Dime Community Bancshares Inc (DCOM) 2024 Q4 法說會逐字稿

Good day, thank you for standing by. Welcome to Dime Community Bancshares Inc fourth 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 1,995.

美好的一天，謝謝您的支持。歡迎參加 Dime Community Bancshares Inc 第四季財報電話會議。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美國私人證券訴訟改革法案 1,995 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 containing 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. During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance.

此類聲明受到風險不確定性和其他因素的影響，這些因素可能導致實際結果與包含任何此類聲明的結果有重大差異，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。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。

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

這些非公認會計準則財務指標不應單獨考慮，也不能取代美國公認會計準則中所準備和提供的財務資訊。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 note that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄音。

I will now hand the conference over to your speaker. This is Stuart Lubow, President and CEO. Please go-ahead sir.

我現在將會議交給您的發言者。我是總裁兼執行長 Stuart Lubow。請先生繼續。

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

謝謝奧莉維亞，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 Avinash Reddy。

Today, I will touch upon the prog progress we made in 2024, as we execute our business plan. Avinash will then provide some details on the fourth quarter and guidance for 2025. We began 2024 by hiring a number of deposits gathering teams from the former Signature Bank. These teams came to dime given the positive results achieved and the performance of the 2023 teams we hired earlier, -- I had hired previously. Collectively, the deposit groups have raised approximately $1.8 billion of core deposits with approximately 40% in noninterest bearing deposits.

今天，我將談談我們在 2024 年執行業務計劃時的進展。然後，Avinash 將提供有關第四季度的一些詳細資訊和 2025 年的指導。2024 年伊始，我們從前 Signature 銀行聘請了一些存款收集團隊。鑑於我們之前僱用的 2023 年團隊所取得的積極成果和表現，這些團隊的表現非常出色。存款集團總共籌集了約 18 億美元的核心存款，其中約 40% 為無息存款。

In fact, we've opened up over 11,000 accounts and 7,000 individual customer relationships. Clear a home run for dime. The successful buildout of our private and commercial bank has been a company wide initiative, a true team effort. The growth and stabilization of the branch-based deposits especially in consumer DDA resulted in substantial year-over-year growth in core deposits. In fact, we ended the year with a loan to deposit ratio of less than 95%. And we have reduced our wholesale borrowings and brokered deposits by approximately $1.2 billion in the past year.

事實上，我們已經開設了 11,000 多個帳戶和 7,000 個個人客戶關係。清除一個本壘打一毛錢。我們私人和商業銀行的成功建設是全公司範圍內的舉措，是真正的團隊努力。分行存款尤其是消費DDA的成長和穩定導致核心存款較去年同期大幅成長。事實上，我們年底的貸存比還不到 95%。去年，我們的批發借款和經紀存款減少了約 12 億美元。

On the loan front, we continued to execute our stated plan of growing business loans and managing our CRE ratio lower. Business loans were up over $70 million in the fourth quarter and $400 million for the full year. This was driven by strong growth in our C&I and our health care verticals. Our loan pipeline remains very strong with over $750 million of loans at a weighted average rate of seven and three quarter percent. These are weighted towards C&I and health care loans as well. Continue to execute on our plan.

在貸款方面，我們繼續執行既定的增加商業貸款和降低商業房地產比率的計劃。第四季商業貸款增加超過 7,000 萬美元，全年增加 4 億美元。這是由我們的商業與工業和醫療保健垂直領域的強勁成長所推動的。我們的貸款管道仍然非常強勁，貸款超過 7.5 億美元，加權平均利率為百分之七又四分之三。這些貸款也偏向 C&I 和醫療保健貸款。繼續執行我們的計劃。

We ended the year with CER concentration of approximately 45 and we expect to continue to reduce this ratio over the to the low four hundreds. Despite all the deposit and loan teams we brought on over the last two years. We've had, we've been able to keep core operating expenses to assets well contained, and in a 165 basis point range. We have achieved this by using technology to drive operational efficiencies and keeping a very close watch on discretionary expenses.

我們年底的 CER 濃度約為 45，我們預計這一比率將繼續降低至 400 以下。儘管我們在過去兩年引進了許多存款和貸款團隊。我們已經能夠將資產的核心營運支出控制在 165 個基點的範圍內。我們透過利用技術提高營運效率並密切關注可自由支配開支來實現這一目標。

As we guided to on the last call, fourth quarter, expenses were relatively flat versus the third quarter. Post the election and given the improved investor sentiment towards bank stocks, we raised approximately $136 million of net proceeds from a significantly oversubscribed common equity offering. The transaction was accretive of the tangible book value. We used a portion of the proceeds to reposition our securities and bully portfolios.

正如我們在上次電話會議（第四季）中所指出的那樣，支出與第三季相比相對持平。大選後，鑑於投資者對銀行股的情緒有所改善，我們透過大幅超額認購的普通股發行籌集了約 1.36 億美元的淨收益。該交易增加了有形帳面價值。我們使用部分收益來重新定位我們的證券和霸凌投資組合。

As a result, capital the capital we raised the end of the year, the common equity tier one ratio in excess of 11% and a total capital ratio in excess of 15.5%. Having a best-in-class capital ratios versus a peer will allow us to take advantage of opportunities as they may arise and continue to support our organic growth. In addition, over the course of the year, we increased our loan loss reserve from 67 basis points to 82 basis points. With this is, -- within striking distance of our medium-term target of 90 basis points to 100 basis points.

結果，在我們年底籌集的資本中，普通股一級資本比率超過11%，總資本比率超過15.5%。與同行相比，擁有一流的資本比率將使我們能夠抓住可能出現的機會，並繼續支持我們的有機成長。此外，在這一年中，我們將貸款損失準備金從 67 個基點提高到 82 個基點。這樣，我們就離 90 至 100 個基點的中期目標不遠了。

During the fourth quarter, we received our second consecutive outstanding CRA rating. Apart from the overall rating of outstanding, we received outstanding standing on the three component CRAA test including the lending test, the investment test and the service test. Receiving a perfect score on all three components sets us apart from our competitors and a testament to Dime's commitment to community and the hard work of our dedicated employees.

第四季度，我們連續第二次獲得優秀的 CRA 評級。除了整體評級為優秀外，我們在 CRAA 三個組成部分的測試（包括貸款測試、投資測試和服務測試）中也獲得了優秀的成績。在所有三個方面獲得滿分使我們在競爭對手中脫穎而出，也證明了 Dime 對社區的承諾以及我們敬業的員工的辛勤工作。

In conclusion, we continue to execute on our growth plan and we have differentiated our franchise from competition as it relates to our growth and ability to attract talented bankers. So we have solid momentum, and we continue to grow the business loans and core deposits. Our net interest margin continues to expand with the fourth quarter increasing to $2.79. Importantly, we have substantial opportunity to continue to increase our net interest margin the years ahead given the significant backbook repricing we have in our portfolio.

總而言之，我們繼續執行我們的成長計劃，並且我們使我們的特許經營權與競爭區分開來，因為它關係到我們的成長和吸引優秀銀行家的能力。因此，我們勢頭強勁，商業貸款和核心存款持續成長。我們的淨利差繼續擴大，第四季增至 2.79 美元。重要的是，鑑於我們的投資組合中存在重大的帳簿重新定價，我們有很大的機會在未來幾年繼續提高我們的淨利差。

Avi will provide more details and remarks but suffice to say we have a clear line of sight to returning to a three plus net interest margin. Our DDA levels are back to 30% and we believe the value of this DDA base will shine through in the current rate environment. Construction in our marketplace remains very high and we are very active on the hiring front and our recruiting pipelines are very strong. We to come on this over the next 90 days as bonus season comes to an end.

