(BPOP) 2022 Q3 法說會逐字稿

Welcome to today's Popular, Inc. Q3 2022 Earnings Call. My name is Juan, and I'll be coordinating your call today. (Operator Instructions)

歡迎來到今天的 Popular, Inc. 2022 年第三季度財報電話會議。我叫 Juan，今天我會協調你的來電。 （操作員說明）

I'm now going to hand over to Paul Cardillo, Investor Relations Officer at Popular, Inc. To begin, please go ahead.

我現在要交給 Popular, Inc. 的投資者關係官 Paul Cardillo。首先，請繼續。

Good morning, and thank you for joining us. With us on the call today is our CEO, Ignacio Alvarez; our COO, Javier Ferrer; our CFO, Carlos Vazquez; and our CRO, Lidio Soriano. They will review our third quarter results and then answer your questions. Other members of our management will be available during the Q&A session.

早上好，感謝您加入我們。今天與我們通話的是我們的首席執行官 Ignacio Alvarez；我們的首席運營官 Javier Ferrer；我們的首席財務官 Carlos Vazquez；以及我們的首席風險官 Lidio Soriano。他們將審查我們的第三季度業績，然後回答您的問題。我們管理層的其他成員將在問答環節出席。

Before we start, I would like to remind you that on today's call, we may make forward-looking statements that are based on management's current expectations and are subject to risk and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today's earnings press release and are detailed in our SEC filings. You may find today's press release and our SEC filings on our web page at popular.com.

在我們開始之前，我想提醒您，在今天的電話會議上，我們可能會根據管理層當前的預期做出前瞻性陳述，並受到風險和不確定性的影響。今天的收益新聞稿中列出了可能導致實際結果與這些前瞻性陳述存在重大差異的因素，並在我們向美國證券交易委員會提交的文件中進行了詳細說明。您可以在我們的網頁 popular.com 上找到今天的新聞稿和我們向美國證券交易委員會提交的文件。

I will now turn the call over to our CEO, Ignacio Alvarez.

我現在將把電話轉給我們的首席執行官 Ignacio Alvarez。

Good morning, and thank you for joining the call. Our results for the quarter were solid and reflect the strength of economic activity in our markets. Our diversified sources of revenue and prudent risk management. In the third quarter, we achieved net income of $422 million or $196 million, excluding the impact of the Evertec transactions. At the beginning of the quarter, we closed a previously announced agreement with Evertec to acquire key customer-facing channels and to extend important commercial agreements.

早上好，感謝您加入電話會議。我們本季度的業績穩健，反映了我們市場經濟活動的強勁勢頭。我們多元化的收入來源和審慎的風險管理。第三季度，我們實現了 4.22 億美元或 1.96 億美元的淨收入，不包括 Evertec 交易的影響。本季度初，我們與 Evertec 達成了先前宣布的協議，以獲取面向客戶的主要渠道並延長重要的商業協議。

This transaction is already allowing us to accelerate our ongoing digital and business transformation, as we focus on the changing needs and expectations of our clients and enhancing the omnichannel experience that we provide. Please turn to Slide 3.

這項交易已經使我們能夠加速我們正在進行的數字和業務轉型，因為我們專注於客戶不斷變化的需求和期望，並增強我們提供的全渠道體驗。請轉到幻燈片 3。

Our quarterly net income, excluding the impact of the Evertec transaction was $16 million lower than the second quarter. Third quarter results were characterized by positive variances in net interest income and fee income, offset by higher provision for credit losses and operating expenses.

不包括 Evertec 交易的影響，我們的季度淨收入比第二季度低 1600 萬美元。第三季度業績的特點是淨利息收入和手續費收入出現正變化，但被較高的信貸損失準備金和運營費用所抵消。

The adjusted results for the quarter do not include any equity pickup from our prior investment in Evertec. During the quarter, loan growth was strong and broad-based, both geographically and across all loan segments. Total loan balances grew by $1.2 billion. Commercial loan growth in Puerto Rico was particularly healthy during the period.

本季度調整後的業績不包括我們之前對 Evertec 投資的任何股權回購。本季度，貸款增長強勁且基礎廣泛，無論是在地理上還是在所有貸款領域。貸款結餘總額增加 12 億美元。在此期間，波多黎各的商業貸款增長尤其健康。

Our net interest margin improved in the quarter; however, we have begun to see a higher cost of deposits, particularly in our Puerto Rico public deposit portfolio and a Popular Bank. Credit quality trends remained favorable during the period. NPLs decreased in the quarter and NCOs are significantly below pre-pandemic levels. In the third quarter, we continued to return capital to our shareholders. In July, we completed the previously announced $400 million accelerated share repurchase program.

本季度我們的淨息差有所改善；但是，我們已經開始看到更高的存款成本，尤其是在我們的波多黎各公共存款組合和大眾銀行中。信貸質量趨勢在此期間保持良好。本季度不良貸款有所減少，NCO 明顯低於大流行前水平。第三季度，我們繼續向股東返還資金。 7 月，我們完成了先前宣布的 4 億美元加速股票回購計劃。

Also, upon completion of the sale of our Evertec shares in August, we entered to an additional $231 million ASR which we expect to complete before the end of the year. In light of the rapid increase in interest rates year-to-date as well as the uncertain outlook for interest rates going forward, in October, we transferred $6.5 billion in intermediate-term U.S. Treasury from available to sale to held-to-maturity. This reduces the impact of OCI on tangible capital from future interest rate fluctuations.

此外，在 8 月份完成出售我們的 Evertec 股票後，我們又達成了 2.31 億美元的 ASR，我們預計將在今年年底前完成。鑑於年初至今利率快速上升以及未來利率前景不明朗，我們在 10 月份將 65 億美元的美國中期國債從可供出售的債券轉為持有至到期債券。這減少了 OCI 對未來利率波動對有形資本的影響。

These securities had an accumulated pretax loss of $873 million. Please turn to Slide 4. Our customer base in Puerto Rico grew by approximately 8,000 in the third quarter to reach 1.97 million unique customers. Adoption of digital channels among our retail customers continues to be strong.

這些證券的累計稅前虧損為 8.73 億美元。請轉到幻燈片 4。第三季度，我們在波多黎各的客戶群增加了約 8,000 人，達到 197 萬獨立客戶。我們的零售客戶對數字渠道的採用繼續保持強勁勢頭。

Active users on our Mi Banco platform exceeded 1.1 million or 56% of our customer base. Additionally, we continue to capture nearly 2/3 of our deposits through digital channels. This trend remains significantly higher than pre-pandemic levels and well above our island peers. Commercial loan growth was strong. Commercial loan balances at BPPR and Popular Bank increased by $489 million and $332 million, respectively.

小米銀行平台的活躍用戶超過 110 萬，占我們客戶群的 56%。此外，我們繼續通過數字渠道獲取近 2/3 的存款。這一趨勢仍然明顯高於大流行前的水平，並且遠高於我們的島嶼同行。商業貸款增長強勁。 BPPR 和大眾銀行的商業貸款餘額分別增加了 4.89 億美元和 3.32 億美元。

Auto loan and lease balances at BPPR increased by $97 million or 2% versus the second quarter. The dollar value of credit and debit card sales of our customers remained stable during the quarter and were 1% above the third quarter in 2021.

與第二季度相比，BPPR 的汽車貸款和租賃餘額增加了 9700 萬美元或 2%。我們客戶的信用卡和借記卡銷售額在本季度保持穩定，比 2021 年第三季度增長 1%。

As on the mainland, mortgage originations in Puerto Rico have been impacted by rising rates and limited inventory of available properties. The dollar value of mortgage originations at BPPR decreased by 36% compared to the third quarter of last year. In September, Puerto Rico and Florida were impacted by hurricanes Fiona and Ian, respectively.

與大陸一樣，波多黎各的抵押貸款發放受到利率上升和可用房產庫存有限的影響。與去年第三季度相比，BPPR 抵押貸款的美元價值下降了 36%。 9 月，波多黎各和佛羅里達分別受到颶風菲奧娜和伊恩的影響。

Hurricane Fiona caused a complete blackout on the island and considerable damages to certain sectors in the Southwest region. While the impact to our operation was not material, some customers concentrated in flood-prone communities were significantly impacted by the disaster. Hurricane Ian did not have a significant impact on our operations.

颶風菲奧娜導致島上完全停電，並對西南地區的某些地區造成相當大的破壞。雖然對我們的運營影響不大，但一些集中在洪水易發社區的客戶受到了災難的嚴重影響。颶風伊恩並未對我們的運營造成重大影響。

We have offered various forms of assistance to our customers in both regions. This includes waiving late payment fees on certain products and waiving the ATM withdrawal fees for using ATMs outside of our network. Additionally, we have offered a moratorium to eligible borrowers impacted by the storms.

我們為這兩個地區的客戶提供了各種形式的幫助。這包括免除某些產品的滯納金，以及免除使用我們網絡外的 ATM 機的 ATM 取款費。此外，我們還向受風暴影響的合格借款人提供了延期付款。

We are still evaluating the impact of hurricane Fiona and Ian. However, given the low level of assistance requests received to date, the effect on credit risk should not be significant. That said, we will continue to work with our customers that were impacted by these events.

我們仍在評估颶風菲奧娜和伊恩的影響。然而，鑑於迄今為止收到的援助請求水平較低，對信用風險的影響應該不會很大。也就是說，我們將繼續與受這些事件影響的客戶合作。

Please turn to Slide 5 for an update on the current macro environment in Puerto Rico. The local economy continued to perform well during the third quarter. Business activity has remained solid; however, certain metrics suggested economic trends in Puerto Rico, while still positive, may be moderating somewhat. The Puerto Rico Economic Activity Index for August, which is the most recently released data, is 1.5% higher than August 2021 and continues to exceed pre-pandemic levels.

