Preferred Bank (PFBC) 2025 Q1 法說會逐字稿

Good day, and welcome to the Preferred Bank first quarter 2025 earnings conference. (Operator Instructions) Please note that this event has been recorded.

大家好，歡迎參加 Preferred Bank 2025 年第一季財報會議。（操作員指示）請注意，此事件已被記錄。

And I'd like to turn the conference over to Jeff Haas of Financial Profiles. Please go ahead.

我想將會議交給《金融概況》的傑夫哈斯 (Jeff Haas)。請繼續。

Thank you, Jacob. Hello, everyone. Thank you for joining us to discuss Preferred Bank's financial results for the first quarter ended March 31, 2025. With me today from management are Chairman and CEO, Li Yu; President and Chief Operating Officer, Wellington Chen; Chief Financial Officer, Edward Czajka; Chief Credit Officer, Nick Pi; and Deputy Chief Operating Officer, Johnny Hsu. Management will provide a brief summary of the results, and then we will open up the call to your questions.

謝謝你，雅各。大家好。感謝您與我們一起討論 Preferred Bank 截至 2025 年 3 月 31 日的第一季財務表現。今天與我一起的管理層有董事長兼首席執行官李宇；總裁兼首席營運官 Wellington Chen；首席財務官 Edward Czajka；首席信貸官 Nick Pi；以及副首席營運官 Johnny Hsu。管理層將對結果進行簡要總結，然後我們將開始回答您的問題。

During the course of this conference call, statements made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions that may or may not prove correct.

在本次電話會議過程中，管理階層所作的陳述可能包括《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。此類前瞻性陳述基於特定的假設，這些假設可能正確，也可能不正確。

Forward-looking statements are also subject to known and unknown risks, uncertainties and other factors relating to Preferred Bank's operations and business environment, all of which are difficult to predict and many of which are beyond the control of Preferred Bank.

前瞻性陳述也受到與 Preferred Bank 的營運和商業環境有關的已知和未知風險、不確定性和其他因素的影響，所有這些因素都難以預測，其中許多因素超出了 Preferred Bank 的控制範圍。

For a detailed description of these risks and uncertainties, please refer to the SEC required documents the bank files with the Federal Deposit Insurance Corporation or FDIC. If any of these uncertainties materialize or any of these assumptions prove incorrect, Preferred Bank's results could differ materially from its expectations as set forth in these statements.

有關這些風險和不確定性的詳細描述，請參閱銀行向聯邦存款保險公司或 FDIC 提交的 SEC 要求的文件。如果任何不確定因素成為現實或任何假設被證明不正確，Preferred Bank 的表現可能與這些聲明中所述的預期有重大差異。

Preferred Bank assumes no obligation to update such forward-looking statements. At this time, I'd like to turn the call over to Mr. Li Yu. Please go ahead.

Preferred Bank 不承擔更新此類前瞻性聲明的義務。現在，我想把電話轉給李宇先生。請繼續。

Thank you. Good morning. Preferred Bank's first quarter net income was $30 million or [$2.23] a share. This quarter net income was negatively impacted by an outsized reversal of interest income related to the elevated level of nonperforming loans. It is also negatively impacted by a charge-off of our real estate on (inaudible) in the amount of $1.3 million.

謝謝。早安.Preferred Bank 第一季淨收入為 3,000 萬美元，即每股收益 [2.23 美元]。本季淨收入受到不良貸款水準上升導致的利息收入大幅逆轉的負面影響。我們也因（聽不清楚）130 萬美元的房地產沖銷而受到負面影響。

The nonperforming loans totaled is $71 million at quarter end, of which $66 million of the $71 million related to related to (inaudible) relationship of two credits. This event as previously disclosed to you in early March.

季度末不良貸款總額為 7,100 萬美元，其中 6,600 萬美元與兩筆信貸的（聽不清楚）關係有關。該事件正如我們在三月初向大家披露的那樣。

The two credits or two loans, have collateral value, which will protect the loan amount, and there are no loss content in identified at this time. Total credit trend seems to be okay. The total classified criticized loan portfolio is reduced $30 million from previous quarter and are roughly 20%.

