Civista Bancshares Inc (CIVB) 2023 Q4 法說會逐字稿

Before we begin, I would like to remind you that this conference call may contain forward-looking statements with respect to the future performance and financial condition of Civista Bancshares, Inc. that involves risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

在開始之前，我想提醒您，本次電話會議可能包含有關 Civista Bancshares, Inc. 未來業績和財務狀況的前瞻性陳述，其中涉及風險和不確定性。各種因素可能導致實際結果與此類前瞻性陳述明示或暗示的任何未來結果有重大差異。

These factors are discussed in the company's SEC filings, which are available on the company's website. The company disclaims any obligation to update any forward-looking statements made during the call. Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute the most directly comparable GAAP measures.

這些因素在公司向 SEC 提交的文件中進行了討論，這些文件可在公司網站上查看。該公司不承擔更新電話會議期間所做的任何前瞻性陳述的義務。此外，管理階層可能會參考非公認會計準則衡量標準，這些衡量標準旨在補充但不能取代最直接可比較的公認會計準則衡量標準。

The press release also available on the company's website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures. This call will be recorded and made available on Civista Bancshares website at www.civb.com.

新聞稿還包含今天要討論的財務和其他定量資訊以及 GAAP 與非 GAAP 指標的調整表，該新聞稿也可在公司網站上取得。本次通話將會被錄音並在 Civista Bancshares 網站 www.civb.com 上公佈。

At the conclusion of Mr. Schafer's remarks, he and the Civista management team will take any questions you may have.

在 Schafer 先生發言結束時，他和 Civista 管理團隊將回答您可能提出的任何問題。

Now I will turn the call over to Mr. Shaffer

現在我會把電話轉給謝弗先生

Good afternoon. This is Dennis Shaffer, President and CEO of Civista Bancshares, Inc., and I would like to thank you for joining us for our fourth-quarter 2023 earnings call. I am joined today by Rich Dutton, SVP of the company and Chief Operating Officer of the bank; and Chuck Parcher, SVP of the company and Chief Lending Officer of the bank; and other members of our executive team.

午安.我是 Civista Bancshares, Inc. 的總裁兼執行長 Dennis Shaffer，感謝您參加我們的 2023 年第四季財報電話會議。今天與我一起出席的還有該公司資深副總裁兼銀行營運長 Rich Dutton；以及該公司資深副總裁兼銀行首席貸款官 Chuck Parcher；以及我們執行團隊的其他成員。

This morning, we reported net income for the fourth quarter of $9.7 million or $0.62 per diluted share, which represents a 20.5% decrease from our fourth quarter in 2022. Our full-year net income represented record earnings of $43 million or $2.73 per diluted share, which represents a 9% increase over our 2022 performance. Our fourth-quarter and year-to-date performance was set up by continued strong growth in our loan and lease portfolio, excluding the participation adjustment, which grew at an annualized rate of 15.5% for the quarter and 12.4% year-to-date.

今天早上，我們報告第四季淨利潤為 970 萬美元，即稀釋後每股收益 0.62 美元，比 2022 年第四季下降 20.5%。我們的全年淨利潤達到創紀錄的 4,300 萬美元，即稀釋後每股收益 2.73 美元，比 2022 年業績成長 9%。我們第四季和年初至今的業績得益於我們的貸款和租賃投資組合的持續強勁增長（不包括參與調整），該投資組合本季的年化增長率為15.5%，年初至今的年化增長率為12.4% 。

We added new and renewed commercial loans at a yield of 7.94% during the quarter and new equipment finance loans and leases at a yield of 9.80% during the quarter. Demand came from all areas of our footprint as we continue to strengthen market share in most of our markets and add new customers in our urban market. While we do not anticipate continuing to grow at this pace, we do anticipate continued growth at a single-digit pace in 2024.

本季我們新增和續約的商業貸款的收益率為 7.94%，新增設備融資貸款和租賃的收益率為 9.80%。隨著我們繼續加強大多數市場的市場份額並在城市市場增加新客戶，需求來自我們足跡的各個領域。雖然我們預計不會繼續以這種速度成長，但我們確實預期 2024 年將繼續以個位數的速度成長。

Net interest income declined compared to our linked quarter, but increased 13.9% for the year in comparison to 2022. Competition for deposits is becoming a little bit more rational, but is still very intense. This led to a 5 basis point increase in our cost of deposits, excluding brokered to 72 basis points for the quarter.

與我們的相關季度相比，淨利息收入有所下降，但與 2022 年相比，全年增長了 13.9%。存款競爭逐漸趨於理性，但仍然非常激烈。這導致我們的存款成本增加 5 個基點（不包括經紀費用），本季存款成本增加至 72 個基點。

During the quarter, we began a measured approach to decreasing rates, taking on some of our higher-tier demand deposit accounts and select CDs. Excluding brokered and tax-related deposit accounts, our deposit balances were consistent compared to the linked quarter.

在本季度，我們開始採取謹慎的方法降低利率，採用一些較高等級的活期存款帳戶和精選存款證。不包括經紀和與稅收相關的存款帳戶，我們的存款餘額與相關季度相比保持一致。

All in, our funding costs increased by 47 basis points from our linked quarter to 2.19% as we funded much of our growth with wholesale funding. In the face of funding pressures, our margin compressed at the same case as it did during the previous quarter, coming in at 3.44% for the quarter and 3.7% year to date. Our yield on earning assets increased by 18 basis points during the quarter to 5.52% and was 5.35% year to date.

總而言之，我們的融資成本比相關季度增加了 47 個基點，達到 2.19%，因為我們透過批發融資為大部分成長提供了資金。面對資金壓力，我們的利潤率與上一季相同，本季為 3.44%，年初至今為 3.7%。本季我們的生息資產收益率增加了 18 個基點，達到 5.52%，今年迄今為 5.35%。

However, the cost of funding our balance sheet increased by 47 basis points during the quarter to 2.19% and was 1.72% year-to-date. Non-interest income was up 8.6% for the linked quarter, primarily on higher swap fee income, and it was up 27.8% year-to-date primarily on lease revenues. While we continue to complete our integration of our leasing division, we view them as a significant contributor to our non-interest income as we move into 2024 and beyond.

然而，本季資產負債表融資成本增加了 47 個基點，達到 2.19%，年初至今為 1.72%。相關季度的非利息收入增長了 8.6%，主要是由於掉期費收入增加，而年初至今增長了 27.8%，主要是由於租賃收入。在我們繼續完成租賃部門的整合的同時，我們認為，隨著我們進入 2024 年及以後，它們將成為我們非利息收入的重要貢獻者。

Our tangible book value grew to $15.10 compared to $12.60 at September 30, and $12.61 at December 31, 2022. And our TCE ratio increased to 6.36% from 5.49% at September 30 and 5.66% at December 31, 2022.

