Cullen/Frost Bankers Inc (CFR) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Cullen/Frost Bankers, Inc. first quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Cullen/Frost Bankers, Inc. 第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, A.B. Mendez, Senior Vice President and Director of Investor Relations. Thank you. Please go ahead.

現在我很高興向大家介紹你們的主持人 A.B.門德斯，高級副總裁兼投資者關係總監。謝謝。請繼續。

Thanks, Donna. This morning's conference call -- or this afternoon's conference call will be led by Phil Green, Chairman and CEO; and Jerry Salinas, Group Executive Vice President and CFO.

謝謝，唐娜。今天上午的電話會議或今天下午的電話會議將由董事長兼首席執行官 Phil Green 主持；以及集團執行副總裁兼首席財務官 Jerry Salinas。

Before I turn the call over to Phil and Jerry, I need to take a moment to address the safe harbor provisions. Some of the remarks made today will constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. We intend such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended.

在我把電話轉給菲爾和傑瑞之前，我需要花點時間討論一下安全港條款。今天發表的一些言論將構成經修訂的 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。我們希望此類陳述受到 1995 年《私人證券訴訟改革法案》（經修訂）中包含的前瞻性陳述安全港條款的保護。

Please see the last page of text in this morning's earnings release for additional information about the risk factors associated with these forward-looking statements. If needed, a copy of the release is available on our website or by calling the Investor Relations department at (210) 220-5234.

請參閱今天上午收益發布的最後一頁文字，了解與這些前瞻性陳述相關的風險因素的更多信息。如果需要，可在我們的網站上或致電投資者關係部門 (210) 220-5234 獲取該新聞稿的副本。

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

這個時候，我會把電話轉給菲爾。

Thanks, A.B., and good afternoon, everyone. Thanks for joining us. Today, I'll review first quarter results for Cullen/Frost. And our Chief Financial Officer, Jerry Salinas, will provide additional comments, and then we're going to open it up for your questions.

謝謝 A.B.，大家下午好。感謝您加入我們。今天，我將回顧卡倫/弗羅斯特第一季度的業績。我們的首席財務官傑里·薩利納斯 (Jerry Salinas) 將提供更多評論，然後我們將開放以供您提問。

In the first quarter, Cullen/Frost earned $176 million, or $2.70 per share, compared with earnings of $97.4 million, or $1.50 per share, reported in the same quarter last year. That represents an increase of 80%, that's 8-0 percent, over last year's level. Our return on average assets and average common equity in the first quarter were 1.39% and 22.59%, respectively, and that compares with 0.79% and 9.58% for the same period last year.

第一季度，Cullen/Frost 盈利 1.76 億美元，即每股 2.70 美元，而去年同期的盈利為 9,740 萬美元，即每股 1.50 美元。這意味著比去年的水平增長了 80%，即 8-0%。一季度我們的平均資產回報率和平均普通股本回報率分別為1.39%和22.59%，而去年同期為0.79%和9.58%。

I'm extremely proud of this performance, and I believe that it helps demonstrate the value of Frost's culture, the excellence of our people and the soundness of our institution. These results are a product of our commitment to our philosophy, which our late former Chairman, Tom Frost, captured years ago in our 21-word mission statement, which reads: We will grow and prosper building long-term relationships based on top quality service, high ethical standards and safe sound assets.

我對這次表演感到非常自豪，我相信它有助於展示弗羅斯特文化的價值、我們員工的卓越性和我們機構的健全性。這些成果是我們對我們理念的承諾的產物，我們已故的前董事長湯姆·弗羅斯特（Tom Frost）多年前在我們的 21 字使命宣言中闡述了這一理念，其中寫道：我們將在優質服務的基礎上發展和繁榮建立長期關係、高道德標準和安全可靠的資產。

Never have those words rung truer. Our commitment to this mission produces tangible results like we just reported, and it is reflected in factors such as our commitment to sound liquidity, which resulted in our going into March with 20% of our deposit base held in a checking account at the Federal Reserve. This not only serves to protect depositors, it also allowed us to take direct benefit from Federal Reserve interest rate increases as they continued to fight inflation.

這些話從未如此真實過。正如我們剛剛報告的那樣，我們對這一使命的承諾產生了切實的成果，這反映在我們對健全流動性的承諾等因素中，這導致我們進入 3 月份時將 20% 的存款基礎存放在美聯儲的支票賬戶中。這不僅可以保護儲戶，還可以讓我們在美聯儲繼續對抗通脹的過程中直接受益於加息。

By sharing these benefits with our depositors throughout this upward rate cycle, I'm convinced we built not only balances, but also trust with our deposit customers. Have a level of bank deposits generally been impacted by these higher rates in the Fed's quantitative tightening? Of course, they have. Remember, our deposits peaked in August of last year.

通過在整個利率上行週期中與我們的儲戶分享這些好處，我相信我們不僅建立了余額，而且還贏得了存款客戶的信任。銀行存款水平是否普遍受到美聯儲量化緊縮政策中利率上升的影響？當然，他們有。請記住，我們的存款在去年八月達到頂峰。

Did most banks see movement by some nervous depositors last month in the wake of the failure of some specialized banks? Of course, they did. But keep this in mind, Frost did not take on any federal home loan bank advances. We did not participate in any special liquidity facility or government borrowing. We did not access any wholesale funding, and we did not utilize any reciprocal insurance arrangements to build insured deposit percentages.

上個月，在一些專業銀行倒閉後，大多數銀行是否都看到了一些緊張的儲戶的行動？當然，他們做到了。但請記住這一點，弗羅斯特沒有接受任何联邦住房貸款銀行預付款。我們沒有參與任何特殊流動性便利或政府借款。我們沒有獲得任何批發資金，也沒有利用任何互惠保險安排來建立保險存款百分比。

And while lending out only 41.5% of our deposit base at quarter end, we continued to provide consistent capital to our customers and communities by growing our average loan portfolio over the year by 7.5%, in line with our high single digits target.

雖然在季度末僅放出我們存款基礎的 41.5%，但我們通過將全年平均貸款組合增長 7.5% 繼續為我們的客戶和社區提供穩定的資本，這符合我們的高個位數目標。

We also continued to successfully execute our focus on organic expansion in major Texas markets. For example, our Houston expansion, including the original 25 location build-out, plus the partial completion of 3 additional locations, what we call Houston 2.0, continue to mature and exceed pro formas, with 115% of our household goal, 169% of our loan goal and 102% of our deposit goal. I'll add that in a moment, Jerry will share some insights into the financial impact from the maturing Houston expansion.

我們還繼續成功地在德克薩斯州主要市場進行有機擴張。例如，我們的休斯頓擴張，包括最初的 25 個地點擴建，加上 3 個額外地點的部分完成，我們稱之為休斯頓 2.0，繼續成熟並超越預計，實現了我們家庭目標的 115%、家庭目標的 169%。我們的貸款目標和存款目標的 102%。我稍後會補充一點，傑里將分享一些關於成熟的休斯頓擴張所帶來的財務影響的見解。

In addition, our Dallas expansion just reached the halfway mark this week and currently stands at 228% of our new household goal, 282% of our loan goal and 318% of our deposit goal.

此外，我們達拉斯的擴張本周剛剛完成一半，目前已達到新家庭目標的 228%、貸款目標的 282% 和存款目標的 318%。

Now taking a closer look at the quarter. Our consumer business continues to perform extremely well. In fact, the first quarter represented an all-time high for net new customers, up 26% from the first quarter of last year. Even more impressive to me was the fact that for the month of March, we exceeded our previous all-time monthly record for net new consumer customers by 33%. That's over 1,000 more customers than our previous record. Our bankers are busy.

現在仔細看看這個季度。我們的消費者業務繼續表現出色。事實上，第一季度淨新客戶數量創歷史新高，比去年第一季度增長 26%。更令我印象深刻的是，3 月份，我們的淨新消費者客戶數量超出了之前的月度歷史記錄 33%。這比我們之前的記錄多了 1,000 多名客戶。我們的銀行家很忙。

Looking at this increase in new customer growth, it was led by Dallas and Houston, our two expansion markets, which accounted for 75% of this household growth. Houston was up 33% and Dallas was up 133%. And even our headquarters market of San Antonio saw net new household growth in March of 14%.

從新客戶增長的增長來看，我們的兩個擴張市場達拉斯和休斯頓引領了這一增長，這兩個市場佔了家庭增長的 75%。休斯頓上漲 33%，達拉斯上漲 133%。甚至我們的聖安東尼奧總部市場 3 月份的新家庭淨增長也達到了 14%。

Average consumer deposit balances for the first quarter declined 1.4% from the fourth quarter of last year as customers continued to spend excess balances and take advantage of significantly higher rate opportunities. Most of that decline was in our consumer checking balances, which was partially offset by increases in consumer CD balances as customers took advantage of our highest available rates. But I think it's important to note that looking at the period, March 10 to April 14, consumer checking balances were actually up 1.3%.

由於客戶繼續支出超額餘額並利用大幅提高利率的機會，第一季度平均消費者存款餘額較去年第四季度下降 1.4%。大部分下降來自我們的消費者支票餘額，但由於客戶利用了我們最高的可用利率，消費者定期存款餘額的增加部分抵消了這一下降。但我認為值得注意的是，3 月 10 日至 4 月 14 日期間，消費者支票餘額實際上增長了 1.3%。

Consumer loan growth ended the quarter at $2.45 billion, or 28% higher than the first quarter of last year, driven by consumer real estate as our home improvement and home equity products continue to be the right product at the right time for customers with low rate first mortgages. Credit continues to be excellent with average credit scores exceeding $750.