這兩筆信貸或兩筆貸款均具有抵押價值，可以保護貸款金額，目前尚未確定任何損失內容。整體信貸趨勢似乎還不錯。分類批評貸款總額較上一季減少 3,000 萬美元，降幅約 20%。

And there are very few migrations into this category during the quarter. The reversal of interest has also impacted our net interest margin, which is reported at 3.75% for this quarter. Without this effect, we internally estimate the net interest margin would have been much closer to 4.06% reported last quarter.

本季遷入這一類別的人數非常少。利率逆轉也影響了我們的淨利差，本季淨利差為 3.75%。如果沒有這一影響，我們內部估計淨利差將更接近上季報告的 4.06%。

This quarter, we had a negative loan growth of $6 million, equal to approximately 0.1% of our total loan portfolio. But our deposit increased 2.6% on a linked quarter basis and the deposit costs reducing as planned.

本季度，我們的貸款成長為負 600 萬美元，約占我們總貸款組合的 0.1%。但我們的存款月增了2.6%，存款成本也按計畫下降。

Looking ahead loan demand does not seem to improve much, mainly because we're currently under the uncertainty of a tariff war with the whole world. This tariff situation was truly very much unpredictable, bringing many, many of the uncertainties ranging from supply chain changes, cost increase in inflation or empty shelves, empty product warehouse.

展望未來，貸款需求似乎不會有太大改善，主要是因為我們目前正處於與全世界的關稅戰的不確定性之中。這種關稅情況確實非常難以預測，帶來了許多不確定因素，包括供應鏈變化、通貨膨脹導致的成本增加或貨架空置、產品倉庫空置。

All these things can affect each and every one of our customer differently. So we have already started to monitoring our loan portfolio. We started by a thorough review of our trade finance segment of our business which equal to approximately $200 million, a little over $200 million of our loan portfolio.

所有這些因素都會對我們每位客戶產生不同的影響。因此我們已經開始監控我們的貸款組合。我們首先對我們業務的貿易融資部分進行了徹底審查，該部分價值約為 2 億美元，略高於我們的貸款組合的 2 億美元。

And as time goes on within the next (inaudible) months, realizing that many uncertainties and their implications and the side effects that happen with the tariff war. We will continue our review process and they [diligently].

而隨著未來幾個月（聽不清楚）時間的推移，我們意識到關稅戰帶來的許多不確定性及其影響和副作用。我們將繼續審查過程，他們[勤奮地]。

Thank you. I'm ready for your questions now.

謝謝。我現在已準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Matthew Clark, Piper Sandler.

馬修克拉克、派珀桑德勒。

Hey, good morning, everyone. Just want to start on the margin outlook from here. If you had the average margin in March, excluding any reversals, just kind of a normalized margin in March. Just wondering if it was, how much you might be below the [406]. And then spot rate, if you had it at the end of the month, ideally, but I'll take the average for the month.

嘿，大家早安。我只是想從這裡開始討論利潤前景。如果您有三月的平均利潤率，不包括任何逆轉，那麼三月的利潤率就是標準化的利潤率。我只是想知道如果是的話，你可能低於[406]然後是現貨匯率，理想情況下是在月底，但我會取當月的平均值。

Matthew, this is Ed. I don't, unfortunately, I don't have the March spot rate, but the margin for the quarter sounds the nonaccrual reversals would have been $3.94 million. So it's holding up much better than as I've previously discussed on these, the margins holding up much better than we had anticipated.

馬修，這是艾德。不幸的是，我沒有三月的現貨匯率，但本季的利潤聽起來不提逆轉將是 394 萬美元。因此，正如我之前所討論的，利潤率比我們預期的要好得多。

And that $3.94 million is for the quarter, but you have it for March?

這 394 萬美元是本季的金額，但是您有三月份的金額嗎？

I don't. I can get that for you later.

我不知道。我可以稍後幫您拿到。

Okay. And then just on the nonperforming relationship, can you just let us know which of the two is being sold at par? Just trying to get a sense for the dollar amount of that $66 million or $67 million? And then on the other piece, that's not being sold.

