BankUnited Inc (BKU) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to BankUnited first-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 BankUnited 2025 年第一季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jackie Bravo, Corporate Secretary. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，公司秘書 Jackie Bravo。請繼續。

Thank you, Michelle. Good morning and thank you everyone for joining us today for BankUnited Inc's first-quarter 2025 results conference call. On the call this morning are Raj Singh, Chairman, President, and CEO; Leslie Lunak, Chief Financial Officer; and Tom Cornish, Chief Operating Officer.

謝謝你，米歇爾。早安，感謝大家今天參加 BankUnited Inc 2025 年第一季業績電話會議。參加今天早上電話會議的有董事長、總裁兼執行長 Raj Singh、財務長 Leslie Lunak 和營運長 Tom Cornish。

Before we start, I'd like to remind everyone that this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company's current views with respect to, among other things, future events and financial performance. Any forward-looking statements made during this call are based on the historical performance of the company and its subsidiaries or on the company's current plans, estimates, and expectations.

在我們開始之前，我想提醒大家，本次電話會議可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，這些陳述反映了公司目前對未來事件和財務業績等的看法。本次電話會議中所做的任何前瞻性陳述均基於本公司及其子公司的歷史業績或公司目前的計劃、估計和預期。

The inclusion of this forward-looking information should not be regarded as a representation by the company that the future plans, estimates or expectations contemplated by the company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including those related to the company's operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the company's direct control, such as adverse events impacting the financial services industry.

納入這些前瞻性資訊不應被視為公司對其所設想的未來計劃、估計或期望將會實現的陳述。此類前瞻性陳述受各種風險、不確定性和假設的影響，包括與公司營運、財務績效、財務狀況、業務前景、成長策略和流動性相關的風險、不確定性和假設，包括受公司直接控制範圍之外的外部環境影響的風險、不確定性和假設，例如影響金融服務業的不利事件。

The company does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors should not be construed as exhaustive.

本公司不承擔公開更新或審查任何前瞻性聲明的義務，無論其是否出現新資訊、未來發展或其他原因。許多重要因素可能導致實際結果與前瞻性陳述所示的結果有重大差異。這些因素不應被視為詳盡無遺的。

Information on these factors can be found in the company's annual report on Form 10-K for the year ended December 31, 2023, and any subsequent quarterly report on Form 10-Q or current report on Form 8-K, which are available at the SEC's website. With that, I'd like to turn the call over to Mr. Raj Singh.

有關這些因素的資訊可在本公司截至 2023 年 12 月 31 日的 10-K 表年度報告以及任何後續 10-Q 表季度報告或 8-K 表當前報告中找到，這些報告均可在美國證券交易委員會 (SEC) 網站上查閱。說到這裡，我想把電話轉給拉吉辛格先生。

Thank you, Jackie. Thank you everyone for joining us. You may have noticed that our call is a little bit later than it usually is, and usually we go around the 22nd, 23rd. And the reason it was a little bit later, partially it had to do with calendars, but partially also was we went through a GL conversion, which is a fairly big undertaking which Leslie sitting over here next to me led and it went flawlessly. We didn't need the extra two or three days that we thought we might need, but It went really well. So I want to congratulate the team.

謝謝你，傑基。感謝大家的參與。您可能已經注意到，我們的電話會議比平常晚了一點，通常是在 22 日、23 日左右。之所以晚一點，部分原因是因為日曆，但部分原因是我們經歷了 GL 轉換，這是一項相當大的工程，由坐在我旁邊的 Leslie 領導，並且一切都進行得很順利。我們並不需要想像中可能需要的額外兩三天的時間，但一切進展順利。因此我想向這個團隊表示祝賀。

But this was a good quarter, a solid quarter in terms of where we landed versus our expectations. I know there's a lot of noise out in the economy, and we'll get to that in a second. But first, let's go through what the last 90 days were like.

但就我們達到的業績與預期而言，這是一個好的季度，一個穩健的季度。我知道經濟方面存在著許多噪音，我們馬上就會談到這個問題。但首先，讓我們回顧一下過去 90 天的情況。

In terms of net income, we came in at $58.5 million or $0.78 a share. I think consensus was $0.76, so slightly better than consensus. Margin was 2.81%, which was -- in the last quarter was down 3 basis points, which is exactly what we had expected. Most of that was around some hedges that rolled off, so it came in exactly where we expected it to.

就淨收入而言，我們的收入為 5,850 萬美元，即每股 0.78 美元。我認為共識是 0.76 美元，因此比共識略好一些。利潤率為 2.81%，比上一季下降了 3 個基點，這正是我們預期的。大部分都是圍繞著一些滾落的樹籬，所以它正好落在我們預期的位置。

Cost of deposits came down by 14 basis points at 2.58% from 2.72% last quarter. Cost of interest bearing deposits came down 21 basis points. It's now down at 3.54%. Last quarter was 3.75%. And on a spot basis also from December 31 to March 31, we had an 11 basis point drop in that cost.

存款成本從上一季的 2.72% 下降了 14 個基點，至 2.58%。計息存款成本下降了21個基點。目前已下跌 3.54%。上一季為 3.75%。以現貨計算，從 12 月 31 日到 3 月 31 日，我們的成本下降了 11 個基點。

NIDDA, which has been the story here for the last several quarters now, again, we had a very solid quarter. NIDDA was up $453 million, again as expected and as we had mentioned to you last quarter -- at the last earnings release.

NIDDA 是過去幾季以來一直關注的焦點，我們又度過了一個非常穩健的季度。NIDDA 上漲了 4.53 億美元，這再次符合預期，也正如我們上個季度在上次財報中所提到的。

Average NIDDA was down a little bit. Just that's the seasonality of how the DDA builds up for the year. December 31 is not the bottom for us. It generally is somewhere deep in the first quarter where we bottom out and we start building back up.

平均 NIDDA 略有下降。這就是 DDA 每年累積的季節性。12月31日對我們來說並不是最低潮。通常在第一季的某個時候，我們會觸底，然後開始回升。

So March is generally a strong year. And then from here on, it's in several months of strong deposit growth. So we're expecting an even better second quarter. And in terms of -- if I just look at total deposit growth outside of brokered, which we paid down quite a bit, total deposit growth excluding brokered came in at $719 million. So a very solid quarter, no matter how you look at it on the deposit side.

因此，三月整體來說是強勁的一年。從現在開始，存款將進入幾個月的強勁成長階段。因此我們期待第二季表現會更好。就這一點而言——如果我只看經紀業務以外的總存款增長情況（我們支付了相當多的金額），不包括經紀業務的總存款增長達到了 7.19 億美元。因此，無論從存款方面如何看待，這都是一個十分穩健的季度。

Our wholesale funding, which is brokered and our wholesale FHLB borrowings, were down $1.1 billion. The loan book, total loans were down $300 million. I'll break it up roughly into two pieces. One is what you expect, which is what we've been running down for some time, our resi book, our some of our commercial finance subs. That was about 200 -- round number $200 million of that $300 million. And about $100 million roughly was actually declined in our core commercial book which we're trying to grow.

我們的批發融資（透過經紀）和批發 FHLB 借款減少了 11 億美元。貸款帳簿上，貸款總額減少了 3 億美元。我將把它大致分成兩部分。一個是您所期望的，這也是我們一段時間以來一直在做的事情，我們的 resi 帳簿，我們的一些商業金融子公司。這大約是 2 億美元，也就是 3 億美元中的 2 億美元。我們正努力增加的核心商業帳簿實際上減少了​​約 1 億美元。

Now, first quarter, I will remind you, is our slowest quarter. If you go back two, three. four, five years, you'll see first quarter is always our lightest growth quarter simply because we don't have -- in our CNI business, we don't have financial information or audited financial information from last year and we're working off of really dated financials. So we tend to be much lighter on growth in the first quarter than we -- the season really picks up in the second, third and fourth quarters.

現在，我要提醒大家，第一季是我們最慢的一個季度。如果回顧兩年、三年、四年、五年，你會發現第一季度始終是我們成長最慢的季度，這僅僅是因為我們沒有——在我們的 CNI 業務中，我們沒有去年的財務信息或經審計的財務信息，而且我們是根據過時的財務數據來處理的。因此，我們第一季的成長速度往往比第二、第三和第四季慢得多。

Also coupled with some still fairly large pay paybacks that we've seen in the CNI book. So that trend has now been going on for about three quarters, and that has not slowed down.

此外，我們還看到了 CNI 書中的一些相當大的回報。這種趨勢已經持續了大約三個季度，並且沒有放緩的跡象。

Our total loan-to-deposit ratio stood now at 85.5%. It was 87.2% at the end of last quarter. Our CET1 is now 12.2%, and the tangible book value per share keeps climbing up. It's $37.48. Lastly, we'll talk more about AOCI. I don't actually recall the number on the top of my head, but I think that also improved.

