First Internet Bancorp (INBK) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Internet Bancorp third-quarter 2023 earnings conference. (Operator Instructions) This call is being recorded today, October 26, 2023. I would now like to turn the conference over to Larry Clark from Financial Profiles, Inc. Please go ahead, Mr. Clark.

女士們、先生們，美好的一天，歡迎參加 First Internet Bancorp 2023 年第三季財報會議。 （操作員說明）本次通話將於今天（2023 年 10 月 26 日）進行錄音。我現在想將會議轉交給 Financial Profiles, Inc. 的 Larry Clark。請繼續，克拉克先生。

Thank you, Sergio. Good day, everyone, and thank you for joining us to discuss First Internet Bancorp's financial results for the third quarter of 2023. The company issued its earnings press release yesterday afternoon, and it's available on the company's website. In addition, the company has included a slide presentation that you can refer to during the call. You can also access these slides on the website.

謝謝你，塞爾吉奧。大家好，感謝您與我們一起討論 First Internet Bancorp 2023 年第三季的財務業績。該公司昨天下午發布了收益新聞稿，可在公司網站上查看。此外，該公司還提供了幻燈片演示文稿，您可以在通話期間參考。您也可以在網站上存取這些幻燈片。

Joining us today from the management team are Chairman and CEO, David Becker; and Executive Vice President and CFO, Ken Lovik. David will provide an overview, and Ken will discuss the financial results. Then we'll open up the call to your questions.

今天加入我們管理團隊的有董事長兼執行長 David Becker；執行副總裁兼財務長 Ken Lovik。大衛將提供概述，肯將討論財務結果。然後我們將打開電話詢問您的問題。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future performance and financial condition of First Internet Bancorp that involve risks and uncertainties. Various factors could cause actual results to materially be different from any future results expressed or implied by such forward-looking statements. These factors are discussed in the company's SEC filings, which are available on the company's website.

在開始之前，我想提醒您，本次電話會議包含有關 First Internet Bancorp 未來業績和財務狀況的前瞻性陳述，涉及風險和不確定性。各種因素可能導致實際結果與此類前瞻性陳述明示或暗示的任何未來結果有重大差異。這些因素在公司向 SEC 提交的文件中進行了討論，這些文件可在公司網站上查看。

The company disclaims any obligation to update any forward-looking statements made during the call. Additionally, management may refer to non-GAAP measures which are intended to supplement but not substitute for the most directly comparable GAAP measures. The press release available on the website contains the financial and other quantitative information to be discussed today as well as a reconciliation of the GAAP to non-GAAP measures. This time, I'd like to turn the call over to David.

該公司不承擔更新電話會議期間所做的任何前瞻性陳述的義務。此外，管理階層可能會參考非公認會計準則衡量標準，這些衡量標準旨在補充但不能取代最直接可比較的公認會計準則衡量標準。網站上提供的新聞稿包含今天討論的財務和其他定量信息，以及 GAAP 與非 GAAP 指標的調節表。這次，我想把電話轉給大衛。

Thank you, Larry. Good afternoon, everyone, and thanks for joining us today as we discuss our third-quarter 2023 results. Starting with the highlights on slide 3, I would like to discuss some key themes for the quarter. We generated strong deposit growth during the quarter, bolstering our liquidity profile and driving down our loan-to-deposit ratio below 92%. We also continued to transition the composition of our loan portfolio and optimize our overall balance sheet mix as new origination yields were up 50 basis points from the second quarter to 8.92%, and they're up over 360 basis points from the third quarter of 2022.

謝謝你，拉里。大家下午好，感謝您今天加入我們討論 2023 年第三季業績。從投影片 3 的要點開始，我想討論本季的一些關鍵主題。本季我們的存款成長強勁，增強了我們的流動性狀況，並將貸存比率降至 92% 以下。我們也持續轉變貸款組合的組成並優化整體資產負債表組合，新發放收益率較第二季上升 50 個基點至 8.92%，較 2022 年第三季上升超過 360 個基點。

At the same time, both the pace of deposit cost increases and the rate of compression in our net interest margin was the slowest they've been in five quarters. Moreover, while one month does not make a trend, we were encouraged by the month-over-month increase in our net interest margin in September. Recognizing that macroeconomic and geopolitical factors remain outside of our control, we continue to believe that our net interest margin and overall net interest income have likely bottomed out and will follow on upward path from here.

同時，存款成本上升的速度和淨利差的壓縮率都是五個季度以來最慢的。此外，雖然一個月並不能形成趨勢，但我們對 9 月淨利差的環比增長感到鼓舞。我們意識到宏觀經濟和地緣政治因素仍然超出我們的控制範圍，我們仍然相信我們的淨利差和整體淨利息收入可能已經觸底，並將從此走上上升之路。

Another highlight for the quarter was our SBA team has continued outstanding performance. The team again posted its highest level of quarterly gain on sale revenue to date, which was up over 14% from the second quarter, driven primarily by a strong increase in the sold loan volume. Following our exit from the consumer mortgage business earlier this year, our mix of non-interest revenue has shifted from what was an over-reliant on the cyclicality of the low multiple mortgage business to what we believe is a more consistent, reliable, and growth oriented revenue stream regardless of the interest rate environment in SBA.

本季度的另一個亮點是我們的 SBA 團隊繼續表現出色。該團隊再次公佈了迄今為止最高的季度銷售收入增幅，較第二季度增長超過 14%，這主要是由於已售貸款量的強勁增長。繼今年稍早退出消費者抵押貸款業務後，我們的非利息收入組合已從過度依賴低倍數抵押貸款業務的周期性轉向我們認為更加一致、可靠和增長的收入無論SBA 的利率環境如何，都以收入流為導向。

Our nationwide SBA team is doing a great job of providing growth capital to entrepreneurs and small business owners across the country with year-to-date originations up 165% over the first nine months of 2022. I am especially proud to announce that for the SBA's physical year ended September 30, 2023, we were the ninth largest 7(a) program lender in the country. This is a notable increase from our ranking of 27th position in the prior physical year.

我們的全國 SBA 團隊在為全國各地的企業家和小企業主提供成長資本方面做得非常出色，截至目前，2022 年前 9 個月的融資額增長了 165%。我特別自豪地宣布，對於 SBA截至2023 年9 月30 日的實際年度，我們是全國第九大7(a) 計畫貸款人。與上一年度的第 27 名相比，這一排名顯著上升。

We believe that the combination of our continued loan portfolio repositioning and consistent revenue growth from our SBA business positions us well for higher earnings and profitability as deposit costs stabilize. Our overall credit quality remains strong as nonperforming loans to total loans declined to 16 basis points and nonperforming assets to total assets declined to 12 basis points.

我們相信，隨著存款成本的穩定，我們持續的貸款組合重新定位和 SBA 業務的持續收入成長將使我們能夠獲得更高的收益和獲利能力。我們的整體信用品質仍然強勁，不良貸款佔總貸款的比例下降至 16 個基點，不良資產佔總資產的比例下降至 12 個基點。

Additional delinquency is 30 days or more. We're 22 basis points of total loans, while net charge-offs to average loans remained low at 16 basis points. And again, I would like to remind everyone that our exposure to office commercial real estate is less than 1% of our total loan balance and does not include any central business district exposure.

額外拖欠期限為 30 天或以上。我們的貸款總額為 22 個基點，而平均貸款的淨沖銷額仍維持在 16 個基點的低點。我想再次提醒大家，我們對辦公室商業地產的敞口不到我們總貸款餘額的1%，並且不包括任何中央商務區的敞口。

Our capital levels remained sound with a common equity Tier 1 capital ratio of 9.59% at quarter end. Our deposit growth resulted in carrying above average cash balances, which we think is prudent to do in the current environment. The impact of higher interest rates also contributed to an increase in the accumulated other comprehensive loss that runs through equity. These factors weighed on the tangible common equity ratio; however, our regulatory capital ratios at both the company and bank levels remain well above minimum requirements.

我們的資本水準保持良好，季末普通股一級資本率為 9.59%。我們的存款成長導致現金餘額高於平均水平，我們認為在當前環境下這樣做是謹慎的。利率上升的影響也導致權益的累計其他綜合損失增加。這些因素影響了有形普通股權益比率；然而，我們在公司和銀行層面的監理資本比率仍然遠高於最低要求。

Tangible common equity was also affected by our share repurchase activity as we repurchased nearly 100,000 shares during the quarter at an average price equating to less than half of our tangible book value per share. I would also like to point out that the prudent conservative management of our investment portfolio and overall balance sheet has resulted in First Internet being among the few banks to have grown tangible book value per share, a key measure of shareholder value creation from the start of this historic cycle of interest rate hikes at the beginning of last year through the end of the most recent quarter.

有形普通股也受到我們的股票回購活動的影響，因為我們在本季回購了近 10 萬股股票，平均價格不到每股有形帳面價值的一半。我還想指出的是，我們對投資組合和整體資產負債表進行審慎保守的管理，使得First Internet 成為少數幾家每股有形賬面價值增長的銀行之一，這是自成立以來股東價值創造的一個關鍵衡量標準。從去年初到最近一個季度末的這個歷史性升息週期。

Now turning to our financial and operating results for the third quarter of 2023, we reported net income of $3.4 million and diluted earnings per share of $0.39. Despite higher funding costs, total revenue was $24.8 million, up from $24 million in the second quarter as the growth in SBA revenue helped to offset a decline in net interest income. Additionally, operating expenses were in line with our expectations, given the strong origination and activity in SBA and our noninterest expense to average assets was relatively flat at 1.53%.