好的。然後，僅就不良關係而言，您能否告訴我們其中哪一個是按面值出售的？只是想了解這 6600 萬美元或 6700 萬美元的具體金額是多少？另一方面，這個東西是賣不出去的。

It sounds like you're pretty confident in the collateral value. But can you give us more color as to why and kind of the timing of that resolution process?

聽起來您對抵押品的價值非常有信心。但是您能否向我們詳細說明解決過程的原因和時間？

I will have Nick Pi answer the question, okay?

我會讓 Nick Pi 回答這個問題，好嗎？

Matthew, this is Nick speaking. For the two credits, one of them is a pretty desirable land in a good area. A lot of builders to try to offer to purchase and currently the properties under the note service under the contract, and we expect that to be closed very shortly. And the other one --

馬修，我是尼克。對於這兩項信貸而言，其中一項是位於良好地段的相當理想的土地。許多建築商試圖提供購買，目前這些房產屬於合約下的票據服務，我們預計這將很快完成。另一個--

You might mention that, we have, I mean, (inaudible).

你可能會提到，我們有，我的意思是，（聽不清楚）。

Yes. And for that particular deal, we just received nonrefundable deposits. So the deal is pretty sure that will be closed within a very short period of time.

是的。對於那筆特定交易，我們只收到了不可退還的押金。因此這筆交易肯定會在很短的時間內完成。

On that credit, Matthew, first of all, the appraisal value is still very good. I mean it's in the LTVs in the 50s. In the meantime, we're selling the node at par.

關於那筆貸款，馬修，首先，評估價值仍然非常好。我的意思是它的 LTV 在 50 年代。同時，我們以面值出售該節點。

So Matthew, just to give you an additional color that we just received the most updated appraisal report in April and the value come out with similar as before and the loan to value is around 62%. So, after the [no call] closed a bit of (inaudible) do more.

因此，馬修，只是為了給你額外的信息，我們剛剛在四月份收到了最新的評估報告，其價值與以前相似，貸款價值比約為 62%。因此，在 [沒有電話] 關閉後，（聽不清楚）做更多。

The other one is currently in bankruptcy core, the bank's council as logs with the bank's console. We all agree to file motion to the [BK] for selling this particular property, this is apartment. [188] units, also with a good value to support the credit.

另外一個目前處於破產核心，銀行理事會作為銀行控制台的日誌。我們都同意向 [BK] 提交動議，出售這處特定房產，這是公寓。 [188] 單位，也具有良好的價值來支持信貸。

So we believe through the BK courts process, this is the best way for the bank to get rid of this. So we think within a quarter or two, because [PK] core normally are a little bit slower than other avenue of sale. So we believe this will be resolved. These two loans will be resolved within a quarter or two.

因此，我們相信，透過 BK 法院程序，這是銀行擺脫這一困境的最佳途徑。因此我們認為在一兩個季度內，因為[PK]核心通常比其他銷售管道慢一點。因此我們相信這個問題會得到解決。這兩筆貸款將在一兩個季度內解決。

Okay. And the size of the one in terms of dollars, the size of the one that's in bankruptcy?

好的。就美元而言，這家公司的規模與破產公司的規模相比是多少？

One is under no sale to be closed soon it's around $28.5 million. And the other one bankruptcy core is $37 million.

其中有一筆交易尚未完成，價格約為 2850 萬美元。另外一個破產核心是3700萬美元。

Okay. And then just shifting gears to the expense run rate, Ed, assuming you don't have any more write-downs on OREO from here, how should we think about the run rate in 2Q?

好的。然後，讓我們轉到費用運行率，埃德，假設您從現在起不再對奧利奧進行減記，我們應該如何考慮第二季度的運行率？

So as you see, we came in at about $23.4 million. And as I've talked about previously, we have an outsized personnel expense line item, which is employer pay taxes due to the incentive compensation payout in Q1.

