Premier Financial Corp (OHIO) (PFC) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Premier Financial Corp. Third Quarter 2023 Earnings Conference Call. My name is Ellen, and I'll be your operator for today's call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the call over to Paul Nungester with Premier Financial Corp. Paul, please go ahead whenever you're ready.

早安，歡迎參加 Premier Financial Corp. 2023 年第三季財報電話會議。我叫艾倫，我將擔任您今天通話的接線生。 （操作員說明）請注意，該事件正在被記錄。我現在想將電話轉給 Premier Financial Corp. 的 Paul Nungester。Paul，只要您準備好，請繼續。

Thank you. Good morning, everyone, and thank you for joining us for today's third quarter 2023 earnings conference call. This call is also being webcast, and the audio replay will be available at the Premier Financial Corp. website at premierfincorp.com.

謝謝。大家早安，感謝您參加今天的 2023 年第三季財報電話會議。這次電話會議也將進行網路直播，音訊重播將在 Premier Financial Corp. 網站 Premierfi​​corp.com 上提供。

Following our prepared comments on the company's strategy and performance, we will be available to take your questions. Before we begin, I'd like to remind you that during the conference call today, including during the question-and-answer period, you may hear forward-looking statements related to future financial results and business operations for Premier Financial Corp.

在我們準備好對公司策略和業績的評論後，我們將隨時回答您的問題。在我們開始之前，我想提醒您，在今天的電話會議上，包括在問答期間，您可能會聽到與 Premier Financial Corp. 未來財務表現和業務運營相關的前瞻性陳述。

Actual results may differ materially from current management forecasts and projections as a result of factors over which the company has no control. Information on these risk factors and additional information on forward-looking statements are included in the news release and in the company's reports on file with the Securities and Exchange Commission.

由於公司無法控制的因素，實際結果可能與目前管理層的預測和預測有重大差異。有關這些風險因素的資訊以及有關前瞻性陳述的其他資訊均包含在新聞稿和公司向美國證券交易委員會提交的報告中。

I'll now turn the call over to Gary for his opening comments.

現在我將把電話轉給加里，請他發表開場白。

Thank you, Paul, and good morning. Thank you all for joining us. On behalf of the Premier team, I'm pleased to announce third quarter earnings of $24.7 million or $0.69 per share. Results were in line with our expectations for the quarter and represents favorable performance versus consensus expectations. Core net income was up $0.5 million or 2% on a linked-quarter basis. We posted an ROA of 1.14%, and our return on average tangible equity came in at 15.6% for the quarter.

謝謝你，保羅，早安。感謝大家加入我們。我代表 Premier 團隊很高興地宣布第三季收益為 2,470 萬美元，即每股收益 0.69 美元。結果符合我們對本季的預期，並且與普遍預期相比表現良好。核心淨利較上季成長 50 萬美元，即 2%。本季我們的 ROA 為 1.14%，平均有形資產回報率為 15.6%。

EPS topped quarter 2 results with net interest income up 2% on an annualized basis and net interest margin improving slightly versus the prior quarter. Year-to-date loan growth stands at 4% and our average loan growth for the quarter was up 2.9% on an annualized basis, and that was a bit better than our -- we had anticipated. C&I originations were 40% of the third quarter commercial commitments.

每股盈餘領先第二季業績，淨利息收入以年化計算成長 2%，淨利差較上一季略有改善。年初至今的貸款成長率為 4%，本季平均貸款成長率以年化計算成長 2.9%，比我們的預期要好一些。 C&I 起源佔第三季商業承諾的 40%。

Commercial line utilization rate is at a 2-year low point, our clients are using their excess cash to pay down their loan positions. Customer deposits closed at 5.6% for the quarter on an annualized basis with business deposit growth leading the way climbing 11% annualized for the quarter. From a credit perspective, loan delinquency declined on a linked quarter basis, and we finished the quarter in a net recovery position of $300-plus thousand. The nonaccrual category was up slightly due to a single commercial C&I credit, nothing systemic to report.

