Financial Institutions Inc (FISI) 2023 Q3 法說會逐字稿

Hello, and welcome to today's Financial Institutions, Inc. Announces Third Quarter 2023 Results. My name is Elliot, and I will be coordinating your call today. (Operator Instructions)

您好，歡迎收看今天的 Financial Companies, Inc. 公佈的 2023 年第三季業績。我叫艾利歐特，今天我將協調您的電話。 （操作員說明）

I'd now like to hand over to Kate Croft, Director of Investor Relations. The floor is yours. Please go ahead.

現在我想將工作交給投資者關係總監凱特·克羅夫特 (Kate Croft)。地板是你的。請繼續。

Thank you for joining us for today's call. Providing prepared comments will be President and CEO, Marty Birmingham; and CFO, Jack Plants. They will be joined by additional members of the company's finance and leadership teams during the question-and-answer session.

感謝您參加今天的電話會議。總裁兼首席執行官馬蒂伯明翰 (Marty Birmingham) 將提供準備好的評論；兼財務長傑克普蘭特斯。在問答環節中，公司財務和領導團隊的其他成員將與他們一起參加。

Today's prepared comments and Q&A will include forward-looking statements. Actual results may differ materially from forward-looking statements due to a variety of risks, uncertainties and other factors. We refer you to yesterday's earnings release and investor presentation as well as historical SEC filings, which are available on our Investor Relations website for a safe harbor description and a detailed discussion of the risk factors relating to forward-looking statements.

今天準備的評論和問答將包括前瞻性陳述。由於各種風險、不確定性和其他因素，實際結果可能與前瞻性聲明有重大差異。我們建議您參閱昨天的收益報告和投資者介紹以及歷史 SEC 文件，這些文件可在我們的投資者關係網站上獲取，以獲取安全港描述以及與前瞻性陳述相關的風險因素的詳細討論。

We'll also discuss certain non-GAAP financial measures intended to supplement and not substitute for comparable GAAP measures. Reconciliations of these measures to GAAP financial measures were provided in the earnings release filed as an exhibit to Form 8-K. Please note this call includes information that may only be accurate as of today's date, October 27, 2023.

我們還將討論某些非公認會計原則財務指標，旨在補充而不是替代可比較的公認會計原則指標。這些指標與 GAAP 財務指標的對帳已在作為 8-K 表格附件提交的收益報告中提供。請注意，本次電話會議所包含的資訊可能僅截至今天（2023 年 10 月 27 日）準確。

I'll now turn the call over to President and CEO, Marty Birmingham.

現在我將把電話轉給總裁兼執行長馬蒂·伯明翰。

Thank you, Kate. And good morning, everyone, and thank you for joining us today. Third quarter results were highlighted by healthy deposit growth and a continuation of stable credit quality metrics, both of which position us well for the remainder of 2023 and give us confidence in our ability to effectively navigate the operating environment in 2024, including capitalizing on opportunities.

謝謝你，凱特。大家早安，感謝您今天加入我們。第三季業績的亮點是存款的健康成長和信貸品質指標的持續穩定，這兩者都使我們在2023 年剩餘時間裡處於有利地位，並使我們對有效駕馭2024 年營運環境（包括利用機會）的能力充滿信心。

Third quarter net income available to common shareholders was $13.7 million or $0.88 per diluted share, down from $14 million or $0.91 per share in the second quarter of 2023 and in line with the prior year results of $13.5 million or $0.88 per share. Like much of the country, competition for deposits remains fierce in our markets, and I'm incredibly proud of our team's ability to drive 6% deposit growth during the quarter. The fact that this growth was led by core nonpublic deposits is all the more noteworthy with retail, Banking-as-a-Service or BaaS, and commercial, all contributing.

第三季普通股股東可獲得的淨利為1,370 萬美元，即稀釋後每股收益0.88 美元，低於2023 年第二季的1,400 萬美元，即每股0.91 美元，與上一年業績1,350 萬美元，即每股0.88 美元一致。與全國大部分地區一樣，我們的市場對存款的競爭依然激烈，我對我們團隊在本季推動存款成長 6% 的能力感到無比自豪。這一增長是由核心非公開存款帶動的，這一事實在零售業、銀行即服務或 BaaS 和商業領域都做出了貢獻，這一點更加值得注意。

A significant driver of nonpublic deposit growth was the 5% money market account campaign that you'll recall we launched in late July. In addition to helping us deepen relationships with existing customers, we have introduced more than 800 new retail customers to Five Star Bank and our relationship-based approach to community banking through this campaign. These new customers brought in approximately $72 million in balances through October 14. In addition to balances deposited by our long-standing customer base. We plan to continue the campaign through mid-November providing a strong start to the fourth quarter.

非公開存款成長的一個重要動力是我們在 7 月底推出的 5% 貨幣市場帳戶活動。除了幫助我們加深與現有客戶的關係外，我們還透過這項活動向五星級銀行以及我們基於關係的社區銀行業務介紹了 800 多名新零售客戶。截至 10 月 14 日，這些新客戶帶來了約 7,200 萬美元的餘額。此外，還有我們的長期客戶群存入的餘額。我們計劃將活動持續到 11 月中旬，為第四季度提供良好的開端。

BaaS also gained momentum during the third quarter with approximately $77 million of related deposits at quarter end. We consider these to be an attractive alternative to higher cost wholesale funding. While these deposits have come out slower than we originally anticipated, our approach to onboarding new partners includes a thoughtful governance process before transitioning them on to our BaaS platform. We look forward to continued growth in 2024 and beyond as we build out our pipeline of Fintech and nonbank partners.

BaaS 在第三季也取得了成長勢頭，截至季末相關存款約為 7,700 萬美元。我們認為這些是成本較高的批發融資的有吸引力的替代方案。雖然這些存款的發放速度比我們最初預期的要慢，但我們接納新合作夥伴的方法包括在將他們轉移到我們的 BaaS 平台之前進行深思熟慮的治理流程。隨著我們建立金融科技和非銀行合作夥伴管道，我們期待在 2024 年及以後實現持續成長。

Our Commercial Banking franchise also supported deposit growth in the quarter. As we implemented changes earlier in the year to incentivize our commercial lenders to focus on deposit gathering initiatives. Public deposit balances at September 30, 2023, were up compared to the end of the second quarter, largely reflecting seasonal inflows that we typically experienced late in the third quarter. Reciprocal deposits also grew during the quarter as this continues to be an attractive option affording our larger customers the benefit of FDIC insurance on accounts greater than $250,000.

