Flagstar Financial Inc (NYCB) 2022 Q2 法說會逐字稿

Good morning, everyone. This is Sal DiMartino. Thank you for joining the management team of New York Community for today's conference call. Today's discussion of the company's second quarter 2022 results will be led by Chairman, President and CEO, Thomas Cangemi; joined by Chief Operating Officer, Robert Wann; and the company's Chief Financial Officer, John Pinto.

大家，早安。這是薩爾迪馬蒂諾。感謝您加入紐約社區的管理團隊參加今天的電話會議。今天關於公司 2022 年第二季度業績的討論將由董事長、總裁兼首席執行官 Thomas Cangemi 主持；首席運營官羅伯特·萬恩加入；和公司的首席財務官約翰平托。

They are joined on the line by Alessandro DiNello, President and CEO of Flagstar Bancorp; and Lee Smith, President of Flagstar Mortgage. Before we begin the discussion, I'd like to remind you that certain comments made today by the management team of New York Community may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements we may make are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and investor presentation for more information about risks and uncertainties which may affect us.

Flagstar Bancorp 總裁兼首席執行官 Alessandro DiNello 加入了他們的行列；和 Flagstar Mortgage 總裁 Lee Smith。在我們開始討論之前，我想提醒您，紐約社區管理團隊今天發表的某些評論可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。此類前瞻性陳述我們可能會遵守安全港規則。請查看今天的新聞稿和投資者介紹中的前瞻性免責聲明和安全港語言，以獲取有關可能影響我們的風險和不確定性的更多信息。

And with that, now I would like to turn it over to Mr. Cangemi to begin today's conference call.

有了這個，現在我想把它交給 Cangemi 先生來開始今天的電話會議。

Thank you, Sal. Good morning to everyone, and thank you for joining us today to discuss our second quarter 2022 performance. First, however, I'd like to comment on our merger with Flagstar. Both sides are fully committed to completing the transaction as soon as possible, and we feel very good about where we stand currently. Over the past 15 months, both companies have diligently worked together to get us to a strong position to close the deal quickly once all regulatory approvals are received. We're excited about the benefits of the deal today as we were when it was first announced. In addition to the both earnings per share and tangible book value accretion, our merger with Flagstar significantly improved our overall funding profile and interest rate sensitivity. It shifts us away from relying on wholesale borrowings to being more significantly deposit funded and becoming asset-sensitive as well. In addition, it provides both geographic and product diversification and accelerates our plan to transform our business model to a more dynamic commercial bank model, driving strong financial performance and capital generation.

謝謝你，薩爾。大家早上好，感謝您今天加入我們討論我們 2022 年第二季度的業績。不過，首先，我想評論一下我們與 Flagstar 的合併。雙方都全力以赴盡快完成交易，我們對目前的立場感到非常滿意。在過去的 15 個月裡，兩家公司一直在努力合作，使我們能夠在收到所有監管批准後迅速完成交易。今天，我們對這筆交易的好處感到興奮，就像我們首次宣布交易時一樣。除了每股收益和有形賬面價值增加外，我們與 Flagstar 的合併顯著改善了我們的整體資金狀況和利率敏感性。它使我們從依賴批發借貸轉向更重要的存款資金並變得對資產敏感。此外，它提供了地域和產品多樣化，並加快了我們將業務模式轉變為更具活力的商業銀行模式的計劃，從而推動強勁的財務業績和資本產生。

As for our second quarter results, we are extremely pleased with the company's strong operating performance during the second quarter. By almost any measure, results exceeded expectations despite higher interest rates and market volatility.

至於我們第二季度的業績，我們對公司第二季度強勁的經營業績感到非常滿意。儘管利率較高且市場波動較大，但幾乎以任何標準衡量，結果都超出了預期。

We recorded record net income, another quarter of record deposit growth, near-record loan growth, record originations and a higher net interest margin and stable operating expenses, while asset quality remains stellar. These trends resulted in a solid year-over-year EPS growth.

我們錄得創紀錄的淨收入、又一個季度創紀錄的存款增長、接近創紀錄的貸款增長、創紀錄的創紀錄以及更高的淨息差和穩定的運營費用，而資產質量依然出色。這些趨勢導致每股收益同比穩健增長。

For the second quarter of 2022, we reported operating diluted EPS of $0.35 a share, up 6% compared to $0.33 a share for the second quarter of 2022 and well ahead of the $0.32 analyst consensus.

對於 2022 年第二季度，我們報告的經營攤薄後每股收益為 0.35 美元，與 2022 年第二季度的每股 0.33 美元相比增長 6%，遠高於分析師預期的 0.32 美元。

Turning now to the details of our quarterly performance. One of the primary highlights of this quarter's operating performance was our deposit growth. For the second consecutive quarter, deposits grew by approximately $3 billion. The growth continues to be driven by the Banking-as-a-Service initiative in loan-related deposits. As I have discussed previously, one of my top strategies, if not the top, is to increase the bank's focus on deposit gathering and de-emphasize our need for wholesale borrowings and other less traditional funding sources.

現在轉向我們季度業績的細節。本季度經營業績的主要亮點之一是我們的存款增長。存款連續第二個季度增長約 30 億美元。貸款相關存款的銀行即服務計劃繼續推動增長。正如我之前所討論的，我的首要策略之一（如果不是最高策略）是增加銀行對存款收集的關注，並淡化我們對批發借款和其他不太傳統的資金來源的需求。

Longer term, our success executing on this strategy will result in higher net interest margin. The early results are quite positive. Since launching these initiatives early last year, total deposits have increased to $41 billion, up $8.8 billion or 27%, while core deposits increased to $33 billion, up $11 billion or 50%.

從長遠來看，我們成功執行這一策略將帶來更高的淨息差。早期的結果是相當積極的。自去年初推出這些舉措以來，總存款已增至 410 億美元，增長 88 億美元或 27%，而核心存款增至 330 億美元，增長 110 億美元或 50%。

At the same time, wholesale borrowings, primarily Federal Home Loan Bank advances declined almost $2 billion or 11% to $13.7 billion. During the current quarter, total deposits increased $3.3 billion and $6.2 billion through the first 6 months of the year. Our Banking-as-a-Service business was the biggest contributor to this growth. Banking-as-a-Service deposits rose $2.3 billion or 43% on a linked-quarter basis and $5.8 billion year-to-date.

與此同時，批發借款，主要是聯邦住房貸款銀行的預付款減少了近 20 億美元或 11%，至 137 億美元。在本季度，今年前 6 個月的存款總額分別增加了 33 億美元和 62 億美元。我們的銀行即服務業務是這一增長的最大貢獻者。銀行即服務存款環比增長 23 億美元或 43%，年初至今為 58 億美元。

Banking-as-a-Service deposits totaled $7.8 billion on June 30, 2022, which is significant progress considering we started this business from scratch in the first quarter of last year with virtually 0 deposits.

2022 年 6 月 30 日，銀行即服務存款總額為 78 億美元，考慮到我們在去年第一季度從零開始這項業務，存款幾乎為零，這是一項重大進展。

Our Banking-as-a-Service related deposits fall largely into 3 categories. Traditional BaaS, which primarily encompasses fintech-related deposits totaling $5.5 billion. Government Banking-as-a-Service, serving municipalities and eventually the U.S. Treasury's prepaid debit card program totaling $652 million. And Mortgage-as-a-Service, Cadence on mortgage banking and servicing companies and consisting of escrow accounts for P&I payments totaling $1.6 billion.

我們的銀行即服務相關存款主要分為三類。傳統 BaaS，主要包括與金融科技相關的存款，總額為 55 億美元。政府銀行即服務，服務於市政當局，最終服務於美國財政部的預付借記卡計劃，總額為 6.52 億美元。 Mortgage-as-a-Service，抵押銀行和服務公司的Cadence，包括總額為16億美元的P&I付款的託管賬戶。

We also are having great success in garnering deposits from our loan customers. Total loan-related deposits rose just under $500 million during the second quarter to $4.9 billion, up 44% annualized on a linked-quarter basis. For the first 6 months of 2022, these deposits increased $921 million, far surpassing the $475 million we generated for all of last year.

我們在從貸款客戶那裡獲得存款方面也取得了巨大成功。第二季度與貸款相關的存款總額增加了不到 5 億美元，達到 49 億美元，環比年化增長 44%。 2022 年前 6 個月，這些存款增加了 9.21 億美元，遠遠超過我們去年全年產生的 4.75 億美元。

All totaled, since we're focusing on this deposit source in the first quarter of last year, loan-related deposits have grown $1.4 billion, up about 40%.

總的來說，自從我們在去年第一季度關注這一存款來源以來，與貸款相關的存款已經增長了 14 億美元，增長了約 40%。

Moving now to lending. We also had a very strong quarter in lending. Loan growth during the quarter was $1.8 billion, second only to the record $2.2 billion of loan growth we generated in the fourth quarter of last year. This quarter's loan growth was driven by our multifamily portfolio, where we continue to make market share gains as competition abates along with heightened refinancing activity as market interest rates move higher during the quarter forcing many borrowers to come to the table to refinance the property sooner rather than later.

