Bank of Marin Bancorp (BMRC) 2023 Q1 法說會逐字稿

Good morning, and thank you for joining Bank of Marin Bancorp's earnings call for the first quarter ended March 31, 2023. I'm Andrea Henderson, Director of Marketing for Bank of Marin. (Operator Instructions) This conference call is being recorded on April 24, 2023.

早上好，感謝您參加馬林銀行銀行截至 2023 年 3 月 31 日的第一季度財報電話會議。我是馬林銀行營銷總監 Andrea Henderson。 （操作員說明）本次電話會議於 2023 年 4 月 24 日錄製。

Joining us on the call today are Tim Myers, President and CEO; and Tani Girton, Executive Vice President and Chief Financial Officer.

今天加入我們電話會議的是總裁兼首席執行官蒂姆·邁爾斯 (Tim Myers)；執行副總裁兼首席財務官 Tani Girton。

Our earnings press release, which we issued this morning, and a supplementary presentation can be found in the Investor Relations portion of our website at bankofmarin.com, where this call is also being webcast. Closed captioning is available during the live webcast as well as on the webcast replay.

我們今天早上發布的收益新聞稿和補充演示文稿可以在我們網站的投資者關係部分找到，網址為：bankofmarin.com，該電話會議也正在進行網絡直播。在網絡直播和網絡直播重播期間都可以使用隱藏式字幕。

Before we get started, I want to note that we will be discussing some non-GAAP financial measures. Please refer to the reconciliation table in our earnings press release for both GAAP and non-GAAP measures. Additionally, the discussion on this call is based on information we know as of Friday, April 21, 2023, and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements.

在開始之前，我想指出，我們將討論一些非公認會計準則財務指標。請參閱我們的收益新聞稿中的調節表，了解 GAAP 和非 GAAP 指標。此外，本次電話會議的討論基於我們截至 2023 年 4 月 21 日星期五所知的信息，可能包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中提出的結果存在重大差異。

For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure in our earnings press release as well as our SEC filings. Following our prepared remarks, Tim, Tani and Chief Credit Officer, Misako Stewart, will be available to answer your questions. And now I'll turn the call over to Tim.

有關這些風險和不確定性的討論，請查看我們的收益新聞稿以及我們向 SEC 提交的文件中披露的前瞻性聲明。在我們準備好的發言之後，Tim、Tani 和首席信貸官 Misako Stewart 將回答您的問題。現在我將把電話轉給蒂姆。

Thank you, Andrea. Good morning, everyone, and welcome to our first quarter earnings call. I'd like to begin by addressing the regional bank failures and subsequent events that occurred late in the quarter and highlight how Bank of Marin's business model enabled us to effectively manage through these challenges.

謝謝你，安德里亞。大家早上好，歡迎參加我們的第一季度財報電話會議。我想首先解決本季度末發生的地區銀行倒閉和後續事件，並強調馬林銀行的業務模式如何使我們能夠有效應對這些挑戰。

These failures, while idiosyncratic in nature and isolated the banks that operated much differently than Bank of Marin, and most community banks, did create near-term uncertainty among depositors that resulted in outflows across the industry.

這些失敗雖然本質上是特殊的，並且孤立了與馬林銀行和大多數社區銀行運營方式截然不同的銀行，但確實給儲戶帶來了短期不確定性，導致整個行業的資金外流。

While many depositors initially sought to perceive security and returns of money market funds outside of the banking system, according to the latest Federal Reserve data, those transfers have since stabilized.

儘管許多儲戶最初尋求在銀行系統之外感知貨幣市場基金的安全性和回報，但根據美聯儲的最新數據，這些轉移後來已經穩定下來。

Overall, we have continued our efforts to maintain an industry-leading cost of deposits in light of pandemic-related surge balances, exacerbated by our American River Bank acquisition and its lower loan-to-deposit ratio. It is not unusual for Bank of Marin to experience deposit decreases in the first quarter of the year due to the working capital needs of our customers.

總體而言，鑑於與大流行相關的餘額激增，我們繼續努力維持行業領先的存款成本，而我們對美國河銀行的收購及其較低的貸存比加劇了這種情況。由於客戶的營運資金需求，馬林銀行今年第一季度的存款減少並不罕見。

In fact, in 4 of the last 8 years, we showed linked quarter declines in Q1 deposits. This year, the 9% decrease of $323 million was due to a number of factors concurrent with, but largely unrelated to, the regional bank failures.

事實上，在過去 8 年中的 4 年中，我們顯示第一季度存款環比下降。今年，減少了 9% 的 3.23 億美元，這是由於與地區銀行倒閉同時發生但基本上無關的一系列因素造成的。

Subsequent to these failures, the factors contributing to deposit outflows include: first, outflows due to what we consider singular transactions, such as disbursement of proceeds from the sale of businesses, real property acquisitions for cash, trust distributions or estate settlements.

在這些失敗之後，導致存款外流的因素包括：首先，由於我們所認為的單一交易而導致的外流，例如企業出售收益的支付、現金收購不動產、信託分配或遺產結算。

Second, cash needs from our customers to fund ongoing business operations such as vendor payments, payroll and taxes. And third, deposit movements to outside brokerage firms and financial institutions for safety and/or higher yields.

其次，我們的客戶需要現金來資助持續的業務運營，例如供應商付款、工資和稅收。第三，為了安全和/或更高的收益率，存款流向外部經紀公司和金融機構。

Just over $200 million of the net outflows occurred after the bank failures and were concentrated among 100 larger relationships that overshadowed the impact of accumulated smaller transactions.

其中超過 2 億美元的淨流出發生在銀行倒閉之後，並集中在 100 個較大的關係中，掩蓋了累積的較小交易的影響。

Among those 100 relationship net outflows, 83% was considered normal activity, including vendor payments, taxes, payroll and the singular events, as I mentioned earlier; 14% moved to brokerage firms or other financial institutions and the remaining 3% were referrals to our Wealth Management and Trust Group.

在這 100 個關係淨流出中，83% 被認為是正常活動，包括供應商付款、稅收、工資和奇異事件，正如我之前提到的； 14% 轉移到經紀公司或其他金融機構，其餘 3% 被推薦到我們的財富管理和信託集團。

From March 22 through April 18, deposit levels have stabilized. In 2022, we maintained excess liquidity and expectation of pandemic surge outflows and managed our deposit costs in order to optimize deposit levels. In early 2023, we increased engagement with customers to discuss pricing and the appropriate deposit mix for their needs.

從3月22日到4月18日，存款水平已經穩定。 2022年，我們維持流動性過剩和疫情資金流出激增的預期，控制存款成本，優化存款水平。 2023 年初，我們加強了與客戶的接觸，討論定價和滿足他們需求的適當存款組合。

After March 10, those discussions accelerated and expanded to include the safety and soundness of the bank as well as information about a reciprocal deposit network programs that offer depositors expanded FDIC insurance.

3 月 10 日之後，這些討論加速並擴大到包括銀行的安全性和穩健性，以及有關為儲戶提供擴大的 FDIC 保險的互惠存款網絡計劃的信息。

The result was approximately $80 million of incremental funds placed into these programs, and we now have $220 million with Reich & Tang and IntraFi and are continuing to see interest from our customers.

結果是為這些計劃投入了大約 8000 萬美元的增量資金，現在我們與 Reich & Tang 和 IntraFi 合作的資金達到了 2.2 億美元，並且我們的客戶繼續表現出興趣。

I would also like to note that throughout the first quarter, we successfully opened over 1,000 accounts with $60 million of new deposits. At the same time, we did not see a notable number of account closures with funds leaving the bank.

我還想指出的是，整個第一季度，我們成功開設了 1,000 多個賬戶，新存款達 6,000 萬美元。與此同時，我們沒有看到大量資金因離開銀行而被關閉的賬戶。

At quarter end, our deposit mix was steady, with noninterest-bearing deposits accounting for just over 50% of total deposits, down only slightly from the prior quarter and another indication of our strong deposit franchise.

截至季度末，我們的存款結構保持穩定，無息存款佔存款總額的比例略高於 50%，僅比上一季度略有下降，這再次表明我們擁有強大的存款業務。

Many of these are commercial accounts that tend to carry larger balances that will fluctuate with our customers' operating cash needs. Approximately 67% of our deposits are FDIC insured.

其中許多是商業賬戶，往往擁有較大的餘額，這些餘額會隨著客戶的運營現金需求而波動。我們大約 67% 的存款受到 FDIC 的保險。

At quarter end, our liquidity was roughly $1.9 billion and consisted of cash, unencumbered securities and borrowing availability from the FHLB and Federal Reserve Bank, an amount that covers all of our estimated uninsured deposits by approximately 181%.

