Flagstar Financial Inc (NYCB) 2024 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 third quarter 2024 earnings conference call. (Operator Instructions)

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。我歡迎大家參加紐約社區銀行 2024 年第三季財報電話會議。 （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 Bank Corp 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公司管理團隊今天的電話會議。

Today's discussion of the company's third quarter results will be led by Chairman, President and CEO Joseph Otting along with the company's Chief Financial Officer, Craig Gifford and our Chief Credit Officer Chris Gagnon.

今天對公司第三季業績的討論將由董事長、總裁兼執行長 Joseph Otting 以及公司財務長 Craig Gifford 和我們的首席信貸長 Chris Gagnon 主持。

Before the discussion begins, I would like to remind everyone that our quarterly earnings press release and investor presentation can be found on the investor relations section of our company website at Ir dot My NYCB dotcom.

在討論開始之前，我想提醒大家，我們的季度收益新聞稿和投資者簡報可以在我們公司網站 Ir dot My NYCB dotcom 的投資者關係部分找到。

Additionally, certain comments made today by the management team of New York Community Bank Corp may include forward-looking statements within the meanings of the private securities Litigation Reform Act of 1,995.

此外，紐約社區銀行公司管理團隊今天發表的某些評論可能包括 1,995 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.

我們可能做出的此類前瞻性聲明須遵守安全港規則。

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.

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。

Also, when discussing our results today, 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.

此外，在今天討論我們的績效時，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績效中排除了某些項目。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 now I would like to turn the call over to Mr. Otting.

現在我想把電話轉給奧廷先生。

Thank you Sal and good morning everyone and welcome to our third quarter earnings call. We're actually pretty excited about the quarter and what we accomplished during the course of the quarter. And today we're going to review the third quarter results, an update of our three year forecast and provide an overview on our key strategic initiatives.

謝謝薩爾，大家早上好，歡迎參加我們第三季的財報電話會議。事實上，我們對本季以及我們在本季取得的成就感到非常興奮。今天，我們將回顧第三季的業績，更新我們的三年預測，並概述我們的關鍵策略舉措。

As I've mentioned in the past, it is important to the board and management team that we remain engaged with the analyst community and investors on our progress as we continue to transition for the remainder of 2024 and 2025.

正如我過去提到的，對於董事會和管理團隊來說，在 2024 年剩餘時間和 2025 年繼續過渡的過程中，我們必須與分析師群體和投資者就我們的進展保持接觸，這一點很重要。

During the third quarter, we continue to make, you know, significant progress on multiple fronts towards our goal of becoming a diversified regional bank, which focuses on consumer, small business, commercial banking, private banking, and commercial real estate. And some of the actions that we've taken over the last 3 to 5 months, you know, pointed in that direction, turning to slide 3 under the first area, you will see that with our board transformation complete, we are quickly building out our middle market, commercial banking and specialized in industry lending verticals. With the addition of over 30 new hires in this space over the last 90 days, this includes season lenders and the infrastructure to support them.

第三季度，我們繼續在多個方面取得重大進展，以實現成為多元化區域銀行的目標，並專注於消費者、小型企業、商業銀行、私人銀行和商業房地產。您知道，我們在過去3 到5 個月中採取的一些行動都指向這個方向，請轉到第一個區域下的幻燈片3，您會看到，隨著我們的董事會轉型完成，我們正在快速建立我們的中間市場、商業銀行業務和專門從事行業貸款垂直領域。在過去 90 天內，該領域新增了 30 多名新員工，其中包括季節性貸款人和支持他們的基礎設施。

In addition, we're excited, we also hired a new Chief Information Officer. His name is Chris Higgins. Chris previously worked at US Bank and most recently was the CIO at Mufg. Chris brings tremendous amounts of experience and will be a key asset of a leader in the company as we go forward as well.

此外，令我們興奮的是，我們還聘請了一位新的資訊長。他的名字叫克里斯·希金斯。 Chris 先前曾在美國銀行工作，最近擔任三菱日聯銀行 (Mufg) 的資訊長。克里斯帶來了豐富的經驗，隨著我們的發展，他也將成為公司領導者的重要資產。

One of the things I think we're most excited about as we continue to attract top tier talent to the organization and virtually every area area, excuse me, every, every area of the company. And I'm very confident in the leadership team of the bank as far as our executing on our operating plan. This quarter was the second consecutive quarter of really solid deposit growth both in retail and in the private bank in the private bank. We're seeing many customers returning to the bank after the disruption earlier this year and we are winning new relationships. Moreover, the private banking deposits are more moderately priced, having weighted average cost in the low 2% range.

我認為我們最興奮的事情之一是，我們繼續吸引頂尖人才加入組織和幾乎每個領域，對不起，公司的每個領域。我對銀行領導團隊執行營運計畫的能力非常有信心。本季是零售銀行和私人銀行的私人銀行存款連續第二季實現真正穩健的成長。我們看到許多客戶在今年早些時候的中斷後返回銀行，並且我們正在贏得新的關係。此外，私人銀行存款的定價更為適中，加權平均成本在2%的低水準範圍內。

Last quarter, I talked about the opportunity to exit another 2 to $5 billion in non core businesses. During the quarter, we made the strategic decision to exit certain non relationship based businesses and reduce our exposures on under some large exposures where we syndicated our positions out within the C&I portfolio. As a result, the C&I loans declined 1.3 billion or 8% compared to the second quarter to the run off of these loans.

上個季度，我談到了退出另外 2 至 50 億美元非核心業務的機會。在本季度，我們做出了策略決定，退出某些非關係型業務，並減少我們在 C&I 投資組合中聯合頭寸的一些大型風險敞口。因此，工商業貸款與第二季相比下降了 13 億，即 8%。

Our pro forma ce T one ratio including the impact of the sale of the MS R and third party origination business is 11.4% which compares very favorably to our pair. And as a matter, you know, we do anticipate the end of this month, the 1st of November of closing the sale of the servicing MS R and third party broker business to Mr Cooper.

我們的預期比率（包括出售 MS R 和第三方起源業務的影響）為 11.4%，與我們的比率相比非常有利。而且，您知道，我們確實預計在本月底，即 11 月 1 日，完成向 Cooper 先生出售 MS R 服務和第三方經紀業務的交易。

Also, we made significant progress in reducing operating expenses through head count reductions and cost controls while still investing in key areas like our commercial, private banking and our risk infrastructure.

此外，我們透過減少員工數量和控製成本，在降低營運費用方面取得了重大進展，同時仍在商業、私人銀行和風險基礎設施等關鍵領域進行投資。

Last week, we announced a workforce reduction plan which will show up in our fourth quarter results. And in addition to that, we've also taken out significant non personnel cost as we focus the organization and brought talent in to perform functions within the organization.

上週，我們宣布了一項裁員計劃，該計劃將體現在我們第四季的業績中。除此之外，我們也削減了大量的非人員成本，因為我們專注於組織並引進人才在組織內履行職能。

And as Craig will speak to shortly, we are on track to meet our earnings forecast goals. By year end 2027 under improved funding profile. And these are one of the areas that when Craig and I first arrived, we talked about increasing the liquidity in the company. Our liquidity remains extremely strong at over $41 billion resulting in an approximate 300% coverage to uninsured deposits.

正如克雷格很快將談到的那樣，我們有望實現獲利預測目標。到 2027 年底，資金狀況將會改善。這些是當克雷格和我第一次到達時，我們討論增加公司流動性的領域之一。我們的流動性仍然非常強勁，超過 410 億美元，未保險存款的覆蓋率約為 300%。

We also utilized a portion of our excess liquidity during the quarter to pay down $9 billion in wholesale borrowing. And during the month of October, we paid down an additional billion which will help improve our funding cost over time.

我們也利用本季的部分過剩流動性來償還 90 億美元的批發借款。在 10 月份，我們額外支付了 10 億美元，這將有助於隨著時間的推移改善我們的融資成本。

Finally, there is our focus on credit and risk management. You'll get a chance to hear from Chris Gagnon and our new Chief Credit Officer. We have completed reviewing virtually the entire CRE portfolio. At the end of the third quarter, we were 97% complete compared to 75% in the second quarter. We continue to proactively manage our problem loans and take appropriate action to de risk the loan portfolio including taking significant charge offs and continuing to build our allowance for credit losses.

最後，我們關注信用和風險管理。您將有機會聽到 Chris Gagnon 和我們新任首席信貸官的演講。我們幾乎已經完成了整個商業房地產投資組合的審查。第三季末，我們完成了 97%，而第二季為 75%。我們繼續積極管理問題貸款，並採取適當行動降低貸款組合的風險，包括大幅沖銷和繼續建立信貸損失準備金。

In addition, we continue to add both talent and resources in our risk management area as we build out our risk governance infrastructure slide. Four highlights the five key takeaways for the third quarter.

此外，在建構風險治理基礎設施幻燈片時，我們將繼續在風險管理領域增加人才和資源。第四點強調了第三季的五個關鍵要點。

The biggest takeaway from our perspective is that our multi family borrowers continue to support their properties during the first nine months of the year, approximately $2.1 billion of our multi family reached the repricing date. And in most instances, these properties are repricing from the mid 3% to the mid sixes or higher of these loans, over 90% have either paid off or are at par or remain current.

從我們的角度來看，最大的收穫是，我們的多戶家庭借款人在今年前 9 個月繼續支持他們的房產，我們多戶家庭的約 21 億美元到達了重新定價日期。在大多數情況下，這些房產的重新定價從貸款的 3% 中間到 6% 中間或更高，超過 90% 要么已還清，要么處於平價或保持流動狀態。

We also continue to reduce our CRE exposure. As Chris will discuss, we had another strong quarter in loan payoffs as you know, one of our key strategic goals is to reduce our CRE portfolio to about $30 billion over time. And these payoffs certainly will help us towards that goal deposit growth as we've previously discussed in our prior earnings call was another one of the highlights this quarter. This growth along with us paying down about a third of our wholesale borrowings resulted in a positive shift in our funding mix.

我們也持續減少商業不動產風險敞口。正如克里斯將討論的那樣，我們在貸款償還方面又經歷了一個強勁的季度，我們的關鍵戰略目標之一是隨著時間的推移將我們的 CRE 投資組合減少到約 300 億美元。這些回報肯定會幫助我們實現存款成長目標，正如我們之前在先前的財報電話會議中所討論的那樣，這是本季的另一個亮點。這種成長加上我們還清了約三分之一的批發借款，導致我們的融資結構發生了積極的轉變。

And lastly, I believe we're well positioned to successfully execute on our C&I strategy which we've talked about trying to get significant growth in C&I which I will discuss in the next two slides on slide. Five highlights the senior management team we have assembled within the commercial industrial space to drive our growth in this area. Rich Raffetto oversees this effort and it's assembled what I believe is a long time, commercial banker myself, some of the best leadership in the industry, reflecting our commitment to the strategic area of growth. As you can see, we are hiring, hiring a proven group of individuals to execute on our business strategy.

