Cathay General Bancorp (CATY) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to Cathay General Bankcorp's third quarter of 2024 earnings conference call.

女士們、先生們，下午好，歡迎參加國泰綜合銀行 2024 年第三季財報電話會議。

My name is Rocco and I will be your coordinator for today.

我叫 Rocco，我將擔任你們今天的協調員。

At this time all participants are in listen-only mode.

此時所有參與者都處於只聽模式。

Following the prepared remarks, there will be a question-and-answer session.

在準備好的發言之後，將進行問答環節。

(Operator Instructions) Today's call is being recorded and will be available for replay at www.cathaygeneralbankcorp.com.

（操作員說明）今天的通話正在錄音，並將在 www.cathaygeneralbankcorp.com 上重播。

Now I would like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp.

現在我想把電話轉給國泰綜合銀行投資者關係部的 Georgia Lo。

Thank you, Rocco, and good afternoon.

謝謝你，羅科，下午好。

Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer.

我們的總裁兼執行長劉暢先生今天在這裡討論財務表現；以及我們的執行副總裁兼財務長陳恆先生。

Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

在我們開始之前，我們想提醒您，本次電話會議的發言者可能會根據1995 年《私人證券訴訟改革法案》的適用條款就未來結果和事件做出前瞻性陳述，並且這些陳述受到某些因素的影響。

These risks and uncertainties are further described in the company's annual report on form 10-K for the year ended December 31, 2023, at item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time.

這些風險和不確定性在公司截至 2023 年 12 月 31 日的 10-K 表格年度報告（特別是第 1A 項）以及不時向美國證券交易委員會提交的其他報告和文件中進行了進一步描述。

As such, we caution you not to place undue reliance on such forward-looking statements.

因此，我們提醒您不要過度依賴此類前瞻性陳述。

Any forward-looking statement speaks only as of the date on which it is made and except as inquired by law, we undertake no obligation to update or review any forward-looking statements to reflect future circumstances, developments or events or the occurrence of unanticipated events.

任何前瞻性聲明僅代表發布之日的情況，除非法律要求，我們沒有義務更新或審查任何前瞻性聲明以反映未來情況、事態發展或事件或意外事件的發生。

This afternoon, Cathay General Bancorp issued an earnings release outlining its third-quarter 2024 results.

今天下午，國泰綜合銀行發布了一份財報，概述了 2024 年第三季的業績。

To obtain a copy of our earnings release as well as our earnings presentation, please visit our website at www.cathaygeneralbankcorp.com. After comments by management today, we will open up this call for questions.

如需我們的收益發布以及收益介紹的副本，請造訪我們的網站：www.cathaygeneralbankcorp.com。今天管理層發表評論後，我們將開始本次提問。

I will now turn the call over to our President and Chief Executive Officer, Mr. Chang Liu.

現在我將把電話轉給我們的總裁兼執行長劉暢先生。

Thank you, Georgia, and good afternoon.

謝謝你，喬治亞，下午好。

Welcome to our 2024 third-quarter earnings conference call.

歡迎參加我們的 2024 年第三季財報電話會議。

This afternoon, we reported net income of $67.5 million for Q3 2024, a 1% increase as compared to $66.8 million in Q2.

今天下午，我們報告了 2024 年第三季的淨利潤為 6,750 萬美元，比第二季的 6,680 萬美元成長了 1%。

Diluted earnings per share increased 2.2% to $0.94 per share for the third quarter as compared to $0.92 per share in Q2.

第三季稀釋每股收益成長 2.2%，達到每股 0.94 美元，第二季為每股 0.92 美元。

During the third quarter of 2024 we repurchased 832,460 shares of our common stock at an average cost of $42 per share, with $35 million under our May 2024, $125 million stock buyback program.

