Hope Bancorp Inc (HOPE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Hope Bancorp 2023 Second Quarter Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Hope Bancorp 2023 年第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。

I would like now to turn the conference over to Angie Yang, Director of Investor Relations. Please go ahead.

我現在將會議交給投資者關係總監 Angie Yang。請繼續。

Thank you, Alan. Good morning, everyone, and thank you for joining us for the Hope Bancorp 2023 second quarter investor conference call. As usual, we will begin -- we will be using a slide presentation to accompany our discussion this morning, which is available in the Presentations page of our IR website.

謝謝你，艾倫。大家早上好，感謝您參加 Hope Bancorp 2023 年第二季度投資者電話會議。像往常一樣，我們將開始 - 我們將使用幻燈片演示來配合今天早上的討論，該演示可以在我們的 IR 網站的演示頁面中找到。

Beginning on Slide 2, let me begin with a brief statement regarding forward-looking remarks. The call today may contain forward-looking projections regarding future financial performance of the company and future events. These statements may differ materially from the actual results due to certain risks and uncertainties. In addition, some of the information referenced on this call today are non-GAAP financial measures.

從幻燈片 2 開始，讓我首先對前瞻性言論做一個簡短的聲明。今天的電話會議可能包含有關公司未來財務業績和未來事件的前瞻性預測。由於某些風險和不確定性，這些陳述可能與實際結果存在重大差異。此外，今天本次電話會議引用的一些信息是非公認會計準則財務指標。

For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to the company's filings with the SEC as well as the safe harbor -- sorry, as well as the safe harbor statements in our press release issued earlier today. Hope Bancorp assumes no obligation to revise any forward-looking projections that may be made on today's call.

有關風險因素的更詳細描述以及 GAAP 與非 GAAP 財務指標的調節，請參閱該公司向 SEC 提交的文件以及安全港 - 抱歉，以及我們媒體上的安全港聲明今天早些時候發布的版本。 Hope Bancorp 不承擔修改今天電話會議中可能做出的任何前瞻性預測的義務。

Now we have allotted 1 hour for this call. Presenting from the management side today will be Kevin Kim, Hope Bancorp's Chairman, President and CEO; and Julianna Balicka, our Chief Financial Officer; Peter Koh, our Chief Operating Officer, is also here with us as usual and will be available for the Q&A session.

現在我們為這次通話分配了 1 小時。今天，來自管理層的嘉賓將是 Hope Bancorp 董事長、總裁兼首席執行官 Kevin Kim；以及我們的首席財務官朱莉安娜·巴利卡 (Julianna Balicka)；我們的首席運營官 Peter Koh 也像往常一樣與我們在一起，並將參加問答環節。

With that, let me turn the call over to Kevin Kim.

現在，讓我把電話轉給凱文·金 (Kevin Kim)。

Thank you, Angie, and good morning, everyone, and thank you for joining us today. Now let's begin on Slide 3 with a brief overview of the quarter. For the second quarter of 2023, our net income was $38 million, and our diluted earnings per share were $0.32. Our pre-provision net revenue was (inaudible) million, an increase of 11% from the first quarter.

謝謝你，安吉，大家早上好，感謝你今天加入我們。現在讓我們從幻燈片 3 開始，簡要概述本季度。 2023 年第二季度，我們的淨利潤為 3800 萬美元，稀釋後每股收益為 0.32 美元。我們撥備前的淨收入為（聽不清）百萬，比第一季度增長 11%。

Our asset quality remains healthy, and we recorded net recoveries of $552,000 in the second quarter. The operating environment for regional banks continues to be challenging, and we are focused on prudent risk management, maintaining high liquidity levels and building strong capital.

我們的資產質量保持健康，第二季度淨回收額為 552,000 美元。區域銀行的經營環境仍然充滿挑戰，我們注重審慎的風險管理、保持較高的流動性水平和建立雄厚的資本。

Our tangible common equity ratio increased to 8.04% at June 30, 2023, up 13 basis points from March 31. Quarter-over-quarter, our risk-based capital grew and ratios expanded. Continuing on Slide 4 for a more detailed review of our strong capital position. Our company's total capital was $2.1 billion at June 30, 2023, growing 2% quarter-over-quarter.

