Wintrust Financial Corp (WTFCN) 2025 Q2 法說會逐字稿

Welcome to Wintrust Financial Corporation's second quarter and year-to-date 2025 earnings results. (technical difficulty) will be made, Chief Executive Officer; David Dykstra, Vice Chairman and Chief Operating Officer; and Richard Murphy, Vice Chairman and Chief Lending Officer.

歡迎來到 Wintrust Financial Corporation 2025 年第二季和年初至今的收益結果。 （技術難度）將由執行長；副董事長兼營運長 David Dykstra；以及副董事長兼首席貸款官 Richard Murphy 組成。

As part of their reviews, the presenters may make reference to both the earnings press release and the earnings release presentation. Following their presentation, there will be a formal question-and-answer session.

作為評論的一部分，演講者可能會參考收益新聞稿和收益發布簡報。演講結束後，將有一個正式的問答環節。

During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs, or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements.

在今天的電話會議中，Wintrust 管理層可能會做出構成預測、期望、信念或類似前瞻性陳述的聲明。實際結果可能與此類前瞻性陳述中預期或預測的結果有重大差異。

The company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in our earnings press release, and then the company's most recent Form 10-K and any subsequent filings with the SEC.

本公司的前瞻性假設可能導致實際結果與本次電話會議中討論的資訊有重大差異，這些假設已在我們的收益新聞稿、本公司最新的 10-K 表格以及隨後向美國證券交易委員會提交的任何文件中詳細說明。

Also, our remarks may reference certain non-GAAP financial measures. Our earnings press release and earnings release presentation include a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure. As a reminder, this conference call is being recorded.

此外，我們的評論可能會參考某些非公認會計準則財務指標。我們的收益新聞稿和收益發布簡報包括每個非 GAAP 財務指標與最接近的可比較 GAAP 財務指標的對帳。提醒一下，本次電話會議正在錄音。

I will now turn the conference call over to Mr. Tim Crane.

現在我將電話會議交給提姆·克蘭先生。

Good morning, everyone. Thank you for joining us for the Wintrust Financial second quarter earnings call. In addition to the introductions Latif made, I'm joined by our Chief Financial Officer, David Stoehr and our Chief Legal Officer, Kate Boege.

大家早安。感謝您參加 Wintrust Financial 第二季財報電話會議。除了拉蒂夫 (Latif) 所做的介紹之外，我們的財務長戴維·斯托爾 (David Stoehr) 和首席法律官凱特·博格 (Kate Boege) 也一同出席了會議。

I'll begin this morning with some high-level highlights. Dave Dykstra will speak to the financial results, and Rich will add some additional information on loan activity and credit performance. As always, following our remarks, we'll be happy to take your questions.

今天早上我將首先介紹一些高層要點。Dave Dykstra 將介紹財務結果，而 Rich 將補充一些有關貸款活動和信貸表現的附加資訊。像往常一樣，在我們發言之後，我們很樂意回答您的問題。

Our differentiated approach focused on understanding and meeting our client needs continues to deliver consistently strong financial results. We reported record quarterly net income of $195.5 million, up from $189 million last quarter. Net interest income, also a quarterly record was $547 million. Driving the higher net interest income was second quarter loan growth of $2.3 billion. The growth was broad-based and clearly reflects the seasonally strong second quarter in our attractive Premium Finance business.

我們的差異化方法專注於理解和滿足客戶需求，並持續帶來強勁的財務表現。我們報告季度淨收入創紀錄地達到 1.955 億美元，高於上一季的 1.89 億美元。淨利息收入也創下季度紀錄，達到 5.47 億美元。推動淨利息收入成長的原因是第二季貸款增加了 23 億美元。這一成長基礎廣泛，清楚地反映了我們頗具吸引力的高端金融業務第二季度的強勁季節性表現。

We saw good deposit growth during the quarter of over $2 billion and assets grew to $69 billion. Going forward, our pipelines are strong, and we expect continued mid- to high-single digit loan growth for the second half of the year.

本季度，我們的存款成長良好，超過 20 億美元，資產成長至 690 億美元。展望未來，我們的通路十分強大，我們預計今年下半年貸款將持續維持中高個位數成長。

We also expect continued deposit growth that will fund our loan growth. What's particularly important about the deposit growth is that it represents new commercial and consumer households that allow us to continue to grow our franchise.

我們也預計存款將繼續成長，為我們的貸款成長提供資金。存款成長尤其重要，因為它代表著新的商業和消費家庭，使我們能夠繼續擴大我們的特許經營權。

Given the strong growth in the quarter, it's important to highlight that we continue to be disciplined in our growth. We can and do pass on credit opportunities where we cannot get comfortable with the pricing or proposed credit structure. This approach has served us well and will not change.

鑑於本季的強勁成長，必須強調的是，我們將繼續嚴格控製成長。當我們對定價或擬議的信貸結構感到不滿意時，我們可以而且確實會放棄信貸機會。這種方法對我們很有效且不會改變。

Net interest margin for the quarter remained comfortably within our target range at 3.54%. Now, Dave will talk a little bit more about the margin in just a minute. Residential mortgage activity, while up somewhat this quarter, remains muted in the current rate environment. We continue to manage expenses in that business to protect our current financial results while ensuring that we're positioned to capture business when rates go down and mortgage activity increases.

本季淨利差仍維持在我們的目標範圍內，為 3.54%。現在，戴夫將在一分鐘內進一步討論利潤問題。住宅抵押貸款活動雖然本季有所增加，但在當前利率環境下依然低迷。我們將繼續管理該業務的開支，以保護我們當前的財務業績，同時確保當利率下降和抵押貸款活動增加時，我們能夠抓住業務機會。

We continue to believe that mortgage business is a core offering and provides a nice financial hedge against margin pressure in a lower rate environment. Credit quality remains very good. We continue to stay close to the small number of clients experiencing uncertainty in the current economic environment so that we can help get ahead of any challenges they may face. Overall, another strong quarter, consistent results in line with our expectations.

我們仍然相信抵押貸款業務是一項核心業務，並且在低利率環境下可以很好地對沖保證金壓力。信用品質仍然非常好。我們繼續與在當前經濟環境中面臨不確定性的少數客戶保持密切聯繫，以便幫助他們應對可能面臨的任何挑戰。整體而言，這是另一個強勁的季度，業績符合我們的預期。

Let me turn it over to Dave.

讓我把它交給戴夫。

Great, thanks, Tim. As Tim said, we had a strong deposit and loan growth quarter. The deposit growth was $2.2 billion, representing a 17% increase over the prior quarter on an annualized basis. The solid loan or the solid deposit growth helped to fund seasonally strong second quarter loan growth of $2.3 billion or 19% on an annualized basis. For the first half of the year, loan growth was $3 billion or 12% on an annualized basis.

太好了，謝謝，提姆。正如蒂姆所說，本季我們的存款和貸款成長強勁。存款成長 22 億美元，以年率計算比上一季成長 17%。穩健的貸款或穩健的存款成長幫助推動了第二季季節性強勁的貸款成長，貸款成長 23 億美元，年化成長率為 19%。今年上半年，貸款成長 30 億美元，以年率計算成長 12%。

As other aspects of the balance sheet results, total assets grew by $3.1 billion to $69 billion, including the impact of the $425 million preferred stock offering which I will discuss later in my comments.

從資產負債表的其他方面來看，總資產成長了 31 億美元，達到 690 億美元，其中包括 4.25 億美元優先股發行的影響，我將在後面的評論中討論。

Turning to the income statement results, this was a very solid operating quarter producing a record level of quarterly net income and with just a few moving pieces. I'll start off by highlighting what we consider the uncommon items to be for the quarter, which included $2.9 million of acquisition related costs that were substantially concluded related to the conversion of the Macatawa Bank acquisition and net security gains of $650,000. Those items are discussed on the first page of the earnings release, if you'd like to refer to them later.

談到損益表結果，這是一個非常穩健的營運季度，創造了創紀錄的季度淨收入，並且只有少數變動因素。我首先要強調的是我們認為本季不常見的項目，其中包括 290 萬美元的收購相關成本，這些成本基本上與 Macatawa Bank 收購的轉換有關，以及 65 萬美元的淨安全收益。如果您以後想參考這些內容，可以在收益報告的第一頁討論。

Our net interest income increased $20.2 million from the prior quarter as a result of a $1.9 billion increase in average earning assets and a relatively stable net interest margin. This quarter represented a record high amount of quarterly net interest income.

由於平均生息資產增加 19 億美元且淨利差相對穩定，我們的淨利息收入較上一季增加了 2,020 萬美元。本季的季度淨利息收入創下歷史新高。

Given the current interest rate environment and even with a few rate changes in either direction, we remain confident that our net interest margin will continue to be relatively stable throughout the remainder of 2025. With that stable net interest margin outlook and the projected future growth in average earning assets, we would again expect to increase net interest income in the third quarter.

