Sandy Spring Bancorp Inc (SASR) 2023 Q3 法說會逐字稿

Hello, and welcome to today's Sandy Spring Bancorp, Inc. Earnings Conference Call and Webcast for the third quarter. My name is Jordan, and I'll be coordinating your call today.

您好，歡迎參加今天的 Sandy Spring Bancorp, Inc. 第三季財報電話會議和網路廣播。我叫喬丹，今天我將協調您的電話。

(Operator Instructions) I'm now going to hand over to Dan J. Schrider, President and CEO, to begin. Dan, please go ahead.

（操作員指示）我現在將由總裁兼執行長 Dan J. Schrider 開始。丹，請繼續。

Thanks, Jordan. Good afternoon, everyone, and thank you for joining our call to discuss Sandy Spring Bancorp's performance for the third quarter of 2023. This is Dan Schrider, and I'm joined here by my colleagues Phil Mantua, Chief Financial Officer; and Aaron Kaslow, General Counsel and Chief Administrative Officer. Our today's call is open to all investors, analysts and the media. There's a live webcast of today's call, and a replay will be available on our website later today.

謝謝，喬丹。大家下午好，感謝您參加我們的電話會議，討論 Sandy Spring Bancorp 2023 年第三季的業績。我是 Dan Schrider，我的同事 Phil Mantua，財務長；總法律顧問兼首席行政官 Aaron Kaslow。我們今天的電話會議向所有投資者、分析師和媒體開放。今天的電話會議有網路直播，今天晚些時候將在我們的網站上提供重播。

Before we get started covering highlights from the quarter and then moving to your questions, Aaron will give the customary safe harbor statement.

在我們開始介紹本季度的亮點並回答您的問題之前，亞倫將按照慣例發表安全港聲明。

Thank you, Dan. Good afternoon, everyone. Sandy Spring Bancorp will make forward-looking statements in this webcast that are subject to risks and uncertainties. These forward-looking statements include statements of goals, intentions, earnings and other expectations, estimates of risks and future costs and benefits, assessments of expected credit losses, assessments of market risk and statements of the ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon or affected by management's estimates and projections of future interest rates, market behavior, other economic conditions, future laws and regulations and a variety of other matters, which by their very nature, are subject to significant uncertainties.

謝謝你，丹。大家下午好。 Sandy Spring Bancorp 將在本次網路廣播中做出前瞻性聲明，這些聲明存在風險和不確定性。這些前瞻性陳述包括目標、意圖、收益和其他預期的陳述、風險和未來成本和收益的估計、預期信用損失的評估、市場風險的評估以及實現財務和其他目標的能力的陳述。這些前瞻性陳述存在重大不確定性，因為它們基於管理層對未來利率、市場行為、其他經濟狀況、未來法律法規以及各種其他事項的估計和預測或受其影響，這些事項本質上是，受到重大不確定性的影響。

Because of these uncertainties, Sandy Spring Bancorp's actual future results may differ materially from those indicated. In addition, the company's past results of operations do not necessarily indicate its future results.

由於這些不確定性，Sandy Spring Bancorp 未來的實際結果可能與所示結果有重大差異。此外，公司過去的經營業績並不一定預示其未來的業績。

Thanks, Aaron. When we spoke with you last quarter, we underscored that some of our most pressing priorities included growing core funding, improving liquidity and expanding our client base. And I'm pleased to report today that we're showing impressive results on all of those fronts. These gains are not only important to our performance today, but they pave a way for us to continue to deepen and expand our client base in the future. We're also moving the needle on key metrics, such as reducing our loan-to-deposit ratio and commercial real estate concentration as well as our reliance on noncore funding.

謝謝，亞倫。當我們在上個季度與您交談時，我們強調，我們最迫切的一些優先事項包括增加核心資金、提高流動性和擴大我們的客戶群。我今天很高興地向大家報告，我們在所有這些方面都取得了令人印象深刻的成果。這些成果不僅對我們今天的業績很重要，而且為我們未來繼續深化和擴大客戶群鋪平了道路。我們也在關鍵指標上取得進展，例如降低貸存比、商業房地產集中度以及對非核心資金的依賴。

And additionally, our credit quality remains very strong as we enter the season of greater economic uncertainty. And to add to this momentum, we are preparing to launch this month, a more sophisticated, secure and user-friendly digital banking platform. This platform will give our clients more control and make it easier for them to bank, when and how they want to bank with us.

此外，隨著我們進入經濟不確定性更大的季節，我們的信用品質仍然非常強勁。為了增加這一勢頭，我們準備在本月推出一個更複雜、更安全和用戶友好的數位銀行平台。該平台將為我們的客戶提供更多控制權，讓他們能夠更輕鬆地隨時隨地透過我們進行銀行業務。

This enhancement comes on the heels of an improved online account opening platform that we launched just 6 months ago. Between our highly competitive products, talented bankers and now seamless account opening process, we achieved over 1% client base growth this quarter, representing over 1,500 new clients to our bank. So we're already gaining traction and seeing results, and we're confident these investments will continue to unlock additional growth opportunities for us.

此次增強是在我們 6 個月前推出的改進的線上開戶平台之後推出的。借助我們極具競爭力的產品、才華橫溢的銀行家以及現在無縫的開戶流程，我們本季度實現了超過 1% 的客戶群增長，代表我們銀行新增了 1,500 多個客戶。因此，我們已經獲得了關注並看到了成果，我們相信這些投資將繼續為我們帶來更多的成長機會。

So with that, let's review third quarter financial results. Today, we reported net income of $20.7 million or $0.46 per diluted common share for the quarter ended September 30 compared to net income of $24.7 million or $0.55 per diluted common share for the second quarter and $33.6 million or $0.75 per diluted common share for the third quarter of 2022. The decline in the current quarter's net income compared to the linked quarter was a result of the onetime pension settlement expense associated with the previously disclosed termination of the company's pension plan, coupled with lower net interest income.

那麼，讓我們回顧一下第三季的財務表現。今天，我們報告截至9 月30 日的季度淨利潤為2070 萬美元，即每股稀釋普通股0.46 美元，而第二季度淨利潤為2470 萬美元，即每股稀釋普通股0.55 美元，第三季度淨利潤為3360 萬美元，即每股稀釋普通股0.75 美元2022 年季度。本季淨利潤與上一季相比下降的原因是與先前披露的公司養老金計劃終止相關的一次性養老金結算費用，以及淨利息收入下降。

Current quarter core earnings were $27.8 million or $0.62 per diluted common share compared to $27.1 million or $0.60 per diluted common share for the previous quarter, and $35.7 million or $0.80 per diluted common share for the quarter ended September 30, 2022. The increase in core earnings compared to the previous quarter was a result of the lower provision for credit losses lower salaries and employee benefit expense and lower marketing expenses, offset by reduced net interest income.

