Beacon Financial Corp (BBT) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Berkshire Hills Bancorp first quarter 2025 earnings conference call. (Operator Instructor). I would now like to turn the conference over to Kevin Conn, investor relations officer. Please go ahead.

女士們、先生們，早安，歡迎參加伯克希爾山銀行 2025 年第一季財報電話會議。（操作員指導員）。現在我想將會議交給投資者關係官凱文康恩 (Kevin Conn)。請繼續。

Good morning and thank you for joining Berkshire Bank's first quarter earnings call. My name is Kevin Conn, investor relations and corporate development officer. Here with me today are Nitin Mhatre, Chief Executive Officer, Sean Gray, Chief Operating Officer, Brett Brbovic, Chief Financial Officer, and Greg Lindenmuth, Chief Risk Officer.

早安，感謝您參加伯克希爾銀行第一季財報電話會議。我叫凱文‧康恩 (Kevin Conn)，是投資人關係與企業發展長。今天與我一起出席的有執行長 Nitin Mhatre、營運長 Sean Gray、財務長 Brett Brbovic 和財務長 Greg Lindenmuth。

Our remarks will include forward-looking statements and refer to non-gap financial measures. Actual results could differ materially from those statements. Please see our legal disclosures on page 2 and 3 of the Ernie's presentation referencing forward-looking statements and non-gap financial measures. A reconciliation of non-gap to GAAP measures is included in our news at this time. I'll turn the call over to Nitin.

我們的評論將包括前瞻性陳述並參考非差距財務指標。實際結果可能與這些陳述有重大差異。請參閱 Ernie 簡報第 2 頁和第 3 頁中引用前瞻性聲明和非差距財務指標的法律揭露。目前，我們的新聞包含了非差距指標與 GAAP 指標的對帳。我將把電話轉給尼廷。

Thank you, Kevin. Good morning, everyone, and thank you all for joining us today.

謝謝你，凱文。大家早安，感謝大家今天的參加。

I'll begin my comments on slide 4 where you can see the highlights for the 1st quarter.

我將從第 4 張投影片開始發表評論，您可以在其中看到第一季的亮點。

We had a very strong quarter with operating net income of $27.6 million, up 6% linked quarter, and up 32% year over year.

本季我們的業績表現非常強勁，營業淨收入達到 2,760 萬美元，季增 6%，年增 32%。

Earnings per share of $0.60 was flat to the fourth quarter, including the full quarter impact of higher share count from a December equity raise and up 22% year over year.

每股收益 0.60 美元，與第四季度持平，包括 12 月股權增發帶來的更高股數對整個季度的影響，年增 22%。

Our rigorous expense optimization initiatives continued to drive expenses lower with quarterly operating expense of about $68 million down 4% length quarter and down 6% year over year.

我們嚴格的費用優化措施持續降低費用，季度營運費用約為 6,800 萬美元，比上季下降 4%，比去年同期下降 6%。

Ongoing momentum of improving revenues and declining expenses led to a positive operating leverage of 5% in quarter and 11% year over year.

收入持續成長和支出下降的勢頭導致本季的經營槓桿率為 5%，年比上升了 11%。

Operating ROTCE of 9.66% was down 27 basis points in quarter and up 93 basis points year over year.

營運 ROTCE 為 9.66%，本季下降 27 個基點，較去年同期成長 93 個基點。

Overall strong financial performance was primarily driven by improved net interest income, lower expenses, and disciplined credit management. Brett will provide more details in a few moments.

整體強勁的財務表現主要得益於淨利息收入的提高、支出的降低以及嚴格的信貸管理。布雷特稍後將提供更多詳細資訊。

Asset quality and balance sheet matrix remain strong.

資產品質和資產負債表矩陣依然強勁。

They charge off for 15 basis points of loans, and I reserved the loans was up 2 basis points to 1.24%. Total loss reserves of 1.24% are now at about 500% of our total non-performing loans.