截至季度末，我們的流動性約為 19 億美元，包括現金、無抵押證券以及來自 FHLB 和聯邦儲備銀行的可用借款，這一金額涵蓋了我們估計的所有未保險存款的約 181%。

Since 2013, we have had internal policies, controls and processes that set minimum liquidity requirements similar to the liquidity coverage ratio that larger banks are required to report. Later, Tani will explain some of the long-standing practices that uphold our robust liquidity risk management standards.

自 2013 年以來，我們制定了內部政策、控制和流程，設定了類似於大型銀行需要報告的流動性覆蓋率的最低流動性要求。隨後，塔尼將解釋一些維護我們穩健的流動性風險管理標準的長期實踐。

Importantly, despite the decrease in deposits quarter-over-quarter, our average cost of deposits remained low by industry standards at 20 basis points, 40 basis points in the month of March, though this was up from 8 basis points the prior quarter.

重要的是，儘管存款環比下降，但按行業標準衡量，我們的平均存款成本仍處於較低水平，為 20 個基點，3 月份為 40 個基點，但高於上一季度的 8 個基點。

Our increase in deposit rates has lagged the general market, which benefited our net interest margin by approximately 10 basis points in the fourth quarter. We will continue to carefully manage deposit pricing on a customer-specific basis and diligently defend our industry-leading deposit franchise.

我們的存款利率上升幅度落後於整體市場，這使我們第四季度的淨息差受益約10個基點。我們將繼續根據客戶具體情況謹慎管理存款定價，並努力捍衛我們行業領先的存款專營權。

Now I'll shift to a discussion about our loan portfolio and overall credit quality. We grew loans by $20 million or just under 1% during the quarter. While loan demand has eased from the peak levels of 2022, our teams continue to focus on building pipelines that will achieve risk-adjusted returns and maintain credit quality.

現在我將討論我們的貸款組合和整體信貸質量。本季度我們的貸款增加了 2000 萬美元，增幅略低於 1%。儘管貸款需求已較 2022 年的峰值有所緩解，但我們的團隊繼續專注於建設渠道，以實現風險調整後的回報並保持信貸質量。

Even as we grew loans in the first quarter, our team's efforts to carefully manage asset quality resulted in continued strong credit metrics. We have consistently maintained our principled underwriting, and our policies have remained unchanged.

儘管我們在第一季度增加了貸款，但我們團隊精心管理資產質量的努力導致了持續強勁的信貸指標。我們一貫堅持承保原則，政策沒有變化。

Total nonaccrual loans declined during the quarter and amounted to just 10 basis points of total loans. We are confident in our allowance for credit loss, which represents 1.1% of total loans. Our loan portfolio remains diversified across borrowers, loan and property types as well as geography, and 93% of our loans are borrower guaranteed.

本季度非應計貸款總額有所下降，僅佔貸款總額的 10 個基點。我們對占貸款總額 1.1% 的信貸損失準備金充滿信心。我們的貸款組合在藉款人、貸款和財產類型以及地理位置方面保持多元化，並且 93% 的貸款由借款人擔保。

Our largest concentration in the loan portfolio is in commercial real estate, which represents 73% of our total loan balances. 77% of our commercial real estate portfolio is nonowner occupied, with 89% of these loans being borrower guaranteed.

我們的貸款組合最集中的是商業房地產，占我們貸款餘額總額的 73%。我們的商業房地產投資組合中有 77% 為非業主佔用，其中 89% 的貸款由借款人擔保。

Additionally, since 2000, cumulative net charge-offs in the CRE nonowner-occupied portfolio have been minimal at $740,000.

此外，自 2000 年以來，CRE 非業主自用投資組合的累計淨沖銷額最低為 740,000 美元。

As there has been a good deal of press regarding office buildings, we are providing more granularity on our nonowner-occupied office building portfolio this quarter. Our $370 million of nonowner-occupied office portfolio consists of more than 140 loans, with an average loan balance of $2.6 million, the largest loan being $17.2 million.

由於有關辦公樓的媒體報導很多，我們本季度將提供更多關於非業主自用辦公樓投資組合的詳細信息。我們 3.7 億美元的非業主自用辦公室投資組合包括 140 多筆貸款，平均貸款餘額為 260 萬美元，最大一筆貸款為 1720 萬美元。

The average loan-to-value was 55%, and the average debt service coverage ratio was 1.67x, based on the most recent information received in our annual review process. Of the nonowner-occupied office portfolio, 19% is located in the San Francisco market, with the remainder spread across our Northern California footprint.

根據我們年度審查過程中收到的最新信息，平均貸款價值比為 55%，平均償債覆蓋率為 1.67 倍。在非業主自用辦公樓投資組合中，19% 位於舊金山市場，其餘分佈在我們的北加州足跡。

Drilling down further into the San Francisco nonowner-occupied office portfolio, we have 11 loans totaling $72 million, with an average loan size of $7 million and average loan-to-value of 60%. 10 of these buildings are considered low-rise office, and 8 of them report 100% occupancy. Vacancies averaged around 50% on the other 3.

進一步深入研究舊金山非業主自用寫字樓投資組合，我們有 11 筆貸款，總額達 7,200 萬美元，平均貸款規模為 700 萬美元，平均貸款價值比為 60%。其中 10 棟建築被視為低層辦公樓，其中 8 棟的入住率為 100%。其他 3 個職位的平均空缺率約為 50%。

$19 million or 26% of the $72 million portfolio is graded as a substandard as risk reported in our Q4 2021 earnings and remains performing.

根據我們 2021 年第四季度收益中報告的風險，其中 1900 萬美元（7200 萬美元投資組合中的 26%）被評為不合格，但仍表現良好。

While we understand the heightened concerns that the investment community has regarding the office sector, we believe that given our conservative underwriting and the relatively small loan sizes, our office building exposure is manageable. We have a strong historical track record of minimal losses from this sector.

雖然我們理解投資界對辦公樓行業的高度擔憂，但我們相信，鑑於我們保守的承保和相對較小的貸款規模，我們的辦公樓風險是可控的。我們在該行業有著極小的損失的良好歷史記錄。

During the first quarter, we also delivered on the final phase of our plans to gain efficiencies from our acquisition of American River Bank by consolidating 4 Northern Sonoma County branches into 2 that had overlapping customer coverage. In addition, we closed 2 other branches, where we can serve customers effectively from nearby branches.

在第一季度，我們還實現了計劃的最後階段，通過將 4 個北索諾瑪縣分行合併為 2 個具有重疊客戶覆蓋範圍的分行，通過收購 American River Bank 來提高效率。此外，我們還關閉了另外 2 家分行，以便我們可以從附近的分行有效地為客戶提供服務。

This strategic decision enables us to optimize our physical footprint without sacrificing customer service and, by extension, generate savings that we can reinvest in the talent and technology.

這一戰略決策使我們能夠在不犧牲客戶服務的情況下優化我們的物理足跡，並由此產生節省，我們可以將其重新投資於人才和技術。

Finally, I'm excited to share that we welcomed our new Chief Information Officer, Sathis Arasadi. His extensive and unique experience as a software engineer and technology leader directing large-scale digital and technology transformations will help us execute our bank's strategic priorities.

最後，我很高興地告訴大家，我們歡迎新任首席信息官 Sathis Arasadi。作為軟件工程師和技術領導者，他在指導大規模數字和技術轉型方面擁有豐富而獨特的經驗，這將幫助我們執行銀行的戰略重點。

Throughout our 33-year history, we have not wavered from in principles of relationship banking and disciplined fundamentals and continue to serve the banking needs of local small-to-midsized businesses, not-for-profit organizations and commercial real estate investors.

縱觀我們33年的歷史，我們從未動搖過關係銀行業務的原則和嚴格的基本原則，並繼續滿足當地中小企業、非營利組織和商業房地產投資者的銀行業務需求。

Our business model has proven successful throughout various economic cycles, allowing us to navigate this or any challenging environment. Now I'll turn the call over to Tani to discuss our financial results in greater detail.

事實證明，我們的商業模式在各個經濟周期中都是成功的，使我們能夠應對這種或任何具有挑戰性的環境。現在我將把電話轉給塔尼，更詳細地討論我們的財務業績。

Thank you, Tim, and good morning. First, I'll start with some key highlights. We generated net income of $9.4 million in the first quarter or $0.59 per diluted share. Net income was down from the fourth quarter as we began raising interest rates on deposits and borrowing balances increased.

謝謝你，蒂姆，早上好。首先，我將從一些關鍵要點開始。第一季度我們的淨利潤為 940 萬美元，攤薄後每股收益為 0.59 美元。由於我們開始提高存款利率和借款餘額增加，淨利潤較第四季度有所下降。

Our low cost of deposits was a significant benefit last year, and Bank of Marin achieved record earnings in both the fourth quarter and full year of 2022.

去年，我們的低存款成本是一個顯著的優勢，馬林銀行在 2022 年第四季度和全年都實現了創紀錄的盈利。

Our first quarter tax equivalent net interest margin of 3.04% was down 22 basis points from the fourth quarter, 37 basis points of which was related to higher deposit and borrowing boss, partially offset by a 17 basis point improvement from higher loan yields.