本季核心收益為2,780 萬美元，即每股稀釋普通股0.62 美元，而上一季為2,710 萬美元，即每股稀釋普通股0.60 美元，截至2022 年9 月30 日的季度為3,570 萬美元，即每股稀釋普通股0.80 美元。與上一季相比，盈利的原因是信貸損失準備金減少、工資和員工福利費用減少以及營銷費用減少，但被淨利息收入減少所抵消。

The provision for credit losses directly attributable to funded loan portfolio for the current quarter was $3.2 million compared to $4.5 million in the prior quarter and $14.1 million in the prior year quarter. This quarter's provision was primarily the result of increases in individual reserves on a few commercial lending relationships, which were partially offset by a qualitative adjustment related to the reduced probability of recession. Additionally, during the current quarter, the company reduced its reserve for unfunded commitments by $800,000 as a result of higher utilization of lines of credit.

本季直接歸因於融資貸款組合的信貸損失準備金為 320 萬美元，而上一季為 450 萬美元，去年同期為 1,410 萬美元。本季的撥備主要是由於一些商業貸款關係的個人準備金增加，但與衰退可能性降低相關的定性調整部分抵消了增加。此外，在本季度，由於信貸額度利用率提高，該公司將無資金承諾準備金減少了 80 萬美元。

Shifting to the balance sheet. Total assets remained stable at $14.1 billion compared to $14 billion at June 30. Total loans declined by $69.3 million or 1% to $11.3 billion at September 30, compared to $11.4 billion at June 30, 2023. Total commercial real estate and business loans declined $79.2 million quarter-over-quarter due to a $107 million or 10% decline in the ADC portfolio. Investor and owner-occupied commercial real estate loan portfolios remain relatively unchanged, and commercial business loans in lines increased $31.1 million or 2%.

轉向資產負債表。總資產穩定在141 億美元，而6 ​​月30 日為140 億美元。截至9 月30 日，貸款總額下降6,930 萬美元，即1%，至113 億美元，而2023 年6 月30 日為114 億美元。商業房地產和商業貸款總額下降79.2 美元由於 ADC 投資組合下降了 1.07 億美元，即 10%，環比下降了 10%。投資者和自住商業房地產貸款組合保持相對不變，商業企業貸款增加了 3,110 萬美元，即 2%。

Residential mortgage loans grew $16 million or 1%, mainly due to the migration of construction loans into the permanent residential mortgage portfolio. Overall, the loan portfolio mix remained relatively unchanged compared to the previous quarter. Commercial loan production totaled $323 million, yielding $96 million in funded production. This compared to commercial loan production of $313 million, yielding $160 million in funded production in the second quarter of the year.

住宅抵押貸款增加 1,600 萬美元，即 1%，主要是由於建築貸款轉移到永久住宅抵押貸款組合。整體而言，貸款組合結構與上一季相比保持相對不變。商業貸款生產總額為 3.23 億美元，融資生產產生 9,600 萬美元。相較之下，今年第二季商業貸款產出為 3.13 億美元，融資產出為 1.6 億美元。

Given softer loan demand as a result of both the rate and economic environment, we expect funded loan production to fall between $100 million and $200 million per quarter over the next couple of quarters. While we continue to focus on the deposit acquisition and retention side, we're closely monitoring loan demand and core deposit growth determine the appropriate level of funded loan activity.

鑑於利率和經濟環境導致貸款需求疲軟，我們預計未來幾季融資貸款產量將每季下降 1 億至 2 億美元。在我們繼續關注存款獲取和保留方面的同時，我們正在密切監控貸款需求和核心存款成長，以確定融資貸款活動的適當水平。

Pages 22 through 24 of our supplemental deck provide more detail on the composition of our loan portfolios. The granularity on our commercial real estate portfolio and specific commercial real estate composition in the urban markets of D.C. and Baltimore.

我們補充資料的第 22 至 24 頁提供了有關我們貸款組合構成的更多詳細資訊。我們商業房地產投資組合的粒度以及華盛頓特區和巴爾的摩城市市場的具體商業房地產組成。

Shifting to deposits. Total deposits increased $192.1 million or 2% to $11.2 billion compared to $11 billion at June 30. During this period, total interest-bearing deposits increased $258.1 million or 3%, while noninterest-bearing deposits declined $66 million or 2%. Growth in interest-bearing deposit categories was driven by savings accounts and core time deposits, which increased by $277.4 million and $263.7 million, respectively. These increases were partially offset by the $155.8 million decrease in broker time deposits as we reduced our reliance on wholesale funding sources and the $177.5 million decrease in money market accounts. So excluding broker deposits, total deposits increased $349.5 million or 4% quarter-over-quarter and represented 90% of total deposits compared to 88% in the linked quarter, reflecting the continued stability of the core deposit base. The deposit growth during the quarter resulted in a loan-to-deposit ratio declining to 101% at September 30 from 104% at June 30, 2023.

轉向存款。存款總額增加了1.921 億美元，即2%，達到112 億美元，而6 ​​月30 日為110 億美元。在此期間，計息存款總額增加了2.581 億美元，即3%，而非計息存款減少了6600 萬美元，即2%。有息存款類別的成長是由儲蓄帳戶和核心定期存款推動的，分別增加了 2.774 億美元和 2.637 億美元。由於我們減少了對批發資金來源的依賴，經紀商定期存款減少了 1.558 億美元，貨幣市場帳戶減少了 1.775 億美元，部分抵消了這些增長。因此，排除經紀人存款，總存款環比增加 3.495 億美元，即 4%，佔總存款的 90%，而上一季為 88%，反映出核心存款基礎的持續穩定。本季存款成長導致貸存比率從 2023 年 6 月 30 日的 104% 降至 9 月 30 日的 101%。

Total uninsured deposits at September 30 were approximately 33% of total deposits. As I shared in prior quarters, we continue to offer our customers reciprocal deposit arrangements which provide FDIC deposit insurance for accounts that would otherwise exceed deposit insurance limits. During the quarter ended September 30, 2023, balances in the company's reciprocal deposit accounts increased by $131.6 million.

截至 9 月 30 日，未保險存款總額約佔存款總額的 33%。正如我在前幾個季度分享的那樣，我們繼續為客戶提供互惠存款安排，為否則超出存款保險限額的帳戶提供 FDIC 存款保險。截至 2023 年 9 月 30 日的季度，公司互惠存款帳戶餘額增加了 1.316 億美元。

Slide 17 of the supplemental deck provides more color on our commercial deposit portfolio, which represents 58% of total core deposits the majority of which is in a combination of noninterest-bearing and money market accounts. With an average length of relationship of 9.5 years, the portfolio is well diversified with no concentration in a single industry or a single client.

補充投影片的第 17 張投影片為我們的商業存款組合提供了更多的色彩，該組合佔核心存款總額的 58%，其中大部分是無息帳戶和貨幣市場帳戶的組合。平均合作關係期限為 9.5 年，投資組合高度多元化，不集中於單一產業或單一客戶。

Likewise, on Slide 19 of the supplemental deck, you can see the breakdown of our retail deposit book. With an average length of 11.5 years, the retail deposit portfolio represents 42% of our core deposit base with no single client accounting for more than 2% of total deposits.