現在轉向我們 2023 年第三季的財務和營運業績，我們報告淨利潤為 340 萬美元，稀釋每股收益為 0.39 美元。儘管融資成本較高，但總收入仍達到 2,480 萬美元，高於第二季的 2,400 萬美元，因為 SBA 收入的成長有助於抵消淨利息收入的下降。此外，鑑於 SBA 的強勁起源和活動，營運費用符合我們的預期，而且我們的非利息費用與平均資產的比率相對持平，為 1.53%。

We produced a healthy 9.6% annualized rate of overall loan growth with gains in franchise finance, construction, small business lending, and consumer. These were offset partially by declines in public finance, healthcare finance, single-tenant lease financing, and investor commercial real estate. As a reminder, the shift in loan mix is the result of a strategic initiative to focus on variable rate, higher yielding products during a historic rapidly rising interest rates.

隨著特許經營金融、建築、小型企業貸款和消費領域的成長，我們的整體貸款年化成長率達到了 9.6% 的健康水準。這些損失被公共財政、醫療保健融資、單一租戶租賃融資和投資者商業房地產的下降部分抵消。需要提醒的是，貸款結構的轉變是在利率歷史性快速上升期間專注於可變利率、高收益產品的策略性舉措的結果。

Our construction team had another strong quarter originating almost $180 million in new commitments and producing growth of nearly $60 million in funded balances. At quarter end, total non-unfunded commitments in our construction line of business increased to $527 million, leaving us well positioned to continue shifting the composition of the loan portfolio towards higher yielding variable rate loans.

我們的施工團隊又迎來了一個強勁的季度，新承諾金額近 1.8 億美元，資金餘額增加近 6,000 萬美元。截至季末，我們建築業務領域的非無資金承諾總額增加至 5.27 億美元，這使我們能夠繼續將貸款組合的組成轉向收益率更高的可變利率貸款。

Our consumer lending team also had another solid quarter as the trailers, recreational vehicles and other consumer loan portfolios were up on a combined basis over $17 million. We remained focused on high-quality borrowers and continue to obtain rates on new production in the mid 8% range. Delinquencies in these portfolios remained low as well at just 1 basis point.

我們的消費貸款團隊也迎來了另一個穩健的季度，拖車、休閒車和其他消費貸款組合的總增幅超過 1700 萬美元。我們仍然關注高品質借款人，並繼續獲得 8% 左右的新產品利率。這些投資組合的拖欠率仍然很低，只有 1 個基點。

And lastly, I want to provide an update on our Banking-as-a-Service and fintech partnership initiatives. In the third quarter, we announced a new relationship with jaris, a leading financial technology provider of fully managed commercial financial solutions for small businesses. Initially, we will provide loan origination services for a large portion of their short-term working capital lending product offer to the client base.

最後，我想提供有關我們的銀行即服務和金融科技合作夥伴計劃的最新資訊。第三季度，我們宣布與 Jaris 建立新的合作關係，Jaris 是一家為小型企業提供全面管理的商業金融解決方案的領先金融技術提供商。最初，我們將為他們提供給客戶群的大部分短期營運資金貸款產品提供貸款發放服務。

We are very impressed with the jaris's team and excited about the opportunity. This partnership will enable us to further increase our goal of providing small business owners and entrepreneurs access to capital while maintaining the highest compliance and credit quality standards. It is emblematic of the potential we see for banks and fintechs to partner for positive customer outcomes.

我們對賈里斯的團隊印象深刻，並對這個機會感到興奮。這種夥伴關係將使我們能夠進一步提高我們的目標，即為小企業主和企業家提供獲得資本的機會，同時保持最高的合規性和信用品質標準。這象徵著我們看到銀行和金融科技公司合作為客戶帶來正面成果的潛力。

In conclusion, our third-quarter results provide us with optimism regarding the outlook for our business. From a safety and soundness perspective, liquidity and credit quality remain very strong and capital levels are sound. With the Federal Reserve rate hikes likely nearing an end, we expect to see a continued decline in the pace of deposit cost increases and eventually stabilization. This combined with the strong performance of our SBA team and the continued improvement in our loan product portfolio composition leaves us well positioned to achieve higher earnings and profitability as we look to 2024 and beyond. With that, I'd like to turn the call over to Ken for more details of our financial results for the quarter.

總之，我們的第三季業績讓我們對業務前景感到樂觀。從安全穩健的角度來看，流動性和信用品質依然強勁，資本水準良好。隨著聯準會升息可能接近尾聲，我們預期存款成本上漲的步伐將持續下降並最終趨於穩定。再加上我們 SBA 團隊的強勁表現以及貸款產品組合組成的持續改善，使我們有能力在 2024 年及以後實現更高的收益和盈利能力。因此，我想將電話轉給 Ken，以了解有關本季財務表現的更多詳細資訊。

Thanks, David. Now turning to slide 4. David covered the highlights for the quarter from a lending perspective. So I will just provide some additional color. Consistent with our focus on variable rate and higher-yielding asset classes, we were pleased that our third-quarter funded portfolio origination yields continued to increase from the second quarter. Because of the fixed rate nature of some of our larger portfolios, there is a lagging impact of the higher origination yields on the overall loan portfolio. However, as new origination yields have been consistently higher throughout 2023, we expect the overall loan yield to continue to increase in future periods.

謝謝，大衛。現在轉向幻燈片 4。David 從貸款角度介紹了本季的亮點。所以我只會提供一些額外的顏色。與我們對可變利率和高收益資產類別的關註一致，我們很高興第三季的投資組合初始收益率較第二季繼續增加。由於我們一些較大投資組合的固定利率性質，較高的初始收益率對整個貸款組合產生滯後影響。然而，由於 2023 年新發放收益率持續走高，我們預計未來期間整體貸款收益率將持續上升。

Our SBA, construction, and franchise finance channels continue to have very strong pipelines. There is one caveat to our outlook on loan pipelines that I will speak to in a little more detail later, that being the possibility of a government shutdown in November and the potential impact on the SBA pipeline.

我們的 SBA、建築和特許經營融資管道仍然擁有非常強大的管道。我們對貸款管道的前景有一個警告，我稍後會更詳細地討論，那就是 11 月政府關閉的可能性以及對 SBA 管道的潛在影響。

As David just said, moments ago, some macroeconomic and geopolitical factors remain outside of our control. If we avert a shutdown and similar to what we accomplished in the third quarters, our goal is to fund a portion of this production using cash flows from other portfolios as we continue to rebalance and optimize the composition of the total loan portfolio.

正如大衛剛才所說，一些宏觀經濟和地緣政治因素仍然是我們無法控制的。如果我們避免關閉，類似於我們在第三季度所取得的成就，我們的目標是在我們繼續重新平衡和優化總貸款組合的構成的同時，利用其他投資組合的現金流為部分生產提供資金。

Moving on to deposits on slides 5 through 7, deposit balances continued to increase and were up $229 million or 6% from the end of the second quarter. The majority of the deposit growth during the quarter came from CDs with strong demand from consumers and small business. We originated 428 million in new production and renewals during the quarter at an average cost of 5.14% and a weighted average term of 15 months. These were partially offset by maturities of $180 million with an average cost of 3.07%.

轉向幻燈片 5 至 7 中的存款，存款餘額繼續增加，較第二季末增加 2.29 億美元，即 6%。本季存款成長的大部分來自消費者和小型企業強勁需求的存款證。本季我們的新生產和續約量為 4.28 億美元，平均成本為 5.14%，加權平均期限為 15 個月。這些被 1.8 億美元的到期日（平均成本為 3.07%）部分抵消。

Looking forward, we have $276 million of CDs maturing in the fourth quarter with an average cost of 4.34% and $459 million maturing in the first quarter of 2024 with an average cost of 4.62%. So you can see, the repricing gap between the cost of new CDs and the cost of maturing CDs is closing, which will contribute significantly to the continued pace of slowing deposit costs.

展望未來，我們有 2.76 億美元的 CD 將於第四季到期，平均成本為 4.34%，4.59 億美元的 CD 將於 2024 年第一季到期，平均成本為 4.62%。所以你可以看到，新存款證成本與到期存款證成本之間的重新定價差距正在縮小，這將大大有助於存款成本持續放緩。

Non-maturity deposits were down slightly at quarter end as declines in interest-bearing checking and money market balances were offset by an increase in Banking-as-a-Service deposits driven by higher payments volume. Deposits from our Banking-as-a-Service partners were up 5% from the second quarter and totaled $162 million at quarter end.

非到期存款在季度末略有下降，原因是計息支票和貨幣市場餘額的下降被支付量增加推動的銀行即服務存款的增加所抵消。我們的銀行即服務合作夥伴的存款較第二季成長 5%，季末總額達 1.62 億美元。

Additionally, these partners generated over $3.4 billion in payments volume which was up 16% from the volume we processed in the second quarter. From a revenue perspective, total Banking-as-a-Service fees were up 24% quarter over quarter with the large majority of the increase consisting of recurring oversight and transaction fees. Additionally, brokered deposits decreased $12 million from the end of the second quarter as a contractual relationship matured early in the quarter, and we continue to reduce higher-cost portions of our deposit base.