截至本季度末，消費者貸款增長達 24.5 億美元，比去年第一季度增長 28%，這主要得益於消費者房地產的推動，因為我們的家居裝修和房屋淨值產品仍然是低利率客戶在正確時間的正確產品第一抵押貸款。信用持續良好，平均信用評分超過 750 美元。

Our new mortgage pilot program continued to originate loans for employees, and we are very pleased with the experience we've been able to provide. We look forward to rolling the product out to the market when we began offering it initially in our Dallas region later in the second quarter.

我們新的抵押貸款試點計劃繼續為員工發放貸款，我們對我們能夠提供的經驗感到非常滿意。我們期待在第二季度晚些時候開始在達拉斯地區首次提供該產品時將該產品推向市場。

Looking at our commercial business, it's clear that even as our volumes increased 4.1% from the same quarter a year ago, the increases in interest rates by the Fed are having their intended effect of slowing the rate of growth for commercial activity, particularly in the commercial real estate sector.

看看我們的商業業務，很明顯，儘管我們的業務量比去年同期增長了 4.1%，但美聯儲加息正在產生減緩商業活動增長率的預期效果，特別是在商業地產板塊。

I'm pleased with our prospecting efforts in the market as we increased our number of calls by 24% over the fourth quarter. That resulted in a linked quarter 25% increase in the dollar amount of prospect deals we looked at, and we actually booked 50% more prospect dollars for the same period.

我對我們在市場上的勘探工作感到滿意，因為我們的來電數量比第四季度增加了 24%。這導致我們關注的潛在交易金額在一個季度增加了 25%，而我們實際上同期預定的潛在交易金額增加了 50%。

However, we saw the dollars of customer deals we looked at and booked, both fall by around 35% for the same period. And this was reflected particularly in a 52% decline in the dollar value of customer CRE deals we looked at, and a 66% decline in the dollar value of customer CRE deals booked. It shouldn't be a surprise that commercial real estate activity is moderating in this rate environment.

然而，我們發現我們查看和預訂的客戶交易金額同期均下降了 35% 左右。這尤其反映在我們研究的客戶 CRE 交易的美元價值下降了 52%，以及預訂的客戶 CRE 交易的美元價值下降了 66%。在這種利率環境下，商業房地產活動放緩並不令人意外。

Looking forward, our dollar volume of total new opportunities in our pipeline is up 26% from the end of 2022. And looking out at just the next 90 days, the gross pipeline is up 17% from year-end. But when probability weighted by our loan officers, it looks pretty flat. So I'd have to say I'm seeing some mixed signals in the tea leaves, and we'll just have to see how it turns out. What I can say definitively is that between March and April, average loans are up $192 million. So to this point, we're still seeing decent growth.

展望未來，我們管道中新機會的總金額將比 2022 年底增長 26%。展望未來 90 天，管道中的總管道將比年底增長 17%。但當我們的信貸員對概率進行加權時，它看起來相當平坦。所以我不得不說我在茶葉中看到了一些混合信號，我們只需要看看結果如何。我可以肯定地說，3 月至 4 月期間，平均貸款增加了 1.92 億美元。所以到目前為止，我們仍然看到了不錯的增長。

Credit quality continues to be strong by historical standards. Problem loans, which we define as risk grade 10 or higher, were $347 million at quarter end, down $100 million or 22.4% from the first quarter of last year and up $25 million from our year-end level. Nonperforming loans were $39.1 million at quarter end, down 22.9% from a year ago and flat from the previous quarter. Charge-offs for the quarter were $8.8 million, up $2.5 million from the first quarter of last year and represented an annualized 21 basis points of average loans.

以歷史標準衡量，信用質量依然強勁。問題貸款（我們將其定義為風險等級 10 級或更高），季度末為 3.47 億美元，比去年第一季度減少 1 億美元，即 22.4%，比年末水平增加 2500 萬美元。季末不良貸款為 3910 萬美元，同比下降 22.9%，與上季度持平。本季度沖銷金額為 880 萬美元，比去年第一季度增加 250 萬美元，平均貸款年化率為 21 個基點。

Now regarding commercial real estate, as we noted last quarter, overall, our commercial real estate portfolio metrics continue to indicate good operating performance across all asset types with acceptable debt service coverage ratios and loan to values. Total CRE commitments were $10.9 billion at quarter end with $8.3 billion funded and outstanding.

現在就商業房地產而言，正如我們上季度所指出的，總體而言，我們的商業房地產投資組合指標繼續表明所有資產類型均具有良好的經營業績，償債覆蓋率和貸款價值可接受。截至季度末，商業地產承諾總額為 109 億美元，已融資和未償還金額為 83 億美元。

Within this portfolio, what we would consider to be the major categories of investor CRE, things like office, multifamily, retail and industrial as examples, totaled $4.7 billion or 43% of CRE commitments. Our investor CRE portfolio has held up well, exhibiting an overall average loan-to-value of about 55% and loan-to-cost of about 61% and acceptable reported debt service coverage ratios.

在這個投資組合中，我們認為投資者 CRE 的主要類別（例如辦公樓、多戶住宅、零售和工業）總計 47 億美元，佔 CRE 承諾的 43%。我們的投資者 CRE 投資組合表現良好，整體平均貸款價值比約為 55%，貸款成本比約為 61%，報告的償債覆蓋率也可接受。

Higher interest rates have certainly led to some decline in coverage ratios and will probably lead to some valuation declines, but we're starting from a strong position with good cushion.

較高的利率肯定會導致覆蓋率有所下降，並可能導致估值下降，但我們的起點是一個具有良好緩衝的強勢地位。

Specifically, in the office building portfolio, which is top of mind in the current environment and including medical office, we have about $2.4 billion committed and $2.2 billion outstanding, with about half of that being owner-occupied buildings. We consider owner-occupied properties to have a lower risk profile due to reliance on our C&I borrowers operating cash flow rather than income generated from underlying real estate. And borrowers in our C&I portfolio have held up very well as we operate in some of the strongest markets in the United States.

具體來說，在當前環境下最受關注的辦公樓投資組合（包括醫療辦公室）中，我們已承諾投資約 24 億美元，未償還資金為 22 億美元，其中約一半是業主自用建築。我們認為自住房產的風險較低，因為我們依賴商業和工業借款人的經營現金流，而不是基礎房地產產生的收入。由於我們在美國一些最強勁的市場開展業務，我們的工商業投資組合中的借款人表現良好。

The investor office portfolio exhibited an average loan-to-value of 55% and an average debt service coverage ratio of 1.35 at current interest rates. Again, starting from a strong position with cushion for potential valuation declines.

按當前利率計算，投資者辦公室投資組合的平均貸款價值比為 55%，平均償債覆蓋率為 1.35。再次，從強勢地位開始，為潛在的估值下跌提供緩衝。

Our comfort level with our office portfolio continues to be based on the character and experience of our borrowers and sponsors, the predominantly Class A nature of our office building projects and the fact that 83% of the exposure is associated with stabilized projects that are 87% leased. It also helps to be operating in Texas.

我們對辦公樓投資組合的舒適度仍然取決於借款人和發起人的性格和經驗、我們辦公樓項目的主要 A 級性質以及 83% 的風險敞口與穩定項目相關的事實，而穩定項目佔 87%租用的。在德克薩斯州開展業務也有幫助。

Finally, I'm happy to report we learned in the first quarter that for the seventh year in a row, Frost had received the highest number of Greenwich Excellence and Best Brand Awards of any bank in the nation. The Greenwich awards are given for providing superior service, advice and performance to small business and middle market banking clients.

最後，我很高興地向大家報告，我們在第一季度了解到，Frost 連續第七年獲得全美銀行中格林威治卓越獎和最佳品牌獎數量最多的銀行。格林威治獎旨在表彰為小型企業和中型市場銀行客戶提供優質服務、建議和績效的人士。

In addition, we learned that for the 14th year in a row, Frost had received the highest ranking in customer satisfaction in the J.D. Power U.S. Retail Banking Satisfaction Study for Texas.

此外，我們還了解到，Frost 連續 14 年在 J.D. Power 美國德克薩斯州零售銀行滿意度研究中獲得客戶滿意度最高排名。

None of these accomplishments would be possible without our outstanding staff always striving to go above and beyond to make people's lives better. They made it all happen, and I'm immensely proud of them and our great company.

如果沒有我們優秀的員工不斷努力超越，讓人們的生活更美好，這些成就是不可能實現的。他們讓這一切成為現實，我為他們和我們偉大的公司感到非常自豪。

Now I'll turn the call over to our Chief Financial Officer, Jerry Salinas, for some additional comments.

現在我將把電話轉給我們的首席財務官傑里·薩利納斯 (Jerry Salinas)，以徵求一些補充意見。

Thank you, Phil. I wanted to start off first by talking a little bit about our Houston expansion results. As a reminder, we announced our planned initial 25 branch expansion in Houston in 2018. The last of those branches, which we refer to as Houston 1.0, was opened in 2021. So these branches are still in, what I would call, the development stage. We've been very pleased with the volumes we've been able to achieve as we've mentioned previously in some of these calls.

