com 上線上取得，其中包括非 GAAP 財務指標的調整表。

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

現在，我將把電話轉給 Mariner Kemper。

Thank you, Kay.

謝謝你，凱。

And good morning, everyone.

大家早安。

Thanks for joining us as we discuss our great second quarter results, announced yesterday afternoon.

感謝您參加我們討論昨天下午宣布的第二季業績。

Our strong first quarter performance continued into the second quarter with net interest income growth driven by a growing balance sheet and net interest margin expansion, along with solid credit metrics.

我們第一季的強勁表現持續到第二季​​度，資產負債表不斷增長、淨利差擴張以及穩健的信貸指標推動了淨利息收入成長。

We reported GAAP earnings of $101.3 million or $2.07 per share, driven by continued momentum across our various lines of business.

在我們各業務線持續成長的推動下，我們公佈的 GAAP 收益為 1.013 億美元，即每股 2.07 美元。

On an operating basis, we earned $105.9 million or $2.16 per share.

在營運基礎上，我們賺了 1.059 億美元，即每股 2.16 美元。

Balance sheet growth included a 7.7% linked- quarter annualized increase in average loan balances, led by commercial real estate and construction draws on previously approved lines.

資產負債表增長包括平均貸款餘額環比年化增長 7.7%，其中商業房地產和建築業利用先前批准的貸款額度帶動了增長。

Additionally, average card balances increased 26.1%, assisted by the full quarter impact of our co-brad card portfolio we acquired in March.

此外，由於我們 3 月收購的聯合品牌卡投資組合對整個季度的影響，平均卡餘額增加了 26.1%。

Top line loan production was $926 million for the quarter.

該季度的頂線貸款產量為 9.26 億美元。

Payoffs and paydowns, which are difficult to predict, were 3.7% of balances.

難以預測的付款和付款佔餘額的 3.7%。

This is a slight increase from prior quarter, but in line with our historic averages.

這比上一季略有增加，但與我們的歷史平均值一致。

Credit quality in our loan portfolio remains excellent.

我們的貸款組合中的信貸品質仍然非常出色。

Net charge-offs were again just 5 basis points of average loans for the quarter, and non-performing loans fell to a meager 6 basis points of total loans.

該季度淨沖銷額再次僅為平均貸款的 5 個基點，不良貸款佔貸款總額的比例降至區區 6 個基點。

Over the past eight quarters, our non-performing ratio has averaged 8 basis points compared to 39 basis points for our peer group and 35 basis points for the industry as a whole.

在過去的八個季度中，我們的不良率平均為 8 個基點，而同行為 39 個基點，整個產業為 35 個基點。

Credit cards drove the small amount of charge-offs we saw in the quarter.

信用卡導致了本季出現的少量沖銷。

While we had a net recovery in both C&I and specialty lending.

同時，我們的工商業和專業貸款均實現了淨復甦。

In fact, C&I has posted net recoveries in four of the last five quarters.

事實上，C&I 在過去五個季度中有四個季度實現了淨復甦。

Asset quality has been very strong in our investment real estate portfolio.

我們的投資房地產投資組合的資產品質非常好。

Since 2016, we've charged-off less than $1 million cumulatively, which can be attributed to just three loans.

自 2016 年以來，我們累計沖銷的金額不到 100 萬美元，這僅歸因於三筆貸款。

Provisions of $14.1 million reflects the continued loan growth, along with the impact of a recalibration of our models.

1,410 萬美元的撥備反映了貸款的持續成長以及我們模型重新校準的影響。

Our coverage ratio increased 3 basis points to 0.99% of total loans.

我們的覆蓋率增加了 3 個基點，佔貸款總額的 0.99%。

Average total deposits grew $815 million or 9.7% on a linked-quarter annualized basis, including the intentional reduction of brokered CD balances and the expected seasonal decline in public funds.

平均總存款環比年化增加 8.15 億美元，即 9.7%，其中包括有意減少經紀 CD 餘額以及公共基金的預期季節性下降。

For comparison, peers have reported a median annualized increase of just 4.5% for the second quarter.

相比之下，同業報告第二季度年化成長率中位數僅為 4.5%。

Deposit growth in the quarter highlights our strong diversified funding profile, with growth coming from nearly all lines of business.

本季的存款成長凸顯了我們強大的多元化融資狀況，成長來自幾乎所有業務領域。

On the consumer front, we've had good success from private banking and retail money market promotions, with targeted marketing investments made in the first half of the year.

在消費者方面，我們在私人銀行和零售貨幣市場促銷方面取得了良好的成功，上半年進行了有針對性的行銷投資。

Excluding brokered CDs, average client deposits increased approximately $1.3 billion from the last quarter.

不包括經紀CD，平均客戶存款較上季增加約13億美元。

In fact, since the turmoil of last spring, our deposits, excluding brokered CDs have increased by $4.2 billion or 14% over the second quarter of 2023.

事實上，自去年春天的動盪以來，我們的存款（不包括經紀 CD）比 2023 年第二季增加了 42 億美元，即 14%。

Ram will share a more detailed look at these and other quarterly drivers shortly.

Ram 將很快分享對這些和其他季度驅動程式的更詳細的了解。

Finally, we remain excited about our pending acquisition of Heartland Financial and have shared a few updates in the deck.

最後，我們對即將收購 Heartland Financial 仍然感到興奮，並在甲板上分享了一些更新。

While it's early in the process, we've outlined milestones and progress in the integration planning.

雖然現在還處於流程的早期階段，但我們已經概述了整合規劃的里程碑和進展。

Our focus is to ensure a seamless transition without disrupting business as usual activities.

我們的重點是確保無縫過渡而不中斷正常業務活動。

The establishment of an integration team allows our customer-facing associates to remain focused on serving the customer and generating growth.

整合團隊的建立使我們面向客戶的員工能夠繼續專注於服務客戶和創造成長。

Again, we believe this transaction will accelerate UMB's growth strategy, further diversifying and derisking our business model.

我們再次相信，此交易將加速 UMB 的成長策略，進一步實現業務模式多元化並降低風險。

The addition of this high-quality franchise is a great fit from a strategic, financial, and cultural perspective, and we look forward to capitalizing on the many opportunities we see as a combined company in 2025 and beyond.

從策略、財務和文化角度來看，增加這項高品質特許經營權是完美契合，我們期待在 2025 年及以後充分利用合併後公司所看到的眾多機會。

Now, I'll turn it over to Ram.

現在，我將把它交給拉姆。

Thanks, Mariner.

謝謝，水手。

Net interest income of $245.1 million represented an increase of $5.7 million or 2.4%, reflecting continued loan growth and higher levels of liquidity.

淨利息收入為 2.451 億美元，增加了 570 萬美元，即 2.4%，反映了貸款的持續成長和流動性水準的提高。

Net interest margin increased 3 basis points on a linked-quarter basis to 2.51%, outpacing the expectations I shared previously, in large part due to stronger-than-expected DDA balances.

