Blue Foundry Bancorp (BLFY) 2022 Q4 法說會逐字稿

Good morning, and welcome to Blue Foundry Bancorp's fourth-quarter 2022 earnings call. My name is Grant, and I will be your conference operator today.

早上好，歡迎參加 Blue Foundry Bancorp 的 2022 年第四季度財報電話會議。我叫格蘭特，今天我將擔任你們的會議操作員。

Comments made during today's call may include forward-looking statements, which are based on management's current expectation and are subject to uncertainty and changes in circumstances. Blue Foundry encourage all participants to refer to the full disclaimer contained in this morning's earnings release, which has been posted to the Investor Relations page on bluefoundrybank.com.

今天的電話會議中發表的評論可能包括前瞻性陳述，這些陳述基於管理層當前的預期，並可能受到不確定性和情況變化的影響。 Blue Foundry 鼓勵所有參與者參考今天上午的收益報告中包含的完整免責聲明，該聲明已發佈在 bluefoundrybank.com 的投資者關係頁面上。

During the call, management will refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.

在電話會議期間，管理層將參考非公認會計準則衡量標準，這些衡量標準將某些項目排除在報告結果之外。請參閱今天的收益報告，了解這些非公認會計準則指標的調節表。

As a reminder, this event is being recorded. Your line will be muted for the duration of the call. After the speakers' remarks, there will be a question-and-answer session.

提醒一下，此事件正在被記錄。在通話期間您的線路將被靜音。演講者發言後，將進行問答環節。

I will now turn the call over to President and CEO, Jim Nesci.

我現在將把電話轉給總裁兼首席執行官吉姆·內西 (Jim Nesci)。

Thank you, operator. Good morning, everyone, and welcome to our fourth-quarter earnings call. I am once again joined by our Chief Financial Officer, Kelly Pecoraro. After my opening remarks, Kelly will share the company's financial results.

謝謝你，接線員。大家早上好，歡迎參加我們的第四季度財報電話會議。我們的首席財務官 Kelly Pecoraro 再次加入我的行列。在我致開幕詞後，凱利將分享公司的財務業績。

Earlier this morning, we reported fourth-quarter net income of $562,000, or $0.02 per diluted share and a pre-provision net revenue of $299,000. Our performance was largely driven by continued growth in commercial loans. Our lending team originated $68 million of loans, primarily in nonresidential and multifamily. While this origination activity was not as robust as in previous quarters, net loan growth remained strong as payoffs slowed.

今天早上早些時候，我們報告了第四季度淨利潤為 562,000 美元，即稀釋後每股收益 0.02 美元，撥備前淨收入為 299,000 美元。我們的業績很大程度上是由商業貸款的持續增長推動的。我們的貸款團隊發放了 6800 萬美元的貸款，主要針對非住宅和多戶住宅。儘管這種發放活動不如前幾個季度那麼強勁，但隨著回報放緩，淨貸款增長仍然強勁。

In 2022, we generated net income of $2.4 million or $0.09 per diluted share and pre-provision net revenue of $1.4 million. These financial results reflect the execution of our strategic priorities. Our lending team produced $594 million of loans, which drove 20% net loan growth during the year.

2022 年，我們的淨利潤為 240 萬美元，即每股攤薄收益 0.09 美元，撥備前淨收入為 140 萬美元。這些財務業績反映了我們戰略重點的執行情況。我們的貸款團隊發放了 5.94 億美元的貸款，推動年內淨貸款增長 20%。

Core deposit growth remained strong in 2022. Core deposits grew by $99 million or 13%. Our focus on attracting and retaining the full banking relationship of small- to medium-sized businesses led to an increase in core business deposits. Business balances increased by 56%.

2022 年核心存款增長依然強勁。核心存款增長 9,900 萬美元，即 13%。我們專注於吸引和保留中小企業的全面銀行關係，導致核心業務存款增加。業務餘額增長了 56%。

As of December 31, loans totaled $1.54 billion, up $51 million from the prior quarter. This represents loan growth of 3% quarter over quarter. Deposits totaled $1.29 billion, increasing $22 million sequentially. While the competitive rate environment in our primary market has put pressure on our ability to retain deposits, we are committed to attracting low-cost core deposits within our customer-friendly suite of consumer and business products.

