Flagstar Financial Inc (NYCB) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the NYCB Second Quarter 2023 Earnings Conference Call. (Operator Instructions). This call is being recorded on Thursday, July 27, 2023. I would now like to turn the conference over to Sal DiMartino. Please go ahead.

早上好，女士們、先生們，歡迎參加 NYCB 2023 年第二季度收益電話會議。 （操作員說明）。本次電話錄音於 2023 年 7 月 27 日星期四進行。我現在想將會議轉交給薩爾·迪馬蒂諾 (Sal DiMartino)。請繼續。

Thank you, operator and good morning, everyone and thank you for joining the management team of New York Community Bancorp for today's conference call. Our discussion today of the company's second quarter 2023 results will be led by President and Chief Executive Officer, Thomas Cangemi, who is joined by the company's Chief Financial Officer, John Pinto; along with Reggie Davis, President of Banking; Eric Howell, President of Commercial and Private Banking and Lee Smith, President of Mortgage.

謝謝接線員，大家早上好，感謝您加入紐約社區銀行管理團隊參加今天的電話會議。我們今天討論的公司 2023 年第二季度業績將由總裁兼首席執行官 Thomas Cangemi 主持，公司首席財務官 John Pinto 也將參與其中；與銀行業總裁雷吉·戴維斯 (Reggie Davis) 一起；埃里克·豪厄爾（Eric Howell），商業和私人銀行業務總裁；李·史密斯（Lee Smith），抵押貸款業務總裁。

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 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 these 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》含義內的前瞻性陳述。可能會受到這些安全港規則的約束。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。

With that out of the way, I would now like to turn it over to Mr. Cangemi.

既然這個問題已經解決了，我現在想把它交給 Cangemi 先生。

Thank you, Sal. Good morning, everyone and thank you for joining us today. I would like to begin by briefly summarizing the strong operating results we achieved during the second quarter. Early this morning, we reported record net income, earnings per share fueled in large part by the benefits from our 2 recent acquisitions of Flagstar Bank and Signature. This is our first quarter with all 3 legacy franchises combined under 1 umbrella. Not only are we benefiting financially from our combinations but we are continuing to benefit from the power of diversification in both our loan portfolio and our deposit composition. I believe that our operating performance is only just beginning to show the true underlying core earnings power of our combined organization.

謝謝你，薩爾。大家早上好，感謝您今天加入我們。首先，我想簡要總結一下我們在第二季度取得的強勁運營業績。今天早上，我們公佈了創紀錄的淨利潤和每股收益，這在很大程度上得益於我們最近兩次收購 Flagstar Bank 和 Signature 所帶來的收益。這是我們第一季度將所有 3 個傳統特許經營權合併到一個保護傘下。我們不僅從合併中獲得經濟利益，而且繼續受益於貸款組合和存款構成的多元化力量。我相信，我們的經營業績才剛剛開始展現出我們合併後的組織真正的潛在核心盈利能力。

From an earnings and net income perspective, diluted earnings per share as adjusted for a $141 million bargain purchase gain and other merger-related items, we reported a record $0.47 per share on net income available to common stockholders totaled a record of $345 million, more than doubled what we reported during the first quarter.

從收益和淨利潤的角度來看，根據1.41 億美元的討價還價購買收益和其他合併相關項目調整後的稀釋每股收益，我們報告每股創紀錄的0.47 美元，普通股股東可獲得的淨利潤總計創紀錄的3.45 億美元，更多是我們第一季度報告的兩倍多。

Operating results were driven by a full quarter benefit from the Signature transaction as opposed to only 12 business days last quarter and a significantly higher net interest margin. Our NIM expanded by 61 basis points to 3.21% on a linked-quarter basis, driven by higher interest-earning assets, specifically cash and stronger yields on our loan portfolio as our asset sensitivity balance sheet continues to benefit from the higher interest rate environment. Our net interest margin should remain elevated over the course of the year given our diversified loan portfolio, which is mostly variable rate and our increasingly core deposit funded liability mix.

運營業績的推動因素是 Signature 交易帶來的整個季度收益（而上季度僅為 12 個工作日）以及顯著提高的淨息差。由於我們的資產敏感性資產負債表繼續受益於較高的利率環境，我們的淨息差環比擴大了61 個基點，達到3.21%，這得益於生息資產（特別是現金）的增加以及貸款組合收益率的上升。鑑於我們的貸款組合多元化（主要是可變利率）以及我們日益核心的存款融資負債組合，我們的淨息差在今年應該保持較高水平。

Our funding composition continues to improve as core deposits increase, while CDs, both retail and broker declined. Also wholesale borrowings declined 24% as we used a portion of our cash balances to pay down $5 billion of Federal home loan bank advances. Over time, I believe this change in our funding mix will be an advantage and support higher multiple expansion in the go-forward periods.

隨著核心存款的增加，我們的資金結構繼續改善，而零售和經紀商的存款證則有所下降。此外，批發借款也下降了 24%，因為我們使用了部分現金餘額來償還 50 億美元的聯邦住房貸款銀行預付款。隨著時間的推移，我相信我們融資組合的這種變化將成為一種優勢，並支持未來更高的倍數擴張。

In addition, another positive was our capital. Our capital ratios trended higher, while tangible book value per share increased 4% compared to the prior quarter and 23% year-over-year. Our tangible capital generation remains very strong given our earnings power. Aside from our strong quarterly results, last week, we announced the expansion of our private banking businesses which we added as part of the Signature Bank transaction by hiring 6 teams from the former First Republic Bank. These initial teams are highly regarded and the fact that they chose to join the new Flagstar is a testament to our business model and strong reputation in the marketplace.

此外，另一個積極因素是我們的資本。我們的資本比率呈上升趨勢，每股有形賬面價值較上一季度增長 4%，較去年同期增長 23%。鑑於我們的盈利能力，我們的有形資本創造能力仍然非常強勁。除了強勁的季度業績外，上週我們還宣布擴大私人銀行業務，作為 Signature Bank 交易的一部分，我們從前第一共和銀行聘請了 6 個團隊。這些最初的團隊受到高度評價，他們選擇加入新的 Flagstar 這一事實證明了我們的商業模式和在市場上的良好聲譽。

With these hires, we have a total of 127 teams as of June 30, 2023, including 92 in the Northeast and 35 on the West Coast and we now operate in 10 cities. This team is a part of our broader strategy to create a premier private banking division, dedicated to delivering best-in-class service through a personalized single point of contact model. We're excited that these 6 teams have partnered with us and look forward to achieving great things together.

截至 2023 年 6 月 30 日，通過這些員工，我們共有 127 個團隊，其中東北部有 92 個，西海岸有 35 個，目前我們在 10 個城市開展業務。該團隊是我們創建一流私人銀行部門的更廣泛戰略的一部分，致力於通過個性化的單點聯繫模式提供一流的服務。我們很高興這 6 個團隊與我們合作，並期待共同取得偉大的成就。

Moving on to our balance sheet. Total loans were up modestly during the second quarter, reflecting our diversification efforts as growth in the C&I portfolio offset declines in other lending verticals. Overall, total loans and leases were $83.3 billion, up about $800 million or 1% compared to the previous quarter, primarily driven by growth in the C&I book, which benefited by continued growth in the mortgage warehouse business.

繼續我們的資產負債表。第二季度貸款總額小幅增長，​​反映出我們的多元化努力，因為工商業投資組合的增長抵消了其他貸款垂直領域的下降。總體而言，貸款和租賃總額為833 億美元，比上一季度增加約8 億美元，增幅為1%，主要受到C&I 賬簿增長的推動，而C&I 賬簿的增長得益於抵押貸款倉庫業務的持續增長。

At June 30, total commercial loans represented 44% of total loans and leases. As for asset quality, our metrics remain strong despite -- and also best in the industry, despite an uptick in NPLs off of historical low levels in legacy NYCB, NPAs totaled $246 million or 21 basis points compared to $174 million or 14 basis points last quarter. The increase resulted largely from the inclusion of acquired loans from both our acquisitions. Despite this uptick, NPAs and total assets rank in the top quartile compared to industry peers, reflecting our disciplined underwriting and client selection.

截至6月30日，商業貸款總額佔貸款和租賃總額的44%。 As for asset quality, our metrics remain strong despite -- and also best in the industry, despite an uptick in NPLs off of historical low levels in legacy NYCB, NPAs totaled $246 million or 21 basis points compared to $174 million or 14 basis points last四分之一.這一增長主要是由於納入了我們兩次收購所獲得的貸款。儘管有所上升，但與同行相比，不良資產和總資產仍名列前四分之一，這反映出我們嚴格的承保和客戶選擇。

Furthermore, the allowance of credit losses increased $44 million to $594 million compared to the previous quarter and coverage was 255% of nonperforming loans and 71 basis points of total loans. Importantly, this was another quarter of low or no loan losses as we recorded a net recovery of $1 million compared to 0 net charge-offs last quarter. Another positive was our deposit base. Total deposits increased $3.7 billion or [70%] annualized on a linked-quarter basis to $88.5 billion, as the increase in noninterest-bearing deposits more than offset the decline in other categories, including higher cost CDs and deposits related to the loan portfolios we did not acquire from Signature, including in noninterest-bearing deposits of approximately $5.9 billion of custodial deposits related to Signature transaction.

此外，信貸損失準備金比上一季度增加了 4400 萬美元，達到 5.94 億美元，不良貸款覆蓋率為 255%，貸款總額為 71 個基點。重要的是，這是又一個貸款損失較低或無貸款損失的季度，因為我們記錄了 100 萬美元的淨回收，而上個季度的淨沖銷為零。另一個積極因素是我們的存款基礎。存款總額增加了37 億美元，按年化計算，環比增加了70%，達到885 億美元，因為無息存款的增加遠遠抵消了其他類別的下降，包括成本較高的CD 和與貸款組合相關的存款。未從 Signature 收購，包括與 Signature 交易相關的約 59 億美元的無息存款託管存款。

Excluding these deposits, noninterest-bearing deposits now represent 29% of total deposits compared to 27% last quarter. Coming off the March events, our deposit base remains increasingly resilient. This is due in large part to the diversity of the distribution channels, which, in addition to our retail branch network includes commercial and private client groups, digital and Banking-as-a-Service and deposits derived through the mortgage ecosystem. Deposits at legacy Signature declined $1.4 billion on a linked quarter basis, excluding custodial accounts, this was primarily due to planned runoff in higher cost CDs and brokered deposits, offset by $285 million quarter-over-quarter growth in noninterest-bearing demand deposits.

除去這些存款，無息存款目前佔存款總額的 29%，而上季度為 27%。經歷了三月份的事件後，我們的存款基礎仍然越來越有彈性。這在很大程度上是由於分銷渠道的多樣性，除了我們的零售分行網絡之外，分銷渠道還包括商業和私人客戶群體、數字和銀行即服務以及通過抵押生態系統衍生的存款。傳統 Signature 的存款環比下降 14 億美元（不包括託管賬戶），這主要是由於計劃中成本較高的 CD 和經紀存款的流失，被無息活期存款環比增長 2.85 億美元所抵消。

In addition to the stabilization of the deposit base legacy Signature PCG teams have also stabilized, and we expect to grow from these levels. As for guidance, given the current economic and interest rate environment, we currently expect the NIM in the range of 2.95% to 3.05%, mortgage gain on sale between $20 million to $24 million, net return on MSR assets between 8% to 10%; loan admin income of approximately $15 million and annual expenses ranging between $2 billion to $2.1 billion, excluding merger-related expenses and intangible amortization, as well as a 23% full year tax rate. In terms of expenses, total OpEx were $515 million, up $123 million or 31% on a linked-quarter basis. Second quarter operating expenses include a full quarter of Signature expenses compared to only 12 days during the first quarter.

除了存款基礎的穩定之外，傳統 Signature PCG 團隊也已穩定下來，我們預計將從這些水平開始增長。至於指導，考慮到當前的經濟和利率環境，我們目前預計淨息差在2.95% 至3.05% 之間，出售抵押貸款收益在2000 萬美元至2400 萬美元之間，MSR 資產淨回報率在8%至10% 之間;貸款管理收入約為 1500 萬美元，年度費用在 20 億至 21 億美元之間，不包括合併相關費用和無形攤銷，以及 23% 的全年稅率。就支出而言，運營支出總額為 5.15 億美元，環比增加 1.23 億美元，即增長 31%。第二季度的運營費用包括整個季度的 Signature 費用，而第一季度僅包括 12 天。

Finally, I would like to say a special thank you to all of our teammates, which now number nearly 10,000 strong. Our results would not be possible without your dedication and commitment to our clients and our customers. 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 this week. Operator, please open the line for questions.