他們沖銷了 15 個基點的貸款，而我保留的貸款則上漲了 2 個基點，達到 1.24%。總損失準備金為 1.24%，目前約占我們不良貸款總額的 500%。

Total delinquencies and non-performing loans were 42 basis points of loans, the lowest level in about 20 years, a solid testament to the strength of our collaborative risk culture across frontline bankers and risk teams.

總拖欠和不良貸款佔貸款總額的 42 個基點，為約 20 年來的最低水平，有力地證明了我們一線銀行家和風險團隊之間的協作風險文化的強大。

Liquidity remained solid with our loan to deposit ratio at 95%. That was down 1% quarter.

流動性維持穩健，貸存比率為 95%。該季度下降了 1%。

On strategy front, we made steady progress on our strategic initiatives in the 1st quarter.

在策略方面，我們在第一季的策略舉措上取得了穩步進展。

Our focused on the deposits relationships across business lines continued, and a relatively new digital deposit initiative has gained momentum and delivered approximately $75 million of new deposits.

我們繼續專注於跨業務線的存款關係，一項相對較新的數位存款計劃已獲得發展勢頭，並帶來了約 7500 萬美元的新存款。

We sold the remaining $7 million upstart bulk and further derisked our balance sheet with total non-strategic runoff portfolios down by 76% year over year to just $34 million.

我們出售了剩餘的價值 700 萬美元的新興資產，並進一步降低了資產負債表的風險，非策略性流出投資組合總額較去年同期下降 76% 至僅 3,400 萬美元。

Brett will share more details on the portfolio sale in a moment.

布雷特稍後將分享有關投資組合出售的更多細節。

As in December we announced a merger of equals with Brookline Bancorp to create a preeminent Northeast franchise.

去年 12 月，我們宣布與 Brookline Bancorp 進行平等合併，以打造卓越的東北特許經營權。

This transaction improves scale and meaningfully improves profitability as reflected in the estimated 40% and 23% accretion to Berkshire's 2026 consensus estimate on GAAP and cash basis respectively.

此次交易擴大了規模，並顯著提高了盈利能力，這反映在伯克希爾 2026 年 GAAP 和現金基礎上的一致預期分別增長 40% 和 23%。

Our team continues to work proactively on requisite integration planning for a seamless transition.

我們的團隊將繼續積極地進行必要的整合規劃，以實現無縫過渡。

With that I'll turn over the call to Brett to cover our financials in more detail, Brett.

說完這些，我將把電話轉給布雷特，讓他更詳細地介紹我們的財務狀況，布雷特。

Thank you, Nitin.

謝謝你，尼廷。

I'll begin on slide 5, which shows an overview of the first quarter metrics. As Nitin mentioned, our operating earnings were $27.6 million or $0.60 per share.

我將從第 5 張投影片開始，該投影片展示了第一季指標的概覽。正如 Nitin 所提到的，我們的營業收入為 2,760 萬美元，即每股 0.60 美元。

Our net interest margin was 324, up 10 basis points linked quarter, and our net interest income was up $2.9 million or 3% linked quarter.

我們的淨利差為 324，季增 10 個基點，淨利息收入較上季成長 290 萬美元，成長 3%。

Operating expenses were down $3.1 million or 4% length quarter, and our efficiency ratio was 59.5%. Slide 6 shows our average loan balances.

本季營運費用下降了 310 萬美元，即 4%，我們的效率比率為 59.5%。投影片 6 顯示了我們的平均貸款餘額。

Average loans were up $118 million or 1% linked quarter and up 348 million or 4% year over year.

平均貸款額較上季增加 1.18 億美元，增幅 1%，年增 3.48 億美元，增幅 4%。

We've updated a page in the appendix which shows data on the upstart and Firestone runoff portfolios.

我們更新了附錄中的一頁，其中顯示了有關 upstart 和 Firestone 徑流投資組合的數據。

The combined runoff portfolios, including the upstart loan sales, are down $110 million, or 76% year over year to $34 million or just 40 basis points of loans.

