Flagstar Bank NA (FLG) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Flagstar Financial first-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Salvatore DiMartino, Director of Investor Relations. Please go ahead.

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Flagstar Financial 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係總監 Salvatore DiMartino。請繼續。

Thank you, Regina, and good morning, everyone. Welcome to Flagstar Financial's first-quarter 2025 earnings call. This morning our Chairman, President, and CEO, Joseph Otting, along with the company's Senior Executive Vice President and Chief Financial Officer, Lee Smith, will discuss our first quarter results and outlook.

謝謝你，里賈娜，大家早安。歡迎參加 Flagstar Financial 2025 年第一季財報電話會議。今天上午，我們的董事長、總裁兼執行長 Joseph Otting 將與公司高級執行副總裁兼財務長 Lee Smith 討論我們的第一季業績和展望。

During this call, we will be referring to our earnings presentation, which provides additional detail on our quarterly results and operating performance. Both the earnings presentation and the press release can be found on the Investor Relations section of our company website at ir.flagstar.com.

在本次電話會議中，我們將參考我們的收益報告，其中提供了有關我們的季度業績和經營業績的更多詳細資訊。收益報告和新聞稿均可在我們公司網站 ir.flagstar.com 的投資者關係部分找到。

Also, before we begin, I'd like to remind everyone that certain comments made today by the management team of Flagstar Financial may include forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Such forward looking statements we may make are subject to the Safe Harbor rules. Please review the forward-looking disclaimer and Safe Harbor language in today's press release and presentation for more information about risks and uncertainties, which may affect us.

此外，在我們開始之前，我想提醒大家，Flagstar Financial 管理團隊今天發表的某些評論可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。我們所做的此類前瞻性聲明受安全港規則的約束。請查看今天的新聞稿和簡報中的前瞻性免責聲明和安全港語言，以獲取有關可能影響我們的風險和不確定性的更多資訊。

Also, when discussing our results, we will reference certain non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.

此外，在討論我們的結果時，我們將參考某些非 GAAP 指標，這些指標將某些項目排除在報告結果之外。請參閱今天的收益報告以了解這些非公認會計準則指標的對帳情況。

And with that, now I would like to turn the call over to Mr. Otting. Joseph?

現在，我想將電話轉給奧廷先生。約瑟夫？

Thank you, Sal, and good morning, everyone, and welcome to our first-quarter earnings call. We are very pleased with this quarter's operating performance and financial results as we continue to make significant progress on our journey to profitability, executing on our strategic plan, and transforming the company to a strong performing regional bank.

謝謝你，薩爾，大家早安，歡迎參加我們的第一季財報電話會議。我們對本季的經營業績和財務結果非常滿意，因為我們在盈利、執行策略計劃和將公司轉變為業績強勁的區域性銀行的道路上繼續取得重大進展。

We executed on the critical cost takeouts, credit management, C&I growth, and risk governance during the quarter and really aligned with our overall pattern that we laid out for all of you in early 2024. Our first quarter adjusted net loss available to common shareholders was $0.23 per diluted share compared to a consensus of $0.27 per diluted share. This was also $0.17 better than what we reported in the fourth quarter.

我們在本季執行了關鍵的成本削減、信貸管理、商業與工業成長和風險管理，這與我們在 2024 年初為大家製定的整體模式完全一致。我們第一季調整後的普通股股東淨虧損為每股攤薄虧損 0.23 美元，而普遍預期每股攤薄虧損 0.27 美元。這也比我們第四季報告的結果高出 0.17 美元。

In addition to our improved financial results, I'm also excited with the progress that we are making in building out our Commercial Lending business where we continue to add talented bankers. These new hires now are generating strong origination volumes, which I will detail for you shortly.

除了財務表現的改善之外，我對我們在商業貸款業務建設方面取得的進展感到興奮，我們將繼續引進優秀的銀行家。這些新員工現在正在產生強大的發起量，我很快就會為您詳細介紹。

Also during the quarter, we announced the hiring of Mark Pittsey to lead our Private Bank and Wealth Management business. Mark's extensive expertise at various large regional international banks will help us drive our continued growth in these two core businesses and we're really excited because Mark is going to be at a great leader. He's already brought focus to those businesses, and we look to add additional talent as we move forward as he executes on his business model.

此外，在本季度，我們還宣布聘請馬克皮特西 (Mark Pittsey) 來領導我們的私人銀行和財富管理業務。馬克在各大區域性國際銀行的豐富專業知識將幫助我們推動這兩個核心業務的持續成長，我們非常興奮，因為馬克將成為一位偉大的領導者。他已經將注意力集中在這些業務上，我們希望在他執行其商業模式的過程中引進更多人才。

In addition, we rounded out some key product offerings in the C&I and including an interest-only jumbo AMR mortgage with a low loan-to-value aimed at our high net worth clients in a subscription loan product. We feel now that we have the appropriate product set in place to grow market share in the high-net-worth space.

此外，我們也完善了 C&I 領域的一些主要產品，其中包括針對高淨值客戶的認購貸款產品，即只需支付利息的巨額 AMR 抵押貸款，其貸款價值比較低。我們現在覺得我們已經擁有了合適的產品來擴大高淨值領域的市場佔有率。

Turning to slide 3 of our presentation. In 2024, we successfully built capital, improved liquidity, and enhanced credit quality of our commercial real estate and multifamily portfolios. In 2025, our focus is on the following four areas: improving our earnings profile to margin expansion as our cost of funds decreases; moderating credit cost and cost reductions. Lee will discuss these and outline these later on a couple of slides.

翻到我們簡報的第 3 張投影片。2024 年，我們成功累積了資本，提高了流動性，並增強了商業房地產和多戶型投資組合的信用品質。2025年，我們的工作重點將放在以下四個方面：隨著資金成本的降低，改善獲利狀況，擴大利潤率；緩和信貸成本並降低成本。Lee 將在稍後的幾張投影片中討論並概述這些問題。

And we'll continue to execute on our C&I and Private Bank growth initiatives. And then proactively manage the CRE portfolio, including reducing our CRE concentration, which you also see in a couple of slides. We've continued to do that virtually since we've arrived, and we've continued to see that as we move through the remainder of '25 and '26.

我們將繼續執行我們的商業和工業以及私人銀行成長計劃。然後主動管理 CRE 投資組合，包括降低我們的 CRE 集中度，您也可以在幾張投影片中看到這一點。自從我們到達以來，我們一直在這樣做，並且在我們度過 25 年和 26 年的剩餘時間時，我們繼續看到這種情況。

And then we also see normalizing credit. And I will note that both net charge offs in the loan loss provision in the first quarter each declined by almost 50% on a quarter-over-quarter basis.

然後我們也看到信貸正常化。我要指出的是，第一季貸款損失準備金的兩項淨沖銷額較上月均下降了近 50%。

I'd like to spend the next few slides discussing the buildout and increasing momentum in our C&I business, which we've consistently communicated is one of our key targets is to diversify the balance sheet away from being a CRA driven balance sheet and one where we focus on Consumer, C&I, and Commercial Real Estate going forward.

我想用接下來的幾張投影片來討論我們的 C&I 業務的擴張和成長勢頭，我們一直在傳達的一個關鍵目標是實現資產負債表多元化，不再以 CRA 為主導，而是將重點放在消費者、C&I 和商業房地產上。

We've continued to add talent in the C&I business. We hired another 15 bankers during the first quarter and tend to hire another 80 to 90 during the remainder of the year. These additional hires are already factored into our forecast and will not impact our cost savings initiatives.

我們繼續在商業和工業領域招募人才。我們在第一季又僱用了 15 名銀行家，並計劃在今年剩餘時間內再僱用 80 到 90 名銀行家。這些額外的招募已經計入我們的預測中，不會影響我們的成本節約計畫。

Early returns from the bankers we hired in 2024 are impressive, especially in our two main focus areas, which are Corporate and Regional Commercial Banking, and our Specialized Industry verticals. Overall, we had over $1 billion of C&I loan commitments in the quarter, with $769 million in originations, up over 40% versus the fourth quarter. Our C&I pipeline currently stands at $870 million (sic - see slide 4, "$875 million"), up over 2 times compared to the fourth quarter.

我們在 2024 年聘請的銀行家的早期回報令人印象深刻，特別是在我們主要關注的兩個領域，即企業和區域商業銀行以及我們的專業行業垂直領域。總體而言，本季我們的商業和工業貸款承諾超過 10 億美元，發放金額為 7.69 億美元，較第四季成長超過 40%。我們的 C&I 管道目前為 8.7 億美元（原文如此 - 請參閱投影片 4，「8.75 億美元」），與第四季度相比增長了 2 倍多。

Our expansion strategy in this is twofolds. Our Corporate and Regional Commercial Banking business is focused on relationship lending in and around our branch footprint to ensure we can maximize our middle market and corporate banking and lending opportunities in our backyard, specifically where we have Flagstar brand recognition.

我們的擴張策略是雙重的。我們的企業和區域商業銀行業務專注於我們分行及其周邊的關係貸款，以確保我們能夠最大限度地利用我們的中端市場和企業銀行業務和貸款機會，特別是在我們擁有 Flagstar 品牌知名度的地方。

And then the second is our Specialized Industry businesses as a national model and focuses on several industry verticals, including things like sports and entertainment, energy and energy renewables, franchise, finance, healthcare, and lender finance.

第二是我們的專業行業業務作為國家模式，專注於幾個垂直行業，包括體育和娛樂、能源和再生能源、特許經營、金融、醫療保健和貸方融資等。

Slide 5 depicts the momentum we have in these two areas over the last several quarters. As you recall, we really, with Richard Raffetto's hiring in June of 2024, began to organize ourself and began to recruit talent into that space.

幻燈片 5 展示了過去幾季我們在這兩個領域的發展勢頭。正如你記得的，隨著 2024 年 6 月理查德·拉菲托 (Richard Raffetto) 的聘用，我們開始組織起來並開始為該領域招募人才。

But as you can see on slide 5, importantly, in our two areas of forecast, originations increased over 70% to $449 million on a linked quarter basis, while commitments rose 40% to $656 million. So what we're really excited about that and it really shows, as we've talked to people about growing out our C&I opportunities in the marketplace that those are really starting to come through as we as we forecasted.

但正如您在第 5 張投影片上看到的那樣，重要的是，在我們的兩個預測領域中，發起金額按季度環比增長了 70% 以上，達到 4.49 億美元，而承諾金額增長了 40%，達到 6.56 億美元。因此，我們對此感到非常興奮，這確實表明，正如我們與人們談論在市場上擴大我們的 C&I 機會時一樣，這些機會確實開始像我們預測的那樣實現。

On slide 6, in addition to the sale of the mortgage warehouse business, we opted to strategically reduce our exposure to several non-core, non-relationship base C&I borrowers. As a result, over the past several quarters, the runoff in these portfolios has masked the progress we're making in growing our new focus areas.

在第 6 張投影片上，除了出售抵押倉庫業務外，我們還選擇策略性地減少對幾個非核心、非關係基礎 C&I 借款人的投資。因此，在過去幾個季度中，這些投資組合的流失掩蓋了我們在發展新重點領域方面所取得的進展。

As you can see in the upper left of this slide on set on page 6. while overall C&I loans declined again this quarter, for Regional Commercial Banking and the Specialized Industrial loans increased to $147 million, up 4.4% compared to the fourth quarter. Runoff has now abated in the C&I portfolios and combined with continued momentum in our focus area, we feel comfortable that the overall C&I portfolio will begin to net grow in the second quarter.

正如您在第 6 頁這張投影片的左上角所看到的。雖然本季整體 C&I 貸款再次下降，但區域商業銀行和專業工業貸款增加至 1.47 億美元，與第四季相比成長了 4.4%。目前，商業與工業投資組合的流失已經減弱，再加上我們重點領域的持續成長勢頭，我們有信心，整體商業與工業投資組合將在第二季開始淨成長。

With that, I will turn it over to Lee and allow Lee to walk you through some of our financial data.

說完這些，我會把麥克風交給李，讓他向大家介紹我們的一些財務數據。

Thank you, Joseph, and good morning, everyone. We're very pleased with the continued progress of our turnaround strategy to transform Flagstar into a top-performing, well-diversified, relationship-driven regional bank.

謝謝你，約瑟夫，大家早安。我們對扭轉策略的持續進展感到非常高興，該策略旨在將 Flagstar 轉變為業績出色、業務多元化、以關係為導向的區域性銀行。

From a fundamental point of view, CET1 capital ratio remains right around 12%, one of the strongest in the industry for regional banks. We further improved our liquidity profile as we continue to reduce brokered deposits and FHLB advances on the results of our cost optimization efforts around full display as our non-interest expenses, excluding one-time charges, merger expenses, and intangible amortization, declined $71 million quarter-over-quarter, putting us on track to achieve our full 2025 forecasted run rate.

