BankUnited Inc (BKU) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BankUnited Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to hand the conference over to your speaker today, Susan Greenfield.

美好的一天，感謝您的支持。歡迎參加 BankUnited 2023 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人蘇珊·格林菲爾德。

Thank you, Latanya. Good morning and thank you for joining us today on our second quarter 2023 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，拉塔尼亞。早安，感謝您今天參加我們的 2023 年第二季業績電話會議。今天早上接聽電話的是我們的董事長、總裁兼執行長 Raj Singh； Leslie Lunak，我們的財務長；以及我們的營運長湯姆康尼什 (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 reflect 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 around the company's current plans, estimates and expectations.

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，這些陳述反映了公司當前對未來事件和財務業績等方面的看法。本次電話會議期間所做的任何前瞻性陳述均基於該公司及其子公司圍繞該公司當前計劃、估計和預期的歷史業績。

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, such as adverse events impacting the financial services industry. 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.

包含此前瞻性資訊不應被視為公司表示公司預期的未來計劃、估計或期望將會實現。此類前瞻性陳述受到各種風險、不確定性和假設的影響，包括但不限於與公司營運、財務表現、財務狀況、業務前景、成長策略和流動性相關的風險、不確定性和假設，包括受到公司以外的外部環境的影響。直接控制，例如影響金融服務業的不良事件。本公司不承擔公開更新或審查任何前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因。

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, 2022, 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. With that, I'd like to turn the call over to Raj.

許多重要因素可能導致實際結果與前瞻性陳述所示的結果有重大差異。這些因素不應被視為詳盡無遺。有關這些因素的資訊可在公司截至2022 年12 月31 日的年度報告（表格10-K）以及任何後續季度報告（表格10-Q）或當前報告（表格8-K）中找到，這些報告可在SEC 網站：www.sec.gov。說到這裡，我想把電話轉給 Raj。

Thank you, Susan. Welcome, everyone. Thank you for joining us. 90 days ago, when we last spoke to you, I was just thinking of it this morning, the day before our last earnings release. Leslie and Tom and myself, we were huddled in a room and doing dry runs of what the earnings release would be like. I think we did 2 dry runs, which we've never done before, but we did those on that day. Every question that you could possibly ask we wanted to be sure, we were prepared with the answers. We had all kinds of data available to us at our fingertips so that we could answer all your questions at that time.

謝謝你，蘇珊。歡迎大家。感謝您加入我們。 90 天前，當我們上次與您交談時，今天早上，也就是我們上次發布財報的前一天，我才想起這件事。萊斯利、湯姆和我自己，我們擠在一個房間裡，對收益發布的情況進行預演。我想我們進行了兩次預演，這是我們以前從未做過的，但我們那天就做了這些。對於您可能提出的每一個問題，我們都想確定，我們已準備好答案。我們觸手可及的各種數據，以便我們能夠回答您當時的所有問題。

Compare that to yesterday, Tom and I were at a golf outing for our top clients where we had a great day. We did leave Leslie back in the office but that's more because she doesn't like golf. But 90 days can make a big difference. So we're happy we were able to entertain all our clients and life has sort of gone back to normal. The day of earnings last quarter, actually that day or maybe the next day, I asked -- I called this senior leadership team meeting and the top 10, 12 people in the company, we huddled together in a conference room for half a day. And we did something which we rarely do with the company, which is we actually had a short-term strategy session.

與昨天相比，湯姆和我正在為我們的頂級客戶參加高爾夫郊遊，我們度過了愉快的一天。我們確實把萊斯利留在了辦公室，但這更多是因為她不喜歡高爾夫。但 90 天可以產生很大的變化。因此，我們很高興能夠招待所有客戶，生活也恢復正常。上個季度財報公佈的那天，實際上是那天或者也許是第二天，我問——我召開了這次高級領導團隊會議，公司裡的前10、12 個人，我們在會議室裡擠了半天。我們做了一些我們很少在公司做的事情，那就是我們實際上舉行了短期策略會議。

We always talk about long-term strategy. But that day, we said, listen, the environment that we're in now, again, reminding you, this is late April. We said, okay, we're still in a tense environment. The worst may have passed, but maybe it hasn't, what are the things that we could do in the short term sort of very tactically and short term defined as in the next quarter or 2 that will improve the standing of the company. And it was a whiteboarding session and we started writing things on a white board, anything that came to anyone's mind, things like, let's -- and it was a metrics-driven conversation. Let's improve our loan-to-deposit ratio. Let's improve our total deposits. Let's pay down FHLB borrowings. Let's start an expense management program. Let's improve liquidity coverage, let's improve our uninsured deposit levels and so on and so forth. And we wrote down a whole bunch of things.

我們總是談論長期戰略。但那天，我們說，聽著，我們現在所處的環境，再次提醒你，現在是四月下旬。我們說，好吧，我們仍然處於緊張的環境中。最糟糕的情況可能已經過去，但也許還沒有過去，我們在短期內可以做哪些非常戰術性和短期的事情，定義為下一個或兩個季度，這將提高公司的地位。這是一個白板會議，我們開始在白板上寫東西，任何人想到的任何東西，例如，讓我們——這是一個指標驅動的對話。讓我們提高貸存比。讓我們提高存款總額。讓我們還清 FHLB 的借款。讓我們開始一個費用管理計劃。讓我們改善流動性覆蓋率，讓我們提高無保險存款水準等等。我們寫下了一大堆東西。

Of course, somebody said, okay, let's make sure credit remains pristine. And we put all of that on a whiteboard and we stared at it for -- collectively, for a period of time and said, okay, some of these things are things that we should be doing all the time anyway. But what are the most actionable things that we can achieve in a matter of a couple of months or a couple of quarters. And we made a laundry list, and that became sort of our short term, call it, I don't even think it's really strategic, it's really what's tactical. And we started executing on all of that.

當然，有人說，好吧，讓我們確保信用保持原始狀態。我們把所有這些都放在白板上，我們集體盯著它看了一段時間，然後說，好吧，其中一些事情無論如何都是我們應該一直在做的事情。但我們在幾個月或幾季內可以實現的最可行的事情是什麼？我們制定了一份清單，這成為了我們的短期目標，我甚至不認為這真的是戰略性的，這實際上是戰術性的。我們開始執行所有這些。

Standing here exactly 3 months from that and reporting our second quarter numbers, I'm very happy that we've actually hit pretty much all those metrics that have been laid out for ourselves. We improved liquidity, we improved capital. We grew deposits. We improved our loan deposit ratio. We ran down our mortgage book, our securities book. We paid down FHLB.

三個月後，我站在這裡報告我們的第二季數據，我很高興我們實際上已經達到了為我們自己制定的幾乎所有指標。我們改善了流動性，改善了資本。我們增加了存款。提高貸存比。我們查完了抵押貸款帳簿和證券帳簿。我們付了 FHLB 的錢。

And I'll talk about margin. While margin came down this quarter, we stabilized that as well. We'll talk about that in a little more detail in a few minutes. So I'm pretty happy where we are in a very short period of time. Last quarter, I had made a comment that the first quarter could be viewed really as 2 different sort of time lines. So it was everything from January 1 to March 10, and then everything from March 11 to the end of March.

我會談談保證金。雖然本季利潤率有所下降，但我們也穩定了這一點。我們將在幾分鐘內更詳細地討論這一點。所以我很高興我們在很短的時間內就取得了這樣的成績。上個季度，我曾評論說，第一季實際上可以被視為兩個不同的時間線。所以這是從1月1日到3月10日的所有事情，然後是從3月11日到3月底的所有事情。

This quarter, if I was to try and do the same there wasn't that much of a clear demarcation, but I do feel the first half of the quarter felt very different from the second half of the quarter. And going into July, that has continued and things feel fairly back to normal. So I'm happy about that. Quick comments about the environment, things that we don't control, but we react. So first and foremost, the economy, the economy is very resilient. So I'm kind of like tired of saying this over and over on every call, but that's how we see it. We don't see the stresses that we're all afraid of showing up anywhere in any of our geographies.

這個季度，如果我嘗試做同樣的事情，沒有那麼明確的界限，但我確實覺得本季的前半部分與後半部分感覺非常不同。進入七月，這種情況一直持續著，感覺一切都恢復正常了。所以我對此感到很高興。對環境、我們無法控制但我們會做出反應的事物的快速評論。因此，首先是經濟，經濟非常有彈性。所以我有點厭倦了在每次通話中一遍又一遍地說這句話，但這就是我們的看法。我們在任何地區都看不到我們都害怕出現的壓力。

So the economy is strong and resilient, Florida is twice as strong as the national average. If you look at Florida's GDP, unemployment rate and so on, unfortunately, that also means inflation is much higher in Florida than rest of the country. But the economy is very resilient.

因此，佛羅裡達州的經濟強勁且富有彈性，是全國平均的兩倍。不幸的是，如果你看看佛羅裡達州的國內生產毛額、失業率等，這也意味著佛羅裡達州的通貨膨脹率比全國其他地區高得多。但經濟非常有彈性。

On the rate environment, it does feel like the Fed is very much at -- I think they will raise rates, that's what the Street is pricing in. But given where CPI and PPI data is, it does feel like we are very close to the inflection point on Fed policy. So that's good. And the banking environment, generally speaking, while it has improved tremendously from the chaos of 3 months ago, it is still a challenging environment and challenging for the reasons of the curve being inverted and the competition for deposits still being very intense. And still some concerns about the economy eventually slowing down or faltering, it's still -- that is an expectation out in the future. It's not here and now. So with that, let me quickly go over some of the numbers, Leslie would do -- and Tom will both do a deeper dive, and I'll run through these quickly.

在利率環境方面，聯準會確實非常願意——我認為他們會升息，這就是華爾街的定價。但考慮到 CPI 和 PPI 數據的情況，我們確實感覺我們已經非常接近利率環境了。聯準會政策轉折點。所以這樣很好。而銀行業的環境，整體來說，雖然比三個月前的混亂局面有了很大改善，但由於曲線倒掛、存款競爭依然十分激烈等原因，仍然是一個充滿挑戰和挑戰的環境。仍然有人擔心經濟最終會放緩或步履蹣跚，這仍然是對未來的預期。不是此時此地。因此，讓我快速瀏覽一些數字，萊斯利會做 - 湯姆會做更深入的研究，我將快速瀏覽這些數字。

Net income came at $58 million or $0.78 a share. I think that's right on top of consensus from what I checked a couple of days ago. Deposits grew by $116 million. NIDDA went down but only by $62 million, which is a big improvement over the big declines that we've seen in noninterest DDA over the course of last many quarters. So our ratio of noninterest DDA to total deposits came in at 28.3%, relatively stable to what it was in March. I think it was 28.6% at that time.

