Flushing Financial Corp (FFIC) 2023 Q3 法說會逐字稿

Good day, and welcome to Flushing Financial Corporation's Third Quarter 2023 Earnings Conference Call. Hosting the call today are John Buran, President and Chief Executive Officer; and Susan Cullen, Senior Executive Vice President, Chief Financial Officer and Treasurer; and Franc Korzekwinski, Senior Executive Vice President and Chief of Real Estate Lending. Today's call is being recorded. (Operator Instructions)

美好的一天，歡迎參加法拉盛金融公司 2023 年第三季財報電話會議。今天主持電話會議的是總裁兼執行長 John Buran；蘇珊‧卡倫 (Susan Cullen)，資深執行副總裁、財務長兼財務長；以及高級執行副總裁兼房地產貸款主管 Franc Korzekwinski。今天的通話正在錄音。 （操作員說明）

I would now like to turn the conference over to John Buran. Please go ahead.

我現在想把會議交給約翰·布蘭。請繼續。

Thank you, operator. Good morning, and thank you for joining us for our Third Quarter 2023 Earnings Call. Following my prepared remarks, Susan will review the financial trends, and we will then answer any questions. During the first quarter, the company instituted a 6-step action plan to enhance the resilience of our business model and strengthen our financial performance. We continue to take significant steps forward in this plan during the third quarter and are pleased with the progress we've made so far.

謝謝你，接線生。早安，感謝您參加我們的 2023 年第三季財報電話會議。在我準備好的發言之後，蘇珊將回顧金融趨勢，然後我們將回答任何問題。第一季度，公司製定了六步行動計劃，以增強我們業務模式的彈性並增強我們的財務表現。我們在第三季度繼續在該計劃中取得重大進展，並對迄今為止的進展感到滿意。

First, we added $100 million of interest rate hedges during the quarter to continue our move towards interest rate neutral, while emphasizing more floating rate loans, which approximate 60% of the loan pipeline at the end of the quarter. These actions have significantly reduced our interest rate sensitivity position while providing additional income.

首先，我們在本季增加了 1 億美元的利率對沖，以繼續向利率中立邁進，同時強調更多的浮動利率貸款，截至本季末，浮動利率貸款約佔貸款管道的 60%。這些行動顯著降低了我們的利率敏感度，同時提供了額外的收入。

Second, we continue to focus on risk-adjusted returns and overall profitability. Yields on the loan pipeline rose 54 basis points quarter-over-quarter and yields on loan closings increased 288 basis points year-over-year. It will take time for new and reprice loans to have a significant impact on overall loan yields, but we're encouraged by the results so far.

其次，我們持續關注風險調整後的報酬和整體獲利能力。貸款通路收益率較上季上升 54 個基點，貸款結清收益率年增 288 個基點。新貸款和重新定價貸款需要一段時間才能對整體貸款收益率產生重大影響，但迄今為止的結果令我們感到鼓舞。

Third, we expanded noninterest-bearing deposits by $47 million quarter-over-quarter or 6%, which compares favorably to the overall weaker industry trends. Net loans increased $63 million quarter-over-quarter as well. Our strong deposit and loan performance is driven by our initiatives to expand our client base and build loyalty through our excellent brand of customer service and deep community relationships.

第三，我們的無利息存款環比增加了 4,700 萬美元，增幅為 6%，這與整體疲軟的行業趨勢相比是有利的。淨貸款也環比增加 6300 萬美元。我們強勁的存款和貸款業績得益於我們透過卓越的客戶服務品牌和深厚的社區關係擴大客戶群並建立忠誠度的舉措。

Fourth, credit quality remains solid with net recoveries during the quarter. Minimal exposure to Manhattan office buildings and strong debt service coverage ratios.

第四，信貸品質依然穩定，本季出現淨復甦。對曼哈頓辦公大樓的風險最小，償債覆蓋率很高。

Fifth, available liquidity is $3.7 billion or 43% of assets. Tangible common capital declined slightly quarter-over-quarter to 7.6%. We will continue to take action to maintain strong liquidity and capital.

第五，可用流動性為 37 億美元，佔資產的 43%。有形普通資本較上季略有下降，至 7.6%。我們將繼續採取行動，維持強勁的流動性和資本。

Sixth, our GAAP and core noninterest expenses were down 3% year-over-year and 2% quarter-over-quarter. Overall, we expect that these decisive actions will result in an improved financial profile over time.

第六，我們的 GAAP 和核心非利息支出較去年同期下降 3%，較上季下降 2%。總體而言，我們預計這些果斷行動將隨著時間的推移改善財務狀況。

In addition to our action plan, Slide 4 outlines our 4 areas of focus for long-term success. First, interest rate risk is a priority and the actions we've taken have resulted in a 66% reduction in this risk over the past year. This is important given the uncertain outlook on rates.

除了我們的行動計畫之外，投影片 4 還概述了我們實現長期成功的 4 個重點領域。首先，利率風險是首要任務，我們採取的行動在過去一年使此風險降低了 66%。鑑於利率前景不確定，這一點很重要。

Second, we're focused on maintaining our credit quality. Our loan portfolio comprises low-risk loans to stable borrowers. Over 88% of the loan portfolio was secured by real estate with an average loan-to-value of 36% with solid debt service coverage ratios.

其次，我們致力於維持我們的信用品質。我們的貸款組合包括向穩定借款人提供的低風險貸款。超過 88% 的貸款組合由房地產擔保，平均貸款價值比為 36%，償債覆蓋率穩定。

The third area of focus is liquidity, which I just covered and remained strong.

第三個重點領域是流動性，我剛剛介紹過並且仍然保持強大。

The last area of focus is customer experience. Our ties with local communities is central to our ability to deliver exceptional service. With the opening of the Bensonhurst branch at the end of the quarter, 1/3 of our branches are in Asian markets. This is a population we know well and we have had great success fostering long-standing relationships with customers in the Asian community. We are also experiencing increased usage in our digital banking platforms. We're confident that these 4 areas of focus will position the company to achieve long-term success.

最後一個重點領域是客戶體驗。我們與當地社區的連結對於我們提供卓越服務的能力至關重要。隨著本季末 Bensonhurst 分公司的開業，我們 1/3 的分公司位於亞洲市場。這是我們熟悉的人群，我們在與亞洲社區客戶建立長期關係方面取得了巨大成功。我們的數位銀行平台的使用量也不斷增加。我們相信，這四個重點領域將使公司長期成功。

Our loan portfolio is outlined on Slide 5. We're a conservative lender with 88% of the portfolio secured by real estate. Our high-quality multifamily and investor commercial real estate comprises 66% of the total portfolio. As a reminder, these 2 portfolios have weighted average debt service coverage ratios of 1.8x and a weighted average loan-to-value less than 50%. Manhattan office buildings are approximately 0.6% of net loans.

