Wesbanco, Inc. (WSBC) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the WesBanco second-quarter 2026 earnings conference call. (Operator Instructions) Please also note, today's event is being recorded.

各位早安，歡迎參加 WesBanco 2026 年第二季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

At this time, I'd like to turn the conference call over to John Iannone, Senior Vice President of Investor Relations. Please go ahead.

此刻，我想將電話會議交給投資人關係資深副總裁 John Iannone。請開始。

Thank you. Good morning, and welcome to WesBanco Inc's second-quarter 2026 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。各位早安，歡迎參加 WesBanco Inc 2026 年第二季財報電話會議。今天由 Jeff Jackson（總裁兼執行長）以及 Dan Weiss（資深執行副總裁兼財務長）帶領本次會議。

Today's call, an archive of which will be available on our website for one year takes forward-looking information. Cautionary statements about this information and reconciliation of non-GAAP measures are included in our earnings related materials issued yesterday afternoon as well as our other SEC filings and investor materials. These materials are available on the Investor Relations section of our website, wesbanco.com. All statements speak only as of July 22, 2026, and WesBanco undertakes no obligation to update them.

今天的電話會議（其存檔將在我們網站上提供一年）包含前瞻性資訊。關於此等資訊的警示性聲明以及非 GAAP 指標的調節，已載於我們昨天下午發布的財報相關資料，以及我們其他的 SEC 申報文件與投資人資料中。上述資料可於我們網站 wesbanco.com 的投資人關係專區取得。所有陳述僅截至 2026 年 7 月 22 日，WesBanco 不承擔更新之義務。

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

我現在想把電話會議交給 Jeff。Jeff？

Thanks, John, and good morning, everyone. Today, we'll review our second quarter performance and share our current outlook for the rest of 2026. The defining theme of the quarter was momentum across our franchise. There are three key takeaways that really demonstrate that momentum: We delivered strong sequential quarter and year-over-year loan growth; we advanced our organic growth strategy and commercial momentum driving record production and pipeline; we continued to generate profitable growth through positive operating leverage and disciplined execution.

謝謝你，John，各位早安。今天我們將回顧第二季表現，並分享我們對 2026 年剩餘期間的最新展望。本季最鮮明的主題是我們整體特許經營版圖的動能。有三個關鍵重點最能展現這股動能：我們實現了強勁的連續季度與年增貸款成長；我們推進有機成長策略與商業動能，帶動創紀錄的承作量與案源管線；我們透過正向營運槓桿與紀律執行，持續創造具獲利性的成長。

Turning briefly to our financial performance. Our strong second quarter results reflect the continued success of our relationship-focused banking model and disciplined growth strategy. For the quarter ended June 30, 2026, we reported net income available to common shareholders of $89 million, excluding merger and restructuring charges. That translated to $0.92 per diluted share, while on a year-to-date basis, our earnings per share increased 14% to $1.83.

簡要談談我們的財務表現。我們第二季的強勁成果，反映出以關係為核心的銀行模式與紀律成長策略持續奏效。截至 2026 年 6 月 30 日止季度，在排除併購與重整費用後，我們向普通股股東可分配的淨利為 8,900 萬美元。換算後稀釋每股盈餘為 0.92 美元；而以年初至今計算，我們每股盈餘成長 14% 至 1.83 美元。

On a similar basis, we reported year-to-date pretax pre-provision earnings of $242 million, an increase of 24% year-over-year. The strength of our financial performance was reflected in our second quarter and year-to-date returns on average assets and tangible common equity of 1.3% and 17.3%, respectively. Further, we are demonstrating our ability to drive profitable growth across the franchise as we generated strong positive operating leverage and an efficiency ratio of 51%.

在相同基礎下，我們年初至今的稅前、提存前盈餘為 2.42 億美元，年增 24%。我們財務表現的強勁，反映在第二季與年初至今的平均資產報酬率（ROAA）與有形普通股權益報酬率（ROTCE）分別為 1.3% 與 17.3%。此外，我們展現了在整體特許經營版圖推動具獲利性成長的能力，實現強勁的正向營運槓桿，效率比率為 51%。

Our capital position also remained solid with a CET1 ratio of 10.7%, which allowed us to repurchase approximately 300,000 shares during the quarter, while also providing flexibility to support our growth expectations. The defining driver of our momentum this quarter was loan growth.

我們的資本部位同樣維持穩健，普通股第一類資本比率（CET1）為 10.7%，使我們得以在本季回購約 30 萬股，同時也保有彈性以支撐我們的成長預期。本季動能最關鍵的驅動因素是貸款成長。

Total loans increased 3.5% year-over-year and 8.3% annualized sequentially as our talented teams converted opportunities across our 10-state footprint. In particular, we continue to see the benefits from our recent growth investments as C&I lending demonstrated strong growth of 5% year-over-year and nearly 25% quarter-over-quarter annualized.

總放款年增 3.5%，按季成長折算年率為 8.3%，我們優秀的團隊在 10 州營運版圖中成功把握並轉化各項機會。尤其是，我們持續看到近期成長投資帶來的效益，企業與工業（C&I）放款年增 5%，按季成長折算年率接近 25%。

During the first six months of the year, our commercial teams have generated record loan production of nearly $2.5 billion, approximately $1 billion more than the same period a year ago. Impressively, second quarter loan growth significantly outpaced continued high levels of CRE payoffs, which created a 1% headwind to year-over-year growth.

今年前六個月，我們的商業團隊創下近 25 億美元的貸款承作量紀錄，較去年同期約多出 10 億美元。值得注意的是，第二季貸款成長顯著超越持續高水準的商用不動產（CRE）提前清償；該等清償對年增成長造成 1% 的逆風。

As we mentioned last quarter, we expect the developers to continue to seek permanent financing and the sale of properties during the second quarter, but at a slower pace than the first quarter. But we experienced an upward swing during the latter half of the quarter that drove payoffs to total approximately $345 million for the second quarter, bringing the total amount of payoffs during the last 12 months to more than $1.3 billion.

如同我們上季所提到的，我們預期開發商在第二季仍會持續尋求永久性融資並出售資產，但速度將較第一季放緩。然而，我們在本季後半段看到清償量上升，使第二季清償總額約為 3.45 億美元，並使過去 12 個月的清償總額超過 13 億美元。

Adjusting for payoffs headwind, during the quarter, total loans grew 4.5% year-over-year. The fact that we generated this level of growth despite that headwind, speaks to the strength of our customer demand and the effectiveness of our commercial teams. A great example of this customer demand was a recent win in our Mid-Atlantic market.

若調整清償逆風因素，本季總放款年增 4.5%。在面臨該逆風的情況下仍能達成此一成長水準，顯示我們客戶需求的強勁以及商業團隊的有效執行。近期在我們中大西洋市場的一項勝出案例，就是客戶需求的絕佳例證。

A team comprised of commercial, treasury management derivatives and credit recently achieved a major milestone with earning a meaningful partnership with one of the region's most distinguished educational institutions. The team met with this new-to-bank client to explore financing options for a comprehensive renovation and modernization project to revitalize this campus, which resulted in the largest non-profit school deal in our history.

由商業金融、財資管理、衍生性商品與授信組成的團隊，近期達成一項重要里程碑：與本區最具聲望的教育機構之一建立具實質意義的合作夥伴關係。團隊與這位新往來客戶會面，探討一項全面翻新與現代化工程的融資方案，以重振校園，最終促成我們歷來最大的一筆非營利學校交易。

The resulting transaction included a tax-exempt bond financing in excess of $34 million, a full deposit and treasury management partnership and a six-figure swap fee. The dedication and expertise of this team are testaments to the power of collaboration and further positions WesBanco as a trusted financial partner.

