FIRST BANK (Hamilton) (FRBA) 2024 Q3 法說會逐字稿

Thank you for standing by, My name is Ian and I will be your conference operator today.

感謝您的耐心等待，我叫伊恩，今天我將擔任您的會議操作員。

At this time.

此時。

I would like to welcome everyone to the first bank earnings conference call Third quarter, 2024.

我歡迎大家參加 2024 年第三季第一次銀行收益電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提問，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question again.

如果您想再次撤回您的問題。

Press star one.

按星號一。

Thank you!

謝謝你！

I will now turn the call over to Patrick Ryan, President and CEO.

我現在將把電話轉給總裁兼執行長 Patrick Ryan。

You may begin your conference.

您可以開始您的會議了。

Thank you.

謝謝。

I'd like to welcome everyone today to First Bank's third quarter, 2024 earnings call.

我歡迎今天大家參加第一銀行 2024 年第三季財報電話會議。

I am joined by Andrew Hibshman, our Chief Financial Officer, Darleen Gillespie, our Chief Retail Banking Officer and Peter Cahill, our Chief Lending Officer. before we begin however, Andrew will read the safe harbor statement.

我們的財務長 Andrew Hibshman、我們的首席零售銀行長 Darleen Gillespie 和我們的首席貸款官 Peter Cahill 也加入了我的行列。然而，在我們開始之前，安德魯將閱讀安全港聲明。

Thanks Pat.

謝謝帕特。

The following discussion may contain forward-looking statements concerning the financial condition, results of operations and business of First Bank.

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。

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 information about risks and uncertainties are described under item one, a risk factors in our Annual Report on Form 10-K for the year ended December 31st ,2023 filed with the FBI.

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，我們可能不會更新任何前瞻性聲明。我們今天為未來事件或發展制定的有關風險和不確定性的信息在第一項中進行了描述，即我們向FBI 提交的截至2023 年12 月31 日的年度報告10-K 表格中的風險因素。

Pat, back to you.

帕特，回到你身邊。

Thanks Andrew.

謝謝安德魯。

I'll kick it off with some high-level summary comments and then the team will get into a little more details.

我將首先進行一些高級摘要評論，然後團隊將介紹更多細節。

Overall, I was happy to see a return of solid loan and deposit growth during the quarter after a couple of flattish quarters in the first half of the year based on a little bit of a slowdown in activity and some elevated paydowns.

總體而言，我很高興看到在經歷了上半年幾個季度的平淡之後，由於活動略有放緩和支付有所增加，本季度貸款和存款恢復了穩健的增長。

It was nice to see some robust loan and deposit growth in the quarter.

很高興看到本季貸款和存款出現強勁增長。

So we felt very good about that.

所以我們對此感覺非常好。

Overall loans grew about $90 million.

貸款總額成長約 9,000 萬美元。

Unfortunately, a large portion of that came towards the back half of September leading to a relatively small increase in the average balances outstanding.

不幸的是，其中很大一部分發生在九月下旬，導致平均未償餘額增幅相對較小。

So from a quarterly results perspective, not ideal since we didn't get a chance to earn much interest income on those loans and obviously had to book a full provision.

因此，從季度業績的角度來看，這並不理想，因為我們沒有機會從這些貸款中賺取大量利息收入，而且顯然必須預訂全額撥備。

But at the end of the day, we think that that will serve us well heading into the fourth quarter and next year, we also saw deposits grow $82 million, which was a very nice quarter and 19 of that was coming in the noninterest bearing category, which was great to see we did have some margin compression during the quarter.

但歸根結底，我們認為這對我們進入第四季度和明年很有幫助，我們還看到存款增加了 8,200 萬美元，這是一個非常好的季度，其中 19 個來自無息類別，很高興看到我們在本季確實出現了一些利潤壓縮。

Andrew will get into some of the reasons about why that happened.

安德魯將探討發生這種情況的一些原因。

Obviously, there was still pressure on the deposit funding side.

顯然，存款資金面仍存在壓力。

We did take some significant actions in September when the fed made their move and we expect we'll be able to help keep the margin stable as we move forward.

當聯準會在 9 月採取行動時，我們確實採取了一些重大行動，我們預計我們將能夠在前進的過程中幫助維持利潤率穩定。

We continue to find incremental opportunities to fine tune our balance sheet.

我們繼續尋找增量機會來微調我們的資產負債表。

We sold about $12 million in low yielding investment securities that had about a 2.41% weighted average rate.

我們出售了約 1,200 萬美元的低收益投資證券，加權平均利率約為 2.41%。

We did that during the quarter when the bond market rallied and we canceled $25 million in lower yielding bowly assets and purchased $20 million in new policies with a net pickup of about 2.5% on those additional bowly policies, which will certainly help us as we move forward.

我們在債券市場反彈的那個季度就這麼做了，我們取消了2500 萬美元的低收益保單，併購買了2000 萬美元的新保單，這些額外的保單淨利率上升了約2.5%，這肯定會對我們的行動有所幫助。

We estimate a sort of a normalized net income during the quarter of about $9.7 million.

我們估計本季的標準化淨利潤約為 970 萬美元。

We calculate that by sort of smoothing out some of the unusual items during the quarter, whether that be one time non-recurring revenue expense items or certain line items that may have been unusually high or low compared to what we normally see.

我們透過消除本季的一些異常項目來計算這一點，無論是一次性非經常性收入支出項目還是與我們通常看到的相比可能異常高或低的某些項目。

And we try to take a look at that, you know, quote unquote normalized number just to get a sense for the run rate going forward, that $9.7 million estimate was basically in line maybe a little bit lower than where we were in the first and the second quarter is doing the same analysis.

讓我們試著看一下，你知道，引用未引用的標準化數字只是為了了解未來的運行率，970 萬美元的估計基本上符合，可能比我們第一次的估計要低一點，第二季度也在做同樣的分析。

So continue of continued good performance on kind of a core normalized basis and you know, we think we're well positioned for good results moving forward.

因此，在核心標準化的基礎上繼續保持良好的業績，我們認為我們已經做好準備，能夠取得良好的業績。

Importantly, the income from the strong growth in Q3 together with the balance sheet enhancements should help position us for a good Q4 and for a strong start to next year, $56 million of the loan growth or about 62% came from our C&I and owner-occupied segments which are two areas of emphasis for us.

重要的是，第三季度的強勁增長帶來的收入以及資產負債表的改善應該有助於我們在第四季度取得良好的表現，並為明年的強勁開局奠定基礎，貸款增長的5600 萬美元或約62% 來自我們的C&I 和所有者 -佔據的部分是我們重點關注的兩個領域。

So that was nice to see and the credit quality remained strong across the entire portfolio with all of our segments including commercial real estate, performing well.