2024 年第三季度，我們以每股 42 美元的平均成本回購了 832,460 股普通股，其中根據 2024 年 5 月 1.25 億美元的股票回購計劃回購了 3,500 萬美元。

We anticipate continuing to repurchase around $35 million in stock per quarter in Q4 and Q1 2025, depending on the market conditions.

我們預計 2025 年第四季和第一季將根據市場狀況繼續每季回購約 3,500 萬美元的股票。

In Q3 2024, total growth loans increased $16 million or 0.3% annualized primarily driven by increases of $89 million or 4% annualized in CRE loans and $16 million or 2% annualized in C&I loans, offset by decreases of $40 million or 3% annualized in residential mortgages and HELOC and $50 million or 47% annualized in construction loans.

2024 年第三季度，成長貸款總額增加了1,600 萬美元，年化成長率為0.3%，主要是由於商業房地產貸款增加了8,900 萬美元，年化成長率為4%，工商業貸款增加了1,600 萬美元，年化成長率為2%，但被商業房地產貸款增加了4,000 萬美元，年化成長率為3% 所抵消。

We expect loan growth for 2024 to be between minus 1% and 0% based on the loan trend so far in 2024.

根據 2024 年迄今的貸款趨勢，我們預計 2024 年的貸款成長將在 -1% 至 0% 之間。

Slide 6, shows the percentage of loans in each major loan portfolio that are either fixed rate or hybrid loans in their fixed rate period.

投影片 6 顯示了每個主要貸款組合中固定利率貸款或固定利率期間混合貸款的百分比。

Our loan portfolio consists of 63% fixed rate and hybrid loans excluding fixed to flow interest rate swaps on 4.5% of total loans.

我們的貸款組合包括 63% 的固定利率和混合貸款，不包括佔總貸款 4.5% 的固定利率互換。

Fixed rate loans comprise 3% of total loans and hybrid in fixed rate period comprise 33% of total loans.

固定利率貸款佔貸款總額的3%，固定利率期限的混合貸款佔貸款總額的33%。

We expect these fixed rate loans to support our loan yields as market rates are expected to decline.

我們預計這些固定利率貸款將支持我們的貸款收益率，因為市場利率預計將下降。

We continue to monitor our commercial real estate loans.

我們繼續監控我們的商業房地產貸款。

Turning to slide 8 of our earnings presentation.

轉向我們收益簡報的幻燈片 8。

As of September 30, 2024, the average loan to value of our CRE loans was 49%.

截至2024年9月30日，我們的商業房地產貸款的平均貸款價值率為49%。

As of September 30, 2024, our retail property loan portfolio is shown on site nine comprised of 24% of our total CRE loan portfolio or 12% of our total loan portfolio. 90% of the $2.4 billion in retail property loans secured by retail store, building, neighborhood mixed use or strip centers only 9% is secured by shopping centers.

截至 2024 年 9 月 30 日，我們的零售房地產貸款組合顯示在網站 9 上，占我們商業房地產貸款組合總額的 24% 或貸款組合總額的 12%。在 24 億美元的零售房地產貸款中，90% 由零售商店、建築、鄰裡混合用途或地帶中心擔保，只有 9% 由購物中心擔保。

On slide 10, office property loans represent 15% of our total CRE loan portfolio or 8% of our total loan portfolio.

在投影片 10 上，辦公室物業貸款占我們 CRE 貸款組合總額的 15% 或貸款組合總額的 8%。

Only 35% of the $1.5 billion in office property loans are collateralized by pure office buildings.

在 15 億美元的辦公大樓物業貸款中，只有 35% 由純辦公室作為抵押。

Only 3% are in central the business districts. 38% of office property loans are collateralized by office retail stores, office mixed use and medical offices and the remainder 27% are collateralized by office on those.

只有 3% 位於中央商務區。 38% 的辦公物業貸款由辦公零售店、辦公室混合用途和醫療辦公室抵押，其餘 27% 由辦公大樓抵押。

For Q3 2024 we reported net charge offs of $4.2 million as compared to $8 million in Q2.