最後，我要特別感謝我們所有的隊友，目前我們的隊員人數已近萬人。如果沒有您對我們的客戶和客戶的奉獻和承諾，我們的成果就不可能實現。這樣，我們將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聯繫到你們所有人，但如果我們沒有聯繫到您，請隨時在今天晚些時候或本周致電我們。接線員，請開通提問線路。

Ladies and gentlemen, we will now begin with the question-and-answer session. (Operator Instructions). First question comes from Brody Preston with UBS.

女士們、先生們，我們現在開始問答環節。 （操作員說明）。第一個問題來自瑞銀集團的布羅迪·普雷斯頓。

I was hoping that you would talk a little bit about the duration of those custodial noninterest-bearing deposits. You've kind of carved them out separately and it seems like they're related to the servicing maybe of the FDI -- the loans you're servicing for the FDIC. How long will those stick around? And I guess, in conjunction with that, how long will the loan administration income from the subs -- or the loan administration income from the subservicing of those loans stick around as well at that $15 million level?

我希望您能談談這些託管無息存款的期限。您已經將它們單獨劃分出來，看起來它們可能與 FDI 的服務相關——您為 FDIC 提供的貸款。這些會堅持多久？我想，與此同時，來自次級貸款的貸款管理收入——或者來自這些貸款次級服務的貸款管理收入會在 1500 萬美元的水平上維持多久？

Sure. So Brody, I'll give -- I'll pass it over to John Pinto (inaudible) what's in our guidance. So John, why don't you just speak specifically to this issue.

當然。布羅迪，我會將我們的指導意見轉交給約翰·平托（聽不清）。那麼約翰，你為什麼不專門談談這個問題呢？

Yes. So we'll start quickly because it's in the guidance with the loan admin income. So this is the cost recovery of servicing the loans that we did not take as part of the Signature transaction. So if we look back at what those were, the CRE book and it's the fund banking loans. The fund banking loans have paid off pretty significantly in the quarter. So that's why we've seen a larger number in that loan servicing income number, in the loan admin income number for this quarter than what we're guiding in Q3. We expect those loans to continue to pay down.

是的。所以我們會很快開始，因為它在貸款管理收入的指導中。因此，這是我們未作為簽名交易一部分的貸款服務的成本回收。因此，如果我們回顧一下這些內容，那就是商業房地產賬簿和基金銀行貸款。基金銀行貸款在本季度得到了相當可觀的回報。因此，這就是為什麼我們看到本季度的貸款服務收入數字和貸款管理收入數字比我們在第三季度指導的數字要大。我們預計這些貸款將繼續償還。

And it's really those pay downs that we saw throughout the second quarter that built up the custodial deposits that we had throughout the quarter. So both issues are intertwined in that the receivership loans, as they're paying down, we're collecting those funds for the FDIC. And then on a monthly basis, we are remitting that back to them. So we will see a lower FDIC or custodial deposits related to Signature, as the loan portfolios shrink. And over time, depending on the disposition of those quarters, which we expect to be, for fund, we expect the sale probably to be in the early fourth quarter. We will start to see those numbers drop as we go forward.

事實上，我們在整個第二季度看到的那些付款下降增加了我們整個季度的託管存款。因此，這兩個問題是交織在一起的，因為接管貸款在償還時，我們正在為 FDIC 收集這些資金。然後我們每月將其匯回給他們。因此，隨著貸款組合的縮減，我們將看到與 Signature 相關的 FDIC 或託管存款減少。隨著時間的推移，根據我們對基金的預期，這些季度的處置情況，我們預計出售可能會在第四季度初進行。隨著我們的前進，我們將開始看到這些數字下降。

Got it. Excluding the $5.9 billion, you still had some solid noninterest-bearing deposit growth. I think you called out $285 million of that was related to Signature. And so Tom, maybe you could give us an update in terms of how the work is progressing to kind of bring back those Signature noninterest-bearing deposits that left before the acquisition?

知道了。除去這 59 億美元，無息存款仍有一定的穩健增長。我認為您指出其中 2.85 億美元與 Signature 有關。那麼湯姆，也許你可以向我們介紹一下工作進展情況，以恢復收購前留下的簽名無息存款？

Well, the good news is that the teams are stable, like we discussed in the opening remarks but more importantly, we're building the team. So if we think about where we're heading with the business on the Private Client Group, we anticipate to have more PCG teams going forward than Signature had pretty much, which is really the momentum of the business model. When it comes to DDA, it was stable throughout the entire quarter. And as we indicated, we are up slightly, which is a very positive signal based on what we anticipated when we announced the transaction. So clearly better than expected.

好消息是，團隊很穩定，就像我們在開場白中討論的那樣，但更重要的是，我們正在建設團隊。因此，如果我們考慮私人客戶集團業務的發展方向，我們預計未來將有比 Signature 更多的 PCG 團隊，這確實是業務模式的動力。 DDA 整個季度保持穩定。正如我們所指出的，我們的股價略有上漲，根據我們宣布交易時的預期，這是一個非常積極的信號。顯然比預期要好。

I think what's exciting about it is that the opportunity to take the business model and look at the other opportunities that we have as combined company and look at the overall corporate finance opportunity they have within these middle markets groups. So that's another exciting attribute. And the teams are excited to be building back the liabilities that have shredded off the balance sheet because of the fear in (inaudible). And not only are we seeing positive momentum there, the teams are excited it's stable. And we believe that over time, as things start to stabilize, we'll get more deposits back.

我認為令人興奮的是，我們有機會採用商業模式，看看我們作為合併後的公司擁有的其他機會，並看看他們在這些中間市場集團中擁有的整體企業融資機會。這是另一個令人興奮的屬性。這些團隊很高興能夠恢復因（聽不清）恐懼而從資產負債表上剔除的負債。我們不僅看到了積極的勢頭，而且團隊也對它的穩定感到興奮。我們相信，隨著時間的推移，隨著情況開始穩定，我們將收回更多存款。

We have Eric here on the line, so Eric if you want to share some commentary about what we're seeing with the teams.

我們有埃里克（Eric）在線，那麼埃里克（Eric）如果您想分享一些關於我們與團隊所看到的情況的評論。

Yes. Thanks, Tom. Look, the teams are really starting to have success and attract those clients back. Our clients simply just don't want to be at the mega institutions that they ran to. They can't provide the level of service that we can provide. So we are seeing strong demand deposit growth because the teams really provide stellar service. We're also seeing strong off-balance sheet money market fund growth because our clients appreciate our service and want us to be able to control the entire client experience. So we're seeing clients come back. We're seeing new client growth and we're obviously seeing the ability to attract new banking teams. So it's going to be very powerful as we look forward.

是的。謝謝，湯姆。看，團隊真的開始取得成功並吸引了那些客戶回來。我們的客戶只是不想去他們跑去的大型機構。他們無法提供我們可以提供的服務水平。因此，我們看到活期存款強勁增長，因為這些團隊確實提供了一流的服務。我們還看到表外貨幣市場基金的強勁增長，因為我們的客戶讚賞我們的服務，並希望我們能夠控制整個客戶體驗。所以我們看到客戶回來了。我們看到了新客戶的增長，而且我們顯然也看到了吸引新銀行團隊的能力。因此，正如我們期待的那樣，它將會非常強大。

That's also pre-First Republic. As we focus on the opportunity that's dislocated in the marketplace. We believe there's great, great opportunities regarding to bringing on new PCG teams that focus on service and obviously that have the entrepreneurial view of what Signature built over the years when it comes to deposit gathering efforts. So we're excited about that.

那也是第一共和國之前的事。當我們關注市場中錯位的機會時。我們相信，在引進新的 PCG 團隊方面存在巨大的機會，這些團隊專注於服務，並且顯然對 Signature 多年來在存款收集工作方面所建立的東西具有企業家精神。所以我們對此感到興奮。

Got it. And John, do you happen to have the purchase accounting accretion number for the quarter?

知道了。約翰，您是否有本季度的採購會計增長數字？

Yes. So that was another item that came in better than expected. And one of the reasons why our margin was as strong as it was. If you look at it from both institutions, Flagstar really came in where we anticipated it, in that $25 million range. It was the Signature purchase accounting that came in faster. We had more significant pay downs in the loan portfolio than we anticipated.

是的。所以這是另一個比預期更好的項目。這也是我們的利潤率如此強勁的原因之一。如果你從兩個機構的角度來看，Flagstar 確實達到了我們的預期，在 2500 萬美元的範圍內。簽名購買會計來得更快。我們的貸款組合中的還款額比我們預期的要多。

The portfolio dropped by a little under $1 billion due to a couple of different movements between loan categories and our negotiations about which loans that we took, that we talked about on the last call. So when you look at the actual accretion, it was $75 million for Signature in the quarter and about $20 million of that was related to unanticipated pay downs.

由於貸款類別之間的一些不同變動以及我們在上次電話會議中談到的關於我們接受哪些貸款的談判，投資組合下降了略低於 10 億美元。因此，當你查看實際增長情況時，會發現該季度 Signature 的收入為 7500 萬美元，其中約 2000 萬美元與意外付款有關。

Got it. Okay. And then last one for -- yes, go ahead.

知道了。好的。然後最後一個是——是的，繼續。

Yes. Sorry, Brody. Just going forward, I would expect that to be more in that $50 million, $55 million range. But it is, of course, as you know, depending on which loans pay down and what kind of marks we had against those loans.

是的。對不起，布羅迪。展望未來，我預計該金額將在 5000 萬至 5500 萬美元範圍內。但當然，如您所知，這取決於償還哪些貸款以及我們對這些貸款的標記。

Got it. And then the last one for me. Tom, I think you had addressed the uptick in NPLs. I thought I heard you say there was, from the inclusion of acquired loans or something, I was just hoping you could address the CRE, the increase in the CRE NPLs. And if any of that was tied to office just because I noticed that you said that you did have -- you've got a decent amount of office reappraisals done at this point as well.

知道了。然後是我的最後一個。湯姆，我認為你已經解決了不良貸款上升的問題。我想我聽到你說，從納入收購貸款之類的東西來看，我只是希望你能解決 CRE 問題，即 CRE 不良貸款的增加。如果其中任何一個與辦公室有關，只是因為我注意到你說你確實有——你此時也已經完成了大量的辦公室重新評估。

So specifically to NPAs, we had an uptick on Signature loans that we acquired, so you would assume that's in the purchase that's probably all embedded in purchase accounting. We're comfortable with that. We're covered there when it comes to any potential loss there. But that's $31 million of Signature exposure that we acquired as part of the transaction. The other piece mostly is from loans acquired through Flagstar. The other -- that's about $30 million -- $22 million in total from the loans acquired from Flagstar. So overall, it was flat when you take out the acquisitions.

因此，特別是對於不良資產，我們獲得的簽名貸款有所增加，因此您會認為這可能全部包含在購買會計中。我們對此感到滿意。當涉及到那裡的任何潛在損失時，我們都會在那裡得到保障。但這是我們在交易中獲得的 3100 萬美元的 Signature 風險敞口。另一部分主要來自通過 Flagstar 獲得的貸款。另一筆約為 3000 萬美元，總計 2200 萬美元來自於 Flagstar 獲得的貸款。總的來說，當你剔除收購後，情況是持平的。

Our next question comes from Steve Moss with Raymond James.

我們的下一個問題來自史蒂夫·莫斯和雷蒙德·詹姆斯。

Sorry, if I missed it here but I wanted to ask about the First Republic team. Just kind of the teams you hired, just curious as to what kind of book of business or how big the book of business is and any color you can give there, Tom.

抱歉，如果我錯過了這裡，但我想詢問一下第一共和國團隊的情況。就像你僱傭的團隊一樣，只是好奇什麼樣的商業書籍或者商業書籍有多大，以及你可以給那裡提供什麼顏色，湯姆。

Let me start off by saying, we're super excited to have them and we're super excited to build it, to build the PCG model and continue to invest in that model. So we are making investments. Clearly, Signature's growth organically was -- is the model, right? So it's very similar entrepreneurially and how they look at the business as a high-touch service, focusing on boots on the ground and making their clients very comfortable on a banking perspective.

首先我要說的是，我們非常高興擁有它們，我們非常高興能夠構建它、構建 PCG 模型並繼續投資該模型。所以我們正在進行投資。顯然，Signature 的有機增長是——這是一種模式，對嗎？因此，這在創業方面非常相似，他們如何將業務視為高接觸服務，專注於實地啟動並讓客戶從銀行業的角度感到非常舒服。

So that's -- so the focus here is that there's a dislocation in the marketplace. It's very competitive. I'm going to pass it on to Eric. But before that, I just want to tell you that we're super excited to have them. Stay tuned. It's a lot of activity out there. And hopefully, we continue to be successful on convincing these team members to become part of the new Flagstar. So Eric, if you want to give some more color there.