鑑於當前的利率環境，即使利率出現一些變化，我們仍然相信，我們的淨利差在 2025 年剩餘時間內將繼續保持相對穩定。鑑於淨利差前景穩定以及預計未來平均生息資產將成長，我們預計第三季淨利息收入將再次增加。

I would note that period end loans were approximately $1.5 billion higher than the average loans for the second quarter, giving us a good start on achieving the higher average earning assets for the third quarter. The slightly lower provision for credit losses recognized in the second quarter as compared to the prior quarter is primarily attributable to a slightly better set of macroeconomic factors offset somewhat by the aforementioned strong loan growth.

我要指出的是，期末貸款比第二季的平均貸款高出約 15 億美元，這為我們在第三季實現更高的平均收益資產提供了一個良好的開端。第二季確認的信貸損失準備金與上一季相比略有下降，主要原因是宏觀經濟因素略有好轉，但被上述強勁的貸款成長所抵銷。

Regarding other non-interest income and non-interest expense sections, total non-interest income totaled $124.1 million in the second quarter, which was up approximately $7.5 million when compared with the prior quarter.

至於其他非利息收入和非利息支出部分，第二季非利息總收入為 1.241 億美元，較上一季增加約 750 萬美元。

Although persistently high mortgage rates dampen our optimism for a stronger spring buying season, the company generated approximately $2.6 million more in mortgage banking revenue as we experience higher production revenue due to somewhat higher origination volumes offset by a bit less (technical difficulty) portfolio.

儘管持續的高抵押貸款利率抑制了我們對春季購買旺季更強勁的樂觀情緒，但由於貸款發放量略有增加，加上投資組合（技術難度）略有減少，我們的生產收入有所增加，因此公司的抵押貸款銀行收入增加了約 260 萬美元。

Wealth management revenue increased by $2.8 million in the second quarter, primarily as a result of asset valuation increases during the quarter. The company recorded a variety of smaller changes to other non-interest income categories as shown in the tables in the earnings release, but the changes relative to the prior quarter were not material or unusual.

第二季財富管理收入增加了 280 萬美元，主要原因是本季資產估值增加。如收益報告表格所示，該公司記錄了其他非利息收入類別的各種較小變化，但與上一季相比，這些變化並不重大或異常。

As far as non-interest expense categories go, non-interest expenses totalled $381.5 million in the second quarter, and we're up approximately $15.4 million from the prior quarter. The primary reasons for the increase were all factors that we projected would occur in last quarter's earning call.

就非利息支出類別而言，第二季非利息支出總計 3.815 億美元，比上一季增加約 1,540 萬美元。成長的主要原因是我們在上個季度的收益電話會議上預測的所有因素。

Specifically, salaries and employee benefits expense increased by approximately $8 million as compared to the first quarter, due primarily the higher employee benefit expense due to an increased level of health insurance claims, higher mortgage and wealth management commissions because of the corresponding higher revenues in those business lines, and the second quarter having a full effect of the annual merit increases that were effective on February 1.

具體而言，與第一季相比，工資和員工福利費用增加了約 800 萬美元，主要原因是由於健康保險索賠水準增加導致員工福利費用增加，由於這些業務線的收入相應增加導致抵押貸款和財富管理佣金增加，以及第二季度全面受到 2 月 1 日生效的年度績效加薪的影響。

Advertising and marketing expenses increased by $6.5 million in the second quarter when compared to the first quarter. As we've discussed many times in the past, this category of expenses tends to be higher in the second and the third quarters of the year due to the expenditures related to various major and minor league baseball sponsorships and other summertime sponsorship events held in the communities that we serve.

與第一季相比，第二季的廣告和行銷費用增加了 650 萬美元。正如我們過去多次討論過的那樣，由於與各種大聯盟和小聯盟棒球贊助以及我們服務的社區舉辦的其他夏季贊助活動相關的支出，這類費用在每年的第二季度和第三季度往往較高。

The remaining variances in non-interest expense, both positive and negative, were relatively normal, amount to less than $1 million in the aggregate, and don't warrant any additional special mention on this call.

非利息支出的其餘差異（包括正數和負數）都相對正常，總計不到 100 萬美元，因此不值得在本次電話會議上進行任何額外的特別提及。

We also continue to build our tangible book value per share during the first half of this year, and as you can see on slide 10 of the presentation deck, we have grown tangible book value per common share every year since we've been a public company, and we are on track to do so again in 2025.

我們也在今年上半年繼續提高每股有形帳面價值，正如您在簡報的第 10 張投影片上看到的那樣，自我們成為上市公司以來，我們每年的每股普通股有形帳面價值都在增長，並且我們預計在 2025 年再次實現這一目標。

As I mentioned earlier, I'd like to take a moment to discuss the $425 million series of preferred stock issuance that Wintrust closed on May 22. The issuance was to redeem $412.5 million of Series D and Series E preferred stock that was set to reprice on July 15, 2025, and they were set to reprice at rates higher than the existing market rates. In fact, Wintrust did redeem all the Series D and Series E preferred stock on July 15 and now has only the Series F preferred stock outstanding.

正如我之前提到的，我想花點時間討論一下 Wintrust 於 5 月 22 日完成的 4.25 億美元優先股發行。此次發行是為了贖回價值 4.125 億美元的 D 系列和 E 系列優先股，這些股票將於 2025 年 7 月 15 日重新定價，且重新定價利率將高於現有市場利率。事實上，Wintrust 確實在 7 月 15 日贖回了所有 D 系列和 E 系列優先股，目前僅剩 F 系列優先股在流通。

Because the redemption of the preferred stock will impact the earnings per share calculation in the third quarter, we've included in an overview of such impact on slide 24 of the presentation deck. What you'll see is that the third quarter Series F preferred dividends, when and if declared by the Board at its July meeting, will be more than the normal quarterly dividend since it includes an extended first dividend period from the closing date of May 22 to the first payment date of October 15, 2025, so more than a quarter's worth of dividends.

由於優先股的贖回將影響第三季每股盈餘的計算，我們在簡報的第 24 張投影片中概述了這種影響。您將會看到，如果董事會在 7 月份會議上宣布第三季度 F 系列優先股股息，那麼該股息將超過正常的季度股息，因為它包括從 5 月 22 日截止日期到 2025 年 10 月 15 日第一個付款日的延長第一期股息期，因此超過一個季度的股息。

Dividends are recorded and declared in the third quarter will be larger than the normal Series F dividend declaration, and there will be no dividends for the Series D or Series E. In addition, accounting rules require that the prior issuance costs on the Series D and Series E issuances need to be reclassified upon redemption from capital surplus and recognized for retained earnings. It's just a reclass within the capital section.

第三季記錄和宣布的股息將大於正常的F系列股息宣布，且D系列和E系列將不會有股息。此外，會計規則要求D系列和E系列發行的前期發行成本需要在贖回時從資本公積中重新分類並確認為留存收益。這只是首都部分內的重新分類。

But the accounting rules require that reduction to be recorded through net income available to common shareholders, i.e., below the net income line. Importantly, these amounts will not impact third quarter operating net income, but will impact their quarterly earnings per share calculations. Again, slide 24 in the presentation deck summarizes this information.

但會計規則要求，減少的部分必須透過普通股股東可獲得的淨收入來記錄，即低於淨收入線。重要的是，這些金額不會影響第三季的營業淨收入，但會影響其季度每股收益計算。再次，簡報中的第 24 張投影片總結了這些資訊。

But the long and the short of it is, the most recent quarters, including the second quarter, had roughly $7 million of preferred dividends. So for the past few quarters and going back five years, that number has been $7 million. In the fourth quarter of this year and going forward for five years until they reprice again, that number will be $8.4 million.

但總而言之，包括第二季度在內的最近幾季的優先股息約為 700 萬美元。過去幾個季度以及過去五年，這個數字一直是 700 萬美元。在今年第四季以及未來五年直至再次重新定價之前，這個數字將達到 840 萬美元。

The third quarter, for all the reasons I just talked about, will have a slightly higher number due to the issuance costs of the Series D&E redemption and the extended quarterly dividend payment period. So with that, again refer to slide 24 for all the details, and if anyone has any questions, I'd be happy to take any calls and walk you through the information.

由於我剛才談到的所有原因，由於 D&E 系列贖回的發行成本以及季度股息支付期的延長，第三季的數字將略高。因此，請再次參閱幻燈片 24 以了解所有詳細信息，如果有人有任何疑問，我很樂意接聽電話並向您介紹信息。

So with that, Tim, I'll conclude my comments and turn it over to Rich.