所以如你所見，我們的收入約為 2,340 萬美元。正如我之前提到的，我們有一項超額的人事費用項目，即雇主因第一季度的激勵薪酬支付而繳納的稅款。

That happens every Q1 and in addition to that, as you've pointed out, the $1.3 million write-down, that puts Q1 normalized at about just over $21 million in terms of the run rate. Going forward, I would estimate it to be $21.5 million to $22 million for the next couple of quarters and probably accelerating after that.

這種情況在每個第一季都會發生，除此之外，正如您所指出的，130 萬美元的減記，使得第一季的運行率正常化到略高於 2100 萬美元。展望未來，我估計未來幾季的支出將達到 2,150 萬美元至 2,200 萬美元，之後可能會加速成長。

Okay. Great. And then just last one for me, if I may, on the buyback. I didn't look like there was any shares repurchased this quarter, probably for obvious reasons. But what's your appetite back to stock here?

好的。偉大的。如果可以的話，我最後再談一下回購。我看不出本季有任何股票回購，可能原因很明顯。但是您對這裡的庫存有什麼興趣呢？

Okay. Based on the report, let me (inaudible) we bought back altogether 532,000 shares during the first 24 days of the months (inaudible). And there's only one day purchase in March. All this number is done in April. So we have a total of $65 million available under our buyback program, we have spent about $40 million with still $23 million left to purchase.

好的。根據報告，讓我（聽不清楚）我們在本月前 24 天總共回購了 532,000 股（聽不清楚）。並且三月僅有一天的購買機會。所有這些數字都是在四月完成的。因此，我們的回購計畫總共可用資金為 6,500 萬美元，我們已經花費了約 4,000 萬美元，還剩下 2,300 萬美元需要購買。

Okay. Did you say you did buy back stock in the first quarter though?

好的。您是否說過您在第一季確實回購了股票？

No. There was just one day. [331] was the only day we were in the market, but we're in the market for the entirety of April.

不。只有一天。 [331] 是我們唯一在市場上的一天，但整個四月我們都在市場上。

Okay, thank you.

好的，謝謝。

Andrew Terrell, Stephens.

安德魯·特雷爾，史蒂芬斯。

Hey, good afternoon. I heard some of the comments in the prepared remarks, just uncertainty maybe impacting the kind of net growth expectations for the loan portfolio. Just hoping to unpack that a little bit more, where you're seeing demand from a client perspective, where it's a little softer right now?

嘿，下午好。我在準備好的發言中聽到了一些評論，只是不確定性可能會影響貸款組合的淨成長預期。只是希望進一步解釋一下，從顧客的角度來看，現在的需求是否有些疲軟？

And then maybe specifically, do you still feel like you can grow the loan partly in this environment? Or is it a flat to down expectation more appropriate?

那麼具體來說，您是否仍然覺得在這種環境下您可以部分增加貸款？還是持平或下降的預期比較合適？

Obviously, as a guy operating bank, I hope we can continue to do that. We are poised to continue to do that. But as you know, as an older person, that have experienced many differencing, including the 2008, meltdown with a simple, I mean, [sub-debt] of home loans can much into total financial system away.

顯然，作為一個經營銀行的人，我希望我們能夠繼續這樣做。我們準備繼續這樣做。但如你所知，作為一個經歷過許多變化的老年人，包括 2008 年的金融危機，簡單的，我的意思是，房屋貸款的[次級債務] 可以對整個金融體系造成很大的影響。

So this tariff business is many angled and depend on which way it turns, it could affect seriously even the property value of many of our of our borrowers. So we're taking a close look on that. Likewise, we sensed many, many of our current customers, whether it's the C&I customers, a real estate customer, they like to do a little bit wait and see.

因此，這項關稅業務是多角度的，並且取決於它如何發展，它甚至可能嚴重影響我們許多藉款人的財產價值。因此我們正在密切關注此事。同樣，我們感覺到許多現有客戶，無論是 C&I 客戶還是房地產客戶，他們都喜歡稍作觀望。

When the wait and see is over, we do not know. So it likely could be by, I mean, later second quarter, this thing just pick up. And we are poised. We have a large relationship staff who's out there is busy and try to bring in loans and we just have very careful with it.

