Flagstar Financial Inc (NYCB) 2024 Q2 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. This time, I would like to welcome everyone to the New York Community Bancorp, Inc. second-quarter 2024 earnings conference call.

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。這次，我歡迎大家參加 New York Community Bancorp, Inc. 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Sal DiMartino, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監薩爾·迪馬蒂諾 (Sal DiMartino)。請繼續。

Thank you, Regina, and good morning, everyone. Thank you for joining the management team of New York Community Bancorp for today's call.

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。

Our discussion today will be led by Chairman, President, and CEO, Joseph Otting, along with the company's Chief Financial Officer, Craig Gifford. Before the discussion begins, I would like to remind everyone that our press releases and investor presentation can be found on the Investor Relations section of our company website at ir.mynycb.com. Also, certain comments made today by the management team of New York Community may include forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995.

我們今天的討論將由董事長、總裁兼執行長 Joseph Otting 以及公司財務長 Craig Gifford 主持。在討論開始之前，我想提醒大家，我們的新聞稿和投資者介紹可以在我們公司網站 ir.mynycb.com 的投資者關係部分找到。此外，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。

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. When discussing our results, we will reference certain non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.

我們可能做出的此類前瞻性聲明須遵守安全港規則。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。在討論我們的結果時，我們將參考某些非公認會計準則衡量標準，這些衡量標準從報告的結果中排除了某些項目。請參閱今天的收益報告，以了解這些非公認會計準則指標的調節表。

And with that, I now would like to turn the call over to Mr. Otting. Joseph?

現在，我想將電話轉給奧廷先生。約瑟夫？

Thank you, Sal. Good morning, and welcome to our earnings announcement, strategic plan update, and forecast call. As we go through this transition year in 2024, we will continue to provide updates about the company, including forecast. We feel it's important for our investors to be informed and along for the journey as we build a strong performing bank.

謝謝你，薩爾。早安，歡迎來到我們的收益公告、策略計畫更新和預測電話會議。在 2024 年經歷這個過渡年時，我們將繼續提供有關公司的最新信息，包括預測。我們認為，在我們建立一家業績強勁的銀行的過程中，讓投資者了解情況並參與其中非常重要。

When we met last May 1, Craig and I had been in our positions for roughly four weeks. Now that we've had an additional 90 days, we feel we understand the company and have put it on a path to success. We have a firm hand on the steering wheel of the company and excited to be in the position that we are today. This has been a very busy quarter for us, and we feel like we've accomplished a lot of great things.

當我們去年 5 月 1 日見面時，克雷格和我已經在我們的崗位上工作了大約四個星期。現在我們已經有了額外的 90 天時間，我們覺得我們已經了解了這家公司，並且已經讓它走上了成功之路。我們牢牢掌握著公司的方向盤，並且很高興能夠取得今天的成績。這對我們來說是一個非常忙碌的季度，我們感覺我們已經完成了很多偉大的事情。

In addition to our second-quarter results, earlier this morning, we announced a significant transaction, the sale of our mortgage servicing businesses and third-party origination platform to Mr. Cooper, one of the country's leading mortgage companies. We have also had a strong relationship with Mr. Coopers, both from a banking relationship and knowing a number of the personnel. So -- we do view this will be a good and easy transition of our important assets into the company.

除了我們的第二季業績之外，今天早些時候，我們還宣布了一項重大交易，即將我們的抵押貸款服務業務和第三方發起平台出售給庫柏先生，該國領先的抵押貸款公司之一。我們也與庫柏斯先生建立了牢固的關係，既來自銀行業務關係，也認識許多工作人員。因此，我們確實認為這將是我們重要資產向公司的良好且輕鬆的過渡。

This comes on top of our announcement on Monday that we closed on the sale of our mortgage warehouse loans to JPMorgan, Chase. We discussed that at our last earnings call, did not identify that transaction by name, but that has now closed. We received $5.9 billion of liquidity on Monday. There's roughly $200 million that should close over the next 30 days.

在此之前，我們週一宣布已結束向摩根大通和大通出售抵押倉庫貸款。我們在上次財報電話會議上討論過這一問題，但並未透露該交易的名稱，但該交易現已結束。週一我們收到了 59 億美元的流動資金。大約 2 億美元的資金將在未來 30 天內完成。

Both of these sales are important milestones for us as we look to simplify our business model and strengthen our balance sheet. And as we will highlight later, collectively, these two transactions we feel bolster our liquidity and increase our capital ratios. Last quarter, we laid out the strategic initiatives for the company.

這兩項銷售對我們來說都是重要的里程碑，因為我們希望簡化我們的業務模式並加強我們的資產負債表。正如我們稍後將重點強調的那樣，我們認為這兩項交易增強了我們的流動性並提高了我們的資本比率。上季度，我們制定了公司的策略舉措。

This quarter, I want to update you on the status of those initiatives. Starting with slide 3, you can see we have made significant progress during our transition year on each of the five strategies outlined on page 3. Under the first, we've conducted and completed our Board transformation I'm happy to report, I think we have one of the strongest boards in the industry today. I've had the opportunity over the last 120 days to observe them in action. They are an active Board.

本季度，我想向您通報這些舉措的最新進展。從投影片3 開始，您可以看到我們在過渡年中在第3 頁概述的五項策略中的每一項都取得了重大進展。 ，我想我很高興向您報告我們擁有當今業界最強大的董事會之一。在過去的 120 天裡，我有機會觀察他們的行動。他們是一個活躍的董事會。

They challenge management, and they have established a very high standard for performance and execution. And I think that's one of the hallmarks of any great organization is a very complete and solid board. In addition to that, during the quarter, we added nine additional senior executives to our executive and leadership team. This brings to the total of 16 new executives to date to the organization.

他們挑戰管理，並為績效和執行建立了非常高的標準。我認為任何偉大組織的標誌之一就是擁有一個非常完整和堅實的董事會。除此之外，在本季度，我們還為我們的執行和領導團隊增加了九名高階主管。迄今為止，該組織共有 16 名新高階主管。

I'll remind people on the call, we did this within a five-month period, and I'll talk a little bit more on slide 5 when we get to about the level of that talent.

我會提醒電話中的人們，我們在五個月內做到了這一點，當我們談到該人才的水平時，我會在幻燈片 5 上多談一點。

And as far as our ongoing execution of our operating plan, we had very strong deposit growth during the quarter. Our deposits grew 5.6%. It was a very solid results, both in our private banking and our retail banking franchise.

就我們持續執行的營運計劃而言，本季我們的存款成長非常強勁。我們的存款增加了 5.6%。無論是我們的私人銀行業務還是零售銀行業務，這都是非常堅實的業績。

As we commented, we've diversified and are strengthening our balance sheet. We exited two non-core businesses, as I described, and we feel we are on track to meet the expense targets in our forecast, which will be over $300 million of net cost takeouts, while we continue to build our risk infrastructure and our C&I platform as we move forward.

正如我們所評論的，我們已經多元化並正在加強我們的資產負債表。正如我所描述的，我們退出了兩項非核心業務，我們認為我們有望實現預測中的費用目標，淨成本支出將超過 3 億美元，同時我們將繼續建立我們的風險基礎設施和 C&I我們前進的平台。

On item number three, achievable capitals and earnings forecast. The strategic sales will add about 130 basis points to our CET ratio, we pro forma this at CET of 11.2%, which we feel is at and above our peers. And we also had an incremental improvement in NIM and NII through loan portfolio pricing in the future and the increases to our C&I business.

關於第三項，可實現的資本和獲利預測。策略性銷售將使我們的 CET 比率增加約 130 個基點，我們預計 CET 比率為 11.2%，我們認為該比率處於並高於同業。透過未來的貸款組合定價以及我們的工商業業務的增加，我們的淨利差和淨利息收入也得到了逐步改善。

On the improved funding profile, our pro forma liquidity post the transactions will be roughly $40 billion. This results in over 300% coverage ratio to our uninsured deposits, and the transactions provided net about $6.5 billion of liquidity to the organization through divestitures and deposit growth.

根據資金狀況的改善，預計交易後的流動性將約為 400 億美元。這導致我們的未保險存款覆蓋率超過 300%，而這些交易透過資產剝離和存款成長為該組織提供了約 65 億美元的淨流動性。

As we talked about in the call in May, there's been a lot of focus on the credit risk management in the company. We now are through roughly 30 -- excuse me, 75% of our CRE portfolio. That was roughly 35% in the first quarter.

正如我們在五月的電話會議中談到的，公司的信用風險管理受到了許多關注。我們現在已經完成了大約 30 個——對不起，我們的 CRE 投資組合的 75%。第一季約為 35%。

We continue to address problem loans through additional charge-offs in our ACL build up to 1.8% and we're very focused on the remediation of problem loans and I'll add some comments to that on a couple of slides later. And then we also have begun to add talent and resources in this area. We hired a new head of our workout group during the quarter, which is one of the talented people we feel in the industry.

我們繼續透過 ACL 中高達 1.8% 的額外沖銷來解決問題貸款，我們非常專注於問題貸款的補救，我將在稍後的幾張幻燈片中對此添加一些評論。然後我們也開始增加這方面的人才和資源。我們在本季聘請了一位新的健身團隊負責人，他是我們認為業內最有才華的人之一。

Moving on to slide 4. You can see on slide 4, there are key takeaways for the quarter, which we think were really solid. As I commented, we had meaningful enhancements in liquidity and capital. We grew our deposits in key areas of key focus, which includes our retail and private bank, since we had a chance to discuss last, I've done a fair amount of branch visits.

繼續看投影片 4。正如我所說，我們的流動性和資本得到了有意義的增強。我們在重點關注的關鍵領域增加了存款，其中包括我們的零售和私人銀行，自從我們上次有機會討論以來，我已經進行了大量的分行訪問。

We visited branches in Arizona, Michigan, and Florida. We've rebranded all of the branches between November and March. We have a very consistent theme to colors and messaging in the branches. And I was very impressed with our branch personnel with their outward ability seeking customers and a very focused goals and objectives. I think not only are we seeing as we commented on strong deposit growth, but we're also seeing very strong referrals to our investment activities as well.

我們參觀了亞利桑那州、密西根州和佛羅裡達州的分店。我們在 11 月至 3 月期間對所有分公司進行了品牌重塑。我們在分支機構的顏色和訊息方面有一個非常一致的主題。我對我們分行人員尋求客戶的外部能力以及非常專注的目標印象深刻。我認為，我們不僅看到了我們對強勁存款成長的評論，而且還看到了對我們投資活動的強烈推薦。

We had meaningful CRE payoffs. As we commented before, one of the strategic goals of the company is to shrink our CRE exposure, it's roughly $45 billion, and we have a long-term goal to get that into the $30 billion to $33 billion level to give us diversification on the balance sheet.

我們在企業房地產方面獲得了可觀的回報。正如我們之前評論的那樣，該公司的戰略目標之一是縮小我們的 CRE 風險敞口，大約為 450 億美元，我們的長期目標是使其達到 300 億至 330 億美元的水平，以使我們在資產負債表。

As Craig will talk about on slide 10, we do continue to have payoffs in the CRE portfolio. We were down on an annualized basis from the first to the second quarter about 10%. But just as importantly, of those payoffs, 50% of those were in the classified categories. So we continue to see both payoffs and reductions through payoffs in the classified categories.

正如克雷格將在幻燈片 10 中談到的那樣，我們的商業房地產投資組合確實繼續帶來回報。從第一季到第二季度，我們的年率下降了約 10%。但同樣重要的是，在這些收益中，50% 屬於機密類別。因此，我們繼續看到分類類別中的收益和收益減少。

As far during the quarter, we've talked about during the first quarter, we had quickly gone through the largest loans in the portfolio. We took further actions on the loan portfolio this quarter. We are now through 75% of the CRE portfolio, 80% of the office and 80% of the multifamily. And just as important, we also kind of lean forward because one of the big questions is how are the rapid rate increases impacting portfolios and credit quality.

就本季而言，我們在第一季討論過，我們很快就處理了投資組合中最大的貸款。本季我們對貸款組合採取了進一步行動。我們現在涵蓋了 75% 的 CRE 投資組合、80% 的辦公室和 80% 的多戶住宅。同樣重要的是，我們也向前傾斜，因為最大的問題之一是利率的快速上漲如何影響投資組合和信貸品質。

We did an 18-month look forward on the portfolio that we re-underwrote the loans -- those loans that had a debt service coverage of 1:1. We then ordered appraisals. And the end result of that is if the debt service coverage and the loan to values were below -- or excuse me, above 90%, we move those loans into the classified section. So that kind of look forward pulls a lot of that risk into our current numbers. And we feel that is one of the reasons why we've seen an increase both in our criticized and our classified and our non-accruals.

我們對重新核保貸款的投資組合進行了 18 個月的展望—這些貸款的償債覆蓋率為 1:1。然後我們下令進行評估。最終結果是，如果償債覆蓋率和貸款價值低於——或者對不起，高於 90%，我們會將這些貸款移至分類部分。因此，這種前瞻性將很大一部分風險納入我們目前的數據中。我們認為，這就是我們的批評、分類和非應計費用增加的原因之一。

And I'll just make a comment that over 60% of those loans that are substandard today are still performing. So we still have a very high percentage of both our classified and our non-accrual loans that are continuing to perform and I think that's an indication that we are having a forward looking at the risk that's coming down the pipeline and the portfolio.

