Webster Financial Corp (WBS) 2022 Q3 法說會逐字稿

Good morning. Welcome to the Webster Financial Corporation Third Quarter 2022 Earnings Call. Please note this event is being recorded.

早上好。歡迎參加韋伯斯特金融公司 2022 年第三季度財報電話會議。請注意，正在記錄此事件。

I would now like to introduce Webster's Director of Investor Relations, Emlen Harmon to introduce the call. Mr. Harmon, please go ahead.

我現在想介紹韋伯斯特的投資者關係總監 Emlen Harmon 來介紹這次電話會議。哈蒙先生，請繼續。

Good morning. Before we begin our remarks, let me remind you that the comments made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and presentation for more information about risks and uncertainties, which may affect us. The presentation accompanying management's remarks can be found on the company's Investor Relations website at investors.websterbank.com.

早上好。在開始我們的評論之前，讓我提醒您，管理層的評論可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並受安全港規則的約束。請查看今天新聞稿和演示文稿中的前瞻性免責聲明和安全港語言，以獲取有關可能影響我們的風險和不確定性的更多信息。可在公司的投資者關係網站investors.websterbank.com 上找到伴隨管理層評論的演示文稿。

I'll now turn the call over to Webster Financial CEO, John Ciulla.

我現在將把電話轉給 Webster Financial 首席執行官 John Ciulla。

Thanks, Emlen. Good morning, everyone, and thank you for joining us for our third quarter earnings call. I'm going to provide remarks on our financial performance, strategic execution and merger integration before turning it over to Glenn to review our financials in more detail.

謝謝，埃姆倫。大家早上好，感謝您參加我們的第三季度財報電話會議。我將就我們的財務業績、戰略執行和合併整合發表評論，然後將其交給格倫更詳細地審查我們的財務狀況。

The third quarter results announced today reflect the strong progress we've made in creating a high-performing and differentiated company through solid execution on integration activities and a laser focus on delivering for our clients. We are one unified Webster, growing across diverse set of business lines, realizing revenue and cost synergies, supporting the communities in an expanded footprint and delivering financial results that meet or exceed the target metrics we set forth when we announced the (technical difficulty) 18 months ago.

今天公佈的第三季度業績反映了我們通過紮實執行整合活動和專注於為客戶提供服務，在創建一家高績效和差異化公司方面取得的巨大進展。我們是一個統一的韋伯斯特，跨越不同的業務線，實現收入和成本協同效應，支持社區擴大足跡，並提供達到或超過我們在宣布（技術難度）18 時設定的目標指標的財務結果幾個月前。

Our financial performance this quarter was stronger than last (technical difficulty). On an adjusted basis, we generated diluted EPS of $1.46 versus $1.29 last quarter. Net income available to common shareholders, $257 million versus $229 million this quarter and PPNR was up from $371 million from $316 million.

我們本季度的財務表現比上一季度要強（技術難度）。在調整後的基礎上，我們的攤薄後每股收益為 1.46 美元，而上一季度為 1.29 美元。普通股股東可獲得的淨收入為 2.57 億美元，而本季度為 2.29 億美元，PPNR 從 3.16 億美元增至 3.71 億美元。

The potential of the company we have created is evident in our results. On an adjusted basis, we produced a return on assets in excess of 1.5% and a return on tangible common equity of nearly [21%]. Our efficiency ratio was 41% in the quarter and over 400 basis point improvement. These results exceed the full year 2022 pro formas we provided when we first announced our merger in April of 2021.

我們創建的公司的潛力在我們的結果中顯而易見。在調整後的基礎上，我們產生了超過 1.5% 的資產回報率和接近 [21%] 的有形普通股回報率。我們本季度的效率比為 41%，提高了 400 多個基點。這些結果超過了我們在 2021 年 4 月首次宣布合併時提供的 2022 年全年備考。

We are surpassing loan growth expectations without expanding our risk tolerances. We're proactive in optimizing the balance sheet. We've continued to generate solid fee income and we've done an excellent job of maintaining client service levels, adding and retaining clients and talent while executing on the integration plan.

我們在不擴大風險承受能力的情況下超過了貸款增長預期。我們積極優化資產負債表。我們繼續產生可觀的費用收入，並且在執行整合計劃的同時，我們在維持客戶服務水平、增加和留住客戶和人才方面做得非常出色。

Getting the positioning of our balance sheet, the NIM extended 23 basis points to 3.5%. Loans grew meaningfully this quarter, driven (technical difficulty) set of industries, asset classes and geographies. Several of our major loan categories grew significantly, including C&I, CRE and residential mortgage. Deposits also grew just under 2%.

根據我們資產負債表的定位，淨息差擴大 23 個基點至 3.5%。本季度貸款顯著增長，驅動（技術難度）行業、資產類別和地區。我們的幾個主要貸款類別顯著增長，包括工商業、商業地產和住宅抵押貸款。存款也增長了不到 2%。

While executing on cost synergies and approaching an efficiency ratio of [40%]. We continue to make investments across the company. We have said from the outset that Webster post-MOE is a (technical difficulty) we have been adding to commercial verticals. Since the year close, we had the opportunity to add middle market bankers in our core footprint and have added to our national ABL team.

同時執行成本協同效應並接近 [40%] 的效率比。我們繼續在整個公司進行投資。我們從一開始就說過，Webster post-MOE 是我們一直在添加到商業垂直領域的（技術難題）。自年底以來，我們有機會在我們的核心業務中增加中間市場銀行家，並加入了我們的國家 ABL 團隊。

We will continue to look for and make investments in colleagues and businesses that can grow our differentiated commercial business lines and that will generate deposits, fees and loans as we look to maximize economic profit over time. We will also continue to (technical difficulty) in technology that enhances the colleague and client experience.

我們將繼續尋找並投資於可以發展我們差異化商業業務線的同事和企業，並在我們尋求隨著時間的推移最大化經濟利潤的同時產生存款、費用和貸款。我們還將繼續（技術難度）提高同事和客戶體驗的技術。

As we operate in an uncertain macro environment, we continue to execute on asset growth while staying disciplined and prudent in risk selection, underwriting and portfolio management activities. Our credit metrics remain remarkably strong with lower NPLs and NPAs, lower commercial classified loans and lower delinquencies, all compared to prior quarter on both a percentage of portfolio and absolute basis.

由於我們在不確定的宏觀環境中運營，我們繼續執行資產增長，同時在風險選擇、承銷和投資組合管理活動中保持紀律和審慎。我們的信貸指標仍然非常強勁，不良貸款和不良資產、商業分類貸款和拖欠率均低於上一季度，無論是在投資組合的百分比還是絕對基礎上。

While you will see the net charge-offs were elevated from prior quarter at a reported 25 basis points annualized, approximately $13 million of the net charge-offs resulting from proactive balance sheet management and optimization through the sale of more than $500 million worth of loans that were either no longer strategic or had suboptimal risk return metrics. Absent those portfolio actions, the net charge-off rate would be an annualized 13 basis points, more in line with Q2 and still below our 5-year (technical difficulty) annualized range of 16 to 19 basis points.

雖然您會看到淨沖銷比上一季度有所增加，報告的年化增長率為 25 個基點，但通過出售價值超過 5 億美元的貸款進行主動資產負債表管理和優化，淨沖銷約 1300 萬美元要么不再具有戰略意義，要么風險回報指標不理想。如果沒有這些投資組合行動，淨沖銷率將年化 13 個基點，與第二季度更加一致，但仍低於我們 16 至 19 個基點的 5 年（技術難度）年化範圍。

A quick recap on integration, as I touched on a number of the items [in the integration] slide already. We continue to integrate subledgers and systems (technical difficulty) our core infrastructure. This quarter, we combined our commercial credit risk management system and rolled out consolidated commercial pricing tools and we continued our corporate real estate consolidation where we are now [50%] complete.

快速回顧一下集成，因為我已經觸及了[集成中的]幻燈片中的一些項目。我們繼續整合子分類賬和系統（技術難度）我們的核心基礎設施。本季度，我們結合了我們的商業信用風險管理系統並推出了綜合商業定價工具，我們繼續我們的企業房地產整合，我們現在已經 [50%] 完成。

Major milestones we anticipate in the fourth quarter include the consolidation of cloud data centers the transition of our consumer wealth and investment services operations to a third-party provider. And by year-end, all of our colleagues will have completed cultural activation sessions, establishing a common foundation for our organization and aligning colleagues on strategy, expected behaviors and most importantly, the strong values that are at the foundation of Webster Bank.

我們預計第四季度的主要里程碑包括雲數據中心的整合，我們的消費者財富和投資服務業務向第三方提供商的過渡。到年底，我們所有的同事都將完成文化激活會議，為我們的組織建立一個共同的基礎，並使同事在戰略、預期行為以及最重要的是韋伯斯特銀行基礎的強大價值觀方面保持一致。

With that, I'm going to turn it over to Glenn to review our financial performance for the quarter.

有了這個，我將把它交給格倫來審查我們本季度的財務業績。

Thanks, John, and good morning, everyone. I will start with the reconciliation of core earnings on Slide 4. We reported GAAP net income to common shareholders of $230 million with EPS of $1.31. On an adjusted basis, we reported net income to common shareholders of $257 million and EPS of $1.46, each of which exclude onetime after-tax expenses of $27 million. Merger expenses were related to real estate consolidation, [severance] and professionals. The strategic initiative expense is primarily a contribution to the Webster Foundation.

謝謝，約翰，大家早上好。我將從幻燈片 4 的核心收益對賬開始。我們向普通股股東報告的 GAAP 淨收入為 2.3 億美元，每股收益為 1.31 美元。經調整後，我們向普通股股東報告的淨收入為 2.57 億美元，每股收益為 1.46 美元，其中不包括一次性稅後費用 2700 萬美元。合併費用與房地產合併、[遣散費]和專業人士有關。戰略計劃費用主要是對韋伯斯特基金會的貢獻。

Next, I'll review balance sheet trends before moving on to the income statement.