阿維將提供更多細節和評論，但足以說明我們對恢復淨利差超過三倍的目標有清晰的認識。我們的 DDA 水準回到了 30%，我們相信這個 DDA 基礎的價值將在當前的利率環境下顯現出來。我們的市場建設仍然非常高，我們在招募方面非常積極，我們的招募管道也非常強大。隨著獎金季節的結束，我們將在接下來的 90 天內解決這個問題。

I am looking forward to a strong 2025 and I want to again thank all our dedicated employees for their efforts and in positioning dime as the best business bank in New York. With that. I will turn the call over to Avi.

我期待著 2025 年的強勁發展，我想再次感謝我們所有敬業的員工的努力，以及他們將 Dime 定位為紐約最佳商業銀行的努力。就這樣。我會把電話轉給阿維。

Thank you, Stu. During the fourth quarter, we completed a repositioning of our available for sale security portfolio and our bank owned life insurance portfolio. The securities restructuring was completed towards the end of November. The BOLI transaction took place in two stages. A surrender of legacy BOLI was completed in the month of December and an equivalent amount of replacement BOLI is being purchased in the month of January.

謝謝你，斯圖。在第四季度，我們完成了可供出售證券投資組合和銀行擁有的人壽保險投資組合的重新定位。證券重組於11月底完成。BOLI交易分兩個階段進行。舊版 BOLI 的交出已於 12 月完成，並於 1 月購買等量的替代 BOLI。

Excluding the impact of these two transactions, as well as severance and costs associated with pension termination and other one-time items adjusted EPS increased by 45% versus the prior quarter. We saw a meaningful expansion in the net interest margin this quarter. Reported NIM was up 29 basis points and the core NIM excluding purchase accounting incretion was up 26 basis points. NIM expansion was driven by a significant reduction in our cost of deposits.

排除這兩筆交易的影響，以及與退休金終止和其他一次性項目相關的遣散費和成本，調整後的每股收益較上一季增加了 45%。本季我們看到淨利差顯著擴大。報告的淨利差上升 29 個基點，不包括購買會計增量的核心淨利差上升 26 個基點。淨利差擴張是由於我們的存款成本大幅下降所推動的。

Given the timing of the federal reserve rate cut in December, we adjusted deposit rates towards the end of the month. The full impact of the rate cut will flow through into our Q1 net interest margin. Given that the securities repositioning was completed towards the end of November, the fourth quarter, NIM reflects only one month of benefit from the repositioning.

鑑於12月聯準會降息的時間安排，我們在月底調整了存款利率。降息的全部影響將流入我們第一季的淨利差。鑑於證券重新定位已於 11 月底完成，第四季度淨利差僅反映了一個月的重新定位收益。

Core deposits were up approximately $500 million in the fourth quarter. This included approximately $150 million of seasonal tax receiver, municipal deposits that typically arrive in the month of December and leave in mid-January. And $200 million of title company related deposits that were tied to a closing at your end and that left the bank in early January. Excluding the seasonal tax receiver deposits and the title company related deposits period and co-deposit growth for the fourth quarter was approximately $150 million.

第四季核心存款增加了約 5 億美元。其中包括約 1.5 億美元的季節性稅收接收者和市政存款，這些存款通常在 12 月到達並在 1 月中旬離開。還有 2 億美元的產權公司相關存款，這些存款與您最終的交割有關，並於 1 月初離開了銀行。不包括季節性稅收接收者存款和產權公司相關存款期以及第四季度共同存款成長約為 1.5 億美元。

Similarly, the overall balance sheet size and cash position was elevated at quarter end by approximately $350 million due to the seasonal municipal deposits and title company deposits. For cash operating expenses for the fourth quarter including intangible amortization was $57.7 million. This was consistent with our previous core cash expense guidance of between $57.5 million and $58 million. Non-core items for the fourth quarter included severance, additional special assessment related to the failure of the signature in Silicon Valley and $1.2 million related to the previously disclosed termination of a legacy pension plan.

同樣，由於季節性市政存款和產權公司存款，整體資產負債表規模和現金頭寸在季度末增加了約 3.5 億美元。第四季現金營運支出（包括無形攤銷）為 5,770 萬美元。這與我們先前 5,750 萬美元至 5,800 萬美元之間的核心現金支出指引一致。第四季的非核心項目包括遣散費、與矽谷簽名失敗相關的額外特別評估，以及與先前揭露的終止遺留退休金計畫相關的 120 萬美元。

Please note we're in the final stage of this termination of this pension plan and expect an additional $4.5 million pre-tax termination expense in the first quarter of 2025. This additional $4.5 million is already captured in the AOCI line item at your end, and that will have no material impact on tangible book value per share. As it is simply a realization of the unrealized loss that is already in our equity account. We had a $13.7 million load loss division this quarter.

請注意，我們正處於終止該退休金計畫的最後階段，預計 2025 年第一季將產生額外 450 萬美元的稅前終止費用。這額外的 450 萬美元已計入您端的 AOCI 行項目中，這不會對每股有形帳面價值產生重大影響。因為它只是我們權益帳戶中已存在的未實現損失的實現。本季我們的負載損失部門為 1,370 萬美元。

Consistent with our commentary during the third quarter call, our allowance to loans increased to 82 basis points. As you mentioned, we're within striking distance of the 90 basis points to 100 basis points, medium-term targets which we expect to reach over the next 6 to 9 months. Next, I'll provide some thoughts on NIM trajectory and guidance for 2025. As I mentioned previously, given the timing of the securities repositioning, there was only a partial quarter benefit from the repositioning in the fourth quarter NIM.

與我們在第三季電話會議上的評論一致，我們的貸款準備金增加至 82 個基點。正如您所提到的，我們距離 90 個基點到 100 個基點（我們預計在未來 6 到 9 個月內實現的中期目標）很近。接下來，我將提供一些關於 NIM 軌跡和 2025 年指導的想法。正如我之前提到的，考慮到證券重新定位的時間，第四季淨利差中只有部分季度受益於重新定位。

In addition, the timing of the rate cuts in the fourth quarter was such that the full quarter impact of the November rate cut was not fully realized in the fourth quarter margin. As such, we thought it'd be helpful to provide the core NIM for the month of December, which includes the full benefit of the federal reserve rate cut in November, as well as the full impact of the securities repositioning. The monthly December core NIM was approximately 284. This is a good base name to use as you build out your models for 2025.

此外，第四季降息的時機使得11月份降息對整個季度的影響並未在第四季利潤率中完全實現。因此，我們認為提供 12 月的核心淨利差會有所幫助，其中包括 11 月聯準會降息的全部收益以及證券重新定位的全部影響。12 月的核心淨利差約為 284。在建立 2025 年模型時，這是一個很好的基本名稱。

The 25 basis points federal reserve rate cut in December should result in a 5 basis points to 6 basis points NIM improvement for the first quarter of 2025. So starting with the 2.84% core NIM for the month of December and adding the full impact of the December rate cut should get us close to 2.90%, for the first quarter.

聯準會 12 月降息 25 個基點應會導致 2025 年第一季淨利差改善 5 至 6 個基點。因此，從 12 月 2.84% 的核心淨利差開始，再加上 12 月降息的全部影響，第一季的淨利差應該接近 2.90%。

Additional core deposit growth and laundry pricing could add a few more basis points of upside to the first quarter NIM. As you mentioned, we have a line of sight towards the 3% net interest margin. Should the federal reserve cut rates again this year, we expect another 5 basis points to 6 basis points and quarterly NIM improvement per 25 basis point rate cut.

額外的核心存款成長和洗衣定價可能會為第一季淨利差增加幾個基點。正如您所提到的，我們的目標是 3% 的淨利差。如果聯準會今年再次降息，我們預計每降息 25 個基點，季度淨利差將進一步降息 5 至 6 個基點。

This assumes the behavior and deposits and loans hold for each subsequent rate cut and competition remains rational. Should the federal reserve not cut rates in 2025, we still have a pathway to increase NIM over time. Given the significant amount of back book repricing. To give you a sense of the significant back book repricing opportunity in our adjustable and fixed rate loan portfolios. In the second half of 2025 and the full year 2026 we have $1.9 billion of adjustable and fixed rate loans across the loan portfolio.