現在轉向貸款。我們在貸款方面也有一個非常強勁的季度。本季度的貸款增長為 18 億美元，僅次於我們在去年第四季度創造的創紀錄的 22 億美元的貸款增長。本季度的貸款增長是由我們的多戶家庭投資組合推動的，隨著競爭的減弱以及本季度市場利率走高迫使許多藉款人更快地為房產再融資，再融資活動加劇，我們繼續獲得市場份額增長比以後。

At June 30, the multifamily portfolio was $36.8 billion, up $1 billion or 11% on an annualized basis compared to the previous quarter, while the specialty finance portfolio totaled $4.1 billion, up $806 million on a linked quarter basis or 24%.

截至 6 月 30 日，多戶家庭投資組合為 368 億美元，環比增長 10 億美元或 11%，而專業金融投資組合總額為 41 億美元，環比增長 8.06 億美元或 24%。

It is important to note that we have approximately $6.8 billion of multi-family and CRE loans that come up on their contractual maturity date and/or repricing between now and June 2024, with an average weighted coupon of 3.74%. Multifamily loans at an average weighted coupon of 3.70% represents $5.3 billion of this amount, while CRE loans with an average weighted coupon of 3.89% represents the remaining $1.5 billion.

值得注意的是，從現在到 2024 年 6 月，我們有大約 68 億美元的多戶和 CRE 貸款在合同到期日和/或重新定價時到期，平均加權票面利率為 3.74%。平均加權票面利率為 3.70% 的多戶家庭貸款佔其中 53 億美元，而平均加權票面利率為 3.89% 的 CRE 貸款佔剩餘的 15 億美元。

The other driver was a significant growth in the specialty finance portfolio due primarily to higher utilization rates. At June 30, the Specialty Finance segment had total commitments of $6.6 billion, up 16% compared to $5.7 billion at March 31.

另一個驅動因素是專業金融組合的顯著增長，這主要是由於更高的利用率。截至 6 月 30 日，專業金融部門的總承諾金額為 66 億美元，比 3 月 31 日的 57 億美元增長 16%。

Of the June amount, 75% or $5 billion of these commitments are structured as floating rate obligations, which have and will continue to benefit us in a rising rate environment. Despite higher interest rates, we've had a record quarter for originations, and our current pipeline looks very good as we head into the third quarter. Loan originations set a new record as we originated $5.3 billion during the second quarter, up 49% compared to the previous quarter and up 72% compared to the second quarter of last year. Second quarter originations far exceeded the prior quarter's pipeline by $2.8 billion, more than double last quarter's $2.5 billion pipeline.

在 6 月份的金額中，這些承諾中的 75% 或 50 億美元是浮動利率債務，這些債務已經並將繼續在利率上升的環境中使我們受益。儘管利率較高，但我們的創紀錄季度是創紀錄的，而且當我們進入第三季度時，我們目前的管道看起來非常好。貸款發放創下新紀錄，我們在第二季度發放了 53 億美元，比上一季度增長 49%，比去年第二季度增長 72%。第二季度的發起量遠遠超過上一季度的 28 億美元，是上一季度 25 億美元的兩倍多。

Of the current quarter's originations, 37% were refinancing from our own portfolio, 39% were refinancing from other banks' portfolio and 24% related to property transactions. As for the pipeline, the current pipeline heading into the third quarter of the year is a robust $2.5 billion on par with last quarter.

在本季度的發起中，37% 來自我們自己的投資組合再融資，39% 來自其他銀行的投資組合再融資，24% 與房地產交易有關。至於管道，目前進入今年第三季度的管道是強勁的 25 億美元，與上一季度持平。

Of this amount, $1.8 billion or 72% of the pipeline was new money to the bank.

其中，18 億美元或 72% 的管道是銀行的新資金。

Moving now to asset quality. Our credit trends in asset quality remains stellar and continue to rank NYCB as among the best in the industry. Nonperforming assets totaled $56 million compared to $70 million last quarter and were 9 basis points of total assets compared to 11 basis points last quarter.

現在轉向資產質量。我們在資產質量方面的信用趨勢依然出色，並繼續將 NYCB 列為行業中的佼佼者。不良資產總額為 5600 萬美元，上一季度為 7000 萬美元，佔總資產的 9 個基點，上一季度為 11 個基點。

Early-stage delinquencies also declined and principal only loan deferrals are at a very manageable level, decreasing 51% from the prior quarter to $139 million. In addition, we had $7 million of net recoveries this quarter compared to net charge-offs of $2 million from last quarter.

早期拖欠率也有所下降，僅本金的貸款延期處於非常可控的水平，比上一季度下降 51% 至 1.39 億美元。此外，我們本季度的淨回收額為 700 萬美元，而上一季度的淨沖銷額為 200 萬美元。

Before moving on to the next topic, I'd like to provide an update on the New York City real estate environment. New York City residential real estate remains healthy and commercial real estate is improving gradually. Retail prices across the 3 borrowers of Brooklyn, Queens and Manhattan have reached new highs.

在繼續下一個主題之前，我想先介紹一下紐約市房地產環境的最新情況。紐約市住宅房地產保持健康，商業房地產正在逐步改善。布魯克林、皇后區和曼哈頓的 3 個借款人的零售價格達到了新高。

This has been due to lower inventory and higher mortgage rates, which have pushed homebuyers to becoming renters. Medium residential rents in Manhattan are above $4,000 for the second straight month with rents continuing to make new highs over the past 5 months.

這是由於較低的庫存和較高的抵押貸款利率，這促使購房者成為租房者。曼哈頓的中型住宅租金連續第二個月超過 4,000 美元，過去 5 個月租金繼續創下新高。

In Brooklyn, the medium rent is $3,300 marking a new high for the borough for the second straight month. While in Queens, especially in Northwest Queens, which is closer to the proximity of Manhattan, rents are also at record highs.

在布魯克林，中等租金為 3,300 美元，連續第二個月創下該行政區的新高。而在皇后區，尤其是靠近曼哈頓的西北皇后區，租金也創下歷史新高。

On the rent stabilized side, the Rent Guidelines Board approved rate hikes of 3.5% for 1-year leases and 5% for 2-year leases beginning in the fourth quarter. These increases marked the largest increases in almost a decade and will go a long way to offset some of the increases in operating costs.

在租金穩定方面，租金指導委員會批准從第四季度開始將 1 年租約加息 3.5% 和 2 年租約加息 5%。這些增長標誌著近十年來的最大增幅，並將在很大程度上抵消運營成本的部分增長。

Office leasing activity showing signs of life of 3.5% year-over-year with demand for Class A space up 32% on a year-over-year basis. Moving now to the income statement. Second quarter net interest income totaled $359 million, up $28 million or 8% on a year-over-year basis. Excluding the impact from prepayment income. Net interest income on a non-GAAP basis increased $35 million or 12% to $339 million on a year-over-year basis.

寫字樓租賃活動顯示出同比增長 3.5% 的活力跡象，對 A 類空間的需求同比增長 32%。現在轉到損益表。第二季度淨利息收入總計 3.59 億美元，同比增長 2800 萬美元或 8%。排除預付款收入的影響。按非公認會計原則計算的淨利息收入同比增長 3500 萬美元或 12% 至 3.39 億美元。

Our pre-provision net revenue was also very strong. Second quarter, PPNR increased $31 million or 15% to $239 million on a year-over-year basis. Excluding the impact from merger-related expenses, PPNR grew $25 million or 11% to $243 million year-over-year.

我們的撥備前淨收入也非常強勁。第二季度，PPNR 同比增長 3100 萬美元或 15% 至 2.39 億美元。剔除合併相關費用的影響，PPNR 同比增長 2500 萬美元或 11%，達到 2.43 億美元。

Moving next to the NIM. The NIM improved during the second quarter despite the Fed aggressively raising interest rates several times to combat inflation. At 2.52%, the NIM was up 9 basis points sequentially. Excluding the impact from prepayment income, the NIM was 2.38%, up 3 basis points on a linked-quarter basis and slightly better than expectations.

移動到 NIM 旁邊。儘管美聯儲多次大幅加息以對抗通脹，但 NIM 在第二季度有所改善。淨息差為 2.52%，環比上漲 9 個基點。剔除預付款收入的影響，淨息差為 2.38%，環比上升 3 個基點，略好於預期。

Given that Flagstar is significantly asset-sensitive and we are liability-sensitive, we are very comfortable with the NIM on a pro forma basis. On the expense front, our noninterest expenses remain in check despite the company's continuing to invest in various businesses and hiring more people. Noninterest expenses were $138 million for the second quarter, which include $4 million of merger-related expenses. Excluding this, operating expenses totaled $134 million, unchanged from the previous quarter and up only modestly on a year-over-year basis.

