Amalgamated Financial Corp (AMAL) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Amalgamated financial third quarter 2024 earnings call.

早安，女士們、先生們，歡迎參加合併財務 2024 年第三季財報電話會議。

During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded.

在今天的演示過程中，各方都將處於僅聽模式。演講結束後，會議將開放接受提問，並附有屆時遵循的說明。謹此提醒，本次電話會議正在錄音中。

I would now like to turn the call over to Mr Jason Darby, Chief Financial Officer. Please go ahead, sir.

我現在想將電話轉給財務長 Jason Darby 先生。請繼續，先生。

Thank you operator and good morning everyone. We appreciate your participation in our earnings call. With me today is Priscilla Sims Brown, our President and Chief Executive Officer.

謝謝接線員，大家早安。我們感謝您參與我們的財報電話會議。今天與我在一起的是我們的總裁兼執行長 Priscilla Sims Brown。

As a reminder, a telephonic replay of this call will be available in the investors section of our website for an extended period of time.

謹此提醒，我們網站的投資者部分將長期提供本次電話會議的電話重播。

Additionally, a slide deck to complement today's discussion is also available in the investors section of our website. Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

此外，我們網站的投資者部分還提供了補充今天討論的幻燈片。在我們開始之前，讓我提醒大家，本次電話會議可能包含某些構成 1995 年私人證券訴訟改革法案含義內的前瞻性陳述的陳述。

We caution investors that actual results may differ from the expectations indicated or implied by any such forward-looking information or statements. Investors should refer to slide 2 of our earnings slide deck as well as our 2023 10-K filed on March 7, 2024, for a list of risk factors that could cause actual results to differ materially from those indicated or implied by such statements.

我們提醒投資者，實際結果可能與任何此類前瞻性資訊或聲明所表明或暗示的預期有所不同。投資者應參閱我們的收益幻燈片的幻燈片2 以及我們於2024 年3 月7 日提交的2023 年10-K，以了解可能導致實際結果與此類聲明所表明或暗示的結果存在重大差異的風險因素列表。

We will also discuss certain non-GAAP measures during today's call which we believe are useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with US GAAP, a reconciliation of these non GAAP measures to the most comparable GAAP measure can be found in our earnings release as well as on our website.

我們也將在今天的電話會議上討論某些非公認會計原則措施，我們認為這些措施有助於評估我們的表現。這些附加資訊的呈現不應被孤立地考慮或作為根據美國公認會計原則準備的結果的替代品，這些非公認會計原則措施與最具可比性的公認會計原則措施的調節可以在我們的收益報告以及在我們的財務報告中找到。

Let me now turn the call over to Priscilla.

現在讓我把電話轉給普里西拉。

Good morning, everyone and thank you for joining us. Our third quarter financial results clearly demonstrate that Amalgamated remains positioned to achieve sustainable earnings and profitability.

大家早安，感謝您加入我們。我們第三季的財務表現清楚地表明，Amalgamated 仍然有能力實現可持續的獲利和獲利能力。

During the quarter, we delivered outstanding deposit and loan growth, strong profitability and returns and a growing capital base that positions us to invest in our strategic initiatives which will power our growth well into the future.

本季度，我們實現了出色的存款和貸款成長、強勁的獲利能力和回報以及不斷增長的資本基礎，使我們能夠投資於我們的策略舉措，這將推動我們未來的成長。

This was another quarter of growth across customer segments as we continue to demonstrate a defensible business model that is positioned to thrive as the PACE of investment and financing accelerates across politics, labor sustainability and other impact areas.

這是各客戶群又一個季度的成長，因為我們繼續展示一種可靠的商業模式，隨著政治、勞動力可持續性和其他影響領域的投資和融資步伐加快，該模式將蓬勃發展。

Our business is well diversified and not dependent on a single customer segment. It delivers robust growth regardless of which party is in control in Washington. In fact, we have seen broad based strength across our deposit franchise as our customers increasingly understand that their money can have a significant positive impact in the world when they bank with Amalgamated, whether it's addressing social issues, the climate crisis or a range of other topics that our customers are passionate about. They know that their money will be used in a way that aligns with their values.

我們的業務高度多元化，不依賴單一客戶群。無論哪個政黨在華盛頓掌權，它都會帶來強勁的成長。事實上，我們已經看到我們的存款業務具有廣泛的基礎優勢，因為我們的客戶越來越認識到，當他們透過Amalgamated 進行銀行業務時，他們的錢可以對世界產生重大的積極影響，無論是解決社會問題、氣候危機或一系列其他問題我們的客戶熱衷的話題。他們知道他們的錢將以符合他們價值觀的方式使用。

And we are still in the early innings of the societal shift which presents a significant growth opportunity for the bank to punctuate this. We have a new tagline that better reflects our impact with clients, the planet and the financial industry impact is in our DNA and our new tagline bank on impact shows both how mission meets performance and how you can rely on us to do well through good work.

我們仍處於社會轉變的早期階段，這為銀行提供了一個重大的成長機會來強調這一點。我們的新口號更好地反映了我們對客戶、地球和金融業的影響，影響力已融入我們的DNA，我們的新口號影響力銀行展示了使命如何滿足績效，以及您如何依靠我們通過出色的工作取得好成績。

Our third quarter results clearly highlight our unique franchise and position as a deposit franchise. Once again, outperformed the industry with $311 million in new deposits led by strength across our political social and philanthropy and sustainable customer segments.

我們第三季的業績清楚地凸顯了我們作為存款特許經營者的獨特特許經營權和地位。在我們的政治、社會和慈善事業以及永續客戶群的實力推動下，新增存款達 3.11 億美元，表現再次優於產業。

Our nonpolitical deposits were strong again this quarter as our social and philanthropy deposits rose $82 million and our sustainable deposits rose $77 million as I will touch on more in a moment. The sustainable segment is a large opportunity for Amalgamated, given the significant amount of investment anticipated in order for the US to achieve net zero emissions by 2050.

本季我們的非政治存款再次強勁，我們的社會和慈善存款增加了 8,200 萬美元，可持續存款增加了 7,700 萬美元，我稍後會談到更多內容。鑑於美國到 2050 年實現淨零排放預計需要大量投資，永續發展領域對 Amalgamated 來說是一個巨大的機會。

The spending also represents a significant deposit opportunity. Ultimately, the transition to a clean economy is still only in the opening chapters. We continue to build on our rich expertise in this space and expect to be a leading player in its growth.