我們的有形帳面價值增至 15.10 美元，而 9 月 30 日為 12.60 美元，2022 年 12 月 31 日為 12.61 美元。我們的TCE比率從9月30日的5.49%和2022年12月31日的5.66%增加至6.36%。

This growth came from continued solid core earnings and a marked reduction in unrealized losses related to our securities portfolio. We will continue to focus on growing our TCE ratio during 2024.

這一增長來自於持續穩健的核心利潤以及與我們的證券投資組合相關的未實現損失的顯著減少。2024 年，我們將繼續致力於提高 TCE 比率。

Last week, we announced a quarterly dividend of $0.16 per share. This is consistent with our prior-quarter dividend and represents a 23% dividend payout ratio based on our 2023 earnings.

上週，我們宣布季度股息為每股 0.16 美元。這與我們上一季的股息一致，並且根據我們 2023 年的收益計算，股息支付率為 23%。

Our efficiency ratio for the quarter was 64.1% compared to 66.5% for the linked quarter and 65.2% year to date. However, if we were to back out the depreciation expense related to our operating leases, our efficiency ratio would have been 59.8% for the quarter and 61.3% year to date.

我們本季的效率為 64.1%，而上一季的效率為 66.5%，年初至今為 65.2%。然而，如果我們取消與經營租賃相關的折舊費用，本季我們的效率率為 59.8%，年初至今為 61.3%。

Our return on average assets was 1.02% for the quarter compared to 1.12% for our linked quarter. And our return on average equity was 11.34% for the quarter compared to 11.83% for the linked quarter. Year to date, our return on assets was 1.16% and our return on equity was 12.5%.

本季我們的平均資產報酬率為 1.02%，而相關季度的平均資產報酬率為 1.12%。本季我們的平均股本回報率為 11.34%，而上一季為 11.83%。年初至今，我們的資產回報率為 1.16%，股本回報率為 12.5%。

During the quarter, non-interest income increased $698,000 or 8.6% in comparison to the linked quarter and decreased $1.2 million or 12.3% in comparison to the prior-year fourth quarter. The primary drivers of the increase from our linked quarter were $454,000 in swap fees as borrowers took advantage of the inverted interest rate curve to lock in what they view as favorable rates.

本季非利息收入較上一季增加 698,000 美元，或 8.6%，較去年第四季減少 120 萬美元，成長 12.3%。我們關聯季度成長的主要驅動力是 454,000 美元的掉期費用，因為借款人利用倒掛利率曲線來鎖定他們認為有利的利率。

We also earned an annual $225,000 bonus from our debit brand partner that contributed to the increase. The primary driver for the decrease from the prior-year's quarter was an $874,000 decline in lease revenue in residuals as the higher interest rate environment put pressure on our leasing division's production.

我們還從我們的借記卡品牌合作夥伴那裡獲得了 225,000 美元的年度獎金，這也促成了這一增長。與去年同期相比下降的主要原因是剩餘租賃收入下降了 874,000 美元，因為較高的利率環境給我們的租賃部門的生產帶來了壓力。

In addition, we recorded $345,000 less and gains on the sale of loans and leases originated by our leasing division as our buyers paid lower premiums as their balance sheets became less liquid. Year to date, non-interest income increased $8.1 million or 27.8% in comparison to the prior year. The primary drivers of this increase were $5.3 million in lease revenue and residual fees.

此外，我們的租賃部門產生的貸款和租賃銷售收入減少了 345,000 美元，因為我們的買家因資產負債表流動性降低而支付了較低的保費。年初至今，非利息收入比前一年增加了 810 萬美元，即 27.8%。這一成長的主要驅動因素是 530 萬美元的租賃收入和剩餘費用。

This was a result of a full year's income from our leasing division, which we acquired in October 2022. These fees are primarily made up of operating lease payments and gains on sale of equipment at the end of the lease term.

這是我們於 2022 年 10 月收購的租賃部門全年收入的結果。這些費用主要由經營租賃付款和租賃期結束時出售設備的收益組成。

Also included in other non-interest income was a $1.5 million bonus we received for entering into a new debit brand agreement during the first quarter and $1.2 million in interim rent payments generated by our leasing division that we did not have in the prior year. Wealth management revenues for the quarter were consistent with the linked quarter and declined slightly year to date compared to the prior year. While we anticipate that market uncertainty will continue for some time, we continue to view the expansion of these services across our footprint as an opportunity to diversify and grow non-interest income.

其他非利息收入中還包括我們在第一季因簽訂新的借記品牌協議而獲得的 150 萬美元獎金，以及我們的租賃部門產生的 120 萬美元的臨時租金，而這是我們去年沒有的。本季的財富管理收入與上一季一致，但與去年同期相比略有下降。雖然我們預計市場不確定性將持續一段時間，但我們仍然將這些服務的擴展視為實現多元化和增加非利息收入的機會。

Non-interest expense for the quarter of $25.3 million represents a 5.4% decline from our linked quarter as we experienced improvement in nearly every line item of non-interest expense. Year to date, non-interest expense increased $17.1 million or 18.9% over the prior year. Much of this increase is attributable to growth from our acquisitions of Comunibanc and VFG in the third and fourth quarters of 2022.

本季的非利息支出為 2,530 萬美元，較上一季下降 5.4%，因為我們幾乎所有非利息支出項目均有所改善。年初至今，非利息支出比前一年增加了 1,710 萬美元，即 18.9%。這一成長很大程度上歸功於我們在 2022 年第三季和第四季收購 Comunibanc 和 VFG 的成長。

Our compensation expense increased $7.2 million or 14.2% over the prior year. The volt of increase is due to $5.2 million in additional salaries, commissions, and benefits attributable to new employees from last year's acquisition. The balance of this increase is attributable to normal benefit and merit increases.

我們的薪酬支出比前一年增加了 720 萬美元，即 14.2%。增加的原因是去年收購的新員工增加了 520 萬美元的薪資、佣金和福利。此增長的餘額歸因於正常福利和功績增長。

While we do have an additional seven branch offices as a result of our Comunibanc acquisition, the $6.7 million increase in occupancy and equipment expense was primarily due to an increase in depreciation expense on equipment related to our new leasing division. Equipment under an operating lease is owned and depreciated by Civista until the end of the lease term. Depreciation related to operating leases was $6.5 million year to date.

雖然由於收購 Comunibanc，我們確實增加了 7 個分支機構，但入住率和設備費用增加了 670 萬美元，主要是由於與我們新的租賃部門相關的設備折舊費用增加。經營租賃下的設備由 Civista 擁有並折舊，直到租賃期結束。今年迄今為止，與經營租賃相關的折舊為 650 萬美元。

The increase in other non-interest expense was primarily due to a $515,000 provision for credit losses on unfunded loan commitments. That was a new expense category resulting from our adoption of CECL in January. Like many in the industry, we experienced an increase of $400,000 in bad check losses year to date.

