First Interstate Bancsystem Inc (FIBK) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the First Interstate BancSystem, Inc. Third Quarter Earnings Call. (Operator Instructions) This call is being recorded on Thursday, October 26, 2023.

早安，女士們、先生們，歡迎參加第一屆州際銀行系統公司第三季財報電話會議。 （操作員說明）此通話錄音時間為 2023 年 10 月 26 日星期四。

I would now like to turn the conference over to Andrea Walton. Please go ahead.

我現在想把會議交給安德里亞·沃爾頓。請繼續。

Thank you. Good morning. Thank you for joining us for our third quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those expressed by those statements.

謝謝。早安.感謝您參加我們的第三季財報電話會議。在我們開始之前，請注意，本次電話會議期間提供的資訊將包含前瞻性陳述。實際結果或結果可能與這些陳述所表達的結果有重大差異。

I'd like to direct all listeners to read the cautionary note regarding forward-looking statements contained in our most recent annual report on Form 10-K filed with the SEC and in our earnings release as well as the risk factors identified in the annual report and our more recent periodic reports filed with the SEC.

我想指示所有聽眾閱讀我們向 SEC 提交的最新 10-K 表格年度報告和我們的收益發布中包含的有關前瞻性陳述的警示性說明，以及年度報告中確定的風險因素以及我們最近向SEC 提交的定期報告。

Relevant factors that could cause actual results to differ materially from any forward-looking statements are included in the earnings release and in our SEC filings. The company does not undertake to update any of the forward-looking statements made today.

可能導致實際結果與任何前瞻性陳述有重大差異的相關因素已包含在收益發布和我們向 SEC 提交的文件中。該公司不承諾更新今天做出的任何前瞻性陳述。

A copy of our earnings release, which contains non-GAAP financial measures, is available on our website at fibk.com. Information regarding our use of the non-GAAP financial measures may be found in the body of the earnings release and a reconciliation to their most directly comparable GAAP financial measures is included at the end of the earnings release for your reference.

我們的收益發布副本包含非 GAAP 財務指標，可在我們的網站 fibk.com 上取得。有關我們使用非 GAAP 財務指標的資訊可以在收益發布的正文中找到，並且與最直接可比較的 GAAP 財務指標的調整表包含在收益發布的末尾，供您參考。

Joining us from management this morning are Kevin Riley, our Chief Executive Officer; and Marcy Mutch, our Chief Financial Officer, along with other members of our management team.

今天上午，我們的執行長凱文·萊利 (Kevin Riley) 與管理層一起加入我們。我們的財務長 Marcy Mutch 以及我們管理團隊的其他成員。

At this time, I'll turn the call over to Kevin Riley. Kevin?

此時，我會將電話轉給凱文·萊利 (Kevin Riley)。凱文？

Thanks, Andrea. Good morning, and thanks again to all of you for joining us on our call today. Again, this quarter, along with our earnings release, we have published an updated investor presentation that has some additional disclosures, which we believe will be helpful. The presentation can be accessed on our Investor Relations website and if you have not downloaded a copy yet, I would encourage you to do so.

謝謝，安德里亞。早安，再次感謝大家今天加入我們的電話會議。同樣，本季度，在發布收益的同時，我們還發布了更新的投資者演示文稿，其中包含一些額外的披露信息，我們相信這會有所幫助。該演示文稿可以在我們的投資者關係網站上訪問，如果您尚未下載副本，我鼓勵您下載。

I'm going to start today by providing an overview of the major highlights of the quarter, and then I'll turn the call over to Marcy to provide more details on our financials.

今天我將首先概述本季度的主要亮點，然後我將把電話轉給馬西，以提供有關我們財務狀況的更多詳細資訊。

In this challenging banking environment, First Interstate draws strength from our franchise value and from the robust flexible balance sheet we have carefully built. We have seen stabilization on both sides of the balance sheet over the past quarter, and we continue to carry no broker deposits. We have reduced noninterest expense. We have increased spreads on new loans. We have paid down borrowings. In short, we have controlled the things that are in our power to control and position the bank to respond to appropriate opportunities when they arise.