淨利潤為 5800 萬美元，即每股 0.78 美元。我認為這是我幾天前檢查的共識的基礎。存款增加1.16億美元。 NIDDA 下降了，但僅下降了 6,200 萬美元，這比我們在過去多個季度中看到的非利息 DDA 的大幅下降有了很大改善。因此，我們的非利息 DDA 佔總存款的比率為 28.3%，與 3 月相比相對穩定。我想當時是28.6%。

Loans declined by $263 million, but the largest portion of that was residential, which we have gotten residential heavy as you know, in the last couple of quarters, mostly after the pandemic. So taking that down was a very deliberate decision by us. So total loans declined by $263, but resi was $184 million of that.

貸款減少了 2.63 億美元，但其中最大部分是住宅貸款，如您所知，在過去幾個季度（主要是在大流行之後），住宅貸款變得很重。因此，取消它是我們經過深思熟慮的決定。因此，貸款總額減少了 263 美元，但其中的 Resi 為 1.84 億美元。

Securities portfolio. Also, we've had that run down. That's also larger than what we needed to be. It came down by $390 million. On the other side of the balance sheet, we did pay off FHLB advances to the tune of $1.6 billion. Margin was 2.47% for the quarter. That's a decline from 2.62% last quarter. But I want to make a finer point here. Last quarter, when we looked at our margin our margin was declining from January to February, from February to March, it was coming down, and we ended up overall for the quarter at 2.62%.

證券投資組合。而且，我們已經遇到這種情況了。這也比我們需要的還要大。減少了 3.9 億美元。在資產負債表的另一邊，我們確實還清了 FHLB 預付款，金額高達 16 億美元。本季利潤率為 2.47%。較上季的 2.62% 有所下降。但我想在這裡提出更具體的觀點。上個季度，當我們查看利潤率時，我們的利潤率從 1 月到 2 月一直在下降，從 2 月到 3 月，它也在下降，本季的整體利潤率為 2.62%。

This quarter, we entered this quarter at 2.47% and we ended this quarter at 2.47%. So the -- relative to last quarter where this was coming down hard and fast, this quarter, while it was lower, it felt a lot better because it was stable. So I'm happy about that. Cost of deposits increased to 2.46%, that was compared to 2.05% last quarter. I think the increase this quarter was 41 basis points. Last quarter was more, it was 63 basis points. So a slight improvement in at least the velocity with which deposits are repricing.

本季度，我們進入本季的利率為 2.47%，本季結束時的利率為 2.47%。因此，相對於上個季度的快速下降，本季雖然較低，但感覺好多了，因為它很穩定。所以我對此感到很高興。存款成本上升至 2.46%，上季為 2.05%。我認為本季的增幅為 41 個基點。上季更多，為 63 個基點。因此，至少存款重新定價的速度略有改善。

And on the credit front quickly, there isn't really much to talk about because everything is fairly stable. NPAs were 34 basis points. If you exclude the SBA guaranteed loans then they were 24 basis points, I think that's 2 basis points higher than last quarter. Charge-offs were 9 basis points, very much in line with last quarter. In fact, compared to last year, I think last year, we were averaging 22 basis points, so much better than last year.

在信貸方面，很快就沒有什麼可談論的，因為一切都相當穩定。 NPA 為 34 個基點。如果排除 SBA 擔保貸款，則為 24 個基點，我認為比上季高 2 個基點。沖銷為 9 個基點，與上季非常一致。事實上，與去年相比，我認為去年我們平均上漲了22個基點，比去年好得多。

So on the credit side, there isn't much of a story. Obviously, everyone is focused on office CRE. Our total CRE levels are fairly low compared to our peers. And I'm defining peers as sort of banks between $10 billion and $100 billion. What we did last quarter also, we gave you a lot of information on our office portfolio. This quarter, we've given you even more information. We are spending a lot of time looking every which way possible on this -- in this book to see if there's any trouble. This is not something that is causing us any kind of heartburn. So this is a very good portfolio where a large part of the exposure is Florida and whatever exposure we have in New York City is pristine. I mean, it is really hard to poke holes in this portfolio. So as of right now, this is not what we're losing sleep on.

因此，從信用方面來看，沒有太多故事。顯然，大家都把注意力集中在辦公室CRE。與同行相比，我們的整體 CRE 水準相當低。我將同業定義為價值 100 億至 1000 億美元之間的銀行。我們上個季度也做了什麼，我們向您提供了有關我們辦公室投資組合的大量資訊。本季度，我們為您提供了更多資訊。我們花了很多時間在這本書中尋找一切可能的方法，看看是否有任何問題。這不會讓我們感到胃灼熱。因此，這是一個非常好的投資組合，其中很大一部分風險敞口位於佛羅裡達州，而我們在紐約市的任何風險敞口都是原始的。我的意思是，要找出這個投資組合中的漏洞真的很難。所以到目前為止，這並不是我們失眠的原因。

So lastly, just a comment about capital. I said at the beginning of the call, we also improved our capital position not because we needed to, but in a time like this -- in volatile time like this, more capital is always better. Our CET1 improved, our tangible common equity ratio improved by 30 basis points. So overall -- tangible book value increased and so on.

最後，僅評論一下資本。我在電話會議一開始就說過，我們也改善了我們的資本狀況，不是因為我們需要這樣做，而是在這樣一個動盪的時期，更多的資本總是更好。我們的 CET1 有所改善，有形普通股權益比率提高了 30 個基點。整體而言，有形帳面價值增加等等。

So overall, I -- our collective blood pressures is down a lot in the last 3 months, and that's a good thing. And I would say that we're basically back to doing and executing on the long-term plan that we've already set out for ourselves. So -- and I hope it stays like this, and we can come back to you in 90 days and talk more about the progress we've made on that front.

總的來說，我——我們的集體血壓在過去三個月下降了很多，這是一件好事。我想說的是，我們基本上回到了執行我們已經為自己制定的長期計劃。所以，我希望情況能保持這樣，我們可以在 90 天後回覆您，並更多地討論我們在這方面取得的進展。

But I will turn it over quickly to Tom, who will go a little more detail into the numbers.

但我會很快將其轉交給湯姆，他將更詳細地介紹這些數字。

Great. Thank you, Raj. So first, on deposits, again, in aggregate, deposits were up $116 million for the quarter. NIDDA, as Raj mentioned, was down $62 million, nonmaturity, interest-bearing deposits were down $92 million, while time deposits were up for the quarter by $270 million. I think the biggest kind of impact on deposits in the quarter was we have a large government municipal portfolio. It's a seasonal portfolio that was part of the $378 million decline in that book for the quarter, which we expected, and that will kind of come and go up and go down as tax collections happen and whatnot.

偉大的。謝謝你，拉吉。首先，就存款而言，本季存款總額增加了 1.16 億美元。正如 Raj 所提到的，NIDDA 減少了 6,200 萬美元，非到期帶息存款減少了 9,200 萬美元，而本季定期存款增加了 2.7 億美元。我認為本季對存款影響最大的是我們擁有龐大的政府市政投資組合。這是一個季節性投資組合，是該季度該帳簿中 3.78 億美元下降的一部分，正如我們預期的那樣，隨著稅收的發生等情況，該投資組合會出現上升和下降。

In terms of new business, we have a very solid line of sight into new business coming through our treasury management operations platform and our systems. We have -- we track it in various stages and have about $1.6 billion in deposits that are operating type deposits running through our treasury products that we expect to realize over the next couple of quarters -- is always some timing difference, especially in bilateral relationships and middle market relationships with onboarding. But overall, the deposit book from a pipeline perspective looks very, very strong.

在新業務方面，我們透過資金管理營運平台和系統對新業務有非常紮實的洞察力。我們在各個階段對其進行跟踪，並擁有約16 億美元的存款，這些存款是透過我們的國庫產品運行的營運型存款，我們預計在接下來的幾個季度中將實現這種存款——總是存在一些時間差異，特別是在雙邊關係以及與入職的中間市場關係。但整體而言，從通路角度來看，存款簿看起來非常非常強勁。

As discussed on Slide 8 of the deck, our largest deposit vertical is in the Title Solutions business with total deposits of $2.7 billion as of June 30. This is predominantly in operating accounts. It's over 700 accounts and grows by 30 to 40 accounts per quarter, and we feel very good about that. There are no other industry verticals with deposits over $1 billion as of June 30. Loan-to-deposit ratio ended the quarter at 95%, compared to 97% at March 31, and we would like to continue to improve that and bring it down into the low 90s over time.

如同投影片 8 所討論的，我們最大的存款垂直領域是產權解決方案業務，截至 6 月 30 日，存款總額為 27 億美元。這主要是在營運帳戶中。它有超過 700 個帳戶，並且每季增加 30 到 40 個帳戶，我們對此感到非常滿意。截至 6 月 30 日，沒有其他垂直行業的存款超過 10 億美元。本季貸存比率為 95%，而 3 月 31 日為 97%，我們希望繼續改善並降低這一比率隨著時間的推移進入90 年代低段。

So a little more detail on the loan portfolio. As Raj said, the overall portfolio was down $263 million for the quarter. We kind of have -- and I'll talk about this as we go through these numbers sort of what we view as the core portfolio, which I would call kind of corporate banking, commercial banking, small business banking and CRE. And then we have some other national businesses that have more volatility and some of those are trending down, as Raj mentioned, the residential portfolio. And BFG has been trending down for a period of time. So I'll break some of my comments into where we expect core growth versus other areas that we will likely see edge down over time.