最後，我相信我們處於有利位置，可以成功執行我們的 C&I 策略，我們已經討論過該戰略，試圖在 C&I 方面取得顯著增長，我將在接下來的兩張幻燈片中討論這一點。五是我們在商業工業領域組成的高階管理團隊，以推動我們在該領域的發展。里奇·拉菲托 (Rich Raffetto) 負責監督這項工作，我相信這是由商業銀行家本人長期擔任的，也是業內最優秀的一些領導者組成的，反映了我們對戰略增長領域的承諾。正如您所看到的，我們正在招聘，招募一批經過驗證的人員來執行我們的業務策略。

Slide, six outlines our C&I strategy. We already have a good platform to build from with approximately $16 billion of C&I loans. Our goal is to get back to $30 billion in the next 3 to 5 years by by expanding our existing platform across middle market, corporate banking and various specialized industries and building out our product capabilities and to drive fee income and relationship pricing. Part of this build out includes hiring more experienced bankers and support staff. Today, we have brought in more than 30 individuals and continue to attract top talent.

幻燈片第六概述了我們的 C&I 策略。我們已經擁有一個良好的平台，可以利用大約 160 億美元的工商業貸款來建構。我們的目標是在未來3 到5 年內透過將我們現有的平台擴展到中間市場、企業銀行業務和各種專業行業，並建立我們的產品能力並推動費用收入和關係定價，將收入恢復到300億美元。這項建設的一部分包括僱用更有經驗的銀行家和支援人員。如今，我們已引進了 30 多名人才，並持續吸引頂尖人才。

I'm really pleased with how far the management team has brought the company over the last seven months. We are building a great company that will be reflected in our future financial results.

我對管理團隊在過去七個月為公司帶來的進步感到非常滿意。我們正在建立一家偉大的公司，這將反映在我們未來的財務表現中。

And I'll now turn it over to Craig and I look forward to your questions.

我現在將其轉交給克雷格，期待您的提問。

Thank you Joseph. On slide 7, you can see our financial balance sheet information and you can see their CE T ratio on a pro forma basis for the sale of the MS R business. As Joseph mentioned is 11.4%. We ended the quarter with an actual GAAP ratio of 10.8%. The 60 basis point increase you know, on a proforma basis reflects the lower RWAS from the sale of the mortgage transaction as well as the increase in capital that comes from the small game that we expect to recognize on the transaction. Joseph mentioned that we expect that transaction will close in the next couple of weeks.

謝謝你約瑟夫。在投影片 7 上，您可以看到我們的財務資產負債表訊息，也可以看到他們出售 MS R 業務的預期 CE T 比率。正如約瑟夫所提到的，是 11.4%。本季末，我們的實際 GAAP 比率為 10.8%。您知道，以形式計算，60 個基點的成長反映了抵押貸款交易銷售中較低的 RWAS 以及我們預計在交易中認可的小型遊戲帶來的資本增加。約瑟夫提到，我們預計交易將在未來幾週內完成。

Adjusting for our, for A OC I our pro forma ce T one ratio is 10.7% in general. We have lower securities unrealized losses than our peers. And you can see that our liquidity position is robust and continues to improve slides. Eight and nine present an updated forecast out through 2027 and I'll cover some of the more relevant changes from prior information that we provided.

調整我們的 A OC I 後，我們的 Pro foromace T One 比率總體為 10.7%。我們的證券未實現損失低於同業。您可以看到我們的流動性狀況強勁，並且持續改善。第八和第九部分提出了到 2027 年的更新預測，我將介紹我們先前提供的資訊中的一些更相關的變化。

The most significant updates reflect an expectation that our non accrual loans will remain elevated through 2026 which Chris will discuss in more detail. We also reflect an expectation of a higher FDIC assessment cost level through 2026 principally related to our criticized and classified loan levels. And there's a line switch between margin and fees related to the cost of sub servicing deposits that go away this quarter, which I'll describe on the next page.

最重要的更新反映了我們的非應計貸款將在 2026 年之前保持在較高水準的預期，克里斯將對此進行更詳細的討論。我們也預計到 2026 年 FDIC 評估成本水準將上升，這主要與我們批評和分類的貸款水準有關。保證金和與本季度取消的次級服務存款成本相關的費用之間存在線路切換，我將在下一頁進行描述。

You can see that from a ratio perspective, the impact of those items does reflect an expectation from a EPS perspective of a reduced level of earnings in 2025 and 2026. But as we get beyond the non accruals and the FDIC assessment increases, we would expect 2027 to be consistent with our previous expectations.

您可以看到，從比率角度來看，這些項目的影響確實反映了從 EPS 角度來看 2025 年和 2026 年收益水準下降的預期。 2027 年與我們先前的預期一致。

Turning to slide 9 from a margin perspective, as I mentioned, we will have pressure on non interest, excuse me, on interest income related to a higher level of non accruals out through 2026. Additionally, on in 2025 2020 26 there's roughly $150 million of a change in remapping of interest expense on the custodial deposits which reduces from prior forecasts our non our net interest income and increases our non interest income. So again, it's just a line switch.

從利潤率角度轉向幻燈片9，正如我所提到的，我們將面臨非利息壓力，請原諒，到2026 年，與較高水平的非應計費用相關的利息收入將面臨壓力。 2025 年2020 年26 日，大約有1.5 億美元託管存款利息支出重新映射的變化，導致我們的非淨利息收入比之前的預測減少，並增加了我們的非利息收入。再說一遍，這只是一個線路開關。

If you think about margin, our margin does continue to improve beginning in 25 through 27 as a result, principally of repricing of our commercial real estate and multi family loan portfolio. We do expect that our margin has bottomed in the third quarter. You'll see the in our press release, the margin percentage, we expect a similar margin percentage in the fourth quarter and then increasing through 2025 our provision for loan losses was impacted by a charge off level net of recoveries of $240 million in the third quarter. We do have an expectation of a similar although probably slightly less inw in the fourth quarter of charge off and then tapering in 2025. Our expectation for the full year of provision for loan losses for 24 is 1.1 billion to 1.2 billion.

如果您考慮利潤率，我們的利潤率在 25 年到 27 年期間確實會繼續提高，主要是因為我們的商業房地產和多戶貸款投資組合的重新定價。我們確實預計我們的利潤率已在第三季觸底。 You'll see the in our press release, the margin percentage, we expect a similar margin percentage in the fourth quarter and then increasing through 2025 our provision for loan losses was impacted by a charge off level net of recoveries of $240 million in the third四分之一.我們確實預計第四季度的收入會出現類似的情況，儘管可能會略有減少，然後在 2025 年逐漸減少。

That's an increase from our prior guidance and that is related to our experience on the charge offs associated with multi family loans. As Chris will point out the multi family portfolio continues to perform quite well. And the vast majority of loans that are in our non accrual portfolio continue to be current on their payments from a non interest perspective, non interest expense perspective. We do expect a higher level of FDIC assessment again, principally related to the criticized and classified portfolio that has an impact of about $100 million a year in 25 and 26 incrementally.

這比我們之前的指導有所增加，這與我們在與多戶家庭貸款相關的沖銷方面的經驗有關。正如克里斯將指出的那樣，多戶型投資組合繼續表現良好。從非利息角度、非利息支出角度來看，我們的非應計投資組合中的絕大多數貸款繼續按時付款。我們確實預計 FDIC 的評估將再次提高，主要與受到批評和分類的投資組合有關，該投資組合在 25 和 26 年間每年產生約 1 億美元的影響。

In the fourth quarter of this year, the mortgage transaction will close in in the next couple of weeks, but we had previously anticipated that it would be completed by the end of September regulatory approvals delay that a little bit and that will have a little bit of a negative impact on expenses for the fourth quarter. These reflect those changes slide, 10 shows the success that we're having on the deposit gathering front as Joseph said earlier on the call, this is the second quarter of very solid deposit growth.

今年第四季度，抵押貸款交易將在未來幾週內完成，但我們之前預計該交易將在 9 月底完成，監管審批會稍微延遲一點，這將會有一點影響。影響。這些反映了這些變化幻燈片，10 顯示了我們在存款收集方面取得的成功，正如約瑟夫早些時候在電話會議上所說，這是存款成長非常穩健的第二季。

We continue to grow deposits in the rechan retail channel up $2.5 billion or just under 8%. This quarter, we also had a very good deposit growth quarter in the private bank with deposits increasing 1.8 billion or 11% to nearly $18 billion. As our bankers are successfully winning new relationships and many customers are returning dollars to the bank. More importantly, the private banking deposits overall carry a lower cost, a lower cost of funds. They're generally a more, more moderately priced.

我們繼續增加 rechan 零售通路的存款，增加了 25 億美元，增幅略低於 8%。本季度，我們的私人銀行存款成長也非常好，存款增加了 18 億美元，即 11%，達到近 180 億美元。隨著我們的銀行家成功贏得新的關係，許多客戶正在將美元退還給銀行。更重要的是，私人銀行存款整體成本較低，資金成本較低。它們的價格通常更加適中。

And now I'll turn the call over to Kris Gagnon to discuss our asset quality and credit metrics.

現在我將把電話轉給 Kris Gagnon，討論我們的資產品質和信用指標。

Thank you, Craig. If we turn to slide 11, we had just over a billion dollars in commercial real estate payoffs during the third quarter, bringing the year-to-date amount to 2.6 billion. Importantly, these payoffs were a par and approximate 34% of these payoffs were related to our substand portfolio.

謝謝你，克雷格。如果我們翻到投影片 11，第三季我們的商業房地產收益略高於 10 億美元，使年初至今的金額達到 26 億美元。重要的是，這些回報是平價的，其中約 34% 與我們的子投資組合相關。

We move to slide 12. This is an update of our annual CRE portfolio review through the third quarter. We have reviewed 97% of the total CRE portfolio that includes 97% of the multi family portfolio, 93% of the office and 94% of the non office. The CRE we turn to slide 13, an overview of the multi family portfolio. The key takeaways here are that year-to-date. We had $2.1 billion of multi family loans, repricing of those loans, 34% paid off at par and the remainder stayed within the bank. We'll talk about the repricing that we're facing going forward in the next slide.

我們轉到投影片 12。我們審查了 97% 的商業房地產投資組合，其中包括 97% 的多戶住宅投資組合、93% 的辦公室投資組合和 94% 的非辦公室投資組合。我們轉向投影片 13 的 CRE，它是多戶型投資組合的概述。這裡的關鍵要點是今年迄今的情況。我們有 21 億美元的多戶家庭貸款，這些貸款重新定價後，34% 按面額還清，其餘的留在銀行。我們將在下一張投影片中討論我們面臨的重新定價。

So slide 14 provides a few more details of the on the multi family portfolio, approximately 3% of the portfolio is left to review. These are loans with an average balance of $3 million. So we're getting to the smaller end of the portfolio. All of the largest loans in the portfolio have been reviewed and nearly all the loans with rent regulated units between 5100% of total units have been reviewed where I want to spend a little bit of time. Those on the bottom right side of the portfolio.

因此，幻燈片 14 提供了有關多戶型投資組合的更多詳細信息，大約 3% 的投資組合有待審查。這些貸款的平均餘額為 300 萬美元。所以我們正在進入投資組合的較小一端。投資組合中所有最大的貸款都已經過審查，幾乎所有租金管制單位佔總單位數 5100% 之間的貸款都已經過審查，我想花一點時間。位於投資組合右下角的那些。

As you can see through 2027 we have a significant amount of loans that multi family loans that are either going to reprice or mature. And the important thing to understand here is that as these loans enter the window, 18 months in advance, we reevaluate those loans at current market rates and their ability to service those loans, the borrower to service those loans on the change terms. This can lead to more severe classification of those loans if the results of the analysis is that the cash flow is either impaired or insufficient to service the loans appropriately.

