East West Bancorp Inc (EWBC) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the East West Bancorp third quarter 2024 earnings conference call.

下午好，歡迎參加東西銀行 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Adrienne Atkinson, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監艾德麗安·阿特金森 (Adrienne Atkinson)。請繼續。

Thank you, operator. Good afternoon and thank you everyone for joining us to review East West Bancorp's third-quarter 2024 financial results.

謝謝你，接線生。下午好，感謝大家與我們一起回顧華美銀行 2024 年第三季財務表現。

With me are Dominic Ng, Chairman and Chief Executive Officer; Christopher Del Moral-Niles, Chief Financial Officer; and Irene Oh, Chief Risk Officer. This call is being recorded and will be available for replay on our Investor Relations website.

與我同行的還有董事長兼執行長吳多才 (Dominic Ng)； Christopher Del Moral-Niles，財務長；和首席風險長 Irene Oh。本次電話會議正在錄音，並將在我們的投資者關係網站上重播。

The slide deck reference during this call is available on our investor relations site. Management may make projections or other forward-looking statements which may differ materially from the actual results due to a number of risks and uncertainties. Management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to our filings with the securities and exchange commission, including the Form 8-K filed today.

本次電話會議期間的幻燈片參考可在我們的投資者關係網站上找到。由於許多風險和不確定性，管理階層可能會做出預測或其他前瞻性陳述，這些預測或其他前瞻性陳述可能與實際結果有重大差異。管理階層可以討論非公認會計準則財務措施。有關風險因素的更詳細說明以及 GAAP 與非 GAAP 財務指標的調節，請參閱我們向證券交易委員會提交的文件，包括今天提交的 8-K 表格。

I will now turn the call over to Dominic.

我現在將把電話轉給多米尼克。

Thank you, Adrian. Good afternoon and thank you for joining us for our third-quarter earnings call. I'm pleased to report another strong quarter of balance to growth in support of our customers. Third-quarter 2024 net income was $299 million or $2.14 per diluted share. We grew average loans by 1% quarter over quarter and further diversify our loan portfolio by emphasizing residential and C&I lending. We grew average deposits by 3% quarter over quarter through continued growth of granular customer deposits and relationships.

謝謝你，阿德里安。下午好，感謝您參加我們的第三季財報電話會議。我很高興地報告另一個強勁的季度平衡成長，以支持我們的客戶。 2024 年第三季淨利為 2.99 億美元，或攤薄後每股收益 2.14 美元。我們的平均貸款環比增長 1%，並透過強調住宅和工商業貸款進一步實現貸款組合多元化。透過精細客戶存款和關係的持續成長，我們的平均存款較上季成長了 3%。

Net interest income grew by $20 million or 4% from second quarter, primarily driven by increased income from loans. We also lower the cost of average interest-bearing deposit in the quarter. The average cost of time, money market, and savings deposit each declined from the second quarter. Our balance sheet growth was complemented by a consecutive quarter of record fee income. These revenues were driven by notable strength in lending, wealth management, and deposit fees, reflecting our consistent execution and ability to broaden and deepen customer relationships.

淨利息收入較第二季增加 2,000 萬美元，即 4%，主要是由於貸款收入增加。我們也降低了本季平均計息存款成本。時間、貨幣市場和儲蓄存款的平均成本較第二季均下降。我們的資產負債表成長得益於連續一個季度創紀錄的費用收入。這些收入是由貸款、財富管理和存款費用方面的顯著優勢所推動的，反映了我們一貫的執行力以及擴大和深化客戶關係的能力。

Our disciplined approach to credit management serve us well in the third quarter. East West classified loans, nonaccrual, and nonperforming asset ratios improved during the quarter. Nonetheless, we remain vigilant about managing our credit risk and are proactively managing our risk profile. We have delivered substantial returns for shareholders during the quarter. We reported tangible book value per share growth of 7% and generated over 17% return on average tangible common equity.

我們嚴格的信貸管理方法在第三季表現良好。東西方分類貸款、應計利息和不良資產比率在本季有所改善。儘管如此，我們仍然對管理信用風險保持警惕，並積極管理我們的風險狀況。我們在本季為股東帶來了可觀的回報。我們報告每股有形帳面價值成長了 7%，平均有形普通股回報率超過 17%。

Chris, I will turn it to you for more detail on our financial performance.

克里斯，我會將其轉給您，以了解有關我們財務業績的更多詳細資訊。

Thank you, Dominic.

謝謝你，多米尼克。

Turning to loans on slide 4. Average and period end loans each grew by 1% quarter over quarter. Residential mortgage production was remarkably consistent for the quarter and our pipeline levels remain strong going into Q4. We expect residential mortgage growth to continue at its current pace. With respect to C&I growth. It was driven by notable strength in our entertainment and private equity [burden]. We also expect C&I to have similar growth in Q4.

轉向幻燈片 4 上的貸款。本季度住宅抵押貸款生產非常穩定，進入第四季度我們的管道水平仍然強勁。我們預計住宅抵押貸款成長將繼續保持目前的速度。關於工商業成長。這是由我們的娛樂和私募股權[負擔]方面的顯著實力所推動的。我們也預期第四季工商業也將出現類似的成長。

In commercial real estate, we saw healthy growth in multi-family during Q3. Across the rest of our commercial real estate business, we continue to work with our longstanding clients and foresee only a modest level of CRE loan growth overall in Q4.

在商業房地產領域，第三季我們看到多戶住宅的健康成長。在我們的其他商業房地產業務中，我們將繼續與我們的長期客戶合作，並預計第四季度商業房地產貸款將整體成長水準有限。

Moving on to deposits on slide 5, we grew average and end-of-period deposits by 3% to a record $61.7 billion with growth across consumer, business banking, and commercial customers. Our noninterest-bearing deposit mix stood at 24% of total deposits.

轉向幻燈片 5 上的存款，隨著消費者、商業銀行和商業客戶的成長，我們的平均存款和期末存款增加了 3%，達到創紀錄的 617 億美元。我們的無利息存款組合佔存款總額的 24%。

Slide 6 summarizes our on-balance sheet liquidity. During the third quarter, we took further steps to enhance our liquidity profile while supporting earnings. We added a net $1.2 billion of securities in Q3, primarily short-duration floaters and grew our average cash and equivalents by nearly $1 billion to $5 billion. The securities portfolio at year end stood at $13.1 billion including $6 billion-plus of (inaudible) floating rate securities. Our average securities yield increased 10 basis points from Q2, reflecting the purchases. Our cash and securities portfolio rose 24 -- rose to 24% of total average assets at the end of the third quarter.