因此，很高興看到整個投資組合的信貸品質仍然強勁，包括商業房地產在內的所有細分市場都表現良好。

Last but not least tangible book value grew significantly 38¢ during the quarter or about 3% quarter over quarter.

最後但並非最不重要的一點是，本季有形帳面價值大幅增加 38 美分，季增約 3%。

In summary, I think we're doing the right thing to create value in this environment.

總而言之，我認為我們正在做正確的事情來在這種環境中創造價值。

We're generating quality earnings and growing book value.

我們正在創造優質收益並持續成長帳面價值。

We're optimizing our portfolios and driving growth and deposits and C&I lending future earnings profile looks strong and we expect a stable margin and growth and maturation of some of our new specialized lending businesses will help drive improve profitability as we move forward.

我們正在優化我們的投資組合併推動成長，存款和工商業貸款的未來盈利狀況看起來很強勁，我們預計我們的一些新的專業貸款業務的穩定利潤率以及增長和成熟將有助於在我們前進的過程中提高獲利能力。

So now I'd like to turn it over to Andrew to get into a little more detail on the financial results for the quarter.

現在我想將其交給安德魯，以更詳細地介紹本季的財務表現。

Andrew!

安德魯！

Thanks, Pat.

謝謝，帕特。

For the three months ended, September 30th 2024 we recorded net income of $8.2 million or 32¢ per diluted share and a 88 basis point return on average assets recall that we closed the Malvern acquisition in July of last year.

截至 2024 年 9 月 30 日的三個月，我們錄得淨利潤 820 萬美元，即每股攤薄收益 32 美分，去年 7 月完成對 Malvern 的收購後，平均資產召回回報率為 88 個基點。

So that is a big driver of the year over year comparisons for the period.

因此，這是這段時期同比比較的重要推動因素。

We had an outstanding quarter for growth and our quarterly metrics were slightly obscured by some noisy items.

我們有一個出色的季度成長，我們的季度指標被一些吵雜的項目稍微掩蓋了。

The real highlight of the quarter was the growth of our loan and deposit portfolios.

本季的真正亮點是我們的貸款和存款組合的成長。

Loans were up nearly 12% annualized and deposits up 11% annualized from the second quarter.

與第二季相比，貸款年率成長近 12%，存款年率成長 11%。

Loan growth was broad based but the growth occurred late in the quarter with the effect of raising average loan balances only $12.2 million while point to point they were up $89.5 million.

貸款成長基礎廣泛，但成長發生在本季末，平均貸款餘額僅增加了 1,220 萬美元，而點對點貸款餘額增加了 8,950 萬美元。

With such a high level of late quarter growth, Our credit loss expense outpaced the loan interest earned on the new loans originated during the quarter.

由於季末的成長水準如此之高，我們的信貸損失費用超過了本季發放的新貸款所賺取的貸款利息。

The $1.6 million credit loss expense for the quarter was primarily related to provision build related to this growth as asset quality remains strong.

由於資產品質依然強勁，本季 160 萬美元的信貸損失費用主要與與此成長相關的撥備建設有關。

On the other hand, net interest income actually declined by 446,000 due to some margin compression which was due to higher interest income being outpaced by increased deposit costs and higher average borrowings on the deposit side balances were up total $82.4 million with gross growth occurring across all categories.

另一方面，淨利息收入實際上下降了446,000 美元，原因是利潤率有所壓縮，這是由於利息收入的增加被存款成本的增加所超過，而且存款方餘額的平均借款增加了總計8,240 萬美元，所有領域的總成長都出現了成長。

Our net interest margin declined to 3.49% in the third quarter compared to 3.62% in the prior quarter.

第三季我們的淨利差下降至 3.49%，而上一季為 3.62%。

Interest bearing deposit costs continued to increase rising six basis points from Q2 as we saw some expected outward CD repricing and the competitive environment was still difficult.

計息存款成本持續增加，較第二季上升 6 個基點，因為我們看到一些預期的外期定期存單重新定價，且競爭環境仍然困難。

We also saw average loan yields declined by eight basis points compared to the linked prior quarter due to a combination of approximately 200,000 in lower acquisition accounting accretion, approximately 60,000 in lower prepayment penalties on loans and slightly lower average loan rates primarily due to the current market rate environment.

我們還發現，與上一季相比，平均貸款收益率下降了8 個基點，這是由於收購會計增量減少了約200,000 個基點，貸款提前還款罰金減少了約60,000 個基點，以及主要由於當前市場而導致的平均貸款利率略有下降。

Our margin was also impacted by the higher level of on balance sheet liquidity maintained during the quarter.

我們的利潤率也受到本季維持的較高資產負債表流動性水準的影響。

Looking ahead, interest income will be negatively impacted by the late September fed rate cut.

展望未來，利息收入將受到聯準會9月底降息的負面影響。

However, we still have loans that originated in a lower rate environment that will be repricing higher.

然而，我們仍然有源自較低利率環境的貸款，這些貸款的重新定價將會更高。

We also successfully moved rates lower on a significant portion of our deposit after the recent fed cut.

在最近聯準會降息後，我們也成功降低了很大一部分存款的利率。

We continue to manage a well balanced asset and liability position which we expect will lead to a relatively stable margin with opportunities for improvement regardless of how quickly the fed reduces rates.

我們將繼續管理均衡的資產和負債頭寸，我們預期無論聯準會降息的速度如何，這都將帶來相對穩定的利潤率，並有改善的機會。

As I mentioned, our asset quality continues to be strong.

正如我所提到的，我們的資產品質仍然強勁。

NPAS to total assets declined from 56 base points to 47.

NPAS 與總資產比率從 56 個基點下降至 47 個基點。

And our allowance for credit losses to total loans remained steady at 1.21%

我們的信貸損失準備金佔貸款總額的比例穩定在1.21%

.Including general acquisition accounting credit marks that are not included in the allowance our ratio increases to 1.47%.

包括不計入津貼的一般收購會計信用分數，我們的比率增加到1.47%。

As we continue our ongoing work to prioritize our balance sheet or optimize our balance sheet, we executed sales of certain lower yielding investment securities.

在我們繼續努力優先考慮資產負債表或優化資產負債表的同時，我們出售了某些收益率較低的投資證券。

During the third quarter, we sold approximately $11.7 million in additional investment securities resulting in a $555,000 net loss on the sale of investments.

第三季度，我們出售了約 1,170 萬美元的額外投資證券，導致投資出售淨虧損 55.5 萬美元。

Another balance sheet optimization strategy that impacted income was the bully restructuring transaction we completed during the quarter, we recorded a one time enhancement fee of approximately $1.1 million related to the restructuring.