請轉到幻燈片 5 了解波多黎各當前宏觀環境的最新情況。本地經濟在第三季度繼續表現良好。商業活動保持穩健；然而，某些指標表明波多黎各的經濟趨勢雖然仍然積極，但可能有所緩和。最新公佈的 8 月份波多黎各經濟活動指數比 2021 年 8 月高出 1.5%，並繼續超過大流行前的水平。

We remain encouraged by solid employment levels. In September, total nonfarm employment in Puerto Rico increased slightly from its level in June. The August 2022 employment rate of 5.8% is the lowest ever. New auto sales decreased by 11% in the third quarter compared to the same period in 2021, but remained above pre-pandemic levels. The auto industry was disrupted in September by hurricane Fiona, and continues to be affected by supply chain-related product shortages.

我們仍然對穩固的就業水平感到鼓舞。 9 月份，波多黎各的非農就業總人數較 6 月份略有增加。 2022 年 8 月的就業率為 5.8%，是有史以來最低的。與 2021 年同期相比，第三季度新車銷量下降了 11%，但仍高於大流行前的水平。汽車行業在 9 月因颶風菲奧娜而中斷，並繼續受到與供應鏈相關的產品短缺的影響。

Despite these challenges, there continues to be robust demand for cars in Puerto Rico. The tourism and hospitality sector continues to be a source of strength for the local economy, as Puerto Rico is a popular destination for mainland residents.

儘管存在這些挑戰，波多黎各對汽車的需求依然強勁。旅遊業和酒店業繼續成為當地經濟的力量來源，因為波多黎各是大陸居民的熱門目的地。

Airport traffic has remained robust. Year-to-date through September, total passenger traffic has increased by 8% compared to 2021. Hotel demand has also remained strong. Occupancy rates are up 10% year-to-date and the average daily room rate continues to compare favorably to historical levels.

機場交通一直保持強勁。從年初至今到 9 月，總客運量比 2021 年增長了 8%。酒店需求也保持強勁。今年迄今，入住率上升了 10%，平均每日房價繼續高於歷史水平。

In short, we are pleased with our results for the third quarter, particularly with strong loan growth. We are mindful of the global economic uncertainty and market volatility, but remain optimistic about the future of Puerto Rico, our primary market, and our ability to manage through any potential challenges that may lie ahead. I'll now turn the call over to Carlos for more details on our financial results.

簡而言之，我們對第三季度的業績感到滿意，尤其是貸款增長強勁。我們注意到全球經濟的不確定性和市場波動，但對我們的主要市場波多黎各的未來以及我們應對未來可能面臨的任何潛在挑戰的能力保持樂觀。我現在將電話轉給卡洛斯，了解我們財務業績的更多細節。

Thank you, Ignacio. Good morning. Please turn to Slide 6. As usual, additional information is provided in the appendix to the slide deck. Today's earnings press release details variances from the second quarter. Net income for the quarter was $422 million. Early in Q3, we completed the previously announced agreement with Evertec. In August, the corporation completed the sale of its remaining 7.1 million shares of Evertec common stock. These transactions resulted in an aggregate after-tax gain of $227 million.

謝謝你，伊格納西奧。早上好。請轉到幻燈片 6。與往常一樣，幻燈片的附錄中提供了更多信息。今天的收益新聞稿詳細說明了與第二季度的差異。本季度的淨收入為 4.22 億美元。在第三季度初，我們完成了之前宣布的與 Evertec 的協議。 8 月，公司完成了剩餘 710 萬股 Evertec 普通股的出售。這些交易產生了總計 2.27 億美元的稅後收益。

Excluding these Evertec transactions, Q3 net income would have been $196 million. Net interest income for the third quarter was $580 million, an increase of $46 million from Q2. The variance was driven by higher yield on investment securities as well as higher income from loan growth at both banks. This was somewhat offset by higher interest expense on deposits resulting from increased interest rates, mainly from Puerto Rico government deposits and to a lesser extent, Popular Bank.

排除這些 Evertec 交易，第三季度淨收入為 1.96 億美元。第三季度的淨利息收入為 5.8 億美元，比第二季度增加 4600 萬美元。差異是由投資證券的更高收益率以及兩家銀行貸款增長帶來的更高收入推動的。這在一定程度上被利率上升導致的存款利息支出增加所抵消，主要來自波多黎各政府存款，其次是大眾銀行。

Noninterest income increased by $269 million to $426 million. Excluding the $558 million pretax gain from the Evertec transactions, noninterest income for the quarter was $168 million. The remaining $11 million variance in noninterest income during the quarter resulted from an increase of $9.2 million due to the reversal of a contingent consideration related to the purchase price adjustments for last year's acquisition of our U.S. Equipment Finance business.

非利息收入增加了 2.69 億美元，達到 4.26 億美元。剔除來自 Evertec 交易的 5.58 億美元稅前收益，本季度的非利息收入為 1.68 億美元。本季度剩餘的 1100 萬美元非利息收入差異是由於與去年收購我們的美國設備融資業務的購買價格調整相關的或有對價的逆轉而增加了 920 萬美元。

During the quarter, we also took a charge of $9 million for goodwill impairment on the transaction, eliminating the benefit of this reversal. We also recorded an increase in other service fees due to higher insurance fees and higher merchant acquiring fees, the latter related to the revenue sharing agreement with Evertec. These were partially offset by a reduction in mortgage banking income due to the runoff of the servicing portfolio and higher losses on closed derivative positions.

本季度，我們還計提了 900 萬美元的交易商譽減值費用，抵消了此次逆轉帶來的好處。由於更高的保險費和更高的商家收單費，我們還記錄了其他服務費的增加，後者與與 Evertec 的收入分成協議有關。由於服務組合的流失和關閉的衍生品頭寸損失增加，抵押銀行收入減少部分抵消了這些影響。

And lower deposit service charges, primarily due to the corporation's initiative, to eliminate or modify account overdraft fees. We expect noninterest income to be approximately $150 million in Q2. The reduction from our $155 million to $160 million run rate is partly due to 3 factors that would also have an effect on our 2023 run rate.

降低存款服務費，主要是由於公司主動取消或修改賬戶透支費。我們預計第二季度的非利息收入約為 1.5 億美元。我們的運行率從 1.55 億美元減少到 1.6 億美元，部分原因是三個因素也會影響我們 2023 年的運行率。

First, reduced earnings from our portfolio of investments held under the equity method related to the sale of our ownership stake in Evertec. Second, lower deposit service charges stemming from the elimination of account overdraft fees, the modification of related policies and higher earnings credit rate on corporate cash management services.

首先，與出售我們在 Evertec 的股權相關的權益法持有的投資組合收益減少。二是賬戶透支手續費取消、相關政策調整、對公現金管理業務盈利信用率提高等因素導致存款手續費降低。

Lastly, in August, we decided to retain in portfolio FHA-insured mortgage originations rather than sell them as we have done in the past. As a result, our mortgage gain on sale fees will be lower, but our tax exempt interest income will be higher. In our January webcast, we'll provide updated 2023 guidance for quarterly noninterest income.

最後，在 8 月，我們決定在投資組合中保留 FHA 保險的抵押貸款發起，而不是像過去那樣出售它們。因此，我們的銷售費用抵押收益會降低，但我們的免稅利息收入會更高。在我們 1 月份的網絡廣播中，我們將提供 2023 年季度非利息收入的最新指南。

The provision for credit losses for the third quarter was $40 million compared to $9 million in the second quarter. Total operating expenses were $476 million in the quarter, an increase of $70 million from Q2. This included $17 million in expenses tied to the transaction with Evertec and the previously mentioned $9 million goodwill impairment charge related to last year's acquisition of our U.S. Equipment Finance business. Personnel costs were $25 million higher mostly as a result of the previously discussed market and merit salary adjustments that were effective in July.

第三季度的信貸損失準備金為 4000 萬美元，而第二季度為 900 萬美元。本季度總運營費用為 4.76 億美元，比第二季度增加 7000 萬美元。這包括與 Evertec 交易相關的 1700 萬美元費用，以及之前提到的與去年收購我們的美國設備融資業務相關的 900 萬美元商譽減值費用。人事成本增加了 2500 萬美元，這主要是由於先前討論的 7 月份生效的市場和績效工資調整。

This was a concerted effort to enhance our ability to attract and retain talent. Credit endeavor card processing expenses increased by $3 million due to lower card network incentives and OREO income decreased by $5 million due to lower gain on sale of properties. Excluding the impact of the Evertec expenses and the goodwill impairment charge, expenses in Q3 would have been approximately $450 million versus our prior guidance of $445 million.

這是提高我們吸引和留住人才能力的共同努力。由於信用卡網絡激勵措施減少，信用卡處理費用增加了 300 萬美元，而由於物業銷售收益減少，奧利奧收入減少了 500 萬美元。排除 Evertec 費用和商譽減值費用的影響，第三季度的費用約為 4.5 億美元，而我們之前的指導值為 4.45 億美元。

In Q4, we expect expenses of $450 million. We anticipate that expenses in 2023 will be higher than our quarterly run rate driven by continuing increases in personnel, technology, digital transformation, consulting and compliance costs.