正如您所看到的，到 2027 年，我們有大量多家庭貸款將重新定價或到期。這裡需要理解的重要一點是，當這些貸款提前 18 個月進入窗口時，我們會以當前市場利率重新評估這些貸款及其償還這些貸款的能力，以及借款人按變更條款償還這些貸款的能力。如果分析結果顯示現金流量受損或不足以適當償還貸款，這可能會導致對這些貸款進行更嚴格的分類。

Moving on to the office portfolio on slide 15, we reviewed 93% of this portfolio again. I think we've gotten through the largest loans. So this the remaining 7% is generally smaller balance loans. We've been very proactive and aggressive managing this portfolio. We've taken significant charge off through the years. You know with this portfolio because of early on the larger loans that we looked at, there were some idiosyncratic losses. I think we're largely through those issues. The officer reserves associated with the remainder of the loans in the portfolio of 6% which compares favorably alongside our peers.

轉到幻燈片 15 上的辦公室投資組合，我們再次審查了該投資組合的 93%。我認為我們已經獲得了最大的一筆貸款。所以剩下的7%一般都是餘額較小的貸款。我們一直非常積極地管理這個投資組合。這些年來我們已經減少了大量費用。你知道，在這個投資組合中，由於我們早期觀察到的較大貸款，存在一些特殊的損失。我認為我們基本上已經解決了這些問題。該官員與投資組合中剩餘貸款相關的準備金為 6%，這與我們的同行相比是有利的。

Sizes 16 is our non office CRCRE portfolio. 94% of this portfolio has been reviewed. Most loans that remain reviewed or again what the the smaller end of the which are non New York City loans. As a very diversified portfolio slide 17 provides our allowance by loan category, our allowance for credit losses up to 1.87% this quarter compared to 1.78 the prior quarter.

16 號是我們的非辦公室 CRCRE 產品組合。該投資組合的 94% 已經過審核。大多數仍在審查的貸款或其中較小的一端是非紐約市貸款。由於非常多元化的投資組合幻燈片 17 按貸款類別提供了我們的準備金，本季度我們的信貸損失準備金高達 1.87%，而上一季為 1.78%。

And then slide 18 provides some further perspective around asset quality. We have been diligently identifying problem loans and working towards resolution. You can see that on this slide this quarter, we had approximately $600 million increase in our non non accrual portfolio.

然後投影片 18 提供了有關資產品質的一些進一步的觀點。我們一直在努力查明問題貸款並努力解決。您可以看到，在本季的這張投影片中，我們的非非應計投資組合增加了約 6 億美元。

Important to note that, you know, 68% of these non accruals are actually performing as agreed to the terms of their credit agreement. And this sort of relates back to the issue that we talked about before as we put some of these loans on non accrual or substand it is related to future ability to pay as they enter those re pricing windows.

值得注意的是，您知道，這些非應計費用中有 68% 實際上是按照信貸協議條款履行的。這與我們之前討論過的問題有關，因為我們將其中一些貸款列為非應計貸款或實質貸款，這與它們進入重新定價窗口時的未來支付能力有關。

So with that Craig, I'll turn it back over to you.

那麼克雷格，我會把它轉回給你。

Okay, thank you. Chris Slide 19 depicts our liquidity profile. Overall. Our liquidity remains quite strong due to the success of our deposit gathering efforts. Over the last two quarters, we have $41.5 billion of total liquidity which represents about 300% of our uninsured deposits.

好的，謝謝。 Chris Slide 19 描述了我們的流動性狀況。全面的。由於我們存款收集工作的成功，我們的流動性仍然相當強勁。過去兩個季度，我們的流動性總額為 415 億美元，約占我們未投保存款的 300%。

Slide 20 summarizes our third quarter financials and as I mentioned, the net loss attributable to common stockholders was $289 million or 79¢ per share, principally driven by the provision expense for the quarter. It was also related to a lower level of non interest income due to the sale of the mortgage warehouse portfolio which closed in July, Joseph. I'll turn the call back to you. Okay.

第20 張投影片總結了我們第三季的財務狀況，正如我所提到的，普通股股東應佔的淨虧損為2.89 億美元，即每股79 美分，主要是由本季的撥備費用推動的。約瑟夫，這也與由於出售 7 月關閉的抵押倉庫投資組合而導致的非利息收入水準較低有關。我會把電話轉回給你。好的。

Thanks Chris and Craig. One final slide before we'll turn it over for questions on slide 21 we show New York CBS investment profile. We currently trade at 63% of tangible book value. We think of being able to move forward and, and deal with our credit issues and then the emergence of our C&I strategy should help close that GAAP. This compares to 179% for category four banks and about 155% for regional banks. So significant upside in the company as we execute on the business plan.

謝謝克里斯和克雷格。在我們將幻燈片 21 上的問題移交給最後一張幻燈片之前，我們展示了紐約哥倫比亞廣播公司 (CBS) 的投資概況。我們目前的交易價格為有形帳面價值的 63%。我們認為能夠繼續前進並處理我們的信用問題，然後我們的 C&I 策略的出現應該有助於實現 GAAP。相較之下，四類銀行的比例為 179%，區域銀行的比例約為 155%。當我們執行業務計劃時，公司有如此顯著的優勢。

I would also like to thank a number of you recommended and suggested that we convert our holding company name. We chose Flagstar Financial with the symbol will begin trading on Monday at FLG. This aligns the overall organization going forward with our Flagstar brand in the branches which between November and March of last year, November to March of this year, we rebranded all the branches with a consistent brand, consistent look and consistent theme. Now, all across our retail banking franchise, which you know, all of, you know is California, Arizona, Florida, New York, New Jersey and then around the Michigan Great Lakes. So a really solid retail banking.

我還要感謝你們推薦和建議我們轉換我們的控股公司名稱的一些人。我們選擇了 Flagstar Financial，其符號將於週一在 FLG 開始交易。這使整體組織與我們在分支機構中的Flagstar 品牌保持一致，在去年11 月至3 月、今年11 月至3 月期間，我們以一致的品牌、一致的外觀和一致的主題重新命名了所有分支機構。現在，我們的零售銀行業務範圍涵蓋加州、亞利桑那州、佛羅裡達州、紐約州、新澤西州，然後是密西根州五大湖地區。這是一家非常可靠的零售銀行業務。

So, finally, I'd like to thank each of our teammates for their dedication and determination, their commitment to our customers. And now we'd be happy to answer any questions you may have operator. You can open the line for questions.

所以，最後，我要感謝我們每一位團隊成員的奉獻精神、決心以及對客戶的承諾。現在我們很樂意回答您向操作員提出的任何問題。您可以開啟提問熱線。

At this time. I would like to remind everyone that in order to ask a question, press star followed by the number one on your telephone keypad. We ask that you please limit your initial questions to one and return to the queue for any additional questions that you might have. Our first question comes from the line of Manon Gosalia with Morgan Stanley. Please go ahead.

此時。我想提醒大家，要提問，請按星號，然後按電話鍵盤上的數字一。我們要求您將最初的問題限制為一個，然後返回隊列詢問您可能有的任何其他問題。我們的第一個問題來自 Manon Gosalia 與摩根士丹利的關係。請繼續。

Hi, good morning. I appreciate all the color on the moving pieces between the old and new guide. Was any of the change from the change in the forward rate curve? Can you talk about how you think the balance sheet is positioned for rate cuts here.

嗨，早安。我欣賞新舊指南之間移動部件上的所有顏色。遠期利率曲線的變動是否有變動？您能談談您認為資產負債表如何定位降息嗎？

Yeah, so we're slightly liability sensitive. We will be benefit from a bit from lower rates. We do have quite a bit of very short term assets in our cash and securities portfolio. So, they will certainly benefit from a deposit side perspective but but there will be pressure on the on the on balance sheet liquidity aspect of the of the portfolio. I would say though that we've been very successful in bringing down our deposit rates in the last six weeks.

是的，所以我們對責任有點敏感。我們將從較低的利率中受益。我們的現金和證券投資組合中確實有相當多的短期資產。因此，他們肯定會從存款方面受益，但投資組合的表內流動性方面將面臨壓力。我想說的是，過去六週我們在降低存款利率方面非常成功。

So on our more liabilities are more rate sensitive deposits, our savings portfolios and our CC DS, we've actually have a higher than 100 beta. We brought down those rates between 6,075 basis points compared to the Federal Reserve move. So we've been very successful in tapering that the impact of that in the fourth quarter will be a lower level of deposit gathering on the retail bank. I would expect, I think that will be flat to slightly positive from a retail deposit gathering. And but but I still think we'll see strength in the private bank, probably not as strong as the 3rd 3rd quarter was, but we'll still still still see deposit growth in the private bank in the fourth quarter.

因此，我們的更多負債是對利率更敏感的存款、我們的儲蓄投資組合和我們的 CC DS，實際上我們的貝塔值高於 100。與聯準會的舉措相比，我們將利率下調了 6,075 個基點。因此，我們非常成功地縮減了規模，第四季度的影響將是零售銀行的存款聚集水準降低。我預計零售存款的增加將持平或略有正面。但我仍然認為我們會看到私人銀行的實力，可能不如第三季那麼強勁，但我們仍然會看到第四季度私人銀行的存款成長。

Got it. And if I can have a quick follow up, so it it seems like the the main difference between the two guides between last quarter and this quarter is the the non accrual loan. So, what, what's causing those non accrual loans to remain on the balance sheet for longer? Is it that you'd rather not sell them, given the pricing being offered in the open market? And would you consider selling them down down the line?

知道了。如果我可以快速跟進，那麼上季和本季兩個指南之間的主要區別似乎是非應計貸款。那麼，是什麼原因導致這些非應計貸款在資產負債表上停留的時間更長呢？考慮到公開市場上提供的定價，您是否寧願不出售它們？你會考慮把它們賣掉嗎？

Yeah, you know, thank you for that question. You know, we're exploring all opportunities to reduce our non accrual portfolio. We're working with borrowers to work them out. We're looking at discounted payoffs. We will explore the market to see if there's an opportunity to sell in some cases. So far as we've looked at that, we think that we can do better working them out ourselves as opposed to selling them. So those are some of the avenues that we're taking to reduce the portfolio.

是的，你知道，謝謝你提出這個問題。您知道，我們正在探索一切機會來減少我們的非應計投資組合。我們正在與借款人合作解決這些問題。我們正在考慮貼現收益。我們將探索市場，看看在某些情況下是否有出售的機會。就我們所看到的而言，我們認為我們可以更好地自己解決它們，而不是出售它們。這些是我們正在採取的減少投資組合的一些方法。

Great. Thank you.

偉大的。謝謝。

Our next question comes from the line of Ibrahim Kalala with Bank of America. Please go ahead.

我們的下一個問題來自易卜拉欣·卡拉拉 (Ibrahim Kalala) 與美國銀行的聯繫。請繼續。

Good morning. Hey, I just wanted to follow up on the credit comments. So the 68% of loans and non accrual and, and the maturity profile that you show through 2,627. I'm just trying to get to, it looks like your provisioning outlook did not change quarter over quarter as you talk looking into 2,526.

早安.嘿，我只是想跟進信用評論。因此，68% 的貸款和非應計利息，以及您透過 2,627 顯示的到期情況。我只是想說，當您談論 2,526 時，您的供應前景似乎並沒有逐季度發生變化。

So are we to conclude that at this point, credit quality risk tied to repricing all of that even for loans that are coming up for repricing in 27 has been ring fenced either through reserves or these loans have been already put into loan approval. So what I'm getting to is the risk of negative surprises and credit from here should be fairly limited and talk to us in terms of the rate sensitivity like the five year being 20 or 30 basis points higher or lower from where it is today because that have a meaningful impact in that analysis.