此外，這些合作夥伴產生了超過 34 億美元的支付額，比我們第二季處理的交易額增加了 16%。從收入角度來看，銀行即服務總費用較上季成長 24%，其中大部分成長來自經常性監督費用和交易費用。此外，由於合約關係在本季初到期，經紀存款較第二季末減少了 1,200 萬美元，我們繼續減少存款基礎中成本較高的部分。

As a result of all the deposit and interest rate activity during the third quarter, the cost of our interest-bearing deposits increased by 34 basis points from the second quarter, which, as David mentioned, is the slowest pace of growth over the last five quarters. In addition to the large volume of CDs maturing over the next two quarters, we also have about $75 million of brokered deposits maturing in the fourth quarter with a weighted average cost of almost 5%.

由於第三季所有的存款和利率活動，我們的計息存款成本比第二季增加了34個基點，正如大衛所提到的，這是過去五年來最慢的成長速度宿舍。除了未來兩季到期的大量 CD 外，我們還有約 7,500 萬美元的經紀存款將在第四季度到期，加權平均成本接近 5%。

Part of our strategy and driving deposit growth earlier in the third quarter was to get in front of the July Fed rate hike and lock in lower costs to replace the outflows from maturing deposits while still maintaining more than adequate liquidity. As I mentioned earlier, the weighted cost of new CDs during the third quarter was 5.14% whereas the market is now pricing 12 to 24 months CDs between 5.6% and 6%.

我們在第三季早些時候推動存款成長的策略的一部分是在聯準會 7 月升息之前鎖定較低的成本，以替代到期存款的流出，同時仍保持充足的流動性。正如我之前提到的，第三季新 CD 的加權成本為 5.14%，而市場目前 12 至 24 個月 CD 的定價在 5.6% 至 6% 之間。

While we expect a certain percentage of maturing consumer and small business CDs to renew, we are not competitive in pricing in the institutional and public funds markets. When combined with the brokered deposit maturities, we do expect deposit and cash balances to be lower at the end of the year, which should have the added benefit of relieving some pressure on both our capital ratios and our net interest margin.

雖然我們預期一定比例的到期消費者和小型企業 CD 會續訂，但我們在機構和公共基金市場的定價方面不具競爭力。與經紀存款到期日相結合，我們確實預期年底存款和現金餘額會較低，這應該會帶來額外的好處，減輕我們的資本比率和淨利差的壓力。

Looking at slide 6, at quarter end, we estimate that our uninsured deposit balances were $948 million or 23% of total deposits, down slightly from 24% at the end of the second quarter. The decrease was driven primarily by the new CD production, which generally consisted of balances below the insured limit. As a reminder, included in the uninsured balanced total, our Indiana based municipal deposits, which are insured by the Indiana Board for depositories and neither require collateral nor are reported as preferred deposits on the bank's call report as well as certain larger balance accounts under contractual agreements that only allow withdrawal under certain conditions. After adjusting for these types of deposits, our adjusted uninsured balances dropped to $704 million or 17% of total deposits comparing favorably relative to the rest of the industry.

請看投影片 6，在季末，我們估計我們的未保險存款餘額為 9.48 億美元，佔總存款的 23%，略低於第二季末的 24%。下降的主要原因是新 CD 產量，其餘額通常低於保險限額。提醒一下，未保險的平衡總額中包括我們位於印第安納州的市政存款，這些存款由印第安納州存款委員會承保，既不需要抵押品，也不在銀行通知報告中報告為優先存款，以及合約規定的某些較大餘額帳戶僅允許在特定條件下退出的協議。在對這些類型的存款進行調整後，我們調整後的未保險餘額降至 7.04 億美元，佔總存款的 17%，與行業其他公司相比處於有利地位。

Moving to slide 7, at quarter end, total liquidity remains very strong as we had cash and unused borrowing capacity of $1.7 billion. Our unused borrowing capacity increased during the quarter as we pledged additional collateral to the Federal Reserve. With the deposit growth over the course of the quarter, cash balances increased over $55 million. Furthermore, our loans-to-deposits ratio declined to 91.5%. At quarter end, our cash and unused borrowing capacity represents 182% of total uninsured deposits and 244% of adjusted uninsured deposits.

轉向幻燈片 7，截至季度末，總流動性仍然非常強勁，因為我們擁有 17 億美元的現金和未使用的借款能力。由於我們向聯準會承諾提供額外抵押品，我們的未使用借款能力在本季有所增加。隨著本季存款的成長，現金餘額增加了超過 5,500 萬美元。此外，我們的貸存比率下降至91.5%。截至季末，我們的現金和未使用的借款能力佔未保險存款總額的 182%，佔調整後未保險存款的 244%。

Turning to slides 8 and 9, net interest income for the quarter was $17.4 million and $18.6 million on a fully taxable equivalent basis, down 4.2% and 4.4% respectively from the second quarter. The yield on average interest-earning assets increased to 5.02% from 4.89% in the linked quarter, due primarily to a 29 basis point increase in the yield earned on other earning assets, a 9 basis point increase in the average loan yield and a 20 basis point increase in the yield earned on securities.

轉向投影片 8 和 9，以完全應稅等值計算，本季淨利息收入分別為 1,740 萬美元和 1,860 萬美元，較第二季分別下降 4.2% 和 4.4%。平均生息資產收益率從上一季的 4.89% 上升至 5.02%，主要是由於其他生息資產收益率上升 29 個基點，平均貸款收益率上升 9 個基點，以及平均貸款收益率上升 20 個基點。證券收益率增加基點。

The higher yields on interest-earning assets, combined with growth in average loan and cash balances produced strong top-line growth in interest income increasing over 8% compared to the linked quarter. While deposit costs continued to rise, again, the pace of increase was the slowest in the past five quarters. And as a result, net interest income contraction was also the lowest in the past five quarters and in line with our expectations.

生息資產收益率上升，加上平均貸款和現金餘額增長，導致利息收入強勁增長，較上一季增長超過 8%。雖然存款成本持續上升，但增幅仍是過去五個季度以來最慢的。因此，淨利息收入收縮也是過去五個季度中最低的，符合我們的預期。

We reported a net interest margin of 1.39% in the third quarter, a decrease of 14 basis points from the second quarter. Fully taxable equivalent net interest margin for the quarter was 1.49%, down 15 basis points from the prior quarter. We estimate the higher cash balances we carry during the quarter negatively impacted net interest margin by 10 to 12 basis.

第三季淨利差為1.39%，較第二季下降14個基點。本季全額應稅等值淨利差為 1.49%，較上季下降 15 個基點。我們估計本季現金餘額增加會對淨利差產生 10 至 12 倍的負面影響。

The net interest margin roll forward and slide 9 highlights the drivers of change in fully taxable equivalent net interest margin during the quarter. Similar to this quarter, with higher priced new loan originations in variable rate assets repriced higher for an entire quarter, we believe that we will deliver another increase in total interest income for the quarter. Currently, we expect the yield on the loan portfolio to be up around 20 to 25 basis points for the fourth quarter.

淨利差前滾和投影片 9 凸顯了本季完全應稅等值淨利差變化的驅動因素。與本季類似，隨著整個季度可變利率資產的新貸款定價更高，我們相信本季的總利息收入將再次增加。目前，我們預計第四季度貸款組合的收益率將上漲約 20 至 25 個基點。

Furthermore, with short-term interest rates stabilizing and the repricing gap in CDs expected to narrow, we anticipate only a modest increase in interest-bearing deposit costs. With these expectations, combined with our forecast for a smaller balance sheet by year end and with the acknowledgment that some macro-economic factors remain outside of our control, we continue to believe that the third quarter will represent the inflection point for net interest income and net interest margin, consistent with our comments from last quarter's call.

此外，隨著短期利率穩定以及存款證重新定價差距預計縮小，我們預期帶息存款成本只會小幅上升。有了這些預期，再加上我們對年底資產負債表規模縮小的預測，以及我們承認一些宏觀經濟因素仍然超出我們的控制範圍，我們仍然認為第三季將是淨利息收入和淨利息收入的拐點。淨利差，與我們上季度電話會議的評論一致。

Turning to noninterest income on slide 10, noninterest income for the quarter was $7.4 million, up $1.5 million from the second quarter. Gain on sale of loans totaled $5.6 million for the quarter, up 14% over the second quarter and consisted entirely of gain on sales of US Small Business Administration 7(a) guaranteed loans. Our SBA team continued its track record of growth as sold loan volume increased 22% quarter over quarter, which was partially offset as net premiums were down 38 basis points.

轉向幻燈片 10 上的非利息收入，該季度的非利息收入為 740 萬美元，比第二季增加 150 萬美元。本季銷售貸款收益總計 560 萬美元，比第二季成長 14%，全部包括美國小型企業管理局 7(a) 擔保貸款的銷售收益。我們的 SBA 團隊繼續保持成長記錄，貸款銷售量較上季成長 22%，但淨保費下降 38 個基點，部分抵銷了這一成長。

99Furthermore, the growth in our SBA business has resulted in a servicing portfolio approaching $500 million, which produced $800,000 of net servicing revenue during the quarter. Additionally, other income was up $500,000 from the linked quarter due primarily to distributions from fund investments.

99此外，我們 SBA 業務的成長導致服務組合接近 5 億美元，本季產生了 80 萬美元的淨服務收入。此外，其他收入較上一季增加了 50 萬美元，這主要是由於基金投資的分配。

Looking at the bar chart of quarterly noninterest income, you can see that with the growth in our SBA business over the last several quarters, we have effectively backfilled and even exceeded any potential gap in revenue from exiting the mortgage business.