因此，蒂姆，我將結束我的評論並將其交給里奇。

Thanks, Dave. As Tim and Dave both noted, credit performance continued to be very solid in the second quarter. As detailed in the press release, (technical difficulty) the Property and Casualty Premium Finance Group in the second quarter. This past quarter was no exception, as we saw just over $1 billion of growth in this portfolio in line with our forecast.

謝謝，戴夫。正如蒂姆和戴夫所指出的，第二季度信貸表現繼續非常穩健。正如新聞稿中詳細說明的，（技術困難）第二季度的財產和意外保險保費融資集團。上個季度也不例外，我們看到該投資組合的成長略高於 10 億美元，符合我們的預測。

While we have seen some moderation in insurance premium rate increases, the overall market remains firm. In addition, we continue to benefit from new opportunities as a result of consolidation and dislocation within the Premium Finance industry.

雖然我們看到保險費率上漲有所緩和，但整體市場依然強勁。此外，我們繼續受益於高端金融業整合和混亂帶來的新機會。

We also saw good growth from a number of other segments. Commercial real estate grew by $377 million. The mortgage warehouse team continues to build momentum and grew by $213 million as we continue to onboard new relationships which also come with some meaningful deposit opportunities. And our leasing team, like premium finance, and residential mortgage groups also had a very solid quarter.

我們也看到其他一些領域也取得了良好的成長。商業房地產成長了 3.77 億美元。隨著我們繼續建立新的關係並帶來一些有意義的存款機會，抵押貸款倉庫團隊繼續保持強勁勢頭，成長了 2.13 億美元。我們的租賃團隊（如保費融資和住宅抵押貸款團隊）也表現非常穩健。

As Tim said, we believe loan growth for the second half of 2025 will continue to be strong and within our guidance of mid- to high-single digits for a number of reasons. Core C&I and CRE pipelines remain very solid, and we continue to benefit from our market positioning in our core markets of Chicagoland, Wisconsin, West Michigan and Northwest Indiana. In addition, we have very strong momentum in our niche businesses, including leasing and mortgage warehouse.

正如提姆所說，我們相信，由於多種原因，2025 年下半年的貸款成長將繼續保持強勁，並在我們的中高個位數預測範圍內。核心 C&I 和 CRE 管道仍然非常穩固，我們繼續受益於我們在芝加哥地區、威斯康辛州、密西根州西部和印第安納州西北部等核心市場的市場定位。此外，我們的利基業務（包括租賃和抵押倉庫）發展勢頭強勁。

Last quarter, we spoke of growing uncertainty in economic conditions as a result of potential tariffs, tax law changes and funding cuts. Reviewing our portfolio, we have a relatively small number of credits at risk of greatest impacts, and we continue to stay very close to them.

上個季度，我們談到由於潛在的關稅、稅法變化和資金削減導致經濟狀況的不確定性日益增加。回顧我們的投資組合，我們發現面臨最大影響風險的信貸數量相對較少，而且我們將繼續密切關注這些信貸。

Overall, we believe there is greater clarity on many of these issues driving that uncertainty, and we believe the impacts on our portfolio will be very limited given our strong underwriting standards and disciplined approach to diversification. We are cautiously optimistic about the overall business environment as we enter the second half of the year.

總體而言，我們認為導致這種不確定性的許多問題已經更加明晰，我們相信，鑑於我們嚴格的承保標準和嚴謹的多元化方法，對我們投資組合的影響將非常有限。進入下半年，我們對整體商業環境持謹慎樂觀的態度。

From a credit quality perspective, as detailed on slide 15, we continue to see strong credit performance across the portfolio. This can be seen in a number of metrics. Non-performing loans as a percentage of total loans were relatively stable.

從信用品質的角度來看，如投影片 15 所示，我們持續看到整個投資組合的信用表現強勁。從許多指標可以看出這一點。不良貸款佔貸款總額的比例相對穩定。

Charge-offs for the quarter were 11 basis points, unchanged from Q1. We continue to believe that the level of NPLs and charge-offs in the second quarter reflect a stable credit environment as evidenced by the chart of historical non-performing asset levels on slide 16 and the consistent level in our special mention and substandard loans on slide 15.

本季沖銷額為 11 個基點，與第一季持平。我們仍然認為，第二季度的不良貸款和沖銷水平反映了穩定的信貸環境，這可以從幻燈片 16 上的歷史不良資產水平圖表和幻燈片 15 上的特別提及和次級貸款的一致水平中看出。

Finally, we are firmly committed to identifying problems early and charging them down where appropriate. Our goal as always is to stay ahead of any credit challenges.

最後，我們堅定地致力於儘早發現問題並在適當的情況下採取措施。我們的目標一如既往，就是領先任何信用挑戰。

As noted in our last few earnings calls, we continue to be highly focused on our exposure to commercial real estate loans, which comprise roughly one-quarters of our total portfolio. As detailed on slide 19, we continue to see signs of stabilization during the second quarter as CRE NPLs remained at a very low level, increasing slightly from 0.2% to 0.25%. CRE charge-offs remain at historically low levels.

正如我們在最近幾次收益電話會議上所指出的，我們繼續高度關注商業房地產貸款，這約占我們總投資組合的四分之一。正如投影片 19 所詳述的，我們繼續看到第二季的穩定跡象，因為 CRE NPL 保持在非常低的水平，從 0.2% 小幅上升至 0.25%。CRE沖銷額仍處於歷史低點。

On slide 20, we continue to provide enhanced detail of our CRE and office exposure. Currently, this portfolio remains steady at $1.6 billion or 12.1% of our total CRE portfolio and only 3.1% of our total loan portfolio. Of the $1.6 billion of office exposure, 48% is medical office or owner-occupied. The average size loan in this office portfolio is relatively small at $1.5 million and we have five loans over $20 million, only two of which are non-medical or owner occupied.

在第 20 張投影片上，我們繼續提供有關 CRE 和辦公室曝光的詳細資訊。目前，該投資組合穩定在 16 億美元，占我們總 CRE 投資組合的 12.1%，僅占我們總貸款投資組合的 3.1%。在 16 億美元的辦公室投資中，48% 為醫療辦公室或自住辦公室。該辦公大樓組合的平均貸款規模相對較小，為 150 萬美元，我們有五筆貸款超過 2,000 萬美元，其中只有兩筆是非醫療或自住貸款。

We continue to perform portfolio reviews regularly in our CRE portfolio, and we stay very engaged with our borrowers. As mentioned on prior calls, our CRE credit team regularly updates their deep dive analysis of every non-owner-occupied loan over $2.5 million that will be maturing between now and the end of the year. This analysis, which covered 84% of all non-owner occupied CRE loans maturing during this period showed very consistent results compared to prior quarters.

我們繼續定期對我們的 CRE 投資組合進行投資組合審查，並與我們的借款人保持密切聯繫。正如先前的電話會議中所提到的，我們的 CRE 信貸團隊會定期更新從現在到年底到期的每一筆超過 250 萬美元的非自住貸款的深入分析。此項分析涵蓋了此期間到期的所有非自住 CRE 貸款的 84%，與前幾季相比，結果非常一致。

In summary, we continue to be encouraged by our credit performance in the second quarter, and we believe that our portfolio is well positioned and appropriately reserved.

綜上所述，我們繼續對第二季度的信貸表現感到鼓舞，並且我們相信我們的投資組合定位良好且儲備充足。

That concludes my comments on credit, and I'll turn it back to Tim.

這就是我對信用的評論，我將把話題轉回給蒂姆。

Thanks, Rich. Just a few kind of quick final thoughts. Midway through the year, we feel very good about our business and the momentum going into the second half of the year. We continue to deliver sophisticated financial solutions across all our businesses with a differentiated client-first focus. And what's important to note is that our approach is driving consistent meaningful financial results. Over the last year, we've produced steady quarterly increases in loans, deposits and net income.

謝謝，里奇。最後只想說幾點。今年已過半，我們對自己業務以及下半年的發展動能感到非常滿意。我們將繼續為所有業務提供先進的金融解決方案，並以客戶至上為差異化重點。值得注意的是，我們的方法正在推動持續有意義的財務表現。去年，我們的貸款、存款和淨收入每季都穩定成長。

We manage our expenses thoughtfully while continuing to invest in our business to support our future growth. As Dave mentioned, the expenses has trended higher in the second and third quarters and reflect both investments in our business and some of these seasonal fluctuations.

我們精心管理開支，同時繼續投資我們的業務以支持我們未來的成長。正如戴夫所提到的，第二季和第三季的支出呈上升趨勢，反映了我們業務的投資和一些季節性波動。

As always, we work with our clients to help them address (technical difficulty) focused on delivering a differentiated experience and our disciplined approach continues to drive real value for our shareholders.

像往常一樣，我們與客戶合作，幫助他們解決（技術難題），專注於提供差異化的體驗，我們嚴謹的方法繼續為股東創造真正的價值。

With that, I thank you for your time, and we'll open the line to questions, Latif.