關於貸款組合的更多細節。正如 Raj 所說，本季整體投資組合減少了 2.63 億美元。我們有—我會在討論這些數字時討論我們所認為的核心投資組合，我將其稱為企業銀行業務、商業銀行業務、小型企業銀行業務和商業房地產。然後，我們還有其他一些波動性較大的全國性企業，其中一些呈下降趨勢，正如拉吉所提到的，住宅投資組合。而BFG已經有一段時間呈現下滑趨勢了。因此，我將把我的一些評論分為我們預期的核心成長與隨著時間的推移我們可能會看到的其他領域的成長。

The CRE portfolio was up $24 million for the quarter. C&I was down $73 million; Pinnacle, up $32 million. Franchise finance and equipment finance continued to go downward, and we expect that to continue to happen over the next couple of quarters. Pinnacle will likely be fairly flattish to down just seasonally again, in their sector over the next couple of quarters. Pipelines in the core areas remain very, very strong over the next 2 quarters. Average rate on new production for the quarter was about 8% for the C&I portfolio and about 7.6% for the CRE. And most of the things that we're seeing in the pipeline in both segments are north of SOFR plus 300. I would say we're seeing many things in the 325 to 350 range.

本季 CRE 投資組合增加了 2,400 萬美元。 C&I 減少了 7,300 萬美元；平博 (Pinnacle)，上漲 3,200 萬美元。特許經營融資和設備融資持續下降，我們預計這種情況將在未來幾季繼續發生。未來幾個季度，Pinnacle（平博）的行業可能會再次出現相當平穩甚至季節性下降的情況。在接下來的兩個季度中，核心地區的管道仍然非常非常強勁。本季工商業投資組合的平均新產量成長率約為 8%，CRE 的平均新產量成長率約為 7.6%。我們在這兩個部分的管道中看到的大多數東西都在 SOFR + 300 的範圍內。我想說，我們看到很多東西都在 325 到 350 範圍內。

Overall, demand is good and pricing is good and attractive across most of the market segments that we're in, in most of the geographies that we're in. Consistent with our strategy of deemphasizing nonrelationship credit business, we have strategically exited about $75 million of shared national credits -- $175 million of shared national credits last quarter. We will continue to look at doing that kind of opportunistically over the next couple of quarters as we try to shift business -- some business that we did during the pandemic period of time when we had some more shared national credit exposure and now shifting it into more relationship and deposit-oriented business.

總體而言，在我們所處的大多數細分市場、我們所在的大多數地區，需求良好，定價良好且有吸引力。與我們淡化非關係信貸業務的策略一致，我們策略性地退出了約75 美元百萬共享國家信用——上季度共享國家信用為 1.75 億美元。在接下來的幾個季度中，我們將繼續考慮採取這種機會主義方式，因為我們試圖轉移業務——我們在大流行期間做過的一些業務，當時我們有更多共享的國家信用風險，現在將其轉移到更多關係型和存款型業務。

So I'll take a few minutes to speak about the CRE portfolio. As Raj said, I know there's a lot of interest and the Slides 12 through 15 of your deck gives some additional disclosure on this. Overall, the CRE portfolio is very high quality, as Raj said, it's about 23% of the overall loan book, which we feel very comfortable at that level. It's well positioned, high-quality, low LTVs, attractive debt service coverage ratios, 60% is in Florida.

因此，我將花幾分鐘時間談談商業房地產投資組合。正如 Raj 所說，我知道大家對此很感興趣，您的幻燈片 12 到 15 對此進行了一些額外的披露。總體而言，CRE 投資組合的品質非常高，正如 Raj 所說，約佔整個貸款帳目的 23%，我們對這個水準感到非常滿意。它位置優越、品質高、LTV 低、償債覆蓋率頗具吸引力，其中 60% 位於佛羅裡達州。

As Raj said, the demographics continue to be extremely strong in Florida. I just finished up this month kind of a tour of different offices in different markets. And I can tell you, Florida ranges from very good desizzling, I don't mean the temperature, depending upon -- that's sizzling too, actually. But whether you're in Orlando, the suburban markets in Orlando, the Tampa market is extremely strong. Miami, you read about every day in every publication in terms of what's going on in that market in terms of new to market and net absorption. We see tremendous new-to-market movement into Fort Lauderdale, in Palm Beach, unemployment rates in most of the Florida markets are in the mid-2% range.

正如拉吉所說，佛羅裡達州的人口結構仍然非常強勁。這個月我剛結束了不同市場不同辦公室的參觀。我可以告訴你，佛羅裡達州的溫度範圍非常好，我不是指溫度，這取決於——實際上，那也很熱。但無論你是在奧蘭多，還是奧蘭多的郊區市場，坦帕市場都非常強勁。在邁阿密，您每天都會在每份出版物上看到該市場的新市場狀況和淨吸收量。我們看到棕櫚灘的勞德代爾堡有大量新進入市場的人湧入，佛羅裡達州大部分市場的失業率都在 2% 左右。

So we've seen dramatically better economic metrics in Florida really than anywhere else. At June 30, the weighted average LTV of the portfolio was 57% and weighted average DSCR was 1.88. About 16% of the CRE portfolio matures in the next 12 months, about 7%, both matures in the next 12 months and is fixed rate, which includes swap loans, which are fixed to the borrower. So on everybody's favorite topic, office. As Raj said, we feel really good about our office portfolio. We look at every loan every quarter. We have a very high level of analytics running through the entire portfolio, which is just less than $1.9 billion, about $1.85 billion. The weighted average LTV of the office portfolio was 66%, weighted average DSCR was 1.6 at June 30 and there's additional breakdowns in your supplemental deck on 12.

因此，我們看到佛羅裡達州的經濟指標確實比其他任何地方都要好得多。截至6月30日，該投資組合的加權平均LTV為57%，加權平均DSCR為1.88。 CRE投資組合中約16%在未來12個月內到期，約7%​​在未來12個月內到期且為固定利率，其中包括掉期貸款，這些貸款對借款人是固定的。那麼關於每個人最喜歡的話題，辦公室。正如 Raj 所說，我們對我們的辦公室組合感覺非常好。我們每季都會查看每筆貸款。我們對整個投資組合進行了非常高水準的分析，這個投資組合剛好不到 19 億美元，約 18.5 億美元。截至 6 月 30 日，辦公大樓投資組合的加權平均 LTV 為 66%，加權平均 DSCR 為 1.6，12 日的補充資料中還有其他細分。

Substantially, all the office portfolio was performing. In the entire portfolio, we had $313,000 in nonperforming loans and 95% was pass rated as of June 30. 59% of the office portfolio is in Florida, where the demand, the demographics, as I mentioned, continues to be very favorable and there's breakdowns on the Florida and New York Tristate portfolios in the package. Substantially, all the Florida exposure is classified as suburban. It's well diversified across all of the major markets that we're in -- in Florida.

基本上，所有辦公室投資組合都表現良好。在整個投資組合中，我們有313,000 美元的不良貸款，截至6 月30 日，95% 的貸款通過評級。59% 的辦公大樓投資組合位於佛羅裡達州，正如我所提到的，那裡的需求和人口統計數據仍然非常有利，並且有該計劃中佛羅裡達州和紐約三州投資組合的詳細資訊。基本上，佛羅裡達州的所有暴露都被歸類為郊區。它在我們所在的所有主要市場（佛羅裡達州）都實現了多元化。

And with respect to the New York portfolio, we have $181 million or so in loans in New York City and Manhattan, specifically, where obviously that's a center point of attention. They're kind of spread all over the borough of Manhattan. They're all well performing properties. And as I mentioned on the last call, they're all to long-term sponsors, not fund-related business and they're all to sponsors that generally own these properties for generations and have very low basis in the properties. Our portfolio in Manhattan is 94% occupancy rates and has a 5% 12-month lease rollover. So that we feel is about as good about a portfolio as we could possibly feel about the overall office portfolio.

就紐約投資組合而言，我們在紐約市和曼哈頓擁有約 1.81 億美元的貸款，特別是這顯然是關注的焦點。它們遍布曼哈頓區。它們都是表現良好的屬性。正如我在上次電話會議中提到的，他們都是長期贊助商，而不是與基金相關的業務，而且他們都是一般幾代人都擁有這些房產並且在這些房產上的基礎非常低的讚助商。我們在曼哈頓的投資組合入住率為 94%，且 12 個月的租賃展期率為 5%。因此，我們對一個投資組合的感覺就像我們對整個辦公室投資組合的感覺一樣好。

As I said, we've stepped up our level of analytics substantially in the book over the last couple of quarters. And I can almost say we are intimately familiar with every single loan in the portfolio. So with that, I'll turn it over to Leslie.

正如我所說，在過去的幾個季度裡，我們在書中大大提高了分析水平。我幾乎可以說我們對投資組合中的每筆貸款都非常熟悉。那麼，我會把它交給萊斯利。

Thanks, Tom. I'll get into a little bit more detail about some of the numbers. As Raj said, the NIM for the quarter was 2.47% compared to 2.62% last quarter, so down 15 basis points. And I'll reiterate what Raj said, that the NIM has been stable this quarter, month to month. April was the same as May. It's the same was June. So we're very happy to see that stability. The decline in NIM is mainly due to the mix shift on average in funding.

謝謝，湯姆。我將更詳細地介紹一些數字。正如 Raj 所說，本季的淨息差為 2.47%，較上季的 2.62% 下降了 15 個基點。我將重申 Raj 所說的話，即本季淨利差逐月保持穩定。四月與五月相同。六月也是如此。所以我們很高興看到這種穩定性。淨利差下降主要是由於平均資金組合的變化。

We saw average deposits down 7.94 and average FHLB advances up $680 million, and that just all reflects the impact of the events of March. And you saw all of that stabilized considerably and deposits come up and FHLB come down by quarter end. Cash levels we held were up on average by about $300 million for the quarter. And all of that taken together, we estimate had about a 9 basis -- accounted for about 9 basis points of that decline in NIM.

我們看到平均存款下降 7.94 美元，平均 FHLB 預付款增加 6.8 億美元，這一切都反映了 3 月事件的影響。您將看到所有這些都顯著穩定，存款增加，FHLB 到季度末下降。本季我們持有的現金水準平均增加了約 3 億美元。所有這些加在一起，我們估計大約有 9 個基點——佔淨利差下降的大約 9 個基點。

And again, we saw some improvement in stability towards the end of the quarter. Cost of deposits was up 41 basis points from $205 million to $246 million. And the rate of increase in deposit costs slowed this quarter. Cost of total deposits was up 41 basis points this quarter compared to an increase of 63 basis points last quarter. So we were happy to see that. The average cost of FHLB advances increased from $427 million to $459 million, again, reflective of the additional wholesale funding we had to put on the balance sheet in March.

