FIRST BANK (Hamilton) (FRBA) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Cherelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Bank FRBA Earnings Call Third Quarter 2023 Conference Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫 Cherelle，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加第一銀行 FRBA 2023 年第三季財報電話會議。 （操作員說明）

I would now like to turn the call over to Patrick Ryan, President and CEO. Please go ahead.

我現在想將電話轉給總裁兼執行長 Patrick Ryan。請繼續。

Thank you. I'd like to welcome everyone today to First Bank's, Third Quarter 2023 Earnings Call. I'm joined today by Andrew Hibshman, our Chief Financial Officer; Darleen Gillespie, our Chief Retail Banking Officer; and Peter Cahill, our Chief Lending Officer.

謝謝。我歡迎大家今天參加第一銀行 2023 年第三季財報電話會議。今天我們的財務長 Andrew Hibshman 也加入了我的行列。 Darleen Gillespie，我們的首席零售銀行業務長；以及我們的首席貸款官彼得·卡希爾（Peter Cahill）。

Before we begin, however, Andrew will read the safe harbor statement.

然而，在我們開始之前，安德魯將閱讀安全港聲明。

The following discussion may contain forward-looking statements concerning the financial condition, results of operations and business of First Bank. We caution that such statements are subject to a number of uncertainties, and actual results could differ materially, and therefore, you should not place undue reliance on any forward-looking statements we make. We may not update any forward-looking statements we make today for future events or developments.

以下討論可能包含有關第一銀行財務狀況、經營業績和業務的前瞻性陳述。我們提醒您，此類聲明存在許多不確定性，實際結果可能存在重大差異，因此，您不應過度依賴我們所做的任何前瞻性聲明。我們可能不會更新我們今天針對未來事件或發展所做的任何前瞻性陳述。

Information about risks and uncertainties are described under Item 1A Risk Factors in our annual report on Form 10-K for the year ended December 31, 2022, filed with the FDIC.

有關風險和不確定性的資訊在我們向 FDIC 提交的截至 2022 年 12 月 31 日的年度報告 10-K 表格中的第 1A 項風險因素中進行了描述。

Pat, back to you.

帕特，回到你身邊。

Great. Thanks, Andrew. I'd like to start with some high-level remarks before we get some additional detail from Andrew, Darleen and Peter.

偉大的。謝謝，安德魯。在我們從安德魯、達琳和彼得那裡得到一些額外的細節之前，我想先發表一些高層評論。

Overall, I think it's important to highlight, we did close on the Malvern Bank merger during the quarter. We also finalized our facilities and systems integration projects which overall have gone very well so far.

總的來說，我認為重要的是要強調，我們確實在本季完成了馬爾文銀行的合併。我們還完成了我們的設施和系統整合項目，到目前為止整體進展順利。

The numbers in our financial statements and releases include the impact of this transaction. Given the significant noise in the numbers this quarter, I'm going to focus my remarks on bigger picture items and the strategic impact of the merger.

我們的財務報表和新聞稿中的數字包含了此次交易的影響。鑑於本季數據的顯著噪音，我將重點放在更大的專案和合併的策略影響。

Most importantly, as many of you know, we added significant size and scale in our core Southeastern Pennsylvania market. We now have 1/2 of our overall 26 branch locations in the Greater Philadelphia market, 10 of them in Pennsylvania and 3 of them in Southern New Jersey. And almost 1/3 of our loans are sourced from the Greater Philadelphia and Southern New Jersey markets.

最重要的是，正如你們許多人所知，我們在賓州東南部核心市場顯著擴大了規模。現在，我們 26 個分店中有 1/2 位於大費城市場，其中 10 個位於賓州，3 個位於新澤西州南部。我們近 1/3 的貸款來自大費城和新澤西州南部市場。

Second, we made significant progress on what we call Project Sculpt where we're reshaping our balance sheet. As many of you saw in the release, we sold approximately $95 million in investment securities. We sold another $100 million in residential mortgage loans. We used these proceeds to pay off about $130 million in borrowings. And we also let $68 million in brokered deposits run off during the quarter. The net result of these activities will drive better ROA, improved ROE and increased capital efficiency while also freeing up contingent funding availability.

其次，我們在重塑資產負債表的「Project Sculpt」方面取得了重大進展。正如你們許多人在新聞稿中看到的那樣，我們出售了大約 9500 萬美元的投資證券。我們又賣了 1 億美元的住宅抵押貸款。我們用這些收益償還了約 1.3 億美元的借款。本季我們也讓 6,800 萬美元的經紀存款流失。這些活動的最終結果將推動更好的 ROA、ROE 和資本效率，同時釋放應急資金。

We continue to explore additional sculpting opportunities to shed noncore assets that have been mark-to-market through the acquisition. This project should continue into 2024 as we use proceeds from investor real estate loan payoffs and paydowns to fund some of our newer C&I loan initiatives with the goals of improving capital efficiency, getting more deposits per customer relationship and reducing our overall investor real estate concentrations.

我們將繼續探索更多的塑造機會，以剝離透過收購以市價計價的非核心資產。該專案應持續到2024 年，因為我們將利用投資者房地產貸款還款和還款的收益為我們一些新的工商業貸款計劃提供資金，目標是提高資本效率、為每個客戶關係獲得更多存款並降低投資者房地產的整體集中度。

Our focus for the remainder of this year and into 2024 will be portfolio optimization and strong profit growth, not overall balance sheet growth.

我們今年剩餘時間和 2024 年的重點將是投資組合優化和強勁的利潤成長，而不是整體資產負債表成長。

Furthermore, merger benefits have already started driving our core profitability higher. When adding back onetime merger-related costs, we achieved the following results during the third quarter. EPS of $0.42, which is $1.68 annualized; our return on average assets of 1.13%; and adjusted return on tangible common equity of 13.23%.

此外，合併帶來的好處已經開始推高我們的核心獲利能力。當加上一次性合併相關成本時，我們在第三季取得了以下成果。 EPS 為 0.42 美元，年化收益為 1.68 美元；我們的平均資產報酬率為 1.13%；調整後有形普通股本回報率為 13.23%。

The current earnings run rate could be even higher than these adjusted figures because they do not include a full quarter of interest rate mark accretion, and the numbers during Q3 also include some extra costs that will not continue into Q4.

目前的獲利運行率可能甚至高於這些調整後的數據，因為它們不包括整個季度的利率成長，而且第三季的數據還包括一些不會持續到第四季的額外成本。

Here's a brief summary of the merger accounting. The final tangible book value per share dilution came in higher than originally anticipated at 15% versus our estimate in December of 9%. But that change is entirely driven by the interest rate market environment and how that moved since December of 2022. The tangible book value per share impact when adding back the interest rate marks was negligible. That doesn't mean it's not real, but rather, it reduces the risk and uncertainty in terms of our ability to earn back that dilution that was recognized during the quarter.

