Webster Financial Corp (WBS) 2023 Q3 法說會逐字稿

Good morning. Welcome to Webster Financial's Third Quarter 2023 Earnings Call. Please note this event is being recorded.

早安.歡迎參加 Webster Financial 的 2023 年第三季財報電話會議。請注意此事件正在被記錄。

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

現在我想請韋伯斯特投資者關係總監 Emlen Harmon 介紹這次電話會議。哈蒙先生，請繼續。

Good morning. Before we begin our remarks, I want to 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 and accompanying management remarks can be found on the company's Investor Relations website at investors.websterbank.com.

早安.在我們開始發言之前，我想提醒您，管理層發表的評論可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並受到安全港規則的約束。請查看今天的新聞稿和簡報中的前瞻性免責聲明和安全港語言，以了解有關可能影響我們的風險和不確定性的更多資訊。簡報和隨附的管理層評論可在公司投資者關係網站 Investors.websterbank.com 上找到。

I'll now turn it over to Webster Financial's CEO, John Ciulla.

現在我將把它交給韋伯斯特金融公司的執行長約翰·丘拉。

Thanks, Emlen. Good morning, and welcome to Webster Financial Corporation's Third Quarter 2023 Earnings Call. We appreciate you joining us. I'll provide remarks on our high-level results and operations before turning it over to Glenn to cover our financial results in greater detail.

謝謝，埃姆倫。早安，歡迎參加韋伯斯特金融公司 2023 年第三季財報電話會議。我們感謝您加入我們。我將先對我們的高水準業績和營運情況進行評論，然後再將其轉交給格倫，以更詳細地介紹我們的財務業績。

The results we announced today further illustrate the power of Webster in terms of earnings potential as well as our sound operating and risk profile. We continue to enhance our liquidity position. And in contrast to broader industry trends, we grew deposits by $1.6 billion. We also grew our net interest income and materially expanded net interest margin in the quarter.

我們今天宣布的業績進一步說明了韋伯斯特在獲利潛力以及我們良好的營運和風險狀況方面的實力。我們持續增強流動性狀況。與更廣泛的行業趨勢相反，我們的存款增加了 16 億美元。本季我們的淨利息收入也有所成長，淨利差也大幅擴大。

In the quarter, we also completed our core systems conversion, marking a significant milestone in our integration, and we are pleased with the outcome and did so with limited client disruption. Our streamlined technology architecture will allow us to further enhance client experience and more efficiently deliver for our clients in the future.

在本季度，我們也完成了核心系統轉換，標誌著我們整合的一個重要里程碑，我們對結果感到滿意，並且在對客戶造成的干擾有限的情況下實現了這一目標。我們簡化的技術架構將使我們能夠進一步增強客戶體驗，並在未來更有效地為客戶提供服務。

Achieving this outcome took an exceptional effort on the part of our colleagues, particularly our client-facing colleagues and those dedicated to the conversion. I want to express the gratitude of our executive team, directors and shareholders for their efforts.

為了實現這一成果，我們的同事付出了巨大的努力，特別是面向客戶的同事和致力於轉型的同事。我想對我們的執行團隊、董事和股東的努力表示感謝。

With the core conversion complete, we expect our company's financial potential will become even more evident over the near to medium term, and we will have significantly more opportunity to build upon our operating capabilities going forward, including services that allow us to enhance noninterest income in our commercial, consumer and HSA businesses. Furthermore, our colleagues will direct their full attention to continuing to grow the organization as they deepen existing and develop new client relationships, enhance our product capabilities and client service, raise Webster's market profile and keep operations running smoothly.

隨著核心轉換的完成，我們預計我們公司的財務潛力將在中短期內變得更加明顯，我們將有更多的機會來發展我們未來的營運能力，包括使我們能夠提高非利息收入的服務我們的商業、消費者和HSA 業務。此外，我們的同事將充分關注組織的持續發展，加深現有的客戶關係並開發新的客戶關係，增強我們的產品能力和客戶服務，提高韋伯斯特的市場形象並保持營運平穩運行。

With that as an introduction, I'll get into our financial highlights for the quarter. I'll start on Slide 2. On an adjusted basis, we generated EPS of $1.55 with solid results across nearly all of our income statement lines. And PPNR grew 2% from the prior quarter. This generated an adjusted return on assets of nearly 1.5% and an adjusted return on tangible common equity of 21%. Our efficiency ratio remained at 42%, among the best in the industry. We grew our deposits by almost 3% over prior quarter, and we were able to grow net interest income despite a decline in loans.

作為介紹，我將介紹本季的財務亮點。我將從幻燈片 2 開始。在調整後的基礎上，我們產生了 1.55 美元的每股收益，幾乎所有損益表項目都取得了穩健的業績。 PPNR 較上一季成長 2%。這產生了近 1.5% 的調整後資產回報率和 21% 的調整後有形普通股回報率。我們的效率維持在42%，在業界名列前茅。與上一季相比，我們的存款成長了近 3%，儘管貸款下降，但我們仍實現了淨利息收入的成長。

As we have discussed in our prior calls and at our Investor Day in March, we've continued to evaluate our capital allocation and the risk/return dynamics across lending businesses since our merger closed nearly 2 years ago. We've discussed with many of you that the time would come to deemphasize some businesses where our resources and capital could be better allocated, and we are starting to see some of that today, particularly in an environment where liquidity is at a premium and the credit environment remains uncertain.

正如我們在之前的電話會議和三月份的投資者日討論的那樣，自從近兩年前合併結束以來，我們一直在繼續評估我們的資本配置和貸款業務的風險/回報動態。我們已經與你們中的許多人討論過，是時候不再強調一些可以更好地分配我們的資源和資本的業務了，今天我們開始看到其中的一些業務，特別是在流動性溢價和流動性在很高的環境下。信貸環境仍存在不確定性。

In the quarter, we focused our loan origination efforts on franchise-building, full relationships, C&I and non office commercial real estate. We purposely deemphasized our mortgage warehouse activities, where balances materially declined. As a result of our deposit growth and more targeted loan origination activities, our loan-to-deposit ratio improved to 83%, providing us a ton of flexibility as we move forward. We have a solid loan pipeline and feel good about our ability to continue to safely grow earning assets, even with the backdrop of sluggish loan demand.

本季度，我們將貸款發放工作的重點放在特許經營建設、全面關係、工商業和非辦公商業房地產。我們刻意淡化抵押倉庫活動，導致餘額大幅下降。由於我們的存款成長和更有針對性的貸款發放活動，我們的貸存比率提高至 83%，為我們的前進提供了大量的靈活性。我們擁有穩固的貸款管道，並且對我們繼續安全成長獲利資產的能力感到滿意，即使在貸款需求低迷的背景下也是如此。

Our common equity Tier 1 ratio and TCE ratio are strong at 11.2% and 7.2%, respectively. Our robust capital position and returns provide us a great deal of flexibility and optionality in terms of capital deployment, whether it be organic growth; share repurchases; payment on our common dividend; or in selective instances executing on complementary acquisitions, such as the interLINK and Bend transactions that we've executed on over the last 2 years.

我們的普通股一級資本比率和 TCE 比率非常強勁，分別為 11.2% 和 7.2%。我們穩健的資本狀況和回報為我們在資本部署方面提供了很大的靈活性和選擇性，無論是有機成長還是有機成長；股份回購；支付我們的普通股利；或在選擇性的情況下執行補充性收購，例如我們在過去兩年中執行的 interLINK 和 Bend 交易。

On Slide 3, we again provide a profile of our diverse and unique deposit funding. Many of you have seen this slide a few times now, but we like to highlight what we believe to be one of our key competitive advantages, particularly as deposits exit the banking system. The deposit growth we generated this quarter was a team effort with most of these channels contributing, and Glenn will provide more details on our deposit growth shortly.

在投影片 3 上，我們再次介紹了我們多樣化且獨特的存款資金。你們中的許多人已經看過這張幻燈片幾次了，但我們想強調我們認為是我們的關鍵競爭優勢之一，特別是當存款退出銀行系統時。我們本季產生的存款成長是團隊努力的結果，其中大多數管道都做出了貢獻，格倫將很快提供有關我們存款成長的更多詳細資訊。

This business profile also enables our robust liquidity position, which we review on the following slide, Slide 4. We again increased our immediately available liquidity to $19.8 billion from $18 billion last quarter. In the most recent quarter, our uninsured deposits fell to 22% of total from 25% last quarter, and our liquidity coverage of those uninsured deposits grew to 148% versus 124% last quarter.

這種業務概況也使我們能夠保持強勁的流動性狀況，我們將在下一張投影片（投影片4）中對此進行審查。我們再次將立即可用的流動性從上季的180 億美元增加到198 億美元。最近一個季度，我們的未保險存款佔總存款的比例從上季的 25% 下降至 22%，這些未保險存款的流動性覆蓋率從上季的 124% 增至 148%。

I'll touch on our office CRE portfolio and credit in general as we turn to Slide 5. Office loan exposure continues to be a focus of our conversations with investors, and we continue to actively manage our risk in that asset class. Notably, we've proactively reduced our office exposure, which is now under $1.2 billion or 2.3% of loans. Including actions taken this quarter, we've reduced the portfolio by $500 million since the second quarter of 2022 or 30% of the original balance.

當我們轉向投影片 5 時，我將大致談談我們的辦公室 CRE 投資組合和信貸。辦公室貸款風險仍然是我們與投資者對話的焦點，我們將繼續積極管理該資產類別的風險。值得注意的是，我們主動減少了辦公室風險敞口，目前該風險敞口低於 12 億美元，佔貸款的 2.3%。包括本季採取的行動，自 2022 年第二季以來，我們已將投資組合減少了 5 億美元，即原始餘額的 30%。

The portfolio is generally well secured with an at-origination weighted average LTV of 54% and a current debt service coverage ratio of 1.9x. No delinquencies in the portfolio and a low level of non-accruing assets. Note that, of the remaining portfolio, almost 2/3 of our exposure has some level of tertiary support in the form of a guarantee or reserve.

此投資組合整體上安全性良好，初始加權平均 LTV 為 54%，目前償債覆蓋率為 1.9 倍。投資組合無拖欠情況，非應計資產水準較低。請注意，在剩餘的投資組合中，我們近 2/3 的風險敞口擁有一定程度的擔保或儲備形式的三級支持。

Overall, while it's clear that the credit environment remains uncertain and that the industry trends indicates some level of bumpiness as we move forward, we remain generally pleased with the resilience and credit metrics in our existing loan portfolio. While our commercial classified increased in the quarter, they remain well below pre-pandemic levels. Our nonperforming loans and charge-offs remain stable and is historically favorable levels. We continue to add to our overall allowance for credit losses, and our 1.27% coverage of loans and leases compares favorably to peers. We continue to proactively manage credit exposure in our portfolio to ensure early identification of problem credits.

總體而言，雖然信貸環境顯然仍然存在不確定性，而且行業趨勢表明我們前進時會遇到一定程度的坎坷，但我們對現有貸款組合的彈性和信貸指標總體上仍然感到滿意。雖然我們的商業分類在本季有所增加，但仍遠低於疫情前的水準。我們的不良貸款和核銷保持穩定，處於歷史有利水平。我們繼續增加整體信用損失準備金，我們 1.27% 的貸款和租賃覆蓋率優於同業。我們繼續主動管理投資組合中的信用風險，以確保及早發現問題信用。

I'll now turn it over to Glenn to provide more details on the quarter.

