BankUnited Inc (BKU) 2023 Q3 法說會逐字稿

Good day. Thank you for standing by. Welcome to the BankUnited Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Susan Greenfield, Corporate Secretary.

再會。謝謝你的支持。歡迎參加 BankUnited 2023 年第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人、公司秘書蘇珊·格林菲爾德 (Susan Greenfield)。

Thank you, Michelle. Good morning, and thank you for joining us today on our third 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. 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 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.

謝謝你，米歇爾。早安，感謝您今天參加我們的 2023 年第三季業績電話會議。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)。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等方面的看法。表現。本次電話會議期間所做的任何前瞻性陳述均基於本公司及其子公司的歷史業績或本公司目前的計劃、估計和預期。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。

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.

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。

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. 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 considered 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 in a 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.

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。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）以及隨後的季度報告（表格10-Q）或當前報告（表格8-K）中找到，這些報告可在以下網址找到： 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 for our earnings call. In preparation for this call, I usually ask Leslie like a week before if she can kind of guide me as to what are the things investors are looking for, what are the hot topics. So this time, I did the same thing, and what Leslie forwarded me was an e-mail from one of the sell-side analysts, I think it might have been JPMorgan with basically saying -- not specifically to us, but generally bank investors are looking for like 5 or 6 things that are top of mind.

謝謝你，蘇珊。歡迎大家。感謝您參加我們的財報電話會議。在準備這次電話會議時，我通常會在一周前詢問萊斯利，她是否可以指導我投資者正在尋找什麼，熱門話題是什麼。所以這一次，我做了同樣的事情，萊斯利轉發給我的是一封來自賣方分析師的電子郵件，我認為這可能是摩根大通基本上說的——不是專門針對我們，而是一般的銀行投資者正在尋找 5 或 6 件最重要的事情。

So in my comments, I'm going to go straight to those few things and try and answer them. The things were in that order, NIM inflation, deposit stability, both pricing inflows, credit trends, unrealized losses, expense management. And the last bullet point was sort of regulatory in brackets said, this really applies to larger banks. So I'm going to try and get straight to that rather than reverse state what's in our earnings. It's been out for a couple of hours. You probably have read where the numbers came out. But those are the big topics, let's just talk about them directly. NIM, our NIM increased by 9 basis points from 2.47% to $2.56. Just for context, if you go back last quarter, we told you that while our NIM had gone down from first quarter to second quarter, second quarter was pretty flat. Every month was 2.47%.

因此，在我的評論中，我將直接討論這幾件事並嘗試回答它們。這些事情依序排列：淨利差通膨、存款穩定性、定價流入、信用趨勢、未實現損失、費用管理。最後一個要點是括號中的監管，這確實適用於大型銀行。因此，我將嘗試直接討論這一點，而不是顛倒我們的收益。已經出來幾個小時了您可能已經閱讀過這些數字的出處。不過這些都是大話題了，我們就直接來談吧。 NIM，我們的 NIM 增加了 9 個基點，從 2.47% 至 2.56 美元。就背景而言，如果您回顧上個季度，我們告訴您，雖然我們的淨利差從第一季到第二季度有所下降，但第二季度相當平穩。每個月都是2.47%。

This quarter, we went up. So if you go back from January and look to now, Jan to Feb, Feb to March, March to April, NIM was declining. And then for the next 3 months, it was flat. And now for the 3 months after that, it's gone up. So it's created a nice curve that I like, and I think we can safely predict that this modest improvement will keep happening in the next few months.

本季度，我們有所上升。因此，如果你從 1 月回顧到現在，1 月到 2 月、2 月到 3 月、3 月到 4 月，NIM 正在下降。然後在接下來的三個月裡，情況持平。現在，在那之後的三個月裡，它已經上升了。因此，它創造了一條我喜歡的漂亮曲線，我認為我們可以有把握地預測，這種適度的改善將在未來幾個月內繼續發生。

Deposit stability is the next question. Again, this quarter, we grew outside of brokered, we grew about $500 million in deposits and even grew noninterest DDA by a little more than $50 million. Our NIDDA to total deposits is stable at about 28%. I've been asked this question many, many times over the course of the last 2 or 3 years, like what do you think the long-term run rate sort of that ratio is? Where will you stabilize in terms of DDA percentage. And I've never been able to answer that question because to be very honest, I don't know what -- when all is said and done, where things will stabilize. But now looking at this data, not just for this quarter but for the last several months, I'm beginning to get confidence in saying that I think we're there or close to being there.

存款穩定性是下一個問題。同樣，本季度，我們在經紀業務之外實現了成長，存款成長了約 5 億美元，甚至非利息 DDA 成長了 5,000 萬美元多一點。我們的 NIDDA 佔總存款的比例穩定在 28% 左右。在過去的兩三年裡，我被問過很多次這個問題，例如你認為這個比率的長期運行率是多少？ DDA 百分比將穩定在哪裡。我一直無法回答這個問題，因為說實話，我不知道當一切塵埃落定之後，事情會穩定下來。但現在看看這些數據，不僅是本季的數據，而且是過去幾個月的數據，我開始有信心地說，我認為我們已經實現或接近實現這一目標。

So I don't get another quarter or 2 of this, which I think we will be able to declare that this seems to be the bottoming on that ratio as well. And there, we say that we'll hold to actually improve from there and try and get about 30% again over the course of the next few quarters.

所以我沒有得到另外四分之一或兩個，我認為我們將能夠宣布這似乎也是該比率的底部。在那裡，我們說我們將堅持在此基礎上進行實際改進，並嘗試在接下來的幾個季度中再次獲得 30% 左右的成長。

Credit trends quickly, net charge-offs, again, very low at 7 basis points. I think last quarter, they were maybe 8 basis points, if I remember, right? NPAs are at 40 basis points. If you carve out the SBA guarantee portion, that's about 11 basis points of that 40%.

信貸趨勢迅速，淨沖銷再次非常低，為 7 個基點。我想上個季度，他們可能是 8 個基點，如果我沒記錯的話，對吧？ NPA 為 40 個基點。如果算出 SBA 擔保部分，則約為 40% 的 11 個基點。

So still pretty low. They were slightly lower than that last quarter, but they're about kind of bouncing around in that region. Unrealized losses came in at $407 (inaudible) AOCI is about $407, I think. And last quarter, it was a little bit better at $373 of it. Now obviously, that's a function of what's happened to rates, especially in the last few weeks. Expenses, I think we guided to you that for the second half of the year, we're going to try and keep expenses flat, and I think we pretty much delivered on that. Let me add a few other things which are not. On the regulatory front, like I said, that e-mail said it's really a question for larger banks, but I don't really have anything special to report on the regulatory front that you already haven't read in the American Banker.

所以還是很低。它們比上個季度略低，但在該地區有所反彈。未實現損失為 407 美元（聽不清楚），我認為 AOCI 約為 407 美元。上個季度，價格稍好一些，為 373 美元。顯然，這是利率變化的函數，尤其是在過去幾週。費用，我想我們已經告訴你們，在今年下半年，我們將努力保持費用不變，我認為我們基本上做到了這一點。讓我補充一些其他沒有的事情。在監管方面，正如我所說，那封電子郵件表示這確實是大型銀行面臨的問題，但我確實沒有任何關於監管方面的特別報告，您還沒有在《美國銀行家》上讀過。

The rest of the balance sheet quickly just to go over that. Securities were down $257 million. Loans, like we said to you, we're taking resi down because we've gotten overweighted in resi that was down to 25%. C&I was up 100%, CRE was up 46%. Overall, deposit loans came in down to 74%. I will make a point that even within CRE, when we -- C&I growth of $100 million, we actually did push out about $300 million roughly of noncore C&I. So if we had not done that, it would have been much higher. We feel like we're getting done with what we need to push out in terms of transactional business. So feeling pretty good looking forward. FHLB, we paid off a little over $800 million. Brokered CDs, we paid off a little over $200 million. Actually, FHLB balances now stand lower than they were at the end of last year. So from a balance sheet perspective, we feel pretty good, loan-to-deposit ratio has gone down to 93% from 95% last quarter. And despite taking the balance sheet down as much as we have, our PPNR was slightly up. So I'm feeling pretty good about the way the quarter turned out. We did build reserves this quarter. ACL was up quite meaningfully to 80 basis points. And that's because we don't know when a slowdown is coming, if it's in a quarter or 2 or 3, but it does feel like something will happen.

資產負債表的其餘部分很快就過去了。證券下跌 2.57 億美元。貸款，就像我們對你說的，我們正在降低存款準備金率，因為我們的存款準備率已經超重，已降至 25%。 C&I 上漲 100%，CRE 上漲 46%。整體而言，存款貸款佔比下降至 74%。我要指出的是，即使在 CRE 內部，當我們的 C&I 成長 1 億美元時，我們實際上確實推出了約 3 億美元的非核心 C&I。因此，如果我們不這樣做，它會高得多。我們覺得我們已經完成了交易業務方面需要推出的工作。所以感覺還蠻期待的。 FHLB，我們還清了 8 億多美元。透過經紀 CD，我們還清了 2 億多美元。事實上，FHLB 餘額現在低於去年年底的水平。所以從資產負債表的角度來看，我們感覺還不錯，貸存比從上季的95%下降到了93%。儘管我們盡可能縮減了資產負債表，但我們的 PPNR 仍略有上升。所以我對本季的結果感覺非常好。本季我們確實建立了儲備。 ACL 大幅上漲至 80 個基點。這是因為我們不知道經濟放緩何時會到來，是在一個季度、兩個季度還是三個季度內，但確實感覺會發生一些事情。

The Fed has done a lot to slow the economy down and hopefully, it's just a soft landing, but it may be a mild recession, and we have to be ready for it. So we did build reserves up. Most of that reserve build was really because of the Moody's outlook got worse. And when you run it through our numbers, that contributed to more than half of our provision. A quick comment on the environment. I always make a statement or 2 on this.

