Beacon Financial Corp (BBT) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the Berkshire Hills Bancorp First Quarter 2023 Earnings Conference Call. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions) I will now hand over to our host, Kevin Conn, Head of Investor Relations and Corporate Development, to begin. Kevin, please go ahead.

大家好，歡迎來到 Berkshire Hills Bancorp 2023 年第一季度收益電話會議。我叫查理，今天我將負責協調電話會議。 （操作員說明）我現在將交給我們的主持人，投資者關係和企業發展主管凱文康恩開始。凱文，請繼續。

Good morning, and thank you for joining Berkshire Bank's first quarter earnings call. My name is Kevin Conn, Investor Relations and Corporate Development Officer. Here with me today are Nitin Mhatre, President and Chief Executive Officer; David Rosato, Chief Financial Officer; and Greg Lindenmuth, Chief Risk Officer.

早上好，感謝您參加伯克希爾銀行第一季度財報電話會議。我叫 Kevin Conn，是投資者關係和企業發展官。今天和我在一起的是總裁兼首席執行官 Nitin Mhatre；大衛·羅薩托，首席財務官；和首席風險官 Greg Lindenmuth。

Our remarks will include forward-looking statements and refer to non-GAAP financial measures. Actual results could differ materially from those statements. Please see our legal disclosure on Page 2 of the earnings presentation, referencing forward-looking statements and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our news release.

我們的評論將包括前瞻性陳述並參考非 GAAP 財務指標。實際結果可能與這些陳述存在重大差異。請參閱我們在收益報告第 2 頁的法律披露，參考前瞻性陳述和非 GAAP 財務措施。我們的新聞稿中包含非 GAAP 措施與 GAAP 措施的對賬。

At this time, I'll turn the call over to Nitin. Nitin?

這時候，我會把電話轉給 Nitin。尼丁？

Thank you, Kevin, and good morning, everyone. I'll begin my comments on Slide 3, where you can see the highlights for the first quarter.

謝謝你，凱文，大家早上好。我將從幻燈片 3 開始我的評論，您可以在其中看到第一季度的亮點。

Overall, we made steady progress, despite the market turmoil and headwinds in March, and remain on solid footing overall. EPS, or earnings per share, of $0.63 in the quarter was our highest ever GAAP EPS in any first quarter.

總體而言，儘管 3 月份市場動盪和逆風，但我們取得了穩步進展，總體上仍處於穩固的基礎上。本季度每股收益為 0.63 美元，是我們有史以來第一季度的最高 GAAP 每股收益。

Net income of $27.6 million declined 2% linked quarter and was up 33% year-over-year. Operating earnings per share of $0.63 declined 1% linked quarter and was up 45% year-over-year, highlighting the momentum of our franchise.

淨收入為 2760 萬美元，環比下降 2%，同比增長 33%。每股營業收益為 0.63 美元，環比下降 1%，同比增長 45%，凸顯了我們特許經營的發展勢頭。

Return on tangible common equity was 9.59%, a modest decline linked quarter and up 210 basis points year-over-year.

有形普通股回報率為 9.59%，環比略有下降，同比上升 210 個基點。

In response to the market events, we took many actions to prudently fortify our liquidity position further in March. Resultantly, our cash and borrowing capacity as a percentage of uninsured deposits at the end of the quarter closed at 117%.

為應對市場事件，我們在 3 月份採取多項措施，進一步審慎地加強我們的流動性頭寸。因此，本季度末我們的現金和借貸能力佔未投保存款的百分比收於 117%。

Average loan balances were up 5% linked quarter, primarily driven by diversified organic growth and lower paydowns in the quarter. Average deposit balances were down by less than 1% in the quarter.

平均貸款餘額環比增長 5%，主要受多元化有機增長和本季度較低還款額的推動。本季度平均存款餘額下降不到 1%。

And on end-of-period basis, total deposits were down less than 3% linked quarter, below our expectations at the beginning of the year, but in line with the total industry deposit outflows and relatively better than small bank deposit outflows of 4.6% per the most recent Fed H.8 report data for the quarter. The loan-to-deposit ratio was 86%, up from 81% in the fourth quarter.

從期末來看，總存款環比下降不到 3%，低於我們年初的預期，但與行業存款總流出量一致，相對好於小型銀行存款流出量 4.6%根據本季度最新的美聯儲 H.8 報告數據。貸存比為 86%，高於第四季度的 81%。

Given macroeconomic trends, we remain vigilant on credit, even as our asset quality continues to remain strong. Provision expense for this quarter was $9 million, at the high end of our guidance range, primarily to build reserves for loan growth.

鑑於宏觀經濟趨勢，即使我們的資產質量繼續保持強勁，我們仍對信貸保持警惕。本季度的撥備費用為 900 萬美元，處於我們指導範圍的高端，主要用於為貸款增長建立準備金。

Our allowance to loans ended the quarter at 113 basis points, in line with our guidance range of 110 to 120 basis points. Our balance sheet remains strong. We ended the quarter with common equity Tier 1 ratio of 12.1% and a tangible common equity ratio of 7.91%.

我們的貸款準備金在本季度結束時為 113 個基點，符合我們 110 至 120 個基點的指導範圍。我們的資產負債表依然強勁。我們以 12.1% 的普通股一級比率和 7.91% 的有形普通股比率結束了本季度。

We continue to derisk the balance sheet and run off the nonstrategic loan books, including Upstart and Firestone. Runoff and credit in both of these books is tracking as expected, and we've included data in an appendix page, which provides more details.

我們繼續降低資產負債表的風險，減少非戰略性貸款賬簿，包括 Upstart 和 Firestone。這兩本書中的徑流和信貸都按預期進行跟踪，我們在附錄頁面中包含了數據，其中提供了更多詳細信息。

Given the market trend related to remote work and its associated impact on the commercial real estate office segment, we've also included 2 pages in the appendix that provide more details on our 3 office portfolio, which highlights how our portfolio mix is relatively different and diversified and resultantly less risky. David will cover some of our metrics in more detail in a few moments.

鑑於與遠程工作相關的市場趨勢及其對商業房地產辦公領域的相關影響，我們還在附錄中包含了 2 頁，提供了有關我們 3 個辦公室組合的更多詳細信息，這突出了我們的組合組合是如何相對不同和多樣化，因此風險較低。大衛將在稍後更詳細地介紹我們的一些指標。

On the BEST strategy front, we made steady progress in the first quarter. Our ESG score in the quarter was at 19th percentile nationally, well above the BEST 2024 full target of 25th percentile.

在 BEST 戰略方面，我們在第一季度取得了穩步進展。我們在本季度的 ESG 得分在全國排名第 19 個百分點，遠高於 2024 年最佳 25 個百分點的完整目標。

A critical part of any transformation is how the employees and customers respond to it. We mentioned on our last call that we recorded our highest employee engagement scores in 2022. In the first quarter, we also received recognition by Newsweek as one of America's most trustworthy banks and by Forbes Magazine that listed us amongst America's Best Mid-sized Employers.