包括新啟動貸款銷售在內的合併流失投資組合下降了 1.1 億美元，年減了 76%，降至 3,400 萬美元，僅下降了 40 個基點。

Slide 7 shows average deposit balances.

投影片 7 顯示了平均存款餘額。

Average deposits increased $188 million or 2% linked quarter and were flat year over year.

平均存款季增 1.88 億美元，成長 2%，較去年同期持平。

Excluding payroll deposits and brokered CD balances, average deposits were flat linked to quarter and flat year over year.

不包括薪資存款和經紀 CD 餘額，平均存款與季度持平，與去年同期持平。

If you recall, our year over year deposits were impacted by the sale of 10 branches in upstate New York in the 3rd quarter of 2024.

如果你還記得的話，我們的年比存款受到了 2024 年第三季紐約州北部 10 家分行出售的影響。

Average non-interest bearing deposits as a percentage of total deposits was 23%, down 1% linked quarter.

平均無息存款佔總存款的比例為 23%，較上季下降 1%。

Turning side 8, net interest income was up 3% linked quarter and up 2% year over year.

回顧第 8 季度，淨利息收入季增 3%，年增 2%。

Net interest margin was up 10 basis points linked quarter to 324, and our March spot Nim was 331.

淨利差較上月上升 10 個基點至 324，3 月即期淨利差為 331。

Slide 9 shows operating non-interest income, which was down $2.5 million or 11% linked quarter and up $3.4 million or 19% year over year.

幻燈片 9 顯示了營業非利息收入，環比下降 250 萬美元或 11%，年增 340 萬美元或 19%。

Other non-interest income was down compared to the prior quarter.

其他非利息收入與上一季相比有所下降。

During the 4th quarter, we had strong SBA gains and unusually high bully income.

在第四季度，我們獲得了強勁的 SBA 收益和異常高的霸凌收入。

In the near term, we expect SBA gains to be in line with our prior eight quarter average of $2.9 million due to uncertainty from the impact of tariffs.

短期內，由於關稅影響的不確定性，我們預計 SBA 收益將與先前八個季度的平均 290 萬美元持平。

Slide 10 shows expenses. Operating expenses were down $3.1 million or 4% length quarter to $68 million and down $4.5 million or 6% year over year.

幻燈片 10 顯示了費用。本季營運費用下降 310 萬美元（4%）至 6,800 萬美元，年減 450 萬美元（6%）。

Year over year expense reductions were broad-based, including our other expenses, which are an assortment of smaller items.

與去年同期相比，費用削減的範圍很廣泛，其中包括我們的其他費用，即各種較小的項目。

Non-operating expenses of $2.5 million were primarily related to the merger announced in December.

250 萬美元的非營業費用主要與 12 月宣布的合併有關。

Slide 11 shows our expense outperformance versus proxy peers over the last 4 years.

幻燈片 11 顯示了過去 4 年我們的費用表現優於​​代理同行。

This slide highlights the disciplined approach to expense management we've undertaken over that time.

這張投影片重點介紹了我們在此期間採取的嚴謹的費用管理方法。

Slide 12 shows a summary of asset quality metrics.

投影片 12 顯示了資產品質指標的摘要。

Non-performing loans as a percentage of total loans was 25 basis points.

不良貸款佔貸款總額的百分比為25個基點。

Total delinquencies and non-performing loans were 42 basis points of total loans.

總拖欠和不良貸款佔貸款總額的 42 個基點。

Net charge offs of $3.5 million were up 200,000 linked quarter and down 500,000 year over year.

淨沖銷金額為 350 萬美元，季增 20 萬美元，年減 50 萬美元。

We added $2 million to our lost reserve, increasing our coverage ratio to 124 basis points.

我們增加了 200 萬美元的損失準備金，將覆蓋率提高到 124 個基點。

Our loss reserves to non-performing loans are now about 500%.