我現在將其轉交給格倫，以提供有關本季度的更多詳細資訊。

Thanks, John, and good morning, everyone. I'll start on Slide 6 with our GAAP and adjusted earnings. We reported GAAP net income to common shareholders of $222 million with earnings per share of $1.28. On an adjusted basis, we reported net income to common shareholders of $267 million and EPS of $1.55, excluding $62 million in pretax merger-related expense. Merger-related charges were associated with our core conversion, which was completed in the third quarter and will decline significantly in the fourth quarter.

謝謝約翰，大家早安。我將從幻燈片 6 開始介紹我們的 GAAP 和調整後收益。我們向普通股股東報告的 GAAP 淨利潤為 2.22 億美元，每股收益為 1.28 美元。在調整後的基礎上，我們向普通股股東報告的淨利潤為 2.67 億美元，每股收益為 1.55 美元，不包括 6,200 萬美元的稅前合併相關費用。合併相關費用與我們的核心轉換相關，該轉換已於第三季完成，並將在第四季度大幅下降。

Next, I will review our balance sheet trends, beginning on Slide 7. Total assets were $73 billion at period end, down $900 million from the second quarter. Interest-bearing deposits, primarily cash held at the Fed, was $1.8 billion at period end. We averaged $1.2 billion in cash for the quarter, in line with what we anticipate going forward. Our security balances were relatively flat in the quarter as we reinvested proceeds from maturities and sales.

接下來，我將從投影片 7 開始回顧我們的資產負債表趨勢。期末總資產為 730 億美元，比第二季減少 9 億美元。期末計息存款（主要是存放在聯準會的現金）為 18 億美元。本季我們的平均現金為 12 億美元，與我們未來的預期一致。由於我們對到期和銷售收益進行了再投資，本季我們的證券餘額相對持平。

Loans were down $1.5 billion, reflective of both lower loan demand and a decline in nonstrategic loan categories. Deposits grew $1.6 billion in the quarter, and we reduced borrowings by $2.6 billion. Deposit growth was across several product types and business lines, including over $250 million in noninterest-bearing deposit growth. Our loan-to-deposit ratio was 83% in the quarter, down from 88% last quarter. And we anticipate operating in the mid-80s going forward.

貸款減少 15 億美元，反映了貸款需求的下降和非戰略貸款類別的減少。本季存款增加 16 億美元，借款減少 26 億美元。多種產品類型和業務線的存款成長，其中無息存款成長超過 2.5 億美元。本季我們的貸存比率為 83%，低於上季的 88%。我們預計未來將在 80 年代中期運作。

Our capital levels are consistently strong. The common equity Tier 1 ratio was 11.2%, and our tangible common equity ratio was 7.2%. Tangible book value decreased to $29.48 per share, reflecting the impact of AOCI, the dividend, a small share repurchase. This was partially offset by retained earnings. Unrealized security losses included in tangible book value increased to $819 million after tax from $645 million last quarter, driven by higher rates. In a steady interest rate environment, we anticipate roughly $125 million of this would accrete back into capital annually.

我們的資本水準始終強勁。一級普通股權益比率為 11.2%，有形普通股權益比率為 7.2%。有形帳面價值下降至每股 29.48 美元，反映了 AOCI、股息和小額股票回購的影響。這被留存收益部分抵銷。由於利率上升，有形帳面價值中包含的未實現擔保損失從上季度的 6.45 億美元增至稅後 8.19 億美元。在穩定的利率環境下，我們預計其中每年約 1.25 億美元將重新轉化為資本。

Loan trends are highlighted on Slide 8. In total, loans were down by $1.5 billion or 3% on a linked quarter basis. The Commercial Bank continues to drive loan trends, where declines were reflective of both lower demand and declines in nonstrategic categories. Mortgage warehouse was down $600 million. Commercial real estate was down $100 million as we continued to reduce our office exposure and C&I was lower by $900 million. The yield on the loan portfolio increased 14 basis points, and floating and periodic loans were 59% of total loans at quarter end.

幻燈片 8 突顯了貸款趨勢。總體而言，貸款減少了 15 億美元，環比減少了 3%。商業銀行繼續推動貸款趨勢，其下降反映了需求下降和非策略類別的下降。抵押倉庫損失了 6 億美元。由於我們繼續減少辦公大樓投資，商業房地產下降了 1 億美元，商業房地產下降了 9 億美元。貸款組合殖利率上升14個基點，季末浮動貸款和定期貸款佔貸款總額的59%。

We provide additional detail on deposits on Slide 9. With total deposits up $1.6 billion from prior quarter, or 2.7%. We saw growth in all major deposit categories with the exception of savings. Growth was aided by the seasonal inflow in public funds, along with growth in interLINK, commercial and HSA. In our commercial business, we continue to recapture balances that have left in search of diversity earlier this year, as well as new clients. Our total deposit costs were up 24 basis points to 196 basis points for a cumulative cycle-to-date total deposit beta of 37%.

我們在投影片 9 上提供了有關存款的更多詳細資訊。存款總額比上一季增加了 16 億美元，即 2.7%。除儲蓄外，所有主要存款類別均出現成長。公共資金的季節性流入以及 interLINK、商業和 HSA 的成長推動了成長。在我們的商業業務中，我們繼續奪回今年早些時候為尋求多元化而留下的餘額以及新客戶。我們的總存款成本上升了 24 個基點，達到 196 個基點，週期迄今的累計總存款貝塔值為 37%。

On Slide 10, we have updated the forward progression of our deposit beta assumptions. We anticipate our cycle-to-date beta will reach 40% in the fourth quarter of this year. While the macro data has pushed out the interest rate cycle, we would still anticipate a beta in the low to mid-40s by the middle of 2024. Our expectations here align with our outlook, for which, we assume no further Fed increases at this point, with cuts beginning at the back half of 2024.

在投影片 10 上，我們更新了存款貝塔假設的前向進度。我們預計今年第四季我們的周期迄今的貝塔值將達到 40%。儘管宏觀數據已經推遲了利率週期，但我們仍預計到 2024 年中期，貝塔值將達到 40 左右。我們的預期與我們的展望一致，我們假設美聯儲此時不會進一步加息。點，削減從2024年下半年開始。

Moving to Slide 11, we highlight our reported to adjusted income statement compared to our adjusted earnings for the prior period. Overall, adjusted net income was up $7 million over prior quarter. Net interest income was up $3.3 million as we continue to benefit from our asset-sensitive balance sheet. Adjusted noninterest income was flat while expenses were down $2.3 million.

轉到投影片 11，我們重點介紹了我們報告的調整後損益表與上一期間調整後收益的比較。總體而言，調整後淨利潤比上一季增加了 700 萬美元。由於我們繼續受益於資產敏感的資產負債表，淨利息收入增加了 330 萬美元。調整後的非利息收入持平，而支出減少了 230 萬美元。

We also benefited from a lower tax rate, 20.1% this quarter, down from 21.7% in the second quarter. Partially offsetting these trends, the provision was up $5 million. The net interest margin was 3.49%, up 14 basis points from the prior quarter. The NIM benefited from more normalized on-balance sheet liquidity as well as our asset-sensitive position. And our efficiency ratio was 42%.

我們也受惠於較低的稅率，本季稅率為 20.1%，低於第二季的 21.7%。撥款增加了 500 萬美元，部分抵消了這些趨勢。淨利差為3.49%，較上季上升14個基點。淨利差受益於更正常化的表內流動性以及我們的資產敏感部位。我們的效率是42%。

On Slide 12, we highlight net interest income, which grew $3.3 million linked quarter. Net interest margin increased 14 basis points from the prior quarter. Our yield on earning assets increased 17 basis points from the prior quarter and the pace of deposit pricing moderated to 24 basis points. It's important to note that our total cost of funds were up just 4 basis points as growth in core deposit categories was used to replace wholesale funding and brokered CDs.

在幻燈片 12 中，我們重點介紹了淨利息收入，該季度環比增長了 330 萬美元。淨利差較上季增加14個基點。我們的生息資產收益率較上季上升 17 個基點，存款定價步伐放緩至 24 個基點。值得注意的是，我們的總資金成本僅上升了 4 個基點，因為核心存款類別的成長被用來取代批發融資和經紀 CD。

On Slide 13, we highlight our noninterest income, which was flat to prior quarter. An increase in derivative valuation and direct investment gains was offset by declines in deposit service fees. Transaction activity tied to commercial clients remained slow in the third quarter, though the outlook is improving into next year. The year-over-year decrease was primarily driven by $10 million in lower client deposit fees, $7 million lower loan-related fees, $4 million from the outsourcing of the consumer investment service platform and lower client hedging activity.

在幻燈片 13 中，我們強調了我們的非利息收入，與上一季持平。衍生性商品估值和直接投資收益的成長被存款服務費的下降所抵銷。儘管明年的前景正在改善，但第三季與商業客戶相關的交易活動仍然緩慢。年比下降的主要原因是客戶存款費用減少了 1000 萬美元，貸款相關費用減少了 700 萬美元，消費者投資服務平台外包費用減少了 400 萬美元，以及客戶對沖活動減少了。

Noninterest expense is on Slide 14. We reported adjusted expenses of $301 million, down $2 million from the prior quarter. Reductions in professional fees, occupancy and marketing were partially offset by higher employee benefits and technology expense.

非利息支出在幻燈片 14 上。我們報告調整後支出為 3.01 億美元，比上一季減少 200 萬美元。專業費用、佔用率和行銷費用的減少被員工福利和技術費用的增加部分抵消。

Slide 15 details components of our allowance for credit losses, which were up $6 million over prior quarter. After reporting $29 million in net charge-offs, we incurred a $36 million provision expense for macro and credit factors, partially offset by the impact of lower loan balances. As a result, our allowance coverage to loans increased to 127 basis points from 122 basis points last quarter.

投影片 15 詳細介紹了我們的信貸損失準備金的組成部分，該準備金比上一季增加了 600 萬美元。在報告 2,900 萬美元的淨沖銷後，我們因宏觀和信貸因素產生了 3,600 萬美元的撥備費用，部分被貸款餘額減少的影響所抵消。因此，我們的貸款準備金覆蓋率從上季的 122 個基點增加到 127 個基點。

Slide 16 highlights our key asset quality metrics. On the upper left, nonperforming assets are flat to prior quarter and prior year, with nonperforming loans representing just 43% of loans -- 43 basis points of loans. Commercial classified loans as a percent of commercial loans increased to 174 basis points from 139 basis points as classified loans increased by $118 million on an absolute basis. The balance was up as we saw a migration of a few larger credits that we expect to cure over time.

投影片 16 重點介紹了我們的關鍵資產品質指標。在左上方，不良資產與上一季和去年同期持平，不良貸款僅佔貸款的 43%，即貸款的 43 個基點。商業分類貸款佔商業貸款的百分比從 139 個基點增加到 174 個基點，分類貸款絕對值增加了 1.18 億美元。當我們看到一些較大的信用額遷移時，餘額就增加了，我們希望隨著時間的推移可以解決這些問題。

Net charge-offs in the upper right totaled $29 million or 23 basis points of average loans on an annualized basis. We divested another $78 million in office loans in the quarter. These divestitures generated $13 million of the $29 million in net charge-offs. Worth repeating, our total office exposure declined $110 million, inclusive of other actions this quarter.

