WesBanco Inc (WSBC) 2025 Q3 法說會逐字稿

Good day, and welcome to Wesbanco, Inc.'s third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

各位好，歡迎參加 Wesbanco, Inc. 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to John Iannone, Senior Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級副總裁約翰·伊安諾內。請繼續。

Thank you. Good afternoon, and welcome to Wesbanco, Inc.'s third-quarter 2025 earnings conference call. Leading the call today are Jeff Jackson, President and Chief Executive Officer; and Dan Weiss, Senior Executive Vice President and Chief Financial Officer.

謝謝。下午好，歡迎參加 Wesbanco, Inc. 2025 年第三季財報電話會議。今天主持電話會議的是總裁兼執行長傑夫傑克遜，以及高級執行副總裁兼財務長丹韋斯。

Today's call, an archive of which will be available on our website for one year, contains forward-looking information. Cautionary statements about this information and reconciliations of non-GAAP measures are included in our earnings-related materials issued yesterday afternoon, as well as our other SEC filings and investor materials.

今天的電話會議包含前瞻性訊息，會議記錄將在我們的網站上保留一年。有關此資訊的警示性聲明以及非GAAP指標的調整說明已包含在我們昨天下午發布的盈利相關資料以及我們提交給美國證券交易委員會的其他文件和投資者資料中。

These materials are available on the Investor Relations section of our website, wesbanco.com. All statements speak only as of October 23, 2025, and Wesbanco undertakes no obligation to update them.

這些資料可在我們網站 wesbanco.com 的投資者關係欄位中查閱。所有聲明僅代表截至 2025 年 10 月 23 日的信息，Wesbanco 不承擔更新這些聲明的義務。

I would now like to turn the call over to Jeff. Jeff?

現在我想把電話交給傑夫。傑夫？

Thanks, John, and good afternoon. On today's call, we will provide an overview on operational efforts and third-quarter results, as well as provide an update on our outlook for 2025.

謝謝你，約翰，下午好。在今天的電話會議上，我們將概述營運工作和第三季業績，並更新我們對 2025 年的展望。

Key takeaways from the call today are: earnings per share of $0.94 when excluding merger-related charges, which was highlighted by loan growth funded by deposit growth; a net interest margin of 3.53% and year-over-year fee income growth of 52%; continued success in our newest markets as demonstrated by growing pipelines and strong customer satisfaction; commitment to operational excellence in support of profitable long-term growth and enhancing shareholder value.

今天電話會議的主要結論包括：不計併購相關費用，每股收益為 0.94 美元，這主要得益於存款增長帶來的貸款增長；淨息差為 3.53%，手續費收入同比增長 52%；我們在最新市場持續取得成功，這體現在不斷增長的業務渠道和強大的客戶滿意度上；致力於長期增長，以支持股東的卓越收益。

Our third-quarter results demonstrate the successful integration of Premier and continued operational discipline. Despite elevated commercial real estate payoffs, we delivered strong loan growth fully funded by deposit growth, while meaningfully expanding our net interest margin and fee income. Combined with our focus on cost control, these efforts drove positive operating leverage and an improved efficiency ratio in the mid-50s.

第三季業績表明，Premier 的整合已取得成功，營運紀律也得以持續維持。儘管商業房地產收益增加，但我們實現了強勁的貸款成長，完全由存款成長提供資金，同時顯著擴大了淨利差和手續費收入。結合我們對成本控制的重視，這些努力推動了積極的經營槓桿作用，並在 1950 年代中期提高了效率比率。

For the quarter ending September 30, 2025, we reported net income, excluding merger and restructuring expenses, of $90 million and diluting earnings per share of $0.94, an increase of 68% year over year. On a similar basis, our third-quarter return on average assets and tangible equity improved to 1.3% and 17.5%, respectively.

截至 2025 年 9 月 30 日的季度，我們報告淨收入（不包括合併和重組費用）為 9,000 萬美元，稀釋後每股收益為 0.94 美元，年增 68%。同樣，我們第三季的平均資產回報率和有形權益回報率分別提高到 1.3% 和 17.5%。

Our efficiency ratio improved 10 percentage points year over year to 55% due to expense synergies generated from the Premier acquisition, as well as a continued focus on expense management and driving positive operating leverage. Our strong growth in fee revenue was driven by organic growth across our businesses, especially wealth management and our larger post-acquisition customer base.

由於收購 Premier 帶來的費用綜效，以及持續專注於費用管理和推動正向的營運槓桿，我們的效率比率年增了 10 個百分點，達到 55%。我們手續費收入的強勁成長得益於我們各項業務的自然成長，尤其是財富管理業務和收購後擴大的客戶群。

Turning to operational topics. We are pleased to share that customer satisfaction in our newest markets has rebounded even faster than we expected following the Premier acquisition. While a temporary dip is typical during conversions and integrations, our team anticipated the challenge and proactively put plans in place to support service and quality, and customer trust.

接下來討論操作層面的問題。我們很高興地宣布，在收購 Premier 之後，我們最新市場的客戶滿意度反彈速度甚至超過了我們的預期。雖然在轉換和整合過程中出現暫時的下滑是正常的，但我們的團隊預料到了這一挑戰，並積極主動地制定了計劃來支援服務和品質以及客戶信任。

Today, satisfaction scores in those markets are back to pre-conversion levels. And our overall customer satisfaction across all markets is in the upper 80 percentile level, well above the industry average. This reflects the strength of our integration strategy and the dedication and skill of our teams.

如今，這些市場的滿意度評分已恢復到轉換前的水準。我們在所有市場的整體客戶滿意度均處於前 80% 的水平，遠高於行業平均水平。這體現了我們整合策略的實力以及我們團隊的奉獻精神和技能。

That same operational discipline is reflected in our deposit performance. Our annual deposit campaign launched in third quarter is once again delivering strong results. Total deposits grew organically across our footprint by more than $570 million year over year and $130 million sequentially, fully funding our organic loan growth.