另一項影響收入的資產負債表優化策略是我們在本季完成的霸凌重組交易，我們記錄了與重組相關的約 110 萬美元的一次性增值費用。

And on the flip side of this benefit was additional tax expense totaling approximately $1.2 million.

這項福利的另一面是總計約 120 萬美元的額外稅收費用。

Non-interest expenses were $18.6 million for the third quarter compared to $18 million in Q2 2024.

第三季非利息支出為 1,860 萬美元，而 2024 年第二季為 1,800 萬美元。

The increase primarily reflects an increase of $533,000 in Oreo expense which was primarily related to the write down of an Oreo asset.

這一增長主要反映了奧利奧費用增加了 533,000 美元，這主要與奧利奧資產的減記有關。

During the quarter.

本季期間。

We continue to prioritize expense management and expect the core expense base to be relatively stable.

我們繼續優先考慮費用管理，並預期核心費用基礎將相對穩定。

Over the next several quarters.

在接下來的幾個季度裡。

As I mentioned earlier, our tax rate was affected by a one time basis by the bully restructuring.

正如我之前提到的，我們的稅率受到了霸凌重組的一次性影響。

Without that impact, our effective tax rate would have been approximately 24% for the quarter.

如果沒有這種影響，本季我們的有效稅率約為 24%。

We anticipate that our effective tax rate going forward will be in the range of 24% to 25% stripping away some of these noisy factors.

我們預計未來的有效稅率將在 24% 至 25% 的範圍內，剔除其中一些噪音因素。

You see a very positive story for this quarter.

您會看到本季度的一個非常積極的故事。

We reported an efficiency ratio of around 58%.

我們報告的效率約為 58%。

Once again remaining below 60% for the 21st consecutive quarter.

再次連續 21 個季度保持在 60% 以下。

We also expanded our tangible book value per share, as Pat mentioned.

正如帕特所提到的，我們也擴大了每股有形帳面價值。

We are very pleased with our business growth and the continued balance sheet repositioning we executed during the quarter despite the short-term impact it had on earnings, we believe we are positioned to perform very well for the remainder of 2024 and beyond at this time, I'll turn it over to Darlene Gillespie, our chief Retail Banking Officer for her remarks.

我們對我們的業務成長和本季執行的持續資產負債表重新定位感到非常滿意，儘管這對收益產生了短期影響，我們相信我們目前在 2024 年剩餘時間及以後的表現將非常出色，我會將其轉交給我們首席零售銀行官達琳·吉萊斯皮(Darlene Gillespie)，聽取她的發言。

Darleen, go ahead!

達琳，加油！

Sure, thanks.

當然，謝謝。

Thank you, Andrew and good morning everyone.

謝謝你，安德魯，大家早安。

As Pat and Andrew have mentioned, deposit growth was robust during the third quarter of this year.

正如帕特和安德魯所提到的，今年第三季存款成長強勁。

We attribute this to our team's outstanding ability to build and maintain deep customer relationships as well as our very proactive efforts to manage deposit pricing in anticipation of the Fed's rate reduction in September.

我們將此歸因於我們團隊建立和維持深厚客戶關係的出色能力，以及我們在美聯儲 9 月降息的預期下積極主動地管理存款定價的努力。

As mentioned, our total deposits were up approximately $82.4 million or over 11% annualized from the second quarter of 2024.

如前所述，我們的總存款較 2024 年第二季增加了約 8,240 萬美元，年化成長率超過 11%。

And the expansion was across the board.

且擴張是全面的。

Non-interest bearing demand and interest bearing demand showed tremendous growth in a very dynamic rate environment.

在非常動態的利率環境中，無息需求和有息需求呈現出巨大的成長。

Up $19.3 million and $23.3 million respectively.

分別增加 1,930 萬美元和 2,330 萬美元。

During the quarter money market and savings grew $36.3 million and time deposits grew $3.6 million from the second quarter of 2024.

與 2024 年第二季相比，本季貨幣市場和儲蓄增加了 3,630 萬美元，定期存款增加了 360 萬美元。

The majority of this growth was in our commercial portfolio.

這一增長的大部分來自我們的商業投資組合。

Predominantly all of the bank's year-to-date deposit growth occurred during the third quarter as a result of onboarding some larger commercial relationships which aligns with the quarter's loan growth.

該銀行今年迄今的所有存款成長主要發生在第三季度，這是由於建立了一些與本季貸款成長一致的較大商業關係。

We have been working to strike the balance of achieving profitable pricing while also maintaining desirable customer relationships.

我們一直致力於在實現有利可圖的定價和維持理想的客戶關係之間取得平衡。

And a third quarter outcome suggests our bankers are doing this skillfully and effectively.

第三季的結果表明我們的銀行家正在巧妙而有效地做到這一點。

This comes even as we continue to let costlier and Non relationship funding leave the bank.

即使我們繼續讓成本更高的非關係資金離開銀行，這種情況也會發生。

The key word for us here is relationship and that's our marching order.

我們這裡的關鍵字是關係，這就是我們的前進順序。

We continue to prioritize full banking relationships, and this approach has proven successful.

我們繼續優先考慮全面的銀行關係，事實證明這種方法是成功的。

While we started to move some rates lower earlier in the year, in anticipation of the fed rate cut with the cut actually taking place in late September, it gave us the opportunity to move rates down in a more aggressive manner.

雖然我們在今年稍早開始降低一些利率，但由於預期聯準會將在 9 月底實際降息，這讓我們有機會以更積極的方式降低利率。

We have not experienced any significant attrition to date and we actually saw an increase in our deposit balances given the interest in high yielding products throughout the year and our large growth and volume during the quarter.

到目前為止，我們還沒有經歷任何重大的流失，而且考慮到全年對高收益產品的興趣以及本季度我們的大幅增長和交易量，我們的存款餘額實際上有所增加。

We're happy to see our overall total deposit costs only increased by four basis points from the second quarter.

我們很高興看到我們的總存款成本僅比第二季增加了四個基點。

We continue to effectively manage our funding costs to support lowering this metric and maintaining a stable net interest margin.

我們繼續有效管理融資成本，以支持降低此指標並維持穩定的淨利差。

As I've mentioned in recent quarters, our branch strategy is aimed at supporting engagement in our current markets and opportunistic expansion and adjacent markets.

正如我在最近幾個季度提到的，我們的分支機構策略旨在支持我們當前市場的參與以及機會主義擴張和鄰近市場。

We currently have 26 branches and in Q4, we're completing a relocation from our Glen Mills, location to media Pennsylvania.

我們目前擁有 26 家分支機構，在第四季度，我們將完成從 Glen Mills 所在地到賓州媒體的搬遷。

And we're excited about our new branch opening in Trenton, New Jersey.