所以，這裡的焦點是市場上存在混亂。競爭非常激烈。我要把它轉達給埃里克。但在此之前，我只想告訴你，我們非常高興能擁有它們。敬請關注。那裡有很多活動。希望我們能繼續成功說服這些團隊成員成為新 Flagstar 的一部分。埃里克，如果你想給那裡更多的色彩。

Yes. I mean each one of these teams comes with a book of billions of dollars of deposits and loans, as well as wealth assets and the AUM. So very excited to have all of them. There are 3 in New York, 3 in California, thus far, as Tom alluded to. And we just feel that we're the best, without question, the best cultural fit for these bankers, right? We have an entrepreneurial model like they had that truly caters to the clients' needs with that single point of touch contact. So this is a great home for them. It's a great cultural fit. We have the products and services that we need to go to market, which is critical and we're really looking forward to their future success here. But billions in deposits and loans per team.

是的。我的意思是，這些團隊中的每一個都擁有數十億美元的存款和貸款賬簿，以及財富資產和資產管理規模。非常高興擁有他們所有人。正如湯姆提到的，到目前為止，紐約有 3 個，加利福尼亞州有 3 個。我們只是覺得我們是最好的，毫無疑問，最適合這些銀行家的文化，對嗎？我們擁有像他們一樣的創業模式，通過單點接觸真正滿足客戶的需求。所以這對他們來說是一個美好的家。這是一種很好的文化契合。我們擁有進入市場所需的產品和服務，這一點至關重要，我們非常期待他們未來在這裡取得成功。但每支球隊的存款和貸款都數十億。

Okay. Appreciate that color. And Eric, you mentioned that deposit momentum remains strong. It sounds like it's into July. Is there any color you could give around the trends you've seen after June 30, just to kind of get a feel for what's coming on.

好的。欣賞那個顏色。埃里克（Eric），您提到存款勢頭仍然強勁。看來已經進入七月了。您是否可以對 6 月 30 日之後看到的趨勢給出一些顏色，以便了解即將發生的事情。

I'll start off by saying, we're seeing overall for the bank in total, very stable. I will tell you that we still have to deal with some of the assets that are going to be sold in the market that are attached to the core franchise of Signature in particular branches. So we anticipate to see that run off eventually and that sale is done, I am assuming that deposits will follow. But outside of the anticipated businesses that were not acquired through the transaction, we see strong stability. And in addition to Signature transaction, the Community Bank franchise has been very stable. Maybe Reggie can share some commentary on what we're seeing on in the community bank but we're a diversified company. So maybe Reggie, if you can add some color to what we're seeing on the retail side.

首先我要說的是，我們看到銀行的整體狀況非常穩定。我會告訴你，我們仍然需要處理一些將在市場上出售的資產，這些資產附屬於 Signature 特定分支機構的核心特許經營權。因此，我們預計最終會看到資金流失並且銷售完成，我假設存款會隨之而來。但除了未通過交易收購的預期業務之外，我們看到了很強的穩定性。而且除了Signature交易之外，社區銀行的特許經營權也一直非常穩定。也許雷吉可以就我們在社區銀行所看到的情況分享一些評論，但我們是一家多元化的公司。所以也許雷吉，如果你能為我們在零售方面看到的東西添加一些色彩的話。

Sure, Tom. So yes, as Tom said, through the balance of the year, we had lost about 3% deposits due to liquidity challenge that the banking industry faced but we're starting to see those deposits come back. They definitely stabilized and we're actually starting to see some modest opportunity for growth. Now we're projecting actually the deposits stay relatively flat through the balance of the year and that our weighted average cost is de minimis in terms of the increase. So we feel really good about the stability of the portfolio. I think it reflects the strong relationship that our bankers have with our clients.

當然，湯姆。所以，是的，正如湯姆所說，在今年餘下的時間裡，由於銀行業面臨的流動性挑戰，我們損失了約 3% 的存款，但我們開始看到這些存款回來了。它們確實穩定下來，我們實際上開始看到一些適度的增長機會。現在，我們預計存款實際上在今年剩餘時間裡保持相對平穩，而且我們的加權平均成本的增長微乎其微。因此，我們對投資組合的穩定性感到非常滿意。我認為這反映了我們的銀行家與客戶之間的牢固關係。

And then on the commercial side, equally, we're seeing some opportunity to actually gather some deposits as we look at opportunities to strategically bring on clients who are maybe disenfranchised from other lending organizations that cannot lend in the current environment. And so we're actually picking up some relationships on that side as well. So very positive momentum on the deposit side.

同樣，在商業方面，我們看到了一些實際收集存款的機會，因為我們正在尋找機會戰略性地吸引那些可能被剝奪了在當前環境下無法放貸的其他貸款組織的客戶。所以我們實際上也在這方面建立了一些關係。存款方面的勢頭非常積極。

That's great color. (inaudible) addition. Culturally, the focus here is relationship deposit gathering in all of our lines of businesses. That's the culture here going forward. I said it many quarters, it's deposits, deposits, deposits, culture, culture, culture. And on the culture build, we're really matching well with putting 3 companies together to build a new Flagstar. And clearly, I think on the lending side, our lending teams truly understand that we're leading with the deposit opportunity. We really want to make sure that we fund the balance sheet, commercial bank like and our transition from dependency on wholesale finance will dissipate over time but we made significant strides in that way over the past few years, notable, if you look at the percentage of wholesale to total deposits. So we're excited about that. But that is the culture. That's what we're building here.

那顏色真棒。 （聽不清）補充。從文化上講，這裡的重點是我們所有業務線中的關係存款收集。這就是這裡的文化。我多次說過，這是存款、存款、存款、文化、文化、文化。在文化建設方面，我們確實非常匹配，將 3 家公司放在一起打造了一個新的 Flagstar。顯然，我認為在貸款方面，我們的貸款團隊真正了解我們在存款機會方面處於領先地位。我們真的希望確保我們為資產負債表提供資金，就像商業銀行一樣，隨著時間的推移，我們對批發融資的依賴將會消失，但我們在過去幾年中在這方面取得了重大進展，值得注意的是，如果你看一下百分比批發額佔總存款的比例。所以我們對此感到興奮。但這就是文化。這就是我們在這裡建造的。

Great. Appreciate all the color there. And 1 last one for me, just on expenses here. As you look to integrate all 3 banks, kind of curious as to where you think -- if you have any update as to where the expense run rate could shake out post the integrations at some point in '24?

偉大的。欣賞那裡的所有顏色。最後一個對我來說，只是這裡的費用。當您希望整合所有 3 家銀行時，有點好奇您的想法 - 您是否有關於 24 年整合後費用運行率可能會發生變化的最新情況？

We gave public guidance. That was about $2 billion to $2.1 billion. Is that right, John? That was the public guidance we gave. That's fully loaded with anticipation of being a $100 billion-plus bank, the First Republic teams that we anticipate bringing on. So we think we have some reasonable conservatism around that, given the nature of the growth story. This is going to be a very powerful opportunity for us to capitalize in the marketplace for this location.

我們提供了公共指導。這大約是20億到21億美元。是這樣嗎，約翰？這就是我們提供的公共指導。這充滿了對成為一家價值超過 1000 億美元的銀行的期望，我們預計將帶來第一共和國團隊。因此，考慮到增長故事的性質，我們認為我們對此有一些合理的保守態度。對於我們來說，這將是一個非常有力的機會，可以利用這個地點的市場。

And we feel that as we go into '24, you'll start seeing a lot of integration benefits of putting the systems together. So the significant adjustment that we'll see next year will be through consolidations of systems and we're looking forward to that. John, if you want to add some more.

我們認為，當我們進入 24 世紀時，您將開始看到將系統放在一起所帶來的許多集成優勢。因此，明年我們將看到的重大調整將通過系統整合進行，我們對此充滿期待。約翰，如果你想補充一些的話。

Yes. So when you look at that $2 billion to $2.1 billion, that's our '23 guide. As Tom mentioned, with the conversions that we have coming in '24, we're comfortable that our noninterest expense base is not going to grow dramatically off of that guide from '23 to '24. So that's where we're comfortable, very consistent with what we said in our last call, where we mentioned where we might see some of the upcoming quarters be a little bit higher. But we think it will stabilize over time and we think it will stabilize in this range.

是的。因此，當您查看 20 億至 21 億美元時，這就是我們的 23 指南。正如湯姆提到的，隨著我們在 24 年進行的轉換，我們感到放心的是，從 23 到 24 年，我們的非利息支出基數不會大幅增長。因此，這就是我們感到滿意的地方，與我們在上次電話會議中所說的非常一致，我們提到我們可能會看到未來幾個季度的價格會更高一些。但我們認為它會隨著時間的推移而穩定下來，並且我們認為它會穩定在這個範圍內。

And that has the anticipated cost structure of the new teams. Maybe Eric can talk a little bit about economics, how we view the business and how we can build that to neutrality and ultimately to a total return basis.

這就是新團隊的預期成本結構。也許埃里克可以談談經濟學，我們如何看待業務以及我們如何將其建立到中立並最終達到總回報的基礎。

But I think, ultimately we see the deposits and loan growth that will be coming in, getting us to a breakeven in about a year and a total earn back in 18 months on that, which is pretty normal for team growth. When you acquire these teams, they come with nothing, right? There's no loans, there's no deposits. It's not like acquiring a bank. So it does take a little bit longer for them to ramp up and get to a breakeven point because you just don't have those revenue streams out of the gate. But what happens over a multiple of years is that they continue to grow, right? And they don't stop growing because of the way that we align their interests with those of the overall bank. So when you look down the road after 3 years or well into 20-plus percent ROE and that will continue to ratchet it up over time.

但我認為，最終我們會看到存款和貸款的增長，使我們在大約一年內實現收支平衡，並在 18 個月內收回總收益，這對於團隊成長來說是相當正常的。當你收購這些團隊時，他們什麼都沒有，對嗎？沒有貸款，也沒有存款。這與收購一家銀行不同。因此，他們確實需要更長的時間才能達到盈虧平衡點，因為你無法立即獲得這些收入流。但多年來發生的事情是它們繼續增長，對吧？他們不會因為我們將他們的利益與整個銀行的利益結合起來而停止增長。因此，當你展望 3 年後或遠至 20% 以上的 ROE 時，隨著時間的推移，它會繼續上升。

As we pay down expensive finance, that's the goal.

當我們償還昂貴的融資時，這就是我們的目標。

Your next question comes from Manan Gosalia with Morgan Stanley.

您的下一個問題來自摩根士丹利的馬南·戈薩利亞。

Question on -- just on the NIM benefit from those $5.9 billion of custodial deposits from Signature this quarter. Should we just think of that as those [$6 billion] of deposits at the 5% rate you get with the Fed, is that the benefit to NIM this quarter from that?

問題是——僅關於 NIM 從本季度 Signature 提供的 59 億美元託管存款中受益。我們是否應該將其視為按 5% 利率從美聯儲獲得的那些 [60 億美元] 存款，這是否為本季度 NIM 帶來的好處？

Yes. That's the benefit. We did keep that money at the Fed. The number -- that was the number at June 30. The average number was a little higher when you look back at especially April and May. But yes, it's at about 5%. I'd say the average is probably closer to $8 billion.

是的。這就是好處。我們確實把這筆錢留在了美聯儲。這個數字是 6 月 30 日的數字。當你回顧過去，尤其是 4 月和 5 月時，平均數字要高一些。但是，是的，大約是 5%。我想說平均水平可能接近 80 億美元。

Got it. So as these deposits come down and I think you're saying, they should only really start coming down in the fourth quarter, right? So over the next quarter or so, should you still get some benefit?

知道了。因此，隨著這些存款的下降，我想你是說，它們應該只在第四季度才真正開始下降，對吧？那麼在接下來的一個季度左右，您是否還會獲得一些好處？

No. The large piece and that's why you see the guide on the margin being lower than the 3.21% actual in Q3, right? So the large amount of the pay of the custodial deposits, we believe happened in the second quarter. We think that the payoffs in the portfolios have slowed a little bit. So we're collecting a lot less right now, plus the announcement that the fund banking business is expected to hit market and potentially be sold in October. We're going to see a drop in the third quarter just because of the way that the cash flows from that portfolio occurred in Q2 compared to how we're expecting them to occur in Q3. So we're going to see that, that $6 billion go out very quickly in July.

不。這是一個很大的部分，這就是為什麼您看到指導利潤率低於第三季度 3.21% 的實際利率，對嗎？因此，我們認為大量託管存款的支付發生在第二季度。我們認為投資組合的回報有所放緩。因此，我們現在收集的資金要少得多，再加上基金銀行業務預計將在 10 月份上市並可能被出售的公告。我們將看到第三季度的下降，只是因為第二季度該投資組合的現金流發生方式與我們預期的第三季度發生方式相比。因此，我們將看到 7 月份 60 億美元很快就花完了。

And it's in our margin guide.