投影片 6 總結了我們的資產負債表內流動性。第三季度，我們採取了進一步措施來增強流動性，同時支持獲利。我們在第三季淨增加了 12 億美元的證券，主要是短期浮動證券，並且我們的平均現金和等價物增加了近 10 億美元至 50 億美元。截至年底，證券投資組合規模達 131 億美元，其中包括超過 60 億美元（聽不清楚）的浮動利率證券。我們的平均證券收益率比第二季度增加了 10 個基點，反映了購買情況。第三季末，我們的現金和證券投資組合佔總資產的比例上升了 24%，達到 24%。

Slide 7 covers our net interest income trends. Third-quarter dollar net interest income totaled $573 million, a $20-million increase in the second quarter driven primarily by greater income from loans. Our net interest margin was 3.24%, a decline of three basis points from the prior quarter, partially reflecting fed rate cuts. At the end of the third quarter, our total deposit cost stood at 284 basis points, down 10 basis points from the end of the second quarter. Our end-of-period total interest bearing deposit cost stood at 373 basis points at the end of the third quarter, down 19 basis points from the prior period. Additionally, total deposit costs have continued to decline since quarter end and are now approximately 5 to 10 basis points lower still. We expect balance sheet growth to support net income levels from here.

投影片 7 介紹了我們的淨利息收入趨勢。第三季美元淨利息收入總計 5.73 億美元，比第二季增加 2,000 萬美元，主要是因為貸款收入增加。我們的淨利差為 3.24%，較上季下降 3 個基點，部分反映了聯準會降息的影響。三季末，存款總成本為284個基點，較第二季末下降10個基點。三季末，計息存款期末總成本為373個基點，較上期下降19個基點。此外，自季度末以來，總存款成本持續下降，目前已降低約 5 至 10 個基點。我們預計資產負債表成長將支撐淨利潤水準。

Slide 8 summarizes our noninterest income trends. As Dominic mentioned, we achieved a record fee income level of $81 million this quarter, up 6% quarter over quarter. The strength was driven by significant syndications activity and strong traction in commercial cash management solutions while wealth management was buoyed by focused execution on growth strategies and strong equity markets.

投影片 8 總結了我們的非利息收入趨勢。正如 Dominic 所提到的，本季我們實現了 8,100 萬美元的創紀錄費用收入水平，季增 6%。這一優勢得益於重大的銀團活動和商業現金管理解決方案的強勁吸引力，而財富管理則受到專注於成長策略和強勁股票市場的執行的推動。

I'll now turn the call over to Irene for comments on credit and capital.

我現在將把電話轉給艾琳，徵求有關信貸和資本的意見。

Thank you, Chris, and good afternoon to all.

謝謝你，克里斯，祝大家下午好。

On slide 9, credit trends remain stable and the asset quality of our portfolio as a whole remains strong. Provision for credit losses increased $5 million from the second quarter to $42 million. Net charge offs in the third quarter were $29 million or 22 basis points annualized compared to 18 basis points annualized in the second quarter. Nonperforming assets fell by 1 basis point to 26 basis points of total assets quarter over quarter.

在投影片 9 上，信貸趨勢保持穩定，我們整個投資組合的資產品質仍然強勁。信貸損失準備金較第二季增加 500 萬美元，達到 4,200 萬美元。第三季的淨沖銷額為 2,900 萬美元，年化率為 22 個基點，而第二季的年化率為 18 個基點。不良資產佔總資產的比例較上月下降1個基點至26個基點。

The special mention loans ratio rose slightly to 0.88% while total classified loans decreased 2 basis points to 120. The absolute level of problem loans, criticized loans, and nonperforming assets remain low and at manageable levels.

關注貸款比率小幅上升至0.88%，分類貸款總額下降2個基點至120個。

Regarding commercial real estate loan maturities as of September 30, 2024, 3% of total outstanding balances are scheduled to mature in the fourth quarter of 2024 and 11% of outstanding balances are set to mature in the year 2025. For office loans, specifically, 4% of outstanding balances are scheduled to mature in the fourth quarter 2024 and 70% are set to mature in 2025.

截至2024 年9 月30 日的商業房地產貸款到期日，未償還餘額總額的3% 計劃於2024 年第四季到期，未償還餘額的11% 計劃於2025 年到期。來說， 4%的未償餘額計畫於2024年第四季到期，70%計畫在2025年到期。

We remain vigilant and proactive in managing our credit risk. Based on what we know today, we continue to expect fourth-quarter and full-year net charge offs to be in the range of 15 to 25 basis points. As seen on slide 10, our allowance for credit losses ended the third quarter at $696 million or 1.31%, 1-basis point higher than the prior period end. We believe our loan portfolio is appropriately reserved as of September 30, 2024.

我們在管理信用風險方面保持警惕和積極主動。根據我們今天所知，我們繼續預計第四季和全年淨沖銷將在 15 至 25 個基點範圍內。如投影片 10 所示，第三季末我們的信貸損失準備金為 6.96 億美元，即 1.31%，比上期末高 1 個基點。我們認為，截至 2024 年 9 月 30 日，我們的貸款組合已被適當保留。

Turning to slide 11. East West regulatory capital ratios remain well in excess of regulatory requirements for well capitalized institutions and well above regional bank averages. East West common equity Tier 1 capital ratio stands at 14.1% while the tangible common equity ratio is at [9.7%]. We currently have $49 million of repurchase authorization that remains available for future buybacks. East West fourth-quarter 2024 dividends will be payable on November 15, 2024, to stockholders of record on November 4, 2024.

轉向投影片 11。 East West普通股一級資本比率為14.1%，有形普通股比率為[9.7%]。我們目前擁有 4,900 萬美元的回購授權，可供未來回購。 East West 2024年第四季股利將於2024年11月15日支付給2024年11月4日登記在冊的股東。

I will now turn it back to Chris to share a few comments on our outlook for the full year.

現在我將把它轉回給克里斯，分享一些我們對全年展望的評論。

Chris?

克里斯？

Thank you, Irene.

謝謝你，艾琳。

Looking to slide 12, we reiterated our full-year outlook. It's unchanged assuming the forward curve as of year end. These are unchanged from our September updates. We continue to expect a full-year end-of-period loan growth in the range of 2% to 4%, and I would note we've grown approximately 2% through the end of the third quarter. We also expect full-year net interest income to still decline in the range of 2% to 4%, and year-to-date our interest net interest income has declined 3%.

