Webster Financial Corp (WBS) 2025 Q3 法說會逐字稿

Good morning. Welcome to the third quarter 2025 Webster Financial Corp. earnings call. Please note, this event is being recorded. I would now like to introduce Webster's Director of Investor Relations, Emlen Harmon, to introduce the call. Mr. Harmon, please go ahead.

早安.歡迎參加韋伯斯特金融公司2025年第三季財報電話會議。請注意，本次活動正在錄影。現在我謹介紹韋伯斯特公司的投資人關係總監埃姆倫‧哈蒙，由他來主持本次電話會議。哈蒙先生，請繼續。

Good morning. Before we begin our remarks, I want to remind you that 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.

早安.在我們開始發言之前，我想提醒各位，管理層發表的評論可能包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述，並受安全港規則的約束。請查閱今天新聞稿和簡報中的前瞻性免責聲明和安全港條款，以了解更多可能影響我們的風險和不確定性資訊。

The presentation accompanying management's remarks can be found on the company's investor relations site at investors.websterbank.com. (Operator Instructions) I'll now turn the call over to Webster Financial CEO, John Ciulla.

管理層演講的簡報可在公司投資者關係網站 investors.websterbank.com 上找到。 （操作員指示）現在我將把電話交給韋伯斯特金融執行長約翰·丘拉。

Thanks, Emlen. Good morning, and welcome to Webster Financial Corp.'s third quarter 2025 earnings call. We appreciate you joining us this morning. I'm going to start with a recap of our results, our President and Chief Operating Officer, Luis Massiani, is going to provide an update on developments in our operating segments; and our CFO, Neal Holland will provide additional detail on financials before my closing remarks and Q&A.

謝謝你，埃姆倫。早安，歡迎參加韋伯斯特金融公司2025年第三季財報電話會議。感謝您今天早上收看我們的節目。首先，我將回顧我們的業績；接下來，我們的總裁兼營運長路易斯·馬西亞尼將介紹我們各營運部門的最新進展；之後，我們的財務長尼爾·霍蘭德將提供財務方面的更多細節，最後我將作總結發言並回答問題。

Highlights for the third quarter are provided on slide 2 of our earnings presentation. Our results were strong with a return on tangible common equity of 18%, ROA of nearly 1.3% and growth in both loans and deposits of over 2% linked quarter. Overall, revenue grew 2.3% over the prior quarter. In aggregate, Webster's results this quarter reflect how our strategic position fuels our performance, including diverse balance sheet growth while maintaining substantial liquidity and conservative credit positioning.

第三季的亮點內容已在收益簡報的第 2 頁中列出。我們的業績表現強勁，有形普通股收益率為 18%，資產收益率接近 1.3%，貸款和存款較上季成長超過 2%。整體而言，營收較上一季成長了2.3%。總體而言，韋伯斯特本季的業績反映了我們的策略地位如何推動我們的業績成長，包括多元化的資產負債表成長，同時保持充足的流動性和保守的信貸定位。

Robust profitability is supported by a unique business mix and capital generation that supplements organic earnings growth opportunities. More specifically, loan growth was driven by a diversity of categories with all of our portfolios increasing this quarter. Deposit growth was also diverse as we grew the commercial and healthcare financial services books in addition to regular seasonal growth in our public funds business.

穩健的獲利能力得益於獨特的業務組合和資本創造能力，這補充了內生性獲利成長機會。更具體地說，貸款成長是由多種類別推動的，我們所有投資組合在本季度均有所成長。存款成長也呈現多樣化，除了公共基金業務的常規季節性成長外，我們還擴大了商業和醫療保健金融服務業務。

Webster's capital generation is a distinct strategic advantage. We repurchased 2.2 million shares or 1.4% of the outstanding shares at the end of the second quarter. At the same time, tangible book value grew 3.7% over the prior quarter. We continue to see the inflection point in asset quality that we projected at the onset of the year.

韋伯斯特的資本累積能力是一項顯著的策略優勢。第二季末，我們回購了 220 萬股，佔流通股的 1.4%。同時，有形帳面價值較上一季成長了 3.7%。我們繼續看到年初預測的資產品質轉折點出現。

Importantly, criticized loans were down over 7%, with nonaccrual loans essentially flat. Charge-offs of 28 basis points remain near the bottom of our anticipated normalized range of 25 to 35 basis points, and our provision of $44 million is down modestly from last quarter, even as we built slightly more conservative macroeconomic scenarios into our loan loss reserve modeling.

值得注意的是，受批評貸款下降了 7% 以上，而非應計貸款基本上持平。28 個基點的核銷率仍接近我們預期的 25 至 35 個基點正常範圍的下限，儘管我們在貸款損失準備金模型中納入了略微保守的宏觀經濟情景，但我們的撥備金 4400 萬美元仍比上一季略有下降。

As we look to the future, despite recent market volatility, macro tailwinds for the banking industry are building, and we're in a good position to benefit. Loan growth remained solid and we are seeing opportunities to originate assets with appealing risk-reward characteristics as we did this quarter. As always, we point to the diversity of our deposit generation on slide 3, which is a key factor supporting the balance sheet as activity accelerates. We continue to see indications of a more appropriate regulatory tailoring, which should, over time, allow us to allocate resources towards activity appropriate risk management practices.

展望未來，儘管近期市場波動，銀行業宏觀利好因素正在積聚，我們有望從中受益。貸款成長依然穩健，我們看到了像本季一樣，推出具有吸引人的風險回報特徵的資產的機會。和以往一樣，我們在投影片 3 中指出了我們存款來源的多樣性，這是在業務活動加速成長的情況下支撐資產負債表的關鍵因素。我們不斷看到監管調整更加恰當的跡象，隨著時間的推移，這將使我們能夠將資源分配給適當的風險管理實踐。

While we remain vigilant, tariffs and labor market uncertainty are not significantly impacting the credit performance of our loan portfolio, and we are not seeing pockets of correlated credit risk emerging. We'll also stay on our front foot in terms of business development opportunities for our existing segments. I'll now turn it over to Luis to review developments in our operating segments this quarter, including an update on commercial banking activity, the Affordable Care Act opportunity for HSA Bank, and our credit joint venture with Marathon.

儘管我們仍保持警惕，但關稅和勞動力市場的不確定性並未對我們的貸款組合的信貸表現產生重大影響，我們也沒有看到相關的信貸風險出現。我們將繼續積極主動地為現有業務板塊開拓新的發展機會。現在我將把發言權交給路易斯，讓他回顧本季我們各營運部門的發展情況，包括商業銀行業務的最新進展、HSA 銀行的《平價醫療法案》機遇以及我們與 Marathon 的信貸合資企業。

Thanks, John. On our business lines, activity was positive in Q3. Clients have proven to be resilient, have gained a better understanding of the potential impact on tariffs, and have continued with their business investment plans. We referenced strong commercial lending pipeline activity in our Q2 call, which came through in the third quarter with growth at the higher end of our outlook range, with all major lending categories in commercial and consumer contributing.

謝謝你，約翰。第三季度，我們各業務線的營運情況良好。客戶們展現了很強的韌性，對關稅可能產生的影響有了更深入的了解，並繼續推進他們的業務投資計劃。我們在第二季電話會議中提到了強勁的商業貸款業務，而第三季也證實了這一點，成長達到了我們預期範圍的較高水平，商業和消費貸款的所有主要類別均有所貢獻。

We also saw a nice pickup in loan-related fees as capital markets businesses were more active. Our diversified deposit businesses continue to perform well with metros posting strong new account growth and record volume and lifetime deposit case value added. We also delivered significant growth in deposits in interSYNC, Commercial, Public Sector, and Business Banking, funding our loan growth with deposits, which has allowed us to maintain our strong liquidity profile.

隨著資本市場業務的活躍度提高，貸款相關費用也出現了不錯的成長。我們多元化的存款業務持續表現良好，其中大都會地區的新帳戶成長強勁，存款額和終身存款額均創歷史新高。我們在 interSYNC、商業銀行、公共部門銀行和企業銀行的存款方面也實現了顯著增長，透過存款為貸款成長提供資金，從而保持了我們強勁的流動性狀況。

Our private credit joint venture with Marathon Asset Management is now fully operational, and we're working through a significant pipeline of potential lending opportunities. Early returns are positive with good alignment between our two organizations on operations, risk appetite and good referral activity on loan deposit and fee opportunities.

我們與 Marathon Asset Management 的私人信貸合資企業現已全面投入運營，我們正在處理大量潛在的貸款機會。初步結果令人滿意，我們兩家機構在營運、風險偏好方面高度一致，並且在貸款存款和費用機會方面有良好的推薦活動。

The JV is working as intended and has expanded our ability to offer more lending solutions to our existing sponsors client base. At HSA Bank, new legislation continued to support an increase in the addressable market for HSA accounts. As discussed last quarter, the original bill that passed in July enacts HSA eligibility for bronze and catastrophic Affordable Care Act healthcare plans beginning in 2026.

合資企業運作符合預期，並擴大了我們為現有贊助商客戶群提供更多貸款解決方案的能力。HSA 銀行的新法規繼續支持 HSA 帳戶潛在市場的成長。正如上個季度所討論的，7 月通過的原始法案規定，從 2026 年開始，平價醫療法案的銅級和災難性醫療保健計劃將獲得 HSA 資格。

Our assessment of the original legislation was that the change would increase the addressable market for HSAs by 7 million customers and drive $1 billion to $2.5 billion in incremental deposit growth at HSA Bank over the next five years. In September, the Center for Medicare and Medicaid Services clarified that new HSA eligibility for bronze and catastrophic plans was more expensive than originally thought, which should further increase enrollment eligibility in the addressable market.

我們對原立法的評估是，這項變更將使 HSA 的潛在市場增加 700 萬客戶，並在未來五年內為 HSA 銀行帶來 10 億至 25 億美元的額外存款成長。9 月，醫療保險和醫療補助服務中心澄清，新的 HSA 資格（適用於銅級和災難性計劃）比最初預想的要昂貴，這應該會進一步提高目標市場的參保資格。

We're working through quantifying the potential impact on account deposit growth. We are investing in our existing mobile and web enrollment systems to best serve ACA participants ahead of the annual plan enrollment period, which will begin in November. These refinements will streamline and optimize the enrollment process and help us better capitalize on this growth opportunity. I'll turn it over to Neal.

我們正在努力量化其對帳戶存款成長的潛在影響。我們正在對現有的行動和網路註冊系統進行投資，以便在 11 月開始的年度計畫註冊期之前更好地為 ACA 參與者提供服務。這些改進將簡化和優化招生流程，並幫助我們更好地掌握這項成長機會。我把它交給尼爾。

Thanks, Luis, and good morning, everyone. I'll start on slide 4 with a review of our balance sheet. Total assets were $83 billion at period end as both loans and deposits were up over 2% this quarter. We continue to operate from an advantageous capital position, where ratios increased modestly despite the fact that we repurchased 2.2 million shares this quarter.

