Dime Community Bancshares Inc (DCOM) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Dime Community Bancshares, Inc. second quarter earnings conference.

感謝您的耐心等待，歡迎參加 Dime Community Bancshares, Inc. 第二季財報會議。

Before we begin, the Company would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們開始之前，本公司想提醒您，本次電話會議中的討論包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。

Such statements are subject to risks, uncertainties and factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in today's press release and the Company's filings with the US Security and Exchange Commissions to which we refer to use.

此類聲明存在風險、不確定性和因素，可能導致實際結果與任何此類聲明中包含的結果有重大差異，包括今天的新聞稿和我們提到的公司向美國證券交易委員會提交的文件中所述的內容使用。

During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the U.S. GAAP. For information about non-GAAP measures and full reconciliation to GAAP, please refer to today's our earnings release.

在本次電話會議中，將參考非公認會計準則財務指標作為審查和評估營運績效的補充指標。這些非公認會計原則財務指標不應被孤立考慮，也不能取代根據美國標準準備和提交的財務資訊。公認會計準則。有關非 GAAP 衡量標準以及與 GAAP 的全面調節的信息，請參閱我們今天的收益報告。

At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message, advising your hand is raised. To start drawing a question, please press star one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Stewart Lubow, President and CEO. Please go ahead.

此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。要在會議期間提問，您需要在電話上按星號一一。然後您將聽到一條自動訊息，建議您舉手。若要開始繪製問題，請再次按星號鍵。請注意，今天的會議正在錄製中。現在我想將會議交給總裁兼執行長 Stewart Lubow。請繼續。

Good morning. Thank you, Lisa, and thank you all for joining us this morning for our quarterly earnings call. With me today is Avinash Reddy, our CFO.

早安.謝謝麗莎，也謝謝大家今天早上參加我們的季度財報電話會議。今天和我在一起的是我們的財務長阿維納什·雷迪 (Avinash Reddy)。

In the second quarter, Dime continued to execute on our growth plan. The momentum in our business is strong, and we grew core deposits by over $300 million and business loans by over $200 million. The strong growth in core deposits has enabled us to reduce our wholesale funding position substantially since year end.

第二季度，Dime 繼續執行我們的成長計畫。我們的業務勢頭強勁，核心存款成長超過 3 億美元，商業貸款成長超過 2 億美元。核心存款的強勁成長使我們自年底以來大幅減少了批發融資部位。

As a result, the net interest margin increased by 20 basis points in the quarter, we were pleased with the increase in the margin and believe the first quarter of 2024 was a trough for this cycle in terms of both net interest income and NIM.

因此，本季淨利差增加了 20 個基點，我們對淨利差的成長感到滿意，並認為 2024 年第一季是本週期淨利息收入和淨利差的低谷。

Our cost of deposits declined on a linked quarter basis and since the end of the second quarter, deposits have continued to remain stable to down. Going forward, we expect to see a slow and steady build in him absent any rate cuts.

我們的存款成本較上季下降，第二季末以來，存款持續保持穩定下降。展望未來，我們預期在不降息的情況下，他的表現將會緩慢而穩定。

Rate cuts and the eventual repricing of our legacy lower coupon fixed and adjustable rate loan portfolios should accelerate NIM expansion as we get into the latter half of 2025 and 2026. And, this will drive a structurally higher NIM. Over the past month we have successfully raised $75 million of subordinate debt. At the end of the second quarter, our total capital ratio was 14.5%, and we now rank at the absolute top end of our local peer group in terms of total capital.

隨著我們進入 2025 年下半年和 2026 年，降息以及我們傳統的較低息票固定利率和可調利率貸款組合的最終重新定價應該會加速淨息差擴張。而且，這將推動結構性更高的淨利差。過去一個月，我們成功籌集了 7,500 萬美元的次級債務。截至第二季末，我們的總資本比率為14.5%，目前我們的總資本在本地同業中處於絕對頂端。

Capital is obviously important and excellent in executing our growth strategy. Asset quality continues to remain solid, with NPAs down 29% on a linked quarter basis. We plan to file our 10-Q next week and expect to report that classified assets will also be down approximately 14% on a linked quarter basis.

資本顯然對於執行我們的成長策略非常重要且出色。資產品質持續保持穩健，不良資產季減 29%。我們計劃下週提交 10 季報告，預計分類資產也將季減約 14%。

We recently received regulatory approval for a new branch location in Westchester County. In fact, I was in White Plains just last week for a business reception. We hosted with many important new and prospective clients and proud of our ability to expand Dime franchising into this new attractive new markets.

我們最近獲得了監管部門的批准，在威徹斯特縣設立了新的分支機構。事實上，我上週剛在懷特普萊恩斯參加商務招待會。我們接待了許多重要的新客戶和潛在客戶，並對我們將 Dime 特許經營業務擴展到這個新的有吸引力的新市場的能力感到自豪。

Subsequent to our first quarter earnings call, where we announced the onboarding of six deposit gathering teams we've onboarded another two deposit gathering teams in May and June. One of these teams is based in Williamsburg, a market that is both very familiar to time and where we found we were founded.

在第一季財報電話會議上，我們宣布加入六個存款收集團隊後，我們又在 5 月和 6 月加入了另外兩個存款收集團隊。其中一支團隊位於威廉斯堡，這個市場對於時間和我們的創立地都非常熟悉。

The second team is based in Manhattan. Additionally, we hired an exceptional banker to build out our not-for-profit lending vertical.

第二個團隊位於曼哈頓。此外，我們還聘請了一位傑出的銀行家來建立我們的非營利貸款垂直領域。

I am proud of the Company-wide effort in terms of recruiting and integrating all these bankers into the Dime umbrella. Clearly, our recruiting efforts over the past year have been successful. Our deposit gathering groups are up over $1 billion of total deposits at our middle market C&I group helped drive strong business loan growth this quarter.