這筆支出也代表著重要的存款機會。最終，向清潔經濟的轉型仍處於起步階段。我們將繼續利用我們在這一領域豐富的專業知識，並期望成為其發展的領導者。

Our political deposit balances grew 13% and ended the quarter at $2 billion well ahead of our prior peak of $1.3 billion achieved during the midterm elections in 2022.

我們的政治存款餘額增加了 13%，本季末達到 20 億美元，遠高於 2022 年中期選舉期間達到的 13 億美元的高峰。

This cycle is clearly unique as we continue to experience political deposit inflows throughout the third quarter. A period that historically sees higher outflows as balances are spent down as the election near this is truly an unprecedented environment with fundraising records continuing to be broken and a level of engagement that bodes well for future cycles.

這個週期顯然是獨一無二的，因為我們在整個第三季度繼續經歷政治存款流入。從歷史上看，隨著選舉臨近，資金流出會增加，這確實是一個前所未有的環境，籌款記錄不斷被打破，參與程度也預示著未來的周期。

Looking to the fourth quarter, our updated model shows that our political deposits will likely trough somewhere between $850 million and $875 million at the end of this year, which is well above the 2022 trough and our previous estimate of $700 million.

展望第四季度，我們更新的模型顯示，到今年年底，我們的政治存款可能會降至 8.5 億美元至 8.75 億美元之間，遠高於 2022 年的低谷和我們先前估計的 7 億美元。

We remind investors that the pattern of inflows and outflows in a political cycle tend to be repetitive. However, political deposit flows this late in the cycle are very difficult to pinpoint. Our confidence comes from the publicly reported spending data which so far has been similar to prior cycles, turning to the other side of our balance sheet. We experienced an acceleration in our loan growth through the third quarter with a nice balance across commercial and industrial real estate and sustainable lending.

我們提醒投資者，政治週期中資金流入和流出的模式往往是重複的。然而，在周期後期，政治存款的流動情況很難確定。我們的信心來自公開報告的支出數據，到目前為止，這些數據與先前的周期相似，轉向我們資產負債表的另一邊。第三季我們的貸款成長加速，商業和工業房地產以及永續貸款之間實現了良好的平衡。

Importantly, the effective paydowns and payoffs in our C&I segment was less which allowed the steady underlying loan pipeline to show this quarter. Overall, we generated 2.7% of core loan growth in the quarter. Our fourth quarter metric will likely be within our target range of between 1% and 2%.

重要的是，我們的工商業部門的有效還款和回報較少，這使得本季的基礎貸款管道保持穩定。總體而言，本季我們的核心貸款成長了 2.7%。我們第四季的指標可能會在 1% 到 2% 的目標範圍內。

We're also carefully reshaping our balance sheet with a focus on harvesting yield as commercial real estate loans mature in the upcoming years. In fact, we have $352 million of below market yielding loans set to mature by the end of 2025 and an additional $149 million set to mature by the end of 2026 which will be replaced with higher yielding loans even as rates decline. This will allow us to continue NII growth while also keeping our balance sheet relatively neutral.

我們也正在仔細調整我們的資產負債表，重點是隨著商業房地產貸款在未來幾年到期而收穫收益。事實上，我們有3.52 億美元的低於市場收益率的貸款將於2025 年底到期，還有1.49 億美元的貸款將於2026 年底到期，即使利率下降，這些貸款也將被收益率較高的貸款取代。這將使我們能夠繼續NII成長，同時保持我們的資產負債表相對中立。

As I think about our business against the backdrop of continued revenue growth. We begin pulling forward necessary investments during the third quarter. We added to our sustainable lending team which I will touch on in a moment, our technology team as well as we made strategic IT investments.

當我在收入持續成長的背景下思考我們的業務時。我們在第三季開始推進必要的投資。我們增加了永續貸款團隊（我稍後會談到）、我們的技術團隊以及我們進行的策略 IT 投資。

I would like to stress that our investments will as always be funded through profitability with core efficiency. Ratio and positive operating leverage constraints.

我想強調的是，我們的投資將一如既往地透過核心效率的獲利能力來資助。比率和正經營槓桿限制。

I see many opportunities to further grow, Amalgamated and deliver increased value to our shareholders. Our sustainable lending segment is one where I am particularly optimistic as the years go forward, there is tremendous momentum in this segment as the world continues to mobilize to meet climate finance needs which will require an estimated $3 trillion of financing over the next 10 years. Just to reduce net emissions to zero by 2050.

我看到了許多進一步發展、合併並為股東創造更多價值的機會。隨著時間的推移，我們的永續貸款領域是我特別樂觀的領域，隨著世界繼續動員起來滿足氣候融資需求，這一領域將呈現出巨大的勢頭，預計未來10 年將需要3 兆美元的融資。只是為了在2050年將淨排放量減少到零。

Our sustainable lending team is working on projects across the country as we look to provide the necessary funding to bring sustainable infrastructure to life. In fact, our mission based banking franchise truly has no geographic boundaries as we currently have commercial customers in 48 states.

我們的永續貸款團隊正在全國各地開展項目，希望提供必要的資金來實現永續基礎設施。事實上，我們基於使命的銀行業務確實沒有地理界限，因為我們目前在 48 個州擁有商業客戶。

During the third quarter, we added industry experts to our sustainable lending team to lead our efforts to successfully execute on the $27 billion greenhouse gas reduction fund. We've been able to attract top tier and well recognized leaders in sustainable lending and I'm honored that they have joined Amalgamated as we accelerate our efforts to support America's transition to a clean energy economy.

第三季度，我們在永續貸款團隊中增加了行業專家，以領導我們成功執行 270 億美元溫室氣體減排基金的工作。我們已經能夠吸引永續貸款領域的頂級和公認的領導者，我很榮幸他們加入了 Amalgamated，因為我們正在加快努力支持美國轉型為清潔能源經濟。

I also remain optimistic that while the greenhouse gas reduction fund could experience some pressure depending upon the political climate. Next year, we believe that any rollbacks would likely come from allowing the expiration of certain tax credits and other changes at the broader inflation reduction act level. These areas aren't at the core of our strategy to finance the rapidly growing renewable energy market.

我也仍然樂觀地認為，雖然溫室氣體減排基金可能會根據政治氣候而承受一些壓力。明年，我們認為任何回滾都可能來自於允許某些稅收抵免到期以及在更廣泛的通膨削減法案層面上進行其他變化。這些領域並不是我們為快速成長的再生能源市場提供資金的策略的核心。

To conclude, I remain very optimistic on the future for Amalgamated, for our employees, our customers and of course our shareholders, we continue to have a long runway ahead of us as we carefully grow the bank and drive socially responsible banking to new heights. Jason over to you.