謝謝你，菲爾。我想首先談談我們休斯頓的擴張結果。提醒一下，我們宣布計劃於 2018 年在休斯頓擴建 25 家分行。最後一個分行（我們稱之為休斯頓 1.0）於 2021 年開業。所以這些分行仍處於我所說的開發階段。階段。正如我們之前在其中一些電話會議中提到的那樣，我們對能夠實現的數量感到非常滿意。

Looking at the first quarter, linked quarter annualized growth in average balances for these locations was 29% for deposits and 30% for loans. Also, I'm happy to say that Houston 1.0 is now profitable as those branches earned approximately $1.4 million pretax in the month of March, or $0.02 a share after tax, and we would expect that their performance will continue to improve.

從第一季度來看，這些地區的存款平均餘額環比年化增長率為 29%，貸款平均餘額年化增長率為 30%。另外，我很高興地說，Houston 1.0 現在已實現盈利，因為這些分支機構在 3 月份的稅前收入約為 140 萬美元，稅後每股收入為 0.02 美元，我們預計他們的業績將繼續改善。

Now moving to our net interest margin. Our net interest margin percentage for the first quarter was 3.47%, up 16 basis points from the 3.31% reported last quarter. Higher yields on both balances held at the Fed and loans had the largest positive impact on our net interest margin percentage.

現在轉向我們的淨息差。第一季度淨息差率為 3.47%，較上季度的 3.31% 上升 16 個基點。美聯儲持有的餘額和貸款的收益率上升對我們的淨息差百分比產生了最大的積極影響。

The increase was also positively impacted, to a much lesser extent, by a higher yield on investment securities. These positive impacts were partially offset by higher costs on both deposits and repurchase agreements and the impact of lower balances held at the Fed.

投資證券收益率的提高也對這一增長產生了積極影響，但程度要小得多。這些積極影響被存款和回購協議成本上升以及美聯儲餘額減少的影響部分抵消。

Looking at our investment portfolio. The total investment portfolio averaged $21.7 billion during the first quarter, up $1.6 billion from the fourth quarter average, as we continue to deploy some of our excess liquidity during the quarter. We made investment purchases during the quarter of approximately $2.1 billion, which included $1.7 billion in Agency MBS securities with a yield of 5.02% and $390 million in municipal securities with a taxable equivalent yield of about 5.01%.

看看我們的投資組合。第一季度投資組合總額平均為 217 億美元，比第四季度平均水平增加 16 億美元，因為我們在本季度繼續部署部分過剩流動性。我們在本季度進行了約 21 億美元的投資購買，其中包括 17 億美元的機構 MBS 證券（收益率為 5.02%）和 3.9 億美元的市政證券（應稅等值收益率約為 5.01%）。

During the first quarter, we sold about $1.2 billion in investment securities, about $900 million in municipal and about $300 million in Agency MBS securities, as we took advantage of market dislocations, which allowed us to improve interest income going forward. We recognized a net gain of about $21,000 on those transactions.

第一季度，我們利用市場混亂的機會，出售了約 12 億美元的投資證券、約 9 億美元的市政債券和約 3 億美元的機構 MBS 證券，這使我們能夠提高未來的利息收入。我們確認這些交易的淨收益約為 21,000 美元。

The net unrealized loss on the available-for-sale portfolio at the end of the quarter was $1.4 billion, an improvement of $260 million from the $1.7 billion reported at year-end. The net unrealized loss on the held-to-maturity portfolio at the end of the quarter was $110 million, down $61 million from year-end.

截至本季度末，可供出售投資組合的未實現淨虧損為 14 億美元，比年末報告的 17 億美元減少了 2.6 億美元。截至本季度末，持有至到期投資組合的未實現淨虧損為 1.1 億美元，較年末減少 6100 萬美元。

The taxable equivalent yield on the total investment portfolio in the first quarter was 3.24%, up 15 basis points from the fourth quarter. The taxable portfolio, which averaged $13.3 billion, up approximately $1.3 billion from the prior quarter, had a yield of 2.67%, up 26 basis points from the prior quarter, impacted by the higher yields on recently purchased Agency MBS securities.

一季度總投資組合的應稅等值收益率為3.24%，較四季度上升15個基點。應稅投資組合平均為 133 億美元，比上一季度增加約 13 億美元，收益率為 2.67%，比上一季度上升 26 個基點，這是受到最近購買的 Agency MBS 證券收益率較高的影響。

Our tax-exempt municipal portfolio averaged about $8.4 billion during the first quarter, up about $293 million from the fourth quarter and had a taxable equivalent yield of 4.23%, up 6 basis points from the prior quarter. At the end of the first quarter, approximately 73% of the municipal portfolio was pre-refunded or PSF insured. The duration of the investment portfolio at the end of the first quarter was 5.5 years, down from 5.8 years at the end of the fourth quarter.

第一季度，我們的免稅市政投資組合平均約為 84 億美元，較第四季度增加約 2.93 億美元，應稅等值收益率為 4.23%，較上一季度上升 6 個基點。截至第一季度末，約 73% 的市政投資組合已進行預退款或 PSF 投保。一季度末投資組合久期為5.5年，低於四季度末的5.8年。

Looking at deposits. On a linked-quarter basis, average deposits were down $2 billion, or 4.5%, with about 2/3 of the decrease coming from noninterest-bearing deposits and 1/3 coming from interest-bearing deposits.

看看存款。按季度計算，平均存款下降 20 億美元，即 4.5%，其中約 2/3 的下降來自無息存款，1/3 來自計息存款。

I want to talk a little bit more about our noninterest-bearing deposits, which totaled $16 billion at the end of the quarter, with 96% of that amount being commercial demand deposits. Related to these commercial DDAs, I have mentioned previously that this category was the most at risk, given the high interest rates, as commercial treasurers and CFOs were beginning to focus on those balances, as any balances above amounts needed for normal transactional operational amounts were not earning any interest.

我想多談談我們的無息存款，截至本季度末，無息存款總額為 160 億美元，其中 96% 是商業活期存款。與這些商業 DDA 相關，我之前曾提到，鑑於利率高，這一類別面臨的風險最大，因為商業財務主管和首席財務官開始關注這些餘額，因為任何超出正常交易運營金額所需金額的餘額都將被視為風險。不賺取任何利息。

When rates were at or near 0, that was not a big deal. But as rates started to go up, we had seen some reduction in our DDA balances that began in the September, October time frame. And we mentioned those balances were the most at risk. And we suspected that those balances would continue to decrease, which they have.

當利率處於或接近於 0 時，這沒什麼大不了的。但隨著利率開始上升，我們發現我們的 DDA 餘額從 9 月、10 月開始有所減少。我們提到這些餘額面臨的風險最大。我們懷疑這些餘額將繼續減少，事實也確實如此。

These decreases did not accelerate after the bank failures in March. The decrease in the monthly average balance from January to February was $538 million. The average balance then decreased $301 million between February and March. And into April, the average balance is down $492 million from the March average. These decreases have not been unusual and were not unexpected.

三月份銀行倒閉後，這種下降並沒有加速。 1月至2月月平均餘額減少5.38億美元。 2 月至 3 月期間平均餘額減少了 3.01 億美元。進入 4 月份，平均餘額比 3 月份的平均水平減少了 4.92 億美元。這些下降並不罕見，也並不出人意料。

Looking at total interest-bearing deposits, they've been pretty stable during the period. At the end of December, they stood at $26.4 billion and decreased $167 million to end the quarter at $26.2 billion. The average balance for both the month of March and April month-to-date is $26.1 billion, so basically flat during this time period.

從計息存款總額來看，期內相當穩定。截至 12 月底，該數字為 264 億美元，減少了 1.67 億美元，季度末為 262 億美元。 3 月和 4 月迄今為止的平均餘額均為 261 億美元，因此在此期間基本持平。

Customer repos for the first quarter averaged $4.2 billion, up $636 million from the $3.6 billion average in the fourth quarter, as we saw some deposit flows into our repo product during the quarter. The cost of interest-bearing deposits for the quarter was 1.52%, up 36 basis points from the fourth quarter.

第一季度的客戶回購平均金額為 42 億美元，比第四季度的平均 36 億美元增加了 6.36 億美元，因為我們看到一些存款在本季度流入了我們的回購產品。本季度計息存款成本為1.52%，較四季度上升36個基點。

Looking at noninterest income on a linked quarter basis, I just wanted to point out a couple of items. Trust and investment management fees were down $3.6 million, or 8.9%, driven by decreases in estate fees of $2.1 million, real estate fees of $667,000 and oil and gas fees down $449,000. Estate fees and real estate fees can fluctuate based on the number of estates settled or properties sold, respectively.

看看關聯季度的非利息收入，我只想指出幾個項目。信託和投資管理費用下降了 360 萬美元，即 8.9%，原因是遺產費下降了 210 萬美元，房地產費下降了 667,000 美元，石油和天然氣費下降了 449,000 美元。遺產費和房地產費可能分別根據已結算的遺產或出售的房產數量而波動。

Insurance commissions and fees were up $7.3 million, or 62%, from the fourth quarter, driven by higher property and casualty contingent bonuses up $3.1 million, benefits commissions up $2.8 million and live commissions up $1.2 million, which those live commissions can tend to be kind of choppy.