我們對新澤西州特倫頓新分行的開幕感到非常興奮。

We will also be consolidating our two Flemington New Jersey locations into one net.

我們還將把新澤西州弗萊明頓的兩個地點合併為一個網路。

There is no change in the number of locations, but we are excited about the deposit and overall opportunities that will present itself by expanding into these markets.

地點數量沒有變化，但我們對擴展到這些市場而帶來的存款和整體機會感到興奮。

Lastly, I want to mention we recently launched our online account opening platform as part of our digital banking and initiative to support our deposit growth efforts.

最後，我想提一下，我們最近推出了線上開戶平台，作為我們數位銀行業務和支持存款成長努力的舉措的一部分。

We continue to see an increased preference for digital banking, and we're excited about the momentum we have built in offering easy and convenient solutions for our customers.

我們繼續看到人們對數位銀行的偏好不斷增加，我們對為客戶提供簡單便捷的解決方案所建立的勢頭感到興奮。

Overall, we are very pleased with the performance of our deposit portfolio this quarter and confident that our continued focus on customer service, competitive product offerings and innovation will support sustained deposit growth into the next quarter and beyond.

總體而言，我們對本季存款組合的表現非常滿意，並相信我們對客戶服務、有競爭力的產品供應和創新的持續關注將支持下一季及以後的存款持續成長。

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

這次，我將把它轉交給我們的首席貸款官彼得·卡希爾（Peter Cahill），聽他的講話。

Peter!

彼得！

Thanks, Darleen.

謝謝，達琳。

The London area in Q3 had a quarter where our work over the past few quarters was a lot more evident.

第三季的倫敦地區有一個季度我們過去幾季的工作更加明顯。

As you know, we've been focused on developing business where relationships are shared with our customers.

如您所知，我們一直致力於發展與客戶共享關係的業務。

That's where deposits and other ancillary business lies, Transaction business is something we're just not looking to do.

這就是存款和其他輔助業務的所在，交易業務不是我們想做的。

As we've mentioned before.

正如我們之前提到的。

We are, we are seeing more relationship business in commercial and industrial than elsewhere.

是的，我們在商業和工業領域看到的關係業務比其他地方更多。

Our regional teams are doing well, and the C&I related specialized business areas are also doing very well.

我們的區域團隊做得很好，C&I相關的專業業務領域也做得很好。

Private equity banking after a slower start than planned this year has picked up steam significantly and our asset-based lending area is on track to meet its goals for the year.

私募股權銀行業務在今年起步慢於計畫後已顯著增強，我們的資產貸款領域有望實現今年的目標。

All of this is not to say that we are no longer in the market for investor real estate relationships.

所有這一切並不是說我們不再參與投資者房地產關係市場。

We've always done a good bit of investor real estate lending and we'll continue to do so.

我們一直在為投資者提供大量房地產貸款，並將繼續這樣做。

Historically, slightly more than half of our lending business has been in that area.

從歷史上看，我們略多於一半的貸款業務都在該領域。

Investor real estate loans as you know, tend to be more transactional as properties are bought and sold.

如您所知，隨著房產的買賣，投資者房地產貸款往往更具交易性。

Our focus on investor real estate has been with investors and developers who want to maintain a relationship with us over the long term, the earnings release details, lending activities, year-to-date loan growth was essentially flat through the first six months absent the sale of approximately $24 million in nonstrategic investor real estate loans in Q2.

我們對投資者房地產的關註一直是那些希望與我們保持長期關係的投資者和開發商，盈利發布細節、貸款活動、年初至今的貸款增長在前六個月基本持平，除非第二季度出售約2400萬美元的非策略投資者房地產貸款。

In the third quarter, we converted our very strong loan pipeline into outstanding loans that resulted in growth for the quarter of almost $90 million.

在第三季度，我們將非常強大的貸款管道轉化為未償還貸款，導致該季度增加近 9,000 萬美元。

The schedules in the earnings release, break down the loan portfolio into their various segments and show the changes from quarter to quarter.

收益發布中的時間表將貸款組合細分為各個部分，並顯示了每個季度的變化。

We saw growth in all key areas led by C&I / CRE and owner occupied and including investor real estate as well as residential and consumer.

我們看到了以工商業/商業房地產和業主自住為主導的所有關鍵領域的成長，包括投資者房地產以及住宅和消費品。

A positive factor in all this growth as was pointed out by, I think both Pat and Andrew was that growth in C&I loans outpaced growth in investor real estate by a factor of 2 to 1 overall.

正如 Pat 和 Andrew 所指出的，所有這些成長的一個積極因素是 C&I 貸款的成長總體上超過了投資者房地產的成長 2 比 1。

For Q3, we closed and funded new loans of $122 million and experienced loan payoffs of $43 million.

第三季度，我們關閉並資助了 1.22 億美元的新貸款，並償還了 4,300 萬美元的貸款。

Other factors impacting overall loan growth are borrowings and paydowns under lines of credit as well as the amortization of term debt worth mentioning, I think is that Q3 represented our largest quarter in terms of new loans funded and our smallest quarter in terms of loan payoff in over two years.

影響整體貸款成長的其他因素包括信貸額度下的借款和還款以及值得一提的定期債務攤銷，我認為第三季度是我們新貸款資助量最大的季度，也是我們貸款償還額最小的季度。兩年多了。

I don't really have a specific reason for this happening other than the build of a strong and growing loan pipeline heading into Q3 coupled with experiencing, you know, out of the ordinary levels of payoffs in recent quarters, The bottom line is a quarter to quarter, results can be bumpy, but they should even out in the long run.

除了進入第三季度建立了強大且不斷增長的貸款管道，再加上最近幾個季度的回報水平超出正常水平之外，我真的沒有具體的原因，底線是一個季度到季度，結果可能會很坎坷，但長遠來看應該會趨於平衡。

C&I loans made up 70% of new loans funded over the first nine months of the year.

工商業貸款佔今年前 9 個月新增貸款的 70%。

This well exceeds what we've done in previous years.

這遠遠超過了我們前幾年所做的事情。

And this evidence, I think that we're executing on our plan to go where the relationship business is.

我認為，這項證據表明我們正在執行我們的計劃，將業務拓展到關係業務所在的地方。

We always track the reasons that loans get paid off and the number one reason for the first nine months of the year was that the asset underlying the loan was sold kind of an out-of-control current source.

我們總是追蹤貸款還清的原因，今年前九個月的首要原因是貸款所依據的資產被出售為失控的當前來源。

Very close, second was where loans are refinanced out of the bank and the good news is with some of these payoffs that the majority in over 70% have been investor real estate loans.

