Univest Financial Corp (UVSP) 2026 Q2 法說會逐字稿

Good morning and welcome, everyone, (technical difficulty) 2026 earnings call. Today's conference is being recorded. (Operator Instructions)

各位早安，歡迎各位參加（技術問題）2026 年度財報電話會議。今天的會議將進行錄音。（接線員指示）

At this time, I would like to turn the conference over to Jeff Schweitzer, Chairman, President and CEO of Univest Financial Corporation. Please go ahead.

此刻，我想將會議交給 Univest Financial Corporation 董事長、總裁兼執行長 Jeff Schweitzer。請開始。

Thank you, Audra, and good morning, and thank you to all of our listeners for joining us. Joining me on the call this morning is Mike Keim, our Chief Operating Officer and President of Univest Bank and Trust; and Brian Richardson, our Chief Financial Officer.

謝謝你，Audra，各位早安，也感謝所有聽眾今天加入我們。今天早上與我一同參與電話會議的有：我們的營運長暨 Univest Bank and Trust 總裁 Mike Keim，以及我們的財務長 Brian Richardson。

Before we begin, I would like to remind everyone of the forward-looking statements disclaimer. Please be advised that during the course of this conference call, management may make forward-looking statements that express management's intentions, beliefs or expectations within the meaning of the federal securities laws. Univest's actual results may differ materially from those contemplated by these forward-looking statements. I will refer you to the forward-looking cautionary statements in our earnings release and in our SEC filings.

在開始之前，我想提醒各位注意前瞻性陳述的免責聲明。請注意，在本次電話會議過程中，管理層可能會在聯邦證券法的意義下，發表表達管理層意圖、信念或預期的前瞻性陳述。Univest 的實際結果可能與這些前瞻性陳述所預期者存在重大差異。我請各位參閱我們的財報新聞稿以及向 SEC 提交文件中的前瞻性警示性陳述。

Hopefully, everyone had a chance to review our earnings release from yesterday. If not, it can be found on our website at univest.net under the Investor Relations tab. We had a solid second quarter as we reported net income of $23 million or $0.82 per share, which was an 18.8% increase compared to earnings per share in Q2 of 2025.

希望各位都已經有機會閱讀我們昨天發布的財報新聞稿。若尚未閱讀，可至我們的網站 univest.net，在「投資人關係」分頁下查閱。第二季表現穩健，我們公布淨利為 2,300 萬美元，或每股 0.82 美元，較 2025 年第二季每股盈餘成長 18.8%。

Our results for the quarter were impacted by a $5.2 million valuation adjustment on an OREO property due to an updated appraisal, which impacted earnings per share for the quarter by $0.15. Excluding this adjustment, our core operating results for the quarter were strong.

本季業績受到一項 OREO 不動產因更新估價而產生的 520 萬美元估值調整影響，使本季每股盈餘減少 0.15 美元。排除此項調整後，本季核心營運表現強勁。

Loan growth for the quarter was solid as we grew loans by $101.7 million or 6% annualized. Total deposits for the quarter increased by $119.2 million or 7.2% annualized. We continue to execute on our initiative to lower our loan-to-deposit ratio, which on average was 180 basis points lower year-to-date than through the first six months of 2025. We also continue to be active with respect to stock buybacks, buying back 425,539 shares of our stock during the quarter. Year-to-date, we have repurchased 776,677 shares.

本季放款成長穩健，放款增加 1.017 億美元，年化成長率為 6%。本季存款總額增加 1.192 億美元，年化成長率為 7.2%。我們持續推動降低存放比的策略，今年迄今平均存放比較 2025 年前六個月低 180 個基點。我們也持續積極進行庫藏股回購，本季回購 425,539 股。今年迄今，我們已回購 776,677 股。

Before I pass it over to Brian, I would like to thank the entire Univest family for the great work they do every day and for their continued efforts serving our customers, communities and each other.