右上角的淨沖銷總額為 2,900 萬美元，即年化平均貸款的 23 個基點。本季我們又剝離了 7,800 萬美元的辦公貸款。這些資產剝離產生了 2,900 萬美元淨沖銷中的 1,300 萬美元。值得重複的是，我們的辦公室總風險敞口下降了 1.1 億美元，其中包括本季的其他行動。

On Slide 17, we maintained strong capital levels. All capital levels remain in excess of regulatory and internal targets. Our common equity Tier 1 ratio was 11.2%, and our tangible common equity show was 7.2%. Our tangible book value was $29.48 a share. Including the AFS mark on our securities portfolio, our common equity Tier 1 ratio would be approximately 9.5% as of September 30.

在幻燈片 17 中，我們保持了強勁的資本水準。所有資本水準仍然超過監管和內部目標。我們的普通股一級比率為 11.2%，有形普通股比率為 7.2%。我們的有形帳面價值為每股 29.48 美元。包括我們證券投資組合上的 AFS 標記，截至 9 月 30 日，我們的普通股一級資本比率約為 9.5%。

I'll wrap up my comments on Slide 18 with our fourth quarter outlook. We expect loans to grow in the range of 1% to 2% with growth focused in strategic segments. We expect core deposits to be in the range of third quarter with a year-end loan-to-deposit ratio in the mid-80s. We expect net interest income of $580 million to $590 million on a non-FTE basis and excluding accretion. Approximately $4 million in accretion would be added to the interest income outlook. And for those modeling net interest income on an FTE basis, I would add roughly $17 million to the outlook.

我將用我們的第四季展望來總結我對投影片 18 的評論。我們預計貸款成長在 1% 至 2% 範圍內，成長主要集中在策略領域。我們預計第三季核心存款將處於 80 左右的區間，年末貸存比將在 80 左右。我們預計非 FTE 基礎上的淨利息收入為 5.8 億至 5.9 億美元，不包括增值。利息收入前景將增加約 400 萬美元。對於那些以 FTE 為基礎對淨利息收入進行建模的人，我會在展望中增加約 1700 萬美元。

Our net interest income outlook assumes no further Fed increases. We currently expect NIM to be flat to the third quarter. Noninterest income should be approximately $90 million. Core expenses are expected to be around $305 million with an efficiency ratio in the range of 42%. Our expense outlook excludes the FDIC special assessment. We expect an effective tax rate of 21%. We'll continue to be prudent managers of capital and target a common equity Tier 1 ratio of 10.5%.

我們的淨利息收入前景假設聯準會不會進一步升息。我們目前預計淨利差將與第三季持平。非利息收入應約為 9000 萬美元。核心費用預計約 3.05 億美元，效率約 42%。我們的費用展望不包括 FDIC 特別評估。我們預計有效稅率為 21%。我們將繼續成為審慎的資本管理者，並將普通股一級資本比率目標定為 10.5%。

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

說到這裡，我將把它轉回給約翰做結束語。

Thanks a lot, Glenn. As I wrap up my remarks, I want to hit on the implications of the proposed regulatory changes for banks in excess of $100 billion in assets as it's among the topics we're most frequently asked about. We anticipate it will be several years before we reach the asset threshold at which the proposed regulations would impact Webster. During that time, both the application of the regulations and the operating environment may significantly change.

非常感謝，格倫。在結束演講時，我想談談擬議的監管改革對資產超過 1000 億美元的銀行的影響，因為這是我們最常被問到的話題之一。我們預計，我們需要幾年時間才能達到擬議法規對韋伯斯特產生影響的資產門檻。在此期間，法規的適用和營運環境都可能發生重大變化。

As you would expect, we've already begun to build the necessary capabilities, talent and investment to tackle the enhanced risk framework requirements that may apply to us as we approach $100 billion, just as we had tackled the OCC's heightened standard requirements that came with crossing the $50 billion threshold. While there will likely be increased financial burdens, such as required debt issuance and compliance costs, there could be several paths to absorbing and overcoming these challenges, including our increased scale and earnings power.

正如您所期望的那樣，我們已經開始建立必要的能力、人才和投資，以應對隨著我們的規模接近1000 億美元而可能適用的增強的風險框架要求，就像我們已經解決了OCC 的更高標準要求一樣。突破500億美元門檻。雖然財務負擔可能會增加，例如所需的債務發行和合規成本，但可能有多種途徑來吸收和克服這些挑戰，包括我們擴大規模和獲利能力。

In the near term, we believe our size brings a unique mix of scale and agility relative to many of our regional bank peers. We'll utilize our strong operating position to grow in our key markets and business lines, allocating our resources to the highest return-opportunities, all within a disciplined risk management framework.

在短期內，我們相信，相對於許多區域銀行同行，我們的規模帶來了獨特的規模和敏捷性組合。我們將利用我們強大的經營地位在關鍵市場和業務線中發展，將我們的資源分配給最高回報的機會，所有這些都在嚴格的風險管理框架內進行。

With that, I want to wrap up my comments by saying thank you to all our colleagues for their strong efforts, both in moving our strategy forward, completing the conversion and getting us to where we are today.

最後，我想對所有同事表示感謝，感謝他們為推進我們的策略、完成轉型以及讓我們取得今天的成就所做的巨大努力。

Operator, with that, Glenn and I will open up the line to questions.

接線員，格倫和我將開通提問線。

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

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

John, maybe a high-level question. This ongoing derisking that you've been doing, I guess where are you in terms of like how much more do you think you need to do? I mean, the loss rates on the office, the implied loss rates on the office from this quarter, looks a bit higher than what you've been doing for the last several quarters. Could you just -- kind of big picture, where are you in terms of derisking the book?

約翰，也許是一個高級問題。你一直在做的這種持續消除風險的事情，我猜你在哪裡，例如你認為你還需要做多少事情？我的意思是，辦公室的損失率，即本季辦公室的隱含損失率，看起來比過去幾季的情況要高一些。你能不能——有點大局觀，你在降低這本書的風險方面處於什麼位置？

Yes, it's interesting. I don't think, Chris, there's kind of a dedicated time line. I think we're -- as you heard me say, the $1.2 billion in office we have right now, we sort of feel good about with respect on a relative basis to having -- getting credit enhancements, continuing to work on the portfolio.

是的，這很有趣。克里斯，我認為沒有專門的時間線。我認為，正如你聽到我說的，我們現在擁有 12 億美元的資金，相對而言，我們對獲得信用增級、繼續致力於投資組合感到滿意。

So for us, it's looking at loans, looking at the strategic nature of them, whether they're with investors and clients that we know very well, that we're going to continue doing business with, whether they're stand-alone, transactional, what the kind of metrics and dynamics are. And then each quarter, Jason and the team sit down and say, "Hey, we -- even though this may not be a problem now, this is something that's not strategic for us; or we have an opportunity, at a reasonable economic cost, to move down."

因此，對我們來說，我們正在研究貸款，研究它們的戰略性質，它們是否是我們非常了解的投資者和客戶，我們將繼續與之開展業務，無論它們是獨立的，事務性的，指標和動態是什麼樣的。然後每個季度，傑森和團隊都會坐下來說，「嘿，我們——儘管這現在可能不是問題，但這對我們來說不是戰略性的；或者我們有一個機會，以合理的經濟成本，向下移動。”

So we're not really looking at a serial reduction in the exposure. We're being opportunistic and we're making, I think, the right economic decisions because many of these loans are going to refinance fine, they're going to pay off fine. Some of which, we think in the future, may have some problems just given the paradigm shift. But I think you'll see us continue at this level, looking at a $25 million, $75 million portfolio or book of business in the quarter. And if there's a good, economic, strategic way to exit those credits, we will. But we're not kind of urgently, and in a serial fashion, trying to get rid of the exposure.

所以我們並沒有真正考慮暴露量的連續減少。我們是機會主義的，我認為我們正在做出正確的經濟決策，因為其中許多貸款將進行再融資，它們將還清罰款。我們認為，在範式轉移的情況下，其中一些未來可能會出現一些問題。但我認為您會看到我們繼續保持這個水平，看看本季 2500 萬美元、7500 萬美元的投資組合或業務帳簿。如果有一種好的、經濟的、策略性的方式來退出這些信貸，我們就會這麼做。但我們並不急於以連續的方式試圖擺脫曝光。

Okay. That's helpful. Maybe, Glenn, you gave the loan-to-deposit and expectations on the balance sheet. How should we be thinking about just the level of borrowings and securities growth from here, or decline?

好的。這很有幫助。格倫，也許您在資產負債表上給出了貸存比和預期。我們應該如何考慮目前的借貸和證券成長水準或下降水準？

So I think I'll take securities first. So we're like $14 billion, $14.5 billion. I think you would expect it over the course of, say, the next couple of quarters, to stay within that range, depending on loan growth.

所以我想我會先選擇證券。所以我們大概有 140 億、145 億美元。我認為你會期望它在接下來的幾個季度內保持在這個範圍內，這取決於貸款成長。

The question on borrowings is I think we're at a level right now where we probably expect to be pretty flat to the, say, $2-plus billion mark.

關於借款的問題是，我認為我們目前所處的水平可能會相當平穩，比如說 20 億美元以上。

Okay. And maybe last one. One of your peers turned the buyback back on this quarter. I'm interested in your updated thoughts on whether buybacks at this point of the cycle makes sense.

好的。也許是最後一張。你的一位同業在本季回購了股票。我對您關於在周期的此時點回購是否有意義的最新想法感興趣。

Yes, Chris, I think it's a great question. We bought back $50 million in the quarter in Q3. We clearly have capital levels and capacity to generate capital to continue the program. I would tell you that we're looking at this from a position of having good flexibility, but also recognizing that we want to make sure that we have capital if we do a tuck-in acquisition, if we do grow loans significantly, if we see cracks in the market from a credit perspective.

是的，克里斯，我認為這是一個很好的問題。我們在第三季回購了 5,000 萬美元。我們顯然擁有資本水準和能力來籌集資金來繼續該計劃。我想告訴你，我們從具有良好靈活性的角度看待這個問題，但也認識到，如果我們進行收購，如果我們確實大幅增加貸款，如果我們從信用角度看待市場的裂痕。

So I guess the way I would characterize it is I wouldn't rule it out, but I think we're being a little bit more cautious as we look in the fourth quarter to our activities in that area.

因此，我想我的描述方式是，我不會排除這種可能性，但我認為，當我們在第四季度審視該領域的活動時，我們會更加謹慎。

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

您的下一個問題來自 Jefferies 的 Casey Haire。

Just following up, I guess, Glenn, on the NIM. So NIM is going to be flat in the fourth quarter. And borrowings, which obviously helped in the third quarter, the decline there, sounds like they're going to be flat. So what is the offset to the beta creep, that you expect to keep NIM flat? Is it loan growth? Just looking for a little color on what holds NIM stable in the fourth quarter.

