First BanCorp (FBP) 2022 Q4 法說會逐字稿

Good morning. Thank you for attending today's First Bancorp 4Q 2022 Financial Results Conference Call. My name is Alexis and I will be your moderator for today's call. All lines will be needed during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions). I would now like to pass the conference over to the Corporate Strategies Investor Relations Officer, Ramon Rodriguez. You may proceed.

早上好。感謝您參加今天的 First Bancorp 2022 年第四季度財務業績電話會議。我叫亞歷克西斯，我將擔任今天電話會議的主持人。在通話的演示部分需要所有線路，最後有機會進行問答。 （操作員說明）。我現在想將會議轉交給公司戰略投資者關係官 Ramon Rodriguez。你可以繼續。

Thank you, Alexis. Good morning, everyone, and thank you for joining First BanCorp's conference call and webcast to discuss the company's financial results for the fourth quarter and full year 2022. Joining you today from First BanCorp are Aurelio Aleman, President and Chief Executive Officer; and Orlando Berges, Executive Vice President and Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's latest SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fppinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.

謝謝你，亞歷克西斯。大家早上好，感謝您參加 First BanCorp 的電話會議和網絡直播，討論公司第四季度和 2022 年全年的財務業績。執行副總裁兼首席財務官 Orlando Berges。在我們開始今天的電話會議之前，我有責任通知您，本次電話會議可能涉及某些前瞻性陳述，例如收入、收益和資本結構的預測，以及關於公司業務計劃和目標的陳述。由於公司最新提交給美國證券交易委員會的文件中描述的重要因素，公司的實際結果可能與前瞻性陳述存在重大差異。公司不承擔更新電話會議期間所做的任何前瞻性陳述的義務。如果任何人還沒有網絡廣播演示文稿或新聞稿的副本，您可以在我們的網站 fpppinvestor.com 上訪問它們。在這個時候，我想把電話轉給我們的首席執行官 Aurelio Aleman。

Thanks, Ramon. Good morning to everyone, and thanks for joining our earnings call today. Please turn to Page 4 to discuss the highlights of the quarter. We (inaudible) solid return on asset of 158%. We earned $73.2 million or $0.40 per share in net income achieved 122.2 million in pretax preprovision income and reached an efficiency ratio of 48%, even lower than prior quarter. The margin expanded by 6 basis points, while on the other hand, net interest income decreased by $2.3 million, primarily related to an increase in the interest expense portion. Stable credit trends continue, supporting asset quality improvement with nonperforming assets decreasing by $14.1 million to $192 million, which is a decade low at 69 basis points of total assets. Also good news on the early delinquency side, which also improved during the quarter and still below prepandemic levels. In terms of capital deployment, we continue our plan. During the fourth quarter, we repurchased $3.5 million shares of common stock for a total purchase price of $50 million and paid $22 million in common stock dividends. Our consistent earning generation capacity, disciplined sales management have definitely allowed us to continue returning capital while allocating resources to organically grow the purchase. Let's move on to the balance sheet page 5 to discuss loan and deposit trends. On the asset side, total loans and leases grew by $254 million. Now the portfolio stands at 11.6 billion. During the quarter, and this really happened across all business segments, commercial, consumer and actually residential. This was actually our strongest quarter in terms of loan portfolio performance. Excluding PPP loans, which are almost finished now, commercial and construction grew by 141 million or 3% linked quarter. Total originations, including renewals and credit card deletion activity was very healthy at 1.4 billion, up 15% versus the prior quarter. That is our priority, deploy capital to achieve profitable loan growth and capture additional market share across all the lending segments. It's really the core principle of our plan, and we're encouraged by the trends that we see in the main market and also by the pipeline that we have today for 2023. In line with industry trends, core deposits decreased by $215 million or 2.3% during the quarter, which was actually slightly better than the local market trend for the quarter. As expected, we continue to see excess liquidity gradually tapering off within household balance sheet. However, our deposit balances for both retail and commercial customers remain above prepandemic levels. We are focused on leveraging our expanded sales distribution channels and digital channels to grow our market share on the deposit market and the products and services related to it. That said, liquidity levels remained high with our ratio cash plus liquid securities to total assets above 19% still. Please let's move to Page 6 to discuss the highlights of the full year. We're really very proud of the work that the team performed during 2022 over the course of 2022, the teams were very hard to deliver oustandings for the franchise. We raised the organic loan growth of $762 million when we exclude PP loans and the strategic reduction of residential mortgage, earned $305 million in net income and achieved a record pretax preparation income of $475.3 million, which is up 21% when compared to 2021 and reached a decade loan nonperforming asset ratio of 0.69%. In terms of the franchise, we continue our investments in people, technology, process improvement, we made great progress by moving forward our omnichannel our strategy with the investment in digital self-service platforms to optimize the distribution capabilities and products. When we look at some of the metrics, we continue to improve digital engagement, retail banking registration were up 4% during the quarter, 17% during the year, our option of our newly launched Visa digital banking applications continue to increase. Our new business digital lending functionality has improved our penetration to the small and medium business and SBA segment. And also, we continue to capture over 40% of all deposits to the service channels. All these milestones have been achieved within the context of a more efficient traditional branch network. During 2022, we also consolidated 5 additional branches, including 2 during the fourth quarter. Moreover, our efficiency ratio reached a historic low of 48.3% during the year, highlighting our ability to execute ongoing capital investments in technology, improved institutional channels, best-in-class talent, all without compromising the operating leverage of the organization. Definitely, this result translated into one of our best-performing years on record for the franchise, while strongly supporting our communities, our colleagues and returning approximately $363 million or 119% of '22 earnings to our shareholders to both common stock buybacks and the payment of a very competitive common dividend. Our strong capital position enabled us to continue delivering value to our shareholders while at the same time providing ample loss attraction capacity in the event of an economic downturn. Please let's move to Page 7 to discuss some highlights on the outlook of our macroeconomic environment. Definitely, global expectations point to our economic slowdown in the U.S., but we remain cautiously optimistic on economic conditions in our main market in Puerto Rico. Labor market performance continued to sustain an onward trend pay or employment reaching a decade high in November 22 or 4% year-over-year and the economic activity index, our monthly indicator of that traffic, the economy close equate 22 about 2021 levels even when accounting for the impact of (inaudible) in September, which disrupted the market for a couple of weeks. Most importantly, our growth thesis continue to be sustained by the large amount of federal date funds, still pending to be dispersed. Over 45 billion diverse obligated funds has been earmarked to support broad-based economic development and rebuilding initiatives designed to improve the online infrastructure and overall capital stock. Public data shows that the experiment reached $3.2 billion during the 11-month period ending in November, which is actually 96% above what was registered in 2021. The rollout of these funds is expected to gradually increase over the next decade with the most recent estimates reflecting approximately $5 billion are the estimates for 2023. That would be great. The target disbarment of these funds, coupled with the government improvement fiscal position and focus on economic development is really what is driving the tailwinds that we're seeing. Finally, and most importantly, this year, we commemorate our 75th anniversary for the institution. Proud of our people and all that we have accomplished over this period and look forward to many more years of collaborating supporting our clients and the communities and growing the franchise. We do have multiple initiatives to celebrate this accomplishment and show our gratitude to the communities, employees, customers. I will now turn the call to Orlando to go to more detail on the financial results. Thanks to all for your support.

