Bank of Marin Bancorp (BMRC) 2024 Q2 法說會逐字稿

Good morning, and thank you for joining Bank of Marin Bancorp's Earnings Call for the Second Quarter ended June 30, 2024. I am Krissy Meyer, Corporate Secretary for Bank of Marin Bancorp. (Operator Instructions)

早安，感謝您參加馬林銀行銀行截至 2024 年 6 月 30 日的第二季財報電話會議。我是馬林銀行銀行公司秘書 Krissy Meyer。（操作員說明）

Joining us on the call today are Tim Myers, President, and CEO; and Tani Girton, Executive Vice President and Chief Financial Officer. Our earnings press release, which we issued this morning, can be found along with a supplementary presentation in the Investor Relations section of our website at bankofmarin.com, where this is also being webcast. Closed captioning is available during the live webcast as well as on the webcast replay.

今天加入我們電話會議的是總裁兼執行長 Tim Myers；執行副總裁兼財務長 Tani Girton。我們今天早上發布的收益新聞稿以及補充簡報可以在我們網站bankofmarin.com 的投資者關係部分找到，該部分也進行了網路直播。在網路直播和網路直播重播期間都可以使用隱藏式字幕。

Before we get started, I want to note that we will be discussing some non-GAAP financial measures. Please refer to the reconciliation table in our earnings press release for both GAAP and non-GAAP measures. Additionally, the discussion on this call is based on information we know as of Friday, July 26, 2024 and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements.

在開始之前，我想指出，我們將討論一些非公認會計準則財務指標。請參閱我們的收益新聞稿中的調整表，以了解 GAAP 和非 GAAP 指標。此外，本次電話會議的討論是基於我們截至 2024 年 7 月 26 日星期五所知的信息，可能包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中提出的結果有重大差異。

For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure in our earnings press release as well as our SEC filings. Following our prepared remarks, Tim, Tani and our Chief Credit Officer, Misako Stewart, will be available to answer your questions.

有關這些風險和不確定性的討論，請查看我們的收益新聞稿以及我們向 SEC 提交的文件中披露的前瞻性聲明。在我們準備好的發言之後，Tim、Tani 和我們的首席信貸官 Misako Stewart 將回答您的問題。

And now I'd like to turn the call over to Tim Myers.

現在我想把電話轉給提姆·邁爾斯。

Thank you, Krissy. Good morning, everyone, and welcome to our second quarter earnings call. At a high level, during the second quarter, we benefited from the more robust loan origination engine that we have built, which resulted in an increase in our total loans primarily in commercial loans, where we are adding full banking relationships that also bring core deposits to the bank, a continued moderation in the level of increase we are seeing in our cost of deposits, an increase in our net interest margin, ongoing disciplined expense control and on a broad basis, continued strong asset quality within our loan portfolio.

謝謝你，克麗絲。大家早安，歡迎參加我們的第二季財報電話會議。從高水準來看，第二季度，我們受益於我們建立的更強大的貸款發放引擎，這導致我們的貸款總額增加，主要是商業貸款，我們正在增加全面的銀行關係，這也帶來了核心存款對於銀行來說，我們看到存款成本的成長水準持續放緩，淨利差增加，持續嚴格的費用控制以及在廣泛的基礎上，我們的貸款組合中的資產品質持續強勁。

With the talent we have added to our banking teams, along with those teams doing an outstanding job of developing attractive lending opportunities, we are seeing a higher level of loan production while still maintaining our disciplined underwriting criteria.

憑藉我們為銀行團隊增加的人才，以及這些團隊在開發有吸引力的貸款機會方面表現出色，我們看到了更高水準的貸款生產，同時仍然保持了我們嚴格的承保標準。

During the quarter, we originated $94 million in loan commitments with $64 million in outstanding balances, 69% of which closed in June and will thus positively impact net interest income and margin next quarter. The new loans are coming on the books at higher rates than those paying off, which along with our continued success in effectively managing our deposit cost is contributing to positive trends in our net interest margin, which in June was 21 basis points higher than it was in May.

本季度，我們發放了 9,400 萬美元的貸款承諾，未償還餘額為 6,400 萬美元，其中 69% 於 6 月結清，因此將對下季度的淨利息收入和利潤率產生積極影響。新貸款的帳面利率高於還清貸款的利率，再加上我們在有效管理存款成本方面的持續成功，推動了我們淨利差的積極趨勢，6 月份的淨利差比6 月份高出21 個基點在五月。

During the quarter, we also made some staffing adjustments throughout the company to adjust our expense levels to the current operating environment while investing in talent and technology that will support our future growth and improvement in efficiencies.

本季度，我們還在整個公司範圍內進行了一些人員配置調整，以調整我們的費用水平以適應當前的營運環境，同時投資於人才和技術，以支持我們未來的成長和效率的提高。

These staffing adjustments will result in $2.7 million of annualized cost savings going forward. As we announced in June, we also took advantage of our strong capital position to execute on a strategic balance sheet repositioning to improve future earnings.

這些人員配置調整將導致未來每年節省 270 萬美元的成本。正如我們在 6 月宣布的那樣，我們還利用我們強大的資本狀況來執行策略性資產負債表重新定位，以提高未來收益。

As part of this balance sheet repositioning, we sold $325 million in low-yielding investment securities, which resulted in the net loss reported in the second quarter. The $293 million in proceeds from the securities sales are being reinvested into higher-yielding earning assets that will be accretive to both our NIM and our net income.

作為資產負債表重新定位的一部分，我們出售了 3.25 億美元的低收益投資證券，這導致第二季出現淨虧損。證券銷售所得的 2.93 億美元收益將再投資到收益更高的資產中，這將增加我們的淨利差和淨利。

By the end of the second quarter, we had redeployed some of those proceeds to fund new loans, repay $58 million of interim borrowing and purchased $19 million in new investment securities at a higher rate. July redeployment activity includes additional purchases of investment securities, new loan originations and the purchase of a $36 million portfolio of high-quality end market and residential mortgage loans with good credit metrics and an expected yield of approximately 6.3% based on our prepayment expectations.

到第二季末，我們已將其中部分收益重新用於資助新貸款、償還 5,800 萬美元的臨時借款，並以更高的利率購買了 1,900 萬美元的新投資證券。7 月的重新部署活動包括額外購買投資證券、發放新貸款以及購買3,600 萬美元的優質終端市場和住宅抵押貸款投資組合，這些貸款具有良好的信用指標，根據我們的提前還款預期，預期收益率約為6.3%。

So far, the rates at which we are reinvesting confirm the estimated average yield of 5.75% assumed in calculating the capital earn back, accretion to net interest margin and the accretion to earnings.

到目前為止，我們再投資的利率確認了在計算資本回報、淨利差增加和收益增加時假設的估計平均收益率 5.75%。

In terms of asset quality, as I mentioned earlier, we are seeing general stability in the portfolio, and we are not seeing the formation of material new problem loans. During the second quarter, we moved a $16.7 million nonowner-occupied CRE classified loan to nonaccrual status, which was the primary contributor to our provision.

