Valley National Bancorp (VLY) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the third Quarter 2023 Valley National Bancorp Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Valley National Bancorp 2023 年第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Travis Lan, Head of Investor Relations.

現在我想將會議交給今天的第一位發言人，投資者關係主管 Travis Lan。

Good morning, and welcome to Valley's third Quarter 2023 Earnings Conference Call. Presenting on behalf of Valley today, our CEO Ira Robbins; President Tom Iadanza; and Chief Financial Officer, Mike Hagedorn. Before we begin, I would like to make everyone aware that our quarterly earnings release and supporting documents can be found on our company website at valley.com. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures. Additionally, I would like to highlight Slide 2 of earnings presentation and remind you that comments made during this call may contain forward-looking statements relating to Valley National Bancorp and the banking industry. Valley encourages all participants to refer to our SEC filings, including those found on forms 8-K, 10-Q and 10-K for complete discussion of forward-looking statements and the factors that could cause actual results to differ from those statements.

早上好，歡迎參加 Valley 2023 年第三季財報電話會議。今天，我們的執行長 Ira Robbins 代表 Valley 發言；湯姆·伊丹薩總統；和首席財務官邁克·哈格多恩。在開始之前，我想讓大家知道，我們的季度收益發布和支持文件可以在我們公司的網站 Valley.com 上找到。在討論我們的結果時，我們指的是非公認會計準則衡量標準，這些衡量標準從報告的結果中排除了某些項目。請參閱今天的收益報告，以了解這些非公認會計準則指標的調節表。此外，我想強調收益簡報的投影片 2，並提醒您，本次電話會議中發表的評論可能包含與 Valley National Bancorp 和銀行業相關的前瞻性陳述。 Valley 鼓勵所有參與者參考我們向 SEC 提交的文件，包括表格 8-K、10-Q 和 10-K 中的文件，以完整討論前瞻性陳述以及可能導致實際結果與這些陳述不同的因素。

With that, I'll turn the call over to Ira Robbins.

這樣，我會將電話轉給艾拉·羅賓斯。

Thank you, Travis. In the third quarter of 2023, Valley reported net income of $141 million and earnings per share of $0.27. Exclusive of non-core items, adjusted net income and EPS were $136 million and $0.26 respectively. Our quarterly results were highlighted by organic capital growth, sound asset quality metrics, improved core deposit flows and solid expense control. The current interest rate environment, reflective of an inverted curve, has challenged traditional banking models and we have not been insulated from these pressures. That said, while the duration of the current inversion has exceeded original expectations and is anticipated to continue for the foreseeable future, we do not intend to change our foundational business model. Our net interest income decline at a much slower pace than in recent quarters, and we believe that NAI is near the bottom of its decline all else equal while the external environment remains fluid. Our focus on executing our strategic initiatives remain steadfast. One of our strategic efforts in the last few years has been to transform our core operating environment to allow flexibility in integrating unique delivery channels, enhancing FinTech integrations and positioning the bank for scalability without the traditional technology expense hurdles. I'm pleased to report that during the first weekend of October, our team worked tirelessly to complete the transformational conversion of our core operating system. This was a massive undertaking, which required months of planning, development and testing. Valley's now operating on a single system with bespoke delivery channels, and I couldn't be prouder of our discipline and belief to execute on this project, which I reiterate was done in the phase of an extremely challenging operating environment. This technology conversion is the natural progression of a cultural evolution that has occurred over the last few years. We have collectively developed a growth-oriented mindset, which has been evident in our recent financial results.

謝謝你，崔維斯。 2023年第三季度，Valley報告淨利為1.41億美元，每股收益為0.27美元。不計非核心項目，調整後淨利和每股盈餘分別為 1.36 億美元和 0.26 美元。我們的季度業績突顯在有機資本成長、良好的資產品質指標、核心存款流量的改善和穩健的費用控制。當前的利率環境反映了倒掛曲線，對傳統銀行模式提出了挑戰，我們也未能倖免於這些壓力。也就是說，雖然當前反轉的持續時間已經超出了最初的預期，並且預計在可預見的未來將持續下去，但我們並不打算改變我們的基本業務模式。我們的淨利息收入下降速度比最近幾季要慢得多，而且我們認為，在外部環境仍然不穩定的情況下，NAI 已接近下降底部。我們始終堅定不移地專注於執行戰略舉措。過去幾年我們的策略性努力之一是轉變我們的核心營運環境，以便能夠靈活地整合獨特的交付管道，增強金融科技集成，並使銀行在沒有傳統技術費用障礙的情況下實現可擴展性。我很高興地向大家報告，在十月的第一個週末，我們的團隊不懈努力，完成了核心作業系統的轉型轉換。這是一項艱鉅的任務，需要數月的規劃、開發和測試。 Valley 現在在具有客製化交付管道的單一系統上運行，我對我們執行該專案的紀律和信念感到無比自豪，我重申，這是在極具挑戰性的營運環境階段完成的。這種技術轉變是過去幾年發生的文化演變的自然過程。我們共同形成了一種以成長為導向的思維方式，這在我們最近的財務表現中得到了體現。

To support this mindset, we continuously strengthen and develop our capabilities to bring us more in line with our largest players in our industry. Our bankers now have a more robust infrastructure and we expect to see significant opportunities to leverage these new technologies and drive additional growth as the environment normalizes.

為了支持這種心態，我們不斷加強和發展我們的能力，使我們與業界最大的參與者更加一致。我們的銀行家現在擁有更強大的基礎設施，我們預計隨著環境正常化，將看到利用這些新技術並推動進一步成長的重大機會。

Our successful conversion was yet another example of our discipline and provability to execute. As we enter 2024, we anticipate generating both expense efficiencies and revenue scale resulting from our common core platform. As we have moved to a cloud-based infrastructure, we're not burdened with the massive hardware costs that are typically associated with type of technology investment. We are more nimble today than we were a month ago, and the opportunities ahead of us remain significant.

我們的成功轉型是我們的紀律和執行能力的另一個例子。進入 2024 年，我們預計將透過我們的共同核心平台實現費用效率和收入規模。由於我們已經轉向基於雲端的基礎設施，因此我們不再承受通常與技術投資類型相關的大量硬體成本的負擔。今天，我們比一個月前更靈活，我們面前的機會仍然巨大。

With that, I'll turn the call over to Tom and Mike to discuss the quarter's growth and financial results.

接下來，我將把電話轉給湯姆和麥克，討論本季的成長和財務表現。

Thank you, Ira. Slide 4 illustrates approximately $300 million of total deposit growth during the quarter. We experienced strong growth in interest bearing transaction accounts and retail CDs, which offset non-interest bearing deposit declines and indirect CD maturities. The pace of non-interest bearing deposit runoff has flowed but mix shift to interest-bearing products has continued to weigh an our total deposit cost.

謝謝你，艾拉。投影片 4 顯示本季存款總額成長約 3 億美元。我們的計息交易帳戶和零售存款證強勁成長，抵銷了無利息存款下降和間接存款證到期的影響。無利息存款流失的速度有所放緩，但向有息產品的混合轉移繼續影響我們的總存款成本。

Slide 5 provides more detail on the continued diversity of our deposit portfolio. During the quarter, we benefited from stability in our branch-based deposits and strong growth in our specialized verticals. Inflows were particularly strong in our national deposits business and through our online channel. These dynamics enabled us to pay off some maturing indirect CDs during the quarter. We also continued to reduce our adjusted uninsured deposit exposure and have significant coverage with cash and high quality liquidity.