以下是合併會計的簡要概述。最終每股有形帳面價值稀釋率高於最初預期的 15%，而我們 12 月的估計為 9%。但這種變化完全是由利率市場環境以及自 2022 年 12 月以來的變化所驅動的。當加回利率標記時，每股有形帳面價值的影響可以忽略不計。這並不意味著它不真實，而是它降低了我們收回本季確認的稀釋能力的風險和不確定性。

Our projected earnings accretion moved much higher for the same reason. A larger interest rate mark equates to more interest rate earnings accretion moving forward. In summary, the integration thus far has gone very well, and we believe the economic benefits derived from establishing critical mass in the attractive market of Southeastern Pennsylvania and the benefits from creating significant scale and cost savings will make this an excellent deal for our shareholders.

基於同樣的原因，我們預期的收入成長要高得多。較高的利率水準意味著未來的利率收益會增加。總之，到目前為止，整合進展順利，我們相信，在賓州東南部有吸引力的市場中建立臨界規模所帶來的經濟效益，以及創造顯著規模和成本節約所帶來的好處，將使這對我們的股東來說是一筆極好的交易。

These benefits will materialize in the form of really strong earnings growth and capital appreciation as we head into 2024.

進入 2024 年，這些好處將以真正強勁的獲利成長和資本增值的形式實現。

At this time, I'd like to turn it over to Andrew to discuss our financial results in a little more detail.

這次，我想把它交給安德魯，更詳細地討論我們的財務表現。

Thanks, Pat. For the 3 months ended September 30, 2023, we recorded a net loss of $1.3 million or $0.05 per diluted share. Excluding merger-related expenses, the initial credit loss expense on the Malvern-acquired loan portfolio and some other onetime items during the current quarter, adjusted net income was $10.1 million or adjusted EPS of $0.42 and an adjusted return on average assets of 1.13%.

謝謝，帕特。截至 2023 年 9 月 30 日的三個月，我們錄得淨虧損 130 萬美元，即每股攤薄虧損 0.05 美元。不包括合併相關費用、馬爾文收購的貸款組合的初始信用損失費用和本季度其他一些一次性項目，調整後淨利潤為1010 萬美元，調整後每股收益為0.42 美元，調整後平均資產回報率為1.13%。

The acquisition of Malvern closed on July 17, 2023. The combined stock and cash transaction was valued at approximately $129.7 million with Malvern providing $953.8 million in assets, $727.7 million in loans and $671.9 million in deposits on the date of the acquisition.

Malvern 的收購於2023 年7 月17 日完成。股票和現金交易合併後的價值約為1.297 億美元，Malvern 在收購之日提供了9.538 億美元的資產、7.277 億美元的貸款和6.719 億美元的存款。

During the third quarter, as Pat mentioned, the sale of certain acquired investments and residential loans netted us approximately $165 million in cash, which allowed us to reposition our balance sheet to manage interest rate risk and boost efficiency. Net of impact of the loan sales, loans increased by $581.1 million during the third quarter primarily due to the Malvern acquisition. Excluding the remaining balance of acquired Malvern loans, which was $626 million at the end of September, loans declined by $42 million during the quarter.

正如帕特所提到的，第三季度，出售某些收購的投資和住宅貸款為我們帶來了約 1.65 億美元的現金，這使我們能夠重新調整資產負債表以管理利率風險並提高效率。扣除貸款銷售的影響，第三季貸款增加了 5.811 億美元，主要是由於收購 Malvern。不計入 9 月底收購的馬爾文貸款餘額 6.26 億美元，該季度貸款減少了 4,200 萬美元。

Total deposits were up $567.6 million during the third quarter of 2023, also primarily due to the Malvern acquisition. Excluding the $671.9 million in deposits acquired from Malvern, deposit balance declined by $104.3 million during the 3 months ended September 30, 2023.

2023 年第三季存款總額增加了 5.676 億美元，這也主要歸功於 Malvern 的收購。不包括從馬爾文獲得的 6.719 億美元存款，截至 2023 年 9 月 30 日的三個月內，存款餘額減少了 1.043 億美元。

The decline during the quarter was primarily due to the bank allowing some higher-cost brokered and noncore funding to leave, but the overall industry-wide deposit declines and competitive pricing pressures are also impacting our total deposit levels.

本季的下降主要是由於銀行允許一些成本較高的經紀和非核心資金離開，但整個行業存款下降和競爭性定價壓力也影響了我們的總存款水準。

Primarily due to the benefits of the Malvern acquisition, our net interest income improved from 3.28% in the second quarter of 2023 to 3.36% in the third quarter of 2023. Because the Malvern acquisition closed in the second half of July, our net interest income only included 2 months of acquisition accounting accretion, which had an approximately $2.7 million positive impact on net interest income.

主要得益於馬爾文收購的好處，我們的淨利息收入從2023年第二季的3.28%提高到2023年第三季的3.36%。由於馬爾文收購於7月下半月完成，我們的淨利息收入僅包括 2 個月的收購會計增值，這對淨利息收入產生了約 270 萬美元的正面影響。

Also, the asset sales allowed for the reduction of certain higher-cost deposits and borrowings, but most of this activity occurred later in the quarter. Deposit costs continued to move higher as market pressure persisted, but the weighted average rate on loans originated during the quarter also moved higher. We believe that a full quarter of accretion income, coupled with the balance sheet repositioning we have will have a positive impact on the margin in Q4, even despite the challenges related to deposit pricing conditions and the inverted yield curve.

此外，資產出售還減少了某些成本較高的存款和借款，但大部分活動發生在本季稍後。由於市場壓力持續存在，存款成本持續走高，但本季發放的貸款加權平均利率也走高。我們相信，儘管存在與存款定價條件和收益率曲線倒掛相關的挑戰，但整個季度的收入成長，加上我們的資產負債表重新定位，將對第四季度的利潤率產生積極影響。

Liquidity levels remained stable during the third quarter as we used the proceeds from the asset sales to pay off the $130 million in FHLB borrowings that Pat mentioned, and it also allowed some higher cost deposit runoff.

第三季流動性水準保持穩定，因為我們使用資產出售所得收益來償還帕特提到的 1.3 億美元 FHLB 借款，並且還允許一些成本更高的存款徑流。

We have significant unused borrowing capacity and expect to enhance that contingent funding availability even further in the fourth quarter.

我們擁有大量未使用的借款能力，預計第四季將進一步提高應急資金的可用性。

As of September 30, 2023, our allowance for credit losses to total loans increased to 1.42% from 1.25% at June 30, 2023. The increase, however, was primarily due to the impact of specific reserves on certain acquired loans.

截至2023年9月30日，我們的信貸損失準備金佔貸款總額的比例從2023年6月30日的1.25%增加至1.42%。然而，這一增加主要是由於特定準備金對某些已購貸款的影響。

In the third quarter of 2023, total noninterest income declined primarily due to losses on loan and investment sales, which were net against noninterest income on our income statement. The investment and loan sale losses were the result of the aforementioned sale of residential loans and investments that were acquired from Malvern. These assets were marked at fair value at the time of acquisition, but saw some additional decline in value between the acquisition date and the ultimate sale date of the assets, primarily due to continued interest rate movement.