淨利差環比增長 3 個基點，達到 2.51%，超出了我之前的預期，這在很大程度上是由於 DDA 餘額強於預期。

The increase was driven by the positive impact of 7 basis points from loan repricing and mix, 2 basis points from the securities portfolio, 1 basis point from the level of free funds, and 2 basis points related to various smaller items.

這一增長是由貸款重新定價和組合7個基點、證券投資組合2個基點、自由資金水平1個基點以及與各種較小項目相關的2個基點的積極影響所推動的。

These were partially offset by a 9-basis point reduction from higher deposit pricing driven by mix changes.

這些被組合變化驅動的存款定價上漲 9 個基點的下調部分抵消。

Cycle-to-date betas on total deposits and on loan yields are 53% and 63%, respectively, and continue to track closely to our expectations for terminal betas.

總存款和貸款收益率的周期至今貝塔值分別為 53% 和 63%，並繼續密切追蹤我們對終端貝塔值的預期。

Looking into the third quarter, with the prospect of a Fed rate cut in September, we would expect our net interest margin to be relatively stable to second quarter levels.

展望第三季度，鑑於聯準會9月降息的前景，我們預期淨利差將相對穩定於第二季水準。

Approximately 31% of our total deposits are hard indexed to short-term interest rates.

我們總存款約 31% 與短期利率硬掛鉤。

As the Fed funds rate changes, these deposits reprice down immediately.

隨著聯邦基金利率的變化，這些存款立即重新定價。

An additional 17% of our total deposits are what we call soft indexed, or balances negotiated at current prevailing market rates.

我們總存款的另外 17% 是我們所謂的軟指數餘額，即以當前現行市場利率協商的餘額。

On these soft indexed deposits, we would expect to move deposit rates down pretty quickly following any rate cuts.

對於這些軟指數存款，我們預計在降息後存款利率會很快下降。

Overall, we expect our deposit betas on the way down to be immediate and steeper than peer banks, similar to our experience during this past tightening cycle.

總體而言，我們預計我們的存款貝塔值將立即下降，並且比同業銀行的下降幅度更大，這與我們在過去的緊縮週期中的經歷類似。

Coupled with favorable reinvestment of cash flows from the securities books and repricing of some loans at accretive yields, our interest rate simulation results, shown on page 33 of our deck, shows us as benefiting from interest rate cuts in year one, with fairly neutral implications for year two.

再加上證券帳簿現金流的有利再投資以及一些貸款以增值收益率重新定價，我們的利率模擬結果（顯示在我們的演示文稿第33 頁上）表明我們從第一年的降息中受益，具有相當中性的影響第二年。

As a reminder, this analysis does not include any interest income generated from new growth or the Heartland acquisition.

提醒一下，本分析不包括新成長或收購 Heartland 產生的任何利息收入。

At this preliminary stage, we estimate that our pro forma interest rate position will remain relatively neutral.

在這個初步階段，我們估計我們的備考利率狀況將保持相對中性。

Details and activity in our securities portfolio are shown on slides 30 and 31 in our deck.

我們的證券投資組合的詳細資訊和活動如投影片 30 和 31 所示。

The combined AFS and HTM portfolios averaged $12.2 billion during the quarter, a decrease of 2.3%.

本季 AFS 和 HTM 投資組合平均為 122 億美元，下降 2.3%。

We continue to purchase mortgage-backed securities and agencies, while as noted, security levels fluctuate based on our collateral needs for both public funds and trust deposits.

我們繼續購買抵押貸款擔保證券和機構，同時如上所述，安全水平根據我們對公共基金和信託存款的抵押品需求而波動。

The average purchase yield in our portfolio was 4.99% for the quarter, while securities rolling off had a yield of 2.67%.

本季我們投資組合的平均購買收益率為 4.99%，而轉存證券的收益率為 2.67%。

We expect $1.4 billion of securities with a yield of 2.54% to roll off over the next 12 months.

我們預計未來 12 個月將發行價值 14 億美元的證券，收益率為 2.54%。

Capital levels continued to build with our common equity Tier 1 capital increasing to 11.14% and continued growth in tangible book value, which increased by $1.57 from March 31 to $60.58.

資本水準持續提高，我們的普通股一級資本增加至 11.14%，有形帳面價值持續成長，從 3 月 31 日起增加 1.57 美元，達到 60.58 美元。

Tangible book value per share has grown 15.3% over the past year.

過去一年，每股有形帳面價值成長了 15.3%。

As previously described in our forward purchase agreement, our regulatory capital ratios do not include the $230 million forward equity offering agreement that we announced in April.

正如我們先前在遠期購買協議中所述，我們的監理資本比率不包括我們在 4 月宣布的 2.3 億美元遠期股權發行協議。

Turning back to the income statement.

回到損益表。

Noninterest income was $144.9 million, a linked-quarter reduction of 9%, largely due to a few non-recurring items in the prior quarter.

非利息收入為 1.449 億美元，環比下降 9%，主要原因是上一季的一些非經常性項目。

These first quarter benefits included $8.6 million in net gains on equity position, a $4 million legal settlement, and a $1.8 million in gains on the sale of land.

第一季的收益包括 860 萬美元的股權淨收益、400 萬美元的法律和解以及 180 萬美元的土地出售收益。

Momentum in our fee business has continued with fund services' assets under administration growing to $460 billion, an increase of 20% from June 30, 2023.

我們的收費業務持續保持強勁勢頭，基金服務管理資產增至 4,600 億美元，較 2023 年 6 月 30 日成長 20%。

In private wealth, our teams have brought in $781 million in net new assets year-to-date ahead of full year 2023 levels.

在私人財富領域，我們的團隊今年迄今已帶來 7.81 億美元的淨新資產，高於 2023 年全年水準。

And credit and debit card spending, including from our newly acquired retail co-branded portfolio reached $4.7 billion in the second quarter, up from $4 billion a year ago.

信用卡和金融卡支出（包括我們新收購的零售聯名投資組合）在第二季達到 47 億美元，高於一年前的 40 億美元。

Noninterest expense of $249.1 million for the quarter included pretax acquisition expenses of $9.6 million and a reduction of $3.8 million in previously accrued FDIC special assessment charges.

本季非利息支出為 2.491 億美元，其中包括 960 萬美元的稅前收購支出以及先前應計 FDIC 特別評估費用減少的 380 萬美元。

On an operating basis, noninterest expense increased $2 million linked quarter and included higher processing fees related to higher software subscription costs in various software projects, along with increased bank card expense.

在營運基礎上，非利息支出增加了 200 萬美元，其中包括與各種軟體專案中軟體訂閱成本增加相關的更高的處理費，以及銀行卡費用的增加。

Within salaries and benefits expense, typical seasonal reductions in FICA and 401(k) costs, along with a decrease in deferred compensation expense, was partially offset by increased bonus and salary expense related to the timing of merit increases and higher bonus accruals for 2024 year-to-date performance.