接下來，在進入損益表之前，我將回顧資產負債表的趨勢。

On Slide 5, at period end, total assets were $69.1 billion. Total loans $47.8 billion and total deposits of $54 billion. Loan growth was predominantly driven by the commercial and residential portfolios. Deposits were up over $900 million on a quarter-over-quarter basis with both public funds and HSA contributing. I will provide some additional color on the breakout later in the presentation. Loan growth was also funded in part cash flow from the securities portfolio in shorter duration FHLB advances.

在幻燈片 5 上，期末總資產為 691 億美元。貸款總額 478 億美元，存款總額 540 億美元。貸款增長主要由商業和住宅組合推動。在公共資金和 HSA 的貢獻下，存款環比增長超過 9 億美元。我將在演示文稿的後面部分提供一些關於突破的額外顏色。貸款增長的部分資金來自證券投資組合中較短期限的 FHLB 預付款。

Slide 6 highlights the (technical difficulty) of our loan growth by category, a great illustration of the (technical difficulty) of our promising business lines. In total, we grew loans $2.2 billion or 4.8% on a linked quarter basis. Growth was evenly balanced between categories, with C&I sponsor and commercial real estate, all growing $600 million and residential mortgage growing (technical difficulty) on the portfolio increased 60 basis points accretion, the yield increased 72 basis points, a reflection of 61% of the portfolio being floating or periodic.

幻燈片 6 按類別突出顯示了我們貸款增長的（技術難度），很好地說明了我們有前景的業務線的（技術難度）。總體而言，我們在相關季度基礎上增加了 22 億美元或 4.8% 的貸款。類別之間的增長均衡，C&I 贊助商和商業房地產都增長了 6 億美元，投資組合的住宅抵押貸款增長（技術難度）增加了 60 個基點，收益率增加了 72 個基點，反映了 61%投資組合是浮動的或週期性的。

Switching to deposits on Slide 7, total deposit balances increased by $932 million or 1.8%. Increases in public funds and HSA drove the growth with the former up over $800 million and HSA up $111 million. Corporate deposits grew roughly $500 million as we utilized a greater number of sweep and other alternative sources of funds. The total deposit costs increased 28 basis points from 9 points prior quarter. Our effective beta was 13% in the quarter and 11% since the closing of the merger.

切換到幻燈片 7 上的存款，總存款餘額增加了 9.32 億美元或 1.8%。公共資金和 HSA 的增加推動了增長，前者增加了 8 億多美元，HSA 增加了 1.11 億美元。由於我們利用了更多的清掃和其他替代資金來源，公司存款增長了大約 5 億美元。總存款成本比上一季度的 9 個基點增加了 28 個基點。本季度我們的有效貝塔係數為 13%，合併結束後為 11%。

HSA cost of deposits were unchanged, illustrating the value of the business in a rising rate environment. A final note on HSA, excluding third-party administrated accounts, deposits grew $700 million or 9.8% year-over-year. Additional detail on HSA Bank is on Slide 20 in the appendix.

HSA 的存款成本沒有變化，說明了在利率上升的環境中業務的價值。關於 HSA 的最後說明，不包括第三方管理賬戶，存款同比增長 7 億美元或 9.8%。有關 HSA 銀行的更多詳細信息，請參見附錄中的幻燈片 20。

Beginning on Slide 8, I will review the details of our income statement. We provide our reported to adjusted income statement by line item and compare our adjusted earnings to the second quarter. Significant growth in net interest income this quarter drove meaningful improvement in PPNR, net income and EPS.

從幻燈片 8 開始，我將查看損益表的詳細信息。我們按項目提供我們報告的調整後損益表，並將我們的調整後收益與第二季度進行比較。本季度淨利息收入的顯著增長推動了 PPNR、淨收入和每股收益的顯著改善。

On an adjusted basis, PPNR was up $56 million or 17.6%, net income was up $28 million or 12.4%, and EPS was up $0.17 or 13%. I will cover the individual line items in more detail on subsequent slides. The net interest margin was 3.54%, up 26 basis points on a reported basis, and our efficiency ratio was 41%, down 408 basis points.

經調整後，PPNR 增長 5600 萬美元或 17.6%，淨收入增長 2800 萬美元或 12.4%，每股收益增長 0.17 美元或 13%。我將在後續幻燈片中更詳細地介紹各個行項目。淨息差為3.54%，比報告的基礎上上升26個基點，我們的效率為41%，下降408個基點。

On Slide 9, net interest income grew $64.3 million relative to the prior quarter. Adjusting for accretion in both periods, net interest income was up $76.8 million. This was an exceptionally strong result driven by growth and the asset sensitivity of our balance sheet.

在幻燈片 9 上，淨利息收入與上一季度相比增長了 6430 萬美元。調整兩個時期的增長後，淨利息收入增加了 7680 萬美元。在增長和我們資產負債表的資產敏感性的推動下，這是一個異常強勁的結果。

Excluding accretion, the net interest margin increased 35 basis points to 3.44%, and the earning asset yield was up 57 basis points in the quarter, also excluding accretion. In addition to the trajectory of benchmark rates, the increase in loan yield accelerated as a portion of our loan book that reprices is no longer impacted by [floors].

剔除增值，淨息差增加 35 個基點至 3.44%，本季度盈利資產收益率上升 57 個基點，同樣不包括增值。除了基準利率的軌蹟之外，貸款收益率的增加也加速了，因為我們的貸款賬簿的一部分重新定價不再受 [地板] 的影響。

As illustrated on the earlier slide, the cost of deposits increased 19 basis points quarter-over-quarter. While we anticipate deposit pricing increases in the coming quarters, our NIM should continue to grow given the attractive profile of our earning assets which reprice and originate at higher absolute rates.

如上一張幻燈片所示，存款成本環比增長 19 個基點。雖然我們預計未來幾個季度存款定價會上漲，但鑑於我們的盈利資產具有吸引力，這些資產重新定價並以更高的絕對利率產生，我們的淨息差應該會繼續增長。

On Slide 10, we highlight our fee income for the quarter. On an adjusted basis, fees were down $7 million linked quarter and $3 million year-over-year. The linked quarter decrease in fee income was driven primarily by lower levels of customer interest rate hedging activity and other transactional loan fees in commercial banking. The year-over-year decline was the result of lower direct investment and mortgage banking income.

在幻燈片 10 中，我們重點介紹了本季度的費用收入。經調整後，相關季度費用減少 700 萬美元，同比減少 300 萬美元。費用收入的相關季度下降主要是由於商業銀行的客戶利率對沖活動和其他交易貸款費用水平較低。同比下降的原因是直接投資和抵押銀行收入下降。

Slide 11 summarizes noninterest expense. We reported adjusted expense of $293 million relative to prior quarter of $292 million. We continue to make progress on cost efficiencies related to the merger However, this quarter included increased levels of performance-based compensation. The year-over-year decline of $2 million is the combination of our cost save efforts to date, offset by the increase in intangible amortization, the Bend acquisition and performance-based compensation.

幻燈片 11 總結了非利息費用。我們報告的調整後費用為 2.93 億美元，而上一季度為 2.92 億美元。我們繼續在與合併相關的成本效率方面取得進展但是，本季度包括提高了基於績效的薪酬水平。 200 萬美元的同比下降是我們迄今為止為節省成本所做的努力，被無形攤銷、Bend 收購和基於績效的薪酬的增加所抵消。

Slide 12 highlights our allowance for credit losses, which was up $3 million over prior quarter. After recording $28 million in net charge-offs, we recorded $31 million in provision expense, with loan growth representing $20 million of the increase and macro factors adding $11 million.

幻燈片 12 突出顯示了我們的信貸損失準備金，比上一季度增加了 300 萬美元。在記錄了 2800 萬美元的淨沖銷後，我們記錄了 3100 萬美元的撥備費用，其中貸款增長為 2000 萬美元，宏觀因素增加了 1100 萬美元。

On Slide 13, we highlight our key asset quality metrics. On the upper left, nonperforming assets declined $38 million or 15% quarter-over-quarter. Likewise, Commercial classified loans declined $98 million or 14%. Net charge-offs in the upper right totaled $28 million or 25 basis points of average loans on an annualized basis. As John mentioned, $13 million of the charge-offs were related to portfolio optimization activities. Without that, net charge-off rate would have been closer to 13 basis points.

在幻燈片 13 中，我們強調了我們的關鍵資產質量指標。在左上角，不良資產環比下降 3800 萬美元或 15%。同樣，商業分類貸款減少了 9800 萬美元或 14%。右上角的淨沖銷總額為 2800 萬美元，或按年計算平均貸款的 25 個基點。正如約翰所提到的，1300 萬美元的沖銷與投資組合優化活動有關。如果沒有這一點，淨沖銷率將接近 13 個基點。

The allowance coverage declined modestly from 1.25% and to 1.2% at period end. The allowance to nonperforming loan ratio increased to 2.7x up from 2.3x last quarter. Coverage as a percent of commercial classified loans increased to 95% from 81% last quarter.

撥備覆蓋率從 1.25% 小幅下降至期末的 1.2%。撥備與不良貸款比率從上一季度的 2.3 倍增至 2.7 倍。商業分類貸款的覆蓋率從上一季度的 81% 增加到 95%。

Slide 14 highlights our strong capital levels. All capital ratios remain well in excess of regulatory and internal targets. Our common equity Tier 1 ratio remained strong at 10.82% and is still above the medium-term operating target of 10.5%. The tangible common equity ratio was 7.27%. The net of all capital effects this quarter resulted in a slight decline in our tangible book value per share, which decreased to $27.69. This was primarily driven by AOCI valuation, share repurchases and partially offset by strong earnings.