截至 2023 年 6 月 30 日，我們的有形普通股比率增至 8.04%，較 3 月 31 日上升 13 個基點。與上一季度相比，我們的風險資本有所增長，比率有所擴大。繼續幻燈片 4，更詳細地回顧我們強大的資本狀況。截至 2023 年 6 月 30 日，我們公司的總資本為 21 億美元，環比增長 2%。

At June 30, our common equity Tier 1 ratio was 11.06%, up 31 basis points from March 31, and our total capital ratio was 12.64%, up 39 basis points quarter-over-quarter. Adjusting for the allowance for credit losses and including hypothetical adjustments for investment security marks, all of our capital ratios remain high. Given the strength of our capital, our Board of Directors declared a quarterly common stock dividend of $0.14 per share, payable on August 17 to the stockholders of record as of August 3.

截至6月30日，我們的普通股一級資本充足率為11.06%，較3月31日上升31個基點；總資本充足率為12.64%，較上季度上升39個基點。調整信用損失準備金並包括投資安全標記的假設調整後，我們所有的資本比率仍然很高。鑑於我們的資本實力，我們的董事會宣布季度普通股股息為每股 0.14 美元，將於 8 月 17 日支付給截至 8 月 3 日在冊的股東。

Moving on to Slide 5. During the second quarter, we continued to maintain a higher-than-usual level of cash and cash equivalents on our balance sheet, and we believe this is prudent in the current banking environment.

轉到幻燈片 5。第二季度，我們的資產負債表上的現金和現金等價物繼續保持高於平常的水平，我們認為這在當前的銀行環境下是謹慎的。

At June 30, 2023, our cash and cash equivalents were $2.3 billion compared with $2.2 billion at March 31. At the end of the second quarter, our available borrowing capacity, together with cash and cash equivalents and unpledged investment securities was $7.75 billion, equivalent to 50% of our total deposits and while exceeding our uninsured deposit balances. In May, we paid off $197 million of our convertible notes with existing cash.

截至2023 年6 月30 日，我們的現金和現金等價物為23 億美元，而3 月31 日為22 億美元。第二季度末，我們的可用借款能力，連同現金和現金等價物以及未質押的投資證券為77.5 億美元，相當於達到我們存款總額的 50%，同時超過我們未投保的存款餘額。 5 月份，我們用現有現金償還了 1.97 億美元的可轉換票據。

Now continuing to Slide 6. At June 30, 2023, our total deposits were $15.6 billion, down modestly 1% quarter-over-quarter and up 4% year-over-year. In navigating this cycle, Bancorp Hope has benefited from the granularity of our deposits. Our average commercial account size is approximately $300,000 and the average consumer account size is approximately $50,000.

現在繼續幻燈片 6。截至 2023 年 6 月 30 日，我們的總存款為 156 億美元，環比小幅下降 1%，同比增長 4%。在這個週期中，Bancorp Hope 受益於我們存款的粒度。我們的平均商業賬戶規模約為 300,000 美元，平均消費者賬戶規模約為 50,000 美元。

Over 1/3 of our balances, the consumer deposits, which are up 3% year-to-date and 13% year-over-year. We believe this is reflective of the strength and longevity of our relationships with our depositors. At June 30, 2023, the bank's uninsured deposit ratio was 36% compared with 38% at March 31.

消費者存款占我們餘額的 1/3 以上，今年迄今增長了 3%，同比增長了 13%。我們相信，這反映了我們與儲戶關係的強度和長久性。截至2023年6月30日，該銀行的無保險存款率為36%，而3月31日為38%。

Across the organization, we are focused on strengthening our deposit franchise and expanding our relationships with our clients. We have been steadily investing in our treasury management products and services, and the efforts of our team have been generating a steady pace of growth in the number of new TMS relationships, increasing the stickiness of our demand deposits.