這是假設隨後每次降息和競爭的行為和存款和貸款保持理性。如果聯準會在 2025 年不降息，我們仍然有辦法隨著時間的推移增加淨利差。鑑於大量的過帳重新定價。讓您了解我們的可調整利率和固定利率貸款組合中存在重要的後帳重新定價機會。2025 年下半年和 2026 年全年，我們的貸款組合中有 19 億美元的可調整利率和固定利率貸款。

At a weighted average rate of 395 that either reprice or mature in that time frame. Assuming a 225 basis points spread on those loans over the forward five-year treasury, we could see a 35 basis points to 40 basis points increase in NIM from the repricing of these loans. Finally, and while we previously only provided information the back half of '25 and full year '26. As we look into the back book for 2027, we have another $1.75 billion of loans that are a weighted average rate of 425 that will lead to continued NIM expansion in 2027.

加權平均利率為 395，在該時間範圍內重新定價或到期。假設這些貸款與遠期五年國債的利差為 225 個基點，我們可以看到這些貸款重新定價後的淨利差 (NIM) 會增加 35 個基點到 40 個基點。最後，雖然我們之前只提供了 25 年下半年和 26 年全年的資訊。當我們查看 2027 年的帳簿時，我們還有另外 17.5 億美元的貸款，加權平均利率為 425，這將導致 2027 年淨利差持續擴張。

In summary, we see a pathway to a 3% NIM in 2025 and a NIM greater than 325 in 2026. With continued expansion in 2027 and approaching the 350 area. The impact of this enhancement will no doubt increase our earnings power as time progresses. With respect to non-interest income guidance for 2025 we expect between $40 million to $42 million. Individual quarters may be impacted by the level of customer related loan swap income. With respect to balance sheet growth, we expect period end loan balances to grow in the low single digit area in 2025, With growth more weighted towards the back half of 2025.

總之，我們預期 2025 年淨利差將達到 3%，2026 年淨利差將超過 325。2027年持續擴張，接近350個地區。隨著時間的推移，這種增強的影響無疑會增強我們的獲利能力。關於 2025 年非利息收入指導，我們預計在 4,000 萬美元至 4,200 萬美元之間。個別季度可能會受到客戶相關貸款掉期收入水準的影響。就資產負債表成長而言，我們預計 2025 年期末貸款餘額將在低個位數區域成長，成長將更集中在 2025 年下半年。

As we mentioned previously, we are focused on gradually reducing our CRE concentration to the low 400s. Attrition and CRE and multi-family may mask some of the growth in our business loan portfolio in 2025 as it did in 2024. However, we expect this trend to moderate by the end of 2025 and expect to return to a mid-single digit growth profile in 2026. With respect to core cash, non-interest expenses, a full year 2025 guidance is between $234 million and $235 million.

正如我們之前提到的，我們的重點是逐步將 CRE 濃度降低至 400 左右。與 2024 年一樣，自然流失、商業房地產和多戶住宅可能會掩蓋 2025 年我們商業貸款組合的部分成長。然而，我們預計這一趨勢到 2025 年底將會放緩，並預計在 2026 年將恢復到中個位數成長。關於核心現金、非利息支出，2025 年全年指引為 2.34 億美元至 2.35 億美元之間。

This guidance takes into account our existing employee base to the extent we add additional client facing bankers, after year-end bonuses are paid out. We could see an increase in expenses starting in the second quarter. But as we've demonstrated previously, we expect these bankers to pay for themselves and contribute to pre-tax income growth in a relatively short period of time. Finally, we expect the tax rate for the fu;; year between 27% and 28%.

本指南考慮了我們現有的員工基礎，在年終獎金發放後，我們增加了面向客戶的銀行家。從第二季開始，我們可能會看到費用增加。但正如我們之前所證明的，我們預計這些銀行家能夠在相對較短的時間內收回成本並為稅前收入成長做出貢獻。最後，我們預期fu的稅率；；年在 27% 至 28% 之間。

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

這樣，我會將電話轉回給 Olivia，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本，派珀·桑德勒。

Hey guys, good morning.

嘿夥計們，早安。

Good morning.

早安.

First question I had, I mean, just to follow up on one of the guidance numbers that you gave for non-interest income, I think you had said $40 million to $42 million for the full year, 2025. Is that correct?

我的第一個問題是，為了跟進您給出的非利息收入指導數字之一，我認為您說過 2025 年全年為 4000 萬至 4200 萬美元。這是正確的嗎？

Yes, Mark. So we did the BOLI restructuring in the month of December. So what happened there was, we took the tax charge in Q4. We're purchasing around $85 million to $90 million of BOLI in the month of January. So the additional income that comes in on the BOLI side will be around $5 million to $5.5 million plus or minus.

是的，馬克。所以我們在12月份進行了BOLI重組。所以發生的事情是，我們在第四季度收取了稅金。我們在一月份購買了大約 8500 萬至 9000 萬美元的 BOLI。因此，BOLI 方面的額外收入約為 500 萬至 550 萬美元上下。

So that's why the non-interest income is higher. We also factor that into the tax rate of 27% to 28%, given the BOLI income is tax free. So we gave a range, the range was 40 to 42. And obviously the individual quarters may be impacted by the level of loan swap income in there.

這就是非利息收入較高的原因。鑑於 BOLI 收入免稅，我們還將其納入 27% 至 28% 的稅率中。所以我們給了一個範圍，範圍是40到42。顯然，各季度可能會受到貸款互換收入水準的影響。

Okay, got you. So the big delta is the BOLI income number goes from sort of $2.8 million up to $5 million. Got you. Okay? And then secondly, I think your guidance for loan growth was sort of low single digits. I mean you, -- is that because the pipeline, you expect a bunch of that to fall out or you just feel like there'll be a fair amount of refinancing activity. I guess I'm curious, is that.

好的，明白了。因此，最大的增量是 BOLI 收入數字從 280 萬美元增加到 500 萬美元。明白你了。好的？其次，我認為你們對貸款成長的指導是低個位數。我的意思是你，--是因為管道，你預期其中很多會失敗，或者你只是覺得會有相當數量的再融資活動。我想我很好奇，是這樣嗎？

Yes, I think that what we're seeing and there's more volume, transaction volume occurring in the marketplace. For example, and we in the month of in the fourth quarter, we closed over $150 million to $175 million of new business-related loans. Yet we saw a higher level of payoffs and refinances which resulted in, not quite the growth we had expected.

是的，我認為我們所看到的是，市場上出現了更多的交易量。例如，我們在第四季關閉了超過 1.5 億至 1.75 億美元的新業務相關貸款。然而，我們看到了更高水準的回報和再融資，這導致了我們預期的成長不完全。

So we are seeing some, some activity and clearly, I think in the CRE world and the, and the multi family world where we are seeing some more transactions and since we are not as active as we once were that's the offset to the growth.

因此，我們看到了一些、一些活動，而且很明顯，我認為在商業房地產世界和多戶家庭世界中，我們看到了更多的交易，而且由於我們不像以前那麼活躍，所以這是對增長的抵消。

Yes, Mark if you look at 2024, we grew the business loan portfolio of $425 million for the year. So we're pretty happy with that looking to build on that. And then on the CRE side, we were down around $350 million multi family and CRE together. So and we're focused on getting the CRE ratio down to the low 400 right?

是的，馬克，如果你看看 2024 年，我們這一年的商業貸款組合增加了 4.25 億美元。因此，我們對在此基礎上繼續發展感到非常滿意。然後在 CRE 方面，多戶住宅和 CRE 總共損失了約 3.5 億美元。那麼我們的重點是讓 CRE 比率降至 400 左右，對嗎？

So some of that's going to the multifamily free is going to offset some of the business stuff, the first half of the year, but as we exit '25 and into '26, maintaining that level of CRE, you should see the overall loan growth pick up at that point in '26.

