Brookline Bancorp Inc (BRKL) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Brookline Bancorp Inc's fourth quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Brookline Bancorp Inc 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給布魯克林銀行的律師勞拉沃恩 (Laura Vaughn)。請繼續。

Thank you, Emily, 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.

謝謝你，艾米麗，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閱，並且已向美國證券交易委員會提交。

This afternoon's call will be hosted by Paul A. Perrault and Carl M. Carlson. This call may contain forward-looking statements with respect to the financial condition, results of operations and business of Brookline Bancorp.

今天下午的電話會議將由 Paul A. Perrault 和 Carl M. Carlson 主持。本次電話會議可能包含有關布魯克林銀行 (Brookline Bancorp) 的財務狀況、經營業績和業務的前瞻性陳述。

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.

請參閱我們的收益報告第 2 頁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.

本示範中對非 GAAP 指標的任何引用僅旨在幫助您了解 Brookline Bancorp 的業績和績效趨勢，不應作為實際結果或未來預測的財務指標。如需與 GAAP 收益進行比較和調節，請參閱我們的收益報告。

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

我很高興介紹布魯克林銀行的董事長兼執行長保羅·佩羅（Paul Perrault）。

Thanks, Laura, and good afternoon, everyone. Thank you for joining us for today's earnings call. Our core operating performance improved slightly over the third quarter with net income of $20.7 million and operating earnings per share of $0.23.

謝謝，勞拉，大家下午好。感謝您參加今天的收益電話會議。我們的核心營運業績較第三季略有改善，淨收入為 2,070 萬美元，每股營運收益為 0.23 美元。

On a GAAP basis, which would include merger charges of $3.4 million, net income was $17.5 million with earnings per share of $0.20. Loans grew a modest $24 million and customer deposits increased by $116 million, and our margin increased by 5 basis points. As market rates gradually return to normal, we would expect to see our net interest margin continue to improve through this year.

根據 GAAP 基礎，其中包括 340 萬美元的合併費用，淨收入為 1,750 萬美元，每股收益為 0.20 美元。貸款小幅增加了 2,400 萬美元，客戶存款增加了 1.16 億美元，利潤率增加了 5 個基點。隨著市場利率逐步恢復正常，我們預計今年我們的淨利差將持續改善。

In December, we announced the planned merger with Berkshire Hills Bancorp to create a $24 billion financial institution with highly complementary market footprints, covering most of the key markets in New England with very little branch overlap. This partnership generates significant economies of scale, resulting in cost savings and the ability to leverage future investments driving the profitability metrics of a combined company.

12 月，我們宣布計劃與 Berkshire Hills Bancorp 合併，創建一家價值 240 億美元的金融機構，其市場覆蓋範圍高度互補，覆蓋新英格蘭大部分主要市場，且分公司重疊很少。這種合作關係產生了顯著的規模經濟，從而節省了成本，並能夠利用未來投資來推動合併後公司的獲利指標。

Additionally, we have a very experienced management team who continue to collaborate on the planning and preparation to execute and drive performance in this deal.

此外，我們擁有一支經驗豐富的管理團隊，他們將繼續合作進行規劃和準備，以執行並推動這筆交易的表現。

I will now turn you over to Carl, who will review the company's fourth quarter results. Carl?

現在我將您交給卡爾，他將審查公司第四季的業績。卡爾？

Thank you, Paul. Total assets grew $228 million from September, driven by growth in securities and cash equivalents of $176 million and loan growth of $24 million. Strong C&I growth of $84 million and $33 million in consumer loans were offset by reductions of $63 million in commercial real estate and $30 million in equipment finance.

謝謝你，保羅。總資產較 9 月增長 2.28 億美元，主要得益於證券和現金等價物增長 1.76 億美元以及貸款增長 2,400 萬美元。商業與工業貸款（C&I）強勁成長 8,400 萬美元，消費貸款成長 3,300 萬美元，但商業房地產貸款減少 6,300 萬美元，設備融資減少 3,000 萬美元，抵銷了這一成長。

In the fourth quarter, we originated $492 million in loans at a weighted average coupon of 734 basis points. However, the weighted average coupon on the core loan portfolio declined 11 basis points during the quarter to 592 basis points as approximately 23% of our loan portfolio repriced to lower rates as the Federal Reserve Bank continued to lower short-term rates.