展望幻燈片 12，我們重申了全年展望。假設截至年底的遠期曲線維持不變。這些與我們 9 月的更新相比沒有變化。我們繼續預期全年期末貸款成長率將在 2% 至 4% 之間，我要指出的是，截至第三季末，我們的成長率約為 2%。我們也預期全年淨利息收入仍將下降2%至4%，而年初至今我們的利息淨利息收入已下降3%。

With that, I'll now open the call for additional questions.

現在，我將開始詢問其他問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Anona Salia, Morgan Stanley.

阿諾娜‧薩利亞，摩根士丹利。

I wanted to check in on the deposit growth rate. It looks like you grew deposits at a faster pace than loans yet again. Can you talk about the rationale for that? Are you deliberately working towards a lower loan to deposit ratio and building more liquidity? Or did it just happen that you were able to grow deposits faster, and you expect that that gives you more flexibility for funding loan growth as we get into 2025?

我想檢查一下存款成長率。看起來存款的成長速度又快於貸款的成長速度。您能談談這樣做的理由嗎？您是否有意努力降低貸存比並增加流動性？或者您只是碰巧能夠更快地增加存款，並且您希望在進入 2025 年時這可以為您提供更大的靈活性來為貸款增長提供資金？

Yeah, we think it affords us more flexibility. As you'll note, we actually lowered deposit pricing during the quarter and have continued to lower here into Q4 and have still benefited from net inflows. And so we'll take this organic net inflow and think about how that can help us optimize our liability profile as we move forward but it's been nice wind in our sales.

是的，我們認為它為我們提供了更大的靈活性。正如您將注意到的，我們實際上在本季度降低了存款定價，並在第四季度繼續降低，並且仍然受益於淨流入。因此，我們將利用這一有機淨流入，並考慮如何幫助我們在前進的過程中優化我們的負債狀況，但這對我們的銷售來說是一個很好的推動。

Got it. And then the midpoint of the guide implies NII slightly down from 3Q levels. Is that a function of lower rates? And I know you have some swaps maturing in 1Q. So can you just remind us how you expect NIM and NII to trend over the next few quarters?

知道了。然後，指南的中點意味著 NII 略低於第三季的水平。這是較低利率的作用嗎？我知道你們有一些掉期在第一季到期。那麼您能否提醒我們您預期 NIM 和 NII 在未來幾季的趨勢如何？

I would say that we're inside of the range. I didn't say we'd be at the midpoint or one side or the other, but I feel pretty good about the Q4 dynamics and I would say that the swaps won't really have an impact until Q1 and we do think they will come off throughout the quarter in Q1 end of January into February and they will have a positive effect. I think we've previously quantified that north of $10 million run into the numbers.

我想說我們在範圍之內。我並沒有說我們會處於中點或一側或另一側，但我對第四季度的動態感覺很好，我想說，直到第一季度，互換才會真正產生影響，我們確實認為它們會產生影響從 1 月底到 2 月的整個季度，它們都會產生積極的影響。我認為我們之前已經量化了超過 1000 萬美元的資金投入。

Dave Rochester, Compass Point.

戴夫·羅徹斯特，羅盤點。

Just on capital. It seems like it's just hard to keep that TCE ratio down and I know you got some help with lower rates this quarter, but I just wanted to get your updated thoughts on buybacks as TCE continues to grow here. It seems like we're going to hit that 10% level without buybacks unless balance sheet growth really continues at a strong pace here. So any update there would be great.

就靠資本。似乎很難保持 TCE 比率下降，我知道您在本季度較低的利率方面得到了一些幫助，但我只是想了解您對回購的最新想法，因為 TCE 在這裡繼續增長。看來我們將在不回購的情況下達到 10% 的水平，除非資產負債表確實繼續強勁增長。所以任何更新都會很棒。

We were targeting that [9.49%-ish] level. Without the AOCI, we were right there. Obviously, we are thankful for the pickup in AOCI that brought that level close to [9.7%], but we continue to be patient and opportunistic in our approach to capital and we'll continue to look for opportunities to optimize the balance sheet as we move forward.

我們的目標是 [9.49%-ish] 水平。沒有 AOCI，我們就在那裡。顯然，我們感謝 AOCI 的回升，使該水平接近 [9.7%]，但我們在資本方法上繼續保持耐心和機會主義，我們將繼續尋找優化資產負債表的機會。

Okay, great. And then just on liquidity management, will the cash continue to grow here assuming deposits exceed loan growth? Or is the plan to start to plow those into or continue to build the securities book here? And any thought to go with some fixed rate stuff here just to reduce asset sensitivity.

好的，太好了。那麼就流動性管理而言，假設存款成長超過貸款成長，現金會繼續成長嗎？還是計劃開始將這些投入或繼續在這裡建立證券帳簿？任何想在這裡使用一些固定利率的東西只是為了降低資產敏感性。

So I'll take those, there's two different parts. The first part on the deposits, I think we're taking a look at our deposit pricing and being very disciplined about that and we'll continue to do so that may lead us to run off some of the higher cost deposits as we move through Q4 and that will be perfectly fine. We are not necessarily looking to over leverage or further leverage the balance sheet and we will obviously be very focused on driving the right optimization.

所以我會接受這些，有兩個不同的部分。關於存款的第一部分，我認為我們正在審視我們的存款定價，並對此非常嚴格，我們將繼續這樣做，這可能會導致我們在經歷過程中耗盡一些成本較高的存款Q4 那就完全沒問題了。我們不一定要過度槓桿化或進一步槓桿化資產負債表，我們顯然會非常專注於推動正確的優化。

On the second part of your question, fixed versus floating. I think we've been thoughtful about that. We've benefited from the strong opportunities to put money to work in floating. We've put a little bit of money to work in fixed and with the backup in rates that we've seen here, particularly over the last month, a few opportunities that present themselves. So we'll be thoughtful about putting on the right mix in that portfolio. We will have $400 million to $600 million of portfolio churn every quarter, and so we're looking at that portfolio and constantly re optimizing the position.

關於你問題的第二部分，固定與浮動。我想我們對此已經深思熟慮了。我們受益於將資金投入浮動的巨大機會。我們已經投入了一些資金，以固定利率進行工作，並以我們在這裡看到的利率備份，特別是在上個月，出現了一些機會。因此，我們會考慮在該投資組合中進行正確的組合。每個季度我們都會有 4 億至 6 億美元的投資組合流失，因此我們正在研究該投資組合並不斷重新優化部位。

Jared Shaw, Barclays.