因此，其中一些將免費提供給多戶家庭，這將抵消今年上半年的一些業務，但當我們退出“25”並進入“26”時，保持 CRE 的水平，您應該會看到整體貸款增長26年的那個時候開始。

Okay. And then lastly, given your outstanding CRA rating, it strikes me that you're really well positioned to do acquisitions. Is that something that you think is in the cards for Diamond in coming quarters? And if so, where and what might you be most focused on in potential partners?

好的。最後，考慮到你們出色的 CRA 評級，我覺得你們確實處於進行收購的有利位置。您認為 Diamond 在未來幾季可能會出現這種情況嗎？如果是這樣，您最關注潛在合作夥伴的哪些方面和哪些方面？

Yes, I mean, look, we're always interested in, strategic opportunities that enhance franchise value, certainly within Tri state area in the metropolitan area. And we'll look at opportunities as they may arise. We also have, significant and expect significant organic growth and with some of the new teams that have come on board and that we're talking to, and that capital is going to support that as well. But suffice to say, if opportunities arise given valuations and given our positioning at this point, we're certainly interested if they make sense.

是的，我的意思是，我們一直對提高特許經營價值的策略機會感興趣，尤其是在大都會區的三州地區。我們將關注可能出現的機會。我們還擁有顯著的並期望顯著的有機增長，以及一些已經加入並與我們交談的新團隊，並且資本也將支持這一點。但可以說的是，如果考慮到估值和我們目前的定位出現機會，如果它們有意義，我們當然會感興趣。

Thank you.

謝謝。

Steve Moss, Raymond James.

史蒂夫·莫斯，雷蒙德·詹姆斯。

Hi, Steve. Thanks, Stu. Starting with the followed up on the margin guidance here. Avi, you mentioned the $1.9 billion of fixed rate for the second half of '25 and 2026. Just wondering, could you break that out between what's going to mature in the second half, '25 versus the total for 2026.

嗨，史蒂夫。謝謝，斯圖。從這裡的保證金指導的後續內容開始。Avi，您提到 25 年下半年和 2026 年的 19 億美元固定利率。只是想知道，您能否在下半年將成熟的內容（25 年與 2026 年的總數）之間進行區分。

Yes, sure. So the second half of '25 it's around $600 million at a rate of $425 million and the remaining piece is in 2026. So it looks like there's a billion three plus or minus in 2026. And the rate on that is around $385 million.

是的，當然。因此，到 25 年下半年，預計將達到 6 億美元，即 4.25 億美元，剩下的部分將在 2026 年完成。所以看起來到 2026 年會有十億個正負三。其利率約為 3.85 億美元。

Okay, great, appreciate that color.

好吧，太棒了，欣賞這個顏色。

And then in terms of just kind of you mentioned rational deposit competition here. Just kind of curious, you had a very healthy move on deposit pricing lower. Just kind of where are your marginal deposits coming on these days?

然後就您剛才提到的理性存款競爭而言。只是有點好奇，您在降低存款定價方面採取了非常健康的舉措。這幾天你的保證金都到哪裡去了？

Yes, it's a mixed Steve. I mean, we're, we starting with, client needs to have DDA. If you have DDA, we're willing to pay a competitive rate on the money market side, it's too said, we're tracking account activity. The difference with us is, versus a lot of banks in our footprint is there's a lot of new activity coming into the bank and new customers coming in, which helps us be more aggressive on existing customer rates and looking at them one by one.

是的，這是一個混血史蒂夫。我的意思是，我們從客戶需要 DDA 開始。如果您有 DDA，我們願意在貨幣市場方面支付有競爭力的費率，也就是說，我們正在追蹤帳戶活動。我們的不同之處在於，與我們足跡中的許多銀行相比，銀行有很多新活動和新客戶進來，這有助於我們在現有客戶利率上更加積極，並一一審視它們。

I think, I mentioned on our third quarter earnings call, we had a large municipal customer that we're paying a very high rate too. And we rationalize the size of that deposit over time because it didn't make sense for the bank. Same with the broker deposits. I would say, it's coming in, between 2% and 2.5%, plus or minus on a blended basis. In terms of deposits coming in because, the new groups are bringing DDA in the rate of around 40%. And if you're paying a money market rate of, plus or minus 4% to be competitive, you're looking at, somewhere between 2% and 2.5% in terms of the marginal cost coming in.

我想，我在第三季的財報電話會議上提到，我們有一個大型市政客戶，我們也支付了非常高的費率。隨著時間的推移，我們會合理地調整存款規模，因為這對銀行來說沒有意義。與經紀人存款相同。我想說的是，它在 2% 到 2.5% 之間，在混合基礎上加減。就存款流入而言，新集團帶來的 DDA 利率約為 40%。如果你支付正負 4% 的貨幣市場利率來保持競爭力，那麼你會看到邊際成本在 2% 到 2.5% 之間。

Yes, and the overall cost of deposits, are in the 2% to 2.50% range at this point.

是的，目前存款的總體成本在 2% 至 2.50% 的範圍內。

Right. Okay, great. No, I really appreciate that color there and then just on credit here, just curious if you have some color around the charge off that occurred this quarter. That would be helpful.

正確的。好的，太好了。不，我真的很欣賞那裡的顏色，然後在這裡賒賬，只是好奇你是否對本季度發生的沖銷有一些顏色。那會有幫助的。

Yes, sure. Just, it's kind of across the board, Steve, there's a mix across C&I commercial real estate and multi family. No large credits in there. I think a lot of other banks have said this, I mean, it's important to look at charge offs over, extended period of time. I think our charge offs for 2024 was 17 basis points or 18 basis points.

是的，當然。只是，史蒂夫，這是一種全面的情況，工商業房地產和多戶住宅之間存在著混合。那裡沒有大額學分。我想很多其他銀行都說過這一點，我的意思是，在很長一段時間內考慮沖銷是很重要的。我認為 2024 年我們的沖銷是 17 個基點或 18 個基點。

So all stuff, that we've identified our classified assets. So when we report our 10-K will be down, 30 days to 90 days pretty flat basically. So not seeing any concerning trends at this point. And so I'll just leave it at that for now.

所有這些，我們已經確定了我們的機密資產。因此，當我們報告時，我們的 10-K 將會下降，30 天到 90 天基本上持平。所以目前沒有看到任何令人擔憂的趨勢。所以我暫時就這樣吧。

Okay, great. Well, I really appreciate the color and a nice quarter. Thank you, guys.

好的，太好了。嗯，我真的很欣賞它的顏色和一個漂亮的季度。謝謝你們，夥計們。

Thanks, Steve.

謝謝，史蒂夫。

Christopher O'Connell, Keefe, Bruyette & Woods, Inc.

克里斯多福·奧康奈爾、基夫、布魯耶特和伍茲公司

Hey, Chris.

嘿，克里斯。

Hey, morning, how are you, Stu? So I was just wondering, on the fact that, the cash you guys mentioned was elevated, you know, at the end of the year here, but there's not, the low single digit, loan growth, isn't putting, too much out there, especially, it sounds like in the first half of the year. I guess what's the plan or the timing that you guys think on the deployment of that?

嘿，早安，你好嗎，斯圖？所以我只是想知道，你們提到的現金在今年年底有所增加，但貸款成長並沒有降低個位數，並沒有投入太多尤其是在那裡，聽起來像是在今年上半年。我想你們對於部署的計畫或時間安排是什麼？

Yes. Look, I think what we said, Chris and we communicated this when we, did the equity offering, we've pretty much paid off most of our wholesale funding at this point. The FHLB position is around $500 million to $600 million plus or minus of that $500 million is medium to longer term, which we don't expect to pay off, at this point. The broker deposits are probably around $300 million to $400 million plus or minus. So there's not a lot of room to continue to pay off wholesale deposits and borrowings over the course of the year.