幻燈片 14 突出了我們強勁的資本水平。所有資本比率仍遠高於監管和內部目標。我們的普通股一級資本比率保持在 10.82% 的強勁水平，仍高於 10.5% 的中期經營目標。有形普通股比例為7.27%。本季度所有資本影響的淨值導致我們的每股有形賬面價值略有下降，降至 27.69 美元。這主要是由 AOCI 估值、股票回購推動的，部分被強勁的收益所抵消。

I'll wrap up my comments with our outlook on Slide 15, where we have narrowed our view down to the remaining quarter. We expect GAAP net interest income on a non-FTE basis of $570 million to $590 million, excluding accretion, driven by our projection of a year-end Fed funds rate of 4.25% as well as continued loan growth. This excludes $15 million of scheduled purchase accounting accretion, the details of which can be found on Slide 18 in the appendix.

我將用我們對幻燈片 15 的展望來結束我的評論，我們已將我們的觀點縮小到剩餘的季度。我們預計非 FTE 的 GAAP 淨利息收入為 5.7 億美元至 5.9 億美元，不包括增值，這是由於我們對年末聯邦基金利率 4.25% 的預測以及貸款持續增長的推動。這不包括 1500 萬美元的預定採購會計增值，其詳細信息可在附錄的幻燈片 18 中找到。

For those modeling net interest income on an FTE basis, I would add roughly $14 million to that measure. Relative to last quarter, our outlook implies full year net interest income, excluding accretion of $2 billion, an increase of roughly $100 million or 5% from the outlook we provided last quarter.

對於那些以 FTE 為基礎建模淨利息收入的人，我會在該指標上增加大約 1400 萬美元。與上一季度相比，我們的展望意味著全年淨利息收入（不包括 20 億美元的增長），比我們上一季度提供的展望增加約 1 億美元或 5%。

We expect loan growth for the quarter will be in the range of 2% to 3%. Given progress so far this year, that would imply a growth of around 14% since merger close relative to our original target of 8% to 10%. Fee income should be in the range of $105 million to $110 million, which incorporates the impact of lower fees on the outsourced consumer investment business.

我們預計本季度的貸款增長將在 2% 至 3% 之間。鑑於今年迄今取得的進展，這意味著自合併以來的增長約為 14%，接近我們最初的 8% 至 10% 的目標。費用收入應在 1.05 億美元至 1.1 億美元之間，其中包括較低費用對外包消費投資業務的影響。

Core expenses are expected to be in the range of $290 million to $295 million, which includes increased performance-based compensation relative to our prior estimates. On capital, our overall philosophy is unchanged. As we approach our medium-term operating target, our organic growth opportunities will likely occupy a greater share of capital deployment, and we will remain disciplined in evaluating opportunities to effectively deploy capital. And lastly, we are forecasting an effective tax rate of 22% to 23%.

核心費用預計將在 2.9 億美元至 2.95 億美元之間，其中包括相對於我們先前估計的基於績效的薪酬增加。在資本方面，我們的整體理念沒有改變。隨著我們接近中期經營目標，我們的有機增長機會可能會在資本部署中佔據更大的份額，我們將在評估有效部署資本的機會方面保持自律。最後，我們預測有效稅率為 22% 至 23%。

With that, I'll turn things back over to John for closing remarks.

有了這個，我會把事情交還給 John 做結束語。

Thanks, Glenn. We recognize we're operating at a time of uncertainty in the macroeconomic and geopolitical landscape and that there are wider ranges of potential outcomes that could impact the operating environment. We believe that our diversified and high-quality businesses and loan and securities portfolios, our healthy capital and loan reserve positions, our credit and operating risk infrastructures and the quality of our colleagues all have us prepared to effectively navigate the macro environment ahead. As I mentioned above, we are being thoughtful in our loan risk selection and emphasizing strong underwriting and portfolio management processes.

謝謝，格倫。我們認識到，我們在宏觀經濟和地緣政治格局不確定的時期運營，並且可能會影響運營環境的潛在結果範圍更廣。我們相信，我們多元化和高質量的業務、貸款和證券組合、健康的資本和貸款儲備頭寸、信用和運營風險基礎設施以及同事的素質，都讓我們做好了有效駕馭未來宏觀環境的準備。正如我上面提到的，我們在選擇貸款風險時深思熟慮，並強調強大的承銷和投資組合管理流程。

I want to wrap up by emphasizing the outstanding progress we've made year-to-date and the momentum we expect to carry forward. Our commercial loans are on pace for 14% growth this year as we pursue growth in businesses where we have a strategic advantage, and the ability to be selected with respect to risk profile and return metrics. Our deposit franchise positions us particularly well relative to peers where our total cost of deposits increased just 19 basis points relative to a 57 basis point increase in our earning asset yields, excluding the impact of accreditable yield.

最後，我想強調我們今年迄今取得的顯著進展以及我們期望繼續發展的勢頭。我們的商業貸款今年有望增長 14%，因為我們追求具有戰略優勢的業務增長，並且能夠在風險狀況和回報指標方面被選中。與同行相比，我們的存款特許經營權使我們的位置特別好，我們的存款總成本僅增加了 19 個基點，而我們的盈利資產收益率增加了 57 個基點，不包括認可收益率的影響。

We remain confident in our ability to fund future loan growth given our multiple deposit channels and our liquidity profile. We expect we will continue to meaningfully benefit from interest rate increases, and we have levers to pull in terms of capital allocation, efficiencies and investment to maintain the current momentum.

鑑於我們的多種存款渠道和流動性狀況，我們仍然對我們為未來貸款增長提供資金的能力充滿信心。我們預計我們將繼續從加息中受益，並且我們在資本配置、效率和投資方面擁有槓桿作用，以保持當前的勢頭。

We'll be sending out a save the date, but we wanted to provide a heads-up that our intention is to hold an Investor Day in New York City on March 2, where you'll have the opportunity to hear from our talented management team on our company and the go-forward strategies and financial performance expectations for 2023 and beyond.

我們將發送保存日期，但我們想提醒一下，我們打算於 3 月 2 日在紐約市舉辦投資者日，屆時您將有機會聽取我們才華橫溢的管理層的意見我們公司的團隊以及 2023 年及以後的前進戰略和財務業績預期。

And finally, thank you to my colleagues for their continued diligence and hard work as they execute on our core business initiatives while addressing the added challenge of integrating the new Webster. And I want to apologize, I understand we had some technical difficulties at the beginning of the call, and I thank you for bearing with us.

最後，感謝我的同事們在執行我們的核心業務計劃時持續的勤奮和辛勤工作，同時應對集成新 Webster 帶來的額外挑戰。我想道歉，我知道我們在通話開始時遇到了一些技術困難，我感謝你對我們的包容。

Operator, Glenn and I will open it up to questions.

接線員、格倫和我將公開提問。

(Operator Instructions) Your first question comes from the line of Chris McGratty with Keefe, Bruyette & Woods.

（操作員說明）您的第一個問題來自 Chris McGratty 與 Keefe、Bruyette 和 Woods 的一行。

Maybe, Glenn, the upgraded NII guide, the $100 million, very good -- I guess, very good update. One of the trends we've seen this quarter is a narrative around peak NII, wouldn't seem like that's the case given this. But can you speak to growth from that fourth quarter level as you go into 2023? I'd be interested in your thoughts there.

也許，Glenn，升級後的 NII 指南，1 億美元，非常好——我猜，非常好的更新。我們本季度看到的趨勢之一是圍繞 NII 峰值的敘述，鑑於此，情況似乎並非如此。但是，當您進入 2023 年時，您能談談第四季度的增長嗎？我會對你的想法感興趣。

Sure. Great. So let me just start -- I'll talk a little bit about NIM. So just for texture, I think our ex accretion, our [exit] NIM in September was up 3.55%. And then I would think if you look at our Q4 range, I'd probably put that in the range, again, ex accretion of 3.6%. So we continue to see NIM expansion. As we look out into 2023, I think there's a couple of factors.

當然。偉大的。那麼讓我開始吧——我將稍微談談 NIM。因此，僅就質地而言，我認為我們的前增長，我們在 9 月份的 [exit] NIM 上漲了 3.55%。然後我想，如果你看一下我們的第四季度範圍，我可能會把它放在這個範圍內，再次增長 3.6%。因此，我們繼續看到 NIM 擴張。展望 2023 年，我認為有幾個因素。

One is that our modeling, we're expecting peak Fed funds in the second quarter of around [450], right? And so given that dynamic and our data, which we're forecasting again in like the low 30s over the next 4 quarters, we continue to see NIM expansion.

一個是我們的模型，我們預計第二季度的聯邦基金峰值在 [450] 左右，對嗎？因此，鑑於這種動態和我們的數據，我們再次預測未來 4 個季度的 30 年代低點，我們繼續看到 NIM 擴張。

Now we see NIM expansion going into the first quarter, and then we see more modest NIM expansion in the back half of the year. So I think we still feel really positive about the prospects in 2023. The dynamic here is that even though we have higher deposit pricing, which we are expecting, our asset booking more significantly.

現在我們看到淨息差擴張進入第一季度，然後我們看到今年下半年的淨息差擴張更為溫和。因此，我認為我們仍然對 2023 年的前景感到非常樂觀。這裡的動態是，即使我們預期的存款定價更高，我們的資產預訂也會更加顯著。

Okay. That's great. Is the 30%, the low 30s, that's interest-bearing or is that total for all deposits?

好的。那太棒了。 30%，低30%，是計息的還是所有存款的總和？

Just interest-bearing. Yes, that's -- I'm looking at the total deposit cost. And I would say, lower 30s over the course of 4 quarters.