我們再次看到季度末穩定性有所改善。存款成本從 2.05 億美元上升 41 個基點至 2.46 億美元。本季存款成本成長放緩。本季總存款成本上升 41 個基點，而上季則上升 63 個基點。所以我們很高興看到這一點。 FHLB 預付款的平均成本再次從 4.27 億美元增加到 4.59 億美元，這反映了我們 3 月必須在資產負債表上投入的額外批發資金。

Looking forward, I would say we saw stability in the NIM during the quarter. Our best estimate is we will continue to see that stability. Obviously, we're making assumptions there about deposits and deposit or behavior that in this environment are very difficult to pin down, but our best estimate is that we'll see stability in the near term in the NIM.

展望未來，我想說，本季我們看到淨利差保持穩定。我們最好的估計是我們將繼續看到這種穩定性。顯然，我們正在對存款和存款或行為做出假設，這些假設在這種環境下很難確定，但我們最好的估計是，我們將在近期看到淨利差的穩定性。

Few comments on liquidity. About 66% of our deposits are insured or collateralized at June 30, up from 62% at the last quarter end. Same-day available liquidity at June 30 was $14.7 billion, up from $9.4 billion at March 31, and the ratio of available liquidity to uninsured deposits was up to 167% at June 30 from 95% at March 31. So all positive trends there.

關於流動性的評論很少。截至 6 月 30 日，我們約 66% 的存款已投保或抵押，高於上季末的 62%。截至6 月30 日，當日可用流動性為147 億美元，高於3 月31 日的94 億美元，可用流動性與未保險存款的比率從3 月31 日的95% 升至6 月30 日的167%。因此，所有正面趨勢都在。

The provision for credit losses this quarter was $15.5 million and the ratio of ACL to loans increased from 64 to 68 basis points. This quarter's provision just really was impacted by the Moody's baseline economic forecast being a little less favorable than it was in the prior quarter, and we also placed a little bit greater weight on the downside scenario in our modeling just to recognize that there is still some risk of a recession coming. We had some shift from the qualitative to the quantitative portion of the reserve this quarter.

本季的信貸損失撥備為 1,550 萬美元，ACL 與貸款的比率從 64 個基點增加到 68 個基點。本季的撥備確實受到了穆迪基準經濟預測的影響，穆迪的基準經濟預測比上一季稍差一些，而且我們在模型中也對下行情景給予了更大的權重，只是為了認識到仍存在一些不利因素。經濟衰退的風險即將來臨。本季我們的儲備金從定性部分轉向了定量部分。

You'll see that in our slide deck as we are now capturing in the modeling with the weighting of that downside scenario, some of the economic uncertainty we have previously been capturing qualitatively. Reserve on CRE office was up to 83 basis points at June 30 from 56 basis points at March 31. We did add something qualitative to that reserve this quarter, just in view of the uncertainty that's out there, but I echo what both Tom and Raj have said, that we really feel very good about the quality and potential loss content, if any, in that office portfolio.

您會在我們的幻燈片中看到，我們現在在模型中捕捉到了下行情景的權重，我們之前已經定性地捕捉到了一些經濟不確定性。 CRE 辦公室的儲備金從3 月31 日的56 個基點升至6 月30 日的83 個基點。鑑於存在的不確定性，我們確實在本季度對該儲備金增加了一些定性內容，但我同意Tom 和Raj 的說法我們已經說過，我們對該辦公室組合中的品質和潛在損失內容（如果有的話）確實感覺非常好。

We've also added some stress testing results to our slide deck this quarter based on the CCAR severely adverse scenario. I thought that, that would be interesting to you guys. In the CCAR severely adverse scenario, lifetime expected losses on the loan portfolio in the aggregate were projected at 2.2%. That's 3.3% for CRE and 4.7% or a total of $90 million for CRE office. And that, again, I remind you, is in the CCAR severely adverse. In the Moody's S4 recessionary scenario, projected losses for office were only 1.7% or $45 million. So that's a portfolio that's projected to perform extraordinarily well even under a period of hypothetical severe stress.

我們還根據 CCAR 嚴重不利的情況在本季度的幻燈片中添加了一些壓力測試結果。我想，這對你們來說會很有趣。在 CCAR 嚴重不利的情況下，貸款組合的終身預期損失預計為 2.2%。 CRE 為 3.3%，CRE 辦公室為 4.7%，總計 9,000 萬美元。我再次提醒您，這在 CCAR 中是嚴重不利的。在穆迪 S4 經濟衰退情境中，預計辦公室損失僅 1.7%，即 4,500 萬美元。因此，即使在假設的嚴重壓力時期，該投資組合預計也會表現出色。

Fluctuation in noninterest income compared to the prior quarter. The biggest driver there was $13.3 million in the prior quarter of losses that we took on some preferred equity investments that did not recur in the current quarter. And on the noninterest expense category, we saw compensation and benefits down primarily due to normal seasonal fluctuations in payroll taxes and benefits. And we also saw last quarter -- we recognized $4.4 million in operational losses that didn't recur as well. We think probably in the terms of guidance about expenses, we think the second half will probably be flat to the first half, in terms of total noninterest expense.

與上一季相比，非利息收入出現波動。最大的推動因素是上一季我們進行的一些優先股投資造成了 1,330 萬美元的損失，而這些投資在本季沒有重現。在非利息費用類別上，我們看到薪資和福利下降，主要是由於工資稅和福利的正常季節性波動。我們還看到上個季度 - 我們確認了 440 萬美元的營運損失，但這種損失也沒有再次發生。我們認為，就支出指引而言，我們認為下半年的非利息支出總額可能會與上半年持平。

So with that, I will turn it over to Raj for any closing comments that he wants to make?

那麼，我將把它轉交給 Raj，讓他發表任何結束語？

I think we should go straight to Q&A.

我認為我們應該直接進行問答。

(Operator Instructions) And our first question will come from Brady Gailey of KBW.

（操作員說明）我們的第一個問題將來自 KBW 的 Brady Gailey。

So I just wanted to start with the margin. I heard your guidance about how near term you expect the margin to be stable. But I would think with the balance sheet of BankUnited, once the Fed hits the terminal rate, deposit costs are steady. You'll still have some loan repricing going higher. So is there a scenario that maybe in the medium term, you could see NIM expansion?

所以我只想從保證金開始。我聽到了您關於預計利潤率在短期內保持穩定的指導意見。但我認為，從聯合銀行的資產負債表來看，一旦聯準會達到最終利率，存款成本就會穩定。一些貸款重新定價仍然會走高。那麼，從中期來看，是否有可能出現淨利差擴張的情況？

Yes. Brady, there's a scenario even in the near term where we could see NIM expansion. It all depends on stability of the deposit base. The stable NIM guidance that I gave is predicated on a slight decline in NIDDA and a flat deposit scenario. So if we are more successful than we think we'll be, or if we're more successful than that or as successful as we think we can be, in growing deposits and keeping NIDDA stable, there is some potential upside, but that's all dependent on what we're able to do on the funding side, Brady.

是的。 Brady，即使在短期內，我們也可能會看到淨利差擴張。這一切都取決於存款基礎的穩定性。我給出的穩定的 NIM 指引是基於 NIDDA 的小幅下降和存款持平的情況。因此，如果我們在增加存款和維持 NIDDA 穩定方面比我們想像的更成功，或者比我們想像的更成功，或者像我們想像的那樣成功，那麼就有一些潛在的上行空間，但僅此而已取決於我們在資金方面能夠做什麼，布雷迪。

Okay. Got it. And then loan growth has been pretty flat in the first half of the year. Is that what we should think about for loan growth for the back half of the year as well, just not much of it?

好的。知道了。今年上半年貸款成長相當穩定。這是否也是我們應該考慮下半年貸款成長的問題，只是成長幅度不大？

Yes. I would -- from the core growth perspective, we expect to see growth in the C&I book. We expect to see growth in the CRE book. Some of that will be shifted out of resi and BFG, we expect Pinnacle to be fairly flat. So it will be kind of the core part of the book that is a better yielding part, I think will be growing for the second half of the year, grew slightly in the first half of the year. I think we'll see accelerated growth in the second half of the year, but that will be offset by exiting other loan assets that are lower yielding assets, but we expect to see, obviously, a yield pickup in doing that.

是的。我認為，從核心成長的角度來看，我們預計 C&I 業務將會成長。我們預計商業房地產書籍將出現成長。其中一些將被轉移出 resi 和 BFG，我們預計 Pinnacle 將相當穩定。因此，這將是這本書的核心部分，是一個收益更好的部分，我認為下半年會有所增長，上半年將略有增長。我認為我們將在今年下半年看到加速成長，但這將被退出其他收益率較低的貸款資產所抵消，但我們顯然預計會看到這樣做的收益率上升。

All right. And then finally for me, just on the share buyback. It doesn't look like you guys repurchased any stock in the second quarter. I know historically, you had been a big stock repurchaser, maybe just updated thoughts on the buyback headed to the back half of this year?

好的。最後對我來說，就是股票回購。看來你們在第二季沒有回購任何股票。我知道，從歷史上看，您一直是股票回購的大戶，也許只是在今年下半年更新了回購的想法？

We stopped our buyback back in March. I think we may have a little bit left in the authorization, but we're not buying back stock. We will discuss with our Board as we do in the ordinary course. I think the Board meeting is in a month or so. And we've gone through some pretty volatile times. So I think it was the right decision to hold. And at some point in the future, the Board will decide to reengage but not right now.

我們在三月停止了回購。我認為我們的授權可能還剩下一點，但我們不會回購股票。我們將像平常一樣與董事會討論。我認為董事會會議將在一個月左右舉行。我們經歷了一些相當不穩定的時期。所以我認為持有是正確的決定。在未來的某個時候，董事會將決定重新參與，但不是現在。

And our next question will come from Jared Shaw of Wells Fargo.

我們的下一個問題將來自富國銀行的賈里德·肖。

This is Timur Braziler filling in for Jared.

這是替補賈里德的蒂穆爾·巴西爾 (Timur Braziler)。

Okay.

好的。

Do you hear me?

你聽到我說話了嗎？

Yes, yes.

是的是的。

Sorry about that. Maybe just starting on the credit, the increase in special mentions. I know you talked about your comfort in the commercial real estate book. And maybe just talking about the C&I portfolio. And more generally, what are some areas that you could end up seeing more stress if it's not coming out of the CRE book?