投影片 5 提供了更多有關我們存款組合持續多元化的細節。本季度，我們受益於分行存款的穩定和專業垂直領域的強勁成長。我們的國民存款業務和線上管道的資金流入尤其強勁。這些動態使我們能夠在本季度償還一些到期的間接存款證。我們也繼續減少調整後的未保險存款風險，並擁有大量現金和高品質流動性。

Slide 6 further illustrates the diversity and granularity of our deposit base. No single commercial industry accounts for more than 7% of our deposits. Our government portfolio remains diversified across our footprint and is fully collateralized relative to state collateral requirements.

投影片 6 進一步說明了我們存款基礎的多樣性和粒度。沒有任何一個商業行業占我們存款的比例超過7%。我們的政府投資組合在我們的業務範圍內保持多元化，並根據國家抵押要求提供充分抵押。

Now turning to Slide 7, you can see an overview of our loan growth and portfolio composition. Annualized loan growth on a year-to-date basis has slowed consistently as the year has progressed. Originations decline meaningfully during the quarter as we require wider spreads on new loans. These efforts continue to result in higher new origination yields.

現在轉向幻燈片 7，您可以看到我們的貸款成長和投資組合構成的概述。隨著時間的推移，年初至今的年化貸款成長持續放緩。由於我們要求新貸款利差擴大，本季貸款發放量大幅下降。這些努力繼續帶來更高的新產品收益率。

Slide 8 breaks down the diversity of our commercial real estate portfolio by collateral type and geography. As a reminder, we have an extremely granular loan portfolio with an average loan size of roughly $5 million. From a metric perspective, our weighted average LTV remains at 58%. As interest rates have increased, net service coverage ratios have declined somewhat to 1.7x. We continue to closely monitor pools of maturing and resetting loans and believe that our borrowers are well-positioned to absorb the pass through of higher rates. This reflects consistent underwriting discipline at conservative cap rates and significant stress testing efforts at origination. The following slide illustrates the continued strong metrics and granular composition of our diverse office portfolio.

幻燈片 8 按抵押品類型和地理位置細分了我們商業房地產投資組合的多樣性。提醒一下，我們擁有極其精細的貸款組合，平均貸款規模約為 500 萬美元。從指標角度來看，我們的加權平均 LTV 維持在 58%。隨著利率上升，淨服務覆蓋率下降至 1.7 倍。我們繼續密切監控到期和重置貸款池，並相信我們的借款人有能力吸收更高利率的影響。這反映了保守資本化率下一致的承保紀律以及發起時的重大壓力測試工作。下一張投影片展示了我們多元化辦公室組合的持續強勁指標和精細組成。

With that, I will turn the call over to Mike Hagedorn to provide additional insight on the quarter's financials.

接下來，我將把電話轉給邁克·哈格多恩 (Mike Hgedorn)，以提供有關本季度財務狀況的更多見解。

Thanks, Tom. Slide 10. Illustrates Valley's recent quarterly net interest income and margin trends. The sequential $7 million decline in net interest income was less than half of the reduction experienced in the second quarter of the year. While asset yields continue to improve continued pricing competition and mixed shift drove funding costs higher.

謝謝，湯姆。投影片 10。說明 Valley 最近的季度淨利息收入和利潤率趨勢。淨利息收入季減 700 萬美元，不到今年第二季降幅的一半。雖然資產收益率持續改善，但持續的定價競爭和混合轉型推高了融資成本。

On the second quarter call, we indicated that we were observing signs of net interest income stabilization. During the quarter, monthly net interest income was generally stable and higher than the June level. Our fully tax equivalent net interest margin declined a modest 3 basis points on a linked quarter basis versus 22 basis points in the second quarter of 2023 and has been generally stable over the last few months. All else equal, we expect fourth quarter net interest income to be relatively in line with the third quarter level. By the end of the quarter, our liquidity position has been effectively normalized. Absent abnormal environmental factors, we expect cash to remain generally consistent with third quarter levels.

在第二季電話會議上，我們表示我們正在觀察淨利息收入穩定的跡象。本季度，月度淨利息收入整體穩定，高於6月水準。與 2023 年第二季的 22 個基點相比，我們的全額稅等值淨利差按季度小幅下降了 3 個基點，並且在過去幾個月中總體保持穩定。在其他條件相同的情況下，我們預計第四季淨利息收入將與第三季水準相對一致。到本季末，我們的流動性狀況已有效正常化。在沒有異常環境因素的情況下，我們預期現金將與第三季水準基本保持一致。

Moving to Slide 11, we generated nearly $59 million of non-interest income for the quarter as compared to $60 million in the second quarter. Exclusive of approximately $6 million of non-core items, adjusted non-interest income was closer to $52 million for the quarter. The decline was primarily related to lower capital markets fees associated with our slower loan growth. Other business lines were generally stable.

轉向幻燈片 11，我們本季產生了近 5,900 萬美元的非利息收入，而第二季為 6,000 萬美元。不包括約 600 萬美元的非核心項目，本季調整後的非利息收入接近 5,200 萬美元。下降主要與貸款成長放緩導致資本市場費用降低有關。其他業務整體穩定。

On Slide 12, you can see that our non-interest expenses were approximately $267 million for the quarter or approximately $264 million on an adjusted basis. Adjusted expenses declined from the prior quarter despite an increase in certain technology costs partially associated with our successful core conversion. Specifically, we began to see the benefits of recent headcount reductions about midway through the quarter. FDIC assessment costs and outside consulting fees also declined on a sequential basis. We continue to execute on previously identified efforts to slow future expense growth. Legacy Valley and Leumi have now joined on a common core. After a certain adjustment period, we expect the core conversion to result in the next wave of previously announced cost savings early in the new year. To reiterate, our focus is on controlling expenses in the face of revenue pressures which have resulted from the inverted yield curve.

在投影片 12 上，您可以看到本季我們的非利息支出約為 2.67 億美元，調整後約為 2.64 億美元。儘管某些技術成本增加，部分與我們成功的核心轉換有關，但調整後的費用較上一季下降。具體來說，我們在本季中期開始看到最近裁員的好處。 FDIC 評估成本和外部諮詢費用也比去年同期下降。我們繼續執行先前確定的減緩未來費用成長的努力。 Legacy Valley 和 Leumi 現在已經加入了一個共同的核心。經過一定的調整期後，我們預計核心轉換將在新年伊始帶來下一波先前宣布的成本節約。重申一下，面對殖利率曲線倒掛帶來的收入壓力，我們的重點是控制支出。

Turning to Slide 13, you can see our asset quality trends for the last 5 quarters. Non-accrual loans have been effectively flat for the last 3 quarters. Early stage delinquencies ticked up during the quarter, but remain well below the average level of the last 12 months. Third quarter net charge-offs declined somewhat from recent levels.