我只想評論一下，如今超過 60% 的不合格貸款仍在履行。因此，我們的分類貸款和非應計貸款中仍有很高比例繼續履行，我認為這表明我們正在前瞻性地審視管道和投資組合中出現的風險。

As we commented, we continue to look at non-core businesses for us. We probably have another additional $2 billion to $5 billion that we're evaluating, whether we would exit those businesses. We do plan to probably move on some of that activity before -- between now and the end of the year.

正如我們所評論的，我們繼續關注我們的非核心業務。我們可能還會額外評估 20 億至 50 億美元，以確定是否會退出這些業務。我們確實計劃在從現在到今年年底之間進行一些活動。

In most of those instances, that would provide an additional $200 million to $500 million of additional unallocated capital and $2 billion to $5 billion of liquidity. So we'll continue to look at bolstering both the liquidity and the capital on the balance sheet.

在大多數情況下，這將額外提供 2 億至 5 億美元的未分配資本和 20 億至 50 億美元的流動性。因此，我們將繼續考慮增強資產負債表上的流動性和資本。

And then lastly, we've really started to build, I think, positive momentum in the C&I franchise. This is a big focus for us. We're roughly around $20 billion of C&I assets. Our goal is to get that to $30 billion to $35 billion in the next three to five years.

最後，我認為我們已經真正開始在 C&I 特許經營中建立積極的勢頭。這是我們的一大關注點。我們的工商業資產約為 200 億美元。我們的目標是在未來三到五年內將其增加到 300 億到 350 億美元。

We've done this before at other institutions. We're an experienced group of people. We're hiring experienced people to execute on this business plan and we're very optimistic as a new entrant into the general specialized lending, middle market lending, the type of people we're hiring will give us immediate access to opportunities in those spaces.

我們之前在其他機構也這樣做過。我們是一群經驗豐富的人。我們正在聘請經驗豐富的人員來執行此業務計劃，作為一般專業貸款、中間市場貸款的新進入者，我們非常樂觀，我們正在僱用的人員類型將使我們能夠立即獲得這些領域的機會。

Turning to page 5, really kind of gives you a reflection of really the very strong and experienced team that we've accumulated at the bank.

翻到第 5 頁，您確實可以看到我們在銀行累積的非常強大且經驗豐富的團隊。

As I indicated, basically in five months, we've recruited what I consider to be one of the strongest midsized banking teams in the industry today. These are across a wide variety of disciplines. I'll highlight a couple on that page. The second on the left from the top is Chris Ganan, Chris brings over 35 years of very strong experienced risk management and credit management to our team. Chris was appointed this week to be the Chief Credit Officer.

正如我所指出的，基本上在五個月內，我們已經招募了我認為是當今業內最強大的中型銀行團隊之一。這些涉及多個學科。我將在該頁面上突出顯示幾個。從上往左數第二位是 Chris Ganan，Chris 為我們的團隊帶來了超過 35 年的風險管理和信用管理經驗。克里斯本週被任命為首席信貸官。

He's been on staff with us for about five months in a consulting role. We're really pleased to have Chris and bring the disciplines into the credit organization. I think that will have a big impact and then on the far right, the second one down is Rich Raffetto, Rich has joined us to lead both our C&I and our private banking initiatives, Rich, also is a very senior executive, very well known in the industry. Rich and I worked together at US Bank and he's joined our organization from City National.

他已經在我們公司擔任顧問職務大約五個月了。我們非常高興克里斯的加入，並將這些紀律帶入信貸組織。我認為這將會產生很大的影響，然後在最右邊，第二個是 Rich Raffetto，Rich 加入了我們，領導我們的 C&I 和私人銀行業務計劃，Rich 也是一位非常高級的管理人員，非常知名在行業中。 Rich 和我在 US Bank 一起工作，他是從 City National 加入我們的組織的。

I couldn't be more pleased to have Rich on the Board and some of the leadership that he's going to bring to those two disciplines where view the private bank and the C&I as some of our biggest growth engines as we try to move forward in expanding the organization.

我非常高興 Rich 加入董事會，他將為這兩個學科帶來一些領導力，在我們努力推進擴張的過程中，私人銀行和 C&I 被視為我們最大的成長引擎。

On page 6, a very busy quarter as we announced the sale of the warehouse business in addition to the Mr. Cooper. But I would like to just take for a second and focus on what are we going to look like in the future. And really, our focus is on being a retail bank, a small business that we provide residential mortgages to our customers and prospects that come out of the retail banking, private banking, and commercial.

在第 6 頁，這是一個非常繁忙的季度，我們宣布除了庫柏先生之外還出售倉庫業務。但我想花點時間關註一下我們未來會是什麼樣子。實際上，我們的重點是成為一家零售銀行，一家小型企業，為零售銀行、私人銀行和商業銀行的客戶和潛在客戶提供住宅抵押貸款。

We focus on our commercial industrial and then our commercial real estate. And that's really what we would define as our core businesses going into the future. But as I said, these two very well-run businesses, we had -- they were attractive acquisitions for people that are in these businesses. The mortgage warehouse generated, as I said, will generate $6.1 billion. We sold those loans at par.

我們專注於我們的商業工業，然後是我們的商業房地產。這確實是我們未來的核心業務的定義。但正如我所說，這兩家運作良好的企業，對於這些企業的員工來說，是有吸引力的收購。正如我所說，所產生的抵押倉庫將產生 61 億美元。我們以面額出售了這些貸款。

And we added approximately to that transaction 70 basis points in CET1 capital ratio. And we will use those proceeds to pay down our wholesale borrowings and fund future C&I growth is one of our other objectives is obviously to reduce overall the wholesale borrowings.

我們在該交易的基礎上增加了大約 70 個基點的 CET1 資本比率。我們將用這些收益來償還我們的批發借款並為未來的商業和工業成長提供資金，我們的其他目標之一顯然是減少整體批發借款。

As we announced this morning, at closing, we will add 60 basis points through the mortgage servicing sale, this will help reduce our high-cost and volatile mortgage deposits. This is a $1.4 billion all-cash transaction. We sold $1.2 billion of assets and subservicing business at a premium to book value and we do expect this to close in 2024.

正如我們今天早上宣布的那樣，在收盤時，我們將透過抵押貸款服務銷售增加 60 個基點，這將有助於減少我們高成本且不穩定的抵押貸款存款。這是一筆14億美元的全現金交易。我們以高於帳面價值的價格出售了 12 億美元的資產和服務業務，我們預計這將在 2024 年完成。

So with that, I will turn it over to Craig and then look forward to answering questions during the Q&A period.

因此，我將把它交給克雷格，然後期待在問答期間回答問題。

Thank you, Joseph. We'll move forward and talk to some of the numbers, including a deeper dive on some of the credit position analysis.

謝謝你，約瑟夫。我們將繼續討論一些數據，包括更深入研究一些信用狀況分析。

If you move to slide 7, you can see that our CET1 ratio has converted and pro forma for the business transactions that Joseph mentioned is 11.2%, so that's a 9.54% CET1 actual, about 30 basis points for the assumed conversion of the remainder of the preferred stock from the March capital raise. There were two items that were gating items for that. One was the shareholders approving in June, an increase in our authorized shares, that's been approved. And then the second is there's some regulatory approvals associated with some of those preferred shareholders converting to common.

如果您轉到投影片7，您可以看到我們的CET1 比率已轉換，約瑟夫提到的商業交易的預計值為11.2%，因此CET1 實際值為9.54%，對於其餘部分的假設轉換大約有30 個基點三月融資的優先股。有兩個項目為此設置了門控項目。其中之一是股東在六月批准增加我們的授權股份，這已經獲得批准。第二個是與其中一些優先股股東轉換為普通股相關的一些監管批准。

Once received that will increase our capital ratio of roughly 30 basis points and then as Joseph mentioned, about 70 basis points increment associated with the warehouse portfolio, that's about $6 billion on the balance sheet and held for sale this quarter. And we did receive that cash in the final closing of that earlier this week.

一旦收到，我們的資本比率將增加約30 個基點，然後正如Joseph 所提到的，與倉庫投資組合相關的大約70 個基點的增量，資產負債表上約60 億美元並在本季度持有待售。我們確實在本週早些時候的最終交割中收到了這筆現金。

And then separately, the mortgage servicing business will get us about an increase of about 60 basis points in CET1. And that's a result of the removal of roughly $1.2 billion on balance sheet carrying asset for the mortgage servicing rights, which is a pretty high risk-weighted asset and then a small gain on the transaction associated with the premium that we received on the business.

另外，抵押貸款服務業務將使我們的CET1增加約60個基點。這是因為資產負債表上刪除了大約12 億美元的抵押貸款服務權資產，這是一項相當高的風險加權資產，然後是與我們從該業務中收到的溢價相關的交易的小額收益。

We don't have a whole lot of unrealized losses on our securities. So you can see that our CET1 ratio adjusted for the unrealized loss on securities at 10.4%, that's fairly strong compared to our category for peers. And as Joseph mentioned, the cash and liquidity position. There are slides -- further back that I'll go through in detail what we do find ourselves in a fairly strong liquidity position, which is nice to have.

我們的證券沒有大量未實現的損失。因此，您可以看到我們的 CET1 比率根據未實現的證券損失調整為 10.4%，與我們的同業類別相比相當強勁。正如約瑟夫所提到的，現金和流動性狀況。有幻燈片——後面我將詳細介紹我們發現自己處於相當強勁的流動性狀況，這是很好的。

On page 8, we've adjusted our forecast for the transactions that we spoke about, if you recall, last quarter, we had mentioned that there was a potential for an asset transaction. That was the warehouse transaction. Those numbers were not included adjusted for in the forecast. We were clear about that.

在第 8 頁，我們調整了對我們談到的交易的預測，如果您還記得的話，上個季度我們曾經提到有資產交易的潛力。這就是倉庫交易。這些數字並未在預測中進行調整。我們對此很清楚。

And then separately, now we have the mortgage business transaction, and those are now reflected in this forecast. You see that the result of the transactions is that we push out our expectation of achieving peer median returns about two quarters into the second quarter of '27 as we redeploy the capital in the lending businesses in 2026 and 2027 that's generated from those transactions.

另外，現在我們有抵押貸款業務交易，這些都反映在這個預測中。您會看到，交易的結果是，我們將在 2027 年第二季度左右兩個季度實現同業中位數回報的預期推遲，因為我們在 2026 年和 2027 年將這些交易產生的貸款業務資本重新部署。

You can see on the slide that our tangible book value per share will be between $17.50 and $18 per share at the end of 2024. And as we look out into '26 and '27, we see that growing into the $20 to $21 a share range. And those numbers exclude the impact of warrants. There is an impact that we do have to think about on a long-term basis in terms of the share count that would come from the warrants.

您可以在投影片上看到，到2024 年底，我們的每股有形帳面價值將在每股17.50 美元到18 美元之間。到20 到21 美元範圍。這些數字不包括認股權證的影響。我們確實必須長期考慮認股權證所帶來的股數影響。

On the forecast page on page 9, you can see that our net interest income shows growth and as does our net interest margin, that's principally a result of the resetting of our loan portfolio to more current interest rates as those loans get their reset dates over the next couple of years. We'll show -- we'll have a metric in a couple of slides that shows you the significance of that impact as we're rolling through the next few quarters.

在第9 頁的預測頁面上，您可以看到我們的淨利息收入顯示出成長，我們的淨利差也出現成長，這主要是由於隨著這些貸款的重置日期結束，我們的貸款組合重置為更當前的利率。我們將在幾張投影片中展示一個指標，向您展示在接下來的幾季中這種影響的重要性。

From a provision expense standpoint, we'll have a slide at the end that has our experience for the quarter. We did record $390 million of provision expense for the quarter, $350 million of that was charge-offs. The result of that is that given where we are today, year-to-date from a provision expense, we do expect that our provision expense for the year will wind up between $900 million and $1 billion in total for 2024.

從撥備費用的角度來看，我們將在最後有一張投影片，其中包含我們本季的經驗。我們確實記錄了本季 3.9 億美元的撥備費用，其中 3.5 億美元是沖銷。結果是，考慮到我們目前的狀況，從年初至今的撥備支出來看，我們確實預計 2024 年我們今年的撥備支出總額將在 9 億美元到 10 億美元之間。

Because we do expect loan growth, we do have an anticipation that we will have -- that will have increased provisioning, not only through 2025 related to current market conditions, but into 2026 as we have loan growth in the C&I portfolio and have to provision for that loan growth.

因為我們確實預期貸款會成長，所以我們確實預期我們將會增加撥備，不僅到2025 年與當前市場狀況相關，而且到2026 年，因為我們的C&I 投資組合中的貸款成長，並且必須撥備準備金為了貸款的成長。

If you turn to slide 10, we can start to talk about some of the credit results and one of the things that we have seen for the last several quarters is really strong results from -- in terms of payoffs on our CRE portfolio.

如果你翻到投影片 10，我們可以開始討論一些信貸結果，而我們在過去幾季看到的一件事是，就我們的 CRE 投資組合的回報而言，結果非常強勁。

So as we have loans that are hitting reset date and maturity dates, we're certainly working to retain those borrowers, so we have relationships where they bring these deposits. But those borrowers that are simply using our balance sheet as they hit reset dates, we're working to reduce our exposure to -- and our concentration on commercial real estate and helping those borrowers find ways to move off the balance sheet.