查看季度非利息收入的長條圖，您可以看到，隨著過去幾季我們 SBA 業務的成長，我們有效地彌補了甚至超過了退出抵押貸款業務帶來的任何潛在收入缺口。

Moving to S=slide 11, noninterest expense for the quarter was $19.8 million, up $1.1 million from the second quarter. The majority of the increase was in salaries and employee benefits due primarily to higher benefit plan costs as well as higher incentive compensation related to SBA and construction lending.

轉向 S=幻燈片 11，該季度的非利息支出為 1,980 萬美元，比第二季增加 110 萬美元。成長的大部分是薪資和員工福利，主要是由於福利計劃成本增加以及與 SBA 和建築貸款相關的激勵薪酬增加。

Loan expenses were up due mostly to higher third-party loan servicing fees and other miscellaneous lending costs. Data processing costs increased primarily because of variable deposit account opening costs, driven by the significant deposit growth earlier in the quarter. These increases were partially offset by declines in several other expense categories.

貸款費用增加主要是因為第三方貸款服務費和其他雜項貸款成本增加。數據處理成本的增加主要是由於本季早些時候存款大幅增長推動的可變存款帳戶開戶成本的增加。這些增長被其他幾個費用類別的下降部分抵消。

Turning to asset quality on slide 12, David covered the major components of asset quality for the quarter in his comments. I will just add some color around the provision and the allowance for credit losses. The provision for credit losses in the third quarter was $1.9 million compared to $1.7 million in the second quarter. The provision for the third quarter reflects net charge-off activity during the quarter, additional specific reserves and an increase in the reserve for unfunded commitments, partially offset by the positive impact of economic forecasts on loss rates and qualitative factors related to the allowance for credit losses for certain portfolios.

轉向投影片 12 上的資產質量，David 在評論中介紹了本季資產品質的主要組成部分。我只是在準備金和信貸損失準備金方面添加一些色彩。第三季的信貸損失撥備為 190 萬美元，而第二季的信貸損失撥備為 170 萬美元。第三季的準備金反映了本季的淨沖銷活動、額外的特定準備金以及無資金承諾準備金的增加，但部分被經濟預測對損失率和與信貸準備金相關的定性因素的積極影響所抵消某些投資組合的損失。

The allowance for credit losses as a percentage of total loans was 98 basis points as of September 30 compared to 99 basis points as of June 30. The decrease in the allowance for credit losses reflects the impact of certain economic data on forecasted loss rates and adjustments to qualitative factors on certain portfolios mentioned earlier, partially offset by higher coverage ratios in the CNI and SBA portfolios and additional specific reserves.

截至9月30日，信貸損失準備金佔貸款總額的百分比為98個基點，而截至6月30日為99個基點。信貸損失準備金的減少反映了某​​些經濟數據對預測損失率和調整的影響前面提到的某些投資組合的定性因素，部分被 CNI 和 SBA 投資組合較高的覆蓋率以及額外的特定準備金所抵消。

If you exclude the balances and reserves on our public finance and residential mortgage portfolios, which have modest coverage ratios given their lower inherent risk, the allowance for credit losses represented 1.17% of loan balances. Additionally, with minimal office exposure. We do not have the excess reserves around that asset class that many other banks have.

如果排除公共財政和住宅抵押貸款投資組合的餘額和準備金（鑑於其固有風險較低，這些投資組合的覆蓋率適中），信用損失準備金佔貸款餘額的 1.17%。此外，辦公室暴露最少。我們不像許多其他銀行那樣擁有針對該資產類別的超額準備金。

With respect to capital, as shown on slide 13, our overall capital levels at both the company and the bank remained solid. The tangible common equity ratio declined 43 basis points to 6.64%. This was due to a combination of factors. First, like many other banks have experienced this quarter, our accumulated other comprehensive loss grew as interest rates increased at quarter end. Second, we continued to repurchase shares throughout the quarter. And third, as David mentioned earlier, the tangible common equity ratio was impacted by deposit growth during the quarter and maintaining elevated cash balances.

就資本而言，如投影片 13 所示，我們公司和銀行的整體資本水準保持穩健。有形普通股比率下降 43 個基點至 6.64%。這是多種因素共同造成的。首先，就像許多其他銀行在本季經歷的那樣，我們累積的其他綜合損失隨著季末利率的上升而增加。其次，我們整個季度持續回購股票。第三，正如大衛先前提到的，有形普通股比率受到本季存款成長和維持較高現金餘額的影響。

If you exclude accumulated other comprehensive loss and adjust for normalized cash balances of $300 million. The adjusted tangible common equity ratio would be 7.77%. However, we do expect the balance sheet to shrink in the fourth quarter due to a decline in deposits and cash, which will have a beneficial impact on the tangible common equity ratio.

如果排除累計其他綜合損失並調整 3 億美元的正常化現金餘額。調整後的有形普通股比率將為7.77%。不過，我們確實預期第四季資產負債表將因存款和現金下降而收縮，這將對有形普通股權益比率產生有利影響。

From a regulatory capital perspective, the common equity Tier 1 capital ratio remains solid at 9.59%. During the quarter, we repurchased over 97,000 shares of our common stock at an average price of $18.29 per share as part of our authorized stock repurchase program. In total, we have repurchased almost $41 million of stock under our authorized programs since November of 2021.

從監理資本角度來看，普通股一級資本比率維持在9.59%的穩定水準。本季度，作為授權股票回購計畫的一部分，我們以每股 18.29 美元的平均價格回購了超過 97,000 股普通股。自 2021 年 11 月以來，我們已根據授權計畫回購了近 4,100 萬美元的股票。

At quarter end, tangible book value per share was $39.57, which is up over 3% on a year-over-year basis. Before I wrap up my comments, I'd like to provide some additional comments on components of forward earnings. With regard to noninterest income, as our SBA team continues to grow and deliver consistently higher origination activity, we expect noninterest income to be in the range of $6.5 million to $7 million in the fourth quarter.

截至季末，每股有形帳面價值為 39.57 美元，年增超過 3%。在結束我的評論之前，我想就遠期收益的組成部分提供一些額外的評論。關於非利息收入，隨著我們的 SBA 團隊不斷發展並持續提供更高的發起活動，我們預計第四季度的非利息收入將在 650 萬美元至 700 萬美元之間。

However, two factors may affect our forecast. First, if the government shuts down in mid-November for an extended period of time, sales of SBA loans and the origination of new SBA loans will be halted. And second, if we see a continued softening in gain on sale premiums, it may makes economic sense to hold a loan yielding 11% or more versus selling for a premium far below the annual spread income we would earn.

然而，有兩個因素可能會影響我們的預測。首先，如果政府在 11 月中旬長時間關閉，SBA 貸款的銷售和新 SBA 貸款的發放將停止。其次，如果我們看到銷售溢價收益持續疲軟，那麼持有收益率為 11% 或更高的貸款可能比以遠低於我們每年賺取的利差收入的溢價出售貸款更具有經濟意義。

In connection with the continued increase in the level of SBA originations and additional back-office personnel to support the increase, we do expect compensation expense to increase as well. Therefore, we now expect total noninterest expense to be in the range of $20 million to $21 million for the fourth quarter.

隨著 SBA 起源水準的持續增加以及支援增加的後台人員的增加，我們預計薪資費用也會增加。因此，我們現在預計第四季非利息支出總額將在 2,000 萬美元至 2,100 萬美元之間。

Looking toward the future, it is undeniable that there are macroeconomic and geopolitical forces beyond our control. Yet we maintain confidence and our stalwart foundation remains firmly intact. Overall, asset quality is sound. Our capital position is strong. Our teams are focused, we believe we are well positioned to improve our earnings and profitability profile as funding cost stabilize. With that, I'll turn it back to the operator so we can take your questions.

展望未來，不可否認的是，宏觀經濟和地緣政治力量是我們無法控制的。但我們仍保持信心，我們堅實的基礎依然完好無損。整體而言，資產品質良好。我們的資本狀況雄厚。我們的團隊專注，我們相信隨著融資成本的穩定，我們有能力改善我們的收益和獲利能力。這樣，我會將其轉回給接線員，以便我們回答您的問題。

(Operator Instructions) Nathan Race, Piper Sandler.

（操作說明）Nathan Race，Piper Sandler。

Yes, hey, guys. Good afternoon and thanks for taking my questions. Still, I want to clarify the margin outlook for the fourth quarter. I appreciate the guidance for loan yields. I think it was the 20, 25 basis points versus the third quarter. But it sounds like your margin pressure is going to continue but should slow versus the pace of pressure from 2Q into 3Q. And then with the Fed remains on pause, hopefully we get some stability as not expansion starting early next year. Is that the right way to think about the trajectory?

是的，嘿，夥計們。下午好，感謝您提出我的問題。不過，我想澄清第四季的利潤前景。我很欣賞貸款收益率的指導。我認為是與第三季相比上升了 20、25 個基點。但聽起來您的利潤率壓力將繼續存在，但與第二季到第三季的壓力步伐相比應該會放緩。然後，由於聯準會仍處於暫停狀態，希望我們能獲得一些穩定，而不是從明年初開始擴張。這是思考軌跡的正確方法嗎？

Yes, I mean, as I said, we think the inflection point is the third quarter. We continue to optimize the loan book and pick up more and more yield there. I think with regards to deposit costs, especially with the CD repricing gap narrowing and frankly, a lot of our deposits really tied to direct moves in Fed funds, we do not forecast deposit costs really increasing all that significantly in the fourth quarter. And again, notwithstanding forces outside our control, we expect net interest income, net interest margin to be up in the fourth quarter.