這種嚴謹的營運方式也反映在我們的存款業績上。我們在第三季啟動的年度存款活動再次取得了強勁的成效。我們業務範圍內的總存款年增超過 5.7 億美元，環比增長超過 1.3 億美元，完全滿足了我們貸款業務的有機增長。

Importantly, this momentum was driven by core deposit categories, not higher-cost certificates of deposit, which we have strategically allowed to run down. We have continued to see a pickup in commercial real estate payoffs, which totaled $235 million during the third quarter and caused a nearly 1.5% headwind to loan growth.

重要的是，這種成長動能是由核心存款類別所推動的，而不是由成本較高的存款憑證所推動的，我們已經有策略地允許成本較高的存款憑證逐漸減少。我們持續看到商業房地產還款額回升，第三季總額達到 2.35 億美元，對貸款成長造成了近 1.5% 的不利影響。

Reflecting this headwind, third-quarter organic loan growth was 4.8% year over year and 2.2% quarter over quarter, annualized. Encouragingly, total commercial loan growth continues to be solid as our teams take advantage of our record pipeline. As of both September 30 and mid-October, our commercial loan pipeline stood at approximately $1.5 billion, with more than 40% tied to new markets and loan production offices.

受此不利因素影響，第三季有機貸款成長率年增 4.8%，季增 2.2%（以年率計算）。令人鼓舞的是，隨著我們的團隊充分利用創紀錄的業務儲備，商業貸款總額繼續保持穩健成長。截至 9 月 30 日和 10 月中旬，我們的商業貸款儲備約為 15 億美元，其中超過 40% 與新市場和貸款業務辦事處相關。

Notably, our new Knoxville LPO is already contributing meaningfully, accounting for 5% of the total pipeline. Given the current loan pipeline and CRE payoff headwind, we continue to expect mid-single-digit year-over-year loan growth during 2025. This strong pipeline continues to translate into meaningful wins, including in our newest markets.

值得一提的是，我們新的諾克斯維爾本地採購辦公室 (LPO) 已經做出了顯著貢獻，佔總採購量的 5%。鑑於目前的貸款發放情況和商業房地產還款的不利因素，我們仍預期 2025 年貸款年增率將維持在中等個位數。強大的專案儲備持續轉化為實質的成功，包括在我們最新的市場中。

In one of our Premier markets, we secured a major deal with a national motorcycle manufacturer looking to acquire additional dealerships on a tight timeline. Thanks to strategic collaboration across commercial banking, treasury management, and retail, our team delivered a tailored package of solutions ahead of schedule.

在我們重點市場之一，我們與一家全國性摩托車製造商達成了一項重大交易，該公司希望在緊迫的時間內收購更多經銷商。由於商業銀行、資金管理和零售部門之間的策略合作，我們的團隊提前交付了一套量身定制的解決方案。

The result was an eight-figure loan, seven-figure deposits, and additional treasury and swap products. This is a terrific example of how we collaborate to deepen banking relationships and deliver exceptional customer experiences. Our mission is to deliver financial solutions that empower our customers for success while maintaining operational efficiency.

最終促成了一筆八位數的貸款、七位數的存款，以及額外的國債和互換產品。這是我們如何透過合作深化銀行關係並提供卓越客戶體驗的絕佳例證。我們的使命是提供能夠幫助客戶成功的金融解決方案，同時保持營運效率。

To that end, we continue to optimize our financial center network in support of evolving customer preferences and long-term growth. This strategy includes streamlining existing locations, continuing to enhance our digital banking capabilities, and selectively opening new financial centers or refreshing existing ones within our footprint.

為此，我們不斷優化金融中心網絡，以適應不斷變化的客戶偏好並實現長期成長。此策略包括精簡現有分行，持續提升我們的數位銀行能力，並選擇性地在我們業務覆蓋範圍內開設新的金融中心或翻新現有金融中心。

Following the strong performance of our Chattanooga loan production office, which has grown to over $200 million in loans in just two years, we received regulatory approval to open our full first service financial center in Tennessee. This new location will simplify deposit gathering and deepen client relationships. We are also opening a new center in Alliance, Ohio, where we see strong growth potential. Both centers are expected to open in the first quarter of next year.

鑑於我們在查塔努加的貸款業務辦事處表現出色，短短兩年內貸款額就增長到超過 2 億美元，我們獲得了監管部門的批准，在田納西州開設了我們首個提供全面服務的金融中心。新址將簡化存款收取流程，並加深客戶關係。我們也在俄亥俄州聯盟市開設了一家新中心，我們認為那裡具有強勁的成長潛力。這兩個中心預計都將於明年第一季開放。

At the same time, we are streamlining our footprint to ensure efficiency and responsiveness. After a thorough review of our customer behavior and banking preferences, market conditions, and proximity to existing centers, we made the decision to close 27 financial centers across our legacy markets, none of which are related to the Premier acquisition.

同時，我們正在精簡業務佈局，以確保效率和反應速度。在對客戶行為和銀行偏好、市場狀況以及與現有中心的距離進行全面審查後，我們決定關閉我們傳統市場中的 27 家金融中心，這些中心均與 Premier 收購無關。

More than 75% of these closures are within 10 miles of another location, and deposit attrition is expected to be minimal. These closures bring our total since 2020 to 80 closed financial centers and are expected to generate approximately $6 million in net pretax annual savings.

超過 75% 的關閉地點距離其他地點不到 10 英里，預計存款損失將降至最低。這些關閉使我們自 2020 年以來關閉的金融中心總數達到 80 家，預計每年可節省約 600 萬美元的稅前淨額。

By focusing on the right locations, facilities, and customer experiences, we are positioning Wesbanco for sustainable growth and exceptional service across all markets. I would now like to turn the call over to Dan Weiss, our CFO, for details on our third-quarter financial results and our current outlook for the fourth quarter of 2025. Dan?