對於那個很抱歉。也許只是從功勞開始，特別提及的增加。我知道您在商業地產書中談到了您的舒適度。也許只是談論 C&I 投資組合。更一般地說，如果不是 CRE 書中的內容，您最終可能會在哪些方面面臨更大的壓力？

I would say, first of all, the those -- the increase in special mention was really -- there's no correlated risk there. We've done obviously a deep dive. We know what each of those credits are. And there's no correlated risk or anything systemic in a particular sector of the book there. We aren't concerned about loss content in those particular credits at this point in time. We've pushed -- put them in special mention for some additional monitoring because they're under a little bit of stress, but we aren't concerned about loss content in those particular credits at this time. And we saw the substandard category actually come down this quarter. So we feel like credit is holding up pretty well and we're not seeing anything of systemic concern.

我想說，首先，那些——特別提及的增加確實是——那裡沒有相關風險。顯然我們已經進行了深入研究。我們知道每個積分是什麼。書中的特定部分沒有相關風險或任何系統性風險。目前我們並不擔心這些特定製作人員的內容遺失。我們已經推動--將它們特別提及以進行一些額外的監控，因為它們承受著一點壓力，但我們目前並不擔心這些特定製作人員中的內容丟失。我們看到本季不合格類別實際上有所下降。因此，我們認為信貸狀況良好，沒有看到任何系統性問題。

The larger loans, we downgraded at the end of the quarter, it's already paid off.

我們在季度末降級了較大的貸款，它已經還清了。

Yes. And that's in the earnings release.

是的。這就是收益發布中的內容。

That was a $22 million exposure, not exposure outstanding.

這是 2,200 萬美元的風險敞口，而不是未償還的風險敞口。

Is a $50 million exposure.

是5000萬美元的曝光。

And sometimes the timing doesn't work right. And I wished that paid off in the last week of June, but it waited until, I think, the 12th or 13th of July when it...

有時時機不對。我希望這能在 6 月的最後一周得到回報，但我想，直到 7 月 12 日或 13 日，它才...

Yes, we actually had a couple of payoffs after quarter end. I would echo what Leslie said. I mean there's a couple of idiosyncratic moves this quarter. We expect to see those come back, but there's no underlying -- each was from a different industry sector. There was no two in any one industry sector and our C&I book tends to be extremely wide and well diversified across 100 different industry segments. So as I mentioned and Raj said, we saw two of those pay off after the end of the quarter, and there's no particular sector we're really concerned about. The health of the consumer looks good...

是的，我們實際上在季度末後獲得了一些回報。我會附和萊斯利所說的。我的意思是，本季有一些特殊的舉措。我們預計這些會回來，但沒有根本原因——每個都來自不同的行業領域。任何一個行業領域都沒有兩個，而且我們的 C&I 目錄往往非常廣泛且多元化，涵蓋 100 個不同的行業領域。正如我和拉傑所說，我們在本季末看到了其中兩項的回報，並且我們沒有真正擔心的特定部門。消費者的健康狀況看起來不錯…

And none of it was commercial real estate.

而且這些都不是商業不動產。

Right. None of it was commercial real state.

正確的。這些都不是商業地產。

Okay. And then maybe just parlaying that commentary into the allowance. I mean you guys have been pretty efficient in how you run the bank from an allowance standpoint, I appreciate the waterfall on kind of the quarter-to-quarter changes. But as we look out going forward, the overlays that were applied in the second quarter, what would need to happen in the back end of the year to continue seeing reserve build? And is that kind of implied in your modeling as we get closer to whatever the recessionary period might look like?

好的。然後也許只是將評論轉化為津貼。我的意思是，從津貼的角度來看，你們在運營銀行方面非常高效，我很欣賞季度與季度變化的瀑布式變化。但當我們展望未來時，第二季應用的疊加，今年年底需要發生什麼才能繼續看到儲備金的增加？當我們越來越接近經濟衰退期時，您的模型是否暗示了這一點？

Again, the thing that would lead to reserve build is if the broadly the view of the future of the economy deteriorates. I personally don't expect that to happen, but I could personally be wrong. So that would be the thing that would really lead to reserve build is if we saw deterioration in not only actual economic conditions but forecasted economic conditions. That would be the thing that would lead to significant reserve build. You'll also see some reserve build just happen naturally as the composition of the portfolio shifts from residential to commercial because the commercial portion of the portfolio carry higher reserves than the resi portfolio. So some of that will happen as well.

同樣，如果總體上對經濟未來的看法惡化，就會導致儲備增加。我個人並不希望這種情況發生，但我個人可能是錯的。因此，如果我們不僅看到實際經濟狀況而且預測經濟狀況都惡化，那才是真正導致儲備增加的事情。這將導致大量儲備的建立。您還會看到，隨著投資組合的組成從住宅轉向商業，一些儲備的建立自然而然地發生，因為投資組合的商業部分比房地產投資組合擁有更高的儲備。所以其中一些也會發生。

Okay. That's good color. And then switching gears, just looking at the DDA stability that was encouraging to see in the second quarter, I know you talked about some of the municipal balances that are a bit seasonal in nature. But how should we be thinking about DDA balances going forward? Is there actually an outlook where you can see DDA...

好的。這顏色真好啊然後換個角度，看看第二季令人鼓舞的 DDA 穩定性，我知道您談到了一些本質上有點季節性的市政餘額。但我們該如何考慮未來的 DDA 餘額呢？真的有可以看到 DDA 的前景嗎？

No, no. Can you tell us?

不，不。你能告訴我們嗎？

No, let me try and answer that. So in the relative state stability you saw at DDA, I want to -- that's the net number. The gross number is different. And the reason is that movement of money out of DDA into money market or in our case, very often, it's that money getting used for, whatever it gets used for, right? Somebody buys a building, somebody buys another company, somebody expands a warehouse. That's what happens. It's not that people -- there's certainly movement into interest-bearing as well. But a lot of that movement is something the whole industry has been suffering from now for a better part of a year. That is still happening, right? It's not like suddenly the 28% DDA we have, all these people decided to just stay -- the reason the number was stable is because whatever left to go into other places got replaced with new business that we are doing and the pipeline that we talked about at the last call.

不，讓我嘗試回答這個問題。因此，就你在 DDA 看到的相對狀態穩定性而言，我想——這就是淨值。總數不同。原因是資金從 DDA 轉移到貨幣市場，或者在我們的例子中，很多時候，資金被用來做什麼，無論它被用來做什麼，對嗎？有人買了一棟大樓，有人買了另一家公司，有人擴建了倉庫。就是這樣。並不是人們——當然也有生息的趨勢。但整個行業在一年的大部分時間裡都在遭受這種變化。這種事還在發生，對吧？這並不是像突然間我們擁有 28% 的 DDA，所有這些人都決定留下來——數字穩定的原因是因為剩下進入其他地方的東西都被我們正在做的新業務和我們談論的管道所取代大約在最後一次通話時。

Now that is a pretty big deal given the environment that we were in, especially in the first half of the quarter to actually keep executing on the sales strategy of bringing in new business. Tom mentioned the title business. So I'll just talk about that. We did -- we have around 35 new relationships this quarter. We brought in 35 new relationships last quarter. I may be off by 1 or 2, but roughly that. And that was the velocity of new business in the fourth quarter of last year. And in the quarter before that. So the fact that we haven't missed a beat despite the distraction in March and April, that is actually the real story here.

考慮到我們所處的環境，特別是在本季度的上半季度，實際上要繼續執行引入新業務的銷售策略，這是一件相當大的事情。湯姆提到了產權生意。所以我就談談這個吧。我們做到了——本季度我們建立了大約 35 個新關係。上季我們引入了 35 個新關係。我可能會落後 1 到 2 個，但也差不多。這就是去年第四季新業務的速度。在那之前的一個季度。因此，儘管三月和四月的干擾很大，但我們沒有錯過任何一個節拍，這實際上是這裡的真實情況。

And without that, I don't think we would have been able to hold all the DDA steady. It really is trying to fill the bucket faster than the natural attrition that is happening. That natural attrition will eventually slow down, but it is still happening. And we really just have to run harder and faster on the treadmill to stay ahead of it.

如果沒有這一點，我認為我們無法保持 DDA 的穩定。它確實試圖比正在發生的自然消耗更快地填滿水桶。這種自然消耗最終會減慢，但它仍然在發生。我們真的只需要在跑步機上跑得更努力、更快，就能保持領先。

And our next question will come from David Rochester of Compass P.

我們的下一個問題將來自 Compass P 的 David Rochester。

On the margin front, with the stability you guys are looking for, I was just wondering what that means for NII going forward if you're looking for stable levels there. And then on the deposit pipeline, you mentioned the $1.6 billion. I was wondering what portion of that was noninterest-bearing?

在邊際方面，隨著你們所尋求的穩定性，我只是想知道如果你們正在尋找穩定的水平，這對 NII 的未來意味著什麼。然後在存款管道上，您提到了 16 億美元。我想知道其中哪一部分是無息的？

Do you want to take the first part?

你想參加第一部分嗎？

Yes. So I would say on the NII outlook, again, Dave, it depends on the success that we have growing deposits because we are, in the short term, focused on reducing the wholesale funding level. You saw some of that this quarter. And so earning asset or loan growth will come from deposit growth. So I think if we are able to achieve net deposit growth, that will generate net loan growth, which will then lead to NII growth. And I'm not trying to be evasive. I just think deposit growth and depositor behavior is very hard to predict right now. And we think we can succeed in growing deposits. That's what that depends on. The $1.6 billion, Tom, you want to comment on that?

是的。因此，我想再次強調，戴夫，關於 NII 前景，這取決於我們存款成長的成功，因為我們在短期內專注於降低批發融資水準。您在本季度看到了其中的一些情況。因此，獲利資產或貸款的成長將來自存款的成長。所以我認為，如果我們能夠實現存款淨成長，就會產生貸款淨成長，進而導致NII成長。我並不是想迴避。我只是認為現在很難預測存款成長和儲戶行為。我們認為我們能夠成功增加存款。這取決於什麼。 16 億美元，湯姆，你想對此發表評論嗎？

Yes. I would say when you look at that, Dave, that -- since that is what's coming through the pipeline and our treasury management team, that's largely operating NIDDA accounts.