謝謝你，路易斯，大家早安。我將從第 4 張投影片開始，回顧我們的資產負債表。期末總資產為 830 億美元，本季貸款和存款均成長超過 2%。我們繼續保持有利的資本狀況，儘管本季我們回購了 220 萬股股票，但各項比率僅略有上升。

Loan trends are highlighted on slide 5. In total, loans were up $1.4 billion or 2.6%. Every loan category grew, including a pickup in commercial real estate, which has the potential to be a contributor to growth going forward. We provide additional details on deposits on slide 6. Public funds were up $1.2 billion seasonally, though we saw growth in the Commercial and Healthcare Financial Services businesses as well. Deposit costs were up 3 basis points over the prior quarter.

貸款趨勢在第5張投影片中重點介紹。貸款總額增加了14億美元，增幅為2.6%。所有貸款類別均有所成長，其中商業房地產貸款的成長尤為顯著，這有可能成為未來成長的推動因素。我們在第 6 張幻燈片中提供了有關存款的更多詳細資訊。公共資金按季節增長了 12 億美元，不過商業和醫療保健金融服務業務也有所增長。存款成本比上一季上漲了3個基點。

Income statement trends are on slide 7. Overall, we saw a positive trend on PPNR, up $5.8 million over the prior quarter. The provision was $44 million, down $2.5 million from the last quarter. Net income of $261 million is up from $259 million in the prior quarter and EPS grew to $1.54 from $1.52 in the prior quarter. Our tax rate increased to 21.3%, consistent with our outlook for the back half of the year.

損益表趨勢請見第7頁。總體而言，PPNR 呈現正面趨勢，比上一季成長了 580 萬美元。該季度撥備為 4,400 萬美元，比上一季減少了 250 萬美元。淨利潤為 2.61 億美元，高於上一季的 2.59 億美元；每股收益從上一季的 1.52 美元增長至 1.54 美元。我們的稅率提高到 21.3%，與我們對下半年的預期一致。

On slide 8, we highlight net interest income, which increased $10 million, driven by balance sheet growth and the higher day count quarter over quarter, this was partially offset by a decline in NIM. The net interest margin was down 4 basis points from the prior quarter to 3.4%. Recall, there was a discrete benefit from a nonaccrual reversal that added 2 basis points to NIM in the second quarter.

在第 8 張幻燈片中，我們重點介紹了淨利息收入，該收入增加了 1000 萬美元，這主要得益於資產負債表的增長和季度環比增長的天數，但部分被淨息差的下降所抵消。淨利差較上一季下降4個基點至3.4%。回想一下，第二季非應計衝回帶來了一筆獨立的收益，使淨利差增加了 2 個基點。

The trend in the quarter also reflects some organic spread compression. Slide 9 illustrates our net interest income sensitivity to rates. We remain fairly neutral to interest rates on the short end of the curve with a slightly greater impact to our NII from downgrade shock scenarios. On slide 10 is noninterest income.

本季趨勢也反映出價差的自然收窄。投影片 9 展示了我們的淨利息收入對利率的敏感度。我們對短期利率仍保持相當中性的態度，但評等下調衝擊情境對我們的淨利息收入的影響會略大。第 10 頁是非利息收入。

Noninterest income was $101 million, up $6 million over the prior quarter. We had a modest increase in swap fee income, and we also realized the positive legal settlement of $4 million. Slide 11 has noninterest expense. We reported expenses of $357 million, up $11 million linked quarter. The largest driver of this change was an $8 million increase in incentive accruals, reflective of performance of the bank in the quarter and year-to-date.

非利息收入為 1.01 億美元，比上一季增加 600 萬美元。我們的互換費收入略有成長，同時我們也獲得了 400 萬美元的積極法律和解金。第 11 頁包含非利息支出。我們報告的支出為 3.57 億美元，比上一季增加了 1,100 萬美元。導致這一變化的最大因素是激勵性應計款項增加了 800 萬美元，這反映了該銀行本季和年初至今的業績。

Slide 12 details components of our allowance for credit losses, which was up $6 million relative to the prior quarter. The largest portion of this increase was tied to balance sheet growth. It's positive asset quality trends we realized last quarter continued. Our CECL macroeconomic projections are slightly worse this quarter.

第 12 頁詳細介紹了我們的信貸損失準備金的組成部分，與上一季相比增加了 600 萬美元。這一增長的最大部分與資產負債表的增長有關。我們上季度觀察到的正向資產品質趨勢仍在繼續。本季我們的CECL宏觀經濟預測略有惡化。

Slide 13 highlights our key asset quality metrics. Charge-offs of 28 basis points were consistent with last quarter. Our commercial classified ratio declined 10 basis points from the prior quarter, and nonperforming loan ratio was down 1 basis point.

第 13 張投影片重點介紹了我們的關鍵資產品質指標。核銷額為 28 個基點，與上季持平。我們的商業分類比率比上一季下降了 10 個基點，不良貸款比率下降了 1 個基點。

Turning to slide 14. Our capital ratios remain above well-capitalized levels and we maintain excess capital to our publicly stated targets. Our tangible book value per share increased to $36.42 from $35.13, with net income and improvement in AOCI, partially offset by shareholder capital return. I will wrap up my comments on slide 15 with our outlook for the fourth quarter. We're expecting net interest income to be effectively flat to the third quarter. Balance sheet growth will be offset by lower quarterly NIM.

翻到第14張投影片。我們的資本充足率仍高於良好水平，並且我們保持的資本超過了我們公開宣布的目標。我們的每股有形帳面價值從 35.13 美元增至 36.42 美元，淨收入和 AOCI 的改善部分抵銷了股東資本回報。我將在第 15 張投影片上總結我對第四季的展望。我們預計淨利息收入將與第三季基本持平。資產負債表的成長將被季度淨利差的下降所抵銷。

Underlying this assumption, we anticipate seasonal outflows of deposits. We will also have higher debt costs in the quarter until we redeemed the subordinate notes due in 2029 and 2030, which we intend to do this quarter, subject to market conditions. These are likely to step back a bit without the benefit of another legal settlement.

基於這個假設，我們預期會出現季節性的存款流出。本季我們的債務成本也會較高，直到我們贖回將於 2029 年和 2030 年到期的次級票據為止。我們計劃在本季贖回這些票據，但具體時間取決於市場狀況。如果沒有新的法律和解，這些措施可能會有所退讓。

The roughly 1% decline in deposits is an effect of lower public funds on a seasonal basis. Excluding this, we would expect to grow deposits by roughly 1% this quarter. On a full year basis, relative to the outlook we provided in January, will be above the range on loan growth at the top end of our NII guidance and a bit higher than the midpoint on fees and expenses. With that, I'll turn it back to John for closing remarks.

存款下降約 1% 是季節性公共資金減少所致。排除此因素，我們預計本季存款將成長約 1%。從全年來看，相對於我們在 1 月提供的展望，貸款成長將高於我們 NII 指引的上限，費用和支出將略高於中點。接下來，我將把發言權交還給約翰，請他作總結發言。

Thanks, Neal. This past week, Webster celebrated its 90th anniversary of its founding is First Federal Savings and Loan Association of Waterbury in 1935. And originally founded by Harold Webster Smith, with $25,000 he borrowed from friends and family to help people build and buy their homes amidst the great depression.

謝謝你，尼爾。上週，韋伯斯特慶祝了其成立 90 週年，其前身是 1935 年成立的沃特伯里第一聯邦儲蓄貸款協會。該機構最初由哈羅德·韋伯斯特·史密斯創立，他向親朋好友借了 25,000 美元，旨在幫助人們在大蕭條時期建造和購買房屋。

First Federal, now Webster, has grown to one of the country's largest commercial banks offering sophisticated financial products to diverse client segments. The bank's sustained success is the result of a consistent commitment to doing what's right for our colleagues, clients, and the communities we serve. Webster's strong and consistent results this quarter echo the bank's performance since its founding.

第一聯邦銀行（現為韋伯斯特銀行）已發展成為美國最大的商業銀行之一，為不同的客戶群提供複雜的金融產品。銀行的持續成功源自於我們始終致力於為我們的同事、客戶和我們所服務的社區做正確的事。韋伯斯特銀行本季強勁且穩定的業績與該銀行自成立以來的表現相呼應。

I'd like to thank all of these parties and our other various business partners for helping to grow Webster into the institution it is today. Our performance this quarter, this year, and over Webster's history is a true team effort, and we're proud to drive consistent and comprehensive positive outcomes.

我要感謝所有這些各方以及我們其他各種商業夥伴，感謝他們幫助韋伯斯特大學發展成為今天的規模。本季、今年以及韋伯斯特學院歷史上取得的成績，都是團隊共同努力的成果，我們為能夠取得持續、全面的積極成果而感到自豪。

Thank you for joining our call today. Operator, we'll take questions.

感謝您今天參加我們的電話會議。接線員，我們來回答問題。

(Operator Instructions) Jared Shaw, Barclays.

（操作說明）巴克萊銀行 Jared Shaw。

Hey, good morning, everybody.

嘿，大家早安。

Hey, Jared.

嘿，賈里德。

Maybe just starting with the Marathon partnership, if you can give any detail on early success there? And is that reflected and the optimism for growth in '25? And I guess how should we think about that in '26?

或許可以先從與馬拉鬆的合作說起，能否詳細介紹早期的成功？而這種樂觀情緒是否體現在 2025 年的成長中呢？那麼，到了2026年，我們該如何看待這個問題呢？

Yeah, Jared, this is Luis. So, so far, so good as we characterize it. We have started building a nice pipeline of business there. Annual weekly calls and meetings of our -- of the investment committee to actively review transactions. We started improving transactions. We started originating transactions and placing them into the joint venture.

是的，賈里德，這是路易斯。所以，到目前為止，一切都還不錯。我們已經開始在那裡建立起良好的業務管道。我們每年都會召開投資委員會的每週電話會議和例會，積極審查各項交易。我們開始改進交易流程。我們開始發起交易，並將它們納入合資企業。

So from the perspective of what we thought it was going to allow us to do, which is being able to offer an expanded product set to our diverse universe of sponsor clients. It's essentially achieving exactly that, which is great. And so long term, we feel that the prospects for what we're trying to do there are good, which is we're going to be able to offer more and that's going to result in both transactions for the JV as well as opportunities for on-balance sheet business, which you haven't seen the impact of that much because it's still early stages. But as we move into 2026, we think that, that's going to be a good -- it's going to allow us to expand an expanded product offering, which should reflect in some on-balance sheet business as well and other types of opportunities with deposit fees, capital markets business also. So, so far, so good.