我想，格倫，只是在 NIM 上跟進。因此第四季的淨息差將持平。借款顯然對第三季的下降有所幫助，但聽起來似乎將持平。那麼，您預期保持淨利差持平的 Beta 蠕變的抵銷量是多少？是貸款成長嗎？只是尋找一些關於 NIM 在第四季度保持穩定的因素。

Sure. So some of it is loan growth. Some of it is the rate on loans and we get the full benefit of the periodic loans repricing. And then you do have -- we do pick up 1 day, at least on an NIM basis, from an earnings standpoint. And then it's pretty much some of that's neutralized by what we think deposit growth will be, or deposit cost will be, going into the fourth quarter. Like I said in my comments, we still think that there's -- there will be deposit pressure going into the fourth quarter, albeit very more moderate than it's been certainly in the last couple of quarters.

當然。其中一部分是貸款成長。其中一些是貸款利率，我們充分受益於定期貸款重新定價。然後你確實有——從獲利的角度來看，我們確實回升了 1 天，至少在淨利差基礎上是如此。然後，其中大部分被我們認為進入第四季度的存款成長或存款成本所抵消。正如我在評論中所說，我們仍然認為第四季將面臨存款壓力，儘管比過去幾季的情況要溫和得多。

Okay. Great. And then just question on the funding strategy. I mean, your deposit growth was pretty broad-based. interLINK still is doing a lot of the heavy lifting on that slide, was it slide 5? It's 9% of your deposit franchise. What -- long term, is there -- is that -- is there a ceiling that you have for interLINK? Or is that -- is 9% the right level? Just trying to figure out how big that can become.

好的。偉大的。然後就問融資策略。我的意思是，你們的存款成長是相當廣泛的。 interLINK 仍在該投影片上完成大量繁重工作，是投影片 5 嗎？這是您存款專營權的 9%。長期來看，interLINK 是否有上限？或者說——9% 是正確的水平嗎？只是想弄清楚它能變得多大。

So we're in the process of doing our outlook over the next couple of quarters and actually years. So I think if we're at 9% now, depending on our sources of funds and other sources of funds, that could go plus or minus. It could go as high as 15%, but that's something that we're still in the process of planning right now, Casey.

因此，我們正在對未來幾季甚至幾年的前景進行展望。所以我認為，如果我們現在是 9%，根據我們的資金來源和其他資金來源，這可能會增加或減少。它可能會高達 15%，但我們現在仍在計劃中，Casey。

Got it. Okay. And just last one for me. On the efficiency, I know it's early for '24, but you guys obviously at 42% are more efficient than most of my coverage universe. John, you mentioned you are -- there are going to be some financial burdens about -- in getting the bank ready to be $100 billion. What -- can you pass that along? Or is that something that you might let the efficiency ratio drift up?

知道了。好的。對我來說只是最後一件。就效率而言，我知道 24 年還為時過早，但你們顯然 42% 的效率比我報道的大多數人都高。約翰，你提到你要讓銀行準備好 1000 億美元，這將會帶來一些財務負擔。什麼－你能把它轉達嗎？或者說這可能會讓效率比上升？

Yes. That's a good question. And again, as Glenn said, we're working through our plan now, and we're not going to sort of -- we're not ready to provide guidance for '24. But I will tell you, our sense is, look, we still have some opportunity coming out of the conversion as we consolidate subledgers and look at back office processes and consolidate call centers, which we still haven't completed.

是的。這是個好問題。再說一次，正如格倫所說，我們現在正在製定我們的計劃，我們不會——我們還沒有準備好為 24 小時提供指導。但我會告訴你，我們的感覺是，看，當我們整合分類帳、研究後台流程和整合呼叫中心時，我們仍然有一些機會從轉換中獲得，而我們還沒有完成這些工作。

So Casey, we do still have some merger-related cost opportunities, cost-save opportunities. And I kind of like where we are. Our feeling is we also have opportunities to invest and grow, particularly if the market greenlights with respect to loan growth and people feel comfortable about a soft landing, I think we can identify additional teams in Commercial Banking to bring on. We're definitely investing in products and capital markets and FX and card and other commercial treasury products that will enhance our balance of noninterest income.

所以凱西，我們確實仍然有一些與合併相關的成本機會，節省成本的機會。我有點喜歡我們現在的處境。我們的感覺是，我們也有投資和成長的機會，特別是如果市場對貸款成長開綠燈並且人們對軟著陸感到滿意，我認為我們可以在商業銀行領域找到更多團隊來引進。我們肯定會投資於產品和資本市場、外匯、信用卡和其他商業資金產品，這將增強我們的非利息收入平衡。

So our kind of view is we think we can operate steadily in the low 40s efficiency ratio. And to the extent we can gain more cost savings, that will -- it will provide us an opportunity to invest in key products and services and people. So if we can continue to post the numbers that we promised when we did the merger, the 20% ROA TCE, the 1.5% ROA and an efficiency ratio in the low 40s, I think size, scale and momentum will allow us to keep that efficiency ratio in the low 40s without starving the bank with respect to future investment.

所以我們的觀點是，我們認為我們可以在 40 多歲的低效率比下穩定營運。如果我們能夠節省更多成本，這將為我們提供投資關鍵產品、服務和人員的機會。因此，如果我們能夠繼續公佈合併時承諾的數字，即 20% ROA TCE、1.5% ROA 和 40 左右的效率比，我認為規模、規模和動力將使我們能夠保持這一目標效率比率在40 左右，而不會導致銀行未來投資匱乏。

And then if you fast forward, right, 3 years, you look at the size of our balance sheet as we approach $100 billion, I think we'll have some optionality, and we'll be in a better place than others who are similarly situated, given how kind of efficient our operating model is.

然後，如果你快進，對，三年後，當我們接近1000 億美元時，你會看到我們的資產負債表的規模，我認為我們將有一些選擇，並且我們將比其他類似的公司處於更好的位置考慮到我們的營運模式的效率如何。

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

您的下一個問題來自 Stephens Inc. 的 Matthew Breese。

I know office CRE grabs a lot of the attention these days, but I was curious, thoughts and updated color on the sponsor specialty and leveraged loan book. How have those portfolios been performing in a higher rate environment?

我知道辦公室 CRE 這些天吸引了很多注意力，但我很好奇，對贊助商專業和槓桿貸款書有想法和更新的顏色。這些投資組合在利率較高的環境中表現如何？

Yes, Matt, so far, so good. We've talked about it before. Those companies that we underwrite there tend to have projectable, predictable cash flow streams, recurring cash flow streams, contractual cash flow streams. And so we haven't seen a deterioration -- significant deterioration in the credit profile. I'd say it's behaving like the rest of the book, probably some level of moderate negative risk rating migration, but it hasn't spooked us at all.

是的，馬特，到目前為止，一切都很好。我們之前已經討論過。我們在那裡承保的那些公司往往擁有可預測、可預測的現金流量、經常性現金流量、合約現金流量。因此，我們還沒有看到信用狀況惡化——信用狀況顯著惡化。我想說它的表現就像本書的其餘部分一樣，可能是某種程度的中等負面風險評級遷移，但它根本沒有嚇到我們。

And again, it's always hard to predict the future, but one of the wonderful things about that portfolio besides the type of companies that we lend to are the private equity firms that we've been doing business with for 10 and 20 years that are kind of flush with cash, raising new funds and really not reticent to capitulate and give up these really good companies.

再說一次，預測未來總是很難的，但除了我們貸款的公司類型之外，該投資組合的美妙之處之一是與我們合作了 10 到 20 年的私募股權公司，他們對我們很友善現金充裕，籌集新資金，並且毫不猶豫地投降並放棄這些真正優秀的公司。

No question about the fact that these are floating -- generally floating rate loans, so their debt service has increased. They generally are lower in contractual amortization. So really, it's the interest expense. And so far, the capacity to continue to service that debt has seemed strong. And obviously, we feel comfort in the fact that we've got strong private equity firms behind those companies. In case things start to go sideways, generally, we work things through with them and the deals continue to perform.

毫無疑問，這些貸款都是浮動利率貸款，因此它們的償債能力增加。它們的合約攤銷通常較低。所以實際上，這是利息支出。到目前為止，繼續償還債務的能力似乎很強。顯然，我們感到欣慰的是，這些公司背後都有強大的私募股權公司支持。如果事情開始出現問題，一般來說，我們會與他們一起解決問題，交易也會繼續進行。

So far, I'd say it's coming out according to [oil,] which is they're able to service the increased interest rate cost, and we seem to have a pretty stable performance in that book.

到目前為止，我想說的是，根據[石油]，他們能夠應對增加的利率成本，而且我們在那本書中的表現似乎相當穩定。

And then just a reminder, what is the size of the -- what meets the definition of leveraged loans? And then anything beyond that, that would be considered a syndicated loan portfolio?

然後提醒一下，符合槓桿貸款定義的規模是多少？除此之外，還有什麼可以被視為銀團貸款組合嗎？

Yes. This is -- it's tricky because there's overlap everywhere, right? And we've reported on our regulatory, statutory, leveraged loans, those have actually remained relatively flat over the last couple of quarters. It's about 6% of our total loan book or $3 billion. And most of that, as you intimated, in our sponsor and specialty book.

是的。這很棘手，因為到處都有重疊，對吧？我們已經報告了我們的監管、法定、槓桿貸款，這些貸款實際上在過去幾季中保持相對穩定。這大約占我們貸款總額的 6%，即 30 億美元。正如您在我們的贊助商和專業書中所暗示的那樣，其中大部分內容。

Our shared national credits are about 12%, and there's some subset of that which is leveraged, but about 12% of total loans. That number is actually down from premerger Webster numbers as a percentage of total loans, just given kind of the mix that came together between Webster and Sterling. Again, no kind of differentiated performance there.

我們共享的國家信貸約為 12%，其中有一部分是槓桿信貸，但約佔貸款總額的 12%。這個數字實際上低於合併前的韋伯斯特數字佔總貸款的百分比，只是考慮到韋伯斯特和斯特林之間的混合。同樣，那裡沒有任何差異化的表現。

So I've told the story a million times to The Street over the last 15 years about shared national credits. We don't have a buy-side desk. Were not a stuff-ee for the big banks or the nonbanks who are syndicating out loans. Our use of shared national credits over the last 15 years has been in strategy or in geography or in product, meaning that it's a middle market or corporate company within our middle market footprint where we have cross-sell opportunities, direct access to management, but they have a $700 million credit facility. And certainly, we don't have the balance sheet to provide that. So we'll participate in that credit and cross-sell.

因此，在過去 15 年裡，我已經向《華爾街日報》講述了有關共享國家信用的故事一百萬次。我們沒有買方櫃檯。我們不是大銀行或銀團貸款的非銀行機構的員工。在過去15 年裡，我們在策略、地理或產品中使用了共享國家信用，這意味著它是我們中間市場足跡內的中間市場或公司公司，在那裡我們有交叉銷售機會，可以直接接觸管理層，但是他們擁有 7 億美元的信貸額度。當然，我們沒有資產負債表來提供這一點。因此，我們將參與信貸和交叉銷售。

It's in our sponsor and specialty group where we have expertise in technology and other industry verticals where we'll strategically participate with access to management. Again, we underwrite and portfolio-manage all of our shared national credits exactly the same way we do a bilateral credit, and our shared national credit book has a weighted average risk rating of about a full 0.5 turn, 50 basis point better, than the overall weighted average risk rating of our commercial portfolio because those bigger companies can be more resilient and have more revenue streams.