2023 年第三季度，非利息收入總額下降，主要是由於貸款和投資銷售損失，這些損失在我們的損益表中扣除了非利息收入。投資和貸款出售損失是上述出售從馬爾文收購的住宅貸款和投資造成的。這些資產在收購時以公允價值標記，但在收購日和資產最終出售日之間，價值出現了一些額外的下降，這主要是由於持續的利率變動。

Noninterest expenses were $23.5 million in Q3, 2023 or $16.5 million, excluding merger-related expenses. Noninterest expenses, excluding merger-related costs, increased $2.7 million or 19.5% from the prior quarter, primarily due to the new Malvern employees and locations.

2023 年第三季非利息支出為 2,350 萬美元，即 1,650 萬美元，不包括合併相關支出。非利息支出（不包括合併相關成本）比上一季增加了 270 萬美元，即 19.5%，這主要是由於新的 Malvern 員工和地點的增加。

Annualized Q3 2023 noninterest expenses, excluding merger-related expenses, were 1.83% of average assets compared to 1.93% in the second quarter of 2023. We realized a number of immediate cost savings after the Malvern acquisition, and we are confident that we will hit our announced goals on cost savings as we head into 2024.

2023 年第三季年化非利息費用（不含合併相關費用）佔平均資產的 1.83%，而 2023 年第二季為 1.93%。收購 Malvern 後，我們立即實現了許多成本節約，我們有信心實現我們宣布了2024 年的成本節約目標。

We continue to believe that one of our strengths is our operating efficiency and believe the Malvern acquisition has provided us additional opportunities to improve our efficiency metrics. Although we continue to operate in a difficult rate environment, the Malvern acquisition, coupled with the balance sheet repositioning we executed during the quarter, has positioned us to improve our core profitability metrics as we move towards 2024.

我們仍然相信我們的優勢之一是我們的營運效率，並相信收購 Malvern 為我們提供了額外的機會來提高我們的效率指標。儘管我們繼續在困難的利率環境中運營，但收購馬爾文，加上我們在本季度執行的資產負債表重新定位，使我們能夠在邁向 2024 年時改善我們的核心盈利指標。

At this time, I'll turn it over to Darleen Gillespie, our Chief Retail Banking Officer for her remarks. Darleen?

這次，我將把它交給我們的首席零售銀行長 Darleen Gillespie，聽取她的演講。達琳？

Thank you, Andrew, and good morning, everyone. I'll start off by stating that there were no big surprises relative to the [paused] activity in the third quarter. While we have initiatives in place focused on retention and acquisition, we're not immune from the unprecedented shift in funding mix and pressure on funding costs experienced within the industry.

謝謝你，安德魯，大家早安。首先我要指出的是，與第三季的[暫停]活動相比，沒有什麼大的意外。雖然我們已經制定了專注於保留和收購的舉措，但我們也無法免受行業內前所未有的融資結構轉變和融資成本壓力的影響。

The second quarter -- in the second quarter, we reported strong deposit growth, primarily in our government and commercial portfolios. In Q3, while total deposits were up mostly due to the Malvern acquisition, as Andrew has mentioned, we experienced a $104.3 million decline, of which $68 million was higher-cost brokered and noncore deposits.

第二季度—第二季度，我們報告了強勁的存款成長，主要是在我們的政府和商業投資組合中。正如安德魯所提到的，在第三季度，雖然總存款成長主要是由於 Malvern 的收購，但我們經歷了 1.043 億美元的下降，其中 6,800 萬美元是成本較高的經紀存款和非核心存款。

We continue to experience declines in our time deposit portfolio due to the rate environment. However, we anticipate some stabilization and potential growth with some of the offers we've recently launched in the market.

由於利率環境，我們的定期存款組合持續下降。然而，我們預計我們最近在市場上推出的一些產品將出現一定程度的穩定和潛在成長。

We experienced larger-than-normal outflows from some of our commercial clients that move funds for rate and/or business purposes. We know who these clients are and while their balances may have declined, they still remain customers of our bank.

我們的一些商業客戶的資金流出量超出正常水平，這些客戶出於利率和/或商業目的而轉移資金。我們知道這些客戶是誰，雖然他們的餘額可能會下降，但他們仍然是我們銀行的客戶。

Our cost of deposits increased 28 basis points in Q3, inclusive of the deposits we onboarded from Malvern, but it's less than the increase we experienced in the second quarter. Again, a result of the rate environment, but overall, we're managing this metric by letting go of higher-rate funding.

第三季我們的存款成本增加了 28 個基點，其中包括我們從 Malvern 注入的存款，但增幅低於第二季的增幅。同樣，這是利率環境的結果，但總的來說，我們透過放棄較高利率的資金來管理這項指標。

Our deposit mix continues to shift with noninterest-bearing moving into interest-bearing vehicles and noninterest-bearing funding remains a strategic focus as we build on expanding the relationships that our customers maintain with us.

我們的存款結構持續發生變化，無息轉向有息工具，隨著我們致力於擴大客戶與我們保持的關係，無息融資仍然是策略重點。

As we move forward, one of our key priorities is to continue to focus on deposit growth. We remain steadfast with our strategic initiatives. And this month, we launched a fall deposit campaign focused on driving growth as well as retaining funds that are at risk because of the competitive landscape.

在我們前進的過程中，我們的首要任務之一是繼續專注於存款成長。我們仍然堅定不移地實施我們的戰略舉措。本月，我們推出了秋季存款活動，重點是推動成長並保留因競爭格局而面臨風險的資金。

We're excited about our 8 new branches from the Malvern acquisition and the growth opportunities with expansion into the Southeastern part of PA. The sales teams are engaging with our new customers, and the feedback has been very, very positive.

我們對馬爾文收購後新增的 8 家分公司以及向賓州東南部擴張的成長機會感到興奮。銷售團隊正在與我們的新客戶接觸，回饋非常非常積極。

So at this time, I'll turn it over to Peter Cahill, our Chief Lending Officer, for his remarks. Peter?

因此，此時，我將把它轉交給我們的首席貸款官彼得·卡希爾（Peter Cahill），聽聽他的演講。彼得？

Thanks, Darleen. As you just heard and read in our earnings release, third quarter was a busy one for all areas of the bank, and that includes the folks in lending. You might recall that we had a very good first half of the year where loans grew $100 million, and we were right on plan to meet our annual growth goal. Despite the good results, we were seeing signs then of the impact of a slowing economy, rising interest rates as well as our increased focus on growth in C&I lending and other loans where relationships include increased levels of deposits.