從基本面來看，CET1資本充足率維持在12%左右，是區域銀行中同業中最高的之一。由於我們繼續減少經紀存款和 FHLB 預付款，我們的流動性狀況得到進一步改善，這充分體現了我們圍繞成本優化努力的成果，因為我們的非利息支出（不包括一次性費用、合併費用和無形攤銷）環比下降了 7100 萬美元，使我們有望實現 2025 年預測的完整運行率。

We continue to see significant [popiopsy] in our Commercial Real Estate portfolio, and we closed on the two non-accrual loan sales that had been moved to available for sale during the fourth quarter. with a combined book value of $290 million, resulting in a small gain of $9 million on these loans sales. We will continue to explore all options as it relates to reducing our Multi-Family and Commercial Real Estate portfolios and non-performing loans, and will execute on what is in the best economic interests of the bank.

我們的商業房地產投資組合持續顯著成長，我們完成了兩筆在第四季轉為可供出售的非應計貸款銷售。合併帳面價值為 2.9 億美元，這些貸款銷售帶來 900 萬美元的小幅收益。我們將繼續探索與減少多戶型和商業房地產投資組合及不良貸款有關的所有選擇，並將執行最符合銀行經濟利益的措施。

Joseph already touched on the momentum in the C&I business, but let me add that our goal is to originate [$1 billion-plus] of C&I loans per quarter, and believe the first quarter trends proved we're on track to do this. Moreover, this growth is of marquee spreads, which together with the expected Multi-Family reset some maturities who drive margin expansion over the next three years.

約瑟夫已經談到了商業和工業業務的發展勢頭，但我想補充一點，我們的目標是每季度發放 [10 億美元以上] 的商業和工業貸款，並且相信第一季度的趨勢證明我們正朝著這個目標前進。此外，這種成長是大額利差的成長，加上預期的多戶型產品將重置一些到期期限，從而推動未來三年的利潤率擴張。

We paid off approximately $1.9 billion of brokered deposits during the quarter with a weighted average cost of 5% and $250 million of FHLB advances, with a weighted average cost of approximately 4.5%. The last $1.4 billion of our high-cost savings promos with a weighted average cost of 5.2% mature during the first quarter, and we had $5 billion of retail CD maturities at a weighted average cost of almost 5%. Overall our weighted average cost of deposits declined 34 basis points in Q1 versus Q4.

本季度，我們償還了約 19 億美元的經紀存款，加權平均成本為 5%，並償還了 2.5 億美元的 FHLB 預付款，加權平均成本約為 4.5%。我們最後一筆 14 億美元的高成本儲蓄促銷活動於第一季到期，加權平均成本為 5.2%，另有 50 億美元的零售 CD 到期，加權平均成本接近 5%。總體而言，第一季我們的加權平均存款成本比第四季下降了 34 個基點。

Looking ahead, a further $4.9 billion of retail CDs will mature in the second quarter with a weighted average cost of 4.80%. We continue to actively manage our deposit costs and will further deleverage the balance sheet in 2025 by paying down more brokered deposits and FHLB advances. Over the next three quarters, we expect to reduce our brokered deposits by an additional $3 billion and our FHLB advances by another $1 billion.

展望未來，第二季將有另外 49 億美元的零售 CD 到期，加權平均成本為 4.80%。我們將繼續積極管理存款成本，並將在 2025 年透過償還更多經紀存款和 FHLB 預付款來進一步降低資產負債表的槓桿率。在接下來的三個季度中，我們預計將再減少 30 億美元的經紀存款，並將再減少 10 億美元的 FHLB 預付款。

On the asset quality front, our criticized assets declined quarter-over-quarter, while our allowance for credit losses and reserve coverage remained stable due to lower held-for-investment loan balances and better appraisal values. The increase in [30 to 89] date delinquencies were driven by one borrower to pay subsequent month spend and has done so again, meaning that $414 million of delinquent loans as of March 31 are current, as of April 23.

在資產品質方面，我們的受批評資產數量環比下降，但由於持有的投資貸款餘額較低且評估價值較高，我們的信貸損失準備金和準備金覆蓋率保持穩定。[30 至 89] 天的拖欠率增加是由於一名借款人需要支付下個月的開支，這種情況再次發生，這意味著截至 4 月 23 日，3 月 31 日的拖欠貸款總額為 4.14 億美元。

We also moved one significant borrower to non-accrual status during the quarter. That portfolio is approximately $563 million and 90 properties. We are pursuing all legal and contractual remedies against this borrower.

本季度，我們也將一名重要藉款人轉為非應計狀態。該投資組合價值約為 5.63 億美元，擁有 90 處房產。我們正在針對該借款人採取一切法律和合約補救措施。

Turning to slide 7. As you read in our earnings release, our first quarter loss narrowed significantly compared to the previous quarter. And as Joseph mentioned, it was ahead of consensus estimates.

翻到幻燈片 7。正如您在我們的收益報告中看到的，我們的第一季虧損與上一季相比大幅收窄。正如約瑟夫所提到的，這一數字超出了普遍預期。

On a GAAP basis, we reported a net loss available to common stockholders of $0.26 per diluted share. On an adjusted basis, we reported a net loss available to common stockholders of $0.23 per diluted share versus $0.4 in the fourth quarter after adjusting for the following items in Q1: $5 million in trailing cost from the sale of mortgage servicing and third party origination business, $6 million in accelerated lease costs related to branch closures, and $8 million of merger related expenses.

根據 GAAP 計算，我們報告的普通股股東每股淨虧損為 0.26 美元。經調整後，我們報告的普通股股東淨虧損為每股 0.23 美元，而第一季調整以下項目後第四季為 0.4 美元：出售抵押貸款服務和第三方發起業務的後續成本 500 萬美元、與關閉分行相關的加速租賃成本 600 萬美元、以及合併相關費用 800 萬美元。

Moreover, our adjusted pre-provision pre-tax net revenue for the quarter was a negative $23 million, also much improved compared to the previous quarter as we aim to return the bank's profitability by the fourth quarter 2025.

此外，本季我們調整後的撥備前稅前淨收入為負 2,300 萬美元，與上一季相比也有大幅改善，因為我們的目標是到 2025 年第四季恢復銀行的獲利能力。

On slide 8, you can see the tremendous strides we've made in strengthening our balance sheet over the past five quarters. We have increased capital by nearly 300 basis points, improved our reserve coverage by almost 60 basis points, significantly enhanced our liquidity position, and we enhanced our funding profile by reducing our reliance on higher-cost wholesale borrowings.

在第 8 張投影片上，您可以看到過去五個季度我們在加強資產負債表方面取得的巨大進步。我們的資本增加了近 300 個基點，儲備覆蓋率提高了近 60 個基點，顯著增強了我們的流動性狀況，並且透過減少對高成本批發借款的依賴改善了我們的融資狀況。

This last item also helps us reduce our equity [IC] expenses. We now have a more fortified balance sheet that will better support our diversification strategy as we move forward.

最後一項也幫助我們減少股權[IC]支出。我們現在擁有更穩健的資產負債表，這將更好地支持我們未來的多元化策略。

Slide 9 provides our updated three-year forecast through 2027. We slightly lowered our 2025 net interest income forecast and increased our forecast of fee income. These largely offset, resulting in no change to our 2025 earnings per share. Fiscal year 2026 and 2027 remain unchanged.

投影片 9 提供了我們截至 2027 年的最新三年預測。我們略微下調了 2025 年淨利息收入預測，並上調了費用收入預測。這些因素在很大程度上相互抵消，導致我們 2025 年的每股盈餘沒有變化。2026 和 2027 財政年度維持不變。

Slide 10 shows our NIM trends. And as you can see, the margin has stabilized over the past two quarters. The NIM is expected to increase as we move forward based on a lower cost of funds as we continue to deleverage the balance sheet and manage our cost of deposits lower, using excess cash to purchase investment securities, low coupon Multi-Family loans resetting higher or paying off a part, growth in higher yielding C&I loans, and a reduction in non-accrual loan balances.

幻燈片 10 展示了我們的 NIM 趨勢。如您所見，利潤率在過去兩個季度已經穩定下來。隨著我們繼續降低資產負債表的槓桿率並降低存款成本，使用多餘的現金購買投資證券，低息多戶家庭貸款重置為更高水平或償還部分貸款，高收益的 C&I 貸款增長，以及非應計貸款餘額減少，預計淨息差將隨著資金成本的降低而增加。

I touched on our cost optimization efforts in a moment ago, and on slide 11, you can see the significant progress we've made in reducing our expense base. Our cost reduction efforts have focused on the following five areas: compensation and benefits, real estate optimization, vendor costs, outsourcing, offshoring, non-strategic back-office functions and processes, and FDIC. expenses.

我剛剛談到了我們的成本優化工作，在第 11 張投影片上，您可以看到我們在降低費用基礎方面取得的重大進展。我們的成本削減工作主要集中在以下五個領域：薪資與福利、房地產優化、供應商成本、外包、離岸外包、非策略性後台職能和流程以及聯邦存款保險公司 (FDIC)。開支。

We've reduced non-interest expenses $71 million quarter-over-quarter on an adjusted basis. And are on track to reduce expenses by over $600 million year-over-year and achieve our non-interest expense forecast for 2025. It is important to note that our cost savings goal is net of growth in other areas, including our C&I businesses and the investment in our risk, compliance, and technology infrastructure.

經過調整後，我們的非利息支出較上季減少了 7,100 萬美元。並有望年減 6 億多美元的支出，實現我們對 2025 年非利息支出的預測。值得注意的是，我們的成本節約目標是扣除其他領域的成長，包括我們的 C&I 業務以及對我們的風險、合規和技術基礎設施的投資。

Turning now to slide 12, which shows the growth and strength of our capital position. At just under 12%, our CET1 capital ratio is top quartile among our peer group. Our priority is to redeploy this capital into growing our C&I business as we diversify our balance sheet.

現在翻到第 12 張投影片，它展現了我們資本狀況的成長和實力。我們的 CET1 資本比率略低於 12%，在同業中處於前四分之一。我們的首要任務是重新部署這些資本，以發展我們的商業和工業業務，同時實現資產負債表的多元化。

The next slide is our deposits overview. Our deposits decreased approximately $2 billion, driven by the payoff of $1.9 billion in brokered deposits, consistent with management's strategy to reduce our reliance on wholesale funding.

下一張投影片是我們的存款概覽。我們的存款減少了約 20 億美元，因為經紀存款減少了 19 億美元，這符合管理層減少對批發融資依賴的策略。

Moving to Slide 14. The first quarter was another strong quarter upon payoffs in the CRE portfolio, which totaled $840 million, $673 million or 80% of these were in the Multi-Family portfolio. And importantly, 59% of the payoffs were loans rated substandard.

移至投影片 14。第一季是另一個表現強勁的季度，CRE 投資組合的收益總計 8.4 億美元，其中 6.73 億美元（或 80%）來自多戶型投資組合。重要的是，59% 的還款都是評級為不合格的貸款。

These payoffs are driving a significant reduction in our CRE balances and in the CRE concentration ratio. Since year-end 2023, CRE balances are down $5.7 billion or 12% to $42 billion. While the CRE concentration ratio is down 62 percentage points to 439% compared to 501% at year-end 2023.

這些收益導致我們的 CRE 餘額和 CRE 集中度大幅下降。自 2023 年底以來，CRE 餘額下降了 57 億美元，下降 12%，至 420 億美元。而商業不動產集中從2023年底的501%下降62個百分點至439%。

Slide 15 provides an overview of the Multi-Family portfolio. This portfolio has declined $3.3 billion or 9% year-over-year. In addition to the payoffs, this portfolio has been reduced through loan sales and charge-offs.

投影片 15 概述了多戶型投資組合。該投資組合較上年同期下降了 33 億美元，降幅為 9%。除了償還貸款外，該投資組合還透過貸款出售和沖銷而減少。

We maintain a strong reserve coverage on this portfolio of 1.82%, the highest relative to other multi-family focus banks in the Northeast. Furthermore, the reserve coverage on Multi-Family loans were more than 50% of the units on rent regulated is 2.82%.

我們對該投資組合保持了 1.82% 的強勁儲備覆蓋率，相對於東北地區其他專注於多戶型的銀行而言是最高的。此外，多戶型貸款的準備金覆蓋率超過 50%，租金受到監管，為 2.82%。

Earlier, I stated that one driver to our margin expansion is the resetting of our Multi-Family loans. We have of $18 billion of Multi-Family loans, either resetting or maturing through the remainder of 2025 and end of 2027 with a weighted average coupon of less than 3.8%.

之前我曾說過，推動我們利潤率擴大的一個因素是多戶型貸款的重置。我們擁有 180 億美元的多戶型貸款，這些貸款要么重置，要么在 2025 年剩餘時間和 2027 年底到期，加權平均票面利率低於 3.8%。

If these loans pay off, we'll reinvest the proceeds and capital into C&I growth or pay down wholesale borrowings. If they reset, the contractual reset is at least 7.5%, which gives us an immediate NIM benefit.