鑑於 Flagstar 對資產非常敏感，而且我們對負債敏感，我們對 NIM 在備考基礎上非常滿意。在費用方面，儘管公司繼續投資於各種業務並僱用更多人，但我們的非利息費用仍然受到控制。第二季度的非利息費用為 1.38 億美元，其中包括 400 萬美元的合併相關費用。不包括這一點，運營費用總計 1.34 億美元，與上一季度持平，同比僅小幅增長。

Additionally, our efficiency ratio came in at 35.57% down compared to both the prior and year ago quarter. At this level, it's well below the peer average of approximately 55%. As you can see, we had a broad-based strength throughout the organization during the current quarter. This is all made possible by the hard work, dedication and patience as part of all our employees, I'd like to congratulate them for helping the company to achieve the strong performance this quarter.

此外，與上一季度和去年同期相比，我們的效率比下降了 35.57%。在這個水平上，它遠低於大約 55% 的同行平均水平。如您所見，在本季度，我們在整個組織中擁有廣泛的實力。這一切都歸功於我們所有員工的辛勤工作、奉獻精神和耐心，我要祝賀他們幫助公司在本季度取得了強勁的業績。

At yesterday's meeting, the Board of Directors declared a $0.17 dividend on our common shares. The dividend will be paid on August 18 to common shareholders of record as of August date. Based on yesterday's closing stock price, this translates into an annualized dividend yield of 7.2%.

在昨天的會議上，董事會宣布對我們的普通股派發 0.17 美元的股息。股息將於 8 月 18 日支付給截至 8 月日期登記在冊的普通股股東。根據昨天的收盤價，這相當於年化股息收益率為 7.2%。

With that, we will be happy to answer any questions you may have. We will do our very best to get to all of you within the time remaining. But if we don't, please feel free to call us later today or during the week. Operator, please open the lines for questions.

有了這個，我們很樂意回答您可能有的任何問題。我們將盡最大努力在剩餘時間內聯繫到你們所有人。但如果我們不這樣做，請隨時在今天晚些時候或一周內給我們打電話。接線員，請打開線路提問。

(Operator Instructions) Our first question today is coming from Ebrahim Poonawala from Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 Ebrahim Poonawala。

So I guess, a strong quarter from a loan growth PPNR standpoint. I think you mentioned comfort with pro forma net interest margins, maybe if we can just start there. Give us a sense of where you see the margin going based on the rate hikes we've had the one we'll probably get this afternoon. If we think about NYCB stand-alone, and beyond just how do we think about funding costs and deposit betas over the next few quarters, given all the actions you've taken to improve the deposit mix?

所以我想，從貸款增長 PPNR 的角度來看，這是一個強勁的季度。我認為您提到了對備考淨息差的安慰，也許我們可以從那裡開始。根據我們今天下午可能會得到的加息，讓我們了解您看到的利潤率在哪裡。如果我們考慮獨立的 NYCB，考慮到您為改善存款組合而採取的所有行動，我們如何考慮未來幾個季度的融資成本和存款貝塔？

So Ebrahim, let me start off by saying we're super excited about the fact that we're getting close to our engagement coming to a marriage with Flagstar. So hopefully, as we get closer to our expectation of closing that transaction, we look at an asset-sensitive institution merging with a liability-sensitive institution, and we're very positive about the outlook of the margin. That being said, I'll have Mr. Pinto go through some of the details on where we think given the most recent changes of interest rates and how that would impact the pro forma company. John?

所以易卜拉欣，讓我首先說我們對即將與 Flagstar 結婚的事實感到非常興奮。因此，希望隨著我們接近完成該交易的預期，我們會看到一家資產敏感機構與一家負債敏感機構合併，我們對保證金的前景非常樂觀。話雖如此，鑑於最近的利率變化以及這將如何影響備考公司，我將讓平托先生詳細介紹我們認為的一些細節。約翰？

Yes. So when we look at the margin, we were very happy with the second quarter as it continued the expansion of our margin that really has begun since the fourth quarter of 2019. And as Tom mentioned in his opening remarks, the Flagstar deal does provide many benefits and one of them is combining an asset-sensitive institution into our liability-sensitive balance sheet.

是的。因此，當我們查看利潤率時，我們對第二季度感到非常滿意，因為它繼續擴大自 2019 年第四季度以來真正開始的利潤率。正如湯姆在開場白中提到的那樣，Flagstar 交易確實提供了很多好處，其中之一是將資產敏感機構合併到我們的負債敏感資產負債表中。

So in order to illustrate this, we looked at the third quarter and if we assumed that the Flagstar deal closed on July 1, we estimated what the net interest margin would look like excluding prepayment fees and would come out to be approximately 2.68%. So that'd be a 30 basis point increase to what we reported as margin ex prepay in the second quarter.

因此，為了說明這一點，我們查看了第三季度，如果我們假設 Flagstar 交易於 7 月 1 日結束，我們估計不包括預付費用的淨息差約為 2.68%。因此，這將比我們報告的第二季度預付保證金增加 30 個基點。

When we look at the overall benefit would be about 45 basis points. And what that entails is the 15 basis point reduction that we would, on a stand-alone basis, expect to see in the third quarter. This assumes the 75 basis point increase later today and a 50 basis point increase in September, which is what currently is consensus.

當我們查看整體收益時，將約為 45 個基點。這意味著我們預計將在第三季度單獨減少 15 個基點。這假設今天晚些時候增加 75 個基點，9 月份增加 50 個基點，這是目前的共識。

It also -- it doesn't include any of the impacts from the -- from purchase accounting as we believe that will be beneficial, but won't be as material given the Flagstar balance sheet, which is primarily floating rate on the loan side.

它還 - 它不包括來自採購會計的任何影響，因為我們認為這將是有益的，但鑑於 Flagstar 資產負債表（主要是貸款方面的浮動利率），它不會那麼重要.

Got it. So just a few follow-ups, John. So one, I think I got in there 15 basis point stand-alone NIM compression, 268 if the deal was closed as of July 1. So I just want to make sure that's right? And why does Flagstar not assume any margin expansion standalone?

知道了。所以只是一些後續行動，約翰。所以一，我想我得到了 15 個基點的獨立 NIM 壓縮，如果交易在 7 月 1 日結束，則為 268。所以我只是想確保這是正確的？為什麼 Flagstar 不單獨承擔任何利潤擴張？

I think if I saw the slide right the NIM was 388 in June, and the guidance is in 380 to 390 range. Is there something one-off going on there or do we expect that margin to kind of level off?

我想如果我看到右邊的幻燈片，6 月份的 NIM 是 388，指導值在 380 到 390 之間。那裡是否有一次性的事情發生，或者我們是否期望利潤率會趨於平穩？

I think what John is saying is that the (inaudible) margin is anticipated to go up on a combined basis that includes the assets of Flagstar merging into NYCB.

我認為約翰所說的是，（聽不清）利潤率預計會在包括 Flagstar 合併到 NYCB 的資產在內的綜合基礎上上升。

And if you look at through the investor presentation that Flagstar put out, they put out that range of 380 to 390 (inaudible) right to come up with these numbers are using the midpoint of that range. But you also got to remember, if you look at their presentation that they did put on a swap. So that has impact to the quarters as well. When we put the 2 companies together, that swap will get mark-to-market and removed so that the asset-sensitive balance sheet that was -- that Flagstar had back in December will be what we would have going forward. So that's really, I think, the difference.

如果你看一下 Flagstar 發布的投資者介紹，他們提出了 380 到 390（聽不清）的範圍，這些數字是使用該範圍的中點得出的。但是您還必須記住，如果您查看他們的演示文稿，他們確實進行了交換。所以這對季度也有影響。當我們將這兩家公司放在一起時，該掉期將按市值計價並被刪除，因此 Flagstar 去年 12 月的資產敏感資產負債表將成為我們未來的發展方向。所以，我認為，這真的是不同之處。

Got it. And just one separate question, Tom, around the deal, obviously, it sounds like both sides still are very much on board with the deal. Just give us an update in terms of where we are in -- to the extent you can in terms of the OCC application process and how realistic is an October 31 deal close timeline?

知道了。湯姆，關於這筆交易，只有一個單獨的問題，顯然，聽起來雙方仍然非常支持這筆交易。就我們所處的位置向我們提供最新信息——在您可以在 OCC 申請流程方面以及 10 月 31 日完成交易的時間表方面有多現實？

So both teams are very confident. We filed our application right after we made the announcement, we made the announcement in April that we were moving to the OCC. I believe in mid-May, we filed their application, and we're waiting to hear back from both the OCC and the Fed, and we feel pretty good about where we are and we're very focused on our closing date, hopefully within that period. We have an October deadline in contract (inaudible) we're pushing forward to get the closing done.

