WesBanco Inc (WSBCO) 2025 Q3 法說會逐字稿

Good day and welcome to West Banko Inc.s 3rd quarter 2025 earnings conference call.

各位朋友，大家好，歡迎參加 West Banko Inc. 2025 年第三季財報電話會議。

All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

所有參與者將處於唯讀模式。如果您需要協助，請按星號鍵，然後按 0，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press then 1 on a touchtone phone. To withdraw your question, please press 2.

今天的報告結束後，將有機會提問。若要提問，您可以按按鍵式電話上的 1。若要撤回您的問題，請按 2。

Please note that this event is being recorded.

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. Welcome to West Banko Inc.s 3rd quarter 2025 earnings conference call.

謝謝。午安.歡迎參加 West Banko Inc. 2025 年第三季財報電話會議。

Leading the call today are Jeff Jackson, President and Chief Executive Officer, and Dan Weiss, senior executive Vice President and Chief Financial Officer.

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.

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。

Auctionary 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.

有關此資訊的拍賣聲明以及非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向美國證券交易委員會提交的其他文件和投資者資料中。

These materials are available on the investor relations section of our website, Westbankco.com.

這些資料可在我們網站 Westbankco.com 的投資者關係版塊查閱。

All statements speak only as of October 23, 2025.

所有聲明僅代表截至 2025 年 10 月 23 日的情況。

The West Bank order takes no obligation to update them.

西岸秩序沒有義務更新這些規定。

I would not like to take the call over to Jeff. Jeff?

我不想把電話轉給傑夫。傑夫？

Thanks, John, and good afternoon.

謝謝你，約翰，下午好。

On today's call, we will provide an overview on operational efforts and 3rd quarter results, as well as provide an update on our outlook for 2025.

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 353.

今天電話會議的主要結論是：不計入與合併相關的費用，每股收益為 0.94 美元，主要得益於存款成長帶來的貸款成長。淨利差為353。

And year over year the income growth of 52%.

營收年增 52%。

Continued success in our newest markets as demonstrated by growing pipelines and strong customer satisfaction.

我們在最新市場持續取得成功，業務通路不斷拓展，客戶滿意度也很高。

Commitment to operational excellence in support of profitable long-term growth and enhancing shareholder value.

致力於卓越運營，以支持獲利的長期成長並提升股東價值。

Our 3rd quarter results demonstrate the successful integration of Premiere and continued operational discipline.

第三季業績表明，我們已成功整合 Premiere，並持續維持營運紀律。

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.

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。

Combined with our focus on cost control.

結合我們對成本控制的重視。

These efforts drove positive operating leverage.

這些措施帶來了正向的經營槓桿效應。

And an improved efficiency ratio in the mid 50s.

50年代中期效率比率有所提升。

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.

截至 2025 年 9 月 30 日的季度，我們報告淨收入，不包括 9000 萬美元的合併和重組費用以及稀釋後的每股收益 0.94 美元。

An increase of 68% year over year.

較去年同期成長68%。

On a similar basis, our third quarter returns on average assets and tangible equity improved to 1.3% and 17.5% respectively.

類似地，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至 1.3% 和 17.5%。

Our efficiency ratio improved 10% 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.

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%。

Our strong growth in fee revenue was driven by organic growth across our businesses, especially wealth management and our larger post-acquisition customer base.

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.

談到營運方面的問題，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。

While a temporary dip is typical during conversions and integrations.

在轉換和整合期間出現暫時性下滑是正常的。

Our team anticipated the challenge and proactively put plans in place to support service and quality and customer trust.

我們的團隊預見了挑戰，並積極主動地制定了計劃，以支持服務和品質以及客戶信任。

Today, satisfaction scores in those markets are back to pre-conversion levels.

如今，這些市場的滿意度評分已恢復到轉換前的水準。

And our overall customer satisfaction across all markets is in the upper 80 percentile level, well above the industry average.

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。

This reflects the strength of our integration strategy.

這體現了我們整合策略的優勢。

And the dedication and skill of our teams.

還有我們團隊的奉獻和技能。

That same operational discipline is reflected in our deposit performance.

這種嚴謹的營運方式也反映在我們的存款業績上。

Our annual deposit campaign launched in 3rd quarter, is once again delivering strong results.

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。

Total deposits grew organically across our footprints by more than $570 million year over year and $130 million sequentially, fully funding our organic loan growth.

我們業務覆蓋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.