在整個組織中，我們致力於加強我們的存款特許經營權並擴大我們與客戶的關係。我們一直在資金管理產品和服務上穩步投資，在我們團隊的努力下，新的TMS關係數量穩步增長，增加了活期存款的粘性。

Now moving on to Slide 7. In the second quarter, we funded $491 million in new loans, including $332 million in commercial and industrial loan production. The decrease in loan production reflects current market dynamics, including declining customer demand in a high interest rate environment, as well as our disciplined pricing and conservative underwriting. The average rate on our new loan production was 8.37% in the second quarter, up 84 basis points from the first quarter.

現在轉到幻燈片 7。第二季度，我們提供了 4.91 億美元的新貸款，其中包括 3.32 億美元的商業和工業貸款生產。貸款產量的下降反映了當前的市場動態，包括高利率環境下客戶需求的下降，以及我們嚴格的定價和保守的承保。二季度新增貸款平均利率8.37%，較一季度上升84個基點。

Moving on to Slide 8. At June 30, 2023, our loans receivable were $14.9 [billion], a decrease of 1% quarter-over-quarter and up 2% year-over-year. Second quarter payoffs and paydowns of $647 million exceeded the volume of new loan originations.

轉到幻燈片 8。截至 2023 年 6 月 30 日，我們的應收貸款為 149 億美元，環比下降 1%，同比增長 2%。第二季度的支付和還款額為 6.47 億美元，超過了新貸款發放量。

Our portfolio is well balanced between the major loan types of commercial real estate, including owner-occupied commercial real estate and multifamily mortgage, commercial and industrial and residential mortgage loans. Our commercial and industrial loan portfolio is well diversified by industry.

我們的投資組合在商業房地產的主要貸款類型之間保持良好平衡，包括自住商業房地產和多戶抵押貸款、商業、工業和住宅抵押貸款。我們的商業和工業貸款組合按行業多元化。

Moving on to Slide 9 and 10, for an overview of our commercial real estate portfolio. Our commercial real estate loans are well diversified by property type and have low loan-to-value ratios across all segments. Less than 3% of the portfolio has a loan-to-value ratio over 70%. The vast majority of our commercial real estate loans are full recourse with personal guarantees.

轉到幻燈片 9 和 10，概述我們的商業房地產投資組合。我們的商業房地產貸款按房地產類型實現多元化，並且各個細分市場的貸款價值比均較低。不到 3% 的投資組合的貸款價值比超過 70%。我們絕大多數的商業房地產貸款都是有個人擔保的全額追索權。

Office commercial real estate is a small segment of $464 million, representing 3% of total loans and with no central business district exposure. At June 30, 2023, 99% of our office portfolio was past graded. Our commercial real estate portfolio is very granular with very few loans over $30 million in size.

寫字樓商業房地產是一小部分，金額為 4.64 億美元，佔貸款總額的 3%，且不涉及中央商務區。截至 2023 年 6 月 30 日，我們 99% 的辦公樓投資組合均已通過評級。我們的商業房地產投資組合非常精細，很少有貸款規模超過 3000 萬美元。

We are well diversified geographically across the submarkets in our footprint with very small exposure to markets such as San Francisco or Manhattan and no exposure to the Central Business District in Downtown Los Angeles.

我們的足跡遍布各個子市場，地理位置十分多元化，對舊金山或曼哈頓等市場的敞口很小，對洛杉磯市中心的中央商務區沒有敞口。

With that, I will ask Julianna to provide additional details on our financial performance for the second quarter. Julianna?

接下來，我將要求朱莉安娜提供有關我們第二季度財務業績的更多詳細信息。朱莉安娜？

Thank you, Kevin, and good morning, everyone. Beginning with Slide 11, our net interest income totaled $131 million for the second quarter of 2023, representing a decrease of 2% from the first quarter. Our second quarter net interest margin was 2.70%, down 32 basis points quarter-over-quarter. This reflects a higher cost of funds and an increase in average borrowings, partially offset by expanding loan yields and growth in average interest-earning cash and equivalents.

謝謝你，凱文，大家早上好。從幻燈片 11 開始，我們 2023 年第二季度的淨利息收入總計 1.31 億美元，較第一季度下降 2%。第二季度淨息差為 2.70%，環比下降 32 個基點。這反映出資金成本上升和平均借款增加，但部分被貸款收益率擴大和平均生息現金及等價物增長所抵消。

The increase in average interest-earning cash and equivalents reflects our conservative approach to navigating current market volatility. Funded through borrowings, the elevated level of cash was a positive contributor to net interest income.