同樣，在補充甲板的幻燈片 19 上，您可以看到我們的零售存款簿的細分。零售存款組合的平均期限為11.5年，占我們核心存款基礎的42%，沒有單一客戶佔總存款的2%以上。

Total borrowings declined by $57.8 million or 4% at September 30 compared to the previous quarter driven by a $50 million reduction in FHLB advances. The outstanding balance of borrowings through the Fed's bank term funding program remained unchanged at $300 million at quarter end.

截至 9 月 30 日，總借款較上一季下降 5,780 萬美元，或 4%，原因是 FHLB 預付款減少了 5,000 萬美元。截至季末，透過聯準會定期融資計畫借款的未償餘額維持在 3 億美元不變。

At September 30, contingent liquidity, which consists of available FHLB borrowings, Fed funds, funds through the bank term funding program as well as FX cash and unpledged investment securities totaled $6.1 billion or 168% of uninsured deposits.

截至 9 月 30 日，或有流動性總計 61 億美元，其中包括 FHLB 可用借款、聯邦基金、銀行定期融資計畫資金以及外匯現金和未質押投資證券，佔未保險存款的 168%。

At September 30, total cash and cash equivalents were $717.6 million, an increase of $287.5 million or 67% and compared to the linked quarter, primarily a result of the strong deposit growth I mentioned earlier.

截至 9 月 30 日，現金和現金等價物總額為 7.176 億美元，與上一季相比增加了 2.875 億美元，即 67%，這主要是我之前提到的存款強勁增長的結果。

Noninterest income for the third quarter of 2023 increased by 1% or $200,000 compared to the linked quarter and grew by 3% or $0.5 million compared to the prior year quarter. The current quarter's increase was driven by higher wealth management income and higher lending-related fees, and was partially offset by lower BOLI income due to mortality proceeds received in the second quarter.

2023 年第三季的非利息收入較上一季成長 1%，即 20 萬美元，較去年同期成長 3%，即 50 萬美元。本季的成長是由更高的財富管理收入和更高的貸款相關費用推動的，但部分被第二季收到的死亡收益導致的 BOLI 收入下降所抵消。

Income from mortgage banking activities decreased $135,000 compared to the linked quarter, and total mortgage loans grew $47 million. Future levels of mortgage gain revenue is expected to fall between $1 million and $1.5 million in the fourth and first quarters. Wealth management income increased $360,000 to $9.4 million and assets under management at quarter end totaled $5.6 billion, representing a 3% decrease since June 30.

與上一季相比，抵押貸款銀行業務收入減少了 135,000 美元，抵押貸款總額增加了 4,700 萬美元。未來第四季和第一季的抵押貸款收益收入水準預計將下降 100 萬美元至 150 萬美元。財富管理收入增加 36 萬美元，達到 940 萬美元，季末管理資產總額為 56 億美元，自 6 月 30 日以來下降 3%。

For the third quarter of 2023, the net interest margin was 2.55% compared to 2.73% for the second quarter of 2023, and 3.53% for the third quarter of 2022. As we shared last quarter, the margin continues to be impacted by high market rates, fierce deposit competition and clients moving excess funds out of noninterest-bearing accounts. Compared to the linked quarter, the rate paid on interest-bearing liabilities rose 36 basis points, while the yield on interest-earning assets increased 8 basis points, resulting in the quarterly margin compression of 18 basis points.

2023 年第三季的淨利差為 2.55%，而 2023 年第二季為 2.73%，2022 年第三季為 3.53%。正如我們上季分​​享的那樣，利潤率繼續受到高市場的影響利率、激烈的存款競爭以及客戶將多餘資金從無息帳戶中移出。與上一季相比，付息負債利率上升36個基點，生息資產收益率上升8個基點，導致季度利潤率壓縮18個基點。

The margin for the month of September came in at 2.5%. We anticipate the margin will compress in the high 2.40s in the fourth quarter and potentially maintain a similar level in the first quarter of 2024. We would look for 5 to 7 basis points of margin expansion per quarter for the rest of 2024. This expectation is predicated on one more Fed bump of 25 basis points before year-end and then no further increases or any rate cuts throughout 2024.

9月份的利潤率為2.5%。我們預計第四季度的利潤率將壓縮在 2.40 左右的高位，並可能在 2024 年第一季保持類似水準。我們預計 2024 年剩餘時間內每季利潤率將擴大 5 到 7 個基點。這項預期預計聯準會將在年底前再次升息25 個基點，然後在2024 年全年不會進一步升息或降息。

Noninterest expense increased $3.3 million or 5% compared to the linked quarter and $6.7 million or 10% compared to the prior year quarter. As I stated earlier in the call, this quarter included a onetime $8.2 million pension settlement expense related to the termination of our defined benefit plan. In the previous quarter included $1.9 million of severance-related expense associated with staffing adjustments. So excluding these items from the current and previous quarter, Total noninterest expense declined by $2.9 million or 4%, driven by lower expenses associated with salaries, employee benefits expense and marketing.

非利息支出與上一季相比增加了 330 萬美元，即 5%；與去年同期相比，非利息費用增加了 670 萬美元，即 10%。正如我之前在電話會議中所說，本季包括與終止我們的固定福利計劃相關的一次性退休金結算費用 820 萬美元。上一季包括與人員配置調整相關的 190 萬美元遣散費。因此，排除目前和上一季的這些項目，由於與薪資、員工福利費用和行銷相關的費用減少，非利息費用總額下降了 290 萬美元，即 4%。

Excluding the pension settlement costs, third quarter expenses totaled approximately $64.3 million. The fourth quarter run rate of expenses will include some additional spend related to our technology initiatives as certain capitalized costs and related current period costs are expected to be recognized. 2024 expense levels are currently being evaluated as part of our annual planning process with the current expectation for overall core expenses excluding the pension and severance related costs to increase by no more than 3% to 4% on a year-over-year basis.

不包括退休金結算費用，第三季費用總計約 6,430 萬美元。第四季的費用運行率將包括與我們的技術計劃相關的一些額外支出，因為某些資本化成本和相關的當期成本預計將得到確認。目前正在評估 2024 年的費用水平，作為我們年度規劃流程的一部分，目前預計不包括退休金和遣散費相關費用的總體核心費用同比增長不超過 3% 至 4%。

The non-GAAP efficiency ratio was 60.91% for the third quarter of 2023 compared to 60.68% for the second quarter of 2023 and 48.18% for the prior year quarter. Both GAAP and non-GAAP efficiency ratios have been negatively impacted by the declines in net revenue and growth in noninterest expense as we continue to invest in the future.