在這個充滿挑戰的銀行環境中，First Interstate 從我們的特許經營價值和我們精心構建的穩健靈活的資產負債表中汲取力量。過去一個季度，我們的資產負債表雙方都已趨於穩定，我們繼續沒有經紀商存款。我們減少了非利息支出。我們提高了新貸款的利差。我們已經還清了借款。簡而言之，我們已經控制了我們有能力控制和定位銀行的事物，以便在適當的機會出現時做出反應。

In the third quarter, we generated $72.7 million in net income or $0.70 per share. This is an increase of 8.5% from the previous quarter. We achieved modest deposit growth in the period and continue to see improved risk-adjusted spreads on new loan production. The new loan production rate, excluding draws on construction lines, increased roughly 40 basis points from the previous quarter to around 7.5%. We have achieved stability in our net interest margin and generated improvements in both asset quality and capital ratios.

第三季度，我們實現淨利潤 7,270 萬美元，即每股 0.70 美元。這比上一季增長了 8.5%。在此期間，我們實現了適度的存款成長，並繼續看到新貸款生產的風險調整利差有所改善。新的貸款生產力（不包括建築貸款的提取）比上一季增加了約 40 個基點，達到 7.5% 左右。我們實現了淨利差的穩定，資產品質和資本比率的改善。

With that, I'll turn the call over to Marcy to provide some additional details around our third quarter results. Go ahead, Marcy.

這樣，我將把電話轉給馬西，提供有關我們第三季業績的一些額外細節。繼續吧，瑪西。

Thanks, Kevin, and good morning, everyone. As I walk through our financial results, unless otherwise noted, all of the prior period comparisons will be with the second quarter of 2023. I'll begin with our income statement. Our net interest income decreased by $4.7 million as the increase in our average yield on earning assets was outpaced by the increase in our total cost of funds. This was partially offset by a $600,000 increase in purchase accounting accretion quarter-over-quarter. Our reported net interest margin was 3.07%, a decrease of 5 basis points from the prior quarter. This is significantly less than the 24 basis point decrease we saw in the second quarter.

謝謝，凱文，大家早安。當我瀏覽我們的財務業績時，除非另有說明，否則所有前期比較都將與 2023 年第二季進行比較。我將從我們的損益表開始。我們的淨利息收入減少了 470 萬美元，因為我們的生息資產平均收益率的成長速度超過了我們總資金成本的成長速度。這被季度環比採購會計增加 60 萬美元的成長部分抵消。我們報告的淨利差為 3.07%，較上季下降 5 個基點。這明顯低於第二季 24 個基點的降幅。

Our adjusted net interest margin excluding purchase accounting accretion, also decreased by 5 basis points from the prior quarter to 3%. This is stable to our exit rate last quarter as we expected. From here, the margin is expected to remain relatively stable to modestly lower in the fourth quarter with earning assets also slightly lower than in our third quarter reported results. We expect this, in turn, to lead to a modest decline in net interest income in the fourth quarter.

我們的調整後淨利差（不包括購買會計增量）也比上一季下降了 5 個基點至 3%。正如我們預期的那樣，這與我們上季度的退出率相比是穩定的。從這裡開始，第四季的利潤率預計將保持相對穩定至小幅下降，獲利資產也略低於我們第三季報告的業績。我們預計這將導致第四季度淨利息收入小幅下降。

Our total noninterest income decreased $2.1 million quarter-over-quarter as we face pressure in the mortgage and payment service businesses. We expect noninterest income to be similar to third quarter levels in the fourth quarter, generally reflecting our core fee run rate. While we expect continued pressure in the mortgage origination environment, our newly restructured mortgage business allows us to process volume more efficiently and with improved profitability. So while demand remains minimal in the near term, as the environment improves, we can now respond to increasing demand more profitably.

由於我們面臨抵押貸款和支付服務業務的壓力，我們的非利息總收入環比減少了 210 萬美元。我們預計第四季度的非利息收入將與第三季的水平相似，通常反映了我們的核心費用運行率。雖然我們預計抵押貸款發放環境將繼續面臨壓力，但我們新重組的抵押貸款業務使我們能夠更有效地處理交易量並提高盈利能力。因此，雖然短期內需求仍然很小，但隨著環境的改善，我們現在可以更有利地應對不斷增長的需求。

Moving to total noninterest expense. Reported expenses declined $2.8 million from the prior quarter as salaries and wages declined in the period. This was generally due to the severance expense we noted in the prior quarter, lower expenses from the mortgage business and a lower incentive accrual. We anticipate a similar level of expenses in the fourth quarter.