謝謝，拉蒙。大家早上好，感謝您今天參加我們的財報電話會議。請翻到第 4 頁討論本季度的亮點。我們（聽不清）資產回報率為 158%。我們的淨收入為 7320 萬美元或每股 0.40 美元，稅前準備金收入為 1.222 億美元，效率比率達到 48%，甚至低於上一季度。利潤率擴大了 6 個基點，而另一方面，淨利息收入減少了 230 萬美元，這主要與利息支出部分的增加有關。穩定的信貸趨勢繼續，支持資產質量改善，不良資產減少 1410 萬美元至 1.92 億美元，佔總資產的 69 個基點，為 10 年來的最低水平。早期拖欠方面的好消息也在本季度有所改善，但仍低於大流行前的水平。在資本配置方面，我們繼續我們的計劃。第四季度，我們以 5000 萬美元的總購買價格回購了 350 萬美元的普通股，並支付了 2200 萬美元的普通股股息。我們始終如一的創收能力、紀律嚴明的銷售管理無疑使我們能夠在分配資源以有機增長購買量的同時繼續返還資本。讓我們轉到資產負債表第 5 頁，討論貸款和存款趨勢。在資產方面，貸款和租賃總額增長了 2.54 億美元。現在，投資組合為 116 億美元。在本季度，這確實發生在所有業務領域，商業、消費者和住宅領域。就貸款組合表現而言，這實際上是我們最強勁的一個季度。不包括現在幾乎完成的 PPP 貸款，商業和建築業增長了 1.41 億美元，環比增長了 3%。包括續訂和信用卡刪除活動在內的總發起量非常健康，達到 14 億，比上一季度增長 15%。這是我們的首要任務，部署資本以實現有利可圖的貸款增長，並在所有貸款領域獲得額外的市場份額。這確實是我們計劃的核心原則，我們對主要市場的趨勢以及我們今天 2023 年的管道感到鼓舞。與行業趨勢一致，核心存款減少了 2.15 億美元或 2.3本季度的百分比，實際上略好於本季度當地市場趨勢。正如預期的那樣，我們繼續看到家庭資產負債表中的過剩流動性逐漸減少。然而，我們的零售和商業客戶的存款餘額仍高於大流行前的水平。我們專注於利用我們擴大的銷售分銷渠道和數字渠道來增加我們在存款市場以及與之相關的產品和服務上的市場份額。也就是說，流動性水平仍然很高，我們的現金加流動性證券與總資產的比率仍高於 19%。請讓我們轉到第 6 頁，討論全年的亮點。我們為團隊在 2022 年期間所做的工作感到非常自豪，在整個 2022 年期間，團隊非常努力地為特許經營提供出色的成績。排除 PP 貸款和戰略性減少住宅抵押貸款後，我們提高了 7.62 億美元的有機貸款增長，實現了 3.05 億美元的淨收入，並實現了創紀錄的 4.753 億美元的稅前準備收入，與 2021 年相比增長了 21%，達到了十年貸款不良資產率0.69%。在特許經營方面，我們繼續在人員、技術、流程改進方面進行投資，通過投資數字自助服務平台以優化分銷能力和產品，推進我們的全渠道戰略，我們取得了長足進步。當我們查看一些指標時，我們繼續提高數字參與度，零售銀行註冊在本季度增長了 4%，在年內增長了 17%，我們對新推出的 Visa 數字銀行應用程序的選擇繼續增加。我們新的商業數字借貸功能提高了我們對中小型企業和 SBA 細分市場的滲透率。此外，我們繼續將超過 40% 的存款存入服務渠道。所有這些里程碑都是在更高效的傳統分支網絡的背景下實現的。 2022 年期間，我們還合併了另外 5 個分支機構，其中 2 個在第四季度合併。此外，我們的效率比率在這一年達到了 48.3% 的歷史低點，這凸顯了我們在不影響組織運營槓桿的情況下執行持續的技術資本投資、改善機構渠道、一流人才的能力。毫無疑問，這一結果轉化為我們特許經營記錄中表現最好的年份之一，同時大力支持我們的社區、我們的同事，並通過普通股回購和付款向我們的股東返還大約 3.63 億美元或 22 年收益的 119%極具競爭力的共同股息。我們強大的資本狀況使我們能夠繼續為股東創造價值，同時在經濟不景氣時提供充足的損失吸收能力。請讓我們轉到第 7 頁，討論有關宏觀經濟環境前景的一些要點。毫無疑問，全球預期表明我們的美國經濟放緩，但我們對波多黎各主要市場的經濟狀況仍持謹慎樂觀態度。勞動力市場表現繼續保持上升趨勢，薪酬或就業率在 11 月 22 日達到十年來的最高水平或同比增長 4%，而經濟活動指數（我們的交通月度指標）即使在 2021 年左右的水平也接近 22考慮到 9 月份（聽不清）的影響，這擾亂了市場數週。最重要的是，我們的增長論點繼續得到大量聯邦日期基金的支持，這些基金仍有待分散。超過 450 億的各種義務資金已指定用於支持基礎廣泛的經濟發展和旨在改善在線基礎設施和整體資本存量的重建計劃。公開數據顯示，該實驗在截至 11 月的 11 個月期間達到 32 億美元，實際上比 2021 年登記的數額高出 96%。根據最新估計，這些基金的推出預計將在未來十年逐漸增加2023 年的估計值約為 50 億美元。那太好了。這些資金的目標取消資格，加上政府改善財政狀況和對經濟發展的關注，真正推動了我們所看到的順風。最後，也是最重要的是，今年，我們紀念該機構成立 75 週年。為我們的員工和我們在此期間所取得的成就感到自豪，並期待更多年的合作支持我們的客戶和社區並發展特許經營權。我們確實有多項舉措來慶祝這一成就，並向社區、員工和客戶表示感謝。我現在將電話轉到奧蘭多，以詳細了解財務結果。感謝大家的支持。

