Bank of NT Butterfield & Son Ltd (NTB) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is [Nihogi] and I will be your conference operator today.

我的名字是 [Nihogi]，今天我將擔任您的會議操作員。

At this time, I would like to welcome everyone to the fourth quarter and full year 2023 earnings call for The Bank of N.T. Butterfield & Son Limited.

此時此刻，我謹歡迎大家參加北領地銀行 2023 年第四季和全年財報電話會議。巴特菲爾德父子公司。

All participants will be in a listen only mode

所有參與者將處於只聽模式

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the call over to Noah Fields, Butterfield's, Head of Investor Relations.

我現在想將電話轉給巴特菲爾德投資者關係主管諾亞·菲爾茲 (Noah Fields)。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning, everyone and thank you for joining us.

大家早安，感謝您加入我們。

Today, we will be reviewing Butterfield's fourth quarter and full year 2023 financial results.

今天，我們將回顧巴特菲爾德第四季和 2023 年全年的財務表現。

On the call I'm joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer; Craig Bridgewater, Group Chief Financial Officer; and Michael Schrum, President and Group Chief Risk Officer.

巴特菲爾德董事長兼執行長邁克爾柯林斯 (Michael Collins) 也參加了電話會議。 Craig Bridgewater，集團財務長；以及總裁兼集團首席風險長 Michael Schrum。

Following their prepared remarks, we will open the call up for a question and answer session.

在他們準備好的發言之後，我們將開始問答環節。

Yesterday afternoon, we issued a press release announcing our fourth quarter and full year 2023 results.

昨天下午，我們發布了新聞稿，公佈了 2023 年第四季和全年業績。

The press release, along with a slide presentation that we will refer to during our remarks on this call are available on the Investor Relations section of our website at www.butterfieldgroup.com.

該新聞稿以及我們將在本次電話會議發言中參考的幻燈片簡報可在我們網站 www.butterfieldgroup.com 的投資者關係部分取得。

Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussions will refer to certain non-GAAP measures which we believe are important in evaluating the company's performance.

在我將電話轉給麥可‧柯林斯之前，我想提醒大家，今天的討論將涉及某些非公認會計準則衡量標準，我們認為這些衡量標準對於評估公司績效非常重要。

For reconciliation of these measures to US GAAP, please refer to the earnings press release and slide presentation.

有關這些措施與美國公認會計準則的協調，請參閱收益新聞稿和幻燈片簡報。

Today's call an associated materials may also contain certain forward-looking statements, which are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

現今的電話會議相關資料也可能包含某些前瞻性陳述，這些陳述受到風險、不確定性和其他因素的影響，可能導致實際結果與這些陳述預期的結果有重大差異。

Additional information regarding these risks can be found in our SEC filings.

有關這些風險的更多資訊可以在我們向 SEC 提交的文件中找到。

I will now turn the call over to Michael Collins.

我現在將把電話轉給麥可柯林斯。

Thank you, Noah and thanks to everyone joining the call today.

謝謝諾亞，也感謝今天加入電話會議的所有人。

I am pleased with Butterfield's performance in 2023 as we completed a number of important projects, including the implementation of our upgraded core banking system in Bermuda and Cayman.

我對巴特菲爾德在 2023 年的表現感到滿意，因為我們完成了許多重要項目，包括在百慕達和開曼實施升級後的核心銀行系統。

The onboarding of trust assets acquired from Credit Suisse and executed a significant cost reduction program which should improve operating efficiencies and help offset inflationary pressures and the expected impact of lower market interest rates and net interest income.

引入從瑞士信貸收購的信託資產，並執行了一項重大成本削減計劃，這將提高營運效率，並有助於抵消通膨壓力以及市場利率和淨利息收入下降的預期影響。

Butterfield continues to benefit from leading bank market shares in Bermuda and Cayman Islands with an expanding retail banking presence in the Channel Islands.

巴特菲爾德繼續受益於百慕達和開曼群島領先的銀行市場份額，並不斷擴大在海峽群島的零售銀行業務。

Wealth management services in Bermuda, the Cayman Islands and the Channel Islands include trust, private banking, asset management and custody.

百慕達、開曼群島和海峽群島的財富管理服務包括信託、私人銀行、資產管理和託管。

The bank also offer specialized financial services in the Bahamas, Switzerland, Singapore and in the UK where we provide mortgages to high net worth clients with properties in prime Central London.

該銀行還在巴哈馬、瑞士、新加坡和英國提供專業金融服務，在英國，我們向在倫敦市中心黃金地段擁有房產的高淨值客戶提供抵押貸款。

I will now turn to the full year highlights on page 4.

我現在將轉向第 4 頁的全年亮點。

Butterfield had an excellent year with net income of $225.5 million and core net income of $231.5 million.

巴特菲爾德的這一年表現出色，淨利潤為 2.255 億美元，核心淨利為 2.315 億美元。

This resulted in a core return on average tangible common equity of 27% for 2023.

這導致 2023 年平均有形普通股核心回報率為 27%。

The bank earned higher net interest income and an elevated market interest rate environment as well as increased non-interest earnings.

該銀行獲得了更高的淨利息收入和更高的市場利率環境以及增加的非利息收入。

The strong revenues were somewhat offset by higher expenses which trended higher due to inflationary pressures, the investments in our core banking system and branches and cost associated with the Credit Suisse asset acquisition.

強勁的收入在一定程度上被較高的支出所抵消，而支出由於通膨壓力、對我們核心銀行系統和分支機構的投資以及與瑞士信貸資產收購相關的成本而呈上升趨勢。

The net interest margin increased to 2.80% from 2.41% in 2022, with the cost of deposits rising to 140 basis points from 34 basis points in 2022.

淨利差由2022年的2.41%上升至2.80%，存款成本由2022年的34個基點上升至140個基點。

We have continued to carefully balance the cost of deposits with the competitive landscape in our banking jurisdictions and we continue to see mix shift to higher cost term products while our core none of non-interest bearing deposit franchises remain somewhat insulated.

我們繼續謹慎地平衡存款成本與銀行管轄範圍內的競爭格局，並且我們繼續看到混合轉向成本更高的定期產品，而我們的核心無息存款特許經營權仍然在一定程度上保持獨立。

Tangible book value per common share increased by 21.2% to end the year at $19.29 this was due to an improved OCI position, normalization to a smaller balance sheet post COVID as well as retained earnings for the year.

截至年底，每股普通股的有形帳面價值成長了 21.2%，達到 19.29 美元，這是由於 OCI 狀況的改善、疫情後資產負債表規模的縮小以及今年的留存收益的正常化。

We remain committed to actively managing our capital and throughout the year, we have paid out approximately 38% of earnings in quarterly dividend.

我們仍然致力於積極管理我們的資本，全年我們以季度股息的形式支付了約 38% 的收益。

In addition during 2023, the bank repurchased just over 3 million shares at a total value of$ 88 million.

此外，2023 年期間，該銀行回購了略多於 300 萬股的股票，總價值為 8,800 萬美元。

On December 5, the Board approved a new share repurchase authorization for 2024 of up to 3.5 million common shares which came into effect on December 15.

12月5日，董事會批准了2024年最多350萬股普通股的新股份回購授權，該授權於12月15日生效。

As anticipated, during the fourth quarter we completed the acquisition of trust assets from Credit Suisse.

正如預期，第四季度我們完成了對瑞士信貸信託資產的收購。

I'm very happy with the quality of business that we have successfully onboarded and have been impressed with talented new colleagues that have also come across to Butterfield.

我對我們成功入職的業務品質感到非常滿意，並且對同樣來到巴特菲爾德的才華橫溢的新同事印象深刻。

I will circle back at the end and walk through some of the highlights of the deal.

我將在最後回顧這筆交易的一些亮點。

I will now turn the call over to Craig for details on the fourth quarter.

我現在將把電話轉給克雷格，以了解第四季的詳細資訊。

Thank you, Michael, and good morning, everyone.

謝謝你，邁克爾，大家早安。

I will now turn to the fourth quarter highlights on page 6.