這在我們的保證金指南中。

Got it. All right. Perfect. And then separately, just on regulation. We're expecting the Basel III endgame rules today. Now that you're over $100 billion in assets, can you talk about how you're planning for any increase in capital requirements and how you think about the right level of capital that you'd like to maintain?

知道了。好的。完美的。然後分別就監管而言。我們期待今天巴塞爾協議 III 的最終規則。現在您的資產已超過 1000 億美元，您能否談談您計劃如何增加資本要求，以及如何考慮您希望維持的適當資本水平？

So I'll start off and I'll defer to John. But obviously, this is -- until the rules come out, we'll have better clarity. So we'll have it when you have it, hopefully very soon, sometime today. At the end of the day, we spend a lot of time thinking through it. And obviously, we believe there will be some type of implementation period but this company is building capital. This company, for the first time in a long time, is generating tangible book value creation by the earnings power of the company.

那麼我就開始吧，我會聽從約翰的話。但顯然，在規則出台之前，我們會更加清晰。因此，當您擁有它時，我們就會得到它，希望很快，就在今天的某個時候。歸根結底，我們花了很多時間來思考它。顯然，我們相信會有某種類型的實施期，但該公司正在積累資本。該公司長期以來首次通過公司的盈利能力創造有形的賬面價值。

So we feel very confident that we have adequate capital. And when the rules come out, we'll be able to assess how that impacts our position at $100 billion. Just bear in mind, over the past decade, well, actually going back to 2012, we've been preparing to be a CCAR bank. And since we've -- right before the Flagstar transaction, we were prepared to be a $100 billion bank, right, under the new rules. So clearly, this is going to have some impact. And when we see the actual literature on it, we'll assess it and run the analysis to see how it will impact us. But clearly, we're prepared for it. And John, if you want to add some color there as well.

所以我們非常有信心，我們有足夠的資本。當規則出台時，我們將能夠評估這對我們 1000 億美元的地位有何影響。請記住，在過去的十年中，實際上可以追溯到 2012 年，我們一直在準備成為一家 CCAR 銀行。因為我們——就在 Flagstar 交易之前，我們已經準備好在新規則下成為一家價值 1000 億美元的銀行了。很明顯，這將會產生一些影響。當我們看到有關它的實際文獻時，我們將對其進行評估並進行分析，看看它將如何影響我們。但顯然，我們已經做好了準備。約翰，如果你也想在那裡添加一些顏色的話。

Yes. For some of the items that we're expecting is going to be in the proposed rules, including the lack of an AOIC opt out. We actually screen really well, when you look at us comparative to our peers in the $100 billion-plus range. When you look at CET1, when you include the loss on securities and we jumped to the top quartile of capital ratios against a lot of our peers. So there's a lot of -- no doubt, a lot of work to do once the proposed rules really come out and we'll analyze it. And as Tom mentioned, we'll deal with the implementation period and go forward from there. No doubt there'll be higher needs for capital but we are generating it on an organic basis right now, which is really nice to see.

是的。對於我們預期將包含在擬議規則中的某些項目，包括缺乏 AOIC 選擇退出。事實上，當你將我們與價值 1000 億美元以上的同行進行比較時，我們的篩選非常好。當你看看 CET1 時，當你考慮到證券損失時，我們的資本比率相對於許多同行躍升至前四分之一。因此，一旦擬議的規則真正出台，毫無疑問，還有很多工作要做，我們將對其進行分析。正如湯姆提到的，我們將處理實施期並從那裡繼續前進。毫無疑問，對資本的需求將會更高，但我們現在正在有機地產生資本，這真的很高興看到。

That's right.

這是正確的。

Right. And your forward expense guide would also include any investments that you need to make on the regulatory side to become a larger bank or to be a larger bank.

正確的。您的遠期費用指南還包括您為成為一家更大的銀行或成為一家更大的銀行而需要在監管方面進行的任何投資。

That's right.

這是正確的。

That's right. Yes.

這是正確的。是的。

And next question comes from Bernard Von Gizycki with Deutsche Bank.

下一個問題來自德意志銀行的 Bernard Von Gizycki。

Just on loan growth, so it was modest. But you noted, it reflected some of the diversification efforts and a disciplined client selection underwriting. You did have some growth in mortgage warehouse. So I was just wondering, what are you seeing across your verticals with regards to demand? And what is your outlook for loan growth in the back half of the year?

僅就貸款增長而言，因此規模不大。但您指出，這反映了一些多元化努力和嚴格的客戶選擇承保。您的抵押倉庫確實有一些增長。所以我只是想知道，您對垂直行業的需求有何看法？您對下半年貸款增長的預期如何？

So it's interesting. We've had obviously a disruptive market since the Fed was very proactive in raising interest rates, at least on the multifamily CRE side. So if you think about what's going on with that portfolio, it's relatively flat and our coupons are rising significantly as customers are opting to go into a SOFR option as they get ready for what they anticipate, hopefully, lower rates in their perspective in '24 and '25. So we've had about $3.4 billion that we didn't have a year ago or 1.5 years ago that opted to take the SOFR option, which puts us in a very good position.

所以這很有趣。自從美聯儲非常積極主動地加息以來，我們的市場顯然是一個顛覆性的市場，至少在多戶商業地產方面是這樣。因此，如果你考慮一下該投資組合的情況，就會發現它相對持平，而且我們的優惠券正在大幅上漲，因為客戶選擇進入SOFR 選項，因為他們為他們預期的預期做好了準備，希望在24年降低利率和'25。因此，我們有大約 34 億美元選擇採取 SOFR 選項，而一年前或 1.5 年前我們還沒有這樣的資金，這使我們處於非常有利的位置。

Right now, that's slightly south of 8%, coming off of 3% coupons and they're paying the bills, which is phenomenal. And these are wealthy customers and they're making business decisions not to lock in a fixed rate structure. And the other side of that, we also opted to put into synthetically some structure that allows them to lock in, what we'll call a swap transaction, tied to a fixed rate option as they could reimburse given if they feel that this is the right fixed rate time to lock in the next 5 to 10 years. That's also been a new strategy for the bank.

現在，這個數字略高於 8%，他們用 3% 的優惠券來支付賬單，這是驚人的。這些都是富有的客戶，他們做出的商業決策不是鎖定固定的費率結構。另一方面，我們還選擇綜合採用某種結構，允許他們鎖定，我們稱之為掉期交易，與固定利率選項掛鉤，因為如果他們認為這是正確的固定利率時間鎖定在未來5到10年。這也是該銀行的一項新戰略。

But on the multifamily side, it hasn't -- and certainly there's not a lot of activity. So we think that will turn in '24, '25 as rates may go lower for them and we'll have a lot of opportunity. At the same time, we're gearing up for the Signature portfolio that's interrelated as customers. So we're going to look at those opportunities and (inaudible) the relationships that we have. We have a lot of cross relationships. So we think there will be some good growth there as we go into '24 and '25.

但在多戶住宅方面，情況卻並非如此——當然也沒有太多的活動。因此，我們認為這將在 24 年、25 年發生，因為他們的利率可能會降低，我們將有很多機會。與此同時，我們正在為與客戶相關的 Signature 產品組合做準備。因此，我們將關注這些機會和（聽不清）我們擁有的關係。我們有很多交叉關係。因此，我們認為，進入 24 和 25 年後，那裡將會出現一些良好的增長。

So I think that business, which is the largest component of our balance sheet, when it comes to asset classes, is operating as expected given the environment. In respect to the other lines of businesses, it's been a reasonable growth story. We're allocating capital based on hurdle rate of return. It's more of a philosophical view as we look at the businesses. And more importantly, we're hurdling at expected returns because credit trends are much tighter right now. So we're able to offer a much higher rate given the marketplace. So this is a -- it's a tighter credit market in all our businesses.

因此，我認為，就資產類別而言，作為我們資產負債表最大組成部分的業務，在當前環境下正在按預期運營。就其他業務而言，這是一個合理的增長故事。我們根據最低迴報率來分配資本。當我們審視企業時，這更多的是一種哲學觀點。更重要的是，我們在預期回報方面遇到了障礙，因為目前信貸趨勢更加緊張。因此，我們能夠根據市場提供更高的價格。因此，我們所有企業的信貸市場都趨緊。

So we're seeing strong opportunity in builder finance. You mentioned warehouse, warehouse is doing extremely well because of this location, many banks that were in the warehouse business can't be in the warehouse business given what happened in March and we're seeing the overflow into our book and we welcome that opportunity. And this often ends.

因此，我們在建築商融資領域看到了巨大的機會。你提到倉庫，由於這個位置，倉庫做得非常好，考慮到三月份發生的事情，許多從事倉庫業務的銀行無法從事倉庫業務，我們看到我們的賬簿上出現了溢出，我們歡迎這個機會。而這往往會結束。

So maybe, Lee, if you want to talk a little bit about MSR and warehouse, as well as on the mortgage side, we're seeing some positive trends there. But I would say, in theory, right now, as expected, based on our growth trajectory, as according to plan, I think I said it last quarter, we don't have to make a loan this year and we'll do very well. The good news is that our businesses are thriving and we're looking forward to allocate capital to this opportunity at much higher spreads. So Lee, if you want to talk a little bit about warehouse MSR and you may want to talk a little bit about the mortgage business as well.

Lee，如果您想談談 MSR 和倉庫以及抵押貸款方面的問題，我們可能會看到一些積極的趨勢。但我想說，從理論上講，現在，正如預期的那樣，根據我們的增長軌跡，按照計劃，我想我上個季度說過，今年我們不必貸款，我們會做得很好出色地。好消息是我們的業務正在蓬勃發展，我們期待以更高的利差將資金分配給這個機會。所以Lee，如果你想談談倉庫MSR，你可能也想談談抵押貸款業務。

Yes, sure. Thanks, Tom. So let me start with warehouse. And you'll see from the numbers, average balances were up $600 million quarter-over-quarter. Now part of that was due to mortgage volumes being up about 35% quarter-over-quarter when you look at what was happening in the industry and we got the natural lift from that. But as Tom mentioned, there's been dislocation in the warehouse space. And we've seen a number of players announce that they're exiting.

是的，當然。謝謝，湯姆。那麼讓我從倉庫開始。從數字中您會發現，平均餘額環比增加了 6 億美元。現在，部分原因是抵押貸款數量環比增長了約 35%，當你看看該行業正在發生的事情時，我們自然而然地從中得到了提升。但正如湯姆提到的，倉庫空間出現了混亂。我們已經看到許多球員宣布退出。

And we can take advantage of that. We've already seen towards the end of the quarter, some of the clients that were party to those banks that are exiting reach out to us. And as you know, we're already the second largest warehouse lender in the business. And so as we move into the second half of this year, we think we can take more market share as a result of the dislocation of some of these other players exiting. Now as Tom says, when we make loans, whether it's a warehouse or MSR, we're always looking at the return on equity. And the great thing about warehouse is, it turns very quickly.

我們可以利用這一點。我們已經看到，在本季度末，一些退出銀行的客戶向我們伸出了援手。如您所知，我們已經是業內第二大倉庫貸款人。因此，當我們進入今年下半年時，我們認為，由於其他一些參與者的退出，我們可以佔據更多的市場份額。現在，正如湯姆所說，當我們發放貸款時，無論是倉庫貸款還是 MSR 貸款，我們總是關注股本回報率。倉庫的偉大之處在於，周轉速度非常快。

And so we're generating very strong returns and we feel confident that we can continue to show market share growth as we move through the second half of the year, just given the dislocation we're seeing. That's also spreading into the mortgage servicing lending arena as well. And we've seen players pull back as they're looking to sort of preserve capital. We've got a very strong capital position. And so we've seen good growth from an MSR servicing advanced lending point of view and we think we'll continue to see that as we move through the second half of this year as well.

因此，我們正在產生非常強勁的回報，並且考慮到我們所看到的混亂，我們有信心在下半年繼續展現市場份額的增長。這也蔓延到抵押貸款服務領域。我們已經看到參與者因為尋求保留資本而退出。我們擁有非常強大的資本狀況。因此，從服務高級貸款的角度來看，我們看到了 MSR 的良好增長，並且我們認為，在今年下半年，我們將繼續看到這種增長。

And then just coming back to mortgage originations, generally and as Tom mentioned, there's been dislocation in that space. We've seen a major player exiting the market. We've seen minor players exiting the market. And our fallout adjusted locks quarter-over-quarter increased 70%. That's what we calculate gain on sale on. The vast majority of that increase were in the TPO channels, particularly the correspondent channels, given some of the dislocation that I just mentioned and we feel that we'll continue to take advantage of that as we move through the second half of the year as well. So a lot of this dislocation is really playing into our hands and we feel good about our positioning. We've been in the mortgage business 35 years. We've been in the warehouse business 30 years and we're performing very well right now.

