Brookline Bancorp Inc (BRKL) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Brookline Bancorp, Inc.'s Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Brookline Bancorp, Inc. 的 2023 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I'd now like to turn the conference over to Brookline Bancorp's Attorney, Laura Vaughn. Please go ahead.

我現在想將會議轉交給 Brookline Bancorp 的律師 Laura Vaughn。請繼續。

Thank you, Alex, and good afternoon, everyone. Yesterday, we issued our earnings release and presentation, which is available on the Investor Relations page of our website, brooklinebancorp.com and has been filed with the SEC. We will not be doing a slide flip this quarter. This afternoon's call will be hosted by Paul A. Perrault and Carl M. Carlson.

謝謝你，亞歷克斯，大家下午好。昨天，我們發布了收益報告和演示文稿，可在我們網站 brooklinebancorp.com 的投資者關係頁面上查看，並已向 SEC 備案。本季我們不會進行幻燈片翻轉。今天下午的電話會議將由 Paul A. Perrault 和 Carl M. Carlson 主持。

This call may contain forward-looking statements with respect to the financial condition, results of operations and business of Brookline Bancorp. Please refer to Page 2 of our earnings presentation for our forward-looking statement disclaimer. Also, please refer to our other filings with the Securities and Exchange Commission, which contain risk factors that could cause actual results to differ materially from these forward-looking statements.

本次電話會議可能包含有關 Brookline Bancorp 的財務狀況、營運結果和業務的前瞻性陳述。請參閱我們的收益報告第 2 頁，以了解我們的前瞻性聲明免責聲明。此外，請參閱我們向美國證券交易委員會提交的其他文件，其中包含可能導致實際結果與這些前瞻性陳述有重大差異的風險因素。

Any references made during this presentation to non-GAAP measures are only made to assist you in understanding Brookline Bancorp's results and performance trends and should not be relied on as financial measures of actual results or future predictions. For a comparison and reconciliation to GAAP earnings, please see our earnings release.

本簡報中對非 GAAP 衡量標準的任何引用僅是為了幫助您了解 Brookline Bancorp 的業績和業績趨勢，不應將其視為實際結果或未來預測的財務衡量標準。如需與 GAAP 收益進行比較和調節，請參閱我們的收益發布。

I'm pleased to introduce Brookline Bancorp's Chairman and CEO, Paul Perrault.

我很高興向您介紹 Brookline Bancorp 的董事長兼執行長 Paul Perrault。

Thanks, Laura, and good afternoon, everyone. Thank you for joining us for today's earnings call. Yesterday, we reported net income for the quarter of $22.7 million or $0.26 a share. Our bankers remain active, and we continue to see lots of opportunities to [bank's strong]new relationships in our markets.

謝謝勞拉，大家下午好。感謝您參加今天的財報電話會議。昨天，我們公佈了本季淨利 2,270 萬美元，即每股 0.26 美元。我們的銀行家仍然活躍，我們繼續在我們的市場中看到許多建立[銀行強大的]新關係的機會。

The loan portfolio grew by $40 million and customer deposits grew by $88 million in the quarter. Nonperforming assets increased slightly in the quarter off historically low levels, and remain less than half of 1% of total assets.

本季貸款組合成長了 4,000 萬美元，客戶存款增加了 8,800 萬美元。本季不良資產小幅上升，脫離歷史低位，仍低於總資產1%的一半。

Net charge offs for the quarter were $11 million, which were largely previously reserved for. Net charge offs over the past 12 months represent approximately 14 basis points, while the allowance for loan loss represents 127 basis points of total loans.

該季度的淨沖銷額為 1100 萬美元，這大部分是之前預留的。過去 12 個月的淨沖銷約佔貸款總額的 14 個基點，而貸款損失準備金則佔貸款總額的 127 個基點。

I'll now turn it over to Carl who will review the second quarter results.

我現在將其交給卡爾，他將審查第二季的業績。

Thank you, Paul. This quarter's total assets finished the quarter basically flat with Q2, driven by a reduction in cash and securities, partially offset by the growth in loans. The banking teams generated net loan growth of $40 million in the quarter, with growth of $48 million, split evenly between C&I and Equipment Finance, the declines of $1 million in commercial real estate and $7 million in consumer loans.

