Flagstar Financial Inc (NYCB) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NYCB Q1 2023 Earnings Conference Call. (Operator Instructions) This call is being recorded on Friday, April 28, 2023. I would now like to turn the conference over to Mr. Sal DiMartino, Director of Investor Relations. Please go ahead, sir.

女士們先生們，早上好，歡迎來到 NYCB 2023 年第一季度收益電話會議。 （操作員說明）此電話將於 2023 年 4 月 28 日星期五進行錄音。我現在想將會議轉交給投資者關係總監 Sal DiMartino 先生。請繼續，先生。

Thank you, Laura. Good morning, everyone, and thank you for joining the management team of New York Community Bancorp for today's conference call. Today's discussion of the company's first quarter 2023 results will be led by President and CEO, Thomas Cangemi, joined by the company's Chief Financial Officer, John Pinto; Reggie Davis, President of Banking; and Lee Smith, President of Mortgage.

謝謝你，勞拉。大家早上好，感謝您加入 New York Community Bancorp 的管理團隊參加今天的電話會議。今天對公司 2023 年第一季度業績的討論將由總裁兼首席執行官 Thomas Cangemi 主持，公司首席財務官 John Pinto 也將參加；雷吉·戴維斯，銀行業總裁；和 Mortgage 總裁 Lee Smith。

Before the discussion begins, I'd like to remind you that certain comments made today by the management team of New York Community may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements we make are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and presentation for more information about risks and uncertainties, which may affect us.

在討論開始之前，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含 1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。此類前瞻性陳述我們製造的產品受安全港規則的約束。請查看今天的新聞稿和演示文稿中的前瞻性免責聲明和安全港語言，以了解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 the call over to Mr. Cangemi.

有了這個，現在我想把電話轉給 Cangemi 先生。

Thank you, Sal. Good morning, everyone, and thank you for joining us today. Today, I would like to cover a few topics with you. Our first quarter 2023 operating results. The first is a combined company with Flagstar, how we fared during the recent market upheaval, the Signature Bank transaction and finally, provide you some forward-looking guidance. As you all know, the first quarter was a volatile quarter for the banking industry. And unfortunately, several good financial institutions became victims of this volatility. While no financial institution is 100% immune from the damage that the crisis in confidence causes, New York Community fared very well during this period of turmoil due to our diversified business model focusing on several core businesses, retail banking, commercial lending, multifamily and commercial real estate lending and the residential mortgage origination and servicing business.

謝謝你，薩爾。大家早上好，感謝您今天加入我們。今天，我想和大家聊幾個話題。我們 2023 年第一季度的經營業績。第一個是與 Flagstar 的合併公司，我們在最近的市場動盪中表現如何，Signature Bank 交易，最後，為您提供一些前瞻性指導。眾所周知，第一季度對銀行業來說是一個動蕩的季度。不幸的是，一些優秀的金融機構成為這種波動的受害者。雖然沒有一家金融機構能 100% 免受信心危機造成的損害，但紐約社區在這段動盪時期表現良好，因為我們的多元化商業模式專注於幾項核心業務、零售銀行、商業貸款、多戶家庭和商業房地產貸款和住宅抵押貸款發起和服務業務。

We do not have any exposure to crypto currency or stable coin related industries nor do we have significant relationships with financial technology companies. Moreover, during this time, our percentage of uninsured deposits was amongst the lowest in the industry. Not only do we successfully navigate the market turmoil, but we emerged from this in a stronger position when on March 20, we announced that our bank subsidiary, Flagstar Bank NA, purchased certain assets and assumed certain liabilities of Signature Bridge Bank.

我們沒有接觸加密貨幣或穩定幣相關行業，也沒有與金融科技公司有重要關係。此外，在此期間，我們的未投保存款百分比是業內最低的。我們不僅成功地渡過了市場動盪，而且在 3 月 20 日宣布我們的銀行子公司 Flagstar Bank NA 購買了 Signature Bridge Bank 的某些資產並承擔了某些負債時，我們從中脫穎而出。

This transaction is a game changer for us. Strategically, it builds upon the momentum created by our recent merger with Flagstar and accelerates our transformation to a high-performing commercial bank, it improves our deposit base and our overall funding profile, while providing further loan diversification. In addition, it jump start our commercial middle market lending business in our relationship banking strategy. The transaction included several other businesses that were part of our longer-term build-out strategy, including the broker-dealer and wealth management business and several new attractive lending verticals such as health care and SBA lending.

這筆交易對我們來說是一個遊戲規則的改變者。從戰略上講，它建立在我們最近與 Flagstar 合併所創造的勢頭之上，並加速我們向一家高績效商業銀行的轉型，它改善了我們的存款基礎和整體融資狀況，同時提供進一步的貸款多元化。此外，它在我們的關係銀行戰略中啟動了我們的商業中間市場貸款業務。該交易包括其他幾項業務，這些業務是我們長期擴建戰略的一部分，包括經紀自營商和財富管理業務，以及一些新的有吸引力的垂直貸款領域，如醫療保健和 SBA 貸款。

Importantly, we also returned -- retained virtually all of Signature's highly productive private client banking teams, predominantly based in the New York region, along with those teams related to Signature's recent West Coast expansion, primarily based in California. Everyone here at New York Community is extremely pleased to have them and the other talented employees from Signature Bank join our team, and we look forward to us doing great things together.

重要的是，我們還返回了 - 保留了 Signature 幾乎所有高效的私人客戶銀行團隊，主要位於紐約地區，以及與 Signature 最近的西海岸擴張相關的團隊，主要位於加利福尼亞。紐約社區的每個人都非常高興他們和 Signature Bank 的其他才華橫溢的員工加入我們的團隊，我們期待著我們一起做偉大的事情。

Lastly, the transaction is anticipated to be financially attractive, with expected EPS accretion of more than 20%, while it's also significantly and immediately accretive to tangible book value per share. At closing, tangible book value per share jumped 20% and to $9.86 per share at the end of the first quarter compared to the fourth quarter of last year. Given our earnings power from this transaction, we expect tangible book value generation to accelerate.

最後，該交易預計在財務上具有吸引力，預計 EPS 增長超過 20%，同時它還會顯著且立即增加每股有形賬面價值。截至收盤時，與去年第四季度相比，第一季度末每股有形賬面價值躍升 20% 至每股 9.86 美元。鑑於我們從此次交易中獲得的盈利能力，我們預計有形賬面價值的產生將加速。

Turning now to our results. First quarter 2023 results on a GAAP basis were impacted by several items arising from the Signature transaction and the Flagstar acquisition, including an approximate $2 billion bargain purchase gain, merger-related expenses of $67 million and initial provision for credit loss of $132 million for the loans acquired from Signature. Adjusted first quarter diluted earnings per share were $0.23 a share, slightly ahead of consensus estimates for the quarter. Net income available to common stockholders as adjusted increased 14% to $159 million compared to the fourth quarter of last year. Operating results were driven by a full quarter's benefit from the Flagstar acquisition, which closed on December 1 of last year, approximately 2 weeks of Signature's operations, strong organic loan growth in the legacy franchise and a much higher net interest margin.

現在轉向我們的結果。基於 GAAP 的 2023 年第一季度業績受到 Signature 交易和 Flagstar 收購產生的若干項目的影響，包括約 20 億美元的議價收購收益、6700 萬美元的合併相關費用以及 1.32 億美元的信用損失初始準備金從 Signature 獲得的貸款。調整後的第一季度稀釋後每股收益為每股 0.23 美元，略高於對該季度的普遍預期。與去年第四季度相比，調整後可供普通股股東使用的淨收入增長 14%，達到 1.59 億美元。經營業績的推動因素包括去年 12 月 1 日完成的 Flagstar 收購的整個季度收益、Signature 運營約 2 週、遺留特許經營權的強勁有機貸款增長以及更高的淨息差。

One of the many benefits from the Flagstar acquisition is the impact of our net interest margin from adding its mostly variable rate loan portfolio and its low-cost deposit base. We still have some of this benefit in the fourth quarter, but it was more pronounced this quarter as the net interest margin was 2.60%, up 32 basis points compared to the fourth quarter of 2022. We believe that margin expansion will continue throughout the year with additional expansion opportunities from the Signature transaction.

收購 Flagstar 的眾多好處之一是我們的淨息差因增加其主要可變利率貸款組合和低成本存款基礎而受到影響。我們在第四季度仍然有一些這樣的好處，但本季度更為明顯，因為淨息差為 2.60%，與 2022 年第四季度相比上升了 32 個基點。我們相信利潤率的擴張將在全年繼續從 Signature 交易中獲得額外的擴展機會。

Turning to our loan portfolio. Excluding loans acquired from the Signature transaction of approximately $12 billion, total loans and leases increased $1.5 billion during the current first quarter, up about 9% on a linked-quarter basis. About $1.1 billion of this growth was in the C&I portfolio, particularly in specialty finance and the mortgage warehouse businesses. The loan portfolio continue to become more diversified as continue our evolution to a commercial bank model. Commercial loans at March 31 represented 44% of total loans compared to 33% at December 31. While multifamily loans stood at 46% of total loans compared to 55%.

轉向我們的貸款組合。不包括從 Signature 交易中獲得的約 120 億美元的貸款，當前第一季度貸款和租賃總額增加了 15 億美元，環比增長約 9%。這一增長中約有 11 億美元來自 C&I 投資組合，尤其是專業金融和抵押貸款倉庫業務。隨著我們繼續向商業銀行模式發展，貸款組合繼續變得更加多元化。 3 月 31 日的商業貸款佔總貸款的 44%，而 12 月 31 日為 33%。而多戶家庭貸款佔總貸款的 46% 和 55%。

As for the quality of our loan portfolio, both our asset quality metrics and trends remain strong. Total nonperforming assets of $161 million were up only modestly on a linked-quarter basis and represents a low 13 basis points of total assets. The allowance for credit losses increased to $159 million or 40% from year-end to $549 million, and the coverage improved to 370% of nonperforming loans or nearly 4x.

至於我們貸款組合的質量，我們的資產質量指標和趨勢依然強勁。不良資產總額為 1.61 億美元，環比僅小幅增長，佔總資產的 13 個基點較低。信貸損失準備金從年底增加到 1.59 億美元或 40% 至 5.49 億美元，覆蓋率提高到不良貸款的 370% 或近 4 倍。

Importantly, we reported another quarter of low or no loan losses as net charge-offs was zero during the current first quarter compared to $1 million during the previous quarter. Our office exposure remains very manageable, and we remain comfortable with the credit trends in this sector. Our office exposure at quarter end was $3.4 billion or approximately 4% of total loans. We provided some details in our investor presentation, but to summarize, the average loan size is $11 million with a weighted average coupon of 4.62%. The weighted average LTV is 56% and the weighted average debt service coverage ratio was 1.73x.

重要的是，我們報告了另一個季度的低貸款損失或沒有貸款損失，因為當前第一季度的淨註銷為零，而上一季度為 100 萬美元。我們的寫字樓風險敞口仍然非常可控，我們對這個行業的信貸趨勢仍然感到滿意。我們在季度末的辦公室風險敞口為 34 億美元，約佔貸款總額的 4%。我們在投資者介紹中提供了一些細節，但總而言之，平均貸款規模為 1100 萬美元，加權平均票息為 4.62%。加權平均貸款價值比為 56%，加權平均償債覆蓋率為 1.73 倍。

Furthermore, we have no delinquencies and no charge-offs in this portfolio. As you can see, these metrics are proof positive that our conservative underwriting standards have served us well over numerous credit cycles, this along with a high-quality balance sheet should serve us well in the event of an economic downturn. Regardless, we will continue to be laser-focused on credit quality across all the new verticals, especially those that we have recently entered. On the deposit front, our deposits totaled $84.9 billion at March 31. The Signature transaction after experiencing initial expected outflows contributed $31.5 billion of deposits as of quarter end.