賈里德·肖，巴克萊銀行。

Just sticking with the capital observation or discussion, you've referenced in the past that you're not in the business of warehousing capital, but we've seen it grow consecutively over the last few quarters, no buyback this quarter. What other -- with the expectation for growth where it is, what else could we expect in terms of capital management out of you and if we're not going to see the buyback here?

只是堅持資本觀察或討論，你過去提到你不從事倉儲資本業務，但我們看到它在過去幾個季度連續增長，本季度沒有回購。考慮到目前的成長預期，我們在資本管理方面還能對你們抱持什麼期望，如果我們不會在這裡看到回購的話？

Yeah, obviously, our first and highest priority is to be there for our customers and to meet their needs and we've seen relatively slower loan growth than we might have otherwise desired. So that's -- will continue to be our growth priority. Second priority would always be a competitive dividend. And I think we will be very thoughtful as we approach year end and into next year about where that should go given our outlook.

是的，顯然，我們的首要任務是為客戶服務並滿足他們的需求，我們發現貸款成長速度比我們原本預期的要慢。因此，這將繼續是我們的成長重點。第二優先級始終是有競爭力的股息。我認為，隨著年底和明年的臨近，我們將非常深思熟慮地考慮我們的前景應該如何發展。

Third is we consider nonorganic opportunities from time to time and we'll continue to have some [dry powder] to explore those if and when appropriate. And lastly, we will be the buyback and we'll continue to be very patient and thoughtful and diligent about how we approach that and make sure that we're making the right call on the first three before putting money to work in the fourth.

第三，我們不時考慮非有機機會，如果合適的話，我們將繼續有一些[乾粉]來探索這些機會。最後，我們將進行回購，我們將繼續非常耐心、深思熟慮和勤奮地對待我們如何處理這一問題，並確保我們在前三個方面做出正確的決定，然後再將資金投入到第四方面。

Okay. All right. Thanks for that.

好的。好的。謝謝你。

And then on the deposit side you've had a lot of success growing time and it sounds like the pricing on the new offerings is working in your favor. Is there a maximum percentage of deposits you'd like to see time deposits or you're happy to get the money in the door here at these pricing -- at these prices.

然後在存款方面，您已經取得了很大的成功，成長了時間，聽起來新產品的定價對您有利。您希望看到定期存款的存款百分比是否有最大百分比，或者您很高興以這些價格-以這些價格將錢存入這裡。

I think we looked at the opportunity to bring the money in earlier in the year during our lunar campaign special as the opportunity and I would at the risk of -- further negative note in my review (laughter) went out a little higher than he was comfortable with at [5.25] with the idea that we'd be able to roll that down the curve at lower price points through the year. I would note that we're seeing good retention on those new deposits that we brought in from those customers this year and we're rolling them over today at [4.28]. And so, despite the fact that the fed has only cut 50 basis points, our CD pricing has essentially dropped prospectively by 100 basis points already and will continue to feed positively. So I think our timing of that was bring them in early, roll down the curve as the fed moves, and that seems to be working in our favor right now.

我認為我們把今年早些時候在我們的月球活動特別期間帶來資金的機會視為機會，而我將面臨這樣的風險——我的評論中進一步的負面註釋（笑聲）比他的要高一點點我們對 [5.25] 感到滿意，我們的想法是我們能夠在全年以較低的價格點將其沿著曲線滾動。我要指出的是，我們今年從這些客戶引入的新存款的保留率很高，今天我們將其按 [4.28] 展期。因此，儘管聯準會只降息了 50 個基點，但我們的 CD 定價實際上已經預期下降了 100 個基點，並將繼續積極成長。因此，我認為我們的時機是儘早讓他們介入，隨著聯準會的行動向下滾動，這現在似乎對我們有利。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

So I guess maybe just following up on loan growth, like I was looking back since 2015 loan growth C&I or consolidated has been about 8% to 10%. Would love to hear your thoughts, maybe Chris and maybe if Dominic, if you could share your perspective from a client standpoint, once we get out of the elections, does it feel like we return back to that high single digit loan growth for East West next year? If there is -- if the economy continues to progress as it has over the last 6 to 12 months (multiple speakers)--?

所以我想也許只是追蹤貸款成長，就像我自 2015 年以來回顧的那樣，C&I 或綜合貸款成長約為 8% 至 10%。很想聽聽您的想法，也許是克里斯，也許是多米尼克，如果您能從客戶的角度分享您的觀點，一旦我們結束選舉，我們是否會感覺我們又回到了東西方的高單位數貸款成長明年？如果有——如果經濟繼續像過去 6 到 12 個月（多位發言者）那樣取得進展——？

Okay. From the bank's perspective, we have plenty of capital that we just talked about. Chris mentioned earlier. So we have all the flexibility to do what the clients demand. We'll see how the election goes. And so right now, I mean, I think it will be unwise for me to make too much of a project -- prediction because it seems like all the media are calling for a close race and we don't even know the race will finish in one day or not.

好的。從銀行的角度來看，我們剛才談到的資本充足。克里斯之前提到過。因此，我們可以靈活地滿足客戶的需求。我們將看看選舉進展如何。所以現在，我的意思是，我認為對我來說做太多的項目預測是不明智的，因為似乎所有媒體都在呼籲一場勢均力敵的比賽，而我們甚至不知道比賽會結束一天之內或一天之內。

So in that standpoint, I think that what our position is that East West just got to take care of East West business and in a way that we always position ourselves with a fortress like balance sheet and very strong cushion in terms of our capital. And we have great customers that we work with and when the opportunity arise that call for higher demand of loans from our customers obviously, we will respond. And then naturally, then we will have a higher loan growth rate.

因此，從這個角度來看，我認為我們的立場是，East West 只需要照顧 East West 的業務，並且我們始終以堡壘般的資產負債表和非常強大的資本緩衝來定位自己。我們擁有與我們合作的優秀客戶，當有機會明顯要求我們的客戶提出更高的貸款需求時，我們會做出回應。那麼自然地，我們就會有更高的貸款成長率。

But if for some reason that economic condition is still like a little bit muddy and that make it difficult for customers to function and make capital investment or trying to accelerate growth, we naturally -- we slowed down a bit. So I think what happened this year, I would say it's somewhat unusual to the normal East West Bank loan growth pattern.