商業額度利用率處於兩年來的低點，我們的客戶正在使用多餘的現金來償還貸款部位。以年化計算，本季客戶存款成長率為 5.6%，其中商業存款成長領先，以年率計算，本季攀升 11%。從信貸角度來看，貸款拖欠率逐季度有所下降，本季末我們的淨回收狀況為 300 多美元。由於單一商業 C&I 信貸，非應計類別略有上升，沒有系統性的報告。

We did see an increase in the special mention category, driven by 2 loans, one a C&I loan, the other a multifamily. Each loan is performing and the required adjustments expected are to be -- are expected to be achievable. We have strong guarantors in each situation. Nonowner occupied office exposure was down 7.5% on a linked-quarter basis, coming in at just under $208 million. Premier benefits from relatively low concentration in this category and the portfolio has low re-lease and repricing risk.

我們確實看到特別提及類別有所增加，這是由兩筆貸款推動的，其中一筆是工商業貸款，另一筆是多戶家庭貸款。每筆貸款都在履行，預期所需的調整是可以實現的。在每種情況下我們都有強而有力的擔保人。非業主自用辦公室風險敞口較上季下降 7.5%，接近 2.08 億美元。 Premier 受惠於該類別的集中度相對較低，且投資組合的再租賃和重新定價風險較低。

We had a strong Q3 for fee income. We were up $334,000 or 2.6% on a linked-quarter basis when adjusting for insurance revenue. Wealth Management and deposit-related fee income was up 11.3% and 6.1%, respectively versus Q3 of the prior year. Residential mortgage fee income totaled $3.3 million, and that was up 14% on a linked quarter basis. The gain on sale margin improved and hedges in place to support the construction commitments benefited from the rising rate environment.

我們第三季的費用收入強勁。根據保險收入進行調整後，我們環比增長了 334,000 美元，即 2.6%。理財和存款相關手續費收入較上年第三季分別成長 11.3% 及 6.1%。住宅抵押貸款費用收入總計 330 萬美元，較上季成長 14%。銷售利潤率的成長有所改善，支持建設承諾的對沖也受益於利率上升的環境。

Our cost reduction efforts continue to pay off. Our efficiency ratio improved to 56.5% for the quarter. Premier has always maintained a very low cost basis per earning asset ratio. And as a result, we are about 30% -- 30 basis points, I should say, lower than our peers on that factor. And it's really helping to offset our current margin challenges. Our low-cost structure will serve as a springboard for performance when combined with a more typical yield curve in the future.

我們降低成本的努力持續得到回報。本季我們的效率提高至 56.5%。 Premier 始終保持非常低的每獲利資產成本比率。結果，我們在這個因素上比同行低了大約 30%——我應該說 30 個基點。這確實有助於抵消我們當前的利潤挑戰。當與未來更典型的殖利率曲線結合時，我們的低成本結構將成為績效的跳板。

We've recently launched a new digital banking platform, improving our mobile and online banking capabilities, has great new features and services, provides a better omnichannel experience for our clients. The consumer platform is in place and a new small business banking digital platform is coming on board in early '24. Each adds a great deal of ease and flexibility relative to future digital enhancements, additional middleware, et cetera.

我們最近推出了新的數位銀行平台，提高了我們的行動和線上行功能，擁有出色的新功能和服務，為我們的客戶提供更好的全通路體驗。消費者平台已就位，新的小型企業銀行數位平台將於 24 年初上線。相對於未來的數位增強、額外的中間件等，每一個都增加了很大的便利性和靈活性。

Our consumer clients have been clamoring for digital improvements and the new product has been well received. 88% of our active users converted in just the first week. The system really delivers. In combination with our recent enhancements to our treasury management integrated payment product set, we're really well positioned to drive additional deposit growth going forward. Consumer clients as a whole are working deposits down, although balances are still above 2019 levels, and we see no issues at this time on the consumer credit front.