轉向非利息支出總額。由於本季工資和工資下降，報告費用較上一季減少 280 萬美元。這通常是由於我們在上一季注意到的遣散費、抵押貸款業務費用減少以及應計獎勵減少所致。我們預計第四季的支出水準類似。

Moving to the balance sheet. Loans held for investment decreased by $50 million from the end of the prior quarter. Our outstanding commercial construction lines totaled just under $900 million at the end of the third quarter at a weighted average rate of approximately 5.5%. This represents about a $200 million decline from the prior quarter. The securities portfolio declined by $288 million in the quarter due to normal amortization with a modest impact from higher unrealized losses.

轉向資產負債表。持有投資貸款較上季末減少 5,000 萬美元。截至第三季末，我們優秀的商業建築項目總額接近 9 億美元，加權平均成長率約為 5.5%。這比上一季減少了約 2 億美元。由於正常攤銷，本季證券投資組合減少了 2.88 億美元，未實現損失增加造成的影響不大。

On the liability side, 3 developments underscore the stability of our balance sheet, a reduction in short-term borrowings of $522 million, an increase of $100 million in total deposits and a moderation of our mix shift out of noninterest-bearing deposits. Let me reiterate that we have no broker deposits on the balance sheet.

在負債方面，三項進展凸顯了我們資產負債表的穩定性：短期借款減少了 5.22 億美元，存款總額增加了 1 億美元，以及我們對無息存款的組合轉移有所放緩。讓我重申，我們的資產負債表上沒有經紀人存款。

Moving to asset quality. Nonperforming assets decreased by $11 million and criticized loans decreased by $8.7 million from the prior quarter. This is in keeping with our principle of addressing credit matters as they arise as you've seen us do in the past. We continue to have limited exposure in metro office commercial real estate and the remaining portfolio is performing well. As a note, we have de minimis exposure to syndicated national credits and by de minimis, I mean 2 credits for a total of $6 million, and we do not participate in that market. While our allowance for credit losses was up 1 basis point to 1.24% of total loans held for investment, our total provision expense was essentially 0. Net charge-offs in the quarter were minimal at just $1.1 million or 2 basis points of average loans. Our coverage rate of nonaccrual loans increased to 268% in this period.

轉向資產品質。不良資產較上季減少 1,100 萬美元，不良貸款減少 870 萬美元。這符合我們解決信用問題的原則，就像您過去看到的那樣。我們在地鐵辦公室商業房地產的投資仍然有限，其餘投資組合表現良好。需要說明的是，我們對銀團國家信貸的敞口微乎其微，我所說的「微量」是指總共 600 萬美元的 2 個信貸，而且我們不參與該市場。雖然我們的信貸損失準備金增加了1 個基點，佔投資貸款總額的1.24%，但我們的總撥備費用基本上為0。本季的淨沖銷額最低，僅為110 萬美元，相當於平均貸款的2 個基點。在此期間，我們的非應計貸款覆蓋率增加至268%。

Finally, all regulatory capital ratios strengthened in the third quarter as we continue to manage our risk-weighted asset exposure, and we were pleased to announce our $0.47 dividend per share. Tangible book value declined slightly as the AOCI position expanded and offset retained earnings. Going forward, our strong capital position gives us the flexibility to take advantage of market opportunities and to remain dedicated to serving the needs of our customers and attracting new households to the bank.

最後，隨著我們繼續管理風險加權資產曝險，所有監管資本比率在第三季都得到加強，我們很高興宣布每股 0.47 美元的股息。隨著 AOCI 部位擴大並抵銷留存收益，有形帳面價值略有下降。展望未來，我們強大的資本狀況使我們能夠靈活地利用市場機會，並繼續致力於滿足客戶的需求並吸引新家庭加入銀行。

Now with that, I'll turn it back over to Kevin. Kevin?