所以兩支球隊都非常有信心。我們在宣布後立即提交了申請，我們在 4 月宣布我們將搬到 OCC。我相信在 5 月中旬，我們提交了他們的申請，我們正在等待 OCC 和美聯儲的回复，我們對目前的情況感覺很好，我們非常專注於我們的截止日期，希望在那個時期。我們的合同截止日期為 10 月（聽不清），我們正在推動完成交割。

As far as the teams are concerned, everyone's working a daily basis. It's been a very long engagement. We're looking forward to the marriage. And hopefully, that will happen within that time frame. Nothing more I can say as far as specificity around the process other than it's in the hands of the regulators.

就團隊而言，每個人每天都在工作。這是一個很長的訂婚。我們對婚姻充滿期待。希望這會在那個時間範圍內發生。除了監管機構掌握的流程之外，我無話可說。

Our next question is coming from Steven Alexopoulos from JPMorgan.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

I wanted to start off with a theoretical question maybe for John. If we assume the deal closed and these 2 banks came together, color you just gave to Ebrahim especially was helpful. But once these 2 banks are together for every 25 basis point increase in the Fed funds rate, what do you expect your NIM to do?

我想從一個理論上的問題開始，也許是給 John 的。如果我們假設交易已經完成並且這兩家銀行走到了一起，那麼您剛剛給 Ebrahim 的顏色尤其有用。但是，一旦聯邦基金利率每上升 25 個基點，這兩家銀行就聯合起來，你預計你的 NIM 會做什麼？

On a consolidated basis, what we would expect is that we will no longer be, of course, as liability-sensitive as we are today. We'll be will be neutral, we'll slightly asset-sensitive. So we would expect an increase going forward to the margin. But that depends on market conditions and, of course, the rate increases at the time.

在綜合基礎上，我們的預期是，當然，我們將不再像今天那樣對責任敏感。我們將保持中立，我們將略微對資產敏感。因此，我們預計利潤率會有所增長。但這取決於市場狀況，當然，當時的利率也會上漲。

Yes, Steven, I would just add to that point is that we're going to be in a very unique position given the Fed pivot on interest rates and our ability to look at this combined company positioning it's best going forward on the balance sheet perspective.

是的，史蒂文，我只想補充一點，鑑於美聯儲在利率方面的支點以及我們有能力看待這家合併後的公司，從資產負債表的角度來看，我們將處於一個非常獨特的位置.

So if you think about liabilities, for example, when we started this process of merging with Flagstar, our liabilities were substantially out of the money. In this environment, we are probably part to slightly (inaudible). So we have tremendous flexibility of exiting, we will call wholesale liabilities and use that opportunity to better position the bank for the long term on the proper funding mechanism for on a combined basis.

因此，如果您考慮負債，例如，當我們開始與 Flagstar 合併的過程時，我們的負債基本上沒有資金。在這種環境下，我們可能有點（聽不清）。因此，我們在退出方面具有極大的靈活性，我們將稱之為批發負債，並利用這一機會在適當的融資機制上更好地為銀行長期定位。

As you know, I've been very public about this, we're focusing on gathering better liabilities to fund ourselves more commercial bank line. The marketplace right now will give us a great opportunity if we have balance sheet repositioning opportunities. So we feel highly confident that when we come together, we will look at the balance sheet very carefully and focusing on how we can position ourselves best to generate shareholder returns going forward.

如你所知，我對此非常公開，我們正專注於收集更好的負債，為自己提供更多的商業銀行額度。如果我們有資產負債表重新定位的機會，現在的市場將為我們提供一個很好的機會。因此，我們非常有信心，當我們走到一起時，我們將非常仔細地審視資產負債表，並專注於我們如何才能最好地定位自己，以在未來產生股東回報。

So it's basically what you're saying, Tom, is when the banks come together, we should think of you as being maybe neutral to very slightly asset sensitive. But over time, you plan to remix the balance sheet and make yourself a bit more asset sensitive, but that's not going to be the case day one. That's basically the mix, right?

所以基本上你說的是，湯姆，當銀行走到一起時，我們應該認為你可能是中性的，對資產非常敏感。但隨著時間的推移，你計劃重新組合資產負債表，讓自己對資產更加敏感，但第一天情況並非如此。這基本上是混合的，對吧？

I think day 1, we're focusing on mutual to asset sensitive. And I think we'll get there with the flexibility of repositioning. I want to make this statement very clear: the liability base is now significantly closer to par and/or in the money. That means a year ago that substantial, we'll call it, out-of-the-money liability position has changed the value because of the market condition.

我認為第一天，我們專注於對資產敏感。而且我認為我們將通過重新定位的靈活性到達那裡。我想非常清楚地說明這一點：負債基礎現在明顯接近面值和/或金錢。這意味著一年前，由於市場狀況，我們稱其為價外負債頭寸已經改變了價值。

That gives us a lot of flexibility to figure out how we're going to fund this institution without taking consequences to capital to restructure. So this gives us more options to think about where the balance sheet is going forward. As far as the lines of business, I think Mr. Pinto was very clear, they're mostly floating rate. So there's not really a lot of negative marks that would be involved in their positioning because it's mostly floating rate type of investments and loans. So we have some good flexibility there on the funding side. At the same time, we're going to look at our asset classes and focus on the verticals and put the bank in a position to benefit from the current market, which is obviously in a rising rate environment. Now obviously, in the long run, we want to be more commercial bank like that will take time, but the focus is to focus on funding for the bank based on loan-related deposits.

這給了我們很大的靈活性來弄清楚我們將如何為這個機構提供資金，而不會對資本產生影響以進行重組。因此，這為我們提供了更多選擇來思考資產負債表的發展方向。至於業務範圍，我認為平托先生非常清楚，它們主要是浮動利率。因此，他們的定位實際上並沒有很多負面標記，因為它主要是浮動利率類型的投資和貸款。所以我們在資金方面有一些很好的靈活性。同時，我們將關注我們的資產類別並專注於垂直領域，並使銀行能夠從當前市場中受益，這顯然處於利率上升的環境中。現在顯然，從長遠來看，我們希望成為更多像那樣的商業銀行需要時間，但重點是專注於基於與貸款相關的存款為銀行提供資金。

The company has done a tremendous job. The passion here is that when we make a loan, we get the deposit balances. If we don't give them the positive balances, we're not making the loan. That's a cultural change at NYCB, and we've done some great progress there. That is going to be the focus going forward on a combined basis.

該公司已經完成了巨大的工作。這裡的激情是，當我們貸款時，我們會得到存款餘額。如果我們不給他們正餘額，我們就不會貸款。這是 NYCB 的文化變革，我們在那裡取得了很大進展。這將是未來綜合發展的重點。

That's helpful. And then final question. So if we look at the Banking-as-a-Service deposits, can you talk about -- I'm trying to understand how these are changing your liability-sensitive profile stand-alone or not. So can you talk about the cost of those deposits, right? You saw strong growth, particularly the fintech bucket in the quarter. What did you pay for those deposits in the quarter? And are these changing your liability-sensitive profile? Or are you just replacing expensive wholesale funds with basically market rate Banking-as-a-Service deposits in the fintech bucket?

這很有幫助。然後是最後一個問題。因此，如果我們看一下銀行即服務存款，你能談談 - 我試圖了解這些是如何單獨改變你對責任敏感的個人資料的。那麼你能談談這些存款的成本，對嗎？您看到了強勁的增長，尤其是本季度的金融科技板塊。您在本季度為這些存款支付了什麼？這些是否會改變您對責任敏感的個人資料？或者你只是用金融科技領域的基本市場利率銀行即服務存款來取代昂貴的批發基金？

Well, Steven, it's a combination of a lot of unique attributes here. There's really 3 functions here. So if you think about Flagstar, they're 1 of the top originators in the country, #6 in origination, #5 in servicing, we're building out Banking-as-a-Service on the mortgage side.

好吧，史蒂文，這是許多獨特屬性的組合。這裡真的有3個功能。因此，如果您考慮 Flagstar，他們是該國最大的發起人之一，在發起方面排名第 6，在服務方面排名第 5，我們正在建立抵押貸款方面的銀行即服務。

We feel highly confident that when we merge together, that could be a substantial business on a combined basis. They have lack of a need for certain liabilities given their structure. We have a desire to bring a lot of viability. So the Banking-as-a-Service type of mortgage clearly is market. It is what it is, and it's market. And if you have the custodial relationship, it's close to 0.

我們非常有信心，當我們合併時，這可能是一項合併後的重大業務。鑑於其結構，它們不需要某些負債。我們渴望帶來很多活力。因此，銀行即服務類型的抵押貸款顯然是市場。它就是它，它就是市場。如果你有監護關係，它接近於0。

If you don't, you work with the customer, you have a lending relationship, you could work out relationships in respect to reasonable funding and it's going to be cheaper than home loan bank advances. So yes, it does have a cost, but we believe it's more attractive than home loan bank advances and other wholesale-type liabilities.

如果你不這樣做，你與客戶合作，你有貸款關係，你可以在合理的資金方面建立關係，這將比住房貸款銀行預付款便宜。所以是的，它確實有成本，但我們認為它比住房貸款銀行墊款和其他批髮型負債更具吸引力。

When you focus on the government side, which, again, hasn't really kicked in, but we have tremendous contracts in the work. We won the Department of New Jersey. That's one of the few contracts that are currently in the pipeline that we're getting benefit from currently.