我們第一季度的稅等淨息差為 3.04%，比第四季度下降了 22 個基點，其中 37 個基點與存款和借款老闆的增加有關，部分被貸款收益率上升帶來的 17 個基點的改善所抵消。

We expect continued pressure on the margin as recent increases in deposit costs are in place for a full quarter. So far this cycle, increases in rates on non-maturity interest-bearing deposits reflect a beta of 15%, while our interest rate risk models assume a beta of 45%.

我們預計，由於近期存款成本的增加將持續整個季度，利潤率將繼續面臨壓力。到目前為止，本週期中，無到期息存款利率的上升反映了 15% 的貝塔值，而我們的利率風險模型假設貝塔值為 45%。

Noninterest expenses were well controlled at just under $20 million for the quarter. Our first quarter earnings translated into a return on assets of 92 basis points and a return on equity of 9.12%, down from 1.21% and 12.77% in the previous quarter. Our Board of Directors declared a cash dividend of $0.25 per share payable on May 12, 2023. This represents the 72nd consecutive quarterly dividend paid by Bank of Marin Bancorp.

本季度非利息支出控制在略低於 2000 萬美元的水平。我們第一季度的盈利轉化為資產回報率為 92 個基點，股本回報率為 9.12%，低於上一季度的 1.21% 和 12.77%。我們的董事會宣佈於 2023 年 5 月 12 日支付每股 0.25 美元的現金股息。這是馬林銀行銀行連續第 72 次支付季度股息。

I'd like to add a little more detail on our results, beginning with the $350,000 provision for credit losses on loans in the first quarter, compared to no provision in the prior quarter.

我想對我們的結果添加更多細節，首先是第一季度為貸款信用損失準備了 350,000 美元，而上一季度沒有準備金。

This was due to qualitative risk factor adjustments to account for continued uncertainty about inflation, recession, concentration and heightened portfolio management risk in the current environment that were not fully captured in the quantitative portion of the allowance calculation.

這是由於定性風險因素調整，以考慮當前環境下通脹、衰退、集中度和投資組合管理風險加劇的持續不確定性，而這些風險因素在準備金計算的定量部分中並未得到充分體現。

Additionally, there was a 174,000 credit loss provision reversal due to a $37.4 million reduction in unfunded commitments.

此外，由於無資金承諾減少了 3,740 萬美元，因此撤銷了 174,000 項信用損失撥備。

As Tim mentioned, credit quality remains strong. Classified loans of $31 million increased $2.9 million, primarily due to higher usage of a revolving line of credit that was previously downgraded. Other changes include $1.7 million in payoffs and paydowns, $314,000 in upgrades to pass risk rating, partially offset by $1.4 million in downgrades.

正如蒂姆提到的，信貸質量仍然強勁。 3100 萬美元的分類貸款增加了 290 萬美元，主要是由於之前被降級的循環信貸額度的使用量增加。其他變化包括 170 萬美元的支付和付款、314,000 美元的升級以通過風險評級，部分被 140 萬美元的降級所抵消。

All of the downgrades in the first quarter were for loans that are secured by real estate collateral. Accruing loans past due 30 to 89 days totaled $1.2 million at March 31, '23, and compared to $664,000 at December 31, 2022.

第一季度的所有降級都是針對以房地產抵押品擔保的貸款。截至 2023 年 3 月 31 日，逾期 30 至 89 天的應計貸款總額為 120 萬美元，而 2022 年 12 月 31 日為 664,000 美元。

First quarter noninterest income was up 13% from the fourth quarter at $2.9 million, due in large part to higher earnings on bank-owned life insurance, while other line items showed modest increases and decreases.

第一季度非利息收入較第四季度增長 13%，達到 290 萬美元，這在很大程度上是由於銀行擁有的人壽保險收益增加，而其他項目則出現小幅增長和下降。

Noninterest expense of $19.8 million in the first quarter was up from $18.3 million in the fourth quarter, and the efficiency ratio increased to 60.24% from 50.92% in the prior quarter due to both higher interest and noninterest expenses.

第一季度的非利息支出為 1,980 萬美元，高於第四季度的 1,830 萬美元，由於利息和非利息支出的增加，效率比率從上一季度的 50.92% 上升至 60.24%。

The first quarter typically has elevated noninterest expense related to 401(k) matching and lower utilization of vacation accruals. Additionally, the first quarter of 2023 included adjustments related to estimated incentive and retirement plan accruals as well as accelerated amortization and lease expenses associated with branch closures.

第一季度與 401(k) 匹配相關的非利息支出通常會增加，而應計假期的利用率較低。此外，2023 年第一季度還包括與估計激勵和退休計劃應計費用以及與分支機構關閉相關的加速攤銷和租賃費用相關的調整。

On the flip side, technology expenses fell as a result of our recent core processor contract renegotiation, and we expect branch closures to generate net savings of $470,000 in 2023 and $1.4 million per year thereafter. All capital ratios were above well-capitalized regulatory requirements.

另一方面，由於我們最近重新談判核心處理器合同，技術費用有所下降，我們預計關閉分支機構將在 2023 年產生淨節省 47 萬美元，此後每年淨節省 140 萬美元。所有資本比率均高於資本充足的監管要求。

The total risk-based capital ratio for Bancorp was 16.2% at the end of the first quarter compared to 15.9% at December 31. And the bank's total risk-based capital ratio was 15.6% at March 31 compared to 15.7% at the close of 2022. Quarter-end tangible common equity of 8.7% for Bancorp and 8.3% for Bank of Marin were up from 8.2% and 8.1%, respectively, in the previous quarter.

Bancorp 第一季度末的總風險資本比率為 16.2%，而截至 12 月 31 日為 15.9%。截至 3 月 31 日，該銀行的總風險資本比率為 15.6%，而截至 2019 年末為 15.7%。 2022 年。季度末 Bancorp 和 Bank of Marin 的有形普通股為 8.7%，為 8.3%，分別高於上一季度的 8.2% 和 8.1%。

Increases were due to earnings and a $16.2 million improvement in AOCI as the value of our available-for-sale securities portfolio increased with falling interest rates.

增長的原因是收益以及 AOCI 的 1,620 萬美元改善，因為我們的可供出售證券投資組合的價值隨著利率下降而增加。

After adjusting for $76.4 million after-tax unrealized losses in our held-to-maturity securities portfolio, our tangible common equity ratio would be 6.9% for Bancorp.

在對我們持有至到期證券投資組合中的 7,640 萬美元稅後未實現損失進行調整後，我們對 Bancorp 的有形普通股權益比率將為 6.9%。

Our strong capital position and high-quality investment portfolio provides strength and liquidity for the ongoing operations and investments in the future of Bank of Marin.

我們強大的資本實力和高質量的投資組合為馬林銀行未來的持續運營和投資提供了實力和流動性。

We evaluate the bank's interest rate, liquidity, economic value and market price risks under various scenarios regularly, and we stress test underlying assumptions.

我們定期評估各種情景下銀行的利率、流動性、經濟價值和市場價格風險，並對基本假設進行壓力測試。

We conduct capital planning on a regular basis and evaluate various scenarios, stress tests and potential capital actions. We monitor markets daily for systemic and idiosyncratic risk and maintain contingency plans that support rapid and comprehensive responses, if warranted.

我們定期進行資本規劃並評估各種情景、壓力測試和潛在的資本行動。我們每天監控市場的系統性和特殊風險，並製定應急計劃，在必要時支持快速、全面的應對措施。

We also make it a priority to learn from developing situations, and we are incorporating enhancements to current scenarios, assumptions and stress factors to reflect the heightened potential for deposit volatility in a world of social media and digital banking.

我們還優先考慮從發展情況中學習，並且正在對當前情景、假設和壓力因素進行改進，以反映社交媒體和數字銀行世界中存款波動性加大的可能性。

We have pledged securities to the Federal Reserve's Bank Term Funding Program and ran a small overnight test to ensure access, if ever needed. The FHLB and Federal Reserve borrowing facilities were established in large part to ensure that banks would not be forced to sell securities at a loss.

我們已向美聯儲的銀行定期融資計劃質押了證券，並進行了一次小型隔夜測試，以確保在需要時能夠使用。 FHLB 和美聯儲的借貸便利很大程度上是為了確保銀行不會被迫虧本出售證券。

The FHLB facility proved extremely effective during the global financial crisis, and the BTFP will undoubtedly do the same with its favorable rates and availability tied to the par value of securities.

事實證明，FHLB 設施在全球金融危機期間極其有效，而 BTFP 無疑也會憑藉其優惠利率和與證券面值掛鉤的可用性而發揮同樣的作用。

Overall, Bank of Marin's strong balance sheet, liquidity and capital continue to generate profitability, as has been the case across many interest rate and economic cycles. With that, I'll turn it back to Tim to share some final comments.