第四季度，我們發放了 4.92 億美元的貸款，加權平均票面利率為 734 個基點。然而，由於聯準會繼續降低短期利率，我們約有 23% 的貸款組合被重新定價為較低的利率，核心貸款組合的加權平均票面利率在本季度下降了 11 個基點，至 592 個基點。

On a linked quarter basis, the yield on the loan portfolio decreased 10 basis points to 607 basis points. On the deposit side, customer deposits grew $117 million and broker deposits increased $53 million. Deposit growth continued to be focused in time deposits and money market. However, we also saw demand deposits grow $11 million.

以季度計算，貸款組合收益率下降 10 個基點至 607 個基點。存款方面，客戶存款增加1.17億美元，經紀人存款增加5,300萬美元。存款成長持續集中在定期存款和貨幣市場。然而，我們也看到活期存款增加了 1,100 萬美元。

Total funding costs were 346 basis points, a decline of 21 basis points from Q3 as the overall net interest margin improved 5 basis points to 312 basis points for the quarter. Total average interest-earning assets grew $146 million on a linked quarter basis, resulting in net interest income of $85 million, an increase of $2 million from Q3.

總融資成本為 346 個基點，較第三季下降 21 個基點，因為本季整體淨利差提高了 5 個基點至 312 個基點。總平均生息資產按季度計算增長了 1.46 億美元，實現淨利息收入 8,500 萬美元，較第三季增加 200 萬美元。

Noninterest income was $6.5 million, which was up slightly from the prior quarter of $6.3 million due to stronger loan level derivative income offset by the mark-to-market on swaps. Operating expenses were $60.3 million for the quarter versus $57.9 million in Q3. The increase is largely driven by additional incentive and commission-related expenses in the quarter. The provision for credit losses was $4 million for the quarter, a decrease of $700,000 from the third quarter.

非利息收入為 650 萬美元，較上一季的 630 萬美元略有增長，原因是貸款衍生性商品收入增加，但被掉期以市價計算的收入所抵銷。本季營運費用為 6,030 萬美元，而第三季為 5,790 萬美元。成長的主要原因是本季的額外獎勵和佣金相關費用。本季信用損失準備金為 400 萬美元，較第三季減少 70 萬美元。

Looking forward, the interest rate environment remains volatile and client behavior and industry responses will continually adapt. As the yield curve continues to normalize, we will see net interest margin improvements. The modest improvements in the environment so far suggests our net interest margin will increase 4 to 8 basis points in Q1 and continued to improve throughout 2005 (sic - "2025"). We anticipate growth in the loan portfolio to be in the low single digits for 2025 as growth in commercial and consumer loans will be tempered by the runoff of specialty vehicle and continued lower commercial real estate activity.

展望未來，利率環境仍不穩定，客戶行為和產業反應也將持續適應。隨著殖利率曲線繼續正常化，我們將看到淨利差的改善。迄今為止環境的溫和改善表明我們的淨息差將在第一季增加 4 到 8 個基點，並在 2005 年（原文如此 - “2025 年”）持續改善。我們預計，到 2025 年，貸款組合的成長率將處於個位數低位，因為商業和消費貸款的成長將受到專用汽車的減少和商業房地產活動持續低迷的限制。

Cash and securities combined are expected to represent 9% to 12% of total assets. On the deposit side, we anticipate growth of 4% to 5%. Given prevailing interest rates, the migration of lower cost deposits may continue but are anticipated to slow.

現金和證券預計佔總資產的 9% 至 12%。在存款方面，我們預期成長率為 4% 至 5%。鑑於現行利率，低成本存款的轉移可能會持續，但預計會放緩。

Our first quarter margin is projected to fall within a range of 316 to 320 basis points and will continue to improve throughout the year. However, this is dependent upon deposit flows and the timing and magnitude of future actions by the Federal Reserve. Noninterest income is projected to be in the range of $6 million to $7 million per quarter although components may vary significantly.

我們第一季的利潤率預計將在 316 至 320 個基點之間，並將在全年繼續改善。然而，這取決於存款流動以及聯準會未來行動的時間和力度。預計非利息收入每季將在 600 萬至 700 萬美元之間，儘管各組成部分可能會有很大差異。

We are managing expenses to $247 million or less for the full year, excluding merger-related costs and our effective tax rate is expected to be in the range of 24.25%. Yesterday, the Board approved maintaining our quarterly dividend at $0.135 per share to be paid on February 28 to stockholders of record on February 14. On an annualized basis, our dividend payout approximates a yield of 4.5%.