只是計息。是的，那是 - 我正在查看總存款成本。我會說，在 4 個季度的過程中降低 30 多歲。

Great. And then if I could, the actions you took in the quarter to clean up credit. Could you just provide a little bit more color on that? I think you said you I think there's a loan sale. Maybe, I guess, what prompted this? Could you consider more? And I guess, how should we be thinking about the confidence in credit going into the year?

偉大的。然後，如果可以的話，您在本季度為清理信貸而採取的行動。你能提供更多的顏色嗎？我想你說過我認為有貸款出售。也許，我猜，是什麼促使了這個？你能考慮更多嗎？我想，我們應該如何考慮對今年信貸的信心？

Yes. Chris, happy to talk about it, and I think it's important to talk about -- I think it was less to clean up credit and more literally to kind of optimize our balance sheet going forward.

是的。克里斯，很高興談論它，我認為談論它很重要 - 我認為這不是清理信貸，而是更直接地優化我們未來的資產負債表。

So we've talked publicly in the beginning that after diligence in closing the deal, we liked all the businesses, but that over the next 4 to 6 quarters from close. As good stewards of capital, we would continue to look at all of our businesses to see whether they remain strategic, whether the risk-return dynamics were strong, whether or not there were any potential kind of credit weaknesses as you looked out over paradigm shifts.

因此，我們一開始就公開表示，在完成交易的努力之後，我們喜歡所有的業務，但在接下來的 4 到 6 個季度完成。作為資本的好管家，我們將繼續關注我們所有的業務，看看它們是否仍然具有戰略意義，風險回報動態是否強勁，在您關注範式轉變時是否存在任何潛在的信用弱點.

And so we took the opportunity. I mean think about it, we grew loans around 5%, including the disposition of over $500 million in assets. And with the tailwinds from our asset sensitivity and the strong organic loan growth in key segments, we thought it was a great time to take those actions. And if you think about it again, look at the total charges related to those actions over the over $500 million. The average sale price was like $0.98 on the dollar. So they certainly weren't sale of distressed assets.

所以我們抓住了這個機會。我的意思是想想看，我們的貸款增長了 5% 左右，包括處置超過 5 億美元的資產。鑑於我們的資產敏感性和關鍵領域強勁的有機貸款增長帶來的順風，我們認為現在是採取這些行動的好時機。如果你再想一想，看看與這些行動相關的總費用超過 5 億美元。平均售價為 0.98 美元。所以他們當然不是出售不良資產。

And there were no sales in there. There were portfolio sales, some to regulated banks. So this was not kind of a cleanup of credit right in front of us, but obviously, in a higher expectation of spread environment there's an interest rate impact on the discount on the prices and there were some note sales of nonstrategic office, for example, that we thought would be -- now would be a good time to dispose of.

那裡沒有銷售。有投資組合銷售，一些是受監管的銀行。所以這並不是擺在我們面前的信貸清理，但顯然，在利差預期較高的環境中，利率會影響價格的折扣，並且有一些非戰略性辦公室的票據銷售，例如，我們認為是——現在是處理的好時機。

So we just thought it was a really smart move. And obviously, we think it will benefit us going forward as much from a return on equity perspective as from an avoid credit issue perspective.

所以我們只是認為這是一個非常聰明的舉動。顯然，我們認為從股本回報的角度來看，從避免信貸問題的角度來看，這將使我們受益匪淺。

That's great color. I agree, good move. Should we expect more into the end of the year? Or is this kind of it?

這顏色真好。我同意，很好的舉動。我們應該期待更多到年底嗎？或者是這樣的嗎？

I don't see anything right now. So we don't have that in our guidance. That -- I don't think it's going to be a reflection of what we do every quarter going forward. We really like the businesses we're in. But obviously, as we said, we'll continue to look at the dynamics of the combined portfolios. And so if there are opportunities that make sense from an economic perspective or give us more flexibility going forward or protect us from potential paradigm shifts in credit, we'll do it. But nothing that's in our sights.

我現在什麼都沒看到。所以我們的指導中沒有這個。那 - 我不認為這將反映我們每個季度前進的情況。我們真的很喜歡我們所從事的業務。但顯然，正如我們所說，我們將繼續關注組合投資組合的動態。因此，如果有從經濟角度來看有意義的機會，或者給我們更大的靈活性，或者保護我們免受潛在的信貸範式轉變的影響，我們就會去做。但在我們的視野中什麼都沒有。

Your next question comes from the line of Mark Fitzgibbon with Piper Sandler.

您的下一個問題來自 Mark Fitzgibbon 和 Piper Sandler。

Glenn, I wondered if you could share with us what your -- the spot rate on deposits are today?

格倫，我想知道您能否與我們分享您的 - 今天的存款即期利率是多少？

Sure. I know that we ended the quarter, I think we're -- let's see if I have it here somewhere. I would put it in a range of -- let me -- Yes, it might be -- saying the range of 60 basis points -- 60 to 65 basis points.

當然。我知道我們已經結束了這個季度，我想我們是 - 讓我們看看我是否在某個地方有它。我會把它放在一個範圍內 - 讓我 - 是的，它可能是 - 說 60 個基點的範圍 - 60 到 65 個基點。

Okay. Great. And then secondly, just to kind of follow-up on one of the earlier questions about credit. And I guess I'm curious how you guys are when you do your modeling, how you're thinking about the provision line?

好的。偉大的。其次，只是對早期關於信用的問題之一進行跟進。我想我很好奇你們在做模特的時候是怎樣的，你們是怎麼考慮供應線的？

Yes. I mean, Mark, as you know, we think a lot about the provision line, and we have a relatively conservative bias, but that doesn't always factor in, particularly with CECL and the way it works now. So I would say at the high level, and then Glenn can certainly feel free to fill in. The dynamics this quarter were significant loan growth, right, which requires a higher reserve.

是的。我的意思是，馬克，如你所知，我們對供應線考慮了很多，我們有一個相對保守的偏見，但這並不總是考慮在內，特別是對於 CECL 及其現在的工作方式。所以我會說在高水平，然後格倫當然可以隨意填補。本季度的動態是顯著的貸款增長，對，這需要更高的準備金。

The Moody's scenario, which us and many of our peers use was kind of worse, right, which requires, in general, directionally more reserves, then you saw our credit stats, which as I said, I use the word remarkably not to brag just to be like surprising in this environment, right, that our NPAs and are classified were down materially. So that's kind of a good guy, if you will.

我們和我們的許多同行使用的穆迪情景有點糟糕，對，這通常需要定向更多的準備金，然後你看到我們的信用統計數據，正如我所說，我使用這個詞顯然不是為了吹噓令人驚訝的是，在這種環境下，我們的 NPA 和被歸類的數量大幅下降。如果你願意的話，那是個好人。

And then I will tell you that as I'm looking at the portfolio, one encouraging kind of data point for me is that in each of the last 3 consecutive quarters, the average rating risk -- the average weighted risk rating of our originations is actually better than on a material basis than the actual weighted average risk rating of the existing commercial portfolio translated into the fact that we are bringing on lower risk assets then we have each sequential quarter, which ends up bringing down the overall weighted average risk rating, which again would be a good guy.

然後我會告訴你，當我查看投資組合時，對我來說，一個令人鼓舞的數據點是，在過去連續三個季度的每個季度中，平均評級風險——我們發起的平均加權風險評級是實際上優於現有商業投資組合的實際加權平均風險評級，這實際上比現有商業投資組合的實際加權平均風險評級要好，這意味著我們引入的風險資產低於每個連續季度，這最終會降低整體加權平均風險評級，這又是一個好人。

So you saw those dynamics, bigger loan portfolio, more reserves, worse forward-looking economic scenario for Moody's, more reserves, better asset quality metrics, lower reserves and then higher quality originations, lower reserves, and that's kind of where we end up. We feel really good.

所以你看到了這些動態，更大的貸款組合，更多的準備金，穆迪更糟糕的前瞻性經濟情景，更多的準備金，更好的資產質量指標，更低的準備金，然後更高質量的起源，更低的準備金，這就是我們最終的結果。我們感覺真的很好。

If you look at our peers, Mark, we're still top quartile, at least in terms of our reserve coverage ratios. And I'm pretty pleased with where we are. We also have a lot of capital. So that's kind of the way I'm thinking about it.

如果你看看我們的同行，馬克，我們仍然處於前四分之一，至少在我們的準備金覆蓋率方面。我對我們所處的位置非常滿意。我們也有很多資本。所以我就是這麼想的。

Yes. The only thing I would add to that, Mark, is that John talked about the loan growth, $2.2 billion, $20 million provision against that. And then if you look at the macro factors, and we have $11 million on the slide here, but it's really 2 things. One, if you just strip out the Moody's impact and the fact that they slashed GDP estimates, I mean that's probably $20 million and sort of clawing that back is $9 million. So the net $11 million of those 2 things. And that $9 million is really related to, as John highlighted, the improvement that we see in NPLs in our books, commercial plan supplies, et cetera, and at a weighted risk -- metric that's improving.

是的。馬克，我唯一要補充的是，約翰談到了貸款增長，22 億美元，2000 萬美元的準備金。然後如果你看看宏觀因素，我們有 1100 萬美元在幻燈片上，但這實際上是兩件事。第一，如果你只剔除穆迪的影響以及他們大幅下調 GDP 估計的事實，我的意思是這可能是 2000 萬美元，而從某種意義上來說，這可能是 900 萬美元。所以這兩件事中的淨額為 1100 萬美元。正如約翰所強調的那樣，這 900 萬美元確實與我們在賬簿、商業計劃供應等方面看到的不良貸款改善以及加權風險相關 - 指標正在改善。

Great. And lastly, I wonder if you can give us a sense for what your loan pipelines look like today? And maybe also share with us what the commercial line utilization rates are.