截至 12 月 31 日，貸款總額為 15.4 億美元，比上一季度增加 5100 萬美元。這意味著貸款環比增長 3%。存款總額為 12.9 億美元，比上一季度增加 2200 萬美元。雖然我們的一級市場的競爭性利率環境給我們保留存款的能力帶來了壓力，但我們致力於通過我們的客戶友好型消費者和商業產品套件吸引低成本核心存款。

We continue to repurchase stock at a discount to tangible book value. During the fourth quarter, we repurchased 632,000 shares at a weighted average cost of $12.40. We have now repurchased a total of 1,299,000 shares, which is approximately 46% of the approved stock repurchase program.

我們繼續以有形賬面價值的折扣價回購股票。第四季度，我們以 12.40 美元的加權平均成本回購了 632,000 股股票。我們目前已回購總計 1,299,000 股股票，約佔已批准股票回購計劃的 46%。

Tangible book value per share was $14.28 at year end. This increased $0.19 during the quarter as the aforementioned share repurchases were executed at a discount to tangible book.

年底每股有形賬面價值為 14.28 美元。由於上述股票回購是按有形賬面折價執行的，本季度這一數字增加了 0.19 美元。

With that, I'd like to turn the call over to Kelly, and then we will be delighted to answer your questions. Kelly?

那麼，我想將電話轉給凱利，然後我們將很高興回答您的問題。凱莉？

Thank you, Jim, and good morning, everyone. Our financial results were highlighted by net income of $562,000 compared to $1.2 million during the last quarter. This reduction was largely related to funding pressures from the competitive rate environment.

謝謝吉姆，大家早上好。我們的財務業績突出的是淨利潤 562,000 美元，而上一季度的淨利潤為 120 萬美元。這一減少很大程度上與競爭性利率環境帶來的資金壓力有關。

While we realized a $1.2 million expansion in interest income, our interest expense also increased $2.1 million, resulting in an $888,000 reduction in net interest income. Yields on loans increased by 9 basis points to 3.80%, and yield on all interest-bearing assets increased by 18 basis points to 3.55%.

雖然我們的利息收入增加了 120 萬美元，但利息支出也增加了 210 萬美元，導致淨利息收入減少了 888,000 美元。貸款收益率上升9個基點至3.80%，所有生息資產收益率上升18個基點至3.55%。

Remaining competitive in deposit pricing, the cost of interest-bearing deposits increased 36 basis points to 82 basis points. This, coupled with an increase in short-term borrowings, drove the cost of funds to 1.17%, a 51 basis point increase compared with the prior quarter. We expect pressure on our margins to continue due to the liability and sensitive nature of our balance sheet.

存款定價仍保持競爭力，計息存款成本上升 36 個基點至 82 個基點。再加上短期借款的增加，資金成本升至 1.17%，較上季度上升 51 個基點。由於我們資產負債表的責任和敏感性，我們預計我們的利潤率將繼續面臨壓力。

During the quarter, we released $224,000 from the allowance for loan losses and $203,000 from the allowance for commitments due to positive credit metrics and the continued change in the mix of our loan portfolio.

在本季度，由於積極的信貸指標和貸款組合的持續變化，我們從貸款損失準備金中釋放了 224,000 美元，從承諾準備金中釋放了 203,000 美元。

Our asset quality continues to remain strong in the current environment. During the quarter, nonperforming loans to total loans decreased 6 basis points to 50 basis points, primarily driven by a reduction in nonperforming loans. While our allowance to total loans decreased 4 basis points to 87 basis points, our allowance to nonaccrual loans increased to 173% from 162% the prior quarter due to a reduction in non-accrual loans. As a reminder, we are currently operating under the incurred loss model, and we'll adopt CECL as of January 1, 2023.