在我把時間交給 Brian 之前，我想感謝整個 Univest 大家庭每天所做的出色工作，以及他們持續為我們的客戶、社區與彼此服務所付出的努力。

I'll now turn it over to Brian for further discussion on our results.

接下來我把時間交給 Brian，進一步說明我們的業績。

Thank you, Jeff, and thank you to everyone for joining us today. I would like to start by touching on three items from the earnings release. First, we saw continued strength and stability in our net interest income and margin during the quarter. Reported net interest margin expanded 16 basis points from the first quarter to 3.49%. In addition, core NIM, which excludes the impact of excess liquidity, increased 9 basis points to 3.53%.

謝謝你，Jeff，也感謝各位今天加入我們。我想先就財報新聞稿中的三個事項做說明。第一，本季我們的淨利息收入與利差持續展現強勁與穩定。報告口徑的淨利息利差（NIM）較第一季擴大 16 個基點至 3.49%。此外，核心 NIM（排除超額流動性影響）增加 9 個基點至 3.53%。

Net interest income increased $2.9 million or 4.5% compared to the first quarter and increased $6.7 million or 11.3% compared to the second quarter of 2025, driven by continued growth in average loan balances, improved asset yields and a reduction in our overall cost of funds.

淨利息收入較第一季增加 290 萬美元或 4.5%，較 2025 年第二季增加 670 萬美元或 11.3%，主要受惠於平均放款餘額持續成長、資產收益率改善，以及整體資金成本下降。

Second, as it relates to credit, the quarter included two notable items. First, as Jeff mentioned, we recorded a $5.2 million pre-tax valuation adjustment on an OREO property based on an updated appraisal, reflecting the property's estimated fair value less cost to sell. This reduced earnings by $4.1 million after-tax or $0.15 per diluted share.

第二，就信用面而言，本季包含兩項值得注意的事項。第一，如 Jeff 所提及，我們依據更新估價，針對一項 OREO 不動產認列 520 萬美元稅前估值調整，反映該不動產估計公允價值扣除出售成本後的金額。此項調整使稅後盈餘減少 410 萬美元，或稀釋後每股減少 0.15 美元。

Second, during the quarter, a commercial loan relationship totaling $28.6 million was placed on nonaccrual status and a specific reserve of $9.8 million was established. Net charge-offs for the quarter were $1.9 million or 11 basis points annualized and our allowance for credit losses remains -- coverage ratio remained stable at 1.28% of total loans held for investment.

第二，本季有一筆總額 2,860 萬美元的商業放款關係戶被列為停計息（nonaccrual）狀態，並提列 980 萬美元的特定備抵。本季淨沖銷額為 190 萬美元，年化為 11 個基點；我們的信用損失準備金仍然—覆蓋率維持穩定，投資用途放款總額的 1.28%。

Third, noninterest income was $18.1 million for the quarter, a decrease of $3.4 million compared to the second quarter of 2025, primarily due to the $5.2 million OREO valuation adjustment. Excluding that item, underlying fee income trends remained solid as these businesses continue to perform well.

第三，本季非利息收入為 1,810 萬美元，較 2025 年第二季減少 340 萬美元，主要係因 520 萬美元的 OREO 估值調整所致。排除此項因素後，基礎手續費收入趨勢仍然穩健，相關業務持續表現良好。

Investment advisory commission and fee income increased $583,000 or 10.7% compared to the prior year, driven by appreciation in assets under management and new customer relationships. Net gain on mortgage banking activities increased $365,000 or 37.2% compared to the prior year, primarily due to increased salable volume and improved margins. We also recognized $708,000 of tax-free BOLI death benefit proceeds during the quarter.

投資顧問佣金與費用收入較去年同期增加 58.3 萬美元或 10.7%，主要受惠於管理資產規模增值以及新增客戶關係。房貸銀行業務活動的淨收益較去年同期增加 36.5 萬美元或 37.2%，主要因可出售量增加及利差改善。本季我們亦認列 70.8 萬美元的免稅 BOLI 身故給付收益。

Turning briefly to our outlook for the remainder of 2026. Based on our performance during the first half of the year and our current assumptions, we are maintaining our outlook for loan growth of approximately 2% to 3%, noninterest income growth of approximately 6% to 8%, excluding BOLI death benefits and OREO valuation adjustments, noninterest expense growth of 3% to 5% and provisioning of $11 million to $13 million.