聯準會已經採取了很多措施來減緩經濟成長，希望這只是一次軟著陸，但也可能是一場溫和的衰退，我們必須為此做好準備。所以我們確實建立了儲備。大部分準備金的增加其實是因為穆迪的前景變得更糟。當你查看我們的數字時，你會發現這佔了我們供應量的一半以上。對環境的快速評論。我總是對此發表一兩句話。

I think on the rate side, rate economy and regulatory, I'll talk about all 3. On the rate side, my personal opinion is I think the Fed is done. Whatever a little more they wanted to do, I think the market is doing for them. And I would be surprised if there is much movement from the Fed, maybe another move in a couple of meetings, but it feels like that story has inflected. The economy is still coming along fine, but reading more and more about how the consumer is pretty much done, depleting the buildup of cash from the pandemic. So we're being very careful and vigilant on the economy to see any signs of cracking. I think eventually, we will see some.

我認為在利率方面、利率經濟和監管方面，我將討論所有三個方面。在利率方面，我個人的觀點是我認為聯準會已經完成了。無論他們還想做什麼，我認為市場正在為他們做。如果聯準會採取很多行動，也許是在幾次會議上採取的另一項行動，我會感到驚訝，但感覺這個故事已經改變了。經濟仍然進展良好，但越來越多地了解消費者的情況，耗盡了疫情帶來的現金累積。因此，我們對經濟保持非常謹慎和警惕，以防止任何崩潰的跡象。我想最終我們會看到一些。

And on the regulatory front, a lot that is about to happen that we're all reading about. It impacts obviously banks in the $100 million to trillion range a lot more. There will be some trickle-down effect for us. So -- but on a day-to-day basis, I think everything is fine in the regulatory front. I don't think anybody is being unreasonable. And yes, there will be a little more burden on the regulatory front that we'll all want to deal with.

在監管方面，我們都在讀到很多即將發生的事情。顯然，它對 1 億至萬億美元範圍內的銀行的影響要大得多。我們將會產生一些涓滴效應。所以，但在日常工作中，我認為監管方面一切都很好。我不認為有人不講道理。是的，我們都希望應對監管方面的更多負擔。

But I think it's sometimes a little overplayed. So with that, I'm missing anything. No, I just got these things down on a piece of paper. So I'll jump in if -- and interrupt Tom and Leslie as they are talking through their stuff. But once again, thank you for joining us. I'll turn this over to Tom.

但我認為有時有點過分了。因此，我錯過了任何東西。不，我只是把這些事情寫在一張紙上。所以我會插話——並在湯姆和萊斯利正在談論他們的事情時打斷他們。但再次感謝您加入我們。我會把這個交給湯姆。

Great. Thank you, Raj. A little bit more follow-up on the discussion on deposits, and I'll link it a bit with our dialogue. Last quarter, we talked about having a good level of confidence in a strong deposit pipeline, we saw that come to fruition. In this quarter with the operating lines of business delivering, as Raj said, almost $500 million of deposit growth. That was really across all of our operating businesses.

偉大的。謝謝你，拉吉。關於存款的討論還有更多後續內容，我會將其與我們的對話聯繫起來。上個季度，我們談到對強大的存款管道抱持良好的信心，我們看到了這一點的實現。正如 Raj 所說，本季業務營運線實現了近 5 億美元的存款成長。這確實存在於我們所有的營運業務中。

So it was great to see that, $484 million was the exact number. As we look at this quarter and think about what our deposit pipeline looks like, it continues to be significant and kind of in line with what we saw last quarter in executing the strategy of Core operating accounts, NIDDA business, treasury management business and so forth.

所以很高興看到 4.84 億美元是準確的數字。當我們回顧本季並思考我們的存款管道時，它仍然很重要，並且與我們上季度在執行核心營運帳戶、NIDDA 業務、資金管理業務等策略方面看到的情況一致。

So our pipeline overall is not diminished from what it was last quarter, despite bringing on $484 million of new deposits during Q3. So we feel good about that.

因此，儘管我們在第三季新增了 4.84 億美元的存款，但我們的整體管道並沒有比上季減少。所以我們對此感覺良好。

There's some information in the deck on Slide 8. Our largest deposit vertical continues to be the title solutions business with deposits of about $2.8 billion, as of September 30. And there's no other real significant concentration within the deposit book.

第 8 張投影片中提供了一些資訊。我們最大的存款垂直領域仍然是產權解決方案業務，截至 9 月 30 日，存款約為 28 億美元。存款簿中沒有其他真正重要的集中內容。

I'll talk a little bit more about the loan side. Consistent with the strategy we've outlined for you, Resi declined by $225 million. CRE was up about $46 million for the quarter. The overall outlook for CRE is a little bit more challenging in the market today. We're not seeing as strong of pipeline opportunities at today's interest rate level and cap rate level. Less deals are making sense. So we did get $46 million in growth, and that asset category, loan category has been relatively flat all year. If you look at where we started off the year, and market conditions remain challenging. We're happy with our overall portfolio that we have. The new generation right now is not easy.

我將更多地談論貸款方面。與我們為您概述的策略一致，Resi 減少了 2.25 億美元。 CRE 本季上漲約 4,600 萬美元。當今市場上商業房地產的整體前景更具挑戰性。在今天的利率水準和資本化率水準上，我們並沒有看到那麼多的管道機會。交易減少是有意義的。所以我們確實獲得了 4600 萬美元的成長，而資產類別、貸款類別全年相對持平。如果你看看我們今年的開局情況，你會發現市場狀況仍然充滿挑戰。我們對我們擁有的整體產品組合感到滿意。現在的新一代並不容易。

As Raj said, C&I was up $101 million for the quarter. That number really was a lot better, absent the push out of nonstrategic relationships that Raj talked about. We had an opportunity to exit in commitments about $650 million of commitments for the quarter, which was just slightly less than $300 million in UPB. All of these were relationships that were not core to our go-forward strategy. And generally, they did not either meet the pricing opportunities that we see in the existing market today or any deposit strategy that we're moving forward with. So we took the opportunity to exit those in the quarter.

正如 Raj 所說，C&I 本季成長了 1.01 億美元。如果沒有拉吉談到的非戰略關係的推動，這個數字確實要好得多。我們有機會退出本季約 6.5 億美元的承諾，略低於 UPB 的 3 億美元。所有這些關係都不是我們前進策略的核心。一般來說，他們既沒有滿足我們在當今現有市場上看到的定價機會，也沒有滿足我們正在推進的任何存款策略。因此，我們藉此機會在本季退出了這些項目。

If we look at kind of quarter-quarter, I guess, would be the best way I would say it. We had actually a terrific quarter in small business lending. We had a terrific quarter in the commercial segment. All of those credits that we talked about are in the corporate banking segment. And even that grew after walking away from $650 million of commitments.

如果我們看一下四分之一季度，我想，這將是我說的最好的方式。事實上，我們的小型企業貸款季度表現非常出色。我們在商業領域度過了一個出色的季度。我們討論的所有這些信貸都屬於企業銀行業務領域。在放棄 6.5 億美元的承諾後，這一數字甚至還在增加。

So I think as Raj said, we're -- while there will be other things like that, that will come up and redial the deals that will come up, that's probably the largest amount we're going to see in the quarter. So we're -- pipelines in that segment remain very strong. Across all of our geographic markets and across all of our industry segments. So we feel pretty good about the C&I business as a whole across all segments.

因此，我認為正如拉傑所說，我們——雖然還會出現其他類似的事情，並會重撥即將出現的交易，但這可能是我們在本季度看到的最大金額。所以我們——該領域的管道仍然非常強大。跨越我們所有的地理市場和所有行業領域。因此，我們對所有細分市場的工商業業務整體感覺良好。

The franchise equipment, municipal finance business continued to trend down modestly and mortgage warehouse lending was down $116 million in response to what's happening in the residential mortgage market as a whole. Average rate on new production for the quarter was between 8% and 8.5% for C&I segment. We're seeing generally deal opportunities kind of in the SOFR plus 330 kind of range.

特許經營設備、市政金融業務繼續呈小幅下降趨勢，抵押倉庫貸款減少了 1.16 億美元，以應對整個住宅抵押貸款市場的情況。本季工商業部門的平均新產量成長率在 8% 至 8.5% 之間。我們通常看到 SOFR 加 330 範圍內的交易機會。

So that's part of what's happening in this trade-off of opportunities where we have the ability to exit credits that are significantly less than that in yield and reinvest it in more relationship-oriented transactions where we're currently seeing better yields. For the CRE pipeline, what we're seeing is yields kind of just slightly under the 8% level.