保險佣金和費用較第四季度上漲 730 萬美元，即 62%，原因是財產和傷亡意外獎金增加了 310 萬美元，福利佣金增加了 280 萬美元，實時佣金增加了 120 萬美元，這些實時佣金往往是有點不穩定。

As a reminder, the first quarter is typically our strongest quarter for insurance revenues, given we typically recognize contingent income in that quarter and also impacted by our natural business cycle. The second quarter is typically our weakest quarter for insurance revenues, again, impacted by our normal renewal business volumes. Other income was down $4.9 million from the fourth quarter, primarily due to a $5.1 million distribution received from an SBIC investment in the fourth quarter last year.

提醒一下，第一季度通常是我們保險收入最強勁的季度，因為我們通常會在該季度確認或有收入，並且還受到自然商業周期的影響。第二季度通常是我們保險收入最弱的季度，同樣受到我們正常續保業務量的影響。其他收入較第四季度減少 490 萬美元，主要是由於去年第四季度從 SBIC 投資中收到的 510 萬美元分配。

Regarding 2023 expenses, looking at our full year projection of expenses for 2023, as we mentioned last quarter, we currently expect total noninterest expense for the full year 2023 to increase at a percentage rate in the mid-teens over our 2022 reported levels. The effective tax rate for the first quarter was 15.7% or about 15.9% excluding discrete items. Our current expectation is that our full year effective tax rate for 2023 should be in the range of about 15% to 16%, but that can be affected by discrete items during the year.

關於 2023 年支出，從我們對 2023 年全年支出的預測來看，正如我們上季度提到的，我們目前預計 2023 年全年的非利息支出總額將比 2022 年報告的水平以百分之十左右的百分比增長。第一季度的有效稅率為 15.7%，不包括離散項目的稅率約為 15.9%。我們目前的預期是，2023 年全年有效稅率應在 15% 至 16% 左右，但這可能會受到年內個別項目的影響。

Regarding the estimates for full year 2023 earnings, our current projections include a 25 basis point Fed rate increase in May, followed by a 25 basis point decrease in September, November and December. Given those rate assumptions and our expectation of 2023 noninterest expense growth, we currently believe that the current mean of analyst estimates of $9.79 is reasonable.

關於 2023 年全年盈利預測，我們目前的預測包括美聯儲 5 月加息 25 個基點，隨後 9 月、11 月和 12 月降息 25 個基點。鑑於這些利率假設和我們對 2023 年非利息支出增長的預期，我們目前認為分析師估計的當前平均值 9.79 美元是合理的。

With that, I'll now turn the call back over to Phil for questions.

現在，我將把電話轉回菲爾詢問問題。

Thanks, Jerry. And we'll open it up for questions now.

謝謝，傑瑞。我們現在就開放提問。

(Operator Instructions) Today's first question is coming from Steven Alexopoulos of JPMorgan.

（操作員指令）今天的第一個問題來自摩根大通的史蒂文·阿萊克索普洛斯（Steven Alexopoulos）。

I wanted to dig a bit deeper into the decline in noninterest-bearing and period-end deposits. Can you help us understand how those trended? It sounds like it was pretty normal, but I just want to dive a little bit more into this.

我想更深入地了解無息存款和期末存款的下降情況。您能幫助我們了解這些趨勢如何嗎？聽起來這很正常，但我只是想更深入地探討這一點。

How those trended through what we saw from Silicon Valley Bank and Signature? What did you guys see in that aftermath where most banks saw a fairly substantial reduction in the uninsured deposits?

通過我們從矽谷銀行和 Signature 看到的趨勢如何？大多數銀行的未保險存款大幅減少之後，你們看到了什麼？

Really from a fluctuation standpoint, those balances, as you would expect and as I talked about, we've kind of seen a downward trend starting back in September, October. And I don't think that during those days with SVB that I would have said, "Hey, it really looks more unusual than it had the week before, let's say. We were already on that downward sort of trend." Obviously, we're paying a lot of attention to it. And you can tell by the averages, they were down.

實際上，從波動的角度來看，這些餘額，正如您所期望的，正如我所談到的，我們從 9 月、10 月開始就看到了下降趨勢。我不認為在 SVB 的那些日子裡，我會說：“嘿，比前一周看起來確實更不尋常。我們已經處於下降趨勢了。”顯然，我們對此非常關注。你可以從平均值看出，它們是下降的。

But yes, I'm not going to say -- I'm sure there was some concerns. So it's not like we have our head in the sand. But I don't think it's been anything significant. Like I said, when I mentioned the average balances, that's really what I was trying to give a little bit of color that really in March and, as you would expect, that was pretty early on at the 10th, let's say. So that was the first 1/3 of the month. And the balances between February and March weren't that much lower.

但是，是的，我不會說——我確信存在一些擔憂。所以我們並不是把頭埋在沙子裡。但我不認為這有什麼重大意義。就像我說的，當我提到平均餘額時，這確實是我在 3 月份試圖給出的一點點色彩，正如你所料，那是在 10 號的早些時候。這是本月的前 1/3。二月和三月之間的餘額並沒有降低多少。

We've seen them continue to decrease in April, like I said. And some of that obviously can get affected by tax payments as well. And I'll take a little step back and say, pre-COVID, for us, typically, what would happen is that our deposits would tend to peak in December.

正如我所說，我們看到四月份的數量繼續減少。其中一些顯然也會受到納稅的影響。我退後一步說，在新冠疫情之前，對我們來說，通常情況下，我們的存款往往會在 12 月達到峰值。

A lot of the corporate customers would do a window dressing as we call it. So those balances would tend to decrease -- excuse me, increase in December. And then as we went into the first quarter, those balances would begin to decrease into the first quarter and end through April and -- with tax payments and such. And then would pick up in the tail end of the year.

許多企業客戶會做我們所說的“櫥窗裝飾”。因此，這些餘額往往會減少——對不起，12 月份會增加。然後，當我們進入第一季度時，這些餘額將開始減少，進入第一季度並持續到四月，以及納稅等。然後會在年底回升。

So some of it is natural trend based on what some of the corporate customers have done historically. But I wouldn't say that we saw a significant -- I'm sure there was some downward movement. But just quoting the numbers I mentioned regarding average balances, I don't think it was really anything that caught a lot of our attention. Obviously, we were paying attention.

因此，其中一些是基於一些企業客戶歷史上所做的事情的自然趨勢。但我不會說我們看到了重大的——我確信存在一些下降趨勢。但僅引用我提到的有關平均餘額的數字，我認為這並沒有真正引起我們的太多關注。顯然，我們正在關注。

There were a lot of conversations going on between our customers and our bankers. Customers were reaching out to them, and we were having good conversations. But I don't think it was anything that, I would say, "Gosh, on day x those deposits were down $3 billion or something like that." Nothing like that. We never saw any sort of decrease that, I would say, was beyond a reasonable band.

我們的客戶和銀行家之間正在進行很多對話。客戶正在與他們聯繫，我們也進行了良好的交談。但我不認為這是什麼，我會說，“天哪，在第 x 天，這些存款減少了 30 億美元或類似的事情。”沒有那樣的事。我想說，我們從未見過任何超出合理範圍的下降。

Yes, Steven, I might just add that really, the -- seeing anybody that looked like they were concerned of any size was notable in it, there were so little of it. I'd say less than one hand that I heard about.

是的，史蒂文，我可能只是補充一點，真的，看到任何人看起來像他們關心任何尺寸都是值得注意的，這樣的東西太少了。我想說的是我聽說過的不到一隻手。

And I think our experience was that when you talk to people, they were okay. I think it's indicative of our relationship model and that our customers didn't really consult social media. They consulted our bankers. And we had lots of calls. And I think early on, we were calling customers more than we were getting calls.

我認為我們的經驗是，當你與人們交談時，他們都很好。我認為這表明了我們的關係模式以及我們的客戶並沒有真正諮詢社交媒體。他們諮詢了我們的銀行家。我們接到了很多電話。我認為早期，我們給客戶打電話的次數比接到電話的次數還要多。

So I agree that, Jerry, it was certainly a time everyone was paying attention. And you would want to make sure you're communicating, that our people had the best information. And that if you saw anything that was sort of not quite right reported, that you could address it and then everybody would be equipped. But I was really proud of our customer base. I think it was really indicative of the relationships and really trust that people had on Frost.

所以我同意，傑瑞，這確實是每個人都在關注的時刻。您需要確保您的溝通，我們的人員擁有最好的信息。如果您看到任何報告不太正確的內容，您可以解決它，然後每個人都會做好準備。但我真的為我們的客戶群感到自豪。我認為這確實表明了人們對弗羅斯特的關係和信任。

You're one of the few banks that didn't see substantial outflows on that Monday, Tuesday, Wednesday after SVB. So kudos to you guys on that front.

你們是在 SVB 之後的周一、週二、週三沒有出現大量資金外流的少數銀行之一。所以對你們這方面的人表示敬意。

On the net interest margin, Jerry, I thought you said last quarter, it was also assuming that rates went up, I think, one more. And then there were several cuts. You said you thought that NIM would peak in the third quarter. I'm curious if the Fed goes 1 or 2 more times, but then holds rates at that level through the end of the year, how does that change the trajectory of NIM that you would expect?

關於淨息差，傑瑞，我想你在上個季度說過，我認為利率還會上升。然後還有幾次剪輯。您說您認為淨息差將在第三季度達到頂峰。我很好奇，如果美聯儲再加息 1 到 2 次，但隨後將利率維持在該水平直到年底，這將如何改變您預期的 NIM 軌跡？

Yes. I think some of it -- some of the moving pieces as we continue to talk about is, what happens to this commercial DDA? I think our expectations there, let me start with that, is that -- I mentioned that the April volume is down from March. And so we expect, based on what we're seeing and conversations with those customers, that we'll begin to really settle into the low point in the second quarter and start to see in the -- going forward an increase.