我們的不良貸款損失準備金目前約為500%。

Our 5.5 million provision reflects the most recent Moody's baseline economic outlook in our ACL assumptions.

我們的 550 萬準備金反映了穆迪在我們的 ACL 假設中最新的基準經濟展望。

During the quarter, we sold the remaining $7 million of upstart loans for net proceeds of $5.3 million or $0.76 on the dollar.

在本季度，我們出售了剩餘的 700 萬美元新興貸款，淨收益為 530 萬美元，即每美元 0.76 美元。

With the sale of the Upstart book, we have significantly de-risked our balance sheet.

隨著 Upstart 帳簿的出售，我們大幅降低了資產負債表的風險。

Our other loan books are below normal net charge off levels, and we do expect those to normalize over time based on the macroeconomic environment and outlook.

我們的其他貸款帳簿低於正常的淨沖銷水平，我們預計這些水平將根據宏觀經濟環境和前景隨著時間的推移而恢復正常。

Slide 13 shows that our pre-book remains well diversified in terms of geography and collateral.

投影片 13 顯示，我們的帳前帳簿在地域和抵押品方面仍然保持良好的多樣化。

Our CRE concentration ratio was approximately 290% of risk-based capital.

我們的CRE集中度約為創投的290％。

And credit quality of the free portfolio remains solid with non-accrual loans at 19 basis points of period and loans.

免費投資組合的信用品質依然穩健，非應計貸款的期限和貸款為 19 個基點。

Slide 14 shows details on our office portfolio. As noted last quarter, the weighted average loan to value ratios are about 60%, and a large majority of the portfolio is in suburban and Class A space.

投影片 14 展示了我們辦公室組合的詳細資訊。正如上個季度所指出的，加權平均貸款價值比約為 60%，且大部分投資組合位於郊區和 A 級空間。

We have very limited exposure to Boston's financial district and no exposure to high rise office buildings.

我們對波士頓金融區的接觸非常有限，而且沒有接觸過高層辦公大樓。

Turning to capital, we have strong capital levels. Tangible book value per share was $25.50.

談到資本，我們擁有強大的資本水準。每股有形帳面價值為 25.50 美元。

Our CET1 ratio was 13.3%, and our TCE ratio was 9.9%. Our AOCI bond mark improved modestly from a negative $106 million to a negative $95 million.

我們的 CET1 比率為 13.3%，TCE 比率為 9.9%。我們的 AOCI 債券標記從負 1.06 億美元小幅改善至負 9,500 萬美元。

Given the pending MOE transaction in the second half of 2025, we did not provide line item income statement and balance sheet guidance for the upcoming year.

鑑於 2025 年下半年尚未完成的 MOE 交易，我們沒有提供下一年度的專案損益表和資產負債表指引。

That said, we are encouraged by the momentum in our financial metrics and confirm comfort with consensus net income cited in the December 16th merger presentation for 2025.

話雖如此，我們對財務指標的勢頭感到鼓舞，並對 12 月 16 日合併報告中提到的 2025 年一致淨收入感到滿意。

And with that I'll turn it back over to Nitin for further comments. Nitin.

說完這些，我將把話題交還給尼廷，請他進一步評論。尼廷。

Thank you, Brett.

謝謝你，布雷特。

Overall, we had a very strong first quarter driving a solid start to the year.

總體而言，我們第一季的表現非常強勁，為今年的開局奠定了良好的基礎。

Many of our multi-year initiatives are clearly bearing fruit.

我們許多多年的舉措顯然已取得成果。

While the economic environment is uncertain given the volatility driven by tariffs and other policy initiatives, we continue to monitor the situation and communicate with clients to better understand the potential impacts to their businesses.

儘管關稅和其他政策措施帶來的波動導致經濟環境不確定，但我們會繼續監控情況並與客戶溝通，以更好地了解其業務的潛在影響。

It's still very early and the fluidity of the news from Washington makes it difficult to predict the potential outcomes at this point, but our teams remain prepared to pivot as needed to maintain our momentum.