在第四季度，我們預計支出為 4.5 億美元。我們預計，在人員、技術、數字化轉型、諮詢和合規成本持續增加的推動下，2023 年的支出將高於我們的季度運行率。

Our effective tax rate for the quarter was 14% compared to 23% in the second quarter. This decrease was mainly a result of the Evertec transactions, which are subject to a preferential tax rate. The full year 2022 effective tax rate guidance remains unchanged at 17% to 20%. Please turn to Slide 7.

我們本季度的有效稅率為 14%，而第二季度為 23%。這一減少主要是 Evertec 交易的結果，該交易適用優惠稅率。 2022 年全年有效稅率指引保持在 17% 至 20% 不變。請轉到幻燈片 7。

Net interest income on a taxable equivalent basis was $647 million, $51 million higher than in the second quarter. Net interest margin increased by 23 basis points to 3.32% in Q3. On a taxable equivalent basis, NIM was 3.71%, an increased 26 basis points. The increase is driven by a higher interest rate environment, improved asset mix, a 25 basis point increase in loan yields and the lag in repricing of government deposits.

按應稅等值計算的淨利息收入為 6.47 億美元，比第二季度增加 5100 萬美元。第三季度淨息差上升 23 個基點至 3.32%。在應稅等值的基礎上，NIM 為 3.71%，增加了 26 個基點。這一增長是由更高的利率環境、改善的資產組合、貸款收益率增加 25 個基點以及政府存款重新定價滯後推動的。

Excluding Puerto Rico public deposits, deposit balances declined by $900 million in the quarter, mainly from deposits managed through (inaudible). As of the end of the third quarter, other deposits were roughly $17.5 billion, an increase of $400 million from Q2. However, in the first week in October, the Puerto Rico government transferred approximately $1.4 billion from the bank to fund pension obligations as part of the plan of adjustment.

不包括波多黎各公共存款，本季度存款餘額減少了 9 億美元，主要來自通過（聽不清）管理的存款。截至第三季度末，其他存款約為 175 億美元，比第二季度增加 4 億美元。然而，在 10 月的第一周，作為調整計劃的一部分，波多黎各政府從銀行轉移了大約 14 億美元用於支付養老金義務。

Currently, Puerto Rico public deposits at BPPR, totaled approximately $15.8 billion. We expect public deposits will end 2022 between $13 billion and $15 billion, slightly higher than our previous range. Our ending loan balances increased by $1.2 billion or 4% compared to Q2 and are up $2.3 billion or 8% year-to-date. All loan segments were higher in the quarter with commercial loan growth being particularly strong.

目前，波多黎各 BPPR 的公共存款總額約為 158 億美元。我們預計到 2022 年底公共存款將在 130 億美元至 150 億美元之間，略高於我們之前的範圍。與第二季度相比，我們的期末貸款餘額增加了 12 億美元或 4%，今年迄今增加了 23 億美元或 8%。本季度所有貸款類別均有所增加，其中商業貸款增長尤為強勁。

During the quarter, we shifted $3.4 billion of liquidity from Fed funds to T-Bills that currently provide a higher tax effective yield. We are encouraged by the demand for credit at BPPR and PB. We will continue to take advantage of opportunities to extend and improve the use and yield of our assisted liquidity.

在本季度，我們將 34 億美元的流動性從聯邦基金轉移到目前提供更高稅收有效收益率的國庫券。我們對 BPPR 和 PB 的信貸需求感到鼓舞。我們將繼續利用機會擴大和改善我們輔助流動性的使用和收益。

Please turn to Slide 8. Year-to-date, our retail and commercial deposit franchise in Puerto Rico has continued to track below its historical data, but these deposits now represent a lower portion of total deposits compared to the last rate cycle. As we discussed last quarter, given the rapid shift to higher short-term interest rates, going forward, the cost of public sector deposits, which accounts for approximately 27% of our total deposits will now move in tandem with market rates, albeit with a quarter lag.

請轉到幻燈片 8。年初至今，我們在波多黎各的零售和商業存款特許經營權繼續低於其歷史數據，但與上一個利率週期相比，這些存款現在佔總存款的比例較低。正如我們上個季度討論的那樣，鑑於短期利率迅速轉向更高水平，未來公共部門存款的成本（約占我們總存款的 27%）現在將與市場利率同步變動，儘管四分之一滯後。

For the fourth quarter, we expect the cost of public deposits to be 150 basis points higher. As a result of the increased in public sector deposit cost, we expect our reported margin to decrease in Q4 before resuming a positive trend in 2023. Our interest rates in security will be relatively neutral to rising rate scenarios in the coming quarters.

對於第四季度，我們預計公共存款成本將高出 150 個基點。由於公共部門存款成本增加，我們預計我們報告的利潤率將在第四季度下降，然後在 2023 年恢復積極趨勢。我們的證券利率在未來幾個季度的利率上升情況下將相對中性。

The majority of the increased deposit cost is driven by public deposits in Puerto Rico and to a lesser extent, Popular Bank and commercial excess cash accounts at BPPR. We will continue to actively manage commercial deposit costs, taking into consideration the total relationship with the client.

存款成本增加的大部分是由波多黎各的公共存款推動的，在較小程度上是由 BPPR 的大眾銀行和商業超額現金賬戶推動的。考慮到與客戶的整體關係，我們將繼續積極管理商業存款成本。

Please turn to Slide 9. We have seen a decrease in fair value of the investment portfolio that is temporary. Our investment portfolio is basically comprised of treasury and agency mortgage-backed securities, which carry minimal credit risk. The bond portfolio has an average duration of approximately 3.2 years.

請轉到幻燈片 9。我們看到投資組合的公允價值暫時下降。我們的投資組合基本上由國債和機構抵押貸款支持證券組成，它們的信用風險很小。債券組合的平均久期約為 3.2 年。

As the positions roll down the yield curve, their face value will convert to par and the mark will go down to 0. Given the rapid increase in interest rates year-to-date as well as the uncertain outlook for interest rates going forward, in October, we transferred $6.5 billion of U.S. treasuries in the 4- to 6-year maturity range from available for sale to held to maturity, thereby reducing the forward-looking impact of AOCI on tangible book value.

隨著頭寸沿著收益率曲線向下滾動，其面值將轉換為票面價值，馬克將降至 0。鑑於年初至今利率快速上升以及未來利率前景的不確定性，在10 月，我們將 65 億美元的 4 至 6 年期美國國債從可供出售轉為持有至到期，從而降低了 AOCI 對有形賬面價值的前瞻性影響。

This action reduced AOCI exposure to interest rates by about 1/3. At the time of the transfer, these positions had recorded in AOCI a pretax unrealized loss of $873 million, which will effectively be amortized back into capital through the remaining life of the transfer positions at a rate of approximately $40 million per quarter to 2026, then tapering off until final maturity.

此舉將 AOCI 的利率風險降低了約 1/3。在轉移時，這些頭寸在 AOCI 中記錄了 8.73 億美元的稅前未實現虧損，這些損失將在轉移頭寸的剩餘期限內以每季度約 4000 萬美元的比率有效地攤回資本，直至 2026 年，然後逐漸減少直到最終成熟。

The yield on transfer securities remain the same and no losses recognized as a result of this move. This transfer does not have a material effect on our liquidity. We continue to maintain a large available-for-sale portfolio in short-term treasury and cash at the Fed. While the changes in the amount of unrealized gains and losses in AOCI have an impact on the corporation's tangible capital ratios as well as those of the wholly owned banking subsidiaries, they do not impact regulatory capital ratios.

轉讓證券的收益率保持不變，並且沒有因這一舉措而確認損失。此次轉移不會對我們的流動性產生重大影響。我們繼續在美聯儲維持大量可供出售的短期國債和現金投資組合。雖然 AOCI 中未實現損益金額的變化對公司的有形資本比率以及全資銀行子公司的有形資本比率有影響，但它們不會影響監管資本比率。

Please turn to Slide 10. Our return on tangible equity was 31.9% in the quarter, benefiting from the gain in the Evertec transactions. Regulatory capital levels remain strong. Our common equity Tier 1 ratio in Q3 was 16%, down 35 basis points from Q2. In July, we completed the previously announced $400 million ASR. In total, we repurchased 5.1 million shares at an average purchase price of $78.94.

請轉到幻燈片 10。本季度我們的有形股本回報率為 31.9%，這得益於 Evertec 交易的收益。監管資本水平依然強勁。我們在第三季度的普通股一級資本比率為 16%，比第二季度下降 35 個基點。 7 月，我們完成了先前宣布的 4 億美元 ASR。我們總共以 78.94 美元的平均購買價格回購了 510 萬股股票。

In August, we entered into another ASR agreement to repurchase an aggregate of $231 million of Popular's common stock. The full impact is already reflected in our capital balance. The combined effect of the ASRs during the year increased our EPS in Q3 by $0.41 per share. Annual book value at quarter end was $38.69 per share, a 16% decrease, driven mostly by higher accumulated unrealized loss on debt securities available for sale of $782 million, a result of higher interest rates and the impact of the ASR and the dividends during the quarter.

8 月，我們簽訂了另一項 ASR 協議，回購總計 2.31 億美元的 Popular 普通股。全部影響已經反映在我們的資本餘額中。年內 ASR 的綜合影響使我們在第三季度的每股收益增加了 0.41 美元。季度末的年度賬面價值為每股 38.69 美元，下降 16%，這主要是由於較高的利率以及 ASR 和股息的影響導致可供出售的債務證券累計未實現虧損增加 7.82 億美元四分之一。

These were partially offset by the quarterly net income. Given the uncertainty in markets, including the volatility in interest rates, which impact our tangible capital levels, we have decided to temporarily delay additional stock repurchase activity beyond the current ASR. We will maintain the current level of dividends and plan to revisit future capital actions in the second half of 2023, once we have more certainty around the outlook for interest rates and the economy.