偉大的。最後，我想知道您能否讓我們了解一下您今天的貸款渠道是什麼樣的？或許還可以和我們分享一下商業線路的利用率是多少。

Yes, I'd say we're still tracking all the different (inaudible) I would characterize the line utilization as flat to slightly up, not materially across all of our commercial businesses, Mark, and I'm not sure what that evidence is. I mean I think still solid demand, but they're not -- it's not expanding at a crazy margin in ABL, for example, which is usually a harbinger of faster working capital cycles. I would say flat to marginally up.

是的，我會說我們仍在跟踪所有不同的（聽不清）我會將生產線利用率描述為持平或略微上升，而不是在我們所有的商業業務中實質性地，馬克，我不確定這些證據是什麼.我的意思是我認為需求仍然穩固，但它們不是——例如，ABL 並沒有以瘋狂的幅度擴張，這通常預示著更快的營運資金周期。我會說持平到略微上漲。

The pipeline is relatively strong in certain sectors. I kind of feel like we'll see a flattening of loan growth over the next couple of quarters. in kind of core middle market areas. We have seen some slowdown in the trading of real estate assets or in the sponsor book in terms of people selling companies and buying companies. So that has an impact.

某些行業的管道相對強勁。我覺得我們將在接下來的幾個季度看到貸款增長趨於平緩。在類核心中間市場領域。在出售公司和購買公司的人方面，我們已經看到房地產資產交易或贊助商賬簿的一些放緩。所以這有影響。

But if I look just at my pipeline report, which obviously I did last night, it's robust and it's similar, as you see, slightly above third quarter going into fourth quarter where there's usually a heightened amount of activity.

但是，如果我只看一下我昨晚所做的管道報告，它很穩健，而且很相似，正如你所見，略高於第三季度到第四季度，那裡的活動量通常會增加。

Mark, before you go, let me just clarify some of that. I may have misunderstood the question. On our deposit costs in the second quarter. I think we exited like a 41 basis points. But on the fourth quarter, we're expecting that to be in the range of 55 to 60, just for clarification.

馬克，在你走之前，讓我澄清一些。我可能誤解了這個問題。關於我們第二季度的存款成本。我認為我們退出了 41 個基點。但在第四季度，我們預計這一數字將在 55 到 60 之間，只是為了澄清。

Your next question comes from the line of Casey Haire with Jefferies.

你的下一個問題來自傑富瑞的凱西海爾。

Glenn, just to clarify, I think you said third quarter, it exited the quarter, the 9 30 spot rate for deposit costs ended 55 to 60? Or you expect fourth quarter to end that line?

格倫，澄清一下，我想你說的是第三季度，它退出了這個季度，9 30 的存款成本即期利率結束了 55 到 60？或者你預計第四季度會結束這條線？

Yes, I said the third quarter right now, we're at 41 basis points. And then as you go into the fourth quarter with our beta assumptions, we're probably in the range of 55 to 60 basis points.

是的，我說現在是第三季度，我們處於 41 個基點。然後當你帶著我們的 beta 假設進入第四季度時，我們可能在 55 到 60 個基點的範圍內。

Got you. Okay. All right. So I was wondering about the funding strategy in the fourth quarter, underlying your NII guide here. So in the third quarter, you guys kind of had a nice balance between a rebound in the muni deposits run down of securities and a little bit of borrowings. What is the outlook for the fourth quarter and beyond here?

得到你。好的。好的。所以我想知道第四季度的融資策略，這是你的 NII 指南的基礎。因此，在第三季度，你們在市政債券存款的反彈和少量借貸之間取得了很好的平衡。第四季度及以後的前景如何？

Yes. So great question. So if you look at our loan guide, and you say sort of take a right in the middle between 2% and 3%, you're probably at $1.2 billion or something like that. So let's just use that as a proxy. I think the thing that's really encouraging about the franchise is that and we've pointed this out a few times is that we have so many multiple levers of funding and liquidity sources that's really encouraging.

是的。這麼好的問題。因此，如果您查看我們的貸款指南，並說介於 2% 和 3% 之間，您可能會達到 12 億美元或類似的水平。因此，讓我們將其用作代理。我認為特許經營權真正令人鼓舞的是，我們已經多次指出這一點，我們擁有如此多的資金槓桿和流動性來源，這確實令人鼓舞。

So as I look at funding going into the fourth quarter and even beyond, some of the key drivers will be things like the continued runoff of our securities portfolio as we invest that in loans. I think we have deposit growth in some of our commercial segments. Obviously, HSA as we get towards the first part of next year. And then we have digital deposit gathering sources, whether it's Brio, whether it's banking and service, things like that.

因此，當我考慮進入第四季度甚至更久的資金時，一些關鍵驅動因素將是我們的證券投資組合的持續流失，因為我們將其投資於貸款。我認為我們在一些商業領域的存款有所增長。顯然，當我們進入明年上半年時，HSA。然後我們有數字存款收集來源，無論是 Brio，還是銀行和服務，諸如此類。

And then lastly, from a liquidity standpoint, we have plenty of sources of funds as far as funds that we can draw down on. But that would be sort of the last thing we do. So I -- we continue to feel good about our funding ability.

最後，從流動性的角度來看，只要我們可以動用的資金，我們就有大量的資金來源。但這將是我們做的最後一件事。所以我 - 我們繼續對我們的資金能力感到滿意。

Got you. Okay. And the guide is predicated on another 100 bps of Fed hikes here. What kind of upside is there? I mean, the forward curve is at 475 by year-end? What kind of upside would there be if it plays out as the curve expects?

得到你。好的。該指南基於美聯儲在此再加息 100 個基點。有什麼樣的好處？我的意思是，到年底的遠期曲線是 475？如果它如曲線預期的那樣發展，會有什麼樣的上行空間？

Yes. I mean, look, we're using our estimate right now of 450. Obviously, there's more upside. It would be -- you could figure it out mathematically, but I don't -- I guess the thing I would point out is the significance of our assets repricing and the slowness of betas coming around. So I don't have that. We're -- our model has been peaking at 450, if there's upside to that, that would be additive generally.

是的。我的意思是，看，我們現在使用的是 450 的估計值。顯然，還有更多的上漲空間。這將是——你可以用數學方法計算出來，但我沒有——我想我要指出的是我們資產重新定價的重要性和貝塔的緩慢到來。所以我沒有那個。我們 - 我們的模型已經達到了 450 的峰值，如果有上行空間，那通常是加法的。

Okay. Very good. And just last one on the credit front. So the $500 million disposition, was there anything -- was there any -- was the sponsor and specialty finance book touched? And just any color on the -- if my math is right, there's about $16 million of commercial losses outside of the disposition. Just any color on what was driving that?

好的。很好。只是信用方面的最後一個。那麼 5 億美元的處置，有沒有什麼 - 有沒有 - 被觸及贊助商和專業金融書？如果我的數學是正確的，那麼在處置之外還有大約 1600 萬美元的商業損失。是什麼推動了這一點？

Yes. Nothing in Sponsor & Specialty was disposed of. And with respect to the core 13 basis points that I reflected driven by 2 commercial credits, Casey, 1 of which have been classified since pre-pandemic and finally capitulated neither of them were in the same geography, asset class or kind of had anything that I would say is systemic in there. I feel pretty good about 13 basis points of charge-offs at this point in the cycle. So nothing to say except 2 unique credits that ended up having a loss given the fall at the end of the day, unfortunately.

是的。 Sponsor & Specialty 中沒有任何東西被處理掉。關於我反映的由 2 個商業信貸驅動的核心 13 個基點，Casey，其中 1 個自大流行前就已被分類並最終投降，它們都沒有位於相同的地理、資產類別或種類上我會說那裡是系統性的。在這個週期的這一點上，我對 13 個基點的沖銷感覺非常好。所以沒什麼可說的，除了 2 個獨特的學分，不幸的是，由於一天結束時的下跌而最終虧損。

Your next question comes from the line of Steven Alexopoulos with JPMorgan.

您的下一個問題來自摩根大通的 Steven Alexopoulos。

I want to start on the deposit side. So if we look at noninterest-bearing deposit balances, you actually had pretty decent growth in the quarter, while banks everywhere are seeing outflows. How did you buck the trend in the quarter? And do you now expect to see outflows of those moving forward?

我想從存款方面開始。因此，如果我們查看無息存款餘額，您實際上在本季度實現了相當可觀的增長，而各地的銀行都出現了資金外流。您是如何在本季度逆勢而上的？您現在是否期望看到那些向前發展的資金流出？

Yes, Steve, obviously, it's relatively good news, but we're also pretty realistic about it. There was some seasonal inflows from government deposits, right? And so our focus going forward is on making sure that as we kind of go through the next few quarters that our focus is on continuing where we're growing loans to grow full relationships, to grow commercial deposits. Obviously, we're going to get the benefit of HSA as we get to year-end and first quarter.

是的，史蒂夫，顯然，這是一個相對好消息，但我們對此也很現實。政府存款有一些季節性流入，對吧？因此，我們未來的重點是確保在接下來的幾個季度中，我們的重點是繼續增加貸款以發展全面關係，增加商業存款。顯然，隨著我們到年底和第一季度，我們將獲得 HSA 的好處。

So I think we did it largely because we've got really sticky deposits in our retail franchise. I think we've got really good commercial solid deposits with our relationships. But I would have to say that a lot of the reason we were able to claim a 2% deposit growth when there were outflows was a seasonal flow in from government deposits.

所以我認為我們這樣做主要是因為我們的零售特許經營權中有非常粘的存款。我認為我們的關係擁有非常好的商業固體存款。但我不得不說，當出現資金外流時，我們能夠聲稱存款增長 2% 的很多原因是政府存款的季節性流入。

So as Glenn said, I think what's great right now about the way that our balance sheet is made up is we do benefit from the asset sensitivity significantly. Obviously, we're taking prudent measures to make sure whenever the time comes when Fed funds rate comes down, we're protecting our cash flows. But it does give us some pricing flexibility in key relationship areas on deposits.