總體而言，馬林銀行強勁的資產負債表、流動性和資本繼續產生盈利能力，就像許多利率和經濟周期的情況一樣。至此，我將把它轉回給蒂姆，分享一些最後的評論。

Thank you, Tani. In closing, we are opportunistically looking for ways to manage our balance sheet in order to drive margins while maintaining excellent credit quality and operating efficiency. We believe this will lead to consistent earnings and improve profitability and in turn, translate into enhanced shareholder value.

謝謝你，塔尼。最後，我們正在機會主義地尋找管理資產負債表的方法，以提高利潤率，同時保持卓越的信用質量和運營效率。我們相信這將帶來持續的收益並提高盈利能力，進而轉化為股東價值的提高。

With that, I want to thank everyone on today's call for your interest and support. We will now open the call to your questions.

在此，我要感謝參加今天電話會議的所有人的興趣和支持。我們現在將開始電話詢問您的問題。

(Operator Instructions) Our first question comes from the line of Matthew Clark with Piper Sandler.

（操作員說明）我們的第一個問題來自 Matthew Clark 和 Piper Sandler 的對話。

Maybe just around the margin. Can you give us the average margin in the month of March? And what your updated outlook is for your cumulative beta through this cycle? I think we were -- I think we talked previously about 10% to 15% for, I think, the total deposit beta, if memory serves me correct, but any updated thoughts on that as well.

也許就在邊緣附近。您能告訴我們 3 月份的平均利潤嗎？您對本週期累積貝塔值的最新展望是什麼？我想我們之前討論過大約 10% 到 15% 的總存款 Beta 值（如果我沒記錯的話），但也有對此的任何更新的想法。

Yes. So I'll need to pull the margin for the month of March for you, which I can do in a second. On the betas, so right now, we're looking at 15% thus far. We have 45 built into our [malls], which is still above the historical norm, but we are doing some catch-up right now, as you know.

是的。因此，我需要為您提取 3 月份的保證金，我很快就能完成。在測試版中，目前我們的目標是 15%。我們的[購物中心]建有 45 個，這仍然高於歷史標準，但如您所知，我們現在正在追趕。

So the -- in the 15 -- of the 15 basis point in the non-maturity interest-bearing deposit beta, that's not fully reflected in the third quarter margin or even in the March cost of deposits because it was ongoing through the month of March. So we got some catch-up going there.

因此，非到期付息存款貝塔值的 15 個基點中的第 15 個基點，並沒有完全反映在第三季度的利潤率中，甚至沒有完全反映在 3 月份的存款成本中，因為它一直持續到 2019 年 12 月份。行進。所以我們在那裡進行了一些追趕。

But I would say that if you -- if we look at our modeling for net interest margin, assuming the standard 45% beta, there is a slight increasing trend in the margin. So our assets continue to reprice upward. At the same time, we're undergoing to catch up. And I will pull the margin for March, but that will take me a second.

但我想說的是，如果我們看看我們的淨息差模型，假設標準 45% 貝塔值，就會發現息差有輕微增加的趨勢。因此，我們的資產繼續重新定價向上。與此同時，我們正在迎頭趕上。我將拉低三月份的利潤，但這需要我一點時間。

Okay. Okay. Sounds good. And then just your outlook for deposits and borrowings. Deposits sounds like they have stabilized. But how do you think about the borrowing balances that you have? Is there a plan to try to reduce those throughout the year? Or do you feel like they'll be relatively stable as well?

好的。好的。聽起來不錯。然後就是您對存款和借款的展望。存款聽起來已經穩定下來。但您如何看待您擁有的借款餘額？是否有計劃嘗試全年減少這些？或者你覺得他們也會相對穩定嗎？

So we will -- we're very focused on that. We will opportunistically reduce those where we can. We get cash flows off of both the loan portfolio and the investment portfolio, so -- to the extent that we can deploy those to reduce the borrowings, we will. The borrowings have been pretty stable for the last couple of months. So I think we're good there.

所以我們會——我們非常關注這一點。我們將盡可能減少那些機會。我們從貸款組合和投資組合中獲得現金流，因此，只要我們能夠利用這些來減少借款，我們就會這麼做。過去幾個月的借款相當穩定。所以我認為我們在那裡做得很好。

And as I said, when we have opportunities that makes sense for us, that either have low earn-back periods or interest rates go down, giving us an opportunity to -- so a larger portion of the securities portfolio at a gain, we will do that.

正如我所說，當我們有對我們有意義的機會時，要么回本期較短，要么利率下降，這給我們一個機會——因此證券投資組合的較大部分獲得收益，我們將去做。

And Matthew, we do tend to have within our borrowing -- or I'm sorry, our depositor base, some seasonal increases as you get later in the year, that should assist with that, too.

馬修，我們確實傾向於在我們的借款中——或者對不起，我們的儲戶基礎，今年晚些時候會出現一些季節性增長，這也應該有所幫助。

Certainly, this quarter, there are seasonal declines, but we tend with some of those depositors, large depositors to see increases throughout the year as well. So we'll continue to look at all those options and work those down as soon as possible.

當然，本季度會出現季節性下降，但我們傾向於其中一些儲戶、大儲戶全年都會出現增長。因此，我們將繼續研究所有這些選項並儘快解決它們。

Okay. And then a couple more here. How much was the BOLI benefit this quarter? And then, any guidance around your noninterest expense run rate, going forward, with the savings from the branch closures that you mentioned?

好的。還有一些。 BOLI本季度的收益是多少？然後，關於您未來的非利息費用運行率以及您提到的關閉分支機構所節省的費用，有什麼指導嗎？

The BOLI benefit was $313,000 -- and I didn't hear the second half of the question.

BOLI 福利為 313,000 美元——我沒有聽到問題的後半部分。

Just around your -- any guidance around the noninterest expense run rate with the cost savings coming through from the branch closures?

就您而言，關於非利息費用運行率以及因關閉分支機構而節省的成本有什麼指導嗎？

Yes. So what I would do on the run rate is look at -- so we have several adjustments that you -- that are actually noted in the earnings release that would -- should be excluded from the run rate.

是的。因此，我對運行率要做的就是觀察——所以我們有幾項調整——實際上在收益發布中註意到了——應該從運行率中排除。

And then on the branches, that's in the highlight bullet. We should, going forward, get about $470,000 net of those initial write-offs for the year, for 2023 and then for future years, $1.4 million savings.

然後在樹枝上，這是亮點。展望未來，扣除今年的初始沖銷後，我們應該獲得約 47 萬美元的淨減值，為 2023 年以及未來幾年節省 140 萬美元。

Our next question is from the line of Jeff Rulis with D.A. Davidson.

我們的下一個問題來自 Jeff Rulis 和 D.A.戴維森。

Tani, just on that last point, the $470,000 net -- could you unpack the -- I assume there's upfront cost with that, of which I think maybe you've incurred some in the first quarter and then, I guess, the savings for the rest of the year and, I guess, also if there were savings in the first quarter that you called out. Just to try to break that piece out the $470,000 out a little bit.

塔尼，就最後一點而言，淨額 470,000 美元——你能解開嗎——我認為這其中有前期成本，我想你可能在第一季度就產生了一些費用，然後，我猜，節省了今年剩下的時間，我想，如果你所說的第一季度有節省的話。只是想把這件作品從 470,000 美元中拿出來一點點。

Yes. So the accelerated amortization for the 2 branches closing -- for 2 of the branches closing was $274,000, the other didn't have that -- any of that. And then there was $158,000 of accelerated lease expense, and that was associated with one of the branch closures.

是的。因此，關閉 2 個分支機構的加速攤銷 - 其中 2 個分支機構關閉的費用為 274,000 美元，另一個沒有 - 任何一個。然後還有 158,000 美元的加速租賃費用，這與其中一家分支機構的關閉有關。

And no savings in the first quarter just yet?

第一季度還沒有節省開支嗎？

I have to run that number for the first quarter, so to break down that $470,000 net for the year over the 4-quarter period. I can send out an e-mail after the call on that, if you like.

我必須計算第一季度的這個數字，以便將全年 470,000 美元的淨收入細分到第四季度。如果您願意，我可以在通話後發送一封電子郵件。

Okay. Just I guess you got us on the run rate annually. So if I could kind of back into that. Just that's fair enough on the cost.

好的。我猜你每年都會給我們帶來運行率。所以如果我能回到那個話題的話。就成本而言，這已經足夠公平了。

I wanted to go back, Tim, to the -- that. I appreciate the breakout of the outflow, but focusing in on that 14% that sort of left the bank, just trying to get a -- just circling back, I think you gave some reasons that some were seeking safety, some were seeking yield.