重要的是，這種成長勢頭是由核心存款類別推動的，而不是由成本較高的定期存款推動的，我們已經有策略地允許成本較高的定期存款下降。

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.

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.

受此不利因素影響，第三季有機貸款年增 4.8%，較上季年化成長率為 2.2%。

Encouragingly, total commercial loan growth continues to be solid as our teams take advantage of our record pipeline.

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。

As of both September 30th and mid October, Our commercial loan pipeline stood at approximately $1.5 billion.

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。

With more than 40% tied to new markets and loan production offices.

其中超過 40% 與新市場和貸款業務辦事處有關。

Notably, our new Knoxville LPO is already contributing meaningfully, accounting for 5% of the total pipeline.

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%。

Given the current loan pipeline and CRE payoff headwind.

鑑於目前的貸款管道和商業房地產收益方面的不利因素。

We continue to expect mid single-digit year over year loan growth during 2025.

我們繼續預期2025年貸款年增率將維持在中等個位數水準。

This strong pipeline continues to translate into meaningful winds, including in our newest markets.

這條強勁的管道持續轉化為可觀的收益，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.

在我們最重要的市場之一，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。

Thanks to strategic collaboration across commercial banking, treasury management, and retail, Our team delivered a tailored package of solutions ahead of schedule.

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, 7 figure deposits, and additional treasury and swap products.

最終促成了一筆八位數的貸款、七位數的存款，以及其他國債和互換產品。

This is a terrific example of how we collaborate to deepen banking relationships and deliver exceptional customer experiences.

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。

Our mission is to deliver financial solutions that empower our customers for success while maintaining operational efficiency.

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.

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。

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.

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.

繼我們查塔努加貸款業務辦事處表現出色之後，該辦事處在短短兩年內貸款額已增長至超過 2 億美元。

We received regulatory approval to open our full first service.

我們已獲得監管機構批准，可以全面開展首項服務。

Financial Center in Tennessee.

田納西州的金融中心。

This new location will simplify deposit gathering and deepen client relationships.

新址將簡化存款收取流程，並加深客戶關係。

We are also opening a new center in Alliance, Ohio, where we see strong growth potential.

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。

Both centers are expected to open in the 1st quarter of next year.

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.

同時，我們正在精簡業務佈局，以確保效率和反應速度。

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.

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，我們決定關閉我們在傳統市場的 27 個金融中心。

None of which are related to the premier acquisition.

這些都與此重大收購無關。

More than more than 75% of these closures are within 10 miles of another location.

超過 75% 的封閉路段距離其他路段不到 10 英里。

And deposit attrition is expected to be minimal.

預計存款流失量將降至最低。

These closures bring our total since 2020 to 80 close financial centers and are expected to generate approximately $6 million in net pre-tex annual savings.

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 West Banko for sustainable growth and exceptional service across all markets.

透過專注於合適的地點、設施和客戶體驗，我們正在為 West Banko 在所有市場實現永續成長和卓越服務奠定基礎。

I would now like to turn the call over to Dan Weiss, our CFO, for details on our 3rd quarter financial results and our current outlook for the 4th quarter of 2025. Dan.

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. For the quarter ending September 30th, 2025, we've 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.

好的，謝謝你，傑夫，下午好。截至 2025 年 9 月 30 日的季度，我們公佈的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。如果排除重組和併購相關費用，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% 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 30th 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收購優質資產負債表和自身成長所帶來的雙重效益。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 by year due to the acquired PFC loans of $5.9 billion and organic growth of $594 million driven by the commercial teams.

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%。

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.

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.

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。

And in fact, we've achieved record commercial gross loan production through the 1st 9 months of the year.

事實上，今年前 9 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.

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。

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 or broker deposits and less reliance on public funds acquired from PFC.

按季度環比計算，由於消費者和企業團隊的努力，存款總額增加了 1.3 億美元，這足以抵消有意減少的 5000 萬美元高成本或經紀存款以及對從 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.

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。

As expected, criticized and classified loans decreased during the third quarter to 3.2% through a combination of credit upgrades and loan payoffs.

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 30th was 1.15% of total loans, or $217.7 million.

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。

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.

2025 年 6 月 30 日起減少 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，該因素旨在捕捉較高的利率風險。

Which ultimately more than offset increases associated with slightly higher unemployment assumptions and loan growth.

最終，這足以抵消失業率預期略高和貸款成長所帶來的增加。

The third quarter net interest margin of 3.53% improved 58 basis points on a year every 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的提高以及融資成本的降低。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 of 2025 decreased 29 basis points from the prior year period and when including non-interest-bearing deposits, deposit funding costs for the 3rd quarter were 192 basis points.