如果這些貸款獲得回報，我們將把收益和資本再投資於商業和工業成長或償還批發借款。如果他們重置，合約重置至少為 7.5%，這將為我們帶來直接的 NIM 收益。

Going back to January 1, 2024, approximately $3.4 billion of Multi-Family loans have reset. Over 90% of these loans have been paid off at part or reset and a current, excluding the one borrower we moved to non-accrual.

截至 2024 年 1 月 1 日，約有 34 億美元的多戶型貸款已重設。除一名我們已轉為非應計貸款的借款人外，超過 90% 的貸款已部分償還或重新計息並轉為當前貸款。

Slide 16 provides an overview of the Office portfolio. We have reduced our Office exposure by approximately $800 million or 25% over the past five quarters. And we will continue to actively manage this portfolio lower throughout the course of the year. Our Office allowance coverage of March 31 stood at 6.68% and remains among the highest compared to our regional bank peers.

投影片 16 概述了 Office 產品組合。在過去五個季度中，我們已將 Office 風險敞口減少了約 8 億美元，即 25%。我們將在全年繼續積極管理這項投資組合。截至 3 月 31 日，我們的辦公室撥備覆蓋率為 6.68%，與我們的區域銀行同行相比仍處於最高水準。

The next slide details our allowance for credit losses by loan category. Of note, our total ACL coverage, including unfunded commitments of 1.82%, was relatively unchanged compared to the previous quarter due to lower loan balances, charge-offs, and the receipt of additional appraisals.

下一張幻燈片詳細說明了我們按貸款類別劃分的信貸損失準備金。值得注意的是，由於貸款餘額減少、沖銷以及收到額外評估，我們的總 ACL 覆蓋率（包括 1.82% 的未撥付承諾）與上一季相比基本上沒有變化。

On Slide 18, we provide additional details around that credit quality trends. Criticized loans declined almost $900 million or 6% on a quarter-over-quarter basis to $14 billion. Additionally, net charge-offs declined 48% to $115 million compared to the previous quarter, reflecting further normalization of credit costs.

在投影片 18 上，我們提供了有關信用品質趨勢的更多詳細資訊。受到批評的貸款環比下降近 9 億美元，即 6%，至 140 億美元。此外，淨沖銷額與上一季相比下降了 48%，至 1.15 億美元，反映出信貸成本進一步正常化。

As I mentioned earlier, one borrower relationship, totaling $563 million became non-accrual during the quarter, which accounted for almost all of the increase in non-accruals. Excluding this non-accrual, loans including [held] for sale would have declined modestly compared to last quarter.

正如我之前提到的，本季有一筆總額為 5.63 億美元的借款關係變為非應計，這幾乎佔了非應計款項全部增加的部分。除去這筆非應計費用，包括待售在內的貸款與上一季相比將略有下降。

Finally, slide 19 depicts our liquidity position as of quarter-end. Overall, our liquidity remains strong, totaling $30 billion, representing 231% of uninsured deposits. During the quarter, we used that cash position to pay down brokered deposits, wholesale borrowings, and to purchase investment securities. In conclusion, we're executing on our turnaround and strategic plan to return Flagstar to profitability and make us one of the best performing regional banks in the country.

最後，投影片 19 描述了我們截至季末的流動性狀況。整體而言，我們的流動性依然強勁，總額達 300 億美元，佔無保險存款的 231%。在本季度，我們利用現金部位償還經紀存款、批發借款以及購買投資證券。總而言之，我們正在執行扭虧為盈和戰略計劃，以使 Flagstar 恢復盈利能力，並成為該國表現最好的地區性銀行之一。

I will now turn the call back to Joseph.

我現在將電話轉回給約瑟夫。

Thank you very much, Lee. And before we go to questions, I'd just reference, for everybody's benefit, slide 20. As we started this journey with all of you when we arrived, virtually, a year ago, and started to talk about like the direction we wanted to take the company, there were still critical components that need to be -- that we needed to accomplish.

非常感謝，李。在我們開始提問之前，為了大家的方便，我想先參考第 20 張投影片。一年前，當我們與大家一起踏上這段旅程，開始談論我們希望帶領公司走向的方向時，仍然有一些關鍵的部分需要我們完成。

We obviously needed to lower the cost, we needed to get our arms around the credit risk within the company, we needed to build a C&I franchise that could originate loans and we could move the company forward on that journey. And I think where we sit today, we feel very confident on the turnaround of the company. And as Lee referenced, we do forecast and believe that our fourth quarter will be a profitable quarter for us, a turning point in the organization's history.

我們顯然需要降低成本，我們需要控制公司內部的信用風險，我們需要建立一個可以發放貸款的 C&I 特許經營權，我們可以推動公司在這一過程中向前發展。我認為，就我們目前的情況而言，我們對公司的扭轉局面非常有信心。正如李所提到的，我們確實預測並相信第四季度對我們來說將是一個盈利的季度，這也是公司歷史上的轉捩點。

On slide 20, we give you a reference that compared to where the current stock price is trading, where we think it would be on a 1 times multiple that we do feel for investors, there's a tremendous opportunity in owning the Flagstar Bank stock going forward.

在幻燈片 20 上，我們為您提供了一個參考，與當前股票價格交易位置相比，我們認為它將達到 1 倍的倍數，我們確實認為對於投資者來說，未來持有 Flagstar Bank 股票有巨大的機會。

So with that, operator, I will turn it back to you and we can open it up for questions.

接線員，關於這一點，我將把話題轉回給您，我們可以開始提問了。

(Operator Instructions) Mark Fitzgibbon, Piper Sandler.

（操作員指示）Mark Fitzgibbon，Piper Sandler。

I see your guidance, Joseph, on page 10 of the slide deck and as it relates to the NIM. But I guess I'm curious, to get to a 1.95% to 2.05% NIM for the year and looks like a pretty big lift from the 1.74% we had this quarter. So I guess I'm curious, does that incorporate any rate cuts, if so, how many?

約瑟夫，我在幻燈片第 10 頁看到了您的指導，它與 NIM 有關。但我想我很好奇，今年的 NIM 達到 1.95% 到 2.05%，看起來比本季的 1.74% 有相當大的提升。所以我很好奇，這是否包含任何降息，如果是的話，有多少？

And secondly, the four main drivers that you reference here, what are the biggest pieces of that which really contributes to most of the NIM benefit?

其次，在您在這裡提到的四個主要驅動因素中，哪些因素對 NIM 效益的貢獻最大？

So when we put these latest forecast together, we were using the forward rate curve as of March. So there are two rate cuts in 2025 assumed in this.

因此，當我們把這些最新預測放在一起時，我們使用了截至 3 月的遠期利率曲線。因此，我們假設 2025 年會有兩次降息。

And as you think of the NIM improvement going forward, it is driven by the items that are noted. So you'll see our cash balances come down throughout the remainder of this year, and that's the result of us -- we're going to buy another $2 billion of securities between now and the end of the year. We're planning on reducing brokered CDs, another $3 billion. And we will pay off another $1 billion of FHLB advances.

當您想到 NIM 未來的改進時，它是由已註意到的專案推動的。因此，您將看到我們的現金餘額在今年剩餘時間內下降，這是我們的結果——從現在到年底，我們將再購買 20 億美元的證券。我們計劃再減少 30 億美元經紀存單。我們還將償還另外 10 億美元的 FHLB 預付款。

As we've mentioned previously, we've got another $4 billion of Multi-Family loans resetting in 2025, they have a pumps that is less than 3.8%. So as they reset, they're going to move into two. If they stay, they're going to move into two pumps that are at least 7.5%, so we get an immediate NIM benefit there.

正如我們之前提到的，我們還有另外 40 億美元的多戶型貸款將在 2025 年重置，利率將低於 3.8%。因此，當它們重置時，它們將分成兩個。如果他們留下來，他們就會進入兩個利率至少為 7.5% 的加油站，這樣我們就能立即獲得 NIM 收益。

And if they pay off at part, we will reinvest those proceeds in growing our C&I portfolio, which is based off of [sulfur] spread. So that is improving the NIM position as well.

如果他們部分獲得回報，我們將把這些收益再投資於擴大我們的 C&I 投資組合，該投資組合基於[硫]價差。因此這也改善了 NIM 的地位。

And we're also going to manage the cost of our -- and continue to manage the cost of our deposits, lower like we have in the first quarter. We've managed interest bearing deposits down 34 basis points versus Q4, and we're going to continue to do that as we move throughout, not just '25, but beyond as well.

我們還將管理我們的成本——並繼續管理我們的存款成本，使其像第一季一樣降低。與第四季度相比，我們的計息存款下降了 34 個基點，而且我們將繼續這樣做，不僅在 25 年，而且在未來也是如此。

We fell $4.9 billion of retail CDs maturing in the second quarter. They've got a weighted average cost of 4.8%. And then as I mentioned, we're planning on reducing our non-accrual loans and that will be additive to NIM as well.

我們第二季到期的零售存單損失了 49 億美元。他們的加權平均成本為 4.8%。然後，正如我所提到的，我們計劃減少非應計貸款，這也會增加 NIM。

Okay. And then secondly, just was curious on that one large relationship that went on non-accrual this quarter. Can you give us a sense what the LTVs on those loans look like? And also how much you have in specific reserves on that relationship?

好的。其次，我只是對本季未提列的那個大型關係感到好奇。您能告訴我們這些貸款的 LTV 狀況嗎？您在這種關係上的具體儲備是多少？

Yeah, so here's what we'd say, we're not going to get into the specifics around the relationship. But what I would tell you is when we looked at this, this loan has the ability to pay. The LTVs and all the other metrics were adequate.

是的，所以我們要說的是，我們不會深入討論這種關係的具體細節。但我想告訴你的是，當我們審視這一點時，這筆貸款是有償還能力的。LTV 和所有其他指標都足夠了。

This was a borrower who decided that he wasn't going to pay. And that was a human behavioral choice. But he certainly had the ability to pay.

這是一位決定不還錢的借款人。這是人類的行為選擇。但他確實有支付能力。

A couple of other things that I would mention is when you look at the specific impact of this on the quarter, between additional reserves and charge-offs, it cost us about $28 million. And then in terms of NIM reversal, it was about $5 million. So this particular borrower, it cost us about $33 million or $0.07 just in the quarter.

我想提到的另外幾件事是，當你查看這對本季的具體影響時，在額外儲備和沖銷之間，我們損失了大約 2800 萬美元。就 NIM 逆轉而言，約為 500 萬美元。因此，對於這個特定的借款人，僅在本季度我們就花費了大約 3300 萬美元或 0.07 美元。

On the other thing that I would add is we've obviously scrubbed the remaining portfolio. We have done a lot of screens. And we believe that this was a very unique situation.

我想補充的另一件事是，我們顯然已經清理了剩餘的投資組合。我們已經做了很多螢幕。我們認為這是一個非常獨特的情況。

This borrower, he looked again at additional leverage by placing these equity interests. And as we've done various other screens, we don't see anything like this in the rest of the portfolio. So we do see as being very idiosyncratic and unique.

對於這位借款人，他再次考慮透過放置這些股權來獲得額外的槓桿。而且，正如我們所做的那樣，我們在其餘的產品組合中沒有看到類似的東西。所以我們確實認為它非常獨特。

And the thing I would add, Mark, as you know, I think we've communicated the journey through 2024 through the whole portfolio. We continue to, and in an instance like this, is we do an assessment of our current reserves and then when we move it to non-accrual, you do specific reserves against the loan.

我想補充的是，馬克，如你所知，我認為我們已經透過整個投資組合傳達了 2024 年的發展歷程。在這種情況下，我們會繼續評估我們目前的儲備金，然後當我們將其轉換為非應計儲備金時，我們會針對貸款提取特定的儲備金。

So what Lee was kind of referencing was that we've placed additional reserves against that loan. So we feel, subject to getting appraisals back-end, is that we're adequately reserved on that loan for any action that we would take.

所以李所指的是，我們為這筆貸款增加了額外的準備金。因此，我們認為，在獲得後端評估的前提下，我們對該貸款已做好充分的準備，可以採取任何行動。

I think just one other thing that I would add. Outside of that loan, if you look at the credit trends, charge-offs are down, the provision was down. And if you look at classified assets, as I mentioned in the prepared remarks, they were down $900 million quarter-over-quarter as well.

我想我只想補充一點。除了這筆貸款之外，如果你看一下信貸趨勢，你會發現沖銷額下降了，撥備也下降了。如果你看一下機密資產，正如我在準備好的發言中提到的那樣，它們也比上一季下降了 9 億美元。

Thank you.

