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Financial updating our earnings call presentation, which you combined on our website.
財務更新我們的財報電話會議簡報，您將其合併到我們的網站上。
Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations.
我們今天的評論將包括前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。
We assume no obligation to update such statements.
我們不承擔更新此類聲明的義務。
These risks are outlined.
概述了這些風險。
On page 3 of the presentation, we will also reference non-GAAP financial measures.
在簡報的第 3 頁，我們也會參考非 GAAP 財務指標。
Reconciliations of these measures against the most directly comparable GAAP measures can be found in Section five of the presentation.
這些措施與最直接可比較的公認會計原則措施的調節可以在簡報的第五節中找到。
Finally for Citizens is not responsible for and does not edit nor guarantee the accuracy the earnings transcripts provided by third parties.
Final for Citizens 不對第三方提供的收入記錄的準確性負責，也不對其進行編輯或保證其準確性。
I will now turn it over to Frank both the deal or the Board Adobe awarded well-controlled scroll.
我現在將把它交給弗蘭克，無論是這筆交易還是董事會授予 Adobe 的良好控制滾動。
I'll make some brief comments about our Q3 result, Minotaur to recruit to grow to review our results in more detail before we take your questions.
在我們回答您的問題之前，我將對我們第三季度的結果做一些簡短的評論，招募牛頭怪來成長，以更詳細地審查我們的結果。
Florida gold poach Fuchs of our broker-dealer and registered growth version of.
佛羅裡達州的黃金偷獵者福克斯是我們的經紀自營商和註冊增長版本。
We delivered another quarter of strong financial results with adjusted earnings per share of $45.87.
我們又一個季度實現了強勁的財務業績，調整後每股收益為 45.87 美元。
Our net interest margin was resilient despite declines in accretion income, and we remain encouraged by the stability of our deposit base.
儘管加值收入下降，我們的淨利差仍保持彈性，而且我們的存款基礎的穩定性仍然令我們感到鼓舞。
We saw continued deposit growth and the general by us to be commercial balances were up modestly over the prior quarter.
我們看到存款持續成長，商業餘額整體比上一季小幅成長。
We're pleased with the stability of the SBB deposit franchise, demonstrating the competitive advantage.
我們對 SBB 存款業務的穩定性感到滿意，這反映了競爭優勢。
We maintain an innovation economy.
我們維持創新經濟。
Loans declined during the quarter, predominantly by a reduction in the Global Fund Banking portfolio of repayment levels outpaced new loan origination and draw activity.
本季度貸款有所下降，主要是由於全球基金銀行業務投資組合的還款水準下降超過了新貸款發放和提取活動的下降。
However, the pipeline remains strong in this business and average loan outstandings were up over this second quarter.
然而，該業務的管道仍然強勁，平均貸款未償還額較第二季有所上升。
The decline in G&A was partially offset by mid and upper single digit annualized percentage growth in the general and commercial banks, respectively.
一般性銀行和商業銀行的年化百分比成長率分別為中位數和高個位數成長，部分抵銷了一般管理費用的下降。
While net charge-offs ticked up modestly over the second quarter.
雖然淨沖銷在第二季略有上升。
Overall, overall credit remains in good shape.
整體而言，整體信用狀況依然良好。
Consistent with previous quarters, net charge-offs were mostly concentrated in the general office investor dependent and small-ticket leasing portfolios.
與前幾季一致，淨沖銷主要集中在依賴投資者的一般辦公大樓和小額租賃投資組合。
We continue to proactively review our portfolios to identify potential issues early on and prudent Christmas risk.
我們繼續積極審查我們的投資組合，以便及早發現潛在問題並謹慎應對聖誕節風險。
Manage credit risk management will remain a priority for us
管理信用風險管理仍將是我們的首要任務
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A capital and liquidity positions remain strong during the quarter and continued to be a source of strength.
本季資本和流動性部位依然強勁，並持續成為實力的來源。
We're pleased with the progress we made under our share repurchase plan.
我們對股票回購計畫所取得的進展感到滿意。
During the third quarter, we repurchased over 350,000 shares of Class A. common stock for a total price of approximately 700 million.
第三季度，我們回購了超過35萬股A類普通股，總價約7億美元。
Craig will touch on this in more detail in his comments.
克雷格將在他的評論中更詳細地談到這一點。
In closing, our thoughts are with our associates, clients and communities that would that have been affected and continue to be affected by hurricanes Helene and Milton, thanks to our dedicated associates, we quickly reopened operations to help our clients and communities, and they're rebuilding effort during this difficult time.
最後，我們的心與我們的員工、客戶和社區同在，他們已經受到並繼續受到颶風海倫和米爾頓的影響，感謝我們敬業的員工，我們迅速重新開放了業務，以幫助我們的客戶和社區，他們」在這個困難時期重新努力重建。
We're committed to continuing to support moving forward.
我們致力於繼續支持前進。
I'll turn it over to Craig to review the financial results in more detail.
我會將其轉交給克雷格，以更詳細地審查財務結果。
Greg.
格雷格.
Thank you, Frank.
謝謝你，弗蘭克。
We appreciate everyone joining us today.
我們感謝今天加入我們的所有人。
I will anchor my comments on the third quarter.
我將在第三季發表我的評論。
Key takeaways outlaw outlined on Page 9.
第 9 頁概述了非法行為的主要要點。
Pages 10 through 26 provide more details underlying our zones.
第 10 頁到第 26 頁提供了有關我們區域的更多詳細資訊。
Frank mentioned, we initiated our share repurchase program at the beginning of August, repurchased 3.61% of Class A. common shares in 3.36% of total common shares outstanding for a total purchase price of $969.4 million.
Frank提到，我們在8月初啟動了股票回購計劃，回購了3.61%的A類普通股，佔已發行普通股總數的3.36%，總收購價為9.694億美元。
This represents approximately 28% of our Board approved $3.5 billion repurchase.
這約佔董事會批准的 35 億美元回購的 28%。
Turning to third quarter financial results.
轉向第三季財務業績。
Our OE. and ROA. adjusted for notable items were 11.94% and 1.2%, respectively.
我們的原廠設備。和資產報酬率。顯著項目調整後分別為 11.94% 及 1.2%。
Our adjusted PPNR, ROA and efficiency ratio were 1.8% and 50, the 4%, respectively.
我們調整後的 PPNR、ROA 和效率比分別為 1.8% 和 50，即 4%。
Headline Nome with 3.53% and ex accretion income was 3.33%.
頭條諾姆為 3.53%，除稅增值收入為 3.33%。
With respect to these earnings metrics, we remained at or amongst the top of our large financial institution peer group, aligned with our guidance.
就這些獲利指標而言，我們在大型金融機構同業中仍處於領先地位，與我們的指導一致。
Headline net interest income was down slightly from the second quarter is lower accretion income and higher deposit costs offset increases in interest income on loans and secretions and investments, while modest net interest income ex accretion increased over the linked quarter, given support from higher average loan balances.
整體淨利息收入較第二季略有下降，這是由於增加收入減少和存款成本上升抵消了貸款、分泌物和投資利息收入的增加，而由於平均貸款增加的支持，上一季度扣除增加的淨利息收入略有增加餘額。
While the pace moderated.
雖然步伐放慢了。
Deposit costs were up predominantly due to growth in money markets, money market and savings accounts.
存款成本上升主要是因為貨幣市場、貨幣市場和儲蓄帳戶的成長。
We believe the cost of deposits reached its peak in the third quarter, and we'll see a downward trend moving forward is down rate basis accelerate from the magnitude of rate cut in September.