現在，我將把它轉回給凱文。凱文？

Thanks, Marcy. Now I'll wrap up with a few comments on our outlook. We expect our fourth quarter results to continue to display the stability we have achieved. As we complete our 2024 budgeting process, we understand the operating environment that we're heading into. With revenue growth being a challenge, we know the importance of expense control. We are taking a hard look at this, and we'll be able to provide more detail in this regards on our next call.

謝謝，馬西。現在我將對我們的前景發表一些評論。我們預期第四季業績將持續展現我們所取得的穩定性。當我們完成 2024 年預算流程時，我們了解了即將進入的營運環境。隨著收入成長成為一項挑戰，我們知道費用控制的重要性。我們正在認真研究這個問題，我們將能夠在下次電話會議上提供這方面的更多詳細資訊。

Given the strength of our franchise and flexible balance sheet, we are well positioned to continue to protect shareholder value during these challenging times. Going forward, we will remain devoted to serving our existing customers with complementary products and services, such as the new suite of credit cards we just launched in August. We will continue to capitalize on the strength of our markets to grow our client base. In all our efforts, we will continue to enhance the strength of our high quality, resilient franchise.

鑑於我們的特許經營權和靈活的資產負債表的實力，我們有能力在這個充滿挑戰的時期繼續保護股東價值。展望未來，我們將繼續致力於為現有客戶提供互補的產品和服務，例如我們八月剛推出的新信用卡套件。我們將繼續利用市場的優勢來擴大我們的客戶群。我們將盡一切努力，繼續增強我們高品質、有彈性的特許經營權的實力。

So with that, we'll open up the call for questions.

因此，我們將開始提問。

(Operator Instructions) And your first question comes from Matthew Clark from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Matthew Clark。

First one for me is around your deposit beta outlook. I think in the release or in the deck, you guys talk about your expectations to be in the low to mid 30s in 4Q. How do you think about you're through the cycle in interest rate deposit data, assuming the Fed is done, I mean, do you settle out in the mid-30s, do you feel like there's some lag effect there?

對我來說，第一個是關於您的存款貝塔前景。我認為在發布或套牌中，你們談論了對第四季度 30 歲左右的期望。你如何看待利率存款數據的週期，假設聯準會已經完成了，我的意思是，你會在30多歲中期解決問題嗎？你覺得那裡有一些滯後效應嗎？

Yes. That's kind of what we're seeing, yes.

是的。是的，這就是我們所看到的。

Yes. I think low to mid-30s by the end of the year. And depending on the mix shift, it could go slightly higher into next year.

是的。我認為到今年年底會下降到30多歲。根據混合變化，明年的價格可能會略高。

Yes, to the mid-30s as the time moves.

是的，隨著時間的推移，到了30多歲。

And then just the NII outlook. As we look into 1Q, you have a big slug of securities coming due and just your thoughts around how the margin might benefit there? Look, it seems like we would have an uptick in the NIM there and maybe NII could trough or even maybe stabilize? Is that a fair way thinking about it?

然後是 NII 前景。當我們研究第一季時，您有大量證券即將到期，您對利潤率如何受益的想法是什麼？看起來，NIM 似乎會有所上升，NII 可能會觸底甚至穩定？這是一個公平的思考方式嗎？

I think, Matt, it's a fair way of thinking about it. I think that you'll see a little bit slight come down in the fourth quarter and then probably a stabilization in the first. So we see it growing in the back half of 2024.

我認為，馬特，這是一種公平的思考方式。我認為你會看到第四季度略有下降，然後可能在第一季趨於穩定。所以我們看到它在 2024 年下半年會成長。

And then just the -- your net charge-offs, it's great to see them come down a lot. Can you speak to the recoveries you had there? Just trying to get a sense for normalized expectations going forward.

然後就是——你的淨沖銷，很高興看到它們大幅下降。您能談談您在那裡的康復情況嗎？只是想了解未來正常化的期望。

We'll have Michael, our Chief Credit Officer, to answer that question, Matt.

我們將邀請我們的首席信貸官邁克爾來回答這個問題，馬特。

Good morning, Matt. the recovery was centered on legacy Great Western Bank hospitality deal. The total recovery was $3.2 million. So that helped offset. And if you remember in the prior quarter, our charge-offs were elevated, but that was primarily due to one credit. So I think hopefully, that answers your question.

