Flagstar Financial Inc (NYCB) 2023 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the New York Community Bancorp, Inc. Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Sal DiMartino, Executive Vice President, Chief of Staff and Director of Investor Relations. Please go ahead.

您好，感謝您的支持。我叫雷吉娜，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 New York Community Bancorp, Inc. 2023 年第三季財報電話會議。 （操作員指示）我現在將會議交給執行副總裁、幕僚長兼投資者關係總監薩爾·迪馬蒂諾 (Sal DiMartino)。請繼續。

Thank you, Regina. 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 third quarter 2023 results will be led by President and CEO, Thomas Cangemi, joined by the company's Chief Financial Officer, John Pinto, along with several members of the company's executive leadership team.

謝謝你，雷吉娜。大家早安，感謝您參加紐約社區銀行管理團隊今天的電話會議。今天對該公司 2023 年第三季業績的討論將由總裁兼執行長 Thomas Cangemi 主持，公司財務長 John Pinto 以及公司執行領導團隊的幾名成員也將參加。

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 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. Now I would like to turn the call over to Mr. Cangemi.

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。可能會受到安全港規則的約束。請查看今天的新聞稿和簡報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資訊。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. Earlier this morning, we announced solid operating results for the third quarter of the year. Our performance reflects our ongoing diversification efforts on both sides of the balance sheet, arising from the combination of 3 legacy banks.

謝謝你，薩爾。大家早安，感謝您今天加入我們。今天早些時候，我們宣布了今年第三季的穩健經營業績。我們的表現反映了我們透過合併 3 家傳統銀行而在資產負債表兩側持續進行的多元化努力。

Among this quarter's highlights was good linked-quarter loan growth, stable deposit trends and a significantly higher net interest margin. We also made further progress in improving our funding mix, as both wholesale borrowings and brokerage CDs declined. While noninterest-bearing deposits remained approximately 1/3 of total deposits, virtually unchanged from the previous quarter.

本季度的亮點包括良好的環比貸款成長、穩定的存款趨勢以及顯著提高的淨利差。隨著批發借款和經紀存款證的下降，我們在改善融資組合方面也取得了進一步進展。而無息存款仍佔存款總額的約1/3，與上一季基本持平。

From a net income and earnings perspective, we reported net income available to common stockholders of $266 million or $0.36 per diluted share, as adjusted for merger-related expenses. Our EPS this quarter was $0.02 better than consensus. One of the drivers this quarter was a much higher net interest margin. The NIM came in at 3.27%, up 6 basis points compared to the prior quarter and well ahead of our guidance range of $295 million to $305 million. The increase was driven by higher asset yields as we continue to benefit from the higher interest rate environment and a higher average balance of noninterest-bearing deposits compared to last quarter.

從淨利潤和收益的角度來看，我們報告普通股股東可獲得的淨利潤為 2.66 億美元，或稀釋後每股 0.36 美元（根據合併相關費用進行調整）。我們本季的每股盈餘比市場預期高出 0.02 美元。本季的驅動因素之一是淨利差大幅提高。淨利差為 3.27%，比上一季上升 6 個基點，遠高於我們 2.95 億美元至 3.05 億美元的指導範圍。這一增長是由較高的資產收益率推動的，因為我們繼續受益於較高的利率環境以及與上季度相比較高的無息存款平均餘額。

We remain constructive on the net interest margin going forward due to the continuing positive shift in our funding mix and the impact of higher asset yields. Another driver was our loan growth. Total loans during the third quarter were up modestly, as growth in the C&I portfolio led by our specialty finance businesses and in homebuilder finance offset declines in other businesses.

由於我們的融資結構持續正向轉變以及資產收益率上升的影響，我們對未來的淨利差保持建設性態度。另一個驅動因素是我們的貸款成長。第三季貸款總額小幅成長，因為以我們的專業金融業務和住宅建築商金融為主導的工商業投資組合的成長抵消了其他業務的下降。

Overall, the loan portfolio ended the quarter at $84 billion, up over $700 million or 1% compared to the prior quarter. At September 30, total commercial loans represented 45% of total loans, reflecting a significant diversification compared to where we stood a year ago.

整體而言，本季末貸款組合達到 840 億美元，比上一季增加超過 7 億美元，即 1%。截至 9 月 30 日，商業貸款總額佔貸款總額的 45%，反映出與一年前相比顯著多元化。

Turning now to deposits. Our deposit trends during the third quarter were relatively stable. Total deposits were $82.7 billion, $5.8 billion lower compared to the $88.5 billion at June 30. The majority of the decline was due to a $4 billion decrease in custodial deposits related to the Signature transaction, which totaled $2 billion at the end of the quarter compared to $6 million last quarter. In addition, brokered deposits declined $1.2 billion to $8.1 billion compared to the previous quarter. Excluding these 2 items, deposits were down less than 1% on a linked-quarter basis.

現在轉向存款。第三季我們的存款趨勢相對穩定。存款總額為827 億美元，比6 月30 日的885 億美元減少了58 億美元。下降的主要原因是與Signature 交易相關的託管存款減少了40 億美元，截至本季末，託管存款總額為20億美元。上季達到 600 萬美元。此外，與上一季相比，經紀存款下降了 12 億美元，至 81 億美元。排除這兩項，存款較上季下降不到 1%。

Additionally, our funding mix continues to improve as wholesale borrowings declined 12% compared to the previous quarter. Overall, they are down 33% or nearly $7 billion since year-end 2022. In the fourth quarter, we have approximately $3.1 billion of wholesale borrowings at a weighted average rate of 4.02% that either are maturing or can be called by FHLB.

此外，我們的融資組合持續改善，批發借款比上一季下降了 12%。總體而言，自2022 年底以來，它們下降了33%，即近70 億美元。第四季度，我們擁有約31 億美元的批發借款，加權平均利率為4.02%，這些借款要么即將到期，要么可以被FHLB 贖回。

Turning now to asset quality. While early stage delinquencies declined significantly, total nonperforming loans increased $159 million or 68% to $392 million compared to the prior quarter due to the increase in the CRE portfolio. More specifically, the increase was related to two office-related loans, one of which was in Syracuse, New York, totaling $28 million and the other in Manhattan, totaling $112 million.

現在轉向資產品質。雖然早期拖欠率大幅下降，但由於商業房地產投資組合的增加，不良貸款總額較上一季增加了 1.59 億美元，即 68%，達到 3.92 億美元。更具體地說，這一增長與兩筆與辦公室相關的貸款有關，其中一筆位於紐約州錫拉丘茲，總額為 2800 萬美元，另一筆位於曼哈頓，總額為 1.12 億美元。

Despite the increase in NPLs, our asset quality metrics remained strong as NPLs to total loans were 47 basis points compared to 28 basis points last quarter, while our net charge-offs were also up or a mere 3 basis points of average loans.

儘管不良貸款有所增加，但我們的資產品質指標仍然強勁，不良貸款佔貸款總額的比例為47 個基點，而上季度為28 個基點，而我們的淨沖銷也有所上升，僅比平均貸款高3 個基點。

Also, as you can see on Slides 9 to 12 in our investor presentation material, our asset quality metrics remain solid and continue to rank among the best relative to the industry and our peers. These strong metrics reflect our conservative underwriting standards, which have served us well over multiple business cycles.

此外，正如您在我們的投資者簡報資料中的幻燈片 9 至 12 中看到的那樣，我們的資產品質指標仍然穩健，並且繼續在行業和同行中名列前茅。這些強有力的指標反映了我們保守的承保標準，這些標準在多個商業週期中為我們提供了良好的服務。

Turning now to our guidance for the fourth quarter. We expect the NIM in the range of 3% to 3.10%, mortgage gain on sale of $16 million to $20 million, the net return on MSR assets of 8% to 10%, loan admin income of $15 million, annualized operating expense range of $2 billion to $2.1 billion, and a full year tax rate of 23%.

現在轉向我們第四季的指導。我們預計淨利差在3% 至3.10% 之間，抵押貸款銷售收益為1600 萬美元至2000 萬美元，MSR 資產淨回報率為8% 至10%，貸款管理收入為1500 萬美元，年化運營費用範圍為20億至21億美元，全年稅率為23%。

Also during the quarter, we unveiled a modern, new brand and logo combining the best elements of all 3 legacy banks. Our teammates are excited about this new branding, and I'm excited as well. Even though it will be a new logo and a brand, the meaning behind it does not change. We remain committed to helping our customers and teammates thrive as we move to one bank, one brand, one culture as the New Flagstar.

同樣在本季度，我們推出了一個現代的新品牌和標誌，結合了所有 3 家傳統銀行的最佳元素。我們的隊友對這個新品牌感到興奮，我也很興奮。儘管這將是一個新的標誌和品牌，但背後的意義並沒有改變。當我們成為一家銀行、一種品牌、一種文化的新旗星時，我們仍然致力於幫助我們的客戶和團隊成員蓬勃發展。

Finally, I would like to say a special thank you to all our teammates. Our results would not be possible without their dedication and commitment to our clients and our customers. With that, we would 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 or during the week. Operator, please open the line for questions.

最後，我要特別感謝我們所有的隊友。如果沒有他們對客戶和客戶的奉獻和承諾，我們的成果就不可能實現。因此，我們很樂意回答您的任何問題。我們將盡力在剩餘時間內與大家聯繫。但如果我們不這樣做，請隨時在今天晚些時候或本週內打電話給我們。接線員，請開通提問線。

(Operator Instructions) Our first question will come from the line of David Rochester with Compass Point.

（操作員說明）我們的第一個問題將來自 David Rochester 與 Compass Point 的線路。

Just on the margin guide, what's your assumption for custodial deposits baked into that? And what was the average balance for those in the quarter?

就保證金指南而言，您對其中包含的託管存款有何假設？該季度的平均餘額是多少？

Right. So the big move as we talked about last quarter on the custodial deposits is really coming from the fund banking loans. They're the ones that are paying down pretty quickly. So those are the deposits that we're holding. As you may know, the FDIC has announced the sale of that portfolio. So that will transfer at the end of this month, so in the next couple of days. So we're going to see that number dropped dramatically when we hit November 1, because the rest of the custodial deposits will be related to the multifamily and the CRE loans, and there's paydowns -- you're significantly less than on the fund banking side. So the average balance is around $4 billion for the quarter, $2 billion at the end of the quarter and then dropped dramatically once we get into November.

正確的。因此，我們上季度談到的託管存款的重大舉措實際上來自基金銀行貸款。他們是那些很快就還清貸款的人。這些就是我們持有的存款。如您所知，FDIC 已宣佈出售該投資組合。因此，這將在本月底，也就是接下來的幾天內轉移。因此，當我們到達 11 月 1 日時，我們將看到這個數字急劇下降，因為其餘的託管存款將與多戶家庭和 CRE 貸款相關，並且還有還款 - 遠遠少於基金銀行業務邊。因此，本季的平均餘額約為 40 億美元，季末為 20 億美元，進入 11 月後急劇下降。

So this margin guide really doesn't include much in the way custodial deposits remaining.

因此，本保證金指南實際上並未包含太多剩餘託管存款。

That's correct.

這是正確的。

Your next question will come from the line of Ebrahim Poonawala with Bank of America. .

您的下一個問題將來自美國銀行的易卜拉欣·普納瓦拉 (Ebrahim Poonawala)。 。

So Tom, maybe just start on asset quality. I mean, again, you had pristine track record on asset quality. When we think about, one, just like the office portfolio, your expectation around the loss content for your book relative to what we hear from the industry, how well reserved your community is for that book? And then secondly, also talk about the health of the multifamily landlords in New York. Like you're hearing a lot more concern around the rent regulation limiting the ability to raise rents and that's going to squeeze the landlords. So if we can address the office and the health of the multifamily landlords, yes.

所以湯姆，也許只是從資產品質開始。我的意思是，你們在資產品質方面擁有良好的記錄。當我們思考時，就像辦公室作品集一樣，相對於我們從行業中聽到的內容，您對您的書的損失內容的預期，您的社區對該書的保留程度如何？其次，還要談談紐約多戶房東的健康狀況。就像你聽到更多關於租金監管限制提高租金的能力的擔憂，這將擠壓房東的利益。因此，如果我們能夠解決辦公室和多戶房東的健康問題，那就可以。

I'll start with the latter first. So obviously, the marketplace has changed significantly since the rent laws back in '18 had changed, and we've been monitoring that very carefully. We've seen significant success with our client book given the fact that we have a long history, these are in-place families that have been doing this for multiple decades, very confident in their long-term business strategies. But they do a very strong job of managing their book of business, generational business for the most part.

我先從後者開始。顯然，自從 18 年租金法發生變化以來，市場已經發生了巨大變化，我們一直在非常仔細地監控這種情況。鑑於我們擁有悠久的歷史，我們的客戶名冊取得了巨大的成功，這些家族都是幾十年來一直這樣做的家庭，對他們的長期業務策略非常有信心。但他們在管理業務方面做得非常出色，大部分是代際業務。

With that being said, we have a very strong portfolio with low LTVs and we monitor it carefully, and we're seeing consistencies of payment. We're seeing the reaction to higher interest rates on the (inaudible) option or a fixed rate option, then having the capacity and the ability to continue to pay. And that's what we're seeing. So we're not seeing any delinquency trends with any material at all in the multifamily space, which is a positive. Again, rates have significantly risen over the past year or so and it does have an impact to the cash flow, but these are well in tune. Operators have been able to manage through that.