我們的貸款組合如投影片 5 所示。我們是一家保守的貸方，88% 的投資組合由房地產作為擔保。我們的優質多戶型和投資者型商業房地產佔總投資組合的 66%。提醒一下，這兩個投資組合的加權平均償債覆蓋率為 1.8 倍，加權平均貸款價值比低於 50%。曼哈頓辦公大樓約佔淨貸款的 0.6%。

In general, the real estate portfolio has strong sponsor support and excellent credit performance. With these metrics, we remain very comfortable with the quality of our loan portfolio and our stress tests have indicated that our borrowers are resilient and our portfolio is positioned to perform well if a stressed environment occurs.

整體而言，房地產投資組合擁有強大的保薦人支援和優良的信用表現。有了這些指標，我們對貸款組合的品質仍然非常滿意，我們的壓力測試表明，我們的借款人具有彈性，如果出現壓力環境，我們的投資組合也能表現良好。

I want to add some context on how we approach our real estate portfolio and why we're so confident in its stability. Slide 6 shows 2 types of multifamily buildings which you can see are on opposite ends of the spectrum. The picture on the left is like a typical multifamily building in our portfolio. This is a building that has a mix of rent-regulated apartments and market rents. The average monthly rent in our portfolio is approximately $1,650 compared with over $3,000 for market rents. What this means is this type of building is stable, low-risk and resilient to market volatility.

我想補充一些背景信息，說明我們如何處理我們的房地產投資組合，以及為什麼我們對其穩定性如此有信心。幻燈片 6 顯示了兩種類型的多戶建築，您可以看到它們處於光譜的兩端。左圖就像是我們投資組合中的典型多戶住宅建築。這是一棟混合了租金管制公寓和市場租金的建築。我們投資組合中的平均月租金約為 1,650 美元，而市場租金則超過 3,000 美元。這意味著這種類型的建築穩定、風險低且能夠抵禦市場波動。

Contrast this with the building on the right, which does not match our risk profile. While this building might look flashy, it's more upmarket and has greater swings in monthly rent rates. This is the type of multifamily building that is more exposed to market cycles.

將此與右側的建築物進行對比，它與我們的風險狀況不符。雖然這棟建築可能看起來很華麗，但它更高檔，而且每月租金波動更大。這是一種更容易受到市場週期影響的多戶建築類型。

We have a history of conservative underwriting on multifamily properties. When interest rates were low during the pandemic in 2020, we underwrote the loans at with cap rates at 5% or higher, which provide a cushion when rates rise and cap rates increase. Also, we underwrite loans at origination to absorb higher interest rates and each loan is stress test. This is one of the reasons why our debt service coverage ratios are at 1.8x.

我們對多戶型房產有著保守承保的歷史。 2020年疫情期間利率較低時，我們以5%或更高的上限利率承保貸款，這在利率上升和上限利率上升時提供了緩衝。此外，我們在發起時就承保貸款以吸收更高的利率，並且每筆貸款都經過壓力測試。這是我們的償債覆蓋率達到 1.8 倍的原因之一。

Annually, we review the cash flows of the buildings. Average monthly rents per unit from 2018 to 2023 increased at a 4% compounded annual growth rate, while the average monthly expenses increased a similar amount.

每年，我們都會審查建築物的現金流量。從 2018 年到 2023 年，每單位平均月租金以 4% 的複合年增長率增長，而平均月費用也有類似的增幅。

As I mentioned, many of our buildings have a mix of market and rent regulated rent. Regulated apartment rents are subject to Rent Guidelines Standards Board, with approved annual increases, and that's why it's important to have buildings with a mix of market and rent-regulated units.

正如我所提到的，我們的許多建築都採用市場租金和租金管制相結合的方式。受監管的公寓租金須遵守租金指南標準委員會的規定，並批准每年上漲，這就是為什麼擁有市場和租金監管單元混合的建築很重要。

Loans that include rent-regulated apartments are about 65% of multifamily loans. Our multifamily portfolio has strong sponsorship with equity greater than 60% and the average multifamily loan is only $1.2 million. We believe these metrics will continue to serve us well, especially in a more stressed environment.

包括租金管制公寓在內的貸款約佔多戶家庭貸款的 65%。我們的多戶型投資組合擁有強大的贊助，股權超過 60%，平均多戶型貸款僅 120 萬美元。我們相信這些指標將繼續為我們提供良好服務，尤其是在壓力更大的環境中。

Slide 7 shows the types of office properties we lend on and the types we don't. We lend on medical and health care facilities and largely outer borough single and multi-tenanted properties. Again, these types of properties have much more stability through market cycles.

幻燈片 7 顯示了我們出租和不出租的辦公室物業類型。我們向醫療和保健設施以及主要是外圍行政區的單一和多租戶房產提供貸款。同樣，這些類型的房產在市場週期中具有更高的穩定性。

We do not lend on high-rise office buildings that have much more volatility. Our average office loan is about $3.2 million with a weighted average LTV of 50% and a weighted average debt service coverage ratio of 1.8x. No office loans are nonaccrual and about 26% of the portfolio will have upward rate adjustments through 2024, given today's interest rates.

我們不會向波動性較大的高層辦公大樓提供貸款。我們的平均辦公室貸款約為 320 萬美元，加權平均 LTV 為 50%，加權平均償債覆蓋率為 1.8 倍。沒有任何辦公貸款是非應計貸款，考慮到目前的利率，到 2024 年，大約 26% 的投資組合將進行利率上調。

Slide 8 shows examples of retail commercial real estate that we lend to and the types of properties we don't. The Retail CRE portfolio is about $900 million. with significant portions located in Queens, Brooklyn and the Bronx. These are typically strip malls and not large shopping malls. These businesses are usually vital to the communities they serve. The portfolio has a weighted average LTV of 53% and debt service coverage ratios over 1.9x. The average loan is about $2.4 million. Credit performance is solid and less than 20% of the portfolio has rate resets through the end of 2024.