平均生息現金及等價物的增加反映了我們應對當前市場波動的保守方法。通過借款籌集資金，現金水平的提高對淨利息收入產生了積極的貢獻。

Moving on to Slide 12. Our 2023 second quarter average loans of $15.1 billion decreased 1% linked quarter, and the average yield on our portfolio increased to 5.99%, up 24 basis points quarter-over-quarter.

繼續看幻燈片 12。我們 2023 年第二季度的平均貸款為 151 億美元，環比下降 1%，而我們投資組合的平均收益率增至 5.99%，環比上升 24 個基點。

On Slide 13, you can see that our average deposits were essentially stable at $15.8 billion in the second quarter. The average cost of deposits increased to 2.79%, up 42 basis points quarter-over-quarter.

在幻燈片 13 上，您可以看到第二季度我們的平均存款基本穩定在 158 億美元。平均存款成本升至2.79%，環比上升42個基點。

On Slide 14, our noninterest income was $17 million in the 2023 second quarter, up from $11 million in the first quarter. Second quarter income included a $5.8 million cash distribution from a gain on an investment in an affordable housing partnership. Quarter-over-quarter, service fees on deposit accounts grew and customer swap fee income increased.

在幻燈片 14 中，我們 2023 年第二季度的非利息收入為 1700 萬美元，高於第一季度的 1100 萬美元。第二季度收入包括來自經濟適用住房合作夥伴投資收益的 580 萬美元現金分配。與上一季度相比，存款賬戶服務費有所增長，客戶掉期費收入也有所增加。

Moving on to noninterest expense on Slide 15. Our noninterest expense was $87 million in the second quarter of 2023, a decrease of 3% quarter-over-quarter. This reflected lower salary and benefits expense, partially offset by an industry-wide increase in the FDIC annual base assessment rate of 2 basis points. Our efficiency ratio in the 2023 second quarter improved 325 basis points to 59.1%, down from 62.4% in the first quarter.

接下來是幻燈片 15 上的非利息支出。2023 年第二季度我們的非利息支出為 8700 萬美元，環比下降 3%。這反映了工資和福利費用的下降，但部分被 FDIC 年度基本評估率上調 2 個基點所抵消。 2023 年第二季度，我們的效率比第一季度的 62.4% 提高了 325 個基點，達到 59.1%。

Now moving on to Slide 16. I'll review our asset quality, which continues to be healthy. We recorded a provision for credit losses of $8.9 million for the 2023 second quarter, building our allowance for credit [office] to $173 million at June 30, 2023. Our coverage ratio increased to 1.16% up from 1.09% at the end of the prior quarter.

現在轉到幻燈片 16。我將回顧我們的資產質量，資產質量仍然保持健康。 We recorded a provision for credit losses of $8.9 million for the 2023 second quarter, building our allowance for credit [office] to $173 million at June 30, 2023. Our coverage ratio increased to 1.16% up from 1.09% at the end of the prior四分之一.

In the second quarter, we recorded net recoveries of $552,000, equivalent to 1 basis point of average loans annualized. Total nonperforming assets at June 30 were $77 million, a decrease of 3% quarter-over-quarter and equivalent to 38 basis points of total assets. Year-over-year, our nonperforming assets were down 30%. At the end of the second quarter, our credit-sized loans ratio was 2.3%, up quarter-over-quarter and down year-over-year.

第二季度，我們記錄的淨回收額為 552,000 美元，相當於年化平均貸款 1 個基點。截至6月30日，不良資產總額為7700萬美元，環比下降3%，相當於總資產下降38個基點。我們的不良資產同比下降了 30%。二季度末，信貸規模貸款率為2.3%，環比上升，同比下降。

Our criticized loans were $345 million at June 30, 2023, up from $305 million at March 31. Quarter-over-quarter, substandard loans increased and our special mention loans increased. Looking at our special mention loans, we note that the borrower's financial performance is generally improving and/or we have takeouts for the loans in place. Overall, we are not seeing any broader systemic issues of concern within the loan portfolio.