因此，這是機會權衡中所發生的事情的一部分，我們有能力退出遠低於收益率的信貸，並將其重新投資於更多以關係為導向的交易，我們目前在這些交易中看到了更多好的收益率。對於 CRE 管道，我們看到的收益率略低於 8% 的水平。

I spend a little bit of time, a little bit more on the CRE portfolio, you've got significant detail on Slides 12 through 14, in the supplemental deck, but a few overall comments. Our CRE portfolio continues to be modest to the overall bank's balance sheet at 23.5% of loans or accretive risk based -- total risk-based capital is 168%. Which is well below the regulatory guidance threshold.

我花了一點時間，多一點在 CRE 組合上，您在補充幻燈片中的幻燈片 12 到 14 中獲得了重要的細節，但也有一些總體評論。我們的 CRE 投資組合對於整個銀行的資產負債表來說仍然溫和，佔貸款或基於風險的增值的 23.5%，基於風險的總資本為 168%。這遠低於監管指導閾值。

To date, any potential concerns that we have in any loans, we're not really broad across any asset category, they're very specific to a particular loan or a particular submarket. As of September 30, the weighted average LTV of the CRE portfolio was 56%, the weighted average debt service coverage ratio was 1.8%, and about 15% of the CRE portfolio matures in the next 12 months. About 8% both matures in the next 12 months and is fixed rate. So our maturity schedule over the next 12 months is relatively light.

到目前為止，我們對任何貸款的任何潛在擔憂，我們並沒有真正廣泛地涵蓋任何資產類別，而是針對特定貸款或特定子市場。截至9月30日，CRE投資組合的加權平均LTV為56%，加權平均償債覆蓋率為1.8%，約15%的CRE投資組合將在未來12個月內到期。約 8% 均在未來 12 個月內到期且為固定利率。因此，我們未來 12 個月的到期計劃相對較少。

Specifically to the office sector, and we feel good about office overall, the portfolio that we have, in particular, it's $1.8 billion, of that $1.8 billion, about $200 million is in traditional medical office facility. So that's kind of different than the standard office portfolio that everyone looks at. But the total is about $1.8 million with $200 million in medical office.

具體到辦公部門，我們對整體辦公設施感覺良好，我們擁有的投資組合，特別是 18 億美元，其中 18 億美元，大約 2 億美元是傳統醫療辦公設施。因此，這與每個人所看到的標準辦公室組合有所不同。但總金額約為 180 萬美元，其中醫療辦公室費用為 2 億美元。

The weighted average LTV of the office portfolio was 64%. Weighted average debt service coverage ratio was 1.7 as of September 30. And you have detail in there, giving you a breakdown geography-wise, asset class wise. But as of 9/30, [95%] was pass-rated. 58% of the office portfolio is in Florida. Virtually all of that is suburban office.

辦公室投資組合的加權平均LTV為64%。截至 9 月 30 日，加權平均償債覆蓋率為 1.7。其中有詳細信息，可以按地理位置、資產類別進行細分。但截至 9 月 30 日，[95%] 獲得通過。 58% 的辦公大樓位於佛羅裡達州。事實上，所有這些都是郊區辦公室。

The Florida market in all major metropolitan areas continues to perform very well. So we feel pretty good about where we are from a Florida perspective. There are some other slides on 14 to give you some breakdown between Florida and the New York market.

佛羅裡達州所有主要大都會區的市場繼續表現良好。因此，從佛羅裡達州的角度來看，我們對自己的處境感到非常滿意。 14 日還有一些其他幻燈片可以為您提供佛羅裡達州和紐約市場之間的一些詳細資訊。

With respect to the New York state portfolio, 44% of that portfolio is in Manhattan. It's a little under $200 million of office exposure in Manhattan. Our properties currently are 95% leased. And we only have a 5% rollover in the next 12 months. Overall, the office portfolio has an 11% rollover in the next 12 months.

就紐約州的投資組合而言，44% 的投資組合位於曼哈頓。曼哈頓辦公室的投資額略低於 2 億美元。我們的房產目前 95% 已出租。未來 12 個月我們只有 5% 的展期。整體而言，辦公室投資組合在未來 12 個月內將有 11% 的展期。

When we look at sort of credit quality within the overall pre portfolio. If you look at 12/31/22, we had $91 million that were rated below past. This quarter, we had $90 million. So the credit trends have been very stable. In this portfolio, and we're watching it closely, but we feel very good about the overall CRE portfolio and good about our office portfolio given the properties, geographic locations and mix between suburban and office. So with that, I'll turn it over to Leslie.

當我們審視整個預投資組合中的信用品質。如果你看看 22 年 12 月 31 日，我們有 9,100 萬美元的評級低於過去。本季度，我們有 9000 萬美元。所以信用趨勢一直非常穩定。在這個投資組合中，我們正在密切關注，但考慮到物業、地理位置以及郊區和辦公室之間的混合，我們對整體商業房地產投資組合和我們的辦公室投資組合感覺非常好。那麼，我會把它交給萊斯利。

Great. Thanks, Tom. Just to reiterate, net income for the quarter was $47 million or $0.63 per share. And earnings in this quarter were impacted by the reserve build that we took this quarter. Great news about the net interest margin up to 2.56% from 2.47% last quarter.

偉大的。謝謝，湯姆。重申一下，本季淨利為 4,700 萬美元，即每股 0.63 美元。本季的收益受到我們本季儲備金建設的影響。關於淨利差從上季度的 2.47% 升至 2.56% 的好消息。

We're starting to see all of the balance sheet strategy that we laid out for you in the past getting some traction and having a positive impact on the NIM. Total earning asset yields increased from 5.30% to 5.52%, with securities going up from 5.19% to 5.48%, while the yield on loans went up from 5.35% to 5.54%. Cost of deposits was up 28 basis points. This compares to a 41 basis point increase last quarter. So we're continuing to see that trend of slowing in the rate of increase of our overall cost of deposits and now sits at 2.74%.

我們開始看到我們過去為您制定的所有資產負債表策略都獲得了一些關注並對淨利差產生了積極影響。總生息資產收益率從5.30%上升至5.52%，其中證券收益率從5.19%上升至5.48%，而貸款收益率從5.35%上升至5.54%。存款成本上升28個基點。相比之下，上季成長了 41 個基點。因此，我們繼續看到整體存款成本成長率放緩的趨勢，目前為 2.74%。

We also saw the decline in relatively higher priced wholesale funding having a positive impact on the NIM this quarter. The provision, I'm sure you're all going to ask questions about the provision, so I'll try to answer them before you ask them. The provision was $33 million this quarter, and the ACL to loans ratio increased from 68 basis points to 80 basis points. Even though net charge-offs remained very, very low.

我們也看到價格相對較高的批發融資的下降對本季的淨利差產生了積極影響。這個條款，我相信你們都會問關於這個條款的問題，所以我會在你們提問之前嘗試回答它們。本季撥備金額為 3,300 萬美元，ACL 與貸款的比率從 68 個基點增加到 80 個基點。儘管淨沖銷仍然非常非常低。

The biggest driver of the provision this quarter and the increase in the ACL was the impact of the Moody's forecast in the model and a slightly less favorable economic outlook in those forecasts. The things that were really drivers of that. The biggest one was really the rate forecast, which has a little bit higher for longer rate forecast than we saw last quarter. And there were a couple of other factors as well, but that was the most significant one.

本季撥備和 ACL 增加的最大推動因素是模型中穆迪預測的影響以及這些預測中稍顯不利的經濟前景。那些真正推動這一點的事情。最大的一個實際上是利率預測，長期利率預測比我們上季度看到的要高一些。還有其他一些因素，但這是最重要的一個。

Changes in portfolio, composition, a little bit of a bump up in specific reserves and some risk rating migration also impacted the reserve. And if you look at Slide 16, you see a waterfall chart of all the different factors that impacted the reserve this quarter.

投資組合、構成的變化、特定儲備的小幅上升以及一些風險評級的遷移也對儲備產生了影響。如果您查看投影片 16，您會看到一個瀑布圖，其中顯示了本季影響儲備金的所有不同因素。

Specifically, the CRE office portfolio, the reserve was up to 99 basis points compared to 83 at June 30. So a little bit of build there as well. Last quarter, we provided you some stress testing results. We repeated those in the deck this quarter, just in case you're interested that they havn't changed. Nothing really to say about noninterest income expense this quarter, no real material or significant trends there. And I think Raj already mentioned that we would expect noninterest expense for Q4 to remain relatively flat again.

具體來說，CRE 辦公室投資組合的準備金高達 99 個基點，而 6 月 30 日為 83 個基點。因此，那裡也有一些建設。上季度，我們為您提供了一些壓力測試結果。我們在本季度重複了這些內容，以防萬一您對它們沒有改變感興趣。關於本季的非利息收入支出，沒有什麼可說的，沒有真正的材料或重大趨勢。我認為拉吉已經提到，我們預計第四季的非利息支出將再次保持相對穩定。

All of our capital ratios increased this quarter. Holding company CET 1 was 11.4%. Pro forma, including AOCI, 9.8% at September 30. So very robust capital levels and liquidity remains robust as well. There are some details on that in the slides if you're interested. And with that, I'll turn it back over to Raj for closing comments.

本季我們所有的資本比率都有所增加。控股公司CET 1為11.4%。截至 9 月 30 日，預計（包括 AOCI）為 9.8%。因此，資本水準非常強勁，流動性也依然強勁。如果您有興趣，幻燈片中有一些詳細資訊。至此，我將把它轉回 Raj 以供結束評論。

I would say that I was very good and not interrupting either of you.