是的。看，我認為我們所說的，克里斯和我們在進行股票發行時傳達了這一點，此時我們幾乎已經還清了大部分批發資金。FHLB 的部位約為 5 億至 6 億美元，其中 5 億美元是中長期的，目前我們預計不會得到回報。經紀人存款大概 3 億至 4 億美元上下。因此，全年沒有足夠的空間繼續償還批發存款和借款。

Q4 was a bit of anomaly. As I said, we had some municipal deposits come in every year at the end of the year. In addition, we had a couple of large title companies put in deposits then. So the normalized cash position is probably $350 million to 400 million lower than that. Look, I think we're being, judicious on, securities purchases. We did do a repositioning in the fourth quarter, obviously on securities where we restructured on $400 million.

第四季有點反常。正如我所說，每年年底我們都會收到一些市政存款。此外，當時我們還有幾家大型產權公司存入了存款。因此，正常化現金部位可能比這個數字低 3.5 億至 4 億美元。聽著，我認為我們在購買證券方面是明智的。我們確實在第四季度進行了重新定位，顯然是在我們重組了 4 億美元的證券上。

I think, look, having a little bit more cash is not a bad thing. It helps position the bank to the extent that the Fed doesn't cut rates. So the Fed goes in another direction. So I think we're trying to manage our asset sensitivity with the cash position and, over time we'll put it to work on the loan side. We're not rushing in to do anything, all at once. So and that does have a little bit of drag on the margin, obviously, but I think we're willing to live with that just given the additional flexibility, it provides the bank over time.

我想，你看，多一點現金並不是壞事。它有助於在美聯儲不降息的情況下為銀行定位。因此聯準會走向了另一個方向。因此，我認為我們正在嘗試透過現金部位來管理我們的資產敏感性，隨著時間的推移，我們將把它運用到貸款方面。我們不會一下子急於做任何事。因此，顯然，這確實對利潤產生了一點拖累，但我認為我們願意接受這一點，因為它隨著時間的推移為銀行提供了額外的靈活性。

Great. It sounds like, that might stick around for a little bit. And then on the loans, -- I was just curious, it seems like there's a bigger headwind for the multifamily and CRE, re pricing and maturities in the second half of '25, but you guys are indicating that their growth might be more impacted in the first half. Just curious on kind of the dynamics there.

偉大的。聽起來，這可能會持續一段時間。然後在貸款方面，我只是很好奇，多戶住宅和商業房地產、重新定價和到期日在 25 年下半年似乎面臨更大的阻力，但你們表示它們的增長可能會受到更大的影響在上半場。只是對那裡的動態感到好奇。

Yes, Chris, this is more management of our balance sheet, right? So we want to get the credit ratio into the low 400. So right now, we're not, at a market rate to retain some of these credits, but as the year progresses and we get closer to the 400. We have the option to keep some of these credits and the very solid credits, in the, in the low to mid sixes on the balance sheet. So I think, once we get to the level of credit that we're comfortable with, we'll have more flexibility at that point in terms of retaining some stuff, the volume is higher.

是的，克里斯，這更多的是對我們資產負債表的管理，對吧？所以我們希望將信貸比率降至 400 以下。所以現在，我們還沒有按照市場價格保留其中一些積分，但隨著時間的推移，我們越來越接近 400 個。我們可以選擇將其中一些信用和非常可靠的信用保留在資產負債表的中下六位。所以我認為，一旦我們達到了我們滿意的信用水平，我們在保留一些東西方面就會有更大的靈活性，數量會更高。

But at the same time, it's the option is with us in terms of keeping some of these, credits with us. So I think again, the headwinds going to be in the first half of this year due, later on this year and after that, we'll be able to retain items and manage the balance sheet as appropriate.

但同時，我們可以選擇保留其中一些信用。所以我再次認為，逆風將在今年上半年出現，今年稍後以及之後，我們將能夠保留專案並適當管理資產負債表。

Okay. Got it. And then just, as you guys are moving into, the March, April, I guess bonus season for competitor bankers, I know that, things are still in flux but is there any way to quantify perhaps on, either a percentage of, -- what you guys would be already added from the prior teams or the size just, how big that opportunity is?

好的。知道了。然後，當你們進入三月、四月時，我猜競爭對手銀行家的獎金季節，我知道，事情仍在不斷變化，但有沒有什麼方法可以量化，或者是百分比，--你們已經從之前的團隊中加入了什麼，或是規模，這個機會有多大？

Yes, I think still a bit early, Chris. We've got, number of teams, multiple teams that were very close, some have, committed to coming on. Some are, in very late stages. So it's a little early at this point. I think, as we get into March and April, it'll be easier. Some for banks, bonus season ends at, in January. So you could see some announcements in February. So it's good be a mix but I think this will all shake out and I think the one difference this year is that the opportunities on both sides of the balance sheet, not just on the deposit side.

是的，我認為還為時過早，克里斯。我們有很多球隊，很多球隊都非常接近，有些已經承諾繼續前進。有些已經處於非常晚期的階段。所以現在還為時過早。我想，當我們進入三月和四月時，事情會變得更容易。對一些銀行來說，獎金季節在一月結束。所以你可以在二月看到一些公告。所以混合起來是件好事，但我認為這一切都會發生變化，我認為今年的一個區別是資產負債表兩側的機會，而不僅僅是存款方面的機會。

And so I think, the last couple of years we've probably spent, 80% to 90% of our energy on the deposit side. I think this time around, it's probably going to be more balanced in terms of how we look at the opportunity.

所以我認為，過去幾年我們可能將 80% 到 90% 的精力花在了存款方面。我認為這一次，我們看待機會的方式可能會更加平衡。

I would expect that in the next 30 days to 45 days, you'll see a couple of announcements and then, as we get into the end of March, there'll be additional.

我預計在接下來的 30 天到 45 天內，您會看到一些公告，然後，當我們進入 3 月底時，還會有更多公告。

Great, I appreciate it. Thank you.

太好了，我很欣賞。謝謝。

Manuel Navas with DA Davidson.

曼努埃爾·納瓦斯和地方檢察官戴維森。

Hey, good morning. I just wanted to build on some of the commentary on kind of the customer reaction to recent fed rate cuts. Has there been really, this is more like an industry wide question too. Has there been any difference in the reaction to deposit cost pushing out for the December cut versus the November cuts? Like, has there, have you seen any real difference yet or is most kind of expected at this point?

嘿，早安。我只是想根據客戶對最近聯準會降息的反應進行一些評論。真的有嗎，這也更像是全行業的問題。12 月下調存款成本與 11 月下調存款成本的反應有何不同？就像，你有沒有看到任何真正的差異，或是目前最預期的差異？

No, I mean, pretty similar manual. I mean, obviously, customers speaking from personal experience and because we're involved in the day on the deposit rate movements. Customers have some optical thresholds that they care about. If you were at 5% you wanted 5% of the customer and then if you are at 4% you want 4%. I mean, if you're at 4.35% you may be okay with 4.15%, right? So it's more, I think customer psychology depending on where each one is, but the way we manage our base, it's very segmented based on balances that they have, and the weighted average rate.

不，我的意思是，非常相似的手冊。我的意思是，顯然，客戶是從個人經驗出發的，因為我們參與了當天的存款利率變動。客戶有一些他們關心的光學閾值。如果你的比例是 5%，你就想要 5% 的客戶；如果你的比例是 4%，你就想要 4%。我的意思是，如果你的利率是 4.35%，那麼你可能會接受 4.15%，對嗎？所以，我認為客戶心理取決於每個人的位置，但我們管理基礎的方式是根據他們擁有的餘額和加權平均費率進行非常細分的。

I will say, the best environment for banks is that gradual 25 basis points cuts over, every 90 days right. We had 100 basis points swing pretty quickly. So customers were impacted, fairly significantly, but they also got it on the way up, right. So I think that the best environment for all of us would be the Fed, takes a pause and then comes back at some point in May or June and cuts 25 at that point, And then you'll be able to cut the rates again.