我們將全年費用控制在 2.47 億美元或以下（不包括合併相關費用），預計有效稅率在 24.25% 左右。昨天，董事會批准將季度股息維持在每股 0.135 美元，並於 2 月 28 日支付給 2 月 14 日登記在冊的股東。以年率計算，我們的股息殖利率約為 4.5%。

This concludes my formal comments, and I'll turn it back to Paul.

我的正式評論到此結束，我將把發言權轉回給保羅。

Thanks, Carl. Now we will open it up for questions.

謝謝，卡爾。現在我們將開始提問。

Thank you. (Operator Instructions) The first question today comes from Mark Fitzgibbon with Piper Sandler.

謝謝。（操作員指示）今天的第一個問題來自 Piper Sandler 的 Mark Fitzgibbon。

It's been a couple of months, Paul, since you announced the acquisition of Berkshire Hills, so a merger with Berkshire Hills. I guess I was curious, have you been able to yet triangulate in with the regulators on what the time line for getting approvals on that deal might look like?

保羅，自從你宣布收購 Berkshire Hills（也就是與 Berkshire Hills 合併）以來，已經過了幾個月。我很好奇，您是否已經能夠與監管機構溝通，以了解獲得該交易批准的時間表？

We certainly had contact with them, but I can't tell you that we have a read yet on how that is going to happen. Part of the sort of front-end delay here, I think, has to do with the fact that we are advised, and I think Carl would have said this anyway that the regulators are going to expect we use year-end numbers for the filings.

我們確實與他們進行了聯繫，但我不能告訴你我們已經了解了具體如何進行。我認為，這種前端延遲的部分原因與我們被告知的事實有關，而且我認為卡爾無論如何都會這麼說，監管機構將期望我們在文件中使用年終數據。

So it sort of became a little bit awkward time if we had tried to been as fast as possible, we would have been forced to use third quarter numbers with the expectation that when we got there, they would have told us well, file again with the fourth quarter numbers. So I don't have a read yet. But I am reading about some favorable speeding up of approvals in the past few weeks. So I'm a bit hopeful that this could be a little bit faster than our anticipated Q3 approval.

因此，如果我們試圖盡可能快地完成任務，那麼就會有點尷尬，我們將被迫使用第三季度的數據，並期望當我們到達那裡時，他們會告訴我們，再次使用第四季度的數據。所以我還沒讀過。但過去幾週我讀到了一些有利於加速審批的消息。因此我有點希望這會比我們預期的第三季批准稍快。

Okay. Great. And then secondly, I wonder if you could share any color on the equipment finance loan that resulted in the $5.1 million charge-off in the quarter. I guess I was curious, was that in the specialty vehicle sector? Or was that something else?

好的。偉大的。其次，我想知道您是否可以介紹一下導致本季 510 萬美元沖銷的設備融資貸款的情況。我很好奇，那是在專用車輛領域嗎？還是別的什麼？

No, that's -- it was in the laundry. So we have a customer with some large --

不，那是——它在洗衣房裡。我們有一位客戶，他有一些大--

Industrial.

工業的。

Industrial laundry. We've been talking about this for a little while now. It was specifically reserved for. So that was the charge-off in the quarter.

工業洗衣。我們已經討論這個問題有一段時間了。它是專門為...保留的。這就是本季的沖銷金額。

It's not a type of loan that we do any of (multiple speakers)

這不是我們做的貸款類型（多位發言者）

Okay. And then on page 26 of your slide deck where you break out the deposit betas, I was a little surprised that you haven't taken deposit rates down faster given that many of your peers have. Is that simply a function of the fact that you're trying to hold that loan-to-deposit ratio kind of at or below the current level or something else at work there?

好的。然後在您投影片的第 26 頁上，您列出了存款貝塔係數，我有點驚訝您沒有像您的許多同行那樣更快地降低存款利率。這僅僅是因為您想將貸存比維持在當前水準或以下，還是有其他原因？

No, I can't think of anything at work. I mean it's hard for me to evaluate just based on your review of that. But I think our deposit price setters have been reasonably aggressive, but we are careful that we want to hold the funding.