2023 年第三季的非 GAAP 效率為 60.91%，而 2023 年第二季為 60.68%，去年同期為 48.18%。隨著我們繼續對未來進行投資，公認會計原則和非公認會計原則效率比率都受到淨收入下降和非利息支出成長的負面影響。

So while the recognition of our technology investments comes at an inopportune time when revenue is under pressure, we will be well positioned to grow using newly introduced digital capabilities as the rate environment improves, the shape of the yield curve normalizes and the economy expands.

因此，雖然我們的技術投資在收入面臨壓力的時候得到認可並不合時宜，但隨著利率環境的改善、收益率曲線的形狀正常化以及經濟的擴張，我們將處於有利地位，可以利用新引入的數字功能實現成長。

So let's shift to credit quality. Overall, credit quality remained stable as the ratio of nonperforming loans to total loans was 46 basis points compared to 44 basis points last quarter. These level of nonperformers compared to 40 basis points for the prior year quarter and continue to indicate stable credit quality during this period of economic uncertainty. At September 30, nonperforming loans totaled $51.8 million compared to $49.5 million at June 30 and $44.5 million at September 30, 2022.

那麼讓我們轉向信用品質。整體而言，信貸品質保持穩定，不良貸款佔貸款總額的比率為 46 個基點，而上季為 44 個基點。這些不良貸款水準與去年同期相比下降了 40 個基點，繼續顯示在經濟不確定時期信貸品質保持穩定。截至 9 月 30 日，不良貸款總額為 5,180 萬美元，而 6 月 30 日為 4,950 萬美元，2022 年 9 月 30 日為 4,450 萬美元。

Total net charge-offs for the current quarter amounted to $100,000 compared to $1.8 million for the second quarter of 2023 and $0.5 million of net recoveries in the third quarter of 2022. The allowance for credit losses was $123.4 million or 1.09% of outstanding loans and 238% of nonperforming loans compared to $120.3 million or 1.06% of outstanding loans and a coverage ratio of 243% at the end of the previous quarter. At September 30, the company had a total risk-based capital ratio of 14.85%, a common equity Tier 1 risk-based capital ratio of 10.83%, a Tier 1 risk-based ratio of the same 10.83%, and a Tier 1 leverage ratio of 9.5% and all of these ratios remain in excess of mandated minimum regulatory requirements.

本季的淨沖銷總額為10 萬美元，而2023 年第二季為180 萬美元，2022 年第三季的淨回收額為50 萬美元。信貸損失準備金為1.234 億美元，佔未償貸款的1.09%，不良貸款率為 238%，而上一季末未償還貸款為 1.203 億美元，即 1.06%，覆蓋率為 243%。截至9月30日，公司總風險資本率為14.85%，普通股一級風險資本率為10.83%，一級風險資本率為10.83%，一級槓桿率比率為9.5%，所有這些比率仍然超過規定的最低監管要求。

And before we move to your questions, I'd like to acknowledge a leadership announcement that we made last month. our Chief Financial Officer, Phil Mantua, will retire from the bank at the end of March 2024. As you all know on the call, throughout Phil's 24-year tenure he has played an instrumental role in our growth and we all want to extend our sincere appreciation and congratulations to Phil, and we are actively interviewing for his successor. So please stay tuned.

在我們開始回答你們的問題之前，我想感謝我們上個月發布的領導公告。我們的財務長Phil Mantua 將於2024 年3 月底從銀行退休。正如大家在電話會議上所知，在Phil 的24 年任期中，他在我們的發展中發揮了重要作用，我們都希望延長我們的業務對菲爾表示誠摯的讚賞和祝賀，我們正在積極面試他的繼任者。所以請繼續關注。

And with that, Jordan, we can move to our first question.

喬丹，說到這裡，我們可以開始討論第一個問題了。

(Operator Instructions) Our first question comes from Russell Gunther of Stephens.

（操作員說明）我們的第一個問題來自 Stephens 的 Russell Gunther。

I wanted to start on loan balances. So I hear you on the funded production for the next couple of quarters down a bit from where we've been in the past few. What are the guideposts we should be looking for in terms of when you might be able to hit the switch to more net loan growth. Deposits are improving, wholesale funding is coming down, but what more do we need to see?

我想從貸款餘額開始。所以我聽到你說接下來幾季的資助生產比過去幾季略有下降。就何時能夠轉向更多的淨貸款成長而言，我們應該尋找哪些指導方針。存款正在改善，批發資金正在下降，但我們還需要看到什麼？

Yes. Russell, this is Dan, and Phil might chime in as well. The last couple of quarters, we've kind of targeted funded loan production to kind of match runoff as we were working on improving the liquidity position, which we've done. Our appetite for funded loan production is higher than that $150 million now. I think it's really more of a function of demand and demand that is rationally priced. So we could probably today move to $250 million in funded production, which would net out at about $100 million of growth a quarter. But demand the -- uncertainty in the economy is really softened demand, and there are still some players on the smaller bank side that are not pricing commensurate with today's yield curve. And so we're picking our spots. And as soon as we see availability in the market, we're prepared today to increase that funded loan production.

是的。拉塞爾，這是丹，菲爾也可能插嘴。在過去的幾個季度中，我們將融資貸款生產定為與徑流相符的目標，因為我們正在努力改善流動性狀況，我們已經做到了。我們現在對融資貸款的需求高於 1.5 億美元。我認為這實際上更多的是需求的函數以及合理定價的需求。因此，我們今天可能會將資助生產轉向 2.5 億美元，這將帶來每季約 1 億美元的成長。但需求——經濟的不確定性確實削弱了需求，而且小型銀行方面仍有一些參與者的定價與當今的殖利率曲線不成比例。所以我們正在選擇我們的位置。一旦我們看到市場上有可用的資金，我們今天就準備好增加融資貸款的產量。

Okay. That's very helpful color, Dan. Just switching gears to the margin. I appreciate the outlook there. Given the higher beta funding to date, how would you think about the NIM, absent a Fed hike? And then kind of similarly ask questions, what do rate cuts mean to you? And I know that, that's not something you're currently contemplating?

好的。這是非常有用的顏色，丹。只是將齒輪切換到邊緣。我很欣賞那裡的前景。鑑於迄今為止貝塔資金較高，在聯準會不升息的情況下，您如何看待淨利差？然後類似地問問題，降息對你來說意味著什麼？我知道，這不是您目前正在考慮的事情？

Yes, Russell, this is Phil. I don't know that, that next anticipated 25 basis point move really or absence thereof really makes a whole lot of difference in the current thinking about where the NIM goes in the next quarter or 2. We have already just in terms of now having experienced a nice pickup in growth and growth in categories that we would like to see on the deposit side. pulled back on some of the rates that we're currently offering on the high end.

是的，拉塞爾，這是菲爾。我不知道，下一個預期的 25 個基點的變動是否真的會對當前關於 NIM 在下一季或第二季走向的思考產生很大的影響。我們希望在存款方面看到成長和類別成長的良好回升。降低了我們目前提供的一些高端價格。

So for example, we have been running a 5.5% CD offering, I think it was an 8-month CD for a number of months. We've pulled that back completely and other things by at least 50 basis points to test and see whether or not we can try to preserve a little bit of margin here, even in the face of the possibility of the Fed making that move. So either way, I think that the guidance here into that high 2.40s takes kind of all of that into consideration.