我們報告 2024 年第三季的淨沖銷額為 420 萬美元，而第二季為 800 萬美元。

Our non-accrual loans were 0.84% of total loans as of September 30, 2024 which increased $55.5 million to $162.8 million, as compare to Q2.

截至 2024 年 9 月 30 日，我們的非應計貸款佔總貸款的 0.84%，與第二季相比增加了 5,550 萬美元，達到 1.628 億美元。

The increase in non-accrual loans during Q3 2024, came primarily from a $38 million loan relationship that was placed on non-accrual due to interest delinquency of more than 90 days on $19 million of those loans.

2024 年第三季非應計貸款的增加主要來自 3,800 萬美元的貸款關係，由於其中 1,900 萬美元的貸款拖欠利息超過 90 天，該貸款關係被置於非應計貸款關係。

Of this loan relationship $11.2 million is a real estate loan where the borrower is looking for another lender.

在這種貸款關係中，1,120 萬美元是一筆房地產貸款，借款人正在尋找另一家貸款人。

The borrower is also seeking new financing to repay commercial loans in this relationship.

借款人也正在尋求新的融資來償還這種關係中的商業貸款。

We expect the loan delinquency to be resolved in the next few months.

我們預計貸款拖欠問題將在未來幾個月內解決。

The other large new non-accrual loan is a $12.7 million real estate loan in Hong Kong secured by four rental properties with no projected loss.

另一筆新的巨額非應計貸款是一筆 1,270 萬美元的香港房地產貸款，由四處出租物業擔保，預計不會造成損失。

During the third quarter, we also sold our largest non-accrual loan, a $23 million construction loan and recover $1.9 million of back interest.

第三季度，我們還出售了最大的非應計貸款，即 2,300 萬美元的建築貸款，並收回了 190 萬美元的利息。

Turning to slide 12 as of September 30, 2024.

請參閱截至 2024 年 9 月 30 日的幻燈片 12。

Classified loans increased to $382 million from $324 million in Q2 mainly due to the placement of the $38 million loan relationship discussed above during accrual.

分類貸款從第二季的 3.24 億美元增加到 3.82 億美元，主要是由於應計期間上述 3,800 萬美元貸款關係的安置。

And our special mention loans increased to $203 million from $202 million in Q2.

我們的特別關注貸款從第二季的 2.02 億美元增加到 2.03 億美元。

We recorded a provision for credit loss of $14.5 million in Q3 2024 as compared to a $6.6 million provision for credit losses for Q2.

我們在 2024 年第三季的信用損失準備金為 1,450 萬美元，而第二季的信用損失準備金為 660 萬美元。

This increased the reserve to loan ratio from 0.79% for Q2 to 0.85% for Q3.

這使得準備金率從第二季的 0.79%提高到第三季的 0.85%。

However, excluding our residential mortgage portfolio which has historically have very low loss content.

然而，不包括我們的住宅抵押貸款投資組合，該投資組合歷來損失含量非常低。

The total reserve to loan ratio would be 1.08%.

總準備率為1.08%。

Total deposits increased by $171 million or 3.5% annualized during Q3 2024.

2024 年第三季存款總額增加了 1.71 億美元，年化成長率為 3.5%。

Total core deposits increased $195 million or 7.8% annualized due to seasonal factors in marketing activities and total time deposits decreased $24 million or 1% annualized during Q3 2024.

由於行銷活動的季節性因素，核心存款總額增加了 1.95 億美元，年化成長率為 7.8%，而定期存款總額在 2024 年第三季減少了 2,400 萬美元，年化成長率為 1%。

The average number of months of time deposits is five months which will allow us to lower the cost of time deposits as deposit rates are expected to decline.

定期存款的平均期限為五個月，這將使我們能夠降低定期存款的成本，因為存款利率預計會下降。

As of September 30, 2024, total uninsured deposits were $8.4 billion net of $0.8 billion in collateralized deposits or 42.1% of total deposits.