因此，由於我們的貸款即將達到重置日期和到期日，我們當然會努力留住這些借款人，因此我們與他們建立了關係，讓他們帶來這些存款。但是，那些在重置日期時只是使用我們的資產負債表的借款人，我們正在努力減少我們對商業房地產的風險敞口，以及我們對商業房地產的關注，並幫助這些借款人找到擺脫資產負債表的方法。

We had almost $1 billion in CRE payoffs in the quarter. And you can see that three-fourths of that was from multifamily. And also you can -- we shown on the right-hand side, the amount of that, that was in our classified portfolio.

本季我們的 CRE 收益接近 10 億美元。你可以看到其中四分之三來自多戶家庭。你也可以－我們在右邊顯示了我們分類投資組合中的金額。

So as Joseph mentioned, we've been pretty aggressive at looking at the ability of borrowers to repay and moving loans to classified over the last couple of quarters, but those borrowers are able to find options in the marketplace as they come to their reset dates and over -- almost half of the payoffs this quarter were out of our classified portfolio. And all of those payoffs were at par. And so they weren't discounted payoffs.

因此，正如約瑟夫所提到的，在過去的幾個季度中，我們一直非常積極地關注借款人的償還能力並將貸款分類，但這些借款人在到達重置日期時能夠在市場上找到選擇本季度幾乎一半的收益都來自我們的分類投資組合。所有這些回報都是平價的。所以他們的回報並沒有折扣。

On slide 11 is an update with respect to our portfolio review. As Joseph mentioned, last quarter, we had made our way through -- we've only been here a few weeks, but we've made our way through about 37% of the portfolio, $18 billion.

第 11 張投影片是關於我們的投資組合審查的更新。正如約瑟夫所提到的，上個季度，我們已經完成了任務——我們只在這裡待了幾週，但我們已經完成了大約 37% 的投資組合，即 180 億美元。

At this point, we're through about 75% of the portfolio and that includes 80% of the multifamily portfolio. Total of $33 billion in the principal balance that we've done a detailed review on. You can see that broken out by portfolio towards the bottom. We are -- continue to be at a very high level with respect to office, only about $500 million of the office portfolio remains under review. The multifamily portfolio, only about $7 billion remains in review and a couple of slides we have detail on that. And it's principally smaller balance loans, which generally we seem to have less risk.

至此，我們已經完成了約 75% 的投資組合，其中包括 80% 的多戶型投資組合。我們對本金餘額總計 330 億美元進行了詳細審查。您可以看到底部按投資組合細分。我們在辦公室方面繼續處於非常高的水平，只有約 5 億美元的辦公室投資組合仍在接受審查。多戶型投資組合只剩下大約 70 億美元仍在審查中，我們有幾張投影片對此進行了詳細介紹。主要是餘額較小的貸款，一般來說我們的風險似乎較小。

On page 12, our multifamily portfolio. You can see that year-over-year, we're down 4%. But importantly, as I mentioned, we had $700 million of payoffs in the quarter from a quarterly perspective, we're down 3% just in a singular quarter. And we do expect that trend to continue.

第 12 頁是我們的多戶型投資組合。您可以看到，我們比去年同期下降了 4%。但重要的是，正如我所提到的，從季度角度來看，我們本季的支出為 7 億美元，僅在一個季度就下降了 3%。我們確實預計這種趨勢將持續下去。

On the next page, I'll show you how much hits reset dates over the next two years. And as we move forward, we expect to continue to encourage those borrowers to find other options.

在下一頁上，我將向您展示未來兩年重置日期的點擊量。隨著我們的前進，我們預計將繼續鼓勵這些借款人尋找其他選擇。

Over the past 18 months, we've had $2.9 billion, almost $3 billion of our multifamily rent-regulated loans that have hit their reprice dates. And as I mentioned, strong payoffs there almost a fourth of those loans have paid, off, 69% repriced and this is an important statistic. When they reprice, they reprice to an average of 8.19%. That's up from 3.85%. That trend will continue, and that will have a significant upside from -- into our net interest margin on a go-forward basis.

在過去的 18 個月裡，我們有 29 億美元，其中近 30 億美元的多戶租金管制貸款已達到重新定價日期。正如我所提到的，那裡的強勁回報幾乎有四分之一的貸款已經還清，69% 的貸款重新定價，這是一個重要的統計數據。當他們重新定價時，他們的平均利率為 8.19%。高於 3.85%。這種趨勢將持續下去，並且在未來的基礎上，我們的淨利差將會有顯著的上升空間。

This quarter, we did -- in the second quarter, we did receive our annual updates from borrowers for their financial statements. We have over 80% of the portfolio that we've received annual updates on. And interestingly, on average, the NOIs on those updates are up year over year. About two thirds of the loans have increased NOIs and about a third have decreased NOIs on average increasing between 3% and 5%.

本季度，我們確實做到了——在第二季度，我們確實收到了借款人的財務報表年度更新。我們有超過 80% 的產品組合已收到年度更新。有趣的是，平均而言，這些更新的 NOI 逐年上升。大約三分之二的貸款增加了 NOI，大約三分之一的貸款減少了 NOI，平均增加 3% 至 5%。

On slide 13 is more detail on the multifamily portfolio. Again, there's about $4.7 billion. It remains under review -- I'm sorry, $6.9 billion remains under review, and you can see that the average loan balance on those is below $5 billion -- excuse me, $5 million.

第 13 張投影片提供了更多有關多戶住宅投資組合的詳細資訊。同樣，大約有 47 億美元。它仍在審查中——抱歉，69 億美元仍在審查中，你可以看到這些貸款的平均貸款餘額低於 50 億美元——對不起，是 500 萬美元。

And then on the far right-hand side bottom of the page, you can see that over the next couple of years, we have roughly $5 billion that reprices in '25 and '26 and then now into '27, that's roughly $7 billion of reprice. The significant upside potential in in margin as well as opportunity to decrease the concentration in CRE as we work those loans off the balance sheet.

然後在頁面的最右側底部，您可以看到在接下來的幾年中，我們大約有 50 億美元在 25 年和 26 年重新定價，然後現在進入 27 年，大約有 70 億美元重新定價。當我們將這些貸款移出資產負債表時，保證金具有巨大的上行潛力，並且有機會降低商業房地產的集中度。

Our office portfolio on page 14, we had gotten through about 75% of the portfolio last quarter, we really focused on that because that's where we have quite a bit of large balance loans, that were also in a space that was experiencing pretty significant market stress in terms of occupancy levels.

我們的辦公室投資組合位於第14 頁，上個季度我們已經完成了大約75% 的投資組合，我們真正關注這一點，因為這是我們擁有相當多的大額餘額貸款的地方，這些貸款也位於一個正在經歷相當大的市場的領域入住率方面的壓力。

We're through 82% now. And the remainder of the portfolio is only about $500 million or so. The result of working through those loans, we did order and receive a lot of appraisals this quarter on those properties and that's resulted in a significant level of charge-offs this quarter.

現在我們已經完成了 82%。而投資組合的其餘部分只有大約 5 億美元左右。處理這些貸款的結果是，我們本季確實訂購並收到了對這些房產的大量評估，這導致本季出現大量沖銷。

The reserve associated with the remainder of the loans is 6.7%. That was right at -- it was between 10% and 11% last quarter. The difference there simply being the charge-offs that we recorded for the expected level of loan loss on those loans.

與剩餘貸款相關的準備金為 6.7%。上季這一數字正好在 10% 到 11% 之間。差異僅在於我們記錄的這些貸款的預期貸款損失水準的沖銷。

On page 15, our non-office CRE portfolio. It's a pretty diversified set of loans. You can see that on the bottom left that we have made our way through about 48% of the loans. So the half that are remaining. They're very diversified. You can also see the average balance is only $1.5 million, and the vast majority of those are not New York-related loans.

第 15 頁是我們的非辦公室 CRE 組合。這是一套相當多元化的貸款。您可以在左下角看到我們已經償還了大約 48% 的貸款。所以剩下的一半。他們非常多元化。您還可以看到平均餘額僅為 150 萬美元，其中絕大多數不是與紐約相關的貸款。

On page 16, Joseph mentioned that our allowance for loan losses up to 1.7% of total portfolio. Our credit loss reserve is up to 1.78% of the total portfolio. That's up from about 1.5% with increases in the multifamily loans, and as I mentioned, the decrease in the allowance associated with the office as a result of the charge-offs that we recorded in the quarter.

在第 16 頁，約瑟夫提到我們的貸款損失準備金高達總投資組合的 1.7%。我們的信用損失準備金高達總投資組合的1.78%。隨著多戶家庭貸款的增加，這一比例高於約 1.5%，而且正如我所提到的，由於我們在本季度記錄的沖銷，與辦公室相關的津貼減少了。

Page 17 gives you some perspective around asset quality. Joseph mentioned, we worked hard to identify those problem loans, recognize them and work towards resolution on the bottom left-hand side, non-accrual loans will end the quarter just shy of $2 billion. That's a fairly significant increase, up from roughly $700 million in the first quarter.

第 17 頁為您提供了有關資產品質的一些觀點。約瑟夫提到，我們努力找出這些問題貸款，識別它們並努力解決左下角的問題，非應計貸款將在本季結束時接近 20 億美元。與第一季的約 7 億美元相比，這是一個相當顯著的成長。

Our delinquency data had a spike in the second quarter up to $1.2 billion. But subsequent to that, roughly $700 million of that has come current. So the increase on the delinquencies is only up to about $500 million. Importantly, on the non-accrual loans, well over half, 61% of those loans are actually current on their payments impact from us on the CRE portfolio, 77% of the loans that are in non-accrual are actually current on their payments.

我們的拖欠數據在第二季度飆升至 12 億美元。但此後，其中約 7 億美元已經到位。因此，拖欠款的增加最多僅約為 5 億美元。重要的是，在非應計貸款中，超過一半（即 61%）的貸款實際上是按期付款的。

We've just been pretty aggressive in recognizing the potential impact of the market stresses on the property values, which, in many cases, becomes the ultimate source of repayment.

我們非常積極地認識到市場壓力對房地產價值的潛在影響，在許多情況下，房地產價值成為還款的最終來源。

On page 18, a really good new story from a deposits perspective, we have been very successful on a customer deposit raising perspective, not only in our retail space where we have our premier products, which had an increase of about $3.2 billion for the quarter.

在第 18 頁，從存款角度來看，這是一個非常好的新故事，我們在客戶存款籌集方面非常成功，不僅在我們擁有優質產品的零售領域，該產品本季增加了約 32 億美元。

But particularly in the private bank, where there had been some concerns associated with the departure of some of our private bankers. We've actually seen deposit growth in that space and in that business, roughly $500 million quarter over quarter as our bankers have gotten out really connected with our customer base, and we're seeing return of dollars to the balance sheet as well as new relationships.

但特別是在私人銀行，我們的一些私人銀行家的離職引起了一些擔憂。實際上，我們已經看到該領域和該業務的存款增長，季度環比增長了大約5 億美元，因為我們的銀行家已經與我們的客戶群建立了真正的聯繫，我們看到美元重新回到資產負債表上，同時新的存款也增加了。

Page 19 shows our liquidity profile. You can see the deposit gathering success has significantly increased our already strong liquidity position. The warehouse sale will bring us $6 billion. The mortgage sale will result in net about a reduction of about $2.5 billion against that total of $40 billion of pro forma liquidity. We will -- and we anticipate that we will begin to redeploy some of that incremental liquidity through -- into the reduction of warehouse into the reduction of wholesale borrowings over the next 30 to 45 days or so.

第 19 頁顯示了我們的流動性狀況。您可以看到存款收集的成功顯著增加了我們本已強勁的流動性狀況。此次倉庫出售將帶來60億美元的收入。抵押貸款出售將導致預計流動資金總額減少約 25 億美元，淨額為 400 億美元。我們預計，我們將在未來 30 到 45 天左右的時間裡，開始將部分增量流動性重新部署到減少倉庫和減少批發借款。

Page 20 has our financial results for the quarter. You can see that our net loss to shareholders for the quarter was $333 million. That's principally driven by the provision for loan losses of $390 million, again, that's $350 million charge-offs and roughly a $40 million reserve build.

第 20 頁顯示了我們本季的財務表現。您可以看到，本季我們股東的淨虧損為 3.33 億美元。這主要是由 3.9 億美元的貸款損失準備金推動的，同樣，這是 3.5 億美元的沖銷和大約 4000 萬美元的儲備金建設。

Our net interest margin ended the quarter at 1.98%. We did have margin pressure from the interest reversals associated with non-accruals pretty significant rise, obviously, as I mentioned on non-accruals, that had about a 7 to 8 basis point negative impact on margin. And on a go-forward basis, has about a 9 basis point impact to carry those loans and that impact is baked into the forecast numbers on earlier pages over the next couple of years.

本季末我們的淨利差為 1.98%。我們確實面臨著與非應計費用相當顯著上升相關的利息逆轉帶來的保證金壓力，顯然，正如我在非應計費用方面提到的那樣，這對保證金產生了大約7 到8 個基點的負面影響。在未來的基礎上，對這些貸款產生約 9 個基點的影響，並且該影響已納入前幾頁未來幾年的預測數字中。

Our balance sheet ended at $119 billion. That will go down in the third quarter as we sell the as we close on the sale of the warehouse loans closed on the sale of warehouse loans in the third quarter and then a bit of reduction associated with the mortgage transaction and my expectation is that we would redeploy a good chunk of that cash in paying down debt on the balance sheet.