是的。我認為其中一些——我們繼續談論的一些令人感動的事情是，這個商業 DDA 會發生什麼？我認為我們的期望是——我提到四月份的銷量比三月份有所下降。因此，我們預計，根據我們所看到的情況以及與這些客戶的對話，我們將開始真正進入第二季度的低點，並開始看到未來的增長。

And I'm not talking about significant increases. Maybe stabilization might be a better word than increases, starting in the second half of the year. So if in your scenario, I guess I'll stop in a second and say so, one thing that it's not affecting us today as much is that we, for modeling purposes, have assumed that we won't make any more investment purchases this year. And the reason we took that out of the model was more, given all the noise and concerns about liquidity and all the questions that were coming up, we just appreciate the flexibility we could give ourselves if we took that out of the assumptions.

我並不是在談論顯著的增長。從下半年開始，也許穩定可能比增長更好。因此，如果在您的情況下，我想我會停下來這麼說，但今天對我們影響不大的一件事是，出於建模目的，我們假設我們不會再進行任何投資購買年。我們從模型中剔除這一點的原因更多是，考慮到所有關於流動性的噪音和擔憂以及即將出現的所有問題，我們只是欣賞如果我們從假設中剔除這一點，我們可以給自己帶來的靈活性。

Now I'm not saying we won't buy anything, but it's good to have that built into our base. Should we see something opportunistically, we can take advantage. So we're going to be under -- in a higher rate environment, we're going to be in a little bit of a lower sort of operating performance standpoint because we're not going to be investing at what you might expect might be higher rates.

現在我並不是說我們不會購買任何東西，但將其納入我們的基礎是件好事。如果我們看到機會主義的東西，我們就可以利用。因此，在利率較高的環境中，我們的運營績效將有所下降，因為我們不會按照您的預期進行投資更高的利率。

And again, some of it is going to be dependent also on deposit betas. I think we right now feel pretty good on our deposit costs, what we're paying our depositors. We're being a little bit more aggressive on our CDs. It's something that we really want to make sure that we're helping our customers make one decision, and the decision being that they want to bank with Frost. And so being a little bit more aggressive there.

同樣，其中一些也將取決於存款貝塔值。我認為我們現在對我們的存款成本以及我們向儲戶支付的費用感到非常滿意。我們在 CD 上更加激進了一些。我們確實希望確保我們正在幫助客戶做出一個決定，而這個決定就是他們想要通過 Frost 進行銀行存款。所以在那裡要更加激進一些。

So I think those are the two things that potentially could have an impact on the net interest margin. So in our scenario, we project, one, a NIM that's relatively flat for the rest of the year. Again, a lot of it is going to be dependent on what happens with those demand deposits.

因此，我認為這兩件事可能會對淨息差產生影響。因此，在我們的設想中，我們預計今年剩餘時間的淨息差相對持平。同樣，其中很大一部分將取決於這些活期存款的情況。

But in a scenario where I've got one rate increase, I think you said, no cuts, but maybe another increase after that. I think what we project is for any 25 basis point increase, roughly, we would expect about $1.3 million pretax improvement in net interest income, if that kind of helps you out there.

但在我加息一次的情況下，我想你說過，不降息，但之後可能會再次加息。我認為我們的計劃是增加 25 個基點，粗略地說，我們預計稅前淨利息收入將增加約 130 萬美元，如果這對您有幫助的話。

Yes. That's very helpful. If I could sneak one last one in. Just on liquidity, where did cash level then on a period-end basis? And how do you think about that balance moving forward?

是的。這非常有幫助。如果我能偷偷溜進去最後一張。就流動性而言，期末現金水平在哪裡？您如何看待這種平衡的發展？

Yes. We were -- I think Phil may have said in his comments at the end of the quarter, we were -- 20% of deposits is kind of where we ended up. And the number, I'll give it to you as of today, I think we were at a little shy of $6.9 million -- billion, excuse me. Yes, $6.9 billion.

是的。我們——我想 Phil 可能在季度末的評論中說過，我們——20% 的存款就是我們最終的結果。截至今天，我將向您提供這個數字，我認為我們的金額略低於 690 萬美元——十億美元，對不起。是的，69 億美元。

And do you think you'll see further reductions in that level moving forward?

您認為未來該水平會進一步下降嗎？

I guess it's going to -- that's -- the big question is deposit flows. Right now, we don't have any assumptions for investment purchases. We'll certainly expect that we'd get some cash flow from the investment portfolio with just maturities and such.

我想，最大的問題是存款流動。目前，我們對投資購買沒有任何假設。我們當然希望我們能從剛剛到期的投資組合中獲得一些現金流等。

And I think loan growth -- as Phil said, we expect loan growth to be at that high single digit. So that's not going to have a big impact on cash balances. So we -- I think all things being equal, we could be in this ballpark for the rest of the year.

我認為貸款增長——正如菲爾所說，我們預計貸款增長將達到如此高的個位數。因此，這不會對現金餘額產生太大影響。所以我們——我認為在所有條件相同的情況下，我們可能會在今年剩下的時間裡保持在這個水平。

The next question is coming from Peter Winter of D.A. Davidson.

下一個問題來自 D.A. 的 Peter Winter。戴維森。

I was wondering, can you talk about some of the strategies to reduce some of the asset sensitivity in light of the forward curve and your outlook for some rate cuts?

我想知道，您能否根據遠期曲線和您對降息的前景談談一些降低資產敏感性的策略？

Well, I think before -- if we just talk about asset sensitivity and reducing it, we said for some time that there are really 3 things that we look at as providing some measure of protection. Now we are asset-sensitive. And so -- that -- we can't obviate that totally, but the 3 things are if we were willing to lock in some of the rates by extending on the yield curve out from the daily Fed balance that we're maintaining. So that's one thing.

好吧，我認為之前 - 如果我們只是談論資產敏感性並降低它，我們有一段時間說過，我們實際上認為有三件事可以提供某種程度的保護。現在我們對資產敏感。因此，我們不能完全避免這一點，但有三件事是，我們是否願意通過將收益率曲線從我們維持的每日美聯儲餘額中延伸出來來鎖定部分利率。所以這是一回事。

And the second thing is that because we've done so much work increasing our deposit rates over time, really beginning with the cycle of rate increases, we've got built-in capacity to respond to rate reductions. In the event they happen, we can lower those down, so that helps.

第二件事是，因為我們在隨著時間的推移提高存款利率方面做了很多工作，實際上是從加息週期開始的，所以我們擁有應對降息的內在能力。如果發生這種情況，我們可以降低它們，這樣會有所幫助。

And then the third thing that we've got really in our business is what our business volume is going to do? And are we able to continue to grow organically and post good numbers there? The outlook looks good, but we'll just have to see what happens there. And so that's the third piece of it.

然後我們業務中真正要做的第三件事是我們的業務量將做什麼？我們是否能夠繼續有機增長並在那裡發布良好的數字？前景看起來不錯，但我們只能看看那裡會發生什麼。這就是第三部分。

And there -- I will say that with regard to hedging program, that type of thing, we continue to look at those for opportunities. It's been our position that those have been -- we really didn't see value in there vis-a-vis cash markets or other things. And so we really haven't availed ourselves of that. But we continue to look at that, and they may be a part of what we do if we feel like there's opportunity there for the company and for shareholders. So that's really our perspective on it.

我要說的是，關於對沖計劃之類的事情，我們將繼續尋找機會。我們的立場是——相對於現金市場或其他事物，我們確實沒有看到其中的價值。所以我們確實沒有利用這一點。但我們會繼續關注這一點，如果我們覺得公司和股東有機會的話，它們可能會成為我們工作的一部分。這就是我們對此的看法。

Got it. And you mentioned that you're still comfortable with the high single-digit loan growth, but I'm just wondering, in this environment, we've been hearing that certain lenders are pulling back or tightening underwriting standards. Do you think there's going to be opportunities for you guys to take market share just given the strength of your balance sheet and strong capital?

知道了。您提到您仍然對高單位數貸款增長感到滿意，但我只是想知道，在這種環境下，我們一直聽說某些貸方正在撤回或收緊承保標準。鑑於你們的資產負債表和雄厚的資本，你們認為你們有機會獲得市場份額嗎？

Peter, that's a great question. We were actually talking about it this morning. That's a little bit of a wildcard. I would say, while I don't see it definitively in our in our pipeline numbers yet, I hear about it anecdotally. And I'm aware of some deals where banks were not able to complete a transaction that they had offered on the same terms and we ended up getting some of those.

彼得，這是一個很好的問題。今天早上我們實際上正在討論這個問題。這有點像通配符。我想說，雖然我還沒有在我們的管道數據中明確地看到它，但我聽說過它。我知道在一些交易中，銀行無法完成他們以相同條件提供的交易，而我們最終得到了其中一些。

My gut tells me that's going to happen more. What we're going to have to do, though, is we're going to have to be prudent and careful in the deals that we're seeing, particularly in the commercial real estate space because the developers and our customers tell us that it's easier to get equity than it is to get debt capital these days.