我為全公司在招募所有這些銀行家並將其納入 Dime 保護傘方面所做的努力感到自豪。顯然，我們過去一年的招募工作是成功的。我們的存款收集集團的中間市場 C&I 集團的存款總額超過 10 億美元，幫助推動了本季商業貸款的強勁成長。

In the quarters ahead, we expect health care vertical to begin to meaningfully contribute to the loan growth and the diversification of our balance sheet as they have built a substantial loan pipeline at an attractive yields. In summary, i am very optimistic about the trajectory that time is on our market continues to be significantly disrupted and is strategically off and so we've been plan is paying off in the numbers. With that, I will turn it over to Avi.

在未來幾個季度，我們預計醫療保健垂直行業將開始對貸款成長和我們資產負債表的多元化做出有意義的貢獻，因為它們已經以有吸引力的收益率建立了大量貸款管道。總而言之，我對市場的發展軌跡感到非常樂觀，因為我們的市場時間繼續受到嚴重干擾，並且在策略上已經偏離，因此我們的計劃正在數字上得到回報。這樣，我就把它交給阿維了。

Thank you, Stu. Reported EPS was $0.43 per share, an increase of 5% over the linked quarter. In line with the mid-quarter update we provided in June, we saw meaningful NIM expansion to the tune of 20 basis points. NIM expansion was driven by the strong year-to-date growth in core deposits and our business loan portfolio, as well as the proactive reduction in higher cost wholesale funding.

謝謝你，斯圖。公佈的每股收益為 0.43 美元，比上一季增長 5%。與我們 6 月提供的季度中期更新一致，我們看到淨利差有意義地擴張至 20 個基點。淨利差擴張的推動因素是年初至今核心存款和商業貸款組合的強勁增長，以及成本較高的批發融資的主動減少。

Non-interest income for the second quarter was $11.8 million. This included a gain on the sale of a branch that we executed a sale leaseback on. Core Cash operating expenses for the second quarter, excluding intangible amortization was $55.4 million. We have recruited approximately 65 revenue-generating bankers over the course of the past five quarters including 15 deposit-gathering teams, a fully built-out healthcare verticals and most recently a not-for-profit verticals.

第二季非利息收入為 1,180 萬美元。這包括出售我們執行售後回租的分行的收益。第二季核心現金營運支出（不包括無形攤銷）為 5,540 萬美元。在過去的五個季度中，我們招募了大約 65 名創收銀行家，其中包括 15 個存款收集團隊、一個完全建成的醫療保健垂直行業以及最近的一個非營利垂直行業。

We expect the revenue generation from these hires to far outweigh the start-up expenses associated with the organic build-out of all these groups in the years ahead. We had a $5.6 million loan loss provision. This quarter, the allowance to loans increased to 72 basis points. Our CET1 ratio is above 10% and our total capital ratio of 14.5% is now best in class amongst our local peer group.

我們預計，未來幾年這些員工所產生的收入將遠遠超過與所有這些團隊的有機建設相關的啟動費用。我們有 560 萬美元的貸款損失準備金。本季度，貸款準備金增加至 72 個基點。我們的 CET1 比率超過 10%，總資本比率為 14.5%，目前在本地同業中處於領先地位。

Next, I'll provide some thoughts on the NIM expenses and balance sheet growth. With respect to them, we called out in the earnings release that there was a four basis point benefit from the payoff of a loan that was previously on non-accrual status.

接下來，我將提供一些關於淨利差費用和資產負債表成長的想法。關於它們，我們在收益報告中指出，以前處於非應計狀態的貸款的償還可以帶來四個基點的好處。

In addition, the sub-debt offering which closed on the last day of the quarter is expected to have a three basis point downward impact on the NIM going forward. As such, the base number to work from for modeling purposes for future quarters is closer to 234.

此外，本季最後一天結束的次級債券發行預計將對未來的淨利差產生三個基點的下行影響。因此，用於未來季度建模的基數接近 234。

As Stu said, we expect a slow and steady improvement in the name until the impact of rate cuts kick in. We also have a significant repricing opportunity in our adjustable and fixed rate loan portfolios that's expected to kick in in the second half of '25 and '26.

正如 Stu 所說，我們預計名稱將緩慢且穩定地改善，直到降息的影響顯現出來。我們的可調整利率和固定利率貸款組合也有重大的重新定價機會，預計將於 25 年和 26 年下半年開始實施。

To give you a sense of the repricing opportunity, in the second half of 2025 and in 2026, we have approximately $2 billion of adjustable and fixed rate loans across the loan portfolio at a weighted average rate of 3.9% that either reprice or mature in that timeframe. Assuming a conservative 225 basis point spread for those loans over the forward five-year treasury, we should see a substantial 35 basis point increase in NIM as these loans reset to higher rates in '25 and '26.

為了讓您了解重新定價的機會，在2025 年下半年和2026 年，我們整個貸款組合中約有20 億美元的可調整利率和固定利率貸款，加權平均利率為3.9%，這些貸款要么重新定價，要嘛到期。假設這些貸款與遠期五年國債的利差保守為 225 個基點，隨著這些貸款在 25 年和 26 年重置為更高的利率，我們應該會看到淨利差大幅增加 35 個基點。

With respect to expenses, we expect core cash operating expenses for the third quarter to be approximately $57 million, and we expect to hold that quarterly run rate with very nominal growth in 2025. We are working on a few company-wide initiatives that should drop to the bottom line in '25 and this should result in very nominal expense growth for 2025.

在費用方面，我們預計第三季的核心現金營運費用約為 5,700 萬美元，並且我們預計到 2025 年將保持這一季度運行速度，並實現非常名義的成長。我們正在製定一些全公司範圍內的計劃，這些計劃應該會在 25 年降到底線，這應該會導致 2025 年的費用增長非常名義上。

With respect to our positioning on lending, we anticipate continued growth in our business lending portfolio. Growth in the business portfolio will offset declines in multi-family increased while we are still servicing existing relationships. On an aggregate basis, we expect the loan portfolio to be up low single digits for the second half of the year.