透過專注於合適的地點、設施和客戶體驗，我們正在為韋斯班科在所有市場實現永續成長和卓越服務奠定基礎。現在，我想把電話交給我們的財務長丹‧韋斯，讓他詳細介紹我們第三季的財務業績以及我們對 2025 年第四季的展望。擔？

Yeah. Thanks, Jeff, and good afternoon.

是的。謝謝你，傑夫，下午好。

For the quarter ending September 30, 2025, we reported GAAP net income available to common shareholders of $81 million or $0.84 per share. And when excluding restructuring- and merger-related expenses, third-quarter net income was $90 million or $0.94 per share, representing an increase of nearly 150% from the $36.3 million or $0.56 per share in the prior-year period.

截至 2025 年 9 月 30 日的季度，我們報告歸屬於普通股股東的 GAAP 淨利潤為 8,100 萬美元，即每股 0.84 美元。如果排除重組和合併相關費用，第三季淨收入為 9,000 萬美元，即每股 0.94 美元，比上年同期的 3,630 萬美元（每股 0.56 美元）增長了近 150%。

On a similar basis and excluding the after-tax day one provision for credit losses on acquired loans, we reported $2.55 per diluted share for the nine-month period as compared to $1.61 per diluted share last year.

以類似的方式，並排除收購貸款的稅後第一天信貸損失準備金，我們報告稱，前九個月的稀釋後每股收益為 2.55 美元，而去年同期為 1.61 美元。

To highlight a few of the third quarter's accomplishments, we generated strong year-over-year pre-tax pre-provision core earnings growth of nearly 130%. We funded loan growth with deposits and on a year-over-year basis, improved the net interest margin by 58 basis points, grew fee income 52%, and reduced the efficiency ratio by 10 percentage points.

為了突顯第三季的一些成就，我們實現了強勁的同比稅前撥備前核心收益成長，增幅接近 130%。我們利用存款為貸款成長提供資金，與去年相比，淨利差提高了 58 個基點，手續費收入成長了 52%，效率比率降低了 10 個百分點。

Our balance sheet as of September 30 reflects the benefits of both the Premier acquired balance sheet and organic growth. Total assets of $27.5 billion increased 49% year over year and included total portfolio loans of $18.9 billion and total securities of $4.4 billion.

截至 9 月 30 日，我們的資產負債表反映了 Premier 收購資產負債表和自身成長帶來的雙重效益。總資產達 275 億美元，年增 49%，其中包括 189 億美元的投資組合貸款和 44 億美元的證券總額。

Total portfolio loans increased 52% year over year due to the acquired PFC loans of $5.9 billion and organic growth of $594 million, driven by the commercial teams. Commercial real estate payoffs have continued to increase and totaled approximately $235 million during the third quarter of '25 and $490 million on a year-to-date basis, more than 2.5 times the prior year-to-date period and currently projecting them to be near $800 million for the year.

由於收購了 PFC 貸款 59 億美元以及商業團隊推動的 5.94 億美元內生成長，貸款總額年增 52%。商業不動產收益持續成長，2025 年第三季總額約 2.35 億美元，年初至今已達 4.9 億美元，是去年同期的 2.5 倍多，目前預計全年將接近 8 億美元。

Despite this headwind, we remain optimistic about future loan growth with our strong pipelines, banking teams, and markets, combined with more than $1 billion in unfunded land construction and development commitments expected to fund over the next 18 months. And in fact, we've achieved record commercial gross loan production through the first nine months of the year.

儘管面臨這些不利因素，但我們對未來的貸款成長仍然保持樂觀，這得益於我們強大的貸款管道、銀行團隊和市場，以及預計在未來 18 個月內將有超過 10 億美元的未融資土地建設和開發承諾獲得資金。事實上，今年前九個月，我們的商業貸款總額創下了歷史新高。

Deposits increased 53.8% year over year to $21.3 billion due to the acquired PFC deposits of $6.9 billion and organic growth of $573 million, which fully funded loan growth. On a sequential-quarter basis, total deposits increased $130 million due to the efforts of our consumer and business teams, more than offsetting the intentional runoff of $50 million of higher-cost brokered deposits and less reliance on public funds acquired from PFC.

由於收購了 PFC 的 69 億美元存款以及 5.73 億美元的內生成長，存款年增 53.8% 至 213 億美元，這完全滿足了貸款成長的需求。由於消費者和企業團隊的努力，本季總存款增加了 1.3 億美元，足以抵消有意減少 5000 萬美元的高成本經紀存款以及減少對從 PFC 獲得的公共資金的依賴。

Credit quality continues to remain stable as key credit quality metrics remain low from a historical perspective and within a consistent range through the last five years. As expected, criticized and classified loans decreased during the third quarter to 3.2% through a combination of credit upgrades and loan payoffs.

從歷史角度來看，關鍵信貸品質指標一直處於較低水平，並且在過去五年中一直保持在穩定範圍內，因此信貸品質繼續保持穩定。正如預期的那樣，第三季受批評和被列為不良貸款的比例下降至 3.2%，這得益於信用評級提升和貸款償還的雙重作用。

The allowance for credit losses to total loans at September 30 was 1.15% of total loans or $217.7 million. The decrease of $6.2 million from June 30, 2025, was primarily driven by the runoff of a $5 million qualitative factor that was established in 2023 to capture elevated interest rate risk, which ultimately more than offset increases associated with slightly higher unemployment assumptions and loan growth.