我們的商業銀行業務也支持了本季的存款成長。我們在今年稍早實施了一些變革，以激勵我們的商業貸款機構專注於存款收集計劃。截至 2023 年 9 月 30 日的公共存款餘額較第二季末有所增加，很大程度上反映了我們通常在第三季末經歷的季節性資金流入。本季互惠存款也有所增長，因為這仍然是一個有吸引力的選擇，為我們的大客戶提供超過 250,000 美元帳戶的 FDIC 保險福利。

Setting aside our third quarter deposit growth, the latest data from the FDIC summary of deposits underscores the strength of our position in our markets. Based on June 30, 2023, deposit balances, our company ranked top 3 in 10 of the 14 upstate New York counties where we reported deposits. In addition, we are among the top 10 financial institutions serving Erie and Monroe Counties, Home to Buffalo and Rochester, respectively. Growth in these cities is an important element of our Community Bank franchise growth strategy and accordingly, our recent money market campaign was heavily focused on these markets.

撇開第三季存款成長不談，聯邦存款保險公司 (FDIC) 存款摘要的最新數據突顯了我們在市場中的地位。根據 2023 年 6 月 30 日的存款餘額，我們公司在報告存款的紐約州北部 14 個縣中的 10 個縣中排名前三。此外，我們是為伊利縣和門羅縣（分別是布法羅和羅徹斯特的所在地）提供服務的十大金融機構之一。這些城市的成長是我們社區銀行特許經營成長策略的重要組成部分，因此，我們最近的貨幣市場活動主要集中在這些市場。

Total loans were relatively stable on a linked-quarter basis at $4.4 billion, as modest growth in residential and commercial lending was partially offset by a decline in our indirect portfolio. Other consumer loans were also up slightly, reflecting a relatively small amount of solar panel financing related to a BaaS client focused on climate positive banking.

環比貸款總額相對穩定，為 44 億美元，住宅和商業貸款的小幅增長被我們間接投資組合的下降部分抵消。其他消費貸款也略有成長，反映出與專注於氣候積極銀行業務的 BaaS 客戶相關的太陽能板融資金額相對較小。

With respect to commercial lending, as anticipated, CRE growth slowed significantly in the third quarter due to a combination of softer demand, a bit a challenging economic environment, higher pricing hurdles in our effort to moderate production. Competition remains strong for C&I loans in our markets, but we are seeing opportunities from prospects looking for a true local community bank.

就商業貸款而言，正如預期的那樣，由於需求疲軟、經濟環境略顯充滿挑戰以及我們努力控制產量而面臨更高的定價障礙，第三季度商業房地產成長顯著放緩。在我們的市場上，工商業貸款的競爭仍然很激烈，但我們看到了尋找真正的當地社區銀行的潛在客戶的機會。

Our residential loan portfolio grew during both the 3 and 12 months ended September 30, 2023, despite the higher interest rate environment and tight housing inventory that has impacted home sales in our market. We continue to see success through our partnerships with select new homebuilders in the Western New York region.

儘管利率環境較高且房屋庫存緊張影響了我們市場的房屋銷售，但我們的住宅貸款組合在截至 2023 年 9 月 30 日的 3 個月和 12 個月內均有所增長。透過與紐約西部地區精選的新住宅建築商的合作，我們繼續取得成功。

Consumer indirect loan balances declined again in the third quarter as expected, primarily as a result of our internal efforts to moderate production. While we did see an uptick in charge-offs associated with this portfolio in the third quarter, I would remind you that our second quarter indirect charge-offs were exceptionally low as a result of strength in recoveries. We remain comfortable with this asset class and the quality of our portfolio, given the deep experience of our management team and long track record of this line of business. Third quarter consumer and direct charge-offs were partially offset by a commercial recovery as outlined in our earnings press release, resulting in annualized NCOs to average loans of 14 basis points.

正如預期的那樣，第三季消費者間接貸款餘額再次下降，這主要是由於我們內部努力控制生產。雖然我們確實看到第三季與該投資組合相關的沖銷有所增加，但我想提醒您，由於復甦強勁，我們第二季的間接沖銷非常低。鑑於我們的管理團隊的豐富經驗和該業務線的長期記錄，我們對這一資產類別和投資組合的品質仍然感到滿意。正如我們的獲利新聞稿中所述，第三季的消費者和直接沖銷被商業復甦部分抵消，導致年化 NCO 平均貸款上升 14 個基點。

Our commercial portfolio asset quality remains sound, and we are confident in the strength of the underlying credits. Our relationship managers have been and continue to be in close contact with their customers than what has been a volatile operating environment. And we recently completed additional internal stress testing on loans larger than $1 million within our multifamily and office portfolios set to mature in the next 24 months. As part of this analysis, we ran a variety of scenarios stressing loans larger than $1 million in these segments with NOI downside and higher interest rates, even above where current rates have transitioned in the last 12 to 18 months. Under these scenarios, the large majority continue to have debt service coverage ratios at or greater than 1:1 coverage. After individually analyzing any debt that would fall below that threshold, we found that Guarantor strength, access to capital, project progress or completion and the overall strong quality of sponsors all reinforce our confidence. We anticipate incorporating this focused exercise into our management routines for the foreseeable future.

我們的商業投資組合資產品質依然良好，我們對基礎信貸的實力充滿信心。與動盪的營運環境相比，我們的客戶關係經理一直並將繼續與客戶保持密切聯繫。最近，我們對預計在未來 24 個月內到期的多戶家庭和辦公室投資組合中超過 100 萬美元的貸款完成了額外的內部壓力測試。作為此分析的一部分，我們運行了各種情景，強調這些細分市場中超過100 萬美元的貸款會出現NOI 下降和利率升高的情況，甚至高於過去12 至18 個月內當前利率的變化。在這些情境下，絕大多數人的償債覆蓋率仍然等於或大於 1:1。在對任何低於該閾值的債務進行單獨分析後，我們發現擔保人的實力、獲得資金的管道、專案的進展或完成情況以及發起人的整體實力都增強了我們的信心。我們預計在可預見的未來將這項重點活動納入我們的管理程序中。

We remain comfortable with our allowance coverage ratio with an allowance for credit losses to total loans of 112 basis points and 521% of nonperforming loans as of September 30.

我們對撥備覆蓋率依然滿意，截至 9 月 30 日，信用損失撥備佔貸款總額為 112 個基點，不良貸款率為 521%。

This concludes my introductory comments, and it's now my pleasure to turn the call over to Jack for additional details on results and updates on our guidance for 2023.