我們的消費者客戶一直呼籲數位化改進，新產品受到了好評。 88% 的活躍用戶在第一週內就完成了轉換。該系統確實提供了。結合我們最近對資金管理整合支付產品集的增強，我們確實處於有利地位，可以推動未來的額外存款成長。儘管餘額仍高於 2019 年的水平，但消費者客戶整體上正在減少工作存款，而且我們目前在消費信貸方面沒有看到任何問題。

Commercial clients are maintaining a conservative position, some slowing on expansion thoughts as rate and economic conditions vacillate. We have little to no exposure to the challenges facing the big 3 auto group or significant suppliers. There are plans within our markets that have been affected, but each market tends to be well diversified industry-wise, and we all look forward to an amicable contract resolution. We have good commercial opportunities throughout our markets and a number of regional and community banks are on the sidelines. We are expecting to capitalize on these opportunities selectively. And now I'll turn it over to Paul for more details.

商業客戶保持保守立場，隨著利率和經濟狀況的波動，一些客戶的擴張想法放緩。我們幾乎沒有遇到三大汽車集團或重要供應商面臨的挑戰。我們的市場內有一些計劃受到了影響，但每個市場在行業方面往往都是多元化的，我們都期待達成友好的合約解決方案。我們的整個市場都有良好的商業機會，但許多區域和社區銀行都處於觀望狀態。我們期望有選擇地利用這些機會。現在我將把它交給保羅了解更多細節。

Thank you, Gary. I'll begin with the balance sheet where total deposits increased by 4.1% point-to-point annualized, primarily due to customer deposits that increased 5.6% annualized. We did continue to experience an impactful mix migration during the quarter, including decreases in savings, demand and noninterest-bearing deposits, which were more than offset by increases in time and public fund deposits as customers keep seeking higher yields.

謝謝你，加里。我將從資產負債表開始，其中存款總額年化點對點增加了 4.1%，主要是由於客戶存款年化增加了 5.6%。本季我們確實繼續經歷了有影響力的組合遷移，包括儲蓄、活期存款和無息存款的減少，但由於客戶不斷尋求更高的收益率，定期存款和公共基金存款的增加遠遠抵消了這些減少。

On the other side, total earning assets declined primarily as we allowed securities and other earning assets to roll off. Our loan-to-deposit ratio improved by 110 basis points, and we were able to reduce higher cost wholesale fundings by $137 million due to the combination of strong customer deposit growth and modest earning asset contraction. As a result of these balance sheet changes, plus having a full quarter benefit from the swaps we executed in June, net interest margin stabilized and actually eked out a 1 basis point increase for 3Q.

另一方面，總獲利資產下降主要是因為我們允許證券和其他獲利資產滾存。我們的貸存比提高了 110 個基點，由於客戶存款強勁增長和盈利資產適度收縮，我們能夠將較高成本的批發資金減少 1.37 億美元。由於這些資產負債表的變化，加上我們在 6 月執行的掉期交易使整個季度受益，淨息差穩定下來，第三季度實際上增加了 1 個基點。

Total interest-bearing deposit costs increased 47 basis points to 2.54% for 3Q, which was primarily due to the mix migration I mentioned earlier. Total average customer deposit costs in September, including noninterest, but excluding broker deposits and marks accretion were 1.85%. This represents a cumulative beta of 32%, up from 28% in June compared to the change in the monthly average effective federal funds rate, which increased 525 basis points from December 2021 to 5.33%.

第三季計息存款總成本增加47個基點至2.54%，主要是由於我之前提到的混合遷移。 9 月的平均客戶存款成本總額（包括非利息，但不包括經紀商存款和馬克增值）為 1.85%。與每月平均有效聯邦基金利率的變化相比，累積貝塔值為 32%，高於 6 月的 28%，月平均有效聯邦基金利率較 2021 年 12 月增加 525 個基點至 5.33%。

Net interest margin was positively impacted by the combination of previous loan growth and higher loan yields, which were 5.12%, up 26 basis points from the prior quarter. Excluding the impact of PPP and marks, loan yields were 5.07% in September 2023 for an increase of 126 basis points since December 2021. This represents a cumulative beta of 24% compared to the change in the monthly average effective federal funds rate for the same period.