我們的總貸存比目前為85.5%。上季末這一比例為87.2%。我們的 CET1 目前為 12.2%，每股有形帳面價值持續攀升。價格是 37.48 美元。最後，我們再來談談 AOCI。我實際上不記得具體數字了，但我認為也得到了改善。

Talking about -- I'll talk about the macro environment for a second, then I'll talk about guidance. So you've seen the level of uncertainty that is out there. We're all monitoring it. Our clients are monitoring it.

談論——我將先談論宏觀環境，然後再談論指導。所以你已經看到了存在的不確定性程度。我們都在監視它。我們的客戶正在監控它。

We actually had a very large client event just last week in New York. We met 75 or so of our top clients in both C&I and CRE businesses. And I would say that, I went into that expecting a lot of concern, a lot of like, oh my God, what's going on in this world. But I didn't actually get that.

事實上，上週我們在紐約舉辦了一場大型客戶活動。我們會見了 C&I 和 CRE 業務領域中約 75 位頂級客戶。我想說的是，我當時預料到會有很多人擔心，例如，天哪，這個世界到底發生了什麼事。但實際上我並沒有明白。

What I got, yes, there's some level of concern, some level of uncertainty, but for the most part people are engaged and people are basically while they're monitoring what's going on, they're not writing off the year in any way, shape, or form.

是的，我得到的是，存在一定程度的擔憂和不確定性，但大多數人都在參與，基本上在關注事態發展，他們不會以任何方式、形式或形式放棄這一年。

So they stay engaged. The fact that we had that level of attendance to this event itself was a good sign, but then how engaged people were and wanted to talk about growing their businesses. And yes, there was some talk about politics and tariffs and so on. But for the most part, it was a very positive event. So, when it comes to our guidance, here's what I will say at a high level, we're not changing our guidance.

所以他們保持參與。事實上，我們參加這次活動有如此多的參與者，這本身就是一個好兆頭，但隨後人們的參與度也很高，並且希望討論如何發展他們的業務。是的，有一些關於政治、關稅等議題的討論。但總體來說，這是一個非常積極的事件。因此，當談到我們的指導時，我要從高層次說的是，我們不會改變我們的指導。

So what we told you 90 days ago, we'll stand by that in terms of loan growth, deposit growth, margin, expenses, and all that good stuff. Having said that, I will say, and this is a phrase that I borrowed from somebody that I met last week, that the cone of uncertainty is much bigger than it was even a month ago.

因此，正如我們 90 天前告訴您的那樣，我們將在貸款成長、存款成長、保證金、費用以及所有這些好東西方面堅持這一點。話雖如此，我想說的是，這句話是藉用上週遇到的一個人的話來說的，那就是不確定性的範圍比一個月前要大得多。

So there are a lot of moving parts here. The rate environment is moving around like crazy. The economic environment is also uncertain, and we don't know exactly where we're going to land with tariffs at the end of the day. And all of that will have an impact.

所以這裡有很多活動部件。利率環境正在瘋狂地波動。經濟環境也不確定，我們不知道關稅最終會對最終結果帶來什麼影響。所有這些都會產生影響。

So what can we do as a bank? We're -- what are we doing as a bank? We're paying a lot of attention to the risks that are unfolding in front of us. I think the most immediate risk that we're -- that we have to deal with is interest rate risk. When the curve moves as much as it is doing on a weekly basis these days, both the short end and the long end of the curve. That means we have to pay extra attention to interest rate risk management. And we're trying to stay as neutral as possible in any scenario, so we're not hurt by whatever happens to rates.

那麼身為銀行我們能做什麼呢？我們──身為一家銀行我們在做什麼？我們非常關注眼前出現的風險。我認為我們必須應對的最直接風險是利率風險。當曲線像最近每週一樣波動時，曲線的短端和長端都會波動。這意味著我們必須格外重視利率風險管理。我們試圖在任何情況下都盡可能保持中立，因此無論利率發生什麼變化，我們都不會受到影響。

Second, obviously is credit and pipeline risk. I'll roll them up into one. The pipelines right now are actually very strong. So we've not seen a degradation in our pipeline. Now, in fact, I was meeting with our credit people last week and trying to compare what we had budgeted for this time of the year for pipelines versus what we are seeing, and they are actually better than what we had even budgeted for.

第二，顯然是信貸和管道風險。我會把它們捲成一個。目前的管道實際上非常堅固。因此，我們沒有看到管道出現退化。事實上，我上週與我們的信貸人員會面，試圖將我們今年這個時候的管道預算與我們所看到的情況進行比較，結果發現，管道實際上比我們預算的要好。

Now, will -- what will be the pull through rate on these pipelines? I think that will depend a lot on where everything lands with tariffs and the economy in general. But so far, I really have no basis for altering the guidance we gave you, except just to say that the possibility of -- the probabilities of what can happen is much wider than 90 days ago.

現在，這些管道的輸送率是多少？我認為這在很大程度上取決於關稅和整體經濟的走向。但到目前為止，我真的沒有任何理由改變我們給你的指導，只是說，發生這種情況的可能性比 90 天前要大得多。

So, with that -- I'm trying to see here in my notes, if I've missed anything, no. We did -- just to note the obvious we did increase our dividend by a couple of pennies, which I think now going back to COVID is when we started doing this. I'd like to keep doing this very steady increase in dividends. And you know 10 years from now I'll be able to come back to you and say, look at our track record for the last 10, 15, 20 years. We've been increasing dividends on a steady basis. So we're happy to report that.

因此，我嘗試在我的筆記中查看是否遺漏了什麼，沒有。我們確實——只是要指出一個顯而易見的事實，我們確實將股息增加了幾美分，我想現在回想一下 COVID，我們就是那時開始這樣做的。我希望繼續穩步增加股息。你知道，10 年後我會回來告訴你，看看我們過去 10 年、15 年、20 年的業績記錄。我們一直在穩步增加股利。因此我們很高興地報告這一點。

But all I'll say is while there is more uncertainty out there, we are as prepared as anyone or or more prepared today than we've ever been to take on whatever is coming our way, if it is bad news or if it's good news. If it's good news, and there's got to be a lot more economic activity, we're open for all kinds of business. And if it's a recession or something, a slowdown, we're ready for that. We have more capital, more liquidity than we've ever had, and we can take that on.

但我想說的是，儘管有更多的不確定性，但我們已經做好了充分的準備，或者說比以往任何時候都更有準備，去應對即將發生的一切，無論是好消息還是壞消息。如果是好消息，而且經濟活動會大幅增加，我們就會開放各種業務。如果出現經濟衰退或放緩，我們已經做好了準備。我們擁有比以往更多的資本和流動性，我們可以承擔這些責任。

With that, I will turn it over to Tom. And he'll get a little more details behind some of the numbers and then Leslie.

說完這些，我就把麥克風交給湯姆。他會進一步了解一些數字背後的細節，然後是萊斯利。

Right, thanks, Raj. So I'll start off talking a little bit more about the loan side and maybe give you a little bit more color on Raj's comments about the $100 million down in kind of the core segments. So basically CRE was flat for the quarter, and most of the decline or all of the decline was really kind of in the corporate banking space, predominantly in the upper commercial space.

好的，謝謝，Raj。因此，我將首先談談貸款方面的問題，並可能為您提供更多關於 Raj 關於核心部分 1 億美元首付的評論的資訊。因此，本季 CRE 基本上持平，大部分或全部下降實際上都發生在企業銀行領域，主要是高端商業領域。

So this payoff activity that we're seeing last few quarters is, I think, not just an us phenomenon. I think it's pretty across the industry. And I give the broad sense of sort of what we see in the marketplace. So when we look at payoffs, I would say, probably 25% of it is related to company sales. So there's not really too much we can do about that.

因此，我認為，我們在過去幾季看到的這種回報活動不僅僅是美國的現象。我認為整個行業都如此。我對市場上看到的情況給出了大致的概括。因此，當我們查看收益時，我想說，其中大約 25% 與公司銷售有關。因此我們對此能做的其實不多。

About another 25% of it is situations where we are kind of selectively, I would say, opting out of credit opportunities. And most of our opt-out is either because we're looking at renewal opportunities where the pricing has gotten more aggressive than we want to compete at or in many cases, the deposit and ancillary business opportunity is not really developed in the way that we thought that it would over a period of time.

另外約 25% 的情況是我們選擇性地放棄信貸機會。我們選擇退出的主要原因要么是因為我們正在尋找續約機會，而這些機會的定價已經超出了我們想要競爭的範圍，要么在許多情況下，存款和輔助業務機會並沒有像我們想像的那樣在一段時間內得到發展。

So those are kind of self-selected sort of opportunities. I'd say another 25% of it is predominantly deals that we are competing on, renewals that we are competing on, but situations where debt funds are becoming more dominant in the corporate lending space and middle-market lending space, in particular, in taking all parts of the debt stack and not just taking like a subordinate piece.