拉蒂夫，感謝您抽出時間，我們將開始回答問題。

(Operator Instructions)

（操作員指示）

Jon Arfstrom, RBC.

加拿大皇家銀行的喬恩‧阿夫斯特羅姆 (Jon Arfstrom)。

Question for you on the loan growth numbers. Obviously, very strong this quarter. You mentioned seasonality in expenses. And I guess I'm curious about third quarter expectations. You have a higher period-end balance, but I think the growth is typically a little slower in the third quarter. Is it fair to look at maybe prior third quarter trends from second quarter as a benchmark for what you might expect in Q3 in terms of growth?

我想問一下關於貸款成長數字的問題。顯然，本季非常強勁。您提到了費用的季節性。我對第三季的預期感到好奇。您的期末餘額較高，但我認為第三季的成長通常會稍微慢一些。將第二季之前的第三季趨勢作為第三季成長預期的基準，這樣公平嗎？

Expense growth or loan growth, Jon?

費用成長還是貸款成長，喬恩？

Loan growth, sorry, sorry.

貸款成長，對不起，對不起。

Loan growth, if you look at the third quarter, excluding Macatawa and then fourth quarter, I think there, we'd be pretty much in line with what we would anticipate for this year. So again, in the range, but at the higher end of the range.

貸款成長，如果你看一下第三季度（不包括 Macatawa）和第四季度，我認為，我們的成長與今年的預期基本一致。因此，再次強調，它處於範圍內，但處於範圍的高端。

I think if you -- we just think mid- to high-single digits based off of the June 30 balance going forward for second half of the year, that's sort of our view right now.

我認為，如果您 - 我們只是根據 6 月 30 日的餘額來預測下半年的中高個位數，這就是我們目前的看法。

Okay. Got it. And then, Tim, a question for you on deposits. You guys -- where are you finding the best places to gather deposits? I mean looks like money markets were strong, but you mentioned commercial, consumer and warehouse. Can you just talk a little bit more about where you're finding that kind of deposit growth and can that keep pace with loan growth?

好的。知道了。然後，提姆，我想問你一個關於存款的問題。你們——你們在哪裡找到收集存款的最佳地點？我的意思是看起來貨幣市場很強勁，但你提到了商業、消費者和倉庫。您能否再多談談您發現這種存款成長的原因以及它能否跟上貸款成長的步伐？

Okay. Jon, I'm sorry, we had a little bit of a technical glitch on our end. I think your question was about deposits and where we're finding them. It's fairly broad-based, and we continue to believe that in our markets where we have kind of a sub-10% share in all of them, we can continue to grow.

好的。喬恩，很抱歉，我們這邊出了點技術故障。我認為您的問題是關於存款以及我們在哪裡找到它們。它的覆蓋範圍相當廣泛，我們仍然相信，在我們所有市場份額均低於 10% 的市場中，我們可以繼續成長。

The commercial growth in deposits is particularly helpful because obviously, we get treasury management revenues and other activities related to that. But this was a very solid deposit growth quarter for us funding the seasonal loan growth. Continue to think we'll have opportunities, but $2 billion of deposit growth should not be kind of the norm going forward.

存款的商業成長尤其有幫助，因為顯然我們獲得了資金管理收入和與此相關的其他活動。但對於我們為季節性貸款成長提供資金而言，這是一個非常穩健的存款成長季度。繼續認為我們會有機會，但 20 億美元的存款成長不應該成為未來的常態。

Okay. And then just one small one. Anything on the wealth management outsourcing? Can you just talk about longer-term goal there and how that's gone?

好的。然後就只有一個小的。有關於財富管理外包的資訊嗎？您能談談長期目標以及進展嗎？

Yes, that conversion to the LPL platform, which as we've described in prior calls, was really an upgrade for the tools and technology for our financial advisers and our wealth employees is largely behind us. And we've migrated out of conversion mode into serving our clients. And obviously, the markets have been pretty terrific for the last month or so here. We continue to look at the wealth business as an attractive opportunity for us, and we look to continue to grow it.

是的，正如我們在先前的電話會議中所描述的那樣，向 LPL 平台的轉換實際上是對我們的財務顧問和財富員工的工具和技術的升級，基本上已經過去了。我們已經從轉換模式轉向為客戶提供服務。顯然，過去一個月左右這裡的市場表現相當不錯。我們繼續將財富業務視為對我們來說極具吸引力的機會，並期待繼續發展它。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

In terms of the NII growth, the 4% linked quarter, [16] year-on-year is great numbers. I guess the question, if we put the pieces together with earning asset growth, loan growth, margin stability, does that become a little bit more challenging given the deposit competition that's increasing? Or is this degree of NII growth, I guess, over the near term still reasonable?

就國家資訊基礎設施成長而言，季增 4%，[16] 年成長，是一個很棒的數字。我想問題是，如果我們把獲利資產成長、貸款成長、利潤率穩定等因素綜合起來，考慮到存款競爭日益激烈，這是否會變得更具挑戰性？或者我猜想，短期內這種程度的 NII 成長是否仍然合理？

As we said, we expect mid- to high single-digit loan growth from here on out and a relatively stable margin on the -- we've been roughly in the 3.52% 3.53% range on average over the last few quarters. If we stay in the mid- to low 3% range -- or 3.50% range, then I think it's just what is your average asset growth. And that's what we're looking at.

正如我們所說，我們預計從現在開始貸款將實現中高個位數成長，利潤率將相對穩定——過去幾個季度，平均利潤率大致在 3.52% 至 3.53% 之間。如果我們保持在 3% 的中低範圍 - 或 3.50% 的範圍內，那麼我認為這就是您的平均資產成長率。這就是我們所關注的。

So if we have that mid- to high single-digit average asset growth, we should see the mid- to high single-digit net interest income growth. It's just a simple math, I think, from our perspective.

因此，如果我們擁有中高個位數的平均資產成長率，我們就應該看到中高個位數的淨利息收入成長。我認為，從我們的角度來看，這只是一個簡單的數學問題。

And our deposit pricing, if you're growing as much as we did this quarter, maybe the pricing was a little high. But as Tim said, the markets are still really good, and we have great position in all those markets. So we think we can fund the growth with deposits right now. It's never easy, but we've always been able to do that.

我們的存款定價，如果本季的成長速度和我們一樣快，那麼定價可能有點高。但正如蒂姆所說，市場仍然非常好，我們在所有這些市場中都佔據著良好的地位。因此我們認為我們現在可以透過存款來資助成長。這從來都不是一件容易的事，但我們總是能夠做到這一點。

And Chris, even with this quarter's $2 billion worth of growth, our deposit costs were down slightly. And so our hope as long as the kind of markets remain rational, we'll continue to add clients and importantly, add deposits as well.

克里斯，即使本季的成長額達到 20 億美元，我們的存款成本還是略有下降。因此，我們希望，只要市場保持理性，我們就能繼續增加客戶，更重要的是，增加存款。

Dave, you addressed the earning asset. There's not anything materially you're going to turn the earning assets to fund the growth. It's just -- right, there's no material changes you're doing to the mix of the earning assets?

戴夫，你提到了獲利資產。從物質上來說，你並不需要將獲利資產轉化為資金來支持成長。只是——對，你沒有對獲利資產的組合做任何實質的改變嗎？

No. I mean the only odd thing is second quarter is always really strong on commercial Premium Finance. Recall, last couple of years, we sold some in the middle of the year. And this year, we have more liquidity and more capital and we had good deposit growth. So we kept those assets on our balance sheet and funded them internally versus the sale like we did a couple of years ago.

不。我的意思是，唯一奇怪的是第二季商業高級融資的表現總是非常強勁。回想一下，過去幾年，我們在年中賣掉了一些。今年，我們的流動性和資本更加充足，存款也實現了良好的成長。因此，我們將這些資產保留在資產負債表上，並透過內部融資，而不是像幾年前那樣出售。

But going forward, we're not going to have $1 billion P&C Premium Finance growth quarter in the third quarter. The second quarter is seasonally high. But other than that, our commercial -- commercial real estate pipelines are very consistently strong. So we would expect to have sort of the normal growth absent the outsized premium finance seasonality in the second quarter.

但展望未來，我們不會在第三季實現 10 億美元的財產和意外保險保費融資成長。第二季是季節性高峰。但除此之外，我們的商業——商業房地產通路一直非常強勁。因此，我們預計第二季將出現正常的成長，除非出現超大的保費融資季節性。

Great. And my follow-up, maybe for Tim, is the deregulatory narrative. What does it mean for Wintrust? Anything you might be doing differently? Do deals become -- you don't need to do a deal given the growth you're putting out, but does that become more of a possibility? Anything you can unpack there on deregulation?