但如果因為某些原因，經濟狀況仍然有點混亂，導致客戶難以運作、進行資本投資或試圖加速成長，我們自然會放慢速度。所以我認為今年發生的事情對於華美銀行正常的貸款成長模式來說有點不尋常。

This year, our customers are holding off and you can see it in the utilization rate, we normally at about 70%-plus and drop to 67% in this quarter, and that's 300-basis point of difference. So if customer continue to be concerned about whatever uncertainty there is out there that cause them to not want to draw down the loans, and then I think our loan growth would not be strong. But what we noticed is that despite this reduction in loan utilization East West still find a way to go to grow our C&I loans because we're adding new customers.

今年，我們的客戶推遲了，你可以從利用率中看到這一點，我們通常在 70% 以上，本季下降到 67%，這是 300 個基點的差異。因此，如果客戶繼續擔心導致他們不想提取貸款的任何不確定性，那麼我認為我們的貸款成長不會強勁。但我們注意到，儘管貸款利用率有所下降，但東西方銀行仍然找到了增加工商業貸款的方法，因為我們正在增加新客戶。

We continue to add new customers. We are confident in 2025 we continue to add new customers. But in terms of existing customers, whether they will do a bit more draw down or not, I think that we'll have to wait to see how the economy goes and then whatever circumstances that dictate what they would do.

我們不斷增加新客戶。我們有信心在 2025 年持續增加新客戶。但就現有客戶而言，無論他們是否會進行更多提款，我認為我們都必須等待，看看經濟如何發展，然後再看看情況如何決定他們會做什麼。

And to further on that, if I was just noting, we've seen commitments continue to grow. In fact, commitments grew 2% this quarter in a period where we only grew end-of-period and average loan was 1% so we move commitments faster than outstanding echoing the point that Dominic made about utilization trends, but if we look year over year, it's actually up 9%. And so the reality is our customers have continued to engage with us, they continue to come to us to talk about opportunities, they've continued to put credit in place, they just haven't pulled the trigger on it yet. And so we're optimistic that if the right conditions present themselves, it could be a good year for us ahead.

更進一步說，如果我只是指出的話，我們已經看到承諾不斷增加。事實上，本季的承諾成長了2%，而我們只在期末成長了1%，平均貸款為1%，因此我們的承諾成長速度快於未償貸款，這與多明尼克關於利用率趨勢的觀點相呼應，但如果我們回顧今年，實際上增長了 9%。因此，現實是我們的客戶繼續與我們互動，他們繼續來找我們談論機會，他們繼續提供信貸，但還沒有扣動扳機。因此，我們樂觀地認為，如果合適的條件出現，今年對我們來說可能是美好的一年。

That's helpful. And I guess just the other question around investments when we look at -- I was just looking at the branch count year over year, it's been around [98, 99]. Remind us in terms of team hiring, any new markets or any of your regions on slide 14 where you're adding branches or offices, be it in the United States or there are opportunities in Greater China?

這很有幫助。我想，當我們看到時，這就是關於投資的另一個問題——我只是逐年查看分支機構數量，它一直在 [98, 99] 左右。請提醒我們有關團隊招募、任何新市場或您要在投影片 14 上新增分公司或辦事處的任何地區（無論是在美國還是在大中華區有機會）嗎？

So we're not currently contemplating opening additional branches and additional markets and we don't have any current plans to further or deepen our network across China. We do have a rep office in Singapore that we've talked about at what point in time it would be appropriate to upgrade that but that hasn't -- that call has been made and will be in the future. But we continuously look at our branch network and we've done some pruning and we'll do some replacements but we're not entering new markets.

因此，我們目前不考慮開設更多分支機構和更多市場，目前也沒有任何進一步或深化我們在中國的網絡的計劃。我們在新加坡確實有一個代表處，我們已經討論過在什麼時間點進行升級是合適的，但還沒有——這個電話已經打了，將來也會這樣做。但我們不斷關注我們的分支機構網絡，我們已經做了一些修剪，我們將進行一些替換，但我們不會進入新市場。

Got it. And if I may follow up Chris, if I heard you correctly on capital priorities. You did mention non-organic opportunities. I don't think of these as a super inquisitive bank. Just talk to us what may make sense? I mean, I know elections might have an impact but either from a bank standpoint, are there non-bank deals that would also make sense for the bank? Thank you.

知道了。如果我可以跟進克里斯，如果我沒聽錯你關於資本優先事項的說法。您確實提到了非有機機會。我不認為這些銀行是超級好奇的銀行。請與我們談談什麼可能有意義？我的意思是，我知道選舉可能會產生影響，但從銀行的角度來看，是否有非銀行交易對銀行也有意義？謝謝。

Last year, the bank made a fairly significant investment in an asset management company. I think those feed-driven opportunities are always going to be of interest. I think our appetite for depositories is light right now.

去年，該銀行對一家資產管理公司進行了相當大的投資。我認為那些由資訊流驅動的機會總是會引起人們的興趣。我認為目前我們對存款機構的興趣不大。

Timur Braziler, Wells Fargo.

帖木兒·巴西爾，富國銀行。

Just looking back on the deposit conversation, can you maybe just provide us some color around what the churn is for time deposits in 4Q and then Chris, you had made some comments about your willingness to maybe let some higher cost dollars walk in 4Q if they choose, maybe quantify that statement as well, please.

回顧一下存款對話，您能否向我們提供一些有關第四季度定期存款流失情況的信息，然後克里斯，您曾發表過一些評論，表示您是否願意讓一些成本更高的美元進入第四季度，如果他們願意的話請選擇，也許也量化該陳述。

Yeah, sure. So we've got about $8 billion of CDs that'll roll here in the fourth quarter, another $8 billion that will roll in the first quarter of '25 and about another $4 billion behind that in the second quarter of '25. And the rest is spread out in future periods.

是的，當然。因此，我們將在第四季發行價值約 80 億美元的 CD，在 25 年第一季發行價值 80 億美元的 CD，在 25 年第二季發行價值約 40 億美元的 CD。其餘的則分散在未來的時期。

We are being very active around anything that's not accretive to what happens if we take the incremental dollar and put it just in the fed funds given that we've got a pretty hefty cash position, it has to be incrementally accretive. And so we're not doing anything that's [high 4s] frankly anymore and we're continuing to move everything to at or below our CD special rate which is currently 4.28.

如果我們將增量美元存入聯邦基金，那麼我們正在非常積極地處理任何不會產生增值的事情，因為我們擁有相當龐大的現金頭寸，它必須是增量增值的。因此，坦白說，我們不再做任何[高 4s] 的事情，我們將繼續將所有內容調整到等於或低於我們的 CD 特價（目前為 4.28）。

Great. Thanks. And then maybe just looking at the income strong quarter in 3Q. I'm just wondering to the sustainability of those results. Is there anything that was maybe redriven where the frenzy last month drove some of those higher revenue or is that $84 million, $85 million level? Is that a good run right here in the near term?