不，我想不起工作方面的任何事。我的意思是，僅根據您的評論我很難做出評價。但我認為我們的存款價格製定者已經相當積極了，但我們還是很謹慎地希望能夠保住資金。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

Following up on Mark's question here there with regard to the margin. Just kind of curious, Paul, or Carl, how you have 40 basis points of margin expansion in the upcoming quarter to kind of as you think about it, how much should you have over the course of the year?

接下來是馬克關於獲利的問題。只是有點好奇，保羅或卡爾，你們如何在即將到來的季度中實現 40 個基點的利潤率擴大，按照你們的想法，全年應該實現多少利潤率擴大？

Yeah. I'm not giving guidance on the course of the year at this time. I know we talked a little bit about it last time. It's been just too volatile out there, depending on what the Fed is going to do and the timing of changes. So whenever the Fed does move, it takes a little time for our liabilities to reprice. So we saw moves in November and December, and we're still seeing that play out for the most part in our liability side of things. So I continue to see margin improvement going forward.

是的。我目前還不能對今年的進程給予指導。我知道我們上次討論過這個問題。目前的市場波動太大，取決於聯準會的舉措和變動時機。因此，每當聯準會採取行動時，我們的負債都需要一點時間來重新定價。因此，我們看到了 11 月和 12 月的走勢，並且我們仍然看到這在我們的責任方面發揮了主要作用。因此，我預計未來利潤率將會繼續提高。

We have a lot of -- and the 22% of our loan book gets impacted immediately with those moves and prices. So we feel a slower -- we may be even doing better on the margin side, if the Fed is at a slower pace of reductions. But I don't know if there's going to be one reduction next year, I don't know it's going to be 3 reductions next year or no reductions next year. So right now, I'm not giving guidance on that.

我們有很多——我們的 22% 的貸款帳簿會立即受到這些變動和價格的影響。因此，我們感覺到，如果聯準會減息速度放慢，我們在利潤方面的表現可能會更好。但我不知道明年是否會減稅一次，我不知道明年是否會減稅三次，或者明年不會減稅。所以現在，我不會對此提供指導。

I thought I'd try it again. But I guess on that, maybe just as you think about deposit betas here, how are you guys thinking about the pace of downward cuts going forward here. I think it's a 33-ish type of (inaudible) call correctly.

我想我會再試一次。但我想，也許正如你們在這裡考慮存款貝塔值一樣，你們是如何看待未來下調的速度的。我認為這是一個 33 型左右的 (聽不清楚) 呼叫，正確。

Yeah. I think we'll continue to be on that pace. I think we're seeing that in the industry. Everybody is pretty responsive to changes in any rates in the market as they move down. I think we're all looking for a normal yield curve. I know we always talk about the inversion of the yield curve is over from the 2 to the 10. But when you look at the Fed effective rate of 5, 4.33% and the 5 year at 4.30% and the 2-year at 4.20%. We're still -- where banks make money where we make money, it's still flat at best. So I think we're -- we'd love to see that come down a bit more, and we'll be pretty responsive to their rates on our deposit pricing. (multiple speakers) At least for a little while.

是的。我認為我們將繼續保持這一步伐。我認為我們在行業中看到了這一點。當市場利率下降時，每個人都對利率的變化非常敏感。我認為我們都在尋找正常的殖利率曲線。我知道我們總是談論殖利率曲線從2年到10年的倒掛已經結束。但當你看到聯準會5年期有效利率為4.33%、5年利率為4.30%、2年利率為4.20%時。我們仍然在銀行賺錢的地方，我們在銀行賺錢的地方，這個水準充其量還是持平的。所以我認為，我們希望看到這個數字進一步下降，而且我們將對他們的存款定價利率做出相當積極的回應。（多位發言者）至少暫時如此。

Got it. Okay. Fair enough. And then in terms of -- on the loan growth front here, I'm assuming kind of the CRE runoff was maybe a bit planned given the merger. Just kind of curious how you're thinking about overall loan growth for '25?

知道了。好的。很公平。然後就貸款成長方面而言，考慮到合併，我假設 CRE 的流失可能有點是有計劃的。只是有點好奇，您如何看待 25 年的整體貸款成長？

Yeah. Again, I think it's going to be in the low single digits. We're going to continue to bring down commercial real estate loans in a thoughtful manner. We're certainly in the business, taking care of our customers, but we're being more selective on what we're doing. And I think we'll -- on a combined basis, we'll be searching to get that down to 300%. I think the market appreciates that. And so I think that's the goal of the organization.