然後回到抵押貸款的發放，一般來說，正如湯姆提到的，該領域存在混亂。我們看到一個主要參與者退出市場。我們已經看到小型參與者退出市場。我們的輻射調整鎖定季度環比增加了 70%。這就是我們計算銷售收益的依據。考慮到我剛才提到的一些錯位，絕大多數增長來自 TPO 渠道，特別是通訊渠道，我們認為，在今年下半年，我們將繼續利用這一點出色地。因此，很多這種錯位確實對我們有利，我們對自己的定位感覺良好。我們從事抵押貸款業務已經 35 年了。我們從事倉儲業務已有 30 年，目前表現非常出色。

Yes. So in addition to that, I think the reality is that we are in these businesses and they're thriving. But more importantly, the focus towards complete banking relationship, we're seeing good deposit flows. We want to do better. We want to have higher compensating balances but that's the mandate. And given that this dislocation is moving assets of other balance sheets, we are seeing higher deposit compensating balances in these lines of business, which is very encouraging for our culture going forward as being a relationship deposit-driven institution.

是的。除此之外，我認為現實是我們從事這些業務並且它們正在蓬勃發展。但更重要的是，隨著對完整銀行關係的關注，我們看到了良好的存款流動。我們想要做得更好。我們希望有更高的補償餘額，但這就是任務。鑑於這種錯位正在轉移其他資產負債表的資產，我們在這些業務領域看到了更高的存款補償餘額，這對於我們作為關係存款驅動型機構的文化的發展是非常鼓舞人心的。

I appreciate. That's great color. If I have one follow-up. I think this question is for Eric. So legacy Signature had a specialized banking team that focused on EB-5 deposits. I'm just curious, was that team acquired, if so wondering if you could comment on any pipeline growth that could be there?

我很欣賞。那顏色真棒。如果我有一個後續行動。我認為這個問題是問埃里克的。因此，傳統 Signature 擁有一支專注於 EB-5 存款的專業銀行團隊。我只是很好奇，該團隊是否被收購了，如果是的話，想知道您是否可以對可能存在的管道增長發表評論？

Yes. We actually exited that team while maintaining the book and moving it to another team that did have experience in that field. And we do anticipate that we will see growth in that area. EB-5 now is a bit more stable now that the government has approved the EB-5 program for 5 years. They used to do it on a annual basis. And often, they didn't approve it timely, given congressional matters. So the program is now in place for an extended period of time. And we are adding more capabilities there. We're actually bringing on board a client -- a banker from another institution to rejoin us. And we expect to see some pretty significant growth in that space as the deposits build.

是的。實際上，我們在維護這本書的同時退出了該團隊，並將其移至另一個在該領域有經驗的團隊。我們確實預計該領域將會出現增長。由於政府已批准 EB-5 計劃 5 年，EB-5 現在更加穩定了。他們過去每年都會這樣做。考慮到國會的事務，他們常常沒有及時批准。因此，該計劃現已實施很長一段時間。我們正在那裡添加更多功能。實際上，我們正在邀請一位客戶——另一家機構的銀行家重新加入我們。隨著存款的增加，我們預計該領域將會出現相當顯著的增長。

And is it similar to prior projections? Or is there anything you could provide on that?

與之前的預測相似嗎？或者你有什麼可以提供的嗎？

I think it's a little too early to say, right? We really need to see how clients anticipate utilizing the EB funds in their various project stacks. I would think that we'll see billions over time in deposits but I think it's going to take a little bit longer, a bit more of a lead time than we saw in the past.

我認為現在說還為時過早，對吧？我們確實需要了解客戶預期如何在其各種項目堆棧中使用 EB 資金。我認為隨著時間的推移，我們將看到數十億美元的存款，但我認為這將比我們過去看到的需要更長的時間，更長的準備時間。

Your next question comes from Dave Rochester with Compass Point.

您的下一個問題來自 Compass Point 的 Dave Rochester。

Just going back to the conversation on the teams. It seems like you guys have a great opportunity going forward here to capture even more of the First Republic teams, as well as successful teams from other banks, given the incentive structures you guys now have in place. I was wondering how the new team pipeline looks at this point after capturing those teams. I was curious if that got people's attention. I would think that it would have and might even bring you even more interest.

回到關於團隊的對話。考慮到你們現在擁有的激勵結構，你們似乎有一個很好的機會在這裡吸引更多的第一共和國團隊，以及來自其他銀行的成功團隊。我想知道在捕獲這些團隊後，新的團隊管道現在看起來如何。我很好奇這是否引起了人們的注意。我認為它會甚至可能會給你帶來更多的興趣。

And then just going back to what Eric mentioned on what these teams are bringing over. It was great hearing about the billions of deposits and loans. But you also mentioned AUM, which was a very exciting part of the First Republic business. Do you guys need to develop or build out any functionality to support those wealth assets or just the wealth business in general? And then is that going to be a big focus here in terms of bringing on more teams with wealth management assets and growing that business going forward?

然後回到埃里克提到的這些團隊正在帶來的東西。聽到數十億的存款和貸款真是太棒了。但您也提到了 AUM，這是第一共和國業務中非常令人興奮的一部分。你們是否需要開發或構建任何功能來支持這些財富資產或一般的財富業務？那麼，在引入更多擁有財富管理資產的團隊並發展業務方面，這是否會成為這裡的一個重點？

I'm going to be very short and sweet on this one. I'm going to defer it to Eric but just stay tuned because things are fluid. But Eric, why don't you handle that question?

我將非常簡短而甜蜜地談論這一點。我將把它交給埃里克，但請繼續關注，因為事情是不穩定的。但是埃里克，你為什麼不解決這個問題呢？

Sure. Thanks, Tom. And good to talk to you, Dave. Yes. I mean the opportunity is real, right? When you look at the banking landscape, the megabanks are who we specifically built the institution to compete against and they're more arrogant than ever, which is great. Bankers at the regional banks, quite frankly, don't have ammunition to go to market with, right? So we not only have a balance sheet to utilize but we have an approach and a team-based compensation model and practices that are attractive to these bankers out there. So I think it is sending a buzz around the industry. We are actively engaged with a number of other teams to look to bring on board.

當然。謝謝，湯姆。戴夫，很高興與你交談。是的。我的意思是機會是真實的，對嗎？當你觀察銀行業的格局時，你會發現大型銀行是我們專門建立的機構來與之競爭的，他們比以往任何時候都更加傲慢，這很棒。坦率地說，地區銀行的銀行家沒有進入市場的彈藥，對吧？因此，我們不僅擁有可供利用的資產負債表，而且擁有對這些銀行家有吸引力的方法和基於團隊的薪酬模型和實踐。所以我認為它在整個行業引起了轟動。我們正在積極與許多其他團隊合作，尋求加入。

And we will certainly be adding to our wealth capabilities. We did add some people already that we'll be announcing. But we broadly have the capabilities on the wealth side to meet the needs of these -- of the teams and the clients that they're onboarding. We always are looking to improve. But I'd say, Dave, that we have the vast majority of the needs -- that we can meet their needs of their clients right now. So we feel good about the capabilities that we have and now it's just attracting the wealth management side of the business to work with those banking teams.

我們肯定會增加我們的財富能力。我們已經添加了一些人選，我們將予以宣布。但我們在財富方面總體上有能力滿足這些人的需求——團隊和他們正在加入的客戶。我們一直在尋求改進。但我想說，戴夫，我們擁有絕大多數的需求——我們現在就可以滿足他們客戶的需求。因此，我們對我們擁有的能力感到滿意，現在只是吸引業務的財富管理方面與這些銀行團隊合作。

Great. That sounds good. Maybe just a smaller one on the margin and borrowings rolling off. It sounded like you've got another roughly $5 billion or so in the back half of this year. I was just curious what that opportunity looks like for next year as you try to offload the rest of this wholesale funding?

偉大的。聽起來很好。也許只是邊際規模較小，借款不斷減少。聽起來今年下半年你又獲得了大約 50 億美元左右的資金。我只是很好奇，當你試圖擺脫剩餘的批發資金時，明年的機會會是什麼樣子？

Yes. So next year, $2.9 billion at [2 27] is what we have coming. So that portfolio has really gotten low compared to where we've been in the past and especially for the size bank we are right now. But yes, $4.9 billion this year, assuming some of the [puttables] get put, which we are assuming that they will, given their current cost and next year, $2.9 billion at 2 27 .

是的。因此，明年我們將在 [2 27] 獲得 29 億美元的資金。因此，與我們過去的投資組合相比，特別是對於我們現在的銀行規模來說，投資組合確實已經很低了。但是，是的，假設一些[可回售權]被認購，今年將是 49 億美元，考慮到它們目前的成本，我們假設它們會被認購，明年 2 27 美元將達到 29 億美元。

So Dave, just to be specific, when we announced the Signature transaction, our plan was to pay down the wholesale and be more obviously deposit focused. This is in our strategy. So as John indicated, lot of the higher cost stuff has paid off already and we've replaced it with demand money and liquidity from the transaction. But I think holistically, going forward, we want to be obviously having a much more focused loan-to-deposit ratio indicative of a commercial bank model.

所以戴夫，具體來說，當我們宣布簽名交易時，我們的計劃是支付批發費用，並且更明顯地以存款為重點。這是我們的戰略。因此，正如約翰指出的那樣，許多成本較高的東西已經得到了回報，我們已經用交易中的活期資金和流動性取代了它。但我認為，從整體上看，展望未來，我們顯然希望有一個更加集中的貸存比來指示商業銀行模式。

But obviously, as we said time and time again, the culture here is relationship banking, (inaudible) deposits, (inaudible) deposit opportunities. And we think we have a lot of low-lying fruit as we put this organization together. One of the areas that we talk a whole lot about but we have a very diversified team of people that could really service the Signature transaction when it comes to opportunity on the corporate banking side. And I think that's going to be something in the years to come, that's going to be very favorable as we look at leading deals for these middle market clients. These are very strong companies, and we have tremendous deposit relationships but we don't have a lot of, we'll call it, loan activity, specifically for some of these larger corporate clients as we're now leading the corporate side of the balance sheet. So we can be active there as well, syndicating deals, structuring deals and being a corporate finance banker. So lot of opportunity to put these companies together, the excitement level is high and looking forward to the future.

但顯然，正如我們一次又一次所說，這裡的文化是關係銀行業務、（聽不清）存款、（聽不清）存款機會。我們認為，當我們組建這個組織時，我們已經取得了很多成果。這是我們經常談論的領域之一，但我們擁有一支非常多元化的團隊，當涉及到企業銀行業務方面的機會時，他們可以真正為簽名交易提供服務。我認為這將是未來幾年的事情，當我們為這些中間市場客戶尋找領先交易時，這將是非常有利的。這些都是非常強大的公司，我們擁有巨大的存款關係，但我們沒有很多，我們稱之為貸款活動，特別是針對其中一些較大的企業客戶，因為我們現在領導著企業方面的業務資產負債表。因此，我們也可以在那裡積極參與，組織交易、構建交易並成為企業融資銀行家。將這些公司聚集在一起的機會很多，興奮程度很高，並對未來充滿期待。

Your next question comes from Matt Breese.

您的下一個問題來自馬特·布里斯。

Just to be clear, either Tom or John, the custodial deposits, when do you expect them to kind of draw down to a near 0 balance? Is that by the end of the year or early next year?

需要明確的是，無論是湯姆還是約翰，託管存款什麼時候會減少到接近 0 的餘額？是年底還是明年初？

We're going to see a big drop in the third quarter because of just the nature of the pay downs that we saw early on in the portfolio. So that $6 billion, will there still be a number over the next couple of quarters but it's going to drop dramatically. My guess would be in the $1 billion to $2 billion range in the third quarter and then drop even further from there. It would -- it ends up going to 0 if and when the FDIC sells the loans. And if we don't retain servicing from whoever the new buyer is of that portfolio. So it's just the collection of P&I and any pay downs and then the remittance back to the owner.

由於我們早期在投資組合中看到的支付下降的性質，我們將在第三季度看到大幅下降。因此，這 60 億美元在接下來的幾個季度中仍然會有數字，但會大幅下降。我的猜測是第三季度的收入在 10 億美元到 20 億美元之間，然後進一步下降。如果 FDIC 出售貸款，它最終會變成 0。如果我們不保留該投資組合中新買家的服務。因此，這只是收取保賠險和任何預付款，然後匯回給船東。

Great. I appreciate that. And then I wanted to follow up on expenses. So for the full year 2023, we have a $2.0 billion to $2.1 billion guide. Can you just level set and provide me where we are relative to that number year-to-date? I see it at $909 million but I wanted to confirm it because it implies a ramp-up in expenses for the back half of this year and then a pretty significant ramp down in 2024 as we think about flattish expenses.