當您專注於政府方面時，政府方面並沒有真正發揮作用，但我們有大量的工作合同。我們贏得了新澤西州的部門。這是我們目前正在從中受益的少數幾份合同之一。

Rhode Island Department of Labor, Rhode Island Department of Health. U.S. Treasury Department, which is a substantial potential benefit for this company. Commonwealth of Pennsylvania, Commonwealth of Virginia, these are all [wins] for the bank. These will roll out over time, and the cost of those deposits were 0.

羅德島州勞工部、羅德島州衛生部。美國財政部，這對該公司來說是一個巨大的潛在利益。賓夕法尼亞聯邦，弗吉尼亞聯邦，這些都是銀行的[勝利]。這些將隨著時間的推移推出，這些存款的成本為 0。

And when that's less to kick in going forward, that's going to be a significant catalyst for our funding position as 0-cost funding. Now this takes time to onboard. It's -- and I don't want to get ahead of myself as far as giving you guidance on when these kick in.

而且，當這不那麼重要時，這將成為我們作為零成本融資的融資地位的重要催化劑。現在這需要時間來上船。它是——而且我不想在這些開始時給你指導方面超越自己。

But we believe over the next 12 to 24 months, this will be a very sizable piece of our business. In addition, we also share in fees. So it's in addition to having a 0-cost deposit liability and a tremendous opportunity to get our -- my banking direct brand out there within the marketplace, we also get a sharing of fees and a tremendous benefit on float.

但我們相信在接下來的 12 到 24 個月內，這將是我們業務中非常可觀的一部分。此外，我們還分攤費用。因此，除了擁有零成本存款負債和在市場上獲得我們的銀行直接品牌的巨大機會外，我們還獲得了費用共享和浮動收益的巨大收益。

The area on the digital side, we call it neobank/fintech relationships. We're being very proactive not only to just bank the client and have been provided for their services, but also a focus on corporate type accounts that we can now bank their relationships. So we're working some fabulous headwinds into that particular area, but most importantly, we're seeing results.

數字方面的領域，我們稱之為新銀行/金融科技關係。我們非常積極主動，不僅為客戶提供銀行服務並為其提供服務，而且還專注於公司類型的賬戶，我們現在可以為他們的關係提供銀行服務。因此，我們在該特定領域遇到了一些令人難以置信的逆風，但最重要的是，我們正在看到結果。

Now this is pie to short-term interest rates. Mr. Pinto can get through the specific details, but each deal has its own structure, and we're very proactive on building this out over time. We believe there's a need for a bank of our size to compete against some of the smaller players that are taking the Banking-as-a-Service business model.

現在這是短期利率的餡餅。 Pinto 先生可以了解具體細節，但每筆交易都有自己的結構，我們非常積極地隨著時間的推移建立起來。我們認為，我們需要一家像我們這樣規模的銀行來與一些採用銀行即服務業務模式的小型企業競爭。

And we feel this has been a very good ramp-up for the company as an alternative funding solution than the traditional home loan bank advance market and nontraditional wholesale funding to focus on a diversified deposit base. So John, if you want to maybe talk about the funding side as far as cost of those types of liabilities.

我們認為這對於公司來說是一個非常好的提升，作為一種替代的融資解決方案，而不是傳統的住房貸款銀行預付市場和非傳統的批發融資，專注於多元化的存款基礎。所以約翰，如果你想談談這些類型負債的成本方面的資金方面。

Yes, excluding the government piece that Tom talked about, when you're looking at the Mortgage-as-a-Service or certainly the Banking-as-a-Service transactions, they're primarily tied to effective Fed funds plus or minus a spread -- a small spread usually either way. So they are tied to short-term interest rates.

是的，不包括湯姆談到的政府部分，當您查看抵押即服務或銀行即服務交易時，它們主要與有效的聯邦基金相關聯，加上或減去點差——通常是小幅點差。因此，它們與短期利率掛鉤。

But as Tom mentioned, there's still a more effective funding source than the home loan bank given the inefficiencies potentially in that market. So they specifically tied normally to effective Fed funds.

但正如湯姆所提到的，鑑於該市場潛在的低效率，仍然有比住房貸款銀行更有效的資金來源。因此，它們通常特別與有效的聯邦基金掛鉤。

Yes, plus or minus. And I think, Steven, [one of the] attribute of this is very interesting is that as we work with these clients and look at opportunities on the banking side, we also work with excess liquidity coming off of their actual products that they're selling in the marketplace.

是的，正負。而且我認為，史蒂文，[其中一個] 屬性非常有趣的是，當我們與這些客戶合作並尋找銀行方面的機會時，我們也會處理來自他們實際產品的過剩流動性在市場上銷售。

So money comes in and out, those are all operating accounts, which is going to build up very nicely for the bank. So we're looking at not only it's just the BaaS relationship, but as a commercial bank relationship as well. And that's been very, very positive for the past 6 months.

所以錢進進出出，這些都是運營賬戶，這將為銀行建立非常好的收益。因此，我們不僅關注 BaaS 關係，還關注商業銀行關係。在過去的 6 個月裡，這是非常非常積極的。

Your next question is coming from Christopher Marinac from Janney Montgomery Scott.

您的下一個問題來自 Janney Montgomery Scott 的 Christopher Marinac。

John and Tom, can you talk about liquidity and access to liquidity going forward? And then also maybe mention Flagstar, they mentioned their drop in liquidity ratio from March to June?

約翰和湯姆，你能談談流動性和未來流動性的獲取嗎？然後也許還提到Flagstar，他們提到了他們從3月到6月流動性比率的下降？

From a liquidity perspective, what we've been doing, we're in a better spot now than we've been historically, especially when you look at on-balance sheet liquidity and even some of the cash balances and unencumbered securities that we've been holding on the books. So as we continue to pay down home loan bank borrowings or liquidity by bringing in deposits just continues to increase.

從流動性的角度來看，我們一直在做的事情，我們現在的處境比歷史上更好，尤其是當您查看資產負債表上的流動性，甚至是我們的一些現金餘額和未設押證券時一直拿著書。因此，隨著我們繼續通過引入存款來償還住房貸款，銀行借款或流動性只會繼續增加。

So we're very comfortable with the liquidity levels that we have. You can see we're keeping a little extra cash on the balance sheet to be conservative as we bring in these Banking-as-a-Service customers just to ensure that we fully understand the duration related to them and we don't have any surprises. So that's why you're seeing some heightened cash and unencumbered securities on our balance sheet, which will continue as we continue to bring in deposits and pay down wholesale borrowings.

因此，我們對我們擁有的流動性水平感到非常滿意。您可以看到我們在資產負債表上保留了一些額外的現金以保持保守，因為我們引入這些銀行即服務客戶只是為了確保我們完全了解與他們相關的持續時間並且我們沒有任何驚喜。這就是為什麼您會在我們的資產負債表上看到一些增加的現金和未設押證券，隨著我們繼續引入存款和償還批發借款，這種情況將繼續存在。

So from the liquidity side, it's -- we feel very confident where we stand now and potential to bring in more deposits as we go forward only enhances that.

因此，從流動性方面來看，我們對我們現在所處的位置非常有信心，並且隨著我們的前進，有可能帶來更多的存款只會增強這一點。

So Chris, I would add to John's commentary that we've been very conservative on putting the cash to work. We've been waiting on the sidelines given this environment, short-term liquidity to be invested in spread right now, which is advantageous to the bank. So we've been very cautious there.

所以克里斯，我想補充一下約翰的評論，我們在投入現金方面一直非常保守。鑑於這種環境，我們一直在觀望，短期流動性現在投資於利差，這對銀行有利。所以我們在那裡非常謹慎。

So we're looking forward as if we have excess liquidity, even with short-term treasuries, we can make a spread on that excess.

因此，我們期待著，就好像我們有過剩的流動性一樣，即使是短期國債，我們也可以對這種過剩進行利差。

Okay. Great. That's helpful. And then on Flagstar, should we think a bit less about where the ratios are at [6 30] and more about kind of what you will do with it together because you have a lot of optionality as they [come on]?

好的。偉大的。這很有幫助。然後在 Flagstar 上，我們是否應該少考慮一下比率在 [6 30] 的位置，而更多地考慮一下你將如何處理它，因為當它們 [來] 時你有很多選擇餘地？

Yes. Absolutely. I agree. Absolutely. Yes.

是的。絕對地。我同意。絕對地。是的。

We're getting closer. So hopefully, we'll get to the finish line. And clearly, this is going to be very opportunistic when we look at the choices of the balance sheet on a combined basis.

我們越來越近了。所以希望我們能到達終點線。顯然，當我們綜合考慮資產負債表的選擇時，這將是非常機會主義的。

Great. And then one quick one on prepayments. Any visibility to them staying high for Q3?

