BankUnited Inc (BKU) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BankUnited Fourth Quarter and Fiscal Year 2022 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Susan Greenfield, Corporate Secretary.

美好的一天，謝謝你的支持。歡迎來到 BankUnited 第四季度和 2022 財年收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，公司秘書蘇珊格林菲爾德。

Thank you, Michelle. Good morning, and thank you for joining us today on our fourth quarter and fiscal year 2022 results conference call. On the call this morning are Raj Singh, our Chairman, President and CEO; Leslie Lunak, our Chief Financial Officer; and Tom Cornish, our Chief Operating Officer.

謝謝你，米歇爾。早上好，感謝您今天加入我們的第四季度和 2022 財年業績電話會議。今天上午接聽電話的是我們的董事長、總裁兼首席執行官 Raj Singh；我們的首席財務官 Leslie Lunak；和我們的首席運營官 Tom Cornish。

Before we start, I'd like to remind everyone that this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflects the company's current views with respect to, among other things, future events and financial performance. Any forward-looking statements made during this call are based on the historical performance of the company and its subsidiaries or on the company's current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the company that the future plans, estimates or expectations contemplated by the company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including, without limitation, those relating to the company's operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the company's direct control. The company does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.

在我們開始之前，我想提醒大家，本次電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，反映了公司目前對未來事件和財務等方面的看法表現。本次電話會議期間作出的任何前瞻性陳述均基於公司及其子公司的歷史業績或公司當前的計劃、估計和預期。包含此前瞻性信息不應被視為公司表示公司預期的未來計劃、估計或預期將會實現。此類前瞻性陳述受各種風險、不確定性和假設的影響，包括但不限於與公司運營、財務業績、財務狀況、業務前景、增長戰略和流動性有關的風險、不確定性和假設，包括受公司外部環境影響的直接控制。公司不承擔任何義務公開更新或審查任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因。

A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors should not be construed as exhaustive. Information on these factors can be found in the company's annual report on Form 10-K for the year ended December 31, 2021, and any subsequent quarterly report on Form 10-Q or current report on Form 8-K, which are available at the SEC's website, www.sec.gov.

許多重要因素可能導致實際結果與前瞻性陳述所表明的結果存在重大差異。這些因素不應被解釋為詳盡無遺。有關這些因素的信息，請參見公司截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告，以及隨後的 10-Q 表格季度報告或 8-K 表格當前報告，這些報告可在SEC 的網站 www.sec.gov。

With that, I'd like to turn the call over to Raj.

有了這個，我想把電話轉給 Raj。

Thank you, Susan. Welcome, everyone. Thank you for joining us. So we announced earnings this morning. EPS for the quarter came in at $0.82; for the fiscal year, $3.54. Let me get quickly into the components, the key components that you will find in the release.

謝謝你，蘇珊。歡迎大家。感謝您加入我們。所以我們今天早上公佈了收益。本季度每股收益為 0.82 美元；本財政年度為 3.54 美元。讓我快速介紹一下組件，您將在發行版中找到的關鍵組件。

Loans. Loan growth came in at $619 million. If you look at our meat and pay businesses, commercial and CRE, it actually grew $722 million. So very happy about -- with the lending teams were able to get done this quarter.

貸款。貸款增長達到 6.19 億美元。如果你看看我們的肉類和付費業務、商業和 CRE，它實際上增長了 7.22 億美元。非常高興 - 貸款團隊能夠在本季度完成。

Deposits, which are under a lot of pressure across the system, we actually grew deposits a little bit, $160 million, though NIDDA did decline given the rate environment and how Fed funds is. So NIDDA decline was $756 million.

存款在整個系統中承受著很大的壓力，我們實際上增加了一點存款，1.6 億美元，儘管考慮到利率環境和聯邦基金的情況，NIDDA 確實有所下降。所以 NIDDA 下降了 7.56 億美元。

DDA now stands at about 29% of our total deposits. When we started this DDA growth journey in 5, 6 years ago, I think we were at 14%. Just before the pandemic, we were at about 18% DDA. Today, we're at 29%. So feel pretty good about it. Despite the reduction in DDA that we saw this year, we're still in a pretty decent place.

DDA 現在約占我們總存款的 29%。當我們在 5、6 年前開始 DDA 增長之旅時，我認為我們的增長率為 14%。就在大流行之前，我們的 DDA 約為 18%。今天，我們是 29%。所以感覺還不錯。儘管我們今年看到 DDA 有所減少，但我們仍然處於相當不錯的位置。

Margin expanded again, though a little less than in previous quarters, as we have highlighted to you. Margin came in at 2.81%. It was up from 2.76% in the prior quarter. So for the year, I think margin grew by 30 basis points, which is right in line with what we have guided to you at this call last year.

正如我們向您強調的那樣，利潤率再次擴大，但略低於前幾個季度。保證金為 2.81%。高於上一季度的 2.76%。因此，今年，我認為利潤率增長了 30 個基點，這與我們在去年的電話會議上向您提供的指導一致。

Provision. Before I talk about provision, let me talk a little bit about credit quality. Criticized, classified assets continue to come down as they have over the last many, many quarters. Our NPLs are actually now at 42 basis points. They were 64 last quarter, and this includes a guaranteed portion of SBA loans. If you back that out, NPLs are now down to 26 basis points.

條款。在我談論撥備之前，讓我先談談信用質量。與過去很多很多季度一樣，受到批評的機密資產繼續下降。我們的不良貸款率現在實際上是 42 個基點。上個季度他們是 64 人，這包括 SBA 貸款的擔保部分。如果你支持這一點，不良貸款率現在已降至 26 個基點。

Just before this call, I asked Leslie to check for me what the NPLs were before the pandemic hit. And NPLs today in dollars are at $105 million. And before the pandemic hit, we were at $205 million. So NPLs today are half of what they were. And so from a credit quality perspective in the portfolio, the last 2 years, we've been sort of consciously and subconsciously been getting ready for whatever slowdown is coming, and we feel pretty good about where we are whatever comes our way.

就在這次電話會議之前，我讓萊斯利幫我查一下大流行病爆發前的不良貸款是多少。而如今以美元計算的不良貸款為 1.05 億美元。在大流行病襲來之前，我們的收入為 2.05 億美元。所以今天的不良貸款是過去的一半。因此，從投資組合的信用質量角度來看，過去兩年，我們一直有意識和無意識地為即將到來的經濟放緩做好準備，我們對自己所處的位置感覺非常好。

Having said that, we are more pessimistic about -- or more cautious about the environment than we were 3 months ago. So we did tweak our assumptions and increased our reserve. We took our reserve up from 54 basis points to 59 basis points. We, of course, had growth in the portfolio. All of that added up to a provision of just under $40 million.

話雖如此，與 3 個月前相比，我們對環境更加悲觀或更加謹慎。所以我們確實調整了我們的假設並增加了儲備。我們將準備金從 54 個基點上調至 59 個基點。當然，我們的投資組合有所增長。所有這些加起來的準備金不到 4000 萬美元。

Also, the buyback continued as we have promised last time. We had bought back, I think, in the fourth quarter, $65 million. We'd already bought $10 million in the -- from this authorization in the previous quarter, that leads to $75 million in this authorization, which we're continuing to -- we'll continue to execute as we see fit.

此外，正如我們上次承諾的那樣，回購仍在繼續。我認為，我們在第四季度回購了 6500 萬美元。我們已經購買了 1000 萬美元——從上一季度的授權中，這導致了 7500 萬美元的授權，我們將繼續這樣做——我們將繼續按照我們認為合適的方式執行。

Quickly, let me talk about the environment, and then we'll talk about guidance for next year. The environment, 2023, this is a year of the slowdown and possibly even a mild recession. That seems to be the consensus out there. The curve is inverted. As everyone can see, the Fed wants to take short-term rates up in -- closer to 5%, and the 10-year separately wants to go closer to 3%. So it's an inverted yield curve and it is expected to stay inverted all through this year, probably into next year as well.

很快，讓我談談環境，然後我們將討論明年的指導。環境，2023 年，這是經濟放緩甚至可能出現溫和衰退的一年。這似乎是那裡的共識。曲線倒轉。正如大家所見，美聯儲希望將短期利率提高到接近 5%，而 10 年期國債則希望提高到接近 3%。因此，這是一條倒掛的收益率曲線，預計今年全年都將保持倒掛狀態，明年也可能如此。

Last year, the Fed slammed on the brakes. This year, they're not slamming on the brakes. It looks like they still have some pressure on the brakes, and they'll probably take the foot off the pedal sometime this year, but it's unlikely at least based on what the Fed is saying that they will step on the gas pedal.

去年，美聯儲猛踩剎車。今年，他們沒有猛踩剎車。看起來他們仍然有一些剎車壓力，他們可能會在今年的某個時候鬆開踏板，但至少根據美聯儲所說的他們會踩油門的說法，這不太可能。

The market disagrees and only time will tell eventually how things play out. We build all of our internal models and projections and everything based on whatever the future curve is getting us.

市場不同意，只有時間才能證明事情最終會如何發展。我們建立了所有的內部模型和預測，以及基於未來曲線給我們帶來的一切。

Labor costs, while they were very high last year, I would say they are still higher than usual, but they are moderating somewhat, based on some weakness that we're seeing in certain sectors. So that is good news that labor costs start seems to be getting back to normal, but it's not back normal yet.