其他非利息支出的增加主要是由於無資金準備的貸款承諾的信貸損失準備金為 515,000 美元。這是我們一月份採用 CECL 後產生的一個新費用類別。與業內許多人一樣，今年迄今為止，我們的空頭支票損失增加了 40 萬美元。

Turning to the balance sheet. Year to date, our total loans, excluding the participation adjustment, grew by $315.1 million which includes $42.1 million of loans and leases originated by the leasing division. This represents annualized growth rate of 12.4%.

轉向資產負債表。年初至今，我們的貸款總額（不包括參與調整）增加了 3.151 億美元，其中包括租賃部門產生的 4,210 萬美元貸款和租賃。這意味著年增長率為 12.4%。

During our last call, I noted that a number of banks in our markets had curtailed their lending efforts, which created some opportunities for us to expand existing relationships and enter into some new relationships. As we move into 2024, we have noticed that the larger regional banks in our markets are becoming more active. So we do not expect the rate of loan growth we experienced during the quarter to continue into 2024.

在上次通話中，我注意到我們市場上的許多銀行都減少了貸款力度，這為我們擴大現有關係和建立一些新關係創造了一些機會。進入 2024 年，我們注意到市場上較大的區域銀行變得更加活躍。因此，我們預計本季的貸款成長率不會持續到 2024 年。

While we experienced increases in nearly every loan category, our most significant increases were in C&I, non-owner-occupied CRE loans, residential real estate loans, and lease financing receivables. The loans we are originating are virtually all adjustable rate loans and leases and all have maturities of five years or less.

雖然我們幾乎所有貸款類別都出現了成長，但成長最顯著的是商業與工業、非業主自用商業房地產貸款、住宅房地產貸款和租賃融資應收帳款。我們所發放的貸款其實都是可調整利率貸款和租賃，期限均為五年或更短。

Loans secured by office buildings make up about 5.2% of our total portfolio. These loans are not secured by high-rise office buildings rather than they are predominantly secured by single- or two-story offices located outside of central business districts.

辦公室抵押貸款約占我們總投資組合的 5.2%。這些貸款不是由高層辦公大樓擔保，而是主要由位於中央商務區以外的單層或兩層辦公室擔保。

Our CRE portfolio remains well diversified with no concentration risk by property type or by geography. Along with year-to-date loan production, our undrawn construction lines were $237.3 million at December 31. We anticipate loan growth to moderate to a low single-digit rate in 2024.

我們的商業房地產投資組合保持高度多元化，不存在按房地產類型或地理位置劃分的集中風險。截至 12 月 31 日，連同年初至今的貸款產量，我們的未動用建設額度為 2.373 億美元。我們預計 2024 年貸款成長將放緩至低個位數。

On the funding side, total deposits increased $365 million or 13.9% since the beginning of the year. However, if we were back out non-core tax program and broker deposits, our deposit balances declined 5.8% year to date. Our core deposit balances remained consistent from the linked quarter. Our deposit base is what we would term as fairly granular with our average deposit account, excluding CDs, approximately $25,000.

在資金方面，自年初以來存款總額增加了 3.65 億美元，增幅為 13.9%。然而，如果我們取消非核心稅收計畫和經紀人存款，我們的存款餘額今年迄今將下降 5.8%。我們的核心存款餘額與上一季保持一致。我們的存款基礎是我們所說的相當細化的平均存款帳戶（不包括存款證）約為 25,000 美元。

Non-interest-bearing demand accounts continue to be a focus. Excluding cash related and broker deposits, non-interest-bearing deposits made up 33.2% of the remaining total deposits at December 31.

無息活期帳戶繼續成為關注焦點。截至12月31日，扣除現金相關存款及經紀人存款後，無利息存款佔剩餘存款總額的33.2%。

With respect to FDIC-insured deposits, excluding Civista's own deposit accounts from those related to the tax program, 14.1% or $441.4 million of our deposits were in excess of the FDIC limits at December 31. Our cash and unpledged securities at December 31 were $462.5 million, which more than covered these uninsured deposits.

就 FDIC 保險存款而言，排除 Civista 自己的與稅收計劃相關的存款帳戶，截至 12 月 31 日，我們存款的 14.1%（即 4.414 億美元）超出了 FDIC 限額。截至 12 月 31 日，我們的現金和未質押證券為 4.625 億美元，這超出了這些未保險存款的規模。

Under the $336.5 million of public funds with various municipalities across our footprint, we had no concentration in deposits at December 31. At December 31, our loan-to-deposit ratio, excluding deposits related to our tax refund processing program, was 97.6%. Our commercial lenders, our treasury management officers, and private bankers are having success requesting additional deposits and concentrating balances from our dorsal customers.

在我們遍布各個城市的 3.365 億美元公共資金中，截至 12 月 31 日，我們沒有集中存款。截至12月31日，我們的貸存比（不包括與退稅處理計畫相關的存款）為97.6%。我們的商業貸款人、我們的財務管理人員和私人銀行家正在成功地向我們的後台客戶要求額外存款和集中餘額。

We will continue to be disciplined in how we price our deposits, and we will take advantage of brokered and wholesale funding sources when we think it makes sense. We believe our low cost to profit franchise is one of Civista's most valuable characteristics, contributing significantly to our strong net interest margin and overall profitability.

我們將繼續嚴格控制存款定價，並且在我們認為合理的情況下，我們將利用經紀和批發資金來源。我們相信，我們的低成本特許經營權是 Civista 最有價值的特徵之一，對我們強勁的淨利差和整體盈利能力做出了重大貢獻。

At December 31, all of our $620.4 million in securities were classified as available for sale. At year end, the unrealized losses associated with our security portfolio improved from $93.1 million at September 30 to $54.5 million.

截至 12 月 31 日，我們所有 6.204 億美元的證券均被歸類為可供出售。截至年底，與我們的證券投資組合相關的未實現損失從 9 月 30 日的 9,310 萬美元減少到 5,450 萬美元。

At year end, our tangible common equity ratio had improved to 6.36%, which was an 87 basis point improvement over September 30. And our Tier 1 leverage ratio at year end was 8.75%, which is well above what is deemed well capitalized for regulatory purposes.

截至年底，我們的有形普通股比率已提高至 6.36%，比 9 月 30 日提高了 87 個基點。年末我們的一級槓桿率為 8.75%，遠高於監理目的的資本適足率。

So this is strong earnings continue to create capital. And our overall goal remains to maintain adequate capital to support organic growth and potential acquisitions. Although we did not repurchase any shares during the quarter, we continue to believe our stock is a value.

所以這是持續創造資本的強勁獲利。我們的總體目標仍然是保持充足的資本以支持有機成長和潛在收購。儘管我們在本季沒有回購任何股票，但我們仍然相信我們的股票是有價值的。

During the year, we repurchased 84,230 shares of common stock for $1.5 million for an average price of $17.77 per share. All of our 2023 repurchase activity occurred during the third quarter. We have an authorization of approximately $12 million remaining on our current repurchase program.