早安，馬特。復甦的重點是大西部銀行遺留的飯店交易。總追償金額為 320 萬美元。所以這有助於抵消。如果您還記得上一季度，我們的沖銷有所增加，但這主要是由於一個貸項。所以我想這有望回答你的問題。

Your next question comes from Chris McGratty from KBW.

您的下一個問題來自 KBW 的 Chris McGratty。

Kevin, you alluded to a close eye on the costs. What exactly are you looking at? I assume it's broad, but branches businesses, repositioning of the balance sheet. What -- how should we be thinking about this?

凱文，您提到密切關注成本。你到底在看什麼？我認為它是廣泛的，但分支業務，資產負債表的重新定位。我們該如何思考這個問題？

Well, it's not really reposition and balance sheet as much. We're just looking at exactly what you said. We're looking at branches. We're looking at business units. We're looking at...

嗯，這並不是真正的重新定位和資產負債表。我們只是看看你說的是什麼。我們正在尋找分支機構。我們正在尋找業務部門。我們正在看...

All expenses.

所有費用。

All expenses are on the table. I will tell you we're going to go into a very in-depth look at every one of these expenses to see if they are a must have or can we do something with it.

所有的費用都擺在桌面上。我會告訴你，我們將非常深入地研究每一項費用，看看它們是否是必須的，或者我們可以用它做些什麼。

And would the goal for that be manage expenses, the growth rate off of this year to a lower level or just outright declines from...

其目標是管理開支，將今年的成長率降至較低水平，還是直接下降…

Absolutely. That's exactly what our goal is.

絕對地。這正是我們的目標。

So limit the growth versus absolute decline. Is that right?

因此，限制增長而不是絕對下降。是對的嗎？

Right.

正確的。

Okay. And then maybe on the balance sheet, Marcy. The securities cash flows kind of pick up early next year. At what point are we thinking -- are you thinking about -- because you do have a loan-to-deposit ratio flexibility. When do you think about reinvesting bonds, cash flows in the bond book?

好的。然後也許在資產負債表上，瑪西。明年初，證券現金流量將有所回升。我們在什麼時候考慮——你在考慮——因為你確實有貸存比的彈性。您什麼時候考慮對債券進行再投資，債券帳簿中的現金流量？

You know what we're looking at potentially doing small incremental reinvestments at this point. We're just kind of evaluating our options and where we can get potentially yields over our cost of funds.

你知道我們目前正在考慮進行小額增量再投資。我們只是在評估我們的選擇以及我們可以在哪些方面獲得超過資金成本的潛在收益。

Your next question comes from Andrew Terrell from Stephens.

您的下一個問題來自史蒂芬斯的安德魯·特雷爾。

First one to start on credit quality. I mean everything look good this quarter. The one thing I did want to ask about was the substandard loan bucket was up about $28 million or so this quarter. Any color on what drove the build in substandard?

第一個從信用品質入手。我的意思是本季一切看起來都很好。我確實想問的一件事是，本季次級貸款總額增加了約 2800 萬美元左右。有什麼顏色可以說明導致建造不合格的原因嗎？

I think is just a migration from watch to substandard. But the good news is that the leading indicator watch didn't go up that much. So it's just a normal migration sometimes.

我認為這只是從手錶到次標準的遷移。但好消息是領先指標並未上漲那麼多。所以有時這只是正常的遷移。

Yes, there was nothing unusual. Kind of a few upgrades, a few downgrades, nothing unusual in the quarter.

是的，沒有什麼異常。有一些升級，有一些降級，本季沒有什麼異常。

Okay. Got it. And then just looking through the presentation, it looks like the slide on loan portfolio repricing was removed this quarter. I know it was in the last quarter presentation. It feels like the repricing kind of opportunity for you guys over the next year or so has been a big part of the narrative recently. Any reason specifically for removing that slide from the presentation? And can you just remind us how much in either adjustable or fixed rate credit you've got that reprices or matures over the next 12 months and what the yield pickup could look like?