在工資和福利支出中，FICA 和401(k) 成本的典型季節性減少以及遞延薪酬支出的減少，被與績效增長時間相關的獎金和工資支出增加以及2024 年更高的獎金應計額部分抵消- 迄今為止的表現。

Excluding the one-time items and seasonal variances, our core expense run rate in the second quarter was approximately $240 million.

不包括一次性項目和季節性差異，我們第二季的核心費用運行率約為 2.4 億美元。

Finally, our effective tax rate was 20.1% for the quarter compared to 18.1% in the second quarter of 2023.

最後，我們本季的有效稅率為 20.1%，而 2023 年第二季為 18.1%。

The year-over-year increase was primarily related to lower income on tax-exempt securities and a decrease in tax benefits from stock compensation.

年比成長主要與免稅證券收入減少以及股票補償稅收優惠減少有關。

For the full year 2024, we would expect a tax rate between 17% and 19%.

對於 2024 年全年，我們預計稅率在 17% 至 19% 之間。

Now, I'll turn it over to the operator for the Q&A portion of the call.

現在，我將把它轉交給接線員以進行通話的問答部分。

(Operator Instructions) Jared Shaw, Barclays.

（操作員指示）Jared Shaw，巴克萊銀行。

Hey, good morning.

嘿，早安。

Good morning, Jared.

早上好，賈里德。

So maybe just to start on the pending acquisition and any potential restructuring or changes we should expect heading into closing, I'm sort of thinking around level of brokered deposits, given your good loan-to-deposit ratio, any securities restructurings that you anticipate, either UMBF or Heartland doing.

因此，也許只是為了開始即將進行的收購以及我們在結束時應該預期的任何潛在重組或變化，考慮到您良好的貸存比，以及您預期的任何證券重組，我正在考慮經紀存款的水平，無論是UMBF還是Heartland都在做。

Just as we go into closing, any change that we should be thinking about?

就在我們即將結束時，我們應該考慮任何改變嗎？

I'll let Ram take that.

我會讓拉姆接受這個。

I mean, obviously, we can't give you much in the way of guidance there.

我的意思是，顯然，我們無法為您提供太多指導。

But Ram, can you give some color?

但是拉姆，你能給點顏色嗎？

Yeah.

是的。

I'll point out to what we did in the most recent quarter on brokered CDs and FHLB advances on one of our pages in our investor deck, we have the rolling maturities on page 34 of remaining FHLB, brokered and the BTFP program.

我將在投資者平台的一個頁面上指出我們最近一個季度在經紀 CD 和 FHLB 預付款方面所做的工作，我們在第 34 頁上列出了剩餘 FHLB、經紀和 BTFP 計劃的滾動到期日。

So other than carefully evaluating them when they come up for renewal or intermediate bias based on our loan-to-deposit ratio and our liquidity levels has probably led them runoff.

因此，除了根據我們的貸存比和流動性水平仔細評估它們是否需要更新或中間偏差外，很可能會導致它們流失。

So that's on our side.

所以這是我們這邊的。

We don't expect any asset-side restructuring on the investment portfolio on our books.

我們預期帳面上的投資組合不會發生任何資產方重組。

So no specific guidance on what Heartland might do.

因此，沒有關於 Heartland 可能做什麼的具體指導。

But for us, other than paying down this excess liquidity that we have, there's nothing that we're contemplating, Jared.

但對我們來說，除了償還我們擁有的過剩流動性之外，我們沒有什麼可考慮的，賈里德。

Okay.

好的。

And then, as we look at that potential runoff there, should we just assume that while the cash drifts lower that securities, maybe you just use the cash flow from that to reduce?

然後，當我們考慮那裡的潛在徑流時，我們是否應該假設，當現金減少該證券時，也許您只是使用來自該證券的現金流來減少？

Yeah, generally, we expect the portfolio -- the bond portfolio to be relatively stable.

是的，一般來說，我們預期投資組合－債券投資組合將相對穩定。

But yeah, the excess cash might come down just because, again, given our loan-to-deposit ratio in the mid-60s, we can let these deposits go.

但是，是的，多餘的現金可能會減少，因為考慮到我們在 60 年代中期的貸存比，我們可以釋放這些存款。

And obviously, as you see on page 34, these are some of our higher-cost deposits or borrowings as well.

顯然，正如您在第 34 頁上看到的，這些也是我們的一些成本較高的存款或借款。

Yeah.

是的。

Okay.

好的。

And then on the DDAs, I know, obviously, each quarter, you have some fluctuations with end-of-period balances.

然後，在 DDA 上，我知道，很明顯，每個季度，期末餘額都會出現一些波動。

Any color you can give on sort of trajectory or expectation on DDA, whether it's end of period or average, as we go through the rest of the year?

當我們度過今年剩餘時間時，您可以對 DDA 的軌跡或預期給出任何顏色嗎？

Probably not much different than the comments we've made in the past, which is that we feel like we're at the bottom of the rotation cycle.

可能與我們過去發表的評論沒有太大不同，即我們感覺自己正處於輪換週期的底部。

We can't predict that really more than give you a backward-looking feelings.

我們無法預測這一點，只能給你回顧過去的感覺。

And at the end of the day, the way that we come up with feeling that we're close to the bottom of that rotation is the fact that it's pretty clear that rates aren't going up from here.

歸根結底，我們感覺自己已經接近輪換的底部，因為很明顯利率不會從現在開始上升。

So -- and we feel like with our book, most of the rotation took place and took place early in the cycle, as we talked about from the beginning of the cycle, that we would go through it first.

因此，我們覺得在我們的書中，大部分輪換都發生在周期的早期，正如我們從週期開始時談到的那樣，我們將首先經歷它。

So on a relative basis, against our peers, we believe we're probably through with most of that rotation as long as rates look to be going where we all believe them to be going.

因此，相對於我們的同行而言，我們相信，只要利率看起來符合我們都認為的水平，我們就可能完成大部分輪換。

And I would ignore the end of period of DDA balances like I used to always say, right, there is a lot of volatility at quarter end, month end, depending on client and their client activity.

我會忽略 DDA 餘額的期末，就像我以前總是說的那樣，季末、月末有很大的波動，這取決於客戶及其客戶活動。

So I would not index yourself too much to the end of period balances.

因此，我不會對期末餘額進行過多的指數化。

Though it does help us make more money, right?

雖然它確實可以幫助我們賺更多錢，對嗎？

I mean if there is this mushroom at the end of the quarter, we make money on that as it happens typically at the end of almost every month, it seems.

我的意思是，如果季度末出現這種蘑菇，我們就能從中賺錢，因為它似乎幾乎每個月末都會發生。

Okay.