投影片 8 顯示了我們貸款的零售商業房地產和我們不貸款的房地產類型的範例。零售 CRE 投資組合約 9 億美元。其中很大一部分位於皇后區、布魯克林和布朗克斯。這些通常是露天購物中心，而不是大型購物中心。這些企業通常對其所服務的社區至關重要。該投資組合的加權平均 LTV 為 53%，償債覆蓋率超過 1.9 倍。平均貸款約240萬美元。信貸表現穩健，到 2024 年底，只有不到 20% 的投資組合會進行利率重置。

We believe this portfolio is high quality, servicing the needs of local communities that rely upon these services on a day-to-day basis. As you can see, across our real estate portfolio, we prioritize the same key factors: limited risk exposure, resilience and strong and stable borrowers. We're comfortable with the level of risk in our real estate portfolio and remain confident in the long-term benefits of our approach.

我們相信該產品組合是高品質的，可以滿足日常依賴這些服務的當地社區的需求。正如您所看到的，在我們的房地產投資組合中，我們優先考慮相同的關鍵因素：有限的風險敞口、韌性以及強大且穩定的借款人。我們對房地產投資組合的風險程度感到滿意，並對我們方法的長期效益保持信心。

Slide 9 provides detail on our Asian markets. With the opening of our Bensonhurst branch in Brooklyn, 1/3 of our branches are in Asian markets. We have $1.2 billion of deposits and $766 million of loans in these markets. These deposits are 19% of our total deposits, and we have only 3% of the market share. So there's substantial room for growth. Our approach to this market is supported by our multilingual staff, our Asian advisory board and support of cultural activities. This market, which has total deposits of $41 billion, continues to be an important opportunity for us.

幻燈片 9 提供了有關我們亞洲市場的詳細資訊。隨著我們布魯克林 Bensonhurst 分行的開業，我們 1/3 的分行位於亞洲市場。我們在這些市場上擁有 12 億美元的存款和 7.66 億美元的貸款。這些存款占我們總存款的19%，而我們只佔3%的市佔率。所以還有很大的成長空間。我們的多語言員工、亞洲顧問委員會和文化活動的支持為我們進入這個市場提供了支持。這個總存款達 410 億美元的市場對我們來說仍然是一個重要的機會。

Slide 10 outlines the growth of our digital banking platforms. We continue to see double-digit growth rates in monthly mobile deposit users, users with active online banking status and digital banking enrollment. The numerator platform, which digitally originate smaller dollar loans as quickly as 48 hours. continues to grow. We originated approximately $16 million of commitments year-to-date, and these loans have an average rate greater than the overall loan portfolio yield.

幻燈片 10 概述了我們數位銀行平台的發展。我們繼續看到每月行動存款用戶、擁有活躍線上銀行狀態的用戶和數位銀行註冊用戶的成長率達到兩位數。分子平台，最快 48 小時內以數位方式發放小額美元貸款。持續增長。今年迄今為止，我們發放了約 1,600 萬美元的承諾，這些貸款的平均利率高於整體貸款組合收益率。

We continue to explore other fintech product offerings and partnerships to further enhance our digital banking platform and customer experience.

我們繼續探索其他金融科技產品和合作夥伴關係，以進一步增強我們的數位銀行平台和客戶體驗。

During the third quarter, we also continued to participate in community events to strengthen our ties to our core Asian customer base. Community involvement is a hallmark of this company. The third quarter had several notable events to highlight, as you can see on Slide 11.

第三季度，我們也持續參與社區活動，以加強我們與亞洲核心客戶群的連結。社區參與是這家公司的標誌。正如您在幻燈片 11 中看到的那樣，第三季有幾件值得注意的事件值得強調。

Our employees were active participants in the Dragon Boat festivals, and we are a strong competitor in the races. We also participated in the India Day Parade and the Moon Festival. Participating in these types of initiatives builds our already strong ties with our local communities and drives customer loyalty.

我們的員工積極參與端午節，我們是賽跑的有力競爭者。我們也參加了印度日遊行和中秋節。參與這些類型的措施可以建立我們與當地社區本已牢固的聯繫，並提高客戶忠誠度。

I'll now turn it over to Susan to provide more detail on our key financial metrics. Susan?

現在我將把它交給蘇珊，以提供有關我們關鍵財務指標的更多詳細資訊。蘇珊？

Thank you, John. I will begin on Slide 12. The company reported third quarter 2023 GAAP earnings per share of $0.32 and core earnings per share of $0.31. Average total deposits increased 9% year-over-year, but declined 1% during the quarter. Noninterest-bearing deposits increased 6% quarter-over-quarter, while average CDs expanded to 34% of total average deposits. The cost of deposits totaled 2.94% or the cost of funds was 3.13%.

謝謝你，約翰。我將從幻燈片 12 開始。該公司公佈的 2023 年第三季 GAAP 每股收益為 0.32 美元，每股核心收益為 0.31 美元。平均總存款年增 9%，但本季下降 1%。無利息存款較上季增加 6%，平均定期存單占平均存款總額的比例擴大至 34%。存款成本為2.94%，資金成本為3.13%。

Loans increased nearly 1% quarter-over-quarter, and our loan pipeline totaled $363 million at the end of the quarter with approximately 60% of floating rate. Nonperforming assets decreased slightly quarter-over-quarter. Overall, third quarter results reflect our execution on our action plan to improve profitability.

貸款季增近 1%，截至本季末，我們的貸款總額為 3.63 億美元，浮動利率約為 60%。不良資產環比略有下降。總體而言，第三季業績反映了我們對提高獲利能力的行動計畫的執行情況。

Slide 13 depicts our deposit portfolio. Average deposits increased 9% year-over-year, but declined 1% quarter-over-quarter. The quarterly decline was primarily due to seasonality, timing and pricing decisions. Growth in noninterest-bearing deposits is a top priority for us, so we are pleased noninterest-bearing deposits increased quarter-over-quarter and now comprise 12.5% of total average deposits. This growth occurred despite continued Fed action to reduce liquidity in the market.

投影片 13 描述了我們的存款組合。平均存款年增 9%，但環比下降 1%。季度下降主要是由於季節性、時間安排和定價決策造成的。無利息存款的成長是我們的首要任務，因此我們很高興無息存款較上季成長，目前佔平均存款總額的 12.5%。儘管聯準會繼續採取行動減少市場流動性，但仍出現了這種成長。

Average CDs increased to $2.3 billion from $1.1 billion a year ago. Our loan-to-deposit ratio has improved to 103% from 113% a year ago.

平均 CD 從一年前的 11 億美元增加到 23 億美元。我們的貸存比率從一年前的113%提升到103%。

Slide 14 outlines our loan portfolio and yields. Net loans decreased less than 1% year-over-year but increased about 1% quarter-over-quarter. Loan closings were $241 million, a 52% improvement quarter-over-quarter. Core loan yields increased 27 basis points during the quarter, and for the fourth consecutive quarter, yields on loan closings exceeded yields on satisfactions.