任何轉型的一個關鍵部分是員工和客戶如何回應。我們在上次電話會議中提到，我們在 2022 年取得了最高的員工敬業度分數。在第一季度，我們還被《新聞周刊》評為美國最值得信賴的銀行之一，並被《福布斯》雜誌評為美國最佳中型雇主之一。

Our customer Net Promoter Score hit its highest point this quarter at 52.8%. We hired several new executives in the first quarter, as highlighted in the last earnings call, and we continue to hire talented bankers across the bank as part of our BEST plan.

我們的客戶淨推薦值在本季度達到 52.8% 的最高點。正如上次財報電話會議所強調的那樣，我們在第一季度聘請了幾位新高管，並且作為我們 BEST 計劃的一部分，我們繼續在整個銀行聘請有才華的銀行家。

We also continued our Board enhancement with the addition of 2 prominent and well-respected Board members. Karyn Polito joined the Board in February, and Eric Rosengren joined the Board in April.

我們還通過增加 2 名傑出且備受尊敬的董事會成員來繼續加強董事會。 Karyn Polito 於 2 月加入董事會，Eric Rosengren 於 4 月加入董事會。

Karyn brings broad expertise from both public and private sector, including as the Lieutenant Governor for Commonwealth of Massachusetts and as Principal of Polito Development Corporation.

Karyn 擁有來自公共和私營部門的廣泛專業知識，包括擔任馬薩諸塞州聯邦副州長和 Polito Development Corporation 的負責人。

Eric has been at the Federal Reserve Bank of Boston since 1985. And most recently as the President and CEO from 2007 to 2021. Eric will bring us the insights on the banking industry, economic trends and regulatory environment and further strengthen our enterprise risk management program oversight. Welcome about Karyn and Eric.

Eric 自 1985 年以來一直在波士頓聯邦儲備銀行工作。最近擔任總裁兼首席執行官的時間為 2007 年至 2021 年。Eric 將為我們帶來有關銀行業、經濟趨勢和監管環境的見解，並進一步加強我們的企業風險管理計劃監督。歡迎介紹 Karyn 和 Eric。

Slide 4 shows our BEST programs, North Star chart, which details our progress on 5 key performance metrics.

幻燈片 4 顯示了我們的 BEST 計劃，北極星圖表，詳細說明了我們在 5 個關鍵績效指標方面的進展。

We are near the low end of our target range for return on assets and return on tangible common equity. Our quarterly PPNR annualizes to $169 million and was at low end of our 2024 BEST target of $180 million to $200 million. Our ESG ranking nationally was at 19th percentile this quarter, above our stated goal of reaching top 25% by mid-2024.

我們接近資產回報率和有形普通股回報率目標範圍的低端。我們的季度 PPNR 年化為 1.69 億美元，處於我們 2024 年 1.8 億至 2 億美元的最佳目標的低端。本季度我們的 ESG 排名在全國排名第 19 個百分點，高於我們設定的到 2024 年年中達到前 25% 的目標。

We're still working with J.D. Power to get a competitive NPS score versus our peers in our footprint. In the meanwhile, we have been tracking our customer Net Promoter Score through customer surveys that J.D. Power helped us design and administer.

我們仍在與 J.D. Power 合作，以獲得與我們足跡中的同行相比具有競爭力的 NPS 分數。與此同時，我們一直在通過 J.D. Power 幫助我們設計和管理的客戶調查來跟踪我們的客戶淨推薦值。

As I mentioned earlier, our NPS score in the first quarter came in at its highest-ever level of 52.8%, in which was significantly higher than our full-year 2022 score of 44%.

正如我之前提到的，我們在第一季度的 NPS 得分達到了有史以來的最高水平 52.8%，這大大高於我們 2022 年全年得分 44%。

I would like to thank all of our Berkshire Bank colleagues for their continued hard work and commitment to our vision of becoming a high-performing, leading socially responsible community bank. Their commitment to our strategy and dedication to our customers is what is driving our ongoing performance improvement and continued progress.

我要感謝我們伯克希爾銀行的所有同事，感謝他們一直以來的辛勤工作和對我們成為一家高性能、領先的對社會負責的社區銀行的願景的承諾。他們對我們的戰略的承諾和對客戶的奉獻是推動我們不斷提高績效和不斷進步的動力。

With that, I'll turn the call over to David to discuss our financials in more detail. David?

有了這個，我會把電話轉給大衛，更詳細地討論我們的財務狀況。大衛？

Thanks, Nitin. Slide 5 shows an overview of the quarter. As Nitin mentioned, operating earnings, which matched GAAP earnings, were $27.6 million or $0.63 per fully diluted share, down a $0.01 linked quarter and up $0.20 year-over-year. Net interest margin was 358 basis points, down 26 basis points linked quarter and up 97 basis points year-over-year.

謝謝，尼廷。幻燈片 5 顯示了本季度的概覽。正如 Nitin 所提到的，與 GAAP 收益相匹配的營業收益為 2760 萬美元或每股完全攤薄收益 0.63 美元，環比下降 0.01 美元，同比增長 0.20 美元。淨息差為 358 個基點，環比下降 26 個基點，同比上升 97 個基點。

Net interest income declined $4.6 million or 4% linked quarter and was up 41% year-over-year. Noninterest revenues were up 7% quarter-over-quarter and down 22% year-over-year. We maintained our spending discipline, with operating expenses down 1% linked quarter, while they were up 5% from Q1 '22.

淨利息收入環比下降 460 萬美元或 4%，同比增長 41%。非利息收入環比增長 7%，同比下降 22%。我們維持了我們的支出紀律，運營支出環比下降了 1%，而與 22 年第一季度相比增長了 5%。

Average loans increased $433 million or 5%, driven by diversified organic loan growth and fewer loan paydowns. Average deposits decreased $55 million or less than 1%.

平均貸款增加了 4.33 億美元或 5%，這主要得益於多樣化的有機貸款增長和更少的貸款償還。平均存款減少 5500 萬美元或不到 1%。

Provision expense for the quarter was $9 million, at the high end of our January guidance, driven by loan growth. Net charge-offs were within our expected range of $7 million or 32 basis points of average loans, and we increased our allowance for credit losses by $2 million.

在貸款增長的推動下，本季度的撥備費用為 900 萬美元，處於我們 1 月份指引的上限。淨註銷在我們 700 萬美元或平均貸款 32 個基點的預期範圍內，我們將信貸損失準備金增加了 200 萬美元。

Slide 6 shows more detail on our average loan balances. Strength in CRE, residential and commercial portfolios, was offset by modest weakness in our consumer book, which was driven by a decline in our Upstart portfolio.

幻燈片 6 顯示了我們平均貸款餘額的更多詳細信息。 CRE、住宅和商業投資組合的優勢被我們的消費者賬簿的適度疲軟所抵消，這是由於我們的 Upstart 投資組合下降所致。

We've enhanced the appendix page on our loan runoff books by adding balanced data over time, yields and credit data. All runoff book metrics are within expectations.