非常接近，其次是貸款從銀行再融資，好消息是其中一些回報中超過 70% 的大部分是投資者房地產貸款。

The turnover in this segment helps us manage the makeup of the overall portfolio.

此細分市場的營業額有助於我們管理整個投資組合的組成。

In fact, there's a slide in the earnings supplement that reflects our level of investor real estate loans to capital.

事實上，收益補貼的下滑反映了我們投資者房地產貸款的資本水準。

One can see, you know, an increase after the acquisition of Malvern last September but then decreasing since now on our loan pipeline, our pipeline at the end of the third quarter stood at $276 million of probable fundings down 19% from the June 30th level of $342 million.

可以看到，去年9 月收購Malvern 後，我們的貸款管道有所增加，但從現在開始有所下降，第三季末我們的貸款管道為2.76 億美元，比6 月30 日的水平下降了19 % 3.42 億美元。

This was expected after the loan closings we had in Q3, most of which were at the very end of the quarter as Andrew and Pat mentioned.

這是我們在第三季結束貸款後所預期的，正如安德魯和帕特所提到的，其中大部分是在季度末。

Overall, I continue to be pleased with these results.

總的來說，我對這些結果仍然感到滿意。

We have an active calling effort and we're seeing good diversification between the groups if one breaks down the components of the pipeline at quarter end C&I loans are 49% of the pipeline, investor, real estate, 48% and consumer making up the balance of 2% or 3%.

我們正在積極進行呼籲工作，如果在季度末細分渠道的組成部分，我們會看到各個群體之間存在良好的多元化，工商業貸款佔渠道的49％，投資者、房地產佔48％，消費者構成餘額2%或3%。

Looking at how this might impact the rest of the year, Our level of projected loan funding for Q4 is solid and in line with historic quarterly loan growth projections.

看看這可能對今年剩餘時間產生什麼影響，我們預計第四季度的貸款融資水準是穩健的，並且與歷史季度貸款成長預測相符。

While a lot of banks in the market are experiencing weak loan demand, we're seeing good activity in most areas.

雖然市場上許多銀行的貸款需求疲軟，但我們看到大多數地區的活動良好。

Regarding asset quality, I don't have anything to add to what's in the earnings release or what's already been mentioned.

關於資產質量，對於財報中或已經提到的內容，我沒有任何補充。

The portfolio continues to look good to me.

在我看來，該投資組合仍然不錯。

Charge offs were minimal, nonperforming loans continue to decline and delinquent loans continue to be very small.

沖銷很少，不良貸款繼續下降，拖欠貸款仍然很小。

To wrap things up, there weren't any significant changes this quarter with our regional teams or specialty banking areas, they all continue to perform fairly well.

總而言之，本季我們的區域團隊或專業銀行領域沒有任何重大變化，他們都繼續表現良好。

This concludes my remarks about lending and I'll turn things back to Pat Ryan for some final comments.

我關於貸款的評論到此結束，我將把事情轉回帕特·瑞安 (Pat Ryan) 以獲得一些最後的評論。

Thank you, Peter and thank you, Andrew and Darleen.

謝謝你，彼得，謝謝你，安德魯和達琳。

At this point, we will open it up for the Q&A portion of the call.

此時，我們將開放電話會議的問答部分。

At this time.

此時。

I would like to remind everybody that in order to ask a question, please press star, follow the number one on your telephone keypad.

我想提醒大家，要提問，請按星號，然後按照電話鍵盤上的數字一進行操作。

Once again that is star.

這又是明星。

Follow by the number one on your telephone keypad.

接下來是電話鍵盤上的數字 1。

We'll pause for just a moment to compile the Q&A roster.

我們將暫停片刻來整理問答名單。

Our first question comes from the line of Justin Crowley with Piper Sandler.

我們的第一個問題來自賈斯汀·克勞利和派珀·桑德勒的對話。

Your line is open.

您的線路已開通。

Hey, good morning, everyone.

嘿，大家早安。

Wondering if you could talk through a little more of the commentary on a stable margin from here.

想知道你是否可以從這裡以穩定的方式談論更多的評論。

And I, you know, I guess to start with the lower loan yields in the quarter just where new loan production is coming on at.

我想，我想首先是新貸款產生的季度貸款收益率較低。

And how that compares to what's rolling off?

與正在發生的情況相比如何？

Yeah, Justin Great question.

是的，賈斯汀，好問題。

Obviously, we're keeping a close eye on it on the you know, kind of the term side, as I'm sure, you know, a lot of that gets priced off of kind of the, the middle of the curve and so when things dipped for a while, we did see loans on the term side moving closer to the mid low sixes, which was down a fair bit from, you know, where we were a few months ago when we were getting yields in the seven, that being said, you know, our floating rate stuff, whether it's construction or prime based lines of credit are still, you know, still earning prime, prime plus half , prime plus one and even with the fed, move the yields on those are still, you know, in the eight or nine sometimes.

顯然，我們正在密切關注術語方面的情況，我確信，很多東西的價格都是曲線中間的，所以當情況下降一段時間時，我們確實看到期限方面的貸款接近六點中低點，這比幾個月前我們獲得七點收益率時的水平要低一些，話雖這麼說，你知道，我們的浮動利率產品，無論是建築還是基於優惠的信貸額度，仍然在賺取優惠，優惠加一半，優惠加一，甚至與美聯儲一起，移動這些的收益率你知道，有時仍然是八九點。

So sometimes it's a little bit of a mix that can help drive the impact within any given quarter.

因此，有時混合使用可以幫助在任何特定季度內產生影響。

But, you know, the big thing for overall margin stabilization is you know, our commitment to continue to move deposit costs lower to make sure that we're at least matching if not doing better than what we're seeing on the asset side.

但是，您知道，整體保證金穩定的重要因素是，我們承諾繼續降低存款成本，以確保我們至少能夠比資產方面的表現更好，即使不是更好。

We did take some steps during the quarter in terms of funding.

我們在本季確實在資金方面採取了一些措施。

Obviously, you saw based on what happened with loan yields, we didn't quite keep pace.

顯然，根據貸款收益率的情況，您看到我們並沒有完全跟上步伐。

But you know, we're keeping a on it and, you know, we're going to continue to drive liability costs down based on what we need to do to preserve the margin.

但你知道，我們正在密切關注，我們將根據我們需要採取的措施來保持利潤，繼續降低責任成本。

So hard to say specifically how it will play outut it's obviously a key goal of ours and we're, we're happy to say that, you know what we're seeing in the market and what we're hearing from customers and we have lower rates is not necessarily excitement, but, you know, we're not getting a ton of pushback and it doesn't appear to be anybody in the market who's really trying to continue to push growth with, with higher yield and deposit products.