偉大的。然後是一個快速的預付款。對他們在第三季度保持高位的能見度？

I get some commentary about the mortgage market in our backyard. We've had elevated levels. I mean the second quarter was better than the first quarter. We see the continuation of that. So we're very bullish about activity. There's pent-up refi opportunity. There really is a lot of customers that need to come to the table here, given they're coming off of low 3s, markets close to 5% now.

我得到了一些關於我們後院抵押貸款市場的評論。我們的水平提高了。我的意思是第二季度比第一季度好。我們看到了這種情況的延續。所以我們非常看好活動。有被壓抑的再融資機會。確實有很多客戶需要來到這裡，因為他們正在擺脫低三分，現在市場接近 5%。

So I believe that will accelerate prepayment activity. We see good visibility right now. We're seeing -- we're going through July, we have some good levels in already. So I would say it still continues at a positive trend, but we feel they can go much higher from here if rates continue to track higher here.

所以我相信這將加速預付活動。我們現在看到了良好的能見度。我們看到了——我們正在經曆七月，我們已經有了一些不錯的水平。所以我想說它仍然繼續保持積極的趨勢，但我們認為如果利率繼續走高，它們可以從這裡走得更高。

Now obviously, if it goes the other way, they may wait on the sidelines. But we have a decent amount of loans coming due in the next 2 years, I need to make a decision and all those coupons are out of the money. So they would have to pay up to get either just the modification and/or refi. And we're being very selective on what we want to do going forward. We feel that in this environment, our conservative underwriting standards is key. And the fact that turning the coupon for us is more viable than focusing on explosive growth. The growth that we had this year for the first half was significantly front loaded.

現在顯然，如果情況相反，他們可能會在一旁觀望。但是我們有相當數量的貸款在未來 2 年內到期，我需要做出決定，所有這些優惠券都用光了。因此，他們必須付錢才能獲得修改和/或 refi。我們對未來想要做的事情非常有選擇性。我們認為在這種環境下，我們保守的承保標準是關鍵。事實上，為我們轉動優惠券比專注於爆炸性增長更可行。我們今年上半年的增長是顯著的。

I believe if you think about the rest of the year, our goal here is to turn the coupon. We'll have some moderate growth for the rest of the second half of the year, and we'll still be well above what we'd say, at least meet our expectations of high single-digit net loan growth.

我相信，如果您考慮今年餘下的時間，我們的目標是兌現優惠券。在下半年剩下的時間裡，我們將有一些溫和的增長，我們仍然會遠遠高於我們所說的，至少滿足我們對高個位數淨貸款增長的預期。

Last year, that growth was backloaded. This year, it seems like it was front-loaded. So we're confident that we'll meet our goals and objectives of that high single-digit net loan growth number, and we also are focusing very carefully on turning the coupon. If we can turn that low 3 or mid-3 coupon to upper 4s, low 5s, that's very meaningful for the margin going forward.

去年，這種增長被拖了後腿。今年，它似乎是前裝式的。因此，我們有信心實現高個位數淨貸款增長的目標和目標，而且我們也非常謹慎地關注票息。如果我們可以將低 3 或中 3 的票息轉為高 4、低 5，這對未來的利潤率非常有意義。

Next question is coming from Steve Moss was from B. Riley Securities.

下一個問題來自 Steve Moss，來自 B. Riley Securities。

Maybe going back to the Banking-as-a-Service deposits here, it looked like that was back-end weighted for the quarter. Curious if that's primarily due to your circle relationship that you announced late in the quarter?

也許回到這裡的銀行即服務存款，看起來這是本季度的後端加權。好奇這是否主要是由於您在本季度末宣布的圈子關係？

I believe the -- that's part of it. It's about that particular relationship with a global stable coin exchange company without making (inaudible) about just under $3 billion. So the rest is other technology companies on the tech side. I did break it out in my prepared remarks.

我相信 - 這是其中的一部分。這是關於與一家全球穩定的硬幣交易公司的特殊關係，而沒有（聽不清）大約不到 30 億美元。所以剩下的就是技術方面的其他技術公司。我確實在我準備好的評論中打破了它。

So on the tech side of that amount, I think it was $5.5 billion, $2.8 billion is where we're focusing stable coin exchange. And that's for their liquidity requirements on the cash expectations. And we're 1 of 6 banks that service that relationship.

所以在技術方面，我認為是 55 億美元，28 億美元是我們關注穩定幣交易的地方。那是因為他們對現金預期的流動性要求。我們是為這種關係提供服務的 6 家銀行中的 1 家。

Okay. That's helpful. And then in terms of, on the liability side here, curious on a stand-alone basis, you guys have about, I think, $7.5 billion-or-so (inaudible) that come due -- that could come [due in the next] 6 months. Curious, what are your thoughts, how you're going to fund them if (inaudible) near term?

好的。這很有幫助。然後就責任方面而言，在獨立的基礎上感到好奇，你們有大約 75 億美元（聽不清）到期 - 可能會在下一個到期] 6個月。好奇，你的想法是什麼，如果（聽不清）短期內你將如何資助他們？

Yes, so look, I think this goes into the commentary that I discussed about the pro forma balance sheet. Optionality is on the table here to look at the liability base and the asset base upon consolidation of these 2 businesses coming together and the flexibility of something that's either in the money or flat to par without any consequence of exit gives us lots of flexibility.

是的，所以看，我認為這進入了我討論過的關於備考資產負債表的評論。在這兩項業務合併後，可以選擇查看負債基礎和資產基礎，而在沒有任何退出後果的情況下，無論是在金錢上還是與面值持平的東西的靈活性給了我們很大的靈活性。

So what we've been doing in the short-term? We've been either refinancing and they're all paying it off. So if you know from our prepared remarks, we're down $2 billion for the first 6 months and reducing our wholesale dependency at the home loan bank system, that is a focus of the bank.

那麼我們在短期內一直在做什麼？我們要么一直在再融資，而且他們都在還清。因此，如果您從我們準備好的評論中知道，我們在前 6 個月減少了 20 億美元，並減少了我們對住房貸款銀行系統的批發依賴，這是銀行的重點。

So clearly, having that portable position right now as a position that we could be flexible and look at the balance sheet on a go-forward basis. We look at that as an opportunity. Clearly, if we continue to see deposit growth, which we believe we will, we have a significant amount of other initiatives working into Q3 and beyond. We're not going to give guidance on deposit growth, but we're still doing a lot of hard work in bringing in new depository relationships both on the BaaS side as well as loan related, and that will also be a catalyst to deal with advances as they get put back to us.

很明顯，現在擁有這個可移動的頭寸，我們可以靈活地看待資產負債表。我們認為這是一個機會。顯然，如果我們相信我們會繼續看到存款增長，我們將在第三季度及以後採取大量其他舉措。我們不會就存款增長提供指導，但我們仍在努力在 BaaS 和貸款相關方面引入新的存款關係，這也將成為處理問題的催化劑當他們被放回給我們時，他們就會進步。

Okay. And then one more question on the liability side with CDs, curious what is in the bucket to reprice this quarter at what rate? And maybe just trying to figure out what is the dynamic portfolio in terms of like the average duration?

好的。然後還有一個關於 CD 責任方面的問題，好奇本季度以什麼價格重新定價的桶中有什麼？也許只是想弄清楚什麼是動態投資組合，比如平均持續時間？

Right. So if you look at -- look, we'll take in a couple of different pieces. So if you look at our maturing CDs in the third quarter, it's $3.6 billion, and that's about a 50 basis point rate. So we've had a really good quarter in the second quarter with retention of our CDs.

正確的。因此，如果您看-看，我們將採用幾個不同的部分。因此，如果您查看我們在第三季度到期的 CD，它是 36 億美元，這大約是 50 個基點的利率。所以我們在第二季度有一個非常好的季度，保留了我們的 CD。

So when you look at our current CD rates of 9 months is about 1%; 12 months, 1.75%; 2 years, is around 2%, give or take. So we brought in money under 1% in the second quarter. It'll be up a little, of course, in the third, but we don't think it will be dramatically higher than that, given what we've seen so far this quarter and the September raise happens so late in September.

因此，當您查看我們當前 9 個月的 CD 利率時，約為 1%； 12 個月，1.75%； 2 年，大約是 2%，給予或接受。所以我們在第二季度帶來了低於 1% 的資金。當然，在第三季度它會略有上升，但鑑於我們本季度迄今為止所看到的情況以及 9 月的加薪發生在 9 月下旬，我們認為它不會比這高得多。

When you look on the borrowing side, you mentioned the portables -- what our thoughts are there. It's only about $575 million of wholesale borrowings that are actually maturing in the quarter and that's at 1.81%.

當您查看借貸方面時，您提到了便攜式設備——我們的想法是什麼。本季度實際到期的批發借款只有約 5.75 億美元，利率為 1.81%。

Next question is coming from Bernard Von Gizycki from Deutsche Bank.