Thanks, Aurelio, and good morning, everyone. So Aurelio mentioned that income for the quarter was $73.2 million. That compares with $74.6 million last quarter. Our earnings per share in the quarter were $0.40, which is the same as we had last quarter. What we saw in the quarter, it's a benefit on interest income from the increase associated with the upward repricing of variable rate loans along with the higher average balances in the loan portfolio for the quarter. But as anticipated, we have also continued to see an acceleration on the participants which is driving deposit costs higher. In addition, we did increase the level of wholesale funding in the quarter, which, combined with the increase in the post ultimately resulted in a reduction in net interest income. The provision for credit losses in the quarter was $15.7 million, which is basically the same that we had last quarter. But our allowance for credit losses increased by $2.5 million, and I will touch up on that a little bit later. Just to mention for our allowance, we continue -- for determining the allowance, we continue to use 2 scenarios. We weigh them a baseline scenario and a downside economic [Audio Jumps]. In terms of net interest income, which, as you all know, it's a challenge this time with interest rate movement, the net interest income was down $2.3 million from $207.9 million in the third quarter to $205.6 million this quarter. Interest income was up $11 million, but interest expense grew by $13 million. In interest income, commercial loan interest income grew $8.2 million. $8 million resulted from repricing during the quarter. And we also had about $1.1 million associated with the higher loan balances. But on the other hand, we had a $20 million reaction in average balance on PPP loans, which resulted in a reduction of $1.3 million on interest income on loans. The yield on the commercial and construction loans grew by 63 basis points in the quarter. In the case of the consumer portfolio, interest income grew by $3.7 million, mostly related to the increase of average balances. We had a $111 million increase in average balances. The yield on this portfolio grew 11 basis points. As you know, that it's basically a fixed portfolio, so yield improvement comes in on pricing on your originations. On interest expense, just looking at deposits, interest expense grew $11 million or 45 basis points increase from 37 basis points we had last quarter to 82 basis points this quarter. Approximately 60% of this increase in interest expense was related to public fund deposit cost increases. Deposit betas for the quarter, for the toller portfolio was approximately 32%. Core deposits was about 18%, but this increase in betas was mostly driven by the betas on public deposits, which was about 75% for the quarter. We do expect that betas on public deposits to remain high, and these rates obviously are going to move up or down depending on where the market is moving. In addition, in the quarter, we did have a $2 million increase in cost of borrowings. $700,000 relates to repricing of floating rate debentures and the other $1.4 million, it's basically increase in the size of the borrowing portfolio, FHLB advances and repos. Margin increased 6 basis points in the quarter from 4.31% to 4.37%. The change was primarily a change in asset mix as the average balance of cash and investment securities, which are lower yielding, decreased by $600 million, while loans increased about $146 million for the quarter. Looking forward, we see interest income growing from the repricing of loans that will happen during the year and from loan growth. For example, if you look at balances at the end of the year, loans were $187 million higher than the average balances for the quarter. So that should give us a pickup in the first quarter on interest income. And we also have approximately $830 million in commercial loans that reprice now in January, some of them are quarterly repricing loans. However, we do expect that interest income pressure to continue in the near term as rates on deposits continue to increase, with some normalization later in the year based on the expectation that rates will start to come down towards the middle of the year. If we just look at our current balance sheet structure, our expectation is that net interest income for the next couple of quarters should remain at close to current levels, with the improvement in net interest income coming from the growth in future growth in the loan portfolios. In terms of noninterest income, it remained relatively similar to last quarter. The improvement -- we had improvements in credit on the card transaction fee based on seasonality but that was offset by lower mortgage banking income. We also -- during the quarter, we also reversed out $700,000 of previously recognized fees on nonsufficient funds as far as some changes on fee structure that are being implemented just towards the end of the year. In terms of FX expenses for the $112.9 million, which compared to $115.2 million in the third quarter, $2.3 million decrease. The decrease primarily reflects a $1.5 million increase in net gains on OREO operation. Excluding OREO expenses for the quarter were $115.5 million, which compared to $116.3 million last quarter, also excluding the OREO impact. This reduction includes reduction $700,000 reduction in occupancy, mainly energy costs and $700,000 decrease in payroll expenses as all bonus accruals and incentives were finalized based on results. These reductions were partly offset by some increased $500,000 increase in business promotion, sponsorship and product relation activities that we had during the quarter. The expenses in the quarter were very much in line with our estimates of $115 million to $116 million, which excluding OREO obviously, and our efficiency ratio continues to be very low at 48%. Looking at the first quarter, we do expect some increases in expenses. Payroll taxes go up in the first quarter as all limits are reset that increases payroll expenses by good clip in the first quarter. Also during the quarter, we -- during -- at the end of the year, we have seen significant increases in -- or some increases in contract renewals with inflation clauses, some of the renewals are coming up. And there are several technology improvement projects that we have underway that are picking up speed in this quarter. Based on this, if we exclude OREO expenses, we believe expenses for the quarter or for the first couple of quarters should be closer to the $120 million range. In terms of asset quality, our OREO made reference, we continue with a very stable asset quality. Nonperforming decreased $14 million in the quarter, Standard $129 million, which is 69 basis points of assets. The reduction included $9.3 million nonaccrual commercial loan reductions, $5 million loan that we restored workable status. And we also had a $7 million that's what drove mostly the reduction in the commercial side. And we had a $7 million reduction in OREO properties based on increasing sales of repossessed residential properties in the Puerto Rico market. Inflows for the quarter increased $3.8 million to $24 million, mostly consumer portfolio that grew $2.6 million based on size. Early delinquency, again, defined as 30 to 89 days continues to be good, decreased by $9 million in the quarter, with reductions across all portfolios, basically. In terms of net charge-offs for the quarter were $13 million, which is 46 basis points of loans compared to 31 basis points last quarter, mostly related to our consumer portfolio. We also had a $1.7 million charge-off that we took on in the fourth quarter on the sale of an adversely classified commercial loan participation in the quarter. Consumer loan charge-offs were 144 basis points of loans in the quarter and 107 basis points for the year, and these figures are significantly lower than prepandemic levels as you can see on prior filings. The allowance for credit losses at the end of 2022 was $273 million, which is $2.5 million higher than the third quarter. And it's about $7 million lower I mean, I meant to say $2.5 million lower than the third quarter higher than the third quarter and $7 million lower from last year -- I'm sorry, about that. The ACL was 200 on just loans was $260 million, which is $2.6 million higher than last quarter. The ACL reflects the increase in the portfolios we had in the quarter as well as some less favorable outlook that we have on the models for several macroeconomic components. The ratio of the allowance for credit losses on loans and finance leases to total loans held for investment was 2.25% as of the end of the year compared to $228 million on the third quarter. On the capital front, just take what Aurelio mentioned already, we continue with the execution of the plan. We repurchased during the year 19.4 million shares for $275 million, and we paid during the year $88 million in dividends. Our capital ratios continue to be very strong. Again, basically small reduction in Tier 1 and an improvement in the leverage ratio. Tangible book value per common share increased from $646 to $692 in the fourth quarter related to $60 million or so improvement in the other comprehensive loss adjustments as the fair value of the investment portfolio improved in the quarter. And our tangible common equity ratio stands at $681 compared to 655 last quarter. If we were to adjust for the OCI impact, non-GAAP tangible book value per share would be about 11.30% and tangible common equity ratio would be approximately 10.6%. So those are strong numbers. And again, we -- as we have mentioned in the past, we believe this impact is temporary since we do have the ability to all the securities through the end of the maturity process. Securities continue at a similar pace. We have approximately $40 million to $50 million cash flow coming from the investment portfolio. So we will continue to see some of that cash flow redeployed to the lending side or compensating for funding needs. With that, I would like to open the call for questions. Would your telephone keypad. If for any reason, you would like to questions. As a reminder, if you are using me speak your phone, please remember to pick up your handset before asking your questions.