在資產品質方面，正如我之前提到的，我們看到投資組合總體穩定，並且沒有看到重大新問題貸款的形成。在第二季度，我們將 1,670 萬美元的非業主自住 CRE 分類貸款轉為非應計貸款，這是我們準備金的主要貢獻者。

The underlying collateral property is a multistory office building located in San Francisco that was materially impacted by the pandemic and subsequent remote work and vacancy issues. This isn't the first time we've discussed this credit on these calls as we downgraded the credit to substandard in the fourth quarter of 2021 and have continued to evaluate the occupancy operating income, underlying valuation and sponsorship support.

標的抵押財產是位於舊金山的一棟多層辦公大樓，該大樓受到大流行以及隨後的遠端工作和空缺問題的重大影響。這並不是我們第一次在這些電話會議上討論此信用，因為我們在 2021 年第四季將信用評級下調至次級，並繼續評估入住營業收入、基礎估值和贊助支援。

The loan is guaranteed and payments have always been current with enough pledged cash held at the bank to cover payments to maturity in 2026.

該貸款有擔保，付款始終及時，銀行持有足夠的抵押現金，可支付 2026 年到期的付款。

Nonetheless, a recent appraisal indicated that the current value of the property would not support the par value of the loan. If the loan were due today, a substantial reduction in the loan balance would be required to repay the loan based on current rents, occupancy, and sponsorship wherewithal.

儘管如此，最近的評估表明，該房產的當前價值無法支持貸款的面值。如果貸款今天到期，則需要根據當前租金、入住率和贊助資金大幅減少貸款餘額來償還貸款。

Based on this consideration, we chose to provision for that potential shortfall. The provision amount is based on information we have today and may be adjusted depending on future developments.

基於此考慮，我們選擇為潛在的缺口做好撥備。撥備金額基於我們今天掌握的信息，並可能根據未來的發展進行調整。

Leasing activity for the property has seen improvement in recent months, and we continue to monitor closely. By placing the loan on nonaccrual, the contractual payments we continue to receive from the borrower will go towards paying down the principal, reducing our loan balance at a faster rate.

近幾個月來，該物業的租賃活動有所改善，我們將繼續密切關注。透過將貸款設為非應計貸款，我們繼續從借款人收到的合約付款將用於償還本金，從而以更快的速度減少我們的貸款餘額。

We also had one commercial banking relationship to a consumer goods company that we moved into the nonperforming status due to idiosyncratic issues with the borrower. The borrowers are actively pursuing refinancing and asset sale options and is currently in the due diligence process of a sale, which will substantially reduce our borrowings.

我們也與一家消費品公司建立了一份商業銀行關係，由於借款人的特殊問題，我們將其轉移到不良狀態。借款人正在積極尋求再融資和資產出售選擇，目前正在進行出售的盡職調查過程，這將大幅減少我們的借款。

Now turning to deposits. In the second quarter, we had a decline in total deposits, which was partially attributable to seasonality in deposit flows related to tax payments and bonus distributions, some outflows related to real estate investments, some funds that were transferred by clients to our wealth management business as well as the intentional runoff of some higher-cost deposits.

現在轉向存款。第二季度，我們的存款總額有所下降，部分原因是與納稅和獎金分配相關的存款流量的季節性，與房地產投資相關的部分資金流出，以及客戶向我們的理財業務轉移的部分資金以及一些成本較高的存款的故意流失。

Shortly after quarter end, balances began to climb again. This is consistent with the usual seasonality we see in the third quarter of deposit inflows.

季度結束後不久，餘額又開始攀升。這與我們在第三季存款流入中看到的通常季節性是一致的。

Importantly, at June 30, our noninterest-bearing deposits remained at 44% of our total deposits as we continue to benefit from our relationship banking model with high-touch service that results in clients choosing Bank of Marin for reasons not solely dependent on the rates we pay on deposits.

重要的是，截至6 月30 日，我們的無利息存款仍佔總存款的44%，因為我們繼續受益於我們的關係銀行模式和高接觸服務，這導致客戶選擇馬林銀行的原因不僅僅取決於利率我們支付押金。

Even with the loss recognized on the security sales, our capital ratios remain very strong, with a total risk-based capital ratio of 16.5% and a TCE ratio of 9.92%, which increased from the prior quarter due to a decrease in our tangible assets.

即使在證券銷售中確認了損失，我們的資本比率仍然非常強勁，基於風險的總資本比率為 16.5%，TCE 比率為 9.92%，由於我們的有形資產減少，該比率較上一季度有所增加。

In summary, we made substantial progress to our balance sheet repositioning and our growing momentum in business development, further strengthening our foundation for profitability improvements and long-term growth.

綜上所述，我們的資產負債表調整取得了實質進展，業務發展勢頭不斷增強，盈利能力提升和長期增長的基礎進一步夯實。

With that, I'll turn the call over to Tani to discuss our financial results in more detail.

接下來，我會將電話轉給 Tani，更詳細地討論我們的財務表現。

Thank you, Tim. Good morning, everyone. Bank of Marin continues to focus on further strengthening our core deposit franchise and maintaining robust liquidity and capital levels while delivering exceptional service to existing and new customers as we position for earnings improvement in 2024 and beyond.

謝謝你，提姆。大家早安。馬林銀行將繼續專注於進一步加強我們的核心存款業務，保持強勁的流動性和資本水平，同時為現有和新客戶提供卓越的服務，為 2024 年及以後的盈利改善做好準備。

On a reported basis, we incurred a net loss of $21.9 million for the second quarter or $1.36 per share, which was due to the $32.5 million pretax loss we recorded on the sale of investment securities as part of our balance sheet repositioning strategy.

根據報告，我們第二季淨虧損 2,190 萬美元，即每股 1.36 美元，這是由於我們在資產負債表重新定位策略中出售投資證券時記錄了 3,250 萬美元的稅前虧損。

Excluding the loss on securities sales, on a pro forma basis, we had net income of $1 million or $0.06 per diluted share compared to $2.9 million or $0.18 per share in the first quarter. The remaining $1.9 million decline in earnings was primarily due to the $5.2 million second quarter provision for credit losses related to the loans Tim discussed earlier, somewhat offset by a reversal of the tax provision recorded in the first quarter. Other than the securities sales and provision, operating earnings were stable quarter-over-quarter.

排除證券銷售損失，按預計計算，我們的淨利潤為 100 萬美元，即稀釋後每股收益 0.06 美元，而第一季淨利潤為 290 萬美元，即每股收益 0.18 美元。其餘190 萬美元的收益下降主要是由於第二季度與蒂姆之前討論的貸款相關的信貸損失準備金為520 萬美元，第一季度記錄的稅收準備金的逆轉在一定程度上抵消了這一損失。除證券銷售及撥備外，營業利潤較上季穩定。

While net interest income was slightly lower than the prior quarter, we had a 2 basis point increase in our net interest margin, primarily due to new loans coming on the books at higher rates, a moderation in the pace of deposit cost increases and the initial benefits of our balance sheet restructuring.