很難具體地說它將如何發揮作用，這顯然是我們的一個關鍵目標，我們很高興地說，你知道我們在市場上看到了什麼以及我們從客戶那裡聽到了什麼，我們較低的利率不一定令人興奮，但是，你知道，我們沒有受到太多阻力，而且市場上似乎沒有人真正試圖透過更高的收益率和存款產品繼續推動成長。

So I think we will have the opportunity to you know, see things stabilize as we move forward.

所以我認為我們將有機會讓你知道，隨著我們的前進，事情會穩定下來。

Okay.

好的。

And then on just levers to pull on the funding side, you know, what is sort of, and I'm not sure if you're able to quantify it, but, you know, as far as data is on the way down, what's embedded in there.

然後只是拉動資金方面的槓桿，你知道，這是什麼，我不確定你是否能夠量化它，但是，你知道，就數據而言，裡面嵌入了什麼。

And, you know, is there any element of conservatism?

而且，你知道，這裡面有保守主義的成分嗎？

As far as that goes and, you know, you know, might there be opportunity to do better there to, you know, perhaps see, you know, or outperform a stable margin and, and see margin expansion as rates continue to come down.

就目前而言，你知道，你知道，可能有機會做得更好，你知道，也許會看到，你知道，或超越穩定的利潤率，並且隨著利率繼續下降，看到利潤率擴張。

Yeah, I mean, listen, there's certainly a scenario where that plays out, right?

是的，我的意思是，聽著，肯定有一個場景會發生，對吧？

I don't think we're forecasting it not because it can happen, but there's obviously a scenario where competitive pressures on the deposit side make it harder to, to keep it stable.

我不認為我們預測它不是因為它可能發生，但顯然存在一種情況，即存款方面的競爭壓力使其更難保持穩定。

So I think we figured the, the safest guidance was the middle of the road guidance.

所以我認為我們認為最安全的指導是道路中間的指導。

But yeah, and obviously the other piece of this is what's happening with the yield curve.

但是，是的，顯然另一部分是殖利率曲線所發生的情況。

There's been a lot of talk about the, the spread between two and 10 and you know, the curve is not inverted anymore.

關於 2 和 10 之間的價差已經有很多討論，你知道，曲線不再倒轉了。

Well, yeah, I guess at the two and the 10 level, but what about the, you know, the 0 to 5, which is probably more meaningful for, for banks that do commercial lending like us.

嗯，是的，我猜是在 2 和 10 級，​​但是，你知道，0 到 5 級怎麼樣，對於像我們這樣從事商業貸款的銀行來說，這可能更有意義。

And so if we start to see some extension and some steeping with and the lower part of the curve that could obviously lead to some margin expansion.

因此，如果我們開始看到曲線下部出現一些延伸和一些陡峭，這顯然可能會導致利潤率擴張。

But I think it's a little early to predict that at this point.

但我認為現在預測這一點還為時過早。

So, we're going to work towards stable and obviously take advantage of opportunities to make it move higher if we see them.

因此，我們將努力實現穩定，如果我們看到機會，顯然會利用機會使其走高。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just shifting gears a little with the loan growth so backloaded.

然後在貸款成長如此滯後的情況下稍微改變一下節奏。

You know, not sure if you think there was any correlation to the fed having moved and borrowers making decision decisions based off that, you know, however expected it was.

你知道，不確定你是否認為聯準會的行動和借款人據此做出的決策是否有任何關聯，你知道，無論它是怎樣的預期。

But you know, what are your expectations on how loan growth could trend over, over, you know, more so like the medium and longer term for the bank.

但你知道，你對貸款成長趨勢的預期是什麼，你知道，更像是銀行的中長期。

Yeah, I'll let Peter give you a little bit of data just in terms of the historical trends.

是的，我會讓彼得給你一些歷史趨勢的數據。

I think it's worth you know, mentioning that we obviously spend our time looking at the world in quarterly 90-day increments, but in our business, it's a little, it's a little crazy to think about things in that sort of time horizon.

我認為值得您了解的是，我們顯然會花時間以每季 90 天的增量來觀察世界，但在我們的業務中，在這樣的時間範圍內思考事情有點瘋狂。

So the short answer to the first part of your question is loans close at the end because that's where they happen to close, right?

因此，對您問題第一部分的簡短回答是貸款在最後結束，因為那是它們碰巧結束的地方，對吧？

So we tend to see very consistent performance over time in terms of loan production, but whether they close in the beginning of the quarter, the end of the quarter, the beginning of the year, the end of the year, there's just a lot of variability across, you know, the hundreds of conversations that we're having with our different borrowers and different projects that it's very rare that some outside factor would be the key driver.

因此，我們往往會看到隨著時間的推移，貸款生產的表現非常一致，但無論它們是在季初、季末、年初還是年底結束，都會有很多你知道，我們與不同借款人和不同項目進行的數百次對話中存在著可變性，很少有外部因素成為關鍵驅動因素。

It just tends to be more the timing of the specific project or the renewal of the line or what, what have you.

它只是往往更多的是特定項目的時間安排或生產線的更新或什麼，你有什麼。

But, Peter, why don't you jump in and maybe share with us in some of the kind of the historical numbers you've looked at not quarter to quarter per say but how it kind of averages out over time.

但是，彼得，你為什麼不加入進來，也許與我們分享一些你所看到的歷史數據，不是每個季度的數據，而是隨著時間的推移，它是如何平均的。

Yeah, just what that said is correct.

是啊，剛才說的都是對的。

I mean, deals end up in the pipeline for, you know, quarters on end.

我的意思是，交易最終會連續幾季醞釀中。

In fact, we just went through the end of September and kind of did a very, you know, modest scrub of the pipeline and said, hey, look at deals, you go through deals that have been in the pipeline for 360 days or more and it was only a handful of them.

事實上，我們剛剛度過了 9 月底，對管道進行了一次非常、你知道的、適度的清理，並說，嘿，看看交易，你會檢查已經醞釀了 360 天或更長時間的交易而且只是少數人。

But it was amazing to me that most of them were still live deals.

但令我驚訝的是，其中大部分仍然是現場交易。

In fact, one was closing within the two weeks so they can get delayed as to the various stages they go through.

事實上，其中一個將在兩週內關閉，因此他們可以推遲他們所經歷的各個階段。

But when you look back at the two, you know, two, we're at $276 million of what we call probable funding.

但當你回顧這兩個項目時，你知道，兩個，我們所謂的可能資金額為 2.76 億美元。

And you've done on our calls, that's where we kind of waited as the likelihood and where it is in the approval process.

您已經完成了我們的電話會議，這就是我們等待可能性和審批流程的地方。

So, you know, $276 million compared to an average for this year for the nine months was over $315 million.