因此，從我們認為它能讓我們做的事情的角度來看，那就是能夠為我們多元化的贊助商客戶提供更廣泛的產品組合。它實際上就實現了這一點，這很棒。因此，從長遠來看，我們認為我們正在努力做的事情前景良好，我們將能夠提供更多服務，這將為合資企業帶來交易，並為資產負債表內的業務帶來機會，但由於仍處於早期階段，您還沒有看到太大的影響。但展望 2026 年，我們認為這將是件好事——它將使我們能夠擴大產品供應範圍，這也應該反映在一些資產負債表上的業務以及存款費用、資本市場業務等其他類型的機會中。目前為止，一切順利。

Okay. All right. Great, thanks for that detail. And I guess shifting over to the deposit side. Ametros's balances are up, interSYNC balances are up. How should we think about the trajectory of growth over the near and midterm there and the priority of those versus broker deposits?

好的。好的。太好了，謝謝你提供這個細節。我想，接下來就要轉向存款業務了。Ametros 的餘額增加了，interSYNC 的餘額也增加了。我們應該如何看待該地區近期和中期的成長軌跡，以及這些成長相對於經紀存款的優先順序？

Yeah. So this is Neal. What we continue to do all we can to grow the attractive categories in HSA and Ametros. Those are great businesses, and we love growth there. We have seen strong growth in interSYNC this year, and we prefer interesting balances over broker deposits. We pretty much have no cost to originate the operating costs are more than offset by the fees we earn in that business. And it's 100% beta.

是的。這位是尼爾。我們將繼續盡一切努力發展 HSA 和 Ametros 中具有吸引力的類別。這些都是很棒的企業，我們很樂意看到它們發展壯大。今年我們看到 interSYNC 實現了強勁成長，我們更喜歡收益豐厚的帳戶餘額，而不是經紀商的存款。我們幾乎沒有任何發起成本，營運成本完全可以被我們從這項業務中獲得的費用所抵銷。而且它目前還是100%的測試版。

So in a down environment will be an attractive balance for us. We really use broker deposits to -- in Q2 and Q4. We have seasonal inflows of public deposits, which come in, obviously, in Q1 and Q3. And so as you'll notice, this quarter, we had seasonal inflows of those public deposits. So our broker concentration is down to about 2%. And next quarter, it may jump up to 4%, and then Q1, we'll probably be more back down in that 2% range. So we really use broker deposits to offset those swings in our public deposits.

因此，在經濟低迷時期，這種平衡對我們來說將是一個有吸引力的選擇。我們確實在第二季和第四季利用經紀商存款。公眾存款有季節性流入，顯然，這些存款會在第一季和第三季流入。因此，正如您所看到的，本季度我們迎來了這些公眾存款的季節性流入。因此，我們的經紀商集中度已降至約 2%。下一季度，這一數字可能會躍升至 4%，然後第一季度，我們可能會回落到 2% 左右。因此，我們實際上是利用經紀商的存款來抵消我們公眾存款的這些波動。

Okay, thank you.

好的，謝謝。

Thanks, Jared.

謝謝你，賈里德。

Mark Fitzgibbon, Piper Sandler.

馬克·菲茨吉本，派珀·桑德勒。

Hey, guys, good morning.

嘿，各位，早安。

Good morning.

早安.

There's been a lot of talk, John, this past week about the private credit space. And so I wondered if you could share with us any details on what sort of lending exposure you have to the private credit industry? And maybe any areas that you might be avoiding within that space.

約翰，過去一周關於私人信貸領域的討論很多。因此，我想知道您能否與我們分享您在私人信貸行業有哪些貸款風險敞口？以及你可能在該空間內刻意迴避的任何區域。

Yeah, Mark, I'll give you an overview. Our NDFI exposure, and obviously, everybody has been talking about this a lot, is a pretty amorphous and large category. For us, it's pretty simple. We've got about $6 billion in what would be characterized as MBFI. 90% of that for us is really in two categories and relatively evenly split. One is fund banking, which everybody understands, lower yielding, lower risk, that's really tied to the LPs fulfilling their commitments to private equity funds, right? There's no operating risk with borrowers. And as I think people know in the history of that product, there's been virtually no losses.

好的，馬克，我幫你概述一下。我們的非存款金融機構曝險，顯然，每個人都在談論這個話題，這是一個相當模糊且龐大的類別。對我們來說，這很簡單。我們大約有60億美元的資金屬於MBFI範疇。其中90%的資金實際上分為兩類，而且兩類資金的分配相對平衡。一是基金銀行業務，大家都明白，收益較低，風險較低，這其實與有限合夥人履行對私募股權基金的承諾有關，對吧？借款人不存在營運風險。而且我認為人們也知道，從該產品的歷史來看，幾乎沒有發生過虧損。

The other half for us is in lender finance. It's about $2.6 billion. We've been in that business. We're not newcomers for about 10 years. And the way we characterize that business for us is we deal with top name asset managers with significant AUM and experience. We advance on a pool of loans, effective senior leverage, and attachment point of 2.7 times across the book as we go through that. We have had zero losses, zero classified or nonaccrual loans over the 10-year period. And so I think it's really important for us, and we feel very, very comfortable in the space.

另一半對我們來說來自貸款機構融資。大約是26億美元。我們一直從事這個行業。我們並非新來者，已經有大約10年的時間了。我們對這項業務的定義是：我們與擁有大量資產管理規模和豐富經驗的頂級資產管理公司合作。我們逐步推進貸款池、有效高階槓桿率和 2.7 倍的帳簿槓桿率。10 年來，我們沒有任何損失，也沒有任何不良貸款或非應計貸款。所以我認為這對我們來說非常重要，我們在這種氛圍中感覺非常非常舒適。

Many of them are 20% risk-weighted assets. So significantly lower risk, and they carry a lower yield as well as we've grown that we've -- that's been in our plan. So we feel very comfortable with our NDFI exposure, just given the characteristics in nature, and our history in the business. So we haven't been exposed to the headline credits that you've seen in the last few days, I guess, mostly. But we're very confident that the underwriting we have in there is extremely solid, and we're not in any sort of other esoteric risk classes.

其中許多是風險加權資產佔 20%。因此風險顯著降低，但收益也較低，正如我們所看到的——這一直在我們的計劃之中。鑑於非存款金融機構的性質和我們在該行業的歷史，我們對我們在該領域的投資感到非常放心。所以，我想，我們大部分時間都沒有接觸到你們在過去幾天裡看到的那些重要演職人員名單。但我們非常有信心，我們現有的核保機制非常穩固，而且我們沒有被歸類在任何其他特殊風險類別。

Okay, great. And then just a follow-up changing gears a little bit. I know, John, you've said in the past that you're not interested right now in doing bank M&A. But I guess I'm curious if the category four threshold is lifted. And given that the regulatory environments so welcoming these days of bank M&A, why not push that to the front of the line in terms of priorities?

好的，太好了。然後，稍微轉換一下話題。我知道，約翰，你以前說過你現在對銀行併購不感興趣。但我很好奇第四類門檻是否會被取消。鑑於現今的監理環境如此歡迎銀行併購，為何不把銀行併購列為優先事項呢？

Yeah, Mark, we are going to be consistent with what we did -- what we've said many times. I don't think the lifting of the category four hurdle changes our outlook, right? It could benefit us from an expense perspective and let us focus on competing and growing our business lines instead of necessarily building out other regulatory mandated infrastructure. But as it relates to M&A, we have said and we continue to believe that it would be highly, highly unlikely for you to see us acquire a whole bank over the short or medium term, given our momentum, and given what we think we can create, and given the risk of getting involved in M&A on an offensive basis.

是的，馬克，我們會堅持我們一直以來的做法──我們多次說過的話。我不認為取消四級颶風限制會改變我們的看法，對吧？從費用角度來看，這對我們有利，使我們能夠專注於競爭和發展我們的業務線，而不是必須建造其他監管要求的基礎設施。但就併購而言，我們已經說過，而且我們仍然認為，鑑於我們目前的發展勢頭，鑑於我們認為我們能夠創造的成就，以及鑑於積極參與併購的風險，在短期或中期內，你們不太可能看到我們收購一家完整的銀行。

We continue to look at smaller healthcare-related acquisitions that wouldn't dilute tangible book value significantly and could add to our fee and deposit-generating capabilities. But as it relates to whole bank M&A, we're not interested in participating at the current time.

我們將繼續關注規模較小的醫療保健相關收購，這些收購不會大幅稀釋有形帳面價值，並且可以增加我們的費用和存款創收能力。但就整個銀行的併購而言，我們目前沒有興趣參與。

Thank you.

謝謝。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Hey, how's it going? This is Andrew Leischner on for Chris. Just on -- good morning -- just on the loan growth, it looks like the Q4 guide is back around where you've been after the strong quarter this past quarter. Can you speak in a little bit more detail about current pipelines? And then how we should be thinking about the loan growth outlook going into 2026? Thanks.

嘿，你好嗎？這裡是安德魯·萊施納，代克里斯為您報道。關於貸款成長——早安——看來在經歷了上個季度的強勁增長之後，第四季度的預期又回到了你們之前的預期水平。能更詳細談談目前的管道狀況嗎？那麼，我們該如何看待2026年的貸款成長前景呢？謝謝。

Yeah. I think our pipelines are continuing to be relatively robust. We talked about a big pipeline heading into the third quarter and you saw us pull through. I think our view on the fourth quarter is that we anticipate, as normally happens in the fourth quarter, maybe a higher level of prepayments. And so I think our view of looking at a relatively solid pipeline, our pull-through rates, and year-end prepays, and payoffs. That's why you see us not going with the same level of third quarter loan growth.

是的。我認為我們的管道系統仍然相對穩健。我們之前討論過第三季的大型項目，你們也看到了我們成功完成了任務。我認為我們對第四季度的看法是，我們預計，正如第四季度通常發生的情況一樣，預付款水準可能會更高。因此，我認為我們應該關注相對穩定的專案儲備、成交率、年末預付款和收益情況。這就是為什麼你會看到我們第三季的貸款成長水準沒有達到先前的水準。

We could outperform that if payoffs don't come through and we continue to originate. But I'd say we feel really good about our pipelines. We're also, I think, really getting narrowly focused on capital allocation and trying to make sure that our risk return profiles on the loans we're originating work, and we're wanting to continue to grow core C&I categories as we move forward.

如果收益沒有到位，而我們繼續進行專案開發，我們可能會做得更好。但我認為我們對我們的管道系統非常有信心。我認為，我們也正在真正專注於資本配置，努力確保我們發放的貸款的風險回報狀況良好，並且我們希望在未來繼續發展核心的工商貸款類別。

So kind of business mix, what we believe in payoffs and a pretty solid and robust pipeline will lead us to good solid growth in the fourth quarter. We just don't anticipate it being as strong as in the third quarter.

因此，我們相信，這種業務組合、回報以及相當穩健的銷售管道，將使我們在第四季度實現良好的穩健成長。我們預計它不會像第三節那麼強勁。

Okay, great, thank you. And then just one follow-up. Just given that CET1 is still above your near-term target at 11.4%, how should we be thinking about the pace of buybacks going forward? Thanks.