蒂姆，我想回到那個地方。我很欣賞資金外流的突破，但重點關注那 14% 的人離開了銀行，只是想得到——只是回過頭來，我認為你給出了一些理由，有些人尋求安全，有些人尋求收益。

One, could you confirm those reasons for departure? And two, how has that conversation changed kind of mid-April versus the early stages of the news events in March?

一、你能確認一下你離開的原因嗎？第二，四月中旬的談話與三月新聞事件的早期階段相比有何變化？

Sure. No, it's a good question. So as we've talked about before, going into the first quarter, we're slow to increase our deposit rates kind of see what [Mark] was going to do and how are we (technical difficulty) responded.

當然。不，這是一個好問題。因此，正如我們之前談到的，進入第一季度，我們緩慢地提高存款利率，看看[馬克]將要做什麼以及我們（技術難度）如何應對。

We actually have started talking to clients and doing more broad-based deposit rate increases towards the end of February and early March prior to the failure of Silicon Valley Bank and the other bank issues at hand. And so then we became more aggressive in doing that.

事實上，在矽谷銀行和其他銀行倒閉之前，我們實際上已經開始與客戶交談，並在二月底和三月初進行更廣泛的存款利率上調。所以我們變得更加積極地這樣做。

But I think you had, at that point, an intersection of concern, certainly about the health of regional and community banks that was exacerbated in our market with news around some of the large regional banks under duress.

但我認為，當時你們對區域和社區銀行的健康狀況存在交叉擔憂，這種擔憂在我們的市場上隨著一些大型區域銀行面臨脅迫的消息而加劇。

And so it's really hard to parse out completely how much of a concern that was about viability versus just a rate conversation, but certainly the higher rates at a large brokerage firm were enough to help drive some of that. So we got much more aggressive, for us, later in that quarter, made a lot of adjustments.

因此，很難完全解析出對生存能力的擔憂與單純的利率對話有多大關係，但大型經紀公司較高的利率肯定足以幫助推動其中的一部分。因此，我們變得更加激進，在該季度晚些時候，我們做出了很多調整。

We actually started a number of tier increases days before or 3 days before the failure of Silicon Valley Bank. So we thought we were getting -- I guess we didn't know we were getting ahead of something, but we thought we were going to play catch-up at that point.

實際上，我們在矽谷銀行倒閉前幾天或三天就開始了一些級別的提升。所以我們認為我們正在取得進展——我想我們不知道我們正在領先於某些事情，但我們認為我們會在那時迎頭趕上。

And then certainly, the need for that was (technical difficulty) pretty healthy increases for us. We still think we're very (technical difficulty), but most of our (technical difficulty) last bank for balances (technical difficulty) to reduce deposit increase here and still maintain (technical difficulty) the relationships. And then (technical difficulty) for deposition.

當然，對我們來說，這種需求（技術難度）相當健康地增加。我們仍然認為我們非常（技術難度），但我們大多數（技術難度）最後銀行結餘（技術難度）以減少這裡的存款增加並仍然維持（技術難度）關係。然後（技術難度）進行沉積。

Audio was starting to get a little choppy there. I don't know if that's on my line, but I got the gist of it. I appreciate it. One other question on just the, you mentioned that (technical difficulty).

那裡的音頻開始變得有點斷斷續續。我不知道這是否符合我的意思，但我明白了它的要點。我很感激。關於您提到的另一個問題（技術難度）。

This is the operator, we hear choppiness from the line right now coming from that main line.

這是接線員，我們現在聽到來自該主線的線路不穩定的聲音。

Jeff, are you there?

傑夫，你在嗎？

I am. You sound quite a bit clear, Tim.

我是。蒂姆，你聽起來很清楚。

Yes, we [can hear] you, but I couldn't hear you either. So would you mind repeating what you said? I apologize.

是的，我們[可以聽到]你的聲音，但我也聽不到你的聲音。那麼你介意重複一下你說過的話嗎？我道歉。

Sure, sure. wanted to ask about -- thanks for the detail on the office CRE. I think you mentioned $370 million in the nonowner-occupied. What's the balance of the owner-occupied office CRE?

一定一定。我想詢問有關 - 感謝您提供有關辦公室 CRE 的詳細信息。我想你提到了 3.7 億美元的非自住房產。自用辦公室 CRE 的餘額是多少？

At 17% of the $2.1 billion total. So 300 -- so on Page 9 of the present...

佔 21 億美元總額的 17%。所以 300——所以在本頁的第 9 頁上......

So all of -- well, so in the office specifically of owner-occupied CRE that accounts for that entire amount?

那麼，所有這些——好吧，那麼在業主自用的 CRE 的辦公室裡，就佔了全部金額？

Oh, I'm sorry, office owner-occupied. We'll get you give that number, Jeff. I don't have that in front of me.

哦，對不起，辦公室老闆佔用了。我們會讓你給出那個號碼，傑夫。我面前沒有那個。

Sure. Just a last check-in. The loan pipeline, you scratched out some growth in the first quarter. It looks like paydowns were down. You came in with kind of a lower pipeline, but ended up a net growth. How does that pipeline look today or at least the start of the quarter versus as you entered the year?

當然。只是最後一次登記入住。貸款管道，第一季度取得了一些增長。看起來付款額下降了。你的管道數量較低，但最終實現了淨增長。與進入今年時相比，今天或至少在本季度初的管道情況如何？

It continues to build. Demand is reasonably muted out there with the rates where they are, but we are seeing the pipeline build. It gets lumpy, and you close loans and then you have to build that pipeline back up. But I think we're pretty pleased, given the environment of how that's shaping up.

它仍在繼續建設。就目前的價格而言，需求相當低迷，但我們看到了管道的建設。它變得不穩定，你關閉了貸款，然後你必須重建管道。但我認為，考慮到目前的環境，我們非常高興。

This is Tani interjecting. In answer to your question, Matthew, the tax equivalent net interest margin for March was 2.74%.

這是塔尼插嘴的。馬修，在回答你的問題時，3 月份的稅收等值淨息差為 2.74%。

Our next question is from the line of David Feaster with Raymond James.

我們的下一個問題來自大衛·費斯特和雷蒙德·詹姆斯。

Just one quick one off of that it's just talk -- could you remind us of the cash flows off the securities book? I think we had talked about $25 million a quarter. It's been running ahead of that. I guess, what do you think about the pace of securities cash flows?

簡單說一下，這只是說說而已——您能提醒我們證券賬簿外的現金流量嗎？我想我們已經討論過每季度 2500 萬美元。它一直跑在前面。我想，您對證券現金流的速度有何看法？

Yes, we do usually think of it as around 100 a year. Of course, that fluctuates from quarter-to-quarter. And if we have any calls on securities, it would accelerate that. But yes, it was higher than -- a little higher than normal this quarter.

是的，我們通常認為每年 100 左右。當然，每個季度都會有所波動。如果我們對證券有任何要求，這會加速這一過程。但是，是的，這個季度比正常水平要高一點。

Okay. And then just on the expenses, just wanted to clarify whether you would expect those to all flow to the bottom line? Because in the prepared remarks, Tim, it kind of sounded like you were planning on reinvesting those. Just want to make sure that we're thinking about kind of the expense run rate the right way.

好的。然後就費用而言，只是想澄清一下您是否希望這些費用全部流入底線？因為在準備好的講話中，蒂姆，聽起來你好像正在計劃對這些進行再投資。只是想確保我們以正確的方式考慮費用運行率。

You're talking about the branch saves -- [cost] saves?

你說的是分支節省——[成本]節省？

Yes.

是的。

Yes. So eventually, we do want to use the cost saves there to invest in things like technology that are tied to our 5-year plan, our strategic initiatives, but that will take some time hiring of the opportunistic. So we don't have that money earmarked currently for things. So I think for some undetermined period of time, those will drop to the bottom line.

是的。因此，最終，我們確實希望利用節省下來的成本來投資於與我們的五年計劃、戰略舉措相關的技術等領域，但這需要一些時間來僱用機會主義者。所以我們目前沒有專門用於這些事情的資金。所以我認為在一段不確定的時間內，這些將下降到底線。

But eventually, with our new CIO on board potentially taking advantage of some of the disruption in the market, we certainly would like to hire, but there's nothing on the immediate horizon for that, for either of those things. So we expect that to be true cost saves until we can reinvest in growth.

但最終，隨著我們新任首席信息官的加入，可能會利用市場中的一些混亂，我們當然願意招聘，但對於這兩件事，目前都沒有什麼可做的。因此，我們預計，在我們能夠對增長進行再投資之前，這才是真正的成本節省。

Okay. That's helpful. I just want to make sure we're thinking about that.

好的。這很有幫助。我只是想確保我們正在考慮這一點。

Maybe on the growth side of the equation, I was hoping you could maybe give us a pulse of the region. What you're hearing from your clients, how demand is trending? How new loan yields are?