所以這些都是自我選擇的機會。我想說另外 25% 主要是我們正在競爭的交易、我們正在競爭的續約，但債務基金在企業貸款領域和中端市場貸款領域變得越來越占主導地位，特別是佔據了債務堆疊的所有部分，而不僅僅是佔據從屬部分。

And in some cases, those deals are just beyond the parameters that we want to play in. I'd say the other 25% is just kind of dogs and cats, different regions for different things. I would also state, as Raj mentioned, production, particularly in the C&I areas, was really good for the first quarter. And I think when we look at sort of the swap that we're making in deals that are paying off versus deals that are coming in, we're generally seeing all deals coming in.

在某些情況下，這些交易超出了我們想要的範圍。我想說剩下的 25% 只是狗和貓，不同地區有不同的東西。我還要說的是，正如 Raj 所提到的，第一季的生產，特別是 C&I 領域的生產，表現非常好。我認為，當我們觀察正在獲得回報的交易與即將獲得回報的交易之間的交換時，我們通常會看到所有交易都在進行。

Virtually 100% of those relationships are coming with deposits, which is a key part of what we're trying to focus on. And the pricing difference between what we're stepping into versus what we're stepping out of is favorable.

幾乎 100% 的這些關係都伴隨著存款，這也是我們努力關注的關鍵部分。我們進入的領域和退出的領域之間的價格差異是有利的。

So even though at times, it looks like an even wash kind of from a long-term franchise perspective, it's really not because these are much more relationship-oriented, deposit-oriented clients. But as Raj said, we are looking at really good pipelines in all of our core businesses in the second quarter. So we're optimistic about that.

因此，儘管有時從長期特許經營的角度來看，這看起來像是一種均等的局面，但事實並非如此，因為這些客戶更注重關係和存款。但正如拉吉所說，我們在第二季度看到了所有核心業務的良好發展勢頭。因此我們對此持樂觀態度。

Back to the resi piece, was down by $116 million. Franchise and equity municipal finance were down by a combined $80 million, all kind of in line with expectations. And the equipment finance and franchise business were kind of getting to sort of the end. I mean the downward movement from this point on will be in much smaller amounts because it will just take time to run off at this point.

回到住宅部分，下降了 1.16 億美元。特許經營和股權市政融資總計下降了 8000 萬美元，這完全符合預期。設備融資和特許經營業務也即將走向終點。我的意思是，從這一點開始向下移動的幅度將會小得多，因為從這一點開始向下移動需要時間。

With respect to tariffs and macro uncertainty, we're not really seeing any impact, as Raj mentioned, in the pipelines, although the pull-through rate could be a little bit slower. There's certainly a lot of lenders in the market. We don't see any abatement of risk appetite going on right now. And given our core client base in markets, we believe the ultimate impact to us will probably be second, third or fourth order impacts.

至於關稅和宏觀不確定性，正如 Raj 提到的那樣，我們實際上並沒有看到對管道產生任何影響，儘管拉通率可能會稍微慢一些。市場上一定有很多貸款人。我們目前沒有看到風險偏好有任何減弱的跡象。考慮到我們在市場上的核心客戶群，我們相信對我們的最終影響可能是第二、第三或第四級影響。

Those-are pretty hard to predict. We don't have a tremendous amount of China, Mexico, Canada exposure, logistics exposure in that way. If you look at the supplemental data and look at our industry, segmentation, it's less oriented towards that type of business and more in finance and insurance and health care and education and not-for-profits and things of that nature.

這些都很難預測。我們在中國、墨西哥、加拿大的業務和物流業務並不多。如果你查看補充數據並看看我們的行業細分，你會發現它不太側重於那種類型的業務，而更多地側重於金融、保險、醫療保健、教育、非營利組織和諸如此類的事物。

With respect to CRE, not really much has changed since the last report. Our CRE exposure totaled 26% of loans, 173% of the total risk-based capital as of March 31, 2025. Again, I'd point to the comparison based upon December 31, 2024, call report data, the medium level of CRE for total loans for $10 billion to $100 billion banks was 34% and the mean ratio of CRE to total risk-based capital was 218%. So while this remains an important line of business for us, relatively speaking, compared to peers, our exposure is a bit less.

就 CRE 而言，自上次報告以來並沒有太大變化。截至 2025 年 3 月 31 日，我們的 CRE 曝險佔貸款總額的 26%，佔創投總額的 173%。再次，我要指出，根據 2024 年 12 月 31 日的電話報告數據進行比較，100 億美元至 1000 億美元銀行的總貸款的 CRE 中等水平為 34%，CRE 與總風險資本的平均比率為 218%。因此，雖然這對我們來說仍然是一條重要的業務線，但相對而言，與同行相比，我們的曝光度要低一些。

At March 31, the weighted average LTV of the CRE portfolio was 55%, and the weighted average debt service coverage ratio was 1.78%. 53% of the portfolio was in Florida and 25% in the New York tri-state area. The profile of the CRE office portfolio also is largely consistent with prior quarter end. We were down by $52 million, mostly ammo within the portfolio.

截至3月31日，CRE投資組合的加權平均貸款價值比（LTV）為55%，加權平均債務償還率（DST）為1.78%。其中，53%的投資組合位於佛羅裡達州，25%位於紐約三州地區。CRE 辦公室投資組合的狀況也與上一季末基本一致。我們損失了 5,200 萬美元，大部分是投資組合中的彈藥。

At March 31, we had a total office portfolio of $1.7 billion, 57% in Florida, which is predominantly suburban; 23% in the New York tri-state area, $347 million or 20% of the total CRE portfolio is in medical office. So traditional office is probably about $1.350 billion today. The construction portfolio includes an additional $87 million in office-related exposure with $84 million of that in New York. The weighted average LTV at stabilized office portfolio was 65%, and the weighted average debt service coverage was 1.58% at March 31.

截至 3 月 31 日，我們的辦公大樓投資組合總額為 17 億美元，其中 57% 位於佛羅裡達州，主要位於郊區；23% 位於紐約三州地區；3.47 億美元或 20% 的 CRE 投資組合總額為醫療辦公室。因此，目前傳統辦公室的市值大概在 13.5 億美元左右。建築投資組合還包括 8,700 萬美元的辦公相關投資，其中 8,400 萬美元位於紐約。截至 3 月 31 日，穩定辦公大樓組合的加權平均 LTV 為 65%，加權平均債務償還率為 1.58%。

I would point out that since beyond that of the pandemic and the total change to the office environment and remote hybrid work patterns in 2020, we've had total office charge-offs of $16.2 million in our portfolio of $7.9 million of which was this quarter.

我想指出的是，自從 2020 年疫情和辦公環境及遠端混合工作模式的全面改變以來，我們的投資組合中總計有 1620 萬美元的辦公室沖銷，其中 790 萬美元是本季度的。

Criticized classified office loans totaled $414 million at March 31, down a bit compared to the $425 million at December 31, but generally not much changes. Pages 11 through 14 of the investor deck provide more details on the CRE portfolio, including the office segment. So with that, I'll turn it over to Leslie.

截至 3 月 31 日，受到批評的分類辦公室貸款總額為 4.14 億美元，與 12 月 31 日的 4.25 億美元相比略有下降，但總體變化不大。投資者資料的第 11 至 14 頁提供了有關 CRE 投資組合（包括辦公室部分）的更多詳細資訊。因此，我將把話題交給萊斯利。

Thanks, Tom. To reiterate, net income for the quarter was $58.5 million or $0.78 per share. Provide a little bit of color for you around the NIM and net interest income. Net interest income was down $6.1 million or 3% linked quarter, and that related to lower average interest-earning assets and slight margin compression. The NIM declined 3 basis points to 2.81% from 2.84% last quarter, largely consistent with our expectations. And I'll remind you, that's the same trend as we saw in the prior year, where the NIM was down a few basis points in Q1 and then expanded throughout the rest of the year.

謝謝，湯姆。重申一下，本季淨收入為 5,850 萬美元，即每股 0.78 美元。為您提供一些有關淨利差和淨利息收入的資訊。淨利息收入環比下降 610 萬美元，降幅為 3%，與平均生息資產減少及利潤率略有壓縮有關。淨利差從上季的 2.84% 下降 3 個基點至 2.81%，與我們的預期基本一致。我要提醒大家，這與我們在去年看到的趨勢相同，NIM 在第一季下降了幾個基點，然後在全年剩餘時間內擴大。

The static balance sheet remains modestly asset-sensitive, and there wasn't a lot of change in composition of the average balance sheet this quarter. As we mentioned last quarter, some cash flow hedges expired this quarter. That had a 3 basis point impact on the NIM, so without that, the NIM would have been flat.

靜態資產負債表仍具有適度的資產敏感性，本季平均資產負債表的組成沒有太大變化。正如我們上個季度提到的，一些現金流對沖在本季到期。這對 NIM 產生了 3 個基點的影響，因此如果沒有這個影響，NIM 將會持平。

As we've said, margin expansion ultimately will be the product of change in mix on both sides of the balance sheet, which we continue to expect over the remainder of this year. As Tom discussed earlier, the core commercial loan portfolio segments declined this quarter. And while period-end NIDDA grew by $453 million, average DDA declined modestly by $144 million. And all of that is consistent with what we expected to see for the quarter.