好的。知道了。然後只要瀏覽一下演示文稿，看起來有關貸款組合重新定價的幻燈片在本季度被刪除了。我知道這是在上個季度的演示中。感覺你們在未來一年左右的時間裡重新定價的機會已經成為最近敘述的重要組成部分。有什麼具體原因從簡報中刪除該投影片嗎？您能否提醒我們，您擁有多少可調整利率或固定利率信貸，可以在未來 12 個月內重新定價或到期，以及殖利率上升情況如何？

So Andrew, we were really seeing that, that slide was creating a lot of noise. When we looked at the variance in where folks had our NII we believe that was attributed to that. So we are just going back to saying, here's what we expect earning assets to be. Here's where we expect NIM to be. Here's what we think deposits are going to do. So that was the reason for that because we think it was creating a lot of confusion and noise. In terms of variable, it's just over 20% of the loan portfolio and fixed is about 60%.

安德魯，我們確實看到了，那張幻燈片產生了很大的噪音。當我們查看人們的 NII 位置差異時，我們認為這是由於這個原因造成的。所以我們只是回過頭來說，這就是我們期望的獲利資產。這就是我們期望 NIM 的位置。這就是我們認為存款將會起到的作用。這就是原因，因為我們認為這造成了很多混亂和噪音。就可變貸款而言，它僅佔貸款組合的 20% 以上，而固定貸款則約為 60%。

Okay. Totally appreciate that. Then last question for Kevin, just on the guidance for loans to be flattish in the coming quarter. Just wanted to get a sense of how much of that is a result of kind of slower growth across the industry right now versus you maybe being a bit more selective on the incremental credit you're willing to put on the balance sheet?

好的。非常欣賞這一點。接下來是凱文的最後一個問題，即下一季貸款持平的指引。只是想了解其中有多少是目前整個行業成長放緩的結果，而您可能對願意放在資產負債表上的增量信貸更具選擇性？

Well, we've always been selective when we refer the balance sheet. But I will tell you that the main reason why it's flattish is just due to the fact that we believe that there's not a lot of robust activity taking place right now in our markets, things are slowing down. So it's just a sluggish environment right now.

嗯，當我們參考資產負債表時，我們總是有選擇性的。但我會告訴你，它持平的主要原因只是因為我們認為我們的市場目前沒有發生太多強勁的活動，事情正在放緩。所以現在只是一個低迷的環境。

Your next question comes from Zach Westerlind from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的 Zach Westerlind。

It's Zach on for Brody. I just had a quick one for you. Are you able to share the amount -- the dollar amount of loans that are going to reprice over the next 12 months and any yield pickup associated with that?

札克替補布羅迪。我剛剛為你準備了一份快速的。您能否分享一下金額——未來 12 個月內將重新定價的貸款金額以及與此相關的任何收益率上升？

So Zach, as Andrew just noted, we did take that out of our presentation. I really think that we're going to give earning asset guidance and NIM guidance and let you guys sort that out.

所以扎克，正如安德魯剛才指出的，我們確實從我們的演示中刪除了這一點。我真的認為我們將提供盈利資產指導和淨息差指導，並讓你們解決這個問題。

Your next question comes from Jeff Rulis from D.A. Davidson.

你的下一個問題來自 D.A. 的 Jeff Rulis。戴維森。

Just wanted to go back to credit for a minute. I just wanted to -- obviously, the jump-off point from 2Q on the nonperformer increase pretty firm that you'd see some improvement. Just wanted to see if that's largely complete or we talk about from 3Q to the (inaudible) Potentially further NPA or criticized balance declines? Or was that largely cleaned up from the second quarter?

只是想回到功勞一分鐘。我只是想 - 顯然，表現不佳者從第二季度開始的起點增長得相當穩定，你會看到一些改進。只是想看看這是否已基本完成，或者我們談論從第三季度到（聽不清楚）潛在的進一步 NPA 或批評的餘額下降？還是從第二季開始就已經基本清理乾淨了？

I would say that we see things really stable to maybe a slight improvement going into the fourth quarter. We do not see where it should deteriorate. So I would say stable to slight improvement.

我想說的是，我們認為情況非常穩定，進入第四季可能會略有改善。我們看不到它應該在哪裡惡化。所以我想說的是穩定到略有改善。

And then kind of doubling back to expenses. Was there anything onetime in there? I mean, I know that you mentioned Q2 was a falloff in comp that was expected. But -- and I guess, you're pointing to a similar level in Q4 as you had in Q3. But anything kind of on the lower ebbing that might come back up?