也許在等式的增長方面，我希望你能給我們該地區的脈搏。您從客戶那裡聽到了什麼，需求趨勢如何？新貸款收益率如何？

And maybe just your appetite for growth here, just given the backdrop, what segments you're still seeing good risk-adjusted returns? I mean, obviously, C&I was good. Just curious, how you think about growth? And where you're seeing new opportunities?

也許只是您對增長的興趣，考慮到背景，您仍然看到哪些細分市場具有良好的風險調整回報？我的意思是，顯然，C&I 很好。只是好奇，您如何看待增長？您在哪裡看到了新的機會？

The opportunities in terms of pipeline building is pretty even across our footprint. I will say that the pricing we're seeing out there, whether it's for the duration of fixed rate loans or yields, remains very competitive.

在我們的足跡中，管道建設方面的機會相當均勻。我想說的是，我們看到的定價，無論是固定利率貸款期限還是收益率，仍然非常有競爭力。

So I don't want to throw any competitors under the bus, but the market has not responded by way of loan yields in our market the way maybe we would have liked. And so we will continue to look for loans that make sense, like you said, on a risk-adjusted basis.

因此，我不想讓任何競爭對手陷入困境，但市場並沒有以我們希望的方式通過貸款收益率做出反應。因此，正如您所說，我們將繼續在風險調整的基礎上尋找有意義的貸款。

The opportunities are there, but it is a muted demand environment. In the North Bay, some of the trends around commercial real estate are still pretty positive. San Francisco clearly has its issues, but our portfolio has held up well there, and we're seeing growth out of some of our other regions like Walnut Creek.

機會是存在的，但這是一個需求低迷的環境。在北灣，商業地產的一些趨勢仍然相當積極。舊金山顯然有其問題，但我們的投資組合在那裡表現良好，而且我們看到核桃溪等其他一些地區的增長。

So with our different regions now that can be [disparate] in terms of when one does well versus the others, but we're seeing a good pipeline buildup in the Sacramento market. And it's really hard to predict at this point. But by and large, we think there will be opportunities, but it's not going to be at a first half 2022 pace.

因此，現在我們不同的地區在某個地區的表現優於其他地區時可能會有所不同，但我們看到薩克拉門托市場的管道建設良好。目前確實很難預測。但總的來說，我們認為會有機會，但不會像 2022 年上半年那樣。

And if I could just add to that, on a looking-backwards basis, so over the last few months, the rate fund loans coming in new to the portfolio versus the portfolio rate, they are significantly higher, on average, so almost a couple of hundred basis points. So we do continue to see upward momentum on the yields for the assets side.

如果我可以補充一點，在回顧過去的基礎上，那麼在過去的幾個月裡，新加入投資組合的利率基金貸款與投資組合利率相比，平均而言要高得多，所以幾乎有幾個一百個基點。因此，我們確實繼續看到資產方面收益率的上升勢頭。

But maybe back to your question a little bit, David. I mean we'll continue to look for those areas where we can lend on a good risk-adjusted return basis.

但也許回到你的問題，大衛。我的意思是，我們將繼續尋找那些我們可以在良好的風險調整回報基礎上放貸的領域。

But in some of our niche lending areas like tax exempt, I mean we're still seeing large regional competitors put out -- and even some money-center banks put out offers at 20-year fixed rate loans, what I would not call a risk-adjusted return, and I don't know at what point will be.

但在我們的一些利基貸款領域，比如免稅，我的意思是，我們仍然看到大型區域競爭對手推出了——甚至一些貨幣中心銀行也推出了 20 年期固定利率貸款，我不會稱之為“長期貸款”。風險調整後的回報，我不知道會在什麼時候。

So we will have choices to make, are those the right assets to put on our books, based on the credit quality and the relationship opportunities.

因此，我們將根據信用質量和關係機會做出選擇，這些資產是否適合列入我們的賬簿。

Okay. Okay. That's helpful. And just following back up on the margin, if I hear -- your comments earlier about -- you're seeing a slight increasing trend in the margin. Do you think we've troughed here kind of from that [$374,000] -- or [$274,000] that you just mentioned? And kind of just how do you think about the margin, looking forward? I know it's a tough question to ask, but...

好的。好的。這很有幫助。就利潤率而言，如果我聽到——你之前的評論——你會看到利潤率略有上升的趨勢。您認為我們已經從您剛才提到的 [374,000 美元] 或 [274,000 美元] 中跌入谷底嗎？展望未來，您如何看待利潤率？我知道這是一個很難問的問題，但是...

Yes, that's a real tough question because as I said, I don't want to predict where the margin is going exactly because in that [$274,000] for March, for example, we're still seeing assets repricing upward, but we are still playing catch-up on the deposit side -- on the deposit beta.

是的，這是一個真正棘手的問題，因為正如我所說，我不想準確預測利潤率的去向，因為例如，在 3 月份的 [274,000 美元] 中，我們仍然看到資產重新定價向上，但我們仍然在存款方面追趕——存款測試版。

And so if you look at them in isolation, each one of those two factors weighing against each other, they are offsetting each other somewhat. But I think the incorporating the full price increase on deposits that we have -- that we put into place during the month of March, that's going to put some pressure on the margin.

因此，如果你孤立地看待它們，就會發現這兩個因素中的每一個都相互影響，它們在某種程度上相互抵消。但我認為，將我們在三月份實施的存款全額提價納入考慮，這將對利潤率造成一些壓力。

Thank you, David. Jeff, back to your question on owner-occupied CRE office, that total is $65 million.

謝謝你，大衛。 Jeff，回到您關於業主自用 CRE 辦公室的問題，該總額為 6500 萬美元。

Next question from the line of Wood Lay, KBW.

下一個問題來自 KBW Wood Lay。

I wanted to start off with the office portfolio. I mean, I know San Fran gets a lot of the headlines. But can you talk about the trends you're seeing in the other 81% of the portfolio?

我想從辦公室作品集開始。我的意思是，我知道舊金山經常成為頭條新聞。但您能談談您在其他 81% 的投資組合中看到的趨勢嗎？

Yes. I will comment briefly on the North Bay market. Sales trends are down, but things like cap rates and price per square foot are holding, and vacancy is a lot lower. So for example, in the North Bay, vacancy for office is around 11%, 12%, so nowhere near the pressure that you're seeing in San Francisco proper.

是的。我將簡要評論一下北灣市場。銷售趨勢下降，但資本化率和每平方英尺價格等指標保持不變，空置率也低得多。例如，在北灣，辦公室空置率約為 11%、12%，遠不及舊金山本地的壓力。

With that, though, I would ask Misako Stewart, our Chief Credit Officer, to weigh in as we have a very robust annual review process that gives us a lot of insight into the markets as we go throughout the year.

不過，我會請我們的首席信貸官 Misako Stewart 參與進來，因為我們有一個非常健全的年度審查流程，可以讓我們在全年中對市場有很多深入的了解。

Sure. Like Tim said, San Francisco is probably the most impacted, and maybe next would be Sacramento in terms of office. But as noted in the presentation slide, so our entire nonowner-occupied office portfolio, about $370 million, we do have the 55% average loan-to-value and debt services based on the most recent information as of 12/31/'22.

當然。正如蒂姆所說，舊金山可能是受影響最大的，就辦公室而言，下一個可能是薩克拉門托。但正如演示幻燈片中所指出的，我們整個非業主佔用的辦公室投資組合約為 3.7 億美元，根據截至 2022 年 12 月 31 日的最新信息，我們確實擁有 55% 的平均貸款價值比和債務服務。

And so I think our underwriting standards builds in enough of a cushion in our loan to values. We typically look for some solid sponsorship as well in all of our deals. So I think we continue to monitor the portfolio closely. But I think it's -- we're in a very manageable situation.

因此，我認為我們的承保標準為我們的貸款價值提供了足夠的緩衝。我們通常會在所有交易中尋求一些可靠的讚助。因此，我認為我們將繼續密切監控投資組合。但我認為我們正處於一個非常可控的局面。

And I'll just reiterate something Misako said because this came in on the line about San Francisco's office exposure and how recently those are refreshed in terms of loan-to-value, best service coverage occupancy.

我只是重申 Misako 所說的話，因為這與舊金山的辦公室曝光率以及最近這些在貸款價值比、最佳服務覆蓋率方面的更新有關。

That information in the deck, that is all based on 12/31/'22 results in San Francisco, based on operating statements and [rentals] and then internal valuations when we don't have a more recent appraisal adjusted for current cap rate trends.

甲板上的信息全部基於舊金山 22 年 12 月 31 日的結果，基於運營報表和[租金]，然後是內部估值（當我們沒有針對當前資本化率趨勢進行調整的更新評估時） 。

So we really do try to stay on top of those and do an annual view process for a very large percentage of our portfolio throughout the entire bank.

因此，我們確實盡力掌握這些情況，並對整個銀行的很大一部分投資組合進行年度查看流程。

Yes. We do reviews for about $1 billion of our $1.2 billion nonowner-occupied real estate portfolio.