這些被季度淨收入部分抵消。鑑於市場的不確定性，包括影響我們有形資本水平的利率波動，我們決定暫時推遲超出當前 ASR 的額外股票回購活動。我們將維持目前的股息水平，併計劃在我們對利率和經濟前景更加確定後，在 2023 年下半年重新審視未來的資本行動。

As a result, we do not intend to announce new capital actions in our January webcast. Our perspective on capital return has not changed, anchored in our strong regulatory capital ratios. Over time, we expect our regulatory capital ratios to move towards the levels of our mainland peers plus a buffer to account for our geographic concentration in Puerto Rico. With that, I'll turn the call over to Lidio.

因此，我們不打算在 1 月份的網絡廣播中宣布新的資本行動。基於我們嚴格的監管資本比率，我們對資本回報的看法沒有改變。隨著時間的推移，我們預計我們的監管資本比率將向我們大陸同行的水平移動，加上緩衝以說明我們在波多黎各的地理集中度。有了這個，我會把電話轉給 Lidio。

Thank you, Carlos, and good morning. Overall, Popular continues to exhibit stable credit quality trends with low levels of net charge-offs and increasing nonperforming loans. We continue to closely monitor changes in borrowing performance and the macroeconomic environment, given potential economic headwinds, rising interest rates and geopolitical uncertainty.

謝謝卡洛斯，早上好。總體而言，Popular 繼續表現出穩定的信貸質量趨勢，淨沖銷水平較低，不良貸款增加。考慮到潛在的經濟逆風、利率上升和地緣政治的不確定性，我們將繼續密切關注借貸表現和宏觀經濟環境的變化。

However, we believe that the improvement in the risk profile of the corporation's loan portfolio positions Popular to operate successfully on the more difficult economic conditions. The impact of hurricanes Fiona and Ian is still being evaluated, but given the hurricane's limited impact in the markets we do business and the low levels of assistance requests received to date, the effect on credit risk should not be significant. Turning to Slide #11. Nonperforming assets decreased by $23 million to $547 million this quarter, driven by an NPL decrease of $25 million.

但是，我們認為，公司貸款組合頭寸風險狀況的改善有助於在更加困難的經濟條件下成功運營。颶風菲奧娜和伊恩的影響仍在評估中，但鑑於颶風對我們開展業務的市場的影響有限以及迄今為止收到的援助請求水平較低，對信用風險的影響應該不會很大。轉到幻燈片 #11。在不良貸款減少 2500 萬美元的推動下，本季度不良資產減少 2300 萬美元至 5.47 億美元。

The decrease in NPLs was mainly in Puerto Rico, driven by lower mortgage NPLs by $32 million and lower commercial NPLs by $9 million, in part offset by higher auto NPLs by $6 million. The increase in auto NPLs was due in part to hurricane Fiona as we stopped collection activity during the last 2 weeks of the quarter.

不良貸款的減少主要發生在波多黎各，這是由於抵押貸款不良貸款減少了 3200 萬美元，商業不良貸款減少了 900 萬美元，部分被汽車不良貸款增加了 600 萬美元所抵消。汽車不良貸款增加的部分原因是颶風菲奧娜，因為我們在本季度的最後兩週停止了收款活動。

In the U.S., NPLs increased by $10 million mainly due to an $11 million health care relationship that was placed in nonaccrual status during the quarter. Compared to the second quarter, NPL inflows, excluding consumer loans, increased by $6 million driven by the U.S. health care relationship previously mentioned, offset in part by lower mortgage inflows in Puerto Rico.

在美國，不良貸款增加了 1000 萬美元，這主要是由於本季度將 1100 萬美元的醫療保健關係置於非應計狀態。與第二季度相比，在前面提到的美國醫療保健關係的推動下，不包括消費貸款的不良貸款流入增加了 600 萬美元，部分被波多黎各抵押貸款流入減少所抵消。

At the end of the quarter, the ratio NPLs to total loans held in portfolio was 1.4% compared to 1.6% in the previous quarter. Turning to Slide #12. Net charge-offs amounted to $18 million or an annualized 24 basis points of average loans held in portfolio compared to $6 million or 8 basis points in the prior quarter.

本季度末，不良貸款佔投資組合持有貸款總額的比率為 1.4%，而上一季度為 1.6%。轉到幻燈片 #12。淨沖銷金額為 1800 萬美元或投資組合中持有的平均貸款的年化 24 個基點，而上一季度為 600 萬美元或 8 個基點。

The results for the quarter were impacted by a $5 million charge-off of a pharmaceutical manufacturing relationship and by the lack of collection activities in Puerto Rico during the last 2 weeks of September. The corporation allowance for credit losses increased by $21 million or 3.1% to $703 million, driven by higher loan volumes, changes in credit quality and an $8 million specific reserve recorded for the previously mentioned health care commercial NPL inflow.

本季度的業績受到 500 萬美元的製藥製造關係沖銷以及 9 月最後兩週波多黎各收款活動的缺乏的影響。公司信貸損失準備金增加了 2100 萬美元或 3.1%，達到 7.03 億美元，這是由於貸款量增加、信貸質量發生變化以及為前面提到的醫療保健商業不良貸款流入記錄的 800 萬美元特別準備金所推動的。

The ratio of allowance for credit losses to loans held in portfolio remained flat at 2.23%. The ratio of allowance for credit losses to NPLs held in portfolio was 155% compared to 143% in the prior quarter. The provision for credit losses was an expense of $40 million compared to $10 million in the previous quarter, reflecting the changes in allowance for credit losses and the net charge-off activity. In Puerto Rico, the provision for credit losses was $29 million compared to $9 million in the prior quarter, while in the U.S., the provision was $11 million compared to $1 million.

信貸損失撥備與投資組合中持有的貸款的比率持平於 2.23%。信貸損失撥備與投資組合中持有的不良貸款的比率為 155%，而上一季度為 143%。信貸損失準備金為 4000 萬美元，而上一季度為 1000 萬美元，反映了信貸損失準備金的變化和淨沖銷活動。在波多黎各，信貸損失準備金為 2900 萬美元，上一季度為 900 萬美元；而在美國，信貸損失準備金為 1100 萬美元，上一季度為 100 萬美元。

Please turn to Slide #13. As discussed in prior webcasts, we leverage Moody's Analytics for the U.S. and Puerto Rico economic forecast. Notwithstanding persistent high inflation, increase in interest rate, supply chain constraints and general uncertainty, Moody's analytics near-term baseline outlook remains for the U.S. economy to continue recession-free. Our framework assigns the highest probability to the baseline scenario, followed closely by the more pessimistic recession scenario, S3.

請轉到幻燈片 #13。正如之前的網絡廣播中所討論的，我們利用穆迪分析對美國和波多黎各的經濟預測。儘管存在持續的高通脹、利率上升、供應鏈限制和普遍的不確定性，但穆迪的分析認為美國經濟的近期基線前景仍然不會出現衰退。我們的框架將最高概率分配給基線情景，緊隨其後的是更悲觀的衰退情景 S3。

The quarter-over-quarter change in the ACL was driven by loan portfolio growth and increases in specific reserves offset in part by continued strength in Puerto Rico employment forecast and changes to the period Popular utilizers to revert its macroeconomic forecast to historical levels.

ACL 的環比變化是由貸款組合增長和特定準備金的增加所推動的，部分原因是波多黎各就業預測的持續強勁以及流行用戶將其宏觀經濟預測恢復到歷史水平的時期發生變化。

To summarize, our loan portfolio continued to achieve strong credit quality metrics in the third quarter with low net charge-offs and decreasing nonperforming loans. We remain attempted to the above environment but believe that improvements over time in the risk profile of the corporation's loan portfolio positions Popular to operate successfully under more difficult economic conditions.

總而言之，我們的貸款組合在第三季度繼續實現強勁的信貸質量指標，淨沖銷率低，不良貸款減少。我們仍然嘗試應對上述環境，但相信隨著時間的推移，公司貸款組合頭寸風險狀況的改善很可能在更困難的經濟條件下成功運營。

With that, I would like to turn the call over to Ignacio for his concluding remarks.

有了這個，我想把電話轉給伊格納西奧，讓他發表總結性意見。

Thank you, Lidio and Carlos, for your updates. Our results for the quarter and year-to-date have been strong, driven by solid earnings, robust loan growth, stable credit quality and continued customer growth. We are aware of potential challenges stemming from inflation, higher interest rates and market volatility. We remain optimistic about opportunities in Puerto Rico, our main market.

謝謝 Lidio 和 Carlos 的更新。在穩健的收益、強勁的貸款增長、穩定的信貸質量和持續的客戶增長的推動下，我們本季度和年初至今的業績表現強勁。我們意識到通貨膨脹、利率上升和市場波動帶來的潛在挑戰。我們對我們的主要市場波多黎各的機遇保持樂觀。

Consumer activity continues at healthy levels and recovery funds from previous events are expected to provide additional stimulus. With strong fundamentals, proven management and diversified sources of revenue, we are well positioned to leverage these opportunities and address any potential challenges that may arise. In addition to our financial results, I'm extremely proud about our team's response in the wake of hurricane Fiona. Thanks to their agility and resolve, we mobilized quickly to assist communities in need, serve our customers despite operational challenges and support impacted employees. Our colleagues performance in such event evidences our unwavering commitment to all the important stakeholders we serve. We are now ready to answer your questions.