雖然淨利息收入略低於上一季度，但我們的淨利差增加了 2 個基點，這主要是由於新貸款以更高的利率入賬、存款成本增長步伐放緩以及初始利率上升。負債表重組的好處。

Our noninterest expense increased this quarter, mostly due to our annual charitable contributions typically made during the second quarter. Salary and benefits increased $280,000, reflecting both annual merit increases and the costs associated with the staffing adjustments Tim discussed. Aside from those items, most areas of noninterest expense were relatively consistent with the prior quarter.

本季我們的非利息支出增加，主要是由於我們通常在第二季度進行的年度慈善捐款。薪資和福利增加了 28 萬美元，反映了年度績效成長以及與 Tim 討論的人員配置調整相關的成本。除這些項目外，大多數非利息支出領域與上一季相對一致。

Moving to noninterest income. Excluding the loss on security sales, all other areas of noninterest income were also relatively consistent with the prior quarter. Our total deposits were $3.2 billion at June 30, which was down $70 million from March 31 related to the activity Tim mentioned earlier.

轉向非利息收入。排除證券銷售損失，所有其他領域的非利息收入也與上一季相對一致。截至 6 月 30 日，我們的總存款為 32 億美元，比 3 月 31 日減少了 7,000 萬美元，這與提姆之前提到的活動有關。

Due to the strength of our deposit base, we have not needed to tap the brokered CD market or run CD campaigns and noninterest-bearing deposits continue to account for 44% of our total deposits. And as Tim noted, we have seen total deposits increased so far in July, consistent with our typical historical pattern.

由於我們的存款基礎雄厚，我們不需要開拓經紀存款市場或進行存款活動，無利息存款繼續占我們存款總額的 44%。正如蒂姆所指出的那樣，我們已經看到 7 月迄今為止的存款總額有所增加，這與我們典型的歷史模式一致。

Our average cost of deposits increased just 7 basis points in the second quarter compared to a 23 basis point increase in the prior quarter, and monthly trends continue to show a moderation in the pace of deposit price increases. Disciplined credit management remains a Bank of Marin core value as well.

第二季我們的平均存款成本僅上升 7 個基點，而上一季則上升 23 個基點，每月趨勢持續顯示存款價格上漲步伐放緩。嚴格的信貸管理仍然是馬林銀行的核心價值。

We continue to prudently add to our level of reserves and the $5.2 million provision for credit losses we recorded in the second quarter increased our allowance for credit losses to 1.47% of total loans.

我們繼續審慎地增加準備金水平，第二季度記錄的 520 萬美元信貸損失撥備將信貸損失準備金增加至貸款總額的 1.47%。

Importantly, actual charge-offs remain low. Loan balances of $2.1 billion at the end of the second quarter were up $28 million from the prior quarter with a notable percentage increase in our C&I portfolio. Given the continued strength of our capital ratios, our Board of Directors declared a cash dividend of $0.25 per share on July 25, the 77 consecutive quarterly dividend paid by the company.

重要的是，實際沖銷仍然很低。第二季末的貸款餘額為 21 億美元，比上一季增加了 2,800 萬美元，其中我們的 C&I 投資組合百分比顯著增加。鑑於我們的資本充足率持續走強，我們的董事會於 7 月 25 日宣布派發每股 0.25 美元的現金股息，這是該公司連續第 77 個季度派息。

With that, I'll turn it back to Tim to share some final comments.

至此，我將把它轉回給蒂姆，分享一些最後的評論。

Thank you, Tani. In closing, we are starting the second half of 2024 with positive trends in loan growth new account gathering, deposit cost trends and expense management, while seeing generally stable asset quality trends in our loan portfolio.

謝謝你，塔尼。最後，我們在 2024 年下半年開始時，貸款成長、新帳戶收集、存款成本趨勢和費用管理方面呈現正面趨勢，同時我們的貸款組合中的資產品質趨勢整體穩定。

We are also seeing the initial benefits from our balance sheet repositioning to our net interest margin, and we expect to realize more expansion in our margin as we continue reinvesting those proceeds from the security sales.

我們也看到了資產負債表重新定位到淨利差的初步好處，並且隨著我們繼續將證券銷售所得收益進行再投資，我們預計我們的利潤率將實現更多擴張。

We believe all of these trends should result in a higher level of profitability in the second half of the year and position us well to generate profitable growth in the years ahead. We also continue to have a very strong balance sheet with high levels of capital, liquidity and reserves.

我們相信，所有這些趨勢應該會在今年下半年帶來更高的獲利水平，並使我們能夠在未來幾年內實現獲利成長。我們也持續擁有非常強勁的資產負債表，以及高水準的資本、流動性和儲備。

Given the strength of our balance sheet and the progress we are making on our strategic initiatives, we may resume repurchasing shares should we decide that's the best use of capital at that particular time.

考慮到我們資產負債表的實力以及我們在策略性舉措上取得的進展，如果我們認為這是當時資本的最佳利用，我們可能會恢復股票回購。

As always, we will make the decisions that we believe are in the best long-term interest of our shareholders and that we believe will further enhance the value of our franchise. With that, I want to thank everyone on today's call for your interest and your support. We will now open the call to your questions.

一如既往，我們將做出我們認為符合股東最佳長期利益的決定，我們相信這將進一步提高我們特許經營的價值。在此，我要感謝今天電話會議上大家的關注與支持。我們現在將開始電話詢問您的問題。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Matthew Clark, Piper Jaffray.

馬修克拉克、派珀賈弗雷。

Can you hear me?

你聽得到我嗎？

Hi, Matthew. Matthew, let me clarify for the group. We don't have a limit on questions. Sorry to argue with the facilitator here, but you guys can ask us as many questions as you like. But go ahead, Matthew.

嗨，馬修。馬修，讓我為小組澄清一下。我們對問題沒有限制。很抱歉在這裡與主持人爭論，但是你們可以向我們提出任意數量的問題。但繼續吧，馬修。

I appreciate that. How much in interest income reversal did you have this quarter versus last on new nonaccruals?

我很欣賞這一點。本季與上季相比，新的非應計項目利息收入逆轉了多少？

That's okay. Matthew, Tani was answering a question that came in online. Can you repeat that again, I apologize.

沒關係。馬修，塔尼正在回答網路上出現的一個問題。你能再說一次嗎，我很抱歉。

Yes, I'm just looking to quantify how much interest income reversal you had that negatively impacted the margin in 2Q versus the first quarter from the new nonaccruals.

是的，我只是想量化新的非應計費用對第二季利潤率（與第一季相比）產生了多少負面影響。

You know what, I'm going to have to pull that number and get back to you on that one, Matthew. Sorry, I don't know that on the top of my head.

你知道嗎，我得先調出那個數字，然後再回覆你，馬修。抱歉，我不知道這一點。

No worries. And the weighted average rate on $64 million of new loan fundings, what was that rate?

