Dime Community Bancshares Inc (DCOM) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Dime Community Bank Shares Inc, third quarter earnings conference call. 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.

美好的一天，感謝您的支持。歡迎參加 Dime Community Bank Shares Inc 第三季財報電話會議。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 other 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 Securities and Exchange Commission to which we refer you.

此類聲明存在風險、不確定性和其他因素，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向您推薦的公司向美國證券交易委員會提交的文件中所述的結果。

During this call. References will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance.

在這次通話過程中。將參考非公認會計準則財務指標作為審查和評估經營績效的補充指標。

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 US GAAP.

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公認會計原則準備和提交的財務資訊。

For information about these non-GAAP measures and for reconciliation to GAAP. Please refer to today's earnings release

有關這些非公認會計原則措施的資訊以及與公認會計原則的調節。請參閱今天的財報

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your speaker today. Stuart Lubow, President and CEO. Please go ahead.

我現在想把今天的會議交給你的發言者。斯圖爾特·盧博，總裁兼執行長。請繼續。

Good morning. Thank you, Didi, and thank you all for joining us this morning for our quarterly earnings call. Joining me today is Avi Reddy, our CFO.

早安.謝謝滴滴，也謝謝大家今天早上參加我們的季度財報電話會議。今天加入我的是我們的財務長 Avi Reddy。

In the third quarter, Dime continued to execute on our growth plan. The momentum in our business is extremely strong and in the third quarter, we grew core deposits by over $500 million and the business loan portfolio by $125 million. As a result of strong growth in core deposits and a 4 basis point reduction in the cost of total deposits, the net interest margin increased to 250 basis points.

第三季度，Dime 繼續執行我們的成長計畫。我們的業務勢頭極其強勁，第三季度，我們的核心存款增加了 5 億多美元，商業貸款組合增加了 1.25 億美元。由於核心存款強勁成長以及總存款成本下降4個基點，淨利差增加至250個基點。

To put things in perspective, our margin for the first quarter of 2024 was 221 basis points, implying a 29 basis point improvement through the third quarter. As we outlined in our press release, since the Federal Reserve reduced Fed funds rate by 50 basis points in mid-September, the spread between loans and core deposits has increased by approximately 15 basis points, and this will contribute to continued NIM expansion in the fourth quarter. Avi will provide more detail in his remarks, but suffice to say, we have a clear line of returning to a 3% plus net interest margin.

從長遠來看，我們 2024 年第一季的利潤率為 221 個基點，這意味著第三季提高了 29 個基點。正如我們在新聞稿中所概述的，自聯準會於9 月中旬將聯邦基金利率降低50 個基點以來，貸款與核心存款之間的利差已擴大了約15 個基點，這將有助於美國淨息差的持續擴張。阿維將在他的演講中提供更多細節，但足以說明的是，我們有一條明確的路線，即恢復 3% 以上的淨息差。

In summary, the improvement in NIM to date and our expectations for forward NIM significantly increases Dime’s earnings power.

總之，迄今為止淨利差的改善以及我們對遠期淨利差的預期顯著提高了 Dime 的獲利能力。

Cash and non-interest expense levels increased on a linked quarter basis to $57.4 million. Our expectation is to keep expense levels relatively flat in the fourth quarter and into 2025, as we are working on a number of efficiency optimization initiatives.

現金和非利息支出水準較上季成長至 5,740 萬美元。我們的預期是在第四季度直至 2025 年保持費用水準相對平穩，因為我們正在實施多項效率優化措施。

Business loans were up approximately $125 million in the quarter, and we continue to see a very strong pipeline in our market C&I and healthcare lending verticals. The weighted average rate on new business loans originations for the third quarter was approximately 8%. We expect to end the year with approximately $11 billion of total gross loans.

本季商業貸款增加了約 1.25 億美元，我們繼續看到我們的市場 C&I 和醫療貸款垂直領域擁有非常強大的管道。第三季新發放商業貸款的加權平均利率約為8%。我們預計到年底貸款總額約為 110 億美元。

Asset quality continues to remain solid, and net charge offs remain well contained at only 15 basis points. While NPAs ticked up off a very low starting base, we expect to report in our 10-Q that criticized and classified assets are flat on a linked quarter basis, and early stage 30 to 89 day delinquencies are down 28% on a linked quarter basis.

資產品質持續保持穩健，淨沖銷仍良好控制在僅 15 個基點。雖然不良資產的起始基數非常低，但我們預計將在 10 季報告中指出，批評和分類資產環比持平，早期 30 至 89 天的拖欠率環比下降 28% 。

Our capital ratios continue to build, and at September 30, our total capital was 14.8%, and our common equity Tier 1 ratio was 10.2%. As we have mentioned before, in this environment, accreting capital is important as it speaks of Dime's strength and our ability to service our growing customer base. In that vein, in the third quarter, we built our loan loss reserve by approximately 9% or 6 basis points.

我們的資本比率持續提高，截至 9 月 30 日，我們的總資本為 14.8%，普通股一級資本比率為 10.2%。正如我們之前提到的，在這種環境下，累積資本非常重要，因為它體現了 Dime 的實力以及我們為不斷增長的客戶群提供服務的能力。本著這項精神，我們在第三季將貸款損失準備金提高了約 9% 或 6 個基點。

As I mentioned during our last earnings call, over the course of the next 9 to 12 months, as we evolve our business model and portfolio towards business loans, and with our strong pipeline of C&I and healthcare loans, we expect to operate with the reserve level in the 90 basis point to 1% area.

正如我在上次財報電話會議中提到的，在接下來的9 到12 個月內，隨著我們將業務模式和投資組合向商業貸款發展，並且憑藉我們強大的C&I 和醫療貸款管道，我們預計將使用儲備金進行營運水準在90個基點至1%區域。

Finally, I'd like to conclude by touching on three themes that are key to Dime's story going forward. The first is disruption, the disruption in our local marketplaces. As you know, Dime has been highly successful in attracting teams of deposit gatherers and lenders, and the growth in core deposits and business loans to date is a validation of our efforts.

最後，我想談談對 Dime 的故事發展至關重要的三個主題。第一個是顛覆，也就是我們當地市場的顛覆。如您所知，Dime 在吸引存款收集者和貸款者團隊方面非常成功，迄今為止核心存款和商業貸款的成長是對我們努力的驗證。

The disruption in levels in our market continue to be at all time high and we are actively building our recruiting pipeline for 2025. Given, we are close to year end, we don't expect to make any announcements until 2025, but suffice to say, we are spending a fair bit of time interviewing candidates that fit well with the Dime culture and business model.

我們市場的混亂程度仍然處於歷史最高水平，我們正在積極建立 2025 年的招募管道。鑑於我們已接近年底，我們預計在 2025 年之前不會發布任何公告，但足以說明的是，我們正在花費相當多的時間面試適合 Dime 文化和商業模式的候選人。

Second topic is declining rates. While we have been pleased with the NIM trajectory over the course of this year, the expansion we have seen thus far has not been driven by lower interest rates. This should change starting in the fourth quarter as the full impact of the 50 basis point cut will manifest. Given the forward curve, we are more confident than ever that returning to historical profitability levels is -- to be seen in the near term.

第二個主題是利率下降。雖然我們對今年的淨利差軌跡感到滿意，但迄今為止我們看到的擴張並不是由較低的利率推動的。隨著降息 50 個基點的全面影響將顯現，這種情況應該從第四季開始改變。考慮到遠期曲線，我們比以往任何時候都更有信心，短期內就能恢復到歷史獲利水準。

Finally, growth in DDA. Our DDA levels are now back to almost 30% of deposits and we believe the value of this DDA base will shine through in the current rate environment. In conclusion, I'm looking forward to ending this year strong. I want to thank all our dedicated employees for their efforts in positioning Dime as the best business bank in New York.

最後，DDA 的成長。我們的 DDA 水準現已恢復到存款的近 30%，我們相信這項 DDA 基礎的價值將在當前的利率環境下顯現出來。總之，我期待今年能有個強勁的結局。我要感謝我們所有敬業的員工為將 Dime 打造成紐約最好的商業銀行所做的努力。

With that, I will turn the call over to Avi.

這樣，我就把電話轉給阿維。

Thank you, Stu. Reported EPS was $0.29 per share. We saw a meaningful expansion in the NIM this quarter. As you will recall, the second quarter NIM included a recovery of interest income of 4 basis points. In addition, the second quarter did not have the impact of the cost of the sub-debt issuance.