我想說，對銀行來說最好的環境是逐步降息25個基點，每90天降息一次，對吧。我們很快就有了 100 個基點的波動。因此，客戶受到了相當大的影響，但他們也受到了影響，對吧。所以我認為對我們所有人來說最好的環境是美聯儲，暫停一下，然後在 5 月或 6 月的某個時候回來，在那個時候降息 25，然後你可以再次降息。

If you continuously have a significant amount of cuts, you'll probably see more, sticker price reaction from some. But I think us individually, it's a relationship bank and we did pay on the way up and we've been able to reduce costs on the way down.

如果您持續大幅降價，您可能會看到一些人對標價做出更多反應。但我認為就我們個人而言，這是一家關係銀行，我們確實在上升過程中付出了代價，並且我們能夠在下降過程中降低成本。

Yes. We've been very diligent in our, on the way down and, in looking at individual customers and making the rate changes including on the municipal side where we told everyone that, you want 100% beta on the way up and we told them early on that on the way down, expect 100% beta as well. So look, there are most banks are, have been fairly rational through this most recent cycle. And I think, we've been able to take advantage of that and hold to our hold to our guns.

是的。我們一直非常勤奮，在下降過程中，在關注個人客戶並進行費率變化方面，包括在市政方面，我們告訴每個人，你希望在上升過程中獲得100% 的貝塔值，我們很早就告訴他們了在下降過程中，預計貝塔值也會達到 100%。所以看，大多數銀行在最近的周期中都相當理性。我認為，我們已經能夠利用這一點並堅持我們的立場。

As I said earlier, the fact that we are, every month opening, hundreds of new accounts and bringing on new customers gives us a lot more flexibility, right? So we don't have to fight and pay up for every last dollar where a customer says, look, I can get extra, from this place or that place. And we basically, can hold to our guns and they can make a decision and, for the most part they stay. And so we really haven't seen, that much in the way of this intermediation as far as deposits on the rate.

正如我之前所說，我們每個月都會開設數百個新帳戶並吸引新客戶，這一事實為我們帶來了更大的靈活性，對嗎？因此，當顧客說，看，我可以從這個地方或那個地方得到額外的錢時，我們不必為最後一美元而奮鬥並付錢。基本上，我們可以堅持我們的立場，他們可以做出決定，而且大多數情況下他們會留下來。因此，就存款利率而言，我們確實還沒有看到如此多的中介方式。

I appreciate that commentary. And I, and it's obviously a relationship business. How I don't think I heard, and it's probably harder to pin down is how much more deposit growth do you get from the current teams you've had? Is there a thought process on what we should expect on the deposit side across this year? Just kind of thoughts on where that deposit growth could go?

我很欣賞這個評論。而我，這顯然是個關係生意。我想我沒有聽說過，而且可能更難確定的是，您從現有團隊中獲得了多少存款成長？對於今年存款方面我們應該期待什麼，是否有一個思考過程？只是想知道存款成長會走向何方？

Yes. So I think what we've said previously on this is, it probably will take every team 3 years to 4 years to get to some type of steady state. And the continuously opening accounts, look every quarter, we've grown accounts and we've grown deposits and when we look at the forward pipeline, we think there's, additional room. I think it's hard to predict manual exactly where they're going to end up. But what we're trying to do is look at accounts and accounts opening activity and, they continue to make progress.

是的。所以我認為我們之前說過的是，每個團隊可能需要 3 年到 4 年的時間才能達到某種穩定狀態。不斷開設帳戶，每個季度都會查看，我們增加了帳戶，增加了存款，當我們查看遠期管道時，我們認為還有額外的空間。我認為很難準確預測它們最終會走向何方。但我們正在嘗試做的是查看帳戶和開戶活動，他們繼續取得進展。

Obviously, they've built a substantial book. It's a $1.8 billion right now. I think over time, as our name gets out and our technology platform and some things we do for customers gets out. They may bring in additional new customers as well, not part of their existing book. So I think we're not good spot. As Stu, said branch-based deposits of stabilized, our consumer deposits of stabilized and we're looking at other teams as well. So I think we have a, long runway on the deposit side. In terms of growing that over time.

顯然，他們已經寫了一本內容豐富的書。現在是18億美元。我認為隨著時間的推移，隨著我們的名字和我們的技術平台以及我們為客戶所做的一些事情的傳播。他們也可能會帶來額外的新客戶，而不是現有客戶的一部分。所以我認為我們不是一個好地方。正如 Stu 所說，分行存款穩定，我們的消費者存款穩定，我們也關注其他團隊。所以我認為我們在存款方面有一條很長的跑道。就隨著時間的推移而增長而言。

But just to give you an idea, if I, look at our reports, even today, we've opened up over 300 accounts and 200 relationships just since December 31st. So that kind of gives you an idea. We, they're still very active and moving relationships over and developing new relationships. So I still think there's a fairly long runway but, again that's going to happen over time. There are a lot of accounts get open, it takes some, several months to fully fund. So, there's still upside in terms of the pipeline.

但只是為了給你一個想法，如果我看一下我們的報告，即使在今天，自 12 月 31 日以來，我們已經開設了 300 多個帳戶和 200 多個關係。所以這給了你一個想法。我們，他們仍然非常活躍，正在轉移關係並發展新的關係。所以我仍然認為還有相當長的跑道，但是隨著時間的推移，這也會發生。有很多帳戶開立，需要幾個月的時間才能完全籌集資金。因此，就管道而言，仍有上行空間。

I love this, the sense of activity there. If deposit growth comes in better than expected, if it's, could that drive stronger loan growth? Like how should we think of those together? And I know that you have a build in the back half of the year, and you have a lot of pricing, but just how do those work together in your thought process?

我喜歡這個，那裡的活動感。如果存款成長優於預期，是否會推動更強勁的貸款成長？例如我們該如何將它們放在一起考慮？我知道你在下半年有一個構建，並且有很多定價，但這些在你的思維過程中如何協同工作？

I think, credit is credit and, we're always looking for good solid loans. But I don't think deposits are going to drive the credit side. I think we want to put on, profitable relationships with good credits, focusing on business loans obviously. And so I think to some degree there, one won't drive the other. But, as we continue and as we said earlier, as we continue to build out the C&I the health care and with, some of the impending analysis, we think on the, on new teams focused on the loan side, that will certainly take up the excess liquidity.

我認為，信用就是信用，我們一直在尋找優質可靠的貸款。但我不認為存款會帶動信貸。我認為我們希望與良好的信用建立有利可圖的關係，顯然專注於商業貸款。所以我認為在某種程度上，一個人不會驅動另一個人。但是，正如我們之前所說，隨著我們繼續建立 C&I 醫療保健，以及一些即將進行的分析，我們認為，在專注於貸款方面的新團隊上，這肯定會佔據主導地位。

That makes a lot of sense. I appreciate that. One last question the asset side is with the repricing that you're having over the next three years. Are you still kind of thinking that the loan portfolio ends with multifamily in the 30% range? Or could there be a wider range of outcomes there? You spoke a little bit about flexibility that you might keep some of those more than you maybe thought if the pricing is right, just kind of talk through that a bit of where it ends.

這很有意義。我很欣賞這一點。資產方面的最後一個問題是未來三年的重新定價。您是否仍然認為貸款組合最終以多戶家庭為 30% 的範圍？或者那裡會產生更廣泛的結果嗎？你談到了一些精神活性，如果定價合適的話，你可能會保留比你想像的更多的靈活性，只是簡單地談談它的結尾。

Yes, I think our range was 25% to 30%. So we don't want to be pinned down to one number. I think that's, really trying to get us, down to that the low 400 over there. On the investor CRE side, we have a lot of, very solid relationships with good deposits as well in that business. So I think 25% to 30% is probably a good medium to long term number there that gets us into the form.