我想說我很好，沒有打擾你們。

You were.

你之前是。

That's not good there, a time or 2, but I did not. Let's turn it over for Q&A.

那不太好，一兩次，但我沒有。讓我們把它翻過來進行問答。

(Operator Instructions) Our first question is going to come from the line of Will Jones with KBW.

（操作員說明）我們的第一個問題將來自 Will Jones 和 KBW 的線路。

So what Leslie said, I wanted to ask about the reserves. You guys have -- really, if you look back over the past 4 quarters or 5, you've really been steadily building since the end of last year. I can appreciate that I got this quarter was really another macro-driven bill. But just wanted to confirm, there's really not anything underlying you're seeing in the book that justified any of this. I know classified and criticized did see a little movement as well as maybe some NPAs, but just wanted to, a, confirm that.

所以Leslie說的，我想問儲備金的問題。確實，如果你回顧過去的 4 或 5 個季度，你會發現自去年年底以來，你們確實一直在穩步發展。我可以意識到，本季我收到的確實是另一項宏觀驅動的法案。但我只是想確認一下，你在書中看到的任何內容都不足以證明這一點。我知道機密和批評確實看到了一點動靜，也許還有一些 NPA，但只是想確認這一點。

And just as we think forward, I just wanted to get your sense of what the messaging is on the provision, as we look into next year. Do you really feel like the lion's share of reserve bill is done from here and to the extent that, yes, well we may be in higher for longer, higher for longer scenario, Moody's kind of stable that the reserve at 2 stage stable or if there's really a higher number in mind that the reserve needs to be at.

正如我們展望未來一樣，我只是想讓您了解我們明年展望時所傳達的訊息。你真的覺得準備金法案的大部分是從這裡完成的嗎？是的，我們可能會處於更高的水平，更長的時間，更高的水平，穆迪的穩定，即第二階段的準備金穩定，或者如果確實有一個更高的數字需要儲備。

Well, it's not really that we're trying to solve for a number. I actually joked with the management (inaudible)

好吧，我們並不是真的想解決一個數字。我實際上和管理層開玩笑（聽不清楚）

That was true. I give you a very easy answer to your question, but...

確實如此。我對你的問題給了一個非常簡單的答案，但是......

Yes. IT is CECL has brought us to this place where I joke about this often that the economists at Moody's can wake up on the wrong side of the bed and impact our P&L in any given quarter that anything else we do.

是的。正是CECL 將我們帶到了這個境地，我經常開玩笑說，穆迪的經濟學家可能會在床的錯誤一側醒來，並在任何特定季度影響我們的損益，而不是我們所做的任何其他事情。

So unfortunately, that is who we are wedded to. So it will depend a lot on what Moody's puts out in 3 months from now. And what -- how their outlook changes. That is a big driver. Now I will say this much, that if going into a recession or a slowdown, it's painful with all these build that happen, it has the exact mirror opposite effect on the way out. So what can feel like pain can feel like gain a year down the road, but who knows. We're not trying to solve for a number that if we can get there by a certain amount of time. That's not what this is. This is purely based on the math that works off of Moody's forecast, and I'm not sure how they will forecast 60 to 90 days from now.

不幸的是，這就是我們的婚姻對象。因此，這在很大程度上取決於穆迪在 3 個月後發布的內容。他們的觀點如何改變。這是一個很大的驅動力。現在我要說的是，如果進入經濟衰退或經濟放緩，發生的所有這些建設都是痛苦的，它對退出有著完全相反的效果。因此，一年後感覺痛苦的事情可能會感覺收穫，但誰知道呢。我們並不是想要解決一個數字，如果我們能在一定的時間內達到這個數字。事實並非如此。這純粹是基於穆迪預測的數學計算，我不確定他們將如何預測 60 到 90 天後的情況。

Yes. And the other thing I would say, the other thing that is having some impact and will continue to have some impact as we see the portfolio composition shift out of residential into commercial, you will also see the reserve gradually build because the commercial portfolio does carry -- and you can see in our slides, we showed you the allocation by type of loan. So you will see some gradual reserve build as that portfolio shift continues to happen as well. That's the only other thing...

是的。我要說的另一件事，另一件事正在產生一些影響，並將繼續產生一些影響，因為我們看到投資組合構成從住宅轉向商業，您還將看到儲備逐漸建立，因為商業投資組合確實帶來了——您可以在我們的幻燈片中看到，我們向您展示了按貸款類型進行的分配。因此，隨著投資組合的轉變繼續發生，您將看到一些逐步的儲備累積。這是唯一的另一件事...

But that's going to be gradual, because the portfolio is not changing overnight, but gradually, absolutely like that will happen.

但這將是漸進的，因為投資組合不會在一夜之間發生變化，而是逐漸地、絕對會發生這種情況。

Exactly. But there's nothing, it's not like, "Oh my gosh, we're seeing trouble brewing in the portfolio, we better build reserves. It's not that.

確切地。但沒有什麼，不是這樣的，“天哪，我們看到投資組合中正在醞釀麻煩，我們最好建立儲備。不是那樣的。”

Yes.

是的。

Got you. Got you. That's very helpful. I know CECL is really kind of monster, but -- that's helpful. And then I wanted to turn to the margin, the margin. It was great to see and [select] this quarter. It really feels like it was a story of the remix on the funding side, that's really been partially enabled by some of this great deposit growth you're seeing and it feels like momentum is continuing there. And Raj, you mentioned the margin was up each consecutive month of this quarter. Just curious where the margin ended the quarter, maybe what the margin was in the month of September?

明白你了。明白你了。這非常有幫助。我知道 CECL 確實是個怪物，但——這很有幫助。然後我想轉向邊緣，邊緣。很高興看到並[選擇]本季。感覺這確實是一個關於融資方面的重新組合的故事，這實際上是由您所看到的一些存款的巨大增長所推動的，而且感覺勢頭仍在繼續。 Raj，您提到本季的利潤率連續每個月都有所上升。只是好奇本季末的利潤率是多少，也許 9 月的利潤率是多少？

So I think -- I don't think that's what Raj said.

所以我認為——我不認為拉傑是這麼說的。

No. I think last quarter, we did give you get into the details of month by month. I'd rather not go into the -- make this a trend.

不。我認為上個季度，我們確實讓您了解了每月的詳細資訊。我不想讓這成為一種趨勢。

Month by month can be really porky, because if one weird thing happens in a month and you're annualizing a 1-month reserve. So I don't think looking at it month by month is really very helpful.

月復一月可能真的很麻煩，因為如果一個月內發生一件奇怪的事情，而你要按年計算 1 個月的儲備金。所以我不認為逐月查看它真的很有幫助。

But we will say that fourth quarter -- we think it will be -- margin will be modestly up again. Unless there's something really bizarre that happens in the quarter, based on what we're seeing so far, it looks like the trajectory will continue. It's not going to get to 3% in the next quarter, but it will keep improving from where it is.

但我們會說，第四季——我們認為會是——利潤率將再次小幅上升。除非本季發生真正奇怪的事情，否則根據我們迄今為止所看到的情況，這種軌跡似乎將繼續下去。下個季度不會達到 3%，但會繼續改善。

Got you. Okay. That makes sense. And I guess just thinking a little more intermediate term, to the extent that this deposit pipeline continues to materialize, you see maybe a little less FHLB in the funding mix moving forward, and you get some asset repricing that keeps flowing through. Do you feel like the margin continues to expand like through 2024? Or -- or do you feel like it...

明白你了。好的。這就說得通了。我想，從中期來看，只要存款管道繼續實現，你會發現未來融資組合中的 FHLB 可能會減少一些，並且你會得到一些不斷流動的資產重新定價。您認為利潤率會像 2024 年一樣繼續擴大嗎？或者——或者你覺得這樣......

So I'm under strict orders from Leslie, not to talk about 2024 because we haven't done it. The whole planning cycle. So...

所以我受到 Leslie 的嚴格命令，不要談論 2024 年，因為我們還沒有這樣做。整個規劃週期。所以...

(inaudible)

（聽不清楚）

Yes. We will give you guidance as we always do in January for the full year. But right now, we'll just talk about fourth quarter.

是的。我們將一如既往地在一月份為全年提供指導。但現在，我們只討論第四季。

And in terms of what we're trying to do in fourth quarter is not that different from what we're trying to do in third quarter. Still optimize the balance sheet, grow the right things, bring down Resi, bring down securities portfolio, grow C&I, grow DDA, grow total deposits and bring down wholesale borrowings. That's -- we keep doing that margin will fall in the right place. And it should be a good quarter again.

就我們在第四季度嘗試做的事情而言，與我們在第三季度嘗試做的事情沒有太大不同。仍然優化資產負債表，發展正確的事物，減少Resi，減少證券投資組合，增加C&I，增加DDA，增加存款總額並減少批發借款。那就是——我們繼續這樣做，利潤率將落在正確的位置。這應該又是一個美好的季度。

And I'll make one point about demand deposit growth. I mean, that's what I'm actually the most excited about. We talked to you about a pipeline last quarter. The pipeline is similar this quarter. We did convert a lot of that to good business. But the net growth in DDA was a little over $50 million. That's a net number. Right? What is very hard for us to predict is that still that change that is happening in our existing deposits, where people are moving out from DDA to interest-bearing or just using the money for buying things. That trend is still continuing, maybe slightly slower but still continuing.