翻到投影片 13，您可以看到我們過去 5 個季度的資產品質趨勢。過去三個季度的非應計貸款實際上持平。本季早期拖欠率有所上升，但仍遠低於過去 12 個月的平均值。第三季淨沖銷較近期水準下降。

On Slide 14, you can see that tangible book value increased approximately 1.4% for the quarter and is up nearly 10% from a year ago. Our balance sheet positioning has enabled us to avoid the significant challenges that other peers have faced related to the OCI impact associated with available for sale securities. We manage all risk areas prudently and are proud in our ability to insulate tangible capital from this headwind. Tangible common equity to tangible assets increased to 7.4% during the quarter as a result of our normalized cash position. As loan growth slowed, our risk-based regulatory capital ratios have increased between 16 and 18 basis points as compared to the second quarter of 2023. We continue to prioritize organic capital growth in this challenging environment and are prudently managing our balance sheet to incrementally strengthen our position.

在投影片 14 上，您可以看到本季有形帳面價值成長了約 1.4%，比一年前成長了近 10%。我們的資產負債表定位使我們能夠避免其他同業所面臨的與可供出售證券相關的 OCI 影響相關的重大挑戰。我們審慎地管理所有風險領域，並為我們有能力使有形資本免受這種逆風的影響而感到自豪。由於我們的現金部位正常化，本季有形普通股與有形資產的比率增加至 7.4%。隨著貸款成長放緩，我們基於風險的監管資本比率與2023 年第二季度相比增加了16 至18 個基點。在這個充滿挑戰的環境中，我們繼續優先考慮有機資本增長，並審慎管理我們的資產負債表，以逐步強化我們的立場。

With that, I'll turn the call back to the operator to begin Q&A.

之後，我會將電話轉回接線生開始問答。

At this time, we will conduct the question-and-answer session. (Operator Instructions) Our first question comes from Frank Schiraldi with Piper Sandler.

這時，我們將進行問答環節。 （操作員說明）我們的第一個問題來自 Frank Schiraldi 和 Piper Sandler。

Just on the trajectory of NII/NIM, I mean, you talked about the hopeful trough here. In a higher-for-longer scenario, just thinking out into 2024, do you think there's some stabilization in NIM and then you get a reversal from there so you get a little bit of a trajectory upwards? Or is it more sort of like in higher-for-longer sort of bouncing along the bottom for a period of time? Just wondering your general thoughts there.

就 NII/NIM 的軌跡而言，我的意思是，您在這裡談到了充滿希望的低谷。在長期較高的情況下，考慮到 2024 年，您是否認為淨利差會有所穩定，然後會出現逆轉，從而出現一點向上的軌跡？或者它更像是在一段時間內沿著底部反彈更長一段時間？只是想知道你的整體想法。

Frank, it's Mike. I think that when you look at the trajectory of NIM in 2023, as we said in our prepared remarks, we've been in that mid-290s to low 290 range since April, and when you look at the cost of deposits, you'll notice that from fourth quarter to first quarter, they were up 60 basis points. From first quarter '23 to second quarter of '23, they were up 49 and they were up 49 into third quarter as well. So we're starting to see a normalization both in the cost but also in the NIM. In a higher-for-longer rate environment, I think a couple things would happen that would all things being equal result in a slightly higher NII and slightly higher NIM. The first of those and it's been true for all of 2023, the biggest driver of the compression on our NIM has been the rotation out of non-interest bearing and into interest-bearing product. So I would think in a higher-for-longer environment, there's some place, some equilibrium that we see a plateau in that. Second, you got to keep in mind that we've had a very large liquidity build both at the end of the first quarter and throughout the second quarter as a result of all the chaos that was created with the bank failures earlier this year that is completely off our balance sheet as of 930. And then when you go forward and you kind of think about deposits stabilizing, I think the thing that will drive, at least in our current modeling, the thing that will drive NIM expansion and NII increases is going to be the repricing on our assets, earning assets, but more specifically loans. And as we look at our modeling, we know what our fixed rate book repricing is, along with the repricing opportunities that we have throughout 2024 in the adjustable rate book. So we would expect that to be the main driver of a NIM expansion next year.

弗蘭克，是麥克。我認為，當你觀察2023 年淨利差的軌跡時，正如我們在準備好的發言中所說，自4 月份以來，我們一直處於290 左右至290 左右的區間，當你觀察存款成本時，你會發現你會注意到，從第四季度到第一季度，它們上漲了 60 個基點。從23年第一季到23年第二季度，他們上漲了49%，進入第三季也上漲了49%。因此，我們開始看到成本和淨利差都在正常化。在長期利率較高的環境中，我認為會發生一些事情，在所有條件相同的情況下，會導致NII和NIM略高。首先，2023 年全年都是如此，我們的淨利差壓縮的最大驅動因素是從無息產品轉向有息產品。所以我認為，在一個更高、更長期的環境中，我們會在某個地方、某個平衡點看到一個平台期。其次，你必須記住，由於今年早些時候銀行倒閉造成的混亂，我們在第一季末和整個第二季度都建立了非常大的流動性。截至930 年，我們的資產負債表完全消失了。然後，當您繼續前進並考慮存款穩定時，我認為至少在我們當前的模型中，推動NIM 擴張和NII 增加的因素是將是對我們的資產、盈利資產，更具體地說是貸款的重新定價。當我們查看模型時，我們知道固定利率帳面重新定價是什麼，以及 2024 年全年可調整利率帳面上的重新定價機會。因此，我們預計這將成為明年淨利差擴張的主要驅動力。

Appreciate all the color, Mike. And then just as a follow up to that, in terms of the broker balances, it looks like you guys have had some really good success raising customer deposits. And so you've let these roll off. I guess do you expect that to continue? And if so, as you look out at the maturization table, when do you expect or how quickly do you expect brokered balances to kind of fall here?

欣賞所有的顏色，麥克。然後，作為後續行動，就經紀商餘額而言，看起來你們在提高客戶存款方面取得了一些非常好的成功。所以你已經讓這些滾下來了。我想你希望這種情況能繼續下去嗎？如果是這樣，當您查看到期表時，您預計經紀餘額何時或以多快的速度會下降？

Yes, so our current thinking and our current modeling is that we will see further reduction in our brokerage balances, and that's certainly one of our goals, but I want to make sure everybody understands how we've been using broker. We've been using broker throughout '23 to fill the gaps, especially earlier in the year when we had much higher loan growth to fill the gaps on the balance sheet expansion while also paying very close attention that we're not repricing the back book of our core deposit base. And the second thing that we've done is we've used that in the stopgap measures. We've used both duration and rate in that portfolio to help manage our NIM and NII. And so I know they have a bad connotation sometimes. They've been a very effective and the market has been excellent for us to use that certain times, in certain circumstances and very effectively.

是的，所以我們目前的想法和模型是，我們將看到經紀餘額進一步減少，這當然是我們的目標之一，但我想確保每個人都了解我們如何使用經紀商。我們在整個23 年一直在使用經紀人來填補空白，特別是在今年早些時候，當時我們的貸款增長要高得多，以填補資產負債表擴張的空白，同時也非常密切地關注我們不會重新定價後台帳簿我們的核心存款基礎。我們所做的第二件事是我們將其用於權宜之計。我們在該投資組合中使用了久期和利率來幫助管理我們的淨利差和淨利差。所以我知道它們有時有不好的意思。它們非常有效，而且市場非常適合我們在某些​​時間、某些情況下非常有效地使用。

And just lastly on that front in terms of, as you look at the indirect market versus what you're able to get directly from customers here, is there much of a difference in terms of pricing in terms of new broker versus new direct?