我們通過添加隨時間變化的平衡數據、收益率和信貸數據，增強了我們貸款決流簿的附錄頁面。所有決選指標都在預期之內。

Slide 7 shows our average deposit balances. Average total deposits declined $55 million or less than 1% versus the fourth quarter and $360 million or 4% year-over-year. End-of-period linked quarter deposits declined by $260 million, of which about half of the decline moved into money market products in our wealth management business. As expected, the deposit mix shifted with a modest decline in noninterest-bearing deposits and an increase in time deposits.

幻燈片 7 顯示了我們的平均存款餘額。與第四季度相比，平均總存款下降 5500 萬美元或不到 1%，同比下降 3.6 億美元或 4%。期末關聯季度存款減少了 2.6 億美元，其中約一半的下降進入了我們財富管理業務的貨幣市場產品。正如預期的那樣，存款組合發生轉變，無息存款溫和下降，定期存款增加。

Noninterest-bearing deposits as a percentage of total deposits remain above 25%. Deposit costs were 109 basis points, up 40 basis points from the fourth quarter. The deposit beta for the first quarter was 47%, and the cumulative deposit beta is 21% through 475 basis points of total Fed tightening.

無息存款佔存款總額的比例保持在25%以上。存款成本為 109 個基點，比第四季度上升 40 個基點。第一季度的存款貝塔為 47%，累計存款貝塔為 21%，美聯儲總收緊政策達到 475 個基點。

Turning to Slide 8, we show net interest income. Higher loan volumes provided a meaningful lift to the first quarter net interest income, while higher deposit costs and higher borrowing amounts contributed to the $4.6 million or 4% decrease in net interest income. The 41% year-over-year growth in net interest income was primarily a function of higher loan volume and higher interest rates.

轉到幻燈片 8，我們顯示了淨利息收入。較高的貸款量顯著提升了第一季度的淨利息收入，而較高的存款成本和較高的借貸金額導致淨利息收入減少 460 萬美元或 4%。淨利息收入同比增長 41% 主要是由於貸款量增加和利率上升。

Slide 9 shows fee income, up $1.1 million or 7% linked quarter, largely driven by a $484,000 increase in wealth management fees and a $752,000 increase in other fees. Wealth management revenue was helped by higher net asset flows and higher market values. I'd like to note that tax prep fees, a seasonal item in wealth management, added about $300,000 to wealth management revenue in the quarter.

幻燈片 9 顯示手續費收入增加 110 萬美元或環比增長 7%，這主要是由於財富管理費用增加 484,000 美元和其他費用增加 752,000 美元。更高的淨資產流量和更高的市值幫助了財富管理收入。我想指出的是，稅務準備費是財富管理中的季節性項目，本季度財富管理收入增加了約 300,000 美元。

Other revenues included $600,000 of debit card revenue sharing, which typically occurs in the first quarter. Year-over-year loan fees were driven by unusually high swap fees in the first quarter of last year and Other was impacted by higher credit -- tax credit amortization this quarter.

其他收入包括 600,000 美元的借記卡收入分成，這通常發生在第一季度。去年第一季度異常高的掉期費用推動了同比貸款費用，而其他則受到更高信貸的影響——本季度稅收抵免攤銷。

Slide 10 shows expenses. Expenses are down $640,000 versus the fourth quarter and just below the midpoint of our January guidance on continued strong expense control. Increases in compensation expenses were offset by lower occupancy and equipment, technology and other expenses.

幻燈片 10 顯示費用。與第四季度相比，費用減少了 640,000 美元，略低於我們 1 月份關於持續強有力的費用控制的指導意見的中點。補償費用的增加被較低的入住率和設備、技術及其他費用所抵消。

I'd note that other expenses were down $1.6 million on lower loan workout expense, and we had an $850,000 increase in the provision for unfunded commitments in the fourth quarter of last year.

我注意到其他費用因較低的貸款鍛煉費用而減少了 160 萬美元，而我們在去年第四季度為無資金承諾準備金增加了 850,000 美元。

Slide 11 is a summary of our asset quality metrics. We've added lines to show 10-year averages for several metrics for perspective. Nonperforming loans were down $4.1 million versus the fourth quarter and stand at 31 basis points of total loans. Net charge-offs of $6.9 million mostly consisted of C&I loan charge-offs of $5.7 million.

幻燈片 11 是我們資產質量指標的總結。我們添加了線條以顯示幾個指標的 10 年平均值，以供參考。與第四季度相比，不良貸款減少了 410 萬美元，佔貸款總額的 31 個基點。 690 萬美元的淨註銷主要包括 570 萬美元的 C&I 貸款註銷。

While current credit quality metrics are benign, we recognize that economic uncertainties exist, and we are monitoring both our originations and our portfolios very carefully.

雖然當前的信用質量指標是良性的，但我們認識到存在經濟不確定性，並且我們正在非常仔細地監控我們的起源和我們的投資組合。

There's been a lot of interest in CRE and in particular, office exposures, given the increase in remote work. As Nitin mentioned, we included 2 pages in the appendix on our CRE and office portfolios. Office balances totaled $558 million in the first quarter, with weighted average loan-to-book value ratios of approximately 60%.

鑑於遠程工作的增加，人們對 CRE 尤其是辦公室曝光產生了很大興趣。正如 Nitin 提到的，我們在 CRE 和辦公室投資組合的附錄中包含了 2 頁。第一季度寫字樓餘額總計 5.58 億美元，加權平均貸款與賬面價值比率約為 60%。

We believe our office book is well positioned. About $390 million or 70% are suburban properties, and $132 million or 24% are in central business districts. The majority of our office portfolio is in Class A office space. About 80% of our larger office loans have leased maturities beyond 2027.

我們相信我們的辦公簿定位良好。大約 3.9 億美元或 70% 是郊區房產，1.32 億美元或 24% 是在中央商務區。我們的大部分辦公組合都位於甲級辦公空間。我們大約 80% 的大型辦公貸款的租賃期限超過 2027 年。

I'd also note that overall CRE nonperforming loans to end-of-period loans were 6 basis points in the first quarter, down from 24 basis points a year ago.

我還注意到，第一季度總體 CRE 不良貸款與期末貸款的比率為 6 個基點，低於一年前的 24 個基點。

Slide 12 shows our returns over the past 5 quarters on a GAAP and operating basis. We see a solidly improving trend over the last 5 quarters, which we will continue to work on.

幻燈片 12 顯示了我們過去 5 個季度在 GAAP 和運營基礎上的回報。我們看到過去 5 個季度的穩步改善趨勢，我們將繼續努力。

Slide 13 shows details of our liquidity and capital positions. Like most banks, we spent time in March prudently bolstering our liquidity position. We had no borrowings from the Fed funds market, the discount window or the Fed's Bank Term Funding Program.