謝謝你，斯圖。報告每股收益為 0.29 美元。本季我們看到淨利差顯著擴張。您可能還記得，第二季淨利差包括利息收入恢復 4 個基點。此外，第二季並未受到次級債發行成本的影響。

Adjusting the second quarter for these two items on a like for like basis, NIM expansion for the third quarter was around 17 basis points. The NIM expansion was driven largely by strong growth in core deposits.

在第二季這兩項進行同額調整後，第三季淨利差擴張約為 17 個基點。淨利差擴張主要是由核心存款的強勁成長所推動的。

Non-interest income for the third quarter was $7.6 million. As you'll recall, the second quarter non-interest income included a non-recurring branch sale gain. Swap fee revenue was lower in the third quarter. Given the uncertainty with the Federal Reserve's rate cutting decisions this year, we have found that customers are being more patient and taking more time to engage in swap transactions till they have more certainty on the rate outlook.

第三季非利息收入為 760 萬美元。您可能還記得，第二季的非利息收入包括非經常性分行銷售收益。第三季掉期費收入較低。鑑於今年聯準會降息決定的不確定性，我們發現客戶變得更加耐心，並花更多時間進行掉期交易，直到他們對利率前景更加確定。

As such, we expect the swap line item to rebound in 2025 with Q3 marking a low point for swap revenue. Core cash operating expenses for the third quarter excluding intangible amortization was $57.4 million. This was in line with our guidance for the third quarter core cash expenses being in the $57 million area. For the fourth quarter, we expect core cash operating expenses to be between $57.5 million and $58 million and as Stu mentioned, we expect to hold the Q4 run rate steady into 2025. We'll be providing more color on this during our earnings call in January 2025 as we're currently working through our year end budgeting processes.

因此，我們預計掉期項目將在 2025 年反彈，而第三季將成為掉期收入的低點。不包括無形攤銷的第三季核心現金營運支出為 5,740 萬美元。這符合我們對第三季核心現金支出 5700 萬美元的指導。對於第四季度，我們預計核心現金營運支出將在 5,750 萬美元至 5,800 萬美元之間，正如 Stu 所提到的，我們預計第四季度運行率將保持穩定到 2025 年。由於我們目前正在製定年終預算流程，因此我們將在 2025 年 1 月的財報電話會議上提供更多相關資訊。

We had $11.6 million loan loss provision this quarter, which was higher than prior quarters. During the third quarter, we made several enhancements to our CECL model, centering primarily around updating peer group loss history data as well as prepayment speeds.

本季我們的貸款損失準備金為 1,160 萬美元，高於前幾季。在第三季度，我們對 CECL 模型進行了多項改進，主要集中在更新同業損失歷史數據以及預付款速度。

These model enhancements contributed approximately $4.5 million to the provision for the quarter. Excluding the model enhancements that I just noted, the loan loss provision would have been closer to $7 million.

這些車型增強為本季的撥備貢獻了約 450 萬美元。排除我剛才提到的模型增強功能，貸款損失撥備將接近 700 萬美元。

As Stu mentioned in his prepared remarks, over the next 9 to 12 months, we expect to gradually build a reserve as our business model evolves and we expect to operate with a reserve in the 90 basis points to 1% area in the medium term.

正如Stu 在他準備好的演講中提到的那樣，在未來9 至12 個月內，我們預計隨著我們業務模式的發展，逐步建立儲備，並預計在中期以90 個基點至1% 的儲備進行營運。

Next, I'll provide some thoughts on the NIM trajectory. As we outlined in the earnings release, when analyzing the weighted average rate on loans and core deposits in the 30 day period after the Fed cut rates, the spread between these two items has increased by approximately 15 basis points.

接下來，我將提供一些關於 NIM 軌蹟的想法。正如我們在財報中所述，在分析聯準會降息後 30 天內貸款和核心存款的加權平均利率時，這兩項之間的利差擴大了約 15 個基點。

Accounting for the cash on our balance sheet, which of course has 100% beta and the fact that the borrowing portfolio is largely termed out, we expect this core spread improvement between loans and core deposits to translate into a 10 basis points to 12 basis point run-rate NIM improvement for the fourth quarter.

考慮到我們資產負債表上的現金（當然，貝塔係數為100%）以及借款組合大部分已到期的事實，我們預計貸款和核心存款之間的核心利差改善將轉化為10 個基點至12個基點第四季淨利差運轉率改善。

Assuming the behavior in deposits and loans holds for each subsequent rate cut and competition remains rational, we could see a 5 basis points to 6 basis point increase in the NIM for every subsequent 25 basis point rate cut once the full impact of each rate cut flows through the entire balance sheet.

假設後續每次降息的存款和貸款行為保持合理，並且競爭保持理性，一旦每次降息的全部影響發揮出來，我們可以看到每次降息 25 個基點，NIM 都會增加 5 到 6 個基點貫穿整個資產負債表。

Said differently, all else equal starting with the 250 NIM, adding the impact of the rate cut that has already taken place and assuming another 225 basis point rate cuts in the fourth quarter, the exit run rate NIM at the end of the fourth quarter could be in the 270 area.

換句話說，從 250 NIM 開始，其他條件都相同，加上已經發生的降息的影響，並假設第四季度再降息 225 個基點，則第四季度末的退出運行率 NIM 可能會位於 270 區域。

Given the potential for rate cuts in 2025, we see additional NIM expansion in the first half of 2025 as well. Finally, and as mentioned on our previous earning call, we have a significant back book loan repricing opportunity in our adjustable and fixed rate loan portfolios that is expected to kick in, in the second half of 2025 and 2026.

鑑於 2025 年降息的可能性，我們預計 2025 年上半年淨利差也會進一步擴張。最後，正如我們先前的財報電話會議中所提到的，我們的可調整和固定利率貸款組合中存在重大的回帳貸款重新定價機會，預計將於 2025 年下半年和 2026 年開始實施。

To give you a sense of this back book repricing opportunity in the second half of ’25 and ‘26, we have $1.9 billion of adjustable and fixed rate loans across the loan portfolio at a weighted average rate of 390 that either re prices or matures in that timeframe. Even assuming only 150 basis point spread on those loans over the forward five-year treasury, we should see a substantial 25 basis point increase in NIM as these loans reset to higher rates.

為了讓您了解 25 月和 26 月下半年的回帳重新定價機會，我們整個貸款組合中有 19 億美元的可調整利率和固定利率貸款，加權平均利率為 390，或者價格或在該時間範圍內到期。即使假設這些貸款與遠期五年國債的利差僅為 150 個基點，隨著這些貸款重置為更高的利率，我們也應該看到淨利差大幅增加 25 個基點。

Assuming a 225 basis point spread on those loans over the forward five-year treasury, we could see a 35 basis point increase in NIM from the back book repricing.

假設這些貸款與遠期五年國債的利差為 225 個基點，我們可以看到帳面重新定價後的淨利差 (NIM) 增加 35 個基點。

In summary, as you put all these parts together, we see a pathway to a 3% NIM in 2025 and a NIM greater than 3.25% in 2026. The impact of this enhanced NIM will no doubt increase our earnings power as time progresses.

總之，當你把所有這些部分放在一起時，我們看到 2025 年淨利差為 3%，2026 年淨利差超過 3.25%。隨著時間的推移，淨利差的增強無疑會增強我們的獲利能力。

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

這樣，我會將電話轉回滴滴，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Steve Moss of Raymond James.

雷蒙德詹姆斯的史蒂夫莫斯。

Good morning, guys. I want to start up on just on the deposit side. Appreciate all the color you gave on the margin expansion, but you guys showed really good growth throughout the core deposits. Curious to see how you're thinking about those trends going for the upcoming quarter maybe into the year just as you continue to remix and any incremental color you can give there?

早安，夥計們。我想從存款方面開始。感謝你們對利潤擴張的所有描述，但你們在整個核心存款中都表現出了良好的成長。很想知道您如何看待下個季度（也許是今年）的這些趨勢，就像您繼續重新混合以及您可以在那裡提供的任何增量顏色一樣？

Yes, sure, Steve. I'll start off and I think Stu will chip in after. Look, we are very excited with the hires we made over the last year and a half on the deposit side. They're up to around $1.5 billion of deposits. So this is in the Private and Commercial Bank, around 35% to 37% of that is DDA.

是的，當然，史蒂夫。我先開始，我想斯圖隨後會幫忙。看，我們對過去一年半在存款方面的招聘感到非常興奮。他們的存款高達約 15 億美元。所以這是在私人和商業銀行，其中大約 35% 到 37% 是 DDA。

We look at the account opening activity on a biweekly basis, we continue to see a lot of traction over there. If you look at the teams that we brought on there, the first set of teams from 2023 have been at the bank barely a year at this point.