謝謝你，保羅。本季的總資產與第二季基本持平，原因是現金和證券減少，但部分被貸款成長所抵銷。銀行團隊本季淨貸款成長 4,000 萬美元，其中 C&I 和設備融資成長 4,800 萬美元，商業房地產下降 100 萬美元，消費貸款下降 700 萬美元。

In the third quarter, we originated $562 million in loans at a weighted average coupon of 726 basis points. This increased the weighted average coupon on the loan -- core loan portfolio 14 basis points to 582 basis points at September 30.

第三季度，我們發放了 5.62 億美元貸款，加權平均票息為 726 個基點。截至 9 月 30 日，核心貸款組合貸款的加權平均票息增加了 14 個基點，達到 582 個基點。

On a linked quarter basis, the yield on the loan portfolio increased 14 basis points to 5.84%. On the funding side, customer deposits grew $88 million and brokered deposits were reduced $39 million for net growth in deposits of $49 million. Growth continued to be in higher rate savings and time deposits, partially offset by declines in DDA now and money market products.

以季度計算，貸款組合收益率上升 14 個基點至 5.84%。在融資方面，客戶存款增加了 8,800 萬美元，經紀存款減少了 3,900 萬美元，存款淨增加 4,900 萬美元。高利率儲蓄和定期存款持續成長，但部分被 DDA 和貨幣市場產品的下降所抵消。

The average cost of total deposits increased 24 basis points in the quarter to 228 basis points. Total average interest-earning assets declined $110 million on a linked quarter basis, and the net interest margin declined 8 basis points to 3.18%, resulting in net interest income of $84 million, a decline of $2 million from the second quarter.

本季總存款平均成本增加 24 個基點，達到 228 個基點。平均生息資產總額季減1.1億美元，淨利差下降8個基點至3.18%，淨利息收入8,400萬美元，較第二季減少200萬美元。

Noninterest income was $5.5 million for the quarter, which was consistent with the prior quarter. Expenses were $57.7 million for the quarter, up $900,000 from Q2 when excluding merger charges recorded in Q2.

本季非利息收入為 550 萬美元，與上一季持平。當不包括第二季記錄的合併費用時，本季費用為 5,770 萬美元，比第二季增加 90 萬美元。

Provision for credit losses was $3 million for the quarter, down $2.9 million from Q2. Yesterday, the Board approved maintaining our quarterly dividend of $0.135 per share, to be paid on November 24 to stockholders of record on November 10. On an annualized basis, our dividend payout approximates a yield of approximately 6.3%. This concludes my formal comments, and I'll turn it back to Paul.

本季信貸損失準備金為 300 萬美元，比第二季減少 290 萬美元。昨天，董事會批准維持每股 0.135 美元的季度股息，將於 11 月 24 日支付給 11 月 10 日登記在冊的股東。按年化計算，我們的股息支付收益率約為 6.3%。我的正式評論到此結束，我會將其轉回給保羅。

Thank you, Carl. We will now open it up for questions.

謝謝你，卡爾。我們現在將開放提問。

(Operator Instructions) Our first question for today comes from Mark Fitzgibbon of Piper Sandler.

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

Carl, I wondered if you could share some thoughts on the net interest margin. The rate of decline has obviously slowed some. Any help that you could share with us on fourth quarter NIM in terms of additional margin compression.

卡爾，我想知道你是否可以分享一些關於淨利差的想法。下降的速度明顯放緩了一些。您可以與我們分享第四季度淨利差在額外利潤壓縮方面的任何幫助。

Sure. Again, it's very difficult to estimate what's really going to happen here. Last quarter, we saw July's deposits -- really not a lot of movement on the deposit side that accelerated in August. So I didn't think we are going to have as much NIM compression as we did experience, the 8 basis points.