偉大的。我的後續問題，也許對提姆來說，是放鬆管制的敘述。這對 Wintrust 來說意味著什麼？您可能正在做哪些不同的事情？交易是否會變得——考慮到您所追求的成長，您不需要進行交易，但這是否會變得更有可能？您能解釋一下有關放鬆管制的問題嗎？

Yes, Chris, I mean we're obviously hopeful that there's some sort of tailoring or inflation adjustment, whatever you want to call it, to relax the rules for growth. And we continue to build the foundation for a bigger and better bank. A lot of that is acquiring good talent in the market, and we continue to do that. We'll continue to look at acquisition opportunities. It looks like that activity has picked up a little bit. We think we have a strong track record there. Macatawa for example, is terrific. So we'll be disciplined, but opportunistic.

是的，克里斯，我的意思是，我們顯然希望有某種形式的調整或通膨調整，無論你想怎麼稱呼它，以放寬成長規則。我們將繼續為成為更大、更好的銀行奠定基礎。其中很大一部分是在市場上獲取優秀人才，我們將繼續這樣做。我們將繼續尋找收購機會。看起來這項活動已經稍微活躍起來了。我們認為我們在那裡有著良好的業績記錄。例如 Macatawa 就非常棒。因此，我們會嚴守紀律，但也會把握機會。

David Long, Raymond James.

大衛朗、雷蒙詹姆斯。

The -- on the core C&I side, sentiment across the industry seemed much lower when you held your call back in April. As you looked at the growth throughout the quarter, did it accelerate throughout the quarter? Or was it pretty steady throughout the quarter? And how are your core commercial clients? How is their sentiment now?

在核心 C&I 方面，當您在 4 月召開電話會議時，整個行業的情緒似乎低落得多。當您觀察整個季度的成長時，它是否在整個季度加速了？或者整個季度都相當穩定？您的核心商業客戶怎麼樣？他們的情緒現在怎麼樣？

It's interesting, David. I think that -- I wouldn't say there was a material difference during the quarter in terms of just production, but I would say sentiment and I touched on it in my comments. If we look back in April, there was just so much noise around all these regulatory changes, all the tariffs. We're still not out of the woods, obviously there. But I think there is more confidence here that the economy is not -- the bottom side coming out.

這很有趣，大衛。我認為——我不會說本季在生產方面存在實質差異，但我會說情緒方面存在差異，我在我的評論中提到了這一點。如果我們回顧四月的情況，我們會發現圍繞著所有這些監管變化和關稅的喧囂實在太多了。顯然，我們還沒有脫離險境。但我認為，大家更相信經濟尚未觸底。

I think most customers are feeling -- again, the term I use cautiously optimistic about where things are at right now. So that, coupled with the market dynamics in the Chicago market in particular, but certainly in our other core markets, it feels like things are going to be in a pretty good spot. And you can see that in our pipelines.

我認為大多數顧客都對目前的狀況感到——再次強調，我使用謹慎樂觀的字眼。因此，結合芝加哥市場的市場動態，當然還有我們其他核心市場的市場動態，感覺情況將會非常好。您可以在我們的管道中看到這一點。

Got it. And then a follow-up question as it relates to the CRE office portfolio on slide 20. You guys highlighted the non-performers within that portfolio increased a bit. Just curious if I can get a little more color on what happened there and maybe a little -- not looking for the name of the building or anything like that, but just want to get a little bit more color around the non-performers on the office side?

知道了。然後是關於幻燈片 20 上的 CRE 辦公室組合的後續問題。你們強調，投資組合中的不良資產增加。我只是好奇，我是否可以了解更多關於那裡發生的事情，也許有一點——不是在尋找建築物的名稱或類似的東西，而只是想了解更多關於辦公室方面表現不佳的人的情況？

Yes. It's really -- I mean the numbers are so small that all it takes is a couple of deals, and that's what it was here. Nothing -- neither of them, particularly large, but combined, when you look at it relative to the total kind of causes a little bit of a blip, nothing that we're overly concerned about. We think we're marked appropriately and we'll get through those relatively quickly.

是的。確實如此——我的意思是數字太小了，只需要幾筆交易，這就是這裡的情況。沒有什麼——它們都沒有特別大的影響，但是結合起來，當你將其與總體情況進行比較時，就不會造成什麼小波動，沒有什麼值得我們過度擔心的。我們認為我們已經得到了適當的評分，並且我們會相對快速地完成這些評分。

But I kind of refer in that portfolio as kind of -- because the denominator so small that every new loan makes it look like a path, but we're just managing through the portfolio like we do every day.

但我將該投資組合稱為——因為分母太小，以至於每筆新貸款看起來都像一條路徑，但我們只是像每天一樣管理該投資組合。

Nathan Race, Piper Sandler.

內森·雷斯，派珀·桑德勒。

One of your Midwest peers this morning kind of tempered loan growth expectations, setting some increased competition. So just curious what you guys are seeing from a competitive pricing perspective. Obviously, loan yields came down a little bit this quarter. So curious if that's driving some of that loan yield compression that we saw in the quarter.

今天上午，中西部的一位同行降低了貸款成長預期，加劇了競爭。所以只是好奇你們從競爭定價的角度來看是什麼。顯然，本季貸款收益率略有下降。所以我們很好奇這是否導致了我們在本季看到的貸款收益率壓縮。

And if you could just comment in particular on the commercial insurance Premium Finance portfolio in terms of what new rates on production look like there relative to the roll-off yield?

您是否可以特別評論一下商業保險保費融資組合，相對於滾存收益率，新的生產利率是什麼樣的？

Yes. I'll talk a little bit about the core portfolio and what we're seeing in some of the niche portfolios as well. I mean we -- we talked about it at the end of last year that we would anticipate that banks as they continue to ramp up their loan production would become a little more aggressive. And we have seen that. But as Tim talked about in his opening remarks, we have a pretty disciplined approach to where we're going to be on pricing.

是的。我將稍微談談核心投資組合以及我們在一些利基投資組合中看到的情況。我的意思是，我們在去年年底討論過這個問題，我們預計銀行在繼續增加貸款發放時會變得更加積極。我們已經看到了這一點。但正如蒂姆在開場白中談到的那樣，我們對定價採取了非常嚴謹的方法。

But has there been margin compression in certain categories? The answer is yes. Fully funded CRE deals of high credit quality definitely have -- we've seen some compression there. But our job is to manage through that one of the things you've known our story for a long time, when you have a multipronged asset approach, some things get compressed a little bit, while other things give you some opportunity, and that's what we're seeing now.

但某些類別的利潤率是否受到了壓縮？答案是肯定的。資金充足、信用品質高的 CRE 交易肯定存在——我們已經看到了一些壓縮。但我們的工作是透過這一點來管理，正如你們很久以前就知道的，當你採用多管齊下的資產方法時，有些東西會被壓縮一點，而其他東西會給你一些機會，這就是我們現在所看到的。

So we think that in the core C&I space, we continue to hold our line pretty well on pricing. In leasing, same thing. In the -- specifically to your P&C question, we continue to be in pretty good shape. I mean, prices are coming in a little bit tighter on larger credit-oriented deals. But we have a very, very granular portfolio there that we continue to be able to price pretty well.

因此，我們認為，在核心商業與工業領域，我們在定價方面將繼續保持良好的立場。在租賃中，情況也是一樣。具體到您提到的 P&C 問題，我們的狀況仍然很好。我的意思是，對於較大的信貸導向交易來說，價格會變得更加緊張。但我們擁有非常精細的投資組合，並且能夠繼續保持良好的定價。

And Nate, for the second quarter, I think a number in the mid-7s would be about the right range for the P&C loan yield.

內特，對於第二季度，我認為 7 左右是財產和意外傷害貸款收益率的正確範圍。

Okay. And Tim, that's pretty close to the roll-off yield, if I heard?

好的。提姆，如果我沒聽錯的話，這已經非常接近滾動收益率了？

Yes, not too far off.

是的，不太遠。

Okay. Great. And then you mentioned on deposit costs. It looks like they were kind of stable in the quarter all in. But if I strip out CDs, it looks like your interest-bearing deposit costs were up 6 basis points quarter-over-quarter. So just curious as on the Fed remains on hold, do you think deposit costs kind of hold in there? Or do you think we see kind of a little grind-higher from here?

好的。偉大的。然後您提到了存款成本。看起來他們本季的整體表現比較穩定。但如果我剔除 CD，看起來你的計息存款成本比上一季上漲了 6 個基點。所以我很好奇，聯準會仍然維持利率不變，您認為存款成本會維持不變嗎？或者您認為我們從這裡看到了一些更高的進步？

I think pretty stable to where we were in the second quarter. I mean again, we had to raise $2 billion worth of deposits, which we were thrilled to do because it's new customers to us. I think we'll be in the same range. And if we get a cut, obviously, we feel reasonably good that we can handle that without much impact on the margin.