此外，我們在這個投資組合中沒有拖欠和沖銷。正如您所看到的，這些指標證明我們保守的承保標准在許多信貸週期中為我們提供了良好的服務，這與高質量的資產負債表一起應該在經濟衰退的情況下為我們提供良好的服務。無論如何，我們將繼續高度關注所有新垂直領域的信貸質量，尤其是我們最近進入的那些領域。在存款方面，截至 3 月 31 日，我們的存款總額為 849 億美元。Signature 交易在經歷了最初的預期資金流出後，截至季度末貢獻了 315 億美元的存款。

Legacy Flagstar NYCB deposits declined $5.4 billion due to anticipated spend down in the prepaid debit card program and the reserve account withdraw from Circle. All told, these 2 categories accounted for over 80% of the decline in legacy deposit balances, remaining were mostly institutional deposits. In terms of liquidity, while we have always had ample sources of liquidity. Our liquidity position was enhanced by the $25 billion in cash from the Signature transaction. Currently, our available liquidity from cash on pledge securities and our borrowing capacity at both the FHLB of New York and the Fed is over $42 billion. At the same time, our uninsured deposits, excluding collateralized deposits totaled $28.7 billion, was 34% of total deposits. Accordingly, our ready liquidity represents 147% of uninsured deposits.

Legacy Flagstar NYCB 存款減少了 54 億美元，原因是預付借記卡計劃的預期支出減少以及儲備金賬戶從 Circle 撤出。總而言之，這兩個類別佔遺留存款餘額下降的 80% 以上，其餘主要是機構存款。在流動性方面，雖然我們一直有充足的流動性來源。 Signature 交易帶來的 250 億美元現金增強了我們的流動性狀況。目前，我們來自抵押證券現金的可用流動性以及我們在紐約 FHLB 和美聯儲的借貸能力超過 420 億美元。與此同時，我們的未受保存款（不包括抵押存款）總計 287 億美元，佔存款總額的 34%。因此，我們的現成流動資金佔未投保存款的 147%。

In addition to our diversified business mix, we have a conservative and high-quality available-for-sale securities portfolio, insisting primarily of GSE-related securities. Approximately 1/3 of these securities were mark-to-market in conjunction with the Flagstar acquisition. Accordingly, the amount of AOCI is amongst the lowest in the industry and has minimal impact on capital. Also, as part of our long-term liquidity planning strategy, we do not have any securities designated as held to maturity.

除了多元化的業務組合外，我們還擁有保守且優質的可供出售證券組合，主要堅持與 GSE 相關的證券。這些證券中約有 1/3 與 Flagstar 收購一起按市值計價。因此，AOCI 的金額在行業中處於最低水平，對資本的影響最小。此外，作為我們長期流動性規劃策略的一部分，我們沒有任何指定為持有至到期的證券。

In terms of our expenses, total OpEx were $398 million, up $194 million compared to $204 million in the fourth quarter. Our first quarter expense base includes a full quarter of flags or expenses compared to only one month during the fourth quarter and 12 days of signature. As for guidance, given the current outlook, we expect first quarter 2023 NIM to expand from first quarter levels to a range of 2.70% to 2.80%. First quarter gain on sale of mortgage loans of $20 million to $24 million and a full year tax rate of approximately 23%. We've accomplished quite a lot in a relatively short period of time. We will devote the rest of this year to integrating and converting Signature and Flagstar, reducing our expenses, rolling our deposits further and building out each of our businesses as we evolve to become the new Flagstar.

就我們的支出而言，總運營支出為 3.98 億美元，與第四季度的 2.04 億美元相比增加了 1.94 億美元。我們第一季度的費用基礎包括整個季度的標誌或費用，而第四季度只有一個月和 12 天的簽名。至於指引，鑑於目前的前景，我們預計 2023 年第一季度的淨息差將從第一季度的水平擴大至 2.70% 至 2.80% 的範圍。第一季度出售抵押貸款收益為 2000 萬至 2400 萬美元，全年稅率約為 23%。我們在相對較短的時間內取得了很多成就。我們將在今年剩下的時間裡整合和轉換 Signature 和 Flagstar，減少我們的開支，進一步增加我們的存款，並在我們發展成為新的 Flagstar 的過程中建立我們的每項業務。

Lastly, I would like to thank all of our teammates for their hard work and support over the past few months, especially the last 2 months. None of what would have accomplished so far would it be possible without them. With that, we'll be happy to answer any questions you may have. We'll 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.

最後，我要感謝我們所有的隊友在過去幾個月，尤其是最後兩個月的辛勤工作和支持。如果沒有他們，迄今為止所取得的成就是不可能的。這樣，我們很樂意回答您的任何問題。我們將盡最大努力在剩餘時間內與大家取得聯繫。但如果我們不這樣做，請隨時在今天晚些時候給我們打電話。

Operator, please open the line for questions.

接線員，請打開問題線路。

(Operator Instructions) Your first question comes from the line of Ebrahim Poonawala from Bank of America.

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

So I guess maybe first question just around deposits, the Slide 8, where you have the waterfall. Two things. One, give us a sense of what's underlying your assumption. I think I heard you say you expect margin expansion, not just in the second quarter, but throughout the year. So what's underpinning that in terms of deposits? One, around legacy Flagstar, do you expect more runoffs similar to what you saw, I think, in the early part of the year the $5.5 billion, how much more you see leaving the bank there? And then on signature deposits, I think they've held up much better than I would have thought. So give us a sense of what you expect around the signature deposit base.

所以我想也許第一個問題是關於沉積物，Slide 8，你有瀑布。兩件事情。第一，讓我們了解您的假設背後的內容。我想我聽到你說你預計利潤率會擴大，不僅僅是在第二季度，而是在全年。那麼，在存款方面支撐這一點的是什麼？第一，圍繞遺留的 Flagstar，您是否預計會有更多類似於您在今年年初看到的 55 億美元的徑流，您認為將銀行留在那裡的資金還有多少？然後在簽名存款方面，我認為它們的表現比我想像的要好得多。因此，讓我們了解您對簽名存款基礎的期望。

I'll start off Ebrahim, and then I'll pass it over to John and Reggie regarding the deposit base. But I will tell you, given the timing of this transaction and the speed of execution, we modeled approximately the 20% runoff because given the circumstances of the turmoil going on in March, we felt that, that was a conservative number. We actually came in less than 10%, most important about that structure when we go into April, if you look at what the activity has been, the DDA activity has been a rock. It's been solid. It's been actually up slightly throughout April. And if you think about where we were a year ago as NYCB stand-alone, that was a $4 billion DDA balance that went to approximately $12 billion with the Flagstar transaction, that was $23 billion of DDA or 27% of deposits. So if you think about how that impacts the margin, those costs are zero.

我將從 Ebrahim 開始，然後我將把它傳遞給 John 和 Reggie 關於存款基數的問題。但我會告訴你，考慮到這筆交易的時間和執行速度，我們模擬了大約 20% 的流失率，因為考慮到 3 月份發生的動盪情況，我們認為這是一個保守的數字。我們實際上進入了不到 10%，最重要的是進入 4 月份時的結構，如果你看看活動是什麼，DDA 活動一直很穩定。一直很結實實際上，整個 4 月它都略有上升。如果你想想一年前我們作為獨立的 NYCB 的情況，那是 40 億美元的 DDA 餘額，通過 Flagstar 交易達到約 120 億美元，即 230 億美元的 DDA 或存款的 27%。因此，如果您考慮這對利潤率的影響，這些成本為零。

So that's a very powerful position to be in when we looked at there was a historical franchise where we were more focused on higher cost type liabilities. So we're very pleased on the stability of the DDA accounts. As far as the stability overall, we're seeing a relatively flat position right now. We expected some runoff the first days following the announcement, and it's been very manageable. With that, I'll pass the baton over to John and then John will pass to Reggie talk about what we're seeing throughout the whole organization.

因此，當我們看到有一個歷史特許經營權時，我們更專注於更高成本類型的負債，這是一個非常強大的位置。所以我們對 DDA 賬戶的穩定性感到非常高興。就整體穩定性而言，我們現在看到一個相對平穩的位置。我們預計在公告發布後的頭幾天會有一些流失，而且非常易於管理。有了這個，我會將接力棒傳遞給約翰，然後約翰將傳遞給雷吉談論我們在整個組織中看到的情況。

Yes. And just quickly, if you -- when we're talking about the margin guide, one of the items to keep in mind, too, is on the borrowing side. So we have $6 billion of wholesale funding that is coming due or we expect to be put back to us in the second quarter, and that's at a 4.40% rate. So we're going to get some margin benefit there by just paying that down in the quarter. We also have some brokered CD runoff at pretty high rates as well. So with the stability of the noninterest-bearing deposits that Tom talked about, and that Reggie will talk to quickly on the retail side. What we're looking that's coming due and paying down, especially in the second quarter is higher rate wholesale borrowings and brokered CDs that we're going to pay down with the excess cash that we have on the balance sheet. Reggie, anything you want to add on the deposit side?

是的。很快，如果你——當我們談論保證金指南時，也要記住的一個項目是在藉貸方面。因此，我們有 60 億美元的批發資金即將到期，或者我們預計將在第二季度返還給我們，利率為 4.40%。因此，我們將通過在本季度支付這筆費用來獲得一些利潤率。我們也以相當高的利率進行了一些經紀 CD 徑流。因此，隨著湯姆談到的無息存款的穩定性，雷吉將在零售方面迅速與之交談。我們正在尋找即將到期並償還的東西，特別是在第二季度，我們將用資產負債表上的多餘現金償還更高利率的批發借款和經紀 CD。 Reggie，你想在存款方面添加什麼？

Yes. I would just say, I think the first quarter was actually a validation of just how stable our retail and core wholesale book are. If you kind of look point-to-point December 2022, we're only down 3% on a combined basis across NYCB and Flagstar. So that's like less than $1 billion on a $28 billion book. So I would -- I'd consider that a win. And some of that, quite frankly, was kind of natural surge runoff in kind of what we see in the portfolio on a run rate basis. So I think the portfolio performed extremely well and we'd continue to perform this year in the same way.

是的。我只想說，我認為第一季度實際上是對我們零售和核心批發賬簿的穩定性的驗證。如果你有點點對點地看 2022 年 12 月，我們在 NYCB 和 Flagstar 的綜合基礎上只下跌了 3%。所以這就像一本價值 280 億美元的書上的不到 10 億美元。所以我會 - 我會認為這是一場胜利。坦率地說，其中一些是我們在投資組合中以運行率為基礎看到的那種自然激增徑流。所以我認為投資組合表現非常好，我們今年將繼續以同樣的方式表現。

So Ebrahim, just a bit of comment on that, again, just to just reiterate and going to the margin. If you think about the cash position and what we're sitting on an abundance of liquidity and what the funding cost was that we've acquired to the deposit side on Signature, net-net, I think a 3% carry, which is above our current margin is sort of sitting in cash and just managing the cash flow, as John indicated, paying off higher cost debt as we go forward. That is ultimately the strategy to have a much better funded balance sheet going forward here and more commercial bank-like deposits. So the benefit of just sitting in cash right now is actually contributing to higher margins. But as we deploy it into other businesses at higher yields, and more importantly, we focused on paying down some of the higher cost wholesale liability to be more traditional funded, that will continue to see some good margin benefits throughout the full year.

所以 Ebrahim，我只是想再說一點，只是重申一下，然後轉到邊距。如果你考慮現金頭寸，我們坐擁充足的流動性，以及我們在 Signature 上的存款方獲得的資金成本，net-net，我認為有 3% 的利差，高於我們目前的利潤率有點像現金，只是管理現金流，正如約翰指出的那樣，在我們前進的過程中償還更高成本的債務。這最終是一種戰略，目的是讓未來的資產負債表資金充裕得多，並有更多類似商業銀行的存款。因此，現在只持有現金的好處實際上有助於提高利潤率。但隨著我們以更高的收益率將其部署到其他業務中，更重要的是，我們專注於支付一些成本較高的批發負債以提供更傳統的資金支持，這將在全年繼續帶來一些良好的利潤率收益。

Got it. And I guess just a second question, Tom, talk to us around the alignment and integration means, obviously, you have the Flagstar integration going on with Signature and you've kept a senior executive from Signature, including Eric on board. Give us a sense of how that integration is proceeding what should we be watching in terms of the success of like keeping those teams on board? And then what does that mean for just growth outlook going forward?