我的介紹評論到此結束，現在我很高興將電話轉給 Jack，以了解有關結果的更多詳細資訊以及我們 2023 年指導的更新。

Thank you, Marty. Good morning, everyone. As Marty noted, net income was down modestly from the linked quarter due in part to higher funding costs as we work to successfully defend and grow our deposit base in the current interest rate environment. Results were also impacted by lower noninterest income and a modest increase in noninterest expenses that were partially offset by a lower level of provision in the most recent quarter.

謝謝你，馬蒂。大家，早安。正如馬蒂指出的那樣，淨利潤較上一季小幅下降，部分原因是融資成本上升，因為我們努力在當前利率環境下成功捍衛和擴大我們的存款基礎。業績也受到非利息收入下降和非利息支出小幅增加的影響，但最近一個季度撥備水準較低部分抵消了這些影響。

Net interest income of $41.6 million was down $660,000 from the second quarter of 2023, as our overall cost of funds increased 27 basis points during the quarter to 230 basis points. We continue to experience margin compression in the third quarter, though at a more moderate pace. Net interest margin on a fully taxable equivalent basis was 291 basis points for the quarter compared to 299 basis points in the linked quarter.

淨利息收入為 4,160 萬美元，較 2023 年第二季減少 66 萬美元，因為我們的整體資金成本在本季度增加了 27 個基點，達到 230 個基點。第三季我們的利潤率持續壓縮，但壓縮速度較為溫和。本季以完全應稅等值計算的淨利差為 291 個基點，而上一季為 299 個基點。

Relative to the magnitude of FOMC rate increases that occurred in 2022 and so far in 2023, our total deposit portfolio has experienced a cycle-to-date beta of 38% including the cost of time deposits. Excluding the cost of time deposits, the nonmaturity deposit portfolio had a beta of 18%. Noninterest income totaled $10.5 million in the third quarter, down $980,000 on a linked-quarter basis. While our earnings release provides additional detail on our diverse fee-based revenue sources, I would like to touch on a few key areas this morning.

相對於 2022 年和 2023 年迄今 FOMC 升息的幅度，我們的總存款組合經歷了 38% 的周期至今貝塔值（包括定期存款成本）。不計定期存款成本，非到期存款組合的貝塔值為18%。第三季非利息收入總計 1,050 萬美元，季減 98 萬美元。雖然我們的收益發布提供了有關我們多樣化的收費收入來源的更多詳細信息，但我想今天早上談談幾個關鍵領域。

Our investment advisory and insurance businesses are the largest contributors of noninterest income, making up about 40% in the third quarter. Insurance income increased as a result of the timing of commercial renewals as well as business development. Declines in our investment advisory income were attributable to the third quarter market downturn and the impact on AUMs coupled with our strategic decision to focus on wealth management services for high net worth individuals as opposed to our retail branch network. While this has negatively impacted transaction-related fees in the near term, we believe this move will support enhanced profitability in this line of business moving forward.

我們的投資諮詢和保險業務是非利息收入的最大貢獻者，第三季約佔40%。由於商業續保時機和業務發展，保險收入增加。我們的投資諮詢收入下降是由於第三季市場低迷及其對資產管理規模的影響，以及我們的策略決定，即專注於為高淨值人士提供財富管理服務，而不是我們的零售分行網路。雖然這在短期內對交易相關費用產生了負面影響，但我們相信此舉將支持該業務線未來獲利能力的提高。

Swap income was down as expected, given our lower level of commercial loan activity during the quarter. Noninterest expenses were up less than 3% on a linked-quarter basis as higher salaries and benefits, occupancy and equipment, computer and data processing and FDIC insurance expenses were partially offset by lower professional services expense.

鑑於本季商業貸款活動水準較低，掉期收入如預期下降。由於薪資和福利、入住率和設備、電腦和數據處理以及 FDIC 保險費用的增加被專業服務費用的下降部分抵消，非利息費用環比增長不到 3%。

Income tax expense was $2.4 million in the quarter, representing an effective tax rate of 14.8% relatively consistent with the linked quarter. Our accumulated other comprehensive loss stood at $161.4 million at September 30, 2023. We reported a TCE ratio at September 30 of 5.25% and tangible common book value per share of $20.69. Excluding the AOCI impact, since December 31, 2021, the TCE ratio and tangible common book value per share would have been 7.69% and $30.31, respectively. We continue to expect these metrics to return to more normalized levels over time given the high credit quality and cash flow nature of our investment portfolio.

本季所得稅費用為 240 萬美元，有效稅率為 14.8%，與上一季相對一致。截至 2023 年 9 月 30 日，我們的累計其他綜合虧損為 1.614 億美元。截至 9 月 30 日，我們的 TCE 比率為 5.25%，每股有形普通帳面價值為 20.69 美元。排除 AOCI 的影響，自 2021 年 12 月 31 日起，TCE 比率和每股有形普通帳面價值將分別為 7.69% 和 30.31 美元。鑑於我們投資組合的高信用品質和現金流性質，我們繼續預期這些指標將隨著時間的推移恢復到更正常的水平。

Earlier this month, we sold approximately $54 million of agency mortgage-backed securities at an after-tax loss of $2.8 million, reinvesting the proceeds into higher-yielding Ginnie Mae and Freddie Mac bonds. The after-tax income benefit of $1.4 million annually translates to an earn-back of 2 years. I would now like to provide an update on our outlook for 2023 in key areas.

本月早些時候，我們出售了約5400 萬美元的機構抵押貸款支持證券，稅後虧損為280 萬美元，將所得收益再投資於收益率更高的吉利美(Ginnie Mae) 和房地美( Freddie Mac) 債券。每年 140 萬美元的稅後所得福利相當於 2 年的獲利返還。我現在想介紹一下我們對 2023 年關鍵領域的展望的最新情況。

We now expect full year NIM of 295 to 300 basis points, 5 basis points lower than previous guidance, given the impact of higher interest rates on our funding base. Our forecast assumes Fed activity remaining muted for the remainder of the year. Given the continued strength of our credit quality metrics, we expect full year net charge-offs of between 15 and 20 basis points, 10 basis points lower than previous guidance. We now expect the 2023 effective tax rate to fall within a range of 15% to 16%, down 200 basis points from previous guidance reflecting the impact of the amortization of tax credit investments placed in service in the current quarter and recent years, coupled with the impact of revised margin guidance on pretax income for the remainder of 2023.