年內，我們以 150 萬美元回購了 84,230 股普通股，平均價格為每股 17.77 美元。我們 2023 年的所有回購活動都發生在第三季。目前的回購計畫還剩約 1200 萬美元的授權。

While our capital levels remain strong, we recognize our tangible common equity ratio stream low, we have stated publicly that we would like to rebuild our TCE ratio to active between 7% and 7.5%. To that end, we will continue to focus on earnings and will balance any repurchases and the payment of dividends with building capital to support growth.

雖然我們的資本水準仍然強勁，但我們認識到我們有形普通股權益的比率較低，我們已公開表示，我們希望將我們的 TCE 比率重建到 7% 至 7.5% 之間。為此，我們將繼續專注於獲利，並將平衡任何回購和股息支付與建設資本以支持成長。

Despite the uncertainties associated with the economy and the expense pressures on our borrower space, our credit quality remains strong and our credit metrics remain stable. We did make a $2.3 million provision during the quarter, which was primarily attributable to our strong loan and lease growth.

儘管存在與經濟相關的不確定性以及我們借款人空間的費用壓力，但我們的信用品質仍然強勁，信用指標保持穩定。我們在本季確實撥出了 230 萬美元的撥備，這主要歸功於我們強勁的貸款和租賃成長。

Our ratio of allowance for loan losses to loans improved from 1.08% at December 31, 2022, to 1.30% at December 31, reflecting growth in our adoption of CECL during the first quarter. In addition, our allowance for loan losses to non-performing loans declined slightly from 261.45% at December 31, 2022, to 245.66% at December 31, 2023.

我們的貸款損失準備金與貸款的比率從2022年12月31日的1.08%提高到12月31日的1.30%，反映了我們第一季採用CECL的成長。此外，我們的不良貸款損失撥備從2022年12月31日的261.45%小幅下降至2023年12月31日的245.66%。

As I conclude my remarks, I would like to thank our entire Civista team. 2023 was another challenging year, and once again, they showed me what it means to be a part of a team that cares about our customers, our communities, our shareholders, and most importantly, each other. I could not be more proud.

在結束演講時，我要感謝我們整個 Civista 團隊。 2023 年又是充滿挑戰的一年，他們再次向我展示了成為關心客戶、社區、股東，最重要的是關心彼此的團隊的一員意味著什麼。我感到非常自豪。

Although our margin continues to be under pressure, we continue to generate strong earnings and our margin remains relatively strong. 2023 was a year of exceptional organic loan growth. And while we do not anticipate growth at a similar pace in 2024, our markets do remain vibrant, and we expect to grow at a mid-single-digit pace.

儘管我們的利潤率繼續面臨壓力，但我們繼續產生強勁的收益，並且我們的利潤率仍然相對較高。 2023 年是貸款有機成長的一年。雖然我們預計 2024 年不會出現類似的成長速度，但我們的市場仍然充滿活力，並且預計將以中個位數的速度成長。

We will continue to examine and stress our portfolios. But so far, we have seen no material deterioration in our credit quality. In 2024, our focus continues to be on creating shareholder value. For 2023, in a tough interest rate environment, our earnings per share increased 5%, which we believe is indicative of our disciplined approach to managing the company.

我們將繼續檢查並強調我們的投資組合。但到目前為止，我們的信用品質沒有出現實質惡化。2024 年，我們的重點仍然是創造股東價值。2023 年，在嚴峻的利率環境下，我們的每股盈餘成長了 5%，我們認為這顯示我們管理公司的嚴謹態度。

Thank you for your attention this afternoon. And now, we'll be happy to address any questions you may have.

感謝您今天下午的關注。現在，我們很樂意解答您可能遇到的任何問題。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）

Nick Cucharale, Hovde.

尼克·庫查拉萊，霍夫德。

Hi, guys. Good afternoon. Just to start on the net interest margin. Can you help us quantify the near-term outlook? And then longer term, how your balance sheet reacts once the Fed starts cutting rates?

嗨，大家好。午安.首先從淨利差開始。您能幫助我們量化近期前景嗎？從長遠來看，一旦聯準會開始降息，您的資產負債表將如何反應？

So Nick, this is Rich. And the way our model projects it, rates down and rates up -- it doesn't move much. I mean, I guess we kind of hit that trough. The model says that for each 25 basis point rate, we would anticipate about a 2-basis point contraction in our margin.

尼克，這是里奇。我們的模型預測它的方式，利率下降和利率上升 - 它沒有太大變化。我的意思是，我想我們已經達到低谷了。模型表示，利率每上升 25 個基點，我們預期利潤率將收縮 2 個基點。

And again, I guess our model has got loaded in the second half of the year. And I think we use the blue chip forecast is to kind of run that model, and that's three rate cuts. I think may -- I'm looking at Todd -- may Q2, Q3, and Q4. There you go, Q2 to -- that's a better answer, Nick.

再說一次，我猜我們的模型已經在今年下半年加載了。我認為我們使用藍籌股預測來運行該模型，即三次降息。我認為可能——我正在看托德——可能是第二季、第三季和第四季。好了，第二個問題──這是一個更好的答案，尼克。

I will say, just to kind of give a little color -- we did have a bucket of brokered CDs, $150 million-ish of CDs that matured or came due in December. The cost of those CDs was about 530. We replaced those in December with a like amount, $150 million CDs at a cost of 508. So we picked up about 22 basis points there.

我想說的是，只是為了提供一點色彩——我們確實有一桶經紀 CD，價值 1.5 億美元左右的 CD，這些 CD 已在 12 月到期或到期。這些 CD 的成本約為 530 美元。我們在 12 月用價值 1.5 億美元的 CD 取代了這些 CD，成本為 508 張。所以我們在那裡提振了大約 22 個基點。

We've got another similar tranche or group of about $150 million of CDs that will roll off in March. The cost on those was 540. And if we were going to replace those today with one year brokered CDs, it'd be at 5%. So we pick up another 40 basis points there. So if nothing changes and we didn't grow much, those are two real positive, I think, kind of impacts on our margin.

我們還有另一批類似的 CD，價值約 1.5 億美元，將於 3 月發行。這些費用是540。如果我們今天用一年經紀 CD 取代這些 CD，利率將是 5%。因此我們在那裡再升值 40 個基點。因此，如果沒有任何變化並且我們沒有太大成長，我認為這對我們的利潤率有兩個真正的正面影響。

Well, in the new loans are going on the books at higher rates. Existing loans are repricing at higher rates. And we have started to inch down some deposits, some of our CD specials, some of our -- just general money market rates and stuff. And we saw no real impact from that. And we started that some time mid-November.