截至 2023 年 6 月 30 日，我們的批評貸款為 3.45 億美元，高於 3 月 31 日的 3.05 億美元。環比來看，次級貸款有所增加，關注貸款有所增加。看看我們的特別關注貸款，我們注意到借款人的財務業績總體上正在改善和/或我們已經對貸款進行了提取。總體而言，我們在貸款組合中沒有看到任何更廣泛的系統性問題。

With that, let me turn the call back to Kevin for a discussion of our outlook.

接下來，讓我把電話轉回給凱文，討論我們的前景。

Thank you, Julianna. Moving on to Slide 17. I will wrap up with a few comments about our outlook for the second half of 2023. Given the lower level of loan demand from our customers, competitive market pricing and an elevated pace of paydowns and payoffs in a high interest rate environment, we now expect that our total loans will be generally stable in the second half of the year relative to June30.

謝謝你，朱莉安娜。繼續看幻燈片 17。最後，我將就我們對 2023 年下半年的前景發表一些評論。鑑於我們客戶的貸款需求水平較低、市場定價競爭激烈以及高利息還款和還款速度加快就利率環境而言，我們現在預計下半年貸款總額相對於6 月30 日將總體穩定。

With the expectation of higher for longer interest rates in the second half of the year, we anticipate that our net interest income will modestly pressure through the balance of the year. We expect our noninterest income to be essentially stable on a quarterly basis relative to the second quarter and excluding the affordable housing gain.

由於預計下半年長期利率將上升，我們預計今年剩餘時間我們的淨利息收入將受到適度壓力。我們預計，與第二季度相比，我們的季度非利息收入將基本穩定（不包括經濟適用房的收益）。

We will continue to tightly manage our expenses and expect noninterest expenses to be essentially stable on a quarterly basis relative to the second quarter, excluding earned interest credits, which are fully subject to interest rate changes, and we expect our asset quality to continue to be healthy.

我們將繼續嚴格管理我們的支出，預計非利息支出按季度相對於第二季度基本穩定，不包括已獲利息信貸，這些信貸完全受到利率變化的影響，我們預計我們的資產質量將繼續保持在健康。

The current operating environment presents challenges, but with our conservative approach to balance sheet management, we are well positioned to capitalize on the opportunities afforded to Bancorp Hope as the largest and strongest Korean-American bank in the nation.

當前的運營環境帶來了挑戰，但憑藉我們保守的資產負債表管理方法，我們處於有利地位，能夠充分利用 Bancorp Hope 作為全國最大、最強的韓裔美國銀行所提供的機會。

With that, we would be happy to take your questions and add any additional color as requested. Operator, please open up the call.

因此，我們很樂意回答您的問題並根據要求添加任何其他顏色。接線員，請接通電話。

(Operator Instructions) The first question comes from Chris McGratty of KBW.

（操作員說明）第一個問題來自 KBW 的 Chris McGratty。

Maybe, Julianna, to start with you. The net interest income guidance, I'm interested in a few of the assumptions. I guess, terminal betas, any migration you see further in the deposit mix. And then also I'm interested in the CD growth, like what's the maturity schedule look like for your CDs?

朱莉安娜，也許從你開始吧。關於淨利息收入指導，我對一些假設感興趣。我想，終端測試版，您在存款組合中進一步看到的任何遷移。然後我也對 CD 的增長感興趣，比如你們的 CD 的成熟時間表是什麼樣的？

Chris, our terminal deposit beta assumptions are for total deposits, approximately 60%. The mix shift has started to stabilize -- the rate of change started to stabilize in between the DDA and the interest-bearing accounts. And for RCEs, we have -- they are predominantly 12-month CDs, that's the most popular products, although we are actively originating shorter duration CDs at this point in time. And that maturity schedule, there's an elevated level of maturities in the second half of the year in response to the maturities related to the promotions that were done last year. But other than that, they are more well evenly distributed.

Chris，我們的終端存款貝塔假設是針對總存款，大約為 60%。混合轉變已經開始穩定——DDA 和計息賬戶之間的變化率開始穩定。對於 RCE，我們主要是 12 個月的 CD，這是最受歡迎的產品，儘管我們目前正在積極製作期限較短的 CD。就到期時間表而言，下半年的到期水平有所提高，以響應與去年進行的促銷活動相關的到期。但除此之外，它們的分佈更加均勻。

Okay. That [68] was the number right on the total bid...