勞動力成本，雖然去年非常高，但我想說它們仍然高於往常，但基於我們在某些行業看到的一些疲軟，它們正在有所緩和。所以這是個好消息，勞動力成本似乎開始恢復正常，但還沒有恢復正常。

On the other side, it is good news. Margins are better than we've seen. Lending margins, loan pricing is very rational. We're getting paid for taking credit risk, pretty much across the board from the safest to -- across the spectrum. Any kind of asset you want to participate in, margins are 50, 70, 80, 90 basis points better than they were just 9 months ago.

另一方面，這是個好消息。利潤率比我們看到的要好。借貸利率、貸款定價非常合理。我們因承擔信用風險而獲得報酬，從最安全的到 - 整個範圍內幾乎都是如此。您想參與的任何一種資產，保證金比 9 個月前高 50、70、80、90 個基點。

And most importantly, Fed is succeeding in its mission of controlling inflation. That was very important. 3 or 6 months ago, this looked like a pretty crazy place that the economy was in, but the Fed is finally having success. And eventually, that will also have an impact on this inverters given. Inverters given are not good for bank margins. So as the Fed finishes this tightening and get to the other side, it will be a better rate environment for banks. But right now, it's an -- geo curve is tough.

最重要的是，美聯儲正在成功完成其控制通脹的使命。那非常重要。 3 或 6 個月前，這看起來像是經濟所處的一個非常瘋狂的地方，但美聯儲終於取得了成功。最終，這也會對給定的逆變器產生影響。給定的逆變器不利於銀行利潤率。因此，隨著美聯儲結束緊縮政策並走到另一邊，這對銀行來說將是一個更好的利率環境。但現在，這是一個 - 地理曲線很艱難。

Last year, we gave you guidance around loans, deposits, margins and so on. We said loans would grow mid- to high single digits. It grew 6% in total, 13% for C&I and CRE, our main mega site bread and butter categories. Deposits, we said mid-single digits, but starting in January of last year, nobody foresaw what the Fed was about to do. I don't think even the Fed foresaw what they eventually did. So we missed on that.

去年，我們為您提供了有關貸款、存款、保證金等方面的指導。我們說貸款將增長中高個位數。它總共增長了 6%，其中 C&I 和 CRE（我們主要的大型網站麵包和黃油類別）增長了 13%。存款，我們說是中個位數，但從去年 1 月開始，沒有人預見到美聯儲將要做什麼。我認為即使是美聯儲也沒有預見到他們最終做了什麼。所以我們錯過了。

Margin, we said would expand, it did, at 30 basis points, came in exactly as we expected. Expenses, we said would grow mid- to high single digits and it did, 7.5% growth in expenses. And the end result was -- we also said we would buy back stock, and we did, a little over $400 million worth of stock.

保證金，我們說過會擴大，確實達到了 30 個基點，完全符合我們的預期。費用，我們說會增長到中高個位數，而且確實如此，費用增長了 7.5%。最終結果是——我們還說我們會回購股票，我們也確實回購了價值 4 億美元多一點的股票。

NII grew 15% based on -- actually, one of the metrics I asked this morning -- I also looked at 2019 as sort of a year to compare things to because 2021 were pretty messy years with large provisions and reversing provision and so on. And really clean year is 2019, and I often ask about, just like I said about NPL total, our NPLs at the end of '19 versus today where they are.

NII 增長了 15%——實際上，我今天早上問的一個指標——我也將 2019 年看作是可以與之進行比較的一年，因為 2021 年是相當混亂的一年，有大量準備金和逆轉準備金等等。真正乾淨的一年是 2019 年，我經常問，就像我說的不良貸款總額一樣，我們在 19 年底的不良貸款與今天的情況相比。

I asked about margin also. And our margin has -- despite the difficult rate environment, our margin is significantly better than it was in 2019, which is sort of an end result of all the hard work that has gone into improving the franchise.

我也問了保證金。我們的利潤率——儘管利率環境困難，但我們的利潤率明顯好於 2019 年，這是為改善特許經營權所做的所有努力的最終結果。

Cost of funds, while it is elevated at 142 base customer deposits, 142 basis points, it is 142 basis points in an environment of north of 4%. Fed funds rates would be get to 5%. So it is -- a lot of progress has made on the balance sheet, whether you look at credit metrics or profitability metrics. Yes, there is a lazy part of the balance sheet still sitting there, very large securities portfolio, large resi portfolio, which will sort of wind its way down over time. But overall, I think the balance sheet is in a much better place than it was before the pandemic.

資金成本雖然上升至 142 個基本客戶存款，即 142 個基點，但在高於 4% 的環境下為 142 個基點。聯邦基金利率將達到 5%。的確如此——無論是從信用指標還是盈利指標來看，資產負債表都取得了很大進展。是的，資產負債表中有一個懶惰的部分仍然存在，非常大的證券投資組合，大的 resi 投資組合，隨著時間的推移會逐漸減少。但總的來說，我認為資產負債表的狀況比大流行之前要好得多。

This year, given everything I've said about the environment, I think we're looking at loans growing at mid-single digits, deposits doing the same. Margins still expanding, though not as much as it did last year. And expenses, again, very similar to last year, expense growth. Buyback will continue. We will get this $75 million done over the course of next few weeks. And all likeliness, the board will authorize another $150 million after that.

今年，考慮到我所說的關於環境的一切，我認為我們看到貸款以中等個位數增長，存款也在增長。利潤率仍在擴大，儘管不如去年那麼大。和支出，再次與去年非常相似，支出增長。回購將繼續。我們將在接下來的幾週內完成這 7500 萬美元。很可能，董事會將在此之後再授權 1.5 億美元。

A quick reminder. It's been now 9 months since we launched our Atlanta presence. I'm extremely happy with how that has panned out. We did open a branch in Dallas, but we did not truly acquire a team on the commercial banking side. We are in the market for that now. So Dallas will be the project for this year in terms of having full capability in Dallas, not just a branch. Atlanta is off the races. I'm very happy with that. And I think going forward, we will look to opportunities like Dallas, like Atlanta and continue to grow this, and this will become part of our ongoing strategy.

快速提醒。自我們推出亞特蘭大業務以來已經 9 個月了。我對結果非常滿意。我們確實在達拉斯開設了一家分行，但我們並沒有真正獲得商業銀行方面的團隊。我們現在就在市場上。因此，達拉斯將成為今年在達拉斯擁有全面能力的項目，而不僅僅是一個分支機構。亞特蘭大退出比賽。我對此很滿意。我認為展望未來，我們將尋找像達拉斯、亞特蘭大這樣的機會，並繼續發展，這將成為我們持續戰略的一部分。

So with that, I don't want to take away all the talking points here. I'll leave some for Tom. Tom, I'll pass it over to you, and then you can pass it to Leslie.

因此，我不想帶走這裡所有的談話要點。我會留一些給湯姆。湯姆，我會傳給你，然後你再傳給萊斯利。

Great. Thanks, Raj. So as Raj mentioned, total loans grew by $619 million for the quarter, C&I grew by $599 million and CRE grew by $123 million for the quarter. And overall, as we to continue to meet the potatoes analogy, the $722 million growth in those 2 lines of business was extremely encouraging for us. We felt great about it. And I think if we break it down a little bit and look at industry components and asset classes, it was really broad. You can see in the supplemental data that we generally provide, in the C&I side, we grew 11 different segments during the quarter. That really led to $600 million essentially of loan growth in the quarter. It continues on a strong C&I growth number for the entire year. So separately kind of our middle market and corporate banking business, it grew by 25% for the year. So it was just an outstanding year. I think that's reflective of both our own efforts, and it's also reflective of the fact that we're in great markets.

偉大的。謝謝，拉吉。因此，正如 Raj 提到的那樣，本季度總貸款增長了 6.19 億美元，C&I 增長了 5.99 億美元，CRE 本季度增長了 1.23 億美元。總的來說，當我們繼續用土豆類比時，這兩條業務線的 7.22 億美元增長對我們來說非常鼓舞人心。我們感覺很好。而且我認為，如果我們把它分解一點，看看行業組成部分和資產類別，它真的很廣泛。您可以在我們通常提供的補充數據中看到，在 C&I 方面，我們在本季度增長了 11 個不同的細分市場。這實際上導致了本季度 6 億美元的貸款增長。它在全年繼續保持強勁的 C&I 增長數字。因此，除了我們的中間市場和企業銀行業務之外，它今年增長了 25%。所以這只是出色的一年。我認為這既反映了我們自己的努力，也反映了我們處於偉大市場的事實。

Florida has performed extremely well. All of the major cities in Florida have done very well. We're blessed to be in great markets. As Raj said, we really couldn't be more delighted than we are with what we've been able to accomplish in Atlanta in a very short period of time, multi-hundreds of millions of dollars of commitments in that market, excellent relationships. And we are very enthusiastic about expanding into Dallas.

佛羅里達州的表現非常出色。佛羅里達州的所有主要城市都做得很好。我們很幸運能進入偉大的市場。正如 Raj 所說，我們真的不能比我們在很短的時間內在亞特蘭大取得的成就、在該市場的數億美元承諾、良好的關係更令人高興了。我們非常熱衷於擴展到達拉斯。

We see Dallas is a very parallel market to Atlanta in terms of size of the MSA, in terms of depth of the economy and breadth across the number of industry segments that fit the kind of risk profile that we're looking for in terms of diversification. And so we're excited about that.

我們認為，就 MSA 的規模、經濟的深度和行業細分的廣度而言，達拉斯與亞特蘭大是一個非常平行的市場，這些行業符合我們在多元化方面尋求的風險狀況.所以我們對此感到興奮。

Rest of Florida continues to do well. We saw good growth in the commercial segments in the New York market in the quarter and throughout the year. So I think both the combination of our efforts, the segments that we're in and the overall health of the markets that we're in were very important parts of the growth story in the quarter and throughout the year.