消費者活動繼續保持健康水平，預計從之前的事件中獲得的恢復資金將提供額外的刺激。憑藉強大的基礎、可靠的管理和多元化的收入來源，我們有能力利用這些機會並應對可能出現的任何潛在挑戰。除了我們的財務業績，我對我們團隊在颶風菲奧娜之後的反應感到非常自豪。由於他們的敏捷和決心，我們迅速動員起來幫助有需要的社區，儘管面臨運營挑戰並為受影響的員工提供支持，但仍為我們的客戶提供服務。我們的同事在此類活動中的表現證明了我們對我們所服務的所有重要利益相關者的堅定承諾。我們現在準備好回答您的問題。

(Operator Instructions) Our first question today comes from Alex Twerdahl from Piper Sandler.

（操作員說明）我們今天的第一個問題來自 Piper Sandler 的 Alex Twerdahl。

First, I wanted to ask about your comments on the delaying of the capital actions until the second half of '23. Just curious if the whole exercise that you go through with the Fed that I think was supposed to take place around this time, if that -- if the whole exercise gets delayed by 6 months or if you're ongoing that right now, and kind of have to go through the plans and then you just won't announce anything until the second half of next year.

首先，我想問一下您對將資本行動推遲到 23 年下半年的看法。只是好奇你與美聯儲進行的整個演習，我認為應該在這個時間左右進行，如果 - 如果整個演習被推遲 6 個月，或者如果你現在正在進行，並且善意必須完成計劃，然後直到明年下半年你才會宣布任何事情。

Yes. No. The normal process we go through with the Fed is completed. We have completed our stress test, everything else that I saw the biggest part of that process. So that is done. It is convenient when we talk about capital actions close to finishing these discussions because it's a fresh stress test.

是的。不會。我們與美聯儲的正常流程已經完成。我們已經完成了壓力測試，以及我在該過程中看到的最重要部分的所有其他內容。這樣就完成了。當我們在接近完成這些討論時談論資本行動是很方便的，因為這是一個新的壓力測試。

So I think this is a reasonable chance if we talk to them about it in the second quarter that allows us to refresh it or like that, but maybe not, you never know. The 1 we completed already might be good enough. But we respond normally to update requests from the Fed is it -- will be no different.

所以我認為這是一個合理的機會，如果我們在第二季度與他們討論它，允許我們更新它或類似的東西，但也許不會，你永遠不會知道。我們已經完成的 1 可能已經足夠好了。但我們通常會回應美聯儲的更新請求，是嗎——不會有什麼不同。

Okay. And then just as it relates to the timing of the transfer from AFS to HTM, is that correlated to completing the stress test? And you think about TCE, historically, it hasn't really mattered and maybe it still doesn't given the amount of regulatory capital you have. But I'm just wondering if there's kind of a floor that either you have internally or that the Fed has suggested upon you that we should be aware of?

好的。然後，正如它與從 AFS 轉移到 HTM 的時間有關，這是否與完成壓力測試相關？你想想 TCE，從歷史上看，它並不重要，也許它仍然沒有考慮到你擁有的監管資本數量。但我只是想知道是否有某種底線是你內部有的，還是美聯儲建議你我們應該注意的？

No. It is not covered at all. It was a separate decision, as we're working through it to get implemented. We ended up implementing what we did, which was at the beginning of the fourth quarter. It's not probably whatsoever, and we have not received any comments from the Fed on capital whatsoever.

不，它根本不包括在內。這是一個單獨的決定，因為我們正在努力通過它來實施。我們最終實施了我們所做的，這是在第四季度初。不太可能，而且我們還沒有收到美聯儲關於資本的任何評論。

Okay. And then, Carlos, I was just wondering if you could clarify the guidance on expenses. I think you said $450 million for the fourth quarter and then 2023 should be higher than the quarterly run rate. Is that the average quarterly run rate for '22 that it should be higher then? Is it the back 2 quarters? How does the profit sharing whether we get it or not factor into that guidance, just so we're all on the same page and there's no big surprises in the second half of next year?

好的。然後，卡洛斯，我只是想知道你是否可以澄清關於費用的指導。我想你說第四季度 4.5 億美元，然後 2023 年應該高於季度運行率。 22 年的平均季度運行率是否應該更高？是後2節嗎？無論我們是否得到它，利潤分享如何影響該指導，只是為了讓我們都在同一頁面上並且明年下半年沒有大驚喜？

Now what I said is higher than our current run rate. So it's not the average quality for the year, but our current run rate, Alex.

現在我說的比我們現在的運行率要高。所以這不是當年的平均質量，而是我們目前的運行率，亞歷克斯。

Okay. So the average starting point should be around 450, you're going up from there and then a profit sharing comes in the second half of next year, then that will be added on to that current run rate?

好的。所以平均起點應該在 450 左右，你會從那裡上升，然後在明年下半年進行利潤分享，然後將其添加到當前的運行率上？

Yes. I mean, profit sharing, as you know, we have to outperform our budget for that to kick in. So that normally doesn't happen until the latter part of the year. The only difference this year is that it was reasonably clear we were going to outperform earlier in the year, and that's why we spoke about it in the second quarter that typically in the fourth. But again, it is a program that is intended to share outperformance. So we always hope we get there because that means everybody is doing better, including our shareholders. But that is not part of the bucket, no.

是的。我的意思是，正如你所知，利潤分享，我們必須超出預算才能開始。所以這通常要到今年下半年才會發生。今年唯一的不同是，很明顯我們將在今年早些時候跑贏大盤，這就是為什麼我們在第二季度（通常是在第四季度）談論它的原因。但同樣，這是一個旨在分享卓越表現的計劃。所以我們總是希望我們能到達那裡，因為這意味著每個人都做得更好，包括我們的股東。但這不是桶的一部分，不。

Our next question today is from Timur Braziler from Wells Fargo.

我們今天的下一個問題來自富國銀行的 Timur Braziler。

My first question is around net interest margin, maybe for Carlos, in your commentary that will decline in the fourth quarter and then should trend higher in '23. How should we be thinking about the government deposits repricing post the last rate hike? Is it going to be the same 90-day lag, so 1 quarter out, that book kind of stabilizes? Or just given the larger balances there and the more turnover, it might take a couple more quarters. It just seems like is going to be hard for NIM to outperform while that book catches up?

我的第一個問題是關於淨息差，也許是關於卡洛斯，在你的評論中，它會在第四季度下降，然後在 23 年應該會走高。我們應該如何考慮上次加息後政府存款的重新定價？是否會有同樣的 90 天滯後，所以 1 個季度後，那本書會穩定下來嗎？或者只是考慮到那裡的餘額更大，營業額更多，可能還需要幾個季度。當那本書趕上時，NIM 似乎很難跑贏大盤？

I mean it's not exactly 90 days. So it's pretty close to 90 days. As you can see from our commentary for the next quarter, the increase in Fed rate in the third quarter was 150. So that's what we expect the increase in government deposit costs to go up next quarter.

我的意思是不完全是 90 天。所以它非常接近 90 天。從我們對下一季度的評論中可以看出，美聯儲第三季度利率上調了 150 倍。這就是我們預計政府存款成本將在下個季度上升的原因。

So conceptually, if the increase in the fourth quarter is 125, then that will carry over to the first quarter of next year and so on and so forth. And the lag did benefit this quarter? We have talked about the lag helping as rates start to go up, but then as long as the rate of increases is constant, it will just catch up 1 quarter later.

所以從概念上講，如果第四季度的增長是 125，那麼這將延續到明年第一季度，依此類推。滯後確實使本季度受益？我們已經談到滯後有助於利率開始上升，但只要增長率保持不變，它就會在 1 個季度後趕上。

Okay. The 1 quarter following the last rate hike that should kind of flush to the system. Got it. And then that $17.5 billion in public funds, is that an average number? Or is that end of period?

好的。上次加息後的第一個季度應該會湧入系統。知道了。還有那175億公款，是平均數嗎？還是那個時期結束了？

That's end of period. And again, as of now, the number is -- sorry, $15.8 billion. So it's already down from the end of quarter number.

那是期末。再一次，截至目前，這個數字是——抱歉，158 億美元。所以它已經從季度末開始下降。

Okay. And maybe you can provide us kind of a low point and a high point for the quarter. And I'm just wondering if the increased government activity and kind of growth from here translates to a larger growing balance within those accounts? Or you still have good visibility that those balances are ultimately going to come down?

好的。也許您可以為我們提供本季度的低點和高點。我只是想知道政府活動的增加和從這裡開始的某種增長是否會轉化為這些賬戶中更大的增長余額？或者您仍然很清楚這些餘額最終會下降？

Yes. I don't have the peak and the low balance for the quarter. But again, our best estimate right now given the information we have from the government. and again keep in mind that the government is not 1 entity. We have over 200 accounts that make us the government deposit balances.

是的。我沒有本季度的峰值和低餘額。但同樣，根據我們從政府獲得的信息，我們目前的最佳估計。再次記住，政府不是一個實體。我們有 200 多個賬戶使我們成為政府存款餘額。

So sometimes it is hard for them to have visibility. But our best guess right now continues to be -- that will end of the year advances between $13 billion and $15 billion. What has changed from that range is that last quarter, we had a range of $11 billion to $15 billion, and we just don't think the lower range is going to happen anymore. We haven't increased the upper part of the range. But our estimate is still that it's going to be somewhere between $13 billion and $15 billion.