不用擔心。6,400 萬美元新貸款資金的加權平均利率是多少？

The weighted average rate on the new loans was 7.15%.

新增貸款加權平均利率為7.15%。

Okay. And I think you gave the June average deposit cost. I was hoping to get the end of the month spot rate on deposits, either interest-bearing or total?

好的。我認為您給出了 6 月份的平均存款成本。我希望得到月底的即期存款利率，是帶利息還是總額？

The only -- we have for the month, we don't have a spot rate for June 30.

唯一的—我們這個月沒有 6 月 30 日的即期匯率。

It was 146, I think. It was up 1 basis point for June, yes.

我想是 146。是的，6 月上漲了 1 個基點。

Okay. And then the margin in the month of June? I know you said it was up from May, I think, 21 or 22 basis points, but just -- what was the margin then in June?

好的。那麼六月的保證金呢？我知道你說過比 5 月上漲了 21 或 22 個基點，但 6 月的利潤率是多少？

What was the margin, the actual margin was 2.64%.

保證金是多少，實際保證金是2.64%。

And that didn't include any interest income reversals, I assume?

我想這不包括任何利息收入逆轉？

No.

不。

Okay. And then last one for me, just on deposit costs in general as it relates to the outlook. Sounds like the rate of change continues to slow here. But what's your view on when the Fed starts to cut rates? Do we have some lag effect there where deposit costs may be stabilized? Or do you think you can start to reduce them in the fourth quarter?

好的。最後一個問題是關於與前景相關的一般存款成本。聽起來這裡的變化速度繼續放緩。但您對聯準會何時開始降息有何看法？我們是否存在一些滯後效應可以穩定存款成本？或者你認為你可以在第四季開始減少它們嗎？

Well, I think they'll stabilize and hopefully, we can start to reduce them. So if you look at some of the runoff we had, about $17 million of the deposit outflow were monies where we stopped bidding on a -- what seemed like rate shopper money. So we will cautiously look to allow deposits to run off that are overpriced.

嗯，我認為它們會穩定下來，希望我們可以開始減少它們。因此，如果你看看我們的一些徑流，你會發現大約 1700 萬美元的存款流出是我們停止競標的資金——看起來像是利率購物者的資金。因此，我們將謹慎地允許定價過高的存款流失。

There's always going to be some lag, but we have been strategizing for 1.5 quarters now about how to manage our customers because of the exception pricing and do that, effectuate all those changes as quickly as possible, but like I said, we are allowing some of that to start to run off if it's really going to exacerbate the overall deposit cost. Did that answer your question, Matt?

總是會有一些滯後，但我們現在已經制定了 1.5 個季度的策略，考慮如何管理我們的客戶，因為例外定價並做到這一點，盡快實現所有這些變化，但就像我說的，我們允許一些如果這確實會加劇整體存款成本，那麼這筆資金就會開始流失。這回答了你的問題嗎，馬特？

Yes. Thanks.

是的。謝謝。

You're welcome.

不客氣。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hi, good morning. Can you hear me?

嗨，早安。你聽得到我嗎？

Hi, Andrew.

嗨，安德魯。

Hi, morning. Going back to the margin. Just quickly, Tani, if you wouldn't mind if you guys do have the interest reversal figure just sending it around to all of us, please?

嗨，早安。回到邊緣。塔尼，請盡快，如果你們不介意的話，請把利息逆轉數據發給我們所有人，好嗎？

Yes. That will be done.

是的。那將會完成。

Thank you. How should we think about -- could you maybe provide some expectations on the margin to 3Q? There's obviously a lot of moving pieces. We've got the June that's up. It sounds like some reinvestments still occur so far in July. Any sense of where kind of the margin heads in the third quarter and the back half of the year?

謝謝。我們該如何思考—您能否對第三季的利潤率提供一些預期？顯然有很多可動的部分。六月即將到來。聽起來七月份到目前為止仍然存在一些再投資。您知道第三季和下半年的利潤率走向如何嗎？

So we've got probably at least another 10 basis points coming in from the securities repositioning. I haven't calculated exactly how much I think might come in from the new loans that were originated in June that were not on the books for the entire quarter, but that's a plus.

因此，證券重新定位可能至少會帶來另外 10 個基點。我還沒有準確計算出我認為 6 月發放的新貸款可能會帶來多少收入，這些貸款整個季度都沒有記錄在案，但這是一個優點。

We have 37 basis points baked into the balance sheet on loan repricing over the next 12 months, so roughly 3 basis points a month there. And then we -- the deposit costs are the wild card, not quite as wild as they have been lately because we do see a pretty consistent trend of those slowing down.

我們在未來 12 個月的貸款重新定價方面將 37 個基點納入資產負債表，因此每月約 3 個基點。然後我們——存款成本是一個未知因素，不像最近那麼瘋狂，因為我們確實看到了這些放緩的相當一致的趨勢。

Yes. Okay. Those are all helpful. On the cash position, can you just remind us your expectations of where you'd like to run cash as a percentage of either total assets or earning assets?

是的。好的。這些都是有幫助的。關於現金頭寸，您能否提醒我們您希望現金佔總資產或獲利資產的百分比？

We're running right now at around $200 million. So we're pretty comfortable with that. If that gets absorbed by growth over and above in loans over and above what we had anticipated. That's why we're maintaining that cushion. We still have lots of cash flow coming off of the portfolio. So I think $200 million kind of at the high end, and then our hope is that we'll be using that up over time.

我們現在的運作成本約為 2 億美元。所以我們對此很滿意。如果這被超出我們預期的貸款成長所吸收。這就是我們保持這種緩衝的原因。我們的投資組合中仍然有大量現金流。所以我認為 2 億美元是高端，我們希望隨著時間的推移我們會用完它。

Yes. Okay. And then, Tani, just quickly on the expense base. If I take out the cost savings from the FTE reduction you guys mentioned in the prepared remarks and the normalized, that charitable contribution line lower. It looks like the run rate should shake out somewhere around kind of $20.5 million.

是的。好的。然後，塔尼，請快速介紹一下費用基礎。如果我除去你們在準備好的評論中提到的 FTE 減少和標準化所節省的成本，那麼慈善捐款線就會降低。看起來運轉率應該在 2050 萬美元左右。

Does that feel like a kind of a fair run rate to you? Or how should we think about the cadence of expenses into the back half of the year?

對您來說，這感覺像是公平的運行率嗎？或者說我們該如何看待下半年的支出節奏？

Yes. I think the back half of the year is going to look a lot like the front half of the year. So there are just things that come in and go out in each quarter that are sort of the same year-over-year, but it looks like the first half is pretty indicative of what the second half is going to be.

是的。我認為下半年看起來會很像上半年。因此，每季的進出情況與去年同期基本相同，但看起來上半年的情況很能說明下半年的情況。

Yes. Andrew, by and large, if you look at the cost of the hirings we made, the opportunistic hirings to help with the loan growth, that's largely going to offset this year's impact from the staff reduction. So it will probably look pretty close.