我們認為存款成本在第三季達到高峰，未來將出現下行趨勢，即利率基數較9月降息幅度加快。
Headline News contracted sequentially by 11 basis points, excluding accretion by three basis points lower than it was down.
頭條新聞環比收縮 11 個基點，不包括比下降幅度低 3 個基點的增量。
The impacts from deposit repricing in the interest bearing deposit growth has stabilized, and we continue to benefit from a higher average loan balance.
存款重新定價對計息存款成長的影響已趨於穩定，我們繼續受益於平均貸款餘額的上升。
Adjusted noninterest income was down modestly sequentially, but aligned with our guidance.
調整後的非利息收入連續小幅下降，但與我們的指導一致。
The decline was primarily driven by changes in the fair value of customer derivative positions brought on by lower interest rates, partially offset by increased capital market fees due to higher loan syndication volume and an increase in real income on real operating leased equipment
下降的主要原因是利率下降導致客戶衍生性商品部位的公允價值發生變化，但部分被銀團貸款量增加導致的資本市場費用增加以及實際經營租賃設備的實際收入增加所抵消
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The profitability of our Rail segment remains on track as we added to the number of railcars in the fleet.
隨著我們增加車隊中的軌道車數量，我們的鐵路部門的獲利能力仍保持在正軌上。
This quarter, we continued to experience solid repricing trends and utilization rates.
本季度，我們持續經歷穩健的重新定價趨勢和利用率。
Adjusted noninterest expense came in slightly above our guidance range, increasing sequentially by approximately 5%, with the increased concentrated in personnel costs and professional fees.
調整後的非利息支出略高於我們的指導範圍，季增約 5%，成長集中在人員成本和專業費用。
You'll recall we identified the continued build-out of our risk organization and risk management framework to LSI standards as a strategic priority in 2024.
您可能還記得，我們將繼續以 LSI 標準建立風險組織和風險管理框架作為 2024 年的策略重點。
During the third quarter.
第三季期間。
This constituted the most significant component of the increase impacting both personnel costs, professional fees, in addition to the risk management spend, incentive accruals increase related to 2020 for performance, and there was an additional working day in the quarter.
這是影響人員成本、專業費用、風險管理支出、與 2020 年績效相關的應計獎勵增加以及本季度額外工作日的增長的最重要組成部分。
Finally, but to a lesser extent, lower loan originations and thus lower deferred salaries and higher insurance insurance expense contributed to the the increase in expense during the quarter.
最後，但在較小程度上，貸款發放量的減少以及遞延工資的減少和保險費用的增加導致了本季費用的增加。
While these expenses were expected, they pull through in a slightly elevated level in the third quarter, given accelerated hiring and increased project spend, we expect continued spend into 2025 as we further mature the organization and build a platform for sustainable growth in the future.
雖然這些費用在預期之內，但鑑於招聘加速和項目支出增加，第三季度的支出水平略有上升，我們預計隨著我們進一步成熟組織並為未來的可持續增長建立平台，支出將持續到2025年。
Despite investments in our business and infrastructure, we have continued to execute on cost savings initiatives, and we are pleased to report that we achieved the low end of our cost savings goal from the SDB. acquisition, effectively managing expenses as a top priority for us.
儘管對我們的業務和基礎設施進行了投資，我們仍然繼續執行成本節約計劃，我們很高興地報告說，我們實現了深發展的成本節約目標的低端。收購，有效管理費用是我們的首要任務。
Given headwinds to net interest income in necessary spend for regulatory readiness, we will continue to be vigilant on overall expense management as we look to 2025.
鑑於監管準備所需支出的淨利息收入面臨阻力，展望 2025 年，我們將繼續對整體費用管理保持警惕。
Moving to credit.
轉向信貸。
Our net charge-off ratio during the quarter was 42 basis points, up slightly from the sequential quarter, but aligned with our guidance range.
本季我們的淨沖銷率為 42 個基點，比上一季略有上升，但與我們的指導範圍一致。
Frank mentioned in his comments, net charge-offs were in the same portfolio as discussed previously, and we noted no emerging problems outside of those pressure points.
弗蘭克在評論中提到，淨沖銷與之前討論的投資組合相同，我們注意到除了這些壓力點之外沒有出現任何問題。
Most of the increase in net charge-offs during the quarter were concentrated in the general office portfolio.
本季淨沖銷的成長大部分集中在普通辦公室投資組合。
Within the commercial bank, we believe losses will remain elevated here due to high vacancy rates, continued pressure from interest rates and limited liquidity in the market for refinancing maturing loans.
在商業銀行方面，我們認為，由於高空置率、持續的利率壓力以及到期貸款再融資市場的流動性有限，損失將繼續上升。
At quarter end.
季度末。
Total loans in this portfolio were a 825 million or approximately 0.6% of the total loan portfolio.
該投資組合中的貸款總額為 8.25 億美元，約佔貸款組合總額的 0.6%。
We saw a modest increase in net charge-offs in the small ticket leasing portfolio and experienced modest improvement in industrial dependent for any investor to tenant portfolio.
我們看到小額租賃投資組合的淨沖銷略有增加，並且任何投資者對租戶投資組合的工業依賴度略有改善。
Continued improvement here will be facilitated by higher fundraising environment driven by both M&A and IPOs.
併購和首次公開募股推動的更高的融資環境將促進這裡的持續改善。
At this time and improved appetite for IPOs remains elusive, and we expect continued stress in this portfolio in the near term, but remain optimistic that a declining rate environment will help generate more activity in this space.
目前，首次公開募股的興趣仍難以改善，我們預計該投資組合在短期內將繼續面臨壓力，但我們仍然樂觀地認為，利率下降的環境將有助於在該領域產生更多活動。
Nonaccrual loans increased sequentially, driven by one loan that migrated to nonaccrual status in the SDV commercial portfolio and appears to be an idiosyncratic event.
非應計貸款連續增加，原因是一筆貸款在 SDV 商業投資組合中轉變為非應計狀態，這似乎是一個特殊事件。
Looking at the allowance ratio declined by one basis points to 1.21%, with the most significant factor related to improvement in credit quality of our commercial loan portfolio, partially offset by changes in the macroeconomic forecast.
從準備率下降1個基點至1.21%來看，最重要的因素與我們商業貸款組合信貸品質的改善有關，但部分被宏觀經濟預測的變化所抵銷。
Higher specific reserves on individually evaluated was a 20 million reserve recorded related to hurricane claims.
單獨評估的更高的特定儲備是記錄的與颶風索賠相關的 2000 萬儲備。
We feel good about our overall reserve coverage as well as coverage on the portfolio is experiencing stress.
我們對整體儲備覆蓋率感覺良好，而且投資組合的覆蓋率正在經歷壓力。
Moving to the balance sheet, loans decreased about $646 million sequentially and declined 1.5%.
轉向資產負債表，貸款季減約 6.46 億美元，下降 1.5%。
Decline was driven by $2.1 billion reduction in SEB commercial loans, the majority of which was concentrated at period end loans with Global Fund Banking driven by lower loan draws and higher prepayments.
下降的原因是 SEB 商業貸款減少了 21 億美元，其中大部分集中在全球基金銀行業務的期末貸款，這是由於貸款提款減少和預付款增加所致。
Encouragingly, the GF. The pipeline remains strong at approximately 8 billion and average loan balances were up during the quarter.