謝謝。

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖 (Jared Shaw)。

I guess when we when you look at the projected growth in Commercial Lending and then tie that with the guidance for provision, how should we be thinking about the ratio of allowance as we go forward? I mean, is this going to be, at this point, we're going to continue to see reserve releasing and most of the provision is going to be for that growth in the commercial portfolios? Or if there's still potential for reserves as some of those Multi-Family loans hit that 18-month refile window?

我想，當我們查看商業貸款的預期成長，然後將其與撥備指導聯繫起來時，我們應該如何考慮未來的撥備比率？我的意思是，在這一點上，我們是否會繼續看到儲備金釋放，並且大部分準備金將用於商業投資組合的成長？或者，當一些多戶型貸款進入 18 個月的重新申請期時，是否仍有儲備潛力？

Yeah, so a couple of questions there, Jared. First of all, this quarter as you used the Moody data and you put it into your quantitative model, it did not reflect the reduction in interest rates. And so if interest rates, especially on the five-year curve were down in any given day 40 basis points to 60 basis points. And I do think that that will have some positive impact when we do the quantitative analysis in the second quarter.

是的，有幾個問題，賈里德。首先，本季度，當您使用穆迪數據並將其放入定量模型中時，它並沒有反映出利率的下降。因此，如果利率，特別是五年期利率曲線在某一天下降 40 個基點到 60 個基點。我確實認為，當我們在第二季度進行定量分析時，這將產生一些積極的影響。

And the reserve build would be the offset to that would be that as we add new C&I, incrementally, that we're reserving against those loans as they get boarded.

而儲備金的建立將會抵消這一點，因為我們會逐步增加新的 C&I，我們將在這些貸款登機時儲備這些貸款。

Yeah, and I'll just add. If you look at page 17 of the deck, you will see the reserve or the coverage against the C&! loans. These increased quarter-over-quarter as a result of some of those new originations, but also the economic forecasts that Joseph referenced that was coming out of Moody's.

是的，我再補充一下。如果您查看該套卡片的第 17 頁，您將看到針對 C& 的儲備或覆蓋範圍！貸款。由於一些新貸款的發放，這些貸款的環比增長，同時也受到約瑟夫提到的穆迪的經濟預測的影響。

But as we think about the overall provision, I think, it's looking at the entire book. So it's factoring in what we're doing on the C&I side from a growth point of view. But it's also taking into account what we expect to happen from a CRE and Multi-Family point of view as well.

但當我們考慮整體規定時，我認為，我們要看整本書。因此，從成長的角度來看，我們在商業和工業方面所做的事情是因素之一。但它也考慮到了我們從 CRE 和多戶型角度預期會發生的情況。

And just (multiple speakers), we actually went through the entire portfolio in 2024 and virtually re-underwrote all the Commercial Real Estate, including the Multi-Family that it was mark to market, so to speak, from the standpoint of where we thought the underlying cash flows supported and the loan to value on the underlying assets.

而且（多位發言者），我們實際上在 2024 年審查了整個投資組合，並幾乎重新承保了所有商業房地產，包括按市價計價的多戶住宅，可以這麼說，從我們認為基礎現金流支持的角度以及基礎資產的貸款價值比來看。

Okay. All right. Thanks. If I could just ask a follow-up on capital with the capital CET1 being above that target range and then all the positive steps that you've outlined with the tailings and margin, tailwinds on credit. What are your updated thoughts on maybe deploying some of that capital into a buyback maybe around here with the valuation being so far below tangible book?

好的。好的。謝謝。如果我可以就資本進行後續詢問，其中資本 CET1 高於目標範圍，然後是您所概述的所有積極步驟，包括尾礦和保證金，信貸順風。在估值遠低於有形帳面價值的情況下，您對將部分資本用於回購有何最新想法？

Yah, we think that as we start to stabilize and pay down the real estate, the offset to that will be deploying that capital into the C&I and Private Bank. And so I think our forecast, at this point in time, is to use that capital to expand the balance sheet.

是的，我們認為，隨著我們開始穩定和償還房地產債務，抵銷措施將是把這些資本部署到商業和工業銀行以及私人銀行。因此我認為，我們目前的預測是利用這些資本來擴大資產負債表。

One thing we did do, Jared, is we did combination of we shrunk the balance sheet between $15 billion and $16 billion over the last 12 months. And we actually think we can turn around and go back the other way now with the balance sheet and use that excess capital for growing the franchise.

賈里德，我們確實做了一件事，那就是在過去 12 個月裡，我們將資產負債表縮減了 150 億美元至 160 億美元。我們實際上認為，我們現在可以扭轉局面，利用資產負債表的剩餘資本來擴大特許經營權。

Thanks.

謝謝。

Ben Gerlinger, Citi.

花旗銀行的本‧格林格 (Ben Gerlinger)。

So you guys referenced around $1 billion or so aspirational run rate on C&I. Was curious if you could dig into that a little bit. I know you made a [75] (inaudible) and doubling that in terms of hiring. So it's a low (inaudible) hide your segments or now that pricing, you said that market rate, but $1 billion is quite a bit more than I was expecting.

所以你們提到了 C&I 的理想運行率約為 10 億美元。我很好奇您是否可以深入研究這個問題。我知道你做了[75]（聽不清楚），並且在招募方面將其翻了一番。因此，這是一個低（聽不清楚）隱藏你的細分市場或現在的定價，你說的是市場價格，但 10 億美元比我預期的要多得多。

Yeah so $1 billion is consistent from an origination point of view. That's what we accomplished in the first quarter. We originated from a $1 billion of commitments from a from a C&I point of view. And we outline that on page 5.

是的，從起源的角度來看，10 億美元是一致的。這就是我們在第一季所取得的成就。從 C&I 的角度來看，我們最初承諾了 10 億美元。我們在第 5 頁對此進行了概述。

And this is coming from the 60 bankers that we recruited in the second half of '24. We've recruited another 15 to 20 just in the first quarter of this year. And we still intend to recruit another 60 or 7 -- 60 to 70 throughout the remainder of this year.

這是我們在 2024 年下半年招募的 60 位銀行家的結果。光是今年第一季度，我們就又招募了 15 至 20 名員工。我們仍打算在今年剩餘時間內再招募 60 或 7 名員工——60 到 70 名。

These bankers are very experienced. They come with a track record. They're coming from other big financial institutions. And they're typically originating their first loan within the first 90 days of arriving at Flagstar. And that's how we are seeing these numbers.

這些銀行家經驗非常豐富。他們有著良好的業績記錄。他們來自其他大型金融機構。他們通常在抵達 Flagstar 後的 90 天內發放第一筆貸款。這就是我們看到的這些數字。

From a strategic point of view, we're focused in two areas. On a national basis where star in these specialty lending verticals. So you heard, as Joseph mentioned, sports and entertainment. But also, oil and gas, renewables, energy, healthcare are just some of the other our national lending verticals that we've set up.

從策略角度來看，我們重點關注兩個領域。在全國範圍內，這些專業貸款垂直領域的明星。正如約瑟夫所提到的，你聽說了體育和娛樂。此外，石油和天然氣、再生能源、能源、醫療保健只是我們設立的其他一些國家貸款垂直領域。

But then geographically, as it relates to our footprint, we're also hiring experienced bankers to better penetrate the middle market C&I areas within our footprint. So it's a twofold approach business.

但從地理位置上講，由於與我們的覆蓋範圍相關，我們還聘請了經驗豐富的銀行家，以便更好地滲透到我們覆蓋範圍內的中端市場 C&I 領域。所以這是一項雙重方法的業務。

The national approach from a specialty lending point of view. And then there's the geographical approach, leveraging our brand name in the geographies that we operate.

從專業貸款角度來看的國家方法。然後是地理方法，在我們經營的地區利用我們的品牌名稱。

I mean, we're thrilled, obviously, with what we've accomplished in the first quarter. And we believe that we can maintain that and even grow it going forward.

我的意思是，我們顯然對第一季所取得的成就感到非常興奮。我們相信，我們可以保持這種狀態，甚至在未來進一步發展。

What I would tell you is we also believe Q2 will be the turning point. And what I mean by that is right now, even though we've been originating these new C&I loans, the C&I balances have been decreasing quarter-over-quarter as we [rice dice] of that legacy portfolios.

我想告訴你的是，我們也相信第二季將成為轉捩點。我的意思是，儘管我們一直在發放這些新的商業和工業貸款，但隨著我們對這些遺留投資組合進行 [削減]，商業和工業貸款餘額一直在逐季減少。

Starting in the second quarter, you'll start to see overall C&I balances increasing. So we're making that pivot and you'll see an increasing C&I loan balance Q2 and going forward.

從第二季開始，您將看到整體 C&I 餘額增加。因此，我們正在做出這一轉變，您將看到第二季及以後的 C&I 貸款餘額不斷增加。

Yes, that's helpful. And then the takeaway from this extensive (inaudible) on the expense from continuing to have mountains quite a bit here. But when you think about the back half of this year and the remaining three quarters, I know you still have initiatives in (inaudible).

是的，這很有幫助。然後從這個廣泛的（聽不清楚）中得出的結論是，繼續在這裡建造山脈會花費很多錢。但當你想到今年下半年和剩下的三個季度時，我知道你仍然有舉措（聽不清楚）。

Is there anything that think about in terms of timing and duration of cuts and/or accruals for the T&I success that we're against that? Or should we think about it linear to get to the range that you guys provided?

就 T&I 成功的削減和/或應計的時間和持續時間而言，我們是否考慮過這一點？或者我們應該以線性的方式考慮以達到你們提供的範圍？

Yeah, no, here's what I would say on the cost reduction efforts, and it's just been a tremendous effort by the entire organization. We are mostly there and then what I mean by that is I actually think right now, there's probably $25 million to $30 million would go away from the bottom end of our range.

是的，不，這就是我想說的關於降低成本的努力，這是整個組織的巨大努力。我們基本上都在那裡，我的意思是，我實際上認為現在，可能有 2500 萬到 3000 萬美元會遠離我們的範圍底端。

We did not want to move our range this quarter. We obviously wanted to get another quarter under our belt, but the way things are trending on the expense side, I think we'll be what we're guiding to.

我們不想在本季改變我們的範圍。我們顯然想再取得一個季度的成績，但從費用方面的趨勢來看，我認為我們會按照預期發展。

In terms of things that are still in process, as we mentioned last quarter, there are some additional branch closures that will happen at the end of June. About 23. There's some private client locations that we are merging and exiting in early July.

就仍在進行中的事情而言，正如我們上個季度提到的，一些額外的分支機構將在 6 月底關閉。大約23歲。我們將在 7 月初合併並退出一些私人客戶地點。

And then there'll be some additional branch consolidation at the end of September. So obviously, that's all factored into our numbers, but the vast majority of what we were looking to accomplish has been accomplished or is on the agenda to be accomplished.

九月底還會進行一些額外的分公司合併。顯然，這些都已計入我們的數字中，但我們想要完成的絕大多數任務已經完成或已列入議程。

And then the other thing that I would add, which I think is really important, is these costs are in our net. We're investing $40 million in our risk governance infrastructure. What we're doing in the C&I group of effectively adding 120 people over a 12-month period.

然後我想補充的另一件事，我認為非常重要，就是這些成本都在我們的淨成本中。我們將在風險管理基礎設施上投資 4000 萬美元。我們在 C&I 集團所做的就是在 12 個月內有效增加 120 名員工。

And then we have some pretty significant IT and operational initiatives to drive costs down. But at the same time, we're investing in our systems to finalize the combination of the entire bank now onto one platform. So those are things that are all been laying the work and the foundation for that get completed in 2025.

然後，我們採取了一些非常重要的 IT 和營運措施來降低成本。但同時，我們正在投資我們的系統，最終將整個銀行整合到一個平台上。所以這些都是為 2025 年完成而奠定的工作和基礎。

So you can't -- our probably total expenses, as Lee indicated, probably, are somewhere around $700 million to $750 million take out. But we are making investments in the company in addition to taking those costs out.

所以你不能——正如李所指出的，我們的總支出可能在 7 億至 7.5 億美元左右。但除了承擔這些成本之外，我們還對公司進行了投資。

I would say we did get a lot of questions whether we were going to be able to meet those numbers. And as Lee referenced, we feel really confident that not only are we going to meet those numbers that we can exceed those in 2025.

我想說，我們確實收到了很多關於我們是否能夠達到這些數字的問題。正如李所提到的，我們非常有信心，我們不僅能夠達到這些數字，而且我們能夠在 2025 年超越這些數字。

That's helpful. Thank you.

這很有幫助。謝謝。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Lee, I just wanted to follow up on your comments on C&I. How are you thinking about utilization of those $1 billion in new commitments each quarter? How quickly do you expect to see our balance sheet growth in C&I coming from those commitments?