第 14 投影片概述了我們的貸款組合和收益率。淨貸款年減不到1%，但較上季成長約1%。貸款結清額為 2.41 億美元，季增 52%。本季核心貸款收益率上升 27 個基點，貸款結清收益率連續第四個季度超過滿意度收益率。

Prepayment penalty income was elevated in the third quarter at $662,000 compared to $278,000 in the previous quarter. The loan pipeline was $363 million at the end of the quarter, while yields on the pipeline increased 54 basis points during the quarter.

第三季提前還款罰金收入增加至 662,000 美元，而上一季為 278,000 美元。截至本季末，管道貸款金額為 3.63 億美元，而管道收益率在本季增加了 54 個基點。

Slide 15 provides more detail on the contractual repricing of the loan portfolio. approximately $1.2 billion or 17% of loans repriced with each Fed move. Our hedge position on these increases, the percentage of the loans repricing with each Fed moved to 25%. We -- For the remainder of 2023, another $225 million is due to reprice at 182 basis points higher than the current yield. In 2024 and 2025, combined $1.5 billion of loans will reprice 250 to 270 basis points higher. These values are based on underlying index value as of September 30, 2023, and do not consider any future rate moves. This repricing should drive net interest margin expansion once funding costs stabilize.

投影片 15 提供了有關貸款組合合約重新定價的更多細節。聯準會每次行動都會重新定價約 12 億美元或貸款的 17%。我們對這些成長的對沖頭寸，每次聯準會重新定價的貸款百分比升至 25%。我們—在 2023 年剩餘時間內，將另外 2.25 億美元重新定價，價格比目前收益率高 182 個基點。 2024 年和 2025 年，總計 15 億美元的貸款重新定價將上漲 250 至 270 個基點。這些數值是根據截至 2023 年 9 月 30 日的基礎指數值，不考慮任何未來的利率變動。一旦融資成本穩定，這種重新定價應該會推動淨利差擴大。

Slide 16 outlines the net interest income and margin trends. The GAAP net interest margin expanded 4 basis points to 2.22% during the quarter, while the core net interest margin compressed only 3 basis points. This is the lowest amount of core NIM compression over the past 4 quarters. Prepayment penalty income and interest recoveries on nonaccrual loans were elevated at $857,000 compared to the previous quarter. We expect the NIM to remain under pressure as long as the Fed raises rates. but the pressure should be more manageable based on current forecasted rate hikes through the rest of the year. After a lag, we would expect the NIM would begin to expand as the pressure on funding costs, ease and loans continue to reprice higher.

第 16 張投影片概述了淨利息收入和利潤率趨勢。本季 GAAP 淨利差擴大 4 個基點至 2.22%，而核心淨利差僅壓縮 3 個基點。這是過去 4 個季度中核心 NIM 壓縮量的最低值。與上一季相比，提前還款罰金收入和非應計貸款利息回收增加至 857,000 美元。我們預計，只要聯準會升息，淨利差就會繼續面臨壓力。但根據目前今年剩餘時間的升息預測，壓力應該更容易控制。經過一段時間的延遲後，我們預計淨利差將開始擴大，因為融資成本、寬鬆和貸款的壓力繼續重新定價走高。

Turning to Slide 17. As John mentioned, one of our goals for 2023 is to significantly move towards a more interest rate neutral. The goal for the balance sheet is to better match the duration of our assets, which is about 2.5 to 3 years, more closely to the duration of our funding, which is about 1.5 to 2 years. We've made considerable progress over the past year. For an immediate rise of 100 basis points in rates, our net interest income would decline by 3%, a 66% improvement.

轉向投影片 17。正如約翰所提到的，我們 2023 年的目標之一是大幅轉向更中性的利率。資產負債表的目標是更好地匹配我們的資產期限（大約 2.5 到 3 年），更接近我們的融資期限（大約 1.5 到 2 年）。過去一年我們取得了長足進步。如果利率立即上升 100 個基點，我們的淨利息收入將下降 3%，即增加 66%。

The addition of interest rate hedges and more floating rate assets are the key drivers to the reduce sensitivity. The interest rate hedges are particularly important as they provide immediate income in addition to moving the balance sheet more towards neutral. The bottom line is we execute well on this strategy, which helps mitigate NIM compression from rising rates.

利率對沖和更多浮動利率資產的增加是敏感度降低的關鍵驅動因素。利率對沖尤其重要，因為它們除了使資產負債表更趨於中性之外，還能提供直接收入。最重要的是，我們在這項策略上執行得很好，這有助於緩解利率上升帶來的淨利差壓縮。

Slide 18 provides more detail on our CD portfolio. Total CDs are over $2 billion or 35% of total deposits at September 30. CDs helped to lengthen the duration of our funding to match the duration of our assets more closely. We expect to retain a high percentage of our CDs. Currency rates range from 5% to 5.45%. All else equal, we expect the CD repricing to pressure our net interest margin.

投影片 18 提供了有關我們 CD 產品組合的更多詳細資訊。截至 9 月 30 日，定期存款總額超過 20 億美元，佔存款總額的 35%。定期存款有助於延長我們的融資期限，使我們的資產期限更緊密地匹配。我們希望保留較高比例的 CD。貨幣匯率範圍為 5% 至 5.45%。在其他條件相同的情況下，我們預期存單重新定價將對我們的淨利差帶來壓力。

Our net charge-off history is on Slide 19. As you can see, we have a long history of below industry level of net charge-offs. In fact, we had a small net recoveries in the third quarter. We are a conservative underwriter of credit. We expect minimal losses in the loan portfolio if there's an economic downturn given the large percentage of our loan portfolio secured by real estate with a low average loan to value.

我們的淨沖銷歷史記錄在投影片 19 上。如您所見，我們的淨沖銷歷史悠久，低於業界水準。事實上，我們在第三季實現了小幅淨復甦。我們是保守的信貸承銷商。鑑於我們的貸款組合中有很大一部分是由平均貸款價值較低的房地產擔保的，我們預計，如果出現經濟衰退，貸款組合的損失將降至最低。

Additionally, the weighted average debt service coverage ratio is 1.8x on a multifamily and investor real estate portfolios and 1.2x in a stress scenario consisting of a 200 basis point increase in rates and a 10% increase in operating expenses. These factors contribute to our expectation of minimal loss content within the loan portfolio.