因此，我們是否可以得出這樣的結論：在這一點上，即使對於即將在27 年重新定價的貸款，與所有這些重新定價相關的信貸品質風險也已通過準備金受到圍堵，或者這些貸款已經進入貸款審批。因此，我要說的是，出現負面意外的風險和信貸的風險應該相當有限，並與我們討論利率敏感性，例如五年內比現在高或低 20 或 30 個基點，因為對該分析產生有意義的影響。

Abraham. Thank you. So the rate profile is is interesting, right? Because at the end of the third quarter, rates had come down at the five year point, roughly 90 basis points. But since then, they've backed up about about 35 to 40 basis points. So we were cautious in reflecting the the improvement in rates in the reserving, recognizing that it can be, it can be transient, but I will say that the decrease in rate levels that we've seen is quite favorable to the portfolio. In our, in our credit modeling, probably about a about a $200 million in improvement in the credit risk profile as a result of the improvement in rates.

亞伯拉罕.謝謝。所以利率概況很有趣，對吧？因為在第三季末，五年期利率下降了大約 90 個基點。但自那以後，他們已經回升了約 35 至 40 個基點。因此，我們在反映準備金利率的改善時持謹慎態度，並認識到這可能是暫時的，但我想說的是，我們所看到的利率水準的下降對投資組合非常有利。在我們的信用模型中，由於利率的改善，信用風險狀況可能會改善約 2 億美元。

And I would expect a similar level of that as rates continue if rates continue to decline at the at the intermediate term. But importantly, it's that intermediate term point that is particularly relevant, relevant for the re pricing of these loans. As Chris mentioned, if you look out into into the projections from a provisioning standpoint, I do expect that the provisioning for the 2,526 time frame is is still relatively in line. I think that we'll see a higher level of charge offs in the first quarter and tapering through the rest of the year.

如果中期利率繼續下降，我預計利率會繼續保持類似水準。但重要的是，這個中期點與這些貸款的重新定價特別相關。正如 Chris 所提到的，如果您從供應的角度來看預測，我確實預期 2,526 時間範圍的供應仍然相對一致。我認為我們將在第一季看到更高水準的沖銷，並在今年剩餘時間內逐漸減少。

Chris pointed out on slide 14, the maturity profile or the reset profile of the portfolio. So we we are effectively reflecting in our criticized and classified loans those loans that we would expect to reprice out through the middle of 2026. So that's 18 months from now. If you look at that chart, then you still have a reset profile out beyond that. Which which would be reflected as we then begin to re grade those loans as they move into that that repricing window that we analyze from a loan grading perspective. But we feel like from a provisioning perspective, the guide reflects the impact of that.

Chris 在投影片 14 上指出了投資組合的成熟度概況或重置概況。因此，我們在受到批評和分類的貸款中有效地反映了我們預計到 2026 年中期重新定價的貸款。如果您查看該圖表，那麼您仍然有一個重置設定檔。當我們開始對這些貸款進行重新評級時，這將會反映，因為它們進入了我們從貸款評級角度分析的重新定價視窗。但我們覺得從供應的角度來看，指南反映了這一影響。

That is helpful and just one follow up question, maybe Joseph for you, I think you talked about where the stock trades from relative to tangible book. I think the concern from an investor standpoint is just the lack of visibility. Like you, you've seen a lot of senior hires that you've announced, but we saw the big change in 2,620 or 2,526 earnings outlook related to what we expected last quarter.

這很有幫助，只是一個後續問題，也許約瑟夫對你來說，我想你談到了股票相對於有形帳面交易的情況。我認為從投資人的角度來看，擔憂只是缺乏可見性。和您一樣，您已經宣布了很多高級員工的招聘，但我們看到 2,620 或 2,526 人的盈利前景與我們上季度的預期相關的巨大變化。

Appreciate 27 is the same. Just talk to us in terms of how we can measure all the senior hires that you're bringing on to the bank. Banking is a tough business even to a 10%. ROE. So I'm just trying to understand is the goal and should we start seeing proof points of these teams have come? And we should see accelerated low cost deposit growth, loan growth as we look, even starting fourth quarter, 25. And what's the best way to measure that we're moving in the right direction that in that regard?

欣賞27也是一樣。只需與我們討論如何衡量您為銀行聘用的所有高級員工。即使對 10% 來說，銀行業也是一項艱難的業務。魚子。所以我只是想了解目標是什麼，我們是否應該開始看到這些團隊已經到來的證據？我們應該看到低成本存款和貸款成長加速，甚至從第四季度開始，25。

Thank, thank you, Adrian II. I think it first starts with like, how are we rebalancing the balance sheet and our goals there? You know, we're sitting, you know, somewhere slightly south of $45 billion in commercial real estate and our goal is to get that into the third, low $30 billion range. And so we're doing that through a combination of payoffs which, you know, are averaging somewhere around since we've arrived, you know, roughly a billion dollars a quarter. So obviously, that's 4 billion times three is 12.

謝謝，謝謝，阿德里安二世。我認為首先是這樣的，我們如何重新平衡資產負債表和我們的目標？你知道，我們的商業房地產價值略低於 450 億美元，我們的目標是使其進入第三個 300 億美元的低區間。因此，我們透過綜合回報來做到這一點，自從我們達到每季約 10 億美元以來，平均回報大約在某個地方。顯然，40 億乘以 3 等於 12。

So we naturally get there in a three year period. So that rebalancing is, is occurring with going in our c and I book today, which is about $16 billion in 2027. We would like to get that into the $30 billion range is, is our goal. And so most of us who have joined this company have spent the vast majority of our career in the C&I kind of space and grew up in it. And so we've gone out and have added really talented people who are highly experienced, who have operated in this space for, you know, some of us 25 to 35 years. So we bring those relationships and direct involvement with CEO S and CFO S and companies that we bank.

所以我們自然會在三年內實現這個目標。因此，這種再平衡正在發生在我們今天的 c 和 I 書中，到 2027 年約為 160 億美元。因此，我們大多數加入這家公司的人都在 C&I 類領域度過了職業生涯的大部分時間，並在其中成長。因此，我們已經走出去，招募了經驗豐富的真正有才華的人，他們在這個領域工作了 25 到 35 年。因此，我們與執行長 S 和財務長 S 以及我們銀行的公司建立了這些關係並直接參與。

So to answer your question, we do see, you know, right away the ability of these people come on to the organ, the opportunity to do outward bound, solicitation into relationships. And the other avenue is if you look at the makeup of our C&I portfolio, it very limited of that is commercial and corporate banking and the type of people that we're hiring are commercial and corporate bankers. So it, so it isn't like we're going into these, you know, syndicated credits or, or large one or two bank credits. Well, we have a lot of exposure in that area. We are, we are somewhat of a new entrant into that segment of the market which should present us some pretty significant growth opportunities.

因此，為了回答你的問題，我們確實看到，你知道，這些人立即進入該機構的能力，有機會進行外向活動，建立關係。另一個途徑是，如果你看看我們的工商業投資組合的組成，你會發現其中非常有限的是商業和企業銀行業務，而我們僱用的人員類型是商業和企業銀行家。所以，我們並不是想要研究這些，你知道，銀團信貸，或是大的一兩個銀行信貸。嗯，我們在該領域有很多曝光。我們是該市場領域的新進者，這應該會為我們帶來一些相當重要的成長機會。

The balance sheet projections. If you think about the portfolio that reprices and resets and the experience that we've had in repayments, If you look out on a projected basis, something between 750 million and a billion dollars of commercial real estate and multi family runoff per quarter over the next two years. And as we get into late 2025 a pretty, we're projecting a pretty similar level of increases in commercial and commercial bank E MC and I growth from a loan perspective.

資產負債表預測。如果你考慮一下重新定價和重置的投資組合以及我們在還款方面的經驗，如果你按照預計的基礎進行觀察，那麼每季度商業房地產和多戶家庭的徑流將在7.5 億至10 億美元之間。當我們進入 2025 年底時，從貸款的角度來看，我們預計商業銀行 E MC 和 I 的成長水準將非常相似。

We're also expecting that those bankers bring in deposits and that we will increase our deposit growth starting in late 2025 pretty significantly through 26 and into 27. At roughly I think about it as roughly a two for one basis loans for deposits. So we're expecting that that commercial banking group does bring in deposits that that, that are supportive in funding that that loan profile.

我們也預計這些銀行家會帶來存款，並且我們將從 2025 年底開始大幅提高存款成長，從 26 到 27。因此，我們預計該商業銀行集團確實會帶來存款，這將支持為該貸款狀況提供資金。

Got it. Thank you both.

知道了。謝謝你們倆。

Thank you. Our next question comes from the line of Dave Rochester with compass point. Please go ahead.

謝謝。我們的下一個問題來自戴夫·羅徹斯特與羅盤點的線。請繼續。

Hey, good morning guys. Sorry if I missed this earlier. But I heard you mentioned the 2 to 5 billion of assets that you had assessed is non core and you talked about that last quarter as well. I was just wondering where you guys stand on that now, just given the run off that, that we've seen on the C&I front. And then are, are you still you know, looking at the business and trying to analyze for core and on core and could that increase from here? How are you guys thinking about that?

嘿，早上好，夥計們。抱歉，如果我之前錯過了這一點。但我聽說您提到您評估的 2 至 50 億資產是非核心資產，上個季度您也談到了這一點。我只是想知道你們現在對此的立場如何，只是考慮到我們在 C&I 方面看到的情況。然後，您是否仍然知道，正在研究業務並嘗試分析核心和核心，並且可以從這裡增加嗎？你們覺得怎麼樣？

Yeah, we we've done virtually a business review of all the businesses now in the company and, and are in the market, generating new C&I loans. Well, some of those have been tabled prior to our arrival. But we are, you know, the, the viewpoint, you know, overall is, is that the businesses that we have today, we like, there are certain aspects of some of the businesses where we wanted to reduce our exposure either because where we are in the cycle in relationship to that industry, or, you know, our viewpoint was in some of the hold levels and the company were larger than what our comfort level was.

是的，我們實際上已經對公司現有的所有業務進行了業務審查，並且正在市場上產生新的商業和工業貸款。嗯，其中一些在我們到達之前就已經被擱置了。但我們的觀點是，你知道，總體而言，我們今天擁有的業務，我們喜歡，在某些業務的某些方面，我們希望減少我們的風險敞口，因為我們處於與該行業相關的周期中，或者，你知道，我們的觀點是在某些持有水準上，而該公司比我們的舒適程度更大。

And so we brought the whole levels down and then brought participants in for those credits. So, so I'd say it's a combination of, you know, reevaluating where we are in the cycles for certain industries. And then the other is reducing hold limits. The the bank historically took very large hold position in credit and, and we just favor a more diversified portfolio.

因此，我們降低了整體水平，然後讓參與者獲得這些積分。所以，我想說，這是重新評估我們在某些​​產業週期中所處位置的結合。另一個是減少保留限制。該銀行歷來在信貸領域持有大量頭寸，而我們只是傾向於更多元化的投資組合。

Great. And, and where is the 2 to 5 billion now? Is that 1 to 3 just given some of the run off or where do you, where do you see it today?