嗯，新貸款的利率更高。現有貸款正在以更高的利率重新定價。我們已經開始小幅減少一些存款，一些我們的CD特價，一些我們的——只是一般貨幣市場利率和其他東西。我們沒有看到任何真正的影響。我們從 11 月中旬的某個時候開始了。

And we've done a couple of moves there. Just small things to see if any impact. And so far, have not seen any real impact. So we'll continue to watch that, but I do think there's going to be some opportunity there.

我們已經在那裡採取了一些行動。只是一些小事，看看有沒有影響。而且到目前為止，還沒有看到任何真正的影響。所以我們將繼續關注這一點，但我確實認為那裡會有一些機會。

Okay. Great. And then in that same vein, you saw the opportunity on the loan side. And to your point, you utilize the brokered CDs. At the end of the year, this is pretty high historically relative to where you are, close to 17% of deposits.

好的。偉大的。然後，以同樣的方式，你看到了貸款的機會。就您而言，您使用的是經紀 CD。到今年年底，這個數字相對於目前的情況來說相當高，接近存款的 17%。

So your assumption is that you replace that with core funding over the course of the year to drive that down? Or are you at a peak in terms of brokered funding?

那麼您的假設是在一年中用核心資金取代它以降低這一點？或者您在經紀融資方面正處於高峰期嗎？

Yes. I mean we're going to replace 100% of it. But certainly, we've got a number of initiatives in place kind of transition away from broker or noncore funding and back to something more in line with what we've done historically.

是的。我的意思是我們將 100% 更換它。但當然，我們已經採取了一些舉措，從經紀人或非核心資金過渡到更符合我們歷史做法的方式。

Got it. And then on the leasing business. Just a different question. Just on the leasing business, specifically on the gain sale line. I appreciate your commentary on lower production due to the rate environment and lower premiums with your partners given liquidity constraints.

知道了。然後是租賃業務。只是一個不同的問題。就租賃業務而言，特別是在收益銷售方面。感謝您對利率環境導致產量下降以及流動性限制導致合作夥伴保費下降的評論。

How should we think about the pipeline there? And usually, the fourth quarter, obviously, you get a step up for tax reasons with your borrowers there. Just overall your thoughts there.

我們應該如何考慮那裡的管道？顯然，通常情況下，在第四季度，您的借款人會因為稅收原因而提高。只是整體上你的想法。

Well, we do think we're going to be able to improve on what we did in '23 from our leasing group. I think rates dictate a lot of what's going on. Fourth quarter is usually they're strong this quarter. So first quarter will probably be a little bit softer than what it was in that fourth quarter. But we spent a lot of time.

嗯，我們確實認為我們將能夠改進租賃集團 23 年所做的事情。我認為利率決定了很多事情的發生。第四季通常是他們在這個季度表現強勁的季度。因此，第一季可能會比第四季稍微疲軟一些。但我們花了很多時間。

They were an unregulated company and we're a regulated company. And we spend a lot of time with consultants in there, looking at their IT systems, looking at just compliance training, things like that, that I think took away from sales. So we do expect to make up some additional income in '24 that we didn't have in '23.

他們是一家不受監管的公司，而我們是一家受監管的公司。我們花了很多時間與那裡的顧問一起檢查他們的 IT 系統，檢查合規培訓，諸如此類的事情，我認為這些都是對銷售的影響。因此，我們確實希望在 24 年彌補一些 23 年沒有的額外收入。

And Nick, this is Chuck. I would say from a budgeting perspective, we budgeted for them to be a little bit more production than last year, but nothing that would really move the needle.

尼克，這是查克。我想說，從預算的角度來看，我們的預算是比去年多一點的產量，但沒有什麼能真正起到推動作用。

Very helpful. And then just my last question on expenses. Your thoughts on the run rate going forward. It looks like a little bit of volatility in this quarter relative to what you're expecting well.

很有幫助。然後是我關於費用的最後一個問題。您對未來運行率的想法。與您的良好預期相比，本季似乎出現了一些波動。

Well, we have always kind of trued up our accruals at the end of the year. And probably -- I don't know if sloppy is a technical term, but maybe we got a little sloppy ahead and a little more to true-up at the end of the year than what we have traditionally done. I think we guided you guys to $27.5 million for the quarter end coming in at $25.3 million.

嗯，我們總是在年底調整我們的應計項目。也許——我不知道「草率」是否是一個技術術語，但也許我們提前有點草率，並且在年底時比我們傳統上做的事情要多一些。我認為我們指導你們實現了 2750 萬美元，季度末的收入為 2530 萬美元。

When we normalize everything, what we're guiding to for the first quarter is about $28.4 million of expense. And you'll recall that our merit increases will go into effect in the second quarter. So there'll be a little bit of a jump there maybe 28.7% is what we're looking at. And that would be a decent run rate then for the rest of the year.

當我們一切正常化時，我們預計第一季的支出約為 2840 萬美元。您會記得我們的績效加薪將於第二季生效。因此，我們所看到的可能是 28.7%，會有一點跳躍。對於今年剩餘時間來說，這將是一個不錯的運行率。

Thanks so much for the color. I appreciate you taking my questions.

非常感謝你的顏色。感謝您回答我的問題。

Terry McEvoy, Stephens.

崔麥克沃伊、史蒂芬斯。

Hi, guys. Good afternoon.

嗨，大家好。午安.

Hi, Terry.

嗨，特里。

Maybe just to start off, the New York community bank that's been in the headlines this past week. Are you getting questions, concerns from any of your clients on your commercial real estate loans or your liquidity position?

也許這只是一個開始，紐約社區銀行上週成為了頭條新聞。您的客戶是否對您的商業房地產貸款或流動性狀況提出疑問或擔憂？

We really have not gotten hardly any -- we've gotten no calls that I know of. Unlike when the banks failed in March, there was quite a few calls and stuff. But we've heard nothing so far with the New York community bank struggles and stuff.

我們真的幾乎沒有接到任何電話——據我所知，我們沒有接到任何電話。與三月銀行倒閉時不同的是，當時接到了很多電話之類的事情。但到目前為止，我們還沒有聽到有關紐約社區銀行陷入困境之類的消息。

That's good to hear. Next question, as you commented in the press release, you've had really good growth in multifamily non-owner-occupied loans. Could you just maybe talk about what your developers are seeing in the markets in terms of rates, vacancy trends? And are you being a bit more cautious at all on your multifamily underwriting given those conditions?

聽起來還不錯。下一個問題，正如您在新聞稿中評論的那樣，多戶型非自住貸款確實取得了良好的增長。您能否談談您的開發商在市場上看到的房價、空置趨勢？考慮到這些條件，您對多戶家庭承保是否更加謹慎？

This is Chuck. I would say, yes, we're being a little bit more cautious for sure. If you're looking at it, we've got some -- the markets that we're really strong in: Cleveland, Columbus, and Cincinnati, and predominantly Columbus, they can't build units fast enough. And I would tell you that probably 80% of the deals that we're doing build up on as far as on a multifamily, the rental rates are coming in higher than what they were projected to be in the appraisal. So those markets are really, really strong still in multifamily.