話雖如此，我們擁有非常強大的投資組合，生命週期價值較低，我們會仔細監控它，並且我們看到付款的一致性。我們看到了對（聽不清楚）選項或固定利率選項的更高利率的反應，然後有能力繼續支付。這就是我們所看到的。因此，我們在多戶住宅空間中沒有看到任何材料的任何拖欠趨勢，這是一個積極的方面。同樣，在過去一年左右的時間裡，利率大幅上升，確實對現金流產生了影響，但這些都是吻合的。運營商已經能夠透過這一點進行管理。

But the reality of the activity has been very slow. We haven't seen much activity at all. I would say since I've been here; this is my 26th, 27th year, going to my 27th year now at the bank, this is the slowest activity I've ever seen when it comes to property transactions, the interest as far as buying and selling. So it really is a relatively static or no activity whatsoever. And we monitor it very carefully.

但實際的活動進展非常緩慢。我們根本沒有看到太多活動。我想說自從我來到這裡以來；這是我工作的第 26 年、第 27 年，現在是我在銀行工作的第 27 年，這是我所見過的房地產交易、買賣利息方面最慢的活動。所以它確實是一個相對靜態的或沒有任何活動的。我們非常仔細地監控它。

At the same time, rents are up to the highest point in the city of New York. So we're getting very strong rentals and they're managing through an inflationary environment. So we're very positive with respect to our portfolio, but there's no question that the rent law changes had an impact and the activity of taking the units to a free market unit, it's a different business model. And our team is monitoring the statistics as far as how that impacts valuation, how it impacts overall cap rate, and it's been relatively stable even despite the significant rise in interest rates.

同時，租金也達到了紐約市的最高點。因此，我們的租金非常強勁，而且他們正在應對通貨膨脹的環境。因此，我們對我們的投資組合非常積極，但毫無疑問，租金法的變化產生了影響，並將單位帶到自由市場單位的活動，這是一種不同的商業模式。我們的團隊正在監控統計數據，了解這如何影響估值，如何影響整體資本化率，儘管利率大幅上升，但它仍然相對穩定。

In respect to the overall CRE portfolio, we have about $3.4 billion in total CRE, about $3.5 billion (inaudible) in Manhattan?

就整個 CRE 投資組合而言，我們的 CRE 總額約為 34 億美元，其中曼哈頓約 35 億美元（聽不清楚）？

$1.8 billion.

18億美元。

About $1.8 billion in Manhattan. This is 1 specific loan in the Manhattan portfolio. I believe it's like an A- type of credit. We're confident that we have value there. So there was no -- I don't think it was a related charge-offs to that particular credit, but it's one loan. So we have a very strong portfolio. We have statistics that we put out in our slide presentation material. It was very clear on the overall strength of the portfolio, relatively low LTVs, strong debt service coverage ratios, a very strong sponsorship, but it's not a trend, and we're monitoring it. No question rates are much higher. We're still coming out of the pandemic. We're evaluating overall square footage in rentals. And as far as leases coming due and exits of certain large clientele, but it's been a relatively stable scenario. And despite the negativity you're reading about, our portfolio is performing extremely well relevant to the marketplace.

曼哈頓約18億美元。這是曼哈頓投資組合中的一筆特定貸款。我相信這就像 A 類信用。我們相信我們在那裡有價值。因此，我認為這不是與該特定信貸相關的沖銷，但它是一筆貸款。所以我們擁有非常強大的產品組合。我們在幻燈片簡報材料中提供了統計數據。投資組合的整體實力非常明顯，相對較低的生命週期價值，強勁的償債覆蓋率，非常強大的贊助，但這不是一種趨勢，我們正在監控它。沒有問題率高很多。我們還沒有走出疫情的陰影。我們正在評估租金的​​總體面積。就租賃到期和某些大客戶的退出而言，這是一個相對穩定的情況。儘管您讀到的是負面消息，但我們的投資組合與市場的相關性非常好。

That's helpful. And maybe just one, other one on expenses. I think in the past, you've said you expect expenses to stay flat next year versus this year. One, remind us in terms of where we are in realizing savings side to both the acquisitions, how much more to go? And do you still feel good about expenses staying flat? It seems like you're making a lot of investments. There's a lot going on at the bank. So I would appreciate an update there.

這很有幫助。也許只是一項，另一項是關於費用的。我想您過去曾說過，您預計明年的支出將與今年持平。第一，提醒我們在這兩項收購中我們在實現節省方面的進展情況，還有多少？您仍然對支出持平感到滿意嗎？看起來你正在進行大量投資。銀行裡發生了很多事情。所以我很感激那裡的更新。

I'll start and then I'll pass the baton to John. The big picture is, I don't -- our guide is pretty much the same that was last quarter for 2023. We haven't given our 2024 guidance. And clearly, we are investing, as you indicated into the infrastructure, the build out past the $100 billion now. We understand our obligations there. So we clearly are focusing on making this company at the point of a $100 billion process, making sure that we have all of the requisite infrastructure, and we spent a lot of money over the years to get there. So we would understand the path there.

我先開始，然後把接力棒傳給約翰。總體情況是，我不知道——我們的 2023 年指南與上季度的指南幾乎相同。我們尚未給出 2024 年的指南。顯然，正如您所指出的那樣，我們正在投資基礎設施建設，目前已超過 1000 億美元。我們了解我們在那裡的義務。因此，我們顯然專注於在 1000 億美元的流程中打造這家公司，確保我們擁有所有必要的基礎設施，多年來我們花費了大量資金來實現這一目標。所以我們會理解那裡的路徑。

At the same time, we're also investing into the market regarding our new partner with the Signature transaction. So we are adding talent through the pools of additional PCG teams that also add to the expense base. That's why you saw the ramp-up in the second and third quarter. The reality is that we have a very strong focus here to make sure that we have a history, and this is just a history of managing a very strong efficiency ratio, but we're also being cognizant of our obligations as a $100 billion plus institution. With that, I'll pass it to John.

同時，我們也透過 Signature 交易對新合作夥伴的市場進行投資。因此，我們正在透過額外的 PCG 團隊來增加人才，這也增加了開支基礎。這就是為什麼你在第二季和第三季看到了成長。現實情況是，我們非常注重確保我們擁有歷史，而這只是管理非常強大的效率比率的歷史，但我們也認識到我們作為一個價值超過 1000 億美元的機構的義務。這樣，我會將其傳遞給約翰。

Yes. And we haven't given specific guidance yet for '24, but how we've talked about it is that there are both headwinds and tailwinds into '24 when you compare it to '23. As Tom mentioned, we definitely have some additional adds, both back office and through our PCG groups that are going to put pressure on the expense base going up along with just the additional expenses for being over $100 billion. And then the tailwinds of the systems conversions, which we have the Flagstar systems conversion scheduled in the first quarter, so we'll start to see some benefits from that. And then we have the signature conversion after that. So those benefits will be later towards the later end of the year. So that's kind of how we think about 2024 right now, but we'll give our guidance at the next quarter.

是的。我們還沒有給出 24 年的具體指導，但我們談論的是，與 23 年相比，24 年既有逆風也有順風。正如湯姆所提到的，我們肯定會增加一些額外的費用，無論是後台部門還是透過我們的 PCG 集團，這些費用基礎都會增加，而且額外費用也會超過 1000 億美元。然後是系統轉換的順風車，我們計劃在第一季進行 Flagstar 系統轉換，因此我們將開始看到從中帶來的一些好處。然後我們進行簽名轉換。因此，這些福利將在今年年底晚些時候實現。這就是我們現在對 2024 年的看法，但我們將在下個季度給予指導。

One thing I would add to John's comments is, we are still unwinding the legacy Signature portfolio that we don't own. So we do have costs associated with that, but that will be impacted favorably as we -- assuming that those assets do part the institution go elsewhere. So that's also -- that will also be impacted to next year as well, assuming that...

我要在約翰的評論中補充的一件事是，我們仍在剝離我們不擁有的遺留 Signature 投資組合。因此，我們確實有與此相關的成本，但是當我們假設這些資產確實是機構的一部分流向其他地方時，這將會受到有利的影響。所以這也將影響到明年，假設......

Yes, that's right. The FDIC has put out the MF and CRE portfolios for sale. We expect bids to be this quarter, and we'll see what happens when that comes to pass.

恩，那就對了。 FDIC 已出售 MF 和 CRE 投資組合。我們預計投標將在本季度進行，屆時我們將看看會發生什麼。

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

您的下一個問題來自 KBW 的 Chris McGratty。

John, maybe just a question on the balance sheet to start, a lot of movements with the deposits that you telegraph, but can you help us with just overall size of earning assets near term, targeted cash levels, you're building the bond book? Just help on the moving pieces for the next couple of quarters?

約翰，也許只是資產負債表上的一個問題，您電報的存款有很多變動，但是您能否幫助我們了解近期盈利資產的總體規模、目標現金水平，您正在建立債券簿？只是為接下來幾季的發展提供幫助嗎？

Yes. No, no problem. We have slowly started to build the securities portfolio. Really, it's just a liquidity shift between cash and securities, government securities, very liquid, just to try to monetize some asset sensitivity here and get closer to neutral. That's been our plan since March 31, to get closer to neutral. And we have each quarter, we're slightly asset-sensitive right now, and that will continue to trend towards neutrality here in the next quarter or so.

是的。不，沒問題。我們已經慢慢開始建立證券投資組合。實際上，這只是現金和證券、政府證券之間的流動性轉變，流動性非常強，只是為了嘗試將一些資產敏感性貨幣化並接近中性。這是我們自 3 月 31 日以來的計劃，旨在接近中性。每個季度我們現在都對資產稍微敏感，並且在下個季度左右將繼續趨於中性。

So I think when you look at where we are in interest earning assets, the declines have basically stopped from the cash side. This is about where we'll be within $1 billion or so from a cash and securities perspective. So you may see cash drop a little bit, but that will be offset by incremental purchases on the security side. So I'd say that the large drops are behind us on the cash and the liquidity front, right?

所以我認為，當你看看我們在生息資產方面的情況時，現金方面的下降基本上已經停止了。從現金和證券的角度來看，我們的收入將在 10 億美元左右。因此，您可能會看到現金略有下降，但這將被安全方面的增量購買所抵消。所以我想說，現金和流動性方面的大幅下跌已經過去了，對吧？

We've paid down a lot of debt on the wholesale side, and some brokerage side. That will be more limited going forward. And then we'll look to grow certain areas of the loan portfolio where it makes sense strategically for the company, where we have the best opportunity to bring in deposits related to those loans. So I would say, very limited change from the -- if you look at cash and securities combined going forward and then some -- hopefully, some small growth on the loan side where it makes sense strategically.

我們已經償還了批發方面和一些經紀方面的大量債務。未來這將更加有限。然後，我們將尋求發展貸款組合的某些領域，這些領域對公司具有戰略意義，我們有最好的機會引入與這些貸款相關的存款。所以我想說，如果你看看未來現金和證券的結合，那麼變化非常有限，然後希望貸款方面出現一些小幅增長，這在戰略上是有意義的。

Okay. Just if I could follow up. You had 107 of earning assets in the quarter. Obviously, timing of everything is related when you move assets during the quarter. But just zeroing in on the fourth quarter earning assets, it feels like it's going to be lower than those 107, but just any kind of fine-tuning would be...

好的。要是我能跟進就好了。本季您有 107 項獲利資產。顯然，當您在本季轉移資產時，一切的時間安排都是相關的。但只要專注於第四季度的盈利資產，感覺它會低於這 107 個資產，但任何形式的微調都會...

Yes, not significantly lower than the 107. We expect it to be right around that number because I really don't see us dropping much more on the securities in total on the cash side. So I expect that will be pretty stable here. And hopefully, we'll be able to build that as our success on the deposit side starts to come through.

是的，不會比 107 低很多。我們預計它會在這個數字左右，因為我真的不認為我們在現金方面總共會在證券上投入更多。所以我預計這裡會非常穩定。希望隨著我們在存款方面的成功開始顯現，我們將能夠實現這一目標。

Okay. And then maybe just the last one on the loan to deposit. You retooled it a bit. How are you thinking about that entering 2024, little high?

好的。然後也許只是最後一筆貸款存入。你對它進行了一些改造。您如何看待進入 2024 年，有點高？

So Chris, so it's Tom. I would say that the strategy going forward here is relationship deposit story in all lines of the businesses, right? We're a different company. We're focusing on New Flagstar. We're focusing on getting ourselves to our commercial banking standard. We recognize that historically, you've had a very high loan-to-deposit ratio as a traditional thrift model. That's history. The goal here is to rightsize the institution to be more in line to a commercial banking model. We had a flatter transaction and we had the opportunity to be participating in the (inaudible) transaction really change the model in respect to the funding mix. So the goal here is to bring that level inside of 100.