佛羅里達州其他地區繼續表現良好。我們在本季度和全年看到紐約市場商業領域的良好增長。因此，我認為我們的努力、我們所處的細分市場以及我們所處市場的整體健康狀況都是本季度和全年增長故事中非常重要的部分。

Last quarter, we had a bit of a growth in CRE. We told you we have more, and we did. That's also, I think, a good, solid commitment to the fundamental parts of the business we want to grow. We had solid growth in the industrial and warehouse segment, again, which is really strong, particularly in the Southeast. We have committed a bit more resources to our construction lending efforts and saw the construction loan portfolio pick up a bit. And we're particularly active in the multifamily construction area, which is a strong growth area. And virtually every market that we're in, multifamily units continue to trail the need for multifamily housing in most of the areas that we're in. So those things really led to what we feel really good about in terms of our growth story for the quarter and for the year.

上個季度，我們的 CRE 有所增長。我們告訴過你我們有更多，我們做到了。我認為，這也是對我們想要發展的業務的基本部分的良好、堅定的承諾。我們在工業和倉庫領域再次實現了穩健增長，這非常強勁，尤其是在東南部。我們為建築貸款工作投入了更多資源，並且看到建築貸款組合有所回升。我們在多戶建築領域特別活躍，這是一個強勁的增長領域。事實上，我們所處的每個市場，多戶住宅單元繼續滿足我們所處大部分地區對多戶住宅的需求。因此，這些事情確實讓我們對我們的增長故事感到非常滿意季度和年度。

There's some other areas, mortgage warehouse, that environment remains pretty challenged right now. We're committed to that business. We think we'll see some growth in it. But right now, the overall housing market, as you know, is not robust. So we're seeing utilization rates fairly low in that business right now.

還有一些其他領域，抵押貸款倉庫，目前環境仍然充滿挑戰。我們致力於這項業務。我們認為我們會看到它的一些增長。但目前，如您所知，整個房地產市場並不強勁。所以我們現在看到該業務的利用率相當低。

Pinnacle and Bridge continued to decline during the year. I think if the tax rates improve and pricing improves in Pinnacle, that may be an area for growth. We continue to deemphasize the franchise lending and the equipment finance area, both from an overall quality and just return on asset perspective is not very attractive to us right now.

Pinnacle 和 Bridge 在這一年繼續下滑。我認為，如果 Pinnacle 的稅率提高並且價格提高，那可能是一個增長領域。我們繼續淡化特許經營貸款和設備融資領域，無論是從整體質量還是資產回報率的角度來看，目前對我們來說都不是很有吸引力。

Resi grew modestly in Q4. So looking forward into this year, we continue to see growth in the core C&I and CRE books. We see it across all of our geographies. As I said, we're committed to mortgage warehouse for the long term and expect to see some growth in that portfolio. Also, if the environment for Ginnie Mae and EBO business improves, there could be some growth opportunities there as well.

Resi 在第四季度溫和增長。因此，展望今年，我們將繼續看到核心 C&I 和 CRE 書籍的增長。我們在所有地區都看到它。正如我所說，我們致力於長期抵押倉庫，並期望看到該投資組合的一些增長。此外，如果 Ginnie Mae 和 EBO 業務的環境有所改善，那裡也可能會有一些增長機會。

We also continue to build sales teams and bring on new producers in the market, and we're looking at some key hires even in this quarter as we start off the year, even beyond the Dallas expansion that we've talked about.

我們還繼續建立銷售團隊並在市場上引進新的生產商，我們甚至在今年開始的本季度也在考慮一些關鍵的招聘，甚至超出了我們談到的達拉斯擴張。

On the deposit side, total deposits grew by $160 million for the quarter. That growth was in interest-bearing deposits. As Raj said, NIDDA declined for the quarter, which was not unexpected in the environment given the rising rates and tightening liquidity. We had finished the loan-to-deposit ratio at 90%, which essentially was flat from the previous quarter.

在存款方面，本季度總存款增長了 1.6 億美元。這種增長是在有息存款中。正如 Raj 所說，NIDDA 本季度有所下降，鑑於利率上升和流動性收緊，這在環境中並不意外。我們完成了 90% 的貸存比，這與上一季度基本持平。

So with that, Leslie will get into more details on the quarter.

因此，萊斯利將了解本季度的更多細節。

Thanks, Tom. As we guided last quarter and as Raj said, we saw the NIM increased this quarter to 2.81% from 2.76%. The yield on investment securities increased to 4.33% from 3.12%. The duration of this portfolio stands at 1 94 at December 31. The yield on loans grew to $4.72% from 4.11% this quarter. That's all mainly attributable to the resetting of coupon rates on variable rate instruments and new production and securities purchases at higher rates. Total cost of deposits was 142 basis points for the quarter, up from 78 basis points last quarter.

謝謝，湯姆。正如我們上個季度的指導和 Raj 所說，我們看到本季度的 NIM 從 2.76% 增加到 2.81%。投資證券的收益率從 3.12% 增加到 4.33%。截至 12 月 31 日，該投資組合的久期為 1 94。貸款收益率從本季度的 4.11% 增至 4.72%。這主要歸因於可變利率工具票面利率的重置以及以更高利率購買新產品和證券。本季度存款總成本為 142 個基點，高於上一季度的 78 個基點。

I'd refer you to Slide 6 of the deck. While this is a story that is obviously still playing out, you can see on that slide illustration that the spread between the Fed funds target and the cost of deposits have grown quite a bit, compared to back in 2019, which is a testament, in my mind to the improvement that we've made in the quality of the deposit base.

我建議您參閱幻燈片的第 6 張幻燈片。雖然這個故事顯然仍在上演，但你可以在幻燈片插圖中看到，與 2019 年相比，聯邦基金目標與存款成本之間的差距已經擴大了很多，這證明了，我想到我們在存款基礎質量方面所做的改進。

Total deposit beta to date this cycle is about 43%. At the peak of the last cycle, our total deposit beta was about 61%. We think it's going to go up from 43%, but we still don't think it's going to get to that 61%.

迄今為止，本週期的總存款貝塔約為 43%。在上一個週期的高峰期，我們的總存款 beta 約為 61%。我們認為它會從 43% 上升，但我們仍然認為它不會達到 61%。

With respect to the reserve and the provision, Slides 9 and 10 give some details about the reserve. The provision this quarter was $39.6 million. The ACL increased to 59 basis points from 54 basis points. As Raj mentioned, in spite of the decline in our NPLs and favorable credit quality signs, we built reserves primarily due to an increasing level of uncertainty about the economy. And qualitatively, we weighted a downside scenario more heavily in establishing our reserve this quarter.

關於儲備金和準備金，幻燈片 9 和 10 提供了有關儲備金的一些詳細信息。本季度的準備金為 3960 萬美元。 ACL 從 54 個基點增加到 59 個基點。正如 Raj 所提到的，儘管我們的不良貸款有所下降且信貸質量跡象良好，但我們建立儲備主要是由於經濟的不確定性增加。從質量上講，我們在本季度建立儲備時更重視下行情景。

We did a -- majority increase in specific reserves that you saw this quarter, which was another contributor to the reserve but still related to 1 single loan that was charged off before the end of the quarter. And substantially all the charge-offs taken this quarter were related to that particular loan.

我們做了 - 您在本季度看到的特定準備金的大部分增加，這是準備金的另一個貢獻者，但仍然與本季度末之前註銷的一筆貸款有關。本季度幾乎所有的註銷都與該特定貸款有關。

There's not really much to comment on with respect to noninterest income and expense. I'll just reiterate that for the year, noninterest expense, if you factor out the hedge loss that we took in the fourth quarter of 2021, it was up 7.5%, which is really exactly what we've been guiding to since the first of the year. So we came in right where we've been telling you we would with respect to that. I don't think there's anything there particularly to comment on for this quarter.

關於非利息收入和支出，真的沒有什麼可評論的。我只想重申，今年的非利息支出，如果你把我們在 2021 年第四季度的對沖損失計算在內，它增長了 7.5%，這正是我們自第一季度以來一直在指導的目標的一年。所以我們來到了我們一直告訴你我們會尊重的地方。我認為本季度沒有什麼特別值得評論的。

So with that, I'll turn it over to Raj for closing comments, and then we'll take your questions.

因此，我會將其轉交給 Raj 以徵求結束意見，然後我們將回答您的問題。

I will open it up for questions. I know there are 19 other banks that have released. So we will -- let's take questions. Operator, you can open up the line.

我會打開它提問。我知道還有 19 家其他銀行已發布。所以我們將 - 讓我們提出問題。接線員，您可以開通線路了。

(Operator Instructions) Our first question comes from Ben Gerlinger with Hovde Group.

（操作員說明）我們的第一個問題來自 Hovde Group 的 Ben Gerlinger。

I was curious, I just want to follow up on the guidance that was given. You said kind of the mid-single-digit loan growth and deposit growth. Was that correct?

我很好奇，我只想跟進給出的指導。你說的是中個位數的貸款增長和存款增長。那是正確的嗎？

Yes.

是的。

And then kind of thinking just the deposit perspective, with quantitative tightening and kind of fighting against the treasury curve really in terms of what else is available to depositors, I mean when you look at year-over-year, your deposits are down. I was curious, is there any new action? Or are you willing to go to price the market in order to garner some overall growth relative to peers? I mean, you guys aren't the only ones. I don't mean to pick on you, but deposits are down. I was just curious on what actions or strategy might be taking to get them up.