這是查克。我想說，是的，我們確實更加謹慎了。如果你看一下，我們有一些——我們真正強大的市場：克利夫蘭、哥倫布和辛辛那提，主要是哥倫布，他們建造單位的速度不夠快。我想告訴你，我們正在做的交易中，可能有 80% 都是建立在多戶住宅上，租金率高於評估中的預期值。因此，多戶住宅市場仍然非常非常強勁。

And I would say, Terry, too, I mean, as far as are we being a little bit more cautious? I think the interest rate environment is driving some of that. Because a lot of these deals, you have to have more equity into the deals to make the numbers work.

我想說，特里也是如此，我的意思是，我們是否要更加謹慎？我認為利率環境在一定程度上推動了這一趨勢。因為在許多這樣的交易中，你必須在交易中擁有更多的股權才能讓數字發揮作用。

And so that's putting, I think, your smaller developers or even some of the midsized developers are going to the sidelines. So the guys that are doing the deals are pretty well-heeled borrowers because they have that extra cash to put into the deals. We're a lot of times seeing 35% or so going into those multifamily deals to make them work.

因此，我認為，小型開發人員甚至一些中型開發人員將處於觀望狀態。因此，進行交易的人都是非常富有的借款人，因為他們有多餘的現金可以投入交易。我們經常看到 35% 左右的人參與多戶住宅交易以使其發揮作用。

Thanks. And maybe one last one. When you put together the 2024 budget, any type of range you're thinking about for that lease revenue and residual income line? I know you talked about it earlier. But it is a growing part of your fee income stream and just maybe get some insight in terms of how you're thinking for the full year.

謝謝。也許還有最後一件事。當您匯總 2024 年預算時，您正在考慮租賃收入和剩餘收入線的任何類型範圍？我知道你之前談過。但這是你的費用收入流中不斷增長的一部分，也許可以讓你了解你全年的想法。

You know what, Terry, if I gave you a number, I'd be kind of budget. Let me -- look, I'll get you a good number. And I'll get it out to all of you guys, okay. I don't have that in front of me.

你知道嗎，特里，如果我給你一個數字，我會做一些預算。讓我——聽著，我會給你一個好號碼。我會把它告訴你們所有人，好嗎？我面前沒有那個。

Okay, appreciate that, Rich. Thanks for taking my questions.

好的，謝謝你，里奇。感謝您回答我的問題。

Thanks, Terry.

謝謝，特里。

Michael Perito, KBW.

邁克爾·佩里托，KBW。

This is Mike's associate, Andrew, filling in. Thanks for taking my questions.

這是麥克的同事安德魯填補。感謝您回答我的問題。

Hey, Andrew.

嘿，安德魯。

Hi, Andrew.

嗨，安德魯。

Just a quick one here for me first. I was just wondering, was there any accretion impact on the margin this quarter? And if so, what would the core NIM have looked like for 4Q?

首先我先簡單介紹一下。我只是想知道，本季的利潤率是否有任何增加的影響？如果是這樣，第四季的核心淨利差會是什麼樣子？

So it was 6 basis points, which has been pretty consistent, I think, for the last number of quarters in terms of accretion impact. So take 6 basis points off of it, and that's what it would be. And I guess going forward, I don't see it changing over the next four quarters anyway.

因此，這是 6 個基點，我認為，就成長影響而言，這在過去幾季中是相當一致的。因此，減去 6 個基點，結果就是這樣。我想，無論如何，我認為未來四個季度情況不會改變。

Great. Thanks for that. And then I appreciate all the color on the capital front. Obviously, the focus here is to kind of push back up towards that 7%, 7.5% TCE broadly with the repurchase kind of expiring here in May. I know you said you're going to be opportunistic.

偉大的。感謝那。然後我欣賞首都正面的所有色彩。顯然，這裡的重點是隨著回購將於 5 月到期，將 TCE 推回 7%、7.5%。我知道你說過你會投機取巧。

But maybe just a high-level comment on M&A. I know that's not the focus right now, but have conversations kind of started to return to the market here? And yes, just any broad thoughts there would be great.

但也許只是對併購的高層評論。我知道這不是現在的焦點，但是對話是否已經開始回到市場？是的，任何廣泛的想法都會很棒。

I still think it's fairly quiet on the M&A front. I mean, everybody is talking but there's a few banks that are struggling that I think you would like to partner up, but they are just tough deals to do right now. The marks are so heavy and just to get done and where banks are -- we're trading at and other banks are trading it. I think those deals are hard to do.

我仍然認為併購方面相當安靜。我的意思是，每個人都在談論，但有幾家銀行正在苦苦掙扎，我認為你們願意合作，但目前這些交易很難做。標記是如此沉重，只是要完成，銀行在哪裡 - 我們正在交易，其他銀行也在交易。我認為這些交易很難做。

So for right now, we are laser focused just trying to grow our capital increase that TCE ratio because I don't see a lot happening over this first half of the year. So we're going to be laser focused in growing that TCE ratio back in line.

因此，目前我們的重點是努力增加 TCE 比率的資本，因為我認為今年上半年不會發生太多事情。因此，我們將集中精力使 TCE 比率恢復正常。

Great. I appreciate all the color, and thanks for taking my questions.

偉大的。我欣賞所有的顏色，並感謝您提出我的問題。

(Operator Instructions)

（操作員說明）

Manuel Navas, DA Davidson.

曼努埃爾·納瓦斯，DA 戴維森。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Good afternoon, Manuel.

下午好，曼努埃爾。

Do you have kind of an overall guide for fees? I guess it's in part driven by VFG trends. But just kind of feel like an overall expectation for fees that include the -- include that business.

你們有費用的整體指南嗎？我想這在某種程度上是由 VFG 趨勢所驅動的。但感覺就像是對包括該業務在內的費用的整體預期。

I guess what we're seeing for the line item that was lease revenue and residuals, so that would be the operating piece of it. That looks like it did have a run rate of about $2 million a quarter. And I think that's maybe a little bit better than what we did this year.

我想我們看到的行項目是租賃收入和殘差，所以這將是其中的營運部分。看起來它每季的運作率確實約為 200 萬美元。我認為這可能比我們今年的做法要好一點。

Okay. And then the other pieces grow with industry trends?

好的。然後其他部分會隨著產業趨勢而成長？

They do. And they're kind of buried in interest income. I mean, they're not -- I mean, and I guess other as far as the selling equipment at the end of the lease whatnot, that's kind of buried in stock in leasing.