克里斯，湯姆。我想說，這裡前進的策略是所有業務領域的關係存款故事，對吧？我們是一家不同的公司。我們關注的是新旗星。我們致力於讓自己達到商業銀行標準。我們認識到，從歷史上看，傳統儲蓄模式的貸存比非常高。這就是歷史。這裡的目標是調整機構規模，使其更符合商業銀行模式。我們的交易更加平穩，我們有機會參與（聽不清楚）交易，真正改變了融資組合的模式。所以這裡的目標是將該水平控制在 100 以內。

That's the goal here and continue to focus on best practices in the industry, and it's a more commercial bank model. So we're proud of the opportunity to diversify our lines and focusing on deposit relationship lending. If there's no deposit, only relationship, we're probably not going to make (inaudible). That said, that's coming from the top of the house at the Board level. It's very focused there that this is a great opportunity to take these 3 institutions under the New Flagstar umbrella and focus on relationship banking.

這就是我們的目標，並繼續關注行業的最佳實踐，這是一種更商業化的銀行模式。因此，我們為有機會實現業務多元化並專注於存款關係貸款而感到自豪。如果沒有存款，只有關係，我們可能不會做（聽不清楚）。也就是說，這是來自董事會高層的意見。那裡非常關注的是，這是一個將這 3 個機構納入 New Flagstar 保護傘並專注於關係銀行業務的絕佳機會。

We see it transforming actively on the multifamily CRE side. Throughout the past 3 years, we've had tremendous success with that model, and that's going to be [filtered] to all of the lines of businesses. That's going to be the strategy going forward.

我們看到它在多戶商業房地產方面正在積極轉型。在過去的三年裡，我們透過這種模式取得了巨大的成功，並且這種模式將被[過濾]到所有業務領域。這將是未來的策略。

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

您的下一個問題來自摩根大通的 Steven Alexopoulos。

This is Janet Lee for Steve Alexopoulos. My first question is on your new hires. As it relates to private banking team hires out of First Republic, are you seeing any more opportunities to hire new teams here over the near term?

我是史蒂夫·阿曆克索普洛斯的珍妮特·李。我的第一個問題是關於你們的新員工。由於這與從第一共和國招募私人銀行團隊有關，您認為短期內是否有更多機會在這裡招募新團隊？

I'll pass that over to Eric. Eric?

我會把它轉給埃里克。艾瑞克？

So we've hired in total now 59 Group Directors and 105 support staff. So there was tremendous opportunity over the last couple of quarters to hire. We're very excited about the team members that we've brought on board. And this is truly a tremendous opportunity to fill a massive void in the marketplace for service-oriented institutions, and we're really happy with the talent that we brought on board in order to do that.

因此，我們現在總共聘用了 59 名集團董事和 105 名支援人員。因此，過去幾季存在著巨大的招募機會。我們對我們引入的團隊成員感到非常興奮。這確實是一個巨大的機會，可以填補服務型機構市場上的巨大空白，我們對我們為此引入的人才感到非常滿意。

I would just add a point to that. The stability of the legacy Signature teams are solid. We had tremendous strength throughout the summer on stabilizing the team. That was the business risk when we announced the transaction. So there's been stability and as Eric indicated, as an opportunity as well.

我只想補充一點。傳統 Signature 團隊的穩定性非常穩固。整個夏天我們在穩定球隊方面擁有巨大的力量。這就是我們宣布交易時的商業風險。因此，穩定是存在的，正如艾瑞克所指出的，這也是一個機會。

Okay. Great. And as you're obviously growing and investing into the franchise, do you expect to be able to achieve positive operating leverage next year? Is that a target that you have in mind?

好的。偉大的。由於您顯然正在發展和投資特許經營權，您預計明年能夠實現積極的營運槓桿嗎？這是您心中的目標嗎？

That's the plan. I mean, we kind of thought through the pros. I'll let Eric go through some of the mechanics on history. He's done this for quite some time as far as how it -- it goes into the run rate...

這就是計劃。我的意思是，我們從專業角度進行了思考。我會讓艾瑞克介紹一些歷史機制。他這樣做已經有一段時間了，至於它如何影響運行率...

Well yes, it usually takes about 12 to 24 months, right? Each team is different, has a different book of business and underlying client base, but we'll usually achieve positive leverage, if you look 12 to 24 months out.

是的，通常需要大約 12 到 24 個月，對嗎？每個團隊都是不同的，有不同的業務和潛在客戶群，但如果你展望 12 到 24 個月，我們通常會實現積極的槓桿作用。

That's on the new team that came on board. But obviously, we have embedded within the franchise close to 1200 team members from the legacy Signature the portfolio that's managing close to $30 billion of deposits that has tremendous operating leverage for the franchise, of which I think it's probably close to 40% of the deposit (inaudible) .

這是新加入的團隊的成員。但顯然，我們在特許經營權中嵌入了來自傳統Signature 的近1200 名團隊成員，該投資組合管理著近300 億美元的存款，這對特許經營權具有巨大的營運槓桿，我認為這可能接近存款的40% （聽不清楚）。

That's right.

這是正確的。

Got it. And can you give us an update on the progress of bringing back Signature noninterest-bearing deposits that have left during the third quarter and maybe 4Q to date? Has it accelerated versus the $285 million that you brought in during the second quarter?

知道了。您能否向我們介紹第三季乃至第四季迄今留下的簽名無息存款的最新進展？與第二季 2.85 億美元的收入相比，它是否有所加速？

Yes, we're really stable. I mean, we brought in nearly $300 million again in deposits. So they continue to flow back. And that's in the face of, obviously, the most difficult deposit environment that we've seen in our careers for sure. So we're very pleased with the traction that we're gaining. We had growth in both the West Coast banking teams and the East Coast banking teams as well as the new FRB teams that we brought on board. So we're seeing growth from all areas of our traditional banking teams.

是的，我們真的很穩定。我的意思是，我們又吸收了近 3 億美元的存款。所以他們繼續回流。顯然，這是我們職業生涯中見過的最困難的存款環境。因此，我們對所獲得的關注感到非常滿意。我們的西海岸銀行團隊和東海岸銀行團隊以及我們引入的新 FRB 團隊都取得了成長。因此，我們看到傳統銀行團隊各領域的成長。

I'll just add some comments here. I spent most of the summer meeting both PCGs as well as our new client base. And close to 1,000 hands I have shaken over the summer, and it was amazing to see the connectivity between the PCG teams and the client, and the loyalty factor behind that. So we're very proud of the team. We're proud that they're able to go through a significant adverse time in March and see an opportunity on New Flagstar, and we're very pleased with the success on the stability of the base.

我只是在這裡添加一些評論。夏天的大部分時間我都在與 PCG 以及我們的新客戶群會面。整個夏天，我與近 1,000 隻手握手，看到 PCG 團隊和客戶之間的聯繫以及背後的忠誠度因素，真是令人驚嘆。所以我們為這個團隊感到非常自豪。我們很自豪他們能夠度過三月的重大不利時期並在新旗星號上看到機會，我們對基地穩定性的成功感到非常高興。

Accounts are still there. They may be cleaned out as far as some of the excess liquidity to the market, but they're not leaving the institution when it comes to the actual relationship, but they did move some significant deposits. So when we did the transaction in March that institution was at a much higher base when we step in, it's been stable, which is a very positive signal for what we expected. And as you can recall from the original deal mechanics, we felt there would be further runoff just because the unknown factor as we came into a very tumultuous time.

帳戶還在。他們可能會清除市場上的一些過剩流動性，但就實際關係而言，他們並沒有離開該機構，但他們確實轉移了一些大量存款。因此，當我們在三月進行交易時，當我們介入時，該機構的基數要高得多，並且一直穩定，這對我們的預期來說是一個非常積極的信號。正如您可以從最初的交易機制中回憶起的那樣，我們認為，由於未知因素，我們進入了一個非常動蕩的時期，因此將會出現進一步的決選。

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

您的下一個問題來自德意志銀行的 Bernard Von Gizycki。

So just on purchase accounting accretion, if you could just remind us on 3Q for the NIM, how much there was, what the split was between Flagstar and Signature. And based on your 4Q guide of NIM, what are you expecting?

因此，就購買會計成長而言，如果您能在第三季提醒我們 NIM 的數量，以及 Flagstar 和 Signature 之間的分配情況。根據您的 NIM 4Q 指南，您有何期望？

Sure, Bernard. If you look, we did add a slide, I don't know if you saw it in the earnings presentation around the purchase accounting accretion because we know we're going to get some questions on that. So it was about $100 million that came in, in September. The split is about 70% Signature and about 30% from the Flagstar transaction. From a forecasting perspective, we're expecting it to be a little bit lower than that in the fourth quarter, not substantially.

當然，伯納德。如果您看一下，我們確實添加了一張投影片，我不知道您是否在購買會計成長的收益簡報中看到它，因為我們知道我們會對此提出一些問題。所以 9 月的營收約為 1 億美元。分成大約 70% 的簽名和大約 30% 來自 Flagstar 交易。從預測的角度來看，我們預計它會比第四季略有下降，但不會大幅下降。

We believe that we have another quarter or so at a pretty high run rate from the Signature transaction, given how we're seeing some pay downs. We will see the Flagstar piece start to slow down here as we get to the 1-year mark in December. But right now, that's where we kind of expect it to be pretty close to that level around $100 million.

考慮到我們看到的一些回報，我們相信簽名交易還有一個季度左右的運行率相當高。當 12 月達到 1 週年紀念日時，我們將看到 Flagstar 的速度開始放緩。但目前，我們預計它會非常接近 1 億美元左右的水平。

Okay. Great. And then just on deposits, I know in the past, you guys have talked about the Banking as a Service initiatives that you had. I was just wondering if you could kind of remind us what you might have in the pipeline, as you kind of think of how noninterest-bearing deposits could trend maybe going into next year?

好的。偉大的。然後就存款而言，我知道你們過去曾談論過你們的銀行即服務計劃。我只是想知道您是否可以提醒我們您可能會有什麼計劃，因為您認為無利息存款明年可能會如何發展？

I'll start off and then defer it to Reggie, but I will tell you that the reality is that we have a lot of interesting opportunities in front of us. We did mention about a year ago that we did successfully compete and actually win the opportunity within the California unemployment fund. That should be coming on sometime early in 2024. That will be a nice pickup for the institution. With that being said, there's so many different lines of businesses as well as opportunities. I'd love to have Reggie Davis just share some thoughts on the deposit strategy because we're really excited what we can do in the future. So Reggie, if you don't mind?

我會先開始，然後將其交給雷吉，但我會告訴你，現實是我們面前有很多有趣的機會。大約一年前，我們確實提到過，我們確實成功地競爭並實際上贏得了加州失業基金的機會。這應該會在 2024 年初的某個時候實現。這對該機構來說將是一個很好的回升。話雖如此，有很多不同的業務線和機會。我很想讓雷吉戴維斯分享一些關於存款策略的想法，因為我們對未來能做的事情感到非常興奮。雷吉，如果你不介意的話？

Yes. Sure, Tom. So we have a lot more to add around banking as a service in addition to what Tom said. As you know that business kind of comes in from an opportunistic standpoint. So we've got a lot in the pipeline, and we feel really good about our prospects of winning additional business. But we don't try to project out exactly where that book is going to be. I think where we had a lot of success this year is in our consumable, which -- that tends to be a little bit more steady, a little bit more predictable, and I feel really good about where that retail business is positioned, particularly given the tough environment.

是的。當然，湯姆。因此，除了湯姆所說的之外，我們還有很多關於銀行即服務的內容需要添加。如您所知，商業是從機會主義的角度出發的。因此，我們已經有很多工作要做，而且我們對贏得更多業務的前景感到非常滿意。但我們並沒有試著準確預測這本書的位置。我認為今年我們在消費品方面取得了很大的成功，這往往更加穩定，更加可預測，而且我對零售業務的定位感到非常滿意，特別是考慮到艱苦的環境。

The team has done a lot of really good work. Our relationship banking model this year really proved its value, a tremendous amount of stability in that book. We actually brought both the branch teams together this year, combined the back office, we're now operating under the same leadership structure, same sales and service model. That model change went really well, no disruptions. We're in the process of introducing a more skilled and consistent sales culture across the entire network of [380] branches. It's designed to create a great client experience, and it will be uniquely Flagstar positioned with the brand that Tom talked about. And if you kind of think about where we are, there's a lot of upside in that business, the legacy Flagstar branches are still only able to open accounts in branch.

團隊做了很多非常好的工作。今年我們的關係銀行模式確實證明了它的價值，這本書有著巨大的穩定性。實際上，我們今年將兩個分支機構團隊合併在一起，合併了後台，我們現在在相同的領導結構、相同的銷售和服務模式下運作。模型的改變進行得非常順利，沒有出現任何中斷。我們正在整個 [380] 個分支機構網絡中引入更熟練和一致的銷售文化。它旨在創造出色的客戶體驗，並將以 Tom 談到的品牌為 Flagstar 進行獨特的定位。如果你想想我們的處境，你會發現這項業務有很多優勢，傳統的 Flagstar 分店仍然只能在分行開設帳戶。

That's 40% of our franchise, about 157 branches. Next year, we'll be able to have online capability. So we know that will actually increase our net acquisition. This year, for the first year, we began using targeted digital marketing in our NYCB footprint to drive new client acquisition. That's gone well. We've introduced a new skinny down version of our AI-powered client relationship tool, which is called [NextGen] sales in our NYCB branches. That had tremendous impact. We see increases in new account balances, all those validated.