總而言之，我對Amalgamated 的未來仍然非常樂觀，對於我們的員工、我們的客戶，當然還有我們的股東來說，在我們精心發展銀行並將社會責任銀行業務推向新高度的過程中，我們還有很長的路要走。傑森交給你了。

Good morning, everyone starting off on slide 3, we continue to produce solid results through the 2024 third quarter, net income was $27.9 million or $0.90 per diluted share and core net income, which is a non-GAAP measure was $28 million or $0.91 per diluted share reflecting our carefully improved earnings base.

大家早安，大家從投影片3 開始，到2024 年第三季度，我們將繼續取得穩健的業績，淨利潤為2790 萬美元，或稀釋後每股收益0.90 美元，核心淨利潤（非GAAP 指標）為2800 萬美元，或稀釋每股收益0.91 美元稀釋後的份額反映了我們精心改善的盈利基礎。

The quarterly results also featured a continued surge in deposit growth with a low total cost of deposits of 158 basis points.

季度業績也顯示存款成長持續飆升，存款總成本低至 158 個基點。

Additionally, we saw $2.9 million of net interest income growth, a 21 basis point leverage ratio increase and a five basis point increase in our net interest margin.

此外，我們的淨利息收入增加了 290 萬美元，槓桿率增加了 21 個基點，淨利差增加了 5 個基點。

Now, as I previewed on our second quarter call, we expected to have a bit of noise again this quarter to flow through our margin. And during the quarter, our loan income absorbed $1.3 million of an acceleration of deferred costs on certain loans. Excluding this impact, our net interest margin would have risen 2 basis points to 3.58% from the second quarter's adjusted level of 3.56%.

現在，正如我在第二季電話會議上預覽的那樣，我們預計本季將再次出現一些噪音影響我們的利潤。在本季度，我們的貸款收入吸收了 130 萬美元的某些貸款遞延成本的加速成長。剔除此影響，我們的淨利差將從第二季調整後的 3.56% 上升 2 個基點至 3.58%。

Our neutral balance sheet strategy continues to drive our return metrics. Over the past seven quarters, we've been moving varying amounts of deposits off balance sheet to both maintain our focus on building capital and also advantageously generate off balance sheet income. We ended the quarter with $1.2 billion of deposits off balance sheet comprised of both transactional political deposits and other segment deposits which generated approximately $8.1 million of non core non interest income.

我們的中性資產負債表策略繼續推動我們的回報指標。在過去的七個季度中，我們一直將不同數量的存款移出表外，以保持我們對資本建設的關注，並有利地產生表外收入。本季末，我們的表外存款為 12 億美元，其中包括交易性政治存款和其他部門存款，產生約 810 萬美元的非核心非利息收入。

This deposit strength allows us great flexibility to structure our balance sheet for sustainable profitability and returns.

這種存款實力使我們能夠非常靈活地建立資產負債表，以實現可持續的獲利能力和回報。

And this quarter, in addition to selling another $51.9 million of underwater securities, we also agreed to sell $40.9 million of low yield residential loans. To the extent we have off balance sheet deposits in the fourth quarter. We expect to continue to utilize that non core interest income to sell securities and improve our core interest income that said we expect this income to be substantially less than the current quarter. With the conclusion of this presidential election. Continuing to slide 4, we look at some of our key performance metrics during the third quarter. Starting on the left, our tangible book value per share increased $1.69 or a healthy 8.2% to $22.29.

本季度，除了另外出售 5,190 萬美元的水下證券外，我們還同意出售 4,090 萬美元的低收益住宅貸款。就第四季我們的表外存款而言。我們預計將繼續利用非核心利息收入出售證券並提高我們的核心利息收入，我們預計這筆收入將大大低於本季。隨著本次總統大選的結束。繼續投影片 4，我們查看第三季的一些關鍵績效指標。從左邊開始，我們的每股有形帳面價值增加了 1.69 美元，即健康成長 8.2%，達到 22.29 美元。

Helped by the improvement in AFCI combined with our strong earnings in the quarter. And our core revenue per diluted share was $2.62 for the third quarter. A $0.10 increase in the prior quarter. We think this nicely shows our commitment to delivering long term shareholder value moving across to our returns. Core return on average equity was 16.66%. A modest decline that we expected given the build in our equity base through the mark to market improvements as rates decline.

得益於 AFCI 的改善以及我們本季強勁的盈利。第三季我們攤薄後每股核心營收為 2.62 美元。比上一季增加 0.10 美元。我們認為這很好地表明了我們致力於提供長期股東價值並轉化為我們的回報的承諾。核心平均股本回報率為16.66%。鑑於我們的股本基礎隨著利率下降而以市價計價改善，因此我們預期會出現小幅下降。

We are especially pleased with the improvement in our core return on average assets which increased six basis points to 1.33%. Further showing the earnings power and potential of the bank. Moving to capital, our Tier 1 leverage ratio improved another 21 basis points to 8.63% and we have now achieved our minimum 8.5% goal. Looking forward, we will tether our balance sheet size for our minimum leverage target. Further, we have an eye towards a 9% Tier 1 leverage ratio given the PACE of our capital building. As we position our balance sheet to comfortably pass increasingly tougher adverse stress scenarios.

我們對平均資產核心報酬率的改善感到特別高興，增加了六個基點至 1.33%。進一步顯示出銀行的獲利能力和潛力。轉向資本方面，我們的一級槓桿率又提高了 21 個基點，達到 8.63%，現在我們已經實現了 8.5% 的最低目標。展望未來，我們將根據最低槓桿目標來限制資產負債表規模。此外，考慮到我們資本建設的步伐，我們著眼於 9% 的一級槓桿率。當我們調整資產負債表以輕鬆應對日益嚴峻的不利壓力情況時。

Our tangible common equity to tangible assets was 8.14% representing an eighth consecutive quarter of improvement. And we believe this demonstrates our results of consistently turning over our securities portfolio. We sold $812.9 million of securities since implementing the strategy in March of 2022.

我們的有形普通股權益與有形資產之比為 8.14%，連續第八個季度有所改善。我們相信，這證明了我們持續週轉證券投資組合的結果。自 2022 年 3 月實施該策略以來，我們已出售了 8.129 億美元的證券。

Turning to slide 5 total deposits at September 30, 2024, were $7.6 billion, an increase of $145.6 million in the linked quarter. On balance sheet deposits excluding broker CDs increased by $196.9 million or 2.7% to $7.5 billion.