我的直覺告訴我這種情況還會發生更多。不過，我們要做的是，在我們看到的交易中必須保持謹慎和謹慎，特別是在商業房地產領域，因為開發商和我們的客戶告訴我們，這是如今，獲得股權比獲得債務資本更容易。

And so you can imagine, cell phone is ringing a lot. And we don't do transactions. We bank people, and we have long-term relationships. So we got to be really prudent and taking advantage of that. I think there'll probably be maybe a little bit less of that in the C&I space. I hope not. I really would love to expand the C&I business because it's so long term. It's got a long sales cycle, but it's very profitable.

所以你可以想像，手機鈴聲很響。而且我們不做交易。我們為人們提供銀行服務，並且我們擁有長期的合作關係。所以我們必須非常謹慎並利用這一點。我認為 C&I 領域的這種情況可能會少一些。我希望不是。我真的很想擴大工商業業務，因為它是長期的。它的銷售週期很長，但利潤很高。

And -- so let's hope. I think that is the wildcard right now as we move through the rest of this year. If we see banks that are pulling in their horns because of liquidity issues, we could see a little bit of growth there.

而且——所以讓我們希望吧。我認為這是我們今年剩餘時間裡的通配符。如果我們看到銀行因流動性問題而採取行動，我們可能會看到那裡的一些增長。

The next question is coming from Brady Gailey of KBW.

下一個問題來自 KBW 的 Brady Gailey。

So expense growth has been mid-teens for the last -- it was last year, you're expecting it to be this year. I know some of that is driven by what has happened in Dallas and in Houston. But when you think about longer-term expense growth, what is the right level there? I'm guessing it's somewhere back in the mid- to high single digit level?

因此，去年的費用增長一直在十幾歲左右——這是去年的事，你預計今年也是如此。我知道其中一些是由達拉斯和休斯頓發生的事情推動的。但當您考慮長期支出增長時，正確的水平是多少？我猜它回到了中高個位數水平？

Yes. Just as a reminder, I think it was driven primarily by what you mentioned. We're obviously introducing our new mortgage product and the impact of the expansions. But in addition, we talked last quarter about the fact that we were making a significant investment in IT this year. So just as a reminder on kind of what's driving the expense growth. Yes, I would say that in a more normalized environment as we're expecting for next year, I would think that your comment about a high single digits is what I would expect at this point.

是的。提醒一下，我認為這主要是由你提到的內容驅動的。顯然，我們正在介紹新的抵押貸款產品以及擴張的影響。但除此之外，我們在上個季度談到了今年我們在 IT 方面進行了大量投資的事實。這只是提醒一下是什麼推動了費用增長。是的，我想說，在我們預計明年會更加正常化的環境中，我認為您對高個位數的評論正是我目前所期望的。

Okay. And then, Jerry, just to clarify your comment about a kind of flat net interest margin from here. That's based off the first quarter level, that 3.47% NIM?

好的。然後，傑瑞，我想澄清一下您對這裡的淨息差持平的評論。這是基於第一季度 3.47% 的淨息差水平嗎？

Right.

正確的。

The next question is coming from Ebrahim Poonawala of Bank of America.

下一個問題來自美國銀行的易卜拉欣·普納瓦拉。

Jerry, maybe I missed it. Did you give a number for where DDA sort of noninterest-bearing deposits ended the quarter? And give us a sense of your expectations around that mix given, as you said, you expected these customers to move excess funds out.

傑瑞，也許我錯過了。您是否給出了本季度末 DDA 類無息存款的數字？請讓我們了解一下您對這種組合的期望，正如您所說，您希望這些客戶將多餘的資金轉移出去。

If we get the last rate hike next week, is it fair to assume that a lot of these customers who had to reprice and move out of that deposit bucket have already done so, so we are at a point where your noninterest-bearing balances should begin to stabilize? Or is that not the right way to think about it?

如果我們下週進行最後一次加息，可以公平地假設許多必須重新定價並退出存款桶的客戶已經這樣做了，所以我們正處於您的無息餘額應該開始穩定？或者這不是正確的思考方式？

No. I think, Ebrahim, that's kind of where we're at. We kind of expect that those balances -- I think the people that had xx balances in those DDAs have really put a time -- a lot of time and effort in getting those balances moved out of there, being more efficient in their -- managing their cash positions.

不，我想，易卜拉欣，這就是我們現在的處境。我們有點期望這些餘額——我認為那些在這些 DDA 中擁有 xx 餘額的人確實投入了時間——大量的時間和精力來將這些餘額移出那裡，從而更有效地管理——他們的現金狀況。

But I do expect that we'll still see some of that in the second quarter. And as I mentioned, I think this hopefully is a low point for us the second quarter. We're not projecting currently that we see a huge increase, but we are expecting stabilization and slight movements up through the rest of the year.

但我確實預計我們在第二季度仍會看到其中的一些情況。正如我所提到的，我認為這有望成為我們第二季度的低點。我們目前預計不會出現大幅增長，但預計今年剩餘時間將保持穩定並略有上升。

I think when I looked at the percentage here, we were down below 40%. We had been above 41%, but I think we're, at the end of the quarter, I think it was in 39% or -- sorry, 39%, something like that. I don't expect it will change a whole lot at this point. We're going to -- we're feeling downward pressure through the second quarter. And hopefully, after that, we begin to see stabilization.

我想當我查看這裡的百分比時，我們已經低於 40%。我們已經超過 41%，但我認為到本季度末，我們已經達到了 39%，或者——抱歉，39%，類似的數字。我不認為現在情況會發生很大變化。我們將在第二季度感受到下行壓力。希望在那之後我們開始看到穩定。

To the extent we see increases in interest-bearing, which we're going to be happy to see, we could see some decline. Obviously, the percentage that we had of noninterest-bearing to interest-bearing was inflated the last few years, starting with COVID, as those commercial balances really increase significantly starting with some of those PPP balances in 2020.

在我們看到利息增加的情況下（我們會很高興看到這一點），我們可能會看到一些下降。顯然，從新冠疫情開始，過去幾年我們的無息與有息百分比有所誇大，因為從 2020 年的一些 PPP 餘額開始，這些商業餘額確實顯著增加。

So I think we're getting back to somewhat of a more normalized percentage between noninterest-bearing and interest-bearing.

因此，我認為我們正在恢復無息和有息之間更正常化的百分比。

Got it. And just as a separate question, I think, Phil, you mentioned based on surveys internally, mixed signals and tea leaves, how are you -- like how do you think this shakes out in terms of whether or not we see a deeper downturn over the next few months and quarters as opposed to skirting a meaningful recession?

知道了。作為一個單獨的問題，我想，菲爾，你提到了基於內部調查、混合信號和茶葉，你怎麼樣——比如你認為這會如何影響我們是否會看到更嚴重的衰退未來幾個月和幾個季度，而不是避開一場有意義的衰退？

Just give us a sense of what you think will be the driving factors in terms of which way the economy plays out. And is that -- is any of that changing your outlook around investments, expansion into Dallas, any of those plans?

請告訴我們您認為經濟發展的驅動因素是什麼。這是否會改變您對投資、擴張到達拉斯等計劃的看法？

Well, Ebrahim, I wish I knew. I wish I was that smart to know what the view would be. I mean I really think things are still good in the areas that we operate now. I realize we operate only in Texas, but it's a pretty good environment.

好吧，易卜拉欣，我希望我知道。我希望我有那麼聰明，知道會是什麼樣的景色。我的意思是，我真的認為我們現在經營的領域的情況仍然很好。我知道我們只在德克薩斯州開展業務，但那裡的環境非常好。

Certainly, commercial real estate is slowing. I don't -- and it's really not because we're not getting people coming in. I was talking not long ago at a meeting with the governor -- with the group. And actually, I think also I heard it later from the state comptroller, there's 1,000 people a day moving into the state.

當然，商業地產正在放緩。我不知道——這真的不是因為我們沒有讓人們進來。不久前我在與州長的一次會議上與該團體進行了交談。事實上，我想我後來也從州審計長那裡聽到了，每天有 1,000 人進入該州。

So it's not that we aren't having growth, it's been the arithmetic of the commercial real estate transactions just don't work for the returns. And so that's really what's happened. That's the thing that's slow us. Everything else seems to be pretty good. The biggest compliant I still hear is lack of availability of skilled labor. It is not so much all labor. It's now kind of shifted to skilled labor. So there's still a great job market, looking to hire people.

因此，並不是說我們沒有增長，而是商業房地產交易的算術不適用於回報。事實確實如此。這就是讓我們緩慢的事情。其他一切似乎都還不錯。我仍然聽到的最大的抱怨是缺乏熟練勞動力。並不是所有的勞動都是如此。現在它已經轉向熟練勞動力。因此，仍然有一個很好的就業市場，正在尋找人才。

So I don't think it's worth what you pay for it. But I don't think we're going to see much of a recession, if one, in Texas in terms of where we operate. As far as what it means for us as far as expanding, it's not going to impact us at all. You saw those numbers. I mean it's not hurting our growth. And as far as -- one thing I think is interesting, if you look at the expansion numbers -- and we don't get every source of new customer, right, I mean -- but we do collect -- like where did you come from? Where were you banking before?

所以我認為你為此付出的代價不值得。但我認為，就我們的經營地點而言，德克薩斯州不會出現嚴重的經濟衰退（如果有的話）。就擴張對我們意味著什麼而言，它根本不會影響我們。你看到了那些數字。我的意思是這不會損害我們的成長。就——我認為有一件事很有趣，如果你看看擴張數字——我們並沒有得到所有新客戶來源，對吧，我的意思是——但我們確實收集了——比如你在哪裡來自？您之前在哪里辦理銀行業務？

And I saw about a 20% sample size of new accounts. We're getting -- 2/3 of our business is coming from the, what I'll call, too big to fail. I'm not going to name names. You can guess who they are. And so it tells me that you hear a lot of narrative that, "Well, can regionals compete with them, et cetera?"