此外，多戶型和投資者房地產投資組合的加權平均償債覆蓋率為 1.8 倍，而在利率增加 200 個基點和營運費用增加 10% 的壓力情境下，加權平均償債覆蓋率為 1.2 倍。這些因素有助於我們對貸款組合中的損失內容進行最小化的預期。

Slide 20 shows our other credit metrics with declines in nonperforming assets and an increase in the nonperforming loan coverage ratio. Criticized and classified assets increased during the quarter from a low base and we expect the criticized and classified assets to loans ratio to remain below peer levels. Our allowance for credit losses is presented by loan segment at the bottom right chart. Overall, the allowance for credit losses to loans ratio was stable at 57 basis points during the quarter. We remain very comfortable with our credit risk profile.

幻燈片 20 顯示了我們的其他信貸指標，其中不良資產有所下降，不良貸款覆蓋率有所上升。本季批評和分類資產從較低基數開始增加，我們預期批評和分類資產與貸款比率仍低於同業水準。我們的信用損失準備金按右下圖表中的貸款部分列出。整體而言，本季信貸損失撥備與貸款比率穩定在 57 個基點。我們對我們的信用風險狀況仍然非常滿意。

Our capital position is shown on Slide 21. Book value and tangible book value per share increased year-over-year. We repurchased approximately 59,000 shares at an average price of $15.88, which is a 29% discount to tangible book value. The tangible common equity ratio declined slightly to 7.59% quarter-over-quarter. Overall, we view our capital base as a source of strength and a bio component of our conservative balance sheet.

我們的資本狀況如投影片 21 所示。每股帳面價值和有形帳面價值年增。我們以 15.88 美元的平均價格回購了約 59,000 股股票，較有形帳面價值折價 29%。有形普通股比率較上季小幅下降至7.59%。整體而言，我們將資本基礎視為力量的來源和保守資產負債表的生物組成部分。

Slide 22 provides our outlook. While we do not provide guidance, we want to share a high-level perspective on performance in the current environment. We continue to expect stable loan balances given the challenging environment. However, we expect to increase the amount of floating rate loans. Certain deposits experienced typical seasonality in summer months and should level out before increasing by year-end. There are several other factors that will affect the net interest margin versus the pressure from the Fed raising rates and the natural shift in the deposit mix.

幻燈片 22 提供了我們的展望。雖然我們不提供指導，但我們希望分享有關當前環境下績效的高層次觀點。鑑於充滿挑戰的環境，我們繼續預期貸款餘額將保持穩定。不過，我們預期浮動利率貸款的數量將會增加。某些存款在夏季經歷了典型的季節性，在年底之前應該會趨於平穩。還有其他幾個因素會影響淨利差以及聯準會升息和存款結構自然變化的壓力。

Second is the size and growth of the loan portfolio. Third is the repricing of both CDs and certain loans. Fourth is our interest rate hedges, which were favorable in the third quarter. Finally, any increase in the rates by the Fed will benefit this portfolio, offsetting some margin risk.

其次是貸款組合的規模和成長。第三是定期存款和某些貸款的重新定價。第四是我們的利率對沖，這在第三季是有利的。最後，聯準會升息將使該投資組合受益，抵銷部分保證金風險。

Overall, we expect continued pressure on the net interest margin as Fed increases rates, but all else being equal, the pressure should be more like what was experienced over the most recent 2 quarters versus the prior 3.

總體而言，我們預計隨著聯準會升息，淨利差將繼續面臨壓力，但在其他條件相同的情況下，壓力應該更像是最近兩個季度與前三個季度所經歷的壓力。

For modeling purposes, the core net interest margin was 2.11% for the month of September after adjusting for a more normal level of prepayment penalty income. Noninterest income should benefit from the back-to-back swap loan closings. Noninterest expenses were well controlled in the third quarter and the extra scrutiny is placed on all expenses. However, the third quarter included a $3.1 million CAREs Act benefit, which may not repeat in the fourth quarter. Lastly, the effective tax rate should approximate 26% to 28% for 2023.

出於建模目的，在對更正常的提前還款罰金收入水準進行調整後，9 月的核心淨利差為 2.11%。非利息收入應該會受益於連續的掉期貸款關閉。第三季非利息支出得到了很好的控制，並對所有支出進行了額外的審查。然而，第三季包括 310 萬美元的 CARE 法案福利，第四季可能不會重複。最後，2023 年的有效稅率應約為 26% 至 28%。

I will now turn it back over to John.

我現在將把它轉回給約翰。

Thank you, Susan. On Slide 23, I'll wrap up with our key takeaways. We continue to execute our action plan, which is improving our profitability in the short and medium term and establishing a foundation for long-term success. We moved our interest rate positioning more towards neutral, which has helped to limit net interest margin compression. While we continue to expect some compression with additional Fed rate increases, the pressure is expected to be similar to the past 2 quarters.

謝謝你，蘇珊。在投影片 23 中，我將總結我們的要點。我們繼續執行我們的行動計劃，這將提高我們中短期的獲利能力，並為長期成功奠定基礎。我們將利率定位轉向中性，這有助於限制淨利差壓縮。雖然我們繼續預期聯準會額外升息會帶來一些壓力，但預計壓力將與過去兩季相似。

Our asset quality continues to be a strength. We have solid liquidity and capital. We continue to serve our clients and deepen relationships. We remain cautious given the environment but are executing on our plan to navigate this difficult environment. The decisive actions we are taking will allow us to improve overall performance.

我們的資產品質仍然是一個優勢。我們擁有雄厚的流動性和資本。我們繼續為客戶提供服務並加深關係。鑑於當前的環境，我們仍然保持謹慎態度，但正在執行我們的計劃以應對這一困難的環境。我們正在採取的果斷行動將使我們能夠提高整體績效。

Operator, I'll turn it over to you to open the lines for questions.

接線員，我將把它交給您來打開提問線路。

(Operator Instructions) Our first question comes from Mark Fitzgibbon with Piper Sandler.

（操作員說明）我們的第一個問題來自 Mark Fitzgibbon 和 Piper Sandler。

Susan, I was wondering when you feel like the Fed is done raising rates, is it likely that you'll take some of the interest rate hedges off the balance sheet to try to benefit as rates go down? Or is this sort of the new sort of rate sensitivity positioning and you'll likely keep a bunch of interest rate hedges on to synthetically create the rate sensitivity you're looking for?

蘇珊，我想知道，當您覺得聯準會已經完成升息時，您是否可能會從資產負債表上取消一些利率對沖，以試圖在利率下降時受益？或者這是一種新型的利率敏感性定位，您可能會保留一系列利率對沖以綜合創建您正在尋找的利率敏感性？

Well, we're using the hedges to create that sensitivity until we get the loan books and the security books where we want them to be to have that rate sensitivity. So it's going to depend on how quickly we can move and fully implement the back-to-back swap program. We had great success with that this quarter. We had $132 million of loans that originated collecting fees of $1.6 million this quarter, and our hedges have an average life of 3 years. So all of those things come into play with the -- with our strategy concerning those.