簡要談一下 2026 年剩餘期間的展望。基於上半年表現與目前假設，我們維持原先展望：放款成長約 2% 至 3%；非利息收入成長約 6% 至 8%（不含 BOLI 身故給付與 OREO 估值調整）；非利息費用成長 3% 至 5%；以及提存費用為 1,100 萬至 1,300 萬美元。

However, as I've said in the past, our provisioning is event-driven and may be impacted in the second half of the year, depending on the final resolution of the $28.6 million loan that was placed on nonaccrual during the second quarter as well as other charge-off activity, loan growth, changes in economic conditions and the resulting impact on our coverage ratio. We are updating our full year net interest income growth outlook to a range of 8% to 10%, reflecting the strength of the first half of the year and continued margin stability. Our effective tax rate is expected to remain in the 20% to 21% range.

不過，如我過去所說，我們的提存屬事件驅動，可能在下半年受到影響，取決於第二季列為停計息的 2,860 萬美元放款最終處置結果，以及其他沖銷活動、放款成長、經濟情勢變化及其對覆蓋率的影響。我們將全年淨利息收入成長展望更新至 8% 至 10% 的區間，反映上半年表現強勁以及利差持續穩定。預期有效稅率將維持在 20% 至 21% 的區間。

That concludes my prepared remarks. Audra, would you please begin the question-and-answer session?

以上為我預先準備的發言。Audra，請開始問答環節，好嗎？

(Operator Instructions)

（接線員指示）

Tim Switzer, KBW.

Tim Switzer，KBW。

My first one is on the outlook for loan growth. You guys maintained the low single-digit guide here. Could you maybe talk about the competition you're seeing in your various markets and if you're seeing intensifying in any -- either a specific market or a loan category? And then more specifically on the loan yield, it seems like there's a lot of competition there.

我第一個問題是關於放款成長的展望。你們維持了低個位數的指引。能否談談你們在各個市場看到的競爭情況，以及是否在任何—不論是特定市場或放款類別—看到競爭加劇？另外更具體地談放款收益率，感覺那邊的競爭也很激烈。

Tim, it's Mike Keim. So, I would agree with your question, quite frankly. We are seeing increased competition on the pricing side of the equation across the board in all of our markets. We still do believe there's room enough for us to get an adequate margin and participate to hit the numbers that -- the loan growth numbers that Brian referenced a couple of minutes ago.

Tim，我是Mike Keim。坦白說，我同意你的問題。我們在所有市場的定價面都看到競爭全面加劇。我們仍然相信，我們有足夠空間取得合理的利差並參與其中，以達成Brian幾分鐘前提到的貸款成長目標——也就是那些貸款成長數字。

But certainly, it is increasing competition. Spreads are narrowing. I would just imagine everybody is looking to fight for asset growth. So that's what's translating here. It's one of the reasons why we pivoted from more long-term CRE to more construction-oriented financing because we still believe that there's an ability to get a little bit wider margin and fee income out of that side of the -- out of that product offering.

但毫無疑問，競爭正在加劇。利差正在收窄。我想大家都在努力爭取資產成長。所以這就是目前反映出來的情況。這也是我們從較長天期的商用不動產（CRE）轉向較偏建築/施工導向融資的原因之一，因為我們仍然相信，在那一端——在該產品提供上——有能力取得稍微更寬的利差與手續費收入。

And then can you discuss, I guess, what the NIM trajectory looks like for you going forward, especially what would be the impact of rate hikes? Previously, you guys have talked about being pretty neutral, but obviously, that was an environment where we're looking more towards rate cuts.