最後，在這方面，當您查看間接市場與直接從客戶那裡獲得的市場時，新經紀人與新直接經紀人的定價是否有很大差異？

Yes, the inversion of the curve probably is the biggest impact on that. If you're talking about exactly the same duration, I would say the incremental cost of deposits is fairly close to one another. So there may be 10 basis point difference, but it's not that remarkably different. So I think, again, go back to my previous comments is if you want to use that for both rate and duration, but in that case that you're asking about, you probably want to manage duration in this inverted curve.

是的，曲線的反轉可能是對此影響最大的。如果您談論的是完全相同的期限，我會說存款的增量成本彼此相當接近。因此可能存在 10 個基點的差異，但差異並不大。因此，我認為，再次回到我之前的評論，如果您想在速率和持續時間上使用它，但在您詢問的情況下，您可能希望管理此倒置曲線中的持續時間。

Frank, this Ira. I would just add to that when we think about the incremental piece of deposits, as Mike alluded to earlier, there was significant demand for us to put some of those incremental deposits based on the loan growth we were seeing. And that obviously ratcheted up the incremental cost of some of these deposits. As we now have scaled back some of the loan growth, the demand for those broker deposits and higher cost CDs have actually come a bit down and we're still originating for deposits. I think as we spoke about last time on the call, the overall deposit originations for this quarter were around 370, 380-ish. So on a blended basis, marginal deposits are coming in much cheaper than what the indirects are. And as we curtail the loan growth, we definitely anticipate some expansion on margin based on that incremental loan that's coming out to our products.

弗蘭克，這個艾拉。我想補充一點，當我們考慮增量存款時，正如麥克之前提到的那樣，我們有很大的需求根據我們所看到的貸款成長來存入一些增量存款。這顯然增加了其中一些存款的增量成本。由於我們現在已經縮減了部分貸款成長，對經紀人存款和成本較高的存款證的需求實際上有所下降，而我們仍在吸收存款。我認為正如我們上次在電話會議上談到的那樣，本季的總存款來源約為 370、380 筆左右。因此，在混合基礎上，邊際存款比間接存款便宜得多。當我們限制貸款成長時，我們肯定會根據我們產品的增量貸款預計保證金會有所擴張。

Our next question comes from Matthew Breeze with Stevens.

我們的下一個問題來自馬修·布雷茲和史蒂文斯。

Maybe just sticking with the NIM, can you provide what the monthly NIM was across the quarter and is the September NIM a good launch point into fourth quarter about where it could shake out for the fourth quarter?

也許只是堅持淨利差，您能否提供整個季度的月度淨利差，以及 9 月份的淨息差是否是第四季度的一個很好的啟動點，以了解第四季度的情況？

And Matt, this is Travis. Just on a monthly basis, July with 291, August 292 and September with 291. So when we say it was pretty stable throughout the quarter, I mean, we really mean it. So September and the quarter were the same number. But yes, that's a good launch point.

馬特，這是崔維斯。僅按月計算，7 月為 291 個，8 月為 292 個，9 月為 291 個。因此，當我們說整個季度相當穩定時，我的意思是，我們是認真的。所以九月和季度是相同的數字。但是，是的，這是一個很好的起點。

And then I was hoping also for some additional color on additional near-term loan growth outlook and maybe perhaps when you would feel comfortable reaccelerating loan growth.

然後我還希望對近期貸款成長前景有一些額外的了解，也許當你願意重新加速貸款成長時。

Matt, it's Tom. The loan growth the fact of slowing it down and really customer related, the uncertainty of the rate market as well as widening spreads has slowed down their activity. We still service those valued real estate customers when they need it, and we continue to grow that portfolio just at a much slower base. I just want to point out our C&I portfolio has grown 12% over the last year, so our focus is really just on that relationship driven C&I piece. We're still getting higher percent growth in the Florida market and stable growth here in the Northeast. I would expect C&I, that growth in the fourth quarter to be in a similar fashion to the third quarter, and we'll be in that range of 7% to 9% for the year.

馬特，是湯姆。貸款成長放緩的事實與客戶相關、利率市場的不確定性以及利差擴大已經減緩了他們的活動。我們仍然在需要時為那些有價值的房地產客戶提供服務，並且我們繼續以較慢的速度成長該投資組合。我只想指出，我們的 C&I 投資組合去年增長了 12%，因此我們的重點實際上只是關係驅動的 C&I 部分。我們在佛羅裡達市場的成長百分比仍然較高，在東北地區的成長也穩定。我預計第四季的 C&I 成長將與第三季類似，全年成長將在 7% 至 9% 之間。

And then Ira just acknowledging yours and Valley's relationship with Bank Leumi and first just wishing everybody on your end and on Leumi's end the best as they deal with the horrific events over in Israel. In light of that, I was curious if events overseas will have, and because of the partnership, any impact on your bank balance sheet or private client group in any way?

然後，Ira 承認您和 Valley 與國民銀行的關係，並首先祝福您和國民銀行的每一個人在處理以色列發生的可怕事件時一切順利。有鑑於此，我很好奇海外活動是否會對你們的銀行資產負債表或私人客戶群產生任何影響，並且由於合作關係？

This is Ira. I know for all of our employees and clients, it's been a very difficult time. That said, Bank Leumi obviously is a significant partner for us on the participation side. We haven't seen any interruption as of yet, and we continue to anticipate business as usual. But definitely difficult for a lot of people. We still think we're going to continue to move forward and not be impacted by it.

這是艾拉。我知道對於我們所有的員工和客戶來說，這是一個非常困難的時期。也就是說，國民銀行顯然是我們參與的重要夥伴。到目前為止，我們還沒有看到任何中斷，我們繼續預期業務會照常進行。但對很多人來說絕對是困難的。我們仍然認為我們將繼續前進，不會受到它的影響。

Matt, it's Tom. Just give you a little context here. The only direct loan exposure we have is to high net worth US citizens and it's secured by State of Israel bonds and it's a very, very small portfolio. Otherwise we help finance domestic subsidiaries of Israeli companies, but it's all done here in the US-based and entities. The back and forth and flow of business slowed down really based on natural economic conditions, but it's business as usual in working with them on partner transactions.

馬特，是湯姆。這裡只是給你一些背景資訊。我們唯一的直接貸款是針對高淨值美國公民的，它由以色列國債券擔保，而且是一個非常非常小的投資組合。否則，我們會幫助以色列公司的國內子公司融資，但這一切都是在美國的實體完成的。業務往來和流動確實是基於自然經濟條件而放緩，但與他們進行合作夥伴交易卻一切如常。

And then could you give us some update as to where we are in the previously mentioned cost saving plan, I believe it was like $40 million identified? Last we spoke it was expected to progress over 4 quarters. How is execution matching up versus planning? Is there anything else you've uncovered as you've kind of looked into this in terms of additional cost saves?