好的。

So you think we could be at a point where we start seeing growth in average or continue to see growth from this quarter in average DDAs?

那麼您認為我們可能已經開始看到平均 DDA 成長，或者從本季開始繼續看到平均 DDA 成長？

I mean, we -- it's hard to predict.

我的意思是，我們——很難預測。

I would say that that's just hard to predict whether it's going to grow or not.

我想說，很難預測它是否會成長。

That's based on sales activities and our ability to bring in new business, which we don't forecast publicly.

這是基於銷售活動和我們引入新業務的能力，我們不會公開預測這一點。

Okay.

好的。

Alright.

好吧。

And then just finally for me on asset quality.

最後對我來說是資產品質。

Asset quality is great.

資產品質很好。

I was wondering what happened within criticized and classified in the quarter?

我想知道本季批評和分類中發生了什麼？

And then you referenced a model change for CECL.

然後您提到了 CECL 的模型變更。

Is that just using a different sort of Moody's baseline or what -- I guess, what drove the model change there?

這只是使用了不同類型的穆迪基線還是什麼——我猜是什麼推動了模型的改變？

So Tom will take the first question, and we'll turn the second part of that over to Ram.

湯姆將回答第一個問題，我們將把第二部分交給拉姆。

Yes.

是的。

Our criticized and classified loans are basically flat quarter-over-quarter.

我們的批評和分類貸款環比基本持平。

You always have a little bit of movement between our low pass watch, which actually was down, and that's a pass part of our watch list.

我們的低通手錶之間總是有一點移動，實際上它是下降的，這是我們觀察清單中的通行部分。

But the criticized is flat.

但受到的批評卻平淡無奇。

Yeah.

是的。

On the second question about CECL.

關於第二個問題，關於CECL。

We did not change our baseline assumptions.

我們沒有改變我們的基準假設。

We're still 100% indexed to Moody's baseline.

我們仍然 100% 參考穆迪基準。

From time to time, we look at our CECL models for performance, for effectiveness and change and swap out macroeconomic variables, drivers, correlations.

我們不時地查看 CECL 模型的效能、有效性和變化，並更換宏觀經濟變數、驅動因素和相關性。

So as part of that, we tweaked a couple of our models just to get a higher provision, get to 99 basis points coverage ratio.

因此，作為其中的一部分，我們調整了幾個模型，以獲得更高的準備金，達到 99 個基點的覆蓋率。

I mean, all in all, on that front, we just take a conservative approach.

我的意思是，總而言之，在這方面，我們只是採取保守的做法。

We feel like it's the right -- it's the kind of organization we are, and we believe it's in a conservative, strong, healthy reserve.

我們覺得這是正確的——我們就是這樣的組織，我們相信它是一個保守、強大、健康的儲備。

And the important part of both of your questions, underlying questions is that the provision, excess provision was not because of underlying portfolio trends.

你的兩個問題的重要部分，根本問題是準備金，超額準備金不是因為潛在的投資組合趨勢。

It was all quantitatively driven, based on changes to CECL models that we have.

這一切都是基於我們對 CECL 模型的變更而定量驅動的。

And loan growth.

以及貸款成長。

And I would just say, just to echo what Tom said, related to those things, our books really never looked better.

我只想說，只是為了呼應湯姆所說的，與這些事情有關，我們的書真的看起來從來沒有這麼好過。

When we talk about criticized being flat, it's also meager, 6 basis points.

當我們談論批評持平時，它也是微不足道的，6個基點。

I mean, it hardly exists.

我的意思是，它幾乎不存在。

And then the charge-offs are what they are.

然後沖銷就是這樣。

We feel very good about how we manage the company.

我們對公司的管理方式感到非常滿意。

It's the same team doing the same thing for a long time.

這是同一個團隊長時間做同樣的事情。

We'll take it very seriously and we're real proud of it.

我們會非常認真地對待它，我們對此感到非常自豪。

Great.

偉大的。

Thanks for all that color.

感謝所有這些顏色。

Thanks, Jared.

謝謝，賈里德。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Good morning.

早安.

Ram, maybe coming back to the margin -- just coming back to the margin for a second.

拉姆，也許會回到邊緣——只是暫時回到邊緣。

You guys are 2.5 Heartland's margin, looks roughly, as of last quarter, about 100 basis points higher.

截至上個季度，Heartland 的利潤率為 2.5 個基點，約高出 100 個基點。

With the bond restructuring from them and the accretion, I mean, you should be -- I'm trying to get a sense of like pro forma margins.

隨著他們的債券重組和增值，我的意思是，你應該——我正在努力了解預估利潤率。

So any comment there would be helpful, given you've talked about relative neutrality on the NIM.

因此，考慮到您已經談到了 NIM 的相對中立性，任何評論都會有所幫助。

Yes, that's a tough question for me to answer just sitting here.

是的，這對我來說是一個很難回答的問題。

I mean, as you know, right, it really depends on what the portfolio marks on acquisition date, whenever that happens, right?

我的意思是，正如您所知，這實際上取決於投資組合在收購日期的標記，無論何時發生，對吧？

So there's going to be a lot of noise related to how that accretes into income.

因此，關於如何將其轉化為收入，將會有許多噪音。

So I mean, you can do a simple math based on taking their, whatever, 3.73% margin and our 2.52% margin on our earning assets and get to a number, but there's going to be a lot more noise because of purchase accounting adjustments.

所以我的意思是，你可以根據我們的獲利資產的 3.73% 利潤率和我們 2.52% 的利潤率進行簡單的數學計算，得出一個數字，但由於購買會計調整，將會產生更多噪音。

So it's really hard for us to sit here -- obviously, they're still running their book and really depends on what happens to deposit betas and how we manage it after close.

所以我們真的很難坐在這裡 - 顯然，他們仍在運行他們的書，並且實際上取決於存款貝塔的情況以及我們在關閉後如何管理它。

So I feel like it's too early to kind of give you a pro forma look at margin, other than the comments that I said that relatively we should be neutral from an interest rate position on a pro forma basis.

因此，我覺得現在給大家提供關於保證金的預估還為時過早，除了我所說的相對而言我們應該在預估的利率立場上保持中立的評論之外。

I mean, longer term, it's one of the reasons we're doing the transaction, right?

我的意思是，從長遠來看，這是我們進行交易的原因之一，對吧？

I mean, they do have a better margin tied to having a smaller business book of loans, which carries a higher yield.

我的意思是，他們確實擁有更好的利潤率，因為他們的商業貸款規模較小，因此收益率較高。

They have a more granular deposit base.

他們擁有更細化的存款基礎。

So I mean it's the combination of the way they run their business longer-term taking the accounting noise of the marks and all that, is part of the reason we're doing the transaction.

所以我的意思是，這是他們長期經營業務的方式與標記的會計噪音的結合，所有這些都是我們進行交易的部分原因。

So longer term, we expect that.