這是我們特許經營權的 40%，大約有 157 個分支機構。明年，我們將能夠擁有線上功能。所以我們知道這實際上會增加我們的淨收購量。今年，我們第一年開始在 NYCB 足跡中使用有針對性的數位行銷來推動新客戶的獲取。一切順利。我們推出了由人工智慧驅動的客戶關係工具的新精簡版本，在我們的 NYCB 分公司中稱為 [NextGen] 銷售。這產生了巨大的影響。我們看到新帳戶餘額增加，所有這些都經過驗證。

And then next year, we'll be fully operational across the entire footprint with additional enhancements for that tool. We feel really good that the portfolio performed well this year, quarter-over-quarter, we're only down $500 million, which is less than 1.5%. Most of the year, we've had success with this high touch model. If you look at our weighted average cost, it's only up 177 basis points since January against the Fed funds increase of 5.25%. So we're really pleased with the retention in that portfolio.

明年，我們將在整個覆蓋範圍內全面運營，並對該工具進行額外的增強。我們感覺非常好，該投資組合今年表現良好，環比下降了 5 億美元，不到 1.5%。在這一年的大部分時間裡，我們都透過這種高接觸模式取得了成功。如果你看一下我們的加權平均成本，自 1 月以來，與聯邦基金利率 5.25% 的增幅相比，它只上升了 177 個基點。因此，我們對該產品組合的保留感到非常滿意。

And I think another good news story is, from a CD renewal perspective, we've been above the 80% retention rate all year, which is kind of top of class from an industry perspective. We had 20% of our CD book renewed between August and September. We had 81% retention rate on that average rate, went from at 1.7 at maturity to less than 5%. So positioned well below the kind of market leaders in terms of rates. So we continue to be really optimistic around deposits. It's one of the success stories we've got this year.

我認為另一個好消息是，從 CD 續約的角度來看，我們全年的保留率都高於 80%，從行業角度來看，這是一流的。 8 月至 9 月期間，我們更新了 20% 的 CD 書。我們的平均保留率為 81%，從到期時的 1.7 降至少於 5%。因此，就費率而言，其定位遠低於市場領導者。因此，我們對存款仍然非常樂觀。這是我們今年的成功案例之一。

We have seen lot of enthusiasm under Mr. Davis. So thank you, Reggie. I will tell you that the energy and driving this institution is the new focus for the institution. So clearly, Reggie has a lot of interesting opportunities in front of us. So we're excited as a whole team. So thank you for that, Reggie.

我們在戴維斯先生的領導下看到了很多熱情。所以謝謝你，雷吉。我會告訴你，這個機構的活力和驅動力是該機構的新焦點。很明顯，雷吉在我們面前有很多有趣的機會。所以我們整個團隊都很興奮。所以謝謝你，雷吉。

Our next question will come from the line of Mark Fitzgibbon with Piper Sandler.

我們的下一個問題將來自馬克·菲茨吉本和派珀·桑德勒。

I was wondering, was any of the $62 million provision this quarter, did it have any specific reserves in there for those 2 credits you singled out? And have you reappraised those 2 properties?

我想知道，本季 6200 萬美元的撥款中是否有任何具體儲備金用於您挑選的這 2 個積分？您重新評估了這兩個屬性嗎？

Yes. So both of those 2 properties as they go through the process of nonperforming, were both recently reappraised. So the charge-off on the Syracuse loan was based, of course, on that most recent appraisal. And then if you look at the $62 million, the bulk of the provision was, one, to really restore the allowance for the charge-offs that we took, as well as some small modest growth that we had, some CRE modeling changes through the Moody's macroeconomic factor and then another more qualitative like factor related to the office portfolio.

是的。因此，這兩個房產在經歷不良過程時，最近都進行了重新評估。因此，雪城大學貸款的沖銷當然是基於最近的評估。然後，如果你看一下 6200 萬美元，大部分準備金是，一，真正恢復我們所採取的沖銷準備金，以及我們的一些小幅適度增長，通過以下方式進行一些 CRE 模型更改：穆迪的宏觀經濟因素以及另一個與辦公室投資組合相關的更具定性的因素。

That's kind of how it was broken apart to get to that 62. But yes, both of those loans have recent appraisals on them, and again we're holding them now where we believe, especially on that Syracuse loan, the write-down we've taken -- we're very comfortable with where that is in the same process we use for decades when we take charge-offs.

這就是它被分解到62的方式。但是，是的，這兩筆貸款都有最近的評估，我們現在再次將它們持有在我們認為的地方，特別是在錫拉丘茲貸款上，我們的減記已經採取了——我們對幾十年來我們在沖銷時使用的同一流程中的情況感到非常滿意。

Okay. And then just to follow-up unrelated. And this may seem like a hard thing to imagine right now, but could you consider doing additional sort of troubled bank acquisitions if they came along and hopefully they don't. But if there were some failed institutions in 2024, do you think it's conceivable that you could do another transaction?

好的。然後只是後續無關的。現在這似乎是一件很難想像的事情，但是如果它們出現的話，你是否可以考慮進行其他類型的陷入困境的銀行收購，希望它們不會出現。但如果2024年有一些機構倒閉，你覺得還有可能再做一次交易嗎？

Mark, it's Tom. I will tell you that we are laser-focused on building New Flagstar. We have a lot on our plate as you can imagine, launch came along unexpectedly from pretty much everybody, and we were able to be accommodative and work with the government to facilitate which we believe is a very good transaction. We're busy, right? We want to get our conversions done. We want to get systems in order. We have a lot of integration that we want to make sure we prioritize.

馬克，是湯姆。我會告訴你，我們正專注於建造新旗星。正如你可以想像的那樣，我們有很多事情要做，幾乎每個人都出乎意料地推出了這款產品，我們能夠做到包容並與政府合作來促進這一點，我們認為這是一筆非常好的交易。我們很忙，對吧？我們希望完成轉換。我們希望系統井然有序。我們有很多集成，我們希望確保優先考慮。

So I will tell you that we're very pleased where we are, and we're building New Flagstar and it's unlikely that we'll be participating in growth opportunities and the company is going from $60 billion to $120-ish billion, and that's a lot of growth. And we have a lot of work to do in front of us, and the team is -- as you can hear with Reggie Davis and Eric and all the great team members we have here, we're busy. So we have the priority of getting us to be that $100 billion institution where we feel very proud of the back office, the system conversion, a lot of work ahead of us, Mark. And that's a priority.

所以我會告訴你，我們對我們所處的位置感到非常滿意，我們正在建立新旗星，我們不太可能參與成長機會，公司將從 600 億美元成長到 1200 億美元左右，這就是大量的成長。我們面前有很多工作要做，而且我們的團隊——正如雷吉·戴維斯和埃里克以及我們這裡所有優秀團隊成員所聽到的那樣，我們很忙。因此，我們的首要任務是讓我們成為價值 1000 億美元的機構，我們對後台、系統轉換以及我們面前的大量工作感到非常自豪，馬克。這是一個優先事項。

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

你的下一個問題來自瑞銀集團的布羅迪普雷斯頓。

I just wanted to follow up on those 2 office credits. I wanted to ask what was the LTV on those loans prior to the reappraisal, John? And where did the LTV go on reappraisal prior to you charging them down?

我只是想跟進這兩個辦公室學分。我想問的是，在重新評估之前，這些貸款的 LTV 是多少，約翰？在您降低生命週期價值之前，他們在哪裡進行了重新評估？

Well, let me defer to John. He's actually in my office. So John, do you want to just address those 2 credits?

好吧，讓我聽聽約翰的意見。他實際上在我的辦公室。那麼約翰，你想只解決這兩學分嗎？

Both those credits at the time of origination were 65% or less. They were originated quite some time before the pandemic, but the impact of the pandemic and obviously, leasing activity and vacancies, both of those credits at the time that we reappraised, obviously, Syracuse was more than 100%, but the larger asset in the city 90%.

發起時這兩個積分均為 65% 或更少。它們早在大流行之前就已經出現了，但大流行的影響，顯然還有租賃活動和空缺，在我們重新評估時，這兩個信用點顯然是雪城大學超過100%，但更大的資產是在城市90%。

Syracuse had a significant kind of -- this was a unique iconic building that lost its major tenant, and we'll deal with as we go along here. We were very active to get the appraisal updated, we took the much lower valuation, and we'll work through the workout process. Feel good about the fact that this is at a level that we can move, this will be happy, but we'll work with the [existing law] to see if he wants to try to work it through the bank. If not, we will have people that were willing to step in here.

錫拉丘茲有一種重要的——這是一座獨特的標誌性建築，失去了它的主要租戶，我們將在這裡處理。我們非常積極地更新評估，我們採取了低得多的評估，我們將完成運動過程。對此感到滿意，因為這是我們可以移動的水平，這會很高興，但我們將根據[現行法律]合作，看看他是否想嘗試透過銀行來解決這個問題。如果沒有，我們會有願意介入這裡的人。

Got it. Okay. And I just wanted to get a sense for -- do you have an idea for what the lease rules look like for the rest of the office portfolio, if it was a tenant leaving that kind of caused the issue with the Syracuse portfolio? Just wanted to get a sense for what those lease rules look like.

知道了。好的。我只是想了解一下——如果是租戶離開造成了雪城大學投資組合的問題，那麼您是否知道其他辦公大樓投資組合的租賃規則是什麼樣的？只是想了解一下這些租賃規則是什麼樣的。

So this is Tom again. I would say big picture, we're going through that process. We talked about Manhattan, we had about $1 billion -- $1.8 billion in Manhattan, very cognizant of what's coming due when it comes to refinancing in respect to coupons as well as the tenancy, we evaluate that. Feel pretty good about the portfolio. But this is an environment where you have to have an enhanced monitoring. The company is doing a lot of work to ensure that we're getting updated financial statements. This is that time of year from now until the end of the year, we got a lot of new financial statements.

這又是湯姆。我想說的是，我們正在經歷這個過程。我們談到了曼哈頓，我們在曼哈頓有大約 10 億美元——18 億美元，非常清楚在優惠券和租賃方面的再融資方面即將發生什麼，我們對此進行了評估。對投資組合感覺很好。但這是一個必須加強監控的環境。該公司正在做大量工作來確保我們獲得最新的財務報表。每年的這個時候，從現在到年底，我們都會收到許多新的財務報表。

As John indicated, we updated the macroeconomic backdrop towards the credit environment, in particular CRE. But clearly, this is a unique portfolio, typically on historical basis, it is a sponsor-driven opportunity for the bank. Historically, we've had a very strong mix, a very strong family that actually buy into the multifamily and CRE market opportunistically, tied to the 1031 exchange opportunity when it comes to tax deferrals.

正如約翰所指出的，我們更新了信貸環境的宏觀經濟背景，特別是商業房地產。但顯然，這是一個獨特的投資組合，通常在歷史基礎上，對銀行來說是一個由贊助商驅動的機會。從歷史上看，我們有一個非常強大的組合，一個非常強大的家庭，他們實際上會機會主義地購買多戶住宅和商業地產市場，並在稅收遞延方面與 1031 交換機會聯繫在一起。

And we have a very strong overall leverage -- overall average LTV and a strong debt service coverage ratio. You're going to have one-offs from time to time. We'll call this particular one a one-off. We don't see a trend yet, but we're monitoring very carefully.

我們擁有非常強大的整體槓桿率——整體平均貸款價值和強勁的償債覆蓋率。你時不時就會遇到一次性的情況。我們將這特定的事件稱為一次性事件。我們還沒有看到趨勢，但我們正在非常仔細地監控。

Okay. And I'll just ask one more and then hop out, just a clarifying one on the average earning asset guide. Was that stable at $107 million for the fourth quarter? And if so, could you kind of clarify the moving parts there for me, John, just given the period end was quite a bit lower than that.

好的。我只會再問一個問題，然後跳出，只是對平均收入資產指南進行澄清。第四季穩定在 1.07 億美元嗎？如果是這樣，約翰，您能否為我澄清一下其中的活動部分，因為期末的情況比這要低得多。

Yes. So what we're looking at is from an average perspective, we expect that cash and securities will be pretty flat. We don't expect significant declines in those 2 items. Now once again, that depends, of course, on our success in bringing deposits in the quarter. And we do expect to have some loan growth, nothing substantial, but just a little bit of loan growth here, which is why we think we can be pretty close to that. I don't think -- like I mentioned, we're not going to see the big declines we've seen in the past. There'll still be a little bit of a mix shift between cash securities and loans. We just don't expect it to be as big a drop as it was quarter-over-quarter. It's going to be relatively consistent.

是的。因此，我們所看到的是從平均角度來看，我們預計現金和證券將相當穩定。我們預計這兩項不會大幅下降。當然，這再次取決於我們在本季能否成功吸引存款。我們確實預計會有一些貸款成長，但沒什麼實質的成長，只是有一點點貸款成長，這就是為什麼我們認為我們可以非常接近這個目標。我不認為——就像我提到的那樣，我們不會看到過去看到的大幅下降。現金證券和貸款之間仍然會有一些混合變化。我們只是預計下降幅度不會像季度環比那麼大。會比較一致。

I would just add to that point, it's Tom again. Strategically, we put out a plan when we announced the receivers of the transaction and how we see the balance sheet coming at year-end. Now we're focusing on the businesses. And the businesses that will have -- some businesses actually seeing declines in particular, multifamily CRE. The business is very slow. You'll see the offset of growth in the C&I portfolio. We're very, very optimistic about the opportunity on overall interest rates when it comes to residential lending. We have Lee Smith on the line, who can expand upon the opportunity there.