淨利差受到前期貸款成長和貸款收益率上升的正面影響，貸款收益率為 5.12%，較上季度上升 26 個基點。排除購買力平價和馬克的影響，2023年9月貸款收益率為5.07%，自2021年12月以來增加了126個基點。與同期月平均有效聯邦基金利率的變化相比，累積貝塔值為24%時期。

Next, excluding insurance commissions and the insurance agency gain on sale last quarter, noninterest income increased 2.6% to $13.3 million in 3Q. This increase was primarily due to mortgage banking income where gains increased $342,000 from last quarter, primarily due to better margins. Excluding transaction costs for the insurance agency sale last quarter, expenses of $38.1 million were down $2.8 million or 7% on a linked-quarter basis. Through the combination of successful cost-saving initiatives implemented to date and the insurance agency sale, we have already reduced our expense run rate by 11% to $152 million annualized from our beginning of the year estimate of $170 million.

接下來，不包括上季保險佣金和保險代理銷售收益，第三季非利息收入成長 2.6% 至 1,330 萬美元。這一增長主要是由於抵押貸款銀行收入比上季度增加了 342,000 美元，這主要是由於利潤率提高。不包括上季保險代理銷售的交易成本，費用為 3,810 萬美元，較上季下降 280 萬美元，即 7%。透過迄今為止實施的成功的成本節約措施和保險代理銷售，我們已將年化費用運行率從年初估計的 1.7 億美元降低了 11%，達到 1.52 億美元。

Provision for the third quarter was a net benefit of $773,000, which was comprised of a $1 million benefit on a $75 million linked quarter decrease in unfunded commitments and a $245,000 expense for loans. Provision expense for loans was the net result of a $12 million decrease in balances, net recoveries of $347,000 and a 1 basis point increase in the allowance coverage ratio to 1.14% or 1.17%, including unaccreted acquisition marks.

第三季的準備金為 773,000 美元的淨收益，其中包括無資金承諾季度減少 7,500 萬美元帶來的 100 萬美元收益以及 245,000 美元的貸款費用。貸款撥備費用是餘額減少 1,200 萬美元、淨回收額 347,000 美元以及撥備覆蓋率增加 1 個基點至 1.14% 或 1.17%（包括未計提的收購標記）的淨結果。

We are pleased with our performance in the third quarter, including core deposit growth and a stabilized interest margin. Excluding the impact of the FIG sale in 2Q, net income increased $0.5 million or 2% on a linked-quarter basis for a 1.14% return on average assets and core EPS increased $0.01 to $0.69. That completes my financial review, and I'll turn the call back over to Gary for some closing remarks.

我們對第三季的表現感到滿意，包括核心存款成長和穩定的息差。排除第二季Fig銷售的影響，淨利季增50萬美元，即2%，平均資產報酬率為1.14%，核心每股收益成長0.01美元至0.69美元。我的財務審查到此結束，我將把電話轉回給加里，讓他做一些結束語。

Thank you, Paul, and I'll share some guidance thoughts for the remainder of the year. Earning assets will see loan growth offset by securities roll-downs, and I would expect about 1% but with an improved yield on the average earning assets. Expect moderate deposit growth throughout year-end in the 1% to 1.5% category. Margin perspective, expect continued stability. We've been very good for 6 months in a row at keeping a small bandwidth on that. Loan repricing and new business originations offsetting deposit mix movement. There was a small Q3 tailwind, and we could see Q4 down 2 to 4 basis points with no absolute certainty around that. Expect a continuation of fee income trajectory, strong wealth and deposit fees consistent with the third quarter results.