該交易包含超過 3,400 萬美元的免稅債券融資、完整的存款與財資管理合作，以及六位數的換匯（swap）手續費收入。團隊的投入與專業，證明協作的力量，並進一步使 WesBanco 成為值得信賴的金融夥伴。

At June 30, our commercial pipeline reached a record $2.3 billion, increasing more than 40% from the prior quarter and 90% since year-end. While our loan production offices and former premier markets continue to contribute meaningful to that growth, we are also seeing broad-based momentum across all our markets. In the few weeks since quarter end, the pipeline has remained stable, which gives us confidence in our outlook and supports our continued expectation for mid-single-digit loan growth in 2026. We are especially encouraged by what we are seeing in our expansion markets.

截至 6 月 30 日，我們的商業案源管線達到創紀錄的 23 億美元，較前一季增加逾 40%，較年末增加 90%。雖然我們的貸款承作辦公室與原先的核心市場持續對成長做出重要貢獻，但我們也看到所有市場普遍性的動能提升。在季末後的幾週內，管線維持穩定，這讓我們對展望更具信心，並支持我們對 2026 年貸款中個位數成長的持續預期。我們尤其對擴張市場的進展感到振奮。

Last quarter, we announced the advancement of our Southeastern expansion strategy with the launch of commercial banking and treasury management operations in Palm Beach and Broward counties. Last month, we expanded that strategy with the opening of a loan production office in Naples, extending our presence into another attractive Florida market. Naples is led by a seasoned leader with a strong track record in the market, an individual who I've known for many, many years.

上季我們宣布推進東南部擴張策略，在棕櫚灘郡（Palm Beach）與布勞沃德郡（Broward）啟動商業銀行與財資管理營運。上個月，我們透過在那不勒斯（Naples）設立貸款承作辦公室擴大該策略，將據點延伸至佛州另一個具吸引力的市場。那不勒斯由一位資深領導者帶領，其在當地市場有卓越的實績；我與他相識已久。

The early results from our Florida teams have been very encouraging. In just three months, these teams have already begun generating new business, building meaningful customer relationships and contributing to our record pipeline. Already, those teams account for approximately 10% of our total commercial pipeline, a proof point that our strategy is gaining traction. I firmly believe that our Florida franchise has the potential to be a $2 billion bank within the next couple of years.

我們佛州團隊的初期成果非常令人鼓舞。短短三個月內，這些團隊已開始創造新業務、建立具實質意義的客戶關係，並為我們創紀錄的案源管線做出貢獻。目前，這些團隊約占我們整體商業案源管線的 10%，證明我們的策略正逐步取得成效。我堅信，我們的佛州特許經營版圖在未來幾年內有潛力成為一家資產規模達 20 億美元的銀行。

As part of that strategy, we are on track to open financial centers in Fort Lauderdale and West Palm Beach during the first half of 2027 as we have already identified locations and received FDIC approval. These banking centers will complement our commercial presence while enhance our ability to gather deposits and deepen customer relationships to support future growth. Over time, we could add additional services such as wealth management and residential mortgage.

作為該策略的一部分，我們正按計畫於 2027 年上半年在羅德岱堡（Fort Lauderdale）與西棕櫚灘（West Palm Beach）開設金融中心，因為我們已確認地點並取得 FDIC 核准。這些銀行中心將補強我們的商業布局，同時提升我們吸收存款與深化客戶關係的能力，以支持未來成長。隨著時間推進，我們也可能增加其他服務，例如財富管理與住宅房貸。

Finally, I am excited that our long-term strategy and disciplined approach to growth are being recognized on a national level. We were recently named one of America's High Growth Companies by Business Insider and one of America's best companies by Time. What these recognitions really represent is the dedication of our teams and the consistency with which they execute our strategy every day. Our momentum and success continued to be driven by talented people, strong customer relationships and a commitment to disciplined growth. Our second quarter results demonstrate those fundamentals remain firmly in place and continue to position us well for the future.

最後，我很高興我們的長期策略與嚴謹的成長方法正在全國層面獲得肯定。我們近期獲《Business Insider》評選為「美國高成長公司」之一，並獲《Time》評選為「美國最佳公司」之一。這些肯定真正代表的是我們團隊的投入，以及他們每天一致且到位地執行我們策略的能力。我們的動能與成功持續由優秀人才、穩固的客戶關係，以及對紀律性成長的承諾所驅動。我們第二季的業績結果證明這些基本面依然穩固，並持續讓我們在未來保持良好定位。

I would like to now turn the call over to Dan Weiss to walk through the financials and outlook in more detail. Dan?

接下來我想把電話會議交給 Dan Weiss，請他更詳細說明財務表現與展望。Dan？

Thanks, Jeff, and good morning, everyone. For the second quarter, we reported GAAP net income available to common shareholders of $88 million or $0.91 per share. And when excluding restructuring and merger-related expenses, second quarter net income was $89 million or $0.92 per share. To highlight a few of the second quarter's year-over-year accomplishments, we grew pre-ax pre-provision core earnings 11% driven by strong annualized loan growth of 8.3%. We also reported record fee income levels and record trust and securities brokerage assets as well as a reduced efficiency ratio to a record low of 51%.

謝謝你，Jeff，各位早安。第二季我們公布的 GAAP 普通股股東可得淨利為 8,800 萬美元，或每股 0.91 美元。若排除重整與併購相關費用，第二季淨利為 8,900 萬美元，或每股 0.92 美元。重點說明幾項第二季年對年成果：在年化放款成長 8.3% 的強勁帶動下，我們的稅前、提存前核心盈餘成長 11%。我們也創下手續費收入新高、信託與證券經紀資產新高，效率比率亦降至歷史新低 51%。

Total assets of $27.8 billion included total portfolio loans of $19.5 billion and secured $4.4 billion with securities now representing approximately 16% of total assets. Total portfolio loans increased 3.5% year-over-year due to organic growth of $650 million, partially offset by CRE payoffs. While we did experience elevated payoffs in the second quarter, similar to the first quarter, we continue to expect payoffs to taper during the second half of the year with third quarter payoffs projected at roughly two-thirds of that at the second quarter level.

總資產 278 億美元，其中包含投資組合放款總額 195 億美元，以及 44 億美元的有價證券；目前有價證券約占總資產的 16%。投資組合放款年對年增加 3.5%，主要來自 6.5 億美元的有機成長，部分被商用不動產（CRE）還款所抵銷。雖然第二季如同第一季一樣出現較高的提前還款，但我們仍預期下半年還款將趨緩，第三季還款金額預估約為第二季水準的三分之二。

That said, based on our current record pipeline, we expect to be able to outgrow payoffs for the remainder of the year to generate mid-single-digit growth for the year. Deposits increased 2.1% year-over-year to $21.6 billion from transaction account growth that more than offset the decline in higher cost CDs. Encouragingly, deposit attrition related to the closure of 37 financial centers this year has trended meaningfully below our conservative attrition assumptions such that deposits were only down $75 million sequentially and mostly reflecting the remaining $50 million of broker deposits that paid off on April 1 and the decline in higher cost CDs.