Lee，我只是想跟進一下你對 C&I 的評論。您如何考慮每季利用這 10 億美元新承諾資金？您預計這些承諾多久能帶來我們商業和工業領域資產負債表的成長？

Yes, so if you look at the, again, if you look at page 5 of the deck, so of the $1 billion, $760 million has been funded, which indicates a pretty high utilization rates. Will it remain at that level? Yeah, hopefully, but I think we're looking at it on a more traditional bases where people will leg into it a little more or ramp over time. But again, just using Q1 as an example, we've seen about 75%, 76% of what was originated utilized.

是的，所以如果你再看一下這份文件的第 5 頁，你會發現在 10 億美元中，已經有 7.6 億美元獲得了資助，這表明利用率相當高。它會保持在這個水平嗎？是的，希望如此，但我認為我們是從更傳統的角度來看待這個問題的，人們會更多地參與其中，或者隨著時間的推移逐漸增加。但是，僅以第一季為例，我們發現大約 75%、76% 的原始資料已被利用。

Our pricing model is pretty punitive to put commitments out that are being utilized. So that also steers the team to look at transactions that meet high credit quality standards, but at the same time, have high utilization rates.

我們的定價模式對於正在實施的承諾是相當嚴厲的。因此，這也引導團隊關注那些符合高信用品質標準但同時具有高利用率的交易。

And one of the things that I would mention, we feel really good about these growth numbers, but we also have less than 1% market share in C&I. And so our ability to put these numbers forward, we may go from 1% to 3% by the end of '26. So it's not like we're gathering huge market share, but there's a lot of market available for us to participate in.

我想提到的一件事是，我們對這些成長數字感到非常滿意，但我們在 C&I 領域的市佔率不到 1%。因此，到 26 年底，我們實現這些數字的能力可能會從 1% 上升到 3%。因此，我們並不是佔據了巨大的市場份額，而是有很多市場可供我們參與。

Got it. And there are concerns about the economy slowing over the next 12 months. You've recently done a review and re-underwritten the entire loan book and the credit metrics continue to improve.

知道了。人們擔心未來 12 個月經濟將會放緩。您最近對整個貸款帳簿進行了審查並重新承保，信用指標繼續改善。

Can you talk about how insulated Flagstar is from the concerns around tariffs and economic growth? And you think that credit metrics can still improve from here?

您能談談 Flagstar 如何免受關稅和經濟成長的擔憂嗎？您認為信用指標未來還能改善嗎？

We did an analysis of the portfolio of the sectors that we thought it would be impacted by tariffs. And those are the obvious ones, auto construction, consumer products. We have about $2.8 billion of commitments across the organization into that space. And so, it's not a big number for us.

我們對我們認為會受到關稅影響的行業的投資組合進行了分析。這些都是顯而易見的領域，例如汽車製造、消費品。我們整個組織已承諾在該領域投入約 28 億美元。所以，對我們來說這不是一個很大的數字。

And of that, there's $2.3 billion of loan outstandings. And just slightly over half of that is in the auto space. And so the auto space actually is having a pretty good quarter because people who are pre buying automobiles.

其中，未償還貸款為 23 億美元。其中略超過一半來自汽車領域。因此，汽車行業本季的表現實際上相當不錯，因為人們正在預購汽車。

So as we now go in the individual credits that are makeup that $2.8 billion, we are not seeing -- obviously, it's going to take time to see the impact of this. But the [average] dollars are very minor for us, number one. And number two, they seem to be in areas that won't have significance.

因此，當我們現在考慮構成這 28 億美元的個人信貸時，我們並沒有看到——顯然，要看到其影響還需要時間。但首先，這（平均）金額對我們來說微不足道。第二，它們似乎位於不具重要意義的領域。

The other thing that I would reference in that regard and we are looking at new opportunities. Obviously, one of the things that are being looked at hard in a new credit originations today is what is the tariff impact? And what could it be to a particular company?

在這方面我想提到的另一件事是，我們正在尋找新的機會。顯然，今天在新的信貸發放中，人們所密切關注的問題之一是關稅的影響是什麼？對於特定公司來說，這可能意味著什麼？

We have passed on a number of opportunities where we thought like -- where somebody was manufacturing in China or Vietnam or other countries that this could be problematic in the future. It may not be today, but we passed on a number of opportunities where we thought, this needs to stabilize before we would enter the opportunity.

我們放棄了一些機會，因為我們認為，如果有人在中國、越南或其他國家生產，那麼未來可能會出現問題。可能不是今天，但我們放棄了一些機會，我們認為，在我們抓住機會之前，情況需要穩定下來。

So I think I think also in a unique position that we're not starting with a big portfolio of stuff that could be impacted. And we can use that as part of our criteria and the credit underwriting.

因此，我認為，在一個獨特的位置上，我們不會從可能受到影響的大量產品組合開始。我們可以將其作為我們的標準和信用承保的一部分。

Great. Thank you.

偉大的。謝謝。

Christopher Marinac, Janney.

克里斯多福·馬裡納克，詹妮。

Lee, could you tell us about the warrant conversion and how that stands? And should we be thinking a tangible book on a fully converted basis in?

李先生，您能向我們介紹一下認股權證轉換的情況以及具體情況嗎？我們是否應該在完全轉變的基礎上思考一本有形的書？

Yeah, so the way we factored that into our forecast is we assume the it converts in Q4 of 2025. And so what that does is it does factor into the earnings per share that you've seen in the forecast. So that assumes the -- at the Q4 2025, the warrants have been exercised.

是的，我們將其納入預測的方式是假設它將在 2025 年第四季實現轉換。所以它的作用是影響您在預測中看到的每股收益。因此假設－在 2025 年第四季度，認股權證已被行使。

But we have not included it in the [TVV] per share number because it actually -- because they haven't been exercised, if you see what I mean, both for the purposes of the earnings per share number. Because we hit profitability in Q4, we assume that they are exercised and they are included, the dilutive impact is included in the EPS number.

但我們沒有將其計入每股 [TVV] 數字中，因為實際上 - 因為它們尚未行使，如果你明白我的意思，這兩者都是為了每股收益數字的目的。因為我們在第四季度實現了盈利，所以我們假設這些權利已被行使並且被包括在內，稀釋性影響也包括在每股收益數字中。

Got you. Is there any material change on the number of shares represented by the warrants for the figure we have on the case still be somewhat accurate?

明白了。認股權證所代表的股份數量是否有任何重大變化，以至於我們掌握的數字仍然比較準確？

Yeah, I think so. The way the way they work, obviously, there is a -- it depends where the stock is trading when they're exercised. As you know, this is [strong] price and the next settled. So the dilutive impact increases as the stock price increases. But overall, they're not incredibly dilutive. And what we've laid out in the [K], I think, it gets you what you need from any information point of view.

是的，我認為是這樣。顯然，它們的工作方式取決於股票在行使時的交易地點。如您所知，這是[強]價格，下一個價格已經確定。因此，稀釋效應會隨著股價上漲而增加。但整體而言，它們的稀釋作用並不大。我認為，我們在 [K] 中列出的內容可以從任何資訊角度為您提供所需的資訊。

Perfect. Thank you for that. And just a quick credit question from a high level. When you look at overall frequency and severity and the bulk, whether it's Multi-Family or other parts of CRE, are those numbers on the same as you thought a quarter or two ago or do you see those products turning at a different direction, somewhat better?

完美的。謝謝你。這只是高層提出的一個快速信用問題。當您查看整體頻率、嚴重程度和體積時，無論是多戶型還是 CRE 的其他部分，這些數字是否與您在一兩個季度前認為的一樣，或者您是否看到這些產品轉向不同的方向，情況會有所好轉？

Couple of comments today that I would add is we're right in the season where we will be getting the updated financials from the borrowers. And last year, we were in the mid-90% of borrowers who provided this updated financial, which was up substantially from the legacy bank.

今天我想補充幾點，我們正處於從借款人那裡獲得最新財務狀況的季節。去年，有 90% 左右的借款人提供了最新的財務信息，這一數字比傳統銀行大幅上升。

So we'll have a like a really good look into how '24 was here in the next 60 days and clearly be able to talk about that in the second quarter. But for the most part, what we're seeing in the market and we see through our appraisals is we've seen stabilization, both in the Multi-Family and in the Office.

因此，我們將在接下來的 60 天內認真研究《24》的進展情況，並明確在第二季討論這個問題。但在大多數情況下，我們在市場上看到的以及透過評估看到的是，無論是在多戶住宅還是在辦公室，我們都看到了穩定。

While Office is really a relatively immaterial number to us. If you think back to '24, that's really where a bunch of the big hits came as we moved out of some problem Office credits that we had.

而Office對我們來說確實是一個相對不重要的數字。如果你回想一下 24 年，你會發現當我們擺脫一些 Office 信用問題時，一系列重大打擊就真的來了。

So I think, what I would say is right now, is for the most part, if you think about what Lee commented on, the movement and the special mention and substandard down substantially. And then our charge-offs being down, I think it would lead you to indicate that we just don't have a lot of flow now into those categories from the portfolio.

因此，我認為，現在我想說的是，如果你考慮李的評論，那麼在很大程度上，運動和特別提名以及不合格的數量大幅下降。然後我們的沖銷額下降了，我想這會讓你表明我們現在沒有太多資金從投資組合流入這些類別。

And I think that's a result of when we were doing forward-looking in the portfolio through 2024 that we were catching everything that was going to mature or price reset 18 months out, gave us a pretty long runway to be able to look at our credit exposure. And each quarter, we picked up another quarter in that analysis.

我認為這是因為，當我們對 2024 年的投資組合進行前瞻性規劃時，我們抓住了所有將在 18 個月後到期或價格重置的資產，這給了我們相當長的時間來審視我們的信貸風險。每個季度，我們都會選取另一個季度進行分析。

So and we just haven't seen really the deterioration at this point from new appraisals and new credits falling into that bucket. So and we do, overall, we do forecast -- continue to forecast that our [NPAs] will be down by year end, and we continue to see reductions in our special mention and substandard.

因此，我們目前還沒有看到新的評估和新的信貸落入該類別而導致的惡化。因此，總體而言，我們確實預測——繼續預測我們的 [NPA] 將在年底前下降，並且我們的特別提及和次級貸款將繼續減少。

Yeah, I would just echo and reiterate a couple of things Joseph mentioned. I mean, the charge-offs coming down up to $115 million from $222 million last quarter I think is a very positive sign. The appraisals are coming in better than we were -- when I say we're expecting, certainly better than the shock analysis that we have when we don't have appraisals.

是的，我只是想重複並重申約瑟夫提到的幾件事。我的意思是，沖銷金額從上個季度的 2.22 億美元下降到 1.15 億美元，我認為這是一個非常積極的信號。評估結果比我們預期的要好——當然比我們沒有評估時進行的衝擊分析要好。

Of the $800 million-plus of payoffs in the first quarter, 59%, we have been rated substandard. I think that is another good sign.

在第一季超過 8 億美元的還款中，有 59% 被評為不合格。我認為這是另一個好兆頭。

And then when you look at that reduction in classified assets from $14.9 billion to $14 billion, as well as those payoffs, we did that at $600 million of upgrades. And I think that's important to note as well.

然後，當您看到機密資產從 149 億美元減少到 140 億美元，以及這些回報時，我們以 6 億美元的升級實現了這一目標。我認為這一點也值得注意。

So as we get new information, as credits continue to pay, we get appraisals, we're seeing upgrades as well. So those are obviously all good indicators.

因此，隨著我們獲得新的信息，隨著信貸繼續支付，我們得到評估，我們也看到了升級。所以這些顯然都是很好的指標。

We not only looked at the credit, the debt service coverage, but we also factored in that analysis market rate, interest rates. So if they were at 3.8%, we reset them at 7% or 7.5% and underwrote those credits.

我們不僅關注信貸、債務償還能力，還將市場利率和利率納入分析範圍。因此，如果利率為 3.8%，我們會將其重置為 7% 或 7.5%，並承保這些信貸。

Great. Thank you both very much. That's very helpful.

偉大的。非常感謝你們兩位。這非常有幫助。

Christopher McGratty, KBW.

克里斯托弗·麥格拉蒂，KBW。

Joseph or Lee, the non-accrual comment, I think on the January call, you said by the end of the year down 30%. Obviously, that -- I'm sure I didn't contemplate this quarter's move. But any degree of resolution magnitude from these levels.

約瑟夫或李，關於非應計評論，我認為在一月份的電話會議上，您說到年底會下降 30%。顯然，我確信我沒有考慮過本季的舉動。但任何程度的分辨率幅度都與這些水平無關。

And secondarily, the collateral on the non-accruals, was that the building? I assume that's the building itself. But just a little clarity there. Thanks.

其次，非應計項目的抵押品是建築物嗎？我猜想這就是建築物本身。但那裡只是有點清楚。謝謝。

Yeah, Chris, [winner] was not factored into those numbers, but we still are currently forecasting go from like the $3.3 billion to around $2.7 billion by year end. So we do see that those numbers will continue to decline.