謝謝，Aurelio，大家早上好。因此 Aurelio 提到該季度的收入為 7320 萬美元。上一季度為 7460 萬美元。我們本季度的每股收益為 0.40 美元，與上一季度相同。我們在本季度看到的是，與可變利率貸款的上行重新定價相關的利息收入增加以及本季度貸款組合中較高的平均餘額帶來的好處。但正如預期的那樣，我們也繼續看到參與者的加速增長，這推高了存款成本。此外，我們確實提高了本季度的批發融資水平，再加上後期的增加，最終導致淨利息收入減少。本季度的信貸損失準備金為 1570 萬美元，與上一季度基本持平。但我們的信貸損失準備金增加了 250 萬美元，稍後我會對此進行補充。僅提及我們的津貼，我們繼續 - 為了確定津貼，我們繼續使用 2 個場景。我們權衡了基準情景和下行經濟 [音頻跳躍]。就淨利息收入而言，眾所周知，這次利率變動是一個挑戰，淨利息收入從第三季度的 2.079 億美元下降 230 萬美元至本季度的 2.056 億美元。利息收入增加了 1100 萬美元，但利息支出增加了 1300 萬美元。在利息收入中，商業貸款利息收入增長了 820 萬美元。本季度的重新定價產生了 800 萬美元。我們還有大約 110 萬美元與較高的貸款餘額相關。但另一方面，我們對 PPP 貸款的平均餘額有 2000 萬美元的反應，這導致貸款利息收入減少了 130 萬美元。本季度商業和建築貸款的收益率增長了 63 個基點。就消費者組合而言，利息收入增長了 370 萬美元，這主要與平均餘額的增加有關。我們的平均餘額增加了 1.11 億美元。該投資組合的收益率增長了 11 個基點。如您所知，它基本上是一個固定的投資組合，因此收益的提高取決於您的原始定價。在利息支出方面，只看存款，利息支出增加了 1100 萬美元或 45 個基點，從上一季度的 37 個基點增加到本季度的 82 個基點。利息支出增加的大約 60% 與公共基金存款成本增加有關。本季度的存款貝塔，對於收費組合而言約為 32%。核心存款約為 18%，但貝塔係數的增加主要是由公共存款貝塔係數推動的，本季度約為 75%。我們確實預計公共存款的貝塔值將保持在高位，而且這些利率顯然會根據市場走勢上下波動。此外，在本季度，我們的借貸成本確實增加了 200 萬美元。 700,000 美元與浮動利率債券的重新定價有關，另外 140 萬美元，基本上是增加借款組合、FHLB 預付款和回購的規模。本季度利潤率從 4.31% 增加 6 個基點至 4.37%。這一變化主要是資產組合的變化，因為收益率較低的現金和投資證券的平均餘額減少了 6 億美元，而本季度貸款增加了約 1.46 億美元。展望未來，我們看到利息收入因年內將發生的貸款重新定價和貸款增長而增長。例如，如果您查看年底的餘額，貸款比該季度的平均餘額高出 1.87 億美元。因此，這應該會讓我們在第一季度的利息收入有所回升。我們還有大約 8.3 億美元的商業貸款在 1 月份重新定價，其中一些是按季度重新定價的貸款。然而，我們確實預計，隨著存款利率繼續上升，利息收入壓力在短期內將繼續存在，根據利率將在年中開始下降的預期，今年晚些時候會出現一定程度的正常化。如果我們只看目前的資產負債表結構，我們預計未來幾個季度的淨利息收入應保持在接近當前水平，淨利息收入的改善來自貸款組合未來增長的增長.非利息收入方面，與上一季度基本持平。改善——我們根據季節性改善了信用卡交易費的信貸，但這被較低的抵押貸款銀行收入所抵消。我們還——在本季度，我們還撤銷了之前確認的 700,000 美元的資金不足費用，就今年年底實施的費用結構的一些變化而言。外匯支出為 1.129 億美元，與第三季度的 1.152 億美元相比減少 230 萬美元。這一減少主要反映了奧利奧運營淨收益增加 150 萬美元。本季度不包括奧利奧費用為 1.155 億美元，而上一季度為 1.163 億美元，也排除了奧利奧的影響。這一減少包括減少 700,000 美元的入住率，主要是能源成本和 700,000 美元的工資支出減少，因為所有獎金應計和激勵措施都是根據結果確定的。這些減少部分被本季度我們在業務推廣、贊助和產品關係活動中增加的 500,000 美元所抵消。本季度的支出非常符合我們估計的 1.15 億美元至 1.16 億美元，其中顯然不包括奧利奧，我們的效率比率仍然很低，為 48%。展望第一季度，我們確實預計支出會有所增加。工資稅在第一季度上升，因為所有限制都被重置，這在第一季度大幅增加了工資支出。同樣在本季度，我們 - 期間 - 在年底，我們看到有通貨膨脹條款的合同續簽顯著增加或有所增加，一些續簽即將到來。我們正在進行的幾個技術改進項目在本季度加快了速度。基於此，如果我們排除奧利奧費用，我們認為本季度或前幾個季度的費用應該接近 1.2 億美元的範圍。資產質量方面，參考了我們的奧利奧，我們繼續保持非常穩定的資產質量。本季度不良資產減少 1400 萬美元，標準資產減少 1.29 億美元，這是資產的 69 個基點。減少包括 930 萬美元的非應計商業貸款減少，以及我們恢復可行狀態的 500 萬美元貸款。我們還有 700 萬美元，這主要是推動商業方面減少的原因。由於波多黎各市場收回的住宅物業銷量增加，我們減少了 700 萬美元的奧利奧物業。本季度的流入增加了 380 萬美元至 2400 萬美元，主要是根據規模增長了 260 萬美元的消費組合。同樣，定義為 30 到 89 天的早期拖欠率仍然很好，本季度減少了 900 萬美元，基本上所有投資組合都有所減少。本季度的淨註銷為 1300 萬美元，與上一季度的 31 個基點相比，貸款為 46 個基點，主要與我們的消費者組合有關。我們還有 170 萬美元的沖銷，我們在第四季度出售了本季度不利分類的商業貸款參與。本季度消費貸款註銷為 144 個基點，全年為 107 個基點，這些數字大大低於大流行前的水平，正如您在之前的文件中看到的那樣。 2022 年底的信貸損失準備金為 2.73 億美元，比第三季度增加 250 萬美元。我的意思是，它比第三季度減少了 700 萬美元，比第三季度減少了 250 萬美元，比去年減少了 700 萬美元——對不起，關於這個。 ACL 為 200，僅貸款為 2.6 億美元，比上一季度高出 260 萬美元。 ACL 反映了我們在本季度擁有的投資組合的增加以及我們對幾個宏觀經濟組成部分的模型的一些不太有利的前景。與第三季度的 2.28 億美元相比，貸款和融資租賃的信貸損失準備金與持作投資的貸款總額的比率截至年底為 2.25%。在資本方面，就拿 Aurelio 已經提到的，我們繼續執行計劃。我們在這一年以 2.75 億美元的價格回購了 1940 萬股股票，並在這一年支付了 8800 萬美元的股息。我們的資本比率仍然非常強勁。同樣，一級基本上小幅減少，槓桿率有所提高。第四季度每股普通股有形賬面價值從 646 美元增加到 692 美元，這與本季度投資組合的公允價值改善導致其他綜合損失調整增加 6000 萬美元左右有關。我們的有形普通股權益比率為 681 美元，而上一季度為 655 美元。如果我們針對 OCI 的影響進行調整，非 GAAP 每股有形賬面價值約為 11.30%，有形普通股權益比率約為 10.6%。所以這些都是強勁的數字。再一次，我們 - 正如我們過去提到的那樣，我們認為這種影響是暫時的，因為我們確實有能力在到期過程結束時處理所有證券。證券繼續以類似的速度發展。我們有大約 4000 萬至 5000 萬美元的現金流來自投資組合。因此，我們將繼續看到部分現金流重新部署到貸款方或補償資金需求。有了這個，我想打開問題的電話。將您的電話鍵盤。如果出於任何原因，您想提問。提醒一下，如果您使用 me speak your phone，請記得在提問前拿起您的聽筒。

Absolutely. (Operator Instructions). The first question comes from the line of Timur Braziler with Wells Fargo.

絕對地。 （操作員說明）。第一個問題來自 Timur Braziler 與 Wells Fargo 的對話。

I wanted to follow up on the NII guidance, just to make sure I got it clear. Did you say that you're expecting some level of pressure here in the near term, but for it to remain in your current levels?