令人鼓舞的是，GF。貸款管道依然強勁，約 80 億，本季平均貸款餘額上升。
These decreases were partially offset by growth in the general and commercial bank segments of $897 million in $573 million, respectively.
這些下降被普通銀行和商業銀行業務分別成長 8.97 億美元和 5.73 億美元所部分抵銷。
General Bank growth was primarily attributable to business and commercial loans, while growth in the Commercial Bank continued in our industry verticals, including tech, media and telecom and health care.
一般銀行的成長主要歸因於企業和商業貸款，而商業銀行的成長在我們的垂直產業中持續成長，包括科技、媒體和電信以及醫療保健。
Turning to the right hand side of the balance sheet, deposits grew sequentially by 0.3% were $495 million due to growth in the branch network.
轉向資產負債表的右側，由於分行網路的成長，存款環比增長了 0.3%，達到 4.95 億美元。
We are pleased with this growth giving this has been a key focus area for us in 2024.
我們對這種成長感到高興，因為這是我們 2024 年的重點領域。
In SDD. commercial, we saw modest deposit growth of $54 million.
在SDD中。商業方面，我們看到存款小幅增加 5,400 萬美元。
Mr. rate, the competitive advantage we maintain in the innovation economy, given our unique products, innovative and adaptive approach and the deep institutional knowledge of our associates.
費先生，我們在創新經濟中保持的競爭優勢得益於我們獨特的產品、創新和適應性方法以及員工深厚的機構知識。
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hese increases were partially offset by $165 million decrease in direct bank deposits as we continue to allow expiring time deposits some runoff and only partially replace them with savings products.
這些增長被直接銀行存款減少 1.65 億美元部分抵消，因為我們繼續允許到期的定期存款有一定的徑流，並且僅用儲蓄產品部分取代它們。
Given recent Fed rate cuts, we are seeing some slowing in Campos vision and pricing pressures across our channels.
鑑於最近聯準會降息，我們發現坎波斯的願景有所放緩，並且我們各個管道的定價壓力也有所放緩。
This, coupled with continued general bank core deposit growth, reduce the need for additional high cost direct direct bank deposits in the third quarter, we will continue to utilize this channel as needed to bolster liquidity given our excess liquidity.
再加上銀行核心存款的持續成長，減少了第三季對額外高成本直接銀行存款的需求，考慮到流動性過剩，我們將繼續根據需要利用這一管道來增強流動性。
The position we slowed growth in this channel during the quarter.
我們在本季減緩了該通路的成長。
Moving to capital, our CET1 capital ratio decreased by nine basis points sequentially, ending the quarter at 13.24%.
轉向資本，我們的 CET1 資本比率環比下降了 9 個基點，本季末為 13.24%。
This was driven by a continued decline in the benefit provided by the shared loss agreements, which added approximately 73 basis points.
這是由於分擔損失協議提供的收益持續下降，增加了約 73 個基點。
So the ratio this quarter down 12 basis points from the second quarter.
因此本季該比率比第二季下降了12個基點。
Cat one, excluding the benefits of the shared loss agreements, increased three basis points from the linked quarter as earnings growth outpace risk-weighted asset growth as well as the impact of share repurchases.
由於獲利成長超過風險加權資產成長以及股票回購的影響，第一類（不包括分擔損失協議的收益）較上一季增加了三個基點。
We intend to MACT. one at lost share towards that 10.5% to 11% range by the end of 2025, which is the level it was following the acquisition of SDB.
我們打算採取 MACT。到 2025 年底，該公司的份額將下降至 10.5% 至 11%，這是收購深發展後的水平。
We intend to accomplish this through regular share repurchases in 24 and 25 as we continue to assess capital needs, considering loan growth, earnings trajectories and economic and regulatory environments.
我們打算透過 24 和 25 年的定期股票回購來實現這一目標，同時我們將繼續評估資本需求，考慮貸款成長、獲利軌跡以及經濟和監管環境。
I will close on Page 28.
我將在第 28 頁結束。
With our 2020 for Q4 and full year outlook on loans, we move our expectations lower given the starting point at the beginning of the fourth quarter.
根據我們對 2020 年第四季和全年貸款的展望，考慮到第四季初的起點，我們下調了預期。
While we remain guarded on growth, we do continue to see solid momentum in our pipelines.
儘管我們對成長保持警惕，但我們確實繼續看到我們的管道保持強勁勢頭。
We anticipate flat to low single digit annualized percentage growth in the fourth quarter, driven by the business and commercial loan portion folios in the General Bank and growth in the SVB commercial segment, we expect SVP Commercial will benefit from growth in the Global Fund Banking business do remain cautious on the absolute level of growth given the softness we experienced in the third quarter.
我們預計第四季度年化百分比將持平至低個位數增長，受普通銀行業務和商業貸款部分對開以及 SVB 商業部門增長的推動，我們預計 SVP Commercial 將受益於全球基金銀行業務的增長鑑於我們在第三季經歷的疲軟，我們對絕對成長水準保持謹慎。
We do expect a modest increase in net investment activity in the fourth quarter as the Fed's monetary easing cycle has potential to kickstart a market recovery, which could drive was higher in the segment.
我們確實預計第四季度淨投資活動將小幅增長，因為聯準會的貨幣寬鬆週期有可能啟動市場復甦，這可能會推動該領域的走高。
We expect loans to end the year and the 138 to 140 billion range, representing mid-single digit percentage growth for the full year.
我們預計年底貸款額將在 138 至 1400 億美元之間，相當於全年中個位數百分比成長。
We anticipate this growth will be concentrated across the same baking segments and for the same reasons previously discussed.
我們預計這種增長將集中在相同的烘焙領域，並且出於之前討論的相同原因。
We expect deposits to end the year in the 150 to $153 billion range, representing a low to mid-single digit percentage growth rate for the full year.
我們預計年底存款將在 1.5 至 1,530 億美元之間，全年增長率為低至中個位數百分比。
There is potential for a modest decline in deposits in the fourth quarter due to lower balances in the STB commercial segment driven back cash burn and a few large Global Fund Banking deposits that came in late in the third quarter before being distributed in October.
由於 STB 商業部門餘額減少導致現金消耗減少，以及第三季末收到的幾筆大額全球基金銀行存款於 10 月分配，第四季度存款可能會小幅下降。
Additionally, as previously discussed, we expect the continued decline in the direct bank as we are not replacing time deposit maturities.
此外，如前所述，我們預計直接銀行業務將持續下降，因為我們不會更換定期存款到期日。
We anticipate these reductions to be partially offset by continued growth in the branch network as we benefit from increasing our customer base by building deposits through successful execution of our organic growth and relationship banking strategy.
我們預計這些減少將被分行網路的持續成長所部分抵消，因為我們透過成功執行有機成長和關係銀行策略來累積存款，從而擴大客戶群，從而受益。
Our interest rate forecast for the fourth quarter covers a range of 0 to three 25 basis point rate cut with the effective Fed funds rate declining from 5% currently to as low as 4.25% by the end of the year.
我們對第四季的利率預測涵蓋 0 至 3 個 25 個基點的降息範圍，有效聯邦基金利率從目前的 5% 降至年底的 4.25%。
Turning to fourth quarter headline net interest income, we expect a low to mid-single digits percentage points decline as lower accretion and slightly lower loan and investment yields are only partially offset by declining deposit costs.