偉大的。謝謝。然後也許只是看看第三季營收強勁的季度。我只是想知道這些結果的可持續性。上個月的狂熱推動了部分收入的成長，是否有什麼可能被重新推動，或者是 8,400 萬美元、8,500 萬美元的水平？短期內這是否是一個好的運行？

Yeah, look, I think the core fee business number has benefited from a lot of trends. Rate volatility has helped in some cases on the engagement with our rates teams. The positive markets have facilitated some great but focused sales efforts by our wealth management teams. So those dynamics are real but obviously, if the market conditions change, that could soften. But nonetheless, we're pleased by the efforts of our sales teams and we would largely ascribe it to good and focused sales efforts that have driven our results here over the last couple of quarters which have both been record quarters.

是的，你看，我認為核心收費業務數字受益於許多趨勢。在某些情況下，利率波動有助於與我們的利率團隊的互動。積極的市場促進了我們的財富管理團隊進行了一些偉大而集中的銷售工作。因此，這些動態是真實的，但顯然，如果市場狀況發生變化，這種情況可能會減弱。但儘管如此，我們對銷售團隊的努力感到滿意，我們將其很大程度上歸因於良好且專注的銷售努力，這些努力推動了我們在過去幾個季度的業績，這兩個季度都是創紀錄的季度。

I do want to point out that the fee income growth, wealth management, private banking, these fees, obviously, maybe rate environment do have something to do with equity market situation. But I would say for the East West Bank situation is relatively less influenced by the great environment. And obviously you can see it in the line items on our earnings release which shows that depository fee income continue to grow from cash management side and also foreign exchange and then -- so it's really hitting in all the areas and from the loan side, mainly some syndication fees when we need syndication.

我確實想指出，手續費收入的成長，財富管理，私人銀行，這些費用，顯然，也許利率環境確實與股市狀況有關。但我想說華美銀行的情況受大環境的影響相對較小。顯然，你可以在我們的收益報告中看到這一點，這表明存託費收入從現金管理方面和外匯方面繼續增長，然後——所以它在所有領域和貸款方面都確實受到了打擊，主要是當我們需要銀團時，會收取一些銀團費用。

So those are really our efforts that I would say more that we are very pleased with this like a incremental growth and we expect that we'll continue to work on these areas. You know, whether it's cash management, treasury management services that we provide to sophisticated clients for the operating accounts or the foreign exchange services that we offer and interest rate hedge plus continue to be the lead lender to do more syndication. These are things that all are important for East West Bank in order to help us to continue to have meaningful core banking growth in the future.

因此，這些確實是我們的努力，我想說的是，我們對此感到非常滿意，例如增量成長，我們希望我們將繼續在這些領域開展工作。你知道，無論是我們為成熟客戶提供的現金管理、資金管理服務，還是我們提供的外匯服務和利率對沖服務，都將繼續成為進行更多銀團貸款的主要貸款人。這些對華美銀行來說都很重要，可以幫助我們在未來繼續實現有意義的核心銀行業務成長。

Got it. And then maybe one last one for Irene. It looks like commercial real estate non-performers declined pretty nicely in 3Q. But then if you look at the allowance build, the all other CRE line that actually ticked up quite a bit, I'm just wondering what drove that incremental reserve build?

知道了。然後也許是艾琳的最後一件事。看起來商業地產不良表現在第三季下降得相當不錯。但如果你看看津貼的建立，所有其他商業地產項目實際上都增加了很多，我只是想知道是什麼推動了增量儲備的建立？

Yeah. Well, first I would just want to clarify the allowance isn't just for necessarily non-accrual loans or a substandard loans. The drivers for those as far as the allowance (inaudible) we do still have a fair amount of qualitative factors, not just the quantitative and we look at it from the perspective of is there enough coverage, regionally are there things that we're looking at et cetera? So not necessarily something very specific related to one loan but more broad-based. But overall for the real estate portfolio in specific as far as the loan portfolio is something that we continue to actively monitor. But overall, we're comfortable as far as the grading, the allowance level, and just overall how we're monitoring the portfolio.

是的。好吧，首先我想澄清一下，津貼不僅適用於非應計貸款或次級貸款。就津貼（聽不清楚）而言，我們仍然有相當多的定性因素，而不僅僅是定量因素，我們從以下角度來看待它：是否有足夠的覆蓋範圍，從區域來看，我們是否正在尋找一些東西等等？因此，不一定是與一筆貸款相關的非常具體的事情，而是基礎更廣泛的事情。但總體而言，對於房地產投資組合，特別是貸款組合而言，我們將繼續積極監控。但總的來說，我們對評級、津貼水平以及我們監控投資組合的整體方式感到滿意。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Can you remind us or update us on what deposit data you're assuming for this easing cycle?

您能否提醒我們或更新一下您在本次寬鬆週期中假設的存款資料？

Sure. We've assumed to date that we would have a 50% or better beta, which seems to have materialized for us here over the last several weeks.

當然。到目前為止，我們假設我們會有 50% 或更好的貝塔值，這似乎在過去幾週已經成為現實。

Okay. Through this cycle, not obviously initially but through the cycle.

好的。透過這個循環，不是明顯地開始，而是透過循環。

Yeah.

是的。

Okay. Great. And then just on your adjusted non-interest expense growth going to be in that 6% to 8% range this year. Any reason to believe that might slow or should we assume you sustain that level of growth as you march toward becoming $100 billion assets?

好的。偉大的。然後，今年調整後的非利息支出成長將在 6% 到 8% 的範圍內。有什麼理由相信這可能會放緩，或者我們應該假設您在邁向 1000 億美元資產的過程中保持這種增長水平？

I think we continue to look at that. Obviously, we'll go and have some conversations with the Board here about budgets and outlooks for next year and it will be somewhat growth dependent, but I would continue to expect that we will continue to make the investments we need to be the bank that we want to be and that will be probably a slightly faster rate than longer-term historical averages. But again, I would remind folks that 6% to 8% off of 37% base is a lot less than that growth off of 60% efficiency ratio or something.