是的。安德魯，總的來說，如果你看看我們招募的成本，即幫助貸款成長的機會主義招募成本，這在很大程度上將抵消今年裁員帶來的影響。所以它可能看起來非常接近。

Okay. Understood. And then just a question around credit maybe. I realize the office book is very granular, call it, $2.5 million average loan size. So the $17 million or $16.7 million is certainly kind of stand out. Can you just talk about the bell curve of the office kind of loan size in the portfolio?

好的。明白了。然後可能只是一個關於信用的問題。我意識到辦公室帳本非常細化，可以稱之為平均貸款規模 250 萬美元。所以 1700 萬美元或 1670 萬美元肯定是很引人注目的。能談談投資組合中辦公室貸款規模的鐘形曲線嗎？

Maybe just a bit more, just thinking with context on how maybe outsize is one credit might be, what's kind of the second, third largest office loans behind that? And then why we should feel kind of comfortable with the collateral on the potential outcome?

也許只是多一點，只要結合上下文思考一筆信貸可能有多大，其背後的第二、第三大辦公貸款是什麼樣的？那麼為什麼我們應該對潛在結果的抵押品感到滿意呢？

I think that's fair. I'll look high level; Misako will look for some of the specifics. But we've been talking about that one $16.7 million loan since fourth quarter of 2021, as you know. The one most pandemic impacted, most impacted by remote work. You name it, it was the poster child here.

我認為這是公平的。我會看起來很高級；美佐子會尋找一些細節。但如您所知，自 2021 年第四季以來我們一直在討論這筆 1,670 萬美元的貸款。這是受疫情影響最嚴重、受遠距工作影響最大的一個。只要你能想到的，他就是這裡的典型代表。

We haven't been shy about discussing it. If you net out the specific reserve for that, in San Francisco, our average loan to value is 58% or weighted average loan to value on the rest of the properties, even if you throw that property in but include that -- net that specific reserve, it's 72%.

我們並不羞於討論它。如果你扣除具體儲備金，在舊金山，我們的平均貸款價值比是 58%，或者是其餘房產的加權平均貸款價值比，即使你將該房產算進去，但也包括在內——淨額特定的儲備金，是72%。

Seven of the 11 properties we have in San Francisco are 100% occupied. So this one really was unique, even in outside of the size differentials. This one was unique in terms of the occupancy or vacancy. The pace with which and the incremental increase in rents, you would have to get in order to refinance that loan in full at maturity two years out, and therefore, the one most impacted by a current valuation.

我們在舊金山擁有 11 處房產，其中 7 處已 100% 入住。所以這確實是獨一無二的，即使在尺寸差異之外也是如此。無論是從入住率還是空置率來看，這都是獨一無二的。為了在兩年後到期時為該貸款全額再融資，您必須獲得租金的增長速度和增量，因此，這是受當前估值影響最大的貸款。

So we're constantly looking at these values, whether it's an appraisal because of the timing or our own valuation. And this one does stand out as unique irrespective of the size. Misako, do you have anything you want to add?

因此，我們不斷地關注這些價值，無論是因為時機的評估還是我們自己的估值。無論大小如何，這確實是獨一無二的。美沙子，你還有什麼要補充的嗎？

Yes. That particular loan that Tim was talking about is by far the largest office property that we -- or office loan that we have in the portfolio. And understandably, I know that San Francisco remains a concern, but the San Francisco office portfolio does make up only 3% of our total -- and the properties are -- there's 11 in total, and they're pretty diversified in terms of geographic locations as well.

是的。提姆所說的那筆特定貸款是迄今為止我們最大的辦公物業——或者說我們在投資組合中擁有的辦公室貸款。可以理解的是，我知道舊金山仍然是一個令人擔憂的問題，但舊金山的辦公室投資組合確實只占我們總數的 3%，而這些房產總共有 11 個，而且它們在地理上相當多樣化。也是如此。

We don't have any in the financial district. And as Tim said, if you exclude that one particular loan out, I mean, our loan-to-value and our weighted average debt service coverage is at 120% and 58%, respectively.

我們金融區沒有。正如蒂姆所說，如果排除一筆特定貸款，我的意思是，我們的貸款價值比和加權平均償債覆蓋率分別為 120% 和 58%。

And we do have good occupancy in majority of those properties and good sponsorship as well. So we really do feel like that one particular loan had some -- I don't want to call it an anomaly, but does not profile like the rest of the loans that we have in our portfolio if that makes sense.

我們的大部分物業確實擁有良好的入住率，並且也有良好的贊助。因此，我們確實覺得某筆特定貸款有一些——我不想稱其為異常，但如果有意義的話，它的概況與我們投資組合中的其他貸款不同。

Yes, it does. Okay, thank you for the call and I appreciate the questions.

是的，確實如此。好的，謝謝您的來電，我很高興提出這些問題。

Thank you.

謝謝。

Woody Lay, KBW.

伍迪萊，KBW。

Hi, good morning, guys.

嗨，早上好，夥計們。

Morning Wood.

早木。

Wanted to start on loan growth. It was great to see the pickup. Just how is the pipeline looking for the back half of the year?

希望從貸款成長開始。很高興看到皮卡。下半年的管道狀況如何？

Well, pipelines always have a way of contracting when you close loans, but I think we're actually pleased with where it sits today, and it continues to build. About half that production in the quarter was related to our new hires, and they continue to be out there finding relationships.

嗯，當你關閉貸款時，管道總是有一種收縮的方式，但我認為我們實際上對它今天的位置感到滿意，並且它還在繼續建造。本季大約一半的產量與我們的新員工有關，他們繼續在那裡尋找關係。

So we're still targeting the same degree of growth, but the net, in terms of gross production, net's hard to predict. Construction always has some loans that get paid off or do something different and just load the predict net in this environment, but we feel good that we can continue on an origination track to stay ahead of that curve.

因此，我們的目標仍然是相同程度的成長，但就總產量而言，淨值很難預測。建築業總是有一些貸款得到償還或做一些不同的事情，只是在這種環境下加載預測網絡，但我們感覺很好，我們可以繼續沿著起源軌道保持領先地位。

Yes. And it seems like the new hires are sort of gaining steam. How do you think about the forward hiring strategy from here? Are you looking to be opportunistic?

是的。新員工似乎正在積蓄力量。您如何看待這裡的前瞻性招募策略？你想投機取巧嗎？

We are. I mean, we want to be very cautious, right? We just went through a staff reduction because we want to be able to afford the people that will really move the needle for us and those ones we bet on did. So we continue to have those conversations.

我們是。我的意思是，我們要非常謹慎，對吧？我們剛剛進行了裁員，因為我們希望能夠負擔得起真正為我們帶來改變的人，而我們所押注的人確實做到了。所以我們繼續進行這些對話。

It just has to be the right place, right time for the right reason. So I don't want to say we won't, but we're not actively trying to add at this point unless it looks really opportunistic just like we've done. So we were able to hire the ones we wanted.