然後只考慮存款的角度，通過量化緊縮和與國債曲線作鬥爭，實際上是在儲戶可以使用的其他方面，我的意思是當你看年復一年時，你的存款下降了。我很好奇，有什麼新動作嗎？還是您願意為市場定價以獲得相對於同行的整體增長？我的意思是，你們不是唯一的人。我不是要挑剔你，但存款減少了。我只是好奇可能採取什麼行動或策略來讓他們起來。

Yes. Yes. I think the big difference -- and we could be wrong on this, but the big difference from last year to this year is that we're not expecting that slamming of the brakes that we saw with the Fed, but a more gentle sort of slowdown, tightening of monetary policy and eventually ending that tightening. If the Fed continues to surprise us with very aggressive actions, then achieving the (inaudible) digits will be hard. Of all the guidance I've given you, whether it's loans, margin or deposits or what have you, the deposit guidance is the hardest one to really give. And some of this is also our desire not to let our loan-to-deposit ratio get to out of whack and get past 100 to 105. So you can't get the deposits. It comes down to price.

是的。是的。我認為最大的不同——我們在這一點上可能是錯的，但從去年到今年的最大不同在於，我們並不期待我們看到美聯儲那樣猛踩剎車，而是一種更溫和的經濟放緩、貨幣政策收緊並最終結束這種緊縮。如果美聯儲繼續以非常激進的行動讓我們感到驚訝，那麼實現（聽不清）數字將很困難。在我給你的所有指導中，無論是貸款、保證金或存款還是你有什麼，存款指導是最難真正給出的。其中一些也是我們希望不讓我們的貸存比失控並超過 100 比 105。所以你無法獲得存款。歸結為價格。

So we're not -- loans, you can look at the pipeline and kind of guess, okay, here's where loan demand is, and this is what I know. Typically, we're able to close up the pipeline and so on. The deposits, it's much harder. But based on another 325 basis point increase and eventually slowing on rate hikes, I think if that's what happens, there is a good chance that we will end up at mid-single digits, if it's worse, if the tightening is harder and stronger and longer, then there will be-- it will be tough to get to mid-single digits.

所以我們不是 - 貸款，你可以看看管道和猜測，好吧，這是貸款需求的地方，這就是我所知道的。通常，我們能夠關閉管道等。存款，就更難了。但基於另外 325 個基點的增加和加息最終放緩，我認為如果發生這種情況，我們很有可能最終達到中等個位數，如果情況更糟，如果緊縮越來越強，並且更長，然後會有 - 很難達到中個位數。

Ben, I would also add that one of the things that we look at is when you look at the creation of new relationships across the franchise, and you look at virtually all of the business segments that we're in, the overlying economic activity obviously impacts the balances that might be in any individual account. But we have very, very good trend line information in performance history this year as it relates to the number of new relationships being created by all of the sales teams. And that gives us some confidence that, that will continue as we look into the year.

本，我還要補充一點，我們關注的其中一件事是，當你看到在整個特許經營中建立新關係時，你會看到我們所處的幾乎所有業務部門，顯然是疊加的經濟活動影響任何個人賬戶中可能存在的餘額。但我們在今年的業績歷史中有非常非常好的趨勢線信息，因為它與所有銷售團隊建立的新關係的數量有關。這讓我們有信心，在我們展望這一年時，這種情況將繼續下去。

Got you. Yes. No, I'm probably thinking that you guys could get the deposits just really at what cost. And then kind of conversely to that, are you guys are expecting some margin expansion from here? So that's from just kind of squaring triple to some degree. But the latter question I had is more kind of the nuance probably for level. But when you think about the expenses, BKU has historically had some pretty clear seasonality, I guess, you could say from quarter-to-quarter, but that kind of has fallen off as of late. I was just kind of curious, should we still expect 1Q to be a little bit higher relative to Q3 and then fourth quarter is the highest in the year? Or is that kind of gone to the waste side? I was just trying to look for some overall quarter-over-quarter expectations. I guess the whole year is around 7 ballpark but just quarter-to-quarter.

明白了是的。不，我可能在想你們真的可以以什麼成本拿到定金。然後與此相反，你們是否期望從這裡擴大利潤率？所以這在某種程度上只是一種平方三元組。但我的後一個問題可能更像是關卡的細微差別。但是當你考慮費用時，BKU 歷來有一些非常明顯的季節性，我想，你可以說每個季度都有，但最近這種情況有所下降。我只是有點好奇，我們是否仍然期望 1Q 相對於 Q3 高一點，然後第四季度是今年最高的？或者是那種去了廢物邊？我只是想尋找一些總體的季度環比預期。我猜全年大約是 7 個大概，但只是按季度計算。

We don't spend a lot of time obviously focusing on any one particular quarter. But typically, compensation expense is higher in the first quarter just due to the impact of certain payroll taxes and benefits and what not. But as we've been investing in people and bringing new sales teams and support people on to support growth of the business, you may have seen that trend move out a little more because those people tend to come on over the course-- over the course of the year, and headcount may not be held constant. So again, don't spend a lot of time and energy trying to figure out what the quarter-to-quarter forecast is. I'm more concerned with the year as a whole. But you will see that spike in benefits, but the trend maybe smooths out a little bit by new FTEs coming on more evenly over the course of the year.

我們顯然不會花很多時間專注於任何一個特定的季度。但通常情況下，由於某些工資稅和福利的影響，第一季度的薪酬支出較高。但是，隨著我們一直在對人員進行投資並引入新的銷售團隊和支持人員來支持業務的增長，您可能已經看到這種趨勢稍微偏離了一點，因為這些人往往會在整個過程中出現——在一年中的進程，人數可能不會保持不變。再次強調，不要花費大量時間和精力試圖弄清楚季度預測是多少。我更關心全年。但是你會看到福利的飆升，但這一趨勢可能會隨著一年中更均勻的新 FTE 出現而稍微平緩。

Got it. Okay. That's helpful. Appreciate the time, everyone. You guys have done a great job kind of remixing the deposit side of the balance sheet. So it clearly sets you guys up in a much better position than where we were a few years ago.

知道了。好的。這很有幫助。大家珍惜時光。你們在重新混合資產負債表的存款方面做得很好。所以它顯然讓你們處於比幾年前更好的位置。

Our next question comes from Will Jones with KBW.

我們的下一個問題來自 KBW 的 Will Jones。

So I wanted to step on the expenses firs. Raj, just to clarify, you said expense guidance is the same as last year, which would be mid- to high single digits, correct?

所以我想先踩在費用上。 Raj，澄清一下，你說費用指導與去年相同，是中高個位數，對嗎？

Yes.

是的。

Okay. And just as we think about the base was with -- that mid-high single digit growth also, is the right way to think about it to annualize the fourth quarter and grow from there? Or is it really just cumulatively?

好的。就像我們考慮基數一樣 - 中高個位數增長也是考慮第四季度年化並從那裡增長的正確方法嗎？還是真的只是累積？

Yes, take the full year. Take the full year And apply that to the full year.

是的，拿一整年。拿全年並將其應用於全年。

Okay. Helpful. And then, Raj, I know you called out maybe 1 or 2 maybe nonrecurring or onetime charges that happened in the third quarter. Was there anything similar that happened in the fourth quarter? I know there's still a fairly big pickup in expenses?

好的。有幫助。然後，Raj，我知道你可能提到了第三季度發生的 1 或 2 個非經常性或一次性費用。第四季度有沒有發生類似的事情？我知道費用仍有相當大的回升？

Not really.

並不真地。

I don't think there's anything particularly unique in the fourth quarter.

我認為第四季度沒有什麼特別獨特的地方。

Yes, right.

對，對。

Got you. Okay. Great. And then just moving to -- I appreciate all the great commentary of the allowance and the bumped-up linked quarter there. Just as it relates to the 1 charge-off you guys took, I was just hoping to get a little more color around that. I appreciate there were some specific reserves tied to that charge-off. It looks like maybe based on the way your NPAs moved, those CRE loan, but I was just hoping to get a little more...

明白了好的。偉大的。然後轉移到——我感謝所有關於津貼的精彩評論和那裡的相關季度。正如它與你們所採取的 1 次沖銷有關，我只是希望能對此有更多的了解。我很感激有一些特定的儲備與該沖銷有關。看起來可能是基於你的 NPAs 移動的方式，那些 CRE 貸款，但我只是希望得到更多......

So that loan, it didn't work out. So I have to be careful what I say. What I will tell you is in a situation where we lose faith in the financials of the company, the certified financial of the company, we then to charge off the loan. We basically write off the target. This is a developing situation. It's only 3 months in terms of when we really found this out and a little more than 3 months into this. And we just took the most conservative stand, which is we can't -- we don't really know. There's some -- it looks like there will be some regularities in financials of the borrower, and we're just going charge off the loan, which is what we did. Now there are recoveries that have come back. I'm hoping there'll be some recoveries, but not knowing that with any confidence, we just quite often talk about.

所以那筆貸款，沒有成功。所以我必須小心我說的話。我要告訴你的是，如果我們對公司的財務狀況、公司經過認證的財務狀況失去信心，我們就會取消貸款。我們基本上註銷了目標。這是一個發展中的情況。就我們真正發現這一點的時間而言，只有 3 個月，而且已經過了 3 個多月。我們只是採取了最保守的立場，我們不能——我們真的不知道。有一些 - 看起來借款人的財務狀況會有一些規律，我們只是要取消貸款，這就是我們所做的。現在已經恢復了。我希望會有一些恢復，但不知道有任何信心，我們只是經常談論。

Great. Digging deeper, is there any in a specific industry or any kind of specifics around the nation?