下一個問題來自德意志銀行的 Bernard Von Gizycki。

So my first question is on loan growth. You had solid loan growth during the quarter. In your prepared remarks, you noted the multifamily portfolio, you continue to gain market share as competition abates. I was wondering, first, if you could talk to the competitive environment and what you're seeing there?

所以我的第一個問題是關於貸款增長的。本季度您的貸款增長穩健。在您準備好的評論中，您提到了多戶型投資組合，隨著競爭的減弱，您將繼續獲得市場份額。首先，我想知道您是否可以談論競爭環境以及您在那裡看到的情況？

And then just any color on the rebound in specialty finance and then just on CRE, noticed it hasn't been growing there for some time. Just anything might be keeping you cautious there?

然後是專業金融反彈的任何顏色，然後是 CRE，注意到它已經有一段時間沒有增長了。有什麼可能讓你保持謹慎嗎？

So I'd say big picture, we're conservative underwriting (inaudible). We're very focused on continuing holding to our standards of services. So going forward and as part of our culture is that we underwrite on a cash flow basis. And if deals are tied and/or they don't make sense, they'll leave the portfolio and we're very comfortable with that. And that's our philosophy.

所以我會說大局，我們是保守的承保人（聽不清）。我們非常專注於繼續保持我們的服務標準。因此，展望未來，作為我們文化的一部分，我們以現金流為基礎進行承保。如果交易被捆綁和/或它們沒有意義，他們將離開投資組合，我們對此非常滿意。這就是我們的理念。

We feel very good about the loan book, our LTVs, the business in hand and the New York City marketplace. And we're also working with some of our flagship customers that are moving outside of New York and building out their businesses away from New York City, and that's been very successful.

我們對貸款簿、我們的 LTV、手頭業務和紐約市市場感覺非常好。我們還與我們的一些旗艦客戶合作，這些客戶正搬到紐約以外的地方，在紐約市以外的地方開展業務，這非常成功。

And at the same time, as we move with them, we're also working very hard to bring in the full depository relationships. So that's been a success for the bank. And historically, the bank has always had a focus on strong underwriting criteria. When you think about the marketplace today, we are focusing on, obviously, moving the coupon higher, being very selective on [CRE, pure CRE], we'll call it retail and office.

同時，隨著我們與他們一起行動，我們也在非常努力地建立完整的託管關係。所以這對銀行來說是成功的。從歷史上看，該銀行一直專注於嚴格的承銷標準。當您考慮今天的市場時，我們顯然專注於提高優惠券，對[CRE，純CRE]非常有選擇性，我們將其稱為零售和辦公。

So you don't really see a whole lot of activity there for years now. We've been not focused on that. From time-to-time, we have good customer relationships that have a diversified portfolio, and we'll consider financing it. But the focus has been in our niche business being the multifamily nonluxury marketplace. And we've done a very, very strong job over the past 18 months on getting back to a growth story.

所以多年來你並沒有真正看到那裡有很多活動。我們一直沒有專注於此。有時，我們擁有良好的客戶關係，擁有多元化的投資組合，我們會考慮為其融資。但重點一直是我們的利基業務，即多戶型非奢侈品市場。在過去的 18 個月裡，我們在回歸增長故事方面做得非常非常出色。

With that being said, I would say in my prepared remarks, we had interesting back-loaded growth last year. It was slow in the beginning of '21. And at the end of '21, we had a surge of activity given the shift of interest rates, that continued into the first half of 2022.

話雖如此，我會在我準備好的評論中說，去年我們有有趣的逆向增長。 21 年初速度很慢。在 21 年底，鑑於利率的變化，我們的活動激增，這種情況一直持續到 2022 年上半年。

And we think that, that was a front-loaded story. With that being said, I feel very confident that we'll meet our target of high single-digit net loan growth for the company on both multifamily as well as specialty finance.

我們認為，這是一個預先加載的故事。話雖如此，我非常有信心，我們將實現公司在多戶家庭和專業金融方面實現高個位數淨貸款增長的目標。

On specialty finance, we had a couple of years of uncertainty on utilization given the general economy, COVID and the supply chain issues. That seems like that has changed quite a bit for us. So a lot of that has been drawdowns.

在專業金融方面，鑑於總體經濟、COVID 和供應鏈問題，我們在利用方面有幾年的不確定性。對我們來說，這似乎發生了很大變化。所以很多都是縮編。

The good news there is that these are well underwritten credits that we're very comfortable with. And more importantly, they're committed for and they draw down, and we get nice returns on that because it's 75% of that book is floating rate and that's been an explosive 6 months, I don't envision that same type of activity for the second half of this year.

好消息是，這些都是我們非常滿意的承保額度。更重要的是，他們承諾並且他們撤資，我們獲得了不錯的回報，因為這本書的 75% 是浮動利率，這是一個爆炸性的 6 個月，我不認為有相同類型的活動今年下半年。

But I think specialty finance, even on a flat scenario, had a phenomenal year. They'll probably grow a little bit this year, but on a managed perspective. And I think the target for the company is high single-digit net loan growth with the focus on really moving the coupons within the portfolio, and we're focusing very actively on that bucket of loans that are coming due to reprice and their option comes due. And we're being creative there to get them to the table sooner so we can move that low 3 coupon into a high 4, low 5 coupon, and that will add value to the margin.

但我認為專業金融，即使在平坦的情況下，也有非凡的一年。他們今年可能會增長一點，但從管理的角度來看。而且我認為公司的目標是高個位數的淨貸款增長，重點是真正在投資組合中移動優惠券，我們非常積極地關注由於重新定價和他們的選擇而即將到來的那一桶貸款到期的。我們正在發揮創意，讓他們盡快上桌，這樣我們就可以把低 3 的優惠券變成高 4、低 5 的優惠券，這將增加利潤的價值。

Okay. Great. If I could, just one more question. This is for Flagstar. So I know the gain on loan sale was $27 million in 2Q and I believe in the deck, you're guiding flat in 3Q. I know a few quarters ago, there was guidance on the expected EBO gain on sales. And I just wanted to get an update on how much you had in the first half of this year? Any expectations for the second half? I'm just wondering if these kind of finish and they'll be done by this year or if any of that's built into 2023?

好的。偉大的。如果可以的話，再問一個問題。這是給旗星的。所以我知道第二季度的貸款銷售收益為 2700 萬美元，我相信你在第三季度的指導是持平的。我知道幾個季度前，有關於預期 EBO 銷售收益的指導。我只是想了解一下你今年上半年有多少？對下半年有什麼期待嗎？我只是想知道這些是否會在今年完成，或者是否會在 2023 年完成？

Yes, I'll let Lee take that one.

是的，我會讓李拿那個。

Yes, sure. So in the second quarter, we had just under $1 million of EBO gain. What I would tell you is, as we move forward, the EBO gains are going to be relatively neutral. You might get a little bit similar to Q2, but it isn't going to make a meaningful difference to the quarter's gain on sale. And with the rising rate environment, that's because you can't securitize them all at a gain. And so those that were securitizing at a gain in some instances are being offset by those that are underwater. And so we've made the decision in certain instances to just keep them on the balance sheet in portfolio. So net-net, you're not going to see a big impact from EBO as it relates to the gain on sale going forward.

是的，當然。因此，在第二季度，我們的 EBO 收益略低於 100 萬美元。我要告訴你的是，隨著我們向前發展，EBO 收益將相對中性。您可能會與第二季度有點相似，但這不會對該季度的銷售收益產生有意義的影響。在利率上升的環境下，這是因為你不能將它們全部證券化。因此，那些在某些情況下通過證券化獲利的公司正在被那些在水下的公司所抵消。因此，在某些情況下，我們決定將它們保留在投資組合的資產負債表上。所以 net-net，你不會看到 EBO 的巨大影響，因為它與未來的銷售收益有關。

Next question today is coming from Matthew Breese from Stephens.

今天的下一個問題來自斯蒂芬斯的 Matthew Breese。

Curious, what is the stand-alone New York Community NIM outlook for the third quarter?

好奇，第三季度獨立的紐約社區淨息差前景如何？

John (inaudible) you want to...

約翰（聽不清）你想...

NIM ex prepay down 15.

NIM ex 預付 15。

Down 15? Okay. And then could you provide within that what the period-end spot rate was for New York Community deposits as a whole? What was the cost of deposits at the end of the period?

降15？好的。然後，您能否提供整個紐約社區存款的期末即期匯率？期末的存款成本是多少？

At the end of June 30?

6月30日結束？

Yes.

是的。

I'll get that for you. Total interest-bearing deposits 53 basis points.

我會為你得到那個。總計息存款53個基點。

Okay. Outside of the partnership with Circle, do you have any other Stable Coin relationships that we should be aware of? And just given some of the disruption in that market, could you just talk to the quality of those relationships if you do have others and some of the dynamics of how they keep the Stable Coin stable?