所以，你知道，2.76 億美元，而今年 9 個月的平均金額超過 3.15 億美元。

So we're down, but we're down because we had, you know, our biggest quarter and our biggest month in September in loan fundings.

所以我們下跌了，但我們下跌是因為我們在九月份的貸款資金方面經歷了最大的季度和最大的月份。

If you took that $315 million average for the nine months and compared it to last year, we were at $214 million.

如果你把這 9 個月的平均收入 3.15 億美元與去年相比，我們的收入是 2.14 億美元。

So we're $100 million in average pipeline this year greater than where we were last year.

因此，今年我們的平均管道比去年多了 1 億美元。

So our folks are finding you know, business out there.

所以我們的人發現你知道，那裡有生意。

It's just a question sometimes of getting across the finish line.

有時這只是一個能否衝過終點線的問題。

Okay, I appreciate.

好的，我很欣賞。

Yeah.

是的。

No, totally, I appreciate the detail there.

不，完全不，我很欣賞那裡的細節。

And then pat I guess just one on the buyback, you know, I think in the past you've spoken about perhaps wanting to get to a point where, you know, you're operating with, you know, call it excess capital if you will.

然後拍拍我想只是回購中的一個，你知道，我想在過去你曾經說過，也許想要達到這樣一個地步，你知道，你正在經營，你知道，稱之為過剩資本，如果你會。

Before thinking about getting real active there, you know, just directionally we saw capital ratios move lower with some of the growth.

在考慮在那裡真正活躍之前，你知道，我們只是定向地看到資本比率隨著一些增長而下降。

So just I guess looking for an update there and if the new authorization is more of a just let's, you know, put it in place so we have it.

所以我想在那裡尋找更新，如果新的授權更多的是讓我們，你知道，把它放在適當的位置，這樣我們就可以得到它。

Yeah, I mean, I'd say it's both right.

是的，我的意思是，我想說這都是對的。

I mean, obviously we think there's value in having a program in place regardless of the environment or the situation.

我的意思是，顯然我們認為無論環境或情況如何，制定計劃都是有價值的。

But as far as, you know, how do we think about when we're going to, you know, jump in?

但就我們而言，我們如何考慮何時介入？

Obviously, a key factor is where are we training?

顯然，一個關鍵因素是我們在哪裡訓練？

Right.

正確的。

And the closer we get to the book value, the more interesting the, you know, the stock buyback looks to us, obviously, some of it has to do with what we're seeing in our own pipeline and our growth prospects and the overall capital levels.

我們越接近帳面價值，你知道，股票回購對我們來說就越有趣，顯然，其中一些與我們在自己的管道中看到的情況、我們的成長前景以及整體情況有關。

But I think we're at a point with current capital where we can be opportunistic.

但我認為，我們目前的資本已經到了可以投機取巧的地步。

So I don't know, we are in a, let's wait till we get to some much higher level than we are.

所以我不知道，我們處於一個，讓我們等到我們達到比現在高得多的水平。

I think the levels that we're at are adequate and therefore we can be in the market looking if we think the time is right?

我認為我們所處的水平是足夠的，因此如果我們認為時機合適，我們可以在市場上尋找？

But at the same time, you know, it's not a aggressive strategy of ours to buy back every share we can.

但同時，你知道，我們回購盡可能多的每一股股票並不是我們的激進策略。

That's in the plan.

這在計劃中。

I think it's more you know, an opportunistic vehicle if you will.

我認為這更像是一種機會主義工具（如果你願意的話）。

Okay, helpful.

好的，有幫助。

I will leave it there.

我會把它留在那裡。

I appreciate you guys taking the questions.

我很感謝你們提出問題。

Yeah.

是的。

Thank you, Justin.

謝謝你，賈斯汀。

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

我們的下一個問題來自 Manuel Navas 和 D.A Davidson。

Your line is open.

您的線路已開通。

Hey, good morning.

嘿，早安。

What is the kind of the right level of purchase accounting increasing going forward or can you just kind of it should be writing down was this quarter that different than expectations?

未來採購會計成長的正確水準是多少，或者您是否應該記下本季是否與預期不同？

Just can you kind of help with that?

你能幫忙嗎？

Yeah, I think Andrew can give you some visibility there.

是的，我認為安德魯可以讓你在那裡有一些知名度。

I mean, it's a set schedule that does slowly work its way down over time.

我的意思是，這是一個固定的時間表，隨著時間的推移，它會慢慢減少。

So Andrew, you want to jump in?

那麼安德魯，你想加入嗎？

Yeah, I think we talked about this, that the level will drop andit does depend sometimes on paid prepayments of loans and things like that.

是的，我想我們討論過這一點，水平會下降，有時確實取決於已支付的貸款預付款和類似的事情。

Loan accretion is the primary driver of this.

貸款增加是其主要驅動力。

There is some other things going on in there, but it's mainly loan mark accretion.

那裡還發生了一些其他事情，但主要是貸款標記的增加。

So it'll drop slightly over the next few years and most of it gets earned in the first three years and then it, and then it drops off fairly significantly after that.

因此，在接下來的幾年裡，它會略有下降，其中大部分是在前三年獲得的，然後是它，然後在那之後，它會顯著下降。

So they'll continue to be small declines over the next two years and then it drops off kind of after that, but it should, again, it will continue to drop slowly over approximately the next 24 months.

因此，在未來兩年內，它們將繼續小幅下降，然後會有所下降，但在接下來的 24 個月左右，它應該會繼續緩慢下降。

And do you have, do you have an exact number for what the new loan yield was?

您有新貸款收益率的確切數字嗎？

I know a lot of it came on at the end of the quarter.

我知道很多事情都是在季度末發生的。

I just was trying to compare it to the colonial to book for the whole quarter.

我只是想將它與殖民地的整個季度的預訂進行比較。

Hello?

你好？

Yeah, man.

是的，夥計。

Sorry.

對不起。

This is Andrew Peter.

這是安德魯彼得。

Do you?

你？

I know you keep track of the kind of the weighted average yields.

我知道您會追蹤加權平均收益率的類型。

I don't have that data in front of me.

我面前沒有這些數據。

But do you have some, just kind of at least an estimate of what the loan yields were for the quarter?

但是您是否至少有一些對該季度貸款收益率的估計？

Yeah.

是的。

You know, if you, well, if you look at the new loans funded closed and funded, not advances under existing lines, things like that, but new loans funded for the quarter, the weighted average was around, 765 and that was down about a quarter, maybe 30 basis points from the same, similar number, the quarter before.

你知道，如果你看看已結清和資助的新貸款，不是現有額度下的預付款，諸如此類的事情，而是本季度資助的新貸款，加權平均值約為 765，下降了約與上第一季相同、相似的數字相比，可能下降了一個季度，也許是30 個基點。

So, I'd say the loans, you know, some of that gets pushed by larger loans that might be in a tighter spread, whatever, but quarter to quarter went down, it went from about 8% to around 765 to 770.