我想跟進 NII 指南，只是為了確保我弄清楚了。您是否說過您預計短期內會出現一定程度的壓力，但要保持在當前水平？

Yes. There will be some pressure still on deposit pricing, and that's going to offset some of the impact from loan growth and -- or loan already on the portfolio and repricing of loans already in the portfolio. So with those 2 components, we are expecting net interest income to be sort of similar to this quarter and improvements will come from the movement in the loan portfolio going forward from the growth in the portfolio. That's what's going to drive improvements in net interest income in the near term.

是的。存款定價仍將面臨一些壓力，這將抵消貸款增長和 - 或已經在投資組合中的貸款以及對已在投資組合中的貸款重新定價的影響。因此，對於這兩個組成部分，我們預計淨利息收入將與本季度類似，並且貸款組合的增長將帶來貸款組合的變化。這將在短期內推動淨利息收入的改善。

Okay. Understood. And then just looking again at the balance sheet. In the third quarter, securities cash flows were used to fund deposit outflows and some loan growth in the fourth quarter, you opted to go with borrowings and assets actually increased for the first time in over a year. How should we think about the funding of future deposit outflows to the extent that there is any and the funding of 2023 loan growth? Are you going to be looking to lean on borrowings a little bit more heavily in support of the balance sheet or should we still expect much of that funding to come from the bond book?

好的。明白了。然後再看看資產負債表。在第三季度，證券現金流被用於為存款流出和第四季度的一些貸款增長提供資金，你選擇了借貸，資產實際上在一年多以來首次增加。我們應該如何考慮為未來存款流出提供資金，以及為 2023 年貸款增長提供資金？您是要更多地依靠借款來支持資產負債表，還是我們仍然應該期望大部分資金來自債券簿？

Well, again, the securities portfolio, it's given us somewhere approximately $150 million per quarter in cash flows so that clearly is going to be used for funding growth and/or deposit implications. We during the fourth quarter, we lost deposits at a higher clip than the $150 million and we did grow the loan portfolio so we ended up taking some additional funding. So clearly, it's a function of what happens on those 2 components, how much we originate with based on the pipeline, we feel strong about it, and the trends in deposits going forward, which have been a little bit more inconsistent. We -- obviously, we see rates changes in 2023 broadly being or we expect them to be less than the significant 2022. So that creates some stability on deposit movement, but there is still volatility in the market that we need to be conscious. So there could be some increases in wholesale funding based on that.

那麼，再一次，證券投資組合，它給了我們大約每季度 1.5 億美元的現金流，因此顯然將用於資金增長和/或存款影響。我們在第四季度損失了比 1.5 億美元更高的存款，我們確實增加了貸款組合，所以我們最終獲得了一些額外的資金。很明顯，這是這兩個組件發生的事情的函數，我們基於管道產生了多少，我們對此感到強烈，以及未來存款的趨勢，這有點不一致。我們 - 顯然，我們認為 2023 年的利率變化總體上是，或者我們預計它們將低於 2022 年的顯著變化。因此，這為存款變動創造了一定的穩定性，但市場仍然存在波動，我們需要意識到這一點。因此，在此基礎上批發資金可能會有所增加。

(inaudible) Remember...

（聽不清）記住...

The investment, I'm sorry, you're saying that we do have the cash flow coming from the investment portfolio, but we also can use the portfolio for repos or advances.

投資，對不起，你是說我們確實有來自投資組合的現金流，但我們也可以將投資組合用於回購或預付款。

Right. Okay. And then just looking at deposits and understanding that it's hard to put a number on the remaining balances of commercial accounts or dollars that are potentially at risk for leaving for higher rates. But can you try and kind of ring-fence the remaining deposits that are still at risk? And then as we think about the overall size of the balance sheet, are you expecting to keep it here at current levels, again, using wholesale to kind of bridge the gap or could we still see some decline in the balance sheet here over the first half of 2023.

正確的。好的。然後只要看看存款，就會明白很難對商業賬戶的剩餘餘額或可能面臨更高利率風險的美元給出一個數字。但是，您能否嘗試將仍處於風險中的剩餘存款隔離開來？然後，當我們考慮資產負債表的整體規模時，您是否希望再次將其保持在當前水平，使用批發來彌合差距，或者我們是否仍會看到資產負債表在第一季度有所下降2023年的一半。

No. We feel the balance sheet should stay at similar levels. In reality, we do expect growth in the loan portfolios going forward. And again, that's going to be offset with some reductions on the investment portfolio side. We don't, it's tough to answer the one on deposits. Clearly, there was excess liquidity that has been redeployed for different things people are using and obviously, the market rate movements move some disposable money into very high cost kind of treasury or high-yielding kind of treasury securities. And so with rate expectations movements are being lower now for the first half of the year, that should slow down, but it's tough to say.

不。我們認為資產負債表應該保持在相似的水平。實際上，我們確實預計未來貸款組合會增長。同樣，這將被投資組合方面的一些減少所抵消。我們不知道，很難回答有關存款的問題。顯然，已經為人們使用的不同事物重新部署了過剩流動性，顯然，市場利率變動將一些可支配資金轉移到成本非常高的國庫券或高收益的國庫券。因此，隨著今年上半年的利率預期走勢正在走低，應該會放緩，但這很難說。

Great.

偉大的。

The next question comes from the line of Kelly Motta with KBW

下一個問題來自 Kelly Motta 與 KBW 的對話

I thought you'd pick up on the loan side. You had really strong growth this quarter, and that seems to be one of the factors that helps offset some of the other areas of pressure that we've been talking about. Can you speak to your pipeline, how demand has been holding up as we've gotten quite a few rate hikes now and kind of the outlook for growth and color around categories would be helpful.

我以為你會選擇貸款方面。本季度您的增長非常強勁，這似乎是有助於抵消我們一直在談論的其他一些壓力領域的因素之一。你能談談你的管道嗎？隨著我們現在已經多次加息，需求如何保持堅挺，以及圍繞類別的增長前景和顏色會有所幫助。

Yes. If you look at it by segment, obviously, residential mortgage, we don't expect any growth. Actually, the portfolio has been holding. And if we saw last quarter, we had a slight growth, it's really a mix of repayments and origination at the end of the day because you know how the market, the resi market is performing. Obviously, the more conforming rates go down, which they've been moving a little bit better, some of the nongovernment volume will move to that. So we're forecasting that segment to remain flat. We continue to see strong demand from the consumer and auto businesses, credit card, and we continue -- and the pipeline for construction and commercial remains very strong, actually probably very similar to the prior quarter that we started. Some of the deltas, one quarter versus the other depend on the consumer, what we did last year was close to 10%. What we did in the commercial was less than that. It depends on the more chunky deals. I will say on a blended basis for the year, we should think about 5% to 6% mid-single digits as a closest estimate based on what we see today, what we have, and that could be some larger chunky deals that we're not including here that could be participation in some of the public private partnerships at the government is structuring to be able to define the timing of those, it's quite complex in terms of predicting when they will be finished and close, but some of those are floating around, are part of the fiscal plan and they've been in the negotiation with different bidders. So some of that could help (inaudible) which I'm sure most of the bank locally will participate as part of our support to the infrastructure and the economy. So that I would say, Kelly, the closest estimates about mid-single digits, yes.