是的，克里斯，[獲勝者]沒有被計入這些數字，但我們目前仍預測到年底將從 33 億美元增至 27 億美元左右。所以我們確實看到這些數字將繼續下降。

And then your question on the collateral, was that regarding the borrower that went non-accrual during the quarter?

那麼，您關於抵押品的問題是否與本季未計息的借款人有關？

That's correct. Yeah.

沒錯。是的。

Those were fully collateralized predominately by multifamily properties.

這些主要由多戶住宅物業提供全額抵押。

Okay. And then my follow up, if I'm looking at slide 9, the -- appreciate, Lee, your comments on basically going to overachieve the cost save near-term. But if I look at that medium-term cadence of the expenses, there's still a pretty good lift down by 2027 and a pretty big ramp-up in, call it, (inaudible). Just give me a little more color on what's that next level of growth, the next level of data costs. Thanks.

好的。然後我的後續問題是，如果我看幻燈片 9，那麼 - 李，感謝您關於基本上將在短期內超額實現成本節約的評論。但如果我看一下中期支出的節奏，到 2027 年仍會有相當大的下降，而且會有相當大的增長，可以稱之為，（聽不清楚）。請給我多一點關於下一個成長水準和下一個資料成本水準的詳細資訊。謝謝。

Yeah, so they were -- let me start with on the cost side. There were actions that we've executed on that are behind us now in the first quarter that you not seen the full benefit off in the first quarter. You'll start to see the full benefit of those actions in Q2, three, four.

是的，所以他們——讓我先從成本方面開始。我們在第一季已經採取了一些行動，但您還沒有在第一季看到全部效益。您將在第二、三、第四季開始看到這些行動的全部好處。

So you've currently got that phenomenon, particularly around compensation and benefits. I think you're going to continue to see the FDIC expense come down as we further deleverage the balance sheet.

所以你現在就看到了這種現象，特別是在薪資和福利方面。我認為，隨著我們進一步降低資產負債表的槓桿率，聯邦存款保險公司 (FDIC) 的支出將繼續下降。

And so you saw another reduction Q1 versus Q4 as the impact of what we did in Q4. You got the full quarterly impact in Q1, and you're going to continue to see that as we move forward here as well.

因此，您會看到第一季相對於第四季再次出現下降，這是我們在第四季度所做措施的影響。您在第一季就看到了全部的季度影響，並且隨著我們繼續前進，您將繼續看到這一點。

I mentioned that there are various real estate locations, so bank branches and PCG locations, that we will be combining and exiting in the second quarter and early in Q3. And then some additional branches that we're combining at the end of Q3.

我提到過，我們將在第二季和第三季初合併並退出各種房地產地點，包括銀行分行和 PCG 地點。然後我們將在第三季末合併一些額外的分支。

And then we've also been working on outsourcing, offshoring certain back-office processes and functions. And again, some of those actions we executed on recently. And so you're not seeing the full benefit of those cost reductions in the Q1 actual run rate. And so that will start to come through as we move through the year.

此外，我們也一直致力於外包，將某些後台流程和功能離岸外包。再次重申一下，我們最近已經採取了一些行動。因此，您在第一季的實際運行率中並沒有看到這些成本降低的全部好處。隨著時間的流逝，這一點將會開始顯現。

So that's why we feel pretty good about what we've accomplished to-date from a cost reduction point of view. And why we feel good about where 2025 is going to come out from an overall NIE point of view.

因此，從降低成本的角度來看，我們對迄今為止所取得的成就感到非常滿意。這就是為什麼從整體 NIE 角度來看，我們對 2025 年的發展充滿信心。

And then on the fees, Joseph mentioned we've just launched the subscription lending products, and we feel that there's a lot of pent-up demand for that. That's going to help us from a strategic point of view.

關於費用，約瑟夫提到我們剛剛推出了訂閱借貸產品，我們覺得對此有很多被壓抑的需求。從策略角度來看，這將對我們有所幫助。

And we're beginning to see opportunities where we're leading deals. We had one recently where we will lead left to a top tier sponsor. And it was a combined revolving credit facility term loan, delayed-draw term loan. And we got enough on the structural free and admin agent fee. And I think there's going to be more of those opportunities.

我們開始看到引領交易的機會。我們最近有一個活動，我們將帶領大家前往頂級贊助商。這是一種組合循環信貸額度定期貸款和延期提取定期貸款。我們已經獲得了足夠的結構免費和管理代理費。我認為還會有更多這樣的機會。

We've continued to build out our treasury management team. And that's pretty much complete now, and we feel pretty good about where they are. And so all of those are driving the increase in the fee income that we adjusted for in 2025.

我們一直在不斷壯大我們的財務管理團隊。現在一切基本上都完成了，我們對他們的現狀感到非常滿意。所有這些都推動了我們在 2025 年調整的費用收入的成長。

That's very helpful. Thanks a lot, Lee.

這非常有幫助。非常感謝，李。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Just wanted to follow up on the margin because they look pretty elegant in essence this quarter. And do we expect this margin to go next year that's an open find. That kind of gets you to the NII that you're projecting for next year.

只是想跟進利潤率，因為本季它們本質上看起來相當優雅。我們是否預期明年這項利潤率還會持續上升，這是一個未知數。這可以讓你了解你計劃明年實現的國家資訊基礎設施 (NII)。

So correct me if I'm wrong, it feels like the balance, it still has some shrinkage to go through it (technical difficulty) average earning assets is declining (technical difficulty)

所以如果我錯了，請糾正我，感覺就像平衡一樣，它仍然需要經歷一些縮水（技術難度）平均收益資產正在下降（技術難度）

We're having a tough time hearing you. You're cutting in and out. I apologize. So I think you're asking about the margin going forward. Is that the question you are asking?

我們很難聽清楚您的聲音。你正在進進出出。我很抱歉。所以我認為您問的是未來的利潤率。這就是你要問的問題嗎？

And the balance. I think you mentioned the balance sheet size as well, Ebrahim.

以及平衡。我認為您也提到了資產負債表規模，Ebrahim。

So sorry, I'm not sure if it's any better now, but yeah, (technical difficulty)

很抱歉，我不確定現在有沒有好轉，但是是的，（技術難度）

We've lost you again.

我們又失去你了。

Ebrahim, you want to try and come back in and see if that improves it? Because we can't understand the question.

易卜拉欣，你想嘗試回來看看情況是否有改善嗎？因為我們無法理解這個問題。

Casey Haire, Autonomous.

凱西‧海爾 (Casey Haire)，《自治》。

So I'll ask Ebrahim's balance sheet question. So I think that we get that, but I think you outlined about between Multi-Family run off and paid out borrowings and brokered about $8 billion of asset headwind. Obviously, C&Is doing well, and you have the ability to build the bond book. I'm just wondering, where is the balance sheet, and this year, when does it start net growing?

所以我會問 Ebrahim 的資產負債表問題。所以我認為我們明白了這一點，但我認為你概述了多戶家庭破產和償還借款以及促成約 80 億美元資產逆風的情況。顯然，C&I 表現良好，並且您有能力建立債券帳簿。我只是想知道，資產負債表在哪裡，今年什麼時候開始淨成長？

So we end the year around $96 billion. So the balance sheet -- these total assets with the balance sheet will be about $96 billion at the end of the year. And then just to -- I'll give you the numbers.

因此，今年年底我們的銷售額約為 960 億美元。因此，資產負債表——這些資產負債表中的總資產在年底將達到約 960 億美元。然後——我會給你數字。

At the end of 2026, we expect it to be around $102 billion. And then at the end of '27, it we expected to be around $111 billion. So that's how I would model it. But we end '25 at $96 billion.

我們預計到 2026 年底這一數字將達到 1,020 億美元左右。到 27 年底，我們預計這一數字將達到 1,110 億美元左右。這就是我建模的方式。但到 2025 年末，我們的營收將達到 960 億美元。

Understood. Great. Thank you. And then slide 5, I wanted to ask about the C&I originations. I hear you that I think you said you want to get to over $1 billion and you're certainly on your way there.

明白了。偉大的。謝謝。然後在投影片 5 上，我想問 C&I 起源。我聽說了，我想您說過您想達到 10 億美元以上，而且您肯定正在朝著這個目標前進。

I'm wondering, when you guys are fully staffed and you hire these 80 or so bankers by the end of this year, what do you -- like fast forward a year, what is the C&I growth when you got the full team on the court?

我想知道，當你們人員齊備，並在今年年底前聘請了 80 名左右的銀行家時，你們會怎麼做——快進一年，當你們擁有完整的團隊時，C&I 的增長情況如何？

Yeah, so one clarification is we expect to get the loan outstandings up to $1 billion a quarter going forward. And then that continues to accelerate. Lee has the exact number. Do you want to share those?

是的，需要澄清的是，我們預計未來每季的貸款餘額將達到 10 億美元。然後，這一進程將繼續加速。李先生有確切的數字。你想分享這些嗎？

Yeah, sure so, that's exactly right. With the growth, as we think about that $1 billion, it's really that's outstandings rather than a commitment. And I think we feel that by the time we are fully staffed, we're doing about $1.5 billion a quarter in outstandings.

是的，確實如此，完全正確。隨著成長，當我們想到那 10 億美元時，它實際上是未償還的款項，而不是承諾的款項。我認為，當我們配備齊全時，我們每季的未償債務將達到約 15 億美元。

And just so everybody's aware, when we talk about hiring these bankers, they're not all account managers. We're bringing in credit specialists, we're bringing in underwriters, so that you're bringing in the entire team. And so that's also embedded in that number of 70 to 80 of hires between now and the end of the year. But ultimately, we're looking to get to $1.5 billion of outstandings on a quarterly basis.

為了讓每個人都知道，當我們談到僱用這些銀行家時，他們並不都是客戶經理。我們正在引入信貸專家、承銷商，以便您引入整個團隊。因此，從現在到年底，這也意味著將新增 70 到 80 名員工。但最終，我們希望每季的未償債務達到 15 億美元。

Thank you.

謝謝。

Bernard von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Just one succession planning, Joseph, in a recent filing and I know that you'll be staying on until March 2027. And I think at a recent media article noted that after the three years, you'll be looking to move to [general]. So five years collectively. Could you just confirm exactly and how does that offset within the timeframe of transforming the business?

約瑟夫，最近提交的一份繼任計畫中只有一項，我知道你會留任到 2027 年 3 月。我認為最近有一篇媒體文章指出，三年後，你會考慮搬到[一般的]。總共是五年。您能否準確確認，以及在業務轉型的時間範圍內，這將如何抵銷？

You know, really, this comes down to being a Board decision. You know what I mean? Ultimately, I clearly committed to the company for a five-year term in capacity. But I think from a succession planning as the Board starts to look at that, I think the guidance is that in 2027, we'll be looking to transition the CEO role to another person and then I would stick around for a period of time if the Board wants me to after that to help lead and manage the company as well.

你知道，這其實取決於董事會的決定。你知道我的意思？最終，我明確承諾為公司任職五年。但我認為，從董事會開始考慮的繼任計畫來看，指導意見是，在 2027 年，我們將考慮將執行長的角色轉交給另一個人，然後如果董事會希望我留任一段時間，以幫助領導和管理公司。

Okay. Got it. And then maybe just a follow up, Lee, with the balance sheet growth numbers you gave, obviously, you're also deploying some of the excess liquidity into securities. Just any thoughts on how you're thinking about growing the securities book path from here?

好的。知道了。然後也許只是後續問題，李，根據您給出的資產負債表增長數字，顯然，您也將部分過剩流動性部署到證券中。您對於如何從現在開始拓展證券帳簿路徑有什麼想法嗎？

And any thoughts on the growth that you gave out? How much of that is like, I guess, loans obtained in the (technical difficulty) years it's more maybe on the recent short-term, it's a little bit more in securities. So could you maybe just help give a little bit of color on that?

對於您給出的成長有什麼想法嗎？我猜，其中有多少是在（技術困難）年份獲得的貸款，更多的可能是最近的短期貸款，更多的是證券貸款。那麼，您能否對此提供一些幫助呢？

Yeah, that's exactly right. So like I mentioned in my prepared remarks, we're looking to buy another $2 billion of securities in 2025. So that's where we're going to deploy -- well, one of the areas that we're going to deploy the cash.

是的，完全正確。因此，正如我在準備好的發言中提到的那樣，我們希望在 2025 年再購買 20 億美元的證券。這就是我們要部署的地方——嗯，我們要部署現金的領域之一。

I think as you move into '26 and '27, it will be all about loan growth and particularly C&I growth. So that's the pivot you'll see in '26 and '27. But within '25 and the remainder of this year, yeah, we're certainly looking to buy at least another $2 billion of securities with the excess cash.

我認為，隨著進入 26 年和 27 年，一切都將圍繞貸款增長，特別是 C&I 增長。這就是你將在 26 年和 27 年看到的關鍵點。但在 25 年和今年剩餘時間內，是的，我們肯定會利用多餘的現金再購買至少 20 億美元的證券。

Okay. Great. Thanks for taking my questions.