偉大的。還有，那2到50億現在在哪裡？ 1 比 3 是剛剛給出的一些決選結果還是你今天在哪裡看到的？

We're not anticipating any significant portfolio repositioning in the near term. At this point, I could see a bit more of the re rescaling on some credits, but I think it'll be less significant than it was in the third quarter.

我們預計短期內不會出現任何重大的投資組合重新定位。在這一點上，我可以看到一些積分的重新調整，但我認為這將不如第三季那麼重要。

Great. All right, thanks guys. Appreciate it.

偉大的。好的，謝謝大家。欣賞它。

Yes. Our next question comes from the line of Mark Fitzgibbon with Piper Sandler. Please go ahead.

是的。我們的下一個問題來自馬克·菲茨吉本和派珀·桑德勒的對話。請繼續。

Hello. Hey guys, good morning. This quarter you made some pretty sizable changes to your projections outlook over the next couple of years and I guess I'm trying to get a sense for, you know, I, I certainly understand there's a lot of moving parts here, but trying to get a sense for how much more confidence you have in these projections than you did in the old ones and whether we're likely to see similar kinds of variability in in coming periods.

你好。嘿夥計們，早安。本季度，您對未來幾年的預測前景做出了一些相當大的改變，我想我正在努力了解，您知道，我，我當然知道這裡有很多變化的部分，但試圖了解您對這些預測的信心比對舊預測的信心有多大，以及我們是否有可能在未來一段時間內看到類似的變化。

Yeah, I would say that I had we continue to improve our visibility into the portfolio, into the credit performance and into the expense profile of the company. This is now Joseph and I second quarter of of in depth review of the financials. We have instituted a an in depth review at the business line level each month on our financial performance with each with each of the senior leaders. So every month we get more and more visibility. I have a pretty good degree of confidence in the non interest income, assuming the net interest income in the margin line at this point.

是的，我想說的是，我們要繼續提高對投資組合、信用表現和公司費用狀況的了解。這是約瑟夫和我對財務狀況進行深入審查的第二季。我們每個月都會與每位高階主管一起在業務線層級對我們的財務表現進行深入審查。所以每個月我們都會獲得越來越多的關注。假設此時淨利息收入處於保證金線，我對非利息收入有相當大的信心。

Again, there's a bit of noise in the in the com if one's comparing the projections because of the remap associated with with the cost of those mortgage deposits, we had projected that as a benefit in the margin line, it's actually a benefit in the fees line, which is where the, the where that has previously been recorded from an expense perspective. The other area is obviously what we're seeing from a non interest expense perspective. We did take a pretty significant action last week that will improve our expense profile on an ongoing basis, roughly $200 million a year and we still have more to go.

再說一遍，如果有人比較預測，因為與這些抵押存款成本相關的重新映射，那麼在 com 中就會出現一些噪音，我們曾預測，作為保證金線的好處，它實際上是費用的好處線，即先前從費用角度記錄的位置。另一個領域顯然是我們從非利息支出角度看到的。上週我們確實採取了一項相當重大的行動，這將持續改善我們的支出狀況，每年約 2 億美元，而且我們還有更多工作要做。

So, this forecast expects that we will continue to identify efficiency opportunities, many of which are underway as we continue to improve our technology capabilities and our business processes. And those will result in further cost improvements as we get into the 25 and early 26 time frame. The FDIC assessment pressure is something that it's related to the business profile and related to the, the way the FDIC determines its insurance premiums. It's a complex formula but it does encompass some things that are, that provide that resulted in an increased rate for us. And I expect that will go through 26. That's probably the most significant change in the in the forecast from an earnings perspective.

因此，這項預測預計我們將繼續發現提高效率的機會，隨著我們不斷改進我們的技術能力和業務流程，其中許多機會正在發生。當我們進入 25 和 26 年初的時間範圍時，這些將導致進一步的成本改善。 FDIC 的評估壓力與業務概況以及 FDIC 確定保險費的方式有關。這是一個複雜的公式，但它確實包含了一些內容，這些內容為我們帶來了更高的利率。我預計這一數字將持續到 26 月。

Okay. And then just one quick follow up. I'm curious Craig on your modeling. What are you assuming in terms of the balance sheet size, maybe at the end of 25 and the end of 26.

好的。然後只需快速跟進即可。我對克雷格你的模特兒很好奇。您對資產負債表規模有何假設，可能是 25 年底和 26 年底。

We're essentially assuming a relatively flat balance sheet. We're assuming that we will see a transition from commercial real estate, multi family loans into C&I loans as the, as the real estate loans repay and run off. And the CN I begins to, to come on as those bankers get traction in the marketplace. So not seeing a lot of balance sheet growth or projecting a lot of balance sheet growth through 26 but we are projecting a degree of balance sheet growth in the commercial banking space in 27.

我們基本上假設資產負債表相對平坦。我們假設隨著房地產貸款的償還和流失，我們將看到從商業房地產、多戶家庭貸款轉向工商業貸款的轉變。隨著這些銀行家在市場上受到關注，CN I 開始出現。因此，在 26 年前，我們不會看到資產負債表大幅成長，也不會預期資產負債表會大幅成長，但我們預期商業銀行領域的資產負債表將在 27 年內出現一定程度的成長。

Thank you.

謝謝。

Our next question comes from the line of Bernard von Goy with Deutsche Bank. Please go ahead.

我們的下一個問題來自德意志銀行的伯納德‧馮‧戈伊。請繼續。

Hey guys, good morning. So my question is on revamping the company structure. You know, you've done a good job on bringing new hires on the senior management level and changing the board. Know, you highlighted progress within CN I. Can you just talk to like what inning you are in with regards to building out your CN I platform and then in risk management, you know, given previous deficiencies identified, how far are you with revamping your risk control function? And then just lastly on the same topic, any other further head count optimization left to go that hasn't been announced.

嘿夥計們，早安。所以我的問題是關於重組公司結構。你知道，你在高階管理層招募新員工和更換董事會方面做得很好。你知道，你強調了CN I 的進展。走了多遠？最後，關於同一主題，任何其他進一步的人員數量優化尚未公佈。

Yes. So at, at the obviously, the board level, you know, we announced that Peter who is a long time flagstar board member will be leaving the board and we do anticipate to fill that position hopefully in the fourth quarter. So that, that is kind of the remaining, board of spot at the kind of what I would call the executive management team. We are fully deployed now and with the addition of Chris Higgins that completes the rebuild of the executive management.

是的。因此，顯然，在董事會層面，我們宣布長期擔任旗幟明星董事會成員的彼得將離開董事會，我們確實預計預計在第四季度填補該職位。因此，這就是我所說的執行管理團隊中剩下的董事會成員。我們現在已經全面部署，克里斯希金斯的加入完成了執行管理層的重建。

The next level down, you know, we've hired 10 to 20 people in that category where we've upgraded both risk positions and infrastructure under Craig's world of finance people to help us prepare our financials, we have confidence in them. And then when you look at the two specific areas you mentioned, I'd say in the CN I, we're rounding first base is what I would say. You know, we, we, we anticipate to go from roughly 30 hires to 130 hires. Is, is what's built into our plan that we will build that out. So, you know, we have a fair amount of hiring to do, but we're not hiring all those people at once.

再往下一層，你知道，我們已經僱用了10 到20 名該類別的人員，在克雷格的財務人員的領導下，我們升級了風險頭寸和基礎設施，以幫助我們準備財務數據，我們對他們有信心。然後，當你看看你提到的兩個具體區域時，我想說的是，在 CN I 中，我們正在圍繞一壘進行圓整，這就是我想說的。你知道，我們、我們、我們預計將從大約 30 名員工增加到 130 名員工。是，是我們計劃中的內容，我們將把它建構出來。所以，你知道，我們有相當多的招募工作要做，但我們不會一次招募所有這些人。

Now, we're going to start to grow the revenue and so it will be a revenue, seeing the revenue, then we'll add the expense, seeing the revenue at the expense on the risk infrastructure. I think, you know, that's a relatively good story of the direction and how far we've come in seven months. Obviously, we, we've added some really highly talented people who worked at the OCC for the vast majority of their careers that includes Bob Felt Siddy M mckee and, and Brian Hubbard.

現在，我們將開始增加收入，因此這將是收入，看到收入，然後我們將添加費用，以風險基礎設施的費用來查看收入。我認為，你知道，這是一個相對較好的故事，講述了方向以及我們在七個月內取得的進展。顯然，我們添加了一些非常有才華的人，他們的職業生涯的絕大多數時間都在 OCC 工作，其中包括 Bob Felt Siddy M mckee 和 Brian Hubbard。

So, you know, three very senior people from the OCC and it helped us, you know, one of the things that we're doing in the company is really building out the 1st and 2nd and 3rd line of defenses. Those were not here in the organization. And as, as everybody knows, the category bank or bank, you have enhanced standards, you have to adhere to. But I really feel good about the people in the direction that we're going in in that regard.

所以，你知道，OCC 的三位非常資深的人員對我們有幫助，你知道，我們在公司所做的事情之一就是建立第一、第二和第三道防線。這些人不在組織中。眾所周知，對於銀行或銀行類別，您有更高的標準，您必須遵守。但我真的對我們在這方面的發展方向感到滿意。

And I do believe that we work closely with the reg regulatory community since we all arrived. I mean, obviously, my background of being the controller, you know, I understand the importance of that. And so I think we've built a strong bridge to our regulator, regulators. We we appreciate their input and guidance as we build this. But I, I would say as we look at the risk infrastructure, we feel really good about where we are with the risk management in the organization, our internal audit, and we're building out the first line of defense in the business units and that's also built into our our cost model.

我確實相信，自從我們到達以來，我們就與監管機構密切合作。我的意思是，顯然，我作為控制者的背景，你知道，我理解它的重要性。因此，我認為我們已經與監管機構建立了一座堅固的橋樑。我們感謝他們在我們建造此項目時的投入和指導。但我想說，當我們審視風險基礎設施時，我們對組織中的風險管理、內部審計的狀況感到非常滿意，我們正在業務部門建立第一道防線，這也已納入我們的成本模型中。

Okay, great. Thanks for that color. Just maybe as a follow up. So you paid down nearly 9 billion of borrowings utilizing our excess liquidity from, you know, the business sales and deposit growth. And, you know, you noted that you paid down an initial 1 billion in October. What, what are you targeting as a normalized level of borrowings? And how can we think of the pace of those coming down from here? Yeah.

好的，太好了。謝謝那個顏色。也許只是作為後續行動。因此，您利用業務銷售和存款成長帶來的過剩流動性償還了近 90 億美元的借款。而且，您知道，您注意到您在 10 月支付了最初的 10 億美元。什麼，你們的正常化借款水準目標是多少？我們如何看待從這裡下來的人的步伐？是的。

So thanks for the question. So if you look at the third quarter, we will have a reduction in the overall liquidity of about $3 billion related to the mortgage servicing sale, business sales. So, those deposits will leave and we have been holding excess liquidity to, to provide for that from here. I think that will relatively match the the loan growth with deposit growth. We have a bit of excess liquidity that we will use to reduce our broker deposit funding in 2025 as as those broker deposits which are principally C DS come due.