截至 2024 年 9 月 30 日，扣除抵押存款 8 億美元後，未保險存款總額為 84 億美元，佔存款總額的 42.1%。

We have an unused borrowing capacity from the Federal Home Loan Bank of $7.2 billion and the Federal Reserve Bank of $438 million and unpledged securities of $1.5 billion as of September 30, 2024.

截至 2024 年 9 月 30 日，我們從聯邦住房貸款銀行和聯邦儲備銀行獲得的未使用借款能力為 72 億美元，未使用的借款能力為 4.38 億美元，未抵押證券為 15 億美元。

The sources of available liquidity more than covers 100% of uninsured and uncollateralized deposits as of September 30, 2024.

截至 2024 年 9 月 30 日，可用流動性來源超過 100% 的無保險和無抵押存款。

I will now turn the floor over to our Executive Vice President and Chief Financial Officer, Mr. Heng Chen to discuss quarterly financial results in more detail.

我現在將請我們的執行副總裁兼財務長陳恆先生更詳細地討論季度財務表現。

Thank you, Chang, and good afternoon, everyone.

謝謝張老師，大家下午好。

For Q3 2024, net income increased $0.7 million or 1% to $67.5 million compared to $66.8 million for Q2 primarily due to increases of $3.8 million in net interest income and $7.1 million in noninterest income and $2.5 million decreases in noninterest expense, offset by $7.9 million increase in provision for credit losses and 4.9 million increase in income tax expense.

2024 年第三季度，淨利潤增加70 萬美元或1%，達到6,750 萬美元，而第二季度為6,680 萬美元，主要是由於淨利息收入增加380 萬美元，非利息收入增加710 萬美元，非利息支出減少250 萬美元，被790 萬美元抵銷信貸損失撥備增加，所得稅費用增加490萬元。

Net income for Q3 2024 was reduced by $2.2 million or $0.03 per share from the true-up of loan composing tax credits, recorded for 2023.

由於 2023 年記錄的貸款構成稅收抵免的調整，2024 年第三季的淨利潤減少了 220 萬美元，即每股 0.03 美元。

Q3, 2024 net interest margin was 3.04% as compared to 3.01% for Q2.

2024 年第三季淨利差為 3.04%，而第二季為 3.01%。

With the first starting of the rate cutting cycle, our net interest margin appears to have bottomed out and began to increase.

隨著降息週期的首次啟動，我們的淨利差似乎已經觸底並開始上升。

We anticipate that the net interest margin for 2024 they range between 3.05% and 3.10%.

我們預計 2024 年的淨利差將在 3.05% 至 3.10% 之間。

In Q3, interest recoveries and prevent penalties added 5 basis points to the net interest income as compared to adding 2 basis points in net interest margin for Q2.

第三季度，利息追收和預防處罰使淨利息收入增加了 5 個基點，而第二季度的淨利差增加了 2 個基點。

Non-interest income for Q3 2024 increased $7.2 million to $20.4 million when compared to $13.2 million in Q2 2024.

2024 年第三季的非利息收入增加了 720 萬美元，達到 2,040 萬美元，而 2024 年第二季的非利息收入為 1,320 萬美元。

The increase was primarily due to a $5.7 million increase, (inaudible) market and gain on equity securities.

這一增長主要是由於 570 萬美元的增長、（聽不清楚）市場和股本證券的收益。

Non-interest expenses decreased by $2.5 million, 2.5% to $96.9 million in Q3 2024 when compared to $99.4 million in Q2.

2024 年第三季非利息支出從第二季的 9,940 萬美元減少 250 萬美元，降至 9,690 萬美元，降幅為 2.5%。

This increase was primarily due to $1.2 million in lower professional expense and $1.2 million in lower operating expenses, lower other operating expenses.

這一增長主要是由於專業費用減少了 120 萬美元，營運費用減少了 120 萬美元，其他營運費用也減少了。

The effective tax rate for Q3 2024 was 13.6% as compared to 7.9% for Q2.