我想補充一點，又是湯姆。從戰略上講，當我們宣布交易接收方以及我們如何看待年底的資產負債表時，我們制定了一項計劃。現在我們的重點是業務。一些企業實際上會出現下滑，特別是多戶商業房地產。生意很慢。您將看到 C&I 投資組合成長的抵消。我們對住宅貸款整體利率的機會非常非常樂觀。我們有李史密斯（Lee Smith）在線，他可以擴大那裡的機會。

It's a much different market when it comes to resi lending. So our mortgage bank has been light sized back in January. So we're actually making money in the line of business, which is not common in financial services in today's environment. but clearly have other levers to pull. And probably the augmentation of the balance sheet will continue. You'll see more of a shift away from CRE multifamily just because of the market. There's not a lot of activity and our spread is about 300 basis points spread off the 5-year treasury and probably wider than where the government is, and the government will be proactive, but their balance sheet will be less proactive and we'll be focusing on relationships at deposit gathering.

就 Resi 貸款而言，這是一個完全不同的市場。因此，我們的抵押貸款銀行在一月就規模較小。因此，我們實際上是在業務領域賺錢，這在當今環境下的金融服務中並不常見。但顯然還有其他槓桿可以拉動。資產負債表的擴張可能還會持續。您會看到更多人因市場原因而放棄商業房地產多戶型住宅。活動不多，我們的利差與5 年期國債的利差約為300 個基點，可能比政府的利差更寬，政府將採取積極主動的行動，但他們的資產負債表將不那麼積極主動，我們將注重存款收集時的關係。

So like I indicated, going back to the strategy, it's going to be about relationship banking and all the lines of businesses. And we're seeing some good pickup on the homebuilder finance business, a good pickup on the C&I business as far as really getting a seat at the table and getting deposit flows tied to the businesses that we're banking on the corporate bank sponsorship side. With that, I'm going to just pass the baton over to Lee, you can give some update on mortgage and what we see the opportunity in respect to the mortgage market. So Lee Smith?

正如我所指出的，回到策略，它將涉及關係銀行業務和所有業務線。我們看到房屋建築商金融業務出現了一些良好的回升，工商業和工業業務也出現了良好的回升，只要真正在談判桌上佔據一席之地，並將存款流與我們在企業銀行贊助方面存入的業務聯繫起來。至此，我將把接力棒交給 Lee，您可以提供一些有關抵押貸款的最新資訊以及我們看到的抵押貸款市場機會。那麼李史密斯呢？

Yes, sure. Thanks, Tom. I think there's a number of opportunities. I think, first of all, just from an origination point of view, if you look at Q3 versus Q2, the market was down 6% quarter-over-quarter. And our mortgage locks were down only 1.7%. And we actually saw gain on sale margin expansion of about 8 basis points or 15% quarter-over-quarter. And I think we've benefited from dislocation in the market, certainly in the TPO channels. We've seen a major player exit. We've seen others exit. We've been able to bring in some very strong account executives.

是的，當然。謝謝，湯姆。我認為有很多機會。我認為，首先，僅從起源的角度來看，如果對比第三季度和第二季度，市場環比下降了 6%。我們的抵押貸款鎖定僅下降了 1.7%。事實上，我們看到銷售利潤率較上季成長了約 8 個基點或 15%。我認為我們從市場錯位中受益，尤其是在 TPO 管道中。我們看到了主要參與者的退出。我們看到其他人退出。我們已經聘請了一些非常強大的客戶主管。

We've brought in some new clients, and we're getting a greater share of wallet from existing customers as well. So we benefited on the origination side to Tom's point. We've rightsized our operation from an infrastructure point of view, we've taken about 65% of our infrastructure cost out from the high of 2021. And the mortgage origination business, which includes the return on MSR is profitable. And we're very pleased about that in this environment. That dislocation is also spreading to the warehouse lending business.

我們引進了一些新客戶，我們也從現有客戶那裡獲得了更大的錢包份額。因此，我們從湯姆的觀點的起源方面受益。我們從基礎設施的角度調整了我們的營運規模，從 2021 年的高點開始，我們已經削減了約 65% 的基礎設施成本。抵押貸款發放業務（包括 MSR 的回報）是有利可圖的。我們對此環境感到非常高興。這種混亂也蔓延到了倉庫借貸業務。

And so as I mentioned, the market was down 6%, but average outstandings from a warehouse point of view were up $600 million or 14%. And again, as we've seen dislocation and people exiting that space, we've been able to benefit from that as well. And then I think, finally, and Thomas talked about deposits. When you look at the mortgage vertical and you look at all the various ways that were plugged in to the mortgage ecosystem from an origination, servicing, a lending point of view, and then you've got the cash and treasury management team that we acquired as part of the Signature acquisition. We've got somewhere between $10 billion and $12 billion of deposits that are coming from that mortgage vertical. There's about $5.5 billion coming from the servicing or subservicing business and all the loans on the servicing platform.

正如我所提到的，市場下跌了 6%，但從倉庫的角度來看，平均未清償金額增加了 6 億美元，即 14%。再說一次，當我們看到混亂和人們離開這個空間時，我們也能夠從中受益。然後我想，最後，湯瑪斯談到了存款。當你審視抵押貸款垂直領域時，你會從發起、服務、貸款的角度審視插入抵押貸款生態系統的各種方式，然後你會看到我們收購的現金和財務管理團隊作為 Signature 收購的一部分。我們有 100 億至 120 億美元的存款來自抵押貸款垂直領域。大約 55 億美元來自服務或服務業務以及服務平台上的所有貸款。

And then there's another $4.25 billion to $6.5 billion, $7 billion from that team that came over from Signature. Some of those are escrow deposits. And so those balances typically move between $4.25 billion and $6.75 billion. But the $10 billion to $12 billion of deposits on the balance sheet that are coming from that mortgage vertical and the ecosystem that we're working with day in, day out, and we think we can attract more deposits over time from that ecosystem.

然後還有另外 42.5 億到 65 億美元，其中 70 億美元來自 Signature 的團隊。其中一些是託管存款。因此，這些餘額通常在 42.5 億美元到 67.5 億美元之間變動。但資產負債表上的 100 億至 120 億美元存款來自抵押貸款垂直領域和我們日復一日工作的生態系統，我們認為隨著時間的推移，我們可以從該生態系統吸引更多存款。

The other I want to add in this business is clearly the opportunity that we look at the hybrid ARM market right now. We do have a tremendous opportunity as customers are looking away from the 30, a 15-year market and focusing on the shorter duration opportunity, which really is underwriting very low LTVs and opportunity for this bank to look at balance sheet opportunities, and look at an asset class that we're very comfortable with on putting on given the changes in interest rates, which will also be a potential for organic growth for the company, especially tied to the opportunity with some of our new team members that have joined us and focus on that business.

我想在這個業務中補充的另一個顯然是我們現在專注於混合 ARM 市場的機會。我們確實擁有巨大的機會，因為客戶正在將目光從30 年期、15 年期市場轉移到較短期限的機會，這確實是承保非常低的LTV，也是這家銀行關注資產負債表機會的機會，並關注考慮到利率的變化，我們對持有這一資產類別感到非常滿意，這也將成為公司有機成長的潛力，特別是與加入我們的一些新團隊成員的機會有關，專注於該業務。

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

你的下一個問題來自摩根士丹利的馬南·戈薩利亞（Manan Gosalia）。

So you spoke about NIM stepping down from 3.27% to about 3.00% to 3.10%, and the majority of the custodial deposits going away and earning assets being relatively flat. So it sounds like an NII of roughly a little bit over $800 million or so next quarter is what you're guiding to. So, a, do I have that right? And b, I think more broadly, how are you thinking about the run rate for net interest income for next year, is that $800 million plus number a good starting point from which you can grow through 2024?

因此，您談到淨利差從 3.27% 降至約 3.00% 至 3.10%，大部分託管存款消失，生息資產相對持平。因此，聽起來您的目標是下個季度的 NII 大約超過 8 億美元。那麼，a，我有這個權利嗎？ b，我更廣泛地思考，您如何看待明年淨利息收入的運行率，這個 8 億美元以上的數字是否是您可以在 2024 年實現增長的良好起點？

I'll start and I'll pass this time to John, our CFO. I will tell you, big picture, it seems like we've got the 3% a lot faster than I expected from the transaction and the overall margin. So obviously, we're still asset sensitive. We're pleased on the results thus far regarding future guidance. We don't have future guidance out there in the marketplace. But we are very optimistic with the diversification in our asset mix. We're not that same bank that we were a year ago when it comes to a legacy thrift model. We have diversification that has a lot of floating rate coupons tied to higher spreads. We have unique businesses tied to the C&I marketplace.

我先開始，並將這段時間交給我們的財務長約翰。我會告訴你，從大局來看，我們從交易和整體利潤中獲得 3% 的速度似乎比我預期的要快得多。顯然，我們仍然對資產敏感。我們對迄今為止有關未來指導的結果感到高興。我們在市場上沒有未來的指導。但我們對資產組合的多元化非常樂觀。就傳統儲蓄模式而言，我們已經不再是一年前的那家銀行了。我們的業務多元化，有許多浮動利率優惠券與更高的利差有關。我們擁有與工商業市場相關的獨特業務。

We have, as we indicated, Lee Smith's businesses that has an opportunity on the hybrid on book of business as well. So when you look at future asset growth, it's going to be the diversification within the portfolio, and rates have significantly increased. Just to give you some data points on the CRE multifamily portfolio, we have $18 billion coming due over the next 36 months. Next year alone, it's about $4.5 billion multifamily coupons of 382 coming due and CRE of 575. You bring that to the market. That's a powerful benefit for the asset yield.

正如我們所指出的，李史密斯的業務在業務簿上也有混合的機會。因此，當你觀察未來的資產成長時，將會發現投資組合的多元化，並且利率顯著上升。為了向您提供有關 CRE 多戶住宅投資組合的一些數據，我們將在未來 36 個月內到期 180 億美元。光是明年，就有約 45 億美元的多戶家庭優惠券（382 份到期）和 CRE 575 份到期。您將其推向市場。這對資產收益率來說是一個巨大的好處。

That goes consistently between $4 billion to $7 billion each year that we know is coming due. And we'll deal with as it comes and all those loans are not going to stay with the bank, it's going back, our focus is going to be relationship banking. And if the government steps in, the government can gladly step in for customers who don't want to have deposits. But the reality is we're going to focus on making sure that customers get to the other side, and we're going to work with our customers very carefully on the relationship banking side.

我們知道每年到期的金額始終在 40 億至 70 億美元之間。我們會及時處理，所有這些貸款都不會留在銀行，而是會退回，我們的重點將是關係銀行業務。如果政府介入，政府可以很樂意介入那些不想存款的客戶。但現實是，我們將專注於確保客戶到達另一邊，並且我們將在關係銀行業務方面與客戶非常仔細地合作。

And if there's no relationship, we're really not interested in partnering with just loan activity that are coming off coupons that are well below the market. So we have an opportunity to really price up that portfolio and growth is not going to drive profitability in that book. The other lines of businesses can grow very favorably here given the current spreads that we're seeing in all lines of business and banking. Spreads have changed dramatically across the financial services spectrum since March. As I indicated, we're 300 basis points spread. We're not moving on that. We would be very proactive to have strong economic spreads on the multifamily CRE side, but it all spreads out, all the line business have clearly up quite a bit given the interest rate environment. So with that being said, I'll pass the baton to John to add more color on that.

如果沒有關係，我們真的沒有興趣與僅使用遠低於市場優惠券的貸款活動合作。因此，我們有機會真正提高該投資組合的價格，而成長不會推動該書的獲利能力。考慮到我們目前在所有業務和銀行業務中看到的利差，其他業務在這裡可以非常有利地成長。自三月以來，整個金融服務領域的利差發生了巨大變化。正如我所指出的，我們的利差為 300 個基點。我們不會繼續前進。我們會非常積極地在多戶商業房地產方面實現強勁的經濟利差，但考慮到利率環境，所有業務都明顯成長了很多。話雖如此，我將把接力棒交給約翰，讓他為此增添更多色彩。

Yes. Just quickly on the fourth quarter, we're not going to see declines in the spot balances that we've seen, right? On interest earning assets or on total assets. The total assets about $111 million -- I'm sorry, $111 billion. That we're not going to see the continued drops in that, that we've seen in the last couple of quarters due to the paydown on the cash.

是的。很快，第四季我們就不會看到現貨餘額下降，對嗎？生息資產或總資產。總資產約 1.11 億美元——抱歉，是 1,110 億美元。由於現金支付，我們不會看到過去幾季我們看到的持續下降。

The average will still be down, just not down as much as it was when you look at Q2 to Q3 is our expectation. So it's not going to be exactly the 107. We just believe that the rate of change on the average is starting to decline as we're hitting our spot balances here. We don't think we'll drop much lower than this $111 billion that we were as of 9/30. So that's the only piece I want to make sure that I clarify.