我們每兩週查看一次開戶活動，我們仍然看到那裡有很大的吸引力。如果你看看我們引進的團隊，你會發現 2023 年的第一批團隊此時進駐銀行不到一年。

The teams this year have been here less than six months. It's probably going to take three to four years for each of those teams to reach a steady state. So we think there's significant runway for them over time. It's kind of hard to predict on a quarterly basis what's going to happen, but they're bringing on new accounts, new deposits literally on a weekly basis.

今年的團隊來到這裡還不到六個月。這些團隊可能需要三到四年才能達到穩定狀態。因此，我們認為隨著時間的推移，他們會有重要的發展空間。很難按季度預測會發生什麼，但他們每週都會增加新帳戶、新存款。

I will say what we've tried to do so far with the deposit growth that's come in is really to remix the balance sheet a little bit where we've the first step was paying off the FHLB position. So we had $1.1 billion of overnight FHLB. We don't have any overnight FHLB anymore at this point. Everything's toned out. We had around 7% to 8% of our balance sheet in broker deposits. We brought that down to around 5% at this point.

我想說的是，到目前為止，我們在存款成長方面所做的努力實際上是對資產負債表進行一些重新調整，我們的第一步是償還 FHLB 部位。所以我們有 11 億美元的隔夜 FHLB。目前我們不再有任何隔夜 FHLB。一切都調好了。我們資產負債表的大約 7% 到 8% 是經紀人存款。此時我們將其降低至 5% 左右。

So far it's been a bit of a mix shift. I think as deposit growth continues, you'll probably see some expansion in the balance sheet overall over time. The other thing I'd say is we don't have a large amount of time deposits on the balance sheet.

到目前為止，這有點混合轉變。我認為，隨著存款的持續增長，隨著時間的推移，您可能會看到整體資產負債表有所擴張。我要說的另一件事是，我們的資產負債表上沒有大量定期存款。

There's a little bit on the brokered side, it's probably around $500 million plus or minus. That obviously has 100% beta. But absent that, our core customer base is more money markets and DDA. So obviously, on the money market side, we're able to pass on rate decreases to them significantly and we don't have to wait till those time deposits reprice because the complexion of our base is more on the money market side.

經紀方面有一點，大概在 5 億美元左右。這顯然有 100% 的貝塔值。但如果沒有這一點，我們的核心客戶群更多的是貨幣市場和 DDA。顯然，在貨幣市場方面，我們能夠將利率下降大幅轉嫁給他們，而且我們不必等到這些定期存款重新定價，因為我們的基礎結構更多地在貨幣市場方面。

So I think all in, this was a good quarter for deposits. I think we'll continue to have good years in the years ahead with what we had. And as Stu said, we're working on a pipeline of hires for next year, focused on both the deposit and loan side. So I think over time, we'd like to create an environment here where we continue to grow the deposit base like we have.

所以我認為總而言之，這個季度對於存款來說是一個很好的季度。我認為，在未來的幾年裡，我們將繼續擁有我們所擁有的美好時光。正如斯圖所說，我們正在製定明年的招聘管道，並專注於存款和貸款。因此，我認為隨著時間的推移，我們希望在這裡創造一個環境，​​讓我們能夠像現在一樣繼續擴大存款基礎。

Yes. I mean, typically, the fourth quarter is a little slower in terms of transitioning accounts and moving funds from bank to bank as they get to -- as customers get to year end. But we are still seeing a lot of positive flows in terms of new accounts and new relationships coming on. But I don't think we're going to get the entire relationship at this point. We'll get pieces of it until the first quarter, simply because of just the operating environment for a business moving all their accounts in the fourth quarter.

是的。我的意思是，通常情況下，隨著客戶臨近年底，第四季度在帳戶轉移和資金從一家銀行轉移到另一家銀行方面會稍微慢一些。但我們仍然看到新客戶和新關係的大量積極流動。但我認為我們目前還無法建立完整的關係。我們將在第一季之前獲得部分成果，僅僅是因為企業在第四季度轉移所有帳戶的營運環境。

Yeah, I mean, you know, typically the fourth quarter is a little slower in terms of transitioning accounts and, and moving funds from bank to bank as they get as customers get to year end. But we are still seeing a lot of positive flows in terms of new accounts and, and new relationships coming on.

是的，我的意思是，你知道，通常第四季度在帳戶轉移和客戶到年底時從一家銀行轉移資金到另一家銀行方面會稍微慢一些。但我們仍然看到新客戶和新關係的大量積極流動。

But I don't think we're going to get the entire relationship. You know, at this point, we're getting pieces of it until the first quarter simply because of, you know, just the operating environment for, for a business moving all their account in the fourth quarter.

但我認為我們不會建立完整的關係。你知道，在這一點上，我們直到第一季才獲得部分成果，只是因為，你知道，只是因為企業在第四季度轉移所有帳戶的營運環境。

Yeah. And Steve, just one more point just to highlight on the composition of the deposit base. I mean, if we look at it on a year to date basis, our business deposits are up $1.3 billion basically. So we started the year at around $4 billion of business deposits, we're at $5.3 billion right now. The consumer deposit side, it's stayed pretty stable, $3.4 billion to start the year, around $3.4 billion now. At the start of the year, we were seeing some outflows still on the consumer side, especially as rates went higher, starting to see trends in that stabilize.

是的。史蒂夫，我想再強調一點，以強調存款基礎的組成。我的意思是，如果我們從今年迄今的情況來看，我們的商業存款基本上增加了 13 億美元。今年年初，我們的商業存款約為 40 億美元，目前為 53 億美元。消費者存款方面，保持相當穩定，年初為 34 億美元，現在約為 34 億美元。今年年初，我們看到消費者方面仍有一些資金外流，特別是隨著利率走高，開始看到穩定的趨勢。

And on the municipal side, for example, this quarter we used some of the core deposits that were coming in to exit a small municipal relationship that we had that had a higher cost. And so on the margin, I think very happy with the business side of it and that's our goal is to be the best business bank in New York and I think that's the focus and that's why we're growing over time.

例如，在市政方面，本季我們使用了一些核心存款來退出我們擁有的成本較高的小型市政關係。因此，就邊際而言，我認為對其業務方面非常滿意，這就是我們的目標是成為紐約最好的商業銀行，我認為這是重點，這就是我們隨著時間的推移而不斷發展的原因。

I really appreciate all the color there. And then just one clarification just staying with the margin subject. Avi, you mentioned the $1.9 billion backlog, that's from the second half of ’25 through 2026?

我真的很欣賞那裡的所有顏色。然後只需對邊際主題進行一項澄清。Avi，您提到了從 2025 年下半年到 2026 年的 19 億美元積壓訂單？

Yes. So that's that 18 month window, Steve. So the way we've tried to lay this out is in layers like we did on our last call. So really between now June of next year, given the forward curve and given your rate cuts are baked in. For every 25 basis points, we have tried to give a high level construct of the 5 basis points to 6 basis points.

是的。這就是 18 個月的窗口期，史蒂夫。因此，我們嘗試將其分層的方式，就像我們上次通話時所做的那樣。因此，考慮到遠期曲線和降息已經落實，從現在到明年六月。對於每 25 個基點，我們嘗試給出 5 到 6 個基點的高階建置。

Now, in addition to that, we are obviously originating loans at a higher rate than the existing portfolio. So that should help a little bit too between now and then. But once the rate cuts, let's just say, stop middle half of next year, we just wanted to give you the guidance that there's an additional opportunity over those 18 months just given the fact that there's fixed rate loans that are repricing higher.

現在，除此之外，我們顯然以比現有投資組合更高的利率發放貸款。所以從現在到那時這應該也會有所幫助。但是，一旦降息，我們只是想在明年中期停止，我們只是想向您提供指導，鑑於固定利率貸款的重新定價更高，因此在這 18 個月內還有額外的機會。

Yeah, and, then getting back to the pipeline, we have about $1 billion $959 billion in the pipeline at a weighted average rate of 7.9%. And it's really focused on in the areas of C&I as approximately $300 million healthcare about approximately $260 million and owner occupied CRE is approximately $181 million. All those, we expect these are loans that are going through the process, some of which are going to be closing this quarter.

是的，然後回到管道中，我們有大約 10 億美元在管道中，加權平均利率為 7.9%，共 9,590 億美元。它真正專注於 C&I 領域，因為醫療保健約為 2.6 億美元，業主佔用的 CRE 約為 1.81 億美元。我們預計所有這些貸款都正在處理中，其中一些將在本季結束。

I mean, to date, we've had a substantial origination so far in October. And as I said, we expect to be over $11 billion by the end of the year. But those originations will accrue our benefit with those type of weighted average rates in the $7.90 range.