然後您能否給我們一些關於我們在前面提到的成本節約計劃中所處位置的最新信息，我相信這大約是確定的 4000 萬美元？上次我們談到，預計將在 4 個季度內取得進展。執行與計劃如何匹配？當您研究此問題以節省額外成本時，您還發現了什麼嗎？

Yes, Matt, it's Travis. In the quarter, I'd say you probably got 20% to 25% of on an annualized basis what we had anticipated. I don't expect much incrementally in the fourth quarter. Post-conversion, we're keeping, it's 14 staffed up and running. But then as we get into the first half of 2024, I think that's where you get the next wave which will come from a combination of third party vendors and some additional resource efficiencies. So I don't anticipate much in the fourth quarter. But again, once we get to the first half of 2024, I think that's where you see you the bulk of what's remaining. We are still looking obviously post-conversion at opportunities that we hadn't previously identified. And so we'll continue to dig there.

是的，馬特，我是崔維斯。我想說，在本季度，您的年化收益可能是我們預期的 20% 到 25%。我預計第四季不會有太大增量。轉換後，我們保留了 14 名員工並正在運作。但當我們進入 2024 年上半年時，我認為下一波浪潮將來自第三方供應商和一些額外資源效率的結合。所以我對第四季的預期並不多。但同樣，一旦我們到達 2024 年上半年，我認為這就是剩下的大部分內容。顯然，我們仍在尋找轉換後我們之前未發現的機會。所以我們將繼續在那裡挖掘。

Yes. And we should be thinking of expense plan as one that slows down the natural pickup and expenses versus one that dollar for dollar lowers the run rate? Correct?

是的。我們應該將支出計劃視為減緩自然成長和支出的計劃，而不是逐美元降低營運率的計劃？正確的？

That's correct. So I mean, if you think, and this is just high level, and I don't mean for these to be numbers to take away, but historically we've run kind of high single digits from an operating expense growth perspective as a growth company. There are obviously headwinds from an inflation perspective, FDIC cost regulatory perspective on top of that. And then we're just trying to work our way back into kind of that mid-single digit expense growth level based on these initiatives.

這是正確的。所以我的意思是，如果你認為這只是高水平，我並不是說這些是可以帶走的數字，但從歷史上看，從運營費用增長的角度來看，我們已經達到了較高的個位數增長。公司。從通膨角度以及聯邦存款保險公司 (FDIC) 成本監管角度來看，顯然存在阻力。然後，我們只是試圖根據這些舉措，努力恢復到中個位數的支出成長水準。

Last one for me is just I don't know if you have one or not, but could you just comment if you do on syndicated loan exposure? What's the size of that book? How is it performing? Any other metrics we should be aware of there?

我的最後一個問題是，我不知道你是否有，但如果你有銀團貸款敞口，你能發表一下評論嗎？那本書有多大？表現如何？我們還應該注意其他任何指標嗎？

Yes, sure, Matt, it is Tom again. The portfolio is about $1.4 billion spread over a number of loans. We're not HLC lenders, we don't really have leverage transactions in there. They're mostly club deals with a small group of banks, direct contact relationships with any of the borrowers, and they're all in market.

是的，當然，馬特，又是湯姆。該投資組合約 14 億美元，分佈在多項貸款中。我們不是 HLC 貸方，我們實際上沒有槓桿交易。它們大多是與一小部分銀行的俱樂部交易，與任何借款人都有直接聯繫關係，而且它們都在市場上。

We lead a lot of those transactions also. We're not participant. We tend to be the lead bank in over 50% of that.

我們也主導了許多此類交易。我們不是參與者。我們往往是其中 50% 以上的牽頭銀行。

Our next question comes from Michael Perito with KBW.

我們的下一個問題來自 KBW 的 Michael Perito。

Just taking into context of all the commentary you guys have given around NII and the expense plan kind of execution. Is it fair for us to be thinking about the third quarter of '23 as probably the peak in the efficiency ratio here and are you guys at this point able to provide any kind of context around the type of year-on-year improvement you're hoping the expense plan can drive assuming your NII projections kind of play out as you expect them today?

只要考慮一下你們對 NII 和費用計劃執行的所有評論的背景。我們認為 23 年第三季可能是這裡效率比的峰值是否公平？您現在是否能夠提供有關同比改進類型的任何背景資訊？假設您的 NII 預測符合您今天的預期，您是否希望支出計劃能夠推動？

So I don't think there's any bank CFO that would say that third quarter would tend to be their peak. I think fourth quarter tends to be the peak for a lot of reasons, right? You have year-end expenses that get pushed through. There's some bonus accrual work sometimes in the fourth quarter that might drive costs up. So I wouldn't necessarily agree with that it's third quarter, but I would point you back to Travis's comments right before that. If it is fourth quarter, that's actually the peak. Again in the first half of '24, we expect to realize the vast majority, the remainder and the vast majority of our previously announced cost savings initiatives, which in turn would then drive down our efficiency ratio.

因此，我認為沒有任何銀行財務長會說第三季度往往會是他們的頂峰。我認為第四季往往是高峰，原因有很多，對嗎？您有需要延後的年終費用。第四季有時會出現一些應計獎金的工作，這可能會推高成本。所以我不一定同意這是第三季度，但我會指出特拉維斯之前的評論。如果是第四季度，那實際上就是高峰。同樣，在 24 年上半年，我們預計將實現我們先前宣布的成本節約計劃的絕大多數、剩餘部分和絕大多數，這反過來又會降低我們的效率比。

That's helpful. And then just a couple more quick ones on, I think the kind of New York, New Jersey area credit, commercial real estate dynamics, we probably beat the dead horse on that for quite some time now, but just curious if you guys can maybe provide some context about updated demographics and trends you're seeing in the Florida and Alabama market. I mean, are there similar kind of supply and demand dynamics? Is there still kind of inflow of population growth? And just wondering kind of what the demographics are down there more recently?

這很有幫助。然後還有一些快速的問題，我認為紐約、新澤西地區的信貸、商業房地產動態，我們可能在相當長一段時間內在這方面擊敗了死馬，但只是好奇你們是否可以提供一些有關你在佛羅裡達州和阿拉巴馬州市場看到的最新人口統計和趨勢的背景資訊。我的意思是，是否有類似的供需動態？人口成長還有流入嗎？只是想知道最近那裡的人口統計數據如何？

Yes, sure. Michael this is Tom. Yes, the impacts of slowing and higher interest rates are affecting them also. The metrics on the transactions we do aren't any different. They're below 60% loan to value, usually 1.6% or 1.7% debt service coverage. So we're still generating transactions with those similar metrics. We are seeing continued growth in those markets. The population migration has slowed, but there's still migration into that Florida market. Our consumer business is strong down there, but probably half of what it was in the earlier part of this year. It is still a growth market for us in all cases. But I'll continue to point out, we underwrite very conservatively in all markets. We have floors that are cap rates in all markets. We track those cap rates. We are more suburban than urban. We're not big players in the Miami market. We're more spread around the 6 or 7 other major areas of Florida.