2025 年第三季存款融資成本為 256 個基點，較上年同期下降 29 個基點；如果將不計息存款也計算在內，則第三季存款融資成本為 192 個基點。

In the third quarter of 2025, non-interest income of $44.9 million increased 51.5% year over year due primarily to the acquisition of Premier.

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 by year to $3.2 million in the third quarter, reflecting both the interest rate environment and traction within our newest markets.

本季度，我們綜合各項主要費用收入再次創下歷史新高，其中包括受託人費用、存款服務費和電子銀行手續費。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。

Non-interest 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 and tangible 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、收購帶來的更高核心存款和有形資產攤銷，以及由於資產規模擴大而增加的 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 we're consistent with the second quarter as staffing reductions offset the full quarter impact of annual merit increases.

由於人員配備水準提高和醫療保險成本增加，工資和薪金支出 6060 萬美元，員工福利支出 1800 萬美元，均同比增長，但與第二季度相比，由於人員減少抵消了年度績效工資增長對整個季度的影響，因此我們保持了一致。

Healthcare during the 3rd quarter continued to be somewhat elevated by about a million dollars 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一百萬美元，原因是少數高額索賠者的索賠額高於正常水平，這與歷史索賠經驗以及醫療保健成本的普遍增長有關。

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 1,140 萬美元的重組和合併相關費用，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，以及剩餘的 400 萬美元與主要合併相關的費用。

We anticipate incurring additional personnel-related restructuring charges here from the closures during the 4th quarter, while nearly all of the merger related expenses from PFC have been recognized.

我們預計，由於第四季度關閉部分公司，將產生額外的與人員相關的重組費用，而 PFC 的合併相關費用幾乎全部已確認。

Our regulatory capital ratios have remained above the applicable well capitalized standards. On September 10th, 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 15th 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.

我們的監理資本適足率一直高於適用的良好資本標準。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 the new Series B preferred stock, which is considered tier one 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 some debt, we anticipate our 4th 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 3rd 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 系列優先股和部分債務時，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 4th 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.

展望第四季度，需要說明的是，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。

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 near term.

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 350s, reflecting continued improvement in funding costs, fixed asset repricing, and loan growth.

我們預期第四季淨利差將反彈至 350% 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。

And while trust, fees and securities brokerage revenue are subject to equity and fixed income market valuations, we anticipate non-interest income and non-interest expense to remain relatively consistent with our third quarter trends.

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，但我們預期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 the previous.

我們預計，原計劃關閉的27個金融中心將於1月下旬與先前的關閉計畫同時進行。

Tax annual savings of approximately $6 million to begin thereafter.

此後每年可節省約 600 萬美元的稅金。

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. 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.

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。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。

So we are excited to see positive momentum from the continuing marginal 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. So with that operator, we are now ready to take questions. Would you please review the instructions?

因此，我們很高興看到持續的小幅改善、我們的金融中心優化策略以及我們在新市場的持續成長所帶來的積極勢頭，以及未來有機成長和擴張的機會。有了這位操作員，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 instruction)

（操作員說明）

Carl Shepherd with RBC Capital Markets.

卡爾·謝潑德，加拿大皇家銀行資本市場公司。

Hey, good afternoon, everybody.

嘿，大家下午好。

Hey Carl, 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 long growth, but CRE paydowns is still kind of a bit of a headwind just help us understand maybe what you're seeing for production a little bit more and then what's the path for pay downs? Maybe I hate to use the word normalizing, but coming back down a little bit and driving a little stronger overall growth.

傑夫，那我就先從你開始吧。我認為您似乎對長期成長的生產和管道建設非常滿意，但商業房地產還款仍然是一個不利因素，請您幫助我們更好地了解您對生產的看法，以及還款的路徑是什麼？我可能不太喜歡用「正常化」這個詞，但實際上，成長速度會稍微放緩一些，推動整體成長更加強勁。

Yeah, sure, 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. 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 4th quarter. We should hit the mid single-digit loan growth target that we've set out for the, for this year. As far as paydowns, some of it looks at in the 3rd quarter were things we wanted to pay down. If you didn't notice our CNC came down 50 basis points. A lot of that was paydowns that we had requested, so I feel very good about that. I think when we look into the 4th quarter, we could see another couple $100 million in paydowns in the 4th 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. This year we should be, we might be touching $800 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.