我的意思是，到目前為止，我們在 10 月已經有了實質的進展。正如我所說，我們預計到今年年底將超過 110 億美元。但這些起源將為我們帶來 7.90 美元範圍內的加權平均費率的收益。

Okay, great. That's, that's really helpful color. And then just in terms of credit here, just curious if you could give some color around the A&C loaner loans that were placed on non-accrual status, and I know it was a small uptick, but just on the business as well?

好的，太好了。那是非常有用的顏色。然後就信貸而言，只是好奇您是否可以對處於非應計狀態的 A&C 貸款人貸款進行一些說明，我知道這是一個小幅上升，但也只是在業務上？

Yes. So, no worries, Steve. I mean, like you said, we're starting off a really low base here. And so on the C&I side, you had a legacy Eastend line of credit, don't really expect any additional provisioning on that loan, something as part of the Bridge franchise is on the Eastend.

是的。所以，不用擔心，史蒂夫。我的意思是，就像你說的，我們的起點非常低。因此，在 C&I 方面，您擁有東區的傳統信貸額度，實際上並不指望對該貸款有任何額外的撥備，作為橋樑特許經營權的一部分位於東區。

On the CRE side, actually this loan was on the CRE side, it was actually paying through September 30, but unfortunately seems to be a dispute between the two partners, and there's a maturity on that loan in November. So given the dispute, we believe it was prudent to move that loan into NPA. We believe it was secured on it, have a personal guarantee on it, it was a previously identified criticized loan.

在CRE方面，實際上這筆貸款是在CRE方面，實際上是在9月30日之前支付的，但不幸的是，兩個合作夥伴之間似乎存在爭議，並且該貸款在11月到期。因此，考慮到爭議，我們認為將這筆貸款轉入 NPA 是謹慎的做法。我們相信它是有擔保的，有個人擔保，這是先前確定的受到批評的貸款。

So couple of small items here, not really seeing any trends in the overall portfolio. And like we pointed out in the prepared remarks, cost side and classifieds flat overall, net charge offs have remained pretty stable, not really seeing anything in the 30 to 80, 90 bucket, it's actually down 28%. So overall, pretty steady, couple of small items here.

這裡有幾個小項目，並沒有真正看到整體投資組合的任何趨勢。正如我們在準備好的評論中指出的那樣，成本方面和分類廣告總體持平，淨沖銷保持相當穩定，在 30 到 80、90 的範圍內沒有真正看到任何東西，實際上下降了 28%。總的來說，非常穩定，這裡有幾個小項目。

And we continue to have no issues in the multifamily portfolio.

我們的多戶住宅投資組合仍然沒有任何問題。

And maybe just kind of on the multifamily portfolio, just I'm assuming a good I'm sure a good chunk of the back book reprice is multifamily, but just kind of curious if you think that pace of pay downs and runoff maybe accelerates here as you go through the next 12 to 24 months?

也許只是在多戶型投資組合上，只是我假設一個很好的結果，我確信後面的書重新定價的很大一部分是多戶型，但只是有點好奇，如果你認為這裡的還款和徑流的速度可能會加快在接下來的 12 到 24 個月裡你會怎麼樣？

Yeah. I think you're going to see that after several more rate cuts, and you'll start to see some activity in that regard. I mean, obviously, with our portfolio not having any real maturities or repricing in the near term, it's going to be probably toward the latter part of 2025 that you really see a pickup, which will dovetail with the not only maturities and repricing, but also the rate reductions in terms of Fed funds will work together. And I think at that point, you'll see an acceleration in prepayments.

是的。我認為在多次降息之後你會看到這一點，並且你會開始看到這方面的一些活動。我的意思是，顯然，由於我們的投資組合在短期內沒有任何真正的到期日或重新定價，因此您可能會在2025 年下半年真正看到回升，這不僅與到期日和重新定價相吻合，而且與聯邦基金的降息也將共同發揮作用。我認為到那時，您會看到預付款的加速。

Okay, excellent. Well, I really appreciate all the color and the good outlook here. So, I'll step back into the queue.

好的，非常好。嗯，我真的很欣賞這裡的所有色彩和良好的前景。那麼，我將回到隊列中。

Thanks, Steve.

謝謝，史蒂夫。

Manuel Navas of D.A. Davidson.

D.A. 的曼努埃爾·納瓦斯戴維森。

Hey, good morning. One quick clarification. Did you say low growth by the other year at, at a certain level? I just, I, I think I just missed that number.

嘿，早安。快速澄清一下。您是否說過前一年的成長率在一定水準上較低？我只是，我，我想我剛剛錯過了那個號碼。

Yeah, yeah. So what Stu said, Manuel, was expect to be approximately $11 billion in total gross loans. So this quarter, I think we were 10.885 or 10.785. So I'd probably assume another $125 million of net loan growth in between Q3 and Q4.

是啊是啊。Manuel Stu 表示，貸款總額預計約 110 億美元。所以本季度，我認為我們是 10.885 或 10.785。因此，我可能會假設第三季和第四季之間的淨貸款成長將達到 1.25 億美元。

How is kind of rate cuts driving the pipeline? I mean, it seems strong, like how's borrower sentiment and kind of borrower sentiment headed into next year? I know you're too early to budget next year, but how do you feel like loan growth should be impacted by borrower sentiment at current level?

降息是如何推動管道的？我的意思是，它看起來很強勁，例如明年借款人的情緒和借款人的情緒如何？我知道您現在製定明年的預算還為時過早，但您認為當前水平的借款人情緒對貸款成長有何影響？

Yes. I mean, at this point and particularly because of the type of lending we're really focusing on, which is the C&I owner occupied by Queen Healthcare, we're seeing quite a bit of activity and interest. So -- and I do think that the rate environment helps that along. So we have a very strong pipeline and a constant flow of new deals that we're looking at.

是的。我的意思是，在這一點上，特別是因為我們真正關注的貸款類型，即 Queen Healthcare 佔據的 C&I 所有者，我們看到了相當多的活動和興趣。所以——我確實認為利率環境有助於這一點。因此，我們擁有非常強大的管道和源源不絕的新交易。

Of course, we're being somewhat conservative and picky as we always are, but I think there's a lot more activity than there was, say, six months ago.

當然，我們一如既往地有些保守和挑剔，但我認為活動比六個月前要多得多。

Shifting over to provision expense and kind of the thought process behind the pace of getting to that 90 basis points to 100 basis point level of reserves. How should I think about that over the next five to six quarters? Are you going to get halfway there by year end or maybe get there by the end of next year? Just thoughts on that.

轉向準備金支出以及達到 90 個基點至 100 個基點準備金水準背後的思考過程。在接下來的五到六個季度我應該如何考慮這個問題？您打算在年底前達成一半目標，還是在明年年底前達成目標？只是對此的想法。

Yeah, Manuel, so I think Stu said in his prepared remarks, right, the goal over the next 9 to 12 months, it's hard to see two years down the road. So over the next 9 to 12 months, we expect to be in the 90 basis points to 1% area. Look, I'm just going to use round math here.

是的，曼努埃爾，所以我認為斯圖在他準備好的演講中說過，對，未來 9 到 12 個月的目標，很難看到未來兩年的目標。因此，在未來 9 至 12 個月內，我們預計利率將處於 90 個基點至 1% 的區域。看，我將在這裡使用圓形數學。

I mean, assuming the level of charge off stays pretty constant, I mean, this quarter we're around $4 million. Again, using round numbers, it was between $9 million and $10 million on a provision. That basically means 5 basis points to 6 basis point build per quarter. So we're at 78 basis points right now. So within three to four quarters, you probably end up there.

我的意思是，假設沖銷水準保持相當穩定，我的意思是，本季我們的收入約為 400 萬美元。同樣，以整數計算，撥款金額在 900 萬至 1000 萬美元之間。這基本上意味著每季上漲 5 到 6 個基點。所以我們現在的利率是 78 個基點。因此，在三到四個季度內，您可能會到達那裡。

It's kind of hard to predict. But I think as we evolve the business model, as Stu said, it's a natural progression for our reserves over time and that's kind of the current expectation. We're pretty just like to reiterate, as I said in the prepared remarks, in this quarter, around $4.5 million of the provision increase was solely tied to a model update that was tied to prepayment speeds in the overall market and peer group loss history data. It didn't really have anything to do with Dime’s credit quality.