好吧，我們正在使用對沖來創造這種敏感性，直到我們獲得我們希望它們具有這種利率敏感性的貸款帳簿和擔保帳簿。因此，這將取決於我們能夠以多快的速度採取行動並全面實施背對背互換計劃。本季我們在這方面取得了巨大成功。我們有 1.32 億美元的貸款，本季收取 160 萬美元的費用，我們的對沖平均期限為 3 年。因此，所有這些事情都與我們有關這些的策略一起發揮作用。

Okay. And then secondly, of the $76 million of multifamily loans and $70 million of CRE loans you closed this quarter, what are the LTVs and debt service coverage ratios on those new loans look like?

好的。其次，在本季結清的 7,600 萬美元多戶家庭貸款和 7,000 萬美元 CRE 貸款中，這些新貸款的 LTV 和償債覆蓋率是多少？

I would say the LTVs are still coming in below 70%. The debt coverage ratios are down a bit from where we've been historically, and that's generally because of the increased cost of borrowing. I really don't have a an average number. I don't think -- Susan, if you maybe look that up or get back later, but it's in excess of our minimum requirement, which is $125 million. I would say probably closer to $135 million to $140 million.

我想說 LTV 仍低於 70%。債務覆蓋率比歷史水準略有下降，這通常是因為借貸成本增加。我真的沒有平均數。我不認為——蘇珊，如果你查一下或稍後再回來的話，但這超出了我們的最低要求，即 1.25 億美元。我想說可能接近 1.35 億至 1.4 億美元。

Okay. Great. And then it looked like criticizing classifieds rose a fair bit this quarter. What was driving that?

好的。偉大的。然後，對分類廣告的批評似乎在本季有所增加。是什麼推動了這一點？

That was basically one relationship, Mark, that was -- is very well secured. It was evaluated for any potential loss to the CECL modeling and none was identified, as I said, it's very well secured. It was mostly macroeconomic environmental factors that caused that downgrade the loan as current. and has always been current. It's not missed a payment. It's just some macroeconomics affecting that particular loan relationship.

馬克，這基本上是一種非常牢固的關係。我們評估了 CECL 建模的任何潛在損失，但沒有發現任何損失，正如我所說，它的安全性非常好。導致該貸款評級下調為流動性的主要原因是宏觀經濟環境因素。並且一直都是最新的。並沒有錯過付款。這只是一些影響特定貸款關係的宏觀經濟因素。

Okay. And then last question I had. Credit trends were great this quarter and charge-offs and what have you. But optically, your reserve looks a little light given where we are in the credit cycle and the complexion of your loan book. How do you think about that in terms of building provisioning? And obviously, you have some flexibility with the qualitative factors. How should we think about provisioning going forward?

好的。然後是我的最後一個問題。本季的信貸趨勢很好，沖銷等等。但從表面上看，考慮到我們所處的信貸週期和你的貸款帳簿的情況，你的準備金看起來有點少。您如何看待建築配置的問題？顯然，您對定性因素有一定的靈活性。我們該如何考慮未來的供應？

Well, we think our provision is appropriate mark given our loan -- our conservative balance sheet. So that's the first thing. We had some things that got cleaned up this quarter, some other assets that affected that. Our coverage ratio increased from a little over 200 -- from less than 210% to about 250%. So the allowance is -- we should be thinking about it in terms of the economy and what the composition of our loan portfolio is. So we're very comfortable with it.

嗯，我們認為考慮到我們的貸款——我們保守的資產負債表，我們的撥備是適當的。這是第一件事。本季我們清理了一些東西，還有一些其他資產對其產生了影響。我們的覆蓋率從 200 多一點——從不到 210% 增加到大約 250%。所以津貼是－我們應該從經濟角度來考慮它，以及我們貸款組合的組成是什麼。所以我們對此感到非常滿意。

So I'll reference one of our slides, Mark, and that gives a breakdown. Obviously, areas like multifamily the loss content has been so minimal over the years, and we're not expecting anything different there. Same way with the CRE portfolio. And of course, we're over 1% in terms of the C&I business banking portfolio.

因此，我將引用我們的一張幻燈片，馬克，其中給出了詳細說明。顯然，多年來，像多戶住宅這樣的地區損失量非常小，我們預計那裡不會有任何不同。 CRE 投資組合也是如此。當然，我們的 C&I 商業銀行業務投資組合超過 1%。

Our next question comes from Steve Moss with Raymond James.

我們的下一個問題來自史蒂夫·莫斯和雷蒙德·詹姆斯。

Maybe just start more than just -- maybe starting on the loan side here. I hear your expectations for a roughly stable balance sheet. Pipeline is still at a reasonably decent pacing those down a little bit quarter-over-quarter. Just kind of curious on the dynamics there, maybe there's some payoffs or -- and just maybe overall business activity.

也許不僅僅是從貸款方面開始。我聽到您對大致穩定的資產負債表的期望。管道仍然處於相當不錯的速度，比季度略有下降。只是對那裡的動態感到好奇，也許有一些回報，或者——也許只是整體商業活動。

So the payoffs have been relatively stable the last couple of quarters. In addition, the pipeline, I guess, has been certainly impacted by the continuing rise of -- in rates and our focus -- we've been trying to work with customers with a back-to-back swap program to give them better at least initial rate while maintaining our flexibility with respect to interest rate risk.

因此，過去幾季的回報相對穩定。此外，我想，管道肯定受到了利率和我們關注重點的持續上升的影響，我們一直在努力與客戶合作，實施背靠背互換計劃，讓他們更好地最低初始利率，同時保持我們在利率風險方面的靈活性。

So I think there's a number of dynamics taking place. And in addition, I think the -- what we're seeing is maybe a little bit of a slowdown of activity in terms of overall market.

所以我認為正在發生許多動態。此外，我認為我們所看到的整體市場活動可能略有放緩。

Okay. Great. Appreciate that color. And then in terms of just the -- on the expense side here with the benefit from the CAREs Act, just kind of curious how much of a step up, if you can give any color there, Susan, around that aspect? Is maybe $35 million, $36 million a better run rate for the fourth quarter to think about?