是的，當然，我對製作非常滿意。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。所以去年第三季我們實現了約17億美元的新生產。今年我們已經完成了 23 億美元，所以差不多，基本上比去年多了 6 億美元。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。至於還款方面，第三季我們考慮償還的一些債務是我們希望償還的。如果你沒注意到的話，我們的CNC下降了50個基點。其中很多都是我們要求的還款，所以我對此感到非常滿意。我認為，當我們展望第四季時，可能會看到另外幾億美元的還款，但從正常時期來看，我認為按年計算，全年還款額將在 4 億至 6 億美元，也就是 7 億美元之間。今年我們應該能夠達到，年化收入可能達到 8 億至 9 億美元。第四季的情況我們無法確切預測，但我認為我們的產品線非常強勁。我們對此感覺非常好。

Midd 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.

今年剩餘時間和明年，我們預期貸款成長率仍將維持在個位數中段至高段。

Okay, that's very helpful. And then Dan, one for you on the 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。丹，關於邊際效益，我想問你一個問題。我認為本季的數據與您的預期基本一致，但我只是想確認一下，你是否仍然認為核心經濟每季會擴張 3 到 5 個基點？ 2026 年是否有任何因素可能會擾亂這一趨勢，我們應該考慮一下？謝謝。

Yeah, Carl, I do feel very good about that 3 to 5 basis points of, continued, urgent 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, marginal improvement, and of course, for our purposes today, we're, modeling a 25 basis point cut here, next week.

是的，卡爾，我對這 3 到 5 個基點的持續、迫切的改進感到非常滿意。所以，關於2026年，我們這裡不會提供太多指導，但是。除了我上個季度提供的資訊之外，令人欣慰的是，未來幾季有望繼續取得小幅改善，當然，就我們今天的目的而言，我們預計下週將降息 25 個基點。

As well as one cut in each for the next 3 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 mor expansion, but.

接下來的三個季度，每個季度還要削減一次，所以目前的情況就是這樣。有一點需要指出，這一點已經包含在 3 到 5 個基點的摩爾膨脹中，但是…

You'll notice that our federal home loan bank borrowings are down $475 million versus the second quarter, which is great.

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。

I would point out that the $230 million in capital that we raised, $150 million of that of that $230 will be used to pay off the Series A preferred, and so that effectively will be, borrowing back from the Federal Home Loan Bank that $150 million and then of course at the very end of the year. We'll have the $50 million of sub debt, from Premier that we will be, paying off and, absent, normalized deposit growth, we would anticipate to see, that federal Home loan bank, borrowing balance be up probably a couple $100 million.

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，因此實際上就是從聯邦住房貸款銀行借回這 1.5 億美元，當然，這筆錢將在年底前到達。我們將償還來自 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.

很有幫助。

Thank you both.

謝謝你們兩位。

Katherine Mueller with KBW.

凱瑟琳·穆勒 (Katherine Mueller) 與 KBW 合作。

Hey, good afternoon, Katherine.

嗨，下午好，凱瑟琳。

Hey, Katherine.

嗨，凱瑟琳。

I just wanted to ask on expenses. It's nice to see the announcement for the branch closures.

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。

I know you're not giving 26 guidance yet, but is there, how 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 or what organic loan growth could look like trying to at least frame up.

我知道您還沒有給出 26 號指導意見，但是，您能否幫助我們至少大致確定一下，您認為關閉分支機構的影響如何抵消新員工的招聘，以及自然貸款增長可能會是什麼樣子，至少嘗試構建一個框架。

Because the expense trajectory and potentially more operating leverage and profitability improvement as we get into 26. Thanks.

因為隨著我們進入 26 年，費用軌跡以及潛在的更多經營槓桿和獲利能力改善。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 and 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. 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.

是的，關於貸款成長，我先來談談，然後讓丹來談談支出基礎。我們對中高個位數的利率和貸款成長感到非常樂觀，這顯然很大程度上是由我們正在加速發展的優質市場所推動的。我還要補充一點，我們的新醫療保健業務、垂直業務以及我們的業務流程外包 (LPO) 部門。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，以及印第安納波利斯都做得很好。此外，北維吉尼亞的發展也非常迅速。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 provide some more guidance, at the end of the year, but.