好的。偉大的。感謝您回答我的問題。

Matthew Breese, Stephens.

馬修·布里斯，史蒂芬斯。

I was hoping we could first touch on C&I, but a different way. You had mentioned in the release and in your prepared remarks that portions of the C&I book that are considered non-core. Can you just outline for us how much in the C&I book is non-core, what those areas are? Then remind us over the next couple of years where you want the CRE Multi-Family books to be as a proportion of total loans?

我希望我們可以先談談 C&I，但採取不同的方式。您在新聞稿和準備好的發言中提到，C&I 書中的部分內容被視為非核心。您能否為我們概述一下 C&I 書中有多少內容是非核心的，那些領域是什麼？然後提醒我們，在接下來的幾年裡，您希望 CRE 多戶型貸款佔總貸款的比例是多少？

Yeah, so if you go to page 6, clearly, the first categories, especially the industry and corporate banking is where we see really the significant growth. And then specialty finance, what we've really done in that space is -- our comfort level for single relationships, it's very similar to what we discovered a little bit into the CRE and Multi-Family.

是的，如果你翻到第 6 頁，顯然，第一類，尤其是產業和公司銀行業務是我們真正看到顯著成長的地方。然後是專業金融，我們在這個領域真正做的是——我們對單一關係的舒適度，與我們在 CRE 和多戶型中發現的情況非常相似。

To hold levels at the legacy NYCB were significantly larger than what our comfort level is. Usually, on a risk-rated five credit, which is kind of down the middle from a credit quality, but it's $75 million hold. Then for our credit, that's this slightly at or below investment grade. We're at $100 million.

紐約市芭蕾舞團原有的容納水平遠遠超出了我們的舒適水平。通常，風險評級為五級信用，信用品質處於中等水平，但持有金額為 7500 萬美元。那麼就我們的信用而言，這略微處於或低於投資等級。我們已經達到 1 億美元。

What was a lot in those portfolios and it was a strategy of the company was, in a lot of instances, they were in [$150 million to $250 million] range of commitments. And so we've narrowed and brought back our commitments in those credits down to what are a comfort zone for us.

這些投資組合中的許多資產以及公司的策略是，在許多情況下，它們的承諾金額都在 [1.5 億美元到 2.5 億美元] 範圍內。因此，我們縮小了這些信貸的承諾範圍，並將其降至我們感到舒適的範圍內。

So actually in the specialty finance, when it was down roughly $180 million, we actually see that growing from that point forward. So I wouldn't say that was non-core.

因此，實際上在專業金融領域，當其下降約 1.8 億美元時，我們實際上看到其從那時起開始成長。所以我不會說那是非核心的。

And then a similar story, if you go from second line from the bottom, the MSR and ABL lending is a very similar story. We had very large hold levels and we're reducing our exposures at the individual relationship level.

然後是類似的故事，如果從底部第二行開始，MSR 和 ABL 貸款的故事非常相似。我們的持有水準非常高，我們正在減少個人關係層面的風險敞口。

But we did have one payoff in that space of a large relationship. But the rest, we do think we'll have stabilization going forward in that regard.

但我們在這種廣泛的關係中確實獲得了回報。但就其餘方面而言，我們確實認為未來將會趨於穩定。

And then the two other -- in the middle, Flagstar Financial Leasing and Flagstar Public Financial, those were really five or six businesses in that space. We've stopped non-relationship activities there where we were just buying paper but had no relationship with the borrowers.

然後是中間的另外兩家公司，Flagstar Financial Leasing 和 Flagstar Public Financial，它們實際上是該領域的五到六家企業。我們已經停止了那裡的非關係活動，我們只是購買票據，但與借款人沒有任何關係。

And so we do also see those going positive in the second and third quarters. So I wouldn't call them non-core. As I would say, we were reducing what we thought was the risk appetite by home levels.

因此，我們也看到第二季和第三季的情況將呈現正面態勢。所以我不會稱他們為非核心。正如我所說，我們正在降低我們認為的國內風險偏好。

Great. Okay. Very helpful. And then my last one is just a little bit of a different question, but there's been some recent discussion across the banking industry around catering to the crypto industry and stable coin. It seems there's a much warmer welcome to the banks to participate in this industry again.

偉大的。好的。非常有幫助。我的最後一個問題有點不同，但最近銀行業正在圍繞迎合加密行業和穩定貨幣進行一些討論。人們似乎更熱烈地歡迎銀行再次參與這個行業。

Near Community once had its toed dipped in these waters. And I'm curious if you have any appetite to pursue that again in pursuit of deposit growth via those verticals?

Near Community 曾經涉足過這些領域。我很好奇，您是否有興趣再次追求透過這些垂直行業實現存款成長？

I don't see us forming a specialty group or going after that aggressively, that particular space. I mean, clearly, there are some companies that I would put under the general corporate banking that we would consider it given the opportunity. But I don't see that being a form of the specialty businesses within the company.

我不認為我們會組成一個專業小組或積極進取那個特定領域。我的意思是，顯然，如果有機會，我們會考慮將一些公司納入一般公司銀行業務。但我並不認為這是公司內部的專業業務。

I'll leave it there. Thank you.

我就把它留在那裡。謝謝。

Anthony Elian, JPMorgan.

摩根大通的安東尼·埃利安。

Joseph, I know you said you're starting to receive updated financials from Bard for 2024. But can you share with us any early reads in so far? And I guess what I'm trying to get at is specifically for the $19 billion or so loans you have in rent regulated endeavor, are you seeing improvements or deteriorate in NOI?

約瑟夫，我知道你說過你將開始收到巴德發送的 2024 年最新財務報表。但您能與我們分享迄今為止的任何早期讀物嗎？我想問的是，具體到你們在租金監管工作中貸款的 190 億美元左右，你們的淨營業利潤 (NOI) 是有所改善還是有所惡化？

Well, you know, it's a little early to tell on that question because we haven't received the '24 financials yet. But you know, '23 was really a rough period in the rent regulated because the increases were restricted.

嗯，你知道，現在回答這個問題還為時過早，因為我們還沒有收到 24 年的財務數據。但你知道，23 年確實是租金管制的艱難時期，因為租金上漲受到限制。

Occupancy is very high in those buildings, generally in the 98%, 99%. So it's like -- it's not like you're having to fill up a bunch of extra space and generate cash flow.

這些建築的入住率非常高，通常在 98% 到 99% 左右。所以這就像——你不必填補大量額外的空間並產生現金流。

And really where they got impacted was on the expense side. In most instances, insurance went up 30% to 40%. Age factor and maintenance and things like that were up 40%, and labor was up 30%.

而他們真正受到影響的是費用方面。大多數情況下，保險費上漲30%至40%。年齡因素、維護費用等上漲了 40%，勞動成本上漲了 30%。

So I think -- I'm hopeful that stabilization on the expense side over the last 12 months will be positive in the analyze in that particular space. So we do see investors who are re-entering in demand for on buying loans for us in that space. So I think that's an indication that investors are starting to feel more positive about the rent regulated now.

所以我認為——我希望過去 12 個月費用方面的穩定將對該特定領域的分析產生積極影響。因此，我們確實看到投資者重新進入該領域，為我們購買貸款。所以我認為這表明投資者現在開始對租金管制感到更加積極。

And there's been some large projects that have gotten tax abatement, that the legislation doesn't -- without more change in that direction, I don't think we're going to see legislative changes. But you have seen tools that are being used to be able to make those projects more economic by providing tax abatement but within the agreement that owners and investors will dedicate a certain amount back into the projects from a CapEx perspective.

一些大型項目已經獲得了減稅，但立法卻沒有——如果沒有這方面的更多改變，我認為我們不會看到立法變化。但是您已經看到了正在使用的工具，透過提供減稅可以使這些項目更具經濟效益，但在協議範圍內，業主和投資者將從資本來源的角度將一定數量的資金投入到專案中。

Thank you. And then for Lee, on slide 17, that was the allowance by loan portfolio. What was the driver of increasing the reserves in the C&I, Office owner occupied, which slightly went up by about 30 basis points or 40 basis points sequentially? Thank you.

謝謝。然後對李來說，第 17 張投影片上顯示的是貸款組合撥備。是什麼原因導致 C&I、辦公大樓業主自用物業的儲備金環比小幅上漲了約 30 個基點或 40 個基點？謝謝。

Yeah, two things. It was the economic forecast, as we mentioned. And it was also just some individual credits and specific increases around specific credit. So those were the two drivers of that increase in the C&I non-specialty finance loan item.

是的，有兩件事。正如我們所提到的，這是經濟預測。這也只是一些個人信貸和圍繞特定信貸的具體增加。因此，這是 C&I 非專業金融貸款項目成長的兩個驅動因素。

Thank you.

謝謝。

Steve Moss, Raymond James.

史蒂夫莫斯、雷蒙詹姆斯。

(technical difficulty) on the C&I side, just curious here, what kind of spreads you're getting on the new C&I loans you're her, and if there's any deposit coming over one of those relationships?

（技術難題）在 C&I 方面，我只是好奇，您在新的 C&I 貸款中獲得了什麼樣的利差，以及是否有任何存款來自其中一種關係？

The spreads are ranging from like [2.25% to 2.75%] over sulfur. So the spreads have held up pretty well in the C&I space. And even in light of a lot of competition. And then what you generally see in those relationship, we are getting deposits, but most of that transitions in over a period of time.

硫磺價差範圍從 [2.25% 到 2.75%] 不等。因此，商業和工業領域的利差保持得相當好。即使競爭非常激烈。然後，您通常會在這些關係中看到，我們會獲得存款，但其中大部分會在一段時間內轉變。

But where we have seen significant opportunity or results is really on the fee side, where Lee mentioned we're now starting to get senior leadership roles in some these credits because the people who joined us had those rules at their prior institutions. But very few, opportunities are weak, willing to do where it's a credit-only relationships.

但我們真正看到的重大機會或成果是在費用方面，李提到我們現在開始在一些學分中擔任高級領導職務，因為加入我們的人在他們之前的機構中就有這些規則。但很少，機會很少，願意做只有信用關係的事。

And most of those we either are offering for our [1K] or treasury management or interest rate derivative products. We have a broker dealer so we can get bond economics.

其中大部分是我們提供[1K]或資金管理或利率衍生產品。我們有經紀交易商，因此我們可以獲得債券經濟學。

So our pricing model does not work very effective or we're not getting non-interest income or deposits from a yield perspective. And so now, we're using a new pricing model and the company that will really drive people to have to get those sales in addition to the credit sales on the front end.

因此，我們的定價模式較不有效，或從收益角度來看我們沒有獲得非利息收入或存款。所以現在，我們正在使用一種新的定價模式，而公司將真正推動人們除了前端的信用銷售之外還要獲得這些銷售。

Okay. That's really helpful. And then in terms of just the funding side of the equation, just curious how you guys are thinking about the step down here over the course of the year and funding costs. I assume your CD rates during market are around the Feds fund rate, and you saw that promotional products at a similar pace. I'm like wondering at what point do you think maybe we could see a little bit of separation between the rates are often in Fed funds as the year goes on?

好的。這真的很有幫助。然後就資金方面而言，我很好奇你們是如何考慮今年的降幅和融資成本的。我假設您在市場期間的 CD 利率大約與聯準會基金利率相當，而且您看到促銷產品的速度也與此類似。我想知道，您認為在什麼時候我們可能會看到隨著時間的推移，聯邦基金利率之間出現一些差距？

Yeah, so it's just one CD, right? The six-month CD, we saw an opportunity to bring in incremental deposit. So that was the one area that we had the promo rate out now on. We have not touched the one-year, two-year, of three months.

是啊，所以只有一張 CD，對嗎？透過六個月的 CD，我們看到了引入增量存款的機會。這就是我們現在推出促銷價的一個領域。我們還沒有觸及一年、兩年、三個月的時間。

As I mentioned in the prepared remarks, we have [$4.9 billion] of CDs maturing in the second quarter. At a weighted average cost of 4.8%, we're going to get a natural reduction there as those mature. Typically CDs maturing, we're retaining about 75%, 80% of them. And then we're making up the difference with new CDs coming in.

正如我在準備好的發言中所提到的，我們在第二季有 [49 億美元] 的存單到期。加權平均成本為 4.8%，隨著這些成本的成熟，我們將獲得自然的降低。通常，當存單到期時，我們會保留其中的 75% 到 80%。然後我們透過推出新 CD 來彌補差額。

And then we've been actively managing pro rata interest bearing accounts, whether those be savings, interest-bearing DDAs, money-market. Again, I mentioned in the prepared remarks, quarter-over-quarter, interest-bearing deposit costs were down 34 basis points.