是的。如果按細分市場來看，顯然是住宅抵押貸款，我們預計不會有任何增長。實際上，投資組合一直持有。如果我們看到上個季度，我們有輕微的增長，它實際上是一天結束時還款和發起的混合，因為你知道市場，resi 市場的表現。顯然，合格率下降得越多，它們的走勢就越好，一些非政府部門的數量就會轉向這一點。因此，我們預測該部分將保持平穩。我們繼續看到來自消費者和汽車業務、信用卡的強勁需求，我們繼續——建築和商業的管道仍然非常強勁，實際上可能與我們開始的上一季度非常相似。一些增量，四分之一與另一季度取決於消費者，我們去年所做的接近 10%。我們在商業廣告中所做的遠不止於此。這取決於更大量的交易。我會說，在今年的混合基礎上，我們應該考慮 5% 到 6% 的中等個位數作為最接近的估計，基於我們今天所看到的，我們所擁有的，這可能是我們的一些更大的大塊交易這裡不包括可能參與政府的一些公私合作夥伴關係的結構，以便能夠定義這些合作夥伴關係的時間，就預測它們何時完成和關閉而言，這是相當複雜的，但其中一些是浮動，是財政計劃的一部分，他們一直在與不同的投標人進行談判。因此，其中一些可能會有所幫助（聽不清），我相信當地的大多數銀行都會參與其中，作為我們對基礎設施和經濟的支持的一部分。所以我會說，凱利，關於中個位數的最接近估計，是的。

Got it. That's helpful. And to circle back on NII and NIM, as you think about it potentially expanding in the latter part of the year. How should we be thinking about the turn and threshold of NII reaching a bottom or should we be anticipating a similar level of deposit pricing pressure this quarter? Is it potentially heating up? And if you could give any numbers around the core deposit base, excluding the government deposits and how betas are trending on that, that would be helpful in understanding this?

知道了。這很有幫助。回到 NII 和 NIM，因為你認為它可能會在今年下半年擴大。我們應該如何考慮 NII 觸底的拐點和門檻，或者我們應該預期本季度類似水平的存款定價壓力？它有可能升溫嗎？如果你能給出核心存款基礎的任何數字，不包括政府存款以及貝塔如何趨勢，這將有助於理解這一點？

Okay. This quarter, we do expect still some pressure. Remember that, obviously, you're seeing average impact in the last quarter of what happened with rate movement throughout the quarter. But obviously, the ending number in the quarter, it's higher than the average that we had because of it. Clearly, a lot it's a push on the more volatile government component that had a very large beta and that we expect that to have some impact in the second quarter, although our future impact because of rates expectations are not necessarily going to be at the same pace. On the rest of the deposit, as I mentioned, the average cost of all the other deposits was 40 basis points in September and the September quarter, it was about 66 basis points in the fourth quarter. The beta there was a little bit over 18%. And we are not seeing a dramatic movement. It's probably going to be somewhere between 18%, 22% is what I expect on that portfolio. Obviously, the government side will stay at similar levels that we saw. But I mean, government public deposits in general that we saw during the quarter.

好的。本季度，我們確實預計仍有一些壓力。請記住，很明顯，您看到的是整個季度利率變動對最後一個季度的平均影響。但很明顯，本季度的期末數字高於我們因此而獲得的平均水平。顯然，這在很大程度上推動了具有非常大貝塔係數的更不穩定的政府部分，我們預計這將在第二季度產生一些影響，儘管由於利率預期我們未來的影響不一定會相同步伐。關於存款的其餘部分，正如我提到的，所有其他存款的平均成本在 9 月和 9 月季度為 40 個基點，第四季度約為 66 個基點。那裡的測試版略高於 18%。而且我們沒有看到戲劇性的運動。它可能介於 18% 之間，我對該投資組合的預期是 22%。顯然，政府方面將保持在我們看到的類似水平。但我的意思是，我們在本季度看到的一般政府公共存款。

Got it. Thank you. I'll turn to the expenses and then step back. I appreciate the guidance of about $120 million of expenses. I understand you had some OREO gains this quarter excluding that, it looks like you would have been more around like $115 million. So that implies a $5 million step-up. Just in terms of the cadence, do you think in the next quarter or 2, there's going to be a build towards that 120 or should we anticipate with the moving parts you laid out in your prepared remarks that we're going to enter 2023 with 120 and kind of build off that number?

知道了。謝謝。我將轉向費用，然後退後一步。我很欣賞大約 1.2 億美元的支出指導。我知道你本季度有一些 OREO 收益，不包括在內，看起來你的收益應該在 1.15 億美元左右。因此，這意味著增加 500 萬美元。就節奏而言，您是否認為在下一個或第二個季度，將會朝著 120 的方向發展，或者我們是否應該預期您在準備好的發言中提出的移動部分，我們將進入 2023 年120 和那種建立在那個數字之上？

Well, you have a large component is what I mentioned on payroll taxes as all the thresholds are reset. We see immediate impact on that on the first couple of quarters. That tapers down towards the end of the year, some of the limits are reached. So we do see a lower impact on that one. But on the other hand, we do have several technology projects going on that we're trying to get to completion during the year, and that's kind of compensate. That's why the $120 million, it's the number we are expecting based on the immediate impact from that payroll implication. And we've also seen because of the inflation components of some of the contract renewals, obviously, are yielding higher increases that we saw a couple of years ago in terms of contract renewals. So we're starting to see that -- we saw that in the last quarter and -- but we had several and we are seeing that in the first quarter. So that's why we feel that $120 million should be like a benchmark on going on the next couple of quarters.

嗯，你有一個很大的組成部分是我在工資稅中提到的，因為所有的門檻都被重置了。我們在前幾個季度看到了對此的直接影響。到今年年底逐漸減少，達到了一些限制。所以我們確實看到對那個的影響較小。但另一方面，我們確實有幾個正在進行的技術項目，我們正努力在這一年內完成，這是一種補償。這就是為什麼 1.2 億美元，這是我們根據工資單影響的直接影響所期望的數字。而且我們還看到，由於某些合同續籤的通貨膨脹因素，很明顯，我們在合同續簽方面產生了比幾年前更高的增長。所以我們開始看到——我們在上個季度看到了——但我們有幾個，我們在第一季度看到了。所以這就是為什麼我們認為 1.2 億美元應該成為未來幾個季度的基準。

Got it.

知道了。

The next question comes from the line of Alex Twerdahl with Piper Sandler.

下一個問題來自 Alex Twerdahl 與 Piper Sandler 的對話。

Okay. Just going back to deposits quickly. Can you just remind us if there's any seasonality that we should be thinking about over the next couple of quarters or do you have any line of sight on some deposit wins maybe early in '23 related to taxes or anything along those lines?

好的。只是快速回到存款。您能否提醒我們，在接下來的幾個季度中，我們是否應該考慮任何季節性因素，或者您是否對一些存款贏款有任何看法，可能在 23 年初與稅收或類似的任何事情有關？

Well, you always have a little bit of open and taxes on people using the money, but it's never been a significant component on the movement of deposits and the bank at the institution. So we wouldn't -- I wouldn't say seasonality, it's going to drive a lot movement over the year it's more of the other factors.

好吧，你總是對使用這些錢的人有一點開放和徵稅，但它從來都不是存款流動和機構銀行的重要組成部分。所以我們不會 - 我不會說季節性，它會在一年中推動很多運動，更多的是其他因素。

Okay. And then with respect to the buyback, you get the $125 million, which I think is good until June, if I'm not mistaken. How are you thinking about using that today? Some banks are saying they're seeing more uncertainty and other banks are saying they're getting back in the market. So I'm just curious how you're thinking of things. And if we should expect additional commentary in April, which had been your cadence over the last 2 years for capital return.