偉大的。深挖一下，有沒有具體行業或者全國各地的具體情況？

It's a one-off situation. Is it -- the when you audited financials come into question, it's not about the industry. It's about just that one situation.

這是一次性的情況。是嗎——當你審計的財務狀況受到質疑時，這與行業無關。這只是關於一種情況。

Got it. Understood. And then just thinking holistically, you have mid- to high single-digit expense growth year-over-year. I appreciate the guidance. So you think that the margins still cause a little expansion from here? Just putting the 2 together, Raj, do you feel like you could still grow revenues over the mid- to high single-digit expense guidance and still maintain some of your positive operating leverage as you move to 2023?

知道了。明白了。然後從整體上考慮，您的費用同比增長為中高個位數。感謝您的指導。所以你認為利潤率仍然會從這裡引起一點擴張？只是將兩者放在一起，Raj，你覺得你是否仍然可以在中高個位數的費用指導下增加收入，並且在你進入 2023 年時仍然保持一些積極的運營槓桿？

Yes. Yes. Over time, I absolutely agree that that's what we're shooting for, and that's what we will get to. It may not be that literally every quarter. And it is a tough environment to try and achieve that in. But remember, we're making investments not for the next 6 months or for the next even 12 months. Some of these investments we're making are multiyear investments with multiyear payoffs. We had a lot of discussion this time around during the budgeting season as to -- this is a year of slowdown, possibly a recession. The curve is inverted. Should be pulled back on investments? And you really cannot take a very short-term view of investing. You have to take a longer-term view.

是的。是的。隨著時間的推移，我完全同意這就是我們的目標，也是我們將要達到的目標。可能不是每個季度都如此。嘗試實現這一目標是一個艱難的環境。但請記住，我們不是在未來 6 個月或未來 12 個月內進行投資。我們正在進行的其中一些投資是多年期投資，多年期回報。這次我們在預算編制季節進行了很多討論——這是經濟放緩的一年，可能是經濟衰退。曲線倒轉。是否應該撤回投資？你真的不能對投資採取非常短期的觀點。你必須有更長遠的眼光。

So the things that we put into motion, we're not going to pull back because the next couple of quarters might be a difficult banking environment or there may be a recession in the second half of the year. You're hearing me talk about, we launched a plant the last year. We're launching something in Dallas this year, possibly new markets next. These are all long-term investments, so are some of the technology investments. So you can't yoyo your investing sentiment quarter-by-quarter or even year-by-year. You really have to stay the course. We have -- from an expense to asset ratio, we're one of the -- not just better, one of the best banks in the country.

因此，我們採取行動的事情，我們不會撤回，因為接下來的幾個季度可能是一個艱難的銀行業環境，或者下半年可能會出現衰退。你在聽我說，我們去年開辦了一家工廠。今年我們將在達拉斯推出一些產品，接下來可能是新市場。這些都是長期投資，一些技術投資也是如此。所以你不能逐季甚至逐年改變你的投資情緒。你真的必須堅持到底。我們 - 從費用與資產比率來看，我們是其中之一 - 不僅僅是更好，還是該國最好的銀行之一。

I sometimes argue that we're not investing enough, which is why our ratios are as low as they are. So investing on a steady pace is important. Revenue, unfortunately, it does get a little bit it's more tied to the environment that we're in, and this is a tough year, but next year will probably not be. So but over a period of time, which you just said is our expectation revenue will grow more than expenses? Absolutely. Otherwise, why do it.

我有時會爭辯說我們投資不夠，這就是為什麼我們的比率如此之低的原因。因此，穩步投資很重要。不幸的是，收入確實有一點點，它與我們所處的環境更加相關，這是艱難的一年，但明年可能不會。那麼但是在一段時間內，您剛才說的是我們預期收入增長將超過支出？絕對地。否則，為什麼要這樣做。

And I will say currently, our forecast is for a modest amount, not a lot.

我現在要說的是，我們的預測是適度的，而不是很多。

Yes.

是的。

But a modest amount of margin expansion next year. Obviously, as Raj alluded to earlier, the hardest part about that to predict is the deposit environment.

但明年利潤率將適度擴大。顯然，正如 Raj 之前提到的，最難預測的部分是存款環境。

Yes.

是的。

Right. Got understood. Great color, Raj. We appreciate that. And that's all the questions I had.

正確的。明白了。很棒的顏色，拉吉。我們對此表示讚賞。這就是我所有的問題。

Our next question comes from Timur Braziler with Wells Fargo.

我們的下一個問題來自富國銀行的 Timur Braziler。

Maybe circling back to that last comment from you, Leslie, on margin expansion next year. I guess what's the rate environment or rate outlook that you're using that guidance? And then just looking at the deposit spot rates ending the year versus the average, it seems like there's going to be a headwind in the first quarter.

也許回到你最後一次評論，萊斯利，明年的利潤率擴張。我想您使用該指南的利率環境或利率前景是什麼？然後看看年底的存款即期利率與平均水平相比，第一季度似乎會出現逆風。

Yes. Yes.

是的。是的。

Is that kind of back-end loaded that comment? Or do you think there's enough happening on the asset side to offset the...

那種後端是否加載了該評論？或者你認為資產方面發生的事情足以抵消......

I'm not that focused on what happens quarter-by-quarter because that's extremely hard to predict. But we're using the forward curve. So this has Fed funds peaking at 5% in the second quarter and dropping to 4.5% to 4.75% by the end of the year with an inverted treasury curve throughout the year. So that's the forward curve that underlies those estimates.

我並沒有那麼關注每個季度發生的事情，因為這很難預測。但我們使用的是遠期曲線。因此，這使得聯邦基金在第二季度達到 5% 的峰值，到年底下降到 4.5% 至 4.75%，全年國債曲線倒掛。這就是構成這些估計基礎的遠期曲線。

But as I said before, the wildcard is the deposit environment, as Raj expressed, we're very confident that we can grow core deposits this year. Based on our geographic expansion, the growth of the Florida economy, the producers that we're adding, our business people are very confident that we can grow core deposits given the environment that we believe is going to play out. So the Fed's been on the brake harder, the environment will be more challenging than we think that, that margin prediction could come under pressure.

但正如我之前所說，通配符是存款環境，正如 Raj 所表達的那樣，我們非常有信心今年能夠增加核心存款。基於我們的地域擴張、佛羅里達經濟的增長以及我們正在增加的生產商，我們的業務人員非常有信心，鑑於我們認為將會發揮作用的環境，我們可以增加核心礦床。因此，美聯儲一直在踩剎車，環境將比我們想像的更具挑戰性，利潤率預測可能會面臨壓力。

Okay. And maybe just asking you to look at the deposit crystal ball over time. But on the way down or once the Fed stops at least hiking, what's the expectation for the deposit environment in your geography? I mean, I'm assuming it's going to remain competitive, but could you actually see deposit pricing continue to increase if the loan demand is still there? Or do you expect it to kind of tail off at a similar pace to what it did on the way up?

好的。也許只是要求您隨著時間的推移查看存款水晶球。但是在下降的過程中，或者一旦美聯儲至少停止加息，您對您所在地區的存款環境有何期望？我的意思是，我假設它會保持競爭力，但如果貸款需求仍然存在，你真的能看到存款定價繼續上漲嗎？或者您是否希望它以與上漲時相似的速度下降？

You're asking about, not just in the next 6 or 12 months, but beyond that. And it's very hard for me to say what the deposit environment will be like. But there is a lag. On the way up, there is some line on the way down as well. And -- but it's really hard for me to predict what will happen when the Fed starts to pull back. I don't know what the demand would be like. I don't know what the economy will be like. Will we be in a recession or not? It is, I would say, the best -- it will be hard actually for you to even go back at that last cycle and try and look at that last time, it was really weird. But we're not going to have a effect going to 0 overnight kind of a situation. It's going to be a slow drop, a very gentle decline is what I think will happen with effect. But it is very hard for me to say what will happen a year out.

你問的是，不僅僅是在接下來的 6 或 12 個月內，而是在那之後。我很難說存款環境會是什麼樣子。但是有一個滯後。在上升的路上，下降的路上也有一些線。而且 - 但我真的很難預測當美聯儲開始撤回時會發生什麼。我不知道需求會怎樣。我不知道經濟會怎樣。我們會不會陷入衰退？我想說，這是最好的——實際上你很難回到最後一個週期並嘗試查看最後一次，這真的很奇怪。但是我們不會對一夜之間變為 0 的情況產生影響。這將是一個緩慢的下降，一個非常溫和的下降是我認為會發生的效果。但我很難說一年後會發生什麼。

Yes. I do think the more rate-sensitive part of the deposit portfolio will respond very quickly, either way on the way up or the way down. But with the more core portions of the deposit portfolio, I think you see a lag on the way up, but you also see a lag on the way down. And it is very difficult to predict. I wish I had that crystal ball more for you.

是的。我確實認為存款組合中對利率更敏感的部分會很快做出反應，無論是上升還是下降。但是對於存款組合的更多核心部分，我認為你會看到上升的滯後，但你也會看到下降的滯後。而且很難預測。我希望我有更多的水晶球給你。

And remember, it's even more complex for us because a lot of our deposit business is in one way, shape or another tied to the real estate business, right, the refi business, which is dead right now or even the purchase business, which is not doing that well. So we could have a mini refi boom before you know it.