例如，我們一直在運行 5.5% 的 CD 產品，我認為這是一個 8 個月的 CD，持續了好幾個月。我們已經將這一點和其他因素完全拉低了至少 50 個基點，以測試並看看我們是否可以嘗試在此保留一點利潤，即使面對美聯儲採取這一舉措的可能性。因此，無論哪種方式，我認為這裡對 2.40 高位的指導都考慮到了所有這些因素。

And then from the standpoint of looking into '24, as Dan mentioned in his comments, without anything else going along from the Fed standpoint, 5 to 7 basis points in pickup, certainly, that can be accelerated when and if they decide to cut rates because I think we would be pretty quick to try to follow that downward trend. And then that expansion might be more like double what we suggested 5 to 7 being more like 10 to 15. And I think we've commented on that in the past as it relates to a margin pickup quarter-over-quarter.

然後，從展望24 年的角度來看，正如丹在評論中提到的那樣，在美聯儲的立場沒有任何其他進展的情況下，當然，如果他們決定降息，那麼加息速度可以加快5 到7 個基點因為我認為我們很快就會嘗試追隨這種下降趨勢。然後，這種擴張可能更像是我們建議的 5 到 7 倍，更像是 10 到 15 倍。我認為我們過去已經對此發表過評論，因為它與季度環比的利潤率上升有關。

Like what we saw on the way up, it depends on how quickly they cut and what chunks they cut on the way down, which probably clearly won't be as nearly as aggressive as what we saw on the way up.

就像我們在上升過程中看到的那樣，這取決於他們切割的速度以及在下降過程中切割的塊數，這可能顯然不會像我們在上升過程中看到的那樣具有侵略性。

And then just last one for me on the expense side of things. Sorry if I missed it, but your thoughts on 4Q, I mean a great result this quarter, getting the cost saves. Just what type of step-up do you expect to see from the digital transformation that comes online? And I know you're working through '24 but just bigger picture, does this tech end step you up beyond perhaps just an inflationary growth rate? Or how should we directionally think of noninterest expense going forward?

最後一個是關於費用方面的事情。抱歉，如果我錯過了，但你對第四季度的想法，我的意思是本季取得了很好的成果，節省了成本。您希望從線上數位轉型中看到什麼類型的進步？我知道你正在努力度過 24 年，但從更大的角度來看，這項技術最終是否會讓你超越通膨成長率？或者我們應該如何定向思考未來的非利息支出？

Yes, Ross, good question. And so the technology piece that relates to what's coming on board here in the fourth quarter as we put things into motion is probably on a run rate basis, about $1 million quarter-to-quarter. And then with -- in addition to that, in the fourth quarter, there are costs of just doing this, that initial kickoff, which is probably worth another $0.5 million. That part shouldn't reoccur but the cost that's related to just the ongoing element of bringing that what's been on a CapEx basis into the run rate is probably about $1 million into the fourth quarter and beyond. And then from that point on, looking at the inflationary piece as well as where we guided towards that 3% to 4% year-over-year relative to 2024 and 2023. So that's been taken into consideration.

是的，羅斯，好問題。因此，當我們將事情付諸實施時，與第四季度即將推出的技術相關的技術可能會以運行率為基礎，每季約為 100 萬美元。除此之外，在第四季度，光是這樣做就會產生成本，也就是最初的啟動，這可能還價值 50 萬美元。這部分內容不應再次發生，但與將資本支出納入運行率的持續因素相關的成本在第四季度及以後可能約為 100 萬美元。然後從那時起，看看通貨膨脹部分以及我們相對於 2024 年和 2023 年同比增長 3% 至 4% 的指導。因此，我們已經考慮到了這一點。

Next question comes from Casey Whitman of Piper Sandler.

下一個問題來自 Piper Sandler 的 Casey Whitman。

Just going back to the margin. Maybe if we just switch gears to the asset side. First, can you kind of ballpark where new loan production is coming on or where it was in the month of September?

只是回到邊緣。也許如果我們只是轉向資產方面。首先，您能否大致了解一下新貸款的發放或 9 月的情況？

Yes, I'd be glad to. So overall, commercial pricing average yield on all production during the month of September was around 8.25%, and it has been at that level for a couple of months here. And so we would anticipate, again, given that we want to price appropriately for the growth or the production that we are willing to take on would like to see it in that same vein. And with that, about 80% to 85% of that production at those levels was variable or floating rate in nature.

是的，我很樂意這樣做。因此，總體而言，9 月所有產品的商業定價平均收益率約為 8.25%，且該水準已連續幾個月維持在該水準。因此，考慮到我們希望為我們願意承擔的成長或生產進行適當的定價，我們會再次預計，希望以同樣的方式看到它。因此，在這些水平上，大約 80% 到 85% 的產量本質上是可變的或浮動的。

And so maybe can you walk us through sort of the quarterly repricing we can expect to see on the loan side, just in the static rate environment to get to sort of your margin expectations for 2024?

那麼，也許您可以向我們介紹我們可以在靜態利率環境中看到的貸款方面的季度重新定價，以達到您對 2024 年利潤率的預期嗎？

Yes. So on the asset side, it relates to the what would help feed that 5 to 7 basis points to the margin. On the loan side, it would probably be -- if we look into the fourth quarter and beyond, we probably see a pickup of about 8 to 10 basis points in the next quarter and then probably similar to the margin 5 to 7 basis points on a quarter-by-quarter basis.

是的。因此，在資產方面，它涉及到什麼有助於將利潤率提高 5 到 7 個基點。在貸款方面，如果我們觀察第四季度及以後的情況，我們可能會看到下個季度的貸款利率將上升約 8 至 10 個基點，然後可能類似於 5 至 7 個基點的利潤率。按季度計算。

All right. And then switching gears, just as the environment maybe stabilize a bit and just given your growth outlook, what's your current appetite for buybacks at the stock price? Or what would it take for you to get more aggressive there?

好的。然後換個方向，就在環境可能稍微穩定下來的時候，考慮到你的成長前景，你目前對股價回購的興趣是什麼？或者怎樣才能讓你變得更有侵略性？

Yes. Casey, this is Dan. I think we mentioned the last time we continue to have an authorization out there, and it's probably more a function of looking forward the next couple of quarters and making sure we feel as confident as we do today with regard to the credit environment. So I would say, sitting here at the moment, just make -- there's a lot of uncertainty out there. It's become more uncertain with world events. And so I think capital is pretty important. But we could feel different in the short run and be active, particularly at where we're trading right now.