接著你能否談談，我想，未來你們的淨利差（NIM）走勢會是什麼樣子，尤其是升息會帶來什麼影響？先前你們談到大致上相當中性，但顯然那是在我們更偏向降息的環境下。

Tim, this is Brian. Yes. So from a rate change perspective, either up or down, really at this point, we do model out fairly neutral. That said, I would think kind of for the next several quarters, assuming nothing drastic occurs, I'd expect kind of NIM to hold in that current range, give or take a couple of basis points. So in that 3.50% range, plus or minus, call it, 5 basis points either way is where I expect us to kind of operate for the next several quarters.

Tim，我是Brian。是的。就利率變動的角度來看，不論上升或下降，到目前為止我們的模型結果都相當中性。不過，我認為接下來幾個季度，在假設沒有發生劇烈變化的情況下，我預期NIM會維持在目前區間上下，頂多差幾個基點。也就是大約3.50%的區間，上下浮動，姑且說正負5個基點，我預期我們在接下來幾個季度大致會在這個範圍內運作。

Okay. And that's even with -- that's even assuming any changes to like the liquidity -- excess liquidity on the balance sheet?

好的。即使——即使假設資產負債表上的流動性——超額流動性有任何變化也是如此嗎？

So that's from a core NIM perspective. Of course, excess liquidity will have its impact on our reported NIM. But from a core NIM perspective, I expect us to maintain in kind of that 3.50% range, give or take.

那是從核心NIM的角度來看。當然，超額流動性會對我們揭露的（reported）NIM產生影響。但就核心NIM而言，我預期我們會維持在大約3.50%的區間，上下些微波動。

And then on the credit side of things, can you maybe remind us of this OREO property? I know it was OREO four years ago. Can you remind us maybe what market it's in or the loan category, CRE loan?

然後在信用面，你能否提醒我們一下這個OREO資產？我知道它在四年前是OREO。你能否提醒我們它位於哪個市場，或是屬於哪一類貸款，商用不動產（CRE）貸款嗎？

Yes. So it's a lab-spec built office building that is approximately 165,000 square feet and it's located in the Princeton market. So there were significant repairs that were required on that building. Those were completed first quarter into second quarter of last year. So there was a time period where the property wasn't being marketed.

可以。這是一棟依實驗室規格打造的辦公大樓，約165,000平方英尺，位於Princeton市場。該建物需要進行相當多的修繕。這些修繕在去年第一季完成並延續到第二季。因此有一段時間該物件並未對外行銷。

We started marketing it second quarter last year, and then kind of continue those efforts now, got an updated appraisal and as a result of kind of comps in the market, both from a sale perspective as well as a rental per square foot perspective, there was pressure on both of those, which resulted in a decrease in value from an appraised perspective.

我們從去年第二季開始行銷，之後也持續推進；我們取得了更新的鑑價，而由於市場可比案例（comps）的影響，無論是出售面向以及每平方英尺租金面向，都承受壓力，導致從鑑價角度來看價值下調。

Okay. And it sounds like this has now been on sale for about a year. Any time line on when you think this can -- a buyer can be found and the deal closed?

了解。聽起來這個物件已經出售大約一年了。你們對於何時能找到買方並完成交易，有沒有時間表？

No. Again, that's going to be kind of event-driven, circumstance driven, hopefully, we'll continue to market it, and we'll see how that kind of plays out here over the next couple of quarters.

沒有。同樣地，這將取決於事件與情況的推進；希望我們能持續行銷，並看看未來幾個季度的進展如何。

And then the last one on the other credit here that moved to nonaccrual. Any color you can provide on the industry it's in, maybe what's causing the issues? And it sounds like the provision guidance this year is depending on the resolution. Is this one that could be resolved this year?