是的，我想再次重申，我們仍在最終確定 2026 年的預算和預測，並將在年底提供更多指導，但是。

I would say certainly, 27 branches, there's going to be a tailwind to expenses, heading into 26 as a result. So I think that provides some opportunity potentially for reinvestment. In, technology people processing technology, but we certainly want to, also make sure that we are, recognizing the, that expense benefit to the bottom line as well. So, I'm pretty excited about where that, Where. We're.

我敢肯定地說，27家分行肯定會帶來開支方面的利好，因此減少到26家分行後，開支肯定會有所下降。所以我認為這為再投資提供了一些潛在機會。在科技領域，人們處理技術，但我們當然也希望確保我們認識到，這種成本優勢也能帶來最終的效益。所以，我對我們現在所處的位置感到非常興奮。

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

就在那裡。另外，簡單補充一下，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，儘管不給出具體目標，但可以合理地假設，隨著我們進入第 26 年，效率比率應該會繼續提高。

Yes.

是的。

That would be our how we model today.

這就是我們今天建模的方式。

Great alright thank you great quarter.

太好了，謝謝，很棒的季度。

Dave Bishop with Hubty.

戴夫·畢肖普和Hubty。

Hey, good afternoon, gentlemen.

嘿，先生們，下午好。

Hey Dave Jeff, I think, hey guys, you noted, the healthcare team, I think you that there's some opportunity to grow that, portfolio pretty materially any way to ring fence how big the opportunities is there from that that new team you hired.

嘿，戴夫·傑夫，我想，嘿，夥計們，你們提到了醫療保健團隊，我認為你們認為有一些機會可以大幅擴展該業務組合，有沒有辦法確定你們新聘請的團隊所帶來的機會有多大？

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 6 months. So if you extrapolate that out, you can kind of look at, next year, potentially they could do anywhere from $300 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 I, that's what I'd kind of pencil in today.

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，並收取了約 200 萬美元的費用。所以，他們在這裡已經待了大約 6 個月了。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。我們非常看好這支團隊，並希望擴大團隊規模。它可能比這更大，但今天我大概會先估算一下。

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

知道了。並注意到平均存款成本較上月上升。這是否完全取決於採購會計的影響，以及你認為你能多大程度上迫使他們接受聯邦減息？謝謝。

Exactly, it has all to do with what we described last quarter, and that being, the temporary nature of the the CDs that we had acquired, 7 month CD specials that were effectively rolling off and don't expect that, to see that repeat that's behind us at.

沒錯，這都和我們上個季度描述的情況有關，那就是我們收購的 CD 的臨時性質，7 個月的 CD 特價活動實際上已經結束了，不要指望這種情況會再次發生。

This point.

這一點。

Russell Gunther with Stevens.

拉塞爾·岡瑟與史蒂文斯。

Hey, good afternoon guys.

嘿，各位下午好。

Good afternoon, Russell. Hey Russell.

下午好，羅素。嘿，羅素。

I appreciate all the color on the capital actions taken this quarter. 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 CEP1, and then just any updated thoughts as to how you're thinking about the potential to reverse the Cecil double Count.

我非常欣賞本季資本運作方面的所有細節。如果您能提醒您打算如何透過 TCE 或 CEP1 來管理未來的資本水平，以及您對如何扭轉 Cecil 雙重計數問題的最新想法，那就太好了。

Yeah, sure.

當然可以。

Great question. I'll take that, so from a CT1 standpoint, I would say, we we're our internal targets are kind of between that 10.5 and 11%.

問得好。我接受這個說法，所以從 CT1 的角度來看，我認為，我們的內部目標大概在 10.5% 到 11% 之間。

And you know we're growing CT1 about 15 to 20 basis points per quarter and that's what we're kind of projecting here, out over the next several quarters. I would tell you and 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, we'll go back. Down about 50 basis points, but if you compare it off of the second quarter, we're still, we'll still be up 70 basis points on total risk-based capital, so excited there as well as it relates to the Cecil double count, at this point.

你知道，我們 CT1 每季成長約 15 至 20 個基點，這也是我們預計未來幾季的成長情況。正如我在準備好的發言稿中提到的，我們確實有一些額外的總風險資本，由於 A 輪和 B 輪的重複融資，A 輪融資是暫時的，我們會回到之前的融資方式。雖然下降了約 50 個基點，但如果與第二季度相比，我們仍然，總風險資本仍然上升了 70 個基點，因此，就目前而言，這與 Cecil 雙重計算有關，我們也對此感到興奮。

We're still evaluating, but, it unlikely, really theAB has to issue the ASU before we can really could really make it at any determination, but I would say the more time that passes, probably the less likely, that we would that we would do something.