是的。我們對 12 億美元的非業主自用房地產投資組合中的約 10 億美元進行審查。

That's helpful color. And then I know that office class can be a largely subjective measure, but any color you could give just on the breakdown of Class A, B or C exposure in the portfolio?

這是有用的顏色。然後我知道辦公室類別在很大程度上是一個主觀衡量標準，但是您可以根據投資組合中 A、B 或 C 類風險敞口的細分給出任何顏色嗎？

That's a tough one to answer since as you point out, it is subjective. I would say, in our San Francisco office portfolio, these are not high-rise, skyscraper-type buildings. They are relatively smaller in size. And as noted -- as Tim mentioned, 8 out of our 11 properties are 100% occupied. So yes, that's a hard question to answer.

這是一個很難回答的問題，因為正如您所指出的，這是主觀的。我想說，在我們舊金山的辦公樓組合中，這些都不是高層、摩天大樓類型的建築。它們的尺寸相對較小。正如 Tim 提到的，我們的 11 處房產中有 8 處已 100% 入住。所以，是的，這是一個很難回答的問題。

Okay...

好的...

Most of them are in the few storey range. There's the one outlier that happens to be our substandard credit that we've referenced in multiple calls in the past, that we referenced in the deck, but that is higher. But the vast majority of our properties are 2, 3 storeys.

其中大多數都在幾層樓範圍內。有一個異常值恰好是我們過去在多次通話中提到的不合格信用，我們在套牌中提到過，但這個值更高。但我們絕大多數的房產都是2、3層。

Right. Okay. And then...

正確的。好的。進而...

And the A, B, C is subjective, as you said.

正如你所說，A、B、C 是主觀的。

Right. Yes. All right. Well, last, I just wanted to hit on deposits, and I appreciate the color that balances have held in relatively stable since March 22. But any color you could just give on the mix shift over that time? I mean, is -- are you seeing the noninterest-bearing composition continue to decline? Or is that holding relatively stable as well?

正確的。是的。好的。好吧，最後，我只是想兌現存款，而且我很欣賞自 3 月 22 日以來餘額保持相對穩定的顏色。但是您可以在這段時間內的混合轉變中提供任何顏色嗎？我的意思是，您是否看到無息結構繼續下降？或者說也保持相對穩定？

No, that's holding stable. In fact, there's a slide in the investor presentation that we posted, that shows almost an identical mix of -- 5 -- on Page 4, and I'm going to hand signal [what's going] on. Yes. It's on Page 4 of the deck there.

不，這保持穩定。事實上，我們發布的投資者演示文稿中有一張幻燈片，在第 4 頁上顯示了幾乎相同的 5 種組合，我將用手示意[發生了什麼]。是的。它位於甲板的第 4 頁上。

And the mix is almost identical. Noninterest-bearing DDA is 50.3% versus 51.5%, money market went from 27.7% to 28%. So from a mix standpoint, it's remained very stable.

並且混合幾乎相同。無息 DDA 為 50.3%，貨幣市場則從 27.7% 升至 28%。所以從混合的角度來看，它仍然非常穩定。

A lot of the big outflows that we did have in the quarter, both before and after the failure at Silicon Valley Bank, I don't mean to keep picking on them, that's just the trigger point, was really large outflows tied to specific events that are very easy to point to.

我們在本季度確實發生了很多大規模資金外流，無論是在矽谷銀行倒閉之前還是之後，我並不是要繼續挑剔它們，這只是觸發點，確實是與特定事件相關的大量資金外流這些都很容易指出。

I guess, at commercial real estate acquired with cash, we had 2 companies that sold, and those funds were dispersed and unrelated to the owners, that was $40 million. It was 20 on the CRE purchase post SVB collapse, a lot of estate and trust disbursement. So it really was unfortunate timing.

我想，在用現金收購的商業房地產中，我們有兩家公司出售了，這些資金是分散的，與業主無關，那就是 4000 萬美元。當時是 SVB 倒閉後 CRE 購買的 20 號，大量遺產和信託支出。所以這確實是一個不幸的時機。

But in terms of the behavioral attributes, we really have seen things settle since the 22, and that mix really hasn't changed a lot.

但就行為屬性而言，自 22 世紀以來我們確實看到事情已經穩定下來，而且這種組合確實沒有太大變化。

So while we're on the topic and waiting for other questions on the phone, we did have an investor ask, again, about the deposit beta for the quarter versus what we indicated for the cycle. So they're both the same because 15% for the cycle, I'm quoting through March 31. So there will likely be more. But that -- this cycle and March 31 for the same as of right now.

因此，當我們在討論這個話題並等待電話中的其他問題時，我們確實有一位投資者再次詢問本季度的存款貝塔值與我們表示的周期的貝塔值。所以它們都是相同的，因為我引用的是截至 3 月 31 日的周期的 15%。所以可能會有更多。但是，這個週期與 3 月 31 日的周期相同。

And then the same person asked, if we decided to sell the HTM, what would be the time frame if we invested at current market and perhaps shorter maturity?

然後同一個人問，如果我們決定出售 HTM，如果我們在當前市場進行投資，或者期限可能較短，那麼時間框架是多長？

So first of all, we wouldn't sell held-to-maturity securities, we would sell available-for-sale securities. And if we were going to do any sort of transaction, if we sold it again, or at a breakeven, there wouldn't be an earn-back time frame, and we wouldn't be reinvesting the proceeds, we would be paying down borrowings.

因此，首先，我們不會出售持有至到期證券，我們會出售可供出售證券。如果我們要進行任何類型的交易，如果我們再次出售它，或者在盈虧平衡的情況下，就不會有盈利時間框架，我們不會將收益再投資，我們將償還債務借款。

If we decided to do any sort of structured transaction, combining a sale with some other event, we would be looking for an earn back under 1 or 2 years. Hopefully, that answers that question.

如果我們決定進行任何形式的結構性交易，將銷售與其他活動結合起來，我們將尋求在一兩年內收回盈利。希望這能回答這個問題。

Next one question from the line of Andrew Terrell with Stephens.

安德魯·特雷爾 (Andrew Terrell) 和斯蒂芬斯 (Stephens) 提出了下一個問題。

Maybe just to go back and start on the margin here. I just want to clarify that on Page 15 of the slide deck, the 83 basis point interest-bearing deposits for March, I just want to clarify, that is the average throughout the month of March and not the spot at the end of March, correct, the 83 basis points?

也許只是回去從這裡開始。我只是想澄清一下，在幻燈片第15頁上，3月份的83個基點的有息存款，我只是想澄清一下，這是整個3月的平均值，而不是3月底的現貨，對吧，83個基點？

It's 83 basis points? I'm sorry, I'm not following.

是83個基點嗎？對不起，我不跟了。

I'm looking at the monthly rate paid on interest-bearing deposits versus Fed funds on Page 15 of the slide deck in the bottom right graph.

我在右下圖幻燈片第 15 頁上查看了有息存款與聯邦基金支付的月利率。

Okay. On interest-bearing [beta].

好的。關於計息β。

That's average throughout the month, correct?

這是整個月的平均值，對嗎？

Yes.

是的。

Okay. And just -- I mean, given the velocity there, the 23 to 83 basis points is a pretty big step-up. Do you have what the spot interest-bearing deposit cost was at the end of the period?

好的。我的意思是，考慮到那裡的速度，23 到 83 個基點是一個相當大的進步。您是否有期末即期計息存款成本是多少？

No, we don't have that right now.

不，我們現在沒有。

Okay. I mean it sounds like you guys got a little more aggressive kind of February, March time frame in ratcheting deposit costs. But I guess I'm just trying to get a sense of like how that's progressed so far in the month of April, like whether or not it feels like the cost increases in maybe early March time frame or enough, if you've had to move further in April so far? I'm just trying to get a better sense of where the deposit cost number is headed.

好的。我的意思是，聽起來你們在二月、三月的時間框架內提高了存款成本。但我想我只是想了解一下四月份到目前為止的進展情況，比如是否感覺成本在三月初的時間範圍內增加了，或者是否足夠，如果你不得不這樣做的話到目前為止，四月份還有進一步的進展嗎？我只是想更好地了解存款成本數字的走向。

You know what, Andrew, I can send out an April year-to-date number after the call.

你知道嗎，安德魯，我可以在通話後發送今年四月份至今的電話號碼。

So I do know most of our adjustments were made in March, Andrew. And yes, we've certainly got more aggressive. We had started that process, like I said, 2 or 3 days before the collapse of Silicon Valley Bank and accelerated that shortly thereafter. But most of those adjustments that I've seen so far were done through the end of the month.

所以我確實知道我們的大部分調整是在三月份進行的，安德魯。是的，我們確實變得更加激進。正如我所說，我們在矽谷銀行倒閉前兩三天就開始了這個過程，並在不久後加速了這一過程。但到目前為止，我看到的大部分調整都是在月底完成的。

Okay. I appreciate it. And then one other question I had. You guys have, I think it's close to a $35 million buyback in place, and capital ratios were very, very healthy. With the stock trading kind of around this tangible book value level, can you talk about your appetite for utilization of the buyback here? I didn't see any in the quarter, but I'd love to hear your thoughts.