截至 9 月 30 日，信貸損失準備金佔貸款總額的 1.15%，即 2.177 億美元。2025 年 6 月 30 日的減少 620 萬美元主要是由於 2023 年設立的 500 萬美元定性因素的終止，該因素旨在反映較高的利率風險，最終超過了與略高的失業率假設和貸款增長相關的增加。

The third-quarter net interest margin of 3.53% improved 58 basis points on a year-over-year basis through a combination of higher loan and security yields and lower funding costs. As I mentioned last quarter, our net interest margin declined 6 basis points sequentially, as the CD book from PFC matured and repriced, partially offset by our core margin improvement of 3 basis points.

第三季淨利差為 3.53%，年增 58 個基點，主要得益於貸款和證券收益率上升以及融資成本下降。正如我上個季度提到的，由於 PFC 的 CD 帳簿到期並重新定價，我們的淨利差環比下降了 6 個基點，但部分被我們核心利潤率 3 個基點的提高所抵消。

Deposit funding costs of 256 basis points for the third quarter 2025 decreased 29 basis points from the prior-year period. And when including noninterest-bearing deposits, deposit funding costs for the third quarter were 192 basis points. For the third quarter of 2025, noninterest income of $44.9 million increased 51.5% year over year due primarily to the acquisition of Premier.

2025 年第三季存款融資成本為 256 個基點，較去年同期下降 29 個基點。如果將不計息存款也計算在內，第三季的存款融資成本為 192 個基點。2025 年第三季度，非利息收入為 4,490 萬美元，年增 51.5%，主要原因是收購了 Premier 公司。

With combined Premier fee income, we again set record highs this quarter in several fee income categories, including trustees, service charges on deposits, and electronic banking fees. We also saw a nice improvement in gross swap fees, which increased $2.1 million year over year to $3.2 million in the third quarter, reflecting both the interest rate environment and traction within our newest markets.

本季度，憑藉綜合 Premier 費用收入，我們在多個費用收入類別中再次創下歷史新高，包括受託人費用、存款服務費和電子銀行費用。我們也看到總互換費用也有了不錯的改善，第三季年增 210 萬美元至 320 萬美元，這反映了利率環境和我們在最新市場中的良好勢頭。

Noninterest expense, excluding restructuring and merger-related costs for the three months ended September 30, 2025, was $144.8 million, an increase of 46% year over year due to the addition of Premier's expense base, higher core deposit intangible asset amortization that was created from the acquisition, and higher FDIC insurance expense due to the larger asset size.

截至 2025 年 9 月 30 日止三個月，不包括重組和合併相關成本的非利息支出為 1.448 億美元，同比增長 46%，原因是增加了 Premier 的費用基數、收購產生的更高核心存款無形資產攤銷以及由於資產規模更大而增加的 FDIC 保險費用。

Salaries and wages of $60.6 million and employee benefits of $18 million, each increased year over year due to higher staffing levels and higher health insurance costs, but were consistent with the second quarter as staffing reductions offset the full-quarter impact of annual merit increases.

薪資總額為 6,060 萬美元，員工福利總額為 1,800 萬美元，由於人員配備水準提高和醫療保險成本增加，均較上年同期有所增長，但與第二季度持平，因為人員減少抵消了年度績效工資增長對整個季度的影響。

Healthcare during the third quarter continued to be somewhat elevated by about $1 million over our baseline projections for the quarter due to larger-than-normal claims driven by a few high-dollar claimants compared to historical claim experience and general increases in healthcare costs.

第三季醫療保健支出比我們本季的基準預測高出約 100 萬美元，原因是少數高額索賠者的索賠金額高於正常水平，與歷史索賠經驗相比，以及醫療保健成本的普遍上漲。

We've incurred restructuring- and merger-related expenses of $11.4 million during the quarter, which included approximately $7 million of charges from the disposition of assets and lease terminations associated with the planned closure of 27 financial centers, with the remaining $4 million associated with the Premier merger.

本季我們產生了與重組和合併相關的費用 1,140 萬美元，其中包括約 700 萬美元的資產處置和與計劃關閉 27 個金融中心相關的租賃終止費用，其餘 400 萬美元與 Premier 合併有關。

We anticipate incurring additional personnel-related restructuring charges here from the closures during the fourth quarter, while nearly all of the merger-related expenses from PFC have been recognized. Our regulatory capital ratios have remained above the applicable well-capitalized standards.

我們預期第四季因公司關閉而產生的額外人事重組費用，而 PFC 的合併相關費用幾乎全部已確認。我們的監管資本比率一直高於適用的良好資本標準。

On September 10, we raised $230 million of Series B preferred stock, which will be used to redeem the $150 million of outstanding Series A preferred stock on November 15 and $50 million of sub-debt acquired from PFC later in the fourth quarter, with the remaining net proceeds to be used for general corporate purposes.

9 月 10 日，我們發行了 2.3 億美元的 B 系列優先股，這些資金將用於在 11 月 15 日贖回 1.5 億美元的未償還 A 系列優先股，以及在第四季度晚些時候贖回從 PFC 收購的 5000 萬美元次級債務，剩餘的淨收益將用於一般公司用途。

Reflecting the new Series B preferred stock, which is considered Tier 1 capital, we realized sequential-quarter improvement across all of our capital ratios. And when we use the proceeds to redeem the Series A preferred stock and sub-debt, we anticipate our fourth-quarter CET 1 ratio to continue to build 15 to 20 basis points per quarter, while Tier 1 risk-based capital to decline approximately 50 basis points from the third quarter, reflecting the redemption of the Series A preferred stock.

由於新的 B 系列優先股被視為一級資本，我們所有資本比率均實現了季度環比改善。當我們用所得款項贖回 A 系列優先股和次級債務時，我們預計第四季度 CET 1 比率將繼續每季度增長 15 至 20 個基點，而一級風險資本將比第三季度下降約 50 個基點，這反映了 A 系列優先股的贖回。

Turning to our current outlook for the fourth quarter. And as a note, we will provide our outlook for 2026 during our January earnings call. We are currently modeling a 25-basis-point Fed rate cut in October. However, given our relatively neutral rate-sensitive position, we do not expect a meaningful impact on our net interest margin from this or the September cut here in the nearer term.