是的。我再次認為，這個數字將處於個位數低點。我們將繼續慎重降低商業房地產貸款。我們當然在做生意，照顧我們的客戶，但我們對所做的事情更加挑剔。我認為，我們將共同努力，將這一比例降至 300%。我認為市場對此表示讚賞。所以我認為這就是該組織的目標。

Okay. And one last one for me. In the deck, I noticed you guys made disclosure about the $10.8 million classified loan in the Central Business District. Just curious, you said negotiations, do you expect that to close this quarter? And maybe could you give us a sense how much of a haircut, if any, the seller is taking?

好的。對我來說還有最後一個。在簡報中，我注意到你們揭露了有關中央商務區 1080 萬美元機密貸款的資訊。只是好奇，您說談判，您預計本季能結束嗎？也許您能告訴我們賣家損失了多少（如果有的話）？

So the first question, it may be late this quarter or early next quarter. I don't want to try to -- I don't guess what that's coming up, it's coming up. And the second part of the question.

所以第一個問題是，可能是本季末或下季初。我不想嘗試——我不知道接下來會發生什麼，它就是會發生。問題的第二部分。

I have no idea.

我不知道。

Okay.

好的。

We'll get out of what's left basically with the existing reserves against it. But what the outcome is for the owner, I don't -- I have no idea. It probably wasn't a great idea for --

我們基本上將利用現有的儲備來解決剩餘的問題。但對於業主來說結果會怎樣，我不知道。這可能不是一個好主意--

Got you. Okay. So you guys do expect to take a -- realize a charge-off? And it sounds like --?

明白了。好的。那麼，你們確實希望實現沖銷嗎？聽起來--？

Yeah. Yeah. We've got -- but it's reserved.

是的。是的。我們有 — — 但是是保留的。

It's reserved for --

它保留給--

Okay. And could you just remind us how much that is?

好的。您能提醒我們一下那是多少嗎？

What the loan?

啥貸款？

Reserve, I'm sorry.

保留，對不起。

I don't have the specific. I don't have it

我沒有具體資訊。我沒有

Laurie Hunsicker, Seaport.

勞瑞‧亨西克 (Laurie Hunsicker)，海港。

Maybe stick with where Steve was. And so I understand you don't want to tell us the specific reserve with that office hasn't closed yet, but can you help us think what is the total reserve on your office book? Your overall office reserve, what is that?

或許可以堅持史蒂夫所堅持的方向。所以我明白您不想告訴我們該辦公室的具體儲備金尚未關閉，但您能幫我們想想您辦公室賬簿上的總儲備金是多少嗎？您的整體辦公室儲備是多少？

So the general reserve is 2.23%.

因此一般準備金為2.23%。

2.23%. Okay. Great. And then how much -- how much did you have in office nonperformers this quarter? I didn't see that number in your deck.

2.23%。好的。偉大的。那麼本季辦公室內有多少不稱職的員工？我在你的牌堆裡沒看到這個數字。

It's not very much -- the loan we're talking about in one more, I think.

不算多——我想，我們正在討論的還有一筆貸款。

There's only two loans, I believe, that are not performers at this time. The other one is fairly small.

我認為，目前只有兩筆貸款沒有履行到位。另外一個相當小。

Okay. Good. And I appreciate the color that you put on your past numbers. It's a very strong number. Just switching over to your specialty vehicles. So I know the $5.1 million was laundry, but the other -- the $1.6 million that's equipment finance. Is that a specialty vehicle charge-offs? Sorry, of your $7.3 million in charge-offs, you flagged the $5.1 million and the $1.6 million, $5.1 million you already talked about. The $1.6 million, is that specialty vehicle?

好的。好的。我很欣賞您對過去數字的詮釋。這是一個非常強勁的數字。只需切換到您的專用車輛。所以我知道 510 萬美元是洗衣費，但另外 160 萬美元是設備融資。這是專用車輛沖銷嗎？抱歉，在您 730 萬美元的沖銷金額中，您標記了 510 萬美元和 160 萬美元，其中 510 萬美元您已經談到了。160 萬美元，那是專用車輛嗎？

It's a bit of a mix. It's $1.1 million is really specialty vehicle in net charge-offs. And you brought up the laundry. I misspoke earlier. It wasn't the [laundry-mat], it was a grocery loan at a significant grocery loan at Eastern funding that we took the charge off on.