知道了。我想還有第二個問題，湯姆，與我們談談調整和整合的方式，很明顯，你正在與 Signature 進行 Flagstar 整合，並且你讓 Signature 的一名高級管理人員，包括 Eric 留在船上。讓我們了解這種整合是如何進行的，在保持這些團隊的成功方面我們應該關注什麼？那麼這對未來的增長前景意味著什麼？

So great question Ebrahim. So obviously, day 1, we hit the ground running, both Eric and I spent significant energy on ensuring that we have the transition for the teams. We're very confident and very happy on the results of that. As indicated in my prepared remarks, we preserve the teams, both on the East Coast and the West Coast. And also the business lines. All the lines of businesses are in place, and we're very pleased on bringing them on board. And when you think about the next step here, which is culture, culture, culture, we have to integrate these companies culturally, and it's going to be a substantial amount of energy. But we are super excited about the Signature folks coming on board. We know them well. We know that we know our competition.

易卜拉欣問得好。所以很明顯，第一天，我們就開始了，埃里克和我都花了很多精力來確保我們有團隊的過渡。我們對結果非常有信心也非常高興。正如我準備好的發言中所指出的，我們保留了東海岸和西海岸的團隊。還有業務線。所有業務線都已到位，我們很高興將它們納入其中。當你想到下一步，即文化、文化、文化，我們必須在文化上整合這些公司，這將需要大量的精力。但我們對 Signature 人員的加入感到非常興奮。我們很了解他們。我們知道我們了解我們的競爭。

So we're clearly working together. And when it comes to systems, the Flagstar transaction is still scheduled for the first quarter of 2024, and we're going to a deep dive right now in assessing what's best for the bank and more importantly, how the customers are going to be served. So it's all going to be about customer service as we truly take on a relationship banking model. So the most important aspect of that as we make these decisions that we integrate this at the appropriate time frame to ensure there's no customer disruption.

所以我們顯然在合作。就係統而言，Flagstar 交易仍定於 2024 年第一季度進行，我們現在將深入評估什麼對銀行最有利，更重要的是，將如何為客戶提供服務.因此，當我們真正採用關係銀行模式時，一切都將與客戶服務有關。因此，在我們做出這些決策時，最重要的方面是我們在適當的時間框架內整合這些決策，以確保不會對客戶造成乾擾。

And Mr. Pinto wants to add a little bit more on the integration side regarding Signature versus Flagstar. John?

Pinto 先生想在集成方面添加更多關於 Signature 與 Flagstar 的內容。約翰？

Yes. The most important thing we've been doing from our teams in operations, IT is just really making sure we understand the size and the scope of what the private client groups and the teams that Signature are used to on the system side. So our main focus is to ensure that we avoid any potential customer negativity, minimize any customer impact. So we're going through that process now. That process will not impact the actual data, the Flagstar integrations, but it is something we're working towards now to finalize the data on and just to ensure that we get the systems converted in the most efficient and effective way possible while minimizing customer impact.

是的。我們在運營團隊中一直在做的最重要的事情是，IT 只是真正確保我們了解私人客戶群體和 Signature 在系統方面習慣的團隊的規模和範圍。因此，我們的主要重點是確保我們避免任何潛在的客戶負面情緒，最大限度地減少對客戶的影響。所以我們現在正在經歷這個過程。該過程不會影響實際數據，即 Flagstar 集成，但這是我們現在正在努力完成的數據，只是為了確保我們以盡可能高效和有效的方式轉換系統，同時最大限度地減少對客戶的影響.

Your next question comes from the line of Chris McGratty from KBW.

您的下一個問題來自 KBW 的 Chris McGratty。

I want to go to the guidance slide, if you could, for a moment, the expense guide. The $1.3 billion to $1.4 billion, which is pre-Signature. Understand there's a ton of moving in its parts and it's still early, but can you help us just on the expense contribution from Signature?

我想轉到指導幻燈片，如果可以的話，請看一下費用指南。 13 億至 14 億美元，這是預簽名。了解它的各個部分有大量變動，現在還為時過早，但是您能僅就 Signature 的費用貢獻幫助我們嗎？

So I'll lead and I'm going to pass the baton back to John on the expense side. Obviously, it's early days. If you look back what they were running, they were running around $800 million, mid-$800 million run rate on the previous year. Remember, we didn't take all the businesses, and there's a lot of transactional benefits we have is why we structured the transaction. So we're running at $1.3 billion to $1.4 billion, and we reiterated that guide on a stand-alone basis. But as we put on the Signature teams -- and a lot of -- obviously, the actual private client groups are going to remain intact. So that's a lot of expense that we are forecasting within our run rate. But if you start with the mid-800s and then you assume a transaction -- the nature of a transaction like this, since it's not a traditional M&A deal, it's an assisted (inaudible) it's a receivership transaction, we tend to leave there's much more savings given the type of transaction.

因此，我將帶頭，並將接力棒交還給費用方面的約翰。顯然，現在還為時過早。如果你回顧一下他們的運營情況，他們的運營規模約為 8 億美元，比上一年的運營率在 8 億美元左右。請記住，我們並沒有接管所有業務，我們擁有很多交易利益，這就是我們構建交易的原因。因此，我們的預算為 13 億至 14 億美元，我們重申了獨立的指南。但是，當我們加入 Signature 團隊時——以及很多團隊——顯然，實際的私人客戶群體將保持不變。因此，這是我們在運行率範圍內預測的大量費用。但是，如果你從 800 年代中期開始，然後你假設一項交易——像這樣的交易的性質，因為它不是傳統的併購交易，它是一項協助（聽不清）它是一項接管交易，我們傾向於離開有很多鑑於交易類型，可以節省更多。

So historically, we've always been between 35% to 50% range. You probably look at the higher end of the range given the nature of the transaction over time, which then you can probably formulate a run rate as we integrate these companies, I think that's a reasonable way to look at the combined company. And Mr. Pinto want to add as the CFO as what you're thinking there.

所以從歷史上看，我們一直在 35% 到 50% 的範圍內。考慮到隨著時間的推移交易的性質，你可能會看到範圍的高端，然後你可能會在我們整合這些公司時制定一個運行率，我認為這是看待合併後公司的合理方式。平托先生想像你在那裡想的那樣添加首席財務官。

Yes. I think as Tom said, it makes a lot of sense, and it's what we're working towards right now, which is we know what our run rate is going to be. We do believe that in the next couple of quarters, our expenses will be elevated as we continue to go through the process of integration, understanding exactly what we have and the processes we're going to use to do it and especially until we get the systems converted. What we do believe, though, is that we -- if you look back, of course, at our track record, we believe we've been very, very consistent in how we've managed noninterest expense, it's been extremely important to us.

是的。我認為正如湯姆所說，這很有意義，這就是我們現在正在努力的方向，那就是我們知道我們的運行率將會是多少。我們確實相信，在接下來的幾個季度裡，隨著我們繼續進行整合，準確了解我們擁有的東西以及我們將要使用的流程，尤其是在我們獲得系統轉換。不過，我們確實相信，我們——當然，如果你回顧一下我們的業績記錄，我們相信我們在管理非利息支出方面一直非常、非常一致，這對我們來說非常重要.

We have a lot of history around effectively managing that in multiple different cycles. And even with integrations and acquisitions that we've had in the past. So we're really confident in our ability to do that over time. But we do believe that in the short term, expenses will be a little bit higher here as we go through this process. And then once we get our systems converted, we'll be able to have a run rate that gets into the levels that Tom just mentioned, right?

我們有很多關於在多個不同周期中有效管理它的歷史。甚至我們過去進行過整合和收購。所以我們對我們隨著時間的推移做到這一點的能力非常有信心。但我們確實相信，在短期內，隨著我們經歷這個過程，這裡的費用會更高一些。然後，一旦我們轉換了系統，我們的運行率就可以達到 Tom 剛才提到的水平，對嗎？

So -- and the other thing, just to bring up quickly, on our last call, we talked about trying to front run some of the cost saves from the Flagstar transaction into 2023. That process was ongoing, given, of course, the Signature transaction, that will take a little bit of a step back. So that's why you'll see just a little bit more expenses in the quarter than we anticipated. And then from a run rate perspective, we believe we'll be able to manage through to a really solid run rate combined once we get through our systems integration.

所以 - 另一件事，只是為了快速提出，在我們的最後一次電話會議上，我們談到了嘗試將 Flagstar 交易節省的一些成本提前到 2023 年。這個過程正在進行中，當然，簽名交易，那將退一步。所以這就是為什麼你會看到本季度的支出比我們預期的要多一點。然後從運行率的角度來看，我們相信一旦我們完成系統集成，我們將能夠管理到一個真正可靠的運行率。

So Chris, I would also add, just to be mindful in the first quarter, at the beginning of the year, we did a substantial mortgage banking repositioning for the franchise to provision ourselves regardless of interest rates on the mortgage space and under Lee Smith's execution, that was put in place. I think it was late January into February. So we don't have the full benefit of that going forward. So we feel over each quarter as we put on Signature and as we get to the benefits of the full mortgage repositioning, you'll see ongoing favorable adjustments as we work through the integration phase of -- towards the end of the year with Signature. Clearly, we'll see each quarter more steps made towards putting the franchises together. Maybe Lee Smith if you want to talk a little bit about -- on the mortgage side, what we've accomplished with that, Lee?

因此，克里斯，我還要補充一點，請注意，在今年年初的第一季度，我們對特許經營權進行了大規模的抵押貸款銀行業務重新定位，無論抵押貸款空間的利率如何以及在李史密斯的執行下，我們都為自己提供資金, 已到位。我認為是一月下旬到二月。所以我們沒有從中獲得全部好處。因此，我們在每個季度都感受到了 Signature，並且當我們獲得完全抵押貸款重新定位的好處時，隨著我們在 Signature 的整合階段工作，您會看到持續的有利調整。顯然，我們每個季度都會看到更多的步驟將特許經營權整合在一起。也許李·史密斯，如果你想談談——在抵押貸款方面，我們在這方面取得了什麼成就，李？

Yes. No. Thanks, Tom. So yes, I think we mentioned on the last call that we executed on a big restructuring on the mortgage business. We let 700 FTEs go as we rightsize the distributed retail business so that we're just an in-branch footprint model. But when I say in-branch footprint, that is a combination of both the Flagstar and New York Community Bank branches. So it's a bigger geography, not -- and we did it because we want to be profitable on the origination side, even in this tough mortgage market, but we're still one of the biggest bank originators of mortgages originated in all 6 channels. We hold a considerable MSR asset, which generates strong returns. We've got the servicing and subservicing business that flows off a lot of fee income.

是的。不，謝謝，湯姆。所以是的，我想我們在上次電話會議上提到我們對抵押貸款業務進行了重大重組。我們裁掉了 700 個 FTE，因為我們調整了分佈式零售業務的規模，所以我們只是一個分支機構內的足跡模型。但當我說分行足跡時，那是 Flagstar 和紐約社區銀行分行的結合。所以這是一個更大的地理區域，不是——我們這樣做是因為我們希望在發起方面獲利，即使在這個艱難的抵押貸款市場，但我們仍然是所有 6 個渠道中最大的抵押貸款銀行發起人之一。我們持有可觀的 MSR 資產，可產生豐厚的回報。我們的服務和分包業務產生了大量的費用收入。

We're the second largest warehouse lender. We do MSR lending, servicing advanced lending, and we're working on more aggressive deposit gathering from the mortgage ecosystem. So whether you -- we do B2B, B2C on the mortgage side, whether you're the biggest fund in the industry or whether you're an individual borrower, you can come to Flagstar, we take care of you. We look at it as the one-stop shop, and we're able to generate strong earnings through the whole food chain of the mortgage ecosystem.

我們是第二大倉庫貸方。我們提供 MSR 貸款，為高級貸款提供服務，並且我們正在努力從抵押生態系統中收集更積極的存款。因此，無論您是——我們在抵押方面做 B2B、B2C，無論您是業內最大的基金還是個人借款人，您都可以來 Flagstar，我們會照顧您。我們將其視為一站式商店，我們能夠通過抵押生態系統的整個食物鏈產生可觀的收益。

My follow-up, I just want to make sure I understand, John. So if I'm starting mid-8s for legacy expenses for Signature and you said 50%. So that would get you low 400s kind of is the destination. And then we would -- on top of that add the CDI that you've previously talked about. Is that the message we should be taking away?