我看到新帳戶的樣本量約為 20%。我們 2/3 的業務來自我所說的“太大而不能倒”。我不會點名。你可以猜到他們是誰。所以它告訴我，你聽到了很多這樣的說法：“那麼，地區性公司可以與他們競爭嗎？”

We can and we have been. And remember, March was our biggest month by far. So I think the dynamics are all good. And I think that we just continue to look at other places that make sense for us to employ this strategy within the state. So no, it would not impact our expansion plans.

我們可以而且我們一直都是。請記住，三月是我們迄今為止最重要的一個月。所以我認為動態都很好。我認為我們只是繼續尋找其他適合我們在州內採用這一策略的地方。所以不會，這不會影響我們的擴張計劃。

And how many branches, Phil, do we have planned for the rest of the year in Dallas?

菲爾，今年剩餘時間我們計劃在達拉斯開設多少家分店？

Let me see. What is it, April? I think we were going to do -- I would say -- I'm going to guess 6 more. And say I'm within 25% right either way on that. Jerry might have...

讓我看看。什麼事，四月？我想我們會做——我會說——我會猜測還有6個。並說我的正確率在 25% 之內。傑瑞可能...

Yes, I think what we were saying was through April, we would open 6, 3 in Dallas and then 2 and -- 3 in Dallas in the first quarter and then 2 in April and 1 in Houston in the quarter. And I think we're expecting to open another 4 locations in Dallas and 2 in Houston by the end of the year.

是的，我想我們所說的是到四月份，我們將在達拉斯開設 6 家、3 家，然後第一季度在達拉斯開設 2 家、3 家，然後在 4 月開設 2 家，本季度在休斯頓開設 1 家。我認為我們預計到今年年底將在達拉斯開設另外 4 家分店，在休斯敦開設 2 家分店。

Okay.

好的。

And will that be it? Or where is that relative to the endpoint you want to be, at least for now?

就這樣嗎？或者至少目前而言，相對於您想要達到的終點而言，它在哪裡？

Well, Dallas was going to be 30 in 30 months. I think we're pretty much on.

好吧，30 個月後達拉斯就滿 30 歲了。我想我們已經差不多了。

Yes. I think it will still take us into next year. So I think that's the current plan, is that we would -- right around midyear, I think it's kind of the original thought that we'd be done with the Dallas expansion, if I remember correctly.

是的。我認為它仍然會帶我們進入明年。所以我認為這就是目前的計劃，我們會——就在年中左右，我認為這是我們最初的想法，如果我沒記錯的話，我們將完成達拉斯的擴張。

The next question is coming from Manan Gosalia of Morgan Stanley.

下一個問題來自摩根士丹利的馬南·戈薩利亞。

I wanted to ask around CRE office. And any thoughts about -- your comments earlier on some of the metrics in the CRE portfolio were helpful. But I was wondering if some of the -- what are the maturities that are coming up in '23 and '24? And just given the pressure on CRE pricing, any thoughts on where LTVs are coming out at after reappraisals?

我想問問CRE辦公室的情況。您之前對商業房地產投資組合中某些指標的評論的任何想法都是有幫助的。但我想知道 23 年和 24 年的一些到期日是多少？考慮到商業房地產定價的壓力，您對重新評估後LTV的結果有什麼想法嗎？

Okay. It's mouthful. Let's see. Give me just a minute to look here. Okay. Investor -- Investor office. I'm sorry, I'm stumbling here, but I want to try and see if I can find it.

好的。真是滿口的。讓我們來看看。請給我一分鐘時間看看這裡。好的。投資者——投資者辦公室。抱歉，我在這裡絆倒了，但我想嘗試看看是否能找到它。

We have two -- 36% of the office matures in less than a year. Okay. So -- there's -- I might be able to pull something out as we continue to talk. I apologize. I don't have anything more than that. But right now, that's a number that I'm able to see. I think that -- yes.

我們有兩個辦事處——36% 的辦事處在不到一年的時間內成熟。好的。所以，當我們繼續交談時，我也許能得出一些東西。我道歉。除此之外我什麼也沒有了。但現在，這是我能看到的數字。我想是的。

Okay. A separate question. Just given your comments earlier on competitors pulling back, is that helping spreads on new loans at all? And how do you expect those spreads to trend as we go through the year?

好的。一個單獨的問題。剛剛考慮到您之前對競爭對手退出的評論，這是否有助於擴大新貸款的利差？您預計這一年的利差趨勢如何？

I think it's helping some on spreads. I think it's helping on structure. I think it's adding about, let's say, in round numbers, 5% on average, more equity in the deals. And it's probably helping with guarantees and support, that type of thing. I would say the really good projects, though, it's still competitive. And we tend to not be looking at institutional deals. They're -- I'll call them smaller.

我認為這對一些人的利差有所幫助。我認為這對結構有所幫助。我認為，交易中的股權平均增加了大約 5%。它可能有助於保證和支持之類的事情。不過，我想說的是，真正好的項目仍然具有競爭力。而且我們往往不關注機構交易。它們——我稱它們為較小的。

I mean it's still a fair amount of money, but less institutional. And that means that there are a lot of banks trying to get that. And -- so I would -- I've seen less spread relief than I've seen structured relief recently. But I think there's probably been a little bit of spread relief.

我的意思是，這仍然是一筆相當可觀的錢，但制度性較差。這意味著有很多銀行正在努力實現這一目標。而且——所以我會——我看到的擴散救濟比我最近看到的結構性救濟要少。但我認為疫情擴散可能有所緩解。

Yes. I think if we just look at the new and renewed business, just linked quarter is the best I've got. But on the loans that are prime-based, yes, we can see some nice improvement there. And the same on AMERIBOR. And I'm going to say the sulfur price loans look to be relatively flat, maybe down a little bit. So yes, I think, overall, the spread looks better.

是的。我認為，如果我們只關注新的和更新的業務，那麼關聯季度是我所擁有的最好的。但在以優質貸款為基礎的貸款上，是的，我們可以看到一些不錯的改善。 AMERIBOR 也是如此。我想說的是，硫磺價格貸款看起來相對持平，甚至可能會下降一點。所以，是的，我認為，總體而言，價差看起來更好。

The next question is coming from Brody Preston of UBS.

下一個問題來自瑞銀集團的布羅迪·普雷斯頓。

I wanted to just follow up on what -- I think you told Steve, the cash balances earlier. I just wanted to clarify, did you say the cash balances at quarter end were $6.9 billion?

我想跟進一下——我想你之前告訴過史蒂夫，現金餘額。我只是想澄清一下，你是說季度末的現金餘額是 69 億美元嗎？

That was today's balance.

這就是今天的餘額。

Okay.

好的。

At the end of the quarter, we were $8.6 billion.

截至本季度末，我們的營收為 86 億美元。

$8.6 billion, okay. All right. That's very helpful. And then could you give us a sense around the cadence of borrowing utilization through the first quarter? How did it move throughout the quarter, particularly in February and March? And then where did total borrowings stand at quarter end?

86億美元，好吧。好的。這非常有幫助。那麼您能否讓我們了解一下第一季度借款利用的節奏？整個季度（特別是二月和三月）的走勢如何？那麼季度末的借款總額是多少？

Can I come back? I'm sorry, I'm second-guessing myself what answer I gave you. So we're at about right under $6.9 billion today, and we were at $8.6 billion at March. I want to make sure I didn't get those numbers -- okay. Perfect. Sorry. Go ahead.

我可以回來嗎？抱歉，我正在重新審視自己給了你什麼答案。因此，我們今天的市值約為 69 億美元，而 3 月份的市值為 86 億美元。我想確保我沒有得到這些數字——好吧。完美的。對不起。前進。

No, you had it right the first time, but I appreciate you following up.

不，你第一次就做對了，但我很感謝你的跟進。

Sure.

當然。

And then the second question that I had was just could you give us a sense around the cadence of borrowing utilization in the first quarter? How did it move in the last month of the quarter? And then where did you wind up at quarter end for period-end borrowing balances?

我的第二個問題是，您能否讓我們了解第一季度借款利用的節奏？本季度最後一個月的走勢如何？那麼季末的期末借款餘額到哪裡去了？

You're talking on commercial loans? Help me with your question, I'm sorry.

你說的是商業貸款嗎？幫我解答一下你的問題，抱歉。

No. Your usage of repurchase agreements is really what I'm...

不，你對回購協議的使用確實是我的……

Yes, I'm sorry. So the repo balances are really -- repo balances with our customers, when they put deposits with us that are fully collateralized. That's what we were talking about. And it's really at the customer's discretion. Are you asking how those moved? I'm sorry, I wasn't following your question.

是的，對不起。因此，回購餘額實際上是我們客戶的回購餘額，當他們將完全抵押的存款存入我們時。這就是我們正在談論的。這實際上是由客戶自行決定的。你想問那些是怎麼移動的嗎？抱歉，我沒有聽懂你的問題。

No, that's okay. I wanted to ask how those moved and where you ended the quarter on those balances.