這有點難以預測。但我認為，正如斯圖所說，隨著我們發展商業模式，隨著時間的推移，我們的儲備量會自然進步，這也是當前的預期。我們很想重申，正如我在準備好的發言中所說，在本季度，大約 450 萬美元的撥備增加僅與模型更新有關，該模型更新與整個市場的預付款速度和同行損失歷史有關數據。這實際上與 Dime 的信用品質沒有任何關係。

We'll see what the quarters ahead bring, but I think that's probably a reasonable expectation going forward.

我們將看看未來幾季會帶來什麼，但我認為這可能是個合理的預期。

Yes. We're in the midst of working on our budgets as we get into this last quarter and looking at our growth scenarios in terms of the loan origination side. And as I said, with the skewed with this -- the origination skew toward business loans. As I said last quarter, there's obviously a natural progression that's going to occur, so in terms of the loan loss provision as well.

是的。當我們進入最後一個季度時，我們正在製定預算，並在貸款發放方面審視我們的成長情景。正如我所說，隨著這一點的傾斜——起源偏向商業貸款。正如我上個季度所說，顯然會出現自然進展，貸款損失準備金也是如此。

Okay. That's really helpful. Thank you, I'll step back into the queue.

好的。這真的很有幫助。謝謝，我會回到隊列中。

Mark Fitzgibbon of Piper Sandler.

派珀·桑德勒的馬克·菲茨吉本。

Hey guys, good morning. Just to clarify, on that $20 million increase in non-performers, that was a partnership dispute. There is no specific reserve or anything against it. You feel like you will come out of that whole once the partnership situation resolves?

嘿夥計們，早安。需要澄清的是，不良業績增加了 2000 萬美元，這是一場合夥糾紛。沒有具體的保留或任何反對的內容。您覺得一旦合作關係問題解決，您就會擺脫困境嗎？

Yeah. Correct. Correct.

是的。正確的。正確的。

Okay, great. And then secondly, the CRE to risk based capital ratios kind of, it's come down nicely. I think you're at 487 now, you know, do you have a target in mind for that? And how long does it take you to get there?

好的，太好了。其次，CRE 與基於風險的資本比率下降得很好。我想你現在已經487了，你心裡有目標嗎？您需要多長時間才能到達那裡？

Yeah. Mark. So I think we what's happening right now is the payoffs on the multifamily increase side have not picked up yet, right? So we're running with a 6% to 7% payoff speed. But as Stu said, as rates change and a few more rate cuts, you could see that start picking up. I mean, what we've consistently said is, we'd like to be in the low-400s plus or minus. It's just natural evolution of the portfolio, especially as we put on more business loans.

是的。標記。所以我認為現在發生的事情是多戶住宅增加方面的回報尚未回升，對吧？所以我們的回報速度是 6% 到 7%。但正如斯圖所說，隨著利率的變化和幾次降息，你可以看到這種情況開始回升。我的意思是，我們一直說的是，我們希望保持在 400 左右左右。這只是投資組合的自然演變，尤其是當我們發放更多商業貸款時。

I would say, over the course of the next 12 months, operating in the low-400s is a target ahead of us. We're going to get that gradually. We have a plan. We obviously did the sub debt issuance in June, which helped us get below that optically bond number of 500%. So, I would say over 12 months, low-400s is probably a good marker for us.

我想說，在接下來的 12 個月裡，我們的目標是在 400 左右運行。我們將逐漸實現這一點。我們有一個計劃。顯然，我們在 6 月發行了次級債券，這幫助我們的債券數量低於 500%。所以，我想說，在 12 個月內，低 400 對我們來說可能是一個很好的標記。

Okay, great. And then I heard your comments about hiring and teams and some of the expense initiatives, but it sounds like you are still looking you are interviewing people. And I guess I wonder how realistic is it that you're going to be able to hold cost flat for the next couple of quarters if you continue to hire people. What are some of the areas where there's opportunity to offset that?

好的，太好了。然後我聽到了您對招募和團隊以及一些費用計劃的評論，但聽起來您仍在面試人員。我想我想知道如果你繼續僱用員工，你將能夠在接下來的幾季保持成本不變，這有多現實。哪些領域有機會抵銷這項影響？

Yeah, So the next couple of quarters, Mark, nobody is really moving in Q4, as you said, because we're pretty close to bonus time. So really to bring on somebody, it's more like an April 1 thing at this point, because people get paid in February March.

是的，所以接下來的幾個季度，馬克，正如你所說，第四季度沒有人真正行動，因為我們非常接近獎金時間。因此，實際上，要招募某人，現在更像是 4 月 1 日的事情，因為人們在 2 月 3 月獲得報酬。

So I guess directly to answer the next couple of quarters, and we tried to put this in the press release, like everything is fully loaded in here in the run rate. I mean, obviously, with the teams we brought on this year, we added people to our treasury management side, our operations side. So all that's fully there in the numbers right now.

因此，我想直接回答接下來的幾個季度，我們嘗試將其放入新聞稿中，就像所有內容都已完全加載到運行率中一樣。我的意思是，顯然，透過我們今年引入的團隊，我們在財務管理方面和營運方面增加了人員。所以現在所有這些都已經在數字中了。

I'd say if there's an opportunity next year to add a substantial amount of teams, we'll do it, and the teams will pay for themselves very quick. So the guidance for keeping it flat next year is assuming the team right now stays consistent with what we have.

我想說，如果明年有機會增加大量團隊，我們就會這麼做，而且團隊很快就能回本。因此，明年保持平穩的指導是假設目前的團隊與我們現有的保持一致。

I think, look, we've always been very efficient, but we continue to look at areas for savings across the bank. I think when we as Stu said, we're finishing our budget process right now. So when we get into next year, we'll probably have more details on the exact initiatives.

我認為，看，我們一直非常高效，但我們繼續關注整個銀行的儲蓄領域。我認為正如斯圖所說，我們現在正在完成預算流程。因此，當我們進入明年時，我們可能會獲得有關具體舉措的更多細節。

But I think for modeling purposes, what I would assume is, assuming the current team over here, our goal is to keep expenses relatively flat within that $57 million and $58 million area for Q4, keep that flat into 2025. Obviously, if we hire more teams and add to the expense base off that, we need to look at additional savings over that. But then that's going to come with additional NIM expansion and the teams we have hired so far, they have basically paid for themselves

但我認為出於建模目的，我的假設是，假設目前的團隊在這裡，我們的目標是在第四季度的5700 萬美元和5800 萬美元區域內保持支出相對平穩，並在2025 年保持這一水平。顯然，如果我們僱用更多團隊並增加費用基礎，我們需要考慮額外的節省。但這將伴隨著額外的 NIM 擴張以及我們迄今為止僱用的團隊，他們基本上已經收回了自己的成本

Okay. And then, I guess I was curious Stu on your how are you thinking about potentially doing acquisitions? And if you are interested in doing acquisitions, what kinds of things would you be looking for in potential partners?

好的。然後，我想我對斯圖感到好奇，你是如何考慮潛在的收購的？如果您有興趣進行收購，您會在潛在合作夥伴中尋找哪些特質？

Look, I mean, to some degree, we did an acquisition last year without really doing an acquisition, right? Growing $1.5 billion in new deposits and new relationships is significant. I would venture to say there are not a lot of institutions that could say that they had that kind of growth, particularly in core deposits.

聽著，我的意思是，在某種程度上，我們去年進行了一次收購，但並沒有真正進行收購，對吧？新增存款和新關係增加了 15 億美元，意義重大。我敢說，沒有多少機構可以說他們有這樣的成長，特別是在核心存款方面。

Look, it's got we've always been very conservative and looked at opportunities that make sense for the institution, for the franchise, and for the franchise value on our shareholders. So, look, there's not a lot of potential candidates within our footprint.

看，我們一直非常保守，尋找對機構、特許經營權以及股東的特許經營價值有意義的機會。所以，你看，我們的足跡中並沒有很多潛在的候選人。

And certainly, we're open to looking, but really, we're focusing more on organic growth, particularly after last year's success or this year's success in terms of the new teams we brought on board. We think there's quite a bit of runway still to be had there.

當然，我們願意尋找，但實際上，我們更關注有機成長，特別是在去年或今年我們引入的新團隊取得成功之後。我們認為那裡還有相當多的跑道需要建造。

So acquisitions are not sort of a priority one?

那麼收購並不是首要任務？

No, I mean, I think, Mark, if you look at our footprint, there's a very limited amount of banks out there that makes sense. Obviously, what Dime is known for is having a great deposit base. Obviously, that's front and center to everybody's point of view. There's very few candidates that probably meet that and all the stars need to align. So I think we're spending our time on interviewing people from the bigger banks that have been disrupted.