當然。同樣，很難估計這裡到底會發生什麼事。上個季度，我們看到了 7 月的存款——實際上，存款方面的變化並沒有像 8 月那樣加速。所以我認為我們不會有像我們經歷過的那樣多的 NIM 壓縮，即 8 個基點。

But right now, we're estimating to be around 5 to 6 basis points next quarter. Again, that all depends on what's going on with deposits. We're kind of modeling some aggressive moves -- continued aggressive moves in deposits. Our bankers are actually suggesting it might be far less than that, but we'll see.

但目前，我們預計下個季度將上漲 5 至 6 個基點左右。同樣，這一切都取決於存款的情況。我們正在模擬一些激進的措施——存款方面持續的激進措施。我們的銀行家實際上暗示它可能遠低於這個數字，但我們拭目以待。

Okay. Great. And then secondly, I wondered if you could share any details with us on that $14.8 million commercial real estate loan that went on nonaccrual.

好的。偉大的。其次，我想知道您是否可以與我們分享有關 1,480 萬美元非應計商業房地產貸款的任何細節。

Office building here in Boston. It is very well owned. It is significantly occupied, but they have not been able to get it over the top and we're working with them to create an environment where they can be helpful and we can be patient. And I'm pretty optimistic that, that will be in the right place fairly soon.

波士頓的辦公大樓。它擁有得很好。它已經被大量佔用，但他們無法超越它，我們正在與他們合作創造一個他們可以提供幫助而我們可以耐心等待的環境。我非常樂觀地認為，它很快就會出現在正確的位置。

Paul, you say well owned, was there participation with a bunch of other banks?

保羅，你說擁有良好，是否有其他一些銀行參與？

No, no. It's a property owner and manager who has partners in it with him. I think we may have participant bank to -- on our side. But I was really referring to it's a bunch of investors who own it and it's managed by one very able guy.

不，不。這是一個與他有合作夥伴的業主和經理。我認為我們可能會有參與者銀行——站在我們這邊。但我真正指的是一群投資者擁有它，並且由一個非常有能力的人管理。

Okay. And any color on what the LTV and debt service look like at origination?

好的。貸款價值和還本付息在發起時的情況有什麼不同嗎？

I would be speculating. It would look like most of our originations, which would have been a pretty low loan-to-value and a pretty high coverage ratio.

我會猜測。這看起來就像我們大多數的起源一樣，貸款價值比相當低，覆蓋率相當高。

Okay. And then I guess I was curious at a high level, you guys traffic in a lot of different commercial and commercial real estate areas. What areas are you sort of monitoring most closely today or where you have kind of enhanced monitoring. What pieces of the loan book are you most focused on and watching carefully?

好的。然後我想我很好奇，你們在許多不同的商業和商業房地產領域都有流量。您今天對哪些領域進行最密切的監控，或是對哪些領域進行了強化監控。您最關注並仔細觀察貸款簿的哪些部分？

Well, I think it's going to be office, which represents about 8% of our loans. We've got maturities coming up over the next few years that don't amount to a whole lot, but we're just trying to monitor what the cap rates are looking like, what trades are happening in the marketplace and occupancy, but it's really been very quiet, particularly in Metro Boston but it's been a little bit more active in Westchester. But most of the loans, as you know, are sort of inside 495.

嗯，我認為是辦公室，約占我們貸款的 8%。未來幾年我們的到期日並不多，但我們只是試圖監控資本化率的情況、市場上發生的交易和入住率，但它是確實非常安靜，特別是在波士頓都會區，但在韋斯特切斯特則比較活躍。但如你所知，大多數貸款都在 495 之內。

Okay. And then last question for me. Clarendon Private, any updates there? How are things going or -- and an update on asset under management?

好的。然後是我的最後一個問題。克拉倫登私人，有什麼更新嗎？事情進展如何，或管理資產的最新情況？

Yes, we're still not reporting that out at this point, still early in the game, but everything is proceeding as we expect.

是的，我們目前還沒有報告這一點，還處於遊戲的早期階段，但一切都按照我們的預期進行。

Our next question comes from Nick Cucharale from Hovde Group.

我們的下一個問題來自 Hovde Group 的 Nick Cucharale。

Another strong quarter for growth in the Equipment Finance division. How high are you willing to take those balances as a percentage of the total loan portfolio? And can you comment on how you're approaching credit risk in that segment considering the higher rates to customers and overall economic environment?