正如我們所說，利潤率的擴大最終將是資產負債表兩邊組合變化的產物，我們預計今年剩餘時間內將繼續存在。正如湯姆之前所討論的，核心商業貸款組合部分本季有所下降。雖然期末 NIDDA 成長了 4.53 億美元，但平均 DDA 卻小幅下降了 1.44 億美元。所有這些都與我們對本季的預期一致。

The average cost of interest-bearing deposits decreased from 3.75% to 3.54%, while the average cost of total deposits declined 14 basis points to 2.58% from 2.72%. On a spot basis, the APY of deposits was down to 2.52% at March 31 from 2.63% at December 31.

計息存款平均成本率由3.75%降至3.54%，總存款平均成本率由2.72%下降14個基點至2.58%。以現貨計算，存款年利率從12月31日的2.63%下降至3月31日的2.52%。

For the current down rate cycle, and I'm measuring that from September 1 through the end of March, the realized down cycle beta on non-maturity interest-bearing deposits was 92%. And we're pretty proud of that and the ability we've had to lower deposit costs.

對於目前的下行利率週期，我測量了從 9 月 1 日到 3 月底的數據，無到期計息存款的實際下行週期貝塔值為 92%。我們對此感到非常自豪，並且能夠降低存款成本。

We worked hard, Les.

我們努力了，萊斯。

We did, indeed. As expected, given the rate cuts in Q4, the average yield on loans declined from 5.60% to 5.48% and the average yield on securities from 5.31% to 5.07%. That really is just largely driven by the repricing of floating rate instruments.

我們確實這麼做了。如預期，鑑於第四季度降息，貸款平均收益率從 5.60% 下降至 5.48%，證券平均收益率從 5.31% 下降至 5.07%。這實際上很大程度上是由浮動利率工具的重新定價所驅動的。

The average rate paid on FHLB advances was down from 3.82% to 3.69%, primarily due to the paydown of higher rate short-term advances, which is a weird thing to say. But short-term advances are the higher rate ones. On last quarter's call, we did mention that impact of the expiring cash flow hedges, and that played out exactly as we thought, as I mentioned.

FHLB 貸款的平均利率從 3.82% 降至 3.69%，主要原因是高利率短期貸款的償還，這聽起來很奇怪。但短期預付款的利率較高。在上個季度的電話會議上，我們確實提到了到期現金流避險的影響，正如我所提到的，它的結果與我們想像的完全一樣。

We've run a lot of different rate and balance sheet composition scenarios because, frankly, we don't know what's going to happen to rates or the yield curve. The greatest exposure from a rate perspective continues to be a severe downward shock in rates. And the most favorable scenario, obviously, would be a positively sloping curve. But again, margin expansion is still most dependent on our continued ability to remix on both sides of the balance sheet.

我們已經運行了許多不同的利率和資產負債表構成情景，因為坦白說，我們不知道利率或殖利率曲線會發生什麼變化。從利率角度來看，最大的風險仍是利率的大幅下行衝擊。顯然，最有利的情況是一條正斜率曲線。但利潤率的擴大仍然主要取決於我們持續重組資產負債表兩邊的能力。

AOCI this quarter improved by 17% as compared to 12/31/24. So that short duration of the bond portfolio continues to pay off in terms of whittling away at that AOCI balance. With respect to credit, the provision and the reserve, the provision this quarter was $15 million. The ACL-to-loans ratio remained unchanged at 92 basis points.

與 2024 年 12 月 31 日相比，本季 AOCI 提高了 17%。因此，短期債券投資組合在逐漸減少 AOCI 餘額方面將繼續帶來回報。關於信貸、撥備和儲備，本季的撥備為 1,500 萬美元。ACL與貸款比率維持不變，為92個基點。

Slide 16 of the deck presents a waterfall of changes in the ACL for the quarter. As you can see from that chart, we did build reserves this quarter but then took some charge-offs. So prior to taking those charge-offs, the reserve built to a little over 1%, and then we took the charge-offs. And that's how it's supposed to work.

幻燈片 16 展示了本季度 ACL 的一系列變化。從圖表中可以看出，我們本季確實建立了儲備，但隨後進行了一些沖銷。因此，在進行這些沖銷之前，儲備金已增加到略高於 1%，然後我們才進行沖銷。這就是它應該如何運作。

So the ACL this quarter was also impacted by a true-up of some specific reserves, largely related to updated appraisals and valuations on loans that have been worked out for some time. The commercial ACL ratio, that C&I, CRE, franchise and equipment finance was 1.34% at March 31, and the reserve on CRE office was 1.99%. That was down a little bit from last quarter due to the charge-off we took and also some upgrades.

因此，本季的 ACL 也受到一些特定儲備金調整的影響，這主要與一段時間以來制定的貸款的最新評估和估值有關。截至 3 月 31 日，商業 ACL 比率（即 C&I、CRE、特許經營和設備融資）為 1.34%，CRE 辦公室的準備金為 1.99%。由於我們採取的沖銷措施以及一些升級，這一數字比上一季略有下降。

We did run the April Moody's scenario through our ACL models. It is incrementally worse than the March scenario. And what we learned by doing that was that we have sufficient qualitative reserves included in our reserve to more than cover the incremental increase that would have resulted from running that new forecast.

我們確實透過 ACL 模型運行了四月穆迪情景。情況比三月的情況更糟。透過這樣做，我們了解到，我們的儲備中有足夠的定性儲備，足以彌補運行新預測所帶來的增量。

We are seeing some normalization of credit. Net charge-offs totaled $19.4 million this quarter or 33 basis points annualized. If you look at that for the trailing 12 months, the net charge-off ratio was 24 basis points. Substantially all of the charge-offs we took this quarter related to loans that have been in workout for a while, so nothing cropping up unexpectedly there.

我們看到信貸正在逐漸正常化。本季淨沖銷總額為 1,940 萬美元，以年率計算為 33 個基點。如果你看一下過去 12 個月，淨沖銷率為 24 個基點。本季我們記帳的幾乎所有沖銷款項都與已經處理了一段時間的貸款有關，因此沒有任何意外情況。

Total criticized and classified ads were essentially flat. The NPA ratio was 67 basis points, excluding the guaranteed portion of SBA loans, and NPLs were up slightly. With that, I am going to turn it back over to Raj for any closing comments, and then we'll open it up for questions.

批評和分類廣告總數基本上持平。不包括 SBA 貸款擔保部分，不良資產比率為 67 個基點，不良貸款略有上升。說完這些，我將把時間交還給 Raj，請他發表最後評論，然後我們再開始提問。

Thank you, Leslie. I forgot to mention -- I usually talk about credit in my remarks, but you did a good job. So criticized, essentially flat and ACL is essentially flat. So not much news. But we'll open this up for Q&A and Jackie.

謝謝你，萊斯利。我忘了說了——我通常在發言中談到功勞，但你做得很好。因此受到批評，基本上是平的，ACL 基本上是平的。所以沒有太多新聞。但我們會開放問答環節，並邀請 Jackie 參加。

(Operator Instructions) Jared Shaw, Barclays.

（操作員指示）巴克萊銀行的賈里德·肖 (Jared Shaw)。

Hey, good morning. Maybe starting just on some of the components of margin, when we look at asset yields or loan yields, how much are you seeing spread compression impacting new loans right now? Is it -- it seems like you're calling out some competition there. Is that increasing? How should we think about the competitive environment for new loans?

嘿，早安。也許僅從保證金的一些組成部分開始，當我們查看資產收益率或貸款收益率時，您認為利差壓縮對目前新貸款的影響有多大？是嗎——看起來你正在呼籲一些競爭。這在增加嗎？我們該如何看待新增貸款的競爭環境？

So it's a very good question, but it has a long answer because there's so much that is happening. I'll go -- not just loans, I'll even talk about securities, starting there, the easiest one to answer. Credit spreads have widened out in the securities land over the last several weeks, especially over the last four or five weeks if not more.

這是一個非常好的問題，但答案卻很長，因為發生了很多事情。我會繼續——不僅僅是貸款，我什至會談論證券，從那裡開始，這是最容易回答的問題。過去幾週，證券領域的信用利差不斷擴大，尤其是過去四、五週甚至更久。

On the lending side, which always gets to news a little bit later than the securities world, we saw, at least in CRE, a tightening of spreads in the first quarter. One of the reasons we actually did less business than we thought in the CRE space was tighter spreads.

在貸款方面，其新聞發布總是比證券領域稍晚一些，我們看到，至少在商業房地產領域，第一季利差有所收窄。我們在商業房地產領域的業務實際上比我們想像的要少，原因之一是利差較小。

It seems that a lot more banks are -- kind of get back into the CRE business, maybe because it's a new year, maybe because it's a different world today. But we're seeing more CRE competition than even a quarter or two ago.

似乎有更多的銀行重新回到了商業房地產業務，也許是因為新的一年，也許是因為今天的世界已經不同了。但我們看到，CRE 的競爭比一兩個季度前更加激烈。

Having said that, when I look at the pipeline for CRE from here forward, again, the spreads look a little bit better than they looked in the last three months. So it is really in flux, and maybe that's got to do with all the noise in the market for the last month or so. But spreads are again moving back higher by 20, 25 basis points when I look forward in CRE.