所以有時候他們很難有知名度。但我們現在最好的猜測仍然是——到年底將預付 130 億美元至 150 億美元。這個範圍發生了變化，上個季度，我們的範圍在 110 億美元到 150 億美元之間，我們只是認為較低的範圍不會再發生了。我們沒有增加範圍的上限。但我們的估計仍然是在 130 億美元到 150 億美元之間。

Okay. And then maybe 1 for Lidio. Can you provide any additional color on the U.S. health care loan that went nonperforming during the quarter?

好的。然後可能 1 給 Lidio。您能否提供本季度出現不良反應的美國醫療保健貸款的任何其他顏色？

It is, I mean, not systemic. I mean it's just 1 case of a customer that had some financial difficulty, but not at all systemic of the overall health of our portfolio.

我的意思是，這不是系統性的。我的意思是，這只是一個客戶遇到財務困難的案例，但對我們投資組合的整體健康狀況來說根本不是系統性的。

Okay. That's helpful. And then just -- it looks like broader credit landscape is starting to normalize somewhat. We're seeing consumer charge-offs kind of go higher. Are we entering a period of normalizing asset quality?

好的。這很有幫助。然後 - 看起來更廣泛的信貸環境開始有所正常化。我們看到消費者的費用有所增加。我們是否正在進入資產質量正常化時期？

And then I guess, in that kind of context, should we be assuming a similar level of provisioning, as we do enter that period of normalization? Or I guess, is there additional room to kind of take down allowance even as we're staring at a recession on the mainland?

然後我想，在那種情況下，我們是否應該假設類似的供應水平，因為我們確實進入了正常化時期？或者我想，即使我們正盯著大陸的經濟衰退，是否還有額外的空間來減少配額？

I would say, I mean, there's such a thing as a good provision. I think this was the case this quarter because a lot of it was driven by growth, not necessarily the credit environment. I think it's too early to tell me. We still have impact of Fiona in terms of some of the numbers. So you have a little bit of a higher charge-off because of Fiona, a little bit of a higher NPLs because of Fiona. So we still feel that we are -- the credit picture is very strong, very good. And the numbers for the third quarter were very, very, very good for the organization.

我會說，我的意思是，有一個很好的規定。我認為本季度就是這種情況，因為其中很大一部分是由增長驅動的，不一定是信貸環境。我認為現在告訴我還為時過早。就某些數字而言，我們仍然有 Fiona 的影響。因此，由於 Fiona，您的沖銷率略高，由於 Fiona，不良貸款率略高。所以我們仍然覺得我們 - 信用狀況非常好，非常好。第三季度的數字對組織來說非常、非常、非常好。

Our next question comes from Brett Rabatin from Hovde Group.

我們的下一個問題來自 Hovde Group 的 Brett Rabatin。

Wanted to go back to the capital action question. And if I understand correctly your commentary, the Fed did not tell you to wait and -- my question specifically is, let's say, the bond market changes and we have some sort of different environment than we presently do that would change our -- your tangible book from here, maybe earlier than the second quarter. Could that alter your decision process? I mean I look at the adjusted tangible book here at $76 -- over $76 and your stock immediately dropped to $71 after you mentioned the change in the capital plan. Any color around that?

想回到死刑問題。如果我正確理解你的評論，美聯儲並沒有告訴你等待，而且 - 我的問題具體是，比方說，債券市場發生變化，我們的環境與目前不同，這將改變我們的 - 你的從這裡有形的書，可能早於第二季度。這會改變你的決策過程嗎？我的意思是，我在這裡看到調整後的有形賬簿為 76 美元——超過 76 美元，在你提到資本計劃的變化後，你的股票立即跌至 71 美元。周圍有顏色嗎？

Well, this is Ignacio. I want to make absolutely clear that this decision was not related to the Fed. It was not requested by the Fed. This was a decision made by us. We felt -- thought it was prudent given the environment and also taking into account that opposed to other banks that have actually paused buybacks, we're still buying back our shares to the ASR as we speak.

嗯，這是伊格納西奧。我想明確表示，這個決定與美聯儲無關。這不是美聯儲要求的。這是我們做出的決定。我們覺得 - 認為考慮到環境是謹慎的，並且考慮到與其他實際上已經暫停回購的銀行相反，我們仍在將我們的股票回購給 ASR。

So -- it had nothing to do with that. We wanted to give you a timetable because that's what we think is a reasonable time to expect and that's what we're thinking. We're going to look at -- the world changes dramatically. There's nothing written stone that we couldn't revisit that earlier.

所以——這與那無關。我們想給你一個時間表，因為這是我們認為合理的預期時間，也是我們正在考慮的。我們要看看——世界發生了翻天覆地的變化。沒有什麼是我們不能早點重新審視的。

Okay. Fair enough. And then around the margin commentary, there's maybe a little more complicated relationship for figuring out the margin than some banks with the government deposits so to speak. Can we maybe take it a different direction and just think about total NII dollars?

好的。很公平。然後圍繞保證金評論，計算保證金的關係可能比一些擁有政府存款的銀行要復雜一些。我們是否可以換個方向，只考慮 NII 的總美元？

And as I look at it, it kind of seems like you're absolute dollars of NII could decline somewhere between $30 million and $40 million linked quarter. Do you think that's a fair way to think about the fourth quarter levels? Or would you point me to a different number?

在我看來，NII 的絕對美元似乎可能會下降 3000 萬至 4000 萬美元的相關季度。你認為這是考慮第四季度水平的公平方式嗎？或者你能給我指一個不同的號碼嗎？

Well, that will depend on what you're penciling in for loan growth and what rates you're putting in for the new loan production, Brett, the NII, right? But the calculation on the increased cost, it shouldn't be very complicated, is whatever balance you have or you expect to have in government deposits plus 150 basis points from where they are today. So if that number comes out to be an additional $40 million, then that sort of number is.

嗯，這將取決於你對貸款增長的預期以及你為新貸款生產設定的利率，Brett，NII，對吧？但是增加的成本的計算應該不是很複雜，就是你擁有的或你期望擁有的政府存款餘額再加上今天的 150 個基點。因此，如果這個數字是額外的 4000 萬美元，那麼就是這樣的數字。

Okay. Fair enough. And then maybe 1 last one. I think thematically, the banks in Puerto Rico and BPOP specifically have a big advantage to a lot of the mainland banks. Obviously, the government deposits are more price sensitive. But generally speaking, your deposit betas, as you even illustrating your slide deck or much lower than the Mainland and that would presumably continue to be at least the case going forward.

好的。很公平。然後也許是最後一個。我認為從主題上講，波多黎各和 BPOP 的銀行對許多大陸銀行來說尤其具有很大的優勢。顯然，政府存款對價格更為敏感。但總的來說，你的存款貝塔，就像你展示你的幻燈片或比大陸低得多，並且至少在未來可能會繼續如此。

But just wanted to maybe step back and just think about the balance sheet in '23, the loan growth. Do things change from here from how you're running the balance sheet? Or will you continue to have the same sort of path?

但只是想退後一步，想想 23 年的資產負債表，貸款增長。從你運行資產負債表的方式來看，事情會從這裡發生變化嗎？或者你會繼續走同樣的路嗎？

No. I mean it's -- we've seen very good loan growth this year, maybe a little bit better than we expected. It definitely sooner than we expected. You remember, we were guiding to the net loan growth wouldn't happen until the second of the year, and it actually started happening in the very first quarter of the year.

不，我的意思是——我們今年看到了非常好的貸款增長，可能比我們預期的要好一點。它肯定比我們預期的要早。你記得，我們指導淨貸款增長要到今年第二年才會發生，而實際上它是在今年第一季度開始發生的。

So loan growth has performed maybe a little better than we expected. We have done on the balance sheet exactly what you would expect us to do when that happens with our reducing investment portfolio and redeploy it to loans. That's our -- the perfect thing for us that we would like to do more.

因此，貸款增長的表現可能比我們預期的要好一些。當我們減少投資組合併將其重新部署到貸款時，我們在資產負債表上所做的正是您期望我們做的事情。這是我們的——對我們來說最完美的事情，我們想做更多。

We are still very positive on loan growth for the rest of this year and next year. So I hope we can do more of that as next year comes along. Now -- so directionally, if what I just said pans out, what you should see in the balance sheet is a continued gradual reduction in investment securities okay? and our investment portfolio should start to gravitate to more normal levels.

我們對今年剩餘時間和明年的貸款增長仍然非常樂觀。所以我希望隨著明年的到來，我們可以做更多這樣的事情。現在——從方向上來說，如果我剛才所說的成功了，你應該在資產負債表中看到投資證券的持續逐步減少，好嗎？我們的投資組合應該開始趨向於更正常的水平。

If you look historical for Popular, our investment portfolio has represented something in the high 20% of our total asset as opposed to 50% of total assets. So I would hope that we can start the path in that direction next year. We definitely rather have loans and relationships than investment interest rates if we can have.

如果你看看 Popular 的歷史，我們的投資組合占我們總資產的 20%，而不是總資產的 50%。所以我希望明年我們能夠朝著這個方向邁進。如果可以的話，我們絕對寧願擁有貸款和關係，也不願擁有投資利率。

Our next question today comes from Kelly Motta from KBW.

我們今天的下一個問題來自 KBW 的 Kelly Motta。

I just wanted to circle back on that slide you gave on deposit betas. I found it really helpful. Just wanted a point of clarification when you give the historical betas for the nonpublic funds, whether that is an interest-bearing deposit beta or total deposit beta? And how you expect those to -- there's an argument to be made that deposit beta to be higher than what we've seen historically, given what we're seeing with the mainland banks. So just wondering what you guys expect for kind of the core deposit beta run rate?