我們的資產負債表最終達到 1,190 億美元。這將在第三季度下降，因為我們在第三季度出售倉庫貸款時關閉了倉庫貸款，然後與抵押貸款交易相關的一些減少，我的預期是我們將重新部署大部分現金來償還資產負債表上的債務。

So overall, a summary that shares the story of from a numbers perspective of moving forward to simplifying the balance sheet, reducing operating risk and positioning ourselves from a strong capital position as we go through a period of uncertainty and then move into the opportunity to redeploy that capital into a more diversified balance sheet and a focus on commercial lending in addition to the commercial real estate portfolio.

總的來說，這個總結從數字的角度分享了在我們經歷一段不確定時期，然後進入重新部署的機會時，繼續簡化資產負債表、降低營運風險並從強大的資本狀況中定位自己的故事除了商業房地產投資組合之外，這些資本還投入到更多元化的資產負債表中，並專注於商業貸款。

Joseph, I'll turn it back over to you.

約瑟夫，我會把它還給你。

Okay. Thank you very much, Craig. Appreciate the great overview.

好的。非常感謝你，克雷格。欣賞精彩的概述。

On the page 21, just wanted to highlight kind of our investment profile. Pro forma New York Community Bank currently trades at roughly 60% of fully converted tangible book value, this compares to 1.8% for Category IV banks and 1.55% for banks and assets between $50 billion and $100 billion.

在第 21 頁，只是想強調我們的投資概況。紐約社區銀行預計目前的交易價格約為完全轉換的有形帳面價值的60%，而第四類銀行的交易價格為1.8%，銀行和資產在500 億至1000 億美元之間的交易價格為1.55% 。

Our Q2 '24 tangible book value per share is $20.89 or $18.29 fully converted. We feel, as we successfully execute our strategic plan to transform the company into a focused, diversified, high-performing regional bank that this valuation gap will close. We -- as we've talked about, we have multiple levers to be able to kind of close this valuation gap.

我們 24 年第二季的每股有形帳面價值為 20.89 美元，完全轉換後為 18.29 美元。我們認為，隨著我們成功執行策略計劃，將公司轉型為專注、多元化、高績效的區域銀行，這一估值差距將會縮小。正如我們所討論的，我們擁有多種槓桿來縮小這一估值差距。

First of all, focusing the portfolio on relationship banking activities is one of the key. And with that, we will diversify the loan portfolio from being concentrated into real estate. We continue to increase the core relationship-based deposits Craig showed on the deposit page. We do have a significant portion of our deposits in both interest-bearing and non-interest-bearing demand accounts which is critical. And as we grow the C&I business, that will also bring a lower cost of deposits and diversification to that.

首先，將投資組合重點放在關係銀行業務是關鍵之一。這樣，我們將使貸款組合多樣化，不再集中於房地產。我們繼續增加克雷格在存款頁面上顯示的基於核心關係的存款。我們確實有很大一部分存款存在計息和無息活期帳戶中，這一點至關重要。隨著我們商業與工業業務的發展，這也將帶來存款成本的降低和多元化。

We also think that we can increase the level of fee income generated from fee-based businesses. Most of these products are in the company today may need some enhancements but we're talking about cash management, interest rate derivatives, foreign exchange, 401(k), core banking products that we can offer and do a better job of being able to provide to our customers.

我們也認為，我們可以提高收費業務產生的費用收入水準。目前公司的大部分產品可能需要一些改進，但我們談論的是現金管理、利率衍生性商品、外匯、401(k)、我們可以提供的核心銀行產品，並且能夠做得更好提供給我們的客戶。

And then lastly, we're very much focused on reducing and rationalizing our cost structure. As we've communicated, we do have a plan to take out $300 million independent of the mortgage activities of cost structure, and we're well on our way to achieving those cost reduction activities by the end of the year that will allow us to enter 2025 on a run rate that those cost reductions will already be in place.

最後，我們非常注重減少和合理化我們的成本結構。正如我們所傳達的，我們確實有計劃拿出 3 億美元，獨立於成本結構的抵押貸款活動，並且我們正在順利地在年底前實現這些成本削減活動，這將使我們能夠進入2025 年，按照運行速度，這些成本削減將已經到位。

So overall, I think the progress this quarter was fantastic and really in a five-month period of time, I think we've changed the culture. We've clearly changed the quality of the people that are in the organization. The focus on the credit risk within the portfolio.

總的來說，我認為本季的進展非常好，在五個月的時間內，我認為我們改變了文化。我們明顯改變了組織中人員的素質。重點在於投資組合內的信用風險。

And as I commented, that forward looking at the portfolio, we think, gives us really good insight to any risk that's coming down the pathway with the interest rate movement or credit risk associated with fixed charge coverage. We also have gone through our annual review of the portfolio in the commercial real estate, where we look at every individual loan from the standpoint of their NOI and how does that work in relationship to their debt service coverage today and with any potential future increases in interest rates.

正如我所評論的，我們認為，對投資組合的前瞻性讓我們能夠很好地洞察利率變動或與固定費用覆蓋相關的信用風險所帶來的任何風險。我們還對商業房地產的投資組合進行了年度審查，從 NOI 的角度審視每筆個人貸款，以及這與他們今天的償債覆蓋率以及未來任何潛在的增長之間的關係如何。

So a lot of really good progress on behalf of the team here great momentum. I think, amongst people in the bank, they can see the finish line that this company can be a really successful regional bank, and there's a lot of good energy and excitement, not only from ourselves and our employees, but also as we're out talking to our customers in the marketplace. People are sharing that energy about Flagstar New York Community Bank kind of rebounding back and being the bank that we can support our customers.

所以很多真正好的進步代表了球隊在這裡的巨大動力。我認為，在銀行的人們中，他們可以看到這家公司可以成為一家真正成功的區域銀行的終點線，並且有很多良好的能量和興奮，不僅來自我們自己和我們的員工，而且還來自我們與市場上的客戶交談。人們正在分享關於 Flagstar 紐約社區銀行正在反彈並成為我們可以為客戶提供支援的銀行的能量。

So with that, I'll turn it over to the operator, and we can open up for the Q&A period of the call.

這樣，我會將其轉交給接線員，然後我們就可以開始通話的問答環節。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

（操作員指令）Ebrahim Poonawala，美國銀行。

Just to follow up on the commercial real estate book. First, 80% of reviews done on office multifamily. A few questions there. One, you've given sort of outlook for provisioning and where the reserves are. But give us a sense of lost content in this book as you've gone through and where you're seeing those charge-offs come through on the CRE book, number one.

只是為了跟進商業地產這本書。首先，80% 的評論針對辦公室多戶型住宅。有幾個問題。第一，您已經給了供應的前景以及儲備的位置。但是，請讓我們感覺到這本書中丟失的內容，因為您已經經歷過，並且您在 CRE 書中看到了這些沖銷，第一。

And secondly, when you talked about loans repricing from 3% to 8% plus, is that -- I'm assuming triggering some negotiation with the customer to sort of paying down balances to kind of get LTVs, et cetera, in place. So if you could talk to both those aspects.

其次，當你談到貸款從 3% 重新定價到 8% 以上時，我假設會引發與客戶的一些談判，以償還餘額，從而獲得 LTV 等。所以如果你能談談這兩個方面。

Yes. So I'll start on the last question. So for the most part, when loans are repricing, we are holding the customers to the rate options that are in the loan agreements if they have strong deposit relationships to bring other business to us, then we'll consider other options.

是的。那麼我將從最後一個問題開始。因此，在大多數情況下，當貸款重新定價時，我們會讓客戶遵守貸款協議中的利率選項，如果他們有強大的存款關係，可以為我們帶來其他業務，那麼我們會考慮其他選擇。

But in general, we're holding them to the terms in the loan agreements which is pushing them to look to other opportunities. And there are -- for many of them, there are opportunities in the market that are cheaper price than the loan agreements.

但總的來說，我們要求他們遵守貸款協議中的條款，這促使他們尋找其他機會。對他們中的許多人來說，市場上有比貸款協議更便宜的機會。

And where those happen, that's where we're seeing the payoffs coming from. So for the most part, we're not seeking paydowns, although in certain cases, we'll consider that as a part of a structuring arrangement particularly where it's a borrower that we want to have a continued relationship with.

這些發生的地方，就是我們看到回報的地方。因此，在大多數情況下，我們並不尋求還款，儘管在某些情況下，我們會考慮將其作為結構安排的一部分，特別是在我們希望與借款人保持持續關係的情況下。

From a charge-off perspective, we had charge-offs principally associated with the office portfolio in the quarter, some multifamily charge-offs, as you mentioned that as you repeated, we have made our way through quite a bit of the multifamily portfolio in detail, 80% level. The remainder of the loans generally are smaller balance generally when we look at them and see lower loss levels.

從沖銷的角度來看，我們的沖銷主要與本季度的辦公大樓投資組合相關，還有一些多戶型的沖銷，正如您所提到的，正如您重複的那樣，我們已經完成了相當多的多戶型投資組合。當我們查看其餘貸款時，通常會發現其損失水平較低，而餘額通常較小。

But as we've received updated [borrowed] financial information, we now have a much more refreshed view in terms of the information about the loans and where the loans are close from a debt service coverage on the repriced coupon level for those loans that are in the next 18 months.

但隨著我們收到更新的[借來的]財務信息，我們現在對有關貸款的信息以及貸款與重定價息票水平上的償債覆蓋範圍相近的情況有了更加更新的看法。的18個月裡。

We're taking a really hard look at those. We're generally downgrading those to substandard, and we're getting appraisals on those and that has led to some charge-offs and has the potential to leave to more over the next couple of quarters as we get another slug of appraisal on.

我們正在認真審視這些。我們通常會將這些降級為不合格，並且我們正在對這些進行評估，這導致了一些沖銷，並且有可能在接下來的幾個季度中留下更多，因為我們得到了另一批評估。

Got it. And on those payoffs, if you can talk to the appetite among the GSEs, one of the other banks talked about they've seen a pickup in being able to move these things or getting refied with the agencies. Have you seen that? And given what's happened to rates even in the last few days, do you think that could trigger even more stuff refi-ing out of the bank to the agencies?

知道了。關於這些回報，如果你能談談政府支持企業的胃口，其他一家銀行表示，他們已經看到能夠轉移這些東西或獲得機構的認可的能力有所提高。你見過嗎？考慮到最近幾天利率發生的變化，您認為這是否會引發更多的東西從銀行流向機構？

Yeah, we do, and that's what we've seen, $700 million of payoffs in multifamily in the second quarter. We see that continuing, and that's a good thing. It helps us move towards our overall goal of reducing the the concentration in commercial real estate. And we do have opportunities to redeploy that liquidity, including paying down debt. So we see that continuing over the next several quarters.

是的，我們做到了，這就是我們所看到的，第二季多戶住宅的回報為 7 億美元。我們看到這種情況仍在繼續，這是一件好事。它有助於我們朝著降低商業房地產集中度的總體目標邁進。我們確實有機會重新部署流動性，包括償還債務。因此，我們認為這種情況將在接下來的幾個季度繼續下去。

Got it. And if I may sneak in one more for Joseph. You gave us sort of the medium-term outlook of the company, given just all the moving pieces, just your own numbers, fourth quarter '26 earnings went from $2.10 last quarter to $1.65 this quarter.

知道了。如果我可以再為約瑟夫偷偷帶一份。您向我們介紹了公司的中期前景，考慮到所有的變化，僅考慮您自己的數據，26 年第四季度的收益從上季度的 2.10 美元增至本季度的 1.65 美元。

So clearly, again, a lot of stuff going on. As we look at the announcements that you made on the warehouse and the servicing, what are we done in terms of just strategically realigning the balance sheet and the company? Or could we see more of such actions taken over the coming months and quarters?

很明顯，再次發生了很多事情。當我們查看您關於倉庫和服務的公告時，我們在策略性地重新調整資產負債表和公司方面做了哪些工作？或者我們能否在未來幾個月和幾季看到更多此類行動？

So some of that movement and reduction in those fourth quarter 2026 numbers are associated with the sale of the mortgage warehouse and the mortgage servicing MSRs. So that pushed it out because if you think about it, as those are going away, we're adding C&I, it's kind of like as one is going down, the other is going up, and they'll cross over sometime in early 2026.

因此，2026 年第四季資料的部分變動和減少與抵押貸款倉儲和抵押貸款服務 MSR 的出售有關。所以這就把它推遲了，因為如果你仔細想想，隨著這些正在消失，我們正在添加 C&I，這有點像一個在下降，另一個在上升，它們將在 2026 年初的某個時候交叉。

So that's why we pushed it out two quarters. It's really affiliated that we reduced those to -- as I commented, we do think there is an additional $2 billion to $5 billion of non-core activities that we will be evaluating, that we would look to execute on between now and the end of the year.

這就是我們將其推遲兩個季度的原因。正如我所說，我們確實認為我們將評估額外的 20 億至 50 億美元的非核心活動，我們希望從現在到年底執行這些活動。

Ebrahim, to put some numbers to it, the mortgage servicing business out in the '26 time frame was about $475 million worth of fee income and about $410 million of expense and that's what we've removed from the forecast out in that period and then over '26 and '27 redeployed the associated capital into lending. The warehouse business is we removed that $6 billion worth of loans. And then our expectation is that we would essentially swap that for C&I loans beginning in 2025 and building out through late '26 and into '27.