謝謝，達琳。正如您剛剛在我們的財報中聽到和讀到的那樣，第三季度對於銀行的所有部門來說都是繁忙的一個季度，其中包括貸款部門。您可能還記得，我們​​上半年的表現非常好，貸款成長了 1 億美元，而且我們按計畫實現了年度成長目標。儘管取得了良好的業績，但我們當時看到了經濟放緩、利率上升以及我們更加關注工商業貸款和其他貸款成長的影響的跡象，這些貸款的關係包括存款水準的增加。

During the third quarter, we continued this focus while consolidating the Malvern loan portfolio into ours. As Andrew mentioned, we sold a portfolio of residential mortgages and onboarded the remaining loans. We think going forward we'll drive a lot of synergies by folding that portfolio into our existing sales teams.

在第三季度，我們繼續關注這一重點，同時將馬爾文貸款組合整合到我們的貸款組合中。正如安德魯所提到的，我們出售了住宅抵押貸款組合併購買了剩餘的貸款。我們認為，展望未來，我們將透過將該產品組合納入我們現有的銷售團隊來推動大量協同效應。

You can see in the schedules in the earnings release a breakdown of the portfolio by loan type. Obviously, these numbers are post-consolidation with Malvern so the percentages are impacted by the merger. But we did experience some good organic growth in C&I during the quarter despite some payoffs there.

您可以在收益發布的明細表中看到按貸款類型劃分的投資組合細目。顯然，這些數字是與馬爾文合併後的數字，因此百分比受到合併的影響。但本季我們在商業和工業方面確實經歷了一些良好的有機成長，儘管那裡取得了一些回報。

Absent the positive impact of the Malvern merger, overall organic loan growth was negative in the quarter, as Andrew mentioned. We saw some loans, primarily investor real estate loans, refinance out of the bank for lower interest rates elsewhere. And we sold a couple of loan participations to smaller community banks, and we also saw a decline in loans of approximately $50 million because the assets securing those loans were sold. Nearly 66% of this $50 million bucket were non-investor real estate loans, meaning they were mainly C&I and in a couple of cases, businesses just got sold and it was completely out of our control.

正如安德魯所提到的，如果沒有馬爾文合併的正面影響，本季整體有機貸款成長為負。我們看到一些貸款，主要是投資者房地產貸款，從銀行進行再融資，以獲得其他地方較低的利率。我們向規模較小的社區銀行出售了一些貸款參與權，我們還看到貸款減少了約 5000 萬美元，因為擔保這些貸款的資產被出售。這 5,000 萬美元中近 66% 是非投資者房地產貸款，這意味著它們主要是 C&I，在某些情況下，企業剛剛被出售，這完全超出了我們的控制範圍。

Overall, on the topic of organic loan growth, we're pleased that the sales teams are holding firm on structure and interest rates while pursuing relationship business. C&I growth, where we find deeper relationships, totaled 73% of new loans booked during the 9 months ending 9/30/23.

總體而言，在有機貸款成長方面，我們很高興銷售團隊在追求關係業務的同時堅持結構和利率。 C&I 成長（我們發現更深層的關係）在截至 2023 年 9 月 30 日的 9 個月內佔新登記貸款的 73%。

Looking at our loan portfolio, while we continue to focus on relationship business, our pipeline at September 30 stood at $212 million, up from the June 30 level of $171 million. This is a healthy increase and puts us back at about the same level as we were at the end of the first quarter. In fact, our average for the 9 months has been $214 million. So we're right in line there.

看看我們的貸款組合，雖然我們繼續專注於關係業務，但截至 9 月 30 日，我們的貸款總額為 2.12 億美元，高於 6 月 30 日的 1.71 億美元。這是一個健康的增長，使我們回到了與第一季末大致相同的水平。事實上，我們這 9 個月的平均收入為 2.14 億美元。所以我們就在那裡排隊。

And the number of loans in the pipeline hasn't changed much either. At September 30, it was $209 million compared to the average for the year of $208 million. So overall, I'm happy with where the pipeline stands.

正在準備的貸款數量也沒有太大變化。截至 9 月 30 日，該數字為 2.09 億美元，而全年平均數字為 2.08 億美元。總的來說，我對管道的現狀感到滿意。

Regarding asset quality, due to the consolidation with Malvern, there are a lot of moving pieces. And Andrew's comments in the earnings release really lay out well where we are. Overall, I believe that we know the former Malvern portfolio very well. And the pre-Malvern First Bank portfolio has not changed from an asset quality perspective. So I see no areas of great concern from the combined banks. Credit quality to me seems in line with prior quarters.

在資產品質方面，由於與馬爾文的合併，有許多變動。安德魯在財報中的評論確實很好地說明了我們的處境。總的來說，我相信我們非常了解前馬爾文投資組合。從資產品質的角度來看，馬爾文第一銀行之前的投資組合並沒有改變。因此，我認為合併後的銀行沒有特別令人擔憂的領域。對我來說，信用品質似乎與前幾季一致。

Our objectives for the remainder of the year and into 2024 are to complete the integration of the former Malvern Bank portfolio and continue to grow organically loans and deposits where we can gain relationship business.

我們今年剩餘時間和 2024 年的目標是完成前馬爾文銀行投資組合的整合，並繼續有機增長貸款和存款，從而獲得關係業務。

In addition to our regional relationship management teams, our new asset-based lending group has developed a nice pipeline. Our SBA unit has also been busy building its business and our enhanced focus on our Business Express product, which is for smaller business loans and deposits, has been producing good results.

除了我們的區域關係管理團隊之外，我們新的以資產為基礎的貸款團隊還開發了良好的管道。我們的 SBA 部門也一直忙於開展業務，我們更加專注於小型企業貸款和存款的 Business Express 產品，已取得了良好的成果。

This concludes my comments for the third quarter in lending, and I'll turn things back over now to Pat for final comments. Pat?

我對第三季貸款的評論到此結束，我現在將把事情轉回帕特以徵求最終評論。拍？

Thank you, Peter. Well, at this point, I'd like to turn things back to the operator to open things up for the Q&A session.

謝謝你，彼得。好吧，此時，我想將事情轉回給操作員，以開放問答環節。

(Operator Instructions) Your first question comes from the line of Justin Crowley with Piper Sandler.

（操作員說明）您的第一個問題來自 Justin Crowley 和 Piper Sandler。

I was wondering if you could maybe expand a bit on some of the efficiencies gained with the deal. Obviously, real nice progress as telegraphed. It seems like there's maybe a bit more to come next quarter. I wasn't sure if you're in a position to get a little more specific on how that may look. And then maybe just more broadly speaking, not necessarily specifics, but just heading into 2024.

我想知道您是否可以擴展一下透過該交易獲得的一些效率。顯然，正如電報所報導的那樣，確實取得了不錯的進展。看來下個季度可能還會有更多的事情發生。我不確定您是否能夠更具體地了解它的外觀。然後也許只是更廣泛地說，不一定是具體細節，但只是進入 2024 年。

Yes. So obviously -- well, I shouldn't say obviously, but there are stages in merger integration. And when we closed on the deal on July 17, there were some folks who were not retained starting at that point. And then there was another group of people that we retained through the end of September to help with the systems and facility integration. So the -- kind of the stages of cost savings really reflect that process.