是的，我的意思是，正如我所說，我們認為拐點是第三季。我們繼續優化貸款帳簿，並獲得越來越多的收益率。我認為就存款成本而言，特別是隨著存款準備金重新定價差距縮小，坦白說，我們的許多存款確實與聯邦基金的直接變動有關，我們預計第四季度存款成本不會真正大幅增加。再次強調，儘管存在我們無法控制的因素，但我們預計第四季度淨利息收入和淨利差將上升。

(multiple speakers) if the Fed and that is predicated on the Fed, not bumping anything here in November, which indications are they're going to stay the course. So we got a shot. If you go back, as Ken made the comment, the excess cash on the balance sheet as that rolls off here this quarter, we think that will get us back in that positive vein that we had not had the excess cash in the third quarter. We'd only had a compression on them of 300s of a point. So three 3 points. So I agree with Ken. I think we've hit rock-bottom on that compression and should start to see it expand here in the fourth quarter.

（多位發言者）如果聯準會以及聯準會在 11 月不會碰觸任何事情，這表明他們將堅持到底。所以我們有機會。如果你回顧一下，正如肯所評論的那樣，資產負債表上的多餘現金隨著本季度的滾動而減少，我們認為這將使我們回到第三季度沒有多餘現金的積極狀態。我們只對它們進行了 300 秒的壓縮。所以三個3分。所以我同意肯的觀點。我認為我們的壓縮已經觸底，並且應該會在第四季度開始看到壓縮的擴大。

That's good. And within that context, it sounds like the pipelines are in pretty good shape and loan growth should pick up in the fourth quarter. I apologize if you guys alluded to this earlier but just in terms of what are your loan growth expectations for the fourth quarter and perhaps even looking out to 2024 as well?

那挺好的。在這種背景下，聽起來管道狀況相當不錯，貸款成長應該會在第四季回升。如果你們早些時候提到這一點，我很抱歉，但就你們對第四季度的貸款成長預期是多少，甚至可能還展望 2024 年？

I think we'll probably continue to see loan growth in the fourth quarter, similar to what we saw in the third quarter may be a little bit more. And again, to remind folks that some of our longer-term fixed rate portfolios, we're kind of letting some of those really cash flow off and just replacing the -- we're just replacing those balances with SBA franchise construction.

我認為我們可能會在第四季度繼續看到貸款成長，類似於我們在第三季度看到的情況，可能會多一些。再次提醒人們，我們的一些長期固定利率投資組合，我們有點讓其中一些真正的現金流流出，只是用 SBA 特許經營建設來取代這些餘額。

So we're obviously going to be able to pick up yield and optimize the portfolio. By fourth quarter, probably similar to a bit more than the third quarter and looking into next year, some of the loan growth within individual line items will be pretty strong. But again, those will be offset by declines in other. So it could be mid-single-digit growth or mid- to high-single-digit growth next year.

因此，我們顯然將能夠提高收益率並優化投資組合。到第四季度，可能與第三季度相似，展望明年，個別項目中的一些貸款成長將相當強勁。但同樣，這些將被其他方面的下降所抵消。因此明年可能會出現中個位數成長或中高個位數成長。

The one caveat that could change that. As we were just talking a minute ago, if the SBA either stops and we're prohibited from selling, we do have a strong pipeline of long term in the queue that will get closed here in the fourth quarter. If we put those on the balance sheet and that growth percentage is going to blow up pretty quickly. But as Ken said, we're probably looking at 2% to 3% per quarter of loan growth going forward for the fourth quarter here as well as per quarter through 2024.

一個可能改變這一點的警告。正如我們剛才所說，如果 SBA 停止並且我們被禁止出售，我們確實有大量的長期管道在排隊，這些管道將在第四季度關閉。如果我們將這些納入資產負債表，那麼成長率將會很快飆升。但正如 Ken 所說，我們預計第四季以及 2024 年每季的貸款成長率可能為 2% 至 3%。

And that's not annualized growth per quarters?

這不是每季的年化成長嗎？

Annualized would be at about 9% to 10%. Yeah. 2% to 3% per quarter annualized runtime.

年化報酬率約9%至10%。是的。每季年化運作時間 2% 至 3%。

Got it. Okay. Just clarify and obviously you guys not so you got to do a great job of growing deposits. And the third quarter is expectation that based on what you're seeing in terms of new client wins and just where your pricing is across your products that deposit growth can largely keep pace with loans going forward?

知道了。好的。只是澄清一下，顯然你們不是這樣，所以你們必須在增加存款方面做得很好。第三季的預期是，根據您在贏得新客戶方面所看到的情況以及您在產品中的定價，存款成長將在很大程度上與未來的貸款保持同步？

Yeah. We think it'll keep pace with loans. We'll actually see a little shrinkage here when some of the CDs roll off. One of the things we didn't talk about in the call, but during the third quarter in particular, we rolled out some really nice features as add-ons to our small business checking accounts. We now have a forward-looking cash forecast for them built into the product as well as automated cash sweeps that they want to keep X balance and a checking account to move the rest to a money market. It will move both ways.

是的。我們認為它將與貸款保持同步。當一些 CD 發行時，我們實際上會看到這裡有一點收縮。我們在電話中沒有談論的事情之一，但特別是在第三季度，我們推出了一些非常好的功能，作為我們小型企業支票帳戶的附加功能。我們現在在產品中內建了對他們的前瞻性現金預測，以及他們希望保持 X 餘額的自動現金掃描，以及將其餘資金轉移到貨幣市場的支票帳戶。它會雙向移動。

I just set a balance at the end of the day. We're really getting some good traction on that small business checking account. We won an award last year of being one of the best in the country. And with the new features, we've got a really nice new automated tool on the front end to help with the opening process. So yeah, that volume is picking up and that's by far the cheapest funds that we have in the institution.

我只是在一天結束時設定了一個平衡。我們確實在小型企業支票帳戶上獲得了一些良好的吸引力。去年我們榮獲全國最佳之一獎。憑藉新功能，我們在前端提供了一個非常好的新自動化工具來幫助完成開啟過程。所以，是的，這個數量正在增加，這是迄今為止我們在該機構擁有的最便宜的基金。

So yeah, continued growth there. We're doing real well with the consumer, post-COVID small businesses. And consumers learned that they really don't need to have that traditional bank, and our pricing and products are much better than the normal community bank. So we're seeing a nice pickup without a real ton of advertising and expense to go with it. And it's really worked well for us.

所以是的，那裡持續成長。我們在消費者和後疫情時期的小型企業方面做得非常好。消費者了解到他們真的不需要那種傳統銀行，而且我們的定價和產品比一般社區銀行好得多。因此，我們看到的是一款不錯的皮卡，沒有大量的廣告和費用。這對我們來說確實很有效。

Got you. If I could just ask a couple last questions on credit quality. Particularly curious on the franchise growth. I mean, that's been really impressive over the last year or. So balances of up around 100%. Just curious in terms of underlying credit quality there, we've seen some issues within the franchise space thus far in earnings season. So just curious what you guys are seeing there in terms of any criticized migration? And just how comfortable and you guys are growing that portfolio to a certain level going forward?

明白你了。如果我能問最後幾個關於信用品質的問題就好了。對特許經營的成長特別好奇。我的意思是，去年的情況確實令人印象深刻。所以餘額上升了100%左右。只是對那裡的基本信用品質感到好奇，到目前為止，我們在財報季已經看到了特許經營領域的一些問題。所以只是好奇你們在任何受到批評的移民方面看到了什麼？你們未來將投資組合發展到一定程度有多舒服？

Yeah. Historically, to date, we've had 300,000 of charge-offs to date. We've had pretty good credit quality. I think over time, there probably will be some charge-offs there. But so far, to date, delinquencies have been very low, continue to stay on top of it and monitor the portfolio. But I think probably like small business, there may be some pop-ups here and there, but I don't think, from our perspective, there's no systemic real issues with the franchise [space] today.

是的。從歷史上看，迄今為止，我們已經進行了 30 萬次沖銷。我們的信用品質非常好。我認為隨著時間的推移，那裡可能會出現一些沖銷。但到目前為止，拖欠率非常低，請繼續控制並監控投資組合。但我認為可能像小企業一樣，可能會到處出現一些彈出窗口，但我認為，從我們的角度來看，今天的特許經營[空間]不存在系統性的實際問題。

I actually said in on the credit committee meeting this morning, we had one account that was over 30 days. And we got a check in this morning that took them off the delinquency list if it clears. We should end the months here with absolutely no delinquency in that portfolio. So as Ken said, and historically apple pie, it's been around 10, 12, 13 years. Historically, they have had about a 1.6% loss ratio. But so far we're doing well.

實際上我在今天早上的信貸委員會會議上說過，我們有一個帳戶已經超過 30 天了。今天早上我們收到了一張支票，如果沒有問題的話，就把他們從拖欠名單上刪除。我們應該在這幾個月結束時確保該投資組合絕對沒有拖欠。正如肯所說，從歷史上看，蘋果派已經有大約 10 年、12 年、13 年了。從歷史上看，他們的損失率約為 1.6%。但到目前為止我們做得很好。

Got it. Great to hear. And then just lastly, in terms of the charge-offs this quarter, how much of it was related to the -- I think it was a bank alliance loan that we've been talking about the last couple of quarters versus just small number of SBA loans that were called out in the press release?