談到第四季度的整體淨利息收入，我們預期下降幅度為低至中個位數百分點，因為存款成本下降僅部分抵消了成長的下降以及貸款和投資收益率的略微下降。
Our guidance does include the plant impact of share repurchase activity for the remainder of 2024.
我們的指導確實包括 2024 年剩餘時間內股票回購活動對工廠的影響。
For the full year, we expect headline net interest income to be in the range of 7.1 to 7.2 billion, down slightly from our previous guide of 7.2 to 7.3 billion, reflecting the full impact of the 50 basis points rate cut in September as well as potential additional cuts in the updated fork gas occurring in the fourth quarter.
就全年而言，我們預計整體淨利息收入將在 710 至 72 億美元之間，略低於我們先前指引的 7.2 至 73 億美元，反映了 9 月降息 50 個基點以及第四季度可能會進一步削減更新後的叉氣。
In either case, as expected, we project that loan accretion will be down over 200 million for the year as loan discounts on the shorter portfolios continue to be recognized.
無論哪種情況，正如預期的那樣，我們預計今年的貸款增量將減少 2 億多，因為較短投資組合的貸款折扣繼續得到認可。
While we realize that our asset sensitivity causes headwinds to net interest income and net interest margin in down cycles has allowed us to pull forward earnings and higher for longer rate environment.
雖然我們意識到我們的資產敏感性會對淨利息收入和淨利息收益率造成不利影響，但在下行週期中，我們能夠將利潤提前並提高，以應對長期利率環境。
In general, we believe that being asset sensitive provides greater optionality in multiple interest rate environment and allows for greater flexibility on our balance sheet.
總的來說，我們認為資產敏感可以在多種利率環境下提供更大的選擇權，並為我們的資產負債表提供更大的靈活性。
We will continue to employ strategies to appropriately navigate market fluctuations in line with our long-term focus on tangible book value growth.
我們將繼續採取策略，適當應對市場波動，以符合我們對有形帳面價值成長的長期關注。
Moving credit losses.
移動信用損失。
While we remain within our risk appetite, we do anticipate fourth-quarter net charge offs near or slightly above the level we experienced in the third quarter, driven by the continued stress in the same portfolio as we have been discussing this year, commercial real estate rate cuts could ease some of the pressure on borrowers in the general office sector and over the long term helped to reduce issues in this portfolio.
雖然我們仍保持在風險偏好範圍內，但我們確實預計第四季度的淨沖銷將接近或略高於第三季度的水平，這是由於我們今年一直在討論的同一投資組合面臨持續壓力，商業房地產降息可以緩解一般辦公部門借款人的部分壓力，從長遠來看有助於減少該投資組合中的問題。
However, we do believe losses will remain elevated for the remainder of 24 and into 25.
然而，我們確實相信，在 24 月剩餘時間和 25 月內，損失將繼續保持在較高水平。
We also anticipate continued stress in the investor depend portfolio in the fourth quarter and into 2025.
我們也預計從第四季到 2025 年，投資者依賴的投資組合將繼續面臨壓力。
In addition to these factors, we are watching a couple of larger credits that could manifest in the losses in the fourth quarter, which are considered in the 40 to 50 basis points range for the quarter.
除了這些因素之外，我們還在關注可能在第四季度的損失中反映的一些較大的信貸，該季度的損失被認為在 40 至 50 個基點範圍內。
We are increasing the lower end of our full-year range, slightly from 35 to 37 basis points, with the high end of the range remaining 40 basis points.
我們將全年區間的下限從 35 個基點小幅上調至 37 個基點，上限仍維持 40 個基點。
Moving to adjusted noninterest income, we expect the fourth quarter to be in line to down low single digit percentage points from the third quarter.
至於調整後的非利息收入，我們預期第四季將比第三季降低個位數百分點。
We expect full year adjusted noninterest income to be in the range of 1.89 to 1.91 billion, which is slightly higher than our peers.
我們預計全年調整後非利息收入將在 189 至 19.1 億之間，略高於同業。
Previous guidance.
之前的指導。
This is driven by our rail outlook as we expect a continuation of healthy fundamentals in the near term from a supply-driven recovery, which is generating strong demand for existing railcars, resulting in a stronger for longer scenario.
這是由我們的鐵路前景推動的，因為我們預計供應驅動的復甦將在短期內延續健康的基本面，這將產生對現有鐵路車的強勁需求，從而導致長期前景更加強勁。
We are also expecting higher wealth management income due to continued organic growth and client acquisition.
由於持續的有機成長和客戶獲取，我們也預期財富管理收入會更高。
Moving to adjusted noninterest expenses, we expect the fourth quarter to be flat compared to the third quarter.
至於調整後的非利息支出，我們預計第四季將與第三季持平。
As discussed, we contain all they have made strategic hires on these themes, resulting in a higher run rate for salaries and benefits expense.
正如所討論的，我們包含了他們在這些主題上進行的策略招聘，從而導致工資和福利費用的運作率更高。
We are additional leasing, higher project-related expenses for strategic technology projects and increased marketing expenses in the direct direct bank.
我們增加了租賃費用，增加了策略科技專案的專案相關費用，並增加了直接銀行的行銷費用。
As we tried to hold on to deposits there, we will seek to partially offset these expenses through additional acquisition synergies, which I spoke to earlier earlier.
當我們試圖保留那裡的存款時，我們將尋求透過額外的收購協同效應來部分抵消這些費用，我之前曾談到過這一點。
Our adjusted efficiency ratio is expected to remain in the mid to upper 50% range in 2024 is the impact of the Fed rate cut cycle puts downward pressure on net interest margin, and we continue to make investments into areas that will help us scale to category three status when we cross that threshold.
由於聯準會降息週期的影響對淨利差帶來下行壓力，我們的調整後效率比率預計將在 2024 年保持在 50% 的中上位置，我們將繼續向有助於我們擴大規模的領域進行投資當我們跨過這個門檻時，會出現三種狀態。
Looking at the full year, we anticipate adjusted noninterest expense to be in the range of 4.764 $0.79 billion, representing mid single digit percentage growth.
縱觀全年，我們預計調整後的非利息支出將在 4.764 7.9 億美元範圍內，代表中等個位數百分比成長。
For the three comparable quarters.
對於三個可比季度。
We were merged with SDB. in 2023 for both the fourth quarter and full year 2024.
我們與深圳發展銀行合併。 2023 年第四季及 2024 年全年。
We expect our tax rate to be in the range of 27% to 28%, which is exclusive of any discrete items.
我們預計我們的稅率在 27% 至 28% 之間，這不包括任何離散項目。
In summary, we are pleased with our performance this quarter and encouraged by the performance of our business segments in the current economic cycle.
總而言之，我們對本季的業績感到滿意，並對我們業務部門在當前經濟週期中的表現感到鼓舞。
We will continue to focus on growing in a prudent manner for every allocating capital in driving long-term growth for our shareholders.
我們將繼續專注於以審慎的方式進行每一次資本配置，以推動股東的長期成長。
I will now turn it over to the operator for instructions for the question and answer portion of the call.
我現在將其轉交給接線員，以獲取有關通話問答部分的說明。
Thank you.
謝謝。
Ladies and gentlemen, if you have a question or comments at this time, please press star then the one key on your touch tone telephone.
女士們、先生們，如果您此時有疑問或意見，請按星號，然後按按鍵式電話上的單鍵。
As a courtesy to others on the call, we ask that you limit yourself to one question and one follow-up and then return to the queue.