所以，我想說的是，這些貸款，你知道，其中一些是由規模更大的貸款推動的，這些貸款的利差可能會更小，無論如何，但每個季度都在下降，從大約8 % 下降到大約765 到770 筆。

Okay.

好的。

Does that help?

這樣有幫助嗎？

Yeah, it does help.

是的，它確實有幫助。

So that's where the commentary that the men would have been a little better if those loans were, were fully in there the whole quarter.

因此，整個季度都出現了這樣的評論：如果有這些貸款，這些人的情況會好一點。

Why isn't there kind of a bias for up then?

那為什麼沒有 up 的偏見呢？

Given that they are, you know.

鑑於它們是，你知道。

Some of the, smaller loans that we do, we have a business banking teams that are out doing, you know, a couple of $100,000 lines of credit term loans and smaller businesses.

我們做的一些小額貸款，我們有一個商業銀行團隊，他們正在做一些 10 萬美元的信用定期貸款和小型企業貸款。

They're going to be at you know, prime plus one where, you know, a larger owner-occupied real estate loan,$10-$15 million loan is going to be at, you know, 250 basis points or, you know,250 to 275 over treasuries, five year treasuries as you know, are right around four.

他們將在你知道的，prime plus one，你知道，一筆更大的業主自用房地產貸款，10-1500萬美元的貸款將是，你知道，250個基點，或者，你知道，250超過275 個國債，如您所知，五年期國債大約是4 個。

So, you know, there's different, there's a different mix in there, different sizes, different mixes and you know, it impacts that quarter to quarter number a little bit.

所以，你知道，有不同的，有不同的混合，不同的尺寸，不同的混合，你知道，它會稍微影響季度到季度的數字。

Okay.

好的。

Yeah, and I also think there's, you know, as Justin talked about, there is a scenario where the margin can tick back up a little bit.

是的，我還認為，正如賈斯汀所說，在某種情況下，利潤可能會略有回升。

I think we're a little hesitant to predict it just because a we don't know what the fed is going to do we got 25% of our balance sheet that, you know, floats down every time the Fed moves and you know, you get into the unknowns around what will the market absorb in terms of deposit reductions?

我認為我們對預測它有點猶豫，只是因為我們不知道美聯儲將做什麼，我們資產負債表的 25%，你知道，每次美聯儲採取行動時，它都會向下浮動，你知道，您對市場將吸收存款減少的影響感到未知？

And so I think there's a scenario where that plays out to our benefit, but I'd be hesitant to predict it until we, you know, get a little more visibility and how quickly we can lower the deposit costs.

因此，我認為存在一種情況，這對我們有利，但我會猶豫是否預測它，直到我們，你知道，獲得更多的可見性以及我們可以多快地降低存款成本。

On deposit costs.

關於存款成本。

Do you have an end of period total deposit costs after the fed cut?

聯準會降息後，您是否有期末總存款成本？

You know, your average was at 305 What were you

你知道嗎，你的平均分數是 305 你是什麼

!

！

I don't Know if we did that calculation?

不知道我們有沒有這樣計算過？

I know we, what we did was we took a look at the asset side, and we figured out, you know, the dollar amount that was going to reprice with the fed move and then we came up with a reduction across a variety of our deposit portfolios that once fully implemented, you know, would have a similar impact to the lost interest income from the asset side.

我知道我們所做的是我們著眼於資產方面，我們計算出，隨著美聯儲的舉動，美元金額將重新定價，然後我們提出了各種資產的削減。對資產方面的利息收入損失產生類似的影響。

But I'm not sure we, you know, sort of calculated what does that mean in terms of the, the funding cost for the last two or three weeks of the quarter.

但我不確定我們是否計算過這對本季最後兩三週的融資成本意味著什麼。

But, you know, obviously something we're keeping a close eye on.

但是，你知道，顯然我們正在密切關註一些事情。

Okay.

好的。

And then the, the OpEx run rate you did call out the Oreo write down.

然後，您確實記下了奧利奧減記的營運支出運行率。

Should we think of OpEx being stable with the write down without?

我們是否應該認為營運支出在沒有減記的情況下保持穩定？

So it's like $18 million or $18.6 million.

所以大約是 1800 萬美元或 1860 萬美元。

Yeah, probably in between, but I don't know, Andrew if you want to give a little more color there.

是的，可能介於兩者之間，但我不知道，安德魯，你是否想在那裡提供更多的色彩。

Yeah, I think that's about right.

是的，我認為這是正確的。

Obviously, there's, that's assuming kind of a core and there very rarely do we not have some kind of onetime unusual item during the quarter.

顯然，這是假設一種核心，並且在本季度我們很少沒有某種一次性的不尋常項目。

But yeah, I think we're thinking somewhere kind of in between that is the kind of core run rate over the next couple of quarters.

但是，是的，我認為我們正在考慮介於兩者之間的某個地方，這就是未來幾季的核心運行率。

Outside of any kind of unusual or onetime items?

除了任何不尋常或一次性的物品之外？

Okay.

好的。

And it is the right way to think of the fee side.

這是考慮費用方面的正確方法。

Is that like $1.8 million stripping out security stripping out some of the bully?

這相當於 180 萬美元去掉了安全性並消除了一些惡霸嗎？

Is that the right run rate going forward?

這是未來正確的運行速度嗎？

And what could kind of take it up to take it down.

以及什麼可以把它拿下來。

The question on noninterest income?

關於非利息收入的問題？

Yes.

是的。

The income.

收入。

Yeah, I mean, I think if you strip out some of the noise from this quarter, that's a decent expectation for what we expect the numbers to look like going forward.

是的，我的意思是，我認為如果你剔除本季的一些噪音，這對我們對未來數字的預期是一個不錯的預期。

Thank you.

謝謝。

I'll step back into the queue.

我將回到隊列中。

All right.

好的。

Thank you, Manuel.

謝謝你，曼努埃爾。

There are no further questions at this time.

目前沒有其他問題。

I will hand the call back over to Patrick Ryan for closing remarks.

我會將電話轉回給 Patrick Ryan 進行總結發言。

Okay, great.

好的，太好了。

Well, again, thanks everybody for taking the time to join the call.

好吧，再次感謝大家抽空參加這場電話會議。

We appreciate the interest in First Bank and we'll look forward to regrouping with everybody at the end of next quarter.

我們感謝大家對第一銀行的興趣，我們期待在下個季度末與大家重新組合。

I hope everybody has a wonderful day.

我希望每個人都有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Have a good day.

祝你有美好的一天。