所以正如格倫所說，我認為現在我們資產負債表的構成方式的好處是我們確實從資產敏感性中受益匪淺。顯然，我們正在採取謹慎的措施，以確保每當聯邦基金利率下降時，我們都在保護我們的現金流。但它確實為我們在存款的關鍵關係領域提供了一些定價靈活性。

And obviously, we're focused now on continuing to generate core deposits. But we've got HSA. We've got the direct bank in Brio, which is a higher cost deposit, but nonetheless, deposit that we found to be stickier than we originally thought it would be. And then we've got obviously all the diversified business banking, commercial segments, small business and retail.

顯然，我們現在專注於繼續產生核心存款。但我們有 HSA。我們在 Brio 有直接銀行，這是一種成本較高的存款，但儘管如此，我們發現存款比我們最初想像的更粘。然後我們顯然擁有所有多元化的商業銀行業務、商業部門、小型企業和零售業。

So it's going to be work, and we're continuing to focus on it, right, because if you're growing loans at the clip we are, we need to make sure that we're continuing to generate good, sticky deposits going forward. But we'll take the victory of growing deposits in the quarter, but we also did benefit from government seasonality.

所以這將是有效的，我們將繼續關注它，對，因為如果你正在以我們現在的速度增加貸款，我們需要確保我們繼續產生良好的粘性存款.但我們將在本季度獲得存款增長的勝利，但我們也確實受益於政府的季節性。

Okay. John, can you size that for us? What was that benefit from the seasonal inflow from government deposits?

好的。約翰，你能幫我們調整一下嗎？政府存款的季節性流入有什麼好處？

Well, I think it was a $800 million, Steve, quarter-over-quarter, right? So there was sort of a decline in the commercial. I think we have (inaudible) [charge-off slide] and offset by some wholesale funding.

嗯，我認為這是 8 億美元，史蒂夫，季度環比，對吧？因此，商業廣告有所下降。我認為我們有（聽不清）[沖銷幻燈片]，並被一些批發資金所抵消。

Okay. I wanted to also ask, so the loan-to-deposit ratio has moved up quite a bit over the last few quarters. Where do you see that stabilizing?

好的。我也想問一下，所以貸存比在過去幾個季度中上升了很多。你在哪裡看到穩定？

So we feel good about operating in the high 80s to 90% range given the environment today. So that's where I would expect it to be. In fact, as I look out over the next couple of quarters, that's exactly where it is.

因此，考慮到今天的環境，我們對在 80% 到 90% 的範圍內運行感到滿意。所以這就是我所期望的。事實上，當我展望接下來的幾個季度時，情況正是如此。

Got you. Okay. And then finally, so regarding the acquisition of Peoples, this deal has attracted quite a bit of attention in Connecticut, particularly around the system conversion that didn't seem to go as planned. How much of an opportunity is that for you? Are you the bank, I think, of most that could benefit from what's going on there? And have you seen any increase in client acquisition related to all the negative news on that?

得到你。好的。最後，關於對 Peoples 的收購，這筆交易在康涅狄格州引起了相當多的關注，尤其是在似乎沒有按計劃進行的系統轉換方面。這對你來說有多大的機會？我認為，你是銀行中最能從那裡發生的事情中受益的銀行嗎？您是否看到與所有負面消息相關的客戶獲取增加？

Steve, you can't ask that -- you can't get me on that question. I have such respect to that bank. Look, we've talked about this in the past that it's interesting in a lot of our key businesses, we really don't overlap with Peoples, and we didn't overlap with Peoples, and we don't overlap with the combined M&T Peoples. There obviously had been some disruption. Peoples Bank clients are loyal because Peoples is a really good bank.

史蒂夫，你不能問這個——你不能讓我回答這個問題。我非常尊重那家銀行。看，我們過去曾討論過這在我們的許多關鍵業務中都很有趣，我們真的不與人民重疊，我們沒有與人民重疊，我們不與合併的 M&T 重疊人們。顯然出現了一些干擾。人民銀行的客戶很忠誠，因為人民銀行是一家非常好的銀行。

There are opportunities, obviously, with colleague disruption there as well because that's not an MOE. It's an acquisition. And so there are opportunities from a personnel perspective and from a client perspective over time. But as I said, it's a good bank, and I wouldn't want to comment on specific opportunities.

顯然，那裡也有機會與同事中斷，因為那不是教育部。這是一次收購。因此，隨著時間的推移，從人員角度和客戶角度來看，都會有機會。但正如我所說，這是一家很好的銀行，我不想評論具體的機會。

Our next question comes from the line of Matthew Breese with Stephens Inc.

我們的下一個問題來自斯蒂芬斯公司的 Matthew Breese。

John, you alluded to this earlier, just talking about maybe a softening of loan growth next year, but I was hoping you could better kind of frame that for us. I think historically, you've always positioned the bank to be kind of a high single-digit grower. Obviously, the last few quarters have been better than that. How would you kind of frame for us what next your expectations are? And then secondarily, just a sense for current rate on the pipeline. Yes, I'll leave it there.

約翰，你早些時候提到了這一點，只是在談論明年貸款增長可能會放緩，但我希望你能更好地為我們制定這樣的框架。我認為從歷史上看，您一直將銀行定位為高個位數的增長者。顯然，過去幾個季度的情況比這要好。您如何為我們制定下一步您的期望是什麼？其次，只是對管道當前速率的感覺。是的，我會把它留在那裡。

Yes. No, great question. And we're sort of not changing guidance. I think we're 8% to 10% year in and year out. This year, I think we've been selective. We've got a couple of categories that have really driven growth. And I think we're fortunate that they tend to be categories with lower loss given default, which I'm happy about in this cycle.

是的。不，很好的問題。而且我們並沒有改變指導。我認為我們年復一年地增長了 8% 到 10%。今年，我認為我們是有選擇性的。我們有幾個類別真正推動了增長。而且我認為我們很幸運，它們往往是默認損失較低的類別，我在這個週期中對此感到高興。

As I mentioned earlier to one of the questions, our pipeline remains robust. I think we're going to have the ability and the luxury and I think many of our competitors will as well to be a little bit more selective on rate and structure. Just given the fact that some of the nonbank lenders and their cost of funds and other dynamics are changing the nature of the marketplace.

正如我之前提到的一個問題，我們的管道仍然很強大。我認為我們將擁有能力和奢侈，我認為我們的許多競爭對手也會在速度和結構上更加挑剔。只是考慮到一些非銀行貸款機構及其資金成本和其他動態正在改變市場的性質。

So I still feel like when we made the announcement in April of 2021, one of the premises of the deal was that we, on a combined basis, could grow our commercial loans 8% to 10% year in and year out. We're obviously benefited by a bigger balance sheet and higher hold levels, which we've talked about. So even if the loan market and loan demand slows a little bit, some of the niches and verticals and relationships that we have continue to enable us to grow loans.

所以我仍然覺得，當我們在 2021 年 4 月宣布這一消息時，交易的前提之一是，我們的商業貸款可以年復一年地增長 8% 到 10%。我們顯然受益於我們已經討論過的更大的資產負債表和更高的持有水平。因此，即使貸款市場和貸款需求略有放緩，我們所擁有的一些利基市場、垂直領域和關係仍使我們能夠增加貸款。

So in our model, we're still looking at 8% to 10% loan growth next year regardless of kind of what the overall demand environment is. And I believe we can do it safely. If we don't want Jason on the call, obviously, because you never want your Chief Credit Risk Officer on the earnings call, that generally portends to bad things. But if he were here, I think we're able to kind of narrow our focus in resilient businesses, stay away from things, we think are more cyclical and continue to grow loans safely at 8% to 10%.

因此，在我們的模型中，無論整體需求環境如何，我們仍預計明年貸款增長 8% 至 10%。我相信我們可以安全地做到這一點。如果我們不想讓傑森參加電話會議，顯然，因為你永遠不希望你的首席信用風險官參加財報電話會議，這通常預示著壞事。但如果他在這裡，我認為我們能夠縮小對彈性業務的關注，遠離我們認為更具週期性的事情，並繼續以 8% 至 10% 的速度安全地增長貸款。

The only thing I would add to that is when you look at the quarter, I think our originations were probably about -- and this is the third quarter, at about 520 -- 5.2%, right? And so as we look out, it's probably going to be closer to the range of like 550 to 600 origination rate.

我唯一要補充的是，當您查看該季度時，我認為我們的起源可能是 - 這是第三季度，大約為 520 - 5.2%，對嗎？因此，正如我們所看到的，它可能會更接近 550 到 600 的發起率範圍。

Understood. Okay. And then could you just talk about digital deposits, the balances between Brio Direct and then the Banking-as-a-Service segment? And how much of your funding projections should we be thinking rely on these buckets versus traditional street retail and commercial?

明白了。好的。然後你能談談數字存款、Brio Direct 和銀行即服務部門之間的餘額嗎？與傳統的街頭零售和商業相比，我們應該考慮多少資金預測依賴於這些水桶？

Yes, Matt, sure. And I think I've been pretty consistent in saying we've tried to lean in, in those areas. Obviously, Brio is up running and proven. And we're able to generate some deposits there. We did in the second quarter, we did in the third quarter. Glenn can give you the number.

是的，馬特，當然。而且我認為我一直在說我們已經嘗試在這些領域傾斜。顯然，Brio 正在運行並經過驗證。我們能夠在那裡產生一些存款。我們在第二季度做了，我們在第三季度做了。格倫可以給你電話號碼。

As it relates to Banking-as-a-Service, I don't know whether this is a pivot and narrative. But in the second quarter, I talked about the fact that we have 3 or 4 relationships that are live with a pipeline of about $500 million to $750 million of deposits but that we really didn't factor in significant profitability or contribution nor did we factor in significant investment in the Banking-as-a-Service space.