我現在將轉向第 6 頁的第四季亮點。

Butterfield reported strong financial results in the fourth quarter of 2023 with net income of $53.5 million and core net income of $55.3 million.

Butterfield 公佈了 2023 年第四季強勁的財務業績，淨利潤為 5,350 萬美元，核心淨利潤為 5,530 萬美元。

We reported core earnings per share of $1.15 with a core return on average tangible common equity of 25.4% for the fourth quarter of 2023.

我們公佈的 2023 年第四季每股核心收益為 1.15 美元，平均有形普通股核心回報率為 25.4%。

The net interest margin was 2.73% in the fourth quarter, a decrease of three basis points sequentially from the prior quarter, with the cost of deposits rising to [272 basis points from 152 basis points] in the prior quarter.

第四季淨利差為2.73%，季減3個基點，存款成本從上季的152個基點上升到272個基點。

Deposit costs continue to increase at a modest pace across all of our banking jurisdictions as fixed-term deposits rolled into higher rates as well as a mix shift in deposits from demand deposits to term deposits.

隨著定期存款利率上升以及存款從活期存款轉向定期存款，我們所有銀行管轄區的存款成本繼續以溫和的速度成長。

The Board has again approved a quarterly cash dividend of $0.44 per share.

董事會再次批准每股 0.44 美元的季度現金股利。

We also continued to repurchase shares during the quarter with buybacks totaling 1.2 million shares at an average price of $28.20 per share.

本季我們也持續回購股票，回購總量為 120 萬股，平均價格為每股 28.20 美元。

Turning to slide 7, where we provide a summary of net interest income and net interest margin.

轉向投影片 7，我們提供了淨利息收入和淨利差的摘要。

In the fourth quarter, we reported net interest income before provision for credit losses of $86.9 million a decrease of 3.8% versus the prior quarter.

第四季度，我們報告未計信貸損失撥備前的淨利息收入為 8,690 萬美元，比上一季下降 3.8%。

The lower net interest income resulted from a decrease in the volume of interest earning assets and higher deposit costs, which were partially offset by improved asset yields.

淨利息收入下降是由於生息資產數量減少和存款成本上升造成的，但資產收益率的提高部分抵消了淨利息收入的下降。

Average interest earning assets in the fourth quarter of 2023 of $12.6 billion versus sequentially 2.5% lower driven by a decrease in average deposit levels.

2023 年第四季的平均生息資產為 126 億美元，較上一季下降 2.5%，原因是平均存款水準下降。

The yield on interest earning assets increased 17 basis points to 4.39% from 4.22% in the prior quarter as investment portfolio runoff continued to be invested at the shorter end of the yield curve and increases in rates on loans produced improved interest income.

生息資產收益率從上一季的 4.22% 上升 17 個基點至 4.39%，因為投資組合徑流繼續投資於收益率曲線較短的一端，並且貸款利率的上升提高了利息收入。

The yield on treasury assets during the quarter was 4.72% versus 4.47% in the prior quarter.

本季庫存資產收益率為 4.72%，上一季為 4.47%。

And the investment portfolio yield at 2.16%, which was 10 basis points higher than the third quarter.

投資組合報酬率為2.16%，較第三季上升10個基點。

In addition, the yield on loan balances also increased by 17 basis points to 6.68%.

此外，貸款餘額收益率也上升17個基點至6.68%。

Average investment balances decreased by $204.4 million or 3.7% to $5.29 billion compared to the prior quarter, mainly due to paydowns and maturities the proceeds of which were invested in short-term treasury assets.

平均投資餘額較上一季減少 2.044 億美元，或 3.7%，至 52.9 億美元，主要是由於收益投資於短期庫存資產的還款和到期所致。

Since year end, we have recommenced using proceeds from maturities and paydowns as well as some excess liquidity to ladder out the investment portfolio investing at a mix of US agency MBS securities and medium term US treasuries.

自年底以來，我們重新開始使用到期和還款所得收益以及一些過剩流動性來逐步擴大投資組合，投資於美國機構MBS證券和中期美國國債。

Slide 8 provides a summary of non-interest income, which totaled $60 million, up 15.4% versus the prior quarter due to expected fourth quarter seasonal increases in card services, incentive revenues and transaction volumes and higher foreign exchange volumes.

幻燈片 8 提供了非利息收入摘要，總計 6000 萬美元，較上一季度增長 15.4%，原因是預計第四季度卡服務、激勵收入和交易量的季節性增長以及外匯交易量的增加。

Trust fees increase as revenues were earned from the clients acquired from Credit Suisse during the year.

由於年內從瑞士信貸獲得的客戶獲得了收入，信託費用隨之增加。

Non-interest income continues to be a stable and capital efficient source of revenue with a fee income ratio of 41.3%.

非利息收入仍是穩定且資本效率高的收入來源，手續費收入率為41.3%。

In the coming quarters, we expect the levels of non-interest income to return to a quarterly run rate in the $52 million to $53 million range.

在未來幾個季度，我們預計非利息收入水準將恢復到 5,200 萬美元至 5,300 萬美元的季度運作水準。

On slide 9, we present core non-interest expenses.

在投影片 9 上，我們展示了核心非利息支出。

Total core noninterest expenses were $90.4 million, a 7.2% increase compared to $84.3 million in the prior quarter.

核心非利息支出總額為 9,040 萬美元，較上一季的 8,430 萬美元成長 7.2%。

Higher core non-interest expenses are primarily attributable to the completion of the recent IT infrastructure and core banking upgrades and the timing of property maintenance activities across the group as well as performance-based remuneration incentive accruals associated with strong earnings.

核心非利息支出增加主要歸因於近期IT基礎設施和核心銀行升級的完成、整個集團財產維護活動的時間安排以及與強勁盈利相關的基於績效的應計薪酬激勵。

We expect the quarterly run rate for expenses to stabilize at around $88 million in the second half of 2024.

我們預計 2024 年下半年季度支出將穩定在 8,800 萬美元左右。

For this incorporates the expected uplift in expenses from the amortization of our new cloud-based IT investments and core banking system and branch upgrades as well as recently onboarded colleagues servicing the client book of trust clients are also taken into consideration the expected benefits of the group-wide course restructure announced in Q3.

因為這包括了我們新的基於雲端的 IT 投資和核心銀行系統和分行升級的攤銷帶來的預期費用增加，以及最近入職為信託客戶提供服務的同事也考慮了集團的預期收益第三季度宣布了廣泛的課程重組。

I will now turn the call over to Michael Schrum to review the balance sheet.

我現在將把電話轉給邁克爾·施魯姆，以審查資產負債表。

Thank you, Criag.

謝謝你，克里格。

Slide 10 shows that Butterfield's balance sheet remains liquid and conservatively managed.

投影片 10 顯示巴特菲爾德的資產負債表仍然具有流動性並且管理保守。

Period-end deposit balances increased slightly to $12.0 billion from $11.9 billion at the prior quarter-end and this reflects further stabilization in the deposit base.

期末存款餘額從上一季末的 119 億美元小幅增加至 120 億美元，反映出存款基礎進一步穩定。

Butterfield's lowest density of 34.0% continues to reflect the regulatory capital efficiency of the balance sheet with the lower risk weighted residential mortgage loan portfolio which now represents 69% of our total loan assets.

巴特菲爾德 34.0% 的最低密度繼續反映了資產負債表的監管資本效率，其風險加權住宅抵押貸款組合目前占我們總貸款資產的 69%。

On page 11, we provide additional detail on our deposits composition by segment.

在第 11 頁，我們按部門提供了有關存款構成的更多詳細資訊。

Compared to the prior year Butterfield's deposits remain well diversified across our banking jurisdictions with noninterest-bearing demand deposits representing 22% of total Group deposits.

與前一年相比，巴特菲爾德的存款在我們的銀行管轄範圍內保持多元化，無息活期存款佔集團存款總額的 22%。

Bank deposit activity levels remain generally as expected with the bank seeking to balance deposit volumes against cost of funds for each market.