2024 年第三季的有效稅率為 13.6%，而第二季為 7.9%。

We expect an effective tax rate between 10.5% and 11.5% for 2024.

我們預計 2024 年的有效稅率將在 10.5% 至 11.5% 之間。

The solar tax credit investment amortization is expected to be $32.5 million in 2024 with $1.5 million in Q4.

太陽能稅收抵免投資攤銷預計到 2024 年為 3,250 萬美元，其中第四季為 150 萬美元。

A true-up of low income housing tax credits for 2023 added $2.2 million to third quarter 2024 income tax expense.

2023 年低收入住房稅收抵免的調整使 2024 年第三季所得稅費用增加了 220 萬美元。

As of September 30, 2024, year one leverage capital ratio increased to 10.82% as compared to 10.83% as of June 30, 2024.

截至2024年9月30日，第一年槓桿資本比率從截至2024年6月30日的10.83%增加至10.82%。

Our tier one risk based capital ratio increased to 13.33% from 13.26% as of June 30, 2024.

截至2024年6月30日，我們的一級創投比率從13.26%增加到13.33%。

And our total risk based capital ratio increased to 14.88% from 14.74% as of June 30, 2024.

截至 2024 年 6 月 30 日，我們的總創投比率從 14.74% 增加至 14.88%。

Thank you Heng, we will now proceed to the question-and-answer portion of the call.

謝謝 Heng，我們現在將進入電話會議的問答部分。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

Thanks.

謝謝。

Good afternoon.

午安.

I wanted to ask first about the increase in the loan loss reserve in the quarter, the $10 million increase.

我想先詢問本季貸款損失準備金的增加情況，增加了 1000 萬美元。

Was that related to the $38 million loan relationship that went on non-accrual in the quarter or any other changes that you made to the model or any inputs there?

這是否與本季度非應計的 3800 萬美元貸款關係有關，或者您對模型或其中的任何輸入所做的任何其他更改？

Yeah, Gary, this is that $30 million loan.

是的，加里，這就是那筆 3000 萬美元的貸款。

We did not have any specific reserves against.

我們沒有任何具體的儲備金。

So we mainly added the extra $10 million out of charge offs, just to bolster our reserves.

所以我們主要是額外增加了 1000 萬美元的沖銷，只是為了增加我們的準備金。

So its general reserves.

所以它的一般儲備。

Okay, thank you.

好的，謝謝。

And then as we look up to 2025 the fixed of loans and then the fixed loans that become hybrid loans.

然後，我們展望 2025 年的固定貸款，然後固定貸款將成為混合貸款。

Can you give us an idea of the maturity schedule of the fixed loans and then how much of those fixed loans enter a hybrid period next year?

您能否介紹一下固定貸款的到期時間表以及明年有多少固定貸款進入混合期？

I don't have that handy.

我沒有那個方便。

Give me a couple of days, and I'll get back to you.

給我幾天時間，我會回覆你。

But most of those hybrid loans are residential mortgage.

但這些混合貸款大部分是住宅抵押貸款。

All right.

好的。

Thank you.

謝謝。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hey, good afternoon.

嘿，下午好。

If I could just start on the CD re-pricing, it's good to see the time deposit cost leveled out in the third quarter.

如果我可以開始對定期存款重新定價，那麼很高興看到定期存款成本在第三季趨於平穩。

Just curious as you look at the fourth quarter how much is coming up for maturity and then relative to your average cost right now, where -- what's the kind of backbook cost of what's rolling off in the fourth quarter?

只是好奇，當你看看第四季度有多少資金即將到期時，然後相對於你現在的平均成本，第四季度滾動的帳簿成本是多少？

And where are you pricing new CDs at today?

今天新 CD 的定價是多少？

So I can start with that, in the fourth quarter, maturing CDs is going to be about $3.49 billion.