最後一個問題，關於另一筆轉為停息（nonaccrual）的信用案件。你能否提供一些背景，例如所屬產業、造成問題的原因？另外聽起來你們今年的提存（provision）指引取決於處置結果。這一筆有可能在今年內解決嗎？

Tim, it's Mike Keim again. So first off, it is an operating business. It's a C&I credit. It's a seasonal business with more of a discretionary kind of items that -- they're both a manufacturer and distributor. So the seasonality is really strongest late in the third quarter into the fourth quarter. So we would continue to see how that evolves.

Tim，我又是Mike Keim。首先，它是一家營運中的企業。這是一筆工商業（C&I）授信。它是季節性業務，產品偏向較具可選擇性的消費項目——他們同時是製造商與經銷商。因此季節性在第三季末到第四季最為明顯。所以我們會持續觀察其後續演變。

The specific reserve that was put up was based upon -- there are some indications of interest on the company as a whole and kind of where we are from a financial perspective. We're going to get updated 6/30 financial statements, and we're investigating. Can we -- are there opportunities with -- do we have to look at a total sale of the company at some point in time, or could we sell it in parts? It will be what is the best answer for the collective situation here as we move forward. And truth be told, we still need to learn a little bit more and update our analysis on that.

此次提列的特定準備金是基於——目前對整家公司存在一些利害關係人的興趣，以及我們從財務角度所處的位置。我們將取得更新的6/30財務報表，並進行評估。我們在研究：是否在某個時間點需要考慮整體出售公司，或是能否分拆出售？隨著我們往前推進，將以對整體情況最有利的方案作為答案。坦白說，我們仍需要再多了解一些，並更新我們對此的分析。

So would I love to see it go on or disposed with in some positive fashion in the rest of the year? Yes. Can I guarantee it? That might not be the best answer, quite frankly. And we will just work through this and take the best answer for us.

所以，我是否希望在今年剩餘時間內能以正面的方式讓它持續經營或完成處置？是的。我能保證嗎？坦白說，那可能不是最好的回答。我們會把這件事處理下去，並採取對我們最有利的方案。

Jake Morton, Stephens Inc.

Jake Morton，Stephens Inc.

This is Jake Morton on for Matt Breese. I want to start out, I'm curious on what was the spot cost of deposits in the spot NIM at the end of the quarter. And I'm just curious on how you feel about your ability to maintain or further lower deposit costs from here.

我是Jake Morton，代替Matt Breese提問。我想先問一下，本季末的即期存款成本（spot cost of deposits）以及即期NIM分別是多少？另外我也想了解，你們對於從現在起維持或進一步降低存款成本的能力有何看法。

Jake, this is Brian. So really spot deposit costs. Of course, when you have builds and things like that occur, there'll be a little bit of noise there, but really tracks what we saw for the quarter. As it relates to ability to reduce cost of deposits and cost of funds, kind of where we're at right now, again, assuming a stable rate environment, I wouldn't expect much opportunity. We have just over $300 million of CDs that mature here in, call it, the third quarter.

Jake，我是Brian。就即期存款成本而言，當然，若出現資金建立（builds）之類的情況，數據會有一些雜訊，但整體上與我們本季看到的走勢一致。至於降低存款成本與資金成本的能力，以我們目前的位置來看，同樣在假設利率環境穩定的前提下，我不預期會有太多空間。我們有略高於3億美元的定期存單（CDs）將在第三季到期。

And as we look at what we're offering -- our current offering rates, they're at that level or slightly above. So there's not much opportunity to reprice down there. That's why that NIM outlook and guide really is stable at this point in time because you have a little bit of opportunity on the asset side and a little flat to a little bit of pressure on the liability side, and you kind of see that play out as a stable core NIM.

而就我們目前提供的——我們當前的報價利率來看，已在那個水準或略高一些。因此在那裡幾乎沒有向下重新定價的空間。這也是為什麼目前NIM展望與指引基本上是穩定的：資產端有一些機會，負債端則大致持平到略有壓力，最終反映為核心NIM維持穩定。

Got it. Okay. I appreciate the color there. And then thinking about the NIM longer term, when you model it out, how much longer might we see fixed asset repricing benefits to the NIM? And I'm particularly focused on 2028 given five years prior in 2023 loan yield spiked for the industry. And I'm generalizing, but thinking we start to roll some of those off is what I'm curious about and what the impacts are.