從長遠來看，我們預計會出現這種情況。

Okay.

好的。

And in terms of just broader efficiency, meaning the objective and you've accomplished it over the years, is operating leverage.

就更廣泛的效率而言，這意味著目標以及您多年來已經實現的目標是營運槓桿。

If I think about the bank, you've been running kind of low-60s.

如果我考慮一下銀行，你的表現大概是 60 多歲。

It would feel, given that momentum, mid-50s would seem once you get everything accreted and integrated, that would be reasonable.

考慮到這種勢頭，一旦你把一切都累積和整合起來，50 年代中期看起來就會是合理的。

But is there anything we're missing in terms of investments now that you're through, in last quarter, you talked about the investments you're making to go through 50%.

但是，既然您已經完成了，在上個季度，您談到了要完成 50% 的投資，那麼我們在投資方面是否還缺少什麼？

But any other guidance as we look out over the next couple of years?

但我們在接下來的幾年還有其他的指導嗎？

I mean, I think we remain -- probably not going to give you what you're looking for here, but what we remain is, focused on being efficient as we have been.

我的意思是，我認為我們仍然——可能不會為您提供您在這裡尋找的東西，但我們仍然會像以前一樣專注於提高效率。

There's always more work to do.

總是有更多的工作要做。

I think the combination of our two companies will make us that much stronger.

我認為我們兩家公司的合併將使我們變得更強大。

I would say, again, just overall, it is more operating leverage than efficiency.

我想說，總的來說，營運槓桿比效率更重要。

So I think the room for us, the opportunity for us, is to focus more on revenue than it is expense reduction.

因此，我認為我們的空間和機會是更專注於收入而不是減少開支。

We've done a lot of that efficiency work to make our systems modernized.

為了使我們的系統現代化，我們做了很多提高效率的工作。

We've said in comments before that we've pushed a big bowling ball through at the front end of the pandemic.

我們之前在評論中說過，我們在疫情爆發初期就已經推動了一個大保齡球。

We pushed a big bowling ball through the pipeline, right, to get our systems up and ready and modernized.

我們將一個大保齡球推過管道（右），以使我們的系統準備好並實現現代化。

And we are more focused today on spend that's focused on customer experience.

今天我們更加關注以客戶體驗為中心的支出。

So more than 50% of our spend is focused there.

所以我們超過 50% 的支出都集中在那裡。

So that should benefit both revenue and retention of client and all of that.

因此，這應該有利於收入和客戶保留等等。

But, in general, I would say, I think our opportunity is on the revenue front, and we're good at that.

但是，總的來說，我想說，我認為我們的機會在於收入方面，而且我們擅長這一點。

And I think the exciting thing about the Heartland transaction is we'll be able to take their great small business platform and layer our institutional and our C&I on top of their branch network and their footprint.

我認為 Heartland 交易的令人興奮之處在於，我們將能夠利用他們出色的小型企業平台，並將我們的代理商和 C&I 置於他們的分支機構網絡和足跡之上。

And as you're aware, and the way we modeled all that, there are no requisite synergies in what we produce publicly.

如您所知，以及我們對所有這些進行建模的方式，我們公開發布的內容並不存在必要的協同作用。

So that's all upside and gravy and yet to be seen.

所以這一切都是有利的，還有待觀察。

So we're very excited about that.

所以我們對此感到非常興奮。

And again, I'd just re-echo that if you're thinking about operating leverage, our opportunity is more on the revenue side than its expense.

再次，我想重申一下，如果您考慮營運槓桿，我們的機會更多地來自收入方面，而不是支出方面。

Great.

偉大的。

And then if I could, just one more Ram, on the deposit cost quarter-on-quarter change.

然後，如果可以的話，再多一個拉姆，了解存款成本的季度環比變化。

Any particular -- I heard your prepared remarks about the index deposits, but any particular product that drove the increase?

有什麼特別的——我聽到了你準備好的關於指數存款的評論，但是有什麼特定的產品推動了這一增長嗎？

I know there's been some questions from some of the larger banks about sweep deposits, but any impact from that or any one category you call out on the driving the costs?

我知道一些較大的銀行對掃蕩存款提出了一些疑問，但是這種情況或您所說的任何一類對推高成本有什麼影響嗎？

No, the increase in cost on a quarter-over-quarter basis is the pipeline of institutional deposits that we've talked about for the last couple of quarters.

不，環比成本的增加是我們在過去幾季討論的機構存款管道。

So the timing of those coming on board was the driver of the deposit cost.

因此，加入的時間是存款成本的驅動因素。

And I'll let Jim answer on the sweep side, but -- yes.

我會讓吉姆從橫掃方面回答，但是——是的。

Well, on the sweep side, I assume you're referring on the health care portion for us.

好吧，在總體方面，我認為您指的是我們的醫療保健部分。

We don't anticipate that being an issue.

我們預計這不會成為問題。

We're not a fiduciary, as you know, those deposit transaction accounts for health care-related expenses, we don't anticipate that being anything material for us going forward.

如您所知，我們不是受託人，那些用於醫療保健相關費用的存款交易帳戶，我們預計這對我們未來不會有任何實質影響。

Perfect.

完美的。

Thank you.

謝謝。

And it wasn't a driver in the second quarter either.

這也不是第二季的驅動力。

So no future impact, no current impact, yes.

所以沒有未來的影響，沒有目前的影響，是的。

Nathan Race, Piper Sandler.

內森·雷斯，派珀·桑德勒。

Yes.

是的。

Hi, guys.

嗨，大家好。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

Good morning, Nathan.

早安，內森。

I was curious just to get an update in terms of what you're seeing across the loan pipeline and just overall loan growth expectations over the next couple of quarters.

我很好奇只是想了解整個貸款管道的最新情況以及未來幾季的整體貸款成長預期。

I'm just curious, based on the pipeline mix, do you expect that to be largely driven by commercial real estate as we saw here in 2Q?

我只是很好奇，根據管道組合，您是否預計這將主要由商業房地產推動，正如我們在第二季度看到的那樣？

I'll take that.

我會接受的。

Nathan, if you look backward, the comments we made in the first quarter are the same we would make in the second quarter as to where that CRE balances were coming from.

內森（Nathan），如果你回顧過去，我們在第一季發表的評論與我們在第二季度關於商業房地產餘額來自何處的評論相同。

Largely, they were from existing commitments that are being drawn on.

在很大程度上，它們來自正在利用的現有承諾。

We do continue to book business in CRE, multifamily and industrial.

我們確實繼續在商業房地產、多戶住宅和工業領域預訂業務。

So there remains lots of opportunities there.

所以那裡仍然有很多機會。

So as we talked before, it's less than it was because we're more focused on great current relationships that we can broaden our relationships with deposits and other business with.

正如我們之前所說，它比以前要少，因為我們更關注當前的良好關係，我們可以擴大與存款和其他業務的關係。

So that's the case kind of transitionally coming out of the pandemic, where there was all that excess liquidity in the system.