是的。很明顯——嗯，我不應該說很明顯，但合併整合是有階段性的。當我們在 7 月 17 日完成交易時，有些人從那時起就沒有被保留。然後，我們在九月底保留了另一組人員來幫助系統和設施整合。因此，成本節約的各個階段確實反映了這個過程。

And then as you move forward, there's always some inevitable attrition that comes from folks that you thought might stay that decide to move on or folks you thought you wanted to keep, but it doesn't work out. So things continue to evolve as we move forward. But I think on the people side, Andrew, we've gotten the bulk of what we expect there. And we're continuing to realize savings in other areas in terms of back office, professional service and things like that.

然後，當你繼續前進時，總會有一些不可避免的人員流失，這些人員來自你認為可能留下來但決定繼續前進的人，或者你認為你想保留但沒有成功的人。因此，隨著我們的前進，事情也在不斷發展。但我認為在人員方面，安德魯，我們已經得到了我們所期望的大部分內容。我們將繼續在後台、專業服務等其他領域實現節省。

So there'll probably be some lingering expenses that we'll need to incur in the fourth quarter just to kind of finalize legacy Malvern expenses and onetime merger-related things. But I think we'll have a pretty good view of the run rate for Q1 when we regroup on our next call.

因此，我們可能需要在第四季度承擔一些揮之不去的費用，只是為了最終確定遺留的馬爾文費用和一次性合併相關的事情。但我認為，當我們在下次電話會議上重新組合時，我們將對第一季的運行率有一個很好的了解。

But Andrew, anything you want to add there?

但是安德魯，你想補充什麼嗎？

I think that's a great summary. There's probably going to be a little bit of continued noise in the fourth quarter as we wrap up some of the things that we need to wrap up. And still, there's still some people on things that we're figuring out. But yes, I mean, I think as we head into the first quarter of 2024, all that "noise" should clear up and we should continue to see some additional cost savings now.

我認為這是一個很好的總結。當我們完成一些需要完成的事情時，第四季可能會出現一些持續的噪音。儘管如此，仍有一些人在研究我們正在解決的問題。但是，是的，我的意思是，我認為隨著我們進入 2024 年第一季度，所有這些「噪音」應該會消失，我們現在應該會繼續看到一些額外的成本節省。

As you then head into the next year, there will be other things that impact expenses, obviously. So there's a lot going on, especially with the size we're at now, but we expect to continue to get some additional benefits. But we did, I think, get more upfront maybe than we even anticipated, but there is still, I think, at least a little bit more to come on the cost savings side.

當你進入明年時，顯然還會有其他因素影響支出。因此，有很多事情正在發生，特別是考慮到我們現在的規模，但我們預計將繼續獲得一些額外的好處。但我認為，我們確實得到了比我們預期更多的預付款，但我認為，在節省成本方面至少還有更多的工作要做。

Okay. Got it. Appreciate that. And then just looking at the balance sheet repositioning in the quarter, a lot was expected and I think a big added benefit of doing the deal. But just curious if you could talk through maybe a bit more what continued opportunity could look like. I know timing can be tough to pin down for sure, but maybe just in terms of magnitude compared to what we've already seen so far.

好的。知道了。感謝。然後只要看看本季的資產負債表重新定位，就有很多預期，我認為進行這筆交易會帶來很大的額外好處。但只是好奇你是否能多談談持續的機會是什麼樣子的。我知道確切的時間安排可能很難確定，但與我們迄今為止所看到的相比，也許只是在規模上。

Yes. I wouldn't say from a magnitude perspective, there would be major additional sales along the lines you saw in the third quarter. There may be some one-off situations where there may be some noncore assets that could be sold. But again, I wouldn't expect anything in the size and scale of what we realized in the third quarter.

是的。我不會說從規模角度來看，會出現像第三季那樣的大量額外銷售。可能存在一些一次性情況，可能會出售一些非核心資產。但同樣，我並不期望我們在第三季實現的規模和規模。

And then some of it is just more gradual, Justin, where you've got loans that you might view as not strategically necessary and you have negotiations around rate and structure and price that you might hold the line on a little stronger if you're not worried about the loan leaving.

然後，其中一些只是更加漸進的，賈斯汀，你可能會獲得一些你可能認為沒有戰略必要性的貸款，並且你會圍繞利率、結構和價格進行談判，如果你願意的話，你可能會堅持得更堅定一些。不擔心貸款離開。

So I do think we'll see some situations where some loans will mature or rates will reset. And we might see some continued payoffs and paydowns, particularly in the investor real estate portfolio. And those are things that I expect will continue to happen as we move forward over the next couple of quarters. But I don't think it would be a big headline announcement as much as a gradual strategic transition out of some less relationship-based investor real estate loans into more relationship-driven higher deposit balance C&I loans.

因此，我確實認為我們會看到一些貸款到期或利率重置的情況。我們可能會看到一些持續的回報和回報，特別是在投資者的房地產投資組合中。我預計隨著我們在未來幾個季度的前進，這些事情將繼續發生。但我認為這不會是一個重大的頭條新聞，而是逐步策略轉型，從一些不那麼基於關係的投資者房地產貸款轉向更多由關係驅動的更高存款餘額的工商業貸款。

Okay. So -- and combining that sort of with some of the commentary on some loan growth and just the size of the balance sheet, is -- what is the right way to think about it? And I'm sure it's sort of a moving target, but a flat balance sheet? Or is contraction a more likely scenario just looking out over the next couple of quarters?

好的。因此，將這種情況與對某些貸款成長和資產負債表規模的一些評論結合起來，思考這個問題的正確方法是什麼？我確信這是一個移動目標，但資產負債表持平？或者，從未來幾季來看，經濟收縮是否是更有可能出現的情況？

Yes. Listen, I don't know. Right? At the end of the day, it's all about adding the right types of customers and transitioning out of potential noncore nonstrategic assets. But if our team does an incredible job, which I hope they will, and generating good new core deposit balances, then we've got plenty of activity in the loan pipeline, as Peter outlined, to grow loans a little bit over the next couple of quarters. But if the core deposit funding is hard to come by, then I'd say a flattish scenario where we reposition payoffs and paydowns into new loans is probably more likely.

是的。聽著，我不知道。正確的？歸根結底，這一切都是為了添加正確類型的客戶並擺脫潛在的非核心非策略資產。但是，如果我們的團隊做得非常出色（我希望他們會這麼做），並產生良好的新核心存款餘額，那麼正如彼得所概述的那樣，我們在貸款管道中就會開展大量活動，以便在接下來的幾年增加一點點貸款宿舍。但如果核心存款資金很難獲得，那麼我認為更有可能出現一種持平的情況，即我們將支付和還款重新定位到新貸款中。

But I'm not overly concerned about whether it's flat or 5% growth. It's about doing the right kind of business. And in this environment, we can generate value without growing by optimizing the portfolio. But that doesn't mean we won't grow if there are good opportunities to add quality customers and relationships though.