謝謝你的提問。因此，如果你看看第三季度，我們將看到與抵押貸款服務銷售和業務銷售相關的整體流動性減少約 30 億美元。因此，這些存款將會離開，我們一直持有過剩的流動性，以便從這裡提供資金。我認為這將使貸款成長與存款成長相對匹配。我們有一些過剩的流動性，我們將在 2025 年使用這些流動性來減少我們的經紀商存款資金，因為這些經紀商存款（主要是 CDS）到期。

We won't, I don't expect it. We'll replace those broker deposits on a dollar for dollar basis. So we'll see the broker deposit funding come down. And then as we grow customer deposits, particularly in the private bank, commercial space, then we'll look to continue to repay some of our wholesale some of our wholesale borrowings with the home loan bank. But I wouldn't expect that it would be material in the rest of 25 and assuming the rest of 24 and then 25 maybe a couple of a couple of billion dollars.

我們不會，我不希望如此。我們將按美元兌美元替換這些經紀人存款。因此，我們將看到經紀人存款資金下降。然後，隨著我們增加客戶存款，特別是在私人銀行、商業領域，我們將繼續償還我們向房屋貸款銀行批發的部分借款。但我不認為這對剩下的 25 個國家來說是重要的，假設剩下的 24 個國家和 25 個國家可能需要幾十億美元。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Our next question comes from the line of Jared Shaw with Barclays. Please go ahead.

我們的下一個問題來自賈里德·肖與巴克萊銀行的對話。請繼續。

Hi J Hey, good morning. Thanks. You just circling back on the deposit trends. Could you could you give us a spot rate on the deposit cost at the end of the quarter? And then you know, you talked about a beta, the early beta being greater than 100% on, on some of the retail deposits. How should we be thinking about beta over the next few rate cuts?

嗨，J 嘿，早安。謝謝。您只需回顧一下存款趨勢即可。您能給我們提供季度末存款成本的即期匯率嗎？然後你知道，你談到了貝塔值，早期貝塔值在一些零售存款上大於 100%。在接下來的幾次降息中，我們該如何考慮貝塔值？

Yes. So our our spot rate on our savings is is that 5% that was about 5 55 3 if you call it six months ago, even three months ago. So we brought that down over 50 basis points and I would expect to see that continue to decrease as rates decline here in the fourth quarter. A bit further. Modeling from an overall interest bearing deposit perspective on modeling a 50 beta obviously on the more premium product, it'll be more significant than that.

是的。因此，我們的即期儲蓄利率是 5%，如果您稱之為六個月前，甚至三個月前，則約為 5 55 3。因此，我們將其降低了 50 個基點以上，我預計隨著第四季度利率下降，這一數字將繼續下降。再遠一點。從整體計息存款的角度對 50 beta 進行建模，顯然是在更優質的產品上，它會比這更重要。

And and from a private banking perspective again, we see that's a more moderate deposit base because it has more non interest bearing DD, a type of a of accounts there. So when we bring on those deposits generally that has not been in our, at our most premium rates that's been in a at a more moderated rate and that's what I would expect going forward.

再次從私人銀行的角度來看，我們看到這是一個更溫和的存款基礎，因為它有更多的無利息 DD（一種帳戶類型）。因此，當我們以我們最高的利率收取這些存款時，一般情況下，這些存款的利率會比較溫和，這就是我所期望的未來。

Okay. Alright, thanks. And then as a follow up, how should we be thinking about the, the multi family reserve level here with the expectation, you know, for higher, higher losses? Have you, have you been reserving for that or you know, we should expect to see that reserve level start to, to go higher with the, the provisioning going forward.

好的。好的，謝謝。然後，作為後續行動，我們應該如何考慮多家庭準備金水平，以及預期更高、更高的損失？你是否一直在為此預留，或者你知道，我們應該期望看到預留水準開始隨著未來的供應而上升。

Well, it's a balance of the expectations around the criticized and classified portfolio as well as the level of charge offs. I don't expect to see the reserve level coming down significantly in the in the fourth quarter and the first quarter beyond that as we get into 25 and 26 particularly as a portfolio, gets through a lot of the repricing and we see how the borrowers perform against that repricing that'll inform where we go with reserve levels, but I think we'll see a pretty consistent reserve level for the next quarter or two.

嗯，這是圍繞著受到批評和分類的投資組合的預期以及沖銷水平的平衡。我預計第四季度和第一季的準備金水準不會大幅下降，因為我們進入了 25 和 26，特別是作為一個投資組合，經歷了很多重新定價，我們看到借款人如何重新定價將告訴我們準備金水準的走向，但我認為我們將在接下來的一兩個季度看到相當一致的準備金水準。

Great. Thank. You.

偉大的。感謝。你。

Our next question comes from the line of Ben Gerlinger with Citi. Please go ahead.

我們的下一個問題來自花旗銀行的本傑林格 (Ben Gerlinger)。請繼續。

Hey, good morning.

嘿，早安。

Good morning.

早安.

Just wanted to clarify something here in your guide or the forward couple of years because I believe Craig you talked about the remapping. So if you look at ni I change and then fees change. And the re mapping was kind of associated with the UCR.

只是想在您的指南或未來幾年中澄清一些事情，因為我相信克雷格您談到了重新映射。所以如果你看看我改變了，然後費用就改變了。重新映射與 UCR 有點關聯。

Just excuse me. So just free Maing of a couple of items. So net net like revenues is down 5 million is that, that's kind of what you wanted to convey. I just wanted to make sure that's the that change associated. So you have to keep this revenue difference.

請原諒。所以只需免費贈送一些物品即可。因此，淨收入下降了 500 萬，這就是您想要傳達的訊息。我只是想確保這就是相關的更改。所以你必須保留這個收入差額。

To keep it simple in 25 and 26. There's 150 million that moves from no, from net interest income to non interest income and that's associated with the earnings credit on the escrow depo the sub service, escrow deposits. Incrementally, I do expect a higher level of non accruals than what we had previously contemplated out through 26. And that has that, that has an increased level of pressure in the guide for 26.

簡單來說，25 和 26 年間，有 1.5 億從無淨利息收入轉變為非利息收入，這與託管存款子服務、託管存款的收益信貸有關。逐漸地，我確實預計 26 年的非應計費用水準會比我們之前預期的更高。

Got you. Okay. And then from an ECR or excuse me, from an expense guide perspective, you guys increased at 100 50 million. So I think it is 100 million of that. Roughly the FDIC that I for kind of just the, the credit related items, which is really just temporary. Like once you have lower rates, you assume you could probably do a little bit better on the credit review.

明白你了。好的。然後從 ECR 來看，或者對不起，從費用指南的角度來看，你們增加了 100 5000 萬。所以我認為是一億。粗略地說，我所指的聯邦存款保險公司（FDIC）只是與信貸相關的項目，這實際上只是暫時的。就像一旦你的利率較低，你就會認為你可以在信用審查方面做得更好。

And since that doesn't get taxed, it's not tax deductible, that's kind of what the difference is. I, I've noticed the footnote here. So I'm just trying to think like you guys is really a change, but you're just kind of a long dating that expensive.

由於這不徵稅，所以不能免稅，這就是區別所在。我，我注意到這裡的腳註。所以我只是想像你們一樣確實是一個改變，但你們只是一種昂貴的長期約會。

Particularly with respect to the FDIC. That's correct. Yeah, the piece related to taxes is mostly because the tax rate moves around quite a bit. And that's because the FDIC piece is pretty sizable. The FDIC assessment is pretty sizable and being non deductible. It represents a fairly large percentage of the bottom line over the next next two years and that causes the tax rate to move around. So that footnotes just explaining the tax rate.

特別是關於 FDIC。這是正確的。是的，與稅收相關的部分主要是因為稅率變動很大。這是因為 FDIC 的份額相當大。 FDIC 評估金額相當大且不可扣除。它佔未來兩年利潤的相當大比例，這導致稅率發生變化。所以腳註只是解釋稅率。

Got you. So let me think about the rate perspective. If you were to move rates lower back to kind of the world, they just were recently a couple weeks ago, you'd probably get a little bit more of a green light to change. But how long do you need to be in that green light? You need 12 straight months before things would look better on a credit perspective due to the rates or I'm just trying to think about the timing of which you think it looks like it's better, but you can't just oscillate these things quarter to quarter based on rates themselves.

明白你了。所以讓我考慮一下利率的觀點。如果你要把利率調低迴到幾週前的世界，你可能會得到更多的改變綠燈。但你需要在綠燈中待多久呢？由於利率的原因，你需要連續12 個月，從信貸角度來看，情況才會看起來更好，或者我只是想考慮你認為情況看起來更好的時間，但你不能只是將這些事情按季度振盪季度基於費率本身。

Right? We can't move them around. And, and the other challenge is that once we, once we do have a downgrade, rates have to move pretty substantially in order for us to be able to upgrade the loans. And so that that pressure continues out for a couple of years. I do expect it will be through 26.

正確的？我們不能移動它們。而且，另一個挑戰是，一旦我們確實降級，利率就必須大幅變動，以便我們能夠升級貸款。因此這種壓力會持續幾年。我預計會持續到26號。

Got you. Okay, appreciate the call. Thank you guys.

明白你了。好的，感謝您的來電。謝謝你們。

Our next question comes from the line of Christopher Marinac with Janney Montgomery Scott. Please go ahead.

我們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。請繼續。

Hey, thanks, good morning and thanks for hosting us. Just wanted to clarify if the substandard and special mention loans are falling this quarter or kind of what you see as their trend from here.

嘿，謝謝，早安，謝謝招待我們。只是想澄清一下，本季次級貸款和特別關注貸款是否正在下降，或者是您所看到的趨勢。

Yeah. In the fourth quarter, I would expect to see that our special mention in substandard loans will continue to increase at a not at the pace that we've seen thus far. But as we we still have a bit of financial information to get through and we have things moving into the re pricing window. So I think the the trend would be for an increase in substandard and special mention.

是的。在第四季度，我預計我們對次級標準貸款的特別關注將繼續以迄今為止我們所看到的速度增加。但我們仍然有一些財務資訊需要了解，我們有一些事情正在進入重新定價窗口。所以我認為趨勢是不合格和特別提及的增加。

Okay. And they are higher at the end of September just given the inflow outflow. I mean, I need to pay off, but you also push the new loans in from the repricing schedule, as you said. Is that right?

好的。考慮到資金流入和流出，九月底的價格更高。我的意思是，我需要還清貸款，但正如你所說，你也從重新定價計劃中推入了新貸款。是這樣嗎？

That's correct.

這是正確的。

Okay. Got it. And then on the general cost of funds for the company going forward, how would you look at that relative to wherever fed funds goes? Like if we look at a year from now, if FED funds is four, for example, would the cost of funds be at a more of a discount to that than it is today.

好的。知道了。然後，關於公司未來的整體資金成本，相對於聯邦資金的去向，您如何看待這筆成本？例如，如果我們展望一年後，如果聯準會的基金規模為四，那麼資金成本是否會比現在有更大的折扣。

I'm thinking about the math of your question. I think that the answer would be our our average cost of funds would be at roughly the same discount that it is today on in total. If you think about our funding profile, about half of our funding profile is very short term price and the other half is either non interest bearing or a longer term price.

我正在考慮你問題的數學。我認為答案是我們的平均資金成本將與今天的折扣總額大致相同。如果您考慮我們的資金狀況，我們的資金狀況中大約一半是非常短期的價格，另一半是無息或長期價格。

So you can kind of do the math of that as the fed moves the short term price component of that, I expect that we'll see a very high beta on that. So virtually all of our wholesale funding at this point is price something under a year. And of course, our savings deposits are are move, move immediately. So I think that you'll see that discount roughly remain roughly the same over time.