這就是疫情結束後的過渡情況，系統中流動性過剩。

But as far as the pipeline goes, we actually see a very strong third quarter.

但就管道而言，我們實際上看到了非常強勁的第三季。

And as you know, we usually only give a look into the next 90 days.

如您所知，我們通常只關注接下來的 90 天。

As we do that, it's a very strong third quarter, and it's coming from across the board, all of our segments.

當我們這樣做時，這是一個非常強勁的第三季度，它來自我們所有的部門。

Okay.

好的。

Great.

偉大的。

Very helpful.

非常有幫助。

And then just going back to Ram's margin guidance, I think, for the back half of the year, just kind of stable, even if we get a cut at the end of September.

然後回到 Ram 的利潤指導，我認為，今年下半年，即使我們在 9 月底削減，也有點穩定。

Just trying to understand maybe how conservative that guidance is, just given that you seem pretty well matched up in terms of your hard and soft indexed deposits relative to your true floating rate loans in terms of those percentages, and just as you kind of continue to grow loans at pretty strong clips and use some of the excess liquidity coming off the bond portfolio to support that growth.

只是想了解一下該指導意見可能有多保守，考慮到您的硬指數存款和軟指數存款相對於您的真實浮動利率貸款的百分比似乎相當匹配，並且正如您繼續以相當強勁的速度增加貸款，並利用債券投資組合中的一些過剩流動性來支持這種成長。

Yes.

是的。

I mean, it's a complicated question, lot of moving parts, right?

我的意思是，這是一個複雜的問題，有很多變化的部分，對吧？

The first thing, obviously, is the level of DDAs, like we answered before.

顯然，第一件事是 DDA 的水平，就像我們之前回答的那樣。

I mean, we've said, it could be $10 billion, it could be $9.5 billion or it could be $10.5 billion.

我的意思是，我們已經說過，可能是 100 億美元，可能是 95 億美元，也可能是 105 億美元。

So the overall mix of deposits and timing of some institutional deposits coming in can impact our deposit costs.

因此，存款的整體組合和一些機構存款的進入時間可能會影響我們的存款成本。

But, all said, as I said in my prepared comments, we have close to 48% of our book that are priced at market rates that will move immediately or pretty quickly after the Fed cuts rates, right?

但是，總而言之，正如我在準備好的評論中所說，我們帳簿中近 48% 的定價是按市場利率定價的，市場利率將在聯準會降息後立即或相當快地變化，對嗎？

And we still have about $1.8 billion of fixed rate loans that will continue to reprice higher in the next 12 months because they're at, call it, 200 basis points below where our current market rates are.

我們仍有約 18 億美元的固定利率貸款，這些貸款將在未來 12 個月內繼續重新定價，因為它們比我們目前的市場利率低 200 個基點。

So that's a positive as well.

所以這也是正面的。

And then the third positive, obviously, is what's happening in our securities book with about $1.4 billion of cash flows coming due at 2.54%, and getting priced 200 basis points, 250 basis points higher.

第三個正面因素顯然是我們的證券帳簿中發生的事情，大約 14 億美元的現金流量將以 2.54% 的利率到期，定價上漲 200 個基點，高出 250 個基點。

So lot of positive momentum on one side, and then the other side is just, we have 69% or 66% of our loans are variable in nature. 69% of them are tied to SOFR or Prime rate.

一方面有很多積極的勢頭，但另一方面，我們有 69% 或 66% 的貸款本質上是可變的。其中 69% 與 SOFR 或優惠利率掛鉤。

So when that happens, SOFR moves in advance of what the Fed might do.

因此，當這種情況發生時，SOFR 的行動會先於聯準會可能採取的行動。

So that might impact loan yields on the other side.

因此，這可能會影響另一方的貸款收益率。

So lot of moving parts, as I'm saying, and obviously, this is true for the next two or three quarters before we layer on the Heartland acquisition.

正如我所說，有很多變動的部分，顯然，在我們對 Heartland 進行收購之前，未來兩三個季度都是如此。

So I would say, given -- I'd stick to my original comments that we expect it to be stable.

所以我想說，考慮到——我會堅持我最初的評論，我們預計它會保持穩定。

Again, it will be dictated by what happens to mix of deposits, including DDAs.

同樣，這將取決於存款組合（包括 DDA）的情況。

And loan growth.

以及貸款成長。

And loan growth, yes.

貸款增長，是的。

Yes, new loans will be accretive to your point, yes.

是的，新貸款會增加你的觀點，是的。

Okay.

好的。

Great.

偉大的。

And then, you just continue to see kind of good momentum on the institutional fee income.

然後，您將繼續看到機構費用收入的良好勢頭。

Just curious, can you give an update in terms of the opportunity you're seeing across those lines.

只是好奇，您能否提供有關您在這些方面看到的機會的最新資訊。

And just kind of, any thoughts on just kind of activity levels and if you can kind of continue to sustain the growth rate that we've seen over the last year or so across institutional?

就某種活動水平而言，您是否可以繼續維持我們在過去一年左右的機構中看到的成長率？

That's another one of my favorite questions.

這是我最喜歡的另一個問題。

I love our credit quality questions and I love our institutional growth questions.

我喜歡我們的信用品質問題，也喜歡我們的機構成長問題。

I'll say a couple of things and let Jim add on if I missed anything since the business lines report to him.

我會說幾句話，如果我錯過了什麼，讓吉姆補充，因為業務線向他報告。

But we continue to be positioned very well across the board, but in particular, a couple of things.

但我們在各方面仍然處於非常有利的位置，但特別是有幾件事。

In AI, alternative investments, within our asset servicing business is very, very strong.

在人工智慧、另類投資方面，我們的資產服務業務非常非常強大。

The profile is very strong.

個人資料非常強大。

There's a lot of fund creation, a lot of fundraising going on, a lot of growth within some major clients that we have.

我們正在創建大量基金，進行大量籌款活動，我們擁有的一些主要客戶也實現了大量成長。

We continue to see a really strong pipeline there and then a lot of growth within the customer base.

我們繼續看到那裡有一個非常強大的管道，然後客戶群也出現了很大的成長。

So that is -- the profile there continues to be very strong.

也就是說，那裡的形象仍然非常強大。

And I think the disruption in the space with our competitors being bought and sold also has continued to be very helpful.

我認為，我們的競爭對手被買賣所帶來的混亂仍然非常有幫助。

So that's a really strong business with strong profile and a great tailwind.

因此，這是一項非常強大的業務，具有強大的形象和巨大的推動力。

Corporate trust continues to be fantastically strong.

企業信任度仍然非常強勁。

And I think the strength in travel and all that has really pushed a lot of activity in the airline business, which is coming on.