Ebrahim，用一些數字來說明，26 年期間的抵押貸款服務業務的費用收入約為 4.75 億美元，費用收入約為 4.1 億美元，這就是我們從該時期的預測中刪除的內容，然後'26和'27將相關資本重新部署到貸款中。倉庫業務是我們取消了價值 60 億美元的貸款。我們的預期是，從 2025 年開始，我們將從本質上將其替換為 C&I 貸款，並持續到 26 年末和 27 年。

Casey Haire, Jefferies.

凱西·海爾，杰弗里斯。

Thanks. Good morning, guys. So I just wanted to follow up on the credit front. So the ACL, if you can put some numbers as to -- we see your provision guide, but where do you see the ACL ending up following the review of this $11 billion remaining.

謝謝。早安，夥計們。所以我只想跟進信貸方面的狀況。因此，ACL，如果您能提供一些數據，我們會看到您的撥備指南，但您認為在審查這 110 億美元的剩餘資金後，ACL 最終會在哪裡。

Yes. So the $11 billion is left, I mean, you start to get into a lot of loan count and some smaller loans -- and so I'm not -- I wouldn't say that we're going to finish up $11 billion. We'll get into what I would say is a more normal cycle of continuing updates around the analysis of the credit portfolio.

是的。所以剩下 110 億美元，我的意思是，你開始進入大量貸款和一些較小的貸款 - 所以我不會 - 我不會說我們將完成 110 億美元。我們將進入我所說的圍繞信貸投資組合分析持續更新的更正常週期。

But I think we'll see increased charge-offs. I think we'll see continued charge-offs though at a lower level in the third and the fourth quarter, which will likely decrease overall our ACL coverage or ACL reserve percentage just as we take reserve dollars and they turn into charge-off dollars. But I hate to predict exactly the timing of the of the charge-offs and the resulting impact on the allowance.

但我認為我們會看到沖銷增加。我認為我們將看到持續的沖銷，儘管在第三和第四季度的水平較低，這可能會降低我們的 ACL 覆蓋範圍或 ACL 準備金百分比，就像我們將儲備金轉化為沖銷美元一樣。但我討厭準確預測沖銷的時間以及由此產生的對津貼的影響。

Provision expense, we feel like, is in the $900 million to $1 billion range for the year.

我們認為，今年的撥備費用在 9 億至 10 億美元之間。

And Casey, one thing I think that's important is like now that we're through 75% of the portfolio and 80% of the multifamily, there isn't like a big wing of loans left that we haven't been through. So when we kind of look forward, you really conclude, we should be through 95% of the portfolio by the end of this quarter. And it would take further deterioration in the underlying assets of the loans to see further deterioration because in most instances, just remind you, we've looked forward 18 months.

凱西，我認為重要的一件事是，現在我們已經完成了 75% 的投資組合和 80% 的多戶住宅，沒有一大批貸款是我們還沒有完成的。因此，當我們展望未來時，您確實可以得出結論，到本季末我們應該完成 95% 的投資組合。貸款的基礎資產需要進一步惡化才能看到進一步惡化，因為在大多數情況下，請提醒您，我們已經展望了 18 個月。

We've taken into account any significant rate changes, which they're fairly material when you go from 3.5% to 7.5% on a -- that 4% makes a big difference against the NOI, that immediately causes you to look at perhaps your future debt service coverage would be at or below one, that then causes us to get an appraisal.

我們已經考慮了任何重大的利率變化，當您從 3.5% 升至 7.5% 時，這些變化相當重要——4% 與 NOI 相比有很大差異，這會立即導致您考慮您的利率變化。的償債覆蓋率將等於或低於1，然後我們才能進行評估。

So as Craig said, really over 70% of our commercial real estate portfolio continues to perform and pay as agreed, though we're recognizing the future risks associated with those interest payments. But the other point I would make is this isn't -- should not go on unless there's a deterioration in the underlying assets because we'll have through almost all of the portfolio by the end of the year.

因此，正如克雷格所說，儘管我們認識到與這些利息支付相關的未來風險，但我們實際上超過 70% 的商業房地產投資組合仍在繼續履行並按約定支付。但我要說的另一點是，除非基礎資產惡化，否則這種情況不應該繼續下去，因為我們將在年底前完成幾乎所有的投資組合。

In particular with respect to the non-accruals, anything that's in non-accrual has already gone through getting the appraisal, been charged down to the appraisal value minus the selling cost factor. So the non-accruals are -- reflect a pretty focused perspective around the current condition, current value of the collateral, not to say that market conditions couldn't worsen and have further degradation of the collateral. But that would be the only case that we would see a need for significant increase in reserves on the non-accurals.

特別是對於非應計項目，任何非應計項目都已經經過評估，並扣除了評估價值減去銷售成本因素。因此，非應計費用反映了對當前狀況、抵押品當前價值的相當集中的看法，並不是說市場狀況不會惡化並且抵押品會進一步惡化。但這是我們認為需要大幅增加非應計準備金的唯一情況。

Great. Thank you. And just one more on the expense front. So the forecast indicates a decent amount of about $0.5 billion of expense leverage. I know you guys have some consolidations. But can you just give us some color as to how that progresses? And any -- what are the key drivers? And where you exit the year? It looks like about $425 million, if I look at '26. So just some color there on what's a decent amount of expense leverage.

偉大的。謝謝。還有一個關於費用的問題。因此，預測顯示費用槓桿約為 5 億美元。我知道你們有一些整合。但您能給我們一些關於進展的資訊嗎？關鍵驅動因素是什麼？那你在哪裡退出這一年呢？如果我看看 26 年的話，看起來大約是 4.25 億美元。因此，只需對什麼是適當的費用槓桿進行一些說明即可。

Yeah. So actually, if you think about it all the way through the forecast period that we presented. So we have about a $750 million reduction in expense. I mentioned about $400 million of that as a result of the mortgage business exit, very, very high efficiency ratio business. So that overall, that exit will reduce our overall efficiency ratio expectations.

是的。所以實際上，如果你在我們提出的預測期內一直思考這個問題。因此，我們的開支減少了約 7.5 億美元。我提到其中約 4 億美元是抵押貸款業務退出的結果，這是非常非常高效率的業務。因此，總的來說，退出將降低我們的整體效率比率預期。

So that leaves about $300 million, $350 million of cost reductions on $1 billion, call it, $1.9 billion or so. So 15% to 20% cost reduction expectation over the course of -- over the next 18 months or so with (technical difficulty) we would expect being transacted or being executed by the end of the year so that we go into 2025 on a much leaner basis with a lower cost infrastructure. I do expect that we'll see a bit of continuing cost reductions in 2025.

因此，在 10 億美元（即約 19 億美元）的基礎上，還可以削減約 3 億美元、3.5 億美元的成本。因此，在接下來的 18 個月左右的時間裡，成本預計會降低 15% 到 20%（技術難度），我們預計在年底前完成交易或執行，這樣我們就可以在 2025 年實現大幅成長。基礎設施成本更低，基礎設施更精簡。我確實預計 2025 年我們會看到成本持續下降。

And then particularly as we get out into the expectation that we'll be able to lower some of our regulatory activities set and regulatory costs in the '26 and into '27 and that's what's driving that subsequent reduction of expenses out in the late period.

然後特別是當我們預期我們將能夠在 26 年和 27 年降低一些監管活動和監管成本時，這就是推動後期費用減少的原因。

And Casey, the one thing that I would add to Craig's comments was, in addition to those cost takeouts, there also is cost build, both in kind of our risk framework of the organization. In addition to that, that our C&I growth. And so that is kind of a net number. So there is some moving elements to that number. But I would also say it's Craig and I came from US.

凱西，我要在克雷格的評論中補充的一件事是，除了這些成本支出之外，還有成本建設，這都是我們組織的風險框架的一部分。除此之外，我們的 C&I 成長。這是一個淨數字。所以這個數字有一些變化因素。但我也會說這是克雷格，我來自美國。

Bank, highly disciplined on cost structures, very focused on the efficiency ratio, looking how we have done things -- these are -- this is still three organizations that haven't really totally consolidated. They've combined but not consolidated. And we're going to be highly focused not only on the cost structure, but the way we do things and processes within the organization.

銀行在成本結構上嚴格遵守紀律，非常注重效率，看看我們是如何做事的——這些——這仍然是三個尚未真正完全整合的組織。他們合併了，但沒有合併。我們不僅要高度關注成本結構，也要關注我們在組織內做事和流程的方式。

And I would just say this is a strong discipline of ours that we are focused each business unit or shared services part of the organization knows the number that we expect them to get to. We've been working on this. We have every other week meetings on the cost takeout.

我只想說，這是我們的一個強有力的紀律，我們專注於組織的每個業務部門或共享服務部分都知道我們期望他們達到的數字。我們一直在努力解決這個問題。我們每隔一周就會就成本支出舉行一次會議。

So as we've talked about, we really believe that we will hit the run rate by the fourth quarter of this year and be able to enter into 2025 at the levels that we need to be.

正如我們所討論的，我們確實相信我們將在今年第四季度達到運行速度，並能夠以我們需要的水平進入 2025 年。

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本，派珀·桑德勒。

Good morning and thanks for all the detail. Joseph, I was wondering, as you understand it, if Mr. Manuchin decided to return to the treasury or another agency with a new administration, would he be required to sell his holdings in New York Community?

早上好，感謝所有細節。約瑟夫，我想知道，正如你所理解的，如果馬努欽先生決定回到財政部或其他機構並領導新政府，他是否需要出售他在紐約社區的股份？

I think that's a question better reflected for -- directly to Mr. Manuchin. I don't know all the intricacies of agreement or portfolios. Stephen did publicly comment on that, that he indicated he did not have to do that. But I think I would leave that up to Steven and Liberty to be able to make that comment.

我認為這個問題最好直接向馬努欽先生反映。我不知道協議或投資組合的所有複雜性。史蒂芬確實對此發表了公開評論，他表示他不必這樣做。但我想我會把這個問題留給史蒂文和自由來發表評論。

I would say Steven has been a remarkable Lead Director in the company. We value his activities and input I couldn't ask for a better partner, so to speak, to help us kind of navigate all the activities. And he answered the bell last time when he was asked to come to Washington, D.C., and I can appreciate that comes with great sacrifices because I joined that train also to go to Washington, D.C. And quite frankly, he was, in my opinion, one of the best treasury secretaries that we've ever had in the history of our nation.

我想說史蒂文是公司一位出色的首席董事。我們重視他的活動和投入，可以說，我找不到更好的合作夥伴來幫助我們引導所有活動。上次他被要求來華盛頓特區時，他按鈴了，我可以理解這帶來了巨大的犧牲，因為我也乘火車去華盛頓特區。上最好的財政部長之一。

Okay. And then just one follow-up. Could you share with us the number of private client teams that you have today? I think it was 100 last quarter. And I know you've had a lot of senior hires recently, but have you hired many commercial lenders or relationship people to help drive sort of the business mix change? Thank you.

好的。然後只有一個後續行動。您能否與我們分享您目前擁有的私人客戶團隊的數量？我認為上個季度是 100。我知道您最近僱用了很多高級人員，但是您是否僱用了許多商業貸款機構或關係人員來幫助推動業務組合的變化？謝謝。

Yeah. So I'll speak to the private clients. So the attrition of the private client banker group, we've had a couple of teams and bankers here and there. But the bulk of the departure of those bankers was in the late -- right at the end of the third -- first quarter, early second quarter. And it's been quite stable since then and remarkably and so has the deposit base. We've lost less than 10% of the deposits previously associated with those bankers and are now seeing deposit growth on that front.

是的。所以我會和私人客戶談談。因此，私人客戶銀行家團隊的流失，我們到處都有幾個團隊和銀行家。但這些銀行家的大部分離職是​​在第一季末、第二季初。從那時起，它就非常穩定，而且存款基礎也非常穩定。先前與這些銀行家相關的存款我們損失了不到 10%，而現在這方面的存款正在成長。

So overall, private client has been really, really solid, that team with the hiring of Rich Raffetto has a place to rally around and I think has a strong view forward. Joseph can weigh in, obviously, from a people perspective, but Rich has already made a couple of key hires has several more on the way. So we're definitely gaining traction in terms of bringing in talent in the C&I space, led by Richard's strong leadership and industry reputation.

總的來說，私人客戶真的非常非常穩固，聘請里奇·拉菲托（Rich Raffetto）的團隊有一個團結的地方，我認為他們對未來有強烈的看法。顯然，約瑟夫可以從人員的角度參與進來，但里奇已經聘請了幾名關鍵員工，還有更多人正在招募中。因此，在 Richard 強大的領導力和行業聲譽的帶領下，我們在 C&I 領域引進人才方面無疑獲得了吸引力。

Yeah. I would just add that we did add Adam Feit. Adam was a long time, highly recognized banker that worked for Union MUFG out on the West Coast. He is going to head up our specialized industries and capital markets group.

是的。我想補充一點，我們確實添加了亞當費特。亞當是一位資深的、備受認可的銀行家，曾在西海岸的聯合三菱日聯金融集團 (Union MUFG) 工作。他將領導我們的專業行業和資本市場小組。

[Rida Daly] also is joining our company. She's a longtime banker. I worked with Rida many years ago at Union Bank. She's coming in to run our deposit-focused industries and our treasury management. And then we're very close to hiring somebody in the Northeast here who would run our national commercial banking operation. And so in addition to like really, really strong leadership, we began to fill in.