轉投投影片 5，截至 2024 年 9 月 30 日，總存款為 76 億美元，比相關季度增加 1.456 億美元。不包括經紀商存款證的資產負債表存款增加了 1.969 億美元，即 2.7%，達到 75 億美元。

Additionally, we were very pleased to see our non interest bearing deposits increased to approximately 50% of average deposits and 51% of ending deposits excluding broker CDs, which contributed to a strong average cost of deposits of 151 basis points in the third quarter of 2024.

此外，我們非常高興看到我們的無息存款占平均存款的約 50%，佔期末存款（不包括經紀商 CD）的 51%，這導致 2024 年第三季的平均存款成本高達 151 個基點。

Jumping ahead to slide 6 and 7, the book value of our traditional securities portfolio increased $107 million during the quarter, primarily as a result of $167 million in purchases offset by $51.9 million in strategic sales and $126.6 million in traditional securities pay downs. Net PACE assessment growth was $10.6 million net R PACE production was below our $20 million to $25 million target as payoffs were significantly higher than in previous quarters due mainly to seasonality that had to pay us for substantially within our HTM portfolio where more of the age and lower yielding assets are our AFS portfolio. Where we have been recording more of our recent purchases. So a net growth of $36.6 million in the quarter.

跳到幻燈片6 和7，本季我們傳統證券投資組合的帳面價值增加了 1.07 億美元，主要是由於1.67 億美元的購買抵消了5190 萬美元的戰略銷售和1.266 億美元的傳統證券支付。淨PACE 評估成長為1,060 萬美元淨R PACE 產量低於我們2,000 萬至2,500 萬美元的目標，因為回報明顯高於前幾個季度，這主要是由於季節性因素，必須在我們的HTM 投資組合中為我們支付大量費用，其中更多的年齡和年齡收益率較低的資產是我們的 AFS 投資組合。我們一直在其中記錄更多最近的購買情況。因此，本季淨成長 3,660 萬美元。

Turning to slide 8 net loans receivable at September 30, 2024, were $4.5 billion an increase of $78 million or 1.8%. Compared to the length quarter, the yield in our total loans increased 11 basis points to 4.79% during the quarter. The increase in loan income and yield was primarily due to an $86.7 million increase in average loan balances in addition to $2.1 million of accelerated amortization related to purchase premiums associated with the payoff of AC and loan relationship last quarter, offset by a $1.3 million loss of income from an acceleration of deferred costs on certain loans this quarter.

轉向投影片 8，截至 2024 年 9 月 30 日，應收貸款淨額為 45 億美元，增加了 7,800 萬美元，即 1.8%。與上一季相比，本季我們總貸款的收益率上升了 11 個基點，達到 4.79%。貸款收入和收益率的增加主要是由於平均貸款餘額增加了8,670 萬美元，此外還包括與上季度償還AC 和貸款關係相關的購買保費相關的210 萬美元加速攤銷，被130 萬美元的貸款損失所抵銷。

Additionally, as Priscilla noted our third quarter loan growth was 2.7% after adjusting for the loans that we have agreed to sell in the quarter.

此外，正如 Priscilla 所指出的那樣，在對我們同意在本季出售的貸款進行調整後，我們第三季的貸款成長率為 2.7%。

Moving to slides 9, 10 and 11 looking at the real estate portfolio, we have $111 million in maturing lower price, commercial real estate and multi family loans over the balance of the year. Importantly, we have a relatively benign exposure profile as our office only commercial real estate portfolio was $61 million comprised of all past grade credits and just over 20% of our multi family portfolio had loans with units subject to pre 1974 rent stabilization rules.

轉向幻燈片 9、10 和 11，查看房地產投資組合，我們在今年餘下的時間裡有 1.11 億美元的到期低價貸款、商業房地產和多戶家庭貸款。重要的是，我們的風險敞口相對良性，因為我們的純辦公室商業房地產投資組合為6100 萬美元，由所有過去的等級信貸組成，而我們的多戶投資組合中超過20% 的貸款單元受1974年之前租金穩定規則的約束。

On the multi family side, we renewed $13 million of pre 1974 exposure across three credits via combination of cash infusion and advertising terms in exchange for modest rate concessions during the quarter and in the fourth quarter, we have $29 million of pre 1970 more loans maturing.

在多戶家庭方面，我們透過現金注入和廣告條款相結合的方式，在三個信貸中更新了1,300 萬美元的1974 年之前的貸款，以換取本季度適度的利率優惠，在第四季度，我們還有2,900 萬美元的1970 年之前的貸款到期。

Moving to slide, 14 nonperforming assets decreased $71 million to $28.6 million or 0.34% of period and total assets at September 30, 2024. And our criticized assets decreased $5.9 million to $88.6 million on a quarter basis.

截至 2024 年 9 月 30 日，14 項不良資產減少 7,100 萬美元，至 2,860 萬美元，佔期間資產和總資產的 0.34%。我們的批評資產按季度減少了 590 萬美元至 8,860 萬美元。

During the third quarter, we recognized a fully reserved $4.5 million charge off of a delinquent legacy leveraged loan which drove our net charge off ratio higher in the quarter.

在第三季度，我們確認從拖欠的遺留槓桿貸款中全額預留了 450 萬美元沖銷，這推動了我們本季的淨沖銷率上升。

Turning to slide 16, we are tightening our full year 2024 guidance to core pretext pre provision earnings of $154 million to $156 million and net interest income of $279 million to $281 million which considers the effect of the forward rate curve of 2024.

轉向幻燈片16，考慮到2024 年遠期利率曲線的影響，我們將2024 年全年指引收緊，核心藉口撥備前收益為1.54 億美元至1.56 億美元，淨利息收入為2.79 億美元至2.81億美元。

Additionally, we estimate an approximate $2 million decrease in annual net interest income for a parallel 25 basis point decrease in interest rates beyond what the forward curve currently suggests. Rounding out guidance, we are maintaining our target balance sheet size for year end at approximately $8.35 billion. We've been very happy with our tier one leverage growth and are now eyeing 9% in the coming quarters. And we reiterate our belief that we will not need wholesale funding support for the political deposit outflows that we expect in the fourth quarter when the Presidential election concludes, that said, we note the PACE of outflows has significantly picked up during the month of October.

此外，我們估計，如果利率比遠期曲線目前建議的水平平行下降 25 個基點，則年度淨利息收入將減少約 200 萬美元。為了完善指導意見，我們將年底資產負債表規模目標維持在約 83.5 億美元。我們對一級槓桿率的成長感到非常滿意，目前的目標是在未來幾季達到 9%。我們重申我們的信念，即我們預計總統選舉結束時第四季度的政治存款流出將不需要批發資金支持，也就是說，我們注意到 10 月份資本外流的步伐已顯著加快。

We're looking at the fourth quarter. We think our net interest margin should hold from our Q3 mark but it's also possible, our margin may compress 1 to 2 basis points depending on the political deposits outflow mix. And correspondingly, we range our net interest income between $70 million and $72 million for the fourth quarter.