現在還為時過早，華盛頓的消息不穩定，因此很難預測目前的潛在結果，但我們的團隊仍然準備好根據需要進行調整，以保持我們的勢頭。

We're excited about the potential for the combined Berkshire and Brookline franchises.

我們對伯克希爾和布魯克萊恩特許經營權合併後的潛力感到非常興奮。

The combined entity will provide growth opportunities for our employees, continued commitment to our communities, enhanced products for our customers, and significantly higher profitability and returns for our shareholders.

合併後的實體將為我們的員工提供成長機會，繼續致力於我們的社區，為我們的客戶提供更優質的產品，並為我們的股東提供更高的獲利能力和回報。

I want to thank all of my Berkshire Bank colleagues for their continued hard work and commitment to the bank and our clients, and look forward to their continued support and commitment through this transition.

我要感謝伯克希爾銀行的所有同事對銀行和客戶的持續努力和承諾，並期待他們在這次過渡期間繼續給予支持和承諾。

On slide 15, we summarize our progress on the merger integration and next steps. In short, everything is on or slightly ahead of plan.

在第 15 張投影片上，我們總結了合併整合的進展以及後續步驟。簡而言之，一切都按計劃進行或略微提前。

We filed regulatory applications in March and a shareholder proxy with the SEC in early April.

我們於 3 月提交了監管申請，並於 4 月初向美國證券交易委員會提交了股東代理申請。

We anticipate stockholder approvals at our annual meeting on May 201st and our regulatory approvals sometime in the 3rd quarter.

我們預計股東將在 2015 年 5 月的年度會議上批准，而監管機構將在第三季的某個時候批准。

So a lot of progress so far, while there's more work to do.

到目前為止已經取得了很多進展，但還有很多工作要做。

In closing, I'm proud of what Berkshire team has accomplished over the last 4 years in terms of financial performance improvement while delivering exceptional client experience and positive impact on the communities that we operate in.

最後，我為伯克希爾團隊在過去四年中取得的成就感到自豪，這些成就包括提高財務業績、提供卓越的客戶體驗以及對我們營運所在社區產生積極影響。

It is their hard work that continues to be recognized across various forums, including the most recent recognition by Newsweek magazine that listed Berkshire Bank amongst the most trustworthy banks in America for the 4th consecutive year.

他們的辛勤工作不斷得到各個論壇的認可，包括最近《新聞周刊》將伯克希爾銀行連續第四年列為美國最值得信賴的銀行之一。

Thank you, Tim Burcher, for everything you do to serve our clients and earn their trust. With that, I'll turn it over to the operator for questions. Operator.

感謝 Tim Burcher 為服務我們的客戶並贏得他們的信任所做的一切。說完這些，我將把問題交給接線員回答。操作員。

Chris O'Connell of KBW.

KBW 的 Chris O'Connell。

Hey, good morning.

嘿，早安。

Morning Chris.

早上好，克里斯。

And then, so just want to start off, with the balance sheet side, I appreciate, no guidance from here and you know it's, become a little bit more shaky economic environment, so.

然後，先從資產負債表方面來說，我很感激，這裡沒有任何指導，而且你知道，經濟環境變得更加不穩定了。

I was hoping to get an update on loan demand, has that changed as you guys have come into the year and over the past couple of months, and how you guys are thinking about, standalone growth, going forward.

我希望了解貸款需求的最新情況，隨著今年和過去幾個月的發展，貸款需求是否發生了變化，以及你們如何看待未來的獨立成長。

Yes, Chris, that's a good question. Like you said, there's a lot of uncertainty out there and broadly speaking, what we're hearing from the clients is like Three different teams that are emerging. One is where there's some clients, especially commercial clients, that are loading up on the inventories, in kind of anticipation of the prices going up.