好的，太好了，謝謝。然後只有一次後續跟進。鑑於 CET1 仍高於您近期目標的 11.4%，我們該如何看待未來的回購步伐？謝謝。

Yeah. I think I'm going to give you the boring answer that we always do. We're looking to deploy capital into loan growth. We're looking at potentially some strategic smaller inorganic growth with respect to our healthcare vertical on fees and deposit growth capabilities. If we don't have robust loan growth and we don't have opportunities to deploy capital in the aforementioned healthcare space, I think then you'll see us look at returning share -- capital to shareholders.

是的。我想我又要給你一個我們一貫的、無聊的答案了。我們正尋求將資金投入貸款成長。我們正在考慮在醫療保健垂直領域，透過費用和存款成長能力，實現一些較小的策略性非內生成長。如果我們沒有強勁的貸款成長，也沒有機會在上述醫療保健領域部署資本，我認為那麼我們將考慮向股東返還股份—資本。

Obviously, we also take into consideration volatility in the market and where credit is trending as well. You'll continue to see us buy back shares and the pace of that will be dependent on what I mentioned earlier in terms of other priorities for capital use.

當然，我們也會考慮市場波動性和信貸趨勢。你們會看到我們繼續回購股票，而回購的速度將取決於我之前提到的其他資本使用優先事項。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you.

謝謝。

Matthew Breese, Stephens Inc.

馬修·布里斯，史蒂芬斯公司

Hey, good morning. The first one is kind of a two-parter. You had mentioned in the release and in your opening remarks that tighter loan spreads on new loans were a driver of NIM compression. And so I was hoping you could talk a little bit about that, what new spreads are, and with the five-year down a bit, what new commercial real estate -- new commercial real estate yields are today. And then the other thing I wanted to hone in on was commercial loan yield for the presentation, we're at 6.41%. So down a healthy 15 basis points quarter over quarter, but SOFA was relatively flat. And so I was curious why such a pronounced drop in commercial loan yields as well?

嘿，早安。第一個其實分為兩個部分。您在新聞稿和開場白中都提到，新貸款利差收窄是淨利差收窄的驅動因素。所以我希望您能談談這方面，什麼是新的利差，以及隨著五年期公債殖利率下降，如今新的商業房地產殖利率是多少。然後，我想重點介紹一下本次演示中的商業貸款收益率，我們目前的收益率為 6.41%。因此，儘管環比下降了 15 個基點，但 SOFA 指數相對持平。所以我很好奇，為什麼商業貸款殖利率也出現如此明顯的下降？

Yeah. I'll let Neal give you specific numbers, but I think we've had a continued trend line of onboarding higher quality credits. If you look at weighted average risk rating on originations over the past several quarters compared to what's in the existing book, there's a significant positive delta there. So I think part of it, Matt, is risk selection. Part of it is credit spread compression. The markets -- there are tighter credit spreads on high-quality commercial real estate deals and other areas.

是的。我會讓尼爾為你提供具體數字，但我認為我們一直在穩步增加高品質信用額度。如果將過去幾季的新增貸款加權平均風險評級與現有貸款組合的風險評級進行比較，就會發現存在顯著的正向差異。所以我覺得，馬特，部分原因在於風險選擇。部分原因是信用利差收窄。市場方面－優質商業房地產交易和其他領域的信貸利差收窄。

So I would say it's a combination of mix and tighter spreads in what we're originating. It goes to my earlier point on the previous question that we continue to look as we move forward that it's not just loan growth for loan growth's sake. But we want to make sure we're onboarding high quality, but we're also onboarding good solid loan yields so that we can make sure that the NIM is not contracting perpetually over time.

所以我認為，我們推出的產品融合了多種元素，並且採用了更緊密的包裝。這呼應了我之前對上一個問題的觀點，即我們繼續向前看，貸款成長不僅僅是為了成長而成長。但我們希望確保引入高品質的貸款，同時也要引入收益穩定的貸款，這樣才能確保淨利差不會隨著時間的推移而持續下降。

I think that would be my answer. And I think we're pleased with what we're being able to onboard in terms of full relationship, high-quality commercial real estate, and C&I deals. But they are coming in at a lower yield than historically has been the case.

我想這就是我的答案。我認為我們對目前能夠建立的全面合作關係、高品質的商業房地產以及工商業交易感到滿意。但它們的收益率低於歷史平均。

Yeah. John hit it. CRE, we're seeing some compression just in the market on spreads. And so you're in that low 6% range on originations, on recent originations. And then it really is our loan mix and categories. And the risk weighting of what we've originated the last few quarters has been very high quality, which is great from stable long-term credit performance, but it does put some pressure on our NIM. So that has been our trend recently on where we're originating in the high-quality assets, we've been putting on our books over the last few quarters.

是的。約翰擊中了它。商業不動產方面，我們看到市場上的利差有所收窄。因此，就近期新增貸款而言，你的貸款發放率處於 6% 的低點。然後，真正起作用的是我們的貸款組合和類別。過去幾季我們發放的貸款風險權重非常高，品質也很高，這對於穩定的長期信貸表現來說是好事，但這確實給我們的淨利差帶來了一些壓力。所以，這就是我們最近幾季以來，在優質資產來源方面所取得的趨勢，我們一直在將優質資產納入我們的資產組合中。

Got it. Okay. And then my other one is, John, back to M&A. Obviously, there's some big bank deals out there. It seems like the window is open. And I do not get the sense that you're a whole bank buyer, near term or medium term. But I am curious what you think strategic options are on the sales front and how seriously that's considered? And I ask because I'm getting that question more and more frequently and would love your thoughts there.

知道了。好的。然後我的另一個問題是，約翰，回到併購領域。顯然，銀行業有一些大宗交易正在進行中。窗戶好像開著。我感覺你近期或中期內都不會收購整個銀行。但我很好奇，您認為在銷售方面有哪些策略選擇，以及您對這些選擇有多重視？我之所以這麼問，是因為我越來越常被問到這個問題，很想聽聽你們的看法。

Yeah. I mean, it's always a tough one to answer. We're not looking to sell the bank. We're also pragmatic and good fiduciaries with our Board. And so obviously, if there was an opportunity to become part of a larger bank, we would have to evaluate that. But Matt, as I said earlier, I think the whole dialogue around M&A.

是的。我的意思是，這個問題總是很難回答。我們無意出售這家銀行。我們對董事會成員也秉持務實和負責任的態度。因此，很顯然，如果有機會成為一家更大銀行的一部分，我們必須對此進行評估。但馬特，正如我之前所說，我認為圍繞併購的整個對話。

I understand why the question is there, and there's obviously going to be probably more transactions. We just take a pragmatic fiduciary approach, make sure that we're operating at a high level and continuing to have a good organic path forward, we would have to react, obviously, if there was an opportunity and look at it from a pragmatic perspective, but it's not something that we're looking for proactively.

我明白為什麼會提出這個問題，而且顯然以後可能會有更多交易。我們採取務實的信託方式，確保公司高水準運營，並繼續保持良好的有機發展道路。如果出現機會，我們當然會做出反應，並從務實的角度看待問題，但這並不是我們主動尋求的機會。

That's all I had, thank you.

這就是我全部的家當了，謝謝。

Thanks, Matt.

謝謝你，馬特。

Casey Haire, Autonomous Research.

Casey Haire，自主研究。

Yeah, great, thanks. Good morning, everyone. John, I wanted to follow up on the NDFI question. I fully appreciate the -- your answer and that these asset classes are low risk. But some of the others that were -- that are in these headlines, where they got blindsided was the double pledging of collateral. So it seems like an easy thing to safeguard against. So what measures do you have in place to guard against your borrowers double pledging collateral?

好的，謝謝。各位早安。約翰，我想就 NDFI 問題做個後續跟進。我完全同意您的回答，也感謝您認為這些資產類別風險較低。但其他一些出現在新聞頭條上的案例，他們措手不及的地方在於雙重抵押品。所以這似乎是很容易防範的事情。那麼，你們採取了哪些措施來防止借款人重複抵押品？

Yeah. That's a great question, right? It's around how do you protect against fraud. And I think it starts with who you do business with. And again, as a former Chief Credit Officer, I'm always -- I probably to a fault tell people I can't -- you can't promise excellent and perfect credit performance. But if you think about the fact that what I talked about, Jason Soto, our Chief Creditors Officer, is always pushing people away when they want to deal with first-time asset managers and people that don't have great reputations in the space. And so it starts with dealing with high-quality established asset managers and then doing strong quarterly reviews.

是的。這真是個好問題，對吧？問題在於如何防範詐欺。我認為這一切都始於你和誰做生意。再說一遍，作為一名前首席信貸官，我總是——我可能有點過分地告訴人們我不能——你不能承諾優秀和完美的信貸表現。但如果你仔細想想我剛才提到的情況，我們的首席債權人 Jason Soto 總是把那些想和首次涉足資產管理領域且在該領域聲譽不佳的人打交道的人拒之門外。因此，首先要與高品質的成熟資產管理公司合作，然後進行嚴格的季度審查。

We've had instances on some of these pools in lender finance. When a credit goes bad, the asset manager replaces that poor credit with a with a performing credit. We're at relatively low LTVs when we lend against it. So I think it's a combination of being diligent in the underwriting to start and making sure you're dealing with people who have a track record of transparency and being able to provide great information, underwriting, and looking through to the portfolio of loans you're lending against.

我們在貸款融資中的一些資金池中遇到過這種情況。當一筆信用額度變差時，資產管理人會用一筆正常信用額度的信用額度來取代這筆不良信用額度的信用額度。我們以該資產作抵押發放貸款時，貸款價值比相對較低。所以我認為，關鍵在於一開始就要認真做好承保工作，確保與那些有透明記錄、能夠提供優質資訊、進行承保並仔細審查你所放貸的貸款組合的人打交道。

And as I said, we've had 10 years of perfect credit performance. Will that continue forever? We're in the business of taking risk. I can never say never. But I think we do a good job. And I think it's the way I describe KCR, our sponsor book, right? It's not all things are created equal and people who get involved in that business. We've been in it for 20 years. We kind of know who operates in the industry. You kind of know who you want to deal with. You make your best guesses and diligence on underwriting and monitoring, and so far, so good. And I think that's the best I can give you.

正如我所說，我們已經連續10年保持完美的信用記錄。這種情況會一直持續下去嗎？我們從事的就是承擔風險。我永遠不能把話說死。但我認為我們做得很好。我覺得這就是我對 KCR（我們的贊助商手冊）的描述方式，對吧？並非所有事物都生而平等，參與其中的人也是如此。我們已經從事這個行業20年了。我們大致了解業內有哪些企業。你大概知道你想和誰打交道。你在承保和監控方面做出了最好的猜測和盡職調查，到目前為止，一切都還不錯。我想這就是我能給你的最好答案了。

Got you. Understood. Okay. And then just -- apologies if I missed this in prepared remarks, but the outlook -- I mean, the credit quality was stable. It didn't get worse, which is good, but it didn't show much improvement from NPAs and commercial classified. So just wondering what's the outlook going forward. Is this expected to cure gradually or kind of run in place? Just an outlook on how credit quality cures.