接下來談談我們對第四季的展望。另外，我們將在1月的財報電話會議上提供2026年的展望。我們目前預測聯準會將在10月降息25個基點。然而，鑑於我們對利率的敏感度相對中性，我們預期此次降息或9月的降息在短期內不會對我們的淨利差產生實質影響。

We anticipate our net interest margin to rebound during the fourth quarter to the mid- to high 3.50s, reflecting continued improvement in funding costs, fixed asset repricing, and loan growth. And while trust fees and securities brokerage revenue are subject to equity and fixed income market valuations, we anticipate noninterest income and noninterest expense to remain relatively consistent with our third-quarter trend.

我們預計第四季淨利差將反彈至 3.50% 中高位，反映出融資成本的持續改善、固定資產重新定價和貸款成長。雖然信託費用和證券經紀收入受股票和固定收益市場估值的影響，但我們預計非利息收入和非利息支出將與我們第三季的趨勢保持相對一致。

And we expect the planned closure of the 27 financial centers to occur late January with a pretax annual savings of approximately $6 million to begin thereafter. During the fourth quarter, we anticipate preferred stock dividends to total approximately $13 million, which includes the Series A dividend of $2.5 million, the Series A redemption premium of $5.5 million, and the new Series B dividend of $4.9 million.

我們預計，這 27 個金融中心的計畫關閉將於 1 月下旬進行，此後每年可節省約 600 萬美元的稅前成本。預計第四季度優先股股息總額約為 1300 萬美元，其中包括 A 系列股息 250 萬美元、A 系列贖回溢價 550 萬美元和新的 B 系列股息 490 萬美元。

And lastly, the provision for credit losses will mostly be dependent upon loan growth, economic factors, and charge-offs. And of course, our effective tax rate should be in that 19.5% range for the year. So we are excited to see positive momentum from the continued margin improvement, our financial center optimization strategy, and continued growth in our new markets, as well as the organic growth and expansion opportunities that lie ahead.

最後，信貸損失準備金主要取決於貸款成長、經濟因素和核銷情況。當然，我們全年的實際稅率應該在 19.5% 左右。因此，我們很高興看到利潤率持續改善、財務中心優化策略以及我們在新市場的持續成長所帶來的正面勢頭，以及未來有機成長和擴張的機會。

So with that, operator, we are now ready to take questions. Would you please review the instructions?

那麼，操作員，我們現在可以開始回答問題了。請您仔細閱讀說明書好嗎？

(Operator Instructions) Karl Shepard, RBC Capital Markets.

（操作員說明）卡爾·謝潑德，加拿大皇家銀行資本市場。

Hey, good afternoon, everybody.

嘿，大家下午好。

Hey, Karl, how are you doing? I'm good.

嘿，卡爾，你好嗎？我很好。

Jeff, I guess, I'll start with you. I think it seems like you're very happy with the production and pipelines for loan growth. But CRE paydowns is still kind of a bit of a headwind.

傑夫，我想，我就從你開始吧。我認為你對貸款成長的生產和管道非常滿意。但商業地產還款仍然是一個不小的阻力。

Just help us understand maybe what you're seeing for production a little bit more, and then what's the path for paydowns maybe? I hate to use the word normalizing, but coming back down a little bit and driving a little stronger overall growth.

請您幫助我們更了解您在生產方面看到的情況，以及可能的還款路徑？我不太喜歡用「正常化」這個詞，但實際情況是，經濟成長會稍微放緩一些，從而推動整體成長更加強勁。

Yeah, sure. Very, very pleased with the production. I think if you look at just year over year, I can give you a couple of numbers through third quarter. So third quarter last year, we did about $1.7 billion in new production. This year, we've done $2.3 billion. So almost basically $600 million more we've done this year.

當然可以。非常非常滿意。我認為，如果只看同比數據，我可以給你截至第三季的一些數字。所以去年第三季度，我們的新產量約為17億美元。今年我們已經完成了23億美元。所以今年我們基本上又增加了將近 6 億美元。

And so the pipelines are really strong, about $1.5 billion, and have remained strong. And so I believe that we should have a really strong fourth quarter. We should hit the mid-single-digit loan growth target that we've set out for this year.

因此，管道建設非常強勁，價值約 15 億美元，並且一直保持強勁勢頭。所以我相信我們第四季會表現得非常出色。我們應該能夠實現今年設定的個位數中段貸款成長目標。

As far as paydowns, some of it looks at -- in the third quarter were things we wanted to pay down. If you didn't notice, our C&C came down 50 basis points. A lot of that was paydowns that we had requested. So we feel very good about that.

至於還款方面，第三季我們考慮了一些想要償還的債務。如果你沒注意到的話，我們的 C&C 下降了 50 個基點。其中很多都是我們要求的還款。所以我們對這一點感到非常滿意。

I think when we look into the fourth quarter, we could see another couple of hundred million in paydowns in the fourth quarter. But looking over a normalized period of time, I would say it's going to be on an annualized basis, would be in that $400 million to $600 million -- $700 million range on a full-year basis.

我認為展望第四季度，我們可能會看到數億美元的還款。但從正常時期來看，我認為以年計算，全年金額將在 4 億至 6 億美元——7 億美元之間。

This year, we should be -- we might be touching $800 million to $900 million on an annualized basis. Once again, fourth quarter, we don't know exactly. But I would say our pipelines are very strong. We feel very good about mid-single-digit loan growth for the remainder of this year. And next year, we are still looking at mid- to upper single-digit loan growth.