在當前環境下，我們的資產質量繼續保持強勁。本季度不良貸款佔貸款總額的比例下降 6 個基點至 50 個基點，主要是由於不良貸款減少。雖然我們的貸款總額準備金減少了 4 個基點至 87 個基點，但由於非應計貸款減少，我們的非應計貸款準備金從上一季度的 162% 增加至 173%。提醒一下，我們目前在已發生損失模式下運營，我們將從 2023 年 1 月 1 日起採用 CECL。

Expenses, excluding our provision for commitments, declined $427,000. Management continues to be focused on expense management. This quarter, we reduced our reliance on temporary personnel and consultants, continued to focus on our advertising spend, and successfully negotiated a credit for technology services. As we move into 2023, we will continue to explore opportunity to save to offset the pressure we expect from inflation.

費用（不包括我們的承諾撥備）下降了 427,000 美元。管理層繼續關注費用管理。本季度，我們減少了對臨時人員和顧問的依賴，繼續專注於廣告支出，並成功談判獲得了技術服務的信貸。進入 2023 年，我們將繼續探索儲蓄機會，以抵消我們預期的通脹壓力。

Moving on to the balance sheet. Gross loans grew by [$51] million or 3.4% sequentially, driven by originations of $68 million, primarily in the nonresidential and multifamily segment. During the quarter, the bank also purchased $18 million of high-quality residential loans in our principal markets, which were originated to Fannie Mae standards.

繼續看資產負債表。貸款總額環比增長 [51] 百萬美元，即 3.4%，主要是在非住宅和多戶住宅領域發放的 6,800 萬美元貸款推動下。本季度，該銀行還在我們的主要市場購買了 1,800 萬美元的優質住宅貸款，這些貸款均按照房利美 (Fannie Mae) 標準發放。

With a duration of 4.3 years, our securities portfolio continues to provide cash flow that is being used to fund loans. $9.3 million of the quarterly decline in the securities portfolio was attributed to maturities, calls, and scheduled paydowns.

我們的證券投資組合的期限為 4.3 年，繼續提供用於為貸款提供資金的現金流。證券投資組合季度下降的 930 萬美元歸因於到期、贖回和預定還款。

Funding our balance sheet has been challenging as rates continue to rise. While we experienced an outflow of $28 million from nonmaturity accounts, we more than offset this with $51 million of growth in time deposits through both retail and wholesale channels. This drove an increase in total deposits of $22 million during the quarter. Additionally, during the quarter, borrowings increased $15 million to help fund loan growth.

隨著利率持續上升，為我們的資產負債表提供資金一直面臨挑戰。雖然我們的非到期賬戶流出了 2800 萬美元，但我們通過零售和批發渠道的定期存款增長了 5100 萬美元，足以抵消這一損失。這推動本季度存款總額增加 2200 萬美元。此外，本季度借款增加了 1500 萬美元，為貸款增長提供資金。

And with that, Jim and I are happy to take your questions.

吉姆和我很樂意回答你們的問題。

(Operator Instructions)

（操作員說明）

Christopher O'Connell, KBW.

克里斯托弗·奧康奈爾，KBW。

Hi, morning.

嗨，早上好。

Good morning.

早上好。

So just wanted to start off on some of the margin components. I guess first, where are you guys originating loan yields at in recent weeks or periods?

所以只想從一些保證金組成部分開始。我想首先，你們最近幾週或最近一段時期的貸款收益率是多少？

So in recent periods, our loan originations have been in the high six in our pipeline, mid to high six.

因此，最近幾個時期，我們的貸款發放量一直處於我們渠道中的前六名，中六名到前六名。

Okay. I guess I'm just surprised. It seems like the -- I mean, you guys have put on quite a bit of loan growth the past two to three quarters and really -- I mean, the low yields have gone up less than 20 basis points over that time period.

好的。我想我只是感到驚訝。看起來——我的意思是，你們在過去的兩到三個季度裡進行了相當多的貸款增長，而且真的——我的意思是，在此期間，低收益率上升了不到20個基點。

Any particular reason for that or anything that's -- where you guys are originating, was there a lower pools or rates, some chunkier stuff coming on at some point in the past couple of quarters? Just seems like it would have moved up more evident given the pace of growth.

是否有任何特殊原因或任何事情——你們的起源地，是否有較低的資金池或費率，在過去幾個季度的某個時候出現了一些更厚重的東西？考慮到增長速度，它似乎會更加明顯地上升。

I think if you look at what we put earn in the second and third quarter, they weren't lower rates. Also, in the beginning of the quarter, our originations lag a little bit in terms of the pricing.