好的。然後關於回購，你會得到 1.25 億美元，如果我沒記錯的話，我認為這在 6 月之前是好的。您今天如何考慮使用它？一些銀行表示他們看到了更多的不確定性，而其他銀行則表示他們正在重返市場。所以我很好奇你是怎麼想的。如果我們應該在 4 月份期待更多的評論，這是你過去兩年資本回報的節奏。

Yes, the answer question number one is definitely, as we said before, we would like to keep the optionality, and we've been doing that. And we adjust how much we do every quarter based on several factors what we see, including market uncertainty. At this stage, we continue to execute we probably, I will say, the most probable number for this quarter is similar to last quarter. Based on what we see today, that can be adjusted if we -- things that they became a concern to the market. And on the other hand, we don't have a limit when to use the 125. So we can do it now or do it in 3 quarters or doing in 2 quarters. There's no expiration. On the other hand, answer to the question number two, yes, our cycle to revisit the capital plan, run a stress test, see the numbers and decide finally how much more we're going to go forward, it's going to be April. So yes, we do expect to make an updated announcement on capital during April. That is correct. Yes.

是的，第一個答案肯定是，正如我們之前所說，我們希望保留可選性，我們一直在這樣做。我們根據我們看到的幾個因素（包括市場不確定性）調整每個季度的工作量。在這個階段，我們繼續執行我們可能，我會說，本季度最有可能的數字與上一季度相似。根據我們今天所看到的情況，如果我們 - 他們成為市場關注的事情，那可以進行調整。另一方面，我們沒有限制何時使用 125。所以我們可以現在或在 3 個季度內完成或在 2 個季度內完成。沒有過期。另一方面，回答第二個問題，是的，我們的周期是重新審視資本計劃，進行壓力測試，查看數字並最終決定我們要前進多少，這將是四月。所以是的，我們確實希望在 4 月份發布最新的資本公告。那是對的。是的。

Okay. Great. And then as you think about credit and net charge-offs and provisioning, I think we're all trying to figure out what the new level of a normalized level of charge-offs are for you guys. I'm just curious if you have any more insights, clearly, charge-offs have been running much lower than what you had probably thought would be a normalized range and if whether or not 46 basis points is kind of getting closer to what you consider normalized or how you see that shaking out?

好的。偉大的。然後當你考慮信貸和淨沖銷和撥備時，我想我們都在試圖弄清楚新的標準化沖銷水平對你們來說是什麼。我只是想知道您是否有更多見解，很明顯，沖銷比您可能認為的正常範圍低得多，以及 46 個基點是否有點接近您的考慮歸一化或你如何看待震動？

We are -- I think there's levels of normalization. We use pre-pandemic as a metric, but things have changed. Unemployment is better, it's lower. We see more activity in the economy in different sectors. So we -- when we say normalize, to be honest, it has to be a number between where we are today and where we were in 2019 not sure if we're going to reach the end of 2019. It doesn't look like based on early indications. So obviously, early delinquencies is a great indicator, classified asset is a great indicator and NPAs are a great indicator so far so good. And it's something that we monitor very, very closely, especially in performance. We have a large consumer segment. We have a material portfolio and a diversified commercial portfolio I don't -- all of them are performing well and you see the asset quality metrics. We are very disciplined in not accumulating classified assets. And every time we see something that we don't like or it's going to take too long to solve. As we did this quarter, we're moving out so that created some noise in the charge-off rate, but not necessarily is a trend.

我們 - 我認為存在一定程度的正常化。我們使用大流行前作為衡量標準，但情況已經發生了變化。失業率更好，更低。我們看到不同部門的經濟活動更多。所以我們 - 當我們說正常化時，老實說，它必須是我們今天和 2019 年之間的一個數字，不確定我們是否會到 2019 年底。它看起來不像基於早期跡象。很明顯，早期拖欠是一個很好的指標，分類資產是一個很好的指標，NPA 是一個很好的指標，到目前為止一直很好。這是我們非常非常密切地監控的東西，尤其是在性能方面。我們有一個很大的消費者群體。我們有一個重要的投資組合和一個多元化的商業投資組合，我沒有——所有這些都表現良好，你可以看到資產質量指標。我們在不積累機密資產方面非常自律。每次我們看到一些我們不喜歡的東西，或者需要很長時間才能解決。正如我們在本季度所做的那樣，我們正在搬出，因此在沖銷率上產生了一些噪音，但不一定是一種趨勢。

Okay. The key component, as Aurelio mentioned, Alex, are very stable at this point. So we don't foresee necessarily unless there is a dramatic change on expectations that trends will change too much from the most recent ones.

好的。正如 Aurelio 所說，關鍵組件 Alex 在這一點上非常穩定。因此，除非對趨勢與最近的趨勢發生太大變化的預期發生巨大變化，否則我們不一定會預見到。

Okay

好的

We have -- I would say we have very good coverage in our reserve. Yes.

我們有——我想說我們的儲備金覆蓋面非常好。是的。

Great. Can you give us some color on the pricing that you're seeing on new loan generation?

偉大的。你能給我們一些關於你在新貸款生成中看到的定價的顏色嗎？

Pricing, I think it's reasonable. It's been adjusted by the funding costs and by the curve and the forward curve, commercial, CRE in the mid-6s. And when you go to OREO on the large segment or mostly variable, you move to mid-7s when you go to the middle market, probably closer to 8%. And when you look at the blended consumer products are already approaching mid-9. So I think competition has been fair adjusting what we are offering from, which is definitely increasing the cost of funding. So obviously, it's a timing effect for some of this. But I think we don't see pressure, we see more competitive pressure on the positive pricing that we see in the loan pricing.

定價，我認為是合理的。它已根據融資成本、曲線和遠期曲線、商業、CRE 在 6 年代中期進行了調整。當你去大市場或大部分可變的奧利奧時，當你去中端市場時，你會移動到 7 中段，可能接近 8%。當您查看混合消費品時，已經接近 9 月中旬。所以我認為競爭一直在公平地調整我們提供的產品，這肯定會增加資金成本。很明顯，這是其中一些的時間效應。但我認為我們沒有看到壓力，我們看到在貸款定價中看到的積極定價帶來更多競爭壓力。

Okay. And then just a final question for me on fees. You alluded to some change in the fee structure during the fourth quarter. Is that something that's going to have a material impact in '23?

好的。最後一個關於費用的問題。您提到了第四季度費用結構的一些變化。這會在 23 年產生重大影響嗎？

No, because of the different changes don't create -- some are coming down and some are going up. So at the end result, it's more of a normal kind of a fee base on deposits is a function of deposit side more than anything.

不，因為不會產生不同的變化——有些正在下降，有些正在上升。所以最終的結果是，它更像是一種正常的基於存款的費用，它比任何東西都更能體現存款方面的功能。

The next question comes from the line of Brett Rabatin with Hovde Group.

下一個問題來自 Hovde Group 的 Brett Rabatin。

I wanted to follow back on credit for a second and just talk about auto. And it seems like auto is really continuing to perform fairly well, but your charge-offs related to consumer were up. Can you maybe strip apart in the consumer bucket, the auto net charge-offs and then how you kind of think about the normalization, if you want to call it that in auto net charge-offs over the next year?

我想先回顧一下信用，只談談汽車。看起來汽車確實繼續表現良好，但與消費者相關的費用增加了。如果你想在明年的汽車淨沖銷中稱之為正常化，你能否在消費者桶中剝離，自動淨沖銷，然後你如何看待正常化？

I don't have to see the hand.