因此，當聯準會調整其短期價格組成部分時，您可以對此進行數學計算，我預計我們會看到非常高的貝塔值。因此，實際上我們目前所有的批發資金的價格都在一年以下。當然，我們的儲蓄存款正在轉移，立即轉移。因此，我認為隨著時間的推移，您會發現折扣大致保持不變。

The the mix will change a little bit with wholesale with, with more C&I customers coming on board. The mix of that will move more to transaction accounts which should help as well.

隨著更多的工商業客戶加入，批發的組合將會發生一些變化。這些因素的結合將更多地轉移到交易帳戶，這也應該有所幫助。

Great. Thank you very much for that background.

偉大的。非常感謝您的背景。

Yes, our next question will come from the line of Chris mcgratty with KBW. Please go ahead.

是的，我們的下一個問題將來自 KBW 的 Chris mcgratty。請繼續。

Oh, great morning. Great. The loan to deposit ratio, is it about where you would like it to be longer term kind of low 80s?

哦，早安。偉大的。貸存比是您希望長期維持在 80 左右的低水準嗎？

I I'd actually like to see it be a bit higher. I think that we'll continue to gather customer deposits over the course of the next two years. We'll see a relatively flat overall balance sheet and continue to gather deposits. And so I would expect that it would improve that, that we'll see a a continued decrease of the loan to deposit ratio, but it won't be of the significance that we've seen in the last two quarters.

我實際上希望看到它更高一點。我認為我們將在未來兩年內繼續收集客戶存款。我們將看到整體資產負債表相對平坦，並繼續吸收存款。因此，我預計這會有所改善，我們會看到貸存比持續下降，但不會像過去兩季那樣顯著。

Okay, great. And then just a couple of housekeeping items for the fourth quarter. Just teasing through the one timers that are in the guide. Could you just help spell out the fees and expenses for the fourth quarter? And also the share count once the all the, all the preferreds are converted. Thanks.

好的，太好了。然後是第四季的一些日常用品。只是嘲笑指南中的一個計時器。您能幫忙說明一下第四季的費用和支出嗎？還有所有優先股轉換後的股份計數。謝謝。

Yeah, so the share count has pretty much settled down. The end of quarter share count will be, is reflective of the expectation on a, on an ongoing basis. Virtually all of the preferred ha that I expect will convert in the near term had did convert in the third quarter.

是的，所以股份數量已經基本確定了。季度末的股票數量將反映持續的預期。事實上，我預計在短期內轉換的所有首選公頃都在第三季完成了轉換。

And that's, that's been public information from a one timer perspective in the fourth quarter. I do expect that we'll see some charges associated with the mortgage, mortgage business transaction exit. So we'll have some asset impairments and a bit of severance. And then the action that we took last week, we also have some severance associated with it all in I think that those charges will be in the $100 million range.

也就是說，這是第四季從單一定時器角度來看的公開資訊。我確實預計我們會看到一些與抵押貸款、抵押貸款業務交易退出相關的費用。所以我們會有一些資產減損和一些遣散費。然後我們上週採取的行動，我們也有一些與之相關的遣散費，我認為這些費用將在 1 億美元範圍內。

Okay. Okay, great. Thank you.

好的。好的，太好了。謝謝。

Our next question comes from the line of Matthew Breese with Stevens. Please go ahead.

我們的下一個問題來自馬修·布里斯和史蒂文斯的對話。請繼續。

Hey, good morning. I was hoping we could first talk a little bit about loan portfolio yields. So loan yields have been down for, you know, four consecutive quarters despite kind of a positive repricing narrative and repricing dynamics within the re multi family. So I guess, you know, how much accretion was there this quarter within loan yields? How much impact did non approvals have? And when do you think we can actually start to see loan yields begin.

嘿，早安。我希望我們能先談談貸款組合收益率。因此，儘管再定價家族內部存在積極的重新定價敘述和重新定價動態，但貸款收益率已連續四季下降。所以我想，你知道，本季貸款收益率有多少成長？不批准的影響有多大？您認為我們什麼時候才能真正開始看到貸款收益率。

To expand, you know, the majority of the impact on from decreasing loan yields is, is from the non accruals there. There is not much accretion at this point that's built into the end of the margin or that would go away, it's maybe 15 million a quarter that tapers off over the next four quarters. If we think about from a repricing perspective, you can see that we've got about $5 billion a year that will reprice and that moves up from an average rate of about 3.5 to in our forecast, we do have rates coming down. But but at that intermediate term level, not a lot.

擴大來說，您知道，貸款收益率下降的大部分影響來自非應計費用。目前並沒有太多的成長被納入到利潤的末尾，或者會消失，每季可能有 1500 萬，在接下來的四個季度中逐漸減少。如果我們從重新定價的角度考慮，你會發現我們每年有大約 50 億美元的資金將重新定價，並且從平均利率約 3.5 上升到我們的預測，我們的利率確實有所下降。但在中期水準上，影響並不大。

So we see that those, those loans as they come in from a repricing perspective, rep price from the 3.5 level up to the 7.5 level. So that's what's driving the increase. And I do think that we'll see that, that turn in the fourth quarter a bit. And then the, and as we get into 25 and we see less incremental non accruals than what we've had on a quarterly basis the last two quarters. Then we'll see that turn positive.

因此，我們看到這些貸款從重新定價的角度來看，代表價格從 3.5 水準上升到 7.5 水準。這就是推動成長的原因。我確實認為我們會在第四季度看到這一點的轉變。然後，當我們進入 25 個季度時，我們發現增量非應計費用比過去兩個季度按季度計算的要少。然後我們會看到情況轉好。

Got it. Okay. And then I just wanted to go back, you know, you've noted that you expect the balance sheet to be flat a couple of times. Now, if, if I look at the forward guide, you know, the NI I and then guided implies that you'll take earning assets down to around 102 billion and 25 and 26 from 109 billion today. Can you just talk a little bit about that and then, you know, the, the pros and cons of going below 100 billion as it relates to category four bank designation, it feels like you're hesitant to go that route to go sub 100 billion. I'm curious if there's more to it than, than we currently understand.

知道了。好的。然後我只想回去，你知道，你已經注意到你預計資產負債表會持平幾次。現在，如果我看看前瞻指南，你知道，NI I 和隨後的指南意味著你會將獲利資產從今天的 1,090 億降至約 1,020 億、25 和 26。你能簡單談談這個嗎，然後，你知道，低於 1000 億美元的利弊，因為它與第四類銀行指定有關，感覺你對是否要走這條低於 100 億美元的路線猶豫不決十億。我很好奇它是否比我們目前所理解的更多。

So, so regarding the $100 billion level, you, you know, if you work your way through that, if you get below $100 billion you still have four quarters that you are anticipated to be compliant with the category four. And then from a regulatory perspective, when you start to get close to $90 billion you have to put in place a plan to become compliant. So just because you get below 100 billion doesn't mean that you don't have to have the enhanced standards.

所以，關於 1000 億美元的水平，你知道，如果你努力做到這一點，如果你的收入低於 1000 億美元，你仍然有四個季度的時間預計符合第四類的要求。然後從監管的角度來看，當您開始接近 900 億美元時，您必須制定一項計劃以實現合規。因此，僅僅因為您的收入低於 1000 億，並不意味著您不必採用增強的標準。

So that isn't like our, our target to get below $100 billion and said what we've taken, the approach was to build out the appropriate risk infrastructure in the company and then, and then allow our business model to take it where we can grow and expand. And so it isn't, it isn't a goal of ours. It isn't a desire and, and quite frankly, you probably have to shrink $20 billion or more to get to the point where you wouldn't be subject to those standards.

所以這不像我們的目標，我們的目標是低於 1000 億美元，我們採取的方法是在公司內建立適當的風險基礎設施，然後讓我們的商業模式將其帶到我們想要的地方。成長和擴大。所以事實並非如此，這不是我們的目標。這不是一種願望，而且坦白說，你可能需要削減 200 億美元或更多才能達到不受這些標準約束的程度。

Understood is, is my thinking correct in that earning assets could shrink, you know, 5 to 10 billion here.

可以理解的是，我的想法是否正確，因為獲利資產可能會縮減，你知道，這裡是 5 到 100 億。

Yeah, but I think that there's a reasonable chunk of that that's actually coming out from a cash perspective. So it's earning. But we're deploying that cash either to pay down debt or to pay down broker deposits. So there's the the loan portfolio. I don't expect it to be decreasing as much as the cash, the cash component.

是的，但我認為其中有相當一部分實際上是從現金角度來看的。所以說是賺到了。但我們正在部署這些現金來償還債務或償還經紀人存款。這就是貸款組合。我預計它不會像現金（現金部分）那樣減少。

I appreciate that. Thank you.

我很欣賞這一點。謝謝。

Our next question comes from the line of John Arms with RBC capital markets. Please go ahead.

我們的下一個問題來自約翰·阿姆斯 (John Arms) 與加拿大皇家銀行 (RBC) 資本市場的對話。請繼續。

Hey, thanks, good morning guys. I don't know if this is an easy question or a hard question, but if the economy stays in kind of a steady state, when do you guys think we'll see the peak in non performers?

嘿，謝謝，大家早安。我不知道這是一個簡單的問題還是一個困難的問題，但如果經濟保持穩定狀態，你們認為我們什麼時候會看到表現不佳的人達到頂峰？

I think the re pricing that comes into the portfolio over the course of the next, next two years, we will continue to have a component of it that moves into non performing. And so I think we'll see a continued level of new additions to non performing through 26. And then the question becomes, how quickly will we be able to action the existing portfolio of non performers?

我認為，在未來兩年內，進入投資組合的重新定價，我們將繼續有一部分進入不良狀態。因此，我認為，到 26 年間，我們將看到不良業績持續增加。

Many of the loans that are in the non accrual category are in there because of our focus on looking out at the repricing characteristics and a pretty stringent assumption that or, or a criteria that from a classification standpoint would suggest that that we expect them to default. The reality is that we see the vast majority of them continuing to perform even when they do reprice. And so that will those loans are performing, they are amort their principal balances. But I think it will continue to see new loans being added to the non performing portfolio over the course of the next two years as loans repriced.

許多屬於非應計類別的貸款都在其中，因為我們專注於重新定價特徵以及相當嚴格的假設，或者，或者從分類角度來看的標準表明我們預計它們會違約。現實情況是，我們看到它們中的絕大多數即使在重新定價後仍繼續表現。為了使這些貸款發揮作用，它們將攤銷本金餘額。但我認為，隨著貸款重新定價，未來兩年將繼續看到新貸款被添加到不良投資組合中。

Anything unusual about this quarter in terms of the review? I obviously didn't go up like last quarter, but are you saying this is increasing at a decreasing rate or how, how material do you expect it to be? The increases?

本季的審查有什麼不尋常的地方嗎？我顯然沒有像上個季度那樣上漲，但你是說成長速度正在下降，還是你預期成長的幅度有多大？增加量？

Yeah. 1No, there wasn't anything particularly unique about this quarter. We just continue to run our process. You know, the, we still had some financials to grind through, the level of new subs standards, you know, sort of at the same pace that we saw before. We've gotten through the bigger loans. It's smaller. So we're looking at a lot of smaller loans that more widgets. But the there wasn't much of a change. We're just sort of getting through it. This is an annual process, you know, as Craig said, this will continue, each year we'll have to do a new financial reviews and review these lenses are getting into the refinance window. But so I wouldn't say that there's any unique.