好的。除了與 Circle 的合作夥伴關係之外，您還有其他我們應該注意的穩定幣關係嗎？鑑於該市場的一些破壞，如果您確實有其他關係以及它們如何保持穩定幣穩定的一些動態，您能否談談這些關係的質量？

So we have none other than the one that you've mentioned. We're very confident in their positioning as a global exchange for fiat currency. We -- as indicated, we are a cash provider for obviously 1 of 6 banks that hold cash for their liquidity requirements.

所以我們只有你提到的那個。我們對他們作為全球法定貨幣交易所的定位非常有信心。我們——如前所述，我們顯然是 6 家銀行中的 1 家銀行的現金提供者，這些銀行持有現金以滿足其流動性需求。

It's not focused on a combined basis where we're commingled. It's clearly just a cash positioning, and we're 1 of those -- 1 of 6 banks that provide banking services to them to have a percentage of their allocation of cash.

它不集中在我們混合在一起的綜合基礎上。這顯然只是現金頭寸，而我們是其中之一 - 為他們提供銀行服務的 6 家銀行中的 1 家，以便在他們的現金分配中佔有一定比例。

I believe if you recall, there were liquidity requirements 30% of every dollar that they need to invest -- need to be invested in cash. And I believe the other 70% is in short-term treasury. So USDC happens to be obviously 1 of the more stable, stable coins. So we're very comfortable with that relationship, and we're working on a number of initiatives in respect to potential partners in the future. But clearly, when it comes to our positioning, it's really just the corporate cash account that we have with our partnership there.

我相信，如果您還記得的話，他們需要投資的每一美元中有 30% 的流動性要求 - 需要以現金投資。我相信另外 70% 是短期資金。所以 USDC 恰好是更穩定、更穩定的幣種之一。因此，我們對這種關係感到非常滿意，並且我們正在針對未來的潛在合作夥伴開展多項舉措。但很明顯，當談到我們的定位時，它實際上只是我們與合作夥伴在那裡擁有的公司現金賬戶。

Got it. Great. Okay. The last one for me is just to get a temperature check on obtaining regulatory approval for the deal. From a corporate structure standpoint, the Flagstar deal has a few moving pieces, one of which is Flagstar seeking a national bank charter within the OCC versus an FSA. I'm curious if any critical milestones at this point have been reached and approved and if you can speak to any of them, including that national bank charter switch?

知道了。偉大的。好的。對我來說，最後一個只是在獲得監管部門批准該交易時進行溫度檢查。從公司結構的角度來看，Flagstar 的交易有一些動人之處，其中之一是 Flagstar 在 OCC 與 FSA 之間尋求國家銀行章程。我很好奇此時是否有任何關鍵的里程碑已經達到並獲得批准，您是否可以與其中任何一個交談，包括國家銀行特許權轉換？

I'm going to defer it to Sandro. Obviously, we believe -- let me just start it by saying we feel very confident where we are. As indicated, we filed our application in mid-May. We're coming to the end of July and things are progressing, but I'll help push that over to Sandro. Sandro?

我將把它交給桑德羅。顯然，我們相信——讓我先說我們對自己所處的位置非常有信心。如前所述，我們在 5 月中旬提交了申請。我們快到 7 月底了，事情正在取得進展，但我會幫助把它推給 Sandro。桑德羅？

Yes. Yes. Thank you, Tom. I don't have anything to add relative to the regulatory status. We're working through the process. And as Tom said, we remain confident that we'll get the approvals we need. As it relates to the National Bank piece of it, Flagstar, we've been considering moving to a national charter since that option became available to us a couple of years ago when Congress passed the bill that included that provision. And it's just sensible to do it in parallel with this application. So there's -- don't read anything into the National Bank piece of it. It's just an easy way to get there.

是的。是的。謝謝你，湯姆。關於監管狀態，我沒有什麼要補充的。我們正在處理這個過程。正如湯姆所說，我們仍然有信心獲得所需的批准。由於它涉及國家銀行的一部分，Flagstar，我們一直在考慮轉向國家憲章，因為幾年前國會通過了包含該條款的法案時，我們可以選擇該選項。與此應用程序並行執行它是明智的。所以有 - 不要將任何內容讀入國家銀行的部分。這只是到達那裡的簡單方法。

And we would have gone there -- if we were independent, we would have gone there because we're not as thrift-like as we used to be in as you think about that going forward, the National Bank target just makes a lot more sense for our organization and for the combined organization as well. So again stop, don't read anything into that. There's no complication associated with the application because of the National Bank piece of it.

而且我們會去那裡——如果我們是獨立的，我們會去那裡的，因為我們不像過去那樣節儉，就像你想像的那樣，國家銀行的目標只會賺更多對我們的組織和合併後的組織都有意義。所以再次停下來，不要讀到任何東西。由於國家銀行的一部分，該應用程序沒有任何復雜性。

Next question is coming from Chris McGratty from KBW.

下一個問題來自 KBW 的 Chris McGratty。

Maybe, John, a couple of clarifying questions to make sure I heard you right. The spot deposit cost was 53 basis points for the entire quarter, is that also -- you said it was also the June 30 cost?

約翰，也許有幾個澄清問題，以確保我沒聽錯。整個季度的現貨存款成本為 53 個基點，是不是也 - 你說這也是 6 月 30 日的成本？

No, that was the average, right, not the spot. Sorry about that. Correct.

不，那是平均水平，對，不是現場。對於那個很抱歉。正確的。

No, do you have the spot...

不，你有位置嗎...

No, I don't have that with me.

不，我沒有那個。

And a follow-up (inaudible) John follow-up with that.

以及後續（聽不清）約翰跟進。

That's great. Yes. And then did you provide, like you typically do the expectation for expenses for the quarter, sorry, I may have missed that?

那太棒了。是的。然後您是否提供了，就像您通常對本季度的費用預期一樣，抱歉，我可能錯過了？

Yes. No, [1 35], very consistent where we were in the second quarter and the first quarter. We're comfortable with our original guidance in that [5 40] range. We beat it by a little bit in the first 2 quarters, we think we'll be there.

是的。不，[1 35]，我們在第二季度和第一季度的情況非常一致。我們對 [5 40] 範圍內的原始指南感到滿意。我們在前兩個季度稍微擊敗了它，我們認為我們會在那裡。

Okay. And then last one. Given the market's expectations that were in some sort of a slowdown in the economy. Can you just speak to what you think is normalized losses for that spec fin book given some of the cyclicality there?

好的。然後是最後一個。鑑於市場的預期是某種經濟放緩。鑑於那裡的一些週期性，您能否談談您認為該規范金融書的正常化損失？

So just in general, I mean, we haven't had a 30-day delinquency in 9 years. So we're pretty confident in our underwriting and then we're a credit buy-up shop there. We do a great job on sourcing through what makes sense for the bank going forward. It is a unique business model for us. .

所以總的來說，我的意思是，我們已經有 9 年沒有過 30 天的拖欠。所以我們對我們的承保非常有信心，然後我們就是那裡的信用購買商店。我們在採購對銀行未來有意義的東西方面做得很好。這對我們來說是一種獨特的商業模式。 .

It doesn't come with funding, but we are focused on the credit side. We have not had a 30-day delinquency in 9 years. And so we don't envision any real losses there, but maybe John can specifically talk about on a CECL perspective, how that would kick in?

它沒有資金，但我們專注於信貸方面。我們已經 9 年沒有過 30 天的拖欠。所以我們不設想那裡有任何真正的損失，但也許約翰可以從 CECL 的角度具體談談，這將如何發揮作用？

Yes. Even from a CECL perspective, where the modeling comes out, very low losses historically, and currently, given what we've seen. I mean, it's just so -- the collateral on it is just so strong. The performance has been so strong as well. So the risk ratings on that portfolio are extremely low. So it's just -- it's a very, very high credit portfolio that we've built over the last almost 10 years.

是的。即使從模型出來的 CECL 的角度來看，歷史上和目前的損失都非常低，鑑於我們所看到的。我的意思是，它就是這樣——它的抵押品是如此強大。表演也很強大。因此，該投資組合的風險評級極低。所以它只是 - 這是我們在過去近 10 年中建立的非常非常高的信用組合。

Yes, [super senior secured]. Looking forward to the repricing level, obviously, we manage it for the past decade in a low interest rate environment and this elevated interest rate environment on the short end of the curve, we should see some good benefits on the yield side there.

是的，【超級高級擔保人】。展望重新定價水平，很明顯，過去十年我們在低利率環境和曲線短端的高利率環境下進行管理，我們應該在那裡看到收益率方面的一些好處。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

我們的問答環節結束了。我想將發言權交還給管理層，以徵求任何進一步或結束的意見。

Thank you again for taking the time to join us this morning and for your interest in NYCB. We look forward to chatting with you again at the end of October when we will discuss our performance for the third quarter of 2022.

再次感謝您今天早上抽出時間加入我們，並感謝您對 NYCB 的興趣。我們期待在 10 月底再次與您交談，屆時我們將討論我們 2022 年第三季度的業績。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。我們感謝您今天的參與。