了解。好的。感謝你提供的補充說明。接著從較長期的 NIM 來看，當你把模型往外推時，我們大概還能看到固定資產重定價對 NIM 帶來的好處持續多久？我特別聚焦在 2028 年，因為在 2023 年（往前推五年）產業的貸款收益率曾大幅上升。我是在概括而言，但我好奇的是，當我們開始有一些那時候的部位到期／滾落時，會帶來什麼影響。

So out to '28 and all, I mean, really looking through next year, I expect relative stability with slight upside, '28, again, a lot is likely to change between now and then. So I wouldn't necessarily try to put a pin in the ground on that.

就一路看到 2028 年等等，我的意思是，真正能看清楚的大概是到明年；我預期相對穩定、略有上行空間。至於 2028 年，從現在到那時候很可能會有很多變化。所以我不一定會想在那個時間點上把話說死。

And last for me on the deal appetite from here. I'm just curious your perspective on activity in the market. It's been sluggish from a deal perspective, but curious if conversations are similarly slow.

最後一個問題，關於從現在起你們對交易的意願。我想請教你對市場活動的看法。從交易角度看一直偏冷清，但也想知道目前的洽談是否同樣偏慢。

Yes. This is Jeff. So we're definitely open to conversations on M&A, both on the bank side and also on wealth or insurance organizations. And we're always out talking to people. As we always say, something it has to be for sale. You can't just go and buy it, whether you like it or not.

是的。我是 Jeff。所以我們確實願意就併購（M&A）進行對話，不論是銀行端，或是財富管理／保險機構。我們也一直在外面和大家交流。就像我們常說的，前提是對方得真的在出售。你不能因為你喜歡就直接去買，不管對方願不願意。

So it is something, there are conversations happening. I would say it did slow down for a little while there, but there are still conversations that are occurring in the market that we're participating on. But I can't tell you that there's anything imminent or that it will result in anything in the near term because, frankly, there has to be something that is actually for sale.

所以確實有一些對話在進行。我會說前一陣子確實放慢了一些，但市場上仍有一些洽談在發生，我們也有參與。但我無法告訴你有任何迫在眉睫的事情，或短期內一定會有結果，因為坦白說，必須要有真正正在出售的標的。

And obviously, there has to be an agreement on what it looks like going forward. So I would say it's active, not as active, but there's still conversations occurring and we are open to having them.

而且很顯然，雙方也必須對未來的樣貌達成共識。所以我會說是有在動，但沒有那麼活躍；不過仍有對話在進行，我們也願意參與。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

I'm [Eknor Najjar]. I'm here for Manuel. I had a question about what your deposit pipelines look like? And also on the talent side, what is sort of like the new wave of talent hires going forward? And any color you could provide on that front?

我是[Eknor Najjar]。我代替 Manuel 出席。我想問一下你們的存款管線（deposit pipelines）目前看起來如何？另外在人才方面，未來新一波的人才招募大概會是什麼方向？以及你能否就這方面提供一些補充說明？

Sure. Look, on the deposit pipeline, the first side of that equation, we continue to be active in that. We have a compelling -- Brian referenced a little bit in terms on the NIM question previously, but we have a compelling offer on the CD side, and we have strong appetite that's coming on that. And then we've talked in previous calls about the number of initiatives. We have a union initiative where we pursue union deposits. Our public funds build will happen in the third quarter.

當然。你看，在存款管線這一塊，也就是這個等式的第一部分，我們仍然很積極。我們在定存（CD）端有很有競爭力的方案——Brian 先前在回答 NIM 問題時也稍微提到——而且我們看到很強的需求。另外，我們在先前的電話會議也談過多項措施。我們有工會（union）專案，去爭取工會存款。我們的公款（public funds）建置會在第三季發生。

So, pipelines are strong. Some of that is kind of the seasonal nature of our public fund business, so that will build strongly. And we have various offers that will be in the marketplace. working with title companies, law firms, et cetera, all sources that will ultimately play to grow our deposit base over time. So, we're happy with that. This is going to be the ramp-up time where we'll have some excess liquidity and have an increase in our public funds as we traditionally see.