請記住，這對我們來說更加複雜，因為我們的很多存款業務都以某種方式、形式或其他方式與房地產業務相關聯，對，現在已經死掉的再融資業務，甚至是購買業務，這是做得不好。所以我們可以在你知道之前有一個迷你 refi boom。

I mean, if the tenure is floating with 3 35, that could happen and that could actually help that will help the warehouse business, but that will help the deposit business as well. It's a lot of pain that we felt this year was from the title insurance space.

我的意思是，如果任期以 3 35 浮動，那可能會發生，這實際上可能有助於倉庫業務，但這也將有助於存款業務。今年我們感到很多痛苦來自產權保險領域。

Yes.

是的。

And that industry is a deep recession, so to say, if you talk to anyone in that industry. But that could come back. That's very risk sensitive. And that doesn't have to move too much. It's just the long-term rates keep doing what they're doing, you could have a significant pickup in activity. We're not counting on that, but we're very consistent of that sort of coil spring, if you were to say.

如果您與該行業的任何人交談，那麼該行業正處於嚴重衰退之中。但這可能會回來。這對風險非常敏感。而且不必移動太多。只是長期利率繼續做他們正在做的事情，你的活動可能會顯著增加。我們不指望那個，但如果你要說的話，我們對那種螺旋彈簧非常一致。

Right Okay. I appreciate that. And then just lastly for me, the C&I growth all year and in the fourth quarter was quite impressive. I'm just wondering how much of that is increased utilization, if any? How much of that is new client growth? And then are you able to get deposit relationships with those new C&I clients that you're bringing on board? How much of that production is actually being self-funded?

好吧。我很感激。最後對我來說，全年和第四季度的 C&I 增長令人印象深刻。我只是想知道其中有多少是利用率的提高（如果有的話）？其中有多少是新客戶增長？然後你能與你帶來的那些新的 C&I 客戶建立存款關係嗎？有多少生產實際上是自籌資金的？

Yes. I would say that we saw a very little lift from utilization throughout the year. When we look at production in the C&I teams throughout the entire year, it was a very strong new client production, new relationship production. We are able to get significant deposits out of these, most our general focus is on relationship banking opportunities, and these tend to come with strong depository and treasury management type relationships. But we didn't see much lift at all in utilization rates throughout the year. So we'll see how that plays out into 2023.

是的。我要說的是，我們全年的利用率幾乎沒有提高。當我們查看全年 C&I 團隊的生產時，這是一個非常強大的新客戶生產、新關係生產。我們能夠從中獲得大量存款，我們的主要關注點是關係銀行機會，而這些機會往往伴隨著強大的存款和資金管理類型的關係。但我們並沒有看到全年的利用率有太大提升。所以我們將看到這將如何影響到 2023 年。

Originally, when we started the year, we thought we would see more lift. We thought we'd see maybe 500 basis points of lift. We didn't see that. It stayed pretty flat throughout the year. And if that were to pick up, that would help us as well. But what we did this year was really a lot of new relationship production this year across all of the C&I segments.

最初，當我們開始這一年時，我們認為我們會看到更多的提升。我們認為我們可能會看到 500 個基點的提升。我們沒有看到。全年保持平穩。如果這種情況有所好轉，那也會對我們有所幫助。但我們今年所做的實際上是今年在所有 C&I 細分市場中建立了很多新的關係。

Our next question comes from Steven Alexopoulos with JPMorgan.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

This is Alex Lau on for Steve. My first question is on deposits. Can you talk about the decrease in noninterest-bearing deposits? What are your clients moving those balance balances to? Any color on whether it's moving internal or competition from T-bills or in other regional?

這是史蒂夫的 Alex Lau。我的第一個問題是關於存款。你能談談無息存款的減少嗎？您的客戶將這些餘額轉移到什麼地方？關於它是在內部移動還是來自國庫券或其他地區的競爭，有什麼顏色嗎？

You're talking year-to-date. We're not talking this quarter because we didn't experience that this quarter in noninterest-bearing deposits.

你說的是年初至今。我們不是在本季度討論，因為本季度我們在無息存款中沒有遇到這種情況。

Well, we do. Yes.

好吧，我們有。是的。

In interest -- oh, sorry, sorry. I misunderstood your question. I misunderstood your question

有興趣——哦，對不起，對不起。我誤解了你的問題。我誤解了你的問題

Yes. So it's a laundry list of things. So there's still a slowdown in the real estate industry. We're seeing our title business average balances in those accounts from the smallest, the largest, everything declined. So it's an industry-wide trend. That is one.

是的。所以這是一個洗衣清單。因此，房地產行業仍然放緩。我們看到我們的產權業務平均餘額在這些賬戶中從最小的，最大的，一切都下降了。所以這是一個全行業的趨勢。那是一個。

We saw people -- our clients use money for buybacks or dividends, just distributions. That was a fairly large category.

我們看到人們——我們的客戶用錢來回購或分紅，只是分配。這是一個相當大的類別。

Also, I'd say, as ECRs have moved up, they need to keep balances to avoid fees from the bank. That needed balance have gone down. So when that happens, capital plays up and it moves into money market or leaves the bank and goes go out and buy treasuries.

另外，我想說的是，隨著 ECR 的上升，他們需要保持餘額以避免向銀行收取費用。所需的平衡已經下降。因此，當這種情況發生時，資本就會發揮作用，進入貨幣市場或離開銀行，去購買國債。

We don't have a wealth management business. So we're not seeing that. Corporate customers don't typically take money out the bank and buy treasuries to some of that might be happening with whatever small retail business that we do have. So it's a mix of those things. But I'd say that the real estate industry suffering is still probably our largest driver, followed shortly with just people taking distributions and using money for either investments or buying properties or what have you. So there is money is not being left idle and people are much more corporate customers, Commercial customers. They are much more aware that -- of the cost of idle money.

我們沒有財富管理業務。所以我們沒有看到。公司客戶通常不會從銀行取錢併購買國債，而我們擁有的任何小型零售業務都可能發生這種情況。所以它是這些東西的混合體。但我要說的是，房地產行業的苦難可能仍然是我們最大的驅動力，緊隨其後的是人們接受分配並將資金用於投資或購買房產或你擁有的東西。所以錢不會被閒置，人們更多的是企業客戶，商業客戶。他們更加意識到——閒置資金的成本。

Yes. In 2021, there was a pretty substantial buildup in corporate deposit balances across really all industry segments coming out of the pandemic that has just been utilized.

是的。 2021 年，由於剛剛使用的大流行病，幾乎所有行業部門的企業存款餘額都大幅增加。

Yes.

是的。

And as a follow-up to that buildup, any sense of how much DDA is considered excess deposits per your customers before they get to like a core operating DDA level?

作為該積累的後續行動，在客戶開始喜歡核心運營 DDA 水平之前，有多少 DDA 被認為是每個客戶的超額存款？

No, that's very hard for us to do.

不，這對我們來說很難做到。

We spend a lot of time trying to analyze that, but I don't -- I still don't think we know the answer to the question.

我們花了很多時間試圖對此進行分析，但我不——我仍然認為我們不知道問題的答案。

Fair enough. And on the net interest margin guidance for expansion in '23, any color in terms of the trajectory? Do you expect expansion every quarter? Or at some point, do you expect a reversal of that, but still end the year higher?

很公平。關於 23 年擴張的淨息差指導，就軌跡而言有什麼顏色嗎？你預計每個季度都會擴張嗎？或者在某個時候，您是否預計情況會發生逆轉，但年底仍會走高？

I think it's -- that's very difficult to predict. There's just too many external factors, particularly with respect to funding that are going to impact what happens quarter-by-quarter. I think looking at the year as a whole, we can get a little bit better idea that I'm reluctant to try to pinpoint what the NIM is going to be quarter-by-quarter.

我認為這是 - 這很難預測。外部因素太多了，尤其是在資金方面，這將影響每個季度發生的事情。我認為從整體上看這一年，我們可以更好地了解我不願意試圖逐季確定 NIM 的情況。

Got it. And just one last question on the other fee income line of $7 million. It was a little bit elevated this quarter compared to the rest of the year. Can you touch on what drove this? And if there's anything onetime in nature there?

知道了。最後一個問題是關於 700 萬美元的另一筆費用收入。與今年餘下時間相比，本季度略有上升。你能談談是什麼推動了這一切嗎？如果自然界中曾經有過什麼？

It's just really a cats and dogs, Alex. There's no one thing. There's a lot of puts and takes in there. One of the things that's been kind of volatile over the last year or so has been BOLI revenue. I don't really know how to predict that, but it's -- it's no one thing. There's just a lot of puts and takes in that line item. So I don't think there's anything that I would necessarily regard as either something to call out specifically. I do think in terms of the core items that are in noninterest income, we'll see a steady increase, but all the little puts and takes can be episodic and volatile. I don't think there's anything material enough to call out in there.

這真的是貓和狗，亞歷克斯。沒有一件事。那裡有很多投入和投入。 BOLI 的收入在過去一年左右波動很大。我真的不知道如何預測，但這不是一回事。該訂單項中只有很多投入和投入。所以我不認為有什麼我一定會認為是需要特別指出的事情。我確實認為，就非利息收入中的核心項目而言，我們會看到穩步增長，但所有的小投入和投入都可能是偶發的和波動的。我認為那裡沒有足夠的材料可以大聲疾呼。

Our next question comes from Stephen Scouten with Piper Sandler.