出於對通話中其他人的禮貌，我們要求您只提出一個問題和一項後續行動，然後返回隊列。
If you have additional questions.
如果您還有其他問題。
If your question has been answered and you wish to remove yourself from the queue, please press star then two proposed one moment to compile the Q&A roster.
如果您的問題已得到解答，並且您希望將自己從隊列中刪除，請按星號，然後兩位建議花一點時間來編制問答名冊。
First question comes from Chris McGratty from KBW.
第一個問題來自 KBW 的 Chris McGratty。
Chris, your line is open.
克里斯，您的線路已開通。
Please go ahead.
請繼續。
So.
所以。
Great Morning, Craig.
早安，克雷格。
Referring to the SVB, um, decline in the quarter, obviously, that's a very tough quarter to quarter balance of the forecast.
談到 SVB，嗯，本季的下降，顯然，這是一個非常艱難的季度與季度平衡的預測。
I'm interested in your thoughts of the next couple of quarters.
我對您對未來幾季的想法感興趣。
What would it take?
需要什麼？
Do you think you mentioned lower rates, but and maybe what might be at risk here in terms of near term loan growth before we start seeing that benefit as rates go down?
您是否認為您提到了較低的利率，但在我們開始看到利率下降的好處之前，短期貸款成長可能面臨哪些風險？
Versus Craig, I'll ask Mark or Frank to expand on this, but we anticipate as the market recovers that loans and deposits will grow in SEB, we do think that lower rates and the expectation from our rates could be a catalyst for growth.
與克雷格相比，我會請馬克或弗蘭克進一步闡述這一點，但我們預計，隨著市場復甦，SEB 的貸款和存款將會增長，我們確實認為較低的利率和利率預期可能會成為增長的催化劑。
We don't really see anything in the quarter structural and SDB. That decline, it really was more related to payoffs towards the end of the quarter.
我們在本季並沒有真正看到任何結構性和 SDB 的變化。這種下降實際上更多地與季度末的收益有關。
Average loan balances are higher than last quarter.
平均貸款餘額高於上季。
So again, nothing really structural there that we're seeing.
再說一遍，我們沒有看到任何真正的結構性內容。
I would like to give Mark an opportunity to address that as well as East online wind.
我想給馬克一個機會來解決這個問題以及東方在線風。
But that's where we kind of how we see it come up right now.
但這就是我們現在看到的情況。
Mark, your market share there, I am here.
馬克，你在那裡的市場份額，我在這裡。
Thank you, Craig.
謝謝你，克雷格。
This is Mark had your app and what you see in that capital call lending portfolio, then taking it back to the second quarter when it was up by roughly similar amount for a period end balance basis, that portfolio Leo can move around again as second quarter and third quarter results indicate Craig hit a what I think is the most important point, and that is the average loan growth, which was continued to be positive in the quarter.
這是馬克的應用程序，以及您在資本看漲貸款投資組合中看到的內容，然後將其帶回第二季度，當期末餘額基礎上增長了大致相似的金額時，該投資組合Leo 可以再次在第二季度移動第三季度的業績表明克雷格達到了我認為最重要的一點，那就是平均貸款增長，該增長在本季度繼續保持正值。
And when it comes to a portfolio like this that can swing around on a period end basis like we've witnessed, I think the average balances are really a better thing to focus on as it gives a better indication of how that portfolio is trending.
當涉及到像我們所見證的這樣的投資組合時，它可以在期末基礎上波動，我認為平均餘額確實是一個更好的關注點，因為它可以更好地表明該投資組合的趨勢。
Recognizing that again, borrowing is a function of investment activity.
再次認識到，借貸是投資活動的函數。
Investment activity continue to be muted in the quarter.
本季投資活動繼續低迷。
And so until we see a significant pickup in investment activity, we will presumably continue to see a more muted activity in that portfolio segment.
因此，在我們看到投資活動大幅回升之前，我們可能會繼續看到該投資組合領域的活動更加溫和。
That's great.
那太棒了。
Thank you for that.
謝謝你。
And then I guess, Craig, back to the net interest income guide, the range is wide and understandably, because of the uncertainty with rates could maybe speak to the different ranges.
然後我想，克雷格，回到淨利息收入指南，這個範圍很寬並且可以理解，因為利率的不確定性可能會說明不同的範圍。
And then also within the guide accretion income came down.
然後指導成長收入也下降了。
How do we think about the accretion piece going forward to that two quarters?
我們如何看待這兩個季度的成長？
So accretion, we expect the pickup in now or the accretion to Noam to continue to dissipate as the shorter term loans paid off.
因此，隨著短期貸款的償還，我們預計現在的成長或諾姆的成長將繼續消散。
And we recognize that income, for instance, if it during the third quarter now benefited from accretion by 20 basis points.
例如，我們認識到，如果第三季的收入現在受益於成長 20 個基點。
That was down eight basis points from the prior quarter.
這比上一季下降了八個基點。
With accretion income dropping from 140 million to $101 million that we continued to decline as we go forward.
隨著增值收入從 1.4 億美元下降到 1.01 億美元，我們的收入持續下降。
For instance, we think that the fourth quarter will be somewhere around 90.
例如，我們認為第四季將在 90 左右。
We will have about $1.3 million remaining at the end of this year.
到今年年底，我們將剩餘約 130 萬美元。
Which is up roughly half of what we started with around 2.6 billion.
這大約比我們最初的 26 億美元增加了一半。
So the accretion number, the contribution from accretion will continue to go down as we move forward.
因此，隨著我們的前進，吸積數量，吸積的貢獻將繼續下降。
If we look at just trajectory of known and net interest income, we have we're looking at this and a range of possible outcomes with the high end of the range, assuming no further rate cuts in the fourth quarter.
如果我們只關注已知利息收入和淨利息收入的軌跡，我們就會看到這一點以及該範圍高端的一系列可能結果，假設第四季度不再進一步降息。
So the 50 basis points in September baked in, but no further rate cuts in the fourth quarter and for next year, that would be the high end of the known and net interest income range and end of the low end of the range, three additional 25 basis point rate cuts in the fourth quarter on a four and four cuts in 2025.
因此，9 月降息 50 個基點，但第四季和明年不會進一步降息，這將是已知利息收入和淨利息收入範圍的高端和該範圍低端的結束，另外三個第四季度降息25個基點，2025 年降息4 個基點。
And I'm going to anchor my comments to net interest income.
我將把我的評論錨定在淨利息收入上。
Tom ex accretion, we just talked about the accretion impact.
湯姆，除了吸積，我們剛剛談到了吸積的影響。
If I look at Q3, actual compared to expected fourth quarter of 24 exit net interest income in the low scenario, we would expect mid to high single digits percentage decline and Endo double up the higher forecast, low mid to single low to mid single digits decline on the margin.
如果我看一下第三季度，實際上與預期第四季度24 退出淨利息收入在低情景下相比，我們預計中高個位數百分比下降，遠藤將較高的預測翻倍，低中到個位數低到中個位數百分比邊際下降。
In the high scenario, we would expect margin to drop ex accretion from the three 33 to the low three 20 in the high in the low three tens and the low.
在高的情況下，我們預計利潤率將從三個 33 下降到低三個十和低三個十的低三個 20。
If we if we fast-forward that trajectory and look at fourth quarter of 25 exit for net interest income ex accretion and high, we would anticipate being up low single digit percentage points and in the low end up being down low single digits Omniome, we would expect the in the in the high scenario for the for the margin to move from the mid three 20s to the high three tens and in the low from the mid three tends to the high to 90s.