首先，我可以說，第四季到期的 CD 價值約為 34.9 億美元。

The average yield on those maturing CD is about 4.82%.

到期CD的平均收益率約為4.82%。

Depending upon where, what kind of tenure the clients choose, whether it's 6 months or 12 months.

根據客戶選擇的地點、期限，是 6 個月還是 12 個月。

Those rates are going to be in the low to mid-4s.

這些利率將在 4 左右左右。

Right.

正確的。

Yeah.

是的。

And then we have about $600 million that is a maturing in January and early February from our Chinese New Year promotion.

我們還有約 6 億美元的農曆新年促銷活動將於 1 月和 2 月初到期。

That's the one year CDs and those were at 4.85% and they'll roll down to hopefully to the low 4s, maybe 4.20%, 4.30%.

這是一年期的 CD，利率為 4.85%，預計將下降到 4%，也許是 4.20%、4.30%。

And the last thing we have another $800 million or six month Chinese promotion CDs that matured in July and in early August.

最後，我們還有另外 8 億美元或六個月的中國促銷 CD，已於 7 月和 8 月初到期。

So they we price them down by 20 basis points, but when they come up for renewal in January and February, there'll be another 60 basis points or so in reduction on those.

因此，我們將它們的價格下調了 20 個基點，但是當它們在 1 月和 2 月更新時，還會再降低 60 個基點左右。

Okay.

好的。

Very good.

非常好。

I appreciate it.

我很感激。

If I could just ask one more on the on the expense side, just making sure I have the guidance correctly.

如果我能在費用方面再問一個問題，確保我得到了正確的指導。

It looks like to get to the stated full year expense growth range on the core expense side.

核心費用方面似乎已達到規定的全年費用增長範圍。

It implies kind of a moderation again by, a few million dollars off the core run rate in 4Q '24 a similar move to what we saw this quarter.

這意味著 24 年第四季的核心運行率將再次放緩，與我們本季看到的情況類似。

Does that sound right?

聽起來對嗎？

Should we expect the core expenses to step down by a few million bucks or so in 4Q?

我們是否應該預期第四季核心費用會減少數百萬美元左右？

I think they'll be close to Q3.

我認為他們將接近第三季。

But we have this our largest project, which is the -- to improve our deposit opening process and that should be finished in Q3.

但我們有一個最大的項目，即改善我們的存款開立流程，應該在第三季完成。

So we'll save something there.

所以我們會在那裡保存一些東西。

But if we're off, it's just a couple of Andrew from our guidance.

但如果我們離開了，那距離我們的指導只有幾個安德魯了。

Okay.

好的。

Very good.

非常好。

Thank you for taking the questions.

感謝您提出問題。

I'll step back.

我會退後一步。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Hi, this is Nick Moutafakis is on for Chris.

大家好，我是尼克·穆塔法基斯 (Nick Moutafakis) 為克里斯代言。

Maybe just tell me the start real quick on the amortization for low income housing is $10 million still a good run rate for the fourth quarter.

也許只是告訴我，低收入住房攤銷的真正快速開始是 1000 萬美元，對於第四季度來說仍然是一個不錯的運行率。

Yeah.

是的。

Okay.

好的。

And then just on the buyback, I know you said $35 million for this quarter.

然後就回購而言，我知道您說本季為 3500 萬美元。

But any reason to deviate as you look into 2025 for re-up the authorization just given the capital levels?

但是，當您展望 2025 年，在考慮到資本水準的情況下重新增加授權時，有什麼理由偏離呢？

Well, the board will consider that when we're done with this one.

好吧，當我們完成這件事後，董事會會考慮這一點。

But we probably do the same signs, maybe we will increase it instead of $125 million we will increase it to $150 million for the buyback, but we’ll have to see how things are.

但我們可能會做同樣的事情，也許我們會增加回購金額，而不是 1.25 億美元，我們會將其增加到 1.5 億美元，但我們必須看看情況如何。

Okay, thank you for taking my questions.