就我們的貸款定位而言，我們預計我們的商業貸款組合將持續成長。業務組合的成長將抵消多戶住宅成長的下降，同時我們仍在為現有關係提供服務。整體而言，我們預計下半年貸款組合將出現低個位數成長。

With that, I'll turn the call back to Lisa, and we'll be happy to take all your questions.

這樣，我會將電話轉回麗莎，我們很樂意回答您的所有問題。

Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. We also ask that you wait to hear your name and company announce before you proceed with your question. One moment for the first question.

謝謝。提醒一下，如果您想提問，請在電話上按星號一一。我們也要求您先等待聽到您的姓名和公司的公告，然後再繼續提問。第一個問題請稍等一下。

And our first question today is coming from Mark Fitzgibbon of Piper Sandler. Your line is open.

我們今天的第一個問題來自 Piper Sandler 的 Mark Fitzgibbon。您的線路已開通。

Hey, good morning, guys..This is Greg Zingone stepping in for Mark at the moment. How are you?

嘿，早安，夥計們..這個Greg Zingone 目前正在接替 Mark。你好嗎？

Hey, Greg, how are you?

嘿，格雷格，你好嗎？

Does your I'm just curious what was your spot NIM for June?

我只是好奇你六月的 NIM 位置是什麼？

Yes. So what I tried to point out in the of the prepared remarks Greg, was we had around four basis points from the payoff of our previous non-accrual loan. All that happened in the month of June sort of the June was a little inflated. But, if you back that out, you know the spot NIM would have probably been around to 236 to 237 for the month of June. We also mentioned that the sub debt offering close at the market not the end of June. So that will have an impact going forward, but probably on 236 to 237 extra sub-debt for June.

是的。因此，我在格雷格準備好的發言中試圖指出的是，我們從先前的非應計貸款的還款中獲得了大約四個基點。六月發生的一切都有點誇張了。但是，如果你反駁這一點，你就知道 6 月的即期淨利差可能會在 236 至 237 左右。我們也提到，次級債務發行是在市場而非六月底結束的。因此，這將對未來產生影響，但可能會對 6 月的 236 至 237 筆額外次級債務產生影響。

Okay. And then on the $5.5 million provision, is that a good run rate for us to think about for the remainder of the year?

好的。那麼，對於 550 萬美元的撥款，我們在今年剩餘時間裡是否可以考慮這個良好的運作率？

Well, we evaluate the provision every quarter based on economic conditions. So it's really going to be a function of what the Moody's forecasts are on a going forward basis. I think right now, we feel pretty adequately provisioned, we built the reserve a basis point here. So, it's really going to be a function of how the Moody's estimates come out.

嗯，我們每季都會根據經濟狀況評估準備金。因此，這實際上取決於穆迪未來的預測。我認為現在，我們感覺供應相當充足，我們在這裡建立了儲備金的基點。因此，這實際上取決於穆迪的估計結果。

Yeah, as we continue to book new loans, C&I and business related loans, obviously those provisions are somewhat higher. So there will be a just in terms of the ongoing shift in the loan portfolio, there will be some provisioning associated with that, that will change relative to the model.

是的，隨著我們繼續登記新貸款、商業與工業貸款和商業相關貸款，顯然這些準備金會更高。因此，就貸款組合的持續轉變而言，將會有一些與之相關的準備金，這些準備金將相對於模型發生變化。

Okay. And then lastly, how big of a push do you plan to make in Westchester is adding more teams or more branches in Westchester, a priority going forward.

好的。最後，您計劃在威徹斯特做出多大的推動，以在威徹斯特增加更多團隊或更多分支機構，這是未來的優先事項。

I think, we've got two teams up there now. We've just gotten approval for a full service or limited service branch up there. We're not really looking to open up retail locations. It's really more second story of business related growth. And so for now, I could see us bringing on more teams over time. I don't see us opening up a lot more bricks-and-mortar up there in terms of branch locations.

我想，我們現在有兩支球隊。我們剛剛獲得在那裡設立全方位服務或有限服務分支機構的批准。我們並不是真的想開設零售店。這實際上是與業務相關的成長的第二個故事。所以現在，我可以看到隨著時間的推移我們會引進更多的團隊。我不認為我們會在那裡開設更多的實體店。

Awesome. Thank you, guys.

驚人的。謝謝你們，夥計們。

Thanks, Greg

謝謝，格雷格

Thank you. And one moment for the next question. Our next question will be coming from Manuel Navas of D.A. Davidson. Your line is open.

謝謝。請稍等一下，問下一個問題。我們的下一個問題將來自 D.A. 的 Manuel Navas。戴維森。您的線路已開通。

Hey, good morning, fellow. I appreciate. I think I just missed the OpEx guide for next quarter. Could you just reiterate that? And then any color you can add on some what some of the things you're looking at for next year? You're saying you're going to have nominal expense growth. Just could you highlight or discuss any of those initiatives in greater detail or is it too early to?

嘿，早上好，夥計。我很欣賞。我想我剛剛錯過了下個季度的營運支出指南。能重申一下嗎？然後你可以在明年你正在尋找的一些東西上添加任何顏色嗎？你說你的名義費用將會增加。您能否更詳細地強調或討論這些舉措中的任何一項，還是現在這樣做還為時過早？

Yes, we're just going through our budgeting process now Manuel. So, i think as we get towards the end of the year into really our January call, we'll be able to outline all of those things in detail. The guidance you know, we probably expect to be around $57 million in Q3, kind of hold that for the rest of the year.

是的，我們現在剛完成預算流程，曼努埃爾。因此，我認為，當我們在年底召開一月份的電話會議時，我們將能夠詳細概述所有這些事情。你知道，我們可能預計第三季的收入約為 5700 萬美元，在今年剩餘時間內保持這一水平。

But. our goal is for next year to have very, very nominal growth, absent any additional team hiring opportunity that could take place next year. So, that's pretty much the guidance. So at this point, I think we'll have more details as we get into our December and January time frame once we once we get through the budgeting season.