即便如此，基於我們目前創紀錄的案源管線，我們預期今年剩餘期間放款成長可超過還款，使全年達到中個位數成長。存款年對年增加 2.1% 至 216 億美元，交易型帳戶成長足以抵銷高成本定存（CD）下滑。令人鼓舞的是，今年關閉 37 個金融中心所造成的存款流失，明顯低於我們保守的流失假設；因此存款季對季僅減少 7,500 萬美元，且主要反映 4 月 1 日到期償還的剩餘 5,000 萬美元經紀存款，以及高成本定存的下降。

Credit quality metrics have remained relatively benign and in a consistent range from a historical perspective, while charge-offs were just 2 basis points. The allowance for credit losses to total portfolio loans at June 30, 2026, was 1.12% of total loans, $218 million, and the increase from the first quarter was primarily due to higher loan balances.

從歷史角度來看，信用品質指標仍相對溫和，且維持在一致區間；而核銷僅為 2 個基點。截至 2026 年 6 月 30 日，信用損失備抵（ACL）占投資組合放款總額為 1.12%，金額 2.18 億美元；較第一季增加主要是因放款餘額提高。

The second quarter margin of 3.3% was consistent with our first quarter outlook and improved 4 basis points year-over-year, primarily due to lower funding costs and improved 6 basis points sequentially due to asset repricing and 3 basis points or $1.7 million of accretion from unscheduled early payoffs of acquired loans. Total deposit funding costs, including non-interest-bearing deposits declined 6 basis points year-over-year to 178 basis points, which is essentially flat to the first quarter.

第二季淨利差為 3.3%，符合我們第一季的展望；年對年提升 4 個基點，主要因資金成本下降；季對季提升 6 個基點，來自資產重新定價，另有 3 個基點（或 170 萬美元）來自併購取得放款因非預期提前償還所產生的折溢價攤銷收益（accretion）。包含無息存款在內的總存款資金成本年對年下降 6 個基點至 178 個基點，與第一季基本持平。

We are seeing great traction across our franchise for our fee-based services as we earn record fees from deposit products, banking services and securities brokerage not to mention the record level of trust in the securities brokerage assets of nearly $11 billion.

我們在全體據點的手續費型服務上看到很強的動能，存款產品、銀行服務與證券經紀均創下手續費新高；此外，信託與證券經紀資產亦創新高，接近 110 億美元。

For the second quarter, non-interest income of $54 million increased $9.7 million or 22% year-over-year due primarily to higher net swap and valuation income, service charges on deposits and other income. Gross swap fees were $2.8 million in the second quarter and $4 million on a year-to-date basis as we are seeing solid customer demand from our commercial swap product and expect to see some meaningful improvement in swap fees in the back half of the year from our new Florida market.

第二季非利息收入為 5,400 萬美元，年對年增加 970 萬美元或 22%，主要來自較高的淨換匯/利率交換（swap）與評價收入、存款服務費及其他收入。第二季 swap 總手續費為 280 萬美元，年初至今為 400 萬美元；我們看到商業 swap 產品帶來穩健的客戶需求，並預期下半年在佛羅里達新市場的帶動下，swap 手續費將有顯著改善。

Other income also included a non-recurring $4.8 million gain related to the pension plan freeze which have been closed to new entrants approximately 20 years ago, and gains on the sale of other real estate owned included a $1.6 million non-recurring gain on the sale of brand properties that were closed earlier in the year.

其他收入亦包含一筆與凍結退休金計畫相關的一次性收益 480 萬美元；該計畫約在 20 年前已停止接受新加入者。此外，出售其他持有不動產（OREO）的收益中，包含一筆一次性 160 萬美元收益，來自出售今年稍早關閉之據點的品牌不動產。

Non-interest expense, excluding restructuring and merger-related costs for the second quarter of 2026 of $148 million increased 1.8% year-over-year and 3.6% sequentially, primarily due to higher salaries and wages, which increased due to the recent hiring efforts, primarily in our southern footprint. Those hiring efforts occurred through the second quarter, so the quarter's results do not fully reflect the complete impact of that strategic expansion.

2026 年第二季非利息費用（不含重整與併購相關成本）為 1.48 億美元，年對年增加 1.8%，季對季增加 3.6%，主要因薪資與工資上升；該上升源於近期的招募行動，主要集中在我們南部版圖。這些招募行動持續到第二季，因此本季結果尚未完全反映該策略性擴張的完整影響。

Turning to capital. All of our key ratios improved quarter-over-quarter. Our CET1 ratio of 10.7% as of June 30 was within our targeted range of 10.5% to 11%, which allowed us to return capital to our shareholders through the repurchase of approximately 300,000 shares on the open market during the second quarter. Based on the strategic investments that we're making in South Florida, we anticipate CET1 to remain in that 10.7% range through the remainder of the year as loan growth continues to accelerate.

接著談資本。我們所有關鍵比率皆較上季改善。截至 6 月 30 日，我們的普通股權益第一類資本（CET1）比率為 10.7%，落在我們 10.5% 至 11% 的目標區間內，使我們得以在第二季透過公開市場回購約 30 萬股，向股東返還資本。考量我們在南佛羅里達進行的策略性投資，隨著放款成長持續加速，我們預期今年剩餘期間 CET1 將維持在約 10.7% 的水準。

Our current outlook for 2026 includes our targeted expansion markets, and we currently anticipate one Fed rate hike late in the fourth quarter with no meaningful impact to 2026 results. Earning asset yields should continue to benefit from loans and securities repricing upward, while deposit funding costs have likely hit a floor with the CD repricing benefit effectively fully repriced into the future maturing book.

我們對 2026 年的目前展望涵蓋目標擴張市場；我們目前預期聯準會在第四季末將升息一次，且對 2026 年業績不會造成顯著影響。生息資產殖利率應可持續受惠於放款與有價證券向上重新定價；而存款資金成本可能已觸底，因定存（CD）重新定價帶來的效益已幾乎完全反映在未來到期的存量組合中。

We anticipate our net interest margin for the remainder of the year to be relatively consistent to the second quarter around that 3.60% range as we expect loan growth in the back half of the year to accelerate and initially outpaced deposit growth requiring a blend of higher cost wholesale funding mixed with lower cost deposits. This assumes, among other things, that the competition for loans and deposits remain stable as well as an upward sloping yield curve. And we also expect strong deposit growth in the back half of the year and to the extent we experienced more than model, this could positively benefit margin.

我們預期今年剩餘期間的淨利差將大致與第二季一致，約在 3.60% 區間；因我們預期下半年放款成長將加速，且初期可能超過存款成長，因而需要以較高成本的批發資金搭配較低成本存款的組合來支應。此假設包含（但不限於）放款與存款競爭維持穩定，以及殖利率曲線呈上斜。我們也預期下半年存款成長強勁；若實際表現優於模型假設，將可能對淨利差帶來正面助益。

There are no meaningful changes to our fee income outlook provided last quarter. Trust fees and securities brokerage revenue should benefit modestly from organic growth and be influenced by equity and fixed income market trends. Total treasury management revenues should see increases from 2025 as the compounding effect of our services continues to expand. Gross commercial swap fee income, excluding market adjustments, should be in that $8 million to $10 million range with our South Florida markets contributing meaningfully.