我認為，如果你看看我們在第二季度和第三季度的收入，你會發現它們的利率並沒有降低。此外，在本季度初，我們的產品在定價方面略有滯後。

Okay. And then as far as the deposit side of the business, I mean, how are you guys thinking about kind of overall deposit growth over the next couple of quarters and how much of that can be generated by core deposits versus reliance on more wholesale funding channels?

好的。然後就業務的存款方面而言，我的意思是，你們如何看待未來幾個季度的整體存款增長，以及其中有多少可以由核心存款產生，而不是依賴更多的批發融資渠道？

In this market, we are definitely seeing pressure on attracting deposits and retaining those on our balance sheet. We are very focused on driving the business relationship into the bank and hope that that will be successful as we move forward. We are also looking at alternative funding sources as we move into the quarter, you know, knowing that there's the pressure on the deposit fronts.

在這個市場上，我們肯定看到了吸引存款並將其保留在資產負債表上的壓力。我們非常專注於推動與銀行的業務關係，並希望隨著我們的前進，這一點能夠取得成功。當我們進入本季度時，我們也在尋找替代資金來源，你知道，我們知道存款方面存在壓力。

Okay. Got it. And then what are you guys targeting for your deposit beta over the course of this cycle?

好的。知道了。那麼在這個週期中你們的存款貝塔值目標是什麼？

Over the course of the cycle, it's difficult to say where we're going to be based upon the pressures that we're seeing in the market. From industry perspective, betas are around 30%. As we look forward, are they going to be more difficult to manage at that level? They could be. We need to be responsive to our market and see where we're going to land on that. But we are fluid and able to be reactive and responsive.

在整個週期中，根據我們在市場上看到的壓力，很難說我們將處於什麼位置。從行業角度來看，貝塔值在30%左右。展望未來，在這個級別上它們是否會更難管理？他們可能是。我們需要對市場做出反應，看看我們將在哪裡著陸。但我們是流動的，能夠做出反應和反應。

Okay. Got it. And I mean, will the level of success on the deposit inflow side or the overall kind of funding efforts, would that change your loan growth outlook at all as you move through '23? And I think you guys are generally targeting kind of double digit -- low double-digit pace on loans? Does that change if it becomes increasingly difficult on the funding side?

好的。知道了。我的意思是，存款流入方面的成功程度或總體融資努力是否會在您度過“23 年”時改變您的貸款增長前景？我認為你們的目標通常是兩位數——低兩位數的貸款速度？如果融資方面變得越來越困難，這種情況會改變嗎？

Yeah, Chris. I think you're right, that does change our outlook, cognizant of how we fund our balance sheet, looking for those core deposits to help funds. As we look forward, loan growth, we don't envision to be as robust as it was this year at a 20% growth rate. We are pegging a low -- high single to low double-digit loan growth for 2023, knowing that there were other pressures on the deposit side.

是的，克里斯。我認為你是對的，這確實改變了我們的前景，認識到我們如何為資產負債表提供資金，尋找那些核心存款來幫助資金。展望未來，我們預計貸款增長不會像今年 20% 那樣強勁。我們預計 2023 年貸款增長將處於低位、高位至低兩位數的水平，因為我們知道存款方面還存在其他壓力。

Got it. And I guess just kind of putting it all together on the margin outlook, I think you mentioned in the commentary some continued compression expected. Any way to frame that or kind of characterize that in any type of range even just over the near term, the next quarter or two, given how big the jump was this quarter?

知道了。我想只是將所有這些放在一起考慮利潤率前景，我認為您在評論中提到了預期的一些持續壓縮。考慮到本季度的跳躍幅度有多大，有什麼方法可以描述這一點或在任何類型的範圍內描述這一點，即使是在短期內，下一個季度或兩個季度？

Yeah. You know, I think as we look out to Q1, we're looking for the range to be in the low [250] range from a NIM perspective. Definitely challenges. We don't have any guidance for any further out than that, but we continue to closely monitor and manage, trying to manage that NIM.