我將就活期存款成長提出一點。我的意思是，這實際上是我最興奮的。上個季度我們與您討論了管道問題。本季的通路類似。我們確實將其中許多轉化為良好的業務。但 DDA 的淨成長略高於 5000 萬美元。那是一個淨數。正確的？我們很難預測的是，我們現有的存款仍然正在發生變化，人們正在從 DDA 轉向計息，或者只是用這些錢來買東西。這種趨勢仍在繼續，也許稍微慢一些，但仍在繼續。

And the reason we have some DDA growth is because the new business we're bringing in this quarter outpaced that natural trend. But you're seeing all over the industry by the way. So we're still happy about the pipeline that we have, especially in light of what a challenging first quarter, this was to be able to stand here in October and say that we have a good pipeline and that we've -- in the last 3 months, we've actually converted enough of it to produce DDA growth. I'm very happy about it.

我們 DDA 有所成長的原因是我們本季引入的新業務超過了自然趨勢。但順便說一句，你看到了整個行業。因此，我們仍然對我們擁有的管道感到高興，特別是考慮到第一季充滿挑戰，我們能夠在 10 月站在這裡說我們擁有良好的管道，我們已經 - 在過去3 個月，我們實際上已經轉化了足夠的資金來產生DDA 成長。我對此感到非常高興。

Great. That's very helpful. And the last thing I really just wanted to hit on. I know the buyback has been big for you guys in the past, we kind of paused that conversation in the first half of the year with just naturally given what was going on. But it feels like now we've really kind of removed ourselves from that kind of disrupt, it feels like where the stock is trading today, it's just a huge opportunity for you guys. Is there any update on where you stand with the buy-back?

偉大的。這非常有幫助。最後一件事我真的只想說一下。我知道過去的回購對你們來說意義重大，考慮到正在發生的事情，我們在今年上半年暫停了這場對話。但感覺現在我們真的已經擺脫了這種混亂，感覺股票今天的交易情況，這對你們來說是一個巨大的機會。您對回購的立場有什麼最新消息嗎？

Last, we talked to the Board about it and we unanimously agreed that the time was not ready yet was maybe 6 weeks ago, Leslie right? About 6 weeks back. We will talk to them again in 4 weeks in mid-November. My best judgment would be, I think it's still early. I think we need to wait and probably think about it in the new year, not this quarter.

最後，我們和董事會討論了這個問題，我們一致認為時間還沒準備好，大概是六週前，Leslie，對吧？大約六週前。我們將在 11 月中旬的 4 週後再次與他們交談。我最好的判斷是，我認為現在還為時過早。我認為我們需要等待，可能會在新的一年而不是本季考慮這個問題。

And our next question is going to come from the line of Graham Dick with Piper Sandler.

我們的下一個問題將來自格雷厄姆·迪克和派珀·桑德勒。

So I just wanted to hit on the loan side of things. I saw that you had about the $300 million in commercial loans that you exited. I just wanted to hear a little bit more about your strategic thinking here. What kind of yields around these portfolios or what kind of spread rather if you include the deposit relationship?

所以我只是想談談貸款方面的事情。我看到您退出了大約 3 億美元的商業貸款。我只是想聽聽更多關於您的策略思維的資訊。如果包括存款關係，這些投資組合的收益率是多少，或者利差是多少？

And then you mentioned that there's a little more to do here. I'm just wondering what that would look like maybe over the next couple of quarters and how it might impact your overall growth outlook? Because if I back this out the $300 million this quarter, it looks like balances were actually essentially flat. So just wondering about the size of loan portfolio going forward and maybe the overall direction that takes the balance sheet as well.

然後你提到這裡還有一些事情要做。我只是想知道未來幾季會是什麼樣子，以及它會如何影響您的整體成長前景？因為如果我本季收回 3 億美元，看起來餘額實際上基本上持平。因此，我只是想知道未來貸款組合的規模，以及資產負債表的整體方向。

Let me go sort of loan category, bad loan category. So Resi was down 2.25%. I expect Resi to behave very similarly next quarter for that matter, even the quarter after that. 2 or 3, 4 quarters. Because like we've said, we're too resi heavy and taking it down about $200 million or so every quarter, sounds like a good strategy. .

讓我來談談貸款類別、不良貸款類別。因此 Resi 下跌了 2.25%。我預計雷西下個季度（甚至是之後的季度）的表現也會非常相似。 2 或 3、4 個季度。因為就像我們說的，我們的 Resi 負擔太重，每季削減約 2 億美元左右，聽起來是一個不錯的策略。 。

C&I was up $100 million, but that was net of about $300 million that we pushed out. As Tom said in his comments, we don't see that kind of a push out happening in the future, maybe some here or there that we will still exit. The stuff that we're exiting generally is non-deposit transactional business. Some of them are SNCs. And where we don't really have an expectation that we will be able to get deposits. Sometimes you just do it in eventually deposits come. But when we convince ourselves, this is not happening and spread is too tight, then what are we doing in that, and that's what we've exited.

C&I 增加了 1 億美元，但這是扣除我們推出的約 3 億美元後的淨值。正如湯姆在他的評論中所說，我們認為未來不會發生這種退出，也許這裡或那裡的一些我們仍然會退出。我們退出的業務通常是非存款交易業務。其中一些是 SNC。我們並不真正期望能夠獲得存款。有時你只是在最終存款到來時這樣做。但當我們說服自己，這種情況並沒有發生並且傳播太緊時，那麼我們在做什麼，那就是我們已經退出的。

So I would say that what we were exiting the business we on a year or 2 years ago at spreads of like SOFR plus 150 to 200 in that range. The business that we're doing now, the pipeline that Tom referenced in the C&I space is over 300. So SOFR plus 300, 320, 330 in that range. So it's a really good time to be writing new paper and the old stuff that is being run off is meaningfully lower in terms of profitability.

所以我想說的是，我們在一兩年前以 SOFR 加上 150 到 200 的利差退出該業務。我們現在正在做的業務，Tom 在 C&I 領域提到的管道超過 300 個。所以 SOFR 加上該範圍內的 300、320、330。因此，現在是撰寫新論文的好時機，而正在流失的舊論文的獲利能力明顯較低。

CRE, while we grew about $45 million, $46 million this quarter, just looking at the pipeline, it doesn't look like it's going to grow -- given there's not much happening in the CRE world in terms of transactions. So our best guess is it will probably be flat.

CRE，雖然本季我們成長了約 4,500 萬美元、4,600 萬美元，但僅從管道來看，它看起來不會成長——因為 CRE 領域在交易方面沒有發生太多變化。所以我們最好的猜測是它可能會持平。

Small business will grow, but it doesn't really move the needle that much in terms of the total balance sheet. And our commercial finance subs, which is the franchise finance and the equipment leasing business, has been running down now for a better part of 2 or 3 years, that trend will continue. So when we're out landing your guess is as good as mine, I always say that it can't go any lower utilization, but it keeps surprisingly me, does go down. The mortgage market is probably having one of the toughest years ever in terms of origination volume.

小型企業將會成長，但就總資產負債表而言，它並沒有真正帶來多大的推動。我們的商業金融子公司，即特許經營金融和設備租賃業務，現在已經在兩三年的時間裡一直在下降，這種趨勢將持續下去。因此，當我們得出結論時，您的猜測與我的一樣好，我總是說它的利用率不能再降低，但令我驚訝的是，它確實下降了。就發放量而言，抵押貸款市場可能是有史以來最艱難的一年。

So it's very much tied to that. If there is a bit of a pickup, in rates turnaround doesn't feel like they are going to, but if they do turn around, there's a little bit of a refi opportunity. It will grow. Otherwise, it won't. But again, the numbers are so small. I don't think it really moves the needle at the top of the house.

所以這與此密切相關。如果有一點回升，那麼利率轉變似乎不會發生，但如果確實發生轉變，那就有一點再融資的機會。它會成長。否則就不會了。但話又說回來，這個數字太小了。我認為這並沒有真正改變房子頂部的情況。

Yes, I might just add a little bit of detail to that. If we look at -- when you exit, there's 2 kind of time frames for exiting. One is when you have a maturity, those are obviously easier to predict. The second is when you have an event. And usually, the event is a redial because there's a transaction opportunity or whatnot. Those are not as easy to predict.

是的，我可能只是添加一些細節。如果我們看一下——當你退出時，有兩種退出時間範圍。一是當你成熟時，這些顯然更容易預測。第二個是當你有活動的時候。通常，該事件是重撥，因為存在交易機會或其他原因。這些並不那麼容易預測。

So -- while I don't think there's going to be too much more of that to the extent that it was in Q3 from a strict maturity perspective, there are situations that could come up, with existing credits that are not maturing where there's an opportunity to exit because what's really clear is we look through the dynamics of this trade-off that we're consistently making is if you take any large credit in the marketplace, let's say it's a $50 million deal, and we have the opportunity to exit that, we can put on $225 million deals in bilateral relationships. Which probably at 75 basis points higher than what we're exiting and comes with deposit and treasury management business. And that's the trade-off work consistently looking to make.