他們是這樣。而且它們有點被利息收入所掩蓋。我的意思是，他們不是——我的意思是，我想其他的，就租賃結束時出售的設備而言，這有點埋藏在租賃的庫存中。

Is this question overall fees or just leasing?

這個問題是整體費用還是租賃費用？

As overall fees, but I appreciate the lease itself.

作為整體費用，但我很欣賞租賃本身。

I'm sorry. I had to lease on my mind.

對不起。我不得不在心裡租賃。

So I was going to say we probably will do fairly close to what we did this year and in fees. We have overdraft fees that are -- that we had some overdraft reform. And we lose a little bit of overdraft income there. But we do think we're at least right now with the yield curve so inverted, that we can pick up some swap fees.

所以我想說，我們可能會在費用方面做得與今年相當接近。我們有透支費用，我們進行了一些透支改革。我們在那裡損失了一點透支收入。但我們確實認為，至少目前殖利率曲線已經倒掛，我們可以收取一些掉期費用。

If rates move down even slightly, I think Chuck fields, we've got some portfolio residential loans that we did put on the books that we probably can flip over into saleable loans, which also frees up a little liquidity there. So I think our guide is probably fairly close to that $37 million or so of non-interest income that we did in '23.

我認為查克·菲爾德認為，如果利率稍微下降，我們確實已經記入了一些住宅貸款組合，我們可能可以將其轉換為可銷售貸款，這也釋放了一些流動性。因此，我認為我們的指南可能相當接近 23 年的 3700 萬美元左右的非利息收入。

Mr. Shaffer usually shoots a little high. (laughter) I would say that number is probably close to $34 million. And I don't know if it grows linearly --

謝弗先生的目標通常有點高。（笑聲）我想說這個數字可能接近 3400 萬美元。我不知道它是否線性成長--

Because we got the tax, yeah.

因為我們交了稅，是的。

-- so I think if you had $8 million from the first quarter and $8.2 million, $8.7 million to $9 million, I think that's the way we've budgeted for the year.

——所以我認為，如果第一季有 800 萬美元，還有 820 萬美元、870 萬美元到 900 萬美元，我認為這就是我們今年的預算方式。

Okay. I appreciate that. I like the comments about the NIM with rate cuts, but just for the next -- even more near term, you put on a lot of loans this quarter. Where do you kind of see the NIM going next quarter?

好的。我很感激。我喜歡關於 NIM 降息的評論，但就下一個——甚至更短期而言，你本季度發放了大量貸款。您認為下個季度的淨利差將走向何方？

I mean it might float a little higher again just based on what we did on the funding side. And again, we put a lot of higher-yielding loans on in December and November. But I don't know.

我的意思是，根據我們在融資方面所做的事情，它可能會再次上漲一點。我們在 12 月和 11 月再次發放了大量高收益貸款。但我不知道。

I think it stays about where it's at. We think it's pretty well troughed. But we hope to get some improvement there. We'll see because we are hopefully getting better pricing on the broker stuff. We're going to hopefully bring down some of the funding costs, which we've talked about. We've started to do and then with things repricing. So we're optimistic that we'll be able to improve them.

我認為它停留在它所處的位置。我們認為這已經相當順利了。但我們希望在那裡得到一些改進。我們拭目以待，因為我們希望在經紀商方面獲得更好的定價。我們希望能夠降低一些我們已經討論過的融資成本。我們已經開始重新定價。因此，我們對能夠改進它們感到樂觀。

Yes. I think we're going to see some pressure on the lending side though, too, from that perspective. Fourth quarter, we felt like we had -- a lot of more competition seem like they kind of take on to the size line and the fourth were kind of waiting. So believe it or not, in December, our commercial production, new and renewed, was over 8%, which I think is the first time we eclipsed 8% piece.

是的。我認為從這個角度來看，我們也會看到貸款方面面臨一些壓力。第四節，我們感覺我們有更多的競爭，似乎他們在尺寸線上進行，而第四節則在等待。所以，不管你信不信，12 月份，我們的商業產量（新的和更新的）超過 8%，我認為這是我們第一次超過 8%。

We're seeing rates in the marketplace right now where they fall back here mid-January, with almost all the competition back in and a lot of the competition now going back to pricing off the treasury as compared to kind of pricing up where deposit costs are.

我們現在看到市場上的利率在一月中旬回落，幾乎所有的競爭都回來了，許多競爭現在又回到了國庫定價，而不是存款成本的定價是。

Right. I appreciate that commentary. Overall, I guess that also probably drives some of the loan growth commentary. But is there an amount of success on the deposit side that could give you some upside to low-single-digit loan growth?

正確的。我很欣賞這個評論。總體而言，我認為這也可能推動了一些貸款成長評論。但存款方面是否取得了一定的成功，可以為低個位數的貸款成長帶來一些上行空間？

Well, I think so. We're really focused on the funding side. I think that's going to be a big challenge not only for us in '24, but for all community banks. So we're all faced with the same thing. We've got a number of initiatives underway, as Rich alluded to, some of those just -- we have scrubbed our existing loan portfolios, whether that's consumer or commercial. There are customers that don't have a deposit relationship or we know that have substantial other deposits.

嗯，我想是的。我們真正關注的是資金方面。我認為這不僅對我們 24 世紀的我們，而且對所有社區銀行來說都是一個巨大的挑戰。所以我們都面臨著同樣的事情。正如里奇所提到的，我們正在採取一系列舉措，其中一些只是——我們已經清理了現有的貸款組合，無論是消費者貸款還是商業貸款。有些客戶沒有存款關係，或者我們知道有大量其他存款。

So we'll be putting a campaign around that to go after those customers. So that will be one of our focus is to try to build core deposits. We are in the process of identifying another bucket of cash on the clients, these cash-rich businesses like law firms or title companies, business, and professional associations. And then kind of creating niche product to go after to try to get some of those deposits.

因此，我們將圍繞這一點開展一項活動來吸引這些客戶。因此，我們的重點之一就是嘗試建立核心存款。我們正在為客戶尋找另一筆現金，這些現金充裕的企業，如律師事務所或產權公司、商業和專業協會。然後創建利基產品來嘗試獲得一些存款。

We'll probably throw some more dollars at our treasury management area. We've had great success hiring commercial lenders who are pretty well connected with books of business and that's -- and we've done that on the treasury side. I think we may want to do that some more and see if they move over deposits.

我們可能會在財務管理領域投入更多資金。我們在聘請與商業帳簿有良好聯繫的商業貸款人方面取得了巨大成功，而且我們在財務方面也做到了這一點。我想我們可能還想多做一些，看看它們是否會轉移存款。

We're going to expand our digital deposit product offerings. So there's a number of initiatives, I think, to do that we're going to be embarking on throughout the year. That will give us some opportunity to build upon our strong core deposit franchise.