我們不知道等待何時結束。所以，到第二季後期，這種情況可能會有所改善。我們已經做好準備。我們有大量關係工作人員，他們忙於嘗試獲得貸款，我們對此非常謹慎。

Yes. Understood. Okay. For the second NPL loan you guys talked about the one is in bankruptcy court. I think you said $37 million note. Do you have a recent appraisal on that as well? And if so, like a refreshed LTV?

是的。明白了。好的。對於你們談到的第二筆不良貸款，它正在破產法庭審理中。我認為你說的是 3700 萬美元的鈔票。您最近對此也有評估嗎？如果是這樣，就像刷新了 LTV 一樣？

Yeah. That appraisal also pretty update, right? I believe we did one back in November last year, still within 6 months. The value can support to value around 71%.

是的。那個評價也相當新了吧？我相信我們去年 11 月就做過一次，現在仍在 6 個月內。該價值可支撐至71%左右。

I read the briefing of the core information between the lawyers communication, of course, it's quoting the things are, okay? There is a cash offer sitting out there with these parties at $49 million, which is a wealth of (inaudible) to cover our exposure with the first trustee.

我看了律師溝通的核心訊息簡報，當然是引用的東西，好嗎？這些方已經提出了 4900 萬美元的現金報價，這是一筆巨款（聽不清楚），足以彌補我們與第一位受託人的風險。

Okay, understood thank you for taking the questions.

好的，明白了，感謝您回答這些問題。

Gary Tenner, DA Davidson.

蓋瑞‧坦納 (Gary Tenner)、地方檢察官戴維森 (DA Davidson)。

Hey, thanks everybody. Good morning. I had two questions. The first is with the commentary around trade finance, the $200 million portfolio, it would seem to me that the kind of nearest risk or near-term risk is more that those trade fans lines get paid down as less activity occurs. Is that a reason why you're looking at it near term?

嘿，謝謝大家。早安.我有兩個問題。首先是關於貿易融資的評論，2 億美元的投資組合，在我看來，最近風險或近期風險更多的是，隨著活動的減少，那些貿易粉絲線的償還減少。這是您近期關注此事的原因嗎？

You mean the trade finance segment?

您指的是貿易融資部分嗎？

Yeah.

是的。

Yes. Well, it's happening in and out in a situation depending each customer is different. Some of them has currently everything is normal. I mean, under the, the supply chain is outside of China. Someone is a little bit heavier in China, but these people are well stocked inventory right now. So far, we don't have any activity in terms of abnormal activity on the portfolio.

是的。嗯，這種情況時有發生，取決於每位顧客的不同情況。其中部分目前一切正常。我的意思是，供應鏈在中國境外。有人在中國稍微重一點，但是這些人現在庫存充足。到目前為止，我們的投資組合中還沒有出現任何異常活動。

And then second question, just on the net or the loan interest revenue given that $3 million of interest reversals. So loan interest revenue was down $10 million sequentially. You have that $3 million, and I assume a couple of million dollars just with a lower day count. Is the rest of that delta, call it, $5 million lower quarter over quarter simply the full quarter impact of the rate cuts in 2024?

第二個問題，僅就淨額或貸款利息收入而言，考慮到 300 萬美元的利息逆轉。因此貸款利息收入環比下降 1000 萬美元。你有 300 萬美元，我估計只要天數少一點，就能賺幾百萬。剩下的增量，也就是季減的 500 萬美元，是否僅僅是 2024 年降息對整個季度的影響？

Ed, could you answer that?

艾德，你能回答這個問題嗎？

I'm sorry, Gary, I apologize. Can you repeat the question?

對不起，加里，我很抱歉。你能重複一下這個問題嗎？

Yeah. Sorry, I may have (inaudible) there a bit. So the loan interest revenue was down about $10 million sequentially from $112 million, call it $101 million. So the $3 million of reversals probably a couple of million dollars lower on day count. Is the rest of that delta, just the full quarter impact of rate cuts from last year?