是的。 1不，本季沒有什麼特別獨特的地方。我們只是繼續運行我們的流程。你知道，我們仍然有一些財務問題需要磨練，新的潛艇標準的水平，你知道，與我們之前看到的速度差不多。我們已經獲得了更大的貸款。它更小。因此，我們正在尋找更多小部件的小額貸款。但並沒有太大的變化。我們只是在渡過難關。這是一個年度流程，你知道，正如克雷格所說，這將繼續下去，每年我們都必須進行新的財務審查，並審查這些鏡頭是否進入再融資窗口。但所以我不會說有什麼獨特之處。

The one thing that I would add is, Chris says this is an annual process, but, we went to a standard on the expectation is that the borrowers would provide us the financial data. And perhaps in the past, there was more lax about whether they sent their financial data into the company. And then, and then second of all, I think there's a new standard of underwriting around debt service coverage and loan to value as opposed to using loan to value for the risk rating process. And, and so that in itself, there's, there's more rigor around your primary and secondary social repayment.

我要補充的一件事是，克里斯說這是一個年度流程，但是，我們的期望標準是藉款人將為我們提供財務數據。也許在過去，他們對於是否將財務數據發送給公司更加寬鬆。然後，第二，我認為圍繞償債範圍和貸款價值的承保有一個新的標準，而不是在風險評級過程中使用貸款價值。而且，就其本身而言，您的主要和次要社會回報更加嚴格。

Yes, I agree with that. Just so that we, we were very aggressive in terms of getting financial information. I think 98% of our borrowers provided financial information, which is significantly higher than in the past. And we did in the second quarter Institute changes relative to how we evaluate risk with a more of a focus on debt service coverage ratio than as Joe said, as opposed to loan to value. But you know that process started in the second quarter and continued on into the third and, and that will be our standard going forward.

是的，我同意這一點。正是這樣，我們在獲取財務資訊方面非常積極。我認為我們98%的借款人提供了財務信息，這明顯高於過去。我們在第二季度對風險評估方式進行了調整，與喬所說的相比，我們更加關注償債覆蓋率，而不是貸款價值比。但你知道這個過程從第二季度開始，一直持續到第三季度，這將是我們未來的標準。

Okay. Okay. That helps. And then just two others, you guys do a lot of benchmarking in the presentation and I know this isn't an easy question, but what do you think the normalized more normalized reserve percentage should look like for the company in 26 and the 27.

好的。好的。這有幫助。然後還有另外兩個人，你們在示範中做了很多基準測試，我知道這不是一個簡單的問題，但你們認為 26 和 27 年公司的標準化準備金百分比應該是什麼樣子。

From a provisioning or overall reserve percentage.

來自撥備或總體準備金百分比。

Overall reserves overall reserves now?

總體儲備 現在總體儲備？

Yeah, you know, I think our portfolio is pretty idiosyncratic and it kind of depends on how the portfolio performs as we transition into a more CN I based portfolio and, and balance the portfolio. I think that you'll see the, the C&I reserve levels will be substantially lower than what the commercial real estate levels on the existing portfolio are. And so that will will have an impact, but it will really depend on the portfolio performance.

是的，你知道，我認為我們的投資組合非常特殊，這取決於我們過渡到更多基於 CN I 的投資組合以及平衡投資組合時投資組合的表現。我認為您會看到，商業和工業儲備水平將大大低於現有投資組合中的商業房地產水平。因此這將會產生影響，但這實際上取決於投資組合的表現。

That makes. It very important. The mix. Okay? You said the mix it. Okay? I understand that. And then on slide 9 and, and then some of your comments about the margin thinking I hate to ask it this way but is is that the easy part of the formula? Just the margin lift from CRE repricing is that just the natural output of the maturity schedule and you have high confidence in that margin trajectory.

這使得。這非常重要。混合。好的？你說的是混合吧。好的？我明白這一點。然後在幻燈片 9 上，然後是您對邊距的一些評論，我想我不想這樣問，但這是公式中最簡單的部分嗎？ CRE 重新定價帶來的保證金提升就是到期計畫的自然輸出，您對該保證金軌跡充滿信心。

Yeah, the bulk of that it's the the the margin percentage is a combination of the of this, of the repricing of the commercial real estate multi family portfolio. But it's actually tempered a bit with the C&I build because we expect that the C&I loans would have a slightly lower overall spread than the commercial real estate and multi family loans as they reprice. So it's, it's the C&I it's the lift from the repricing balanced with the growth in the C&I portfolio.

是的，其中大部分是保證金百分比是商業房地產多戶投資組合重新定價的組合。但它實際上隨著 C&I 建設而有所緩和，因為我們預計 C&I 貸款在重新定價時的整體利差將略低於商業房地產和多戶家庭貸款。所以，這是 C&I，它是重新定價帶來的提升與 C&I 投資組合的成長相平衡。

Okay. Alright, thanks you guys.

好的。好的，謝謝你們。

Our final question will come from the line of Steve Moss with Raymond James. Please go ahead.

我們的最後一個問題將來自史蒂夫·莫斯和雷蒙德·詹姆斯的對話。請繼續。

Good morning. Just wanted to follow up on non performers here. You know, the multi family bucket was the driver of the increase this quarter. And I'm just curious if that's related to, you know, the roll forward set up in terms of the 18 month. Look forward on, as, as you analyze what's substand and criticized and just if, you know, maybe there'll be certain quarters where we'll see the step up. Given the repricing dynamics stretch out into 2026 and pick up in 2027 or, you know, if there's something special this quarter about the, so something else that drove that.

早安.只是想跟進這裡的非表演者。您知道，多家庭桶是本季成長的驅動力。我只是很好奇這是否與 18 個月的前滾有關。展望未來，當你分析什麼是真實的和受到批評的時候，你知道，也許在某些方面我們會看到進步。鑑於重新定價的動態會持續到 2026 年，並在 2027 年有所回升，或者，你知道，如果本季度有什麼特別的事情，那麼還有其他因素推動了這一趨勢。

Well, this quarter is a combination of getting through more of the portfolio, we moved from 75% to 95% of the portfolio and another quarter coming into the 18 month window, so to speak, moving forward, we have a little bit more of the of the catch up to do but not much. And then we'll, we'll each quarter have more loans that will come into the window. It's about a billion dollars a quarter for the next four quarters that comes into the window.

嗯，這個季度是透過更多投資組合的組合，我們從投資組合的 75% 上升到 95%，另一個季度進入 18 個月的窗口，可以說，展望未來，我們有更多的投資組合追趕的事情可做但不多。然後我們每個季度都會有更多的貸款進入窗口。接下來的四個季度每季大約有 10 億美元。

And then the 2027 repricings that move in or about a billion and a half a quarter that move into the window for evaluation and when they do some portion goes to substand, some portion remains in past graded. But that, that repricing pathway is what will drive it moving forward if you, if you get, once we get beyond fourth quarter where we've gotten through the full portfolio review.

然後，2027 年的重新定價將進入評估窗口，即大約 15 億個季度，當它們的某些部分變為現實時，某些部分仍保留在過去的評級中。但是，一旦我們過了第四季度，我們已經完成了全面的投資組合審查，那麼重新定價途徑將推動它向前發展。

Okay. And, and then just one follow up here in terms of, I know that the secondary market seems to have improved here in the past couple of months. Just curious if you think there's any potential for an acceleration in prepa for the multi family portfolio, you know, just given the shift in rates, I know we've had a back up here in the last couple of weeks, but I'm just curious. If that there's any possibility.

好的。然後，我知道二級市場在過去幾個月似乎有所改善。只是好奇，如果您認為多戶投資組合的準備工作有加速的潛力，您知道，考慮到利率的變化，我知道我們在過去幾週內已經有了備份，但我只是好奇。如果是的話還有什麼可能。

One comment I would have, you know, obviously when rates as Craig mentioned, backed up a bit, there was somewhat of a flurry of a lot of people locking in rates. I I think because they, you know, now increased, you know, back up slightly. People are waiting to see the next that move, but that should spur a fair amount of refinancing. And what we're finding is people are coming out of pocket to rebalance loans and our, you know, our our objective would be for them to take those loans elsewhere and, and get financing.

我想說的一個評論是，顯然，當克雷格提到的利率有所回升時，很多人都會鎖定利率。我認為是因為它們現在有所增加，略有回升。人們正在等待下一步的舉措，但這應該會刺激大量的再融資。我們發現人們正在自掏腰包來重新平衡貸款，我們的目標是讓他們將這些貸款轉移到其他地方並獲得融資。

So we have found in the a number of the large office transactions we have, as you probably noticed, we moved one large transaction to help for sale. We do expect in the month of November to close that transaction, we marked it at what our agreed upon sales price was for that transaction. And there are a number four or five other large transactions were under discussion at this point. So there is interest even in the office space for, for investors.

因此，我們在許多大型辦公大樓交易中發現，正如您可能注意到的那樣，我們轉移了一項大型交易以幫助出售。我們確實預計在 11 月完成該交易，我們將其標記為我們商定的該交易的銷售價格。目前還有四、五筆其他大型交易正在討論中。因此，甚至投資者也對辦公空間感興趣。

And you know, some of those were selling at where we have a market and some of them were taking losses. But overall that we do think that will pick up. And then on the multi family side, there has been kind of a renewed interest even in the regulated space for people looking for assets in that space. So, so we are optimistic that the next couple quarters as we did bring on a new head of our workout group has organized that group with a team who is doing outreach to customers and having dialogue. We have an assigned kind of SWAT team that's that's taking that on. We do think we'll see the fruits of that, that activity going forward.

你知道，其中一些在我們有市場的地方出售，其中一些正在虧損。但總的來說，我們確實認為這種情況將會好轉。然後在多戶家庭方面，即使在受監管的領域，人們也對在該領域尋找資產的人產生了新的興趣。因此，我們樂觀地認為，在接下來的幾個季度中，我們將任命一位新的健身小組負責人，並與一個正在與客戶進行外展並進行對話的團隊一起組織該小組。我們有一個指定的特警隊來承擔這項任務。我們確實認為我們將會看到這項活動的成果。

Okay, great. Really appreciate all the call. Thank you very much.

好的，太好了。非常感謝大家的來電。非常感謝。

Thank you. And with that, I'll turn the call back to Joseph Otting for closing remarks.

謝謝。接下來，我會把電話轉回給約瑟夫‧奧廷（Joseph Otting），讓他作結束語。

Okay. Hey, thanks. Thank you for taking the time to join us this morning. We very much appreciate your questions and your interest in the company. Craig, are you Craig? And I are usually readily available if you would like to have dialogue or further questions. If you do, please contact Sal and he'll arrange time for us to talk. And I'd just like to say this is the close out of home for us at New York Community Bank as the holding company and look forward to next time we're meeting being under the flagstar financial banner. So thank you very much.

好的。嘿，謝謝。感謝您今天早上抽出時間加入我們。我們非常感謝您的提問以及您對公司的興趣。克雷格，你是克雷格嗎？如果您想進行對話或進一步提問，我通常很樂意為您服務。如果您這樣做，請聯繫薩爾，他會安排我們談話的時間。我只想說，對於我們紐約社區銀行作為控股公司來說，這是一次離家的結束，並期待下次我們在金融之星的旗幟下舉行會議。非常感謝。

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

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。