是的。我想說，戴夫，當你看到這一點時，因為這是透過管道和我們的財務管理團隊產生的，所以主要是在經營 NIDDA 帳戶。

Great. Okay. And then on the expense front, you guys had mentioned an expense management program when you were talking about that white board at the beginning of the call, was just wondering what you guys are thinking about on that front and what the chances are you could actually see lower expenses in the back half of the year versus first half?

偉大的。好的。然後在費用方面，你們在電話開始時談論白板時提到了費用管理計劃，只是想知道你們在這方面的想法以及你們實際上可以做到的可能性有多大看到下半年的費用比上半年低嗎？

I would say flat expenses, is the guidance we will give you. So from here on, over the next couple of quarters, you shouldn't expect expense growth. And that, again, in an inflationary environment, that doesn't happen by itself. It happens because of all the things that we've been working on for the last 2 months that are being put into motion as we speak.

我想說的是固定費用，這是我們將為您提供的指導。因此，從現在開始，在接下來的幾個季度中，您不應預期費用會成長。再說一遍，在通貨膨脹的環境中，這種情況不會自行發生。發生這種情況是因為我們在過去兩個月裡一直在努力的所有事情都在我們發言時付諸實施。

And I will say we are still investing in certain parts of the business. We're still hiring producers and investing in growth opportunities. So we have not gotten to the point yet where we want to do draconian things and cut things off that we didn't have to turn around a year from now and figure out a way to rebuild.

我想說的是，我們仍在對業務的某些部分進行投資。我們仍在僱用生產商並投資於成長機會。因此，我們還沒有達到這樣的程度：我們想要做一些嚴厲的事情，並切斷一些我們不必在一年後轉身並找到重建方法的事情。

And our next question will come from Steven Alexopoulos of JPMorgan.

我們的下一個問題將來自摩根大通的史蒂文·阿萊克索普洛斯。

Want to start on the loan side. So the pace of residential loan runoff was a bit elevated in the quarter. What explains that? Do you think runoff will continue at the pace we saw in 2Q?

想從貸款方面入手。因此，本季住宅貸款流失的速度略有加快。這怎麼解釋呢？您認為徑流會繼續以我們在第二季度看到的速度嗎？

I think the reason the pace was accelerated was because in the first quarter, we still had some committed pipeline that we were putting on, I don't think there's been really any change in the rate of amortization. The pre-pace fees are extraordinarily slow, as you can well imagine. So it's really just amortization that's going on. So I don't...

我認為步伐加快的原因是在第一季度，我們仍然有一些承諾的管道，我認為攤銷率實際上沒有任何變化。正如您可以想像的那樣，預付費的速度非常慢。所以這其實只是攤銷。所以我不是...

David, we did not do anything inorganic. It's not like you sold anything. It's just that we tightened up the new originations, and that took effect in the quarter, which is what you saw. So yes, second half of the year, I should say, at similar speed. Yes, people forget a large part of our portfolio, we do have -- in one of the slides, is arms and hybrids. And I think only 30% or so of our portfolio is fixed -- a 30-year fixed. So it does have a better CPR than most people think, and it runs off, which is a good thing in this environment. So we do expect more runoff in the third and fourth quarter. We do expect some runoff in the securities portfolio as well, maybe not as much as we saw this quarter. But yes, those trends should continue.

大衛，我們沒有做任何無機的事。這不像是你賣掉了任何東西。只是我們收緊了新的啟動，這在本季度生效，正如你所看到的。所以，是的，我應該說，下半年的速度是相似的。是的，人們忘記了我們產品組合的很大一部分，我們確實有——在一張投影片中，是武器和混合動力。我認為我們的投資組合中只有 30% 左右是固定的——30 年固定。所以它的心肺復甦效果確實比大多數人想像的要好，而且它會消失，這在這種環境下是一件好事。因此，我們確實預計第三季和第四季會有更多徑流。我們確實預計證券投資組合也會出現一些流失，但可能不會像本季看到的那麼多。但是，是的，這些趨勢應該會繼續下去。

I would say based on what we know today, that resi portfolio will probably run down by another 4.50% million between now and the end of the year.

我想說，根據我們今天所知的情況，從現在到今年年底，Resi 投資組合可能會再減少 4.50%。

Got it. Okay. That's helpful. On the commercial side, given that your core markets are fairly vibrant, I'm pretty optimistic on the call, why are you seeing stronger commercial loan growth here?

知道了。好的。這很有幫助。在商業方面，鑑於你們的核心市場相當活躍，我對這次電話會議非常樂觀，為什麼你們會看到這裡的商業貸款成長強勁？

Again, the devil is in the detail. On one hand, we are growing core business, but we're also letting go of noncore or what I would call, sort of credit-only business, like the $175 million in SNCs as an example or some of the leasing business that we've been running down for now several quarters of the franchise business will be running down. So the core business that we want to grow, which comes with deposits is growing healthy. Actually, even in New York it is growing, what is not growing or shrinking is the stuff that is transactional.

再次強調，細節決定成敗。一方面，我們正在發展核心業務，但我們也放棄了非核心業務，或者我所說的純信貸業務，例如價值 1.75 億美元的 SNC 或我們的一些租賃業務。目前已經出現下滑，幾個季度的特許經營業務將會下滑。因此，我們希望成長的核心業務（即存款）正在健康成長。事實上，即使在紐約，它也在成長，但沒有成長或萎縮的是交易性的東西。

Yes. I would also add, Steven, that when there are opportunities in that sort of back book of shared national credits or other things, that fall into that category, you have to exit opportunistically, right? Your middle market business kind of builds over a period of time. We're seeing a good quarter so far this quarter. In terms of closings and fundings and new originations and things of that nature. But those come on over a period of time where some of the shared national credits they don't necessarily mature, but you get an upsizing opportunity or you get a redial of that deal or it comes where it's going to come within a 12-month period of time, and you have the opportunity to exit at that period of time, and we're taking advantage of those opportunities to exit.

是的。我還要補充一點，史蒂文，當共享國家信用或其他事物的底簿中存在屬於該類別的機會時，您必須機會主義地退出，對嗎？您的中間市場業務需要一段時間才能建立。本季度到目前為止，我們看到了一個不錯的季度。就關閉和資金以及新的起源和類似性質的事情而言。但這些都是在一段時間內發生的，其中一些共享的國家信用不一定會成熟，但你會得到一個擴容的機會，或者你會重撥該交易，或者它會在 12 個月內完成一段時間，你有機會在那段時間退出，我們正在利用這些機會退出。

So that $175 million of deals that we got out of in Q2 will be a strategy that we will continue to think through in Q3 and subsequent quarters is how we can redirect that effort into higher-generating bilateral loans that come with deposits and TM business.

因此，我們在第二季完成的1.75 億美元交易將成為我們在第三季和隨後幾季繼續思考的策略，即我們如何將這項努力轉向伴隨存款和TM 業務帶來的更高收益的雙邊貸款。

So should we expect net commercial loan growth in the second half? Or is this a...

那麼我們是否應該預期下半年商業貸款淨成長？或者說，這是一個...

Yes, yes.

是的是的。

Yes.

是的。

Okay. Enough to offset the 4.50%, Leslie, where we'll see flattish loans will there be enough?

好的。足以抵銷 4.50%，Leslie，我們會看到貸款持平，夠嗎？

Yes, I think so, Steve.

是的，我想是的，史蒂夫。

Okay. That's helpful. And then final question. So Raj, in terms of getting back on offense here, back to the long-term plan, like when you launched BankUnited 2.0, the industry had their eye off the ball in terms of noninterest-bearing deposits. Now everybody is trying to grow and retain noninterest-bearing deposits. Do you reenter the market with the same playbook? Like what's your ability now to actually improve -- I know the pipeline is fairly strong right now, but it's a totally different environment today than where it was even a year ago.

好的。這很有幫助。然後是最後一個問題。因此，Raj，說到這裡重新進攻，回到長期計劃，就像當你推出 BankUnited 2.0 時，業界在無息存款方面失去了注意力。現在每個人都在努力增加和保留無利息存款。您是否會以同樣的策略重新進入市場？就像你現在真正提升的能力一樣——我知道現在的管道相當強大，但今天的環境與一年前完全不同。

Yes. Listen, the most common question that I get from investors is, where will NIDDA as a percentage of deposits end up when all the dust settles over the course of next year or 2, because everyone has backed off from, yes, we were on at a high of 32% and were down 28%. And I've heard some bizarre projections, let's call it that, that you go back to 2019 levels. Some say you'll go back to 2008 levels. I remind that we didn't exist in 2008, so I'm not sure we'll go back to that level. The prior bank only had $50 million in DDA when we bought it. So I'm 100% certain we're not getting there.

是的。聽著，我從投資者那裡得到的最常見的問題是，當明年或兩年內一切塵埃落定時，NIDDA 在存款中所佔的百分比最終會是多少，因為每個人都已經放棄了，是的，我們在最高 32%，下降 28%。我聽到了一些奇怪的預測，我們可以這樣稱呼它，即你會回到 2019 年的水平。有人說你會回到2008年的水準。我提醒一下，我們在 2008 年還不存在，所以我不確定我們是否會回到那個水平。當我們收購之前的銀行時，它只有 5000 萬美元的 DDA。所以我百分之百確定我們不會到達那裡。

But stabilizing DDA and doing that through new business, that is probably the most important thing when it comes to building long-term value and even short-term earnings, by the way. That's the most -- that's the key driver. So we're focused on that $1.6 billion pipeline more than we're focused on anything else and executing against that. The long-term plan is still goes right through building a better deposit base than what we have, not only better, but also bigger, right?

但順便說一句，穩定 DDA 並透過新業務來實現這一點，這可能是建立長期價值甚至短期收益時最重要的事情。這是最重要的驅動因素。因此，我們對 16 億美元管道的關注超過了我們對其他任何事情的關注並針對它執行。長期計劃仍然是建立一個比我們現有的更好的存款基礎，不僅更好，而且更大，對嗎？

We want to take down FHLB more -- have more core business, more -- grow more of the core bank, need more funding to have a bigger loan book -- we don't want to run the bank over 100% loan-to-deposit ratio. I've been very vocal about that. We're happy we've created a little more breathing room for ourselves this quarter. But if I can create even more breathing room, that's even better. We don't need to be at 80%, but I don't want to get close to 100% or over 100%. So the long-term strategy doesn't change that often. If it changes that often, then it's not a very long-term strategy, then it's tactics. So we just want to put the noise behind us and get back to executing what we were executing. Yes, environments change, interest rates go up and down, economies go up and down. But long term, you still got a -- the North Star really hasn't changed on what we're trying to build.