偉大的。我很感激。然後我想跟進費用。因此，對於 2023 年全年，我們的預算為 20 億至 21 億美元。你能簡單地設定一下水平並告訴我我們今年迄今為止相對於這個數字的位置嗎？我認為該數字為 9.09 億美元，但我想確認一下，因為這意味著今年下半年的支出將增加，然後考慮到支出持平，2024 年支出將大幅下降。

Yes. So you're right. When you look at the 6 months, right, we're just under $1 billion right now, given where we are. We -- if you looked at the second quarter run rate, it's just under a $2.1 billion run rate. We will have some expenses, as Tom had mentioned, that's in this guide, which is included in the new rules that we'll see later today, most likely and just the normal $100 billion to make sure we're above $100 billion. So we're going to see some increased expenses in '23 for that. And then we believe, once we can get the systems conversions done, that will be what allows us to stay pretty close to flat in 2024 when you compare it to 2023.

是的。所以你是對的。如果你看看過去 6 個月的情況，考慮到我們目前的處境，我們現在的收入略低於 10 億美元。如果你看一下第二季度的運行率，我們會發現它略低於 21 億美元。正如湯姆所提到的，我們將有一些支出，這在本指南中，這些支出包含在我們今天晚些時候將看到的新規則中，很可能只是正常的1000 億美元，以確保我們的支出超過1000 億美元。因此，我們將在 23 年看到為此增加一些費用。然後我們相信，一旦我們能夠完成系統轉換，當您將其與 2023 年進行比較時，這將使我們在 2024 年保持接近持平。

So as I mentioned early on, we're going to see a ramp-up in expenses in the next couple of quarters. I mentioned that on the last call, there's a lot of work going on. There's a lot of work being done for the FDIC loans as well. And remember that benefit right now is showing up in noninterest income, that will drop over time. And as that drops over time, we'll be able to get some efficiencies on the noninterest expense side if we're not ended up servicing those loans when we get into 2024, depending on what happens with those assets.

正如我早些時候提到的，我們將在接下來的幾個季度看到支出增加。我在上次通話中提到，有很多工作正在進行。聯邦存款保險公司 (FDIC) 貸款也正在進行大量工作。請記住，目前的收益體現在非利息收入中，隨著時間的推移，非利息收入會下降。隨著時間的推移，這一比例會下降，如果我們在進入 2024 年時沒有最終償還這些貸款，我們將能夠在非利息支出方面獲得一些效率，具體取決於這些資產的情況。

Yes. So Matt, one other point and this is Tom, is that, we're also investing into the PCG model. So we have some teams coming on board projected into this run rate and that will also commensurate with some good revenue opportunities as we go through the breakeven. As Eric indicated, we're anticipating a 1 year breakeven on bringing the teams on. And from there, we have hurdle rate of returns that we're targeting to 20-plus percent over a very short period of time. So that's also in our run rate.

是的。馬特，還有一點，這是湯姆，我們也在投資 PCG 模式。因此，我們有一些團隊預計會達到這個運行率，這也將在我們實現盈虧平衡時帶來一些良好的收入機會。正如埃里克（Eric）所說，我們預計在讓球隊加入後一年內實現收支平衡。從那時起，我們的目標回報率是在很短的時間內達到 20% 以上。所以這也在我們的運行率中。

So clearly, if the First Republic transaction didn't happen, the guide will be very different but we're clearly investing in the model, which will have significant deposit opportunity, revenue opportunity across the board and profitability to the bottom line over time. So that's also embedded in our forecast.

很明顯，如果第一共和國交易沒有發生，指南將會非常不同，但我們顯然正在投資該模型，隨著時間的推移，該模型將具有重大的存款機會、全面的收入機會和盈利能力。所以這也包含在我們的預測中。

Understood. Okay. Maybe if we were to think about the back half of '24, should we think about at that point, getting to a $2 billion to $2.1 billion or right around the same kind of guide range annualized run rate and expect kind of a bell curve shape rise and decrease in expenses till then? Is that the way to think about it?

明白了。好的。也許如果我們要考慮 24 年後半段，我們是否應該在那時考慮達到 20 億至 21 億美元或大約相同的指導範圍年化運行率並期望某種鐘形曲線形狀到那時費用會增加和減少嗎？是這樣思考的嗎？

I mean I don't know about bell shape. But yes, I would assume that when we get to the Q3, Q4 '24 numbers, we would see all things being equal, that those expenses would be lower than Q1 and Q2, right? We're expecting the Flagstar conversion will be in February of 2024. So the back half of the year will be more of a run rate kind of perspective when we get through that. So I think that's right. I don't think it's dramatic but I do think that you will see lower run rate expenses in Q3 and Q4 as compared to Q1 of '24.

我的意思是我不知道鐘形。但是，是的，我假設當我們看到 24 年第三季度、第四季度的數字時，我們會看到所有條件相同，這些費用將低於第一季度和第二季度，對吧？我們預計 Flagstar 的轉換將於 2024 年 2 月進行。因此，當我們度過這一時期時，下半年將更多地關注運行率。所以我認為這是對的。我認為這並不引人注目，但我確實認為與 24 年第一季度相比，您會看到第三季度和第四季度的運行費用較低。

Got it. Okay. Last one, can you just describe the interest rate position of the bank at this point and how the NIM would respond in, call it, a down 100-basis point scenario and whether or not you want to describe that as parallel shift or just the front end coming down. I would just appreciate some color on asset sensitivity, liability sensitivity and maybe adjusted for liquidity.

知道了。好的。最後一個，您能否描述一下銀行此時的利率狀況，以及 NIM 在下降 100 個基點的情況下將如何反應，以及您是否想將其描述為平行移動或只是前端下來。我只是希望對資產敏感性、負債敏感性以及流動性進行一些調整。

Yes. No, absolutely. So as -- if you look back to the first quarter, we were moderately to very highly asset sensitive given the amount of cash that was on the balance sheet. We are now slightly asset sensitive and that asset sensitivity just with the passage of time and the utilization of some of the cash on hand and some of the loan growth that we may see in the back half of the year, we believe we'll get to very close to neutral. So we're not an outlier anymore as we had been historically on the liability side. We think right now, we're slightly asset sensitive with the trend to get a little less asset sensitive.

是的。不，絕對是。因此，如果您回顧第一季度，考慮到資產負債表上的現金數量，我們對資產的敏感程度為中等到非常高。我們現在對資產有輕微的敏感性，隨著時間的推移，以及我們在下半年可能會看到的一些手頭現金的利用和一些貸款的增長，資產敏感性會增加，我們相信我們會得到非常接近中性。因此，我們不再是一個局外人，因為我們歷史上一直處於責任方面。我們認為，現在我們對資產稍微敏感，並且有資產敏感度降低的趨勢。

Yes. And just one other point, think about the customers on the multifamily CRE side. Naturally, if rates were to go lower in '24, our customers are going to look to take their floating rate instruments, probably lock in some fixed rate structure. And then you're going to see a lot of activity from the portfolio. We had really virtually no prepayment activity for the past year. It's been a slow market. So we anticipate a lot of activity, which will naturally organically put this company in a very interesting position when it comes to managing interest rate risk with the clientele, will be active if there's a rate change next year.

是的。還有一點，請考慮多戶商業地產方面的客戶。當然，如果利率在 24 年下降，我們的客戶將尋求採用浮動利率工具，可能會鎖定某些固定利率結構。然後你會看到投資組合中有很多活動。去年我們實際上幾乎沒有預付款活動。這是一個緩慢的市場。因此，我們預計，如果明年利率發生變化，將會有大量活動，這自然會使該公司在與客戶一起管理利率風險時處於非常有趣的位置。

So we're anticipating some activity there, which can actually hedge the balance sheet towards neutrality. We want to be agnostic to movement in interest rates. That's the plan here. We don't want to be liability sensitive too much or asset sensitive too much. We want to be relatively neutral as we make money in any interest rate environment. Obviously, the goal here was to get to 3% (inaudible) here probably a couple of quarters earlier. That's a positive attribute in the current environment because of the stability of the Signature transaction.

因此，我們預計那裡會出現一些活動，這實際上可以對沖資產負債表的中性。我們希望對利率變動保持不可知論。這就是這裡的計劃。我們不想對責任過於敏感，也不想對資產過於敏感。當我們在任何利率環境下賺錢時，我們都希望保持相對中性。顯然，這裡的目標是可能在幾個季度前達到 3%（聽不清）。由於簽名交易的穩定性，這在當前環境中是一個積極的屬性。

But our loan book is all reacting very favorably when it comes to spreads. And more importantly, it's a tight credit market, right? So as I indicated, the loan spread offering right now is higher and we're getting it. And that's industry wide. So there is some tight credit standards and customers have to finance. So we're going to be in the market. We're in the business and we're comfortable on working with our clients but the beauty of this opportunity is that it's a much higher spread.

但我們的貸款賬簿在利差方面反應非常積極。更重要的是，這是一個緊張的信貸市場，對吧？正如我所指出的，目前提供的貸款利差較高，我們正在接受它。這是整個行業的情況。因此，信用標準很嚴格，客戶必須融資。所以我們將進入市場。我們從事這一行業，並且很樂意與客戶合作，但這個機會的美妙之處在於它的價差要高得多。

Thank you. And your next question comes from Peter Winter with D.A. Davidson.

謝謝。你的下一個問題來自 D.A. 的 Peter Winter。戴維森。

I was just wondering, could you give an update on the office portfolio? And then secondly, just are you seeing any type of stress on the multifamily portfolio, just between the inflation pressures, higher interest rates and it's just harder to increase rents on the rent stabilized apartments.

我只是想知道，您能否介紹一下辦公室投資組合的最新情況？其次，你是否看到多戶投資組合面臨任何類型的壓力，包括通貨膨脹壓力、利率上升以及租金穩定公寓的租金更難增加。

So Pete, I'll start and I'll defer to John, CFO. But clearly, it's been resilient. On the multifamily side, it's been an environment where we have a lot of wealthy customers. They're going through this journey of no activity. There's a 3% coupon from the lowest going into, let's say, close to 7% and 8%. So there is a substantial change and they're weathering the storm, they're paying their bills. Like I indicated, probably 65% of loans coming up for a decision on their actual maturity and/or repricing, they're choosing a SOFR option.

皮特，我先開始，我會聽從首席財務官約翰的意見。但顯然，它一直具有彈性。在多戶住宅方面，我們擁有很多富有的客戶。他們正在經歷這段沒有任何活動的旅程。有 3% 的優惠券，從最低的優惠券到接近 7% 和 8% 的優惠券。因此，發生了重大變化，他們正在渡過難關，正在支付賬單。正如我所指出的，大約 65% 的貸款在就其實際到期日和/或重新定價做出決定時，他們選擇了 SOFR 選項。

And they're holding that until they feel it's the right time to lock in a fixed rate structure, which is unusual because we haven't seen this environment in quite some time but they're doing well in that environment. There's no question that the bank is benefiting from that and they are getting some cash flow adjustments to their income stream. But these are wealthy customers that have large portfolios and they're weathering the storm. They're waiting for lower interest rates and we have a tremendous asset quality performance as a result of this environment, which is a positive discussion point. We can talk all day about the fact that its cash flows are being a squeeze. Of course, the interest rates going from 3% to 8%, 9% is going to have an impact.

他們一直堅持這一立場，直到他們覺得現在是鎖定固定利率結構的正確時機，這是不尋常的，因為我們已經很長一段時間沒有看到這種環境了，但他們在這種環境中表現良好。毫無疑問，銀行正在從中受益，並且他們的收入流也得到了一些現金流調整。但這些都是富有的客戶，擁有大量的投資組合，他們正在經受住這場風暴。他們正在等待更低的利率，而在這種環境下，我們擁有巨大的資產質量表現，這是一個積極的討論點。我們可以整天談論其現金流受到擠壓的事實。當然，利率從3%到8%、9%都會有影響。

But we think that we're getting close to a point where if we stabilize on the SOFR side and there is this view that next year will be the year where the Fed starts to adjust their policy stance and customers may be very active on thinking about the next 5 to 10 years of financing. We're not seeing any late pays. We're not seeing delinquencies on multifamily. The commercial real estate portfolio is doing extremely well. It's resilient. We have statistics in the deck. We talked about that. We're not going to be perfect because obviously, it's an environment where it's fluid but it seems like, as we reappraise buildings, as we get deep into the portfolio and we deal with some one-off issues, it's been a very resilient portfolio. So with that, I'm going to have John go through the statistics. But I will tell you that we're very pleased with the asset quality given the ramp-up of interest rates.