我認為我們會繼續關注這一點。顯然，我們將在這裡與董事會就明年的預算和前景進行一些對話，這將在一定程度上依賴成長，但我仍然預計我們將繼續進行我們所需的投資，以成為銀行我們希望做到這一點，而且這可能會比長期歷史平均值略快一些。但我再次提醒大家，37% 的基礎效率下降 6% 到 8% 遠低於 60% 效率比率或其他因素的成長。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

Chris, coming back to the NII for a moment. I mean, it feels like, NII should be flat up in the fourth quarter. I guess what would it take for NII to be down in Q4?

Chris，暫時回到 NII。我的意思是，感覺 NII 在第四季應該持平。我想，NII 在第四季會出現下降嗎？

Look, it depends on how many rate cuts there are. At this point, I think the yield curve was assuming that [quarter end two], we are asset sensitive that would put downward pressure. We're assuming we're going to have asset growth that will positively offset that and get us to something better than down, and that's what we're shooting for. But if the function is that supplies us with 50 basis points, we're probably not going to get there with another 50 I think on top of it yeah so.

看，這取決於降息的次數。目前，我認為殖利率曲線假設[第二季末]，我們對資產敏感，這將帶來下行壓力。我們假設我們的資產成長將積極抵消這一影響，並使我們取得比下降更好的結果，這就是我們的目標。但如果這個函數為我們提供了 50 個基點，那麼我們可能無法再提供 50 個基點，我想除此之外，是的，所以。

So we see November and December '25 like in orderly fashion that would support perhaps NII growth in the fourth quarter is what you're saying.

因此，我們認為 25 年 11 月和 12 月會有序進行，這可能會支持第四季度 NII 的成長，正如您所說的那樣。

Orderly two small modest [fed] cuts as we projected at quarter end. And that we're very responsive as we were on managing deposit costs lower and that we see asset growth puts us in the right frame for a good outcome. And if we fall short of that, you'll see it in January, but I think we feel pretty good about where we're headed.

正如我們在季度末預計的那樣，聯準會有序地進行了兩次小幅適度降息。我們的反應非常積極，因為我們正在降低存款成本，而且我們看到資產成長使我們處於正確結果的正確框架中。如果我們達不到這一點，你會在一月份看到它，但我認為我們對我們的前進方向感覺很好。

We have to work harder.

我們必須更加努力。

Oh, we have to work harder.

哦，我們必須更加努力。

Got it. Thanks for that and then maybe just broadly on $100 billion, you guys have really made a dent on the [HQLA]. Can you just remind us how you're thinking about the all in cost? As you -- I know you've got several years but how you're thinking about just planning in the overall P&L? Thanks.

知道了。謝謝你們，也許只是大體上 1000 億美元，你們確實對 [HQLA] 產生了影響。您能提醒我們您是如何考慮總成本的嗎？至於你——我知道你已經有好幾年了，但你如何考慮在整體損益表中進行規劃？謝謝。

Yeah, you're right. We have plenty of time but on the other hand, we do not wait. We've been working towards but at one point and I don't know when, but at some point, we're going to be over $100 billion. I mean, that's a fact that we will be over $100 billion, it's just that when. So our position is that we will continue to just work in a rational way to build up all the appropriate infrastructure that is needed to be at that level. So our senior executives are well aware of the rule and the criteria and what we have currently that already met the requirement of what we potentially have a GAAP and what resources that we need to fill in both human resources and also technology or infrastructure resources, et cetera. So we are very -- in a very disciplinary manner and working towards the goal of at some point we'll be ready and then the likelihood is that, well, it's not just like -- we will be ready before we turn into $100 billion. That's the position.

是的，你是對的。我們有充足的時間，但另一方面，我們不會等待。我們一直在努力，但在某個時刻，我不知道什麼時候，但在某個時刻，我們將超過 1000 億美元。我的意思是，我們的市值將超過 1000 億美元，這是事實，只是那時而已。因此，我們的立場是，我們將繼續以合理的方式開展工作，建立該級別所需的所有適當基礎設施。因此，我們的高階主管非常了解規則和標準，以及我們目前已經滿足的 GAAP 要求，以及我們需要填補人力資源、技術或基礎設施資源等方面的資源。所以我們非常——以一種非常嚴格的方式，努力實現在某個時候我們會做好準備的目標，然後很可能，嗯，這不僅僅是——我們會在我們變成1000 億美元之前做好準備。這就是立場。

Ben Gerlinger, Citi.

班傑林格，花旗銀行。

I was wondering Chris, I know you gave the CD balances for 4Q, 1Q, and beyond. I was curious if you're willing to give me the rates. The only reason I ask is I think you have a (inaudible) Lunar New year. And if I'm recalling it correctly, it was a [five and a quarter, six] months. So it goes to 1Q, 3Q, 1Q (technical difficulty) 1Q is at the 5% like we do two cuts, I think, is it a reasonable expectation to see roughly 100 basis points lower on CD pricing in 1Q assuming we get another 25, 25 from the fed?

我想知道克里斯，我知道你給了第四季、第一季及以後的 CD 餘額。我很好奇你是否願意給我價格。我問的唯一原因是我認為您度過了（聽不清楚）農曆新年。如果我沒記錯的話，那是[五個又一個季度，六個月]個月。因此，它會進入第1 季、第3 季、第1 季（技術難度），第1 季的利率為5%，就像我們進行兩次降息一樣，我認為，假設我們再獲得25 個基點，那麼第一季CD 定價大約降低100 個基點是合理的預期嗎？

I think as we look forward, then what we have observed in Q3 is that we got roughly that 100 basis point savings in Q3 versus what we did in Q1 so that's there. And your question is, will we potentially see something similar as we roll into first quarter? Look, I think we'll see how the yield curve shapes out. We're benefiting today from the fact that the forwards have got those next two rate cuts priced in so if we get to the first quarter and there's still additional cuts priced in which the yield curve says there may be, we'll probably see that savings again.

我認為，當我們展望未來時，我們在第三季度觀察到的是，與第一季相比，我們在第三季度節省了大約 100 個基點，所以就是這樣。你的問題是，當我們進入第一季時，我們是否可能會看到類似的情況？聽著，我想我們會看到殖利率曲線如何形成。今天我們受益於這樣一個事實，即遠期合約已將接下來的兩次降息定價在內，因此，如果我們到了第一季度，並且收益率曲線顯示可能還會有進一步的降息定價，我們可能會看到又省錢了。

Got you. Okay. So it's at the same time, you also see the swab in with (technical difficulty) that's a positive for sure.