在我們的贊助商和專業團隊中，我們擁有技術和其他垂直行業的專業知識，我們將策略性地參與其中並獲得管理權。同樣，我們對所有共享國家信用的承保和投資組合管理與雙邊信用完全相同，而且我們共享的國家信用賬簿的加權平均風險評級大約足足 0.5 倍，比美國的信用評級好 50 個基點。我們商業投資組合的整體加權平均風險評級，因為那些規模較大的公司可以更具彈性並擁有更多的收入來源。

So those are the data points, and I figured I'd share with you our view on how we go about underwriting and participating in shared national credits.

這些就是數據點，我想我應該與您分享我們對如何承保和參與共享國家信用的看法。

So understanding it's likely a blend of the leveraged loan portfolio, probably some real estate in there. Is it fair to assume the underwriting characteristics, like sponsor and specialty, from a leverage perspective, are similar to that book and from a commercial real estate perspective, or similar to the LTVs and debt service coverage ratios we find in...

因此，了解它可能是槓桿貸款組合的混合體，可能還有一些房地產。從槓桿的角度來看，假設承銷特徵（例如贊助商和專業）與該書相似，從商業房地產的角度來看，或者與我們在…中找到的LTV和償債覆蓋率相似，是否公平？

Yes, I think that's a fair statement. But I'll also tell you, we have very little shared national credit exposure in commercial real estate, and I mean very little. Most of our shared national credit exposure is in sponsor and specialty, in our middle market geography groups on mid-corporate and large corporate relationships we have. And then we have some in asset-based lending.

是的，我認為這是一個公平的說法。但我還要告訴你，我們在商業房地產方面幾乎沒有共同的國家信用風險，我的意思是很少。我們共享的國家信用風險大部分是在贊助商和專業領域，在我們擁有的中型企業和大型企業關係的中間市場地理群體中。然後我們還有一些基於資產的貸款。

Those are the ones I worry about the lease. Those are larger retailers, strong agents, cash dominion. We generally don't have any problems with those transactions. So we don't have very much shared national credit exposure in commercial real estate. It's just not been one of our tools.

這些是我擔心租約的問題。這些是更大的零售商、強大的代理商、現金統治。我們通常對這些交易沒有任何問題。因此，我們在商業房地產方面沒有太多共同的國家信用風險。它只是不是我們的工具之一。

Understood. Okay. Last one for me. John, you had mentioned keeping capital handy for perhaps tuck-in acquisitions. I know historically, it's been discussions around perhaps HSA tuck-in acquisitions, but I was curious if that comment meant anything broader, as in whole banks or other sorts of fee income vehicles.

明白了。好的。最後一張給我。約翰，你曾提到要保持資金方便，以便進行可能的收購。我知道，從歷史上看，人們一直在圍繞 HSA 的收購進行討論，但我很好奇這一評論是否意味著更廣泛的含義，例如整個銀行或其他類型的費用收入工具。

Yes. No, great question. And I think we quite clearly means sort of complementary acquisitions around fee-generating or deposit-gathering businesses where we have a path to some organic growth, but would like to enhance and speed up that path to get a better balance of noninterest income and interest income rather than a whole bank acquisition.

是的。不，很好的問題。我認為我們非常明確地意味著圍繞收費或存款業務進行補充性收購，我們有一條實現有機增長的道路，但希望加強和加快這條道路，以實現非利息收入和利息的更好平衡收入而不是整個銀行的收購。

We don't feel that right now -- you never say never, and I've learned my lesson there. But given where we are, the great integration and conversion we just did, given the look of the dynamics in the marketplace, I would say highly unlikely whole bank activity on the inorganic side. And it would be something that would be targeted on further low-cost deposit gathering or fee-generating businesses that are complementary to our existing activities.

我們現在還沒有這種感覺——你永遠不會說永遠，我已經從中學到教訓了。但考慮到我們所處的位置，考慮到我們剛剛進行的大規模整合和轉型，考慮到市場的動態，我認為銀行在無機方面的活動極不可能發生。它將針對進一步的低成本存款收集或收費業務，以補充我們現有的活動。

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

你的下一個問題來自 Piper Sandler 的 Mark Fitzgibbon。

Glenn, I wonder I wondered if you could share your thoughts on restructuring or selling available-for-sale securities in the fourth quarter, given that rates may be stuck up here for a while.

格倫，我想知道您是否可以分享您對第四季度重組或出售可供出售證券的想法，因為利率可能會在一段時間內停滯不前。

Yes. So it is something we looked at, Mark, and you know that we did that in the first quarter of this year, we restructured about $400 million at that time. What I would say is it's something we continually look at. And we balance that obviously against our capital levels and our capital forecast and things that we see as far as that. So I'll leave it at there. It's something that we continue to look at. And there's obviously some opportunity there, but it's competing against capital for other initiatives as well. So that's where we are on that.

是的。所以這是我們所關注的事情，馬克，你知道我們在今年第一季就這麼做了，當時我們重組了大約 4 億美元。我想說的是，這是我們不斷關注的事情。我們顯然會根據我們的資本水準、資本預測以及我們所看到的情況來平衡這一點。所以我會把它留在那裡。這是我們繼續關注的事情。顯然那裡存在一些機會，但它也與資本競爭其他舉措。這就是我們目前的情況。

Okay. And then can you update us on how much you sold in this quarter in performing office loans and roughly where you sold those relative to par?

好的。然後您能否向我們介紹一下您在本季度執行辦公室貸款時出售了多少金額以及相對於票面價值出售這些貸款的大致情況？

So I think in my comments, it was $78 million that we sold. And if you just do the math on the provision of $13 million, that equates to about $0.83 on the dollar.

所以我認為在我的評論中，我們賣了 7800 萬美元。如果只計算 1300 萬美元的撥款，則相當於 1 美元約 0.83 美元。

Okay. Great. And then lastly, hopefully, there aren't any more failed banks, but if there are, would Webster be a likely interested buyer in some FDIC transactions?

好的。偉大的。最後，希望不再有更多倒閉的銀行，但如果有的話，韋伯斯特是否可能對某些 FDIC 交易感興趣？

Yes, Mark, it's interesting, right? I just made the comment to Matt, that whole bank acquisitions are not a high priority for us. I do think that it would behoove us to just make sure that if there is a clear strategic opportunity that makes a ton of sense economically I guess I wouldn't exclude us, right? But it's -- I'm hoping there are no further failed banks as well.

是的，馬克，這很有趣，對吧？我剛剛向馬特發表了評論，整個銀行收購對我們來說並不是重中之重。我確實認為，我們有必要確保，如果有一個明確的策略機會，在經濟上具有很大意義，我想我不會排除我們，對嗎？但我希望不再有銀行倒閉。

But I think, hopefully, if we keep executing where we are, then the dust settles, I think we'll be in a good position and have the right financial characteristics and strength to be a buyer of a good strategic bank if something happens that way. So I wouldn't rule it out, but it's certainly not on our game plan.

但我認為，希望如果我們繼續按目前的情況執行，那麼塵埃落定，我認為我們將處於有利地位，並擁有適當的財務特徵和實力，如果發生以下情況，我們將成為一家優秀戰略銀行的買家方式。所以我不會排除這種可能性，但這肯定不在我們的遊戲計劃中。

(Operator Instructions) Your next question comes from the line of Brody Preston of UBS.

（操作員說明）您的下一個問題來自瑞銀集團的布羅迪普雷斯頓。

Sorry I joined a little bit late. So if I repeat anything, just feel free to tell me to review the transcript. But I did think, John, I think I saw you gave the shared national credit percentage at 12%. Do you happen to have, which you guys are the lead underwriter on, or the agent on.

抱歉我加入有點晚了。因此，如果我重複任何內容，請隨時告訴我查看文字記錄。但我確實認為，約翰，我想我看到你給出的共享國家信用百分比為 12%。你們碰巧有嗎，你們是主承銷商，還是代理人？

Yes, less than 5% of that.

是的，不到 5%。

Okay. So less than 5% of the 12%.

好的。所以不到 12% 中的 5%。

Correct.

正確的。

Okay. Cool. And do you have a look on what the reserve on the office portfolio is at this point?

好的。涼爽的。您是否了解目前辦公室投資組合的儲備是多少？

We haven't disclosed that number. Obviously, it's moved up and it's at a higher level than the overall portfolio. But we don't disclose that, Brody.

我們還沒有透露這個數字。顯然，它已經上升，並且處於比整體投資組合更高的水平。但我們不會透露這一點，布羅迪。

Okay. Glenn, could you maybe speak around what the puts and the takes will be as it relates to NII and the NIM going forward? Maybe help me better understand the cadence of fixed asset repricing throughout the fourth quarter and then through 2024 and what the impact of the loan yields will be for that?

好的。 Glenn，您能否談談與 NII 和 NIM 未來相關的看跌期權和索取金額？也許可以幫助我更了解整個第四季度以及 2024 年固定資產重新定價的節奏，以及貸款收益率對此有何影響？

Sure. Yes. Let me give you a sense of -- and I'll just look at the 2 dynamics that we have there, Brody, are fixed rate loans repricing. And that, if you think about it, it's about $1.3 billion a quarter, right? So if you think -- you just think about that over the next couple of quarters, it's about $1.3 billion repricing. And given our rate forecast, you'd probably pick up about 275, 250 basis points on that as it rolls forward right, over the next couple of quarters. And then depending on where the Fed is in the back end of the year, that might come in a little bit. But that's that dynamic on the fixed rate loans. I think about it in terms of NIM, it probably supports our NIM by about 4 basis points going forward.

當然。是的。讓我給你一個感覺——布羅迪，我只想看看我們那裡的兩個動態，即固定利率貸款重新定價。如果你想一想，每季大約有 13 億美元，對嗎？因此，如果您想一想，您只需考慮一下接下來的幾個季度，重新定價的費用約為 13 億美元。根據我們的利率預測，在接下來的幾個季度中，隨著利率向右滾動，您可能會上漲約 275、250 個基點。然後，根據聯準會今年年底的情況，這可能會增加。但這就是固定利率貸款的動態。我從淨利差角度考慮，它可能會為我們的淨利差提供大約 4 個基點的支援。

And then likewise, on the investment portfolio, you have about $300 million that is typically reinvested. And for that, we're probably picking up about 450 basis points now. That will probably drop as rates change to like the low 3s, mid-3s. But there, again, we're picking up about 2 basis points in NIM support going forward. So if I look at those 2 factors as well as the periodic book, which we'll continue to reprice on the loan side. And then -- so you have that is going as a favorable tailwind.

同樣，在投資組合中，大約有 3 億美元通常會進行再投資。為此，我們現在可能會上漲約 450 個基點。隨著利率變動為低三分、中三分，這一數字可能會下降。但在這方面，我們再次獲得了未來淨利差的支撐約 2 個基點。因此，如果我考慮這兩個因素以及定期帳本，我們將繼續在貸款方面重新定價。然後——所以這將成為有利的順風。

And then the wildcard here is the positive pricing, right? And so we do think -- we did see it moderate in the fourth quarter. We do think it's going to continue to moderate over the next couple of quarters. And then the Fed will begin to cut. There will be a natural like 90-day lag on that. But we think the support that we have on the repricing side, reinvestment side will sort of moderate any pressures that we get under the positive side, at least for the first half of the year. And then we should -- actually, we should be well positioned if the Fed does proceed with cutting in the second half -- back half of the year.