銀行存款活動水準大致仍符合預期，銀行尋求平衡每個市場的存款量與資金成本。

Turning to slide 12, we provide annual measures for loans by type business segment and rate type.

轉向幻燈片 12，我們按業務部門類型和利率類型提供了貸款的年度衡量指標。

The chart on the top left breaks out the residential loan portfolios by location, which has remained stable.

左上方的圖表按地點細分了住宅貸款組合，該組合一直保持穩定。

On the bottom right fixed rate loans now represent 51% of total loans as the 3 to 5 year fixed rate product in the rising rate environment has been popular with clients.

右下角的固定利率貸款目前佔貸款總額的51%，因為在利率上漲的環境下，3至5年期固定利率產品受到了客戶的歡迎。

Turning to slide 13, the two charts demonstrate the conservative nature of Butterfield's balance sheet and versus peers.

轉向幻燈片 13，這兩張圖表展示了巴特菲爾德資產負債表以及與同行相比的保守性質。

Butterfield maintains a high degree of liquidity due to the nature of our markets and as a result of not having access to a central bank or a Fed window.

由於我們市場的性質以及無法進入央行或聯準會窗口，巴特菲爾德保持著高度的流動性。

We continue to have significant holdings of cash and cash equivalents into bank deposits and short-dated sovereign securities in addition to liquidity and repo lines with correspondent banks.

除了與代理銀行的流動性和回購額度外，我們繼續持有大量現金和現金等價物，包括銀行存款和短期主權證券。

Butterfield's loan to deposit ratio remains at 40% with conservative limits lending standards.

巴特菲爾德的貸存比維持在 40%，貸款標準較為保守。

On slide 14, we show that Butterfield continues to have strong asset quality with low credit risk and investment portfolio, which is comprised of 99% AA rated US government guaranteed agency securities.

在投影片 14 中，我們顯示巴特菲爾德繼續擁有強勁的資產品質、低信用風險和投資組合，其中 99% 為 AA 級美國政府擔保機構證券。

Credit quality in the loan book also continues to be strong with nonaccrual loans standing at 1.3% of gross loans and a low charge-off rate of eight basis points.

貸款帳簿中的信貸品質也持續保持強勁，非應計貸款佔貸款總額的 1.3%，核銷率較低，為 8 個基點。

On slide 15, we present the average cash and securities balance sheet with a summary interest rate sensitivity analysis.

在投影片 15 上，我們展示了平均現金和證券資產負債表以及利率敏感性分析摘要。

Asset sensitivity did increase in the fourth quarter due to a lower investment portfolio duration and higher levels of cash and cash equivalents.

由於投資組合久期較短以及現金和現金等價物水平較高，第四季度資產敏感性確實有所上升。

Unrealized losses in the AFS portfolio, including OCI was $163.9 million at the end of the fourth quarter, an improvement of $71.4 million or 31% from the prior quarter.

截至第四季末，AFS 投資組合（包括 OCI）的未實現損失為 1.639 億美元，比上一季減少了 7,140 萬美元，即 31%。

Slide 16 summarizes regulatory and leverage capital levels.

投影片 16 總結了監管和槓桿資本水準。

Butterfield's capital levels continue to be conservatively above regulatory minimum requirements.

巴特菲爾德的資本水準繼續保守地高於監管最低要求。

While not a regulatory ratio our TCE to TA has also increased above our target range of 6% to 6.5% this quarter and is indicative of the health of our overall capital levels.

雖然不是監管比率，但本季我們的 TCE 與 TA 比率也已超過我們 6% 至 6.5% 的目標範圍，這表明我們整體資本水準的健康狀況。

I will now turn the call back to Michael Collins.

現在我將把電話轉回給麥可柯林斯。

Thank you, Michael.

謝謝你，麥可。

Before we conclude our prepared remarks, I would like to provide a summary of highlights from our recently completed Credit Suisse trust asset acquisition.

在我們結束準備好的演講之前，我想總結一下我們最近完成的瑞士信貸信託資產收購的要點。

On slide 17 of the presentation we have provided information to help frame the deal.

在簡報的第 17 張投影片中，我們提供了有助於制定交易的資訊。

As you will see from the time line at the top of the page after our initial announcement in September 2022, there have been seven distinct closings.

正如您從頁面頂部的時間軸中看到的那樣，在我們於 2022 年 9 月首次宣布這一消息後，已經有七次不同的關閉。

The deal was structured as an asset purchase rather than an entity purchase which has given us the flexibility to review and select each client to help us take only the clients that are consistent with our risk tolerance.

此交易的結構是資產購買而不是實體購買，這使我們能夠靈活地審查和選擇每個客戶，以幫助我們只接受與我們的風險承受能力一致的客戶。

This process has been time-consuming, but has resulted in a high-quality book of business.

這個過程非常耗時，但產生了一本高品質的商業書籍。

A significant deal increases Butterfield's presence in Singapore, where we continue to expect significant growth in the private trust market.

一項重大交易增加了巴特菲爾德在新加坡的影響力，我們繼續預期新加坡私人信託市場將顯著成長。

We are pleased to have more than 20 new colleagues joining Butterfield to help service the 560 new trust clients.

我們很高興有 20 多名新同事加入 Butterfield，協助為 560 名新信託客戶提供服務。

We have now onboarded new assets under administration totaled approximately$24 billion.

我們現在管理的新資產總額約為 240 億美元。

We expect annual fees from the new business to total approximately $9 million with new annual expenses of around $6 million.

我們預計新業務的年費用總額約為 900 萬美元，其中新的年度費用約為 600 萬美元。

We also expect to continue to grow this book over time.

我們也期望隨著時間的推移，這本書將繼續發展。

In total, we recognized a new intangible asset of $27.3 million with around one-third of the total consisting of deal and on-boarding expenses.

總的來說，我們確認了 2,730 萬美元的新無形資產，其中約三分之一由交易和入職費用組成。

And look forward to continue our business development efforts and our search for other trust and banking M&A opportunities to help continue our profitable growth.

並期待繼續我們的業務發展努力，並尋找其他信託和銀行業併購機會，以幫助我們繼續獲利成長。

The turmoil in the regional banking space last year allowed us to demonstrate the benefits of Butterfield's strong market positioning, conservative balance sheet and liquidity management and client relationship banking model.

去年區域銀行業領域的動盪讓我們展示了巴特菲爾德強大的市場定位、保守的資產負債表和流動性管理以及客戶關係銀行模式的優勢。

This model continues to demonstrate strength and resilience from a high fee to income ratio, limited credit risk in our investment portfolio, a 40% loan to deposit ratio, a high degree of liquidity and a robust deposit base diversified across jurisdictions sectors and currencies.

此模式持續展現出高費用收入比、投資組合中有限的信用風險、40%的貸存比、高流動性以及跨司法管轄區和貨幣的多元化存款基礎等優勢和彈性。

We are well-positioned for the future and expect growth to be both organic and driven by potential M&A.

我們為未來做好了充分準備，預計成長將是有機的，並由潛在的併購驅動。

In 2024, we will build on the successes of 2023 with a strong focus on client experience and continuing to create shareholder value.

2024 年，我們將在 2023 年成功的基礎上，重點關注客戶體驗並繼續創造股東價值。

Thank you and with that, we would be happy to take your questions.

謝謝您，我們很樂意回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Michael Perito, KBW.

邁克爾·佩里托，KBW。

Hi, this is Mike's associate Andrew filling in.

大家好，我是麥克的同事安德魯（Andrew）。

Thanks for taking my questions.

感謝您回答我的問題。

(inaudible) I just wanted to start on the non-interest income side.

（聽不清楚）我只想從非利息收入方面開始。

Were there any seasonality in fees in Q4 or and what would be a good launch point for 2024 run rate wise on the seaside?

第四季的費用是否存在季節性，或者 2024 年海邊運行費率的良好啟動點是什麼？

Hi, good morning guys.

嗨，大家早安。

It's Craig.

這是克雷格。

Yes, I mean in Q4, we do season kind of have kind of seasonally high fee income driven by card volumes.