是的，當然。邁克爾，這是湯姆。是的，經濟放緩和利率上升的影響也正在影響它們。我們所做的交易的指標沒有任何不同。它們的貸款價值比低於 60%，通常為 1.6% 或 1.7% 的償債覆蓋率。因此，我們仍在使用這些類似的指標來產生交易。我們看到這些市場持續成長。人口遷移已經放緩，但仍有移民進入佛羅裡達市場。我們的消費者業務在那裡很強勁，但可能只有今年早些時候的一半。無論如何，這對我們來說仍然是一個成長的市場。但我將繼續指出，我們在所有市場的承保都非常保守。我們在所有市場都有上限利率下限。我們跟踪這些上限利率。我們更多的是郊區而不是城市。我們不是邁阿密市場的大玩家。我們更多分佈在佛羅裡達州的其他 6 或 7 個主要地區。

And then just the last one for me. Just once again, kind of taking into context all your other commentaries, it's fair for us to be thinking about kind of the asset base to be pretty stable here for the next several quarters and then possibly some lift beyond that, assuming the environment is permitting kind of growth reaccelerating, is that similar to how you guys are budgeting it? Or is there anything that you would point to that could make a difference?

然後是我的最後一個。再一次，考慮到您所有其他評論的背景，我們可以公平地考慮未來幾個季度的資產基礎相當穩定，然後可能會有所提升（假設環境允許）增長重新加速，這與您的預算方式相似嗎？或者您認為有什麼可以帶來改變嗎？

No, I think you have it generally right, Mike. I mean, I think end of the third quarter, our cash position was normalized. I think Tom referenced the growth that we anticipate in the fourth quarter and then kind of picking up maybe somewhat in 2024, but I don't think there's any type of significant other changes that you would see on the balance sheet.

不，我認為你基本上是對的，麥克。我的意思是，我認為第三季末，我們的現金狀況已經正常化。我認為湯姆提到了我們預計第四季度的成長，然後在 2024 年可能會有所回升，但我認為您不會在資產負債表上看到任何類型的重大其他變化。

Our next question comes from Jon Arfstrom with RBC capital markets.

我們的下一個問題來自加拿大皇家銀行資本市場的喬恩‧阿夫斯特羅姆 (Jon Arfstrom)。

Maybe a question for you, Mike. On Slide 11, you show the fee income numbers and capital markets being down and you tied it to loan growth. What kind of expectations should we have for capital markets? And then also curious if there's any kind of expense offset how much bottom line impact there is to lower capital markets fees?

也許有個問題要問你，麥克。在投影片 11 中，您顯示了費用收入數據和資本市場的下滑，並將其與貸款成長連結起來。我們應該對資本市場抱持什麼樣的期待？然後也想知道是否有任何費用可以抵消降低資本市場費用對底線的影響有多大？

Jon, it's Tom. Yes. The capital markets for us has really been driven by gain on sale in the consumer readily space as well as swaps in the commercial space. We expect that to be flat going forward. We don't expect any lift there. We have other avenues and we have a tax advisory business. We get this slight uptick in the fourth quarter to get things closed by year-end. We continue to build out our FX and trades, which shows progress quarter-to-quarter, but we're expecting flat into next year.

喬恩，是湯姆。是的。對我們來說，資本市場實際上是由消費領域的銷售收益以及商業領域的互換所推動的。我們預計未來將持平。我們預計那裡不會有電梯。我們還有其他途徑，我們有稅務諮詢業務。我們在第四季度略有上升，以便在年底前完成工作。我們繼續擴大我們的外匯和交易，這表明每個季度都取得了進展，但我們預計明年將持平。

Credit looks great, but some of the accruing path dues are up sequentially. Anything to note there? Anything that you're thinking about there that we should be aware of?

信用看起來不錯，但有些應計費用會依次增加。那裡有什麼要注意的嗎？您認為有什麼我們應該注意的嗎？

No. I'm looking at really it is coming out of the consumer and (inaudible) buckets. On the consumer side, it's primarily our cash surrender value life insurance business. It's a matter of liquidating and collecting on there. So that's not going to be problematic from any potential loss standpoint. On the (inaudible) side, I just want to point out our 2Q levels were abnormally low. We are still below where we were a year ago. At this point, we're about $99 million in the third quarter of '22 or $79 million in third quarter of '23. So we're really gravitating to more normal levels. So no, we don't anticipate any problems.

不，我真正看到的是它來自消費者和（聽不清楚）桶。在消費者方面，主要是我們的現金退保價值人壽保險業務。這是一個清算和收集的問題。因此，從任何潛在損失的角度來看，這都不會成為問題。在（聽不清楚）方面，我只想指出我們的第二季水準異常低。我們仍低於一年前的水平。目前，我們在 22 年第三季的營收約為 9,900 萬美元，在 23 年第三季的營收約為 7,900 萬美元。所以我們確實傾向於更正常的水平。所以不，我們預計不會有任何問題。

And then Mike, you referenced Slide 4, that upper right chart with the deposit cost increases and what do you think that looks like in a quarter or 2? I mean that you referenced the $49 and $49 for the last 2 quarters, but is that curve bending at all from the $49?

然後，麥克，您引用了幻燈片 4，右上方的圖表顯示存款成本增加，您認為第一季或第二季後會是什麼樣子？我的意思是，您提到了過去兩個季度的 49 美元和 49 美元，但曲線是否從 49 美元開始彎曲？

If it's bending, it is ever slow slide? I think you'll see the real bend inflection point happen early next year, but you still see some migration if it is slowed considerably, but you still see some migration from non-interest sparing into interest bearing from an incremental next dollar cost of deposit funding. And for more broadly even liability funding, that is definitely stabilized in that mid 5-ish range.

如果它是彎曲的，那麼它是緩慢滑動的嗎？我認為你會看到真正的彎曲拐點發生在明年初，但如果它大幅放緩，你仍然會看到一些遷移，但你仍然會看到一些從非利息儲蓄到利息的遷移，從增量的下一美元存款成本資金。對於更廣泛的負債融資來說，它肯定穩定在 5 左右的中間範圍。

Our next question comes from Manan Gosalia with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬南·戈薩利亞。

You spoke about getting high yields on new originations and that fixed rate loan repricing will be one of the main drivers of NIM expansion from here. Could you give us a more color on what level of loans are repricing? At what level loans are repricing at over the currently? And if you could size the amount of fixed rate loans that are coming due over the next year or so?

您談到了新發放的高收益，以及固定利率貸款重新定價將是淨利差擴張的主要驅動力之一。您能給我們更多關於重新定價的貸款水平的資訊嗎？目前貸款重新定價的水平是多少？您是否可以確定明年左右到期的固定利率貸款的金額？

Yes, it's Tom here. Give you some context. We repriced about $1.8 billion of loans for the first 9 months of this year. This spread, it really depends on asset class, but the spreads are in the mid-350, around the 350 or so range. We expect that to continue. Looking forward, there's probably another $600 million on reprices over the next 6 months. We expect those spreads to be the same. There's also a lot of renewing loans that will mature. So it tends to be that $1 billion dollar or so range over the next 6 months in total.