我們想要更多地拿下FHLB——擁有更多的核心業務，更多——發展更多的核心銀行，需要更多的資金來擁有更大的貸款帳目——我們不想讓銀行的貸款超過100% -存款比率。我對此一直非常直言不諱。我們很高興本季為自己創造了更多的喘息空間。但如果我能創造更多的喘息空間，那就更好了。我們不需要達到 80%，但我不想接近 100% 或超過 100%。因此，長期戰略不會經常改變。如果變化如此頻繁，那麼它就不是一個非常長期的戰略，而是戰術。所以我們只想把噪音拋在腦後，繼續執行我們正在執行的事情。是的，環境變化，利率上下波動，經濟上下波動。但從長遠來看，你仍然會看到——北極星對於我們正在努力建造的東西來說確實沒有改變。

Steve, I would add a couple of points to that as well when you think about the execution strategy. One would be a word that Raj used, which I would say is intense focus on doing it. I think the second, you probably may have picked up, we added a number of quality producers in the last quarter. So as Leslie alluded to, we continue to invest in the talent base of people that came from really excellent banks that have business that they can bring to us that we have added to the talent basin in the commercial areas, all year really, but particularly over the last quarter. And the third is the continued investment in technology-driven cash management type programs, API connectivity, payables and receivables, integration opportunities. So it's focus, people and product that are going to be the 3 things that are going to get us there.

史蒂夫，當你考慮執行策略時，我也會補充幾點。拉吉用過的一個字是，我想說的是，集中精神去做這件事。我想第二個，你可能已經注意到了，我們在上個季度增加了一些優質生產商。因此，正如萊斯利所提到的那樣，我們繼續投資於人才基礎，這些人才來自真正優秀的銀行，他們可以為我們帶來業務，我們全年都在商業領域增加了人才庫，但特別是上個季度。第三是對科技驅動的現金管理類型計畫、API 連線、應付帳款和應收帳款、整合機會的持續投資。因此，焦點、人員和產品將成為我們實現這一目標的三件事。

And our next question will come from Brody Preston of UBS.

我們的下一個問題將來自瑞銀集團的布羅迪普雷斯頓。

I just wanted to ask real quick on the securities yield. I think it was 65% to 70% floating rate, Leslie, is what I had written down. And so the yield came up a little bit less than I was looking for. I was hoping maybe you could give me some details as to why?

我只是想快速詢問一下證券收益率。我認為是 65% 到 70% 的浮動利率，Leslie，這是我寫下的。因此，產量比我期望的要少一些。我希望你能給我一些細節，說明為什麼？

Yes. It is about 68% floating, and Brody, I don't have all the exact numbers around this with me. But there are some securities in the portfolio that hit caps. And so that's why that trajectory came down a little bit.

是的。大約有 68% 是浮動的，布羅迪，我沒有關於這個的所有確切數字。但投資組合中有一些證券達到了上限。這就是為什麼軌跡略有下降。

Got it. Okay. Okay. And then I did want to ask just on the spot rate on the interest-bearing deposit costs. It didn't look too terribly far office to kind of where the average would say you would end the quarter. And so I guess when you look at the trajectory going forward on the interest-bearing deposit costs, do you have a sense for what the expected step-up is within the margin guidance that you gave?

知道了。好的。好的。然後我確實想詢問計息存款成本的即期匯率。與平均值所說的本季末的情況相比，這看起來並不太遙遠。因此，我想，當您查看帶息存款成本的未來軌跡時，您是否了解您給出的保證金指導範圍內的預期增幅是多少？

I mean, Brody, it is going to step up again. I think without question, next quarter.

我的意思是，布羅迪，它會再次崛起。我認為毫無疑問是下個季度。

Time deposits...

定期存款...

Yes, time deposits enrolling. So far, the all-in beta including CDs, I think through the cycle is a little over 50%. And I think that is going to be a little bit higher before we get to terminal rate. So it is going to go up again.

是的，定期存款註冊。到目前為止，包括 CD 在內的所有測試版，我認為整個週期的完成率都略高於 50%。我認為在我們達到最終利率之前，這個數字會更高一些。所以它還會再次上漲。

Got it. And I also wanted to ask on the noninterest-bearing. When I look at the average balance sheet in the period end. It sort of implies that you had some strong growth in NIBs in the back half of the quarter, Raj, or maybe this is for Tom. Could you maybe help me understand what drove the rebound in noninterest bearing in the back half of the quarter? Was there anything seasonal that drove that? And should that kind of stick around going forward?

知道了。我還想問一下無息的。當我查看期末的平均資產負債表。這有點意味著你在本季後半段的 NIB 出現了強勁成長，Raj，或者這可能是針對 Tom 的。您能否幫助我了解是什麼推動了本季後半段無息負債的反彈？是否有什麼季節性因素導致了這種情況？這種情況應該繼續下去嗎？

I don't think there was anything seasonal.

我不認為有什麼季節性的。

No, I don't think so.

不，我不這麼認為。

No. We do have fluctuations sort of month end versus middle of the month that is a pattern to the deposit flows. But that's all that's there and every month. There is no special -- I think it's just a sales cycle when some deals happened or didn't happen. And when we boarded people on to a -- there's nothing unique about -- worth mentioning? I don't know, Tom, if you...

不會。月末和月中之間確實存在波動，這是存款流動的一種模式。但這就是每個月的全部內容。沒有什麼特別的——我認為這只是一個銷售週期，有些交易發生或沒有發生。當我們讓人們登上一個——沒有什麼獨特之處——值得一提的時候？我不知道，湯姆，你是否...

No, I don't think -- I would say, normally, you see a trend of corporates wanting to build up some liquidity at quarter end for financial reporting purposes, but other than that really...

不，我不認為 - 我會說，通常情況下，你會看到企業希望在季度末出於財務報告目的建立一些流動性的趨勢，但除此之外真的......

I don't think there's anything unusual. It is through the back half I do think we saw a stronger onboarding of new accounts in the back half than we saw in the -- beginning of the quarter was as we all know, a pretty weird time.

我不認為有什麼不尋常的。在後半段，我確實認為我們在後半段看到了比上半段更強勁的新客戶加入——眾所周知，本季度初是一個非常奇怪的時期。

Yes, maybe that's what it was probably.

是的，也許就是這樣。

I don't think in April, anybody was thinking about moving their deposit relationship from bank to bank. Everybody was -- so I think that probably has something to do...

我認為四月沒有人考慮將存款關係從一家銀行轉移到另一家銀行。每個人都是——所以我認為這可能與……有關。

As Raj said, the quarter was really 2 quarters within a quarter. The first quarter was still kind of recovering from the first quarter. And the second part of the second quarter was starting to get back to business as normal.

正如 Raj 所說，這個季度實際上是一個季度內的兩個季度。第一季仍較第一季有所恢復。第二季下半年開始恢復正常。

Normal. Yes.

普通的。是的。

Got it. Okay. And then Raj, just on the -- just within the DDA book, the title solutions at $2.7 billion. That's obviously the largest segment that you have. And I think was a zero deposit business back in 2018. But you've spoken before about other noninterest-bearing deposit businesses that you've grown sort of since then. I know that nothing is over $1 billion, but I guess I wanted some more detail beyond title solutions? What are some of the other areas of success that you've had building noninterest-bearing deposits over the last several years? That are kind of different, I guess, maybe different than just the excess noninterest-bearing deposit flow that the industry saw there in COVID.

知道了。好的。然後 Raj，就在 DDA 書中，標題解決方案價值 27 億美元。這顯然是您擁有的最大的部分。我認為 2018 年是零存款業務。但您之前談到從那時起您就發展起來的其他無息存款業務。我知道沒有什麼超過 10 億美元，但我想除了標題解決方案之外我還想要更多細節？在過去幾年裡，您在建立無利息存款方面還取得了哪些成功？我想，這可能與產業在新冠疫情中看到的過量無息存款流量有所不同。

So the title -- just to clarify, the title is not all DDA. It is majority DDA and has a very low cost of funds. So it's operating. But there's always some money market that come with it. Likewise, the other business I would point to is the HOA business, which we also built over the last few years, which is also around $1 billion. Again, very nice amount of DDA, but some money market as well and that's also growing very nicely. They're already having a great year. I think they already met their year-end goals by June. So a pretty solid year for that team. And there are some other businesses that we're investing in that we haven't launched yet.

所以標題——只是為了澄清一下，標題並不全是 DDA。它以 DDA 為主，資金成本非常低。所以它正在運行。但總是會有一些隨之而來的貨幣市場。同樣，我要提到的另一項業務是 HOA 業務，我們也是在過去幾年建立的，價值也約為 10 億美元。同樣，DDA 數量非常可觀，但也有一些貨幣市場，而且成長也非常好。他們已經度過了美好的一年。我認為他們到六月就已經實現了年終目標。對於該團隊來說，這是相當不錯的一年。我們正在投資一些其他尚未啟動的業務。

I don't like to talk about them for competitive reasons, but we are always experimenting and tinkering with other sort of niches that are out there, sometimes they are successful, sometimes they're not. But these are small investments that we make all the time. We're spending a lot of time and focus on one right now which will probably bear fruit in maybe 2 or 3 years time, much like the -- you never heard us talk about the title business in 2018 or '19 when we were busy building this. So those HOA and the title are sort of the two most prominent ones, but there will be more to -- hopefully, more to share with you in a couple of years.

出於競爭原因，我不喜歡談論它們，但我們總是在嘗試和修補現有的其他類型的利基市場，有時它們會成功，有時則不會。但這些都是我們一直在進行的小額投資。我們現在花了大量時間並專注於一項可能會在 2 到 3 年內取得成果的項目，就像 - 你從未在 2018 年或 19 年我們忙碌的時候聽到我們談論過產權業務建設這個。因此，HOA 和標題是兩個最突出的內容，但希望幾年後會有更多內容與您分享。

Got it. And then last one for me, just real quick. We've seen a few banks sell some office loans this quarter. And depending on, I guess, what type of office building it's been, we've seen a pretty wide range of outcomes. And I know the book is performing well for you, but you never been afraid before to kind of strategically exit something. And so is there anything within the portfolio you look at and you say, maybe it might make sense to do a loan sale here or there, just...