有點混亂。110 萬美元實際上是淨沖銷中的特種車輛金額。你還提到了洗衣服的事。我先前說錯了。這不是 [洗衣店]，而是東部融資的重要食品雜貨貸款，我們已免除貸款費用。

If I may. Okay. Great.

如果可以的話。好的。偉大的。

Hopefully, Mark, you've got that. Hopefully Mark got that. Yeah.

希望你明白了，馬克。希望馬克能夠明白這一點。是的。

Okay. Good. Yeah. Okay. And then the -- so $1.1 million is your charge-off on your specialty vehicle, that book is sitting at $296 million now. Can you remind us what is the runoff on that again? And is that tracking with what you think it's going to be tracking? Or how are you looking at that?

好的。好的。是的。好的。然後 — — 因此 110 萬美元是您的專用車輛的沖銷金額，該帳面現在為 2.96 億美元。能再提醒我們一下這件事的結果嗎？這和您認為的追蹤結果一致嗎？或者您如何看待這一點？

It is tracking exactly how we've been tracking. I think the CFO of that unit says, I think it's $2.2 million a week that that thing's running off. And I think it's running fairly consistent.

它的追蹤方式與我們一直以來的追蹤方式完全一致。我認為該部門的財務長說，我認為這個部門每週的支出是 220 萬美元。我認為它運行得相當穩定。

Right. Okay. And then can you just remind us, what's the reserve that you have on that book?

正確的。好的。然後您能否提醒我們一下，那本書的儲備量是多少？

On the Specialty Vehicle, it's 2.6%.

對於專用車輛而言，這一比例為 2.6%。

2.6% Great. Okay. And then tax rate, do you have a number for what that's looking like for '25?

2.6% 很棒。好的。然後稅率，您能知道 25 年的稅率是多少嗎？

Yeah. I think our run rate is around 24.25%, Again, that's not going to include if there's any merger charges because sometimes those things are not tax deductible. So in this quarter, about $2.5 million of the charges were not tax deductible, which can play games with that. But on a regular run rate, we're in a 24.25%.

是的。我認為我們的運行率約為 24.25%，同樣，這不包括是否有任何合併費用，因為有時這些費用不能免稅。因此，本季約有 250 萬美元的費用不能免稅，這可以作為一個遊戲。但以正常運作率計算，我們的運作率為 24.25%。

Okay. Okay. Great. And then margin, do you have a spot margin for December?

好的。好的。偉大的。然後是保證金，你們有12月的現貨保證金嗎？

December was a little lower than the run rate for the whole quarter. So it was 3.10%.

12 月的運行率略低於整個季度的運行率。所以是 3.10%。

3.10%. Was there an interest reversal?

3.10%。是否存在利息逆轉？

Well, there's a lot of different things that go through that. So it might be -- so I don't know all the components of that, but there may have been some interesting reversals the timing of bringing deposit rates down, things like that, but we'll see those types of things.

嗯，有很多不同的事情都會發生。所以可能是這樣——我不知道所有的因素，但在降低存款利率的時機上可能會出現一些有趣的逆轉，諸如此類的事情，但我們會看到這些類型的事情。

Okay. Great. And then sorry, just 1 last question. Going back to that $10.8 million classified office that you said would likely resolve in the first or second quarter. What is the vacancy rate on that property?

好的。偉大的。抱歉，我只想問最後一個問題。回到您所說的 1080 萬美元的機密辦公室問題，該問題可能會在第一季或第二季解決。該房產的空置率是多少？

50%.

50%。

Chris O'Connell, KBW.

克里斯·奧康奈爾，KBW。

Just wanted to circle back to the margin discussion. I think from the last quarter's call, the spot margin in September was a [3.13], I think. And so I just was wondering for this quarter, maybe just what happened where you guys thought you'd get expansion, which you did of the full 3Q number, but why it wasn't more overall expansion over the course of the quarter? Was that deposit timing? Did you guys move rates a little later in the quarter than you had expected or --

只是想回到邊緣討論。我認為從上個季度的電話會議來看，9 月的現貨利潤率為 [3.13]。所以我只是想知道這個季度發生了什麼，你們認為你們會實現擴張，你們確實實現了整個第三季度的數字，但為什麼整個季度沒有實現更多的整體擴張？那是存款時間嗎？你們在本季調整利率的時間是否比預期的要晚一些？--

It's probably all of those things. Your modeling isn't perfect. So I think it is probably a little bit on the deposit timing of when those things get moved and implemented.