但我並不太在意成長是持平還是 5%。這是關於做正確的生意。在這種環境下，我們可以透過優化投資組合來創造價值，而無需實現成長。但這並不意味著如果有很好的機會來增加優質客戶和關係，我們就不會成長。

Okay. Understood. And then just one last one quickly for me. Just on the margin. Andrew, I'm not sure are you able to walk through just the purchase accounting impact and quantifying, if you can? And then just perhaps what the thought is on how that trend is moving forward?

好的。明白了。然後很快就給我最後一張。就在邊緣。安德魯，我不確定您是否能夠僅介紹購買會計影響和量化（如果可以的話）？那麼，關於這一趨勢如何向前發展的想法可能是什麼？

Yes. So I think in the remarks, I mentioned the kind of net impact of purchase accounting accretion was $2.7 million. And again, that was because the deal closed later in the month of July, that was 2 months. So you can kind of figure out what the monthly run rate. Now that runs down over time, but not quickly. So it will run down gradually over time. But yes, I mean that's all those large interest rate marks that we have gone.

是的。因此，我認為在評論中，我提到了購買會計成長的淨影響為 270 萬美元。再說一次，那是因為交易是在 7 月晚些時候完成的，也就是 2 個月。所以你可以算出每個月的運行率是多少。現在隨著時間的推移，這種情況會減少，但不會很快。所以隨著時間的推移它會逐漸減少。但是，是的，我的意思是，這就是我們已經消失的所有高利率標記。

So that's kind of the number that we saw in the second quarter based -- or third quarter based on 2 months. You can kind of figure out what the run rate will be kind of the trailing off over time going forward.

這就是我們在第二季或第三季基於兩個月看到的數字。您可以算出隨著時間的推移，運行率會逐漸下降。

There's also some impact on some other areas, not just the margin, like core deposit intangibles and things like that, that get amortized back through expenses on the core deposit side. So there is some other impacts, but those are more muted than the interest rate marks, which is the number that I gave you there.

這對其他一些領域也有一些影響，而不僅僅是保證金，例如核心存款無形資產之類的東西，它們可以透過核心存款方面的費用攤銷回來。所以還有一些其他的影響，但這些影響比利率標記更小，這是我在那裡給你的數字。

Your next question comes from the line of Manuel Navas with D.A. Davidson.

你的下一個問題來自曼努埃爾·納瓦斯 (Manuel Navas) 和 D.A.戴維森。

Just a big picture. I have your slide deck with the businesses you're focusing on. Are there any businesses that you've exited fully that aren't on that slide?

只是一張大圖。我有您的幻燈片，其中包含您關注的業務。是否有任何您已完全退出的業務未出現在該投影片上？

No. I mean we obviously sold a big chunk of residential mortgage loans that were legacy Malvern loan. But we haven't stopped making new residential consumer loans. But as you know, it's never been a real big part of our business. So we continue to make consumer residential loans where there's a larger relationship involved, and it makes sense. But those are areas where we've historically been very selective, and I think we'll continue to be selective.

不，我的意思是，我們顯然出售了很大一部分住宅抵押貸款，這些貸款是馬爾文遺留的貸款。但我們並沒有停止發放新的住宅消費貸款。但如您所知，它從來都不是我們業務的真正重要組成部分。因此，我們繼續在涉及更大關係的地方提供消費者住宅貸款，這是有道理的。但在這些領域，我們歷來都非常有選擇性，我認為我們將繼續保持選擇性。

And then on the investor real estate side, we're definitely not exiting that area. We're just looking to rebalance the portfolio as we move forward to bring down some of that real estate concentration as well as grow in some areas where we think we can generate additional deposit balance.

然後在投資者房地產方面，我們絕對不會退出該領域。我們只是希望重新平衡投資組合，因為我們正在努力降低一些房地產集中度，並在一些我們認為可以產生額外存款餘額的領域中成長。

Okay. That's helpful. In the past, you talked about some of the repositioning opening up room for buybacks. Are those still on the table? It looks like it mainly went to borrowings and the NIM is -- that should help the NIM, and that is a very solid way to use the proceeds as well. But just wondering how you balance that versus buyback.

好的。這很有幫助。過去，您談到了一些重新定位，為回購開闢了空間。那些還在桌上嗎？看起來它主要用於借款，而淨息差是——這應該有助於淨息差，這也是使用收益的一種非常可靠的方式。但只是想知道你如何平衡回購與回購。

Yes. Listen, I think in the short run, our focus over the next couple of quarters is going to be replenishing capital. Obviously, the acquisition both with the cash component and the mark to market used up some of our excess capital. I think we'd like to first replenish that. But if down the road, the buyback remains an attractive way to deploy excess capital, we would absolutely continue to look at it. As I think you know, we did -- we did some buybacks early in the year.

是的。聽著，我認為從短期來看，我們未來幾季的重點將是補充資本。顯然，這次包含現金部分和以市價計價的收購耗盡了我們的一些過剩資本。我想我們想先補充一下。但如果未來回購仍然是部署過剩資本的一種有吸引力的方式，我們絕對會繼續關注它。我想你知道，我們在今年年初進行了一些回購。

As we sort of project out, with flat to slight balance sheet growth and significantly enhanced earnings, we expect we're going to be able to replenish capital quite quickly. So I don't think we'll be on the sidelines for too long on the buyback, but in the short run, I think the priority is to get those capital ratios back up a little higher than where they are right now.

正如我們預測的那樣，資產負債表增長持平或小幅增長，盈利顯著提高，我們預計我們將能夠很快補充資本。因此，我認為我們不會在回購問題上觀望太久，但從短期來看，我認為首要任務是讓這些資本比率恢復到比現在高一點的水平。

What is that medium-term target on CET1? Or what metric would you use?

CET1 的中期目標是什麼？或是你會使用什麼指標？

Yes. I mean we've got internal levels that we keep an eye on. Our Tier 1 risk-based is at 9% right now, which again is a level we're perfectly comfortable with. But I think we'd want to see that a fair bit over 9% before we started buying back stock.

是的。我的意思是我們有我們密切關注的內部水平。目前我們的一級風險率為 9%，這也是我們完全滿意的程度。但我認為，在我們開始回購股票之前，我們希望看到這一比例略高於 9%。

So there's not a magic number. It depends on where the stock's trading and other strategic initiatives underway. But I think at 9%, we'd be focused on moving that number higher in the short run. And then as we build up some additional buffers, we'll take a look and see where the stock's trading. And if that's the right way to deploy any excess capital we might have, we'll absolutely look at it.