我們正在關注第四季。我們認為我們的淨利差應該保持在第三季的水平，但也有可能，我們的淨利差可能會壓縮 1 到 2 個基點，具體取決於政治存款流出組合。相應地，我們將第四季的淨利息收入範圍定在 7,000 萬美元至 7,200 萬美元之間。

Wrapping up we are delighted to deliver strong record results for our shareholders this quarter and we thank you for believing in us. I look forward to updating you all again with our fourth quarter results and our 2025 outlook in January.

最後，我們很高興本季為我們的股東帶來了強勁的創紀錄業績，我們感謝您對我們的信任。我期待在 1 月再次向大家通報我們第四季的業績和 2025 年展望。

And before turning to the operator, I'd like to welcome Sam Brown, our Chief Banking Officer, to the Q&A section of today's call. And now operator, please open up the line for any questions, Operator?

在轉向接線員之前，我想歡迎我們的銀行長 Sam Brown 參加今天電話會議的問答部分。現在接線員，如果有任何問題請接通線路，接線員？

Thank you. We will now be conducting a question and answer session if you would like to ask a question. (Operator Instructions)

謝謝。如果您想提問，我們現在將進行問答環節。（操作員說明）

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本，派珀·桑德勒。

Hey guys, good morning,

嘿夥計們，早安，

Good morning, Mark.

早上好，馬克。

Hi, Priscilla. So first question I had, I know you, you all have talked a bit about your trust business and making strategic changes there. I wondered if you could share at a high level, you know, any of the kinds of things you're looking to do with that trust business.

嗨，普里西拉。所以我的第一個問題是，我了解你們，你們都談到了你們的信託業務以及在那裡進行的策略變革。我想知道您是否可以在高層分享您希望透過信託業務做的任何事情。

Yeah, thanks for that question. You know, we've spent much of the year in the last year focusing on just enhancing the quality of the revenue in that trust business. And that resulted in some turnover of clients, but at the midpoint of 2024 we brought in a new trust officer and he's really focused on just transforming the sales infrastructure as part of the 2025 planning process, we'll be making some investments in trust, but they'll be directed toward increased sales capacity. Bringing on individuals with proven experience in the industry and that digital acceleration that we've talked about will also benefit the trust business.

是的，謝謝你提出這個問題。你知道，去年我們花了很多時間專注於提高信託業務的收入品質。這導致了一些客戶流失，但在 2024 年中期，我們引入了一位新的信託官員，他真正專注於轉變銷售基礎設施，作為 2025 年規劃流程的一部分，我們將在信託方面進行一些投資，但他們將致力於提高銷售能力。引進在行業中擁有豐富經驗的個人以及我們所討論的數位化加速也將使信託業務受益。

Okay. And then secondly, did I hear correctly that you, Priscilla had said that the political deposit should end the year at about $850 million to $875 million. Is that right?

好的。其次，我沒聽錯吧，你普里西拉說過政治存款年底應該在 8.5 億至 8.75 億美元左右。是這樣嗎？

That will we expect that to be the trough. I did caution you that it's hard to pinpoint that exactly, particularly in a year where, everything is a bit outsized in that segment.

我們預計這將是低谷。我確實提醒過你，很難準確地指出這一點，特別是在這一年，該領域的一切都有點過大。

And would you expect some additional runoff in the first quarter or do you think it'll flatten out as you start to see fundraising activity, you know, mitigate some of the outward flows,

您是否預計第一季會出現一些額外的徑流，或者您認為當您開始看到籌款活動時，徑流會趨於平緩，您知道，會減輕一些外流，

We think it'll flatten out and then start to rebuild a bit. Sam, do you want to add any additional color to that?

我們認為它會趨於平緩，然後開始稍微重建。山姆，你想添加任何額外的顏色嗎？

Sure. Hey, Mark, nice to talk to you again. Priscilla is exactly right. We usually see, you know, if you go back to our historical trends. You know, we really see that troughing at the beginning of the first quarter and start to see the rebuild kind of begin at the end of the first quarter. And if you go back to our slide on the political trend that that is really held through you know, cycle over cycle,

當然。嘿，馬克，很高興再次與你交談。普里西拉是完全正確的。如果你回顧我們的歷史趨勢，我們通常會看到。你知道，我們確實在第一季初看到了低谷，並開始看到重建在第一季末開始。如果你回到我們關於政治趨勢的幻燈片，你就會知道，一個又一個週期，

Okay. And then I think in the press release, you mentioned that you had a charge off in the consumer solar space. Was that a, was that a PACE loan? I guess I was curious.

好的。然後我想在新聞稿中，您提到您在消費太陽能領域進行了收費。那是 PACE 貸款嗎？我想我很好奇。

So Mark, Jason, and the consumer solar, it's just our normal kind of homogenous loan pool, consumer portfolio that has, I had a historical charge off run rate. There was a larger C&I charge off. Is that possibly what you're referring to? Because that was about $4.6 million but that was a non solar related charge off. It was a legacy leveraged loan that had been in our NPA portfolio for quite some time. So we're able to exit that. But I just want to make sure I'm answering your question correctly.

所以馬克、傑森和消費者太陽能，這只是我們正常的同質貸款池，消費者投資組合，我有一個歷史沖銷率。C&I 沖銷金額較大。你指的可能是這個嗎？因為這大約是 460 萬美元，但那是與太陽能無關的費用。這是一項傳統的槓桿貸款，在我們的不良資產投資組合中已經存在相當長一段時間了。所以我們可以退出。但我只是想確保我正確回答了你的問題。

Yeah. No, no, no, I wasn't referring to that. I I just seen consumer solar and I thought it might be pa related and, and obviously you guys have a charge off in that. So it kind of caught my attention as well.

是的。不不不，我不是指那個。我剛剛看到了消費者太陽能，我認為這可能與 pa 有關，而且顯然你們在這方面已經被扣款了。所以它也引起了我的注意。

Yeah, so no, that no, no PACE charge us. In fact, we haven't had any PACE charges since the history of that portfolio dating back to 2018. And the CECL reserve on that remains very small. I think it's about $600,000 on the total balance. But the charge us that we're referring to in the NC OS for consumer solar is in our traditional call it lightly secured consumer solar portfolio. It's one that we've had a fair amount of charge off over the past several quarters, particularly the rate environment has risen. But you'll probably also notice we did bump up the reserve coverage on that portfolio as well it moved to a coverage ratio of 7.68% as we did a early review of the baseline loss rates there to make sure that we had a proper coverage ratio relative to that portfolio. Given the consistency of the charge offs, we don't expect to charge off to update any time soon. Although we do think as rates continue to decline, there'll be more opportunities for houses to move again in the mortgage market. In which case, we ought to have our fixture liens cleaned up as it relates to any charge of activity that we're having. But for now, I think that runway to be fairly steady for the foreseeable future.