這裡的通配符是正定價，對嗎？所以我們確實認為 - 我們確實看到第四季度的情況有所放緩。我們確實認為未來幾季將繼續放緩。然後聯準會將開始降息。自然會有 90 天的延遲。但我們認為，重新定價、再投資方面的支持將緩解我們在積極方面所面臨的任何壓力，至少在今年上半年是如此。然後我們應該——實際上，如果聯準會確實在下半年繼續降息——那麼我們應該處於有利位置。

Got it. And then, John, I know you talked earlier about kind of the leverage loan and the sponsor specialty sponsor book. But I guess I wanted to better understand kind of like some of the final points on the details of the underwriting there and kind of the things you do to structure those loans to really give you protection.

知道了。然後，約翰，我知道您之前談過槓桿貸款和贊助商專業贊助商書籍。但我想我想更好地了解一些關於承保細節的最後一點，以及您為構建這些貸款以真正為您提供保護所做的事情。

And I'm not expecting you to speak to the specific credit. Like you all would underwrite it, credit, files for bankruptcy, but like the ABL FILO notes in the market are trading at 92%, 93% of par. And so like market obviously expects very little loss. It looks like you guys and the other banks in a position to kind of get paid back first. And it feels really well collateralized.

我並不期待你談論具體的功勞。就像你們所有人都會承保它、信貸、申請破產一樣，但就像市場上的 ABL FILO 票據一樣，其交易價格是面額的 92%、93%。因此，市場顯然預期損失很小。看起來你們和其他銀行有能力先得到償還。而且感覺抵押確實很好。

So could you just kind of help us better understand the structure of those deals and what you kind of do to help protect yourself in the event that something goes wrong?

那麼，您能否幫助我們更了解這些交易的結構，以及在出現問題時您會採取哪些措施來保護自己？

Yes. I guess there's a couple of questions there because you threw in the ABL deal at the end, right? And so that's -- I think that's a completely different animal. You're underwriting against liquidation value on a large retail company that's kind of standard asset-based lending. I do think the market believes -- what everybody believes is someone will come in and provide it financing, and there will be an orderly liquidation and everyone will get paid out. And we've seen that story play over and over again.

是的。我想這裡有幾個問題，因為你最後加入了 ABL 交易，對吧？所以我認為這是一種完全不同的動物。您正在根據一家大型零售公司的清算價值進行承保，這是一種標準的基於資產的貸款。我確實認為市場相信——每個人都相信有人會進來並為其提供融資，並且將會有有序的清算，每個人都會得到報酬。我們已經看到這個故事一遍又一遍地上演。

In sponsor and specialty business, I guess, it's about the strength of the people, the continuity. We've been doing it for 20 years. We deal with sponsors we know, who support credits and have expertise in the industries and sectors they're in. You'd be amazed at the level of diligence and detail we do in technology, if we're doing a deal of Software as a Service deal, we're doing third-party valuations of the software. We're evaluating the contracts. The end users' where we know the management team very well. We know the sponsors very well. We structured the deals that -- so there's some level of amortization. We don't chase, as you know, the last couple of turns of leverage where the nonbanks are chasing, we play in a different market.

我想，在贊助商和專業業務中，這與人員的力量和連續性有關。我們已經這樣做了 20 年。我們與我們認識的贊助商打交道，他們支持學分，並且在他們所在的行業和部門擁有專業知識。如果我們正在做一筆軟體交易，您會對我們在技術方面所做的勤奮和細節感到驚訝。在服務交易中，我們正在對軟體進行第三方評估。我們正在評估合約。我們非常了解最終用戶的管理團隊。我們非常了解贊助商。我們制定了交易結構，因此存在一定程度的攤銷。如你所知，我們不會追逐非銀行機構追逐的最後幾輪槓桿，我們在不同的市場中發揮作用。

So it's just a combination of having the right people, a really disciplined approach, staying in the swim lanes and the sectors that we know and understand, and not moving off of that disciplined process. And it's why, through the Great Financial Crisis and through the pandemic and through this higher interest rate environment, we've been able to see resilience in that portfolio.

因此，這只是擁有合適的人員、真正嚴格的方法、留在我們了解和理解的泳道和部門以及不偏離該嚴格的流程的結合。這就是為什麼在經歷了金融危機、大流行以及利率上升的環境後，我們能夠看到該投資組合的彈性。

Got it. And then the last one for me. I just wanted to ask around the HSA book. I feel like this has been a topic that's come up sporadically over the last several years. But I wanted to ask just because other banks are looking to potentially monetize unique assets that they have.

知道了。然後是我的最後一個。我只是想問HSA的書。我覺得這是過去幾年偶爾出現的話題。但我想問這個問題只是因為其他銀行正在尋求將其擁有的獨特資產貨幣化的可能性。

And so when I look at kind of what's happened in HSA, it feels like some of your nonbank competitors have been able to really kind of pay really high multiples to acquire other HSA portfolios that otherwise -- I think if they had the same investor base that you do, they wouldn't be able to pay as much.

因此，當我觀察 HSA 發生的情況時，感覺一些非銀行競爭對手確實能夠支付非常高的倍數來收購其他 HSA 投資組合，否則的話——我認為如果他們擁有相同的投資者基礎的話如果你這樣做，他們將無法支付那麼多費用。

And so with the growth in that business line kind of slowing to some extent and the value of it really not showing up in the multiple and it being tough to kind of inorganically grow that business, just given that you're treated like a bank versus others that are treated like nonbanks. Like how do you think about maybe monetizing that and doing something more strategic there to help your investors realize the full value of that business?

因此，隨著該業務線的成長在某種程度上放緩，其價值實際上並沒有體現在倍數中，並且很難無機地發展該業務，只是考慮到您被視為銀行而不是銀行其他人則視為非銀行機構。例如，您如何考慮將其貨幣化，並在那裡做一些更具戰略意義的事情來幫助您的投資者實現該業務的全部價值？

That's a great question. And I think all of your observations in general are correct, and we've talked about it over time. The basic premise for us is that we have a very efficient way to deploy long-duration, low-cost deposits as a bank that really help profitability for us. And while the market has slowed, if you look at it, you're still growing deposits at very low costs in the mid- to high single digits. And there aren't many channels that are doing that.

這是一個很好的問題。我認為您的所有觀察結果總體上都是正確的，並且我們已經討論過這個問題一段時間了。對我們來說，基本前提是，作為一家銀行，我們有一種非常有效的方式來部署長期、低成本的存款，這確實有助於我們獲利。儘管市場已經放緩，但如果你仔細觀察，你會發現存款仍在以中高個位數的非常低的成本增長。而且這樣做的管道並不多。

So -- and we are continuing to grow along with the market on an organic basis. So I take your point in terms of the inorganic growth of some of the other top 5 players. So it is very valuable to us. It helps us generate the kind of returns and profitability we have, albeit it's a smaller part of the whole after the MOE.

因此，我們將繼續與市場一起有機成長。因此，我認為您的觀點是其他前 5 名玩家的無機增長。所以這對我們來說非常有價值。它幫助我們產生我們所擁有的回報和獲利能力，儘管它在整體中只佔教育部之後的一小部分。

We are frustrated that the market doesn't recognize the value that we're still building in that business as part of the bank. And as you know, we continue, and we talk about it all the time, to evaluate HSA in the bank and the value it has in the bank, outside of the bank, because we have an obligation to make sure that we're making the best decisions for our shareholders as we move forward.

我們感到沮喪的是，市場沒有認識到我們作為銀行的一部分仍在該業務中構建的價值。如您所知，我們將繼續，並且一直在談論它，評估銀行中的 HSA 及其在銀行中、銀行之外的價值，因為我們有義務確保我們正在在我們前進的過程中，為我們的股東做出最好的決定。

And so up until now, it's continued, particularly in this interest rate environment, it's pretty easy for us to say operating HSA as a division of our bank creates the most value for our shareholders in the long term in terms of the quality and the value of the cash flows. We don't think the market, where we're trading at a 7x multiple on future earnings, is reflecting that unique company and business, and we want to continue to keep informing people and educating people about where we are.

到目前為止，這種情況一直持續著，特別是在這種利率環境下，我們很容易說，從長遠來看，將HSA 作為我們銀行的一個部門運營，在質量和價值方面為我們的股東創造了最大價值現金流量。我們認為，我們以未來收益的 7 倍進行交易的市場並沒有反映出這家獨特的公司和業務，我們希望繼續向人們通報並教育人們我們的處境。

We were able to execute on the [Bend] transaction last year, which gave us higher levels of user experience and a better mousetrap, if you will, and I think it's helped us compete in the marketplace. We are still looking every time there's a deal in the market of another portfolio because the market keeps consolidating. I think the top 10 now represent 83% of the market. We'll try and be in a participant in that.

去年我們能夠執行 [Bend] 交易，這為我們提供了更高水平的用戶體驗和更好的捕鼠器（如果你願意的話），我認為這有助於我們在市場上競爭。每當市場上出現另一個投資組合的交易時，我們仍在尋找，因為市場不斷整合。我認為前 10 名現在佔據了 83% 的市場。我們將嘗試參與其中。

But I think it's going to be a continued evaluation for us, and we'll make the right decision on where HSA belongs given the value we can create owning it or the value that it would receive as a different company or a company that was part of a joint venture or somewhere else outside the bank.

但我認為這對我們來說將是一個持續的評估，考慮到我們擁有它可以創造的價值，或者它作為另一家公司或附屬公司將獲得的價值，我們將就HSA 的歸屬做出正確的決定。合資企業或銀行以外的其他地方。

Your next question comes from the line of Daniel Tamayo of Raymond James.

你的下一個問題來自雷蒙德詹姆斯的丹尼爾塔馬約。

Maybe just starting in the decline in the commercial industrial, commercial loan areas. I know you talked about deemphasizing some asset classes there. Just give a little more detail on where you were pulling back. And I apologize, I jumped on a little late, if you already covered that.

也許商業工業、商業貸款領域的衰退才剛開始。我知道您談到不再強調某些資產類別。只需更詳細地說明您要撤退的地方即可。我很抱歉，如果你已經報道過的話，我有點晚了。

No, that's quite all right. It's a good question, and we haven't covered it in detail. So the decline across the board on the C&I side was generally driven by -- when we had mortgage warehouse obviously down. And I think you'll likely see that continuing to reduce from a strategic perspective. We're very careful on transaction-only ABL and equipment finance in the quarter since the crisis in March. And so those did grow rapidly and may have had small declines.

不，沒關係。這是一個很好的問題，我們還沒有詳細討論它。因此，工商業方面的全面下滑通常是由抵押貸款倉庫明顯下降所推動的。我認為從戰略角度來看，您可能會看到這種情況繼續減少。自 3 月危機以來，我們對本季的純交易 ABL 和設備融資非常謹慎。因此，這些增長確實很快，而且可能略有下降。

Our fund banking activity, which high-quality fund banking loans, equity subscription lines to private equity firms is down about $0.5 billion, and that was driven by one big payoff and then just lower utilization. Our overall middle market C&I utilization on lines, after kind of holding steady for several quarters at 50%, was down into the mid-40s. So we did see seasonally lower usage. And I don't know what that portends in terms of client confidence or anything, but utilization was lower as well.