好的，謝謝你回答我的問題。

Yeah, thanks.

是的，謝謝。

Adam Butler with Piper Sandler.

亞當·巴特勒和派珀·桑德勒。

Hey everyone.

嘿大家。

This is Adam on for Matthew Clark.

這是馬修克拉克的亞當。

If I look at your NIM guide, the low end would assume about a 3 basis point increase from this prior quarter and the upside high end would be even more.

如果我看一下你們的 NIM 指南，低端會比上一季增加約 3 個基點，而高端會更高。

Do you guys happen to have the spot rate on loans deposits and or the NIM at the end of the quarter or for the month of September?

你們有季度末或九月的貸款存款即期利率和/或淨利差嗎？

Yeah.

是的。

So for the quarter, our spot rates on the residential mortgage is about seven compared to portfolio is about 5.6% and mid-5s.

因此，本季度，我們的住宅抵押貸款即期利率約為 7%，而投資組合利率約為 5.6%，約為 5%。

Our spot rate for commercial real estate is in the mid -- about around the mid-6s compared to our portfolio average yield that right at basically the 6% mark and for the C&I loans our spot rate is usually at prime and the portfolio yield is about 8.4%.

與我們的投資組合平均收益率（基本上為6%）相比，我們的商業房地產即期利率處於中間位置，約為6 左右，而對於C&I 貸款，我們的即期利率通常處於最高水平，投資組合收益率為約8.4%。

And thank you for that.

謝謝你。

And then, I was also curious about the deposits and the names you have that.

然後，我也對存款和你的名字感到好奇。

Yeah, so the deposits it's -- I mean we can get you by categories.

是的，所以存款——我的意思是我們可以按類別找到你。

So now period end account rate is 1.2%, savings is 1.83%, money market 3.58%, CDs is 4.58%.

所以現在期末帳戶利率是1.2%，儲蓄是1.83%，貨幣市場是3.58%，CD是4.58%。

So the total interest bearing is at 9.30% million is 3.82%.

因此總利息為 9.30%，百萬為 3.82%。

And then the NIM for September, it has a quite a bit of interest recovery on that September NIM was 3.17%.

然後是 9 月的 NIM，9 月的 NIM 為 3.17%，有相當大的利息恢復。

Okay.

好的。

That's very helpful.

這非常有幫助。

And if I could ask just one more question.

如果我能再問一個問題就好了。

It looks like the non-performers increased primarily due to that $38.1 million relationship, but it looks like a little bit more migrated as well.

看起來不良者的增加主要是由於 3810 萬美元的關係，但看起來也有更多的遷移。

Do you guys haven’t -- can you guys provide any color on the remaining migration during the quarter?

你們能提供有關本季度剩餘遷移的任何資訊嗎？

Yeah, one of them was the one we were talking about in Hong Kong that has secured by three retail center collaterals and that was about $12.7 million.

是的，其中之一就是我們在香港談論的那家，它由三個零售中心抵押品擔保，價值約 1,270 萬美元。

Okay.

好的。

Thank you.

謝謝。

I appreciate you guys taking the questions.

我很感謝你們提出問題。

Thank you

謝謝

(Operator Instructions) I want to thank everybody for joining us on our call.

（操作員說明）我要感謝大家加入我們的電話會議。

Thank you for your participation.

感謝您的參與。

I will now turn the call back over to Cathay General Bankcorp’s management for closing remarks.

現在，我將把電話轉回國泰綜合銀行管理層，讓他們發表結束語。

I want to thank everyone for joining us on our call and we look forward to speaking with you at our next quarterly earnings release call.

我要感謝大家參加我們的電話會議，我們期待在下一個季度收益發布電話會議上與您交談。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This includes the presentation you.

這包括您的演示。

You may now disconnect and good day.

您現在可以斷開連接了，美好的一天。