我只是想回到你提供的關於存款貝塔的那張幻燈片上。我發現它真的很有幫助。只是想澄清一點，當你給出非公共基金的歷史貝塔時，是生息存款貝塔還是總存款貝塔？以及你如何期望這些 - 考慮到我們在大陸銀行看到的情況，有理由認為存款貝塔比我們歷史上看到的要高。所以只是想知道你們對核心存款測試運行率的期望是什麼？

Okay. What we have here is -- on the chart is historical betas for the last rate cycle increase, Kelly. So it is historical. As was mentioned earlier in the call, our historical betas have been lower than they typically are for peer banks of ours in the states, and that continues to be true this year.

好的。我們這裡有——Kelly，圖表上是上一次加息週期的歷史貝塔值。所以這是歷史性的。正如電話中早些時候提到的那樣，我們的歷史貝塔值一直低於我們在各州的同行銀行的典型水平，今年仍然如此。

What is different, of course, is the mix. We have a lot more government deposits now than we had in the last rate hike cycle. On your question on whether they will remain the same? So far, we're tracking well. There is a lot of discussion from very well-informed analysts that they expect betas in this cycle to end up accelerating or being a bit higher than they were last time, simply because of our reaction to the rapid raise of the rate of -- increases in rates being so quick.

當然，不同之處在於混合。我們現在的政府存款比上一個加息週期要多得多。關於它們是否會保持不變的問題？到目前為止，我們跟踪得很好。非常消息靈通的分析師進行了很多討論，他們預計這個週期中的貝塔係數最終會加速或比上次高一點，這僅僅是因為我們對增長速度的快速提高做出了反應利率如此之快。

I think there is some merit to the discussion. We haven't seen it yet, but of course, we won't see it until the cycle is over. So at this point in time, we are performing well within historical trends. And if at the end of the day, the whole market ends up in higher betas, we would hope that at least in our Puerto Rico Bank will still remain below the market business.

我認為討論有一些優點。我們還沒有看到它，但是當然，在循環結束之前我們不會看到它。所以在這個時間點，我們在歷史趨勢中表現良好。如果最終整個市場的貝塔係數更高，我們希望至少在我們的波多黎各銀行仍將低於市場業務。

Okay. That's helpful. And then with your margin guidance for margin to contract sequentially in 4Q. Does that factor in the public deposit guidance you gave of those coming down. And what would happen to your margin if for whatever reason those ended up hanging in similar to the current amount that they are now?

好的。這很有幫助。然後根據您的保證金指導，保證金將在第四季度連續收縮。這是否會影響您給出的那些下降的公共存款指導。如果出於某種原因最終掛起的金額與現在的金額相似，您的保證金會發生什麼變化？

Yes. Well, if you put together a couple of our comments, the first comment that we expect the balances in public deposits to end up between $13 billion and $15 billion for year-end. So that sort of implies that we expect the balances to be sort of around where they are now. So that commentary incorporates maybe some reduction in balances, but not a huge reduction in balances.

是的。好吧，如果你把我們的幾條評論放在一起，第一個評論是我們預計年底公共存款餘額將在 130 億美元至 150 億美元之間。所以這有點意味著我們預計餘額會在他們現在的位置附近。因此，該評論可能包含一些餘額減少，但不會大量減少餘額。

It does not incorporate an increase in balances that what were to happen. And the commentary on margin does include the expectation of increase of 150 basis points in cost of those deposits, yes.

它不包含將要發生的餘額增加。對保證金的評論確實包括這些存款成本增加 150 個基點的預期，是的。

(Operator Instructions) Our next question today is from Gerard Cassidy from RBC.

（操作員說明）我們今天的下一個問題來自 RBC 的 Gerard Cassidy。

This is Thomas Leddy calling on behalf of Gerard. Circling back to loan growth, another strong quarter. Have you guys seen any new entrants into the market for lending, perhaps from mainland banks that weren't as active there maybe a year ago? I mean, I know you guys always compete with them, but maybe any changes that you can speak to?

我是托馬斯·萊迪代表杰拉德來電。回到貸款增長，這是另一個強勁的季度。你們有沒有看到任何新進入貸款市場的人，也許是一年前還不那麼活躍的大陸銀行？我的意思是，我知道你們總是與他們競爭，但也許您可以談談任何變化？

No, not really. We haven't seen any new entrants. I think you may see some of it down the road for some of these big infrastructure projects that haven't been done yet. But in the bread-and-butter commercial loan, we have not seen any new entrants or significantly high levels of competition from non-U.S. banks.

不，不是真的。我們還沒有看到任何新進入者。我想你可能會在未來看到一些尚未完成的大型基礎設施項目。但在主要商業貸款領域，我們還沒有看到任何新進入者或來自非美國銀行的高度競爭。

Okay. And you mentioned in your presentation, an increase in auto loan NCOs in the quarter. And with the acquisition a few years back of the Wells auto portfolio, you guys are obviously a bigger auto lender on the island. Are you in Puerto Rico seeing the use car price inflation that we've seen in the states? And then can you share with us your outlook for credit quality in that space as we head into next year?

好的。你在演講中提到，本季度汽車貸款 NCO 有所增加。隨著幾年前對 Wells 汽車投資組合的收購，你們顯然是島上更大的汽車貸款機構。您在波多黎各是否看到我們在各州看到的二手車價格上漲？然後，在我們進入明年之際，您能否與我們分享您對該領域信貸質量的展望？

We have seen an increase in used price, the same as you have seen in the mainland in Puerto Rico. So that is -- and we see it through the lower or high realization in regards that we repossess and sell. We -- I mean our outlook -- I mean, we continue to be performed much better than we had prior to the pandemic with lower early delinquency, lower NPLs and lower charge-offs across most of our portfolio, but also in the auto loan portfolio.

我們看到二手價格上漲，就像您在波多黎各大陸看到的一樣。這就是 - 我們通過收回和出售方面的較低或較高實現來看到它。我們——我的意思是我們的前景——我的意思是，我們的表現繼續比大流行之前要好得多，我們大部分投資組合的早期拖欠率、不良貸款率和沖銷率都較低，但在汽車貸款方面也是如此文件夾。

I mean we still feel like given the level of liquidity of our client base, the spectra economic activity in Puerto Rico that continued to perform well on a going-forward basis.

我的意思是，考慮到我們客戶群的流動性水平，我們仍然覺得波多黎各的光譜經濟活動在未來繼續表現良好。

Our next question today is a follow-up from Brett Rabatin from Hovde Group.

我們今天的下一個問題是來自 Hovde Group 的 Brett Rabatin 的跟進。

I was going to ask about auto, but you just addressed that. So maybe just 1 follow-up around the pipeline as you guys see, I mean, loan growth continued to be better than expected. And I've been looking at the economic data and it's -- holding in there pretty good. Is the pipeline, with Carlos, is it actually improving relative to maybe the past quarter? Or what would you say about the loan pipeline relative to where it was earlier in the year?

我正要問關於汽車的問題，但你剛剛解決了這個問題。因此，正如你們所見，可能只有 1 個後續行動，我的意思是，貸款增長繼續好於預期。我一直在查看經濟數據，它的表現非常好。與卡洛斯一起，管道是否真的比上個季度有所改善？或者，相對於今年早些時候的情況，您對貸款渠道有何看法？

This is Ignacio, but I would say that it's about the same. We've had good loan demand starting in the second quarter. Obviously, I've said this before, some of our corporate business especially is lumpy. So you're never sure it's going to form 1 quarter or the other. But I still see good loan demand across sectors in Puerto Rico.

我是 Ignacio，但我會說差不多。從第二季度開始，我們的貸款需求良好。顯然，我之前已經說過，我們的一些公司業務尤其不穩定。所以你永遠不確定它會形成一個季度還是另一個季度。但我仍然看到波多黎各各行業的貸款需求良好。

And every quarter, you may get a bigger loan or a smaller loan that changes the balance and also sometimes the payoffs can come in heavy in 1 quarter, lighter in the other. But in terms of loan demand, we're seeing it steady. I mean, I have not seen any decrease in for loan demand so far.

每個季度，您可能會獲得一筆或多或少的貸款，這會改變平衡，而且有時一個季度的回報可能很大，而另一個季度的回報卻較輕。但就貸款需求而言，我們看到它穩定。我的意思是，到目前為止，我還沒有看到貸款需求有任何下降。

Okay. And then maybe 1 last one, if I could, just around -- you talked about the Puerto Rico environment. And it would seem like this would be a good opportunity for what has happened with Fiona to really -- for LUMA, it's really kind of improve a lot of things in its operation, but I've not heard good things. Any thoughts around LUMA and just what you guys are hearing or seeing from a ground level in Puerto Rico around electricity production and how that might possibly improve in the next year?

好的。然後也許是最後一個，如果可以的話，就在附近——你談到了波多黎各的環境。對於 Fiona 發生的事情來說，這似乎是一個很好的機會——對於 LUMA 來說，它確實在運營中改進了很多東西，但我還沒有聽到好的消息。關於 LUMA 的任何想法以及你們從波多黎各地面上聽到或看到的關於電力生產的任何想法以及明年可能如何改善？

I don't know if the next year is the cycle, I would say. But I think if there's ever a similar lining to something like Fiona, it is that. And I think the federal government has especially noticed that the recovery efforts from Maria were much too slow and they've created a task force to work on energy. There's a lot more emphasis. I think there's a lot more -- people understand that really we have to pick up the pace.