幻燈片 13 顯示了我們的流動性和資本頭寸的詳細信息。與大多數銀行一樣，我們在 3 月份謹慎地加強了我們的流動性頭寸。我們沒有從聯邦基金市場、貼現窗口或美聯儲的銀行定期融資計劃借款。

Cash and borrowing capacity at the end of the quarter was $4.9 billion. I'd note that our FHLB borrowings at quarter end were $904 million and $425 million on an average balance basis for the quarter.

本季度末的現金和借貸能力為 49 億美元。我注意到我們在季度末的 FHLB 借款在本季度的平均餘額基礎上分別為 9.04 億美元和 4.25 億美元。

Nitin shared that our cash and liquidity was 117% of uninsured deposits. Adjusting uninsured deposits for collateralized municipal and certain other deposits would increase that ratio to 140%. Our TCE ratio ended the quarter at 7.91% and included an AOCI mark of $159 million on an after-tax basis, an improvement from the fourth quarter's $181 million mark, given a modestly lower rate environment.

Nitin 表示，我們的現金和流動資金佔未投保存款的 117%。調整抵押市政存款和某些其他存款的未保險存款將使該比率增加到 140%。我們的 TCE 比率在本季度結束時為 7.91%，並且在稅後基礎上包括 1.59 億美元的 AOCI 標記，在利率環境適度降低的情況下，比第四季度的 1.81 億美元標記有所改善。

Including the HTM Mark of $50 million after tax, our TCE ratio would drop to 7.5%, a very modest 40 basis point impact. Our tangible book value per share ended the quarter at $21.91, up 4% versus the fourth quarter.

包括稅後 5000 萬美元的 HTM Mark，我們的 TCE 比率將降至 7.5%，影響非常小，只有 40 個基點。本季度末我們的每股有形賬面價值為 21.91 美元，比第四季度增長 4%。

The chart on the bottom right shows continued improvement in both tangible book value per share, intangible book value and tangible book value per share, excluding AOCI.

右下圖顯示每股有形賬面價值、無形賬面價值和每股有形賬面價值（不包括 AOCI）的持續改善。

Our top capital management priority is to deploy capital to support organic loan growth. Secondly, we remain biased to opportunistic stock repurchases, given our current stock price compared to intrinsic value. In Q1, we repurchased $1.2 million worth of stock at an average cost of $25.17.

我們資本管理的首要任務是部署資本以支持有機貸款增長。其次，鑑於我們目前的股價與內在價值相比，我們仍然傾向於機會主義的股票回購。在第一季度，我們以平均 25.17 美元的成本回購了價值 120 萬美元的股票。

With that, I'll turn it back to Nitin for further comments.

有了這個，我會把它轉回給 Nitin 以徵求進一步的意見。

Thanks, David. I'll close my remarks with comments on the economy, recent industry volatility and our positioning.

謝謝，大衛。我將以對經濟、近期行業波動和我們的定位的評論結束我的評論。

We're fortunate to be operating primarily in the steady-Eddie New England market, which remains on relatively solid footing. In markets like Syracuse, we're excited about the investments being made through local government and private companies like Micron that be investing over $100 billion in creating one of the largest microchip plants in the nation.

我們很幸運能夠主要在穩定的埃迪新英格蘭市場開展業務，該市場的基礎仍然相對穩固。在像錫拉丘茲這樣的市場，我們對通過地方政府和像美光這樣的私營公司進行的投資感到興奮，這些公司將投資超過 1000 億美元來創建全國最大的微芯片工廠之一。

The banking industry has experienced a lot of volatility over the past several months. The current industry issues are significantly different than the Great Financial Crisis. Banks are in a much better capital and liquidity positions, and the incremental regulatory reform will likely be more focused on SIFI and large regional banks than community banks like Berkshire.

在過去的幾個月裡，銀行業經歷了很大的波動。當前的行業問題與金融危機大不相同。銀行的資本和流動性狀況要好得多，增量監管改革可能更側重於 SIFI 和大型區域性銀行，而不是像伯克希爾這樣的社區銀行。

Problems with customer concentration, long-dated held-to-maturity securities and liquidity appear to be isolated to a few larger regional banks with unique business models.

客戶集中度、長期持有至到期證券和流動性等問題似乎只出現在少數具有獨特商業模式的較大區域性銀行。

We have a strong capital and liquidity position and are positioned to benefit from the market disruption in our footprint. We remain focused on responsible and profitable organic growth and are confident that we will get bigger while getting better.

我們擁有強大的資本和流動性狀況，並有能力從我們足蹟的市場中斷中受益。我們仍然專注於負責任和有利可圖的有機增長，並相信我們會在變得更好的同時變得更大。

With that, I'll turn it over to the operator for questions. Charlie, please open the line for questions now.

有了這個，我會把它交給接線員提問。查理，請現在打開問題熱線。

(Operator Instructions) Our first question comes from Billy Young of RBC Capital Markets. Please go ahead.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Billy Young。請繼續。

First, I guess, maybe you could just start on the FHLB borrowings. What's the thinking of the strategy around holding these borrowings on the balance sheet in the near term? Do you have expectation of paying it off sooner rather than later?

首先，我想，也許你可以從 FHLB 借款開始。短期內將這些借款保留在資產負債表上的策略有何想法？您是否期望早日還清債務？

Sure, Billy. It's David. Great question. So post Silicon Valley turmoil, we, as we've called out in the comments, bolstered our liquidity position. And we primarily did that in the second week of March by tapping the home loan bank borrowings.

當然，比利。是大衛。很好的問題。因此，在矽谷動蕩之後，正如我們在評論中所呼籲的那樣，我們加強了我們的流動性頭寸。我們主要是在 3 月的第二週通過利用家庭貸款銀行借款來做到這一點。

So internally, we decided to target much higher levels of cash balances. We ended the quarter, as I said in my comments, at a little over $900 million of home loan advances.

因此，在內部，我們決定以更高水平的現金餘額為目標。正如我在評論中所說，我們在本季度結束時預付了 9 億美元多一點的房屋貸款。

As what -- I would suggest that we will, in the second quarter and assuming we're all past the crisis, which it certainly feels like it is, we will probably bring that number down by about 1/3. So ballpark about $300 million and reduce the excess liquidity on the balance sheet.

至於 - 我建議我們會在第二季度假設我們都已經度過了危機，而且感覺確實如此，我們可能會將這個數字降低大約 1/3。因此，大約需要 3 億美元，並減少資產負債表上的過剩流動性。

The amount will still be up versus fourth quarter of last year, and that's really more of a reflection of the competition in the deposit market and the growth in the quarter of loans outpacing deposits.

與去年第四季度相比，這一數額仍將有所增加，這實際上更多地反映了存款市場的競爭以及該季度貸款增長超過存款的情況。

We're very proud of our deposit performance in the quarter, though, from -- it shows the diversified funding base of the institution as a pleasant surprise from -- as a newcomer to the bank to see the depth of the quality -- depth and quality of our customer relationships, both on the retail side as well as commercial and private banking.