然後，我們一直積極管理按比例計息的帳戶，無論是儲蓄、計息的 DDA 還是貨幣市場。我再次在準備好的發言中提到，與上一季相比，計息存款成本下降了 34 個基點。

So it's something that we have made things weekly on mix, and we are looking at it and strategizing all the time. But we feel good about hitting the targets that we have in our forecast.

因此，這是我們每週都會進行混合製作的事情，並且我們一直在關注它並製定策略。但我們對於達到預測的目標感到很高興。

Okay. Great. And one last one for me. Just in terms of the Multi-Family and Commercial Real Estate books. Just curious, seems like there's going to be some stabilization maybe here late this year based on the asset size of the bank you guys are projecting? Just curious if that's a fair assumption, or should we expect further run offs in the books throughout 2026?

好的。偉大的。對我來說還有最後一個。僅就多戶住宅和商業房地產書籍而言。只是好奇，根據你們預測的銀行資產規模，今年稍後似乎會出現一些穩定？只是好奇這是否是一個合理的假設，或者我們是否應該預期在 2026 年全年會出現進一步的流失？

Yeah, I think the -- you should expect further run off because as we said before, we're trying to create a diversified balance sheet; a third, a third, a third. And we probably won't quite get to a third in consumer. But you know, third C&I, third CRE, and a third Consumer.

是的，我認為——你應該預料到進一步的流失，因為正如我們之前所說，我們正在努力創建多元化的資產負債表；三分之一，三分之一，三分之一。我們可能還無法在消費者市場佔據第三的位置。但你知道，第三個是 C&I，第三個是 CRE，第三個是消費者。

And so what means is we really want to try and get that CRE book, which includes Multi-Family to $30 billion, 35 billion. And so you will continue to see run off throughout the three-year period as it relates to Multi-Family.

所以這意味著我們真的想嘗試取得包括多戶住宅在內的 CRE 帳簿，達到 300 億美元、350 億美元。因此，您將在三年期間繼續看到與多戶家庭相關的流失。

Just as a reminder, we've been running $800 million to $1 billion at the reference through payoffs. Basically, we're telling borrowers where we have loan-only relationships, specifically, that our desire on a maturing credit is that they would take that credit to another financial institution. And fortunately for us, roughly half of those are substandard credit. And so we've continued to see that trend line.

提醒一下，我們已透過還款方式支付了 8 億至 10 億美元的參考金額。基本上，我們告訴與我們僅存在貸款關係的借款人，具體來說，我們希望他們將到期的信貸轉移到另一個金融機構。對我們來說幸運的是，其中大約有一半都是不合格的信貸。因此我們繼續看到這一趨勢線。

Okay. Great. Thank you very much. Appreciate all the color.

好的。偉大的。非常感謝。欣賞所有的色彩。

Jon Arfstrom, RBC.

加拿大皇家銀行的喬恩‧阿夫斯特羅姆 (Jon Arfstrom)。

Lee, on slide 13, just a follow-up. What do you think that mix looks like in a year and maybe when you get to your 2027 goals? The deposit mix?

Lee，關於投影片 13，只是一個後續問題。您認為一年後以及當您實現 2027 年目標時，這種組合會是什麼樣子？存款組合？

Yeah, right. So I think you -- we're obviously going to continue to pay down brokered deposits. So you will see a reduction -- more reduction in brokered deposits. And I think you'll see us increase our retail and private bank deposits. And that's how we're thinking about it.

是的，對。所以我認為你——我們顯然會繼續償還經紀存款。因此，你會看到經紀存款的減少——進一步減少。我想你會看到我們增加零售和私人銀行存款。這就是我們的想法。

We're looking to build core deposits and further reduce the wholesale borrowing and reliance on brokered deposits and flow advances. So I think that's what you can expect.

我們希望建立核心存款，進一步減少批發借貸和對經紀存款和流動預付款的依賴。所以我認為這是你可以期待的。

And on the deposit side, Joseph just made this point, as we leg into these new C&I relationships, that's another opportunity for us to bring in core deposits as well and build that deep relationship with those C&I customers.

在存款方面，約瑟夫剛才提到了這一點，當我們建立這些新的 C&I 關係時，這對我們來說也是引入核心存款並與這些 C&I 客戶建立深厚關係的另一個機會。

The broker deposits now are down 2 point -- we, even further, in the month of April, we're down I think $2.2 billion year-to-date. So that's really a big opportunity for us to use our excess liquidity to pay that down.

目前經紀人存款下降了 2 個百分點——甚至進一步下降，在 4 月份，我認為年初至今已下降了 22 億美元。因此，這對我們來說確實是一個利用過剩流動性來償還債務的好機會。

And it helps us from an FDIC expense point of view.

從 FDIC 支出的角度來看，這對我們有幫助。

Okay. Joseph, one for you. Kind of a color of due diligence or a check-the-box question, but what do you guys working on now in terms of demand client facing activities? Do you feel like things are fully buttoned up from a risk and regulatory point of view? Are there other hurdles or objectives you need to meet?

好的。約瑟夫，給你一個。有點像是盡職調查的顏色或勾選框問題，但是就面向客戶需求的活動而言，你們現在在做什麼？從風險和監管的角度來看，您是否覺得事情已經完全解決了？您是否需要克服其他障礙或實現其他目標？

We've come a long way in the company. From the time we got here, the company was or is a category four bank. And neither of the legacy banks have a risk governance and infrastructure, along those lines, to be a bank of that size. I couldn't be more pleased in the direction and the rails that we now have built.

我們在公司已經取得了長足的進步。從我們來到這裡開始，該公司就一直是一家四類銀行。這兩家傳統銀行都沒有具備成為這種規模銀行所需的風險管理和基礎設施。我對我們現在所建造的方向和鐵路感到非常滿意。

And I think from now, to the of, really, '25 and into '26, we're going to feel very comfortable that ourselves and our regulators are going to feel good about the risk governance structure that we have put in place.

我認為從現在開始，到 2025 年和 2026 年，我們會感到非常放心，我們自己和我們的監管機構都會對我們建立的風險管理結構感到滿意。

And I think the technology side is going to be very helpful. We're investing and really creating a platform. We are, today, we're sitting here with six data centers that were never consolidated. And all those actions that are pent up, we're going to get done here in 2025.

我認為技術方面將會非常有幫助。我們正在投資並真正創建一個平台。今天，我們這裡有六個從未合併過的資料中心。所有這些被擱置的行動，我們都將在 2025 年完成。

In addition to we're reinvesting in our organization-wide Actimize. We're implementing a new global platform. And so all of that gets done this year. And it's really stuff that should have been done '23, and then as we got our arms around them in '24.

此外，我們也對整個組織的 Actimize 進行了再投資。我們正在實施一個新的全球平台。所以所有這些都將在今年完成。這些事情其實應該在 23 年就完成，然後 24 年我們就能完成。

So I think I think the company really has come a long ways in that regard. And I couldn't be more happy the team -- what we've been able to put together here as far as a team of really highly qualified people to execute on those.

所以我認為公司在這方面確實已經取得了長足的進步。我對我們的團隊感到非常高興——我們已經能夠組建一支由真正高素質人員組成的團隊來執行這些任務。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。非常感謝。

Nicholas Holowko, UBS.

瑞銀的尼可拉斯‧霍洛科（Nicholas Holowko）。

Maybe just a first question for Lee. And I know -- and a follow up on deposits. I know you gave a lot of color on the broker deposit mix and the CD maturities. But maybe you could just touch on the NAV trends that you had in the quarter and how you're thinking about back over the near-term? And if by chance you have it, potentially, the spot rate on the interest bearing deposits or the net interest margin at the end of the quarter?

也許這只是對李的第一個問題。我知道——以及對存款的跟進。我知道您對經紀人存款組合和 CD 到期日做了很多說明。但也許您可以談談本季的淨值趨勢以及您對近期前景的看法？如果您碰巧有的話，有可能是計息存款的即期利率或季末的淨利差嗎？

Yeah, so I don't have the spot rate, but what I would tell you in terms of the trends were the -- we were down about $300 million in the private bank. That was sort of seasonal in nature.

是的，我沒有現貨匯率，但就趨勢而言，我想告訴你的是——我們的私人銀行虧損了約 3 億美元。這本質上是一種季節性現象。

But that was offset by increases in app retail deposits, or consumer bank. They were up about $350 million, $400 million. And then we had a slight increase in our commercial deposits. They were up about $150 million to $200 million. So by and large, they netted each other off.

但這被應用程式零售存款或消費者銀行的增加所抵消。他們增加了約 3.5 億美元、4 億美元。然後我們的商業存款略有增加。他們的收入增加了約 1.5 億至 2 億美元。所以總的來說，他們互相抵消了。

The other part that netted itself out was we had the last loans transfer as a result of the mortgage sale that we executed on in Q4 of '24. So there were about $1 billion of mortgage escrows that left. But we subsequently got an increase in what we call our SNBS area, which is predominantly mortgage escrows of a similar amount, and that was just a build-up of C&I and other escrows that pretty much offset itself as well. And so the biggest driver of the change quarter-over-quarter was the paydown of those broker deposits of $1.9 billion.

另一部分淨收入是我們在 2024 年第四季執行的抵押貸款銷售中轉移了最後一筆貸款。因此，大約有 10 億美元的抵押貸款託管款被遺棄。但隨後，我們所謂的 SNBS 領域出現了成長，該領域主要是類似數額的抵押貸款託管，而這只是 C&I 和其他託管的積累，這些積累也基本上抵消了自身的影響。因此，季度環比變化的最大驅動力是 19 億美元的經紀人存款的償還。

Got it. Thank you. And then maybe just one follow up on the single borrower non-accrual in the quarter. I know you gave color on like the average loans on your Multi-Family book around $8.5 million on average. If I was to look at the like the loan book on like a borrower basis rather than a per loan, how much adjustment would that be? Do you have a substantial number of borrowers with similarly large exposures above the $500 million range? Thank you.

知道了。謝謝。然後可能只需要對該季度單一借款人不計息進行一次跟進。我知道您給出的數據是，您的多戶住宅貸款平均金額約為 850 萬美元。如果我以藉款人為單位而不是以每筆貸款為單位來查看貸款帳簿，那麼調整幅度是多少？您是否擁有大量類似大額風險敞口且超過 5 億美元的借款人？謝謝。

Yeah, we probably got somewhere between a dozen to 20 or so large relationships that are similar to this one particular borrower. And as I mentioned earlier, we screened and scrubbed all of those looking for anything that might be similar to this one particular borrower and we've not seen it.

是的，我們可能有十幾個到二十個左右與這個特定借款人類似的大型關係。正如我之前提到的，我們篩選並審查了所有這些，尋找任何可能與這個特定借款人相似的東西，但我們沒有發現。

And as I say, one of the biggest factors was the additional leverage that this borrower looked to achieve by pledging his equity interest. So again, we see this as a very unique, idiosyncratic situation.

正如我所說，最大的因素之一是藉款人希望透過質押其股權來獲得額外的槓桿。因此，我們再次認為這是一個非常獨特、特殊的情況。

Yeah, and we're not referencing [12 to 20 powers] over $500 million in size. But I would also say, these are like huge loans to one piece of property. These are 90 loans that represent the $500 million, so you could run the math on those. So there are a lot of different properties with individual loans.

是的，我們指的規模不在於 5 億美元的 [12 到 20 次方]。但我也想說，這就像是針對一處房產的巨額貸款。這 90 筆貸款代表著 5 億美元，所以你可以對它們進行計算。因此，個人貸款涉及許多不同的財產。

Understood. Thank you for that.

明白了。謝謝你。

And I will now turn the call back over to Joseph Otting for any closing remarks.

現在我將把電話轉回給約瑟夫·奧廷，請他做最後發言。

Okay. Thank you very much. Very much appreciate your interest in the company. We couldn't be more pleased the journey we're on. We think we've made incredible progress over the last 12 months.

好的。非常感謝。非常感謝您對本公司的關注。我們對這趟旅程感到非常高興。我們認為我們在過去 12 個月中取得了令人難以置信的進步。

We think there'll be a significant amount of progress in 2025. We're going to look like a completely different company in the year. As Lee indicated, all indications in our forecast and analysis is that we will return to profitability in the fourth quarter.

我們認為 2025 年將會取得重大進展。今年我們將會看起來像是一家完全不同的公司。正如李先生所指出的，我們的預測和分析中的所有跡像都表明，我們將在第四季度恢復盈利。

We feel our risk elements in the company are under control. And we're really excited about what we can grow and develop the company into a top-performing regional bank. And so we look forward to continue to have dialogue with each of you on the journey as a company. I'm open to any dialogue and discussions that you have and appreciate --

我們感覺公司的風險因素都在控制之中。我們對於能夠將公司發展成為一家業績最好的地區性銀行感到非常興奮。因此，我們期待在公司發展的道路上繼續與你們每個人進行對話。我願意接受你們進行的任何對話和討論，並表示讚賞——