我不知道明年是否是周期，我會說。但我認為，如果有與 Fiona 類似的內襯，那就是它。而且我認為聯邦政府特別注意到瑪麗亞的恢復工作太慢了，他們已經成立了一個工作組來處理能源問題。還有很多重點。我認為還有很多——人們明白我們真的必須加快步伐。

And recently, FEMA announced that not necessarily tied to electric situation, but that they were going to upfront 25% of the cost of a project. The normal FEMA works like an insurance company where they reimburse you. And part of the problem in certain jurisdictions like ours, which could be CAT TRAP. It's hard to come up with 25%. So I think we're going to see is a lot more focus. LUMA is under a lot of pressure to perform. And I think the federal government is under a lot of pressure also to show progress in this front. So I think the pace will accelerate.

最近，FEMA 宣布不一定與電力情況掛鉤，但他們將預付項目成本的 25%。普通的 FEMA 就像一家保險公司，他們會報銷您的費用。在像我們這樣的某些司法管轄區，部分問題可能是 CAT TRAP。很難拿出 25%。所以我認為我們會看到更多的關注。 LUMA 的表演壓力很大。而且我認為聯邦政府也承受著很大的壓力，需要在這方面取得進展。所以我認為步伐會加快。

Our next question is a follow-up from Timur Braziler from Wells Fargo.

我們的下一個問題是來自富國銀行的 Timur Braziler 的跟進。

Just 2 more questions for me...

還有2個問題要問我...

We can't hear you, Timur.

我們聽不到你的聲音，帖木兒。

Is that better? Can you hear me?

那個更好嗎？你能聽到我嗎？

It's a lot better. Thank you.

好多了。謝謝你。

Sorry, yes. So 2 quick follow-ups for me. Maybe starting on the fee income guidance of around 150. That's a pretty large step down from this quarter. I'm just wondering, is that majority coming from gain on sale? And then as far as the revenue sharing component that started hitting this quarter, is that the full quarter's impact? And kind of what does that run rate look like for the Evertec revenue share?

對不起，是的。所以對我來說有 2 個快速跟進。也許從 150 左右的費用收入指導開始。與本季度相比，這是一個相當大的進步。我只是想知道，大部分是來自銷售收益嗎？然後就本季度開始出現的收入分享部分而言，這是整個季度的影響嗎？ Evertec 收入份額的運行率是什麼樣的？

Yes. Well, the -- this quarter, it has a couple of unusual things in that number. The $9 million connected to our U.S. Equipment Finance company is in that number. So the 168 is not exactly run rate. So -- if you adjust for that, we're back to the run rate we're always referring to 155 to 160.

是的。好吧，這個季度，這個數字有一些不尋常的事情。與我們的美國設備融資公司相關的 900 萬美元就在這個數字之內。所以 168 不完全是運行速率。所以——如果你對此進行調整，我們就會回到我們一直指的 155 到 160 的運行率。

The 150, we're talking about here, there's a couple of differences. First of all, it's 1 that is pretty clear what's happening. We don't have an equity pickup from Evertec anymore, and that was about $6 million to $7 million a year -- a quarter, sorry.

我們在這裡談論的 150，有幾個不同之處。首先，它 1 非常清楚發生了什麼。我們不再從 Evertec 獲得股權，那是每年大約 600 萬到 700 萬美元——一個季度，抱歉。

So that affects that number. And then the other factors I mentioned will affect the number as well moving forward. So I'll just disagree with the statement, it's a big change because the number -- when you take a neutral of things happening in the number for this quarter out, this quarter was pretty much in line with prior guidance.

所以這會影響那個數字。然後我提到的其他因素也會影響這個數字。所以我不同意這種說法，這是一個很大的變化，因為這個數字——當你對本季度的數字中發生的事情保持中立時，這個季度與之前的指導非常一致。

Okay. No, that's a fair statement. And then just last for me, on the goodwill impairment for Q2. I guess what drove that an acquisition hasn't been on your books for that long. Maybe just some color on what drove that impairment?

好的。不，這是一個公平的聲明。最後對我來說，關於第二季度的商譽減值。我想是什麼促使您這麼長時間沒有進行收購。也許只是一些關於導致這種損害的原因的顏色？

Yes. It's -- your typical goodwill exercise, the acquisition was not exactly meeting the budget that we thought they would and that leads to an adjustment in the goodwill. To some extent, luckily, we have structured the deal in such a way that there was a lot of contingent payments linked to that performance.

是的。這是 - 你典型的商譽活動，收購併沒有完全滿足我們認為他們會的預算，這導致了商譽的調整。在某種程度上，幸運的是，我們以這樣一種方式構建了交易，即有很多與該績效相關的或有付款。

So those contingent payments went away as well. So at the end of the day, the effect of those 2 things canceled out and didn't have an effect on the performance for the quarter. So it was just a matter that they are a bit slower than we expected to meet their targets. It luckily has picked up lately. So we hope they'll make up some of that ground.

所以那些或有付款也消失了。所以最終，這兩件事的影響抵消了，對本季度的業績沒有影響。因此，他們實現目標的速度比我們預期的要慢一些，這只是一個問題。幸運的是，它最近有所回升。所以我們希望他們能彌補一些不足。

Our next question today is from Alex Twerdahl from Piper Sandler.

我們今天的下一個問題來自 Piper Sandler 的 Alex Twerdahl。

Just a quick follow-up question on the loan growth. I was wondering if you could give us some color on the granularity of the commercial loan growth that you saw both in Puerto Rico and in the mainland, if there's any really big chunky loans in there?

只是關於貸款增長的快速跟進問題。我想知道你是否可以給我們一些關於你在波多黎各和大陸看到的商業貸款增長粒度的顏色，如果那裡有任何真正的大筆貸款？

Yes. In Puerto Rico, we had some -- we had 1 large loan in the hospitality sector. Other than that, I think it's pretty much typical stuff. So I think the only thing that I would say that in both markets (inaudible) we did have a large loan in Puerto Rico in the hospitality segment.

是的。在波多黎各，我們有一些——我們在酒店業有一筆大額貸款。除此之外，我認為這是非常典型的東西。所以我認為我唯一要說的是，在兩個市場（聽不清）中，我們在波多黎各的酒店業確實有一筆大筆貸款。

You have any line of sight on the -- sorry. .

你有任何視線 - 抱歉。 .

I would say that's a sector that it's performing very well, and there's a lot of interest, both on island and off island in that sector right now.

我會說這是一個表現非常好的部門，現在該部門在島上和島外都有很多興趣。

Yes. Do you have any line of sight on any other big chunky loans like that, that could be potentially coming on over the next several quarters?

是的。您是否有任何其他像這樣的大筆貸款的任何視線，這些貸款可能會在接下來的幾個季度內出現？

Not perhaps that size, but we have some nice loan prospects we're following up on that 1 is probably bigger than normal, what I just mentioned. But we have some nice ones in the pipeline, but I want to be honest, probably a little bit bigger than we normally do.

也許不是那麼大，但我們有一些不錯的貸款前景，我們正在跟進 1 可能比正常情況下更大，我剛才提到的。但是我們有一些不錯的產品正在籌備中，但我想說實話，可能比我們平時做的要大一點。

Okay. And then just -- I'm sorry if I missed this, but the Slide 8, that has the complexion of retail versus commercial versus sector deposits. Can you give us the distribution of the noninterest-bearing relative to those various sectors?

好的。然後 - 如果我錯過了這一點，我很抱歉，但是 Slide 8 具有零售與商業與部門存款的膚色。你能告訴我們這些不同部門的無息利息分佈情況嗎？

We don't have that here. We'll have to work on that. We don't have broken up exactly that way. As you can see from our financials, we typically break up deposits by product as opposed to by segment. So we'll come up with the information, but we don't have...

我們這裡沒有。我們必須努力解決這個問題。我們並沒有完全那樣分手。正如您從我們的財務數據中看到的那樣，我們通常按產品而不是按細分細分存款。所以我們會提供信息，但我們沒有...

Okay. Is there any one of those -- I mean would it be fair to say that public sector deposits don't have very much interest-bearing?

好的。有沒有其中之一 - 我的意思是說公共部門存款沒有太多利息是否公平？

No, both (inaudible).

不，兩者（聽不清）。

They're all interest-bearing. Okay. And then the commercial and the retail, if you -- I mean if you really guessing, would it be a rough equal split?

都是有利息的。好的。然後是商業和零售，如果你——我的意思是如果你真的在猜測，這會是一個粗略的平分嗎？

I don't know. I don't want to give you a number off the top of my head, Alex. The best we can do is obviously, what you have on Slide or Page 8 gives you the melded beta of the interest-bearing and noninterest-bearing. So -- but we'll look into it to see if we can address your question.

我不知道。亞歷克斯，我不想隨便給你一個數字。我們能做的最好的事情顯然是，你在幻燈片或第 8 頁上的內容為你提供了生息和非生息的混合 beta。所以 - 但我們會調查它，看看我們是否可以解決您的問題。

There are no further questions at this time. I would now hand you back over to Ignacio Alvarez for closing remarks. .

目前沒有其他問題。我現在將你交還給 Ignacio Alvarez 作結束語。 .

Thanks again for joining us and for your questions. and we look forward to updating you on our progress in our January call. Have a nice day.

再次感謝您加入我們並提出您的問題。我們期待在一月份的電話會議上向您通報我們的進展情況。祝你今天過得愉快。

That concludes today's Popular, Inc. Q3 2022 earnings call. You may now disconnect your lines.

今天的 Popular, Inc. 2022 年第三季度財報電話會議到此結束。您現在可以斷開線路。