如果我們快轉這一軌跡，看看 25 年第四季的淨利息收入除增加和高位，我們預計會出現低個位數百分點的增長，而最終會下降低個位數的 Omniome，我們預計在在較高的情況下，利潤率將從20 多歲的中間移動到30 多歲的高位，而在較低的情況下，利潤率將從3 歲左右的中間移動到90 多歲的高位。
I know that's a lot, but that's where we see our exit Q4 of 24 in Q4 of 25.
我知道這個數字很多，但這就是我們在第四季的 25 家公司中看到的 24 家公司的退出情況。
Net interest income and margin ex accretion landing given those rate scenarios.
考慮到這些利率情景，淨利息收入和利潤率增加下降。
That was great.
那很棒。
Thank you, Greg.
謝謝你，格雷格。
Appreciate all the color.
欣賞所有的顏色。
Curious to.
好奇。
The next question comes from Anthony Elliott from at JPMorgan.
下一個問題來自摩根大通的安東尼·艾略特。
Since your line is open, please go ahead.
由於您的線路已開通，請繼續。
Hi, everyone.
大家好。
Following up on SVB., you saw deposits stable during the quarter and the decline you called out the decline in period-end loans, but market.
繼SVB.之後，您看到本季度存款穩定，並且您指出期末貸款下降，但市場。
Craig, I'm wondering if you can comment on the pace of client additions in that business and how that's trended in the third quarter?
克雷格，我想知道您是否可以評論一下該業務中客戶增加的速度以及第三季的趨勢？
Mark when you take that one place?
當你佔據那個位置時標記一下嗎？
Yes, it was.
是的，確實如此。
I will start.
我會開始。
Yes, assets, Mark, had your and I do know in the moment, have the new client statistic for the quarter, though we do continue to add new clients.
是的，資產，馬克，你和我現在都知道，有本季的新客戶統計數據，儘管我們確實在繼續增加新客戶。
We continue to see clients return to us in the third quarter and so continue to feel good directionally, recognizing that our target markets are still experiencing a downturn.
我們繼續看到客戶在第三季回歸我們，因此繼續感覺良好，並認識到我們的目標市場仍在經歷低迷。
And and and so that remains the headwind there.
這仍然是那裡的逆風。
But we are encouraged by new client acquisition continuing to be positive.
但我們對新客戶獲取持續積極的勢頭感到鼓舞。
Thank you.
謝謝。
And for my follow-up on the buyback.
以及我對回購的後續行動。
So you've told about 30% through October, which was elevated pace compared to the total authorization you have outstanding.
因此，到 10 月為止，您已經告知了大約 30%，這與您尚未完成的授權總額相比，速度有所加快。
Should we continue to expect the by the pace of the buyback to remain elevated up until mid-next year?
我們是否應該繼續預期回購步伐在明年中期之前仍將維持在高水準？
Thank you.
謝謝。
This is a tall back.
這是一個高背。
When you think through the end of the year, you can assume a similar pace to what you've seen so far and then sort of slowing down a little bit in next year to get to that 3.5 billion in the third quarter of next year.
當你考慮到今年年底時，你可以假設與迄今為止所看到的速度類似，然後在明年稍微放慢一些，以便在明年第三季達到 35 億。
Thank you.
謝謝。
The next question comes from Samuel Felker from UPS.
下一個問題來自 UPS 的 Samuel Felker。
Suddenly Your line is open.
突然你的線路開通了。
Please go ahead.
請繼續。
Morning, Craig, could you just put a finer point, earnings is floating rate loan exposures in the 60% to 65% of the key regulators.
早安，克雷格，你能說得更清楚一點嗎，獲利是關鍵監管機構 60% 到 65% 的浮動利率貸款風險敞口。
But can you just say what the exact percentages a split between works much floating, what's actually variable?
但你能說一下，具體的比例是多少呢？
Yes, the total loan portfolio around 64% variable.
是的，總貸款組合的 64% 左右是可變的。
36% fixed.
36% 固定。
Okay.
好的。
Any of the variable component, can you share what's effective floating?
任何可變組件，你能分享什麼是有效的浮動嗎？
Could you repeat that up?
你能重複一遍嗎？
You broke up there.
你們在那裡分手了。
Sorry, and the variability to 64% out of what part of that is actually effective floating today, same type of floating effect that floating set today.
抱歉，今天實際上有效浮動的部分的可變性為 64%，與今天浮動設定的浮動效果相同類型。
What's what's effective floating?
什麼是有效浮動？
Well, the majority of loans are tied to so far, Tom and the end of the spot market of maturity rate with around six 90, if that's what you're asking.
好吧，到目前為止，大部分貸款都與湯姆和現貨市場末期的到期利率掛鉤，大約有 6 個 90，如果這就是您所問的。
Okay.
好的。
And then in terms of the terminal deposit beta at the 33% expected next quarter, can you give some clarity how high do you expect that to go by market?
然後，就下季預期的 33% 的終期存款貝塔值而言，您能否明確說明您預計市場情況會達到多高？
So our terminal up betas online on loans was 53% on deposits was 47%.
因此，我們的終端線上貸款貝塔係數為 53%，存款貝塔係數為 47%。
We're anticipating in the fourth quarter down betas to be 23% on deposits, 32% of loans and fast forwarding to next year, we would think that terminal betas into down would be very similar terminal base up on on loans and deposits.
我們預計第四季度存款的貝塔係數將下降為 23%，貸款的貝塔係數將下降為 32%，並且快進到明年，我們認為下降的終端貝塔值將與貸款和存款的終端貝塔值非常相似。
Tom, is that yes, we're out of the ledger.
湯姆，是的，我們已經退出分類帳了。
Yes say yes, I mean, there's obviously a little bit of a lag on the deposit side to that's why we're expecting to be a little lower going into Q4 and then catch up during next year.
是的，是的，我的意思是，存款方面顯然有一點滯後，這就是為什麼我們預計進入第四季度會稍微低一些，然後在明年趕上。
Great.
偉大的。
Thank you.
謝謝。
The next question comes from David Long from Raymond James.
下一個問題來自雷蒙德詹姆斯的大衛朗。
David, your line is open.
大衛，你的線路已開通。
Please go ahead.
請繼續。
Good morning, everyone.
大家早安。
Mark, I know you talked a little bit about the loan side of SVB it.
馬克，我知道你談到了 SVB 的貸款方面。
And just looking more at the deposit side, plant balances quarter to quarter, you had a nice improvement in the second quarter.
只要更專注於存款方面，工廠逐季度的平衡，第二季度就有了很好的改善。
What changed in the marketplace that that drove that to be relatively flat in the third quarter?
市場發生了什麼變化導致第三季相對持平？
So it really starts with a diminished venture investment activity in the quarter, roughly 38 billion.
因此，這實際上是從本季創投活動減少開始的，約為 380 億美元。
And so fewer deposits to capture is how that translates.
因此，需要捕獲的存款就會減少。
Similarly, as I think we've noted in past calls, many of our clients have multiple bank accounts today.
同樣，正如我認為我們在過去的電話中指出的那樣，我們的許多客戶如今擁有多個銀行帳戶。
And so some portion of that opportunity, the gets captured by others as a function of that.
因此，這個機會的一部分，會被其他人抓住。
And then cash burn continues to be a factor which ticked up a little bit in the third quarter relative to the second.