它必須是在正確的地點、正確的時間、出於正確的原因。所以我不想說我們不會，但我們目前不會積極嘗試添加，除非它看起來真的像我們所做的那樣是機會主義的。所以我們能夠僱用我們想要的人。

We'll look for those that can come in and really make a difference, but we're going to be cautious on the cost benefit of that.

我們會尋找那些能夠真正發揮作用的公司，但我們會對其成本效益持謹慎態度。

Great. And then just one last follow-up on the larger office credit. Do you have the specific reserve that tied to that credit?

偉大的。然後是更大的辦公室信用的最後一個後續行動。您是否有與該信貸相關的特定儲備？

Yes, give us a second.

是的，請給我們一點時間。

I do. 6.7 is a specific reserve.

我願意。 6.7是特定儲備。

And how much of the provision reported in the second quarter was related to that credit?

第二季報告的準備金中有多少與該信貸相關？

I'd say it's a major contributor for the 5.2.

我想說它是 5.2 的主要貢獻者。

The reason's primarily they don't match, Wood, is because we have been provisioning using Q factors within CECL, to compensate for the enhanced risk or heightened risk we were having in CRE, particularly that portfolio. So when we took the full specific reserve of the 6-plus, we made some adjustments back on some of those other CECL-related Q factors that were really being tweaked to compensate for not doing that. It makes sense?

伍德，主要原因是它們不匹配，因為我們一直在 CECL 中使用 Q 因子進行撥備，以補償我們在 CRE（尤其是該投資組合）中所面臨的增加的風險或更高的風險。因此，當我們採用 6+ 的全部特定儲備時，我們對其他一些與 CECL 相關的 Q 因素進行了一些調整，這些因素實際上正在調整以補償沒有這樣做的情況。有道理嗎？

Yes. All right. That's great. Thanks for taking my question.

是的。好的。那太棒了。感謝您提出我的問題。

I wanted to take it a factor too. Sorry, I was just going to mention that the unemployment forecast that looks pretty optimistic. And so that also contributed to offsetting that amount.

我也想把它當作一個因素。抱歉，我只是想提一下，失業預測看起來相當樂觀。因此，這也有助於抵消這筆金額。

Got it. Makes sense. Thank you.

知道了。有道理。謝謝。

David Feaster, Raymond James.

大衛‧菲斯特，雷蒙德‧詹姆斯。

Hi, good morning, everybody.

嗨，大家早安。

Morning David.

早安，大衛。

Just kind of staying on the credit side. You touched on a lot of these credit issues. I guess, first, do you have a timeline for resolution and kind of how you're thinking about that? And then just of the migration that we saw, I guess, how do you think about managing those and working through them? And just overall thoughts on CRE more broadly, what are you seeing across your footprint?

只是停留在信用方面。您談到了很多此類信用問題。我想，首先，您是否有解決問題的時間表以及您是如何考慮的？然後，我想，就我們所看到的遷移而言，您如何看待管理這些遷移並解決它們？從更廣泛的角度來看，您對 CRE 的整體看法是：您在您的足跡中看到了什麼？

Sure. So I'll start, Misako can jump in. But your first part of your question was resolution of that particular large credit?

當然。那我開始了，美沙子可以加入。但你的問題的第一部分是解決那筆特別大的信貸？

Yes.

是的。

So I think as we mentioned in the script, we have the amount of payments through maturity in 2026, pledge of the bank. So we -- there's never been an issue with payment. We're going to get paid through. What we're going to watch then is over the next two years, and he is seeing leasing activity pick up. I mean we're hopeful, we can't say for certain, that this valuation looks like a bottom because he is seeing leasing activity pick up, and we continue to track it very closely.

因此，我認為正如我們在腳本中提到的，我們有銀行承諾的 2026 年到期付款金額。所以我們——付款方面從來沒有出現過問題。我們將得到報酬。我們將關注的是未來兩年，他看到租賃活動有所回升。我的意思是，我們希望（但不能肯定地說）這一估值看起來已經觸底，因為他看到租賃活動有所回升，我們將繼續密切跟踪。

So there is two years for this thing to improve by way of tenancy. These are small footprint floors, 3,000 to 4,000 square feet of floor. So you don't need to bring in a lot of tenants to materially change the NOI and thus the valuation on this property, right?

所以這個東西有兩年的時間透過租賃的方式來改善。這些樓層佔地面積較小，面積為 3,000 至 4,000 平方英尺。因此，您不需要引入大量租戶來實質改變 NOI 以及該房產的估值，對嗎？

So there's a lot of reason to believe whether the trend of AI driving leasing activity in San Francisco is the right overall solution or not, he is looking to benefit from that. It certainly appears that he will or might. And so a lot of that valuation differential could resolve itself towards maturity.

因此，有許多理由相信人工智慧推動舊金山租賃活動的趨勢是否是正確的整體解決方案，他希望從中受益。看來他肯定會或可能會這樣做。因此，許多估值差異可能會在成熟時自行解決。

Again, we'll get paid, but that's what we're tracking for, and we reserved as -- today's as is value. So we have cushion there to continue tracking it.

再說一次，我們會得到報酬，但這就是我們正在追蹤的，我們保留了今天的價值。所以我們有足夠的緩衝來繼續追蹤它。

On the office CRE overall, yes, values are down, but that one, as we've said for several years, is the one most impacted, I know we say 12, we have 13 loans in the city. Those are really 11 properties because there are some pre-locks there. 10 are low rises, as Misako said, seven are 100% occupied and the weighted average LTV, if you remove the big one is 58%. So there's a lot of flex -- with the 120-plus DCR even at today's market.

就辦公室 CRE 整體而言，是的，價值下降了，但正如我們多年來所說，這是受影響最大的一個，我知道我們說 12 筆，我們在該市有 13 筆貸款。這些實際上是 11 處房產，因為那裡有一些預鎖。正如 Misako 所說，其中 10 棟是低層建築，其中 7 棟是 100% 入住，如果去掉大一棟，加權平均 LTV 為 58%。因此，即使在當今的市場上，DCR 也有很多靈活性——超過 120。

So we have a lot of flexibility, and by and large -- I shouldn't say, by and large, almost entirely, we have a combination of property cash flow, collateral value, and/or sponsorship to remargin where necessary in the rest of the portfolio. We have not felt compelled or even the need to do something like this.

因此，我們有很大的靈活性，總的來說- 我不應該說，總的來說，幾乎完全，我們擁有財產現金流、抵押品價值和/或贊助的組合，可以在其餘部分必要時再調整保證金投資組合的。我們並沒有感到有必要甚至沒有必要做這樣的事情。

Yes. No, I agree. And that relationship that Tim was talking about is the only nonowner-occupied office that we have -- that's classified in the substandard category. We monitor the portfolio very closely on a quarterly basis.

是的。不，我同意。蒂姆所說的這種關係是我們擁有的唯一一個非業主佔用的辦公室，屬於不合格類別。我們每季密切監控投資組合。

And as Tim mentioned, any issues that we might be having with any of our other office properties, we have sponsorship that has the ability to support any shortfalls or fix the problem. And those are the things that we continue to work with our borrowers and doing so.