是的。凱西，這是丹。我想我們上次提到我們繼續獲得授權，這可能更多是為了展望未來幾個季度，並確保我們對信貸環境像今天一樣充滿信心。所以我想說，現在坐在這裡，只是——那裡有很多不確定性。隨著世界事件的發生，它變得更加不確定。所以我認為資本非常重要。但短期內我們可能會感覺有所不同並變得活躍，尤其是在我們目前的交易領域。

Understood. And just going back, this is just thinking about the loan deposit ratio. Obviously, that came down this quarter, but do you have a spot where you're kind of comfortable with that running? And how does that kind of play into the outlook -- loan growth outlook?

明白了。回過頭來，這只是考慮存貸比。顯然，這個季度有所下降，但是你對這種運行感到滿意嗎？這對貸款成長前景有何影響？

Yes, this is Phil. I think we're very comfortable right where we are today, we're hovering around 100%. I think as we move forward in time and not any time being immediately thereafter, we would probably want to manage it further down into the mid-90% range. But again, not any quarter in the more -- in the current couple of quarters out. So I think you would probably expect what we were just talking about margin wise and otherwise to see it staying around 100% -- kind of around the 100% level.

是的，這是菲爾。我認為我們對今天的處境非常滿意，我們徘徊在 100% 左右。我認為，隨著時間的推移，而不是緊隨其後的任何時間，我們可能希望將其進一步控制在 90% 的中間範圍。但同樣，在目前的幾個季度中，沒有任何一個季度會出現這樣的情況。所以我認為你可能會期望我們剛才談論的利潤率，否則會看到它保持在 100% 左右——大約在 100% 的水平左右。

Our next question comes from Catherine Mealor of KBW.

我們的下一個問題來自 KBW 的 Catherine Mealor。

I just wanted to ask a quick clarifying question on the expense guide you gave, Dan. So when you said 3% to 4% growth in '24 for '23. I thought you said it included the pension expense? Or did you mean that off of an operating expense number?

丹，我只是想就您提供的費用指南快速詢問一個澄清問題。所以當你說 23 年 24 年成長 3% 到 4% 時。我以為你說的是包括退休金費用？還是您是指營運費用數字之外的數字？

Yes, yes. It was netting out the pension expense number...

是的是的。它正在扣除退休金費用數字...

Great. Okay. So take that out and then -- that's all right. No, I was just wondering -- I don't want to grow it up to the [275] number.

偉大的。好的。所以把它拿出來——就可以了。不，我只是想知道 - 我不想將其增加到 [275] 數字。

You want to take the pension and the severance costs from this year, which are roughly $10 million away from the base for '23, and then apply a 3% to 4% growth rate on that number.

您想要從今年開始計算退休金和遣散費，這些費用與 23 年的基數相差約 1000 萬美元，然後對該數字應用 3% 到 4% 的成長率。

Great. Okay. Okay. And are there any -- and that's still relative to the -- to where your revenue is that still potentially could give you a year of negative operating leverage just depending on how things go with the margin. Are there other things you can do on the expense side? Is revenue still seems really challenging next year? Or is there just -- we just need to kind of wait until we get a better rate environment to really see us pull back into positive operating leverage mood.

偉大的。好的。好的。是否有任何——這仍然是相對於——你的收入水平，仍然有可能為你帶來一年的負營運槓桿，這取決於利潤率的情況。在費用方面您還可以做其他事情嗎？明年的收入是否仍充滿挑戰？或者只是——我們只需要等待，直到我們獲得更好的利率環境，才能真正看到我們回到積極的經營槓桿情緒。

Yes. Catherine, there are always things that we can continue to look at. And we will -- we don't have anything to announced today. But between continued looking at headcount in certain areas, branch rationalization, those things tend to take a little more time. But I think the real turn of performance is going to come in a better rate environment in all reality.

是的。凱瑟琳，總有一些事情我們可以繼續關注。我們今天沒有任何要宣布的事情。但在繼續關注某些領域的員工人數和分支機構合理化之間，這些事情往往需要更多的時間。但我認為，性能的真正轉變將在現實中更好的費率環境中出現。

Yes, I would agree. I mean that's kind of things that Dan is suggesting and maybe some other things that we could consider kind of what was alluded to in the part of the planning process comment early into the call was we're evaluating all the different things that we might have at our disposal. But I think -- when is all said and done the puts and takes, I think that's kind of where we think we're going to end up.

是的，我同意。我的意思是，這是丹建議的事情，也許我們可以考慮其他一些事情，在電話會議早期的規劃流程評論部分中提到的是，我們正在評估我們可能擁有的所有不同的事情由我們支配。但我認為，當一切都說完、完成後，我認為這就是我們認為我們最終會達到的結果。

Understood. And then on credit, you talked about just a couple of specific reserves coming on seeing or some commercial loans. Can you just give us some commentary on kind of what you're seeing on those credits that are seeing incremental stress? And then any change to classified or criticized loans that we should be aware about this quarter as well?

明白了。然後在信貸方面，您談到了一些即將到來的特定準備金或一些商業貸款。您能否給我們一些評論，說明您在那些面臨增量壓力的信用中看到的情況？那麼本季我們也應該注意分類或批評貸款的任何變化嗎？

Yes, trends in criticized classified still are nonevent, Catherine. I think the -- I hate to refer to anything happening in credit as a one-off because it just comes back to like bite you on the (expletive). But what we are seeing thus far are I give you a little color, real estate loan that owner gets notified that a tenant is not going to renew, but that's still a year out, and we're recognizing that if they don't, then there could be cash flow issues. And as a result, taking a conservative approach to setting aside some reserves. That's an example.

是的，受到批評的分類趨勢仍然不是什麼大事，凱瑟琳。我認為——我討厭將信用中發生的任何事情稱為一次性的，因為它只會像咬你一樣（髒話）。但到目前為止我們所看到的是，我給你一點顏色，房地產貸款，業主收到租戶不會續約的通知，但這仍然是一年後的事，我們認識到，如果他們不這樣做，那麼可能會出現現金流問題。因此，採取保守的方式撥出一些準備金。這是一個例子。

We're not seeing anything thematically. If you think about our book, we've talked a lot about office, which for us is predominantly suburban with minimal exposure in the urban areas and most importantly, mostly professional office space with a number of units that are a little easier to turn as opposed to large floor plate type of exposure. So I think the risk we're trying to understand and manage in that is probably more around rates higher for longer as that book reprices over the course of time than what we're seeing in -- from an occupancy standpoint in near term.

我們沒有看到任何主題性的東西。如果你想想我們的書，我們已經談論了很多關於辦公室的內容，對我們來說，辦公室主要是郊區，在城市地區的暴露程度很小，最重要的是，大部分是專業的辦公空間，有許多單位，更容易轉變為與大面積暴露的地板類型相反。因此，我認為我們試圖理解和管理的風險可能更多是隨著該書隨著時間的推移而重新定價，而不是我們所看到的——從近期入住率的角度來看，利率會在更長時間內更高。

Our hospitality portfolio, I think, weathered very well during the pandemic, and that continues to perform our retail portfolio, which is the largest exposure within CRE, also performed extremely well during the pandemic when it was under some pressure when everybody was locked up at home. So we're continuing to look out 12, 24 months at what's coming on the repricing side and getting ahead of that.