我們的手續費收入展望與上季提供的內容相比沒有重大變化。信託費用與證券經紀收入應可小幅受惠於有機成長，並受股票與固定收益市場趨勢影響。隨著我們服務的複利效應持續擴大，整體財資管理（treasury management）收入應較 2025 年增加。商業 swap 總手續費收入（不含市場調整）應落在 800 萬至 1,000 萬美元區間，其中南佛羅里達市場將有顯著貢獻。

Overall, we still anticipate our quarterly fee income to grow in that 3% to 5% range year-over-year during the remainder of 2026. While we have been making strategic investments in our targeted expansion markets to drive long-term value for our shareholders, there are no meaningful changes to our expense outlook provided last quarter. Dollars and wages will increase, reflecting a full quarter of the South Florida team and the annual midyear merit increases. Occupancy expense should be slightly down as compared to 2025 to our branch optimization efforts offset somewhat by our branch expansion initiatives.

整體而言，我們仍預期 2026 年剩餘期間的季度手續費收入年對年成長約 3% 至 5%。雖然我們正於目標擴張市場進行策略性投資，以為股東創造長期價值，但費用展望與上季提供的內容相比沒有重大變化。薪資與工資將增加，反映南佛羅里達團隊完整一季的費用，以及年度年中績效調薪。由於分行優化措施，佔用費用相較 2025 年應略為下降，但部分將被分行擴張計畫所抵銷。

Equipment and software expenses are expected to increase somewhat as compared to 2025 as we continue to invest in products, services and technology to improve the customer experience and drive revenue growth and in support of our organic loan and deposit growth model and our commercial business expansion efforts, marketing is expected to be in the $5 million range per quarter. And therefore, we continue to expect our quarterly expense run rate during the third and fourth quarters to be in the $153 million range.

隨著我們持續投資於產品、服務與科技，以提升客戶體驗並推動營收成長，同時支援我們有機貸款與存款成長模式以及商業業務擴張的努力，預期設備與軟體費用相較於2025年將略有增加；行銷費用預期每季約在500萬美元的區間。因此，我們仍預期第三季與第四季的季度費用執行率將約在1.53億美元的區間。

The provision for credit losses will depend upon changes to the macroeconomic forecast and qualitative factors as well as various critical metrics, including the potential charge-offs, criticized and classified loan balances of course, delinquencies, changes in prepayment speeds and future loan growth. And lastly, we currently anticipate our full year effective tax rate to be approximately 21%.

信用損失準備將取決於總體經濟預測與質化因素的變化，以及多項關鍵指標，包括潛在的沖銷、受關注與分類貸款餘額，當然還有逾期情況、提前還款速度的變化與未來貸款成長。最後，我們目前預期全年有效稅率約為21%。

Operator, we're now ready to take questions. Would you please review the instructions.

接線員，我們現在準備開始提問。請您說明提問指引。

(Operator Instructions)

(接線員指引)

Dave Bishop, Hovde Group.

Dave Bishop，Hovde Group。

Yeah. Good morning, gentlemen. Hey, Jeff, Dan, it sounds like you maybe have some line of sight into potential -- maybe the commercial deposit growth or account wins in the second half of the year. You give great deal on the loan pipeline. Just curious any line of sight into maybe the deposit pipeline into the second half of the year.

是。早安，各位先生。嗨，Jeff、Dan，聽起來你們對下半年潛在的——也許是商業存款成長或帳戶贏單——可能有一些能見度。你們對貸款管線提供了很多資訊。我只是好奇，對於下半年存款管線是否也有一些能見度？

Yeah, sure. Our loan-to-deposit ratio went up slightly about 90%. We feel like it's optimally performing in kind of that low 90s. But historically, what we've seen is in the back half of the year, third and fourth quarter, deposits have traditionally grown. We do have some programs that we're rolling out that we're starting to see some really nice traction there as it relates to deposits and expect them to grow pretty nicely over the next couple of quarters.

是的，當然。我們的貸存比小幅上升到大約90%。我們認為在90%出頭的區間表現最為理想。但從歷史來看，我們看到在下半年，也就是第三與第四季，存款通常會成長。我們確實有一些正在推出的方案，已開始在存款方面看到相當不錯的動能，並預期未來幾季存款會相當不錯地成長。

Once again, if you look at our history, we've seen really strong deposit growth in the third and fourth quarter. And we are rolling out special programs in the retail and commercial space to attract more deposits. As Dan mentioned, we do feel like kind of our deposit costs are near the bottom so we don't see them really going any lower. But I do feel like the growth will be there in the third and fourth quarter.

再一次，如果你看我們的歷史，第三與第四季的存款成長非常強勁。我們也正在零售與商業端推出特別方案以吸引更多存款。如Dan所提到的，我們確實覺得存款成本已接近底部，因此不認為還會再明顯下降。但我確實認為第三與第四季會有成長。

Yeah. I think historically, if you look over the last three years, we've been able to grow deposits by $600 million, $700 million in the back half of the year and kind of anticipating something similar to that.

是。我認為從歷史來看，若回顧過去三年，我們在下半年能把存款增加6億到7億美元，並且預期這次也會是類似的情況。

Got it. And then just one follow-up. Just see -- the slide deck a little bit of an uptick in classified criticized loans. Maybe some color what drove the increase there? Thanks.

了解。接著再追問一個。我看到簡報中分類與受關注貸款有些微上升。能否說明一下是什麼原因導致增加？謝謝。

Yeah, sure. Kind of like last year, we did some regrading on credits again. And some of it was timing as well. For instance, today, we're already down 11 basis points to 3.61%. And we feel like really just timing, and I would expect by the end of the third quarter, it should be down in the low 3s. Also just go ahead and address the three NPLs that we had in last quarter. We do have solutions for those and feel like there's a great probability that all three will be resolved this quarter, if not early fourth quarter.

好的，當然。有點像去年一樣，我們再次對授信做了一些重新評等。其中一部分也與時間點有關。例如，截至今天，我們已下降11個基點至3.61%。我們認為主要就是時間點因素，並預期到第三季末應該會降到3%出頭的低位。另外也順便回應上季的三筆不良貸款（NPL）。我們對這些都有解決方案，並認為很有機會三筆都能在本季解決，若不是本季，也會在第四季初。

But once again, we're well reserved there. Do not see any sort of impact to us as we get those three NPLs resolved, which we hopefully will get them done this quarter. But yes, CNC is just a timing thing. As I mentioned before, it's already come down some since the end of the quarter.

但再一次，我們在那部分的備抵相當充足。在解決這三筆不良貸款時，我們不認為會對我們造成任何影響；我們希望能在本季完成。至於CNC（受關注與分類）只是時間點問題。如我先前提到的，自季末以來已經下降了一些。

Appreciate the color.

感謝補充說明。

Russell Gunther, Stephens.

Russell Gunther，Stephens。

Hey, good morning, guys. I wanted to follow up on the margin discussion, sort of that 3.60%-ish potential plus exit rate for the year. Dan, it still sounds like there's a decent repricing story here and room to flex the 90% loan-to-deposit ratio higher. But as we kind of look to the end of next -- of this year and into next, is that the point where we start trading NII dollars for margin expansion and see that NIM kind of flip lower? Or based on where you're bringing on this loan growth today, would you expect to be able to really defend that 3.60 NIM with whatever rate assumptions you guys have.

嗨，早安，各位。我想延續一下關於利差的討論，也就是今年可能以約3.60%左右作為退出水準。Dan，聽起來這裡仍有不錯的重新訂價（repricing）故事，而且貸存比90%也還有上調空間。但當我們看今年底到明年時，是否會到一個點：我們開始用淨利息收入（NII）的金額去換取利差擴張，並看到淨利差（NIM）反而轉為下滑？或者以你們目前新增貸款的利率水準，在你們的利率假設下，是否仍預期能守住3.60%的NIM？

Yeah. Russell, I would say today, we believe we can defend that 3.60% NIM I mean if you think about kind of asset repricing, we do have cash flows is very similar to last quarter, kicking off about $250 million a quarter and projected out for the next four quarters at least to be about $250 million per quarter. That's repricing from $330 million up to right around $510 million is where we're investing. So we're picking up about 180 basis points on the reinvestment on securities.