是的，所以不，不，不向我們收取 PACE 費用。事實上，自 2018 年該投資組合的歷史以來，我們從未收取任何 PACE 費用。CECL 的儲備金仍然很小。我認為總餘額約為 60 萬美元。但我們在 NC 作業系統中針對消費太陽能的收費是我們傳統上所說的輕度安全消費太陽能產品組合。在過去的幾個季度中，我們已經取消了相當多的費用，特別是利率環境已經上升。但您可能還會注意到，我們確實提高了該投資組合的準備金覆蓋率，並且覆蓋率也達到了 7.68%，因為我們對基準損失率進行了早期審查，以確保我們擁有適當的覆蓋率相對於該投資組合。鑑於沖銷的一致性，我們預計不會很快沖銷更新。儘管我們確實認為隨著利率繼續下降，房屋在抵押貸款市場上將有更多的機會再次流動。在這種情況下，我們應該清理我們的固定留置權，因為它與我們正在進行的任何活動費用有關。但就目前而言，我認為在可預見的未來，跑道將相當穩定。

And then last question, Jason on expenses. I apologize if I missed it. Do you any thoughts on sort of your expense growth outlook?

最後一個問題，傑森關於費用。如果我錯過了，我深表歉意。您對費用成長前景有什麼想法嗎？

Yeah. So we had a little bit of elevated expenses in this quarter. Some of it, I would characterize as one time in nature. I think we should expect to see a similar expense base for Q4, somewhere in that 40 to 40 a half million dollar range. I think again, it's grounded in the core efficiency band and then we move forward a few investments into the current quarter that we'll see included in our run rate going forward, that will look very similar to Q3. But again, given where we are with the core efficiency ratio. We feel pretty good about advancing those expenses. I don't have full year guidance for you next. I'm sorry for 2025 but I think looking at the Q3 and Q4 room, right? That's a good starting point and we'll refine it for you mark when we get to the full year outlook at the end of next quarter.

是的。因此，本季我們的費用有所增加。其中一些，我認為是自然界中的一次。我認為我們應該預期第四季會出現類似的支出基礎，在 4,000 至 4,000 50 萬美元的範圍內。我再次認為，它是以核心效率帶為基礎的，然後我們將一些投資推進到當前季度，我們將看到這些投資包含在我們未來的運行率中，這看起來與第三季度非常相似。但同樣，考慮到我們的核心效率比。我們對預支這些費用感到非常滿意。我接下來沒有全年指導。我對 2025 年感到抱歉，但我想看看 Q3 和 Q4 房間，對嗎？這是一個很好的起點，當我們在下個季度末公佈全年展望時，我們會為您完善它。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Thank you. As a reminder, if anyone has any questions, you may press star one on your telephone keypad in order to join the queue.

謝謝。提醒一下，如果有人有任何疑問，您可以按電話鍵盤上的星號一號以加入隊列。

Our next question comes from the line of Chris O’Connell with KBW. Please proceed with your question.

我們的下一個問題來自 KBW 的 Chris OâConnell。請繼續你的問題。

Hey, good morning.

嘿，早安。

Hey Chris, I

嘿克里斯，我

Was just hoping, I was just hoping to get some color on, you know, the loan pipeline, you know, I know, you know, for fourth quarter, you know, expected, you know, 1% to 2% but you know, maybe just, you know what the mix is generally and what the some of the pipeline yields are

我只是希望，我只是希望能對貸款管道有所了解，你知道，我知道，你知道，第四季度，你知道，預期，你知道，1% 到 2%，但你知道，也許只是，您知道一般的組合是什麼以及一些管道的產量是多少

There.

那裡。

Hey, Chris, it's Sam. You know, look, we're, we're really optimistic about our forward pipeline and, and you're right, we did mention that, you know, we're, we're expecting to be back in our target range of between 1% and 2% which, you know, really that reflects our risk balance approach to origination. You know, we, we, we really like what we're doing on recycling the real estate portfolio, we've talked about that a lot. And, and you know, really seeing higher quality and higher yielding assets come on which is great and consistent with the neutral balance sheet strategy.

嘿，克里斯，我是山姆。你知道，我們對我們的未來管道非常樂觀，你是對的，我們確實提到過，你知道，我們期望回到我們的目標範圍1% 到2% 之間，你知道，這確實反映了我們的風險平衡方法。你知道，我們，我們，我們真的很喜歡我們在回收房地產投資組合方面所做的事情，我們已經談論了很多。而且，你知道，真正看到更高品質和更高收益的資產出現，這很好，並且與中性資產負債表策略一致。

And on the C&I space, we are seeing a lot of pipeline growth there as well, which is, you know, really consistent with, you know, the increased energy demand. And, and we like what we're seeing there, we are seeing some diversification, you know, between our commercial solar, our community solar and other asset types in that renewable space. And feel like, you know, we're seeing you know, strong yields and, and great credit quality. So, you know, we feel good about a forward basis,

在工商業領域，我們也看到了許多管道的成長，這與能源需求的成長非常一致。而且，我們喜歡我們在那裡看到的情況，你知道，我們在商業太陽能、社區太陽能和可再生能源領域的其他資產類型之間看到了一些多樣化。感覺就像，你知道，我們看到你知道，強勁的收益率和良好的信用品質。所以，你知道，我們對遠期基礎感覺良好，

Got it and then any, any sense in general just around you know, where the origination yields are coming on at.

明白了，然後你周圍的任何感覺都知道，原始收益率在哪裡。

So look, we're, you know, we're seeing yields going up. You know, as we are replacing, you know, what is coming off the balance sheet and you know, you feel pretty good about that.

所以看，我們看到收益率在上升。你知道，當我們正在替換資產負債表上的內容時，你知道，你對此感覺很好。

Yeah, because I think probably the Multi Family series during that 6.25% to 6.5% range on bring on the C&I would probably be in the upper 78 depending on which deal it is that kind of has a little bit more variability to it. And then you didn't ask particularly on the loan pipeline. But if you're thinking about pace, which we tend to add to, you know, through our basket relative to loans, that's probably in the high six range, maybe even low seven. Still as we think about the fourth quarter, bring on yields.