不，我的意思是，馬克，如果你看看我們的足跡，你會發現有意義的銀行數量非常有限。顯然，Dime 之所以出名是因為其擁有龐大的存款基礎。顯然，這是每個人觀點的前沿和中心。很少有候選人能夠滿足這項要求，所有明星都需要齊心協力。因此，我認為我們正在花時間採訪來自受到干擾的大型銀行的人員。

As you know, there's another merger in our markets couple of months back. So the talent acquisition opportunity is significant at this point and the full bank opportunity. I mean, that's just a lot of things have to go right for that to happen. So I'd say our focus is really on the formalities.

如您所知，幾個月前我們的市場上又發生了一次合併。因此，在這一點上，人才獲取機會和整個銀行的機會都非常重要。我的意思是，只有很多事情都必須順利才能實現。所以我想說我們的重點其實是在手續上。

Yes. I mean, suffice to say, Mark, and you guys have known us for a long time. I mean, we're always looking to maximize shareholder value. So if there's an opportunity out there, we're certainly going to explore it, but it's got to be the right deal for us.

是的。我的意思是，馬克，我只想說，你們已經認識我們很久了。我的意思是，我們一直在尋求股東價值最大化。因此，如果有機會，我們當然會探索它，但它必須是適合我們的交易。

Thank you.

謝謝。

Matthew Breese of Stephens Inc.

史蒂芬斯公司的馬修·布里斯

Good morning, everybody.

大家早安。

Avi and Stu, I appreciate very much the NIM outlook. I was hoping you could talk a little bit about behind the NIM outlook, just expectations around deposit betas and loan betas, call it over the next year? And then could you remind us of what percentage of loans are kind of fit into pure floating rate priced off on SOFR or prime?

Avi 和 Stu，我非常欣賞 NIM 的前景。我希望你能談談 NIM 前景的背後，只是對存款貝塔和貸款貝塔的預期，稱之為明年？然後您能否提醒我們，有多少比例的貸款符合 SOFR 或 Prime 定價的純浮動利率？

So Matt, I'll start off and Stu will chip in. So I mean we'll start with the deposit side of the balance sheet. Now I'll give you some weighted average rates, Matt, so you can kind of extrapolate from that. So it's at June 30, our spot cost of total deposits was 2.69, at September 30, the spot cost of total deposits was 2.39. And so this quarter was a little weird because the Fed cut happened on September 17.

馬特，我先開始，史圖也來幫忙。所以我的意思是我們將從資產負債表的存款方面開始。現在我會給你一些加權平均費率，馬特，這樣你就可以從中推斷出來。所以在6月30日，我們總存款的現貨成本是2.69，9月30日，總存款的現貨成本是2.39。所以這個季度有點奇怪，因為聯準會降息發生在 9 月 17 日。

So the cost of deposits for this quarter was 2.65. So it was only 4 basis points below the June 30 number. But the way we looked at it is like let's look at it one day before the fed cut to 30 days afterwards. So on the deposit side that basically been a significant decline from probably around 30 basis points plus or minus on the deposit side.

因此本季的存款成本為 2.65。因此，該數字僅比 6 月 30 日的數字低 4 個基點。但我們看待它的方式就像是聯準會降息前一天到事後 30 天。因此，在存款方面，基本上是從存款方面大約 30 個基點左右的顯著下降。

So if we sit here today, the cost of deposits is closer to 2.35. So I think if you think about it, we started at 2.65. We're basically at 2.35 at this point. That's 30 basis points for a 50 basis point rate cut, you're talking about a 55% to 60% total deposit beta. The interest bearing piece of that is obviously higher because we have a high proportion of non-interest bearing deposits, right?

因此，如果我們今天坐在這裡，存款成本接近 2.35。所以我想如果你仔細想想，我們是從 2.65 開始的。此時我們基本上處於 2.35。降息 50 個基點相當於 30 個基點，總存款貝塔值為 55% 至 60%。其中的計息部分顯然更高，因為我們的無息存款比例很高，對吧？

Now obviously, we've tried to get pass through the whole 50 basis points to everybody. You're going to have some customers come back and make us change the rate here and there. So I think we've got to have a little bit more time to comment on where we think we're going to be way down the road, but it seems like at least the first 30 days of experience has been around a 55% total deposit beta.

顯然，我們已經嘗試將整個 50 個基點傳達給每個人。你將會有一些顧客回來並讓我們到處改變費率。所以我認為我們必須有更多的時間來評論我們認為我們將在未來的發展方向，但看起來至少前 30 天的體驗已經達到了總計的 55% 左右存款貝塔。

On the loan side, the loan rates have come down around 10 basis points to 11 basis points plus or minus. So I think it's closer to the 20% to 25% area on the loan side, and that's assuming a static loan balance sheet. The difference on the loan side is, as Stu said, as we're putting on more loans, you should get around 3 basis points to 4 basis points per quarter.

貸款方面，貸款利率下修約10個基點至上下11個基點。所以我認為它更接近貸款方面的 20% 到 25% 區域，並且這是假設靜態貸款資產負債表的情況。正如斯圖所說，貸款方面的差異是，隨著我們發放更多貸款，每個季度應該獲得大約 3 到 4 個基點。

Assuming we have $200 million of originations every quarter, you should see 3 basis points to 4 basis points of benefit from that, which is going to offset any pure reprice. But I'd say 20% to 25% on the loan side and probably around 55% on the deposit side at this point is what we're seeing.

假設我們每個季度有 2 億美元的原始資金，您應該會看到 3 到 4 個基點的收益，這將抵消任何純粹的重新定價。但我想說，目前我們所看到的貸款方面是 20% 到 25%，存款方面可能是 55% 左右。

I appreciate all that. And then just what is the percentage of pure floating rate loans that are priced off SOFR prime?

我很感激這一切。那麼以 SOFR prime 定價的純浮動利率貸款的百分比是多少？

Yeah, sure. I believe that number is around 35%, plus or minus, but that includes a portfolio layer hedge that we have was around $500 million. So excluding the portfolio layer hedge, it's probably closer to $27 million to $28 million. And then with the portfolio layer hedge, it's probably at 35%. So 35% all in is probably a reasonable number.

是的，當然。我相信這個數字約為 35%（上下），但這包括我們擁有的約 5 億美元的投資組合層對沖。因此，排除投資組合層對沖，可能接近 2,700 萬至 2,800 萬美元。然後加上投資組合層對沖，可能是 35%。因此，35% 的全押可能是一個合理的數字。

Got it. Okay. And then within deposits, could you just comment on the areas where you've had the most success kind of achieving that, call it, 55% to 60% deposit betas. I would assume it's on some of the higher price savings and money market, perhaps some of the new business customers, but you tell me.

知道了。好的。然後在存款方面，您能否評論一下您最成功實現這一目標的領域，稱之為 55% 至 60% 的存款貝塔值。我認為它是在一些價格較高的儲蓄和貨幣市場上，也許是一些新的商業客戶，但你告訴我。

Yes, I mean, we really spent a good deal of time in anticipation of the rate cut and really put everything in the buckets and went through all our high rate customers and worked our way down. And I would say with a very few exceptions, we really were able to go to the full level of the cut on the vast majority.

是的，我的意思是，我們確實花了很多時間來預期降價，並真正把所有的東西都放進桶裡，瀏覽了所有高利率客戶，然後一路降價。我想說，除了極少數例外，我們確實能夠對絕大多數人進行全面削減。

And we haven't gotten a huge pushback at this point either. But we were really able to move the money market, high rate savings, customers, and certainly the business and municipal customers very quickly. And that's obviously accrue to our benefit and you see that in the numbers.

目前我們也沒有遇到巨大的阻力。但我們確實能夠非常迅速地推動貨幣市場、高利率儲蓄、客戶，當然還有企業和市政客戶。這顯然對我們有利，你可以從數字中看到這一點。

Yeah. So, two things I'd point out, Matt, that's I don't use the word unique to our customer base, but maybe slightly different than some other banks. One, we don't have a lot of time deposits on the balance sheet and some of the time deposits that we do have are broker and obviously the broker stuff is going to reprice 100%.

是的。所以，馬特，我要指出兩件事，那就是我不會使用我們客戶群特有的詞，但可能與其他一些銀行略有不同。第一，我們的資產負債表上沒有很多定期存款，而我們擁有的一些定期存款是經紀人的，顯然經紀人的東西將重新定價 100%。

The other piece is, we have a $2 billion municipal portfolio, which was 100% beta on the way up. So on the way down, we've kind of conditioned them to the fact that it's going to be 100% beta. The other piece is we have a $2 billion municiple portfolio, which was 100% beta on the way down. We’ve got condition them to fact that it’s going to be 100% beta on the way down.