我們的預期是，平均值仍將下降，只是不會像第二季到第三季那樣下降那麼多。所以它不會完全是 107。我們只是相信，隨著我們達到現貨平衡，平均變化率開始下降。我們認為我們不會比 9 月 30 日的 1,110 億美元下降太多。所以這是我唯一想確保澄清的部分。

The one other point I would say, we're really focusing on creating this institution that we're going to be agnostic to changes of interest rates. We really want to get away from being so significantly asset sensitive and/or liability sensitive where on the legacy thrift model, that was our Achilles heel. We had a significant history of liability sensitivity. We're moving towards, as John indicated, neutrality, we're still asset sensitive, and it's rising rate environment, the current rate environment that will add to continued margin benefits.

我想說的另一點是，我們真正專注於創建一個不受利率變化影響的機構。我們真的希望擺脫對傳統儲蓄模式如此顯著的資產敏感和/或負債敏感，這是我們的致命弱點。我們在責任敏感性方面有著悠久的歷史。正如約翰所指出的那樣，我們正在走向中性，我們仍然對資產敏感，而且利率環境不斷上升，當前的利率環境將增加持續的利潤率收益。

But ultimately, rates go up or down, we want to have a very strong margin as we run these businesses through changes of interest rates. That's the focus to build this institution going forward under the New Flagstar.

但最終，利率會上升或下降，我們希望在透過利率變動來經營這些業務時獲得非常高的利潤。這是在新旗幟下建造這個機構的重點。

That's helpful. And just a clarification there. The loans that are coming due over the next year, the yield pickup on those loans would be 300 to 400 basis points or so?

這很有幫助。只是澄清一下。明年到期的貸款，這些貸款的收益率會上升 300 到 400 個基點左右嗎？

I mean, right now, they're multifamily books for next year, so 382 coming due, and CRE 575. So market is what? Right now, 300 off the 5 years, it's probably close to (inaudible) that's a pretty big difference. We have different product mix, which we're proud that we've offered to our customers to work with them. We have a structure that's synthetic that kind of mimics what's being done in the government market, which is a new product to the bank.

我的意思是，現在，它們是明年的多戶型書籍，所以 382 即將到期，CRE 575。那麼市場是什麼？現在，5 年減少 300，可能接近（聽不清楚），這是一個相當大的差異。我們擁有不同的產品組合，我們很自豪能夠向客戶提供這些產品組合以與他們合作。我們有一個模擬政府市場正在做的事情的綜合結構，這對銀行來說是一個新產品。

We have the [sell for option] on repricing, which has been very positive for their refinancing opportunities, and they'll choose when they want to lock in long. Most of our customers feel that in the years ahead, there will be lower rates. So they're waiting on the sideline, paying a much higher interest rate today, the ones that are staying with us, and the ones that are going away are typically going to the government.

我們有重新定價的[賣出選擇權]，這對他們的再融資機會非常積極，他們會選擇何時鎖定多頭。我們的大多數客戶認為，在未來幾年，費率將會降低。因此，他們在場邊等待，今天支付的利率要高得多，那些留在我們身邊的人，那些離開的人通常會交給政府。

Got it. Okay. And then just another question on expenses. It looks like there is high expenses associated with the Flagstar conversion and Signature launch of your servicing that will come out at some point in the next year. Can you size the expense benefits that come from that?

知道了。好的。然後是另一個關於費用的問題。看起來與 Flagstar 轉換和簽名服務相關的費用很高，這些費用將在明年的某個時候推出。您能估算一下由此帶來的費用收益嗎？

Yes, we're going to provide a full 2024 guide at our next -- at our conference call in January. But as we mentioned, we see both headwinds and tailwinds for '24 when you compare to '23. And those systems integrations will provide us the benefit and some cost reductions as well as depending on what happens with the rest of the FDIC receivership loans, the multifamily and the CRE loans, if those do end up transferring to a purchaser in this fourth quarter, then we'll have some benefits also on the cost side from that excess servicing that we no longer have.

是的，我們將在 1 月的下一次電話會議上提供完整的 2024 年指南。但正如我們所提到的，與 23 年相比，我們在 24 年看到了逆風和順風。這些系統整合將為我們帶來好處並降低一些成本，並且取決於 FDIC 接管貸款、多戶家庭貸款和 CRE 貸款的其餘部分的情況（如果這些貸款最終在第四季度轉移給購買者的話），那麼我們將在成本方面從我們不再擁有的多餘服務中獲得一些好處。

Your next question comes from the line of Casey Haire with Jefferies.

你的下一個問題來自 Casey Haire 和 Jefferies 的對話。

So sorry to beat a dead horse, but I do want another follow-up on the NIM. So if I'm understanding this correctly, you expect cash to be flat, but you still have $2 billion of custody deposits that are going to run out in the near term here. So what is that -- so how are you going to fund that given that DDA ex the custody was still down $1 billion? So is that CDs, brokered deposits? Sorry, go ahead.

很抱歉，我已經死了，但我確實想對 NIM 進行另一次後續行動。因此，如果我理解正確的話，您預計現金將持平，但您仍有 20 億美元的託管存款，這些存款將在短期內耗盡。那麼這是什麼——那麼考慮到託管之外的 DDA 仍虧損 10 億美元，您將如何籌集資金？那麼這是 CD、經紀存款嗎？抱歉，請繼續。

Yes, correct. We expect cash and securities when you look at them combined to be relatively flat depending on the changes in the balance sheet, right? We are hoping to bring in deposits from multiple teams is what Reggie was speaking about and Eric on both the consumer and the private banking side. So any shortfall we can make up with either in the brokered CD market or in the wholesale borrowing market, just to ensure that we have the appropriate liquidity on the balance sheet for each quarter that we go through this process. So we just -- we don't expect significant changes in significant drops from the period end balance. But we'll take a look and see what market conditions provide and how our deposit growth comes in, in the fourth quarter.

是，對的。我們預計，根據資產負債表的變化，當您將現金和證券結合時，它們將相對持平，對嗎？我們希望從多個團隊引入存款，這就是雷吉和艾瑞克在消費者和私人銀行方面所談到的。因此，我們可以在經紀 CD 市場或批發借貸市場中彌補任何短缺，只是為了確保我們在經歷這一過程的每個季度的資產負債表上都有適當的流動性。因此，我們預計期末餘額不會有大幅下降的重大變動。但我們將在第四季度看看市場狀況如何以及我們的存款成長如何。

Just to add one point. When you think about where we came out of March, we were in a different position, right? We had a lot of liquidity. We had the ability to take a step back. We weren't chasing deposits, weren't chasing rates, the industry has. So we've been very proactive on paying down brokered deposits, cost brokerage, also high-cost borrowings that came due as a strategy to get to 12/31. That's the public strategy from the receivers of transaction. Going forward, it's trying to go back to an organic strategy and focusing on deposit initiatives at all of our lines of businesses.

只是補充一點。當你想想我們三月的表現時，我們處於不同的位置，對吧？我們有大量的流動資金。我們有能力後退一步。我們沒有追逐存款，也沒有追逐利率，這個產業是這樣的。因此，我們一直非常積極地償還經紀存款、經紀費用以及高成本借款，這些借款是作為實現 12/31 的策略而到期的。這是交易接收者的公共策略。展望未來，它正試圖回歸有機策略，並專注於我們所有業務線的存款計劃。

Okay. Understood. And then just one more on expenses. The guide for '23 is a pretty wide range of anywhere from 510 to 610 in the fourth quarter. I mean, I think most of us expect kind of a flat number, but your guide does allow for some upward expense pressure in the fourth quarter. Just wondering what would drive that another $20 million or so?

好的。明白了。然後還有一個關於費用的問題。 23 年第四季的指導值範圍相當廣泛，從 510 到 610 不等。我的意思是，我認為我們大多數人都預計數字會持平，但您的指南確實考慮到了第四季度的一些上升費用壓力。只是想知道什麼會帶來另外 2000 萬美元左右的資金？

Yes. I would think that given where we came out in the third quarter, the third quarter had higher expenses compared to the second quarter, I wouldn't expect the run rate to be above that. So that would fall us right, really close to the middle of the guide. And I think there's opportunities to do slightly better than that in the fourth quarter as well to get to more of the mid- to the low end of that guide. So yes, the guide for the year, when you only have 1 quarter left, I understand it's pretty wide, but I would focus on the midpoint of the guidance.

是的。我認為，鑑於我們在第三季的表現，與第二季相比，第三季的費用更高，我預計運行率不會高於該水平。這樣我們就處於正確的位置，非常接近指南的中間。我認為有機會做得比第四季稍好，並達到該指南的中低端水平。所以，是的，今年的指南，當你只剩下一個季度時，我知道它相當廣泛，但我會關注指南的中點。

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

你的下一個問題來自馬修·布里斯和史蒂芬斯的對話。

Tom, I was hoping you could touch on the wholesale borrowings coming due in the fourth quarter. I think they had a near 4% rate. What's the anticipated strategy with those as they assume (inaudible)?

湯姆，我希望你能談談第四季到期的批發借款。我認為他們的比率接近 4%。他們假設的預期策略是什麼（聽不清楚）？

I'll pass it to John. John?

我會把它傳遞給約翰。約翰？

Yes, including the puts that we have, it's $3 billion at 4% for the rest of this quarter. Given where the puttables are of that amount, it's about [$1.4] billion in puttables. We expect they will be put. So that $3 billion we would expect to refi unless we have deposit growth to pay them off. We'd expect to refi them in the market as we go forward here. Or like I said, if we have deposit growth, we'll pay them off.

是的，包括我們持有的看跌期權在內，本季剩餘時間的利率為 4%，為 30 億美元。考慮到該金額的可認沽權，可認沽權約為[14]億美元。我們預計它們會被放置。因此，除非我們有存款成長來償還債務，否則我們預計將有 30 億美元再融資。當我們在這裡前進時，我們預計會在市場上對它們進行改裝。或者就像我說的，如果我們的存款成長，我們就會還清它們。

Okay. And similar to the Signature custody deposits running off, we should not really anticipate that much movement in cash balances from 3Q to 4Q. It feels like the $6 billion levels where you want to keep cash for now.

好的。與簽名託管存款的流失類似，我們不應該真正預期第三季到第四季現金餘額會有如此大的變動。感覺就像是你現在想要保留現金的 60 億美元水準。

Yes. When you look at -- I would look at the cash and the securities together, but I think that's right. Around $6 billion makes sense depending on the level of deposit growth, what we're seeing the type of deposits that come in, we want to make sure that we stay liquid from an on-balance sheet perspective with cash and securities. So I think around $6 billion makes sense on the cash side, depending on where our securities end up.

是的。當你看時——我會把現金和證券放在一起看，但我認為這是正確的。大約 60 億美元是有意義的，取決於存款成長水準、我們看到的存款類型，我們希望確保從資產負債表上的角度來看，我們的現金和證券保持流動性。因此，我認為大約 60 億美元在現金方面是有意義的，這取決於我們的證券最終的去向。

Okay. And then just to clear up the prior discussion around average earning asset balances for the fourth quarter, it sounds like maybe they will trend lower just not at the same pace we just saw. Is that an accurate statement?

好的。然後，為了澄清先前關於第四季平均收益資產餘額的討論，聽起來它們可能會以與我們剛剛看到的速度不同的趨勢下降。這是一個準確的說法嗎？

That's right. The spot balances are not going to move dramatically from the 110, but the average will still trend down. It's just the rate of change is starting to slow, right?

這是正確的。現貨餘額不會從 110 大幅波動，但平均值仍將呈下降趨勢。只是變化的速度開始減慢，對吧？

And when do you expect to start to see average earning asset growth again?

您預計什麼時候會再次開始看到平均收益資產成長？

I think once we get through the fourth quarter and the custodial deposits are the biggest driver of this, right? I mean, we went from $6 billion at the end of June to $2 billion now, and then we have after that, once we get to December, we're going to be very low in that number. So I think once we hit our December period end balances, which will not be too dramatically different, we don't believe to the 9/30 piece, then we'll start to see the average start to stabilize and start to grow depending on loan growth once you get into the first quarter of '24.

我認為一旦我們度過第四季度，託管存款將是最大的推動力，對吧？我的意思是，我們從 6 月底的 60 億美元增加到現在的 20 億美元，之後，一旦到了 12 月，這個數字就會非常低。因此，我認為，一旦我們達到 12 月期末餘額（不會有太大差異，我們不相信 9/30 的內容），那麼我們將開始看到平均數開始穩定並開始增長，這取決於一旦進入24年第一季度，貸款就會成長。

Okay. Just going back to credit beyond the office loans within the release, it showed that multifamily loans I think NPAs there are up to $60 million, just been steadily increasing. I was hoping you could talk about your broader multifamily portfolio. How much is rent regulated. I think in the past, it's been $19 billion, of which $13 billion are for buildings where units are -- rent regulated units are north of 50%. Starting to see any sort of cracks there? It just feels like there's a pile up of issues from the 2019 rent laws.