明白你了。好的。因此，與此同時，您也看到拭子（技術難度），這肯定是積極的。

When you think about just client conversations, a lot of banks have been for most of the year, they're positive in growth and then walked it back as a growth didn't materialize. Are your clients saying anything in terms of like a catalyst point on rates? I know you talked to a couple of silos. Are we looking for just another 50 basis points to start a calendar next year? Is there are people point anything specifically that might spark the inflection higher?

當你只考慮與客戶的對話時，許多銀行在今年的大部分時間都對成長持正面態度，但由於成長沒有實現，他們又收回了看法。您的客戶是否說過諸如利率催化劑之類的話？我知道你和幾個孤島談過。我們是否正在尋找另外 50 個基點來開始明年的日曆？是否有人特別指出任何可能引發更高拐點的事情？

Well, I mean, there's really no -- I mean, clients are not in this line of business that we are. So they don't think about this like a set fund rate all the time. But it's really, and also it's a mixed bag of people from all different industries. So everyone has their own view. It's just in general rate -- as we looked at a few months ago and even today still relatively high. And so we do expect that and one by this conversation with our different customers from different industries that with rate being where it is, it makes it a little bit difficult for them to make a substantial investments or maybe acquisition and what not.

嗯，我的意思是，真的沒有——我的意思是，客戶不屬於我們這個行業。因此，他們並不總是將其視為設定的基金利率。但確實如此，而且是來自不同行業的人的混合體。所以每個人都有自己的看法。這只是總體利率——正如我們幾個月前所看到的那樣，甚至在今天仍然相對較高。因此，我們確實預期這一點，並且透過與來自不同行業的不同客戶的對話，隨著利率的變化，他們很難進行大量投資或收購等。

And then also with being where it is right now, other than folks are really good at distressed asset that look into commercial real estate opportunities. I would say by and large a lot of the traditional real estate investors that are not in the distressed category they may not necessarily feel this is the right time to make acquisition. And so all in all, I would say that that's what -- just overall in the whole banking industry, the lending side has been -- the demand of the land -- of the loans has slowed down a bit. But we'll see how it goes as long as there is indication from the fed that they will continue to drop rate and not necessarily abruptly in a big way. But if they just do 25 basis -- 125 basis point and then continue to make x number of cuts even next year. And I do believe that message what most likely cause many business to start picking up and have the confidence to move forward.

然後，就目前的情況而言，除了人們非常擅長研究商業房地產機會的不良資產之外。我想說，總的來說，許多不屬於陷入困境的傳統房地產投資者可能不一定認為現在是進行收購的正確時機。總而言之，我想說的是，就整個銀行業而言，貸款方面的土地需求已經放緩了一點。但只要聯準會有跡象表明他們將繼續降息，而且不一定是突然大幅降息，我們就會看看事情會如何發展。但如果他們只降息 25 個基點到 125 個基點，然後明年繼續降息 x 次。我確實相信這項訊息最有可能促使許多企業開始復甦並有信心繼續前進。

Samuel Varga, UBS.

塞繆爾·瓦爾加，瑞銀集團。

Chris on the 4.28 CD specials that you mentioned, were those six-month specials?

克里斯關於你提到的 4.28 CD 特別節目，那些是六個月的特別節目嗎？

Yes.

是的。

Okay, great. And then just on the beta, if I'm looking at the commentary you gave on the past [930] progress you've made on deposit costs, I guess I get to like a 40% quarter to date beta on total deposits. Given the maturities you laid out for the next three quarters here on CDs is there one quarter where the step down between the roll and roll off rates is such that you expect to make a bigger step-up in the cycle to the betas or should we expect more of a gradual path towards the 50% mark that you laid out?

好的，太好了。然後就測試版而言，如果我查看您對過去 [930] 存款成本方面取得的進展的評論，我想我會喜歡總存款額的 40% 的季度至今測試版。考慮到您在CD 上設定的未來三個季度的期限，是否有一個季度的轉期利率和轉期利率之間的差距如此之大，以至於您期望在貝塔週期中取得更大的進步，或者我們應該這樣做嗎？

I think it's more of a gradual path. Again, the 50% beta through the cycle feels very achievable based on what we've seen here in the first rate cut, but that will be proven out with the next couple. But I think we're comfortable that's a good guidepost for now and that will be fairly gradual and consistent assuming the fed as Dominic just said is [25, 25, 25] cut.

我認為這更像是一條漸進的道路。同樣，根據我們在第一次降息中所看到的情況，整個週期中 50% 的貝塔值感覺是非常可以實現的，但這將在接下來的幾次降息中得到證明。但我認為我們很滿意，目前這是一個很好的路標，假設聯準會如多明尼克剛才所說的那樣降息 [25, 25, 25]，這將是相當漸進和一致的。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Chris, just wanted to clarify a couple of points from the prepared remarks. The 5 to 10 basis point drop in deposit costs so far in October you mentioned, was that total or interest-bearing deposits?

克里斯，只是想澄清準備好的發言中的幾點。你提到的10月存款成本下降了5到10個基點，這是存款總額還是計息存款？

5-ish for total, 10-ish for interest bearing or closer -- closer to 5 for total, closer to 10 for interest bearing.

總計為 5 左右，計息為 10 左右或更接近 - 總計接近 5，計息接近 10。

Got it. Easy enough. Okay. And then the $10 million positive impact from the swap rolling off, is that prior to rate cuts? Does it assume or make an assumption around the forward curve or is it just as is today?

知道了。很容易。好的。那麼掉期帶來的 1000 萬美元的正面影響是在降息之前嗎？它是否假設或圍繞遠期曲線做出假設，還是像今天一樣？

That was the end of quarter number, right? So we've seen the first 50. I think if you'd asked me that in August, I would have cited number closer to 12. And so it comes down and they'll come down a little bit. It'll get chipped away at with each fed action, but it'll still largely lower (technical difficulty) pretty much.

那是季度末的數字，對吧？所以我們已經看到了前 50 個。它會隨著聯準會的每一次行動而被削弱，但它仍然會大大降低（技術難度）。

Yeah. Okay. Got it. Just wanted to double check. Thanks for taking the questions.

是的。好的。知道了。只是想仔細檢查一下。感謝您提出問題。

(Operator Instructions)

（操作員說明）

Showing no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Dominic Ng for any closing remarks.

由於沒有其他問題，我們的問答環節就此結束。我想將會議轉回給 Dominic Ng，讓他發表閉幕詞。

Thank you. I just wanted to thank everyone for joining our call today and looking forward to talking to you all in late January.

謝謝。我只是想感謝大家今天加入我們的電話會議，並期待在一月下旬與大家交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。