但。我們的目標是明年實現非常非常名義上的成長，如果明年沒有任何額外的團隊招募機會。所以，這就是指導。因此，在這一點上，我認為一旦預算季節結束，我們將進入 12 月和 1 月的時間框架，以獲得更多詳細資訊。

I really appreciate that. That leads me to my next question. What's kind of a pipeline on hires? Is t kind of calm down? Are you still seeing talent out there? That's interesting. What kind of an update on hiring process?

我真的很感激。這引出了我的下一個問題。招募管道是什麼樣的？是不是有點冷靜了？你還在找人才嗎？那很有意思。招募流程有哪些更新？

Yes, we are still talking to folks. There is still talent out there, both on both sides of the balance sheet, both on the deposit side and on the lending side. We've obviously been busy on both sides of the balance sheet. We've grown, you know as a group of C&I lenders and they really begun contributing in a significant way.

是的，我們仍在與人們交談。資產負債表兩側、存款方和貸款方仍有人才。顯然，我們在資產負債表的兩邊都很忙。我們已經成長為一群 C&I 貸款人，他們確實開始做出重大貢獻。

Our health care group pipeline is very significant, and I think there's going to be some meaningful of our loan volume this quarter in that business as well. And, we are exploring other teams in terms of C&I business.

我們的醫療保健集團管道非常重要，我認為本季該業務的貸款量也將產生一些有意義的影響。並且，我們正在探索工商業業務的其他團隊。

So yes, there's there's some opportunity, I think as we get later in the year as folks get closer to year end and bonuses and what not that that's going to slow down a little bit. But, we are planting the seeds into next year. So, you know, i do think there's some opportunity.

所以，是的，有一些機會，我認為隨著今年晚些時候人們越來越接近年底和獎金，這會放緩一點。但是，我們正在為明年播下種子。所以，你知道，我確實認為有一些機會。

I think we prove that the we're the bank to be in terms of opportunity and bringing our customers over. We've open, you know, 3 to 4,000 new business accounts and relationship accounts with the new teams, that are just starting the fund.

我認為我們證明了我們是一家能夠提供機會並吸引客戶的銀行。你知道，我們已經與新團隊開設了 3 到 4,000 個新的業務帳戶和關係帳戶，這些帳戶剛剛啟動基金。

We are almost at $1.1 billion of new deposits, nearly half of that DDA. So, you know, the model and the thesis that we have, has proved out and up and I think go, you know, we're looked at as a place to go in terms of opportunity. So I really do think there's a lot a lot to come in the future.

我們的新增存款接近 11 億美元，幾乎是 DDA 的一半。所以，你知道，我們擁有的模型和論文已經被證明是可行的，我認為，就機會而言，我們被視為一個值得去的地方。所以我確實認為未來還有很多事情要做。

Is healthcare going to be a big chunk of that low single-digit growth in the back half of this year. I think you've given pipelines in the past for that group is that something that's disclosable today?

醫療保健將成為今年下半年低個位數成長的很大一部分嗎？我認為您過去曾為該小組提供過管道，今天可以披露嗎？

Sure, i mean our pipeline in the healthcare business is $170 million at an average rate of 7.80% and but our C&I pipeline is 230 million in average rate of 8.5%. So, it's across the board. And, it's really, you know, again following what we've been saying for the last year in terms of diversification up.

當然，我的意思是我們的醫療保健業務管道為 1.7 億美元，平均成長率為 7.80%，但我們的 C&I 管道為 2.3 億美元，平均成長率為 8.5%。所以，這是全面的。而且，這確實是，你知道，再次遵循我們去年在多元化方面所說的內容。

So you know, we're quite encouraged by the build-out of both our middle market, C&I business, our healthcare business and even our residential group is up substantially. In terms of pipeline, they have over $60 million in the pipeline at a 6.5% rate, all adjustable rate mortgages. So again, we're out there and we're doing business. And, so we're very encouraged.

所以你知道，我們對我們的中間市場、工商業業務、醫療保健業務甚至住宅群的建設都大幅增長感到非常鼓舞。在通路方面，他們有超過 6,000 萬美元的利率為 6.5% 的可調整利率抵押貸款。再說一遍，我們在那裡做生意。所以我們深受鼓舞。

If I just shift to the name for a moment. And, I really appreciate the repricing opportunity second half of next year and in 2026 more near term. If we do get a rate cut in September. Could this slow and steady then increases accelerate a bit in the fourth quarter?

如果我暫時轉向這個名字。而且，我非常感謝明年下半年和 2026 年更近期的重新定價機會。如果我們確實在 9 月降息。這種緩慢而穩定的成長能否在第四季有所加速？

Yes. Yes.

是的。是的。

Okay.

好的。

I mean, I think that that I think we're seeing, you know, just month-over-month and with the new originations and repricing of what loans we do have that are repricing this year. We're still seeing a slow and steady growth in terms of loan yields and deposit yields are flat to down.

我的意思是，我認為我們看到的是，你知道，每個月都有新的發放和重新定價，我們現有的貸款今年正在重新定價。我們仍然看到貸款收益率緩慢穩定成長，存款收益率持平或下降。

So, just the natural progression is positive, but certainly with the rate cut in September and INPUT possibly one later in the year, we could see that accelerate quite a bit. Just month to date, for example, yields on loans are up well over three basis points. And you know, and we expect that to accelerate with a with this quarter's new originations and repricing. So again, we're optimistic up. And as I said, absent rate cuts, we're going to see it a slow and steady grind up, but certainly the rate cuts are going to help accelerate that growth.

因此，自然進展是積極的，但肯定的是，隨著 9 月的降息以及今年稍後可能的 INPUT，我們可以看到這種情況加速相當多。例如，僅一個月以來，貸款收益率就上漲了三個基點以上。你知道，我們預計隨著本季的新產品和重新定價，這種情況將會加速。所以，我們再次感到樂觀。正如我所說，如果不降息，我們將看到經濟緩慢而穩定的成長，但降息肯定將有助於加速成長。

My last question is that repricing opportunity doesn't include any it just includes the forward curve for the second half of '25 into '26. It's just the loan side. It doesn't include them and expectations on rate cuts in there? Correct? is that the right way to think about that analysis?