知道了。很高興聽到。最後，就本季度的沖銷而言，其中有多少與——我認為這是我們過去幾個季度一直在談論的銀行聯盟貸款，而不是少數新聞稿中提到的 SBA 貸款？

The bank alliance deal was a couple of quarters ago. We did have -- really the charge-offs can be boiled down into two components, one piece of it being a handful of smaller SBA loans. And then we did charge off. We were a participant in a deal in the lead bank. I'll put the loan and pool that as part of a larger pool of loan sales. And we work with them on that, but we had to take a small charge as the sale price was less than the carrying value.

銀行聯盟協議是在幾個季度前達成的。我們確實有——實際上，沖銷可以歸結為兩個部分，其中之一是少量較小的 SBA 貸款。然後我們就出發了。我們是牽頭銀行一項交易的參與者。我會將貸款和資金池作為更大的貸款銷售池的一部分。我們與他們合作，但我們不得不收取少量費用，因為銷售價格低於帳面價值。

Got it. So the C&I loan charge off in the third quarter was (multiple speakers)

知道了。因此，第三季的 C&I 貸款沖銷是（多位發言者）

Yeah. But it was not to be clear. We had nothing to do with the bank alliance deals from earlier this year.

是的。但這還不清楚。我們與今年稍早的銀行聯盟交易無關。

Got you. And based on what you're seeing across portfolio today, imagine it's fair to maybe expect some our moderation charge-off levels going forward?

明白你了。根據您今天在整個投資組合中看到的情況，想像一下，預期我們未來的一些適度沖銷水平是否公平？

Yeah. It's an interesting time. The bump-up in interest rates particularly on some of the older SBA loans that when we bought our first Colorado portfolio. Again, we discussed two or three in credit this morning that are getting deferments from the SBA world that will hopefully help them through the crunch. But we had people there that were at 3% from the beginning days of the loans that are now paying 11.5% to 12%. And it is just putting the squeeze on them.

是的。這是一個有趣的時刻。利率上升，特別是當我們購買第一個科羅拉多州投資組合時，一些較舊的 SBA 貸款。今天早上我們再次討論了兩三個獲得 SBA 世界延期的信用證，這有望幫助他們渡過難關。但我們那裡的人從貸款開始時的利率為 3%，現在則支付 11.5% 至 12%。這只是對他們施加壓力。

But nothing systemic, no particular vertical in the lending area. That's a problem. And I think we'll continue to see some of these one-off things. But stabilization and bumping, the rates will help immensely, no question about it. And if at some point in '24, we start to then him go down, we'll be in great shape there.

但在貸款領域沒有什麼系統性的、沒有特別垂直的內容。這是一個問題。我認為我們將繼續看到其中一些一次性的事情。但毫無疑問，穩定和波動，利率將有很大幫助。如果在 24 年的某個時候，我們開始讓他倒下，那麼我們會保持良好的狀態。

The SBA does have a lot of tools that help some of these smaller guys to go to an interest-only basis to actually give them total payment deferment for 60, 90 days, up to six months in some cases. So we're playing by the rules. And as I said, credit committee this morning, numbers are still down over what we finished at quarter end and looking good. But who knows what might pop out.

SBA 確實有很多工具可以幫助一些規模較小的企業採用只還利息的方式，實際上讓他們的總付款延長 60、90 天，在某些情況下最多可以延期 6 個月。所以我們是按規則行事。正如我今天早上在信貸委員會所說的那樣，數字仍然低於我們在季度末完成的數據，而且看起來不錯。但誰知道會彈出什麼。

Got it. Makes sense. I appreciate the color. Thank you, guys. I'll step back.

知道了。說得通。我很欣賞它的顏色。感謝你們。我會退後一步。

Mike Perito, KBW.

邁克·佩里托，KBW。

Hi, this is Mike's associate Andrew Felling. And thanks for taking my questions.

大家好，我是麥克的同事安德魯費林。感謝您回答我的問題。

Sure.

當然。

I just wanted to start off here. I was wondering if you could give some more color on the best space. I know you commented on that new partnership you launched on. I was just wondering what's the appetite look like for new partnerships and what kind of maybe revenue expectations can we see from some of the new partners you've onboarded in the last few quarters?

我只是想從這裡開始。我想知道你是否可以給最好的空間更多的色彩。我知道您對您發起的新合作夥伴關係發表了評論。我只是想知道對新合作夥伴的興趣如何，以及我們可以從過去幾季加入的一些新合作夥伴那裡看到什麼樣的收入預期？

Well, I was actually at the Money 20/20 on Tuesday, I heard that's where Mike said, they're kind of run around as well. We had great meetings out there with all of our partners from increased treasury prime to -- we saw actually probably a half a dozen of the fintech companies that were working with us, importantly, spent a fair amount of time with jaris.

嗯，實際上我星期二參加了 Money 20/20，我聽說麥克就是在那裡說的，他們也有點到處亂跑。我們與所有合作夥伴舉行了精彩的會議，從增加的財政資金到——我們實際上看到了可能有六家與我們合作的金融科技公司，重要的是，他們花了相當多的時間與賈里斯在一起。

So it's looking good. Everything takes always a little longer than you think it's going to get things up in mind. But as Ken said in his comments, we had a nice boost up in deposits. The payment services side, we're processing over $1 billion a month in payments and still continuing to grow quite significantly month over month. jaris, I was hoping to have them live here mid-month in October.

所以看起來不錯。一切事情總是比你想像的要花更長的時間才能把事情記在心裡。但正如肯在評論中所說，我們的存款大幅增加。在支付服務方面，我們每月處理超過 10 億美元的付款，並且仍在繼續逐月顯著增長。 jaris，我希望他們十月中旬住在這裡。

We've got a couple of t's to cross and i's to dot. We should be live by a month in early November at the latest. So everything's positive. We have a number of folks that we've been completing due diligence that are live and two pilot programs and are actually opening real accounts with real customer on all of the -- so first quarter next year, it should be really, really strong. And hopefully, we'll get to a couple over the finish line and turn up some volume here in December.

我們有幾個 t 需要交叉，i 需要打點。我們最晚應該在 11 月初上線一個月。所以一切都是正面的。我們有很多人已經完成了現場盡職調查和兩個試點計劃，並且實際上正在與所有真實客戶開設真實帳戶 - 所以明年第一季度，它應該非常非常強勁。希望我們能在 12 月達到終點線並增加一些銷售量。

Obviously, the credit card world shuts down. I think this year the blackout date is November 10. So we're pressing real hard to get a couple of final due diligence in order to get their credit card systems moved and re-pointed our direction before November 10. So if that doesn't happen, then it goes into mid-January before they reopen. But that's a tremendous amount of impact here in the fourth quarter. But we could -- I think first quarter next year, we'll make as much as we did in the whole calendar year here of 2023.

顯然，信用卡世界已經關閉。我認為今年的限制日期是 11 月 10 日。因此，我們正在非常努力地進行一些最終的盡職調查，以便在 11 月 10 日之前移動他們的信用卡系統並重新指明我們的方向。所以如果沒有的話'如果沒有發生，那麼它會在一月中旬重新開放之前。但這對第四季的影響是巨大的。但我們可以——我認為明年第一季度，我們的收入將與 2023 年全年的收入一樣多。

Great. That sounds amazing. I appreciate the update. Maybe just jumping around a bit here. Could you provide a little color on maybe around the ROA? What's a reasonable target there for 2024 or kind of what the expectation is as some of these initiatives full term?

偉大的。聽起來很神奇。我很欣賞這個更新。也許只是在這裡跳來跳去。您能否對 ROA 周圍的情況提供一些說明？ 2024 年的合理目標是什麼，或者對其中一些舉措的整個期限的期望是什麼？

Yeah. As we look into, I think, we feel good about what next quarter looks like. And I think over the quarter, a little over the course of next year in terms of like NII, we should continue to see gradual improvement quarter by quarter from in terms of NIM improvement and NII improvement. We expect the SBA team to continue to grow next year as well.

是的。我認為，當我們調查時，我們對下個季度的情況感到滿意。我認為，在本季度，以及明年的 NII 方面，我們應該會繼續看到 NIM 改善和 NII 改善逐季逐步改善。我們預計 SBA 團隊明年也將繼續發展。

David talked about some about the BaaS initiatives and the revenue opportunities there. So I think we're, -- look, it'll be a little bit lighter in the front end of the year, probably similar to fourth quarter, probably a little bit better than fourth quarter, maybe in the mid 40 basis point of ROA. But I think by the end of the year by fourth quarter, we're looking to be back up north of 80 and perhaps closer to 90 basis points.

David 談到了一些有關 BaaS 計劃和那裡的收入機會的內容。所以我認為我們，-看，今年年初的情況會稍微輕一點，可能與第四季度相似，可能比第四季度好一點，可能在 40 個基點中間資產回報率。但我認為到今年年底第四季度，我們希望回升至 80 個基點以上，或許接近 90 個基點。

Great. Appreciate that. And then just last question for me and then I'll hop back. Any room for buybacks to accelerate here? I know there's some good activity there in the third quarter, but maybe just there any acceleration here in fourth quarter and then into '24.

偉大的。感謝。然後問我最後一個問題，然後我會跳回去。這裡有加速回購的空間嗎？我知道第三季有一些良好的活動，但也許第四季然後進入 24 年會有加速。

One of the things that we're focused on, and we know the outside world pays a lot of attention to it is the TCE. We fell under 7% Our goal is to get us back above 7%. At the current time, at the price, we really can't be out of the market on share repurchase, but we're diligently paying attention to that 7%. If by chance, the Fed does nothing and the long-term rates come back and ALCI drops down, yeah, we'll stay in actively purchasing?