可能所有這些事情都是這樣的。你的建模並不完美。因此，我認為這可能與這些事情的移動和實施的時間有關。

[Annually].

[每年]

I don't think it's an interest reversal that caused it, but I think it's -- and it might be -- the timing of our sub debt and making sure that got recorded in our model, not sure that was picked up by our model or not as well. Or sub debt went from fixed to floating, so it might have been an impact as well.

我不認為這是由利率逆轉引起的，但我認為這是——也可能是——我們的次級債務的時機，並確保這一點被記錄在我們的模型中，不確定這是否也被我們的模型所採納。或次級債務從固定變成浮動，因此也可能產生影響。

Got it. And then for the quarter, I think you mentioned that the core loan yield was 592, which is about 15 basis points below the total loan yield. Just wondering if that is -- I guess, what's in that? Is that prepay, is that accretion? Is that nonaccrual reversal? What are the components there? And then has that been a typical differential from the core in the stated loan yield over the past couple of quarters? Or is that either light or outsized?

知道了。然後就本季而言，我記得您提到核心貸款收益率為 592，比總貸款收益率低約 15 個基點。只是想知道那是──我猜，那裡面是什麼？這是預付款嗎？這是不提逆轉嗎？那裡有哪些組件？那麼，在過去幾季中，貸款報酬率與核心報酬率之間是否存在典型的差異？或者說它要么輕要么大？

It's such a moving piece. That's why I give you both. So the yield is for the quarter. And so rates are moving throughout the quarter, right, depending on when the Fed is doing the timing of originations, timing of payoffs, all of those things go into it as well as any accretion income and fees that are getting amortized over the loan -- the life of the loan. The accretion is typically very stable. So that's not something that's moving it much. We haven't seen a lot of prepayments these days. So that's really not driving it as well.

這真是一部感人的作品。這就是我把這兩樣都給你們的原因。這是本季的收益率。因此，利率在整個季度中都在變動，這取決於聯準會何時確定發放貸款的時間、何時支付貸款的時間，所有這些因素都會影響利率，以及在貸款期限內攤銷的任何累積收入和費用。吸積通常非常穩定。所以這不會對它產生太大的影響。最近我們沒有看到很多預付款。所以這其實也沒有起到什麼推動作用。

So I would say it's just really the timing of when the Fed has been moving rates, how rates are -- and when those rates reprice in the system itself. Some loans reprice the next day, some reprice the first of the next month.

所以我想說，這實際上只是聯準會調整利率的時機、利率如何——以及這些利率在系統本身中重新定價的時間。有些貸款在第二天重新定價，有些在下個月的第一天重新定價。

And so all of those things go into it. So that's why I kind of give you, hey, what's the coupon on the book at the end of the quarter because that kind of has everything in as of that moment and then -- and you can see what the loan yields are for the quarter as well. And I can see how you try to size those up.

所有這些因素都參與其中。所以這就是為什麼我會給你，嘿，季度末帳簿上的息票是多少，因為這個數字包含了當時的一切，然後——你也可以看到該季度的貸款收益率是多少。我能看出你是如何嘗試去衡量這些的。

Yeah. Got it. And then I think the originations were about $491 million this quarter. Sorry if I missed it, but did you mention what the origination yields were there?

是的。知道了。我認為本季的發起金額約為 4.91 億美元。抱歉，如果我錯過了，但你有沒有提到起源收益是多少？

Yeah, it was 734 basis points.

是的，是 734 個基點。

Got it. And then with regards to the merger with Berkshire, you guys had mentioned upon the announcement, the contemplation of maybe outside actions with regards to managing the CRE concentration ratio pro forma any -- has that -- have you guys made any progress there? Is there anything being more specifically being discussed?

知道了。然後關於與伯克希爾的合併，你們在公告中提到，考慮採取外部行動來管理 CRE 集中度比率，你們在這方面取得任何進展了嗎？是否有更具體的討論內容？

Nothing in addition to what we've already discussed. I think when we talked about this, we had already had plans to reduce our CRE concentration over time. This accelerates that simply because the building capital is very, very helpful as well to the transaction. But it also gives us a lot of flexibility down the road if we want to do something more. But we have not worked -- we're not providing any information around that.