由於它與銀行即服務有關，我不知道這是否是一個支點和敘述。但在第二季度，我談到了這樣一個事實，即我們有 3 或 4 個關係，它們的存款管道約為 5 億至 7.5 億美元，但我們確實沒有考慮到顯著的盈利能力或貢獻，也沒有考慮到對銀行即服務領域的重大投資。

I think the update there is things are a little slower than we thought. Luis and I continue to kind of narrow our focus in those areas where we think we can drive core deposits and drive kind of liquidity we're not factoring in significant funding from the BAS channel over the course of 2023. So we're not relying on that in our model. That would be upside gravy.

我認為更新有些事情比我們想像的要慢一些。路易斯和我繼續縮小我們對那些我們認為我們可以推動核心存款和推動流動性的領域的關注，我們沒有考慮到 2023 年期間來自 BAS 渠道的大量資金。所以我們不依賴在我們的模型中。那將是上行肉汁。

With respect to Brio, we do expect to have that as part of our arsenal. And maybe, Glenn, you can tell (inaudible).

關於 Brio，我們確實希望將其作為我們武器庫的一部分。也許，格倫，你可以說（聽不清）。

Sure. So I think just to start like digital direct is probably about $1.1 billion right now. And so we're the biggest driver of that being Brio. But as you know, Brio is like more of a higher beta type product, but it is a lever that we have that we can get good funding. And as long as we're turning it into loans in the range of 550 to 600, that's a pretty good funding source. So I think Brio is 1 channel that we have that we can pull the lever. We can adjust that pretty quickly.

當然。所以我認為現在開始像數字直銷一樣可能需要大約 11 億美元。所以我們是 Brio 的最大推動力。但如你所知，Brio 更像是一個更高的 beta 類型產品，但它是我們能夠獲得良好資金的槓桿。只要我們把它變成550到600之間的貸款，這就是一個很好的資金來源。所以我認為 Brio 是我們可以拉動槓桿的 1 個渠道。我們可以很快地調整它。

And then as John mentioned, the Banking-as-a-Service and stuff like that. But more importantly, I think besides the securities portfolio running off, we expect to have deposit growth in commercial segments. HSA, as you know, will come in, in the first quarter. That's the enrollment period. So we should see a pop on the HSA as well.

然後正如約翰提到的，銀行即服務之類的東西。但更重要的是，我認為除了證券組合流失之外，我們預計商業領域的存款也會增長。如您所知，HSA 將在第一季度推出。那就是報名時間。因此，我們也應該在 HSA 上看到流行音樂。

So there's -- again, I keep coming back to because I think it's really unique for us is that we have so many multiple sources of funding that will continue to distinguish us. And certainly, it's playing out in our financial forecast.

所以有 - 再次，我一直回來，因為我認為這對我們來說真的很獨特，因為我們有如此多的多種資金來源將繼續使我們與眾不同。當然，它正在我們的財務預測中發揮作用。

Okay. And then last 1 for me, just going back to the loan sale. I think there's been some lingering questions on whether or not there were areas of the Sterling portfolio that would eventually be exited or continue to be part of the story. Did the loan sale have anything to do with kind of legacy Sterling ancillary segments? And if so, what were those?

好的。然後對我來說最後一個，回到貸款銷售。我認為關於英鎊投資組合的某些領域是否最終會退出或繼續成為故事的一部分，存在一些揮之不去的問題。貸款出售是否與遺留的英鎊輔助部分有關？如果是這樣，那些是什麼？

Yes. I'm not going to talk specifically. I think the overall theme is both banks had kind of suboptimal risk return businesses. And as we work through them, or as a $70 billion bank now, we have the opportunity to decide whether or not we can either accelerate and correct and improve businesses or decide to exit.

是的。具體我就不說了。我認為總體主題是兩家銀行都有一種次優的風險回報業務。當我們通過它們進行工作時，或者現在作為一家價值 700 億美元的銀行，我們有機會決定我們是否可以加速、糾正和改善業務，或者決定退出。

So I guess I'm trying not to be cute, Matt. I think the answer is kind of not specifically related to legacy Sterling, but related to the entire organization, there are suboptimal portfolios that kind of we've looked at and moved through, we were able to kind of act on everything we identified in the quarter as things where we didn't think we were going to be able to get return for the appropriate risk or, as I said, on a couple of select note sales in key areas where there may be paradigm shifts like office, we were able to kind of lighten our exposure.

所以我想我是在努力變得不可愛，馬特。我認為答案與傳統 Sterling 並無特別相關，但與整個組織有關，我們已經查看並遷移了一些次優的投資組合，我們能夠對我們在季度作為我們認為我們無法獲得適當風險回報的事情，或者正如我所說，在可能發生範式轉變的關鍵領域（如辦公室）的一些精選票據銷售中，我們能夠減輕我們的曝光度。

So I'm going to leave it at that. And I don't think it's a worry. And you characterize it as kind of like a worry. But there are subscale and suboptimal businesses that we will, over time, figure out whether or not we want to accelerate or whether we want to exit and whether that exit is a loan sale or just a wind down of the business that will happen over time. But right now, we love the portfolio of assets. We like the credit quality a lot in the entire bank when you bring all the portfolios together.

所以我將把它留在那裡。我不認為這是一個擔心。你把它描述為一種擔憂。但是，隨著時間的推移，我們將確定是否要加速或是否要退出以及該退出是貸款銷售還是隨著時間的推移將發生的業務的結束.但現在，我們喜歡資產組合。當您將所有投資組合放在一起時，我們非常喜歡整個銀行的信用質量。

Your next question comes from the line of Jared Shaw with Wells Fargo Securities.

您的下一個問題來自富國證券的 Jared Shaw。

This is Timur Braziler filling in for Jared. Maybe just starting on the bond book and using that as a source of funds. Does that slow with the expectation that loan growth slows? And does that pretty much end in the first quarter as HSA seasonality kicks in? I guess what's a good kind of base we should be thinking about for the bond book?

這是 Timur Braziler 代替 Jared。也許只是從債券簿開始並將其用作資金來源。隨著貸款增長放緩的預期，這是否會放緩？隨著 HSA 季節性因素的開始，這是否會在第一季度結束？我想我們應該為債券書考慮什麼好的基礎？

So no, I think you would continue to see -- first of all, it has extended with the rise in rates. So our cash flow has come down a little bit, but still for the quarter, if you're using something in the range of like $250 million, $250 million, I think that's pretty good, right? So that's how I would generally model it.

所以不，我想你會繼續看到——首先，它隨著利率的上升而擴大。因此，我們的現金流量有所下降，但在本季度，如果您使用的金額在 2.5 億美元、2.5 億美元之間，我認為這相當不錯，對吧？所以這就是我通常會如何建模它。

But we continue to reinvest it. What came off in the quarter -- in the third quarter is like $238 million. It came off at 2.83%, right? So if we can reinvest that in loans, you can see the spread difference, right? And so we'll continue to do that as a source of funding for loans going forward. Do you have a second part to that question?

但我們會繼續對其進行再投資。本季度的收入——第三季度約為 2.38 億美元。它以 2.83% 的價格下跌，對吧？因此，如果我們可以將其再投資於貸款，您可以看到利差差異，對嗎？因此，我們將繼續這樣做，作為未來貸款的資金來源。你對這個問題有第二部分嗎？

Well, just with HSA coming on in the first quarter and that being used as a fund cycle, does that kind of slow in '23? Or is that the strategy that will be used in (inaudible).

好吧，就在第一季度出現 HSA 並且被用作基金周期的情況下，這種情況在 23 年會變慢嗎？或者是將在（聽不清）中使用的策略。

Yes, I mean I think we've talked about this, but I think if you look at the total book at $15 billion, we sort of think of it as -- part of it is that the deployment of the excess liquidity we had back a couple of quarters ago. And so that's done well for us from an earnings standpoint, but it's always been our attention to sort of move that into the loan book and pick up 150 or now 200 basis points in doing so. So even with HSA coming in the first quarter, given our loan growth for the year, I think that will still be a good source of funding for us.

是的，我的意思是我認為我們已經討論過這個問題，但我認為如果你看一下 150 億美元的總賬面，我們會認為它 - 部分原因是我們收回的過剩流動性的部署幾個季度前。因此，從收益的角度來看，這對我們來說做得很好，但我們一直都在關注將其轉移到貸款賬簿中，並在此過程中增加 150 或現在 200 個基點。因此，即使 HSA 在第一季度推出，鑑於我們今年的貸款增長，我認為這仍然是我們的一個很好的資金來源。

Okay. And then maybe just bigger picture on the Sterling integration. I mean the results post deal closing have already been quite strong. Integration is still kind of slated for middle of next year. what changes once that integration is complete. Is that just you'll be able to take out some more expenses? Or do you expect to see some operational gains kind of in how lending or deposit generation is being conducted?

好的。然後也許只是英鎊整合的更大圖景。我的意思是交易完成後的結果已經相當強勁。整合仍計劃在明年年中進行。集成完成後會發生什麼變化。是不是就可以多花點錢了？或者您是否希望在貸款或存款生成方式上看到一些運營收益？

Yes, that's a really interesting question. I think it won't have a material impact on our ability to generate revenue, right? One of the things we talked about with this transaction is the complementary nature. And again, I always harp on this, and I'll take the opportunity to do it again, is that a lot of times when MOEs don't deliver either in time or they don't deliver ever. It's not because of the cost saves. This wasn't a cost save deal, only 10% of the combined cost save no banking center consolidation out of the gate, right?