考慮到利率上升對我們資金基礎的影響，我們現在預計全年淨利差為 295 至 300 個基點，比先前的指導低 5 個基點。我們的預測假設聯準會的活動在今年剩餘時間內保持溫和。鑑於我們的信貸品質指標持續強勁，我們預計全年淨沖銷將在 15 至 20 個基點之間，比先前的指導低 10 個基點。我們現在預計 2023 年有效稅率將下降到 15% 至 16% 的範圍內，比之前的指引下降 200 個基點，反映了本季和近年來投入使用的稅收抵免投資攤銷的影響，加上修訂後的利潤指引對2023 年剩餘時間稅前收入的影響。

We are lowering our guidance for flat noninterest income to a single-digit decrease given the pressures we have seen on investment advisory fees and slower onboarding of BaaS initiatives than anticipated. This guidance excludes the impact of securities gains or losses, limited partnership income and nonrecurring items such as enhancement on company-owned life insurance and gains on the sale of indirect loans. Our expectations for mid-single-digit full year expense growth, mid-single-digit growth in nonpublic deposits, low double-digit growth in loans, and an ROA between 85 to 95 basis points remain unchanged.

鑑於投資諮詢費用面臨的壓力以及 BaaS 計畫的啟動速度比預期慢，我們將非利息收入持平指引下調至個位數。本指引不包括證券損益、有限合夥收入和非經常性項目（例如公司自有人壽保險的增強以及間接貸款銷售收益）的影響。我們對全年費用中個位數成長、非公開存款中個位數成長、貸款兩位數低成長以及 85 至 95 個基點之間的 ROA 的預期保持不變。

That concludes my prepared remarks and updated guidance. I'll now turn the call back to Marty.

我準備好的發言和更新的指導就到此結束。我現在將電話轉回給馬蒂。

Thank you, Jack. We were off to a solid start in the fourth quarter and remain focused on balance sheet management as well as opportunities to enhance margin and manage noninterest expenses. We have an incredibly strong team in place and several promotions and appointments we announced recently underscore that. Within key internal functions like information security and accounting, we have identified experienced and well-prepared internal candidates ready to step into leadership roles.

謝謝你，傑克。我們在第四季度取得了良好的開局，並繼續專注於資產負債表管理以及提高利潤率和管理非利息支出的機會。我們擁有一支極其強大的團隊，我們最近宣布的多項晉升和任命也強調了這一點。在資訊安全和會計等關鍵內部職能中，我們已經確定了經驗豐富且準備充分的內部候選人，準備好擔任領導職務。

In addition, just this week, we announced a leadership succession at our wealth management subsidiary, Courier Capital. Jim Iglewski, who joined our firm in mid-2022 after more than 2 decades in private banking with several large U.S. banks has been promoted to President. He succeeds longtime leader, Tom Hanlon, who transitions to the role of Executive Vice President of Wealth Management and Co-Chief Investment Officer. We believe that this new leadership structure allows Courier Capital to continue serving its wealth management, retirement plan and institutional services clients at the highest level, while positioning us for continued growth moving forward, following the merger of our 2 RIA subsidiaries earlier this year.

此外，就在本週，我們宣布了財富管理子公司 Courier Capital 的領導層繼任計畫。 Jim Iglewski 於 2022 年中期加入我們公司，此前他在多家美國大型銀行從事私人銀行業務 20 多年，現已晉升為總裁。他接替了長期領導者湯姆漢隆 (Tom Hanlon)，湯姆漢隆 (Tom Hanlon) 轉任財富管理執行副總裁兼聯席首席投資長。我們相信，這項新的領導結構使Courier Capital 能夠繼續以最高水準為其財富管理、退休計畫和機構服務客戶提供服務，同時為我們在今年稍早合併2 個RIA 子公司後的持續成長奠定了基礎。

And finally, in addition to these internal appointments, we recently hired Blake Jones as Chief Marketing Officer. She brings more than 20 years of branding and communications experience and will lead both marketing and analytics on an enterprise-wide basis, focusing on strategy, branded performance marketing, along with customer and prospect insights. With diversified and complementary lines of business, including consumer and commercial banking, wealth management, insurance and BaaS, our company has excellent opportunity to deepen relationships with existing clients and attract new customers across our footprint and beyond.

最後，除了這些內部任命之外，我們最近還聘請了 Blake Jones 擔任首席行銷長。她擁有 20 多年的品牌和傳播經驗，將領導整個企業的行銷和分析，並專注於策略、品牌績效行銷以及客戶和潛在客戶洞察。憑藉多元化和互補的業務線，包括消費者和商業銀行、財富管理、保險和 BaaS，我們公司擁有絕佳的機會加深與現有客戶的關係，並吸引我們業務範圍內外的新客戶。

Operator, that concludes our prepared remarks. Please open the call for questions.

接線員，我們準備好的發言到此結束。請打開電話提問。

(Operator Instructions) First question comes from Nick Cucharale with Hovde Group.

（操作員說明）第一個問題來自 Hovde Group 的 Nick Cucharale。

Just a question on the Banking-as-a-Service strategy. Just referencing Slide 5, there was a large step-up in total clients from June to September. Do you anticipate a period where you slow client relationships and focus more on monitoring and cultivating the existing relationships? Or do you have capacity to continue adding partnerships at a strong pace?

只是關於銀行即服務策略的問題。僅參考投影片 5，從 6 月到 9 月，客戶總數大幅增加。您是否預計在一段時期內您會放慢客戶關係並更專注於監控和培養現有關係？或者您有能力繼續快速增加合作關係？

So thanks for pointing that out because we've got some assumptions built into our balance sheet and related deposits for the year, and that's being impacted by the timing of onboarding clients. And we have spent a lot of time upfront ensuring that our management and our governance routines as well as our controls are right for this line of business as it's a new activity. So that has impacted our timing overall of onboarding clients to our platform. We're very comfortable with the clients that we've added to this point. But Sean Willett is here, who leads that line of business for us. I'd ask you to comment, please.

感謝您指出這一點，因為我們在今年的資產負債表和相關存款中建立了一些假設，而這些假設受到新客戶入職時間的影響。我們預先花費了大量時間來確保我們的管理和治理例程以及我們的控制措施適合該業務線，因為它是一項新活動。因此，這影響了我們將客戶引入我們平台的整體時間表。我們對目前新增的客戶感到非常滿意。但肖恩威利特 (Sean Willett) 就在這裡，他為我們領導這項業務。我想請你發表評論。

Yes. Thank you for the question. I would just say that we have capacity to continue to bring on clients. But that being said, as Marty has indicated, we will continue to be hyper selective and ensure that those opportunities fit with our risk appetite and the thesis-driven approach that we've taken to client selection.