然後費用加倍。裡面曾經有東西嗎？我的意思是，我知道你提到第二季的業績下滑是預期的。但是 - 我想，您指出第四季度的水平與第三季度的水平相似。但有什麼事情可能會在低潮中捲土重來呢？

The thing is, I think, in Marcy's remarks, I think she talked about it pretty good. I mean there was a onetime item last quarter of severance. We also then had the reduction of the mortgage staff that was going to be in the run rate. And then there is a little bit of incentive accrual reduction or reduced, but I would say most of it is the run rate stuff versus any kind of one-timer.

我認為問題是，在馬西的演講中，我認為她說得很好。我的意思是上個季度有一個一次性的遣散費。然後，我們還減少了按運行率計算的抵押貸款人員。然後還有一點獎勵應計減少或減少，但我想說，其中大部分是與任何類型的一次性計劃相比的運行率。

It sounds like seasonality trends will fluctuate, but a pretty managed expense message is what we're taking. Last one would be on the dividend outlook, I mean you're close to 70% of earnings payout this quarter with 0 provision. Just interested in the conversations you have with the Board in terms of that payout as you look at future earnings expectations?

聽起來季節性趨勢會波動，但我們正在接受一個相當受管理的費用資訊。最後一個是關於股利前景，我的意思是，本季的收益支付率接近 70%，準備金為零。只是對您在考慮未來盈利預期時與董事會就派息問題進行的對話感興趣嗎？

We look at the dividends, there's no catalyst at this point that would make us look at cutting our dividend at this juncture.

我們關注股息，目前沒有任何催化劑可以讓我們考慮在此時削減股息。

(Operator Instructions) And we have a follow-up question from Chris McGratty from KBW. Chris?

（操作員說明）我們有 KBW 的 Chris McGratty 提出的後續問題。克里斯？

Just on credit, a couple of housekeeping items and an opinion, I guess. Do you have Marcy, what's left on the acquired loans, the mark on the acquired loans?

我想，只是賒賬，一些家務用品和一個意見。你有瑪西嗎，所獲得的貸款上還剩下什麼，所獲得的貸款上的標記？

You know, no. I mean, I'm not sure exactly what you're talking about. If you're talking about the remaining accretion, is that what you're asking about?

你知道，不。我的意思是，我不確定你在說什麼。如果您談論的是剩餘的吸積，那是您要問的嗎？

Well, just the mark -- the day one mark and how much has been accreted out, yes, I guess, is what I'm asking?

好吧，只是標記——第一天的標記以及已經積累了多少，是的，我想，這就是我要問的？

The credit mark.

信用標記。

I'll take whatever you have at your fingers.

我會拿走你手邊有的一切。

So just to be clear, the credit mark just both -- it now is in the normal provision. And so we don't -- that's not tracked anymore. But the purchase accounting accretion, it actually is in the deck, the remaining purchase accounting accretion, on Page 12.

需要明確的是，信用標記只是兩者 - 現在屬於正常條款。所以我們不再跟蹤了。但是購買會計增長，它實際上是在甲板上，剩餘的購買會計增長，在第12頁。

Okay, I will grab that. And then more broadly, how should we think about -- there's a lot of questions this quarter about just normalizing credit for the industry. Maybe an opinion on how you view or you would see as like a normalized range for charge-offs for the company?

好的，我會抓住它。更廣泛地說，我們應該如何思考——本季存在著許多關於產業信貸正常化的問題。也許您對公司沖銷的正常範圍有什麼看法或看法？

We've typically seen between 20 and 25 basis points on a normalized range. We haven't experienced that recently, but that would be normalized.

我們通常會看到標準化範圍內 20 到 25 個基點之間的波動。我們最近沒有經歷過這種情況，但這將成為常態。

There are no further questions at this time. I'll turn it back to Andrea for closing remarks.

目前沒有其他問題。我會將其轉回給 Andrea 做結束語。

Thank you for your questions. And as always, we welcome calls from our investors and analysts. Please reach out to us if you have any follow-up questions. Thanks for turning -- tunning into the call today. Thanks. Bye.

謝謝您的提問。一如既往，我們歡迎投資者和分析師的來電。如果您有任何後續問題，請與我們聯絡。感謝您今天撥通電話。謝謝。再見。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。