因此，雖然從嚴格的成熟度角度來看，我認為不會有太多這樣的情況，但在某些情況下可能會出現現有信貸尚未到期的情況。退出的機會，因為真正清楚的是，我們會審視我們一直在進行的這種權衡的動態，如果你在市場上獲得任何大筆信貸，假設這是一筆5000 萬美元的交易，我們就有機會退出這樣，我們就可以在雙邊關係中達成2.25 億美元的交易。這可能比我們現有的水平高出 75 個基點，並且還包括存款和國庫管理業務。這就是我們一直在尋求的權衡工作。

So all in, it kind of sounds like flattish to maybe slightly down loan balances as a whole. But a much more profitable portfolio. Is that kind of a fair way to look at it right now?

總而言之，整體貸款餘額聽起來似乎持平，甚至可能略有下降。但投資組合的利潤高很多。現在這樣看待它公平嗎？

Yes. I think over the course of the next quarter, yes.

是的。我認為在下個季度，是的。

Okay. Cool. And then I just -- you mentioned shared national credits in there. I just wanted to know -- what's your all total SNC exposure right now as a percentage of loans?

好的。涼爽的。然後我只是——你提到了共享國家信用。我只是想知道 - 目前您的 SNC 總風險敞口佔貸款的百分比是多少？

It's about $4.7 billion in the aggregate. Based on the strict regulatory definition of a shared national credit, which is Tom, if you want to provide any more color on question.

總計約 47 億美元。基於共享國家信用的嚴格監管定義，如果您想就問題提供更多色彩，那就是湯姆。

The definition has expanded a lot over the last couple of years. So it can encompass anything from what you might think of as being a traditional shared national credit, which would be a multibillion dollar credit led by one of the major banks with 25 banks in the deal to a deal that we agent as long as the debt stack is more than $100 million. It can be deals that we would typically be in that are club deals among us and a couple of banks, where we have a significant share of the wallet. We might be the collateral agent we might be the dock agent. We could be in a couple of different positions. We would have part of the depository business.

在過去的幾年裡，這個定義已經擴大了很多。因此，它可以涵蓋任何內容，從您可能認為的傳統共享國家信貸（即由一家主要銀行牽頭的數十億美元信貸，涉及 25 家銀行）到我們代理的只要債務還清的交易。堆疊價值超過1 億美元。我們通常會參與的交易可能是我們和幾家銀行之間的俱樂部交易，我們在這些交易中擁有很大的錢包份額。我們可能是抵押代理人，我們可能是碼頭代理人。我們可能處於幾個不同的位置。我們將擁有部分託管業務。

So when you look at kind of a classical shared national credit business, it's a portion of the overall SNC business, but it's certainly not the entirety of it and the other parts of it. We have built syndications capability on both the real estate side and the corporate banking side. We want to syndicate credits. We want to be a lead bank and control the deposit business.

因此，當您觀察經典的共享國家信用業務時，您會發現它是整個 SNC 業務的一部分，但它肯定不是其全部及其其他部分。我們在房地產方面和企業銀行方面都建立了銀團能力。我們想要聯合信用。我們想成為一家主導銀行，控制存款業務。

So that portion that would be over the $100 million threshold and have 3 or more banks would be a SNC. And we continue to be interested in club deals where we like a relationship and have business, but have a certain guideline on how much exposure we want to take in those deals, that's highly desirable business from our perspective, but it would also be a SNC. So as the guidelines have changed over the last few years, you've got to be a bit more careful with this nomenclature than maybe we were a few years ago.

因此，超過 1 億美元門檻並擁有 3 家或更多銀行的部分將成為 SNC。我們仍然對我們喜歡建立關係並開展業務的俱樂部交易感興趣，但對於我們希望在這些交易中獲得多少曝光度有一定的指導方針，從我們的角度來看，這是非常理想的業務，但它也將是一個SNC 。因此，隨著過去幾年指南的變化，您必須比幾年前更加小心地使用這個術語。

Yes, I totally understand. And I get if you don't have this number, but it definitely seems important and much more profitable the lead agent on these deals. What amount of that $4.7 billion are you guys believe in?

是的，我完全理解。如果你沒有這個數字，我知道，但在這些交易中，首席代理人似乎很重要，而且利潤更高。你們相信這47億美元是多少？

We don't have all of that detail available right now.

我們現在還沒有所有的詳細資料。

Okay, I understand.

好吧，我明白。

Yes, absolutely.

是的，一點沒錯。

Far better to -- for a variety of regions to be the agent on the deal because generally, the agent gets of all ancillary business, although in the SNC market today. Everybody wants part of the ancillary business, and that's a big challenge in the SNC market is there's not enough ancillary business to go around everybody.

對於不同地區來說，成為交易的代理商會更好，因為一般來說，代理商可以獲得所有輔助業務，儘管在今天的 SNC 市場上也是如此。每個人都想要一部分輔助業務，而這對 SNC 市場來說是一個巨大的挑戰，因為沒有足夠的輔助業務來滿足每個人的需求。

Right. Yes, understood. And then I guess the last thing I wanted to touch on is just capital and the CET 1 ratio, maybe including those AOCI losses of 9.8% -- is this the ratio you guys are managing around right now? And then is there a specific near-term, I guess, level you guys are looking at?

正確的。是的，明白了。然後我想我想談的最後一件事就是資本和 CET 1 比率，也許包括 9.8% 的 AOCI 損失——這是你們現在管理的比率嗎？然後，我猜你們正在關註一個具體的近期水平嗎？

I mean I would say, just tends to be the ratio that most stakeholders are focused on and interested in. So we do pay a lot of attention to it. It's not the only one that we look at. Obviously, we're aware of TCE to TA and Tier 1 leverage as well. I think in terms of a target, like Raj said, I think in the very near term, we're comfortable where we are, and we'll, we'll -- as we go through our capital planning process at year-end, we'll take through and discuss with the Board the outlook going forward around target. Another way of saying, I'm not prepared to give that information today.

我想說的是，這往往是大多數利益相關者關注和感興趣的比率。所以我們確實非常關注它。這並不是我們關注的唯一一個。顯然，我們也了解 TCE 到 TA 以及一級槓桿。我認為就目標而言，就像拉傑所說，我認為在短期內，我們對目前的狀況感到滿意，而且我們會，我們會——當我們在年底完成資本規劃流程時，我們將與董事會討論並討論圍繞目標的前景。換句話說，我今天不准備提供該資訊。

And our next question is going to come from the line of Jon Arfstrom with RBC Capital Markets.

我們的下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 (Jon Arfstrom)。

Leslie, I'm not going to ask you about the '24 margin, but...

Leslie，我不會問你關於 24 利潤的問題，但...

Okay. You do. I won't answer you.

好的。你做。我不會回答你。

So the question is that you made a comment about over the course of the next quarter, this trend is going to continue. And I don't know if it's for you or Raj, but how long does it take to accomplish what you want to accomplish on the balance sheet remixing the assets and remixing the liabilities. I hate to term what inning are we in, but I'll just ask you, how long does it take to get to where you want to go?

所以問題是，您在下個季度發表了評論，這種趨勢將繼續下去。我不知道這是否適合你或拉傑，但需要多長時間才能完成你想要在資產負債表上完成的任務，重新混合資產和重新混合負債。我討厭說出我們現在處於哪一局，但我只想問你，到達你想去的地方需要多長時間？

I think we'll be in a better position to answer that once we go through our year-end planning process. So we'll probably be able to answer that in January.

我認為，一旦我們完成年終規劃流程，我們就能更好地回答這個問題。所以我們可能在一月就能回答這個問題。

Yes. I mean I think it's safe to say it's not a 1- or 2-quarter effort. It's going to take some time.

是的。我的意思是，我認為可以肯定地說這不是一兩個季度的努力。這需要一些時間。

So we can expect more of the same, essentially. I mean we have to make some assumptions, but we can expect more of the same over time, okay?

因此，本質上我們可以期待更多相同的事情。我的意思是我們必須做出一些假設，但隨著時間的推移我們可以期待更多相同的情況，好嗎？

In the near term sure. Yes.

短期內一定會。是的。

Yes. Okay. And Raj, what do you want the balance sheet to look like when you're done?

是的。好的。 Raj，完成後您希望資產負債表是什麼樣子？

Well, I wanted to -- if you look back at our balance sheet, 3 pandemic levels and compared to now, it looks quite different. It's got too heavy in securities, too heavy in Resi. And I think the prepandemic norm is kind of where we want to take it. We don't want to take Resi down to 0. But we certainly have a lot of work to do in bringing it down to a more sort of reasonable level. .

好吧，我想——如果你回顧一下我們的資產負債表，3 個大流行級別，與現在相比，它看起來完全不同。它的證券太多了，雷西也太重了。我認為疫情大流行前的常態正是我們想要採取的方式。我們不想將 Resi 降低到 0。但我們當然還有很多工作要做，才能將其降低到更合理的水平。 。

And so I think a good guide might be going back to 2018, '19 and taking a look at our mix, not just with loans but also with securities, I think that's what we're looking for. On the right side of the balance sheet, obviously, we don't want to go back to '18,'19. We want to kind of make progress on where we are today at 28% DDA, I'd like it to get to 32%, 33% DDA. And I think we can get there over time.

因此，我認為一個好的指南可能是回到 2018 年、19 年，看看我們的組合，不僅包括貸款，還包括證券，我認為這就是我們正在尋找的。顯然，在資產負債表的右側，我們不想回到「18」、「19」。我們希望在目前 28% DDA 的基礎上取得進展，我希望能達到 32%、33% DDA。我認為隨著時間的推移我們可以實現這一目標。

Okay. Okay. Good. Anything you'd call out on the noninterest-bearing growth this quarter on the drivers?