我們仍在評估，但不太可能，AB 必須先發布 ASU，我們才能真正做出任何決定，但我想說，時間越久，我們採取行動的可能性就越小。

There.

那裡。

Got it. Okay, excuse me, and then, the last question here would be just.

知道了。好的，不好意思，那麼，最後一個問題就是…

Use of excess capital going forward and any appetite for buyback around current level.

未來如何利用剩餘資本以及在當前水準附近是否有回購意願。

Yeah, so.

是啊，就是這樣。

I would say right now we're still, we continue to be in a capital build mode, and as 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 in the near.

我認為目前我們仍處於資本累積階段，而對羅素來說，股票回購通常是優先順序較低的事項，因此我認為近期內回購的可能性肯定更小。

Term for buyback.

回購期限。

Okay, got it.

好的，明白了。

Thank you if I could, sorry, go ahead, yeah.

謝謝，如果可以的話，不好意思，請便，好的。

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

是的，我正想說，重點是資本重建，然後很顯然，這些資金會用於股利和貸款成長。

Excellent. If I could sink one in in terms of, you gave us some incremental color on the healthcare vertical.

出色的。如果我能補充一點的話，您為我們提供了醫療保健領域的一些補充資訊。

It sounds like a good runway there anything, kind of adjacent or.

聽起來那裡像是一個不錯的跑道，有點像相鄰的地方。

Similar vertical add-ons you would contemplate down the road.

未來您可能會考慮類似的垂直附加元件。

At this point we're just really focused on healthcare and then also the the LPO strategy that's really working incredibly well.

目前，我們主要專注於醫療保健，其次是業務流程外包 (LPO) 策略，目前運作得非常出色。

Would 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.

未來可能會考慮拓展到其他城市和市場。我們討論過不同的垂直領域，但目前沒有什麼真正值得分享的。

Right now.

現在。

Got it.

知道了。

Thank you guys for taking my questions.

謝謝各位回答我的問題。

Thanks, Rossell.

謝謝你，羅塞爾。

Daniel Tamayo with Raymond James.

Daniel Tamayo 與 Raymond James 合作。

Thank you, good afternoon guys.

謝謝大家，下午好。

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

嘿，你怎麼樣？或許先從存款方面來說。顯然，首付和定期存款重新定價產生了影響，貨幣市場和儲蓄存款利率在本季似乎也有所上升。我很好奇，您能否從相對角度為我們描述一下您目前看到的存款競爭情況，是變得更加激烈了，還是與上個季度的情況有些類似？

Yeah, I would say it's, it's.

是的，我會說是，是的。

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.

和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，但我認為，隨著商業房地產總體上獲得回報，這可能會對存款定價起到一定的緩解作用。

Okay, that's helpful. And then maybe for you, Jeff, you just touched on a little bit with your comments on the appetite to continue the LPO strategy and, perhaps in the new markets as well, but just curious if you know 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 LP the LPO strategy, do those two things have to be separate or can you do both?

好的，這很有幫助。然後，傑夫，也許你剛才的評論稍微提到了繼續實施 LPO 戰略的意願，或許也包括新市場，但我只是好奇，當你達到你想要的目標，完成資本積累之後，你有什麼總體想法嗎？併購在有限合夥制（LP）和有限採購（LPO）策略中扮演什麼角色？這兩者必須分開進行，還是可以同時進行？

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.

是的，目前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的全部關注點。

And we feel like we've got a great growth runway just to do this organically.

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, 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.

我無法用語言來形容我對團隊的自豪之情，以及我對LPO（本地採購組織）的興奮之情。更令人驚訝的是，我們招募到了很多優秀的人才，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。因此，我們感覺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，這也是我們目前的工作重點。

All right, terrific. Thanks for taking my questions.

好的，太棒了。謝謝您回答我的問題。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Jeff Jackson, CEO for any closing remarks.

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.

謝謝。我們正持續在財務指標和策略定位方面取得顯著進步，以提升股東價值。

Highlighted by 3rd quarter earnings per share of $0.94.

第三季每股收益為 0.94 美元，表現突出。

Strong customer satisfaction scores, and continued op optimization efforts. We remain focused on driving positive operating leverage through sustainable long-term growth.

客戶滿意度評分高，營運優化工作持續進行。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。

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.

感謝您今天蒞臨本次活動，我們期待在即將舉行的投資者活動中與您再次交流。祝你有美好的一天。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。