謝謝你，保羅，我將在今年剩下的時間分享一些指導思想。生息資產的貸款成長將被證券減持所抵消，我預計約為 1%，但平均生息資產的收益率會有所提高。預計年底存款將溫和成長 1% 至 1.5%。毛利率方面，預計持續穩定。我們已經連續 6 個月保持了較小的頻寬。貸款重新定價和新業務的發起抵消了存款組合的變動。第三季出現了小幅順風，我們可以看到第四季下降 2 到 4 個基點，但對此沒有絕對的確定性。預計費用收入軌跡將延續，財富和存款費用將與第三季業績保持一致。

Fourth quarter mortgage income is likely to be more in keeping with the forecast we provided on our last call, somewhere in the $1.5 million range. The expense run rate will be similar to Q3 at $38 million. From a credit perspective, no projected change. Although we see the potential for a moderate, favorable movement in NPLs. Fourth quarter provision will benefit -- continue to benefit from the lower level of unfunded construction commitments.

第四季抵押貸款收入可能更符合我們上次電話會議中提供的預測，約 150 萬美元。費用運行率將與第三季類似，為 3800 萬美元。從信用角度來看，預計不會改變。儘管我們看到不良貸款有可能出現溫和、有利的變化。第四季的撥備將受益－繼續受益於較低水準的無資金建設承諾。

We are nearing the more normalized run rate for the unfunded position. Still see full year net charge-offs contained to a 5 to 8 basis point range, and we consider this keeping it conservative. I would like to add a comment on the performance of the organization over the past 7 quarters. Premier has delivered an average quarterly EPS over the past 7 quarters of $0.68 a share and that's excluding the favorable impact of the First Insurance Group sale in the second quarter.

我們正在接近無資金部位的更正常運作率。全年淨沖銷仍將控制在 5 至 8 個基點範圍內，我們認為這仍保持保守。我想對本組織過去 7 個季度的績效發表評論。 Premier 在過去 7 個季度的平均季度每股收益為 0.68 美元，這還不包括第二季出售第一保險集團的有利影響。

This consistent delivery of earnings and capital over a tumultuous period for the banking industry performance is a direct reflection of Premier's team determination and commitment to making adjustments as needed, making difficult decisions and balancing near-term performance and long-term value creation objectives for our shareholders. That performance commitment runs through this organization as part of our DNA, and we're driven to positioning Premier to return to being a top quartile performing organization, and you can count on it.

在銀行業績的動盪時期持續交付收益和資本，直接反映了 Premier 團隊的決心和承諾，即根據需要進行調整、做出艱難的決策以及平衡我們的近期業績和長期價值創造目標。股東。這項績效承諾貫穿整個組織，成為我們 DNA 的一部分，我們致力於將 Premier 重新定位為績效最佳的組織，您可以信賴它。

And with that said, I'll be happy to take all questions.

話雖如此，我很樂意回答所有問題。

(Operator Instructions) Our first question today comes from Michael Perito from KBW.

（操作員說明）今天我們的第一個問題來自 KBW 的 Michael Perito。

Yes. Just a couple of margin questions I wanted to spend a minute on it. Obviously, it was good to see the stabilization again. I guess 2 questions. Number one, pure incremental here, like incremental blended loan yields, incremental blended deposit cost, what's kind of the spread that you're putting new stuff on today? Is it above the [2.73%] level? And do you expect that to change up or down kind of near term here? And then second question, just as we think about 2024, I realize you're not providing guide yet. But just curious about kind of what the fixed rate asset maturation schedule looks like for next year? And if there's maybe some tailwind for some kind of CRE-type stuff and maybe some investments to kind of reprice higher that have been lagging the funding costs over the balance of this year.