好的。好的。好的。您對本季驅動因素的無息成長有何看法？

Something extraordinary.

一些非凡的東西。

It's just across the franchise, just continued progress pursuing that pipeline.

這只是整個特許經營權的一部分，只是在追求這條管道方面不斷取得進展。

Lots of new relationship wins.

贏得很多新關係。

Okay. Okay. Yes, I guess that's what I was getting at as well. Okay. And then, Tom, maybe a question for you, last one for me. But I understand what you're saying on the commercial office, the CRE office portfolio. I'm curious if -- what the discussions are like when these renewals come up? How difficult are they with your clients? And then secondarily, is there anything different between what you're seeing in New York and Florida?

好的。好的。是的，我想這也是我的意思。好的。然後，湯姆，也許有個問題想問你，最後一個問題要問我。但我理解你所說的商業辦公室、CRE 辦公室組合。我很好奇——當這些續約出現時，討論會是什麼樣的？他們與你的客戶相處有多困難？其次，你在紐約和佛羅裡達看到的情況有什麼不同嗎？

Yes. I would say the renewal discussions generally, as the metrics show the portfolio is performing very well. So right now, there is we have seen a couple of opportunities pay off because people have gone to the CMBS market. But there's not a big alternative market for office right now. I mean everybody has kind of got what they got.

是的。我想說的是一般性的續約討論，因為指標顯示該投資組合表現非常好。所以現在，我們已經看到一些機會得到了回報，因為人們已經進入了 CMBS 市場。但目前辦公室並沒有很大的替代市場。我的意思是每個人都得到了他們所得到的。

There are some small openings here and there, but generally, our renewal conversations are going well because the performance of the properties is generally very good. And we know we have strong debt service coverage ratios. We have strong leases, not in every single property, obviously, there's always a couple of the loans that you're looking at that are slightly different.

到處都有一些小空缺，但總的來說，我們的續約談判進展順利，因為房產的表現總體上非常好。我們知道我們的償債覆蓋率很高。我們的租約很牢固，但並非每個房產都有租約，顯然，您所看到的貸款中總會有一些略有不同。

But generally, the occupancy is very good. The lease rollover is manageable that they have. As I said, the total 12-month lease portfolio rollover is about 11%. So the conversations generally go pretty well. I mean our properties in New York, we don't have that big of a -- I say New York, I'm specifically referring to Manhattan.

但整體來說，入住率還是很好的。他們的租賃展期是可以管理的。正如我所說，12 個月租賃組合的總展期約為 11%。所以談話通常進展順利。我的意思是我們在紐約的房產，我們沒有那麼大——我說紐約，我特別指曼哈頓。

Our properties in Manhattan, we have half a dozen or so, the lease rates are in the mid-90s. The properties have low levels of leverage and are performing well. They're starting to see a gradual return to the office. I'm not sure what inning we're in, but we're in the early part of the baseball game, but they're reporting people are coming back to the offices gradually.

我們在曼哈頓有六處左右的房產，租金在九十年代中期。這些物業的槓桿水平較低，且表現良好。他們開始看到人們逐漸返回辦公室。我不確定我們在哪一局，但我們正處於棒球比賽的早期階段，但他們報告說人們正在逐漸回到辦公室。

When we're around our office on 57th in [part], there's certainly a lot of people on the street. If you look at ridership on the subways, if you look at the metrics that people are following, people are gradually returning back to the office. So we're going to see that portfolio gradually be reduced over a period of 5 through amortization and some selected movements to the CMBS market. But it it's fairly stagnant right now, but performing well.

當我們在 [part] 57 號的辦公室附近時，街上肯定有很多人。如果你看看地鐵上的乘客量，如果你看看人們所遵循的指標，你會發現人們正在逐漸返回辦公室。因此，我們將看到投資組合在 5 年內透過攤銷和一些選定的 CMBS 市場轉移逐漸減少。但它現在相當停滯，但表現良好。

Okay. And maybe to Florida versus New York, is there any material difference? I know there's -- it's all granular, but anything there?

好的。也許佛羅裡達州和紐約州有什麼實質的區別嗎？我知道——一切都是細粒度的，但是那裡有什麼嗎？

Yes. The difference in -- well Florida is different -- Florida is different from New York and then different markets in Florida are different from different markets in Florida. So if you look at the Miami market, in particular, where we do not have any CBD exposure, but the Miami market is extremely strong right now.

是的。佛羅裡達州是不同的，佛羅裡達州與紐約州不同，佛羅裡達州的不同市場也與佛羅裡達州的不同市場不同。因此，如果你看看邁阿密市場，特別是我們沒有任何 CBD 業務，但邁阿密市場目前非常強勁。

The Palm Beach market is very strong. Tampa continues to show good strength, particularly in the suburban market area. We have an Orlando portfolio that, again, is not a CBD portfolio. But predominantly in the northern suburban office markets, all of those continue to perform very well. These are typically 3-, 4-, 5-story suburban buildings that house medium-sized businesses that are located close to where the employees live.

棕櫚灘市場非常強勁。坦帕繼續展現出良好的實力，特別是在郊區市場區域。我們有一個奧蘭多投資組合，但它不是 CBD 投資組合。但主要在北部郊區的辦公室市場，所有這些都繼續表現良好。這些通常是 3 層、4 層、5 層的郊區建築，是靠近員工居住地的中型企業。

And general trends are people who are in the office 3, 4 days a week and the properties are performing well.

總的趨勢是人們每週在辦公室工作 3、4 天，而且物業表現良好。

Our next question is going to come from the line of Steven Alexopoulos with JPMorgan.

我們的下一個問題將來自摩根大通的 Steven Alexopoulos。

This is Janet Lee on for Steve. All I want to go back to reserves for a second and how the higher rate forecast for Moody's is the largest driver of the build in reserves. Is this really tied to your assumption that rates higher for longer will increase the odds of a recession?

這是史蒂夫的珍妮特李。我想先回到儲備金，以及穆迪的較高利率預測如何成為儲備金增加的最大推動力。這是否真的與您的假設有關，即利率持續升高會增加經濟衰退的可能性？

It's not tied to our assumption. It's the assumption that's embedded in the Moody's economic forecast that we see the model.

它與我們的假設無關。我們看到的模型是穆迪經濟預測中嵌入的假設。

Moody's assumption.

穆迪的假設。

Yes, it's Moody's assumption. This is (inaudible) Assumption. But it is certainly tied to the fact that in the model, a higher rate environment will put some stress on maturing and repricing loans, and that's the driver. I mean these models are extraordinarily complex Janet. But yes, at a high level, that's what's going on there. And there are other things that work in there, too. That was just the one that had the most impact.

是的，這是穆迪的假設。這是（聽不清楚）假設。但這肯定與以下事實有關：在模型中，較高的利率環境會對貸款到期和重新定價造成一定壓力，而這就是驅動因素。我的意思是這些模型非常複雜，珍妮特。但是，是的，從高層次來看，這就是那裡正在發生的事情。還有其他一些東西也在那裡起作用。這只是影響最大的一個。

Right. Okay. Because when I was looking -- when I was comparing Moody's August and May forecast unemployment assumption hasn't changed through 2025 and not much change in GDP.

正確的。好的。因為當我比較穆迪 8 月和 5 月的預測時，失業率假設到 2025 年都沒有改變，GDP 也沒有太大變化。

Actually at a regional level, the trajectory of the unemployment path has changed. I know everybody wants to look at the national unemployment rate in national GDP and correlate to that, but these models are just far more complex than that. And I can't get into all those details. It's just there's a lot going -- my point there's a lot going on in there besides just national unemployment and national GDP.

事實上，從地區層級來看，失業路徑的軌跡已經改變了。我知道每個人都想了解全國 GDP 中的全國失業率並與之相關，但這些模型遠比這複雜。我無法詳細了解所有這些細節。只是有很多事情發生——我的觀點是，除了全國失業率和國民國內生產毛額之外，還有很多事情發生。

Okay. So your scenario contemplates like local is not just generic national?

好的。因此，您的場景考慮到本地不僅僅是通用的國家？

Yes, that's how these -- our models work. It's based that it's done at the submarket level. Yes.

是的，這就是我們的模型的工作原理。這是基於它是在子市場層級完成的。是的。

Okay. Got it. And -- can you remind me what unemployment rate is embedded in your current reserves then?

好的。知道了。而且—您能提醒我您目前的儲備中包含的失業率是多少嗎？

Well, it's different in New York than in Florida. It's different in Miami than in Tampa. It's different -- so that's a pretty complex question. But it averages somewhere. It averages somewhere in the low 4s.

嗯，紐約和佛羅裡達的情況不同。邁阿密和坦帕的情況有所不同。這是不同的——所以這是一個非常複雜的問題。但它在某個地方是平均的。其平均值在 4 左右。

Okay. And just following up on reserves. Looking at the franchise finance segment, are you seeing any stress building in that segment it looks like lower, but it looks like more.

好的。並且只是跟進儲備。看看特許經營金融領域，您是否看到該領域有任何壓力？它看起來較低，但看起來更多。

It's really one loan, Janet, that migrated down to nonaccrual this quarter and then we put some specific reserves on -- and it's a kind of a coded leftover, I would say. They just never were able to dig their way out.