是的。你知道，我認為當我們展望第一季度時，從淨息差的角度來看，我們正在尋找較低的 [250] 範圍。絕對是挑戰。除此之外，我們沒有任何進一步的指導，但我們將繼續密切監控和管理，努力管理 NIM。

Okay, great. I'll sit back for now. Thank you.

好的，太好了。我現在先坐下來。謝謝。

Thank you, Chris.

謝謝你，克里斯。

Thanks, Chris.

謝謝，克里斯。

Laurie Hunsicker, Compass Point.

勞裡·亨斯克（Laurie Hunsicker），《指南針點》。

Yeah. Hi. Thanks, Jim and Kelly. Good morning. I just wanted to stay where Chris was thinking about margin here. You mentioned on the funding side, thinking about alternative. I assume you're talking Federal Home Loan Bank.

是的。你好。謝謝，吉姆和凱利。早上好。我只是想留在克里斯正在考慮的保證金這裡。您提到了資金方面，正在考慮替代方案。我猜你說的是聯邦住房貸款銀行。

Can you take us through a little bit? I mean, obviously, we saw an increase there. Can you take us through a little bit of how you're thinking about adding in that category? And just also from the standpoint that your mix is shifting and we're seeing this challenge across the board, but as funding headwinds continue to ramp on deposits, just maybe help us think a little bit about that.

你能帶我們了解一下嗎？我的意思是，顯然，我們看到了那裡的增長。您能否向我們介紹一下您是如何考慮添加該類別的？同樣從您的組合正在發生變化的角度來看，我們全面看到了這一挑戰，但隨著資金逆風繼續加大存款壓力，也許可以幫助我們思考一下這一點。

And certainly appreciate the guide that you gave for the first-quarter margin, but thinking a little bit further out, just trying to put all of those pieces together.

當然，很感謝您為第一季度利潤率提供的指南，但想得更遠一些，只是試圖將所有這些部分放在一起。

Sure, Laurie. I'll try my best to answer that. We are looking at things other than just FHLB straight borrowings. We've looked at swaps right now. The swap market has a positive spread to a straight-up FHLB borrowing. Those are coming in the mid-threes for instance.

當然，勞裡。我會盡力回答這個問題。我們正在考慮的不僅僅是 FHLB 直接借款。我們現在已經研究過互換。掉期市場與 FHLB 直接借款之間存在正利差。例如，這些都是三分之二。

We will look at broker deposits from time to time, listing agencies that we can buy at what I'll call wholesale CDs. There's a lot of different funding sources. And then we're exploring some of the digital avenues or opportunities where we may be able to find some wholesale funding at lower cost.

我們會不時查看經紀人存款，列出我們可以通過我稱之為批發 CD 購買的機構。有很多不同的資金來源。然後我們正在探索一些數字途徑或機會，我們也許能夠以較低的成本找到一些批發資金。

But there's a multitude of options that we are working through. And we're always focused on what's our best source of funding and trying to get the mix correct, obviously.

但我們正在研究多種選擇。顯然，我們始終專注於我們最好的資金來源，並努力實現正確的組合。

Got it. Okay. And then your broker CDs, I had that at $5.7 million last quarter. Do you have a current number on that?

知道了。好的。然後是你的經紀人 CD，上個季度我有 570 萬美元。你有這方面的最新數字嗎？

That is up this quarter to [$75] million.

本季度這一數字增至 [75] 百萬美元。

$75 million, okay. Great. And then can you share with us where your spot margin is for the month of December?

7500萬美元，好吧。偉大的。那麼您能否與我們分享一下您 12 月份的現貨保證金是多少？

Laurie, we normally don't share monthly guidance. However, we provided what we think the outlook is going to be for Q1.

勞裡，我們通常不分享每月指導。然而，我們提供了我們對第一季度前景的看法。

Okay. Okay. And then on expenses, obviously with this bill that provision for letters of credit moved up, so obviously, thinking about that, adding that back in, we're already over [$13] million.

好的。好的。然後在費用方面，顯然，隨著這項法案的實施，信用證的準備金增加了，所以很明顯，考慮到這一點，再加上這一點，我們已經超過了[13]百萬美元。

In a quarterly run rate for noninterest expenses, can you help us think about how's that going to look for 2023? And then specifically, can you remind us in terms of the benefit plan expense? Is that all fully baked for the quarter? Or is there anything still that's going to come online on the expenses there?