是的，我的意思是在第四季度，我們確實有季節性高額費用收入，這是由卡量驅動的。

Obviously that the Christmas shopping season is a big driver as that as at year end, we get incentive payments from the credit card companies as well, that will be included.

顯然，聖誕節購物季是一個很大的推動因素，因為到年底，我們也從信用卡公司獲得了獎勵付款，這也將包括在內。

And then obviously, we had some increased revenue coming in from the assets acquired from Credit

顯然，我們從信貸收購的資產中增加了一些收入

(inaudible).

（聽不清楚）。

So there's some clients that also do have some increases in revenue as well.

因此，有些客戶的收入也確實增加。

If you look at kind of normalizing that I'm kind of mentioned in the formal remarks, I think we're going to go down to about $52 million on a quarterly basis.

如果你看看我在正式演講中提到的某種正常化，我認為我們每季的支出將降至 5,200 萬美元左右。

So just kind of forgot about $8 million of additional income that we had in Q4, but we'd expect that to normalize back into Q1 around $52 million mark.

因此，我們有點忘記了第四季約 800 萬美元的額外收入，但我們預計第一季這筆收入將恢復正常，約為 5,200 萬美元。

Great, thanks.

萬分感謝。

And then on just moving to the margin, how would you expect them to react if we get rate cuts in the back half of 2024?

然後，如果我們在 2024 年下半年降息，您預計他們會如何反應？

I think we still think that we will have a new trough in Q1.

我認為我們仍然認為第一季會出現新的低谷。

We will have, I guess, kind of if you look at overall net interest income, we would expect net interest or net interest income to come to come to reduce for few reasons.

我想，如果你看看整體淨利息收入，我們會預期淨利息或淨利息收入會因為某些原因而減少。

Obviously, obviously, it's coming down, that's going to have impacts on our loan yields.

顯然，顯然，它正在下降，這將對我們的貸款收益率產生影響。

So we look at loan yields for particularly in Cayman and Guernsey

因此，我們特別關注開曼群島和根西島的貸款收益率

(inaudible).

（聽不清楚）。

Move wonder if you can (inaudible) US prime in Cayman and the UK treasury rate, UK treasury rate in Guernsey and Jersey.

想知道您是否可以（聽不清楚）開曼的美國總理和英國國債利率，根西島和澤西島的英國國債利率。

In Bermuda, we still would expect to follow a 50% beta on the way down likely starting, I guess with every other kind of 25 basis point cut.

在百慕達，我們仍然期望在可能開始的下跌過程中遵循 50% 的貝塔值，我想與其他所有類型的 25 個基點下調一樣。

Yeah, sorry, it's Michael Schrum.

是的，抱歉，我是麥可‧施魯姆。

Just adding to that on slide 15, we have the sort of a sensitivity, which gives you an indication of the sort of impact of a parallel shift of 100.

只需添加幻燈片 15 上的內容，我們就有了某種敏感性，它可以讓您了解平行移動 100 的影響。

So fairly modest impact really on net interest income of minus 1.5% overall, for down 100.

因此，對淨利息收入的整體影響相當有限，為-1.5%，即下降了 100。

So it's clearly something we're watching pretty closely, particularly on term deposit products and cost of deposits as we kind of sit at that probably at the peak of rates right now.

因此，這顯然是我們正在密切關注的事情，特別是定期存款產品和存款成本，因為我們目前可能正處於利率的頂峰。

But I think on the flip side, we've seen a significant improvement in the OCI mark as well as rates have kind of stabilized.

但我認為，另一方面，我們看到 OCI 指標顯著改善，而且利率也趨於穩定。

So we feel pretty good about where we are right now.

所以我們對現在的處境感覺很好。

We are modestly asset-sensitive, but obviously, there's still a lot of volatility in market rates.

我們對資產比較敏感，但顯然，市場利率仍有很大波動。

Great.

偉大的。

Appreciate the color there.

欣賞那裡的顏色。

And just lastly for me on the capital side, the new buyback announcement in Q4, should we expect buybacks incrementally near term?

最後，在資本方面，第四季新的回購公告，我們是否應該預期近期會逐步回購？

And then also appreciate all the color on M&A, pipelines and whatnot, just looking for a little bit more color there.

然後還要欣賞併購、管道等方面的所有色彩，只是在那裡尋找更多色彩。

Would it be kind of like a trust deal again that you would be looking for following the close of the CS deal?

在 CS 交易結束後，您會再次尋求類似的信託交易嗎？

Yes.

是的。

I mean, we the Board is overall very supportive of the buyback as a way to kind of augment the shareholder return here, obviously always subject to market conditions.

我的意思是，我們董事會總體上非常支持回購，以此作為增加股東回報的一種方式，顯然總是受到市場條件的影響。

But you will see in the fourth quarter, we did quite a significant amount of buybacks.

但你會在第四季看到，我們進行了大量的回購。

I think what we were looking for was deposit stabilization initially.

我認為我們最初尋求的是存款穩定。

Some stabilization on these low volatility in market rates to kind of ensure that we felt that we were post COVID and that will essentially understanding the rate, the cost of deposit dynamics and (inaudible) dynamics.

市場利率的低波動性有所穩定，以確保我們感覺我們已經進入了新冠疫情之後，這將從本質上理解利率、存款動態成本和（聽不清楚）動態。

In terms of other opportunities, we're obviously still looking.

就其他機會而言，我們顯然仍在尋找。

I would say the the pipeline is looking a little bit better in terms of opportunity set for us.

我想說的是，就為我們提供的機會而言，管道看起來要好一些。

It's primarily private trusts, fee-based businesses such as the ones that we just completed with Credit Suisse.

主要是私人信託、收費業務，例如我們剛與瑞士信貸完成的業務。

I think we have a pretty good template of how we would want to do that in order to make sure that we have a risk profile that matches our existing tolerance of the newly acquired assets.

我認為我們有一個非常好的範本來說明我們希望如何做到這一點，以確保我們的風險狀況與我們對新收購資產的現有容忍度相符。

Although the Credit Suisse deal is pretty small in scale, there are some others out there.

儘管瑞士信貸的交易規模相當小，但還有其他一些交易。

But the bottom line is we seem to have a lot of capital OCI seems to be stabilizing coming back.

但最重要的是，我們似乎擁有大量資本，OCI 似乎正在回歸穩定。

The burn-down is happening of the remaining OCI we later into higher rates.

剩餘的 OCI 正在被燒毀，我們稍後會進入更高的利率。

So where capital levels are right now is kind of above our TC range of normalized CC range from six and a half and regulatory capital.

因此，目前的資本水準有點高於我們的標準化 CC 範圍（六個半）和監管資本的 TC 範圍。

We have plenty of excess regulatory capital, and we'll just continue with that risk light business dynamic that we've -- that has been successful in terms of analytics or [BRE] and then reflecting that back to shareholders, both in terms of dividends and share buybacks.

我們擁有大量多餘的監管資本，我們將繼續我們所擁有的輕風險業務動態——這在分析或[BRE]方面取得了成功，然後將其反映給股東，無論是在股息和股票回購。

Great.

偉大的。

Appreciate all the color, and thanks for taking my questions.

欣賞所有的顏色，並感謝您提出我的問題。

David Feaster, Raymond James.

大衛‧菲斯特，雷蒙德‧詹姆斯。

Hi, good morning everybody.

嗨，大家早安。

Maybe just maybe just following up on the rate cut side.

也許只是跟進降息方面。

I know just curious how you think about some of the timing of it.

我知道你只是好奇你如何看待它的一些時機。

Right, because I know some of these -- the assets and liabilities reprice on a lag.

是的，因為我知道其中一些——資產和負債會滯後重新定價。

Could you just help us or remind us of the lag impacts of it?

您能否幫助我們或提醒我們它的滯後影響？

My gut would say that probably the first cut or two is probably the most severe impacts.

我的直覺會說，第一兩次削減可能是最嚴重的影響。

And then you got the repricing side as well to help offset that?