我們關注的事情之一就是 TCE，我們知道外界對此也非常關注。我們下降到 7% 以下 我們的目標是讓我們回到 7% 以上。目前的價格來看，我們確實無法退出股票回購市場，但我們正在努力關注那7%。如果碰巧聯準會什麼都不做，長期利率回升，ALCI 下降，是的，我們會繼續積極購買嗎？

I think we'll do something. I doubt that we're going to expand much over what we did last quarter. Particularly hopefully, the share price continues to climb as well as our numbers are getting better. But when we're trading in 30%, 40%, 50% above, we can't afford not to purchase shares back. But it will be a balancing act really kind of keeping an eye on TCE as well as the price of the shares. So we're in the market, we'll stay in the market, but we won't be probably as aggressive as we were in the first half of the year, but we'll stay out there.

我想我們會做點什麼。我懷疑我們是否會比上個季度的規模擴大很多。特別希望的是，股價繼續攀升，我們的業績也越來越好。但當我們的交易價格高於 30%、40%、50% 時，我們就不能不回購股票。但這實際上是一種平衡行為，需要密切關注 TCE 和股票價格。所以我們在市場上，我們會留在市場上，但我們可能不會像上半年那麼積極，但我們會留在市場上。

Great. Thank you. That's all for me. I appreciate all the color.

偉大的。謝謝。這就是我的全部。我欣賞所有的顏色。

George Sutton, Craig Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. David, you mentioned in your script that you've grown to be the ninth largest SBA player. What is your goal? What is the governor to your growth? How much more can you expand in that area?

謝謝。 David，你在劇本中提到你已經成長為 SBA 第九大球員。你的目標是什麼？什麼是你成長的主宰？您在該領域還能擴展多少？

George, we really don't have any limitation out here. I think we're going to finish this year at about $385 million. My guys will be beating on me here, but we haven't forecasted for for $440 million, $450 million. I think we got a real shot at $500 million next year and you're going to be hearing phones drop all over the office here, the folks that are listening in on the call.

喬治，我們這裡真的沒有任何限制。我認為今年我們的收入將達到約 3.85 億美元。我的伙伴們會在這裡擊敗我，但我們還沒有預測 4.4 億美元、4.5 億美元。我認為明年我們確實有機會獲得 5 億美元，你會聽到辦公室裡到處都是電話鈴聲，那些正在監聽電話的人。

But I wouldn't be surprised to see us get pretty close to $500 million next year. As long as we're selling 75%, the insured portion and getting a good return on that, we're in great shape. I would say, we could run up to probably $1 billion on our internal portfolio and $0.25 on the dollar. That gives us a lot, a lot of room for new production.

但如果我們明年的收入接近 5 億美元，我不會感到驚訝。只要我們出售 75% 的保險部分並獲得良好的回報，我們就處於良好狀態。我想說的是，我們的內部投資組合可能高達 10 億美元，美元投資組合可能高達 0.25 美元。這給了我們很大很大的新製作空間。

So if we start bucking them and holding them on the balance sheet, that could slow down the gross number a little bit. But as Ken said, a couple of minutes ago, we're getting 11.5%, 12% yield versus a 5% or something on the purchase side. It makes sense that hanging on the balance sheet. But anything less than 1 billion, we have no qualms whatsoever and keeping it going.

因此，如果我們開始抵制它們並將它們保留在資產負債表上，那麼總數可能會稍微放緩。但正如 Ken 所說，幾分鐘前，我們獲得了 11.5%、12% 的收益率，而購買方的收益率為 5% 左右。掛在資產負債表上是有道理的。但只要低於 10 億，我們就沒有任何疑慮並繼續下去。

And I wanted to make sure that I understood the 11% opportunity in terms of -- because you were couching it in the sense that the government could shut down and I think therefore would hold more. Was I hearing that correctly or what would motivate you to increase the amount that you're holding?

我想確保我理解 11% 的機會，因為你表達的意思是政府可以關閉，因此我認為會持有更多。我沒聽錯嗎？或者什麼會促使您增加持有的金額？

If the government closes, we'll hold the assets because we can't sell them in the secondary market of the government's, not there to make the transfer. So we'll hang onto them that could reopen. If they're down for a couple of days, it reopened in a week to 10 days. To get the machine oiled and back running, that's not it.

如果政府關閉，我們將持有這些資產，因為我們不能在政府的二級市場上出售它們，也不能在那裡進行轉移。所以我們會保留那些可以重新開放的項目。如果他們關閉幾天，它會在一周到十天內重新開放。給機器上油並重新運行，不是這樣的。

They're down for 24 hours. They're going to come right back. So might put a little lag in there. The return, as Ken said, and I'm going to blow this up. So you can go back in fact, check me, but we grew the sales by 20%, but the actual sales yield, we got it down 30% over last quarter. If that continues to decline as the market is saturated, a lot of banks across the country are not buying assets or boosting their balance sheet.

他們已停機 24 小時。他們馬上就會回來。所以可能會有點滯後。正如肯所說，回歸，我要把這件事炸毀。事實上，你可以回頭看看，我們的銷售額成長了 20%，但實際銷售收益率比上季下降了 30%。如果隨著市場飽和而持續下降，全國許多銀行就不會購買資產或擴大資產負債表。

So if the market falls off and I can only get to a 5% or 6% purchase price, why would I sell an 11.5%, 12% asset because I'll make that back up in 12 months. So it's really two focuses. Government shutdown could slow it down as well as if the yield in the secondary market continues to soften, we'll just keep them on the balance sheet.

因此，如果市場下跌，我只能達到 5% 或 6% 的購買價格，為什麼我要出售 11.5%、12% 的資產，因為我會在 12 個月內彌補這一點。所以這其實是兩個焦點。政府關閉可能會減慢其速度，如果二級市場的收益率繼續疲軟，我們只會將其保留在資產負債表上。

Perfect. That's it for me. Thanks, sir. Nice to hear from you.

完美的。對我來說就是這樣。謝謝先生。很高興聽到你的消息。

John Rodis, Janney.

約翰·羅迪斯、珍妮.

That was close. Hey, good afternoon, guys. Good, David, Ken. Ken, maybe just circling back to the margin. I think last quarter you talked about, by the fourth quarter of next year, the margin could be 190 to 195. Do you still think that's possible?

那很接近了。嘿，下午好，夥計們。好，大衛，肯。肯，也許只是繞回邊緣。我想你上個季度談到，到明年第四季度，利潤率可能是190比195。你仍然認為這可能嗎？

Yeah, I think there's a pathway there. Certainly, into the 180-ish range and the upper bound of that. But yeah, I think we still feel good about that outlook.

是的，我認為那裡有一條路。當然，進入 180 左右的範圍及其上限。但是，是的，我認為我們仍然對這種前景感到滿意。

Okay. And again, you feel like the third quarter was sort of the inflection for the margin and net interest income dollars.

好的。再說一次，你覺得第三季是利潤率和淨利息收入美元的轉捩點。

That's how we feel right now. Again, the caveat of things that are out of our control, but right now, at least with our forecasts. And what we saw, as David said, in his comments, we probably hit bottom in July and August in terms on a monthly basis. And in September, we had a nice, nice rebound there. So the trajectory is already going up.

這就是我們現在的感受。再次警告我們無法控制的事情，但現在，至少是我們的預測。正如大衛在評論中所說，我們所看到的，按月計算，我們可能在 7 月和 8 月觸底。九月份，我們的反彈非常非常好。所以軌跡已經在上升。

Interest expense actually dropped September over August by over $400,000 in portion. Some higher cost funds walked out and we trunk cash just a little bit where we really are leveling off. And when our peers are out here at 30, 40 basis points on CDs having to buy in today's market for 400-plus, as Ken said, our CD average out here now what's coming up for renewal has been $440 million ,$ 450 million range. And if we pick them up at $490 million at 30 basis point move to us, it's going to be non-existent. So we really, really do think, we've hit the bottom of the barrel and then compression.

9 月的利息支出實際上比 8 月下降了 40 萬美元以上。一些成本較高的基金退出，我們在真正趨於平穩的地方保留了一點現金。正如肯所說，當我們的同行以 30、40 個基點的 CD 價格購買當今市場上的 400 多個基點時，我們的 CD 平均價格現在即將更新的金額為 4.4 億美元至 4.5 億美元。 。如果我們以 4.9 億美元的價格以 30 個基點的價格將它們轉移給我們，那麼這將是不存在的。所以我們真的真的認為，我們已經觸底，然後壓縮。

Okay, good. Ken, maybe just two other things on expenses. You upped the target $20 million to $21 million. Would you still expect for next year mid-single-digit growth of the fourth quarter level?

好的。肯，也許只是另外兩件事。您將目標 2000 萬美元提高到 2100 萬美元。您是否仍預計明年第四季的中等個位數成長？

Yeah, that's about right.

是的，差不多是這樣。

And then also on the fee income side, I think last quarter you talked about growth of 15% to 20%. Next year, is that still a good ballpark figure?

然後在費用收入方面，我認為上個季度您談到了 15% 到 20% 的成長。明年，這仍然是一個不錯的數字嗎？

They hit my $500 million number I just threw out it's going to be better than that.

他們達到了我剛剛拋出的 5 億美元數字，而且會比這個數字更好。

I'd rather see you under-promise and over-deliver, David.

我寧願看到你承諾不足而交付過多，大衛。

Then book in $440 million that they're telling me, and you'll be okay.