所以不存在一個神奇的數字。這取決於股票的交易和其他策略性舉措的實施。但我認為，在 9% 的水平上，我們會集中精力在短期內提高這個數字。然後，當我們建立一些額外的緩衝時，我們將查看股票的交易位置。如果這是部署我們可能擁有的多餘資本的正確方法，我們絕對會考慮它。

All right. The growth -- the organic growth took a step back, but the pipeline has rebuilt. Do you -- do you see fourth quarter as you're back to normal? Or is it still going to take a couple of quarters before kind of the different loan and deposit channels are fully back up and running again?

好的。成長－有機成長後退了一步，但渠道已經重建。你認為第四季會恢復正常嗎？或者，不同的貸款和存款管道是否仍需要幾個季度才能完全恢復並再次運行？

Yes. Again, I think the loan pipeline is robust. So there's no shortage of good quality loan opportunities out there. At this point, we're focused on funding the quality loans that we can fund with core deposit growth. And Darleen and her team and Peter and his teams are out there pounding the pavement every day to find new opportunities and look to grow those deposits. I think we're doing a great job acquiring new customers. The challenge is there continues to be some seepage out of the banking industry into money market, bond funds, et cetera.

是的。我再次認為貸款管道很強勁。因此，那裡並不缺乏優質的貸款機會。目前，我們的重點是為優質貸款提供資金，這些貸款可以透過核心存款成長來提供資金。達琳和她的團隊以及彼得和他的團隊每天都在尋找新的機會並尋求增加這些存款。我認為我們在獲取新客戶方面做得很好。挑戰在於，有些資金持續從銀行業滲透到貨幣市場、債券基金等領域。

So sometimes you're adding customers, but you're running in the wind a little bit, and so it may not result in a lot of overall balance sheet growth. But that's going to be the driver. And at this point, we don't need to force it. We can drive strong earnings growth without the need for significant balance sheet growth. Again, that doesn't mean if we have good opportunities, we won't continue to do that. But the way we've been able to reposition the balance sheet and the way we can manage attrition and payoffs and paydowns along with deposit growth will allow us to continue to add new business. Whether that translates into modest growth or flat balance sheet, time will tell. But I don't view that as a huge variable in terms of us hitting our goals on a financial performance perspective.

所以有時你會增加客戶，但你有點在風中奔跑，所以它可能不會導致整體資產負債表的大幅成長。但這將是司機。而這時候，我們就不需要強求了。我們可以在不需要大幅成長資產負債表的情況下推動強勁的獲利成長。再說一次，這並不意味著如果我們有好的機會，我們就不會繼續這樣做。但是，我們能夠重新定位資產負債表的方式以及我們管理損耗、支付和支付以及存款成長的方式將使我們能夠繼續增加新業務。這是否會轉化為適度增長或資產負債表持平，時間會證明一切。但我不認為這對我們實現財務績效目標而言是一個巨大的變數。

And Nick (sic), I would add that, as Pat and I think Peter both mentioned, typically right after a deal closes, there is some workouts of loans. We're trying to work out if they're problem loans. And we're getting out of some strategic and nonstrategic relationships. So that will obviously impact the net loan growth as well as we'll see. We will ultimately see some elevated payoffs and paydowns over the next couple of quarters.

尼克（原文如此），我想補充一點，正如帕特和我認為彼得都提到的那樣，通常在交易結束後，就會進行一些貸款的處理。我們正在努力查明它們是否屬於問題貸款。我們正在擺脫一些戰略和非戰略關係。因此，這顯然會影響淨貸款成長，我們將會看到。我們最終將在接下來的幾個季度看到一些更高的回報和支出。

That brings up kind of my next comment is that pipeline can help generate -- in the past, the projection was about $200 million in growth just out of that pipeline. Obviously, there's going to be some -- that's not going to be net fully next year. But is that kind of the production you think you can generate even as soon as next year? Just kind of some thoughts there in terms of that production side. Obviously, there's going to be continued runoff. There's going to be continued kind of keeping what you want to keep. But do you feel comfortable with the production side being at that $200 million level? Or could it be a little bit higher?

這引起了我的下一個評論，即管道可以幫助產生——在過去，預計管道中的增長約為 2 億美元。顯然，會有一些——明年不會完全淨值。但您認為最快明年就能生產出這樣的產品嗎？只是在製作方面有一些想法。顯然，徑流將會持續。將會繼續保留你想保留的東西。但你對 2 億美元的製作水準感到滿意嗎？或是可以稍微高一點嗎？

Yes, I don't see it being higher than $200 million. If I had to guess, I'd say it's going to be less than $200 million, not because there's not good loan opportunities out there, but just because as we see opportunity to reposition the balance sheet, we're not going to force it. Right? There's no reason in this inverted yield curve environment to be borrowing money to fund loans. So we're going to do what we can based on our deposit growth initiatives. And if the headwinds in that market mean that we don't have as much in core funding as we'd like to fund all the good loan opportunities, then we may end up growing less than that $200 million number that we've done in the past. But it's not for lack of good loan opportunities. It's really just dealing with the rate environment we're in and the funding market for it.

是的，我認為不會高於 2 億美元。如果我必須猜測，我會說這將低於 2 億美元，不是因為那裡沒有好的貸款機會，而是因為當我們看到重新定位資產負債表的機會時，我們不會強迫它。正確的？在這種殖利率曲線倒掛的環境下，沒有理由借錢來為貸款提供資金。因此，我們將根據存款成長計劃竭盡全力。如果該市場的逆風意味著我們沒有足夠的核心資金來為所有良好的貸款機會提供資金，那麼我們最終的增長可能會低於我們在 2017 年所做的 2 億美元的數字。過去。但這並不是因為缺乏好的貸款機會。這實際上只是處理我們所處的利率環境及其融資市場。

Okay. And then what levels of attrition are you seeing on the deposit side? And is that slowing? Is that progressing as expected? Just kind of some thoughts on customer retention?

好的。那麼您在存款方面看到的流失程度是多少呢？這是否正在放緩？事情進展如預期嗎？只是關於客戶保留的一些想法嗎？

Yes. I think we knew we were going to have some excess cash coming through the sales of securities and residential mortgage loans. So for a good part of the third quarter, we weren't aggressively pricing deposits. And if it was a rate-sensitive situation, we decided to let some of that money go. And as you saw, almost 3/4 of the decline in deposits during the quarter was a function of letting brokered run off, which is much more of a turn it on, turn it off type funding store.

是的。我想我們知道我們將透過出售證券和住宅抵押貸款獲得一些多餘的現金。因此，在第三季的大部分時間裡，我們並沒有積極地為存款定價。如果這是一個對利率敏感的情況，我們決定放棄其中的部分資金。正如您所看到的，本季存款下降的近 3/4 是讓經紀流失的結果，這更像是一種打開、關閉類型的融資商店。

So we've got a nice new deposit campaign going. We've got our group laser-focused on finding core deposits, and we're seeing some initial good results from our current promotion. So I think we'll return to deposit growth in Q4.