是的，克里斯，這是個好問題。就像你說的，外面有很多不確定性，從廣義上講，我們從客戶那裡聽到的是，正在出現三個不同的團隊。一方面，有些客戶，尤其是商業客戶，正在大量囤積庫存，預期價格會上漲。

There's the other group that's kind of wait and watch approach and just kind of staying put where they are. And there is a third group that is actually looking at rationalizing and reducing expenses and so on and so forth. So it's a mixed bag, but what we see in the pipeline is that pipeline has slowed down compared to the previous quarter, just like the origination slowed down. So I think there's a net indication of slowing demand.

另一組人則採取觀望態度，留在原地。第三組人實際上正在考慮合理化和削減開支等等。所以這是一個混合體，但我們在管道中看到的是，與上一季相比，管道已經放緩，就像起源放緩一樣。所以我認為有跡象表明需求正在放緩。

I think we still, I think this quarter was about 5% annualized loan growth.

我認為本季的年化貸款成長率仍約為 5%。

I think we still probably expect to be in that range, but I will tell how the economy turns out.

我認為我們可能仍會期望處於這個範圍內，但我會告訴您經濟狀況如何。

Great, that's helpful and then.

太好了，這很有幫助。

On the expense side. I know that you said there's kind of a number of small items here, just hoping to get your guys' thoughts about, the how the expense, base grows throughout the rest of the year on a standalone basis or if it is able to remain pretty steady.

在費用方面。我知道您說過這裡有很多小問題，只是希望了解你們的想法，即在接下來的一年中，費用、基礎是如何獨立增長的，或者是否能夠保持相當穩定。

Yes, I think we're we're very pleased with with our expense momentum that we're seeing currently and that we've seen over the last few quarters.

是的，我認為我們對目前以及過去幾季的支出成長勢頭感到非常滿意。

I am expecting it to remain, relatively stable, consistent with generally consistent with this quarter, I would say, we do hope to continue that momentum as we move forward and progress towards the towards the merger.

我預計它將保持相對穩定，與本季基本一致，我想說，我們確實希望在前進和走向合併的過程中繼續保持這種勢頭。

Okay, got it, and then, with, the, final upstart sale, between, this quarter last quarter, and just the overall progress on the runoff portfolios in general you're talking about kind of normalizing that charge off I mean.

好的，明白了，然後，在本季度和上個季度之間，隨著最後的新興銷售，以及總體而言的流失投資組合的總體進展，您所說的就是使這種沖銷正常化。

Where do you think that range is now like you, now that you guys have kind of changed the balance sheet, do you think that, that's a different level than it's been historically?

您認為現在的範圍在哪裡，既然您已經改變了資產負債表，您是否認為這與歷史上的水平不同？

Yes, Chris, in a normalized environment that would have been the case. So if you look at our last 5 quarters, our charge rate has ranged between 7 basis points and 24 basis points. This quarter was about 15.

是的，克里斯，在正常環境下情況確實如此。因此，如果你看我們過去 5 個季度，我們的收費率一直在 7 個基點到 24 個基點之間。本季大約有 15 個。

So I think on the last earnings call we did say that we expected to normalize to around 20 basis points level and I think that's where we're staying at the moment because there's so much uncertainty out there, so it's tough to say. I think Brett mentioned in his remarks that we expect it to normalize and we believe that's the normalized level.

所以我認為在上次收益電話會議上我們確實說過我們預計將正常化到 20 個基點左右的水平，而且我認為我們目前就維持這個水平，因為外面有太多的不確定性，所以很難說。我認為布雷特在他的演講中提到，我們預計它會正常化，我們相信這是正常化的程度。

Great. I appreciate the time. Thank you.

偉大的。我很感激你抽出時間。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Gregory Zenong, Piper Sandler.

格雷戈里·澤農、派珀·桑德勒。

Hey guys, it's Greg stepping in from Mark. How are you?

嘿，大家好，我是馬克的格雷格。你好嗎？

Hey, Greg, good. How are you?

嘿，格雷格，很好。你好嗎？

Good, so a quick clarifying question. Did you see the spot NIM in March was 3.31%?