在非利息支出的季度運行率中，您能否幫助我們思考 2023 年的情況如何？那麼具體來說，您能提醒我們一下福利計劃費用嗎？這個季度的一切都已經烤好了嗎？或者還有什麼可以在網上公佈的費用嗎？

So from the equity plan perspective, Q4 was shy by about $50,000, knowing that the management awards went out late in October. At full quarter, we're looking at right around $590,000 an equity plan spent for what's been issued to date.

因此，從股權計劃的角度來看，第四季度的資金少了約 50,000 美元，因為管理層獎勵已於 10 月底發放。就整個季度而言，我們預計迄今為止已發行的股權計劃花費約為 590,000 美元。

Relative to the overall range of what we're looking at from an expense on the non -- or operating expense, we're looking at the mid- to high-13 range as we continue to look at avenues to optimize our business model and being laser focused on managing those operating expenses.

相對於我們所關注的非或運營支出的整體範圍，我們正在關注中到高 13 的範圍，因為我們繼續尋找優化我們的業務模式的途徑，並專注於管理這些運營費用。

Okay, okay. Was there anything outside nonrecurring and noninterest expense? In other words, did you have embedded in there, I don't know, CECL professional fee, help? Or is there anything that potentially is coming out of that $12.9 million reported number outside of the provision recovery on letters of credit?

好吧好吧。除非經常性和非利息費用外還有其他費用嗎？換句話說，你是否已經嵌入其中，我不知道，CECL專業費，有幫助嗎？或者，除了信用證的撥備回收之外，報告的 1290 萬美元數字中是否還有其他潛在用途？

While there are some professional fees that will be reduced next quarter, there are always additional initiatives. So the guidance that we provided includes those ins and outs relative to our professional fees.

雖然下季度將減少一些專業費用，但總會有額外的舉措。因此，我們提供的指導包括與我們的專業費用相關的細節。

Got it. Got it. Okay. And then on provision, maybe you could just help us think a little bit about that more generally., Your reserves to loans, sitting here at 87 basis points. Obviously, you'll be at seesaw. Just any color you can give us there would be super helpful.

知道了。知道了。好的。然後在準備金方面，也許您可以幫助我們更廣泛地考慮一下這個問題。您的貸款準備金，目前為 87 個基點。顯然，你會處於蹺蹺板狀態。您可以給我們任何顏色都會非常有幫助。

Yeah. I think, Laurie, you know, under the incurred methodology, we came in at an 87-basis-points coverage ratio. We're looking at -- we adopt CECL for there to be an adjustment, not material, but we're looking at a couple of basis points increase in the reserve coverage. Again, forward-looking statements at CECL into account the current reporting (technical difficulty). But looking at, it's not a material change that will come through equity.

是的。我想，勞裡，你知道，根據已發生方法，我們的覆蓋率是 87 個基點。我們正在考慮——我們採用CECL來進行調整，但不是實質性的，但我們正在考慮將準備金覆蓋率增加幾個基點。再次強調，CECL 的前瞻性陳述考慮了當前的報告（技術難度）。但仔細觀察，這並不是通過股權帶來的實質性變化。

Okay. Okay. And then maybe, Kelly, can you comment a little bit outsized loan growth that we saw in commercial real estate. It looks like 17%. This quarter, 67% annualized is a really big number. Can you help us think about what's in that? And then I know some of the hot button loan categories, you really had de minimis exposure to. But if you could provide a refresh on what you've got in office and hotel and restaurants, that would be super helpful. And any color you could give us around those if you have LTVs or whatever detail you've got would be great. Thanks.

好的。好的。凱利，您能否評論一下我們在商業房地產中看到的超額貸款增長。看起來是17%。本季度，67% 的年增長率是一個非常大的數字。你能幫我們想想裡面有什麼嗎？然後我知道一些熱門貸款類別，您確實接觸過微量貸款。但是，如果您可以提供有關辦公室、酒店和餐廳的最新信息，那將非常有幫助。如果您有 LTV 或您擁有的任何細節，您可以為我們提供的任何顏色都會很棒。謝謝。

Sure, Laurie. So yes, we had originations of $68 million this quarter, which were strong. 24 of that was in the multifamily space, 35 was in the CRE space. Again, there were two large credits in there that are in retail anchored by investment-grade tenants. So feel comfortable relative to that exposure.