我認為與第二季度相比，情況相當穩定。我的意思是，我們必須籌集價值 20 億美元的存款，我們很高興這樣做，因為這對我們來說是新客戶。我認為我們會處於同一範圍內。如果我們獲得減產，顯然，我們會感覺相當好，因為我們可以處理這個問題，而不會對利潤產生太大影響。

Okay. Great. Maybe one last one for Dave on expenses. Going back a couple of quarters, I think you guided to kind of a mid-single-digit increase this year off the 4Q level last year. Just curious if you still think that holds true, which I think translates about $1.5 billion to $1.6 billion expenses for this year?

好的。偉大的。這也許是戴夫關於開支的最後一點。回顧幾個季度，我認為您預測今年的銷售額將比去年第四季的水平增長中等個位數。我只是好奇，您是否仍然認為這是正確的，我認為這意味著今年的支出約為 15 億至 16 億美元？

Yes. I think maybe the best way to answer that right now is I think the level we're at in the second quarter, plus or minus a couple of million dollars is probably what we're -- I think will happen in the third and the fourth quarter. So the low 380s, I think, is probably a good thought.

是的。我認為現在回答這個問題的最好方式是，我認為我們在第二季度的水平，上下浮動幾百萬美元，這可能是我們在第三季度和第四季度會發生的情況。因此，我認為 380 度以下可能是一個好主意。

But we had some growth here as we projected last quarter, but we also grew the balance sheet $3 billion. We have some growth from here. So I think if we can hold this relatively stable in the low 380s from the last two quarters, that's probably what we're shooting for right now.

但正如我們上個季度所預測的那樣，我們在這裡實現了一些成長，而且我們的資產負債表也增加了 30 億美元。我們從這裡獲得了一些成長。因此我認為，如果我們能夠將這一數字保持在過去兩個季度的 380 左右的相對穩定，這可能是我們現在的目標。

Okay. Perfect. I appreciate all the color. Congrats on the great quarter guys.

好的。完美的。我欣賞所有的色彩。恭喜大家取得了優異的成績。

Terry McEvoy, Stephens Inc.

麥克沃伊（Terry McEvoy），史蒂芬斯公司（Stephens Inc.）

Maybe just a question on Western Michigan. Could you just talk about banker and client retention? And is the broader product offering? Is it driving some growth in that market?

也許只是一個關於西密西根的問題。您能談談銀行家和客戶的保留嗎？產品範圍是否更廣泛？它是否推動了該市場的成長？

Yes. Thanks, Terry. Yes, I still feel very good about West Michigan. I actually spent a couple of days over there with clients. The conversions behind us. We're excited to have that part of the equation done. And number of clients are looking for us to provide more services to them and the prospecting opportunities are very good. So I feel actually like we're in the right spot to begin accelerating the results in West Michigan.

是的。謝謝，特里。是的，我仍然對西密西根感覺很好。我實際上在那裡與客戶待了幾天。我們身後的轉變。我們很高興能夠完成方程式的這一部分。許多客戶都希望我們為他們提供更多服務，而且勘探機會非常好。因此，我感覺我們實際上正處於正確的位置，可以開始加速西密西根州的成果。

And then as a follow-up, the $456 million of commercial growth, Rich, did about half of that occur in the mortgage finance portfolio. And how much volatility would you expect -- what's the size of that portfolio today? And how much kind of volatility would you expect during the year?

接下來，里奇表示，4.56 億美元的商業成長中約有一半發生在抵押貸款融資組合中。您預期波動性會有多大－目前該投資組合的規模是多少？您預計今年的波動幅度會有多大？

Yes. Well, there is -- I mean, as we talk about in our own mortgage book, I mean, there is a fair amount of volatility in that book in total. But generally speaking, what we've seen is a lot of onboarding of new opportunities, which is driving the growth and it kind of muted market. So we are taking share in that portfolio. So right now, that total book sits at --

是的。嗯，有——我的意思是，正如我們在自己的抵押貸款賬簿中談到的那樣，那本書總體上有相當大的波動性。但總體而言，我們看到的是大量新機會的出現，這推動了成長並帶動了低迷的市場。因此我們在該投資組合中佔有一定份額。所以現在，這本書的總價值是--

$1.2 billion.

12億美元。

$1.2 billion.

1.2 美元十億。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

I know we talked through the rate paid across the different deposit silos. I mean, I get that you grew like a weed this quarter, which is good. But when you think about like if there is a cut or two in the back half of the year, the next six-plus months, do you think you can have the immediate impact of kind of the same deposit beta we've seen, given that you just increased it? Could you kind of lower it pretty quickly thereafter? I'm just trying to think about the behavioral finance relative to what we just saw in kind of the growth aspects?

我知道我們討論了不同存款機構支付的利率。我的意思是，我知道你這個季度成長得很快，這很好。但是，當您考慮如果在今年下半年或接下來的六個月多的時間裡削減一兩次存款利率時，考慮到您剛剛提高了存款利率，您是否認為您會立即受到我們所看到的相同存款測試版的影響？此後您能否很快將其降低？我只是試著思考行為金融學與我們剛剛看到的成長面向有什麼關係？

Yes. I think Tim touched on it a little bit earlier. But I think if the Fed cut [25], we would be -- have the ability to cut [25] on our discretionary accounts. CDs would obviously take time to roll. But a lot of our CD offerings now are certainly less than a year, seven months and 11-month terms. So I think that we would see a similar deposit cut as we saw in the prior cuts that we saw a while back that we could get the full [25] on most of our discretionary accounts.

是的。我認為蒂姆早些時候已經談過這一點了。但我認為，如果聯準會降息25%，我們也有能力削減我們的自由支配帳戶利率25%。顯然，CD 的滾動需要時間。但我們現在發行的許多 CD 的期限肯定少於 1 年、7 個月和 11 個月。因此，我認為我們會看到類似的存款削減，就像我們之前看到的削減一樣，我們可以從大多數可自由支配的帳戶中獲得全額[25]。

Got you. That's helpful. And then you just answered the question on the expense front. So that is everything I have. I appreciate it.

明白了。這很有幫助。然後您就回答了有關費用方面的問題。這就是我所擁有的一切。我很感激。

Casey Haire, Autonomous.

凱西‧海爾 (Casey Haire)，《自治》。

Just wanted to follow up on loan growth again. So the Premium Finance, it sounds like it's obviously a great momentum, up 17% year-over-year. Rich, I think you said it is showing some signs of moderating. Just wondering where that is in terms of that hard market cycle in terms of later innings, just some big picture thoughts on how that tailwind is going?

只是想再次追蹤貸款成長情況。因此，Premium Finance 聽起來顯然有一個很好的勢頭，比去年同期成長 17%。里奇，我認為你說過它正在顯示出一些緩和的跡象。我只是想知道，就後期艱難的市場週期而言，情況如何，對於順風將如何發展，您有什麼宏觀看法嗎？

Yes. It's a really good question, something we look a lot at. If you look at our net portfolio over the last six years and on a month-to-month comparison, it's a very consistent growth pattern fueled by two things. One is the dislocation of other competitors, some changes in the dynamics of the individual agents, things like that. But there's just been a lot of opportunity for us to pick up market share. So that year-over-year continues to drive not only dollars, but numbers of units.

是的。這是一個非常好的問題，我們對此進行了大量的研究。如果你看一下我們過去六年的淨投資組合，並進行逐月比較，你會發現這是一個由兩件事推動的非常穩定的成長模式。一是其他競爭對手的錯位，個別代理商的動態發生一些變化，諸如此類。但我們仍有許多機會來擴大市場份額。因此，與去年同期來看，銷售額不僅在成長，而且銷售量也在成長。

And the other piece to the puzzle is just a market that we saw a hardening pretty consistently over the last four-, five years. So those two things have really allowed that portfolio to grow very nicely, plus just great execution on the team's part and some of the investments we've made in technology that really help kind of drive the product offering.

而難題的另一個面向是，我們看到市場在過去四、五年中持續走強。因此，這兩件事確實使得產品組合得到了很好的成長，再加上團隊的出色執行力以及我們在技術方面所做的一些投資，這些確實有助於推動產品供應。

So that put us in good shape. But then with the hardening market, things continue to move up that market, I'd say, still in a lot of product lines continues to be pretty hard, and we see some upward momentum. But we are starting to see some moderation there. So we use the term firm that the unit -- the dollar amounts of units continues to stay pretty consistent.

這讓我們處於良好的狀態。但隨著市場的加強，事情繼續向上發展，我想說，在許多產品線上，情況仍然相當艱難，我們看到了一些上升勢頭。但我們開始看到一些緩和的跡象。因此，我們使用「公司」這個術語來表示單位——單位的美元金額繼續保持相當一致。

So we feel pretty good overall with where that portfolio is going and where it should be for the next year because a lot of those dynamics continue to be the case. So I guess the only maybe just slight thought there is maybe not as the premium rates maybe not with the same upward trajectory, but still solid to, I'd say, firm to slightly up.