是的，因為我認為多家庭系列在 C&I 帶來的 6.25% 到 6.5% 範圍內可能會排在前 78 位，這取決於哪筆交易有更多的可變性。然後你沒有特別詢問貸款管道。但如果你考慮速度，我們傾向於透過相對於貸款的籃子來增加速度，那可能在高六範圍內，甚至可能在低七範圍內。儘管如此，當我們考慮到第四季時，還是會帶來收益率。

Great. Thank you.

偉大的。謝謝。

And then thinking about, you know, the, you know, the trajectory of the margin from here, I appreciate the $2 million you know, you know, annual hit on NII with the parallel shift. But assuming that the long end holds up pretty well, around current level, you know, how are you guys thinking about, you know, the impact on, on just, you know, the short end coming down 25 basis points?

然後想想，你知道，你知道，從這裡開始的利潤軌跡，我很感激你知道，你知道，NII 每年透過平行轉移獲得 200 萬美元的收入。但假設長期端在目前水準附近保持良好，你們知道，你們如何考慮對短期端下降 25 個基點的影響？

Yeah, I think it's really already baked into that range we've given for Q4 coming in about $70 million, $72 million on NII and we think the margin should hang in there pretty good assuming that we don't have a unexpected shift in the mix of deposits from a political outflow. So all things equal, given the short end and the factoring from our model of 225 basis point rate cuts in November and December, we think they'll have a margin close to a margin, neutral impact.

是的，我認為它確實已經進入了我們為第四季度給出的大約7000 萬美元的範圍，NII 為7200 萬美元，我們認為假設我們沒有出現意外的變化，利潤率應該保持在相當不錯的水平。因此，在所有條件相同的情況下，考慮到短期情況以及我們在 11 月和 12 月降息 225 個基點的模型中的因素，我們認為它們的利潤率將接近利潤率，中性影響。

Assuming, like I said, we don't have a unexpected change in the mix of deposit outflow relative to political and going forward again. We haven't given our full year guidance and we'll do that at the end of next quarter but we do factor the full effect of the forward rate curve through 2025. We still think there's opportunity for consistent and NII growth and modest margin expansion throughout next year. But we'll be able to dial in a little bit more for you when we get to Q4 and we do the full year guidance.

假設，就像我說的，我們的存款外流相對於政治和未來的組合沒有意外的變化。我們尚未給出全年指引，我們將在下個季度末給出，但我們確實考慮了 2025 年遠期利率曲線的全部影響。我們仍然認為明年全年有機會實現持續的 NII 成長和適度的利潤擴張。但當我們進入第四季度並提供全年指導時，我們將能夠為您提供更多資訊。

But the one thing I would comment on too is that $2 million sensitivity that we gave you on a parallel basis above what the forward rate curve suggests. That's sort of our secret decoder pin for you to look at what variability might be. But I'll point out that we use very conservative deposit data assumptions when we put that number together. So I like to think of that as a pretty conservative assumption as to what that impact would be. And there's potential for it to be better to the extent that our deposit data are greater than, than how we model it.

但我也要評論的一件事是，我們在平行基礎上為您提供了高於遠期利率曲線建議的 200 萬美元敏感度。這是我們的秘密解碼器引腳，供您查看可能存在的變化。但我要指出的是，當我們將這個數字放在一起時，我們使用了非常保守的存款數據假設。因此，我認為這是對影響的相當保守的假設。如果我們的存款資料大於我們的建模方式，那麼它就有可能更好。

Great, that's helpful. And, and as far as the, you know, the political deposits in the overall, you know, kind of off balance sheet strategy into Q4, I mean, obviously, you know, this quarter, you know, that strategy yielded you know, significant fees on the ICS side. Again, just, you know, based on the early look, you know, on the political outflows, you know, do you still think that you'll, you know, eke out a little bit more on the ICS fees over with that strategy in Q4.

太好了，很有幫助。而且，就整個第四季度的資產負債表外策略中的政治存款而言，我的意思是，顯然，這個季度，該策略產生了你知道的結果， ICS 方面的巨額費用。再說一次，你知道，根據早期的情況，你知道，根據政治資金外流，你知道，你是否仍然認為你會，你知道，透過該策略在 ICS 費用上多花一點錢在第四季度。

I think so, Chris, we're not banking on it being a contributor not nearly to the extent that it was in Q3 and Q3 was a delightful surprise for us. And we took full advantage of that opportunity by moving into a resy loan pool sale as well, which we're able to move off some pretty low yielding assets and create some good capacity for earnback. That said, what we'll probably do is eke out, I don't know, call it a third of what that number was for Q3 and we'll look to probably match off securities losses again during this quarter going forward from there.

我認為是的，克里斯，我們並不指望它成為第三季那樣的貢獻者，第三季對我們來說是一個令人愉快的驚喜。我們充分利用了這個機會，也進行了RESY貸款池出售，我們能夠擺脫一些收益率相當低的資產，並創造一些良好的獲利能力。也就是說，我們可能要做的就是勉強維持，我不知道，稱其為第三季度這一數字的三分之一，我們將尋求在本季度繼續彌補證券損失。

I couldn't really tell you exactly what the strategy is. We really need to see what's going to happen with the final outload of the political deposits. And as Sam pointed out earlier, we just don't know yet what the expected rebuild to look like and what the PACE will be. So there'll be more to come on the ICS strategy as we get into the fourth quarter and we give our full year guidance for next year, but I think all things equal, we'll probably have a little bit call it a third and we'll match that up with the potential securities losses as well in the fourth quarter.

我無法真正告訴你具體的策略是什麼。我們確實需要看看政治存款的最終流出會發生什麼。正如 Sam 之前指出的，我們只是還不知道預期的重建會是什麼樣子以及 PACE 會是什麼樣子。因此，當我們進入第四季度時，ICS 策略將會有更多內容，我們會給出明年的全年指導，但我認為在所有條件相同的情況下，我們可能會稍微稱之為第三季度，我們還將在第四季度將其與潛在的證券損失相匹配。

Great. That's helpful. And, and as far as the just -- the security is low yielding, I mean, how, how much is left at this point, you know, to even kind of turn over given, you know, how short duration the portfolio is.

偉大的。這很有幫助。而且，就公正而言，證券的收益率較低，我的意思是，在這一點上還剩下多少，你知道，甚至考慮到投資組合的久期有多短，甚至可以進行週轉。

Yeah, so, so happy you asked that question because we were literally talking about it this morning. We've turned over about $820 million of securities. Now, since the first quarter of 2022 with a long strategy to protect their earnings. And that's about 37% of the portfolio as it exists today. So the answer to your question is there isn't that much more we need to do. We're very happy with what we've been able to accomplish and even more happy that we were able to use a lot of this ICS related income to make that happen without having an impact to GAAP income.