[Rida Daly] 也加入我們公司。她是一位長期的銀行家。許多年前，我與裡達在聯合銀行共事。她將負責管理我們以存款為中心的行業和我們的財務管理。然後我們非常接近在東北部僱用一個人來管理我們的全國商業銀行業務。因此，除了真正非常強大的領導力之外，我們也開始填補空缺。

If you recall, we do have a number of existing C&I businesses, that operate in the company today, and we began to like add people into those businesses together. So we can -- already -- those engines are kind of up and running. Those include things like Flagstar Financial, some of the specialized industries and some of those businesses, we began also to add talent in those to grow those verticals as well.

如果您還記得的話，我們確實有許多現有的 C&I 業務，目前在公司運營，我們開始喜歡將人員一起添加到這些業務中。所以我們可以——已經——這些引擎已經啟動並運行了。其中包括像是 Flagstar Financial、一些專業產業和其中一些業務，我們也開始在這些產業中增加人才，以發展這些垂直產業。

So I would think when we meet 90 days from now, we should have a pretty long list of people that have joined us. Just remind you, I've spent virtually my entire career on commercial banking and building franchises both at US.

所以我認為，當我們 90 天後見面時，我們應該會列出相當長的加入者名單。請提醒您，我的整個職業生涯幾乎都花在了美國的商業銀行業務和建立特許經營權上。

Bank. And then when I went to OneWest Bank, we started from scratch and a very quick order accumulated some really talented people into the organization and grew that business to be roughly a third of the business in a short period of time and substantially increase the franchise value at OneWest Bank before the sale to CIT.

銀行。然後當我去OneWest 銀行時，我們從頭開始，一個非常快的訂單為組織積累了一些真正有才華的人，並在短時間內將該業務發展到大約三分之一的業務，並大幅提高了特許經營價值在出售給 CIT 之前，曾在 OneWest Bank 任職。

Manan Gosalia, Morgan Stanley.

馬南‧戈薩利亞，摩根士丹利。

Hey, good morning. This quarter, were there any CRE loans that were sold? Or is most of it coming is most of the reduction coming through paydowns. And if there were no sales this quarter, is there any potential to do sales as rates come down? Are you seeing a bid for any parts of that portfolio?

嘿，早安。本季是否有販售商業不動產貸款？或大部分減少是透過還款來實現的。如果本季沒有銷售，那麼隨著利率下降，是否有可能進行銷售？您是否看到對該投資組合的任何部分的出價？

Yeah. First of all, we did not really conduct any significant sales during the quarter. It is our intention between now and the end of the year that we would look to reduce the non-accrual loans through sales. We've been looking at and studying a couple of tools. We also have some large individual loans.

是的。首先，我們在本季並沒有真正進行任何重大銷售。我們的目的是從現在到今年年底，透過銷售減少非應計貸款。我們一直在研究和研究一些工具。我們還有一些大額個人貸款。

We're really excited that we had Bill Fitzgerald, who has come in and joined our company to head up the workout group. He's highly experienced in this space. And we're meeting weekly now really going over how do we reduce those non-accruals through sales of the portfolio. we feel these are marked appropriately. And while you never quite know exactly where the market will be, we do think we have a real opportunity to move a number of these assets off the balance sheet between now and the end of the year.

我們非常高興比爾·菲茨傑拉德 (Bill Fitzgerald) 加入我們公司並領導鍛鍊小組。他在這個領域經驗豐富。我們現在每週舉行一次會議，真正討論如何透過銷售投資組合來減少這些非應計費用。我們認為這些標記是適當的。雖然你永遠無法確切知道市場將在哪裡，但我們確實認為，從現在到今年年底，我們確實有機會將其中一些資產從資產負債表中移除。

Got it. But there is no -- there's no willingness to sell maybe part of the performing loan portfolio, maybe shrink the asset size below $100 billion?

知道了。但沒有——沒有意願出售部分良好貸款組合，或將資產規模縮小到 1000 億美元以下？

I mean I think we would look at everything. As we kind of look out, this quarter alone, we really have between maturities and price resets, roughly $1,650 million, that's in the CRE portfolio. And so when you look at that, I mean, we're estimating roughly 40% of that portfolio should pay off this quarter. We've been either notified by the borrowers if they gave us indication.

我的意思是我認為我們會考慮一切。正如我們所觀察到的，僅本季度，我們在到期日和價格重置之間就確實擁有約 16.5 億美元的資產，這些資產屬於 CRE 投資組合。因此，當你看到這一點時，我的意思是，我們估計該投資組合的大約 40% 應在本季度獲得回報。如果借款人給了我們指示，我們就會收到通知。

So we are seeing just in that alone, that's $500 million or $600 million that will go away through payoffs. But for the most part, what we're really going to be focused on is how do we reduce those substandard and non-accrual loans between now and the end of the year.

因此，我們僅看到這一點，就有 5 億或 6 億美元將透過支付而消失。但在大多數情況下，我們真正關注的是如何從現在到年底減少這些次級貸款和非應計貸款。

Great. And maybe a more medium or longer-term question. As I look at the forecast update on slide 9, you do have the net interest margins rising pretty significantly in 2026, almost relatively flat over '24 and '25. Can you speak to what drives that uptick? Is it just leading into C&I, maturities on the CRE side? If you could just speak to that.

偉大的。也許是一個更中期或更長期的問題。當我查看投影片 9 上的預測更新時，2026 年的淨利差確實大幅上升，與 24 年和 25 年相比幾乎相對持平。您能談談是什麼推動了這項成長嗎？它是否只是導致 C&I、CRE 方面的到期？如果你能談談這一點就好了。

I'd say about three-fourths of the margin lift is coming from repricing of the loans. Again, $5 billion in the -- and just take multifamily, which is three-fourths of the book, that reprices $5 billion a year in the next two years, $7 billion to $8 billion out in 2027.

我想說，大約四分之三的保證金提升來自貸款的重新定價。同樣，50 億美元——僅以多戶住宅為例，佔本書的四分之三，未來兩年每年重新定價 50 億美元，到 2027 年將重新定價 70 億至 80 億美元。

So as you think about the impact of those repricing up from 3%, 3.5% rates to 7.5%, 8% rates, that has a pretty significant lift on margin. The other is redeployment into new lending not higher spreads actually similar to lower spreads in the C&I space. But at more current market rates rather than the existing term carry rates.

因此，當你考慮到利率從 3%、3.5% 提高到 7.5%、8% 的重新定價的影響時，這對利潤率有相當大的提升。另一個是重新部署到新的貸款中，而不是實際上類似於工商業領域較低利差的更高利差。但採用的是更當前的市場利率，而不是現有的期限利差利率。

Bernard von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Hey, guys. Good morning. So just on the non-strategic asset sales, you identified an additional $2 billion to $5 billion -- just questions, was that after reviewing all of the loan portfolios? How do you balance the non-relationship non-strategic assets with the ability to exit the asset at par and close to par? And are these potential sales excluded in this current forecast?

嘿，夥計們。早安.因此，就非戰略資產銷售而言，您確定了額外的 20 億至 50 億美元——只是問題，這是在審查了所有貸款組合之後嗎？您如何平衡非關係非策略資產與以票面價值和接近票面價值退出資產的能力？這些潛在的銷售是否被排除在目前的預測中？

First of all, the future sales are not $2 billion to $5 billion. However, just for point of clarification, the two sales, both the mortgage warehouse and the mortgage servicing and MSR business is out of the forecast. So that is -- that would be considered net at this point.

首先，未來的銷售額不是20億到50億美元。然而，需要澄清的是，抵押倉庫、抵押貸款服務和 MSR 業務這兩項銷售均超出了預測。也就是說，此時這將被視為淨值。

So and what we've -- the whole common denominator that we've been looking at in the company, what is core and non-core is where we have a relationship with the borrower, and we have full relationships with the company, meaning we have depository and other activities with the organization.

因此，我們一直在公司中關注的整個共同點，核心和非核心是我們與借款人建立的關係，我們與公司建立了充分的關係，這意味著我們與該組織有保管和其他活動。

So as we look at those businesses, we're there's limited interactions with the customer or potential with the customer, then those are being viewed as non-core and, or where the relationship is predominantly a lending relationship and does not offer up any other opportunities to grow and enhance our overall yield by cross-selling.

因此，當我們審視這些業務時，我們與客戶的互動或與客戶的潛力有限，然後這些業務被視為非核心，或者關係主要是藉貸關係並且不提供任何其他關係通過交叉銷售來增長和提高整體產量的機會。

Think about it this way. There's probably $10 billion to $15 billion of loans in our books that we could pretty easily exit, pretty easily and quickly at par if we needed to, just from a pure capital perspective. But -- and so that has a bit of a backstop in terms of capital buffer opportunity, but it would have an impact from an earnings perspective.

這樣想吧。我們的帳簿上可能有 100 億至 150 億美元的貸款，如果需要的話，我們可以很容易地退出，非常容易、快速地按面值退出，僅從純粹資本的角度來看。但是——因此，這在資本緩衝機會方面有一定的支持，但從獲利的角度來看，它會產生影響。

And more importantly, as Joseph mentioned, some of those were in businesses that are client based and we want to retain. So as we work through that and take out from that, the businesses that are strategic to businesses that are more important to us from a growth perspective. That's where you get back to that $2 billion to $3 billion potential that we might look at over the next couple of quarters.

更重要的是，正如約瑟夫所提到的，其中一些是基於客戶的業務，我們希望保留。因此，當我們解決這個問題並從中剔除那些對企業具有戰略意義的業務時，從成長的角度來看，這些業務對我們來說更重要。這就是我們在接下來的幾季中可能會考慮的 20 億至 30 億美元潛力的所在。

Okay. Great. And then just a follow-up, Craig, on the borrowers' updated financial statements, I think you mentioned you received 80% of the portfolio. And I believe the NOIs were -- it seemed higher than expected year over year.

好的。偉大的。然後，克雷格，關於借款人更新的財務報表，我想你提到你收到了投資組合的 80%。我相信 NOI 似乎逐年高於預期。

Just anything you've gotten from that data? Because obviously, the provisioning, the credit outlook has changed dramatically. And it's interesting that at least from the NOI comment, it's better. But was there anything else in those financials that either kind of confirmed that the bars of financial situation has improved? Or has it created anything you can comment on that?

您從這些數據中得到了什麼嗎？因為顯然，撥備、信貸前景發生了巨大變化。有趣的是，至少從 NOI 的評論來看，它更好。但這些財務數據中是否還有其他內容可以證實財務狀況有所改善？或者它是否創造了任何您可以對此發表評論的內容？

No, I think what I said what it's confirmed is that that inflation was pretty impactful to particularly the regulated portfolio. And while it's fairly stabilized at this point, it's certainly a much lower level of return for those borrowers.

不，我認為我所說的已經證實的是，通貨膨脹對特別是受監管的投資組合產生了相當大的影響。雖然目前已經相當穩定，但對於這些借款人來說，回報水準肯定要低得多。

But from a lender perspective, we're to a point where things have come in at a level that a lot of the loans will be able to get through with a little bit of borrower support, we'll be able to get through -- and there will be some that will fail, and that's why we're focused really hard at identifying that, measuring that and classifying it.

但從貸款人的角度來看，我們已經達到了這樣的程度：只要有一點借款人的支持，很多貸款就能夠通過，我們將能夠渡過難關——有些會失敗，這就是為什麼我們非常努力地致力於識別、衡量和分類。

Again, about two-thirds of the NOIs came in higher than the previous year, about a third lower. It's the ones that are lower that you worry about and that's why it's good that we're through a significant portion of the portfolio.

同樣，約三分之二的 NOI 比前一年高，約低三分之一。您擔心的是那些較低的產品，這就是為什麼我們完成了投資組合的很大一部分是件好事。

We really focused on going out to the borrowers, ensuring we got the financials, pointing out to them some of the repercussions to them if they didn't provide them and making sure that we got as much current information as we could pretty quickly as we got into this portfolio.

我們真正專注於與借款人接觸，確保我們獲得財務狀況，向他們指出如果他們不提供財務狀況會對他們造成的一些影響，並確保我們盡可能快地獲得盡可能多的最新信息進入這個投資組合。

Jared Shaw, Barclays.

賈里德·肖，巴克萊銀行。

Hey, good morning. Thanks. Maybe just shifting to the other side of the balance sheet, looking at the deposit growth. What's the incremental cost of deposit growth right now? And when you look at like the DDAs, are you paying up through ECR to get those? And I guess the corollary is what's the value proposition for a customer coming incrementally coming on to the bank right now?

嘿，早安。謝謝。也許只是轉移到資產負債表的另一邊，看看存款的成長。目前存款成長的增加成本是多少？當您考慮 DDA 時，您是否透過 ECR 付費來獲得這些？我想推論是，對於現在逐漸來到銀行的客戶來說，價值主張是什麼？

Yeah. So in the private client and commercial space, we're not really paying up from an ECR perspective. In the retail space, we are about -- half of that growth was in our savings product, about half was in the CD product. And we're certainly priced attractively in the market from a customer perspective. But we're paying close attention on the opportunities as rates are receding a bit here and bringing down rates appropriately there.

是的。因此，在私人客戶和商業領域，從 ECR 的角度來看，我們並沒有真正付出代價。在零售領域，我們的成長大約有一半來自我們的儲蓄產品，大約一半來自 CD 產品。從客戶的角度來看，我們的市場定價無疑很有吸引力。但我們正在密切關注這些機會，因為這裡的利率略有下降，那裡的利率也適當降低。

From the private client space, the vast majority of that growth actually was not premium priced. It was actually pretty typical for that business, which is a very transaction-based deposit set. I think the average pricing on the deposits raised in the private client space was right along the lines of 2.75% to 3% and only about $200 million or about $150 million of it was in the more premium priced product.