因此，我們對該投資組合的走向以及明年的走勢總體上感到十分滿意，因為許多動態仍將持續下去。因此，我猜唯一的可能只是輕微的想法，也許不是，因為保費率可能不會呈現相同的上升軌跡，但仍然穩固，我想說，穩固或略有上漲。

Got you. And then just, Tim, a follow-up question. You mentioned M&A is picking up a little bit. Just wondering is that -- I know Macatawa was great for you, you guys last year. But it was a little bit bigger than what I think the market is used to and it was obviously outside your core Chicago footprint. Just wondering where, size and location wise and what's driving sort of the uptick in terms of the M&A opportunity?

明白了。然後，提姆，還有一個後續問題。您提到併購活動正在略有回升。只是想知道——我知道去年 Macatawa 對你們來說很棒。但它比我認為的市場習慣的要大一點，而且顯然超出了芝加哥的核心範圍。只是想知道從規模和位置來看，是什麼推動了併購機會的上升？

Well, with respect to the market, I think there's a whole host of reasons. I mean people dealing with succession issues, people feeling like the markets a little better than it had been a couple of years ago. Frankly, as we've talked about, it gets tougher and tougher to run a small bank with the expenses attached to compliance and regulatory issues and finance and the like. So I think you're getting people (technical difficulty)

嗯，就市場而言，我認為有很多原因。我的意思是，人們在處理繼任問題時，感覺市場比幾年前好一些。坦白說，正如我們所討論的，經營小型銀行變得越來越困難，因為合規和監管問題以及財務等方面的費用都很高。所以我認為你正在吸引人們（技術難度）

Casey, I'm sorry, somehow, we've got a line dropping somewhere between Chicago and where all of you are. So again, I think we feel like we could execute on a wide range of opportunities if they became available to us. It just has to fit from a cultural standpoint, from a market standpoint. But again, for the reasons I mentioned earlier, I think there is some pickup in kind of market M&A activity.

凱西，很抱歉，不知何故，我們在芝加哥和你們所在地之間有一條線路中斷了。所以，我再次認為，如果有各種各樣的機會，我們就可以抓住。它必須從文化角度和市場角度來適應。但是，出於我之前提到的原因，我認為市場併購活動有所回升。

Jeff Rulis, D.A. Davidson.

傑夫·魯利斯、地方檢察官戴維森。

Rich, I wanted to circle back and not to get too granular, but you touched on the share E non-performers and we're off a low base. But maybe same question on -- look like a little pickup in the commercial non-performing loans. Any specifics to that? I'm guessing a similar answer to CRE, it's pretty granular, but by type or geography on C&I?

里奇，我想回到正題，不想談得太詳細，但你提到了 E 股表現不佳者，而且我們的基數還很低。但也許同樣的問題是——商業不良貸款看起來略有回升。有什麼具體細節嗎？我猜答案與 CRE 類似，非常細緻，但按 C&I 的類型或地理位置劃分？

Again, very granular. We had one in particular, credit that just had -- we've seen performance suffer for a little while here over the last couple of quarters and finally decided that this was a credit that probably is going to need more meaningful remediation and just took it to non-performing. We think that we've -- we've got it marked right, but again, just kind of a one-off situation.

再次強調，非常細緻。我們有一個特別的例子，就是信貸——我們看到過去幾個季度裡，信貸表現一直在下降，最後我們決定，這個信貸可能需要更有意義的補救措施，並將其列為不良信貸。我們認為我們已經——我們已經正確標記了它，但這只是一次性的情況。

And Rich, if you were to flag sort of concern? Or just -- is it the small ticket business arena that you'd say maybe in this environment, the most pressured or anywhere in C&I that you'd highlight the most?

那麼 Rich，您是否表示出了某種擔憂？或者只是—您認為在這種環境下，小額業務領域是壓力最大的領域，還是您最關注的 C&I 領域？

Yes. There's nothing that I would necessarily point to specifically. I think it's more a question of leveraging the balance sheet, liquidity on the balance sheet just -- those are some of the operating things that we kind of take a look at.

是的。我沒有什麼好特別指出的。我認為這更多的是一個利用資產負債表、資產負債表流動性的問題——這些都是我們要關注的一些營運事項。

Last year about this time, we were really focused on transportation. We had pretty much across the board, a number of transportation-related issues, but P&C leasing, core C&I, I think we weathered our way through that. So I think we're feeling better in that space. But right now, it's really more, I think, event-driven than industry-driven.

去年大約這個時候，我們真正關注的是交通運輸。我們幾乎全面地遇到了許多與運輸相關的問題，但我認為我們已經解決了財產和意外保險租賃、核心商業和工業保險方面的問題。所以我認為我們在那個領域感覺更好。但目前，我認為它更多的是由事件驅動而不是產業驅動。

Got it.

知道了。

And then I'd like to maybe add in there, Jeff. I mean if you look at the total non-performing loan ratio, it's right in the middle of the range. I mean, we bring from 35 basis points to 39 basis points, and we're at 37 basis points, and it's an awfully low number. So just one credit here or there can move it a little bit. But again, it's low and right in the middle of our historical range over the last five quarters.

然後我想補充一下，傑夫。我的意思是，如果你看一下整體不良貸款率，它就處於中間範圍。我的意思是，我們將利率從 35 個基點提高到 39 個基點，而我們現在的利率是 37 個基點，這是一個非常低的數字。因此，這裡或那裡只需一個信用就可以稍微改變一下。但同樣，它處於低位，正好處於過去五個季度的歷史範圍的中間。

Got you. Yes, good perspective. And then just one other one. I just continue to try to model the covered call option, sort of the outlook there, and that's on a quarterly basis between, call it, $1 million to $6 million a quarter. Anything that you could lead us to or drivers of that, plus or minus as what could a lower or higher quarter there?

明白了。是的，很好的觀點。然後就剩下一個了。我只是繼續嘗試模擬備兌買權，有點像那裡的前景，而且是按季度計算，介於每季 100 萬美元到 600 萬美元之間。您能否為我們指明方向或推動因素，以及季度業績可能出現高低變化的原因？

No. It sort of really depends on what happens to. We're writing calls on government agencies like Fannie Mae. So it sort of really depends on what that part of the curve does as far as -- if it comes down, the securities that we called it and we'll rewrite and then it also depends on what volatility is at the time that we buy the security.

不。這確實取決於發生了什麼。我們正在向房利美等政府機構發出呼籲。因此，這實際上取決於曲線的該部分的表現 - 如果它下降，我們稱之為證券，我們會重寫，然後它還取決於我們購買證券時的波動性。

So my crystal ball isn't good enough to predict what it's going to be at the end of the third quarter. But if rates go down a little bit and securities get called then we'll generally have more, more call option. If rates go up, then it's usually less.

所以我的水晶球不足以預測第三季末的情況。但如果利率略有下降，證券被贖回，那麼我們通常會有更多的買權。如果利率上升，那麼金額通常會減少。

But you're right, it's generally in the $1 million to $5 million, $6 million range and it really can fluctuate. But it's really sort of a hedge to down rate for us. It supplements revenue if rates go down. So if those rates do go down, call option will go up, which will supplement revenue and offset any pressure you could have on margin.

但您說得對，它一般在 100 萬美元到 500 萬美元、600 萬美元之間，而且確實會波動。但這對我們來說確實是一種降低利率的對沖措施。如果利率下降，它可以補充收入。因此，如果這些利率確實下降，看漲期權就會上升，這將補充收入並抵消保證金可能帶來的壓力。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

Maybe just any thoughts on capital targets as we move through the rest of the year here with what you've done on the preferred and just overall in terms of maybe CET1 targets?

也許只是對我們今年剩餘時間的資本目標有什麼想法，以及您對優先股和整體 CET1 目標所做的工作？

Yes. Well, CET1, we had such good growth this quarter, it came down 10%. But we would expect that probably to grow 10 basis points a quarter going forward if we have the mid- to high single-digit loan growth. And the other categories -- and we put this in the earnings release, roughly 60 basis points higher at the end of June because we had both preferred -- all preferred issuances outstanding, so we had the 425 Series F outstanding and the [4.5] of the Series D and E. So somewhat elevated at the end of June.

是的。嗯，CET1，我們本季的成長非常好，它下降了 10%。但如果貸款成長率達到中高個位數，我們預計未來每季可能會成長 10 個基點。至於其他類別——我們將其放在收益報告中——在 6 月底大約高出 60 個基點，因為我們有優先股——所有優先股發行都未償還，所以我們有 425 只 F 系列債券未償還，D 系列和 E 系列債券未償還 4.5 只。因此在 6 月底略有上升。

Those Tier 1 ratios will come down 60 basis points. That's a CET1 because preferred is not in the common. But the total Tier 1s will come down roughly 60 basis points. But we put those numbers in the press release. From here on out, we would just expect gradually grow capital, 10 basis points or so with earnings and mid to high single-digit loan growth.