設備融資部門又一個強勁成長的季度。您願意將這些餘額佔總貸款組合的百分比有多高？考慮到客戶利率較高和整體經濟環境，您能否評論一下您在該領域如何處理信用風險？

I've long held that I would be comfortable up to as much as 20% of the loan book would be in the Equipment Finance area. We're well below that at this point. And I think that -- they are carrying on business as usual. They are seeing consolidation in a lot of the areas where they operate. So they see opportunities to bulk up for some of our customers. And with the inflation being as it has been, I think that their operators are able to take care of these deals at the higher rates. It really hasn't been a problem. We haven't seen any uptick in delinquencies or anything.

長期以來，我一直認為貸款帳簿中最多 20% 屬於設備融資領域，我對此感到放心。目前我們的水準遠低於這個水準。我認為——他們正在照常營業。他們在其經營的許多領域都看到了整合。因此，他們看到了為我們的一些客戶增加規模的機會。鑑於通貨膨脹一直如此，我認為他們的運營商能夠以更高的利率處理這些交易。這確實不是什麼問題。我們沒有看到拖欠率或其他任何情況有任何上升。

Okay. That's helpful. And then just to follow up on the deposit discussion. At this point in the quarter, are you seeing stability in your demand deposits?

好的。這很有幫助。然後只是跟進存款討論。在本季的這個時候，您的活期存款是否穩定？

We are. So we're still seeing some runoff but not as aggressive as we've seen in the past. But I would have said that last July, too. So I'll couch that as we go forward.

我們是。因此，我們仍然看到一些徑流，但不像過去那樣激進。但去年七月我也會這麼說。所以我會在我們前進的過程中解決這個問題。

And it jumps around.

它會跳來跳去。

It jumps around. It does jump around, but it's slowing down.

它跳來跳去。它確實會跳來跳去，但速度正在減慢。

Our next question comes from Steve Moss of Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的史蒂夫·莫斯。

Just curious here if we just talk about loan pricing, (inaudible) loans are coming on the books and kind of that dynamic.

只是好奇，如果我們只談論貸款定價，（聽不清楚）貸款就會出現在帳面上，並且會出現這種動態。

Sure. What would you like to know?

當然。你想知道什麼？

Where are you pricing today and versus what did you put on in the third quarter? Let's put it that way.

您今天的定價是多少？與第三季的投放情況相比？這麼說吧。

So third quarter numbers are on average for the third quarter. So things are comping in certainly higher than that. As you know, the [5-year] has moved substantially even since September. So I don't have specific numbers to date, but all the pricing is doing much, much better on the loan side. And so we're very optimistic there.

因此，第三季的數字是第三季的平均值。所以事情的進展一定比這個高。如您所知，自 9 月以來，[5 年期] 已經大幅變動。所以到目前為止我還沒有具體的數字，但所有的定價在貸款方面都做得更好。所以我們對此非常樂觀。

On the deposit side, the funding side, what I'm optimistic about is that we really haven't moved our rates much on the deposit side at all, even though we've seen naturally, the longer part of the curve from 2 out of 10 move particularly around 5 to 10, moved quite a bit. We've not had to move our pricing on our deposit side, and we still consider -- we're still seeing growth -- continue to grow our customer base there. So pretty optimistic in that sense.

在存款方面，融資方面，我樂觀的是，我們實際上根本沒有在存款方面對利率進行太大調整，儘管我們自然地看到，曲線的較長部分從 2 開始10個移動，特別是5到10個左右，移動了很多。我們不必改變存款方面的定價，而且我們仍然考慮——我們仍然看到成長——繼續擴大我們在那裡的客戶群。從這個意義上來說，非常樂觀。

Okay. And then in terms of -- just other question related to the margin, just curious what was purchase accounting accretion for the quarter?

好的。然後，就與利潤率相關的其他問題而言，只是好奇本季的採購會計成長是多少？

Almost $2.7 million on loans.

貸款近 270 萬美元。

Okay. And then in terms of just curious on expenses here, how are you guys feeling about expense trends into the fourth quarter, but also just even next year in the current environment.