很好，這是一個快速澄清的問題。你看到三月的現貨NIM是3.31%了嗎？

That's correct, yes.

是的，沒錯。

Okay awesome and is there any update you could give us on how you're managing employee retention ahead of the MOE closing, especially for some of your key producers?

好的，太棒了，您能否向我們介紹一下在 MOE 關閉之前您是如何管理員工保留的，特別是針對一些關鍵生產商？

Sean here, we've identified all of those key producers. We've had those conversations and both organizations have discussed, meaningful retention and retention grants as they move towards the pro forma company. So we feel we've got a good handle, but a lot of work left to do.

肖恩，我們已經確定了所有主要生產商。我們已經進行了這些對話，並且兩個組織都討論了在向形式公司邁進的過程中有意義的保留和保留補助。因此，我們覺得我們已經掌握了很好的方法，但還有很多工作要做。

Okay. Thank you. And then is there any plans to align your product offerings, your deposit related strategies ahead of the legal close?

好的。謝謝。那麼，在法律結束之前，是否有任何計劃來調整您的產品供應和存款相關策略？

I think in my remarks I talked about the digital deposit initiative that we launched that's programmed to date about $75 million in deposits, and I think even more exciting outside of the absolute numbers is roughly 1 out of 5 new client relationships are coming through channels now which was our original goal.

我認為在我的演講中我談到了我們推出的數位存款計劃，該計劃迄今為止已安排了約 7500 萬美元的存款，我認為除了絕對數字之外更令人興奮的是，現在大約五分之一的新客戶關係是透過管道建立的，這是我們最初的目標。

So I think, we're pleased with that. I don't think we're going to launch new products per se, but I think the team continues to fine tune the functionalities. So just as an example, last quarter we have launched what we call the direct deposit API whereby if you open a deposit relationship with Berkshire Bank and want to move your direct deposit from another bank, it's really a couple of clicks of buttons on your phone.

所以我認為我們對此感到滿意。我認為我們不會推出新產品，但我認為團隊會繼續微調功能。舉個例子，上個季度我們推出了所謂的直接存款 API，如果你與伯克希爾銀行建立了存款關係，並想從另一家銀行轉移你的直接存款，你只需在手機上點擊幾下按鈕即可。

And I think those kinds of functionalities will continue to be added to create that digital first type of experience.

我認為這些功能將會繼續被添加，以創造數位優先的體驗。

Awesome, thank you. And last question for me, is there a TCE ratio or create concentration level you guys are keeping in mind as you approach the MOE?

太棒了，謝謝。最後一個問題，當你們接近 MOE 時，是否會考慮 TCE 比率或創造集中度等級？

For 3 we've continued to stay below 300% mark, and I think this quarter we ended at about 290 TC, Bret, I don't know if you have a comment on that.

3 年來，我們一直保持在 300% 以下，我認為本季結束時我們的 TC 約為 290，布雷特，我不知道您對此有何評論。

Yes, No, I would expect TC to remain relatively stable from now basically to the merger, just trying to make sure that we put ourselves in the best position possible for, once the merger occurs, to continue going forward and grow.

是的，不是，我希望 TC 從現在到合併期間基本上保持相對穩定，只是試圖確保我們處於最佳位置，以便在合併發生後繼續前進和發展。

Awesome, thanks so much, guys.

太棒了，非常感謝大家。

Thank you. I'd now like to hand the call back to Nitin Mhatre for final remarks.

謝謝。現在我想將電話交還給 Nitin Mhatre 進行最後的發言。

Thank you, Ali, and thank you all for joining us today on our call and for your continued interest in Berkshire. Have a great day and be well.

謝謝你，阿里，也謝謝大家今天參加我們的電話會議，感謝你們對伯克希爾的持續關注。祝您有個愉快的一天並身體健康。

Ellie, you can close the call now.

艾莉，你現在可以結束通話了。

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

感謝您參加今天的電話會議。您現在可以斷開連線。再見。