是的。感謝你的提問。我只想說我們有能力繼續吸引客戶。但話雖這麼說，正如馬蒂所指出的，我們將繼續進行高度選擇性，並確保這些機會符合我們的風險偏好和我們在客戶選擇方面採用的論文驅動方法。

And just a follow-up there. When do you anticipate a material impact on the noninterest income side from these partnerships? Or is that already occurring?

只是後續行動。您預期這些合作夥伴關係何時會對非利息收入產生重大影響？或者這種情況已經發生了？

Nick, this is Jack, I can take that one. So this is Jack. I can cover that first, Sean. Our first strategy was to have an impact on the balance sheet outstandings, which we've seen through deposits which were up about $78 million in the quarter in this line of business. And that is something that I think is critical to franchise success, particularly in this environment, given that they have lower cost relative to funding that we're raising in our current market footprint.

尼克，這是傑克，我可以接受那個。這就是傑克。我可以先介紹一下，肖恩。我們的第一個策略是對資產負債表未償餘額產生影響，我們透過該業務領域本季的存款增加了約 7800 萬美元來看到這一點。我認為這對於特許經營的成功至關重要，特別是在這種環境下，因為相對於我們在當前市場足跡中籌集的資金而言，特許經營的成本較低。

And on the noninterest income side, that's been slower to translate as the fee sharing is coming in a little bit later from the deposits. I would expect to see some marginal contribution in the fourth quarter and beyond. But I'll ask Sean to discuss the partnerships that we're onboarding and how they can contribute to future periods.

在非利息收入方面，轉換速度較慢，因為費用分攤從存款收取的時間要晚一些。我預計第四季及以後會看到一些邊際貢獻。但我會請肖恩討論我們正在建立的合作關係以及他們如何為未來做出貢獻。

Yes. So I think you're spot on, Jack, in terms of the opportunities that we're going after our focus is Deposit acquisition. And then with that, as we start to see activity from those partners, then we start to see contribution not only on the platform side, but also on interchange income.

是的。所以我認為，傑克，就我們關注的重點是存款取得的機會而言，你說得很好。然後，當我們開始看到這些合作夥伴的活動時，我們開始不僅看到平台的貢獻，而且還看到交換收入的貢獻。

That's very helpful. Maybe just a follow-up on the NIM after the revised guidance. I understand it's too early for 2024 commentary. But can you help us think about the direction of the margin as we turn the page into new year?

這非常有幫助。也許只是 NIM 指南修訂後的後續行動。我知道現在評論 2024 年還為時過早。但是當我們翻開新的一頁時，你能幫助我們思考邊距的方向嗎？

Yes, Nick, this is Jack again. So we've had some success with repositioning the liability side of the balance sheet during the quarter. We were successful with the retail money market campaign coming on board, success in the BaaS deposits. growth in commercial deposits, which allowed us to pay off a little over $300 million of higher cost wholesale borrowings. We'll see the full quarter benefit of that in the fourth quarter as well as the benefit of the securities repositioning, which should help to limit the margin compression that we've observed throughout this year and quarter-to-date. Now it appears to be slowing, and it certainly feels like we're approaching a bottom. Our guidance that we provided for full year, which was revised to 295 to 300 basis points, would assume that if we reach a low point of 280 basis points in the fourth quarter, that will put us at the lower end of our full year guidance of 295 basis points. So it certainly feels like we're approaching the bottom there.

是的，尼克，這又是傑克。因此，本季我們在重新定位資產負債表負債方面取得了一些成功。我們的零售貨幣市場活動取得了成功，BaaS 存款也取得了成功。商業存款的成長，使我們能夠償還略高於 3 億美元的高成本批發借款。我們將在第四季度看到整個季度的收益以及證券重新定位的收益，這應該有助於限制我們今年和本季迄今觀察到的利潤率壓縮。現在它似乎正在放緩，而且我們確實感覺我們正在接近底部。我們為全年提供的指導已修訂為 295 至 300 個基點，假設如果我們在第四季度達到 280 個基點的低點，這將使我們處於全年指導的下限295個基點。所以感覺我們正在接近底部。

That's helpful. And then lastly, do you have the AUM for Courier at September 30? I'm just trying to gauge the impact of the weaker equity markets in the quarter.

這很有幫助。最後，你們有 9 月 30 日的 Courier 資產管理規模嗎？我只是想評估本季股市疲軟的影響。

Yes, it was $2.7 billion.

是的，是 27 億美元。

Our next question comes from Damon DelMonte with KBW.

我們的下一個問題來自 KBW 的 Damon DelMonte。

Just wanted to ask a couple of questions here. Starting off with probably for Jack. On the securities portfolio, we saw a pretty decent decline this quarter. I think in the past, you've given projected cash flow expectations. Could you just remind us of what your quarterly cash flows are and kind of your thoughts on where the security settle in as a percentage of average earning assets?

只是想在這裡問幾個問題。從可能是傑克開始。在證券投資組合方面，本季我們看到了相當可觀的下降。我認為過去您已經給出了預期的現金流量預期。您能否提醒我們您的季度現金流量是多少，以及您對證券在平均獲利資產中所佔百分比的看法？

Yes. The cash flow that we're projecting is $140 million annually on the securities portfolio. And relative to the percentage of assets, I look at the securities portfolio as a collateral source for our public deposit base. But we also have alternative sources available through Federal Home Loan Bank. Municipal lines of credit, which we've been able to bolster our position there through additional collateral that's been posted. So I think that we can drift a little bit lower on the securities portfolio outstanding as we take cash flow off and let it reinvest into loan outstandings and then we'll use alternative sources to support our public deposit base.

是的。我們預計證券投資組合每年的現金流量為 1.4 億美元。相對於資產的百分比，我將證券投資組合視為我們公共存款基礎的抵押品來源。但我們也可以透過聯邦住房貸款銀行獲得其他來源。市政信貸額度，我們已經能夠透過已發布的額外抵押品來鞏固我們的地位。因此，我認為，當我們減少現金流並將其再投資於未償貸款時，我們可以稍微降低未償證券投資組合的水平，然後我們將使用其他來源來支持我們的公共存款基礎。

Got it. That's helpful. And then I guess, Marty, can you just give a little bit more perspective on your outlook for loan growth here kind of going into the fourth quarter? Do you think things kind of stay moderate through year-end and kind of given the forward look on pipelines, do you think things kind of pick up as we move into -- move in and through 2024?