話雖如此，當我從現在開始審視 CRE 的管道時，利差看起來比過去三個月要好。所以它確實處於不斷變化之中，也許這與過去一個月左右市場上的所有噪音有關。但當我展望 CRE 時，利差將再次回升 20 到 25 個基點。

In C&I, I would say that while we saw compression in spreads all through last year or especially from summer into December, they are largely steady. There wasn't that much change in the first quarter or in the pipeline. So CRE is the one that has gone down the whipsawing a little bit, but C&I is more steady. And securities have, of course, widened out.

在商業和工業領域，我想說，雖然去年全年，特別是從夏季到 12 月，利差有所壓縮，但整體上保持穩定。第一季或籌備過程中並沒有太大的變化。因此，CRE 的表現略有下滑，而 C&I 的表現則較為穩定。當然，證券市場也已擴大。

Okay. Great. That's helpful. I guess maybe as a follow-up or a second question shifting over to credit. Any color around the growth in nonperformers? Is there any industry that stands out more than the other? Or is it just more broad-based?

好的。偉大的。這很有幫助。我想這也許是後續問題，或是第二個關於信貸的問題。不良員工的成長有何特徵？有沒有哪個產業比其他產業更突出？還是只是基礎更加廣泛？

No, Jared. I mean, as you can see, it's mostly in the C&I book, but it's cats and dogs, ins and outs. I think it's up total maybe $9 million, which is like really equates to one loan. Although I wouldn't say it's one loan. It's just different things moving in and out. Nothing we're seeing back to trends or concerns about particular industry verticals.

不，賈里德。我的意思是，正如你所看到的，它主要出現在 C&I 書中，但它是貓和狗，內幕和外幕。我認為總額大概是 900 萬美元，這實際上相當於一筆貸款。儘管我不會說這是一筆貸款。只是不同的東西進進出出。我們沒有看到有關特定垂直行業的趨勢或擔憂。

Okay, great. And then if I could sink a last one in. When we look at the growth and end of period DDAs. What percentage of balances are subject to ECR in terms of that growth?

好的，太好了。然後如果我能再沉入最後一個。當我們觀察 DDA 的成長和期末。就這一成長而言，有多少比例的餘額需要接受 ECR 的約束？

I mean, if you mean true ECR, pretty much all commercial deposit accounts are subject to ECR.

我的意思是，如果您指的是真正的 ECR，那麼幾乎所有商業存款帳戶都受 ECR 約束。

I don't think Jared is asking for true ECR.

我認為 Jared 要求的並不是真正的 ECR。

If you're talking about rebate and commission costs, I think most of it not to any great extent.

如果您談論的是回扣和佣金成本，我認為大部分都不會達到很大的程度。

Okay. Thank you.

好的。謝謝。

Woody Lay, KBW

伍迪·萊（Woody Lay），KBW

Good morning, guys. A couple of follow ups on credit to start. First, I just wanted to start with -- it looks like there were some downgrades from special mention to substandard accruing just based on balances. Any color on what drove the increase to substandard?

大家早安。首先對信用進行一些跟進。首先，我只是想開始說——看起來僅根據餘額就有一些從特別提及降級為不合格累積的降級。有什麼細節可以解釋為什麼會導致不合格率上升嗎？

I mean, you're right. There was some migration that's not unexpected. I think the quarter was characterized by a combination of upgrades and downgrades and I don't think there's anything specific to call out Woody. It's just loans going in, loans going out, normal migrations. Nothing in particular to call out, I don't think.

我的意思是，你是對的。有一些遷移並不出乎意料。我認為本季的特點是升級和降級相結合，我認為沒有什麼特別之處可以批評伍迪。這只是貸款流入、貸款流出、正常的遷移。我認為沒有什麼特別值得強調的。

Got it. And then, Leslie, based on your opening comments, it sounded like if you factored in April, Moody's that would imply a reserve pickup. But it sounds like you have some flexibility on the scenario weighting. So how should we think about order levels here if things remain sort of the same?

知道了。然後，萊斯利，根據你開場白，聽起來如果你考慮到四月份，穆迪就意味著儲備增加。但聽起來您在場景權重方面具有一定的靈活性。那麼，如果情況保持不變，我們應該如何考慮訂單水準？

Yeah. One thing I should have mentioned in my comments -- my prepared comments, and I didn't, is we did add to our qualitative reserves this quarter. And we added more related to just general, to Raj's point, the cone of uncertainty getting wider.

是的。我應該在我的評論中提到的一件事——我準備好的評論，但我沒有，那就是我們本季確實增加了定性儲備。我們還添加了更多與一般情況相關的內容，正如 Raj 所說，不確定性的範圍越來越大。

Yes. Actually, we've already had qualitative reserve.

是的。事實上，我們已經有質的儲備。

And we added more.

我們還添加了更多內容。

And then we added some more this quarter because of all the uncertainty. And then we tested with the April Moody's --

由於種種不確定性，我們本季又增加了一些。然後我們用四月的穆迪--

And our qualitative reserves are more than sufficient to cover any increased reserve that would have resulted from that April forecast. Now I don't know what the GM forecast is going to look like, Woody. If things deteriorate, obviously, there'll be more provisioning. If things don't, then -- at least related specifically to that, there won't. But we did compare the April result to what we already had in the qualitative reserve related to economic uncertainty. And we were covered -- more than covered.

我們的定性儲備足以彌補 4 月預測所導致的任何儲備增加。現在我不知道通用汽車的預測會是什麼樣子，伍迪。如果情況惡化，顯然會有更多的準備金。如果事情沒有發生，那麼——至少與此具體相關的是，就不會發生。但我們確實將四月份的結果與我們已有的與經濟不確定性相關的定性儲備進行了比較。我們得到了保障——不僅僅是保障。

Woody, I might add in the CRE portfolio, a lot of times when you see movement in and out, particularly in Florida, what you're tending to see is we have office buildings that you lose a tenant and then you have office buildings that you gain a tenant. When you lose a tenant and gain a tenant, you usually are signing abatement periods of time. We have properties that are going to abatement periods of time, and we have other properties that are coming out of abatement periods of time when we can start to count the lease income into the NOI. So you have this kind of shifting around every quarter of certain loans as abatements either roll in or roll out.

伍迪，我想補充一下，在 CRE 投資組合中，很多時候當你看到進出變動時，特別是在佛羅裡達州，你傾向於看到的是，我們的辦公大樓會失去一個租戶，然後你的辦公大樓會獲得一個租戶。當您失去一個租戶並獲得一個租戶時，您通常會簽署減免期。我們有一些房產即將進入減稅期，還有一些房產即將結束減稅期，這時我們就可以開始將租賃收入計入淨營業收入。因此，隨著減免的增加或減少，某些貸款每季都會發生這種變化。

So there were just a lot of puts and takes. And our guidance with respect to the overall reserve level hasn't changed.

因此，存在著許多得失。我們對整體儲備水準的指導沒有改變。

All right. That's really helpful. And then maybe just last for me, shifting over to the loan pipelines and production in the quarter. Any way to quantify the production in the core CRE and C&I segments in the first quarter and how that compared to previous quarters? And then just a follow-up there.

好的。這真的很有幫助。然後也許對我來說只是最後一個，轉向本季的貸款管道和生產​​。有沒有辦法量化第一季核心 CRE 和 C&I 部門的產量以及與前幾季相比如何？然後只是後續跟進。

Second quarter outlook is a little murky just given the macro. But how should we think about that growth opportunity in the back half of the year?

從宏觀角度來看，第二季的前景有些不明朗。但我們該如何看待下半年的成長機會呢？

Woody, we don't disclose production numbers, and I'm hesitant to go down that path. But I will say that production slightly exceeded our budget for the first quarter. So it's coming in slightly ahead of expectations, and the pipelines are pretty robust.

伍迪，我們不會透露生產數字，我對走這條路猶豫不決。但我要說的是，第一季的產量略微超出了我們的預算。因此，它的表現略高於預期，而且管道相當強勁。

Woody, we don't disclose production numbers and I am hesitant to go down that path, but I will say that production slightly exceeded our budget for the first quarter. So it's coming in slightly ahead of expectations, and the pipelines are pretty robust.

伍迪，我們不會透露生產數字，而且我也不太願意透露，但我可以說，第一季的產量略微超出了我們的預算。因此，它的表現略高於預期，而且管道相當強勁。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Hi, good morning. Leslie, I want to start just on the setup, particularly into 2Q. So if we look at first quarter results year over year, they're pretty similar, margin down 3 basis points both years. You got the DDA component where the balance has been -- while average is still down.

嗨，早安。萊斯利，我想從設定開始，特別是第二季。因此，如果我們逐年查看第一季的業績，就會發現它們非常相似，兩年的利潤率都下降了 3 個基點。您獲得了 DDA 組件，其中平衡已經存在 - 而平均值仍然下降。

Can we see a similar level of margin expansion 2Q this year as you get some of the remixing on the funding side? I guess just maybe talk more broadly about how you see margin and NII trajectory in the second quarter.