好的。回到本次發布的辦公貸款之外的信貸，我認為多戶家庭貸款的不良貸款高達 6,000 萬美元，並且一直在穩步增長。我希望您能談談您更廣泛的多戶型投資組合。租金管制多少。我認為過去是 190 億美元，其中 130 億美元用於單位所在的建築物——租金管制單位的比例超過 50%。開始看到那裡有任何裂縫嗎？感覺 2019 年租金法帶來了一堆問題。

Now let me start off, and I'm going to pass the baton to John Adams, who runs that portfolio. The reality is that it's one of families -- maybe 1 or 2 families that one’s going through a marital dispute that's going through the court system and with a handful of those credits tied to the relationship. It's a handful of relationships, it's not systemic, it's not something we're seeing yet. We're clearly monitoring.

現在讓我開始吧，我將把接力棒交給負責該投資組合的約翰·亞當斯 (John Adams)。現實情況是，有一個家庭——可能是一兩個家庭——正在經歷一場婚姻糾紛，並正在透過法院系統審理，其中一些功勞與這段關係有關。這是一些關係，不是系統性的，我們還沒看到。我們正在明確監控。

Rates are dramatically higher, and our customers will have the capacity to deal with the [sell for] option and or the fixed rate options tied to a derivative option that we offer to them. So it's been proactive. And if they want to go for long-term financing and they want to go to the government, the government is open for business. And most banks have widened their spreads given the economic backdrop of what we're seeing in credit spreads. So it's been a relatively strong book, like I said, a very powerful position regarding the consistency of performance. We're not seeing trends. With that, I'll pass over to John to get some color. John?

利率大幅提高，我們的客戶將有能力處理[出售]選擇權和/或與我們向他們提供的衍生性商品選擇權相關的固定利率選擇權。所以一直很主動。如果他們想要長期融資並且想要向政府求助，政府對商業是開放的。鑑於我們所看到的信貸利差的經濟背景，大多數銀行都擴大了利差。因此，正如我所說，這是一本相對較強的書，在性能一致性方面具有非常有力的立場。我們沒有看到趨勢。有了這個，我將交給約翰來獲取一些顏色。約翰？

Thanks, Tom. Yes, exactly what Tom said, some of those instances are really more family-related issues and not really the performance of the assets themselves. There are some instances where a lot of the issues from them not being able to pay timely is because the tenants aren't paying. And those are typically in the more working class neighborhoods in the rent-regulated properties that they know the system. They know how to drag on an eviction process.

謝謝，湯姆。是的，正如湯姆所說，其中一些情況實際上更多的是與家庭相關的問題，而不是資產本身的表現。在某些情況下，他們無法及時付款的許多問題都是因為租戶不付款。這些通常位於他們所了解的租金管制房產中的工薪階層社區。他們知道如何拖延驅逐過程。

So it's not really rapid. And for the rest of the portfolio outside of those isolated instances, the market rents, like Tom mentioned earlier, are up, I think, 4% month-over-month and you just can't kill the New York multifamily market. So we're monitoring the rent-regulated properties closely, but there's not really a lot of cracks in that particular portfolio that is really raising anything for us to have any real concern right at this time.

所以它並不是真的很快。對於這些孤立實例之外的投資組合的其餘部分，市場租金，就像湯姆之前提到的那樣，我認為每月上漲了 4%，而且你無法扼殺紐約的多戶住宅市場。因此，我們正在密切監視受租金管制的房產，但該特定投資組合中實際上並沒有太多裂縫，這確實引起了我們目前真正的擔憂。

Okay. The follow-up question there is Signature's commercial, real estate, multifamily and then rent-regulated multi-family portfolio is being bid out -- and some of the news articles out there are stating this is a more difficult portfolio to sell. When it sells, if it sells and depending on the price, does this come into play for your balance sheet in any way, shape or form? Does it impact the Level 3 asset pricing and your estimated fair value of your own loan portfolio? .

好的。後續問題是 Signature 的商業、房地產、多戶住宅以及租金管制多戶住宅投資組合正在被競標 - 一些新聞文章稱這是一個更難出售的投資組合。當它出售時，如果它出售並且取決於價格，這是否會以任何方式、形狀或形式對您的資產負債表產生影響？它會影響第三級資產定價和您自己貸款組合的估計公允價值嗎？ 。

So let me give you my big picture thoughts on that, right? We're a cash flow lender, for deeply discounted [rent laws], we've been doing this a long time. We're not mark to market. I can't comment specifically on what's going to happen for the unknown on the portfolio. But ultimately, my guess is that the assets will trade. I think it'll be a little bit more complicated given the rent-regulated nuanced portion of that portfolio. In my view, that's something that's got interesting views in respect to the ongoing landlords and the tenants and have the relationship going forward to ever buy that portfolio.

那麼讓我告訴你我對此的整體想法，對嗎？我們是一家現金流貸款機構，根據[租金法]大幅折扣，我們已經這樣做了很長時間。我們不按市場定價。我無法具體評論投資組合中的未知因素將會發生什麼。但最終，我的猜測是資產會進行交易。我認為考慮到該投資組合中受租金監管的細微差別部分，情況會更加複雜。在我看來，這對現有的房東和租戶有有趣的看法，並且與未來購買該投資組合有關係。

That's something that's the nuance that we haven't seen this well. We haven't seen such a large transaction in the market. But the non-rent-regulated portfolio will trade at a clearing price depending on interest rates and credit marks. And I don't believe, in my opinion, it's going to impact mark-to-market in respect to an institution that's been putting on the portfolio, loans to maturity and the ability to hold that portfolio as a cash flow lender.

這是我們還沒有很好地看到的細微差別。我們在市場上還沒有看到如此大的交易。但不受租金管制的投資組合將以清算價格進行交易，具體取決於利率和信用標記。在我看來，我認為這不會影響按市值計價的機構投資組合、到期貸款以及作為現金流貸方持有該投資組合的能力。

And as far as clearing prices, at the end of the day, there's not a lot of trades going on. There's not a lot of activity buying and selling. These assets will go through the market eventually and we'll deal with the outcome of that activity. And there'll be primarily probably some small individual investors that will probably do financially well by pricing it accordingly. It gets a little bit more complicated on the rent-regulated portfolio just because of the community side and the nuances between landlord and tenant relationship. We've done a tremendous job on really managing that process as a community institution, focusing on working with the landlords, working with tenant community groups and being part of that ambassador in between that.

就清算價格而言，最終並沒有進行太多交易。買賣活動不多。這些資產最終將進入市場，我們將處理該活動的結果。主要可能是一些小型個人投資者，他們透過相應定價可能會獲得良好的財務回報。由於社區方面以及房東和租戶關係之間的細微差別，租金管制組合的情況變得更加複雜。作為一個社區機構，我們在真正管理這個流程方面做了很多工作，專注於與房東合作，與租戶社區團體合作，並成為其中的大使的一部分。

A new player coming in that doesn't have that culture, that history makes it challenging. So that seems a little bit complicated. But at the end of the day, my view is the assets will trade eventually and move on from that. I don't call it a mark-to-market per se because if you're a cash flow lender, and we are a discounted cash flow lender given that rent-regulated portfolio that has traditionally significantly below traditional market rent laws.

一個新加入的球員沒有那種文化，那種歷史使它充滿挑戰。所以這看起來有點複雜。但歸根結底，我的觀點是資產最終會進行交易並繼續前進。我本身並不稱其為按市值計價，因為如果您是現金流貸款人，而我們是貼現現金流貸款人，因為租金管制的投資組合傳統上明顯低於傳統的市場租金法。

Got it. Okay. Just last one for me, more broadly, what is the size of your overall syndicated loan portfolio? And maybe just give some color on the credit metrics behind it.

知道了。好的。對我來說，最後一個問題是，更廣泛地說，你們的銀團貸款組合整體規模是多少？也許只是對其背後的信用指標進行一些描述。

Reggie, do you want to hit that? Or if not, we can probably get back to him on that on that one. Reggie, do you have any color there? .

雷吉，你想打那個嗎？或者如果沒有，我們也許可以就那件事向他回覆。雷吉，你那裡有顏色嗎？ 。

Yes. I don't have that exact number at my fingertips, but we can get it.

是的。我手邊沒有確切的數字，但我們可以得到它。

Just one point on that. We are building a corporate bank sponsorship division that actually participates on originating and selling to the syndicated market, generating the opportunity for fees for the bank going forward with more of a commercial bank flair to that using the derivative marketplaces. So clearly moving towards that commercial bank mentality, not just making the loan or holding loan but making a loan and holding a piece of the loan, but selling a large amount of the exposure off to the secondary market. So that's going to be the strategy as we build out the commercial bank model.

僅此一點。我們正在建立一個企業銀行贊助部門，該部門實際上參與向銀團市場發起和銷售，為銀行提供更多收費機會，以更多地使用商業銀行的方式使用衍生性商品市場。因此，顯然正在走向商業銀行的心態，不僅僅是發放貸款或持有貸款，而是發放貸款並持有一部分貸款，同時將大量風險敞口出售給二級市場。因此，這將成為我們建構商業銀行模式時的策略。

Yes. Tom, let me just -- I think that's an important point. When you asked about the size of syndicated book, we use syndications primarily to sell-down position. We're not out buying participations for the most part. That is primarily an offensive play for us and allows us to participate to a larger extent with our most important clients, and still keep our relative exposure low. That's how we use that function.

是的。湯姆，讓我——我認為這是很重要的一點。當您詢問銀團圖書的規模時，我們主要使用銀團來減持部位。大多數情況下，我們不會購買參與權。這對我們來說主要是一種進攻性策略，使我們能夠更大程度地與最重要的客戶互動，同時仍然保持相對較低的曝光。這就是我們使用該功能的方式。

Your next question will come from the line of David Smith with Autonomous Research.

您的下一個問題將來自自治研究中心的大衛史密斯（David Smith）。

Appreciate the clarification on the earning asset outlook. I think a lot of us were confused that getting to flattish on an average mark when the spot balance was more around 102. But it sounds like you're just saying that the decline will be smaller than the $4.2 billion that we saw in average assets from 2Q to 3Q. So something above $1 billion or $3 billion, presumably for the fourth quarter?

感謝對獲利資產前景的澄清。我想我們很多人都對當現貨餘額在 102 左右時平均水平持平感到困惑。但聽起來你只是說下降幅度將小於我們在平均資產中看到的 42 億美元從第二季度到第三季度。那麼第四季的營收可能會超過 10 億或 30 億美元？

Yes. Yes, what we're talking about is the actual -- start with the spot balance. We don't anticipate to be dramatically smaller. A lot of the paydowns have already occurred, as I mentioned at the last question, cash around $6 billion, give or take, where securities in. So the drop in cash is -- the significant drop in cash is basically stopped here. So this is about where we'll be. So the average will continue to decline just as it catches up to the spot balance. And then once we're -- once that's been pretty consistent, which we believe will start in the fourth quarter, then hopefully, we could see some of the average balances start to grow after that.

是的。是的，我們談論的是實際的——從現貨餘額開始。我們預計規模不會大幅縮減。正如我在上一個問題中提到的，很多付款已經發生，現金大約60 億美元，無論是給予還是接受，其中都有證券。所以現金的下降是——現金的大幅下降基本上到此為止了。這就是我們將要面臨的情況。因此，當平均值追上現貨餘額時，平均值將繼續下降。然後，一旦我們——一旦這種情況相當穩定，我們相信這將在第四季度開始，那麼希望我們可以看到一些平均餘額在那之後開始增長。

Okay. Got it.

好的。知道了。

Okay. Got it. And then beyond the bulk of the remaining $2 billion of custodial deposits running off, presumably in a week or so, as you said. I appreciate that you're expecting and planning for some deposit growth across the businesses. But is there anything else to keep in mind in terms of seasonality of deposits or anything like that, that might help influence the average balance in the fourth quarter compared to the 9/30 spot balance?

好的。知道了。然後，正如您所說，剩下的 20 億美元託管存款中的大部分可能會在一周左右的時間內流失。我很高興您期待並計劃各企業的存款成長。但是，就存款的季節性或類似情況而言，還有什麼需要記住的，這可能有助於影響第四季度的平均餘額（與 9/30 現貨餘額相比）？

No, nothing specific on my side, Reggie, anything you could think of from a seasonality perspective?

不，我這邊沒有什麼具體的內容，雷吉，從季節性的角度你能想到什麼嗎？

No. There's really not a seasonality. There's some movement within the month, but basically any seasonality would relate to production. There's a little bit of seasonality in that, but that doesn't really affect the overall balances in the book. So no.

不，確實沒有季節性。本月內有一些變動，但基本上任何季節性都與生產有關。其中有一點季節性，但這並沒有真正影響書中的整體平衡。所以不行。

Our next question will come from the line of Steve Moss with Raymond James.

我們的下一個問題將來自史蒂夫·莫斯和雷蒙·詹姆斯的對話。

Following up on the multifamily lending and commercial real estate, just given where pricing is these days, curious where debt service coverage ratios are shaping out, whether it's on a renewal or reset and if you're seeing any borrowers who are having to put up additional cash to support the property.

跟進多戶家庭貸款和商業房地產，考慮到目前的定價情況，很好奇償債覆蓋率的變化情況，無論是續約還是重置，以及您是否看到任何借款人必須償還債務額外的現金來支持該財產。

I'll start the response and I'll defer it to John Adams, but I will tell you that it's been relatively strong given many of the customers are able to look at their options and their option is a [sell for] option or a fixed rate option, and we work with them and they have the capacity to continue to pay. The ones that are looking to get more dollars, I think it's falling through between. Is that fair, John? And the reality is that when they do have significant equity and they're looking for locking in long, which a lot of them are, they're not looking to lock in multi. They really believe rates will be lower in the future. They're choosing to roll to the higher coupon in the market.