另一件事是，我們有 20 億美元的市政投資組合，其貝塔係數為 100%。所以在下降的過程中，我們已經讓他們接受了這樣一個事實：它將是 100% 的測試版。另一件事是我們有一個 20 億美元的市政投資組合，其貝塔值在下降過程中達到了 100%。我們已經要求他們知道，在下跌過程中，貝塔值將達到 100%。

I think the other benefit that we have, and I think just circling back to, I think, Steve's question earlier on deposit growth is, look, we have a source of growing deposits with the new groups that we've hired. There are some cases where we're not paying the highest rate and it's really DDA focused and it's money market focused. But where I'm going with that is, because we have new deposits coming in, we have the opportunity to say no to some existing customers that want the highest rates.

我認為我們擁有的另一個好處，我想回到史蒂夫早些時候關於存款成長的問題是，看，我們透過我們僱用的新團隊獲得了不斷增長的存款來源。在某些情況下，我們沒有支付最高的利率，但它確實以 DDA 為重點，以貨幣市場為重點。但我想說的是，因為我們有新的存款進來，我們有機會對一些想要最高利率的現有客戶說不。

An example is, we had a municipal relationship that had a sizable amount of deposits with us. It was a high rate deposit. And we went back to them in the third quarter and said, look, we can't pay you this rate. And so they reduced the size of their overall portfolio with us, but what that meant is NIM expansion there.

一個例子是，我們有一個市政關係，我們有大量存款。這是一筆高利率存款。我們在第三季回到他們那裡並說，看，我們不能支付你這個費率。因此，他們與我們一起縮小了整體投資組合的規模，但這意味著淨利差在那裡擴張。

So I think that should give you a sense that there's enough in the portfolio to reprice down, but there's also stuff coming in at a lower rate that's helping us be very aggressive on the way down.

因此，我認為這應該讓你感覺到投資組合中有足夠的東西可以重新定價，但也有一些東西以較低的價格進入，這有助於我們在下跌過程中非常積極。

Very much appreciated. Thank you. And then my next one, just looking at the C&I portfolio, how much, if any, of the growth is coming from shared national credits or syndicated credits? And could you provide how much within C&I fits into, call it, a shared national credit or syndicated type bucket?

非常感謝。謝謝。然後我的下一個，只看 C&I 投資組合，有多少（如果有的話）增長來自共享國家信貸或銀團信貸？您能否提供 C&I 內部有多少適合（稱之為共享國家信用或銀團類型）的內容？

At this point, we don't have any. So, we really have not been in that marketplace.

目前，我們還沒有。所以，我們確實還沒有進入過那個市場。

Yeah, everything. Matt, everything, you

是的，一切。馬特，一切，你

Actually, I'll take that back, Matt. We have one, it's $15 million in the sports arena.

事實上，我收回那句話，馬特。我們有一個，在體育領域價值 1500 萬美元。

Yeah, and so, I mean, typically the way we originate stuff, Matt, is there's a relationship. A lot of times, there's club deals with us and other banks on the C&I side, especially on the middle market space. We try to manage our exposures and keep them within a reasonable level. So sometimes there are multiple banks involved on the C&I middle market side, but we're not buying participations from anybody on the C&I side.

是的，所以，我的意思是，馬特，我們創造事物的方式通常是存在一種關係。很多時候，我們和商業與工業的其他銀行都有俱樂部交易，特別是在中間市場領域。我們努力管理我們的風險敞口並將其保持在合理的水平內。因此，有時 C&I 中間市場方面會有多家銀行參與，但我們不會購買 C&I 方面任何人的參與。

Great. I will leave it there. Thank you so much for taking my questions.

偉大的。我會把它留在那裡。非常感謝您回答我的問題。

Christopher O'Connell, CFA of Keefe, Bruette and Woods.

Christopher O'Connell，Keefe、Bruette 和 Woods 的 CFA。

Hey, Good morning.

嘿，早安。

Hey Chris,

嘿克里斯，

So I was hoping just to, you know, circle back to the, you know, reserve commentary and just, you know, logistically between, you know, now and in the next 9 to '12 months, you know, moving up to the 90 to 100 basis point level, you know, you know, what are the actual kind of like internal drivers, you know, in the model, you know, that will kind of drive that increase.

所以我希望，你知道，回到保留評論，你知道，在邏輯上，你知道，現在和接下來的 9 到 12 個月，你知道，上升到90 到100 個基點水平，你知道，你知道，真正的內在驅動因素是什麼，你知道，在模型中，你知道，這會增加驅動力。

Chris, I mean the CECL model is a fairly complicated model. There is no one or two drivers within the model. I'm just being candid, right? So this particular quarter, for example, we updated our prepayment speeds. We updated peer group loss history data as the data was coming in. I think something that's going to drive it going forward is the shift in loans, right? And so as we have more C&I loans, as we have more health care loans, as that becomes a greater percentage of our overall loan portfolio, it's something we're going to look at, right?

Chris，我的意思是 CECL 模型是一個相當複雜的模型。該模型中沒有一兩個驅動程式。我只是很坦誠，對嗎？例如，在這個特定的季度，我們更新了預付款速度。隨著資料的到來，我們更新了同業組損失歷史資料。我認為推動其向前發展的因素是貸款的轉變，對嗎？因此，隨著我們有更多的商業和工業貸款，隨著我們有更多的醫療保健貸款，隨著它們在我們整體貸款組合中所佔的比例越來越大，這是我們要考慮的事情，對嗎？

And the reserving level on the C&I side is higher than the reserving level on the rest of the portfolio, right? So it's a combination of items. It's hard to pinpoint one specific item in the model. What I tried to do upfront is, if assuming all else is cool and we have a $4 million of charge off levels, which has been what we've had the last couple of quarters and the reserving levels between 9 and 10, you're going to see 5 basis points to 6 basis points out of that, right? Given tweaks we can make to the model and given the shift in the portfolio mix.

C&I 方面的準備金水準高於投資組合其他部分的準備金水平，對吧？所以它是項目的組合。很難精確定位模型中的一項特定項目。我試圖預先做的是，如果假設其他一切都很酷，並且我們有 400 萬美元的沖銷水平（這是我們過去幾個季度的情況，並且保留水平在 9 到 10 之間），那麼您就可以將會看到5 到6 個基點，對吧？鑑於我們可以對模型進行調整併考慮到投資組合的變化。

So it's a fairly complicated model. I mean, there's quantitative factors, qualitative factors involved. But I think in general, we're just trying to give you a good sense of what's going on down the road.

所以這是一個相當複雜的模型。我的意思是，涉及定量因素和定性因素。但我認為總的來說，我們只是想讓您更了解未來會發生什麼。

Thanks, Avi. I guess, cutting out a different way, what are the business loan as a whole, I guess, on an average basis under this new model kind of being reserved at? Is it at a level that's a bit above that or at the high end of that 90 basis points to 100 basis points or is it above that?

謝謝，阿維。我想，以不同的方式，我想，在這種新模式下，整個商業貸款的平均儲備是多少？是略高於這個水平，還是處於 90 個基點到 100 個基點的高端，還是高於這個水平？

Yeah, I mean, in general, we're probably reserving on C&I loans of around somewhere between 130 and 150 plus or minus. So it is above the overall reserve. So you're right, yes. The short answer is, it's above the overall reserve level, yes,

是的，我的意思是，一般來說，我們可能會預留 130 至 150 左右的 C&I 貸款。所以它高於總體儲備。所以你是對的，是的。簡短的回答是，它高於整體儲備水平，是的，

Great. And then just on the margin dynamics going forward, what's the -- any color on either the duration or the current maturity schedule for the CD portfolio?

偉大的。然後就未來的保證金動態而言，CD 投資組合的期限或當前到期時間表有什麼顏色？

Yes. So on the CD portfolio, the way I think about it, Chris, is really two distinct buckets, right? The first bucket is really the brokered CD bucket. And the brokered CD bucket, that's pretty short term. That's basically every three months, the CDs reprice over there. So that's kind of 100% beta short term.

是的。所以在 CD 投資組合上，克里斯，我的想法確實是兩個不同的桶，對吧？第一個儲存桶實際上是經紀 CD 儲存桶。而經紀 CD 桶，那是相當短期的。基本上每三個月，那裡的 CD 都會重新定價。所以這就是 100% 的短期測試。

Now that spread improvement of the 15 basis points that I talked about, that does not include the benefit of the broker because the broker is generally over three months. So we're going to have that benefit probably by December 31 if we did broker around September, right?