我認為，我們的酒店投資組合在大流行期間經受住了很好的考驗，並且繼續表現我們的零售投資組合，這是商業地產中最大的敞口，在大流行期間也表現得非常好，當時每個人都被困在了一些壓力下。家。因此，我們將繼續關注 12、24 個月後重新定價方面的情況，並提前做好準備。

And then doing the same with -- we have a multifamily portfolio that with some coming out of construction into perm and monitoring those absorption rates compared to what was expected. And some of those are getting extended out, but we've got incredible borrowers and guarantors that can stand behind that.

然後做同樣的事情——我們有一個多戶型投資組合，其中一些從建築中出來進入燙髮，並監控這些吸收率與預期的比較。其中一些正在延期，但我們有令人難以置信的借款人和擔保人可以支持這一點。

So I think it's realistic that over the course of time, if we end up in a more of a credit cycle, there's going to be scratches and dents as we drive through that, but we're not seeing anything dramatically that gives us concern about our reserve levels, our percentage of nonperformance coverage and the like. So the team is doing a good job and -- but we'll continue to be transparent with you if we see things changing as we have been in the past.

因此，我認為現實的是，隨著時間的推移，如果我們最終陷入信貸週期，那麼在我們經歷這一過程時將會出現划痕和凹痕，但我們沒有看到任何令人擔憂的戲劇性事件我們的準備金水準、不良承保比例等。因此，團隊做得很好，但如果我們看到事情像過去一樣發生變化，我們將繼續對您保持透明。

Great. And then maybe if I could ask one last one. Just on deposit remix, it was nice to see the noninterest-bearing mix shift flow a little bit from the levels we've seen earlier in the year. What's your -- I know it's hard to know, but what's your gut on where that kind of percentage as a percentage of deposit balances out?

偉大的。也許我可以問最後一個問題。就存款混合而言，很高興看到無息混合變化與我們今年早些時候看到的水平略有不同。你的——我知道這很難知道，但你的直覺是什麼？這種百分比作為存款餘額的百分比在哪裡？

Yes, Casey, this is Phil again. I think, I'm sorry, Catherine, my bad. I think we feel like that the DDA piece has stabilized now to a good place. I'm not sure we anticipate a lot of growth necessarily there in the short term. But I also think we're pretty confident we're not going to see much more of the -- to your question, the remix of the DDA declining from its current levels around 27%, 28% of total deposits.

是的，凱西，這又是菲爾。我想，對不起，凱瑟琳，我錯了。我認為我們覺得 DDA 部分現在已經穩定到了一個好的位置。我不確定我們預計短期內是否會大幅成長。但我也認為，我們非常有信心，我們不會看到更多的——對於你的問題，DDA 的混合比例從目前的水平下降到總存款的 27%、28% 左右。

If anything, the remix kind of behind the scene is that we continue to allow the brokered wholesale money to run down and run off the balance sheet, which is already occurring through the current quarter where we've already had an additional $100 million roll off, and there's another $150 million scheduled to mature that we don't plan to reengage on because we're still seeing really good growth in those other interest-bearing categories. So that's probably more where we see the remix and then anything related to DDA. But again, we feel good about where it's landed and that's fairly stable.

如果有什麼不同的話，那就是幕後的混搭是我們繼續允許經紀批發資金減少並從資產負債表中流失，這種情況在本季度已經發生，我們已經額外減少了 1 億美元，還有另外1.5億美元計劃到期，我們不打算重新參與，因為我們仍然看到其他生息類別的真正良好增長。因此，我們可能更多地看到混音以及與 DDA 相關的任何內容。但我們再次對它的落地情況感到滿意，而且相當穩定。

Great. All right. And congrats on your retirement, Phil.

偉大的。好的。恭喜你退休，菲爾。

Thank you.

謝謝。

Our next question comes from Manuel Navas of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Manuel Navas。戴維森。

In your NIM outlook for kind of the turn into next year, does that assume any difference in the rate of growth on the loan side?

在您對明年的淨利差展望中，是否假設貸款方面的成長率有任何差異？

No, not really. Manuel, this is Phil. No, I think that's implied at this point as well is the general guidance as it relates to just matching off with funding at the moment. Maturity...

不，不是真的。曼努埃爾，這是菲爾。不，我認為這也是一般性指導，因為它涉及目前的資金匹配。到期...

Got it. It's all driven by that...

知道了。一切都是由這個推動的...

It's just natural repricing in there. Correct.

這只是自然的重新定價。正確的。

Okay. And should we just kind of assume a beta that kind of matches that guide? Do you have look out of a rough deposit beta peak with that NIM assumption?

好的。我們是否應該假設測試版與該指南相符？您是否已經考慮到 NIM 假設下的粗略存款貝塔高峰？

Yes. I would say that in terms of looking at the forward aspect of the deposit side. I mean, it's clearly, as it has been here a much slower pull in terms of the overall movement in the cost of interest-bearing deposits. So I would think again, similar to 4, 5 bps quarter-to-quarter within that on the funding side as well, just again because of some of the remix that I mentioned earlier. And our desire to try to control it at this point, given my earlier comments about pull back on the rates.

是的。我想說的是，從存款方面的前景來看。我的意思是，很明顯，就生息存款成本的整體變動而言，拉動速度要慢得多。因此，我會再次考慮，在融資方面也類似於季度環比增長 4、5 個基點，同樣是因為我之前提到的一些混音。鑑於我之前關於降低利率的評論，我們希望在此時嘗試控制它。

No, that was great. That's going to lead into kind of my next question is, so you pulled back on rates, and it sounds like you're easily feeling good about running off some of the brokered deposits. So like you pulled back on rate and you're still seeing success on the promotion is what I'm trying to get to.

不，那太好了。這將導致我的下一個問題是，所以你降低了利率，聽起來你很容易對耗盡一些經紀存款感到滿意。所以，就像你降低了利率，但你仍然看到促銷活動成功，這就是我想要達到的目標。

Yes. I mean that's still got to play itself out. That's just kind of current practice here within the last couple of weeks. So we've got to see that we can prove that out, but that is the current thinking behind the way we're looking at it for the foreseeable future, yes.

是的。我的意思是，這仍然需要發揮作用。這只是過去幾週這裡的現行做法。所以我們必須看到我們能夠證明這一點，但這就是我們在可預見的未來看待它的方式背後的當前想法，是的。

With the savings growth and the CD growth, you've been experimenting with different channels over the last couple of quarters. What channel has kind of worked best? I know there was -- at the periphery of your footprint and there's been a lot of [RN] outreach in your branches, what channel has kind of driven this deposit growth most?