抓到你了。明白了。好的。然後——如果我在準備的發言稿中遺漏了這一點，請見諒，但前景——我的意思是，信貸品質保持穩定。情況沒有惡化，這是好事，但與非訴訟案件和商業分類案件相比，並沒有太大改善。所以想了解未來的發展前景。預計這種情況會逐漸好轉還是會原地惡化？僅就信用品質改善方式的展望。

Yeah, I think it's a great question. And I think when I talk to Jason, I think we were a bit disappointed to not get more resolution on the nonaccrual and classifieds. And I had mentioned and we go back that some of that resolution is a bit sticky, right? We're smart. We know that we want to get those headline numbers down because if people think there's an overhang. But we're also looking at economic profit when we look through these things. And if we've got a good collateral base, and we think that there's not big losses, we're not going to do something stupid economically.

是的，我覺得這是一個很好的問題。我覺得我和傑森談過之後，我們都對未能就非應計項目和分類廣告問題得到更多解決感到有些失望。我之前提到過，而且我們後來也討論過，其中一些決議有點棘手，對吧？我們很聰明。我們知道我們想要降低這些主要數據，因為如果人們認為有滯後現象。但我們在檢視這些因素時，也會考慮經濟效益。如果我們有良好的抵押品基礎，並且我們認為不會有重大損失，我們就不會在經濟上做愚蠢的事情。

I think the key underlying factor of why you heard me not sheepishly, but confidently say that we think the inflection point continued is that a lot of this has to do with roll rates, right, and trend lines in risk rating. And that 7% decline in criticized assets, which is the step before we get to classified nonaccruals, was really important to us that we continue to see in our quarterly reviews and overall improvement in risk rating migration, which portends well absent a credit correction and a recession and other things. It portends well to a lower future inflow of problems and we do see line of sight to resolution on a bunch of those nonaccruals and classified.

我認為，你之所以能聽到我自信而非畏縮地說我們認為拐點仍在持續，關鍵的根本原因在於，這很大程度上與滾動率和風險評級的趨勢線有關。而受批評資產下降 7%（這是我們進入非應計分類之前的步驟）對我們來說非常重要，我們在季度審查中繼續看到這一點，並且風險評​​級遷移的整體改善預示著在沒有信貸調整、經濟衰退和其他因素的情況下，情況會很好。這預示著未來問題流入量將減少，而且我們看到了許多非應計和已分類問題的解決前景。

So for us, we feel like, hey, we'd like to accelerate that. We had line of sight to what we thought was slightly better resolution on some of those. But there's no question that from our standpoint with respect to the level of charge-offs, the risk rating migration trends, and the lower criticized assets that this was another positive step in our credit performance. And again, overall, we've been able to continue to post high returns given our active actual credit costs over the last several quarters.

所以對我們來說，我們覺得，嘿，我們想加快這個過程。我們看到了一些分辨率似乎略高一些的圖像。但毫無疑問，從我們的角度來看，就核銷水平、風險評級遷移趨勢以及受批評資產的減少而言，這是我們信貸表現的另一個積極步驟。再次強調，總體而言，鑑於過去幾季我們實際的信貸成本，我們仍然能夠繼續獲得高回報。

So we're feeling good about our credit profile. And as I've always mentioned, and I don't want to go on too long, but most of our, I should say, a large portion of our classified and nonaccrual loans are concentrated in healthcare services and office, right? And so on two relatively discrete and small portfolios. So I think that's why we feel pretty comfortable that credit is trending in the right direction.

所以我們對自己的信用狀況感到滿意。正如我一直提到的，我不想說得太長，但我們的大部分，應該說很大一部分分類貸款和非應計貸款都集中在醫療保健服務和辦公領域，對吧？就這樣，我們分別建立了兩個相對獨立且規模較小的投資組合。所以我認為，這就是為什麼我們對信貸發展趨勢感到相當有信心的原因。

Great, thank you.

太好了，謝謝。

Thank you, Casey.

謝謝你，凱西。

Anthony Elian, JPMorgan.

Anthony Elian，摩根大通。

Hi, everyone. On credit more broadly, just a follow-up, your metrics on slide 13 look really good. But I'm curious if beyond your comments on MDFIs earlier on this call, if there are any portfolios you're taking a closer look at today or scrubbing, especially after the recent events?

大家好。關於信貸方面，還有一個後續問題，您在第 13 頁投影片上的指標看起來非常好。但我很好奇，除了您之前在電話會議上對中小企業的評論之外，您今天是否正在重點關注或清理某些投資組合，尤其是在最近發生的事件之後？

Yeah. I mean, I guess we're -- we think we're proactive. And as I've mentioned several times, we haven't really seen any pockets of correlated risk in any either asset class, geography, business line of ours. Obviously, we looked at auto when we saw this. We've got very small exposure to auto. I think it's like $300 million overall, and that would include any part of the entire ecosystem. And so that's -- that we don't have a specialty team. We're not involved. That's just in our general commercial business.

是的。我的意思是，我想我們——我們認為我們很積極主動。正如我多次提到的，我們在任何資產類別、地理或業務線中都沒有發現任何相關的風險點。顯然，我們看到這個的時候就想到了汽車。我們對汽車產業的投資非常少。我認為總金額大約是 3 億美元，這包括整個生態系統的任何部分。所以，我們沒有專門的團隊。我們沒有參與其中。這只是我們一般商業業務的一部分。

So I would say no. We focused on resolving office. We continue to move. It's been a little bit slower than last quarter. Obviously, we're keeping an eye on rent-regulated multifamily because of all the noise around the potential election of the mayor there. We still feel very comfortable with that portfolio. It's extremely granular and is performing well with a good, updated debt service coverage ratio. So I don't think there's anything that's high on our radar screen in terms of flashing yellow lights or red lights.

所以我會說不。我們專注於解決辦公室問題。我們繼續前進。比上個季度稍微慢了一些。顯然，由於當地市長選舉可能引發的各種爭議，我們正在密切關注租金管制下的多戶住宅。我們仍然對目前的投資組合感到非常滿意。它非常精細，並且表現良好，擁有良好的、更新後的債務償付覆蓋率。所以我覺得目前我們還沒有特別注意任何需要閃黃燈或閃紅燈的事情。

Thank you. And then my follow-up, slide 28, it looks like loan originations rose from the prior quarter, and much of that came from commercial real estate. I'm curious on the types of CRE loans you originated during the quarter and if this is a good level for CRE originations going forward? Thank you.

謝謝。然後，我的後續內容，第 28 張投影片顯示，貸款發放量比上一季增加，其中大部分來自商業房地產。我很好奇您本季發放的商業房地產貸款類型，以及這個水準對於未來商業房地產貸款的發放是否合理？謝謝。

Yeah, sure. That's a great question. Part of that was -- we alluded to the pipeline that was a little bit softer at the beginning of the year, and we started to -- and we talked -- I think it was in the first quarter earnings call. That we had started to see that build up in the early part of the second quarter and then throughout the second quarter. And so part of how to think about Q3 is that there was some pent-up activity in the pipeline that was fully reflected and came through in Q3. And so therefore, the growth was stronger than prior quarters, and it was good, diversified industrial, and multi-asset classes. And so the mix of the business was great, good structure, relatively good pricing.

當然可以。這是一個很好的問題。部分原因是——我們提到年初的時候專案進度有點慢，然後我們開始——我們談到——我想是在第一季財報電話會議上。我們從第二季初就開始看到這種趨勢，並且在整個第二季度都持續發展。因此，看待第三季度的方式之一是，之前積壓的一些活動在第三季度得到了充分的體現和展現。因此，成長勢頭比前幾季更為強勁，而且是良好的、多元化的工業和多資產類別成長。因此，該業務組合非常出色，結構良好，定價也相對合理。

So we were very pleased with the type of origination that we saw. With that said, pipeline is still in very good shape, but as John alluded to the combo of potentially some accelerated payoff activity, particularly if rigs go down. And then the fact that you don't have that quarter and a half or two quarters of pent-up demand that we had from the first and the second quarter, we think that there's going to be good commercial real estate originations in Q4 and then into 2026. But it shouldn't be -- the Q3 number should not be seen as a watermark high watermark for what originations will be going forward. But still good strong growth.

因此，我們對所看到的資金來源類型非常滿意。儘管如此，管道狀況仍然非常好，但正如約翰所暗示的那樣，可能會出現一些加速盈利活動的組合，特別是如果鑽井平台停工的話。而且，由於不像第一季和第二季那樣存在持續一個半季或兩季的積壓需求，我們認為第四季以及到 2026 年將會出現良好的商業地產項目。但事實並非如此——第三季的數據不應被視為未來貸款發放量的標誌性高點。但依然保持著強勁的成長動能。

And I would just add to that, we feel very comfortable. We're still in the mid-[250s] with respect to concentration on CRE as a percent of Tier 1 capital plus reserves. And we can bounce around down or up 10% from there and feel very comfortable that from a regulatory perspective and from an overall risk management perspective, we're comfortable. So it's an important category for us. You'll probably see growth. But Luis has very good point. I think it will be thoughtful growth as we move forward.

我還要補充一點，我們覺得非常舒適。就一級資本加儲備金而言，商業房地產集中度仍處於 250% 左右。我們可以在此基礎上上下波動 10%，並且從監管角度和整體風險管理角度來看，我們都非常放心。所以這對我們來說是一個重要的類別。你可能會看到增長。但路易斯說得很有道理。我認為隨著我們不斷前進，這將是一個深思熟慮的成長過程。

Thank you.

謝謝。

Bernard Von-Gizycki, Deutsche Bank.

伯納德‧馮‧吉茲茨基，德意志銀行。

Hey, guys, good morning. Neal, first question for you. So you noted the higher debt costs, it looks like you might be absorbing one more rate cut than previously assumed in your guidance. It looks like sponsor obviously might have been maybe a bit better than expected. And I know that's like a bit higher yielding. The 4Q NII is $630 million. Just what are you thinking of the exit run rate for the NIM in 4Q? Any changes there?

嘿，各位，早安。尼爾，第一個問題問你。既然您提到了更高的債務成本，看來您可能需要承受比之前預期更多的降息。看來贊助商的表現可能比預期的好一些。我知道那樣收益率會更高一些。第四季淨利息收入為 6.3 億美元。您認為第四季淨利差的退出運行率是多少？那方面有什麼變化嗎？

Yes. So on the last call, we talked about a Q4 NIM of being in the range of 3.35% to 3.40%. After you take into account the seasonal factor, the extra sub debt that we'll be holding in Q4. We've got a little bit of timing around the seed portfolio and loss of very high-yielding loans from the seating of the JV, kind of put some onetime pressure.