正如蒂姆所提到的，我們的任何其他辦公物業可能遇到的任何問題，我們都有贊助，有能力支持任何短缺或解決問題。這些就是我們繼續與借款人合作並這樣做的事情。

In fact, we had a couple of upgrades to pass last quarter because we were able to come to a resolution by way of additional pledged cash lateral or additional collateral real estate, unencumbered real estate that's got cash flow to support it. So those are all the discussions that we're having, and I think we've had some good success in finding resolution with our borrowers.

事實上，上個季度我們有幾項升級需要通過，因為我們能夠透過額外承諾的現金橫向或額外的抵押房地產、有現金流支持的無負擔房地產來達成解決方案。這些就是我們正在進行的所有討論，我認為我們在與借款人找到解決方案方面取得了一些良好的成功。

Yes, I think that's very fair. And in terms of your question about migration, we really didn't see -- we didn't have any increase or change in classifieds. We did have the two big relationships move to nonaccrual. Obviously, we just talked about the property in San Francisco.

是的，我認為這非常公平。至於你關於遷移的問題，我們確實沒有看到——分類廣告沒有任何增加或變化。我們確實將兩大關係轉變為非應計關係。顯然，我們剛剛談論了舊金山的房產。

The other one is a consumer goods program with brands they can sell. They just had some idiosyncratic issues. And as we mentioned in the script, they do have an LOI to sell some of those brands.

另一個是消費品計劃，其中包含可以銷售的品牌。他們只是遇到了一些特殊的問題。正如我們在劇本中提到的，他們確實有出售其中一些品牌的意向書。

And so it's not high in the sky for us to say, well, the company has to do something dramatic to do that. This is something they've done in the past. So we have every reason to believe that this company can sell some brands, materially reduce the debt to a point where it's refinanceable our cash flows.

因此，對我們來說，公司必須做一些戲劇性的事情才能做到這一點並不是天上掉下來的。這是他們過去做過的事。因此，我們有充分的理由相信，這家公司可以出售一些品牌，大幅減少債務，使我們的現金流能夠再融資。

But because of the timing and everything that happened, we felt it prudent to move it to nonaccrual. But I think we also feel optimistic about the resolution and that is not indicative of anything else in the portfolio in that regard.

但由於時間安排和發生的一切，我們認為將其轉為非應計利息是謹慎的做法。但我認為我們也對決議感到樂觀，這並不表示在這方面投資組合中有任何其他內容。

And can I just add to that? We will distribute the number on interest reversal, but it is pretty immaterial because that borrower has been current all along.

我可以補充一下嗎？我們將分配利息逆轉的數字，但這並不重要，因為借款人一直都是當前的。

Okay. That's great color. And it's encouraging to hear the new deposit account growth as well as the trends on balances early in the third quarter. I'm curious you could touch on where you're having success and what the pricing is on new deposit accounts and how that's trending?

好的。那顏色真棒。聽到新的存款帳戶成長以及第三季初的餘額趨勢令人鼓舞。我很好奇您能談談您在哪些方面取得了成功，新存款帳戶的定價是多少以及趨勢如何？

Your just overall thoughts on deposit growth as we look forward. I mean just given loan growth seems to be accelerating, do you expect deposits to be a governor of loan growth or think that loans outpaced deposits?

您對我們未來的存款成長的整體看法。我的意思是，鑑於貸款成長似乎正在加速，您是否認為存款將成為貸款成長的主導因素，或認為貸款超過存款？

That's a really good question. Yes, our deposits that are coming in on interest-bearing, I think the weighted average was 3.18%. I think maybe as high as 3.5%, but nowhere near the billboard rates you see. So it's very incremental. It is helping the granularity.

這是一個非常好的問題。是的，我們的存款是有利息的，我認為加權平均利率是 3.18%。我認為可能高達 3.5%，但遠低於你看到的廣告看板費率。所以它是非常增量的。它有助於粒度。

Having that percent of new accounts every quarter is great. It doesn't really offset the big fluctuations in our big operating accounts. But again, and I know I've said this, that deposit decline we had, we didn't lose any relationships.

每個季度擁有這個百分比的新帳戶非常棒。它並不能真正抵銷我們大額營運帳戶的大幅波動。但我知道我已經說過了，我們的存款下降了，但我們並沒有失去任何關係。

In fact, we were as high -- we've been up since quarter end as high as $67 million. And I think we ended Friday, 43 up. So in terms of looking at the quarter end and being 70 down, we can see fluctuations within a week that bring that back.

事實上，我們的漲幅同樣很高——自季度末以來，我們的漲幅已高達 6700 萬美元。我認為我們週五結束時領先 43 分。因此，從季度末的情況來看，下降了 70%，我們可以看到一周內的波動將其拉回來。

Those are just the big DDA balance fluctuations. But to your question or your point at the beginning, I think, of that was both within our branches and our commercial group, more so in our commercial group than before, we have an intense focus on low-cost accounts and on the C&I side DDA.

這些只是 DDA 餘額的大幅波動。但對於你的問題或你一開始的觀點，我認為這既是在我們的分支機構和我們的商業集團內部，在我們的商業集團中比以前更是如此，我們非常關注低成本賬戶和工商業方面達達。

So we brought in some relationships this quarter where those deposit accounts really haven't fully funded, and we expect to get a material benefit from that strategy like around professional services going forward to where we'll see a nice build in those.

因此，我們在本季度引入了一些關係，這些關係的存款帳戶確實還沒有完全籌集到資金，我們希望從該策略中獲得物質利益，例如圍繞專業服務，我們將在這些方面看到良好的發展。

And obviously, there's some seasonality with professional service firms and DDA balances, but that could materially help offset or be countercyclical to the fluctuations we have today. So the focus is on all of the above, but where we are paying a rate, paying a below market rate, and managing and improved granularity to offset some of that seasonality or cyclicality we see with the big DDA accounts.

顯然，專業服務公司和 DDA 餘額存在一定的季節性，但這可能會在很大程度上幫助抵消或反週期地影響我們今天的波動。因此，重點是上述所有內容，但我們支付的費率、支付低於市場的費率以及管理和改進的粒度以抵消我們在大型 DDA 帳戶中看到的一些季節性或週期性。

Okay. That's helpful. And then just last one for me. It feels like you've got a lot of financial flexibility, just given the liquidity you're sitting on as well as the -- even after the securities and everything that you guys have done still have a ton of capital. I'm curious kind of how do you think about deploying liquidity and capital going forward? I'm just curious what are your priorities? Just kind of how do you think about it?

好的。這很有幫助。然後是我的最後一個。感覺就像你有很大的財務靈活性，只要考慮到你所擁有的流動性以及——即使在證券和你們所做的一切之後仍然擁有大量資本。我很好奇您如何看待未來部署流動性和資本？我只是好奇你的優先事項是什麼？只是你覺得怎麼樣？

Priority one continues to be the dividend, obviously, being able to invest in the loan growth. That's how we're going to build the long-term franchise value. We continue and we mentioned it in here to be highly intrigued by the opportunity of share repurchases. The securities repositions put us in a blackout for a while there. But we'll be out of that eventually.