當然，勞裡。所以，是的，本季度我們的初始資金為 6800 萬美元，非常強勁。其中 24 個位於多戶住宅空間，35 個位於 CRE 空間。同樣，其中有兩個大的信用點是由投資級租戶主導的零售業。因此相對於這種暴露感到舒服。

And in regards to office, our portfolio, our commercial loan portfolio contains around 3% of office. None of that office is in New York City and the LTVs on that portfolio are around 50% on LTV. We have no hotel in our portfolio and we have no direct exposure to restaurants.

至於寫字樓，我們的投資組合中，我們的商業貸款組合包含大約 3% 的寫字樓。該辦事處均不在紐約市，且該投資組合的 LTV 約為 LTV 的 50%。我們的投資組合中沒有酒店，也沒有直接涉足餐廳。

Right. Okay. And just to clarify, the 3% of commercial real estate, that's in office or 3% of all loans?

正確的。好的。澄清一下，商業房地產的 3% 是辦公室的還是所有貸款的 3%？

Yes, on the commercial portfolio. (technical difficulty) of our total portfolio. So it's 3% of the commercial portfolio.

是的，在商業投資組合上。 （技術難度）我們的總投資組合。所以它佔商業投資組合的 3%。

Okay. And then the commercial portfolio, are you adding multifamily and CRI together or just the straight 3% of the CRI only the $216 million?

好的。然後是商業投資組合，您是將多戶住宅和 CRI 加在一起，還是直接將 CRI 的 3% 添加到 2.16 億美元？

No. It's the combination.

不，是組合。

The combination, okay. Great. Great. Okay. Love seeing the buyback. But I assume with the stock here, you're still thinking about it the same way, Jim, or any forward comments on that?

組合還可以吧偉大的。偉大的。好的。喜歡看到回購。但我想對於這裡的股票，你仍然以同樣的方式思考它，吉姆，或者對此有任何前瞻性評論嗎？

Sure. I mean, as we're trading today, I think everyone around the table is thinking about it exactly the same way. But that's all the guidance I can provide. But yes, we believe in stock buybacks, so yes.

當然。我的意思是，當我們今天進行交易時，我認為桌上的每個人都以完全相同的方式思考這個問題。但這就是我能提供的全部指導。但是，是的，我們相信股票回購，所以是的。

Okay. Okay. Great. And then just one last question. Assuming you're profitable, even minimally profitable next year, how should we be thinking about the tax rate? And then take it through if you're not profitable, what that may look like?

好的。好的。偉大的。最後一個問題。假設你明年盈利，甚至微乎其微，我們應該如何考慮稅率？然後，如果你沒有盈利，那會是什麼樣子？

So for minimal profitability, you know, our tax rate, we're pegging at 10% to 12% as we are able to utilize the valuation allowance as we have earnings. And if we are in a loss position, there is no tax benefit recorded or tax expense recorded.

因此，為了實現最低的盈利能力，我們的稅率固定在 10% 到 12%，因為我們能夠利用估值津貼，因為我們有盈利。如果我們處於虧損狀態，則不會記錄稅收優惠或稅收費用。

Great. Great. Tim and Kelly, thanks for taking my questions.

偉大的。偉大的。蒂姆和凱利，謝謝你們回答我的問題。

Thank you, Laura.

謝謝你，勞拉。

Thank you and have a great day.

謝謝您，祝您有美好的一天。

Thank you, Laurie. We have no further questions from the line. I will now hand back to Jim for closing remarks.

謝謝你，勞裡。我們沒有進一步的問題。現在我將請吉姆致閉幕詞。

Thank you very much, operator. I like to thank everybody who joined us today on our call. Look forward to speaking to everybody next quarter. Thanks and have a great day.

非常感謝您，接線員。我要感謝今天參加我們電話會議的所有人。期待下個季度與大家交談。謝謝，祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。