是的。所以在上次電話會議上，我們討論了第四季淨利差在 3.35% 到 3.40% 的範圍內。考慮到季節性因素，我們在第四季將持有額外的次級債務。我們在種子投資組合方面遇到了一些時間上的限制，而且由於合資企業成立，我們失去了一些高收益貸款，這給我們帶來了一些一次性的壓力。

We were -- as I mentioned before and continuing to originate the high-quality lower spread new originations, that puts pressure on Q4. So if you take our $630 million NII that equates to a guide of right around [6] -- sorry, 3.35% for the Q4, there's opportunity and risk to that depending on how quickly we reprice deposits. And that's -- if you look at our growth rate last quarter, which was almost 10% annualized on loans and deposits, there's less opportunity for us to price down.

正如我之前提到的，我們一直在推出高品質、低利差的新貸款，這給第四季度帶來了壓力。因此，如果我們以 6.3 億美元的淨利息收入為例，這相當於第四季度的指導收益率約為 [6] - 抱歉，是 3.35%，這其中既有機遇也有風險，取決於我們重新定價存款的速度。而且——如果你看看我們上個季度的成長率，貸款和存款的年化成長率接近 10%，那麼我們降價​​的空間就比較小了。

So what we're looking at in Q4 is potentially a little bit lower growth, and so potentially a little bit of opportunity to outperform. But we've kind of -- our guide is more on the lower end of what we stated last quarter for Q4. Now that being said, Q1 next year, we're not ready to talk about Q1 guidance, but we've talked about our seasonality trends. So I would clearly expect Q1 next year to be back up higher than Q4 of this year. And then we'll talk more about full year '26 guidance when we meet next time.

因此，我們預計第四季度的成長可能會略有放緩，因此也可能存在一些超越預期的機會。但是，我們的預期——我們的預期比上個季度對第四季的預期要低一些。話雖如此，對於明年第一季度，我們目前還不方便談論第一季的業績指引，但我們已經討論過季節性趨勢。因此，我預計明年第一季的數據將高於今年第四季。下次見面時，我們將詳細討論 2026 年全年業績指引。

Okay, great, thanks for that color. This was my follow-up for Luis, this is for you. Obviously, HSA pipeline is growing. You mentioned, obviously, from last quarter, the target addressable market increasing that opportunity, at least on the deposit side being the 1% to 2.5%, then the recent changes in shop count should increase it further. And I know you're still assessing, but just any progress you can share just longer term? How we should think about the fee income growth opportunity? I know you have the 3.5 million accounts there. I'm not sure if you can share how many of those have a bank account or bank product, or just anything you can just help frame how big this opportunity could be potentially next year or further?

好的，太好了，謝謝你提供的顏色。這是我給路易斯的後續回复，這是給你的。顯然，HSA的供應管道正在成長。顯然，您提到，從上個季度開始，目標市場規模擴大，至少在存款方面，這一機會從 1% 增加到 2.5%，那麼最近商店數量的變化應該會進一步增加這一機會。我知道你們還在評估，但能否分享長期進展？我們該如何看待手續費收入成長的機會？我知道你們那裡有350萬個帳戶。我不知道您是否可以透露其中有多少人擁有銀行帳戶或銀行產品，或者您能否提供任何信息，幫助我們了解這個機會在明年或更長時間內可能有多大？

Yeah. That's a great question. And the short answer to that last part that you asked on, I'll call it the cross-sell of other banking products into that channel is that it's not much, is the way to characterize it today. But we view that as being one of the big opportunities in untapped channels where we think that we could do a substantially better job going forward. And so part of that is making the investments that we have on the technology front on people and on expanding the product set to be able to create a -- something that from a product perspective -- from a product-funnel perspective is attractive to be able to sell into that 3.5 million client channel that we have there.

是的。這是一個很好的問題。至於你問的最後一個問題，我稱之為向該通路交叉銷售其他銀行產品，簡而言之，目前來看，這種交叉銷售並不多。但我們認為這是尚未開發的管道中的巨大機會之一，我們相信未來我們可以在這些管道上做得更好。因此，其中一部分工作是對我們技術、人才和產品組合的投入，以便從產品角度——從產品通路角度來看——能夠吸引我們向350萬客戶通路銷售的產品進行銷售。

And so part of that is banking -- traditional banking products. Part of that is insurance-related products, Medicare-related products, and so that is -- it's coming together. We anticipate and expect that there is going to be greater activity broadly in the HSA channel in 2026. And I'll remind you that the opportunity going forward, particularly, as it relates to the addressable target market, is slightly different or it's actually very different than what we do today, right?

因此，其中一部分是銀行業務—傳統銀行產品。其中一部分是保險相關產品，一部分是醫療保險相關產品，所以——它們正在融合在一起。我們預計並期望 2026 年 HSA 通路的整體活動將會增加。我還要提醒各位，未來的機會，尤其是在目標市場方面，與我們今天所做的事情略有不同，或者實際上非常不同，對吧？

Today, the vast majority of what we do in HSA is a B2B2C business or we're going through large employers. And so it's not -- the client relationship, even though it is a deposit account with us is one step removed in the sense that it really goes through the large employer that is our -- that's how we originate the transaction accounts.

如今，我們在 HSA 所做的絕大部分業務都是 B2B2C 業務，或者我們是透過大型雇主來開展業務。因此，客戶關係並非如此——即使客戶在我們這裡開設了存款帳戶，但實際上它是透過我們的大雇主——也就是我們——來建立交易帳戶的。

As we move into the catastrophic and the Bronx plant opportunities with that increased and expanded target size, that's really a direct-to-consumer business. It's much more akin to what we do in our traditional banking side, with consumer banking and through our direct channels. And so that's why we think that that's a great opportunity in that.

隨著我們進入災難性和布朗克斯工廠的機遇，目標規模不斷擴大，這實際上是一種直接面向消費者的業務。這與我們傳統銀行業務（包括零售銀行和直銷通路）的業務模式更為相似。所以，我們認為這是一個絕佳的機會。

The -- that is identifying an HSA prime pick that could absolutely become more than just HSA because it's going to be a direct-to-consumer relationship. We're going to be data mining the -- to identify the individuals and then having them be a direct broad HSA and Webster client. So a long-winded way of saying that it's a great opportunity for us. We're building -- we have the investments and we're making the investments to be able to capitalize on that. And we envision that in 2026; we should start seeing some benefit out of all the investments that we've made.

也就是說，要確定一個 HSA 主要選擇，它絕對可以超越 HSA 本身，因為它將建立直接面向消費者的關係。我們將進行資料探勘，以識別個人，然後讓他們成為 HSA 和 Webster 的直接客戶。簡而言之，這對我們來說是一個絕佳的機會。我們正在建造——我們已經有了投資，並且正在繼續投資，以便能夠從中獲利。我們預計到 2026 年，我們應該開始看到我們所做的所有投資帶來一些收益。

Okay. Thanks for taking my questions.

好的。謝謝您回答我的問題。

David Smith, Truist Securities.

David Smith，Truist Securities。

Good morning. Outside of HSA, can you talk about the investment opportunities you're prioritizing for the bank? And with the likely rise in the category four threshold, does that free up investment dollars that you can redeploy into ones that are more directly related to revenue or the profitability of the bank? Thank you.

早安.除了 HSA 之外，您能否談談貴行優先考慮的投資機會？隨著第四類門檻的可能提高，這是否意味著可以釋放投資資金，並將這些資金重新部署到與銀行收入或獲利能力更直接相關的領域？謝謝。

Yeah. I think that's a great question. And the short answer is yes. We've talked openly about the fact that Neal talked about a $60 million over three years, a $60 million-ish investment run rate increase in expenses related to category four. We are taking, again, a pragmatic approach. We're going to wait to see and get more clarity on whether that threshold is lifted.

是的。我覺得這是一個很好的問題。簡而言之，答案是肯定的。我們已經公開討論過，尼爾曾提到三年內將投入 6000 萬美元，也就是與第四類相關的支出將以大約 6000 萬美元的投資運行率增長。我們再次採取務實的做法。我們將拭目以待，看看這項門檻是否會被取消。

I think we believe that there is a reasonable probability that that happens. And that would allow us to either avoid some of those costs or clearly spread them out over a longer period of time. And our view is that we can take some of that and increase current profitability, but we want to certainly redeploy some of those investment dollars into new business initiatives.

我認為我們相信這種情況發生的可能性相當高。這樣一來，我們就可以避免部分成本，或將其分攤到更長的時間內。我們的觀點是，我們可以利用其中的部分資金來提高當前的獲利能力，但我們當然也希望將部分投資資金重新投入到新的業務計劃中。

Those would include our continued digitization of channels across our various business lines, treasury management capabilities, new teams in key geographic middle-market segments. And so it's being able to really focus on accelerating some of our business opportunities. HSA, we talked about it heretofore. I think we have some adjacent opportunities in Ametros and HSA as well.

這些措施包括我們持續推動各業務線的通路數位化、提升資金管理能力，以及在關鍵的中端市場區域組建新團隊。因此，我們能夠真正專注於加速推進一些商業機會。HSA，我們之前已經討論過了。我認為我們在 Ametros 和 HSA 也有一些相關的機會。

So I think it will give us an opportunity to accelerate some of those investments as we move forward. And I think what we're trying to do is, I think we will have more clarity on that on the regulatory thresholds. By the time we get to the January earnings call, we're going to our Board in a couple of weeks to get our three-year strategic plan vetted and approved. And I think we'll be able to talk a lot more about how we redeploy some of those investment dollars when we're clear that we can redeploy those investment dollars, and that should all be factored into our guidance in January.

所以我認為這將給我們一個機會，讓我們在未來的發展中加快一些投資。我認為我們正在努力實現的是，我們將對監管門檻有更清晰的認識。到一月份的財報電話會議召開時，我們將在幾週內向董事會提交我們的三年策略計劃，以獲得審查和批准。我認為，當我們明確可以重新部署部分投資資金時，我們就可以更多地討論如何重新部署這些投資資金，而所有這些都應該納入我們一月份的績效指引中。

Thank you.

謝謝。

Thank you.

謝謝。

Daniel Tamayo, Raymond James.

Daniel Tamayo，Raymond James。

Thank you, good morning, everybody. I apologize, I had to jump on the call a little bit late, but is -- as it relates to the most recent rate cut, I'm just curious the ability you've had to reprice funding downward? And if you've had to move all loan rates down in an equivalent manner or if you've been able to hold the line, just curious on -- basically on the impact of the rate cut on spreads?