今年，我們應該——我們可能會達到年化8億至9億美元。第四季的情況我們仍然無法確定。但我認為我們的輸油管非常堅固。我們對今年剩餘時間內貸款成長率保持在中等個位數感到非常樂觀。明年，我們預計貸款成長率仍將保持在個位數中高水準。

Okay, that's very helpful. And then, Dan, one for you. On the margin, I think it came in right where you were expecting this quarter. But I just wanted to check to see, are you still thinking 3 to 5 basis points of quarterly expansion in the core? And is there anything kind of out in '26 that we should think about that might disrupt that trajectory? Thanks.

好的，這很有幫助。然後，丹，給你來一個。從邊際效益來看，我認為本季的結果與你的預期基本一致。但我只是想確認一下，您是否仍然認為核心經濟每季會擴張 3 到 5 個基點？那麼，2026 年有哪些事情可能會擾亂這一發展軌跡，我們應該考慮一下嗎？謝謝。

Yeah, Karl, I do feel very good about that 3 to 5 basis points of continued margin improvement. So I don't -- we're not providing much guidance here on 2026. But outside of what I provided last quarter, which feel good for the next couple of quarters, to see continued margin improvement.

是的，卡爾，我對利潤率持續提高 3 到 5 個基點感到非常滿意。所以，我們這裡不會對 2026 年的情況提供太多指導。但除了我上個季度提供的資訊之外，我對未來幾季的業績感到樂觀，預計利潤率將持續提高。

And of course, for our purposes today, we're modeling a 25-basis-point cut here next week, as well as one cut in each of the next three quarters thereafter. So that's kind of where we stand there. The one thing I would note -- and this is baked into the 3 to 5 basis points of margin expansion.

當然，就我們今天的目的而言，我們假設下週降息 25 個基點，並且在接下來的三個季度中每季降息一次。所以，這就是我們目前所處的狀況。我要指出的一點是——這已經包含在 3 到 5 個基點的利潤率擴張中了。

But you'll notice that our Federal Home Loan Bank borrowings are down $475 million versus the second quarter, which is great. I would point out that the $230 million in capital that we raised, $150 million of that $230 million will be used to pay off the Series A preferred. And so that effectively will be borrowing back from the Federal Home Loan Bank of that $150 million.

但你會注意到，我們的聯邦住房貸款銀行借款額比第二季減少了 4.75 億美元，這很好。我想指出，我們籌集的 2.3 億美元資金中，1.5 億美元將用於償還 A 輪優先股。因此，實際上就是向聯邦住房貸款銀行借回那 1.5 億美元。

And then, of course, at the very end of the year, we'll have the $50 million of sub-debt for Premier that we'll be paying off. And absent normalized deposit growth, we would anticipate to see that Federal Home Loan Bank borrowing balance to be up probably a couple of hundred million dollars.

當然，到了年底，我們還要償還 Premier 的 5,000 萬美元次級債務。如果沒有正常的存款成長，我們預計聯邦住房貸款銀行的借款餘額可能會增加數億美元。

Very helpful. Thank you, both.

很有幫助。謝謝你們兩位。

Thanks, Karl.

謝謝你，卡爾。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

Hey, good afternoon.

嘿，下午好。

Hey, good afternoon, Catherine.

嗨，下午好，凱瑟琳。

Hey, Catherine.

嗨，凱瑟琳。

I just wanted to ask on expenses. It was nice to see the announcement for the branch closures. I know you're not giving '26 guidance yet. But is there -- can you help us just kind of frame at least as a base how you think about the impact of branch closures kind of offsetting new hires and just kind of what organic loan growth could look like, trying to at least frame up the expense trajectory and potentially more operating leverage and profitability improvement as we get into '26? Thanks.

我只是想問一下費用方面的狀況。很高興看到分行關閉的公告。我知道你還沒有給 2026 年的指導。但是，您能否幫我們大致勾勒一下您認為關閉分支機構會抵消新員工招聘的影響，以及有機貸款增長可能會是什麼樣子，並嘗試大致勾勒出支出軌跡，以及到 2026 年可能會出現的更多運營槓桿和盈利能力改善？謝謝。

Yeah. As far as the loan growth -- I'll start out, and I'll let Dan talk about the expense base. We feel very good about mid- to upper single digits in loan growth. And a lot of that's obviously driven by our Premier markets that are getting ramped up; I would also say our new healthcare vertical and then our LPOs.

是的。至於貸款成長方面——我先來談談，接下來讓丹談談支出基礎。我們對貸款成長率達到個位數中高水準感到非常樂觀。顯然，這很大程度上是由我們正在加速發展的優質市場推動的；我還想說，也是我們新的醫療保健垂直領域和我們的法律流程外包 (LPO) 業務推動的。

Our LPOs are just operating at a tremendous level. Tennessee ones of -- Chattanooga and Knoxville and Nashville. Indianapolis is doing a great job as well. And then Northern Virginia has really taken off. So we feel very good about those prospects on the loan growth piece. I'll let Dan talk more about the expense base.

我們的物流採購部門運作水準非常出色。田納西州的查塔努加、諾克斯維爾和納許維爾。印第安納波利斯也做得很好。然後，北維吉尼亞地區發展迅速。因此，我們對貸款成長前景感到非常樂觀。關於費用基礎的問題，我請丹來詳細說。

Yeah. I would say once again, just to kind of reiterate, we're still in the process of finalizing our budgets and forecasts here for 2026. And we'll provide some more guidance at the end of the year. But I would say, certainly, 27 branches, there's going to be a tailwind to expenses heading into '26 as a result.

是的。我想再次重申一下，我們仍在最終確定 2026 年的預算和預測。我們將在年底提供更多指導。但我認為，27家分行肯定會為2026年的支出帶來利多。

So I think that provides some opportunity potentially for reinvestment in technology -- people, process, and technology. But we certainly want to also make sure that we are recognizing that expense benefit to the bottom line as well. So pretty excited about where that -- where we're at there.