然後你還得到了重新定價方面來幫助抵消這一點？

So just help us think about that?

那請幫我們思考一下？

And then just overall thoughts on managing rate sensitivity, whether there's any appetite to maybe go longer and deploy some of that excess liquidity?

然後是關於管理利率敏感性的整體想法，是否有興趣延長期限並部署一些過剩的流動性？

Yes.

是的。

So you've kind of got a bit to unpack there.

所以你需要一些東西來解壓。

So obviously, we're looking at when I -- what I wanted to kind of add different from the markets we're looking at forward rates on that are out there in the market rates and not necessarily taking any position that's different from that.

很明顯，我們正在考慮當我 - 我想添加與我們正在考慮的市場遠期利率不同的市場利率時，並不一定採取任何與此不同的頭寸。

As kind of as mentioned earlier, we are going to employ -- expect to employ a 50% beta on the Bermuda loan book.

如同先前所提到的，我們將在百慕達貸款簿上採用 50% 的貝塔係數。

And obviously you came in kind of moves with US prime and the Guernsey and Jersey book in the UK book (inaudible) from the US space.

顯然，您從美國太空中對美國總理以及英國書中的根西島和澤西島書（聽不清楚）採取了某種行動。

So going to the -- just say that's on the asset side.

所以，就說這是資產方面的。

On the I guess on the loan side on investments, we are actually starting to rebound back into the portfolio.

我想在投資貸款方面，我們實際上開始反彈回到投資組合中。

So up to now, we've been investing kind of maturities and excess cash into the short answer, treasury assets.

因此，到目前為止，我們一直在將一定期限的債券和多餘的現金投資到簡短的答案，即國庫資產。

We're now starting to get it back into the portfolio, supporting some more duration back into the portfolio again.

我們現在開始將其重新納入投資組合，再次支持將更多久期重新納入投資組合。

And obviously, we're going to get an increase in the yields on the investment portfolio.

顯然，我們的投資組合收益率將會增加。

So (inaudible) yielding at like 2% now what we invest in now

所以（聽不清楚）我們現在投資的收益率約為 2%

(inaudible) [429, 430].

（聽不清楚）[429, 430]。

So we expect I mean, obviously, it can take a quite a bit to that of that backing out, but we should expect to see some increase in yield on the asset side.

因此，我們預計，顯然，退出可能需要相當長的時間，但我們應該期望看到資產方面的收益率增加。

And we do have actually yesterday, you had kind of quite a significant GBP125 million sterling UK gilts just mature at the end of January.

事實上，昨天我們確實有相當數量的 1.25 億英鎊英國國債在一月底剛到期。

So kind of reinvesting that at current rates, that's an expected pickup.

以目前的利率進行再投資，這是預期的回升。

And we have some we also have kind of US treasuries maturing during the year as well.

我們還有一些美國國債也會在年內到期。

Now more and more around August timeframe.

現在越來越多在八月的時間範圍內。

So expecting some pickup on the asset side.

因此預計資產方面會出現一些回升。

On the deposit side, obviously, we're going to continue to look to manage the cost of deposits right now you can see the breakdown in deposits and the average maturity on deposits at the moment (inaudible) I should say is around three months.

在存款方面，顯然，我們現在將繼續尋求管理存款成本，您可以看到存款的細目和目前存款的平均期限（聽不清楚）我應該說是三個月左右。

So really that's going to have to look at the repricing that is kind of when that bond, that duration.

因此，實際上，這必須考慮債券的重新定價，即債券的期限。

So that does mature in three months' time.

所以三個月後就會成熟。

And we'll probably really probably be reinvested on three months durations as well.

我們也可能真的會在三個月的期限內再投資。

So that will actually follow kind of market rates at the time of kind of reinvestment.

因此，這實際上將遵循再投資時的市場利率。

Yeah, I'm just (inaudible) sorry just on the timing, David first of all, on the resin side, you'll note that 51% of it is now fixed.

是的，我只是（聽不清楚）對時間感到抱歉，大衛，首先，在樹脂方面，你會注意到 51% 現在已經修復了。

We see the breakdown on page 12 it's up 50% loan beta on the Bermuda (inaudible) side, obviously UK and US any floating rate product there would float immediately.

我們在第 12 頁上看到了細分，百慕達（聽不清楚）方面的貸款貝塔值上升了 50%，顯然英國和美國的任何浮動利率產品都會立即浮動。

I think Cayman now has a 30 day lag on implementing new rates.

我認為開曼現在在實施新費率方面有 30 天的滯後。

And Bermuda has a 90 day lag to allow adequate notice to customers for a change in rate in the UK and (inaudible) Islands [of buckets] are immediate, but following Bank of England.

百慕達有 90 天的延遲，以便向客戶發出充分的通知，英國和（聽不清楚）島嶼的利率變化是立即發生的，但會跟隨英格蘭銀行。

Okay.

好的。

And in the deposit, is there a lag on the deposit repricing side or is that immediate?

在存款方面，存款重新定價方面是否有滯後，或是立即存在的？

(inaudible) yeah so obviously, on demand would be immediate on interest-bearing demand and noninterest-bearing, although we're not paying a lot of

（聽不清楚）是的，很明顯，按需需求將立即滿足計息需求和非計息需求，儘管我們沒有支付很多費用

[tonnage].

[噸位]。

But actually on term, obviously, we wait for the rollover, the average of the term work is still around three months.

但實際上，顯然，我們在等待延期，平均學期工作仍在三個月左右。

So there will be a little bit of a lag coming off tough.

所以在艱困時期會有一點滯後。

Okay. perfect.

好的。完美的。

And then maybe just digging into Michael, your comments on grow and, you know, the acquired book from Credit Suisse.

然後也許只是深入研究邁克爾，你對成長的評論，以及你知道的從瑞士信貸收購的書。

I'm just curious maybe where do you see opportunity?

我只是好奇你在哪裡看到機會？

Is it to expand or deepen the relationships that you have there and cross-sell some of those clients?

是為了擴大或加深您在那裡的關係並交叉銷售其中一些客戶嗎？

Or are you seeing more opportunity just for organic client additions on here, just given the increased footprint in that market.

或者，考慮到該市場的足跡不斷增加，您是否在這裡看到了更多有機客戶增加的機會。

Just curious how you think about growing that book?

只是好奇你如何看待這本書的發展？

Yeah.

是的。

So great question.

很好的問題。

So I mean, the reason why it's a pretty small book overall, but there is a standstill in the agreement in terms of the existing book and the fees that we are charging.

所以我的意思是，這本書總體上很小，但就現有書籍和我們收取的費用而言，協議卻陷入停滯。

So we're obviously going to be going through and reviewing that part.

因此，我們顯然將仔細研究並審查該部分。

That standstills for three years and then but there is some inflation adjustments that we can do on that work.

這種情況會停滯三年，然後我們可以對這項工作進行一些通膨調整。

Meantime, I think in particular in Singapore where the market is growing quite rapidly in the private trust space and maturing.

同時，我認為特別是在新加坡，私人信託領域的市場成長相當迅速且日趨成熟。

We've seen most of the customers tend to use the trust product for financial assets, but there's definitely opportunities there to expand that client, both with non-financial assets or properties companies like we do in other parts of our business.

我們已經看到大多數客戶傾向於使用金融資產信託產品，但肯定有機會擴大該客戶，無論是非金融資產還是房地產公司，就像我們在業務的其他部分所做的那樣。

And so that should drive higher fee income.

因此，這應該會帶來更高的費用收入。

So this market growth, there's growth in the book, not on the book that we've acquired, but with the clients that we've acquired.

因此，這個市場的成長，是書本上的成長，不是我們收購的書本上的成長，而是我們所收購的客戶的成長。

And then finally, I think because we're now sort of a pretty sizable private trust company in Singapore.

最後，我想是因為我們現在是新加坡一家相當大的私人信託公司。

We're seeing a lot more inbound in terms of just getting RFPs and people sort of recognize that the name in the market as well.