是的。Russell，我會說以目前來看，我們相信可以守住3.60%的NIM。若你思考資產重新訂價，我們的現金流與上季非常類似，每季約有2.5億美元到期/回收，並且至少在未來四季預估也會維持每季約2.5億美元。這部分是從約3.3億美元重新訂價到我們投資的約5.1億美元水準。因此，我們在證券再投資上大約提升了180個基點。

And then on the loans as well, we've got $3.3 billion in fixed rate commercial loans. Weighted average is 5.01%. And of that, about $450 million of that fixed rate commercial matures over the next 12 months at a weighted average rate of just $417 million. So there's a lot of opportunity there, almost 200 basis points, I would say, of repricing opportunity there.

另外在貸款方面，我們有33億美元的固定利率商業貸款。加權平均利率為5.01%。其中約4.5億美元的固定利率商業貸款將在未來12個月到期，加權平均利率約為4.17%。因此這裡有很大的空間，我會說大約接近200個基點的重新訂價機會。

So those are certainly tailwinds. And then whenever we think about the funding mix and how we -- the loan growth expectations that we've modeled, we have, as Jeff said, kind of the deposit funding at this point, we think we've hit the floor. And at this point, given the amount of loan growth, we think we may be mixing in a little bit of wholesale borrowings in the back half of the year as well to help fund some of that loan growth temporarily.

所以這些確實是順風因素。接著當我們思考資金來源組合，以及我們所建模的貸款成長預期時，如Jeff所說，就存款資金而言，我們認為目前已觸底。在此基礎上，考量貸款成長的規模，我們認為下半年也可能會暫時混入一些批發融資借款，以協助為部分貸款成長提供資金。

So I think that's where you kind of -- the asset repricing probably is a little offset with maybe a slightly higher funding costs such that you kind of maintain that [3.60%] Once you get into the kind of 2027, which we're not going to get too detailed there, but we do have one rate hike right now projected in the back half in December of '26 and we do think that there's some opportunity to boost margin a couple of basis points off of that.

因此我認為資產重新訂價的效益，可能會被略高的資金成本部分抵銷，使你大致維持在[3.60%]。至於進入2027年，我們不會在這裡講得太細，但我們目前預估在26年12月的下半年會有一次升息，而我們認為這可能帶來一些機會，使利差再提升幾個基點。

And then certainly, what I would say the caveat that always exists is to the extent that we can grow deposits at a faster rate and at a lower cost than what we're modeling, that certainly provides a lot of tailwind to margin. Likewise, if we don't grow deposits, at the pace that we model that would provide a little bit of headwind to margin. But right now, we're modeling that 3.60%.

另外我想說，一直存在的但書是：如果我們能以比模型假設更快的速度、且以更低的成本成長存款，這將對利差帶來很大的順風。同樣地，如果我們的存款成長速度不如模型假設，則會對利差帶來一些逆風。但目前我們的模型仍是3.60%。

Yeah. Very good. Thank you, Dan, helpful. And then just for my follow-up, switching gears on the loan growth discussion. So have some visibility in the paydowns easing, record pipelines. Any reason to think this kind of high single-digit result this quarter would not carry into the back half of next year and really potentially pick up as we think about '27. And if I could sneak in just a request for an update on the health care vertical, that would be great. Thank you.

是的。非常好。謝謝你，Dan，很有幫助。接著作為我的追問，我想把話題轉到貸款成長的討論。所以我們對提前償還趨緩、以及創紀錄的案源管線有一定能見度。有沒有任何理由認為，本季這種高個位數的結果不會延續到明年下半年，甚至在我們展望到'27年時還可能加速？另外如果可以的話，也想請你更新一下醫療保健垂直領域的狀況。謝謝。

Yeah. No, I think that's definitely possible for sure. If you look at what South Florida is doing and what the health care vertical is doing, what our other expansion markets are doing and then just our existing footprint, I totally believe that it is possible to get that higher single-digit loan growth. We could see it this quarter. It depends on payoffs once again.

是的。不，我認為這絕對是有可能的。如果你看看南佛羅里達在做的事情、醫療保健垂直領域在做的事情、我們其他擴張市場在做的事情，以及我們既有版圖，我完全相信達到更高個位數的貸款成長是可能的。我們這一季就可能看到。但同樣還是取決於提前清償的情況。

But I would just call out the South Florida team along with health care, in Florida now, we're basically $200 million in loans outstanding. So that's how quickly we've been able to gather business and bring over total relationships to our bank. Health care is still on a tear. They're doing a really great job. We continue to see strong growth with health care. I would think it would continue through the back half of the year and will be a very, very big driver for our loan growth as we move forward.

不過我想特別點出南佛羅里達團隊以及醫療保健；目前在佛州，我們基本上已有約2億美元的放款餘額。這也顯示我們能多快地聚攏業務，並把整體往來關係帶到我們銀行。醫療保健仍然勢頭很猛。他們做得非常出色。我們持續看到醫療保健的強勁成長。我認為這會延續到今年下半年，並且在我們往前推進時，將成為貸款成長非常、非常重要的驅動力。

The one other thing I just want to point out, as we mentioned in deposits, we've closed 37 branches this year. And then in the second quarter, we also ran off $50 million in broker deposits. So basically flat for the year with 37 branches being closed, I think, is a really big win for us when you look at how much potential runoff we had modeled.

另外我還想指出一點，正如我們在存款部分提到的，我們今年已關閉了37家分行。而且在第二季，我們也讓5,000萬美元的經紀存款自然流失。所以在關閉37家分行的情況下，今年迄今基本持平；考量到我們原先模型中預估的潛在流失規模，我認為這對我們來說是一個很大的勝利。

Thanks, guys for taking my questions.

謝謝各位回答我的問題。

Catherine Mealor, KBW.

Catherine Mealor，KBW。

Hey, good morning. Just thinking about expenses into next year, part of what has helped you fund your investment in some higher growth markets has been the branch closures that you had last year. Do you have the ability to do any more of that into '27? Just trying to think about the balance between new investments and then the cost savings that we've got at your fingertips. Thanks.

嗨，早安。談到明年的費用，過去幫助你們為一些高成長市場的投資提供資金的一部分因素，是你們去年進行的分行關閉。你們在'27年前還有能力再做更多這類動作嗎？我想了解新投資與我們手邊可立即取得的成本節省之間的平衡。謝謝。

Yeah. Thanks, Catherine. Yes, we are working on Phase 3 right now on the branch optimization and do believe that we have some more room to do some branch optimization cuts, probably look at rolling that out maybe in the fourth quarter. Once again, we're still working on the plan. I think you would see some 2 for 1, 3 for 1s, repositioning on that. But yes, we do see that as a potential opportunity to cut some costs toward the back half of this year rolling into 2027, for sure.