不過，我們對本季度的存款表現感到非常自豪，因為它顯示了該機構多元化的資金基礎，這是一個驚喜——作為銀行的新人，可以看到質量的深度——深度我們的客戶關係質量，無論是在零售方面，還是在商業和私人銀行業務方面。

Appreciate that. I guess, I appreciate that you typically don't provide additional quarterly guidance updates beyond what you established in January. But can you just comment on management's confidence level on achieving the mid-teens NII guide that you established for the year?

感謝。我想，我很欣賞你通常不會提供超出你在一月份建立的內容的額外季度指導更新。但是，您能否評論一下管理層對實現您今年制定的 15 歲左右 NII 指南的信心水平？

Sure. So that was a non-FTE guide of 15% to 16%. The -- what I would say is it's clear that the pressure is downward, not upward, on margins and noninterest and -- interest income, clearly.

當然。所以這是 15% 到 16% 的非 FTE 指南。我要說的是，很明顯，利潤率和非利息以及利息收入的壓力顯然是向下的，而不是向上的。

But we're not going to be adjusting that guidance, where if you annualize Q1, we're a little below. We do pick up day count, as you know, as the year unfolds. And we remain optimistic that, that guide is still achievable at this point.

但我們不會調整該指導，如果你對第一季度進行年度化，我們會稍微低於這一水平。如您所知，隨著時間的推移，我們確實會計算天數。我們仍然樂觀地認為，該指南在這一點上仍然可以實現。

As I said, the pressure is clearly down, not up, on net interest income. So if we need to, we will wind up trying to offset some of that headwind on the expense side, while still being very careful about making sure we make the right investments in technology and people that Nitin and the team have been talking about over the last several -- last 2 years.

正如我所說，淨利息收入的壓力顯然是下降的，而不是上升的。因此，如果需要，我們最終會嘗試抵消費用方面的一些不利因素，同時仍然非常謹慎地確保我們對技術和人員進行了正確的投資，Nitin 和團隊一直在討論這一點最近幾年——最近 2 年。

Got it. And then just one last question, and I'll step back. Just on the loan growth outlook, you laid out a mid-single-digit period-end growth target this year, and you're essentially there today and just appreciating your comments you made earlier about responsible growth and monitoring new origination activity.

知道了。然後是最後一個問題，我會退後一步。就貸款增長前景而言，你制定了今年中等個位數的期末增長目標，你今天基本上就在那裡，只是感謝你早些時候就負責任的增長和監測新的發起活動發表的評論。

Kind of what should we think about your appetite to kind of grow and take on additional credit from here?

我們應該如何看待您對成長的興趣並從這裡獲得額外的榮譽？

Yes, Billy. I'll take it. This is Nitin here. I think you're right. The loan growth is moving faster than the original guidance, but it's really a function for the quarter, was the pipelines in the fourth quarter that kind of came through in the quarter. We expect that to slow down. The pipeline at the end of the quarter is modestly lower than what we had at the previous quarter.

是的，比利。我要買它。我是 Nitin。我想你是正確的。貸款增長速度快於最初的指導，但這確實是本季度的一個功能，第四季度的管道在本季度實現了。我們預計這會放緩。本季度末的管道數量略低於上一季度。

So we expect that run rate to slow down, and yet we continue to serve our clients. We continue to monitor quality of new originations. So we expect that the overall loan growth will be modestly higher than what we had in the original guidance. While the guidance on the deposit, we might end up being slightly lower.

因此，我們預計運行速度會放緩，但我們會繼續為客戶提供服務。我們將繼續監控新原創作品的質量。因此，我們預計整體貸款增長將略高於我們最初的指引。雖然關於存款的指導，我們最終可能會略低。

So I think with the offset of those two, going back to the point David made earlier about, we feel good about the NII guidance. On the loan growth, we might end up having slightly higher growth than what we had anticipated. But we would do that judiciously. We're being more selective. We're getting more and improved pricing opportunities and relationship opportunities along the way.

因此，我認為通過這兩者的抵消，回到大衛之前提出的觀點，我們對 NII 指南感到滿意。在貸款增長方面，我們最終的增長可能會略高於我們的預期。但我們會明智地這樣做。我們更有選擇性。在此過程中，我們獲得了更多和改進的定價機會和關係機會。

Our next question comes from Mark Fitzgibbon of Piper Sandler.

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

Guys, good morning. Nitin, just wanted to follow up on a question that you and I have talked about in the past. Do you worry about growing loans as fast as you are, given how late we are in the economic cycle?

伙計們，早上好。 Nitin，我只是想跟進你和我過去討論過的一個問題。考慮到我們處於經濟周期的晚期，您是否擔心貸款增長如此之快？

I know that spreads look better, but do you worry that perhaps really pedal to the metal on loan growth right now is ideal from a credit perspective?

我知道利差看起來更好，但你是否擔心，從信貸的角度來看，現在貸款增長上的金屬可能真的是理想的？

Yes, Mark, great question. No. And you're right, there's no -- not pedal to the metal here. We had actually slowed down originations. We've ended up potentially saying "no more" in the last quarter than we probably have in the last year or so.

是的，馬克，好問題。不，你是對的，這裡沒有 - 沒有踩到金屬。我們實際上放慢了起源。我們最終可能會在上個季度說“不再”，而不是去年左右。

We are being selective. We recognize that we've got to keep the focus on the long term. We want to serve our clients. We want to take care of the customers that are currently with us. as well as some of the new prospects that come with relationships.

我們是有選擇性的。我們認識到我們必須將重點放在長期上。我們想為我們的客戶服務。我們想照顧目前與我們在一起的客戶。以及人際關係帶來的一些新前景。

So we are slowing down. And in fact, our originations in the first quarter were roughly about a quarter lower than the previous quarter, right? So I think -- and we expect that to slow down further. So we are actually slowing down.

所以我們正在放慢速度。事實上，我們在第一季度的起源大約比上一季度低四分之一，對吧？所以我認為 - 我們預計這會進一步放緩。所以我們實際上正在放慢速度。

And yet, as a function of the fact of the market disruption and the distractions that some of our competitors have, we're getting more swings at the plate, so we get better opportunity to be selective, better pricing, better relationship, like I said earlier. So no, it is -- originations are slowing down.

然而，由於市場混亂和我們的一些競爭對手分心的事實，我們在盤子上的波動越來越大，所以我們有更好的機會來選擇性、更好的定價、更好的關係，就像我一樣前面說過。所以不，它是 - 起源正在放緩。

The other part of this is the prepays are slowing down as well. So I think that's creating the balanced growth. This growth is not driven by originations, they're actually going to be lower this year than last year. It's really the CPRs that go down.

另一部分是預付款也在放緩。所以我認為這正在創造平衡的增長。這種增長不是由起源驅動的，今年它們實際上會低於去年。真正下降的是 CPR。

But a 4% growth -- you grew 4% in the first quarter. That's a pretty aggressive growth rate, no? I mean it's certainly well above what the market is growing and your peers are growing.