我們看到更多的入站者只是獲得了 RFP，而且人們在市場上也認識到了這個名字。

So there's those three kind of elements to the growth, which, you know when you look at the (inaudible) , pretty small.

因此，成長涉及這三種要素，當您查看（聽不清楚）時就知道，這些要素非常小。

But I think we're pretty excited about the market growth and that presence that we have there now, which is becoming better known name.

但我認為我們對市場的成長和我們現在在那裡的存在感到非常興奮，這個名字變得更加出名。

Yes, generally, when we do these acquisitions, we also have a steep standstill agreement for a period of time.

是的，一般來說，當我們進行這些收購時，我們也會簽訂一段時間的陡峭的停頓協議。

And then as Michael said, there are real opportunities actually expand the type of assets in the trust and most of these are really trusted originally that were sort of wrappers for asset management and by encouraging clients.

然後，正如邁克爾所說，真正的機會實際上是擴大信託中的資產類型，其中大多數最初都是真正值得信賴的，它們是資產管理和鼓勵客戶的包裝。

But in businesses and our real estate, it takes on a much more complexity and justifies higher fees.

但在企業和我們的房地產中，它的複雜性要高得多，並且需要更高的費用。

So gradually, that will help.

慢慢地，這會有幫助。

And as Michael said, I mean, the Singapore, choice of Singapore is domiciled versus Hong Kong or some other places we could have been makes a lot of sense, and we're top five in Singapore at this point.

正如邁克爾所說，我的意思是，新加坡，選擇新加坡作為註冊地，而不是香港或我們本可以去的其他一些地方，這是很有意義的，目前我們在新加坡排名前五名。

Okay.

好的。

And then maybe last one for me.

然後也許是我的最後一個。

Just touching on asset quality. it's held really steady, you guys have obviously done a great job locking in some rates for your clients.

剛剛談到資產品質。它保持得非常穩定，你們顯然在為客戶鎖定一些利率方面做得很好。

I'm just curious, how do you feel like the health of your clients is at this point, what are you hearing from them?

我只是好奇，您現在感覺客戶的健康狀況如何？您從他們那裡聽到了什麼？

And as you dig into the book, are there any spots that you're maybe watch more closely?

當您深入研究這本書時，是否有任何地方可能需要更仔細地觀察？

You're seeing any weakness either by geography?

您是否發現地理位置方面有任何弱點？

Or just curious how you're approaching overall asset quality and what you're seeing at this point?

或者只是好奇您如何接近整體資產品質以及您目前所看到的情況？

Yes.

是的。

I mean a great question, David.

我的意思是一個很好的問題，大衛。

The first thing is obviously mostly

第一件事顯然主要是

[resi].

[回覆].

So well secured, we have conservative lending standards and most of our loans are amortizing and [Sunit], Bermuda and Cayman.

如此良好的擔保，我們有保守的貸款標準，我們的大部分貸款都是攤還和[Sunit]、百慕達和開曼。

So as the LTV profile is really has been amortized down to sort of sub-60%.

因此，LTV 概況實際上已攤銷至 60% 以下。

So lots of skin in the game, lots of opportunities to help customers during a period where rates are pretty high.

因此，在利率相當高的時期，我們有很多機會幫助客戶。

And we are seeing some of that in the Bermuda resi book, I would say.

我想說，我們在百慕達群島的書中看到了其中的一些內容。

But again, not a real concern from a collateral perspective.

但同樣，從附帶的角度來看，這並不是一個真正的問題。

Most of anything that goes past two can be cured obviously, we've adopted the customers and financial difficulty disclosures as well, and we're not seeing a whole lot, but it's definitely something that we're watching, particularly in Bermuda and hopeful that we see better tourism this summer that put more cash into people's pockets and sort of outside of the international business sector where we've seen significant growth.

顯然，超過兩年的大多數事情都可以治愈，我們也採用了客戶和財務困難披露，我們沒有看到很多，但這絕對是我們正在關注的事情，特別是在百慕大，並充滿希望我們看到今年夏天的旅遊業有所改善，人們的口袋裡有了更多的現金，而且在國際商業領域之外，我們已經看到了顯著的成長。

And then in London so Bermuda resi probably a spot to just kind of keep an eye on the UK book again, really well-collateralized.

然後在倫敦，百慕達群島可能是一個再次關注英國書籍的地方，抵押品確實很好。

We have an election coming up in the UK, there's some, as you know, in prime Central London only 60 to 65 LTV lending standards.

英國即將舉行選舉，如您所知，倫敦市中心黃金地段的一些貸款標準只有 60 至 65 LTV。

So again, not a big concern, but if there are rule changes with potentially a Labor government coming in that have been talking about getting rid of (inaudible) on roles and changing inheritance tax rules.

再說一次，這不是一個大問題，但如果工黨政府可能上台，規則會發生變化，工黨政府一直在討論取消（聽不清楚）角色和改變遺產稅規則。

And that obviously has a market impact overall also something that we're watching pretty closely and staying in touch with our customers there as well.

這顯然對整體市場產生了影響，我們正在密切關注並與那裡的客戶保持聯繫。

Yes, I think we've said in the past that we've intentionally kept the London portfolio relatively flat and that continues to be the case.

是的，我認為我們過去曾說過，我們有意使倫敦投資組合保持相對平穩，而且情況仍然如此。

But we are building out our retail mass affluent bank in Guernsey and Jersey.

但我們正在根西島和澤西島建立零售大眾富裕銀行。

And we're sort of over GBP250 million, GBP1 million in terms of mortgages there.

我們那裡的抵押貸款金額大約超過 2.5 億英鎊，100 萬英鎊。

So we're expanding there.

所以我們正在那裡擴張。

Michael hit it on the head.

邁克爾擊中了他的頭。

We have to keep an eye on Bermuda, though nothing really at this point in Cayman is doing really well in terms of growth in the economy and population.

我們必須密切關注百慕達，儘管開曼目前在經濟和人口成長方面並沒有真正表現出色。

So very unlikely we'd see stresses there.

所以我們不太可能在那裡看到壓力。

So far, so good.

到目前為止，一切都很好。

And the housing market's doing pretty well.

房地產市場表現也相當不錯。

Any thoughts on that?

對此有什麼想法嗎？

I know of bromine, it's doing well.

我知道溴，效果很好。

Prices have risen in the last few years, and it's really obviously driven by the fact, it's only 20 square miles.

過去幾年價格上漲，這顯然是由它只有 20 平方英里這一事實推動的。

So there's a limited supply.

所以供應有限。

And our international business and reinsurance is still doing quite well, particularly, but the life businesses that have it set up on the island.

我們的國際業務和再保險業務仍然表現良好，尤其是在島上設立的人壽業務。

So there's still a lot of demand came.

所以還是有很多需求來的。

It's got a lot more land, but population is over 80,000 now.

它有更多的土地，但現在人口超過八萬。

So they've expanded population.

所以他們擴大了人口。

So demand increased as well.

因此需求也增加了。

And Guernsey and Jersey markets have always been pretty stable to rising.

根西島和澤西島市場一直相當穩定，一直在上漲。

So islands given limited supply always have sort of a baseline in terms of values.

因此，供應有限的島嶼在價值方面總是有一定的基線。

Perfect.

完美的。

That's helpful.

這很有幫助。

Thanks, everybody.

謝謝大家。

Alex Twerdahl, Piper Sandler.

亞歷克斯·特沃達爾，派珀·桑德勒。

Morning, guys.

早安，夥計們。

(inaudible) Just back to the margin question on the fixed versus floating loans, is that skewed towards any one of the geographies, like I guess what I'm trying to get at, whether that's skewed towards Bank of England versus fed in terms of your expectations for rate cuts for that fixed versus floating pieces?

（聽不清楚）回到關於固定貸款和浮動貸款的保證金問題，這是否偏向任何一個地區，就像我猜我想表達的意思，這是否偏向英格蘭銀行還是美聯儲您對固定利率與浮動利率的降息預期是？

So I think quite a bit of fixing on the (inaudible) in the cycle and then we saw quite a bit of fixing in Bermuda.