我認為旅遊業的強勁發展以及所有其他方面確實推動了航空業務的大量活動，而這種活動正在發生。

Our CLO business and such that we are building in that space is, again, have real great tailwinds.

我們的 CLO 業務以及我們在該領域正在建立的業務再次擁有真正的巨大推動力。

We're having a really good time hiring people in the space.

我們在該領域招募人員的過程非常愉快。

And again, just consolidation and hiring has been really great for us in that space.

再說一次，在這個領域，整合和招募對我們來說真的很棒。

So we continue to feel good about that.

所以我們對此仍然感覺良好。

The rest of them are all strong.

其餘的人，個個都是強者。

Those are some with some real momentum and outsized profiles.

其中一些具有真正的動力和巨大的形象。

Our wealth business, interestingly, also has a really great profile right now.

有趣的是，我們的財富業務目前也擁有非常出色的形象。

The sales activity and new generation of assets under management there have been very strong.

那裡的銷售活動和管理的新一代資產非常強勁。

And so that's nicely up quarter-over-quarter and year-over-year.

因此，這一數字環比和同比都有很好的成長。

Anything you might add, Jim?

吉姆，你還有什麼要補充的嗎？

No, the only thing I would add is just -- as you know, the corporate trust business is also a great contributor to our deposit base, and we have the ability to move, if they get -- if they balloon, we can move it off balance sheet.

不，我唯一要補充的是——正如你所知，企業信託業務也是我們存款基礎的一個巨大貢獻者，我們有能力轉移，如果他們得到——如果他們膨脹，我們可以轉移它脫離了資產負債表。

We have the ability to keep it on balance sheet.

我們有能力將其保留在資產負債表上。

Really built that out nicely and we're continuing to invest.

確實做得很好，我們將繼續投資。

So outlook for those businesses continues to remain very strong.

因此，這些業務的前景仍然非常強勁。

And health care continues -- like I said, all the businesses are strong, profile for all of them are strong, but there's some real momentum in corporate trust and AI within this -- the whole set.

醫療保健仍在繼續——就像我說的，所有企業都很強大，所有企業的形像都很強大，但企業信任和人工智慧在這一切中都有一些真正的動力。

Okay.

好的。

Very helpful.

非常有幫助。

If I could just ask one more, just in terms of thinking about expenses next year.

我能否再問一個問題，就考慮明年的開支而言。

It looks like you guys aren't planning to convert the systems until the fourth quarter of next year.

看來你們不打算在明年第四季之前轉換系統。

So just curious, to what extent or what degree of cost saves you guys think you can realize, assuming you close the deal early next year ahead of the cost save, or I'm sorry, ahead of the conversion later in the year?

所以只是好奇，假設您在明年初在節省成本之前完成交易，或者對不起，在今年晚些時候進行轉換之前，你們認為可以實現多大程度或何種程度的成本節省？

We'll -- I mean, we'll -- as they come in and we execute against them, we'll report on them.

我們將——我的意思是，我們將——當他們進來並對他們執行行動時，我們將報告他們。

It's probably premature to tell you how, when and -- it's too early, really, to report on that.

現在告訴你如何、何時以及——實際上，報告這一點還為時過早。

But we intend, obviously, to segregate and report on those synergies and savings as they come through every quarter.

但顯然，我們打算在每個季度對這些協同效應和節省的情況進行分類和報告。

Yeah.

是的。

And nothing has changed from our announcement.

我們的公告沒有任何變化。

If you go back, we expect that, based on first quarter close and the fourth quarter conversion that we would get 40% of that 27.5% cost saves in the first -- in the 2025 time frame and then everything else in 2026 and beyond.

如果你回顧過去，我們預計，根據第一季的結帳和第四季度的轉換，我們將在第一個季度（2025 年的時間範圍內）獲得27.5% 成本節省的40%，然後在2026 年及以後的其他時間範圍內實現。

So no change from that perspective as of now.

因此，從這個角度來看，目前還沒有改變。

And you'll see, as I said, that sort of projections for it all hasn't changed, but you'll see it come through as it comes through.

正如我所說，你會看到，對這一切的預測並沒有改變，但你會看到它正在發生。

Okay.

好的。

Great.

偉大的。

I appreciate all the color.

我欣賞所有的顏色。

Thanks, guys.

謝謝，夥計們。

Thanks, Nathan.

謝謝，內森。

John Rodis, Janney.

約翰·羅迪斯、珍妮.

Good morning, everybody.

大家早安。

Good morning.

早安.

Just a follow-up, Ram, maybe on fees.

只是後續行動，拉姆，也許是關於費用。

I guess, the brokerage line item, if we start to see some Fed cuts, can you hold that level?

我想，對於經紀業務，如果我們開始看到聯準會降息，你能維持這個水準嗎？

Or does that start to decline a little bit?

還是開始有所下降？

No, that's -- no, it takes a lot of Fed cuts for that to be impacted on the negative side.

不，那是——不，聯準會需要大量降息才能產生負面影響。

It has to be 300 basis points plus -- 400 basis points of cuts before it impacts the 12b-1 money market revenue share.

在影響 12b-1 貨幣市場收入份額之前，必須削減 300 個基點以上至 400 個基點。

So there's no risk of that.

所以不存在這樣的風險。

To Jim's earlier point, we're still seeing opportunities to add off balance sheet and maybe even generate some.

對於吉姆先前的觀點，我們仍然看到增加資產負債表外的機會，甚至可能產生一些。

But I would not expect any near-term impacts because of revenue share going away until the Fed cuts fairly dramatically.

但我預計不會有任何短期影響，因為在聯準會大幅削減收入之前，收入份額將會消失。

And quite frankly, I think the way we see it is the more -- if rates come down, activity will go up.

坦白說，我認為我們的看法是——如果利率下降，活動就會增加。

So there'll be more activity.

所以會有更多的活動。

So on the margin anyway, as that would hit over time, we'd see more volume also.

因此，無論如何，隨著時間的推移，我們也會看到更多的交易量。

Okay.

好的。

Makes sense, Mariner.

有道理，水手。

And then, just one other on fees.

然後，只是另一項費用。

The bank card fees, you're $21 million to $22 million now and just talking your previous comments about strong trends and stuff.

銀行卡費用，你現在是 2100 萬到 2200 萬美元，只是談論你之前關於強勁趨勢和東西的評論。

And so you feel, that's up from $18 million to $19 million a quarter last year.

所以你會覺得，這個數字從去年的每季 1,800 萬美元增加到了 1,900 萬美元。

So this sort of new level of $21 million to $22 million seems appropriate going forward?

那麼這種 2,100 萬至 2,200 萬美元的新水準似乎適合未來？

Yes, one of the biggest drivers.

是的，最大的推動因素之一。

So obviously, purchase volumes, even organically, have grown up nicely, right?

很明顯，購買量，即使是自然購買量，也成長得很好，對嗎？

We used to be at $3.5 billion of purchase volumes every quarter, lot of it driven by health care and we have a lot of momentum as you heard from our fee income lines on commercial where purchase volume is growing strongly.