但我們認為，如果我們在 SOFR 方面穩定下來，並且有觀點認為，明年將是美聯儲開始調整政策立場的一年，那麼客戶可能會非常積極地考慮未來5到10年的融資。我們沒有看到任何逾期付款。我們沒有看到多戶住宅出現拖欠行為。商業房地產投資組合表現非常好。它有彈性。我們在甲板上有統計數據。我們討論過這個。我們不會是完美的，因為顯然，這是一個流動的環境，但似乎，當我們重新評估建築物時，當我們深入研究投資組合併處理一些一次性問題時，它是一個非常有彈性的投資組合。因此，我將讓約翰查看統計數據。但我會告訴你，鑑於利率上升，我們對資產質量非常滿意。

So John, if you want to share some of the statistics on the commercial side?

約翰，您是否想分享一些商業方面的統計數據？

Yes. And especially to your question, Peter, on office, right? We do have a slide, we added some additional information as we're going to continue to do over time. The portfolio of $3.4 billion, really pretty consistent from the prior quarter with average DSCRs and LTVs and average balance. And we did have -- just under 40% of our office exposure has been appraised or reappraised in '22 and '23. So if there's -- 15% of its rated special mention or substandard.

是的。尤其是對於你的問題，彼得，關於辦公室的問題，對嗎？我們確實有一張幻燈片，我們添加了一些附加信息，隨著時間的推移，我們將繼續這樣做。投資組合為 34 億美元，與上一季度的平均 DSCR 和 LTV 以及平均餘額非常一致。我們確實有——不到 40% 的辦公室風險在 22 年和 23 年進行了評估或重新評估。因此，如果有 15% 的產品被評為特別提及或不合格。

So the portfolio has been strong. We have seen some early delinquencies. We think the bulk of them will be cleared in the third quarter but we are working through a couple of items, as you can imagine. But still, it's been very strong. It's bread-and-butter type lending for us. It's the same structure that we did and that we've done historically for decades with multifamily just with a different collateral base. So very, very cautiously optimistic about the portfolio we have been actually since COVID hit. And if you can see, there's really not much coming due in '20 -- the rest of '23 and '24. So the bulk of the portfolio have this option of contractual date starting really in '25 and forward.

因此，投資組合一直很強勁。我們已經看到一些早期的拖欠行為。我們認為其中大部分將在第三季度得到清除，但正如您可以想像的那樣，我們正在處理幾個項目。但儘管如此，它仍然非常強大。這對我們來說是一種賴以生存的貸款。這與我們過去幾十年來對多戶住宅所做的結構相同，只是抵押基礎不同。自新冠疫情爆發以來，我們對投資組合實際上一直非常非常謹慎樂觀。如果你能看到的話，20 年——23 年和 24 年的剩餘時間——確實沒有太多到期。因此，大部分投資組合都可以選擇合同日期實際上從 25 年及以後開始。

Got it. Very helpful. And then can I just ask a follow-up on the mortgage warehouse. You had nice growth in mortgage warehouse. Are you able to get deposits with the mortgage warehouse business? And the reason I ask is, typically fourth quarter tends to be seasonally weak. And so do those deposits flow out?

知道了。很有幫助。然後我可以問一下抵押倉庫的後續情況嗎？您在抵押貸款倉庫方面取得了良好的增長。可以通過抵押倉庫業務獲得存款嗎？我問的原因是，第四季度通常會出現季節性疲軟。那麼這些存款會流出嗎？

Yes. So I think the answer is yes. We can bring in deposits with the warehouse lending business as we can with all lending businesses and it's a focus of the bank. Tom has been very clear that it's deposits, deposits, deposits. So the answer is yes. We can bring in deposits from the warehouse customers. I think the other thing that I would point out is, we can bring in more deposits from the mortgage ecosystem. As part of the Signature acquisition, we acquired a cash and treasury management team that focus on the mortgage ecosystem. And you think of all the TPOs, we have 3,500 TPOs. We have 400 warehouse customers. You think of the MSR owners that we subservice for or we lend to. So we think there is a big opportunity to bring in more deposits from that mortgage ecosystem.

是的。所以我認為答案是肯定的。我們可以通過倉庫貸款業務帶來存款，就像我們可以通過所有貸款業務一樣，這是銀行的重點。湯姆已經說得很清楚了，那就是存款、存款、存款。所以答案是肯定的。我們可以從倉庫客戶那裡引入存款。我想我要指出的另一件事是，我們可以從抵押貸款生態系統中引入更多存款。作為 Signature 收購的一部分，我們收購了一支專注於抵押貸款生態系統的現金和財務管理團隊。想想所有的 TPO，我們有 3,500 個 TPO。我們有 400 個倉庫客戶。您會想到我們為之提供服務或向其提供貸款的 MSR 所有者。因此，我們認為有很大的機會從抵押貸款生態系統中引入更多存款。

Our next question comes from Christopher McGratty.

我們的下一個問題來自克里斯托弗·麥格拉蒂。

John, just a follow-up to a prior comment about the assets or the rate positioning of the balance sheet. If you can zoom out and just think more holistically about -- does the company make more money in a down rate environment? Could you speak to potentially the opportunity for better loan growth and better mortgage if the forward curve is right in 2024?

約翰，只是之前有關資產或資產負債表利率定位的評論的後續。如果你能把目光放遠一點，更全面地思考——公司在利率下調的環境下是否能賺更多錢？您能否談談如果 2024 年遠期曲線正確，貸款增長和抵押貸款更好的潛在機會？

Yes. I mean there are a lot of -- even being slightly asset sensitive, depending on how the curve moves, the other item to really think about, we talk about asset sensitivity from an NII perspective. But if we see significant declines in rates, the mortgage banking business, the warehouse business is going to really explode from an upside perspective and protect that the income that we lose in some of the other areas. So we also -- and what Tom mentioned on the multifamily portfolio as well, I mean you'll see prepayment fees start to pick up substantially. I mean we haven't talked about a prepayment fee in quarters now, right?

是的。我的意思是，有很多——甚至是輕微的資產敏感性，取決於曲線如何移動，另一個需要真正考慮的項目，我們從NII的角度討論資產敏感性。但如果我們看到利率大幅下降，抵押貸款銀行業務、倉儲業務將從上行角度真正爆發，並保護我們在其他一些領域損失的收入。所以我們 - 以及湯姆在多戶投資組合中提到的，我的意思是你會看到預付款費用開始大幅上升。我的意思是我們已經幾個季度沒有討論過預付款費用了，對吧？

So -- and that -- and when we were a much smaller institution, we had a year where we made $120 million in prepayment fees. So depending on what happens with the rate curve, there are multiple levers in this balance sheet that can help in any really -- in any rate environment. And that's what we're going to continue to strive for to try to get the balance sheet as agnostic as possible to interest rates. You can't plan, of course, for everything but that's the goal. And don't forget about that mortgage business, which will absolutely pick up if we do see across-the-board rate declines.

因此，當我們還是一家規模小得多的機構時，我們有一年預付款費用為 1.2 億美元。因此，根據利率曲線的變化，資產負債表中有多種槓桿可以在任何利率環境下提供幫助。這就是我們將繼續努力的目標，努力使資產負債表盡可能不受利率影響。當然，你無法計劃所有事情，但這就是目標。不要忘記抵押貸款業務，如果我們確實看到利率全面下降，抵押貸款業務絕對會回升。

And John, while I have you, just on the accretable yield, if I could, for a second. Could you help us with what's in your guide for the back half of the year? I think you said [$25 million] came in from Flagstar, [$75 million] from Signature, but [$20 million] was high. What's the right level? And what's left to kind of burn through over the next several quarters?

約翰，當我有你的時候，如果可以的話，暫時只談一下可增加的產量。您能幫助我們了解下半年的指南嗎？我想你說過[2500萬美元]來自Flagstar，[7500萬美元]來自Signature，但是[2000萬美元]很高。什麼水平合適？在接下來的幾個季度裡，還有什麼需要消耗掉的呢？

Yes. So the easiest way to look at it, if you combine the 2, the actual for the second quarter was about $100 million. In the guide, is about $70 million on a combined basis. And just given the way purchase accounting works, that will slowly decline over time with the exception of pay downs, right? Pay downs depending on what kind of loans pay down, you could see some spikes in that number. But that's what we're in our guide. We think it's conservative. And like I said, it is dependent on the market, what happens with interest rates and what happens with pay downs. But that $50 million or so from Signature that we're now expecting, is higher than we originally anticipated. And it's just the nature of the portfolio and the speed that portfolio seems to be paying down at.

是的。因此，最簡單的看待方式是，如果將兩者結合起來，第二季度的實際金額約為 1 億美元。在該指南中，總計約為 7000 萬美元。考慮到採購會計的工作方式，除了付款之外，它會隨著時間的推移慢慢下降，對嗎？首付金額取決於首付貸款的類型，您可能會看到該數字出現一些峰值。但這就是我們指南中的內容。我們認為這是保守的。正如我所說，這取決於市場、利率的變化以及首付款的變化。但我們現在預計 Signature 的 5000 萬美元左右的金額比我們最初的預期要高。這只是投資組合的性質以及投資組合似乎償還的速度。

That's helpful. And what's the total pool that will come back to you over the next couple of years? What's the remaining balance on the accretion?

這很有幫助。未來幾年您將獲得的總資金池是多少？增資的剩餘餘額是多少？

Well, on the loan side, originally, the Signature piece was over $700 million. So we still have to have almost $1 billion in total in loan marks when you look at both banks. But I'll make sure I get that number. I'll make sure we get that out to everyone.

那麼，在貸款方面，最初，Signature 作品的價值超過 7 億美元。因此，當你查看兩家銀行時，我們的貸款總額仍然接近 10 億美元。但我會確保拿到那個號碼。我會確保將這一點傳達給所有人。

Your next question comes from Steven Alexopoulos with JPMorgan.

您的下一個問題來自摩根大通的史蒂文·阿萊克索普洛斯。

So on the balance sheet, so you've obviously had a huge transformation over the past year and you've been very clear -- you talked about the custodial deposits coming out, some higher cost borrowings coming out in the second half, too. But beyond that, are there any big structural changes on the horizon we should be thinking about? Or are we finally getting to more or less steady state where it's loans and deposits that are just going to drive net interest income?

所以在資產負債表上，過去一年你顯然發生了巨大的轉變，而且你非常清楚——你談到了託管存款的出現，下半年也會出現一些成本較高的借款。但除此之外，我們是否應該考慮即將發生的重大結構性變化？或者我們最終是否會或多或少地達到穩定狀態，即貸款和存款將推動淨利息收入？

Yes, I think that's right. I mean you can see in the deposits that we have, the wholesale borrowings that we have maturing in the next couple of quarters and even next year, they're not at high rates. So it's much more of business as usual and let's use these deposit funds that we bring in, to fund loan growth. And over time, could we look at paying down wholesale borrowings? Of course, we always could. But there's other options and some high-cost funding you could always look to reposition and that would be a great problem to have if the demand deposits continue to grow. But I think you're right in the fact that the pay down of the high-cost borrowings that we did in the second quarter, that's behind us.

是的，我認為這是對的。我的意思是，你可以從我們擁有的存款中看到，我們在未來幾個季度甚至明年到期的批發借款的利率並不高。因此，一切照常進行，讓我們使用我們引入的這些存款資金來為貸款增長提供資金。隨著時間的推移，我們是否可以考慮償還批發借款？當然，我們總是可以。但還有其他選擇和一些高成本資金，您可以隨時尋求重新定位，如果活期存款繼續增長，這將是一個大問題。但我認為你是對的，我們在第二季度支付的高成本借款已經過去了。

Yes, I would just add, Steven, 1 point, this is Tom, that the reality when we look at building out the teams and focusing on the PCG model, 40% to 50% type of statistics has been the track record for deposit inflows of demand money. So every dollar bringing in, I think we're forecasting 40% but the reality is more like 50%. That's going to be a significant catalyst as we change the mix of our deposits funding going forward. At the same time, we're focusing on compensating balances amongst all the lines of businesses and we're going after operating accounts, payroll accounts.

是的，我只想補充一點，史蒂文，1分，這是湯姆，當我們考慮組建團隊並專注於PCG 模型時，現實情況是，40% 至50% 類型的統計數據一直是存款流入的跟踪記錄的需求貨幣。因此，我認為我們預測每賺一美元就會增加 40%，但實際情況更像是 50%。當我們改變未來的存款融資結構時，這將成為一個重要的催化劑。與此同時，我們專注於補償所有業務線之間的餘額，我們正在追求運營賬戶、工資賬戶。

We really feel confident that if we're going to put our capital at risk, we want to make sure we have the relationship. So that's going to be a relationship-driven model. And that's where we're heading for all our lines of businesses. And that's how we're hurdling our returns on a loan-by-loan basis. That's a sea change on culture here. And I think it's refreshing to have that capability now, having diversified portfolios we can allocate capital to, focusing on deposits gathering.