知道了。這很有幫助。然後我想，馬蒂，您能否對進入第四季度的貸款成長前景提供更多的看法？您認為到年底情況會保持溫和嗎？考慮到管道的前瞻性，您認為隨著我們進入 2024 年並持續到 2024 年，情況會有所好轉嗎？

Definitely, as we're continuing our conversation this morning, Damon, we've seen loan growth moderate in the second half of the year. That will continue through the fourth quarter. And we are in our midst of our planning season for 2024, and we're looking at a lot of different scenarios. As we've had a hard flood year as an industry this year, we want to make sure as we drive loan growth that we are driving acceptable spreads, risk-adjusted returns, saving space on our balance sheet for those where we've got the deepest relationship. So my comment at this point will be that loan growth will be moderate in 2024, moderated.

當然，當我們今天早上繼續談話時，達蒙，我們已經看到今年下半年的貸款成長放緩。這種情況將持續到第四季。我們正處於 2024 年的規劃季節之中，我們正在考慮許多不同的場景。由於今年我們這個行業經歷了嚴重的洪水年，我們希望確保在推動貸款增長的同時，我們正在推動可接受的利差、風險調整後的回報，並為我們擁有的資產節省資產負債表上的空間。最深的關係。因此，我目前的評論是，2024 年貸款成長將溫和、適度。

Got it. Okay. And then just lastly, kind of broadly on credit. Are there any concerns throughout the portfolio. I know there's a little bit of an uptick in direct auto. That's not a real meaningful concern at this point. But just kind of like your commercial real estate portfolio, any areas there like office where you might be seeing a little bit of degradation there?

知道了。好的。最後，有點廣泛的信用。整個投資組合中是否有任何問題？我知道直接汽車有一點上升。目前這並不是一個真正有意義的擔憂。但就像您的商業房地產投資組合一樣，有任何區域（例如辦公室）您可能會看到那裡有點退化嗎？

We've not seen any degradation to this point. In my prepared comments, I did talk about a routine that we're going to continue to build on, which is taking a deep dive, deeper dives into our commercial real estate portfolio and across those loan categories. So we've done some pretty strong sensitivity relative to those loans that we have underwritten in a lower interest rate environment and sensitizing them to the current rate environment plus more interest rate, less net operating income and looking at those outcomes.

到目前為止，我們還沒有看到任何退化。在我準備好的評論中，我確實談到了我們將繼續建立的慣例，即深入研究我們的商業房地產投資組合和這些貸款類別。因此，我們對我們在較低利率環境下承保的那些貸款做了一些相當強的敏感性，使它們對當前的利率環境加上更高的利率、更少的淨營業收入敏感，並關注這些結果。

So we feel very good relative to a severe stress downside scenario, where we end up with most of that analysis showed that we are at or around 1 debt service coverage or above, and we'll monitor it. And as we think about those with tighter debt service going forward and maturities in the next 24 months, we're supported by our fundamental underwriting approach, which includes personal recourse and dealing with sponsors with long track records and access to alternative -- their own capital and alternative forms of capital. We have seen our CRE portfolio continue to cycle off some of our construction loans cycling through to the agency funding. So, so far, so good, but we are going to continue to monitor it with discipline and consistency.

因此，相對於嚴重的壓力下行情景，我們感覺非常好，我們最終的大部分分析表明，我們的償債覆蓋率達到或約為 1 或以上，我們將對其進行監控。當我們考慮那些未來24 個月內償債更加嚴格且到期的債券時，我們得到了基本承保方法的支持，其中包括個人追索權以及與擁有長期記錄並獲得替代方案（他們自己的）的贊助商打交道。資本和資本的替代形式。我們看到我們的商業房地產投資組合繼續將部分建築貸款轉為機構資金。到目前為止，一切都很好，但我們將繼續以紀律和一致性來監控它。

Our next question comes from Alex Twerdahl with Piper Sandler.

我們的下一個問題來自 Alex Twerdahl 和 Piper Sandler。

A couple of questions. First, Marty, I think in your prepared remarks, you said something along the lines of being ready to capitalize on opportunities, I was just curious, is that just a blanket statement? Or is there some specific opportunities that you're alluding to?

有幾個問題。首先，馬蒂，我認為在你準備好的發言中，你說了一些類似準備利用機會的話，我只是很好奇，這只是一個籠統的聲明嗎？或者您提到了一些具體的機會？

So it's the fundamentals of operating our full-service community bank in terms of consumers who are open to switching and making a change. We've had good success with our money market offering and bringing in average balances of close to $100,000 with those that have chosen to take advantage of our offer and that provides real nice upside to driving relationship and showing them how we do business versus where they come from. And then as well, I think on the commercial and industrial, there is significant opportunity for us relative to long-standing, solid companies and then operating in our footprint that have experienced unsatisfactory interactions with their existing banks. And it seems to me, as I think about it, that we're building some momentum there. which is consistent with where I think the industry and certainly we're trying to emphasize our commercial activity given the more higher probability to have full relationships.

因此，就願意轉變和做出改變的消費者而言，這是經營我們全方位服務的社區銀行的基礎。我們的貨幣市場產品取得了巨大成功，為那些選擇利用我們產品的客戶帶來了接近100,000 美元的平均餘額，這為推動關係提供了真正良好的優勢，並向他們展示了我們如何開展業務以及他們在哪裡開展業務來自。然後，我認為在商業和工業方面，相對於歷史悠久、實力雄厚的公司來說，我們有很大的機會，然後在我們的足跡中運營，這些公司與現有銀行的互動不盡如人意。在我看來，正如我所想，我們正在那裡建立一些勢頭。這與我對行業的看法是一致的，當然我們正在努力強調我們的商業活動，因為建立全面關係的可能性更高。

Got it. And then the securities transaction that you alluded to, Jack, seems like a good start. I'm just curious, is that sort of the full capacity that you're willing to take on right now? Or are you sort of in the midst of a more deep dive on to the securities portfolio and looking for more opportunities that could potentially help to really stabilize the NIM heading into 2024.

知道了。傑克，你提到的證券交易似乎是一個好的開始。我只是好奇，你現在願意承擔這樣的全部能力嗎？或者您是否正在更深入地研究證券投資組合，並尋找更多可能有助於真正穩定 2024 年淨利差的機會。

Yes. Thanks, Alex. We continue to look at more opportunities there. I think this is the start of the first repositioning that we could see.