我不必看到這隻手。

I don't have specifically auto here, but the reality, there is a relationship with size. The portfolio has continued to come up, Brett and we have grown the portfolio by a good clip over the last couple of years. So you'll start seeing some increases in charge off, which we know are going to happen. The auto portfolio typical charge-offs in the market, remember, the yields in the market are much higher were on the low 2s to mid-2s way back. That number is a less than half of that today, and we don't see dramatic changes on those numbers at this point. Again, remember that in Puerto Rico, we still have a very poor public transportation system and the auto becomes a very big necessity.

我這裡沒有具體的 auto，但實際上，與大小有關係。投資組合繼續出現，布雷特和我們在過去幾年中以良好的剪輯增長了投資組合。所以你會開始看到費用增加，我們知道這會發生。汽車投資組合在市場上的典型沖銷，請記住，市場的收益率要高得多，從低 2s 到中等 2s 的回程。這個數字不到今天的一半，而且我們目前看不到這些數字有顯著變化。再一次，請記住，在波多黎各，我們的公共交通系統仍然很差，汽車成為一種非常重要的必需品。

Okay. And then wanted just to circle back on the securities portfolio. And so if you had any color, Orlando, maybe on how much in maturities you're expecting this year to give you some flexibility with either loan growth funding or the deposit base?

好的。然後只想回到證券投資組合。因此，如果你有任何顏色，奧蘭多，也許你希望今年有多少到期日可以讓你在貸款增長資金或存款基礎方面有一些靈活性？

The cash flow has been fairly consistent over the last few months. It's -- we are expecting like $45 million a quarter between $40 million and $50 million what we have seen -- a month, I'm sorry. So we're talking about somewhere between $500 million and $600 million of cash flow coming from the investment portfolio that can be used or will be used for loan funding. So we don't foresee doing any movement on the portfolio right now. But it's been fairly consistent over the last few quarters, and we don't see any significant change on that...

過去幾個月的現金流量一直相當穩定。這是 - 我們預計每季度 4500 萬美元，介於我們所看到的 4000 萬到 5000 萬美元之間 - 一個月，對不起。因此，我們談論的是來自投資組合的 5 億至 6 億美元現金流，這些現金流可用於或將用於貸款融資。因此，我們預計現在不會對投資組合進行任何調整。但在過去的幾個季度裡，它一直相當穩定，我們沒有看到任何重大變化......

Okay. And then lastly for me, you mentioned in the Q&A briefly technology spending, and it seems like all 3 of the Puerto Rico banks are spending money on technology, digital channels, et cetera. Can you talk maybe a little bit more about the tech spend that you have going on and what you have that to accomplish in the next year or so.

好的。最後對我來說，你在問答中簡要提到了技術支出，波多黎各的所有 3 家銀行似乎都在技術、數字渠道等方面投入資金。你能不能多談談你正在進行的技術支出以及你在明年左右要完成的事情。

Well, some of that is competitive data, but from an investment amount, we're basically moving more things to the cloud, similar to prior year levels, probably a little bit higher this year, which some of the things amortizeso or you don't see the full investment in 1 year. We continue to move things to the cloud, more digital processes internally and more data processes to the clients. So those are the 3 categories, reducing the size of any data centers that we have in-house and moving to a more efficient hardware environment with less maintenance and less operating risk. So that is, in general, it's been a priority, which for our last 5 years, it was a little bit interrupted by making -- by the integration that we have to focus on that. But we never stopped doing it. It's just a speed. And we did very well roll out very important products during 2022. And we continue to add enhanced functionality to these products as we call it, is an omnichannel strategy. The branch is important. The call center is important and the deal channel is very important. So we continue to invest in all channels to optimize and improve the level of services that we can provide to our clients.

好吧，其中一些是競爭性數據，但從投資金額來看，我們基本上將更多的東西轉移到雲端，與去年的水平相似，今年可能會高一點，其中一些東西可以攤銷，或者你不攤銷。看不到 1 年的全部投資。我們繼續將事情轉移到雲端，在內部進行更多數字化處理，並向客戶提供更多數據處理。所以這些就是 3 個類別，減少我們內部擁有的任何數據中心的規模，並轉移到更高效的硬件環境，維護更少，運營風險更低。所以，總的來說，這是一個優先事項，在過去的 5 年裡，它被我們必須關注的整合所打斷。但我們從未停止這樣做。這只是一個速度。我們在 2022 年推出了非常重要的產品，做得很好。我們繼續為這些產品添加增強功能，我們稱之為全渠道戰略。分支很重要。呼叫中心很重要，交易渠道很重要。因此，我們繼續投資於所有渠道，以優化和提高我們可以為客戶提供的服務水平。

Okay. That's helpful.

好的。這很有幫助。

Thank you for your questions. We now have a follow-up question from the line of Kelly Motta with KBW.

謝謝你的問題。我們現在有一個來自 Kelly Motta 與 KBW 的後續問題。

My question was asked and answered. So I'm stepping back. Thank you though.

我的問題被提出並得到了回答。所以我退後一步。謝謝你。

We now have a follow-up question from the line of Timur Braziler with Wells Fargo. You may proceed.

我們現在有來自 Timur Braziler 與 Wells Fargo 的後續問題。你可以繼續。

Again, on the securities book, it seems like for the last couple of quarters now, the average balances have been pretty meaningfully higher than the period end balances. I'm just wondering what's driving that dynamic mid-quarter?

同樣，在證券賬簿上，似乎在過去幾個季度中，平均餘額明顯高於期末餘額。我只是想知道是什麼推動了那個充滿活力的中期？

Well, you have to be careful because of valuation. The reality is that the balances have been coming down but obviously, the OCI valuation has changed. And you for example, if you look at balances this quarter, they came down by $140-something million, but it went up by about $60 million of the valuation. The other component that you have in there is that as we draw on Federal Home Loan Bank advances, we are required to invest in Federal Home loan Bank stock that's part of the requirement. So that was about $40 million in the quarter. So if you segregate that, in reality, the portfolio was down that $140-something million during the quarter.

嗯，你必須小心，因為估值。事實上，餘額一直在下降，但顯然，OCI 估值已經改變。以你為例，如果你看一下本季度的餘額，它們下降了 1.4 億美元，但估值上升了約 6000 萬美元。您擁有的另一個組成部分是，當我們利用聯邦住房貸款銀行的預付款時，我們需要投資聯邦住房貸款銀行的股票，這是要求的一部分。因此，該季度約為 4000 萬美元。因此，如果您將其分開，實際上，該投資組合在本季度下降了 1.4 億美元左右。

Got it.

知道了。

There are currently no further questions waiting at this time. (Operator Instruction] There are no further questions. So I will now pass the line back to Ramon Rodriguez for closing remarks.

目前沒有其他問題在等待。 （操作員說明）沒有其他問題了。所以我現在將電話轉回給拉蒙·羅德里格斯（Ramon Rodriguez）以作結束語。

Thanks to everyone for participating in today's call. We will be attending Bank of America's Financial Services Conference in New York on February 14th in KBW's conference in Boca on February 16th. We look forward to seeing a number of you at these events, and we greatly appreciate your continued support. At this point, we will end the call. Thank you.

感謝大家參與今天的電話會議。我們將參加 2 月 14 日在紐約舉行的美國銀行金融服務會議，以及 2 月 16 日在博卡舉行的 KBW 會議。我們期待在這些活動中見到你們中的許多人，我們非常感謝你們一直以來的支持。此時，我們將結束通話。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。