我的最後一個問題是，重新定價機會不包括任何內容，它只包括 25 年下半年到 26 年的遠期曲線。這只是貸款方面。裡面不包括他們和降息的預期嗎？正確的？這是思考該分析的正確方法嗎？

Yup, just off the forward curve, Manuel. So the comment was, you know, we have $2 billion in the back half of '25 and '26 at a rate of 3.90% just follow the forward curve, and that's which is around 4% for the five year going forward, you should see a 35 basis point increase in the NIM overall just solely because of that.

是的，就在前進曲線之外，曼努埃爾。所以評論是，你知道，我們在 25 年和 26 年下半年有 20 億美元，增長率為 3.90%，只是遵循遠期曲線，這就是未來五年的 4% 左右，你應該僅僅因為這一點， NIM 整體增加了35 個基點。

Now on top of that, we are remixing the loan portfolio, that's obviously adding as Stu said down four to five basis points every quarter to the NIM. Then, you layer on top of that the deposit growth that we have, but we still have around $750 million of brokered on the balance sheet.

現在最重要的是，我們正在重新混合貸款組合，正如斯圖所說，這顯然是在增加淨利差每季下降四到五個基點。然後，除了我們的存款成長之外，我們的資產負債表上仍然有大約 7.5 億美元的經紀業務。

We've obviously paid down a lot of our short-term FHLB borrowings. So, that was the first step in the balance sheet evolution. The broker is still at $750 million. So, at least the new teams bring in deposits in as our lending teams bring in deposits, that's going to help offset the cost of the brokered deposits on the balance sheet.

顯然，我們已經償還了 FHLB 的大量短期借款。所以，這是資產負債表演變的第一步。經紀人的估值仍為 7.5 億美元。因此，至少新團隊會像我們的貸款團隊帶來存款一樣帶來存款，這將有助於抵消資產負債表上經紀存款的成本。

So, I think the message here is we don't need rate cuts to see an upward bias on the name with rate cuts. We're going to have an even greater increase in NIM. And then once the repricing opportunity kicks in, the NIM is really going to accelerate at that point in time back in probably higher than where we were in the last cycle based on what our models are showing.

因此，我認為這裡傳達的訊息是，我們不需要降息就能看到降息帶來的上行偏見。我們的淨利差 (NIM) 將會有更大的成長。然後，一旦重新定價機會出現，淨利差確實會在那個時間點加速回升，根據我們的模型顯示，可能會高於上一個週期的水平。

And that's great. I really appreciate the commentary. Thank you very much.

那太好了。我真的很欣賞你的評論。非常感謝。

Thank you. And our next question will be coming from Steve Moss of Raymond James. Your line is open

謝謝。我們的下一個問題將來自雷蒙德·詹姆斯的史蒂夫·莫斯。您的線路已開通

Good morning.

早安.

Hey Steve.

嘿史蒂夫。

it's just a follow-up on deposits here. Stu, I think you said balances on deposits were stable to down at the beginning of the call. Just kind of curious here, you know, a healthy step up in the deposit growth with all the teams you've added here. Is it possible that we could see that pace continue this quarter? And then the second part to that

這只是這裡存款的後續行動。Stu，我想你在電話會議開始時就說過存款餘額穩定下降。只是有點好奇，你知道，你在這裡添加的所有團隊在存款成長方面都取得了健康的進步。我們是否有可能在本季看到這種步伐繼續下去？然後是第二部分

Go Head.

去吧。

What I said was yields on deposits were stable to down but we're seeing steady growth on the deposit side. So we expect continued growth on the deposit side.

我所說的是存款收益率穩定下降，但我們看到存款方面穩定成長。因此我們預期存款方面將持續成長。

Okay. And so perhaps at a similar pace to what we saw this past quarter?

好的。那麼也許與我們上個季度看到的速度相似？

Yes, I don't think we don't think about it on a quarterly basis, Steve. Obviously, in the first and second quarters, there was a significant disruption with one of our competitors and sometimes it it ebbs and flows. But I mean, the way we look at it is the groups that have come on rate. The average tenure of doctor groups on a weighted average basis is only 7 to 8 months at the bank. So they have a substantial runway in front of them to do that.

是的，我認為我們每個季度都會考慮這個問題，史蒂夫。顯然，在第一季和第二季度，我們的一個競爭對手遭受了重大干擾，有時會出現起起落落。但我的意思是，我們看待它的方式是那些已經達到標準的群體。加權平均醫師組在銀行的平均任期僅7至8個月。因此，他們面前有一條巨大的跑道可以做到這一點。

So, we're measuring it in terms of yields as opposed to quarters. So I think a year from now, we're going to be substantially higher than where we are right now. Every individual quarter you have seasonality, deposits coming in deposits coming out. The other way we track that to set as accounts. So we're continuing to see accounts open every day every week and we're very bullish about them bring over more and more deposits over time.

因此，我們用收益率而不是季度來衡量。所以我認為一年後，我們的水準將大大高於現在。每季都有季節性，存款進來又出去。另一種方式是我們追蹤將其設定為帳戶。因此，我們每週都會繼續看到帳戶開立，我們非常看好他們隨著時間的推移帶來越來越多的存款。

Okay.

好的。

Could you share with us how many accounts were open this quarter?

您能否與我們分享本季開設了多少個帳戶？

This quarter we probably had, I'd say, close to around 700 to 800 accounts that were open.

我想說，本季我們可能有接近 700 到 800 個開放帳戶。

And then in terms of just curious what the blended cost of funds are you're seeing on the deposits move these days?

然後，只是好奇，您最近在存款變動中看到的混合資金成本是多少？

Yes, probably say on between 250 and 270, plus or minus for the new groups because, as you said, substantial portion of it is in DDA, probably 40% to 45%, the rest of the stuff that's coming in and so splitting to 250 to 275.