我的後續行動，我只是想確保我理解，約翰。因此，如果我從 8 歲中期開始支付 Signature 的遺留費用，而你說是 50%。所以這會讓你低 400s 是目的地。然後我們會 - 最重要的是添加您之前談到的 CDI。這是我們應該帶走的信息嗎？

Yes. I think that may be a little bit aggressive. That's the high end of the range, Tom gave. I think it's probably a little bit lower than that. But that's a decent way to start to look at it.

是的。我認為這可能有點激進。這是范圍的高端，湯姆給出了。我認為它可能比這低一點。但這是開始審視它的一個不錯的方式。

Chris, I think it's also the timing of it, right? It's going to happen in same quarter as you get to owe it for -- so you think about some in Q1, when the Flagstar actual transaction is integrated, we're going to have significant benefits there on the tech side as well. So we're really looking at putting all these systems together. And as we remember from when we announced the conversion date, we should get significant benefit on a standalone basis pre-Signature on Flagstar post the conversion date as well. So when you come up with your estimate run rate, I think those are all fair assessments when we're coming up with what you think the expense run rate is. And as we progress during the year, we'll hopefully update our guidance as we dive deep into the Signature franchise.

克里斯，我認為這也是它的時機，對吧？它會在你欠它的同一季度發生——所以你在第一季度考慮一些，當 Flagstar 實際交易被整合時，我們也將在技術方面獲得顯著的好處。所以我們真的在考慮將所有這些系統放在一起。正如我們從宣布轉換日期時記得的那樣，我們也應該在轉換日期後在 Flagstar 上的獨立預簽名上獲得顯著收益。因此，當你得出你的估計運行率時，我認為當我們得出你認為的費用運行率時，這些都是公平的評估。隨著我們在這一年中取得進展，我們希望在深入研究 Signature 特許經營權時更新我們的指南。

And then on the one-timers to come, maybe a little help there and also the share count, given the warranty I assume just the end of period is a good proxy.

然後對於即將到來的一次性，也許會有一點幫助，還有份額計數，考慮到我認為只是期末的保證是一個很好的代理。

Yes. The end of period is a good proxy, that [720-ish] range, right? That's a good proxy to use for share count going forward. So that's where you need to be.

是的。期末是一個很好的代理，[720-ish] 範圍，對嗎？這是一個很好的代理，可用於未來的份額計數。所以這就是你需要去的地方。

Okay. And remaining onetimers, just for book value purposes?

好的。剩下的一次性，只是為了賬面價值？

Listen, we got a -- we do have a handful coming still from both the Flagstar transaction in the short term, we probably got another $100 million to look at over the next couple of quarters.

聽著，我們在短期內確實有一些來自 Flagstar 交易的資金，我們可能會在接下來的幾個季度中再獲得 1 億美元。

Two quarters, yes.

兩個季度，是的。

Your next question comes from the line of Mark Fitzgibbon from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Mark Fitzgibbon。

Just to follow up on your earlier questions. I think, Tom, that Signature had something like 134 teams. Do you have a sense for how many have stayed, how many are today?

只是為了跟進您之前的問題。 Tom，我認為 Signature 有大約 134 個團隊。你知道有多少人留下來了嗎？今天有多少人？

Yes. So Mark, great point. So obviously, we didn't acquire the entire institution. There were other teams that didn't come with the transaction. So we estimate it's about 126, 127-ish. I think we're like 125 now. So I call that a huge success. I think Eric had worked hard alongside with me to make sure that we have the retention plans in place and we're super excited about where we are there. So we think about the teams that we were focusing on, it's about 125 out of 127-ish but we feel really good about that. and the retention process has been very strong. And more importantly, the culture of getting this company together with a much larger balance sheet, being able to do a lot more for the client is only enhanced. So we're excited about that, Mark, and I would say it's a huge success for us, and it's never ending, right? You have to make sure that as we work on culture, the team understands that we do have other products, other opportunities for the new customers from Signature coming on board to really enhance the customer experience. So Eric and I spend a lot of time on retention, and we believe it's been a success.

是的。所以馬克，很好的一點。很明顯，我們沒有收購整個機構。還有其他球隊沒有進行交易。所以我們估計它大約是 126、127 左右。我想我們現在有 125 個。所以我稱之為巨大的成功。我認為埃里克與我一起努力工作，以確保我們制定了保留計劃，我們對我們所處的位置感到非常興奮。所以我們考慮了我們關注的團隊，大約是 127 個中的 125 個，但我們對此感覺非常好。並且保留過程非常強大。更重要的是，將這家公司與更大的資產負債表結合在一起，能夠為客戶做更多事情的文化只會得到增強。所以我們對此感到很興奮，馬克，我想說這對我們來說是一個巨大的成功，而且它永遠不會結束，對吧？你必須確保，當我們致力於文化時，團隊明白我們確實有其他產品，以及其他機會，可以讓 Signature 的新客戶加入進來，真正提升客戶體驗。所以埃里克和我花了很多時間在保留上，我們相信這是成功的。

And then secondly, unrelated, what is the pipeline of new business in the Banking as a Service space look like today?

其次，無關緊要的是，今天銀行即服務領域的新業務管道是什麼樣的？

So look, I think in general, we are developing a lot of technology initiatives. We're really trying to get our strategy focused on going out there and being within the middle of the pack, and we had some good work to do over time, and we see some good developments there. Just on the side, if you think of what Signature has done historically on technology developments with the client has also been very innovative. So collectively, I think our opportunity is even more innovative now with the talent skills over at Signature combined with our initiatives here on what we're doing in Banking as a service. There's been some good wins along the way. We have -- the government business is obviously a focus of ours, and it's been consistent, and we're looking to partner with our technology partners there, and it's been a very successful process for us. And we're looking at all opportunities that make sense for the bank going forward to tie in to the customer needs.

所以看，我認為總的來說，我們正在開發很多技術計劃。我們真的在努力讓我們的戰略專注於走出去並處於中間位置，隨著時間的推移，我們有一些很好的工作要做，我們看到了一些好的發展。另一方面，如果您想到 Signature 歷史上與客戶一起在技術開發方面所做的事情，也非常具有創新性。因此，總的來說，我認為我們的機會現在更具創新性，因為 Signature 的人才技能與我們在銀行即服務方面所做的舉措相結合。一路上取得了一些不錯的勝利。我們 - 政府業務顯然是我們的重點，而且一直如此，我們正在尋求與那裡的技術合作夥伴合作，這對我們來說是一個非常成功的過程。我們正在尋找所有對銀行未來與客戶需求相關的機會。

So I'd say it's been relatively strong. We had some runoff that we expected during the turmoil and launch. But the dollar amount of mortgage as a service and government as a service and banking as a service of 7.5%, John?

所以我會說它相對強勁。在動盪和發布期間，我們有一些預期的徑流。但抵押貸款即服務、政府即服務和銀行即服務的美元金額為 7.5%，約翰？

A little lower. Yes.

低一點。是的。

So it's still a relatively strong number, and we're looking forward to, hopefully, new developments with the U.S. treasury relationship as that gets onboarded. We're doing a lot around the digital side. That's all in automation analysis trying to get that up and running where we go from more plastic to digital. And that's the plan to work with the government on that. So we're excited about development. But it's a long churning market. And I think the pickup of the Signature team is going to help that journey.

所以它仍然是一個相對強勁的數字，我們期待著，希望隨著美國財政部關係的新發展。我們在數字方面做了很多工作。這就是自動化分析中的全部內容，試圖在我們從更多塑料到數字化的過程中啟動並運行它。這就是與政府合作的計劃。所以我們對發展感到興奮。但這是一個長期波動的市場。我認為 Signature 團隊的加入將有助於這一旅程。

Last question I had for you is I wondered if you could share with us your thoughts on capital or whether you have a target there and also the dividend.

我問你的最後一個問題是，我想知道你是否可以與我們分享你對資本的看法，或者你是否有目標以及股息。

Well, obviously, what capital build is going to be significant to tangible item in my prepared remarks, I made it very clear that we're talking about capital formation going forward, which is a very good place to be in. This transaction is highly accretive, both on the upfront tangible as well as the earnings per share going forward. And our dividend coverage ratio just on the pro forma analysis, the ratio comes down substantially. So we're very pleased about where we end up on a projected basis what we see as our dividend coverage ratio dramatically improving on the dividend side. So obviously, the dividend is strong, and we're very comfortable and going forward into these multiple transactions, it becomes even more, in our opinion, much stronger. With that being said, on capital, we think that we are in a very good position to generate a lot of capital with -- as we go into the quarters ahead. And that's kind of in my prepared remarks, focusing on the tangible book value creation. So John, if you want to...

好吧，顯然，在我準備好的發言中，什麼資本建設對有形項目具有重要意義，我明確表示我們正在談論未來的資本形成，這是一個非常好的地方。這項交易非常重要增值，無論是前期有形收益還是未來的每股收益。而我們的股息覆蓋率只是在備考分析中大幅下降。因此，我們對我們在預測的基礎上最終達到的結果感到非常高興，我們認為我們的股息覆蓋率在股息方面顯著提高。很明顯，股息很強勁，我們非常滿意並繼續進行這些多筆交易，在我們看來，股息變得更加強大。話雖如此，在資本方面，我們認為我們處於非常有利的位置，可以產生大量資本——因為我們進入未來幾個季度。這就是我準備好的發言，重點是有形的賬面價值創造。所以約翰，如果你想...

And the other thing that we started looking at too is when you look at our common equity Tier 1 we're in the -- we increased it a little bit in the quarter. So it came in a little better than we anticipated. We've run it at a 9% or under -- slightly under CET1 in the past. We're comfortable at those levels but those levels are going to start coming up. And the other thing to keep in mind, Mark, too, is when you look at the unrealized loss on our securities portfolio, and if you looked at our peer group analysis, including unrealized losses on securities, we're at closer to the top of the list in CET1 than the bottom of the list.

我們也開始關注的另一件事是，當您查看我們的普通股一級時，我們在本季度略有增加。所以它的表現比我們預期的要好一些。我們以 9% 或以下的比例運行它——過去略低於 CET1。我們對這些水平感到滿意，但這些水平將開始上升。馬克，還要記住的另一件事是，當你查看我們證券投資組合的未實現損失時，如果你查看我們的同行組分析，包括未實現的證券損失，我們更接近頂部CET1 中的列表比列表的底部。

So there's a couple of different ways that we do look at capital. You know our history from a loss perspective. So we believe we can run it at these levels. We're cognizant of the fact of where we are from a peer perspective, and that's why this transaction we look so forward to because of the capital generation it provides.

所以我們看待資本有幾種不同的方式。您從損失的角度了解我們的歷史。所以我們相信我們可以在這些級別上運行它。我們從同行的角度認識到我們所處的位置，這就是我們如此期待這項交易的原因，因為它提供了資本生成。

Yes, Mark, just one major point here. When we put the transaction together, working behind the scenes and getting this deal done with our regulatory constituents. We were very clear that we wanted to solve for capital where there was no negative impact to capital as a result of the transaction. And then the accretion benefit is substantial. And that's how we kind of solve for and how we formulated our bidding process to be able to be successful to acquire the selected assets and assume the liabilities that we focused on. That was key on our capital review as far as coming in to figure out how we can put this transaction together. So we're very excited about the capital build formation post transaction.

是的，馬克，這裡只有一個要點。當我們將交易放在一起時，在幕後工作並與我們的監管機構一起完成交易。我們非常清楚，我們希望在交易對資本沒有負面影響的情況下解決資本問題。然後增生收益是巨大的。這就是我們如何解決以及如何制定我們的投標流程，以便能夠成功收購選定的資產並承擔我們關注的負債。就我們如何將這筆交易放在一起而言，這是我們資本審查的關鍵。因此，我們對交易後的資本建設形成感到非常興奮。

Your next question comes from the line of Brody Preston from UBS.

你的下一個問題來自瑞銀的 Brody Preston。

I just wanted to put a finer point on the expenses. Again, I know it's tough, but you said the mid-800s. I think signature at the end of the year was running closer to like a $930 million kind of run rate. And I know you didn't bring over everything. So I just wanted to clarify, is it starting from a mid-800s level, John, and then working its way down to 35% to 50% cost savings from there?