我們的下一個問題來自 Stephen Scouten 和 Piper Sandler。

Appreciate the time. The NIM guidance for next year is pretty encouraging relative to what we're seeing for most of the industry for the potential pace of expansion. Can you tell me, I guess, one, is that from the 2.81% fourth quarter level? Or is that more from the 2.68% full year level?

珍惜時光。相對於我們在大多數行業中看到的潛在擴張速度，明年的 NIM 指導非常令人鼓舞。你能告訴我，我猜，第一，是從第四季度 2.81% 的水平開始的嗎？還是高於 2.68% 的全年水平？

I mean, I was really, when I gave you the guidance, was referring to the full year level. I'm taking a look right now if I can find it just to see. I would expect it to expand from the 2.68% full year. I would also expect it to expand from the 2.81%. Having said those, with caveat, again, it's going to be a very challenging deposit environment. And if that doesn't play out the way we're forecasting, that you have to put some pressure on that.

我的意思是，當我給你指導時，我指的是全年水平。如果我能找到它只是為了看看，我現在就去看看。我預計它會從全年的 2.68% 擴大。我還預計它會從 2.81% 擴大。話雖如此，再次警告，這將是一個非常具有挑戰性的存款環境。如果這沒有像我們預測的那樣發揮作用，那麼你必須對此施加一些壓力。

And we're not expecting as much of a pressure as we did this year. So it's...

而且我們預計壓力不會像今年那樣大。所以就是...

No, no. It will be very modest.

不，不。這將是非常謙虛的。

Understood. Understood. I'd still say that's encouraging, and it probably plays to an earlier point, maybe that, Raj, you said you feel like you're getting paid for your growth, getting paid for the risk you're taking. So can you talk to maybe what you're seeing on new loan yields? Because I'm presuming you're seeing some good expansion there even in light of the funding pressures.

明白了。明白了。我仍然會說這是令人鼓舞的，而且它可能會在更早的時候發揮作用，也許，Raj，你說你覺得你的成長得到了回報，因為你所承擔的風險得到了回報。那麼，您能否談談您對新貸款收益率的看法？因為我假設即使在資金壓力的情況下，你也會在那裡看到一些良好的擴張。

I think new commercial loans for the quarter, so higher at the end than at the beginning, but for the quarter, new commercial loans came on in the mid-6s on average. That's C&I and CRE and everything we did in the commercial space averaged together for the quarter.

我認為本季度的新商業貸款，末期比年初高，但本季度，新商業貸款平均出現在 6 年代中期。那是 C&I 和 CRE，以及我們在商業領域所做的一切在本季度的平均值。

Yes.

是的。

Great. Okay. And then maybe digging back into expenses really quickly. I just want to make sure, like if I look at expenses, it looks like they're up 12% year-over-year, 7.6% quarter-over-quarter. So I just want to make sure if we're...

偉大的。好的。然後可能會很快重新投入開支。我只是想確定一下，如果我看一下費用，它們看起來同比增長了 12%，環比增長了 7.6%。所以我只想確定我們是否...

When I -- yes, when I take total expenses for this year, total expenses for last year and I back out -- once my math is wrong, which is possible, and on back out debt hedge termination loss we had last year, I'd get an increase of right about 7.5% year-over-year.

當我 - 是的，當我計算今年的總費用，去年的總費用並且我退出時 - 一旦我的數學錯誤，這是可能的，並且退出我們去年的債務對沖終止損失，我同比增長約 7.5%。

Yes. Yes. I'm doing the same thing and getting like 12%. But I guess, either way, the expenses have gone up about $10 million a quarter, each of the last 2 quarters kind of in line with revenue growth. So do you think in '23, that, that revenue growth can kind of outpace the size of expense growth?

是的。是的。我也在做同樣的事情，結果是 12%。但我想，無論哪種方式，每個季度的支出都增加了大約 1000 萬美元，過去兩個季度中的每個季度都與收入增長保持一致。那麼你認為在 23 年，收入增長可以超過支出增長的規模嗎？

My comment, a couple of questions ago, long term, that's what we're shooting for. It doesn't always happen every quarter, And '23 is a tough year to actually achieve it. But that is certainly -- we're going to achieve long term.

我的評論，幾個問題之前，從長遠來看，這就是我們的目標。它並不總是每個季度都會發生，而 23 年是真正實現它的艱難一年。但這肯定是——我們將實現長期目標。

I mean our forecast would show that revenue growth will exceed expense growth next year, but it's a very challenging revenue environment, and there's a lot of things happening in the environment that we have no control over.

我的意思是我們的預測將顯示明年收入增長將超過支出增長，但這是一個非常具有挑戰性的收入環境，而且在我們無法控制的環境中發生了很多事情。

Definitely. Okay. And then last thing for me is the big question I get from investors a lot is where is the margin for error at BankUnited, if we've got, what was ROA this year, 80 basis points, 67 basis points this quarter and then 1 of the lower loan loss reserves still at 59 basis points. So I guess how would you speak to that and kind of a wage folks that might have concerns that if we do enter a worsening environment that there's just less margin for a given the lower profitability and lower reserves?

確實。好的。然後對我來說最後一件事是我從投資者那裡得到的一個大問題是 BankUnited 的誤差幅度在哪裡，如果我們有，今年的 ROA 是多少，本季度 80 個基點，67 個基點，然後 1較低的貸款損失準備金仍為 59 個基點。所以我想你會如何與那些可能會擔心如果我們確實進入一個惡化的環境，那麼在給定較低的盈利能力和較低的準備金的情況下，利潤率會降低？

I think our margin as well as our reserve levels are a function of the portfolio that we have. We have -- compared to a typical bank, we do have a much higher level of resi on that resi being government guarantees. We have investment-grade municipal portfolio. So we have a lot of these loan portfolios that have lower margin and lower losses and lower reserve.

我認為我們的保證金和準備金水平是我們擁有的投資組合的函數。我們有 - 與典型的銀行相比，我們確實有更高水平的 resi，因為 resi 是政府擔保。我們擁有投資級市政投資組合。所以我們有很多這樣的貸款組合，它們的保證金、損失和準備金都較低。

I think that the point I made early on, that if you look at where our NPLs are at the absolute level at 26 basis points, excluding sort of guaranteed SBA loans, that is also alluded to the kind of portfolio we have. If you look at on a relative basis where our NPLs were, December '19 to where we are today, our NPLs are half. So the portfolio over the course of the pandemic has really become even safer, but we've been able to grow margin, not because we're taking more risk, but because we improved our deposit base.

我認為我早些時候提出的觀點是，如果你看看我們的不良貸款處於 26 個基點的絕對水平，不包括 SBA 擔保貸款，這也暗示了我們擁有的投資組合類型。如果你相對地看一下我們的不良貸款，19 年 12 月到我們今天的情況，我們的不良貸款是一半。因此，在大流行期間的投資組合確實變得更加安全，但我們能夠增加利潤率，不是因為我們承擔了更多風險，而是因為我們提高了存款基礎。

So margin has improved significantly from '19. NPLs have come down significantly from '19. Deposits have improved significantly from '19. So sometimes just looking at a number at the top of the house without color behind why that number is what it is, is often where people get tripped up. Every bank is a little bit different. And over time, you really have to look at the composition of the balance sheet to really get good answers on why the numbers make sense or don't make sense.

因此，從 19 年開始，利潤率有了顯著提高。與 19 年相比，不良貸款已大幅下降。與 19 年相比，存款有了顯著改善。因此，有時僅僅看房子頂部的一個數字而沒有顏色背後為什麼這個數字是這個數字，往往是人們被絆倒的地方。每家銀行都有點不同。隨著時間的推移，你真的必須查看資產負債表的構成才能真正得到關於為什麼這些數字有意義或沒有意義的好答案。

Our next question comes from Jon Arfstrom with RBC Capital.

我們的下一個問題來自 RBC Capital 的 Jon Arfstrom。

Steven kind of took my question, but I'll ask it a different way, Raj. What -- are you more pessimistic? Or is this step up in provision just out of caution, your cautious nature?

史蒂文有點接受了我的問題，但我會用不同的方式問，拉傑。什麼——你更悲觀了嗎？還是只是出於謹慎，您的謹慎本性，才增加準備金？

I would say we're more cautious.

我會說我們更加謹慎。

And what is the -- yes, what's the provision message going forward, I guess? Because obviously, the lower ROA was driven by that. Yes.

什麼是 - 是的，我猜未來的規定信息是什麼？因為很明顯，較低的 ROA 是受此驅動的。是的。

We think -- yes. the provision this quarter was pretty heavily influenced by the Moody's S2 downside scenario. So I think we're well positioned from a reserve perspective in the event of a mild recession. Obviously, if the economy totally goes off the rails and we have a severe recession, well, all bets are off for the whole industry. But I'm not expecting that to happen. So I think we're very well positioned. And I expect provisioning -- sitting here today, I expect provisioning for 2023 to really be mostly a function of production.

我們認為 - 是的。本季度的撥備受到穆迪 S2 下行情景的嚴重影響。因此，我認為在溫和衰退的情況下，從儲備的角度來看，我們處於有利地位。顯然，如果經濟完全脫離正軌並且出現嚴重衰退，那麼整個行業的所有賭注都會落空。但我並不期望會發生這種情況。所以我認為我們的定位非常好。我預計供應——今天坐在這裡，我預計 2023 年的供應實際上主要是生產功能。

Yes, growth plus charge-offs is what I'm thinking.

是的，增長加註銷就是我的想法。

Yes. Yes.

是的。是的。

Okay. Are you guys seeing any changes in the quality of your pipelines at all?