從私人客戶領域來看，絕大多數成長其實並不是溢價。這對於該業務來說實際上是非常典型的，這是一個非常基於交易的存款集合。我認為私人客戶領域籌集的存款的平均定價約為 2.75% 至 3%，其中只有約 2 億美元或約 1.5 億美元屬於價格更高的產品。

So from a business proposition perspective, obviously, it's our ability to serve the customers, certainly in the private client space, the high-touch relationship aspect. And then for the retail customers, it's the expectation that as we move the customers into the savings products, it gives us the opportunity to make broader connections and make them more sticky by expanding our product set through the branch network.

因此，從商業主張的角度來看，顯然，這是我們為客戶提供服務的能力，當然在私人客戶空間、高接觸關係方面。然後，對於零售客戶來說，我們期望當我們將客戶轉移到儲蓄產品時，我們將有機會建立更廣泛的聯繫，並透過分行網路擴展我們的產品組合，從而提高客戶的黏性。

I think, Craig, kind of nailed it there. Really in the retail bank where we've seen significant amount, we offered a kind of special five and seven -- yeah, the five to seven-month CDs that gave us the opportunity to expand our customer base.

我想，克雷格，有點把它釘在那裡了。實際上，在零售銀行中，我們已經看到了大量的存款，我們提供了一種特殊的五期和七期定期存款——是的，五到七個月的定期存款給了我們擴大客戶群的機會。

And now Reggie and his team from the retail bank are really focusing on cross-selling. And I think that when I was out, again, travel run saw basically 20 branches in three days, you could feel there's really good energy around cross-selling into that customer base. And I think that's what we'll continue to see in the retail franchise, expanding those relationships.

現在，雷吉和他的零售銀行團隊真正專注於交叉銷售。我認為，當我出去時，旅行運行在三天內基本上看到了 20 個分支機構，你可以感覺到圍繞該客戶群進行交叉銷售確實具有良好的能量。我認為這就是我們將繼續在零售特許經營中看到的，擴大這些關係。

Okay. Thanks. And if I could just do a quick follow-up on the credit quality. You talked about the 18-month look forward. And if it's over 90% LTV after that move to classified, what portion of the NPL growth this quarter was due sort of purely to that re-evaluation that 18 months look forward?

好的。謝謝。如果我能快速跟進信用品質就好了。您談到了 18 個月的展望。如果轉為分類後 LTV 超過 90%，那麼本季不良貸款成長的哪一部分純粹是由於 18 個月後的重新評估造成的？

Well, again, it wasn't necessarily the look forward. It was the receipt of in large part, the receipt of appraisals on the assets that then moves them once we identified at the secondary source and may have a shortfall, then they move into non-accrual and we take an associated charge-off with it.

好吧，再說一次，這不一定是展望。在很大程度上，是收到資產評估的收據，然後一旦我們在二級來源中識別出資產並可能存在短缺，就會將其轉移，然後它們就會轉為非應計費用，我們會對其進行相關的沖銷。

But it is -- I think we don't have that number necessarily like right in front of us, but we can see if we can get that for you. And because that -- instead of looking at like today's loan through the review, we also look forward to saying, what would the pricing impact be 18 months out.

但它是 - 我認為我們不一定有像我們面前那樣的數字，但我們可以看看是否可以為您提供該數字。因為我們不是透過審查來看待今天的貸款，而是期待說 18 個月後的定價影響是什麼。

Yeah. So the result of looking with the current updated borrower financial information was -- in terms of looking out is an increase that we saw in substandards in the first quarter that then flowed through in terms of charge-offs. We do have an increase in substandard in the second quarter as well as a result of getting the [updated by] our financial.

是的。因此，查看當前更新的借款人財務資訊的結果是——就觀察而言，我們在第一季看到不合格項有所增加，然後在沖銷方面有所增加。我們的財務狀況[更新]導致第二季不合格的情況確實增加。

So if you think about a borrower from is the data, and at the current interest rate of 3.4%, we would look at that current cash flow and say, hey, there's sufficient debt service coverage here. But then when you look forward 18 months, and if that gets caught in that net, so to speak, of either repricing or maturity, then we also underwrite that loan at the current market interest rates and so if you're looking at current NOI against a 400 basis point increase in your interest rate, that's what can push that into the non-accrual or the substandard category, yeah.

因此，如果您考慮數據中的借款人，按照當前 3.4% 的利率，我們會查看當前現金流並說，嘿，這裡有足夠的償債能力。但是，當您展望 18 個月時，如果陷入重新定價或到期的網中，那麼我們也會以當前的市場利率承保該貸款，因此如果您正在考慮當前的 NOI是的，如果利率增加400 個基點，這可能會將其推入非應計或不合格類別。

So the numbers are in the (technical difficulty) of the earnings release, but think of it this way. The updated borrower financial information is driving the increase in substandards. The appraisal confirmation of value is what's driving the increase in non-accruals.

因此，這些數字是在收益發布的（技術難度）中，但可以這樣想。更新的借款人財務資訊正在推動不合格的增加。價值的評估確認是非應計費用增加的推動因素。

Steve Moss, Raymond James.

史蒂夫·莫斯，雷蒙德·詹姆斯。

Good morning. Maybe if we could start -- come back to the loans that reset this past quarter, you guys mentioned there's 8.9% rate. Just curious what is the debt service coverage for that type of borrower these days.

早安.也許我們可以開始——回到上個季度重置的貸款，你們提到有 8.9% 的利率。只是好奇現在這類借款人的償債範圍是多少。

Starts getting pretty thin. I mean that's -- the reality is you've had, particularly in the regulated space, you get 3% rent increases you get. Inflation for a couple of years running at 4%, 5% and then you double the debt service and where we had 50% to 60% debt service coverage ratios or maybe us to say, 200% debt service coverage ratios and underwriting, now you start getting down pretty low.

開始變得很瘦。我的意思是——現實情況是，特別是在受監管的領域，你的租金上漲了 3%。通貨膨脹率連續幾年維持在4%、5%，然後你將償債率翻倍，我們的償債覆蓋率達到50% 到60%，或者我們可以說，償債覆蓋率和承保率為200 %，現在你開始變得很低。

So I don't know the statistic on that, that exact bucket. But there are certainly ones that are resetting, particularly in the rent-regulated space are getting in that -- there's a lot of them in that 1.0% to 1.1% -- 1% to 1.1% multiple range.

所以我不知道具體的統計數據。但肯定有一些正在重新調整，特別是在租金管制領域，其中許多都在 1.0% 至 1.1%——1% 至 1.1% 的倍數範圍內。

Okay. And in terms of the loans that were placed on substandard or non-performing status this quarter, just curious, are the vast majority of those interest-only loans? Are they rent control? Just kind of curious on some of the underlying characteristics.

好的。就本季處於次級或不良狀態的貸款而言，只是好奇，絕大多數是只付利息貸款嗎？他們有租金管制嗎？只是對一些潛在特徵感到好奇。

The reprice really reflects the whole balance. It reflects the general characteristics of the overall portfolio. So it's not -- there certainly are interest-only ones. There certainly are rent-regulated ones, but it's not in any particular pocket.

重新定價確實反映了整體平衡。它反映了整體投資組合的一般特徵。所以不是——肯定有隻利息的。當然有租金管制的，但它不屬於任何特定的口袋。

Okay. And just to clarify, you have an 18-month look forward. Is that kind of a cutoff for what loans are being classified as substandard or criticize these days? And for those maturities that are further out in 2026 and 2027, it's a long -- we'll see those build if rates stay up at current levels. Is that kind of how to think about that --

好的。需要澄清的是，您有 18 個月的預期。這是否是當今貸款被歸類為次級或批評貸款的一個界線？對於那些在 2026 年和 2027 年到期的債券來說，這是一個漫長的過程——如果利率保持在目前的水平，我們將看到這些債券的期限不斷增加。是這樣思考的嗎——

Exactly the way I think about it I think if rates stay higher for longer than what the curve projects right now, then that would be a worsening of credit conditions that would have an impact on us in the future.

正是按照我的想法，我認為如果利率保持在比當前曲線預測的更高水平的時間更長，那麼信貸狀況將惡化，這將對我們的未來產生影響。

Okay. And one more if I could sneak in on the appraisals that you're getting here, what is the cap rate you're seeing? What's the cap rate that you're using or receiving on appraisals.

好的。另外，如果我能偷偷了解您在這裡得到的評估，您看到的資本化率是多少？您在評估中使用或收到的上限利率是多少？

Great question. It varies quite broadly between the asset classes and the geography. I mean even the five boroughs have very different cap rates different based upon the different product type, but say anywhere from 6% to 9% cap rates.

很好的問題。資產類別和地理位置之間的差異很大。我的意思是，即使是五個行政區，根據不同的產品類型，其資本化率也有很大不同，但可以說是 6% 到 9% 的資本化率。

Okay. Great. I appreciate all that. I guess just maybe one last thing in terms of -- on the CRE side, you guys disclosed there was a that there's three years IOs that portfolio. Curious how much of the commercial real estate is IO? And what's the full principal and interest debt service core ratio for that portfolio?

好的。偉大的。我很感激這一切。我想也許是最後一件事——在 CRE 方面，你們透露有一個為期三年的 IO 投資組合。好奇 IO 佔商業不動產的比例是多少？該投資組合的全部本金和利息負債核心比率是多少？

Some of the statistics for full, but I would tell you that when we do -- when we credit risk rate and we get the borrower financials, we do it on a principal and interest fully amortizing basis. We're looking at the ability of those loans to cover. We don't just look at interest only on a current basis.

一些統計數據是完整的，但我想告訴你，當我們這樣做時——當我們信用風險率並獲得借款人的財務狀況時，我們是在本金和利息完全攤銷的基礎上進行的。我們正在研究這些貸款的償還能力。我們不僅僅關注當前的利息。

Chris McGratty, KBW.

克里斯·麥克格拉蒂，KBW。

All right, great. Thanks. Just want to go back to the loan sales that you contemplated the $2 billion to $5 billion. How much of an ROE impact will that have on your long-term targets?

好吧，太好了。謝謝。只是想回到您考慮的 20 億至 50 億美元的貸款銷售。這會對您的長期目標產生多大的股本報酬率影響？

We'd focus principally on the portfolios that don't carry much spread aren't high margin. So I wouldn't expect it would have a significant negative impact on ROE.

我們主要關注利差不大、利潤率不高的投資組合。因此，我預計這不會對 ROE 產生重大負面影響。

All right. So less than the sales that you had in this quarter. Okay. And then with the servicing sale, are there deposits that will go with that? Or can you quantify?

好的。因此低於本季的銷售額。好的。然後，隨著服務銷售，是否會有押金隨之而來？或是可以量化一下嗎？

There are. So the servicing deposits move up and down pretty volatilely. But at the end of the month, they're slightly above, call it, their low point. typically at the end of -- so about $3.7 billion deposits in the servicing business. Now we'll get $1.3 billion back in -- from the cash -- on the sale transaction. So net-net impact on liquidity is just a little bit over $2.5 billion.

有。因此，服務存款上下浮動相當不穩定。但到了月底，它們會略高於所謂的低點。通常在年底，大約有 37 億美元的存款投入服務業務。現在我們將透過出售交易從現金中收回 13 億美元。因此，對流動性的淨淨影響僅略高於 25 億美元。

Okay. Thank you.

好的。謝謝。

And those are very high-cost deposits.

這些都是成本非常高的存款。

Yeah, yeah. There's two sets of those deposits. There's the deposits on our owned servicing, that are fairly low cost that's about $1 billion. But then the other $2.5 billion, $3 billion is fairly high-cost deposits on the subservicing business. So I'm not sad to see those go it basically works out kind of neutral to us from a funding cost perspective.

是啊是啊。這些存款有兩套。我們自有服務的押金成本相當低，約 10 億美元。但另外 25 億美元、30 億美元是補貼業務的成本相當高的存款。因此，從融資成本的角度來看，看到這些進展對我們來說基本上是中性的，我並不感到難過。

And are probably the highest cost out of them --

並且可能是其中成本最高的——

Matthew Breese, Stephens.

馬修·布里斯，史蒂芬斯。

I was hoping you could just talk a little bit about the overall balance sheet size, rest of this year, '25. I think the guidance suggests that earning assets stay between, call it, $108 billion, $109 billion. But I'm curious just how you're weighing the decision around saying over $100 billion or going below?

我希望你能簡單談談今年剩餘時間（25 年）的整體資產負債表規模。我認為指導意見建議獲利資產保持在 1,080 億美元至 1,090 億美元之間。但我很好奇你是如何權衡超過 1000 億美元還是低於 1000 億美元的決定？

And then with that, if you do decide to stay over $100 billion, when do you become subject to the Category IV bank stress test? Is that '25 or '26?

那麼，如果你確實決定保留超過 1000 億美元的資產，那麼你什麼時候需要接受 IV 類銀行壓力測試呢？那是'25還是'26？

So the current projections are that we wouldn't come below $100 billion in total assets. We absolutely will have a decrease. So we were at earning assets of $110 billion, $111 billion at the end of June, we see that drift down to the end of the year around $104 billion, principally related to the mortgage warehouse loans being sold here in the third quarter.