好的。然後，就這裡的支出而言，你們對第四季度的支出趨勢有何看法，甚至在當前環境下明年也是如此。

We feel like we're going to be right around this area, around the $57 million quarter at this point with slight growth going into next year.

我們覺得我們將在這個領域左右，在這一點上達到 5700 萬美元的季度，並在明年略有增長。

And then just one more for me. I saw on the deck, you guys had your maturities, the first CRE over the next 24 months. Just curious kind of what's coming due? Should we think about the maturities having a similar LTV to what you show in the earlier slides as the overall composition of the portfolio? And do you see any stress in that [theory] maturity pipeline?

然後再給我一個。我在甲板上看到，你們已經成熟了，是接下來 24 個月內的第一個 CRE。只是好奇接下來會發生什麼事？我們是否應該考慮具有與您在先前幻燈片中顯示的投資組合整體構成類似的 LTV 的期限？您認為[理論]成熟度管道中存在任何壓力嗎？

I don't have the maturities by quarter or by the maturity buckets in front of me. But as Paul mentioned earlier, I imagine they're going to be very similar to the overall portfolio. It sounds like we have a lot of -- pretty much steady of what we actually book.

我面前沒有按季度或按期限劃分的到期日。但正如保羅之前提到的，我想它們將與整體投資組合非常相似。聽起來我們有很多——與我們實際預訂的相當穩定。

Those loans were well underwritten. They've performed very well. The expectation is that, that will continue. And in terms of current loan-to-value, it's a very difficult environment because there have been so few trades, but it's very hard to pinpoint what something is worth right now.

這些貸款得到了很好的承保。他們表現得非常好。預期這種情況將會持續下去。就目前的貸款價值比而言，這是一個非常困難的環境，因為交易很少，但現在很難確定某樣東西的價值。

There have been a few sort of spectacular crashes of things that have been around here, a few buildings here and there. But for the most part, those weren't traditional bank deals are not in the right locations, and they might not have been well owned. So I don't expect that there will be a lot of noise in those renewals.

這裡和那裡的一些建築物發生了一些壯觀的事故。但在大多數情況下，這些不是傳統的銀行交易，也不是在正確的地點，而且它們可能沒有被充分擁有。所以我預計這些續約不會有太多噪音。

Our next question comes from Laura Hunsicker of Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Laura Hunsicker。

I just wanted to go back to commercial credit, please. So starting with your $14.8 million office tree that came over into nonaccrual. Is that a Class A or Class B?

我只是想回到商業信貸，拜託。因此，從您 1,480 萬美元的辦公樹開始，該樹變成了非應計利息。這是A類還是B類？

It's probably considered Class B.

它可能被認為是B級。

Class B. Okay. And then did you have the vacancy on that?

B 班。好的。那你有空缺嗎？

I don't have that in front of me. It's not empty. It is not quite enough.

我面前沒有那個。它不是空的。這還不夠。

Yes, that's true of most of Boston, right? And then you didn't have a current debt service on that.

是的，波士頓大部分地區都是如此，對吧？然後你就沒有當前的債務償還。

Again, I don't have that in front of me. But it was not terrible. Yes.

再說一次，我面前沒有這個。但這並不可怕。是的。

Okay. And then is there -- do you have a specific reserve against that $14.8 million credit?

好的。那麼，對於 1,480 萬美元的信貸，您是否有特定的準備金？

On that one, I don't think so.

就這一點而言，我不這麼認為。

Okay. Okay. And then the 2 (inaudible)

好的。好的。然後是 2（聽不清楚）

We only take a specific reserve. We only take a specific reserve when we've got a pretty serious situation, and this one is not quite in that category.

我們只收取特定的儲備。我們只有在遇到非常嚴重的情況時才會採取特定的儲備金，而這個儲備金並不完全屬於這個類別。

Okay. Okay. That's good. Your 2 commercial charge offs, can you give us a little color as to what they were in the quarter?