是的，我認為我們的範圍是 25% 到 30%。所以我們不想被固定在一個數字上。我認為這確實是在試圖讓我們降到那邊的 400 低點。在投資者 CRE 方面，我們在該業務中擁有許多非常穩固的關係和良好的存款。所以我認為 25% 到 30% 可能是一個很好的中長期數字，可以讓我們進入這種形式。

You have to remember, I mean, the Multifamily book has been a very solid book from a credit perspective. But it's the lowest yielding loan asset that we have on the books. It's even, at $4.49 which is the average yield on our multifamily book is even lower than our, than our adjustable-rate mortgage portfolio, 1 to 4 family portfolio. So I mean, there's a good risk adjusted, asset there, but we also are looking at maximizing return.

我的意思是，你必須記住，從信用角度來看，《多戶家庭》這本書是一本非常紮實的書。但這是我們帳面上收益率最低的貸款資產。甚至，我們多戶家庭帳簿的平均收益率為 4.49 美元，甚至低於我們的可調整利率抵押貸款投資組合、1 至 4 戶家庭投資組合。所以我的意思是，那裡有很好的風險調整資產，但我們也在考慮回報最大化。

So we think that 25% to 30% is the right place to be. Although in this marketplace, obviously rates have gone up quite a bit on the multifamily side and it's, a much more profitable asset than it was several years ago when it was commoditized pricing.

所以我們認為 25% 到 30% 是適當的位置。儘管在這個市場上，顯然多戶住宅的利率已經上漲了很多，而且它是比幾年前商品化定價時更有利可圖的資產。

Thank you both. Thank you for the conversation.

謝謝你們倆。謝謝你的談話。

Matthew Breese, Stephens Inc.

馬修·布里斯，史蒂芬斯公司

I was hoping first you could discuss new loan yields and spreads across C&I and kind of your focus relationship commercial real estate. And then secondly, just discuss payoff activity on the back book and whether or not the slowest pace of payoff activity if anything has changed there?

我希望您首先可以討論工商業領域的新貸款收益率和利差以及您的重點關係商業房地產。其次，只討論背面的支付活動，以及支付活動的最慢速度是否發生了變化？

Sure. So on the pipeline right now, the average rate on the pipeline is $7.75. The C&I portfolio is at a weighted average rate of about $7.60 and the owner occupied CRE is about $7.20 and the healthcare is right around $7.50 as well. We only have in the entire pipeline, we only have $9 million of multifamily and about $6 million in an investor CRE. So the 750 pipeline is really weighted towards the C&I owner occupied CRE in the healthcare.

當然。因此，目前在管道中，管道的平均費率是 7.75 美元。 C&I 投資組合的加權平均利率約為 7.60 美元，業主佔用的 CRE 約為 7.20 美元，醫療保健也約為 7.50 美元。在整個管道中，我們只有 900 萬美元的多戶住宅和約 600 萬美元的投資者 CRE。因此，750 個管道確實偏重於 C&I 所有者在醫療保健領域所佔據的 CRE。

And then, Matt, just on the payoff speeds, look, we track this every single quarter. The multifamily payoff speeds in Q4 were a little higher actually. It was around 10%. The prior quarters, we're probably averaging closer to 6% to 7% plus or minus. On the investor accrete, it's probably around 6% to 7%, the payoff speeds at this point, pretty consistent with what the prior quarters were. We did see some elevated payoffs in our business loans at your end, customer selling businesses, just normal activity, that was actually 20% in Q4.

然後，馬特，就回報速度而言，我們每季都會追蹤這一點。實際上，第四季多戶家庭的支付速度要高一些。大約是10%。在前幾季度，我們的平均成長率可能接近 6% 至 7%，上下浮動。就投資者的成長而言，可能約為 6% 至 7%，此時的回報速度與前幾季的情況相當一致。我們確實看到我們的商業貸款回報增加，客戶銷售業務，只是正常活動，第四季實際上為 20%。

That's a bit higher than what we traditionally see because in that business portfolio, it's probably closer to 8% to 10% because those are just customers that we're retaining over time. So if we didn't have that 20% payoff in that portfolio in Q4, loans would have ended up close at $11 billion at the end of the year.

這比我們傳統上看到的要高一些，因為在該業務組合中，它可能接近 8% 到 10%，因為這些只是我們隨著時間的推移而保留的客戶。因此，如果我們在第四季的投資組合中沒有獲得 20% 的回報，那麼到年底貸款將接近 110 億美元。

Yes. We had a couple of large customers who sold their companies to private equity firms or whatnot, and we did have some payoffs there, which were unanticipated.

是的。我們有幾個大客戶將他們的公司出售給私募股權公司或其他公司，我們確實在那裡獲得了一些意想不到的回報。

One thing from an industry perspective is a lot of banks are pulling out of commercial real estate somewhere to you trying to lower CRE concentrations. I was hoping you could talk about what you're seeing on the non-bank side, and whether or not they are taking market share and keeping lower than you would normally see?

從產業角度來看，許多銀行正在從商業房地產領域撤出，試圖降低商業房地產的集中度。我希望你能談談你在非銀行方面看到的情況，以及他們是否正在佔據市場份額並保持低於你通常看到的水平？

Yes. I think we are seeing a little bit more activity on the non-bank side in terms of financing CRE and other multifamily opportunities. I do think that over time and today with today's yield curve and where rates are that I think banks will eventually get back into the CRE business as they get to the levels that they'd like in terms of their CRE ratios. Because again given the yield curve and where rates are, there is money to be made in that business and it's a good risk adjusted asset.

是的。我認為我們看到非銀行方面在商業房地產融資和其他多戶家庭機會方面的活動增加。我確實認為，隨著時間的推移和今天的殖利率曲線以及利率水平，我認為銀行最終將重返商業房地產業務，因為它們的商業房地產比率達到了他們想要的水平。因為再次考慮到殖利率曲線和利率，該業務可以賺錢，並且是一項很好的風險調整資產。

All right. And then two more for me. The first one is just I was hoping for some the rent regulated multifamily book and the office book are still kind of the two areas for everybody, areas of most concern. Just talk about the health of those portfolios, any changes in underlying characteristics? And then maybe some thoughts around charge off activity for next year, if you have some insights there?

好的。然後再給我兩個。第一個是我希望有一些受租金管制的多戶住宅和辦公大樓仍然是每個人最關心的兩個領域。只談談這些投資組合的健康狀況，基本特徵有什麼改變嗎？如果您對此有一些見解，也許還有一些關於取消明年活動的想法？

Sure. Yes, nothing significant, Matt, on both. Look, we track our classifieds very closely. Like I said in the prepared remarks, classifieds are down. We don't have a lot of maturities in the first half of this year.

當然。是的，馬特，兩者都沒有什麼重要的。看，我們非常密切地追蹤我們的分類廣告。正如我在準備好的發言中所說，分類廣告已經下降。今年上半年我們沒有太多到期的債券。

I think maturities pick up in a stair step approach starting the second half of the year. But really not seeing anything. Nobody is really coming in and asking for new deferrals or modifications at this point. Those levels are pretty steady at this point. I think we know what we have.

我認為從今年下半年開始，到期日將逐步上升。但確實什麼也沒看到。此時沒有人真正進來要求新的延期或修改。目前這些水平相當穩定。我想我們知道我們擁有什麼。

I would just say for the charge off item, look, it's hard to predict charge offs over time. I think we've done a good job identifying what loans are substandard. So we know where we have issues over time. In an individual quarter, it may be up or down. It could also be, look, you may reach a decision point on certain credits saying, look, it's better for us to exit these credits at this point, especially as you have third party investors and non-banks stepping up in those markets.

我只想說，對於沖銷項目，你看，很難預測隨著時間的推移而沖銷情況。我認為我們在識別哪些貸款不合格方面做得很好。因此，隨著時間的推移，我們知道哪裡有問題。在個別季度，它可能會上升或下降。也可能是，看，你可能會在某些信貸上達到一個決策點，說，看，我們現在最好退出這些信貸，特別是當第三方投資者和非銀行機構在這些市場上加緊行動時。

So I'd say probably entering the point in the cycle that charge offs are not going to be 0 basically. I mean for the full year our charge offs were I think 17 basis points last year. So a range between 20 30 basis points is a reasonable range for a commercial bank, and that's probably where we expect to be for next year. So hopefully that helps in terms of color, but not really seeing anything out of the ordinary at this point.