我只是想更詳細地說明費用。再一次，我知道這很艱難，但你說的是 800 年代中期。我認為年底的簽名運行率接近 9.3 億美元。我知道你沒有把所有東西都帶來。所以我只是想澄清一下，約翰，它是從 800 年代中期的水平開始，然後從那裡開始降低 35% 到 50% 的成本節約嗎？

Yes. I mean the $862 million we mentioned was just the year, right, the annual 2022 expense. So we just use that kind of as a kickoff point for the piece. But that's right, we didn't take all of the businesses. So we think the number from that perspective is just probably under a $2 billion run rate on a combined basis. I think that's the easiest way to look at it. We think that's pretty conservative. Hopefully, we'll be able to do a little bit better than that over time. But we think that's really where this is going to shake out when you look at putting both companies together for the go-forward period when we get the systems converted.

是的。我的意思是我們提到的 8.62 億美元只是當年，對，2022 年的年度支出。所以我們只是用那種作為這件作品的起點。但沒錯，我們並沒有接手所有的業務。因此，我們認為從這個角度來看，這個數字可能在綜合基礎上低於 20 億美元的運行率。我認為這是最簡單的查看方式。我們認為這是相當保守的。希望隨著時間的推移，我們能夠做得更好一點。但我們認為，當你考慮將兩家公司放在一起進行系統轉換時，這才是真正會發生變化的地方。

Got it. And I did want to follow up on just the legacy deposit base. Could you give us a sense. I know there's a lot of moving parts between all the programs and then the seasonality from the custodial deposits and whatnot. But I guess when you look at legacy deposit base, do you have any thoughts on what the seasonality will look like throughout the year? And I guess, what your growth targets are for deposits for the year.

知道了。我確實只想跟進遺留存款基礎。你能給我們一個感覺嗎？我知道所有項目之間有很多變化的部分，然後是保管存款的季節性等等。但我想當您查看遺留存款基礎時，您是否對全年的季節性有何看法？我想，你們今年的存款增長目標是什麼。

Yes. let me -- I'll just start that and then I can turn it over a little bit to Reggie on the retail side. But One item to keep in mind is the government as a service business. Those deposits, which we've talked about on multiple calls, which worked out for us because they're not interest-bearing. But they -- that runoff does continue on those deposits. It is done slightly better than we originally anticipated. But that runoff continues. So that -- we'll see runoff in that noninterest-bearing segment throughout the next couple of quarters. That totals $1.3 billion as of March 31. So we'll see some runoff there. We really -- a lot of the banking as a service type stuff that we expected to run off when the liquidity event happened has run off. So there's probably a handful of smaller items in that perspective where we'll see some slight runoff, but there's nothing really besides the government deposits, there's nothing really that we see from a materiality perspective that we expect to run down here.

是的。讓我——我先開始，然後我可以把它稍微交給零售方面的雷吉。但要記住的一項是政府即服務業務。這些存款，我們已經在多次電話中討論過，對我們來說很有效，因為它們不計息。但是他們 - 徑流確實會繼續使用這些存款。它做得比我們最初預期的要好一些。但徑流仍在繼續。因此 - 我們將在接下來的幾個季度中看到該無息部分的徑流。截至 3 月 31 日，總計 13 億美元。所以我們會看到一些徑流。我們真的 - 很多銀行即服務類型的東西，我們預計在流動性事件發生時會消失。因此，從這個角度來看，我們可能會看到一些較小的項目，我們會看到一些小的徑流，但除了政府存款之外，實際上沒有什麼，從重要性的角度來看，我們真的沒有看到我們預計會在這裡流失。

In the onboard of a new program...

在一個新程序的板載...

Well, new programs that we're hoping new programs are coming from California by the end of the year, maybe even the end of the third quarter. So we're hoping that starts to kick in, but I was just looking at the runoff piece, which we don't think will be that material when we're looking at the Banking as a service as the mortgage as a service pieces.

好吧，我們希望到今年年底，甚至可能在第三季度末來自加利福尼亞的新項目。所以我們希望它開始起作用，但我只是在看徑流部分，當我們將銀行業作為一種服務作為抵押作為一種服務來看待時，我們認為這不會是那種材料。

Okay. I did have just one more question if Reggie doesn't any input there.

好的。如果 Reggie 沒有任何意見，我確實還有一個問題。

No, the only thing I would -- yes the only thing I would say -- and I don't want to be redundant, but we have pegged in plan for deposits to be essentially flat to slightly down, and at this point in time, we would not change that. When I say slightly down, we're talking $300 million to $500 million on that base of $28 billion or so. So again, we think we can kind of hold deposits. We've been successful even through the first quarter. And so there's no reason to think differently.

不，我唯一會說的——是的，我唯一會說的——我不想多餘，但我們已經制定了計劃，使存款基本持平或略有下降，而且在這個時間點，我們不會改變這一點。當我說得稍微低一點時，我們說的是在 280 億美元左右的基礎上增加 3 億到 5 億美元。因此，我們再次認為我們可以持有存款。我們甚至在第一季度都取得了成功。所以沒有理由有不同的想法。

Got it. And then I did have one more question. Just on the office slide. I appreciate you putting that in there. I wanted to ask if you happen to know of the 55% that's in Manhattan, where that's kind of geographically in Manhattan, like what percent is Midtown versus the other neighborhoods?

知道了。然後我又提出了一個問題。就在辦公室幻燈片上。我很感激你把它放在那裡。我想問你是否碰巧知道曼哈頓的 55%，這在地理上屬於曼哈頓，比如中城相對於其他社區的百分比是多少？

We'll follow back on that. I think the messaging is that we know our customers very well. We're very comfortable with the LTV, the debt service coverage ratio, and we can follow up and get more granular there. But clearly, A lot of that business is generated from the long-standing relationships we had with our customers and a lot of that transactional growth has been driven off of 1031 exchanges. So if you have a significant asset gain that's been in a family business with so many decades and value is created, multifamily versus CRE, they kind of move around depending on market conditions.

我們會跟進的。我認為信息是我們非常了解我們的客戶。我們對 LTV 和償債覆蓋率感到非常滿意，我們可以跟進並在那裡獲得更精細的信息。但很明顯，很多業務都是從我們與客戶的長期關係中產生的，而且很多交易增長都是由 1031 交易所推動的。因此，如果您在家族企業中獲得了數十年的重大資產收益並創造了價值，那麼多戶型與 CRE 相比，它們會根據市場條件進行調整。

That's been the history of our focus on this type of asset class, but not in the business of doing office building financed in very rare circumstances. So this is a culmination of many, many years of relationship lending that tied out to the holistic position within the strong relationship of the legacy NYCB. And again, we have no delinquencies, we have no charge-offs in the space -- if you look historically, and going back from decades, I think our overall loss content in CRE is probably lower than multifamily. I think, It was like, John, 10 basis points.

那是我們專注於此類資產類別的歷史，但不是在極少數情況下為辦公樓融資的業務。因此，這是多年關係貸款的高潮，這些關係貸款與傳統 NYCB 強大關係中的整體地位相關。再一次，我們沒有拖欠，我們在這個領域沒有沖銷——如果你回顧歷史，從幾十年前回顧，我認為我們在 CRE 的整體損失內容可能低於多戶家庭。我想，就像，約翰，10 個基點。

Slightly lower than multifamily.

略低於多戶型。

Again, we feel really confident in it. But right now, we're seeing very strong performance, no delinquencies, no late pay, and we're working with our customers in the event there is some issues on just changes in square foot rent rolls. However, the LTVs are very low and the relationships are very strong and we know the customer very well. And I think John can then follow up with more granular. We don't have it in front of us right now, but we can get back to you as far as what street they are on. If it's -- I'd say it's more towards A and B type. We don't do C see lending period. And I think we're probably more driven towards the -- more towards the B to B plus-ish, but we stay away from the C type situations.

我們再次對此充滿信心。但現在，我們看到了非常強勁的表現，沒有拖欠，沒有滯納金，我們正在與我們的客戶合作，以防在平方英尺租金表的變化方面出現一些問題。然而，LTV 非常低，關係非常牢固，我們非常了解客戶。我認為 John 然後可以進行更細化的跟進。我們現在沒有它在我們面前，但我們可以就他們在哪條街道上回复你。如果是——我會說它更傾向於 A 和 B 類型。我們不做 C 看貸款期限。而且我認為我們可能更傾向於 - 更傾向於 B 到 B 加號，但我們遠離 C 類型的情況。

Your next question comes from the line of Bernard Von Gizycki from Deutsche Bank.

你的下一個問題來自德意志銀行的 Bernard Von Gizycki。

So I know there's a lots of puts and takes to 2023, like you've outlined. Obviously, the uncertainty in the market, but the purchase and assumption agreement for Signature has provided a lot of liquidity, presented bigger growth opportunities like you've outlined. I'm just wondering that the initial targets from the Flagstar deal, including the [1.2%] ROA, 16% ROCE, the 52% efficiency ratio. Would these be considered a bit conservative given the benefits of the Signature deal? Or are these targets when you hit a more steady like run rate? What will you be thinking here?

所以我知道到 2023 年有很多看跌期權，就像您概述的那樣。顯然，市場存在不確定性，但 Signature 的購買和承擔協議提供了大量流動性，如您所概述的那樣提供了更大的增長機會。我只是想知道 Flagstar 交易的初始目標，包括 [1.2%] ROA、16% ROCE、52% 效率比。考慮到簽名交易的好處，這些會被認為有點保守嗎？或者當你達到更穩定的運行率時，這些目標是什麼？你會在這裡想什麼？

So I'm going to take it from a very high level, and I'll pass it on to John again because of the financial questions on forward-looking guidance. We don't have a lot of forward-looking guidance. We gave some short-dated forward-looking guidance. But we're very pleased on culturally putting the Flagstar transaction together. It's been a very good experience with the team. Senior team is doing a great job on focusing on getting the culture right. And more importantly, our integration plans are on target. With that being said, the mortgage business has been up and down, and it's a volatile business.

因此，我將從一個非常高的層面來看待它，並且由於前瞻性指導的財務問題，我會再次將其傳遞給約翰。我們沒有很多前瞻性的指導。我們給出了一些短期的前瞻性指導。但我們很高興在文化上將 Flagstar 交易放在一起。這是與團隊的一次非常好的經歷。高級團隊在專注於打造正確的文化方面做得很好。更重要的是，我們的整合計劃達到了目標。話雖如此，抵押貸款業務一直起伏不定，而且是一項不穩定的業務。

So we were very proactive right out of the right post our closing to rightsize that. And that was the first step to ensure that we continue profitability in all interest rate environments. Where we stand today, our institution is in a very different place when it comes to liquidity, when it comes to asset sensitivity versus liability sensitivity. I can't remember ever being in the seat where we can talk about asset sensitivity. So it's a pretty good place to be having tremendous optionality about the business and where we're going to deploy that excess liquidity. But I think I indicated previously that by sitting on cash right now and making those decisions, we're making a 3% spread based on the transaction and on Signature stand-alone is pretty attractive when our margin was, I think, close to $2.60 million.

因此，我們在關閉後非常積極主動地調整規模。這是確保我們在所有利率環境下繼續盈利的第一步。我們今天所處的位置，在流動性方面，在資產敏感性與負債敏感性方面，我們的機構處於一個非常不同的位置。我不記得曾經坐在我們可以談論資產敏感性的位置上。因此，這是一個非常好的地方，可以在業務方面擁有巨大的選擇權，以及我們將在哪裡部署過剩的流動性。但我想我之前曾表示，通過現在坐擁現金並做出這些決定，我們根據交易獲得 3% 的價差，而在我認為我們的保證金接近 2.60 美元時，單獨使用 Signature 非常有吸引力百萬。

So as we've deployed the cash, as you look at the round out of the commercial banking space, we have a lot of verticals. You have great, great opportunity to really round out the verticals, build out the commercial bank and clearly focus on team builds, focusing on integrating the Signature culture into the new Flagstar culture. And it's going to be about keeping the teams focused and bringing those deposits back. I mean I just don't underestimate the opportunity in front of us here that when there was a run in the system, these accounts were not closed. They were just moved out. Well, our goal is to get a lot of that money back and be creative with our clients, especially on the Signature side to really be their white glove service.