是的。我想花一點時間討論幾個邊緣問題。顯然，再次看到穩定是件好事。我猜有2個問題。第一，這裡純粹是增量，例如增量混合貸款收益率、增量混合存款成本，你今天添加的新東西的利差是多少？是否高於[2.73%]水準？您預計這種情況短期內會有所改變嗎？然後是第二個問題，就像我們思考 2024 年一樣，我意識到您還沒有提供指導。但只是好奇明年的固定利率資產成熟時間表是什麼樣的呢？如果某種商業房地產類型的東西可能有一些順風，也許一些投資會重新定價更高，這些投資在今年餘下的時間裡一直落後於融資成本。

Mike, I'll take the first part of the question, and Paul will have the second. You mentioned the [2.75%] number, new business going on or the business that's repricing as it comes around adjustable rate stuff is on at 2.75% or north of our most expensive incremental funding base, which we would do as the [5.30%] sort of figure. If you were to look at our commercial book, generally, everything is starting with an 8.

麥克，我將回答問題的第一部分，保羅將回答第二部分。您提到了 [2.75%] 數字，正在進行的新業務或圍繞可調整利率進行重新定價的業務處於 2.75% 或高於我們最昂貴的增量融資基礎，我們將其作為 [5.30%]有點像。如果你看我們的商業書籍，一般來說，一切都是以 8 開頭。

If you look at our retail book, we have things that have 9s and 10s on them relative to some of the consumer book. So it is repricing higher and new business going on is going higher, and there's more floating rate going on, which kind of get -- floater plus 300 gets you north of 8. That would be the story.

如果你看一下我們的零售手冊，你會發現與某些消費者手冊相比，我們的產品上有 9 和 10 的數字。因此，重新定價會更高，新業務也會更高，而且浮動利率也會更高，浮動利率加上 300 會讓你超過 8。這就是故事。

Yes, Mike, and I'll take the second one there in terms of the repricing that we're looking to get in 2024 I believe was your question there. We don't have a lot coming up. We've got a kind of modest level. Between the adjustable book, which comes up on a normal 5-year kind of cycle and then the true fixed stuff with scheduled maturities and bullets coming up, we've probably got maybe up to 10% in total that would be rolling next year between those 2 buckets.

是的，麥克，我將討論第二個問題，即我們希望在 2024 年重新定價，我相信這是您的問題。我們沒有太多的事情要做。我們有一個適度的水平。在可調整的帳簿（以正常的 5 年週期出現）和真正的固定帳簿（具有預定的到期日和項目符號）之間，我們可能總共有 10% 的帳簿，這些帳簿將在明年滾動那2個桶。

So we're not expecting a lot of lift out of that. We'll get some, obviously, and that could accelerate if customers are for whatever reason looking for some refis or what have you, but we're not anticipating a major lift from that. So similar trends to what you've been seeing here recently, Mike, should continue on that piece of it.

因此，我們預計不會有太大提升。顯然，我們會得到一些，如果客戶出於某種原因尋求一些翻新或你擁有的東西，這可能會加速，但我們預計不會因此而帶來重大提升。麥克，與你最近在這裡看到的類似趨勢應該會繼續出現在這一部分。

Okay. So I mean, all else equal, if rates kind of stay where they are, it doesn't sound like there should be much more compression. I mean obviously, quarter to quarter things always bounce on a little bit. But over like a multi-quarter period, it sounds like you guys think most of the compression is behind you based on where incremental spreads are and some maybe additional although modest maturities next year that should reprice higher. Do you think that's fair? Or do you think it still pays to be more conservative than that on the outlook?

好的。所以我的意思是，在其他條件相同的情況下，如果費率保持在原來的水平，聽起來並不應該有更多的壓縮。我的意思是，顯然，每季的情況總是會反彈。但在一個多季度的時期內，聽起來你們認為大部分壓縮已經過去，基於增量利差的位置，以及明年可能會增加的一些雖然適度的到期日，但應該會重新定價更高。你認為這公平嗎？或者您認為在前景方面更加保守仍然值得嗎？

Well, we cautioned ourselves not to say we're at the trough yet. We'd like to see it for a couple of quarters. But I think your characterization is about right. It's certainly -- if we're not there, we can see it from here. But that combination of what we'll reprice and what -- we also have a book that amortizes off.