好的。我很感激。然後我還有另一個問題。我認為你們已經進行了接近 3500 萬美元的回購，而且資本比率非常非常健康。由於股票交易大約在這個有形賬面價值水平附近，您能談談您對利用回購的興趣嗎？我在本季度沒有看到任何結果，但我很想听聽您的想法。

Yes. We would love to buy shares back at this price. I think we're waiting and seeing a little bit with the concerns around credit risk, making decisions around -- whether watching the market and the ability to sell available-for-sale securities, reposition our NIM based on reducing FHLB borrowings.

是的。我們很樂意以這個價格回購股票。我認為我們正在等待並觀察對信用風險的擔憂，並圍繞是否觀察市場和出售可供出售證券的能力、根據減少 FHLB 借款重新定位我們的淨息差來做出決策。

And so we're looking at all those options and how that would impact capital, again, in light of potential credit issues coming. So I would love to do that, but I want to be cautious and prudent in the approach.

因此，鑑於即將出現的潛在信貸問題，我們正在研究所有這些選擇以及這將如何影響資本。所以我很樂意這樣做，但我想在這種方法上保持謹慎和謹慎。

(Operator Instructions) We have a question from the line of Tim Coffey with Janney Montgomery Scott.

（操作員說明）蒂姆·科菲 (Tim Coffey) 和詹尼·蒙哥馬利·斯科特 (Janney Montgomery Scott) 向我們提出了一個問題。

I really appreciate all the detail that you provided in the investor deck and on the call today. And I just have some kind of follow-up questions on some of those items. The construction book in San Francisco, can you provide some color on that?

我非常感謝您在投資者平台和今天的電話會議中提供的所有細節。我只是對其中一些項目有一些後續問題。舊金山的建築手冊，你能提供一些說明嗎？

Yes. I'm going to ask Misako to weigh in on this. She's much better versus the intricacies of it.

是的。我想請美佐子來討論一下這個問題。相對於它的複雜性，她要好得多。

Sure. The construction portfolio mostly is a multifamily or single-family residences. When you ask about color, is there anything specific you want me to address? I mean they are all performing.

當然。建築組合主要是多戶或單戶住宅。當您詢問顏色時，您希望我解決什麼具體問題嗎？我的意思是他們都在表演。

Yes. Yes, well, more than kind of a property type and location. I mean, specifically in and around the Central Business District.

是的。是的，嗯，不僅僅是一種財產類型和位置。我的意思是，特別是在中央商務區及其周邊地區。

They are mostly in San Francisco. They're multifamily. And so they do cover a number of different neighborhoods in San Francisco. If there's anything, we have some softening in terms of just condo sales, but they are all performing, currently.

他們大多在舊金山。他們是多戶家庭。因此，他們確實覆蓋了舊金山的許多不同社區。如果說有什麼不同的話，那就是公寓銷售方面出現了一些疲軟，但目前它們都表現良好。

Okay. And then with the total CRE loans in San Francisco, are you seeing any signs that they're behaving differently than, say, the office portfolio?

好的。然後，從舊金山的商業地產貸款總額來看，您是否發現任何跡象表明它們的表現與辦公樓投資組合等有所不同？

In San Francisco?

在舊金山？

Yes. Yes.

是的。是的。

I would say that the general trend that we're seeing, which I'm sure many others are seeing as well, is just with vacancies as leases come due and maturity, many are not renewing or if they are, they're renewing at lower rates.

我想說的是，我們所看到的總體趨勢，我相信許多其他人也看到了，只是隨著租約到期和到期而出現空缺，許多人沒有續簽，或者如果是的話，他們會在較低的利率。

And so we are continuing to keep a close eye and monitor our entire portfolio, for that matter, for the nonowner-occupied real estate, but mostly for the office property. But it is a general trend that we are seeing.

因此，我們將繼續密切關注並監控我們的整個投資組合，針對非業主佔用的房地產，但主要是辦公物業。但這是我們看到的總體趨勢。

In San Francisco, I think majority of it is concentrated in office in San Francisco. I think we have a few industrial properties, which are performing as agreed.

在舊金山，我認為大部分集中在舊金山的辦公室。我認為我們有一些工業地產，它們的表現符合約定。

Okay. And then my last question has to with account openings. How many account -- deposit accounts do you open in a typical quarter?

好的。我的最後一個問題與開戶有關。您通常在一個季度開設多少個賬戶——存款賬戶？

Give me one second.

給我一秒鐘。

Yes. I'm just trying to get an idea of kind of you put the 1,000 that you opened in this last quarter in...

是的。我只是想知道您是否將上個季度開設的 1,000 個賬戶放入...

Yes, probably in the $500 to $600 range.

是的，可能在 500 美元到 600 美元之間。

And we have no further questions on the phone line.

我們在電話線上沒有進一步的問題。

Okay. We have a couple of questions from the webcast. The first one is another one on the net interest margin inflecting back up as assets reprice. In terms of timing, how should we think about that?

好的。我們從網絡廣播中有幾個問題。第一個是淨息差，隨著資產重新定價而回升。從時間上來說，我們應該如何思考？

I would say, it's -- on the asset side, it's a gradual increase. And in like the first -- the next couple of months with the beta catch-up on the deposits, that's definitely going to offset it more than in future months. But hopefully, that's of some help.

我想說，在資產方面，這是逐步增加的。就像第一個月一樣，在接下來的幾個月裡，隨著存款的測試趕上，這肯定會比未來幾個月更多地抵消它。但希望這能有所幫助。

We also have a question about the March 31 reserve for unfunded commitments, and I'm working on getting that right now.

我們還有一個關於 3 月 31 日無資金承諾儲備金的問題，我現在正在努力解決這個問題。

While she's getting that, we did have a question, what are the opportunities to hire out of the recent dislocation in the [wine] lending market?

當她明白這一點時，我們確實有一個問題，在最近的[葡萄酒]貸款市場混亂中，有哪些招聘機會？

We were fairly excited about that opportunity early on, again, not to take advantage of the misfortune of others. But certainly, given that's been an important segment for us, thus far with teams from the Silicon Valley Bank, that seems to be a focus of their new owner as well. But we have had conversations with teams with various specific focuses within Commercial Banking from some of the other dislocations.

我們很早就對這個機會感到相當興奮，同樣，我們沒有利用別人的不幸。但當然，考慮到這對我們來說是一個重要的部分，到目前為止，對於矽谷銀行的團隊來說，這似乎也是他們新東家關注的焦點。但我們已經與商業銀行內不同特定重點的團隊進行了對話，以應對其他一些混亂。

So I do think there will be hiring opportunities, the right -- the question for us is going to be, is it the right fit? Will that will help drive us forward in areas we want to continue to grow in is that someone can add value.

所以我確實認為會有招聘機會，對我們來說，問題是，它合適嗎？這將有助於推動我們在我們想要繼續發展的領域前進，因為有人可以增加價值。

But I would expect us to have more opportunities within the broader commercial banking for sure, and then hopefully in wine as we see this continue to play out.

但我預計我們肯定會在更廣泛的商業銀行業務中擁有更多機會，然後希望在葡萄酒領域擁有更多機會，因為我們看到這種情況繼續發展。

And going back to the reserve for unfunded commitments as of March 31, it was $1.3 million. Looks like we have another question from the line.

回到截至 3 月 31 日的無資金承諾儲備金，該儲備金為 130 萬美元。看來我們還有另一個問題。

(Operator Instructions)

（操作員說明）

So I will say this. I'll read the question that came in, what does the back book of loan repricing look like through 2023, 2024?

所以我會這麼說。我將閱讀提出的問題，到 2023 年、2024 年貸款重新定價的賬簿會是什麼樣子？

We have about 18% of our book that reprices over every 12-month cycle. We can go back and do some more research, but it's generally been in that 18% to 20% range. If you would like more specificity around that, please reach out to me or through Andrea or Tani directly. I'm not sure who the question came in from.

我們大約有 18% 的圖書會在每 12 個月的周期內重新定價。我們可以回去做更多研究，但一般都在 18% 到 20% 的範圍內。如果您想了解更多具體信息，請與我聯繫或直接通過 Andrea 或 Tani 聯繫。我不確定這個問題是誰提出來的。

We have no questions from the phone.

我們沒有通過電話提出任何問題。

With that, I want to thank everyone for their time, attention and questions. Please feel free to reach out to any of us if you want further information, but we appreciate your involvement. Thank you.

在此，我要感謝大家的時間、關注和提問。如果您需要更多信息，請隨時與我們任何人聯繫，但我們感謝您的參與。謝謝。

Thank you.

謝謝。