是的，這是一個非常有趣的問題。我認為這不會對我們產生收入的能力產生重大影響，對吧？我們在這筆交易中談到的一件事是互補性。再說一次，我總是強調這一點，我會藉此機會再做一次，這是很多時候教育部要么沒有及時交付，要么永遠沒有交付。這不是因為節省成本。這不是節省成本的交易，只有 10% 的總成本節省了銀行中心整合，對吧？

It was really about the fact that we were able to put 2 banks together where everyone could continue focusing on their customer because there was virtually no overlap from a retail business banking or commercial perspective. And I think that's proven out. So when we get the technology integration and conversion done next July, I don't think that signals our addition to accelerate revenue, except to your point of having maybe a more resilient and scalable operational platform. But for us, what it will do is we will finally get to retire 1 of 2 core systems. We'll kind of finally get to retire several commercial subledgers and make us more efficient over time.

事實上，我們能夠將 2 家銀行放在一起，每個人都可以繼續關注他們的客戶，因為從零售商業銀行或商業角度來看，幾乎沒有重疊。我認為這已經被證明了。因此，當我們在明年 7 月完成技術集成和轉換時，我認為這並不意味著我們增加收入以加速收入，除非您可能擁有一個更具彈性和可擴展性的運營平台。但對我們來說，它會做的是我們最終將淘汰 2 個核心系統中的 1 個。我們最終會淘汰幾個商業分類賬，並隨著時間的推移提高我們的效率。

So we do feel like our operational effectiveness will be better. Our operational efficiency and our cost structure will certainly go down. And that's one of the things we're excited about. You've seen obviously inflationary pressures on the industry throughout. We still have another 12 months to 18 months of the ability to offset some of the pressures of inflationary expenses on wages and other things by the fact that we still haven't consolidated 3 call centers. We still haven't fully gotten to our conversion on our core system. So all of that should give us kind of more flexibility from an expense perspective, I don't think it will change the trajectory of revenue growth.

所以我們確實覺得我們的運營效率會更好。我們的運營效率和成本結構肯定會下降。這是我們感到興奮的事情之一。你已經看到了整個行業明顯的通脹壓力。由於我們還沒有合併 3 個呼叫中心，我們還有 12 到 18 個月的時間來抵消通貨膨脹費用對工資和其他方面的一些壓力。我們還沒有完全完成我們核心系統的轉換。因此，從費用的角度來看，所有這些都應該給我們更多的靈活性，我認為這不會改變收入增長的軌跡。

Okay. Great. And then just last for me, more of a modeling question. The scheduled accretion guide of $14.6 million in 4Q '22, do you have any visibility as to what accelerated accretion in the quarter could be just kind of looking at the delta between third quarter accretion in the fourth quarter guide? And I guess for the third quarter accretion, was any of that component driven by the loan, the $500 million of loan sales, did that kind of drive any of the accelerated accretion component there?

好的。偉大的。然後對我來說，更多的是一個建模問題。 22 年第四季度的預定增長指南為 1460 萬美元，您是否對本季度的加速增長有任何了解，這可能只是看第四季度指南中第三季度增長之間的增量？我猜想對於第三季度的增長，是否有任何部分是由貸款推動的，即 5 億美元的貸款銷售，是否推動了那裡的任何加速增長？

No. I mean this is generally -- it's prepayments. I mean accretion is down, obviously, quarter-over-quarter, but there'll be volatility. Look, when we announced and put in the -- you see the impact of purchase accounting back on Page 18 on the slide, but that was just based on scheduling. And obviously, as customers prepay and stuff like that, that will accelerate, right? I think there's probably about 7 -- maybe a smaller amount. It's probably $600,000 to $700,000 due to the loan sale in that accretion note. It's not meaningful.

不，我的意思是這通常是——這是預付款。我的意思是增長明顯下降，環比下降，但會有波動。看，當我們宣布並放入幻燈片時，您會在第 18 頁看到採購會計的影響，但這只是基於日程安排。顯然，隨著客戶預付款之類的東西，這會加速，對吧？我想大概有 7 個——也許更小一些。由於該增值票據中的貸款出售，它可能是 600,000 到 700,000 美元。這沒有意義。

Okay. But looking at the -- I guess it's hard to look at the paydown schedule, but should we be assuming a similar level kind of accelerated accretion in the fourth quarter or is that...

好的。但是看看 - 我想很難看清償付時間表，但我們是否應該假設第四季度出現類似水平的加速增長，或者是......

Well, we give it to you. We laid it out for you there. It's like on the loan side, it's $17 [billion], right? And that's our best estimate right now, Timur. It could change based on prepayment activity and stuff like that.

好吧，我們給你。我們在那里為您準備好了。就像在貸款方面，是 17 [十億] 美元，對吧？這是我們目前最好的估計，帖木兒。它可能會根據預付款活動和類似的東西而改變。

Your next question comes from the line of Laurie Hunsicker with Compass Point.

你的下一個問題來自於羅盤點的勞裡·亨西克。

AOCl, what was that intangible common equity this quarter on a dollar basis?

AOCl，本季度以美元計算的無形普通股是多少？

Without AOCI?

沒有AOCI？

No, no. Just what was the AOCI drag (inaudible).

不，不。什麼是 AOCI 阻力（聽不清）。

So, the AOCI in the third quarter impact was -- it's $688 million, right. That's after tax. So that's an increase of about $242 million quarter-over-quarter.

因此，第三季度的 AOCI 影響是 - 是 6.88 億美元，對。那是稅後。因此，環比增加了約 2.42 億美元。

Perfect. Perfect. Okay. Great. And then John and Glenn, just going back to the $500 million sale, and I appreciate you don't want to break out what's legacy Webster versus legacy Sterling. How much of that was offered? And then kind of what were the other larger components in there? And then just a refresh on office, right? We had last quarter, you gave us, it was $2.2 billion, of which $520 million was in New York. Do you have -- or NYC, I guess, proper, do you have a refresh on what that is as of 3Q?

完美的。完美的。好的。偉大的。然後約翰和格倫，回到 5 億美元的銷售，我很感激你們不想打破傳統的韋伯斯特與傳統的英鎊。其中提供了多少？然後那裡的其他更大的組件是什麼？然後只是在辦公室刷新一下，對嗎？你給我們的上個季度是 22 億美元，其中 5.2 億美元在紐約。你有 - 或者紐約市，我猜，對，你對第三季度的情況有什麼更新嗎？

Sure. Sure. I'm happy to do that. So the impact on our office exposure between the asset sales and other just general amortization and payoffs is about $75 million. So we're $75 million lighter on total office exposure than what we had walked through, and I'll refresh those numbers for you in a second. And the rest of the stuff related to kind of general C&I activity in terms of the $500 million, so general C&I businesses.

當然。當然。我很高興這樣做。因此，資產銷售與其他一般攤銷和收益之間對我們辦公室風險敞口的影響約為 7500 萬美元。因此，我們在辦公室的總曝光量比我們經歷的要少 7500 萬美元，我會在一秒鐘內為您刷新這些數字。其餘的東西與一般 C&I 活動有關，價值 5 億美元，所以一般 C&I 業務。

I would say that if the refresh office, if you recall, there's not really a material change except for the $75 million or so reduction. So we talked about $2.2 billion in total office exposure about a little over $500 million of which was kind of stabilized medical office, which has a much better operating profile and I think is not subject to paradigm shifts that would impact traditional office.

如果你還記得的話，我想說的是，如果更新辦公室，除了減少 7500 萬美元左右之外，並沒有真正的重大變化。因此，我們談到了 22 億美元的總辦公室風險敞口，其中大約 5 億美元是穩定的醫療辦公室，它的運營狀況要好得多，我認為不會受到影響傳統辦公室的範式轉變的影響。

So if you take that $1.7 billion remaining roughly, about half of it is Class A. The other half is Class B, C, which is what we're focused on the most. So again, take the maybe 50-50 of the asset sales, you're down to about $800 million in terms of B, C office exposure. The total New York City office exposure in the 5 boroughs is around $400 million. That remained largely unchanged, and that's about split 50-50 A and then B and C we haven't seen really a change in the underlying risk ratings or classified contents there, although we're not taking our focus off of it. So -- and obviously evidenced by the fact that some of our discrete note sales were in that category, Laurie.

因此，如果您粗略地計算剩餘的 17 億美元，其中大約一半是 A 類。另一半是 B、C 類，這是我們最關注的。再一次，以大約 50-50 的資產出售為例，就 B、C 辦公室的風險敞口而言，你的損失約為 8 億美元。紐約市 5 個行政區的辦公室總敞口約為 4 億美元。這基本上保持不變，大約是 50-50 A，然後是 B 和 C，我們沒有看到潛在風險評級或分類內容的真正變化，儘管我們並沒有把注意力從它身上移開。所以 - 很明顯，我們的一些離散票據銷售屬於該類別，Laurie。

But also, again, reminding you that we sold all of those loans at a combined rate of $0.98 on the dollar. We weren't selling loans with loss -- with identified loss content, we're just making decisions to kind of eliminate nonstrategic assets that over time could have a lower value.

但也再次提醒您，我們以 0.98 美元的綜合匯率出售了所有這些貸款。我們沒有出售有損失的貸款——具有確定的損失內容，我們只是在做出決定，以消除隨著時間的推移可能價值較低的非戰略性資產。

Got it. Okay. And just so that I'm clear, I had in my notes last quarter, $520 million was New York City. That's now down to $400 million?

知道了。好的。為了清楚起見，我在上個季度的筆記中有 5.2 億美元是紐約市。現在已經下降到 4 億美元？

Let me check. Maybe it's 4 -- oh, I think medical is also in that, Laurie. So nonmedical office in New York, around $400 million.

讓我檢查一下。也許是 4 —— 哦，我認為醫療也在其中，勞裡。所以在紐約的非醫療辦公室，大約 4 億美元。

And at this time, there are no further questions.

而此時，沒有進一步的問題。

Great. Thank you very much for joining us today, and have a wonderful day.

偉大的。非常感謝您今天加入我們，祝您有美好的一天。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。