隨著儲蓄的增長和定期存款的增長，您在過去幾個季度一直在嘗試不同的管道。哪種頻道效果最好？我知道在你們的足跡外圍，你們的分行有許多 [RN] 外展活動，哪種管道最能推動存款成長？

Yes. Manuel, this is Dan. I think it's really been a blend of things. We've had success with our online store front that we launched earlier in the year. and that's generated about 1,800 new accounts over the course of the year, not just the quarter. And it's been more than half of that has been new -- like new client balances coming in. But at the same time, we've used some digital outreach to prospective clients through some data that we combine with internal data and some purchase information to reach out specifically to kind of the affluent client that -- or the heavy depositor client in the marketplace, and we've had tremendous success and bringing dollars into that. And so that's been digital outreach with branch person follow-up. And that's probably been the biggest piece.

是的。曼努埃爾，這是丹。我認為這確實是各種事情的混合體。我們在今年早些時候推出的線上商店取得了成功。全年（而不僅僅是季度）新增了約 1,800 個新帳戶。其中一半以上是新的——例如新的客戶餘額。但同時，我們透過一些數據與內部數據和一些購買資訊相結合，對潛在客戶進行了一些數位推廣，以獲取潛在客戶的資訊。專門針對富裕的客戶，或是市場上的大額儲戶客戶，我們已經取得了巨大的成功，並將資金投入其中。這就是分公司人員跟進的數位推廣。這可能是最大的一塊。

And then third would be the activities from the commercial bankers who, quite frankly, ever since the end of the first quarter with SVB failure and what followed was much greater outreach and connectivity to our commercial deposit base. Initially, from a retention standpoint, but the follow-on activity has been growth in those deposit relationships and expanding them. So I would say it's more than one initiative, but all three have been additive.

第三是商業銀行家的活動，坦白說，自從第一季末 SVB 倒閉以來，他們的活動變得更加廣泛，並與我們的商業存款基礎建立了更大的聯繫。最初，從保留的角度來看，後續活動是這些存款關係的成長和擴展。所以我想說，這不只是一項舉措，而且這三項舉措都是相加的。

Yes. Manuel, I would also add that, that high-yield savings growth, which is really that balances really at to date, more than doubled has been on a non-advertised basis. So as Dan outlined, it's been direct -- more direct marketing and contact than it was any kind of advertised type of special, and we still had that kind of significant success.

是的。曼努埃爾，我還要補充一點，高收益儲蓄成長（實際上是迄今為止的餘額）在非廣告基礎上增加了一倍以上。正如丹所概述的那樣，它是直接的——比任何廣告類型的特別節目更直接的營銷和聯繫，而且我們仍然取得了巨大的成功。

I really appreciate the color here. On the commercial lender piece, that's great. Can you -- is there kind of a pipeline expected there? Is that something you can -- I know it's lumpy, I'm sure. Is there a way to kind of quantify kind of the pipeline there and kind of overall deposit growth over into next year?

我真的很欣賞這裡的顏色。在商業貸款方面，這很棒。你能——那裡預計會有某種管道嗎？這是你能做的嗎——我知道它很粗糙，我確信。有沒有辦法量化明年的管道類型和整體存款成長？

I don't think there's a way to quantify it as we look forward other than to say that the commercial -- I think we've gone from -- this is probably an easy way to say, commercial lenders to commercial bankers. And that's not a criticism of the bankers. Our -- for the last, obviously, several years, the focus has been on asset growth because funding was not an issue, and the world changed. And so they have done a tremendous job of really changing and shifting focus to include deposit gathering, along with asset generation. So -- and that will continue, and that's been built into their reward mechanisms in terms of incentive plans and pipeline management and overall expectations of production. So that's not going to change as we go into '24.

我不認為有一種方法可以量化它，因為我們期待除了說商業——我認為我們已經離開——這可能是一種簡單的說法，商業貸款人對商業銀行家。這並不是對銀行家的批評。顯然，過去幾年，我們的重點一直是資產成長，因為資金不是問題，而且世界發生了變化。因此，他們做了巨大的工作，真正改變和轉移焦點，包括存款收集和資產生成。因此，這將繼續下去，並且這已被納入他們在激勵計劃、管道管理和整體生產預期方面的獎勵機制。因此，當我們進入 24 世紀時，這一點不會改變。

All right. I appreciate that. As my last question is talent acquisition still an important driver? Or do you kind of feel that shifted behaviors among your now commercial banker base that you feel comfortable with it as it stands at least through 2024?

好的。我很感激。我的最後一個問題是人才獲取仍然是一個重要的驅動因素嗎？或者您覺得現在的商業銀行家群體的行為發生了轉變，您對此感到滿意，至少到 2024 年為止？

Yes. I think the I think the shift in expectations and behavior has been really solid. But we will always be looking for folks that will help us expand client relationships, not just in commercial banking in C&I specifically, but also in the wealth space. Now the challenge for us is to make sure we're doing that while maintaining our overall headcount at a reasonable level to fit that expense growth expectation that Phil spoke of. So I think we always have to be open to adding good talent to the organization.

是的。我認為期望和行為的轉變非常牢固。但我們將始終尋找能夠幫助我們擴大客戶關係的人才，不僅是在工商業銀行業務領域，而且在財富領域也是如此。現在我們面臨的挑戰是確保我們在做到這一點的同時將我們的總人數保持在合理的水平，以適應菲爾談到的費用增長預期。因此，我認為我們必須始終以開放的態度為組織增添優秀人才。

(Operator Instructions) Next question is a follow-up from Russell Gunther of Stephens.

（操作員說明）下一個問題是 Stephens 的 Russell Gunther 的後續問題。

I just forgot to ask you earlier, we have seen some hiccups in shared national credits this quarter industry-wide. I was just hoping for some commentary about your thoughts on the asset class and then what your exposure is today.

我剛剛忘記問你了，本季全行業的共享國家信用出現了一些問題。我只是希望得到一些關於您對資產類別的想法以及您今天的敞口的評論。

Yes. We do not -- we do have a participation book right now. Our total participations bought is just north of $186 million, but they are all like club deals with local banks that we've helped out in vice versa on the flip side. We have about $250 million that have been put out in terms of sole participations, but we're not active in SNC business.

是的。我們沒有—我們現在有一本參與手冊。我們購買的總參與額剛剛超過 1.86 億美元，但它們都像與當地銀行的俱樂部交易一樣，我們反過來也提供了幫助。我們已經以單獨參股的方式投入了大約 2.5 億美元，但我們並不積極參與 SNC 業務。

We have no further questions on the phone line. So I'll hand back to Dan for any closing remarks.

我們在電話線上沒有其他問題。因此，我將把結束語交還給丹。

Thank you, Jordan. Thanks, everyone, for joining today's call, and we love your feedback, if there's things we could do to make our call more effective, so please reach out. But thanks again for your time, and have a great afternoon.

謝謝你，喬丹。感謝大家參加今天的電話會議，我們很高興收到您的回饋，如果我們可以做些什麼來使我們的電話會議更加有效，請與我們聯繫。但再次感謝您抽出寶貴時間，祝您下午愉快。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。