是的。抱歉，我可能有點（聽不清楚）。因此，貸款利息收入比上一季的 1.12 億美元下降了約 1,000 萬美元，也就是 1.01 億美元。因此，300 萬美元的逆轉金額以日計算可能要低數百萬美元。剩餘的增量是否只是去年降息對整個季度的影響？

Yes, exactly.

是的，確實如此。

And to get a sense of how that also --

並了解這也是如何--

Gary?

加里？

No, go ahead. Sorry.

不，繼續吧。對不起。

Also, as you know, as we're renewing loans and originating loans are coming off of a higher base typically. And then when they come to renew, they're typically coming down a little bit in terms of yield. So that's part of the effect as well.

另外，如您所知，我們更新貸款和發放貸款通常都來自較高的基數。然後，當他們續約時，收益率通常會略有下降。這也是效果的一部分。

Got it thank you.

明白了，謝謝。

Tim Coffey, Janney.

提姆科菲、詹妮。

Great thank you, morning everybody. Mr. Yu, you just kind of follow-up on the comments you made about having been through a couple of cycles before. Grant, this might be the most telegraph cycle. It turns out to be one that you've probably ever seen. So I'm wondering, how are you positioning the bank right now?

非常感謝大家早安。餘先生，您剛才談到了之前經歷過的幾個週期。格蘭特，這可能是最電報週期。事實證明，這可能是你曾經見過的。所以我想知道，您現在如何定位銀行？

Well, being that it's just started to have this finance, I mean, not the tariff situation. I guess because the liberation date is April 2, I think it's caught everybody off card. And being that most of our customers and all the community banks customer and also many of the regional bank customers, they're all smaller customers.

嗯，由於它才剛開始有這方面的融資，我的意思不是關稅情況。我想是因為解放日期是 4 月 2 日，所以我認為這讓每個人都措手不及。我們的大多數客戶、所有社區銀行客戶以及許多地區銀行客戶都是小客戶。

And probably, if they are in this particular business of importing or exporting and giving products from the foreign countries, everybody is operating on a different profit margin. Some of them, very few of them will be able to absorb so-called the tariffs on the table right now, which is 20% and 25%. Very few people can afford that.

而且，如果他們從事進口或出口這種特定的業務，並提供來自外國的產品，那麼每個人的利潤率可能都不同。其中一些國家，很少有國家能夠承受目前所謂的20%和25%的關稅。很少人能負擔得起。

And whether the importer can absorb that. It is questionable. If they absorb that, it will be inflation not to our economy. If they applaud that, it will be decreasing demand, okay? And then how many of them are facing the situation in the empty shelf when the supply cannot catch up?

以及進口商是否能夠吸收這一點。這是值得懷疑的。如果他們吸收了這些，那將會導致通貨膨脹，而不是我們的經濟。如果他們對此表示讚賞，那麼需求就會減少，好嗎？那麼有多少家面臨供貨跟不上、貨架空空的情況呢？

And where all the supply chain can be switched to different countries? So what we're doing right now is we're having our loan officers going out discuss with every each of our trade finance customers and knowing what are they reacting?

整個供應鏈可以轉移到不同的國家嗎？因此，我們現在正在做的是讓我們的貸款人員出去與每位貿易融資客戶進行討論，並了解他們的反應？

How do they try to react on the matter? And from that, we internally seriously discuss about what is the likelihood they will be successful in handling this kind of matter. And while we're doing it, we're also learning. So each case is different. I guess the best way I can describe how the position of the bank is now more what each customer is doing right now.

他們對此事有何反應？從那時起，我們內部就開始認真討論他們成功處理這類事情的可能性有多大。我們在做這件事的同時，也在學習。所以每個案例都是不同的。我想我能描述的最好的方式就是了解銀行現在的處境，了解每個客戶現在正在做什麼。

And hopefully, if there's some negative situation come along will be affected less. Nobody can escape from the big situation. I don't know what I said that to your question or not, I don't know how to do it better.