所以，管線很強。其中一部分是我們公款業務的季節性特徵，因此那部分會明顯增長。此外，我們也會在市場上推出各種方案，與產權公司、律師事務所等合作——所有這些來源最終都會有助於我們隨時間擴大存款基礎。所以我們對此感到滿意。這段時間會是爬坡期：我們會有一些超額流動性，且公款存款會如同以往慣例般增加。

Moving to the talent side. We've been active in the marketplace. We have hired a couple of new RMs in the recent time period here. This is one of those things that when talent becomes available, you need to take that opportunity and add that talent to your team, and we will continue to do that.

再談人才方面。我們一直在市場上積極布局。最近這段期間我們已聘用了幾位新的客戶關係經理（RM）。這類事情是：當人才出現時，你就需要把握機會，把人才加入團隊，我們也會持續這麼做。

There's not a ton of disruption in the marketplace. But when there is, that's when the talent seems to be available to us, and we're always in conversations similar to what Jeff referenced on an M&A side. We're always talking to people and trying to see if we can get good quality talent to join our organization.

市場上並沒有太多動盪。但一旦有變動，人才就比較可能對我們而言變得可得；而且就像 Jeff 在併購（M&A）那邊提到的，我們也一直在對話。我們總是在和人交流，看看能否吸引高品質的人才加入我們的組織。

That's helpful. Also, I was looking at your buyback pace, you bought back about 1.5% of outstanding shares. Should we kind of expect the same pace to continue going forward?

這很有幫助。另外，我在看你們的庫藏股回購節奏，你們回購了大約 1.5% 的流通在外股數。我們是否可以預期未來會以相近的速度持續？

We intend to continue to be active on our buyback plan. We have a lot of shares still authorized. Obviously, there's been a run-up in our price, and we want to make sure that we are effectively using capital and balancing all of the other things we talked about from M&A opportunities and growing the balance sheet. We're balancing all of that, but we expect that we will continue to be active on the buyback front for the near term for sure.

我們打算持續積極執行回購計畫。我們仍有相當多已核准可回購的股數額度。當然，我們的股價已經上漲了一段，我們希望確保資本運用有效，同時也要在我們談到的其他事項之間取得平衡，包括併購（M&A）機會與資產負債表成長。我們會在這些之間做平衡，但可以確定的是，短期內我們預期仍會在回購方面保持積極。

Yes. And really, the kind of guide there is not looking to grow our capital ratios really kind of from where we started the year. You'll see they grew in the first quarter, then they came back down here in the second quarter as we did the buyback. So we'll look to continue to kind of manage in that general range.

是的。而且這裡的指引大致是：我們不打算讓資本比率相較於年初水準再明顯往上成長。你會看到第一季資本比率上升，第二季因為我們做了回購又回落。所以我們會持續把它大致管理在那個區間。

And that concludes our Q&A session. I will now turn the conference back over to Jeff Schweitzer for closing remarks.

以上為我們的問答環節。我現在把電話會議交回給 Jeff Schweitzer 作結語。

Thank you, Audra, and thank you for everyone participating this morning on our call. We've had a strong start to the year through the first 6 months, and we're excited about the next 6 months as we continue to execute on our strategic plans and continue to grow our organization for the long term. Look forward to talking to everybody at the end of next quarter. Have a great day.

謝謝你，Audra，也謝謝今天早上參與我們電話會議的各位。今年前 6 個月我們有一個強勁的開局；隨著我們持續落實策略計畫，並在長期持續擴大組織規模，我們也對接下來 6 個月感到振奮。期待在下個季度結束時再與大家交流。祝大家有美好的一天。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。