好的。偉大的。欣賞那個顏色。然後，就費用方面而言，從《關懷法案》中受益，只是有點好奇，蘇珊，如果你能在這方面提供任何顏色的話，會有多大的進步？也許 3500 萬美元、3600 萬美元是第四季更好的運行率？

So the CAREs Act was about $3 million, $3.3 million to be exact. So yes, if I take the run rate that's in the earnings release and at the $3.3 million, that would be about right.

因此，CARE 法案的金額約為 300 萬美元，準確地說是 330 萬美元。所以，是的，如果我採用收益發布中的運行率，即 330 萬美元，那就差不多了。

Okay. And in terms of maybe going up to '24 a little bit. I'm sure you guys are in budgeting process right now, but just kind of curious of the inflationary environment, I know you guys are trying to control expenses. Any early thoughts on 2024 you could share with us?

好的。就可能會上升到 24 一點而言。我確信你們現在正在製定預算，但只是對通膨環境感到好奇，我知道你們正在努力控制開支。您對 2024 年有什麼早期想法可以與我們分享嗎？

You're right, we're beginning to work on our budget. As we've said, given the rate environment, we expect some additional increases, but the compression in our NIM won't be as great as what we've seen. We are focusing on our expenses, but we will invest in the company where we think it's prudent going forward for 2024.

你說得對，我們正在開始製定預算。正如我們所說，考慮到利率環境，我們預計會有一些額外的成長，但 NIM 的壓縮不會像我們所看到的那麼大。我們專注於我們的支出，但我們將投資於我們認為 2024 年前景審慎的公司。

Our next question is from Chris O'Connell with KBW.

我們的下一個問題來自 KBW 的 Chris O'Connell。

I was hoping to start off with the margin. So I hear the Fed keeps raising, there's pressure, and it sounds like for next quarter, kind of that mid-single-digit core pressure for the last 2 quarters is reasonable. If there's no more Fed hikes from here, what do you think the timing is for bottom? I mean, is this -- do you think that similar compression in 4Q continues into the first quarter? Or do you think we're getting to a point of inflection? Yes.

我希望從利潤開始。所以我聽說聯準會不斷升息，有壓力，聽起來下個季度，過去兩季的中位數核心壓力是合理的。如果聯準會不再升息，您認為觸底的時機是什麼？我的意思是，您認為第四季的類似壓縮會持續到第一季嗎？或者您認為我們正處於轉折點嗎？是的。

So Chris, what we've said is if the Fed has stopped raising rates. And so let's say, the last rate was, I think, in September. So take 2 quarters for us to start expanding the NIM after the Fed stops raising right? So there would be a little bit of compression in the 2 quarters subsequent to stopping increasing rates and then expansion.

克里斯，我們所說的是聯準會是否停止升息。這麼說吧，我認為最後一次利率是在九月。那麼，在聯準會停止升息後，我們需要兩個季度的時間才能開始擴大淨利差，對吧？因此，在停止成長和擴張之後的兩個季度，將會出現一些壓縮。

Okay. Great. And so the read in there would be maybe the rate of compression would slow into the first quarter from the fourth quarter as well?

好的。偉大的。所以讀到的數據可能是壓縮率也會從第四季減慢到第一季？

Correct. That would be my assumption.

正確的。這是我的假設。

Great. And then you mentioned some of the seasonal factors. Can you just remind us what are the seasonal trends for your deposit base into the fourth quarter?

偉大的。然後你提到了一些季節性因素。您能否提醒我們第四季存款基礎的季節性趨勢是什麼？

Sure. So we'll see the movement in the government banking portfolio, which will reduced somewhat toward the end of the year. And then at the very beginning of the -- very, very tail end of the year into the beginning of the year, will expand again. So we'll see some movement in that government portfolio of a seasonal nature that is kind of starting now, and we'll continue into the -- into December. And then as I said, it starts to expand again. The balances start to expand again in the first quarter of the year, actually January on. That's typical.

當然。因此，我們將看到政府銀行投資組合的變動，到年底將有所減少。然後在年初——非常非常年底到年初，將再次擴張。因此，我們將看到政府投資組合從現在開始出現一些季節性的變化，並將持續到 12 月。然後正如我所說，它再次開始擴大。今年第一季度，實際上是一月份，餘額開始再次擴大。這是典型的。

Yes. And given the strong swap pipeline that you guys have up a little bit quarter-over-quarter, I think. Should we read into that as the banking service fees line, should say, at pretty strong levels going forward?

是的。我認為，考慮到你們的互換管道強勁，季度環比略有上升。我們是否應該將這一點解讀為銀行服務費線，應該說，未來將處於相當高的水平？

Like I said, we closed $132 million from $1.7 million. So I would expect to be -- look, I can't speak this morning, I'm sorry. I will continue to stay strong with that, yes.

正如我所說，我們從 170 萬美元籌集了 1.32 億美元。所以我希望——聽著，我今天早上不能說話，對不起。我將繼續保持堅強，是的。

Great -- and then -- just to circle back and confirm on the expenses, so backing out the $3.3 million from the CAREs, get to like 37.7% for this quarter. And then is there a little bit of an uptick in the next quarter from the new brand chat? Or should we think about it more as kind of a flattish quarter for next quarter?

太棒了——然後——只是回過頭來確認一下費用，所以從 CARE 中扣除 330 萬美元，本季度的費用大約為 37.7%。那麼下個季度新品牌的聊天量是否會上升？或者我們應該將其更多地視為下個季度的平穩季度？

I think you can think of our base somewhere around 38%.

我想你可以想像我們的基數在 38% 左右。

Okay. That's helpful. And then last one for me, just a little bit of share repurchases. You guys are moving toward your TCE target. Do you think that -- how are you balancing out moving toward that target and doing any share repurchases going forward? Do you have any appetite for that now or more in capital preservation mode?

好的。這很有幫助。最後一個對我來說，只是一點點股票回購。你們正在朝著 TCE 目標邁進。您認為，您如何平衡實現該目標和未來進行任何股票回購之間的關係？您現在對此有興趣還是在資本保值模式下有更多興趣？

So we'll still opportunistically go into the market this quarter. We deploy our capital on our loan originations. They were up about $100 million from the previous quarter. So as we've always said, Chris, that our capital goals are to redeploy it into the company profitably, then return it to the shareholders via dividend and finally, the share repurchase, our philosophy has not changed on that.

所以本季我們仍然會機會主義地進入市場。我們將資金用於貸款發放。他們比上一季增加了約 1 億美元。因此，正如我們一直在說的，克里斯，我們的資本目標是將其重新部署到公司中並實現盈利，然後通過股息將其返還給股東，最後是股票回購，我們的理念在此方面沒有改變。

Our next question comes from Manuel Navas with D.A. Davidson.