因此，目前的預測是我們的總資產不會低於 1000 億美元。我們絕對會減少。因此，我們的獲利資產為 1,100 億美元，6 月底為 1,110 億美元，我們看到這一數字在年底下降到 1,040 億美元左右，這主要與第三季出售的抵押倉庫貸款有關。

As you think about moving forward and $100 billion, we do have a much higher level of on-balance sheet liquidity that we have to hold as a Category IV bank officially we became a Category IV bank on October 1, 2023. With respect to the stress test, Cat IV banks are every other year on the even years. So our expectation is that we wouldn't be in the CCAR stress test cycle until 2026 submission.

當你考慮前進和 1000 億美元時，我們確實擁有更高水平的表內流動性，我們作為 IV 類銀行必須持有這些流動性，我們於 2023 年 10 月 1 日正式成為 IV 類銀行。中，四類銀行每隔一年對偶數年進行一次。因此，我們的預期是，在 2026 年提交之前不會進入 CCAR 壓力測試週期。

We do run our own company run stress tests and in fact, submitted to the Federal Reserve, our company run stress test here in 2024, and we'll do so again in 2025, but wouldn't expect to be held to the Federal Reserve run stress test until 2026.

我們自己的公司確實進行了壓力測試，事實上，我們公司在 2024 年在這裡進行了壓力測試，我們公司將在 2025 年再次進行壓力測試，但預計不會被美聯儲扣留運行壓力測試直到 2026 年。

Great. And then could you just help me out with the NIM outlook for the next couple of quarters? And I would really appreciate if you could provide what accretable yield was for this quarter and expectations through the end of the year.

偉大的。那麼您能幫我了解未來幾季的 NIM 前景嗎？如果您能提供本季的可增加收益以及到年底的預期，我將不勝感激。

Yes. So accretable yield is tapering down. I think it -- let's just say it adds probably 7, 8 basis points to the margin. It tapers down through into the middle of next year. The expectation around margin is that we will see a continued reduction, principally a result of the warehouse sale coming off of the balance sheet over the next couple of quarters. But given the full-year margin here, and to give exact predictions on the quarters, but we'll see it to be at this level to slightly down over the next two quarters.

是的。因此，可增加的產量正在逐漸減少。我認為——我們可以說它可能增加了 7、8 個基點的利潤。它會逐漸減少，直到明年年中。關於利潤率的預期是，我們將看到持續下降，這主要是由於未來幾季倉庫銷售從資產負債表中剔除的結果。但考慮到全年利潤率，並給出對季度的準確預測，我們將看到它在未來兩個季度處於這個水平並略有下降。

And then I know you'd mentioned some cash level liquidity levels are high. They're going to use it to pay down some wholesale. Could you just give us some frame of reference to where you're seeing the cash to assets ratio will sit by the end of the year? And is that a good level where you want to be in '25?

然後我知道您提到一些現金水準的流動性水準很高。他們將用它來支付一些批發費用。您能否給我們一些參考框架，說明您認為今年年底現金與資產的比率將達到什麼水準？這是您想在 25 年達到的良好水平嗎？

Well, I think the deposit growth that we had in the third -- in the second quarter is strong and gives us the capacity to give us the capacity to let those high-cost deposits with the mortgage business go. And if you think about the cash that we get from the warehouse sale I think that you'll see that, that will be sort of the level that we'll redeploy into paying down debt is around the level of what we get from the warehouse.

嗯，我認為我們在第三季和第二季的存款成長強勁，使我們有能力透過抵押貸款業務釋放那些高成本存款。如果你考慮我們從倉庫銷售中獲得的現金，我想你會發現，我們將重新部署用於償還債務的現金水平大約是我們從倉庫中獲得的現金水平。

And I think that puts us at an appropriate position. As we look forward, we'll have deposit growth that will allow us to continue to repay debt, and we'll have loan pay downs that we'll then be redeploying into new lending categories.

我認為這使我們處於適當的位置。展望未來，我們將實現存款成長，使我們能夠繼續償還債務，同時我們將降低貸款償還額，然後將其重新部署到新的貸款類別中。

And then when all is said and done with the with the preferred conversions -- so let me back up. I appreciate you providing the common shares outstanding with the reverse share split. What is the impact from the warrants on the diluted that we should expect going forward?

然後，當所有的事情都說完並完成了首選轉換之後——讓我支持一下。我感謝您透過反向股份分割提供已發行的普通股。我們預期未來認股權證對稀釋的影響為何？

Well, so it really depends on what you expect in terms of the share price. They'll be net sellable. And so it's public information, how many warrants are out there. But at current share prices, it's not particularly impactful at more share price at a higher share price than that net settlement could lead to a much higher level of shares. But it's hard to predict exactly what the share price would be and when those holders would choose to convert when they choose to net exercise.

嗯，所以這實際上取決於您對股價的期望。它們將是可淨銷售的。所以這是公開訊息，有多少認股權證。但以目前的股價來看，如果淨額結算可能導致更高的股價水平，那麼它的影響並不是特別大。但很難準確預測股價會是多少，以及這些持有人在選擇淨值行使時何時會選擇轉換。

Okay. Last quick one for me. Just some understanding as to why loan administration income went negative this quarter, and is that negative $5 million a decent run rate here?

好的。對我來說最後一個快速的。只是對為什麼本季貸款管理收入為負數有一些了解，負 500 萬美元是一個不錯的運行率嗎？

From a loan administration perspective, we -- I guess, I would say that it relates to a number of factors, the servicing business some of the trickle on stuff that we had associated with the FDIC in servicing their loans. I would expect after the servicing sale, our loan administration income it would be essentially zero.

從貸款管理的角度來看，我們——我想，我會說這與許多因素有關，服務業務是我們與 FDIC 提供貸款服務相關的一些細流。我預計在服務出售後，我們的貸款管理收入基本上將為零。

Jon Arfstrom, RBC Capital Markets.

喬恩‧阿夫斯特羅姆 (Jon Arfstrom)，加拿大皇家銀行資本市場部。

Hey, thanks. Good morning, guys. Craig, on slide 9, the provision expectations obviously increased. And I don't know, maybe it's unfair to ask for an accurate outlook last quarter, but what kind of confidence level do you have in the provision outlook that you're providing?

嘿，謝謝。早安，夥計們。克雷格，在投影片 9 上，撥備預期明顯增加。我不知道，也許要求準確的上季前景是不公平的，但是您對所提供的撥備前景有什麼樣的信心？

I'd say that a higher confidence level than we had last quarter. I mean the management team, not only were we knew, but not all of them were here. We have a new Chief Credit Officer, who's here. He's been in the house for about a month and is really doug in.

我想說，我們的信心水準比上季更高。我的意思是管理團隊，不僅我們認識，而且並非所有人都在這裡。我們有一位新的首席信貸官，他就在這裡。他已經在這房子裡住了大約一個月了，而且真的很喜歡。

And then again, we had -- our updated borrower financial information level was about 20% at the end of the first quarter, and it's 80% now. So we have a lot more visibility. And that drives a lot of the measurements really what's left is some appraisal gathering, but we've generally provisioned where we would expect that would come in.

再說一次，我們更新的借款人財務資訊水準在第一季末約為 20%，現在是 80%。所以我們有更多的知名度。這推動了許多測量，實際上剩下的是一些評估收集，但我們通常已經在我們期望的地方進行了配置。

But from a loan classification standpoint, there will be some additional trickle-on impact, and most of that came in, in the second quarter. I won't give you a confidence level, but I would say it's -- we have a much higher confidence level now than we did at the end of the first quarter.

但從貸款分類的角度來看，還會有一些額外的涓滴影響，其中大部分是在第二季產生的。我不會給你一個信心水平，但我想說的是——我們現在的信心水平比第一季末高得多。

Okay. Good. That's fair. On NPA expectations, I think you're signaling we should expect another increase in Q3. Is that fair? Is it going to be a step function? Or how can you prepare us for what we should see in NPAs in the third quarter?

好的。好的。這很公平。關於 NPA 預期，我認為您正在暗示我們應該預計第三季會再次增加。這樣公平嗎？它會是階躍函數嗎？或者您如何讓我們為第三季不良資產的情況做好準備？

Yeah. It won't be as significant as it was in the second quarter. I think we'll see some increase. But I think as Joseph mentioned, we'll be working to taper that back with transactions where we dispose of some of that NPA bucket. Will that exactly net out? Probably not in the third quarter. As we look into the fourth quarter, we -- our expectation is we've been able to keep that flat to down as we get into the fourth quarter and into early next year.

是的。它不會像第二季那麼重要。我想我們會看到一些成長。但我認為正如 Joseph 所提到的，我們將努力透過處理一些 NPA 桶的交易來減少這種情況。這真的能解決嗎？可能不是第三季。當我們展望第四季度時，我們的預期是，在進入第四季度和明年初時，我們能夠將這一數字保持在較低水平。

Okay. Good. Last one, Joseph, for you, call it, a financial psychology question. But where do you feel the most rushed or under pressure in terms of your day-to-day tasks. I'm curious if you feel like is it triage mode or is that unfair? And is this all kind of methodical at this point for you?

好的。好的。約瑟夫，最後一個問題對你來說是一個金融心理學問題。但是，在日常任務中，您覺得哪裡最匆忙或壓力最大？我很好奇你覺得這是分類模式還是不公平？現在這對你來說是有條理的嗎？

Well, I think we've spent a lot of time over the last 90 days, really understanding the company and digging into the attributes. I think when we met last time, we said there were really kind of three buckets that we were really focused on.

嗯，我想我們在過去 90 天花了很多時間，真正了解公司並挖掘其屬性。我想當我們上次見面時，我們說過我們真正關注的是三個方面。

One was getting our earnings accurate in forecasting and communicating those and understanding the consequences of activities. The second was really making sure we understood the loan book and that we understand the risk, and we can communicate that risk and with a degree of confidence.

其中之一是讓我們的收入準確地預測和溝通，並了解活動的後果。第二是真正確保我們了解貸款簿和風險，並且我們能夠以一定程度的信心傳達該風險。

And the third was building out our risk infrastructure within the company. This organization grew very quickly, both the talent and infrastructure of the risk organization was not in place. If you look on that page 5, where we've added talent, you can see a lot of the talent that we've added have OCC experience and are here to help us build that infrastructure.

第三是在公司內部建立我們的風險基礎設施。這個組織成長得很快，風險組織的人才和基礎設施都沒有到位。如果您查看第 5 頁，我們添加了人才，您會發現我們添加的許多人才都具有 OCC 經驗，他們來這裡是為了幫助我們建立基礎設施。

So if we decide to stay above $100 billion that we have the right risk infrastructure for Category IV bank, but the third big bucket being that we really -- including my background being controller of the currency, we view that a very important part of an organization that we have the right risk infrastructure.

因此，如果我們決定保持在1000 億美元以上，我們就擁有適合IV 類銀行的風險基礎設施，但第三個大桶是我們真的——包括我作為貨幣控制者的背景，我們認為，一個非常重要的部分組織認為我們擁有正確的風險基礎設施。

So I'd say in those three buckets, we feel like we've made incredible progress. And then I would also say we recognize the desire to have a very strong liquidity and capital in the bank. As we're making these movements to become more simpler, we also want to have a very fortress liquidity and equity of the company.

所以我想說，在這三個方面，我們感覺我們已經取得了令人難以置信的進步。然後我還要說，我們認識到銀行希望擁有非常強大的流動性和資本。當我們讓這些動作變得更簡單時，我們也希望公司有非常堅固的流動性和股權。

I will now turn the call back over to Joseph Otting for any closing remarks.

現在，我將把電話轉回給約瑟夫·奧廷（Joseph Otting），讓其發表結束語。

Okay. Thank you very much, operator. Very much appreciate everybody joining this. I would say there's a lot of really good energy around the company and the direction we're heading.

好的。非常感謝您，接線生。非常感謝大家的加入。我想說的是，公司和我們前進的方向充滿了真正的活力。

We now have, I think, a very experienced executive and leadership team to execute the business plan. We will have a simpler organization when we've concluded the asset sales and move the company forward. we will maintain liquidity and capital, which we think are more than necessary to run this organization.

我認為，我們現在擁有一支經驗豐富的執行和領導團隊來執行業務計劃。當我們完成資產出售並推動公司向前發展時，我們將擁有一個更簡單的組織。我們將維持流動性和資本，我們認為這對於運作本組織是非常必要的。

And at the same time, we're really much focused on growing the bank and the sectors that we've communicated. Just specifically in the private bank, the retail bank, small business in the C&I segments of our company, too often people can get drug into the problems and not be thinking about the solution. And I just want to assure the investment community and our investors that we're also focused on what this company will look like in the future.

同時，我們非常關注銀行和我們所溝通的部門的發展。特別是在我們公司的私人銀行、零售銀行、工商業部門的小型企業中，人們常常會陷入問題而不去思考解決方案。我只是想向投資界和我們的投資人保證，我們也關注這家公司的未來。

So thank you very much for your time and your interest. It's very much appreciated. And if there are any follow-up questions, if you could forward those on to Sal, we'll be happy to address those for people that have additional questions.

非常感謝您的時間和興趣。非常感謝。如果還有任何後續問題，如果您可以將這些問題轉發給 Sal，我們將很樂意為有其他問題的人解決這些問題。

This concludes our call today. Thank you all for joining, and you may now disconnect.

我們今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。