是的。謝謝你，Catherine。是的，我們目前正在進行分行優化的第3階段，並且相信我們還有一些空間可以再做分行優化的縮減，可能會考慮在第四季推出。同樣地，我們仍在規劃中。我想你會看到一些2合1、3合1的整併與重新配置。但沒錯，我們確實把這視為一個潛在機會，可在今年下半年並延伸到2027年來降低一些成本。

Okay. Great. And then on the buyback, can you just talk about just your philosophy or how you're thinking about how active you'll be in this new buyback authorization relative to loan growth is accelerating. So just kind of thinking about how we balance the two? And would you -- even at this level of higher growth, do you still think you can exercise this entire authorization? Thanks.

好的。很好。另外關於庫藏股回購，你能談談你們的理念，或你們如何看待在這次新的回購授權下會有多積極、以及相對於貸款成長正在加速時的考量嗎？也就是我們如何在兩者之間取得平衡？以及即便在這種較高成長的水準下，你們仍認為可以把這整個授權額度都執行完嗎？謝謝。

Yeah. Great question, Catherine. I'll take that one. I would say, given our loan growth that we are modeling here over the next couple of quarters, we really don't see a whole lot of buyback over the next couple of quarters. I mean think about we're kind of going to plan to deploy that excess capital into that loan growth, effectively compounding our returns. And based on that, we kind of modeled a CET1 ratio of about 10.7% to be fairly consistent over the next couple of quarters, and that's absent buyback.

是的。好問題，Catherine。我來回答。我會說，基於我們對未來幾季所建模的貸款成長，我們其實不認為未來幾季會有太多回購。你可以這樣想：我們計畫把多餘資本投入到貸款成長上，等於是在複利化我們的報酬。基於此，我們建模的CET1比率大約在10.7%，未來幾季會相對一致，而這是不含回購的情境。

So that puts us right in kind of the midpoint of kind of the range that we've talked about on capital -- CET1 range from 10.5% to 11%. Now that being said, certainly, to the extent that we don't see the loan growth that we're anticipating, that could open up the window sooner than later to buy back. And certainly, we'll definitely be opportunistic -- or have an opportunistic kind of buy if we see a downturn in the market.

這讓我們大致落在我們談過的資本區間中點附近——CET1區間為10.5%到11%。話雖如此，若我們沒有看到預期的貸款成長，那可能會讓回購的窗口比預期更早打開。而且如果市場出現下跌，我們也一定會把握機會、以更具機會主義的方式進行回購。

Of course, we saw that here a little bit this quarter and took advantage of that by purchasing -- repurchasing about 300,000 shares at just $33.55 on a weighted average basis compared to -- we've now eclipsed $40 per share. So feel good about that. But generally speaking, at least in the next couple of quarters, I think buyback will be pretty muted just because we've got such opportunity to grow loans and the returns there are just better.

當然，我們本季就稍微看到這種情況並加以利用，以加權平均每股33.55美元回購了約30萬股——相較之下，我們現在已經突破每股40美元。所以對此感覺不錯。但整體而言，至少在接下來幾季，我認為回購會相當克制，因為我們有很大的貸款成長機會，而那邊的報酬更好。

Is there a growth rate at which you think is you target like if you're below a certain level, that's when you would push into the buyback?

是否有一個成長率門檻是你們會鎖定的，例如低於某個水準時，你們就會更積極推進回購？

Yeah. I think it comes down to -- like I said, we're kind of managing the buyback relative to that CET1 ratio. So to the -- like I said -- but we're accreting capital very quickly. But we plan to deploy that capital back into the loan growth. So to the extent that we don't see the loan growth, maintaining that 10.7% say, CET1, and we start to see that tick upward to 10.8%, 10.9%, 11% and 11.1%. That's when we really start pulling the trigger, I think, on buyback. And it's also in again, kind of dependent on stock price as well. We have certain hurdle rates that we want to achieve there as well.

是的。我認為這取決於——如我所說，我們是相對於CET1比率來管理回購。所以就像我說的——我們資本累積得非常快。但我們計畫把這些資本再投入到貸款成長。因此，如果我們沒有看到貸款成長，在維持例如10.7%的CET1之下，若我們開始看到它上升到10.8%、10.9%、11%甚至11.1%，我認為那就是我們真正開始扣下回購扳機的時點。而且這也同樣取決於股價。我們也有一些希望達成的門檻報酬率。

One other thing, while we're on the subject of capital, I just kind of mentioned we're talking the incredible accretion of capital that we're enjoying right now. We are kind of modeling that tangible book value per share to continue to improve about $0.70 to $0.80 per quarter off of that roughly $23 a share today. So we saw a $0.50 pickup this quarter. And of course, some of that was impacted by the buyback. But we're modeling that $0.70 to $0.80 per quarter.

另外一點，既然談到資本，我想再提一下我們目前享有的驚人資本累積速度。我們的模型預估，每股有形帳面價值將持續改善，每季約增加0.70到0.80美元，基於目前大約每股23美元的水準。本季我們增加了0.50美元。當然，其中一部分也受到回購影響。但我們模型預估是每季0.70到0.80美元。

That's about a 12% return on TBV. And if you think about like the current multiple that we trade at today, 1.8 times, 10 TBV and we're growing, say, $0.70 per quarter. That's about $1.25. And I'll say, theoretical stock price appreciation per quarter. Again, theoretical -- theoretically, you can get -- that's about $5 in stock price appreciation over the course of the year. So we do feel really good about the capital accretion that we have projected and modeled and feel great about how that can translate into stock price as well.

這大約相當於對TBV的12%報酬。如果你再想想我們目前的交易倍數，大約1.8倍TBV，而我們假設每季成長0.70美元，那大約是每季1.25美元的——我會說——理論上的股價上漲空間。再次強調是理論上——理論上你一年下來大約可以有5美元的股價上漲。所以我們對於所預測與建模的資本累積非常有信心，也很看好這如何轉化為股價表現。

Very helpful. Thank you.

非常有幫助。謝謝。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thank you. Good morning, Jeff. Good morning, Dan. Maybe most of my questions have been asked and answered at this point. But obviously, the Florida build-out is a big part of the story for you guys right now. Curious, you mentioned the Naples LPO and then the coming Fort Lauderdale and Palm Beach businesses. So are you close to filling out that footprint in terms of South Florida, where you want to be, if not, where do you think you want to go? And how -- you talked about $2 billion. Like is that kind of current footprint that you've talked about? Or does that contemplate additional expansion?

謝謝。早安，Jeff。早安，Dan。也許到目前為止，我的大多數問題都已經被問過並回答了。但顯然，佛羅里達的佈局擴建是你們目前故事中的重要部分。我想了解的是，你提到那不勒斯（Naples）的LPO，以及即將到來的勞德代爾堡（Fort Lauderdale）和棕櫚灘（Palm Beach）業務。所以就南佛羅里達而言，你們是否已接近把你們想要的據點版圖補齊？如果還沒有，你們覺得接下來想去哪裡？另外，你談到20億美元。這是你們所說的目前版圖規模嗎？還是這個數字也包含進一步擴張？

Yeah. Hey, Danny. Yes, we feel like right now, we've kind of built out what we need. And the $2 billion would be the current footprint. Would we potentially look at some city north next year at some point? Yes. But right now, we've kind of got South Florida built out for the most part. It doesn't mean we wouldn't hire one or two here or there. And we do believe that could be a $2 billion bank in the next couple of years, for sure.