然後，現金消耗仍然是第三季相對第二季略有上升的因素。
And so those are in effect that the headwinds from a deposit gathering.
因此，這些實際上是存款聚集帶來的不利因素。
And by virtue of that, what I think the flat deposits are up, honestly, I think it was $54 million in the quarter.
因此，老實說，我認為本季的固定存款增加了 5,400 萬美元。
That reflects, I think that continued progress bringing back existing or bringing back former clients attracting new ones and that continuing to reduce the number of clients that attrite.
這反映出，我認為，在吸引新客戶和吸引新客戶的同時，不斷取得進展，吸引現有客戶，並持續減少流失的客戶數量。
And so generally speaking, maybe stick the landing on this, I think of the continued stability in deposits, given all of these headwinds as great evidence that we are continuing to execute well and remain positioned for a better environment when investment inevitably picks back up.
因此，總的來說，也許堅持這一點，我認為存款的持續穩定，考慮到所有這些逆風都是有力的證據，表明我們將繼續良好執行，並在投資不可避免地回升時保持更好的環境。
Great.
偉大的。
Thanks for the color.
謝謝你的顏色。
Appreciate it.
欣賞它。
The next question comes from Ryan
下一個問題來自Ryan
Nash from Goldman Sachs.
來自高盛的納許。
Growing Your line is open.
成長您的線路已開放。
Please go ahead.
請繼續。
Good morning, everyone.
大家早安。
More on maybe a follow-up on some of the net interest income questions that were asked.
更多關於可能是所提出的一些淨利息收入問題的後續行動。
So when you think about the two scenarios that you outlined when we do expect net interest income and net interest margin to bottom and begin growing again.
因此，當您考慮您概述的兩種情況時，我們確實預期淨利息收入和淨利差將觸底並再次開始成長。
And then I guess related to that last quarter, you talked about further actions you've taken to reduce asset sensitivity.
然後我想與上個季度相關的是，您談到了為降低資產敏感度而採取的進一步行動。
Can maybe just talk about your updated thoughts on other actions that you've taken this quarter to reduce sensitivity?
能否談談您對本季為降低敏感度而採取的其他行動的最新想法？
Thanks and have a follow-up.
謝謝並跟進。
I will cover the trough question and let Tom cover the asset sensitivity question.
我將討論波谷問題，並讓湯姆討論資產敏感性問題。
In terms of not only the trough depend heavily on both time, timing and magnitude of rate cuts.
就波谷而言，不僅很大程度取決於降息的時間、時機和幅度。
Timing can be very important on that.
時機對此非常重要。
But just but all things being equal, if we look at net interest income ex accretion, we're looking second half of 25 regardless of the rate scenario and net interest margin ex accretion, we're also looking at second half of 25 regardless of scenario, and that's pushing that out is direct tied into our asset sensitivity.
但在所有條件相同的情況下，如果我們考慮淨利息收入除增值，無論利率情境和淨利差除增值如何，我們都會考慮 25 年下半年，無論利率情況如何，我們也會考慮 25 年下半年這種情況的發生與我們的資產敏感度直接相關。
So obviously, rate cuts have a negative impact and pressure our net interest income and margins.
顯然，降息會產生負面影響，並對我們的淨利息收入和利潤率造成壓力。
So subject to revision going forward that we would say second half of 25 is cost.
因此，根據未來的修訂，我們可以說 25 下半年是成本。
And I'll let Tom hit the asset sensitivity question.
我會讓湯姆回答資產敏感度問題。
Yes.
是的。
And on the asset sensitivity side, as you're aware, we have about 3.5% purchase money note on the liability side, which is fixed rate.
在資產敏感性方面，如您所知，我們在負債方面有大約 3.5% 的購買貨幣票據，這是固定利率。
It's about 20% of our total funding for we got a little bit of a kink in our asset sensitivity that they're right around that points during the third quarter, with rates falling down, we moderated some of our actions to mitigate asset sensitivity to instead sort of set-asides liquidity to get ready to repay that purchase money.
這大約是我們總資金的 20%，因為我們的資產敏感性有點小問題，第三季就在這個點附近，隨著利率下降，我們調整了一些降低資產敏感性的行動相反，要留出流動資金以準備償還購買資金。
Note three, 10 Vricon now early in the fourth quarter.
注意三，10 Vricon 現在在第四季度初期。
We go back to that full more look at some swap options there, but it just hasn't been economic to put on receipt fixed at the same rate for paying fixed on the liability side.
我們回顧那裡的一些掉期選項，但以相同的利率支付固定的負債方的收據並不經濟。
Got it.
知道了。
And maybe come back to the the Global Fund Banking, where you talked about the end of period being down but need to focus on the average where it was flat.
也許回到全球基金銀行業務，您談到期末下降，但需要專注於持平的平均水平。
I think you flagged lowered your activity, which is intuitive and higher repayments.
我認為您標記了您的活動降低了，這是直觀的並且還款額更高。
And obviously on capital call has been an area that a lot of banks have we've been investing and can you maybe just expand on the comments about higher repayments?
顯然，資本催繳一直是我們許多銀行一直在投資的一個領域，您能否擴展一下有關更高還款額的評論？
Are you seeing competition picking up?
您是否看到競爭加劇？
The loans are being refinanced away?
貸款正在再融資？
And I know one quarter doesn't make a trend, but how are you just thinking broadly about growth in this portfolio over the over the medium term?
我知道一個季度不會形成趨勢，但您如何廣泛思考該投資組合在中期內的成長？
Mark, can you take that with leisure, its market-leading seasoning, Mark again?
馬克，你能輕鬆地接受它，它是市場領先的調味料嗎，馬克？
Yes.
是的。
So it's Mark.
所以是馬克。
And so a couple of things, maybe just go back to the period and again, up by roughly a similar amount on a period-end basis in the second quarter before coming down.
因此，有幾件事，也許只是回到同期，第二季期末的增幅大致相似，然後才下降。
And just give a little bit of context on this capital call lending.
請提供一些有關資本催繳貸款的背景資訊。
These are tend to be short term loans that affect their review, solving lines of credit and they borrow when they make an investment generally speaking and repay when the capital called from their limited partner investment investors show up.
這些往往是短期貸款，會影響他們的審查，解決信貸額度問題，一般來說，他們在進行投資時借款，並在有限合夥人投資投資者要求的資金出現時償還。
And at a higher rate environment that we've been in on average, a borrowers tend to keep those advances out for a shorter duration.
在我們平均所處的較高利率環境下，借款人傾向於在較短的時間內保留這些預付款。
And so the combination of that factor, coupled with again, the more muted investment activity is, yes, I think what conspire is there to cause those swings quarter quarter on a period-end basis.
因此，這個因素的結合，再加上投資活動更加平淡，是的，我認為是什麼共同導致了期末季度季度的波動。
Again, the important point to note here is the average balance growth, which has continued to trend positive.
同樣，這裡值得注意的重要一點是平均餘額增長，該增長繼續呈正趨勢。
And getting to I think that the heart of your question, our competitiveness in the marketplace I'm seeing from others, you are right capital call lending subscription lending continues to be a attractive category.
我認為你的問題的核心是我們在市場上的競爭力，我從其他人那裡看到，你是對的，資本通知貸款訂閱貸款仍然是一個有吸引力的類別。
We have seen in recent years new entrants and we continue to feel very confident about our position in the market.
近年來，我們看到了新的進入者，我們仍然對我們在市場中的地位充滿信心。
We believe we have the longest lived Fund Banking Practice anyway, where would that add and an awfully long time and a very long established and experienced team.