因此，我們正在進行一項不錯的新存款活動。我們的團隊專注於尋找核心礦床，我們從當前的促銷活動中看到了一些初步的良好成果。所以我認為我們將在第四季恢復存款成長。

Darleen, anything you'd add there?

達琳，你還有什麼要補充的嗎？

No. I would just ditto your comment that we have some great campaigns out in the market. We have a great sales team that is focused on expanding relationships and acquiring new customers and deposits. So as long as we continue with that trajectory, I think that we'll continue to see positive deposit growth as we move into 2024.

不，我只是同意您的評論，即我們在市場上有一些很棒的活動。我們擁有一支優秀的銷售團隊，專注於擴大關係以及獲取新客戶和存款。因此，只要我們繼續沿著這一軌跡發展，我認為進入 2024 年我們將繼續看到存款正增長。

And I just -- I appreciate that. My last question's on the NIM outlook. Is the best way to kind of think about the NIM next quarter is taking that $2.7 million and adding an extra month, because that was 2 months of accretion, add that -- kind of going forward, add some little bit of growth. Are there any other moving parts I should be thinking about on that near-term NIM?

我只是——我很欣賞這一點。我的最後一個問題是關於 NIM 的前景。考慮下個季度的 NIM 的最佳方法是拿出 270 萬美元並增加一個月，因為這是 2 個月的積累，補充一下——有點向前推進，增加一些增長。關於近期 NIM，我還應該考慮其他活動部分嗎？

Yes. The market environment. I mean that's the right way to start the analysis, and then you got to factor in where you think deposit costs are going and what you're seeing on the loan side. We do think we're getting to a point where the increase in loan yield is almost offsetting the increase on the deposit funding costs. So we hope to be in a position where the net impact of those 2 variables is neutral from a margin standpoint. I'm not sure we'll be there in Q4. Hope to get there soon. But even with some of those headwinds, just the math of the interest rate accretion earn back, the margin should be moving higher for sure.

是的。市場環境。我的意思是，這是開始分析的正確方法，然後你必須考慮你認為存款成本的方向以及你在貸款方面看到的情況。我們確實認為貸款收益率的成長幾乎抵消了存款融資成本的成長。因此，從利潤的角度來看，我們希望這兩個變數的淨影響是中性的。我不確定我們會在第四季度實現這一目標。希望盡快到達那裡。但即使存在一些不利因素，僅計算利率增加就能獲利，利潤率肯定會上升。

Is there like opportunities for security yield pickup? Is there opportunities -- what are like new loan yields coming on? I know it's more C&I, that should be higher. What's in the pipeline. Those are the kind of things that I can't quite see that could be a nice benefit to the NIM going forward?

是否有類似的安全收益率回升的機會？是否有機會－新的貸款收益率會怎樣？我知道更多的是 C&I，應該更高。正在醞釀什麼。我不太認為這些事情會對 NIM 的未來帶來很大的好處？

Yes. And I think anything we're doing, that short-term variable rate is getting priced really anywhere between 8% to 10%. So plenty of yield on the new production, on the floating rate stuff. I think the term fixed rate stuff is now getting priced in the probably 7% to 7.5% range and so if you line up a new incremental deposit dollar, which is probably coming in at close to 5% against a new fixed rate loan at 7.5%, obviously, that's only 2.5% spread, which would tighten your margin a bit. But I'd say of the new loan production we're doing right now, 2/3 or more is in the shorter-term floating rate category. So I think the net benefit on the loan yield side is getting pretty close to matching what we're seeing in terms of the increase on the funding cost side.

是的。我認為我們所做的任何事情，短期可變利率的定價實際上都在 8% 到 10% 之間。新產品和浮動利率產品的收益率很高。我認為固定利率這個詞現在的定價可能在7% 到7.5% 的範圍內，所以如果你準備一筆新的增量存款，相對於7.5 美元的新固定利率貸款來說，它的利率可能接近5 %. %，顯然，這只是 2.5% 的點差，這會稍微收緊你的保證金。但我想說，在我們現在正在進行的新貸款生產中，2/3 或更多屬於短期浮動利率類別。因此，我認為貸款收益率方面的淨收益非常接近我們所看到的融資成本方面的成長。

Okay. I appreciate that color. And with that, just to follow up briefly, would that kind of give you the expectation as that's bottoming out, that you could see some expansion in the second half next year? Like what's -- any kind of thoughts on the NIM trajectory?

好的。我很欣賞那種顏色。那麼，簡單地跟進一下，隨著經濟觸底反彈，這是否會為您帶來預期，即您可能會在明年下半年看到一些擴張？對 NIM 發展軌跡有什麼想法嗎？

Well, again, I mean, just with the math on the earnings accretion, it's going to move higher significantly in the first half of the year. At some point, that does slow down a little bit. But the downside of larger interest rate marks upfront and the tangible book value dilution just means there's more interest rate mark income to earn back in. So "you get the benefit of that" over a longer period of time. So I don't know.

好吧，我的意思是，僅根據盈利增長進行計算，今年上半年它就會大幅走高。在某些時候，速度確實會減慢一點。但較高的利率標記的負面影響是預先存在的，而有形的帳面價值稀釋只是意味著有更多的利率標記收入可以賺回。因此，在較長一段時間內「您會從中受益」。所以我不知道。

Andrew, we haven't finalized our budget for '24 and beyond, so I don't think we're prepared to give you guidance beyond the next couple of quarters at this point.

安德魯，我們還沒有最終確定 24 世紀及以後的預算，所以我認為我們目前不准備為您提供未來幾個季度之後的指導。

Yes. I mean, obviously, there's -- there's, it's all contingent on what the rate environment looks like. If it stays inverted like this for a long time, it'll continue to put pressure on the margin. If we get some -- some relief from the yield curve environment, that will help. But Pat's point is right. I think over the -- at least over the next few quarters, starting in the fourth quarter, we should see some improvement. And then hopefully, it stabilizes. But again, it's going to be very contingent on rate environment and a lot of things out of our control.

是的。我的意思是，顯然，這一切都取決於利率環境的情況。如果長時間維持這種倒掛狀態，將會持續對利潤率造成壓力。如果我們從殖利率曲線環境中得到一些緩解，那將會有所幫助。但帕特的觀點是正確的。我認為至少在接下來的幾個季度，從第四季度開始，我們應該看到一些改進。然後希望它能穩定下來。但同樣，這將很大程度上取決於利率環境以及許多我們無法控制的事情。

At this time, there are no further questions. I would like to now turn the call back over to Patrick Ryan, President and CEO.

目前，沒有其他問題了。我現在想將電話轉回給總裁兼執行長 Patrick Ryan。

Okay. Thank you very much. We certainly appreciate folks dialing into the call today. And we look forward to providing additional updates when we do our fourth quarter update later in January. Thanks, everyone.

好的。非常感謝。我們當然感謝今天撥通電話的人。我們期待在一月份晚些時候進行第四季度更新時提供更多更新。感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。