是的，湯姆在這裡。給你一些背景。今年前 9 個月，我們對約 18 億美元的貸款進行了重新定價。這個價差，確實取決於資產類別，但價差在350中間，大約在350左右的範圍。我們預計這種情況會持續下去。展望未來，未來 6 個月內可能還會有 6 億美元的重新定價費用。我們預計這些價差將相同。還有大量即將到期的更新貸款。因此，未來 6 個月的總金額通常為 10 億美元左右。

Yes, I think that that number's a little bit overstated, right? So we have or a little bit understated, excuse me. So we have a $20 billion fixed rate portfolio. Average life has extended to about 5 years. So if you do the math, I mean, just assuming all else equal, you'll get about $4 billion a year of fixed rate loans that come due and would ultimately reprice higher. And I think the one other thing, if you look at I forget what slide is, maybe the Slide 7, you can look at the credit spreads, right? So if you go back to just 3 quarter of '22 and you look at where the new origination yield was versus where the index was, you're sitting around a 200 basis point spread and you do the same map just today you're sitting at about 270 basis point spread. So new originations are coming on definitely at a higher spread. And as Travis and Tom both alluded to the repricing is probably going to come on at 300 basis to 400 basis points above where current rates are today on those. So there's a significant pickup when you think about the $4 billion plus or minus as to what's going to be new next year.

是的，我認為這個數字有點誇大了，對吧？所以我們已經或有點低調了，請原諒。因此，我們擁有 200 億美元的固定利率投資組合。平均壽命延長至5年左右。因此，如果你計算一下，假設其他條件相同，你每年將獲得約 40 億美元的固定利率貸款，這些貸款到期後最終會重新定價更高。我認為另一件事，如果你看我忘記了幻燈片是什麼，也許是幻燈片 7，你可以看看信用利差，對嗎？因此，如果您回到 22 年 3 季度，查看新的原始收益率與指數的位置，您會發現價差約為 200 個基點，並且您今天會繪製相同的地圖利差約為270個基點。因此，新的產品肯定會以更高的價差出現。正如特拉維斯和湯姆都提到的那樣，重新定價可能會比目前的利率高出 300 到 400 個基點。因此，當你考慮到明年新增內容的 40 億美元上下時，就會出現顯著的回升。

And this is Mike. I'll just add to what Ira said. So the simple average of new loan originations in the second quarter was 7.38%, and for the third quarter it was 7.89% and the last month September and that quarter finished just over 8%. So clearly we're seeing repricing on new loan originations, both from the spread increases that both Ira and Tom mentioned, and then also just because of the discipline that we have around here to make sure that we're getting paid for the risk we're taking.

這是麥克。我將補充艾拉所說的內容。因此，第二季新發放貸款的簡單平均值為 7.38%，第三季為 7.89%，而 9 月的最後一個月和該季剛超過 8%。很明顯，我們看到新貸款的重新定價，既來自艾拉和湯姆提到的利差增加，也因為我們在這裡有紀律，以確保我們為我們所承擔的風險獲得報酬。正在服用。

And can we just, I mean I think this is an important piece, right? When we think about sort of our overall portfolio and how we've managed the balance sheet, obviously based on sort of the sensitivity that we have there was a decline in the NIM maybe earlier than what some of our peers were, but we do have a significant amount of tailwind coming from the assets that are going to be priced. So once we get into a more stable environment, whether it is higher for longer or just stable from where we are today, there is that tailwind that's going to come from a significant amount of assets. And I think that will be a significant positive for us.

我們可以，我的意思是我認為這是一個重要的部分，對吧？當我們考慮我們的整體投資組合以及我們如何管理資產負債表時，顯然基於我們的敏感性，淨息差的下降可能早於我們的一些同行，但我們確實有大量的推動力來自將要定價的資產。因此，一旦我們進入一個更穩定的環境，無論是長期處於較高水平還是只是從目前的情況來看穩定，大量資產都將帶來順風。我認為這對我們來說將是一個重大的正面影響。

And maybe just on the flip side, on the funding side, the 360 or so pricing that you mentioned that deposits are coming on at right now, would you be able to provide a breakdown between CDs and savings accounts and what those are coming on at right now? Also if there's any update to your through the cycle deposit data guide of around mid-50s?

也許只是在另一面，在資金方面，您提到的存款現在正在以 360 左右的價格進行，您是否能夠提供 CD 和儲蓄帳戶之間的詳細信息以及它們的具體情況現在？另外，您的 50 多歲左右的周期存款資料指南是否有任何更新？

So on regular savings accounts, you're probably in the mid 3-ish type category, but we also have a high yield savings account out there in our direct channel, which is in the mid-5s, maybe at actually low-5s. And while we don't have a new CD special, we haven't had a new one for a while. We're retaining anywhere from about 92% up of all maturing CDs. So I think that when you think, as I said earlier when I talked about the incremental cost of the next dollar of funding, it's going to be in that mid-to-low 5 range, but you got to realize that it's in certain pockets within our deposit pricing where we've had some growth that are a little more competitive, and that's just for that incremental CD that's coming on. I think the bigger piece is we had our strongest quarter today of new account opening. So though you're seeing a mixed shift still continuing, an average coming out of the non-interest bearing, the number of accounts in non-interest bearing continuing to escalate significantly. And we were able to grow both consumer and commercial. And just as an example, in the month of September, it was a blended commercial that came on with that a rate of 248 for overall deposit base. So while Mike's correct in looking at some of those CDs and what the specials are, and keep in mind we're still originating an opening core account in this organization, like we haven't ever historically be before and that will have seen have a positive impact on how we think about what those marginal funding costs are. So the marginal funding costs that we saw of $360, $370-ish for the quarter on that blend is something we anticipate to continue assuming interest rates they at their current levels.

因此，在常規儲蓄帳戶中，您可能屬於 3 左右類型類別，但我們的直接管道中也有一個高收益儲蓄帳戶，處於 5 左右，實際上可能是 5 左右。雖然我們沒有新的特別 CD，但我們已經有一段時間沒有新的了。我們保留了大約 92% 的到期 CD。所以我認為，正如我之前所說，當我談到下一美元融資的增量成本時，它將處於中低 5 的範圍內，但你必須意識到它在某些人的口袋裡在我們的在存款定價中，我們取得了一些更具競爭力的成長，而這只是針對即將到來的增量CD。我認為更重要的是我們今天迎來了新帳戶開設最強勁的季度。因此，儘管您看到混合轉變仍在繼續，但非計息帳戶的平均數量仍在顯著增加。我們能夠實現消費者和商業的成長。舉個例子，在 9 月份，這是一個混合商業廣告，其整體存款基礎利率為 248。因此，儘管邁克在查看其中一些CD 以及特價商品方面是正確的，但請記住，我們仍在該組織中創建一個開放的核心帳戶，就像我們以前從未經歷過的那樣，並且將會看到有一個對我們如何看待邊際融資成本有正面影響。因此，我們預計該混合季度的邊際融資成本為 360 美元、370 美元左右，我們預計將繼續假設利率維持在目前水準。

And through the cycle mid-50s, any update on that?

在 50 年代中期的周期中，有什麼更新嗎？

I mean, we're far through the cycle estimate was for the fourth quarter of '23 year through the third quarter of '23. We're in the mid-50s, so it's likely that we'll end up above that, but that's factored into all the commentary that we've already given about stable NII in the near-term and opportunity to expand NII as we get into 2024.

我的意思是，我們已經遠遠完成了從 23 年第四季到 23 年第三季的週期估計。我們正處於 50 年代中期，所以我們最終可能會高於這個數字，但這已納入我們已經給出的有關近期穩定 NII 以及隨著我們獲得擴大 NII 的機會的所有評論中到2024年。

Our next question comes from Steve Moss with Raymond James.