好的。 [68] 就是總出價上的數字......

No, I said approximately 60%.

不，我說的是大約 60%。

Oh, 60, 6 0, got it. Maybe follow-up on the margin. How do we think about -- given your comments about the mix getting a little bit more stable, like do you have the margin for the month of June that you could share?

哦，60、6 0，明白了。也許是邊際跟進。鑑於您對組合變得更加穩定的評論，我們如何考慮，比如您是否有 6 月份的利潤可以分享？

Yes, the June margin was 2.70%. And -- yes, and our month-to-date change in our cost of deposits is less than 10 basis points -- actually less than 10 on interest-bearing.

是的，6 月份的利潤率為 2.70%。而且——是的，我們的存款成本本月迄今的變化不到 10 個基點——實際上計息不到 10 個基點。

So 2.78% for June, 2.70% for the quarter. I mean...

因此，6 月份為 2.78%，本季度為 2.70%。我是說...

2.70% for June I said.

我說的是 6 月 2.70%。

I have bad connection.

我的連接不好。

2.70% for June, and our total deposits spot rates through July 20, is up 3 basis points from June, spot rates.

6 月份的即期利率為 2.70%，截至 7 月 20 日的總存款即期利率比 6 月份的即期利率上升了 3 個基點。

Okay. Got it. And then maybe one more if I could jump back out. The ECR, the new line for that. Can you just remind us how much of your noninterest-bearing deposits have ECRs and how we should think about that line if the Fed moves this week for Q3?

好的。知道了。如果我能跳出來的話，也許還能再來一次。 ECR，新線路。您能否提醒我們，您的無息存款中有多少有 ECR？如果美聯儲本週在第三季度採取行動，我們應該如何考慮這條線？

So that line cost will go up as the Fed moves this week. And in terms of -- the $363 million or so.

因此，隨著美聯儲本週採取行動，線路成本將會上升。就 3.63 億美元左右而言。

Our next question comes from Matthew Clark of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的馬修·克拉克。

Julianna, can you clarify the spot rate? Do you have the -- can you give us the rate? I'm just not sure if we're comparing to the month or the quarter. Can you just give us some color on deposits at the end of July 20, whatever number you want to give?

朱莉安娜，你能澄清一下即期匯率嗎？您有——能給我們報價嗎？我只是不確定我們是與月份還是季度進行比較。您能否給我們一些有關 7 月 20 日存款情況的信息，無論您想提供什麼數字？

Yes. No, good question. Thanks. Our total deposit cost spot rate as of June 30 was 2.97%. And as of July 20, it's 3% -- so change to 3 bps. And just for context, we're nearly (inaudible) now, but last quarter, the spot change was 24 bps. So the rate of change is stabilizing or slowing.

是的。不，好問題。謝謝。截至 6 月 30 日，我們的總存款成本即期利率為 2.97%。截至 7 月 20 日，該利率為 3%——因此改為 3 個基點。就背景而言，我們現在幾乎（聽不清），但上個季度，即期變化為 24 個基點。因此，變化速度正在趨於穩定或放緩。

Yes. Got it. Okay. And then on the reserve build, can you give us a sense for what drove a lot of that as a decent step-up this quarter. You haven't seen that elsewhere as much? And then what underlying businesses or industries drove the increase in special mention?

是的。知道了。好的。然後，在儲備金建設方面，您能否讓我們了解一下是什麼推動了本季度儲備金的大幅提升。您在其他地方沒見過這樣的情況嗎？那麼哪些基礎業務或行業推動了特別關注的增加呢？

So for special mention, the change was through a variety of C&I loans, but not a particular industry concentration and the reserve increase quarter-over-quarter was an outcome of our CECL model, which, as you know, has changes related to qualitative, quantitative factors and specific reserves and the macroeconomic forecast. So that whole mix enabled us to build our reserve, which we think is a prudent way to manage reserves at this point in the economic cycle.