我們過去每季的購買量為 35 億美元，其中很大一部分是由醫療保健推動的，正如您從我們的商業費用收入線中聽到的那樣，我們的購買量正在強勁增長。

And the biggest catalyst in the second quarter is the -- call it, $15 million of co-branded card balances that we acquired.

第二季最大的催化劑是我們收購的 1,500 萬美元的聯名卡餘額。

So that new business generated about gross $70 million of purchase volumes, fees of -- net of interchange or interchange fees of about $0.5 million.

因此，這項新業務產生了約 7,000 萬美元的總採購量，扣除互換或互換費用後的費用約為 50 萬美元。

So that's part of the organic and inorganic growth drivers for us.

所以這是我們有機和無機成長動力的一部分。

But we feel pretty good at the higher level.

但我們在更高水平上感覺很好。

It can go up and down from quarter-to-quarter based on timing of incentives from the network or other things.

它可以根據網路或其他事物的激勵時間逐季度上下波動。

But, generally, we feel like the momentum is positive.

但總的來說，我們認為勢頭是正面的。

We also had a couple of large new relationships on the institutional side that have card relationships that are really starting to drive some big volume there.

我們也在機構方面建立了一些大型的新關係，這些關係確實開始推動那裡的大量交易。

So I would say it's up from here, they're not neutral.

所以我想說，從這裡開始，他們不是中立的。

I mean, the trends are upward-sloping.

我的意思是，趨勢是向上傾斜的。

Okay.

好的。

Thanks, guys.

謝謝，夥計們。

Thanks, John.

謝謝，約翰。

(Operator Instructions) Timur Braziler, Wells Fargo.

（操作員說明）Timur Braziler，富國銀行。

Hey, Timur.

嘿，帖木兒。

Good morning.

早安.

Hey.

嘿。

Good morning.

早安.

I wanted to follow up just on the margin outlook for 3Q as it pertains to the bond book.

我想跟進第三季的利潤前景，因為它與債券帳簿有關。

It seems at least like much of the bond growth occurred later in the quarter and the amount of repricing was elevated in 2Q compared to what's coming online over the next four quarters.

看起來至少大部分債券成長發生在本季度晚些時候，並且與未來四個季度的上線相比，第二季度的重新定價量有所增加。

I'm just wondering, how much of that repricing took place in the back end of the quarter and if that's not more of a tailwind as we go into 3Q for margin?

我只是想知道，有多少重新定價發生在本季末，當我們進入第三季的利潤率時，這是否不是更多的順風車？

No, the back-end balance increase that you're seeing, as we footnoted in one of our pages, time to time, especially at month end, as we described earlier, there's a lot of collateral needs for trust deposits and institutional-type deposits.

不，您所看到的後端餘額增加，正如我們在其中一頁中腳註的那樣，時不時地，特別是在月底，正如我們之前所描述的，信託存款和機構類型存在大量抵押品需求存款。

So we end up buying those.

所以我們最終購買了這些。

So those may be inflating what you're looking at.

所以這些可能會誇大你所看到的內容。

But generally, across the three months in a quarter, we're always looking at every quarter to -- whether we want to reinvest based on our loan-to-deposit ratio pipeline and all that.

但一般來說，在一個季度的三個月中，我們總是在每個季度都會考慮——我們是否想要根據我們的貸存比管道等進行再投資。

So I would not expect a tailwind because of the late quarter purchases.

因此，我預計不會因為季度末的採購而出現順風車。

I mean, again, this is just to satisfy collateral needs over the last two days of the quarter and the first two days of the following -- or last two days of the month and the following two days.

我的意思是，這只是為了滿足該季度的最後兩天和接下來的前兩天——或者該月的最後兩天和接下來的兩天的抵押品需求。

So there's no tailwind to be expected in third quarter from that.

因此，預計第三季不會有任何推動作用。

Okay.

好的。

Great.

偉大的。

And then, maybe a follow-up on the Heartland deal.

然後，也許是 Heartland 交易的後續行動。

I'm just wondering, the fact that you're essentially acquiring 10 smaller institutions versus one larger one.

我只是想知道，事實上，您實際上正在收購 10 家規模較小的機構，而不是收購規模較大的機構。

Is that an opportunity as those are kind of consolidated together and brought under one general operating model?

這是否是一個機會，因為它們被整合在一起並置於一個通用的營運模式之下？

Or is that a near-term risk as that consolidation kind of maybe offset some of the planned benefits at least in the near term of the deal closing?

或者這是否是一個近期風險，因為至少在交易結束的短期內，整合可能會抵消一些計劃中的收益？

That's a great question, and it's really one of the exciting things about executing this transaction, really one of the things that excited us is that they started a journey two years ago, basically to set themselves up to look like us over the next five and 10 years, and this acquisition just accelerates all that work.

這是一個很好的問題，這確實是執行這筆交易的令人興奮的事情之一，真正讓我們興奮的事情之一是他們兩年前開始了一段旅程，基本上是為了讓自己在接下來的五年裡看起來像我們一樣， 10 年了，這筆收購只是加速了所有這些工作。

So they've done -- I said, I think, early on in one of our calls, they planted the seeds and tilled the soil and we get to harvest.

所以他們已經做到了——我想，在我們的一次通話的早期，他們播下了種子，耕耘了土壤，我們就開始收穫了。

So they've done all the hard work.

所以他們已經完成了所有艱苦的工作。

They've consolidated the systems, and we get to come in and sort of layer in all the things that we do.

他們整合了系統，我們可以介入並在我們所做的所有事情中進行分層。

And so, I guess, I would say not a lot of risk to that, really more opportunity to leverage the work that they've already done.

因此，我想，我會說這樣做的風險並不大，實際上有更多的機會來利用他們已經完成的工作。

So we're pretty excited about it.

所以我們對此感到非常興奮。

We get to just kind of come in and, like I said, leverage the work they've done.

正如我所說，我們可以介入並利用他們所做的工作。

So don't see any risk there, really all opportunity.

所以看不到任何風險，其實都是機會。

Great.

偉大的。

Thanks a lot, Mariner.

非常感謝，水手。

Thank you.

謝謝。

Thank you.

謝謝。

There are no questions registered at this time.

目前沒有登記任何問題。

So I will pass the call back over to the management team for any closing remarks.

因此，我會將電話轉回管理團隊以供結束語。

Thank you.

謝謝。

And thanks, everyone, for joining us today.

感謝大家今天加入我們。

Again, you can always follow up with Investor Relations at 816-860-7106.

同樣，您可以隨時撥打 816-860-7106 聯繫投資者關係部。

Thanks for your interest in UMB and have a great day.

感謝您對 UMB 的關注，祝您有個愉快的一天。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your line.

現在您可以斷開線路。