我們的下一個問題來自史蒂夫·莫斯和雷蒙德·詹姆斯。

Maybe just more on credit here and just the dynamic of fixed rate loans repricing, just curious what you all are seeing for the impact on debt service coverage ratios and what's the dynamic of how many clients have to put up additional cash to support a loan or a project?

也許這裡更多的是關於信貸和固定利率貸款重新定價的動態，只是好奇你們都看到了對償債覆蓋率的影響，以及有多少客戶必須提供額外現金來支持貸款或的動態是什麼一個專案？

Yes, sure. Steve, it's Tom. As I mentioned earlier, we repriced in 2023 or reset the rate of 2023 on $1.8 billion of our loans. We did not have to modify the contractual payment terms on any of them. They just reset flow through with continued P&I payments, no cash upfront. The customer did need it. I want to point out our upfront underwriting underwrites more conservatively typically a 1.6, 1.7 average debt service coverage, a 60% LTV. So there creates cushion in our upfront analysis.

是的，當然。史蒂夫，是湯姆。正如我之前提到的，我們在 2023 年重新定價或重置了 18 億美元貸款的 2023 年利率。我們不必修改其中任何一個的合約付款條款。他們只是透過持續的保賠付款來重置流量，無需預付現金。客戶確實需要它。我想指出的是，我們的前期承保較為保守，通常平均償債覆蓋率為 1.6、1.7，LTV 為 60%。因此，我們的前期分析創造了緩衝。

And but just given that rates have moved up quite a bit here in the last month or 2, you still expect that dynamic to play out into 2024?

但考慮到過去一兩個月的利率已經大幅上漲，您仍然預期這種動態會持續到 2024 年嗎？

Yes, I think I mentioned earlier, but I think there's another $600 million that will reset over the next 6 months. We do a forward analysis of this. We don't expect any different results or modifications based on that analysis today.

是的，我想我之前提到過，但我認為還有 6 億美元將在未來 6 個月內重置。我們對此進行前瞻性分析。我們預計今天的分析不會產生任何不同的結果或修改。

Maybe just highlighting what Tom said and he said it twice now and I just want to make sure everyone is hearing what he said. We did $1.8 billion and now one client had to come and bring additional equity into it. They reset us to what they were. And I think that's something significant when we look at how we underwrite loans day 1, how we think about resetting these loans and the capacity of our clients to pay. And I think that's a big distinction with versus what you're seeing at other organizations today.

也許只是強調湯姆說的話，他現在說了兩次，我只是想確保每個人都聽到他說的話。我們投資了 18 億美元，現在必須有一位客戶來為其註入額外的股權。他們將我們重置為原來的樣子。我認為，當我們考慮第一天如何承保貸款、如何考慮重置這些貸款以及客戶的支付能力時，這是很重要的。我認為這與您今天在其他組織中看到的情況有很大區別。

And then just in terms of as we think about the outlook going forward here, just curious Ira, I know you said you're focused on organic growth and internally, but are you seeing more M&A opportunities or has any thought process changed here just given the more volatile macro environment?

然後，就我們思考這裡的前景而言，只是好奇艾拉，我知道你說你專注於有機增長和內部增長，但是你是否看到了更多的併購機會，或者考慮到這裡的思維過程是否發生了變化宏觀環境更加不穩定？

I think on the backend, what we're seeing with regards to the curve there's going to be more, definitely a lot more opportunities based on some of the challenges that many banks have. That said, I think we've been very diligent and disciplined around our tangible book value and to have a deal work in this environment becomes very, very challenging. So some of the economics need to change. If you go back to the tangible book value, we had $330 of 2018, which was the first quarter that this management team took over. We were sitting at $5.64. Say we're sitting at $8.63, which is pretty much $3 of incremental tangible book value. When you add in the dividends that we paid out of $2.86 during that same period, we have effectively doubled the tangible book value is a $5.5 year period. And I think that's something that this management team is very, very proud of. We want to make sure as we think about potential acquisitions as we move forward, that we're not denigrating that kind of track record.

我認為在後端，我們所看到的曲線方面，基於許多銀行面臨的一些挑戰，肯定會有更多、絕對更多的機會。也就是說，我認為我們在有形帳面價值方面一直非常勤奮和自律，在這種環境下進行交易變得非常非常具有挑戰性。因此，一些經濟因素需要改變。如果你回到有形帳面價值，我們 2018 年的帳面價值為 330 美元，這是該管理團隊接管的第一季。我們當時的價格是 5.64 美元。假設我們的價格為 8.63 美元，相當於有形帳面價值增量的 3 美元。當你加上我們同期支付的 2.86 美元股息時，我們的有形帳面價值在 5.5 美元的一年內實際上翻了一番。我認為這是這個管理團隊非常非常自豪的事情。我們希望確保，在我們前進的過程中考慮潛在的收購時，我們不會詆毀這種業績記錄。

Our next question comes from Matthew Breese with

我們的下一個問題來自 Matthew Breese

Stevens.

史蒂文斯。

Just one follow up M&A question. Obviously the intensity of the events from March have subsided, but doesn't feel like we're quite out of the woods yet. Just wanted to make sure that when we talk about whole bank M&A versus organic growth, Ira, I would love your thoughts on FDIC assisted deals or if that were to still come about, would that be something you were interested in?

只有一個後續併購問題。顯然，三月事件的強度已經減弱，但我們還沒有完全擺脫困境。只是想確保當我們談論整個銀行併購與有機增長時，Ira，我想聽聽您對 FDIC 協助交易的想法，或者如果這種情況仍然發生，您會對此感興趣嗎？

I think that we've been an active player in FDIC deals before but they have to make economic and those strategic sense for us. And I think those are still 2 variables that are important to us as we think about those as potential avenues for growth. And that said, there is tremendous internal opportunities that we have today as we focused organically on, like I mentioned earlier, change the core here is something that's been significant to us. The growth that we're seeing in C&I has been phenomenal here. If you look at the deposit page, we're up to $8.7 billion in differentiated, specialized deposits today. I mean, that has been significant for us and there's a lot of opportunities still for organic there. So while I think there's definitely opportunities we should look at it, there is something from an FDIC that said I couldn't be more excited about what we're doing here organically and what those outcomes could potentially look like for us.

我認為我們以前一直是 FDIC 交易的積極參與者，但它們必須對我們具有經濟和戰略意義。我認為這兩個變數對我們來說仍然很重要，因為我們將它們視為潛在的成長途徑。也就是說，我們今天擁有巨大的內在機會，因為我們有機地關注，就像我之前提到的，改變這裡的核心對我們來說意義重大。我們在這裡看到的工商業的成長是驚人的。如果您查看存款頁面，我們今天的差異化專業存款高達 87 億美元。我的意思是，這對我們來說意義重大，有機食品仍然有很多機會。因此，雖然我認為我們肯定有機會考慮這個問題，但 FDIC 表示，我對我們在這裡有機地所做的事情以及這些結果對我們來說可能會是什麼樣子感到非常興奮。

I'm showing no further questions at this time. I'd now like to turn it back to Ira Robbins for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請艾拉·羅賓斯（Ira Robbins）致閉幕詞。

Thank you. And I just want to thank everyone for taking the time to listen to our call today and we look forward to speaking to you in 3 months.

謝謝。我只想感謝大家今天抽出時間聆聽我們的電話會議，我們期待 3 個月後與您交談。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。