現在我談到的利差改善了15個基點，這不包括經紀商的好處，因為經紀商通常超過三個月。因此，如果我們在 9 月左右進行經紀業務，我們可能會在 12 月 31 日之前享受這項福利，對嗎？

In terms of non-broker deposits, we have around $275 million in Q4 here at a rate of around 4%. And then next year, we have around $400 million at a rate of $370 million. So in total, if you add up over the course of the next several quarters, it's really $275 million for this quarter and then for next year, it's around $450 million. So it's probably $125 million per quarter for next year.

就非經紀商存款而言，第四季我們的存款約為 2.75 億美元，利率約為 4%。明年，我們將獲得約 4 億美元的資金，即 3.7 億美元。因此，總的來說，如果您將接下來的幾個季度加起來，本季實際上為 2.75 億美元，而明年則約為 4.5 億美元。因此明年每季可能為 1.25 億美元。

Now obviously with the CDs, there's a lag, CD needs to mature. Sometimes you're not passing on the full downward beta to the CD. You probably rates around 50 basis points, probably going to drop CD rates around 35 basis points and then there's some attrition there and then you need to raise new deposits. So I think more of the NIM benefit is going to come from and is coming from the money markets and savings side. The CDs are probably a longer term play. That being said, the brokered CDs are going to be pretty much an immediate thing with a three month lag.

現在顯然 CD 存在滯後性，CD 需要成熟。有時你不會將完整的向下測試版傳遞給 CD。你的利率可能在 50 個基點左右，CD 利率可能會下降 35 個基點左右，然後就會出現一些消耗，然後你需要籌集新的存款。因此，我認為更多的淨利差收益將來自貨幣市場和儲蓄方面。CD 可能是長期播放。話雖這麼說，經紀 CD 幾乎是立竿見影的事情，但有三個月的延遲。

Great. And then, I mean, it sounds like the pipelines are just as good as they've been kind of going into the end of the year here. And appreciate the update on loan growth into Q4. As you guys are getting into next year, loosely is that kind of how you think that will be the start to the year on net loan growth? And then as the multifamily maturities start to ramp up in the second half of the year, how are you thinking about kind of net loan growth, I guess, as that ramps up in the second half of '25?

偉大的。然後，我的意思是，聽起來管道與進入今年年底的情況一樣好。並對第四季度貸款成長的最新情況表示讚賞。當你們即將進入明年時，你們認為今年淨貸款成長的開局是這樣的嗎？然後，隨著多戶住宅的到期日在今年下半年開始增加，我想，隨著 25 年下半年的增加，您如何看待淨貸款成長？

Yes. Look, I think we're putting most of our budgeting pieces in place. I know you're trying to get to 2025 guidance, which I hate to say we typically always give that on the in the January earnings call because we're going through stuff. But I think just holistically, some of it's going to depend on the payoff rate on the multifamily increase side and what we decide to do with that, right?

是的。看，我認為我們已經將大部分預算部分落實到位。我知道你正在努力獲得 2025 年的指導，但我不想說我們通常總是在一月份的財報電話會議上給出這個指導，因為我們正在經歷一些事情。但我認為，從整體上看，其中一些將取決於多戶住宅增加的回報率以及我們決定如何處理，對嗎？

So for example, if loans are at 4%, we may choose to retain some of them at 5.50% or 6%, or we may choose to let them go, right? So I think it starts with that. I think what we've tried to say is that on the multifamily side, we'd like that percentage over time to come down to between 25% and 30%. Right now, we're at 37%, right? So in terms of constructing the optimal balance sheet, we'd like that to be between 25% and 30%.

比方說，如果貸款利率是4%，我們可能會選擇保留其中一些5.50%或6%的利率，或者我們可能會選擇放棄它們，對嗎？所以我認為這就是從那開始的。我想我們想說的是，在多戶家庭方面，我們希望隨著時間的推移，這一比例下降到 25% 到 30% 之間。現在，我們是 37%，對嗎？因此，就建立最佳資產負債表而言，我們希望該比例在 25% 到 30% 之間。

I think on the business side, what you've seen so far is, call it, between $125 million to $200 million of loan growth every quarter, at least for the last couple of quarters. It seems like that's kind of the run rate that we're headed down.

我認為在業務方面，到目前為止，您所看到的是，至少在過去幾個季度，每個季度的貸款成長在 1.25 億美元到 2 億美元之間。看來我們的運行速度正在下降。

So, I think if we choose to retain more of the multifamily in the CRE side, then you would see a higher growth in the balance sheet next year. If those loans do go away, Chris, then maybe it's a bit more of a portfolio remix at that point in time.

因此，我認為，如果我們選擇在商業房地產方面保留更多的多戶住宅，那麼明年的資產負債表將會出現更高的成長。克里斯，如果這些貸款確實消失了，那麼那時可能更多的是投資組合的重組。

I think the second half of this year, we had guided to low double digit growth. I think that's a reasonable an assumption for the overall balance sheet for next year at this point in time. That being said, I think we have an opportunity to hire teams on both the deposit and loan side.

我認為今年下半年，我們實現了兩位數的低成長。我認為，對於明年此時的整體資產負債表來說，這是一個合理的假設。話雖如此，我認為我們有機會在存款和貸款方面聘請團隊。

And so that could change the guidance as we get into next year, right, because as new teams come on, there could be a significant pipeline there.

因此，當我們進入明年時，這可能會改變指導方針，因為隨著新團隊的加入，那裡可能會有一個重要的管道。

Great. And then last one for me, just as far as the new teams that have been coming on and generating the deposits. Has the mix of those deposits in terms of DDA interest bearing deposits been as good either better or worse than you guys kind of originally expected?

偉大的。最後一個對我來說，就是新團隊的加入並產生了存款。就 DDA 計息存款而言，這些存款的組合是否比你們最初預期的更好或更差？

Yeah, I think overall exactly in line, like I said, we're probably between 35% 40% DDA right now. It's a mix. I think when we initially did the modeling, when we hired all the teams, our goal was to be profitable within a year for all the teams, keep a relatively short payback period. So we had various assumptions on them. We focused on the groups that had a higher percentage of DDA to start with. And so obviously, hard moving DDA over.

是的，我認為總體上完全一致，就像我說的，我們現在的 DDA 可能在 35% 到 40% 之間。這是一個混合。我想當我們最初做建模的時候，當我們僱用所有團隊的時候，我們的目標是讓所有團隊在一年內實現盈利，並保持相對較短的投資回收期。所以我們對它們有各種假設。我們首先關注 DDA 比例較高的族群。顯然，很難將 DDA 轉移過來。

Now I think we've been positively surprised by the mix as well as the total deposit have come in so far. And as I said, within six months, we're basically profitable in all the teams. So I think over the medium to longer term, 35% to 40% is a reasonable estimate for the type of production we should see from them going forward. Because we're not chasing customers just for money market. Like there has to be a DDA component to it and a significant DDA component on top of that.

現在我認為我們對這種組合以及迄今為止的總存款感到非常驚訝。正如我所說，在六個月內，我們所有團隊基本上都實現了盈利。因此，我認為從中長期來看，35% 至 40% 是對我們未來應該看到的生產類型的合理估計。因為我們不僅僅是為了貨幣市場而追逐客戶。就像必須有一個 DDA 元件，並且在此之上還有一個重要的 DDA 元件。

And you got to remember, we've done this in a relatively high rate environment where people have looked at other opportunities to put excess funds. I think as the rate environment changes, that's also going to be a positive to increasing DDA. And I think we're in a good place for that as well.

你必須記住，我們是在利率相對較高的環境中做到這一點的，人們正在尋找其他機會來投入多餘的資金。我認為隨著利率環境的變化，這也將對增加 DDA 產生積極影響。我認為我們也處於一個很好的位置。

Great, appreciate the, the time still a thank you.

太好了，很感激，還是謝謝。

Thanks, Chris. This concludes the question-and-answer session. At this time, I would like to turn it back to Stuart Lubow for closing remarks.

謝謝，克里斯。問答環節到此結束。現在，我想請 Stuart Lubow 作結語。

Thank you, Didi, and thank you all for joining us today. Thank you to our dedicated employees and our shareholders for your continued support, and we look forward to speaking to you in January.

謝謝滴滴，也謝謝大家今天加入我們。感謝我們敬業的員工和股東的持續支持，我們期待在一月份與您交談。

This concludes today's conference call. Thank you for participating. And you may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。