我們將擴大我們的數位存款產品範圍。因此，我認為，我們將在全年採取許多措施來實現這一目標。這將為我們提供一些機會來鞏固我們強大的核心存款業務。

Okay. That's great. I appreciate it. I'll step back into the queue.

好的。那太棒了。我很感激。我將回到隊列中。

Daniel Cardenas, Janney Montgomery Scott.

丹尼爾卡德納斯，珍妮蒙哥馬利史考特。

A couple of questions here. Your tax rate has kind of been jumping around throughout the year. What's kind of a good run rate to use for you guys on a go-forward basis?

這裡有幾個問題。你的稅率全年都在跳躍。對你們來說，在前進的基礎上使用什麼樣的良好運行率？

15 for the quarter. I mean, 15 or 16 is probably, I think, we're settling that at.

本季 15 個。我的意思是，我認為我們可能會確定 15 或 16。

And then I noticed a little bit of a creep up in your non-performers this quarter. Can you give us a little color as to what was driving that in terms of -- was it one loan? Was it multiple loans? The section of the portfolio that it was coming from? And then also, what watch list trends look like for you guys?

然後我注意到本季你們的不良表現有所上升。您能否向我們介紹一下是什麼推動了這一趨勢——是一筆貸款嗎？是多次貸款嗎？它來自投資組合的哪個部分？另外，你們的觀察名單趨勢是什麼樣的呢？

This is Mike Mulford, the Chief Credit Officer. We had one loan relationship that moved to non-accrual. It was about $3.5 million. That was a big reason for the job. The non-performing -- and I missed the last part of your question.

我是麥克‧馬爾福德，首席信貸官。我們有一項貸款關係轉為非應計利息。大約是 350 萬美元。這是這份工作的重要原因。表現不佳——我錯過了你問題的最後一部分。

Yes. Just trying to get a sense of -- well, for that one loan, is that -- was that a commercial loan?

是的。只是想了解一下——嗯，對於那筆貸款，是——那是一筆商業貸款嗎？

Yes, yes. (multiple speakers) You asked about watch list. And I think that's pretty yes. Yes, the loss of credits are pretty stable. Very few great changes for the quarter and systemic issues that we're seeing right now.

是的是的。（多名發言者）您詢問了觀察名單。我認為這是非常肯定的。是的，學分損失相當穩定。本季幾乎沒有重大變化，我們現在看到的系統性問題也很少。

And we're also -- we're not really seeing much movement. As far as some of our loans are repricing, we're not seeing a lot of pressure on those loans from the jump in interest rates causing cash flow. We always have a handful and you're looking at them. But all in all, it's been very stable and not on it remains that way.

我們還——我們並沒有真正看到太多的變化。就我們的一些貸款重新定價而言，我們沒有看到利率上升導致現金流對這些貸款造成太大壓力。我們總是有一些，而你正在看著它們。但總而言之，它一直非常穩定，而且不會一直保持這種狀態。

And then are there any particular segments in your portfolio that maybe you're tapping the brakes on as you come into '24? Or is that not necessarily the case?

然後，您的投資組合中是否有任何特定的細分市場，您可能會在進入 24 世紀時踩煞車？或者說情況不一定如此？

I mean, obviously, like everybody else, we're very mindful of office and not to let office exposure get too high. We're watching the hotel piece of it, but we pretty much stayed pretty much flat from a percentage basis points in that as well.

我的意思是，顯然，像其他人一樣，我們非常關注辦公室，不讓辦公室暴露得太高。我們正在關注酒店的部分，但從百分比基點來看，我們幾乎保持不變。

I think somebody earlier mentioned multifamily. We're still bullish on multifamily, but we are taking a closer look and especially looking at communities, to see if they can sustain the growth of the multifamily has taken place. So other than that, I think we're probably being a touch more cautious, but we're not really shutting down any areas.

我想有人早些時候提到過多戶家庭。我們仍然看好多戶型住宅，但我們正在仔細觀察，特別是關注社區，看看它們是否能夠維持多戶型住宅的成長。除此之外，我認為我們可能會更加謹慎，但我們並沒有真正關閉任何區域。

Okay. Perfect. And then the last question I have is just the -- it looks like your home loan advances came down fairly substantially in the quarter. Was that -- did you guys do that through the broker deposits that you raised? Or how was that achieved?

好的。完美的。我的最後一個問題是——看來您的房屋貸款預付款在本季大幅下降。你們是透過籌集經紀商存款來做到這一點的嗎？或者說這是如何實現的？

Yes. That was exactly what it was. It was just -- it was cheaper to go out and get the broker deposits than it was borrowing from the Federal Home Loan Bank. And generally, we try to keep the Federal Home Loan Bank stuff freed up because that's something that's readily available.

是的。事實就是如此。只是——出去獲得經紀人存款比從聯邦住房貸款銀行借款便宜。一般來說，我們會盡量釋放聯邦住房貸款銀行的資金，因為這些資金很容易取得。

So we see inefficiencies or opportunities in other wholesale markets or the broker market, we're always kind of looking at. And if it makes sense, we'll take down a chunk of financing there. Just because again, it's economically to our advantage. And also just from a risk standpoint, we try to keep the Federal Home Loan Bank line as free as we can just in case.

因此，我們一直在關注其他批發市場或經紀市場的低效率或機會。如果可行的話，我們將在那裡削減一大筆融資。只是因為這在經濟上對我們有利。而且，從風險的角度來看，我們會盡力維持聯邦房屋貸款銀行的額度自由，以防萬一。

And how much capacity do you guys have left on that line?

那條生產線上還剩下多少產能？

I'll have to get to back you. It's a lot.

我得去支持你。很多。

Great. I'll step back. Thanks, guys.

偉大的。我會退後一步。多謝你們。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

Okay. Well, thank you. In closing, I just want to thank everyone for joining us and those that participated in the call. The interest rate environment continues to be a challenge. However, our earnings do remain strong and our margin remain solid. I am very proud of the fact that for the years, we had record net income, we had year-over-year margin expansion, and we had positive earnings per share growth.

好的。嗯，謝謝。最後，我想感謝大家加入我們以及參與電話會議的人。利率環境仍然是一個挑戰。然而，我們的獲利依然強勁，利潤率也依然穩固。我感到非常自豪的是，多年來，我們的淨利潤創歷史新高，利潤率同比增長，每股收益實現正增長。

And you know, and I'm sure there's a lot of community banks that can say they are all three of those things. So I remain optimistic that our disciplined approach to pricing and our solid core deposit franchise will continue to produce superior results. And I just look forward to talking to everyone in the next few months to share our first-quarter results. So thank you.

你知道，我確信有很多社區銀行可以說它們都滿足這三點。因此，我仍然樂觀地認為，我們嚴格的定價方法和堅實的核心存款特許經營權將繼續產生卓越的業績。我期待在接下來的幾個月與大家交談，分享我們第一季的業績。所以謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。