由於融資方面出現一些重組，我們是否能看到今年第二季利潤率出現類似水準的成長？我想也許可以更廣泛地談談您如何看待第二季的利潤率和 NII 軌跡。

Sure. I'm not going to provide that guidance quarter by quarter because unlike you, I don't really care which quarter it happens in. But we do expect the margin to expand over the course of the rest of the year. And again, we expect that irrespective of the Fed cuts. There are 4 built into our forecast, by the way, in an inverted yield curve, so honestly can't get worse, I don't think, but -- from that perspective.

當然。我不會逐季度提供該指導，因為與您不同，我並不真正關心它發生在哪個季度。但我們確實預期利潤率在今年剩餘時間內將會擴大。無論聯準會是否降息，我們都預期這一點。順便說一下，我們的預測中已經包含了 4 個反轉殖利率曲線，所以說實話情況不會變得更糟，我不認為如此，但——從這個角度來看。

But we expect margin expansion, and that will be driven on growth or transformation of mix on both sides of the balance sheet. So putting on core commercial loans that are higher yielding and more core deposits replacing high-cost funding. And that's what will drive that margin expansion. But I hesitate to say exactly how many basis points I would expect in each quarter because the timing of some of that can be a little bit difficult to predict with precision.

但我們預期利潤率將會擴大，這將由資產負債表兩邊的成長或組合轉型所推動。因此，以收益較高的核心商業貸款和更多核心存款來取代高成本融資。這就是推動利潤率擴大的因素。但我猶豫著是否要確切地說出我預計每季會有多少個基點，因為其中一些時間可能有點難以準確預測。

Yes. NIDDA growth that happened this quarter because it happened later in the quarter obviously did not help margins. Now into second quarter, we expect -- second quarter is our best quarter for NIDDA growth. So clearly, the benefit will be felt in the second quarter. But I'll stay away from giving any specific guidance or Leslie will kill me here.

是的。由於本季後期出現了 NIDDA 成長，因此本季的利潤率顯然沒有提高。現在進入第二季度，我們預計——第二季度是 NIDDA 成長最好的季度。因此，很明顯，第二季就會感受到這種好處。但我不會給任何具體的指導，否則萊斯利會在這裡殺了我。

Yeah. But the trend that you're seeing in the balance sheet are similar to last year. First quarter, second quarter, very strong DDA growth, total deposit growth; third, fourth quarter, less so. And loans, of course, first quarter light; but second, third, fourth quarter is our main -- that's been -- most of the business gets done in those nine months.

是的。但您在資產負債表中看到的趨勢與去年相似。第一季、第二季度，DDA 成長和總存款成長非常強勁；第三季、第四季則表現較差。當然，第一季的貸款業務較少；但第二、第三、第四季是我們的主要業務——也就是說——大部分的業務都是在這九個月內完成。

Okay. Maybe asking a different way, Leslie, do you have the spot rate on deposits exiting the quarter? Is something I can get us on --

好的。萊斯利，也許換一種問法，您有本季存款的即期利率嗎？我可以幫我們做些什麼嗎--

Yeah. 2.52% I think.

是的。我認為是 2.52%。

Yes, 2.52%. And that's also in the deck, Woody.

是的，2.52%。這也包含在甲板上，伍迪。

Okay. I guess next, maybe either for Raj or for Tom, but there's more news on just the Florida condo and market softening. Can you just give us some some color around your exposure to the Florida condo market and then what you're seeing just in terms of boots on the ground?

好的。我想接下來可能是 Raj 或 Tom 的消息，但還有更多關於佛羅裡達公寓和市場疲軟的消息。您能否向我們介紹一下您對佛羅裡達公寓市場的了解情況以及您在現場看到的情況？

We don't have any.

我們沒有。

We don't have any. That's not a market we play in.

我們沒有。那不是我們所處的市場。

So we're probably not even the best people to talk to about what's going on. We read the same articles you do, but we don't have any exposure.

所以我們可能不是談論正在發生的事情的最佳人選。我們閱讀了與您相同的文章，但我們沒有任何接觸。

Okay. And then just last for me. I guess just given some of this uncertainty, does this push out your thoughts around buyback? Any kind of color you can provide on just what you're looking for internally before you might get more comfortable in accelerating the capital return beyond just the dividend?

好的。然後就為我持續下去。我想，考慮到這些不確定性，這是否會推遲您對回購的想法？在您對加速資本回報（不僅僅是股息）感到更加放心之前，您能否提供任何有關您在內部尋求什麼的詳細資訊？

Yeah. I would say that given the level of uncertainty -- and the comments that I made last quarter also, they probably apply even more so today, having a little bit of excess capital when there's so much uncertainty around is probably not a bad thing. And even if we were to deploy this capital in a buyback, it's not like there's that much of excess capital that would make that big a difference in EPS.

是的。我想說，考慮到不確定性的程度——以及我上個季度發表的評論，它們可能在今天更加適用，在存在如此多不確定性的情況下，擁有一點過剩資本可能不是一件壞事。即使我們將這筆資金用於回購，也不會有那麼多的過剩資本會對每股盈餘產生那麼大的影響。

So as of right now, we'll just sit it out, but we'll continue to look at it every three months and revisit this. But right now, with the level of uncertainty there is, it's probably best to just hold on to a little bit of excess capital.

因此，截至目前，我們只是袖手旁觀，但我們會繼續每三個月查看一次並重新審視這個問題。但目前，考慮到存在的不確定性，最好的方法或許是保留少量過剩資本。

Stephen Scouten, Piper Sandler

史蒂芬·斯考頓，派珀·桑德勒

Hey, good morning, everyone. So it sounds like you guys remain pretty confident around the NIM trajectory through the rest of the year, which is great, and it seems like your assumptions are pretty conservative there. Is there any ability to kind of narrow the range on potential NII growth as a result of that? Or maybe said a different way, what could lead you to the kind of low end of that mid- to high single-digit range? And what could get you to the top end if there is not the ability yet to narrow that?

嘿，大家早安。因此聽起來你們對今年剩餘時間的 NIM 軌跡仍然非常有信心，這很好，而且似乎你們的假設相當保守。是否有能力縮小潛在 NII 成長的範圍？或者換一種說法，什麼可以讓你達到那種中高個位數範圍的低端？如果還沒有能力縮小差距，那要如何讓你達到頂峰呢？

I will say there are a number of things that go into the NIM projection, right? There is what's going to happen to the right side of the balance sheet? What's going to happen on the left side of the balance sheet? What are the spreads going to be on the left side of the balance sheet? And what is the slope of the curve, right? So there's a lot of math that goes into predicting that.

我想說的是，NIM 預測涉及很多因素，對嗎？資產負債表的右邊會發生什麼情況？資產負債表的左邊會發生什麼事？資產負債表左側的利差是多少？曲線的斜率是多少？對嗎？因此，預測這一點需要大量的數學計算。

On the right side of the balance sheet, I feel very confident on our pipelines because they're not really impacted by the -- what's happening with tariffs and general macroeconomic situation. The left side of the balance sheet is going to be sensitive, especially if we have a -- this plane doesn't land well, to take a term from CNBC.

在資產負債表的右側，我對我們的管道非常有信心，因為它們實際上並沒有受到關稅和整體宏觀經濟情勢的影響。資產負債表的左側將會很敏感，特別是如果我們有——這架飛機降落不好，借用 CNBC 的話來說。

So there is that. But then there is credit spreads also, which, like I just explained the questions ago, they seem to be moving around quite a bit. And lastly, the curve -- the slope of the curve, which Leslie mentioned a minute ago, that is also pretty meaningful. There, I actually see good news. We have been modeling much flatter curves that we're seeing. And I'm keeping my fingers crossed. Upward sloping curve is good for us and every other bank.

就是這樣。但還有信用利差，就像我剛才解釋的問題一樣，它們似乎波動很大。最後，曲線－曲線的斜率，萊斯利剛才提到過，這也是非常有意義的。在那裡，我確實看到了好消息。我們一直在模擬我們所看到的更平坦的曲線。我會祈禱一切順利。向上傾斜的曲線對我們和其他所有銀行都有好處。

So a lot of moving parts to all of this. If I whittle it all away and say, okay, so how do I feel about the guidance that we've given you, I would say, what I said at the top of the call, which is we're not changing our guidance.

所以這一切都涉及很多活動部件。如果我把所有這些都歸結起來並說，好吧，那麼我對我們給你的指導有什麼看法，我會說，我在電話會議開始時就說過，我們不會改變我們的指導。

Yeah. No, that makes sense. We're all hoping that curve steepens a little bit, for sure. Okay. And then on this remix away from the resi book that's happening over time, is there anything that you guys would consider doing to maybe expedite that remix in any way? Any sort of loan sales or larger-scale actions that?