因此，需要特別指出的是，這種變化是通過各種工商業貸款實現的，而不是特定的行業集中度，而準備金環比增長是我們的CECL 模型的結果，正如您所知，該模型發生了與定性、數量因素和具體儲備以及宏觀經濟預測。因此，整個組合使我們能夠建立儲備，我們認為這是在經濟周期的現階段管理儲備的謹慎方式。

Okay. Great. And then just last one for me. On your kind of outlook on -- for deposits embedded in your assumptions. It sounds like there's less of a mix change going forward. But do balances -- do you assume balances stabilize from here?

好的。偉大的。然後是我的最後一個。關於您對包含在您的假設中的存款的看法。聽起來未來的混音變化會更少。但是餘額——你認為餘額從這裡開始穩定嗎？

I think that -- well, we definitely have some deposit goals and initiatives and programs in place to grow our balances. But what I can tell you is that month to date relative to June 30, our balances are up close to $200 million. So we are certainly having positive trends in our deposits that are going on as kind of the volatility to happen in the making industry earlier in the year starts to receive more into the background.

我認為——嗯，我們肯定有一些存款目標、舉措和計劃來增加我們的餘額。但我可以告訴你的是，截至 6 月 30 日，本月迄今為止，我們的餘額已接近 2 億美元。因此，我們的存款肯定呈現出積極的趨勢，隨著今年早些時候製造業發生的波動開始受到更多關注，這種趨勢正在發生。

(Operator Instructions) Our next question comes from Gary Tenner of D.A. Davidson.

（操作員說明）我們的下一個問題來自 D.A. 的 Gary Tenner。戴維森。

Just a follow-up on the question about CD maturities. Julianna could you tell us what the rate is on those CDs that are maturing back half of this year?

只是關於 CD 到期日問題的後續。朱莉安娜能否告訴我們今年下半年到期的 CD 的利率是多少？

One second. So the average rate on the CDs maturing in the third quarter will be 4.13%. And in the fourth quarter, will be 4.39%.

一秒。因此第三季度到期的存款證平均利率將為4.13%。而第四季度，將為4.39%。

Okay. And then just given where the stock is trading still 75% of tangible book. Any thoughts on buyback or utilizing the buyback?

好的。然後考慮到股票交易仍佔有形賬面的 75%。關於回購或利用回購有什麼想法嗎？

Our capital ratios are all strong, and we like the growth that we saw this quarter. But at this time, I don't think we are anticipating -- repurchases anytime soon.

我們的資本比率都很強勁，我們喜歡本季度看到的增長。但目前，我認為我們不會很快回購。

Great. And then last question. In terms of the multi-tenant retail just because I spoke largest of your commercial real estate segments, can you talk about kind of what amount of those loans are scheduled to reprice and mature back half of this year in 2024.

偉大的。然後是最後一個問題。就多租戶零售而言，因為我談到了您最大的商業房地產領域，您能否談談這些貸款計劃在 2024 年下半年重新定價和到期的金額。

Well, we don't have the very specifics by property type handy with us right now, but we can follow up with you offline on the very specifics of that one particular property segment.

好吧，我們現在手邊還沒有按房產類型劃分的詳細信息，但我們可以在線下與您聯繫，了解某一特定房產部分的具體情況。

Okay. Well, and then maybe Julianna, just in general, as you think about commercial real estate and repricing and maturing over a similar time period, how far out are you going in terms of kind of stressing and analyzing the credits? Are you going out into 2024 at this point? Or really just back half of this year in terms of kind of getting a better sense of where those borrowers lie with their ability to service at higher rates, et cetera?

好的。好吧，也許朱莉安娜，一般來說，當您考慮商業房地產以及在相似的時間段內重新定價和成熟時，您在強調和分析信用方面走了多遠？您現在要進入 2024 年嗎？或者實際上是在今年下半年，為了更好地了解這些借款人以更高利率提供服務的能力，等等​​？

Yes. This is Peter. Maybe I'll take that one. So I think overall CRE portfolio is performing pretty good up to now. I think as we're looking at sort of that refi risk that I think you're referencing here, I think in the very initial stages, maybe early this year, we went through a pretty much a deep dive and tried to stress that portfolio in terms of higher interest rates and things. And I think at this point, we feel pretty confident right now that the majority of our customers are able to refinance, I think partly due to just the lower LTVs and improving cash flows that we have seen post-pandemic that gives them ability to refinance with us even at the higher rates. So there are one-off cases where there are potential workouts and things, but the majority -- vast majority of our customers, we're seeing that, that refi risk is pretty low.