因此，我認為週期中的（聽不清楚）有相當多的修復，然後我們在百慕達看到了相當多的修復。

So let me clarify for you.

那麼讓我為您澄清一下。

The commercial loans are fixed and Bermuda, Tom, so that's kind of a large component of that 51% from a this is kind of a read (inaudible) and UK.

商業貸款是固定的，百慕大，湯姆，所以這是來自英國的 51% 的很大一部分。

And again, three to five years.

又是三五年。

We are obviously looking at repricing a repricing ladder.

顯然，我們正在考慮重新定價階梯。

There isn't a particular quarter where that's heavier than others, and we're probably out of probably about 12 months, 12 to 15 months away from sort of those repricings at the moment in terms of the fix.

沒有哪個特定季度的情況比其他季度更嚴重，就修復而言，我們目前距離重新定價可能還有大約 12 個月、12 到 15 個月的時間。

Okay.

好的。

And then I guess sort of same question a little bit differently on the deposit side.

然後我猜同樣的問題在存款方面略有不同。

If I remember correctly, the Channel Islands were much higher beta in terms of deposits on the way up would be the expectation that, if we get it maybe a Fed cut, deposit costs come down a little bit, but if we get a Bank of England cut, maybe there's a lot more room for deposit costs to come down.

如果我沒記錯的話，海峽群島在存款方面的貝塔值在上升過程中要高得多，人們預計，如果我們得到美聯儲的降息，存款成本就會下降一點，但如果我們得到央行的支持，存款成本就會下降一點。英格蘭降息，或許存款成本還有更大的下降空間。

Yes.

是的。

I mean, it's the Channel Islands as we've talked about before is very competitive.

我的意思是，正如我們之前談到的，海峽群島競爭非常激烈。

And so we're kind of not a rate setter in that market.

因此，我們並不是該市場的利率制定者。

So we have to kind of follow what the market is doing.

因此，我們必須遵循市場的走勢。

Some of the high street banks, there are kind of market leading, so HSBC, RBS, et cetera.

一些高街銀行，有某種市場領先地位，例如匯豐銀行、蘇格蘭皇家銀行等。

So both dollars and sterling, actually in deposit betas have been much higher in the Channel Islands and then any of our other markets.

因此，美元和英鎊實際上在海峽群島的存款貝塔值上要高得多，然後是我們任何其他市場。

But we would definitely expect to follow that market.

但我們肯定會關注這個市場。

And we would expect the bigger banks to or we've already seen some of the longer-term rates being cut in their margins.

我們預計較大的銀行會這樣做，或者我們已經看到一些長期利率被削減。

That's the one area where we're really going have to focus in terms of the cost of deposits right on the way down on the term bucket.

這是我們真正必須關注的一個領域，即存款成本的下降。

Okay.

好的。

On expenses, Craig, you gave a little bit of color and expectations for expenses for the second half of '24.

關於支出，克雷格，您對 24 年下半年的支出給出了一些色彩和預期。

And I presume that is fully incorporating all the cost saves from the recent restructuring that you announced last quarter.

我認為這完全包含了您在上季度宣布的最近重組所節省的所有成本。

What should we think about in terms of expenses for the first two quarters of 2024?

2024年前兩季的支出我們該考慮什麼？

I mean, is there going to be a little bit more noise in there as some of these IT systems, et cetera, come fully online?

我的意思是，隨著其中一些 IT 系統等完全上線，是否會產生更多噪音？

Yes.

是的。

Yes, that's about right.

是的，差不多是這樣。

So I think kind of obviously they will be at the higher end of that guidance, given that the cost restructure will come will be fully implemented by the end of Q2.

因此，我認為顯然他們將處於該指導的較高端，因為成本重組將在第二季末全面實施。

But in the meantime, compared to I guess, kind of go back to a Q3 base and then (inaudible) can cause associated with the acquisitions and there's employees coming on board amortization of that intangible asset that we've kind of now accrued only on the balance sheet and then the amortization of those kind of new IT systems and hosting fees.

但同時，與我猜測相比，有點回到第三季度的基礎，然後（聽不清楚）可能會導致與收購相關的情況，並且有員工加入我們現在只應計的無形資產攤銷資產負債表，然後是此類新IT 系統和託管費用的攤銷。

Okay.

好的。

And then just final question for me on back on credit.

然後是關於信用的最後一個問題。

I think the press release cited a higher provision related to credit card, maybe you can talk a little bit about what you're seeing there and what drove that higher provision?

我認為新聞稿引用了與信用卡相關的更高規定，也許您可以談論您在那裡看到的情況以及是什麼推動了更高的規定？

Yes.

是的。

I mean, I think what is the provisioning is really driven by some fees so legal fees on a kind of legacy alone that we have a (inaudible) loan

我的意思是，我認為撥備的內容實際上是由一些費用驅動的，因此我們有一筆（聽不清楚）貸款的遺產的法律費用

.

。

So it's kind of going through the collection process on the (inaudible) has a recurring fees and the kind of scale of accruing for that will add net to the allowance as we go along.

因此，在（聽不清楚）收取費用的過程中，會產生經常性費用，隨著我們的進行，這種費用的累積規模將在津貼中增加淨額。

But that said, look, there's about part of it and then also some settlements of some from those (inaudible) So the pit that was being charged off

但這就是說，看，大約有一部分，然後還有一些定居點（聽不清楚）所以正在被沖走的坑

(inaudible)

（聽不清楚）

Okay.

好的。

I mean so I guess without those things would be fair to assume that provisioning should drop down below $1 million a quarter starting in 2024?

我的意思是，如果沒有這些因素，假設從 2024 年開始，準備金應降至每季 100 萬美元以下是公平的嗎？

Yes, it's tough.

是的，這很難。

I mean, it does depend on actual experience as well.

我的意思是，這也取決於實際經驗。

I think the model probably would push out more stable provisioning given that the macroeconomic inputs are going to be more stable.

我認為，鑑於宏觀經濟投入將更加穩定，該模型可能會推出更穩定的供應。

And then the actual performance, which is -- what we talked about before we're going to a couple of slots that we're watching.

然後是實際的表現，這就是我們在觀看我們正在觀看的幾個老虎機之前所討論的內容。

Freight stay high for longer, obviously, that is going to drive some client experiences potentially client difficulties that we're going to have to resolve, and then that becomes an input into the model.

顯然，運費在較長時間內保持高位，這將導致一些客戶遇到潛在的客戶困難，我們必須解決這些困難，然後這將成為模型的輸入。

But all other things being equal, that's seem seems about the right level.

但在所有其他條件相同的情況下，這似乎是正確的水平。

But again, subject to obviously actual experience.

但同樣，這顯然取決於實際經驗。

So at the moment, anything that's coming out.

所以目前，任何即將出現的事情。

The other in terms of sales of properties is holding value.

就房產銷售而言，另一個因素是持有價值。

So we're not sort of thinking that cost to sell or anything like that.

所以我們並沒有考慮銷售成本或類似的事情。

It's going to drive our provision.

這將推動我們的供應。

So it's really going to be down to actual experience.

所以這真的要取決於實際經驗。

Okay, thank you for taking my questions.

好的，謝謝你回答我的問題。

(Operator Instructions)

（操作員說明）

Timur Braziler, Wells Fargo.

帖木兒·巴西爾，富國銀行。

Hi, good morning.

早安.

And the bond book are laddering back into bonds.

債券帳簿正在逐步回歸債券。

What's the duration you're putting on there?

你在那裡放的時間是多少？

And if I'm not mistaken, I think it was something like $125 million a quarter, it's flat cash flows.

如果我沒記錯的話，我認為每季的營收約為 1.25 億美元，現金流量持平。

That's still the right number?

這仍然是正確的數字嗎？

Yes.

是的。

So currently, kind of our last investments are kind of at the MBS securities.

目前，我們最後的投資是 MBS 證券。

So the kind of the MBS securities.

MBS 證券的種類。

Canada's about three years at the moment (inaudible) are the kind of behavioral duration.