所以我認為這為技術再投資——人員、流程和技術——提供了一些潛在的機會。但我們當然也要確保認識到這項支出對最終利潤的好處。所以，我對我們目前所處的位置感到非常興奮。

And just to add on it -- just to add on briefly. As you know, we are always looking to optimize our branch network, and we'll continue to look at that in the future as well.

補充一點——簡單補充一下。如您所知，我們一直在尋求優化我們的分支機構網絡，未來我們也會繼續關注這一點。

Got it. And so it's fair to assume, though, without giving targets, that the efficiency ratio should continue to improve as we move through '26?

知道了。因此，雖然不給出具體目標，但我們可以合理地假設，隨著我們進入2026年，效率比率應該會繼續提高？

Yes. That would be our (multiple speakers) what we model today.

是的。這就是我們（多位發言者）今天所採用的模式。

All right. Thank you. Great quarter.

好的。謝謝。很棒的季度。

Thank you.

謝謝。

Thanks.

謝謝。

Dave Bishop, Hovde.

戴夫畢曉普，霍夫德。

Hey, good afternoon, gentlemen.

嘿，先生們，下午好。

Hey, Dave. (inaudible)

嘿，戴夫。（聽不清楚）

Hey, guys. You noted the healthcare team. I think you noted there's some opportunity to grow that portfolio pretty materially. Any way to ring-fence how big the opportunity is there from that new team you hired?

嘿，夥計們。您提到了醫療團隊。我認為您已經指出，該投資組合有很大的成長空間。有什麼辦法可以確定你新招的團隊究竟能帶來多大的機會嗎？

I would say, currently, I believe they've closed about $250 million in loans and brought in about around $80 million in deposits and closed about, I believe, about $2 million in fees. So -- and they've been here approximately six months.

我認為，目前他們已經完成了約 2.5 億美元的貸款，吸收了約 8,000 萬美元的存款，並且收取了約 200 萬美元的費用。所以——他們在這裡已經待了大約六個月了。

So if you extrapolate that out, you can kind of look at -- next year, potentially they could do anywhere from $300 million to $500 million in loans on an annual basis. Very excited about that team. We're looking to grow that team. And it could be larger than that, but that's what I'd kind of pencil in today.

所以，如果以此推算，明年他們每年可能會發放 3 億至 5 億美元的貸款。我對這支隊伍感到非常興奮。我們正在擴充團隊。實際數字可能比這還要大，但這是我今天暫定的估計。

Got it. I noted the increase in average deposit cost on a sequential basis. Was that purely a function of the purchase accounting impact, and how aggressive you think you can lead on into these Fed rate cuts? Thanks.

知道了。我注意到平均存款成本逐週上升。這完全是購買會計處理的影響，以及你認為你能在聯準會降息之際採取多激進的措施？謝謝。

Exactly. It has all to do with what we described last quarter and that being the temporary nature of the CDs that we had acquired, seven-month CD specials, that were effectively rolling off. And don't expect that -- to see that repeat. That's behind us at this point.

確切地。這一切都與我們上個季度描述的情況有關，那就是我們所獲得的 CD 的臨時性質，七個月的 CD 特價，實際上已經到期。不要指望這種情況會重演。這件事現在已經過去了。

Great. Thank you.

偉大的。謝謝。

Russell Gunther, Stephens

拉塞爾·岡瑟，史蒂芬斯

Hey, good afternoon guys.

嘿，各位下午好。

Good afternoon, Russell.

下午好，羅素。

Hey, Russell.

嘿，羅素。

I appreciate all the color on the capital actions taken this quarter. It would be helpful to just get a reminder as to where you would plan to kind of manage capital levels to going forward via TCE or CET 1. And then just any updated thoughts as to how you're thinking about the potential to reverse the CECL double count.

我非常欣賞本季資本運作方面的所有細節。如果您能提醒一下您計劃如何透過 TCE 或 CET 1 來管理未來的資本水平，那就太好了。然後，關於您如何看待撤銷 CECL 雙重計算的可能性，您有什麼最新的想法嗎？

Yeah, sure. Great question. I'll take that. So from a CET 1 standpoint, I would say our internal targets are kind of between that 10.5% and 11%. And we're growing CET 1 about 15 to 20 basis points per quarter. And that's what we're kind of projecting here out over the next several quarters.

當然可以。問得好。我接受。所以從 CET 1 的角度來看，我認為我們的內部目標大概在 10.5% 到 11% 之間。我們每季 CET 1 成長約 15 至 20 個基點。這就是我們對未來幾季的預測。

I would tell you, as I mentioned in my prepared remarks, that we do have a little extra total risk-based capital with the duplication of the Series A and Series B. The Series A being temporary, will go back down about 50 basis points. But if you compare it off of the second quarter, we're will -- we'll still be up 70 basis points on total risk-based capital. So excited there as well.

正如我在準備好的演講稿中提到的，由於A輪和B輪融資的重複進行，我們確實多了一些基於風險的總資本。 A輪融資是暫時的，之後會回落約50個基點。但如果與第二季度相比，我們將——我們的總風險資本仍將增加 70 個基點。我也很興奮。

As it relates to the CECL double count, at this point, we're still evaluating, but unlikely -- really, the FASB has to issue the ASU before we could really make any determination. But I would say the more time that passes, probably the less likely that we would do something there.

至於 CECL 雙重計算的問題，目前我們仍在評估，但不太可能——實際上，FASB 必須先發布 ASU，我們才能真正做出任何決定。但我認為，時間越久，我們在那裡採取行動的可能性就越小。

Got it. Okay. Excuse me. And then last question here would be just use of excess capital going forward and any appetite for buyback around the current level?

知道了。好的。打擾一下。最後一個問題是關於未來如何使用剩餘資本，以及是否有意願在當前水準附近進行股票回購？

Yeah. So I would say right now, we're still -- we continue to be in a capital-build mode. And as you know, Russell, buyback is typically on the lower end of the spectrum in terms of priorities. So today, I would say certainly less likely in the near term for buyback.