我們非常有信心，如果我們要將我們的資本置於風險之中，我們希望確保我們擁有這種關係。所以這將是一個關係驅動的模型。這就是我們所有業務線的發展方向。這就是我們在逐筆貸款的基礎上限制回報的方式。這是這里文化的巨大變化。我認為現在擁有這種能力令人耳目一新，擁有多元化的投資組合，我們可以分配資本，專注於存款收集。

Yes. And then on the NIM, I think we all understand why the NIM is coming down in the third quarter. I know typically you don't go beyond that. But do you feel the bias is still to the upside, right? There's some unusual NIM activity because of these custodial deposits. So once we get beyond that, do you feel like at least over the near term, you should see some expansion.

是的。然後在淨息差方面，我想我們都明白為什麼淨息差在第三季度下降。我知道你通常不會超出這個範圍。但您是否覺得偏見仍然偏向上方，對嗎？由於這些託管存款，NIM 活動出現了一些不尋常的情況。因此，一旦我們超越了這一點，您是否覺得至少在短期內，您應該會看到一些擴張。

So what I said a quarter ago is that, we think we can get to that 3% type net -- NIM by year-end. We think we got there a couple of quarters earlier. And when you take that model and you look at the expense base and the size of the balance sheet and put a reasonable return on average balance going forward, you have an environment that we've done really well in when it comes to growing the NIM from -- quite honestly, in the high 2s, right? So if we get to the mid- to low 3s, as more of a holistic view of the business model based on the funding mix that we bring to the table, we grow the business, it's a different run rate, right?

所以我一個季度前說過的是，我們認為我們可以在年底前達到 3% 類型的淨息差（NIM）。我們認為我們提前幾個季度到達了那裡。當你採用該模型並查看費用基礎和資產負債表的規模並為未來的平均餘額提供合理的回報時，你會發現我們在增長淨息差方面做得非常好老實說，在高2 秒，對嗎？因此，如果我們達到中低 3，更多的是基於我們提供的融資組合對業務模式的整體看法，我們會發展業務，這是一個不同的運行率，對嗎？

So I think that's something that accelerated here. And given the lines of businesses and we talked about the fact that our loan growth has higher spreads. We think that 3%-plus type margin is reasonable and that's the target but we got there a little bit sooner. So we're excited about that. It really has a lot to do with the market as well. There's definitely a credit tightening in the system. And the Fed was talking about that publicly. There's no question that money is expensive and we're getting paid for the risk and more importantly, that will impact stronger margins for this company.

所以我認為這在這裡加速了。考慮到業務範圍，我們談到了我們的貸款增長具有更高利差的事實。我們認為 3% 以上的利潤率是合理的，這就是目標，但我們提前了一點。所以我們對此感到興奮。這確實與市場也有很大關係。系統中肯定存在信貸緊縮。美聯儲正在公開談論這一點。毫無疑問，資金是昂貴的，我們正在為風險付出代價，更重要的是，這將影響這家公司更高的利潤率。

Okay. And then a final one for Eric. It's great to hear you on this call. And what's the experience been like for you and the team, right, going through the FDIC, now you're at New York Community. Does it feel culturally like the way Signature has felt, do you guys fully back on offense, what's going on?

好的。然後是埃里克的最後一場。很高興在這次通話中聽到您的聲音。您和團隊的經歷如何，通過 FDIC，現在您在紐約社區。從文化上來說，這感覺是否像 Signature 的感覺一樣，你們是否完全恢復進攻，發生了什麼事？

We're back at it, Steve. There's no doubt. I mean, think about where we were 4.5 months ago to where we are today. My second text the evening was to Tom, right and to John. And they immediately -- and when I say immediately, immediately got back to me, right? They embraced us since the moment we've arrived. They completely appreciate our culture and what we're doing here. And we're doing a lot around cultural transformation overall across the organization. I can't tell you how pleased I have to be here. They've truly just embraced all of us. So it's about -- it is the best cultural fit, no question in my mind. And we're really excited about the future.

我們又回來了，史蒂夫。毫無疑問。我的意思是，想想我們 4.5 個月前的情況和今天的情況。晚上我的第二條短信是給湯姆（右）和約翰。他們立即——當我說立即時，立即回复我，對嗎？從我們到達的那一刻起，他們就擁抱了我們。他們完全欣賞我們的文化和我們在這裡所做的事情。我們圍繞整個組織的文化轉型做了大量工作。我無法告訴你我來到這裡是多麼高興。他們確實擁抱了我們所有人。所以這是——在我看來，這是最好的文化契合度，毫無疑問。我們對未來感到非常興奮。

I mean, Steve, I said it earlier, the opportunity right now is tremendous for us. And that's recognized by the executive team here, by the entire Board here and by the management group, right? We're going to -- we've got an opportunity to seize on the moment, one that we haven't seen, quite frankly, in probably a decade, right? And I equate what's going on back to the days of when we acquired teams from EAB when they were purchased from (inaudible) right, when they were acquired. I mean this is a tremendous opportunity now. There will be further M&A, even given the regulatory hurdles. Many of these mid-market, midsized banks need to go away and will and we will be able to capture on that. So really excited to be here and very, very much looking forward to the future.

我的意思是，史蒂夫，我之前說過，現在的機會對我們來說是巨大的。這得到了這裡的執行團隊、整個董事會和管理團隊的認可，對嗎？我們將——我們有機會抓住這一時刻，坦率地說，我們可能已經有十年沒有見過這樣的時刻了，對嗎？我將所發生的事情等同於我們從 EAB 收購團隊的日子，當時他們是從（聽不清）正確的地方購買的，當時他們是被收購的。我的意思是，現在這是一個巨大的機會。即使存在監管障礙，仍將進行進一步的併購。許多中端市場、中型銀行需要消失並且將會消失，我們將能夠抓住這一點。來到這裡真的很興奮，並且非常非常期待未來。

Our last question, we have Casey Haire with Jefferies.

我們的最後一個問題是杰弗里斯的凱西·海爾。

So real quick, just on the cash position, still strong at $16 billion. It sounds like the borrowing pay down, the low-hanging fruit has been picked. But just curious what opportunities do you have to optimize the margin with that excess cash? And then more longer term, where does that -- what is your minimum cash position versus that 13% of assets today?

速度如此之快，僅就現金狀況而言，仍然強勁，達到 160 億美元。聽起來，借款還清了，唾手可得的果實已經被採摘了。但只是好奇你有什麼機會利用多餘的現金來優化利潤？從更長遠的角度來看，與目前 13% 的資產相比，您的最低現金頭寸是多少？

Yes. So we look at cash and unencumbered securities together from an on-balance sheet liquidity perspective. And right now, we're very comfortable with where we are. The utilization of the cash and the benefits that we can get that can drive it forward, we do have -- the wholesale borrowing trade, as I mentioned, with the high-cost wholesale borrowings, that we took care of in Q2. We do have some high-cost brokered CDs that we can always deal with in order to try to maximize and benefit the margin. But I think the real benefit in the longer-term focus is what can we do on the deposit side. And if we can continue to bring in noninterest-bearing demand deposits, that's going to be the driver of margin growth in the future. How successful we are at that will drive the margin story.

是的。因此，我們從資產負債表內流動性的角度來看待現金和無抵押證券。現在，我們對自己所處的位置感到非常滿意。現金的利用以及我們可以獲得的好處可以推動它向前發展，我們確實擁有批發借貸貿易，正如我提到的，我們在第二季度處理了高成本的批發借貸。我們確實有一些高成本的經紀 CD，我們可以隨時處理它們，以盡量提高利潤並從中受益。但我認為，長期關注的真正好處是我們可以在存款方面做些什麼。如果我們能夠繼續引入無息活期存款，這將成為未來利潤率增長的驅動力。我們在這方面的成功程度將推動利潤故事的發展。

Yes. I would just also add just on the perspective of our balance sheet. If you think about banks over $50 billion, we have probably the lowest percentage of securities assets in the country right now, by design. We have no health and insurance portfolio. We don't believe in it. We're very comfortable with that -- with putting in an AFS but we have limited exposure there. But we have a very small book that needs to be rightsized over time as we go into the $100 billion standard. So that's another area that probably will generate some additional revenues for the company as we rightsize ourselves to the industry.

是的。我還想從我們的資產負債表的角度補充一下。如果你考慮一下價值超過 500 億美元的銀行，我們目前的證券資產比例可能是全國最低的。我們沒有健康和保險投資組合。我們不相信它。我們對此非常滿意——加入 AFS，但我們在那裡的曝光度有限。但我們的賬簿很小，隨著時間的推移，當我們達到 1000 億美元的標準時，需要對其進行調整。因此，隨著我們調整自己的行業規模，這可能會為公司帶來一些額外收入。

Got you. Okay. And just last one for me. Apologies if I missed this but the Signature teams of the [127] that you guys acquired, what is that number today?

明白你了。好的。對我來說只是最後一件。抱歉，如果我錯過了這個，但是你們收購的[127]的簽名團隊，今天的數字是多少？

(inaudible) at [130]. We had a handful that ran off. Again, the deposits are stable. But what's interesting about the story here is that since our last public release, we had total stability. There hasn't been any exits at all. And it's been an encouraging experience. As Eric said, the team is motivated. We're focused on building back the business, getting the clients back into the higher average balances but the accounts are still here.

（聽不清）在[130]。我們有少數人逃跑了。再次，存款穩定。但這裡的故事有趣的是，自從我們上次公開發布以來，我們已經完全穩定了。根本沒有任何出口。這是一次令人鼓舞的經歷。正如埃里克所說，團隊充滿動力。我們專注於重建業務，讓客戶恢復更高的平均餘額，但賬戶仍然存在。

A lot of the money has moved to different funding vehicles to try to get out of the system because of the insurance issue. But we -- and even (inaudible) every time we talk about some of the strategies we had on off-balance sheet that's also accommodating some of the customers right now that come back to us.

由於保險問題，大量資金已轉移到不同的融資工具，試圖逃離該系統。但我們——甚至（聽不清）每次我們談論我們在資產負債表外制定的一些策略時，這些策略也適應了現在回到我們身邊的一些客戶。

That's really the new go-to-market, right? Look, the clients, like Tom said, the clients didn't close their accounts. They just moved their funds out, right? And they're finding it very difficult, very difficult to do business at the mega institutions that they moved to. So we're seeing the operating accounts come back and that's why we had DDA, up this quarter, right? And that's -- so that's starting to flow back as they -- they just -- they can't run their businesses at these other institutions, right?

這確實是新的市場進入方式，對吧？看，客戶，就像湯姆說的，客戶沒有關閉他們的賬戶。他們剛剛把資金轉移出去了，對嗎？他們發現在他們搬到的大型機構做生意非常非常困難。因此，我們看到運營賬戶有所回升，這就是我們本季度 DDA 上升的原因，對吧？那就是——所以這開始回流，因為他們——他們只是——他們不能在這些其他機構經營他們的業務，對嗎？

And then on the excess funds that we normally keep in on-balance sheet money market funds for them, they're bringing those back, some on balance sheet and some off balance sheet into an array of off-balance sheet money market funds that we have available for those clients, right? So we're going to start making some serious fee income on that, which doesn't tie up capital, right and really reduces our returns. So that's the new go-to-market. The clients are reacting very favorably to that. They're recognizing that we can continue to control the entire client experience for them, while also giving them that safety. So we're seeing successes there across the board, quite frankly. Every time I talk to a team, I hear about how unhappy their clients are elsewhere and how they're starting to come back.

然後，我們通常為他們保留在表內貨幣市場基金中的多餘資金，他們將這些資金帶回，一些在資產負債表上，一些在資產負債表外，進入一系列表外貨幣市場基金，我們有可供這些客戶使用的，對嗎？因此，我們將開始賺取一些可觀的費用收入，這不會佔用資本，對吧，而且確實會降低我們的回報。這就是新的市場進入方式。客戶對此反應非常積極。他們認識到我們可以繼續為他們控制整個客戶體驗，同時也為他們提供安全。坦率地說，我們看到了全面的成功。每次我與團隊交談時，我都會聽到他們的客戶在其他地方有多不滿意以及他們如何開始回來。

And I think, as I said previously, our anticipation is that we will have more teams going into in short order through the summer, where pretty much, in totality as we continue to evaluate and sign on and onboard the First Republic talent that's in the marketplace. So there is a dislocation that we are competitively looking to put on new personnel to service the clients and bring on their books.

我認為，正如我之前所說，我們的預期是，我們將有更多的球隊在整個夏天的短時間內進入，隨著我們繼續評估、簽約和加入第一共和國的人才，這幾乎是整體的。市場。因此，我們正在競爭性地尋找新人員來為客戶提供服務並記錄他們的賬簿，這是一種混亂。

And there are no further questions at this time. I'll now turn the call over to the management team.

目前沒有其他問題。我現在將把電話轉給管理團隊。

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以及您對 NYCB 的興趣。

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

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。