我們的基金銀行活動（包括高品質基金銀行貸款、私募股權公司的股票認購額度）減少了約 5 億美元，這是由一筆巨額回報和較低的利用率推動的。我們的整體中間市場 C&I 線路利用率在連續幾季穩定在 50% 後，已降至 40 多歲。所以我們確實看到了季節性的使用量下降。我不知道這預示著客戶信心或其他什麼，但利用率也較低。

So that kind of drove the quarter results, some of it was us pulling back on levers. Some of it was a seasonally slow third quarter, more sluggish loan growth, and that's where we ended up. I think as you go forward, we've talked about really making sure that we have the liquidity capacity, the loan-to-deposit ratio and the capital to grow those full relationships across our middle market businesses, our other ancillary C&I businesses, sponsor and specialty, non-office commercial real estate.

因此，這推動了季度業績，其中部分原因是我們撤回了槓桿。其中一些原因是第三季季節性放緩，貸款成長更加疲軟，這就是我們最終的結果。我認為，在前進的過程中，我們已經討論過真正確保我們擁有流動性能力、貸存比和資本，以在我們的中間市場業務、其他輔助工商業業務、贊助商之間發展全面的關係。以及專業非辦公商業地產。

We are seeing some level of increased demand as we move into the fourth quarter, our pipeline is up about $0.5 billion. So I think -- you think -- we'll make -- we'll continue to see mortgage warehouse run down. There may be a couple of other small subscale businesses where we won't be generating the kind of loan growth that we've generated in the past, but we think we can offset that with our core franchise building loan generation.

隨著進入第四季度，我們看到需求增加，我們的管道增加了約 5 億美元。所以我認為——你認為——我們將繼續看到抵押貸款倉庫被耗盡。可能還有一些其他小型企業，我們不會產生過去那樣的貸款成長，但我們認為我們可以透過核心特許經營建設貸款來抵消這一增長。

Terrific. And then on the flip side, the commercial classified loans were up both on an absolute basis and as a percentage of that portfolio. Maybe if you could talk a little bit about what drove that increase.

了不起。另一方面，商業分類貸款的絕對數量和占投資組合的百分比均有所上升。也許您可以談談推動這一增長的原因。

Sure, happy to. First of all, I didn't say up in my front comments, but I did reference that, that level of classified at 1.74% of a smaller portfolio in the quarter is actually 100 basis points lower than Webster's classified percentage in the fourth quarter of 2019 before the pandemic. So just a reminder, again, that we've been -- the entire industry has been benefiting from really, really favorable credit metrics. And this is just a small step, I think, towards a more normalized rate going forward.

當然，很高興。首先，我沒有在前面的評論中提到這一點，但我確實提到，本季度較小投資組合的 1.74% 的分類水平實際上比韋氏第四季度的分類百分比低 100 個基點。2019 年，疫情爆發前。所以再次提醒大家，整個產業一直受益於非常非常有利的信用指標。我認為，這只是朝著更正常化的利率邁出的一小步。

But in terms of the actual contributions there, there weren't any kind of correlations across geography, asset class, business line. We saw some C&I and health care. We had a small portion of ABL. We had some office migration that we talked about prior, and then just generally across the other C&I categories. So it really wasn't -- we didn't see correlated risk. We just saw credit-specific migration as part of our overall modest negative risk rating migration in the portfolio.

但就實際貢獻而言，地理、資產類別、業務線之間並沒有任何相關性。我們看到了一些工商業和醫療保健。我們有一小部分 ABL。我們之前討論過一些辦公室遷移，然後一般涉及其他工商業類別。所以事實並非如此——我們沒有看到相關風險。我們剛剛將特定於信貸的遷移視為投資組合中整體適度負面風險評級遷移的一部分。

Okay. Terrific. And lastly, just one for Glenn on the hedging strategy and how you expect that net interest income would react to rate cuts if they do materialize next year.

好的。了不起。最後，格倫僅介紹一下對沖策略，以及如果明年降息確實實現的話，您預計淨利息收入將如何對降息做出反應。

Yes. So Daniel, we did talk a little about that as we look -- we're not providing an outlook for 2024 at this point. The point I made earlier is that I think our NIM will continue to be supported into the fourth quarter and into the next couple of quarters through the benefit of both fixed rate loans repricing, investment securities repricing as well as the periodic loans repricing. Some of that will be obviously offset by deposit cost and our thinking on where the cumulative deposit beta will end up. But I think generally, that's how we're feeling going into the next couple of quarters.

是的。丹尼爾，我們確實對此進行了一些討論，目前我們還沒有提供 2024 年的展望。我之前指出的觀點是，我認為透過固定利率貸款重新定價、投資證券重新定價以及定期貸款重新定價，我們的淨利差將繼續受到第四季度和未來幾季的支持。其中一些顯然會被存款成本以及我們對累積存款貝塔值最終結果的思考所抵消。但我認為總的來說，這就是我們進入接下來幾季的感受。

Your next question comes from the line of Steve Alexopoulos of JPMorgan.

你的下一個問題來自摩根大通的史蒂夫·阿萊克索普洛斯。

Alex Lau on -- Steve. I wanted to touch on deposits. So noninterest-bearing deposits were up on a period end basis in the quarter. What drove that uptick? Was the seasonal inflows? And is it fair to say that these customers chasing higher-yield products and these demand balances are largely done?

亞歷克斯·劉（Alex Lau）——史蒂夫.我想談談存款。因此，本季無息存款較期末增加。是什麼推動了這種上升？資金流入是季節性的嗎？可以公平地說，這些追求更高收益產品的客戶和這些需求平衡已基本完成嗎？

Yes. So let me take that, and John at the end. But I think there is a portion of the increase in noninterest-bearing deposits that was related to the government inflow, which is seasonality.

是的。所以讓我接受這個，最後約翰。但我認為無利息存款的增加有一部分與政府資金流入有關，這是季節性的。

But I think the bigger point is we've gone back and looked at BDA because we're -- as we look at our forecast, and I've gone back to -- all the way back to 2019, when -- if I add the combination of Webster and Sterling, we had about $40 billion in combined deposits. And at that point, the BDA represented about 21%.

但我認為更重要的一點是，我們回顧了 BDA，因為當我們審視我們的預測時，我回顧了 2019 年，當時——如果我加上韋伯斯特和英鎊的總和，我們的總存款約為400 億美元。那時，BDA 約佔 21%。

If I look at the third quarter and did the same sort of analysis, and I stripped out the impact of interLINK that's relatively new, we'd be in that 21% range. So it's pre-pandemic. And if I look to where we are, it's typically run about 21%.

如果我看看第三季並進行相同的分析，並且剔除相對較新的 interLINK 的影響，我們就會處於 21% 的範圍內。所以這是大流行前的情況。如果我看看我們現在的情況，通常是 21% 左右。

I think there will be some continued normalization in the average balances as customers move, and we've looked at this on a customer-by-customer basis. So there is some migration into higher-yielding type of products. But I think some of that -- so say, I think we'll get normalization over the next couple of quarters, but I think some of that will be offset by growth opportunities through -- whether it's new relationship, acquisitions or treasury management-type services. So I think if you think about that [11 4], we have, there'll be puts and takes on that. But over the course of time, and we're not giving guidance for '24, that should be somewhere in the range.

我認為，隨著客戶的變化，平均餘額將會持續正常化，我們已經逐一客戶研究了這一點。因此，有一些人轉向高收益類型的產品。但我認為其中一些——也就是說，我認為我們將在接下來的幾季實現正常化，但我認為其中一些將被成長機會所抵消——無論是新關係、收購還是財務管理——類型服務。所以我認為如果你考慮[11 4]，我們就會對此做出決定和承擔。但隨著時間的推移，我們不會為 '24 提供指導，這應該在範圍內的某個地方。

I agree with that, Glenn. Yes, Alex, I think your last statement was right, and we're going to continue to see a creep-up of the deposit cost there in the core. But the rate of increase is slowing down because the customer behavior, people that were more in tune, and it was more important to them to chase rate, have done so.

我同意這一點，格倫。是的，亞歷克斯，我認為你最後的陳述是正確的，我們將繼續看到核心存款成本的攀升。但成長率正在放緩，因為客戶行為、更合拍的人、對他們來說追逐利率更重要的人已經這樣做了。

And speaking of growth opportunities, now that the conversion of Sterling is done, do you see any material cross-selling opportunities in terms of growing these demand deposits now that you're integrated with Sterling?

說到成長機會，既然英鎊的轉換已經完成，那麼在與英鎊整合後，您是否認為在增加這些活期存款方面存在任何實質性的交叉銷售機會？

Yes. I mean, I think I kind of hinted to that, Alex, that one of the things that's getting on our single core platform now and also being able to kind of pivot our resources to development and buildout, we've got a robust plan on the treasury side in commercial, and that's broadly defined with cash management products, FX, capital markets, other products, corporate card, where we believe that having deeper penetration and having a broader product set for our really loyal commercial customers will have the added benefit of growing core operating deposits. So I do think that, that's something that we believe we can execute on and we believe we'll be successful as we move forward, post-conversion.

是的。我的意思是，我想我已經暗示過，亞歷克斯，我們的單核平台現在正在做的事情之一，也能夠將我們的資源用於開發和擴建，我們有一個強有力的計劃商業資金方面，廣泛定義為現金管理產品、外匯、資本市場、其他產品、公司卡，我們相信，為我們真正忠誠的商業客戶提供更深入的滲透和更廣泛的產品組合將帶來額外的好處核心經營存款不斷成長。所以我確實認為，這是我們相信我們可以執行的事情，我們相信隨著我們前進，轉換後我們會取得成功。

And then I just had a follow-up on the HSA business. So these balances for the past three quarters have been in the $2.2 billion range. Can you talk about what it would take in the macro environment for a stronger HSA adoption and for these balances to start increasing? John, I think you said mid- to high single digit. How do we get to the higher end of the range? Would a weaker job market actually benefit this range?

然後我剛剛跟進了 HSA 業務。因此，過去三個季度的餘額一直在 22 億美元範圍內。您能否談談在宏觀環境下如何更廣泛地採用 HSA 並讓這些餘額開始增加？約翰，我想你說的是中高個位數。我們如何達到該範圍的高端？疲軟的就業市場實際上會對這個範圍有利嗎？

Yes, it's interesting. We used to answer these questions all the time. But I think generally, higher health care costs push companies to higher adoption of full replacement, high-deductible health plans. Definitely, if it was in a recessionary environment, if labor market is not quite as tight, companies are more willing to move to higher replacement costs.

是的，這很有趣。我們過去常常回答這些問題。但我認為，整體而言，較高的醫療保健成本會促使公司更多地採用全額替代、高免賠額健康計劃。當然，如果是在經濟衰退的環境下，如果勞動市場不是那麼緊張，企業更願意轉向更高的重置成本。

I will tell you, we believe that part of -- full transparency, right? Part of the reason the market slowed a bit is that there's been significant penetration and adoption now. So there aren't as many greenfields in terms of new opportunities. But in this economic environment and in this job market environment, we have obviously seen slower growth. And I'm not rooting for a worse job market or a big recession so that we get a slight increase in our HSA growth. But I think those are some of the dynamics.