好的。好的。那挺好的。你們的兩次商業沖銷，你能給我們介紹一下本季的情況嗎？

Yes. Those -- we had big reserves against both of them. These are things that have not been going well for quite some time. One is a medical enterprise and the other is a development enterprise. And in both cases, their demise was self-inflicted wounds. It was not a market driven thing, they were just not managed properly, and things fell apart. So the good news is it wasn't the market. The bad news is that we still lost some money.

是的。那些——我們對他們兩個都有大量的儲備。這些事情已經有一段時間進展不順利了。一種是醫療企業，一種是開發企業。在這兩種情況下，他們的死亡都是自傷。這不是一個市場驅動的事情，他們只是管理不當，事情就崩潰了。所以好消息是這不是市場。壞消息是我們仍然損失了一些錢。

So they were both C&I credits.

所以它們都是 C&I 學分。

Correct. Yes.

正確的。是的。

Okay. Okay. And then just going back to office here, your $747 million book. Just hoping for a refresh on a couple of things. How much of that is lower risk medical?

好的。好的。然後回到辦公室，處理你那價值 7.47 億美元的書。只是希望對一些事情進行更新。其中有多少是低風險醫療？

I don't have those numbers in front of me. Sorry. it is not a big part of our portfolio in the office sense. Sometimes it stands up in the owner-occupied -- it's more in the owner-occupied side of things.

我面前沒有這些數字。對不起。從辦公意義上來說，它並不是我們產品組合的重要組成部分。有時它會出現在業主自用的地方——更多的是在業主自住的方面。

Got you. Okay. And then can you just help us think about of your $747 million, how much is Class A versus B versus C?

明白你了。好的。那麼您能幫我們想想您的 7.47 億美元，A 類、B 類、C 類分別多少錢？

We're not big Class A lenders. So it's a small amount.

我們不是大型 A 級貸款機構。所以這是一個很小的量。

Okay. And then I know that most what you do is in the suburbs, but can you just help us think about how much of your exposure roughly is downtown Boston?

好的。然後我知道您所做的大部分工作都是在郊區，但您能否幫助我們考慮一下您在波士頓市中心的曝光率大約有多少？

We provided that in the deck.

我們在甲板上提供了這一點。

You do. Okay. I'll go back and look at that, I missed that. Okay. And then last question on office. I'm sorry to ask you still on the spot here on this. But on Slide 18, it looks like you've got $26 million maturing in the fourth quarter. Any update on that? Have you had any renewals yet? I know we're early in the quarter and maybe just of the $26 million. I guess how much is A, B and C? Or just any color you can give us on what that's looking like.

你做。好的。我回去看看，我錯過了。好的。然後是關於辦公室的最後一個問題。我很抱歉還在現場問你這個問題。但在幻燈片 18 上，您似乎有 2600 萬美元在第四季度到期。有更新嗎？您有續訂嗎？我知道我們正處於本季初期，可能只是 2,600 萬美元的一部分。我猜A、B、C各多少錢？或者您可以提供任何顏色來說明其外觀。

I don't have any color on the timing of when those are going to get renewed or whether it's A, B or C.

對於何時更新這些內容或是 A、B 還是 C，我沒有任何明確的說法。

Yes. I don't know either, I haven't seen them yet, but I [have not heard] any noise.

是的。我也不知道，我還沒見過他們，但我[沒有聽到]任何噪音。

Okay. And then, Paul, just last question. Can you help us think about with your stock trading here below book, how you're thinking about buybacks?

好的。然後，保羅，最後一個問題。您能否幫助我們思考一下下面這本書中您的股票交易，您如何考慮回購？

Well, I'm thinking about Carl for buybacks.

嗯，我正在考慮回購卡爾。

I think it's an attractive area. I'm sorry, go ahead. Sorry.

我認為這是一個有吸引力的領域。抱歉，請繼續。對不起。

No, I was just going to say, Carl, how are you thinking about buybacks?

不，我只是想說，卡爾，你對回購的想法如何？

So it's an attractive place to be buying back stock, but we're also very thoughtful about our capital, and we're preserving capital at this point and we're using it for growth.

因此，這是回購股票的一個有吸引力的地方，但我們對我們的資本也非常​​考慮，我們目前正在保留資本，並將其用於成長。

(Operator Instructions) Our next question comes from Chris O'Connell of KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Chris O'Connell。

I don't think I missed it, but I apologize if I did. Did you guys give what the loan pipeline was that at the end of the quarter in just a breakdown of the categories?