因此，當我們部署現金時，當你看到商業銀行領域的全面發展時，我們有很多垂直領域。你有很好的機會真正完善垂直領域，建立商業銀行並明確關注團隊建設，專注於將 Signature 文化融入新的 Flagstar 文化。這將是關於讓團隊保持專注並將這些存款帶回來。我的意思是，我只是不要低估擺在我們面前的機會，即當系統發生擠兌時，這些賬戶並未關閉。他們剛搬出去。好吧，我們的目標是收回大量資金並與我們的客戶一起發揮創意，尤其是在 Signature 方面，真正成為他們的白手套服務。

That's the secret sauce of signature. So that's an exciting opportunity for this institution. And then we could take the growth in the future. Looking at our brick-and-mortar locations and phenomenal plus of the country, where we can take Eric and Eric's team to start ramping up growth and continue doing what he's done very well for the past 20 years, which is build value.

這就是簽名的秘訣。所以這對這個機構來說是一個令人興奮的機會。然後我們可以接受未來的增長。看看我們的實體店和國家的顯著優勢，我們可以讓埃里克和埃里克的團隊開始加速增長，並繼續做他在過去 20 年裡做得很好的事情，這就是創造價值。

So it's an exciting time. And I think when you think about overall returns, this bank is not a traditional thrift model anymore. It's moving towards a commercial banking model. And I feel very strongly that we've accelerated that with the Signature transaction and the Flagstar transaction by a tune of 10 years. So that's a good place to be, and that's just my opening, sorry, so maybe, John, if you want to...

所以這是一個激動人心的時刻。而且我認為當你考慮整體回報時，這家銀行不再是傳統的節儉模式。它正在走向商業銀行模式。我非常強烈地感覺到，我們通過 Signature 交易和 Flagstar 交易將這一進程加快了 10 年。所以那是個好地方，這只是我的開場白，對不起，約翰，如果你想……

Yes. I think remember, too, when we announced that the Flagstar transaction that was all the way back in April, and that was a totally different interest rate environment. So just keep that in mind.

是的。我想還記得，當我們在 4 月份宣布 Flagstar 交易時，那是一個完全不同的利率環境。所以請記住這一點。

We're not at 0 interest rates anymore, right?

我們不再是零利率了，對吧？

Right. Right.

正確的。正確的。

But we're pleased with the ecosystem. I really think there's a great opportunity on the mortgage ecosystem, as Lee Smith alluded to, we are going to go after deposit opportunities in all parts of our business. And I think it's an uncharted opportunity here with the TPO channel with the relationships, with the warehouse business, we want to have our share of compensating balances. We have some great, great team members here that's going to go after it, and it's going to be measured and strategized as a focus towards the new Flagstar.

但我們對生態系統感到滿意。我真的認為抵押貸款生態系統有一個很好的機會，正如李史密斯所暗示的那樣，我們將在我們業務的所有部分尋求存款機會。我認為這是一個未知的機會，通過 TPO 渠道與關係，通過倉庫業務，我們希望分享我們的補償餘額。我們這裡有一些非常非常棒的團隊成員，他們將繼續努力，並將作為對新 Flagstar 的關注點對其進行衡量和製定戰略。

And then just a follow-up. You did provide some guide to expenses regarding Signature, which is helpful. I'm just wondering, from your talks, your discussions with FDIC I think there are a couple of things with the transition service agreement. I believe that those -- the resulting conversation is what -- how you kind of like guided, I believe, I'm not sure if there's anything you can share on that specifically. I'm not sure if that's still being hammered out. And like what you kind of alluded to is that some of the costs could be elevated in the next couple of quarters. I just wonder if anything you can share there? And then obviously, if discussions on servicing the remaining loans have been discussed and you can share anything there.

然後只是跟進。你確實提供了一些關於簽名的費用指南，這很有幫助。我只是想知道，從你的談話，你與 FDIC 的討論中，我認為過渡服務協議有幾件事。我相信那些——由此產生的對話是什麼——你是如何被引導的，我相信，我不確定你是否可以具體分享任何內容。我不確定這是否仍在敲定中。就像你提到的那樣，在接下來的幾個季度中，一些成本可能會增加。我只是想知道您是否可以在那里分享什麼？然後很明顯，如果已經討論了關於償還剩餘貸款的討論，那麼您可以在那里分享任何內容。

So yes, that process is ongoing. We're still just a little over a month from the transaction. So that process is still ongoing. So we're working through exactly what loans, what deposits, what processes, other assets, other liabilities that we're taking going through the whole pro forma analysis. So yes, that is one of the reasons why in the short term will be slightly higher than the run rate we talked about earlier. From a servicing perspective, we continue to service the loans for the FDIC and will be reimbursed for our cost for the servicing of those loans. And then once something happens and those loans are disposed of by the receiver, there's always an opportunity to see what happens and who that buyer is to see if there's a longer-term potential benefit to continue servicing those loans depending on what the buyer wants. So yes, that process is ongoing. As you can imagine, it takes a little while to kind of finalize that as we go through. But yes, we're working towards all of that as we're speaking.

所以是的，這個過程正在進行中。我們距離交易還有一個多月的時間。所以這個過程仍在進行中。因此，我們正在研究通過整個備考分析我們正在接受的貸款、存款、流程、其他資產和其他負債。所以是的，這就是為什麼在短期內會略高於我們之前談到的運行率的原因之一。從服務的角度來看，我們將繼續為 FDIC 的貸款提供服務，並將償還我們為這些貸款提供服務的費用。然後，一旦發生某些事情並且這些貸款被接收方處置，總是有機會了解發生了什麼以及買家是誰，看看是否有長期的潛在利益繼續為這些貸款提供服務，具體取決於買家的需求。所以是的，這個過程正在進行中。正如您所想像的那樣，在我們完成過程中需要一些時間才能完成。但是，是的，我們正在努力實現所有這些目標。

Yes. I would just add one comment on that whole process with respect to the real estate side of things. We have -- it's an in-market transaction. This is -- was our #1 competitor in the multi-CRE space. So they're in New York, we're in New York, and we have great consolidation opportunities to really take advantage of the opportunity to bring people together in the appropriate real estate setting. So we're excited about our team diving into that deeply. We don't have a lot of time to make those decisions in conjunction with the contract that we signed with the FDIC, but we think there's a great opportunity for efficiency.

是的。我只想對整個過程中有關房地產方面的事情發表評論。我們有 - 這是市場交易。這是 - 是我們在多 CRE 領域的第一競爭對手。所以他們在紐約，我們在紐約，我們有很好的整合機會，可以真正利用這個機會將人們聚集在適當的房地產環境中。因此，我們對我們的團隊深入研究感到興奮。我們沒有太多時間根據與 FDIC 簽署的合同做出這些決定，但我們認為這是提高效率的好機會。

Your next question comes from the line of Steven Alexopoulos from JPMorgan.

你的下一個問題來自摩根大通的 Steven Alexopoulos。

So I want to start, Tom, given the strong retention of the Signature teams, I'm surprised you have been able to draw back some of the deposits they've lost. I'd imagine the teams are fairly well incented to do that. I know it's still early, but what are you hearing from their customers right now?

所以我想開始，湯姆，考慮到 Signature 團隊的強大保留，我很驚訝你能夠收回他們失去的一些存款。我想團隊會非常願意這樣做。我知道現在還早，但你現在從他們的客戶那裡聽到了什麼？

So it's a great question. And we went into this with the expectation of a much significant outflow because who knew what's going to happen on Monday. But what's most important is that the team is excited, the team has the incentive plan to bring the money back to the bank and as well as different solutions, right? I think in general, there is an industry where there's a reluctancy to be well above uninsured, right? So we have to plan for that and be there for our clients and be creative. And I think the creativity under Eric leadership with his team is going to go after the opportunity. And I think the way we've structured it would be a legacy Signature model that they have strong incentive comp plans to be recognized based on the success on deposit gathering. That's the model, right? Steven? So it's early days, right? And we're not going to quote a win yet because it's -- who knows what happens on Monday of this week.

所以這是一個很好的問題。我們帶著大量資金外流的預期進入了這一領域，因為誰知道周一會發生什麼。但最重要的是團隊很興奮，團隊有將錢帶回銀行的激勵計劃以及不同的解決方案，對吧？我認為總的來說，有一個行業不願意遠高於未投保，對吧？因此，我們必須為此做好計劃，為我們的客戶服務並發揮創造力。我認為在 Eric 的領導下和他的團隊的創造力將抓住機會。而且我認為我們構建它的方式將是一個遺留的簽名模型，他們有強大的激勵計劃，根據存款收集的成功來認可。是那個型號吧？史蒂文？所以現在還早，對吧？而且我們還不打算引用勝利，因為它 - 誰知道本周星期一會發生什麼。

So you just got to be very cognizant that I don't think that the marketplace is still out of the woods with respect to this volatility. But there's no question that it's stable, which is great. I'll reiterate my point on DDA. It's a rock. It hasn't moved. That's a phenomenal statistic, that operating DDA count that actually was slightly up in the month of April compared to the closing of the transaction, which is a testament to the -- for the payroll accounts, the operating accounts tied to the businesses. But the push here is to go back and convince the customers that banking is -- overall is in a safe perspective, and it was an idiosyncratic situation that happened in early March.

所以你必須非常清楚，我認為市場在這種波動方面還沒有走出困境。但毫無疑問，它很穩定，這很棒。我將重申我對 DDA 的觀點。這是一塊石頭。它沒有動過。這是一個驚人的統計數據，與交易結束相比，4 月份的 DDA 運營數量實際上略有增加，這證明了——對於工資賬戶，與企業相關的運營賬戶。但這裡的推動是回去說服客戶，銀行業——總體上是安全的，這是 3 月初發生的特殊情況。

And ultimately, the system is strong and highly regulated, and we have to convince that. And that's our job to go out there and handhold the customers to get back to confidence in the system. And that's what we're doing. And very proud of my team because it's been ongoing. And even during in the depth of that crisis, we were talking to many of our clients. And look, we're a regional bank that really handhold our customers. It's important, start with it's all about service on a stand-alone basis. NYCB folks did a great job and now we put on Flagstar and now we're putting our Signature. It's all about service, service. And I want to reiterate again, culture, culture, culture, and we have a tremendous opportunity in front of you to really make sure it's client first and get them comfortable that with the stamp of approval of doing a transaction of this magnitude, in the depths of a doc situation in banking, I think it goes a long way when you talk to clients about the safety and standards of our institution.

最終，該系統是強大且受到高度監管的，我們必須相信這一點。我們的工作就是去那裡，讓客戶恢復對系統的信心。這就是我們正在做的。並為我的團隊感到自豪，因為它一直在進行。即使在那場危機最嚴重的時候，我們也在與我們的許多客戶交談。看，我們是一家真正為客戶服務的區域性銀行。重要的是，從獨立的服務開始。 NYCB 的工作人員做得很好，現在我們穿上了 Flagstar，現在我們正在穿上我們的簽名。一切都與服務、服務有關。我想再次重申，文化，文化，文化，我們在你們面前有一個巨大的機會，可以真正確保客戶至上，並讓他們感到舒服，因為批准瞭如此規模的交易，在銀行業文檔情況的深度，我認為當你與客戶談論我們機構的安全和標準時，它會有很長的路要走。

Got it. Let me follow up on that, Tom. So you basically doubled the size of the company in a few quarters. And if we learn anything particularly from SVB, it's that they grew so quickly, they probably outgrew their capabilities of risk management. I'm sure your risk management is fine or else regulators would not have given you the stamp over broker you just talked about. But you also just said in response to the prior question that you accelerated the transformation of the company by 10 years with these 2 deals. So talk about the risk management infrastructure that you have today. How much do you have to now invest in it, people, systems, et cetera? And how should we think about the cost of that?

知道了。湯姆，讓我跟進一下。所以你基本上在幾個季度內將公司規模擴大了一倍。如果我們特別從 SVB 那裡學到了什麼，那就是他們成長得如此之快，以至於他們可能已經超出了風險管理的能力。我確定您的風險管理很好，否則監管機構不會給您剛才談到的經紀商蓋章。但你剛剛在回答之前的問題時也說，你通過這兩筆交易將公司的轉型加速了 10 年。因此，談談您今天擁有的風險管理基礎設施。您現在需要在人力、系統等方面投入多少？我們應該如何考慮這樣做的成本？

So I would say to you, Steve, this goes back to the legacy CCAR and SIFI, right? We went to a journey at $49.9 billion if I recall when I was CFO for about 5 years at the time holding the line in $49.9 billion and not crossing over on an average, so that so we really built a position to understand what was expected as our regulatory framework was uniquely different than some others which gave us a lot of oversight at the time to be a CCAR bank. And obviously, those rules and pronouncements have changed but we've held true to our position that we were going to have a bank that could be ready to be $100 billion. That goes back when we started that journey back in 2012 or 2011 and it's been a constant reinvestment over time. So we're really excited about where we are. There's always going to be update.