謝謝大家，早安。很抱歉，我接電話晚了一點，但關於最近一次降息，我只是好奇你們是否有能力將融資價格下調？如果您必須以同等方式降低所有貸款利率，或者如果您能夠保持利率不變，那麼我很好奇——基本上，降息對利差的影響是什麼？

Yeah. So we're positioned, as we've talked about, pretty neutrally. So obviously, we did see some yields decline on our variable rate portfolios. We tried to be aggressive on the deposit side, and I think we made some good movements on the commercial side. On the consumer side, there's been a little bit of lag in the industry. We've recently moved down and are seeing about a month after the cut some pretty good movements down.

是的。正如我們之前討論過的，我們的立場相當中立。很顯然，我們的一些浮動利率投資組合的收益率出現了下降。我們在存款方面採取了積極主動的策略，我認為我們在商業方面也取得了一些不錯的進展。在消費者方面，該行業存在一些滯後現象。我們最近下調了價格，在下調價格大約一個月後，我們看到了一些相當不錯的下跌趨勢。

So we are balancing, maintaining our loan-to-deposit ratio with the speed of our decline. So we'll be monitoring closely during what we expect to be two more cuts throughout the end of this year and hopefully can drive a strong beta. Our forward guidance is based on a beta, just shy of 30% and a -- pretty -- in line with what we've been talking about the last few quarters, and we've plans in place to achieve that going forward.

因此，我們正在努力保持平衡，在維持貸款存款比率的同時，也控制著經濟衰退的速度。因此，我們將密切關註今年年底前預計還會進行的兩次降價，並希望能夠推動強勁的beta值成長。我們的前瞻性指引是基於略低於 30% 的 beta 值，並且與我們過去幾季一直在談論的內容基本一致，我們已經制定了計劃來實現這一目標。

Okay, great, thanks for that. And you talked pretty bullishly about the opportunities from the Marathon JV, particularly next year and going forward as it relates to adding loan growth for the sponsor book. Does the uncertainty and the issues that we've had in the last few weeks in private credit and loans to NDFI impact that, the way that you think about that JV at all? I'm just curious if there's any kind of overlap there.

好的，太好了，謝謝。你對馬拉松合資企業帶來的機遇，特別是明年及未來在增加贊助商貸款成長方面，表現得非常樂觀。在過去幾週，私人信貸和對非金融機構的貸款方面出現了一些不確定性和問題，這是否會影響您對該合資企業的看法？我只是好奇這兩者之間是否有任何重疊之處。

Yeah. I don't think so. We've talked a lot about our sponsor finance business, right, which is not NDFI, it's financing companies that are platform companies or private equity firms, and we've had good success over a long period of time. I remind you that our partnership with Marathon is as much a risk management tool as it is an offensive opportunity that allows us to have offer more products and services and a bigger balance sheet implied without taking additional risk on the bank's balance sheet.

是的。我不這麼認為。我們已經談了很多關於我們的贊助商融資業務，對吧？它不是非發展金融機構 (NDFI)，而是為平台公司或私募股權公司提供融資，我們長期以來都取得了良好的成功。我提醒各位，我們與 Marathon 的合作既是一種風險管理工具，也是一個進攻機會，使我們能夠在不增加銀行資產負債表風險的情況下，提供更多產品和服務，並擁有更大的資產負債表。

Our sponsor finance business has not grown in the last eight quarters as much as it had in the prior 10 years, because of the proliferation of private credit and because of lower M&A activity, and because, quite frankly, we've stopped to our risk profile. And I think been pretty conservative there. So I think general economic conditions, obviously, have an impact on the way we look at leverage finance. But with respect to what you saw in the market and reactions over the last couple of days, it really has no impact on the way we look at predictable protectable cash flows of our direct borrowers in the sponsor book.

由於私募信貸的激增和併購活動的減少，以及坦白說，我們已經停止了風險評估，我們的贊助商融資業務在過去八個季度中的增長不如前十年。而且我認為我在這方面一直相當保守。所以我認為，總體經濟狀況顯然會對我們看待槓桿融資的方式產生影響。但就過去幾天你在市場上看到的情況和反應而言，它實際上並沒有影響我們看待發起人帳簿中直接借款人可預測的、可保護的現金流的方式。

Terrific, appreciate that color, John, and thanks for prior answer, Neal. That's it for me.

太棒了，約翰，我很喜歡這個顏色；尼爾，謝謝你之前的回答。就這些了。

Thank you.

謝謝。

Janet Lee, TD Securities.

Janet Lee，TD證券。

Good morning. Sorry, I joined a little late, so sorry if I missed the prepared remarks. But for the loan growth in the quarter, it was pretty robust on a period-end basis. So if I look at the C&I loan growth, is this -- is most of this growth coming from like the middle market? I know that includes like the fund banking part. And given that CRE runoffs will not be -- and I mean, we were not going to see like much CRE runoffs in the future quarters, is it fair to believe that the loan growth in 2026 -- I know you're not guiding to '26, but loan growth should be improving versus like the 4% to 5% growth that was previously expected for 2025. Is that the right way to think about it?

早安.抱歉，我來晚了，如果錯過了大家準備好的發言，請見諒。但就本季貸款成長而言，從期末來看，其表現相當強勁。所以，如果我看一下工商業貸款的成長情況，這——這成長的大部分是否來自中階市場？我知道這其中包括資金銀行部分。鑑於商業房地產貸款的註銷不會發生——我的意思是，我們預計未來幾個季度不會出現太多商業地產貸款註銷，那麼是否有理由相信 2026 年的貸款增長——我知道您沒有對 2026 年做出預測，但貸款增長應該會比之前預期的 2025 年 4% 到 5% 的增長有所改善。這種思考方式正確嗎？

That's an interesting question. I said at a conference mid-quarter, what we expected, and I think that it was a panel and the investors said, 5% loan growth. I think we think about steady loan growth in next year in this economic environment in that range. We're not ready to provide guidance because as I said, we're right now going through our plans. We are looking at making sure that our loan growth is diverse. We want full relationship loan growth.

這是一個有趣的問題。我在季度中期的一次會議上談到了我們的預期，我認為那是一個小組討論會，投資者表示，貸款增加5%。我認為在當前的經濟環境下，我們預計明年的貸款將保持穩定成長，並維持在這一範圍內。我們目前還無法提供指導，因為正如我所說，我們正在製定計劃。我們正在努力確保貸款成長多元化。我們希望實現與客戶建立全面關係的貸款成長。

CRE will be a part of that. We'd like, obviously, middle market and traditional C&I to continue to add to that as well. I don't think, Janet, I'm prepared to say that we expect loan growth in '26 to be higher than those mid-single digits, which I think is what people who have provided guidance and industry experts have said.

商業地產將是其中的一部分。我們當然也希望中端市場和傳統工商業市場能夠繼續為此做出貢獻。珍妮特，我不認為我可以斷言我們預計 2026 年的貸款成長率會高於個位數中段，我認為這是提供指導意見的人和行業專家所說的。

So I'd rather not go there now. I think we think that that would be pretty good solid loan growth. And as we finish our strategic plan and look at the economic environment, we'll let you know in January what we think we can achieve. And we -- and as I said to an earlier question that you may have missed, it's not just about balance sheet growth for balance sheet's sake. We want to make sure we're also onboarding good risk-return assets. So that's the way I would look at it now just thinking forward.

所以我現在寧願不去那裡。我認為我們認為這將是相當穩健的貸款成長。當我們完成戰略計畫並審視經濟環境後，我們將在1月告訴大家我們認為可以達成哪些成就。而且——正如我之前回答你可能錯過的一個問題時所說——這不僅僅是為了資產負債表的增長而增長。我們希望確保我們也納入了風險回報良好的資產。所以，這就是我現在展望未來式的看法。

Got it. And just going back on NDFI, sorry to just keep coming back at this. But your exposure is $6 billion, just given all of these headlines that just keep coming up, does this change your appetite on growing the NDFI exposure? Or are you completely [contiguous] that you're comfortable with your position, but does that change your appetite for driving growth coming out of the segment or does it not?

知道了。再說回NDFI，抱歉總是提起這件事。但鑑於不斷湧現的這些新聞頭條，你們的風險敞口高達 60 億美元，這是否會改變你們增加對非存款金融機構 (NDFI) 投資的意願？或者，您是否完全[一致地]對自己的職位感到滿意，但這是否會改變您推動該細分市場成長的意願，還是不會？

It's kind of a trap question, right? Because I think we're all smart leaders here the way we think about things. And optically, we have to be absolutely sensitive to the way people view the makeup of our balance sheet. But I would say, fundamentally, the two categories that make up the substantial hole of our NDFI exposure, actually are really low risk and, quite frankly, lower-yielding loan categories that we feel very comfortable with.

這是一個陷阱問題，對吧？因為我認為，從我們思考問題的方式來看，我們都是聰明的領導者。從公眾視角來看，我們必須非常重視人們如何看待我們的資產負債表組成。但我認為，從根本上講，構成我們非金融機構風險敞口巨大缺口的兩大類貸款，實際上風險很低，坦白說，收益率也很低，我們對此感到非常放心。

To the extent we have opportunities in fund banking and lender finance and we're not stretching into areas, and we're not dealing with newly formed asset managers are going into different esoteric asset classes, we feel comfortable continuing to originate. But we'll do it in the context of our overall loan portfolio and concentrations and obviously have an eye to what's going on trend line wise in the industry.

在我們擁有基金銀行和貸款融資方面的機會，並且我們沒有拓展到其他領域，也沒有與新​​成立的資產管理公司打交道，進入不同的深奧資產類別的情況下，我們很樂意繼續開展業務。但我們會結合整體貸款組合和集中度來做這件事，並且顯然會密切關注行業的發展趨勢。

So if we were to see significant cracks in a broader private credit, obviously we would either pull back or change our underwriting guidelines. But right now, we don't think, based on a couple of days and a few headlines that we would need to change the way we view the market.

因此，如果我們發現更廣泛的私人信貸出現重大裂痕，顯然我們會收緊或改變我們的承保準則。但就目前而言，根據幾天的時間和一些新聞標題，我們認為沒有必要改變我們對市場的看法。

Thank you.

謝謝。

Jon Arfstrom, RBC Capital Markets.

Jon Arfstrom，加拿大皇家銀行資本市場。

Hey, thanks, good morning.

嘿，謝謝，早安。

Hey, Jon.

嘿，喬恩。

A lot of the topics have been covered, but a smaller one, can you talk a little bit more about the noninterest income drivers and what you're seeing there and what kind of expectations you have?

很多話題都已經討論過了，但還有一個小問題，您能否再多談談非利息收入的驅動因素，以及您目前觀察到的情況和預期？

Yeah. I can jump in there. So on the noninterest income side, we had a nice increase quarter-over-quarter. And we talked about a piece of that was due to a legal settlement. But outside of that, we saw a nice growth in client activity. As loan originations have picked up, there's more activity, more swap income. We've found some unique new ways for syndication income. So I would say, overall, we were pleased with the quarter there.