加拿大目前大約三年（聽不清楚）是這種行為持續時間。

And then the other investments where they're making is in US treasuries, a two-year US Treasury and then on the gilts the most recent investment, we made GBP125 million, is six months currently.

然後他們進行的其他投資是美國國債，兩年期美國國債，然後是英國國債，我們最近的投資是 1.25 億英鎊，目前是六個月。

Okay.

好的。

And just the amount cash flow in quarterly?

季度現金流量是多少？

Say again, sorry.

再說一遍，對不起。

The amount of the cash flowing off the bond book quarterly?

每季從債券帳簿流出的現金流量是多少？

It's about $30 million.

大約是3000萬美元。

$30

30 美元

million a quarter.

每季百萬。

Okay.

好的。

30 million a month, sorry.

一個月3000萬，抱歉。

Okay, got it.

好，知道了。

I would say sorry, it's Michael Schrum.

我想說對不起，我是麥可‧施魯姆。

Our say was still staying sort of short medium here.

我們的說法仍然是停留在短期中期。

Obviously it is still you know some discussion about when the Fed's going to cut so and what the terminal rate is in particular is quite important to us.

顯然，關於聯準會何時降息以及最終利率是什麼的討論對我們來說非常重要。

And again, we're not a mark-to-market shop so we just got to kind of keep the duration sort of matching some of the behavior of deposits on to sort of balanced interest rate risk profile but obviously.

再說一次，我們不是按市值計價的商店，所以我們只需保持期限與存款的某些行為相匹配，以達到平衡的利率風險狀況，但顯然。

So at the moment, we're laddering in, but we're kind of staying in the medium term with a mix of MBS, 15 years of in I think and some shorter dated treasuries.

所以目前，我們正在逐步入場，但我們會停留在中期，混合MBS、我認為的15年期國債和一些期限較短的國債。

Got it.

知道了。

And then circling back to term deposits, and I apologize if you addressed this during David's question, but just term deposits repricing, where are they rolling off from what levels where you repricing those?

然後回到定期存款，如果你在大衛的問題中提到了這個問題，我很抱歉，但只是定期存款重新定價，它們從你重新定價的水平下降到哪裡？

And I guess just generally speaking in the next couple of quarters, assuming no Fed activity, how should we be thinking about additional deposits cost creep?

我想一般來說，在接下來的幾個季度中，假設聯準會沒有採取任何行動，我們應該如何考慮額外存款成本的攀升？

So I guess in term, deposits were kind of in the 4% range.

所以我猜，就存款而言，存款利率大概在 4% 左右。

And those are kind of there's a kind of basically kind of being renewed at a similar level, obviously kind of this spoke pricing as necessary, so that's, I'll say, 4% on average.

這些基本上是在類似水平上進行更新，顯然這是必要的定價，所以我想說，平均 4%。

What is the typical pricing kind of it may take us above that owns on specific deposits, but that's kind of a good guide around the funds broadly term deposits.

它的典型定價類型可能會讓我們高於擁有特定存款的價格，但這是圍繞基金廣泛的定期存款的一個很好的指導。

And again, again, the kind of you're kind of three month average maturity on the term deposit book at the moment.

再說一遍，目前定期存款的平均期限為三個月。

Got it.

知道了。

Okay.

好的。

And then maybe just more broadly on deposits.

然後也許只是更廣泛地涉及存款。

I think in quarters past, you talked to an $11.5 billion to $12 billion as more or less a floor.

我想在過去的幾個季度裡，你談到的 115 億至 120 億美元或多或少是個底線。

They seem to have stabilized here.

他們似乎已經穩定在這裡了。

At least the near term strategy is going to be to renew some of the term deposits, is there anything maybe idiosyncratic in 4Q that's seasonal in nature or are we really at a floor here and you're seeing signs of real stability in the deposit book?

至少近期策略將是續訂一些定期存款，第四季度是否有任何季節性的特殊情況，或者我們是否真的處於底部，您看到存款簿中真正穩定的跡象？

Yeah, I mean, sorry it's Michael Schrum.

是的，我是說，抱歉，我是麥可‧施魯姆。

I think we are seeing stability in deposit book.

我認為我們看到存款簿的穩定性。

There is some seasonality as we've talked about before, we make a lot of our clients, our captive insurance clients and they have premium flows and claims flows.

正如我們之前談到的，存在一些季節性，我們有很多客戶，我們的自保保險客戶，他們有保費流和索賠流。

So typically pre quarter ends, we see premium inflows.

因此，通常在季度結束前，我們會看到溢價流入。

And then first quarter MCC claims settlements to the extent that does insurance companies have claims to settle.

然後，第一季 MCC 的索賠和解情況取決於保險公司是否有索賠需要解決。

And that's also that seasonalities is also prevalent.

而且季節性也很普遍。

So typically that in Bermuda would be renewal dates of January 1, July 1.

因此，在百慕達，通常更新日期為 1 月 1 日和 7 月 1 日。

And then in Cayman, typically in the third quarter, we see some outflows.

然後在開曼，通常在第三季度，我們會看到一些資金外流。

And then in the fourth quarter, we see -- we're talking 1.5 billion ish, right?

然後在第四季度，我們看到——我們說的是 15 億左右，對吧？

So we and in the fourth quarter, we typically see some inflows from funds building up a hedge fund, building up our cash positions and then first quarter we see some outflows there.

因此，在第四季度，我們通常會看到一些資金流入，這些資金來自建立對沖基金、建立我們的現金頭寸，然後第一季我們會看到一些資金流出。

So there's a little bit of seasonality from, I think $11.5 million to $12 million is a good number.

所以有一點季節性，我認為 1150 萬美元到 1200 萬美元是一個不錯的數字。

We came in obviously at the top of the range, it was nice to see that core deposit franchise is stable and it really is a question I think, of trading off the cost of deposits versus the size of the balance sheet over time, right as we always do.

我們顯然處於該範圍的頂部，很高興看到核心存款特許經營權是穩定的，我認為這確實是一個問題，隨著時間的推移權衡存款成本與資產負債表的規模，就像我們總是這樣做。

Yeah it was really interesting during the whole year to see how deposits behave from Bermuda was actually flat to up because there's obviously a very few banks here came in was a little bit more competitive.

是的，全年來看百慕達的存款表現實際上是持平到上升，這真的很有趣，因為顯然這裡很少有銀行更具競爭力。

We think we've washed out sort of the fund money that was being invested.

我們認為我們已經洗掉了部分正在投資的基金資金。

And then as we know in the channel loans, we bought corporate bank, so much more competitive as Michael said, we're kind of a price follower as opposed to center, but we've got a good plan there to go into retail, and we've got well over GBP300 million sterling in deposits and GBP250 million in mortgages.

然後，正如我們在通路貸款中所知道的那樣，我們購買了企業銀行，正如邁克爾所說，我們是價格追隨者，而不是中心，但我們有一個很好的計劃來進入零售業，我們擁有超過3 億英鎊的存款和2.5 億英鎊的抵押貸款。

So we actually have a retail book at this point.

所以我們現在實際上有一本零售書。

And obviously the retail pricing will be much more attractive going forward, but they all act a little bit differently and disproportionately to competitions.

顯然，零售定價未來將更具吸引力，但它們的表現都略有不同，並且與競爭不成比例。

So we understand it pretty well at this point.

所以我們現在已經很好理解了。

But we think most of the hot money has been, whether it's huge trust deposits or funds in Cayman most of that's been washed out and it does feel pretty stable right now.

但我們認為大部分熱錢已經被洗掉，無論是巨額信託存款還是開曼群島的資金，其中大部分已經被洗掉，現在確實感覺相當穩定。

Thank you.

謝謝。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Noah for any closing remarks.

現在我想將會議轉回給諾亞發表閉幕詞。

Thank you, and thanks, everyone, for dialing in today.

謝謝大家，謝謝大家今天撥電話。

We look forward to speaking with you again next quarter.

我們期待下個季度再次與您交談。

Have a great day.

祝你有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。