但是增長了 4%——第一季度增長了 4%。這是一個相當激進的增長率，不是嗎？我的意思是，它肯定遠遠高於市場增長和同行增長的水平。

Yes, it's really the strong pipeline that we have in the fourth quarter. That's now down 25% as we get into the next quarter. So the origination slowdown, the rate of growth slows down correspondingly.

是的，這確實是我們在第四季度擁有的強大管道。隨著我們進入下一季度，現在下降了 25%。所以發力放緩，增速相應放緩。

And yes, Mark, I think we also recognize that this is also a great time and opportunity for us to provide lending to our customers that continue to perform well, and we don't want to turn them away in this kind of scenario.

是的，馬克，我想我們也認識到，這也是我們向繼續表現良好的客戶提供貸款的好時機和機會，我們不想在這種情況下拒絕他們。

Great. And then, I wonder if you could update us on your thinking around sort of the franchise footprint. It's geographically -- obviously, your footprint is pretty spread out. Is there more potential to sell or shrink parts of the franchise?

偉大的。然後，我想知道你是否可以向我們更新你對特許經營足蹟的看法。它在地理上——顯然，您的足跡非常分散。是否有更大的潛力出售或縮減部分特許經營權？

We have looked at it, Mark. And as you know, we got out of Mid-Atlantic. We've reduced our branch footprint by about 25% to 30% over the last 3 years.

我們已經看過了，馬克。如你所知，我們離開了中大西洋。在過去 3 年中，我們的分支機構足跡減少了約 25% 至 30%。

We continue to look for it, but we're comfortable where we are, especially given the fact that we've found a lot of new bankers that are able to serve customers in those markets over the last couple of years.

我們繼續尋找它，但我們對我們所處的位置感到滿意，特別是考慮到我們在過去幾年中發現了許多能夠為這些市場的客戶提供服務的新銀行家。

And we see significant opportunity for deepening relationships in those markets. So I think at this point of time, we're not looking at any further consolidation of geography of branches outside of tactical opportunities that come along the way.

我們看到了深化這些市場關係的重要機會。所以我認為在這個時候，我們不會考慮在沿途出現的戰術機會之外進一步整合分支機構的地理。

Okay. And then last question. Your BEST goals are in [sight] here. I guess I'm curious, at what point would you consider raising them to something closer to sort of peer levels of profitability?

好的。然後是最後一個問題。你的最佳目標就在[視線]這裡。我想我很好奇，在什麼時候你會考慮將它們提高到更接近同行的盈利水平？

Great question, Mark. And we will do that as part of our next year's guidance when we -- I think our BEST targets, we call it BEST 1.0 now, that was scheduled to be done by mid-2024. So our guidance in January 2024. We will also have the BEST 2.0 guidance.

好問題，馬克。我們將把這作為明年指導的一部分——我認為我們的 BEST 目標，我們現在稱之為 BEST 1.0，計劃於 2024 年年中完成。所以我們的指南是在 2024 年 1 月。我們還將有 BEST 2.0 指南。

Our next question comes from David Bishop of Hovde Group LLC.

我們的下一個問題來自 Hovde Group LLC 的 David Bishop。

Nitin or Dave, just curious, it sounds like in the preamble, there might have been some noises that may be temporarily or abnormally deflated operating expenses in the first quarter.

Nitin 或 Dave，只是好奇，在序言中聽起來，可能有一些聲音可能是第一季度的運營支出暫時或異常縮減。

Just curious if you can go over them again, and how we should think about a good run rate in the second quarter into the second half of 2023 from a holistic basis, what you're targeting in terms of total operating expenses?

只是好奇你是否可以再看一遍，我們應該如何從整體上考慮第二季度到 2023 年下半年的良好運行率，你在總運營費用方面的目標是什麼？

Yes. Dave, it's David. I wouldn't really say there was noise in the first quarter. We caught out a little bit in Other. But we also -- Q1 have, as you know, employee benefit costs go up with the return of tax payments and FICA, et cetera.

是的。戴夫，是大衛。我不會真的說第一季度有噪音。我們在其他方面有所了解。但我們也 - 如您所知，第一季度員工福利成本隨著納稅和 FICA 等的返還而上升。

Our -- what's been impressive to me is the steady-state run rate here on expenses. And we're right on -- right within guidance. We expect that to continue. So really, no, from our perspective, no real noise in the first quarter. It's a good run rate.

我們的 - 令我印象深刻的是這裡支出的穩態運行率。我們是對的——就在指導範圍內。我們希望這種情況繼續下去。所以真的，不，從我們的角度來看，第一季度沒有真正的噪音。這是一個很好的運行率。

Got it. And then Greg, I appreciate the disclosures, updated disclosures on of the office CRE. Outside of that, within the commercial real estate portfolio, any other areas you're monitoring for heightened monitoring here, where we might see some stress or slippage here that maybe is not on anyone else's radar screens at the moment?

知道了。然後是格雷格，我很欣賞辦公室 CRE 的披露和更新披露。除此之外，在商業房地產投資組合中，您正在監控的任何其他領域都在這裡加強監控，我們可能會在這裡看到一些壓力或滑點，而目前其他任何人的雷達屏幕上都沒有？

No, not at all.

一點都不。

Go ahead, Greg.

來吧，格雷格。

No, not at all. We're not seeing any weaknesses develop out of any other portfolios right now. And it's really reflective really in the strong performance of the overall portfolio that you're seeing. But I will say, we continue to really remain focused on credit management regardless to any type of cycle.

一點都不。我們目前沒有看到任何其他投資組合出現任何弱點。它確實反映了您所看到的整體投資組合的強勁表現。但我要說的是，無論任何類型的周期如何，我們都將繼續真正專注於信貸管理。

And then, Greg, just curious, maybe from an origination loan yields, what you're seeing within the first quarter in terms of new loan origination deals? What you're [onbordering] this quarter versus last -- now a couple of years, at least in the Southeast are starting to see credit spreads [winding] in over so far in LIBOR?

然後，格雷格，只是好奇，也許從原始貸款收益率來看，你在第一季度看到的新貸款原始交易是什麼？與上一季度相比，您本季度的 [邊界] 現在幾年了，至少在東南部開始看到 LIBOR 的信用利差 [winding] 到目前為止？

Yes, Greg, I can take that. Dave, the yields on the new production were closer to 6%, 5.85%, 5.86%, so closer to 6% in the quarter. And that's a almost a 50 basis points improvement over the previous quarter. And I think the portfolio -- as a result, the loans portfolio went up by 29 basis points in portfolio yields.

是的，格雷格，我可以接受。戴夫，新產品的收益率接近 6%、5.85%、5.86%，因此本季度接近 6%。這比上一季度提高了近 50 個基點。我認為投資組合——因此，貸款組合的投資組合收益率上升了 29 個基點。

Got it. And then just a housekeeping, make sure I heard you right. I hear that 1.2 million shares were repurchased this quarter under the current authorization?