顯然，首要任務仍然是股息，能夠投資於貸款成長。這就是我們建立長期特許經營價值的方式。我們繼續，我們在這裡提到它對股票回購的機會非常感興趣。證券重新定位使我們陷入了一段時間的停頓。但我們最終會擺脫這種情況。

And that's one area we're considering, we think particularly when it's trading below or right at tangible book, that continues to be a really attractive valuation and potentially a best use of capital for the benefit of the shareholders. But that's ultimately going to be our guiding principle as among the menu of options, what is the best for our shareholders, but we will continue to look at all those things.

這是我們正在考慮的一個領域，我們認為特別是當它的交易價格低於或正好低於有形賬面價值時，這仍然是一個非常有吸引力的估值，並且可能是為股東利益而利用資本的最佳方式。但這最終將成為我們選擇菜單中的指導原則，什麼對我們的股東來說是最好的，但我們將繼續關注所有這些事情。

Terrific. Thanks, everybody.

了不起。謝謝大家。

You're welcome. Thank you.

不客氣。謝謝。

Tim Coffey, Janney.

寇菲、珍妮.

All right. Morning, Tim.

好的。早安，提姆。

Good morning, Tim. How are you?

早安，提姆。你好嗎？

I'm good. Thanks. Can you give us an idea of kind of the change in value of this property in San Francisco. Would you be able to share what the LTV was that origination and what it is now?

我很好。謝謝。您能為我們介紹一下舊金山該房產的價值變化嗎？您能否分享一下 LTV 的起源和現在的情況？

The -- I don't remember way back at origination, but the appraised value was $33.5 million back when we probably funded the last increase to that a number of years ago. So you can do that math, 33 down to 10. What was the last time, the last appraisal?

我不記得最初的時候了，但評估價值是 3350 萬美元，當時我們可能在幾年前資助了最後一次增加。所以你可以算一下，33 減到 10。最後一次、最後一次評價是什麼？

The last appraisal, yes, was about $33.5 million, and that was.

是的，最後一次估價約為 3350 萬美元，事實就是如此。

No, the newest one.

不，是最新的。

The newest one, yes. It's a little -- it's about $9 million, $9.2 million. So that's a substantial decline.

最新的，是的。有點——大約 900 萬美元、920 萬美元。所以這是一個大幅下降。

Not exactly the trajectory an investor wants, but that is -- yes, it got hit harder. Again, because of -- for us, it's idiosyncratic nature being a tall office building in the financial district.

這並不完全是投資者想要的軌跡，但事實是——是的，它受到了更嚴重的打擊。再一次，因為對我們來說，金融區的一棟高層辦公大樓具有特殊的性質。

Right. I understand. And given that you have the cash collateral to see this loan to maturity, do you anticipate doing additional appraisals? And if so, what would need to happen for an additional appraisal that happened?

正確的。我明白。鑑於您有現金抵押品來保證這筆貸款到期，您是否預計會進行額外的評估？如果是這樣，需要進行哪些額外評估？

Our practice is to do one every year on our substandard classified loans, and that frequency may increase depending on what's happening in the market. But yes, the plan is to continue to do on annually.

我們的做法是每年對我們的次級分類貸款進行一次，並且頻率可能會根據市場情況而增加。但是，是的，該計劃將繼續每年進行一次。

And even when we don't, we do get the data points from our portfolio stress test around cap rates and we stress the entire investor portfolio that way. So we're constantly getting -- and so we knew there was going to be some downward trend in this one, as you and I talked about, but the extent sort of surprised us.

即使我們不這樣做，我們也會從圍繞資本化率的投資組合壓力測試中獲得數據點，並以這種方式對整個投資者投資組合施加壓力。所以我們不斷地得到——所以我們知道這方面將會出現一些下降趨勢，正如你和我談到的，但其程度讓我們感到驚訝。

But at the same time, we felt it better to just -- I mean this could improve a lot, right? This is an as is today's appraisal with the leasing activity he's seeing, some of the trends for those kind of spaces in San Francisco. This could actually improve quite a bit.

但同時，我們覺得最好——我的意思是這可以改善很多，對嗎？這是對他今天所看到的租賃活動的評估，也是舊金山此類空間的一些趨勢。這實際上可以改善很多。

So we are ripping the band-aid off from provisioning today for what might happen two years out, but we thought it was prudent to do so.

因此，我們正在取消今天為兩年後可能發生的情況提供的創可貼，但我們認為這樣做是謹慎的。

Yes. As you and I have spoken about, this is the outlier in the portfolio.

是的。正如你和我所說，這是投資組合中的異常值。

Yes, that's right.

是的，沒錯。

Okay. Those are my questions. Thank you very much.

好的。這些都是我的問題。非常感謝。

Thank you, Tim.

謝謝你，提姆。

Thank you. That was our final raised hand end here. I will now pass it back to Tim Myers.

謝謝。這是我們最後一次舉手結束。我現在將其傳回給蒂姆·邁爾斯。

Okay. We had one question online. What is the coupon yield on the residential mortgage portfolio purchased? And what was the purchase at a premium to par? So we paid just over par, a very small premium, $0.02 premium. The mortgage coupon was 7.16, and our yield is 6.91 about those are -- yes. I hope that answers the question to who member ask.

好的。我們在網路上有一個問題。購買的住宅抵押貸款組合的票面利率是多少？以溢價購買的是什麼？所以我們支付了略高於面額的溢價，非常小的溢價，0.02 美元溢價。抵押貸款息票是 7.16，我們的收益率是 6.91——是的。我希望這能回答會員提出的問題。

And we have one more question. Someone was asking for an update on the cumulative deposit and loan beta percentages. So this cycle, our deposit beta cumulatively has been 26% on total deposits. We have added a lag on our deposit beta in falling interest rate environments in our models for conservatism. And the loan betas are slower, but they usually catch up in the longer term.

我們還有一個問題。有人詢問累積存款和貸款貝塔百分比的最新情況。因此，在這個週期中，我們的存款貝塔值累積為總存款的 26%。在我們的保守主義模型中，我們在利率下降的環境下增加了存款貝塔值的滯後。貸款貝塔係數較慢，但長期來看通常會趕上。

So if you look at our net interest income or interest rate risk reliability sensitive in the short term, but that kind of evens out as you get into the out years and the average life on that portfolio is about four years.

因此，如果你看看我們的淨利息收入或利率風險可靠性在短期內敏感，但隨著你進入未來幾年，這種情況會趨於平衡，並且該投資組合的平均壽命約為四年。

We have no further questions online. So with that, thank you, everyone, for your interest. Thanks for the great questions, and we will see you next quarter.

我們在網路上沒有進一步的問題。因此，謝謝大家的關注。感謝您提出寶貴的問題，我們下季再見。

Thank you.

謝謝。

Thank you.

謝謝。