是的，所以，很高興你問了這個問題，因為我們今天早上確實在談論這個問題。我們已經交了約 8.2 億美元的證券。現在，自 2022 年第一季以來，他們採取了長期策略來保護他們的收益。這約佔目前投資組合的 37%。所以你的問題的答案是我們不需要做更多的事情。我們對所取得的成就感到非常滿意，更高興的是我們能夠利用大量 ICS 相關收入來實現這一目標，而不會對 GAAP 收入產生影響。

So that is a tremendous benefit that we feel very fortunate to have had. That said we still will be opportunistic throughout next year. As we continue to look at opportunities to improve the earnings profile of the bank. We'll always do that with the mind's eye of capital and what we have available from an earnings perspective. But I think the PACE at which we've been doing these securities restructures will slow down as we get into next year and be a little less consistent and a bit more opportunistic.

因此，這是一個巨大的好處，我們感到非常幸運。也就是說，我們明年仍然會保持機會主義。我們繼續尋找改善銀行獲利狀況的機會。我們將始終以資本的眼光和我們從獲利角度獲得的資源來做到這一點。但我認為，隨著進入明年，我們進行這些證券重組的步伐將會放緩，並且會變得更加不那麼一致，並且更加機會主義。

Got it. Thanks. And then, you know, last one for me just you know, the, the updated kind of read on, on the, you know, tier one leverage, you guys are above kind of what you want as your lower band target. Now, we kind of have like a medium term, you know, operating target to be around 9% level. Do I, can I read that as, you know, probably hold off on, on, you know, any share purchases until you hit that 9% level and then kind of reevaluate at that time. And then I guess also, any rough expected, you know, time line that you guys think, you know, to get to that to 9%.

知道了。謝謝。然後，你知道，對我來說最後一篇，你知道，更新後的閱讀，你知道，一級槓桿，你們高於你們想要的下限目標。現在，我們的中期營運目標是 9% 左右。我可以這樣理解嗎，你知道，可能會推遲購買任何股票，直到你達到 9% 的水平，然後在那時重新評估。然後我也猜想，你們認為的粗略預期時間線，要達到 9%。

Sure. I'll work in reverse on that question. We think with the PACE that we're building capital right now, we could be at that 9% leverage mark first quarter of '25 at worst, second quarter of 2025. So it's a very short runway between now and then and the reason for the 9% is just based on the PACE of that capital build and not because we're trying to move the goal posts, the two things that we're trying to service our, our ability to handle just adverse stress scenarios. We want to make sure that we have the most regulator friendly balance sheet we can have so that we can continue to operate according to the growth plans that we want and then in the spirit of growth.

當然。我將反過來回答這個問題。我們認為，根據我們目前正在累積資本的 PACE，最壞的情況是 2025 年第二季度，我們的槓桿率可能會達到 25 年第一季 9% 的水平。因此，從現在到那時，跑道非常短，9% 的原因只是基於資本建設的步伐，而不是因為我們試圖移動球門柱，這是我們試圖服務的兩件事我們，我們處理不利壓力情況的能力。我們希望確保我們擁有最有利於監管機構的資產負債表，以便我們能夠繼續按照我們想要的增長計劃並本著增長的精神運營。

And in addition to the capital base continues to allow us more room within our concentration limits to dive into the asset classes that we're in. So that's the fundamental concept around moving towards a 9%. I used the word I in my prepared remarks very specifically eye towards 9% because we do recognize return of capital as a priority. We do still have the $20 million remaining on our share buyback authorization. And well, I don't have a specific plan for you at this point during the call. I do expect we'll be coming back to you in the fourth quarter with a return of capital plan that will encompass the entire year and give you something that you could model out.

除了資本基礎之外，我們還在集中度範圍內繼續為我們提供更多空間，以深入研究我們所處的資產類別。這就是邁向 9% 的基本概念。我在準備好的發言中使用了「我」這個詞，非常特別地關注 9%，因為我們確實將資本回報視為優先事項。我們的股票回購授權仍剩餘 2000 萬美元。好吧，在通話期間我目前還沒有具體的計劃。我確實希望我們會在第四季度向您提供資本回報計劃，該計劃將涵蓋全年，並為您提供一些可以建模的內容。

Great, really helpful. Thanks, Jason.

太棒了，真的很有幫助。謝謝，傑森。

You're welcome.

不客氣。

Thank you. We have reached the end of the question and answer session. I would like to turn the floor back to Priscilla Sims Brown for closing remarks.

謝謝。我們的問答環節已經結束。我想請普里西拉·西姆斯·布朗 (Priscilla Sims Brown) 致閉幕詞。

Thank you operator and again, thank you all for your time today. We always appreciate your continued interest, whether it's here on the NDRS or an investor day. Those, those opportunities to address your question gives us additional feedback and as we factor in our plans, as always, I also want to thank our employees and our board the hard work and dedication to this bank is resulted in another stellar quarter for us. And we don't take that for granted at any point, that success would just not be possible without the commitment and determination of this talented team of people that we work with.

謝謝接線員，再次感謝大家今天抽出時間。我們始終感謝您的持續關注，無論是在 NDRS 還是投資者日。這些解決您問題的機會為我們提供了額外的反饋，當我們一如既往地考慮我們的計劃時，我還要感謝我們的員工和董事會，他們的辛勤工作和對這家銀行的奉獻為我們帶來了另一個出色的季度。我們在任何時候都不認為這是理所當然的，如果沒有與我們合作的這個才華橫溢的團隊的承諾和決心，成功是不可能的。

I also just look forward to updating you on our progress both at our Investor Day, which is you hopefully all received an invitation for December 3, and of course, always on our fourth quarter call. I asked Sam Brown to join us today so that your production questions could be directly addressed by the business. Sam and other leaders will continue to join us both on the Investor Day and in future calls. So thank you, Sam.

我也期待在投資者日向您通報我們的最新進展，希望大家都收到 12 月 3 日的邀請，當然，總是在我們的第四季度電話會議上。我今天邀請 Sam Brown 加入我們，以便業務部門可以直接解決您的生產問題。Sam 和其他領導人將繼續參加投資者日和未來的電話會議。所以謝謝你，山姆。

This concludes our prepared remarks and Q&A and appreciate your time.

我們準備好的評論和問答就到此結束，感謝您的寶貴時間。

Thank you. This is concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。