是的。我可以加入。因此，在非利息收入方面，我們實現了環比不錯的成長。我們也談到，其中一部分原因是法律和解造成的。但除此之外，我們看到客戶活動也出現了良好的成長。隨著貸款發放量的增加，交易活動增多，互換收入也隨之增加。我們找到了一些獨特的新的聯合投資收入方式。所以總的來說，我們對那一季的表現感到滿意。

Overall, obviously, as we benchmark, we benchmark against peers positively in a lot of segments and fee income is one of the areas that were a little bit lower. And we're working on different initiatives. As Luis mentioned, there's some opportunities on the HSA side. There's obviously opportunities through our JV, and we'll continue to look for ways to drive new categories there. But going forward, I think until those new potential streams kick in, we'll be in that similar growth range that we've been in over the last year or so on the noninterest income.

總的來說，顯然，在進行基準測試時，我們在許多領域都與同行進行了積極的基準比較，而手續費收入是其中略低的一個領域。我們正在進行不同的項目。正如路易斯所提到的，HSA方面有一些機會。顯然，我們的合資企業蘊藏著機遇，我們將繼續尋找方法，在那裡開拓新的產品類別。但展望未來，我認為在那些新的潛在收入來源發揮作用之前，我們的非利息收入將保持與過去一年左右類似的成長水準。

Okay, good. Thank you on that. John, kind of a high-wire act question, but just back on the election. Is that a legitimate concern for you as a banker that banks the city? Should investors be concerned about it at all? Just how do you think about the potential risks? Or are we just -- is it overblown in your mind?

好的。謝謝。約翰，這個問題有點像走鋼絲，但還是回到選舉的話題來吧。作為一名為城市提供銀行服務的銀行家，這是否是您真正關心的問題？投資者是否應該對此感到擔憂？您如何看待潛在的風險？或者，你覺得這件事被誇大了？

Yeah. It's a high-wire question. I think as we look at credit performance and our credit portfolio, it's not a big issue in the medium term, right? I think we look at the way we've underwritten. We look at what a new mayor would have the power of doing in terms of changing rules, regulations, and other things that would really impact our borrowers' ability to generate income and cash flow and service debt. So I think that may be a bit overblown.

是的。這是一個棘手的問題。我認為，從中長期來看，從信貸表現和信貸組合來看，這並不是什麼大問題，對吧？我認為我們應該審視一下我們的核保方式。讓我們來看看新市長在改變規則、條例以及其他方面擁有哪些權力，這些都會真正影響借款人創造收入和現金流以及償還債務的能力。所以我覺得這可能有點誇大其詞了。

Luis and I talk about this. I do think what you want is a healthy New York City, both from a credit performance but even more importantly, from the business activity performance and our ability to continue to generate growth in deposits. So that's something that we look at and try and figure out whether over time, the city gets less competitive rather than more competitive if there were a change -- significant change in policy. But I think history would tell you that the things don't move as dramatically in either direction when you have these changes and that you can navigate through them.

我和路易斯談過這件事。我認為你們想要的是一個健康的紐約市，這不僅體現在信貸表現上，更重要的是體現在商業活動表現上，以及我們持續創造存款成長的能力。所以，我們會研究這個問題，並試著弄清楚，如果政策有重大變化，隨著時間的推移，城市的競爭力會下降還是會提高。但我認為歷史會告訴你，當這些變化出現時，事情不會朝著任何方向發生劇烈的變化，而且你可以應對這些變化。

So in our base case, like we don't have thoughts that there's going to be a precipitous inflection point in either business activity or credit performance in the near term. I think, my personal, and I guess when Luis and I talk about, the longer-term risk is you get a trailing of economic growth in the city you get other quality of life changes or things that people perceive, and that could have an impact in the long term. But as I look over our three-year plan, we don't think there's a material financial impact by the mayor election in New York.

因此，在我們的基本情況下，我們認為短期內商業活動或信用表現都不會出現急劇的轉折點。我認為，就我個人而言，我想當我和路易斯談論這個問題時，長期風險在於，城市經濟成長放緩會導致其他生活品質變化或人們感知到的變化，這可能會產生長期影響。但當我審視我們的三年計畫時，我們認為紐約市長選舉不會對我們的財政產生實質影響。

And the one thing that I'd add there is that as you think about future opportunities for growth, the vast majority of where we have -- to the topic that we were talking about before, where we're investing the things that we're focusing on even though we are always going to be -- we're going to have a good part of our business being connected and tied into New York City, a fair amount of the growth, particularly in the new business lines, both on the lending and deposit side are not connected to New York City.

我還要補充一點，在考慮未來的成長機會時，我們目前的大部分業務——就像我們之前討論過的，我們投資的重點領域——儘管我們始終都會關注紐約市，但我們的大部分業務仍然與紐約市息息相關，而相當一部分增長，尤其是在貸款和存款方面的新業務，則與紐約市無關。

So everything that we're doing on HSA, we chose on interSYNC on the deposit side are not connected directly to New York City. So from that perspective, we don't see that, that should be an impact on our ability to continue to generate good deposit funding. And conversely on the lending side, as you think about the diversified verticals, yes, there is a portion of what we do, particularly in CRE that is New York City connected, but the vast majority of growth and the opportunities that we have tend have not been recently in the last two or three years post-merger connected directly to New York City.

因此，我們在 HSA 上所做的一切，以及我們在存款方面選擇透過 interSYNC 進行的一切，都與紐約市沒有直接聯繫。所以從這個角度來看，我們認為這不會對我們繼續獲得良好存款資金的能力產生影響。反過來，在貸款方面，當你考慮到多元化的垂直領域時，是的，我們所做的一部分工作，尤其是在商業地產領域，與紐約市有關，但我們的大部分增長和機會，在合併後的最近兩三年裡，往往與紐約市沒有直接聯繫。

And so we think about the business opportunity or the existing book of business, yes, it's something that we'll have to deal with, although I think we're in a very good position to be able to offset whatever comes our way from that perspective. And as we think about the business opportunity longer term and growth trajectory, we don't think that this materially impacts our ability to continue to do what we've been doing.

因此，當我們考慮商機或現有業務時，是的，這是我們必須面對的問題，儘管我認為我們處於非常有利的位置，能夠從這個角度抵消任何可能出現的情況。從長遠來看，考慮到業務機會和成長軌跡，我們認為這不會對我們繼續開展業務的能力產生實質影響。

Laurie Hunsicker, Seaport.

勞裡·亨西克，海港。

Yeah. Hi, thanks, good morning. My first question is super quick. What's your spot margin?

是的。您好，謝謝，早安。我的第一個問題很簡單。你的現貨利潤率是多少？

Our spot margin, our margin at the end of the quarter was down 3 basis points from the average at 3.37%. There's a lot of volatility in spot margin though, but it ties into what we were talking about in direction.

本季末，我們的現貨利潤率比平均值下降了 3 個基點，為 3.37%。雖然現貨保證金波動性很大，但這與我們剛才討論的方向一致。

Yeah. Appreciate all the color on that. Okay. The second question here is around credit. So I just want to understand a couple of things here. Your $6 billion NDFI portfolio, that within the sponsor and specialty finance book? I guess, secondly, or yes or no, and then just the -- can you think -- can you help us think about how much there is nonperforming and what the charge-offs were? And then finally, the $37 million you have in commercial net charge-offs -- just because I don't see the breakdown. Can you share with us what's C&I? What's CRE? What's (technical difficulty) And I know I just hit you with a lot, but I just want some more details on that. Thank you so very much.

是的。我很欣賞它豐富的色彩。好的。第二個問題與信用有關。所以我想了解這裡的一些事情。您持有的60億美元非金融機構投資組合，包括發起人和專業融資業務？其次，或者說，是或否，然後就是──你能想想──你能幫我們想想有多少不良貸款和壞帳核銷嗎？最後，還有 3700 萬美元的商業淨沖銷——因為我沒看到明細。可以跟我們介紹一下C&I是什麼嗎？什麼是商業房地產？（技術難題）是什麼？我知道我剛才問了很多問題，但我只是想了解更多細節。非常感謝。

Yes, Laurie, we'll try, and we may have to get back to you on a couple of those things. But I'll tell you that the answer is no to your first question. All of our NDFI is not included in sponsor and specialty. Our lender finance numbers are included in sponsor, our fund banking is and we have it on -- footnoted on the slide is included in our C&I business.

是的，勞裡，我們會盡力，也許有些事情我們還需要稍後回覆你。但我可以告訴你，你第一個問題的答案是否定的。我們所有的 NDFI 都不包含在贊助商和專業領域內。我們的貸款機構融資數據包含在贊助商中，我們的基金銀行業務也包含在內，並且我們已經將其納入——幻燈片上的腳註已將其包含在我們的商業和工業業務中。

And then with respect to some of those specific credit questions we might get back to -- let me just give you a high line again. Right, we've got the concentration of charges historically and nonaccruals have been concentrated in our healthcare services book, which is down to about $400 million. So again, very discrete and low. We've always talked about the sponsor book as having some volatility in risk rating but not translating into loss. And I think that's continued.

至於我們可能會再次討論的一些具體的信用問題——讓我再簡單概括一下。沒錯，從歷史角度來看，費用集中度較高，而非應計費用則集中在我們的醫療保健服務帳簿中，目前已降至約 4 億美元。所以，再次強調，非常謹慎且低調。我們一直認為贊助商帳簿的風險評級有一定的波動性，但不會轉化為損失。我認為這種情況仍在繼續。

I'm trying to think of another question.

我正在努力想另一個問題。

Laurie, what I'm going to do is have Jason and Neal talk to you offline. We're not seeing any material deterioration in our sponsor book. That's the short answer. And what we've seen with respect to charge-offs in the fourth quarter. As I looked at those charge-offs, there weren't any high single points. All the charge-offs were under $10 million with respect to single-point charges. There was an office loan in there. There was a C&I loan in there, and ABL credits. So these were all relatively granular across categories in commercial.

勞瑞，我打算讓傑森和尼爾私下跟你談談。我們的贊助商名冊沒有出現任何實質的惡化。簡而言之就是這樣。以及我們在第四季看到的沖銷情況。我查看了這些沖銷記錄，發現沒有特別高的單筆金額。所有沖銷款項均低於 1,000 萬美元，且均為單點費用。裡面有一筆辦公貸款。其中包含一筆工商業貸款和一筆資產抵押貸款。因此，這些在商業領域的各個類別中都相對細緻。

That is all the time we have for questions. I will turn the call to John Ciulla for closing remarks.

我們提問時間到此結束。接下來我將把發言權交給約翰·丘拉，請他作總結發言。

Thank you very much. I really appreciate everybody's engagement this morning. Have a great day and a great weekend.

非常感謝。我非常感謝大家今天早上的參與。祝您今天過得愉快，週末也過得愉快。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。