是的。謝謝，亞歷克斯。我們繼續在那裡尋找更多機會。我認為這是我們可以看到的第一次重新定位的開始。

Okay. And then can you just remind us sort of -- I know you've done a bunch of the wealth business merged the businesses together, made some changes to leadership, sort of where are we in that sort of restructuring process. And in terms of the revenue, it seems like -- I think you sort of said we're sort of backing up to get a running start, sort of rejiggering the model there. Sort of what the outlook might be? And then also, are there some expense considerations that we should be thinking about as well.

好的。然後你能否提醒我們——我知道你已經完成了一系列財富業務，將業務合併在一起，對領導層進行了一些改變，我們在重組過程中處於什麼位置。就收入而言，我想你好像說過我們正在支持以獲得一個好的開端，有點重新調整那裡的模型。前景可能會怎樣？還有，我們是否也應該考慮一些費用上的考量。

Jack, go ahead.

傑克，繼續吧。

Yes. So the new leadership change there with Jim Iglewski was meant to provide more of a strategic focus on building out the sales culture at the institution, to cultivate more clients through new wealth managers and more of an aggressive approach to the client base. Typically, our new business was achieved through referrals from existing clients. So I would expect to see some growth there across the institutional base and more of the high net worth individuals over the coming time frame. Those institutional clients do take time to come on board through an RFP process, but we do have expertise on that front.

是的。因此，吉姆·伊格萊夫斯基(Jim Iglewski) 的新領導層變動旨在將更多的策略重點放在建立該機構的銷售文化上，透過新的財富管理機構培養更多的客戶，並採取更積極的方式對待客戶群。通常，我們的新業務是透過現有客戶的推薦來實現的。因此，我預計在未來一段時間內，機構基礎和更多高淨值人士都會出現一些成長。這些機構客戶確實需要時間透過 RFP 流程加入，但我們確實擁有這方面的專業知識。

And on the expense side, we've operated that business in a pretty lean infrastructure historically. So I would expect that we're just going to continue to drive revenue there rather than cut expenses in wealth management.

在費用方面，我們歷史上一直在相當精簡的基礎設施中經營這項業務。因此，我預計我們將繼續增加收入，而不是削減財富管理費用。

Okay. And then you talked a bunch about this, the 5% money market campaign. Does that -- I mean is there a point where that 5% clips down to a different rate? Or like how should we be thinking about that kind of money from a modeling standpoint in terms of how it could impact deposit betas?

好的。然後你談到了很多關於 5% 貨幣市場活動的話題。那是不是——我的意思是，5% 是否會在某個點下降到不同的比率？或者我們應該如何從建模的角度考慮這種資金如何影響存款貝塔值？

Alex, that 5% rate was guaranteed for a 12-month time frame, which we thought was reasonable given the Fed's outlook on where they expect to maintain rates over the next year. And afterwards, we have the ability to adjust that to market levels.

Alex，5% 的利率在 12 個月的時間內得到保證，考慮到聯準會對明年維持利率的預期，我們認為這是合理的。之後，我們有能力根據市場水準進行調整。

(Operator Instructions) We now turn to Matthew Breese with Stephens.

（操作員指示）我們現在請馬修·布里斯和史蒂芬斯發言。

Jack, I was hoping, along with your NIM comments, if you could provide the monthly NIM throughout the quarter, specifically the September NIM? And you made a comment that if we come in at 280 bps for the fourth quarter, then we'd be at the low end of the full year range. I just wanted to get a sense for whether or not you thought that was a realistic outcome.

傑克，我希望，連同您的 NIM 評論，您是否可以提供整個季度的月度 NIM，特別是 9 月份的 NIM？您評論說，如果我們第四季的成長率為 280 個基點，那麼我們將處於全年範圍的低端。我只是想了解一下您是否認為這是一個現實的結果。

Yes, I do think that 280 bps is on the downside or realistic outcome. So that was what guided to our 295 bps range. September came in at 288 bps. So I think that's a good proxy for outlook for the remainder of the quarter.

是的，我確實認為 280 bps 是不利的或現實的結果。這就是我們 295 bps 範圍的指導原則。 9 月的成長率為 288 個基點。因此，我認為這是本季剩餘時間前景的一個很好的代表。

And as you look out into '24, I guess where do you see the point at which deposit costs stabilize? And where do you see a point at which the NIM begins to stabilize.

當你展望 24 年時，我想你認為存款成本穩定的點在哪裡？您在哪裡可以看到 NIM 開始穩定的點。

So we haven't completed the 2024 budget yet, but anecdotally, I feel like we're approaching the bottom from a margin perspective. There continues to be pressure in our deposit space for commercial accounts and public deposits through what's offered by NYCLASS and local government investment pools. But when we think about our balance sheet positioning overall, we have $1 billion of cash flow that comes off the portfolio and is repricing at current market rates. And given the Fed outlook that we maintain this current level, to me, that feels like we have stability in our margin over the next 12 months.

所以我們還沒有完成 2024 年的預算，但有趣的是，我覺得從利潤的角度來看我們正在接近底部。透過 NYCLASS 和地方政府投資池提供的商業帳戶和公共存款，我們的存款空間仍面臨壓力。但當我們考慮我們的整體資產負債表定位時，我們有 10 億美元的現金流來自投資組合，並且正在以當前市場利率重新定價。鑑於聯準會預計我們將維持目前的水平，對我來說，我們的利潤率在未來 12 個月內將保持穩定。

Great. Okay. Maybe moving on to the indirect auto book. Could you just remind us of the underlying FICO scores within that book? And maybe what the lower kind of quartile FICO scores are? And then what caused the pick up each charge-offs? 92 bps is higher than historical averages. I also wanted to get a sense for what kind of early stage delinquencies for this book look like today versus prior quarters?

偉大的。好的。也許繼續閱讀間接汽車書籍。您能提醒我們一下那本書中的基本 FICO 分數嗎？也許較低的四分位數 FICO 分數是多少？那麼是什麼原因導致每次沖銷回升呢？ 92 個基點高於歷史平均值。我還想了解這本書今天與前幾季的早期拖欠情況是什麼樣的？

So, Matt, you've watched our company for a while and seen several cycles. So our underwriting of the (inaudible) remains consistent, 65-or-so percent. 60% to 65% is what we call Tier 1, 700 above FICO score. 680 and above gets us to 92% of our originations. We're not a subprime lender. I'll have to ask for some assistance on the lower quartile, but it's not really material. We've been focused on credit fundamentally. We -- in terms of the delinquency in the uptick, some of that deals with the pressure consumers are feeling. Some of it deals with the timing of liquidation of collateral in underlying collateral values in terms of our charge-offs.