是的。嗨，Danny。是的，我們覺得就目前而言，我們已經把需要的部分大致建置完成了。而20億美元會是目前版圖的規模。明年某個時點我們是否可能會考慮往北邊某個城市？會的。但就現在來看，南佛羅里達大致上已經佈局完成。這不代表我們不會在這裡或那裡再多招一兩個人。而且我們確實相信，在接下來幾年內，這肯定可以成為一家20億美元規模的銀行。

As I mentioned, they basically -- they're up to $200 million in loans already, and they haven't even been here, but 90 days fully functioning. So the opportunities are just amazing. They represent, I believe, 10% of our current pipeline with a lot of other stuff behind it. But I think eventually, we would continue to expand north maybe in 2027 with looking at a Tampa, Orlando, Sarasota, Jacksonville, we don't have anything really picked out at this point. So we want to see this investment build up the assets, which we know they will. And then in the future, we may look to expand that further.

如我提到的，他們基本上——貸款已經做到2億美元了，而且他們全面運作也才90天。所以機會真的非常驚人。我相信他們約占我們目前整體案源（pipeline）的10%，而且後面還有很多其他案子。但我想最終我們可能會在2027年左右繼續往北擴張，可能會看坦帕（Tampa）、奧蘭多（Orlando）、薩拉索塔（Sarasota）、傑克遜維爾（Jacksonville），目前我們還沒有真正選定任何地方。所以我們想先看到這項投資把資產做起來，而我們知道他們會做到。然後未來我們可能會再進一步擴張。

Okay. Understanding that wouldn't be in any kind of commentary around expenses right now. But the $153 million that you talked about, Dan, for the back half of the year that I'm sure incorporates the recent hirings, does that incorporate kind of the -- any of the kind of initial cost on the Fort Lauderdale and Palm Beach hirings? And if not, like how should we think about maybe the '27 anticipated path of expense growth?

好的。我理解這目前不會反映在任何費用方面的評論裡。但你提到下半年1.53億美元的費用，Dan，我確定這包含了最近的招募，那這是否也包含勞德代爾堡和棕櫚灘招募的任何初期成本？如果沒有，那我們應該如何看待你們在2027年預期的費用成長路徑？

Yeah, Daniel, I would tell you that the $153 million for third quarter does contemplate the South Florida expansion for sure. And part of that increase, I mean I think as I said in my prepared comments, kind of you've got three factors that are driving that expense growth from $148 million up to $153 million from second quarter to third quarter.

是的，Daniel，我可以告訴你，第三季的1.53億美元確實把南佛羅里達的擴張納入考量。而這部分的增加，我想如我在事先準備的發言中提到的，從第二季的1.48億美元到第三季的1.53億美元，主要有三個因素在推動費用成長。

That's midyear merit increases, which are worth about $1.5 million and then you've got a full quarter's worth, I would say, of like kind of salaries and wages related to the expansion efforts in the South and then a pretty sizable increase in marketing expense anticipating about $5 million in both -- in each of the third quarter and the fourth quarter in marketing. So that would be up almost $3 million over the second quarter compared to third quarter.

第一是年中績效調薪，大約150萬美元；第二是與南部擴張相關的薪資與工資，我會說第三季會反映完整一季；第三是行銷費用顯著增加，我們預期第三季與第四季各約500萬美元的行銷支出。因此，相較第二季，第三季大約會增加將近300萬美元。

So yeah, certainly, that's all baked in. I think probably with the story that's undersold somewhat is just the fact that we've been -- how we've been able to manage our expenses throughout the year. We're effectively investing the run rate today in our expansion efforts is about $3 million. We're anticipating that to be around $4 million per quarter kind of beginning or going forward through the third quarter and beyond.

所以是的，這些都已經納入。我想可能有一個故事被低估了，就是我們今年以來一直——我們是如何管理費用的。我們目前在擴張上的投資，以現行年化水準（run rate）來看大約是每季300萬美元。我們預期從第三季開始、以及之後往前看，每季大約會在400萬美元左右。

And you really don't see that much in the expense growth rate. So a lot of that comes from the optimization efforts that we've performed with branches and et cetera. And so we're really proud of our ability to be able to kind of significantly enhance our revenue growth opportunity while managing our expenses at a reasonable growth rate.

而你其實在費用成長率上看不太出來這麼多。這很大一部分來自我們在分行等方面所做的優化工作。因此，我們對於能在以合理的費用成長率控管支出的同時，顯著提升營收成長機會，感到非常自豪。

The only thing I would add for fourth quarter, we do expect that to be pretty flat to third quarter but there could be some, I would say, minor tech spend that would be placed into service. Typically, that some of the tech and equipment gets placed into service in the back half of the year, kind of midway through third quarter. So there could be a little bit of a little bit of additional expense there. Certainly, we've got some branch openings that would be kind of taken place and then maybe some residual revenue-producing hires. But generally speaking, pretty flat to third quarter.

第四季我唯一要補充的是，我們預期大致會與第三季持平，但可能會有一些我會說是小幅的科技支出開始投入使用。通常部分科技與設備會在下半年、約第三季中段開始投入使用。所以那裡可能會有一點點額外費用。當然，我們也會有一些分行開幕，以及可能還有一些剩餘的、能帶來營收的招募。但整體而言，大致與第三季持平。

Understood. Thanks for all the color, Dan. Appreciate it.

了解。謝謝你提供這麼多細節，Dan。感謝。

(Operator Instructions)

（接線員指示）

Karl Shepard, RBC Capital Markets.

Karl Shepard，RBC Capital Markets。

Hey, good morning, guys. A few quick follow-ups, I guess. I think last quarter, you teased the Nashville LPO. Any update on that?

嗨，大家早安。我想再追問幾個簡短問題。我記得上季你們提到納什維爾（Nashville）的LPO。那邊有什麼最新進展嗎？

Yeah. Sure, Karl. We have hired some people in Nashville toward the middle of last quarter. And those people, by the way, are all in the run rate of the 1.53, just to be clear. And yeah, they're just getting started, and we've got a -- we've been in Nashville for a while, but we have now a stronger presence there with the group of people we've hired and feel like they're just getting started. They've got -- they're building their pipeline, which I believe is about $150 million at this point. So we should see some good strong contributions from Nashville in third quarter and fourth quarter.

有的。當然，Karl。我們在上季中段在納什維爾招募了一些人。順帶一提，為了說清楚，這些人都已包含在1.53的現行年化水準（run rate）裡。是的，他們才剛起步；我們在納什維爾其實已經有一段時間了，但現在透過這批招募的人，我們在那裡的能見度更強，也覺得他們才正要開始發力。他們正在建立案源，我相信目前大約是1.5億美元。所以我們應該會在第三季和第四季看到納什維爾帶來不錯且強勁的貢獻。

Okay. And then I guess, Jeff, I think you guys have a lot going on and a lot of opportunity ahead of you from the new offices in Florida. Has the bar to pursue a new LPO or hire people into the franchise gone up a little bit? Are you happy with what you have today? Or do you think you want to be more aggressive in the next couple of quarters as there's some dislocation across some of the markets?

好的。然後我想問，Jeff，我覺得你們現在有很多事情在推進，而且佛羅里達新辦公室也帶來很多機會。那麼，你們去推動新的LPO或在體系內招募人員的門檻，是否提高了一些？你們對目前的配置感到滿意嗎？還是你們認為在接下來幾季，因為部分市場出現錯位，你們會想更積極一些？

Yeah. I think we've done a lot of expansion, a lot of LPOs. And yes, the bar has definitely gone up tremendously. From what we're seeing in these new LPOs, the opportunities are very abundant. So -- once again, I don't really see us doing any more expansion. I think we want to make sure that these investments pay off, and they are, and they're driving really strong loan growth, fee growth and deposits. And so for us, I don't really see any more expansions in the back half of this year.