珍妮特，這實際上是一筆貸款，本季度轉為非應計利息，然後我們存入了一些特定準備金——我想說，這是一種編碼的剩餘資金。他們只是永遠無法挖掉。

Okay. Got it. And last question on NIM and NII. So is it fair to say like theoretically speaking, you'll get more benefit from NIM point of view, if the Fed cuts rates sooner when considering your portfolio mix? Or do you get more benefits if rates stay higher for longer and benefits the fixed asset repricing?

好的。知道了。最後一個問題是關於 NIM 和 NII 的。那麼，從理論上講，如果聯準會在考慮您的投資組合時更快降息，您將從淨利差的角度獲得更多收益，這樣說是否公平？或者，如果利率長時間保持在高水準並有利於固定資產重新定價，您會獲得更多好處嗎？

To be honest, Janet, it's the most impactful thing is mix. By far. By far. Funding mix and loan mix are far more impactful. The balance sheet -- the static balance sheet is relatively neutral from an interest rate risk perspective. So mix how the mix evolves is the thing that really will impact the NIM much more so than what the Fed does or doesn't do.

說實話，珍妮特，最有影響力的是混合。到目前為止。到目前為止。資金組合和貸款組合的影響力大得多。資產負債表－從利率風險的角度來看，靜態資產負債表相對中立。因此，混合組合的演變才是真正對淨利差影響更大的事情，而不是聯準會做什麼或不做什麼。

DDA growth. That's why it's the #1 priority in the bank.

DDA 成長。這就是為什麼它是銀行的第一要務。

And our next question is going to come from the line of David Bishop with Hovde Group.

我們的下一個問題將來自霍夫德集團 (Hovde Group) 的大衛畢肖普 (David Bishop)。

Quick question, Raj, Leslie, you guys have done a nice job tamping down the level of expense growth. Anything looming? I know you haven't done budgets for next year, but anything that could drive that growth rate materially higher next year? Are there any pending team lift-outs or teams you're targeting that could move the needle there materially?

快速提問，拉傑、萊斯利，你們在抑制開支成長方面做得很好。有什麼迫在眉睫嗎？我知道您還沒有製定明年的預算，但是有什麼可以推動明年的成長率大幅提高嗎？是否有任何待定的團隊退出或您所瞄準的團隊可以實質地推動那裡的發展？

Actually, we forgot to mention on this call that we did hire a C&I head for Texas. So last quarter, I think we told you about the CRE business had been launched. Took us a little longer than I would have wanted on the C&I front, but a press release on that hiring will be going out in the next day or 2.

事實上，我們在這次電話會議上忘記提及，我們確實聘請了德州的 C&I 負責人。上個季度，我想我們已經告訴您 CRE 業務已經啟動。我們在 C&I 方面花費的時間比我想要的要長一些，但有關招聘的新聞稿將在接下來的一兩天內發布。

So outside of that, we're always looking -- we did make some good hires in April, May time frame. So there's nothing in particular that jumps out that there's a big theme or anything, but there are always producers that we're bringing in.

因此，除此之外，我們一直在尋找——我們確實在四月、五月的時間範圍內招募了一些優秀的員工。因此，沒有什麼特別突出的主題或任何東西，但我們總是會引入製作人。

At the same time, remember, we're keeping expenses flat. So there are some people that were changing out as well. our focus is so much on deposit growth and DDA growth. If you don't cut that, your incentive plan may have changed so much that some people may choose to not be here. So I would say there's a little bit of recycling that has happened. Simply because our priorities are so focused on the right side of the balance sheet. So -- but there isn't any other notable thing to talk about other than the C&I hires that started, I think this Monday, If i'm not wrong?

同時，請記住，我們將保持支出不變。所以也有一些人正在改變。我們的重點是存款成長和 DDA 成長。如果你不削減這一點，你的激勵計劃可能會發生很大的變化，以至於有些人可能會選擇不在這裡。所以我想說已經發生了一些回收。原因很簡單，因為我們的優先事項非常關注資產負債表的右邊。所以，除了我想在本週一開始的 C&I 招聘之外，沒有其他值得注意的事情可以談論，如果我沒記錯的話？

Correct.

正確的。

Yes.

是的。

We're always consistently trying to improve the mix and talent of the people that we have. I mean, that's a constant process of talent management is continuously working on attracting the right talent, and you always will have people that are not meeting whatever standard we set. And also having the discipline to make those mix changes is important.

我們始終致力於改善員工的組合和人才。我的意思是，人才管理是一個持續不斷的過程，不斷致力於吸引合適的人才，但總會有不符合我們設定的標準的人。進行這些組合改變的紀律也很重要。

Got it. And then in terms of deposit success story this quarter, years, Raj, or Tom or Leslie, can you attribute some of that to Texas? Are you starting to see that contribute to the bottom line. And I don't know, had you disclosed the dollar amount of the deposit pipeline if so? Just curious, where that stood relative to last quarter?

知道了。然後，就本季、數年的存款成功故事而言，拉傑、湯姆或萊斯利，您能否將其中一些歸功於德克薩斯州？您是否開始看到這對盈利有貢獻？我不知道，如果有的話，您是否披露了存款管道的美元金額？只是好奇，與上季相比，情況如何？

I would say when you look at -- it's now -- the C&I portfolio, in particular, is so granular across the board. I would attribute it more efforts in certain segments of the loan categories in C&I.

我想說的是，當你看看現在的 C&I 投資組合時，尤其是全面細緻的投資組合。我將其更多的努力歸功於工商業貸款類別的某些部分。

If I look at what grew for the quarter, we grew what I think is really kind of core parts of our business strategy, which was manufacturing, wholesale trade, logistics, international trade because of the markets that we're in, Healthcare had nice growth. Those are really the 4 segments of the C&I portfolio that grew most, but it's across -- it's a little bit across the board in every segment that we're in. We've seen good growth in what I would call our more traditional long-term markets, and we've seen nice growth in the newer markets that we have opened up over the last few years.

如果我看看本季的成長情況，我認為我們業務策略的核心部分是我們的成長，即製造、批發貿易、物流、國際貿易，因為我們所處的市場，醫療保健有很好的表現成長。這些實際上是C&I 投資組合中成長最快的4 個細分市場，但它是跨領域的——我們所處的每個細分市場都有點全面。我們在我稱之為更傳統的長期投資領域看到了良好的成長。長期市場，我們在過去幾年中開闢的新市場中看到了良好的成長。

And was that also translated to the deposit side in Texas?

這是否也轉化為德州的存款方？

No, no. And typically, again, back to this word mix that we're using a lot when you start off a new office, generally, the relationships tend to be more loan-oriented and over a period of time, you're able to then expand what you create -- reputation in the marketplace you create some critical mass.

不，不。通常，再次回到當您開始新辦公室時我們經常使用的這個詞組合，一般來說，關係往往更加以貸款為導向，並且在一段時間內，您可以擴展你創造了什麼——在市場上你創造了一些臨界質量的聲譽。

Any time you enter a new market, it's a multiyear strategy to fully develop that market out. And markets that we want to go to are attractive and competitive. We have not been able to find any attractive and noncompetitive markets to go to, Raj keeps asking me to find one, but I can't seem to find one. So it takes the right talent and time to build these. They tend to build faster on the left-hand side of the balance sheet to the right-hand side of the balance sheet.

每當您進入新市場時，充分開發該市場都是一項多年策略。我們想要進入的市場具有吸引力和競爭力。我們一直沒能找到任何有吸引力且非競爭性的市場可以去，拉吉一直要求我找到一個，但我似乎找不到一個。因此，建構這些需要合適的人才和時間。它們往往在資產負債表的左側到資產負債表的右側建造得更快。

Got it. And one final question. Leslie, the tick up in special mention loans, just curious if there's any segments or industries that you'd call out to drive that increase?

知道了。最後一個問題。萊斯利，特別提及貸款的增加，只是好奇您是否會呼籲推動這種增長的任何細分市場或行業？

Yes. No, there really is nothing in particular to call out. I think this looks to us more like normalization of credit there don't tend to be any particular portfolio segments where we're seeing signs of trouble. And the other thing I'll say is that we don't really -- at this point in time, we don't really see any real loss content in any of those assets that migrated to special mention.

是的。不，確實沒有什麼特別值得一提的。我認為這對我們來說更像是信貸正常化，我們往往不會在任何特定的投資組合領域看到麻煩的跡象。我要說的另一件事是，目前我們並沒有真正看到任何遷移到特別提及的資產中有任何真正的損失內容。

Our last question is going to come from the line of Samuel Varga with UBS.

我們的最後一個問題將來自瑞銀集團的塞繆爾·瓦爾加 (Samuel Varga)。

All right. We will go ahead and I will go ahead and hand the conference back over to Raj Singh for any further remarks.

好的。我們將繼續進行，我將繼續將會議交還給拉吉辛格以供進一步的評論。

As always, thank you very much for joining us and listening to our story. We feel pretty good about where the bank is and the progress that we've made in a very short period of time. We look forward to speaking with you again with a lot more information in 3 months. Until then, stay safe. Thank you. Bye.

一如既往，非常感謝您加入我們並聆聽我們的故事。我們對銀行的現狀以及我們在很短的時間內取得的進展感到非常滿意。我們期待在 3 個月內再次與您交談並提供更多資訊。在那之前，請保持安全。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。