是的。這是彼得。也許我會選擇那個。因此，我認為到目前為止，商業地產投資組合的整體表現相當不錯。我認為，當我們正在研究您在這裡提到的再融資風險時，我認為在最初階段，也許是今年年初，我們進行了相當深入的研究，並試圖強調該投資組合在更高的利率和其他方面。我認為在這一點上，我們現在非常有信心，我們的大多數客戶都能夠再融資，我認為部分原因是我們在大流行後看到了較低的生命週期價值和改善的現金流，這使他們有能力進行再融資即使以更高的價格與我們合作。因此，在某些一次性情況下，存在潛在的鍛煉和其他事情，但我們看到，對於我們的大多數客戶來說，再融資風險相當低。

And Gary, just to add to the maturities of CREs that are coming up. You specifically asked multi-tenant retail and of those in the remainder of 2023 was $72 million and then another $127 million in 2024. But our total CRE maturities in 2023 will be -- for $70 million and then in 2024, $742 million.

加里，我想補充一下即將到來的商業地產的成熟度。您特別詢問了多租戶零售業，其中 2023 年剩餘時間為 7200 萬美元，2024 年為 1.27 億美元。但我們 2023 年 CRE 到期總額將為 7000 萬美元，2024 年為 7.42 億美元。

(Operator Instructions) Our next question comes from Chris McGratty of KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Chris McGratty。

In terms of the balance sheet size, can you just remind us what level of cash is coming off of the bond portfolio monthly or quarterly. And then Kevin, you alluded to just the excess cash that's being held -- like do you see this being the right amount of cash for the foreseeable future? Do you think they work that down? Is that part of the margin kind of stability narrative?

就資產負債表規模而言，您能否提醒我們債券投資組合每月或每季度的現金水平是多少？然后凱文，你提到了所持有的多餘現金——你認為在可預見的未來，這筆現金數量是否合適？你認為他們能解決這個問題嗎？這是邊際穩定性敘述的一部分嗎？

Yes. Deposit outflows in response to the bank figures earlier this year have been stabilized, and we are starting to see some of those deposits actually coming back to the bank, and we also have product campaigns in place. And when deposit growth accelerates and the deposit situation normalizes, we think we will return to more normalized levels of liquidity. But for the time being, we think an elevated level of cash is prudent, and I think that's the case industry-wide. So we will hold the higher level of cash for the time being that will gradually decrease as our deposit situations improve.

是的。今年早些時候銀行數據導致的存款流出已經穩定，我們開始看到其中一些存款實際上回到了銀行，而且我們還開展了產品活動。當存款增長加速且存款狀況正常化時，我們認為流動性將恢復到更加正常化的水平。但就目前而言，我們認為提高現金水平是謹慎的，我認為整個行業都是如此。所以我們暫時會持有較高水平的現金，隨著存款情況的改善，現金會逐漸減少。

And to your other question, the average cash flow coming off our bond book is about $15 million to $20 million a month. And we're targeting purchasing $20 million to $30 million of investments with that cash flow. So replacing our investment securities, but also building that book up by about $10 million per month. So for a longer-term kind of larger sized investment securities book in terms of our optimal balance sheet mix kind of post this banking industry [reception].

至於你的另一個問題，我們債券賬簿的平均現金流約為每月 1500 萬至 2000 萬美元。我們的目標是用這筆現金流購買 2000 萬至 3000 萬美元的投資。因此，我們要更換投資證券，同時每月還要增加約 1000 萬美元的賬簿。因此，對於長期較大規模的投資證券賬簿而言，就我們的最佳資產負債表組合而言，是在銀行業之後[接待處]。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Once again, thank you all for joining us today, and we look forward to speaking with you again next quarter. Bye, everyone.

再次感謝大家今天加入我們，我們期待下個季度再次與您交談。回見了各位。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。