好的。你們是否看到管道質量有任何變化？

Not in the quality, but in the quantity, we have seen some -- a little less robustness in the pipeline. And some of it is probably because we had a pretty good quarter, and we closed a lot of stuff. Nothing really spilled over into January. But some of it, I suspect, is also customers basically looking at the environment and saying, maybe I want to wait a little bit to make the next investment, build the next factory or the next payoffs. So some of that, when we talk to clients, I can see the intended effect that the Fed wanted to have, it's actually happening in the real economy. People are more cautious. People are thinking hard about their expansion plans and being, on the margin, a little more cautious. So that is also influencing our guidance we're giving you about loan growth that in next year, in which everyone is expecting a mild recession, you're not going to see some outsized level of growth. It would be responsible.

不是在質量上，而是在數量上，我們看到了一些——管道中的穩健性稍差。其中一些可能是因為我們有一個非常好的季度，我們關閉了很多東西。沒有什麼真正溢出到一月份。但我懷疑，其中一些也是客戶基本上在觀察環境並說，也許我想稍等一下，再進行下一次投資，建造下一個工廠或下一個回報。所以其中一些，當我們與客戶交談時，我可以看到美聯儲想要產生的預期效果，它實際上正在實體經濟中發生。人們更加謹慎。人們正在認真考慮他們的擴張計劃，並且在一定程度上更加謹慎。因此，這也影響了我們給你的關於貸款增長的指導意見，即明年每個人都預計會出現溫和的衰退，你不會看到一些過高的增長水平。會負責的。

Yes, I would add, you particularly see that in the real estate business where pipelines and investment is driven by -- there's a substantial amount of capital on the sidelines today in the real estate markets. But if people kind of read into what they think the curve is going to look like or at least what the curve looks like today, towards the latter part of the year, people are thinking the cost of debt will be -- fixed rate debt will be less than it is today. So investment strategies are being paused a bit, particularly in the CRE markets.

是的，我要補充一點，你特別看到在管道和投資驅動的房地產業務中——今天在房地產市場上有大量資本在觀望。但是，如果人們稍微了解一下他們認為曲線的樣子，或者至少是今天的曲線，到今年下半年，人們會認為債務成本將是——固定利率債務將比今天少。因此，投資策略有所暫停，尤其是在 CRE 市場。

Yes. Okay. And do you guys think a pause probably changes that, that outlook a bit?

是的。好的。你們認為暫停可能會改變這種前景嗎？

No, I think that is encompassed in the outlook that we gave you.

不，我認為這包含在我們給你的展望中。

Okay. Okay. And then just one more on commercial real estate, the $30 million number last quarter. So maybe that's the number we're looking at. You guys don't have a single nonperformer the way you categorize commercial real estate?

好的。好的。然後是商業房地產，上個季度為 3000 萬美元。所以也許這就是我們正在看的數字。按照你們對商業地產的分類方式，你們沒有一個表現不佳的人嗎？

Correct.

正確的。

Talk a little bit about what you're seeing in the quality of the portfolio. It's obviously on every investor's mind, but it looks like your portfolio is very, very clean. Are you seeing any roading? Are you being more cautious? Or do you feel like this is more symbolic of your portfolio and maybe the industry is going to get a little bit worse? That's all I had.

談談您在投資組合質量中看到的內容。這顯然在每個投資者的腦海中，但看起來你的投資組合非常非常乾淨。你看到任何道路嗎？你是不是更謹慎了？或者你覺得這更能代表你的投資組合，也許這個行業會變得更糟？這就是我的全部。

Yes. I think it's a very detailed answer because it's not a portfolio, a lot of sub portfolios that add up to it. So I think where the industry needs to be cautious is obviously central business district office. That is, again, probably not as much of a deal in the next 12 months, but over the next 24 to 36 months, that's the asset class to really pay attention to. And it will be an evolving story. And we're spending a lot of time focused on whatever little of that we have.

是的。我認為這是一個非常詳細的答案，因為它不是一個投資組合，而是很多子投資組合加起來。所以我認為行業需要謹慎的地方顯然是中央商務區辦公室。也就是說，在接下來的 12 個月裡，交易可能不會那麼多，但在接下來的 24 到 36 個月裡，這是真正需要關注的資產類別。這將是一個不斷發展的故事。我們花了很多時間專注於我們所擁有的一切。

Now it helps us tremendously being in Florida, where everything is getting absorbed in Florida. But in markets outside of Florida, New York, for us, for example, and for other banks at the other part of the country, that's the asset class that you want to pay attention to in the medium term. I think in the short term, it's not really an issue. And -- but outside of that, retail has been a perpetual issue for banks. I think for the most part, banks have put that behind, and multifamily, warehouse industrial is still doing very well.

現在它極大地幫助我們在佛羅里達州，那裡的一切都被佛羅里達州吸收了。但在佛羅里達州、紐約州以外的市場，例如，對於我們以及該國其他地區的其他銀行來說，這是你在中期要關注的資產類別。我認為在短期內，這不是真正的問題。而且 - 但除此之外，零售一直是銀行的永恆問題。我認為在大多數情況下，銀行已經把它拋在腦後，而多戶型、倉庫工業仍然做得很好。

Yes. I would add, we're super asset-allocation focused. When we think about the real estate portfolio, we've got a very disciplined approach to thinking about what sectors, geographies and asset classes we take exposure in. And even the broadest categories, as Rod said, really have multi-categories. So an anchor -- a grocery store anchored center in Boca Raton is very different than retail that might be a Tom Ford store on Madison Avenue in 63rd Street. That's very different kinds of retail, but we think pretty highly of the quality of the real estate portfolio that we have. And I think when we look at exposures across the platform in areas where we think there could be some softness, we feel really good about what our exposure levels are in those categories.

是的。我要補充一點，我們非常注重資產配置。當我們考慮房地產投資組合時，我們有一種非常有紀律的方法來考慮我們接觸的行業、地區和資產類別。即使是最廣泛的類別，正如羅德所說，實際上也有多個類別。因此，錨點——位於博卡拉頓的一家雜貨店錨定中心與零售店截然不同，零售店可能是第 63 街麥迪遜大道上的湯姆福特商店。這是一種非常不同的零售業，但我們對我們擁有的房地產投資組合的質量評價很高。而且我認為，當我們在我們認為可能存在一些疲軟的領域查看整個平台的風險敞口時，我們對我們在這些類別中的風險敞口水平感到非常滿意。

Our next question comes from Will Jones with KBW.

我們的下一個問題來自 KBW 的 Will Jones。

Just a quick follow-up. I wanted to hit on the buyback. I know by our math, you guys had massive buybacks this year, somewhere around 12% of the company repurchased in 2022. Raj, if the stock kind of hovers around the current levels, do you plan to keep the gas on the buyback here? And then just as it relates to your capital, I know you guys don't look at TCE as much more so common actually, Tier 1 at the bank level. Did you have any internal targets or any internal threshold where you wouldn't want to see that ratio draw down to?

只是快速跟進。我想進行回購。根據我們的計算，我知道你們今年進行了大量回購，2022 年約有 12% 的公司回購。Raj，如果股票在當前水平附近徘徊，您是否打算繼續回購？然後就像它與你的資本有關，我知道你們實際上並沒有把 TCE 看得那麼普遍，銀行一級的一級。您是否有任何內部目標或任何您不希望看到該比率下降到的內部閾值？

Yes. So yes, we are active. The price of the stock is at right now, it's a no-brainer from my perspective. And in terms of what ratios we look at, I'll actually got Leslie answer that. Yes.

是的。所以是的，我們很活躍。股票的價格是現在，從我的角度來看這是一個明智的選擇。就我們所看的比率而言，我實際上會讓 Leslie 回答這個問題。是的。

Yes. We are more focused on CET1. A couple of things we think about when we think about capital levels, we are very protective of the company's investment grade rating. So we're very conscious of the ratings agencies' view of buyback. We also want to be sure we're retaining sufficient capital to support growth that we see on the horizon. So those are the 2 constraints we think about.

是的。我們更專注於CET1。當我們考慮資本水平時，我們會考慮一些事情，我們非常保護公司的投資等級評級。所以我們非常清楚評級機構對回購的看法。我們還希望確保我們保留足夠的資本來支持我們看到的增長。所以這些是我們考慮的 2 個限制。

Our Board is probably going to meet in the next month or so to improve our actual capital plan for 2023. That hasn't happened yet. Currently, I don't anticipate any changes in the way we think about capital targets, but I'm going to refrain from putting them out there until that capital plan gets finalized. But I don't think anything changed. I would not anticipate that the capital targets that we've laid out in the past have changed. But I don't know that with certainty until the board meets.

我們的董事會可能會在下個月左右召開會議，以改進我們 2023 年的實際資本計劃。這還沒有發生。目前，我預計我們對資本目標的思考方式不會有任何變化，但在資本計劃最終確定之前，我不會將它們放在那裡。但我認為沒有任何改變。我預計我們過去製定的資本目標不會改變。但在董事會開會之前我不確定。

At this time, I show no further questions. I would now like to turn the conference back to Raj Singh for closing remarks.

此時，我沒有進一步提問。我現在想把會議轉回 Raj Singh 作閉幕詞。

Thank you. Appreciate all your questions, all the back and forth. We're here. Leslie and I are both here if you have any follow-up questions. But again, thank you so much for joining us. We'll talk to you again in 3 months. Bye.

謝謝。感謝你所有的問題，所有的來回。我們到了。如果您有任何後續問題，萊斯利和我都在這裡。但再次感謝您加入我們。我們將在 3 個月後再次與您交談。再見。

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。您現在可以斷開連接。