知道了。然後只是家政服務，確保我沒聽錯。聽說當前授權本季度回購了120萬股？

No, in dollars. So modest share repurchases in dollars.

不，以美元計價。因此以美元進行適度的股票回購。

Got it. Okay. Yes, I was going to say, I was trying to fit to that -- okay, that makes more sense. Yes. Okay. Great. I'll stop there and get back in the queue.

知道了。好的。是的，我想說的是，我試圖適應那個——好吧，這更有意義。是的。好的。偉大的。我會在那兒停下來，然後回到隊列中。

Our next question comes from Chris O'Connell of KBW.

我們的下一個問題來自 KBW 的 Chris O'Connell。

I was hoping to follow up on the prior question on the origination yields on the loan portfolio. I mean the portfolio yields are like 588, I think, right now. So the -- do you expect that the increase -- or sorry, 557. Do you expect that increase in the loan yields, going forward, to kind of moderate a bit from here?

我希望跟進之前關於貸款組合的原始收益率的問題。我的意思是，我認為現在的投資組合收益率約為 588。那麼——您是否預計會增加——或者抱歉，557。您是否預計未來貸款收益率的增加會從這裡開始有所緩和？

Chris, they did go up 29 basis points. I think the beta was 29 on loans. I think we expect that to go up because the new production that we've seen so far this quarter still has improved yields. So by natural extension, we expect the portfolio yields to go up in the quarter, yes.

克里斯，他們確實上漲了 29 個基點。我認為貸款的貝塔值是 29。我認為我們預計這一數字會上升，因為本季度到目前為止我們看到的新產量仍然提高了收益率。因此，通過自然延伸，我們預計本季度投資組合收益率會上升，是的。

Yes. Chris, I would just chime in and say, about 60% of the aggregate loan book, so across commercial as well as retail, is floating or adjustable rate. So you have two components, right? You obviously have 60% in the book that's moving with Fed funds changes as well as we're seeing better spreads across the books.

是的。克里斯，我只想插話說，大約 60% 的貸款總額，無論是商業還是零售，都是浮動利率或可調整利率。所以你有兩個組件，對嗎？很明顯，賬簿中有 60% 隨著聯邦基金的變化而變化，而且我們看到賬簿之間的利差有所改善。

Okay. Got it. And then on the deposit side, the CD growth is pretty robust this quarter. Do you expect that to be one of the primary drivers in the near term of deposit growth? And what are the -- like the spot rates that you guys are putting on right now for CDs?

好的。知道了。然後在存款方面，本季度 CD 增長非常強勁。您認為這會成為近期存款增長的主要驅動力之一嗎？你們現在為 CD 設置的即期匯率是多少？

Yes, good question. That's the money question, right, for banks this quarter and probably for this year. The -- so yes, we're going to -- I think the whole industry is going to continue to see noninterest-bearing and low interest rate paid, meaning [now] and legacy money markets move to both CDs as well as any money market specials that might be run.

是的，好問題。這就是銀行本季度乃至今年的資金問題，對吧。 - 所以是的，我們將 - 我認為整個行業將繼續看到無息和低利率支付，這意味著 [現在] 和傳統貨幣市場轉向 CD 以及任何貨幣可能運行的市場特價。

The good news there, from my perspective, is still seeing good account openings in noninterest-bearing DDA, new relationships, people banking with us. That only moves the needle so much against industry headwinds. But the -- that will play out more over time.

從我的角度來看，那裡的好消息仍然是在無息 DDA 中看到良好的開戶、新的關係、人們在我們這裡進行銀行業務。這只會在行業逆風中發揮如此大的作用。但是 - 隨著時間的推移會發揮更多作用。

But there's definitely -- interest rates have reached the level, and there's enough competition now that we're competing with money funds. And it's impacting. It's impacting the whole industry, as we all know.

但肯定有——利率已經達到了這個水平，現在我們正在與貨幣基金競爭，競爭已經足夠了。它正在產生影響。眾所周知，它正在影響整個行業。

We're competitive in CD offerings relatively short terms, meaning 6 months out to 13 months, at about 4.5%, 4.25%, 4.5%. And the good news there, from my perspective, is we know we can drive growth with price. Not that you want to do that, and you got to be careful about internal movements of funds, but we're seeing it just as everyone else is.

我們在相對短期的 CD 產品方面具有競爭力，這意味著 6 個月到 13 個月，約為 4.5%、4.25%、4.5%。在我看來，好消息是我們知道我們可以通過價格推動增長。並不是說你想那樣做，你必須小心資金的內部流動，但我們和其他人一樣看到它。

If I may add, Chris.

如果我可以補充，克里斯。

Yes, go ahead.

好，去吧。

Yes, I was just going to add. I think the point David made is very important. I think our deposit production, and these are activities that we had been planning over the last quarter or so, are translating into good results.

是的，我只是想補充一下。我認為大衛提出的觀點非常重要。我認為我們的存款生產，以及我們在上個季度左右計劃的這些活動，正在轉化為良好的結果。

Our DDA production, for example, is up by 35% year-over-year. And as those balances season, we expect to kind of see that flow into that bucket as well.

例如，我們的 DDA 產量同比增長 35%。隨著這些平衡季節的到來，我們希望看到它也流入那個桶。

So while there will be campaigns on -- promotional campaigns on CDs and money market, we are also pushing on the DDAs. And we have a laundry list of new segments that we're going after, that we could serve better, and those will be less price sensitive.

因此，雖然會有關於 CD 和貨幣市場的促銷活動，但我們也在推動 DDA。我們有一份我們正在追求的新細分市場的清單，我們可以提供更好的服務，而且這些細分市場對價格的敏感度較低。

And then the other thing that goes in our favor, which you already know, Chris, is 6 out of 8 markets that we operate in are in Tier 2 towns, where we have been a bank for them for over 175 years. And it helps us to that extent, kind of relatively insulate ourselves from the pricing pressure. So I think all of those combined, we hope to outperform the peer banks.

然後另一件對我們有利的事情，你已經知道，克里斯，我們經營的 8 個市場中有 6 個位於二級城鎮，我們在這些城鎮中擔任銀行超過 175 年。它在某種程度上幫助我們，使我們自己免受定價壓力的影響。所以我認為所有這些結合起來，我們希望超越同行銀行。

Yes. I appreciate the color there. And I guess just one more on the deposit side. I think in the prepared comments, you mentioned a lot of the flows this quarter were into the wealth side of the business to money market type of funds there.

是的。我欣賞那裡的顏色。我想在存款方面只有一個。我想在準備好的評論中，你提到本季度的很多流量都流入了業務的財富方面，流向了那裡的貨幣市場類型的基金。

Have you seen some of that transfer off balance sheet into the wealth business slow as we've gotten into the second quarter here?

隨著我們進入第二季度，您是否看到一些從資產負債表轉移到財富業務的速度變慢了？

Yes, absolutely. I mean there was a flurry of activity in that week to 1.5 weeks period of time. But it was kind of amazing to me how quickly things settled down. And we spent a lot of time internally as we were thinking about this is this happened within the context of heightened competition for deposits as well, right?