是的。不，這很有道理。當然，我們都希望曲線能夠稍微陡一點。好的。然後，在這個遠離 resi 書的混音中，隨著時間的推移，你們是否會考慮做些什麼來以某種方式加快混音速度？有任何形式的貸款銷售或更大規模的行動嗎？

We've analyzed it and we do s. Two, three times a year, we get this urge to go do this exercise. And then we come out and say, no, we'll just let it happen organically.

我們分析過，也確實這麼做了。每年有兩三次，我們都會有做這個練習的衝動。然後我們說，不，我們只是讓它自然發生。

The earn back period is very long, and it's just not a compelling trade.

獲利週期很長，而且這不是一個有吸引力的交易。

Just given the duration of the assets, is that the big issue?

僅考慮資產的期限，這是一個大問題嗎？

Yeah, exactly.

是的，確實如此。

And then just last thing for me. Obviously, the balance sheet is kind of, at year-end at least, was pretty similar to where it was year-end 2020. Deposit growth has been great. Are we -- do you think we're finally getting to like kind of an inflection point where we can actually see some more balance sheet growth? Or how confident do you feel like we can start to see some overall balance sheet growth from here?

這對我來說只是最後一件事。顯然，至少在年底，資產負債表與 2020 年底的資產負債表非常相似。存款成長強勁。您是否認為我們最終會到達一個轉折點，屆時我們實際上可以看到更多的資產負債表成長？或者您覺得我們能從現在開始看到整體資產負債表的成長嗎？

I think we've been on this, especially since 2023 or beginning of '23 to now, we've really been on this optimization journey to make the balance sheet less -- it became very thrifty-looking bcause of COVID. During COVID, we put a lot of resi, and it's still not anywhere close to ideal.

我認為我們一直在做這件事，特別是從 2023 年或 23 年初到現在，我們一直在進行優化，以減少資產負債表——由於 COVID，它變得非常節儉。在疫情期間，我們投入了大量精力，但仍然遠遠未達到理想狀態。

So I think for the rest of this year, this strategy will still continue. But going into next year, we will come back and revisit it. I don't want to preempt and talk about next year's guidance. But at least what we've signed up for this year is an improvement of the balance sheet as a primary driver of profitability rather than just -- let's just grow everything and let's get to $40 billion and $50 billion.

所以我認為今年剩餘時間，這項策略仍將持續。但到了明年，我們會回來重新審視它。我不想先發制人地談論明年的指導。但至少我們今年承諾的是改善資產負債表，將其視為獲利的主要驅動力，而不僅僅是——讓我們實現一切成長，達到 400 億美元和 500 億美元。

Extremely helpful. Thanks, guys, for all the color. Appreciate it.

非常有幫助。謝謝大家，謝謝你們帶來的所有色彩。非常感謝。

David Bishop, Hovde Group.

大衛畢曉普（David Bishop），霍夫德集團（Hovde Group）。

Yeah, good morning. A question for probably Tom or Leslie. As you sort of the CRE book and maybe New York City commercial real estate in general, do you think you've sort of moved a path. Maybe any sort of big downgrades or big negative surprises on that book? Do you feel pretty comfortable in terms of what's in there now in terms of what's ahead potentially from a worst-case scenario?

是的，早安。這可能是針對湯姆或萊斯利的一個問題。當您閱讀 CRE 書籍以及紐約市商業房地產時，您是否認為自己已經改變了方向。這本書可能會出現任何重大的降級或重大的負面驚喜嗎？就目前的情況以及可能發生的最壞情況而言，您是否感到很放心？

(technical difficulty)

（技術難度）

Hey Leslie, and Tom, I was asking, in general, as you sort of scrubbed the New York City office and commercial real estate in general, as you look at ratings downgrade, do you think you're probably past the worst of the onslaught in terms of potential for downgrades on a risk rating perspective?

嘿，萊斯利和湯姆，我問的是，總的來說，當你們對紐約市辦公室和商業房地產進行總體審查時，當你們看到評級下調時，你們認為從風險評級角度來看，你們可能已經度過了降級可能性最大的時期嗎？

Yeah, I do. I think it's possible there could still be some, but there's also going to be some upgrades coming. So I think we are through the worst of it. What's sitting in nonperforming CRE right now is there's three office loans sitting in there and a couple of multifamily. And I don't expect generally the profile of the portfolio to change.

是的，我知道。我認為可能仍然會有一些，但也會有一些升級。所以我認為我們已經度過了最糟糕的時期。目前，不良企業房地產中存在三筆辦公大樓貸款和幾筆多戶住宅貸款。我並不認為投資組合的整體狀況會改變。

Individual loans may move around a little, but I think we're through the worst of it. And I don't think there are any surprises left in that book, loans that are going to pop up the deteriorate that we didn't know anything about or that surprised us.

個人貸款可能會有一點波動，但我認為我們已經度過了最糟糕的時期。我認為這本書中不會再出現任何令人意外的情況，也不會出現我們不知道或令我們驚訝的惡化貸款。

In general, we have a fairly small number of loans in New York City and Manhattan, in particular. We have maybe 10 (technical difficulty) exposure that we are seeing some improvement in the CMBS market. And we do -- based on what we're seeing in that market, we do expect we'll have to refinance out of that portfolio this year as well.

整體而言，我們在紐約市，尤其是曼哈頓的貸款數量相當少。我們可能有 10 個（技術難度）曝光，我們看到 CMBS 市場有所改善。而且根據我們在該市場看到的情況，我們確實預計今年我們也必須對該投資組合進行再融資。

Got it. And then, Tom, in terms of the C&I attrition this quarter, any due to runoff in syndicated national credits? So just curious how that portfolio has performed as of late.

知道了。那麼，湯姆，就本季的 C&I 人員流失而言，是否是由於聯合全國信貸的流失造成的？所以只是好奇該投資組合最近的表現如何。

Yeah. It depends upon what you'd describe as a syndicated national credit. I mean we have this dialogue all the time. You've got a technical definition and you've got -- they're syndicated national credits that we agent. They're syndicated national credits that are really club deals.

是的。這取決於你所描述的聯合國家庭信貸。我的意思是我們一直在進行這樣的對話。你有一個技術定義，而且你已經得到了——它們是我們代理的聯合國家庭信貸。它們是聯合的國家信貸，實際上是俱樂部交易。

We had some runoff in what I would term broadly syndicated credits where we have a relatively small percentage. And it's a very large bank group. So of the -- of what would run off, some of that was in that book.

我們在廣泛銀團信貸方面有一些流失，我們只佔相對較小的份額。這是一個非常大的銀行集團。所以，關於即將發生的事，有些內容已經寫在那本書裡了。

And like I said, a lot of it was -- each time a deal comes up for redial, we look at it and we make a judgment, does this still makes sense? And more often than not, it doesn't right now. But there is still some to do, but we'll see more of that.

正如我所說的，很多時候——每次需要重新進行交易時，我們都會對其進行審查並做出判斷，這是否仍然有意義？但目前通常情況下，情況並非如此。但仍有待完成一些工作，但我們會看到更多。

Thanks. And then Leslie, one final question. The broker deposit runoff this quarter, just curious the brokered exposure stood and how much ran off?

謝謝。然後是萊斯利，最後一個問題。本季經紀人存款流失，只是好奇經紀風險敞口是多少以及流失了多少？

Oh, boy. Hang on. There's a slide in the deck. If I can find it, I can give you some numbers. I don't have the numbers in front of me.

噢，天哪。不掛。甲板上有一張幻燈片。如果我能找到，我可以給你一些數字。我面前沒有數字。

That's okay. I can follow up offline.

沒關係。我可以離線跟進。

I've got somebody looking them up all.

我已經派人去查了這一切。

Non-broker growth was $719 million. And now if you go and just look at actual total deposit when you can subtract the two, you'll see the.

非經紀業務成長了 7.19 億美元。現在，如果您去看實際總存款，當您將兩者相減時，您就會看到。

I'll have the beginning and ending brokered numbers in a few minutes. I'll put them out there before we leave the call.

幾分鐘後我就會得到開始和結束的經紀數字。在我們結束通話之前，我會把它們放到那裡。

Great thanks.

非常感謝。

Christopher Marinac, Janney.

克里斯多福·馬裡納克，詹妮。

Thanks. Good morning. Thank you for hosting us. Leslie and Raj, I wanted to ask about expenses. And do you think of expenses going forward more as a percentage of average assets? Or is the efficiency ratio kind of become more prominent as time passes?

謝謝。早安.謝謝您的接待。萊斯利和拉吉，我想問費用問題。您是否認為未來的支出將更佔平均資產的百分比？或者隨著時間的推移，效率比率會變得更加突出？

I don't think we think in terms of efficiency ratio or for that matter, in terms of just basis points of assets. What we --

我認為我們不會從效率比率的角度來考慮，也不會只從資產基點的角度來考慮。我們--

Although I look at that one more than efficiency ratio.

儘管我看重的不只是效率比。

I look at it more in terms of operating leverage. In other words, if we can invest another $1 million to generate the $2 million of revenue in the short term, we'll go spend the next $1 million or $10 million or $50 million if the opportunity comes around.