所以，馬特，你已經觀察我們公司一段時間了，也看到了幾個週期。因此，我們的（聽不清楚）承保率保持一致，約為 65%。 60%到65%就是我們所說的Tier 1，FICO分數700以上。 680 以上可以讓我們達到 92% 的起源。我們不是次級貸方。我必須在下四分位數方面尋求一些幫助，但這並不重要。我們從根本上關注信用。我們——就拖欠率上升而言，其中一些涉及消費者感受到的壓力。其中一些涉及我們沖銷方面的基礎抵押品價值中的抵押品清算時間。

But Jack, do you have anything further that you could add to the response?

但是傑克，你還有什麼可以補充的嗎？

Yes. When we look at the credit metrics of the portfolio, as far as FICO is concerned, about 86% of our portfolio is 670 and above and 65% of our portfolio is over 700. Does that answer your question?

是的。當我們查看投資組合的信用指標時，就FICO而言，我們大約86%的投資組合在670及以上，65%的投資組合在700以上。這能回答你的問題嗎？

Yes. That's great color. Do you have the early-stage delinquencies to 30 to 89 days past due for auto. And I wanted to get a sense for whether or not given the persistence of some of the challenges you cited, Marty, if we should expect this level of charge-off to continue for the time being.

是的。那顏色真棒。您是否有汽車逾期 30 至 89 天的早期拖欠情況？我想了解一下，馬蒂，考慮到你提到的一些挑戰是否持續存在，我們是否應該預期這種程度的沖銷會暫時持續下去。

Jack?

傑克？

Matt, this is Jack. I'll take that one. So I would expect that our third quarter charge-off experience to be representative of expectations for the next couple of quarters. The second quarter experience was exceptional because we had a significant amount of recoveries but the third quarter looks like what I would expect to see come through in the -- at least for the fourth and first quarters.

馬特，這是傑克。我會接受那個。因此，我預計我們第三季的沖銷經驗將代表未來幾季的預期。第二季的經驗非常出色，因為我們有大量復甦，但第三季看起來就像我期望的那樣——至少第四季和第一季是這樣。

And do you have the early-stage delinquencies, the 30 to 89 days past too?

你們是否也有早期拖欠，即過去 30 至 89 天的拖欠？

Well, Matt, let us get back to you on that.

好吧，馬特，讓我們回覆你。

Okay. Last question for me. I don't know if you have any, but I was just curious what the overall exposure to syndicated loans are, what the performance of that book looks like? And how much of it is out of market?

好的。對我來說最後一個問題。我不知道你有沒有，但我只是好奇銀團貸款的整體風險是多少，那本書的表現如何？其中有多少處於市場之外？

That's not something we've pursued in terms of shared national credits, Matt. We've done several club deals that we've initiated relative to some of our ongoing commercial exposure, CRE and C&I, but in terms of large, syndicated credits, it's been -- it's very limited. I would say it's not material for our commercial book of business. And it would relate to companies that are headquartered in and around our franchise or that we know have professional relationships with the management team.

這不是我們在共享國家信用方面所追求的目標，馬特。我們已經完成了幾項俱樂部交易，這些交易是與我們正在進行的一些商業曝光、CRE 和 C&I 相關的，但就大型銀團信貸而言，它非常有限。我想說這對我們的商業帳簿來說並不重要。它可能與總部位於我們特許經營範圍內或週邊的公司有關，或者我們知道與管理團隊有專業關係的公司。

Got it. Okay. Last one for me. Just the overall tangible common equity to tangible asset ratio, thoughts around capital adequacy and if this type of environment persists, what kind of position does this level of capital leaving in, in '24 if we were to see an uptick in loan?

知道了。好的。最後一張給我。只是整體有形普通股與有形資產的比率，對資本充足性的思考，如果這種環境持續下去，如果我們看到貸款增加，那麼在 24 年，這種資本水準會處於什麼樣的位置？

So that's relative to our 2024 planning, that's where my earlier comment -- Matt, we're looking at several scenarios. And ultimately, our goal is to continue to drive and accrete capital through the performance and how we manage the balance sheet. And so generally, I think thematically, that equates to and translates to slower growth, moderating growth. And I think that's one way we're thinking about. We're well aware of where our TCE ratio stands today. And we know from feedback and conversations like this, that it's low, and that's something that's on the top of our management teams buying right now.

這與我們的 2024 年規劃相關，這就是我之前的評論——馬特，我們正在考慮幾種情景。最終，我們的目標是繼續透過績效和資產負債表管理方式來推動和累積資本。所以總的來說，我認為從主題上來說，這等於並轉化為成長放緩、成長放緩。我認為這是我們思考的一種方式。我們非常了解目前的 TCE 比率。我們從這樣的回饋和對話中得知，它的價格很低，而這是我們管理團隊目前最優先購買的東西。

We've seen a couple of your larger peers go ahead and sell insurance companies or other (inaudible) fee income businesses to help on the trapped AOCI and overall capital front? Is that something you're considering?

我們已經看到你們的一些較大的同行繼續出售保險公司或其他（聽不清楚）費用收入業務，以幫助陷入困境的 AOCI 和整體資本方面？這是你正在考慮的事情嗎？

So we're aware of that. Strategically, it's been a good move for us relative to the diversification of revenues and the increase that it represents in terms of noninterest revenues in terms of what we've done with our wealth and our insurance business. But we're open to any possibility from a capital -- efficient use of capital and allocation perspective for that line of business or any other line of business we have in terms of what you just said, unlocking value.

所以我們知道這一點。從策略上講，相對於收入多元化以及我們在財富和保險業務方面所做的非利息收入的成長而言，這對我們來說是一個很好的舉措。但我們對資本的任何可能性持開放態度——從資本的有效利用和該業務線或我們擁有的任何其他業務線的分配角度來看，正如您剛才所說，釋放價值。

Got it. Okay. I know I went over where I said I would stop my last question. So I apologize and thank you for taking a couple of extras. I appreciate it.

知道了。好的。我知道我已經重複了我說過要停止最後一個問題的地方。所以我向您道歉並感謝您額外提供了一些內容。我很感激。

This concludes our Q&A. I'll now hand back to Marty Birmingham, President and CEO, for closing remarks.

我們的問答到此結束。現在我將請總裁兼執行長馬蒂·伯明罕致閉幕詞。

I want to thank everybody. Thanks to our analysts and those that are participating on the call this morning. We look forward to talking with you again in January.

我要感謝大家。感謝我們的分析師和今天早上參加電話會議的人員。我們期待在一月份再次與您交談。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。