所以我想說，可能進入了循環中的點，沖銷基本上不會是 0。我的意思是，去年全年我們的沖銷額是 17 個基點。因此，對於商業銀行來說，20 至 30 個基點之間的範圍是一個合理的範圍，這可能是我們預計明年的範圍。希望這對顏色有所幫助，但目前還沒有真正看到任何不尋常的地方。

Yes. And on the rent regulated, we're really getting down to we separate between pre- 2019 and after and the pre- 2019 portfolio continues to wind down. They've all repriced at this point. We have no non performers. So we continue to monitor it. We're still doing our annual review. So we got a pretty good handle on what we're seeing in terms of debt service coverage.

是的。在租金管制方面，我們確實正在認真對待 2019 年之前和之後的情況，並且 2019 年之前的投資組合繼續縮減。此時他們都重新定價了。我們沒有表現不佳的人。所以我們繼續對其進行監控。我們仍在進行年度審查。因此，我們對償債覆蓋範圍的情況有了很好的把握。

And we are seeing a good percentage of improvement in debt service coverage ratios as we go through our annual review. So I think the inflation issue has moderated somewhat. Rents are slowly increasing and landlords most of our loans are relatively small. So most of our average size on our rent regulators is about $2.8 million So they're managing their properties very tightly and maintaining their profitability.

當我們進行年度審查時，我們看到償債覆蓋率有了很大的改善。所以我認為通膨問題已經有所緩解。租金正在緩慢上漲，而房東的大部分貸款規模都相對較小。因此，我們的租金監管機構的平均規模大部分約為 280 萬美元，因此他們非常嚴格地管理其房產並保持盈利能力。

Great. And then last one for me. Avi, I was hoping you could discuss deposit growth for 2025 a little bit. I'm sorry if I missed that. The composition is also important. And so I was hoping you could just touch on how you think non-interest-bearing deposit growth will look next year?

偉大的。然後是我的最後一張。Avi，我希望您能稍微討論一下 2025 年的存款成長。如果我錯過了，我很抱歉。構圖也很重要。因此，我希望您能談談您對明年無息存款成長的看法嗎？

Yes. So one thing we've seen, Matt, is just a stabilization in consumer deposits at the bank. We probably have around 30% to 35% of our book is consumer. I'd say 2022, 2023 and even the first half of 2024, we saw outflows on that and we saw outflows on the DDA side as consumers wanted to get a higher rate, right? So I think that should help because that was masking some of the business growth that we saw.

是的。馬特，我們看到的一件事就是銀行消費者存款的穩定。我們的圖書中大概有 30% 到 35% 是消費者。我想說，2022 年、2023 年，甚至 2024 年上半年，我們都看到了資金流出，而且我們看到了 DDA 方面的資金流出，因為消費者希望獲得更高的利率，對嗎？所以我認為這應該會有所幫助，因為這掩蓋了我們看到的一些業務成長。

I mean, look, this in 2024, we grew business deposits by I think $1.7 billion plus or minus as the teams really started to ramp up. So I would say we continue to see new accounts coming in, new deposits. We expect to grow the deposit base this year. We've got back up to 30% in terms of the DDA percentage and we'd like to keep it at that level and maybe grow it over time. I mean, still a high rate environment, so it's very hard to grow DDA.

我的意思是，看，到 2024 年，隨著團隊真正開始壯大，我們的商業存款增加了 17 億美元上下。所以我想說，我們繼續看到新帳戶進來、新存款。我們預計今年存款基礎將擴大。我們的 DDA 百分比已恢復至 30%，我們希望將其保持在該水平，並可能隨著時間的推移而增長。我的意思是，仍然是一個高利率環境，所以很難發展 DDA。

So I wouldn't project the DDA base to getting to 35% at the end of one year, but we'd like to continue to see that creeping up slowly over time. And the stuff that's coming in has a nice component of DDA. So I'd say, the DDA percentage, stable to up from here, hopefully. And in terms of overall deposit growth, I think we should see pretty solid growth in 2025, at least based on accounts that we've opened and the pipelines that we have.

因此，我不會預期 DDA 基礎會在一年結束時達到 35%，但我們希望繼續看到這一比例隨著時間的推移緩慢上升。即將推出的內容包含 DDA 的一個很好的組成部分。所以我想說，DDA 百分比有望從現在開始穩定上升。就整體存款成長而言，我認為 2025 年我們應該會看到相當穩健的成長，至少根據我們開設的帳戶和現有的管道來看是如此。

Sorry, just last one is thoughts on deposit betas in 2025?

抱歉，最後一個是關於 2025 年存款測試版的想法？

Yes. So what we've done on the interest bearing side is, we've probably dropped rates on the interest bearing piece around 80 basis points for the 100 basis points cut in rates. And so probably at an 80% beta on interest bearing, but given we've got 30% DDA, the total deposit beta was around I think 55% plus or minus. So I think that should hold, Matt, going forward if there's additional rate cuts. I mean, as of right now, our cost our weighted average rate on deposits are around 2% or 5% and that's fully reflective of the December rate cuts.

是的。因此，我們在計息方面所做的就是，在降息 100 個基點的同時，我們可能將計息部分的利率降低了 80 個基點左右。因此，利息貝塔係數可能為 80%，但考慮到我們有 30% 的 DDA，我認為總存款貝塔係數約為 55% 左右。因此，馬特，我認為如果進一步降息，這一點應該成立。我的意思是，截至目前，我們的加權平均存款利率約為 2% 或 5%，這完全反映了 12 月的降息。

So we've made all those changes for December. So I would say, if we get an additional 25 basis points, the behavior should pretty much mirror what we had for the last 25 basis points or even the last 100 basis points basically. So we don't expect any substantial change. Obviously, if the Fed does not cut rates, it's going to be harder for banks to cut rates additionally going forward.

所以我們在 12 月做出了所有這些改變。所以我想說，如果我們獲得額外的 25 個基點，那麼其行為應該基本上反映了我們過去 25 個基點甚至最後 100 個基點的情況。因此，我們預計不會發生任何實質變化。顯然，如果聯準會不降息，銀行未來進一步降息將變得更加困難。

I appreciate you taking all my questions. Thank you.

感謝您回答我所有的問題。謝謝。

Thanks man.

謝謝夥計。

Manuel Neves, D.A. Davidson.

曼努埃爾·內維斯，D.A.戴維森。

Hey, sorry. Did I hear correctly that your end of period is that total deposit cost is 2.05%?

嘿，抱歉。我沒聽錯吧，你們的期末存款成本是 2.05%？

That's the current weighted average rate as of January 22.

這是截至 1 月 22 日的當前加權平均利率。

That's very helpful. I appreciate that. That's a excellent push out of deposit cost cuts.

這非常有幫助。我很欣賞這一點。這是存款成本削減的有力推動。

Thank you. And there are no further questions in the queue at this time. I will now turn the call back over to Mr. Stuart Lubow, for any closing remarks.

謝謝。目前隊列中沒有其他問題。現在我將把電話轉回斯圖爾特·盧博先生，請他發表結束語。

Thank you, Olivia, and thank you all for joining us today and thank you to our dedicated employees and our shareholders for their continued support. We look forward to speaking with you all after the first quarter.

謝謝奧利維亞，感謝大家今天加入我們，並感謝我們敬業的員工和股東的持續支持。我們期待在第一季之後與大家交談。

Ladies and gentlemen, that doesn't our conference for today. Thank you for your participation and you may now disconnect.

女士們先生們，這不是我們今天的會議。感謝您的參與，您現在可以斷開連接。