無論如何，我們相信我們擁有壽命最長的基金銀行業務，這會增加一個非常長的時間和一個非常長期建立和經驗豐富的團隊。
And that team continues to win new business, notwithstanding the competitive environment, as I think Craig signal earlier, we're encouraged by the pipeline we see there.
儘管競爭環境激烈，但該團隊仍在繼續贏得新業務，正如我認為克雷格早些時候表示的那樣，我們對在那裡看到的管道感到鼓舞。
And without going into the future, we remain optimistic when fundraising or I'm sorry, when investment eventually picks back up.
在不展望未來的情況下，我們在籌款時保持樂觀，或者很抱歉，當投資最終回升時。
But that was reflective.
但這是反思性的。
Yes, no, it was.
是的，不，是的。
And if I could squeeze in one last one, just on the SVB. deposits, I know you said that there were some pay down our early in the quarter and then there's some cash burn.
如果我能擠進最後一張，就在 SVB 上。存款，我知道你說過我們在本季度初支付了一些費用，然後又燒掉了一些現金。
But if you think about it, you know, Olson advisors have been talking about a ramp in deal activity.
但如果你仔細想想，你就會知道，奧爾森顧問一直在談論交易活動的增加。
You talked about lower rates being a catalyst.
您談到較低的利率是催化劑。
Like do you see deposit flows picking up in this market as well?
您是否認為這個市場的存款流量也在增加？
We exited the year and move into 2025, hopefully in a more conducive environment.
我們結束了這一年並進入了 2025 年，希望在一個更有利的環境中。
Thank you.
謝謝。
So recognizing we're not providing preliminary guidance on 25 at this point, there continues to be a substantial amount of dry powder, quote, unquote, capital that's been committed to venture capital general partners, and that has yet to be invested.
因此，認識到我們目前尚未提供 25 的初步指導，仍然有大量的乾粉、報價、未報價、資本已承諾給風險投資普通合夥人，但尚未投資。
I think the stat for the third quarter, something like 328 billion or something like that.
我認為第三季的統計數據約為 3,280 億美元或類似的數字。
So a lot of money on the sidelines waiting to be invested.
因此大量資金觀望等待投資。
We've just seen the first 50 basis point rate cut with the expectation of potentially more and that we believe that I think Greg said in his opening remarks, we hope will begin to unstack this market, right, that things will continue to thought
我們剛剛看到首次降息 50 個基點，預計還會進一步降息，我們相信，我認為格雷格在開場白中表示，我們希望開始釋放這個市場，對吧，事情將繼續
given that we're now nine, 10 quarters into what has been a very significant downturn in the interim Asian economies space.
考慮到亞洲中期經濟體已經進入非常嚴重的衰退已經九、十個季度了。
And so while I can't predict the future and nobody knows exactly when that investment activity will pick back up, I think again, we remain well positioned for that inevitability when it occurs.
因此，雖然我無法預測未來，也沒有人確切知道投資活動何時會回升，但我再次認為，當這種不可避免的情況發生時，我們仍處於有利地位。
Got it.
知道了。
Thanks for all the color.
感謝所有的顏色。
See that.
看到那個。
The next.
下一個。
The next question comes from Christopher Marinac from Janney Montgomery Scott.
下一個問題來自詹尼·蒙哥馬利·斯科特的克里斯多福·馬裡納克。
Christopher, your line is open.
克里斯托弗，您的線路已開通。
Please go ahead.
請繼續。
Hey, thanks.
嘿，謝謝。
On, Craig, if you have less balance sheet growth that should have CT. one higher next year.
克雷格，如果你的資產負債表成長較少，就應該進行 CT 分析。明年會更高。
Just curious how that could impact the buyback, just thinking beyond what you've already authorized.
只是好奇這會如何影響回購，只是考慮超出您已經授權的範圍。
Yes.
是的。
We certainly plan to utilize the entire $3.5 billion and approved buyback.
我們當然計劃利用全部 35 億美元和批准的回購。
We will be re submitting our capital plan early in the early next year, first quarter in the first quarter.
我們將在明年初、第一季的第一季重新提交我們的資本計畫。
And if that's the case of earnings continue to outsource up risk-weighted asset growth, we would contemplate tagging on another repurchase plan in the back half of 2025.
如果在這種情況下，獲利繼續外包風險加權資產成長，我們將考慮在 2025 年下半年實施另一項回購計畫。
So you're exactly right
所以你是完全正確的
.
。
If asset growth, if we do have a smaller balance sheet certainly would support us continuing with our share repurchase plan
如果資產成長，如果我們的資產負債表確實較小，肯定會支持我們繼續實施股票回購計劃
.
。
Right now, we certainly contemplate not not necessarily a smaller balance sheet, but despite that, having the capacity to do a further plant in the second half of next year.
目前，我們當然不一定會考慮縮小資產負債表，但儘管如此，我們還是有能力在明年下半年再建一座工廠。
Great.
偉大的。
Thanks for that.
謝謝你。
And just to follow up on liquidity, is there any excess liquidity that you're carrying today that could be redeployed as the extent of the capital rules that the Fed are better understood in a few more quarters?
為了跟進流動性問題，您今天持有的過剩流動性是否可以根據聯準會在接下來的幾個季度內更好地理解的資本規則的範圍進行重新部署？
Yes, I think as we look at liquidity, you know, obviously we're not subject to LCR, but around our internal stress tests and everything like that.
是的，我認為當我們考慮流動性時，你知道，顯然我們不受 LCR 的影響，而是圍繞著我們的內部壓力測試和類似的事情。
Just elaborate what you see at other large financial institutions.
請詳細說明您在其他大型金融機構中看到的情況。
We got a give or take in a 7 billion depending on accounted an excess liquidity right now that we're carrying on the balance sheet that we could in theory, redeploy whether we use that to pay down debt or invest in other earning assets.
我們得到了 70 億美元的給予或接受，取決於我們目前所記錄的過剩流動性，理論上我們可以重新部署資產負債表，無論我們用它來償還債務還是投資於其他盈利資產。
But it's that number keeps shifting a salvage.
但這是一個不斷變化的數字。
They are highly dependent on deposit mix in oh five a little bit.
他們高度依賴五點存款組合。
We continue to manage liquidity conservatively and yes, and take advantage in the future.
我們繼續保守地管理流動性，是的，並在未來利用這一優勢。
Got it.
知道了。
Thank you, Tom.
謝謝你，湯姆。
I appreciate it.
我很感激。
I'm not showing any further questions at this time.
我目前不會提出任何進一步的問題。
So I'd like to turn the call back over to our host, yet a hub for any closing remarks.
因此，我想將電話轉回給我們的主持人，同時也是結束演講的中心。
Thank you so much, and thanks, everyone, for joining the call today.
非常感謝大家，也感謝大家今天加入電話會議。
We appreciate your ongoing interest in our company.
我們感謝您對我們公司的持續關注。
And if you have further questions or need additional information, please feel free to reach out to our Investor Relations team.
如果您還有其他問題或需要更多信息，請隨時聯繫我們的投資者關係團隊。
Hope everyone has a great rest of your day.
希望大家有個愉快的一天。
Ladies and gentlemen, this concludes today's conference call.
女士們、先生們，今天的電話會議到此結束。
You may now disconnect.
您現在可以斷開連線。
Have a wonderful day.
祝你有美好的一天。