並且希望，如果出現一些負面情況，其影響會較小。大局之下，誰也逃不過。我不知道我對你的問題說了什麼，我不知道如何做得更好。

No, I think you did. I think you did. I think that was very helpful. And then just on the underwriting front. I mean I hear you it's a fluid situation, outcome highly uncertain. But as it comes to underwriting loans right now, has anything changed?

不，我想你確實這麼做了。我想你做到了。我認為這非常有幫助。然後只是在承保方面。我的意思是，我聽說這是一個不穩定的情況，結果非常不確定。但就目前的貸款承銷而言，有什麼變化嗎？

Yes. We are on certain segment of our loans. We put more attention to it. For us to be, if you know that in the Western United States, especially in California, industry property has been in the vacancy and the most safe lending products for the past 10, 15 years. Unfortunately, we're already seeing many of the transactions being slowed down.

是的。我們正處於貸款的某些部分。我們對此更加關注。對我們來說，如果你知道在美國西部，特別是加州，工業地產在過去的10到15年裡一直處於空置狀態，並且是最安全的貸款產品。不幸的是，我們已經看到許多交易的速度變慢了。

And the buyer and seller are concerning and they're not sure about their tenants or if they are the owner user, whether they can continue to operate profitably in this line of business or not. So what I heard from an early indication is that cap rate is started to see pressure, not actually happening yet, but everybody is worried about that.

買家和賣家都很擔心，他們不確定他們的租戶或如果他們是業主用戶，他們是否能夠繼續在這一行業中獲利營運。因此，我從早期跡象得知，資本化率開始面臨壓力，雖然實際上還沒有發生，但每個人都對此感到擔憂。

We, as a lender has to be careful about that. So today, as an industrial product used to be the most thoughtful lending segment, a CIE bases we want to do. Now we have to slow down and be very careful, public demand, more margin, more cushion and more DCR now.

作為貸方，我們必須對此保持謹慎。所以今天作為工業產品曾經是最有思想的借貸板塊，我們要做一個CIE基地。現在我們必須放慢速度並非常小心，公眾需求，更多的利潤，更多的緩衝和更多的 DCR。

All right. That's helpful. And then one final question for Ed. Ed, are there any material time deposit roles, I mean that's in the several quarters?

好的。這很有幫助。最後我想問 Ed 一個問題。艾德，有沒有什麼實質的定期存款角色，我的意思是那是在幾個季度？

Every quarter, Tim, every quarter.

每個季度，提姆，每個季度。

Great.

偉大的。

$1.1 billion at an average rate of 4.28%. And our offering rates are in the like mid-3s now, mid to high 3s.

11億美元，平均利率為4.28%。現在我們的報價大約在 3% 左右，3% 左右到 3% 左右的高點。

I'm sorry, that's for the current quarter?

抱歉，這是本季的數據嗎？

That's for Q2. Yes, current one we're in. And I want to, I'm going to steal some of your time here, Tim, and get back to Matthew Clark. I do have the spot rate for March. The margin was 3.84%, excluding the reversals and loan yields were $755 for March. So sorry, Tim.

這是第二季的情況。是的，我們現在就處於這個階段。我想要，我要佔用你一些時間，提姆，然後回到馬修克拉克。我確實有三月的現貨匯率。除去逆轉，利潤率為 3.84%，3 月貸款收益率為 755 美元。非常抱歉，提姆。

No, it's all good. Those are all my questions. I appreciate your time. Thank you.

不，一切都很好。這些就是我的全部問題。感謝您抽出時間。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Li Yu, Chairman and Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給董事長兼執行長李宇，請他作最後發言。

We thank you very much for attending the conference. I guess sometimes, I think personally, I believe they're paranoid about it, about the situation maybe just because personal background has been in more recession than most of you probably. But there's nothing wrong to be too careful. And we like to be a little more careful. Thank you.

我們非常感謝您參加此次會議。我想有時候，我個人認為，我相信他們對此感到偏執，對這種情況可能只是因為他們的個人背景比你們大多數人遭受的衰退更為嚴重。但太小心也沒什麼不好。我們希望更加小心一點。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。