好吧，我們告誡自己不要說我們還在低潮。我們希望在幾個季度內看到它。但我認為你的描述是正確的。當然，如果我們不在那裡，我們也可以從這裡看到它。但是，我們將重新定價的組合以及我們還有一本書可以攤提。

And from the commercial side, that's about $400 million a year. What it's going to be replaced with the new business, again, is with a -- so between the repricing of the what's staying on the book and the new stuff coming on, it will have a favorable impact versus this year where we've had less coming on purposefully at the newer rate because we were a 20% grower last year, so we did pull in our sales a little bit. We'll be letting it out a bit next year back to the comment, but there's market there, and we'll be back in the market in a more normal way. So I think if it's going to new direction it will be favorable -- that's fine, it (inaudible) favorable. .

從商業角度來看，每年約 4 億美元。它將被新業務所取代，再次是——因此，在賬本上保留的內容和即將推出的新內容的重新定價之間，與今年我們所經歷的情況相比，它將產生有利的影響由於去年我們的成長率為20%，所以我們確實稍微拉動了銷售額。明年我們會稍微公開一下評論，但那裡有市場，我們將以更正常的方式回到市場。所以我認為，如果它走向新的方向，那將是有利的——那很好，它（聽不清楚）有利。 。

Great. And that dovetails into my next question, and then I'll step back. Just on -- you mentioned kind of north of 8 on incremental, blended commercial loan yields, I guess as we look in the pipeline here and maybe just the early part of next year because who knows what the latter part would look like. But I guess, 2-part question. I guess, what's your appetite for growth here. I mean we've seen a lot of banks kind of pull back a bit with the liquidity environment being what it is.

偉大的。這與我的下一個問題相吻合，然後我會退後一步。就在——你提到增量混合商業貸款收益率在 8 左右，我想當我們在這裡查看管道時，也許只是明年初，因為誰知道後一部分會是什麼樣子。但我想，這個問題分成兩個部分。我猜，你對這裡的成長有什麼興趣。我的意思是，我們已經看到很多銀行在流動性環境現況下有所萎縮。

And so curious, I mean, it sounds like you expect a little earning asset remix based on your guide in the fourth quarter. So it sounds like some positive loan growth, but curious if you could go a layer deeper there. And then secondly, like within your customer base, I mean, I think in your prepared remarks on the release, Gary, you might have mentioned some C&I utilization going down. I mean how much appetite is there for north of 8% commercial credit in current market today from the customer perspective?

很好奇，我的意思是，聽起來您預計根據第四季度的指南進行一些盈利資產重組。所以這聽起來像是一些積極的貸款成長，但很好奇你是否可以更深入地了解這一點。其次，就像在你的客戶群中一樣，我的意思是，我認為在你準備好的關於發布的評論中，加里，你可能提到了一些 C&I 利用率的下降。我的意思是，從客戶的角度來看，當今市場對 8% 以上的商業信貸有多大興趣？

I hesitate to use the word pricing power, but there's enough folks on the sidelines that if the deal works and the pricing is reasonable, you can get the terms you're looking for. So I think at this point, that's very achievable.

我對使用「定價權」這個詞猶豫不決，但有足夠多的人持觀望態度，如果交易成功並且定價合理，你就可以獲得你想要的條款。所以我認為在這一點上，這是非常可以實現的。

(Operator Instructions) Okay. There are no further questions from the line. So Gary, I'll hand back to you for any closing remarks.

（操作員指示）好的。線路中沒有進一步的問題。加里，我會將結束語交給您。

Okay. I thank you all for your interest and feel free to reach out with any additional questions that might develop and look forward to having a great conversation next quarter. Thank you all.

好的。我感謝大家的興趣，如有任何可能出現的其他問題，請隨時與我們聯繫，並期待下季度進行愉快的對話。謝謝你們。

That concludes today's conference call. Thank you all very much for joining. You may now disconnect your lines. Have a great rest of your day.

今天的電話會議到此結束。非常感謝大家的加入。現在您可以斷開線路。祝您有個愉快的一天。