我會告訴你，我們相信那部分——完全透明，對吧？市場放緩的部分原因是現在已經有了顯著的滲透和採用。因此，就新機會而言，沒有那麼多綠地。但在這種經濟環境和就業市場環境下，我們明顯看到成長放緩。我並不支持更糟糕的就業市場或嚴重的經濟衰退，這樣我們的 HSA 成長就會略有增加。但我認為這些是一些動力。

There are higher health care costs coming in. So I do know that people are continuing to look at it, and Chad does see opportunity, and we're obviously got a lot of RFPs out there. But the market from the 20% growth days, down to the 10% growth days, there's a lot of dynamics there. And it's not just economic, it's also just a maturing of the industry.

醫療保健費用更高。所以我確實知道人們正在繼續關注它，乍得確實看到了機會，而且我們顯然收到了很多 RFP。但市場從 20% 的成長天數，下降到 10% 的成長天數，那裡有許多動態。這不僅是經濟方面的問題，也是產業日趨成熟的結果。

(Operator Instructions) The next question comes from the line of Bernie Von Gizycki of Deutsche Bank.

（操作員指示）下一個問題來自德意志銀行的 Bernie Von Gizycki。

My question is on fees specifically. So you talked about the pressure on fees from less capital markets activity, but you have seen signs of an improving outlook into next year. What are you hearing from clients? What signs do you see that helps drive that improving outlook? And maybe if I just combine this on the Sterling integration, you basically highlighted some areas in treasury cash management but on the fee side, did you provide any size, timing of these opportunities? So cap markets pick up next year and Sterling integration opportunities sizing?

我的問題具體是關於費用的。因此，您談到了資本市場活動減少的費用壓力，但您已經看到了明年前景改善的跡象。您從客戶那裡聽到了什麼？您認為哪些跡像有助於推動前景的改善？也許如果我只是將其與英鎊整合結合起來，您基本上強調了國庫現金管理的一些領域，但在費用方面，您是否提供了這些機會的規模和時機？那麼資本市場明年會回暖，英鎊整合機會也會擴大嗎？

Yes, it's a great question. I think I'll stick with Glenn's comments that we're working through our plan right now for '24, and we haven't sized some of those opportunities and the timing of the rollout.

是的，這是一個很好的問題。我想我會堅持 Glenn 的評論，即我們現在正在製定 24 年的計劃，而且我們還沒有確定其中一些機會的規模和推出的時間。

As it relates to BAU and organic where we are, we did see in the quarter a relatively healthy level of noninterest income. And underneath that were some good signs, a little bit more of direct investment equity tag in income, which shows some more activity on the sponsor side and that people may be getting more active as they normally do at year-end. And so we're -- that's a good sign for us as we move forward.

由於它與我們所處的 BAU 和有機收入相關，我們確實在本季度看到了相對健康的非利息收入水準。在這背後有一些好的跡象，收入中的直接投資股權標籤增加了一點，這表明贊助商方面有更多的活動，而且人們可能會像通常在年底那樣變得更加活躍。所以我們——這對我們前進來說是一個好兆頭。

Obviously, the swap market, given where interest rates are, have been kind of down, but we may see some more activity just given the fact that the Fed may pivot. So there's some decent signs. And then we'll be able to, as we give guidance in Q4, we run out our road map on plan, be able to maybe size some of the incremental benefit of post-conversion investment.

顯然，考慮到利率水平，掉期市場已經有所下降，但考慮到聯準會可能轉向這一事實，我們可能會看到更多的活動。所以有一些不錯的跡象。然後，當我們在第四季度提供指導時，我們將能夠按計劃完成路線圖，或許能夠衡量轉換後投資的一些增量收益。

Your next question comes from the line of Timur Braziler of Wells Fargo.

你的下一個問題來自富國銀行的 Timur Braziler。

I'm just wondering what the remaining credit mark is on the Sterling book? And then if you look at the linked quarter increase in allowance, how much of that is commensurate with the linked-quarter increase in classified loans? And I'm just wondering kind of your expectation for allowance trajectory here given the macro backdrop.

我只是想知道英鎊帳簿上剩餘的信用標記是多少？然後，如果您查看準備金的環比增長，其中有多少與分類貸款的環比增長相稱？我只是想知道在宏觀背景下您對津貼軌蹟的期望。

Yes, good question. I always kind of like and dislike answering these CECL questions because there's obviously a huge amount of work that goes into the modeling. Obviously, a classified loan has a higher reserve on it. So the dynamics in the quarter for CECL would be a higher level of classified, overall lower loan balances, stable nonaccruals and charge-off levels and economic outlook for us as we're moving forward. It's why you still see a build in most of the industry right now because of concerns of office and others.

是的，好問題。我總是有點喜歡和不喜歡回答這些 CECL 問題，因為顯然建模需要做大量的工作。顯然，分類貸款的準備金較高。因此，CECL 本季的動態將是更高的分類水平、整體較低的貸款餘額、穩定的非應計費用和沖銷水平以及我們前進的經濟前景。這就是為什麼由於辦公室和其他人的擔憂，你現在仍然看到大多數行業都在建立。

And then qualitative overlays on what you believe is going on in any particular portfolio, like an office portfolio. So the classified certainly would have been a component to add more reserves, but there are some offsets, like lower loan balances and stability in other areas. And then obviously, the economic outlook is still uncertain, which drives to a few basis point increase. And I'm giving you kind of the qualitative high level because, obviously, it's all model-driven at the end of the day.

然後對您認為任何特定投資組合（例如辦公室投資組合）中正在發生的情況進行定性覆蓋。因此，分類肯定是增加更多準備金的一個組成部分，但也有一些抵消作用，例如貸款餘額減少和其他領域的穩定性。顯然，經濟前景仍然不確定，這推動了幾個基點的上漲。我為你提供了一種高水平的定性，因為顯然，歸根結底，這都是模型驅動的。

And Timur, it's Glenn. The only thing I would point out is we sort of laid this out on Page 15 of the slides, right? So you can see the impact of lower loan balances was $8 million. And then the macro -- third quarter macro and credit environment was a build of $43 million. If you look at the chart below, there hasn't been that much movement really on unemployment and GDP growth and stuff like that. So a portion of that is risk migration, which you see in the classifieds, and that's how I'd sort of characterize it.

帖木兒，是格倫。我唯一要指出的是，我們將其放在幻燈片的第 15 頁上，對吧？因此，您可以看到貸款餘額減少的影響為 800 萬美元。然後宏觀——第三季的宏觀和信貸環境是 4,300 萬美元。如果你看一下下面的圖表，你會發現失業率和國內生產毛額成長等方面並沒有真正發生太大的變化。因此，其中一部分是風險遷移，您可以在分類廣告中看到這一點，這就是我對它的描述。

And your last question comes from the line of Laurie Hunsicker of Seaport Research Partners.

你的最後一個問題來自 Seaport Research Partners 的 Laurie Hunsicker。

So just wanted to circle back to office here. So Slide 4 is great. But just wondered a couple of things. Number one, can you help us think about, specifically in New York City and Boston, of that $1.17 billion, how much of that is New York City Class A versus B? How much is Boston Class A versus B?

所以只想繞回這裡的辦公室。所以幻燈片 4 很棒。但只是想知道一些事情。第一，您能否幫助我們思考一下，特別是在紐約市和波士頓，在這 11.7 億美元中，紐約市 A 級和 B 級分別佔多少？波士頓 A 級和 B 級的價格分別是多少？

And then also your Slide 4 is only investor. Can you help us think about the owner-occupied book, how big that is? Any concerns that you're seeing there? Obviously, on our side is lower risk, but there's still some of the same risk.

然後你的投影片 4 也是唯一的投資者。可以幫我們想想業主自用的書有多大嗎？您在那裡看到任何擔憂嗎？顯然，我們這邊的風險較低，但仍存在一些相同的風險。

And then the last part of the office question. The jump in past due loans from $46 million to $71 million, roughly how much of that $20 million jump was office-related?

然後是辦公室問題的最後一部分。逾期貸款從 4,600 萬美元躍升至 7,100 萬美元，這 2,000 萬美元的躍升中大約有多少與辦公室相關？

All right. I may ask you to come back on the last question, but the one -- so the mix of A and B is pretty similar, around 50-50, in all the markets, which also ladders up to the overall. We have about 23%, right, of that remaining offices in New York City, and that's about 50-50 Class A and Class B. Boston is smaller in the geography, under 10% of that, and it's also about 50-50 in terms of Class A and Class B.

好的。我可能會請您回到最後一個問題，但是，在所有市場中，A 和 B 的組合非常相似，約為 50-50，這也逐漸上升到整體。我們大約有23% 的剩餘辦事處位於紐約市，大約有50-50 個A 級和B 級辦事處。波士頓的地理面積較小，不到10%，大約有50-50 個辦事處位於紐約市。A 類和 B 類術語。

You asked about non-investor CRE, owner-occupied CRE. So those would be C&I companies that we lend to where we have office collateral, that's a relatively small portion of our overall portfolio, it's around $250 million, which is pretty small. Regulatorily and internally, we underwrite those as C&I loans based on the cash flows of the company with having just the enhanced secondary source of repayment in the office. We've seen no deterioration in that portfolio at all.

您詢問了非投資者 CRE 和自住型 CRE。因此，我們向擁有辦公室抵押品的工商業公司提供貸款，這在我們整體投資組合中所佔的比例相對較小，約為 2.5 億美元，相當小。在監管和內部，我們根據公司的現金流量將這些貸款作為工商業貸款承保，並在辦公室擁有增強的第二還款來源。我們沒有看到該投資組合出現任何惡化。

And what was the last question, Laurie?

最後一個問題是什麼，勞裡？

Yes. Just the jump in the past due loans, the $46 million to $71 million, how much of that, if any, was office?

是的。只是逾期貸款增加了 4600 萬美元到 7100 萬美元，其中有多少（如果有的話）是辦公室貸款？

That's a great question. I Don't know if I know the answer to that off hand. But I will tell you one thing, is that there was a $15 million payment made on the second of October. So one of them was an administrative delinquency. And so that would tell you that we're down from $42 million to whatever that would be, $27 million, if I can do my math right. Mostly equipment finance loans in there. So it really wasn't commercial real estate.

這是一個很好的問題。我不知道我是否知道這個問題的答案。但我要告訴你一件事，10 月 2 日支付了 1500 萬美元。其中之一就是行政違法行為。所以這會告訴你，我們已經從 4200 萬美元減少到了 2700 萬美元（如果我能算對的話）。那裡主要是設備融資貸款。所以它確實不是商業房地產。

Yes, it's not.

是的，不是。

There are no further questions at this time. I will now turn the call over to John Ciulla, CEO, for closing remarks.

目前沒有其他問題。我現在將把電話轉交給執行長約翰·丘拉 (John Ciulla)，他將發表結束語。

Thank you very much for joining us on this long call this morning. Enjoy the day.

非常感謝您今天早上參加我們這個漫長的電話會議。享受這一天。

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

今天的電話會議到此結束。您現在可以斷開連線。