是的，一點沒錯。我的意思是在那一周到 1.5 週的時間內有一系列活動。但事情安定下來的速度之快讓我感到驚訝。我們在內部花了很多時間思考這是否也是在存款競爭加劇的背景下發生的，對吧？

We had a crisis within a tough environment for deposit anyway just because of the Fed's tightening actions. But the "crisis" for us really didn't last very long at all. And was looking back now for a relatively short period of time, it was very quick live.

無論如何，僅僅因為美聯儲的緊縮行動，我們就在艱難的存款環境中遇到了危機。但我們的“危機”並沒有持續多久。現在回頭看，時間相對較短，直播非常快。

Yes. Got it. And just kind of putting it all together here with the margin, I mean given the expectation for cash and borrowings to come down pretty substantially in the second quarter, I know a lot of it will depend on timing, and I know you guys have the NII guide out there, but can you help us think about how you're thinking about the trajectory into the second quarter and then going from there?

是的。知道了。只是把這一切和利潤率放在一起，我的意思是考慮到現金和借款在第二季度大幅下降的預期，我知道這在很大程度上取決於時機，我知道你們有NII 在那裡指導，但你能幫我們想想你是如何考慮進入第二季度的軌跡然後從那裡開始的嗎？

Sure. You used the word 'substantially'. I use the word 'about 1/3', so we can decide if that's substantial or not. My 'about 1/3' was referencing the roughly $900 million increase in home loan.

當然。你用了“基本上”這個詞。我使用“大約 1/3”這個詞，所以我們可以決定這是否重要。我的“大約 1/3”指的是房屋貸款增加了大約 9 億美元。

And that, when I say we're backing that down 1/3, that will be $300 million less of on-balance sheet liquidity we plan on carrying, going forward. Getting back to normal levels pre-SVB is the way we're thinking about it.

而且，當我說我們支持將其降低 1/3 時，我們計劃在未來繼續持有的資產負債表內流動性將減少 3 億美元。回到 SVB 之前的正常水平是我們考慮的方式。

So that liquidity did drag on our margin in the first quarter. I would -- we would put that about 3 to 4 basis points, really driven by just carrying higher average balances on the balance sheet. Back to my kind of comments on net interest income, the pressure is certainly downward, not upward, on the margin.

因此，流動性確實拖累了我們第一季度的利潤率。我會 - 我們會把它放在大約 3 到 4 個基點上，這實際上是由於資產負債表上的平均餘額更高。回到我對淨利息收入的評論，利潤率的壓力肯定是向下的，而不是向上的。

So as you know, we don't give margin guidance, but the 358, there will be pressure on that in the second quarter and realistically, into the third, and then a lot of it's going to have to do with what the Fed winds up doing. It market forwards around the Fed tightening cycle being over or not is it winds up being true.

所以如你所知，我們不提供保證金指導，但 358 將在第二季度面臨壓力，實際上，進入第三季度，然後很多都與美聯儲的風向有關起來做。圍繞美聯儲緊縮週期結束或結束的市場前景最終是否屬實。

So we've got a few tools to try to offset some of that. But we're not immune to what's going on in the markets and in particular, in the deposit market. I think we'll see loans reprice up. We've been continuing to shrink the cash flows off the portfolio that's providing a little funding for loan growth. But we have to remain competitive on the deposit side and work through this cycle.

所以我們有一些工具來嘗試抵消其中的一些。但我們不能對市場上正在發生的事情免疫，尤其是在存款市場上。我認為我們會看到貸款重新定價。我們一直在繼續縮減為貸款增長提供少量資金的投資組合的現金流量。但我們必須在存款方面保持競爭力，並努力度過這個週期。

Chris, I would just add, and I think I'm connecting your question back to the question, the first question in the queue as well, I think there are levers that David just highlighted, I think that we have in the toolbox, we still expecting to meet the NII guidance. The NIM is relatively less controllable, but the NII is, and we're still focused on staying with that guidance.

克里斯，我想補充一點，我想我將你的問題與隊列中的第一個問題聯繫起來，我認為大衛剛剛強調了一些槓桿，我認為我們在工具箱中有，我們仍然期待滿足 NII 指導。 NIM 的可控性相對較低，但 NII 是，我們仍然專注於遵守該指導。

Yes. I appreciate the color there. And last one for me. How are you guys thinking about utilizing the buyback, going forward? Obviously, the shares are down, and it looks more attractive probably to use, but it's a difficult market environment. So yes, I mean, do you guys intend to be active in the near term or pause a bit here and kind of make some decisions as the environment progresses throughout the year?

是的。我欣賞那裡的顏色。最後一個給我。你們如何考慮利用回購，向前邁進？顯然，股價下跌，使用起來可能更有吸引力，但這是一個艱難的市場環境。所以，是的，我的意思是，你們是打算在短期內保持活躍還是在這裡稍作停頓，隨著全年環境的發展做出一些決定？

Yes, Chris, it's David. So we were -- we had very moderate activity in Q1. Let's say, the quarter prior to SVB stock price -- our stock price was obviously higher than in the last 3 weeks of the quarter. You can -- based on the average price we paid, you can probably figure out when we bought those shares.

是的，克里斯，是大衛。所以我們 - 我們在第一季度的活動非常溫和。比方說，在 SVB 股價之前的那個季度——我們的股價明顯高於本季度的最後 3 週。你可以——根據我們支付的平均價格，你可能可以算出我們何時購買了這些股票。

But it was -- they were modest. I would suggest that we'll be in the market in the second quarter and then in the back half of the year.

但它是——他們很謙虛。我建議我們將在第二季度進入市場，然後在下半年進入市場。

The real -- we're in an environment where capital is highly important, right, because economic uncertainty is there. But we're also trading at 1.1x tangible book value. So we think our stock is very compelling.

真實的 - 我們處於資本非常重要的環境中，對，因為存在經濟不確定性。但我們的交易價格也是有形賬面價值的 1.1 倍。所以我們認為我們的股票非常有吸引力。

So we're balancing the desire to buy a lot versus the need to harbor capital for economic uncertainty. And then that's an active discussion that we have internally and we have with our Board as well, as you can imagine.

因此，我們正在平衡購買大量股票的願望與為經濟不確定性保留資金的需要。然後這是我們在內部進行的積極討論，我們也與我們的董事會進行了討論，正如您可以想像的那樣。

At this time, we have no further questions. I'll hand back over to the management team for any closing remarks.

目前，我們沒有進一步的問題。我將把任何結束語交還給管理團隊。

Thank you for joining us today on our call and for your interest in Berkshire. Have a great day, and be well. Charlie, you can close the call now.

感謝您今天加入我們的電話會議並感謝您對伯克希爾的興趣。祝你有美好的一天，身體健康。查理，你現在可以掛斷電話了。

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

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您可以斷開線路。