所以我想對你說，史蒂夫，這可以追溯到遺留的 CCAR 和 SIFI，對吧？如果我還記得我擔任首席財務官大約 5 年的時間，我們就踏上了 499 億美元的旅程，當時我保持在 499 億美元的水平並且平均沒有超過，所以我們真正建立了一個了解預期的位置我們的監管框架與其他一些監管框架截然不同，這讓我們在當時成為一家 CCAR 銀行時受到了很多監督。顯然，這些規則和聲明已經改變，但我們堅持我們的立場，即我們將擁有一家準備好達到 1000 億美元的銀行。這可以追溯到我們在 2012 年或 2011 年開始這段旅程時，隨著時間的推移，它一直在不斷地進行再投資。所以我們對我們所處的位置感到非常興奮。總會有更新的。

It's always going to be evolving, especially given the regulatory landscape that we're internally because who knows what's going to come out of this, we'll call it mini crisis of confidence but I don't think it's going to get easier, but we're prepared to do what we have to do to manage a safe and sound organization, and risk management is #1 focus, right?

它總是在不斷發展，特別是考慮到我們內部的監管環境，因為誰知道會發生什麼，我們稱之為迷你信任危機，但我認為它不會變得更容易，但我們準備好做我們必須做的事情來管理一個安全和健全的組織，風險管理是第一要務，對吧？

So we have a tremendous team, and I'm proud of my risk team and they do a great job. And we're going to add a lot of new people from all 3 organizations together as well as from the outside and be ready for what's required for us as a highly regulated institution, but this is nothing new to us. This is something we've been working on for quite some time, and we're prepared to make sure we have the highest standard.

所以我們擁有一支強大的團隊，我為我的風險團隊感到自豪，他們做得很好。我們將從所有 3 個組織以及外部增加很多新人，並為我們作為一個受到高度監管的機構所需要的東西做好準備，但這對我們來說並不是什麼新鮮事。這是我們已經努力了很長一段時間的事情，我們準備確保我們擁有最高標準。

John, if you want to add a little bit more comments on risk?

約翰，你是否想添加更多關於風險的評論？

Yes. And I think what Tom mentioned, just to add, when you look at some of the capital stress testing and liquidity stress testing frameworks that we built in that time frame will serve us extremely well here as we integrate both Flagstar and Signature onto those models from a stress testing perspective. Our teams built those with the expectation of the $100 billion threshold that we're at now. So there's always -- there will always be some incremental add, but we don't think it will be a material add given the structure and the backbone that we already have in place.

是的。而且我認為 Tom 提到的只是補充一點，當您查看我們在那個時間框架內構建的一些資本壓力測試和流動性壓力測試框架時，這將對我們非常有用，因為我們將 Flagstar 和 Signature 集成到這些模型中壓力測試的觀點。我們的團隊在構建這些產品時期望達到我們現在所處的 1000 億美元門檻。所以總是 - 總會有一些增量添加，但我們認為考慮到我們已經擁有的結構和主幹，這不會是一個實質性的添加。

And I think in general, you're looking at operating leverage now, right? This is something we didn't geared up, and we assume the Flagstar transaction is we were ready to be at that $100 billion mark and getting ready. But we were there as far as operationally moving in that direction. But at the same time, we get the operating leverage we're making very substantial investments going back to early days, and we just continue to evolve from that. So obviously, it's the most important aspect of this company going forward is handling risk. Given the nature of the bank and our new products. But we're clearly excited when I say 10 years, it's really more the transformation from a thrift to a commercial bank.

而且我認為總的來說，您現在正在研究經營槓桿，對嗎？這是我們沒有準備好的事情，我們假設 Flagstar 交易是我們準備好達到 1000 億美元大關並做好準備。但就運營上的那個方向而言，我們已經在那裡了。但與此同時，我們獲得了經營槓桿，我們在早期進行了大量投資，我們只是繼續從中發展。很明顯，這家公司未來最重要的方面就是處理風險。鑑於銀行的性質和我們的新產品。但當我說 10 年時，我們顯然很興奮，這實際上更像是從儲蓄銀行到商業銀行的轉變。

That's a milestone of the vision to take a traditional thrift mentality and bring it to the commercial banking platform. And having these great team members that come from all over the country with tremendous banking experience in commercial operations and dealing with the high touch, white glove service, that's the transition. So I think that's what this acceleration and having different verticals, having different products. We've completely changed the dynamic of who we are going forward as the new Flagstar.

這是將傳統節儉心態帶到商業銀行平台的願景的里程碑。擁有這些來自全國各地的優秀團隊成員，他們在商業運營和處理高接觸、白手套服務方面擁有豐富的銀行經驗，這就是轉變。所以我認為這就是這種加速和擁有不同的垂直領域，擁有不同的產品。作為新的 Flagstar，我們已經完全改變了前進的方向。

Got it. That's helpful. And just one final one, maybe for John. So you said you expect margin expansion through the rest of this year. One, what rate assumptions, like which rate backdrop are you assuming and two, which is even more important, given the new balance sheet mix, what's better for your margin for the Fed to start cutting rates in the second half or if the Fed goes up and then holds for the rest of the year. Like which of those backdrops is better for this balance sheet?

知道了。這很有幫助。最後一個，也許是給約翰的。所以你說你預計今年餘下時間利潤率會增加。第一，什麼利率假設，比如你假設的利率背景是什麼，第二，考慮到新的資產負債表組合，哪個更重要，你認為美聯儲在下半年開始降息或者如果美聯儲去上升，然後在今年餘下的時間裡保持不變。就像這些背景中的哪一個更適合這個資產負債表？

Yes. So in a very short period of time, we've gone from on a stand-alone NYCB sensitive to pretty significantly liability sensitive to layering in the Flagstar transaction, which got us to slightly moderately liability-sensitive and now laying on Signature, where we're moderately asset-sensitive. So we have an asset-sensitive balance sheet right now that has an awful lot of flexibility in it given the cash that we have on the balance sheet. So it's -- there's a lot of flexibility, a lot of (inaudible) to kind of move that asset sensitivity around in the short term. But to answer your question, yes, we would benefit from a Fed raise right now.

是的。因此，在很短的時間內，我們已經從對獨立的 NYCB 敏感到對 Flagstar 交易中的分層非常敏感的責任敏感，這使我們對責任敏感度略微適度，現在放在 Signature 上，我們在那裡對資產適度敏感。所以我們現在有一個資產敏感的資產負債表，考慮到我們資產負債表上的現金，它具有非常大的靈活性。所以它 - 有很大的靈活性，很多（聽不清）可以在短期內改變資產敏感性。但要回答你的問題，是的，我們現在將從美聯儲加息中受益。

And when we look at when we're -- with the modeling to get to the next quarter or so has increased, a couple of items there that I mentioned. We are expecting one more rate hike here in the Bloomberg forecast next week and then pretty flat to the end of the year. There might be -- and one at the end. I think there's one cut that we forecasted at the end of the year. But when you look at what's coming due, especially in the second quarter, that's going to help pick up a little bit to the margin. That's one of the main drivers as well as what Tom has mentioned, which is just the noninterest-bearing percentage and the stability that we've seen so far in those deposits.

當我們看我們什麼時候 - 隨著模型進入下一個季度左右已經增加，我提到了幾個項目。我們預計下週彭博社預測還會加息一次，然後到年底基本持平。可能有 - 最後一個。我認為我們在年底預測了一次削減。但是當你看看即將到期的東西時，尤其是在第二季度，這將有助於提高利潤率。這是主要驅動因素之一，也是湯姆提到的，這只是無息百分比和我們迄今為止在這些存款中看到的穩定性。

So Stephen, big picture for us is that we're in a very unique position given the fact that we have a balance sheet that is very versatile. We have tremendous optionality given it's sitting in cash. And as I indicated previously that let's say we yield 5% of the cash temporarily, and we picked up the liabilities at around 2%. So the spread on that's about 3%, it's still above our margin. So as we -- if we have to shift, we have a position of cash to make that a smooth transition to rebalance our style depending on what policy is going to be driving the Fed. So we're in a very interesting spot in respect to balance sheet.

所以斯蒂芬，對我們來說，大局是我們處於一個非常獨特的位置，因為我們的資產負債表非常靈活。鑑於它是現金，我們有巨大的選擇權。正如我之前指出的那樣，假設我們暫時產生 5% 的現金，而我們以 2% 左右的利率承擔負債。所以這個價差大約是 3%，它仍然高於我們的保證金。因此，當我們——如果我們必須轉變時，我們有現金頭寸來平穩過渡，以根據美聯儲將採取何種政策來重新平衡我們的風格。因此，我們在資產負債表方面處於一個非常有趣的位置。

Your next question comes from the line of Matthew Breese from Stephens.

你的下一個問題來自 Stephens 的 Matthew Breese。

I just wanted to go back to the Signature deposits, down less than expected 9% versus expectations for 20%. From here, how much more run over, if any, do you expect and over what time frame?

我只想回到 Signature 存款，低於預期的 9%，而預期為 20%。從這裡開始，您預計會超過多少（如果有的話）以及在什麼時間範圍內？

Just -- well, just from a straight modeling perspective, we haven't changed our modeling when we're looking at forecasting to the original 20%. We're cautiously optimistic that we won't see anywhere near that runoff. And hopefully, potentially could see some growth once this really continues to stabilize. But right now, from a forecast perspective, we haven't changed our initial modeling of a 20% runoff.

只是 - 好吧，從直接建模的角度來看，當我們將預測預測到最初的 20% 時，我們沒有改變我們的模型。我們謹慎樂觀地認為，我們不會在徑流附近看到任何地方。希望一旦這種情況真正繼續穩定下來，可能會看到一些增長。但現在，從預測的角度來看，我們還沒有改變 20% 徑流的初始模型。

Okay. And then for the quarter, what was accretable yields prepayment penalty income? And then looking forward with Signature, what is the expectations for accretable yield through the end of the year?

好的。然後對於本季度，可增加的收益率預付款罰款收入是多少？然後展望 Signature，到今年年底對增產的預期是什麼？

So prepayment penalty income for the year was, I think, $1.6 million. So a really, really small number on the prepayment side. On the accretable yield perspective, with Signature, we're looking at our best estimate now is picking up about $100 million a year. That's what we're looking at. If you look at the mark that we booked, it's about a 4- or 5-year average maturity -- we are still, of course, finalizing that process as we go through all of our purchase accounting items, but we think it's going to be around that $100 million range.

因此，我認為當年的預付款罰款收入為 160 萬美元。因此，預付款方面的數字非常非常小。從可增加的收益的角度來看，對於 Signature，我們現在的最佳估計是每年增加約 1 億美元。這就是我們正在看的。如果你看一下我們預訂的標記，它大約是 4 或 5 年的平均期限——當然，我們仍在完成我們所有採購會計項目的過程，但我們認為它會大約在 1 億美元的範圍內。

And that's the added accretion. What was it for the quarter? And maybe just because it was a partial quarter with Signature, a full quarter for Flagstar. Give me some idea.

這就是增加的增生。這個季度是什麼？也許只是因為這是 Signature 的部分季度，Flagstar 的完整季度。給我一些想法。

Yes, really Yes, it was a very, very small amount for Signature. I think the number was in the $5 million range, $4 million to $5 million range. I'll get you the Flagstar accretion number. I don't have that in front of me.

是的，真的是的，對於 Signature 來說，這是一個非常非常小的數目。我認為這個數字在 500 萬美元左右，400 萬到 500 萬美元之間。我會給你 Flagstar 吸積編號。我面前沒有那個。

Okay. Could you comment a little bit on and I'm understanding the business today is much more diversified than it has been historically, but give us some sense for new loan yields today and what the roll-on versus roll-off dynamics are?