除了我們已經討論過的內容之外，沒有其他內容。我想當我們談論這個問題的時候，我們已經有計劃隨著時間的推移降低我們的 CRE 濃度了。這會加速這個過程，因為建設資本對於交易也非常有幫助。但如果我們想做更多的事情，它也為我們帶來了很大的靈活性。但我們並未採取任何行動—我們沒有提供任何資訊。

Got it. And then last one for me, just on the reserve from here, you guys have maybe a couple of adjustments in the ratings the past couple of quarters. I was wondering if you had what the impact was on the overall reserve level, and I think you have a target kind of steady-state targets for those weightings, which indicate maybe a slight more shift in the coming quarters. Is that something that you think kind of occurs near term or it happens over time?

知道了。對我來說最後一個問題是，從現在開始，你們在過去幾季的評分中可能做了一些調整。我想知道這對整體儲備水平有什麼影響，我認為你對這些權重有一個目標，即穩定狀態的目標，這表明未來幾季可能會有輕微的變化。您認為這是會在短期內發生還是會隨著時間的推移而發生？

I think that just happens over time. The Moody's scenarios have been changing. Our credit folks take a hard look at that and see what's going on with that and to see what's appropriate. And so we adjust those weightings as we feel is appropriate. As you know, we've been moving more away -- more from the recessionary environment and more towards a more balanced look at the market. I would expect that to continue, but I don't know if that's really going to happen or not.

我認為隨著時間的推移，這種情況就會發生。穆迪的預測情況一直在改變。我們的信貸人員會仔細審查這個問題，以了解情況並決定採取何種適當措施。因此，我們會根據自己的認為適當的情況調整這些權重。正如你們所知，我們已經逐漸遠離經濟衰退的環境，並開始以更平衡的眼光看待市場。我希望這種情況能繼續下去，但我不知道這是否真的會發生。

That's quarter-by-quarter.

這是按季度進行的。

That's a management decision. At the end of the day and with a lot of smart folks in the room that decide that. But I think as far as -- we saw the reserve or the reserve for loan losses declined 3 basis points, I think, in the quarter to 128, still a very, very healthy reserve. And so I feel the team is doing a great job.

這是管理層的決定。最終，房間裡的許多聰明人會做出這個決定。但我認為就我們所知——我們看到準備金或貸款損失準備金在本季度下降了 3 個基點，我認為，至 128，仍然是一個非常非常健康的準備金。所以我覺得這個團隊做得很好。

Got it. And just -- I mean, it might be too specific, but I'm just like wondering how much like that last -- if you guys were to shift to the neutral targets. Next quarter, does -- do you know if that has like a 1 or a 2 or a 3 basis point kind of impact?

知道了。而且——我的意思是，它可能太具體了，但我只是想知道如果你們轉向中立目標，情況會有多大程度上如此。下個季度，您知道這是否會產生 1 個、2 個或 3 個基點的影響嗎？

Yeah. I don't have insight into that because a lot of it is based on what the underlying scenarios are. For instance, the baseline scenario for -- the Moody's decreased the CRE price index quite a bit. And we actually -- that's certainly more reasonable. That's a more reasonable outlook. And so we waited that a little heavier, the baseline outlook on that. So those are the things that go into.

是的。我對此沒有深刻的了解，因為很多都是基於潛在的場景。例如，穆迪的基準情境顯示，CRE 物價指數大幅下調。而我們實際上——這當然更合理。這是一個更合理的觀點。因此，我們等待的時間更長一些，這是對此的基本展望。這些都是需要考慮的事情。

So if you just moved it, so if you would run this thing in Q4 using your baseline scenario are very -- I should say, baseline scenario, but more weighted towards a normal weightings, I would say it's probably between $6 million and $10 million on the reserve. I'm guessing though, to be honest with you. So hopefully, that's helpful.

因此，如果您只是移動它，那麼如果您在第四季度使用基線情景來運行這個東西，那麼我應該說，基線情景，但更偏向於正常權重，我會說它的儲備金可能在 600 萬美元到 1000 萬美元之間。不過，老實說，我只是在猜測。希望這會有所幫助。

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。我想將會議交還給佩羅先生，請他作最後發言。

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

謝謝，艾米麗，感謝大家今天下午加入我們，我們期待下個季度再次與您交談。再會。

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝您參加今天的演講。您現在可以斷開連線。