是的，可能會說在250 到270 之間，對於新組來說是正負，因為正如你所說，其中很大一部分是在DDA 中，可能是40% 到45%，其餘的東西會進來，所以分成250 至 275。

Okay, appreciate that. And, then in terms of the the drivers here on the lower classified down 14% quarter over quarter. Just curious to get some incremental color around those drivers.

好的，謝謝。而且，就分類較低的驅動因素而言，季減了 14%。只是好奇想在這些驅動程式周圍獲得一些增量顏色。

Yes, we should have all that detail in the 10-Q, we just provide an expectation right now. I think multi-families down around $15 million, $20 million bucks. I think C&I and owner occupied or down the rest basically investor CRE is basically flat, but all the detail will be in our Q next week Steve.

是的，我們應該在 10-Q 中包含所有詳細信息，我們現在只是提供一個期望。我認為多戶家庭的損失約為 1500 萬至 2000 萬美元。我認為 C&I 和業主佔用或下降，其餘的基本上投資者 CRE 基本持平，但所有細節將在我們下週的問題中史蒂夫。

Yes, appreciate that's. Okay, so, I guess just the last one for me, in terms of, it sounds like you guys remain active on the hiring front or at least interested. Do you expect like a steady pace of ads in the second half of the year for additional teams or is it more maybe a 2025?

是的，很欣賞。好吧，我想這對我來說只是最後一個，聽起來你們在招聘方面仍然很活躍，或者至少感興趣。您是否預期下半年會有更多團隊的廣告投放保持穩定，或更可能是 2025 年？

Yes, I think it's more 2025 as we're getting toward the end of the year, folks tend to have the view of wanting to stay around for now. I got bonuses coming off and those probably more towards the end of the first quarter of 2025. Although, there probably might be some opportunity on on the on the lending side with some teams that I think may be available and we are talking to seriously. So, but I think on a deposit side, it is probably more geared toward us early 2025.

是的，我認為現在已經是 2025 年了，隨著年底的臨近，人們傾向於暫時留下來。我的獎金即將發放，可能會在 2025 年第一季末發放更多。儘管如此，在貸款方面可能會有一些機會，我認為一些團隊可能有機會，我們正在認真地與他們交談。所以，但我認為在存款方面，它可能更適合 2025 年初的我們。

Okay, great. Really appreciate all the color and nice quarter.

好的，太好了。真的很欣賞所有的顏色和漂亮的季度。

Thank you.

謝謝。

Thank you. If you would like to ask a question, please press star one one on your telephone. Our next question will be coming from Christopher O'Connell of KBW. Your line is open.

謝謝。如果您想提問，請在電話上按星號一一。我們的下一個問題將來自 KBW 的 Christopher O'Connell。您的線路已開通。

Hey, good morning.

嘿，早安。

Hey Chris, good morning.

嘿克里斯，早安。

So yes, I just wanted to start off on the NIM. and I apologize if I missed anything, but from what I understand, you know, slow and steady progress until there's rate cuts from here in the back half of the year, and that's inclusive of the sub-debt offering. Correct and kind of minus the nonaccrual recovery. Are you guys thinking the NIM will progress and be up from the 2.37%, June NIM range ex the non-accrual recovery?

所以是的，我只是想從 NIM 開始。如果我錯過了任何事情，我深表歉意，但據我了解，你知道，進展緩慢而穩定，直到今年下半年開始降息，其中包括次級債務發行。正確並減去非應計回收。你們是否認為淨利差會有所進步，並會從 6 月份淨利差 (NIM) 範圍（扣除非應計復甦）的 2.37% 上升？

Yes.

是的。

So Chris, in my prepared remarks, what I said was the base NIM uses to 2.34%. So the 2.34% excludes the four basis points from the nonaccrual interest recovery and then the three basis points from the sub-debt. So I'd what I'd start with the 2.34% and use the slow and steady and upward bias off of that base.

克里斯，在我準備好的發言中，我所說的是 NIM 使用的基礎利率為 2.34%。因此，2.34% 排除了非應計利息回收中的四個基點，然後排除了次級債務中的三個基點。因此，我從 2.34% 開始，並在此基礎上緩慢、穩定、向上的偏向。

As we've said, the loan yields are going up probably four to five basis points helped every quarter on an average basis. So that's going to help. And obviously, if you see stabilization in the cost of deposits, you're going to see natural upward progression in the NIM. I think that's the case still there is rate cuts.

正如我們所說，平均每季貸款收益率可能會上升四到五個基點。所以這會有幫助。顯然，如果你看到存款成本穩定，你會看到淨利差自然上升。我認為情況仍然如此，降息仍然存在。

Once, those rate cuts, we obviously have more deposits than assets that we can reprice. So that's going to help us, I'd say, starting in Q4 into Q1 and Q2 of next year and then layer on top of that, those substantial repricing opportunity that really starts in on the second half of '25.

一旦降息，我們的存款顯然就多於我們可以重新定價的資產。因此，我想說，這將對我們有所幫助，從第四季度開始到明年第一季和第二季度，然後在此基礎上，那些真正從 25 年下半年開始的重大重新定價機會。

So, it's going to be a layered approach in terms of the NIM. And, then you I think you also have to factor into all of that the new deposit teams that are coming that are bringing in deposits, as I said, the rate of between 2.50% to 2.75% versus the brokered cost right now, which is 5.35%. So. I think all of you put all of that together, we're pretty confident that as we get into the back half of '25 and '26 than the name structurally will be a lot higher than where it is right now.

因此，就 NIM 而言，這將是一種分層方法。而且，我認為您還必須考慮所有即將到來的新存款團隊帶來的存款，正如我所說，相對於目前的經紀成本，利率在 2.50% 至 2.75% 之間，即5.35%。所以。我認為你們所有人將所有這些放在一起，我們非常有信心，當我們進入 25 和 26 的後半段時，名稱在結構上將比現在高很多。

Great. That's helpful.

偉大的。這很有幫助。

And, then, as you guys are, it sounds like very good quarter multifamily on the criticized classifieds no NPL's. Can you just remind us of how much you guys have maturing in the rent-regulated portfolio in the second half of the year? And just anything that you've been seeing from your customers in terms of just any qualitative data as to what you've been seeing in terms of either debt service coverage ratios or just conversations with the customers for what's matured year to date?