是的。我想我們已經做了很多擴張，也設立了很多LPO。而且是的，門檻確實大幅提高了。從我們在這些新LPO看到的情況來看，機會非常充沛。所以——再說一次，我不太認為我們還會再做更多擴張。我想我們要確保這些投資能夠回收，而它們確實正在回收，並且帶動非常強勁的貸款成長、手續費成長與存款。因此對我們而言，我不太看到今年下半年還會有更多擴張。

Once again, at some point next year, we'd probably look at some other part of Florida. But yes, it's got to be very, very meaningful driving a very strong return, which, once again, these new ones are going to do that. So yes, I would agree with your conclusion that the bar has been raised. We're always out talking to people, but I feel like we're in great markets at this point.

再一次，在明年某個時點，我們可能會看看佛羅里達州的其他地區。但沒錯，它必須非常、非常有意義，能帶來非常強勁的報酬；而且再說一次，這些新的案子將會做到這一點。所以是的，我同意你的結論：門檻已經提高了。我們一直都在外面與人交流，但我覺得就目前而言，我們所在的市場都非常好。

Okay. And then one last one for me. I think in the script, you mentioned an upward swing in payoffs late in the quarter. Just anything to call out from that? Or is that just strictly timing? And does it really change your thinking on any of the payoffs you bring?

好的。然後我最後一個問題。我想在講稿裡，你提到本季後段提前清償有上升的趨勢。這裡面有什麼特別需要指出的嗎？還是純粹只是時間點的因素？這是否真的會改變你對任何提前清償的看法？

No, it doesn't change any of my thinking at all. We're continuing to see the payoffs. We do believe -- I feel like -- I said this last quarter, we do believe third quarter will be slightly less than second quarter, maybe a third less than second quarter. But once again, with our pipelines being at all-time high is $2.3 billion and 30% of that is from LPOs. We feel like we will grow through any sort of potential payoffs.

不，這完全不會改變我的任何看法。我們仍持續看到提前清償。我們確實相信——我覺得——我上季也說過，我們相信第三季會略低於第二季，可能比第二季少三分之一左右。但再說一次，我們的管線處於歷史新高，達23億美元，其中30%來自LPO。我們覺得即便出現任何潛在的提前清償，我們也能維持成長。

But, yeah, it's been the same story. It's CRE refinances, restructurings. Some of them have been CNC credits we've been able to get off. So I think it continues in the third quarter. Hopefully, it's a little bit less. As we move toward the fourth quarter, we think it should be less than that, but we'll have to wait and see. But I can tell you that our pipelines remain at all-time highs with all the actions we've taken. So I would expect very strong loan growth in the third and fourth quarter.

不過，是的，情況一直都一樣。主要是商用不動產（CRE）再融資、重整。其中一些是我們得以出清的CNC授信。所以我認為第三季仍會持續。希望會少一點。隨著我們邁向第四季，我們認為應該會比那更少，但還得再觀察。但我可以告訴你，隨著我們採取的所有行動，我們的管線仍維持在歷史新高。因此我預期第三季與第四季的放款成長會非常強勁。

Great. I appreciate all the help.

很好。感謝你們的協助。

Manuel Navas, Piper Sandler.

Manuel Navas，Piper Sandler。

Hey, good morning. So with the bar being raised on new LPOs, it seems like a lot of pipeline for future growth in Florida. Where does the capital deployment in M&A stand across your kind of options?

嗨，早安。所以，隨著新LPO的門檻提高，看起來佛羅里達未來成長的管線很大。在你們各種選項之中，資本在併購（M&A）上的部署目前處於什麼位置？

Yeah. Good morning, Manuel. We are not really looking at M&A at all at this point. For us, we're seeing great returns. As Dan mentioned on the tangible book value build back, also the organic growth that we're going to be seeing over the next couple of years. M&A is really at the very bottom. Once again, we're not pursuing any M&A really focused on the heavy organic growth, and you're going to see that over the next several quarters. That feels like the best use of our capital at this point.

是的。早安，Manuel。我們目前其實完全沒有在看併購。對我們而言，我們看到很好的報酬。如Dan提到的有形帳面價值的回補，以及未來幾年我們將看到的內生成長。併購真的排在最末位。再說一次，我們並未追求任何併購，而是專注於強勁的內生成長，你會在接下來幾個季度看到。就目前而言，這感覺是我們資本的最佳用途。

I appreciate that. Is there any differentiation across the regions on the CRE payoffs? Is there any place that kind of is driving more of it? Or is it pretty spread out?

了解，謝謝。在商用不動產（CRE）提前清償方面，各地區之間有任何差異嗎？有沒有哪個地方在推動更多的提前清償？還是相當分散？

It's pretty well diverse. It's pretty spread out throughout our entire footprint. Once again, it's a lot of permanent -- a lot of going to perm financing, a lot of sales of property. And so as you know, we put on a lot of CRE. I think at one point, we had a very high CRE concentration that's come down significantly. And so it's really pretty widespread. There's not one specific area that we're seeing CRE payoffs in.

相當多元。在我們整個營運版圖中分布得很廣。再說一次，很多是轉為永久性——很多是轉去做永久融資，還有很多是出售不動產。所以如你所知，我們承作了很多CRE。我想在某個時點，我們的CRE集中度曾經很高，但已經大幅下降。因此確實相當廣泛。我們沒有看到某個特定區域出現CRE提前清償特別集中的情況。

And I appreciate the discussion of deposit costs are probably hitting a floor. What's kind of the marginal funding for growth across borrowings and maybe new deposits?

也謝謝你們提到存款成本可能已經觸底。在借款以及可能新增存款之間，用於成長的邊際資金成本大概是多少？

Yeah. Today, we would say right around 3%, I would say. And that would be assuming higher tier money markets, interest-bearing coming on around $3.5 billion, $3.75 million, mixed in with about 20%, 25% of NIB.

是的。以今天來看，我們會說大約在3%左右。而這是假設較高級別的貨幣市場存款、計息資金進來的成本大約在3.5%到3.75%左右，並且其中混合約20%到25%的NIB。

I appreciate it. Thank you, guys.

了解。謝謝各位。

And with that, ladies and gentlemen, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Jeff Jackson for closing comments.

那麼，各位女士先生，今天的問答環節就到此結束。我想把時間交回給Jeff Jackson做結語。

Thank you. To wrap up, our year-to-date financial results demonstrate the success of our relationship-focused banking model and disciplined growth strategy. And with solid funding position and strong momentum across our markets, particularly in our expansion markets, Northern Virginia, Tennessee, Florida, we are well positioned for continued growth. Thank you for joining us today. We appreciate your continued interest in WesBanco and look forward to speaking with you at one of our upcoming investor events. Have a great day.

謝謝。總結來說，我們今年迄今的財務成果展現了我們以關係為核心的銀行模式與嚴謹成長策略的成功。在穩健的資金部位以及各市場的強勁動能之下，特別是在我們的擴張市場——北維吉尼亞、田納西、佛羅里達——我們已做好準備，得以持續成長。感謝各位今天參與。感謝各位持續關注WesBanco，我們也期待在即將到來的投資人活動中與各位交流。祝各位有美好的一天。

And with that, ladies and gentlemen, we'll be concluding today's presentation. We do thank you for joining. You may now disconnect your lines.

那麼，各位女士先生，今天的簡報就到此結束。非常感謝各位參與。各位現在可以掛線離開。