我將開始回應，並將其交給約翰·亞當斯，但我會告訴你，鑑於許多客戶能夠考慮他們的選擇，並且他們的選擇是[出售]選項或固定利率選項，我們與他們合作，他們有能力繼續付款。那些希望獲得更多美元的人，我認為他們的處境介於兩者之間。這樣公平嗎，約翰？現實情況是，當他們確實擁有大量股權並且他們尋求鎖定多頭（他們中的許多人都是如此）時，他們並不希望鎖定多頭。他們確實相信未來利率會更低。他們選擇滾動到市場上更高的優惠券。

And when they do go to the refinancing market, it's us and/or the agency market as being the opportunity. And like I indicated, we're focusing on relationship deposit banking. So it's going to have compensating balances, which is going to be critical for our business model going forward. And more importantly, if there's equity there, and they're looking at economic spreads, they're much wider. And the government is probably slightly tighter than us, and that's an option to go long.

當他們確實進入再融資市場時，我們和/或代理商市場就是機會。正如我所指出的，我們專注於關係存款銀行業務。因此它將具有補償性平衡，這對於我們未來的業務模式至關重要。更重要的是，如果那裡有公平，並且他們正在考慮經濟利差，那麼它們就會更廣泛。政府可能比我們稍微緊縮一點，這是做多的選擇。

But a lot of customers are waiting the south, thinking that in '24, '25 is when they're going to make that longer-term decision. So maybe, John, do you want to add some color to that.

但許多顧客都在等待南方，認為在 24 世紀、25 世紀他們會做出長期決定。約翰，也許你想為此添加一些色彩。

And I'll just add to that. But yes, of course, if they're just repricing and they're leaving a 3 handle, 4-handle coupon. And today, it's 7-plus, sure the debt service coverage isn't where it was typically when the loan was originated. But there's still enough coverage for them to meet all their obligations, operating as well as debt service. And obviously, we track that on an annual basis. And if they are less than what we would expect to get risk rated accordingly, and they get reserve the way that they should be based on our model. So something that we definitely keep an eye on. But in answer to your question, if there's not enough to reasonably finance debt, the debt service coverages have come down, but not to the point where they can't meet their obligations.

我將對此進行補充。但是，當然，如果他們只是重新定價並且留下 3 手柄、4 手柄優惠券。如今，它已經超過了 7 個，當然，償債覆蓋範圍也不是貸款發放時的通常水平。但他們仍然有足夠的保險來履行所有義務，包括營運和償債。顯然，我們每年都會對此進行追蹤。如果它們低於我們預期的風險評級，那麼它們就會根據我們的模型獲得儲備金。所以我們一定要密切注意。但在回答你的問題時，如果沒有足夠的資金來合理地償還債務，償債範圍就會下降，但不會達到無法履行義務的程度。

I would say we haven't seen many customers that had to write a check to do a refinancing? Yes. But rates are much higher than they were a year ago. And as the customers come to us, our goal here is to get them to the other side. It's a difficult environment coming from a much lower rate, let's say, in the mid-3s now, let's say, mid 7, almost 8 on a fixed rate. You can probably do something floating somewhere in like 50, 60 basis points below that. And government is probably going to be 50 basis points inside of that. So we're being proactive to get the customer to the other side given the challenges because of the significant changes of interest rates.

我想說我們還沒有看到很多客戶必須寫支票才能再融資？是的。但利率比一年前高很多。當客戶來到我們這裡時，我們的目標是將他們帶到另一邊。這是一個困難的環境，利率低得多，比方說，現在是 3 秒左右，比方說，固定利率是 7 秒左右，幾乎是 8 秒。你可能可以採取一些浮動幅度低於該值 50、60 個基點的措施。政府可能會在其中調整 50 個基點。因此，鑑於利率發生重大變化帶來的挑戰，我們正在積極主動地將客戶吸引到另一邊。

Okay. And then on the office portfolio, just curious here, John, you mentioned a qualitative factor for office. Curious what's the reserve allocated to that portfolio just given the mix of criticized or classified?

好的。然後在辦公室投資組合上，約翰，我只是好奇，你提到了辦公室的定性因素。好奇心考慮到批評或機密的混合，分配給該投資組合的儲備金是多少？

Yes. We don't split it out specifically, but it is something that has been growing, especially given the $62 million provision that we booked this quarter. But like we talked about before, these -- prior to this quarter, the performance has been extremely strong. So we continue to look at that. We continue to look at the SCRs and the LTVs in the portfolio as well, as well as the deep dive we've been doing into the underlying leases in the portfolio. So we're comfortable with where we are right now, but we did start to see a bit of a build -- an allowance build here this quarter.

是的。我們沒有具體將其分開，但它一直在增長，特別是考慮到我們本季度預訂了 6200 萬美元的撥款。但就像我們之前談到的那樣，在本季之前，業績一直非常強勁。所以我們繼續關注這一點。我們也將繼續關注投資組合中的 SCR 和 LTV，以及我們一直在深入研究投資組合中的基礎租賃。因此，我們對目前的狀況感到滿意，但我們確實開始看到一些建設——本季的津貼建設。

Your next question comes from the line of Peter Winter with D.A. Davidson.

你的下一個問題來自 Peter Winter 和 D.A.戴維森。

Will you guys have to go through the formal DFAST exam next year. And I'm just wondering if you can quantify the expense component that needs to be realized as part of a DFAST bank?

你們明年必須參加正式的 DFAST 考試嗎？我只是想知道您是否可以量化作為 DFAST 銀行一部分需要實現的費用組成部分？

Let me just start off, and I'm going to pass that to John. We are going to go through a -- always work through a capital paying process. And we've been doing the DFAST process prior to the change in a limit when $50 billion became much higher. With that being said, we will go through that process. I believe we'll go through that process in early '24. And I don't believe it's a public process, but it's going to go through the process and we're preparing for that. John, if you want to add.

讓我開始吧，我會把它轉給約翰。我們將經歷一個－始終完成資本支付流程。當 500 億美元變得更高時，我們一直在進行限額更改之前的 DFAST 流程。話雖如此，我們將經歷這個過程。我相信我們會在 24 年初完成這個過程。我不認為這是一個公共程序，但它將經歷這個過程，我們正在為此做好準備。約翰，如果你想補充的話。

Yes, that's right, Tom. I mean, we'll continue to do what we have been doing. And since we started building to get ready for the old $50 billion threshold back in 2012 with preparing a capital plan, submitting a capital plan, going through the process, we have a significant stress testing group that we've been place a long time ago and have added 2 to be ready for the plan to be ready to be over $100 billion. So yes, we'll be performing those. We'll be performing that process in '24. And then we'll probably be part of the next cycle when it comes to the public process that Tom was mentioning. .

是的，沒錯，湯姆。我的意思是，我們將繼續做我們一直在做的事情。自從 2012 年我們開始為迎接 500 億美元的舊門檻做好準備以來，我們準備了資本計劃，提交了資本計劃，完成了整個流程，我們很久以前就組建了一個重要的壓力測試小組並新增2個，準備計劃超過1000億美元。所以是的，我們將執行這些操作。我們將在 24 年執行該流程。然後，當涉及到湯姆提到的公共流程時，我們可能會成為下一個週期的一部分。 。

Got it. Okay. And then, can you just talk about maybe the outlook for provision expense. When I look at the ACL ratio, it increased a little bit to 0.74%. But do you need to keep adding to reserves just given the change to the composition of the loan portfolio?

知道了。好的。然後，您能談談撥備費用的前景嗎？當我查看 ACL 比率時，它略有增加，達到 0.74%。但是，鑑於貸款組合的組成發生了變化，您是否需要繼續增加準備金？

Well, there's no doubt that the loan portfolio composition has changed and we're a much more diversified lender now than we have been. And that ratio has consistently gone up since the acquisitions of both Flagstar and Signature. But what it really comes down to under CECL is the macroeconomic factors and the performance of the portfolio. So depending on what the trend is here in those macroeconomic factors. We have seen them decline, but relatively a stable decline in those types of factors.

毫無疑問，貸款組合的組成已經發生了變化，我們現在比以前更加多元化。自從收購 Flagstar 和 Signature 以來，這一比率一直在上升。但CECL真正取決於宏觀經濟因素和投資組合的表現。因此，取決於這些宏觀經濟因素的趨勢。我們看到它們有所下降，但這些類型因素的下降相對穩定。

But look, if -- depending on how that comes out and depending on the growth in the portfolios, we could see the provisions move around a little bit here, but it really depends on those macroeconomic factors and what we're seeing in the individual portfolios.

但是，看看，如果 - 取決於結果如何以及投資組合的增長，我們可能會看到規定略有變化，但這實際上取決於這些宏觀經濟因素以及我們在個人中看到的投資組合。

Your next question comes from the line of Christopher Marinac with Janney Montgomery Scott.

你的下一個問題來自克里斯多福·馬裡納克和詹尼·蒙哥馬利·斯科特的對話。

Tom, just a quick one about the enforcement of kind of new deposits with new loans. Can you write in your contracts higher interest rates if the compensating balances go below certain thresholds. Is that something that you can do in this era?

湯姆，我簡單介紹一下新存款和新貸款的執行情況。如果補償餘額低於特定門檻，您可以在合約中寫入更高的利率嗎？這是這個時代能做的事嗎？

What we have on our agreements, we do have requirements to have operating accounts and no questions during the pandemic, it was critical and it really gave us some good guidance on where the cash flows are coming in, given the unknown of the pandemic, we carried into that into our docs that we have an expectation of an operating account regarding the cash flows of the -- in particular, the properties that we have to make sure that the cash flow is coming in.

我們在協議中規定，我們確實要求擁有營運帳戶，並且在大流行期間沒有任何問題，這一點至關重要，而且鑑於大流行的未知數，它確實為我們提供了有關現金流入方向的一些良好指導，我們在我們的文件中，我們期望有一個關於現金流的營運帳戶——特別是我們必須確保現金流進來的財產。

But I think the reality is that we have long-standing relationships. We are going to prioritize the capital allocation towards relationship banking in all businesses. And I think that's how we are going to be successful. There was a significant shift about 3 years ago, and it's been very proactive on CAGR growth of significance when it comes to the multifamily CRE portfolio. And I would say as far as what we sort of running out of the bank is maybe 5%, the 95% will understand and we want to ensure that we have a strong depository relationship. And as we move forward, it will be more towards this expectation of compensating balances.

但我認為現實是我們有著長期的關係。我們將優先考慮所有業務中關係銀行業務的資本配置。我認為這就是我們取得成功的方式。大約 3 年前發生了重大轉變，在多戶 CRE 投資組合方面，複合年增長率成長非常積極。我想說的是，就我們從銀行耗盡的資金可能是 5% 而言，95% 的人都會理解，我們希望確保我們擁有牢固的存款關係。隨著我們的前進，它將更加傾向於這種補償平衡的期望。

And in many instances it also applies to lines of credit. I mean, we're really working with the client to really ensure that we are a bank partnership. We expect reciprocation when it comes to the business opportunity. If it doesn't happen, we're very glad to allocate that capital to other lines of businesses. And we have other avenues where historically, we did not.

在許多情況下，它也適用於信用額度。我的意思是，我們確實與客戶合作，以真正確保我們是銀行合作夥伴。我們期望在商業機會方面得到回報。如果沒有發生，我們很高興將資金分配到其他業務領域。我們還有其他途徑，而歷史上我們沒有。

Our final question will come from the line of Chris McGratty with KBW.

我們的最後一個問題將來自 KBW 的 Chris McGratty。

Just a clarification, 2 quick modeling questions. The expenses, I think last quarter, you said included in your guide was a potential for an FDIC assessment. I just wanted to verify that. And then secondarily, do you happen to have the spot deposit cost in beta assumptions from there?

只是澄清一下，兩個快速建模問題。我認為上個季度，您在指南中提到的費用包含了 FDIC 評估的潛力。我只是想驗證一下。其次，你是否碰巧在貝塔假設中存在現貨存款成本？

Yes. In that $2 billion to $2.1 billion, the FDIC assessment is in that guide. And then when you're looking at betas quarter-over-quarter, they were relatively consistent in September. We're still under 40%, just under 40%, both in June and in September. And our spot interest-bearing, basically our end of September interest-bearing deposit cost for the quarter was 3.37% and then really towards the end of September was 3.50%.

是的。在這 20 億至 21 億美元中，FDIC 的評估就在該指南中。然後，當您查看季度與季度的貝塔值時，會發現 9 月份的貝塔值相對一致。 6 月和 9 月，我們仍然低於 40%，略低於 40%。我們的現貨計息，基本上我們 9 月底該季度的計息存款成本為 3.37%，然後到 9 月底的實際利率為 3.50%。

Well, thank you again for taking the time to join us this morning and for your interest in NYCB. We'll see you. We'll be speaking to you in January. Thank you all.

好的，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。我們將會見到你。我們將在一月份與您交談。謝謝你們。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。