然後，就像你們一樣，這聽起來像是受到批評的分類廣告上沒有不良貸款的非常好的季度多戶住宅。您能提醒我們一下，今年下半年你們在租金管制投資組合中成熟了多少？您從客戶那裡看到的任何定性數據，例如償債覆蓋率或僅與客戶對話的今年迄今到期的數據？

Yes.

是的。

Well, I'll start off with the of what's coming due and then still add some qualitative comments. I mean, in Q3, we probably have around $10 million on the rent-regulated side. And in Q4 we have, I think, $15 million to $20 million. So today, modest of the CR in terms of what's remaining in the second quarter.

好吧，我將從即將到期的內容開始，然後添加一些定性評論。我的意思是，在第三季度，我們可能有大約 1000 萬美元的租金管制資金。我認為第四季我們有 1500 萬至 2000 萬美元。因此，今天，就第二季剩餘的情況而言，CR 不大。

For example, we probably had around $45 million of rent-regulated loans that were supposed to reprice or around $20 million of that satisfied around $25 million of that repriced, and we've had no issues associated with them. So probably like a one-third two-thirds split as of the last quarter in terms of satisfactions and repricings, that Stu would probably give you some color qualitatively on that.

例如，我們可能有大約 4500 萬美元的租金管制貸款應該重新定價，或者其中大約 2000 萬美元滿足了大約 2500 萬美元的重新定價，而且我們沒有遇到與它們相關的問題。因此，截至上個季度，在滿意度和重新定價方面，可能會有三分之一和三分之二的分裂，斯圖可能會給你一些定性的資訊。

We haven't had a lot of conversations with them with customers. We haven't had the funds are not ringing off the hook in terms of issues or problems, obviously are our NPLs and delinquencies are stable to down. So you know, it's we're monitoring everything.

我們還沒有與他們和客戶進行很多對話。我們的資金還沒有出現問題或問題，顯然我們的不良貸款和拖欠率穩定下降。所以你知道，我們正在監控一切。

We haven't seen a significant change in debt service coverages actually overall, probably, lot of it has actually gone positive in terms of growth and debt service coverage. I'd say 75% to 80% of the portfolio year over year as it serves costs.

實際上，我們並沒有看到償債覆蓋率發生重大變化，實際上總體而言，很可能，在成長和償債覆蓋率方面，其中許多實際上已經變得積極。我想說，投資組合的 75% 到 80% 逐年上升，因為它服務於成本。

So, at this point, we continue to monitor and you know certainly, stay in contact with customers where necessary but we're not seeing any significant issues at this point.

因此，目前我們將繼續監控，您當然知道，在必要時與客戶保持聯繫，但目前我們沒有看到任何重大問題。

Great.

偉大的。

And, then just on the expense discussion, so it jumps up to $57 million next quarter. I'm assuming a lot of that's in compensation from the new hires? And then it sounds like you think that level can hold relatively flat into 2025. And, just what are some of the puts and takes. I'm assuming there's merit increase, et cetera, and '25, where you guys think that you have opportunities to kind of save and kind of limit the overall expense growth and from from here into '25?

而且，僅就費用討論而言，下季的費用就會躍升至 5,700 萬美元。我假設其中很大一部分是新進員工的報酬？聽起來您認為這一水平可以相對平穩地保持到 2025 年。而且，只是一些看跌期權。我假設績效會增加，等等，並且'25，你們認為你們有機會節省並限制總體費用增長，從現在到'25？

Yes, I think all of that said, Chris. So I think you know, for the second half of this year, around $57 million plus some plus or minus. It's probably a good range. Obviously, the demand increases go into impact really on April 1st. So, the first quarter of next year is going to be pretty consistent with where second half of this year is going to be. I mean, look, we've always managed expenses efficiently.

是的，我想所有這些都說了，克里斯。所以我想你知道，今年下半年，大約有 5700 萬美元加上一些正負。這可能是一個不錯的範圍。顯然，需求成長在 4 月 1 日才真正產生影響。因此，明年第一季將與今年下半年的情況非常一致。我的意思是，看，我們一直有效地管理開支。

Like you said, we're going to see an uptick in salary and comp expense, especially as the new groups are performing very well. So there's our accruals and as such should think about on a going forward basis. But we're working. Like I said, when I answered manuals question, what we're working on a few in our company-wide initiatives, we'll probably have more to disclose when we get into early next year.

正如您所說，我們將看到工資和補償費用的增加，特別是在新團隊表現出色的情況下。因此，我們應該考慮未來的應計費用。但我們正在工作。就像我說的，當我回答手冊問題時，我們在全公司範圍內的舉措中正在進行哪些工作，當我們進入明年初時，我們可能會披露更多信息。

I think the guidance for next year is very nominal growth. I wouldn't say flat because we know obviously investing in our businesses throughout the year, but we're going to be very judicious as we always are. And as you see the NIM, trajectory improve over time. I think that's going to give us a little bit of room to invest in the business as well.

我認為明年的指導是非常名義上的成長。我不會說持平，因為我們顯然知道全年都會對我們的業務進行投資，但我們將一如既往地非常明智。正如您所看到的 NIM，軌跡隨著時間的推移而改善。我認為這也將為我們的業務投資提供一些空間。

Look, we're very happy with the early performance of the groups. The groups are basically are better than breakeven at this point in time. And, there's no additional fixed costs that are coming in beyond what on the $57 million run rate that we have and right now.

看，我們對小組早期的表現非常滿意。目前各組基本上都優於收支平衡。而且，除了我們目前 5700 萬美元的營運費用之外，沒有額外的固定成本。

So look, we'll have more to say of that. And I think just down the road, there will come a time when we're able to grow the balance sheet a little bit more. And at that point in time, I think we'd our expense to asset ratio will also naturally stock coming down. We've historically managed the company between 1.50% and 1.55% We were probably closer to 1.60% and 1.65% right now, but we do see that coming down in the years ahead as well that if and when balance sheet growth picks up.