我們的下一個問題來自曼努埃爾·納瓦斯和 D.A.戴維森。

I just want to clarify on the near-term NIM. On a core basis, it was down 3 basis points this quarter and 8 basis points last quarter. So that's roughly the range for this coming quarter. And just what would be the difference on the reported side, if we have a Fed rate hike?

我只想澄清一下近期的淨利差。從核心基礎來看，本季下降了 3 個基點，上季下降了 8 個基點。這大致就是下個季度的範圍。如果聯準會升息，報告方面會有什麼不同？

So if the Fed raises rates, again, we believe the compression will be greater than what we saw last quarter. But that 3 to 8 basis points is probably a good range, everything else being equal.

因此，如果聯準會再次升息，我們認為壓力將比上季更大。但在其他條件相同的情況下，3 到 8 個基點可能是一個不錯的範圍。

Do your hedges have -- Will they only help you in another hike? Like how should -- comparison to this current...

你的樹籬是否－它們只會在你下次遠足時幫助你？就像應該如何——與當前的比較......

They'll help us even more than they have to date. So as interest rates go up, the hedges become more valuable.

他們將為我們提供比迄今為止更多的幫助。因此，隨著利率上升，對沖變得更有價值。

Awesome. Okay. And you said that the rough duration on them is about 3 years?

驚人的。好的。你說他們的大概持續時間是3年左右？

About 3 years, yes.

大約3年，是的。

Some roll off in '24, some begin to roll off in '25, but the average is about 3 years.

有些在 24 年開始滾動，有些在 25 年開始滾動，但平均約為 3 年。

I would hope you be opportunistic if you see Fed about to come back down to kind of delay some of those re-upping of the hedges?

如果您看到聯準會即將回落以推遲部分對沖措施的重新啟動，我希望您能投機取巧？

So I think we'll have that opportunity because despite the fact that there's a 3-year average, there is a roll-off taking place over time. So we'll be assessing while we still want to remain in a very, very neutral range, and that's part of the strategy overall. We will see opportunities going forward to either accelerate or decelerate that movement based upon what's happening in the rate environment. But our intention is to operate an institution that is much more interest rate neutral going forward.

所以我認為我們會有這樣的機會，因為儘管有三年的平均值，但隨著時間的推移，會出現下滑。因此，我們將進行評估，同時我們仍然希望保持在非常非常中性的範圍內，這是整體策略的一部分。我們將看到根據利率環境中發生的情況加速或減速這項運動的機會。但我們的目的是經營一個未來利率更加中性的機構。

Very fair, very fair. On the funding side, I understand...

非常公平，非常公平。在資金方面，我理解......

I mean, by the way, let me just elaborate on that for a second because eventually what we want to be able to do is get that neutrality off of the balance sheet with fewer and fewer hedges. So for example, what we're doing on the floating rate side, whether it is the back-to-back swap program, which is not a portfolio hedged or our emphasis on floating rate loans in general will start to move us in that direction.

順便說一句，我的意思是，讓我詳細說明這一點，因為最終我們希望能夠做的是透過越來越少的對沖來實現資產負債表的中立性。例如，我們在浮動利率方面所做的事情，無論是背對背掉期計畫（不是投資組合對沖）還是我們對浮動利率貸款的整體重視都將開始推動我們朝這個方向發展。

Here at the year-end with some of the seasonality you're having on deposits, is that the main driver on kind of increasing your CD rates a bit?

到了年底，您的存款出現一些季節性變化，這是否是您的定期存單利率稍微提高的主要驅動力？

It's part of it, but it's also growing our customer base across all the new branches that we've opened. There's a lot of specials in there as well.

這是其中的一部分，但它也在我們開設的所有新分店中擴大了我們的客戶群。裡面還有很多特價商品。

Can you walk through some of your channels that are seeing the best inflows? Is it the new branches? Is it the CD product? Your digital is up to 3% of deposits. Is that -- how is that growing? Just kind of where are you seeing the best inflows at the moment?

您能否瀏覽一下流入量最好的一些管道？是新開的分行嗎？是CD產品嗎？您的數字高達存款的 3%。那是——如何增長？您目前在哪裡看到最好的資金流入？

I would say our branch network is doing quite well. We did note that we had a very nice increase in non-interest-bearing. That's a result of a focus that we put in place beginning in July to put in place a very special incentive program. That incentive program has really done very well in terms of getting the organization very much focused on developing a stronger noninterest-bearing DDA base.

我想說我們的分公司網絡做得很好。我們確實注意到，無息貸款有了非常好的成長。這是我們從 7 月開始專注於實施一項非常特殊的激勵計劃的結果。該激勵計劃確實非常有效，讓該組織非常專注於發展更強大的無息 DDA 基礎。

Branches are doing well. The digital seems to be doing well. And then business banking, our ability to garner more deposits from our business banking customers and our commercial real estate customers has continued to grow.

分行經營狀況良好。數字似乎表現不錯。然後是商業銀行業務，我們從商業銀行客戶和商業房地產客戶那裡獲得更多存款的能力持續成長。

So all of those pieces are pulling together to give us what we think is a favorable direction, particularly with respect to noninterest-bearing, which, of course, as you know, moved opposite the direction of the industry in this quarter.

因此，所有這些因素共同作用，為我們提供了我們認為有利的方向，特別是在無息方面，當然，正如您所知，本季度的行業發展方向與行業方向相反。

Is the pipeline for that to continue first half of next year? How do you feel about that with the incentives you've added?

明年上半年的籌備工作是否會繼續進行？您對所增加的激勵措施有何看法？

We're working to do that, no guarantees in this market and that's for sure.

我們正在努力做到這一點，但在這個市場上沒有任何保證，這是肯定的。

It's lumpy. I'm sure it's unpredictable.

它是塊狀的。我確信這是不可預測的。

Yes.

是的。

Yes. But we put in place some significant changes in the incentive structure to do that.

是的。但為了做到這一點，我們對激勵結構做了一些重大改變。

This concludes our question-and-answer session. I would like to turn the conference back over to John Buran for any closing remarks.

我們的問答環節到此結束。我想將會議轉交約翰布蘭 (John Buran) 發表閉幕詞。

Well, I want to thank you all for your attention, and we're looking forward to continuing these conversations and engaging with our investors and our customers on a continued basis. So thank you very much, and everybody, have a good weekend. Bye now.

好吧，我要感謝大家的關注，我們期待繼續這些對話，並持續與我們的投資者和客戶互動。非常感謝大家，祝大家週末愉快。再見了。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。