不，沒關係。我想問一下這些餘額是如何變動的以及本季度末這些餘額的情況。

Sure. At the end of the quarter, let me see here, we were at $4.2 billion. We started the quarter -- at the end of the year, we were at $4.7 billion. I think if I look at it today, just to give you an idea of that balance, today's month-to-date balance would be around looks like $4 billion.

當然。讓我看看，到本季度末，我們的營收為 42 億美元。本季度開始時，到年底，我們的營收為 47 億美元。我認為，如果我今天看一下，只是為了讓您了解該餘額，那麼今天的月至今餘額看起來約為 40 億美元。

Okay. Got it. And within your NIM guidance that you gave, could you give us a sense for what the interest-bearing deposit beta that you're using is?

好的。知道了。在您提供的 NIM 指導中，您能否讓我們了解您正在使用的計息存款貝塔值是多少？

Yes. We're -- I think we've kind of stuck with a cumulative beta. I think a little north of 31%. I'm going to say it's about 32%, pretty consistent with where we've been. That's kind of the expectation.

是的。我認為我們有點堅持累積貝塔值。我認為比 31% 稍高一些。我想說大約是 32%，與我們之前的情況非常一致。這就是一種期望。

Got it. The last question I had was just around the securities purchases. And I'm sorry if I missed it, but did you happen to give what the new yields are that you're putting on? And then did you restate what the expected maturities are going forward?

知道了。我的最後一個問題是關於證券購買的。如果我錯過了，我很抱歉，但是您是否碰巧給出了您正在投入的新收益率？然後您是否重申了未來的預期期限？

Well, our duration went from 5.8 years for the total portfolio, it's the only thing we give, down to 5.5 years. And we bought about $900 million in municipals -- hold on a second. I'm sorry. So we bought $1.7 billion in Agency at a 5.02% and $390 million in municipals at a 5.01%. So basically putting stuff on. And the 5.01% is a TE yield. So putting stuff on basically at 5%.

好吧，我們整個投資組合的期限從 5.8 年（這是我們唯一給出的）降低到了 5.5 年。我們購買了大約 9 億美元的市政債券——等一下。對不起。因此，我們以 5.02% 的利率購買了 17 億美元的 Agency 股票，以 5.01% 的利率購買了 3.9 億美元的市政債券。所以基本上都是把東西放上去。 5.01%是TE收益率。所以基本上把東西放在5%上。

This is Phil. So I wanted to respond to that question about the office terms. Just took me a while to find it. As I said, the investor office that is a term of within 12 months is 27%; 12 to 36 months is 19%; 36 months to 59 months is 21%; and greater than 60 months is 33%. So sorry, I wasn't able to pull that up earlier.

這是菲爾.所以我想回答有關辦公室條款的問題。我花了一段時間才找到它。正如我所說，12個月內的投資者辦公室是27%； 12至36個月為19%； 36個月至59個月為21%；超過 60 個月的為 33%。很抱歉，我沒能提前把它拉出來。

The next question is coming from Jon Arfstrom of RBC Capital.

下一個問題來自 RBC Capital 的 Jon Arfstrom。

Jerry, on the provision this quarter, would you -- was that growth-driven? Or was that just driven by the charge-off?

傑里，關於本季度的撥備，您認為這是增長驅動的嗎？或者這只是由沖銷驅動的？

The charge-off is really where we saw most of that tied to.

沖銷確實是我們看到的大部分與之相關的地方。

Okay. So what is the message on the provision? How do you want us to think about that?

好的。那麼該條款的信息是什麼？您希望我們如何考慮這個問題？

Yes. I think that really, as it turned out, I would expect that, that's not going to be too far off, our current expectations based on the sort of loan guidance that you heard from Phil and based on some relative -- based on really good credit quality, but also making sure considerations about what we're seeing in the economy and the possibility of a recession even if it's mild. I would assume that, that's not too bad of a run rate going forward for the next couple of quarters.

是的。我認為，事實證明，我預計，這不會太遙遠，我們目前的預期是基於您從菲爾那裡聽到的貸款指導，以及基於一些相對的——基於非常好的貸款指導。信貸質量，但也要確保考慮到我們在經濟中所看到的情況以及經濟衰退的可能性，即使經濟衰退是溫和的。我認為，未來幾個季度的運行率還不錯。

Okay. Good. That helps. Just a couple of other clarifications. You guys talked a little bit about the -- I think it was the dollar volume of new opportunities in the pipeline was up something like 20% year-to-date, but the probability weight was flat.

好的。好的。這有幫助。還有一些其他的說明。你們談論了一些——我認為今年迄今為止，正在醞釀的新機會的美元數量增長了 20% 左右，但概率權重持平。

Yes.

是的。

What drives that difference? What drives that lower probabilities? Is just saying that these opportunities won't meet your standards or why that gap?

是什麼推動了這種差異？是什麼導致了這種較低的概率？只是說這些機會不符合您的標准或者為什麼會出現這種差距？

No. It's mainly -- an opportunity is just you're aware of a deal, you're sort of engaged on it, but a customer might not decide to go forward. It could be that you don't think that the current structure would meet your standard. It could be a lot of things. Might be competitively that they're just locked in to another institution. And so our officer just feels like his odds are maybe not as good as what they should be.

不。這主要是——機會只是你知道一筆交易，你有點參與其中，但客戶可能不會決定繼續。您可能認為當前的結構不符合您的標準。可能有很多事情。可能是因為他們只是被鎖定到另一個機構而具有競爭力。所以我們的官員只是覺得他的勝算可能沒有應有的那麼高。

It's definitely art and not science. And I -- it's really. It's -- whenever you have -- again, we're talking about it this morning, when you have a pretty good increase in opportunities like I've mentioned, and you mentioned just now, when there are a lot of them that go in, the lenders tend to not have as high probability. Because you just got a lot of deals that you're sorting out.

這絕對是藝術而不是科學。而我——確實如此。每當你有機會的時候，我們今天早上都會​​討論這個問題，就像我提到的，你剛才提到的，機會有相當多的增加，當時有很多機會進入。 ，貸款人往往沒有那麼高的概率。因為你剛剛得到了很多正在整理的交易。

It doesn't sound very scientific, but it makes an impact. I tend to look at what the weighted pipeline is. And I think it tells a little bit of a story on how our people see things.

這聽起來不太科學，但確實產生了影響。我傾向於看看加權管道是什麼。我認為它講述了一些關於我們的人民如何看待事物的故事。

Okay. All right. And then just last one as well, or last one here. You talked about the record new consumer account activity, and you flagged Houston and Dallas. Any idea what percentage of these would be like, what you would call, primary household relationship or primary banking relationship? Do you track that?

好的。好的。然後也是最後一張，或者這裡的最後一張。您談到了創紀錄的新消費者賬戶活動，並標記了休斯頓和達拉斯。你知道其中的比例是多少嗎？你稱之為主要家庭關係或主要銀行關係？你追踪到了嗎？

I don't think we do on the consumer side.

我不認為我們在消費者方面這樣做。

What does your gut tell you on that?

你的直覺告訴你什麼？

I tell you -- I would tell you that we are mostly primary. There are numbers which we -- on the commercial side, which compare the top -- it compares market share, okay? I've seen it by market share segment. And so let's look at customers with sales under $100 million, okay, in the markets we serve. And if you look at which of the banks, I'd say the top 6, 7 banks, which of the banks has the highest percentage of primary relationship, okay? It's us.

我告訴你——我會告訴你，我們大多是初級的。我們在商業方面比較了一些數字——比較了市場份額，好嗎？我已經按市場份額細分看到了它。那麼，讓我們看看我們所服務的市場中銷售額低於 1 億美元的客戶。如果你看看哪家銀行，我會說前 6、7 家銀行，哪家銀行的主要關係比例最高，好嗎？是我們。

All right. So -- and that's just because of our relationship model. I mean if we're going to bank you, we're going to want to have your -- what we call, your funnel account, your core account. And so -- and we don't even count it as a relationship unless we get that account. So my gut is going to tell me it's going to be pretty high. Maybe...

好的。所以——這只是因為我們的關係模式。我的意思是，如果我們要為你提供銀行服務，我們就會想要擁有你的——我們所說的，你的漏斗賬戶，你的核心賬戶。所以——除非我們得到這個帳戶，否則我們甚至不會將其視為一種關係。所以我的直覺會告訴我它會非常高。或許...

Yes, I think that -- I was here trying to get some information and talking to our Head of Retail. I think that he thinks that it's -- about 70% of it is really that we're picking up is primary household.

是的，我認為 - 我來這裡是為了獲取一些信息並與我們的零售主管交談。我認為他認為我們所收集的大約 70% 是主要家庭的。

So it's moving market share. Yes. Okay.

所以它正在改變市場份額。是的。好的。

Ladies and gentlemen, unfortunately, we have run out of time for questions. I would like to turn the floor back over to Mr. Green for closing comments.

女士們先生們，不幸的是，我們已經沒有時間提問了。我想請格林先生髮表最後評論。

Well, I'll just say if anybody wants to ask a question, we're here. It's our job. Are there any more questions in the queue?

好吧，我只想說，如果有人想問問題，我們就在這裡。這是我們的工作。隊列中還有其他問題嗎？

Let me check. One moment, please. I'm not showing any questions at this time.

讓我檢查一下。稍等一會兒。我目前不會提出任何問題。

All right. Fair enough. Okay. Well, we thank everybody for their interest and their support, and we'll be adjourned. Thank you.

好的。很公平。好的。好的，我們感謝大家的關注和支持，我們就休會了。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time, and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路，享受剩下的一天。