我不認為我錯過了，但如果我錯過了，我深表歉意。你們是否給了季度末的貸款管道是按類別細分的？

Yes, we don't really provide pipelines. Chris?

是的，我們並不真正提供管道。克里斯？

It's too hard to define.

太難定義了。

Yes. I would say, pipelines are certainly down from previous levels, but we're still very active, more so in the C&I space...

是的。我想說，管道肯定比以前的水平有所下降，但我們仍然非常活躍，尤其是在工商業領域...

Got it. I guess just more thinking about how are you guys thinking about loan growth going forward, given that the funding pressures are starting to abate a bit as the organic outlook changed? And how are you guys thinking about growth into next year?

知道了。我想多思考一下，鑑於隨著有機前景的變化，融資壓力開始有所減輕，你們如何看待未來的貸款成長？你們如何看待明年的成長？

So we've always kind of targeted $80 million to $100 million of loan growth. I think that still is a target for us per quarter. And -- but a lot of that does depend on deposit growth. So as long as the deposits are there, we'll be continuing to grow loans. The market is still active. There's still very good customers that we're talking with. So again, it's about the deposit side.

因此，我們一直將貸款成長目標定為 8,000 萬至 1 億美元。我認為這仍然是我們每季的目標。而且——但其中很大一部分確實取決於存款成長。因此，只要存款還在，我們就會繼續增加貸款。市場依然活躍。我們仍在與一些非常好的客戶交談。再說一遍，這是關於存款方面的。

Got it. And as you guys are kind of looking at the market right now and the different dynamics with the Fed tightening, where are you finding the most attractive sectors or subsectors in terms of what type of growth you want to put on the balance sheet at this point?

知道了。當你們專注於現在的市場以及聯準會緊縮政策的不同動態時，就目前你們希望在資產負債表上實現的成長類型而言，你們在哪裡找到最具吸引力的產業或子產業？

The equipment and C&I are certainly very attractive and we're very active in all 3 banks in these areas, partly as a result of the displacement of last spring of lots of companies are now banking with somebody that they didn't choose and so that has been providing some opportunities for conversations and proposals. But that stuff takes a little time to harden up and that's kind of the period that we're in now, and that's why we have a fair amount of optimism as we go towards the end of the year.

設備和 C&I 確實非常有吸引力，我們在這些領域的所有 3 家銀行中都非常活躍，部分原因是去年春天許多公司的流離失所，現在正在與他們沒有選擇的人進行銀行業務，因此一直在提供一些對話和建議的機會。但這些東西需要一點時間來鞏固，這就是我們現在所處的時期，這就是為什麼我們在接近年底時抱持相當樂觀的態度。

Some of these companies want to wait until the first of the year for things like treasury services, so there's a good feeling in the [air], but it would be in equipment and C&I mostly. And we'll stand by on real estate. We'll take care of our customers as needed, but there's not that much going on in real estate.

其中一些公司希望等到年初才提供財務服務等服務，因此[空氣中]有一種良好的感覺，但主要是在設備和工商業領域。我們將在房地產方面保持立場。我們會根據需要照顧客戶，但房地產領域卻沒有那麼多變化。

Got it. And should you take the NIM comments around another 5 to 6 bps maybe next quarter or potentially better if you see a little less pressure to be that -- that, that could be the inflection point for the margin and start to head up in '24?

知道了。如果您將 NIM 的評論再提高 5 到 6 個基點，也許下個季度，或者如果您看到壓力較小的話，可能會更好——那可能是利潤率的拐點，並在 24 年開始上升？

That's our current [modeling] suggest that.

這就是我們目前的[建模]建議。

This concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Perrault for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給佩羅先生做總結發言。

Thank you, Alex, and thank you all for joining us this afternoon, and we will look forward to talking with you again next quarter. Good day.

謝謝你，亞歷克斯，也感謝大家今天下午加入我們，我們期待下個季度再次與你們交談。再會。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。現在您可以斷開線路。