好的。您能否評論一下，我理解今天的業務比以往更加多元化，但讓我們了解今天的新貸款收益率以及滾動與滾動動態是什麼？

So Matt, it's interesting what's having for us, given the market conditions in commercial real estate and multifamily, our spreads are 300 basis points spread off of the 5-year treasury with a minimum of 6.5% coupon. So you're not seeing much fixed rate product being done at all in general. But we've introduced over the past year, which I think is a very interesting opportunity for our customers for choice is having synthetic opportunities to think about structuring a transaction as the fixed to float, and we get the opportunity to put a floating rate instrument, which historically we've never done before. So with that being said, I think we put on about just from repricing, about $2 billion of our multifamily businesses now to SOFR plus 2.50%, which came off of about 3.5%, and now it's yielding about 7.5% as they figure out what they're going to do maybe next year if rates were to go low and we'll make decisions upon financing that in the future, but that's been a very positive balance sheet contributor to having a more versatile asset sensitive balance sheet, so is tied to floating rates.

所以馬特，考慮到商業房地產和多戶住宅的市場條件，我們的利差是 300 個基點，與 5 年期國債的利差至少為 6.5%。因此，一般來說，您根本看不到很多固定利率產品。但我們在過去的一年裡推出了，我認為這對我們的客戶來說是一個非常有趣的選擇機會，它有綜合的機會來考慮將交易結構化為固定浮動，我們有機會使用浮動利率工具，這在歷史上我們從未做過。話雖這麼說，我認為我們只是從重新定價開始，我們的多戶家庭企業的大約 20 億美元現在增加了 SOFR 加 2.50%，從 3.5% 左右下降，現在它的收益率約為 7.5%，因為他們弄清楚了什麼如果利率走低，他們可能會在明年做，我們將在未來做出融資決定，但這是一個非常積極的資產負債表貢獻者，擁有更靈活的資產敏感資產負債表，因此被捆綁到浮動利率。

Many customers now are contemplating on putting on a swap and doing a floating rate structure with us. And then at the same time, we're also introducing our capital markets business which has a sizable benefit to sell them protection on that and be able to structure the transaction where we generate fee income. So that's part of our model going forward. Now we don't -- we haven't modeled that in, but that's what we're seeing in the business. And most of the other products are all floating rates. So that's significant spreads. So that's going to be the ongoing benefit of versatility within the asset classes. But it is a change in the market when it comes to multifamily (inaudible) because of just the tightening of credit.

許多客戶現在正在考慮與我們進行掉期和浮動利率結構。同時，我們還引入了我們的資本市場業務，這有很大的好處，可以向他們出售保護，並能夠在我們產生費用收入的地方構建交易。所以這是我們未來模型的一部分。現在我們沒有——我們還沒有將其建模，但這就是我們在業務中看到的。而其他大部分產品都是浮動利率。所以這是很大的利差。因此，這將是資產類別中多功能性的持續好處。但由於信貸收緊，多戶住宅（聽不清）市場發生了變化。

There's no question that credit has tightened when it comes to the offering. And I think most banks are around that level, between 2.75% to 3.25% spread of the 5-year treasury at an offering. And I think many customers are just kind of waiting and see what to do and you don't see a lot of actual transaction when a transaction does take place, I think the financing cost is very different than it was a year ago, which I think will be an advantage to the bank as long as they could handle that service coverage ratios, right?

毫無疑問，就此次發行而言，信貸已經收緊。而且我認為大多數銀行都在這個水平附近，發行時 5 年期國債的利差在 2.75% 到 3.25% 之間。而且我認為很多客戶只是在觀望，當交易發生時你看不到很多實際交易，我認為融資成本與一年前大不相同，我認為只要他們能夠處理該服務覆蓋率，認為對銀行來說是一個優勢，對吧？

Right. Actually, that brings to my next question just is all eyes are on office CRE these days. rent-regulated multifamily had its challenges on the top line, given the Rent Guidelines Board. As you've seen those types of loans reset today coming out of 2018 vintages, how have debt service coverage ratios reacted to higher rates. And have you had to do anything with those borrowers like lower rates or extend amortization periods just to keep them going and keep them operating the properties.

正確的。實際上，這給我的下一個問題帶來的只是這些天所有的目光都集中在辦公室 CRE 上。考慮到租金指導委員會，受租金管制的多戶家庭在收入方面面臨挑戰。正如您所看到的，這些類型的貸款今天從 2018 年開始重新設置，償債覆蓋率如何對更高的利率做出反應。您是否必須對這些借款人採取任何措施，例如降低利率或延長攤還期，以讓他們繼續經營並讓他們經營房產。

Given that we're a low leverage lender, LTVs are traditionally lower, are we underwrite very differently than some of our competitors. We haven't had to have those conversations as of today. What we are seeing is that when they're in an option period, they're choosing a SOFR plus 2.50% option versus the home loan bank spread option, which is punitive. And in very rare circumstances, you're seeing refinance activity. So we're getting the benefit of pricing a 3.5% coupon back to 7.50% in the current marketplace. Now it was a lot cheaper for them last year, but rates are elevated, but we're still seeing 100% consistency on no delinquencies, no late pays.

鑑於我們是一家低杠桿貸款機構，LTV 傳統上較低，我們的承銷方式是否與我們的一些競爭對手截然不同。到今天為止，我們不必進行這些對話。我們看到的是，當他們處於選擇期時，他們選擇 SOFR 加 2.50% 的選擇權，而不是懲罰性的家庭貸款銀行利差選擇權。在極少數情況下，您會看到再融資活動。因此，我們獲得了在當前市場上將 3.5% 的優惠券定價回 7.50% 的好處。現在對他們來說去年便宜了很多，但利率提高了，但我們仍然看到 100% 的一致性，沒有拖欠，沒有滯納金。

And customers are thinking about probably next year, they'll take this option and come back to the bank if rates are lower. So they're making, I guess, a decision in the future to come back to the bank when they feel it's necessary. But it's been very, very consistent on a monthly basis. Again, growth on the multifamily side has been very slow. It's going to be, I would say, relatively flat. But what's interesting about our portfolio, I'm not sure the exact number, maybe John has it, but it's probably $4 billion, $5 billion coming due on that same roll period on credits that have to refinance or actually have the option. And right now, we're seeing about 75% of those customers take the option, which is a nice pickup for our margin.

客戶可能會考慮明年，如果利率較低，他們會選擇這個選項並回到銀行。所以我猜，他們正在做一個決定，在他們認為有必要的時候回到銀行。但它在每月的基礎上非常非常一致。同樣，多戶住宅方面的增長非常緩慢。我會說，這將是相對平坦的。但我們的投資組合有趣的是，我不確定確切的數字，也許約翰有，但它可能是 40 億美元，50 億美元在同一展期到期的信貸必須再融資或實際上有選擇權。現在，我們看到大約 75% 的客戶選擇了這個選項，這對我們的利潤率來說是一個不錯的選擇。

Your next question comes from the line of Manan Gosalia from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Manan Gosalia。

Just a couple of points of clarification from me. You noted you will continue to use the excess cash to pay down borrowings. Does the pace of that accelerate beyond the second quarter? Or are you doing a majority of what you intend to do in the second quarter itself?

我只是澄清幾點。您指出您將繼續使用多餘的現金來償還借款。第二季度之後的步伐會加快嗎？還是您打算在第二季度完成大部分計劃？

So we're going to continue to look at the market conditions that we're in, but right now, we expect to pay down borrowings as they're coming due. We just have most of our borrowings coming due in the second quarter. We got a little piece coming due in the third and the fourth as well. So the plan is to pay down borrowings throughout the year, depending, of course, on our liquidity position and other items, loan growth. One Item just to keep in mind with our securities portfolio being so low and the securities asset percentage, we'll hold a little bit more cash on the balance sheet just as a placeholder for that piece as well. But yes, the current plan is to continue to pay down borrowings. We'll look to pay down some of our wholesale deposits like a broker deposits, as we mentioned earlier, as they come due, depending on market conditions and we're where cost is on deposits like that.

因此，我們將繼續關注我們所處的市場狀況，但現在，我們希望在到期時償還借款。我們的大部分借款將在第二季度到期。我們在第三和第四期也有一小部分到期。因此，計劃是全年償還借款，當然，這取決於我們的流動性狀況和其他項目，貸款增長。一個項目只是要記住我們的證券投資組合如此之低和證券資產百分比，我們將在資產負債表上持有更多的現金作為該部分的佔位符。但是，是的，目前的計劃是繼續償還借款。正如我們之前提到的，我們將根據市場情況在到期時支付一些批發存款，如經紀人存款，而我們正是這樣的存款成本所在。

Just to add the point there, when I took over CEO, I made it very clear, our challenge and our strategy is to be less dependent on financing wholesale liabilities to run the business as the transition from a thrift Commercial Bank. And going back to the acceleration of the business for 10 years, this is a lot of liabilities that are not subject to wholesale liabilities, but a traditional commercial banking and going back to the DDA growth of 27% of total deposits, that is, in my opinion, an acceleration of where we have to be as a successful business. And we're super proud that we're able to have a better funding mix to generate better returns over time. So this is going to be very powerful towards the story as we continue to hone in on commercial accounts and the DDA side of things as well as relationship banking.

補充一點，當我接任 CEO 時，我非常明確地表示，我們的挑戰和戰略是減少對批發負債的融資依賴，以從一家節儉的商業銀行轉型來經營業務。回到 10 年的業務加速，這是很多不受批發負債影響的負債，而是傳統的商業銀行業務，回到 DDA 增長佔總存款的 27%，也就是說，我認為，這是我們作為一家成功企業必須達到的目標的加速。我們非常自豪我們能夠擁有更好的資金組合，隨著時間的推移產生更好的回報。因此，隨著我們繼續專注於商業賬戶和 DDA 方面以及關係銀行業務，這將對故事產生非常強大的影響。

So is it fair to say that despite the high asset sensitivity from the deals, if the Fed does start to cut rates gradually next year, you should still see some sort of benefit to NIM from cutting cost of funding?

因此，儘管交易對資產敏感度很高，但如果美聯儲明年確實開始逐步降息，您仍然應該看到削減融資成本對 NIM 有某種好處，這是否公平？

So I'd say it this way, we're in a very interesting position given that my whole career had NYCB with the liability stances. So we're excited about our balance sheet positioning, and we think we have versatility and optionality to make the decision when that does take place. But if you're in -- if you look at forward Fed fund futures and one and done the hole for a while, if they raise it, being asset sensitive, we'll make more money. And then we'll adjust accordingly, but having the versatility of cash makes it a little bit easier to make decisions on that versus having fixed rate assets that are locked in long term. We have sitting on lots of cash right now to make those determinations as we redeploy into assets that are more commercial bank like in traditional [thrift-type] assets.

所以我會這樣說，我們處於一個非常有趣的位置，因為我的整個職業生涯都有 NYCB 的責任立場。所以我們對我們的資產負債表定位感到興奮，我們認為我們有多功能性和選擇性來做出決定。但是如果你在 - 如果你看看遠期聯邦基金期貨和一個並且做了一段時間的漏洞，如果他們提高它，對資產敏感，我們將賺更多的錢。然後我們會相應地進行調整，但與擁有長期鎖定的固定利率資產相比，擁有現金的多功能性可以更容易地做出決定。我們現在坐擁大量現金來做出這些決定，因為我們重新部署到更像商業銀行的資產，就像傳統的 [thrift-type] 資產一樣。

Got it. And just the last question for me. Just given all the moving pieces in the quarter, do you have what the spot deposit costs are as of March 31 or as of April?

知道了。最後一個問題問我。考慮到本季度的所有變動因素，您是否知道截至 3 月 31 日或 4 月的現貨存款成本是多少？

Yes. Interest-bearing deposits are $260 million.

是的。計息存款為 2.6 億美元。

That will be for our last question. I would now like to turn the call over back to Mr. Cangemi for any closing remarks.

那將是我們的最後一個問題。我現在想把電話轉回給 Cangemi 先生，聽取任何結束語。

Thank you again for taking the time to join us this morning and for your interest in NYCB.

再次感謝您今天早上抽出時間加入我們並對 NYCB 感興趣。

Thank you so much, presenters. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.

非常感謝各位主持人。女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你愉快。