我比較從經營槓桿的角度來看這個問題。換句話說，如果我們可以再投資 100 萬美元，在短期內產生 200 萬美元的收入，那麼當機會出現時，我們就會花掉接下來的 100 萬美元、1,000 萬美元或 5,000 萬美元。

So it's more in terms of -- we're happy to invest and come to you and say, listen, expenses will be even higher if we are pretty certain that we can generate revenue that is even bigger than that. So we think of it in those terms rather than just trying to think of a golden number of an efficiency ratio that we have to hit, and then we can come and say, victory.

所以更多的是——我們很樂意投資，並且來找你，說，聽著，如果我們非常確定我們能夠創造比這更大的收入，那麼費用就會更高。因此，我們從這些角度來考慮這個問題，而不是只是試圖思考我們必須達到的效率比率的黃金數字，然後我們就可以宣布勝利。

Yeah. And I would say we haven't changed our guidance about expenses for the year, still mid-single digits in total.

是的。我想說的是，我們沒有改變今年的支出預期，總額仍是中等個位數。

Okay. Great. And then Leslie, since Raj mentioned the new GL system, what does that do for you? I know those are necessary evils. I'm just curious if that's going to help you going forward.

好的。偉大的。然後萊斯利，既然拉傑提到了新的 GL 系統，這對你有什麼作用？我知道這些都是必要之惡。我只是好奇這是否會對你未來有幫助。

I mean it should make us more streamlined, more efficient in a lot of ways. Nothing you're going to see in the financial statements, but it should make us more streamlined in a lot of ways. Frankly, we had a system that was being sunset, so we had to replace it.

我的意思是它應該讓我們在許多方面更加精簡、更有效率。你不會在財務報表中看到什麼，但它應該會在許多方面使我們更加精簡。坦白說，我們的系統已經過時了，所以我們必須更換它。

Got you. Sounds great. Thank you for taking our questions this morning.

明白了。聽起來很棒。感謝您今天上午回答我們的問題。

Yeah, let me throw out the answer to the broker deposit question real quick down from $5.2 billion to $4.7 billion, a total decline of $528 million for the quarter.

是的，讓我快速回答經紀人存款問題，從 52 億美元降至 47 億美元，本季共下降 5.28 億美元。

Jon Arfstrom, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jon Arfstrom。

I guess a couple of housekeeping thing here, but should we expect the same decline in residential that we saw last year? Is that the glide path we should be on?

我想這裡面肯定存在一些家務事，但我們是否應該預期住宅市場會出現與去年一樣的下滑？這就是我們該走的滑行路徑嗎？

Roughly.

大致。

Yeah. Unless there's something very remarkable that happens in the long end of the curve, I would expect several levels of runoff this year.

是的。除非曲線長端出現非常顯著的現象，否則我預計今年會出現幾個徑流。

Okay. On your overall guidance, margin is still path to 3% by the end of the year. Is that the big-picture objective for you?

好的。根據您的整體指導，到今年年底利潤率仍將達到 3%。這是您的整體目標嗎？

Yes.

是的。

It is. And I would say, just as Raj guided to, the cone of uncertainty is wider, but yes.

這是。我想說，正如 Raj 所引導的那樣，不確定性的範圍更廣，但是是的。

Okay. And there's been some questions on the reserves as well, but it feels like you're in a decent spot. So is the path to 1% also still an objective for the end of the year or --?

好的。關於儲備也存在一些問題，但感覺你處於一個不錯的位置。那麼，達到 1% 的水平是否仍是今年年底的目標，或者--？

I wouldn't call that an objective. Unlike loan growth, the reserve isn't something you can set a goal for that you achieve.

我不會稱之為目標。與貸款成長不同，儲備金並不是你可以設定並實現的目標。

That's an expectation.

這是一種期望。

-- governed by an accounting standard, but that's our expectation. Yes

——受會計準則管轄，但這是我們的期望。是的

Yeah. And I know some of that mix shift as well. Okay. And then, Raj, I think maybe some of the best of your prepared comments was the client event with the top 75 clients. Any other color from that meeting just kind of collectively what you were hearing there?

是的。我也知道其中的一些混合變化。好的。然後，Raj，我認為也許你準備的最好的評論是與前 75 名客戶一起參加的客戶活動。您在那次會議上聽到了其他內容嗎？

What I would say is the best thing for me was taking away kind of a temperature, like how concerned are people? How is their hair on fire? And I went in with an expectation that was -- that there will be at least some who will be really not happy and in a bad place. But that's not what I found. So I stand corrected.

我想說的是，對我來說最好的事情就是消除一些擔憂，例如人們到底有多擔心？他們的頭髮怎麼會著火呢？我帶著這樣的預期去參加，那就是至少有些人會真的不開心，處境很糟。但我發現並非如此。所以我承認錯誤。

I was more pessimistic going into it than the clients were. Now of course, you've heard very interesting stories about sort of the unintended consequences of everything that's going on. And those always make for great anecdotes.

我對此的態度比客戶更悲觀。當然，您已經聽到了一些非常有趣的故事，關於正在發生的一切的意想不到的後果。這些總是能成為精彩的軼事。

But we, as a Main Street bank, let's call us that, we live in a world that half our time is spent kind of like people on this call looking at screens and CNBC and Bloomberg and what have you. And half of our time is spent in -- on Main Street talking to our clients and visiting them and walking warehouses and buildings and what have you. So we kind of split our time between the finance -- high finance world and what I would call the real work and --

但是，作為一家主街銀行，我們這樣稱呼自己，我們生活的世界裡，我們有一半的時間都花在了像打電話的人一樣看屏幕、CNBC 和彭博社之類的東西上。我們一半的時間都花在了大街上與客戶交談、拜訪他們以及參觀倉庫和建築物等地方。因此，我們把時間分成了金融——高級金融世界和我所謂的實際工作，--

There is a real world, I would say.

我想說，這是一個真實的世界。

Yeah. And it depends on what we're talking about. There is a pretty big gap between what you hear on CNBC and what you hear when you walked out on Main Street. Eventually, those things will converge. But exactly where they converge, I think it will depend a lot on what our federal government does over the course of next 60, 90, 120 days in terms of landing this plane. But I was -- I came back away feeling good after that client event. I went in more pessimistic. Then I came out, I was a little more optimistic.

是的。這取決於我們談論的內容。你在 CNBC 上聽到的內容和你在街上聽到的內容之間存在著很大差距。最終，這些事情將會融合在一起。但具體匯合在哪裡，我認為很大程度上取決於我們的聯邦政府在未來 60、90、120 天內為實現這一目標所採取的措施。但我——參加完那次客戶活動後，我感覺很好。我變得更加悲觀了。當我出來的時候，我變得更樂觀了。

Yeah. And I guess it's helpful to hear the pipeline comments as well.

是的。我想聽聽管道評論也會有所幫助。

I would also add, a lot of the conversation that we had was well-run businesses that have strong capital positions, look at times of certainty as an opportunity. And we saw a fairly large amount of clients who felt like now there are times to invest in certain aspects of their business. And while they're knowledgeable and thoughtful about the risks that are out there, they're also seeing this as a time of opportunity.

我還要補充一點，我們討論的內容很多是，經營良好、資本雄厚的企業將確定性的時刻視為機會。我們看到相當多的客戶覺得現在是時候對其業務的某些方面進行投資了。儘管他們了解並深思熟慮了存在的風險，但他們也將此視為機會。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

Thank you. And I would now like to hand the conference back over to Raj Singh for any further remarks.

謝謝。現在我想將會議交還給拉吉·辛格，請他發表進一步的評論。

I think that last question was a pretty good place to end this. This is a time of uncertainty, but it's also a time of opportunity. We're prepared for whatever is coming our way in terms of opportunities and otherwise, but feeling pretty good about the quarter we just had, with the momentum that we have, the pipeline we have. And thank you again for joining us and talking --

我認為最後一個問題可以很好地結束這個問題。這是一個充滿不確定性的時代，但也是一個充滿機會的時代。我們已經做好了迎接任何機會和其他方面的準備，但考慮到我們剛剛度過的這個季度的勢頭和現有的管道，我們感覺相當不錯。再次感謝您的參與和交談--

For hanging in through our technical difficulties.

感謝您克服技術困難。

Yes. We've been a public company for, what, 14, 15 years, it's the first time that has happened. We shall be doing a diagnosis of what just happened here so it doesn't happen again. So we apologize for that. But otherwise, thank you so much. And call Leslie or me if you have any follow-ups. Otherwise, we'll see you again in 90 days. Bye.

是的。我們作為上市公司已經有 14、15 年了，這是第一次發生這種情況。我們將對剛剛發生的事情進行診斷，以防止再次發生。所以我們對此表示歉意。但除此之外，還是非常感謝你。如果您有任何後續事宜，請致電 Leslie 或我。否則，我們將在 90 天後再次見到您。再見。

Bye, everyone.

大家再見。

This concludes today's conference call. Thank you for participating and you may now just connect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，現在您就可以連結了。祝大家有個愉快的一天。