所以聽著，我們對此還有更多要說的。我認為，在不久的將來，我們將能夠進一步擴大資產負債表。到那時，我認為我們的費用與資產比率也會自然下降。我們歷史上一直在 1.50% 到 1.55% 之間管理公司，現在我們可能更接近 1.60% 到 1.65%，但我們確實看到，如果資產負債表增長加快，未來幾年這一比例也會下降。

Great.

偉大的。

And then any small, but any any color on the the drop in customer services fees this quarter versus last quarter kind of an unusually strong quarter? Or is it should we take it as a blend of the two?

那麼，本季的客戶服務費用與上個季度相比是否有小幅但有任何色彩的下降，這是一個異常強勁的季度？或者我們應該將其視為兩者的混合？

Yes, we just had some rollover fees last quarter on on some loans, basically that were repricing. So, as I said earlier, we had more multi-family loans this quarter that actually satisfied versus reprice. And, so that's where that that fits in last quarter. We had more loans in the first quarter, more loans that took the rollover option and that for us that goes in there.

是的，我們上個季度剛剛對一些貸款收取了一些展期費用，基本上是重新定價。因此，正如我之前所說，本季我們有更多實際滿足的多戶貸款，而不是重新定價。這就是上個季度的情況。第一季我們有更多的貸款，更多的貸款採用展期選項，而我們的貸款也進入了那裡。

So, I would say this there's a couple of seasonal items here on that that come in and out, but nothing material.

所以，我想說，這裡有一些季節性物品進出，但沒有任何實質內容。

Got it know. You guys are usually cautious on this, but, you know, any sense of just, you know, outside of the amount of fixed maturities and everything happening in the second half '25 and '26. What the impact is of each 25 basis point cut would be on the margin?

知道了就知道了你們通常對此持謹慎態度，但是，你們知道，除了固定期限以及 25 年和 26 年下半年發生的一切之外，任何正義感都可以。每下調 25 個基點對利潤率有何影響？

Yes, I think I think it's going to be obviously the first rate cut and the second rate cut is going to be part of it's going to depend on the competition in terms of what they're doing. That said, I will say our core deposit base is more skewed towards commercial customers and we have more money markets and time deposits in our base, which should lend itself to more our incomes of being having more benefit from rate cuts than it than a lot of us, a lot of appeal.

是的，我認為這顯然將是第一次降息，第二次降息將取決於他們正在做什麼的競爭。也就是說，我想說的是，我們的核心存款基礎更傾向於商業客戶，我們的基礎上有更多的貨幣市場和定期存款，這應該有助於我們從降息中獲得更多的收入，而不是很多。

And if you look at the balance sheet, right, now around 31% to 32% is variable-rate. In terms of the loan portfolio. Obviously, 30% of the balance sheet is DDA, you know the deposit side of the balance sheet. And we probably have, you know, some deposits that are cost less than 1%. And so it's going to be harder to change the rates on those.

如果你看一下資產負債表，現在大約 31% 到 32% 是浮動利率。從貸款組合來看。顯然，資產負債表的30%是DDA，你知道資產負債表的存款方。你知道，我們可能有一些存款成本低於 1%。因此，改變這些利率將變得更加困難。

But, I would say, by and large, you know, our goal is really to get the margin back to that 3% plus area, which is going to drive higher returns overall for the Company and our internal models show us getting there in the latter part of '25 into '26.

但是，我想說，總的來說，我們的目標實際上是讓利潤率回到 3% 以上的區域，這將為公司帶來更高的整體回報，我們的內部模型顯示我們在'25 後期到'26。

And, so how it happens between Q1, that could be choppy up and down in the individual quarter, but there's definitely going to be a level of benefit from rate cuts.

而且，第一季之間的情況可能會在各個季度上下波動，但降息肯定會帶來一定程度的好處。

Yes, and we do have, you know, as we said before, we do have $700 million of brokered that we'll be able to move those out very quickly in terms of rate cut. Plus, we have about $1.8 billion of municipals that are also, you know, easily move moved in terms of a rate cut.

是的，我們確實有，你知道，正如我們之前所說，我們確實有 7 億美元的經紀資金，我們將能夠在降息方面很快將其轉移出去。另外，我們還有大約 18 億美元的市政資金，你知道，這些資金也很容易透過降息來轉移。

So, you know, look, we're looking to we're prepared. We have segregated the portfolio in terms of when a rate cut happens, which buckets are going to move at how much. So I mean, we're pretty optimistic that we're a little cautious at this point because obviously, competition is going to play a bit of a role there as well.

所以，你知道，我們希望我們做好準備。我們根據降息的時間和降息幅度對投資組合進行了劃分。所以我的意思是，我們非常樂觀，我們在這一點上有點謹慎，因為顯然，競爭也會在那裡發揮一些作用。

And last one for me, just what's a good tax rate going forward?

最後一個問題是，未來的稅率是多少？

I think around 27% Chris. We had a couple of discrete items this quarter, so I'd use %27 going forward.

我認為大約 27% 克里斯。本季度我們有幾個離散項目，因此我將使用 %27 繼續前進。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Thank you. There are no more questions in the queue. This does conclude today's Q&A session. And I would now like to turn the call back over to Stuart Gulliver for closing remarks.

謝謝。隊列中沒有更多問題。今天的問答環節到此結束。現在我想將電話轉回給斯圖爾特·格列佛（Stuart Gulliver），讓其致閉幕詞。

Please go ahead.

請繼續。

Thank you, Lisa, and thank you all for for joining us today. I'd like to thank our dedicated employees and our shareholders for their continued support. And I look forward to speaking with you after the third quarter

謝謝麗莎，也謝謝大家今天加入我們。我要感謝我們敬業的員工和股東的持續支持。我期待在第三季之後與您交談

Thank you for joining today's conference call. You may all disconnect.

感謝您參加今天的電話會議。你們都可以斷開連線。