知道了。然後是我的最後一個，速度非常快。我們看到一些銀行本季出售了一些辦公貸款。我想，根據辦公大樓的類型，我們看到了各種各樣的結果。我知道這本書對你來說效果很好，但你以前從不害怕有策略地退出某些東西。那麼，您看到的投資組合中是否有任何東西，您會說，也許在這裡或那裡進行貸款銷售可能是有意義的，只是...

I don't see selling any of that portfolio at a discount. We like the portfolio.

我不認為該投資組合會以折扣價出售。我們喜歡這個投資組合。

And our next question will come from Christian DeGrasse of Goldman Sachs.

我們的下一個問題將來自高盛的克里斯蒂安·德格拉斯。

So just another follow-up on the $1.6 billion pipeline. What type of customer demographic and geography is this coming from? It just seems that deposit competition is as fierce as it's ever been right now, and that's like a really valuable amount. So where are you really seeing this opportunity?

這只是 16 億美元管道的另一個後續行動。這來自什麼類型的客戶人口統計和地理？看來存款競爭與以往一樣激烈，而且這是一個非常有價值的金額。那麼您在哪裡真正看到了這個機會呢？

Yes. It's -- I'm going to give you a strange answer. It's everywhere. It's all over our geographies. It's within HOA, as Raj mentioned, it's within the title solutions area, it's within C&I, small business, core middle market. It's in all of the geographies that we work in New York, Florida, Atlanta, it's in a lot of places.

是的。我要給你一個奇怪的答案。它無所不在。它遍佈我們的各個地區。正如 Raj 所提到的，它屬於 HOA，它屬於產權解決方案領域，它屬於 C&I、小型企業、核心中間市場。我們在紐約、佛羅裡達、亞特蘭大等所有地區開展工作。

I want to clarify, this doesn't mean that $1.6 billion of growth is going to happen this quarter.

我想澄清一下，這並不意味著本季將實現 16 億美元的成長。

Correct.

正確的。

This is a pipeline. It takes 2 to 3 quarters to execute and some of it probably won't pan out as well.

這是一個管道。執行需要兩到三個季度的時間，其中一些可能不會成功。

Yes.

是的。

It is -- but it is -- these are not like, I think, I have a name of somebody that I might call who might give me deposit. This is people who we have proposals out and have at least a handshake and are somewhere in the pipeline because the accounts are open or treasury trading is happening or where somewhere in the pipeline where there's a good level of certainty that this business will come. Sometimes even after accounts are open, the business doesn't show up. So I just want to have -- be grounded in the expectation. But $1.6 billion pipeline in this environment is actually commendable.

它是——但它是——我想，這些不像我有一個我可以打電話給我的人的名字，他可能會給我押金。我們已經向這些人提出了建議，並且至少進行了一次握手，並且他們處於管道中的某個位置，因為帳戶已開放或正在進行國庫交易，或者管道中的某個位置非常確定這項業務將會到來。有時即使開設帳戶後，業務也不會出現。所以我只想——紮根於期望。但在這種環境下 16 億美元的管道實際上是值得稱讚的。

And the reason is that because we are focused on this more than, like I said, anything else. This is the most -- [one of things] -- that's what people are getting paid to do this here.

原因是，正如我所說，我們對這一點的關注超過了其他任何事情。這是最——[其中一件事]——人們在這裡做這件事所得到的報酬。

Yes. That's definitely very helpful. And then Leslie, I think you mentioned a number of different scenarios you guys were looking at, at the NIM. If hypothetically, we see a rate hike this week, and we stay in a higher-for-longer scenario for quite some time, call it, a year or so, I think Tom mentioned some pretty attractive new loan yields you guys are putting on. But how do you see deposit rates kind of shifting in a prolonged rate pause environment?

是的。這絕對非常有幫助。然後 Leslie，我想你提到了你們在 NIM 中看到的一些不同的場景。如果假設，我們本週會升息，並且我們會在相當長的一段時間內保持較高的利率，稱之為一年左右，我認為湯姆提到了你們正在提供的一些相當有吸引力的新貸款收益率。但您如何看待存款利率在長期利率暫停環境下的變化？

So Christian, the guidance that I gave is predicated on a forward curve that at the time we printed the forecast, it feels like it changes every 5 minutes had two rate hikes in it and then a pause. Now we're looking more at one rate hike and then a pause, and as I said to, I think, I do think from here, deposit betas are going to accelerate a little bit. We're in the low 50s now, we'll probably get to a little bit higher than that, and that's what's kind of baked into that.

所以克里斯蒂安，我給出的指導是基於遠期曲線，在我們打印預測時，感覺它每 5 分鐘就會變化一次，其中有兩次加息，然後暫停。現在我們更專注於一次加息，然後暫停，正如我所說，我認為，我確實認為從這裡開始，存款貝塔係數將會加速一點。我們現在處於 50 多歲的低位，我們可能會比這個高一點，這就是其中的內容。

And our last question will come from Jon Arfstrom of RBC Capital Markets.

我們的最後一個問題將來自加拿大皇家銀行資本市場的喬恩·阿夫斯特羅姆。

I appreciate you letting me in. I'm exhausted on the $1.6 billion deposit conversations. But a couple of big picture ones. Raj, you talked about the tactical near-term exercise you went through. Is that same exercise a priority right now? And what would be the near-term tactical priorities for you?

我很感謝你讓我進來。我已經厭倦了 16 億美元的存款談話。但有幾幅大圖片。拉傑，您談到了您近期所經歷的戰術演習。同樣的練習現在是優先嗎？您的近期戰術重點是什麼？

I think some of that stuff is still relevant and some less so. Honestly speaking, levels of liquidity and uninsured deposits (inaudible) liquidity, those things feel a lot less important today than they did 90 days ago. However, NIM stabilization, expense management, things of that nature, DDA growth, deposit growth, they are still very relevant. So I think we'll still keep an eye on liquidity metrics, for example, but probably move that down a little bit in terms of -- is that what I'm looking at every day?

我認為其中一些內容仍然相關，而另一些則不那麼相關。老實說，流動性水準和無保險存款（聽不清楚）的流動性，這些事情今天感覺比 90 天前不那麼重要了。然而，NIM穩定、費用管理、類似性質的事情、DDA成長、存款成長，它們仍然非常相關。因此，我認為我們仍然會專注於流動性指標，例如，但可能會稍微降低一點——這就是我每天關注的內容嗎？

I used to get a -- when this crisis hit in March, I was getting 2 or 3 e-mails a day about wires that were going in and out of the bank. I don't get that report anymore, actually. I don't want to see that report again. It's irrelevant today. We step it down from twice a day to once a day to once a week, and now it is at a place where we've gone back to normal that I don't need to look at that information.

我曾經收到過——當這場危機在三月爆發時，我每天都會收到兩三封關於進出銀行的電匯的電子郵件。事實上，我再也沒有收到那份報告了。我不想再看到那篇報導了。今天已經無關緊要了。我們將其從每天兩次減少到每天一次，再到每週一次，現在我們已經恢復正常，我不需要查看這些資訊。

I get that more than he does.

我比他更明白這一點。

One last thing (inaudible) that I can then focus my time on looking at other things. So yes tactically, it still feels like that white board that is still -- a large part of that is still relevant and will stay relevant, but not all of it.

最後一件事（聽不清楚），我可以集中時間關注其他事情。所以，是的，從戰術上講，它仍然感覺白板仍然存在——其中很大一部分仍然相關，並將保持相關性，但不是全部。

Okay. Good. A bunch of different ways it could go, but just one more, I guess, that the shared national credit, the single relationship transactional pool, how big is that? And do you expect to bring that down over time? Or is this something that's basically going to churn over time?

好的。好的。它可以採取多種不同的方式，但我想還有一種方式，即共享的國家信用、單一關係交易池，那有多大？您預計隨著時間的推移會降低這種情況嗎？或者這基本上會隨著時間的推移而改變？

It will come down over time. I think part of that was built up during the pandemic when there was an opportunity to put liquidity into play, floating rate, high quality opportunities when the local middle market type business across most of our business units was not available or not accessible because of the health reasons and other issues, but that has never been principal strategy of the organization. And so we will continue to be in credits that we are the lead or an important [left] lead with deposit business, but it will not be an important factor in our long-term growth, and we will exit opportunities where we think it's the right opportunity to get out and redistribute to better quality relationships in terms of the overall business that it brings to the bank, not necessarily the risk ratings of those underlying credits.

隨著時間的推移它會下降。我認為其中一部分是在大流行期間建立起來的，當時有機會發揮流動性、浮動利率和高質量的機會，而我們大多數業務部門的本地中間市場類型業務由於健康原因和其他問題，但這從來都不是該組織的主要策略。因此，我們將繼續相信我們是存款業務的領先者或重要的[左]領先者，但這不會成為我們長期增長的重要因素，我們將退出我們認為最重要的機會。就其為銀行帶來的整體業務而言，而不一定是那些基礎信貸的風險評級而言，是退出並重新分配到更好品質的關係的正確機會。

Okay. Have you disclosed how big that portfolio is inside?

好的。您是否透露過該投資組合的內部規模有多大？

No, we have not. I think we have in the past, disclosed total shared national credits, but we have not disclosed the portion of that we're referring to here because some of that business is a relationship business. I don't think we have. We'll have to dig into that a little more.

不，我們沒有。我認為我們過去曾披露過共享國家信用總額，但我們沒有披露我們在這裡提到的部分，因為其中一些業務是關係業務。我認為我們沒有。我們必須進一步深入研究這一點。

And I'm showing no further questions at this time. I would now like to turn the call back to Raj Singh for closing remarks.

目前我不會再提出任何問題。現在我想將電話轉回給拉吉·辛格，讓其致閉幕詞。

I'll end the call the same way I started it. It does feel very different from 90 days ago and we're thankful to the market gods for that. And happy to be focusing on what we've always focused on, is building a long-term relationship-oriented bank. And appreciate you taking the time and engaging with us, and we'll see you -- we'll talk to you again in 90 days. Thank you. Bye.

我將按照開始通話的方式結束通話。感覺確實與 90 天前有很大不同，我們為此感謝市場之神。我們很高興能夠專注於我們一直關注的事情，那就是建立一家以長期關係為導向的銀行。感謝您抽出時間與我們互動，我們會再見的——我們將在 90 天後再次與您交談。謝謝。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。您現在可以斷開連線。