這些一級資本比率將下降 60 個基點。這是 CET1，因為優先股不屬於普通股。但一級資本總額將下降約 60 個基點。但我們把這些數字發佈在新聞稿中了。從現在開始，我們預計資本將逐步成長，收益將成長 10 個基點左右，貸款將實現中高個位數成長。

I guess what's the -- would you be comfortable bringing it back down below 10% if there was a good opportunity or a good deal? Or should we think that 10% CET1 is more of a floor for the time being?

我想問的是——如果有好的機會或好的交易，您是否願意將其降至 10% 以下？或者我們應該認為 10% 的 CET1 暫時只是一個底線？

I think it's more of a floor. I think staying at 10% is not a bad level to indicate a floor. But we'd like to grow that. If there was a great opportunity and -- it was down just (technical difficulty) I would look at 10% as a floor in our minds right now.

我認為它更像是一個地板。我認為保持在 10% 是一個不錯的水平，可以作為底線。但我們希望能夠進一步發展。如果存在一個很好的機會，但只是（技術難度）下降了，那麼我現在會將 10% 視為我們的底線。

David Chiaverini, Jefferies.

傑富瑞的戴維‧基亞維里尼 (David Chiaverini)。

Follow-up on loan growth. Curious on non-premium finance, so more in the core C&I and CRE side. Can you talk about borrower sentiment? Are you seeing more borrowers come off the sidelines here?

追蹤貸款成長情況。對非保費融資感到好奇，因此更關注核心 C&I 和 CRE 方面。能談談借款人的情緒嗎？您是否看到越來越多的借款人選擇退出？

As I mentioned before, the sentiment, I think, is better than it was at the last earnings call because there was so much disruption in terms of some of the challenges coming out of Washington. So I think that there is more stability. I don't think it's -- there was a talk at the end of last year of animal spirits and just there's a tremendous uptick in overall business sentiment. I wouldn't say that.

正如我之前提到的，我認為目前的情緒比上次財報電話會議上要好，因為來自華盛頓的一些挑戰造成了極大的干擾。所以我認為會更加穩定。我不認為這是——去年年底曾有關於動物精神的討論，而且整體商業情緒大幅上升。我不會這麼說。

I would say people continue to be cautiously optimistic. I think that they see that the clouds are partnered a little bit on some of these issues that may affect our business. So I feel, talking to a lot of these customers directly, that people generally feel better than they did last quarter. There's still, I think, a fair amount of wait and see, wait and see on what these -- the tax code changes are going to look like, seeing what rates are going to do. There's just -- there's still a fair amount of questions that are out there.

我想說人們仍然保持謹慎樂觀的態度。我認為他們看到了雲端運算在某些可能影響我們業務的問題上存在一些合作。因此，我感覺，透過與許多客戶直接交談，人們普遍感覺比上一季更好。我認為，我們還需要等待一段時間才能看到稅法變化的結果，看看稅率會如何變化。只是——仍然存在相當多的問題。

But we feel pretty good. The other thing we feel good about and we've talked about in prior calls is just the market positioning that we have. There's just been a huge change in terms of the competitive dynamic in Chicago that's really allowed us the opportunity to get into a lot more doors. And so we think that, that is a huge part of the growth story for us.

但我們感覺很好。我們感到滿意的另一件事，也是我們在之前的電話會議中討論過的事情，就是我們的市場定位。芝加哥的競爭動態發生了巨大的變化，這確實讓我們有機會進入更多領域。因此我們認為，這是我們成長故事的重要組成部分。

So generally, as we talked about, pipelines look good, and that's probably a function of the market dynamics, but also just general clarity on the overall economic environment.

因此，總體而言，正如我們所討論的，管道看起來不錯，這可能是市場動態的功能，但也是整體經濟環境的整體清晰度。

Brendan Nosal, Hovde Group.

布倫丹‧諾薩爾（Brendan Nosal），霍夫德集團（Hovde Group）。

If I look at the ACL calculation on slide 15, it looks like the baseline macro factors drove an increase, but the macro uncertainty drove a decline. Just kind of curious how that shapes up. Is that a shift from the uncertainty bucket into the baseline forecast? Or maybe just help us kind of square that circle?

如果我看一下投影片 15 上的 ACL 計算，看起來基線宏觀因素推動了成長，但宏觀不確定性導致了下降。只是有點好奇它是如何形成的。這是從不確定性轉向基線預測嗎？或者也許只是幫助我們解決這個問題？

Yes, I think that's right. I mean, last quarter, we had about, I think, a $36 million -- we disclosed about $36 million number for macro uncertainty, which included the BAA spread factor and market volatility, the stock market volatility actually factors into some of our models. And we maintain sort of the BAA credit spread overlay, but the market volatility sort of went away this quarter.

是的，我認為是這樣。我的意思是，上個季度，我們披露了大約 3600 萬美元的宏觀不確定性數字，其中包括 BAA 利差因素和市場波動，股市波動實際上已影響到我們的一些模型。我們維持了 BAA 信用利差覆蓋，但本季市場波動有所消失。

So probably an overlay in the low $20 million range versus the mid-$30 million. So that's about that $10 million difference that you're seeing in that slide on the far right. And so the macroeconomic baseline actually increased a bit and the overlay decreased a bit, and they generally offset each other.

因此，覆蓋範圍可能在 2000 萬美元出頭，而不是 3000 萬美元中段。這就是您在最右邊的幻燈片中看到的 1000 萬美元的差額。因此，宏觀經濟基線實際上有所增加，而覆蓋範圍有所減少，並且它們通常相互抵消。

Nick Holowko, UBS.

瑞銀的 Nick Holowko。

Just one for me on the margin. So you've had a ton of success stabilizing the margin in this [3.5] range for about a year now at the help of the hedges that you have in place and your deposit gathering efforts. And loan growth is obviously trending very strong. So how do you think about your appetite and your need to grow that hedging portfolio at a faster pace alongside your loan growth to keep a similar degree of margin protection beyond this year?

對我來說，邊緣只有一個。因此，在現有對沖和存款收集努力的幫助下，您已經取得了巨大的成功，將利潤率穩定在 [3.5] 這一範圍內大約一年了。貸款成長顯然呈現強勁趨勢。那麼，您如何看待自己的需求以及在貸款增長的同時以更快的速度擴大對沖組合以在今年以後保持類似程度的保證金保護？

Yes. Nick, I think if you look at the disclosure that we put on slide 25, we list up the (technical difficulty) in place. And we feel pretty good for the next year or so, then some of them start to mature off. So we'll look to fill out the buckets in '27 and '28. But for the next year, so we feel pretty good about our position, and we're just waiting for sort of operating times in the market to add on to those swap positions.

是的。尼克，我想如果你看一下我們在第 25 張投影片上所揭露的內容，你會發現我們列出的是（技術難題）。我們對未來一年左右的情況感覺很好，然後他們中的一些人開始成熟。因此，我們將努力在 27 年和 28 年填補空缺。但對於明年而言，我們對自己的部位感覺非常良好，我們只是在等待市場運作時間來增加這些掉期部位。

But the last few, you can see we did one year forward starts, and then we did them out four or five years. So just trying to opportunistically and not fill them all up at the same time from a diversification standpoint to add to those as we go along. But I think you will see us add on to those later maturities over time.

但最近幾年，你可以看到我們提前一年開始，然後提前四到五年完成。因此，我們只是嘗試抓住機會，而不是從多樣化的角度同時填滿它們，而是在前進的過程中不斷添加它們。但我認為，隨著時間的推移，你會看到我們會增加這些後期到期的產品。

Thank you. I would now like to turn the conference back to Tim Crane for closing remarks. Sir?

謝謝。現在我想請提姆·克蘭致閉幕詞。先生？

Latif, thank you very much. And guys, I apologize for the technical difficulties. We certainly appreciate your time and interest in Wintrust. And as you can tell, we feel well positioned for the second half of the year and actually enter the third quarter with a lot of momentum.

拉蒂夫，非常感謝你。各位，對於技術問題我深感抱歉。我們非常感謝您花時間關注 Wintrust。正如您所看到的，我們為今年下半年做好了充分的準備，並且實際上以強勁的勢頭進入第三季。

As always, please don't hesitate to reach out if there's anything we can do for you or as Dave said, if there's any questions on the accounting for the preferreds. But we appreciate your time this morning. Thank you very much.

像往常一樣，如果我們能為您做些什麼，或者如戴夫所說，如果對優先股的會計處理有任何疑問，請隨時與我們聯繫。但我們非常感謝您今天上午抽出時間。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。