然後按照他們告訴我的預訂 4.4 億美元，就可以了。

Yeah, I think you're okay with that assumption, yeah.

是的，我認為你同意這個假設，是的。

Yeah. Okay. Okay, guys. Thank you. Appreciate it.

是的。好的。好吧，夥計們。謝謝。欣賞它。

John, sorry, I missed you so buddy. I had a conflict. I couldn't get out of it. I'm sure Ken and Nicole did a great job.

約翰，對不起，我很想念你，老兄。我發生了衝突。我無法擺脫它。我確信肯和妮可做得很好。

No problem at all.

完全沒問題。

All right. Thank you.

好的。謝謝。

Brett Rabatin, Hovde Group.

布雷特·拉巴廷 (Brett Rabatin)，Hovde 集團。

Hey, guys, good afternoon. Thanks for the questions. Hey, wanted to go back to the loan yields. And you talked about 20 to 25 basis points of improvement in the fourth quarter. They were up nine basis points in 3Q. Can you talk about the loans that matured 3Q versus 4Q? And then maybe if you hav0e the maturity schedule for '24 out of the fixed bucket?

嘿，夥計們，下午好。感謝您的提問。嘿，想回到貸款收益率。您談到了第四季度 20 到 25 個基點的改善。第三季上漲了 9 個基點。您能談談第三季和第四季到期的貸款嗎？然後也許您有固定桶中 24 年的到期時間表？

Yeah, I think the loan yields, some of it is just timing of funding. The opportunity for us on the loan book is again, we continue to let some of the lower stuff you've come off. And we did have -- we had good quarter-over-quarter growth in construction, but the timing of that was probably a little bit more weighted on the back end of the quarter. So that impacted the yields a little bit in terms of for the quarter.

是的，我認為貸款收益率，其中一些只是融資的時機。我們在貸款簿上的機會又來了，我們繼續讓一些較低的東西脫落。我們的建築業確實實現了良好的季度環比增長，但其時機可能在本季末更為重要。因此，這對本季的收益率產生了一些影響。

And then we had we had good production in franchise for the quarter. That sets us up for a good starting point for the fourth quarter. And obviously, the SBA balances were up as well. So I just think with some of the production perhaps being a little bit more weighted in the back end of the third quarter, it sets us up really good for and for the fourth quarter in terms of loan yield improvement.

然後我們在本季度的特許經營中取得了良好的產量。這為我們第四季的良好開局奠定了基礎。顯然，SBA 餘額也有所增加。因此，我認為，由於第三季末的一些生產可能會更加重要，這為我們在貸款收益率改善方面為第四季度奠定了良好的基礎。

And I guess looking over the course of the next, let's just call it the next 18 months in terms of -- our variable rate loans are about 20% of our loan portfolio today. And then when you take into account what's going to mature and also pay down in our fixed loan portfolio, we're probably looking at almost $1.1 billion or so, about 30% of the loan book that's going to turnover between now and the end of '24.

我想，縱觀接下來的進程，我們稱之為未來 18 個月，我們的浮動利率貸款約占我們今天貸款組合的 20%。然後，當你考慮到我們的固定貸款組合中即將到期並還清的貸款時，我們可能會看到大約 11 億美元左右，約佔從現在到年底之間將週轉的貸款賬簿的 30%。 '24。

So for us a lot of the loans aren't necessarily renewals. They just mature and they're replaced with new loans or new borrowers. But as we remix and optimize the composition, we're going to see a lot of good loan repricing and loan replacement if you will, over the next 15 months.

所以對我們來說，很多貸款不一定需要續約。它們剛剛成熟，就會被新貸款或新借款人取代。但隨著我們重新組合和優化結構，在接下來的 15 個月內，如果您願意的話，我們將看到許多良好的貸款重新定價和貸款替換。

A lot of our municipal portfolio, also, Brett, has semi-annual payments on it. So we get a big bump in June, and we also get a big bump in December. We had I think this quarter, $20 million-plus in repayment on the municipal loans. And that's the 2.5%, 3.5%, 4% paper. So that will help as well.

布雷特，我們的許多市政投資組合也每半年付款一次。所以我們在 6 月會遇到一個大的衝擊，在 12 月也會有一個大的衝擊。我想這個季度我們償還了超過 2000 萬美元的市政貸款。這就是 2.5%、3.5%、4% 的紙。所以這也會有所幫助。

Okay, that's helpful. And then you guys talked about some of the CDs that are coming off the books and those rates versus the market CD rates that you're seeing obviously in the 5% and 5.6%. Where are you guys' pricing CDs today? And how does that contrast to the CDs that are rolling off the book here in the fourth quarter?

好的，這很有幫助。然後你們談到了一些即將從帳簿中扣除的 CD 以及這些利率與市場 CD 利率的比較，你們明顯看到的是 5% 和 5.6%。你們今天的定價 CD 在哪裡？這與第四季即將推出的 CD 有何不同？

Right now, we're priced in that 6- to 12-month range in the upper fours. And what's going to be rolling off is going to be on the commercial side, it's going to be about 5.5. And on the consumer side, it's about 5.12, 5.14. So we should pick up 40, 50 basis points and plus we hope to reduce the outstanding cash. A lot of that's going to roll during December.

目前，我們的定價處於 6 至 12 個月的較高區間。商業方面將會出現這種情況，大約是 5.5。而在消費者方面，大約是5.12、5.14。因此，我們應該提高 40、50 個基點，並且我們希望減少未償還現金。其中許多將在 12 月期間進行。

We have over $157 million coming up for maturity in the month of December. We'll probably see about half of that go away. So it's late in the quarter, but it should still have an impact on our interest expense.

我們有超過 1.57 億美元將於 12 月到期。我們可能會看到其中大約一半消失。所以現在已經是本季末了，但它仍然會對我們的利息支出產生影響。

Okay. And then just lastly, the DDA growth this quarter. Can you talk about that and if that's just sort of a trend or if that was a function of particular clients or business?

好的。最後是 DDA 本季的成長。您能談談這一點嗎？這是否只是一種趨勢，或者是否是特定客戶或業務的功能？

Yeah, most of that growth in interest-bearing demand is actually BaaS deposits, which we have been continuing to grow obviously over the last two to three quarters. But most of That growth is BaaS within that category.

是的，生息需求的大部分成長實際上是 BaaS 存款，在過去兩到三個季度我們一直在持續大幅成長。但大部分成長來自該類別中的 BaaS。

And then what about the non-interest-bearing piece, Ken?

那麼無息部分呢，肯？

The non-interest non-interest bearing, sometimes there can be a little bit volatile. There can be some big balances that impact that because a lot of times in our construction business, when the sponsor the borrower puts equity into the deal upfront, they'll put that into a non-interest-bearing balance here. And then that gets drawn down. But as we do more construction, it will go up. So that's probably the biggest piece of any quarter-to-quarter movement in that line item.

無息無息，有時會出現一點點波動。可能存在一些巨大的餘額會影響這一點，因為在我們的建築業務中，很多時候，當發起人借款人將股權預先投入交易時，他們會將其放入此處的無息餘額中。然後就被拉下來了。但隨著我們進行更多的建設，它會上升。因此，這可能是該訂單項目中任何季度變動中最大的部分。

We also have some municipals that, Brett, like the City of Fishers here come mid-November. They'll have a big pop when they get property taxes in, and that offset in non-interest account for 30, 60 days until they get reallocated. So there's some seasonality in some of our municipal deposits.

我們還有一些市政當局，布雷特，就像漁民市一樣，會在 11 月中旬到來。當他們繳納財產稅時，他們會大幅上漲，並在非利息帳戶中抵消 30、60 天，直到他們被重新分配。因此，我們的部分市政存款存在著一定的季節性。

Okay. All really helpful. Thanks so much.

好的。一切都非常有幫助。非常感謝。

Appreciate, sir. Thank you. See you next week.

欣賞，先生。謝謝。下週見。

See you next week. That's right.

下週見。這是正確的。

Thank you. There are no further questions at this time. I'll hand you back to David Becker for closing remarks. Mr. Becker, you may proceed.

謝謝。目前沒有其他問題。我將把您交還給大衛貝克爾（David Becker）做結束語。貝克爾先生，您可以繼續了。

Thank you, Sergio, and thanks, everybody, for joining us on today's call. As we look forward to '24 and beyond, we remain extremely excited about the future and the opportunities here. Strong performance in the commercial and consumer lending teams, including our growth in the small business, construction lending and further growth opportunities with the fintech partnerships. And Banking-as-a-Service are expected to drive greater revenue growth, which combined with stabilized deposit costs, we believe will translate into the stronger earnings and the increase on them over the course of the next year.

謝謝塞爾吉奧，也謝謝大家參加今天的電話會議。當我們展望 24 世紀及以後時，我們對這裡的未來和機會仍然感到非常興奮。商業和消費貸款團隊表現強勁，包括我們在小型企業、建築貸款方面的成長以及與金融科技合作夥伴關係的進一步成長機會。銀行即服務預計將推動更大的收入成長，再加上穩定的存款成本，我們相信這將轉化為更強勁的收益以及明年的收益成長。

As fellow shareholders, we remain committed to driving improved profitability and enhanced shareholder value. And we certainly thank you for your time today and have a good afternoon. We appreciate it. Thanks.

作為股東，我們仍然致力於提高獲利能力和股東價值。我們當然感謝您今天抽出寶貴的時間，祝您下午愉快。我們很感激。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line. Thank you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。謝謝。