是的。所以我覺得目前我們仍然處於資本累積階段。羅素，你也知道，股票回購通常是優先順序較低的事項。所以今天，我認為短期內回購的可能性肯定要小得多。

Okay, got it. (multiple speakers) If I could -- sorry, go ahead, Jeff.

好的，明白了。（多人發言）如果可以的話——抱歉，傑夫，請繼續。

Yeah. I was just going to say really focused on capital build back and then obviously, that would go toward dividends and really loan growth.

是的。我本來想說，我們會非常注重資本重建，然後很顯然，這些資金會用於分紅和貸款成長。

Excellent. If I could sneak one in, in terms of -- you gave us some incremental color on the healthcare vertical. It sounds like a good runway there. Anything kind of adjacent or similar vertical add-ons you would contemplate down the road?

出色的。如果我能插一句的話，就醫療保健領域而言——您為我們提供了醫療保健方面的一些補充資訊。聽起來那裡的跑道條件不錯。未來您是否考慮開發類似或相鄰的垂直附加元件？

At this point, we're just really focused on healthcare and then also the LPO strategy. That's really working incredibly well. We potentially look to other cities and markets to continue to expand there. We talk about different verticals. But at this point, nothing really to share right now.

目前，我們主要專注於醫療保健以及LPO策略。效果真的非常好。我們可能會考慮將業務拓展到其他城市和市場。我們討論不同的垂直領域。但目前還沒有什麼可以分享的。

Got it. Thank you, guys, for taking my questions.

知道了。謝謝各位回答我的問題。

Thanks, Russell.

謝謝你，羅素。

Daniel Tamayo, Raymond James

丹尼爾·塔馬約，雷蒙德·詹姆斯

Thank you. Good afternoon, guys.

謝謝。下午好，各位。

Hey, Dan.

嘿，丹。

Hey, how are you? Maybe first on the deposit side. So obviously, you had the impact from the Premier CDs repricing. It looked like money market and savings deposit rates were up a bit in the quarter as well.

嘿，你怎麼樣？或許先從存款方面來說。很明顯，Premier CDs重新定價對你產生了影響。本季貨幣市場利率和儲蓄存款利率似乎也有所上升。

Just curious, the type of deposit competition that you're seeing, if you could kind of size it for us from a relative perspective, if it's gotten more intense or still somewhat similar to what you saw in the prior quarter?

我很好奇，您能否從相對角度幫我們評估一下您目前看到的存款競爭情況，是變得更加激烈了，還是與上一季的情況大致相同？

Yeah. I would say it's pretty similar to what we've been seeing over the last several quarters, not expecting and not seeing anything intensify. And -- but I would say, with CRE paying off in general, I do think that that could provide some relief on deposit pricing in general.

是的。我認為這與過去幾季我們看到的情況非常相似，沒有預期也沒有看到任何加劇的情況。但我想說的是，鑑於商業房地產總體上獲得了回報，我認為這可能會對存款價格帶來一些緩解。

Okay, that's helpful. And then maybe for you, Jeff, you just touched on it a little bit with your comments on the appetite to continue the LPO strategy and perhaps into new markets as well.

好的，這很有幫助。然後，傑夫，也許你剛才也稍微談到了這一點，你提到了繼續推行 LPO 戰略以及進軍新市場的意願。

But just curious if you have any overall thoughts as, I guess, post your capital build when you're at your target that you want to be at, where does M&A fit in? And relative to the LPO strategy, do those two things have to be separate, or can you do both?

但我很好奇，作為你完成資本累積並達到目標之後，你對併購的整體想法是什麼？就 LPO 戰略而言，這兩件事必須分開做嗎？還是可以兩者兼顧？

Yeah. Right now, I would say we're totally focused on LPOs and verticals and growing our organic business. So that's where we're totally focused at right now. And we feel like we've got a great growth runway just to do this organically.

是的。目前，我認為我們完全專注於物流流程外包 (LPO) 和垂直產業，以及發展我們的有機業務。所以，這就是我們目前全部的關注點。我們感覺我們有很大的發展空間，可以完全依靠自身力量來實現這一目標。

I can't tell you how proud I am of the team and how excited I am about the LPOs. And what's amazing is we've had a lot of great people that we've been able to hire. And that has turned into more people and people hearing about our brands as we expand South and expand West.

我無法用語言來表達我對團隊的自豪之情，以及我對LPO（領導力產品辦公室）的興奮之情。更令人驚訝的是，我們已經聘請了許多優秀的人才。隨著我們向南、向西擴張，越來越多的人開始了解我們的品牌。

And so we feel like we've just got a lot of great organic opportunities for us, that we're really going to be focused on in the next year plus. So that's really where our focus is today.

因此，我們覺得我們有很多很好的自然成長機會，我們將在未來一年多的時間裡專注於這些機會。所以，這就是我們今天關注的重點。

All right. Terrific. Thanks for taking my questions.

好的。了不起。謝謝您回答我的問題。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Jeff Jackson, CEO, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長傑夫傑克遜，請他作總結發言。

Thank you. We are continuing to deliver meaningful improvement in our financial metrics and strategic positioning to deliver enhanced shareholder value, highlighted by third-quarter earnings per share of $0.94, strong customer satisfaction scores, and continued optimization efforts.

謝謝。我們持續在財務指標和策略定位方面取得顯著進步，從而提升股東價值，第三季每股收益達到 0.94 美元，客戶滿意度評分強勁，以及持續的優化努力都充分體現了這一點。

We remain focused on driving positive operating leverage through sustainable long-term growth. Thank you for joining us today. And we look forward to speaking with you at one of our upcoming investor events. Have a great day.

我們將繼續專注於透過可持續的長期成長來推動積極的經營槓桿作用。感謝您今天蒞臨。我們期待在即將舉行的投資者活動中與您交流。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。